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 2,957m, with like-for-like growth of 1.3% year-over-year.

• Operating surplus reached SEK 2,124m, like-for-like up 1.4%.

• Retail segment saw a strong Q4, with increased visitor numbers and turnover, while residentials remained stable with expectations of rising prices.

• Board proposes a dividend of SEK 0.74 per share, a payout ratio of 36%.

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%.

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

• Earnings per share: SEK 1.31 (previous year: SEK 1.35).

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

• Investments in ongoing projects: SEK 9.1 billion, with SEK 4.7 billion remaining.

Outlook and guidance

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

• Swedish GDP expected to grow 2.5–3% in 2026, driven by domestic demand.

• Six projects to be completed in 2026, expected to add SEK 60m in rental income.

• Rental income projected to surpass SEK 3bn in 2026.

• Portfolio average interest rate expected to remain at 3.2% in 2026.