Slides
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Jan-Dec 2025 Andreas Morfiadakis, CEO Welcome to the presentation - Year-end report Magnus Nordholm, CFO
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Key highlights
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Increased our cluster presence from 44 percent to 55 percent Portfolio optimization Several transactions during year and after year-end Income from property management Quarter showed improvement of 11.7 percent adjusted for non-recurring positive effects Income from property management per share 6 percent higher than 2024 despite share issue during and adjusted for non-recurring items No credit maturity during 2026 Refinanced all outstanding debt for 2026 at attractive margins Share repurchase Initiated another buyback of 50 MSEK which was completed in the beginning of 2026. Currently hold 4.8 percent of share capital Q4 and year at a glance
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4 Revenue Q2 revenue +15% YoY Like-for-like +X%, mainly rent increases and renovations Costs Costs +17% (Helsingborg and Falun acquisitions) Like-for-like +4.3% Financial income/costs Financial costs +5% YoY (higher debt volume and swap maturities) Income from property management +25% YoY in Q2 Profit Profit –SEK 22m YoY Driven by negative derivative value changes, partly offset by positive property value changes Stable operating margins and rising property values Revenue Revenue +14% FY . SEK 64m increase, ~10% of the 14%, fr om transactions. Costs Costs +17% FY , mainly from transactions and non-recurring effects. Like-for-like costs +4.6%. Financial income and costs Financial costs +11% FY , driven by higher debt and maturing fixed-rates. Up from 3.3% to 3.7%. Interest coverage ratio stable at 1.8x. Income from property management +17% FY despite higher interest rates. SEK 1.04 per share. +3% from 2024 des pite share issue. +6% if adjusted for non-recurring items. Earnings Profit per share amounted to SEK 2.66 ( +91%) FY , mainly driven by value changes. SEK m 2025 Oct-Dec 2024 Oct-Dec 2025 Jan-Dec 2024 Jan-Dec Revenue 182.4 157.5 720.4 630.4 Costs -86.7 -69.5 -313.2 -268.2 Net operating income 95.7 87.9 407.2 362.2 Central administrative costs -12.7 -13.0 -55.1 -51.7 Operating profit/loss 83.0 75.0 352.1 310.5 Financial income/costs -51.5 -43.5 -193.0 -174.6 Income from property management 31.5 31.4 159.1 135.9 Changes in value of properties 7.8 132.4 365.4 111.0 Changes in value of derivatives 24.1 72.7 2.0 26.2 Profit/loss before tax 63.5 236.6 526.5 273.1 Tax expense -20.7 -57.6 -118.4 -85.2 Profit for the period 42.7 178.9 408.1 187.9
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5 Stable balance sheet Property value of SEK 10.6bn Property value, including properties held for sale, of SEK 10.6bn at 4.95% yield ( slight yield increase). Change in property value +SEK 1,357m Transactions SEK 814m. Investments SEK 178m. Net value increase SEK 365m driven by CAPEX. Derivatives – SEK 2.0m Positive value change driven by changes in forward rates and shorter remaini ng m aturity. Cash – SEK 80m Additional liquidity provided through av ailable committed revolving credit fac ilities (SEK 100m year end). Loan-to-value (LTV) 49.6% down from 51.4%. SEK m 2025 31 Dec 2024 31 Dec Intangible assets 0.1 0.2 Investment properties 9,587.2 9,243.9 Property, plant and equipment 3.6 5.5 Financial non-current assets 0.0 0.0 Receivables 27.9 407.2 Cash and cash equivalents 79.7 143.0 Assets held for sale 1,013.6 - Total assets 10,712.2 9,799.0 Equity attributable to Parent Company shareholders 4,840.2 4,484.2 Deferred tax liability 367.4 269.2 Derivatives 8.5 10.6 Non-current interest-bearing liabilities 4,052.5 3,762.0 Current interest-bearing liabilities 796.7 1,128.2 Other liabilities 157.5 145.8 Liabilities directly associated with assets held for sale 489.3 - Total equity and liabilities 10,712.2 9,799.9
