Acrinova AB Class B (ACRI.B) AI Stock Analysis

• Market Cap: kr465.41M
• Dividend Yield: 13.4%
• Average Volume (3M): 57.45K
• Price to Earnings (P/E): 6.7
• Beta (1Y): -0.30
• Revenue Growth: -0.10%
• EPS Growth: 426.11%
• Country: SE
• Employees: 8
• Sector: Services
• Sector Strength: N/A
• Industry: Real Estate - Diversified
• EPS (TTM): 0.39
• Shares Outstanding: 28,498,130
• 10 Day Avg. Volume: 123,430
• 30 Day Avg. Volume: 57,447
• PEG Ratio: 0.14
• Price to Book (P/B): 1.20
• Price to Sales (P/S): 5.23
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: kr11.00 ▲(2.33% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is driven primarily by solid but inconsistent financial performance (profitability offset by revenue decline, leverage history, and volatile cash flows). Valuation adds meaningful support via a moderate P/E and very high dividend yield, while technical indicators point to only modest/soft momentum.

Positive Factors

Profitability & Margins

A pattern of healthy gross and net margins, with a meaningful net margin improvement in 2025, supports durable internal cash generation. Strong margins provide resilience to rental volatility, underpin ongoing ability to cover operating costs and fund maintenance or selective development over months.

Recent Deleveraging

Material reduction in debt in 2025 meaningfully improves financial flexibility and lowers refinancing risk. This stronger capital structure enhances the firm's ability to fund development or absorb tenant vacancies without immediate external funding, improving medium-term balance sheet durability.

Recurring Rental Revenue Model

Core business derives recurring rental income from commercial leases, providing predictable cash flow streams over lease terms. This steady revenue base, combined with property development optionality, supports long-term income generation and strategic portfolio growth without reliance on one-off events.

Negative Factors

Revenue Decline & Momentum

A pronounced revenue decline in 2025 erodes the top-line base that supports margins and distributions. Sustained or recurring revenue contraction can reflect weaker occupancy, rent pressure, or asset disposals, reducing earnings visibility and making multi-month recovery dependent on leasing or portfolio actions.

Volatile Cash Flows

History of deeply negative free cash flow and swings in operating cash flow complicates predictable capital allocation. Persistent volatility raises the risk the company must rely on external financing for capex, maintenance, or dividends, weakening resilience across a 2–6 month horizon or longer.

Historical High Leverage & Balance Sheet Shift Risk

Prior reliance on debt (debt > equity) and a sharp balance-sheet shift in 2025 introduce execution and structural risks. Asset shrinkage and lower equity may signal disposals or write-downs that reduce recurring income capacity and heighten sensitivity to adverse market or refinancing conditions.

Acrinova AB Class B Business Overview & Revenue Model

Company Description

Acrinova AB (publ) owns, develops, and manages real estate properties in southern Sweden. The company offers condominiums, premises for trade and offices, preschools, schools, and nursing homes. It comprises of 27 properties in the Oresund and focuses on properties, such as warehouses and logistics. Acrinova AB (publ) was founded in 2014 and is headquartered in Malmo, Sweden.

How the Company Makes Money

Acrinova generates revenue through several key streams, including the sale of advanced material solutions and technology licensing agreements. The company partners with industries in renewable energy and clean technology sectors, providing tailored solutions that improve operational efficiency and reduce environmental impact. Additionally, Acrinova may earn revenue from research and development contracts with governmental and private entities focused on sustainability initiatives, as well as through collaborations with academic institutions. These partnerships and contracts not only contribute to immediate revenue but also help in positioning Acrinova as a leader in innovative technology solutions.

Acrinova AB Class B Financial Statement Overview

Summary

Profitability is strong overall, but earnings quality is tempered by weakening revenue in 2025 (annual), high historical leverage (despite a sharp 2025 deleveraging), and highly volatile operating/free cash flow including negative periods.

Income Statement

Profitability is strong overall with healthy gross and net margins in most years, and net margin improving meaningfully in 2025 (annual) versus 2024. That said, revenue momentum weakened: revenue declined sharply in 2025 (annual) after modest growth in 2024 and stronger growth in 2022–2023. Results also look volatile year-to-year (including unusually high profit levels in 2021), which lowers confidence in earnings stability.

Balance Sheet

Leverage is the key constraint: debt levels were high in 2022–2024 (debt running above equity), consistent with a leveraged real-estate balance sheet. A major improvement shows up in 2025 (annual) with debt dropping materially and assets shrinking, but equity also declined versus 2024. Overall, the capital structure looks improved recently, but the historical reliance on debt and the step-change in the balance sheet create some risk around consistency and trend durability.

Cash Flow

Cash generation is uneven. Operating cash flow was solid in multiple years (notably 2020–2021 and a very large figure in 2025 (annual)), but there was a negative operating cash flow year in 2022. Free cash flow is particularly volatile, including deeply negative free cash flow in 2022–2023, modestly positive in 2024, and reported as zero in 2025 (annual). The variability suggests cash conversion and spending/investment needs can swing materially from year to year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	128.15M	159.70M	147.08M	130.53M	101.95M
Gross Profit	76.59M	109.32M	100.71M	89.43M	72.61M
EBITDA	39.18M	106.81M	73.76M	55.86M	193.68M
Net Income	59.97M	35.91M	7.76M	79.34M	153.16M
Balance Sheet
Total Assets	1.03B	2.19B	2.16B	2.10B	1.83B
Cash, Cash Equivalents and Short-Term Investments	151.39M	81.15M	43.06M	28.31M	74.66M
Total Debt	401.25M	1.08B	1.09B	995.69M	798.74M
Total Liabilities	471.06M	1.23B	1.22B	1.15B	956.25M
Stockholders Equity	558.81M	962.26M	946.92M	941.29M	874.99M
Cash Flow
Free Cash Flow	0.00	12.53M	-77.69M	-28.75M	70.69M
Operating Cash Flow	337.73M	61.06M	71.23M	-23.76M	79.90M
Investing Cash Flow	218.58M	-87.75M	-149.53M	-204.88M	-635.12M
Financing Cash Flow	-486.07M	64.78M	93.05M	182.30M	582.69M

Acrinova AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ACRI.B, the sentiment is Negative. The current price of 10.75 is below the 20-day moving average (MA) of 10.78, above the 50-day MA of 10.50, and below the 200-day MA of 11.16, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 45.69 is Neutral, neither overbought nor oversold. The STOCH value of 64.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ACRI.B.

Acrinova AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DIOS	67 Neutral	kr9.36B	6.93	6.83%	2.58%	3.27%	―
ACRI.B	65 Neutral	kr465.41M	6.73	―	13.40%	-0.10%	426.11%
ALM	61 Neutral	kr871.42M	-6.62	―	―	-13.30%	―
GREEN	57 Neutral	kr2.25B	20.28	8.53%	―	-0.37%	-39.70%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
TRIAN.B	55 Neutral	kr3.53B	12.17	7.48%	―	2.86%	―