Annual report
Page 1
2025 Annual report
Page 2
The formal annual report comprises pages 33-36 and 67-120. Roundings in the annual report can result in columns and rows not adding up. Comparisons in brackets relate to the corresponding period of the previous year. This Annual Report is an in-house translation of NP3s Swedish Annual Report. In the event of discrepancies, the Swedish original will supersede the translation. Calendar Interim reports Q1 January - March 2026: 24 April 2026 Q2 January - June 2026: 10 July 2026 Q3 January - September 2026: 16 October 2026 Year-end report 2026: 5 February 2027 Record day for dividend on preference shares 30 April 2026 Proposed record days for dividend on preference shares 31 July 2026 30 October 2026 29 January 2027 30 April 2027 Proposed record days for dividend on common shares 8 May 2026 31 July 2026 30 October 2026 29 January 2027 Annual general meeting: Sundsvall, 6 May 2026 Distribution policy NP3’s annual report is available as a document in PDF format at: www.np3fastigheter.se To subscribe to financial reports and press releases, please visit: www.np3fastigheter.se/media NP3 Fastigheter AB (publ) Gärdevägen 5A, 856 50 Sundsvall, Sweden Contents Introduction The year in brief 2 Comments by the CEO 4 Financial targets and dividend targets 6 Earnings capacity 7 Business model 8 The business Our market 10 Our business areas 15 Property portfolio 20 Property management 26 Transactions 27 Projects 30 Funding 33 Associated companies and joint ventures 37 Sustainability report Sustainability year 2025 39 Our sustainability work 40 Our material issues 43 Responsible business 46 Future responsibility 50 Health and well-being 56 Taxonomy 61 GRI-index 63 Directors’ Report Introduction 67 Multi-year summary 68 Quarterly summary 69 Structured risk management 70 Shares and shareholders 76 Corporate governance report 79 Board of Directors 86 Management 88 Financial Reports Financial reports 91 Notes and accounting policies 101 Proposed disposition of earnings 118 Signing of Annual report 120 Auditor's report 121 Other Reconciliation key ratios 126 Definitions 127 Property register 128
Page 3
Proposed dividend on common and preference shares* Rental income was MSEK 2,274 Acquisitions accessed Net operating income amounted to MSEK 1,725 MSEK 509 +14%MSEK 1,942 +15% Profit from property management per common share SEK 16.33 +20% The year in brief 2 THE YEAR IN BRIEF The property value amounted to BSEK 26.1 +12% Q1 • 6 properties were accessed at an underlying property value of MSEK 155 before market-based deduction of deferred tax of MSEK 6. The rental value of the properties amounted to MSEK 15. • Three properties were vacated at an underlying property value of MSEK 76. The rental value of the properties amounted to MSEK 8. • NP3's financial targets for loan-to-value ratios were updated, from a range of 55–65 percent, to a loan-to-value ratio of no more than 60 percent. Q2 • 21 properties were accessed at an underlying property value of MSEK 488 before market-based deduction of deferred tax of MSEK 13. The rental value of the properties amounted to MSEK 44. • In May, a directed share issue of 13.7 million preference shares was carried out, which provided the company with MSEK 394 before transaction costs. • In June, the remaining 38.8 percent of the shares in Cibola Holding AB, which owns five hotel facilities, were acquired. The company thus became a wholly-owned subsidiary of NP3. Q3 • 35 properties were accessed at an underlying property value of MSEK 637 before market-based deduction of deferred tax of MSEK 22. The rental value of the properties amounted to MSEK 61. • 5 properties were vacated at an underlying property value of MSEK 474 in total. The rental value of the properties amounted to MSEK 44. Of the rental value, 60 percent related to a retail property in Kiruna. • The company issued unsecured green bonds of MSEK 400 and repurchased a nominal amount of MSEK 299 of bonds maturing in April 2026. • In September, the company divested its entire remaining shareholdings in Fastighetsbolaget Emilshus AB for MSEK 124. Q4 • 27 properties were accessed at an underlying property value of MSEK 718 before market-based deduction of deferred tax of MSEK 14. The rental value of the properties amounted to MSEK 80. Significant events after year-end • Until the signing of this annual report, the company has accessed 11 properties at an underlying property value of MSEK 222 before market-based deduction for deferred tax of MSEK 5. The rental value of the properties amounted to MSEK 18. • In addition to the above, the company entered into agreements to acquire 1 property at an underlying property value of MSEK 26 to be accessed in the second quarter. The rental value of the properties amounted to MSEK 2. • Prior to the signing of this annual report, the company vacated a property with an underlying property value of MSEK 72. The rental value of the property amounted to MSEK 8. • In February, unsecured green bonds of MSEK 400 were issued. The bonds have a maturity of 4.5 years and carry an interest rate of 3-month Stibor + 215 basis points. • In Mars, based on the authorization received at the Annual general meeting on 7 May 2025, a directed issue of 1,250,000 preference shares was carried out to two claimants a result of a share acquisition. The subscription price of SEK 31.00 per preference share is paid by offsetting claims on NP3.
Page 4
3THE YEAR IN BRIEF NP3 is a cash flow-oriented real estate company with a focus on commercial investment properties with high yields, primarily in North Sweden. As of 31 December, the property holdings amounted to 2,362,000 square metres of lettable area, divided between 633 properties in the categories industrial, retail, offices, logistics and others. The property portfolio is spread across eight business areas: Sundsvall, Gävle, Dalarna, Östersund, Umeå, Skellefteå, Luleå and Middle Sweden. At the end of the year, property value amounted to BSEK 26.1. NP3-shares are listed at Nasdaq Stockholm, Large Cap. NP3 was founded in 2010 and has its head office and domicile in Sundsvall. Property value per property category, %Property value per business area, % The profit from property management increased by 26% to MSEK 1,104. The profit from property management per common share amounted to SEK 16.33, an increase of 20% Key ratios 2025 2024 Outcome Market value of properties, MSEK 26,087 23,384 Rental income, MSEK 2,274 1,992 Net operating income, MSEK 1,725 1,503 Profit from property management, MSEK 1,104 879 Share-based Profit after tax, SEK/common share 19.12 14.17 Profit from property management, SEK/common share 16.33 13.57 Equity, SEK/common share 144.18 131.34 Long-term net worth, SEK/common share 171.81 154.64 Property-related Economic occupancy rate, % 92 93 Surplus ratio, % 76 75 Financial Loan-to-value ratio, % 51.2 51.8 Interest coverage ratio, multiple 2.8 2.4 Net debt to EBITDA ratio, multiple 8.1 8.0 For reconciliation of key ratios and definitions, see pages 126-127 . Profit from property management, MSEK Profit from property management, SEK/common share Sundsvall 18 (19) Östersund 14 (14) Gävle 13 (12) Dalarna 12 (13) Luleå 11 (12) Middle Sweden 11 (9) Umeå 11 (10) Skellefteå 10 (11) Industrial 48 (49) Retail 24 (22) Offices 8 (9) Logistics 8 (8) Other 12 (12) Property value increased by 12% to BSEK 26.1 30,000 25,000 20,000 15,000 10,000 5,000 0 MSEK The operating surplus increased by 15% to MSEK 1,725 2016201720182019202020212022202320242025 2,000 1,500 1,000 500 0 MSEK 2016201720182019202020212022202320242025 0 200 400 600 800 1000 1200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2 4 6 8 10 12 14 16 18 Förvaltningsresultat per stamaktie/kvartal & år Förvaltningsreultat Förv.res/stam 1,200 1,000 800 600 400 200 0 MSEK 13.00 10.90 13.57 16.33 11.76 2016201720182019202020212022202320242025 4.90 5.79 6.54 8.07 9.26
Page 5
4 COMMENTS BY THE CEO Comments by the CEO The 2025 profit from property management is the highest that NP3 has reported to date, both in total and per common share. The profit from property management for the year amounted to SEK 1,104 million, which corresponds to an increase of 26 percent and 20 percent per common share, respectively. The improvement in profit is primarily driven by higher rental income, which increased by 14 percent during the year. Rental income has increased primarily through a larger property portfolio as NP3 made net investment of SEK 2.3 billion in 2025. In addition to investments, profit from property management has also been positively affected by inflation-linked rental agreements and a lower average interest rate driven by lower credit margins. In total, NP3 invested SEK 2.7 billion in 2025, of which SEK 800 million in the existing property portfolio and SEK 1.9 billion in acquisitions. The acquisitions were carried out through 30 separate transactions, corresponding to an average transaction value of approximately SEK 60 million. Since some of the deals completed during the year were large in value, this means that the typical transaction for NP3 is significantly below the annual average. This in turn means that our main competition is often in the local market rather than among other national real estate companies. In these deals, we can combine our financial strength with local presence and thereby carry out acquisitions at yields that exceed our valuation yield. Although NP3 occasionally makes larger transactions, smaller, higher-yielding deals are a central part of NP3's growth strategy – a focus that we intend to continue in the future. NP3 in brief Despite the uncertainty that characterizes the outside world, NP3 can once again conclude a stable year. The stability is based on the Norrland market and our clearly defined property segments. NP3 has a simple business concept: To own and manage high-yielding commercial properties, primarily in northern Sweden. We operate within a stable and well-defined market segment with a focus on long- term cash flow and our business concept is the same today as it was at the company's start. This provides a robust foundation, with generally lower rental levels and volatility compared to some larger markets and segments. The rent level provides potential that over time will generate continued stable profitability development. Stability is also a result of diversification – in number of properties, locations, tenants and property types. In addition, our local offices play a central role by giving us good insight into each location's specific conditions and opportunities. Perhaps the greatest risk in our investment activities is not the market cycle itself, but the temptation to deviate from one's own strategy in times of strong economic activity. In a booming economy, the temptation to chase faster growth and higher profits can lead to decisions that appear attractive in the short term but are not fully rational from a long-term perspective. However, NP3 will not fall into that trap. The fundamental risks in our business are the same regardless of whether the market is in a boom or a slump. However, temporary trends do not change the underlying conditions. Our focus is not maximum growth in a single year, but the right growth every year. Put differently: Maximum growth in a long-term perspective. Each investment is assessed based on the alternative use of the premises, the cost of implementing an alternative and the return that can be achieved. This analysis also takes into account the structural conditions and demand in the local market. Through consistency and discipline in this respect, we ensure that decisions are sustainable in the long term and that risks are minimized, regardless of the economic situation. Funding Growth in 2025 was financed through increased borrowing, strong cash flow and an issue of preference shares, which provided the company with SEK 400 million. The issue has created room for continued investments while maintaining the loan-to-value ratio at a stable level, in line with our goal of increasing earnings without increasing operational or financial risk. NP3 refinanced SEK 8 billion in bank financing during 2025. The majority of the refinancing was carried out at the beginning of the year and on gradually improved terms. During the year, market conditions continued to develop positively, which provides further potential for improved financing conditions going forward. NP3 also intends to prioritize a longer loan maturity profile in funding to further reduce refinancing risk. The priority of a longer loan maturity profile was also the reason for the bond issued in February 2026. As the price of the cost of a longer loan duration, even in the high-yield bond market, was considered attractive, we chose to issue a bond with a duration of 4.5 years. The margin amounted to 215 basis points, which last autumn corresponded to the level for a three-year loan duration. NP3 will continue to have a clear focus on debt maturity and capital structure, as refinancing risk is the single largest financial risk in the company. Our assessment for 2026 is that we can continue to prioritize a longer loan duration while margins gradually improve.
Page 6
5COMMENTS BY THE CEO Sustainability NP3 aims to continuously develop and improve its operations. In 2025, we strengthened our sustainability work by recruiting a sustainability manager and adopting new sustainability goals for 2026. A dedicated resource with clear responsibility for the area strengthens our ability to work in a structured manner with both environmental and economic issues. For us, there is no contradiction between environmental and economic sustainability – quite the opposite. This is illustrated by, among other things, our ongoing energy projects, which at the end of the year had a forecasted return of 12 percent. This has contributed to better maintained properties, improved indoor climate and lower energy costs for our tenants, while the projects provide a return that meets NP3's requirements. To this we will then also add a lower environmental burden, which further strengthens the value over time. Future Unfortunately, I have to repeat the words from previous CEO comments by once again noting that the outside world is turbulent and characterized by unrest. However, we can only react to this and focus on what we can actually influence. This means identifying new risks, analysing them and then directing our focus to what we can do ourselves. For example, in 2025, we reviewed our tenants' operations to assess the risk associated with tariffs. Our assessment is that exports outside of the EU are very limited among our tenants, which reduces direct exposure. The forecast for 2026 amounts to SEK 1,180 million in profit from property management, equivalent to SEK 17.30 per common share, which represents an increase of 6 percent compared to the result in 2025. Our goal is to achieve annual growth of 12 percent per common share over a five-year period, and at the end of the year the result was precisely 12 percent. I see good prospects for achieving this goal during the coming five-year period. In conclusion, I would like to say that the future will look quite familiar. NP3 will continue to direct its resources towards increasing our profit from property management per common share in the long term, while maintaining or reducing operational and financial risk. Growth should occur through the right acquisitions, at rents and square meter prices that we feel comfortable with even in the case of an alternative rental situation. Overall, it is my view that NP3 is today financially well-equipped for further growth. I would also like to, as usual, extend a big thank you to NP3's employees, shareholders and other stakeholders for your commitment, which has meant and continues to mean a lot to NP3's continued development. Andreas Wahlén “Our focus is not on maximum growth in a single year, but the right growth every year. Put differently: Maximum growth in a long- term perspective.”
Page 7
6 FINANCIAL TARGETS AND DIVIDEND TARGETS Financial targets and dividend targets Objective Explanation and result Outcome 1) Includes a dividend in kind and additional dividend of MSEK 8 on newly issued common and preference shares. For more information, see table on page 77. 2) Of the reported amount, MSEK 27 relate to additional dividends on newly issued common and preference shares. 3) Dividend proposed by the board. After the end of the accounting period, the company issued 1,250,000 preference shares, resulting in an additional dividend of MSEK 2.5, which has been included in the dividend amount above. Dividend The company aims to pay dividends of around 50 percent of the profit from property management after current tax to holders of common and preference shares. The key ratio shows the company’s overall growth target. The profit from property management per common share increased by 20 percent com - pared to the previous year. Average growth over the five-year period was 12 percent. The target shows the yield on the company’s equity over a five-year period. The target is a measure of the company’s ability to create return on equity. Return on equity before tax for the year was 16 percent. The average return on equity over the five-year period was 19 percent. The interest coverage ratio shows the company’s ability to cover its interest expenses. Interest coverage ratio is a measurement that indicates how many times the company manages to pay its interest with the profit from the operating activities. The interest coverage ratio as of 31 December was 2.8 times. The loan-to-value ratio shows how great a proportion of the property value is financed by liabilities. The loan-to-value ratio must not exceed 60 percent. As of 31 December, the loan-to-value ratio was 51 percent. Growth in profit from property management per common share The growth in profit from property management per common share shall amount to at least 12 percent per year over a five-year period. Return on equity Return on equity before tax shall amount to at least 15 percent over a five-year period. Interest coverage ratio The interest coverage ratio shall be no less than 2 times. Loan-to-value ratio The loan-to-value ratio must not exceed 60 percent. Proportion of preference share dividend Preference share dividend is limited to maximum 20 percent of the profit from property management after current tax. The key ratio, which means that the preference share dividend is limited to a maximum of 20 percent of the profit from property management after current tax, aims to ensure a good balance between the interests of holders of common and preference shares. The dividend resolved on corresponds to 11 percent. % 60 50 40 30 20 10 0 Target approx. 50% 50% 50% 59% 54% 50% Max 20% The dividend target is set based on the company's cash flows and financial position. The board proposes a dividend for 2025 of SEK 6.40/common share and a dividend of SEK 2.00/ preference share. The total proposed dividend amounts to MSEK 5093), equivalent to 50 percent of the profit from property management after current tax, an increase of 18 percent compared to the previous year. x 4 3 2 1 0 Target 2x 3.4 2.9 2.1 2.4 2.8 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 % 70 60 50 40 30 20 10 0 Max 60% 56% 58% 57% 52% 51% 25 20 15 10 5 0 % 12% 10% 11% 14% 11% Profit from property management per common share, SEK Average annual growth, 5 years, % Target 12% SEK 18 16 14 12 10 8 6 4 2 0 % 20 16 12 8 4 0 Return on equity before tax, % Average return on equity before tax, 5 years, % Target 15% 50 40 30 20 10 0 % 3) 3) 2021 2022 2023 2024 2025 0 2 4 6 8 10 12 14 16 18 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Q4-21 Q4-22 Q4-23 Q4-24 Q4-25 Tillväxt Serie1 Serie2 0 10 20 30 40 50 Q4-21 Q4-22 Q4-23 Q4-24 Q4-25 Avkastning på eget kapital Serie1 Serie2
Page 8
7EARNINGS CAPACITY Current earnings capacity Definition of earnings capacity Current earnings capacity is not a forecast but to be regarded only as a snapshot, the aim of which is to present revenue and costs on an annual basis, given the property portfolio, interest expenses and organisation at the end of the accounting period. Earnings capacity is based on the coming 12-month period, based on the property holdings the company owned as of 31 December 2025. The earning capacity is based on an contracted annual rent and shows what profit the company would generate under the terms and conditions stated. The earnings capacity does not include an assessment of the development of rents, vacancy rate, property expenses, interest, changes in value or other factors affecting income. The estimated earning capacity is based on the following information. • Contracted rental income on an annual basis (including additional charges and rent discounts taking into account) and other property-related income as of 1 January 2026 based on the rental agreements in effect. • Property costs consist of an estimate of the operating expenses and maintenance measures during a normal year. The operating expenses include property-related administration. • Property tax has been calculated based on the properties’ current tax assessment value. • Costs for central administration are calculated based on existing organisation and the size of the property holdings. • Financial income and costs are calculated based on the company’s actual average interest rate level as of 1 January 2026, but have not been adjusted for effects regarding borrowing costs distributed over a period of time. Current earnings capacity on a 12-month basis 1 Jan, MSEK 2026 2025 2024 2023 2022 Adjusted rental value 2,545 2,314 2,043 1,862 1,525 Vacancy -202 -172 -137 -122 -102 Rental income 2,343 2,142 1,906 1,740 1,423 Property costs -520 -490 -433 -397 -346 Property tax -68 -50 -46 -45 -43 Net operating items 1,756 1,602 1,426 1,298 1,034 Central administration -85 -71 -68 -61 -55 Net financial income -557 -557 -608 -508 -260 Profit from property management from associated companies and joint ventures 47 41 42 81 72 Profit from property management 1,161 1,016 792 810 791 Profit from property management after preference share dividend 1,049 931 716 734 715 Profit from property management, SEK/ common share 17.03 15.12 12.48 13.44 13.13 Comments earnings capacity Compared to the current rental value of MSEK 2,578, the future-oriented adjusted rental value amounted to MSEK 2,545. The major adjustment item was primarily discounts of MSEK -32. Since the beginning of the year, NP3’s net operating income in the earning capacity has increased by 10 percent to MSEK 1,756. The yield in the earning capacity was 6.7 percent (6.9) in relation to the properties’ market value of MSEK 26,087. Profit from property management and profit from property management per common share in the earning capacity increased by 14 percent and 13 percent, respectively, compared to the beginning of the year. Acquisitions and divestments Agreed acquisitions not accessed of as of 31 December relate to five properties with an annual rental value of MSEK 11 and are expected to contribute with profit from property management of MSEK 4. There were no contracted divestments of properties not vacated as of 31 December. Profit from property management from earnings capacity, MSEK 1,400 1,200 1,000 800 600 400 200 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 years, CAGR 14% Q 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Comparisons within brackets relate to the beginning of the year.
Page 9
Value-adding business model NP3's strategy is to create value for the company's shareholders with a focus on continuously improving cash flow through transactions and continuously adding value to the existing portfolio. The company's strategy is also to have low risk through diversification in geography, category and sector exposure. Properties • 633 properties • 2,362,000 square metres lettable area • 300,000 square metres development rights NP3’s staff The unique skills, competences and experiences of our staff contribute both individually and collectively to creating value and achieving our goals. Access to capital Cash flow, equity and external funding in the form of interest- bearing loans and credit facilities. Good relations • Collaboration and dialogue with municipalities, industry, commerce and stakeholder groups. • Long-term partnerships with our suppliers, banks and other stakeholders. • A great number of tenants who have aggregated represent nearly 2,800 rental agreements. • The relation with the capital market’s players and our shareholders. Our resources By supplying accessible resources and assets to our operations, NP3 creates stable and long-term values for shareholders, staff and tenants as well as for the economy and society in the locations where the company is established. Management and letting Efficient property management creates increasing net operating income, which also has a positive effect on the property value. In order to achieve efficient property management, NP3 is present in all the company’s main geographic locations. The company’s local presence and accessibility facilitates involvement in tenants’ activities and creates opportunities to meet customers’ needs and requests. By having a well-diversified property portfolio in the main locations, the company is also able to offer tenants a wider range of premises and meet customers’ varying demand for premises. As NP3 works close to and together with the company’s tenants in matters relating to both energy and premises, the company also contributes to sustainable development of both properties and tenants’ activities, while its generates lower operating costs and stable rental income. Net letting: Amounted to MSEK 52 during the year Vacancy rate: Amounted to 8 percent at year-end Surplus ratio: Amounted to 76 percent What we do Transactions Development of the property portfolio Property management and letting We rent out commercial premises and create value for existing tenants We acquire and divest properties We implement new construction projects and add value to existing properties 8 BUSINESS MODEL
Page 10
9BUSINESS MODEL • Profit from property management per common share: SEK 16.33 • Return on equity: 12.8 percent • Profit after tax: MSEK 1,287 • Proposed dividend to shareholders: MSEK 509 of which MSEK 394 to holders of common shares and MSEK 115 to holders of preference shares. • Increased number of energy- efficient and sustainable properties • Reduced climate impact through increased proportion of self-produced energy • Climate-adapted buildings in accordance with the taxonomy • Job openings with a safe and stable employer • Development and benefits • Salaries to staff: MSEK 45 • Developing premises/ properties according to customers’ needs in order to create growth and value in the tenants’ activities. • A repurchase rate of 81 percent, i.e. number of rental agreements that are renewed in relation to the proportion of cancellable contracts • Contribute directly and indirectly to creating job openings • Purchased goods and services from suppliers: BSEK 1.3 • Interest and other financial expenses to creditors: MSEK 580 • Value-creating development in the locations where we work together with municipalities, commerce and industry • Tax revenue and job openings • Current tax and property tax: MSEK 148 What we create Owners Suppliers, business partners and creditors Customers Society Employees Environment Development of the property portfolio NP3’s development of the property portfolio is based on close cooperation and long-term relations with tenants. We satisfy tenants’ requirements by providing suitable premises to benefit their activities. This results in happy tenants and growth in value as well as a higher net operating income for NP3. As part of NP3’s project work, new construction projects can be accommodated on our development rights, as well as developing and adding value to existing properties. Adding value to the existing portfolio makes the premises attracts long-term tenants. New construction projects also often have the effect that they increase the value of neighbouring properties, and thus the area as a whole. Letting rate new construction projects: 100 percent Investment in existing properties and new construction projects: MSEK 781 Transactions NP3 works actively and continuously with acquisitions and divestments in order to develop the property portfolio with regard to its composition, based on geography and property category in order to optimise the risk-adjusted return. One important aspect in the portfolio strategy is focusing the holdings to specific areas in each location. The transaction activities are governed by the overall strategy, which specifies that the company shall be active in locations with a stable and growing population. NP3 distils the holdings by divesting those properties that are part of the transaction in larger acquisitions and which have a return that is below the company’s long-term targets, or which due to their geographical location are not considered to fit in with the portfolio strategy. Acquisitions: MSEK 1,942 Divestments: MSEK -549
Page 11
10 OUR MARKET Our market NP3 was founded in Sundsvall in 2010. Early on, the company expanded to Gävle and Östersund and then to several other towns in Norrland and Dalarna. In 2019, the company took a strategic decision to make major acquisitions outside of northern Sweden for the first time. Holdings were built up in Karlstad, Örebro and Västerås, which today constitute the business area Middle Sweden. NP3 wants to continue growing in Middle Sweden and has acquired properties in several locations there, but northern Sweden is and will remain the company's base. The strategy is to operate in locations, primarily in north Sweden, with stable and growing populations and to concentrate the portfolio to specific areas in each location. Growth in Norrland – sustainability in focus Historically, Norrland has been known for its rich natural environment, forests and resources in mining and forestry, but in recent years Norrland has also undergone major changes and adaptations to meet modern societal challenges and thereby take advantage of new opportunities. The green transition in northern Sweden is one of the biggest societal changes in modern times. Norrland has become the centre of a wave of industrial development with an increased focus on sustainability and environmentally friendly technology. The driving force behind the transition is both the climate crisis and Europe's need to reduce its dependence on fossil fuels. With rich natural resources and green energy, Norrland has become a European growth region in sustainable production, where reduced dependence on fossil fuels and contributes to Sweden and Europe's green transition. Despite unrest and conflicts in our surrounding world that are affecting the global economy, there is a strong belief in the future in Norrland and among Norrland entrepreneurs. Over the coming decades, investments of more than BSEK 1,000 are planned in northern Sweden in areas such as renewable energy, fossil-free steel and electrification. Investments that in most cases are backed by traditional large industrial companies and investors. Planned and ongoing projects that are at the heart of some of Sweden's largest industrial investments in many decades are benefiting large parts of the regional business sector, including the real estate market and, consequently, NP3. In addition to the above, major investments are planned in infrastructure, including the North Bothnia Line, where BSEK 43 will be invested in a coastal railway between Umeå and Luleå. Svenska kraftnät is also undertaking a historic investment to modernise and expand the national transmission grid in Norrbotten and Västerbotten, with a total investment of up to BSEK 20. NP3 an established property owner in Norrland NP3 is an established property owner in Norrland and operates in several locations where significant multi-billion investments are currently being carried out. Interest in commercial properties, residential housing and properties for public use is increasing along the entire coast of Norrland and also inland in Norrland. For a local player such as NP3, this development presents a number of exciting opportunities that are expected to have a further positive impact on demand for the type of premises that the company can offer through its diversified property portfolio. With a strategy based on local commitment, stable property management and long-term tenant relationships, NP3 is a significant player in the northern Swedish property market, providing companies in the region with an opportunity to grow and establish themselves in NP3's premises. The current unrest and conflicts in our surrounding world are affecting the global economy, Sweden and the Swedish real estate market, and therefore also NP3 as a company. Despite this, there is much positive development in NP3’s prioritised locations, even alongside the major investments that are being made in industry. Defence investments in northern Sweden are also extensive, with northern Sweden undergoing a historic expansion of its defence capabilities. This buildup is closely linked to Sweden's NATO membership and the deteriorating security situation in Sweden's neighbouring regions and around the world. In order to cope with the increased activity, significant resources are being invested in infrastructure and logistics in northern Sweden.
Page 12
11OUR MARKET Unem- ployment 2025 Unemployment development 20251) Disposable income for house - holds, 2024 2) Development disposable income, 2024 Sundsvall 5.6% -0.6 541 4.7% Gävle 8.8% -0.9 531 5.1% Dalarna3) 5.6% -0.5 538 4.4% Östersund 4.8% 0.0 548 5.8% Umeå 4.1% 0,1 577 8.7% Skellefteå 6.3% 1.5 527 5.7% Luleå 4.0% -0.4 554 6.3% Middle Sweden4) 7.5% -0.6 553 4.4% All NP3's busi - ness areas5) 5.8% -0.2 547 5.3% Nationwide excl. metropolitan areas 7.0% 0.0 546 7.0% Nationwide 6.7% -0.4 612 5.3% Unemployment 2025 Dalarna * Sundsvall Luleå SkellefteåÖstersund Nationwide Nationwide excl. metropolitan areas GävleUmeå Middle Sweden ** 10 8 6 4 2 0 % Development of disposable income, 2019-2024 30 25 20 15 10 5 0 % Dalarna 3) Sundsvall Luleå SkellefteåÖstersund GävleUmeå Middle Sweden 4) Nationwide Nationwide excl. metropolitan areas Employment and income development In 2025, unemployment in Sweden decreased by 0.4 percentage points, as shown in the table below. For the country, excluding the big cities, unemployment remained unchanged between years. In the locations where NP3 operates, unemployment has fallen in all locations except Skellefteå, where unemployment rose by 1.5 percentage points compared with 2024, mainly due to Northvolt's bankruptcy in Skellefteå. However, it is worth mentioning that unemployment in Skellefteå is still lower than the national average, standing at 6.3 percent in 2025, compared with 6.7 percent for the country as a whole and 7.0 percent when excluding metropolitan areas. Unemployment is lower than in the country as a whole in all of NP3's prioritised locations except Gävle and the three towns that make up the business area Middle Sweden (Karlstad, Örebro and Västerås) where unemployment is higher than the national average. Seen over a five-year period between 2020 and 2025, unemployment in Sweden dropped by 1.7 percentage points. The same applies to NP3's main locations in northern Sweden, where unemployment has fallen in all locations except Skellefteå, where we have seen a marginal increase of 0.3 percentage points. The places that stand out and where unemployment has fallen the most are Luleå and Sundsvall, with a reduction in unemployment of 3.2 and 2.9 percentage points, respectively, over the five- year period. After that, the drop is greatest in Umeå, with 2.3 percentage points, closely followed by Östersund, Dalarna and Gävle, with a drop in unemployment of around 2 percentage points. Over the five-year period, unemployment also dropped in Middle Sweden by 2.0 percentage points. Over the past 20 years, disposable household income has developed strongly in Sweden. Between 2023 and 2024, disposable household income rose in all locations where NP3 operates (no more recent statistics available at the time of printing). In the areas where NP3 operates, disposable income increased by an average of 5.3 percent from year to year, which is in line with the country as a whole. The disposable income in Sweden for an average household at the end of 2024 was SEK 612,200 per year. In NP3's locations, the corresponding figure is SEK 546,700, which is lower than the Swedish average but marginally higher than the average figure for the country, when excluding the metropolitan regions. 1) Expressed in percentage points 2) Average figure, TSEK by region, household type and age. 3) Dalarna in this table refers to NP3’s main locations Falun and Borlänge. The figure is unweighted per number of residents per municipality. 4) Middle Sweden here refers to NP3’s main locations of Karlstad, Örebro and Västerås. The figures are unweighted by number of residents per municipality. 5) Unweighted by number of residents per municipality. Source: Swedish Public Employment Service, processed by Newsec Unemployment trend in NP3's regions and localities, 2020-2025 (percentage points) Dalarna 3) Sundsvall Luleå SkellefteåÖstersund GävleUmeå Middle Sweden 4) Nationwide Nationwide excl. metropolitan areas 0.5 0 -0.5 -1.0 -1.5 -2.0 -2.5 -3.0 -3.5
Page 13
12 OUR MARKET Population development In the country as a whole, the population increased by 0.2 percent between 2024 and 2025, and also increased by 0.1 percent in NP3's main locations. The population increased in all of NP3's main locations with the exception of Skellefteå and Dalarna, where the population decreased by 3.2 percent and 0.2 percent, respectively. The relatively large population decline in Skellefteå is likely explained in large part by Northvolt's bankruptcy. As NP3 already had an established position in Skellefteå before the significant investments in Northvolt began, the bankruptcy has not had any direct negative impact on the company's operations in the area. Demographic development and an increasing population are important drivers for the real estate sector in NP3's geographical areas. The largest population increase between 2024 and 2025 in Norrland was in Umeå and Luleå, where the increase amounted to 0.8 percent in both locations. The population also increased in the Middle Sweden business area (the towns of Karlstad, Örebro and Västerås), rising by 0.6 percent. In addition, the population of Gävle increased by 0.4 percent. In Sundsvall and Östersund the population remained unchanged, and at the end of 2025, approximately 1.3 million people lived in the areas where NP3 operates. An analysis of population growth over a ten-year period shows that there has been an increase in all of NP3's main locations. This is due to positive net migration, i.e. more people moving to than from these locations. The population increase in NP3's main locations amounted to 6.8 percent over the 10-year period. Over a ten-year period, the increase for the country as a whole was 7.7 percent, which is higher than for NP3's main locations, but if the same comparison is made for the country as a whole and metropolitan areas are excluded, the population increase in the country is roughly the same as for NP3's main locations. Population development NP3’s main locations 2015-2025 Dalarna 2) Sundsvall Luleå Skellefteå Östersund Gävle Umeå Middle Sweden 3) NP3's business areas Nationwide 14 12 10 8 6 4 2 0 % Nationwide excl. metropolitan areas Population 2025 number of residents 1) Population- development 2015-2025 Population- development 2024-2025 Sundsvall 99,087 1.5% 0.0% Gävle 104,223 5.4% 0.4% Dalarna2) 286,105 1.8% -0.2% Östersund 64,995 6.4% 0.0% Umeå 135,377 12.1% 0.8% Skellefteå 75,669 5.1% -3.2% Luleå 80,312 5.6% 0.8% Middle Sweden3) 421,249 11.2% 0.6% All NP3's business areas 1,267,017 6.8% 0.1% Nationwide excl. metropolitan areas 6,621,123 6.9% 0.4% Nationwide 10,611,894 7.7% 0.2% 1) The figures for 2025 are based on statistics from October and Newsec has made an assessment for the full year. 2) Refers to all of Dalarna county. 3) Middle Sweden here refers to NP3’s main locations of Karlstad, Örebro and Västerås. Source: SCB, processed by Newsec
Page 14
OUR MARKET Transaction volume by region, %* Metropolitan areas 55 (51) Norrland incl. Dalarna 7 (4) Middle Sweden 5 (2) Remaining Sweden 33 (43) Transaction volume in Sweden by category, %* Housing 27 (31) Industrial/warehouses/logistics 22 (18) Properties for public use 16 (7) Offices 15 (26) Retail 11 (7) Hotels 4 (3) Other 5 (8) Transaction volume in NP3's markets by county/city, %* Västerås 16 (28) Västerbotten 16 (6) Dalarna 15 (17) Örebro 13 (4) Norrbotten 12 (1) Karlstad 11 (4) Jämtland 7 (14) Västernorrland 6 (15) Gävleborg 4 (10) Offices 19 (15) Retail 19 (15) Industrial/warehouses/logistics 17 (22) Housing 15 (25) Properties for public use 15 (15) Hotels 12 (0) Other 3 (8) Transaction volume in Norrland including Dalarna by category, %* Source: Newsec *Relates to 2025. Volume of structured deals and portfolio deals has been allocated by region where this is public, otherwise assessed based on available information. The transaction market During 2023, transaction volume in the Swedish real estate market was negatively affected by uncertainty in the global environment, high interest rates, and high inflation. In 2023, the transaction volume in the Swedish market amounted to BSEK 104, which was less than half compared to 2022, when the volume amounted to BSEK 220. Despite lower inflation and falling interest rates in the second half of 2024, transaction volume remained relatively low in the Swedish real estate market in 2024, with the volume for the year amounting to BSEK 140. However, the transaction volume increased in 2024 compared with 2023 and increased even further in 2025 to BSEK 164 for the country as a whole. For Norrland and Dalarna, the transaction volume increased from BSEK 4.6 in 2024 to BSEK 12.1 in 2025, an increase of BSEK 7.4 or no less than 160 percent. This can be compared with the country as a whole, where the increase was 18 percent. Of the total transactions carried out in Norrland and Dalarna, the largest share of transactions, BSEK 3.2, took place in Västerbotten. Next comes Dalarna with a transaction volume of BSEK 3.0, followed by Norrbotten where transactions worth BSEK 2.4 took place in 2025. Remaining transactions in Norrland and Dalarna amounted to BSEK 3.4 and took place in Jämtland, Västernorrland and Gävleborg. In Norrland and Dalarna, office and commercial properties each accounted for 19 percent of the transaction volume in 2025. Industrial, warehousing and logistics accounted for 18 percent, and housing and properties for public use for 15 percent each. The remaining transactions related to hotel properties and other properties. This can be compared with the country as a whole, where housing accounted for 27 percent, industrial, warehouse and logistics properties for 22 percent, properties for public use for 16 percent and offices for 15 percent of completed transactions. The remaining 20 percent of the transaction volume related to retail, hotels and other. Outside of Norrland and Dalarna, in the towns of Västerås, Örebro and Karlstad, properties worth BSEK 8.1 changed hands in 2025, with transactions in Västerås amounting to BSEK 3.3, in Örebro BSEK 2.6 and in Karlstad BSEK 2.1. The transaction volume has increased significantly for these three locations compared with the corresponding figure for 2024, which amounted to BSEK 2.6. Property ownership in northern Sweden Compared to South and Middle Sweden, commercial properties in North Sweden are owned to a greater extent by municipal companies, local and private property owners and owner-occupiers. Of the listed companies, Diös (with head office in Östersund) and NP3 have the largest property holdings in Norrland, the third largest property owner in Norrland is Samhällsbyggnadsbolaget. NP3's local roots and long experience give the company an advantage over other players in the Norrland market. With its long-term local presence, NP3 has succeeded in gaining a unique position with good local knowledge and experience. During the first half of 2024, NP3's acquisition pace was relatively limited due to an uncertain market situation, an uncertain outside world and a volatile capital market. However, during the second half of 2024, the transaction market began to gain momentum and NP3 once again started acquiring properties, resulting in NP3 completing acquisitions worth just over BSEK 2 in 2024, acquisitions that contribute to creating further value growth for NP3. In 2025, the company continued to acquire properties. During the first half of the year, properties were acquired for BSEK 0.6, and during the second half of 2025 acquisitions were made for BSEK 1.4, resulting in NP3 completing acquisitions for almost BSEK 2 in 2025 as well. 13
Page 15
Ten largest real estate deals in Norrland 2025 Seller Buyer Area, sqm Rental value, MSEK Property designation / object Lerstenen Diös 73,000 1,600 Umeå business park and two office properties in Umeå Diös Tagehus 21,100 660 Six properties in Åre NP3 Fastigheter Prisma Properties 26,700 463 Three properties in Kiruna, Sundsvall and Gävle Kiruna Municipality Pandox N/A 347 A hotel property in Kiruna Peritas Diös 7,850 245 Three properties in Sundsvall Smedjan Samhällsfastigheter Intea 4,130 223 Bromsen 1 in Härnösand Rikshem Pionären Fastighets AB 12,000 200 Sundsgården 4 in Luleå Smedjan Samhällsfastigheter Kåpan Fastigheter 3,000 120-140 Smedjan 5 in Hudiksvall Diös Lärkstaden 11,000 90 Bergnäset 2:671 in Luleå Diös Peritas 4,630 82 Balder 3 in Sundsvall Source: Newsec OUR MARKET14 Listed real estate companies with the largest ownership in Norrland, including Dalarna Property value, MSEK* 1 Diös 31,412 2 NP3 21,294 3 SBB incl. associated companies 15,936 4 Nyfosa 4,331 5 Neobo 3,584 6 Fastighets AB Balder 3,458 7 Fastpartner 3,375 8 Klarabo 3,232 9 Intea 2,477 10 Castellum 1,452 *Where the exact volume is not made public, it has been assessed based on available information. Relates to values as of 31 December 2024 Source: Newsec Biggest transactions in northern Sweden During 2025, a number of major real estate transactions were carried out in northern Sweden. Several of the year's largest transactions were carried out by major real estate companies, with the largest transaction consisting of a portfolio of centrally located properties in Umeå where the sales price amounted to BSEK 1.6. The buyer was Diös and the seller was Lerstenen, who through the deal gained ownership in Diös. During the year, NP3 also disposed of three commercial properties with a property value of MSEK 463, the largest of which is located in Kiruna. Of the rental value, 62 percent was attributable to the property in Kiruna, and with the sale NP3 streamlined its property portfolio and primarily divested properties in the retail segment in Kiruna. In addition, Pandox can be mentioned, which during the year acquired a hotel property in Kiruna, where the seller was Kiruna Municipality, with the acquisition price amounting to MSEK 347. The transaction market in northern Sweden was more limited in volume compared to the rest of the country, but was characterized by consistent interest in commercial properties in growth locations. Transactions completed during the year largely consisted of smaller portfolios and individual properties in retail, offices, industrial and logistics. Overall, the transactions during the year show that investment activity in northern Sweden is largely driven by conditions for long-term growth and regional establishments.