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Current earnings capacity Scope Does not take into consideration the S veafastigheter and Episurf transactions or the completion of share buy back. Rental revenue – SEK 17.9m ~60 percent of rent for housing units 2026 s et resulting in an annual rent increase of ~ +14.0m (~3.3%). Indexation of commercial units and rent increases from renovations +3.9m. Operating costs updated Property expenses recalculated to reflec t the 2026 cost level for the portion of the portfolio where rent increase have been i mplemented. Lower financial costs Financial expenses decreased primarily due to a lower interbank interest rate. For transparency included non-cas h fi nancial items. Income from property management SEK 181.3m Corresponding to SEK 1.19 per share. SEK m 2026-01-01 2025-10-01 Rental revenue 753.3 735.4 Property expenses -324.2 -316.0 Net operating income 429.1 419.4 Operating margin, % 57.0 57.0 Central administrative expenses -48.9 -46.8 Financial income/expenses -196.1 -200.5 Non-cash financial items -2.8 - Income from property management 181.3 172.1 Income from property management per share, SEK* 1.19 1.12 Number of shares, million 152.6 153.5 Interest coverage ratio, times 1.9 1.9 * Historical figures prior to 1 January 2025 have been restated due to the rights issue
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Debt maturity and refinancing Average credit maturity of 2.2 years. SEK 871m of debt maturing within the next 12 months. Refinancing executed after the period (see next page). Interest rate and hedging Average interest rate maturity of 3.0 (3.3) years. 58 per cent of the loan portfolio at fixed interest rates, w ith derivative rates between 2.0 and 3.1 per cent. Average interest rate at year end of 3.7 per cent. Debt portfolio at market terms, as indicated by a c lose-to-zero MTM value of derivatives. Financing at 31 December 2025 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% <3 months >=3m <3 yr >=3 yr <5 yr >=5 yr <7 yr >=7 yr 0% 5% 10% 15% 20% 25% 30% 35% <1 yr >=1 yr <2 yr >=2 yr <3 yr >=3 yr <4 yr >=4 yr <5 yr >5 yr
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Changes to the debt portfolio after the period Key refinancing actions Bank debt of SEK 529m repaid in connection with the Sveafastigheter tr ansaction and SEK 510m of new bank debt raised. Maturity extended to new three-y ear terms and margins reduced ac ross refinancings. Refinancing of SEK 795m completed at a record-l ow margin of 0.95 per cent (reduced from 1.53 per cent), corresponding to a m argin reduction of 56 bp. Additional refinancing of SEK 575m (including top up of SEK 80m) c ompleted at a 10 bp lower margin (from 1.31 to 1.21 per cent) with a new three-year term. Liquidity and banking relationships New full-s ervice bank added, providing total commitments of SEK 575m and increasing financial flexibility. New committed revolving credit facilities (“RCF”) of SEK 150m agr eed, br inging total RCFs to SEK 250m. SEK 100m drawn in February, with SEK 150m remaining available. Improved financial metrics Extendend debt maturity Additional liquidity sources No remaining maturities in 2026 Lower margins on bank debt Expanded banking partner base
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Continued value growth * Accumulated annual rental increase 2019 to Q4 2025 SEK 44m Accumulated rental increase (annual basis) from refurbishments 4.0% Average historical weighted yield SEK 1,108m Gross value increase from refurbishments / SEK 558m Investment cost for increasing rental values = SEK 550m Net value increase from refurbishments - = SEK 8.8m Accumulated rental increase (annual basis) from refurbishments 4.7% Average historical weighted yield SEK 189.1m Gross value increase from refurbishments / SEK 102.5m Investment cost for increasing rental values = SEK 86.6m Net value increase from refurbishments - = 2019-2026 LTM 100.0 110.0 120.0 130.0 140.0 2019 Q1 2019 Q4 2020 Q3 2021 Q2 2022 Q1 2022 Q4 2023 Q3 2024 Q2 2025 Q1 2025 Q4 Percentage points 142,8 123,8 SEK ~44m* KlaraBo General market
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Portfolio optimisation to further support KlaraBo’s active value creation strategy
