NP3 Fastigheter (NP3) Q1 2026 earnings summary

Executive summary

• Rental income rose 10% year-over-year to MSEK 606, with net operating income up 10% to MSEK 422 and profit from property management up 11% to MSEK 260; net profit after tax increased 37% to MSEK 376.

• Continued execution of growth strategy with acquisitions totaling MSEK 1,440, including Anguli Fastigheter for BSEK 1.2, expanding the geographic footprint and diversifying the portfolio; property portfolio expanded to 643 properties.

• Divestment of one property for MSEK 72 and ongoing investments in the existing portfolio amounting to MSEK 270.

• The company issued MSEK 400 in unsecured green bonds and completed a directed issue of preference shares to offset debts.

• Resilient demand in the rental market and consecutive positive net letting for 23 quarters, with MSEK +43 in Q1 and MSEK +92 over the last twelve months.

Financial highlights

• Rental income: MSEK 606 (+10% YoY); net operating income: MSEK 422 (+10% YoY); surplus ratio: 70%.

• Profit from property management: MSEK 260 (+11% YoY); per share: SEK 3.77 (+9% YoY).

• Net profit after tax: MSEK 376 (+37% YoY); changes in property value: MSEK 123.

• Property value grew to MSEK 26,595, up from MSEK 26,087 at year-end; yield: 7.0%.

• Net letting reached MSEK +43 in the quarter.

Outlook and guidance

• 2026 profit from property management forecast raised to MSEK 1,220, representing 11% annual growth or 10% per common share.

• Earnings increase expected due to reduced vacancies and investments, mainly through acquisitions.

• Loan-to-value ratio after major acquisition expected at 53%, within the target range.

• Continued focus on investments and expansion in new regions, leveraging local presence for further growth.