Atrium Ljungberg (ATRLJ) Q3 2026 earnings summary

Executive summary

• Q3 rental income grew 3.4%, but comparable-property rent and operating surplus declined; management profit fell 6.8%, while net profit rose on positive unrealized property and derivative values.

• Completed projects and A House supported rental growth; economic occupancy was 85.7%, and the ongoing project portfolio totaled SEK 9.2bn.

Financial highlights

• Q3 rental income was SEK 761m, up 3.4%; operating surplus was SEK 538m, down 2.3%; management profit was SEK 328m, down 6.8%.

• Q3 net profit was SEK 353m, or SEK 0.56/share, versus SEK 324m and SEK 0.51/share; management profit was SEK 0.52/share versus SEK 0.56/share.

• Jan–Sep rental income was SEK 2,290m, up 4.3%; operating surplus was SEK 1,587m, down 0.4%; management profit was SEK 964m versus SEK 997m.

• Jan–Sep net profit was SEK 617m, or SEK 0.98/share, versus SEK 840m and SEK 1.33/share.

• Q3 property value changes were +SEK 143m; Jan–Sep property value changes were -SEK 151m. Q3 unrealized property and derivative changes were +SEK 136m and +SEK 113m, respectively.

Outlook and guidance

• Improving Swedish economic activity, office employment and limited new supply point to a potentially stronger leasing market; 2026 office leasing volume is estimated at 585,000 sqm versus 470,000 sqm in 2025.

• The active project portfolio is SEK 9.2bn, with SEK 5.7bn remaining to invest; development targets include investing up to SEK 3bn annually and project gains of at least 20%.

• Project pipeline is concentrated in Slakthusområdet, Hagastaden and Södermalm, with scheduled completions from Q4 2026 through 2031.

• Financial limits include maximum LTV of 45% and minimum interest coverage of 2.0x; the interest-rate duration range was revised to 1.5–5.0 years.