Fortinova Fastigheter (FNOVA) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 10% YoY to SEK 318.1m; operating surplus increased 6% to SEK 195.7m and management result rose 7% to SEK 94.0m.

• Q3 revenue increased 8% to SEK 106.9m, operating surplus rose 3% to SEK 70.6m and management result increased 2% to SEK 37.4m.

• 9M net profit was SEK 98.0m versus SEK 103.4m, reflecting lower property revaluation gains despite positive derivatives valuation.

Financial highlights

• 9M rent income rose 10% to SEK 318.1m; like-for-like revenue increased 3%, with growth driven by acquisitions, indexation and rent increases.

• 9M property costs increased 16% to SEK 122.4m, driven by portfolio growth, planned maintenance and a provision for expected credit losses.

• 9M management result was SEK 94.0m, or SEK 1.9/share versus SEK 1.7; net profit was SEK 98.0m, or SEK 1.9/share versus SEK 2.0.

• Q3 net profit totaled SEK 46.8m versus SEK 47.7m; unrealized property value changes were -SEK 23.0m and derivative value changes were +SEK 41.4m.

Outlook and guidance

• Current 12-month earning capacity, based on the portfolio at 1 Oct 2026 and not a forecast, indicates management result of SEK 113.3m or SEK 2.2/share; excluding bond costs, SEK 123.5m or SEK 2.4/share.

• Focus remains on increasing management result per share through selective acquisitions, disposals and investment in the existing portfolio; capital is to be directed toward opportunities expected to create long-term returns.

• A Varberg commercial property acquired on 1 Nov has an assessed value of SEK 95m, rent value of SEK 8.1m and estimated initial yield of 7.1%.