Sagax (SAGA-A) Q3 2026 earnings summary

Executive summary

• Jan–Sep rental revenue rose 4% to SEK 4,167M; property-management profit attributable to shareholders increased 7% to SEK 3,580M. Q3 growth accelerated to 6% and 22%, respectively.

• Profit after tax attributable to shareholders reached SEK 4,971M for Jan–Sep, including positive property and financial instrument revaluations and a SEK 683M Retail Estates reclassification gain.

• The 2026 property-management profit forecast was raised to SEK 4,800M from SEK 4,600M.

Financial highlights

• Jan–Sep net operating income was SEK 3,425M versus SEK 3,318M; profit before tax was SEK 5,549M versus SEK 2,577M.

• Q3 rental revenue increased 6% to SEK 1,449M; property-management profit attributable to shareholders rose 22% to SEK 1,429M.

• Jan–Sep cash flow from operating activities before working-capital changes was SEK 2,895M versus SEK 2,856M; diluted cash flow per Class A and B share was SEK 7.94 versus SEK 7.76.

• Profit after tax attributable to shareholders was SEK 2,280M in Q3 versus SEK 895M; Q3 includes a SEK 683M gain from the Retail Estates accounting reclassification.

Outlook and guidance

• FY 2026 property-management profit attributable to shareholders, before revaluations and tax, is forecast at SEK 4,800M, up from the prior SEK 4,600M estimate.

• Current 12-month earnings capacity at 1 October showed property-management profit of SEK 5,002M and SEK 4,189M attributable to shareholders; this is an earnings-capacity measure, not a forecast.

• Financial targets for 2026–2030 are return on equity of at least 12% annually and 5–10% annual growth in property-management profit per Class A and B share; Jan–Sep outcomes were 15% and 6%.