Atrium Ljungberg (ATRLJ) Q1 2025 earnings summary

Executive summary

• Stable Q1 2025 results with a strong financial position and positive net letting of SEK 23 million, despite unpredictable global conditions and market uncertainty.

• Like-for-like operating surplus increased by 2.2% year-over-year; diversified customer base and resilient retail mix support stability.

• Largest lease to date signed with Stockholm University of the Arts for 20,400 sq m in Slakthusområdet.

• Robust project portfolio with ongoing investments and focus on sustainable urban development.

Financial highlights

• Rental income was SEK 735 million, down 3% year-over-year, mainly due to property disposals; like-for-like rental income rose 3.2%.

• Operating surplus was SEK 519 million; like-for-like up 2.2%; profit from property management was SEK 328 million, down 12%.

• Earnings per share increased by 12% to SEK 3.59 before stock split.

• Property value increased by SEK 179 million (0.3%) to SEK 59 billion.

• Net interest expense increased by 15% to minus SEK 153 million; average interest rate was 2.9%.

Outlook and guidance

• Ongoing projects total SEK 9.5 billion, with SEK 6.1 billion remaining to be invested; major completions expected to impact the second half of 2026.

• Market unpredictability and economic caution expected to persist, especially in offices and retail.

• Well-positioned for future challenges with a diversified property and project portfolio in prime locations and a solid financial base.