Corem Property Group (CORE) Q1 2026 earnings summary

Executive summary

• Stable development in Q1 2026 despite a challenging market, with income at SEK 799 million, down from SEK 896 million year-over-year due to divestments and lower occupancy, but a 3% rise in comparable portfolio income.

• Net operating income reached SEK 474 million, with a 1% increase in the like-for-like portfolio despite higher winter-related costs.

• Profit from property management improved to SEK 323 million, supported by dividend income from equity investments.

• Net loss for the period was SEK -64 million, with EPS of SEK -0.12.

• Strategic divestment of 417 Park Avenue, New York, completed after the quarter, generated a liquidity effect of SEK 2.2 billion.

Financial highlights

• Income for Q1 2026 was SEK 799 million, with a 1% NOI increase in the comparable portfolio.

• NAV per ordinary share of Class A/B was SEK 10.96.

• Property value stood at SEK 47 billion.

• Net letting for Q1 2026 was negative SEK 22 million, but positive SEK 21 million on a trailing 12-month basis.

• Operating margin was 59%.

Outlook and guidance

• Continued focus on refining the existing portfolio and tenant adaptations.

• Management expects increased leasing activity and stronger net letting as market decision-making normalizes.

• Significant liquidity from the Park Avenue divestment and positive share price development in equity investments provide a robust financial base for the remainder of 2026.

• The Board proposes a dividend of SEK 0.10 per ordinary share A and B, and SEK 20.00 per class D and preference share for 2025, to be paid in four installments.

• Aim to continue share buybacks during the year to strengthen NAV per share and optimize capital structure.