Diös-Positive net letting, stable occupancy rate and slight IFPM beat-07/06/2026

Research evidence excerpt

Diös-Positive net letting, stable occupancy rate and slight IFPM beat-07/06/2026

Diös

NEWSFLASH | 6 JUL 2026

Positive net letting, stable occupancy rate and slight IFPM beat

Diös delivered a solid Q2 report with rental income/NOI +2/+3% vs. PASe, whereas net letting came in positive at SEK 10m

for the quarter (SEK 25m, LTM). IFPM came in 2% above our estimates, resulting in a solid y/y increase of 4%. The economic

occupancy rate was flat q/q at 90%. The average yield requirement decreased slightly by 1bps q/q to 6.08% and unrealized

property values changes amounted to SEK 94m, mainly driven by new lettings and projects. Hence, we expect some minor

positive estimate changes on the back of the report. Expecting a slightly positive share price reaction due to strong net

letting, stable occupancy rate and solid IFPM growth. Buy, TP SEK 79.

Key takeaways

• Rental income came in 2% above PASe, flat y/y due to Diös being net seller of properties LTM

• NOI beat of 3% vs. our estimates

• Net letting for the quarter came in positive at SEK 10m, resulting in SEK 25m net letting on an LTM basis

• LFL rental income growth amounted to 0.8% y/y

• IFPM +2% vs. PASe, +4% y/y, mainly driven by higher-than-expected NOI

• E.C. IFPM per share grew by ~2% q/q

• The economic occupancy rate was flat q/q at 90%

• The average yield requirement for the quarter decreased slightly q/q by 1bps to 6.08%

• Unrealized change in property values amounted to SEK 94m, mainly driven by new lettings and projects

• Valuation based on PAS pre-report estimates for 2026/27E: 0.61/0.58x EPRA NRV and 9.2/8.6x IFPM per share

Conclusions for the share

• We have a Buy rating and a 12-month TP of SEK 79

• We expect to make some minor positive estimate revisions on the back of the report