Q2 looks stable to us, with PFPM/share up 27% y/y. The outcome was 1% above Infront consensus, driven by lower property expenses but higher net financial items. Key items included positive net letting (SEK 2.1m), higher occupancy (+0.1pp q/q), positive property revaluations (+0.1% q/q), and a 2.9% upward revision to earnings capacity. We believe a slightly positive share price reaction is warranted (1-2%). On a preliminary basis, we expect only minor PFPM revisions.
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