Atrium Ljungberg Stock price
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = kr15.44b | Revenue (TTM) = kr3.57b
Market Cap = kr15.44b | Estimated Revenue = kr3.33b
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = kr44.58b | Revenue (TTM) = kr3.57b
Enterprise Value = kr44.58b | Forward Revenue = kr3.33b
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Atrium Ljungberg Stock Analysis
Analyst Opinions
13 Analysts have issued a Atrium Ljungberg forecast:
Analyst Opinions
13 Analysts have issued a Atrium Ljungberg forecast:
Atrium Ljungberg Events
Past Events
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JUL
3
Q2 2026 Earnings Call
3 months ago
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APR
10
Q1 2026 Earnings Call
5 months ago
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JAN
30
Q4 2025 Earnings Call
8 months ago
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OCT
10
Q3 2025 Earnings Call
11 months ago
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Atrium Ljungberg — Q2 2026 Earnings Call
1. Management Discussion
Hello, and welcome to Atrium Ljungberg's presentation of Q2 2026. The headline for this report is a stable quarter and a historic transaction. We are reporting a stable second quarter with growth in rental income, net operating income and income from property management. In a market characterized by rising vacancies and interest rates, this is a sign of resilience. A key contributing factor is our project portfolio, where 6 commercial projects and 1 tenant-owned dwelling project have been completed over the past 12 months. Net letting amounted to SEK 15 million during the second quarter and SEK 7 million for the first half of the year.
Of the quarterly figure, SEK 13 million relates to project properties and SEK 2 million to the investment property portfolio. Rental income increased by 6.2% and net operating income by 2.1% despite the nonrecurring cost of SEK 7 million related to electricity charges that had not been invoiced for several years. Income from property management amounted to SEK 320 million, an increase of 1.1%. We continue to generate project returns amounting to SEK 41 million during the quarter and SEK 117 million year-to-date.
Yield requirements remain largely unchanged and have been stable for the past 2 years. Minor adjustments were made to a small number of properties in the management portfolio, resulting a total value decline of 0.1% during the quarter. Investments during the quarter totaled SEK 674 million, and the property value amounted to SEK 62 billion. We currently have ongoing projects, representing investments of SEK 9.2 billion, of which SEK 6.2 billion remains to be invested. Three projects were completed during the quarter, Sickla Central, the Upper Secondary School in Slakthusomradet and Malarterrassen. I will return to these projects shortly.
Our primary focus remains Stockholm, which now accounts for 81% of the total property value. The portfolio consists of 66% offices and 20% retail with an economic letting rate of 86.5%. It should be noted, however, that recently completed projects have entered the management portfolio. In addition, the vacancy rate is measured as of July 1, 2026, and does not include premises that have been leased but not yet occupied. The loan-to-value ratio amounted to 43.8%, stable compared with the previous quarter. We continue to see cautious demand in the wake of the economic slowdown and an uncertain global environment.
The market is becoming increasingly polarized with positive developments in the A segment, while challenges remain in the B and C segments. There are, however, encouraging signs new office supply in Stockholm remains at record low levels. Several major tenant searches events have been announced and employment continues to recover. Household consumption, which represents a significant share of GDP continues to develop positively. Between March and May, we recorded a clear increase in both visitor numbers and sales across our retail destinations.
Performance was strong in March and May, while April was weaker, both in our retail portfolio and in Sweden overall. We are also seeing increased activity in the residential market. Households expect rising housing prices, bidding activities increasing and price development remains positive, although at a somewhat slower pace. The sales rate in our tenant-owned dwelling project increased from 71% to 83% during the quarter.
During the quarter, we signed the largest office leasing transaction in Swedish history, 58,000 square meters on a 15-year lease with an annual rental value of SEK 360 million. The agreement is conditional upon the execution of a land allocation agreement and the development agreement which are expected to be completed during autumn 2027. Consequently, the letting is not yet included in net letting. The buildings are highly efficient with a net operating income margin of approximately 85%. This transaction is expected to generate a significant contribution to both future net operating income and project returns comfortably exceeding our project return target of 20%.
Other examples of lettings during the quarter include stadium outlet, leasing almost 1,300 square meters in Granbystaden, Uppsala; Curoflow Technology, a provider of digital health care platforms, leasing 530 square meters at Slussen; and an additional restaurant and club operator leasing 460 square meters at Malarterrassen. Office tenants account for 53% of contracted annual rent, retail tenants for 20% and culture and education tenants for 10%.
Our 10 largest customers account for 20% of total contracted annual rent. Including Ericsson's new agreement, that figure would increase to 28%, while Ericsson's share of total contracted annual rent would increase from SEK 0.03 to 13%. Of the 20% represented by the 10 largest customers, 11 percentage points related to public sector tenants. The average remaining lease term is close to 5 years. We have only 5 lease contracts exceeding 10,000 square meters, of which 2 are office contracts.
Our retail portfolio benefits from broad diversification, both in terms of tenant categories and the number of operators. Fashion accounts for 13% of retail sales, while grocery stores alcohol, retail and pharmacies together account for 40% of total turnover in our shopping centers. We continue to see a positive trend in both visitor numbers and tenant sales.
With that, I hand over to our CFO, Anna.
Thank you, Annica. We delivered a stable second quarter with rental income, operating surplus and profit from property management, all increasing compared with the second quarter of 2025. Rental income amounted to SEK 770 million in Q2, an increase of 6.2% compared to Q2 2025. This is primarily driven by the 6 commercial projects completed over the past 12 months. Campus Sickla and PV-Palatset in Hagastaden were completed last autumn; Hus 49, Stora Marknadshallen in Q1 and now Slakthusomradet Upper Secondary School, Sickla Central and Malarterrassen in Q2.
We also benefited from additional income from our now fully owned co-working company, A House. The occupancy rate decreased from 88.1% to 86.5% during the quarter. A large decline is related to completed projects. Approximately 1 percentage points are attributable to Sickla Central and Malarterrassen, which are not yet fully let. However, not all tenants have moved in yet, and occupancy in these projects will therefore improve during the remainder of the year. We also saw a decrease in occupancy within the standing portfolio mainly due to schools moving out of a property in Malmo. These were known lease terminations that have previously been included in net letting.
Operating surplus also increased by 2.1%, although not at the same pace as rental income. This is mainly due to the additional costs related to the co-working business. A House is currently in an establishment phase where costs succeed revenues. And going forward, it will remain a business with lower gross margins than traditional property management.
In addition, the quarter was affected by a one-off cost of SEK 7 million. Vattenfall had not invoiced us for an electrical substation in Granby, Uppsala since October 2018. The original claim amounted to SEK 24 million, but we have negotiated down to SEK 7 million through 2025. Going forward, there is also an annual cost of approximately SEK 3 million from January 2026 onwards. This is, of course, unfortunate, but it is what it is.
Net financial items were essentially unchanged during the quarter, slightly better than last year. The average interest rate was the same as in the comparison quarter. At the same time, completed projects have increased the debt volume and interest on that debt now impacts profit from property management rather than being capitalized. This effect is offset by the revised principal for capitalized interest that was introduced in 2026. The new principle increased capitalized interest by approximately SEK 9 million during Q2. Altogether, profit from Property Management amounted to SEK 320 million in Q2, representing an increase of 1.1% compared with Q2 2025.
