Stenhus Fastigheter (SFAST) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 operating profit of SEK 111 million, up 24% year-over-year, and net profit after tax of SEK 189.2 million, more than doubling from last year.

• Rental income rose to SEK 263.0 million, with a 94.6% economic occupancy rate and 6.3 years average lease duration.

• Portfolio comprised 138 properties valued at SEK 13.8 billion, focused on logistics, retail, public, and office segments, mainly in Stockholm/Mälardalen.

• Proposed dividend increase to SEK 0.31 per share, supported by share buybacks and split into two payments.

• Ownership in Krona Public Real Estate AB increased to 85.5% after a public offer and joint venture formation.

Financial highlights

• Profit from property management increased 24.1% to SEK 111.0 million; rental income up to SEK 263.0 million from SEK 256.8 million year-over-year.

• Profit after tax reached SEK 189.2 million, up from SEK 91.9 million; earnings per share after dilution SEK 0.55.

• Cash flow from operating activities was SEK 15.3 million; total cash flow negative SEK 248.5 million due to investments and share buybacks.

• Property value increased by SEK 83.9 million since year start, driven by acquisitions, investments, and value changes.

• Changes in investment property values totaled SEK 34.9 million.

Outlook and guidance

• Long-term strategy focuses on in-house management, long leases, portfolio diversification, and sustainability.

• Targets include management profit growth of 12% per year, ROE >12%, Net LTV <55%, ICR >2.25x, and equity ratio >35%.

• Rolling 12-month management profit per share at SEK 1.34; long-term earning capacity per share estimated at SEK 1.37.