The net rental income of the apartment portfolio is almost at the level of the comparison period

Housing investment company Housing portfolio announced on Wednesday the business overview from October to December 2025.

According to the review, Asuntosalku’s turnover was 4.7 million euros. At the same time a year earlier, the turnover was also 4.7 million euros.

The net rental income of the apartment portfolio was 2.8 million euros in October–December, compared to 2.9 million euros in the comparison period. Rental income increased by 0.8 percent, and apartment maintenance fees increased by the same amount in euro terms.

According to the company’s press release, the change in net rental income was mostly due to the higher amount of financing payments for the apartments and the renovations of the apartments that were larger than the previous year.

The realized profit for the quarter was 0.7 million euros. In the comparison period, it was 0.5 million euros. The increase was due to lower financing costs.

At the end of the review period, the economic occupancy rate was 97.1 percent. At the same time a year earlier, the occupancy rate was 96.9 percent.

The number of completed apartments was 2066 apartments, while it was 2073 apartments at the end of the year a year earlier. There were no apartments under construction, while in the comparison period there were 36 apartments out of 36 apartments in the comparison period.

The financial guidance remained unchanged

Asuntosalkku estimates the group’s turnover to be EUR 17.5–20.0 million in the financial period ending on September 30, 2026. The company does not make a forecast of unrealized profit/loss from the valuation of investment properties at fair value. The company estimates the realized profit of the ending financial year to be 2.5–4.5 million euros.

According to the company, the lower reference interest rates than before will have a positive effect on the outlook for the realized profit of the 2026 financial year.

Uncertainty is created in the guidance by Europe’s uncertain economic outlook, uncertainty about the impact of changes in Finland’s housing support systems on the Housing Portfolio, the development of the housing sales market, especially in Tallinn but also in Finland, as well as interest rate changes and geopolitical risks.

“The apartment portfolio has sold 12 apartments in Tallinn by the end of January in the current fiscal year. Calculated as a whole, the purchase prices of the apartments sold in Tallinn would correspond to the fair value based on the return value criteria with a return requirement of 3.88 percent”, CEO Jaakko Sinnemaa says in the review.

“At the end of the financial year, the yield requirement for apartments according to the assessment statement was 4.96 percent. In yield value-based valuation, a higher yield requirement gives a lower price and vice versa.”

According to Sinnemaa, the capital released from the sold apartments will be allocated, among other things, to loan repayment and other efficient use.

During the period, Asuntosalkku acquired the company’s own shares in two different purchase programs. During the period, a total of 3,651 shares were acquired at a total price of EUR 292,219.00, including the transactions settled on January 2, 2026. The average price per share was 80.04 euros. The acquisition of own shares has continued after the end of the season.

After the review period, Asuntosalkku distributed a dividend of EUR 1.04 per share in January for a total of EUR 1.0 million.

Correction 25.2. at 2:42 p.m.: Corrected to the headline that the net rental income is almost at the level of the comparison period. According to the previous title, the result was at the level of the comparison period, but the result for the period increased to 0.3 million euros from 0.0 million euros.