Akelius Residential Property (AKEL) Q1 2026 earnings summary

Executive summary

• Rental income decreased by 3.8% year-over-year to EUR 92 million, mainly due to currency effects, while like-for-like rental income grew by 2.0%.

• Net operating income fell 3.7% to EUR 51 million, with a like-for-like increase of 1.7%.

• Profit before tax was EUR -17 million, primarily due to a EUR -50 million fair value decrease in properties.

• A new EUR 550 million senior unsecured bond was issued, maturing in 2031, with proceeds used to repay related party debt.

Financial highlights

• EBITDA was EUR 48 million, down 6.3% year-over-year.

• Net asset value stood at EUR 3,074 million.

• Loan-to-value ratio remained stable at 39%.

• Cash and cash equivalents increased to EUR 263 million.

• Equity ratio including hybrid bonds was 56%.

• Average interest rate on debt portfolio decreased to 1.79%.

Outlook and guidance

• The company maintains a stable credit rating (BBB-) and financial guarantee of EUR 1,500 million from the owner.

• Focus remains on property management, capital projects, and maintaining low vacancy rates.

• In April 2026, an agreement was signed to sell all Austin properties (861 apartments), with closing expected in upcoming quarters.