FastPartner AB

Latest Results (19.04.2026):

Fastpartner AB — Q2 2025 (Interim Report 1 Jan–30 Jun 2025): Rental income and net operating income edged down in Q2 while profit from property management strengthened for the first half. Rental income for Q2 was SEK 560.7m (Q2 2024: 574.3) and net operating income SEK 417.0m (422.8); surplus ratio improved. Profit from property management rose (Jan–Jun) to SEK 411.0m (326.6) and the rolling 12‑month profit from property management was about SEK 880m. Property values were broadly stable but showed an unrealised negative change of SEK –195.7m for the period. Fastpartner reiterates its target of SEK 1,100m rolling annual profit from property management by end‑2025.

Quarterly financials

Q2 2025 rental income: SEK 560.7m (–2.4% vs Q2 2024). Q2 net operating income: SEK 417.0m (–1.4%). Q2 surplus ratio: 74.4% (73.6).

Profit from property management

Profit from property management Q2: SEK 225.7m (up vs 187.7). For Jan–Jun 2025 the figure was SEK 411.0m (up 25.8% vs Jan–Jun 2024). Rolling annual profit from property management ~SEK 880m (target SEK 1,100m by end‑2025).

Valuation and unrealised changes

Market value of properties at 30/06/2025: SEK 33,902.7m (≈ unchanged vs year‑end). Unrealised change in property values for the period: SEK –195.7m (previous year +118.7m).

Profit after tax and earnings per share

After‑tax profit for Jan–Jun 2025: SEK 119.9m (372.8). Q2 2025 reported a net loss after tax of SEK –21.7m. Jan–Jun EPS (class A): SEK 0.46 (1.84); Q2 EPS (class A): SEK –0.22 (0.83).

Balance sheet, NAV and key ratios

Equity at 30/06/2025: SEK 14,799.9m. Long‑term net asset value (NRV) per class A share: SEK 97.4 (97.7). Equity/assets ratio: 40.8%; NRV‑adjusted equity/assets ratio: 48.8%.

Financing, interest and liquidity

Interest‑bearing liabilities: SEK 16,387.1m; interest‑bearing net liabilities SEK 15,486.6m (~45.7% of property market value). Average loan rate ~3.8%. Interest coverage ratio improved to ~2.3x. Undrawn bank credit facilities ~SEK 2,580m; cash per balance sheet SEK 157.1m.

Cash flow and investments

Investments in existing properties Jan–Jun: SEK 175.3m. Ongoing project investment volume ~SEK 673m; remaining project pipeline ~SEK 550m (company estimate). Cash flow from operations after working capital Jan–Jun: SEK 412.7m.

Portfolio and occupancy

Total lettable area ~1.57m m2; office exposure ~45% of rental value and ~78% of rental value is in Stockholm/Mälardalen. Economic occupancy at 30/06/2025: 91.3% (92.5); adjusted for projects 91.8%.

CEO commentary and outlook

Management explains lower rental income as temporary effects from tenant down‑sizing and transitions in a few larger properties (refurbishments and re‑lettings). Company expects these refurbishments and re‑lettings to lift future rents and values over ~12–15 months and expects additional Riksbank/ECB rate cuts to support financing costs.

Shareholder actions & capital structure

Fastpartner repurchased 1,000,000 class A shares in the period (avg SEK 56.30). Listed bond exposure ~SEK 4,850m; bank loans and other credit form the remainder. Management continues active refinancing discussions for short‑term maturities.