AB Sagax

Latest Results (13.05.2026):

AB Sagax — Fourth quarter 2025 (and full-year 2025) results: AB Sagax reported continued rental growth and stable property-management profits in Q4 2025 and for the full year. Q4 rental revenue rose 6% to SEK 1,390 M and profit from property management increased 3% to SEK 1,106 M; on a full-year basis rental revenue rose 8% to SEK 5,378 M and profit from property management increased 3% to SEK 4,442 M. The company reported notable revaluation effects, solid cash generation, continued property investments, a dividend increase proposal, and a 2026 profit-from-property-management forecast of SEK 4,500 M.

Top-line and operating profit

Q4 2025 rental revenue: SEK 1,390 M (+6% vs SEK 1,315 M). Q4 profit from property management attributable to shareholders: SEK 1,106 M (+3% vs SEK 1,079 M). Full-year 2025 rental revenue: SEK 5,378 M (+8% vs SEK 4,994 M) and full-year profit from property management: SEK 4,442 M (+3% vs SEK 4,296 M).

Per-share metrics

Profit from property management per Class A and B share after dilution: Q4 SEK 3.08 (vs 3.00) and full-year SEK 12.38 (vs 11.95).

Revaluations and net profit

Q4 property revaluation impact on profit: SEK 686 M (vs SEK 101 M a year earlier). Q4 revaluation of financial instruments: SEK 66 M. Q4 profit after tax attributable to shareholders: SEK 1,799 M (vs SEK 999 M). Full-year revaluation impact: SEK 171 M (vs SEK 558 M) and full-year profit after tax attributable to shareholders: SEK 4,048 M (vs SEK 5,255 M).

Cash flow and investments

Q4 cash flow from operating activities before changes in working capital: SEK 784 M (vs SEK 882 M), corresponding to SEK 2.13 per Class A/B share (vs 2.42). Full-year cash flow before WC: SEK 3,641 M (SEK 9.89 per share).

Property transactions and capital deployment

Q4 net investments in properties: SEK 1,615 M (of which acquisitions SEK 1,675 M). Full-year net investments: SEK 5,272 M (acquisitions SEK 4,733 M). During 2025 Sagax invested SEK 1,403 M in Retail Estates NV (listed in Brussels and Amsterdam).

Dividend proposal

The Board proposes raising the dividend per Class A and B share to SEK 3.70 (from 3.50). The Board also proposes SEK 2.00 per Class D share (paid quarterly as SEK 0.50), in line with the dividend policy.

Outlook for 2026

Guidance: profit from property management for 2026 (before revaluations and tax, based on current portfolio, announced transactions and exchange rates) is expected to be about SEK 4,500 M.