KlaraBo Sverige (KLARA) Q4 2024 earnings summary

Executive summary

• Acquired a major property portfolio in Helsingborg, adding 740 apartments and SEK 850m in value, consolidated from Jan 31, 2025.

• Rights issue raised SEK 391m, substantially oversubscribed, supporting growth and refinancing.

• Q4 revenue increased 5% year-over-year to SEK 158m; full-year revenue up 7% to SEK 630.4m.

• Net operating income up 14% in Q4 and 7% for the year, driven by rent increases and renovations.

• Earnings for Q4 reached SEK 179m (SEK 1.44/share), reversing a loss last year; full-year earnings were SEK 188m.

Financial highlights

• Q4 net operating income: SEK 88m (up 14% YoY); full-year: SEK 362.2m (up 7%).

• Q4 income from property management: SEK 31m (up 31% YoY); full-year: SEK 135.9m (up 9%).

• Changes in property values SEK 132m in Q4; derivative value changes SEK 73m.

• Loan-to-value ratio at year-end: 51%; average interest rate: 3.3%.

• Surplus ratio for Q4: 55.8%; for the year: 57.5%.

Outlook and guidance

• Rent negotiations for 2025 indicate a 5% increase, with 34% of residential rental value still under negotiation.

• Financial goals: annual growth in net realizable value per share ≥15%, income from property management per share ≥12%.

• Ongoing focus on growth through investments, acquisitions, and project development; dividend payments deferred.

• Management expects refinancing of 2025 maturities at attractive terms.

• Focus remains on profitable growth, value-creating investments, and maintaining a strong financial base.