Fastighets AB Balder (publ) (BALDB) Earnings Call Transcripts

Fastighets AB Balder (publ)'s Latest Earnings Call - Q1 FY2026

In Q1 2026, Fastighets AB Balder reported a modest rental income increase of 1%, impacted by currency fluctuations and a colder climate. The company recorded a profit from property management decline of 12%, attributed to the reclassification of Norion, which will be distributed as a dividend. Despite these challenges, management indicated a healthy long-term outlook, with an adjusted NOI growth of 3% when excluding Norion's impact. The company maintains its net debt-to-EBITDA target of 11x and continues to focus on strategic acquisitions, including a notable property in London for SEK 3.2 billion.

Reported metrics

Guidance from management

Management maintained its net debt-to-EBITDA target of 11x and indicated a cautious yet optimistic approach towards future acquisitions and capital allocation.

What management said

Good morning, everyone. Welcome to this presentation for Balder's First Quarter Results 2026. My name is Jonas Erikson, Investor Relations. And with me in the room, I have Erik Selin, CEO; and Ewa Wassberg, CFO. I'll hand over to Erik and Ewa for some opening slides, and then we'll open for questions after that.

Let me actually just mention one thing before we go into the questions. So I've been receiving a couple of questions this morning about the consensus numbers. And the sell-side analysts are kind enough to share their estimates with me. And when I sort of look at the profit from property management consensus and strip out the Norion contribution for those who have not yet done so, I land at the consensus number from p...

What analysts pressed on

Analysts expressed concerns regarding the low rental income growth and the impact of currency fluctuations on financial metrics. There were questions about the sustainability of the occupancy rate and the implications of the Norion reclassification on future earnings.

Main topics on the call

• Rental Income Performance — Rental income increased by only 1% in Q1 2026, attributed to currency headwinds and colder weather. Management noted, 'adjusted for that, I think we will be rather 5%, 6% improvement.'
• Profit from Property Management — Profit from property management decreased by 12%, largely due to the Norion reclassification. Management stated, 'if you adjust for that, we have a 3% increase as is.'
• Acquisition Strategy — Balder completed SEK 5 billion in acquisitions during the quarter, including a significant property in London. Management expressed a cautious approach to future acquisitions, stating, 'we don't sort of have a plan to do...
• Net Debt Management — Net debt-to-EBITDA increased to 13.6x from 12.2x, influenced by currency effects and late-quarter acquisitions. Management emphasized a balanced capital allocation strategy to gradually reach the target of 11x.

Read the full Fastighets AB Balder (publ) transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 22 Fastighets AB Balder (publ) earnings call transcripts on record, spanning February 27, 2020 to July 14, 2026. Based on this history, Fastighets AB Balder (publ) reports quarterly. The most recent call on file is dated July 14, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BALDB

Exchange

OM

Country

SE

Sector

Real Estate

Industry

Real Estate Management and Development

Calls on record

22

First call

February 27, 2020

Most recent

July 14, 2026

Reporting cadence

quarterly