Stendörren Fastigheter (STEF) Q2 2026 earnings summary

Executive summary

• Achieved strong growth in Q2 2026, with NOI up 17% year-over-year to SEK 482 million and IFPM per share up 25%, driven by acquisitions, project completions, and higher rents.

• Rental income increased 18% to SEK 602 million, with occupancy rate reaching 95%, matching historical highs.

• Maintained high occupancy rates and stable cash flow despite a challenging macroeconomic environment.

• Continued focus on logistics, warehouse, and light industrial properties in growth regions, especially Greater Stockholm.

• Profit for the period was SEK 272 million, up from SEK 90 million year-over-year.

Financial highlights

• Property portfolio valued at SEK 18.0bn as of June 30, 2026, with a NOI yield of 6.2%.

• NOI increased by 17% year-over-year, with a 3% increase in the comparable portfolio.

• IFPM per share grew by 25% year-over-year.

• Economic occupancy rate reached 94.7% and surplus ratio (LTM) was 80%.

• Available liquidity at quarter-end was SEK 750m.

Outlook and guidance

• Significant pipeline of value-accretive acquisitions and projects, with ongoing projects totaling ~62,700 sq.m. and estimated annual NOI in excess of SEK 55m.

• Growth in 2026 to be financed by available liquidity, cash flow, and interest-bearing financing.

• Focus on expanding in Stockholm, Copenhagen, Oslo, and Gothenburg, and developing existing building rights.

• Assessed annual earnings capacity as of July 1, 2026: rental income SEK 1,263 million, NOI SEK 1,026 million, IFPM SEK 503 million.

• Ongoing and recently completed projects expected to add SEK 68 million in NOI upon leasing and completion.