Studentbostäder i Norden (STUDBO) investor relations material

Executive summary

• Revenue increased by 5% to 250 MSEK for Jan–Jun 2026, with a 4% rise in operating surplus to 152 MSEK and a 24% increase in management profit to 24 MSEK compared to the same period last year.

• Net result was -90 MSEK, down from 147 MSEK, mainly due to a -97 MSEK unrealized property value change.

• Occupancy rate improved to 96.4% (rolling 12 months), reflecting strong demand for student housing.

Financial highlights

• Revenue: 250 MSEK (up 5% YoY); operating surplus: 152 MSEK (up 4% YoY); management profit: 24 MSEK (up 24% YoY).

• Earnings per share: -0.13 SEK (0.23 SEK last year); long-term NAV per share: 3.65 SEK (3.74 SEK last year).

• Property value: 8,078 MSEK, with a -1% unrealized value change.

• Loan-to-value ratio: 67.7%; interest coverage ratio: 1.20x; equity ratio: 28.5%.

Outlook and guidance

• Management expects continued strong demand for student housing, especially in Luleå, supported by regional development and high application rates for higher education.

• The company aims to reduce loan-to-value below 60% and improve cash flow and NAV per share through strategic property sales.

• Management profit capacity is estimated at 86 MSEK annually, a 30% improvement YoY.