Turning to value changes. We adjusted property values downward by 0.1%, corresponding to SEK 79 million. During the quarter, we made minor yield adjustments in the valuations of a few properties in Stockholm. These adjustments had a positive impact on values and helped offset part of the decline. However, we also made minor downward revisions to cash flow assumptions in the valuations of a handful of properties in Malmo, Gothenburg and other Stockholm, meaning properties located in Stockholm, but outside our 4 major development areas.
Overall, these changes resulted in a net value decrease of SEK 79 million. On the positive side, our projects continued to generate project gains. Commercial projects contributed SEK 28 million during the quarter, while residential projects contributed SEK 13 million. Total project gains amounted to SEK 41 million in Q2 and SEK 117 million year-to-date.
Let's take a closer look at the development in the like-for-like portfolio. For the first half of the year, rental income declined by 0.7%, while operating surplus decreased by 1.8%. Starting with rental income indexation contributed just under 1%. More precisely, 0.9%. On the other hand, the vacancy rate is higher than it was a year ago. In addition, we get an effect from the renegotiation of the Ericsson lease in Gothenburg 1 year ago. Previously, when Ericsson occupied the entire building, they paid all utility costs directly.
Today, we have several tenants in the property, meaning that we now pay these costs ourselves and recharge them through operating cost supplements. As a result, rental income increased by SEK 6 million during the quarter, but costs also increased by SEK 6 million.
Turning to costs. In addition to the SEK 6 million increase related to Ericsson in Gothenburg, we continue to see the impact of the SEK 7.5 million increase in heating and snow removal costs that affected us already in Q1. Customer losses were also SEK 10 million higher than last year. In the first half of last year, customer losses amounted to only SEK 2 million compared with SEK 12 million this year. Other costs declined reflecting continued strong cost control. Overall, operating surplus in the like-for-like portfolio decreased by 1.8%.
Looking at the different segments. The decrease in rental income is primarily attributable to the office segment, where vacancies have increased. The increase is mainly found in the retail segment, reflecting customer losses as well as a relatively high share of heating and snow removal costs. However, as Annica mentioned earlier, retail is currently performing quite well which is clearly visible in the rental development within the retail segment. If we isolate Q2, both rental income and operating surplus in the like-for-like portfolio were more or less unchanged.
A few words on the impact from transactions. As you know, we acquired the remaining shares in A house in February and have consolidated the company from the first of February, for the first half of the year, A House contributed a net SEK 23 million to rental income and had a negative impact of SEK 14 million on operating surplus. As mentioned earlier, A House is currently in an establishment phase, and our ambition is to reach profitability during 2027.
In June, we also entered into an agreement to sell the property Malmen 12 in Malmo at an underlying property value of SEK 84 million. The transaction is conditional upon completion of an ongoing maintenance project in the property. We expect to hand over the property in July and recognize the transaction in Q3. We However, we do not expect any material earnings effect from the sale. The disposal is expected to reduce rental income by approximately SEK 6 million and operating surplus by approximately SEK 4 million during the second half of the year.
During the quarter, we invested just under SEK 700 million. At the same time, residential buyers took possession of newly completed apartments resulting in net investments of just under SEK 600 million. Together with the value changes, this increased the value of the property portfolio by approximately SEK 0.5 billion during the quarter to SEK 61.6 billion. Interest-bearing debt increased by SEK 100 million during the quarter and amounted to SEK 27 billion at quarter end.
Looking at our key financial metrics. Movements were relatively limited during the quarter. This reflects the fact that there were no major changes in property values, interest-bearing debt or net financial items. Overall, it was a stable quarter. The interest coverage ratio remained unchanged at 3x. The net debt ratio and loan-to-value ratio increased marginally to 13.5x and 43.8% respectively. Our key financial metrics remain fully in line with our financial framework. Net asset value amounted to SEK 54.25 per share.
Turning to financing. We leave behind the quarter characterized by continued uncertainty in the external environment. However, both credit margins and market interest rates gradually declined during the quarter. Spreads in the bond market are now at their lowest levels since 2021. As an example, in June, we issued a 3-year bond at 77 basis points. For 5-year maturities, we estimate that we can currently issue at around 110, 115 basis points. Commercial paper with a 3-month tenure remains at a low level of approximately 33 basis points.
We continue to have very good access to financing, both through banks and the capital markets. Although interest rates were highly volatile during the quarter, the overall trend was downward, albeit from relatively elevated levels. During the second half of June, when rates declined, we entered into a number of derivative transactions. The average interest rate remained unchanged at 3.1%, including commitment fees. Interest rate duration decreased slightly by 0.1 years to 2.5 years. We still maintain a very high share of fixed interest exposure amounting to 97%, which means we have limited short-term exposure to abrupt movements in market rates.
As you know, we have a strong financing portfolio with an average capital maturity of 3.3 years and available liquidity of SEK 9.2 billion, primarily in the form of undrawn credit facilities. This comfortably covers all maturities during 2026 and 2027. Overall, we remain in a strong financing position with good access to funding. This is important for us as it enables us to continue financing our projects.
And with that, Annica, I will hand over to you to say a few words about our projects.
We currently have 6 ongoing projects representing investments of SEK 9.2 billion, of which SEK 6.2 billion remains to be invested. As mentioned earlier, 3 projects were completed during the quarter. I will return to those shortly. During 2026, we will complete 1 additional project, Lilla Marknadshallen. Haglofs has signed a lease agreement that brings the letting rate to 72%. The economic letting rate in ongoing projects has now reached 56%.
Ekeblad is the first of 3 buildings we will deliver to Ericsson. The building comprises 23,400 square meters and represents a total investment of SEK 2.7 billion. Construction has commenced, including the development of an underground parking garage despite the additional investment in the foundation works and the large garage, which will also serve 2 residential projects, we expect the project to deliver returns above our 20% project return target. The other buildings are expected to deliver returns comfortably above target levels. Completion is scheduled for the third quarter of 2031. The building is fully let today with the exception of a restaurant unit.
We are reporting Sickla Central as completed this quarter based on our principle that the project is considered completed when more than 50% is ready for occupancy. We have completed an additional letting to A House covering 2 floors and approximately 2,600 square meters. A House has performed well in leasing its existing space and currently has a letting rate of 95%. Dreamlake is now operational and Handelsbanken will move in on September 1. However, we still have work to do, and the current letting rate stands at 38%. We have now handed over the property to SISAB, which took possession on 1 June. The school will accommodate approximately 800 students and contribute to activity and vitality in the area. Students will be welcomed after the summer. The letting rate is 100%.
Finally, Malarterrassen is also reported as completed. The letting rate has now reached 75%. And we have been highly selective in choosing concepts that can contribute to the destination over the long term. Two restaurant premises remain available and discussions with prospective operators are ongoing.
As a final reminder of our broader development portfolio, we are developing 4 large urban districts in Stockholm. The potential investment volume for projects expected to start before 2033 amounts to approximately SEK 40 billion. All locations have been selected based on the existence of our planned access to Metro infrastructure by 2030.
For those of you who did not participate in our Capital Markets Day, I would like to highlight that the event was recorded and is available for replay in both Swedish and English. During the event, we presented a simulated scenario, illustrating the potential to achieve a net asset value of SEK 115 per share by 2033.
And with that, we conclude this presentation. Thank you so much for listening. Have a great summer, and we'll see you next time.
Atrium Ljungberg — Q1 2026 Earnings Call
1. Management Discussion
Hello, And welcome to Atrium Ljungberg's presentation of Q1 2026. The headline for this report is strong finances and strong locations in a changing world. Let me begin by summarizing the key developments this quarter. Overall, I can note that the global geopolitical conditions remain uncertain, where we have had the military operation in Venezuela, the hostile voice around Greenland and the military aggression in Iran, all in the first quarter. It seems like most business still think the war will end in a short time, and the office rental market has not changed since last quarter.
