Prisma Properties (PRISMA) Q3 2025 earnings summary

Executive summary

• Earnings capacity increased 46% year-over-year, with rental income up 25% to SEK 123 million and net operating income up 24% to SEK 109 million; profit from property management rose 32% to SEK 61 million.

• Net profit for Q3 2025 was SEK 108 million, up from SEK 23 million in Q3 2024.

• Property portfolio expanded to 138 properties valued at SEK 8.1 billion, with major acquisitions in Sweden and Finland and selective divestments.

• Entered acceleration phase in Q3 2025, with 11th consecutive quarter of positive net letting and highest net letting to date.

• Ambition to double property portfolio from SEK 8 billion to SEK 16 billion by end of 2028 through development, acquisitions, and asset contribution deals.

Financial highlights

• Rental income grew 25% year-over-year to SEK 123 million in Q3 2025, driven by acquisitions, completed projects, and CPI-adjusted leases.

• Net operating income rose 24% to SEK 109 million; profit from property management up 32% to SEK 61 million year-over-year.

• Surplus ratio was 88–90% in Q3, with economic occupancy at 98.3%.

• Net lettings for Q3 2025 were SEK 19 million, and SEK 50 million for the nine-month period.

• Unrealized value changes in the quarter amounted to SEK 56 million, mainly from project profits.

Outlook and guidance

• Target to double property value to SEK 16 billion by 2028, supported by a robust pipeline of projects and acquisitions.

• Long-term net LTV target raised from 50% to 55%, with a short-term ceiling of 60%.

• Annual run rate target for development activity set at SEK 1 billion.

• NAV growth target of 15% annually remains in place.

• Planned project startups of SEK 1,055 million over the next four quarters.