Diös Fastigheter (DIOS) Q2 2026 earnings summary

Executive summary

• Rental income for Q2 2026 was SEK 667 million, stable year-over-year, with a surplus ratio of 74% and economic occupancy at 90%.

• Net letting was SEK 10 million for the quarter, with positive net letting in 27 of the last 30 quarters.

• Operating surplus increased to SEK 485 million for H1 2026, and property management income rose 4% year-over-year.

• Profit after tax for Q2 2026 was SEK 236 million, up from SEK 8 million in Q2 2025, driven by positive unrealized property value changes.

• The portfolio is concentrated in 9 cities, with ongoing asset rotation and a diversified tenant base supporting resilience.

Financial highlights

• Like-for-like rental income growth was 0.8% year-over-year.

• Surplus ratio improved to 74% in Q2 2026; operating surplus for H1 2026 was SEK 911 million, up 1% year-over-year.

• Income from property management increased by 4% year-over-year; for H1 2026, it was SEK 499 million, up 2%.

• Unrealized property value changes were SEK 109 million in Q2 and SEK 123 million for H1 2026.

• Net profit after tax for H1 2026 was SEK 484 million, with earnings per share at SEK 3.47.

Outlook and guidance

• Leasing activity remains strong and is expected to continue at current levels for the remainder of 2026.

• Tenant adaptations and investments are expected to remain at a run rate of SEK 1 billion annually, with SEK 600–650 million for tenant adaptations.

• Long-term outlook is supported by green transition, military investments, and robust demand for modern, centrally located premises.

• Portfolio reallocation and divestment of non-core assets are expected to support long-term growth and risk reduction.

• New financial targets set for long-term profitable growth.