Our net letting amounted to minus SEK 8 million in the first quarter. I had, of course, hoped for a positive number, but must state that a larger lease was unfortunately not completed in the beginning of the year as management did not receive Board approval for the relocation and consequently remained in their current premises. And the fact is that net letting is always weaker in the first quarter. We had growth in our rental income of 3%, but profit from property management decreased by 0.9% due to a cold start of the year with increased heating costs and clearance of snow in the quarter and customer losses.
Profits from property management decreased by 3.5% due to the same things I just mentioned, but also due to higher interest costs. We report negative value development in the portfolio. This is mostly driven by changes in yield requirements in Kista, partly by the lower inflation assumptions for 2026 and partly by slightly weaker cash flow due to evacuated tenants preparing for upcoming projects. We invested SEK 0.6 billion in the first quarter, and the property value amounted to SEK 61 billion. We currently have ongoing projects, representing SEK 8.4 billion in ongoing investments, of which SEK 4.4 billion remains. Two projects were completed during the quarter. Hus 49 located in Slakthusomradet and Kvarter 7, our first tenant-owned housing project within Stockholm Wood City in Nacka.
Our primary focus is Stockholm, which accounts for 80% of our total property value. The portfolio consists of 65% offices and 19% retail with an economic letting rate of 88% and a loan-to-value ratio of 43.7%, which mainly has increased due to paying out dividend in the first quarter. The leasing market is broadly unchanged compared with the previous quarter. Employment continues to recover and corporate hiring intentions remain positive. At the same time, increased global uncertainty is once again creating uncertainty around company space requirements, while the focus on office presence and on offering attractive workplaces for employees remains strong.
Our retail destinations continue to show a positive trend. The ongoing recovery is clearly reflected in data from our retail portfolio with a marked increase in both visitor numbers and turnover during January and February. Improved household finances are expected to act as an important driver of the Swedish economy in 2026. At the same time, the reduction in food VAT from the 1st of April provides some support, although renewed concerns remain regarding energy prices, inflation and interest rates. The residential market continues to develop positively. Housing prices increased during the quarter and households expect prices to continue rising. Activity levels and decision-making among potential buyers have increased significantly. Sales performance was strong with the sales rate improving from 45% to 71% during the quarter. Easier mortgage regulations from the 1st of April provides support, although renewed concerns remain regarding energy prices, inflation and interest rates.
Here are some examples of the lettings we completed during the quarter. In Mobilia, we signed a 15-year lease with a fitness operator of almost 1,600 square meters. We also signed a lease with Svanen in Soderhallarna. At Malarterrassen, we finalized an agreement with a well-known [indiscernible] Desiree Jaks, who will open a pub concept. In addition, we can now disclose the tenant behind the previously announced leasing at Malarterrassen, Tommy Myllymaki, who will also be opening a restaurant at the destination. Finally, an important lease was signed in Sickla Central, where Handelsbanken has decided to relocate, moving from Nacka Forum to our premises.
Looking at our tenant mix, 53% of contracted rental value is derived from office tenants, 20% from consumer durables and 10% from culture and education. Our 10 largest customers account for 20% of the total contract value. Of that, 11 percentage points represent government and municipal tenants. The average lease term is 5 years. We only have 5 leases over 10,000 square meters, of which 2 are offices. Our retail portfolio is broad and well balanced. Fashion accounts for 12% of retail sales, while groceries, alcohol and pharmacies represent 41% of the turnover in our shopping centers. We continue to see a positive trend in January and February in both footfall and turnover in our retail centers.
With that, I will hand over to our CFO, Anna.
Thank you, Annica. Let's take a closer look at the numbers, starting with the income statement. Rental income amounted to SEK 759 million in Q1, an increase of 3.3% compared to Q1 2025. This is mainly driven by new rental income from the 3 projects completed over the past 3 quarters, Campus Sickla and PV-Palatset in Hagastaden last year as well as Hus 49 Stora Marknadshallen in Slakthusomradet, where Universal moved in at the beginning of the year. We also see a contribution to income from our now fully owned co-working company, A house. A house has been consolidated from February, meaning that its results are now reported line by line rather than as a single JV result line. I will return to A house in a separate slide.
The occupancy rate declined from 89% to 88.1% during the quarter. We define occupancy based on whether a property has a tenant on a given date, in this case, April 1. As a result, occupancy lags net letting and reflects lease terminations and new leases signed last year. The decline in occupancy this quarter is primarily attributable to the renegotiation of the Ericsson lease in Gothenburg in Q2 2025, where Ericsson reduced its space by approximately 5,500 square meters. We currently have other tenants occupying about 1,400 square meters of that area.
Turning to costs. We had an exceptionally cold start to 2026 with 2 winter months of snow and prolonged subzero temperatures. While this is positive in many ways, for property owners, it unfortunately translates into higher heating and snow removal costs, which increased by SEK 7.5 million in the like-for-like portfolio. We also saw an increase of SEK 7 million in customer losses, mainly related to a few restaurant operators in Uppsala. In Q1 2025, customer losses were virtually zero. In addition, we have costs related to A house, which I will return to, and of course, additional costs from completed projects. Overall, this resulted in a 0.9% decline in operating surplus.
Net financial items were 5.4% higher than last year. This is explained by 3 factors. First, we are still seeing the effect of lower interest rates in the comparison quarter. Even though the average interest rate at the end of the quarter has actually declined, the average interest rate in the quarter was approximately 20 basis points higher than in Q1 2025. Second, interest-bearing debt has increased due to the expansion of the investment portfolio following the completion of 3 projects where we have stopped capitalizing interest. Offsetting this, our updated principle for capitalized interest, which I mentioned last quarter, now means that we capitalize interest even in early project stages. This change resulted in additional capitalized interest of SEK 8 million in the quarter. All together, profit from property management amounted to SEK 316 million in Q1, down 3.5% year-on-year. Property values were adjusted down by 0.4%, corresponding to SEK 215 million. The adjustment relates to 5 properties.
Yields were increased in the valuations of our 2 properties in Kista and 1 office property in Malmo. Despite this, the average yield remains unchanged at 4.7%, rounded to 1 decimal. In addition, 2 properties in Slakthusomradet were written down due to lower cash flows as we are preparing these properties for future development, which temporarily reduces value. Finally, during the quarter, we lowered our inflation assumption for 2026 from 1.5% to 1%, which also had a negative impact on valuations. This may seem somewhat counterintuitive given renewed inflation concerns, but it reflects a decision taken by the valuation community in February, which we have followed. We will have to see how this develops over the course of the year.
On the positive side, we recorded project gains of SEK 50 million from commercial projects during the quarter. In addition, we recognized SEK 26 million from residential projects related to our Brf Kulturarvet project at Nobelberget in Sickla, where customers have started moving in and profit recognition has commenced. To date, 37 out of 80 apartments have been completed, occupied and profit recognized. Total project gains in the quarter amounted to SEK 76 million.
Let's take a closer look at the development in the like-for-like portfolio. Rental income declined by 1.5%, while operating surplus fell by 3.4%. Starting with rental income, this development is logical. Indexation amounted to just under 1%, more precisely 0.9%. We entered the year with a vacancy rate approximately 2.5 percentage points higher than last year. The net effect between these 2 factors largely explains the 1.5% decline. On the cost side, the main drivers have already been mentioned, a SEK 7.5 million increase related to heating and snow removal and customer losses up by SEK 7 million. Other costs, on the other hand, declined, reflecting continued strong cost control.
