Atrium Ljungberg (ATRLJ) investor relations material

Executive summary

• Jan–Sep rental income rose 4.3% to SEK 2,290m, while comparable income fell 1.3%; operating surplus was SEK 1,587m, flat, and property-management income declined to SEK 964m.

• Q3 rental income increased 3.4% to SEK 761m, supported by completed projects; vacancies, higher costs and financing expenses weighed on operating surplus and property-management profit.

• Improving Swedish economic and market signals support cautious optimism, while sharply rising long-term rates and higher vacancies remain headwinds.

Financial highlights

• Q3 operating surplus was SEK 538m, down 2.3%; Q1–Q3 was SEK 1,587m, flat. Q3 property-management profit was SEK 328m, down 6.8%.

• Q1–Q3 profit after tax was SEK 617m (SEK 0.98/share), versus SEK 840m (SEK 1.33/share); Q3 profit was SEK 353m (SEK 0.56/share).

• Q3 unrealized property-value gains were SEK 136m, including SEK 10m of project returns; unrealized derivative gains were SEK 113m. Property value closed at SEK 62.5bn.

• Q3 net financial items were -SEK 183m, with costs up 12%; Jan–Sep net interest expense rose to SEK 513m from SEK 486m.

• Jan–Sep project and construction sales rose to SEK 429m from SEK 294m, while gross profit was negative SEK 2m versus positive SEK 5m.

Outlook and guidance

• Improving employment, stronger office demand and limited new supply could support gradual rental-market recovery; demand favors modern offices in attractive locations.

• Income from six projects completed in 2025–26 was guided at ~SEK 120m for 2026, with the final figure expected to be a few million higher.

• Six ongoing projects total SEK 9.2bn, with SEK 5.7bn remaining to invest; economic letting rate is 59% and assessed return is 19%.

• Project portfolio target is almost SEK 3bn annual investment and returns of at least 20%; no earnings forecast was issued, and project assumptions through 2033 remain subject to change.