Page 16
15OUR BUSINESS AREAS Our business areas Business area Sundsvall Total number of properties 139 Lettable area, thousand sqm 436 Rental value, MSEK 471 Number of employees 7 Business area Umeå Total number of properties 57 Lettable area, thousand sqm 238 Rental value, MSEK 272 Number of employees 6 Business area Gävle Total number of properties 94 Lettable area, thousand sqm 310 Rental value, MSEK 332 Number of employees 4 Business area Middle Sweden Total number of properties 85 Lettable area, thousand sqm 256 Rental value, MSEK 276 Number of employees 4 Business area Skellefteå Total number of properties 54 Lettable area, thousand sqm 244 Rental value, MSEK 259 Number of employees 4 Piteå 2.9% (3.0) Luleå 6.1% (5.6) Östersund 13.2% (13.8) Berg 0.5% (0.6) Business area Dalarna Total number of properties 79 Lettable area, thousand sqm 373 Rental value, MSEK 343 Number of employees 3 Business area Luleå Total number of properties 60 Lettable area, thousand sqm 240 Rental value, MSEK 295 Number of employees 5 Business area Östersund Total number of properties 65 Lettable area, thousand sqm 264 Rental value, MSEK 331 Number of employees 5 Gällivare 1.5% (1.5) NORRBOTTEN VÄSTERBOTTEN JÄMTLAND DALARNA VÄRMLAND ÖREBRO VÄSTMANLAND GÄVLEBORG VÄSTERNORRLAND Skellefteå 10.2% (11.1) Umeå 8.4% (7.9) Örnsköldsvik 2.1% (2.0) Sollefteå 1.7% (1.7) Timrå 2.4% (2.7) Sundsvall 12.4% (13.4) Bollnäs 0.7% (0.7) Sandviken 0.8% (0.6) Gävle 11.0% (10.9) Söderhamn 0.5% (0.5) Örebro 0.8% (0.9) Västerås 3.2% (3.1) Eskilstuna 1.8% ( 0.6) Falun 5.2% (5.1) Leksand 0.7% (0.8) Mora 1.5% (1.6) Borlänge 4.8% (5.2) Karlstad 2.4% (2.7) The colours show NP3’s eight business areas and which municipalities1) are included in the respective business area. The number after the municipality shows how large a proportion the of the company’s property value is located in the respective municipality. The figure in brackets relates to the previous year. The number of employees in the tables is correct as of 31 December and does not include group-wide services. 1) Only municipalities with a share of more than 0.5% of the property value are shown on the map. Hudiksvall 0.6% (0.4)
Page 17
16 OUR BUSINESS AREAS Area by property category Area by property category Rental value by property Rental value by property BA Sundsvall 31 Dec 2025 2024 Total number of properties 139 128 Lettable area, thousand sqm 436 430 Rental value, MSEK 471 443 Economic vacancy, % 10 12 Property value, MSEK 4,666 4,398 Net letting, MSEK 2025 2024 Signed rental agreements 56 23 Terminated rental agreements incl. bankruptcies -38 -29 Net letting 18 -6 Net letting, MSEK 2025 2024 Signed rental agreements 64 23 Terminated rental agreements incl. bankruptcies -34 -29 Net letting 30 -6 Change in vacancies, MSEK 2025 2024 Opening value of vacancies 1 Jan 53 43 Value of vacancies, acquired properties 1 3 Value of vacancies, divested properties 5 - Net change in tenants moving in/out -13 7 Closing value of vacancies 45 53 Change in vacancies, MSEK 2025 2024 Opening value of vacancies 1 Jan 21 16 Value of vacancies, acquired properties 2 0 Value of vacancies, divested properties - - Net change in tenants moving in/out 0 5 Closing value of vacancies 23 21 AO Gävle 31 Dec 2025 2024 Total number of properties 94 73 Lettable area, thousand sqm 310 276 Rental value, MSEK 332 282 Economic vacancy, % 7 7 Property value, MSEK 3,476 2,946 Business area Sundsvall Business area Gävle Industrial 47% (46) Retail 20% (20) Offices 11% (12) Logistics 9% (9) Other 13% (13) Industrial 55% (57) Retail 23% (17) Offices 9% (10) Logistics 7% (8) Other 6% (8) Industrial 61% (62) Retail 21% (16) Offices 7% (8) Logistics 6% (7) Other 5% (7) Industrial 54% (55) Retail 17% (17) Offices 10% (10) Logistics 8% (8) Other 11% (10) Sundsvall is NP3's largest business area, both in terms of property value and rental value. The largest municipality in the business area is Sundsvall, which is also where the largest number of properties are located. Timrå, which borders Sundsvall, is the municipality in the business area with the second highest number of properties. Sundsvall and Timrå together account for 78 percent of the business area's rental value. In addition to Sundsvall and Timrå, the company owns properties in the business area in, among others, Sollefteå, Hudiksvall and Härnösand. In Sollefteå, the property portfolio mainly consists of the former Regiment I21, which is in principle fully let, largely as a result of the Armed Forces returning to the municipality. In Sollefteå, the Swedish Fortifications Agency is thus NP3's largest tenant. The retail and industry sector is well established in the Sundsvall area, not least as a result of the expansion and development that has taken place in the Birsta area. In Birsta, which is best known for its commercial area, NP3 primarily owns industrial, commercial and logistics properties. Birsta is strategically located between European routes E4 and E14 and is also located near Timrå, making the area attractive and popular. Major tenants include Systembolaget, PostNord and Berners. In the Sundsvall business area, new construction projects include a truck workshop of just over 2,200 square metres underway in Birsta. Most of the property holdings in the busi- ness area are located in Gävle and rep- resent 81 percent of the business area's rental value. In addition, the business area mainly has properties in Bollnäs, Söder- hamn and Sandviken. In Gävle, demand for premises has long been strong. In recent years it has been driven by, among other things, government investments and a demand for logistics premises, of- ten linked to e-commerce. In Gävle, NP3 has chosen to focus its property portfolio primarily to the areas of Näringen, Sörby Urfjäll, Hemsta and Ersbo. Näringen is a centrally located industrial area where NP3, in addition to industrial properties, also owns many business-to-business commercial properties. At Sörby Urfjäll, NP3 is a dominant property owner with tenants in fields such as industrial, work- shops and warehouses. The property portfolio also includes properties for public use, groceries and light industry. The three largest tenants in the business area are Coop Mitt, the Swedish Police Authority and BGA Group. In Gävle, a major renovation project is underway where 14,000 square meters of premises are being prepared at the Fredriksskans 15:16 property. There is also a new construction project of 1,500 square meters for workshop purposes on the Skogsmur 4:23 property. In Sandviken, a new production facility of nearly 14,000 square meters is being built for bolt manufacturing for the aerospace, wind and submarine industries, among others. Number of properties per location Number of properties per location Sundsvall 99 (92) Timrå 17 (17) Sollefteå 8 (7) Härnösand 6 (6) Hudiksvall 4 (3) Other 5 (6) Gävle 66 (57) Sandviken 11 (7) Bollnäs 7 (6) Söderhamn 4 (3) Other 6 (0)
Page 18
17OUR BUSINESS AREAS The main locations in the business area consist of Falun and Borlänge, the property holdings in these two locations make up 79 percent of the business area's rental value. The business area is NP3's second largest in terms of rental value and share of total rented area. In addition to Falun and Borlänge, properties are owned in Leksand, Mora and Älvdalen, among others. Dalarna with NP3's main towns of Falun and Borlänge constitutes a contiguous job market region that together functions as an engine for southern Dalarna with a large number of daily commutes between the towns. The region is characterized by a varied business sector with both large industrial and transport companies, the public sector and many small businesses, which provides a stable and diversified job market. Falun is also home to one of NP3's largest properties in terms of area and property value, Främby 1:56. Originally, axles for trucks and buses were produced at the property. Today, the property has been developed into a mix of businesses such as industry, sports, education, retail and more. Major tenants in the business area are LEAX Falun, Svenska Krämfabriken and Dalecarlia Hotel & Spa. In Falun, two new construction projects are underway, each approximately 1,500 square meters for a workshop and workwear store on the properties Ingarvsskogen 4 and Ingarvsbacken 1. Area by property category Area by property category Rental value by property Rental value by property Net letting, MSEK 2025 2024 Signed rental agreements 31 26 Terminated rental agreements incl. bankruptcies -30 -21 Net letting 1 5 Net letting, MSEK 2025 2024 Signed rental agreements 30 32 Terminated rental agreements incl. bankruptcies -35 -10 Net letting -4 22 Change in vacancies, MSEK 2025 2024 Opening value of vacancies 1 Jan 25 18 Value of vacancies, acquired properties 0 0 Value of vacancies, divested properties - - Net change in tenants moving in/out 4 7 Closing value of vacancies 29 25 Change in vacancies, MSEK 2025 2024 Opening value of vacancies 1 Jan 13 9 Value of vacancies, acquired properties - 4 Value of vacancies, divested properties - - Net change in tenants moving in/out 8 -1 Closing value of vacancies 21 13 BA Dalarna 31 Dec 2025 2024 Total number of properties 79 71 Lettable area, thousand sqm 373 360 Rental value, MSEK 343 319 Economic vacancy, % 8 8 Property value, MSEK 3,252 2,994 BA Östersund 31 Dec 2025 2024 Total number of properties 65 64 Lettable area, thousand sqm 264 262 Rental value, MSEK 331 308 Economic vacancy, % 6 4 Property value, MSEK 3,582 3,367 Business area Dalarna Business area Östersund Industrial 59% (61) Retail 15% (12) Logistics 11% (11) Offices 6% (7) Other 9% (9) Industrial 65% (66) Retail 14% (12) Logistics 11% (12) Offices 5% (5) Other 5% (5) Industrial 44% (42) Offices 18% (19) Retail 14% (14) Logistics 2% (2) Other 22% (23) Industrial 55% (55) Offices 16% (16) Retail 10% (10) Logistics 2% (2) Other 17% (17) The majority of the properties in the business area are located in Östersund municipality and account for 98 percent of the rental value. The job market is stable, which is largely explained by a strong public sector where the municipality and the Jämtland Härjedalen region are major employers. Following the acquisition of Frösö Park Fastighets AB and Cibola Holding AB in early November 2024, the Swedish Fortifications Agency and Frösö Park Hotel AB are the largest tenants in the area. The Swedish Public Employment Service is the third-largest tenant. The property portfolio in Östersund is mainly located in Frösön, Stadsdel Norr, Odenskog/Lillänge and Verksmon/ Skogsmon. On Frösön, the properties consist of the old Jämtland Wing (F4), where the Swedish Fortifications Agency and Frösö Park Hotel are the largest tenants.The properties in Stadsdel Norr consist of properties formerly belonging to the Jämtland Ranger Corps and consist of, for example, offices and premises for school activities. Odenskog/ Lillänge is an attractive area for light industry and business-to-business trade, where Lillänge constitutes a strong non- urban commercial area. In Östersund, a new construction project is underway for a food wholesaler of approximately 2,700 square meters on the property Ångvälten 8. The project is expected to be completed in mid-2027. Number of properties per location Number of properties per location Östersund 46 (45) Berg 17 (17) Others 2 (2) Falun 30 (29) Borlänge 25 (24) Mora 10 (10) Älvdalen 6 (0) Leksand 5 (5) Others 3 (3)
Page 19
18 OUR BUSINESS AREAS The property holdings in the business area are concentrated in northern Sweden's largest municipality, Umeå, but Örnsköldsvik is also part of the business area. The prop- erties in Umeå account for 76 percent of the rental value, the remaining part of the rental value comes from properties in Örnskölds- vik, where the business area's largest tenant, BAE Systems Hägglunds, is also a tenant in the property Norrlungånger 2:144, one of NP3's largest properties in terms of both floor space and property value. The properties in Umeå are mainly con- centrated around Östteg, Ersboda and Västerslätt. NP3’s largest property holdings in the area are located at Ersboda, which is Umeå’s largest commercial area. In Ersbo- da you will find, among other things, MIO furniture, which is one of NP3's largest tenants in Umeå. Östteg is a sought-after and expanding area, which is located right next to Söderslätt commercial area, where IKEA has set up shop. In Östteg, NP3 owns business-to-business commercial, industrial and office buildings. Västerslätt is Umeå's oldest and largest industrial area, where NP3 owns business-to-business and industrial properties and where Länstrafiken (public transportation authority) in Västerbotten is one of the business area's largest tenants. A new construction project for a motor- vehicle inspection facility of approximately 500 square meters is underway at the Teglet 6 property in Umeå. Two new construction projects are underway in Örnsköldsvik, 1,400 square meters are being built for machinery rental on the Brösta 14:4 property and a car dealership of approxi- mately 6,200 square meters is being built on the Högland 7:15 property. The business area is NP3’s smallest and is entirely focused towards Skellefteå municipality and was established in 2021 in connection with a larger portfolio acquisition from municipality-owned Skellefteå Industrihus. In March 2025, the town of Skellefteå suffered a major setback when Northvolt's bankruptcy became a fact, which also led to great concern and uncertainty about investments in the green transition. Despite this, there is great hope for the future in Skellefteå if the new owner of the factory and a large majority of residents remain positive about the town's development. For NP3, the property portfolio in the business area is not directly linked to the green transition and the company once again saw a growing market at the end of 2025. NP3’s property holdings in Skellefteå are mainly located in suburban areas and in proximity to the inner centre, where areas such as Hedensbyn, Hammarängen, Sörböle and Anderstorp can be mentioned. The dominant property category in Skellefteå is industrial, which makes up 68 percent of the business area's rental value and no less than 72 percent of total rented area. Major tenants include Latitude 64, Skellefteå Municipality, and Nefab Packaging. Projects include a major redevelopments of office premises of over 4,000 square metres, expected to be completed in the fourth quarter of 2026. BA Umeå 31 Dec 2025 2024 Total number of properties 57 47 Lettable area, thousand sqm 238 219 Rental value, MSEK 272 242 Economic vacancy, % 9 6 Property value, MSEK 2,733 2,302 BA Skellefteå 31 Dec 2025 2024 Total number of properties 54 54 Lettable area, thousand sqm 244 242 Rental value, MSEK 259 249 Economic vacancy, % 9 9 Property value, MSEK 2,661 2,607 Industrial 46% (48) Retail 28% (28) Offices 15% (12) Other 11% (12) Industrial 68% (68) Retail 12% (12) Offices 7% (7) Logistics 3% (3) Other 10% (10) Industrial 53% (54) Retail 24% (25) Offices 13% (9) Other 10% (12) Industrial 73% (72) Retail 10% (10) Offices 6% (7) Logistics 3% (3) Other 8% (8) Area by property category Area by property category Rental value by property Rental value by property Number of properties per location Number of properties per location Business area Umeå Business area Skellefteå Umeå 49 (42) Örnsköldsvik 8 (5) Skellefteå 54 (54) Net letting, MSEK 2025 2024 Signed rental agreements 43 16 Terminated rental agreements incl. bankruptcies -18 -24 Net letting 26 -8 Net letting, MSEK 2025 2024 Signed rental agreements 25 32 Terminated rental agreements incl. bankruptcies -28 -24 Net letting -3 8 Change in vacancies, MSEK 2025 2024 Opening value of vacancies 1 Jan 15 15 Value of vacancies, acquired properties 2 0 Value of vacancies, divested properties - - Net change in tenants moving in/out 7 0 Closing value of vacancies 23 15 Change in vacancies, MSEK 2025 2024 Opening value of vacancies 1 Jan 22 11 Value of vacancies, acquired properties - 0 Value of vacancies, divested properties - - Net change in tenants moving in/out 0 11 Closing value of vacancies 22 22
Page 20
19OUR BUSINESS AREAS NP3's main locations in the Middle Sweden business area are Västerås, Karlstad, Eskilstuna and Örebro, which together account for 75 percent of the business area's rental value. With a strategic location and good transport connections, the region constitutes a dynamic inland economy with industry and logistics. The main towns have a combined population of over 700,000, and the commercial real estate market has benefited from the region's stable population growth, which has been among the highest in the entire country. Middle Sweden is NP3's second smallest business area, with property values accounting for approximately 11 percent of NP3's total property value. However, NP3 aims to continue to acquire properties and grow in Middle Sweden. In addition to the locations mentioned above, NP3 owns properties in Uddevalla, Karlskoga and Katrineholm, among others. The largest tenants in the business area are Möller Bil, Coop Värmland and Assemblin El. The Luleå business area spans a larger area and also includes Piteå, Gällivare, Haparanda, Kalix, Kiruna and Boden. The majority of the property portfolio is located in Luleå, which accounts for 51 percent of the business area's rental value, and in Piteå, which accounts for 25 percent. The largest tenants in the business area are the Swedish Police Authority, PostNord and Bilkompaniet Sigoro. In Luleå, NP3 is primarily active in Storheden and Notviksstan, which are located just outside of Luleå centre. NP3 also owns properties at Bergnäset, which is located near Kallax airport, and Porsödalen near the university. In Piteå, just over half of the town’s rental value consists of properties located in BackCity, a commercial area near the city. In addition to retail, the area also includes service and industrial companies. Major tenants in the area are Willys, ÖoB, Step In, and Jysk. An extension of approximately 2,400 square meters is being constructed at Storheden 2:10 in Luleå. BA Luleå 31 Dec 2025 2024 Total number of properties 60 54 Lettable area, thousand sqm 240 233 Rental value, MSEK 295 285 Economic vacancy, % 5 3 Property value, MSEK 2,904 2,758 BA Middle Sweden 31 Dec 2025 2024 Total number of properties 85 63 Lettable area, thousand sqm 256 179 Rental value, MSEK 276 198 Economic vacancy, % 8 7 Property value, MSEK 2,812 2,011 Industrial 42% (37) Retail 37% (45) Offices 11% (10) Logistics 6% (6) Other 4% (4) Retail 39% (48) Industrial 37% (31) Offices 12% (10) Logistics 7% (7) Other 5% (4) Industrial 53% (62) Retail 35% (21) Offices 3% (4) Logistics 2% (3) Other 7% (0) Industrial 53% (67) Retail 37% (19) Offices 2% (3) Logistics 2% (3) Other 6% (8) Business area Middle SwedenBusiness area Luleå Luleå 27 (23) Piteå 20 (19) Gällivare 7 (5) Övriga 6 (7) Västerås 24 (23) Karlstad 19 (18) Eskilstuna 10 (6) Karlskoga 4 (2) Torsby 4 (0) Örebro 3 (3) Other 21 (13) Area by property category Area by property category Rental value by property Rental value by property Number of properties per location Number of properties per location Net letting, MSEK 2025 2024 Signed rental agreements 15 21 Terminated rental agreements incl. bankruptcies -18 -15 Net letting -3 6 Net letting, MSEK 2025 2024 Signed rental agreements 25 21 Terminated rental agreements incl. bankruptcies -38 -11 Net letting -13 9 Change in vacancies, MSEK 2025 2024 Opening value of vacancies 1 Jan 9 10 Value of vacancies, acquired properties 1 0 Value of vacancies, divested properties 1 - Net change in tenants moving in/out 5 -1 Closing value of vacancies 16 9 Change in vacancies, MSEK 2025 2024 Opening value of vacancies 1 Jan 14 15 Value of vacancies, acquired properties 1 2 Value of vacancies, divested properties - - Net change in tenants moving in/out 7 -3 Closing value of vacancies 22 14
Page 21
Property portfolio NP3’s property portfolio consists of commercial properties, primarily in North Sweden. Achieving risk diversification and effective management in the property portfolio is crucial in order to attain the best possible risk-adjusted yield. The above objective means that the distribution of property categories differs between different business areas in order to take advantage of the conditions in the respective business area. The property portfolio as of 31 December consisted of 633 properties (554) with a total lettable area of 2,362,000 square metres (2,201,000). The market value of the properties amounted to MSEK 26,087 (23,384). NP3’s property portfolio is divided into eight business areas: Sundsvall, Gävle, Dalarna, Östersund, Umeå, Skellefteå, Luleå and Middle Sweden. Risk diversification NP3 works continuously to diversify risks through diversification of both the property category and the tenants' sector affiliation. The company's total property portfolio is well diversified in terms of both property categories and industry exposure. Property category shows the nature of the property, while industry exposure shows which sector the company’s rental income is allocated to. The difference is that tenants in a certain sector can rent premises in a number of different categories. This is exemplified by state and municipality, which together accounted for 12 percent (11) of rental income where premises are let in all property categories. A difference can also be seen in the grocery store sector, which in the catego- risation amounted to just over 3 percent (1) of total rental value and to 6 percent (4) with regard to industry exposure of the total rental income. This difference is explained by grocery stores also renting in the category industrial and logistics. The exposure of the rental income is distributed between several sectors, with manufacturing and light industry being the biggest one. Property categories The properties are divided into five property categories: industrial, retail, office, logistics and other. The categorization is based on the main nature of the property, which means that a property can accommodate several different types of premises even if it belongs to a certain category. Industrial The industrial category constitutes NP3's largest property category and accounted for 51 percent (51) of the rental value and 48 percent (49) of the property value. In the category the company owns properties primarily adapted for warehousing and light industry, which are operations that require smaller machinery. The three largest tenants in the industrial category are the Swedish Police Authority, the Swedish Fortifications Agency and Assemblin, which together account for 7 percent of the category's total rental value. Rental value by property category, % industry exposure, % Rental value by municipality 15 largest, as of 31 Dec 2025 Municipality Rental value, MSEK Propor- tion, % Östersund 322 12 Sundsvall 301 12 Gävle 269 10 Skellefteå 259 10 Umeå 208 8 Luleå 150 6 Falun 144 6 Borlänge 127 5 Västerås 82 3 Piteå 75 3 Timrå 68 3 Karlstad 67 3 Örnsköldsvik 64 2 Sollefteå 57 2 Gällivare 47 2 Other munici - palities 338 13 Total 2,578 100 20 PROPERTY PORTFOLIO Industrial 51 (51) Retail 23 (21) Offices 10 (10) Logistics 5 (6) Other 11 (12) Manufacturing and light industry 15 (15) State and municipality 12 (11) Vehicles and workshops 11 (10) Construction and production 10 (10) Industrial and construction supplies 10 (11) Consumer discretionary goods 9 (10) Real estate and finance 8 (9) Groceries and leisure 8 (9) Grocery stores 6 (4) Other 11 (11)
Page 22
21PROPERTY PORTFOLIO Retail The retail category is the second largest property category with 23 percent (21) of the rental value and 24 percent (22) of the property value. NP3's commercial properties are primarily located in larger commercial areas outside of the city centre of each city. In the retail category, business-to-consumer accounts for the largest share, 47 percent (59), see breakdown in the chart below. Business-to-consumer is dominated by discount chains, such as Dollarstore, ÖoB and Rusta. In business-to-business, there are major tenants such as Mekonomen, Ahlsell and Swedol. The average vacancy rate in commercial properties was 5 percent (4), which was lower than the average for the entire property portfolio, which is 8 percent (7). The remaining average term for the rental agreements in the retail category is 5.1 years (4.0), which was slightly longer than the average for the entire portfolio. Offices The office category accounts for 10 percent (9) of the rental value and 8 percent (9) of the property value. NP3 owns office properties in all business areas, with Östersund having the highest share with 18 percent of the rental value within the business area. The largest tenants in the category are the Swedish Public Employment Service, the Swedish Police Authority and The Swedish Fortifications Agency. Logistics Logistics properties constitute the smallest property category with 5 percent (6) of the total rental value and 8 percent (8) of the property value. In the Dalarna business area, the proportion of logistics properties was the highest at 11 percent of the rental value. The largest tenants in the category are PostNord, LOGS Cater and Systembolaget. Other The category other includes hotels, sports facilities, land, and properties for public use, such as schools. The category Other accounts for 11 percent (12) of the rental value and 12 percent (12) of the property value. The largest tenants are the Swedish Fortifications Agency, Frösö Park Hotel and Dalecarlia Hotel & Spa. These three tenants accounted for 19 percent of the category’s total rental value. Property valuation The company’s properties are valued at an assessed market value every quarter. The valuation policy states that at least 90 percent of the total property portfolio be valuated externally during the second and fourth quarters, other properties are valued internally. During the first and third quarters, the property values are adjusted mainly through internal valuations. During the fourth quarter of 2025, 99 percent (96) of the total property holdings were valuated externally. Method Assessment of fair value is done using a combination of local price comparison method and yield-based method in form of discounting future estimated cash flows. The cash flow is based on actual rents, normalised operating and maintenance cost, on the basis of an assessment in line with market conditions and investment requirements. At the end of the lease term of the respective contract, rents that deviate from the assessed market rent are adjusted to correspond to market levels. Cash flow is calculated at present value together with the residual value to calculate the property’s market value. The market value, which shall reflect an estimated price when selling on the open property market, is compared with prices of known, comparable transactions. Cost of capital and valuation yield, for calculating the present value of the cash flow and calculating the property’s residual value, shall reflect the property’s location and market development. Outcome The total value of the company's property portfolio at year-end amounted to MSEK 26,087 (23,384). The change in value during the whole year was MSEK 528 (323), of which MSEK 23 (1) related to realised changes in value from divestments of properties. Valuation outcomes and parameters 2025 2024 Realised change in value, MSEK 23 1 Unrealised change in value, MSEK 506 322 - of which cash flow-related 453 251 - of which related to valuation yield 52 72 Valuation yield - weighted average, % 7.08 7.10 Discount rate - weighted average, % 9.16 9.13 Inflation assumption year 1 in forecast period, % 1.5 1.0 Inflation remaining forecast period, % 2.0 2.0 The table below shows basic data and assumptions for property valuation as of 31 December 2025 and 2024. For further details see note 10. Breakdown of rental value within the retail category, % Business-to-consumer 47 (59) Business-to-business (B2B) 21 (24) Grocery stores 16 (5) Vehicle dealerships, workshops and inspection facilities 16 (12) Contracted rental value per property category, SEK/sqm 2025 2024 Industrial 1,022 968 Retail 1,229 1,244 Offices 1,410 1,388 Logistics 1,125 1,079 Other 1,533 1,470 Total 1,143 1,106 Market value per property category, SEK/sqm 2025 2024 Industrial 9,576 9,130 Retail 12,560 12,659 Offices 12,882 12,459 Logistics 11,527 11,094 Other 14,977 13,896 Total 11,044 10,626
Page 23
Of the unrealised changes in value of MSEK 506 (322), MSEK 45 (251) related to cash flow-related changes, while assumptions regarding changed valuation yields affected the valuations by MSEK 52 (72). The valuation yield used in valuation during the fourth quarter varied from 5.50 to 9.04 percent (5.50 to 9.00) and the inflation assumption was 1.5 percent for 2026 and 2.0 percent for subsequent years. The weighted valuation yield for the valuation of the property holdings as of 31 December was 7.08 percent (7.10) and the weighted discount rate was 9.16 percent (9.13). Change in the property portfolio During the year the property value increased by 12 percent (15), the area by 7 percent (10) and the number of properties by 14 percent (9). In total, 89 acquired properties were accessed of for MSEK 1,942 (2,087). Furthermore, MSEK 189 (162) have been invested in new construction projects and MSEK 592 (569) have been invested in existing properties, primarily in form of modifications to tenants' requirements and extension projects. During the year, eight properties were disposed of and vacated for MSEK 549 (33). Middle Sweden, Gävle and Umeå were the business areas with the highest growth in property value in 2025. Property value increased by MSEK 800 in Middle Sweden, which is largely explained by acquired holdings from Coop Värmland and Möller Bil. In Gävle, property value increased by MSEK 530, which is largely explained by the acquisition of 23 properties, of which 17 properties related to part of a portfolio acquired from Coop Mitt. In Umeå, property value increased by MSEK 432, of which just over half was related to the acquisition of 11 properties and the remainder to changes in value and investments in the existing holdings as well as new construction. During the year, the value of properties per square metre increased by 4.0 percent (4.7) from SEK 10,624 at the beginning of the year to SEK 11,044 at year-end. Property costs and property tax NP3’s property costs consist mainly of public utility costs, property upkeep, repairs and scheduled maintenance. Public utility costs such as costs for electricity, heating and water, as well as property tax, are normally included as extra charges in NP3’s rental income and passed on in full or in part to tenants. Property costs for the year amounted to MSEK -484 (-440). The costs were distributed between property upkeep and operating expenses MSEK -405 (-385), repairs and maintenance MSEK -64 (-43) as well as anticipated and confirmed customer defections of MSEK -15 (-12). Property tax amounted to MSEK -64 (-48). 22 PROPERTY PORTFOLIO Properties, change in value, MSEK 2025 2024 Opening value 23,384 20,276 Acquisitions of properties 1,942 2,087 Investments in existing properties 592 569 Investments in new construction 189 162 Divestments of properties -549 -33 Realised changes in value 23 1 Unrealised changes in value 506 322 Closing value 26,087 23,384 Acquired properties to be accessed 104 65 Divested, sale to be completed - -76 Rental value per business area, (%) Property value per property category, % Industrial 48 (49) Retail 24 (22) Offices 8 (9) Logistics 8 (8) Other 12 (12) Property value per business area, % Sundsvall 18 (19) Östersund 14 (14) Gävle 13 (12) Dalarna 12 (13) Luleå 11 (12) Middle Sweden 11 (9) Umeå 11 (10) Skellefteå 10 (11) Sundsvall 18 (19) Dalarna 13 (14) Östersund 13 (13) Gävle 13 (12) Luleå 11 (12) Umeå 11 (10) Middle Sweden 11 (9) Skellefteå 10 (11)
Page 24
23PROPERTY PORTFOLIO Tenants and contract structure At year-end, NP3 had 2,775 (2,700) rental agreements. The average remaining lease term for all rental agreements was 4.1 years (4.0). The ten biggest tenants in relation to rental value were distributed across 155 rental agreements with an average remaining lease term of 5.3 years (4.1) and they accounted for 13 percent (11) of the rental value. The number of rental agreements and the duration of these, together with the fact that no tenant accounts for more than 0.7 percent of the rental value, creates a diversified and stable tenant structure where exposure to individual tenants is limited. At the end of the year, total rental value amounted to MSEK 2,578 (2,326) and the contracted annual rent was MSEK 2,376 (2,154). This corresponded to an financial occupancy rate of 92 percent (93). The average rent varies between different regions, depending on the type of property, the property’s location and the local rental market. The average contracted rental value amounted to SEK 1,143 per square metre, which is an increase of SEK 38, or 3 percent, compared to SEK 1,106 at the beginning of the year. The increase in the average rental value can be explained by CPI- indexation and a higher rental value related to the company’s project activities. Östersund has the highest contracted rental value per square metre with SEK 1,341 (1,242). Dalarna has the lowest average contracted rental value at SEK 956 (918) per square metre. Of the total contract value, excluding extra charges, just over 93 percent was indexed to the consumer price index. There are also agreements with indexation to a fixed percentage equivalent to just under 6 percent of the total contract value and a few rental agreements that are subject to indexation in relation to the tenant’s turnover, i.e. rent based on turnover, where the base rent is CPI-adjusted. Rental income increased during the year by 14 percent to MSEK 2,274 (1,992). Revenue increased primarily as a result of property acquisitions, indexation, lettings and completed projects. Of the increase, MSEK 36 consists of non-recurring income related to early vacating. In a comparable portfolio, revenue increased by 2.5 percent (8), or 4.3 percent, excluding the change in vacancies in terms of results, see table. Net letting The value of signed rental agreements during the year amounted to MSEK 291 and included newly signed rental agreements and existing agreements that have been renegotiated. The value of terminated rental agreements including bankruptcies amounted to MSEK -239. The amount includes all agreements that were terminated for vacating premises during the year, those agreements that were terminated as a result of bankruptcies and those rental agreements that were renegotiated during the current period of contracts where the new agreement is recorded under “signed rental agreements” . Net letting for the year amounted to MSEK 52 (30), of which MSEK 13 related to renegotiations. Vacancy At the end of the year, the value of vacancies compared to the beginning of the year increased due to a net change in tenants moving in and out of MSEK 30 and in vacancies in acquired properties of MSEK 6. The value of vacancies decreased by MSEK 6 as a result of the divestment of properties. The economic occupancy rate amounted to 92 percent (93). As of 31 December, there were signed rental agreements, not yet occupied, with a rental value of MSEK 104. The rental value for terminated rental agreements not yet vacated amounted to MSEK 98, of which MSEK 78 take place during 2026.Rental income, MSEK 2025 2024 Comparable portfolio 1,956 1,909 Compensation for early vacating 36 0 Acquired properties 260 40 Divested properties 22 43 Contracted rental income 2,274 1,992 The comparable portfolio includes properties the company owned during all of 2024 and 2025. Rental income for properties acquired and divested is calculated to the part of the year in which the properties were owned by NP3. Net letting, MSEK 2025 2024 Signed rental agreements 291 195 Terminated rental agreements incl. bankruptcies -239 -164 Net 52 30 Contracted rental value per business area, SEK/sqm 2025 2024 Dalarna 956 918 Gävle 1,112 1,061 Luleå 1,272 1,254 Middle Sweden 1,092 1,135 Skellefteå 1,104 1,064 Sundsvall 1,165 1,116 Umeå 1,188 1,141 Östersund 1,341 1,242 Total 1,143 1,106 Change in the value of vacancies, MSEK 2025 2024 Opening value of vacancies 1 Jan 172 137 Net change in moving in/out 30 26 Value of vacancies, acquired properties 6 9 Value of vacancies, divested properties -6 0 Value of vacancies 202 172 Occupancy rate, % 92 93 Rental value future changes to agreements, MSEK Terminated agreements not vacated 98 55 -of which acquired 3 - New rentals, not moved into -104 -51
Page 25
PROPERTY PORTFOLIO At the beginning of the year, 10 percent of the total rental value became due for renegotiation during 2025. Another 4 percent of the rental value has been renegotiated during the ongoing rental period. Only rental agreements that existed at the start of 2025 are recorded, thus rental agreements for properties acquired during the year are excluded. The column refers to rental value as of 1 January 2025 Renewed on unchanged terms, 62% (66) Vacated agreements, 23% (21) Renegotiated agreements, 14% (13) Divested, 1% (0) 10% (11) of the total rental value that became due for renegotiation. 4% (3) of the rental value has been renegotiated during the ongoing rental period. Vacating year terminated rental agreements Number Rental value, MSEK 2026 135 78 2027 34 12 2028- 15 8 Total 184 98 24 Contract structure per year of maturity Rental income as of 31 Dec 2025 Year MSEK % 2026 277 12 2027 441 19 2028 452 19 2029 303 13 2030 225 9 2031 148 6 2032 116 5 2033 50 2 2034 67 3 2035 100 4 2036- 196 8 Total 2,376 100
Page 26
25PROPERTY PORTFOLIO Brief description of the biggest tenants (rental value) • The Police Authority is a central administrative authority for the police force and for the National Forensic Centre, formerly the National Swedish Laboratory of Forensic Science. • The Swedish Fortifications Agency is the government agency that owns and manages Sweden's defence properties and is one of Sweden's largest property owners. • Coop Mitt is a consumer association that runs retail business in the form of grocery stores in Gästrikland, Hälsingland, Dalarna, Uppland, Närke and Västmanland. Coop Mitt employs approximately 2,100 people and has a total of 92 stores. • PostNord Sweden is to 40 percent owned by the Danish state and to 60 percent by the Swedish state. PostNord is the leading supplier of communications and logistics solutions to, from and within the Nordic countries. • Möller Bil Sverige is a dealer with full-service dealerships for Volkswagen, Audi, SEAT, Škoda, Volkswagen Transporters and CUPRA. The company is owned by the Norwegian Møller Mobility Group, a family-owned company and one of the largest automotive companies in the Nordic region. • Dollarstore is a discount chain with more than 130 stores from Gällivare in the north to Trelleborg in the south. The company has approximately 2,000 employees and is part of the Finnish listed Tokmanni Group. • Assemblin EL is an installation and service partner with operations in Sweden and Norway. Since the merger with Caverion in 2024, Assemblin El has been part of the Northern European technology and installation company Assemblin Caverion Group, which is represented in nine different countries. • Granngården is a chain store that sells products for, among other things, gardening, pets, agriculture and forestry. In addition to the company's e-commerce, there are over 100 brick-and-mortar stores in Sweden. • Dagab is part of the Axfood Group and manages product lines, purchasing and logistics for Willys, Hemköp and Axfood Snabbgross. NP3 also has Willys and Axfood Snabbgross as tenants, but Dagab is responsible for all rental agreements in the group. • Coop Värmland is a consumer association that runs retail business in the form of grocery stores throughout Värmland. Coop Värmland employs approximately 1,200 people and has a total of 61 stores. NP3’s largest tenants Based on rental value Tenant Number of rental agree- ments Based on area Tenant Rented area, sqm Proportion of tot. area, % Number of rental agree- ments Swedish Police Authority 22 The Swedish Fortifications Agency 45,697 1.9 48 The Swedish Fortifications Agency 48 Swedish Police Authority 43,205 1.8 22 Coop Mitt AB 22 Coop Mitt AB 35,157 1.5 22 PostNord Sverige AB 11 Möller Bil Sverige AB 31,145 1.3 9 Möller Bil Sverige AB 9 LEAX Falun AB 27,183 1.2 5 Ahlberg-Dollarstore AB 7 PostNord 24,295 1.0 11 Assemblin El AB 10 Assemblin 24,212 1.0 10 Granngården AB 13 Granngården AB 22,549 1.0 13 Dagab Inköp & Logistik AB (Axfood) 4 Coop Värmland Economic association 21,441 0.9 9 Coop Värmland Economic association 9 HL Display Aktiebolag 21,368 0.9 1 Total 155 Total 296,252 12.5 150 Aggregate rental value MSEK 340, which is equivalent to 13 percent of the total rental value Average remaining lease term for the ten largest/rental value 5.3 years. Average remaining lease term for the ten largest/area 5.3 years Navaren 9 in Eskilstuna, Möller Bil Sverige is the tenant.
