Annual report
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Sveafastigheter Annual Report 2025
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CONTENTS Sveafastigheter in brief 3 The year in brief 4 CEO comments 6 Operations 8 Business model 9 Targets 10 Sustainability as a business driver 11 The Swedish housing market 14 Property portfolio 16 – Property management 16 – New development 19 Annual Report 23 Directors’ report 24 Risk and risk management 29 Corporate governance report 31 Board of Directors 34 Executive management team 36 Consolidated financial statements 38 Notes for the Group 43 Parent Company financial state- ments and notes 66 Board signatures 81 Auditor’s report 82 Sustainability Report 87 Environmental (E) 91 Social (S) 99 Governance (G) 104 In-depth information 107 Auditor’s limited assurance report on the sustainability statement 110 Other Definitions 112 Calculation of key ratios 113 Earnings capacity 116
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18 % 6 % 23 % 33 % Stockholm- Mälardalen Stockholm County Greater Gothenburg Malmö- Öresund Sveafastigheter in brief University cities Other Sveafastigheter owns, manages and develops a range of attractive rental apartments in growth regions across Sweden. Management is characterised by operational efficiency and local presence with a focus on tenants’ wellbeing, local community engagement and strong sustainability efforts. An extensive Stockholm-based development portfolio enables new construction in locations where the demand for residential properties is high and creates profitable organic growth of the management portfolio. 14,929 apartments under management 95% of the management portfolio in metropolitan regions and university cities 787 apartments under construction 93% of the development portfolio in Stockholm-Mälardalen 6,425 apartments in project development 3 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SVEAFASTIGHETER IN BRIEF
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The year in brief Q1 Q3 Q2 • Sveafastigheter wins the Kundkristallen award for the biggest improvement in the service category – validation of the company’s efforts to create safe residential areas where tenants thrive. • Sveafastigheter exercised its option not to proceed with the Krongatan new development project for 178 apartments in Skellefteå. • Green senior unsecured bonds were issued under the MTN programme, corresponding to a total of SEK 1,300m through two issues. • Early redemption of the company’s outstanding SEK 412.5m bond was done. • Sveafastigheter included in the EPRA index from 22 September, increasing the company’s exposure to international investors. • Credit rating of BBB- with Positive Outlook from Fitch Ratings was received, confirming the company’s financial stability. • The MTN programme and green bond fra- mework were established and senior unsecu- red bonds totalling SEK 1,200m were issued under the programme. • Following the change of listing from Nasdaq First North Premier Growth Market, trading in Sveafastigheter shares on Nasdaq Stock- holm’s main list began on 18 June. • T wo properties in Stockholm were acquired for an agreed property value of SEK 230m. The properties comprise 137 apartments with an annual rental value of SEK 16.2m. • In Nacka, construction started on 87 apart- ments with an estimated annual rental value at completion of SEK 14.4m. Move-in is schedu- led for mid-2027 . Q4 • An existing SEK 1,000m credit facility and a secured loan of SEK 481.5m maturing in 2026 were extended until 2028. • In Västerås, construction started on 131 apartments with an estimated annual net operating income at completion of SEK 18m. The first residents are expected to move in during 2027 . • A land allocation was obtained for 120 rental apartments in central Tullinge. • An agreement was entered into with KlaraBo for an exchange transaction with a total property value of SEK 2.1bn, comprising 1,231 apartments. Through this deal, Sveafastigheter is expanding its presence in six municipalities and leaving five municipalities. 4 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SVEAFASTIGHETER IN BRIEF
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KEY RATIOS 2025 2024 Rental income, SEKm 1,536 1,361 Net operating income, SEKm 1,010 860 Profit from property management, SEKm 376 160 Profit from property management per share, SEK 1.88 1.16 Value change investment properties, SEKm -243 -1,188 Profit/loss for the year, SEKm 84 -1,125 Earnings per share, SEK 0.42 -8.15 NOI margin, % 65.7 63.2 NOI margin incl. property administration, % 60.3 55.7 Occupancy rate, % 95.3 94.6 Fair value of properties, SEKm 29,007 28,140 Number of apartments managed 14,929 14,669 Number of apartments currently under construction 787 1,030 Number of apartments in project development 6,425 6,844 Loan-to-value ratio, % 42 42 Interest coverage ratio (12 months), multiple 2.0 2.2 Long-term net asset value, SEKm 16,082 15,898 Long-term net asset value, SEK/share 80.41 79.49 For definitions and calculation of key ratios, see pages 112–115. 2.0 Interest coverage ratio, multiple 80.41 Long-term net asset value per share, SEK 29.0 Property value, SEKbn 42 Loan-to-value ratio, % 1.88 Profit from property management, per share, SEK 1,010 Net operating income, SEKm 5 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SVEAFASTIGHETER IN BRIEF
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During the year, we took over the management of the entire portfolio, transferred our listing to Nasdaq Stockholm’s Main Market, obtained an investment grade rating and success- fully established ourselves in the bond market. T ogether with our operational progress, these milestones reflect strong execution across the organization. At the same time, tenant satisfaction continued to improve, as confirmed by Sveafastigheter receiving the Kundkristallen award for the second consecutive year for the largest increase in tenant satisfaction in the service category. A STRONG OPERATIONAL YEAR Sveafastigheter has a clear operational focus, with a cen- trally managed but locally present property management organization at its core. Managing the entire portfolio in-house is a critical factor for fully realizing the potential of our assets. When we took over the management of the final 5,200 apartments in January, we established the plat- form required for a more unified and efficient management of the entire portfolio. During the year, we saw significant results from these efforts. The occupancy rate increased by 0.7 percentage points, and the NOI margin, including property administra- tion, improved by 4.6 percentage points. At the same time, tenant satisfaction continued to improve. Following an intensive build-up phase, which resulted in non-recurring administrative costs of SEK 28 million during the year, we have now transitioned into an optimization phase. Administrative costs decreased significantly in the third quarter and stabilized in the fourth quarter at a normalized level that is substantially lower than during the establishment period. VALUE-CREATING INVESTMENTS AND ACTIVE CAPITAL ALLOCATION Value-creating investments are a central part of Sveafast- igheter’s strategy. These investments generate attractive returns, strengthen earnings, improve the quality of the property portfolio and create more attractive homes — the- reby driving long-term shareholder value. During the year, we upgraded 254 apartments, generat- ing an initial yield on investment exceeding six percent. We also carried out energy investments of SEK 71 million with returns above ten percent. Our new construction starts are initiated from our own development portfolio, where the average initial yield on investment amounts to 5.3 percent and project margins are approximately 20 percent. CEO comments A year of significant progress 2025 clearly demonstrated that Sveafastigheter’s strategy is working. It was our first full year of operations, and a year in which we took several important steps in the company’s development. At the same time, we improved operational efficiency, strengthened profitability and further enhanced our financial position. Our strategy remains unchanged. Through a clear operational focus, disciplined capital allocation and a solid financial position, we create long-term shareholder value — always with tenant satisfaction at the core. T o strengthen the portfolio’s overall return and improve ope- rational efficiency, we continuously evaluate opportunities to optimize the portfolio through acquisitions and divest- ments. During the year, we acquired income-generating properties in Stockholm and divested properties in Avesta. T owards the end of the year, we also entered into a larger exchange transaction with Klarabo, where Sveafastigheter exited five municipalities while increasing its presence in six others. The transaction was completed in February 2026. During the year, listed residential companies continued to trade at significant discounts to net asset value, includ- ing Sveafastigheter. Under such market conditions, share buybacks represent an attractive capital allocation alterna- tive. In March 2026, Sveafastigheter therefore initiated a share buyback program, as a complement to investments in the existing portfolio and in new construction. A STRONG FINANCIAL POSITION Sveafastigheter’s strong financial position was confirmed in the second quarter when Fitch Ratings assigned the com- pany a BBB- rating with a Positive Outlook. During the year, Sveafastigheter subsequently issued SEK bonds totaling SEK 2.5 billion and redeemed outstanding SEK bond of SEK 412.5 million. In January 2026, an EMTN programme was established, under which unsecured bonds of EUR 300 million were issued. This was followed by the early redemption of out- standing EUR bonds of EUR 111 million. With strong relationships with Nordic banks and the ability to issue bonds in both SEK and EUR markets, Svea- fastigheter has, through diversified funding sources and a broader investor base, created conditions for even more attractive financing. CONTINUED FOCUS ON LONG-TERM VALUE CREATION Our vision is to be Sweden’s best residential property com- pany. Following a year in which we achieved several impor- tant milestones while strengthening both profitability and financial flexibility, we are stronger than ever. With a strong property portfolio, a solid financial position and a skilled and committed team, we will continue to develop Sveafastigheter in line with our strategy — with the ambition to create long-term value for both shareholders and tenants. Erik Hävermark, CEO, Sveafastigheter 6 SVEAFASTIGHETER | ANNUAL REPORT 2025 | CEO COMMENTS
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Operations Vision Sveafastigheter’s vision is to be Sweden’s best housing company. This means the company aims to have and to be: • Sweden’s most satisfied tenants • The best and most satisfied employees in the industry • Sweden’s most sustainable properties • Our stakeholders’ first choice • The industry’s most attractive company to invest in Mission Sveafastigheter’s mission is to develop and manage homes for more people – homes where current and future generations will thrive and feel safe. Business concept Sveafastigheter’s business concept is to own, actively manage and build attractive rental apartments in growth regions across Sweden, focusing on tenants’ wellbeing, the company’s profitability, commitment to the local community and strong sustainability efforts. 8 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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Strategy Sveafastigheter’s strategy is to own, manage and develop residential properties with a long-term perspective, generating stable and increasing cash flows that provide a strong total return over time. Sveafastigheter’s main strategies can be summarised as follows: • Actively incorporate sustainability in all aspects of the business. • Optimise the portfolio to create profitable growth by acquiring or selling individual proper- ties and property portfolios. • Through a balanced capital structure, good liquidity and long-term financing solutions create room to act, even in changing market conditions. • Combine stable returns with controlled risk. • Through internal property management with local support and close customer dialogue, ensure a high degree of service and efficiency through economies of scale. • Through active management, identify revenue-increasing and cost-reducing measures. • Generate profitable growth of the management portfolio through new development projects in attractive locations with strong underlying demand. • Identify, acquire and add value to land with development potential, thereby creating the conditions for future residential development and long-term cash flows. Business model BUSINESS AREA NEW DEVELOPMENT BUSINESS AREA PROPERTY MANAGEMENT PROPERTIES UNDER MANAGEMENT PROJECT DEVELOPMENT SEK 2.0bn 6,425 apts. SEK 1.3bn 787 apts. SEK 25.7bn 14,929 apts. ONGOING CONSTRUCTION PROPERTY PORTFOLIO SEK 29.0bn SVEAFASTIGHETER 9 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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OPERATIONAL TARGETS* FINANCIAL TARGETS* Upgrade at least 2,000 apartments Over time, the loan-to-value ratio should be below 50 percent Obtain/acquire land allocations and building rights for 800 apartments per year Interest coverage ratio should exceed a multiple of 1.5 Start construction of 600–800 apartments per year Debt/EBITDA ratio should not exceed a multiple of 15 NOI margin including property administration should exceed 70 percent within five years Targets Sveafastigheter’s targets define the company’s strategic direction for the five-year period starting from 1 July 2024. The targets provide clear guidance on what the company should achieve in order to create long-term value for both shareholders and tenants, and to reach the company’s vision. 296 apartments 42 % 330 apartments 2.0 multiple 759 apartments 16 multiple 60.3 % * Target follow-up accumulated as of December 31, 2025. 10 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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Sustainability as a business driver Sveafastigheter’s sustainability efforts are integrated into the business and contribute to the company’s long-term value creation and competitiveness. By working sustainably in both new development and the existing portfolio, we create cost-effective solutions and strengthen our attractiveness as a partner and landlord. ENVIRONMENT – REDUCE IMPACT ,EXTEND LIFETIME Sveafastigheter’s focus areas: • Reduce energy consumption and climate impact in the existing portfolio • Develop energy efficiency, smart operation and monitoring • Reduce greenhouse gas emissions by prioriti- sing sustainable materials and solutions in both new development and upgrades • Manage and develop existing properties to give them a long life SOCIAL SUSTAINABILITY – SAFE HOMES AND NEIGHBOURHOODS GOVERNANCE – LONG-TERM APPROACH, TRANSPARENCY AND CONTROL Sveafastigheter’s key areas: • Ensure ethical behaviour by applying codes of conduct for both employees and suppliers • Work to prevent bribery and corruption by pro- viding clear guidelines and a whistleblowing channel • Integrate sustainability efforts into decision-ma- king and follow-up • Risk control and a long-term approach to finan- cing and investments • Transparency towards tenants, investors and municipalities Social sustainability is part of Sveafastigheter’s core business. It involves focusing on: • Safe homes and safe residential areas • Management that is present and accessible • Dialogue with tenants and cooperation with local communities • Measures to enhance wellbeing and safety Access to a home is a basic prerequisite for: • Working and studying • Health and safety • Social stability • Equality and fairness 11 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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Sustainability events during the year WOOD VS CONCRETE Sveafastigheter has initiated a study in which wood and concrete frames are compared in two similar residential buildings that will be developed. The aim is to improve knowledge in the sector concerning the actual sustainability of the materials and to inspire further studies. The study shows that the choice of frame material is complex and is affected by more factors than just climate emissions, such as biodiversity, resource use and a lifecycle perspective. The initiative is seen as a contribution to continued learning about the choice of materials in residential development. WORKING FOR SUSTAINABLE CONSTRUCTION Sveafastigheter has begun collaborating with a contractor and a concrete supplier to minimise concrete waste on construction sites, with the aims of reducing climate impact, contributing fur- ther to a circular economy and lowering construc- tion costs. Careful planning, clear procedures and increased digitalisation can enable surplus con - crete to be reused on site or returned to the con- crete factory. This approach has already halved the amount of waste compared to the industry average and the target is to achieve zero concrete waste. In future, Sveafastigheter will require this approach in all construction projects. SAFE HOMES FOR VULNERABLE GROUPS Sveafastigheter has joined Unizon’s housing bank to facilitate access to safe housing for women and children who have been subjected to violence. The collaboration gives this particularly vulnerable group priority access to Sveafastigheter’s apart- ments, contributing to a safe transition from shelte- red housing to a permanent home. The partnership is part of Sveafastigheter’s efforts to contribute to a safer and more equal society. • 12 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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PILOT PROGRAMME FOR INCREASED ACCESS TO HOUSING Sveafastigheter has initiated a pilot programme where documented rent payment history is given more importance than income in the risk assess- ment when letting. The pilot programme is imple- mented in around 40 percent of the portfolio, cor- responding to around 6,000 apartments in seven municipalities. The aim is to widen access to safe, long-term housing while evaluating new rental models. The initiative aims to lower the thresholds to the housing market and contribute to social sustainability while also achieving a more efficient letting process and an increased occupancy rate in the portfolio. NEW SBTI CLIMATE TARGETS In 2025, Sveafastigheter adopted emissions tar- gets based on the Buildings Criteria published by the Science Based Targets initiative (SBTi). The targets, which cover parts of scopes 1, 2 and 3*, are expected to be validated by SBTi in 2026. The framework is particularly relevant to the property sector and contributes to a scientifically based transition with high climate ambitions. * Scope 1 covers the company’s own direct emissions, scope 2 emissions from purchased energy such as electricity and heat, and scope 3 all other indirect emis- sions in the value chain, for example from materials, transport and use of products. INITIATIVES TO INCREASE SAFETY FOR TENANTS In 2024, Sveafastigheter identified an increase in perce- ived lack of safety among tenants in Rimbo through its annual safety survey. Specific safety measures and refur- bishment were carried out together with tenants and the Swedish Union of T enants (Hyresgästföreningen). These efforts resulted in clear improvements in the 2025 safety survey, with increased perceived safety and an improved service index. The efforts will be evaluated with support from Brå, the Swedish National Council for Crime Pre - vention. The lessons learnt and the resulting knowledge will be integrated in to the management organisation’s working methods. • 13 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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POPULATION GROWTH The population of Sweden has increased noticeably over the past decade, from 9.8 million inhabitants in 2015 to 10.6 million in 2024, corresponding to annual growth of 0.8 percent. Around 88 percent of the population live in urban areas or adjacent to large labour market regions, which is also where population growth has been strongest. Sweden is expected to have a population increase of around 24 percent by the year 2100, while it is estimated that the population of Europe as a whole will decrease**. Combined with continued strong urbanisation, this means long-term high demand for housing in Sveafastigheter’s markets. INCOMES AND LABOUR MARKET Incomes have developed in line with population growth, with larger urban areas having demonstrated a higher aver- age increase in income than the country as a whole. Over time, demand for labour has been concentrated on cities, while commuting has also increased. T oday, around one in three employed workers commutes across a municipal boundary on a daily basis, partly as a result of the housing shortage in major cities. The increase in commuting has extended labour markets across municipal boundaries, particularly benefitting regions that are close to strong labour markets – and thus also demand for Sveafastighe- ter’s homes. SWEDISH RENT REGULATION SUPPORTS PREDICTABLE CASH FLOWS The Swedish rental market is regulated, meaning that rents are not set based on supply and demand to the same extent as in an unregulated market. Rents for both exis- ting and newly built housing stock are mainly determined through negotiation with the Swedish Union of T enants. T o encourage new development, a system of ‘presumptive rents’ was introduced around 20 years ago: for a limited period, rents can be set based on development costs, thereby supplementing the traditional utility value system. Despite this reform, the regulated system has historically limited the number of construction starts, as new deve- lopment costings have often been difficult to realise when rents could not be set at levels corresponding to market demand. In combination with long-term urbanisation and a structural housing shortage, developments in real wages and costs, including energy, have contributed to rental growth in the portfolio exceeding inflation over time. Mor- eover, rents have not been lowered in any single year since the regulated rental system was introduced more than 50 years ago. * Source: Statistics Sweden, Statistical Database. The average population growth for the regions in which Sveafastigheter operates has been calculated by weighting the population growth in the cities where Sveafastigheter’s properties are located in relation to the estimated total value of Sveafastigheter’s properties in each city. ** Source: Statistics Sweden. The Swedish housing market The Swedish rental market continues to be characterised by a significant housing shortage and historically low residential construction. At the same time, lower population growth, continued urbanisation and pressure on household finances have changed market conditions. Despite this, there is still strong demand for rental housing, especially in the metropolitan regions and associated commuting municipalities. POPULATION GROWTH 2014–2024 * INDEXED TO 100 AS AT YEAR 1991** 0 % 5 % 10 % 15 % 20 % SwedenSveafastigheter 8.6 % 10.8 % CPI Average annual rent per sq.m. Nominal salary 0 % 5 % 10 % 15 % 20 % 202320192015201120072003199919951991 2.8x 2.5x 1.8x 14 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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* Based on data from SEB, Morgan Stanley Capital International, Nasdaq, Macrobond and the Riksbank. TOTAL RETURN FOR SWEDISH RESIDENTIAL PROPERTIES SINCE 1987 Between 1987 and 2023, Swedish residential properties delivered a total return of approximately 2,950 percent on an unleveraged basis, corresponding to an average annual return of around 10 percent. Over the same period the Stockholm Stock Exchange, measured as the SIX Return Index including dividends, has returned approxima- tely 6,000 percent, corresponding to an annual return of around 12 percent. Adjusted for risk, Swedish residential properties have, over time, delivered higher returns than both the equity market and the broader property index, highlighting the asset class’s attractive risk-return profile. TOTAL RETURN SINCE 1987 * SHARPE RATIO 1987–2023 0 % 1,000 % 2,000 % 1987 1990 2000 2005 2010 2015 2020 20231995 3,000 % 4,000 % 5,000 % 6,000 % 7 ,000 % 8,000 % Residentials (unlevered) Swedish residentials has generated a total return of approximately 3,000 percent since 1987 Index = 100. T otal return over period 1987–2023. Total property (unlevered) SIX Return Index (levered incl. dividends) Sweden /one.case/zero.caseY Government bond ~6,000 % ~2,950 % ~1,350 % ~420 % 0.0 % 0.1 % 0.2 % 0.3 % 0.4 % 0.5 % 0.6 % 0.7 % 0.8 % Sweden /one.case/zero.caseY Government bond SIX Return Index Total property (unlevered) Residentials (unlevered) 0.65 0.37 0.42 0.08 Presence in strong labour markets that support long-term growth – enabling rental growth with a low vacancy rate Percentage of population within 45 minutes of a city with >50,000 residents 75–100% 50–70% 25–50% 0–25% Sveafastigheter’s presence 15 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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OCCUPANCY RATE % Property management Sveafastigheter owns and manages long-term rental apartments with a value of SEK 25.7bn. Management is based on local presence and commitment. Sveafastigheter has an internal property management orga- nisation that is based on local presence, in which close relationships with tenants are an important part of the management strategy. The properties under management consist of both acquired and self-developed residential properties, spread across four main markets. 95 percent of the portfolio is located in Sweden’s three metropolitan regions and university cities. The portfolio consists of 14,929 apartments properties with a total lettable area of 1,011 k sqm. The company is wor- king actively to improve the occupancy rate, which stood at 95.3 percent at the end of the year. Apartment upgrades based on the company’s Hemlyft concept create attractive homes of good quality with high profitability. In addition to this, the company is continu - ing to invest in energy saving measures to reduce energy consumption. Property portfolio Sveafastigheter’s portfolio is located in growth regions across Sweden, focusing on Stockholm- Mälardalen, Malmö-Öresund, Greater Gothenburg and university cities. These markets generally have good growth opportunities and a structural housing deficit as a result of population growth, urbanisation and well-functioning labour markets. The property portfolio is split into two business areas: Property management and New development. PROPERTIES UNDER MANAGEMENT BY MARKET Number Fair value Rental value Apts. SEKm SEK/ sqm SEKm SEK/ sqm Stockholm- Mälardalen 3,875 8,489 33,197 511 1,999 University cities 6,361 9,788 23,219 654 1,552 Malmö-Öresund 2,680 4,538 23,289 293 1,503 Greater Gothenburg 882 1,491 24,575 94 1,549 Other 1,131 1,395 17 ,891 119 1,529 Total 14,929 25,702 25,427 1,672 1,654 93.0 93.5 94.0 94.5 95.0 95.5 96.0 94.3 % Q/two.caseQ/three.caseQ/four.case Q/two.case 2024 2025 Q/three.caseQ/four.caseQ/one.case 94.7 % 94.6 % 94.9 % 95.0 % 95.7 % 95.3 % 10 LARGEST LOCATIONS Municipality Fair value, SEKm Share of portfolio, % Stockholm County 5,992 23 Linköping 2,668 10 Skellefteå 2,150 8 Västerås 1,682 7 Helsingborg 1,505 6 Höganäs 1,233 5 Umeå 995 4 Borås 956 4 Falun 847 3 Karlskrona 696 3 Total 18,724 73 16 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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INVESTMENTS, SEKM Apartment upgrades Other investments Total investments SEK 144m SEK 71m SEK 52m SEK 267m Energy projects Yield on investment > 10 %Yield on investment > 6 % SVEAFASTIGHETER WINS THE KUNDKRISTALLEN AWARD FOR THE SECOND CONSECUTIVE YEAR Sveafastigheter’s systematic property management – based on the focus areas of intact, clean, tidy and safe – is producing results in the form of well-ma- intained properties and more satisfied tenants. The work has also been recognised in AktivBo’s Kund- kristallen competition, where Sveafastigheter has received the award for the biggest improvement in service for the second year in a row. THE UPGRADE PROCESS – AN OVERVIEW HEML YFT – HOW THE APARTMENTS ARE UPGRADED TO LAST FOR GENERATIONS Sveafastigheter performs apartment upgrades under its Hemlyft concept. The upgrades deliver a higher stan - dard and make the properties more attractive to tenants, leading in turn to higher rents and net operating income, and consequently a higher property value. By employing a standardised upgrade process and col- laborating with local contractors, we ensure high quality, meet the tenants’ needs and strengthen the yield. The rent is negotiated before work on the upgrade starts. The upgrade process generally takes from four to six weeks, depending on scope. During this period the apartment is reported as vacant. The work has a clear focus on sustai- nability. Materials with a low climate impact are prioritised, and waste is reduced by reusing some building materials in the next upgrade. Read more about the sustainability efforts on pages 87–109. Svefastigheter’s objective is to carry out at least 2,000 Hemlyft upgrades by the end of the second quarter of 2029, measured from 1 July 2024. Up until the end of 2025, 296 upgrades had been completed, including 254 in 2025, with a yield on investment exceeding 6 percent. 1 2 3 4 5 6 7 8 9 10 Analysis of qualification for upgrade T enant gives notice to end tenancy Assessment of qualification for upgrade Upgrade after tenant has moved out Decision on investment Upgrade 4–6 weeks Engage contractors according to framework agreement T enant moves in Advance inspection Inspection Rent increa- se All materials delivered in one container Efficiently packed in the right order Satisfied customers and easier to let >6% Yield on investments in 2025 17 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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INVESTMENTS TO REDUCE ENERGY CONSUMPTION Sveafastigheter’s goal is to reduce energy consumption in the property portfolio, with the aim of increasing the yield and reducing the company’s climate impact. During 2025, a total of SEK 71m has been invested in energy-saving projects, including the installation of solar panels and the digitalisation of the properties, with a yield on investment exceeding 10 percent. Artificial intelligence (AI) has been installed in the building substations of 100 properties during the year. Control using AI achieves a more consistent indoor climate, while at the same time reducing total energy consumption and lowering operating costs. >10% Yield on investments in 2025 KVARNHÖJDEN 1, KARLSKRONA Replacement of fans for energy recovery from outgoing air, replacement of control equipment, wastewater recycling Year built 1968 Number of apartments 96 Investment SEK 6.5m Saving SEK 0.5m Yield, % 8 MÖRRUM 84:2, MÖRRUM Installation of new heating plants and heat pump, replacement of control equipment, replacement of outgoing air fans Year built 1966 Number of apartments 127 Investment SEK 4.8m Saving SEK 0.5m Yield, % 10 100 PROPERTIES, AI for control of the indoor climate Year built Mixed Number of apartments approx. 11,000 Investment SEK 30.8m Saving SEK 3.6m Yield, % 12 EXAMPLES OF INVESTMENTS TO REDUCE ENERGY CONSUMPTION 18 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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Sveafastigheter develops high-quality and modern housing with a focus on municipalities with population growth and a good employment rate. The portfolio, which is mainly located in the Stockholm-Mälardalen region, has a clear focus on Stockholm. Work within new development is characterised by a strong focus on sustainable, qualitative and economic aspects. The company’s aim, through the use of good cost control, is to deliver buildings of good, high-quality architectural design, while also ensuring that the types of apartment reflect demand in the local market. In construction, mate- rials of high quality and modern energy solutions are used to enable long-term sustainable management. Sveafastigheter has a roadmap for gradually reducing the environmental impact of construction, such as by designing optimised frames and using eco-friendly concrete. WELL-ESTABLISHED PLATFORM FOR NEW DEVELOPMENT The new development process is standardised so as to manage all phases of the projects efficiently, from detai- led zoning to completed construction, thereby providing quality assurance as well as shortening the lead times and the overall time for project implementation. Sveafastigheter has a strong platform for new develop- ment thanks to its internal project organisation, which ope- rates in a process-driven manner. This ensures buildings that last for generations, as the new development team is involved from initial concept to finished building. The property management organisation is also involved from an early stage. New development Sveafastigheter’s new development covers properties under construction, as well as properties in project development and building rights with a value of SEK 3.3bn. THE PROJECT PROCESS – AN OVERVIEW Completion MARKET ANAL YSIS AND DECISIONS ON LAND ACQUISITIONS Decisions on land acquisi- tions are based on market analysis, identified circum- stances and requirements of municipalities and other key stakeholders, and the prevailing demand on the market. Property management takes over after completion PROJECT PLANNING The analysis of requirements and market trends provides ideas about how the project should be designed in order to be attractive and profitable. Each project is evaluated to ensure that important social values are provided and enhanced on site. PROJECT DESIGN Working in collaboration with architects and technical consultants, projects are developed that meet spe- cified demands for quality, sustainability and feasibility. In conjunction with procure- ment, meticulous checks are performed to ensure financi- al stability at the contractor, to secure achievability as well as to safeguard work on quality, the environment and health and safety. NEW DEVELOPMENT Stringent demands are stipulated for a coordinated and safe construction process. The collaboration with the contractor is crucial in order to delivery high quality, ensure an efficient construction process, a good working environment and low levels of environ- mental and climate impact. All housing is inspected by an independent inspection team to ensure that the completed homes are free from errors and that they are of the right quality. MOVE-IN Move-in takes place according to a defined process, with a focus on clear information and a positive experience for the tenant. 1 32 Land acquisitions Project development Construction and completion 19 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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ONGOING CONSTRUCTION PER MARKET No. of apts. Estimated property value at comple- tion* Rental value Net operating income** Investment, SEKm Fair value Yield on invest- ment Projects Municipality SEKm SEK/ sqm SEKm SEK/ sqm SEKm Estima- ted Accumu- lated SEKm % Com- pletion Solhusen Nacka 147 439 56,127 25 3,226 19 354 267 334 5.4 Apr 26 Enhörningen Stockholm 216 720 61,004 37 3,159 32 642 515 562 4.9 Jul 26 Årby Norra I and II (Notarien) Eskilstuna 206 450 38,794 27 2,324 22 621 413 230 3.6 Mar 27 Gamla Landsvägen Nacka 87 267 61,772 15 3,360 11 222 24 65 5.1 Jun ’27 Oxbacken Västerås 131 389 50,224 22 2,780 18 345 67 102 5.3 Apr 28 Total 787 2,265 52,319 126 2,900 103 2,184 1,285 1,294 4.7 * According to current external valuation ** Including land lease payments where applicable and an assumed vacancy rate of two percent. Sveafastigheter’s properties under construction are all located in the Stockholm-Mälardalen region – the strong- est growth region in Sweden. Sveafastigheter’s goal is to start the construction of 600–800 apartments each year up until the second quarter of 2029. Construction began on 87 apartments in Nacka and 131 apartments in Västerås during the year. Sveafastigheter has five ongoing new development pro- jects at the end of the year, covering a total of 787 apart- ments. The Solhusen project in Nacka and the Enhörningen project in Stockholm reached important milestones during the year, with residents moving in to the first phase of the projects in early 2026. The company exercised its option not to complete the Krongatan project in Skellefteå during the year. Since the autumn of 2024, Sveafastigheter has been involved in an ongoing dispute with the contractor for the Notarien project in Eskilstuna. The agreement with the contractor was cancelled during the year, and Sveafast- igheter has decided to continue construction with a new contractor. The project’s estimated investment has been adjusted upwards by SEK 177m, mainly attributable to costs for rectifying earlier faults as well as additional production costs. Properties under construction Through new construction, Sveafastigheter is generating profitable, organic growth in markets where there is strong underlying demand for housing. CONSTRUCTION STARTED AND COMPLETED, NUMBER OF APARTMENTS 0 100 200 300 400 500 600 700 218 403 363 576 Construction started Last 12 months Number Expected in coming 12 months Construction completed 20 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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PROJECT DEVELOPMENT BY MARKET Number Estimated property value at completion* Rental value Net operating income** Total invest- ment Fair value Yield on investment Rental apartments Apts. Sqm GFA SEKm SEK/sqm SEKm SEK/sqm SEKm SEKm SEKm SEK/ sqm GFA % Stockholm-Mälardalen 4,386 320,541 13,958 57,495 738 3,041 611 11,437 1,965 6,130 5.3 University cities 761 50,692 1,477 38,992 97 2,568 80 1,543 5 89 5.2 Total rental apartments 5,147 371,233 15,435 54,998 836 2,977 692 12,980 1,969 5,305 5.3 Tenant-owned residential units Stockholm-Mälardalen 1,278 95,635 5,568 77,857 - - - - 34 - - Total project development 6,425 466,868 21,003 59,640 836 2,977 692 12,980 2,003 5,305 5.3 * According to current external valuation. ** Including relevant land lease payments and an assumed vacancy rate of two percent. PROJECT DEVELOPMENT Sveafastigheter is actively involved throughout the zoning process – from the early stages of the process through to fully developed building rights. Identifying, acquiring and adding value to land with development potential creates the conditions for future housing production and long-term cash flow. The development portfolio comprises a total of 6,425 apartments, consisting of 5,147 rental apartments plus 1,278 tenant-owned residential units and properties that will be owner-occupied. The development portfolio is a strategic component of the company’s value creation and strengthens the company’s return on equity. 93 percent of the development portfolio is located in the Stockholm-Mä- lardalen region, 87 percent in Stockholm County and 47 percent in the City of Stockholm. The rental apartment pro- jects are expected to generate an average yield on invest- ment of 5.3 percent and a project margin of approximately 20 percent. At the management stage, the properties are expected to deliver an average NOI margin in excess of 85 percent. Sveafastigheter’s aim is to obtain/acquire land alloca- tions for 800 apartments a year up until the second quar- ter of 2029. During the year, the company obtained a land allocation for 120 apartments in central Tullinge, Botkyrka. After the end of the year, the company was allotted buil- ding rights for two projects in Nacka totalling approximately 260 apartments. In addition, Sveafastigheter was named as the anchor developer for the Silokvarteren district in central Västerås and was awarded land allocations for at least 10,000 sqm GFA. Properties in project development and building rights With an extensive development portfolio located primarily in the Stockholm region, Sveafastigheter is in a strong position to continue growing with good profitability levels through new development. BUILDING RIGHTS Within properties under management there is potential to develop building rights through densification within and adja- cent to the properties. For example, parking areas that are not currently used or changing spaces to a more efficient use can create the potential to develop new apartments. T oday Sveafastigheter has 350,000 sqm gross floor area (GFA) in its building rights portfolio, of which 143,000 sqm GFA has gained legal force. The 350,000 sqm GFA inclu- des project development and building rights amounting to 11,000 sqm GFA with a fair value of SEK 8m, which are not included in the table below. When it is decided that a buil- ding right is to be actively prepared for future construction, it is reclassified as project development. PROJECT DEVELOPMENT , RENTAL APARTMENTS Total investment Estimated value at completion +20% SEK 15,435m SEK 12,980m Project margin Yield on investment 5.3% 21 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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GAMLA LANDS VÄGEN, NACKA • 87 apartments • Area with good access to services and public communications • The project is being built to Miljöbyggnad Silver standard • Estimated to provide SEK 14m in annual rental value on completion • First tenants expected to move in during 2027 OXBACKEN, VÄSTERÅS • 131 apartments • The project will link Västerås city centre with central Oxbacken • Bricks from the previous building will be reu- sed • Estimated to provide SEK 21m in annual rental value on completion • First tenants expected to move in during 2027 T wo construction starts during the year Completed project – Näckrosen neighbourhood Total investment Value increase three quarters after comple- tion Fair value at completion Q3 2024 +7% Project profit Construction phase Project phase Fair value Q2 2025 +16% Occupancy rate 76.7% Occupancy rate 98.9% IRR 23%* * Based on Sveafastigheter’s loan-to-value ratio of 42 percent and average interest rate of 3.35 percent. Project profits are recognised in accordance with applicable accounting principles. • The project has generated an esti- mated IRR of 23 percent • 367 apartments, an assisted living facility and a nursery school • Construction started in 2021, with completion in the third quarter of 2024 Sveafastigheter estimates that normalised occupancy rates are generally achieved three quarters after completion • 5 minutes’ walk to a commuter sta- tion that takes you to Stockholm city centre in 30 minutes • 40 percent lower carbon emissions from the structural frame compared with traditional methods Achieved through the use of optimised structural frames, recycled rein- forcement and climate-enhanced concrete 22 SVEAFASTIGHETER | ANNUAL REPORT 2025 | BUSINESS MODEL AND OPERATIONS
