Prisma Properties (PRISMA) Q2 2025 earnings summary

Executive summary

• Rental income increased 19% year-over-year in Q2 2025, reaching SEK 118 million, with net operating income up 17% to SEK 100 million and profit from property management at SEK 48 million.

• First acquisition in Finland completed July 1, marking a key step in Nordic expansion, alongside further acquisitions and new long lease agreements in Sweden and Denmark.

• Net letting reached SEK 15 million for the quarter and SEK 32 million year to date, reflecting strong tenant demand and activity.

• Divested one property in Uppsala at book value, aligning portfolio with strategic focus.

• Refinancing of SEK 2.3 billion in bank loans reduced annual interest expense by SEK 15 million and improved financial flexibility.

Financial highlights

• H1 2025 rental income was SEK 231 million, up 20% year-over-year; net operating income reached SEK 194 million, up 16%.

• Adjusted profit from property management was SEK 48 million for Q2 2025, including a SEK 6 million one-off cost for loan restructuring.

• Surplus ratio for H1 was 84% (87% prior year); economic occupancy rate remained high at 99%.

• Earnings capacity increased by 40% since Q2 2024, with further growth expected from project pipeline and cash deployment.

• Cash flow from operating activities before changes in working capital was SEK 49 million for Q2 2025.

Outlook and guidance

• Focus remains on further acquisitions in Finland, with both yielding properties and forward fundings targeted.

• Ongoing and planned development projects expected to support future rental income and NOI growth.

• Planned project startups over the next four quarters total SEK 1,145 million, aiming for an annual investment rate above SEK 1 billion.

• The transaction market is recovering, with increased competition and falling yields.

• Tax rate guidance may be revised downward from the previously indicated 10%, pending further review.