Q4 2025 Fabege AB Earnings Call Transcript
Key Points
- Rental income increased by 4.4% year-over-year, reaching 899 million for the fourth quarter.
- Profit from property management rose by 11%, ending at 371 million for the quarter.
- The surplus ratio was strong at 75%, aided by favorable weather conditions.
- Fabege AB (FRA:WILC) successfully converted residential land bank into shareholder returns.
- The company has a stable customer base with high-quality tenants and long lease contracts, contributing to a steady income stream.
- Net value changes were negative, with a downward adjustment of 711 million.
- The occupancy rate increased to 14%, driven by recent project completions, indicating higher vacancy levels.
- The company experienced a decline in rents by 0.3% during renegotiations.
- There was a termination of a land allocation agreement in Flemingsburg, impacting building rights negatively.
- The market value of the portfolio saw a shift upwards in the average yield, indicating potential challenges in maintaining property values.
Good morning and welcome to Fabege's year-end report 2025. My name is Bent Oustad. I'm the CEO of Fabege and I'm lucky to have with me the experienced CFO, Asa Bergstroem here today.
We run through the report, quite well known structure on the report today.
And just to start with Fabi in brief, we are a modern, we have a modern portfolio. We focus on Stockholm. We own, we develop, and we manage our properties. We focus on attractive working places and good living in superb locations in Stockholm. And as you all know, Sweden is the capital of growth region in the Nordics.
If you distribute the rental value of 4.3 billion to different segments, office stands for 84% of the portfolio. That's office in a broader definition, including education, industry logistics, 4%, retail 4%, hotel 4 and other segments 4%.
If you allocate square meters into the same segments, office is 72% and industry and logistics up to 9%, the others more or less the same.
And the market value of the portfolio is 78.5
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