* NOI -2% y-o-y, 0.6% vs ABGSCe, -0.4% vs cons.
* Value changes of -0.64% vs ABGSCe of 0.28%
* Share to trade in-line with the sector on the back of this report
Rec. PTP -5.2% vs ABGSCe, -7.2% y-o-y
Fastpartner delivered Q2 results with rental income of SEK 546m (-1.4% vs ABGSCe, -0.9% vs cons.), with an NOI margin of 74.6% (0.2pp y-o-y) driving NOI of SEK 407m (0.6% vs ABGSCe, -0.4% vs cons.), rec. PTP of SEK 209m (-5.2% vs ABGSCe, -7.2% y-o-y), adj. EPRA NRV p.s. of SEK 93 (-1.5% vs ABGSCe, 2.6% y-o-y). The economic occupancy was up 0.1pp q-o-q to 89.3% (91.3%), occupancy adj. for projects was down -0.2pp q-o-q to 89.5% (91.8%).
adj. EPRA NRV p.s. of SEK 93 (-1.5% vs ABGSCe, 2.6% y-o-y.)
Realised and unrealised value changes amounted to SEK -220m or -0.64%, we expected SEK 95m or 0.28%, and the average valuation yield amounted to 5.20%, 0.1pp q-o-q. Property values in Kista were down 12% q-o-q, following Ericssons decision to move from the area. Net LTV (ABGSC definition) amounted to 48.4% (47.5%), 0.8pp q-o-q, vs ABGSCe at 47.4%. The average paid interest rate decreased by -0.1pp q-o-q to 3.80%.
Conclusion
Guidance for IFPM NTM of SEK 790m, vs SEK 780m in Q1'26, compared to our estimate NTM of SEK 771m. The year-end '28 target of a run-rate IFPM was flat q-o-q at SEK1,200m. The CEO flags for divestments ahead, we believe a likely use of proceeds is SBBs. Despite softer than expected results the guidance NTM is positive, we expect cons. to keep estimates (rec. PTP) fairly flat on the back of this report. In summary we expect the share to trade in-line with the sector today.