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Annual Report CONTENTS XX Directors’ report 24 Consolidated earnings 24 Property portfolio 25 Financing 26 Shares and shareholders 28 Risk and risk management 29 Corporate governance report 31 Board of Directors 34 Executive management team 36 Consolidated financial statements 38 Notes for the Group 43 Parent Company financial statements 66 Notes for the Parent Company 70 Board signatures 81 Auditor’s report 82 23 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DIRECTORS’ REPORT
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The Board of Directors and the Chief Executive Officer of Sveafastigheter AB (publ), corporate identity number 559449-4329, hereby submit the financial statements for the Parent Company and the Group for the 2025 financi- al year. Figures in parentheses refer to the previous year. Amounts are stated in millions of Swedish kronor (SEKm) unless otherwise stated. As a result of rounding up, figures presented may not add up exactly to the total in certain cases, and the percentage figures may deviate from the exact percentages. OPERATIONS The company’s business concept is to own, actively mana- ge and build attractive rental housing in growth regions in Sweden with a focus on tenant satisfaction, the company’s profitability and local community involvement and strong sustainability work. CONSOLIDATED EARNINGS Income Rental income increased during the year by 12.9 percent to SEK 1,536m (1,361). The increase is explained by annual rent adjustments, an improved occupancy rate, an expan- ded portfolio and the completion of projects in both pro- perty management and new development. For comparable portfolio, rental income increased by 4.8 percent for the period. Other income from property management amounting to SEK 54m relates to fees attributable to an external pro- perty management assignment. For the comparative year, the figure was SEK 60m, of which SEK 48m is attributable to the external management assignment and SEK 12m to fees for services performed for the joint venture that was dissolved in the second quarter of 2024. Property expenses and net operating income Property expenses for the year were SEK -526m (-500), an increase of 5.2 percent. The increase is mainly explained by the expanded portfolio but also, among other things, by increased costs for tariff-based services as a result of sub- stantial price increases for district heating and water. Net operating income increased by 17 .4 percent and amounted to SEK 1,010m (860) for the year. On a comparable port- folio basis, net operating income for the year increased by 7 .4 percent. The NOI margin for the year was 65.7 percent (63.2). The NOI margin including property administration was 60.3 percent (55.7) for the year. The improved NOI margin is due to rental income having increased more than costs. Administration Administration costs for the year amounted to SEK -286m (-319), of which SEK -84m (-102) relates to property adminis- tration and SEK -202m (-217) relates to central administration. Central administration also includes costs related to the external property management assignment amounting to SEK -45m. For the comparative year, the costs amount to SEK -54m, of which SEK -11m relates to costs attributable to services provided for the joint venture that was dissolved in the second quarter of 2024. Non-recurring costs of SEK -28m (-61) for the year have been charged to central administration, relating to the for- mation of the organisation, the initial listing and the change of listing to Nasdaq Stockholm in the second quarter of 2025. Profit from property management Profit from property management amounted to SEK 376m (160) for the year, which is SEK 1.88 (1.16) per share. The increase is due to improved net operating income, lower administration costs and lower interest expense during the year. Changes in property value Value changes for the properties were SEK -243m (-1,188) during the year, of which SEK -263m (-1,188) were unrealised changes in value. Realised value changes amount to SEK 20m for the year. The largest item is a positive adjustment of SEK 24m in connection with previously completed sales. For additional information on valuation see Note 14, In- vestment properties. Interest income and interest expense Interest income for the year amounted to SEK 8m (8). Interest expense to credit institutions amounted to SEK -388m (-308) for the year. Other interest expense for the year amounted to SEK -1m (-1). In the comparative year, there was also interest expense to owners of SEK -165m. Other financial expenses for the year amounted to SEK -12m (-17). Value changes in financial instruments Value changes in financial instruments amounted to SEK -22m (-40) for the year. Of this, SEK -10m (-26) is for reali- sed changes in the value of financial instruments, while the remainder is for unrealised changes in value. The compa- rative year also includes changes in the fair value of listed shares of SEK -21m; the shares were divested in 2024. Bonds in euros are hedged through a currency derivati- ve that essentially eliminates the impact of exchange rate differences on profit/loss. Tax and net profit/loss for the year Tax for the period amounted to SEK -25m (-106), of which SEK -14m (-85) is current tax and SEK -12m (-21) is defer- red tax. The deferred tax is attributable to changes in the value of properties and financial instruments as well as the utilisation of loss carryforwards. Profit/loss for the year amounted to SEK 84m (-1,125), which is SEK 0.42 (-8.15) per share, before and after dil- ution. Directors’ report 24 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DIRECTORS’ REPORT
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PROPERTY PORTFOLIO As of 31 December 2025, the fair value of the portfolio amounted to SEK 29.0bn (28.1), distributed across proper- ties under management at SEK 25.7bn (24.8), properties under construction at SEK 1.3bn (1.2), and project deve- lopment and building rights at SEK 2.0bn (2.2). Properties under management Properties under management comprise both acquired and self-developed residential properties, spread across four main markets, with 95 percent of the portfolio located in Sweden’s three metropolitan regions or in university cities. The portfolio consists of 14,929 (14,669) apartments with a total lettable area of 1,011 (1,003) k sqm and a rental value of SEK 1,672m (1,594). The occupancy rate at the end of the year was 95.3 percent (94.6). During the year, investments of SEK 300m were made in properties under management. The investments are mainly attributable to apartment upgrades under the Hemlyft pro- gramme and to energy-saving measures. T wo properties in Stockholm with an agreed property value of SEK 230m and an annual rental value of around SEK 16m, spread across 137 rental apartments, were ac- quired during the year. At the end of the year, an agreement was entered into with KlaraBo for an exchange transaction with a total pro- perty value of SEK 2.1bn. The acquisition portfolio com- prises 656 apartments. The total lettable area is around 45,000 sqm and the rental value is SEK 69m. The agreed property value is SEK 1,031m, corresponding to around SEK 23,000/sqm. The disposal portfolio comprises 575 apart- ments. The total lettable area is around 45,000 sqm and the rental value is SEK 70m. The agreed property value is SEK 1,103m, corresponding to around SEK 24,800/sqm. Through the deal, Sveafastigheter is strengthening its pre- sence in six municipalities and leaving five municipalities. The transaction took effect after the end of the year. Properties under construction Sveafastigheter’s ongoing construction is focused on the Stockholm-Mälardalen region along with selected universi- ty cities that have a demand for new housing. At year-end there are 787 (1,030) apartments under construction. On completion, the ongoing construction is expected to add a rental value of SEK 126m and SEK 2,265m in property value. The estimated investment amounts to SEK 2,184m, of which SEK 1,285m had been expended at the end of the year. The final project is expected to be completed in the second quarter of 2028. During the year, construction was completed on a total of 283 apartments in Umeå and Skellefteå with a rental value of SEK 22m. In Nacka, construction started on 87 apartments during the year, with an estimated annual rental value at comple- tion of SEK 14m. In Västerås, construction started on 131 apartments with an estimated annual rental value at com- pletion of SEK 21m. During the year Sveafastigheter exercised the option not to proceed with the Krongatan project in Skellefteå, and consequently the project’s 178 apartments have been removed from the portfolio. Properties in project development and building rights Sveafastigheter focuses on developing new homes in the Stockholm-Mälardalen region. A total of 93 percent of the development portfolio is located in the Stockholm-Mälarda- len region. The portfolio comprises a total of 6,425 (6,884) apartments, of which 5,147 are rental apartments and 1,278 are tenant-owned residential rights and ownership rights. During the year, the company obtained a land allocation for 120 apartments in central Tullinge, Botkyrka. At year- end, Sveafastigheter’s building rights portfolio encompas- sed 350,000 sqm gross floor area (GFA), of which 143,000 sqm GFA has gained legal force. 25 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DIRECTORS’ REPORT
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CAPITAL STRUCTURE 0 % 20 % 40 % 60 % 80 % 100 % 41% Net debt 4% Other liabilities 4% Deferred tax and derivatives 50% Equity FINANCIAL KEY RATIOS Target 31 Dec 2025 Interest-bearing liabilities, SEKm 12,740 Interest-rate hedged, % 85 Loan-to-value ratio, % < 50 42 Debt/EBITDA ratio, multiple < 15 16 Debt/EBITDA ratio based on earnings capacity, multiple 14 Interest coverage ratio (12 months), multiple > 1.5 2.0 Average interest rate, % 3.28 Debt maturity, years 2.0 Fixed interest term, years 1.9 Sveafastigheter’s property portfolio of regulated rental apartments has the capacity to generate steady growth in rental income. Combining this with a strong financial po- sition guarantees low risk and long-term financial stability. Sveafastigheter’s financial stability and strong key figures were confirmed in spring 2025 when the company recei- ved an investment grade credit rating of BBB- with Positive Outlook from Fitch Ratings. Sveafastigheter is working to further strengthen its credit rating to BBB. INTEREST-BEARING LIABILITIES Interest-bearing liabilities consist of secured bank loans combined with unsecured bonds. Bank borrowing is di - versified between seven Nordic banks, with which the company is building long-term relationships. During the year, Sveafastigheter established an MTN programme and a Green Bond Framework. Unsecured bonds totalling SEK 2,500m have been issued under the programme during the year. At the end of the year, interest-bearing liabilities amoun- ted to a nominal value of SEK 12,740m (12,146), of which interest-bearing liabilities to credit institutions amounted to SEK 9,041m (10,463) and liabilities to bondholders to SEK 3,700m (1,683). The fair value of the bonds at the end of the year was SEK 3,704m (1,683). Sveafastigheter’s target is for the loan-to-value ratio to be below 50 percent. The loan-to-value ratio at the end of the year was 42 percent (42) and capital maturity was 2.0 years (2.3). Of total interest-bearing liabilities, 26.5 percent (7 .3) is classified as green according to loan agreements or the Green Bond Framework. In time, Sveafastigheter intends to increase the proportion of green financing. The company’s strong and consistent focus on sustainability lays a solid foundation for this. In January 2026, Sveafastigheter established an EMTN programme and issued senior unsecured bonds of EUR 300m with a fixed coupon rate of 4.375 percent maturing in 2031. FINANCING 26 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DIRECTORS’ REPORT
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INTEREST RATE RISK AND INTEREST RATE HEDGES At the end of the year, the interest rate maturity was 1.9 years (2.9). The average interest rate was 3.28 percent (3.27). Sveafastigheter has hedged 85 percent (95) of its debt via interest rate swaps or loans with a fixed interest rate. DERIVATIVES At the end of the year, derivatives amounted to SEK -77m (7) net, of which SEK 12m (33) is reported as an asset and SEK -89m (-26) as a liability. For further information, see Note 17 Financial instruments. LIQUIDITY At the end of the year, Sveafastigheter’s liquidity sources totalled SEK 2,431m, of which SEK 501m relates to cash and cash equivalents and SEK 1,930m to undrawn credit facilities. INTEREST AND CAPITAL MATURITY Interest maturity Capital maturity Maturing in year Nominal amount, SEKm Interest rate, % Share, % Nominal amount, SEKm Share, % 2026 2,543 4.38 20 443 3 2027 5,861 2.30 46 9,058 71 2028 820 3.82 6 1,640 13 2029 3,517 3.98 28 - - 2030 - - - 800 6 > 2031 - - - 800 6 Total/average 12,740 3.28 100 12,740 100 27 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DIRECTORS’ REPORT
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The share (ticker: SVEAF) has been listed on Nasdaq Stockholm since 18 June 2025. The share was previously listed on the Nasdaq First North Growth Market. SHARE CAPITAL Sveafastigheter only has ordinary shares. The num - ber of shares outstanding at the end of the quarter was 200,000,000 and the share capital amounted to SEK 500,000. Each share has a quota value of SEK 0.0025 and carries one vote. The share price on 31 December 2025 was SEK 40.78. The long-term net asset value at the end of the year was SEK 16,082m, which is SEK 80.41 per share. OWNERS AND OWNERSHIP STRUCTURE At the end of the period there were 7 ,000 shareholders in the company. The 10 largest shareholders controlled 81 percent of the capital and votes as at 31 December 2025. Foreign ownership amounted to 21.7 percent of the shares outstanding. DIVIDEND POLICY Sveafastigheter’s overall goal is to add long-term value for its shareholders. This is done by primarily reinvesting profits in properties under management and new development, provided that the investments are judged to generate an attractive return in comparison to alternative uses of the capital. Capital allocation is continuously reviewed with a view to optimising shareholder value over time. As long as the company sees good investment opportu- nities with competitive returns, dividends are expected to be low or absent in the years ahead. DISTRIBUTION OF EARNINGS The Board of Directors proposes that the funds at the company’s disposal amounting to SEK 16,215,805,365 be carried forward to new account. SHARES AND SHAREHOLDERS THE 10 LARGEST SHAREHOLDERS AS AT 31 DECEMBER 2025 Shareholder Number of shares % of votes/ capital Samhällsbyggnads- bolaget i Norden AB 124,300,038 62.2 Aker Capital 15,000,000 7. 5 Länsförsäkringar Fonder 4,721,569 2.4 Skagen Fonder 3,609,161 1.8 Folketrygdfondet 3,321,751 1.7 Weland Holding AB 2,531,645 1.3 Sp-Fund Management 2,300,000 1.2 Atlant Fonder 2,160,000 1.1 Handelsbanken Fonder 2,023,656 1.0 Stiftelsen Riksbankens Jubileumsfond 2,000,000 1.0 10 largest shareholders 161,967 ,820 81.0 Other shareholders 38,032,180 19.0 Total shares outstanding 200,000,000 100 Source: Modular Finance 28 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DIRECTORS’ REPORT
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All business operations are associated with various types of risk that could impact the company’s earnings and fi- nancial position. Properly managed, risks can provide new opportunities and contribute to development, while inade- quate management can lead to lower revenues, increased costs, lower property values or reduced confidence in the company. Risk management is an integral part of Sveafastighe - ter’s control environment and aims to ensure that risks are identified, assessed and managed in a way that is consis- tent with the company’s strategy, business goals and risk appetite. Every year, Sveafastigheter conducts a structured risk assessment with the aim of identifying new risks and up- dating the company’s view of already identified risks. The risks are evaluated based on likelihood, impact and the effectiveness of existing risk measures. Risk is defined as events that threaten to negatively impact the organisation’s ability to achieve its long-term goals. The outcome of the risk assessment is reported to the Audit Committee and Board of Directors, and the risks are followed up on an ongoing basis within the executive ma- nagement team. In addition to the structured risk assessment, the compa- ny’s internal control framework includes several important elements: a strong control environment permeated by ma- nagement commitment and clear accountability structures, systematic control activities to manage identified risks, an effective information and communication structure, and continuous follow-up and monitoring. T ogether, these com- ponents ensure that the risks are managed professionally and responsibly. RISK MANAGEMENT The risks are identified and assessed within one of the five categories below: Strategic risk Strategic risk is the risk of losses associated with incorrect strategic decisions on matters such as acquisitions, invest- ments or organisational change, or incorrect/inadequate action in response to changes in the outside world or re- gulations. Climate-related risk is treated as a strategic risk and is described in the sustainability report. Strategic risk within Sveafastigheter is analysed and managed within the framework of the business planning process. Operational risk Operational risk arises when factors in operating activities affect the company’s ability to maintain rental income and profitability. Examples of operational risk are changes in demand for homes, rent levels, operational problems in properties, increased operating costs, cost increases/de- lays in projects or inadequate IT security. Within Sveafastigheter, operational risk is primarily mana- ged by having clear procedures, processes and instruc- tions, as well as through ongoing follow-up and reporting. Regulatory risk Risk associated with compliance is the risk of financial los- ses, legal sanctions or damaged trust that may arise if the company does not comply with applicable laws, regulations and external rules or internal steering documents such as policies, guidelines and instructions. Sveafastigheter limits the risk through continuous monitoring of relevant laws, regulations and industry rules that affect the business, regular training of personnel and management, and clear internal rules, policies and instructions that are adapted to laws and regulations. RISK AND RISK MANAGEMENT Risk inventory Risk assessment Risk management Reporting 29 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DIRECTORS’ REPORT
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Financial risk Financial risk is the risk that changes in financial conditions will negatively impact the company’s earnings, cash flow or financial position. Sveafastigheter’s Financial Policy de- fines financial risks, the mandate for managing these and the division of responsibilities. Compliance is monitored on an ongoing basis. Financial risk can be divided into underlying risks: Financing and liquidity risk is the risk that the company is unable to meet its payment obligations and commitments. Sveafastigheter is in a strong financial position, with a cre- dit rating of BBB- with Positive Outlook from Fitch, which provides good access to capital and diversified financing. In addition, the company produces monthly liquidity fo - recasts that are reported to management and the Board of Directors. Sveafastigheter’s liquidity reserves together with confirmed credit facilities must always cover the company’s liquidity needs for the coming 18 months, and investments are only initiated when there is sufficient liquidity for this. Under normal market conditions, bank loans and credit facilities must be extended no later than one year before maturity. Refinancing risk is the risk that the company cannot re - new or replace maturing loans on acceptable terms, for example as a result of deteriorating credit market condi- tions. Sveafastigheter’s rating and diversified financing limit the company’s refinancing risk. The company also works actively to achieve a more balanced maturity structure in the debt portfolio. T o limit risk, Sveafastigheter should own properties that have good liquidity over a business cycle. Interest rate risk is the risk that changes in market interest rates or bank and capital market credit margins will affect the company’s financial results, cash flow and financial position. Sveafastigheter’s interest rate risk is limited by interest rate derivatives or fixed interest loans. Interest rate risk is assessed and reported on an ongoing basis. Currency risk is the risk that unfavourable currency fluctu- ations will have a negative impact on the Group’s income statement, balance sheet and cash flow. Sveafastigheter’s exposure to foreign currency is essentially eliminated by using currency derivatives. Credit and counterparty risk is the risk of financial losses as a result of tenants or other counterparties not meeting their payment obligations. For Sveafastigheter, this risk is assessed as limited, as the income is spread across a large number of tenants and the rent payments are made regularly. For further information, see Note 22 Financial instruments. Reporting risk Reporting risk is the risk that financial or other business-re- lated reporting is incorrect, incomplete or not provided on time. Errors in reporting can lead to decisions being made on an incorrect basis, can reduce stakeholder confidence and may entail a risk of regulatory breaches. Such errors may be due to deficiencies in internal control, insufficient competence or inadequate IT support, among other things. The company limits this risk through clear reporting pro- cedures and schedules, established roles and responsi- bilities, system support and ongoing training. A separate risk assessment linked to financial reporting is carried out annually, and is reported to the company’s Audit Committee and the Board of Directors. 30 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DIRECTORS’ REPORT
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Corporate governance report Sveafastigheter AB (publ) (“Sveafastigheter” or “the Com- pany”) is a Swedish public limited company domiciled in Stockholm. Since 18 June 2025, the Company’s shares have been listed on Nasdaq Stockholm, and the Company has applied the Swedish Corporate Governance Code (“the Code”) since 18 October 2024 when the Company’s shares were listed on the Nasdaq First North Premier Growth Mar- ket. Sveafastigheter also has an MTN programme with green bonds that are listed on Nasdaq Stockholm. After the year- end, the Company established an EMTN programme that is listed on Euronext in Dublin. This corporate governance report has been prepared in accordance with the Annual Accounts Act (1995:1554) and the Code. CORPORATE GOVERNANCE Responsibilities within the Company are clearly divided between the shareholders, the Board of Directors, the CEO and the executive management. In March 2025, the Board adopted rules of procedure for the Board, instructions for the CEO, a corporate governance policy and a number of policy documents deemed necessary to ensure good governance of the Company. These documents, together with the Articles of Association, adopted guidelines within the Company and the Swedish Companies Act, as well as other applicable laws, ordinances and regulations, form the basis for governance of the Company. The Company’s policy documents and guideli- nes are available for all employees on the Company’s intranet. The Company did not deviate from the Code in 2025. 1. Shares and shareholders At year-end, the Company’s share capital amounted to SEK 500,000 distributed among 200,000,000 registered shares. Each share has a quota value of SEK 0.0025. At the end of 2025, the Company’s largest shareholders were Samhälls- byggnadsbolaget i Norden AB (62.15 percent), Aker Capital (7 .50 percent) and Länsförsäkringar Fonder (2.36 percent). The Annual General Meeting held on 20 May 2025 resolved to authorise the Board to decide, on one or more occasions in the period up to the next AGM, to increase the Company’s share capital by issuing new shares, to result in maximum dilution of 10 percent. The AGM on 20 May 2025 further resolved to authorise the Board to decide, on one or more occasions in the period up to the next AGM, on the acquisition of a maximum of 10 percent of the total number of shares in the Company. Finally, the AGM on 20 May 2025 resolved to authorise the Board to decide, on one or more occasions in the period up to the next AGM, on transfers of shares. 2. General meeting of shareholders The general meeting of shareholders is the Company’s hig- hest decision-making body, at which shareholders exercise their voting rights on key matters. Shares in the Company entitle the holder to one vote per share. The Annual General Meeting (AGM) is to be held within six months of the end of the financial year. In addition, the Company may convene an Extraordinary General Meeting of shareholders. Notice of a general meeting of shareholders is made in the form of an announcement in Post- och Inrikes Tidningar (the official Swedish gazette) and by the notice being made available on the Company’s website, in accordance with the Company’s Articles of Association. The fact that a meeting has been convened is advertised at the same time in the newspaper Dagens Nyheter. Shareholders who wish to have a matter considered at the AGM must send a written request to the Board of Directors. The request must be received by the Board of Directors no later than seven weeks before the AGM. The Chair of the Board, other Board members and the auditor of the Company are elected at the AGM. Furthermore, the AGM resolves on the adoption of the Company’s and the Group’s balance sheets and income statements, the distri- bution of the earnings and on discharge from liability for the members of the Board of Directors and the CEO. The 2026 Annual General Meeting will be held on 5 May 2026. The notice and the complete proposed resolutions will be available on the Company’s website. 3. Nomination Committee Audit Committee 1. Shareholders 2. General meeting of shareholders 5. Board of Directors 6. Chief Executive Officer and management team Operations 4. Auditors Overall structure for corporate governance 31 SVEAFASTIGHETER | ANNUAL REPORT 2025 | FINANCING, SHARES AND SHAREHOLDERS
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3. Nomination Committee Principles for the appointment of the Nomination Committee were adopted at the Annual General Meeting held on 20 May 2025. The Nomination Committee consists of the Chair of the Board and representatives of each of the three largest sha- reholders. The member representing the largest shareholder is to be appointed as chair of the Nomination Committee, unless the Nomination Committee unanimously appoints another member. For the upcoming AGM, the Nomination Committee’s task is to make proposals on matters including the election of Board members and the Chair of the Board, the election of an auditor, the election of the chair of the AGM and matters relating to fees. The Nomination Committee for the 2026 AGM consists of Lennart Sten (appointed by Samhällsbyggnadsbolaget i Norden AB), Svein Oskar Stoknes (appointed by Aker Capital), Johannes Wingborg (appointed by Länsförsäkringar Fonder) and Peter Wågström (in his capacity as Chair of the Board of the Company). 4. Audit The Company’s annual report and financial statements as well as the administration by the Board of Directors and CEO are reviewed by the Company’s auditor in accordance with the Swedish Companies Act. After each financial year, the auditor submits an auditor’s report and a Group auditor’s report to the AGM. At the AGM held on 20 May 2025, Ernst & Young Aktiebolag was elected as auditor, with Jonas Svensson as auditor-in-charge. 5. Board of Directors After the general meeting of shareholders, the Board of Directors is the Company’s highest decision-making body. The Board is responsible for the Company’s administration and organisation, which means, among other things, that the Board is responsible for establishing goals and strategies, ensuring procedures and systems for evaluating the goals set, evaluating the Company’s performance and financial position on an ongoing basis and evaluating its operational manage- ment. In addition, the Board is responsible for ensuring that the annual report and interim reports are prepared in a timely manner. The Board also appoints the Company’s CEO. The Board of Directors is appointed by the shareholders at the AGM. According to the Company’s Articles of Associ- ation, the Board of Directors, in so far as it is appointed by the general meeting, is to comprise a minimum of three and a maximum of 10 members with no deputies. The Board’s work is regulated in written rules of procedure that are revised annually and adopted at the inaugural board meeting each year. The rules of procedure regulate, among other things, Board practices, functions and the distribution of work between the Board members and the CEO. In conjunc- tion with the inaugural board meeting, the Board also establis- hes the instructions for the CEO, including financial reporting. Board meetings take place on an annual schedule. Additio- nal board meetings may be convened to address matters that cannot be deferred until a regular board meeting. The Chair of the Board and the CEO also conduct an ongoing dialogue regarding the management of the Company. During the year, the Board held 20 meetings at which minu- tes were taken, which included an inaugural meeting and 10 meetings held per capsulam. Matters dealt with by the Board included the Company’s business plan, budget, external reporting, financing matters, risk assessment, sustainability topics, acquisitions and sales, and matters connected with the change of listing to Nasdaq Stockholm. In addition, the Board has considered and adopted various policies during the year, and in particular has monitored the Company’s efforts to develop internal control in connection with the Company’s change of listing to Nasdaq Stockholm. The members of Sveafastigheter’s Board of Directors are Peter Wågström (Chair), Christer Nerlich, Jenny Wärmé, Per O. Dahlstedt, Peder Johnson, Leiv Synnes and Sanja Batljan. A more detai led presentation of the members can be found on page 34 and on the Company’s website, www.sveafastigheter. se. The CEO is not a member of the Board. The Chair of the Board is responsible for an annual evalu- ation of the work of the Board of Directors and the CEO. The evaluation of the Board of Directors for the year 2025 has been carried out by asking all members of the Board of Directors to answer a number of questions, which were sub- sequently compiled into a report produced by an external company and thereafter presented by the Chair of the Board at a board meeting. Audit Committee The Company has an Audit Committee consisting of two mem- bers, Christer Nerlich (chair) and Jenny Wärmé. Among other things, the Audit Committee is to oversee and prepare the Company’s financial reporting, monitor the effectiveness of the Company’s internal governance, control and risk management and annually evaluate the need for internal audit, keep itself informed regarding the audit of the annual accounts including the consolidated accounts, review and monitor the auditor’s impartiality and independence – paying particular attention to whether the auditor provides the Company with services other than auditing services – and assist in the preparation of proposals for the general meeting’s election of an auditor. In 2025, the Audit Committee held six meetings at which minutes were taken. The meetings addressed, among other things, the Company’s financial reports, financing matters, valuation matters, the external audit and the Company’s risk assessment. There was particular focus during the year on the Company’s policies and internal control work as a result of the Company’s change of listing to Nasdaq Stockholm. Remuneration Committee The Board of Directors has assessed that neither the size of the Company nor the size of the Board of Directors justifies the establishment of a separate Remuneration Committee. The Company therefore does not have a special Remunera- tion Committee; instead, the Board of Directors in its entirety performs the tasks of a Remuneration Committee. The Board’s duties related to this consist of the Board deciding on mat- ters concerning remuneration principles, remuneration and other terms of employment for the executive management team. The Board is also to monitor and evaluate variable remu- neration programmes for executive management, whether ongoing or those that have concluded during the year, as well as the current remuneration structures and levels in the Company. The Annual General Meeting held on 20 May 2025 resol- ved to adopt guidelines for remuneration to senior executives. Among other things, these guidelines enable senior execu- tives to be offered a competitive remuneration package. The remuneration shall be on market terms and may consist of fixed cash salary, variable cash remuneration, pension benefits and other benefits. The general meeting may also approve share-related or share price-related remuneration, for example. The guidelines adopted include various require- ments concerning the form of remuneration and a maximum amount for variable remuneration. The Board of Directors may 32 SVEAFASTIGHETER | ANNUAL REPORT 2025 | CORPORATE GOVERNANCE
