Atrium Ljungberg (ATRLJ) Q2 2025 earnings summary

Executive summary

• Operating surplus in the comparable portfolio increased by 1.8% for H1 2025, demonstrating resilience despite a challenging market environment.

• Net letting was positive at SEK 14m for H1 2025, with major new leases in key cities, though Q2 saw a negative SEK 9m mainly due to Ericsson's vacated space.

• Ongoing project investments total SEK 9.6 billion, with SEK 5.6 billion remaining to be invested and several completions expected by end of 2025 and early 2026.

• Major new lease signed with Ericsson in Gothenburg and several new agreements in Stockholm, including four major lettings in Gothenburg, Malmö, and Hagastaden.

• Company remains well positioned with a diversified portfolio and strong financial base.

Financial highlights

• Rental income for H1 2025 was SEK 1,461m, with comparable portfolio up 2.1%; operating surplus H1 was SEK 1,043m, up 1.8% in comparable properties.

• Profit from property management fell 13% year-over-year to SEK 644m; net profit H1 was SEK 516m.

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

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

• Unrealized property value changes H1: SEK 201m; derivatives: SEK –213m.

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.

• Ongoing projects expected to positively impact operating surplus in 2026, depending on leasing progress.

• Market recovery is anticipated to be gradual, with household consumption as a key driver.