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Stendörren Fastigheter (STEF) investor relations material
Stendörren Fastigheter Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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