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derogate from the guidelines if, in a specific case, there is spe- cial cause for the derogation and a derogation is necessary to serve the Company’s long-term interests, including its sus- tainability, or to ensure the Company’s financial viability. The guidelines for remuneration to senior executives are published on the Company’s website. A remuneration report for 2025 will be presented to the 2026 Annual General Meeting and will be made available on the Company’s website. The Annual General Meeting held on 20 May 2025 resol- ved that the fees to the members of the Board of Directors, including remuneration for committee work, for the period until the end of the next Annual General Meeting shall amount to SEK 800,000 to the Chair of the Board and SEK 400,000 to each of the other Board members, with SEK 100,000 to the chair of the Audit Committee and SEK 70,000 to the other member of the Audit Committee. It was further decided that an additional lump sum would be paid to the Board members proposed for re-election, and that the sum should be equal to half of the annual fee to the respective Board member. In addition, the Annual General Meeting on 20 May 2025 resolved to introduce a long-term incentive programme in the form of performance-based share rights for certain employees. Within the framework of the 2025 share rights programme, the Company may allot participants rights to per- formance shares, which means – subject to certain conditions being met – the right to receive a performance share free of charge. The measurement period is the period from 1 January 2025 to 31 December 2027 . The purpose of the 2025 share rights programme is to create the conditions for attracting, motivating and retaining skilled employees and to increase the coherence between the employees’, shareholders’ and the Company’s objectives, as well as to increase the motivation to reach and exceed the Company’s financial and non-finan- cial targets. The terms of the long-term incentive programme adopted are published on the Company’s website. 6. CEO and other senior executives The CEO is subordinate to the Board of Directors and is responsible for the Company’s ongoing management and day-to-day operations. The distribution of duties between the Board of Directors and the CEO is stated in the Board’s rules of procedure and in the instructions for the CEO. The CEO is to keep the Board continuously informed of developments in the Company’s operations, turnover pro- gress, the Company’s earnings and financial position, liquidity and credit situation, major business events and other events or circumstances that can be assumed to be of material importance for the Company’s shareholders. Erik Hävermark is CEO of the Company, having taken up the position on 8 March 2024. A more detailed presentation of the CEO and other senior executives can be found on page 36 and on the Company’s website, www.sveafastigheter.se. ARTICLES OF ASSOCIATION The Company’s Articles of Association were adopted at the Annual General Meeting held on 20 May 2025 and can be found in full on the Company’s website, www.sveafastigheter.se. The Articles of Association do not contain any specific pro- visions on the appointment and dismissal of Board members or on amendments to the Articles of Association. INTERNAL CONTROL The Company’s internal controls cover the Company’s and the Group’s organisation, procedures and support measures to ensure that reliable and correct financial reporting takes place, that the Company’s and the Group’s financial statements are prepared in accordance with the law and applicable accoun- ting practice, that the Company’s assets are protected, and that other requirements are complied with. The controls are also intended to monitor compliance with the Company’s and the Group’s policies, principles and instructions. They include an assessment of risks and monitoring of the incorporation of IT and business systems. Risk assessment for strategic, compliance, operational and financial risks as well as financial reporting is performed annually by the CFO and presented to the Audit Committee and the Board of Directors. The Board of Directors and the Audit Committee are responsible for internal control, while the CEO is responsible for the process structure within the Group. A self-assess- ment of the minimum requirements of defined controls for identified risks for each business process is to be performed annually and reported to the Audit Committee and the Board of Directors. The CFO is responsible for the self-assessment process, supported by the Accounting Department. Whether there is any need for a dedicated internal audit function is a question that is addressed annually. For 2025, the Board of Directors has assessed that such a function does not need to be established, as the Company’s internal control is considered to be sufficiently good. ATTENDANCE AT BOARD MEETINGS Board meetings Of which per capsulam Audit Committee Board member since Peter Wågström 20/20 11/11 2024 Per O. Dahlstedt 20/20 11/11 2024 Sanja Batljan 20/20 11/11 2024 Jenny Wärmé 20/20 11/11 6/6 2024 Christer Nerlich 20/20 11/11 6/6 2024 Peder Johnson 20/20 11/11 2024 Leiv Synnes* 11/12 8/8 2025 *Leiv Synnes was elected to the Board of Directors on 20 May 2025 33 SVEAFASTIGHETER | ANNUAL REPORT 2025 | CORPORATE GOVERNANCE
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Board of Directors PETER WÅGSTRÖM Chair of the Board Elected to the Board in 2024 Born: 1964 Education: Master of Science in Engineering from KTH Royal Institu- te of T echnology in Stockholm. Other current assignments: Board member at MVB Holding AB and Arlandastad Group AB (publ), and Chair of the Board at Brunkeberg Systems AB (publ). Previous positions (past five years): Experience from senior po- sitions in the construction and real estate sector. Between 2004–2017 within NCC, including President & CEO between 2011–2017 . Shareholding in the Company: 25,000 shares in the Company. Independent of the Company and its management: yes Independent of major sharehol- ders: yes CHRISTER NERLICH Board member Elected to the Board in 2024 Born: 1961 Education: Bachelor of Science in Business Administration and Eco- nomics from Uppsala University. Other current assignments: Board member at Akademiska Hus AB (publ) and Nerlich Consulting AB. Previous positions (past five years): Chair of the Board and bo- ard member at various subsidiaries of the Vasakronan Group. CFO at Vasakronan AB (publ). Shareholding in the Company: 10,000 shares in the Company. Independent of the Company and its management: yes Independent of major sharehol- ders: yes JENNY WÄRMÉ Board member Elected to the Board in 2024 Born: 1978 Education: Master of Laws (LLM) from Stockholm University. Other current assignments: Board member at Jywfym AB. Deputy board member at BB5 SPV C8 AB, Pansjonas AB and various subsidi- aries of F. Holmström Fastigheter AB. Partner, Head of Legal & Com- pliance at Slättö Förvaltning AB. Previous positions (past five years): Board member at Amasten Fastighets AB (publ), Nyfosa AB, Stendörren Fastigheter AB, Tre Kro- nor Property Investment AB, LSTH Handelsfastigheter 4 AB, PropCap Advisory Sweden AB, SLÄTTÖ CORE NYAB 18 AB and SLÄTTÖ CORE NYAB 19 AB. Deputy board member at SLÄTTÖ CORE NYAB 16 AB and SLÄTTÖ CORE NYAB 17 AB. Partner, Head of Legal & Corporate Affairs for Hembla AB (formerly D. Carnegie & Co AB). Shareholding in the Company: 4,000 shares in the Company. Independent of the Company and its management: yes Independent of major sharehol- ders: yes LEIV SYNNES Board member Elected to the Board in 2025 Born: 1970 Education: Master of Science in Business Administration from Umeå University. Other current assignments: CEO at Samhällsbyggnadsbolaget i Norden AB. Chair of the Board for a number of subsidiaries within the SBB Group. Board member at Stu- dentbostäder i Norden AB. Board member at Nordiqus AB. Previous positions (past five years): Chair of the Board and/or board member at various subsidia- ries within the Akelius Group. Board member at Castellum AB. CFO and Deputy CEO at Akelius Residential Property AB. Shareholding in the Company: 636,600 shares in the Company. Independent of the Company and its management: no Independent of major sharehol- ders: no 34 SVEAFASTIGHETER | ANNUAL REPORT 2025 | CORPORATE GOVERNANCE
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PEDER JOHNSSON Board member Elected to the Board in 2024 Born: 1957 Education: Studies in mathematics and law at Uppsala University. Other current assignments: Founder of Stendörren Fastigheter AB (publ). Partner, board member and CEO of Rossekraft Aktiebolag. Partner and board member at Fast- ighets AB Märta, Märta Investment AB, Strandeken Fastigheter AB and Vamlingbo Prästgården AB. Chair of the Board at Harg-Op- peby Bostäder AB, Harg-Oppeby Bostäder nr 2 AB, Harg-Oppeby Fastigheter Holding AB, Museum Lars Jonsson AB and Storsudrets Fastighetsutveckling AB. Board member at Kulturhantverkarakade- min AB, Fastighets AB Märta, Märta Investment AB, Pejogim Holding AB, Pejogim Investment AB, Stif- telsen Södermanlands – Nerikes nation Studentbostäder, Vamlingbo Ladugårdar AB and Vamlingbo Ladugårdar Drift AB. Board advisor to TEAL Capital AB. Deputy board member at Johan Magnusson Fine Wine AB and Wineprofiler JM AB. Previous positions (past five years): Co-founder of D. Carnegie & Co. Board member at Klövern AB, Fastighetsaktiebolaget Fattighuset and Johan Magnusson Fine Wine AB. Shareholding in the Company: 9,998 shares in the Company. Independent of the Company and its management: yes Independent of major sharehol- ders: yes SANJA BATLJAN Board member Elected to the Board in 2024 Born: 1967 Education: Master of Science in Business and Economics from the University of Mostar, Bosnia-Her- zegovina. Executive Master of Finance from Svenska Manage- mentgruppen. Other current assignments: Chair of the Board at Ilija Batljan Invest AB (publ) and Novel Studios AB. Board member at Kameo Invest- ment Platform AB and OrganoWood AB. Deputy board member at Missing in action AB. Previous positions (past five years): Board member and chair of Audit Committee at Logistea AB. CEO of AB Nynäshamnsbo- städer, Knutpunktshuset AB and T egeltraven Holding AB. CFO of AB Nynäshamnsbostäder. Shareholding in the Company: 40,000 shares in the Company. Independent of the Company and its management: yes Independent of major sharehol- ders: no PER O. DAHLSTEDT Board member Elected to the Board in 2024 Born: 1953 Education: Master of Science in Business Administration from Stockholm University. Other current assignments: Board member at Fondex AB and TEAL Capital AB. Previous positions (past five years): Head of Corporate Clients and T enant Owner Associations at SBAB as well as senior manage- ment positions within SEB. Shareholding in the Company: 7 ,000 shares in the Company. Independent of the Company and its management: yes Independent of major sharehol- ders: yes 35 SVEAFASTIGHETER | ANNUAL REPORT 2025 | CORPORATE GOVERNANCE
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Executive management team ERIK HÄVERMARK Chief Executive Officer Joined the executive management team in 2024 Born: 1979 Education: Bachelor of Science in Business Administration and Eco- nomics from Uppsala University. Bachelor of Science in Construc- tion Engineering from Uppsala University. Selected previous experience: Head of Project Development of SBB. Head of Project and Property Development at Rikshem. Business Development Manager at Veidekke. Manager at JM AB. Project Mana- ger at NCC. Other current assignments: – Shareholding: 63,000 shares in the Company. STINA CARLSON CFO Joined the executive management team in 2025 Born: 1973 Education: Master of Science in Business Administration from Linköping University. Selected previous experience: Head of Group and Operational Financial Control at Vasakronan. Board member at Stora Ursvik KB and Järvastaden AB. Authorised Public Accountant at PwC. Other current assignments: – Shareholding: – OLA SVENSSON Head of Property Management Joined the executive management team in 2024 Born: 1972 Education: Master of Business Ad- ministration from Akelius University. Selected previous experience: Board member at several subsidi- aries within Victoria Park. Member of the Malmö Rental Board. COO of Victoria Park. Regional Manager at SBB South and Country Manager Denmark. Other current assignments: – Shareholding: 24,473 shares in the Company. JOSEFINE WIKSTRÖM Head of New Development Joined the executive management team in 2025 Born: 1974 Education: Master of Science in Land Surveying from KTH Royal In- stitute of T echnology in Stockholm. Selected previous experience: Head of New Housing at Ikano Bostad. Head of Housing Develop- ment at Ikano Bostad. Other current assignments: – Shareholding: – 36 SVEAFASTIGHETER | ANNUAL REPORT 2025 | CORPORATE GOVERNANCE
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LOVISA SÖRENSSON Head of Transactions Joined the executive management team in 2024 Born: 1994 Education: Master of Science in Real Estate and Construction Mana- gement from KTH Royal Institute of T echnology in Stockholm. Selected previous experience: Deputy and Acting Head of Trans- actions at SBB. Analyst at Möller & Partners AB. Other current assignments: – Shareholding: 16,600 shares in the Company. MAGNUS JÄGRE Head of IT Joined the executive management team in 2025 Born: 1975 Education: Computer Science at Stockholm University. Selected previous experience: Head of Innovation and Sustaina- bility at Studentbostäder i Norden AB. Head of IT and Sustainability at Amasten AB. Head of IT at Riks- hem. Head of Global Infrastructure at Hennes & Mauritz AB. Other current assignments: CEO, JagreManagement AB Shareholding: 10,000 shares in the Company. MARIA OSKARSSON Head of HR Joined the executive management team in 2025 Born: 1972 Education: Master of Science in Industrial Economics from KTH Royal Institute of T echnology in Stockholm. Selected previous experience: Interim Head of HR at One Real AB. Director of Talent Attraction at Etraveli Group. Business Advisor at Almi Företagspartner. Other current assignments: – Shareholding: – FRIDA STÄLLBORN General Counsel Joined the executive management team in 2025 Born: 1991 Education: Master of Laws from the University of Gothenburg. Selected previous experience: Lawyer at Advokatfirman Vinge. Other current assignments: – Shareholding: – 37 SVEAFASTIGHETER | ANNUAL REPORT 2025 | CORPORATE GOVERNANCE
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38 SVEAFASTIGHETER | ANNUAL REPORT 2025 | FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT Amounts in SEKm Note 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Rental income 4, 5 1,536 1,361 Property expenses 5, 6 Operating costs -445 -412 Maintenance -55 -66 Property tax -26 -22 Total property expenses -526 -500 Net operating income 1,010 860 Other income from property management 29 54 60 Administration 6, 7, 8 -286 -319 Result before financial items and changes in value 778 602 Value changes, investment properties 14 -243 -1,188 Impairment/write-down of goodwill 13 -2 0 Operating profit/loss 533 -587 Income from joint ventures 16 - 95 Interest income and similar items 9 8 8 Interest expense and similar items 10 -401 -491 Land lease payments 11 -9 -4 Value changes, financial instruments 17 -22 -40 Profit/loss before tax 109 -1,019 Current tax 12 -14 -85 Deferred tax 12 -12 -21 PROFIT/LOSS FOR THE YEAR 84 -1,125 Profit/loss for the year attributable to: Owners of the parent 84 -1,125 Earnings per share, SEK 0.42 -8.15 Diluted earnings per share, SEK 0.42 -8.15 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Profit/loss for the year 84 -1,125 Items that may be reclassified to profit or loss for the year - - COMPREHENSIVE INCOME FOR THE YEAR 84 -1,125 Comprehensive income for the year attributable to: Owners of the parent 84 -1,125
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39 CONSOLIDATED BALANCE SHEET Amounts in SEKm Note 31 Dec 2025 31 Dec 2024 ASSETS Non-current assets Intangible non-current assets Goodwill 13 75 76 Total intangible non-current assets 75 76 Tangible assets Investment properties 14 29,007 28,140 Land lease agreements 11 298 262 Equipment, machinery and installations 15 2 2 Total tangible assets 29,306 28,404 Financial non-current assets Derivatives 17 12 33 Other non-current receivables 17 2 6 Total financial non-current assets 14 39 Total non-current assets 29,394 28,519 Current assets Properties held for sale 14 98 102 Rent receivables 17, 22 9 9 Other receivables 18 125 106 Prepaid expenses and accrued income 19 46 37 Cash and cash equivalents 20 501 308 Total current assets 779 562 TOTAL ASSETS 30,173 29,082 SVEAFASTIGHETER | ANNUAL REPORT 2025 | FINANCIAL STATEMENTS
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40 CONSOLIDATED BALANCE SHEET Amounts in SEKm Note 31 Dec 2025 31 Dec 2024 EQUITY AND LIABILITIES 21 Equity Share capital 1 1 Other contributed capital 16,298 16,298 Retained earnings including comprehensive income for the year -1,370 -1,454 Total equity 14,929 14,844 Non-current liabilities Liabilities to credit institutions 17, 22 8,592 10,298 Bonds 17, 22 3,690 1,683 Deferred tax liabilities 12 1,076 1,062 Land lease liabilities 11 298 262 Derivatives 17, 22 15 26 Other non-current liabilities 17, 22 10 16 Total non-current liabilities 13,681 13,347 Current liabilities Liabilities to credit institutions 17, 22 439 123 Accounts payable 17, 22 28 72 Current tax liabilities 12 39 49 Derivatives 17, 22 74 - Other liabilities 22, 23 670 303 Accrued expenses and deferred income 24 314 344 Total current liabilities 1,564 891 TOTAL EQUITY AND LIABILITIES 30,173 29,082 SVEAFASTIGHETER | ANNUAL REPORT 2025 | FINANCIAL STATEMENTS
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41 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Amounts in SEKm Share capital Other contributed capital Retained earnings Total equity Equity, opening balance 1 Jan 2024 0 10 13,195 13,205 Profit/loss for the year - - -1,125 -1,125 Other comprehensive income - - - - Comprehensive income for the year - - -1,125 -1,125 New share issue 1 - - 1 Transaction costs - - -60 -60 Shareholder contributions - 16,288 - 16,288 Transactions with owner, the SBB Group - - -13,464 -13,464 Equity, closing balance 31 Dec 2024 1 16,298 -1,454 14,844 Equity, opening balance 1 Jan 2025 1 16,298 -1,454 14,844 Profit/loss for the year - - 84 84 Other comprehensive income - - - - Comprehensive income for the year - - 84 84 Equity, closing balance 31 Dec 2025 1 16,298 -1,370 14,929 SVEAFASTIGHETER | ANNUAL REPORT 2025 | FINANCIAL STATEMENTS
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42 CONSOLIDATED CASH FLOW STATEMENT Amounts in SEKm Note 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Operating activities Profit/loss before tax 109 -1,019 Adjustment for non-cash items Unrealised value changes, investment properties 263 1,188 Income from joint ventures - 17 Goodwill impairment 2 0 Unrealised value changes, financial instruments 12 40 Adjustments for other non-cash items 9 10 Taxes paid -19 -31 Cash flow from operating activities before changes in working capital 375 206 Cash flow from changes in working capital Increase (-)/decrease (+) in operating receivables -20 261 Increase (+)/decrease (-) in operating liabilities 302 262 Cash flow from operating activities 657 728 Investing activities 26 Investments in properties 14 -953 -629 Sale of subsidiaries less cash and cash equivalents 14 120 - Acquisition of subsidiaries less acquired cash and cash equivalents 14 -297 -285 Cash flow from financial investments - -14 Cash flow from investing activities -1,129 -928 Financing activities 25 New share issue - 0 Transaction costs - -60 Transactions with shareholders - -361 New loans 2,650 5,599 Repayment of loan liabilities -1,985 -4,986 Cash flow from financing activities 665 192 Cash flow for the year 193 -8 Cash and cash equivalents at beginning of year 308 316 Cash and cash equivalents at the end of the year 501 308 SVEAFASTIGHETER | ANNUAL REPORT 2025 | FINANCIAL STATEMENTS
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43 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP Notes for the Group NOTE 1: SIGNIFICANT ACCOUNTING PRINCIPLES GENERAL INFORMATION This Annual Report and consolidated financial statements cover the Swedish Parent Company Sveafastigheter AB (publ), corp. ID no. 559449-4329, and its subsidiaries. The Group is active in property management and development. The Parent Company is a limited liability company registered in Sweden and with its registered offices at Olof Palmes Gata 13A in Stockholm. The direct parent company is SBB i Norden AB, corp. ID no. 559053-5174. The ultimate parent company which prepares consolidated financial statements that include the company is Samhällsbyggnadsbolaget i Norden AB (publ), corp. ID no. 556981-7660. On 23 March 2026, the Board of Directors approved this Annual Report and these consolidated financial statements, which will be presented for adoption at the Annual General Meeting on 5 May 2026. The accounting principles are set out in the relevant notes. PRINCIPLES FOR THE CONSOLIDATED ACCOUNTS The consolidated accounts have been prepared in accordance with the IFRS® Accounting Standards. In addition, the Swedish Annual Accounts Act (Sw. årsredovisningslagen – ÅRL) and “RFR1 Supplementary Accounting Rules for Groups” have been applied. Assets and liabilities are reported at cost, with the exception of investment properties and some financial instruments that are measured and reported at fair value. The functional currency for the Parent Company is Swedish kronor, which is also the reporting currency for the Parent Company and the Group. All amounts are stated in millions of SEK unless otherwise stated. The Annual Report has been prepared on the going con- cern basis of accounting. ACQUISITIONS Subsidiaries are initially reported in the consolidated financial statements according to the acquisition method. In the case of an acquisition, an assessment is made as to whether the acquisition constitutes a business combination or an asset acquisition. An asset acquisition exists if the acquisition relates to properties but does not include the organisation and the processes required to conduct the management activities. Other acquisitions are business combinations. Since the acquisitions of Group companies do not in - volve business combinations but rather the acquisition of assets in the form of investment properties, the acquisition cost is allocated to the acquired net assets. Transaction costs are added to the cost of net assets acquired in an asset transfer. NOTE 2: INFORMATION ON NEW AND FUTURE STANDARDS NEW AND AMENDED STANDARDS APPLICABLE AS OF 2025 No amendments to standards that have been published and are effective for annual periods beginning on or after 1 January 2025 have had any material impact on the Group’s financial statements in the current or future periods, nor on future transactions. NEW STANDARDS AND INTERPRETATIONS NOT YET EFFECTIVE The new standard IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Finan- cial Statements, focusing on changes to the presentation of the income statement. IFRS 18 will not affect the mea- surement of items in the financial statements. The stan- dard is effective for annual periods beginning on or after 1 January 2027 . Earlier application is permitted. The Group is evaluating the effects of the introduction of the standard and will make the necessary adjustments in 2026. Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, focusing on the ti - ming of recognition and derecognition of certain financi- al liabilities, additional guidance for assessing whether a financial asset meets the criterion of solely payments of principal and interest (SPPI), introduction of new disclosure requirements for instruments with contractual terms that can change cash flows. This includes instruments linked to Environmental, Social and Governance targets (ESG). Changes to the standard are effective for annual periods beginning on or after 1 January 2026. Earlier application is permitted. The Group has evaluated the impact of the adoption of the changes to the standard, and considers that they do not have any material impact on Sveafastig- heter’s reports. No other new standards or interpretations that take effect after 31 December 2025 are expected to have any material impact on Sveafastigheter’s financial statements.
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44 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP NOTE 3: OTHER SIGNIFICANT ESTIMATES AND ASSESSMENTS The preparation of the financial statements requires management and the Board of Directors to make estimates and judgements that affect the reported amounts of assets and liabilities, as well as income, expenses and related disclosures. The assessments are based on experience and assumptions that the management and the Board consider to be reasonable under the prevailing circumstances. Actual outcomes can then differ from these assessments if other conditions arise. SIGNIFICANT SOURCES OF UNCERTAINTY IN ESTIMATES THAT MAY HAVE AN IMPACT IN THE NEXT 12 MONTHS INVESTMENT PROPERTIES Investment properties are measured at fair value based on market conditions. The valuation process involves signifi- cant assumptions, primarily relating to yield requirements for comparable properties, as assessed by external valuers. Cash flow estimates are based on actual expenses, ex - perience of comparable properties and assumptions re- garding future cost trends. Future investments have been estimated on the basis of the actual need that exists. In the future, actual costs and needs may prove to differ from those assessed at the end of each reporting period. Given the current market environment, changes in key assump- tions may result in material adjustments to the fair value of investment properties during the next financial year. For ad- ditional information, see “Note 14 – Investment properties”. DEFERRED TAX Deferred tax assets related to loss carryforwards are re- cognised to the extent that it is considered probable that future taxable profits will be available against which the los- ses can be utilised. Deferred tax is reported in accordance with the balance sheet method and to the extent it is likely that the amounts can be utilised against future surpluses. For additional information, see “Note 12 – Tax”. SIGNIFICANT ASSESSMENTS ACQUISITIONS OF COMPANIES When acquiring companies, an assessment is made of whether the acquisition is to be classified as an asset ac- quisition or business combination. An asset acquisition exists if the acquisition relates to properties but does not include organisation, personnel and the processes required to conduct the business. Other acquisitions are business combinations. PROPERTY TRANSACTIONS In connection with property transactions, management exercises judgement in assessing when control, and substantially all risks and rewards, are transferred to the buyer based on the contractual terms and underlying circumstances. The financial benefits attributable to an investment property consist of both the net operating income and the asset’s change in value. Based on the terms of the contract, the time when the future financial benefits will accrue to Sveafastigheter is determined, as well as the time when Sveafastigheter can exercise control by governing the use of the asset. From time to time, property acquisitions are conditioned by events beyond Sveafastigheter’s control. This may in- clude approval by the counterparty’s Board of Directors or other decision-making bodies, legally binding zoning plans or other official decisions. Only when these conditions are met is it deemed likely that the financial benefits will accrue to the company and the cost can be reliably calculated, which is considered to be the first reporting occasion. If the obligation to pay additional purchase consideration is not dependent on Sveafastigheter’s future operations – that is, if the events giving rise to the payment are beyond Sveafastigheter’s control – a liability is reported. The liability is reported at fair value and corresponds to Sveafastighe- ter’s best estimate of what will be paid. If the obligation to pay additional purchase consideration is dependent on Sveafastigheter’s future operations, an assessment is made as to whether the conditions prevail for reporting a provision. From time to time, property sales are conditional upon events beyond Sveafastigheter’s control, such as app - roval by the counterparty’s Board of Directors or other decision-making bodies, legally binding zoning plans or other official decisions, or the counterparty’s capacity to raise financing. Sales are first reported when all conditions have been met and the proceeds of the sale can be reliably determined. Until such time as the proceeds of the sale have been received, the yet to be received proceeds are reported as a receivable. In cases where Sveafastigheter may receive additional purchase consideration in connection with sales of invest- ment properties, such purchase consideration is reported as a receivable only once all conditions have been met and the additional purchase consideration can be reliably calculated and it is probable that the purchase considera- tion will be received. Such receivables are measured at fair value, corresponding to Sveafastigheter’s best estimate of what will be received. Until such time, the purchase consi- deration is not reported as an asset in the consolidated statement of financial position.
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45 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP NOTE 4: RENTAL INCOME ACCOUNTING PRINCIPLE The Group’s revenues consist essentially of rental income. Leases are classified in their entirety as operating lea- ses. Rental income including supplements is announced in advance and rent is accrued on a straight-line basis, with only the portion of the rent accruing to the period being reported as income. Reported rental income has, where applicable, been reduced by the value of rent discounts provided. In cases where a lease allows a reduced rent for a certain period, this is allocated on a straight-line basis over the contract period in question. Any extension of the rental period is not taken into account in such allocations. Remuneration paid by tenants in connection with early relocation is reported as revenue in connection with the termination of the contractual relationship with the tenant and no commitments remain, which normally occurs on move-out. Based on the leases that the Group has and their form, Sveafastigheter has found that the service provided by the Group is subordinate to the lease contract and that all remuneration shall be deemed to be rent. The table shows the rental income calculated on current rental agreements. The majority of leases within the Group consist of residential and parking space rental agreements, which usually run with a three-month notice period. As - sumptions regarding future rental income are based on existing agreements and the assumption that these will continue to be complied with. SEKm 2025 2024 Contracted rental income within 1 year 461 387 Contracted rental income between 1 and 2 years 76 74 Contracted rental income between 2 and 3 years 62 47 Contracted rental income between 3 and 4 years 43 32 Contracted rental income between 4 and 5 years 34 25 Contracted rental income later than 5 years 136 98 Total 813 663
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46 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP NOTE 5: OPERATING SEGMENTS ACCOUNTING PRINCIPLE The Group’s division into segments is based on the diffe- rences in the nature of the segments and on the reporting that the management obtains in order to follow up and analyse the business and to make strategic decisions. The segments are divided based on the types of proper- ties in which Sveafastigheter is active, and consist of two segments: • Property management – refers to properties under ma- nagement • New development – refers to properties under construc- tion, project development and building rights Profit/loss items that are followed up are rental income, property expenses, net operating income and changes in property value. All revenue is attributable to Sweden. There is no tenant that makes up more than 10 percent of the revenue. 1 Jan 2025 – 31 Dec 2025 SEKm Property management New development Total, segment Intra-group and eliminations Group, total Rental income 1,536 0 1,536 - 1,536 Property expenses -525 -1 -526 - -526 Net operating income 1,011 -1 1,010 - 1,010 Other income from property management - - - 54 54 Administration - - - -286 -286 Result before financial items and changes in property value and goodwill 1,011 -1 1,010 -232 778 Changes in property value -10 -233 -243 - -243 Impairment/write-down of goodwill - - - -2 -2 Operating profit/loss 1,001 -234 767 -234 -533 Interest income and similar items - - - 8 8 Interest expense and similar items - - - -401 -401 Land lease payments - - - -9 -9 Value changes, financial instruments - - - -22 -22 Profit/loss before tax 1,001 -234 767 -658 109 Tax - - - -25 -25 PROFIT/LOSS FOR THE YEAR 1,001 -234 767 -683 84 Fair value of investment properties 25,702 3,305 29,007 29,007 Investments 300 653 953 953
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47 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP 1 Jan 2024 – 31 Dec 2024 SEKm Property management New development Total, segment Intra-group and eliminations Group, total Rental income 1,357 3 1,361 - 1,361 Property expenses -498 -2 -500 - -500 Net operating income 859 1 860 - 860 Other income from property management - - - 60 60 Administration - - - -319 -319 Result before financial items and changes in property value and goodwill 859 1 860 -258 602 Changes in property value -431 -757 -1,188 - -1,188 Impairment/write-down of goodwill - - - 0 0 Operating profit/loss 428 -756 -328 -258 -587 Income from joint ventures - - - 95 95 Interest income and similar items - - - 8 8 Interest expense and similar items - - - -491 -491 Land lease payments - - - -4 -4 Value changes, financial instruments - - - -40 -40 Profit/loss before tax 428 -756 -328 -690 -1,019 Tax - - - -107 -107 PROFIT/LOSS FOR THE YEAR 428 -756 -328 -797 -1,125 Fair value of investment properties 24,806 3,334 28,410 28,410 Investments 146 483 629 629 NOTE 6: OPERATING EXPENSES ACCOUNTING PRINCIPLE PROPERTY EXPENSES Property expenses, which are a part of the Group’s net ope- rating income, include operating and maintenance costs, and property tax. Operating costs consist, among other things, of tariff-based costs such as electricity, water, hea- ting and cleaning, as well as insurance. Maintenance costs refer to costs for measures to maintain the standard and technical condition of the property. Property tax refers to both property tax based on the property’s tax assessment value and, where applicable, property charges based on fees per apartment. Property expenses during the year amounted to SEK -526m (-500) and are attributable in full to investment properties that generated rental income. ADMINISTRATION COSTS The Group’s administration costs include property admi- nistration, such as property and financial management, as well as Group-wide costs, such as costs for group mana- gement, consolidated financial statements, transactions and financing. Administration costs during the year amounted to SEK -286m (-319), consisting of property administration of SEK -84m (-102) and central administration of SEK -202m (-217).
