Public Property Invest

Q2 2025: High transaction and letting activity, strong growth in income and results

Net operating income was up by 41 % to NOK 213 million (NOK 151 million) in

the second quarter and by 44 % to NOK 402 million (NOK 279 million) in the

first six months of 2025, compared to the same period last year. Net income

from property management was up by 51 % to NOK 116 million (NOK 77 million) in

the second quarter and by 61 % to NOK 208 million (NOK 129 million) for the

first six months of 2025. Positive changes in fair value of investment

properties came in at NOK 203 million in the second quarter and NOK 273

million year to date and profit (loss) before tax was NOK 221 million (13

million) in the second quarter and NOK 430 million (-203 million) year to

date.

"PPI is a growth company with a stated ambition of being a leading

consolidator and we have grown net cash flow from operating activities from

NOK 162 million in H1 2024 to NOK 384 million in H1 2025. Our strong balance

sheet and proven access to both debt and equity markets gives us a solid

platform to continue our growth journey" says André Gaden, CEO.

PPI signed new and renewed leases for a total of 22,900 sqm in the quarter. As

of 31.03.2025, the occupancy in the management portfolio was 97.9 %. Per the

same date, PPI owned 96 properties, with a total market value of NOK 14,938

million, with an average lease term of 6.8 years (WAULT) and an average net

yield of 6.5 % in the management portfolio.

During the second quarter, PPI acquired 19 properties of which 16 are located

in Norway and three in Finland. In total, these properties have added around

197,000 sqm to the portfolio. As a result, PPI's estimated run rate rental

income increased by 25.5 % from NOK 823 million as of 31.03.25 to NOK 1,033

million as of 30.06.25.

PPI maintains a solid balance sheet with an EPRA LTV of 44.1 % and a Net

debt/Run rate EBITDA multiple of 7.8 as of 30.06.2025. During the quarter, PPI

issued a new EUR 350 million long 7-year senior unsecured bond with a fixed

coupon of 4.375 %. PPI has also issued approximately NOK 2.4 bn in new equity

through transactions, of which approximately NOK 2.3 bn in the transaction

with Aker, as announced on 13 May 2025. As a result of this transaction, Aker

Property Group is now PPI's second largest shareholder, holding 24.6 % of the

outstanding shares.

Management will present the results in a webcast, followed by a Q&A session

today at 10:00 CET. The webcast may be followed

from: https://publicproperty.no/en/investor-relation.

Questions may be submitted by email to [email protected].

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-07-11 07:00 CEST.

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