ATRLJ-BNasdaq StockholmReal EstateIFRS · SEK

Atrium Ljungberg

Atrium Ljungberg is a Swedish property company focused on owning, managing and developing commercial and mixed-use real estate in growth cities. Its portfolio is concentrated in Stockholm, Uppsala, Gothenburg and Malmö, with a particular emphasis on large, contiguous urban districts and project development.

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Revenue2,957m SEK
−15.9 %y/y
Operating profit (EBIT)-74.0m SEK
−7.2 %y/y
EBIT margin-2.5%
−0.5 ppy/y
Net income-46.0m SEK
−105.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,00001,0002,0003,0004,000m SEK2020: 2,839 m SEK20202021: 3,084 m SEK20212022: 3,135 m SEK2022: EBIT -62 m SEK20222023: 3,233 m SEK2023: EBIT -58 m SEK20232024: 3,516 m SEK2024: EBIT -69 m SEK20242025: 2,957 m SEK2025: EBIT -74 m SEK20252,957-74
RevenueOperating profit (EBIT)
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Business

Share of revenue
Property management55 %

Ongoing ownership, operation and leasing of income-producing properties.

Office properties30 %

Office space and workplace environments in major Swedish growth areas.

Retail and service premises10 %

Retail, restaurants and other customer-facing premises in mixed-use districts.

Project development5 %

Development of new buildings and district projects for future leasing and value creation.

Customers

Atrium Ljungberg’s customers are tenants that lease space in its properties, especially office occupiers, retailers and service operators. The company also serves public-sector and institutional tenants, along with organizations that need space in well-connected urban districts with access to transport, amenities and mixed-use environments.

Office tenants

Companies leasing office space in Stockholm, Uppsala, Gothenburg and Malmö for central, high-quality workplaces

Retail and service tenants

Shops, restaurants and service operators leasing premises in mixed-use districts to capture local traffic

Public-sector and institutional tenants

Municipalities, agencies and institutions leasing space for stable, long-duration occupancy

Education, culture and healthcare tenants

Operators leasing specialized premises in district developments with community functions

Residential tenants

Households leasing apartments in selected mixed-use projects and districts

Strategy

Atrium Ljungberg’s strategy is to own and develop large, contiguous urban areas where it can combine property management with long-horizon project development. The company emphasizes mixed-use districts, sustainability-led urban design and strong locations in Sweden’s largest growth regions to support tenant retention and long-term value creation.

Concentrate capital in strong urban growth locationsMedium term

Prime locations support tenant demand, leasing stability and long-term asset value.

Develop mixed-use districts with multiple tenant typesMedium term

A broader tenant mix reduces dependence on any single use and strengthens place-making.

Maintain active property management and leasing qualityShort term

Stable occupancy and tenant relationships are central to recurring property income.

Advance sustainability and climate targetsLong term

Sustainability is embedded in the company’s district model and supports long-term competitiveness.

Geography

The company’s core operations are in Sweden, with properties concentrated in Stockholm, Uppsala, Gothenburg and Malmö. Its development strategy is especially focused on four Stockholm districts: Sickla, Slakthusområdet, Hagastaden and Slussen, which anchor its urban district model and shape tenant demand.

Risks

The main business risks are leasing demand, property valuation, project execution and financing, all of which are sensitive to market conditions and interest rates. As a property owner with large asset values and development exposure, the company is also exposed to vacancy risk, construction risk, valuation swings and changes in borrowing costs.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Leasing and occupancy risk1Property valuation risk2Project execution risk3Financing and interest-rate risk4Geographic concentration risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Leasing and occupancy riskImpact: HighLikelihood: Medium

    Rental income depends on keeping space let across office, retail and mixed-use assets.

    Exposure: Tenant demand in growth-region submarkets

  2. Property valuation riskImpact: HighLikelihood: Medium

    Reported asset values are sensitive to yield assumptions and market pricing.

    Exposure: SEK 61.6 billion property portfolio

  3. Project execution riskImpact: HighLikelihood: Medium

    Development projects can face delays, cost inflation and permitting complexity.

    Exposure: District development in Stockholm and other growth areas

  4. Financing and interest-rate riskImpact: HighLikelihood: Low

    A leveraged property model is exposed to refinancing costs and covenant headroom.

    Exposure: Loan-to-value and interest coverage constraints

  5. Geographic concentration riskImpact: MediumLikelihood: Low

    The portfolio is concentrated in a few Swedish urban markets, so local downturns matter.

    ExposureStockholmUppsalaGothenburgMalmö
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Accounting

Judgemental items
Fair value measurement of investment properties

Property revaluations can materially change profit before tax and equity without cash impact.

Impact: Market yield and valuation assumptions

Derivative and hedge accounting

Interest-rate swaps and embedded options create fair value movements in finance costs.

Impact: Net financial expenses and balance sheet liabilities

Seasonality in operating costs

Heating and maintenance costs are typically higher in the first and last quarters.

Impact: Quarterly operating surplus comparability

Development property classification

Projects under development are separated from investment properties and can change as projects progress.

Impact: Balance sheet composition and valuation gains/losses

Deferred tax on property values

Tax effects depend on property valuation changes and tax-efficient disposal assumptions.

Impact: Reported tax expense and net profit

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Last updated: 24/09/2026