Looking at the segments, the decline in rental income is mainly attributable to the office segment where vacancies have increased. The increase in costs is largely found in the retail segment where customer losses occurred and where we also have a relatively high share of heating and snow removal costs.
Turning to the acquisition of A house. During the quarter, we acquired the remaining 50% of the shares and the company has been consolidated from February. Results are now reported line by line rather than netted on the JV line. A house is included in operating surplus from the investment portfolio. It is not presented separately in the income statement, but included within rental income and property management costs under management costs. In the segment note of the interim report, co-working operations are presented on a gross basis, allowing for a clear view of revenues and costs. Co-working revenues for February, March amounted to SEK 19 million, while costs totaled SEK 25 million. Intercompany rents of SEK 10 million are eliminated, resulting in a net effect of plus SEK 9 million in rental income and minus SEK 15 million in costs, corresponding to a minus SEK 6 million impact on operating surplus.
We have received questions regarding the effect on occupancy and net letting. There is no change compared to previous reporting. A premise leased to A house is considered occupied just like our own offices that we rent from ourselves. Any new lease to A house would also be included in net letting. Occupancy in the co-working business is followed and analyzed separately as it represents a different business model. During the quarter, we invested just under SEK 600 million. We also completed apartment handovers to residential buyers, resulting in net investments of just over SEK 200 million, which is a slightly lower pace than in previous quarters. We are now entering a more intensive phase in several of our major projects in Slakthusomradet. Thus, we still expect gross investments to amount to just under SEK 3 billion for the year.
Interest-bearing debt increased by SEK 700 million in Q1, driven by dividend payments during the quarter as well as ongoing project investments. The increase in debt explains why both the net debt ratio and loan-to-value ratio increased during the quarter. The rolling 12-month interest coverage ratio remained unchanged at 3x. Overall, we maintain a strong financial position, well within our financial targets. The financial markets were highly volatile during the quarter following the 3 major geopolitical events that Annica mentioned earlier. However, underlying fundamentals remained strong and as the Greenland situation eased early in the year, credit margins declined. During this window, we issued bonds totaling approximately SEK 1.5 billion at the tightest level since 2021, 3-year bonds at around 80 basis points or slightly below and 5-year bonds at approximately 110 basis points.
Long-term interest rates also declined during February. And in connection with this, we entered into a few interest rate hedges at attractive levels. Overall, these transactions reduced the average interest rate during the quarter by 0.1 percentage points to 3.1%, including commitment fees. Given market development since then with rising interest rates and spreads, this reduction should be viewed as temporary rather than a level we expect to maintain for the remainder of the year. Despite ongoing global uncertainty, we continue to have good access to financing, although on somewhat weaker terms, particularly in the bond market. In the commercial paper market, we have managed to maintain our curve even after the outbreak of the Iran conflict and are currently at 33 basis points for a 3-month tenor.
As you know, we have a robust financing portfolio with an average capital maturity of 3.4 years and ample available liquidity totaling SEK 9.4 billion, primarily in the form of undrawn credit facilities. In addition, we have an interest rate duration of 2.6 years and a high share of fixed interest exposure, which limits the short-term impact of the significant interest rate volatility we have seen.
And with that, Annica, perhaps you can take over and say a few words about our projects.
In total, we have 8 ongoing projects corresponding to SEK 8.4 billion in investment, of which SEK 4.4 billion remains. We have 4 projects scheduled for completion in 2026. The letting rate in these commercial projects is too low, a level we are not satisfied with, but we also see that market interest is strongest for our newly produced premises. Sickla Central with its 23 floors and 17,100 square meters lettable area has currently, after the lease to Handelsbanken, an occupancy rate of 24%. The building has just opened with A house on the ground floor. It is a remarkable property with panoramic views over Stockholm. However, despite the building being open on some floors, substantial tenant-specific work remains on many floors before we can receive future tenants.
Soderhallarna comprises a total lettable area of just over 26,000 square meters with an annual rental value of approximately SEK 155 million, excluding supplements. Following the completed leasing activities with Svanen as the latest tenant, the property's economic occupancy rate amounts to 40%. The building is expected to be fully completed in Q2 2027. As mentioned earlier, 2 projects were completed during the quarter. The first is Building 49, the Grand Market Hall in Slakthusomradet, which has undergone a comprehensive refurbishment. The investment amounted to SEK 320 million and is fully let. Universal Studios has moved into the property, and I had the opportunity to visit them in connection with their move-in. The result is an outstanding office environment and the tenant is very satisfied. We also completed our first housing cooperative project within Stockholm Wood City during the quarter. The project features both a timber structure and the timber facade and comprises 80 apartments with a total investment of SEK 490 million. The sales rate currently stands at 70%.
In early 2023, we acquired 50% of the event and co-working operator, A house. And during the first quarter of this year, we acquired the remaining 50%. The rationale behind the acquisition was and remains to broaden our customer offering as we believe co-working will continue to be an important part of future workplace solutions. A house has pursued an ambitious expansion strategy over recent years and today operates 5 destinations. Arc on Ostermalm, Sickla Central, Borshuset in Slakthusomradet, Katarinahuset at Slussen and a new destination in Life City in Hagastaden, which is scheduled to open this summer. Such rapid expansion naturally puts pressure on earnings as new destinations are not fully leased at opening.
That said, leasing activity for the studio offering has been strong. Arc is fully let. Borshuset is leased to 81%, Katarinahuset to 99%, Sickla Central to 73% and Hagastaden, despite not yet having opened, is already leased to 18%. The more challenging part of the business has been the event operations, which have been adversely affected by the prolonged economic downturn as this segment is particularly sensitive in weaker market conditions. We expect A house to continue reporting losses throughout 2026 with the ambition of returning to profitability during 2027.
A final reminder of our broader development portfolio, we are developing 4 major areas in Stockholm where natural population growth is strong. The potential investment volume for projects starting before 2032 is SEK 40 billion. All locations are chosen where there is an existing or planned underground station by 2030.
That concludes what we intend to present for this report. Thank you for listening. And if you have any questions for me or Anna, feel free to send us an e-mail.
Atrium Ljungberg — Q4 2025 Earnings Call
1. Management Discussion
Welcome to this year-end presentation for 2025 by real estate company Atrium Ljungberg. Presenting today is CEO, Annica Anas; and CFO, Anna Jepson. And by that, please welcome, Annica Anas. Go ahead with your presentation.
Thank you very much, Mattias. So the headline for this report is Completed Projects Drive Rental Growth.
So let me begin by summarizing the key developments this quarter. Overall, I'm pleased with our delivery in 2025, given the challenging market conditions we have experienced. Our net letting amounted to minus SEK 12 million in the fourth quarter. I had actually expected a positive figure, but several large lease agreements continued to -- into the new year, and we also received one late and unexpected termination, a municipal administration in Palmfelt Center in Slakthusomradet, approximately nearly 4,000 square meters.
While unexpected, it is actually -- it accelerates our plans for the future project in the property. For the full year, however, net letting is positive at SEK 5 million. And when including the contracts we have terminated in preparation for upcoming projects, the figures amounts to SEK 12 million.
