Arlandastad Group (AGROUP) Q1 2026 earnings summary

Executive summary

• Revenue increased to 85.9 Mkr (83.3), with stable rental income and higher operational revenues year-over-year.

• Losses narrowed, with net loss at -30.5 Mkr (-42.0) and pre-tax loss at -29.9 Mkr (-43.5m), driven by improved gross profit and lower unrealized property value changes.

• NAV per share rose to 87.0 kr (84.0), reflecting continued value creation in the project portfolio.

• Major ongoing projects in Arlandastad and Skavsta, including joint ventures and sustainable energy solutions.

• Dividend of 1.55 kr/share (98 Mkr) approved after the quarter, marking a milestone in cash flow generation.

Financial highlights

• Gross profit improved to 5.4 Mkr (-0.3m), and operating cash flow after working capital changes was -32.7 Mkr (-58.4m).

• Cash and cash equivalents at period end were 112.9 Mkr (124.3).

• Loan-to-value ratio stable at 24% (24%).

• Market value of the property portfolio rose to 6,857 Mkr (6,623).

• Return on equity (rolling 12 months) was 3.2% (-2.0%).

Outlook and guidance

• Continued high pace in development of Arlandastad and Skavsta, with focus on converting project value into stable, distributable cash flows.

• Dividend target of 5% of equity reflects sustainable cash flows.

• Market outlook indicates some restraint in the transaction market and macroeconomic uncertainty may affect investment timing.