Page 27
26 PROPERTY MANAGEMENT Property management NP3 has local presence in all of the company's main geographical locations and has an organisation with short decision-making paths, which from the company's perspective is a prerequisite for being able to maintain and develop effective property management. A combination of local presence, high commitment, business acumen and technical expertise gives NP3 the conditions needed to effectively adapt the company's property management to the needs of the properties and tenants. Working closely with tenants, understanding their activities and needs, combined with knowledge of the premises' possibilities, gives the company's management the potential for the most efficient operation and the best development of NP3's properties, for both let and vacant premises. NP3's way of working is based on the company's three core values – committed, trustworthy, businesslike. Despite the fact that 2025 was a turbulent year from a macro perspective, the company saw increasing demand during the year with consistently positive net letting and a higher operating surplus. For a company with its main operations in the northern parts of the country, a milder winter with lower snow costs and thus slightly reduced property costs compared to the previous year is also noticeable. At the same time, the rapid cost development of recent years has now returned to historically more normal levels. In total, NP3's snow-related costs were SEK 8 lower than the previous year, seen in SEK per square metre of lettable area. NP3's maintenance costs have been deliberately increased over the past year as the company has made investments primarily in roofs and shelters. Proximity to the company's customers Day-to-day work is done in close cooperation with tenants by means of frequent meetings with NP3’s technical administrators and business managers. Regular meetings with tenants give the company the opportunity to accommodate opinions, thoughts and ideas. By having a diversified property portfolio in NP3’s main locations, the company over time has the opportunity to meet customers’ changing demand for premises. NP3’s availability is crucial to performing service by the agreed time and to quickly notify tenants of current decisions and measures. The company carries out property management with its own staff, while contractors are hired for day-to-day operation and upkeep of the company’s properties, which continues to be the most cost-efficient solution. As NP3’s operating and maintenance contractors have direct contact with tenants, their conduct affects the company’s long-term relations with tenants. In order to ensure that contractors’ way of working and conduct lives up to NP3’s standards, we have high requirements when it comes to sustainability, business ethics and behaviour. Sustainability and cost reduction NP3 works actively on adding value to the properties, with sustainability being a natural component. The company thus continuously implements energy-saving operating and maintenance measures, both to reduce costs and limit the environmental impact of the properties. NP3’s aim is to, in cooperation with tenants, contribute to and make possible sustainable development of both properties and tenants’ activities. The company also works actively on renegotiating operating agreements and strives to achieve favourable purchasing terms with central agreements where possible. Another important factor is to meet customers’ needs both in day-to-day maintenance as well as with regard to more long- term solutions, such as when modifying premises. Property costs NP3’s property costs consist mainly of public utility costs, property upkeep, repairs and scheduled maintenance. With regard to public utility costs, these are normally covered by extra charges in NP3’s rental income and passed on in full or in part to tenants. The focus is on efficient property management and working together with tenants to optimise expenses. The graph below shows the company’s cost development during 2019 up to 2025 in SEK per square metre in budgeted holdings, excluding costs for property tax, customer defections and allocated personnel costs. The amounts also include costs that are included in extra charges to the company’s tenants as above. Costs, SEK/sqm 250 200 150 100 50 0 Total Utilities Property upkeep Repairs and maintenance 151 172 178 187 199 196 86 98 96 108 107 53 56 69 70 62 32 24 23 21 27 174 83 42 25 91 51 32 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025
Page 28
TRANSACTIONS Transactions NP3 acquired and accessed 89 properties in 2025 at an investment of MSEK 1,942. The properties accessed during the year have an annual rental value of MSEK 201 and a lettable area of 188,000 square metres. In addition, the company sold and vacated eight properties with a value of MSEK 549. On the balance sheet date, the market value of the company's properties amounted to MSEK 26,087 (23,384), which is an increase of MSEK 2,703 compared with the start of the year. The change consists of acquisitions amounting to MSEK 1,942 and changes in value amounting to MSEK 528, where the unrealized change amounts to MSEK 506 and is primarily explained by stronger cash flows. In addition to the above, NP3 has invested in existing properties and new construction for MSEK 781 and divested eight properties for a value of MSEK 549, resulting in a realized change in value of MSEK 23. After a transaction-intensive end to 2024, the acquisition pace during the first half of 2025 was more restrained. In total, 27 properties were acquired for an investment of MSEK 624 after market-based deduction for deferred tax of MSEK 19. The focus was on industrial properties in Umeå, Eskilstuna, Gävle and Sundsvall as well as a mixed-use property (other) in Luleå. At the time of acquisition, the lettable area for the acquired and occupied properties amounted to 63,000 square meters and the rental value to MSEK 59. As part of streamlining NP3's property portfolio, three properties in Sandviken, Timrå and Sundsvall were divested for a value of MSEK 76. During the second quarter, the company also entered into agreements for the divestment of three commercial properties with a value concentration to Kiruna, where the company lacks local presence. The retail portfolio had a lettable area of 26,700 square meters and an annual rental value of MSEK 43, and closing took place during the third quarter. During the second half of the year, the acquisition rate increased primarily through three major transactions in which the company acquired retail portfolios from Coop Mitt, Coop Värmland and Möller Bil, whereby the proceeds from the sold retail portfolio could be reallocated to commercial properties in close proximity to the company's local offices and in markets where the company continues to see growth opportunities. In total, 62 acquired properties were accessed during the second half of the year for an investment of MSEK 1,318 after market-based deduction for deferred tax of MSEK 37. The lettable area for the acquired and accessed properties amounted to 124,000 square metres at the time of acquisition and the rental value to MSEK 141. During the second half of the year, a total of five properties and two smaller partitions were divested for MSEK 473, of which three properties were the above-mentioned retail portfolio. The properties and partitions are located in Kiruna, Sundsvall, Gävle, Nyköping, Nordanstig and Borlänge. In addition, during the fourth quarter, the company entered into agreements to acquire four properties at an underlying property value of MSEK 101, of which MSEK 71 had been accessed at the time of publication of the company's annual report and MSEK 30 remain to be accessed during the fourth quarter of 2026. After the end of the financial year and up until the signing of this annual report, the company has entered into agreements to acquire nine properties at an underlying property value of SEK 144 million, with completion scheduled during the first and second quarters of 2026. The properties are located in Örnsköldsvik, Gävle, Eskilstuna, and Karlstad, and have a lettable area of 15 500 square meters and an annual rental value of SEK 13 million. In addition, one property has been divested in Haparanda at a property value of SEK 72 million. The property has an annual rental value of SEK 8 million and the divestment was completed during the first quarter. Acquisitions quarter Divestments of properties quarter Acquisition accumulated Divestments of properties accumulated Net acquisitions per business area 2025, MSEK ÖstersundSkellefteå GävleLuleåDalarna Middle Sweden Sundsvall Umeå 800 700 600 500 400 300 200 100 0 -100 % Net acquisitions per category 2025, MSEK Other LogisticsOfficesRetail Industrial 800 700 600 500 400 300 200 100 0 Acquisitions and divestments of properties 2025 2,500 2,000 1,500 1,000 500 0 -500 -1,000 Q1 Q2 Q3 Q4 1,942 -1 000 -500 0 500 1 000 1 500 2 000 2 500 Mkr Förvärv kvartal Försäljningar kvartal Förvärv ackumulerat Försäljningar ackumulerat703615475 150 624 150 1,239 -76 -470 -546 -549 -76 -76 -4 MSEK 27
Page 29
Transactions 2025 Property Municipality Category Area, sqm Rental value, MSEK Occupancy rate* % Acquired properties accessed during Q1 Lyftkranen 3 Eskilstuna Industrial 12,049 7.9 100 Singeln 25 and 26 Umeå Industrial 3,879 5.0 100 Öjebyn 110:3 Piteå Industrial 1,880 1.2 88 Regnvinden 10 Karlstad Industrial 1,143 1.0 100 Linjeförmannen 8 Sundsvall Other 453 0.2 0 Total acquisitions Q1 19,404 15.2 Acquired properties accessed during Q2 Sörby Urfjäll 4:7 Gävle Industrial 6,541 2.6 0 Vattenormen 8 Luleå Other 4,753 8.2 100 Sätra 106:1 Gävle Industrial 4,670 2.7 100 Andersberg 14:60 Gävle Industrial 4,110 5.7 100 Frakten 3 Umeå Industrial 4,090 4.5 79 Lasten 6 Umeå Industrial 2,752 3.5 100 Nollplanet 1 Eskilstuna Industrial 2,666 3.3 100 Matrisen 1 Umeå Retail 2,200 1.4 0 Gällivare 57:24 Gällivare Retail 2,100 1.9 100 Staben 2 & Luftvärnet 4 Sundsvall Industrial 1,800 2.1 100 Sidsjö 2:30 Sundsvall Industrial 1,735 1.7 100 Trossen 2 Sundsvall Industrial 1,528 1.4 100 Frakten 1 Umeå Offices 1,513 2.1 100 Nacksta 5:11 Sundsvall Industrial 870 0.1 0 Kompaniet 7 Sundsvall Industrial 850 0.8 86 Staben 3 Sundsvall Other 750 0.7 99 Kompaniet 6 Sundsvall Industrial 505 0.7 100 Regementet 6 Sundsvall Offices 280 0.5 100 Regementet 5 Sundsvall Offices 150 0.1 79 Brösta 14:40 Örnsköldsvik Land 0 0.0 0 Total acquisitions Q2 43,863 44.0 Acquired properties accessed during Q3 Milröken 2 Sandviken Retail 6,237 6.4 100 Skotet 2 & 6 Luleå Industrial 5,284 4.6 93 Furulund 5:6 Hudiksvall Retail 3,460 5.9 100 Gruvbron 2 Falun Retail 3,085 6.9 100 Hofors 36:1 & 6:81 Hofors Retail 2,911 3.9 100 Sörby Urfjäll 39:1 Gävle Retail 2,722 3.5 69 Siggeboda 17:22 Älvkarleby Retail 2,529 3.7 86 Sleven 2 Umeå Retail 2,020 2.2 100 Långtradaren 4 Borlänge Industrial 1,950 1.1 100 Älvdalens Kyrkby 59:1 Älvdalen Retail 1,929 2.4 97 Väster 4:19 Gävle Retail 1,585 2.9 100 Sörby 36:1 Gävle Retail 1,516 2.6 100 Brösta 1:101 & 1:108 Örnsköldsvik Industrial 1,471 1.6 100 Särnabyn 113:1 Älvdalen Retail 1,295 1.5 100 Norrsundet 15:2 Gävle Retail 1,210 1.1 92 Vivsta 13:81 Timrå Industrial 1,200 1.2 100 Kilafors 4:3 Bollnäs Retail 1,145 1.4 100 Rättvisan 7 & Storvik 12:54 Sandviken Retail 1,043 1.2 100 Ljusne 29:5 Söderhamn Retail 1,003 1.2 100 Idre 13:14, 13:19, 71:7 & 71:8 Älvdalen Retail 954 0.9 100 Nöttö 51:4 Tierp Retail 900 1.0 100 Södra Edsbyn 13:121 Ovanåker Retail 890 1.1 100 Nordanbro 2:77 & 2:30 Nordanstig Retail 768 0.7 100 *On transaction day TRANSACTIONS28
Page 30
Transactions 2025 cont. Acquired properties accessed during Q3 Municipality Category Area, sqm Rental value, MSEK Occupancy rate* % Hagaström 80:15 Gävle Retail 764 1.0 100 Östanån 16:37 Älvkarleby Retail 755 0.9 100 Åsen 55:2 Sandviken Retail 555 0.5 100 Tuna 3:18 Sandviken Land 0 0.0 0 Total acquisitions Q3 49,181 61.4 Acquired properties accessed during Q4 Navaren 9 Eskilstuna Retail 9,884 13.9 100 Djuret 3 Luleå Offices 7,447 7.3 98 Fyrhörningen 1 Säffle Retail 6,970 6.1 91 Snäckan 1 Karlskoga Retail 5,661 7.5 100 Gjuteriet 16 Katrineholm Retail 5,358 2.7 100 Försäljaren 3 Köping Retail 4,858 4.4 100 Tälle 11:20 Ljusdal Retail 4,267 6.5 96 Skagern 7 Karlskoga Retail 4,206 1.9 100 Gustafsborg 1 Sala Retail 3,797 2.2 100 Nolgård 1:318 Hammarö Retail 3,696 6.3 100 Orren 12 Filipstad Retail 3,400 3.6 90 Palmen 11 Arvika Retail 3,200 4.9 100 Tranan 2 Strängnäs Retail 2,107 1.5 100 Rosen 16 Eda Retail 1,907 2.4 100 Gällivare 12:275 Gällivare Industrial 1,774 1.6 100 Reparatören 7, 8, 9 & 11 Torsby Retail 1,749 2.2 100 Magnetfältet 8 Västerås Retail 1,685 2.6 100 Lindeshyttan 7:3 Lindesberg Retail 1,541 1.0 100 Nyisen 2 Eskilstuna Retail 830 0.6 100 Häcklinge 5:180 Gävle Industrial 692 0.5 0 Staben 1 Sundsvall Offices 193 0.1 0 Nolgård 1:342 Hammarö Industrial 93 0.2 100 Skogsmur 4:23 Gävle Land 0 0.0 0 Teglet 6 Umeå Land 0 0.0 0 Total acquisitions Q4 75,315 80.0 Total acquisitions 2025 187,763 200.6 Divested properties completed during Q1 Vivstamon 1:19 Timrå Industrial 5,240 2.6 0 Tuna 3:1 Sandviken Other 3,711 4.5 100 Slagan 10 Sundsvall Industrial 1,800 1.1 0 Total divestments Q1 10,751 8.2 Divested properties completed during Q3 Välten 8 Kiruna Retail 16,559 26.4 97 Sköns Prästbord 1:50 Sundsvall Retail 6,296 10.1 88 Hemsta 12:6 Gävle Retail 3,863 6.3 100 Rösta 13:1 Nordanstig Industrial 270 0.5 100 Svärdet 5 Nyköping Industrial 600 0.7 100 Part of Plikthuggaren 1, 2, 6 Sundsvall Land 0 0.0 0 Total divestments Q3 27,588 44.0 Divested properties completed during Q4 Part of Norr Romme 8:42 Borlänge Land 100 0.1 100 Total divestments Q4 100 0.1 Total divestments completed during 2025 38,439 52.3 Acquired properties be completed Q1, Q3 and Q4 2026 Tången 16 & 19 Karlstad Industrial 5,352 5.4 98 Brösta 14:5 Örnsköldsvik Industrial 4,400 2.3 0 Högland 7:15 Örnsköldsvik Land 0 0.0 0 Total 9,752 7.6 *On transaction day TRANSACTIONS 29
Page 31
30 PROJECTS Projects The project activities in NP3 aim to contribute to annual growth with good profitability. The projects aim to create the best possible conditions for long-lasting tenant relations, while at the same time creating additional value in NP3’s property portfolio. NP3's project activities consist of new construction, renovation and extension projects. NP3 invested MSEK 781 in existing properties and new construction projects during 2025. At the end of the year, NP3's ongoing projects had a total project budget of MSEK 1,094 (746) of which the remaining investment amounted to MSEK 712 (353). Projected return for the project portfolio's ongoing projects at year-end was 7.9 percent after capitalized interest expense and internal project management. The year has been marked by a strong growth in the market in terms of new construction, while the volume of projects for renovation and extension projects has also increased compared to the previous year. Ahead of 2026, project activity remains high, where lower interest rates create confidence in the future and provide good conditions for attaining new rental agreements with a good return. During the year, the company also continued its focus on growth in the green project portfolio and improving energy performance, which, fuelled by increased demand from our tenants, resulted in us significantly increasing the number of pure energy projects in 2025 compared with the previous year to 57 (36). New construction projects In 2025, eight new construction projects were started in six different localities with a total LOA of approximately 24,900 square meters. At the end of the year, another contract was signed for new construction in Sundsvall. A main principle for NP3’s new construction projects is that construction does not start until rental agreements have been signed. For new production, there are strict requirements for long rental agreements and attractive rent levels. New construction projects require a low level of property management and often have the effect that they increase the value of neighbouring properties, and thus the area as a whole. New construction thus has a positive effect on the company in several respects, in addition to the construction project and its return. During the year, NP3 invested MSEK 189 in new construction projects, including projects started in previous years that were not completed during the previous financial year. The average lease term was 13 years and the rental value for the newly produced units amounted to MSEK 68 at year-end. The rental value corresponds to an average of SEK 1,724 per square metre, compared with the average contracted rental value of SEK 1,143 per square metre in the existing property portfolio as of 31 December. At the end of the year, there were ongoing new construction projects with a total project budget of MSEK 514 with a remaining investment of MSEK 417. For ongoing new construction projects, the projected return was 7.7 percent after capitalized interest expense and internal project management. Extensions and renovations as well as maintenance and energy projects Extensions and renovations are normally done in order to adapt existing premises to the tenant’s activities and needs. Within the framework of renovations and extension projects, energy and maintenance measures are also implemented in order to maintain good quality in the property portfolio, reduce energy consumption and to secure the value of the properties in the long term. When investing in renovation and extension projects, NP3 receives a good return through adjusted rent levels and a lower maintenance requirement, while the tenant receives more suitable premises of a higher quality and standard. In 2025, a number of major extension projects were initiated as a step in meeting the changing needs of existing tenants for premises and to utilise existing building rights. During 2025 a total of MSEK 592 was invested in rede- velopments and extension projects. The average lease term for the premises where the ten largest renovation and extension projects were completed during the year was eleven years and the rental value amounted to MSEK 30 per year. The rental value corresponds to SEK 1,545 per square metre, compared with the average contracted rental value of SEK 1,143 per square metre in the existing property portfolio as of 31 December. At the end of the year, there were ongoing extension and renovation projects with a total project budget of MSEK 580 with a remaining investment of MSEK 295. For ongoing extensions and renovations, the projected return was 8.1 percent after capitalized interest expense and internal project management. Extensions and renovations include pure energy projects whose projected return was 11.6 percent. Energy-efficient buildings In every major new construction or renovation and extension project, NP3 places great emphasis on sustainability aspects with a primary focus on improving the energy performance of the properties. In cooperation with the tenant, the possibility of environmental certification is also being considered. As a requirement for the company's investment in energy-efficient properties, in addition to the requirement for sustainability, the investments must generate a return that is at least equivalent to the company's financial targets. In 2025, 22 (14) buildings received an improved energy rating from E, F or G, following measures implemented. Of which seven properties have improved by one energy class, eleven
Page 32
31PROJECTS Completed projects (>MSEK 25) Property Location Category Completion time Project cost, MSEK Lettable area, sqm Ingarvsmon 4 Falun Industrial Q1 -25 54 3,100 Transistorn 6 Skellefteå Industrial Q1 -25 39 2,370 Banvakten 1 Borlänge Industrial Q1 -25 33 2,140 Öjebyn 3:496 & 3:497 Piteå Industrial Q2 -25 35 2,990 Skogvaktaren 3 Östersund Industrial Q4 -25 155 4,780 Total 316 15,380 Additional rental value for the above projects amounts to MSEK 26. properties two energy classes, three properties three energy classes and one property four energy classes. Weighted average primary energy rating has been improved by these measures from 158 to 78 kWh/sqm. A major project continued in 2025, where certification according to Miljöbyggning (Green Building) Silver will be carried out in 2026. As GreenBuilding was phased out in 2025, one environmentally certified building remained acc. to BREEM in the company. However, NP3 maintains the energy requirement from GreenBuilding of 25 percent lower energy consumption than the new construction requirements in the Swedish National Board of Housing, Building and Planning's regulations for all new and coming construction. Ongoing projects (>25 MSEK) Property Location Category Completion time Project budget, MSEK Lettable area, sqm Sköns Prästbord 1:100 Sundsvall Industrial Q2 -26 52 2,200 Fredriksskans 15:16 Gävle Industrial Q2 -26 37 13,910 Storheden 2:10 Luleå Industrial Q2 -26 36 2,390 Brösta 14:40 Örnsköldsvik Industrial Q3 -26 29 1,300 Merkurius 5 Skellefteå Offices Q4 -26 110 4,500 Skogmur 4:23 Gävle Industrial Q4 -26 27 1,540 Högland 7:15 Örnsköldsvik Retail Q2 -27 134 6,170 Ångvälten 8 Östersund Retail Q2 -27 50 2,740 Ingarvsskogen 4 Falun Industrial Q2 -27 25 1,540 Tuna 3:18 Sandviken Industrial Q4 -27 153 10,000 Ingarvsbacken 1 Falun Industrial Q4 -27 28 1,530 Total 679 47,420 Additional annual rental value for the above projects amounts to MSEK 59.
Page 33
PROJECTS Skogvaktaren 3, Östersund Tuna 3:18, Sandviken Merkurius 5, Skellefteå Project budget: MSEK 155 Lettable area: 4,780 square metres Completion time: Q4 2025 Renovation of industrial premises into offices, tenant is Tietoevery. The premises consist of spaces for activity-based office purposes for approximately 300 people. To allow light into the building, an adjacent building of approximately 800 square metres was demolished. The existing frame has been reinforced to meet new load requirements, but also for sound and fire requirements. In addition, the roof structure has been replaced to meet today's requirements on snow load. The main entrance is being moved, two larger atriums/lightwells of 100 square metres each are being created, and large glass sections are being opened up in the facade to meet requirements for letting in daylight. The reconstruction is certified in accordance with miljöbyggnad silver. Project budget: MSEK 153 Lettable area: 10,000 square metres Completion time: Q4 2027 Project investments per business area 2025, MSEK ÖstersundSkellefteå GävleLuleåDalarna Middle Sweden Sundsvall Umeå 180 160 140 120 100 80 60 40 20 0 Project investments by category 2025, MSEK Other LogisticsOfficesRetail Industrial 450 400 350 300 250 200 150 100 50 0 New construction of workshop facility for Berners Tunga Fordon. The total area of the property is approximately 35.000 sqm with paved areas for heavy and long vehicles, parking spaces, staff parking and vehicle charging. The main building has been constructed in accordance with miljöbyggnad (Sweden Green Building) silver and consists of areas for sales, administration, warehouse, workshop and carwash. Heating is pro- vided by geothermal energy and on the building's roof there is a Solar PV system with with a estimated energy production of 206 MWh/year. Estimated self-con- sumption from solar cell production approximately 53 percent. New construction of a production facility for bolt manufacturing for the aerospace, wind and submarine industries, among others. The project is carried out as a collaborative project between landlord, tenant and general contractor. The manufacturing hall is being built with a production line, machine pits, salt bath facility and wash system. The property's roof is being prepared for a Solar PV system and the main building is being certified as miljöbyggnad silver. Project budget: MSEK 110 Lettable area: 4,500 square metres Completion time: Q4 2026 32
Page 34
33FUNDING Funding Access to capital is a requirement for NP3’s long-term growth and management of its property portfolio. The company works continuously on improving its credit worthiness, where the selected capital structure and financial risk level are central areas. The guiding parameter in this process is that the company’s long- term growth and profitability shall be achieved with a balanced degree of financial risk. In 2025, the company continued the work it had begun in previous years to maintain and improve its financial risk profile. An important first step in this process was the issue of common shares at the end of the third quarter of 2024 of BSEK 1, which reduced the loan-to-value ratio by approximately 5 percentage points. The issue was intended to create growth opportunities, reducing the risk profile and vulnerability in the operations and improving the ability to act in the event of unforeseen changes in the macro environment. The company today aims to have a loan-to-value ratio of 50– 55 percent in relation to the revised target at the beginning of the second quarter of 2025 of a maximum of 60 percent. During the year, the company refinanced bank loans of just over BSEK 8 with an average maturity of approximately four years, which mainly explains the increase in the average loan maturity profile during the year from 2.3 to 3 years. NP3 was also active on the bond side and in September carried out early refinancing of its MSEK 451 maturing in April 2026, which had terms of 3-month Stibor plus 550 basis points, by issuing a new bond loan of MSEK 400 under terms of 3-month Stibor plus 215 basis points and a maturity of 3.25 years. By taking advantage of the positive development in the capital market with lower loan margins, the above refinancing, together with a lower 3-month Stibor, contributed to a reduction in the average interest rate at year-end from 4.38 to 3.95 percent. The refinancing also led to an improvement in the maturity structure of the loan portfolio, with relatively limited maturities in the coming 24 months of MSEK 2,208 (6,764). In order to improve the visibility in financing costs, the company increased its interest rate hedging by MSEK 1,425 in 2025, which in total amounted to 54.5 percent (48.9) of the loan portfolio. Overall financing structure The company's assets amounted to MSEK 27,543 (24,604) as of 31 December, with the largest asset classes consisting of properties of MSEK 26,087, shares in associated companies and joint ventures of MSEK 537, and other current assets excluding cash and cash equivalents of MSEK 351. The company is financed through a combination of equity, interest-bearing liabilities and other liabilities. Equity and interest-bearing liabilities represented 90 percent (90) of the company’s funding at year-end. Financial expenses amounted to MSEK 582 (599) and were the largest cost compontent of the operations ahead of property costs, including property tax. For 2025, the interest coverage ratio was 2.8 times (2.4) and the loan-to-value ratio 51.2 percent (51.8). During the year, the loan maturity profile increased from 2.3 to 3.0 years. The net debt to EBITDA ratio in relation to forward-looking adjusted operating surplus, was 8.1 times (8.0) on the balance sheet date. NP3’s interest-bearing liabilities, excluding liabilities related to leasehold rights, increased during the year from MSEK 12,587 to MSEK 14,059, an increase of MSEK 1,472. The increase is mainly attributable to the funding of acquisitions and investments during the whole year, less repayment of loans related to the divestment of the company's retail portfolio with largest concentration to Kiruna at the beginning of the third quarter of 2025. As of 31 December, available liquidity consisting of cash and cash equivalents and unutilised credit facilities amounted to MSEK 680 (480). Interest-bearing liabilities maturing within twelve months amounted to MSEK 880 (1,684), consisting of bank loans of MSEK 401, bond loans of MSEK 400 and other liabilities of MSEK 79. As of the publication date of this annual report, NP3 had refinanced bank loans of MSEK 264 maturing within one year, while the remaining MSEK 181 mainly relates to maturities in December 2026. The short-term bond loan of MSEK 400 matures in December 2026. Equity NP3’s main growth targets are profit from property management per common share to increase by 12 percent annually over a five-year period, while return on equity before tax shall amount to at least 15 percent annually over a five- year period, with the guiding principle being that this shall take place at a balanced risk. The outcome for the average five-year period as of 31 December for the above growth targets was 12 and 19 percent, respectively. Equity amounted to MSEK 10,710 (9,568) as of 31 December with the equity/assets ratio amounting to 39 percent (39). Equity was distributed into two classes of shares; common and preference shares. The shares are listed at Nasdaq Stockholm, Large Cap. The number of shares at year-end amounted to 61,580,794 common shares and 56,000,000 preference shares. The chart on the next page shows changes in equity going back the last five years with related explanations. Of the equity, SEK 30.00 per preference share was distributed with addition for accumulated preference share dividend not paid out of SEK 2.00 per year. Thereafter, the remaining part of equity is allocated to the common shares after deduction of minority interest of MSEK 39, corresponding to SEK 144.18 per common share. Capital structure, % Loans from credit institutes 41 (41) Equity 39 (39) Deferred tax 6 (6) Bond loans 6 (6) Commercial paper loans 4 (4) Other liabilities 4 (4)
Page 35
34 FUNDING Interest-bearing liabilities The interest-bearing liabilities at year-end amounted to MSEK 14,231 (12,734) including interest-bearing liabilities related to leasehold rights pursuant to IFRS 16, which amounted to MSEK 172 (147). Interest-bearing borrowings, excluding the aforementioned liabilities of MSEK 172, amounted to MSEK 14,059 (12,587) according to the distribution in the table below. Secured loans made up 80 percent (80) and unsecured bond loans, commercial paper loans and promissory note loans 20 percent (20) of total interest-bearing liabilities. The increase in the above interest-bearing borrowings of MSEK 1,472 is mainly related to funding of acquisitions and investments MSEK 1,569, the net of higher utilization of credit facilities and an increase in commercial paper loans MSEK 321, increase in bond loans outstanding MSEK 49, repayment of bank loans MSEK -281 as well as amortisation of the company’s bank loans MSEK -178. Financing sources and commitments in loan agreements Bank loans Bank loans, which make up the company’s main funding source, amounted to MSEK 11,180 net (10,122) at year-end after deducting accrued borrowing expenses, equivalent to 43 percent (43) of the properties’ market value. The company’s strategy is to balance exposure vis-a-vis various creditors, which for the most part are Scandinavian merchant banks. Below is the company’s bank loans distributed by creditors depicted. The majority of the group’s bank loans (95 percent) are subject to various commitments vis-a-vis the lenders. If the commitments are not fulfilled, the creditor may require the loans to be repaid early, in part or in whole. The commitments consist of finacial key ratios in line with industry standards, which must be met. Examples of commitments include interest coverage ratio and loan-to-value ratio, which must not exceed or fall below certain levels. Other examples of commitments are that intragroup agreements shall be in line with market terms, reports of financial key ratios and financial position shall be submitted each quarter and pledging assets in the form of shares in subsidiaries and mortgage deeds in properties/site-leasehold rights. All commitments to the banks were fulfilled at the end of the year, and based on the information available to the company today, there is no indication that the commitments will not be fulfilled in 2026. Change in equity 3,000 2,500 2,000 1,500 1,000 500 0 -500 MSEK 2021 2022 2023 2024 2025 ■ Comprehensive income ■ Share issues ■ Dividend ■ Minority -1,000 Change in interest-bearing borrowings, MSEK Interest-bearing borrowings 1 January 2025 12,587 Acquisition financing 1,157 Issuance of bond loans 500 Project financing 412 Change in utilization rate of credit facilities (including change in commercial paper loans) 321 Repayment of bond loans -451 Repayment bank loan -281 Annual repayments on bank loans -178 Reduction accrued borrowing expenses -8 Interest-bearing borrowings 31 December 2025 14,059 The above analysis shows net changes in interest-bearing borrowings as opposed to the company’s consolidated statement of cash flows on page 96, which shows gross changes. Summary - net debt 2025 31 Dec. 2024 31 Dec. MSEK Bank loans 11,215 10,145 Secured interest-bearing liabilities 11,215 10,145 Bond loans 1,650 1,601 Commercial paper loans 1,090 875 Other interest-bearing liabilities 155 9 Unsecured interest-bearing liabilities 2,895 2,485 Accrued borrowing expenses -51 -43 Total interest-bearing liabilities 14,059 12,587 Current investments -142 -148 Cash and cash equivalents -291 -97 Net debt 13,625 12,341 -1 000 -500 0 500 1 000 1 500 2 000 2 500 3 000 2021 2022 2023 2024 2025 mkr Förändring av eget kapital Totalresultat Aktieemissioner Utdelning Minoritet Bank loans, distribution by creditor Loan volume, MSEK Bank A B C D E F G 3,000 6,000 4,000 2,000 1,000 0 5,000
Page 36
35FUNDING Bond loans Unsecured bond loans amounted to MSEK 1,634 (1,581) net after deducting accrued borrowing expenses as of 31 December and made up 6 percent (7) of the properties’ market value. NP3's MTN programme, which was launched in June 2022 with a framework of BSEK 5, continued to play an important role in 2025 regarding the company's flexibility to issue bond loans in the right time window. In March, the company issued MSEK 100 on an existing bond loan, maturing in January 2028, on terms of 3-months Stibor plus 215 basis points. In September, the company carried out early refinancing of its MSEK 451 maturing in April 2026, which had terms of 3-month Stibor plus 550 basis points, by issuing a new bond loan of MSEK 400 on terms of 3-month Stibor plus 215 basis points and a maturity of 3.25 years. The company has three financial commitments within the framework of its bond loans, which are shown in the table above. Furthermore, there are certain information obligations with regard to quarterly reporting and annual report, and that the bond loan shall be listed on Nasdaq Stockholm. All commitments were fulfilled at year-end and based on the information available to the company today, there is no indication that the commitments will not be fulfilled in 2026. Commercial papers During the end of 2021, a commercial paper programme was launched with a total framework of BSEK 2, in which MSEK 1,090 (875) including the interest component, had been issued as of 31 December, which was equivalent to 4 percent (4) of the properties’ market value. The term for commercial papers outstanding at year-end was maximum six months with a remaining average term of 2.4 months. The commercial paper loans were classified in their entirety as long-term interest-bearing debt as of 31 December based on the maturity date of their underlying back-up facilities. Back-up facilities amounted to approximately MSEK 1,100, which are linked to the commercial paper loans. In the back- up facilities, properties are pledged as collateral via mortgage deeds and contain similar commitments as for the company's bank loans in the event that the commercial paper loans are not refinanced. The back-up facilities have a term of up to five years. The positive development in the capital market led to that the company's outstanding volume of commercial paper loans increased by MSEK 215 during the year, as described above. Financial policy NP3’s financial policy aims to clarify governance, risk limitation, division of responsibilities and follow-up and oversight of financial management. With support of the financial policy, financial risks are governed and managed in order to ensure short- and long-term supply of capital. Within the framework for the financial policy the board has defined a number of targets for the financial management with regard to: ∞ loan maturity profile, ∞ fixed income period and ∞ key ratios such as loan-to-value and interest coverage ratio. All targets within the framework for the financial policy were met at year-end. Green financing Since 2020, the company has a green bond financing framework that has been renewed every three years, with the last update in September 2023. Under this framework, the company had issued MSEK 1,650 at year-end. The green framework has been developed in line with the Green Bond Principles established by the ICMA (International Capital Market Association) and has been assessed by an independent third party, CICERO Shades of Green (now S&P Global). The framework, along with related regulatory documents and reporting standards, has received a ”Medium Green” rating from CICERO Shades of Green. The green framework can be used for financing and refinancing of qualified green assets based on a portfolio approach, i.e. financing is not directly linked to individual green assets. The properties qualify as green assets based on a number of criteria; primary energy is measured according to threshold values in the EU taxonomy "top 15", environmental certifications, and energy-saving investments. At the end of 2025, the value of the company’s green assets amounted to MSEK 7,600 (5,862), which is equivalent to an increase of 30 percent (37). The company has set an annual growth target of 25 percent for the portfolio of green assets. Loan maturity profile Long-term interest-bearing liabilities, excluding interest- bearing liabilities for rights of use, amounted to MSEK 13,015 (10,676) at year-end, equivalent to 93 percent (85) of total interest-bearing liabilities. Interest-bearing current liabilities after adjustment for accrued borrowing expenses amounted to MSEK 1,044 (1,911), of which MSEK 565 related to maturity and repayment of bank loans, MSEK 400 bond loans and MSEK 79 promissory note liabilities due within twelve months. Distribution, secured and unsecured debt 1) Net after accrued borrowing expenses Unsecured debt 20.5%, MSEK 2,8791) Secured debt 79.5%, MSEK 11,1801) Distribution, financing sources Bank loans 79.5%, MSEK 11,1801) Bond loans 11.6%, MSEK1 1,634 1) Commercial papers 7 .8%, MSEK 1,090 Other liabilities, 1.1%, MSEK 155 Commitments Covenant-level Net loan-to-value ratio < 70% Interest coverage ratio > 1.5x Equity/assets ratio > 25%
Page 37
36 FUNDING NP3 has an objective of minimising the proportion of current interest-bearing liabilities in order to reduce the refinancing risk. According to the table in note 23 showing the interest- bearing liabilities’ maturity structure, liabilities due within twelve months amounted to MSEK 801 at year-end (excluding promissory note liabilities of MSEK 79). NP3 aims to carry out refinancing in good time before maturity, which contributes to reducing the refinancing risk. Of the current bank liabilities of MSEK 401, the company had refinanced MSEK 264 as of the date of publication of this annual report. As mentioned above, the loan maturity profile increased during the year from 2.3 to 3 years, mainly as a result of the completed refinancing of bank loans with longer terms. Fixed interest rate period NP3’s liability portfolio includes mainly variable interest rate loans based on changes in Stibor 3 months. In order to limit the interest rate risk over time and increase predictability in the company’s profit from property management, interest rate hedging instruments in form of interest rate swaps are used to fix the interest rate. The average fixed interest period, including the company's interest rate hedging portfolio, was 1.9 years (2.1) at year-end. At year-end, 54 percent (49) of the loan portfolio was interest-hedged with a maturity structure of between one and ten years as per note 23. The remaining portion remains at fixed interest against Stibor 3 months. The average interest rate after interest rate hedging for the company's interest-bearing borrowings was 3.95 percent (4.38) at year-end. The average interest rate before interest rate hedging was 3.58 percent (4.73) for bank loans and commercial paper loans (including commitment fee for back-up facilities) and 5.26 percent (7.15) for bond loans. The decrease in interest rates is explained by a lower Stibor level and loan margins on bank, commercial paper and bond loans, which was partly offset by higher interest rates for the company's interest rate derivatives related to increased interest rate hedging and changes in the company's interest rate derivatives portfolio. Below is a sensitivity analysis set out for the company’s interest expenses in the event the interest rate is changed by +0.5 and 1.0 percent, respectively. Derivatives To limit interest rate risk, interest rate derivatives are preferentially used in the form of interest rate swaps. At the end of the year, the company's portfolio of interest rate derivatives amounted to MSEK 7,600. The derivative portfolio includes interest rate derivatives of MSEK 2,000, which are not included in the company's interest rate hedging portfolio and thus not in the calculation of the company's interest rate hedging ratio and average fixed income period. These categories of interest rate derivatives either have a limitation on the upward protection of interest rates or are callable by the counterparty and constitute a complement to the interest rate hedging portfolio in order to reduce the company's interest expenses in a volatile market. The table above shows a summary of the company's interest rate derivatives portfolio. NP3's interest rate derivatives portfolio amounted to MSEK 9,600, of which MSEK 7,600 related to interest rate hedging. Swap contracts (derivatives) are assessed at fair value and are classified in level 2 in accordance with IFRS 13. Fair value is determined by using market interest rates for the respective term and are based on discounting of future cash flows. If the agreed interest rate differs from the market interest rate, this gives rise to an excess or deficit in value and the change in value is accounted over the income statement. Upon maturity, a derivative’s market value has been dissolved and the changes in value over time do not affect equity. The total market value of derivatives amounted to MSEK -19 (19) on the balance sheet date. Variations in the change in value of derivatives between quarters are mainly reflected by changes in differences between expectations of future interest rate levels and the fixed interest rate of the derivatives at the end of the quarters with the associated contract length. The net effect of changes in value for the year amounted to MSEK -38. The average net interest rate for the company's derivatives portfolio, including its Stibor effect, was 0.25 percent (-0.98) as of 31 December, with a fixed interest rate for the interest rate hedging portfolio of 3.3 years, which in turn contributed to an average fixed interest period for the entire debt portfolio of 1.9 years. Sensitivity analysis Change Annual effect on interest expense Change Stibor 3 months +0.5% MSEK +22 Change Stibor 3 months +1.0% MSEK +44 The above analysis assumes no early closure of the company's closable interest rate derivatives of 1.5 BSEK. Overview - interest rate derivatives portfolio MSEK Nominal amount Remaining term, years Average fixed interest rate, % Market value Interest rate hedging portfolio 7,600 3.3 2.09 13 Callable interest rate derivatives1) 1,500 8.0 2.17 -23 Performance swaps 2) 500 2.7 2.83 -10 Total derivative portfolio 9,600 4.0 2.14 -19 1) Callable swaps for the counterparty starting in the period 8 August to 5 December 2024, and thereafter quarterly on settlement dates up to the period from 8 November 2033 to 5 March 2034. The remaining term above does not require any early closing of the swaps. 2) The knock-in level for limitation in the interest rate hedging is 3.0 percent. If this level is met or exceeded for Stibor 3M, the swap will mature temporarily without any flows, i.e. the net effect is SEK 0. Average interest rate level Bps -3 -2 -1 0 1 2 3 4 5 6 7 8 Procent (%) Genomsnittlig räntenivå Utgående STIBOR 3M, periodslut Räntederivatens STIBOR effekt Räntederivatsportfölj - fast ränta Lånens STIBOR-effekt Lånemarginal 3,954,38 800 700 600 500 400 300 200 100 0 -100 -200 31 Dec 2025 31 Dec 202531 Dec 202431 Dec 2024 395438 196254 147 280 -181 190 -130 223 187 115 Closing Stibor 3M, end of period Interest rate derivatives - Stibor effect Interest rate derivatives portfolio - fixed interest rate Stibor effect of the loans Loan margin
Page 38
37FUNDING Associated companies and joint ventures Significant holdings in joint ventures NP3’s share of the profit from associated companies and JV, MSEK Total associated companies and joint ventures Fastighetsaktiebolaget Ess-Sierra 2025 Jan-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Jan-Dec NP3’s share capital, % 50 50 NP3's share of voting power, % 50 50 Proportion of equity 537 479 299 284 Profit from property management 42 37 25 24 Change in value of properties 23 -10 10 5 Tax -15 -14 -9 -7 Total share of profits 50 13 26 22 Associated companies and joint ventures For the full year 2025, NP3's associated companies and joint ventures contributed MSEK 42 (37) to NP3's profit from property management and the share of profits amounted to MSEK 50 (13). Fastighetsaktiebolaget Ess-Sierra NP3 owns 50 percent of Fastighetsaktiebolaget Ess-Sierra, the remaining 50 percent are owned by AB Sagax. Ess- Sierra's business consists of owning and managing real estate consisting of warehouses and building materials stores. The lettable area amounts to 184,000 sqm. More than 40 percent of the market value of the properties is in locations where NP3 is already established today. The purpose of the joint venture is, among other things, to be able to offer tenants local service. Rental income for the year amounted to MSEK 104 (99) and the market value of the properties as of 31 December amounted to MSEK 1,505 (1,484). For the period January to December, Ess-Sierra contributed MSEK 25 (24) to NP3’s profit from property management and the share of profits amounted to MSEK 26 (22). Fastighets AB Jämtjägaren NP3 Fastigheter AB and Jämtkraft AB jointly own three properties consisting of Jämtkraft's head office and operations centre, an office property and a construction right. The properties, which are located in Östersund, are each owned to 50 percent via the joint venture company Fastighets AB Jämtjägaren. The total rental value of the included properties amounted to MSEK 27 and the market value of the properties amounted to MSEK 450 as of 31 December. As of 31 December, NP3’s proportion of equity amounted to MSEK 117 (94). For the period January to December, Jämtjägaren contributed MSEK 9 (3) to NP3’s profit from property management and the share of profits for the year amounted to MSEK 23 (2). With You Sweden AB NP3 owns 49 percent of the shares in With You Sweden AB, the remaining 51 percent are owned by Olert Holding AB. The With You Sweden group owns 14 properties, primarily for industrial and commercial purposes. The majority of the property portfolio is located in Sundsvall, Umeå and Timrå. As of 31 December, the market value of the properties amounted to MSEK 629 (546) and the total rental value of the portfolio amounted to MSEK 51. As of 31 December NP3's proportion of equity amounted to MSEK 94 (94), and for the whole year With You Sweden contributed MSEK 8 (4) to NP3's profit from property management and the share of profits amounted to MSEK 1 (3). Cibola Hospitality Group AB NP3 owned 68.2 percent of the shares in Cibola Hospitality Group AB until June 2025, but disposed of 11.3 percent of the shares at the end of June and subsequently owns 49.9 percent of the company. Cibola is responsible for the operation of three hotel facilities owned by NP3. The operating part was previously recognised as an asset held for sale as the intention was to dispose of this business. As of June 2025, Cibola is an associated company of NP3 and as of 31 December the proportion of equity amounted to MSEK 2.
Page 39
38 SUSTAINABILITY REPORT
Page 40
Sustainability report SUSTAINABILITY REPORT 39 “With increased clarity in regulations, combined with experience from implemented measures, we create the conditions for even more accurate investments.” Sustainability year 2025 2025 was the year that tested the real estate industry in many ways. Not through new visions or ambitious goals, but through the consequences of reality. Climate change, extreme weather, regulatory updates and geopolitical turmoil made sustainability a matter of both future-proofing, risk management and long-term value creation. During the year, the EU took important steps to adjust and simplify parts of the sustainability legal framework through the so-called Omnibus proposal. The aim was clear: to reduce administrative complexity and create better conditions for implementation. While waiting for how Omnibus would be implemented, NP3 chose to shift its focus from the scope of reporting to the quality of governance and the actual measures implemented in the property portfolio. The year 2025 was also when climate-related risks could no longer be considered hypothetical and extreme weather did not wait for regulatory simplification. Extreme weather in the form of cloudbursts in winter and summer, storm and floods affected properties, operations and maintenance to an increasing extent. This shifted issues of climate change adaptation, the robustness of energy systems and the resilience of buildings closer to today’s investment decisions. In this context, the connection between sustainability and business became clearer than ever. Energy performance became a matter of cost stability and climate risks one of property values. As we now head into 2026, climate adaptation and transition open up new business opportunities. With increased clarity in regulations, combined with experience from implemented measures, we create the conditions for even more accurate investments. In developing robust and resilient buildings and safe and attractive environments, we create a long-term financially and environmentally sustainable property portfolio. By integrating sustainability into valuation, property management, and development, I am convinced that we stand stronger in our engagement with both the market and society. Elin Nordlander, Chief Sustainability Officer
Page 41
Our sustainability work For NP3 it is important and natural that sustainability and long-term economic results go hand-in- hand. As a player with a long-term approach in managing and developing properties, the company has a responsibility for work to proceed in a way that is sustainable for our future. In the sustainability report, NP3 describes how the company works with sustainability-related issues in order to achieve its sustainability goals in both the short and long term. The report describes how the work is governed and managed based on the key issues. The sustainability report The annual report for 2025 also includes the company's sustainability report, which covers the financial year 1 January to 31 December 2025. The report is prepared annually and includes the financial report for the entire group for NP3 Fastigheter AB (publ) and all subsidiaries. The sustainability report does not, however, cover the company’s associated companies or joint ventures, as the proportion of these is deemed to have a marginal effect on the company’s outcome in the sustainability field. Since 2020, NP3 has reported its sustainability initiatives in accordance with the Global Reporting Initiative (GRI) level Core. Starting with the annual report for 2022, the company prepares its sustainability report in accordance with GRI Universal Standards 2021. The company also reports, on a voluntary basis, the proportion of its property portfolio that is consistent with the EU taxonomy on the main activity that applies to NP3 7.7 Acquisition and ownership of buildings. In 2024, NP3 started to adapt its sustainability reporting to comply with the requirements of the Corporate Sustainability Reporting Directive (CSRD), which the company was obliged to report under, as of the financial year 2025. On 26 February 2025, the European Commission presented the first Omnibus proposal, which resulted in NP3s not being required to report in accordance with the CSRD. In light of ongoing changes in the EU regulatory framework, including the Omnibus package and the Swedish implementation of CSRD, the company has assessed which reporting framework is most appropriate during the transition period. The company has thus chosen to continue to prepare its sustainability report in accordance with the standards of the Global Reporting Initiative (GRI). GRI is a globally accepted framework used by both listed and unlisted companies and enables comparability over time and between companies. Although the company is currently not fully subject to CSRD-implementation, there is still clear interest from investors and other stakeholders regarding transparency around climate impact, governance and sustainability risks. GRI provides structured and materiality- based reporting that meets these expectations. At the heading level, the company has also chosen to refer to the appropriate thematic standard within ESRS. Differences to previous years During 2025, the company has investigated the delimitation regarding water access and analysed the rationale for additions linked to circularity, recycling and waste. Water supply As a real estate company, our water use is primarily linked to tenants' consumption. Based on this, water-related impacts, risks and opportunities are assessed as low in comparison to other sustainability issues and have therefore not been classified as material within the framework of dual materiality. ∞ Taxonomy – Water is a recognized environmental objective in the taxonomy, but technical screening requirements (TSC) and DNSH (do no significant harm) - the requirements for the activity “acquisition & ownership of buildings” in practice focus mostly on climate objectives. This means that even though water is included in the taxonomy, the direct link to activity 7.7 is less strictly regulated than the climate goals, which makes this goal more difficult to use as a basis for “substantial contribution” in this specific activity. The company has not found any further support in the investigated delimitation or in the EU Taxonomy that water access should remain a significant issue for NP3. However, the company continues to work as it is considered important even though it has now been assessed as not material. SUSTAINABILITY REPORT40 Responsible business • Long-term economic result • Good business ethics and anticorruption Health and well-being • Health and safety • Equal opportunities • Tenants and suppliers Responsibility for the future • Energy-efficient properties • Climate emissions • Environmental and climate risks • Reuse and waste
Page 42
41SUSTAINABILITY REPORT Circularity, recycling and waste The construction and real estate sector accounts for a large part of Sweden's total waste volumes, primarily through construction and demolition waste, which means that material selection, recycling and waste management have a direct impact on resource utilisation, emissions and circularity. The issue therefore has high environmental significance, as increased reuse and more circular waste management contribute to reduced climate emissions, reduced extraction of virgin resources and a reduced environmental impact. With growing property holdings and thus a growing project portfolio, the opportunity to influence increases, which means that the company now considers reuse and waste to be a significant issue. The following reports have been used to support the assessment. Fastighetsägarna’s (Swedish Property Federation) report: Remove barriers to reuse in the real estate industry. The National Board of Housing, Building and Planning's report: Mission to promote a circular economy in the construction and real estate sector. Sustainability governance NP3's sustainability management shall ensure that the company achieves effective sustainability work and meets the sustainability goals and strategies decided by the board and set by the company's stakeholders for NP3. The company's sustainability work is integrated into all day-to-day operations and is based on the UN Global Compact and the need for long-term value creation and responsibility for economic, environmental and social development. These sustainability initiatives form an integral part of the overall governance of the company, for which the board and CEO have the ultimate responsibility. The company shall always comply with or surpass current environmental legislation and other sectoral environmental requirements that concern the operations. In addition to external frameworks, sustainability work is based on NP3's business concept and the annually updated materiality analysis as well as dialogues with the company's key stakeholder groups. Integrating sustainability work in all activities, reducing our environmental impact and increasing the number of sustainable properties is an overall objective for the company. In order to achieve the company’s targets for the number of energy-efficient and sustainable properties, there is quarterly follow-up of the property’s energy performance in NP3’s sustainability committee. The company also has continuous and well-developed risk management, and identified sustainability risks and opportunities are evaluated annually. The strategic governance of the company’s sustainability initiatives shall ensure target achievement and continued development of the same. Governance takes place via the company’s policies, guidelines and overall measurable detailed targets and action plans. The company has developed a code of conduct based on the UN Global Compact's 10 principles, the ILO's core conventions, the Rio Declaration and the UN Convention Against Corruption, which clarifies the company's values and position regarding human rights, working conditions, the environment, business ethics, information and anti-corruption. To ensure that the company's values according to the code of conduct are also shared by NP3's suppliers, there is a code of conduct for suppliers that is continuously and annually evaluated and followed up. In order to promote long-term financial performance and the effectiveness of sustainability work, NP3 also has sustainability targets in the variable remuneration of senior executives; sustainability targets are also always included as a basis in the company's profit-sharing trust, which covers all employees except the CEO. For more information, see Corporate governance report, page 79. The sustainability policy and code of conduct govern the company's sustainability work and are revised and adopted annually together with other policies by the company's board. The following policies are available on the company's website. Other policies and operational procedures are available to staff on the company’s intranet. • Sustainability policy • Information and IR policy • Insider policy • Privacy Policy • SWEM – Systematic Work Environment Management • Code of Conduct • Code of conduct for suppliers • Whistle-Blower Procedure All of NP3’s employees and board members have been informed of the company’s policies and guidelines during 2025. The company's sustainability work has been reported to the board at regular board meetings, where all sustainability-related issues are also a standing item on the agenda. Sustainability work is also presented at the regular meetings of the audit committee. The majority of the company’s board members are highly knowledgeable and experienced in matters of sustainable development thanks to their regular job roles. The company has not had any breaches of law during the reporting period. The company's contribution to the Global Goals The Global Goals are the 17 Sustainable Development Goals adopted by UN member states in 2015 within the framework of the 2030 Agenda. They aim to: ∞ Eradicate extreme poverty ∞ Reduce inequalities ∞ Protect the climate and the environment ∞ Ensure peaceful and inclusive societies The goals are to be achieved by 2030. They encompass social, environmental and economic dimensions of sustainable development and are intended to serve as a common global action plan for governments, business and civil society. They are also called Sustainable Development Goals (SDGs). In its sustainability work, NP3 has identified 9 of the UN's 17 global goals, included in the 2030 Agenda, where the company believes it has the greatest opportunity to make an impact, which are highlighted in the sustainability section of the annual report.
