Logistea (LOGI) Q3 2026 earnings summary

Executive summary

• Jan–Sep income rose 19% to SEK 949m and profit from property management increased 29% to SEK 486m; Q3 delivered record NOI and property-management profit.

• The portfolio reached 174 properties valued at SEK 19.387bn, with 97.5% economic occupancy and an 8.6-year average lease term; value exceeded SEK 20bn after Velux closed.

• YTD acquisitions totaled SEK 3.6bn, while earnings capacity PFPM per share reached SEK 1.47 at 1 October and SEK 1.55 including Velux.

Financial highlights

• Jan–Sep income was SEK 949m (798), NOI SEK 859m (725), and PFPM SEK 486m (376); Q3 income was SEK 327m (288), NOI SEK 299m (269), and PFPM SEK 173m (130).

• Jan–Sep net profit was SEK 769m (667), EPS SEK 1.51 (1.36), and operating cash flow before working-capital changes SEK 428m (343); Q3 EPS was SEK 0.65 (0.52).

• Jan–Sep profit from property management per share rose 23% to SEK 0.95; Q3 per-share growth was 31% to SEK 0.34.

• Jan–Sep like-for-like income growth was 2.6%; like-for-like NOI increased 1%, while Q3 like-for-like NOI declined 1%, partly reflecting reclassified internal property-management costs.

• Jan–Sep profit before tax was SEK 978m (847), including SEK 430m (485) in property value gains; Q3 profit before tax was SEK 442m (342), including SEK 225m (173) in property gains.

Outlook and guidance

• Earnings capacity PFPM per share was SEK 1.47 at 1 October, up 27% YoY; it reached SEK 1.55 including Velux taken into possession in October. Earnings capacity is not a forecast.

• Financial targets include average annual growth of at least 15% over five years in property-management profit and NRV per share, long-term LTV below 60%, and interest coverage above 1.8x.

• Growth plans include acquisitions, capex in the existing portfolio, greenfield development on owned land and M&A; profitable acquisition opportunities are seen in Sweden and Finland.

• Lockryd planning, municipal purchase-agreement and tenant discussions continue; initial development within 12 months remains possible but uncertain. A 150 MW power supply is targeted for 2030–31.