Atrium Ljungberg AB (STU:A1A0) Q2 2026 Earnings Call Highlights: Record Leasing Deal and Steady ...

This article first appeared on GuruFocus .

Release Date: July 03, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Atrium Ljungberg AB ( STU:A1A0 ) reported a stable second quarter with growth in rental income, net operating income, and income from property management.

• Rental income increased by 6.2% compared to Q2 2025, driven by the completion of six commercial projects over the past 12 months.

• The company signed the largest office leasing transaction in Swedish history, a 58,000 square meter lease with an annual rental value of SEK360 million.

• Household consumption continues to develop positively, with increased visitor numbers and sales across retail destinations.

• The company maintains a strong financing position with good access to funding, supported by a high share of fixed interest exposure and available liquidity of SEK9.2 billion.

Negative Points

• The occupancy rate decreased from 88.1% to 86.5% during the quarter, partly due to completed projects not yet fully let.

• Operating surplus increased by only 2.1%, not matching the pace of rental income growth, due to additional costs related to the co-working business.

• The company faced a one-off cost of SEK7 million due to previously uninvoiced electricity charges.

• Customer losses increased significantly, amounting to SEK12 million in the first half of the year compared to SEK2 million last year.

• The property value experienced a minor decline of 0.1% during the quarter, with adjustments made to cash flow assumptions in certain properties.

Q & A Highlights

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Q: Can you elaborate on the impact of the recent large office leasing transaction on future financials? A: Annica Anas, CEO : The recent office leasing transaction, which is the largest in Swedish history, involves 58,000 square meters on a 15-year lease with an annual rental value of SEK360 million. This transaction is expected to significantly contribute to future net operating income and project returns, comfortably exceeding our project return target of 20%. However, it is conditional upon the execution of a land allocation agreement and development agreement expected to be completed by autumn 2027.

Q: How did the recent projects impact rental income and occupancy rates? A: Anna Jepson, CFO : Rental income increased by 6.2% in Q2 2026, primarily driven by the completion of six commercial projects over the past 12 months. However, the occupancy rate decreased from 88.1% to 86.5% during the quarter, largely due to completed projects like Sickla Central and Malarterrassen, which are not yet fully let. We expect occupancy to improve as tenants move in throughout the year.