Mofast (MOFAST) Q3 2026 earnings summary

Executive summary

• Q3 2026 rental income was SEK 35.3m and profit from property management SEK 10.3m; pre-tax loss of SEK 51.4m mainly reflected a quarterly fair-value decline in Episurf shares and convertibles.

• Portfolio comprised 28 properties valued at SEK 2.045bn, with 96.5% occupancy; reported LTV was 46.6% and equity ratio 57.1%.

Financial highlights

• Q3 rental income was SEK 35.3m vs SEK 51.0m YoY; net operating income SEK 26.6m vs SEK 32.2m; property-management profit SEK 10.3m vs SEK 12.9m.

• Q3 pre-tax result was SEK -51.4m vs SEK 16.9m; 9M pre-tax result was SEK 96.4m vs SEK 18.4m, and 9M net profit was SEK 100.3m vs SEK 10.5m.

• 9M rental income was SEK 131.3m vs SEK 161.1m; net operating income SEK 86.7m vs SEK 101.9m; property-management profit SEK 29.9m vs SEK 34.5m.

• Q3 net operating margin was 75.3% vs 63.2%, aided by insurance compensation, management fees, and disposal of properties with lower margins.

• Q3 property costs fell to SEK 10.5m from SEK 18.8m, while central administration was SEK 15.5m including disposal-related costs; financial costs net were SEK 9.1m vs SEK 13.5m.

Outlook and guidance

• Long-term targets: average annual growth of 10% in property-management profit per share over a cycle, ROE above 10%, interest coverage above 2x, and LTV below 50%.

• Dividend policy targets 30%–50% of after-tax property-management profit over the long term.

• Management described the quarter as stable on property-management profit, with a strong cash position and development continuing at an unchanged pace.