Our 'BBB-' long-term issuer rating on Sweden-based commercial property manager Platzer Fastigheter Holding AB (publ) and the stable outlook on the rating are unchanged following the announcement that the company has initiated a SEK 200m share repurchase programme.
On 17 Apr. 2026, Platzer announced plans to repurchase SEK 200m of its own shares, following the repurchase of SEK 95m in shares from the SEK 100m programme announced in Dec. 2025. The new programme will run for the next 12 months, with repurchase volumes and timing expected to keep the LTV ratio below our negative rating driver of 50%, based on our calculations. We believe the company will consider capital expenditure and net liquidity from property-related transactions as it executes the repurchase programme.
Following the announcement, we now anticipate SEK 255m in total share repurchases for 2026 including SEK 55m purchased in Q1 this year from last year's announcement. This is expected to maintain sufficient headroom relative to our rating drivers. We project capital expenditures of approximately SEK 550m in 2026, increasing to SEK 600m annually in 2027 and 2028. As a result, we expect NCR-adjusted EBITDA/net interest of 2.6–2.7x and net LTV of 46–49% through 2028. We anticipate the company will cancel the repurchased shares rather than use them for transactions, resulting in lower cash flow retention. We project net debt/EBITDA rising to 11.5–11.7x through 2028.
Otherwise, the company's financial performance remains consistent with prior expectations, including benefits to net interest coverage following the refinancing of a significant portion of debt on more favourable terms. However, Platzer incurred higher weather-related costs and an increase in vacancies in the first quarter of 2026, in line with our expectation for lower EBITDA margins in 2026. Positive net letting in recent quarters and growth in rental levels on renegotiated contracts indicate recovering demand for office space, although the office rental market remains challenging.
This commentary does not constitute a rating action.
Contacts:
Elisabeth Adebäck, analyst, +46700442775, elisabeth.adeback@nordiccreditrating.com
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com