Intea Fastigheter (INTEA) Q4 2025 earnings summary

Executive summary

• Profit from property management increased 68.5% year-over-year to SEK 904m, with rental income up 30% to SEK 1,561m and a surplus ratio of 83.8%.

• Major acquisitions included a SEK 1,390m security property portfolio, a police facility in Växjö, and a district court in Härnösand, expanding the public sector-focused portfolio.

• Issued SEK 600m in green bonds, secured a 14-year green loan from the Nordic Investment Bank, and completed directed share issues raising SEK 1,560m.

• Net profit after tax reached SEK 1,304m, up from SEK 591m, and property value grew to SEK 28.0bn from SEK 23.6bn.

• Proposed dividend of SEK 1.00 per Class A/B share and SEK 2.00 per Class D share.

Financial highlights

• Net operating income increased 31.9% to SEK 1,308m, with a surplus ratio of 83.8%.

• Loan-to-value ratio improved to 46.5% from 50.5%, and interest coverage ratio rose to 3.7x from 2.4x.

• Cash flow from operating activities was SEK 1,140m, and cash at year-end was SEK 507m.

• Total investments in properties and projects reached SEK 3,571m.

• Debt ratio (net debt/EBITDA) improved to 8.1x, with a target to remain below 60% LTV and above 2.0x ICR long-term.

Outlook and guidance

• Ongoing projects and acquisitions are expected to add significant rental value and support continued growth.

• Market activity increased in 2025, with expectations for continued positive trends in 2026.

• Favorable market conditions and a stable business model provide a strong platform for future expansion.