Atrium Ljungberg (ATRLJ) investor relations material

Executive summary

• Net profit for January–September 2025 rose to SEK 840 million, with Q3 being the strongest quarter, driven by a 4.3% increase in net operating income for a comparable portfolio and strong cost control.

• Net operating income increased by up to 4.3% in Q3 and 2.6% for the first nine months, with like-for-like growth and robust cost control.

• Profit from property management declined by up to 4% in Q3, mainly due to property sales and higher interest rates.

• Rental income in Q3 was SEK 736 million, down 1% year-over-year, but up 2% adjusted for non-recurring items; for the period, SEK 2,197 million, with a 2.2% increase in a comparable portfolio.

• Property value reached SEK 61 billion, with SEK 9.8 billion in ongoing projects and SEK 5.3 billion remaining to be invested.

Financial highlights

• Net operating income for Q3 was SEK 550 million (+1%), and SEK 1,594 million for Q1–Q3 (–2%).

• Earnings per share for the period were SEK 1.33, up from SEK 0.97.

• Unrealised property value changes were SEK 280 million for Q1–Q3, including SEK 79 million in Q3 and SEK 105 million in project returns.

• Net operating income margin remained strong at up to 73% for the period; surplus margin at 71.8% on a rolling 12-month basis.

• Cash flow was positive at SEK 84 million, despite a negative index adjustment impact.

Outlook and guidance

• Market shows signs of stabilization and returning confidence in the Swedish economy, with recovery expected to pick up in 2026, driven by household consumption and government spending.

• Retail consumption and office demand expected to improve in early 2026, benefiting the retail and office segments.

• Management expects the company is well-equipped for future challenges due to a diversified portfolio, strong locations, and a solid financial base.

• Q4 is typically weaker due to higher costs; positive net letting driven by project leasing may temporarily impact occupancy.