SLP (AO) | Buy | Q2 first take: Strong leasing, lower leverage

研报英文原文证据摘录

SLP (AO) | Buy | Q2 first take: Strong leasing, lower leverage

News comment

Release date: 09 July 2026

Alexander Dimovski

Equity Research Analyst

+4687235117

adimovski@keplercheuvreux.com

BuySLP

Sweden | Property MCap: SEK10.5bn

Target Price: SEK49.00 Bloomberg: SLPB SS Reuters: SLPb.ST

Current Price: SEK37.50 Free float 79%

Up/downside: 30.7% Avg. daily volume (SEKm) 18.0

YTD abs performance -9.5% Market data: 08 July 2026

52-week high/low (SEK) 43.65/34.75

Q2 first take: Strong leasing, lower leverage

Key points:

Q2 2026 results first take: broadly in line with our expectations. Rental income and NOI were in line with consensus, while income

from property management was 2% below consensus but in line with our forecast. NRV was 1% above our expectations.

Revaluations at +0.3% (KC expected +0.4%) with exit yield flat QOQ at 5.9%. Average cost of debt was flat QOQ at 3.5%.

Occupancy up 10bps QOQ at 95.7%. Net lettings positive at c. SEK28m. Net LTV down 90bps to 48.7% versus policy max 55%, still

headroom for further portfolio expansion.

The share is likely to trade broadly in line with the Nordic RE market today, or slightly below, by c. 1-2%.

Initial takeaways from the Q2 results

We view the Q2 results as robust but not a major positive surprise. The IFPM miss versus consensus limits the scope for material

estimate upgrades, but delivery was in line with our expectations. The key positives were stronger leasing momentum, continued

positive revaluations and lower leverage. The 90bps reduction in net LTV is particularly relevant, as it rebuilds acquisition capacity

and keeps the external-growth case intact.

A results presentation is scheduled for today at 10:00 CET, after which we will review our forecasts. We expect limited consensus