Swedish Logistic Property (SLP) Q1 2026 earnings summary

Executive summary

• Rental income increased by 26% year-over-year to SEK 296 million for Q1 2026, driven by acquisitions and new lettings.

• Net operating income rose 27% to SEK 258 million, and profit from property management grew 30% to SEK 174 million year-over-year.

• Three properties totaling 122,000 sqm were acquired, valued at SEK 895 million, including major sale and leaseback deals with DSV and IKEA.

• Net asset value (NAV) per share increased by 3% to SEK 34.51 during the quarter.

• Extension project in Ulricehamn will add 23,000 sqm and extend lease by 10 years.

Financial highlights

• Earnings per share after dilution was SEK 0.82 for Q1 2026, impacted by a recent equity raise.

• Cash flow from operating activities rose 21% to SEK 167 million.

• Value changes in investment properties totaled SEK 74 million.

• Loan-to-value ratio was 49.6%, well below the 55% risk limit.

• Interest coverage ratio was 3.3x, above the 2.5x risk threshold.

Outlook and guidance

• Strong pipeline of acquisition opportunities and ongoing improvement projects support continued growth.

• Targeting average annual growth of at least 15% per share in NAV and profit from property management.

• Continued focus on long-term, CPI-indexed leases to mitigate inflation and interest rate risks.

• Market trends such as reshoring, increased inventory, and defense spending expected to drive demand.

• Financial position and bank support provide ample capacity for further expansion.