Swedish Logistic Property (OM:SLP B) Stock Faces Earnings Drift Despite Q2 Revenue Of 311m SEK
Swedish Logistic Property (OM:SLP B) has released its Q2 2026 numbers, reporting revenue of SEK311 million and basic EPS of 0.52 SEK, alongside trailing 12 month revenue of SEK1.133 billion and EPS of 2.75 SEK that still reflect the impact of a large one off gain. Over recent quarters, the company has reported revenue of SEK253 million and EPS of 0.52 SEK in Q2 2025, SEK271 million and EPS of 0.83 SEK in Q4 2025, and SEK296 million with EPS of 0.82 SEK in Q1 2026. This gives investors a clear run of top line and per share profit figures to measure against the latest release. With trailing net profit margins remaining high even as the one off fades into the background, the focus now shifts to how sustainable those margins look against expectations for more modest earnings ahead.
See our full analysis for Swedish Logistic Property.With the core numbers on the table, the next step is to compare them with the most widely held narratives around Swedish Logistic Property to see which views are supported by the data and which might need to be reconsidered.
See what the community is saying about Swedish Logistic Property
Margins Still High With 66.1% Net Profit
- On a trailing 12‑month basis, Swedish Logistic Property reported a 66.1% net profit margin, compared with 70.9% a year earlier. Q2 2026 net income of SEK146 million sits within a range of SEK135 million to SEK231 million seen over the last six quarters.
- Analysts' consensus view highlights steady demand from logistics tenants and value add projects as drivers of stable cash flows. However, the slight margin step down and the SEK292 million one off gain in the last 12 months mean investors need to separate recurring rent based earnings from shorter term boosts.
- Consensus points to long leases and a diversified tenant base as support for future cash flows, while the margin move from 70.9% to 66.1% indicates profitability is still high but not static.
- The one off gain inflates trailing EPS to 2.75 SEK, so margin quality and rental income trends may be more useful than headline growth rates when judging how resilient those cash flows really are.
Revenue Growth vs Earnings Drift
- Revenue over the last 12 months stands at SEK1,133 million. Forecasts point to about 6.4% yearly revenue growth, while earnings are expected to decline around 1.7% per year over the next three years.
- Bears argue that reliance on development assets and bank financing could pressure earnings even if revenue grows. The forecast earnings decline alongside higher loan to value levels and debt that is not well covered by operating cash flow all align with that cautious view.
- Nearly half of the portfolio being development assets and a loan to value ratio of 49% leave less room if project returns or financing terms are weaker than expected, which fits with the projected earnings drift despite revenue growth.
- The fact that revenue is forecast to grow while earnings are expected to fall suggests costs such as interest or development spending could absorb a larger share of income, echoing bearish concerns about earnings volatility and refinancing risk.
Mixed Valuation: 14.2x P/E vs DCF
- Swedish Logistic Property currently trades on a P/E of 14.2x, below peers at 17.6x and the Swedish market at 19.9x, but above the local real estate industry at 11.6x. A DCF fair value of SEK25.68 sits below the share price of SEK37.75, and below the analyst price target of SEK44.17.
- Consensus narrative sees long term demand for well located logistics assets and green certified properties as supportive for the business. The lower P/E than peers and the market may look appealing, yet the DCF fair value being under the current price and the forecast earnings decline give investors a different valuation signal to weigh.
- A P/E discount to peers and the market fits with the idea of some relative appeal, but the premium to the real estate industry average and the DCF fair value of SEK25.68 highlight that not all valuation lenses send the same message.
- The combination of a SEK37.75 share price, a SEK44.17 analyst target and earnings expected to fall about 1.7% per year shows how much of the story depends on whether rental growth and development projects can offset the pressure from financing and margins.
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Swedish Logistic Property on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
Does the mixed picture around Swedish Logistic Property leave you unsure which way to lean? Use the detailed figures and narratives to stress test your own thesis, then round out your view with the 3 key rewards and 4 important warning signs.
See What Else Is Out There
Swedish Logistic Property is working with a 66.1% trailing net margin, a SEK292 million one off gain and forecasts that show revenue growth alongside drifting earnings.
If you are uneasy about that earnings pressure and financing risk, it is worth comparing this stock with companies in the solid balance sheet and fundamentals stocks screener (419 results) that lean on stronger balance sheets and steadier coverage today.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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