Net operating income in the comparable portfolio decreased by 2% in the quarter, but increased by 1% for the full year, which is encouraging given the tougher market environment. Income from property management decreased by 1% in the quarter. Market yield requirements remain unchanged, but we report negative value development in the portfolio. This is driven partly from the outcome of the 2025 indexation and lower inflation assumption for 2026 and partly by slightly weaker cash flows resulting from higher vacancies in our management portfolio.
We invested SEK 2.9 billion during 2025 and the property value amount to SEK 61 billion at year-end. We currently have ongoing projects representing SEK 9.1 billion in investment, of which SEK 4.7 billion remains. The project was completed during the year, PV Palatset in Hagastaden, gives us 10 ongoing projects, including 6 in Slakthusomradet, 2 on Sodermalm and 2 in Sickla.
And if we look at Atrium Ljungberg in brief, it looks very much like the last quarter with 80% of the focus and value in Stockholm and then we have 66% offices and 29% retail. And the economic letting was 89%, and we see the LTV at 42.5% in the end of the year.
A few words about the market. The leasing market is showing signs that the rise in vacancies may have reached its peak, even though supply still exceeds demand at present. The development suggests a gradual return to stability as economic conditions begin to improve. During the second half of the year, we observed steadily increasing interest in the office premises in our portfolio and the number of ongoing dialogue is significantly higher than the same period last year.
Many of the businesses we meet report a great focus on their office environments, either to strengthen the employee experience or to adjust their space to new conditions. Above all, we are now seeing a clear sense of determination in these dialogues, something that was missing during earlier more cautious quarters. I can say that from a broader perspective, we also meet modest but clear signs of improvement.
So we can now look at the most significant lettings we did during the quarter. Liljeholmen emerged as the strongest performer this quarter with 3 major lettings, totaling close to 3,000 square meters, and we signed ForMotion, Doctors Without Borders and Leica Geosystems. Hagastaden still shows a big demand, and we had a letting also for a healthcare operator in the quarter.
We had hoped to finalize 2 additional leasing in Soderhallarna before year-end, but negotiations are still ongoing. We remain hopeful that contracts will be signed shortly. We have also signed an additional lease with a restaurant in Malarterrassen, where 4 out of 6 restaurants now are confirmed, and the latest is also a very known and famous restaurateur.
If we look at the customer base, a brief reminder regarding the tenants that we have. So we have a highly diversified contract portfolio with our 10 largest customers according for 21% of the total contract value. Of that, 9 percentage points represent government and municipality tenants. The average lease term is now 5 years. Offices are our largest revenue source at 53%, followed by retail at 20%.
Looking at our lease maturity structure. The potential earnings impact for 2026 amounts to SEK 152 million, while the exposure from contracts that are turnable during the year amounts to SEK 546 million and can have an effect on our net letting.
If we look at our retail portfolio, it's a very broad and well balanced. Fashion accounts for 13% of retail sales; while groceries, alcohol and pharmacies represent 40% of the turnover in our shopping centers. We continue to see a positive trend in turnover in our retail centers with the market increase toward the end of the year.
And with that, I would like to hand over to our CFO, Anna.
Thank you, Annica. So let's review the numbers for the final quarter in some more detail. Rental income reached SEK 760 million in Q4, and that represents an increase of 3% compared to 2024. And this growth is mainly due to the completion of another project, PV Palatset in Hagastaden where the economic -- the Swedish economic Crime Authority moved into 10,000 square meters in mid-October. And in addition, we received one-off compensation totaling SEK 24 million, which is SEK 12 million higher than last year.
And the reason for these one-off compensations is mainly that the reconstruction of Convendum was finalized and the 2 tenants in Hagastaden vacated their premises. We have, however, secured new tenants for most of these areas, ensuring continued occupancy.
On the cost side, property expenses increased by 3%, mainly due to additional costs from completed projects. But we also saw a slightly higher customer losses in Q4. Customer losses were up SEK 3 million, which could be attributed to a couple of restaurants.
As both revenues and costs increased by 3%, operating surplus rose by the same percentage. The surplus margin for the year stands at 71.8% and that's unchanged from last year, and that is despite the decline in the occupancy rate, which is now at 89%. But thanks to strong cost control throughout the year, we have managed to maintain this operating -- this surplus margin.
Net financial items are 9% higher than last year, reflecting our adjustment to the higher interest rate environment. But we are now approaching quarters where this adjustment has been fully implemented. The average interest rate, including commitment fees, has remained constant at 3.2% for half a year now, although there is still a difference of about 25 basis points in Q4 compared to last year. And overall, profit from Property Management amounted to SEK 311 million in Q4, which is 1% lower than last year.
Moving on to property values. We can see that the average yield has remained stable at 4.7% throughout the year and property values have been almost unchanged with the downward adjustment of 0.1% over the year. Nevertheless, we have seen movements in property values every quarter, and Q4 was no exception. And property values were adjusted down by SEK 369 million in Q4, mainly due to index effects.
The October index for 2025 was low at 0.92%. And with the declining inflation, the community or property valuers have revised down the index assumption for 2026 from 2% to 1.5%. Net letting in the quarter also had an impact of property values. On the positive side, however, we recorded project gains of SEK 22 million in the quarter and SEK 127 million for the year. And if you include residential projects, that number is SEK 160 million.
So let's turn now to the performance of our like-for-like portfolio. And looking at the development in the like-for-like portfolio for the year, rental income increased by 1.3% and operating surplus by 1.4%. And while the increase is not substantial, we are very pleased that it is positive for the full year despite a slight decline in Q4 due to higher vacancies.
And the increase in rental income is thanks to indexation and increased charges for property tax and tenant improvements. Costs rose by 0.9%, and that's mainly due to property tax. And we've also seen customer losses decrease during the year by SEK 10 million; and also reduced media costs, thanks to active efforts to lower consumption, and energy usage has actually decreased by 15% during the year. If you exclude higher property tax and the lower customer losses of the year, costs remained flat.
Looking at the different segments. Both segments showed an increase in operating surplus, though for different reasons. In the Office segment, revenue growth was the main driver with positive effects from indexation and additional charges. In the Retail segment, the increase was due to cost savings, not indexations as more contracts are turnover based. Lower customer losses and good cost control contributed positively in the Retail segment.
And next, I'd like to remind you about the impact of our property transactions during the year. In June 2024, we sold 2 properties in Sundbyberg to free up capital for investments in our project portfolio. And from Q3 onwards, these disposals no longer affect quarter-on-quarter comparisons, but they do impact the full year figures.
The properties -- the sole properties generated a rental income of SEK 61 million and an operating surplus of SEK 47 million in the first half of 2024. And this sale is the reason why the operating surplus for the full year 2025 decreased by 1%. And there was also a minor effect from newly acquired project properties, specifically property tax for Malarterrassen in Slussen and Angqvarn in Uppsala.
So let's continue with an overview of our financial position. Property values increased by approximately SEK 400 million in Q4, reaching SEK 61 billion; and investments totaled just over SEK 800 million and value changes were minus SEK 369 million. Total investment for the year amounted to SEK 2.8 billion or SEK 2.9 billion, including acquisitions, and that is in line with our target to invest 5% of the balance sheet per year.
Interest-bearing debt increased by just over SEK 400 million in Q4 and by SEK 1.9 billion for the full year, totaling SEK 26.2 billion. And the increase is, of course, to finance our project investments.
Looking at the key ratios. The interest coverage ratio for 2025 is 3x. And that is a sound level, even though it has gradually declined during the year, as we have adjusted to higher interest rates. The net debt-to-EBITDA ratio is 12.9 which is a relatively high number, and that is due to low-yielding properties combined with larger project investments.
