Preservium Property (PRESRV) Q2 2024 earnings summary

Executive summary

• Rental income including service charges for Jan–Jun 2024 was 38,218 TSEK, up from 37,530 TSEK year-over-year.

• Net operating income for the period was 33,412 TSEK, compared to 30,861 TSEK last year.

• Net profit for Jan–Jun 2024 reached 20,537 TSEK, a significant improvement from -66,664 TSEK year-over-year.

• Both properties remain fully leased to public sector tenants with long-term contracts.

• No significant events occurred during or after the reporting period.

Financial highlights

• Q2 2024 rental income was 19,155 TSEK, slightly down from 19,581 TSEK in Q2 2023.

• Q2 net operating income was 17,095 TSEK, up from 15,925 TSEK year-over-year.

• Q2 net profit was 10,602 TSEK, compared to -72,218 TSEK in Q2 2023.

• Earnings per share for Jan–Jun 2024 was 4.43 SEK, compared to negative last year.

• Cash flow from operations for Jan–Jun 2024 was 29,394 TSEK, down from 35,370 TSEK year-over-year.

Outlook and guidance

• Operations are proceeding as planned with stable, fully leased properties and no changes in business direction.

• Management sees limited risk from tenant liquidity due to long-term public sector leases.