FastPartner AB

Latest Results (09.12.2025):

FastPartner AB — Q2 2025 (Interim Report for 1 Jan–30 Jun 2025): overall operating performance held up despite weaker rental income and a negative valuation effect. H1 rental income edged down to SEK 1,132.2m and net operating income to SEK 790.5m, while profit from property management rose to SEK 411.0m (rolling annual ~SEK 880m). However, unrealised property value changes of SEK −195.7m in the period pushed reported after‑tax profit down to SEK 119.9m for Jan–Jun and to a loss for the quarter.

Financial headline (H1)

Rental income Jan–Jun 2025: SEK 1,132.2m (−1.8% vs. 2024). Net operating income Jan–Jun: SEK 790.5m (−2.0%). Profit from property management Jan–Jun: SEK 411.0m (+25.8% vs. 326.6). Rolling annual profit from property management ≈ SEK 880m.

Quarter (Q2 2025) snapshot

Q2 rental income: SEK 560.7m (down 2.4% y/y). Q2 net operating income: SEK 417.0m. Q2 profit from property management: SEK 225.7m (+20.2% y/y). Surplus ratio Q2: 74.4% (up vs. 73.6).

Valuations and reported earnings

Market value of properties at 30‑Jun‑2025: SEK 33,902.7m. Unrealised value change for the period: SEK −195.7m (H1) — this drove Q2 pre‑tax result to SEK −12.0m and Q2 after‑tax profit to SEK −21.7m. Earnings per class A share Q2: SEK −0.22; H1: SEK 0.46.

Balance sheet and NAV metrics

Equity at 30‑Jun‑2025: SEK 14,799.9m. Long‑term net asset value (NRV) per class A share: SEK 97.4. Equity/assets ratio: 40.8%; adjusted for NRV: 48.8%.

Financing and interest

Interest‑bearing liabilities: SEK 16,387.1m; interest‑bearing net liabilities ≈ SEK 15,486.6m (~45.7% of property market value). Average interest rate ~3.8%. Interest coverage ratio improved to 2.3× (benefit from lower financing costs).

Cash flow, dividends and buybacks

Cash flow from operations (Jan–Jun) after working capital: SEK 412.7m. FastPartner repurchased 1,000,000 class A shares (avg SEK 56.30) in the period and paid/declared dividends (total dividend outflow noted SEK 273.4m in the H1 change in equity).

Projects and investments

Investments in existing properties during H1: SEK 175.3m. Ongoing project investments on the books: SEK 673.4m remaining. Development rights valued at SEK 726m (≈417,000 m2 estimated potential).

Outlook / target

Company target: achieve a rolling annual profit from property management of SEK 1,100m by end‑2025. Management expects lower financing costs (further interest‑rate cuts) and that temporary rental declines (from tenant downsizing and re‑letting/refurbishments) will reverse as projects complete and new lettings are signed.