EL7.AI
StocksMedium•25 October 2026•
4 min read

Corem Returns to SEK 90 Million Profit in Third Quarter Despite Lower Operating Income

Key Facts

1Corem posted a net profit of SEK 90 million in the third quarter of 2026, compared with a loss of SEK 437 million a year earlier.
2Quarterly revenue fell to SEK 796 million, and operating surplus declined to SEK 515 million.
3Property values fell by SEK 543 million during the quarter, with the impact concentrated in Kista.
4No sold properties were transferred in the third quarter; properties transferred in the first nine months were valued at SEK 2,390 million.

Real estate company Corem reported a net profit of SEK 90 million in the third quarter of 2026, compared with a loss of SEK 437 million in the same period last year, according to the company’s interim report for January–September. The return to profitability came as quarterly revenue fell to SEK 796 million from SEK 850 million, and operating surplus declined to SEK 515 million from SEK 557 million. Property management profit also fell to SEK 207 million from SEK 219 million. The figures highlight a divergence between net results, which turned positive, and the performance of the core property business, which declined year on year. The company said its properties recorded an unrealized impairment of SEK 543 million during the quarter, compared with an impairment of SEK 495 million a year earlier.

Corem attributed most of the property value decline to the Kista area, citing higher yield requirements for some assets and adjusted cash flow assumptions. Meanwhile, net leasing was SEK 7 million in the quarter, compared with SEK 6 million in the third quarter of 2025. But the total for the first nine months remained at SEK 4 million, after a negative SEK 21 million in the corresponding period. The CEO said positive net leasing and higher operating income in the like-for-like portfolio reflected the results of leasing efforts, active management and cost control. The CEO added that new vacancies had affected occupancy and that intensifying leasing efforts would be a priority.

For the first nine months, revenue fell to SEK 2.382 billion from SEK 2.642 billion in the corresponding period of 2025. Operating surplus declined to SEK 1.511 billion from SEK 1.723 billion, while property management profit was broadly stable at SEK 693 million compared with SEK 695 million. The company said operating income in the like-for-like portfolio rose 2%, and like-for-like revenue increased 1% during the period. But operating income for the total portfolio fell 12%, which the company attributed to disposals and the portfolio’s smaller size. Corem reported a loss of SEK 0.20 per ordinary share of classes A and B for January–September, compared with a loss of SEK 1.12 per share a year earlier.

The fair value of investment properties stood at SEK 44.813 billion on September 30, 2026, compared with SEK 46.937 billion at the end of September 2025. Economic occupancy fell to 82% from 85% in the corresponding period. In the first nine months, the company signed about 350 new leases with a total annual contract value exceeding SEK 300 million. Among the agreements it reported was a 6-year lease with the County Administrative Board in central Linköping for more than 6,300 square meters. Corem said the property was fully leased after remaining vacant since the start of the year.

No sold properties were transferred in the third quarter, although the company signed an agreement during the quarter to sell an office property in Linköping for a base value of SEK 160 million. The two properties are scheduled to be transferred in the fourth quarter. The company transferred 5 properties from January to September, with a total base value of SEK 2.390 billion. The CEO said strategic disposals would provide capital to reduce borrowing and financial expenses while simplifying the portfolio.

Corem’s management describes the property market as gradually improving, with transaction activity increasing and financing conditions improving, but said demand for space remained uneven. Demand for modern, prime locations is good, while parts of Stockholm’s office market face greater supply and longer leasing decisions. As part of its debt reduction efforts, the company said in its previous report that net debt fell during the second quarter from SEK 27.4 billion to SEK 25.6 billion. This followed the repayment of bonds due, worth SEK 974 million, on May 7, and the repurchase of bonds due in 2027 and 2028, worth SEK 110 million. Management is targeting higher occupancy, improved portfolio profitability and cash flow, while continuing to reduce debt and financial costs through disposals.

The company expects to transfer the two properties covered by the sale agreements in the fourth quarter, while leasing efforts continue to address the impact of vacancies on occupancy. Corem is scheduled to publish its 2026 annual report on February 12, 2027. The report will include results for the period from January to December 2026. The publication date follows the end of the final quarter, which is expected to include the transfer of the Linköping and Sollentuna transactions, according to the schedule announced by the company. These two transactions will form part of the progress on the disposal plan, which management said aims to provide capital to reduce borrowing and financial expenses.