Page 43
SUSTAINABILITY REPORT42 Long-term economic result The growth in profit from property management per common share shall amount to at least 12 percent per year over a five-year period and the return on equity before tax shall amount to at least 15 percent per year over a five-year period. Good business ethics and anticorruption NP3 shall have zero incidents of corruption and the company's codes of conduct shall be followed. Energy-efficient buildings NP3 has a long-term target to reduce its energy consumption by 20 percent between 2017-2025 which means annual savings of 2.5 percent. Energy-efficient buildings NP3's goal is to annually improve an average of at least ten of the properties with the poorest energy- performance until 2033, where the company has also chosen to energy declare industrial properties and include these in the above goals. Green portfolio NP3's goal is to increase the green property portfolio within the EU taxonomy-adapted green framework by 25 percent annually. Climate emissions NP3's long-term goal is to achieve net-zero emissions across the entire value chain by 2045, with a short-term goal of reducing Scope 1 and 2 emissions by 42 percent and Scope 3 emissions by 25 percent by 2030 compared to the base year 2022. The targets are validated by Science Based Targets (SBTi). Health and safety (tenants and suppliers) NP3 shall have zero accidents involving employees, tenants and suppliers related to the properties. Diversity and equal opportunities NP3 shall have zero incidents of discrimination. Profit from property management per common share increased by 20 percent compared with the previous year and average growth over the five-year period was 12 percent. Return on equity for the year was 16 percent and the average return on equity over the five-year period was 19 percent. No confirmed incidents of corruption or violations of the company's codes of conduct were identified in 2025. For the period 2017-2025 accumulated savings amounted to 23 percent. Weather-normalised average consumption within comparable portfolio for 2024 amounted to 143 kWh/sqm LOA and for 2025 to 138 kWh/sqm LOA, which means a reduction of 3.9 percent. In 2025, twenty-two buildings received an improved energy rating following the implementation of measures, with all buildings improving from the previous energy rating E, F or G. In 2025, the green property portfolio increased from a property value of MSEK 5,862 at the beginning of the year to MSEK 7,600 at the end of the year, equal to 30 percent, of which 5 percentage points consists of acquisitions of properties that qualify under the framework. The company’s emissions in Scope 1 and 2 amounted to 3.2 kg CO2e/sqm LOA for 2025 compared to the base year with 5.8 CO2e/sqm, which corresponds to a decrease of 45 percent. For Scope 3, emissions for 2025 amounted to 3,435 tonnes of CO2e compared to 6,474 tons of CO2e for the base year. NP3 did not identify any serious workplace accidents or non-compliance with policies or safety regulations during the year. No cases of discrimination were reported during 2025. OBJECTIVE FOCUS AREAS OUTCOME OUR SUSTAINABILITY GOALS AND FOCUS AREAS To ensure that NP3 achieves success in its long-term sustainability work, the company has set goals in all areas of sustainability, including social, economic and environmental sustainability. The company has chosen to call the three areas: Responsible Business, Responsibility for the Future and Health and Wellbeing. Health and well-being Responsibility for the future Responsible business
Page 44
43SUSTAINABILITY REPORT Our material issues NP3 has, as in the previous year, prepared a double materiality analysis (DMA) in accordance with the CSRD, although the company is currently exempt from this accounting requirement (SME- less than 1, 000 employees). The company's DMA identifies the sustainability issues that are material to NP3 based on an assessment of the company's impact on the environment, social responsibility and corporate governance, while taking into account how such impacts may affect risks and opportunities. According to ESRS requirements, the assessment of consequential materiality should be made from positive or negative impacts and when assessing financial materiality, risks and opportunities should be identified. The method for the development of the company's DMA has been established and consolidated among management and the outcome of the 2025 DMA has also been approved by the board in line with the structure for the company's sustainability governance. Method and workflow NP3 has assessed materiality in the following steps: 1) Value chain NP3 has mapped the company's value chain through a cross-functional working group, which constitutes the company's sustainability committee, and linked relevant issues and activities that are relevant within the value chain. The value chain with its linked issues and activities has then been verified in the company's management team. 2) Definitions and assessment criteria Scope, impact factors, restorability and time horizon have been determined. 3) Assessment of material issues In accordance with ESRS requirements, all identified impacts in the value chain have been assessed for consequential materiality, positive or negative. The assessment was made on the basis of the scale and extent of their impact on people and the environment, combined with the likelihood of their occurrence. For negative impacts, restorability was also considered. Financial materiality was assessed based on financial risks and opportunities. Thresholds were then used to perform delimitation in order to determine significant impacts, risks and opportunities. Finally, the identified material issues were linked to ESRS and its underlying data points. 4) Comparison with industry peers and external sources Based on the material available in the annual reports for 2024, NP3 has conducted a comparison with industry peers to confirm the company's material issues. For those of NP3's essential issues with the lowest degree of comparison that NP3 has not assessed as essential but are nevertheless important (biodiversity and water availability), NP3's assessment has been supported by external sources. 5) Stakeholder dialogues In order to inform and validate the outcome of the DMA 2025, the results have been validated both internally and externally through stakeholder dialogues, conducted through meetings and surveys. Meetings have been held with stakeholders such as owners, creditors, investors and employees. These meetings have confirmed NP3's assessment of essential issues. Surveys have been sent to a sample of the company's major suppliers and tenants with a response rate of 80 percent. No deviating answers were given. NP3 has chosen to name the three sustainability areas responsible business, future responsibility, and health and wellbeing. The company's material issues have been grouped under these main headings.
Page 45
44 Consequential impact Consequential Financial impact Financial Name ESRS Material issue Assessment material issue Positive Negative Assessment material issue Oppor- tunity Risk How NP3 works on the issue G1 Responsible entrepreneur- ship Long-term economic resul t Long-term financial performance enables sustainability adjustments to the company, with a focus on energy investments, job creation, sponsorship and more positive impacts on people, society and the environment. A financial risk is that the company is unable to refinance its external financial liabilities. The transition to a more sustainable property portfolio is expected to have a positive effect on valuations and loan margins as, for example, it is assesed that energy investments can be made in cooperation with tenants with a positive economic effect. The starting point for NP3 is that operations shall be run with profitability and good ethics. With its local commitment and active market presence, the company contributes to employment and purchasing power as well as to an active local economy. G1 Good business ethics and anticorruption Corruption could result in negative impacts for employees, owners, financiers and other stakeholders. Through NP3's requirements for suppliers, the company contributes to a positive impact within the value chain. Corruption could result in reputational damage, penalties, difficulties in recruiting competent staff and the financial aspect of fraud/corruption. NP3’s code of conduct sets out zero tolerance for all forms of corruption and financial irregularities, e.g. bribes, unauthorised commission, fraud, embezzlement and money laundering. E1 Climate change Energy-efficient buildings The company's buildings consume energy and have an impact on the environment. Reducing the energy consumption of buildings has a direct positive environmental impact even if the consumption is negative. Energy-efficient buildings often also make for an improved indoor environment, which improves the quality of the premises and the work environment for those who live and work in the company’s properties. NP3 sees a financial risk if the company does not achieve its set energy efficiency targets. But as the company focuses on driving energy efficiency towards the company's established targets, the financial impact is considered positive. In conclusion, energy-efficient buildings have the potential to provide significant financial benefits, both through cost savings, market appeal and through increased property value. An energy-efficient property portfolio results in a better position for future cost increases in the energy sector. The company aims to reduce annually the total energy consumption (kwh) in the comparable portfolio by working towards set targets. The company also considers it as its duty to support and cooperate with its tenants with regard to energy- saving measures. E1 Climate emissions The impacts of emissions are extensive, affecting the environment, health, the economy and society in many different ways. Understanding and recognising these impacts as a company is crucial in order to motivate and implement measures to reduce emissions and limit their negative impact on our environment. The global risk of emissions can be extensive, ranging from direct costs for NP3 as a company but also to society as a whole and its economy. Managing emissions is therefore not only an environmental issue with consequential impact, but also a financial necessity. NP3 works to continuously reduce the operations’ emissions and strive to minimise landfill and incineration waste. NP3 prioritises re-usage and recycling in construction projects. Waste that cannot be reused, recycled or used for energy recovery shall be treated and disposed of in an environmentally sound manner. E2 Environmental and climate risks Environmental and climate risks have consequential impacts on society, as well as on NP3. This makes it necessary to identify and manage risks to minimise negative impacts. By identifying risks, planning measures and seizing opportunities, NP3 can contribute to sustainable development that does not jeopardise future generations. The financial risk is linked to stricter environmental laws, reputational damage, property depreciation and damage caused by extreme weather. Environmental and climate risks are managed by integrating them into the company's risk management. NP3 works with transition risks, physical climate risks and climate- related opportunities based on the company's climate scenario analysis conducted in line with TCFD. E2 E3 Water and marine resources Water supply As a real estate company, our water use is primarily linked to tenants' consumption. Based on this, water-related impacts, risks and opportunities are assessed as low in comparison to other sustainability issues and have therefore not been classified as material within the framework of dual materiality. Available data show no significant environmental or financial risks. NP3 works to reduce the water use of properties and to ensure that wastewater is handled correctly. The company also focuses on avoiding pollution of water to minimize environmental impact. E3 E4 Biodiversity The majority of our operations take place in already urbanized environments, where changes in land use are small and where potential effects on biodiversity are low. The day-to-day management of our properties does not include any activities that involve significant intervention in natural environments or risk of negative impact on sensitive habitats. The opportunities linked to biodiversity are also considered to be limited in relation to other areas of sustainability. Against this background, the impacts, risks and opportunities linked to biodiversity have been assessed as low and thus rated as not significant. The company's exposure to biodiversity-related risks – such as regulatory changes, land restrictions or nature-related costs – is assessed to have a low financial impact. NP3 has guidelines in its project activities for maintaining green areas with regard to biodiversity for new production. E4 E5 Circular economy Reuse and waste The operations give rise to waste and resource utilisation, especially during redevelopments, tenant adaptations and day-to-day management. Lack of reuse and waste management causes negative consequential impacts through increased extraction of virgin materials, increased climate emissions and strain on ecosystems. The operations relate primarily to property management and are not material intensive. Since the project volume is a minor part in relation to the total property portfolio, the potential impact on earnings and cash flow is assessed as limited and not significant from a financial perspective. In addition to projects, NP3 works primarily with reuse through a digital reuse hub that is used by the company's employees and suppliers, which helps reduce the company's total climate impact. With a digital hub, the company also contributes to reduced transport for intermediate storage. E5 S1 The own workforce Health and safety Prioritizing employee well-being and development is an investment in the company's future and sustainability. The company's structured approach to work environment matters and risk assessment of its own operations is a natural part of providing a safe and healthy work environment. Deficiencies in health and safety, for employees, suppliers and tenants, can have negative consequences from a financial perspective. However, the probability and financial consequence are not considered to be so high that the issue is classified as material from a financial perspective. NP3 ensures a good work environment through safety inspections and requirements for suppliers, to promote both physical and social wellbeing and prevent work-related injuries and illnesses. S1 Equal opportunities Our work climate must be characterised by respect and fair work conditions between individuals and groups. No form of discrimination or degrading treatment may occur. The above of course also applies to the company's suppliers. An incident related to a lack of equal opportunities can have a significant negative impact on the individual. From a financial perspective, however, the probability is assessed as low and the potential impact on the company's financial position as limited and therefore not material. Through its code of conduct and code of conduct for suppliers, NP3 ensures that discrimination, harassment, sexual harassment and degrading treatment do not occur within the company or in the supply chain. S2 Workers in the value chain Tenants and suppliers Environment, working conditions and human rights are important parameters for NP3, hence we place the same requirements on our suppliers as on ourselves. Ensuring that the company's premises are safe for suppliers and tenants as well is both an obligation and a matter of course. The company's code of conduct for suppliers clarifies responsibilities, requirements and expectations for all parties. As these governing documents have already been implemented, no further obligations are expected to arise. Against this background, the issue is not considered to have any significant financial impact on the company's earnings, position or cash flow. NP3 sets sustainability requirements when procuring goods and services from suppliers and business partners. NP3 also ensures a good work environment through safety inspections and work environment requirements for suppliers. S2 S3 Affected communities Resilience In a time of a changed security situation, we see our role as property owners in a broader societal perspective. Our properties must be robust, safe and function even in the event of disruptions. The risks identified are considered manageable within the framework of existing processes for risk management, continuity planning and administration and are therefore considered not material. The identified risks are considered manageable within the framework of existing processes for risk management, continuity planning, and administration, and are therefore not considered significant, even from a financial perspective. By ensuring that tenants who deliver essential services can operate without disruption, NP3 directly contributes to the well-being of the local community, such as health and education services, emergency services or other critical services. In this way, we contribute to the functioning and resilience of societies. S3 S4 Consumers and end users Security and accessibility The company's operations mainly consist of letting and management of commercial premises, where the tenants are companies and organisations. The company does not produce or distribute consumer products. The company therefore has limited direct impact on consumers and end users in this sense. Any risks linked to local security, indoor environment, accessibility and handling of personal data are considered manageable within the framework of existing governance and control processes and the issue is therefore considered not material. The company does not produce or distribute consumer products. The company therefore has limited direct impact on consumers and end users in this sense. The financial impact is therefore assessed as not material. The company works continuously to ensure safe, accessible and functional premises, good information security and transparent communication with tenants, which indirectly contributes to a safe environment for the tenants' customers and visitors as well. S4 SUSTAINABILITY REPORT Essential issues ESRS- StandardHealth and well-being Responsibility for the future Responsible business
Page 46
45 Consequential impact Consequential Financial impact Financial Name ESRS Material issue Assessment material issue Positive Negative Assessment material issue Oppor- tunity Risk How NP3 works on the issue G1 Responsible entrepreneur- ship Long-term economic resul t Long-term financial performance enables sustainability adjustments to the company, with a focus on energy investments, job creation, sponsorship and more positive impacts on people, society and the environment. A financial risk is that the company is unable to refinance its external financial liabilities. The transition to a more sustainable property portfolio is expected to have a positive effect on valuations and loan margins as, for example, it is assesed that energy investments can be made in cooperation with tenants with a positive economic effect. The starting point for NP3 is that operations shall be run with profitability and good ethics. With its local commitment and active market presence, the company contributes to employment and purchasing power as well as to an active local economy. G1 Good business ethics and anticorruption Corruption could result in negative impacts for employees, owners, financiers and other stakeholders. Through NP3's requirements for suppliers, the company contributes to a positive impact within the value chain. Corruption could result in reputational damage, penalties, difficulties in recruiting competent staff and the financial aspect of fraud/corruption. NP3’s code of conduct sets out zero tolerance for all forms of corruption and financial irregularities, e.g. bribes, unauthorised commission, fraud, embezzlement and money laundering. E1 Climate change Energy-efficient buildings The company's buildings consume energy and have an impact on the environment. Reducing the energy consumption of buildings has a direct positive environmental impact even if the consumption is negative. Energy-efficient buildings often also make for an improved indoor environment, which improves the quality of the premises and the work environment for those who live and work in the company’s properties. NP3 sees a financial risk if the company does not achieve its set energy efficiency targets. But as the company focuses on driving energy efficiency towards the company's established targets, the financial impact is considered positive. In conclusion, energy-efficient buildings have the potential to provide significant financial benefits, both through cost savings, market appeal and through increased property value. An energy-efficient property portfolio results in a better position for future cost increases in the energy sector. The company aims to reduce annually the total energy consumption (kwh) in the comparable portfolio by working towards set targets. The company also considers it as its duty to support and cooperate with its tenants with regard to energy- saving measures. E1 Climate emissions The impacts of emissions are extensive, affecting the environment, health, the economy and society in many different ways. Understanding and recognising these impacts as a company is crucial in order to motivate and implement measures to reduce emissions and limit their negative impact on our environment. The global risk of emissions can be extensive, ranging from direct costs for NP3 as a company but also to society as a whole and its economy. Managing emissions is therefore not only an environmental issue with consequential impact, but also a financial necessity. NP3 works to continuously reduce the operations’ emissions and strive to minimise landfill and incineration waste. NP3 prioritises re-usage and recycling in construction projects. Waste that cannot be reused, recycled or used for energy recovery shall be treated and disposed of in an environmentally sound manner. E2 Environmental and climate risks Environmental and climate risks have consequential impacts on society, as well as on NP3. This makes it necessary to identify and manage risks to minimise negative impacts. By identifying risks, planning measures and seizing opportunities, NP3 can contribute to sustainable development that does not jeopardise future generations. The financial risk is linked to stricter environmental laws, reputational damage, property depreciation and damage caused by extreme weather. Environmental and climate risks are managed by integrating them into the company's risk management. NP3 works with transition risks, physical climate risks and climate- related opportunities based on the company's climate scenario analysis conducted in line with TCFD. E2 E3 Water and marine resources Water supply As a real estate company, our water use is primarily linked to tenants' consumption. Based on this, water-related impacts, risks and opportunities are assessed as low in comparison to other sustainability issues and have therefore not been classified as material within the framework of dual materiality. Available data show no significant environmental or financial risks. NP3 works to reduce the water use of properties and to ensure that wastewater is handled correctly. The company also focuses on avoiding pollution of water to minimize environmental impact. E3 E4 Biodiversity The majority of our operations take place in already urbanized environments, where changes in land use are small and where potential effects on biodiversity are low. The day-to-day management of our properties does not include any activities that involve significant intervention in natural environments or risk of negative impact on sensitive habitats. The opportunities linked to biodiversity are also considered to be limited in relation to other areas of sustainability. Against this background, the impacts, risks and opportunities linked to biodiversity have been assessed as low and thus rated as not significant. The company's exposure to biodiversity-related risks – such as regulatory changes, land restrictions or nature-related costs – is assessed to have a low financial impact. NP3 has guidelines in its project activities for maintaining green areas with regard to biodiversity for new production. E4 E5 Circular economy Reuse and waste The operations give rise to waste and resource utilisation, especially during redevelopments, tenant adaptations and day-to-day management. Lack of reuse and waste management causes negative consequential impacts through increased extraction of virgin materials, increased climate emissions and strain on ecosystems. The operations relate primarily to property management and are not material intensive. Since the project volume is a minor part in relation to the total property portfolio, the potential impact on earnings and cash flow is assessed as limited and not significant from a financial perspective. In addition to projects, NP3 works primarily with reuse through a digital reuse hub that is used by the company's employees and suppliers, which helps reduce the company's total climate impact. With a digital hub, the company also contributes to reduced transport for intermediate storage. E5 S1 The own workforce Health and safety Prioritizing employee well-being and development is an investment in the company's future and sustainability. The company's structured approach to work environment matters and risk assessment of its own operations is a natural part of providing a safe and healthy work environment. Deficiencies in health and safety, for employees, suppliers and tenants, can have negative consequences from a financial perspective. However, the probability and financial consequence are not considered to be so high that the issue is classified as material from a financial perspective. NP3 ensures a good work environment through safety inspections and requirements for suppliers, to promote both physical and social wellbeing and prevent work-related injuries and illnesses. S1 Equal opportunities Our work climate must be characterised by respect and fair work conditions between individuals and groups. No form of discrimination or degrading treatment may occur. The above of course also applies to the company's suppliers. An incident related to a lack of equal opportunities can have a significant negative impact on the individual. From a financial perspective, however, the probability is assessed as low and the potential impact on the company's financial position as limited and therefore not material. Through its code of conduct and code of conduct for suppliers, NP3 ensures that discrimination, harassment, sexual harassment and degrading treatment do not occur within the company or in the supply chain. S2 Workers in the value chain Tenants and suppliers Environment, working conditions and human rights are important parameters for NP3, hence we place the same requirements on our suppliers as on ourselves. Ensuring that the company's premises are safe for suppliers and tenants as well is both an obligation and a matter of course. The company's code of conduct for suppliers clarifies responsibilities, requirements and expectations for all parties. As these governing documents have already been implemented, no further obligations are expected to arise. Against this background, the issue is not considered to have any significant financial impact on the company's earnings, position or cash flow. NP3 sets sustainability requirements when procuring goods and services from suppliers and business partners. NP3 also ensures a good work environment through safety inspections and work environment requirements for suppliers. S2 S3 Affected communities Resilience In a time of a changed security situation, we see our role as property owners in a broader societal perspective. Our properties must be robust, safe and function even in the event of disruptions. The risks identified are considered manageable within the framework of existing processes for risk management, continuity planning and administration and are therefore considered not material. The identified risks are considered manageable within the framework of existing processes for risk management, continuity planning, and administration, and are therefore not considered significant, even from a financial perspective. By ensuring that tenants who deliver essential services can operate without disruption, NP3 directly contributes to the well-being of the local community, such as health and education services, emergency services or other critical services. In this way, we contribute to the functioning and resilience of societies. S3 S4 Consumers and end users Security and accessibility The company's operations mainly consist of letting and management of commercial premises, where the tenants are companies and organisations. The company does not produce or distribute consumer products. The company therefore has limited direct impact on consumers and end users in this sense. Any risks linked to local security, indoor environment, accessibility and handling of personal data are considered manageable within the framework of existing governance and control processes and the issue is therefore considered not material. The company does not produce or distribute consumer products. The company therefore has limited direct impact on consumers and end users in this sense. The financial impact is therefore assessed as not material. The company works continuously to ensure safe, accessible and functional premises, good information security and transparent communication with tenants, which indirectly contributes to a safe environment for the tenants' customers and visitors as well. S4 SUSTAINABILITY REPORT
Page 47
SUSTAINABILITY REPORT Responsible business LONG-TERM ECONOMIC RESULT AND BUSINESS MODEL ESRS G1, Responsible entrepreneurship NP3’s business model is characterised by a consistent long-term view. The company's long-term value creation takes precedence over the interest in short-term profits, and sustainability work is thus integrated into the business model. To ensure compliance with the business model, the company annually updates its long-term strategic plan, which, together with the company's financial and tax policies, guides us towards long-term economically sustainable earnings. The overall financial target for NP3 is growth in profit from property management per common share, which shall amount to at least 12 percent annually over a five-year period. Return on equity before tax, over a five-year period, shall amount to 15 percent. The purpose of these long-term targets is to ensure value creation for the company's shareholders over time. For more information about the company's financial targets, see page 6. NP3 strives for an open, transparent and relevant dialogue between shareholders, analysts and investors. It is NP3's responsibility to provide fair and easily accessible information to the company's owners and other stakeholders, NP3 complies with the regulations that govern listed companies and the practices that exist in the financial market. During the reporting period, there have been no significant changes in laws and regulations in the financial and tax areas or other regulatory changes that could have a material impact on the company. The current uncertain geopolitical situation is a parameter that NP3 has difficulty influencing and which could have an impact on the company's financial sustainability. For more information on financial risks, see page 72. NP3 works with long rental agreements and continuous renegotiation of existing contracts, which provides a stable maturity structure in the contract portfolio. Demand for premises in the company’s property categories and market locations is less cyclical than, for example, premises in downtown locations, which reduces the risk for the company and its stakeholders. The company also has customer focus, which is achieved through local presence and long customer relations, which in turn create stable rental income. Property valuation and funding The company’s properties are valued at an assessed market value every quarter. The valuation policy states that at least 90 percent of the total property portfolio be valuated externally during the second and fourth quarters, other properties are valued internally. Changes in the value of the company's properties can be both positive and negative 46 Profit from property management Return on equity Interest coverage ratio Loan-to-value ratio Target 2x x 4 3 2 1 0 3.4 2.9 2.1 2.4 2.8 2021 2022 2023 2024 2025 Max 60% 2021 2022 2023 2024 2025 % 70 60 50 40 30 20 10 0 56% 58% 57% 52% 51% Profit from property management per common share, SEK Average annual growth, 5 years, % Target 12% Return on equity before tax, % Average return on equity before tax, 5 years, % Target 15% SEK 18 16 14 12 10 8 6 4 2 0 % 20 16 12 8 4 0 2021 2022 2023 2024 2025 0 2 4 6 8 10 12 14 16 18 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Q4-21 Q4-22 Q4-23 Q4-24 Q4-25 Tillväxt Serie1 Serie2 2021 2022 2023 2024 2025 50 40 30 20 10 0 % 0 10 20 30 40 50 Q4-21 Q4-22 Q4-23 Q4-24 Q4-25 Avkastning på eget kapital Serie1 Serie2
Page 48
SUSTAINABILITY REPORT 47 and are affected by several different parameters. Influencing factors that NP3 can control itself are the properties' rent levels and, for example, energy-efficient investments that lead to reduced operating costs thereby making the properties more attractive for rental. The company's property portfolio and property valuation are described in more detail in the section property portfolio from page 20 onwards. Access to funding is crucial for NP3's continued growth. The company works continuously to secure NP3's financial position and to maintain good relationships with banks and the capital market in order to reduce financial risks. NP3 has also worked on and eliminated refinancing risks that can be linked to the company's loan and bond maturities. Since 2020, NP3 has had a green framework for bond financing that has been designed in line with the Green Bond Principles. The framework is renewed every three years with the last update in September 2023 and has received a "Medium Green" rating from CICERO Shades of Green. In the last quarter of 2025, work began on a new update of the existing framework, which will be completed in 2026. NP3's framework for green financing creates the conditions for issuing green bond loans, where the terms of the green framework govern how the funds from the bonds may be used. All of NP3's existing bond loans are currently green. Actively working for sustainability-linked loans and green financing gives NP3 better loan terms and better access to the capital market. NP3 has an annual growth target of 25 percent annual growth for the company's green property portfolio (properties that fall within the green framework). More information on green financing can be found in the section on funding on page 35. Organisation The company’s business strategy in short is to create value in the property portfolio by means of local presence, creativity and good business acumen, and thus create the conditions for continued expansion and high renown. To succeed in this in a sustainable way, sustainability work is an integral part of the overall governance of the company, for which the board and CEO are ultimately responsible. NP3's organisation has short decision-making paths with clear mandates and a high pace of business, which is made possible by committed employees with solid local knowledge and close relationships with customers and other stakeholders. In 2025, a Chief Sustainability Officer was hired to lead and further develop the company’s sustainability work and ensure that the company’s sustainability initiatives support the company’s long-term vision and business goals. Integration into strategy and investment Sustainability aspects are integrated into the investment process and are considered in acquisitions, new production and extensions and renovations. Assessments include energy performance, climate impact, climate risks and regulatory requirements. Climate-related risks are analysed at the property level and included in the company’s overall risk management. Internal control and reporting The company has established processes for collection and quality assurance of sustainability data. Division of responsibility and internal controls ensure reliable reporting. Sustainability information is reviewed in accordance with applicable regulations. Contributing to the UN Sustainable Development Goals By conducting its business ethically and profitably, with an active market presence and local commitment, the company contributes to increased employment and purchasing power, thereby helping to achieve goal 8, Decent work and economic growth, and goal 11, Sustainable cities and communities.
Page 49
SUSTAINABILITY REPORT48 BUSINESS ETHICS AND ANTICORRUPTION ESRS G1, Governance The company’s sustainability policy states the principles that govern NP3’s relations with staff, business partners and other stakeholders. NP3’s sustainability policy provides clear guidelines on how to conduct responsible entrepreneurship by summarising the group’s views on human rights, working conditions, business ethics and anticorruption, in addition to environmental responsibility. NP3 also has a policy for business ethics that is more detailed regarding matters of bribery and procurement. The policy for business ethics also includes a concrete guideline for entertainment and gifts. Issues concerning business ethics and anti-corruption are continuously discussed during staff meetings to highlight these issues and create awareness of them. Focus area Anti-corruption Ethical matters are continuously discussed by the board and management and governed by the policy for business ethics and the sustainability policy. Suspicions of breach can be reported to a member of the audit committee or via a digital tool. Outcome 2025 • No confirmed incidents of corruption have been identified. • No employee has been dismissed or become subject to disciplinary action due to corruption. • No contracts have been terminated or not renewed due to corruption-related violations. • No public legal cases concerning corruption against the organisation or its employees have been identified. • Neither NP3 nor any representatives of the company have been sentenced during the last five years for any crime linked to nonconformance with the company’s code of conduct, corruption or anti-competitive activities. • The company has not been ordered to pay any type of fines, either linked to violations of environmental legislation or other legislation. However, the company has paid an environmental penalty where the previous owner did not provide notification of the installation of refrigerant equipment before installation. • NP3 does not accept political donations and has not made financial contributions or otherwise compensated lobbying organisations or other non-profit organisations whose purpose is to influence political campaigns or various forms of legislation. Internal compliance The starting point for NP3 is that operations shall be run with profitability and good ethics. NP3’s code of conduct, which covers all staff and board members, is consistent with the Ten Principles of the UN Global Compact, the ILO’s fundamental conventions, the Rio Declaration and the UN Convention Against Corruption, which together demonstrate the company’s values and position regarding human rights, working conditions, the environment, business ethics, information and anti-corruption. The code of conduct is one of the company's principal policies and provides guidance on how the company's employees should behave towards each other and other participants they encounter in their day-to-day work and thereby make correct decisions. The code of conduct also provides guidance on the laws and regulations that NP3 and its employees must comply with. The code of conduct applies to all employees, and to ensure that employees understand the content of the code, annual training sessions are held. In addition to the annual training sessions, each manager is responsible for ensuring that the code of conduct is complied with and that information and training reach all employees. NP3’s employees are expected to share the company’s values and comply with the code of conduct, which means that every- one is responsible for setting a good example. All new employ- ees are also trained in the code as a part of their induction. Deviations from the code of conduct shall be reported and discussed with the immediate supervisor or, if that is not possible, with another representative for the company. It is also possible for employees and external parties to report shortcomings or violations through the company's whistleblowing system, which can be accessed via the company's website. The service allows for anonymous reporting and is managed by an external party. Where necessary, corrective action is taken as a result of what has been reported. The code of conduct is available on the NP3 website. By conducting our operations with zero tolerance for all forms of corruption and financial irregularities, NP3 contributes to the achievement of goal 16, Peaceful and inclusive societies. Contributing to the UN Sustainable Development Goals GRI-indicators regarding economic sustainability Economic value created and distributed, GRI 201-1 2025 2024 Economic value created MSEK % MSEK % Rental income and other revenue 2,495 81 2,318 86 Profit from property management, joint ventures 42 1 37 1 Changes in value 529 17 326 12 Total 3,065 100 2,682 100 2025 2024 Economic value distributed MSEK % MSEK % Operating costs -790 26 -782 29 Employees -51 2 -46 2 Taxes -363 12 -356 13 Creditors -572 19 -584 22 Owners (proposed dividend) -509 17 -432 16 Economic value retained 779 25 482 18 Detailed information about NP3’s financial position can be found in the company’s financial reports on pages 92-100.
Page 50
SUSTAINABILITY REPORT 49 Our code of conduct should contribute to: • The company’s employees feeling responsibility, and making sound decisions by themselves based on good business ethics. • There being consensus on what is acceptable conduct and what is not, with the aim of creating long-lasting relations and sustainable properties and projects. • Developing good relations and making efforts to prevent our stakeholders being overdependent on us. • Guidelines for how the code of conduct shall be practised describe what applies to, for example, gifts, impartiality and possible conflicts of interest. Supplier management Environment, working conditions and human rights are important parameters for NP3 as a company. It is therefore important that the company’s suppliers and business partners also share these values. NP3 has therefore developed a code of conduct for suppliers that aims to ensure that goods and services supplied to NP3 comply with the UN Global Compact's 10 principles, the ILO's fundamental conventions, the Rio Declaration and the UN Convention against Corruption, but also with the company's requirements for the environment, work environment, safety and legal compliance. The code of conduct for suppliers also includes information on the company's whistleblowing system and that whistleblowers are protected against retaliation. Each manager and project manager is responsible for ensuring that the code of conduct is known to both suppliers and employees. NP3 monitors compliance with the code of conduct for suppliers through continuous evaluation and follow-up of suppliers and through an annual survey of the largest suppliers. In the event that NP3 becomes aware of non-compliance, an urgent dialogue will be initiated and cooperation may be terminated if corrective action is not taken. During 2025, a sustainability survey aimed at the largest suppliers was conducted, with further details to be found under Health and well-being on page 59. The code of conduct for suppliers can be found on the NP3 website. Johan Wik, Technical Administrator and Alma Karlsson, Business Manager
Page 51
Responsibility for the future NP3 manages and develops properties and thus has responsibility to do this in an environmentally sustainable way, for our and coming generations’ future. In order to manage the company's properties with the least possible environmental and climate impact, the properties need to be operated efficiently with the lowest possible resource consumption. Optimising the operation of properties creates value from several perspectives, both for society and financially, as well as in terms of sustainability for both the company and its tenants. Environmental issues are therefore integrated into day-to-day work and the aim is to run the operations as resource-efficiently as possible. This means, among other things, that NP3 always tries to choose products and services with minimal impact on the environment. NP3 has worked long and continuously on reducing the company’s environmental impact. In practice this is manifested by, among other things, NP3 committing to: • Integrate environmental issues into the operations so that the company at least meets the requirements of authorities and customers. • Work proactively to, together with tenants and suppliers, ensure a sustainable future. • Show respect for natural resources by using raw materials sparingly and achieving a high level of recycling and reuse in, for example, construction projects. • Work to continuously reduce the operations’ environmental impact, primarily by evaluating alternative energy sources and reducing energy consumption in our properties. • Setting environmental requirements when procuring products and services. New environmental goals 2026 The company has updated three of four environmental goals for 2026, as one of the company's environmental goals extended to the end of 2025. The goals are followed up annually and reported in the annual report as part of the company's long-term work for sustainable value creation. CLIMATE IMPACT • By 2030 NP3s GHG-emissions in scope 1 and 2 should be reduced by 42% and scope 3 reduced by 25%. NP3 aims to reach net zero by 2045. The target is validated by Science Based Target initiative. (Not revised) ENERGY • NP3's total energy consumption shall be reduced by 50% by 2045 compared to 2025, which corresponds to approximately 2.5% per year. Measured in kWh/ sqm in comparable portfolio. (Revised) • By the end of 2033, the company's properties shall not have a primary energy rating above 150 in accordance with BBR29, which corresponds to approximately 15 properties per year excluding acquisitions. Properties acquired after 2029 shall achieve the target within 36 months. (Revised) GREEN PROPERTY PORTFOLIO • By 2033, at least 50% of NP3's property value will be included in the company's green portfolio according to the guidelines for NP3's green framework. Which corresponds to a growth of approximately 20% per year. (Revised) GREEN PORTFOLIO NP3’s green property portfolio shall grow by 25% per year IMPROVED ENERGY PERFORMANCE Increase the energy class from E/F/G of at least ten properties per year by 2033 ENERGY NP3’s total energy consumption shall be reduced by 20% by the year 2025 compared to 2017 CLIMATE- IMPACT Net-zero 2045. By 2030*, GHG emissions in Scope 1 and 2 will be reduced by 42% and scope 3 by 25% 50 SUSTAINABILITY REPORT *With base year 2022. Targets are validated by SBTi.
