Carucel Property's Q3 2025 operating profit surges amid refinancing push

Carucel Property AS announced its Q3 2025 interim financial report, revealing an operating profit of NOK 31.9m, a substantial increase from NOK 18.3m in Q3 2024. Total operating income for the quarter stood at NOK 141.5m. The company reported continued high financing activity, with year-to-date refinancing totaling NOK 3.0bn, including a new NOK 2.4bn facility agreement for the Oslo Bay District. This refinancing facilitated an additional 5% ownership in the Oslo Bay District, increasing the group's shareholding to 55%.

The Oslo Bay District portfolio achieved a 93.7% occupancy rate, with management focusing on securing strategic tenants for larger vacant units. Carucel Living, the residential platform, recorded a 95.4% occupancy. Invoiced rental income grew by 10.1% year-on-year. Operating expenses were reduced by 21% to NOK 34.0m, driven by lower bad debt expenses and cost-efficiency initiatives.

The group's Net-LTV, excluding pro-rata adjustments and guarantees, was 61.3% at quarter-end, and liquidity amounted to NOK 265.3m, well within the NOK 30m requirement. The report is available on www.carucel.no, and stakeholders can contact cfo Jonas Rosenlund for further information.