Genova Property Group Interim Report January-March 2026

About this update from Genova Property Group Ab

First quarter January-March 2026Rental income amounted to SEK 143m (134), up 7%. Rental income in the comparable portfolio increased SEK 2m, corresponding to 2%. Net operating income totalled SEK 99m (94), up 6%. Net operating income in the comparable portfolio decreased SEK 3m, corresponding to 3%, primarily the result of higher electricity and heating costs. Income from property management amounted to SEK 28m (52), down 46%. This decline is attributable primarily to higher positive changes in value of properties in joint ventures and associated companies in the comparative period, mainly as a result of a larger project divestment. Income from property management per share amounted to SEK 0.41 (0.89), down 54%. Net income for the period amounted to SEK 89m (70), up 27% and corresponding to SEK 1.74 (1.28) per share. This increase is attributable primarily to higher positive changes in value of properties and derivatives. Long-term net asset value attributable to shareholders increased 8% to SEK 3,563m (3,298), corresponding to SEK 76.72 (73.26) per share.Significant events during the quarterGenova realised value growth in the Viby urban development project through partial divestment The first stage of the Viby urban development project in Upplands-Bro was divested to a joint venture with Genova as half-owner together with Urban Partners via NSF V. The transaction strengthened liquidity by approximately SEK 100m and reduced interest-bearing liabilities by approximately SEK 175m. The selling price was based on an underlying property value of SEK 365m, which is in line with the book value. Accession took place on 31 March 2026.Share buy-back programme initiated Based on the authorisation by the Annual General Meeting of 2025, Genova initiated a share buy-back programme. The programme, which commenced on 13 January 2026 and runs until the Annual General Meeting in 2026, aims to optimise the capital structure and strengthen earnings per share. 529,326 shares were repurchased at a value of SEK 22m during the quarter.Hybrid bonds redeemed On 5 March 2026, Genova redeemed hybrid bonds with ISIN SE0015245519 at a value of SEK 195m. After redemption, the remaining outstanding hybrid bonds amounted to SEK 300m.Sustainability work strengthened with new framework and new sustainability targets During the quarter, the Board of Directors resolved to adopt a new sustain...

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