Q1 2025 Fastighets AB Balder Earnings Call Transcript
Key Points
- Rental income increased by 9% and net operating income rose by 10% in the first quarter.
- Profit per share saw a 7% increase, despite share issuance during the year.
- The company's earnings capacity improved by 8% compared to the same quarter last year.
- Fastighets AB Balder (BALDF) maintains a stable occupancy rate of 96%, indicating strong tenant retention.
- The company has made significant strides in sustainability, including reduced energy use and increased energy production from solar panels.
- Currency movements negatively impacted earnings capacity, with the Swedish krona strengthening against the euro.
- The Finnish residential market remains slow, with increased competition affecting performance.
- Interest rate increases have led to flat profit from property management, despite strong NOI growth.
- The office market in Stockholm and Gothenburg shows signs of softness, potentially affecting future rental income.
- The company's net debt to asset ratio remains high at 49%, which could pose risks in a rising interest rate environment.
Welcome to the Bolder Q1 report 2025. (Operator Instructions)
Now I will hand the conference over to IR, Jonas Erikson. Please go ahead.
Good morning, everyone. Welcome to Balder's call for the first quarter of 2025. We will have some introduction remarks from Erik and Ewa and then open up for questions.
And with that, I leave the word to Erik Selin, CEO of Balder.
Thank you, Jonas, and good morning, everyone. Balder is a real estate company with the Nordic exposure. We are one of the largest and most diversified real estate companies in the Nordic region. We've been active for 20 years, more or less now. And we have a mixed portfolio with residentials and commercial property roughly half of each. We manage our assets ourselves.
That is one of our fundamentals and even normally, we buy and hold, but we can also develop and build and hold and obviously also build
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