Neobo Fastigheter AB (publ) (NEOBO) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Neobo Q1 Report 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to CEO Ilva Sarbi-Westman. Please go ahead. Thank you very much. Good morning and welcome to the presentation of Neobo's interim report January to March 2026. My name is Ylva Sarby Westman and I'm joined here today by our CFO Maria Strandberg. Despite a turbulent environment, our performance remained strong with higher rental income and record low vacancy. Like-for-like rental income increased by 5% due to higher rents and lower vacancy. Net operating income decreased to 103 million due to divestments. On a like-for-like basis, NOI was broadly stable as higher rental income was offset by increased property management costs following a colder and snowier first quarter. Profit from property management decreased to 26 million due to divestments and a colder and snowier Q1 year-on-year. As a result of share buybacks, profit from property management per share was unchanged year on year at SEAC 0.19. Our property portfolio is now valued at 13.6 billion and comprises 8,100 apartments. Residential properties represent 95% of the total value. Rental value continues to show positive growth and of the 5% that I told you about earlier in the like-for-like growth in rental income, 2.9 percentage points come from annual rent adjustments, 3.4% for residential properties and 0.9% for commercial premises. And it's positive to see that the remainder is attributable to reduced vacancies and rent increases from apartment renovations and other value creating investments. Thanks to focused and dedicated e...