Q2 2026 Atrium Ljungberg AB Earnings Call Transcript
Key Points
- Atrium Ljungberg AB (STU:A1A0) reported a stable second quarter with growth in rental income, net operating income, and income from property management.
- Rental income increased by 6.2% compared to Q2 2025, driven by the completion of six commercial projects over the past 12 months.
- The company signed the largest office leasing transaction in Swedish history, a 58,000 square meter lease with an annual rental value of SEK360 million.
- Household consumption continues to develop positively, with increased visitor numbers and sales across retail destinations.
- The company maintains a strong financing position with good access to funding, supported by a high share of fixed interest exposure and available liquidity of SEK9.2 billion.
- The occupancy rate decreased from 88.1% to 86.5% during the quarter, partly due to completed projects not yet fully let.
- Operating surplus increased by only 2.1%, not matching the pace of rental income growth, due to additional costs related to the co-working business.
- The company faced a one-off cost of SEK7 million due to previously uninvoiced electricity charges.
- Customer losses increased significantly, amounting to SEK12 million in the first half of the year compared to SEK2 million last year.
- The property value experienced a minor decline of 0.1% during the quarter, with adjustments made to cash flow assumptions in certain properties.
Hello, and welcome to Atrium Ljungberg's presentation of Q2 2026. The headline for this report is stable quarter and a historic transaction. We are reporting a stable second quarter with growth in rental income, net operating income and income from property management. In a market characterized by rising vacancies and interest rates, this is a sign of resilience.
A key contributing factor is our project portfolio, where six commercial projects and one tenant-owned dwelling project have been completed over the past 12 months. Net letting amounted to SEK15 million during the second quarter and SEK7 million for the first half of the year. Of the quarterly figure, SEK13 million relates to project properties and SEK2 million to the investment property portfolio.
Rental income increased by 6.2% and net operating income by 2.1% despite the nonrecurring cost of SEK7 million related to electricity charges that had not been invoiced for several years. Income from property management amounted to SEK320 million, an increase of 1.1%. We
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