Nyfosa (NYF) Q4 2025 earnings summary

Executive summary

• Profit from property management rose to SEK 1.47 billion (SEK 6.86/share), up 7–8% year-over-year, mainly due to lower interest costs despite SEK 45 million in non-recurring costs.

• Dividend proposed at SEK 3 per share, up from SEK 2.8, representing 43% of profit from property management and 47% of operating cash flow.

• Active portfolio rotation with 20 transactions totaling SEK 2.1 billion, balancing acquisitions and divestments to strengthen cash flow and operational efficiency.

• Updated strategy emphasizes operational efficiency, portfolio simplification, and optimized capital allocation for 2026–2030.

• Occupancy rate declined to 89.2% due to increased vacancies, mainly in Finland, but Swedish leasing activity improved, resulting in positive net leasing for Sweden.

Financial highlights

• Profit from property management: SEK 1.47 billion (SEK 6.86/share), up 7–8% year-over-year.

• Operating cash flow: SEK 1,319 million (SEK 6.34/share), down year-over-year due to lower JV dividends.

• Loan-to-value ratio improved to 49.7% at year-end 2025, down from 50.7%.

• Interest-bearing net debt/EBITDA: 8.2x (up from 7.7x); interest coverage ratio: 2.3x.

• Equity/assets ratio: 41.7%.

Outlook and guidance

• Forecasted profit from property management for 2026 is SEK 1.5 billion, with a target of 10% average annual growth per share for 2026–2030.

• Focus on operational efficiency, portfolio simplification, and disciplined capital allocation to achieve targets.

• Expectation of gradual stabilization in occupancy rate during 2026.

• Continued emphasis on energy efficiency and new sustainability targets for 2026–2030.