Corem Property Group (CORE) investor relations material

Executive summary

• Income for Q1 2026 was SEK 799 million, down from SEK 896 million year-over-year, mainly due to divestments and lower occupancy, but comparable portfolio income rose 3%.

• Net operating income reached SEK 474 million (Q1 2025: SEK 562 million), with a 1% increase in the like-for-like portfolio despite higher winter-related costs.

• Profit from property management improved to SEK 323 million (Q1 2025: SEK 222 million), supported by dividend income from equity investments.

• Net loss for the period was SEK -64 million (Q1 2025: SEK -81 million), with EPS of SEK -0.12 (Q1 2025: SEK -0.18).

• Strategic divestment of 417 Park Avenue, New York, completed after the quarter, generated a liquidity effect of SEK 2.2 billion.

Financial highlights

• Net financial income improved to SEK -118 million (Q1 2025: SEK -305 million), mainly due to lower interest expenses and dividend income.

• Changes in value of properties were marginal at SEK -1 million (Q1 2025: SEK -263 million); changes in value of financial assets were SEK -282 million (Q1 2025: SEK -71 million).

• Net asset value (NAV) per ordinary share A and B was SEK 10.96 (Q1 2025: SEK 10.70).

• Economic occupancy rate was 83% (Q1 2025: 84%).

• Operating margin was 59% (Q1 2025: 63%).

Outlook and guidance

• Management expects increased leasing activity and stronger net letting as market decision-making normalizes.

• Significant liquidity from the Park Avenue divestment and positive share price development in equity investments provide a robust financial base for the remainder of 2026.

• The Board proposes a dividend of SEK 0.10 per ordinary share A and B, and SEK 20.00 per class D and preference share for 2025, to be paid in four installments.