Hufvudstaden (HUFV-A) Q1 2026 earnings summary

Executive summary

• Gross profit increased by 6% year-over-year in Q1 2026, with all business areas showing improved results.

• Net result for the period was SEK 294 million, up from SEK 81 million in Q1 2025, mainly due to positive unrealised property value changes.

• Net revenue totaled SEK 815 million, compared to SEK 810 million in Q1 2025.

• Rental vacancy rate decreased to 4.8%, reflecting stronger occupancy and excluding development projects.

• Retail sector showed signs of recovery, with improved household purchasing power and low retail vacancies in central locations.

Financial highlights

• Rental income from property management was SEK 634 million, up from SEK 619 million.

• Gross profit reached SEK 422 million, up from SEK 397 million.

• Unrealised changes in property values amounted to SEK 29 million, compared to -205 million in Q1 2025.

• Operating result reached SEK 461 million, up from SEK 184 million in Q1 2025.

• Fair value of property holdings stood at SEK 48.3 billion as of March 31, 2026.

Outlook and guidance

• Swedish economy is recovering, but market uncertainty persists, with global factors potentially impacting consumption and market developments.

• Increasing occupancy rate and profitable growth within NK are top priorities for 2026.

• The greatest economic impact from new office projects, such as Kvarteret Johanna, is expected from 2027 onwards.

• Active management and development of marketplaces are expected to generate new cash flows and shareholder value.