Hufvudstaden (HUFV-A) Q1 2026 earnings summary

Executive summary

• Net revenue increased slightly to SEK 815 million for Q1 2026, up from SEK 810 million year-over-year.

• Gross profit rose 6% to SEK 422 million, with all business areas reporting improved results.

• Net result for the period was SEK 294 million, a significant increase from SEK 81 million in Q1 2025, mainly due to positive unrealised property value changes.

• Rental vacancy rate excluding development projects decreased to 4.8% from 6.6% year-over-year.

• Retail sector showed signs of recovery, with low vacancies in central locations.

Financial highlights

• Rental income from property management was SEK 634 million, up 2% year-over-year.

• Operating result reached SEK 461 million, up from SEK 184 million in Q1 2025.

• Unrealised changes in value of investment properties amounted to SEK 29 million, compared to a negative SEK 205 million last year.

• Net financial income and expense was SEK -91 million, with borrowing costs rising to SEK -86 million.

• Equity attributable to shareholders was SEK 27,590 million, or SEK 142 per share.

Outlook and guidance

• Management notes continued uncertainty in the global environment, which could impact consumption and market developments.

• The greatest economic impact from new office projects, such as Kvarteret Johanna, is expected from 2027 onwards.