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Genova Property Group (GPG) investor relations material
Genova Property Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 rental income rose 12% YoY to SEK 137m and NOI rose 11% to SEK 106m; property-management income was SEK 36m, up 38% YoY.
9M net income rose 85% to SEK 267m, mainly on positive property and derivative value changes; property-management income was SEK 107m, unchanged YoY.
Long-term NAV attributable to shareholders rose 9% to SEK 3,684m; NAV per ordinary share was SEK 79.11, up 6% YoY.
Occupancy rose from 92% to 93%; the portfolio comprised 359k sqm and property value of SEK 11,021m.
Financial highlights
9M rental income was SEK 418m, up 8%; comparable-portfolio rent rose 2% to SEK 384m.
9M NOI was SEK 310m, up 8%, with a 74.1% margin versus 74.5%; comparable-portfolio NOI declined 1% as property costs rose.
9M net income was SEK 267m versus SEK 144m; reported EPS was SEK 5.26 versus SEK 2.37, mainly reflecting property and derivative revaluations.
Property value was SEK 11,021m versus SEK 9,800m; 9M net investments were SEK 457m versus SEK 116m.
Outlook and guidance
Long-term targets for average annual growth over a business cycle are at least 25% in property-management income per share, raised from 20%, and 15% in NAV per share, revised from 20%.
Annual rental income is expected to increase SEK 13m after Q3 2026 and a further SEK 26m after year-end, following lettings and acquisitions.
The acquired Stockholm-region portfolio is expected to lift property-management income per share by ~15% once fully accessed by year-end 2026.
Over the next 12 months, ~SEK 700m of liabilities mature; refinancing is expected in full on equal or better terms.
Average annual growth during 2018–2026 was 13% for NAV per share and 60% for property-management income per share.
- Rental and operating income grew, but revaluations and financing costs drove a steep annual loss.GPG
Q4 2023 - Net income up 151% to SEK 158m; new lettings and acquisitions boost future earnings.GPG
Q2 2026 - Net income surged 75% in 2025, driven by value gains, divestments, and improved financing.GPG
Q4 2025 - Income from property management per share rose 173%, with net income at SEK 144m.GPG
Q3 2025 - Income from property management up 44% year-over-year, with stable occupancy and strong liquidity.GPG
Q2 2025 - Income from property management nearly doubled, supported by refinancing and green financing.GPG
Q3 2024 - Property management income surged and net income turned positive amid strengthened liquidity.GPG
Q2 2024 - Q1 2025 saw a 93% rise in property management income and net income reach SEK 70m.GPG
Q1 2025 - Income from property management surged 130% and property value reached SEK 10.0 billion.GPG
Q4 2024
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