Prisma Properties (PRISMA) Q3 2026 earnings summary

Executive summary

• Earnings capacity per share doubled to SEK 2.33 from SEK 1.13 at the June 2024 listing; EPRA NRV per-share CAGR was 14%.

• Q3 rental income rose 48% to SEK 181m, NOI increased 43% to SEK 156m, and profit from property management rose 28% to SEK 78m.

• Property value reached SEK 12.5bn; grocery and daily goods accounted for 50% of rental income.

• Management prioritizes profitability over asset volume, emphasizing development and selective acquisitions.

Financial highlights

• Q3 revenue was SEK 198m (SEK 135m), including rental income of SEK 181m (SEK 123m); NOI was SEK 156m (SEK 109m).

• Q3 profit from property management was SEK 78m (SEK 61m); net profit was SEK 524m (SEK 108m), or SEK 3.20 per share (SEK 0.66).

• Q3 property value changes were SEK 465m, including SEK 452m unrealized; yield compression of 23 bps versus Q2 added SEK 465m, or 3.8%, to property values.

• 9M revenue was SEK 545m, NOI SEK 429m, and profit from property management SEK 217m; 9M net profit was SEK 749m, including SEK 609m of property value changes.

• Q3 surplus ratio was 86%, or 90% adjusted for roof inspections, NRG Pizza’s bad-debt provision and Segmentet 1 NOI.

Outlook and guidance

• Eleven ongoing projects had estimated total investment of SEK 714m and average yield on cost of 7.4%; all were fully let, with average lease terms of 15 years.

• Seven project startups totaling SEK 717m are planned over the next four quarters; 2026 held-property investment is tracking toward or above the SEK 1bn objective.

• Current earnings capacity as of 1 October was SEK 772m rental income, SEK 380m property management income and SEK 2.33 per share; it is a theoretical snapshot, not a forecast.

• Potential projects totaling 197,000 sqm and SEK 3.7bn of investment could start over the next three years; estimates remain subject to execution uncertainty.

• NRG Pizza replacement leases are targeted for Q4; new restaurants are expected from June 2027, subject to tenant timing.