Tingsvalvet Fastighets (TINGS) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025, acquiring 10 properties and increasing property value by SEK 631m, with total property value surpassing SEK 3bn for the first time.

• Revenue and net operating income both rose by 35% year-over-year; management profit increased by 52% to SEK 70m.

• Net profit for the period reached SEK 124.1m, with a return on equity of 11.7%.

• Economic occupancy rate improved to 98.0%, and the property portfolio is diversified across four categories.

• NP3 Fastigheter AB became a major shareholder, holding 21.38% at year-end.

Financial highlights

• Revenue: SEK 212m (+35% YoY); net operating income: SEK 167m (+35% YoY).

• Management profit: SEK 70m (+52% YoY); profit per common share: SEK 2.53 (+62% YoY).

• Net profit: SEK 124.1m (SEK 5.65/share), up from SEK 47.2m (SEK 1.63/share) YoY.

• Long-term net asset value per share: SEK 50.07 (up from SEK 42.63).

• Loan-to-value ratio: 58.8% (up from 56.3%); equity ratio: 34.7% (down from 38.6%).

Outlook and guidance

• Focus remains on continued growth through property acquisitions with high yields.

• Capital markets remain active, supporting access to funding for further expansion.

• Dividend policy targets payout of 50% of management profit after tax.