Sveafastigheter (AO) | Buy | Q2 first take: Higher costs weigh

研报英文原文证据摘录

Sveafastigheter (AO) | Buy | Q2 first take: Higher costs weigh

News comment

Release date: 16 July 2026

Alexander Dimovski

Equity Research Analyst

+4687235117

adimovski@keplercheuvreux.com

Jan Ihrfelt, CFA

Buy +46 8 723 51 14Sveafastigheter

jihrfelt@keplercheuvreux.com

Sweden | Property MCap: SEK6.2bn

Target Price: SEK36.00 Bloomberg: SVEAF SS Reuters: SVEAF.ST

Current Price: SEK31.60 Free float 38%

Up/downside: 13.9% Avg. daily volume (SEKm) 12.4

YTD abs performance -22.5% Market data: 15 July 2026

52-week high/low (SEK) 45.98/29.70

Q2 first take: Higher costs weigh

Key points:

Q2 2026 results first take, below expectations, with adjusted income from property management (IFPM) 11% below consensus

and NRV in line with our expectations. Property revaluations were +0.03%, in line with our forecast, with exit yield flat QOQ at

4.54%. Average cost of debt increased 3bps QOQ to 3.33%, occupancy declined 10bps QOQ to 95.4%, and net LTV increased

200bps to 45%, versus the company's financial target of below 50%.

We expect the share to trade below the market today, as the IFPM miss and higher leverage outweigh the small rental income and

NOI beats. We also expect some downward consensus revisions, mainly related to central administration.

Initial takeaways from the Q2 results

The report is on the weak side. The 11% IFPM miss and 200bps increase in LTV outweigh the 1% beats on rental income and NOI,

despite solid 4.4% LFL rental growth, broadly stable occupancy and unchanged valuation yields. The announced project

disposals are strategically supportive, with attractive development margins, but the balance-sheet benefit is deferred until

completion in 2027-28.

A conference call is scheduled for today at 09:00 CET, after which we will review our forecasts.