The loan-to-value ratio is 42.5%, and that's up 0.5 percentage points in Q4 due to the negative value changes in the quarter. But still, that's a reassuring level, and that's where we would like to be for our LTV ratio. Net asset value per share adjusted for dividends increased by 4% in 2025 to SEK 54.89 per share. We continue to have good access to financing on favorable terms both from banks and the capital market, and credit spreads in the capital market tightened by a few basis points in Q4 and in early 2026.
And we have completed a few bond issues at very good levels. In October, a 5-year bond at 118 basis points and now early January, a 5-year NOK bond at 104 basis points, which we swapped to SEK at 112 basis points and also a 3-year bond at 80 basis points. And commercial paper is currently at 35 basis points for a 3-month tenure.
Our financing portfolio remains secure and stable with an average capital duration of 3.6 years and a well-balanced maturity profile. And there are essentially no bank maturities in 2026, and bond maturities amount to SEK 3.5 billion.
Available liquidity -- we have available liquidity of SEK 9.5 billion, and that covers almost all maturities over the next 2 years. We are also in a secure position on the interest rate side. And although we have seen rising term premiums in Q4, which make it more challenging to maintain interest rate duration, the average duration is 2.7 years with 96% of interest exposure fixed through swaps or fixed rate loans. The average interest rate in the portfolio is 3.0 excluding commitment fees and 3.2 including them. And it has been unchanged now for 2 quarters in a row, and we expect to maintain the 3.2 level in 2026.
And with that, I will now hand over to Annica who will speak a little bit about our projects.
In total, we have 10 ongoing projects corresponding to SEK 9.1 billion in investment, of which SEK 4.7 billion remains. We have 7 projects scheduled for completion in 2026. The letting rate in these commercial projects is too low, a level that I'm not satisfied with, but we also see that market interest is strongest for our new produced premises. In Soderhallarna, we are expecting substantial interest in many viewings and active dialogues. My assessment is that the property will be fully let during 2026.
Also comment on Sickla Central with 23 floors. Currently, we have an occupancy rate of 20%. The building has just opened with a house on the ground floor. It is a remarkable property with panoramic views over Stockholm. However, despite the building being opened, on some floor, we have substantial tenants specific work that remains on many floors before we can receive future tenants.
Then during the quarter, we completed PV Palatset in Hagastaden. It's a big, major project for us and also one of the biggest tenants that have moved in, it's the Economic Prime Authority that is, as I said, the large tenant. The project has been in -- success in several aspects with a highly satisfied tenant and the project margin of 49%. The remaining to be let is only one small office part of 400 square meters and the restaurant space in the bottom floor.
And then a reminder of our big development pipeline. So we have 4 major areas in Stockholm, where we have a natural population growth. The potential investment volume of projects is around SEK 40 billion, and all locations are chosen where there's an existing or planned underground station by 2030.
As you remember, we have a dividend policy that states that we should distribute approximately 1/3 of income from property management. And the Board has proposed SEK 0.74 per share, and its dividend share of 36%.
And by that, I think we should say a few words about 2026, and I would like Anna to step in, so we can give you some guidelines when it comes to both numbers and also the market.
A few words about rental income. October index in 2025 landed at 0.92%, and that adds SEK 21 million to rental income in 2026. We entered the year with a lower occupancy rate of 89% compared to 91.5% in the beginning of 2025. And at the same time, we have 7 projects completing in 2026; 6 of them commercial projects, which are expected to contribute just over SEK 60 million from projects completed in 2026 and also nearly SEK 60 million of rental income from those completed in 2025.
We expect continued strong cost control with no major cost increases except, of course, for cost from completed projects. Electricity consumption is also expected to continue to decrease as we work on energy savings. Leasehold fees are expected to increase by SEK 4 million in 2026, mainly due to the full year effect of the renegotiation of Stora Katrineberg in Liljeholmen in 2025 and also the renegotiation of Palmfelt Center from October 2026.
And as usual, we do not agree with the City of Stockholm, but we estimate an increase in leasehold fees of about SEK 4 million in 2026 and another SEK 4 million in 2027 as a full year effect, but then the next renegotiation will not occur until 2029.
As mentioned, we have completed the adjustment to higher interest rates in 2025 and expect to maintain the average interest rate in the portfolio at 3.2%, including commitment fees during 2026.
And also a few words about capitalized interest. In 2026, we will change our principle for capitalizing interest, activating interest even in the early stages of projects. Previously, for simplicity, we have activated interest from start of production. But from 1st of January, interest will be activated from the first krona. And if we had applied this principle in 2025, we would have capitalized SEK 36 million more than we actually did.
And finally, a few words about our investments. We will, of course, continue to invest in our projects, and we expect investments to fall just short of SEK 3 billion, landing at high SEK 2 billion. And during the year, we will also complete the residential project resulting in net investments about SEK 500 million lower than that.
And with that, Annica, perhaps you can say a few words about our market outlook.
Absolutely. As I mentioned, growth is expected to accelerate in 2026, driven by a stronger domestic consumption. At the same time, we have the geopolitical uncertainty that remains. Though it appears to cause less concern than before, the market seems increasingly adapting to it. Defense spending and infrastructure investment continue to drive economic activity. We also see strengthened domestic demand combined with rising business confidence and growing investment willingness.
In addition, the number of active tenant dialogue for us has doubled from roughly 60 to around 120 concrete discussion compared with a year ago, and that, of course, is a clear sign of market strength. So taken together, I see clear signs of optimism in the market, which creates stronger condition for increased leasing activity moving forward.
That concludes what we intended to present in this report. And if you have any questions, you can send an e-mail for me or Anna, and we will respond as quickly as we can. Thank you very much.
Atrium Ljungberg — Q3 2025 Earnings Call
1. Management Discussion
Welcome to this live broadcasted report presentation regarding the third quarter of 2025 with real estate company, Atrium Ljungberg. Presenting is Annica Anas, CEO; and CFO, Anna Jepson.
Please go ahead with your presentation, Annica.
Yes. Thank you very much. As to start, I would like to summarize a few things from this report, and the headline for the report is our high-quality property portfolio delivers results.
Our net letting amounted to SEK 3 million in the third quarter. But if we take in consideration also contracts canceled due to upcoming project, the number is SEK 9 million. And for the first 9 quarters, it was SEK 16 million or SEK 23 million.
Our net operating income like-for-like increased by 4.3%, which is a good number for the quarter and 2.6% during the first 9 months. Profit from property management decreased by 3.7% this quarter. And the biggest effects are that, we, last year, sold some properties, but also that the interest rates have increased.
A good part is that overall, we see a very good cost control in the company. We see unchanged yields in the market, but have increased changes in the value, mainly due to project gains. Anna will talk about this more later.
We have invested SEK 2.1 billion during the first 9 months and the property value adds up to SEK 61 billion in the end of the quarter. We have ongoing projects with an investment of SEK 9.8 billion, of which SEK 5.3 billion remains to be invested. We have completed one project, and we have a new decided one, so still 11 ongoing projects.
If we look at the overall portfolio, it looks very similar to last quarter with 80% of the value in Stockholm and that we have 64% of the portfolio is Offices. The LTV is stable or 42% and the occupancy rate, 90%.
And then, a few words about the market. After a quite long period of uncertainty and waiting, we are actually now seeing signs of some stabilization and the confidence in the Swedish economy is beginning to return. The recovery is expected to pick up in 2026 after a prolonged recession, mainly driven then by the household consumption. The optimism is all based on interest rate cuts and large government spending boost.
