January - September
- Rental income increased by 15% to MSEK 1,686 (1,469).
- Net operating income increased by 17% to MSEK 1,293 (1,105).
- Profit from property management increased by 32% to MSEK 832 (629). Profit from property management per common share increased by 25% to SEK 12.37 (9.88).
- Changes in the value of properties totalled MSEK 258 (202).
- Net profit after tax totalled MSEK 816 (549), equivalent to SEK 12.04/common share (8.49).
- Net investments for the period amounted to MSEK 1,323 (718), of which MSEK 1,239 (189) related to acquisitions of properties, MSEK 528 (492) to investments in existing properties and new construction, MSEK 1 (70) to investments in associated companies and joint ventures, and MSEK -546 (-33) to divested properties, MSEK 100 related to the acquisition of a minority shares in a subsidiary.
July - September
- Rental income increased by 17% to MSEK 572 (491).
- Net operating income increased by 16% to MSEK 467 (404).
- Profit from property management increased by 25% to MSEK 316 (253). Profit from property management per common share increased by 17% to SEK 4.68 (4.00).
- Changes in the value of properties totalled MSEK 37 (45).
- Net profit after tax totalled MSEK 339 (110), equivalent to SEK 5.05/common share (1.54).
- Net investments for the period amounted to MSEK 361 (265), of which MSEK 615 (-) related to acquisitions of properties, MSEK 216 (210) to investments in existing properties and new construction, MSEK 0 (56) to investments in associated companies and joint ventures, and MSEK -470 (-) to divested properties.
Comments by the CEO
Profit from property management for the quarter amounted to MSEK 316 (253) and for the interim period to MSEK 832 (629), an increase of 25 and 32 percent, respectively, compared with the previous year. The increase is attributed to a higher operating surplus from our property portfolio, one-off lease related compensations as well as a lower average interest rate. Profit from property management per common share for the interim period amounted to SEK 12.37 (9.88), an increase of 25 percent. For the quarter, profit from property management per common share increased by 17 percent to SEK 4.68 (4.00).
NP3 stands for stability - even in turbulent times
The latest quarter confirms that our focus on long-term strengthening the profit from property management at a reduced risk is not just a target - in my view we are achieving the desired result in practice as well.
Our forecast for profit from property management for the full year 2025 is MSEK 1,100, to be compared with the forecast of MSEK 1,090 from the previous quarter.
Rental income, which includes MSEK 36 in lease compensation from tenants vacating early, increased in the interim period by 15 percent and in the comparable portfolio the increase amounted to 2 percent. The occupancy rate was 92 percent, which is on par with recent years.
If we go back to 2018 and compare up until today, the occupancy rate in all 31 quarters has been between 92 and 94 percent. In other words, despite the impact on the occupancy rate from acquisitions as well as from tenants moving in and out, it has never varied more than 2 percentage points in all 31 quarters. This, despite the fact that during the same period we have experienced a pandemic, supply disruptions, outbreaks of war, "inflationary shock", rapidly increasing interest rates and a recession. In our investment area you can also add the noticeable turnarounds when it comes to the green transition process, which was at first praised and then questioned.
Despite the concerns that have been and still linger, and despite the natural fluctuations that occur in the economy, NP3 has had a stable occupancy rate, Although, of course, it may move slightly up or down, I expect the same stable development in the coming years, as we continue to see good demand in our business areas.
Net letting for the quarter amounted to MSEK 17 and for the interim period to MSEK 30. The development volume on the reporting date amounted to MSEK 1 028 of which 517 MSEK relates to new construction. New construction primarily relates to truck service workshops or other types of businesses where the need has changed to a large extent in the last 25 years, as there are very few efficient existing premises. Other new construction largely takes place where we follow a prioritised existing customer to a new location. Following our prioritised customers is essential to continuing to grow together across all our geographic areas. For the coming quarters, we are likely to see a continued increase in the development portfolio in the form of energy projects, as well as conversions and new construction. Production prices continue to decline somewhat and I assess the willingness to pay as still good in our locations.
Business and the economy
NP3's ambition, no matter what, is to do everything a little better, all the time. Looking back at the change we have made in our retail portfolio, NP3 has divested primarily business-to-consumer locations in Kiruna and acquired grocery locations in Gävleborg and Dalarna.
The retail segment still accounts for 22 percent of our property value, but within the retail category business-to-consumer has declined in favour of the grocery segment, while the average rent in the retail segment now is lower.
But the big difference for NP3 is that as a result of the completed divestment and completed acquisitions, we are getting significantly closer to our assets geographically. We strive to be close to our markets in order to be able to make good risk-adjusted investments. Given the low square metre prices in the acquisition, this gives us the opportunity to achieve a return on any additional future add-on investments.
Future
In general, I currently see no signs of any significant changes regarding any of the fundamental factors relevant to our business. This also applies to the valuation yields in our markets. The payment capacity remains in line with historical figures in terms of the proportion of due rents.
We will continue to head in the direction we have set out; to boost our profit from property management per common share while maintaining or reducing operational and financial risks. We will continue to focus on our cash flow in the long term and not base our operations on short-term profits. Experience shows, as I said, that with this attitude we achieve the desired results not only in theory but also in practice.
Finally, as always, I would like to take this opportunity to extend a big thank you to NP3's employees, shareholders and other stakeholders for your commitment, it means a lot to NP3's development.
Link to Q3 presentation 17th October 2025 at 13.00:
https://www.finwire.tv/webcast/np3-fastigheter/q3-2025/
This constitutes information that NP3 Fastigheter AB (publ) is legally obliged to publish under the EU's Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person specified, on 17 October 2025 at a.m. 08.00 (CEST).
This report has been prepared in both Swedish and English versions. In case of variations in the content between the two versions, the Swedish version shall govern.
For further information, please contact
Andreas Wahlén, CEO
E-mail: andreas@np3fastigheter.se
Phone: +46 70 313 17 98
NP3 is a cash flow oriented real estate company focusing on commercial and high yielding investment properties, mainly in northern Sweden. As of 30 September 2025, the property portfolio comprised of 2,281,000 square metres lettable area distributed over 605 properties within the segments industrial, logistics, retail, offices and others. The property portfolio is divided into eight business areas: Sundsvall, Gävle, Dalarna, Östersund, Umeå, Skellefteå, Luleå and mid-Sweden. The property value as of 30 September 2025 amounted to SEK 24.9bn. The NP3 share is listed on Nasdaq Stockholm, Large Cap. NP3 was founded in 2010 and is based in Sundsvall. Read more on www.np3fastigheter.se.
