KlaraBo Sverige (KLARA) Q1 2026 earnings summary

Executive summary

• Revenue increased 7.6% year-over-year in Q1 2026 to SEK 188.5 million, driven by rental negotiations, refurbishments, and net acquisitions.

• Net operating income rose 2.6% year-over-year to SEK 85.4 million, despite higher tariff-related and energy costs and a colder start to the year.

• Profit for the period was SEK 124.0 million, down from SEK 229.3 million, mainly due to lower property value changes.

• Portfolio optimization continued, with asset swaps and divestments increasing the share of properties in strategic clusters and larger cities to 74%.

• Share buybacks of approximately 2.2 million shares, totaling SEK 35.7 million and representing 4.8% of total shares, positively impacted NAV per share and financial flexibility.

Financial highlights

• Revenue for Q1 2026 was SEK 188.5m, up from SEK 175.1m in Q1 2025.

• Net operating income reached SEK 85.4m, up from SEK 83.2m year-over-year.

• Operating profit was SEK 71.7m, compared to SEK 69.4m in Q1 2025.

• Profit for the period was SEK 124.0m, down from SEK 229.3m year-over-year, mainly due to lower property value changes.

• Net asset value per share increased 8.0% year-over-year and 2.4% quarter-over-quarter to SEK 35.0.

Outlook and guidance

• Full effect from annual rent increases included in current earnings capacity, with rental revenue up SEK 10m and a weighted total increase of 3.3%.

• Operating costs updated to reflect 2026 levels; financial expenses expected to remain elevated due to higher debt and interbank rates.

• Income from property management projected at SEK 179.2m, or SEK 1.19 per share.

• Demand for rental housing remains strong in core markets, with stable occupancy and quick letting of refurbished units.

• Portfolio concentration in cluster locations expected to support efficient management and future value growth.