Factors that guarantee increased activity and the confidence in the future. This also improves the conditions for the companies, which is, of course, very important for our business. So, we also see that many companies cannot stay still any longer. They need to do some kind of change when it comes to their business and that their new space. So, they're actually looking for more functional and attractive environment in -- also for their business.
So, given this background, I'm cautiously positive about the market development in the near future. If we look at the tenant-owned housing market, it has been stable during the third quarter, but still characterized some weighting. Activity has increased, but buyers are selective and the price levels are being held back despite improved interest rates.
Conditions from buyers are better than it has been for a long time. The new conditions market has had a clear restart after the summer with projects with strong offers attracting the most customers. And now, in our own project at Nobelberget, we see interest activity and greater determination among stakeholder, which is very gratifying, despite some concerns among consumers about their own sales.
But in the quarter, we can see that we have done some business and the project sales is now at 35%. So, in the quarter, we have done some important lettings. As I said, the net letting was SEK 3 million. Haglöfs have signed a contract in Slakthusområdet, which means a new project start for us, and I will come back to this a bit later.
Life City in Hagastaden continues to be a really attractive place for knowledge-intensive businesses. And here, we have signed leases for a total of 1,700 square meters with Bristol-Myers Squibb and ProPharma. And with this latest strength of Life City is now fully let.
Interest in office space in Slussen remains very strong. During the quarter, we welcomed new tenants, such as Mynewsdesk, and the law firm, Kahn Pedersen, while several existing companies chose to grow with us. Among other things, Gullers Grupp and Guessr have expanded their premises and extended their agreements and Sony Music Group in have also a new lease with music studios in Katarinahuset. This really confirms Slussen's attractiveness and the high demand, both for modern office solutions, for the vibrant urban environment that's emerging here. In total, the new expanded agreements cover over 2,000 square meters.
Another major lease during the quarter is the agreement of 1,100 square meters in BAS Barkarby, in Järfälla. And a lot of things have also happened in the restaurant side, last spring, Matateljén opened in Slakthusområdet. And now the restaurant has also signed an agreement for Ateljéns Pizza in the neighborhood. And that's also the last premises in House 26 in Slakthushallarna.
The Nya Söderhallarna will be inaugurated next autumn with several years of renovation and will house a market hall and restaurants in the new version, a cinema as well as newly renovated office and roof terrace. At the end of September, we signed an agreement with the restaurant operator behind the Gränd, a brand-new destination for food and drink experiences with a focus on draught (sic) [ craft ] beer and international food. And I think, it's going to be a very good addition to this building.
Then a reminder of our tenant portfolio, we have a well diversified contract portfolio where our 10 largest customer accounts for 21% of the contract value. Of this 21%, 9% of the contract values from state and municipalities. And we have an average contract period of 4.8 years.
Offices is our largest source of revenue with 53% and consumer durables, our second largest accounts for 20% of the total revenue. And 44% of the total maturity is from 2030 and onwards.
To take a look -- quick look on our Retail portfolio also. Fashion accounts for 13% of the sales in our Retail locations. Food, alcohol and pharmacies stands for 40% of the turnover in the retail locations and we see a positive trend when it comes to sales in our Retail hubs.
And we think that, we will see a start of the consumption to start to pick up in the beginning of 2026. That, of course, will have a positive effect in the Retail segment as well.
And with that, I would like to hand over to Anna to talk about the figures for the quarter.
Thank you, Annica. So, let's take a look at the numbers. We are very happy to report a strong result for the third quarter, the best quarter for us in 2025. Rental income in Q3 amounted to SEK 736 million, which is a decrease of 1% compared to Q3 in 2024. However, just like in Q1 and Q2, rental income in the like-for-like portfolio increased, which I will return to shortly.
In 2024, we received large non-recurring payments of SEK 18 million in Q3. And this year, the figure is only SEK 1 million. And this is a positive development as we prefer tenants to stay rather than pay one-off fees and move out early.
And adjusted for these non-recurring items, rental income increased by 2%. And the occupancy rate decreased by 1.8 percentage points to 89.7%, mainly due to IBM and Fujitsu, who's previously announced lease terminations took effect on the 30th of September.
Property costs decreased by 5% in the quarter, reflecting strong cost control and targeted our efforts to reduce expenses, particularly related to energy consumption. And it's encouraging to see this reflected in both our sustainability metrics and our financial results.
Overall, the operating surplus increased by 1% to SEK 550 million and by 4% when excluding non-recurring payments. And the surplus margin rose in the quarter and now stands at 71.8% on a rolling 12-month basis.
Looking at the period of January to September, the operating surplus is slightly down overall, which is entirely attributable to the sale of two properties in Sundbyberg in June 2024. And in the like-for-like portfolio, however, we see an increase for the full period.
Net financial items rose by 11%, and the average interest rate in Q3 remained stable at 3.2%, including commitment fees. And the increase in net interest expense is due to the adjustment to the current interest rate environment, which took place in the second half of 2024.
Profit from property management in Q3 amounted to SEK 352 million. We also recorded positive value changes of SEK 79 million in the quarter, of which SEK 62 million relates to yield adjustments. The average yield remains unchanged at 4.7%, with minor adjustments for a few properties. Primarily a large mixed-use property where we applied a more granular segmentation of yield requirements in the property.
Cash flow was positive at SEK 84 million despite a negative impact of just over SEK 100 million due to a downward adjustment of the index assumption for 2025 from 1.5% to 1%, in line with market practice. And commercial project gains amounted to SEK 57 million in Q3, bringing the year-to-date total to SEK 105 million and including gains from residential projects, the total reach is SEK 144 million.
Earnings per share for the period were SEK 1.33. All-in-all, Q3 was our strong -- it was our strongest quarter of the year. And at the same time, we know that Q4 tends to be weaker with a higher cost base. And in addition to that, the positive net letting seen during the year has been driven by project leasing, which will, of course, impact occupancy rate in the short term.
Looking at the like-for-like portfolio for the period, rental income increased by 2.2% and operating surplus by 2.6%. And this growth is driven by indexation, increased charges for property tax and tenant improvements as well as turnover-based rent for certain tenants, primarily in the Office segment.
What is particularly encouraging is that the operating surplus increased more than the rental income, meaning that revenues grew faster than costs. Total costs increased by just over 0.8%. And within these figures, we see a positive impact from reduced customer losses of SEK 13 million and a negative impact from increased property tax costs of SEK 17 million, as 2025 is a property tax reassessment year.
Adjusted for these items, costs remain flat, which reflects strong cost control and active efforts to optimize operations and reduce consumption and manage our properties efficiently. In the third quarter alone, cost decreased by 3.8%, resulting in a 4.3% increase in operating surplus. And this is a figure that we are very pleased with. And looking at the different segments, both Offices and Retail showed an increase in operating surplus and in both cases, the surplus grew faster than revenues, which is positive.
However, the drivers differ. In the Office segment, the increase is driven by higher revenues with positive effects from indexation, additional charges and turnover-based rent. In the Retail segment, the increase is driven by cost savings, and we don't see the same effect from indexation as more contracts are turnover based in the Retail segment.
Consumption has not yet picked up in 2025 as we know. But the conditions are in place, and we hope to see improvement toward year-end.
On the cost side, we're seeing the impact not only of strong cost control, but also lower customer losses, which is also a very positive sign. In June last year, we sold two properties in Sundbyberg, and the purpose was to free up capital for investments in our project portfolio. And starting in Q3, these disposals no longer affect quarter-on-quarter comparisons, but they do impact the year-to-date figures.