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48 Operating expenses by function SEKm 2025 2024 Operating costs -445 -412 Maintenance -55 -66 Property tax -26 -22 Administration -286 -319 Total expenses -812 -819 Operating expenses by nature SEKm 2025 2024 Operating and maintenance costs -500 -478 Property tax -26 -22 Other external expenses -108 -162 Personnel expenses -178 -156 Depreciation -0 -1 Total expenses -812 -819 NOTE 7: FEES TO THE AUDITOR Ernst & Young AB SEKm 2025 2024 Audit fees -8 -10 Other audit assignments - - Tax - - Other - - Total -8 -10 NOTE 8: EMPLOYEES AND PERSONNEL EXPENSES ACCOUNTING PRINCIPLE Employee benefits consist of salaries, paid holidays, paid sick leave and other benefits and pensions. In the report, certain personnel expenses have been reclassified as ca- pitalised in projects when it has been possible to apply the rules. For this reason, the personnel expenses in this note will not be consistent with the expense categories in “Note 6 – Operating expenses by nature”. The Group only has defined contribution pension plans. Defined contribution pension plans are reported as a cost in the period to which the premiums paid are attributable. Average number of employees 2025 2024 Average number of employ- ees Of whom women, % Average number of employ- ees Of whom women, % Subsidia- ries 168 37 148 38 Parent Company 15 63 9 71 Total in the Group 183 41 158 40 Gender distribution, Board of Directors and senior executives 2025 2024 Number on the closing date Of whom women, % Number on the closing date Of whom women, % Board members 7 29 6 33 Chief Executive Officer and other senior executives 8 63 4 50 Total in the Group 15 47 10 40 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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49 Personnel expenses SEKm 2025 2024 Parent Company Board of Directors and senior executives Salaries and other remuneration -13 -16 Social security contributions -4 -5 Pension expenses -2 -1 Total -19 -22 Other employees Salaries and other remuneration -13 -8 Social security contributions -4 -2 Pension expenses -2 -2 Other personnel expenses -2 -2 Total -21 -14 Subsidiaries Board of Directors and senior executives Salaries and other remuneration -2 -4 Social security contributions -1 -1 Pension expenses -1 -1 Total -4 -6 Other employees Salaries and other remuneration -98 -77 Social security contributions -31 -26 Pension expenses -10 -5 Other personnel expenses -4 -8 Total -143 -117 Total personnel expenses -187 -158 REMUNERATION AND CONDITIONS FOR SENIOR EXECUTIVES Remuneration to the Chief Executive Officer and other senior executives is made up of basic pay and pension benefits, as well as variable remuneration in the form of bonuses. Other senior executives refer to those individuals who, together with the Chief Executive Officer, make up the Group management. OTHER CONDITIONS, CHIEF EXECUTIVE OFFICER The Chief Executive Officer has a notice period of 12 months in the event notice of termination is given by the company, and a notice period of 12 months if he chooses to terminate his own employment. In the event notice of termination is given by the employer, severance pay equi- valent to 12 months of salary is paid. The pension benefit for the Chief Executive Officer is 30 per cent of pensio - nable salary. GUIDELINES FOR REMUNERATION OF SENIOR EXECUTIVES At the AGM on 20 May 2025, guidelines were established for remuneration to senior executives at Sveafastigheter. A precondition for the successful implementation of the company’s business strategy and for ensuring its long-term interests, including its sustainability, is that the company can recruit and retain qualified employees. In order to achieve this, the company must be able to offer competitive remuneration. The company’s remuneration guidelines allow senior executives to be offered a com- petitive remuneration package. According to the remune- ration guidelines, the remuneration to senior executives must be on market terms and must consist of the following components: fixed cash salary, variable cash remunera- tion, pension benefits and other benefits. The variable cash remuneration must be linked to financial or non-financial criteria. These can comprise individually tailored quanti- tative or qualitative goals. The criteria must be formulated in such a way that they promote the company’s business strategy and long-term interests, including its sustainability, for example by having a clear link to the business strategy or by promoting the long-term development of employ- ees. The fulfilment of criteria to receive payment of variable cash remuneration must be able to be measured over a period of one year, and may amount to a maximum of 100 percent of the fixed annual cash salary. Additional variable cash remuneration can be paid in the event of extraordinary input, provided that such extraordinary arrangements are temporary and are only carried out at an individual level, either in order to recruit or retain employees, or as remune- ration for extraordinary efforts over and above the person’s regular work duties. Such remuneration may not exceed an amount corresponding to 100 percent of the fixed annual cash salary, and may not be paid out more than once per year per individual. INCENTIVE PROGRAMME The 2025 Annual General Meeting resolved to introduce a long-term share-based incentive programme, aimed at current and future senior executives as well as other key individuals within the Group. A maximum of 15 people can take part and the programme covers a maximum of 165,000 share rights. Each share right entitles the holder to recei- ve one (1) ordinary share in the company free of charge, provided certain conditions are met. The share rights will be allotted free of charge no later than the day before the 2026 AGM. No share rights have been allotted during 2025. SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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50 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP Remuneration of senior executives 2025 SEKm Basic pay, Board fees Pension expenses Other remuneration Total Chair of the Board Peter Wågström 0.8 - 0.4 1.2 Board members Per O. Dahlstedt 0.4 - 0.2 0.6 Peder Johnsson 0.4 - 0.2 0.6 Sanja Batljan 0.4 - 0.2 0.6 Christer Nerlich 0.5 - 0.2 0.7 Jenny Wärmé 0.5 - 0.2 0.7 Leiv Synnes 0.2 - - 0.2 Chief Executive Officer Erik Hävermark 3.9 1.3 0.8 6.0 Other senior executives (7 people)* 5.5 1.1 0.7 7.3 * Maria Oscarsson, Josefine Wikström and Frida Ställborn became senior executives on 1 September 2025 and remuneration from that date is reported in the table above. Remuneration of senior executives 2024 SEKm Basic pay, Board fees Pension expenses Other remuneration Total Chair of the Board Peter Wågström 0.7 - - 0.7 Board members Per O. Dahlstedt 0.3 - - 0.3 Peder Johnsson 0.3 - - 0.3 Sanja Batljan 0.3 - - 0.3 Christer Nerlich 0.4 - - 0.4 Jenny Wärmé 0.4 - - 0.4 Chief Executive Officer Erik Hävermark 2.7 0.7 2.2 5.6 Other senior executives (3 people)* 4.9 1.4 2.3 8.6 * Görel Hällqvist was a senior executive up to 30 November 2024, and her remuneration up until that point is presented in the table above.
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51 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP NOTE 9: FINANCIAL INCOME SEKm 2025 2024 Assets measured at amortised cost Interest income, credit institutions 8 7 Interest income, joint venture - 0 Interest income, rent receivable 0 0 Total interest income and similar items 8 8 NOTE 10: FINANCIAL EXPENSES ACCOUNTING PRINCIPLE CAPITALISED INTEREST Sveafastigheter capitalises interest on qualifying assets. Sveafastigheter’s qualifying assets comprise investment properties. Interest is only capitalised on significant invest- ments exceeding SEK 1m. Capitalisation ceases when the activities required to complete the qualifying asset, to all intents and purposes, have been completed. During the year, SEK 42m (36) in interest has been capi- talised in respect of investments in the property portfolio, applying an interest rate of 3.28–5.75 percent (5.75). Liabilities reported at amortised cost SEKm 2025 2024 Interest expense, liabilities to credit institutions -380 -336 Interest expense, owners - -165 Other interest expense -1 -1 Other financial expenses -12 -17 Total interest expense according to the effective interest method -393 -518 Interest expense, derivatives -8 27 Total interest expense and similar items -401 -491 NOTE 11: LEASES ACCOUNTING PRINCIPLE SVEAFASTIGHETER AS LESSOR Leases in which substantially all of the risks and rewards incidental to ownership remain with the lessor are classified as operating leases. All of the Group’s lease agreements are therefore regarded as operating leases. Sveafastigheter is the lessor when providing premises for tenants; see “Note 4 – Rental income” for more information. SVEAFASTIGHETER AS LESSEE The Group’s material leases mainly consist of land lease agreements. Under IFRS 16, land lease agreements are regarded as a perpetual lease and the carrying amount will therefore not be depreciated, but rather the value will remain until the land lease payments are renegotiated. The lease liability that arises is not repaid, but rather the value remains until the land lease payments are renegotiated. Costs for land lease payments are reported as a financial expense in the income statement. Annual land lease payments amount to SEK -9m (-4).
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52 31 Dec 2025 SEKm Land lease agreements Lease liabilities Opening balance 262 -262 New agreements 23 -23 Renegotiated agreements 13 -13 Closing balance 298 -298 31 Dec 2024 SEKm Land lease agreements Lease liabilities Opening balance 51 -51 New agreements 211 -211 Closing balance 262 -262 SEKm 2025 2024 Interest expense on lease liabilities -9 -4 Reported leases -9 -4 In addition to the land lease agreements, there are lease agreements for cars, office equipment etc. The Group as- sesses these agreements to be immaterial to the Group as a whole, the lease payments being reported as an expense on a straight-line basis over the term of the lease in the in- come statement with no right-of-use asset or lease liability being recognised in the balance sheet. NOTE 12: TAX ACCOUNTING PRINCIPLE DEFERRED TAX Deferred tax liabilities are reported for taxable temporary differences and deferred tax assets are reported for deduc- tible temporary differences to the extent that it is proba- ble that the amounts can be utilised against future taxable surpluses. On the other hand, if the temporary difference arose in the initial recognition of assets and liabilities that constitute an asset acquisition, deferred tax is not repor- ted. The Group reports tax expense in the form of current tax for the year and deferred tax, calculated based on the current tax rate of 20.6 percent in Sweden. All loss carryforwards have been taken into account in the calculation of deferred tax. It is anticipated that the loss carryforwards will be able to be utilised against the future surpluses that the Group’s companies are expected to generate in the coming years. The loss carryforwards amounted to SEK 193m (387) as of 31 December 2025. Reported tax SEKm 2025 2024 Current tax -10 -86 Tax attributable to previous years -4 0 Deferred tax, properties 7 17 Deferred tax, untaxed reserves 0 -28 Deferred tax, loss carryforwards -37 -9 Deferred tax, financial instruments 17 -1 Deferred tax, goodwill 2 - Reported tax -25 -106 Information on deferred tax assets and tax liabilities SEKm 31 Dec 2025 31 Dec 2024 Deferred tax, properties -1,007 -1,015 Deferred tax, untaxed reserves -50 -50 Deferred tax, loss carryforwards 40 81 Deferred tax, goodwill -75 -76 Deferred tax, financial instruments 16 -1 Reported deferred tax liability -1,076 -1,062 Reconciliation of effective tax rate SEKm 2025 2024 Profit/loss before tax 109 -1,019 Tax according to the applicable tax rate for the Parent Company -23 210 T ax effect of: Tax attributable to previous years -4 0 Income from participations in joint ventures - -20 Non-taxable income 0 0 Non-deductible expenses -13 -3 Non-deductible interest expense -59 -205 Change due to loss carryforwards utilised 37 -4 T emporary differences regarding properties 13 -105 Other tax adjustments -3 12 Reported tax -25 -106 Effective tax rate, % 23 11 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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53 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP NOTE 13: GOODWILL ACCOUNTING PRINCIPLE Goodwill arises when there is a difference between nomi- nal tax and the deferred tax calculated on the acquisition of properties in corporate form, which is considered to constitute a business combination. This goodwill has an equivalent amount within deferred tax and is reduced when the property concerned is sold. Goodwill is tested for impairment annually or more often if there is an indication that the carrying amount may not be recoverable. SEKm 31 Dec 2025 31 Dec 2024 Opening balance 76 77 Impairment / disposal -2 -0 Closing balance 75 76 NOTE 14: INVESTMENT PROPERTIES ACCOUNTING PRINCIPLE INVESTMENT PROPERTIES Investment properties are measured at fair value in accor- dance with IFRS 13 and are classified as Level 3 in the fair value hierarchy. Fair value represents the price that would be received to sell an asset in an orderly transac- tion between market participants at the measurement date. Changes in fair value, both realised and unrealised, are recognised in profit or loss under Changes in value of in- vestment properties. Unrealised changes reflect the dif- ference between the fair value at the end of the reporting period and the fair value at the beginning of the period, adjusted for acquisitions, disposals and capital expenditure during the year. Realised changes in the value of properties are calculated as purchase price minus selling expenses minus book value at the beginning of the year. Property transactions are reported in connection with control being transferred to the buyer from the seller. For more information, see also “Note 3 – Other significant es- timates and assessments”. For properties where tenant-owned residential units are planned, the property is considered a current asset and a value is taken up corresponding to what has been invested in the project, with deductions for any assessed impair- ment needs. These properties are reported as Properties held for sale in the balance sheet. VALUATION METHOD All properties have been valued externally each quarter during the financial year. The valuations have been con- ducted in accordance with the International Valuation Standards Council (IVSC) and the RICS valuation stan - dard (latest edition). Definitions and value concepts are in accordance with the International Valuation Standards (latest edition), established by the International Valuation Standards Council (IVSC). Market value is defined as the assessed price at which an asset would be sold on the value date, between a buyer and seller without common interests, where both act in a well-informed manner and without coercion, and following normal marketing. The un- certainty regarding estimates of market value is often indi- cated using a range of values, normally +/- 5–10 percent, although this varies depending on the market situation, investment needs and the standard of the property. Each assumption for a property is assessed individually based on the knowledge available about the property, as well as the external appraisers’ market information and experien- ce-based assessments. Fair value has thus been estimated in accordance with IFRS 13 level 3. No transfers have been made between the valuation levels during the current or comparison period. The properties are inspected by the appraisers according to a rolling schedule where the aim is for each property to be inspected at least every three years. These inspections include public areas and a se- lection of apartments with a particular emphasis on major tenants and vacant apartments. The purpose of the in - spections is to assess the properties’ overall standard and condition, maintenance requirements, market position, the attractiveness of the apartments and any adaptation needs. VALUATION MODEL – PROPERTIES GENERATING CASH FLOWS The fair value of income -generating invest - ment properties is determined by external valu - ers using a combination of the sales compari - son approach and an yield -based valuation model. The yield-based approach is based on a discounted cash flow analysis prepared for each property. The analysis es- timates the present value of future net operating income over the calculation period, together with the present value of the residual value at the end of that period. The company provides the appraisers with current rental lists, outcome costs, as well as the assessed remaining invest- ments in projects. The residual value is assessed through a perpetual capitalisation of an estimated market-based net operating income for the year following the end of the calculation period. The perpetual capitalisation occurs at a yield requirement estimated by external appraisers, and determined using the location price method, where the relevant transaction market for comparable properties is taken into account, including both direct and indirect (pro- perties sold in companies) transactions. The discount rate used for calculating the present value of future cash flows comprises the yield requirement plus assumed cash flow growth over the calculation period. These future cash flows are based on a calculation period of 10 years, while taking into account leases extending beyond the 10-year period. The assumption regarding future cash flows following the
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54 expiration of the lease is based on e.g. current and his - torical rents, actual outcome costs, comparable outcome costs, the future development of the market and the local area, currently applicable rental terms, and market-based rental terms at the end of the contract period, combined with information benefiting the appraiser during the inspec- tion. VALUATION MODEL – PROPERTIES NOT GENERATING CASH FLOWS Properties that do not generate cash flows are properties where Sveafastigheter plans to construct a new building and where investment for construction or in planning and investigation work is ongoing. Sufficient documentation is in place for the future building to be able to assess future net operating income and project costs. During the plan- ning and investigation phase, however, insignificant cash flows may arise, although receiving these is not the primary purpose of owning the property. Since the advancement of projects is safeguarded both through land allocation and proprietary ownership, two approaches exist: PROPRIETARY OWNERSHIP For proprietary ownership, there are risks associated with the status of the zoning plan and the time aspect. The risk deductions have been based on either the planning stage of the project or area at the time of valuation or the time aspect. A deduction from the value is made by the largest percentage below: Deduction for zoning plan status Project concept 75% No planning approval 75% Planning approval 50% Consultations completed 25% Review completed 25% Legal force 15% Deduction for time to construction start 3–4 years 40% 2–3 years 30% 1–2 years 20% 0–1 year 15% LAND ALLOCATION For land allocations, the risk is based on the time aspect. Since the municipality has undertaken the land allocation, the planning risk decreases, although a lesser political risk remains, as well as the time aspect. Depending on the time remaining until the adoption of the zoning plan and until the site is taken into possession, deductions are applied in accordance with the table “Deduction for time to construction start” above. ONGOING CONSTRUCTION For properties under construction, the risk decreases as the construction process progresses. For these proper- ties, a 10 percent deduction is made until the frame of the buildings is erected, after which a 5 percent deduction is made. DEVELOPMENT OF TENANT-OWNED RESIDENTIAL UNITS (PROPERTIES HELD FOR SALE) For project properties where tenant-owned residential units are planned, the property is considered a current asset with a reported value corresponding to what has been in- vested in the project, with deductions for any assessed impairment. Description of changes in the property holdings SEKm 31 Dec 2025 31 Dec 2024 Opening carrying amount 28,140 24,786 Acquisitions 297 4,006 Investments 953 629 Sales -120 - Reclassification to properties held for sale - -92 Unrealised value changes -263 -1,188 Closing carrying amount 29,007 28,140 Investment grants of SEK 81m (226) have been received, which are reported as negative investment. Changes in value SEKm 2025 2024 Unrealised value changes -263 -1,188 Realised value changes 20 - Total -243 -1,188 VALUATION ASSUMPTIONS The table below sets out the valuation assumptions for the various types of investment properties. The difference in the inflation assumptions is attributable to the anticipa- ted index adjustment differing between different property types. The underlying inflation assumption is the same, however, and is presented in the table below. Valuation assumptions 2025 2024 Weighted inflation assumption 2026 (2025), % 1.50 1.00 Weighted inflation assumption 2027 (2026), % 2.00 2.00 Calculation period, years 10 10 Long-term vacancy rate, % 0.7–3.9 0.5–2.0 Weighted yield requirement, % 4.52 4.38 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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55 SENSITIVITY ANAL YSIS Property valuations are based on generally accepted valu- ation principles and assumptions that were considered re- asonable at the reporting date. Current circumstances and assumptions about future developments may change due to changes in the market or other circumstances beyond Sveafastigheter’s control. Fair value is an assessment of a probable sales price at a given time in the market. Only when a transaction is completed and paid can the fair price be determined. The table presents how the value is impacted by a change in certain parameters assumed for the valuation. A change in the assumed parameters may lead to a sig - nificantly higher/lower valuation. The table provides a simplified view, as individual parameters will probably not change in isolation; the effect of several variables changing simultaneously is illustrated at the bottom. Sensitivity analysis 2025 2024 Rental value, +/- 5% 1,584/-1,593 1,603/-1,602 Rental value, +/- SEK 50/sqm 1,027/-1,037 1,096/-1,082 Property expenses, +/- 5% -515/505 -525/528 Property expenses, +/- SEK 50/sqm -1,075/1,067 -1,123/1,135 Long-term vacancy rate, +/- 0.25 percentage points -84/66 -71/76 Discount rate, +/- 0.25 percentage points -480/479 -1,265/1,429 Yield requirement, +/- 0.25 percentage points -1,244/1,391 -1,285/1,453 Rental value +/-5% and operating expenses +/-5% 1,069/-1,088 1,078/-1,074 DESCRIPTION OF THE PROPERTY HOLDINGS 2025 Property portfolio Earnings capacity Market Market value SEK/sqm Number of apartments Economic occupancy rate, % Rental inco- me, SEKm SEK/sqm Stockholm-Mälardalen 8,489 33,197 3,875 95.4 488 1,907 University cities 9,788 23,219 6,361 95.5 625 1,483 Malmö-Öresund 4,538 23,289 2,680 97.6 286 1,467 Greater Gothenburg 1,491 24,575 882 98.4 93 1,525 Other 1,395 17,891 1,131 86.1 103 1,316 Total 25,702 25,427 14,929 95.3 1,594 1,577 Projects and building rights properties 3,305 Total 29,007 2024 Property portfolio Earnings capacity Market Market value SEK/sqm Number of apartments Economic occupancy rate, % Rental inco- me, SEKm SEK/sqm Stockholm-Mälardalen 8,193 33,462 3,723 95.4 453 1,850 University cities 9,243 22,357 6,075 96.1 587 1,420 Malmö-Öresund 4,373 22,435 2,679 96.3 278 1,425 Greater Gothenburg 1,482 24,328 882 96.1 87 1,428 Other 1,515 16,966 1,310 80.0 103 1,152 Total 24,806 24,722 14,669 94.6 1,508 1,503 Projects and building rights properties 3,334 Total 28,140 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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56 2025 Valuation Yield requirement, % Discount rate, % Long-term vacancy rate, % Market Initial net operating in- come year 1 SEK/ sqm min. max. avera- ge min. max. avera- ge min. max. avera- ge Stockholm-Mälardalen 341 1,332 3.10 7.10 4.37 5.05 9.13 6.32 0.10 7.50 1.36 University cities 401 952 4.00 5.52 4.56 5.97 7.58 6.17 0.01 3.95 1.34 Malmö-Öresund 190 976 3.57 5.59 4.44 5.55 7.65 6.42 0.42 2.79 1.09 Greater Gothenburg 61 1,000 4.20 4.85 4.34 6.17 6.83 6.31 0.44 1.07 0.68 Other 66 850 4.80 6.12 5.54 6.78 8.18 7.54 1.22 6.50 3.89 Total 1,059 1,577 3.10 7.10 4.52 5.05 9.13 6.35 0.01 7.50 1.40 2024 Valuation Yield requirement, % Discount rate, % Long-term vacancy rate, % Market Initial net operating in- come year 1 SEK/ sqm min. max. avera- ge min. max. avera- ge min. max. avera- ge Stockholm-Mälardalen 328 1,341 3.10 7.10 4.23 4.95 9.02 6.09 0.10 6.30 1.30 University cities 386 934 4.00 5.56 4.36 5.86 7.56 6.33 0.35 3.24 1.18 Malmö-Öresund 187 960 3.57 5.54 4.41 5.38 7.54 6.28 0.32 2.83 1.07 Greater Gothenburg 58 949 4.10 4.85 4.27 5.96 6.72 6.13 0.51 1.28 0.69 Other 61 684 4.50 13.50 5.37 6.40 15.51 7.27 1.15 25.00 4.06 Total 1,020 3.10 13.50 4.38 4.95 15.51 6.29 0.10 25.00 1.35 NOTE 15: EQUIPMENT , MACHINERY AND INSTALLATIONS SEKm 31 Dec 2025 31 Dec 2024 Opening cost 7 4 Acquisitions for the year - 3 Sales and disposals -1 - Closing accumulated cost 7 7 Opening depreciation -5 -4 Depreciation for the year -0 -1 Closing accumulated depreciation -5 -5 Closing carrying amount 2 2 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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57 NOTE 16: SHARES IN JOINT VENTURES ACCOUNTING PRINCIPLE Joint arrangements mean companies in which the Group, together with other parties through agreements, has a con- trolling influence over the operations. A holding in a joint arrangement is classified either as a joint operation or as a joint venture, depending on the rights and obligations that the investor has under the contract. In the Group, the holdings have been classified as joint ventures mainly because the Group has rights to the net assets rather than having direct rights to assets and commitments in liabili- ties. Joint ventures are reported according to the equity method. Sveafastigheter’s joint venture SBB Kåpan Bostad AB was dissolved in June 2024. SEKm 31 Dec 2025 31 Dec 2024 Opening cost - 1,795 Shareholder contributions - - Share of profit/loss - -17 Profit/loss from dissolution of joint venture - 112 Disposals - -1,890 Closing carrying amount, share of capital - - Group’s share of comprehensive income for the year SEKm 2025 2024 Net sales - 133 Operating and maintenance costs - -15 Central administration - -20 Net financial items - -7 Value changes, properties/ financial instruments - -103 Tax - -22 Profit/loss for the year - -34 Other comprehensive income - - Comprehensive income for the year - -34 of which the Group’s share - -17 NOTE 17: FINANCIAL INSTRUMENTS ACCOUNTING PRINCIPLE CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETS The Group’s financial assets consist of debt instruments, equity instruments and derivatives. Debt instruments: The Group’s debt instruments are clas- sified at amortised cost and include: non-current receiva- bles, rent receivables, other current receivables, and cash and cash equivalents. The assets are covered by a loss reserve for expected credit losses; for further information, see “Note 22 – Financial risks”. Equity instruments: The Group’s equity instruments consist of holdings in listed shares. All of the Group’s equity instru- ments are measured at fair value through profit or loss, under the item Value changes, financial instruments. Derivatives: Classified at fair value through profit or loss, under the item Value changes in financial instruments. CLASSIFICATION AND MEASUREMENT OF FINANCIAL LIABILITIES The Group’s financial liabilities comprise debt instruments and derivatives. Debt instruments: The Group’s debt instruments are classified at amortised cost and include liabilities to credit institutions and bonds. Derivatives: The Group’s derivatives are classified at fair value through profit or loss, under the item Value changes, financial instruments. CLASSIFICATION OF OTHER RECEIVABLES AND LIABILITIES For the following current receivables and liabilities, the car- rying amount is deemed to reflect fair value: rent receiva- bles, other receivables, accounts payable, other liabilities and accrued expenses. SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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58 IMPAIRMENT OF FINANCIAL ASSETS The Group’s financial assets, which are recognised at amor- tised cost, are subject to impairment for expected credit losses. Impairment for credit losses is forward-looking and a loss reserve is made as early as initial recognition when there is an exposure to credit risk. Rent receivables: The simplified model is applied to the Group’s rent receivables. A loss reserve is reported, in the simplified model, for the expected residual maturity of the receivable. The Group bases the measurement of expected credit losses on historical customer losses combined with forward-looking factors. For more information, see Note 22 Credit risk. Other financial assets at amortised cost: For other recei- vables, an individual assessment is performed for each counterparty to identify any impairment, consideration being given to historical, current and forward-looking in- formation. In the measurement of expected credit losses, the Group applies a method based on external credit rating. Expected credit losses are measured based on the proba- bility of default, loss given default and the exposure in the event of default. The Group has defined default as when payment of the receivable is 15 days late or more, or if other factors indi- cate that the payment has been suspended. A significant increase in credit risk is based on whether payment is 31 days late or more. The financial assets are recognised in the balance sheet at the net of gross value and loss reserve. Changes in the loss reserve are reported under operating costs in the income statement. FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORY The table below presents the Group’s financial assets and liabilities, at carrying amount and fair value respectively, classified in the categories according to IFRS 9. CREDIT RISK EXPOSURE The maximum credit risk of the assets consists of the net amounts of the reported values in the table below. The Group has not received any pledged assets for the financial net assets. Financial assets/liabilities measured at fair value through profit or loss Financial assets/liabilities measured at amortised cost SEKm 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024 Financial assets Derivatives 12 33 - - Other non-current receivables - - 2 6 Rent receivables - - 9 9 Other current receivables - - 125 106 Cash and cash equivalents - - 501 308 Total 12 33 637 429 Financial liabilities Liabilities to credit institutions - - 9,030 10,421 Bonds - - 3,690 1,683 Derivatives 89 26 - - Other non-current liabilities - - 10 16 Accounts payable - - 28 72 Other current liabilities - - 670 303 Total 89 26 13,429 12,495 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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59 DERIVATIVES The fair value for derivatives, including currency and inte- rest rate derivatives, is based on a discounting of anticipa- ted future cash flows according to the terms of the contract and maturity dates, based on the market interest rate on the closing date. The holdings have thus been measured at level 2 in the fair value hierarchy, in both 2025 and 2024. Description of change in derivatives SEKm 31 Dec 2025 31 Dec 2024 Opening carrying amount 8 1 Acquisitions -1 15 Disposals 0 -15 Unrealised change in value in profit/loss -83 7 Closing carrying amount -77 8 of which recognised as a financial asset 12 33 of which recognised as a financial liability 89 26 LISTED BONDS 31 Dec 2025 Maturity ISIN Issued liability, SEKm Issued liability, EURm Maturity date Interest rate, % 2025–2028 SE0013106747 900 - 2 Jun 2028 STIBOR+185 bps 2025–2030 SE0013106754 800 - 2 Jun 2030 STIBOR+225 bps 2025–2031 SE0013106929 800 - 15 Jan 2031 STIBOR+225 bps 2024–2027 SE0022244018 - 111 29 Jan 2027 4.75 31 Dec 2024 Maturity ISIN Issued liability, SEKm Issued liability, EURm Maturity date Interest rate, % 2024–2027 SE0022244000 413 - 29 Jan 2027 4.75 2024–2027 SE0022244018 - 111 29 Jan 2027 4.75 NOTE 18: OTHER RECEIVABLES SEKm 31 Dec 2025 31 Dec 2024 Tax account 48 40 Pledged assets, derivatives 69 - Transaction receivables 3 10 Other receivables 4 56 Carrying amount 125 106 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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60 NOTE 19: PREPAID EXPENSES AND ACCRUED INCOME SEKm 31 Dec 2025 31 Dec 2024 Accrued rental income 9 13 Accrued interest income 16 4 Prepaid project expenses 1 8 Prepaid operating expenses 15 8 Prepaid insurance 0 0 Other 5 4 Carrying amount 46 37 NOTE 20: CASH AND CASH EQUIVALENTS SEKm 31 Dec 2025 31 Dec 2024 Bank balances 501 308 Carrying amount 501 308 NOTE 21: EQUITY Change in equity SEK Number of shares Share capital Opening balance, 1 Jan 2024 25,000 25,000 New share issue 475,000 475,000 Share split 199,500,000 - Closing balance, 31 Dec 2024 200,000,000 500,000 Opening balance, 1 Jan 2025 200,000,000 500,000 Closing balance, 31 Dec 2025 200,000,000 500,000 Sveafastigheter only has ordinary shares. The number of shares outstanding at the end of the year was 200,000,000 and the share capital amounted to SEK 500,000. Each share has a quota value of SEK 0.0025 and entitles the holder to one vote per share. All shares are paid in full and no shares are reserved for transfer. No shares are held by the company itself or its subsidiaries. SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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61 NOTE 22: FINANCIAL RISKS FINANCIAL RISK MANAGEMENT The Group’s operations give rise to financial risks that may affect earnings, cash flows and financial position. These risks mainly relate to liquidity and financing risk, credit risk and inte- rest rate risk. Sveafastigheter is primarily exposed to liquidity risk, financing risk, credit risk and interest rate risk. Financial transactions and risks in the Group are managed centrally by the Parent Company’s finance function. The Group’s financial policy for managing financial risks has been developed and approved by the Board of Directors. The fi- nancial policy forms a framework of guidelines and rules and defines the objectives of the financing activities. The overall objective of the financing activities is to: • Achieve the best possible financial net result within the framework of the decided risk level and given risk limits. • Identify and ensure good management of the financial risks arising. • Ensure good payment preparedness for meeting payment obligations at any time. • Ensure access to the required funding at the lowest possible cost within the agreed risk level. • Ensure that the financial operations are carried out with good internal control. LIQUIDITY AND FINANCING RISK Liquidity risk is the risk that the Group may not have suffi- cient liquidity to meet its payment obligations as they fall due. Liquidity forecasts are prepared on an ongoing basis to assess funding requirements. A liquidity reserve is ma- intained to ensure that the Group can meet its short-term payment obligations. As at 31 December 2025, the Group’s liquidity sources amounted to SEK 2,431m. This was made up of SEK 501m in cash and cash equivalents and SEK 1,930m in undrawn credit facilities. Financing risk is defined as the risk of not having access to funds for refinancing, investments and other payments, or only having access to financing on unfavourable terms. Financing risk is managed by diversifying loan maturities, funding sources and lenders, and by maintaining a well-ba- lanced liquidity reserve. Sveafastigheter seeks an even distribution of maturity dates and predictable financing. The Group’s repayments of financial liabilities are shown in the table below. Liabilities and interest payments are included at earliest repayment period. T o calculate interest payments re- lating to loans with variable interest rates, reference interest rates have been assumed as determined on the closing date. Future liquidity flows attributable to the derivatives consist of interest paid minus interest received. T o calculate the floating leg of an interest rate derivative, reference rates have been applied over the entire term of the derivative