Nyfosa AB

Latest Results (05.07.2026):

Nyfosa AB — reporting for the full year January–December 2025 and the fourth quarter (October–December 2025) — delivered mixed results: full-year income was MSEK 3,590 and net operating income MSEK 2,505. Profit from property management was MSEK 1,460 (SEK 6.86 per share, +7% y/y) while operating cash flow was MSEK 1,319 (SEK 6.34 per share, -5% y/y). Profit for the year amounted to MSEK 542 (EPS after hybrid interest SEK 2.45). The Board proposes a dividend of SEK 3.00 per share. Q4 2025 saw income of MSEK 905, profit from property management MSEK 377 (SEK 1.79 per share, -3%), operating cash flow MSEK 377 (per share -19%), and quarterly profit MSEK 202 (EPS SEK 0.95). Significant items include negative property valuation changes (MSEK –571 for the year), a MSEK –106 impact from an early-terminated Kielo cooperation, and a 2026 profit-from-property-management forecast of MSEK 1,500. The Board also adjusted targets and dividend policy to focus on profit from property management per share (+10% p.a. 2026–2030) and a payout of at least 40% of profit from property management.

Full-year 2025 — headline figures

Income MSEK 3,590; NOI MSEK 2,505; profit from property management MSEK 1,460 (SEK 6.86/sh, +7%); operating cash flow MSEK 1,319 (SEK 6.34/sh, -5%); profit for year MSEK 542 (EPS SEK 2.45 after dilution).

Q4 2025 — quarter snapshot

October–December 2025: income MSEK 905; NOI MSEK 631; profit from property management MSEK 377 (SEK 1.79/sh, -3%); operating cash flow MSEK 377 (per share SEK 1.81, -19%); quarter profit MSEK 202 (EPS SEK 0.95).

Valuations and one-off items

Changes in value of properties were negative (MSEK –571 for the year) and changes in value of financial instruments MSEK –7. An early-terminated Kielo cooperation reduced earnings by MSEK –106 (see Note 9) and non-recurring costs of MSEK 45 also impacted profit from property management.

Dividend and capital-return policy

The Board proposes SEK 3.00 per share (quarterly SEK 0.75), corresponding to MSEK 624. The dividend policy is revised to distribute at least 40% of profit from property management.

2026 outlook and targets

Forecast: profit from property management MSEK 1,500 for 2026 based on the current portfolio and announced transactions. Strategic financial target updated to average 10% annual growth in profit-from-property-management per share for 2026–2030.

Portfolio activity and leasing

2025 saw active portfolio rotation: acquisitions totalling MSEK 772 (H1–H3) and divestments MSEK 410 (H1–H3), plus additional Q4 transactions. Net investment ~MSEK 180 across SEK 2.1bn agreed transactions. Occupancy ended the year at 89.2% (down from 90.0%), with improved Swedish leasing momentum but continued weakness in Finland.

Financing and liquidity

Refinancing and liability management strengthened the balance sheet: SEK 7.3bn refinanced in 2025, issuance of senior unsecured green bonds MSEK 550 (MSEK 450 + MSEK 100) maturing Oct 2028, early redemptions and hybrid bond repayments, and new bank facilities SEK 4.7bn signed for early refinancing. Average interest fell to 4.2% and interest-coverage rose to 2.3x.

Management and governance

CEO change: Carl‑Johan Hugner assumed the CEO role in January 2026. Board adjustments and management appointments noted; the company emphasizes efficiency, reduced complexity, and optimized capital allocation to meet its updated targets.