Fastighets Balder (BALD) Q3 2025 earnings summary

Executive summary

• Property portfolio value reached SEK 229.5 billion, with 54% in residential properties and 80% located in capitals and larger cities, ensuring diversification and stability.

• Rental income increased 8% year-over-year to SEK 10,269m, with net operating income up 8% to SEK 7,767m.

• Profit from property management per share rose 2% to 1.38 SEK/share for the quarter and 8% to 5.55 SEK/share on a rolling basis.

• Net profit after tax attributable to shareholders was SEK 5,851m, a significant turnaround from a loss last year.

• CEO succession announced: Erik Selin to become Executive Chairman, Sharam Rahi to be appointed CEO at the 2026 AGM.

Financial highlights

• Surplus ratio improved to 76% and economic occupancy rate was 95%.

• Like-for-like rental growth reached 2.9% year-over-year.

• Net asset value per share stood at SEK 93.03.

• Net debt to total assets at 48.3%; equity/assets ratio at 38.2%.

• Available liquidity including confirmed loan commitments was SEK 24.1 billion.

Outlook and guidance

• Management expects improved economic activity and confidence in the Nordic markets in 2026, supported by recent rate cuts and less restrictive fiscal policy.

• Progressive decline in Net debt/EBITDA is expected, targeting 11x.

• Distribution of Norion Bank shares to shareholders is planned, pending credit metric improvements and shareholder approval.

• Investment activity will depend on finding attractive opportunities; no major changes in asset or geographic allocation planned.

• Ongoing commitment to investment grade rating and further reduction of leverage.