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Acquisition – Rikshem Portfolio overview Large, consolidated portfolio in Helsingborg aligned with K laraBo’s business model, adding a new cluster location with 63 percent potential for value-creating renovations Transaction and financing Acquisition price 15.000 per square meter (SEK/sqm) Financed through bank loans and a successfully placed rights issue Operational and value impact Positive management result during the year despite completion of the r ights issue Fully let after initial repositioning Value creation through ROT renovations, energy opti misation and technical upgrades Portfolio effect Share of portfolio in strategic cluster locations increased from 44 to 50 percent
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Transaction overview Net acquisition of properties of SEK 72m through a SEK 1.103m acquisition and a SEK 1.031m divestment, closed on 31 January 2026. Portfolio repositioning Increased exposure to core markets with solid refurbishment potential, including c ities in the Öresund region as well as Östersund. Exit from six non- core locations. Valuation basis Acquisitions and divestments based on external valuations by Savills as of Q3. Financing and debt profile Repaid SEK 529m of debt and raised new debt of SEK 599m (including promissory n ote), resulting in longer maturity and a lower average spread (129 bp vs 147 bp). Strong interest from both existing and new banks to participate. Portfolio and earnings impact Share of portfolio in strategic cluster locations increased from 50 to 55 percent. Limited earnings impact and improved operational efficiency through economies of s cale, enhancing potential for profitable refurbishments. Exchange Transaction – Sveafastigheter
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Non-strategic property portfolio divested slightly (~2 percent) below book value (SEK 897m vs SEK 915m) 600 apartments in B ollnäs, Shopping mall in Vä stervik, and 2 social infrastructure properties in Trelleborg Conditional transaction Conditional upon the buyer securing sufficient external financing. Set to generate an estimated SEK 40m of liquidity for KlaraBo. Consideration structure Remaining proceeds from divestment received through: Freely transferable shares in the buyer, listed company Ep isurf Medical, at SEK 0.045 per share totaling a pprox. SEK 130m. Secured promissory note of SEK 245m, paying quarterly cash interest of approx. SEK 8m per year initially. Secured by shares in divested corporate entities. Repaid in 2 instalments in years 2 and 3. Portfolio effect Share of portfolio in strategic cluster locations will increase from 55 to 59 percent. More focus on properties with value-add refurbishment possibilities. Divestment – Episurf
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Market value, SEK million Q4 2024 2026* Östersund 895 1 194 Visby 1 315 1 381 Helsingborg 192 1 269 Trelleborg 1 643 1 948 Locations >70 thousand inhabitants 1 423 1 395 Total, clusters and locations >70 thousand inhabitants 5 467 7 188 Clusters, % 44% 59% Clusters + locations >70 thousand inhabitants, % 59% 74% Annual housing need per 1,000 inhabitants by FA region 0 0,01-0,99 1,00-1,99 2,00-2,99 3,00-3,99 4,00-4,99 5,00-8,10 Helsingborg Trelleborg Visby Östersund *Inklusive tillträdda/frånträdda transaktioner samt villkorad försäljning under 2026
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Current trading and Summary
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High act ivity – 49 apartments refurbished during Q4 and 188 full year 2025 with an average return of ~8%. Significant portfolio optimization transformation. Stable o ccupancy – strong portfolio structure and geographic focus keeps vacancy risk low. All d ebt maturities for 2026 refinanced at attractive conditions. Operational g oals met – 16% NRV and 21% income from property management annual growth since 2019. Adjusted dividend policy and pr oposed dividend for 2025. Significant move in portfolio attractiveness
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17 Andreas Morfiadakis, CEO Magnus Nordholm, CFO