Annehem Fastigheter (ANNE) Q3 2026 earnings summary

Executive summary

• 9M rent revenue rose 2.0% YoY to MSEK 230.0; net operating income increased 1.6% to MSEK 184.8 and income from property management rose 7.5% to MSEK 89.9.

• Net income was MSEK 47.5 for 9M versus a loss of MSEK 6.0; EPRA NRV per share was SEK 32.42, up 4.2% from 31 Dec 2025.

• After quarter-end, conditional agreements were reached to acquire Gamlestads Smedja in Gothenburg and sell The Front in Helsinki, subject to a significant lease for Gamlestads Smedja being signed in November 2026.

Financial highlights

• Q3 rent revenue was MSEK 76.9, up 2.2% YoY; total income was MSEK 87.7, up 2.7%, and net operating income was MSEK 62.0, up 0.2%.

• Q3 income from property management was MSEK 31.5 versus 31.0; excluding currency effects, it was MSEK 31.1 versus 31.3, while per-share income rose 4.7% to SEK 0.37.

• 9M income from property management excluding currency effects increased 3.7% to MSEK 88.5; per share it rose 8.1% to SEK 1.04.

• Q3 net income was MSEK 19.5 versus a loss of MSEK 19.3; 9M net income was MSEK 47.5 versus a loss of MSEK 6.0.

• 9M operating cash flow was MSEK 109.1 versus 133.9; period-end cash was MSEK 251.6 versus MSEK 215.8 at 31 Dec 2025.

Outlook and guidance

• Targets include annual growth of at least 20% in income from property management per share, excluding exchange-rate effects, and at least 10% in EPRA NRV per share; 9M outcomes were 8.1% and 4.2%, respectively.

• Long-term targets include net LTV no higher than 55% and RTM interest coverage above 2.2x; 30 Sep outcomes were 44.4% and 2.3x.

• Illustrative 12-month earning capacity as of 1 Oct showed revenue of MSEK 359.2, net operating income of MSEK 247.0 and property-management income of MSEK 118.0; it is a theoretical snapshot, not a forecast.

• Rising market rates may increase future interest expenses, particularly if the recent increase persists; the five-year swap rate rose ~75 bps from end-June.