as determined on the closing date. 31 Dec 2025 Maturity analysis, SEKm <1 year 1–3 years 3–5 years >5 years Total Liabilities to credit institutions 686 8,768 - - 9,454 Bonds 161 2,324 921 809 4,214 Other non-current liabilities - - - 10 10 Derivatives 21 28 5 - 54 Lease liabilities 10 18 17 252 298 Accounts payable 28 - - - 28 Other current liabilities 670 - - - 670 Total 1,576 11,138 943 1,071 14,727 31 Dec 2024 Maturity analysis, SEKm <1 year 1–3 years 3–5 years >5 years Total Liabilities to credit institutions 486 10,485 264 - 11,236 Bonds 80 1,770 - - 1,850 Other non-current liabilities - - - 16 16 Derivatives -26 -45 -22 - -93 Lease liabilities 9 16 15 222 262 Accounts payable 72 - - - 72 Other current liabilities 303 - - - 303 Total 924 12,226 257 238 13,646 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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62 CREDIT RISK Credit risk is the risk that financial or commercial coun - terparties may not be able to fulfil their obligations in a timely manner. In the financial operations, the objective is to actively spread the risk of capital being lost when a counterparty is unable to fulfil its obligations. Another credit risk is Sveafastigheter’s tenants not being able to fulfil their obligations. The Group applies credit assessment guidelines to ensure that tenants have an appropriate credit profile. Credit losses have historically been low in relation to the Group’s rental income. The assessment has been made that there has been no significant increase in credit risk for any of the Group’s financial assets. The counter- parties are without a credit risk rating, except for cash and cash equivalents where the counterparties have a credit rating of AA- and A. Ageing analysis, SEKm 31 Dec 2025 31 Dec 2024 Rent receivables not due 2 3 Rent receivables due 1–30 days 1 2 Rent receivables due 31–90 days 4 3 Rent receivables due >90 days 21 20 Total rent receivables 28 27 Provision, rent receivables SEKm 31 Dec 2025 31 Dec 2024 Opening carrying amount -18 -4 Impairment losses -11 -22 Amounts written off (established credit losses) 10 8 Total -19 -18 Closing carrying amount 9 9 Receivables mainly consist of rent receivables for which the Group has chosen to apply the simplified method for reporting expected credit losses according to IFRS 9. This means that provisions are made for expected credit los- ses for the residual maturity, which is expected to be less than one year for all receivables above. The Group makes provisions for expected credit losses based on historical information on established customer losses in combina- tion with taking into account known information about the counterparty and forward-looking information. Sveafastig- heter writes off a receivable when there is no longer any expectation of receiving payment and active measures for receiving payment have been terminated. The table on the left shows the financial assets for which the Group has made provision for expected credit losses. In addition, the Group also monitors provisions needed for other financial instruments, such as cash and cash equivalents, and for the Parent Company also internal receivables. Sveafastig- heter applies a rating-based method in combination with other known information and forward-looking factors for assessing expected credit losses. In cases where the amounts are not deemed to be insignificant, a provision is made for expected credit losses for these financial in- struments. INTEREST RATE RISK Interest rate risk reflects the risk that changes in market interest rates may adversely affect the Group’s financial po- sition, results and cash flows. This manifests partly as cur- rent interest expense for loans and partly as market value changes on derivatives in the form of interest rate swaps. The focus is primarily on the potential risk in Sveafastig - heter’s ongoing interest expense. The objective of interest rate risk management is to maintain a stable and predictable cash flow profile. Stable cash flow development is of great importance in supporting property investments as well as for meeting the expectations of lenders and other external stakeholders. Within the framework of the selected strategy and within permissible deviations, long-term optimisation of financial cash flows is sought. The interest rate risk stra- tegy comprises a well-balanced mix of floating and fixed interest maturities. In selecting the strategy, the sensitivity of Sveafastigheter’s total cash flows is taken into account, compared with the development of the interest rate market over a time horizon of several years. The average interest rate maturity was 1.9 years (2.9) at the end of the year. The interest maturity structure is presented below. Interest maturity structure 31 Dec 2025 31 Dec 2024 SEKm Interest maturity Share, % Interest maturity Share, % < 1 year 2,543 20 814 7 1–2 years 5,861 46 571 5 2–3 years 820 6 6,424 53 3–4 years 3,517 28 2,670 22 4–5 years - - 1,667 13 >5 years - - - - Total 12,740 100 12,146 100 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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63 COVENANTS The loan agreements contain financial commitments that the Group undertakes to fulfil during the term, known as covenants. The most significant covenants are described below. • Unsecured interest-bearing liabilities ( bonds) with a carrying amount of SEK 3,690m (1,683) – Ongoing financial condition concerning indebted - ness. Loan-to-value ratio (defined as Net debt/T otal assets minus Cash and cash equivalents) shall not exceed 55 percent. As at 31 December 2025, the loan-to-value ratio was 42 percent. – Conditions in the event of new market value leverage (as defined in the general terms and conditions). Inte- rest coverage ratio (defined as Result before financial items and changes in value / Net financial items) to be at least 1.5 (multiple). This covenant is only tested if Sveafastigheter takes on a new liability that can be traded on a regulated market. In conjunction with the company taking on new debt on the capital market in 2025, the interest coverage ratio test was satisfied. • Secured interest-bearing liabilities (liabilities to credit institutions) with a book value of SEK 9,030m (10,421). Financial commitments are often unique to individual loan agreements. Examples of common covenants are loan-to-value ratio, interest coverage ratio and equity/ assets ratio. The covenants are usually measured and tested at borrower level. Other commitments include that borrowing subsidiaries must be wholly owned, that subsidiaries with pledged as- sets do not take out additional loans and that the lender is regularly provided with certain financial information. Sveafastigheter monitors, tests and follows up the cove- nants quarterly and annually in accordance with the loan agreements. If the financial commitments are not achieved, additional security may be needed, for example, or even- tually the other party may be entitled to terminate the loan agreement and demand repayment. Sveafastigheter has fulfilled all covenants for all counter- parties as at 31 December 2025. There are no indications that Sveafastigheter would have difficulty fulfilling the covenants the next time they are tested as at the interim report date of 31 March 2026. NOTE 23: OTHER LIABILITIES SEKm 31 Dec 2025 31 Dec 2024 VAT -16 -27 Liabilities, personnel expenses -6 -5 Property tax -14 -37 Transaction liabilities -622 -199 Pledged assets, derivatives -8 - Other current liabilities -6 -35 Carrying amount -670 -303 The transaction liabilities of SEK -622m (-199) refer to financing liabilities of two ongoing projects in which the contractor is responsible for financing. The liabilities will be settled in spring 2026 when the projects end. NOTE 24: ACCRUED EXPENSES AND DEFERRED INCOME SEKm 31 Dec 2025 31 Dec 2024 Accrued personnel expenses -13 -19 Accrued operating expenses -39 -19 Accrued interest -89 -77 Unpaid stamp duty -32 -17 Prepaid rental income -127 -102 Other accrued expenses -14 -110 Carrying amount -314 -344 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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64 NOTE 25: LIABILITIES ATTRIBUTABLE TO FINANCING ACTIVITIES Transactions affecting cash flow Transactions not affecting cash flow SEKm 1 Jan 2025 New loans Repaid loans Acquisition/transfer of assets and liabilities 31 Dec 2025 Bonds 1,683 2,500 -413 -80 3,690 Liabilities to credit institutions 10,421 150 -1,572 32 9,030 Carrying amount 12,104 2,650 -1,985 -48 12,720 Transactions affecting cash flow Transactions not affecting cash flow SEKm 1 Jan 2024 New loans Repaid loans Acquisition/transfer of assets and liabilities 31 Dec 2024 Bonds - 1,694 - -11 1,683 Liabilities to credit institutions 8,393 - -1,081 3,109 10,421 Liabilities to owners 4,334 - -361 -3,973 - Carrying amount 12,727 1,694 -1,442 -875 12,104 NOTE 26: ACQUISITIONS OF SUBSIDIARIES LESS CASH AND CASH EQUIVALENTS SEKm 2025 2024 Investment properties 246 435 Cash and cash equivalents 0 - Other assets and receivables 124 4 Acquired assets 257 439 Liabilities to credit institutions 0 115 Other non-current and current liabilities 1 222 Acquired net assets 256 102 Purchase consideration corresponding to 100% of net assets -256 -102 Deductions: Previously acquired participations - 38 Purchase consideration paid in cash -256 -64 Acquired cash and cash equivalents 0 - Repayment of liabilities in conjunction with the acquisition of net assets -41 -221 Total acquisitions of subsidiaries less cash and cash equivalents -297 -285 SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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65 NOTE 27: PLEDGED ASSETS SEKm 31 Dec 2025 31 Dec 2024 Mortgages 12,491 12,579 Shares in Group companies 11,803 8,913 Total pledged assets 24,294 21,492 NOTE 28: CONTINGENT LIABILITIES There are no commitments. NOTE 29: RELATED PARTY TRANSACTIONS Transactions between Sveafastigheter AB (publ) and its subsidiaries have been eliminated in the Group and are not reported in this note. Sveafastigheter has a property management agreement with SBB covering 3,950 apartments and with an annual fee of SEK 52.5m (2025 level). During the year, the agreement was extended by a year and now runs until the end of 2027 . The income generated by the agreement is recognised as Other income from property management. In 2024, Sveafastigheter sold technical management to the joint venture SBB Kåpan Bostad AB. The income, SEK 12m, is recognised as Other income from property management. Sveafastigheter leases property management offices and parking spaces from SBB. Transactions with Samhällsbyggnadsbolaget i Norden AB SEKm 2025 2024 Invoiced management services 54 48 Interest expense - -165 Lease of property management offices and parking spaces 1 1 For information about remuneration to the Board of Di - rectors and senior executives, see Note 8 Employees and personnel expenses. NOTE 30: EVENTS AFTER THE CLOSING DATE • An EUR 2bn Euro Medium T erm Note programme was established, under which senior unsecured bonds totalling EUR 300m were issued. • The company has exercised its right regarding the early redemption of the outstanding EUR 111m of senior unsecured bonds. • Building rights were allotted for two projects in Nacka, with approximately 155 apartments in Orminge centre and 105 apartments in the Älta central district. • The company was named as the anchor developer for the Silokvarteren district in central Västerås and was awarded land allocations for at least 10,000 sqm GFA. • The exchange transaction with KlaraBo was completed. The agreed property value in the portfolio divested by Sveafastigheter corresponds to the properties’ book value. The transaction is initially considered to reduce Sveafastigheter’s earnings capacity by approximate - ly SEK 2m and to reduce the occupancy rate by 0.04 percentage points. Sveafastigheter is a net seller in the transaction, and received a purchase consideration of approximately SEK 90m after deductions for e.g. de - ferred tax. SVEAFASTIGHETER | ANNUAL REPORT 2025 | NOTES FOR THE GROUP
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66 Parent Company COMMENTS ON THE PARENT COMPANY’S INCOME STATEMENT AND BALANCE SHEET The Parent Company’s business consists of Group- wide functions such as finance, transactions and communications. At the end of the year, the Parent Company had 17 employees. Net sales during the year amounted to SEK 47m (29) and consist mainly of management fees. Personnel expenses amounted to SEK -35m (-33) for the year. Other operating expenses amounted to SEK -67m (-57) for the year, of which SEK -11m (-22) is attributable to the listing and the change of listing to Nasdaq Stockholm and to the formation of the organisation. SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY PARENT COMPANY INCOME STATEMENT Amounts in SEKm Note 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Net sales 47 29 Personnel expenses 4 -35 -33 Other operating expenses 3 -67 -57 Operating profit/loss -55 -61 Income from participations in Group companies 5 - -2 Interest income and similar items 6 414 1,335 Interest expense and similar items 7 -532 -1,126 Value changes in financial instruments -3 -26 Profit/loss after financial items -176 120 Appropriations 8 57 -15 Profit/loss before tax -119 105 Tax 9 11 -9 PROFIT/LOSS FOR THE YEAR -108 96 Amounts in SEKm 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Profit/loss for the year -108 96 Other comprehensive income - - COMPREHENSIVE INCOME FOR THE YEAR -108 96
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67 PARENT COMPANY BALANCE SHEET Amounts in SEKm Note 31 Dec 2025 31 Dec 2024 ASSETS Non-current assets Financial non-current assets Shares in Group companies 10 18,475 18,478 Receivables from Group companies 11 7,204 6,414 Derivatives 12 7 20 Deferred tax assets 14 - Total financial non-current assets 25,701 24,912 Total non-current assets 25,701 24,912 Current assets Trade accounts receivable 12 - 2 Other receivables 12 75 0 Prepaid expenses and accrued income 13 14 3 Cash and cash equivalents 14 252 17 Total current assets 341 23 TOTAL ASSETS 26,043 24,935 Amounts in SEKm Note 31 Dec 2025 31 Dec 2024 EQUITY AND LIABILITIES Restricted equity Share capital 15 1 1 Non-restricted equity Shareholder contributions 16,298 16,298 Transaction costs -60 -60 Earnings brought forward 86 -10 Profit/loss for the year -108 96 Total non-restricted equity 16,216 16,324 Total equity 16,216 16,325 Untaxed reserves 16 15 15 Non-current liabilities Bonds 12 3,690 1,683 Derivatives 12 2 20 Liabilities to Group companies 17 5,952 6,752 Deferred tax liabilities - 0 Total non-current liabilities 9,645 8,455 Current liabilities Accounts payable 12 0 0 Current tax liabilities 12 9 Derivatives 12 74 - Current liabilities 16 3 Accrued expenses and deferred income 18 65 128 Total current liabilities 167 140 TOTAL EQUITY AND LIABILITIES 26,043 24,935 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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68 PARENT COMPANY STATEMENT OF CHANGES IN EQUITY Amounts in SEKm Share capital Retained earnings Total equity Equity, opening balance 1 Jan 2024 0 0 0 Profit/loss for the year - 96 96 Other comprehensive income - - - Comprehensive income for the year - 96 96 New share issue 1 - 1 Transaction costs - -60 -60 Shareholder contributions - 16,288 16,288 Equity, closing balance 31 Dec 2024 1 16,324 16,325 Equity, opening balance 1 Jan 2025 1 16,324 16,325 Profit/loss for the year - -108 -108 Other comprehensive income - - - Comprehensive income for the year - -108 -108 Equity, closing balance 31 Dec 2025 1 16,216 16,216 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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69 PARENT COMPANY CASH FLOW STATEMENT Amounts in SEKm 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Operating activities Profit/loss before tax -119 105 Adjustment for non-cash items Appropriation to tax allocation reserve - 15 Unrealised value changes, financial instruments -2 - Other non-cash items 1 - Taxes paid 0 0 Cash flow from operating activities before changes in working capital -120 120 Cash flow from changes in working capital Increase (-)/decrease (+) in operating receivables -83 -15 Increase (+)/decrease (-) in operating liabilities -60 6,891 Cash flow from operating activities -263 6,996 Investing activities Shareholder contributions paid - -18,478 Investments in financial assets -1,590 -6,414 Acquisition of subsidiaries less acquired cash and cash equivalents - 0 Disposal of subsidiaries 0 2 Cash flow from investing activities -1,590 -24,890 Financing activities New share issue - 0 Transaction costs - -60 Shareholder contributions received - 16,288 New loans 2,500 1,683 Repayment of loan liabilities -413 - Cash flow from financing activities 2,088 17,911 Cash flow for the year 235 17 Cash and cash equivalents at beginning of year 17 0 Cash and cash equivalents at the end of the year 252 17 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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70 NOTE 1: SIGNIFICANT ACCOUNTING PRINCIPLES The Parent Company has prepared its annual ac - counts according to the Swedish Annual Accounts Act (1995:1554) and the Swedish Financial Reporting Board’s recommendation RFR 2 “Accounting for Legal Entities”. The Parent Company applies the same accounting prin- ciples as the Group with the exceptions and additions stated in RFR 2. This means that IFRS is applied with the exceptions stated below. NOTE 2: ESTIMATES AND ASSESSMENTS For estimates and assessments, see Note 3 for the Group. NOTE 3: FEES TO THE AUDITOR Ernst & Young AB SEKm 2025 2024 Audit fees -2 -4 Other audit assignments - - Tax - - Other - - Total -2 -4 NOTE 4: EMPLOYEES AND PERSONNEL EXPENSES For salaries and remuneration to employees and seni- or executives as well as information on the number of employees, see Note 8 for the Group. NOTE 5: INCOME FROM PARTICIPATIONS IN GROUP COMPANIES ACCOUNTING PRINCIPLE Dividends are reported when the right to receive pay- ment is considered secure. Revenue from the sale of subsidiaries is recognised when risks and benefits and control associated with the holding in the subsidiary have transferred to the purchaser. SEKm 2025 2024 Income from participations in Group companies - -2 Total - -2 NOTE 6: INTEREST INCOME AND SIMILAR ITEMS SEKm 2025 2024 Assets measured at amortised cost Interest income from Group companies 407 1,335 Other financial income 7 0 Total interest income and similar items 414 1,335 NOTE 7: INTEREST EXPENSE AND SIMILAR ITEMS SEKm 2025 2024 Liabilities measured at amortised cost Interest expense to Group companies -407 -1,081 Interest expense to owners - -11 Other interest expense -122 -22 Other financial expenses -3 -12 Total interest expense and similar items -532 -1,126 Notes for the Parent Company SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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71 NOTE 8: APPROPRIATIONS SEKm 2025 2024 Appropriation to tax allocation reserve - -15 Group contributions paid/received 57 - Total 57 -15 NOTE 9: TAX Reported tax SEKm 2025 2024 Current tax -3 -9 Deferred tax, loss carryforwards - 0 Deferred tax, financial instruments 14 - Reported tax 11 -9 Reconciliation of effective tax rate SEKm 2025 2024 Profit/loss before tax -119 105 Tax according to the applicable tax rate for the Parent Company 25 -22 T ax effect of: Tax attributable to previous years -3 - Non-taxable income 15 3 Non-deductible expenses -25 -3 Reportable income not included in recognised profit/loss 0 - Deductible expenses not included in recognised profit/loss - 12 Reported tax 11 -9 Effective tax rate, % 10 8 NOTE 10: PARTICIPATIONS IN GROUP COMPANIES ACCOUNTING PRINCIPLE The Parent Company recognises shares in subsidiaries according to the cost method, whereby transaction costs are included in the carrying amount of interests in subsidiaries. The book value is tested quarterly aga - inst the subsidiaries’ equity. In cases where the carry - ing amount is less than the subsidiaries’ consolidated value, an impairment loss is charged to the income statement. Where the grounds for a previous impair - ment no longer exist, the impairment loss is reversed. SEKm 2025 2024 Opening cost 18,478 2 Acquisitions - 0 Shareholder contributions - 18,478 Disposals -2 -2 Closing carrying amount 18,475 18,478 Directly owned subsidiaries Carrying amount, SEK k Company name Corp. ID no. Domicile Number of shares Share of capital, % 31 Dec 2025 31 Dec 2024 Sveafastigheter Holding AB 559479-1880 Stockholm 25,000 100 18,475,235 18,477,741 Total carrying amount 18,475,235 18,477,741 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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72 Indirectly owned companies Corp. ID no. Name Share, % 559281-0856 Sveafastigheter 1.101 Holding AB 100 559464-0939 Sveafastigheter 1.102 Holding AB 100 559266-0780 Sveafastigheter 1.201 Holding AB 100 559266-0806 Sveafastigheter 1.202 Holding AB 100 559266-0863 Sveafastigheter 1.203 Holding AB 100 559266-0871 Sveafastigheter 1.204 Holding AB 100 559266-0889 Sveafastigheter 1.205 Holding AB 100 559266-0897 Sveafastigheter 1.206 Holding AB 100 559266-0905 Sveafastigheter 1.207 Holding AB 100 559266-0798 Sveafastigheter 1.208 Holding AB 100 559266-0822 Sveafastigheter 1.209 Holding AB 100 559266-0830 Sveafastigheter 1.210 Holding AB 100 559266-0848 Sveafastigheter 1.211 Holding AB 100 559266-0855 Sveafastigheter 1.212 Holding AB 100 559481-7628 Sveafastigheter 1.213 Holding AB 100 559464-0954 Sveafastigheter 1.214 Holding AB 100 559464-1010 Sveafastigheter 1.301 Holding AB 100 559464-1077 Sveafastigheter 1.401 Holding AB 100 559464-1275 Sveafastigheter 1.402 Holding AB 100 559464-1085 Sveafastigheter 1.403 Holding AB 100 559464-1093 Sveafastigheter 1.404 Holding AB 100 559464-1101 Sveafastigheter 1.408 Holding AB 100 559464-1184 Sveafastigheter 1.411 Holding AB 100 559464-1192 Sveafastigheter 1.412 Holding AB 100 559464-1200 Sveafastigheter 1.413 Holding AB 100 559185-5654 Sveafastigheter 1.501 Holding AB 100 559347-1997 Sveafastigheter 1.502 Holding AB 100 559070-4713 Sveafastigheter 1.503 Holding AB 100 Corp. ID no. Name Share, % 559276-5571 Sveafastigheter 1.504 Holding AB 100 559276-5621 Sveafastigheter 1.505 Holding AB 100 559374-8642 Sveafastigheter 1.506 Holding AB 100 559314-1442 Sveafastigheter 1.507 Holding AB 100 559347-1989 Sveafastigheter 1.508 Holding AB 100 559281-0864 Sveafastigheter 2.101 Holding AB 100 559464-1374 Sveafastigheter 2.102 Holding AB 100 559464-1234 Sveafastigheter 2.103 Holding AB 100 559464-1242 Sveafastigheter 2.104 Holding AB 100 559464-1259 Sveafastigheter 2.105 Holding AB 100 559464-1382 Sveafastigheter 2.106 Holding AB 100 559277-2049 Sveafastigheter 2.201 Holding AB 100 559277-2098 Sveafastigheter 2.202 Holding AB 100 559277-2114 Sveafastigheter 2.203 Holding AB 100 559464-1358 Sveafastigheter 2.301 Holding AB 100 559464-0970 Sveafastigheter 3.101 Holding AB 100 559464-1044 Sveafastigheter 3.102 Holding AB 100 559464-0962 Sveafastigheter 3.103 Holding AB 100 559464-0988 Sveafastigheter 3.104 Holding AB 100 559423-7314 Sveafastigheter 3.105 Holding AB 100 559326-6348 Sveafastigheter 3.106 Holding AB 100 559364-1656 Sveafastigheter 3.107 Holding AB 100 559423-7322 Sveafastigheter 3.108 Holding AB 100 559161-9936 Sveafastigheter Aspuddens Husentreprenad AB 100 556667-8842 Sveafastigheter Avesta Kråkan 1 och Majsen 3 AB 100 559464-1168 Sveafastigheter Backen 8:15 MergoCo AB 100 559070-4721 Sveafastigheter Boden Aspen 4 AB 100 559457-8311 Sveafastigheter Boden Tuppen AB 100 559079-3625 Sveafastigheter Borlänge AB 100 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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73 Corp. ID no. Name Share, % 916898-6546 Sveafastigheter Borås Priorn 6 Handelsbolag 100 916898-6553 Sveafastigheter Borås Väpnaren 6 Handelsbolag 100 559229-3921 Sveafastigheter Bostad BR Hallsta AB 100 559376-6883 Sveafastigheter Bostad Bro AB 100 559306-0477 Sveafastigheter Bostad Hökerum AB 100 559122-5999 Sveafastigheter Bostad Jordbro I AB 100 559122-6021 Sveafastigheter Bostad Jordbro II AB 100 559256-4008 Sveafastigheter Bostad Medsolsbacken AB 100 559301-4649 Sveafastigheter Bostad Oxbacken AB 100 559376-6867 Sveafastigheter Bostad Projekt Beta AB 100 556700-2067 Sveafastigheter Bostad Råcksta AB 100 559122-6039 Sveafastigheter Bostad Silver Life AB 100 559235-4988 Sveafastigheter Bostad Silver Life Ingarö AB 100 559418-4730 Sveafastigheter Bostad Södra Hallsta Radhus AB 100 556985-1289 Sveafastigheter Bostadsutveckling AB 100 559080-4265 Sveafastigheter Bostadsutveckling II AB 100 559122-2921 Sveafastigheter Bostadsutveckling III AB 100 559122-2905 Sveafastigheter Bostadsutveckling IV AB 100 559256-3984 Sveafastigheter Bostadsutveckling IX AB 100 559131-3530 Sveafastigheter Bostadsutveckling V AB 100 559171-7946 Sveafastigheter Bostadsutveckling VI AB 100 559220-1015 Sveafastigheter Bostadsutveckling VII AB 100 559256-3976 Sveafastigheter Bostadsutveckling VIII AB 100 559301-4672 Sveafastigheter Bostadsutveckling X AB 100 559322-6664 Sveafastigheter Bostadsutveckling XI AB 100 559335-6677 Sveafastigheter Bostadsutveckling XII AB 100 559335-6685 Sveafastigheter Bostadsutveckling XIII AB 100 559376-6818 Sveafastigheter Bostadsutveckling XIV AB 100 559464-1028 Sveafastigheter Bostadsutveckling XV AB 100 Corp. ID no. Name Share, % 559464-1036 Sveafastigheter Bostadsutveckling XVI AB 100 556984-1660 Sveafastigheter Bostadsutveckling XVII Holding AB 100 559464-1051 Sveafastigheter Bostadsutveckling XVIII AB 100 556975-6389 Sveafastigheter Bostadsutveckling XX Holding AB 100 559334-4087 Sveafastigheter Del av Botkyrka Tumba 8:347 AB 100 559122-6013 Sveafastigheter Del av Haninge Kalvsvik 1:4 och 16:1 C AB 100 559225-1168 Sveafastigheter Del av Motala T ellus 1 AB 100 559171-7854 Sveafastigheter Del av Nacka Sicklaön A AB 100 559216-8610 Sveafastigheter Del av Nacka Sicklaön B AB 100 559232-8735 Sveafastigheter Del av Nacka Sicklaön C AB 100 559171-7896 Sveafastigheter Del av Salem 5:77 och 32:1 A AB 100 559169-8583 Sveafastigheter Del av Salem 5:77 och 32:1 B AB 100 559256-4016 Sveafastigheter Del av Stockholm Akalla 4:1 A AB 100 559376-6859 Sveafastigheter Del av Stockholm Akalla 4:1 B AB 100 559273-3124 Sveafastigheter Del av Stockholm Aspudden 2:1 AB 100 559256-4024 Sveafastigheter Del av Stockholm Bromsten 9:2 AB 100 559301-4714 Sveafastigheter Del av Stockholm Enskede Gård 1:1 A AB 100 559335-6594 Sveafastigheter Del av Stockholm Enskede Gård 1:1 B AB 100 559256-3992 Sveafastigheter Del av Stockholm Fäboden 1 AB 100 559210-1967 Sveafastigheter Del av Stockholm Hammarbyhöjden 1:1 A AB 100 559232-8768 Sveafastigheter Del av Stockholm Hammarbyhöjden 1:1 B AB 100 559335-6628 Sveafastigheter Del av Stockholm Hammarbyhöjden 1:1 C AB 100 559335-6610 Sveafastigheter Del av Stockholm Hammarbyhöjden 1:1 D AB 100 559242-8477 Sveafastigheter Del av Stockholm Hammarbyhöjden 1:1 E AB 100 559301-4680 Sveafastigheter Del av Stockholm Skärholmen 2:1 AB 100 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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74 Corp. ID no. Name Share, % 559235-5084 Sveafastigheter Del av Stockholm Stureby och Örby AB 100 559141-1268 Sveafastigheter Del av Stockholm Sätra 2:1 AB 100 559210-1975 Sveafastigheter Del av Stockholm Ulvsunda 1:1 A AB 100 559335-6669 Sveafastigheter Del av Stockholm Ulvsunda 1:1 B AB 100 559122-6070 Sveafastigheter Del av Stockholm Årsta 1:1 AB 100 559301-4706 Sveafastigheter Del av Stockholm Årsta 1:1 B AB 100 559122-6047 Sveafastigheter Del av Stockholm Älvsjö 1:1 A AB 100 559235-4996 Sveafastigheter Del av Stockholm Älvsjö 1:1 B AB 100 559171-7839 Sveafastigheter Del av T yresö Kumla 3:1263 A AB 100 559335-6651 Sveafastigheter Del av T yresö Kumla 3:1263 B AB 100 559171-7847 Sveafastigheter Del av T yresö Näsby 4:1469 A AB 100 559147-6451 Sveafastigheter Del av T yresö Kumla 4:1469 B AB 100 559301-4656 Sveafastigheter Del av Upplands Väsby Vilunda AB 100 559080-4299 Sveafastigheter Del av Uppsala Kronåsen 1:25 AB 100 559080-4323 Sveafastigheter Del av Vallentuna Rickeby-Mörby AB 100 556985-1271 Sveafastigheter Development AB 100 556436-7000 Sveafastigheter Ekorren 2 och Jupiter 11 AB 100 556902-3020 Sveafastigheter Eskilstuna Fakiren 3 AB 100 556813-9249 Sveafastigheter Eskilstuna Fjärilen 8 AB 100 556879-9315 Sveafastigheter Exporten 1 AB 100 559105-9976 Sveafastigheter Falun Britsarvsskolan 6 AB 100 559149-4827 Sveafastigheter Falun Lilla Näs och Korsnäs AB 100 559408-9921 Sveafastigheter Falun T egelbruket 4, projekt AB 100 556729-9853 Sveafastigheter Göteborg Bergsjön 15:3 AB 100 559340-1218 Sveafastigheter Halmstad Linden 2 AB 100 559340-1226 Sveafastigheter Halmstad Linden 8 AB 100 559300-7254 Sveafastigheter Haninge Kalvsvik AB 100 559106-8894 Sveafastigheter Helsingborg 1 AB 100 Corp. ID no. Name Share, % 559153-7831 Sveafastigheter Helsingborg 2 AB 100 556442-9206 Sveafastigheter Helsingborg Leran 1 och 4 AB 100 559135-0722 Sveafastigheter Helsingborg Spårvagnen 1 AB 100 559464-0871 Sveafastigheter Holding 1 AB 100 559464-0889 Sveafastigheter Holding 1.1 AB 100 559464-0947 Sveafastigheter Holding 1.2 AB 100 559464-1002 Sveafastigheter Holding 1.3 AB 100 559464-1069 Sveafastigheter Holding 1.4 AB 100 559464-1150 Sveafastigheter Holding 1.5 AB 100 559464-1218 Sveafastigheter Holding 2 AB 100 559464-1226 Sveafastigheter Holding 2.1 AB 100 559464-1283 Sveafastigheter Holding 2.2 AB 100 559464-1341 Sveafastigheter Holding 2.3 AB 100 559464-1119 Sveafastigheter Holding 3 AB 100 559479-1898 Sveafastigheter Holding Förvaltning AB 100 559313-5964 Sveafastigheter Höganäs 1 AB 100 556851-0902 Sveafastigheter Höganäs Bostäder AB 100 556720-6247 Sveafastigheter Höganäs Flora 5 AB 100 556547-7550 Sveafastigheter Höganäs Höganäs 38:47 AB 100 969661-1046 Sveafastigheter Höganäs Möllan 31 Handelsbolag 100 559191-4691 Sveafastigheter Höganäs Olympia 14 och 15 AB 100 559019-0228 Sveafastigheter Höganäs Släggan 1 AB 100 559206-2524 Sveafastigheter Höganäs Stataren 1 AB 100 556828-3138 Sveafastigheter Höganäs Stataren 2 AB 100 559199-5153 Sveafastigheter Jönköping Varberg 1 AB 100 559177-6645 Sveafastigheter Jönköping Önskemålet 7 AB 100 556516-1303 Sveafastigheter Karlshamn Mörrum 84:2 AB 100 559481-7537 Sveafastigheter Karlskrona Fregatten 16 AB 100 559162-1221 Sveafastigheter Karlskrona Gullbernahult 31 AB 100 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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75 Corp. ID no. Name Share, % 559157-9866 Sveafastigheter Karlskrona Kvarnhöjden 1 AB 100 556586-2199 Sveafastigheter Karlskrona Mo 1:95 och Monsunen 1 AB 100 559146-6056 Sveafastigheter Karlskrona Verkö 3:118 AB 100 559287-3797 Sveafastigheter Karlstad Kasernhöjden 1 A AB 100 559287-3805 Sveafastigheter Karlstad Kasernhöjden 1 B AB 100 559287-3813 Sveafastigheter Karlstad Kasernhöjden 1 C AB 100 559324-0194 Sveafastigheter Karlstad Regementet 21 AB 100 559225-6928 Sveafastigheter Kävlinge Arvid 1 AB 100 559225-6902 Sveafastigheter Kävlinge Kristallen AB 100 559225-6936 Sveafastigheter Kävlinge Sandhammaren 4 AB 100 559225-6910 Sveafastigheter Kävlinge Servitutet 2 AB 100 556693-9491 Sveafastigheter Landskrona 1 AB 100 559345-4225 Sveafastigheter Landskrona 2 AB 100 559267-6406 Sveafastigheter Landskrona 3 AB 100 556727-3643 Sveafastigheter Landskrona 5 AB 100 556768-2033 Sveafastigheter Landskrona AB 100 559152-8756 Sveafastigheter Landskrona Cykeln 3 AB 100 556925-2017 Sveafastigheter Landskrona Gröna Lund 20 AB 100 556064-4105 Sveafastigheter Landskrona Herkules 27 och 30 AB 100 556685-4096 Sveafastigheter Landskrona Neptun 30 AB 100 556514-2964 Sveafastigheter Landskrona Pallas 44 och 71 AB 100 559220-6964 Sveafastigheter Landskrona Sten Sture 11 AB 100 559276-5431 Sveafastigheter Linköping Idrottsstjärnan AB 100 556868-2545 Sveafastigheter Linköping Lavinen 5 AB 100 559276-5407 Sveafastigheter Linköping Luftpumpen och Lägerhyddan AB 100 559276-5415 Sveafastigheter Linköping Nyponbusken AB 100 559276-5357 Sveafastigheter Linköping Riket AB 100 559273-5103 Sveafastigheter Linköping Risgrynet 1 AB 100 Corp. ID no. Name Share, % 559273-5095 Sveafastigheter Linköping Risgrynet 2 AB 100 559273-5087 Sveafastigheter Linköping Riskornet 1 AB 100 559276-5340 Sveafastigheter Linköping Räknestickan 1 AB 100 559223-3927 Sveafastigheter Lägenheter H1 AB 100 559218-8444 Sveafastigheter Lägenheter Holding AB 100 559204-0462 Sveafastigheter Malmö Pelaren 2 AB 100 556707-4504 Sveafastigheter Nacka Orminge 60:2 AB 100 556686-3493 Sveafastigheter Nacka Sicklaön 126:12 AB 100 556810-8517 Sveafastigheter Nackagubb AB 100 556742-5912 Sveafastigheter Norrtälje Marknadshagen AB 100 556973-7264 Sveafastigheter Nykvarn Kaffebryggaren AB 100 559208-8735 Sveafastigheter Nykvarn Ströpsta A AB 100 559229-6551 Sveafastigheter Nykvarn Ströpsta B AB 100 556897-8232 Sveafastigheter Nyköping AB 100 559481-7602 Sveafastigheter Nyköping Elektrikern 1 AB 100 559464-1390 Sveafastigheter Nyköping Svarvaren 4 AB 100 559114-4240 Sveafastigheter Nynäshamn 2 Holding AB 100 559114-4257 Sveafastigheter Nynäshamn T elegrafen 21 AB 100 559114-5064 Sveafastigheter Nynäshamn T elegrafen Holding AB 100 556697-5107 Sveafastigheter Olofström Holje 106:1 AB 100 559440-7644 Sveafastigheter Oskarshamn Emmekalv och Älvehult AB 100 559481-7552 Sveafastigheter Oskarshamn Hälsan AB 100 559481-7545 Sveafastigheter Oskarshamn Merkurius 4 AB 100 559152-5307 Sveafastigheter Oskarshamn Måsen 1 AB 100 559297-0353 Sveafastigheter Parkering Holding AB 100 559464-1176 Sveafastigheter Pilen MergoCo AB 100 559235-5001 Sveafastigheter Sala Backe Vaksala Brillinge AB 100 559449-4337 Sveafastigheter Services AB 100 559031-5262 Sveafastigheter Sigtuna Rävsta 5:329 AB 100 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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76 Corp. ID no. Name Share, % 559131-3563 Sveafastigheter Sigtuna Steninge 1:182 och 1:183 AB 100 559368-3559 Sveafastigheter Skellefteå Bägaren 7 AB 100 559481-7594 Sveafastigheter Skellefteå Dagsmejan 1 AB 100 559276-5217 Sveafastigheter Skellefteå Hedensbyn 25:50 AB 100 559341-6984 Sveafastigheter Skellefteå Jullen 1 AB 100 559050-7967 Sveafastigheter Skellefteå Motvikten 1 AB 100 559050-7959 Sveafastigheter Skellefteå Orkestern 6 AB 100 559457-5101 Sveafastigheter Skellefteå Prästbord 8:8 AB 100 559457-5119 Sveafastigheter Skellefteå Rönnbäcken 2:13 AB 100 559050-8056 Sveafastigheter Skellefteå Storkåge 21:19 AB 100 559108-5070 Sveafastigheter SLUV Holding AB 100 559090-9668 Sveafastigheter Sländan Holding AB 100 559115-8711 Sveafastigheter Stenungsund Höga 2:154 AB 100 556966-4476 Sveafastigheter Stockholm Autopiloten 1 AB 100 556966-4484 Sveafastigheter Stockholm Autopiloten 6 och 8 AB 100 969678-0395 Sveafastigheter Stockholm Barlasten 4 Kommanditbolag 100 969677-9181 Sveafastigheter Stockholm Galjonsbilden 28 Kommanditbolag 100 559045-5068 Sveafastigheter Stockholm Hedvig 7 AB 100 556882-0848 Sveafastigheter Stockholm Hållsätra 8 AB 100 559101-8733 Sveafastigheter Stockholm Järinge 2 AB 100 559183-6043 Sveafastigheter Stockholm Kvarnluckan 1 och 2 AB 100 556900-0010 Sveafastigheter Stockholm Mariehamn 1 AB 100 559167-0772 Sveafastigheter Stockholm Sothönan 12 och 13 AB 100 559513-9535 Sveafastigheter Stockholm Sveaorden 2 AB 100 559039-2212 Sveafastigheter Stockholm Vårholmen 6 AB 100 556878-8268 Sveafastigheter Stockholm Åkeshov AB 100 559114-7938 Sveafastigheter Stockholm Örjan 23 AB 100 Corp. ID no. Name Share, % 556975-9136 Sveafastigheter Studentbacken Sågtorp AB 100 916563-7035 Sveafastigheter Sundbyberg Fjällnäset 14 Kommanditbolag 100 556674-7613 Sveafastigheter Sundbyberg Lärkan 14 AB 100 556974-0367 Sveafastigheter Sundsvall Västland 26:39 AB 100 559004-1728 Sveafastigheter Söderhamn AB 100 556564-9828 Sveafastigheter Södertälje 1 AB 100 556717-0062 Sveafastigheter Södertälje 2 AB 100 559057-0619 Sveafastigheter Södertälje Sländan 8 AB 100 559202-8830 Sveafastigheter Tierp Jörsön 7:6 AB 100 556588-2841 Sveafastigheter Tierp Jörsön och Söderfors Bruk AB 100 556684-7116 Sveafastigheter Trelleborg AB 100 559182-0583 Sveafastigheter Trollhättan 1 AB 100 556456-6486 Sveafastigheter Trollhättan Lodjuret 6 AB 100 559240-0559 Sveafastigheter Trollhättan Pilen 4 AB 100 556722-1709 Sveafastigheter Trollhättan Pilen 5 AB 100 559464-0905 Sveafastigheter Trollhättan Vintergrönan 13 AB 100 559062-5835 Sveafastigheter Ulricehamn Krämaren 4 AB 100 559384-7246 Sveafastigheter Ulricehamn Krämaren 8 AB 100 556748-3903 Sveafastigheter Umeå AB 100 559481-7578 Sveafastigheter Umeå Backen 8:15 AB 100 559481-7560 Sveafastigheter Umeå Backen 8:7 - 8:12 AB 100 556886-6395 Sveafastigheter Umeå Bajonetten 9 AB 100 559323-8255 Sveafastigheter Umeå Barnmorskan 2 AB 100 559464-0921 Sveafastigheter Umeå Bytesgärdet 5 AB 100 559023-9199 Sveafastigheter Umeå Eklunda AB 100 559464-0897 Sveafastigheter Umeå Gärdet 14 AB 100 559351-8433 Sveafastigheter Umeå Långmyran 8 AB 100 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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77 Corp. ID no. Name Share, % 559302-1701 Sveafastigheter Umeå Puman 3 AB 100 559302-1685 Sveafastigheter Umeå Puman 7 AB 100 559354-4926 Sveafastigheter Umeå Rovdjuret 13 AB 100 559464-0913 Sveafastigheter Umeå Ödlan 2 AB 100 559276-5563 Sveafastigheter Unobo Holding AB 100 969633-7709 Sveafastigheter Vallentuna Vallentuna-Rickeby 1:40KB 100 559210-1959 Sveafastigheter Vaxholm Vega 9 AB 100 559479-5881 Sveafastigheter Västerås Almen 2 AB 100 556974-8527 Sveafastigheter Västerås Focken 1 och 2 AB 100 559122-6088 Sveafastigheter Västerås Hydran 2 AB 100 559285-3617 Sveafastigheter Västerås Najaden 3 AB 100 559285-3609 Sveafastigheter Västerås Najaden AB 100 559053-5273 Sveafastigheter Västerås Neptun 1 AB 100 Corp. ID no. Name Share, % 556964-1342 Sveafastigheter Västerås Sandstenen 16 AB 100 559464-1267 Sveafastigheter Västerås Sågklingan AB 100 556883-5515 Sveafastigheter Växjö Hov Dalbogård 3-4 AB 100 559212-5750 Sveafastigheter Östersund Hästhandlaren 6 AB 100 556955-0766 Sveafastigheter Östersund Traktören 8 AB 100 559338-1741 E:A Årby Norra Fastigheter II AB 100 559338-1774 EA Årby Norra Fastighets AB 100 559201-9169 FL Norra Årby AB 100 559327-2031 FL Årby Norra II AB 100 559338-9751 FL Årby Norra III AB 100 559181-7266 FL-Nystavaren AB 100 559535-8143 Goldcup 37656 AB 100 559535-8150 Goldcup 37657 AB 100 559535-8168 Goldcup 37658 AB 100 559535-1692 Neobo Träkolet NYAB AB 100 NOTE 11: RECEIVABLES FROM GROUP COMPANIES CREDIT RISK The Parent Company applies a rating-based approach to calculating expected credit losses on intra-group re- ceivables. This is done by assessing the probability of default, the expected loss and the exposure at default. The Parent Company has defined default as when pay- ment of the claim is 90 days late or more, or if other factors indicate that payment has been suspended. The Parent Company assesses that the subsidiaries currently have similar risk profiles and assessment takes place on a collective basis. As at the closing date, no material increase in credit risk has been assessed to exist for any intra-group receivable. The Parent Company’s claims on its subsidiaries are subordinated to external lenders’ claims for which the subsidiary’s properties are pledged as collateral. The Parent Company applies the general method to the intra-group receivables. The Parent Com- pany’s expected loss on default takes into account the subsidiaries’ average loan-to-value ratio and the expec- ted market value in the event of a forced sale. Based on the Parent Company’s assessments under the above method and taking into account other known information and forward-looking factors, expected credit losses are not deemed to be material and no provision has therefore been recognised. SEKm 31 Dec 2025 31 Dec 2024 Opening carrying amount 6,414 10 New receivables 821 6,414 Derecognised receivables -31 -10 Carrying amount 7,204 6,414 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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78 NOTE 12: FINANCIAL INSTRUMENTS FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORY The table below presents the Parent Company’s financial assets and liabilities, at carrying amount and fair value respec- tively, classified in the categories according to IFRS 9. Financial assets/liabilities at fair value through profit or loss Financial assets/liabilities at amortised cost SEKm 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024 Financial assets Receivables from Group companies - - 7,204 6,414 Derivatives 7 20 - - Trade accounts receivable - - - 2 Other current receivables - - 75 0 Cash and cash equivalents - - 252 17 Total 7 20 7,531 6,434 Financial liabilities Bonds - - 3,690 1,683 Derivatives 76 20 - - Liabilities to Group companies - - 5,952 6,752 Accounts payable - - 0 0 Other current liabilities - - 16 3 Total 76 20 9,658 8,438 LIQUIDITY AND FINANCING RISK The Parent Company’s repayments of financial liabilities are shown in the table below. Liabilities are included at earliest repayment period. 