Hufvudstaden
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Hufvudstaden (HUFV-A) investor relations material

Hufvudstaden Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Rent revenue from property management rose 6% year-over-year to SEK 2,453 million, with total net revenue at SEK 3,292 million, up from SEK 3,179 million.

  • Gross profit increased 5% to SEK 1,635 million, driven by improved performance at NK and higher office rents.

  • Net result for the year was SEK 837 million, more than doubling from SEK 365 million the previous year.

  • The Board proposes an increased dividend to SEK 2.90 per share.

  • Buyback of 8 million Class A shares for SEK 1,018 million was completed.

Financial highlights

  • Operating result reached SEK 1,400 million, up from SEK 884 million year-over-year.

  • Unrealised changes in value of investment properties were SEK -174 million, a smaller negative impact than the previous year's SEK -603 million.

  • Net financial income and expense was SEK -344 million, with interest coverage ratio at 4.5x.

  • Equity ratio stood at 56%, down from 59% last year.

  • Net loan-to-value ratio increased to 24.5% from 21.4%.

Outlook and guidance

  • Retail sector showed slight growth in the last quarter, with increased optimism for future store openings.

  • Modern, flexible office offerings in central locations remain in high demand, with strong occupancy rates in major development projects.

  • The Board proposes a higher dividend for 2025, reflecting confidence in future cash flows.

Detail NK Retail's strategy to achieve profitability
Quantify project vacancy impact on gross profit
How sustainable is the 4.1% average yield requirement?
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Frequently asked questions

Hufvudstaden AB is a Swedish real estate company that focuses on owning, managing, and developing commercial properties. The company’s portfolio primarily consists of office and retail spaces, with a concentration in prime locations within Stockholm and Gothenburg. Hufvudstaden serves tenants across various sectors, including retail, corporate offices, and other commercial enterprises, offering high-quality properties in central urban areas. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.

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