Public Property Invest (PUBLI) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked the first full quarter post-SocialCo acquisition, driving a 348% year-over-year increase in rental income to NOK 916 million and a 284% rise in net operating income to NOK 726 million.

• Integration of SocialCo is complete, establishing a pan-Nordic platform with 850 properties and 2.2 million sq m lettable area, and strong letting activity contributed to growth.

• The company completed a dual listing process, with primary listing on Nasdaq Stockholm and secondary on Oslo Børs, and is finalizing redomiciliation to Sweden.

• Issued EUR 900 million in new social bonds to refinance bridge facilities, with 73% of debt now at fixed rates, reducing interest rate sensitivity.

• Cash flow from operations reached NOK 628 million, more than tripling year-over-year.

Financial highlights

• Net operating income rose to NOK 726 million from NOK 189 million year-over-year; NOI margin at 79%.

• Net income from property management was NOK 354 million, or NOK 389 million adjusted for one-offs.

• Net profit for Q1 was NOK 296 million; EPRA NAV per share at NOK 26.31, down due to FX effects.

• Investment properties valued at NOK 52.1 billion, down from NOK 54.2 billion last quarter due to currency translation.

• Occupancy rate at 94%, WAULT at 7.1 years including projects.

Outlook and guidance

• Stable, long-term cash flows and growing dividend capacity expected, with ~60% of cash earnings distributed subject to growth and financial position.

• Positioned for organic and acquisition-driven growth, leveraging strong capital markets access and scalable Nordic platform.

• Ongoing development projects in Finland expected to add NOK 111 million in NOI upon completion in late 2026/early 2027.

• Property and admin expenses expected to normalize at run rate levels for the full year.

• Reporting currency will change from NOK to SEK from Q2 2026.