Neobo Fastigheter AB (publ) (NEOBO) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Neobo Q2 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 five on their telephone keypad. Now I will hand the conference over to CEO Ylva Sarby Westman. Please go ahead. Thank you very much. Good morning everyone and welcome to the presentation of Neobo's interim report for the first half of 2026. My name is Ylva Sarby Westman and with me today is our CFO Maria Strandberg. Despite an uncertain market environment, we have stayed focused on what we can influence and continued to improve our residential areas. Our rental income in the Like4Like portfolio increased by 4%, driven in part by completed apartment renovations and lower vacancy rates. Net operating income decreased to 244 million, mainly due to divestments and colder weather in the first quarter. Profit from property management decreased to 87 million, driven by the same factors. And due to share buybacks, profit from property management per share decreased slightly less, by 11%. The value of our property portfolio remains stable at 13.6 billion. It comprises approximately 8,100 apartments, with residential properties accounting for 95% of the total portfolio value. Rental value continues to increase and as previously communicated, the annual rent negotiations for our residential portfolio have been concluded, resulting in an average uplift of 3.4%. The increase has also been supported by lower vacancies and apartment upgrades. The economic occupancy rate has improved by one percentage point over the past 12 months. During the second quarter, however, it declined slightly to 93.5% following the departure of some commercial tenants. Two divestments...