Nyfosa (NYF) Q2 2024 earnings summary

Executive summary

• Income rose 2% to MSEK 1,824 for Jan–Jun 2024, with net operating income up 4% to MSEK 1,208; profit from property management fell 12% to MSEK 567.

• Loss for the period was MSEK -31, an improvement from MSEK -91 last year; EPS after dilution was SEK -0.31.

• Net loan-to-value ratio improved to 53.7%; net debt/EBITDA decreased to 8.2x.

• CEO Stina Lindh Hök to step down; new share issue raised SEK 1.7 billion to strengthen capital structure.

• Forecast for 2024 profit from property management raised to MSEK 1,300.

Financial highlights

• Q2 income up 1% to MSEK 902; net operating income up 4% to MSEK 629.

• Operating cash flow for Jan–Jun was MSEK 640, down 11%; Q2 operating cash flow was MSEK 446, down 13%.

• Changes in property values were MSEK -509 for the half-year and MSEK -243 for Q2.

• Surplus ratio improved to 66.2% for the half-year and 69.7% for Q2.

• NAV per share at period end was SEK 95.27.

Outlook and guidance

• 2024 profit from property management forecast raised to MSEK 1,300, up from previous MSEK 1,200.

• Focus remains on flexible capital structure and readiness for new investments.