This article first appeared on GuruFocus .
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Property Portfolio Value:SEK15.7 billion.
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Occupancy Rate:Almost 97%.
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NRV per Share:SEK0.60.
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Full Year Income:SEK1.1 billion, a 52% increase year-over-year.
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Net Operating Income (NOI):Up 62% year-over-year.
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Income from Property Management:SEK511 million, a 142% increase year-over-year.
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Cash Flow Increase:58% year-over-year.
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Net Debt to EBITDA:7.9 times.
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Revenue for Q4:SEK285 million, up from SEK247 million in the same quarter last year.
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Net Operating Income for Q4:SEK251 million, up from SEK215 million in the same quarter last year.
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Operating Margin:91% over the last 12 months.
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Adjusted Operating Margin:97%, up from 93% at the beginning of the year.
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Profit from Property Management for Q4:SEK135 million.
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Profit from Property Management per Share Increase:24% for the quarter, 41% for the year.
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Loan to Value Ratio:Stable around 48%.
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Interest Cover Ratio:Increased to 2.6 from 2.1 times at the beginning of the year.
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Average Interest Rate:Decreased from 5.0% to 4.4% during the year.
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Proposed Dividend:SEK0.2 per share, equal to around SEK102 million.
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Release Date: February 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Logistea AB ( OSTO:LOGI A ) reported a significant increase in income for 2025, with a 52% rise compared to the previous year, reaching almost SEK1.1 billion.
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The company achieved a 62% increase in net operating income (NOI) and a 142% increase in income from property management, indicating strong financial performance.
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Occupancy rates remain high and stable at nearly 97%, demonstrating effective property management and tenant retention.
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Logistea AB ( OSTO:LOGI A ) successfully completed projects valued at SEK364 million, contributing to a portfolio increase of over SEK2.5 billion in one year.
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The company has a strong balance sheet with a low net debt to EBITDA ratio of 7.9 times, providing financial stability and flexibility for future investments.
Negative Points
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The company faced negative currency exchange effects, impacting revenues and net operating income by SEK1 million in the quarter and SEK14-15 million for the year.
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Despite strong financial performance, the profit from property management per share decreased in the last quarter due to lower net operating income.
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The loan to value ratio remained stable at around 48%, but there is potential for it to exceed 50% with the current transaction pace, which could increase financial risk.
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The company experienced higher property costs during colder periods, affecting net operating income negatively compared to previous quarters.
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Logistea AB ( OSTO:LOGI A ) is still working to reduce the largest tenant's share from 25% to below 20% to achieve investment-grade status, indicating a concentration risk.
Q & A Highlights
Q: Can you provide an update on the closing of the Karlstad, Kumla, and Lindesberg assets? A: The properties in Lindesberg, Kumla, and Karlstad have already closed. Regarding the Karlskrona property, we are checking if it has closed or not, but it is expected to close in March.
Q: Has net leasing been positive so far in 2026? A: Yes, we have signed leases with a positive effect of roughly SEK10 million at the beginning of the year. The leasing market has improved, and our properties are attractive, so we expect a positive net letting for the first quarter of 2026.
Q: Is the rent uplift from signed leases included in the February 13 rental value figure? A: No, the February 13 figure only includes the acquisitions announced. Other changes, such as the leases mentioned or CPI adjustments, are not included.
Q: There is a discrepancy in the valuation yield figures between the Swedish and English reports. Which is correct? A: The correct valuation yield figure should be 7.1%. We will confirm this to you and others after the call.
Q: How should we view the "other income" figure going forward, given it was zero this quarter but SEK11 million for the full year? A: The SEK11 million includes unexpected income, such as rents from previous bankruptcies. Going forward, we expect to include maybe one or two million per quarter as income from new properties starts to come in.
Q: Regarding the industrial area in Karlskoga lease, will there be a gap in rent recognition during the tenant switch? A: There will not be a gap in the overall rental value. The upcoming rent is higher than the existing one, and the tenant will gradually move into the new premises until December 2026.
Q: Are the effects used in the earnings capacity figure the same for both year-end and today's date? A: Yes, the same effects are used. The only changes between December 31st and today's date are the transactions we have signed.
Q: When is the closing of the second Karlskrona property expected? A: The closing is expected in March, pending ISP permission from the authorities. The first property, the bus terminal, is already completed.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