31 Dec 2025 Maturity analysis SEKm <1 year 1–3 years 3–5 years >5 years Total Bonds 161 2,324 921 809 4,214 Liabilities to Group companies - - - 5,952 5,952 Accounts payable 0 - - - 0 Other current liabilities 16 - - - 16 Total 177 2,324 921 6,761 10,182 31 Dec 2024 Maturity analysis SEKm <1 year 1–3 years 3–5 years >5 years Total Bonds 80 1,770 - - 1,850 Liabilities to Group companies - - - 6,752 6,752 Accounts payable 0 - - - 0 Other current liabilities 3 - - - 3 Total 8 1,770 - 6,752 8,605 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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79 DERIVATIVES The fair value for derivatives, including currency and in- terest rate derivatives, is based on a discounting of anti- cipated future cash flows according to the terms of the contract and maturity dates, based on the market interest rate on the closing date. The holdings have thus been measured in accordance with level 2. No movement oc- curred between the levels in the fair value hierarchy in 2025 or 2024. The change in derivatives is presented in the table. BONDS Listed bonds can be found in Note 17 for the Group. SEKm 31 Dec 2025 31 Dec 2024 Opening carrying amount 0 - Acquisitions -1 0 Unrealised change in value in profit/loss -69 0 Closing carrying amount -69 0 of which recognised as a financial asset 7 20 of which recognised as a financial liability 76 20 NOTE 13: PREPAID EXPENSES AND ACCRUED INCOME SEKm 31 Dec 2025 31 Dec 2024 Accrued interest income 9 2 Other prepaid expenses 6 1 Carrying amount 14 3 NOTE 14: CASH AND CASH EQUIVALENTS SEKm 31 Dec 2025 31 Dec 2024 Bank balances 252 17 Total 252 17 NOTE 15: EQUITY As at 31 December 2025, the share capital consists of 200,000,000 ordinary shares with a quota value of SEK 0.0025. See also disclosures in Group note 21, Equity. NOTE 16: UNTAXED RESERVES ACCOUNTING PRINCIPLE In the Parent Company, untaxed reserves include defer- red tax liabilities. In contrast, the consolidated financial statements divide untaxed reserves between deferred tax liabilities and equity. SEKm 31 Dec 2025 31 Dec 2024 Tax allocation reserve 15 15 Total 15 15 NOTE 17: LIABILITIES TO GROUP COMPANIES SEKm 31 Dec 2025 31 Dec 2024 Opening carrying amount 6,752 12 New liabilities 189 6,749 Derecognised liabilities -989 -9 Carrying amount 5,952 6,752 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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80 NOTE 18: ACCRUED EXPENSES AND DEFERRED INCOME SEKm 31 Dec 2025 31 Dec 2024 Accrued personnel expenses 3 3 Accrued interest expense 49 34 Accrued listing expenses - 60 Other accrued expenses 12 31 Carrying amount 65 128 NOTE 19: PLEDGED ASSETS The company had no pledged assets in 2025 or 2024. NOTE 20: CONTINGENT LIABILITIES Surety given for Group companies amounts to SEK 4,228m (5,565). NOTE 21: RELATED PARTY TRANSACTIONS The company’s transactions with related parties include lending to subsidiaries as well as interest on the loans. Loans within the Group are subordinated and during the year carried interest of 4.314–5.75 percent (5.75), pay- able quarterly. 2025 SEKm Sale of services Interest Receivable at reporting date Payable at reporting date Group companies 47 0 7,204 5,952 Total 47 0 7,204 5,952 2024 SEKm Sale of services Interest Receivable at reporting date Payable at reporting date Group companies 29 254 6,414 6,752 Shareholders - -11 - - Total 29 243 6,414 6,752 For information about remuneration to senior executives, see Note 8 for the Group. NOTE 22: EVENTS AFTER THE CLOSING DATE For events after the closing date see Note 30 for the Group. NOTE 23: PROPOSED DISTRIBUTION OF EARNINGS SEK 31 Dec 2025 The following earnings are at the disposal of the Annual General Meeting Earnings brought forward 16,324,131,650 Profit/loss for the year -108,326,285 Total 16,215,805,365 T o be distributed as follows Carried forward 16,215,805,365 Total 16,215,805,365 SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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81 The Board of Directors and Chief Executive Officer confirm that the annual report and consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and with good accounting practices, and present fairly the financial position and performance of the Group and the company. The Board of Directors and Chief Executive Officer further confirm that the directors’ report provides a fair summary of developments in the Group’s and the company’s business activities, financial position and performance, and describes the significant risks and uncertainties faced by the companies in the Group. The Sustainability Report, which covers the areas of Sveafastigheter’s annual report as outlined on page 87 , has been approved for issuance by the Board of Directors. The content of this Annual Report was finalised on 19 March 2026 Stockholm, 23 March 2026 Peter Wågström Chair of the Board Per O. Dahlstedt Board member Sanja Batljan Board member Leiv Synnes Board member Jenny Wärme Board member Peder Johnson Board member Christer Nerlich Board member Erik Hävermark Chief Executive Officer Our auditor’s report was issued on 23 March 2026 Ernst & Young AB Jonas Svensson Authorised Public Accountant SVEAFASTIGHETER | ANNUAL REPORT 2025 | PARENT COMPANY
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82 TO THE GENERAL MEETING OF THE SHAREHOLDERS OF SVEAFASTIGHETER AB (PUBL), CORPORATE IDENTITY NUMBER 559449-43299 REPORT ON THE ANNUAL ACCOUNTS AND CONSOLIDATED ACCOUNTS OPINIONS We have audited the annual accounts and consolidated accounts of Sveafastigheter AB (publ) except for the cor- porate governance statement on pages x-y for the year the financial year 2025-01-01 – 2025-12-31. The annual accounts and consolidated accounts of the company are included on pages x-y in this document. In our opinion, the annual accounts have been pre - pared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial posi- tion of the parent company as of 31 December 2025 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated accounts have been prepared in accordan- ce with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2025 and their financial performance and cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. Our opinions do not cover the corporate governance statement on pages x-y. The stat- utory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the group. Our opinions in this report on the annual accounts and consolidated accounts are consistent with the content of the additional report that has been submitted to the parent company’s audit committee in accordance with the Audit Regulation (537/2014) Article 11. BASIS FOR OPINIONS We conducted our audit in accordance with Internatio- nal Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Re- sponsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided to the audited company or, where applicable, its parent company or its controlled compa- nies within the EU. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. KEY AUDIT MATTERS Key audit matters of the audit are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts and consolidated ac- counts of the current period. These matters were addres- sed in the context of our audit of, and in forming our opinion thereon, the annual accounts and consolidated accounts as a whole, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the mat- ters below, provide the basis for our audit opinion on the accompanying financial statements. Auditor’s report SVEAFASTIGHETER | ANNUAL REPORT 2025 | AUDITOR’S REPORT This is a translation from the swedish original
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83 SVEAFASTIGHETER | ANNUAL REPORT 2025 | AUDITOR’S REPORT OTHER INFORMATION THAN THE ANNUAL ACCOUNTS AND CONSOLIDATED ACCOUNTS This document also contains other information than the annual accounts and consolidated accounts and is found on pages [A-B]. The other information also includes the remuneration report and were obtained before the date of this auditor’s report. The Board of Directors and the Ma- naging Director are responsible for this other information. Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regar- ding this other information. In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts. In this procedu- re we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated. If we, based on the work performed concerning this information, conclude that there is a material misstate- ment of this other information, we are required to report that fact. We have nothing to report in this regard. RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR The Board of Directors and the Managing Director are re- sponsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presen- tation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accordance with IFRS Accounting Standards as adopted by the EU. The Board of Directors and the Managing Director are also responsible for such internal control as they deter- mine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated ac- counts, The Board of Directors and the Managing Director are responsible for the assessment of the company’s and the group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not app- lied if the Board of Directors and the Managing Director intends to liquidate the company, to cease operations, or has no realistic alternative but to do so. The Audit Committee shall, without prejudice to the Board of Director’s responsibilities and tasks in general, among other things oversee the company’s financial re- porting process. VALUATION OF INVESTMENT PROPERTIES Description How our audit addressed this key audit matter The fair value of the Group’s investment properties amounted to SEK 29 007 million on 31st of December 2025 and the year’s changes in value to SEK –243 mil- lion. As of the balance sheet date, which ends on 31 December 2025, the entire property portfolio has been valued by an external valuer. Investment properties are the most significant item in the Group’s balance sheet in terms of amount. Valuation at fair value is inherently subject to subjective assess- ments where a small change in the assumptions made that form the basis for the valuations can have a sig- nificant effect on the reported values. The valuations are based partly on the return according to the cash flow model and partly on the local price method for building rights. The cash flow model means that future cash flows are forecasted. The properties’ direct yield requirements are assessed based on each property’s unique risk and transactions made in the market. Due to the many assumptions and judgments that are made in connection with the valuation of investment proper- ties, we believe that this area is to be considered a key audit matter in our audit. A description of the valuation of the investment proper- ties is provided in Note 14 Investment properties and Note 3 Estimates and judgments. In our audit, we have performed the following audit pro- cedures: • We have evaluated the company’s property valuation process, including by evaluating the valuation method applied and on a sample basis reviewing input data in the valuations. • We have evaluated the competence and objectivity of the externally hired valuation experts. • We have discussed important assumptions and assess- ments with the company’s valuation managers and ma- nagement. • We have made comparisons against known market in- formation. • Completed sales have been compared with previously made valuations to evaluate the reliability of the proper- ty valuation process. • With the support of valuation specialists within the audit team, we have reviewed the company’s property valu- ation model. With the support of these valuation spe- cialists, we have also reviewed the reasonableness of the assumptions made for a selection of the properties, such as yield requirements, long-term vacancy, closing rent and operating costs. • We have also verified a selection of valuations. Our selection has primarily included the largest properties in the portfolio in terms of value, as well as the proper- ties with the largest variations in value compared to the previous year. • We have reviewed the information provided in the an- nual report.
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84 AUDITOR’S RESPONSIBILITY Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally ac - cepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasona- bly be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts. As part of an audit in accordance with ISAs, we ex - ercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a mate- rial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of the company’s internal control relevant to our audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the Managing Director. • Conclude on the appropriateness of the Board of Di- rectors’ and the Managing Director’s use of the going concern basis of accounting in preparing the annual accounts and consolidated accounts. We also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the company’s and the group’s ability to continue as a going concern. If we conclude that a material uncer- tainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts and consolidated accounts or, if such disclo- sures are inadequate, to modify our opinion about the annual accounts and consolidated accounts. Our conclusions are based on the audit evidence obtai - ned up to the date of our auditor’s report. However, future events or conditions may cause a company and a group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the annual accounts and consolidated accounts, including the disclosures, and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the conso- lidated accounts. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely respon- sible for our opinions. We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified. We must also provide the Board of Directors with a sta- tement that we have complied with relevant ethical requi- rements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or related safeguards applied. From the matters communicated with the Board of Di- rectors, we determine those matters that were of most significance in the audit of the annual accounts and consolidated accounts, including the most important assessed risks for material misstatement, and are the- refore the key audit matters. We describe these matters in the auditor’s report unless law or regulation precludes disclosure about the matter. SVEAFASTIGHETER | ANNUAL REPORT 2025 | AUDITOR’S REPORT
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85 SVEAFASTIGHETER | ANNUAL REPORT 2025 | AUDITOR’S REPORT REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS REPORT ON THE AUDIT OF THE ADMINISTRATION AND THE PROPOSED APPROPRIATIONS OF THE COMPANY’S PROFIT OR LOSS Opinions In addition to our audit of the annual accounts and conso- lidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of ABC AB (publ) for the year 201X (the financial year …) and the proposed appropriations of the company’s profit or loss. We recommend to the general meeting of sharehol- ders that the profit be appropriated (loss be dealt with) in accordance with the proposal in the statutory admi- nistration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year. Basis for opinions We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibi- lities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordan- ce with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Responsibilities of the Board of Directors and the Ma- naging Director The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the re - quirements which the company’s and the group’s type of operations, size and risks place on the size of the parent company’s and the group’s equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the compa- ny’s organization and the administration of the compa- ny’s affairs. This includes among other things continuous assessment of the company’s and the group’s financial situation and ensuring that the company’s organization is designed so that the accounting, management of as- sets and the company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfill the company’s accounting in accordance with law and handle the management of assets in a reassuring manner. Auditor’s responsibility Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material re- spect: • has undertaken any action or been guilty of any omis- sion which can give rise to liability to the company, or • in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. Our objective concerning the audit of the proposed app- ropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reasonable de- gree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in ac - cordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act. As part of an audit in accordance with generally ac- cepted auditing standards in Sweden, we exercise pro- fessional judgment and maintain professional skepticism throughout the audit. The examination of the administra- tion and the proposed appropriations of the company’s profit or loss is based primarily on the audit of the ac - counts. Additional audit procedures performed are based on our professional judgment with starting point in risk and materiality. This means that we focus the examination on such actions, areas and relationships that are material for the operations and where deviations and violations would have particular importance for the company’s si- tuation. We examine and test decisions undertaken, sup- port for decisions, actions taken and other circumstan- ces that are relevant to our opinion concerning discharge from liability. As a basis for our opinion on the Board of Directors’ proposed appropriations of the company’s profit or loss we examined whether the proposal is in accordance with the Companies Act. THE AUDITOR’S EXAMINATION OF THE ESEF REPORT Opinion In addition to our audit of the annual accounts and conso- lidated accounts, we have also examined that the Board of Directors and the Managing Director have prepared the annual accounts and consolidated accounts in a format that enables uniform electronic reporting (the Esef re- port) pursuant to Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528) for Sveafastigheter AB (publ) for the financial year 2025-01-01 – 2025-12-31 Our examination and our opinion relate only to the stat- utory requirements. In our opinion, the Esef report has been prepared in a format that, in all material respects, enables uniform electronic reporting. Basis for opinion We have performed the examination in accordance with FAR’s recommendation RevR 18 Examination of the ESEF report. Our responsibility under this recommendation is described in more detail in the Auditors’ responsibility se- ction. We are independent of Sveafastigheter AB (publ)
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86 in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsi- bilities in accordance with these requirements. We believe that the evidence we have obtained is suf- ficient and appropriate to provide a basis for our opinion. Responsibilities of the Board of Directors and the Ma - naging Director The Board of Directors and the Managing Director are responsible for the preparation of the Esef report in ac- cordance with Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), and for such internal control that the Board of Directors and the Managing Director determine is necessary to prepare the Esef report without material misstatements, whether due to fraud or error. Auditor’s responsibility Our responsibility is to obtain reasonable assurance whether the Esef report is in all material respects prepa- red in a format that meets the requirements of Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), based on the procedures performed. RevR 18 requires us to plan and execute procedures to achieve reasonable assurance that the Esef report is prepared in a format that meets these requirements. Reasonable assurance is a high level of assurance, but it is not a guarantee that an engagement carried out according to RevR 18 and generally accepted auditing standards in Sweden will always detect a material miss- tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Esef report. The audit firm applies ISQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Sta - tements, or other Assurance or Related Services Enga- gements which requires the firm to design, implement and operate a system of quality management, including policies and procedures regarding compliance with pro- fessional ethical requirements, professional standards and applicable legal and regulatory requirements. The examination involves obtaining evidence, through various procedures, that the Esef report has been prepa- red in a format that enables uniform electronic reporting of the annual and consolidated accounts. The procedu- res selected depend on the auditor’s judgment, inclu- ding the assessment of the risks of material misstatement in the report, whether due to fraud or error. In carrying out this risk assessment, and in order to design audit procedures that are appropriate in the circumstances, the auditor considers those elements of internal control that are relevant to the preparation of the Esef report by the Board of Directors and the Managing Director, but not for the purpose of expressing an opinion on the ef- fectiveness of those internal controls. The examination also includes an evaluation of the appropriateness and reasonableness of assumptions made by the Board of Directors and the Managing Director. The procedures mainly include a validation that the Esef report has been prepared in a valid XHTML format and a reconciliation of the Esef report with the audited annual accounts and consolidated accounts. Furthermore, the procedures also include an assess- ment of whether the consolidated statement of financial performance, financial position, changes in equity, cash flow and disclosures in the Esef report have been marked with iXBRL in accordance with what follows from the Esef regulation. THE AUDITOR’S EXAMINATION OF THE CORPORATE GOVERNANCE STATEMENT The Board of Directors is responsible for that the cor- porate governance statement on pages x-y has been prepared in accordance with the Annual Accounts Act. Our examination of the corporate governance state- ment is conducted in accordance with FAR´s standard RevR 16 The auditor´s examination of the corporate go- vernance statement. This means that our examination of the corporate governance statement is different and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with suffi- cient basis for our opinions. A corporate governance statement has been prepa- red. Disclosures in accordance with chapter 6 section 6 the second paragraph points 2-6 of the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are consistent with the other parts of the annual accounts and consolidated accounts and are in accor- dance with the Annual Accounts Act. Ernst & Young AB, Box 7850, 103 99 Stockholm, was appointed auditor of Sveafastigheter AB (publ) by the general meeting of the shareholders on the 20 May 2025 and has been the company’s auditor since the 29 Sep- tember 2023. SVEAFASTIGHETER | ANNUAL REPORT 2025 | AUDITOR’S REPORT Stockholm 23 March, 2026 Ernst & Young AB Jonas Svensson Authorized Public Accountant
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Sustainability Report Sveafastigheter integrates sustainability in its core business in order to reduce its climate and environmental footprint and create safe, attractive residential areas – a strategy that strengthens profitability and long-term shareholder value. CONTENTS Introduction 88 About the Sustainability Report 88 Sustainability governance 88 Double Materiality Assessment 89 Managing sustainability risks 89 Sustainability targets 90 Environmental (E) 91 Climate adaptation 91 Climate impact and energy 92 Biodiversity 97 Circular economy 98 Social (S) 99 Employees 99 Suppliers’ health and safety 101 Homes for more people 102 Secure tenants and safe residential areas 103 Governance (G) 104 Business ethics 104 Corruption and bribery 105 TCFD table 106 In-depth information 107 87 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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ABOUT THE SUSTAINABILITY REPORT Sveafastigheter publishes a voluntary sustainability report that is prepared in line with principles in spired by the Corporate Sustainability Reporting Directive (CSRD). The company is not covered by the requirements in the Annual Accounts Act, the CSRD or the EU Taxonomy for the 2025 financial year. For 2025, however, the company is reporting voluntary disclosures according to ESRS E1‑5 and E1‑6. These disclosures have been subject to a limited assurance review (see auditor’s statement on page 110). The company continuously monitors regulatory developments, and in the long term intends to adapt its reporting to the requirements of the EU Taxonomy. The Sustainability Report is based on the financial group structure. The climate calculation follows the principle of operational control. The sustainability infor‑ mation in this report refers to the whole of 2025, unless otherwise indicated. The Group was established in 2024, which means that no Sustainability Report was prepared for 2023 and that the comparative figures are limited to 2024. The Report covers the sustainability impact in all parts of Sveafastigheter’s value chain. SUSTAINABILITY GOVERNANCE The sustainability work is planned, governed and followed up in accordance with Sveafastigheter’s organisational structure, with a clear division of responsibility and establis‑ hed powers that are regulated in the company’s manage‑ ment system. The management system comprises policies, guidelines, overarching goals and underlying subgoals, as well as action plans. The annual business planning pro ‑ cess results in clear, firmly established plans for the way in which all parts of the business are to be run. These plans include targets in the fields of environment (E), social (S) and governance (G). The business plan is followed up con‑ tinually during the year. The description of Sveafastigheter’s business model can be found on page 9. Other than this, the sustainability work is governed by laws, guidelines and regulations, and is guided by the fol‑ lowing external and internal frameworks. Guiding external frameworks • The UN Sustainable Development Goals (SDGs) • The Paris Agreement • The OECD Guidelines for Multinational Enterprises • The UN Guiding Principles on Business and Human Rights • The International Labour Organization’s (ILO) core conventions, policies and guidelines. Guiding internal frameworks • Code of Conduct for Employees • Code of Conduct for Suppliers • Sustainability policy • HR policy • Whistleblower policy • Instructions for efforts to combat crime in the work‑ place and for Health, Safety and Environment (HSE) in projects Laws, guidelines and regulations, as well as internal and external frameworks SIGNIFICANT FUNCTIONS FOR SVEAFASTIGHETER’S SUSTAINABILITY GOVERNANCE The organisational structure for the company’s sustainability governance is set out in the figure below. For full details on corporate governance, see pages 31–33. The Board’s Audit Committee is tasked with following up the plan for developing sustainability reporting. See the presentation of Board members on pages 34–35 and the table setting out the composition of the Board of Directors in Note 8 for the Group. Sustainability Council (CEO, executive management team and the Head of Sustainability) Board of Directors Head of New Development Head of Property management Technical Director Head of Social Sustainability Group support functions (Head of HR, General Counsel, CFO) 88 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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DOUBLE MATERIALITY ASSESSMENT During the autumn of 2024, Sveafastigheter conducted a double materiality assessment with the aim of identifying the company’s material sustainability topics. The Sustai‑ nability Council conducted the double materiality assess‑ ment and presented the result to the Board of Directors. All in all, ten material sustainability topics were identified for Sveafastigheter. The results are gathered in last year’s Annual Report. The material topics determine the content of Sveafastigheter’s sustainability reporting and sustaina‑ bility efforts going forward, and can be seen on the next page under Sustainability targets. The material and financial impact factors can be found in each section. During 2025, a review of the results was conducted to determine whether the double materiality assessment was still relevant. In connection with this, an analysis was per‑ formed as to whether changing external factors entail a need to include additional sustainability topics. The 2024 assessment was still considered to be relevant. T wo areas were highlighted for more in‑depth monitoring: the risk of drinking water shortages, an issue raised by the heatwave in the summer of 2025, as well as the need for increased preparedness in the event of crisis or war. Sveafastigheter’s value chain and most material stake‑ holders consists mainly of suppliers (upstream activities), employees, owners (own operations) and tenants and the community (downstream activities). Sveafastigheter maintains an ongoing dialogue with these stakeholders, for example in the form of meetings and surveys. MANAGING SUSTAINABILITY RISKS Sustainability risks, including climate ‑related risks and opportunities, are managed in line with other business and operational risks (see pages 29–30). Specific climate‑related financial risks and opportunities are reported in line with the TCFD’s recommendations (see page 91). 89 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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SUSTAINABILITY TARGETS Sveafastigheter promotes sustainability throughout the business and the value chain. The overall target is to supply residential environments that are sustainable, pleasant and safe in the long term. During 2024, work was initiated to define an overall target and an associated metric for each material sustainability topic. This work con‑ tinued during 2025, when proposed climate targets were developed and biodiversity targets were established. The climate targets are currently being validated at SBTi. Material sustainability topic Overall target (ongoing unless otherwise indicated) Outcome in 2025 (2024 where data is available) More information Environmental (E) Climate adaptation (ESRS E1) The entire property portfolio should be climate‑adapted and able to withstand climate risks by 2030. Following climate adaptation measures, 97% (97%) of the portfolio is deemed able to withstand climate risks. 91–92 Climate impact and energy (ESRS E1) Planned climate targets according to SBTi Buildings are undergoing a validation process at SBTi and are expected to be determined during 2026. Property management – in‑use operational emissions: ‑4% change in CO2e/sqm since the base year 2024 New development – upfront embodied emissions: ‑12% change in CO2e/sqm since the base year 2024 92–96 Biodiversity (ESRS E4) Actions to safeguard biodiversity must be implemented in all properties with high potential by 2030 at the latest. n/a, target applies from 2026 97 Circular economy (ESRS E5) At least 70% of non‑hazardous waste from construction sites should be prepared for material recovery. 90% of non‑hazardous waste from construction sites has been prepared material recovery, measured as sorting rate. 98 Social (S) Employees (ESRS S1) Employee satisfaction (eNPS) should exceed the industry average. Sveafastigheter’s average score in employee surveys: 24 (25) Industry average: 27 99–101 Suppliers’ health and safety (ESRS S2) Zero serious personal injuries and zero fatalities should occur at Sveafastigheter’s sites. Serious accidents: 2 (0) Fatal accidents: 0 (0) 101 Homes for more people (ESRS S3) All new development projects should be designed to meet the social needs identified in a social value‑add analysis. 100% of new development projects have been designed to meet the social needs identified in a social value‑add analysis. 102 Secure tenants and safe residential areas (ESRS S4) Sveafastigheter’s residential areas should be perceived as being safer than the industry average. Sveafastigheter’s result in the security survey: 78.9% (78.7%) Sector average: 80.6% (79.4%) 103 Governance (G) Business ethics (ESRS G1) All employees and business partners should understand, adopt and comply with the relevant Code of Conduct. 