Genova Property Group (GPG) Q2 2025 earnings summary

Executive summary

• Property value reached SEK 9.6 billion with a lettable area of 336,000 sqm and net operating income of SEK 385 million as of Q2 2025.

• Income from property management rose 44% year-over-year to SEK 82m for Jan–Jun 2025, with per share income up to SEK 1.27 from SEK 0.41.

• Focus remains on commercial, community service, and residential properties in Greater Stockholm, Uppsala, and western Sweden.

• Directed share issue in June 2025 was heavily oversubscribed, adding 2,300 new shareholders and SEK 26m in liquidity.

• Ongoing urban development projects, including Viby, are progressing, with new construction and tenant agreements signed.

Financial highlights

• Rental income for Jan–Jun 2025 was SEK 263m, with net operating income at SEK 193m and NOI margin 73%.

• Income from property management for H1 2025 increased 44% to SEK 82m year-over-year; per share income rose to SEK 1.27 from SEK 0.41.

• Q2 2025 income from property management was unchanged from Q2 2024 despite a smaller portfolio; per share income up 36% to SEK 0.38.

• Net asset value per share increased from SEK 71.53 to SEK 74.14 during the period.

• Average interest rate declined to 4.7% from 5.6% year-over-year.

Outlook and guidance

• Management expects solid liquidity, a strong balance sheet, and high unrealized values to support value-creating transactions in H2 2025.

• Continued focus on early-stage urban and project development to ensure future value creation.

• Activity in the property market and financial market liquidity have increased in recent months.