Genova Property Group (GPG) Q3 2026 earnings summary

Executive summary

• Q3 rental income rose 12% YoY to SEK 137m and NOI rose 11% to SEK 106m; property-management income was SEK 36m, up 38% YoY.

• 9M net income rose 85% to SEK 267m, mainly on positive property and derivative value changes; property-management income was SEK 107m, unchanged YoY.

• Long-term NAV attributable to shareholders rose 9% to SEK 3,684m; NAV per ordinary share was SEK 79.11, up 6% YoY.

• Occupancy rose from 92% to 93%; the portfolio comprised 359k sqm and property value of SEK 11,021m.

Financial highlights

• 9M rental income was SEK 418m, up 8%; comparable-portfolio rent rose 2% to SEK 384m.

• 9M NOI was SEK 310m, up 8%, with a 74.1% margin versus 74.5%; comparable-portfolio NOI declined 1% as property costs rose.

• 9M net income was SEK 267m versus SEK 144m; reported EPS was SEK 5.26 versus SEK 2.37, mainly reflecting property and derivative revaluations.

• Property value was SEK 11,021m versus SEK 9,800m; 9M net investments were SEK 457m versus SEK 116m.

Outlook and guidance

• Long-term targets for average annual growth over a business cycle are at least 25% in property-management income per share, raised from 20%, and 15% in NAV per share, revised from 20%.

• Annual rental income is expected to increase SEK 13m after Q3 2026 and a further SEK 26m after year-end, following lettings and acquisitions.

• The acquired Stockholm-region portfolio is expected to lift property-management income per share by ~15% once fully accessed by year-end 2026.

• Over the next 12 months, ~SEK 700m of liabilities mature; refinancing is expected in full on equal or better terms.

• Average annual growth during 2018–2026 was 13% for NAV per share and 60% for property-management income per share.