Mofast (MOFAST) Q1 2025 earnings summary

Executive summary

• Owns, develops, and manages 69 community and residential properties in Swedish growth regions, with a portfolio value of 3.0 billion SEK and 146,108 sqm of lettable area.

• Q1 2025 marked by macroeconomic uncertainty, but stable long-term leases and strong tenants provide resilient income.

• Focus on optimizing the portfolio, cost control, and sustainability, with continued investments in energy efficiency and property upgrades.

Financial highlights

• Rental income for Q1 2025 was 56.6 MSEK, up from 56.1 MSEK year-over-year despite a smaller property portfolio.

• Net operating income increased to 33.1 MSEK (28.9 MSEK), with an improved surplus ratio of 58.5% (51.4%).

• Management result rose to 10.1 MSEK from -1.7 MSEK, and profit before tax improved to 1.4 MSEK from -9.3 MSEK.

• Realized and unrealized property value changes were negative, totaling -9.6 MSEK.

• Cash flow from operations was 33.7 MSEK, with investments of 12.4 MSEK and net loan amortizations of 40.6 MSEK.

Outlook and guidance

• Company expects continued resilience due to long lease durations and strong tenant base, despite market uncertainty and potential interest rate volatility.

• Growth target remains: property portfolio of 5 billion SEK by end of 2026, with a balanced mix of community and residential assets.