Q2 2026 Ppi Public Property Invest publ AB Earnings Call Transcript
Key Points
- PPI Public Property Invest AB (STU:Y8R) reported a strong operational quarter with significant growth in rental income, operating results, and cash flows.
- The company successfully completed its re-domiciliation to Sweden and dual listing on Nasdaq Stockholm, enhancing its strategic positioning and capital market access.
- PPI's portfolio is diversified with 851 properties and 2.2 million square meters of lettable area, supported by a strong tenant base with 84% government-backed tenants.
- The company announced two Finnish care property acquisitions with attractive yields, supporting long-term cash flow stability.
- A dividend of SEK1 per share was approved, reflecting a 157% growth from 2025 to 2026, aligning with the company's 60% cash earnings payout policy.
- Net profit in the second quarter was negative SEK59 million, impacted by one-off costs related to the re-domiciliation and negative value changes in the Norwegian portfolio.
- The Norwegian portfolio experienced a general yield adjustment due to increasing interest rates, affecting overall performance.
- Net letting was slightly negative at SEK2.3 million, primarily due to the downscaling of a courthouse in Norway.
- Transaction and restructuring costs amounted to SEK50 million, related to the cross-border merger and Nasdaq listing.
- Value changes on investment properties were negative SEK222 million, with Norway experiencing negative development due to policy rate increases.
Good morning, everyone, and welcome to Public Property Invest presentation of our results for the second quarter and half year report for 2026. My name is Andre Gaden, I'm CEO of PPi. And presenting the results together with me is our CFO, Ylva Goransson.
Looking at today's agenda, we will begin with highlights from the quarter before moving on to operations. Ylva will then take you through financials before we turn to our summary and concluding remarks and end with a Q&A session.
So let's move on to highlights. The second quarter was another operationally strong quarter and marks our first quarter as a Swedish domiciled company, following the re-domiciliation and dual listing in May. We report strong growth in rental income, operating results and cash flows, both compared to last quarter and the same quarter last year.
Rental income was up 3% since the first quarter of '26 and 304% since the second quarter of '25. Net income from property management is up 17% since the first quarter of '26 and 255%
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