63% of new suppliers have signed the Code of Conduct. 104 Corruption and bribery (ESRS G1) No forms of corruption should occur. 0 (0) confirmed cases of corruption or bribery. 105 90 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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CLIMATE ADAPTATION Climate adaptation enhances resilience, both in society and in the property portfolio. Investments in climate adaptation measures reduce physical and transition‑related risks, while helping to limit future repair costs and value decrease. An annual climate risk analysis is performed for the entire property portfolio. A general climate risk analysis was con‑ ducted for 2025, based on an in‑depth climate risk analy‑ sis performed in 2024. The analysis is based on historical weather data, future climate scenarios and local vulnera‑ bility factors. The results are integrated in the overall risk management according to the recommendations of the Task Force on Climate‑related Financial Disclosures (TCFD), and supplemented if necessary with property‑specific ana‑ lyses. See the TCFD table on page 106. The assessment covers the short (1 year), medium (5 years) and long term (25 years). It is based on the IPCC’s scenarios RCP 2.6, a transition‑intensive development pathway in line with the Paris Agreement, and RCP 8.5, which entails significant physical risks in the event of unchanged emissions. All in all, this provides a robust basis for decision‑making that strengthens the portfolio’s resilience and long‑term value. Sustainability Report Environmental (E) Result of climate risk analysis 2025 The proportion of the portfolio that is climate ‑adap‑ ted and equipped to handle identified climate risks is largely unchanged compared to the previous year. Minor variations can be explained by changes in the portfolio’s value distribution. Acute climate ‑related risks, such as extreme pre ‑ cipitation, flooding and storms, are still considered to be low, although individual properties may be affected in the longer term. Chronic risks, such as rising sea levels and higher average tempera ‑ tures, are also classified as low. Early, targeted investments in climate adaptation reduce the risk of future repair costs, operational disruptions and reductions in value. At the same time, there is an increased focus on transition risks linked to new regulations, technological developments and more stringent expectations on the part of investors. Future EU requirements mean that properties that do not improve energy efficiency in time may incur increased costs and lose competitiveness. Accor ‑ ding to the revised Energy Performance of Buil ‑ dings Directive (EPBD), primary energy consump ‑ tion in housing must be reduced by at least 16 percent by 2030 and by 20–22 percent by 2035. 91 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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ACTIVITIES: • As part of the work to develop new Detailed Develop‑ ment Plans, investigations are carried out to avoid locations with high climate risks as well as to prevent physical risks. For example, preventive measures might comprise underground detention basins in locations where a flooding risk has been identified. • Sveafastigheter works systematically to reduce primary energy consumption throughout its portfolio. This work is focused in particular on properties with high energy consumption, and covers both energy efficiency measures and the evaluation of opportu‑ nities for the local production of renewable energy. These efforts are considered to strengthen the properties’ long‑term finances, competitiveness and market value. • During the year, a fundamental structure for and understanding of climate risks has been established within the property management organisation. All property managers underwent basic training, and pro‑ perty managers for the affected properties received in‑depth training regarding climate risk adaptation. • In conjunction with the development of new climate targets, consideration has been given to the Carbon Risk Real Estate Monitor (CRREM), as SBTi Buildings has been developed in collaboration with CRREM and is based on common 1.5°C pathways for the property sector. • The company’s energy targets were updated during the year to respond more clearly to the EPBD (see section Climate impact and energy). • In the years ahead, the work of remedying physical cli‑ mate risks in the property portfolio will be intensified. CLIMATE IMPACT AND ENERGY The property sector has a considerable climate impact, with the result that reduced greenhouse gas emissions and efficient energy consumption are key issues. This is also important from a future regulatory perspective. Tar‑ geted investments in the portfolio are reducing emissions intensity, at the same time as strengthening operational efficiency and long‑term value. ACTIVITIES Ongoing: • The company measures greenhouse gas emissions within scopes 1, 2 and 3 according to the GHG Pro‑ tocol, and is continually improving the quality of the data, for example by increasing the share of primary data where possible. • The property management organisation works syste‑ matically to reduce energy consumption, with a par‑ ticular focus on low‑performing buildings, supported by data‑driven procedures and digital tools. • Energy efficiency measures are being carried out, such as the installation of solar panels, optimised ventilation, improved roof insulation and water‑sa‑ ving measures. Artificial intelligence (AI) has been installed in the building substations of 100 properties during the year. AI‑driven control achieves a more consistent indoor climate, while at the same time reducing total energy consumption and lowering operating costs. Electricity from renewable sources is prioritised where possible. • During upgrades, materials with a low climate impact are prioritised and transport is minimised. • The Group participates in industry initiatives such as HS30 and Klimatarena Stockholm, in order to speed up emissions reductions through collaboration and knowledge sharing. 2025: • During the year, important steps were taken to set cli‑ mate targets in accordance with SBTi Buildings: for‑ mal commitments were made, the Board of Directors decided on the direction and work commenced on validation. SBTi is a global framework for climate targets in line with the Paris Agreement’s 1.5°C target. The criteria for the construction and real estate sector (‘Buildings’) were published in 2024, cover scopes 1, 2 and 3, and are aligned with the Carbon Risk Real Estate Monitor (CRREM). The targets are based on intensity metrics and are measured from the base year 2024. • The roadmap for emissions reductions was updated within both property management and new deve‑ lopment, in order to meet the new proposed climate targets. • New energy targets were adopted to support the company’s climate strategy in view of anticipated regulatory changes at an EU level, including the EPBD: Buildings in energy classes F and G must, where economically viable, achieve at least class E by 2030 at the latest. In addition, the energy rating in the majority of the portfolio must be improved by at least one level. Targets and outcomes: Climate adaptation The entire property portfolio should be climate‑adapted and able to withstand climate risks by 2030. Target for 2030 Outcome in 2025 following climate adaptation measures Outcome in 2025 before climate adaptation measures Share of the portfolio that is climate‑adapted and able to withstand climate risks 100% 97% (97%) 95% (96%) The entire property portfolio refers to investment properties and new development. Share of portfolio relates to share of market value. External tools have been used to identify and calculate the financial impact of physical risks and transition risks. 92 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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Targets and outcomes: Climate impact and energy Planned climate targets according to SBTi Buildings are undergoing a validation process at SBTi and are expected to be deter‑ mined during 2026. Outcome in 2025 Property management – in‑use operational emissions* ‑4% change in CO2e/sqm since the base year 2024 New development – upfront embedded emissions** ‑12% change in CO2e/sqm since the base year 2024 * CO2e/sqm Atemp: Includes emissions from electricity and heating. The whole building principle is applied, which means that emissions from the entire building will be counted – from both the property owner’s and the tenants’ energy consumption. The calculation is based on relevant parts of scopes 1, 2 and 3. Atemp (tempered floor area) is calculated as a standard value. ** CO2e/sqm GFA. The outcome is based on climate declarations, but also includes an expanded system boundary which covers a standard value for installations and fittings in accordance with the SBTi Buildings definition. The outcome is calculated as an average for all properties that have been technically completed during the year. The absolute figure is presented under scope 3 in the GHG table. • During the year, SEKm 71 was invested in projects aimed at improving energy performance. One pro‑ perty was converted from gas to district heating. • Collaborations for climate‑smart solutions were intro‑ duced, including the ‘Zero concrete waste’ initiative (read more on page 12). Focus going forward: • When comparing the base year 2024 with the out‑ come for 2025, it is possible to observe a reduction within both property management (operational emissions in the use stage) and new development (embedded emissions from construction). • T otal emissions within property management are generally on a par with the base year. At the same time, the outcome indicates a reduction in the use of district heating. This development is being further analysed within the framework of the company’s regu‑ lar monitoring processes. The implementation and monitoring of energy efficiency investments are taking place according to plan, and are an important part of the company’s long‑term efforts to reduce emissions. • The outcome for new development is reporting a clear reduction. One contributory cause of this is the fact that the completed buildings did not include parking garages or basements, which are building elements that usually have high levels of emissions. These features are expected to increase in future years, which means that continued, more robust work is required to achieve the climate targets. • Within property management, priority areas include continued energy efficiency improvements, transition to renewable heating solutions and a fossil‑free energy supply. The work is focused on improving the break‑ down of energy ratings in line with the energy target. For the current breakdown, see the table below. • Within new development, the climate requirements in respect of contractors will be tightened up. Material and design choices will be optimised, and develop‑ ments will be actively monitored in order to scale up resource‑efficient and climate‑mitigating solutions in line with technical advances in the industry. Breakdown of properties by energy rating 2025 2024 Energy rating Share of area, % Share of market value, % Share of area, % Share of market value, % A 1 1 1 1 B 11 18 10 17 C 9 11 7 9 D 27 25 25 22 E 34 29 34 29 F 15 13 16 13 G 2 2 3 2 Ongoing declarations 1 2 5 7 93 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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KEY RATIOS GREENHOUSE GAS EMISSIONS AND ENERGY (ESRS E1-6) Boundaries, data sources and calculation methods are set out in table Basis for calculating greenhouse gas emissions on pages 107–109. The climate calculation follows the principle of operational control. Greenhouse gas emissions ( tonnes CO2e) according to the GHG Protocol The table presents revised/supplemented figures for 2024. There has been a shift between certain categories from 2024 to 2025, due to parts of the portfolio having changed from external to internal management. Biogenic emissions are reported separately (see table on page 95). Outcome 2025 Base year 2024 Scope 1 Company vehicles 314 251 Fossil fuel for heating 211 299 Self‑generated non‑fuel‑based renewable energy 0 0 Share of scope 1 greenhouse gas emissions from regulated emissions trading schemes n/a n/a Scope 2, market-based method Electricity 557 500 District heating 4,601 4,907 Scope 2, location-based method Electricity 147 145 District heating 4,601 4,907 Scope 3 Purchased services and goods 1,542 2,282 Capital goods (new development and property management projects)* 8,503 18,682 Energy‑related activities not included in scopes 1 and 2 4,332 4,510 Waste (from offices and wastewater) 196 195 Business travel 137 73 Employee commuting 104 101 Use of sold products (electricity, district heating and refrigerant leaks in properties managed on behalf of another party) 3,083 3,110 Leased assets (tenants’ business electricity and gas) 1,151 1,137 Total scope 1 and 2, market-based 5,683 5,957 Total scope 1 and 2, location-based 5,272 5,603 Total scope 3 19,048 30,090 Total scope 1, 2 and 3, market-based 24,731 36,047 Total scope 1, 2 and 3, location-based 24,320 35,693 Emissions intensity, scope 1 and 2, market‑based CO2e/sqm (NFA/NIA) 5.6 5.9 Emissions intensity, scope 1 and 2, location‑based CO2e/sqm (NFA/NIA) 5.2 5.6 Emissions intensity scope 1, 2 and 3, market‑based by turnover 16.1 n/a** Emissions intensity scope 1, 2 and 3, location‑based by turnover 15.8 n/a** *For new development, the climate impact is recognised in the year when the new construction is technically completed. Six projects were covered for 2024, and two projects for 2025. **Reported from 2025 onwards (the Group was formed in 2024). 94 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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Biogenic emissions (tCO2e) per scope (ESRS E1-6) Biogenic emissions are reported separately per scope and are not included in the above totals for CO2e. 2025 2024 Scope 1 21 17 Scope 2, market‑based method 15,189 15,870 Scope 2, location‑based method 15,972 16,674 Scope 3 7,721 7,738 As a result of limitations in available emission factors for transaction data, there are categories in scope 3 where biogenic emissions cannot be fully calculated. No estimates have been calculated for these. Energy intensity by turnover* The property sector is defined as a sector that has a significant impact on the climate, which is why Sveafastig‑ heter’s energy consumption and total net sales are included in the energy intensity key ratio. 2025 MWh SEKm MWh / SEKm T otal energy consumption from operations in sectors with a significant climate impact by net turnover in sectors with a significant climate impact 122,241 1,536 80 *See Note 5 Operating segments for net sales. 95 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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Energy consumption and energy mix (ESRS E1-5) 2025 Energy consumption from coal and coal products (MWh) 0 Energy consumption from crude oil and petroleum pro‑ ducts (MWh) 1,195 Energy consumption from natural gas (MWh) 1,042 Energy consumption from other fossil sources (MWh) 0 Energy consumption from purchased or acquired electri‑ city, heating, steam, cooling from fossil sources (MWh) 16,850 Total fossil energy consumption (MWh) 19,087 Share of fossil sources in total energy consumption (%) 16% Energy consumption from nuclear energy sources (MWh) 4,912 Share of nuclear energy sources in total energy consump‑ tion (%) 4% Fuel consumption from renewable sources (MWh) 57 Energy consumption from purchased or acquired electri‑ city, heating, steam, cooling from renewable sources (MWh) 96,247 Energy consumption from self‑generated non‑fuel‑based renewable sources (MWh) 1,939 Total energy consumption from renewable sources (MWh) 98,243 Share of renewable sources in total energy consumption (%) 80% Total energy consumption (MWh) 122,241 Energy consumption refers to scope 1 and 2. Consumption of self‑generated non‑fuel‑based renewable energy refers to energy from solar panels. Consumption is assumed to correspond to estimated production. A standard breakdown of the energy mix has been used for cars, district heating and electricity that has not been purchased within the framework of supplier agreements for renewable electricity. The standard value has been determined by an external party as follows. The breakdown for electricity is based on AIB (Association of Issuing Bodies) 2024: share of renewable sources: 50.7%; share of nuclear energy sources: 32.5%; share of fossil sources: 16.8%. The breakdown of district heating is based on statistics from the Swedish Energy Agency: share of renewable sources: 79.1%; share of nuclear energy sources: 3.1%; share of fossil sources: 17 .7%. Breakdown of electricity from renewable sources Sveafastigheter’s ambition is to purchase 100 percent of its electricity from renewable sources. In 2025, electricity was purchased from renewable sources for the majority of the portfolio, and for these the distribution of energy sources was water 83 percent, wind 14 percent and bio 3 percent. Sveafastigheter does not trade directly in guarantees of origin; rather it purchases certified renewable electricity from suppliers/producers. Self-generated energy from solar panels Sveafastigheter has solar panels on part of the property portfolio. Production during 2025 is estimated at 1,939 MWh. 96 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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BIODIVERSITY The property sector affects biodiversity through the explo‑ itation and use of natural resources, both upstream and in new development. Sveafastigheter is dependent on raw materials and ecosystem services, making responsible management essential. Regulated permit processes, inclu‑ ding environmental impact assessments where required, stipulate high demands. Measures that enhance biodiver‑ sity in outdoor environments contribute to functioning eco‑ systems, as well as simultaneously supporting long‑term property value. ACTIVITIES Ongoing: • When producing new detailed development plans, conservation surveys and environmental impact assessments are carried out when deemed relevant, in order to analyse and minimise the impact on biodi‑ versity. 2025: • During the year, the company took the strategic step to integrate biodiversity into the management of the property portfolio. The work was based on mapping, segmentation and a methodology developed along‑ side external experts. This is providing a practical approach with a focus on both environmental benefit and business value. • Biodiversity was integrated into the new sustainable sourcing criteria within property management. • Sveafastigheter has highlighted the issue of biodiver‑ sity in the value chain within new development (see section “Wood vs Concrete”). Focus going forward: • The work will be integrated into existing processes. Efforts will initially be prioritised in properties with a high potential, after which the application will be sca‑ led up step‑by‑step in the portfolio to ensure quality, cost‑effectiveness and environmental benefit. Targets and outcomes: Biodiversity Actions to safeguard biodiversity must be implemented in all properties with high potential by 2030 at the latest. Target for 2030 Outcome in 2025 Outcome in 2024 Share of properties with a high potential that have implemented measures for biodiversity 100% n/a, target applies from 2026 ‑ High potential relates to properties with high to very high potential to implement biodiversity measures, such as large undeveloped areas. Wood vs Concrete – Facts for sustainable deci - sions Sveafastigheter initiated the study Wood vs Con ‑ crete with the aim of establishing a factual basis for the choice of materials in new development. The first two parts of the study were published during the year, which attracted a considerable amount of interest in the sector. The study comprises five reports and is based on two comparable rental apartment projects in Vallen‑ tuna – one with a wooden frame and one with a con‑ crete frame. The purpose is to identify which material offers the greatest sustainability benefit from an overall perspective, where biodiversity is also included in life‑ cycle assessments. Biodiversity is one of the most critical planetary boundaries, and a category that the construction and property sector impacts to a great extent, but which is rarely taken into account in climate calculations. By extending the analysis beyond greenhouse gas emis‑ sions, Sveafastigheter took an important step towards more comprehensive sustainability assessments. The first interim report, drawn up by Plant, showed that the wooden frame initially appeared to be the most sustainable alternative. The second part, carried out by the Swedish Environmental Research Institute (IVL), modelled more advanced scenarios. The results showed that timber construction scenarios have the greatest overall impact on biodiversity, primarily as a consequence of land use in forestry. At the same time, it appeared that climate‑enhanced concrete can signifi‑ cantly reduce this impact. In the most ambitious scena‑ rio, the building with the concrete frame demonstrated the lowest potential biodiversity impact, even though some of the climate gains are offset by increases in other categories. It is important to emphasise that the results are preli‑ minary and that continued development of data quality and measurement methods is required to achieve full reliability. However, the study does provide valuable insights that are strengthening Sveafastigheter’s ability to make long‑term, sustainable investment decisions. 97 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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CIRCULAR ECONOMY The property sector is resource ‑intensive, particularly in the case of new development and upgrades. Waste is generated during new development, within property management and by tenants. Sveafastigheter is working to increase recycling and promote reuse, as well as to reduce waste volumes. Circular material flows and resource‑effi‑ cient processes improve both environmental benefit and long‑term sustainability. ACTIVITIES Ongoing: • Within new development, priority is given to resour‑ ce‑efficient use of materials, and the potential for reuse is investigated systematically in each project. • Within property management, material consumption is minimised by reusing construction components that are in good condition in future maintenance measures. • Within new development, the company is working with defined targets and follow‑up of the sorting rate at construction sites. Sveafastigheter imposes requirements and follows up data from separation at source, while the contractor is responsible for the separation at source. • T o make the sorting of waste easier for tenants, the function and design of the communal areas are being improved. 2025: • During the year, a collaboration was launched with a contractor and a concrete supplier, with the aim of achieving zero concrete waste in new development projects. Surplus concrete must be used for other casting work at the construction site or be returned to the factory for the manufacture of new concrete blocks. • Data regarding waste was collected from various general contractors. The focus was subsequently placed on one representative project in order to strengthen internal understanding and the dialogue with the general contractor. • As regards waste from tenants, collection close to the properties was introduced in selected properties. In parallel with this, a status analysis regarding waste management was conducted to improve the service and future‑proof waste solutions. Focus going forward: • The targets within circular economy will be extended to cover additional relevant aspects. During 2026, a pilot project will be carried out in which an apartment is upgraded using reused material. • The requirements relating to material recovery will be strengthened in line with the EU Taxonomy’s crite‑ ria. An in‑depth dialogue with contractors is being prioritised to secure quality‑assured data regarding waste management. This measure is enabling the monitoring of sorting rates at construction sites and enhancing transparency in the circular value chain. Targets and outcomes: Circular economy At least 70 percent of non‑hazardous waste from construction sites should be prepared for material recovery. Target for 2030 2025 2024 Share of non‑hazardous waste from construction sites that has been prepared for material recovery, measured as sorting rate 70% 90 % ‑ Outcome refers to the sorting rate for 2025 from Solhusen, an ongoing new development project. The figure is based on reporting by the general contractor. Recycling rate for waste from construction sites Recycling rate, percent 2025 Materials recycling 28.3 Used in construction 10.1 Energy recovery 53.7 Disposal 0.6 Other 0.1 Unsorted 7.3 Outcome refers to the recycling rate for 2025 for Solhusen, an ongoing new development project. The figure is based on reporting by the waste contractor. 98 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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EMPLOYEES A good working environment is key to attracting and retai‑ ning skills within the company. The company’s employees work within property management, new development and supporting functions, with roles extending from operational services to project development and specialist administra‑ tive functions. The company’s objective is to safeguard fair working conditions, a safe working environment and good opportunities for development. ACTIVITIES Secure jobs, working time and wages • Employees are offered fair, competitive wages and benefits, and are never paid below the statutory mini‑ mum wage. • Wage reviews are carried out annually according to collective bargaining agreements and established processes. • All employment is regulated through formal agre‑ ements, and recruitment processes follow standardi‑ sed procedures for fairness and transparency. Dialogue with employees and union negotiations • The company maintains a constructive dialogue with employees and union partners. Sveafastigheter respects the right to join a union and to participate in negotiations. • The majority are covered by collective bargaining agreements, and all material changes are negotiated. A total of 91 percent of employees are covered by collective bargaining agreements. Work-life balance • The company promotes a sustainable working environment by complying with statutory working hours and collective bargaining agreements. • Procedures for overtime are applied, and HR regularly follows up workloads alongside managers to ensure a sustainable balance. Health and safety • The work on health and safety is governed by laws and internal policies. • The Safety Committee meets quarterly to analyse accidents and risks. • Employees are involved through pulse surveys and dialogue, which provide insights that form the basis for improvements. Equal opportunities and equal pay • Annual wage surveys are conducted to ensure fair wages and equal terms. Differences that can be lin‑ ked to protected characteristics are not tolerated and are rectified immediately. • Recruitment is taking place with a view to gender equality, diversity and greater knowledge within the company. Training and skills development • Training initiatives are conducted with a focus on rele‑ vant professional roles as well as leadership issues. • Staff appraisals are conducted annually to promote a focus on results, development and a good working environment. Diversity and inclusion • The company works actively for a working environ‑ ment that is free from discrimination and harassment. Incidents are dealt with rapidly, and there is a whistle‑ blower function to ensure safe reporting. • SEK 0 was imposed in fines or penalties during the year, indicating well‑functioning processes. Personal privacy and information security • The personal privacy of employees is protected through GDPR‑adapted systems and a clear informa‑ tion security policy. Focus going forward • The work aimed at strengthening employee satis‑ faction will continue, for example by developing the organisation’s structures, roles and skills. • The recruitment processes will be further developed and the digitalisation of central HR processes will be intensified to create clear and uniform working methods as well as to enhance the employee expe‑ rience. Sustainability Report Social (S) 99 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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Targets and outcomes: Employees Employee satisfaction (eNPS) should be above the industry average. Target for 2025 Outcome in 2025 Outcome in 2024 Average results in this year’s staff surveys Higher than the industry average: 27 24 25 eNPS (Employee Net Promoter Score) is a recognised method of measuring employee satisfaction and reflects the degree to which employees recommend the organisation as a workplace. The scale extends from ‑100 to +100. KEY RATIOS, EMPLOYEES Data has primarily been compiled from the payroll and HR systems, and relates to Sveafastigheter’s own workforce. All of the company’s own workforce is stationed in Sweden. The Group’s employee turnover stood at 23 (13) percent. Of this figure, women accounted for 8 (4) percent and men for 15 (9) percent. Employees 2025 Number 2024 Number 2025 Share 2025 20–29 years 2025 30–49 years 2025 50+ years All employees 187 180 33 97 57 Share, % 18% 52% 30% Women 78 75 42% 13 44 21 Men 109 105 58% 20 53 36 Management 33 27 0 18 15 Share, % 0% 55% 45% Women 16 13 48% 0 7 9 Men 17 14 52% 0 11 6 Executive management team 8 4 0 3 5 Share, % 0% 38% 63% Women 5 2 63% 0 2 3 Men 3 2 38% 0 1 2 The number of employees relates to individuals who were employed as at 31 December 2025, excluding hourly employees. Management is defined as employees who have staff responsibilities. The number of employees does not include hourly or summer workers. The Group had three hourly employees as at 31 December 2025, as well as 55 summer workers during the summer period, of whom 55 were working in the property management section. Employees by type of employment Number 2025 2024 T emporary employment (substitutes) 3 8 Probationary employment 12 28 Part‑time employment 0 1 Permanent full‑time employment 170 143 Other 2 0 Median salary SEKk 2025 2024 Excl. the highest paid individual 468 435 Highest paid individual 4,740 5,590 Median salary refers to total remuneration, including both fixed basic remuneration and variable remuneration, on an annual basis. 100 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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SUPPLIERS’ HEALTH AND SAFETY The construction sector is characterised by high safety risks, with the result that systematic working environment management in the value chain is crucial. Inadequate safety procedures at contractors can entail risks for both people and projects. The work currently focuses on construction sites within new development, although the aim is to gra‑ dually encompass more parts of the supply chain. ACTIVITIES Ongoing: • The safety work is governed by means of instruc‑ tions and checklists, covering Health, Safety and Environment (HSE) plans, risk assessments, incident reporting, as well as safety and environmental inspec‑ tions. • In the event of incidents, an evaluation is carried out and a decision is made regarding measures, such as stopping work, enhanced procedures or targeted information. The company’s emergency response team will be notified if necessary. • An external player hired by Sveafastigheter conducts security‑classified data analyses and perform checks on contractors and workplaces in order to counter workplace crime. 2025 • During the year, procedures were established and systematised in respect of the new instructions for efforts to combat crime in the workplace and for HSE efforts in projects that were introduced in 2024. This was carried out in dialogue with contractors. Focus going forward: • The work aimed at systematically preventing acci‑ dents and injuries at the company’s workplaces will continue. Part of this involves continually ensuring reporting by contractors in order to enhance the preventive safety work in the company’s full‑service contracts. Targets and outcomes: Suppliers’ health and safety Zero serious personal injuries and zero fatalities should occur at Sveafastigheter’s sites. Number Target for 2025 Outcome in 2025 Outcome in 2024 Serious accidents 0 2 0 Fatal accidents 0 0 0 The table is based on reported data from contractors within new development. Serious accidents are based on the Swedish Work Environment Authority’s definition. Sickness absence % 2025 2024 Short‑term sickness absence 1.54 1.17 Long‑term sickness absence 0.99 1.95 Short‑term sickness absence relates to days 1–14 and long‑term sickness absence relates to absence from day 15 onwards. Reported accidents and near-accidents among employees Number 2025 2024 Near‑accidents 6 5 Accidents 3 3 of which serious accidents 0 0 Fatal accidents 0 0 Accidents and near‑accidents are reported in line with the Swedish Work Environment Authority’s definitions. An accident means an incident that has led to injury or ill‑health, while a near‑accident is an incident that could have led to an injury or ill‑health. For accidents among Sveafastigheter’s suppliers, see table Targets and outcomes: Suppliers’ health and safety. 101 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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HOMES FOR MORE PEOPLE Sveafastigheter’s objective is to develop, make available and manage homes for more people. The company contri‑ butes to socially sustainable community development by systematically adding and enhancing social values through each new development project and in property manage‑ ment. The work on social value‑add focuses on activities that have the greatest impact on the company and society. This ensures residential areas that are sustainable in the long term and where the company’s tenants feel at home and want to continue living, which strengthens the com‑ pany’s competitiveness. ACTIVITIES Ongoing: • Sveafastigheter is developing new housing in munici‑ palities where there is a shortage and in areas where there is strong demand. At the same time, the com‑ pany is managing homes for more people in munici‑ palities right across Sweden with varying market and housing conditions. • Each new development project is based on a social value‑add analysis that identifies the social needs that are specific to the location. The results form the basis for the targets, design and implementation of the projects. Social value‑add targets can cover target group adaptation, security‑enhancing archi‑ tecture, active ground floors, property sizes that meet local needs, communal areas as well as safe, recreational and inclusive courtyard environments. • Sveafastigheter works to make homes available for more people by stipulating reasonable eligibility criteria, as well as ensuring that the letting process is characterised by transparency and objective assess‑ ments during allocation. • The eviction‑prevention activities are intended to counter evictions, with the aim of never evicting a child. 