Neobo Fastigheter (NEOBO) Q1 2026 earnings summary

Executive summary

• Like-for-like rental income increased by up to 5% year-over-year, reaching SEK 233 million, driven by higher rents and lower vacancy.

• Net operating income declined to SEK 103 million due to property divestments and higher winter costs, but was stable or slightly up on a like-for-like basis.

• Profit from property management fell to SEK 26 million, mainly due to divestments and increased property management costs.

• Profit from property management per share remained unchanged at SEK 0.19 year-over-year, supported by share buybacks.

• Net profit for the period surged to SEK 61 million, supported by positive changes in financial instruments.

Financial highlights

• Property portfolio valued at SEK 13.6 billion, comprising 8,100 apartments, with 95% residential assets.

• Rental income for Q1 2026 was SEK 233 million, up from SEK 230 million in Q1 2025.

• Net asset value per share increased to SEK 47.92.

• Total occupancy rate reached a record 95.4% in Q1 2026, with residential vacancy reduced to 4.6%.

• SEK 55 million invested in property upgrades and value-creating initiatives during the quarter.

Outlook and guidance

• Management expects surplus margin to recover during the rest of the year after weather-related cost increases in Q1.

• Focus remains on long-term value creation through capital allocation, property management, and portfolio optimization.

• Earnings capacity as of April 2026: rental income SEK 968 million, net operating income SEK 548 million, profit from property management SEK 251 million.

• Evaluating further share buybacks, subject to AGM approval.