Page 52
SUSTAINABILITY REPORT ENERGY-EFFICIENT BUILDINGS ESRS E1, Climate change Increasing the number of energy-efficient and sustainable properties while reducing the number of the most resource- intensive properties is one of NP3's overall environmental goals and is based on the company's sustainability policy. Follow-up takes place quarterly in NP3’s sustainability committee. To meet the goal of an increased number of energy-efficient properties, efforts to improve the energy-efficiency have been stepped up in recent years, where the company has also chosen to work on improving the company's properties with the poorest energy-efficiency. The company's goal (by the end of 2025) is to annually improve an average of at least ten of the properties with the poorest energy-efficiency until 2033, which likely will at least meet the requirements of the Energy Performance of Buildings Directive, EPBD, which deals with energy and emission requirements for buildings and is to be part of Swedish legislation by 29 May 2026. In order to measure and evaluate this goal, the energy class in the energy declarations and the buildings' primary energy figures are in focus. During 2025, 22 buildings achieved an improved energy class after implementing measures, with all buildings having been improved from the previous energy class E, F or G. During the year, seven properties were improved by one energy class, eleven properties were improved by two energy classes, three properties were improved by three energy classes and one property was improved by four energy classes. The weighted average primary energy rating has improved from 158 to 78, primarily through measures such as replacing ventilation units, installing heat pumps and lighting measures. NP3 also has a large proportion of industrial properties that do not need to be declared according to the Energy Declaration of Buildings Act, but the company has chosen as its own objective to energy declare these and thus also includes the industrial properties in the above target. In 2023, the company updated its green framework to align with the EU taxonomy. The green framework has thereby changed its focus from energy classes to primary energy ratings and to mainly cover the “top 15” properties. NP3 had a target to increase the green property portfolio by 25 percent annually until the end of 2025. In 2025, the green property portfolio increased from a property value of MSEK 5,862 at the beginning of the year to MSEK 7,600 at the end of the year, equal to 30 percent, of which 5 percentage points consists of acquisitions of properties that qualify under the framework. Work on a new framework is ongoing and is expected to be completed in 2026. Energy use The energy use of the properties is a major climate impact factor and is thus also one of NP3's most important environmental issues. NP3 measures and follows the energy used for the properties where the company has right of disposition over the supply of electricity and/or heating. A large part of this consumption is charged by preliminary debit and settled annually which means that tenants pay for their own energy consumption. In properties where tenants have their own contracts for energy supply, the company does not have access to the property’s energy use, these are thus not included in the company’s report of energy consumption. In cooperation with our tenants the company tries to find new solutions for saving energy. Even if tenants are charged for their own energy consumption, NP3 considers it its obligation to support tenants in finding sustainable solutions, both with regard to energy-saving measures and more environmentally friendly energy sources. The company measures overall energy consumption but also in comparable holdings (like for like). Comparable holdings may vary between the years with different parameters, how long a property has been owned by the company, major changes to the property and how long the company has had access to statistics from measuring energy consumption. In order to include a new property 24 months of non-stop energy statistics are needed. This means that previously reported consumption for preceding years can change at the next reporting occasion. Reduced weather-normalised consumption is thus reported annually and compared only with the preceding year. NP3’s long-term target has been to reduce its energy consumption by 20 percent between 2017-2025, which means annual savings of 2.5 percent. After comparison between 2024 and 2025, accumulated savings at the end of 2025 amounted to just over 23 percent, which means that the company achieved its long-term goal for the period 2017-2025. A new long-term target with 2025 as base year has been set. Weather-normalised average consumption within comparable portfolio for 2024 amounted to 143 kWh/ sqm LOA and for 2025 to 138 kWh/sqm LOA, which means a reduction of 3.9 percent. Consumption also includes tenants’ consumption where these are included in the company’s readings. Weather-normalised total average consumption for the properties where the company has right of disposition over the supply of electricity and/or heating amounted to 89 kWh/sqm for heating and 48 kWh/sqm for electricity. Produced energy For the properties where the main heating is provided by heat pumps, these produced 8,380 (8,835) MWh of emitted energy during the year, with supplied energy of 2,856 (2,980) MWh. Self-generated electricity via Solar PV systems totalled 1,019 (732) MWh for the year. 51 Annual reduced energy consumption, % 100 95 90 85 80 75 70 100.0 97.0 94.6 90.1 89.1 85.9 83.4 80.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Target 2025 Outcome Annual target Targets 2025 80.8 76.9
Page 53
SUSTAINABILITY REPORT Investment in energy-saving measures NP3 continuously invests in more efficient systems for electricity, heating and ventilation in the properties, thus reducing consumption and environmental impact. Some examples of investments of this type that were implemented during 2025 are shown here. • Norränget, 6:1, Hudiksvall. Replacement of mercury lighting to LED and installation of override controls for heating. The project is expected to generate energy savings of approximately 30 percent and a move of energy class from F to C. • Främmerhörnäs 2:4, Örnsköldsvik. Replacement of heat pumps and ventilation units, including installation of controllers. Expected energy savings of 35 percent and move of energy class from G to at least C. • Vivstamon, 1:54, Timrå. Conversion of LED lighting and installation of pressure control of ventilation and heating. The estimated energy savings amount to 35 percent. • Slakteriet 3, Västerås. Replacement of ventilation units, including installation of controllers. The estimated energy savings amount to 9 percent. CLIMATE EMISSIONS ESRS E1, Climate change In 2023, NP3 set a new long-term target of achieving net- zero emissions across the entire value chain by 2045, with a short-term goal of reducing Scope 1 and 2 emissions by 42 percent and Scope 3 emissions by 25 percent by 2030 compared to the base year 2022. The targets are validated by Science Based Targets (SBTi). NP3 measures and follows carbon dioxide emissions from the energy consumption the company has right of disposition over regarding electricity and heating, which also includes parts of tenants’ consumption. In order to reduce the company’s total climate impact, work is ongoing to evaluate alternative energy sources and phase out fossil fuels. As of 2021, a gradual transition is underway to 100 percent origin labelled electricity for the properties’ energy consumption. NP3 also works actively to reduce energy use and thus emissions by optimising operations and investing in energy-efficiency projects. In 2024, two properties were acquired where the main heating is with oil; the intention remains that these properties will be converted to another form of heating in the near future. For 2025, the carbon dioxide emission in Scope 2 according to the market-based method amounted to 3.2 kg CO2e/sqm LOA. Scope 2 carbon dioxide emissions per square metre are slightly higher than in 2024, primarily due to higher emission factors from district heating companies. The company calculates emissions for purchased electricity, for the part that does not consist of 100 percent origin labelled electricity, based on residual mix with information from the Swedish Energy Market Inspectorate. The emissions data is made available with a lag of one year, which means that the data for 2025 is not available until 2026. Statistics for heating are based on data from the respective district heating supplier, here also with a one-year lag. GRI-indicators regarding environmental sustainability Carbon dioxide emissions, GRI 305-1-4 Tons CO2 2025 2024 Change Scope 1 Direct GHG-emissions Oil 22 57 -35 Company vehicles, business trips 1 4 -3 Refrigerants 257 193 +64 Total 280 254 26 Scope 2 Indirect GHG-emissions Location-based method 6,218 7,549 -1,331 Heating, market-based method 4,357 3,376 981 Electricity, market-based method 1 115 -114 Total, market-based method 4,358 3,491 867 Total lettable area, tsqm 2,362 2,201 161 Scope 3 Other indirect GHG-emissions 1) 3.1 Purchased goods and services 51 95 -45 3.2 Capital goods, new production 2,061 3,206 -1,145 3.3 Fuel and energy-related emis - sions 1,233 1,782 -549 3.5 Waste from construction projects 67 166 -99 3.6 Business trips by private car and plane 7 8 -1 3.7 Employee commuting 16 18 -2 Total 3,435 5,276 -1,841 Total 8,073 9,021 -948 The report follows the GHG-protocol’s five principles 1) Not relevant Scope 3 emissions for NP3 (approved by SBTi). 3.4 Upstream transportation and distribution. 3.8 Upstream leased assets. 3.9 Down - stream transportation and distribution. 3.10 Processing of sold products. 3.11 Use of sold products. 3.12 Finishing of sold products. 3.13 Downstream leased assets. 3.14 Franchises. 3.15 Investments. 52 Energy use in the organisation, GRI 302-1 Actual energy use MWh 2025 2024 Change Share of renewable electricity Heating 105,851 104,724 1,127 Electricity 54,748 59,960 -5,212 100% Total MWh 160,599 164,684 -4,085 Total lettable area at year-end, tsqm 2,362 2,201 161 By shifting to renewable energy sources and increasing the number of energy-efficient and sustainable buildings, NP3 contributes to achieving goal 7, Sustainable energy for all. Contributing to the UN Sustainable Development Goals
Page 54
SCOPE 1 Emissions from the combustion of oil The emissions have been calculated based on internal metering of consumption in the buildings heated with oil. Emission factor 0.27 tons CO2e/MWh Source: The Swedish Environmental Protection Agency's ef-attachment Climate 10/02/2026 Emissions from company cars Emissions have been calculated based on the cars actual consumption and number of miles driven in service. Converted to an aggregate average of emissions per kilometre and company car, the emission factor for 2025 was 14 g CO2e/km (22). The lower emission factor is due to a higher proportion of electric company cars compared to previous years, although the total number of company cars has increased in line with the company growth. At the turn of the year, the company's car fleet consisted of 75 percent electric vehicles with the remaining vehicles being hybrid cars. Emissions from refrigerants Refers to leakage of refrigerants which are obtained from the respective property’s refrigerant report, data is reported in connection to the F-Gas Regulation EU/517/2014. SCOPE 2 Purchased energy Carbon dioxide emissions from energy use that include the energy that the company buys for the holdings’ properties. NP3 is currently not able to report how much of the total energy is consumed by the tenants, which means that all energy included in the rental agreement or passed on to tenants is included in the statistics. The energy for which the tenants have signed contacts themselves is not included in the statistics. Market-based method The electricity that NP3 buys for the properties and tenants is primarily electricity from hydropower with origin marking, the rest being residual mix, with emission figures obtained from the Swedish Energy Markets Inspectorate. Emissions for district heating are based on actual consumption, with the emission figures for calculating emissions obtained from the respective district heating supplier. Acquired and divested properties are included in relation to the holding period. Location-based method Calculated with an emission factor of 34 CO2e/kWh for electricity (IVL 2025). For district heating, emissions have been obtained from the respective district heating supplier. SCOPE 3 3.1 Purchased goods and services NP3 reports available figures on emissions from the maintenance and operation of the properties, the report is based on emissions per hour worked on the company's properties and covers approximately 60 percent of the maintenance, amounting to 30 tons of CO2e (57). Converted to 100 percent, emissions are estimated to have amounted to 51 tons CO2e (95). 3.2 Capital goods From 2023, emissions from new construction and renovations will be reported based on completed LCA analyses, stages A1-A5, in completed projects. For extensions, the calculation is based on cost calculations as against actual reporting. 3.3 Fuel and energy-related emissions Upstream emissions from heating and electricity for 2025. Emissions from electricity production are based on the emission factor for the Nordic electricity mix taking into account imports and exports, IVL 2025 (11 g CO2e/kWh) and emissions from heat based on the district heating suppliers. 3.5 Waste from construction projects NP3 reports waste from its major projects completed during the year. For tenant adaptations actual data is used where available, and for the remaining projects the amount of waste is estimated based on costing compared to the actual waste reporting with emission factors per waste type as per One Click LCA. 3.6 Business travel by air and private cars Emissions from business trips by train, plane and private cars. Carbon emissions from travel by train are too low to be reported, both in terms of the number of journeys and emissions. Emissions from our air travel is calculated using SAS emissions calculator as of 2022, the number of trips and distances travelled are compiled by the travellers. Emissions from the use of private cars in service are based on employees' reporting of miles driven in 2025 and the distance is multiplied by the emission factor 168 g CO2e/km, except electric drive and hybrid, which corresponds to emissions from a diesel-powered medium-sized car according to the Swedish Transport Agency. Hybrid cars have been calculated with an emission factor of 24 g CO2e/km, which is an average calculated based on the employees' car models. 3.7 Employee commuting Emissions are calculated through an estimate where the average travel distance for the company's employees is multiplied by the emission factor for each fuel, based on the Swedish Transport Agency's compilation of carbon dioxide emissions from passenger car traffic in 2025. Kilometres driven for private cars that are not electric or hybrid cars are multiplied by 168 g CO2e/km, which corresponds to a diesel- powered car according to the Swedish Transport Agency. 53SUSTAINABILITY REPORT By continuously working to reduce the company's climate impact throughout the value chain, NP3 contributes to achieving goal 12, Sustainable consumption and production. Contributing to the UN Sustainable Development Goals
Page 55
SUSTAINABILITY REPORT54 Sustainability certifications Environmental certification NP3 aims to consider environmental certification for major redevelopments and new construction, but focuses primarily on the energy performance of the properties. As GreenBuilding was phased out in 2025, one environ- mentally certified building remained in the company, certified according to BREEAM. However, NP3 maintains the energy requirement from GreenBuilding for 25 percent lower energy consumption than the new construction requirements in the Swedish National Board of Housing, Building and Planning's regulations for all new and coming construction. A major project continued in 2025, where certification according to Miljöbyggnad (Green Building) Silver will be carried out in 2026. ENVIRONMENTAL AND CLIMATE RISKS ESRS E1, Climate change NP3 has previously identified and assessed climate-related risks and opportunities in line with TCFD’s recommendations. As part of this, the company has also made an assessment of the impact of the risks on the company's strategy and on securing the property portfolio in our locations in the long term. The climate analysis has been carried out on the basis of physical risks and transition risks linked to a changing climate that are relevant for the property portfolio in the company's locations and thus for NP3 as a company. NP3 has used two climate scenarios, RCP 4.5 as a middle ground with stabilized emissions and RCP 8.5 as a worst-case scenario with continued increasing emissions, and produced site-specific risk analyses to identify vulnerable areas. The company has analysed exposure to Natura 2000 sites, which showed that approximately 3 percent of the properties are located in such areas. The company is now conducting a more comprehensive analysis of biodiversity sensitive areas for the entire property portfolio at the property level. The aim is to obtain a more comprehensive assessment of possible impacts and exposures. The analysis is expected to be com- pleted in 2026. To ensure that the company continues to have a low or insig- nificant impact on biodiversity, an environmental and climate analysis is always carried out in combination with high climate requirements for major construction projects. In order to pro- mote environmentally sound material choices, “Byggvaru- bedömningen” (building materials assessment) is also used for the environmental assessment of building materials and sup- plies in major redevelopments and new construction projects. The company has also conducted a desk analysis of a weighted risk index, where 0 means no risk and 100 indicates maximum risk. In this weighting, the most serious environmental and climate risks, such as flooding and torrential rain, are given the greatest weight. The risk of cloudbursts is now assessed as being more extensive than previously assumed and is therefore also analysed in Scalgo Live to allow a more detailed and comprehensive assessment. In the analysis, the company has chosen to set a threshold of 60, which the company believes is in line with the DNSH criteria in the Taxonomy, with the outcome that 10 percent of the company's properties need to be further investigated at the property level. The company's vulnerability assessment for these properties will continue at the property level to address both future and current challenges. Which may result in local property adaptations and/or development of management routines. However, from a financial perspective with a weighted probability, the risk is seen as small and NP3 has, apart from the cloudburst in Gävle in 2021, historically never had any climate or environmentally related damage. Climate-related risks and opportunities NP3 has long worked to reduce the company's carbon footprint and also in property management to future-proof the company's properties based on a changing climate, primarily through rain and snow, but also wind and temperature variations. NP3 has based the analysis on the risks and opportunities that have been identified as most significant for the future operations. The results show that many of the risks identified are likely to be significant in the future, but that the financial impact is likely to be small, although it may vary for individual properties depending on the geographical location of the properties and their year of construction. Transition risks In the long and medium term, there is a high probability that increased legal requirements will result in higher demands on NP3 as a company. If a price on carbon dioxide were to be introduced in the future, it could mean major costs for both production and property management. Another risk is that fiscal or regulatory measures could prevent property owners ability to produce their own energy on a large scale. By constantly monitoring developments in the climate field, the company considers itself well prepared to meet new demands and expectations from customers and other stakeholders within a reasonable timeframe. Physical climate risks Climate change and thus changing weather conditions are already affecting NP3's properties. This means that the company must develop the properties based on the new conditions resulting from a changing climate, which is done through property management and project development. However, many challenges come with a warmer climate and higher temperatures. In the future, the effects of rising temperatures are likely to lead to an increase in the cost of cooling premises, although the price of heating may decrease slightly at the same Risk analysis climate-related physical risks Down- fall (rain) Downfall (snow) Landslide, collapse High tem- peratures Water supply Östersund Skellefteå Luleå Middle Sweden* Umeå Dalarna Sundsvall Gävle The table shows a summary of the risk analysis carried out for NP3's property portfolio, where green is no risk, yellow is moderate risk and red is risk. *Middle Sweden refers to the following locations: Västerås, Örebro, Karlstad.
Page 56
SUSTAINABILITY REPORT 55 time. There is a risk that groundwater levels will continue to decrease in exposed areas, which can lead to restrictions on drinking water. Increased precipitation and a greater number of days with heavy rain or snowfall also mean that large accumulations of water and large quantities of snow can form. This creates an increased need to divert excess water and that, for example, roofs need more frequent inspection and snow removal, and/or reinforced structures. In properties with basements, the risk of water ingress and the risk of moisture damage also increases. Drought or heavy precipitation can also cause subsidence damage to buildings. Although high temperatures are a risk, the company has carried out analyses which show that increased precipitation and flooding as the greatest potential risks as a result of the analysis carried out. Mainly as a result of rain, but in some places also precipitation in combination with rising levels in watercourses. Climate-related opportunities The company's business model and strategy are adapted to take advantage of the opportunities resulting from the transition to a sustainable society. The work with energy- efficient properties and reduced emissions is a way to future- proof the company's properties and reduce costs while also getting ready to comply with any future legislation. In NP3's long-term sustainability work, the ambition is to constantly make the company's properties more energy-efficient and increase the proportion of self-produced energy, while the company also adapts buildings to climate change, which in the long term can also provide increased property values. WATER SUPPLY ESRS E3, Water and marine resources In Sweden, drinking water and good quality bathing water have long been taken for granted. However, due to climate change, over-fertilization, and environmental toxins, we are becoming increasingly vulnerable with regard to water quality. NP3's properties are not located in areas that are currently characterized by high water stress. However, the company owns properties in municipalities that may be affected by limited water supply. Approximately 20 percent of the company’s properties are located within buffer zones for water protection areas, and 63 percent are within 500 metres of a body of water. Water use NP3 is actively working to install automatic water meters and to assist tenants in reducing their water consumption. Primarily aimed at businesses with high water use, such as breweries and laundries, among others. For renovations and new construction, low-flow equipment is chosen. All properties are inspected and checked to ensure that any water leakage from, for example, toilets or major water use by tenants is noticed. This work is carried out in all locations even if there is no water shortage. The locations listed below currently need to be monitored during risk periods. The aim is for the company to have joint action plans with all high- consuming tenants to create sustainable water use. Contaminations NP3 places a strong focus on avoiding pollution and managing wastewater correctly to minimise the environmental impact. NP3 counteracts negative impacts on water resulting from emissions of toxic substances by only allowing eco-labelled chemicals in the upkeep and operation of the properties and ensuring that procedures are in place for managing any point-source pollution on soil. The same requirements are also set out in the company's environmental requirements for construction contracts. In the case of new construction and redevelopments, the company also always ensures that it meets the requirements for water equipment set by the taxonomy. Ground water The Swedish Water & Wastewater Association has a reporting function for reporting water availability in Sweden's municipalities. Through svensktvatten.se, NP3 has conducted an investigation of the locations in which the company conducts operations where the local water supply is limited. Sustainable water use is based on the model below. Source: www.svensktvatten.se/globalassets/fakta-om-vatten/ Water Situation Summary 2022 NP3 owns properties in Örebro, Falun, Haparanda, Skellefteå and Västerås which, according to this investigation, may be affected by limited water supply. Irrigation ban Sustainable water use Save water Irrigation ban Enforcement of the Act relative to public water services Drinking water is prioritized for food, drink and hygiene. Critical situation Appeal to save water for reduced water consumption. Always Tips and facts for sustainable water use and a long-term change in behaviour. By addressing transition risks, physical climate risks and climate-related opportunities, NP3 contributes to the achievement of goal 6, Clean water and sanitation for all, goal 11, Sustainable cities and communities, and goal 15, Ecosystems and biodiversity. Contributing to the UN Sustainable Development Goals By working to reduce water consumption and minimise discharges and pollution to water, NP3 is contributing to the achievement of goal 6, Clean water and sanitation for all. Contributing to the UN Sustainable Development Goals
Page 57
Health and well-being NP3 sees health and well-being as a central part of the company's sustainability work. This means that all people must be treated equally and that the company's properties and work environments must be safe, secure and free from the risk of ill health and injury. This responsibility includes employees, tenants and suppliers. Health and well-being are part of the company's long-term value creation. Through systematic work environment management, well-being, commitment and opportunities for development are promoted, which contributes to attracting and retaining skilled staff, as well as to sustainable operations over time. HEALTH AND SAFETY AT WORK ESRS S1, Own workforce Employees A good work environment and an entrepreneurial and creative corporate culture contribute to making NP3 and attractive employer. The company does not accept any form of degrading treatment, sexual harassment or other forms of discrimination. Offering equal opportunities to all employees is a matter of course for the company. The workplace must be free of alcohol and drugs and the company's workplaces must comply with laws, policies and regulations. Our staff’s well-being also contributes to the company’s development, which makes it a given to encourage exercise and pursue a healthy lifestyle. To motivate people to work out and exercise, the company offers one hour per week to pursue fitness activities and also provides an allowance to spend on this. All staff have the option to make appointments for medical care and receive crisis support thanks to private health insurance which covers quick care and rehabilitation measures. The insurance covers healthcare counselling, care planning, specialist medical care, second opinion and hospital care. Good work environment All of the company's employees are covered by a central collective agreement. Information about terms of employment is clearly communicated to employees, provisions on consultation and negotiation as well as important operational changes that affect employees significantly are carried out in accordance with the MBL (Co-Determination in the Workplace Act) and the central collective agreement, the I-Agreement. The company conducts systematic work environment management (SAM) that includes all employees and is integrated into the day-to-day operations. The work takes place in collaboration between employers, employees and the company’s safety officer, where each manager is responsible for the work environment within their unit. All employees are responsible for contributing to a good work environment and complying with the company's guidelines and policies. The work environment is followed up through ongoing risk assessments, safety inspections and annual evaluations. Risks are analysed on the basis of probability and consequence and are addressed to eliminate or minimise impacts. The company’s safety officer has the right to request action and stop work in the event of immediate and serious danger. Safety inspections were carried out at all offices in 2023. During 2024 and 2025, safety inspections were carried out at the offices that changed premises. The goal is for all offices to have safety inspections completed again by the end of 2026. Mental health and psychosocial work environment Mental ill-health is a growing social challange that also affects working life, leading to increased stress, higher sick leave, and reduced well-being. The company regards mental health as a central aspect of its work environment management. The company works preventively through clear structures for the work environment, a reasonable workload and present leadership. Employees are given access to support measures via health insurance, crisis support and early rehabilitative measures. The work is followed up on an ongoing basis and aims to create a sustainable work environment that promotes long-term well-being and working ability. Absence Sick leave in the company is consistently low. During 2025 it was 1.15 percent (0.83) and all absence is short-term absence. No cases of work-related injuries, ill-health or illness were found during 2025. All employees are entitled to parental leave according to law. During the year, 20 employees took parental leave (11 men and 9 women). One employee is still on leave, the others have returned to work. No employee has left the company in connection with the leave. The return rate was 100 percent and the retention rate was 100 percent. Whistleblower system The company cares about safety, respect and high busi- ness ethics, which are regulated by the company's code of conduct. Deviations must be reported and can be reported via the immediate supervisor, the CEO, the board's audit committee or through an independent whistleblower function available on the company's website. The whistleblower function is available to both internal and external parties and allows confidential reporting of actions that are contrary to the company's values, code of conduct or that may negatively affect people, the environment or operations. All cases are handled according to established procedures with feedback to the reporting individual. In 2025, no whistleblower cases were been reported. Business development and internal communication During the year, the company established a communications SUSTAINABILITY REPORT56
Page 58
department responsible for both internal and external communication. The aim is to strengthen the understanding of the company's vision, goals and strategies and to promote commitment and involvement among employees as the business grows. Through structured and coordinated communication as well as joint operating procedures and policies, conditions are created for a cohesive organisation, despite geographical spread. Staff turnover During the year, the company expanded the organisation with a total of three employees in new roles (4.3 percent). Two employees terminated their employment and for one of them, replacement recruitment was completed at the end of the year. Employee turnover was thus 1.3 percent. The company did not have any temporary employees during the year. At the end of the year, NP3's board consisted of 5 (6) persons, of which 2 (2) women and 3 (4) men. In 2025, the strategic management team consisted of 5 (3) people, of which 1 (0) were women and 4 (3) men. The management team consists of the following roles: CEO, CFO, COO, CSO and Financial Manager. Equal opportunities The company sees diversity and equal opportunities as a prerequisite for long-term competitiveness and sustainable value creation. An inclusive culture, where different perspectives, experiences, and competencies are utilised, strengthens our innovation capacity, decision-making, and business development, and contributes to better quality, efficiency, innovation, and profitability. Our ambition is to be a workplace where all employees are given equal opportunities for development, influence and career development. No one must be discriminated against due to gender, transgender identity or expression, age, ethnicity, nationality, disability, sexual orientation, religion, or social background. The work is conducted systematically through clear processes for recruitment and competency development, with a focus on counteracting unconscious bias and ensuring objective assessments. No cases of discrimination were reported during 2025. Equal and competitive remuneration Economic inequality remains a societal challenge, with structural wage differences between women and men affect individuals' living conditions as well as the supply of skills and long-term growth. For the company, efforts to ensure equal remuneration is therefore an important part of both social responsibility and long-term value creation. The company therefore works systematically to ensure equal and market-based remuneration. The annual salary survey is carried out in accordance with current legislation and shows, as in previous years, that there are no unobjective pay differences between women and men or between employees with comparable tasks. The principle of equal pay for equal work and work of equal value is a guiding principle. Salary setting is based on collective bargaining, the responsibilities and requirements of the role, as well as individual performance and goal fulfilment. Follow-up takes place through regular performance and development dialogues. The distribution between fixed and variable remuneration is essentially the same for women and men and between different groups of staff, with the exception of senior management. The company's remuneration model aims to support long-term value creation and fair and transparent wage formation, which in turn contributes to a more equal economic society. SUSTAINABILITY REPORT 57 Employee turnover, GRI 401-1 Women Men Number of new employees in 2025 Under 30 years - 1 30-50- years 1 1 Over 50 years - - Total 1 2 Employees who left in 2025 Under 30 years - - 30-50- years - 1 Over 50 years 1 - Total 1 1 By providing a safe and secure work environment for its own staff, tenants and suppliers, NP3 contributes to the achievement of goal 3, Good health and wellbeing, and goal 8, Decent work and economic growth. The company's active work for equal remuneration and equal conditions contributes to goal 5, Gender Equality. Contributing to the UN Sustainable Development Goals
Page 59
Benefits During 2025, all permanently employed staff in the company were offered to participate in a share warrant programme for the eighth year in a row. The programme is used as a further incentive for staff to contribute actively to creating value in the operations. Personal ownership commitment is expected to increase motivation and stimulate more interest in the operations and profit development as a whole. NP3 has a profit-sharing trust, which covers all permanently employed staff except for the CEO. The following benefits are offered to all employees: • Health insurance • Profit-sharing trust • Warrant programme • Pension provisions in accordance with ITP • Parental pay • Allowance to spend on preventive healthcare • Wellness hour Information about the total annual remuneration rates, i.e. the relation between the total annual remuneration for the company’s highest-paid individual in relation to the average total annual remuneration for all other employees and also the comparative percental increase can be found in the company’s remuneration report for 2025 which is published on the company’s homepage. Distribution of personnel at the workplace As of 31 December, the company had 72 (71) employees, of whom 28 (28) women and 44 (43) men. All staff are covered by the company’s collective agreements and are full-time salaried employees in Sweden. However, a couple of employees worked part-time during the year. Information and training All new employees undergo an introductory training course that includes the company's vision, business model, sustainability work, code of conduct and core values, as well as relevant functional information. All employees complete annual training in the code of conduct, sustainability policy and regulatory matters. During the year, the company carried out a strategic training initiative in business communication for leaders and business managers. The aim is to strengthen the organisation's ability to communicate business value, priorities and strategic initiatives in a clear and uniform way, both internally and externally. The initiative is part of the company's long-term upskilling and will contribute to increased implementation power, improved customer dialogue and strengthened trust among stakeholders. In addition, tailored training is provided for both groups and individuals. Training needs are primarily identified through annual performance reviews. See the areas below for 2025. • Real estate economics/Property taxation • Commercial tenancy law/Reconstruction and bankruptcy • Accounting, tax • Fire protection • Leadership development • Sustainability and Sustainability Reporting • Information security SUSTAINABILITY REPORT Women 33% Men 67% Women 40% Men 60% Women 39% Men 61% <30 years 0% 30-50 years 44% >50 years 56% <30 years 0% 30-50 years 20% >50 years 80% <30 years 5% 30-50 years 57% >50 years 38% Gender distribution strategic and operations management Gender distribution board Gender distribution Distribution board and management Total employees Age distribution Age distribution strategic and operations management 1) Age distribution board 58 Women in leadership positions 43% Men in leadership positions 57% 0 20 40 60 80 100 1) In addition to the company's management team, there are operational senior executives, see page 88 Leadership positions are defined as roles held by managers with staff responsibility.
Page 60
SUSTAINABILITY REPORT 59 The company’s staff completed 1,196 (983) hours of training in total incl. both internal and external training during 2025, equivalent to 19 (16) hours per employee on average. The average for female employees was 18 (16) hours and the average for male employees was 23 (15) hours. All staff are salaried employees and the calculation is based on the number of employees. The goal is to have an average of at least 15 training hours per employee. TENANTS AND SUPPLIERS ESRS S2, Workers in the value chain Tenants The development of the property portfolio takes place in close and long-term cooperation with tenants. The goal is to offer suitable and safe premises with a good work environment. The company's local presence provides good knowledge of the tenants' needs and enables ongoing dialogue. Annual safety inspections and tours are carried out in all properties where the company is responsible for active property management. NP3 has not been informed of any significant events that negatively affected the health and safety of tenants in 2025. Through stakeholder dialogues, CSI-surveys and regular customer visits, the company ensures that tenants are satisfied with how NP3 conducts its work. The last customer satisfaction survey (CSI) was conducted in 2025. The response rate was 47 percent, compared to 25 percent in the previous survey. The results showed that just over 82 percent of tenants would consider speaking well of or recommending NP3 as a landlord, just over 82 percent experienced a high or very high level of well-being in the rented property and just over 81 percent stated that they would call on NP3 first if the need for premises should change. CSI results (customer satisfaction index) 2025 2023 2021 2020 2019 84 86 85 83 78 NP3 will carry out the next Customer Satisfaction Index (CSI) surveysin 2026. The company's continued goal is a customer satisfaction index above 83. The company did not receive any complaints during the year regarding violations of the customers’ integrity or identified leaks, thefts or losses of customers’ data. Suppliers To ensure responsible and sustainable cooperation, NP3 requires that our suppliers and partners conduct their operations in accordance with fundamental principles of business ethics, human rights, working conditions, environmental considerations and compliance with laws and regulations. This code of conduct defines the minimum requirements we expect our suppliers and partners to respect and comply with. NP3 expects all suppliers and partners to ensure compliance with the requirements within their own organisation. The engaged supplier is also responsible for ensuring compliance with this code of conduct in the subcontractor's organisation. Goods and services supplied must comply with the 10 principles of the UN Global Compact. These principles are based on the UN Declaration of Human Rights, the ILO's fundamental conventions on human rights at work, the Rio Declaration and the UN Convention against Corruption. For suppliers to also have a safe work environment in and around the company's properties is just as important for NP3 as it is for the company's suppliers. Dialogues and follow-ups ensure that the company's suppliers comply with the requirements of the code of conduct. In 2025, a survey aimed at the largest suppliers and customers was conducted with a response rate of 80 percent and no deviations from the code of conduct or other sustainability criteria were found. Procurement is done in a businesslike manner and is based on price, quality and sustainability. All suppliers must meet basic requirements for human rights, work environment and environmental considerations. NP3 has zero tolerance for corruption and financial irregularities and always retains ultimate responsibility towards customers and other stakeholders, even when services are performed by external parties. Annual safety inspections and tours are carried out in properties where operating suppliers are active. During the year, no serious workplace accident or policy deviation was identified. The company assesses that there is no risk of violation of freedom of association, collective bargaining rights, child labour, forced labour or discrimination within its own operations or on the part of the suppliers. No incidents concerning non-compliance regarding the health and safety effects of products and services or market communication were reported during 2025. Safe and secure environments Offering safe and secure environments is a central part of our mission as a property owner. We work long-term and preventively to create attractive and well-functioning environments where tenants, businesses and visitors feel safe, regardless of the time of day. Through well-thought-out lighting and careful upkeep, we help to reduce unsafe places. We collaborate with maintenance companies and continuously monitor developments in the areas where our properties are located. At present, our areas are characterized by a low crime rate, By setting sustainability requirements when procuring goods and services from suppliers and partners, and by providing and setting requirements for a good work environment, NP3 contributes to achieving goal 12, Sustainable consumption and production, and goal 16, Peaceful and inclusive societies. Contributing to the UN Sustainable Development Goals
Page 61
SUSTAINABILITY REPORT which is proof that our properties are located in stable and well-functioning neighbourhoods. Our work aims to maintain this positive situation through a consistent focus on prevention and presence in property management. Gaining experience The real estate industry is facing a long-term need for skills supply. The company is therefore working actively to strengthen the industry's attractiveness and contribute to sufficient skills supply. This is done through collaborations with schools and universities and by offering internships. During the year, the company has taken on two interns, welcomed groups of high school students within the framework of an established school collaboration, and participated in interviews with university and college students. Through these efforts, the company wants to contribute to increased knowledge of the industry and create early points of contact with future employees. The company's goal is to contribute with approximately 15 internships by 2030 to give more people the opportunity to gain work experience and strengthen its roots in the labour market. In 2026, work on structured supplier follow-up will continue. Through our cooperation agreements, we also work to create internship opportunities at our suppliers and thereby expand the industry's overall contribution to the supply of skills. Membership and trade associations In accordance with the UN’s guiding principles, NP3 supports and respects the safeguarding of human rights and ensures that participation in breaching human rights does not occur. See some of the company's memberships and collaborations during 2025 below: • Fastigo • Fastighetsägarna Mittnord • Chamber of commerce Jämtland, Västernorrland & Västerbotten • CER Centre for Research on Economic Relations AFFECTED COMMUNITIES ESRS S3, Properties that contribute to societal resilience and preparedness In a changing security environment, we view our role as property owners from a broader societal perspective. Our properties must be robust, safe, and able to function even in the event of disruptions. That is why we have accelerated the company's crisis preparedness work through risk and vulnerability analyses and continuity plans, among other things. To support societal preparedness, the company’s civil defence shelters are being reviewed and upgraded. Our goal is for our properties not only to be safe in everyday life, but also to contribute to societal resilience in times of crisis. 60 By promoting equal treatment and eliminating discrimination, harassment and degrading treatment, NP3 contributes to the achievement of goal 5 Gender equality, goal 8 Decent work and economic growth, and goal 16 Peaceful and inclusive societies. Contributing to the UN Sustainable Development Goals Contributing to the UN Sustainable Development Goals By maintaining robust properties and functioning civil defence shelters, the company contributes to increased societal resilience and security in line with goal 11, Sustainable Cities and Communities, and goal 16, Peaceful and Inclusive Societies.
Page 62
SUSTAINABILITY REPORT 61 Taxonomy The taxonomy regulation was drawn up as part of the EU’s action plan in order to define how large a proportion of an activity is environmentally sustainable. In order to be considered sustainable according to the taxonomy regulation, an activity must contribute significantly to at least one of six environmental targets set and avoid substantial damage to the other environmental targets, with requirements regarding social minimum requirements also set. NP3 is not covered by the reporting requirements in the taxonomy but still chooses to report the assessed outcome of how large a part of the activities are compatible with the taxonomy. NP3’s activities consist of management and development of commercial properties, mainly in industrial and retail. The company’s assessment is that the activities are primarily covered by the economic activity 7.7, “Acquisition and ownership of properties” in the taxonomy. The proportion of activities in “7.1 Construction of new buildings”, “7.2 Renovation of existing buildings”, and “7.3 Installation, maintenance and repairs of energy-efficient equipment” is considered by the company to be too small to be reported. Fastighetsägarna’s updated threshold values 2022 determine whether a property is covered by the taxonomy according to 7.7. where buildings built before 2021 shall have energy class A or be within the top 15 percent in terms of primary energy use. For build- ings built after 2021, additional Taxonomy requirements also apply. NP3 has a large proportion of industrial properties that, according to The Act on Energy Performance Certificates for Buildings, do not need to be declared. The company has chosen as its own objective to also include these in its reporting. Approximately 10 percent of the company's property portfolio remains to be included in energy declaration. Before declaration, the properties cannot be assessed based on Fastighetsägarna’s thresholds and more properties may therefore be compatible with the Taxonomy. DO NO SIGNIFICANT HARM (DNSH) CRITERIA In order to be compatible with the taxonomy, in addition to a substantial contribution to an environmental goal, it is also required that no significant harm is caused to any of the other environmental goals. The company's essential contributions to not causing significant damage to buildings under 7.7 “Acquisition and ownership of properties” are goal 1 “Limiting climate change” and goal 2 “Adapting to climate change”. However, NP3 requires in its environmental appendix for contract procurements and via Byggvarubedömningen that even other taxonomy requirements such as "Sustainable use and protection of water and marine resources", "Transition to a circular economy", "Preventing and combating pollution" and "Protection and restoration of biodiversity and ecosystems" are met for new production and major redevelopments. Goal 1 “Limiting climate change” NP3 has assessed that all properties are compatible with the taxonomy and contribute significantly to goal 1: Limit climate change. In 2025, NP3 assessed all properties that comply with the taxonomy using a risk index on a scale of 1-100, where an aggregate risk index above 60 means that an action plan needs to be developed for the individual property. The risk assessment has been carried out based on the following criteria: flood risk, cloudbursts, fire, landslides, environmental risks and protected areas. Where cloudbursts have been analysed using Scalgo Live and assigned more weight as this risk is considered most significant for the company. In the updated analysis, NP3 has eighteen properties with a risk index above 60, where the goal is to reduce the highest weighted risks within five years. Goal 2 “Adapting to climate change” Through analyses carried out, NP3 has assessed that the company meets the criteria for goal 2 "adaptation to climate change". In 2023, NP3 conducted an overall climate risk analysis of the company's properties based on recommendations in the TCFD framework and the EU taxonomy. The overall analysis of the properties is based on RCP 4.5 and RCP 8.5 scenarios with continued high emissions of carbon dioxide until the year 2100. Flooding, increased precipitation and high temperatures have been identified as the main future potential risks. Based on the above climate analysis, the company performs an annual review of the property portfolio to ensure a resilient property portfolio. The company uses Scalgo Live for these analyses. In the qualitative scenario analysis, other relevant climate risks such as wind, temperature changes, water availability and erosion/subsidence are also evaluated. These risks are ultimately expected to affect the company's properties to a much lesser extent than heavy rainfall, flooding and high temperatures. The next step is to develop action plans for the identified properties. Minimum social protective measures. NP3 also works on ensuring the social minimum requirements (minimum safeguards) in the taxonomy. NP3 follows international conventions such as the UN Global Compact, the ILO's core convention and the Rio Declaration. The company carries out annual risk management in order to identify and manage risks and works following a sustainability policy. There are codes of conduct for staff and suppliers that include anti-corruption and whistleblowing. ACCOUNTING POLICIES The tables on the next page show the turnover, investments and operating expenses for NP3's properties with a primary energy rating below the limits set by Fastighetsägarna. The proportion of the operations that are environmentally sustainable under the EU Taxonomy Regulation shall be reported, among other things, through three financial key figures. Turnover Turnover according to the taxonomy corresponds to the group's total revenue regarding acquisitions and ownership of buildings. Investments Investments relate to the acquisitions of properties and investments in new and existing properties. Operating expenses The reporting of operating expenses includes the total costs related to, for example, repairs and planned maintenance and ongoing operating expenses, excluding energy costs.
Page 63
SUSTAINABILITY REPORT TURNOVER* Economic activities MSEK % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % M O A. Activities covered by taxonomy A.1. Environmentally sustainable (taxonomy compatible) activities 7.7 Acquisition and ownership of buildings 7.7 590 26 26 - J - - - - J 24 24 - - A.2. Activities covered by the taxonomy but which are not environmentally sustainable (not taxonomy compatible) 7.7 Acquisition and ownership of buildings 7.7 1,684 74 74 Total (A.1 + A.2) 2,274 100 100 B. Activities not covered by taxonomy Turnover in activities not covered by the taxonomy (B) 0 0 0 Total (A+B) 2,274 100 100 * Proportion of turnover from products or services which are linked to economic activities that are compatible with the taxonomy requirements – information that covers the year 2025. INVESTMENTS* Economic activities MSEK % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % M O A. Activities covered by taxonomy A.1. Environmentally sustainable (taxonomy compatible) activities 7.7 Acquisition and ownership of buildings 7.7 354 13 13 - J - - - - J 10 10 - - A.2. Activities covered by the taxonomy but which are not environmentally sustainable (not taxonomy compatible) 7.7 Acquisition and ownership of buildings 7.7 2,369 87 87 Total (A.1 + A.2) 2,723 100 100 B. Activities not covered by taxonomy Investments in activities not covered by the taxonomy (B) 0 0 0 Total (A+B) 2,723 100 100 * Proportion of investments from products or services that are linked to economic activities that are compatible with the taxonomy requirements – information that covers the year 2025 OPERATING EXPENSES* Economic activities MSEK % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % M O A. Activities covered by taxonomy A.1. Environmentally sustainable (taxonomy compatible) activities 7.7 Acquisition and ownership of buildings 7.7 39 23 23 - J - - - - J 24 24 - - A.2. Activities covered by the taxonomy but which are not environmentally sustainable (not taxonomy compatible) 7.7 Acquisition and ownership of buildings 7.7 132 77 77 Total (A.1 + A.2) 171 100 100 B. Activities not covered by taxonomy Operating expenses in activities not covered by the taxonomy (B) 0 0 0 Total (A+B) 171 100 100 * Proportion of operating expenses from products or services that are linked to economic activities that are compatible with the taxonomy requirements – information that covers the year 2025. Code/codes Water and marine resources Biodiversity and ecosystems Absolute amount Limiting climate change Limiting climate change Circular economy Social minimum requirements Proportion of amount Adapting to climate change Adapting to climate change Contaminations Taxonomy-compatible propor - tion, year 2024 Taxonomy-compatible proportion, year 2023 Category (enabling activities) Category (conversion activities) 62
Page 64
SUSTAINABILITY REPORT GRI-index Deviations GRI standard Disclosure Page refer- ence Devia- tions from require- ments Reason Explanation GRI 2: General information 2021 The organisation and accounting policies principles 2-1 Information about the organisation 1, 3 2-2 Units covered by the sustainability report 41 2-3 Reporting period, frequency and contact person Contact person for the sustainability report: CEO 41 2-4 Changes in previously reported information 40-41, 57 2-5 External confirmation 125 Operations and staff 2-6 activities, value chain and business relationships 3, 37 2-7 Employees 56-59 2-8 Staff who is not employed - Omission Information incomplete Reports only its own employees but employs about 30 full-time positions in property upkeep. Governance 2-9 Composition and structure for governance 79-89 2-10 Nomination and election of the highest governing body 80-81 2-11 Chairman for the highest governing body 81-82 2-12 The highest governing body’s role in the work with review 41, 82-83 2-13 Delegation of decision-making to manage influence 41, 83 2-14 The highest governing body’s role in relation to the sustainability report 41 2-15 Conflicts of interest 74, 84 2-16 Communication of critical issues 40-41 2-17 The collective knowledge in the highest governing body 41 2-18 Evaluation of the highest governing body’s work 82 2-19 Remuneration policy 81-84 2-20 Process for determining remuneration 57, 82-84 2-21 Total annual remuneration 83, 104-105, Remuneration report Strategy, policies and practice 2-22 Statement on strategy for sustainable development 41, 44-45 2-23 Valuations, principles, standards and norms regarding conduct 40-41, 48-49 2-24 Anchoring of valuations, principles, standards and norms regarding conduct 41, 48-49 2-25 Processes to relieve negative effect 41, 48-49 2-26 Mechanisms for consultation and reporting of matters for the organisation 41, 56 2-27 Compliance with laws and regulations 48 2-28 Membership in organisations 60 Stakeholder involvement 2-29 Method for stakeholder involvement 43 2-30 Collective agreements 56 63
Page 65
SUSTAINABILITY REPORT GRI-index 64 Deviations GRI standard Disclosure Page refer- ence Devia- tions from require- ments Reason Explanation Essential issues 3-1 Process for determining essential issues 43 3-2 List of essential issues 40, 44-45 3-3 Governance of essential issues 44-45 GRI 201: Economic result 2016 201-1 Direct economic value generated and distributed 48 201-2 Economic consequences and other risks and opportunities as a result of climate change 41, 54-55, 73 201-3 Commitments for defined benefit plans and other pension plans 58-59, 83-84 201-4 Economic assistance from the state - - - No grants have been received GRI 202: Market Place 202-2 Proportion of senior executives hired from the local community - - - Two out of three GRI 204 - Procurement Practices 204-1 Proportion of expenses for local suppliers - 59% of operating expenditure is from local suppliers GRI 205 - Anti-corruption 2016 205-1 Activities evaluated with regard to risks related to corruption 48-49 205-2 Communication and training on anticorruption policy 41, 48, 58 205-3 Confirmed corruption incidents and measures taken 48 GRI 206: Anti-competitive behaviour 2016 206-1 Legal cases concerning anti-competitive practice, competition law and dominating market position 48 GRI 207 - Tax 2019 207-1 Tax approach 85, 109 207-2 Governance of tax issues, checks and risk management 69, 85, 109 207-3 Method for cooperation with stakeholders and the management of tax issues 85, 109 207-4 Country-by-country reporting - - - Only Sweden GRI 302 - Energy 2016 302-1 Energy use in the own organisation 52 302-2 Energy use outside of the own organisation 52 302-3 Energy intensity 51 302-4 Reduction of energy use 51 GRI 303 - Water and effluents 2018 303-1 Interactions with the water as a shared resource 55
Page 66
SUSTAINABILITY REPORT GRI-index Deviations GRI standard Disclosure Page refer- ence Devia- tions from require- ments Reason Explanation GRI 304 - Biodiversity 2016 304-2 Significant impact on biodiversity from activities 54 GRI 305 - Emissions 2016 305-1 Direct emissions of greenhouse gases (Scope 1) 52-53 305-2 Indirect emissions of greenhouse gases (Scope 2) 52-53 305-3 Other indirect emissions of greenhouse gases (Scope 3) 52-53 305-4 Emission intensity of greenhouse gases 52 305-5 Reduction of greenhouse gas emissions 52 GRI 306 - Waste 2020 306-2 Management of significant waste-related impact 54 GRI 308 - Supplier Environmental Assessment 2016 308-1 Supplier environmental assessment 49, 59 GRI 401 - Employment 2016 401-1 Newly employed and employee turnover 57 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees 58 401-3 Parental leave 56 GRI 402 - Labour/Management Relations 2016 402-1 Minimum notice periods regarding operational changes 56 GRI 403 - Health and safety 2018 403-1 Occupational health and safety management system 56 403-2 Hazard identification, risk assessment, and incident investigation 56 403-3 Occupational health services 56 403-4 Employee participation, consultation and communication regarding health and safety 56-57 403-5 Worker training on occupational health and safety 56 403-6 Promotion of staffs’ health 56 403-7 Prevention and management of occupational health and safety impacts 56-57 403-8 Staff covered by an occupational health and safety management system 56 403-9 Work-related injuries 42 403-10 Work-related ill health 56 GRI 404 - Training and education 2016 404-1 Average hours of training per year per employee 58-59 404-2 Programs for upgrading employee skills and transition assistance programs 58-59 404-3 Proportion of employees receiving regular performance and career development reviews 58-59 65
Page 67
SUSTAINABILITY REPORT GRI-index Deviations GRI standard Disclosure Page refer- ence Devia- tions from require- ments Reason Explanation GRI 405 - Diversity and equal opportunities 2016 405-1 Diversity in management and among employees – Omis- sion The company does not disclose the origin of employees 405-2 Ratio of basic salary and remuneration of women to men 57 GRI 406 - Non-discrimination 2016 406-1 Incidents of discrimination and corrective actions taken 42 GRI 407 - Freedom of association and collective bargaining 2016 407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk 49, 56 GRI 408 - Child labour 2016 408-1 Operations and suppliers at significant risk for incidents of child labour 49, 59 GRI 409 - Forced or compulsory labour 2016 409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labour 49, 59 GRI 411 - Rights of indigenous peoples 2016 411-1 Incidents of violations involving rights of indigenous peoples 49, 59 GRI 413 - Local communities 2016 413-1 Operations with local community engagement, impact assessments, and development programs 60 413-2 Operations with significant actual and potential negative impacts on local communities – – – The company has not noted any negative impact on local communities GRI 414 - Supplier social assessment 2016 414-1 New suppliers that were screened using social criteria 49, 59 414-2 Negative social impacts in the supply chain and actions taken 49, 59 GRI 415 - Public Policy 2016 415-1 Political contributions 48 GRI 416 - Customer health and safety 2016 416-1 Evaluation of health and safety effects of products and services 59-60 416-2 Incidents of non-compliance concerning the health and safety impacts of products and service 59-60 GRI 417 - Marketing and labelling 2016 417-3 Incidents of non-compliance concerning product and service information and labelling 59 GRI 418 - Customer privacy 2016 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data 59 66
Page 68
67DIRECTORS’ REPORT Directors’ Report 2025 NP3 Fastigheter AB (publ) is a cash flow-oriented real estate company with a focus on high-yield commercial properties, primarily in northern Sweden. Since the start at the end of 2010, NP3 has had a growth strategy focused on properties with stable cash flows and high returns. The properties are in the property categories industrial, retail, offices, logistics and other. Parent company The parent company NP3 Fastigheter AB (publ) has no direct ownership in properties, but these are owned via wholly- or partly-owned subsidiaries as well as associated companies and joint ventures. The parent company provides administrative and technical property management services to the subsidiaries and group management. The board of directors has its registered office and the company has its head office in Sundsvall. Organisation NP3’s organisation consists of management and three main functions: letting and market, operation and property management as well as funding and economic administration. At year-end, the group had 72 employees, of which 68 were employed by the parent company. Earnings • The group’s net sales amounted to MSEK 2,274 (1,992). • The group recorded an operating surplus of MSEK 1,725 (1,503) and profit after tax of MSEK 1,287 (914). • The parent company’s net sales amounted to MSEK 81 (71). • The parent company reported an operating loss of MSEK -49 (-43) and profit before tax of MSEK 252 (364). Comments on profit/loss for the year can be found on pages 93 and 99. Significant events of the year • During the year, NP3 has continued its growth and accessed 89 properties for an investment of MSEK 1,942. In addition, MSEK 781 were invested in existing properties and new construction. During the year, eight properties were divested and vacated for MSEK 549. • The company has updated its financial target regarding loan-to-value ratio as of 2025. The previous target stated a range between 55-65 percent, while the new target states that the loan-to-value ratio may not exceed 60 percent. As of 31 December 2025, the loan-to-value ratio was 51 percent. • In May, NP3 carried out a directed issue of 13.7 million preference shares at a price of SEK 28.75 per share, which provided the company with MSEK 394 before transaction costs. • At the end of June, the remaining 38.8 percent of the shares in Cibola Holding AB were acquired, which thus became a wholly-owned subsidiary of NP3. As part of the deal, 11.3 percent of the shares in Cibola Hospitality Group were also divested, which is now 49.9 percent owned and constitutes an associated company. • In August, under the existing MTN programme, senior unsecured green bonds were issued for MSEK 400 with a maturity of 3.25 years and a variable interest rate of 3 months Stibor plus 215 basis points. In connection with the issue, the company nominally repurchased bonds for MSEK 299 with maturity in April 2026. • In September, the company divested its entire remaining shareholdings in Fastighetsbolaget Emilshus AB for MSEK 124. Prior to the divestment, NP3 owned 2.4 million Class A shares and 0.1 million Class B shares in Emilshus. • In October, NP3 exercised early redemption of outstanding bonds of MSEK 153 maturing in April 2026 at a price of 100 percent of the nominal amount. Anticipated future development In many respects, the world we live in is characterized by instability, unrest and conflict. Extreme weather is becoming more common, also in Sweden, which has costly effects. We see geopolitics taking new turns from one day to the next. At the end of 2025, however, demand in the Swedish economy increased and the recession looks set to recede. Extensive investments in total defence, not least in northern Sweden, together with lower inflation and lower interest rates, are driving domestic demand. In the near future, we do not see any dramatic changes for NP3 or our market, but the company is sticking to its overall goal of continuing its growth through selective acquisitions in all eight business areas. NP3’s continued growth is largely focused on the targets of generating growth in the profit from property management per common share of 12 percent per year over a five-year period and to over the five-year period generate a return on equity before tax of at least 15 percent. A good return and strong cash flow allow NP3 to over time meet the target of providing a dividend of some 50 percent of the company’s profit from property management after current tax to the company’s holders of common and preference shares. Sustainability report NP3 prepares a sustainability report to provide information about the company’s sustainability initiatives and to meet the requirements in accordance with the Swedish Annual Accounts Act, seventh chapter. The sustainability report is issued as a separate section before the Directors’ Report, see pages 39-66. Proposed disposition of earnings The following non-restricted equity in the parent company is at the disposal of the annual general meeting: Amount (SEK) Profit carried forward (incl. share premium reserve) 2,728,941,063 Net profit for the year 252,349,400 Total 2,981,290,463 The board proposes that the amount be distributed as follows: Dividend SEK 6.40/common share 394,117,082 Dividend SEK 2.00/preference share 114,500,000 To be carried forward 2,472,673,381 Total 2,981,290,463 As of year-end, the company has 61,580,794 registered common shares and 56,000,000 registered preference shares. After the end of accounting period, the company has issued 1,250,000 preference shares, resulting in additional dividends of MSEK 2.5, which have been included in the amount above.
