Atrium Ljungberg (ATRLJ) Q4 2025 earnings summary

Executive summary

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

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

• 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, with a 1.4% increase in a comparable portfolio.

• The Board proposes a dividend of SEK 0.74 per share, a 2.8% increase, with a pay-out 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 530 million, up from SEK 516 million.

• 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 for the year totaled SEK 2,895 million, with SEK 86 million in acquisitions.

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 projected to surpass SEK 3 billion in 2026, supported 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.