Krona Public Real Estate (KRONA) Q1 2025 earnings summary

Executive summary

• Rental income including service fees rose to SEK 19,746k from SEK 17,723k year-over-year, with net operating income at SEK 17,939k versus SEK 16,334k.

• Net profit for the period was SEK 10,467k, up from SEK 9,478k year-over-year, driven by property acquisitions and indexed lease agreements.

• Stable financial position maintained with a high proportion of fixed-rate loans and fully leased property portfolio.

• Investments in properties and new tenant agreements contributed to improved key metrics.

Financial highlights

• Rental income: SEK 19,746k (SEK 17,723k in Q1 2024); net operating income: SEK 17,939k (SEK 16,334k).

• Net profit: SEK 10,467k (SEK 9,478k); earnings per share: SEK 1.87 (SEK 2.11).

• Return on equity: 9.72% (10.93%); loan-to-value: 72.26% (74.21%).

• Interest coverage ratio: 2.84x (2.58x); equity ratio: 32.61% (28.70%).

• Cash and cash equivalents at period end: SEK 84,847k (SEK 36,483k).

Outlook and guidance

• Management sees positive prospects, especially with stable tenants and long leases in Norway, and expects continued stable cash flows.

• No dividend for 2024 to strengthen the balance sheet ahead of refinancing in 2026.