Stendörren Fastigheter (STEF) Q3 2026 earnings summary

Executive summary

• Jan–Sep rental income rose 19% YoY to SEK 916m and net operating income rose 18% to SEK 744m; profit was SEK 587m versus SEK 151m.

• Q3 rental income increased 19% to SEK 314m, NOI rose 19% to SEK 262m, and profit reached SEK 315m versus SEK 61m.

• Positive net lettings continued for a third consecutive quarter; liquidity was SEK 670m at quarter-end, including cash and available facilities.

Financial highlights

• Jan–Sep total income was SEK 921m versus SEK 780m; property expenses were SEK 177m versus SEK 150m, and central administration costs were SEK 72m versus SEK 60m.

• Income from property management before FX rose 26% to SEK 346m; excluding non-recurring early refinancing costs in the comparison period, the increase was 18%.

• Jan–Sep operating cash flow was SEK 277m versus SEK 255m; cash flow per share was SEK 8.49 versus SEK 8.02.

• Realized and unrealized property value gains were SEK 150m versus SEK 20m; derivative valuation gains were SEK 134m versus a SEK 67m loss.

• Jan–Sep EPS was SEK 17.37 before and after dilution, versus SEK 4.16 and SEK 4.15, respectively.

Outlook and guidance

• Assessed annual earnings capacity as of Oct. 1: rental income SEK 1,267m, NOI SEK 1,030m and income from property management SEK 495m; this assessment is not a forecast.

• Ongoing and recently completed projects are expected to add SEK 68m in NOI upon completion and leasing, excluding data centers; ongoing projects alone are expected to add SEK 42m, excluding the data center project.

• Long-term development ambition remains 25,000–50,000 sqm annually; starts depend on demand, market sentiment and construction costs, and construction is generally planned on a pre-let basis.

• Annual income from property management per share in the assessed earnings capacity was SEK 13.77, with an ICR of 2.2x.