2025: • Sveafastigheter’s land allocation in the centre of Tullinge that was granted during the year began with a social value‑add analysis, and social value‑add goals have been formulated for the project. The project will create social value in the area by transforming a cur‑ rently dark and inaccessible location into a safe and attractive residential neighbourhood. The project will contribute to a varied range of housing in Tullinge, pro‑ viding rental apartments in a part of the municipality that is dominated by small houses and tenant‑owned residential units (making up more than 80 percent). It will also ensure a variety of apartment sizes to meet the needs of prioritised target groups, such as the young, the elderly and families with children. • During 2025, Sveafastigheter initiated a pilot pro‑ gramme in which income requirements were remo‑ ved in around 40 percent of the housing portfolio, corresponding to around 6,000 apartments in seven municipalities. The pilot programme is part of the company’s innovation efforts. The purpose is to evaluate alternative rental models in order to lower the thresholds to the housing market for more people and to investigate the commercial benefits associated with an extended customer base. This approach places greater emphasis on an overall assessment of the potential tenant, with a stronger focus on credit score and good references. It is anticipated that the initiative will contribute to greater social sustainability, a more efficient letting process and a higher occupancy rate. • The company joined Unizon’s housing bank. Unizon is an umbrella organisation for Sweden’s women’s shelters and works with the Her House Foundation, which arranges apartments for women and children who have been subject to violence. By giving priority in Sveafastigheter’s housing queue, the company is using its property portfolio throughout the country to give more people the opportunity for a home and a life free from violence. Focus going forward: • Sveafastigheter achieved its goal of all new projects providing social value to the unique location that has been identified in a social value‑add analysis. This goal was achieved through internal procedures and awareness‑raising initiatives. • The pilot programme in which the income require‑ ment was removed will be further evaluated to assess effects and possible development. • The potential to offer priority access to additional prioritised groups will be analysed. • The eviction‑prevention work will be systematised and supplemented with guidelines to ensure uniform application. • Sveafastigheter will develop procedures and imple‑ ment internal training in order to counter risks of discrimination in the letting process. • Internal training and skills‑enhancing initiatives within social sustainability will be carried out during 2026. For example, the property management organisation will be trained to detect signs of violence in close relationships. • During 2026, Sveafastigheter will develop housing concepts that are tailored to target groups. Targets and outcomes: Homes for more people All new development projects should be designed to meet the social needs identified in a social value‑add analysis. Target for 2025 Outcome in 2025 Outcome in 2024 Share of new development projects that have been designed to meet the social needs identified in a social value‑add analysis. 100% 100% ‑ As from 2025, to ensure that residential construction meets social and local needs, each new development project must be designed on the basis of the results from a social value‑add analysis. The outcome is based on an internal assessment of whether the social value‑add analysis has had any impact on the project’s design and implementation. 102 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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SECURE TENANTS AND SAFE RESIDENTIAL AREAS Sveafastigheter works to create safe and attractive homes and residential areas where tenants want to continue living. The goal is to improve security and enhance the tenants’ experience through good service, management with a local presence and social value‑add working methods. The work includes initiatives to strengthen the local community and contribute to positive development in those areas where the company has housing. ACTIVITIES Ongoing: • The property management organisation has a local presence and works according to the concept of “Intact, Clean, Tidy and Safe”. • T enants are involved through ongoing dialogues, moving‑in and moving‑out surveys as well as recur‑ ring Customer Satisfaction Index (CSI) surveys. • Safety walks and safety inspections are carried out to identify unsafe locations in indoor and outdoor environments. • Measures to enhance security are implemented on an ongoing basis, including sensor lighting, the removal of bushes that create shadowy areas, safety improvements in communal areas and measures in courtyards. • Social cohesion is promoted through neighbourhood activities and a digital home app where tenants can communicate. • The Group gets involved in the local community, for example offering summer jobs to young people living in the company’s residential areas. 2025: • During the year, Sveafastigheter actively participated in local collaborations with property owners’ associa‑ tions, tenants’ associations, schools, the civil society and the police in order to strengthen safety and crime prevention efforts. • Work on the safety initiative in Rimbo continued and this year’s security survey demonstrated a clear improvement in tenants’ perceived safety. The Group was granted funds from the Swedish National Council for Crime Prevention for continued monitoring. • A guide for safety walks and a procedure for safety inspections were drawn up, in order to establish a systematic and uniform approach. • Action plans for improved service were implemented in all locations. • During 2025, 55 young people were offered summer jobs and five students aged 14–15 were offered work experience placements. Focus going forward: • The work aimed at raising the security index will be intensified during 2026, to ensure that the residen‑ tial areas are perceived as safer than the industry average. Safety walks and measures to enhance security will be implemented, with a particular focus on properties with a low security index. • The safety measures in Rimbo will be evaluated to identify which initiatives have had the greatest impact and how these can be scaled up for other areas. • Awareness‑raising measures within security, safety and crime prevention work will be implemented for employees. Targets and outcomes: Secure tenants and safe residential areas Sveafastigheter’s residential areas should be perceived as being safer than the industry average. Target for 2025 Outcome in 2025 Outcome in 2024 Result in this year’s security survey Higher than the industry average 78.9% (industry average 80.6%) 78.7% (industry average: 79.4%) Customer satisfaction and tenants’ perceived safety are measured annually and weighted in a security index using an accepted third‑party tool. Perceived safety is assessed by means of eight areas, including Contact with neighbours, Personal safety in basements/equivalent, Personal safety in the area in the evening/at night, and Not disturbed by neighbours’ way of life. The industry average relates to a group of 11,000+ apartments. The results also include properties that are managed by Sveafastigheter but owned by another party. 103 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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BUSINESS ETHICS Sveafastigheter works towards practising business ethics that are characterised by responsibility, transparency and compliance with laws and regulations. These efforts cover internal policies, training and procedures, as well as control and monitoring in the supply chain to ensure responsible working methods. ACTIVITIES Ongoing: • All employees receive digital training in Sveafastigheter’s Code of Conduct for Employees in conjunction with employment. The Code of Conduct for Employees spe‑ cifies minimum requirements for approaches, working methods and conduct. • The Code of Conduct for Suppliers establishes requirements regarding environment responsibility, working conditions and respect for human rights in the supply chain. Sveafastigheter is working to ensure that relevant suppliers sign up to and comply with the Code of Conduct. 2025: • During 2025, an internal Cultural Journey covering all employees was implemented. This work included digital workshops focusing on core values, mission, vision and social sustainability. • Sustainable sourcing criteria were developed for pro‑ perty management and integrated into the purchas‑ ing process. • The company is politically neutral. No lobbying work was conducted in 2025, and no contributions were given to party political organisations. The company was a member of organisations such as Sveriges Allmän‑ nytta (Public Housing Sweden), Stockholms Handels‑ kammare (Stockholm Chamber of Commerce), Fastigo (the employers’ association of the real estate sector) and HS30 (Sustainable Stockholm 2030). Focus going forward: • Compliance with the Code of Conduct in the supply chain will be strengthened. The purchasing function will be reinforced and the monitoring procedures will be streamlined through increased automation. • Employees with responsibility for purchasing will be trained in Sveafastigheter’s sustainable sourcing principles. Sustainability Report Governance (G) Targets and outcomes: Business ethics All employees and business partners should understand, adopt and comply with the relevant Code of Conduct. Share Target for 2025 Outcome in 2025 Outcome in 2024 New suppliers who have signed the Code of Conduct* 100% 63% ‑ *New suppliers are restricted to suppliers for which the company’s purchase volume is above the materiality threshold. Public bodies such as municipal companies, financial institutions, non‑recurring suppliers and other actors for whom the requirements under the Code of Conduct do not apply are exempted from this follow‑up. 104 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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CORRUPTION AND BRIBERY The Group works to ensure that its business is free from bribery, fraud, money laundering and other forms of cor‑ ruption, in order to promote effective and healthy compe‑ tition on equal terms. Corruption is a recognised risk in the construction and real estate sector, making clear policies, training and procedures absolutely essential for preventing irregularities in the supply chain. ACTIVITIES Ongoing: • An external whistleblower function offers anonymous reporting for employees, partners and other stakehol‑ ders. An independent party provides the service on behalf of the company, guaranteeing the anonymity of the individual making the report. 2025: • Efforts to strengthen corporate governance in respect of bribery and corruption continued during 2025, with clarified and documented instructions for employees, partners and other stakeholders. Focus going forward: • The target of zero confirmed cases was achieved in 2025, which can mainly be linked to a good awareness of procedures and policies. The work will continue to be prioritised and recurring training initiatives will be conducted to ensure a high level of compliance. Targets and outcomes: Corruption and bribery No forms of corruption should occur. Target for 2025 Outcome in 2025 Outcome in 2024 Number of confirmed cases of bribery or corruption 0 0 0 The information is based on reporting from legal authorities, internal systems, the whistleblower function and audit reports. 105 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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Sustainability Report TCFD table Reporting according to the Task Force on Climate-related Financial Disclosures (TCFD) For the second time, Sveafastigheter has tailored the company’s reporting according to the recommendations in the TCFD framework in order to describe the company’s strategic work on climate‑related risks and opportunities. The following table describes the scope of the reporting, with page references for each area. Sveafastigheter has continued its work on scenario analysis linked to climate change, which is presented on page 91. Governance Recommended disclosures Strategy Recommended disclosures Risk management Recommended disclosures Indicators and targets Recommended disclosures A. The Board’s oversight of climate‑related risks and opportunities. Page 29 A. Climate‑related risks and opportunities the organisation has identified. Page 91 A. The organisation’s processes for identifying climate‑related risks. Pages 91–92 A. Metrics used by the organisation to assess climate‑related risks and opportunities. Pages 91–92 B. Management’s role in assessing and managing climate‑related risks and opportunities. Page 29 B. The impact of risks and opportunities on the organisation’s business, strategy and financial planning. Pages 91–92 B. The organisation’s processes for managing climate‑related risks. Pages 91–92 B. Scope 1, 2 and 3 emissions according to the Greenhouse Gas Protocol. Page 94 C. Resilience of the organisation’s strategy, taking into consideration different climate‑related scenarios. Pages 91–92 C. How the above processes are integrated into the organisation’s overall risk management. Page 89 C. Targets used by the organisation to manage climate‑related risks and opportunities. Pages 92–93 106 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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Sustainability Report In-depth information Basis for calculating greenhouse gas emissions Categories GHG Protocol Activity/boundary Data sources/calculation method Emission factor SCOPE 1 1.1 Company vehicles Business travel using company cars, excluding electric vehicles. For electric vehicles, see scope 2. Data relating to distance travelled by type of vehicle from leasing partners. Where no information is available, the worst‑case scenario has been used. DESNZ (Department for Energy Security and Net Zero) by type of vehicle 1.2 Consumption of fuel in properties Consumption of gas in properties. Statistics from energy monitoring systems and supplier data. DESNZ (Department for Energy Security and Net Zero) for natural gas as biogas is also supplied in pipelines Consumption of self‑generated renewable energy from solar panels. Supplier data and estimates based on theoretical production. 1.3 Refrigerants Assessed as not significant in 2025. SCOPE 2 2.1 Electricity Electricity consumption for communal areas, technical operation of properties and the operation of geothermal heat pumps in properties owned by Sveafastigheter. Statistics from energy monitoring systems, supplier data and estimates. Where no information is available, the electricity is repor‑ ted as non‑renewable. AIB (Association of Issuing Bodies) Electricity consumption for externally leased office premises. Estimate based on standard value per square metre of leased area. AIB (Association of Issuing Bodies) Electricity consumption for electric vehicles. Data relating to distance travelled by type of vehicle from leasing partners. Where no information is available, the worst‑case scenario has been used. AIB (Association of Issuing Bodies) The Sveafastigheter Group was established in June 2024 when the residential assets and associated parts of the orga‑ nisation were hived off from SBB and SBB’s joint ventures, Unobo and Hemvist. For 2024, the Hemvist and Unobo portfolios are included for the full year. In 2025, the 2024 figures have been revised and supplemented in conjunction with the work on SBTi targets. Sveafastigheter works constantly to improve the quality of its sustainability data. Sveafastigheter engages an external partner to assist in the calculation of the GHG values, and the climate data for 2025 has been reviewed. The share of primary data (activity data) in scope 3 is 38 percent for 2025. Climate declarations are considered to be primary data. 107 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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Categories GHG Protocol Activity/boundary Data sources/calculation method Emission factor 2.2 Heating The use of district heating for the entire property (communal areas, apartments and other premises) in properties owned by Sveafastigheter. Statistics from energy monitoring systems and estimates. Per supplier in energy monitoring systems. The use of energy for heating for externally leased premises. Estimate based on standard value per square metre of leased area. Third‑party tool. 2.3 District cooling Assessed as not significant in 2025. 2.4 Steam Assessed as not significant in 2025. SCOPE 3 3.1 Purchased goods and services Energy consumption for incoming water in properties owned by Sveafastigheter. Estimate calculated for NFA/NIA based on consumption data for part of the portfolio. DESNZ (Department for Energy Security and Net Zero) Purchased goods and services for the operation and maintenance of owned properties and for administration as well as planning. Estimate based on cost analysis. Exiobase and Ecoinvent 3.2 Capital goods New construction of properties owned by Sveafastigheter. Estimated climate impact for lifecycle stages A1–A5 and the expanded system boundary are presented in their entirety in the year the property is technically completed. Climate declarations and in‑ house estimates. These include estimates and standard values. Property management projects (upgrades, energy projects, etc.). Estimate based on cost analysis. Exiobase Other purchases Estimate based on cost analysis. Exiobase 3.3 Fuel and energy- related activities not included in scopes 1 and 2 Indirect emissions from energy consumption. Calculation based on data in scopes 1 and 2 for company vehicles, fossil fuels, electricity and district heating. 3.4 Upstream transport and distribution Transport in new construction (A4) is included in 3.2. Emissions from other transport/ storage are included in 3.1. 3.5 Waste generated in operations Wastewater. Estimate calculated for NFA/NIA based on consumption data for part of the portfolio. DESNZ (Department for Energy Security and Net Zero) Waste from the company’s offices. Construction waste for new construction (A5) is included in 3.2. Estimates based on standard values for waste and calculated per square metre of area. DESNZ (Department for Energy Security and Net Zero) 108 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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Categories GHG Protocol Activity/boundary Data sources/calculation method Emission factor 3.6 Business travel Business travel including hotel accommodation. Data regarding distances travelled per means of transport from travel agency, as well as estimates based on cost analysis. DESNZ (Department for Energy Security and Net Zero) Exiobase 3.7 Employee commuting Employee commuting to/from the workplace. Working from the office is the standard at Sveafastigheter. Estimates of commuting distances and means of transport based on number of employees and national statistics (2030. miljöbarometern). DESNZ (Department for Energy Security and Net Zero) 3.8 Upstream leased assets Assessed as not applicable in 2025. Electricity and heating for externally leased premises are included in 2.1 and 2.2. 3.9 Downstream transport and distribution Assessed as not applicable in 2025. 3.10 Processing of sold products Assessed as not applicable in 2025. 3.11 Use of sold products Use of operating electricity and district heating in properties managed on behalf of another party. Statistics from energy monitoring systems and estimates. AIB (Association of Issuing Bodies), IEA (International Energy Agency) and Swedenergy Use of business electricity in properties managed on behalf of another party. Estimate based on NFA/NIA in sqm. AIB (Association of Issuing Bodies) and IEA (International Energy Agency) Refrigerant leakage in properties managed on behalf of another party. Estimate based on NFA/NIA in sqm. 3.12 End-of-life management of sold products Assessed as not applicable in 2025. 3.13 Downstream leased assets Use of business electricity (direct electricity consumption) in apartments and premises in properties owned by Sveafastigheter. Estimate based on NFA/NIA in sqm. AIB (Association of Issuing Bodies) and IEA (International Energy Agency) Refrigerant leakage in properties owned by Sveafastigheter. Estimate based on NFA/NIA in sqm. Consumption of gas where tenant is contracting party. Estimate per apartment based on statistics for gas consumption. DESNZ (Department for Energy Security and Net Zero) 3.14 Franchises Assessed as not applicable in 2025. 3.15 Investments Assessed as not applicable in 2025. 109 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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Conclusion We have been appointed by the Board of Directors and the Managing Director to conduct a limited assurance engagement of selected sustainability information, consisting of energy and emission disclosures relating to Scope 1, Scope 2 and Scope 3 (the “sustainability information”), of Sveafastigheter AB (publ) for the finan‑ cial year 2025. The Sustainability information reviewed is limited to the following ESRS (European Sustainability Reporting Standards) disclosures: • ESRS E1‑5 ‑ Energy consumption and mix (p. 95‑96) • ESRS E1‑6 ‑ Gross Scopes 1, 2, 3 and T otal GHG emissions (p. 94‑95) • In‑depth information ‑ Reporting principles related to above areas (p. 107‑109) Our assurance does not extend to any other information in Sveafastigheter’s report, and accordingly, we do not express a conclusion on this information. The compara‑ tive figures for the above specified information have not been reviewed. Based on our limited assurance engagement as des‑ cribed in the section Auditor’s responsibility, nothing has come to our attention that causes us to believe that the sustainability information is not, in all material respects, prepared in accordance with the applicable parts of ESRS (European Sustainability Reporting Standards), as well as the company’s own accounting and calculation principles. Basis for conclusion We have conducted the limited assurance engagement in accordance with ISAE 3000 (Revised) Assurance Enga‑ gements Other than Audits or Reviews of Historical Finan‑ cial Information. Our responsibility under this standard is further described in the section Auditor’s responsibility. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the sustainability information in accordance with the applicable criteria, as described on page 88 of the sustainability report. The applicable criteria consist of the relevant parts of ESRS (European Sustainability Reporting Standards), as well as the company’s own accounting and calculation principles. This responsibility also includes such inter‑ nal control as the Board of Directors and the Managing Director determine is necessary to enable the prepara‑ tion of sustainability information that is free from material misstatements, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express a conclusion on the sus‑ tainability information based on our review. The limited assurance engagement has been conducted in accor‑ dance with ISAE 3000 (Revised) Assurance Engage ‑ ments Other than Audits or Reviews of Historical Finan‑ cial Information. This standard requires that we plan and perform our procedures to obtain limited assurance that the sustainability information is prepared in accordance with the criteria described in the section Responsibilities of the Board of Directors and the Managing Director. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assu‑ rance engagement been performed. This means that it is not possible for us to obtain such assurance that we become aware of all significant matters that could have been identified if a reasonable assurance engagement had been performed. Our firm applies ISQM 1 (International Standard on Quality Management), which requires the firm to design, implement and operate a system of quality management, including policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. We are independent of Sveafastigheter AB (publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical respon‑ sibilities in accordance with these requirements. The limited assurance engagement involves performing procedures to obtain evidence to support the sustaina‑ bility information. The auditor selects the procedures to Auditor’s limited assurance report on Sveafastigheter AB’s sustainability information TO SVEAFASTIGHETER AB (PUBL), CORPORATE IDENTITY NUMBER 559449-4329 This is the translation of the auditor’s report in Swedish. 110 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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be performed, including assessing the risks of material misstatements in the sustainability information, whether due to fraud or error. In this risk assessment, the auditor considers the parts of the internal control that are rele‑ vant to how the Board of Directors and the Managing Director prepares the sustainability information, in order to design procedures that are appropriate under the circumstances, but not for the purpose of providing a conclusion on the effectiveness of the company’s inter‑ nal control. The review consists of making inquiries, pri‑ marily of persons responsible for the preparation of the sustainability information, performing analytical review, and conducting other review procedures. The limited assurance procedures have covered the following: • ESRS E1‑5 ‑ Energy consumption and mix • ESRS E1‑6 ‑ Gross Scopes 1, 2, 3 and T otal GHG emissions • In‑depth information ‑ Reporting principles related to above areas Our limited assurance is based on the criteria selected by the Board of Directors and the Managing Director, as defined above. The limited assurance procedures primarily include: • Through inquiries, obtaining a general understan‑ ding of the internal control environment, reporting processes, and information systems relevant to the preparation of the information in the sustainability statement; • Evaluating whether information identified as mate‑ rial through the process the company has under‑ taken to identify the content of the sustainability statement is also included; • Performing substantive review procedures on a sample basis for the selected disclosures in the sustainability statements; Stockholm, 23rd of March 2026 Ernst & Young AB Jonas Svensson Marianne Förander Authorized Public Accountant Specialist member of FAR 111 SVEAFASTIGHETER | ANNUAL REPORT 2025 | SUSTAINABILITY REPORT
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112 Definitions and calculation of key ratios DEFINITIONS NUMBER OF APARTMENTS Number of apartments at the end of the year. LOAN-TO-VALUE RATIO, % Net debt in relation to fair value for investment properties at the end of the year. YIELD ON INVESTMENT , % Effect on net operating income in relation to total invested capital. NET OPERATING INCOME, SEK Rental income less property expenses. NET OPERATING INCOME INCLUDING PROPERTY ADMINISTRATION, SEK Rental income less property expenses and property administration. PROPERTY ADMINISTRATION, SEK Refers to administrative costs directly attributable to management of investment properties including letting and rent administration. PROPERTIES IN COMPARABLE PORTFOLIO Refers to investment properties owned throughout the reporting period as well as during the entire comparati- ve period. PROFIT FROM PROPERTY MANAGEMENT , SEK Profit/loss before tax with reversal of value changes. PROFIT FROM PROPERTY MANAGEMENT PER SHARE, SEK Profit from property management in relation to the average number of shares for the year. AVERAGE INTEREST RATE, % Weighted average contractual interest rate for interest- bearing liabilities at the end of the year, including derivatives but excluding construction loans. AVERAGE NUMBER OF SHARES Number of shares outstanding weighted over the year. RENTAL INCOME, SEK Rents charged for the year. RENTAL VALUE, SEK Refers to contracted annual rents plus negotiated annual rents for vacant apartments, as well as estimated annual rent for vacant commercial premises. IRR, % Average annual return on invested equity in relation to the property’s fair value on completion. DEBT MATURITY , YEARS Remaining maturity of interest-bearing liabilities attributable to investment properties. COMMERCIAL, SQM Commercial premises as well as auxiliary structures for residential premises. LONG-TERM NET ASSET VALUE, SEK Recognised equity with the reversal of recognised deferred tax liability and interest rate derivatives. LONG-TERM NET ASSET VALUE PER SHARE, SEK Long-term net asset value in relation to the number of shares outstanding at the end of the year. NET DEBT , SEK Interest-bearing liabilities less cash and cash equivalents. PROPERTIES HELD FOR SALE Properties where the housing does not comprise rental apartments. EARNINGS PER SHARE, SEK Net profit for the year in relation to the average number of shares for the year. FIXED INTEREST TERM, YEARS Average remaining duration until an interest-adjustment point for interest-bearing liabilities. INTEREST-BEARING LIABILITIES, SEK Liabilities to credit institutions after reversal of arrangement fees and premiums/discounts, bonds, and liabilities to owners. SVEAFASTIGHETER | ANNUAL REPORT 2025 | DEFINITIONS AND CALCULATION OF KEY RATIOS
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113 NET INTEREST , SEK Interest income and similar financial items less interest expense and similar financial items. INTEREST COVERAGE RATIO (12 MONTHS), MULTIPLE Profit from property management (last 12 months) after reversal of one-time costs (non-recurring costs) and net interest (last 12 months) in relation to net interest excluding interest attributable to subordinated loans to owners and costs for early repayment of loans. DEBT/EBITDA RATIO, MULTIPLE Interest-bearing liabilities in relation to rolling 12-month result before financial items and changes in value. DEBT/EBITDA RATIO BASED ON EARNINGS CAPACITY , MULTIPLE Interest-bearing liabilities in relation to rolling 12-month result before financial items and changes in value based on earnings capacity for investment properties. EQUITY /ASSETS RATIO, % Reported equity as a percentage of total assets. LETTABLE AREA, SQM T otal area available for letting. OCCUPANCY RATE, % Contracted annual rents at the end of the year, excluding project properties completed in the last three quarters, in relation to rental value. For project properties that have been completed in the last three quarters, the property portfolio’s average occupancy rate is used if the occupancy rate of the project property is below the average. NOI MARGIN, % Net operating income as a percentage of rental income for the year. NOI MARGIN INCLUDING PROPERTY ADMINISTRATION, % Net operating income less property administration as a percentage of rental income for the year. CALCULATION OF KEY RATIOS LOAN-TO-VALUE RATIO Amounts in SEKm 31 Dec 2025 31 Dec 2024 Net debt 12,239 11,838 Investment properties 29,007 28,140 Loan-to-value ratio, % 42 42 NET OPERATING INCOME Amounts in SEKm 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Rental income 1,536 1,361 Property expenses -526 -500 Net operating income 1,010 860 NET OPERATING INCOME INCL. PROPERTY ADMINISTRATION Amounts in SEKm 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Net operating income 1,010 860 Property administration -84 -102 Net operating income incl. property administration 926 758 PROFIT FROM PROPERTY MANAGEMENT Amounts in SEKm 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Profit/loss before tax 109 -1,019 Value changes, financial instruments 22 40 Value changes and tax, joint venture - -49 Value changes, investment properties 243 1,188 Impairment/write-down of goodwill 2 0 Profit from property management 376 160 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DEFINITIONS AND CALCULATION OF KEY RATIOS
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114 PROFIT FROM PROPERTY MANAGEMENT PER SHARE, SEK 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Profit from property management, SEKm 376 160 Average number of shares 200,000,000 138,054,795 Profit from property management per share, SEK 1.88 1.16 Average diluted number of shares 200,000,000 138,054,795 Diluted profit from property management per share, SEK 1.88 1.16 LONG-TERM NET ASSET VALUE 31 Dec 2025 31 Dec 2024 Equity 14,929 14,844 Reversal of derivatives 77 -7 Reversal of deferred tax 1,076 1,062 Long-term net asset value, SEKm 16,082 15,898 Number of ordinary shares 200,000,000 200,000,000 Net asset value per share, SEK 80.41 79.49 NET DEBT Amounts in SEKm 31 Dec 2025 31 Dec 2024 Interest-bearing liabilities 12,740 12,146 Cash and cash equivalents 501 308 Net debt 12,239 11,838 EARNINGS PER SHARE, SEK 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Profit/loss for the year, SEKm 84 -1,125 Average number of shares 200,000,000 138,054,795 Earnings per share, SEK 0.42 -8.15 Average diluted number of shares 200,000,000 138,054,795 Diluted earnings per share, SEK 0.42 -8.15 INTEREST-BEARING LIABILITIES Amounts in SEKm 31 Dec 2025 31 Dec 2024 Liabilities to credit institutions 9,030 10,421 Bonds 3,690 1,683 Reversal of arrangement fees 20 42 Interest-bearing liabilities 12,740 12,146 NET INTEREST Amounts in SEKm 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Interest income and similar items 8 8 Interest expense and similar items -401 -491 Net interest -393 -483 INTEREST COVERAGE RATIO (ROLLING 12 MONTHS) Amounts in SEKm 31 Dec 2025 31 Dec 2024 Profit from property management 376 160 One-time costs (reversal) 28 61 Net interest (reversal) 393 483 Total 797 704 Net interest -393 -483 Interest on subordinated loans to owners - 166 Total -393 -318 Interest coverage ratio, multiple 2.0 2.2 DEBT/EBITDA RATIO Amounts in SEKm 31 Dec 2025 31 Dec 2024 Interest-bearing liabilities 12,740 12,146 Result before financial items and changes in value (rolling 12 months) 778 602 Debt/EBITDA ratio, multiple 16 20 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DEFINITIONS AND CALCULATION OF KEY RATIOS
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115 DEBT/EBITDA RATIO BASED ON EARNINGS CAPACITY Amounts in SEKm 31 Dec 2025 31 Dec 2024 Interest-bearing liabilities 12,740 12,146 Result before financial items and changes in value based on earnings capacity 919 869 Debt/EBITDA ratio, multiple 14 14 EQUITY /ASSETS RATIO Amounts in SEKm 31 Dec 2025 31 Dec 2024 Equity 14,929 14,844 T otal assets 30,173 29,082 Equity/assets ratio, % 49 51 OCCUPANCY RATE Amounts in SEKm 31 Dec 2025 31 Dec 2024 Rental value 1,672 1,594 Contracted annual rents 1,594 1,508 Occupancy rate, % 95.3 94.6 NOI MARGIN Amounts in SEKm 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Net operating income 1,010 860 Rental income 1,536 1,361 NOI margin, % 65.7 63 NOI MARGIN INCLUDING PROPERTY ADMINISTRATION Amounts in SEKm 1 Jan 2025 31 Dec 2025 1 Jan 2024 31 Dec 2024 Net operating income incl. property administration 926 758 Rental income 1,536 1,361 NOI margin incl. property administration, % 60.3 56 SVEAFASTIGHETER | ANNUAL REPORT 2025 | DEFINITIONS AND CALCULATION OF KEY RATIOS
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116 EARNINGS CAPACITY The table presents the current earnings capacity for the coming 12 months taking into account Sveafastigheter’s property portfolio as at 31 December 2025. Current earnings capacity is not a forecast for the next 12 months, but is to be regarded merely as a hypothetical snapshot presented to illustrate income and expenses on an annual basis given the property portfolio and organisation at a specific point in time. The current earnings capacity does not include an assessment of the future development of rents, vacancy rates, property costs, purchase or sale of properties or other factors. BASIS FOR CALCULATING EARNINGS CAPACITY The following is a description of the main assumptions underlying the current earnings capacity: • Contracted rental value on an annual basis (including supplements and rent discounts) as well as other property-related income based on leases in effect on the closing date plus negotiated rents for vacant apartments and assessed rent for vacant premises. • Vacancies as at the balance sheet date, including temporary vacancies, have been included on a full- year basis. For project properties completed in the last three quarters the property portfolio’s average vacancy rate is applied if the vacancy rate of the project property exceeds the average. • Property costs consist of operating and maintenance costs as well as property tax. Operating and maintenance costs are based on the company’s cost base in a normal year for a 12-month period. Property tax has been calculated based on the properties’ latest assessed values. • Other income from property management refers to remuneration for an external management assignment covering 3,950 apartments. • Administration costs have been calculated based on the organisational structure as at the balance sheet date. Costs of SEK 45m under central administration relate to the external property management assignment. • Information about ongoing construction is based on assessments of similar properties in the same or corresponding regions or microlocations. Only projects that are expected to be completed in the coming 12 months are included. Amounts in SEKm Properties under manage- ment Ongoing construc- tion* Total Rental value 1,672 63 1,734 Vacancy -78 -1 -79 Rental income 1,594 61 1,655 Property expenses -534 -8 -542 Net operating income 1,060 53 1,113 Property administration -79 -2 -80 Net operating income incl. property administration 981 52 1,033 Other income from property management 53 - 53 Central administration -167 - -167 Result before financial items and changes in value 867 52 919 *Includes only projects expected to be completed within the coming 12 months. Appendix SVEAFASTIGHETER | ANNUAL REPORT 2025 | APPENDIX
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info@sveafastigheter.se +46 (0)200-22 72 00