Atrium Ljungberg-Not there quite yet-07/05/2026

Research evidence excerpt

Atrium Ljungberg-Not there quite yet-07/05/2026

projects Net debt (SEKm) 27,480

has increased to SEK 6.2bn (+43% q/q) following the inclusion of the Ericsson- Minority interests (SEKm) 0

related Ekeblad project. Given the SEK ~40bn investment pipeline, we expect this

Enterprise value 26e (SEKm) 44,536Fgure to increase further over the coming years. The recent Ericsson letting

reinforces the strategy of expanding the portfolio through project investments in Total Return Index

attractive, well-connected urban locations in Greater Stockholm. At the same time,

we believe the company would beneFt from divesting non-core assets and 115

initiating a share buyback programme, given the current ~50% discount to NAV, 110

an approach that has been well received by the market among other peers. 105

Lacking near-term catalysts 100

While Q2 was a mixed quarter, we remain conFdent in the long-term value and 95

growth potential of Atrium Ljungberg. The recent Ericsson letting conFrms our 90

view that the company's portfolio is highly attractive and well-located in urban 85

areas around Stockholm. Additionally, the company communicates that there are 80

multiple larger ongoing searches in the market, suggesting potential for future Jul-25 Sep-25 Nov-25 Jan-26 Apr-26 Jun-26

sizeable lettings. That said, we continue to Fnd it hard to identify near-term Atrium Ljungberg EPRA.EUR-FTX

catalysts. Given modest 4/3% EPRA NRV/IFPM growth expected in 2027E, we Source: FactSet

view the 0.49/0.48x EPRA NRV and 12.7/12.4x IFPM multiples in 2026/2027E as

fair. We reiterate our Hold recommendation and TP of SEK 32.

SEKm 2024 2025 2026e 2027e 2028e

Sales 3,518 3,444 3,628 3,779 3,992

NOI 2,153 2,125 2,152 2,246 2,394

NOI margin (%) 61 62 59 59 60

IFPM 1,440 1,316 1,339 1,373 1,437 Analysts