Intea Fastigheter (INTEA) Q2 2025 earnings summary

Executive summary

• Rental income rose 24% year-over-year for Q2 2025, reaching SEK 717m, with profit from property management up 67% to SEK 207m for Q2 and 62.2% to SEK 405m for H1 2025.

• Major new projects and acquisitions in the justice sector, including SEK 3.7bn in investments and a SEK 1.39bn security property portfolio, expanded the portfolio and future rental streams.

• 96.5% of contracted rent comes from public-sector tenants, with a long WAULT of 8.3 years and economic occupancy at 98.7%.

• Property value rose to SEK 25.3bn at period end, up from SEK 22.2bn year-over-year.

• Project completions and new long-term leases in the justice sector further strengthened the rental base.

Financial highlights

• Surplus ratio improved to 83.8% from 82.0% year-over-year.

• NOI for Q2 2025 was SEK 307m, up 26.9% year-over-year; H1 2025 NOI was SEK 601m, up 25.5%.

• Profit after tax for H1 2025 was SEK 348m, up from SEK 240m.

• Changes in value of investment properties totaled SEK 289m for H1 2025, mainly from project properties.

• Earnings per Class A/B share for H1 2025 were SEK 1.40 (up from SEK 1.19); Class D share SEK 1.00.

Outlook and guidance

• Continued growth expected through ongoing projects, new acquisitions, and focus on justice sector expansion.

• Stable business model and new capital support further expansion.

• The company targets annual growth of at least 12% in long-term net asset value and profit from property management per share.