Diös Fastigheter (DIOS) Q1 2026 earnings summary

Executive summary

• Rental income for Q1 2026 was SEK 663 million, up slightly year-over-year, with stable economic occupancy at 90% and net letting of SEK 15 million, reflecting strong leasing activity and resilient occupancy.

• Profit after tax rose to SEK 248 million from SEK 162 million, with EPS increasing to SEK 1.77 from SEK 1.14 year-over-year.

• Share buybacks of SEK 200 million were executed, representing 2% of outstanding shares.

• Asset rotation continued with divestment of non-core properties and investments in tenant adaptation and new projects.

• Property values and earnings remained resilient, with positive unrealized value changes and continued demand for centrally located assets.

Financial highlights

• Rental income totaled SEK 663 million (up 0.3% year-over-year); surplus ratio was 65%.

• Operating surplus reached SEK 425 million; property management income was SEK 220 million, both marginally down year-over-year.

• Profit after tax was SEK 248 million, up from SEK 162 million year-over-year; EPS was SEK 1.77.

• Net financial items improved by SEK 2 million compared to Q1 last year, aided by lower Stibor rates and renegotiated loan margins.

• Investments during the quarter amounted to SEK 270–271 million, mainly for tenant adaptations and new developments.

Outlook and guidance

• Management expects gradual improvement in the rental market, with continued focus on centrally located, modern properties and long-term profitable growth.

• Targeting SEK 15 million in net letting per quarter for the remainder of 2026, with confidence in achieving this despite external uncertainties.

• Strong market fundamentals in Northern Sweden, driven by industrial investments, infrastructure, green transition, and military investments.

• New financial targets set for long-term growth.