Krona Public Real Estate (KRONA) Q2 2024 earnings summary

Executive summary

• Rental income for Jan–Jun 2024 was SEK 35,474k, up from SEK 34,134k year-over-year.

• Net operating income for the half-year reached SEK 33,255k, compared to SEK 31,953k last year.

• Net profit for Jan–Jun 2024 was SEK 17,609k, a turnaround from a loss of SEK -21,881k year-over-year, mainly due to unrealized property value changes.

• Operations developed according to plan, with improved net operating income driven by index clauses in lease agreements.

Financial highlights

• Q2 2024 rental income: SEK 17,750k (Q2 2023: SEK 17,043k); net operating income: SEK 16,920k (Q2 2023: SEK 15,990k).

• Q2 2024 net profit: SEK 8,131k (Q2 2023: SEK -29,112k).

• Property market value as of June 30, 2024: SEK 1,186,731k.

• No dividend distributed for 2024, focus remains on strengthening the balance sheet.

• Cash and cash equivalents at period end: SEK 56,789k (Dec 31, 2023: SEK 43,525k).

Outlook and guidance

• Operations expected to continue at the same scale with a fully leased property portfolio.

• New property valuations scheduled for December 31, 2024.