Can Balder’s New CEO Silence the Bears on July 14?
Fastighets AB Balder, the Gothenburg-based Nordic property group with a SEK 236 billion portfolio across six countries, reports Q2 2026 results on July 14, 2026 (exact time to be confirmed on balder.se).
The dominant question heading into the print is whether new CEO Sharam Rahi — who took over from founder Erik Selin — can show that leverage is actually turning the corner now that the Norion Bank stake has left the balance sheet.
Q1 2026 delivered SEK 3,460m in rental income and SEK 1.14 per share in profit from property management, down from SEK 1.30 a year earlier — though up 3 percent once Norion’s now-discontinued contribution is stripped from the comparison.
A year ago, Q2 2025 brought SEK 3,408m in rental income and SEK 1,733m in total profit from property management. The number I’m watching most closely is Net debt/EBITDA, which stood at 12.4 times on a rolling basis in Q1 — above the company’s own 11 times target — because that’s the figure the market will use to judge whether the Norion exit actually helped.
| Consensus est. Q2 2026 | Actual Q1 2026 | Actual Q2 2025 | |
|---|---|---|---|
| Rental income | Not disclosed in sources reviewed | SEK 3,460m | SEK 3,408m |
| Profit from property management | Not disclosed in sources reviewed | SEK 1,450m | SEK 1,733m |
| Profit from prop. mgmt/share (parent) | Not disclosed in sources reviewed | SEK 1.14 | Not disclosed in sources reviewed |
Balder shares closed at SEK 55.60 on the last report day and trade around SEK 54.40 today — down roughly 2 percent, largely explained by the May 11 ex-dividend adjustment for the Norion Bank distribution, which removed close to SEK 4 per share of book value from the balance sheet.
Sell-side targets issued right after Q1 range from Pareto’s cautious SEK 61 (Hold) to Handelsbanken’s more constructive SEK 73 (Buy), with SB1 Markets at SEK 70 (Buy) and Nordea at SEK 65 (Buy).
Going into this print, I think the market is still underestimating how much cleaner Balder’s balance sheet story gets once the Norion noise is fully out of the numbers — but Rahi’s tone on the call will matter almost as much as the figures themselves.