FastPartner AB

Latest Results (21.01.2026):

FastPartner AB — Q2 2025 (Interim report 1 Jan–30 Jun 2025): Rental income and net operating income edged down versus prior year, but profit from property management rose materially. The quarter was hit by an unrealised property‑value loss (SEK –195.7m) that pushed Q2 after‑tax profit to SEK –21.7m, while rolling 12‑month profit from property management stood at about SEK 880m and the company targets SEK 1,100m by end‑2025. Market value of the property portfolio was SEK 33,902.7m and the balance sheet and financing metrics showed improving funding costs and a stable NRV per A share (SEK 97.4).

Rental income & occupancy

Q2 rental income fell to SEK 560.7m (Q2 2024: 574.3), a –2.4% decline; H1 rental income was SEK 1,132.2m (–1.8% y/y). Economic occupancy at 30 June was ~91.3% (adjusted 91.8% excluding project properties).

Profit from property management

Q2 profit from property management increased to SEK 225.7m (187.7), +20.2% vs prior‑year quarter. For Jan–Jun (H1) profit from property management rose 25.8% to SEK 411.0m (326.6).

Net profit and valuation effects

Unrealised changes in property values for Q2 were SEK –195.7m (Q2 2024: 0.0), which turned Q2 after‑tax profit negative at SEK –21.7m (Q2 2024: +169.5). H1 after‑tax profit was SEK 119.9m (372.8).

Property portfolio & investments

Market value of properties: SEK 33,902.7m (30/06/2025). Portfolio concentrated in Stockholm (~71% of rental value). Development rights valued at SEK 726m. Investments in existing properties during H1: SEK 175.3m; ongoing project investments ~SEK 673.4m.

Financing, leverage & ratings

Interest‑bearing liabilities SEK 16,387.1m; interest‑bearing net liabilities ~SEK 15,486.6m (~45.7% of property value). Average loan rate ~3.8%. Equity/assets ratio 40.8%; NRV per class A share SEK 97.4 and equity/assets ratio adjusted for NRV 48.8%. Moody’s / Scope history noted in report; company monitoring swap market and refinancing.

Liquidity & cash flow

Cash and cash equivalents SEK 157.1m (plus unutilised bank facilities SEK 2,580m). Cash flow from operations before working capital H1 SEK 314.9m; after changes in working capital SEK 412.7m. Net borrowing activity limited in the period.

Capital returns & share actions

Dividend for the period totalled SEK 273.4m (partially paid; SEK 118.4m paid by 30/06/2025). Repurchased 1,000,000 class A shares for SEK 56.4m. Major owner: Compactor Fastigheter AB (Sven‑Olof Johansson) ~72.8% holding.

Outlook & management commentary

Management describes the recent rental decline as largely temporary (tenant downsizing and redevelopment activity in a few large properties) and expects rent upside after refurbishments. The company expects further interest‑rate easing to improve financing costs and reconfirms the target of a rolling annual profit from property management of SEK 1,100m by end‑2025.