FastPartner (FPAR) Q1 2026 earnings summary

Executive summary

• Rental income decreased by 3.4% to SEK 552.3 million compared to Q1 2025, mainly due to increased vacancies and Nasdaq's exit from a major property.

• Net operating income fell by 4.7% to SEK 356.0 million, with an operating surplus ratio of 64.5%.

• Management profit declined by 7.7% to SEK 171.1 million, or SEK 0.95 per A share.

• Profit after tax increased to SEK 155.1 million (SEK 0.75 per A share), and long-term net asset value per A share (NRV) rose to SEK 99.5.

• The rolling annual management profit stands at SEK 780 million.

Financial highlights

• Economic occupancy rate dropped to 89.2% from 91.7% year-over-year.

• Financial expenses decreased to SEK -131.8 million, mainly due to lower market interest rates.

• Cash flow from operations before working capital changes was SEK 128.4 million.

• Investments in existing properties totaled SEK 144.1 million during the quarter.

• No property acquisitions or disposals occurred in the period.

Outlook and guidance

• The company targets a rolling annual management profit of SEK 1,200 million by the end of 2028.

• Management expects 2026 to be a transition year, with a return to normal earnings anticipated in 2027.

• Ongoing leasing efforts and new tenant categories are expected to improve occupancy.