Page 69
68 DIRECTORS’ REPORT - MULTI-YEAR SUMMARY Key ratios 2025 2024 2023 2022 2021 Property-related key ratios Number of properties at year-end 633 554 507 488 446 The properties’ lettable area, tsqm 2,362 2,201 1,998 1,950 1,784 Investment properties, MSEK 26,087 23,384 20,276 19,805 17,335 Property value, SEK/sqm 11,044 10,624 10,148 10,156 9,717 Rental value, MSEK 2,578 2,326 2,065 1,880 1,538 Financial occupancy rate, % 92 93 93 94 93 Surplus ratio, % 76 75 75 74 74 Yield , % 7.0 7.1 6.8 6.1 6.4 Financial key ratios Return on equity, common share, % 14.1 11.7 -2.1 18.9 44.0 Return on equity, % 12.8 10.8 -0.8 17.0 36.7 Return on equity, before tax, % 16.1 14.0 0 21.5 44.8 Return on equity from the profit from property management, % 11.0 10.4 9.4 10.7 12.0 Debt/equity ratio, multiple 1.3 1.3 1.5 1.6 1.5 Net debt to EBITDA ratio, multiple 8.1 8.0 8.6 9.4 10.0 Interest coverage ratio, multiple 2.8 2.4 2.1 2.9 3.4 Loan-to-value ratio, % 51.2 51.8 56.6 57.6 55.9 Equity/assets ratio, % 38.9 38.9 35.9 35.1 36.0 Average interest rate, % 3.95 4.38 5.07 4.18 2.53 Average loan maturity period, years 3.0 2.3 2.2 2.3 2.9 Average fixed interest period, years 1.9 2.1 2.1 1.9 2.0 Proportion of interest-hedged loan portfolio, % 54.5 48.9 41.6 31.3 35.8 Key ratios per common share Number of shares at year-end, thousands 61,581 61,562 57,497 54,608 54,445 Weighted average number of shares, thousands 61,573 59,136 56,864 54,543 54,403 Equity, SEK 144.18 131.34 114.78 117.21 100.67 Long-term net asset value, SEK 171.81 154.64 135.58 133,17 118.64 Profit from property management, SEK 16.33 13.57 11.76 13.00 10.90 Profit after tax, SEK 19.12 14.17 -2.43 21.04 35.82 Dividend, SEK 6.40 1) 5.20 5.48 2) 5.00 4.30 Share price at year-end, SEK 259.00 250.00 233.00 198.60 362.50 Key ratios per preference share Number of shares at year-end, thousands 56,000 42,300 38,000 38,000 38,000 Equity, SEK 32.00 32.00 32.00 32.00 32.00 Earnings, SEK 2.00 2.00 2.00 2.00 2.00 Dividend, SEK 2.00 2.00 1) 2.00 2.00 2.00 Share price at year-end, SEK 31.20 29.90 27.20 24.80 33.95 Multi-year summary 1) Dividend proposed by the board, for more information about the dividend proposal, see page 77. 2) Includes a distribution in kind. For more information, see table on page 77.
Page 70
69DIRECTORS’ REPORT - QUARTERLY SUMMARY Key ratios 2025 2025 2025 2025 2024 2024 2024 2024 Fourth quarter Oct-Dec Third quarter Jul-Sep Second quarter Apr-Jun First quarter Jan-Mar Fourth quarter Oct-Dec Third quarter Jul-Sep Second quarter Apr-Jun First quarter Jan-Mar Property-related key ratios Number of properties at the end of the period 633 605 575 557 554 515 516 506 The properties’ lettable area, tsqm 2,362 2,281 2,258 2,213 2,201 2,033 2,029 1,999 Investment properties, MSEK 26,087 24,863 24,465 23,708 23,384 21,127 20,872 20,382 Property value, SEK/sqm 11,044 10,900 10,835 10,713 10,624 10,392 10,287 10,196 Rental value, MSEK 2,578 2,444 2,411 2,357 2,326 2,108 2,097 2,069 Financial occupancy rate, % 92 92 93 93 93 93 93 93 Surplus ratio, % 74 82 79 70 76 82 77 67 Yield , % 7.0 7.2 7.2 7.1 7.1 7.1 7.0 6.8 Financial key ratios Return on equity, common share, % 14.1 12.8 11.1 11.5 11.7 4.8 3.9 1.5 Return on equity, % 12.8 12.2 10.3 10.7 10.8 5.0 4.3 2.2 Return on equity, before tax, % 16.1 15.8 13.5 13.8 14.0 7.2 6.3 3.7 Return on equity from the profit from property management, % 11.0 11.1 11.0 10.7 10.4 9.9 9.5 9.3 Debt/equity ratio, multiple 1.3 1.3 1.3 1.3 1.3 1.2 1.5 1.5 Net debt to EBITDA ratio, multiple 8.1 8.0 7.9 8.0 8.0 7.7 8.4 8.5 Interest coverage ratio, multiple 2.8 3.1 2.9 2.6 2.7 2.6 2.3 2.1 Loan-to-value ratio, % 51.2 51.1 51.0 51.7 51.8 49.4 55.1 56.5 Equity/assets ratio, % 38.9 38.8 38.3 39.0 38.9 40.0 35.6 36.5 Average interest rate, % 3.95 4.12 4.23 4.35 4.38 4.72 4.91 4.97 Average loan maturity period, years 3.0 2.9 3.0 2.8 2.3 2.1 2.0 2.1 Average fixed interest period, years 1.9 2.0 2.3 2.3 2.1 2.6 2.3 2.2 Proportion of interest-hedged loan portfolio, % 54.5 54.2 55.0 55.2 48.9 55.3 47.4 45.2 Key ratios per common share Number of shares at the end of the period, thousands 61,581 61,581 61,581 61,562 61,562 61,562 57,562 57,497 Weighted average number of shares, thousands 61,581 61,581 61,572 61,562 61,562 59,562 57,530 57,497 Equity, SEK 144.18 137.11 132.02 135.42 131.34 126.04 116.14 118.63 Long-term net asset value, SEK 171.81 163.85 159.26 159.33 154.64 149.71 137.85 138.69 Profit from property management, SEK 3.96 4.68 4.22 3.47 3.75 4.00 3.30 2.58 Profit after tax, SEK 7.08 5.05 2.91 4.08 5.63 1.54 3.12 3.86 Share price at the end of the period, SEK 259.00 251.50 270.00 235.00 250.00 266.00 257.00 221.00 Key ratios per preference share Number of shares at the end of the period, thousands 56,000 56,000 56,000 42,300 42,300 38,000 38,000 38,000 Equity, SEK 32.00 31.50 31.00 32.50 32.00 31.50 31.00 32.50 Earnings, SEK 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 Share price at the end of the period, SEK 31.20 30.80 30.70 29.80 29.90 31.40 28.40 28.20 Quarterly summary For reconciliation of key ratios and definitions, see pages 126-127.
Page 71
70 DIRECTORS’ REPORT – STRUCTURED RISK MANAGEMENT Rental income and property management The company’s property portfolio is geographically located in areas of growth, mainly in the northern parts of Sweden. NP3s owns a large number of properties that house a large number of tenants with commercial activities divided into the categories of industrial, logistics, retail, offices and other. The spread in a geographical respect, number of rental agreements, sectors and categories contributes to stability. Risks linked to tenants are affected by the general business climate. Lower rental income or cancelled payments affect the result, cash flow and eventually also the market value of the company’s properties. Risk Description of risk Management L C Decreased rental income Lower rental income as a result of lower rent levels or reduced letting rate. The company works with long rental agreements and continuous renegotiation of existing contracts, which provides a stable maturity structure in the contract portfolio. Demand for premises in the company’s property categories and market locations is less cyclical than, for example, premises in downtown locations, which reduces risk. In addition, the high rate of diversification of tenants in the majority of sectors together with low dependency on a few major tenants contributes to limiting risk. Customer defections, credit risk NP3’s primary counterparty risk lies in tenants not being able to meet their payments as per the rental agreements. The company’s business managers have close relations with tenants and continuously follow up on the market situation. Credit checks are done for acquisitions and new lettings and, if required, the agreement is supplemented with collateral in form of guarantees. The risk policy states that no one individual tenant shall account for more than five percent of the rental value. Significantly increased operating and maintenance costs Increased costs for electricity, water, heating and snow removal, etc. Extreme weather conditions and unexpected events can have an effect on the cost for property upkeep and insurance. The company continuously works to reduce risk exposure for cost increases in operations by means of ongoing contract negotiations and tendering with suppliers and well-developed work on energy efficiency in order to reduce costs. As tenants often bear the costs for electricity, water, heating and snow removal themselves, the company’s exposure to fluctuations is reduced. Structured risk management The group’s business activities are exposed to risks that can become significant to the company’s future operations, results and financial position. The company has a high level of risk awareness in the whole organisation and with active and preventive work, the risks are limited and managed in the best way and to the greatest extent possible. L = Likelihood, with green being low, yellow medium and red high likelihood. C = Consequence (effect on the company’s return and position), with green being low, yellow middle and red great consequence. The significant risks the company is exposed to are affected to a great extent by the general economic trend, economic growth and population growth in the business areas, together with inflation risk and interest rate risk. Below are the strategic risks associated with external events and factors in the outside world, operational risks related to the operating activities and quality in internal procedures as well as financial risks concerning the company’s supply of capital. The risk factors below relate to general risks which over an economic cycle could have an effect on NP3’s operations. Risks and uncertainties for the parent company are indirectly the same as for the group, which includes wholly-owned and partly-owned subsidiaries.
Page 72
71DIRECTORS’ REPORT – STRUCTURED RISK MANAGEMENT L = Likelihood, with green being low, yellow medium and red high likelihood. C = Consequence (effect on the company’s return and position), with green being low, yellow middle and red great consequence. Acquisitions and investments The company is a growth company and carries out a large number of transactions annually, which are associated with a certain risk. The same applies to the investing activities with modifications to tenants’ requirements and projects for new construction and redevelopment. Wrong acquisition or investment decisions constitute a risk of increased costs and lower return on capital. The company’s organisation has great experience and expertise with regard to acquisitions and divestments of properties, and has a well-established process for reducing risk in transactions. The company does not make any major investments on speculation, but on previously given terms and conditions and rental agreements. Risk Description of risk Management L C Transaction- related risks Transaction-related risks include future loss of rent, environmental conditions and technical deficiencies. There are also some risks of taxes and legal disputes. Acquisitions of properties are done in accordance with the company’s strategic plan and a decision-making process, which takes into account market conditions and risk. For every acquisition situation, a careful analysis is made and due diligence applied. Risks are managed via agreements in the form of guarantees to the seller and the price is based on a market and location analysis for comparable properties combined with a valuation through discounted cash flows. Risks in project investments for new con- struction and redevelopments Risks in project investments include cost increases, environmental and work environment risks. Investment decisions are taken in accordance with the company’s strategic plan and with well-prepared decision guidance documents. New construction, extensions or redevelopments are done based on signed contracts with tenants. Requirements are put on contractors regarding environmental considerations, and risk assessments of the work environment are carried out for each project. Property value The company’s properties are valued at actual value every quarter and the change in value recorded via the income statement. The value is affected by several factors, some property-specific such as occupancy rate, rent level and operating expenses, some market- specific such as yield and cost of capital. The market’s required return is a factor the company has no influence on, but thanks to the geographical spread of properties in growth locations the risk for major changes in value during a short period is assessed as low. Risk Description of risk Management L C Lower market value of properties Declining market values for the company’s properties. The company works continuously on maintaining or increasing the market value of the properties by letting vacant premises and adding value to and further developing existing properties. Increased valuation yields resulting in falling market values are beyond the company's control. The risk of a strong negative effect due to declining market values in a specific location is reduced thanks to the properties’ geographical spread. Tax Changes in tax legislation as well as the level of company taxation, interest deduction limitations, property tax or other applicable taxes have an effect on the company’s result. Risks of incorrect interpretation or application of laws and rules concerning taxes and VAT can have implications on the result and position. Tax also affects calculations and can have an impact on valuation estimates. Risk Description of risk Management L C Changes in tax legislation Changes in tax legislation such as company taxation, property taxation, tax on property transactions and other applicable taxes. The company has a clear and well-structured approach regarding tax. There is continuous training in this field and external expertise in tax matters is resorted to if required.
Page 73
72 DIRECTORS’ REPORT – STRUCTURED RISK MANAGEMENT Funding Property acquisition and management are capital-intensive activities, which expose the company to changes in the credit markets and interest rate levels. Access to funding via banks and the capital market are of great significance to the company and changes in interest rate levels affect the company’s cash flow and result. Interest rate levels are mainly affected by the level of current market rates and creditors’ margins. For more information, see note 23. Risk Description of risk Management L C More difficult funding and refinancing Risk that funding cannot be obtained or only at considerably higher cost. The company’s planned expansion rate is dependent on new loans from lenders and issued capital from shareholders. To reduce the risk of not being able to obtain funding, the company works with several sources of funding and attaches great importance to a well-balanced loan maturity structure, and also well-functioning co-operation with the company's creditors. In addition, NP3 has a strategy for transitioning to an increasingly sustainable property portfolio that also includes the company's climate emissions. Interest risk Interest expenses are a significant cost item for the company and changes in interest rate levels have a significant effect on the result and cash flow. In order to limit interest rate risk over time and increase predictability in the company’s profit from property management and cash flow, a proportion of the loans are tied to fixed interest rates, mainly through interest rate hedging instruments in the form of interest swaps. Counterparty risk, bank Counterparty risk in bank funds, borrowings and derivatives refers mainly to the company’s borrowings from merchant banks, and means that these cannot meet their commitments regarding existing and new funding to the company. The company’s counterparty risks in banks are managed by borrowings being distributed across primarily five different banks. This reduces the total counterparty risk in bank funds, borrowings and derivatives. Effect on loan-to-value ratio in case of change in value of NP3's property portfolio as of 31 Dec. 2025 Change, % -15 -10 -5 0 5 10 15 Change in value, MSEK -3,913 -2,609 -1,304 0 1,304 2,609 3,913 Loan-to-value ratio, % 60.0 56.7 53.8 51.2 48.8 46.6 44.6 Effect on interest coverage ratio in case of changed letting rate as of 31 Dec 2025 Change, % -10 -5 0 5 10 Occupancy rate, % 83 87 92 97 ET Interest coverage ratio, % 2.5 2.7 2.8 3.0 ET L = Likelihood, with green being low, yellow medium and red high likelihood. C = Consequence (effect on the company’s return and position), with green being low, yellow middle and red great consequence.
Page 74
73DIRECTORS’ REPORT – STRUCTURED RISK MANAGEMENT Environmental risk Climate risks consist of both physical risks and risks linked to the transition to a changing climate and have been assessed as a less significant risk for NP3. However, the assessment is that the risk has increased over time and may constitute a greater risk for the company in the future. For NP3, environmental risks associated with pollution in the ground of existing and/or acquired properties is assessed as a significant risk that can have an impact on the company. Risk Description of risk Management L C Environmental risk linked to the climate For NP3, climate change means a risk of damage to property caused by change in weather conditions, especially with regard to higher levels of precipitation, but also other changes in the climate that affect the properties or the running of the properties. In 2023, NP3 conducted a survey of the company's climate risks based on probability, impact, priority and development, which was analysed based on a climate scenario up to 2050. NP3 assesses that the risks have increased and may continue to increase over time, and in-depth investigations at exposed locations will be carried out at property level. Eco-political decisions may also have future effects on the company’s costs. Routines for preventing risks in extreme weather conditions have been further developed. All investments and acquisitions are examined from a climate perspective in order to assess the properties’ or investment’s sensitivity to climate change. NP3 monitors and evaluates climate risks in the properties based on MSB’s mapping of climate risks and SMHI’s mapping of cloudburst investigations. Environmental risk linked to pollution If polluted soil is discovered at any of the company’s properties, the soil will likely have to be decontaminated. The company may then be ordered to pay for soil decontamination or remedy. The company is well aware of at which properties activities that require a permit or notification are or have been conducted and always checks previous activities when acquiring properties. Environmental aspects are prioritised in all parts of the operations and the company follows the development with regard to legal regulations. Code of Conduct NP3's starting point is that the business must be run profitably and ethically, and the company has a code of conduct for employees and a code of conduct for suppliers. Risk Description of risk Management L C Breach of code of conduct Risk that employees and suppliers behave in a way that is in breach of the company’s values or improperly use their position within the company. All employees are trained in the NP3 code of conduct, and ethical and moral issues are also regularly discussed at staff meetings. Compliance with the code of conduct for suppliers is evaluated continuously and is also followed up with an annual survey sent to the largest suppliers. In the event that NP3 becomes aware of non-compliance, an urgent dialogue will be initiated and cooperation may be terminated if corrective action is not taken. L = Likelihood, with green being low, yellow medium and red high likelihood. C = Consequence (effect on the company’s return and position), with green being low, yellow middle and red great consequence.
Page 75
74 DIRECTORS’ REPORT – STRUCTURED RISK MANAGEMENT Reporting and internal control The company’s financial reporting shall give a true and fair view of the company’s result and financial position and follow the laws and accounting rules that apply. A misleading report could lead to uncertainty and wrong decisions by investors, which in turn can result in a negative effect on the price and increased equity risk premium. Risk that inadequate internal procedures and/or irregularities cause disruptions or damage to the operations. Risk Description of risk Management L C Misleading reporting Intentional or unintentional errors in the company’s external reporting. The company has well-functioning internal control and a culture based on order and discipline. The reporting role is taken care of by competent and experienced staff who continuously follow the development of laws, practice and changed accounting rules. Information security With today’s use of new technology, issues concerning information security and IT security easily come into focus, as new risks and threats become visible and need to be managed. The work with IT security is central, which is amplified by current laws that have been reviewed, such as GDPR, regulatory industry requirements and requirements from the Swedish Financial Supervisory Authority. An important part of the work with IT security is about understanding various threats, manage the likelihood of being exposed to damage and balancing costs for stronger protection against the value you are protecting. Risk Description of risk Management L C IT and informa- tion security risks The risk of the company being exposed to cyber attacks, i.e. electronic attacks against information systems, technical infrastructure, computer networks or personal computers. Increasing use of mobile devices, connected to the company’s network, has increased the number of weak points for potential attackers to target. The IT function is outsourced to a supplier that is certified in in - formation security. In the tendering, NP3 has carefully assessed the quality of the services supplied and puts high requirements on suppliers’ expertise in IT security. The company uses only reliable and standardised systems and platforms for its IT envi - ronment. In order to limit risks resulting from the human factor, NP3 puts high requirements on processes, internal governance and control regarding information security. Staff are trained continuously in managing IT-risks. Conflicts of interest Conflicts of interest is something that could affect NP3 and have an impact on the company’s reputation and confidence. The risk of conflicts of interest must therefore be considered in each individual case. Risk Description of risk Management L C Conflicts of interest A risk of conflict of interest can arise when board members, persons in the strategic and operational management and other employees in the company take on certain board assignments, invest in companies in which NP3 has invested, invest in companies that are competitors to NP3, mortgage their shareholdings in NP3 or acquire or dispose of shares in NP3. The company has well-established procedures and policies for managing conflicts of interest. Important policies include the company’s Code of conduct. NP3 also has an insider policy that sets out what applies for trading the company’s financial instruments, trading prohibition, markets abuse, etc. Matters regarding conflicts of interest are discussed continuously in the company’s board meetings and in the company’s management group. For employees the company has a procedure for docu - mentation and approval of sideline jobs. Other risks A significant other risk for the company is the uncertain global situation, characterized by geopolitical unrest and conflicts both globally and in our immediate vicinity. This affects the world economy and thus also Sweden and NP3's operations. Risk Description of risk Management L C External risk The deteriorating security situation in the form of unrest, war and conflicts is affecting the world economy, Sweden and therefore also NP3 as a company. A deteriorating security situation creates negative consequences, instability and can cause disruptions for our society, industry and commerce and NP3. The company continues to monitor developments and the se - curity situation in the outside world and our immediate vicinity. Based on the company's procedures for risk and crisis manage - ment, the impact on the company's operations is continuously evaluated, including any impact on the company's properties. L = Likelihood, with green being low, yellow medium and red high likelihood. C = Consequence (effect on the company’s return and position), with green being low, yellow middle and red great consequence.
Page 76
75DIRECTORS’ REPORT – STRUCTURED RISK MANAGEMENT
Page 77
76 DIRECTORS' REPORT – SHARES AND SHAREHOLDERS Trading of the share at Nasdaq Stockholm Closing price, SEK Average number of transactions per trading day Turnover rate, % Average trading volume per trading day, MSEK 31 Dec 2025 31 Dec 2024 Whole year 2025 Whole year 2024 Whole year 2025 Whole year 2024 Whole year 2025 Whole year 2024 common share 259.00 250.00 452 423 23 23 14.4 12.8 Preference share 32.20 29.90 205 112 80 25 5.0 1.1 Shares and shareholders NP3 has two classes of shares, common shares and preference shares, which are listed on Nasdaq Stockholm Large Cap. As of 31 December, the company had 12,951 (10,922) shareholders. The share price for common shares was SEK 259.00 (250.00) at year-end, which is equivalent to a market value of MSEK 15,949 (15,391). In addition, there are preference shares with a share price of SEK 31.20 (29.90) at year-end, which is equivalent to a market value of MSEK 1,747 (1,265). Total market value at year-end amounted to MSEK 17,696 (16,656). The year’s highest price paid for the common share was SEK 279.00 and was recorded on 30 June. The lowest price paid for the full year was recorded on 4 September at SEK 196.40. The volume-weighted average price of the common share for the year was SEK 252.48 (241.57). In May the company carried out, based on the issue authorisation received at the Annual general meeting on 7 May 2025 and resolved by the Board of Directors on 15 May, a directed share issue of 13.7 million preference shares. In addition, as a result of the decision for a three-year incentive programme at the company's Annual general meeting in May 2022, warrants were exercised and 18,391 common shares were issued in June. The total number of shares outstanding as of 31 December, after completed issues, amounted to 117 580 794 shares, divided into 61,580,794 common shares and 56,000,000 preference shares. Each common share entitles to one vote and each preference share entitles to one tenth of a vote. The total number of votes in the company, as of 31 December amounts to 67,180,794 votes. Equity at year-end amounted to MSEK 10,710 (9,568), of which preference capital amounted to MSEK 1,792 (1,354) and non-controlling interest to MSEK 39 (128). Long-term net asset value showing long-term net asset value reduced by preference capital and holdings without NP3 volume 1000s/month NP3 closing price/total return OMX Stockholm GI OMX Real Estate GI NP3’s total return compared to Nasdaq Stockholm’s total return index NP3 volume 1,000s/month NP3 closing price Carnegie Fastighetsindex NP3's price development compared to Carnegie Real Estate Index Volume 1000s Closing price, SEK 31/12/202431/01/202528/02/202531/03/202530/04/202531/05/202530/06/202531/07/202531/08/202530/09/2025 31/12/202530/11/202531/10/2025 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 300 250 200 150 100 50 00,00 50,00 100,00 150,00 200,00 250,00 300,00 0,00 200,00 400,00 600,00 800,00 1000,00 1200,00 1400,00 1600,00 1800,00 2000,00 2200,00 2024-12-31 2025-01-31 2025-02-28 2025-03-31 2025-04-30 2025-05-31 2025-06-30 2025-07-31 2025-08-31 2025-09-30 2025-10-31 2025-11-30 2025-12-31 NP3 stängningskurs/totalavkastning vs OMX Stockholm GI & OMX Real Estate GI1) NP3 volym / 1000 NP3 stängningskurs/totalavkastning OMX Stockholm GI OMX Real Estate GI 31/12/202431/01/202528/02/202531/03/202530/04/202531/05/202530/06/202531/07/202531/08/202530/09/2025 31/12/202530/11/202531/10/2025 Volume 1000s Closing price, SEK 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 350 300 250 200 150 100 50 00,00 50,00 100,00 150,00 200,00 250,00 300,00 350,00 0,00 200,00 400,00 600,00 800,00 1000,00 1200,00 1400,00 1600,00 1800,00 2000,00 2200,00 2024-12-31 2025-01-31 2025-02-28 2025-03-31 2025-04-30 2025-05-31 2025-06-30 2025-07-31 2025-08-31 2025-09-30 2025-10-31 2025-11-30 2025-12-31 NP3 stängningskurs vs Carnegie Fastighetsindex NP3 volym / 1000 NP3 stängningskurs Carnegie Fastighetsindex
Page 78
Owner categories, proportion of share capital1), % Basic share information as of 31 Dec. 2025 Marketplace: Nasdaq Stockholm, Large Cap Number of shareholders: 12,951 Common shares Quantity: 61,580,794 Closing price: 259.00 Market value: MSEK 15,949 ISIN: SE0006342333 Preference shares Quantity: 56,000 000 Closing price: 31.20 Market value: MSEK 1,747 ISIN: SE0010820514 SHARES AND SHAREHOLDERS 77 Distribution of profit from property management after current tax Jan-Dec, MSEK 2025 2024 2023 2022 2021 Profit from property management 1,104 879 744 785 661 Current tax -83 -75 -68 -55 -44 Profit from property management after current tax 1,021 804 676 730 617 Dividend 5091) 4322) 3993) 363 310 Distribution in percent of profit from property management after current tax 50% 54% 59% 50% 50% controlling influence amounted to MSEK 10,581 (9,520), which is equivalent to SEK 171.81 per common share (154.64). The share price at the end of the year was 180 percent (190) of equity per common share and 151 percent (162) of the long-term net asset value per common share. The board's proposal for dividend The board of directors proposes a dividend of SEK 6.40/common share (5.20) to be paid on four occasions at SEK 1.60 each and a dividend of SEK 2.00/ preference share (2.00) to be paid on four occasions at SEK 0.50 each. The total proposed dividend amounts to MSEK 509, which is an increase of 18 percent and equivalent to 50 percent of profit from property management after current tax in accordance with the company's dividend policy. Stock price/profit from property management per common share Closing price common share Stock price/profit from property management per common share, rolling 12 months Breakdown by country 1), % SEK x 400 350 300 250 200 150 100 50 0 35 30 25 20 15 10 5 00 5 10 15 20 25 30 35 0 50 100 150 200 250 300 350 400 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 ggrkr 1) At the end of the year, the company has 61,580,794 registered common shares and 56,000,000 registered preference shares. After the balance sheet date, the company has issued 1,250,000 preference shares, resulting in additional dividends of MSEK 2.5, which have been included in the amount above. 2) Of the reported amount, MSEK 27 is related to additional dividends on newly issued common and preference shares. 3) Included a distribution in kind of Class B shares in Fastighetsbolaget Emilshus AB (publ). In addition to the distribution in kind, a cash dividend of SEK 1.50 per common share and a cash dividend of SEK 2.00 per preference share were paid. Of the reported amount, MSEK 8 relate to additional dividends on newly issued common and preference shares. Swedish private individuals 34 (22) Swedish institutional owners 21 (23) Foreign institutional owners 9 (10) Others 36 (45) Sweden 88 (88) USA 3 (3) Denmark 3 (3) Norway 2 (2) Others 4 (4)
Page 79
78 DIRECTORS' REPORT – SHARES AND SHAREHOLDERS Ownership structure Figures in brackets relate to holdings and votes at the beginning of the year. Holdings Number of shareholders Participating interest, % Votes per share, % 1 – 500 8,672 0.8 0.7 501 – 1,000 1,256 0.8 0.5 1,001 – 2,000 1,040 1.3 0.6 2,001 – 5,000 955 2.7 1.0 5,001 – 10,000 457 2.9 1.0 10,001 – 50,000 434 7.7 3.4 50,001 – (incl. unknown size of holdings) 137 83.8 92.8 Total number of shareholders 31/12/20251) 12,951 100.0 100.0 Shareholders as of 31 Dec 2025 1) Number of common shares Number of preference shares Participating interest, % Votes per share, % AB Sagax (Satrap Kapitalförvaltning AB) 13,200,000 4,600,000 15.1 (15.2) 20.3 (20.5) Bäckarvet Holding AB 7,429,863 570,437 6.8 (7.8) 11.1 (11.4) Inga Albertina Holding AB 7,474,263 26,900 6.4 (7.7) 11.1 (11.4) Länsförsäkringar Fondförvaltning AB 377,135 5,921,775 5.4 (3.0) 1.4 (1.0) PPB Holding AB - 4,166,666 3.5 (4.0) 0.6 (0.6) Poularde AB 3,924,507 - 3.3 (4.4) 5.8 (7.0) Fourth AP fund 3,677,706 - 3.1 (2.9) 5.5 (4.6) Danske Invest 1,727,720 1,935,000 3.1 (2.9) 2.9 (2.3) Försäkringsaktiebolaget Avanza Pension - 2,243,000 1.9 (0.0) 0.3 (0.0) Lannebo Fonder 1,689,599 - 1.4 (3.7) 2.5 (2.9) SEB Fonder 1,459,793 194,522 1.4 (1.3) 2.2 (2.1) Handelsbanken Fonder - 1,555,840 1.3 (0.0) 0.2 (0.0) Handelsbanken Liv Försäkring AB 630,674 897,558 1.3 (1.4) 1.1 (1.1) J.A. Göthes AB 1,041,600 416,640 1.2 (1.4) 1.6 (1.6) Vanguard 1,383,528 - 1.2 (1.9) 2.1 (3.0) Erik Selin - 1,287,936 1.1 (0.0) 0.2 (0.0) Ulf Jönsson 23,567 1,262,252 1.1 (0.5) 0.2 (0.2) Bonnier Treasury S.A.R.L 1,221,700 - 1.0 (0.6) 1.8 (0.9) Futur Pension Försäkringsaktiebolag 1,058,075 - 0.9 (1.4) 1.6 (2.3) Swedbank Försäkring - 1,000,000 0.9 (1.0) 0.2 (0.2) Total 20 largest shareholders 46,319,730 26,078,526 61.6 (61.2) 72.8 (73.1) Other shareholders 15,261,064 29,921,474 38.4 (38.8) 27.2 (27.0) Total number of shares 61,580,794 56,000,000 100.0 100.0 1) Source: Compiled and processed data from Monitor by Modular Finance AB.
Page 80
79DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT Articles of association The company’s name is NP3 Fastigheter AB (publ). The company's Board of Directors shall have its registered office in Sundsvall. The object of the company’s business is to - directly or indirectly through wholly- or partly-owned companies or through procured services - own, develop and manage real estate and pursue other activities consistent with this, including the provision of services. The company’s properties are mainly located in North Sweden. Changes to the articles of association are made in accordance with the regulations in the Swedish Companies Act. The articles of association, which furthermore contain information such as share capital, number of board members and auditors as well as regulations on notice of and agenda for the annual general meeting, can be found in their entirety on the company’s homepage, www.np3fastigheter.se. Swedish Corporate Governance Code Swedish Corporate Governance Code (Code) is applicable to all companies whose shares are admitted for trading on Nasdaq Stockholm. The code is administered by the Swedish Corporate Governance Board and is available at www.bolagsstyrning.se. Companies are not required to follow all of the code’s rules if there are grounds for not doing so and these can be explained. The board has decided not to set up a separate remuneration committee. Instead, the full board shall carry out the tasks such a committee would have. The board believes that in all other respects, the company follows the code. Shares and shareholders NP3’s shares are registered for trading on Nasdaq Stockholm, Large Cap. At year-end, the total number of shares amounted to 117,580,794, of which 61,580,794 were common shares and 56,000,000 preference shares. Every common share has one (1) vote and every preference share has a tenth (1/10) of a vote, which means that the number of votes amounts to 67,180,794 votes in total. As of the balance sheet date, the company had about 13,000 shareholders. Of the total share capital, 12 percent was owned by foreign investors. Of the total number of shareholders, 96 percent were natural persons whose holdings amounted to 34 percent of the total share capital. The remaining 4 percent of owners were mainly Swedish and foreign institutional owners and legal persons whose holdings amounted to 66 percent of the share capital. NP3 has no directly registered shareholder with holdings exceeding 10 percent. The share capital amounts to SEK 411,532,779, the shares have a P/B ratio of SEK 3.50 each. Every voting shareholder is entitled to vote for the full number of shares owned and represented by him/her at the company general meeting. Preference shares entail preferential rights ahead of the common shares for SEK 2.00 annual dividend per preference share with quarterly payout of SEK 0.50 per preference share. If no dividend has been paid on preference shares in conjunction with a record day, or if dividend of less than 0.50 SEK has been paid, the preference shares, provided that the company general meeting decides on distribution of profit, bring the right to additionally to future preference dividends receive External regulations • Swedish Companies Act • Swedish Annual Accounts Act • Nasdaq Stockholm’s Rules and Regulations for issuers • Swedish Corporate Governance Code • IFRS standard Important internal regulations • Articles of association • Workplan for the board and CEO-instruction • Authorised signatory and authorisation arrangement • Information and IR policy, insider policy, sustainability policy, policy for business ethics, financial policy, valuation policy and IT-policy. • Processes for internal control and risk management Shareholders External auditNominating committee Internal control and risk management Audit committee CEO & management group Board of directors Annual general meeting Corporate governance report Corporate governance comprises various decision-making systems, through which the owners directly or indirectly govern the company. Governance, management and control of the company are shared between the board, CEO and other individuals in the company’s management. Corporate governance is the framework that manages division of responsibility and reporting and sets out how risks in the operations are limited. Governance is based on external and internal regulations, which are subject to continuous development, change and improvement.
