Swedish Logistic Property (SLP) Q3 2026 earnings summary

Executive summary

• Jan–Sep rental income rose 24% to SEK 920m, NOI increased 25% to SEK 818m, and property management profit rose 27% to SEK 549m.

• NAV per share increased 8% to SEK 36.49; property management profit per share rose 18% to SEK 1.95, above the 15% annual growth goal.

• Acquisitions, development and SEK 38.1m net leasing supported portfolio expansion and earnings growth.

Financial highlights

• Q3 rental income was SEK 313m versus SEK 255m YoY; Q3 NOI was SEK 283m versus SEK 229m, and property management profit rose 25% to SEK 188m.

• Jan–Sep profit for the period was SEK 715m versus SEK 505m; diluted EPS was SEK 2.54 versus SEK 1.94.

• Operating cash flow before working-capital changes rose 26% to SEK 544m; comparable-property NOI increased 2% YoY.

• Property value changes were SEK 277m, all unrealized; derivative value changes were positive SEK 90m versus negative SEK 37m YoY.

Outlook and guidance

• Projects with SEK 696m total investment and 79,200 sq m lettable area were planned for completion in Q3 2027; all were fully let.

• Ongoing projects worth SEK 700m are expected to add SEK 50m in NOI by end-2027; current 12-month property-management earnings capacity was SEK 778m, excluding major projects, and is not a forecast.

• Long-term goal: average annual growth of at least 15% per share in NAV and property management profit; dividends expected to be low or zero as cash is reinvested.

• Zoned building rights could support ~310,000 sq m of lettable area, with estimated investment of ~SEK 3,100m.