Nyfosa (NYF) Q3 2024 earnings summary

Executive summary

• Income rose 3% to MSEK 2,744 for Jan–Sep 2024, with net operating income up 4% to MSEK 1,886 compared to the same period last year.

• Profit from property management was MSEK 955, nearly flat year-over-year, but operating cash flow fell 13% to MSEK 880.

• Loss for the period was MSEK -154, compared to a profit of MSEK 49 last year, mainly due to negative property and financial instrument revaluations.

• The Bratsberg segment was added after acquiring the remaining 50% of Samfosa AS in Norway.

• CEO Stina Lindh Hök announced her departure, with a transition planned by February 2025.

Financial highlights

• Q3 income increased 4% to MSEK 920, and net operating income also rose 4% to MSEK 678 year-over-year.

• Profit from property management in Q3 was MSEK 388, up 12%, but operating cash flow per share dropped 17%.

• Changes in property values were MSEK -661 for Jan–Sep and MSEK -151 for Q3; financial instruments revalued at MSEK -299 and MSEK -301, respectively.

• Earnings per share after dilution was SEK -0.99 for Jan–Sep and SEK -0.65 for Q3.

• Return on equity for the period was -5.4%.

Outlook and guidance

• 2024 profit from property management is forecast at MSEK 1,300 after hybrid bond interest, unchanged from previous guidance.

• Despite recent divestments, the company expects to maintain its profit forecast.