PPI Public Property Invest (PUBL) Q3 2026 earnings summary

Executive summary

• Q3 net income from property management was SEK 404 million, up 4.4% QoQ; per-share income reached SEK 0.43, up 37% YoY.

• Operating cash flow was SEK 734 million in Q3 and SEK 2,041 million for nine months, reflecting stronger cash conversion.

• Occupancy was 93.5%, WAULT was 7.0 years including projects, and Q3 net letting was positive SEK 7.4 million.

Financial highlights

• Q3 rental income was SEK 887 million, NOI SEK 761 million and operating income SEK 908 million; net profit was SEK -4 million.

• Nine-month rental income was SEK 2,632 million, NOI SEK 2,187 million, net income from property management SEK 1,123 million and net profit SEK 215 million.

• Q3 net income from property management per share was SEK 0.43 versus SEK 0.31; nine-month per-share income was SEK 1.19 versus SEK 1.10.

• Cash flow from operating activities before working-capital changes was SEK 678 million in Q3 and SEK 1,790 million for nine months.

• Q3 included SEK 14 million of one-off Finnish lease-termination compensation, a SEK 133 million property valuation loss and SEK 179 million of other financial expenses.

Outlook and guidance

• Ongoing projects are expected to add ~EUR 8.8 million in annual NOI; total project cost is EUR 139.8 million, with 6.3% yield on cost.

• Adjusted run-rate EBITDA was SEK 2,802 million and adjusted net income from property management per share SEK 1.74, including project earnings and three-quarters of estimated January 2027 CPI indexation.

• Two major Finnish projects were scheduled for completion in Q4 2026; Metallimiehenkuja and Maurinkatu are expected to add EUR 6.6 million in NOI.

• Priorities include income growth, cost reductions and higher cash earnings per share, alongside project completions and SBB portfolio integration.