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Akelius Residential Property (AKEL) investor relations material
Akelius Residential Property Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
9M 2026 loss was EUR 244m, driven mainly by EUR 360m in property revaluations; NOI was EUR 159m and like-for-like NOI grew 3.1%.
Portfolio fair value was EUR 5,225m across 19,568 apartments at September 30, with 2.0% real vacancy.
LTV fell to 37%, below the 40% policy limit, after debt repayments and property sales.
Financial highlights
9M rental income was EUR 276m, down 0.2% YoY; like-for-like rental growth was 2.9%, versus 5.2% in 9M 2025.
NOI was EUR 159m versus EUR 160m; NOI margin was 57.6% and EBITDA fell 3.7% to EUR 147m.
9M loss was EUR 244m versus profit of EUR 160m in 9M 2025; basic and diluted EPS was -EUR 0.04 versus EUR 0.03.
Q3 rental income was EUR 92m, NOI EUR 54m and loss EUR 116m; revaluations reduced Q3 earnings by EUR 166m.
Outlook and guidance
Financial position described as strong enough to navigate headwinds while maintaining long-term strategy; owner financial guarantee available was EUR 1,165m.
September 30 portfolio earning capacity was EUR 194m adjusted EBITDA and EUR 154m adjusted EBITDA less net interest expense; figures are not a forecast.
Strategy focuses on metropolitan cities with high population growth and central locations to limit vacancy risk and support long-term value growth.
- LFL NOI grew 18% as property values fell 9.4% and LTV rose to 42%.AKEL
Q4 2023 - A €6.02bn residential portfolio combined 2.6% vacancy with €6.52bn liquidity.AKEL
Q4 2021 - LFL NOI rose 19.4%, with 1.1% real vacancy and LTV at 34%.AKEL
Q1 2024 - H1 rental and NOI growth coincided with lower debt and a €77 million continuing-operations loss.AKEL
Q2 2022 - Rental growth and acquisitions lifted operations; revaluations drove a €58m loss.AKEL
Q1 2022 - H1 rental and NOI growth strengthened a low-vacancy, conservatively financed portfolio.AKEL
Q2 2023 - Rental growth rose as low vacancy and 13% LTV supported a €7.0bn portfolio.AKEL
Q3 2022 - Rental growth and lower leverage amid a EUR 25 million loss from property revaluations.AKEL
Q3 2024 - Strong rental and NOI growth despite a €58m net loss from revaluations and financial items.AKEL
Q2 2024 - Like-for-like NOI grew 14.3%, with 1.9% real vacancy and 36% LTV.AKEL
Q4 2024
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