Sweden · Delayed Price · Currency is SEK Fabege AB Earnings Call Transcripts
Fiscal Year 2026
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Q3 net lettings reached SEK 55m, occupancy was 87%, and property-management profit rose around 11%. Leasing prospects improved, while vacancy reduction, cost discipline and financing costs remain key priorities.
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Rental income rose 5.9% year-over-year with a surplus ratio of 74% and property value at SEK 79 billion. Occupancy improved to 87%, though net letting was negative due to major terminations. Financing remains strong, and ongoing projects and leasing initiatives are expected to drive future value creation.
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Rental income and net operating income rose year-over-year, with a record Q1 surplus ratio and stable vacancy. Property values dipped due to high vacancy in Solna, but management remains optimistic amid strong leasing activity and robust financial stability.
Fiscal Year 2025
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Rental income and profit from property management grew in 2025, despite higher vacancies and negative property value changes. Strong financing access, ongoing project development, and a focus on sustainability support a positive outlook, with a SEK 50 million net letting target for 2026.
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New leadership brings a hands-on, detail-focused approach, prioritizing vacancy reduction and operational excellence. The company aims for more active portfolio management, leveraging a strong balance sheet to seize market opportunities, while maintaining a conservative dividend and capital allocation strategy.
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Third quarter saw stable financials with higher rental and operating income, positive net letting, and strong balance sheet metrics. Market activity is rising, especially in Stockholm, with a focus on reducing vacancies and advancing key projects.
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Rental income and net operating income declined year-over-year due to relocations and higher costs, but property management profit improved. The company maintains a strong balance sheet, targets SEK 80 million net letting for 2025, and focuses on increasing occupancy and sustainability initiatives.
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Q1 rental income declined slightly year-over-year, with occupancy rates falling to 87% amid weak Stockholm office demand and negative property revaluations. Financing remains robust, major projects are on track, and management targets gradual occupancy recovery and continued value-creating transactions.
Fiscal Year 2024
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Rental income and operating surplus grew year-over-year, despite persistent negative net letting and a SEK 1.2 billion unrealized property value loss. Financial position remains strong, with stable key ratios and improved financing conditions. Management targets higher net letting and occupancy in 2025.
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Rental income rose slightly year-over-year, with a 5% like-for-like increase, but net letting remained negative and occupancy below 90%. Financing conditions improved, interest costs declined, and a positive property revaluation was recorded after seven quarters of declines.
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Stable H1 2024 results with increased rental income and improved net operating income, despite negative net letting and property value write-downs. Liquidity and financing conditions have improved, and long-term rental and occupancy outlook remains positive.
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
Fiscal Year 2019
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Property management profit rose 23% in 2019, with EPRA NAV up 16% to SEK 145 per share. Strong lettings and valuation gains supported results, while 2020 was expected to be a transition year for rental income.
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Rental income and property-management profit increased, while unrealized gains lifted property values. Management cited a strong Stockholm market and expected yields to fall further.
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Rental income and property management earnings rose, while unrealized gains lifted property values. Management targets at least SEK 80m in full-year net lettings and expects falling yield requirements to support prices.
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Rental income and property-management profit grew, with valuation gains exceeding SEK 1.3bn. Negative net letting reflected the Swedish Tax Agency lease exit, while financing activity extended maturities and raised green funding to 66%.
Fiscal Year 2018
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2018 profit from property management rose 25%, while EPRA NAV increased nearly 25% to SEK 125/share. 2019 outlook pointed to 17% rental income growth and continued strong property-management earnings, with higher property taxes weighing on the surplus ratio.
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Property management profit rose 25% YoY to SEK 895m, while unrealized property gains reached SEK 6.1bn. Strong lettings and project returns supported growth, with EPRA NAV at SEK 120 per share.
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H1 rental income rose almost 12% YoY and property-management earnings increased 27%, alongside 9% property value growth. Targets for project returns and annual investment volume were raised, while new tax rules create added deferred-tax costs.
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Q1 delivered higher rental and property-management earnings, substantial project profits and strong value growth, lifting EPRA NAV to SEK 220 per share. Lower leverage and improved financing terms supported the outlook, while proposed tax changes remained a consideration.
Fiscal Year 2017
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Rental income rose to SEK 2.3bn and property-management earnings excluding associates increased 22%. Strong lettings and project completions support higher 2018 cash flow, while lower leverage targets strengthen the financial profile.
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Net lettings reached SEK 190m through Q3, property management earnings rose 12% to SEK 713m, and unrealized value growth totaled SEK 4.4bn. Projects and higher rents are expected to drive continued growth into 2018.
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Record H1 property-management earnings, 8% identical-portfolio rental growth and strong lettings supported continued income growth. Project investment and completions underpin the outlook, while proposed tax changes pose valuation and liquidity risks.
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Q1 benefited from 8% like-for-like rental growth, SEK 833m of unrealized property gains and ~11% growth in property-management earnings. Guidance implied ~10% rental-revenue growth in 2017, with a larger project completion wave in 2018.
Fiscal Year 2016
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2016 brought 19% property value growth, 10% identical-portfolio rental growth and a 46% LTV. 2017 outlook called for higher rental income, continued project investment and value gains led by rent growth.
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Rental income reached SEK 1,573m, identical-portfolio growth was 9%, and property-management earnings rose 23% (13% excluding a prior-year one-off). Portfolio values increased 11% for 9M, while LTV stood at 47%.
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H1 profit after tax reached SEK 2.7 billion as property values rose 6.7% and property management profit grew by just over 10%. Strong leasing and a SEK 2.5 billion 2016 investment plan supported an outlook to exceed 2015 results.