Prisma Properties (PRISMA) Q1 2025 earnings summary

Executive summary

• Rental income increased 20–21% year-over-year to SEK 113 million in Q1 2025, driven by acquisitions, project completions, and CPI-adjusted leases.

• Net operating income rose 16% to SEK 94 million, with adjusted profit from property management up 80% to SEK 45 million.

• Net profit for the period was SEK 81 million, compared to a loss of SEK 30 million in Q1 2024.

• Portfolio expanded to 136 properties valued at SEK 7.4 billion, with 99% economic occupancy and a WAULT of 8.4 years.

• Strategic acquisitions and refinancing reduced annual interest expense by SEK 15 million.

Financial highlights

• Rental income for Q1 2025 was SEK 113 million (Q1 2024: SEK 94 million); net operating income: SEK 94 million (Q1 2024: SEK 81 million).

• Adjusted profit from property management was SEK 45 million, up 80% year-over-year.

• Unrealized property value change was SEK 56 million; net profit: SEK 81 million (Q1 2024: SEK -30 million).

• Surplus ratio was 85% excluding segmented property, below the 90% ambition due to one-off effects.

• Net asset value per share: SEK 29.5; equity ratio: 55%.

Outlook and guidance

• Temporary Q1 costs are not expected to recur in Q2; several new projects are planned for Q2 and Q3.

• Annual investment in development projects expected to reach SEK 1 billion in 2025.

• Focus on sustainability, with 70% of portfolio newly developed or redeveloped and 46% with EPC rating A or B.

• Anticipate continued acquisitions and long-term leases, supporting growth in Sweden and Denmark.

• Renegotiation of approximately 70% of the loan portfolio scheduled for February 2025.