Page 81
80 DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT an amount corresponding to the difference between what should have been paid out and the amount paid out (“amount outstanding”) before dividend on the common shares or other transfer of value according to chap. 17 § 1 Swedish Companies Act is paid out to holders of common shares. Amounts outstanding shall be projected by an annual interest rate of ten percent, whereby projection shall take place starting with the quarterly date when payout has fallen below SEK 0.50. The company general meeting at NP3 has the unilateral right, but no obligation, to redeem preference shares for SEK 35.00 per share, with addition for any amounts outstanding. If the company is dissolved, the preference shares shall carry a preferential right to receive from the company’s equity an amount per share calculated as the sum of SEK 30.00 and any amounts outstanding before distribution takes place between the common shares (for more information see Articles of association, which can be found on the company’s homepage). Preference shares shall otherwise not carry any right to participate in the distributions. There have been no own holdings of repurchased shares. Staff hold 446,979 warrants, which is equivalent to 0.7 percent of the number of common shares outstanding in the company as of 31 December 2025. There are no further warrants, convertibles or equivalent securities that can lead to additional shares in the company. Company general meeting The company’s highest decision-making body is the annual general meeting (ordinary general meeting), which is held in Sundsvall during the first six months of the year after the end of the financial year. Together with any extraordinary general meetings, the meeting provides shareholders with the opportunity to govern via their decision-making rights. At the annual general meeting the board and chairman of the board are appointed, and principles determined for both the nominating committee as well as for remuneration to senior executives. The meeting also appoints auditors for auditing the group’s accounts and decides on changes in the articles of association and change in the share capital, among other things. In order to be able to participate in decisions, shareholders need to attend the meeting, either in person or through a representative. However, the board can decide that shareholders can exercise their voting rights at the general meeting by means of postal vote ahead of the general meeting in accordance with chapter 7 4 a § Swedish Companies Act. It is further required that the shareholder is registered in the share register at a specific date before the meeting and that the company has been notified of attendance in a certain order. Decisions at the general meeting are normally made by a simple majority. However, in certain matters, the Swedish Companies Act prescribes that proposals shall be approved by a majority of the shares represented at the meeting and votes submitted. Annual general meeting 2025 The last Annual general meeting took place on 7 May 2025 in Sundsvall. At the time of the Annual general meeting, the total number of shares was 103,862,403 and the number of votes 65,792,403. At the meeting, 59,814,474 shares and 50,105,937 votes were represented, equivalent to 57.6 percent of the total number of shares and 76.2 percent of the total number of votes. The Annual general meeting adopted the accounting records for 2024 and discharged the board and CEO from liability for the administration for the year 2024. The following decisions were taken at the Annual general meeting on 7 May: ∞ Dividend of SEK 5.20 per common share for the 2025 financial year, to be paid on four separate occasions at SEK 1.30 each. The Annual general meeting further decided on a dividend to shareholders of SEK 2.00 per preference share with quarterly payment of SEK 0.50 per preference share. • Remuneration to the chairman of the board shall be paid at SEK 425,000 and to other board members at SEK 225,000 each. Remuneration to the chairman of the audit committee shall be paid in the amount of SEK 150,000 and to the other members in the amount of SEK 140,000 each. • That the board shall consist of five board members and no alternate. • Re-election of board members Åsa Bergström, Nils Styf, Mia Bäckvall Juhlin, Anders Palmgren and Hans-Olov Blom for the period until the end of the next Annual general meeting. The board also decided to reelect Nils Styf as Chairman of the board. • KPMG AB chosen as audit firm up to the end of the next Annual general meeting where KPMG had announced that the authorised public accountant Peter Dahllöf continues as auditor in charge. • To approve the remuneration report for the 2024 financial year. • Introduction of incentive programme 2025/2028 by means of an issue of maximum 170,000 warrants of series 2025/2028, with the maximum number of common shares to be added estimated to amount to maximum 170,000, equivalent to approximately 0.3 percent of the total number of common shares in the company, subject to full subscription and full utilisation of all warrants. • Mandate for the board to up to the next Annual general meeting to decide on a new share issue for a total subscription settlement volume of 6,100,000 common shares and 15,000,000 preference shares in order to be able to continuously adjust the company’s capital requirements and thus allow it to contribute to a higher shareholder value, and to be able to offer shares to investors in connection with any property or company acquisitions. • Authorising the CEO to make minor adjustments to the Annual general meeting’s decisions. • Minutes from the Annual general meeting on 7 May 2025 are available on the company’s homepage, www.np3fastigheter.se. Nominating committee ahead of the Annual general meeting 2026 At NP3’s annual general meeting on 7 May 2025, it was decided that the nominating committee ahead of the Annual general meeting 2026 shall consist of the chairman of the board and one representative for each of the three largest owner-registered shareholders as of the last banking day in August before the Annual general meeting. In accordance with the decision, the three largest shareholders based on ownership as of the last banking day in August 2025 have been offered a place on NP3’s nominating committee. One of the three largest shareholders in terms of voting rights has chosen not to exercise its right to appoint a member and in accordance with the nominating committee instructions, the right to appoint a member has therefore been transferred to the next largest shareholder in terms of voting rights and the
Page 82
Annual general meeting 2026 Ahead of the annual general meeting on 6 May 2026, the board proposes; • a dividend of SEK 6.40/common share to be paid on four occasions at SEK 1.60 each and a dividend of SEK 2.00/preference share to be paid on four occasions at SEK 0.50 each. • that remuneration to the CEO shall consist of fixed salary, variable salary of maximum 25 percent of the total fixed salary, share-based incentive programmes and other benefits plus pension. Remuneration to other senior management shall consist of fixed salary, variable performance-based salary of maximum two monthly salaries, share-based incentive programmes and other benefits plus pension. • that the annual general meeting authorise the board to, up to the next Annual general meeting, on one or several occasions, with or without deviation from the shareholders’ preferential rights, against payment in cash or through set-off or capital contributed in kind, decide on increasing the company’s share capital by means of a new issue of common shares and/or pref - erence shares. The authorization may not be used to a greater extent than that a total of 6,100,000 common shares and 15,000,000 preference shares are issued. • that the Annual general meeting decides to introduce an incentive programme 2026/2029 through a) issue of warrants to the subsidiary NP3 Förvaltning AB and b) approval of the transfer of warrants to employees of the company or its subsidiaries. Before the annual general meeting, the nomi- nating committee proposes: • re-election of board members Åsa Bergström, Mia Bäckvall Juhlin, Hans-Olov Blom, Anders Palmgren and Nils Styf and election of Urban Sjölund as new member. The nominating committee proposes Nils Styf be reelected chairman of the board. • that remuneration to board members is paid as follows: - chairman of the board: SEK 500,000, - each of the other board members: SEK 250,000 - remuneration to the audit committee shall be paid at SEK 160,000 to the chairman of the audit commit - tee and SEK 150,000 to other members of the audit committee. The proposed total remuneration to the members of the board, including remuneration for committee work, thus amounts to SEK 2,210,000 (1,755,000), assuming that the board consists of six members and the audit com - mittee of one chairman and two members as before. • that the number of board members elected at the company general meeting shall be 6 (5). • in accordance with the audit committee’s recommen - dation, for the time up to the end of the next annual general meeting, re-election of the authorised audit firm KPMG AB as the company’s auditor, with Peter Dahllöf being the auditor in charge of the audit. • that the meeting decides that the new nominating committee be appointed ahead of the 2027 Annual general meeting according to unchanged principles. 81 following nominating committee has been formed: • AB Sagax has appointed David Mindus, CEO AB Sagax, • Bäckarvet Holding AB has appointed Åse Bäckvall, board member Bäckarvet Holding AB, • Länsförsäkringar Fondförvaltning AB has appointed Johannes Wingborg, responsible as owner, Länsförsäkringar Fondförvaltning, • Nils Styf, chairman of the board for NP3. David Mindus has been appointed chairman of the nominating committee by the nominating committee. The nominating committee shall prepare and submit to the company general meeting proposals for chairman for the meeting, board members, chairman of the board, board fee to each of the board members and chairman of the board and other remuneration for board assignments, fee to the auditor and, if applicable, proposal for choice of auditor. The nominating committee shall further prepare and submit a proposal to the company general meeting for principles for the composition of the nominating committee. The composition of the nominating committee shall be announced no later than six months before the annual general meeting. The nominating committee's term of office lasts until a new nominating committee has been appointed. The chairman in the nominating committee shall, unless the members agree otherwise, be the member who represents the largest shareholder by number of votes. The nominating committee’s work is carried out in accordance with the instructions that have been adopted and, as far as applicable, in line with the Code. The nominating committee applies the code’s regulations regarding the composition of the board and as diversity policy is to apply rule 4.1. in the code when preparing their proposal for election of board members. Board of directors The shareholders appoint the board of directors at the annual general meeting. According to the articles of association, the board shall consist of no less than 3 and no more than 13 members. No alternates shall be appointed. During 2025, the board consisted of five ordinary members with Nils Styf as chairman. The board works according to a formal workplan and the work is regulated by, among other things, the Swedish Companies Act, articles of association and Swedish Corporate Governance Code. The rules of the Swedish Companies Act apply to decisions in the board, meaning that both more than half of members present and more than a third of the total number of members must vote for the decision. If the vote is tied, the chairman has the casting vote. The long-term and strategic decisions for NP3 are made jointly by the board and management. The company’s CEO Andreas Wahlén attends board meetings but is not included in the board. Remuneration is paid for board work as well as for members in the audit committee. Board members are not entitled to severance pay. Responsibility of the board According to the Swedish Companies Act and the board’s formal work plan, the board’s overall role is to on behalf of the owners manage the company’s affairs in such a way that the interests of all owners are met in the best possible way. The board has ultimate responsibility for the operations. Against this background, the board is responsible for achieving set targets and strategies regarding the company’s operations. The board is further responsible for the company’s business focus being subject to continuous review and that major changes in the business focus are discussed by the board. The responsibilities of the board include handling the company’s organisation, among with appointing, assessing and, if required, dismissing the CEO and to determine salary and other remuneration for the same. The board determines the budget, business objective and strategies for the company’s operations as well as makes decisions concerning acquisitions, investments and sales or restructuring of the property portfolio. CORPORATE GOVERNANCE REPORT
Page 83
82 DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT JAN I FEB | M ARCH APRIL | MAY | JUNE JULY | AUG | SEPT OCT | NOV | DEC Q1 Q2 Q4 Q3 • Interim report July - September • The board adopts the business plan including budget for the coming year • Assessment of the CEO’s work • Assessment of the board’s work • Assessment of requirement for internal audit • Financial statement for last year • Proposal to deal with the profit • Remuneration issues to CEO and management • Interim report April - June • Nominating committee appointed • Annual report is published • Interim report January - March • Annual general meeting and board meeting following election • The board’s strategy meeting • Annual review of policies The work of the board during the year In addition to the points above, work on acquisitions and growth is ongoing all throughout the year . The board’s formal workplan Every year, the board determines a formal workplan for the board work. The formal work plan sets out the board’s responsibilities and division of responsibility between the board and CEO. The formal work plan also sets out which affairs are to be discussed at the respective board meeting, and instructions regarding economic reporting to the board. The formal work plan also stipulates that the board shall have an audit committee. The full board makes up the remuneration committee. At each of the ordinary board meetings, issues of significant importance to the company such as acquisitions and divestments of properties as well as funding are discussed. Furthermore, the board is informed of the state of the market the rental and property market. Meetings in connection with the company’s reporting discuss market value of the company’s properties and determine the profit/loss for the period or year, and financial position. Before the annual general meeting, the board submits a proposal for disposition of earnings. At the meeting following election the board shall, among other things, determine the company’s signatory and appoint the audit committee and remuneration committee. Chairman of the board The chairman of the board shall have special responsibility in the board for the board’s work to be well-organised and run efficiently and that the board completes its duties. The chairman shall be in continuous contact with and act as a discussion partner and support for the company’s CEO. The work of the board during 2025 NP3's board work during the year was characterized by the growth that the company is undergoing, which has entailed a number of acquisition discussions and decisions on acquisitions and decisions on project investments. The company's growth also means that financing issues and access to capital are important areas of discussion in the work of the board. According to the current formal workplan, the board shall hold at least six ordinary board meetings per year and an additional meeting following election. During 2025 the board held 17 board meetings, of which one meeting following election. Of these, five were team meetings, seven per capsulam and five were physical meetings. During 2025, the board carried out an internal evaluation of its work. Remuneration committee The board has decided not to set up a special remuneration committee, but the board as a whole shall instead carry out the duties such a committee shall have according to the code. With regard to remuneration matters, this means that the board shall: • Prepare decisions in matters of remuneration principles, remunerations and other employment terms for company management. • Follow and evaluate ongoing programmes and those completed during the year for variable remuneration to company management. • Follow and evaluate the application of the guidelines for remuneration to senior executives that the annual general meeting has decided on, and with regard to remuneration structures and remuneration levels in the company. Audit committee The board’s audit committee is appointed by the board once annually. Included in the audit committee for 2025 were board members Åsa Bergström, Nils Styf and Anders Palmgren. Åsa Bergström has been the chairman of the audit committee. The audit committee shall perform the duties stated in chap. 8 § 49 b of the Swedish Companies Act, which among other things involve:
Page 84
83DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT • Overseeing the company’s financial reporting. • Overseeing the efficiency in the company’s internal control, internal audit and risk management, with regard to financial reporting. • Keeping up-to-date with the audit of the annual report and consolidated accounts. • Examining and overseeing the auditors’ impartiality and independence and thereby pay special attention to whether the auditor provides other services to the company than auditing services. • Assist in preparing proposals for the company general meeting’s decision on choice of auditor. In addition, the audit committee shall prepare the board’s decision in the aforementioned matters. Minutes are kept of the audit committee’s meetings and the committee reports to the board. The audit committee’s board members shall be appointed with special attention to competency and experience in accounting and auditing of listed companies. The majority of the committee’s members shall be independent in relation to the company and company management. At least one of the members who is independent in relation to the company and company management shall also be independent in relation to the company’s major owners. The committee’s members must not be employees of the company. The audit committee also supports company management in accounting matters. CEO The CEO is responsible for the company’s ongoing management in accordance with the rules in the Swedish Companies Act and instructions for the CEO and for the financial reporting the board has adopted. According to the instruction, the CEO is responsible for the company’s accounting and management of funds. The CEO shall further prepare delegation regulations for various officeholders in the company and employ, dismiss or set down terms and conditions for the company’s staff. A mutual period of notice of 12 months applies to the CEO. There is no arrangement for severance pay with the CEO. Management The composition of the management team until the end of September 2025 consisted of the CEO, CFO and COO. In the autumn of 2025, the company hired a sustainability manager who, together with the company's Financial Manager, has been included in the company's management team as of 1 October. Every person in the management group has their own areas of responsibility. In management team meetings the overall strategy and operational issues are discussed. During the year, the management team has focused on the company’s growth, risks, supply of capital and sustainability initiatives. Focus has also been placed on risks linked to the uncertain international situation with unrest and conflicts in the outside world. The CEO is the sole board member of all wholly-owned subsidiaries. The company's CFO, COO, CSO and Financial Manager are subject to a six-month mutual period of notice. No agreement on severance pay is in place for the company's senior executives. Guidelines for remuneration to senior executives Guidelines for remuneration to senior executives apply to the members of the company's management team, which consists of the CEO, CFO, COO, CSO and Financial Manager. The guidelines shall be applied to remuneration that is contracted and changes that are made to remuneration already contracted, after the guidelines have been adopted. The guidelines adopted at the company's Annual general meeting on 7 May 2025 apply until the Annual general meeting resolves to adopt new guidelines. The guidelines do not cover remuneration decided by the company general meeting. The guidelines’ advancement of the company’s business strategy, long-term interests and sustainability. The company’s business strategy in short is to create value in the property portfolio by means of local presence, creativity and good business acumen, and thus create conditions for continued good expansion and high reputation. The board is of the opinion that successful implementation of the company’s business strategy and safeguarding the company’s long-term interests, including its sustainability, requires the company to recruit and keep senior executives with the expertise and capacity to achieve set targets. This requires the company to offer competitive remuneration to motivate senior executives to do their utmost. These guidelines allow senior executives to be offered competitive total remuneration. The company has set up long-term, share- based incentive programmes. These have been decided by the general meeting and are thus not covered by these guidelines. Variable cash remuneration covered by these guidelines shall aim to advance the company’s business strategy and long-term interests, including its sustainability. Forms of remuneration Remuneration shall be in line with market conditions and may consist of the following components: fixed cash salary, variable cash remuneration, pension benefits and other benefits. Meeting the criteria for payment of variable cash remuneration must be measurable during a period of one or several years. The variable cash remuneration may amount to max 25 percent of the total fixed cash salary during the measuring period for such criteria. The variable cash remuneration shall be linked to predetermined and measurable criteria, which may be financial or non-financial. These can also consist of personalised quantitative or qualitative targets. The criteria shall be designed so that they advance the company’s business strategy and long-term interests, including its sustainability, such as by being linked to the business strategy or being designed so that a higher level of mutual interest is achieved between senior executives and the company’s shareholders. When the measuring period for meeting the criteria for a payment of variable cash remuneration is completed, it shall be assessed/ determined to what extent the criteria have been met. The board is responsible for the assessment as far as variable cash remuneration to the CEO is concerned. With regard to variable cash remuneration to other senior executives, the CEO is responsible for the assessment. As far as financial targets go, the assessment shall be based on the financial information most recently published by the company.
Page 85
84 DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT For the CEO, pension benefits including health insurance, shall be defined contribution plans. Variable cash remuneration shall not be pensionable. Pension contributions for defined contribution pension plans shall amount to max 30 percent of the fixed annual cash salary, but not more than 10 basic amounts. Four other senior executives pension benefits including health insurance shall be defined contribution plans, unless the office holder is covered by a defined contribution pension plan according to mandatory collective agreement provisions. Variable cash remuneration shall be pensionable to the extent that follows from mandatory collective agreement provisions that are applicable to the office holder. Pension contributions for defined contribution pension plans shall amount to max 30 percent of the fixed annual cash salary, but not more than 10 basic amounts. Other benefits may include life insurance, healthcare insurance and car benefits. Such benefits may amount to max 15 percent in total of the fixed annual cash salary. The company has a profit-sharing trust, which covers all employees except for the CEO. The provision for the profit- sharing trust is based on the company’s annually set and achieved targets and must not exceed SEK 36,000 per year and employee. For 2025, the foundation had six targets, two of which are sustainability-related targets. For the year, four out of six targets have been met. The sustainability-related targets have been met for the year. Termination of employment When notice of termination is given by the company, the period of notice can be maximum 12 months. Fixed cash salary during the period of notice and severance pay must together not exceed an amount equivalent to the fixed cash salary for one year. When notice of termination is given by the senior executive, the period of notice can be maximum six months, without the right to severance pay. In addition to this, remuneration for committing to restriction on competition may also be paid. Such remuneration shall compensate for any loss of income and shall only be a paid to the extent that the previous senior executive has no right to severance pay. The remuneration shall amount to maximum 60 percent of the fixed cash salary at the time of notice of termination, unless otherwise set out in mandatory collective agreement provisions, and be paid during the time the commitment to restriction on competition applies, which shall be maximum twelve months after employment ends. Consideration of current salary and employment terms for employees When preparing the board’s proposal for its remuneration guidelines, current salary and employment terms for the company’s employees have been considered by information about employees’ total remuneration, the components of the remuneration and the increase and rate of increase of the remuneration over time having constituted part of the board’s decision basis when assessing the adequacy of the guidelines and the restrictions that follow from these. The development of the difference between senior executives’ remuneration and other employees’ remuneration will be disclosed in the remuneration report before the next annual general meeting. The decision-making progress to determine, review and implement the guidelines The board in full performs the compensation-related tasks that are typically the duty of a remuneration committee. These tasks include preparing proposals for guidelines for remuneration to senior executives. The board shall prepare proposals for new guidelines when the need arises for significant changes and submit the proposal to the annual general meeting to decide on, but at least every four years. The guidelines shall apply until new guidelines have been adopted by the general meeting. The board shall also follow and evaluate programmes for variable remuneration to company management, the application of guidelines for remuneration to senior executives and applicable remuneration structures and remuneration levels in the company. In order to avoid conflicts of interest, board members involved in discussing and making decisions concerning remuneration to senior executives shall be independent in relation to the company and company management. When the board discusses and makes decisions in issues relating to remuneration, the CEO or other individuals in company management shall not be present if they are affected by those issues. When preparing issues relating to remuneration, external consultation shall be used when assessed as necessary. In case the board decides to set up a remuneration committee, what is said in these guidelines about the board in its capacity as the company’s remuneration committee shall apply to the remuneration committee. Departure from the guidelines The board may decide to temporarily depart from the guidelines in full or in part, if in individual cases there are special reasons for this and departure is necessary to safeguard the company’s long-term interests, including its sustainability, or in order to ensure the company’s financial viability. If such departure takes place, it shall be disclosed in the remuneration report ahead of the next Annual general meeting. Description of significant changes in the guidelines and remuneration report 2025 Ahead of the Annual general meeting in May 2025, the company conducted a new review of the guidelines, which are essentially in line with the guidelines adopted by the 2020 Annual general meeting. Chap. 8, § 53b Swedish Companies Act sets out that the board shall prepare a remuneration report. The remuneration report shall cover the remuneration governed by the guidelines adopted at the meeting. The remuneration report for 2025 for remuneration to senior executives will be presented at the Annual general meeting in May 2026 and will also be available on the company's website, www.np3fastigheter.se. For the guidelines that applied during 2025, see also note 6. Auditing The auditor shall examine the company’s annual report and accounting records as well as the board’s and CEO’s management. The auditor is appointed by the meeting. The 2025 meeting decided, in accordance with the nominating committee’s proposal, to re-elect for the time up to the end
Page 86
85DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT of the next annual general meeting the authorised audit firm KPMG AB as the company’s auditor, where authorised public accountant Peter Dahllöf has continued as auditor in charge. Internal control According to the Swedish Companies Act, the board is responsible for internal control and governance of the company. In order to maintain and develop a well-functioning control environment, the board has arranged a number of fundamental documents of significance to financial reporting. These include the board’s formal workplan and the instructions for the CEO and economic reporting, Insider Policy, IR and information policy as well as finance policy. In addition to this, a functioning control environment also requires a developed structure with continuous review. The responsibility for the day-to-day work of maintaining the control environment primarily falls on the CEO. The CEO regularly reports to the board and submits, in addition to interim reports, economic and financial reports about the operations to the board on a continuous basis all throughout the year. A fundamental element in designing the internal control is being aware of the risk for errors that can arise in the financial reporting and, based on these errors, adjust the processes and organisation. The internal control is designed so that control activities are routinely carried out with the purpose of preventing, identifying and correcting errors and deviations. These controls take place on several levels in the company. On an operational level they include reviewing and accepting supplier invoices, as well as ongoing analysis of the economic result on a property level. Review and follow-up by property and business area with the business managers in charge of operations takes place continuously during the year. On an overall group level, other types of controls are carried out such as analysing key ratios, reconciling completed transactions and so on. The company deals with most of the day-to-day financial management in-house as part of its own accounting function. The company sees great advantages in having its own accounting function, which provides proximity to the figures and thus better control, greater commitment and cost efficiency. The development of the accounting department is ongoing and the final accounts process follows designed checklists and timetables to ensure that all formal reconciliations and updates are carried out. Procedures and manuals with appropriate items are established for internal control. Preparation of consolidated accounts and financial reports is carried out by the company's central finance function. When preparing the quarterly financial report, the review and analysis is focused on the most essential income statement items and balance sheet items. The income statement items include rental income and property costs but also interest expenses, which make up a significant item as well as changes in value which to a high degree depend on assessments. In the balance sheet, the focus is on reviewing and analysing properties, deferred tax and interest-bearing liabilities as well as on acquisitions of properties being correctly reported. Built-in checks between different reports and systems are continuously developed and improved. The company’s auditors examine the financial reporting twice a year. Their observations and assessments are then reported to the audit committee. The board always reviews interim reports, the year-end report and annual accounts before publication. Policy documents The board renewed or revised the below policies during 2025: Financial policy The financial policy sets out guidelines and rules for how to run the funding activities. The aim is to clarify governance, risk limitation, division of responsibility and follow-up and oversight of fund management. Valuation policy The company assesses its properties at fair value. The valuation policy sets out guidelines for how the valuation process shall work and at what intervals the internal valuations shall be verified with valuations obtained externally. Information and IR policy The information policy sets out guidelines and rules in order to ensure that the company’s dissemination of information to players in the stock market is fast, concurrent, correct, relevant and reliable. Information about the company is provided mainly in the form of press releases and financial statements. Insider policy The insider policy shall act as guidance for persons who are regarded as having insider information in the company. The insider policy supplements current insider legislation. Sustainability policy The purpose of the sustainability policy is to ensure that the company is a respected employer and a reliable business partner for customers and suppliers, and thus also helps to maintain a high level of confidence in the company. The policy is based on the environmental, social conditions/staff and human rights reporting requirements, as well as anti- corruption reporting requirements set out in the Swedish Annual Accounts Act. It is also based on the UN’s Global Compact principles. Tax policy NP3’s tax policy aims to summarise how the company, partly through its own actions, partly by taking a standpoint with regard to stakeholders’ actions, contributes to ensuring effective financing of society through public taxes and fees. Fundamental for the own tax management is that it shall be cost-effective and follow ethics and legal rules. In addition to the above-mentioned policy documents, the Board of directors has also decided on an updated code of conduct. The company's other policies and guidelines have been delegated to the company's management team to decide on.
Page 87
ÅSA BERGSTRÖM Board member since 2016. Born 1964. Master of Science in Business and Economics, Uppsala University. Other commitments: CFO and Deputy CEO in Fabege AB, as well as deputy board member in all wholly-owned subsidiaries in the Fabege Group. Chairman of the Board of Svensk Fastighetsfinansiering AB (publ) and Board member of John Mattson Fastighetsföretagen AB . Background: Senior manager KPMG, finance manager positions in several real estate companies. MIA BÄCKVALL JUHLIN Board member since 2019. Born 1974. Registered Psychologist and registered Psychotherapist, Lund University. Other commitments: Board member of Inga Albertina Holding AB, Poularde AB, Norrlands- pojkarna AB, Hernö Gin AB, among others. Background: Partner in Poularde AB who have been active owners in NP3 Fastigheter AB since the start of the company. NILS STYF Chairman of the board since 2021. Board member since 2019. Born 1976. Master of Science in Business and Economics, Stockholm School of Economics. Other commitments: CEO in Hemsö Fastighets AB. Board member in all wholly- or partly-owned subsidiaries of Hemsö Fastighets AB. Board member in Mattssons Fastighetsutveckling i Stockholm AB. Background: Various positions in real estate companies, private equity and investment banker in London and Stockholm with a focus on the hotel and real estate sector. ANDERS PALMGREN Board member since 2024. Born 1959. Educated at Lund University, LL.M. Other commitments: Senior adviser Rothschild & Co. Board member in Teal Capital AB and Storebrand Real Estate A/S Fieldly AB. Background: Various roles in the real estate industry, mainly advising on transactions and corporate finance and private equity. HANS-OLOV BLOM Board member since 2022. Born 1966. Educated at the Swedish Defence University (FHS). Other commitments: Board member in Ramudden Global AB. Background: Former officer in the army. Contractor and partner in a number of different companies. Has been involved since 2005 and pushed Ramudden to become one of the world’s largest company groups in the segment safety in environments with vehicle traffic. Board of directors 86 DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT
Page 88
Board of directors DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT 87 Independent in relation to Participation in total number of meetings Shareholdings as of 31/12/2025 Member Elected Re- signed Major shareholders The company Board meetings Audit committee meetings Fee, SEK Number of common shares Number of preference shares Åsa Bergström 2016 - Yes Yes 17/17 4/4 375 11,000 700 Hans-Olov Blom 2022 - Yes Yes 17/17 225 30,366 1) - Mia Bäckvall Juhlin 2019 - No Yes 17/17 225 7,474,2631) 26,900 1) Anders Nilsson 2010 2025 Yes Yes 2/17 - 154,500 1) - Anders Palmgren 2024 - Yes Yes 17/17 4/4 365 8,1601) - Nils Styf (chrm.) 2019 - Yes Yes 17/17 4/4 565 59,000 10,000 1) Owns shares through companies. Statement by the chairman A year that once again demonstrated the strength of the business model When I wrote these words at this same time last year, the outside world was characterized by uncertainty and rapid change. At the same time, NP3 had strengthened its capital structure in 2024 and demonstrated good cash flow growth. In many respects, we find ourselves in a similar situation today. As I now reflect on 2025, I can see that the outside world has continued to be characterized by uncertainty, but also by tariffs, geopolitical crises and wars. Despite a challenging environment, the year has once again demonstrated the strength of NP3's business model. During the year, profit from property management per common share increased by 20 percent, while the balance sheet was strengthened through a lower loan-to-value ratio and improved cash flow leverage in the form of a lower net debt to EBITDA ratio. From a slightly longer perspective, despite a period of high interest rates, the average annual growth in profit from property management per common share over the past five years has amounted to 12 percent. Focus on balance sheet and long-term cash flow growth The work of the board and management during the year has had a clear focus on the balance sheet and financial risk management, but also on taking advantage of investment opportunities in our prioritized business areas. After the sharp rise in interest rates in recent years, it has been crucial to ensure a stable capital structure and good access to funding for continued profitable growth. Through active work on the balance sheet and the development of the property portfolio, the company is well prepared for the coming years. The real estate market is at a stage where conditions are gradually stabilizing, while external factors can quickly change conditions. In such a situation, it is crucial to stick to a clear strategy, maintain financial discipline and continue to focus on NP3's strengths and what we can influence. A business model built for long-term value creation NP3's strength lies in the combination of a robust business model with a focus on cash flow and a strong corporate culture. Entrepreneurship, taking local responsibility and simplicity in decision-making have long been cornerstones of the company and continue to be central to our development. One of the board's most important tasks is to ensure that these strengths are protected and developed over time. The business model is fundamentally simple – to own, develop and manage high-yielding commercial properties in strong regional markets – but it is implemented with clarity and consistency over time, creating long-term value. With this stable foundation, I am convinced that NP3 has good prospects to continue developing in the long term together with our tenants, employees and owners. I would like to extend a warm thank you to our shareholders for your continued trust. Nils Styf Chairman of the Board
Page 89
ANNA WIRTÉN Head of accounting since 2015. Born 1976. Shareholdings in the company: 1,810 common shares and 10,716 warrants. ANDREAS WAHLÉN CEO since 2008. Born 1980. Studies in economics with a focus on auditing and financing, Mid Sweden University. Other commitments: Board member in Jonels AB and Kinema AB. Background: CEO of Norrlandspojkarna Fastighets AB and the construction company Tre Jonsson Bygg AB. Shareholdings in the company: 307,000 common shares, 200,000 preference shares (privately and via company) and 37,114 warrants. FREDRIK KARLSTEDT Business Manager Mitt since 2024. Born 1971. Shareholdings in the company: 3,502 warrants. ELIN NORDLANDER Chief Sustainability Officer (CSO) since 2025. Born 1989. Background: Many years of experience in banking and finance with a focus on both social and environmental sustainability. Most recently held the position of Sustainability Strategist. Shareholdings in the company: 1,477 warrants. Management NP3's management team consisted of five people at the end of the year. The company's Chief Sustainability Officer and Financial Manager were included in the management team as of 1 October. Management is responsible for developing and managing the company in accordance with the strategy decided on. In addition to the management group, there are four other senior operations executives. Shareholdings as of 31 Dec. 2025 Other senior executives 88 DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT
Page 90
HÅKAN WALLIN Chief Financial Officer (CFO) since 2018. Born 1962. Master of Business Administration at Stockholm University and Certified European Financial Analyst (CEFA) at Stockholm School of Economics. Other commitments: Board member in Cibola Hospitality Group AB and HWA Advisory & Capital AB, and member of Östersjöstiftelsen’s (The Foundation for Baltic and East European Studies) investment committee. Background: Several years experience in financing, capital markets and accounting. Previous positions: head of business development at Medivir AB, partner at the investment bank ABG Sundal Collier and Senior positions at the accounting firms Arthur Andersen and Ernst & Young. Shareholdings in the company: 34,348 common shares and 15,979 warrants. MARIA PARINGER Business Manager North since 2018. Born 1974. Shareholdings in the company: 2,091 common shares and 9,809 warrants. DIRECTORS’ REPORT – CORPORATE GOVERNANCE REPORT 89 MATTIAS LYXELL Chief Operating Officer (COO) since 2023. Head of property management 2018-2023. Born 1969. Other commitments: CEO and board member of Fastighets AB Jämtjägaren. Background: Several years experience of real estate, mainly in the segments operation, property management and construction projects. In previous positions worked with property optimisation in major operating and real estate companies. Shareholdings in the company: 7,882 common shares, 100 preference shares and 10,935 warrants. JENS LENNEFELDT Business Manager South since 2020. Business manager, Gävle 2017-2020. Born 1984. Shareholdings in the company: 12,160 common shares, 50 preference shares and 10,587 warrants . MARKUS HÄGGBERG Financial Manager since 2020. Born 1972. Background: Master of Science in Business and Economics. Several years of experience in auditing and audit-related consult- ing at PwC. Has subsequently worked within SCA in several different roles, including Head of Accounting, SCA Skog, Head of SCA's Business Services and responsible for tax issues within the group. Shareholdings in the company: 4,599 common shares, 2,500 prefer - ence shares and 12,925 warrants.
Page 91
90 FINANCIAL REPORTS
Page 92
FINANCIAL REPORTS 91 Roundings in the annual report can result in columns and rows not adding up. Group Consolidated statement of comprehensive income 92 Consolidated statement of financial position 94 Consolidated changes in equity 95 Consolidated statement of cash flows 96 Parent company Income statement 98 Balance sheet 98 Change in equity 99 Cash flow statement 100 Notes and accounting policies 101 Proposed disposition of earnings 118 Signing of Annual report 120 Auditor's report 121 Reconciliation of key ratios 126 Definitions 127 Financial reports
Page 93
92 FINANCIAL REPORTS Consolidated statement of comprehensive income – group Amounts in MSEK Note 2025 2024 Rental income 2, 3 2,274 1,992 Property costs 4 -484 -440 Property tax 4 -64 -48 Net operating income 1,725 1,503 Central administration 5, 6 -91 -78 Result from associated companies and joint ventures 7 50 13 - of which profit from property management 42 37 - of which changes in value of properties 23 -10 - of which tax -15 -14 Financial income 8 10 15 Financial expenses 9 -582 -599 Profit/loss after financial items 1,112 854 - of which Profit from property management 1,104 879 Changes in value of properties 10 528 323 Changes in value of financial instruments 11 -22 13 Profit before tax 1,617 1,191 Current tax 12 -83 -75 Deferred tax 12 -247 -202 Net profit for the year 1,287 914 Other comprehensive income - - Total comprehensive income for the year 1,287 914 Comprehensive income relating to the parent company’s shareholders 1,276 914 Comprehensive income relating to non-controlling interest 12 0 Earnings per common share, SEK 19.12 14.17 Number of common shares at year-end, thousands 61,581 61,562 Weighted average number of common shares, thousands 61,573 59,136 The earnings per common share have been calculated as follows: Comprehensive income relating to the parent company’s shareholders 1,276 914 Preference shares’ preferential right to dividend for the year -98 -76 Weighted average number of common shares, thousands 61,573 59,136 Earnings per common share, SEK 19.12 14.17 Earnings per common share after dilution, SEK 18.98 13.52 Number of common shares after dilution as a result of warrants outstanding 62,019 61,966
Page 94
93FINANCIAL REPORTS Comments on the result January-December 2025 Earnings Profit from property management increased by 26 percent compared to the previous year and amounted to MSEK 1,104 (879). The increase in profit from property management is explained by acquisitions, completed projects and lower financing costs. Profit from property management amounted to SEK 16.33 (13.57) per common share. Net operating income for the year amounted to MSEK 1,725 (1,503), which corresponds to a surplus ratio of 76 percent (75). Changes in the value of properties amounted to MSEK 528 (323), of which MSEK 506 (322) related to unrealised changes in value and MSEK 23 (1) related to realised changes in value. Changes in the value of financial instruments amounted to MSEK -22 (13). Profit after tax relating to the parent company’s shareholders amounted to MSEK 1,276 (914), which was equivalent to SEK 19.12 per common share (14.17). Income and expenses Rental income increased by 14 percent to MSEK 2,274 (1,992). Revenue increased as a result of property acquisitions, indexation, lettings and completed projects. Of the increase, MSEK 36 consists of non-recurring income related to early vacating. In the comparable property portfolio, revenue increased by 2.5 percent. Revenue consisted of rental income of MSEK 2,078 (1,813) and service revenue of MSEK 196 (179). Service revenue consisted primarily of costs passed on for heating, electricity and water as well as snow clearing. Property costs for the year amounted to MSEK -484 (-440). The costs were distributed between property upkeep and operating expenses MSEK -405 (-385), repairs and maintenance MSEK -64 (-43) as well as anticipated and confirmed customer losses of MSEK -15 (-12). Property tax amounted to MSEK -64 (-48). Central administration costs amounted to MSEK -91 (-78) and consisted mainly of group-wide costs. NP3’s investments in associated companies and joint ventures contributed positively to the profit from property management with MSEK 42 (37), the total share in profits for the year amounted to MSEK 50 (13). For more information on NP3’s investments in associated companies and joint ventures, see page 37. Financial income amounted to MSEK 10 (15). Financial expenses decreased to MSEK -582 (-599), mainly due to a lower average interest rate. Apart from interest expenses, financial expenses also included MSEK -36 (-27) related to accrued borrowing expenses. For more information about NP3's funding, see page 33. Tax Current tax on taxable profit for the year totalled MSEK -83 (-75). The taxable profit for real estate companies is usually lower than the profit from property management as the taxable profit is reduced by tax depreciation, provisions to the tax allocation reserve and other adjustments for tax purposes. Deferred tax amounted to MSEK -247 (-202) and consisted mainly of changes in differences between market value and tax base on properties and changes in the market value of financial instruments.
Page 95
94 Consolidated statement of financial position – group Amounts in MSEK Note 31/12/2025 31/12/2024 Assets Fixed assets Investment properties 10 26,087 23,384 Leasehold rights 13 172 147 Participations in associated companies and joint ventures 17 537 479 Long-term receivables from associated companies and joint ventures 18 81 20 Derivatives 11, 24 - 19 Other fixed assets 14, 15 25 64 Total fixed assets 26,901 24,113 Current assets Current receivables 19 133 112 Prepaid costs and accrued income 75 101 Listed shares 11, 25 142 148 Cash and cash equivalents 291 97 Assets held for sale 20 - 32 Total current assets 642 490 Total assets 27,543 24,604 Equity and liabilities Equity Share capital 412 363 Other contributed capital 4,375 4,036 Retained earnings 5,885 5,042 Total equity attributable to the parent company's shareholders 10,671 9,440 Non-controlling interest 39 128 Total equity 21 10,710 9,568 Long-term liabilities Deferred tax 22 1,682 1,453 Long-term interest-bearing liabilities 23 13,015 10,676 Long-term interest bearing lease liabilities 172 147 Derivatives 11, 24 19 - Total long-term liabilities and provisions 14,888 12,275 Current liabilities Current interest-bearing liabilities 23 1,044 1,911 Other current liabilities 25 469 437 Accrued expenses and deferred income 26 432 380 Liabilities attributable to assets held for sale 20 - 32 Total current liabilities 1,945 2,761 Total equity and liabilities 27,543 24,604 FINANCIAL REPORTS
Page 96
95 Comment on financial position The market value of the properties was MSEK 26,087 (23,384) at year-end, an increase of MSEK 2,703 since the beginning of the year, which is explained by project investments, property acquisitions, changes in value and property sales. Closing cash and cash equivalents were MSEK 291 (97). The holding in Cibola Hospitality Group, which at the beginning of the year was reported as an asset held for sale, was partially divested during the year and is now classified as participations in associated companies. Equity has been affected by net profit for the year, new issues as well as dividends, and amounted to MSEK 10,710 (9,568). Accrued borrowing expenses have reduced interest-bearing liabilities in the balance sheet by MSEK 51. Long-term interest-bearing liabilities after adjustment for accrued borrowing expenses amounted to MSEK 13,015 (10,676). Interest-bearing current liabilities amounted to MSEK 1,044 (1,911), MSEK 565 related to maturities and repayments of bank loans within twelve months, MSEK 400 bond loans and MSEK 79 to maturities of promissory note liabilities within twelve months. On the balance sheet date, the company's interest rate derivatives had a negative goodwill of MSEK 19 (+19). For more information regarding the company’s interest-bearing liabilities, see pages 34. The loan-to-value ratio amounted to 51 percent (52) and the equity/assets ratio to 39 percent (39). The company’s net debt to EBITDA ratio on the balance sheet date was 8.1 x (8.0). FINANCIAL REPORTS Consolidated changes in equity – group Amounts in MSEK Share capital Other contributed capital Retained earnings incl. profit for the year Total equity attributable to the parent company’s shareholders Non- controlling interest Total equity Opening equity 01/01/2024 334 2,949 4,533 7,816 33 7,849 Comprehensive income for the year 2024 - - 914 914 0 914 Dividends paid - - -399 -399 -1 -400 New issue of common and preference shares 29 1,101 - 1,130 - 1,130 Issue expenses - -17 - -17 - -17 Premium paid when issuing warrants - 3 - 3 - 3 Warrants redeemed by staff 0 - - 0 - 0 Change in holdings without controlling influence - -6 -6 96 90 Total transactions with shareholders 29 1,087 -405 711 94 805 Closing equity 31/12/2024 363 4,036 5,042 9,440 128 9,568 Opening equity 01/01/2025 363 4,036 5,042 9,440 128 9,568 Comprehensive income for the year 2025 - - 1,276 1,276 12 1,287 Dividends paid - - -432 -432 0 -433 New issue of common and preference shares 48 345 - 393 - 393 Issue expenses - -8 - -8 - -8 Premium paid when issuing warrants - 3 - 3 - 3 Change in holdings without controlling influence - - - - -100 -100 Total transactions with shareholders 48 339 -432 -44 -101 -145 Closing equity 31/12/2025 412 4,375 5,885 10,671 39 10,710 As of 31 December 2025, NP3's share capital consists of 61,580,794 common shares and 56,000,000 preference shares.
