Highlights for Q2 2025 (figures in brackets refer to same quarter last year):
- Like-for-like rental growth of 5.2% (5.1%) and rental income of SEK 3,954 million (3,938)
- The quarterly NOI margin improved to 74.1% (71.5%) and LTM NOI margin of 71.6% (68.4%)
- Strong operating fundamentals supported a 1.2% (0.4%) increase in property values
- Privatisation sales, for the quarter, reached SEK 2,268 (1,661) million with 507 (363) residential units sold at a 29.9% (29.0%) premium to book value
- Real economic occupancy of 98.5% (98.3%)
- Net LTV of 51.7% (55.6%) and ICR of 2.0x (2.0x)
- S&P-defined LTV of 55.1% (58.2%) and S&P ICR of 1.6x (1.6x)
- Priced the inaugural senior unsecured EUR Green Bond of EUR 500 million and a senior unsecured SEK Green Bond of 350 million as well as issued two senior unsecured SEK Green Bonds of SEK 1,250 and 500 million
- Subsequently in July 2025, repaid the EUR 700 million sustainability-linked bank financing signed in September 2023 secured from our Czech portfolio, fully releasing the assets from encumbrance
Co-CEO Helge Krogsbøl comments:
– "We head into the second half of 2025 with strong momentum, a strengthened balance sheet, and a clear path to achieving our goals – ready to capture the opportunities ahead."
Co-CEO Christian Fladeland comments:
– "Our focus remains on delivering strong, long-term risk-adjusted returns for our shareholders, while keeping a razor-sharp focus on supporting the path to our rating target."