Patriam Invest (PATRIAM) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 operating income was SEK 11.3 million, a significant decrease from SEK 61.2 million in Q1 2024, reflecting ongoing market challenges and limited project activity.

• The first consolidated negative result was reported in 2024, driven by a 65% decline in Swedish housing starts and high construction cost inflation.

• Focus in 2024 was on completing sales in the Torsvik project and preparing for new launches in 2025, with a planned ramp-up from 14 to 113 apartments.

• New development opportunities secured for 2025, including Patriam Kvarnholmen and Patriam Finnboda.

Financial highlights

• Profit/loss after financial items for Q1 2025 was SEK -58.9 million, compared to SEK 25.2 million in Q1 2024.

• Net sales in Q1 2025 were SEK 11.1 million, down from SEK 45.3 million in Q1 2024.

• Cash and cash equivalents at the end of Q1 2025 were SEK 16.5 million, down from SEK 25.9 million at the end of 2024.

• Total assets at the end of Q1 2025 were SEK 776.7 million, a slight decrease from SEK 786.3 million at year-end 2024.

Outlook and guidance

• The housing market showed steady improvement throughout 2024, supporting plans to increase construction activity in 2025.

• Production is expected to rise significantly in 2025, with launches of Propellerhuset and Ljusablick and construction starts for Kvarnholmen and Finnboda.