Nyfosa (NYF) Q1 2025 earnings summary

Executive summary

• Net operating income rose 3% to MSEK 597, driven by lower operating expenses, despite a 1% decline in income to MSEK 914 compared to Q1 2024.

• Profit from property management increased 25% to MSEK 319, with per-share profit up 18% to SEK 1.48.

• Profit for the period was MSEK 102 (up from MSEK 3), with EPS after dilution at SEK 0.44.

• Early termination of a cooperation agreement regarding Kielo resulted in a one-time charge of MSEK -108.

• Property value decreased to MSEK 38,825, mainly due to negative exchange rate effects.

Financial highlights

• Income: MSEK 914 (-1% YoY); net operating income: MSEK 597 (+3% YoY); surplus ratio: 65.3% (62.8%).

• Profit from property management: MSEK 319 (+25% YoY); operating cash flow: MSEK 160 (-18% YoY).

• Changes in property values: MSEK -133 (vs. -267); changes in financial instruments: MSEK 37 (vs. 75).

• Loan-to-value ratio: 50.5% (down from 55.9%); net loan-to-value: 53.4%.

• Interest-coverage ratio: 1.9x; average interest rate: 4.8%.

Outlook and guidance

• 2025 profit from property management forecast remains at MSEK 1,400 after hybrid bond interest.

• Board proposes a dividend of SEK 2.80 per share, paid quarterly.