PPI Public Property Invest (PUBL) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 and H1 2026, with significant growth in rental income, operating results, and cash flows, supported by high occupancy and government-backed leases.

• Completed cross-border merger, re-domiciliation to Sweden, and dual listing on Nasdaq Stockholm and Oslo Børs, enhancing capital market access and aligning with core markets.

• Expanded portfolio to 851 social infrastructure properties across the Nordics, with major acquisitions in Finland and a focus on long-term, government-backed tenants.

• Approved and paid a SEK 1 per share annual dividend, distributed quarterly.

Financial highlights

• Q2 2026 rental income was SEK 884 million, up 3% from Q1 and 304% year-over-year; H1 rental income reached SEK 1,745 million.

• Net operating income for Q2 was SEK 743 million, up 9% sequentially; H1 NOI was SEK 1,426 million.

• Net income from property management was SEK 387 million in Q2 and SEK 719 million in H1.

• Net profit for Q2 was negative SEK 59 million, impacted by one-offs and negative value changes; H1 net profit was SEK 219 million.

• Cash position at quarter end was SEK 2.4 billion; total liquidity sources SEK 7.5 billion.

Outlook and guidance

• Ongoing development projects in Finland and Norway expected to add SEK 130 million in NOI upon completion in late 2026 and early 2027.

• Focus on operational efficiency, disciplined capital allocation, and leveraging the integrated Nordic platform.

• No large lease expiries expected in upcoming quarters; efforts underway to reduce vacancy and streamline operations.