And in the first half of 2024, the sold properties generated rental income of SEK 61 million and an operating surplus of SEK 47 million. And this is the reason for the decrease in operating surplus for the first period in Q1 to Q3. And there is also a minor effect from newly acquired project properties, specifically Mälarterrassen in Slussen and Kvarteret Ångkvarn in Upsala.
Moving on to our financial position. The value of our property portfolio increased by approximately SEK 700 million in the quarter, reaching SEK 60.6 billion, and this is the result of SEK 652 million in investments in our projects and SEK 79 million in value changes. And so far this year, we have invested SEK 2.0 billion or SEK 2.1 billion, including acquisitions. And we currently have 11 ongoing projects, and one project was completed and another started in Q3. And the total investment volume is SEK 9.8 billion, of which SEK 5.3 billion remains to be invested.
Seven of these 11 projects will be completed in 2025 and 2026. And once fully let, this project will generate rental income of approximately SEK 360 million. And we're not yet there, but these will still be valuable additions to both rental income and operating surplus and Annica will return to this shortly.
Interest-bearing debt increased by SEK 350 million in Q3 and by SEK 1.4 billion year-to-date, totaling SEK 25.7 billion in interest-bearing liabilities. And this increase is solely to finance investments in our projects. And we are investing at a pace that allows us to maintain stable financial key ratios at healthy levels. The loan-to-value ratio remained unchanged at 42%, which is a very good level for us. And the interest coverage ratio on a rolling 12-month basis is 3.1x, that's down 0.1% in the quarter. And this remains a solid level, even though it has gradually declined during the year as we have adjusted to higher interest rates.
The debt ratio increased by 0.2x to 12.6x in the quarter. And this relatively high figure is due to a combination of low-yielding properties and large project investments and many of our projects are in late stages, which adds debt but not yet earnings. And we expect the ratio to rise slightly before turning downward as our ongoing projects begin to generate rental income.
And net asset value per share adjusted for dividends has increased by 5% during the year to SEK 55.21. On the financing side, we continue to have good access to funding on favorable terms, both from banks and the capital markets. Credit spreads in the bond market tightened during the quarter. And in September, we issued a 5-year bond at 120 basis points, which is 10 basis points lower than earlier this year. And commercial paper is back at 40 basis points for a 3-month tenure.
And our financing portfolio remains secure and stable. The average capital duration is 3.4 years with a well-balanced maturity profile for both bonds and bank loans. And we only have SEK 300 million in bond maturities to refinance this year and a relatively limited volume next year as well. Available liquidity amounts to just under SEK 10 billion and primarily in the form of undrawn revolving credit facilities. We also have a secure position on the interest rate side. And average interest rate duration is 3.0 years and 95% of our interest exposure is fixed through swaps or fixed rate loans.
The average interest rate in the portfolio is 3.0% excluding commitment fees and 3.2%, including them, and that is unchanged in the quarter.
Finally, in early September, we received the welcome news that Moody's confirmed our Baa2 rating and upgraded our outlook from negative to stable. And they also lowered our ICR requirements from 3.0 to 2.5. And what was particularly encouraging was that Moody's raised their assessment or asset quality from Baa to A. And this is really a clear recognition of the quality of our property portfolio and property portfolio that delivered strong results in the third quarter.
And with that, I will hand over to you, Annica, to continue with an update on transactions and projects.
Thank you, Anna. Yes. During the quarter, we signed an agreement to sell our development rights of co-ops in Hagastaden, the project Kvarteret Stanford 1. The purchase price is based on a total underlying property value of SEK 818 million. And before the transaction will take place, we will complete the underground garage. The property will be occupied in two stages, the first of which is in December 2026 and the second in August 2027.
We are one of the largest property owners in Hagastaden and our ambition is to contribute to the long-term development in the area, but with a focus on the offices that we have in our portfolio. And given our extensive investment pipeline totaling to more than SEK 40 billion, we have, therefore, chosen to step away from this specific residential project in favor of other investments, that we believe will create greater value for the company. The transaction is expected to be revenue neutral for us.
Then a few words about the completed project that we have in Sickla, it is Campus Sickla. It's a very fine project in many ways. One part is that, it's the first completed project within our Stockholm Wood City. The project is both wood frame and wood facade. The student started after summer and will make -- have made the neighborhood full of life and activity. It's not the biggest project, but adds to our rental income of SEK 7 million.
Then I'm very pleased to announce that Haglöfs has chosen Slakthusområdet for the new headquarter. It is a brand with a strong identity and high ambitions, exactly the kind of player that helps us shape the character of the area. Occupancy is planned for the Autumn 2026. The premises will be located in Building 48 in Lilla Marknadshallen, one of the area's original buildings with a unique industrial historical architecture, which is currently undergoing a careful renovation.
In condition with lease, we will start the project and has a total lettable area of approximately 1,950 square meters and an annual rental value of approximately SEK 10 million, excluding add-ons. And occupancy rate is now 72%. So, all in all, 11 ongoing projects with a total investment of almost SEK 10 billion, where SEK 5.6 million is remains to be invested. So we have seven projects that will be completed during the end of this year and during 2026, given the current occupancy rate we have secured annual rents of SEK 175 million, but of course, they will not have an effect directly during 2026, since it's depending on when the project is completed.
Sickla Central is currently has an occupancy rate of 20%. The house has just opened with a house on the ground floor and what a house, it's really fantastic qualities with a panoramic view of Stockholm. After a successful campaign, we have had about 15 to 20 viewings the recent week, and the response is very positive. The size of the space is aimed to attract small- and medium-sized companies with a time horizon of 6 to 9 months, which means that it's only now when there is actually an interest in line with our completion, which is expected to be in Q1 to Q2 next year. There's still a lot of interior work to be done before the consumers can -- customers can move in.
And then just a quick reminder of the very big pipeline we have of projects, where we have a plan to invest SEK 40 billion in places in Stockholm, where there is a subway today or will be one in the future. So that Sickla, Slakthusområdet, Hagastaden and Slussen.
That's all for this report. In conclusion, I can state that it has been a very strong quarter if you look in the like-for-like figures, which is very good.
So thank you, and goodbye. And if you have any questions, you can e-mail me or Anna. So we will respond for you as quickly as we can. Thank you very much.
Financial data from Atrium Ljungberg
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
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| Revenue | 3,574 3,574 |
6%
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100%
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| - Direct Costs | 1,483 1,483 |
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41%
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| Gross Profit | 2,091 2,091 |
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59%
|
|
| - Selling and Administrative Expenses | 104 104 |
11%
11%
3%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | 2,050 2,050 |
1%
1%
57%
|
|
| - Depreciation and Amortization | 31 31 |
244%
244%
1%
|
|
| EBIT (Operating Income) EBIT | 2,019 2,019 |
0%
0%
56%
|
|
| Net Profit | 573 573 |
19%
19%
16%
|
|
In millions SEK.
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Company Profile
Atrium Ljungberg AB engages in owning, developing, and managing real properties. It operates through the following business segments: Properties, Project Development, TL Bygg, and Project and Contracting Services. It has properties in Stockholm, Gothenburg, Malmö, and Uppsala counties. The company was founded in 1994 and is headquartered in Nacka, Sweden.
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| Head office | Sweden |
| CEO | Ms. Anas |
| Employees | 329 |
| Founded | 1973 |
| Website | www.al.se |


