Atrium Ljungberg (ATRLJ) Q2 2025 earnings summary

Executive summary

• Net operating income in the comparable portfolio increased by 1.8% year-over-year for H1 2025, reflecting resilience amid a challenging market.

• Rental income for H1 2025 was SEK 1,461 million, down from SEK 1,508 million, but the comparable portfolio saw a 2.1% increase.

• Net profit for H1 2025 was SEK 516 million (SEK 0.82/share), compared to SEK 662 million (SEK 1.05/share) last year.

• Ongoing investments total SEK 9.6 billion, with SEK 5.6 billion remaining to be invested and several major projects nearing completion in late 2025 and early 2026.

• The company maintains a strong financial position with a loan-to-value ratio of 42% and robust access to funding.

Financial highlights

• Net operating income like-for-like rose 1% in Q2 and 2% for H1 2025; profit from property management fell 13% year-over-year to SEKm 644.

• Rental income for Q2 2025 was SEK 725 million (Q2 2024: SEK 753 million); comparable portfolio up 1.1%.

• Earnings per share were SEK 0.82, down from SEK 1.05 year-over-year.

• Unrealised property value changes were SEK 201 million for H1 2025, including SEK 48 million in project returns.

• Property value increased to SEK 59.9 billion at quarter-end.

Outlook and guidance

• Economic recovery remains slow, but improved consumer confidence and interest rate cuts are expected to support gradual recovery in residential and retail segments.

• Several projects are scheduled for completion in late 2025 and early 2026, expected to positively impact net operating income next year.

• Consumption is forecasted to pick up later in the year due to high savings and rising real disposable incomes.