Holmström Fastigheter (HOLMSTRÖM) Q4 2025 earnings summary

Executive summary

• Rental income increased to SEK 52m for the year, up from SEK 46m year-over-year, but net operating income declined slightly to SEK 26m from SEK 27m.

• Significant losses from associated companies and joint ventures, totaling SEK -130m for the year and SEK -101m in Q4, mainly from Vincero Fastigheter.

• Profit/loss before tax was SEK -295m for the year, a sharp decline from SEK -25m the previous year.

• Asset divestments continued to strengthen liquidity ahead of bond maturity in October 2026.

Financial highlights

• Rental income for Q4 was SEK 12m (Q4 2024: SEK 11m); net operating income SEK 4m (Q4 2024: SEK 7m).

• Changes in value of investment properties were SEK -41m for the year (2024: SEK 35m), and SEK -32m in Q4 (Q4 2024: SEK 25m).

• Operating profit/loss for the year was SEK -234m (2024: SEK 53m).

• Return on equity for the year was -216.1% (2024: -11.44%).

• Adjusted equity ratio at year-end was 31.5%.

Outlook and guidance

• Ongoing asset divestments are planned to further strengthen liquidity in preparation for bond maturity in October 2026.

• Divestments under time constraints may impact the ability to realize full market value.