FastPartner (FPAR) Q3 2026 earnings summary

Executive summary

• Q3 operations improved modestly: vacancy narrowed, the decline in NOI and management earnings eased, and central Stockholm leasing demand was strong in August and early September.

• For 9M 2026, management result was SEK 592.4M, down 5.7% YoY; net income rose to SEK 326.9M from SEK 288.7M.

Financial highlights

• 9M rental revenue fell 3.3% to SEK 1,644.6M; the Nasdaq departure from Ladugårdsgärdet 1:48 reduced rent by SEK 68.9M, and like-for-like revenue declined 2.9%.

• 9M NOI declined 3.3% to SEK 1,162.8M; surplus ratio held at 70.7%. Q3 NOI was SEK 399.7M, down 3.1%, with surplus ratio rising to 73.1%.

• 9M management result decreased 5.7% to SEK 592.4M; Q3 fell 8.9% to SEK 211.9M. Q3 net income increased to SEK 221.9M from SEK 168.8M; EPS was SEK 1.17 vs. SEK 0.83.

• 9M operating cash flow was SEK 521.7M vs. SEK 620.1M; cash and cash equivalents increased SEK 160.8M over the period.

• Property market value was SEK 34,305.5M at Sep. 30; unrealized property value changes were negative SEK 218.9M for 9M, while Q3 recorded a positive SEK 1.0M.

Outlook and guidance

• Rolling annual management result is estimated at SEK 780M, against SEK 800M a year earlier; the 2028 target is SEK 1,200M annually.

• 2028 financial goals include return on equity above 12%, net LTV below 48%, interest coverage above 3x, and 70% of the loan portfolio in green financing.

• 2028 operational goals include a surplus ratio of at least 75% and customer satisfaction above 75; the latest customer survey score was 78.