Q2 2026 Fastighets AB Balder Earnings Call Transcript
Key Points
- Fastighets AB Balder (STU:28F0) reported a 5% increase in rental income for Q2 2026.
- The company has a strong liquidity position with SEK23 billion available.
- Net asset value (NAV) per share increased to SEK94.3, reflecting a growth of SEK24 since the start of the business area.
- The company has a stable credit rating of BBB with a stable outlook from S&P.
- The portfolio is well-diversified, with 80% located in capitals and larger cities, providing stability in occupancy rates.
- Profit from property management decreased by 10% compared to the previous year.
- Funding costs have increased, albeit at a slower pace than portfolio growth.
- Central administrative expenses have risen due to higher activity in new development and digitalization investments.
- Occupancy rates have slightly decreased, primarily due to weakness in the office segment.
- Net debt to total assets increased to 50.4%, partly due to the distribution of Norion and share buybacks.
Welcome to the Balder Q2 Report 2026. (Operator Instructions)
Now, I will hand the conference over to IR Jonas Erikson. Please go ahead.
Good morning, everyone, and welcome to this conference call for Balder's Q2 2026 results.
With me in the room, I have Sharam and Ewa, our CEO and CFO, who will take you through some slides initially, and then we will open up for questions.
Thanks, Jonas. Yes, most of you have seen this picture before, but I think it's good to show it again. Our portfolio is roughly half residential and have commercial. We have a portfolio value of SEK241 billion and occupancy rate of SEK95 million and net debt of SEK50 million. .
We have a good liquidity of SEK23 billion. NAV per share stands now at SEK94.3, and that's a growth comparing rate of SEK24 since the start of BA. Our credit rating from S&P remains at BBB, we stable outlook. If
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