Prisma Properties (PRISMA) Q4 2025 earnings summary

Executive summary

• Achieved strong momentum in Q4 2025, with 34% rental income growth and 41% higher earnings capacity year-over-year, driven by acquisitions, project completions, and CPI indexation.

• Updated net LTV target to 55% (short-term up to 60%) and set an ambition to double property value from SEK 8 billion (Q3 2025) to SEK 16 billion by end of 2028.

• Net lettings were positive for the twelfth consecutive quarter, with SEK 15 million in Q4 and SEK 65 million for the year.

• Significant expansion in Finland, Sweden, and Denmark through acquisitions and project development, with a strong platform established in Finland.

• High economic occupancy rate of 98.6% and WAULT of 7.9 years at year-end.

Financial highlights

• Rental income for Q4 2025 rose 34% year-over-year to SEK 138 million; full-year rental income increased 25% to SEK 492 million.

• Net operating income for Q4 was SEK 118 million (+32% YoY); full-year net operating income reached SEK 421 million (+22%).

• Profit from property management for Q4 was SEK 67 million (+42% YoY); full-year profit from property management was SEK 221 million (+72%).

• Property value increased to SEK 9.6 billion (+32% YoY), with value changes totaling SEK 234 million for the year.

• Surplus ratio remained strong at 85.7%–91% over the period.

Outlook and guidance

• Targeting SEK 16 billion in property value by end of 2028, with a focus on acquisitions in Finland and Sweden and project development in Denmark.

• Ongoing and new development projects to be added in coming quarters, with an average yield on cost of 7.5%.

• Guidance for close to zero paid tax from 2026 to 2028 due to depreciation potential.

• Board proposes no dividend for 2025 to prioritize reinvestment and growth.

• Forward-looking earnings capacity now includes ongoing project NOIs and forward funding assumptions.