Atrium Ljungberg (ATRLJ) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered stable financial performance with growth in rental income, net operating income, and property management income, supported by project completions and a landmark 15-year, 58,000 sq m lease to Ericsson, the largest office transaction in Sweden.

• Six commercial projects and one tenant-owned dwelling project were completed in the past 12 months, supporting operational resilience and income stability.

• Net letting was SEK 15 million in Q2 and SEK 7 million for H1, reflecting healthy leasing activity, mainly in Stockholm offices.

• Ongoing project investments remain high, with SEK 674 million invested in Q2 and SEK 9.2 billion in ongoing projects.

Financial highlights

• Rental income increased by 6.2% year-over-year to SEK 770 million in Q2, driven by completed projects.

• Net operating income rose by 2.1% to SEK 535 million in Q2, despite a non-recurring SEK 67 million electricity charge.

• Income from property management grew by 1.1% to SEK 320 million in Q2; profit from property management for H1 was SEK 636 million.

• Net profit for Q2 was SEK 63 million, unchanged year-over-year; H1 net profit was SEK 264 million.

• Project returns totaled SEK 41 million in Q2 and SEK 117 million year-to-date.

Outlook and guidance

• Ongoing projects represent SEK 9.2 billion in investments, with SEK 6.2 billion remaining.

• Economic letting rate in ongoing projects is 56%; key projects are expected to deliver returns above the 20% target.

• The company targets a net asset value of SEK 115 per share by 2033, supported by a robust project pipeline and focus on urban development.

• Market remains polarized, but positive trends in A-segment offices, retail, and residentials are noted.