Stenhus Fastigheter (SFAST) Q3 2026 earnings summary

Executive summary

• Q3 property-management profit reached a record SEK 120.0m, up 5% YoY; R12 profit was a record SEK 456.8m, or SEK 1.34 per share.

• Property values rose for an eighth consecutive quarter; Q3 unrealized gains were SEK 15m. Interest coverage was 2.40x for Q3 and 2.37x R12.

• At 30 Sep, the portfolio comprised 138 properties, 882,030 sq.m. of lettable area and 95.3% economic occupancy; lease duration was 6.0 years.

Financial highlights

• 9M rental income was SEK 779.4m vs SEK 765.4m YoY; net operating income was SEK 618.6m vs SEK 594.6m.

• 9M property-management profit rose 14.5% to SEK 342.6m from SEK 299.1m; net profit was SEK 406.1m vs SEK 248.9m.

• 9M operating cash flow was SEK 226.7m vs SEK 288.1m; total cash flow was negative SEK 450.2m and period-end cash was SEK 92.6m.

• 9M investment-property value changes were SEK 71.6m, including SEK 70.1m unrealized gains.

Outlook and guidance

• Long-term earning-capacity snapshot was SEK 460m property-management profit, or SEK 1.41 per share; it is a theoretical run-rate view, not a forecast.

• Long-term earning-capacity assumptions included rental income of SEK 1,023m, NOI of SEK 817m, central administration of SEK 62m and net financial items of SEK 319m.

• Sensitivity ranges from SEK 378m at a 10% NOI decline to SEK 541m at a 10% increase, using a 2.15% base rate; disclosed STIBOR and NOI scenarios span SEK 348m–571m.

• Rolling 12-month earning-capacity snapshot was SEK 451m, or SEK 1.38 per share, excluding forecasts for rents, vacancy, costs and value changes.