Atrium Ljungberg-Key takeaways from yesterday’s CMD-06/16/2026

研报英文原文证据摘录

Atrium Ljungberg-Key takeaways from yesterday’s CMD-06/16/2026

Atrium Ljungberg

NEWSFLASH | 16 JUN 2026

Key takeaways from yesterday’s CMD

Yesterday, Atrium Ljungberg hosted a CMD at its HQ, including a walkthrough of the portfolio, strategy, market backdrop

and the recently announced Ericsson letting in Hagastaden, while $nancial targets remained unchanged. Although the event

did not change our near-term view, it strengthened our conviction in the long-term value creation potential. Management

reinforced project development as the primary driver of future growth and presented a simulation illustrating substantial

long-term earnings and NAV growth potential through 2033. The CMD also highlighted favourable long-term rental growth

prospects in key urban development areas and reinforced our view that the project portfolio remains the key driver of future

earnings and NAV growth.

Key takeaways

• Financial targets remained unchanged, including maximum 45% LTV, minimum 2.0x ICR and at least 10% ROE over time

• Simulation indicates potential 113% NAVPS growth and 110% IFPM growth by 2033, based on assumptions of projected rental growth

from Evidens, planned projects and unchanged interest rates, vacancy levels and valuation yields

• Simulated scenario remains within the company's long-term nancial framework

• Favourable long-term rental growth outlook in Sickla and Slakthusområdet, supported by improving public transport infrastructure,

clustering effects and service offerings

• Ericsson project comprises ~59,000 sqm, SEK 375m rental income and SEK 6.2bn of investments, with occupancy planned between 2031

and 2033

• We estimate a YoC slightly above 5% for the Ericsson project, implying project returns exceeding 20% based on an exit yield slightly

above 4%