Modest beat; focus shifts to reinvestment - Q3 initial take

Logistri reported Q3 rental income of SEK55.2m (+18% Y/Y) and NOI of SEK51.2m (+18% Y/Y), both 2% above our estimates. Profit from property management (EAFI) was SEK22.4m (-2% Y/Y), 2% above our forecast, while adj. CEPS of SEK0.23 beat by 11%, supported by lower current tax. PTP of SEK93.3m substantially exceeded our SEK21.9m forecast, driven by SEK37.9m of property gains and SEK33.0m of derivative gains.

NOI strength offsets higher costs. Central administration costs were SEK7.7m vs. our SEK7.4m estimate, while net financials were SEK-21.1m vs. SEK-20.9m. These partly absorbed the NOI beat but left recurring earnings ahead of expectations. Logistri reported cSEK8m of non-recurring administration costs YTD, mainly related to the planned Nasdaq Main Market relisting.

Stable portfolio; limited interest headroom. Economic occupancy was 99.8%, the WAULT was 8.1 years and the surplus ratio reached 92.7%, c0.4%-points above our forecast. Net LTV was 51.0%, while interest coverage of 2.1x remained just above the 2.0x target.

Ludvika terms confirmed; more profit already recognised. The report also mentioned the cSEK1,382m sale to Hitachi Energy, with signing expected in Q4 and completion on 12 April 2027. Construction remains on schedule and budget. Of the expected cSEK120m total project profit, cSEK42m has now been recognised as unrealised gains in Q2–Q3. Expected net proceeds of cSEK683m, after construction debt repayment and cash settlement with Torngrund, support cSEK1.6bn of acquisition capacity including borrowing.

Reinvestment to drive next phase. The Ludvika exit releases capital to build a larger, more diversified portfolio. Securing acquisitions at attractive returns is now the key catalyst, in our view. Reinvestment timing, financing costs and dilution will determine how effectively Logistri replaces Ludvika’s expected earnings contribution and strengthens cash flow per share.