Prisma Properties AB (PRISMA) Q3 2026 Earnings Report

The call was strongly positive. Management reported substantial growth in earnings capacity, rental income, NOI, portfolio value, development activity, and grocery exposure, while maintaining stable financing metrics and expanding the buyback program. The main negatives were the temporary NRG Pizza bankruptcy impact, a lower reported surplus ratio, higher interest costs, a historical calculation error, and limited acquisition availability in some markets.

Management said groceries and daily goods, currently 50% of rental income, are going to increase over time; the portfolio target is 90% A to B before the end of 2028, while the SEK 16 billion property-value target by 2028 is not an ambition in itself and profitability is the main point. Prisma is set to start seven new projects in the coming quarters totaling SEK 717 million, is well on track to its SEK 1 billion target for the full year, and plans to communicate several new projects in the coming quarters, including the Kungens Kurva asset in Q4, now in November or December. For the NRG Pizza units, replacement leases are planned during Q4 this year, tenants are expected to enter in June 2027, and all the new restaurants shall open up during 2027; the assumption is that Prisma can at least get the current rent level based on zero CapEx. The company said the buyback should for now be viewed as a one-off, will focus on profitability before volume, and can operate within a net LTV policy of 55% with temporary deviation up to 60%.