Q1 2026 Fabege AB Earnings Call Transcript
Key Points
- Fabege AB (FBGGF) reported a positive net letting of SEK24 million in Q1, marking the second consecutive quarter of positive net letting.
- The company achieved a surplus ratio of 72%, the best Q1 performance ever, despite higher winter costs.
- Fabege AB (FBGGF) signed a significant lease contract with Stockholm Sjukhem for an elderly care facility, enhancing its portfolio in Arenastaden.
- The company has a high customer satisfaction index, with 95% of tenants recommending Fabege as a landlord.
- Fabege AB (FBGGF) maintains strong access to financing, with undrawn facilities of SEK6 billion, providing stability for future operations.
- The vacancy rate remains high at 14%, unchanged from the previous quarter, indicating challenges in reducing unoccupied spaces.
- There were negative value changes in the management portfolio, amounting to SEK191 million, impacting overall property valuations.
- Higher STIBOR rates have negatively impacted financial expenses, although this is partially offset by reduced refinancing margins.
- The company faces potential lease terminations, such as with Max Mathiessen, which could affect future occupancy rates.
- Fabege AB (FBGGF) reported increased rental discounts, rising from SEK225 million in Q4 to SEK269 million, indicating potential pressure on rental income.
Good morning and welcome to Fabege's Q1 report 2026. My name is Bento Oustad, I'm the CEO of Fabege and with me today I have Asa Bergstroem, our CFO. We run through some presentation first and then we go over to a Q&A after the presentation.
Just a short recap from last quarter. We still own a modern portfolio with focus on Stockholm, occupied by high-quality tenants. And as you all know, we own, we develop and we manage our properties with in-house personnel. We are focusing on creating attractive working places and good living in superb locations in Stockholm and as you also know, are very much aware of, that's the best growing region in Sweden.
Our rental value at end of Q1 is SEK4.4 billion in the portfolio and the number of square meters is 1,300,000 approximately. The property value is at SEK78.6 billion at the end of the quarter. Just to go through again some of our strengths in the company that I see after my first month, it's definitely our customers.
We have a very high customer satisfaction index. It's
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