Stendörren Fastigheter (STEF) Q4 2025 earnings summary

Executive summary

• Achieved accelerated growth in Q4 2025, driven by acquisitions and project completions, with critical mass reached in Helsinki and Copenhagen.

• Rental income rose 16% year-over-year to SEK 1,042 million, with net operating income up 17% to SEK 841 million.

• Major acquisitions in Sweden and Finland, including a post-year-end deal for 14 properties in Helsinki, are expected to boost annual income from property management per share by 13% on a pro forma basis.

• Portfolio focused on light industrial, logistics, and warehouse properties, mainly in Greater Stockholm and expanding in the Nordics.

• Profit for the year was SEK 173 million, down from SEK 327 million the previous year, mainly due to lower property value changes and non-recurring refinancing costs.

Financial highlights

• Net operating income (NOI) increased by 16% year-over-year in Q4 2025, or 11% on a comparable portfolio.

• IFPM (income from property management) per share up 2% year-over-year, or 46% when adjusted for non-recurring refinancing items.

• Surplus ratio at 78% in Q4 2025.

• SEK 1.2bn in properties acquired in 2025 at a 6.9% yield; SEK 206m in projects completed at an 8.1% yield.

• Available liquidity at year-end was SEK 985m, or SEK 425m pro forma after the Finnish acquisition.

Outlook and guidance

• Pro forma assessed earnings capacity for Jan 1, 2026: rental income SEK 1,230 million, net operating income SEK 1,004 million, income from property management SEK 507 million.

• The Helsinki acquisition is expected to increase income from property management per share by 13% annually.

• Continued focus on profitable growth through value-accretive acquisitions and project development.

• Growth in 2026 to be financed by available liquidity, cash flow, and interest-bearing financing, while maintaining financial targets.

• Pipeline includes 47,000 sq.m. of ongoing projects, expected to add SEK 64m in annual NOI.