Atrium Ljungberg (ATRLJ) Q4 2025 earnings summary

Executive summary

• Completed projects contributed to rental growth and operating surplus in 2025, with a cautious market recovery and improved outlook for 2026.

• Rental income for 2025 was SEK 2,957 million, down slightly from SEK 2,988 million, with a 1.3% increase in a comparable portfolio year-over-year.

• Net operating income reached SEK 2,124 million, a 1.4% increase in a comparable portfolio.

• Net profit for the year was SEK 823 million, or SEK 1.31 per share, compared to SEK 850 million last year.

• Major lettings in Hagastaden and Liljeholmen supported occupancy and rental income.

Financial highlights

• Net operating income like-for-like: SEK 2,073 million, up 1% year-over-year; Q4 net operating income: SEK 489 million, down 2%.

• Rental income for Q4 2025 was SEK 760 million, up from SEK 740 million in Q4 2024.

• Profit from property management: SEK 1,307 million for 2025, down 8% year-over-year.

• Property value at year-end: SEK 61 billion.

• Investments for the year totaled SEK 2,895 million, with SEK 86 million for acquisitions and no property sales.

Outlook and guidance

• Market recovery is expected to continue into 2026, with improved household finances and lower interest rates supporting retail and residential segments.

• Rental income is expected to surpass SEK 3 billion in 2026, driven by project completions and increased letting activity.

• Gross investments of just under SEK 3 billion are planned for 2026.

• Average interest rate expected to remain stable at 3.2% through 2026.