Stenhus Fastigheter (SFAST) Q2 2026 earnings summary

Executive summary

• Achieved record operating profit of SEK 112 million in Q2 2026, with management profit up 20.2% year-over-year to SEK 222.5 million.

• Rolling 12-month profit from property management exceeded SEK 450 million, a new high.

• Rental income rose to SEK 520.0 million, with an economic occupancy rate of 94.7% and WAULT of 6.1 years.

• Net profit after tax increased to SEK 270.7 million, up from SEK 141.0 million year-over-year.

• Portfolio comprised 138 properties, mainly in Stockholm/Mälardalen, with a market value of SEK 13,855 million.

Financial highlights

• Management profit: SEK 222.5 million (+20.2% YoY); per share after dilution: SEK 0.66.

• Rental income for Q2 2026 was SEK 520.0 million, up from SEK 507.4 million year-over-year; net operating income: SEK 402.7 million.

• Profit after tax reached SEK 270.7 million, up from SEK 141.0 million in the prior year.

• Cash flow from operating activities was SEK 125.2 million; cash and cash equivalents at period end were SEK 218.0 million.

• Dividend of SEK 0.31 per share, split into two payments.

Outlook and guidance

• Long-term strategy focuses on in-house management, long lease terms, and a diversified portfolio.

• Targets include ROE and EPS over 12% per year, Net LTV below 55%, ICR above 2.25x, and equity ratio above 35%.

• Sensitivity analysis shows profit from property management remains robust under various scenarios.

• Focus on stable cash flow, sustainable growth, and continued property development.