Stendörren Fastigheter (STEF) Q1 2026 earnings summary

Executive summary

• Achieved strong growth in Q1 2026, with NOI up 18% to SEK 224 million and IFPM up 32% to SEK 102 million year-over-year.

• Rental income rose 17% year-over-year to SEK 290 million.

• Economic occupancy rose by 2 percentage points to 94% despite a challenging macro environment.

• SEK 1.4bn invested in value-accretive acquisitions and project completions at a 7.2% yield.

• Strategic acquisitions in Helsinki and Uppsala, and a new fully let light industrial building in Stockholm, strengthened the portfolio.

Financial highlights

• Property portfolio valued at SEK 17.5bn as of March 31, 2026, with a NOI yield of 6.3%.

• IFPM per share (LTM) grew at a CAGR of 12%.

• Surplus ratio reached 80% (LTM).

• Available liquidity at quarter-end was SEK 580m.

• Cash flow from operating activities was SEK 48 million.

Outlook and guidance

• Stable demand for logistics and light industrial properties in core regions is expected to continue.

• Ongoing and recently completed projects are anticipated to add SEK 79.5–80 million in NOI upon leasing and completion.

• The company aims for long-term annual growth in IFPM per share above 15%.

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

• Targeting further expansion in Stockholm and new markets such as Oslo and Gothenburg, subject to market conditions.