Sagax (SAGA-A) Q1 2026 earnings summary

Executive summary

• Rental revenue rose 3% year-over-year to SEK 1,344 M, driven by acquisitions and rent indexation.

• Profit from property management attributable to shareholders decreased 2% to SEK 1,029 M, impacted by currency effects, higher vacancy, divestments, and increased interest rates.

• Profit after tax attributable to shareholders increased to SEK 1,376 M from SEK 878 M, aided by positive property and financial instrument revaluations.

• Economic occupancy rate declined to 95% from 96%, with vacancy value rising to SEK 307 M.

• The property portfolio expanded to 1,050 properties with a lettable area of 5,350,000 sqm.

Financial highlights

• Rental revenue: SEK 1,344 M (+3% YoY); profit from property management: SEK 1,029 M (-2% YoY).

• Property revaluation impact: SEK 460 M (vs. SEK -17 M YoY); financial instruments revaluation: SEK 208 M (vs. SEK 31 M YoY).

• Cash flow from operating activities before working capital: SEK 768 M (vs. SEK 870 M YoY).

• Net investments in properties: SEK 416 M (vs. SEK 1,041 M YoY).

• Yield for the period: 6.3% (vs. 6.6% YoY); surplus ratio: 79% (vs. 81% YoY).

Outlook and guidance

• 2026 profit from property management forecast remains unchanged at SEK 4,500 M.

• Financial targets updated: return on equity of at least 12% per year and 5–10% annual growth in profit from property management per share for 2026–2030.