Page 97
96 FINANCIAL REPORTS Consolidated statement of cash flows – group Amounts in MSEK 2025 2024 Operating activities Profit from property management 1,104 879 Profit from property management from associated companies and joint ventures -42 -37 Dividend received from associated companies and joint ventures 10 23 Distribution in kind provided, non-cash items - -229 Other non-cash items 12 1 Tax paid -79 -29 Cash flow from operating activities before changes in working capital 1,005 607 Cash flow from changes in working capital Increase (-)/Decrease (+) in operating receivables 10 128 Increase (+)/Decrease (-) in operating liabilities 12 129 Cash flow from operating activities 1,027 864 Investment activities Acquisitions of properties, directly or via companies -1,818 -2,027 Divested properties, directly or via companies 539 30 Investments in existing properties and other fixed assets -592 -570 Investments in new construction -189 -162 Investments in financial assets -182 -152 Divestment of financial assets 129 381 Change in holdings without controlling influence -100 - Cash flow from investment activities -2,213 -2,501 Financing activities New issue 389 1,115 Borrowings 2,088 1,980 Amortisation of borrowings -727 -1,337 Dividend paid -370 -208 Cash flow from financing activities 1,379 1,551 Cash flow for the year 194 -86 Cash and cash equivalents at beginning of the year 97 183 Cash and cash equivalents at the end of the year 291 97 Supplementary disclosures cash flow statement - group Paid interest and dividends received 2025 2024 Interest received 8 5 Interest paid -564 -590 Dividends received 12 23 Adjustment for other non-cash items Depreciation of assets 6 6 Other items 6 -5 Total other non-cash items 12 1 Acquisitions of properties Acquired assets and liabilities: Properties 1,950 2,087 Operating receivables 10 150 Cash and cash equivalents 11 5 Minority -100 -96 Provisions -7 -13 Liabilities -629 -1,108 Purchase price -1,334 -1,026 To be added: Settlement of existing debt -604 -1,007 To be subtracted: Seller loan notes 110 1 Paid purchase price and settlement of liabilities -1,829 -2,032 To be subtracted: Liquid assets in the acquired operations 11 5 Effect on liquid assets -1,818 -2,027 Divestments of properties Sold assets and liabilities: Properties 406 33 Operating receivables 20 - Cash and cash equivalents 21 - Provisions -22 - Liabilities -334 - Sales price 253 24 To be added: Settlement of existing debt 308 6 Received purchase price including settlement of group liabilities 561 30 To be subtracted: Liquid assets in the divested operations -21 - Effect on liquid assets 539 30
Page 98
97 Comment on the cash flow Cash flow from operating activities amounted to MSEK 1,027 (864). Acquisitions of properties affected cash flow with MSEK -1,818 (-2,027), and sales of properties contributed MSEK 539 (30). Investments in existing properties and new construction totalled MSEK -781 (-732). Changes in financial assets affected cash flow by MSEK -53 (229) and changes in non-controlling interests amounted to MSEK -100 (-). Cash flow from financing activities amounted to MSEK 1,379 (1,551) and consists of new share issues, net borrowing and dividend paid in cash. Overall, cash and cash equivalents changed by MSEK 194 (-86) during the year. Reconciliation of liabilities relating to the financing activities – group Amounts in MSEK Changes not affecting cash flow 01/01/2024 Cash flow from financing activities Acquisi- tions Divest- ments Change in fair value 31/12/2024 Non-current interest-bearing borrowings 10,319 357 - - - 10,676 Current interest-bearing borrowings 1,624 287 - - - 1,911 Total liabilities relating to the financing activities 11,943 644 - - - 12,587 01/01/2025 31/12/2025 Non-current interest-bearing borrowings 10,676 2,265 74 - - 13,015 Current interest-bearing borrowings 1,911 -903 36 - - 1,044 Total liabilities relating to the financing activities 12,587 1,362 110 - - 14,059 FINANCIAL REPORTS
Page 99
98 Income statement - parent company Amounts in MSEK Note 2025 2024 Net sales 81 71 Other external costs 5 -82 -71 Personnel costs 6 -45 -41 Depreciation -2 -2 Operating profit/loss -48 -43 Profit/loss from financial items Interest income and similar income items 8 788 829 Interest expenses and similar profit/loss items 9 -516 -461 Other financial expenses 9 -26 -20 Profit/loss after financial items 198 305 Appropriations Group contributions received and paid 55 58 Profit before tax 252 364 Tax on profit for the year 12 - - Profit/loss for the year* 252 364 *Profit/loss for the year corresponds to comprehensive income for the year. Balance sheet - parent company Amounts in MSEK Note 31/12/2025 31/12/2024 Assets Fixed assets Intangible assets Software 14 4 4 Tangible fixed assets Equipment 15 1 2 Financial assets Participations in group companies 16 698 684 Non-current receivables group companies 7,374 5,948 Other financial assets 75 21 Total fixed assets 8,152 6,659 Current assets Current receivables Receivables group companies 3,813 3,964 Other current receivables 16 7 Prepaid costs and accrued income 12 11 Total current receivables 3,841 3,982 Listed shares 144 67 Cash and cash equivalents 165 41 Total current assets 4,150 4,090 Total assets 12,302 10,749 FINANCIAL REPORTS
Page 100
99 Cont. Balance sheet - parent company Equity and liabilities 31/12/2025 31/12/2024 Equity 21 Restricted equity Share capital 412 364 Unrestricted equity Share premium reserve 4,388 4,051 Retained earnings -1,659 -1,591 Net profit for the year 252 364 Total non-restricted equity 2,981 2,824 Total equity 3,393 3,187 Untaxed reserves 20 20 Long-term liabilities to credit institutes Interest-bearing borrowings 23 8,132 6,303 Total long-term liabilities 8,132 6,303 Current liabilities Interest-bearing liabilities 23 570 1,122 Accounts payable 8 9 Other current liabilities 130 64 Accrued expenses and deferred income 26 51 44 Total current liabilities 758 1,239 Total equity and liabilities 12,302 10,749 Comment on the parent company The parent company’s revenue consists mainly of costs passed on to subsidiaries and financial revenue like dividends and interest income. Costs consist of central administration costs and financial costs such as interest and accrued borrowing expenses. The parent company’s balance sheet consists mainly of participations in wholly- owned subsidiaries and receivables from those, as well as equity and interest-bearing borrowings. Consolidated changes in equity - parent company Amounts in MSEK Share capital Share premium reserve Retained earnings incl. net profit/ loss for the year Total equity 2024 At beginning of year 334 2,967 -1,318 1,983 New issue 29 1,084 - 1,113 Dividend - - -273 -273 Profit/loss for the year* - - 364 364 At year-end 364 4,051 -1,227 3,187 2025 At beginning of year 364 4,051 -1,227 3,187 New issue 48 337 - 385 Dividend - - -432 -432 Profit/loss for the year* - - 252 252 At year-end 412 4,388 -1,407 3,393 *Profit/loss for the year corresponds to comprehensive income for the year FINANCIAL REPORTS
Page 101
100 Cash flow statement - parent company Amounts in MSEK 2025 2024 Operating activities Profit/loss after financial items 198 305 Adjustments for items not included in the cash flow 2 2 Tax paid -1 -11 Cash flow from operating activities before changes in working capital 198 296 Cash flow from changes in working capital Increase (-)/Decrease (+) in operating receivables -9 11 Increase (+)/Decrease (-) in operating liabilities -124 -66 Cash flow from operating activities 65 241 Acquisition of tangible/intangible fixed assets -1 -1 Investments in financial assets -1,234 -1,620 Cash flow from investing activities -1,235 -1,621 New issue 385 1,113 Borrowings 5,820 3,274 Amortisation of borrowings -4,542 -2,815 Dividend paid -369 -309 Cash flow from financing activities 1,294 1,263 Cash flow for the year 124 -116 Cash and cash equivalents at beginning of the year 41 157 Cash and cash equivalents at the end of the year 165 41 Supplementary disclosures cash flow statement - parent company Amounts in MSEK 2025 2024 Paid interest and dividends received Interest received 702 705 Interest paid -512 -457 Dividends received 4 - Adjustment for items not included in the cash flow consists of depreciation of assets for the year MSEK 2 (2). Cash and cash equivalents The following subcomponents are included as liquid assets: Cash and cash balances 165 41 Reconciliation of liabilities relating to the financing activities – parent company Amounts in MSEK 01/01/2024 Cash flow from financing activities 31/12/2024 Non-current interest-bearing borrowings 6,319 -16 6,303 Current interest-bearing borrowings 646 476 1,122 Total liabilities relating to the financing activities 6,965 460 7,425 01/01/2025 31/12/2025 Non-current interest-bearing borrowings 6,303 1,829 8,132 Current interest-bearing borrowings 1,122 -552 570 Total liabilities relating to the financing activities 7,425 1,277 8,702 FINANCIAL REPORTS
Page 102
101 Notes Amounts in MSEK unless specified otherwise. Note 1 Accounting policies Bases for the accounts The consolidated accounts for NP3 Fastigheter have been prepared in accordance with the IFRS accounting standards approved by the EU and the interpretation of these (IFRIC). Furthermore, the consolidated accounts have been prepared in accordance with Swedish law by applying the Swedish Sustainability and Financial Reporting Board's recommendation RFR 1 Supplementary Accounting Rules for Corporate Groups. The parent company is NP3 Fastigheter AB (publ) and has prepared its annual report in accordance with the Swedish Annual Accounts Act (ÅRL) and by applying the Swedish Sustainability and Financial Reporting Board's recommendation RFR 2, Accounting for legal entities. The parent company applies the same accounting policies as the group, except for in those cases the provisions in the ÅRL specify otherwise or this is not possible given the relation between accounting and taxation. The parent company has chosen not to apply IFRS 9 to financial instru- ments. Instead, a method based on the acquisition value according to ÅRL is applied. Parts of the policies in IFRS 9 apply nevertheless - such as regarding write-downs, recognition/derecognition, criteria for hedge accounting being applied and the effective interest method for interest income and interest expenses. Shares in subsidiaries are recorded using the acquisition value method. Shareholder contributions are recorded at the giver’s as an increase in shares in subsidiaries and at the recipient’s as an increase in unrestricted equity. The parent company’s financial guarantee agreements consist mainly of guarantee commitments for the benefit of subsidiaries. Financial guarantees mean that the company has an obligation to compensate the holder of a debt instrument for losses he/she incurs due to a specified debtor not making payment upon ma- turity according to the terms of agreement. For the recording of financial guarantees, the parent company applies a relief provision permitted by the Swedish Corporate Reporting Board compared to the rules in IFRS 9. The guarantee agreements are then recorded as a provision in the balance sheet when the company has an obligation for which payment will likely be required in order to settle the obligation. The parent com- pany does not apply IFRS 16, in accordance with the exception found in RFR 2. As lessee, leasing fees are accounted as an expense straight-line over the leasing period and thus rights of use and lease liabilities are not recorded in the balance sheet. Income statement and balance sheet are prepared according to ÅRL’s (Annual Accounts Act) outlines for the parent company, while the con - solidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity and consolidated statement of cash flows are based on IAS 1, Presentation of Financial Statements and IAS 7, Report on cash flows, respectively. The differences to the group’s reports that are present in the parent company’s income statements and balance sheets mainly consist of the accounting of financial income and expenses, fixed assets and equity. Group contributions received and provided in the parent company are accounted over the income statement as an appropriation. Functional currency and presentation currency The parent company’s functional currency is Swedish kronor which also constitutes the presentation currency for the parent company and the group. This means that the financial reports are presented in Swedish kronor. Significant accounting policies The accounting policies considered most significant for NP3 are sum - marised below. Revenue Rental income and other service revenue Rental income, which from an accounting perspective can also be called operating leases, are announced in advance and distributed straight-line over a period of time in the result in accordance with the terms and conditions in the rental agreements. All rental agreements are classified as operating leases. Rental income includes, apart from rent for the premises, additional charges related primarily to property tax. Revenue classified as service revenue also includes other addi - tional charges such as electricity, heating, water and property upkeep. Rents paid in advance are recorded as prepaid rental income. Rent discounts are distributed straight-line over the duration of the rental agreements. Earnings from property divestments Earnings from property divestments are recorded on the day the proper- ty is vacated, unless the purchase contract stipulates special terms and conditions. Profits from property sales are recorded as a change in value and are equivalent to the difference between the sales price received after deducting sales expenses and the most recently reported value, with addition for investments made after the last time of valuation. Financial income Financial income consists of interest income and is reported in the period it relates to. Interest income from bank deposits is calculated using the effective interest method. Financial income also includes group contributions received as well as, for the parent company, anticipated dividends. Costs Property costs The term property costs includes both direct and indirect costs for managing a property. These consist of costs for operation, property upkeep, repairs and ongoing maintenance of properties as well as technical management and customer losses. Central administration Costs for central administration consist of costs for groupwide functions as well as ownership of the group’s subsidiaries. The parent company’s costs for, i. a., group management, HR, IT, market activities, investor relations, auditing fees and financial reports as well as costs for maintaining listing on the stock exchange are included in central administration. The item central administration also includes depreciation of other tangible and intangible assets. Remuneration to employees NP3 Fastigheter has pension solutions for the company’s employees which are to be regarded as defined contribution pension plans. Commitments for retirement and occupational pension for civil servants is secured through insurance in Alecta. According to regulations currently in effect, part of these shall be classified as defined benefit ITP-plans, which comprise several employers. As it is not possible to account for the company’s proportional share of the plan, it is also accounted as a defined contribution plan. Obligations relating to contributions for defined contribution plans are accounted as expenses in the income statement when they arise. Financial expenses Financial expenses relate to interest and other expenses incurred in connection with taking out loans. Expenses for mortgage certificates are not considered financial expenses, but are capitalised as expenses relating directly to the acquisition of the property. The interest component in lease contracts as well as the full cost for site leaseholds is also recorded as a financial expense. Financial expenses are recognised in the period they relate to and are accounted according to the effective interest method, except to the extent to which they have been included in the acquisition cost for a renovation or new construction project. Financial expenses also include interest expenses for interest rate derivative contracts. Payment flows from these are recognised in the period they relate to. The financial net is not affected by the market value of the interest derivative contracts entered into, which instead are recorded as changes in value under a separate heading. Investment properties Investment property refers to a property that is held in order to NOTES
Page 103
102 generate rental income or increase in value or a combination of both, rather than using it for the own company’s activities. As all of NP3’s properties are assessed as constituting investment properties, the term is thus consistently “property” in reports and annual reports. The term properties includes buildings, land and land improvements, ongoing new construction, extension or renovation projects as well as building equipment. Initially, properties are recorded at cost, which includes directly related expenses. Properties are then recorded in the consolidated balance sheet at fair value. Fair value measurement is carried out on a quarterly basis through independent external or internal valuation. Changes in value, both realised and unrealised, are recorded in the income statement under the item changes in value of properties. Unrealised changes in value are calculated from the valuation on the reporting date compared to valuation on the previous reporting date, alternatively acquisition value if the property was acquired during the year, with addition of incremental expenses capitalised during the period. Realised changes in value arise when selling a property and are equivalent to the difference between the sales price received after deducting sales expenses and the most recently recorded value, with addition for investments made after the last time of valuation. For major investment projects in form of new construction or renovation projects, borrowing costs are capitalised as additional expenses on investment properties. When valuating properties, assessments and assumptions can have a significant impact on the group’s results and financial position. Valuation requires assessment of future cash flows and that a reasonable valuation yield is determined. In order to reflect the uncertainty inherent in assumptions and estimates made, an uncertainty margin of +/- 5-10 percent is usually given when valuating properties. Information on this and the assumptions and judgements made are set out in note 10. Asset acquisition versus business acquisition Company acquisitions can be classified as either business acquisitions or asset acquisitions according to IFRS 3. Each individual acquisition is individually assessed. Company acquisitions whose primary aim is to acquire the purchased company’s properties, and where the company’s possible management organisation and administration are of secondary importance to the acquisition, are recorded as asset acquisitions. For asset acquisitions, no deferred tax relating to the property acquisition is recorded. Instead, any tax rebate reduces the property’s acquisition value. For subsequent valuations of acquired properties at fair value, the tax rebate shall be replaced in full or in part by a recorded change in value of the property. Previous acquisitions have been assessed as constituting asset acquisitions. Lease contracts Lessors All rental agreements relating to properties are to be regarded as operating leases. For more information, see the revenue policy. Lessees The majority of the group’s lease contracts consist of site leasehold agreements. As site leasehold agreements are considered to carry a permanent obligation towards the lessor, no depreciation on the right of use is recorded and no amortisation of the lease liability takes place. The ground rent paid is presented in its entirety as a financial expense. Financial instruments Financial instruments reported in the balance sheet include among the assets liquid assets, holdings in listed securities, rent receivables and other receivables plus derivative instruments, as well as among liabilities accounts payable, other liabilities and borrowings. NP3's financial assets and financial liabilities are recorded at amortised cost, except for holdings in listed securities and derivative instruments, which are recorded at fair value via profit or loss. Changes in fair value are reported in the income statement as “Changes in value of financial instruments”. New accounting policies New standards that became effective in 2025 The group applies the same accounting policies and valuation methods as in the annual report last year. New or revised IFRS reporting standards which became effective after 1 January 2025 have not had any notable effect on the group’s financial reports. New standards and interpretations which become effective in 2026 and onwards None of the new and amended standards and interpretation opinions approved by the EU are considered to have a significant impact on the presentation of NP3's financial reports. IFRS 18 is a new standard for presentation and disclosure in financial reports that replaces IAS 1. IFRS 18 comes into force for financial years beginning on 1 January 2027 and is expected to have a significant impact on the presentation of NP3's financial reports, primarily the income statement, which will be divided into three parts: operations, investing and funding. Note 2 Rental income - group Total rental income for the group amounted to MSEK 2,274 (1,992) for the financial year. Rental income consists of the rental value less the value of non-occupied areas during the year. Rental value refers to rental income received plus assessed market rent for areas not let. Extra charges that are passed on to the tenant, such as property tax, electricity and heating are also included in the rental value. These ex- tra charges, in addition to property tax, are defined as service revenue. For 2025, revenue consisted of rental income MSEK 2,078 (1,813) and service revenue MSEK 196 (179). In the comparable portfolio, rental income increased by 2.5%. All rental agreements are classified as operating leases. The maturity structure and contracted future rental income relat - ing to the rental agreements for non-cancellable operating lease contracts can be seen from the tables below. Agreed future rental income is calculated based on the maturity structure of the current rental value. Maturity structure 2025 2024 Due within 0-12 months 277 243 Due within 1-2 years 441 387 Due within 2-3 years 452 455 Due within 3-4 years 303 332 Due within 4-5 years 225 194 Due after more than 5 years 677 541 Vacancy, rental value 202 172 2,578 2,325 Contracted future rental income 2025 2024 Contracted rental income year 1 2,098 1,910 Contracted rental income year 2 1,657 1,523 Contracted rental income year 3 1,204 1,067 Contracted rental income year 4 902 735 Contracted rental income year 5 or later 677 541 The average remaining lease term at the end of 2025 was 4.1 years (4.0). The financial occupancy rate at the end of the year was 92 percent (93) NOTES
Page 104
103 Note 3 Segment reporting - group NP3’s business concept is to, with tenants in focus, acquire, own and manage high-yielding commercial properties, primarily in North Sweden. The group’s operations and internal reporting are done in accordance with geographic division into eight business areas, which also constitute the company’s segments according to IFRS 8 Operating Segments. The business areas consist of Sundsvall, Gävle, Dalarna, Östersund, Umeå, Skellefteå, Luleå and Middle Sweden. The segments are assessed as having similar economic characteristics as all segments consist of a mix of various property types with geographic location being what separates them. Each business area has one or more business managers with responsibility for operating surplus who report monthly to group management. Costs for central administration, results from associated companies and joint ventures, net financial items, changes in value and tax are not allocated by segment as they are monitored at a central level. 12 months, MSEK Sundsvall Gävle Dalarna Östersund Umeå Skellefteå Luleå Middle Sweden Unallo- cated items Total in the group 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Rental income & other revenue 454 436 312 276 325 287 312 226 263 240 257 240 292 269 246 163 -1 -1 2,460 2,137 Vacancy -49 -43 -30 -15 -25 -19 -13 -10 -18 -15 -22 -15 -11 -12 -19 -17 - - -186 -144 Repairs and maintenance -15 -11 -6 -4 -8 -7 -10 -5 -9 -7 -3 -3 -7 -5 -4 -3 -1 - -64 -43 Property upkeep & operation -86 -81 -36 -38 -60 -57 -51 -41 -47 -47 -43 -49 -49 -47 -31 -24 -3 -1 -405 -385 Property tax -10 -8 -9 -6 -7 -5 -7 -5 -9 -6 -8 -6 -9 -7 -6 -5 - - -64 -48 Customer losses -2 -2 0 -1 -5 -4 -5 0 0 -1 -2 -2 -1 -1 0 -1 0 0 -15 -12 Net operating income 293 292 231 211 219 196 226 165 181 164 179 166 215 198 186 113 -4 -2 1,725 1,503 Central admin. - - - - - - - - - - - - - - - - -91 -78 -91 -78 Result from associated companies & joint ventures - - - - - - - - - - - - - - - - 50 13 50 13 Net financial items - - - - - - - - - - - - - - - - -572 -584 -572 -584 Change in value property - - - - - - - - - - - - - - - - 528 323 528 323 Change in value financial instruments - - - - - - - - - - - - - - - - -22 13 -22 13 Tax - - - - - - - - - - - - - - - - -330 -277 -330 -277 Net profit for the year 292 276 211 195 196 187 165 138 164 145 166 146 198 172 113 95 -441 -592 1,287 914 Surplus ratio, % 72 74 82 81 73 73 76 76 74 73 76 74 77 77 82 77 76 75 Number of properties 139 128 94 73 79 71 65 64 57 47 54 54 60 54 85 63 633 554 Lettable area, sqm 436 430 310 276 373 360 264 262 238 219 244 242 240 233 256 179 2,362 2,201 Rental value 471 443 332 282 343 319 331 308 272 242 259 249 295 285 276 198 2,578 2,326 Letting rate, % 1) 90 88 93 93 92 92 94 96 91 94 91 91 95 97 92 93 92 93 Property value 4,666 4,398 3,476 2,946 3,252 2,994 3,582 3,367 2,733 2,302 2,661 2,607 2,904 2,758 2,812 2,011 26,087 23,384 1) Calculated on current rental value on the balance sheet date. There are no significant transactions between the segments. All revenue relates to Sweden where all properties are located. No one individual tenant represents ten percent or more of the revenue. NOTES
Page 105
104 Note 4 Property costs NP3’s property costs consist of direct property costs such as public utility costs, other operating expenses, maintenance and property tax. Indirect costs in form of property administration are also included in property costs. Public utility costs such as heating, electricity and water are costs that to a large extent are passed on to tenants in form of extra charges. Maintenance costs consist of running expenses for maintaining the properties’ standard. Property costs also include customer losses. Property tax is a state tax based on the properties’ tax assessment value, which is mainly passed on to tenants. Group 2025 2024 Property upkeep and operating expenses -405 -385 Repair and maintenance costs -64 -43 Customer losses -15 -12 Total -484 -440 Property tax -64 -48 The parent company has no direct ownership in any property and thus no property costs. Note 5 Expenses for central administration Central administration expenses include costs for portfolio management and company administration. This includes all costs for group management, finance department, IT, investor relations, annual report, audit fees and other fees as well as depreciation of equipment including the part of current leasing costs for cars, office equipment and premises that is reported as depreciation in accordance with IFRS 16. The personnel costs that are not allocated to property administration are included in the central administration costs. For 2025, the group’s costs for central administration were divided between personnel costs MSEK -42 (-38), other administration costs MSEK -43 (-34) and depreciation MSEK -6 (-6). Remuneration to auditors 2025 2024 KPMG Audit assignments 3.9 3.8 Audit in addition to the audit assignment 0.3 0.3 Other services 0.4 0.3 Total 4.6 4.4 The parent company's other external costs amounted to MSEK -82 (-71) and the parent company's personnel costs to MSEK -45 (-41). The parent company's external costs include costs for property administration, which in the group are allocated to property costs. Note 6 Employees and personnel costs (TSEK) Average number of employees Group Parent company 2025 2024 2025 2024 Men 42 39 39 37 Women 26 21 24 21 Total 68 60 63 58 Total number of employees at the end of the year 72 71 68 65 Gender distribution in the board and company management At the end of 2025, the board in the parent company consisted of 5 (6) persons, of which 2 (2) women. During 2025, the company's management team has been expanded by two people and now consists of 5 (3) people, of which 1 (0) is a woman. The management group makes up the group’s senior executives. Remuneration policies for senior executives For 2025, remuneration to the CEO and other senior executives consisted of fixed salary, other benefits, pension and variable salary of maximum 25 percent of the total fixed salary. The company has a profit-sharing trust, which covers all employees except for the CEO. Incentive programme At the end of the year there were three warrant programmes in progress for the company’s employees. These run for three years during the periods 2023-2026, 2024-2027 and 2025-2028. The warrants entitle to subscribe for new common shares in June 2026, 2027 and 2028. The subscription prices correspond to the NP3-share’s price paid when the warrant programme was initiated converted at the average price trend for the listed real estate companies according to Carnegie Real Estate Index (CREX) during the corresponding period. The warrants will thus become valuable provided that NP3 sees a price trend that is better than the average for the listed real estate companies during the three-year periods. At the end of the year, employees held a total of 438,020 warrants with the right to subscribe for common shares, equivalent to 0.7 percent of the number of common shares outstanding. Of these, 137,405 were issued during 2025 with 23,755 bought by individuals in management. Employees have bought the warrants at fair value (market price). During the year, the company issued 18,391 common shares on occasion of the exercise of warrants. The programme has resulted in somewhat higher personnel costs regarding subsidies in order to finance part of some employees’ purchase price. The procedure is in accordance with the decision by the annual general meeting 2023, 2024 and 2025. No further warrants or convertibles have been issued by the company during the year. Notice of termination Notice of termination for the CEO is 12 months on both sides. There is no arrangement for severance pay with the CEO. The CFO and COO are subject to a six-month mutual period of notice. There is no agreement on severance pay for the CFO and COO. Pensions The CEO and COO have premium-based pension solutions. Pensions to other employees follow ITP1 or ITP2 in Alecta depending on age. ITP1 is a defined contribution plan and ITP2 a defined benefit plan. For the 2025 financial year, the company did not have information available in order to record its proportional share of the plan’s obligations, plan assets and costs, which meant that the plan could not be recorded as a defined benefit plan. The pension plan ITP 2 is thus recorded as a defined contribution plan. The premium for the defined-benefit retirement and family pension is individually calculated and is dependent on, among other things, salary, previously earned pension, and the expected remaining period of employment. Expected fees in the next reporting period for ITP 2-insurances amount to MSEK 2 (2). The group’s share of the total fees for the plan and the group’s share of the total number of active members in the plan amount to 0.00978 or 0.00896 percent (0.01007 or 0.00848). NOTES
Page 106
105 Cont. Note 6 Employees and personnel costs (TSEK) Salaries, other compensation and social security costs Group Parent company 2025 2024 2025 2024 Salaries fees and benefits Board fee as per specification 1,755 1,775 1,755 1,775 CEO Basic salary 3,600 2,880 3,600 2,880 Variable remuneration 360 240 360 240 Benefits 146 141 146 141 Other senior executives Basic salary 3,836 3,115 3,363 3,115 Variable remuneration 275 235 275 235 Benefits 233 198 200 198 Other employees 40,512 34,869 37,585 33,920 Total salaries, fees and benefits 50,717 43,453 47,284 42,504 Pension costs CEO 588 573 588 573 Other senior executives 920 811 920 811 Other employees 4,787 4,014 4,316 3,923 Total 6,295 5,398 5,824 5,307 Statutory social security costs including payroll tax CEO 1,429 1,164 1,429 1,164 Other senior executives 1,429 1,312 1,429 1,312 Other employees 15,806 13,236 14,570 12,908 Total 18,664 15,712 17,428 15,384 In addition to the reported costs in the tables above, total personnel costs include a cost for provision to a profit-sharing foundation, including special payroll tax, for the group and the parent company of TSEK 2,609 (2,818). Board fee Fee, board member Fee, audit committee Total 2025 2024 2025 2024 2025 2024 Åsa Bergström 225 205 150 125 375 330 Hans-Olov Blom 225 205 - - 225 205 Mia Bäckvall Juhlin 225 205 - - 225 205 Anders Palmgren 225 205 140 115 365 320 Anders Nilsson - 205 - - - 205 Nils Styf (chrm.) 425 395 140 115 565 510 Total 1,325 1,420 430 355 1,755 1,775 Note 7 Result from associated companies and joint ventures Group 2025 2024 Profit from property management Fastighetsaktiebolaget Ess-Sierra 25 24 Cibola Holding AB - 6 Cibola Hospitality Group AB 0 - Fastighets AB Jämtjägaren 9 3 With You Sweden AB 8 4 Klarälvens Industrikvarter AB 0 0 Total 42 37 Changes in value of properties Fastighetsaktiebolaget Ess-Sierra 10 5 Cibola Holding AB - -15 Cibola Hospitality Group AB - - Fastighets AB Jämtjägaren 20 - With You Sweden AB -7 - Klarälvens Industrikvarter AB - - Total 23 -10 Tax Fastighetsaktiebolaget Ess-Sierra -9 -7 Cibola Holding AB - -5 Cibola Hospitality Group AB 0 - Fastighets AB Jämtjägaren -6 -2 With You Sweden AB 0 -1 Klarälvens Industrikvarter AB - - Total -15 -14 In July 2024, NP3 acquired 49 percent of the shares in With You Sweden AB. The holding in Cibola Holding AB was increased to 61.2 percent in November 2024 and is classified as a subsidiary consolidated in NP3’s accounts from then on. The figures above show NP3's share in profits up to 31/10/2024. The remaining shares in Cibola Holding were acquired in June 2025. At the same time, parts of the holding in Cibola Hospitality Group were sold, which from then on constitutes an associated company as the participating interest amounts to 49.9 percent. Note 8 Interest income and similar profit/loss items Group 2025 2024 Interest income, other 8 5 Other financial income 2 10 Total 10 15 Parent company 2025 2024 Interest income, group companies 679 716 Interest income, other 8 1 Dividend listed shares and shares in associated companies 1 - Profit from sale of listed shares 99 112 Total 788 829 All interest income relates to financial instruments which are not categorised as actual value via the income statement. NOTES
Page 107
106 Note 9 Interest expenses and similar profit/loss items Group 2025 2024 Parent company 2025 2024 Interest expenses, interest rate derivatives 20 161 Interest expenses, group companies -163 -159 Interest expenses, other -561 -729 Interest expenses, interest rate derivatives 20 161 Financial expense site leasehold/leasing -5 -5 Interest expenses, other -373 -462 Other financial expenses -36 -27 Other financial expenses -26 -20 Total -582 -599 Total -542 -481 All interest expenses and other financial expenses, except interest rate derivatives, relate to financial instruments which are not recog - nised at fair value in the income statement, but valued at accrued acquisition value. Interest rate derivatives, however, are recognised at fair value in the income statement. The unrealised change in value is not recorded in the financial net, but in a separate row in the income statement, see note 11. Note 10 Investment properties Property value distributed by property type and business area: Retail Industrial Logistics Offices Other Total 31 December 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Sundsvall 906 843 2,072 1,951 466 467 453 447 769 690 4,666 4,398 Gävle 692 453 1,824 1,559 399 385 333 317 228 232 3,476 2,946 Dalarna 702 544 1,654 1,605 509 487 99 95 289 263 3,252 2,994 Luleå 1,275 1,461 1,076 859 463 437 0 - 91 1 2,904 2,758 Umeå 871 763 1,144 918 49 43 449 392 219 185 2,733 2,302 Skellefteå 320 311 1,367 1,376 46 47 199 194 728 679 2,661 2,607 Östersund 560 540 1,784 1,620 50 49 516 495 672 664 3,582 3,367 Middle Sweden 886 297 1,751 1,541 0 - 127 126 48 49 2,812 2,011 Total 6,213 5,213 12,672 11,429 1,982 1,915 2,176 2,065 3,044 2,762 26,087 23,384 Change in value of properties 2025 2024 Opening value 23,384 20,276 Acquisitions of properties 1,942 2,087 Investments in existing properties 592 569 of which capitalised interest expenses 15 22 Investments in new construction 189 162 of which capitalised interest expenses 10 5 Divestments of properties -549 -33 Realised change in value 23 1 Unrealised change in value 506 322 Closing value 23,087 23,384 Acquired properties to be accessed 119 65 Divested, sale to be completed - -76 NP3 Fastigheter records its properties at fair value in the balance sheet. The fair value corresponds to the properties’ market value. Changes in the market value are recorded as a change in value in the income statement under the heading changes in value of properties. Unrealised changes in value for the year relating to properties that remain on the balance sheet at year-end amount to MSEK 503. NOTES
Page 108
107 Cont. Note 10 Investment properties Change by property type for the year Retail Industrial Logistics Offices Other Total 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Opening value 5,213 4,987 11,429 9,444 1,915 1,795 2,065 2,012 2,762 2,038 23,384 20,276 Acquisitions of properties 1,150 118 639 1,306 - - 33 - 121 663 1,942 2,087 Investments in existing properties 104 75 285 321 22 97 53 38 129 38 592 569 Investments in new construction 8 - 121 131 - - - - 60 31 189 162 Divestments of properties -461 - -38 -8 - - - - -50 -25 -549 -33 Realised change in value 21 - -3 1 - - - - 5 0 23 1 Unrealised change in value 179 33 239 234 46 23 26 15 16 17 506 322 Closing value 6,213 5,213 12,672 11,429 1,982 1,915 2,176 2,065 3,044 2,762 26,087 23,384 Property valuation The company’s properties are valued at assessed fair value every quarter in accordance with NP3’s valuation policy and the property portfolio’s market value is determined by the company’s board. Valuation is done in accordance with IFRS 13 level 3. Assessment of fair value is done using a combination of local sales comparison method and yield-based method in form of discounting future estimated cash flow. When using the local sales comparison method, a comparison is carried out between the valuation object and completed property transactions with similar characteristics. The cash flow model bases the analysis on an estimated operating surplus and investment requirement for the respective property, or assessment unit, for the coming 5-20 years. The operating surplus is based on current rental agreements, vacancies and normalised operating and maintenance costs based on a market assessment. Rents are assessed as following inflation, taking into account the applicable indexation clauses in current rental agreements. At the end of the lease term of the respective contract, rents that deviate from the assessed market rent are adjusted to correspond to market levels. Vacancies are assessed on the basis of the current vacancy situation and on the basis of location, condition, type of premises and estimated market rent and demand. Investment needs are assessed based on the condition of the property and ongoing projects. Cash flow is calculated at present value together with the residual value to calculate the property’s market value. The market value, which shall reflect an estimated price when selling on the open property market, is compared with prices of known, comparable transactions. Properties that are neither developed nor have land leases are valued at cost and are only assessed for market value once a rental agreement has been signed and a decision on construction has been taken. The market valuation of projects in progress follows the same methodology as for the rest of the portfolio, with a deduction for the remaining investment and gradual income recognition based on economic percentage of completion to reflect the project risk in the individual properties. Cost of capital and valuation yield for calculating the present value of the cash flow and calculating the property’s residual value, shall reflect the property’s location and market development and is determined by the valuation institutes that are used. Discount rate and valuation yield are individual for each property and are first and foremost extracted from the transaction market for comparable properties in the locations or comparable geographic areas in question regarding real rate of interest, inflation and equity risk premium. The equity risk premium varies for each property and constitutes a weighted assessment of the property's category, the locality, the property's location in the locality and the property's condition and standard. Contract composition, the length and size of contracts are also taken into account. The input that has been used for the valuations is presented in the table below. Estimated inflation for 2026 is 1.5 percent, and 2 percent for the following years, and the average weighted discount rate is 9.16 percent. The total value of the company’s property holdings amounted to MSEK 26,087 (23,384) on the balance sheet date. During the year, investments were made for a total of MSEK 2,723 (2,818), of which MSEK 592 (569) related to investments in existing properties, MSEK 189 (162) related to new construction projects and MSEK 1,942 (2,087) related to acquisitions of properties. Valuation for the period shows an unrealised change in value of MSEK 506 (322) and a realised change in value of MSEK 23 (1). Unrealised changes in value arise from, among other things, changes in the properties' contractual and assessed future cash flows, revaluation as a result of prevailing market conditions, and an accounting effect resulting from deductions for deferred tax for the year's acquired properties. NP3 has commitments to complete initiated projects with a remaining investment volume of about MSEK 712 (353) in addition to what is recorded in the balance sheet. In the fourth quarter of 2025, 96 percent of the property value was valued by an external independent party. According to the company's valuation policy, at least 90 percent of the total property portfolio should be valued by an external party during quarters two and four. Other properties are supplemented with internal valuations. The external valuations were obtained in 2025 from Forum Fastighetsekonomi AB and Newsec Advisory Sweden AB. According to Newsec, the total transaction volume in Sweden amounted to approximately BSEK 164 in 2025, excluding conditional deals, which corresponds to an increase of approximately 17 percent compared to 2024. The number of completed transactions increased from 342 to 435. Housing was the largest segment with approximately 28 percent of the volume, followed by logistics, warehouses and industrial with approximately 22 percent and properties for public use with approximately 16 percent. Offices and retail accounted for approximately 15 and 11 percent, respectively. The transaction volume was higher than the previous year but remains slightly below the long-term average. However, according to the company's valuation institute, the transaction market is considered to provide sufficient evidence to assess valuation yields and cost of capital when valuating individual properties. The company's assessor notes that the valuation yields have been stable overall during 2025 with some downward adjustment in certain segments and locations. However, a notable upward adjustment has been seen in Skellefteå. For individual properties, NOTES
Page 109
108 Cont. Note 10 Investment properties changed valuation yields have mainly been linked to specific events such as major tenant changes or project development. For most of the properties, changes in value during the year have been primarily driven by changes in cash flows, for example as a result of adjustments in rent levels and vacancies. The company shares the valuation institutes' view of transaction and rental market developments and assesses that the year's unrealised changes in value totalling MSEK 506 or 2.2 percent compared to the value at the beginning of the year reflect market conditions. In relation to the transaction market, the weighted valuation yield for the company's property portfolio was adjusted to 7.08 percent (7.10) during the year, corresponding to a change in value of MSEK 52. In relation to the rental market, the company has had positive net letting during the year of MSEK 52, which, together with other actual changes and changes appraised by external assessors affecting cash flow, resulted in MSEK 453 in unrealized changes in value, including deductions for deferred tax for acquired properties of MSEK 56. However, it should be pointed out that the fair value of a property can only be determined with certainty when a property is sold, so an uncertainty range for the market value of individual properties of +/- 5-10 percent is reasonable. At the portfolio level, some of the value deviations of individual properties are assessed as cancelling each other out, which means that the company's property portfolio is deemed to have a slightly lower uncertainty margin. Input when valuating by property category Weighted valuation yield, % Range valuation yield, % Rental value, SEK/sqm Property costs, SEK/sqm Initial vacancy rate, % 31 Dec. 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Retail 7.10 7.13 5.50 – 9.00 6.46 – 8.50 1,241 1,259 309 296 4.2 3.9 Industrial 7.10 7.14 6.00 – 9.00 6.20 – 9.00 994 948 255 247 9.2 9.1 Offices 7.02 7.03 6.00 – 8.60 6.25 – 8.60 1,361 1,318 356 349 16.6 9.7 Logistics 6.86 6.86 5.60 – 8.00 5.50 – 8.00 1,084 1,050 231 229 6.0 4.9 Other 7.11 7.06 5.95 – 9.04 5.74 – 9.00 1,306 1,220 286 259 7.9 9.2 Total 7.08 7.10 5.50 – 9.04 5.50 – 9.00 1,105 1,067 274 264 8.4 7.7 Input when valuating by business area 31 Dec. Weighted valuation yield, % Range valuation yield, % Rental value, SEK/sqm Property costs, SEK/sqm Initial vacancy rate, % 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Dalarna 7.20 7.24 5.50 – 8.50 6.25 – 8.50 912 888 258 240 8.6 8.1 Gävle 7.09 7.13 6.30 – 8.25 6.30 – 8.35 1,080 1,031 217 211 7.7 8.6 Luleå 7.13 7.25 5.95 – 8.50 5.95 – 8.50 1,237 1,237 308 306 6.0 3.9 Östersund 6.91 6.96 6.50 – 9.00 6.50 – 9.00 1,259 1,201 275 262 6.9 4.1 Sundsvall 7.25 7.21 6.20 – 9.04 6.15 – 9.00 1,093 1,052 280 271 10.2 11.7 Skellefteå 7.01 6.86 5.95 – 8.70 5.74 – 8.50 1,073 1,031 257 257 10.0 9.6 Umeå 6.98 7.08 5.60 – 8.00 5.50 – 8.60 1,177 1,123 322 313 10.0 6.7 Middle Sweden 6.94 6.89 6.25 – 9.00 6.25 – 8.00 1,102 1,090 291 271 7.2 6.9 Total 7.08 7.10 5.50 – 9.04 5.50 – 9.00 1,105 1,067 274 264 8.4 7.7 Sensitivity analysis property valuation Appraisal of real estate is to some degree always subject to uncertainty and the market value of a property can only be determined when it is sold. Property valuations are calculations made according to accepted principles, based on certain assumptions. The table below shows how a change in various assumptions might affect the company’s profit before tax. Sensitivity analysis Change +/- Impact on earnings before tax 31 Dec, MSEK 2025 2024 Market value properties 5% -points +/-1,304 +/-1,169 Valuation yield 0.25% -points -878/+943 -784/+843 Rental income 80 SEK/sqm +/-2,7431) +/-2,5601) Property costs 20 SEK/sqm -/+6861) -/+6401) Vacancy rate 1% +/-3691) +/-3371) 1) Change in value assuming that the parameter change affects the entire projections period and is indexed in line with annual inflation assumptions. NOTES
Page 110
109 Note 11 Changes in value of financial instruments NP3 uses interest rate derivatives to achieve the desired interest maturity structure. The fair value of the interest rate derivatives is based on discounting of estimated future cash flows according to the terms and conditions of the contracts and maturity dates, with starting point in market rates. In order to determine the fair value, market rates are used for the respective term noted at the end of the accounting period and generally accepted methods of calculation. This means that the fair value has been determined according to observable data, i.e. level 2 in the valuation hierarchy according to IFRS 13. If the agreed interest rate differs from the market interest rate, this gives rise to an excess or deficit in value and the change in value during the period is recognised in the income statement. Unrealized change in value refers to the change in value that arose during the financial year on the derivative instruments that remained at the end of the year. For the valuation of NP3's interest rate derivatives, the issuer of the derivatives provides valuation opinions. During the year, the interest rate derivatives’ value, mainly due to changed market rates, decreased by MSEK 38. The market value of the derivative portfolio amounted to MSEK -19 (19). Upon maturity, the derivatives’ market value will have been dissolved and the changes in value over time do not affect equity. The book value of holdings in listed shares amounted to MSEK 142 (148) on 31 December. During the year, shares were both acquired and disposed of. Valuation of the holding at fair value has resulted in a minor unrealised change in value of MSEK 0 (38). Overall, changes in value of financial instruments amounted to MSEK -22 million (13). 2025 2024 Unrealised change in value interest rate derivatives -38 -25 Unrealised change in value listed shares 0 38 Realised change in value listed shares 16 - Other - - Total -22 13 Note 12 Tax on profit for the year In the income statement, tax is distributed between current and deferred tax. Current and deferred tax has been calculated based on a nominal tax rate of 20.6%. Current tax is calculated based on the individual companies’ taxable profit, which is often lower than the net profit for the year as there is scope for tax adjustments. This applies mainly to the possibility of utilising tax depreciation, deductions for new construction projects, tax-exempt divest - ments of properties via companies and utilisation of tax deficits. The deferred tax expense recorded in the income statement is made up of change in the deferred tax liability for the year and amounts that come from the sale of properties. Group 2025 2024 Current tax Current tax for the year -85 -75 Tax relating to previous years 2 0 -83 -75 Deferred tax 2025 2024 Properties -216 -153 Derivatives 8 5 Deficit deductions 0 3 Other temporary differences 0 -5 Untaxed reserves -39 -52 -247 -202 Total tax charged to profit for the year -330 -277 Reconciliation effective tax for the group 2025 2024 Profit before tax 1,617 1,191 Tax according to current tax rate, 20.6% -333 -245 Result from participations in associated companies and joint ventures 8 -2 Effect of interest deduction limitation rules -33 -48 Sale of properties 9 6 Acquisitions of properties 3 - Non-deductible costs 0 -2 Non-taxable income 8 9 Deductible but not accounted costs 2 3 Tax relating to previous years 2 0 Other tax adjustments, net 4 2 Total -330 -277 Parent company 2025 2024 Current tax - - Total tax charged to profit for the year - - There is no deferred tax in the parent company Reconciliation effective tax parent company 2025 2024 Profit before tax 252 364 Tax according to current tax rate -52 -75 Non-taxable income 50 72 Deductible but not accounted costs 2 3 Total - - NOTES
Page 111
110 Note 13 Leasehold rights The group reports as lessee a lease liability on the starting date of the lease contract. At the same time, a right-of-use asset is record- ed at an equivalent amount, adjusted by prepaid lease payments. The lease liability is discounted by the imputed interest rate in the contract, i.e. site leasehold interest. The majority of the group's lease contracts as a lessee are site leasehold agreements. As these agreements are considered to carry a permanent obligation towards the lessor, no depreciation on the right of use is recorded and no amortisation of the lease liability takes place. The ground rent paid is presented in its entirety as a financial expense. At the end of the year, NP3 had 62 (57) properties granted site leaseholds and commitments concerning leasing of cars, office machinery and office space. Group 2025 2024 2025 2024 2025 2024 Site leaseholds Other lease contracts Total Beginning of year 134 134 13 16 147 150 Additional 26 5 8 3 34 8 Outgoing -3 -5 -3 -3 -6 -8 Depreciation - - -3 -3 -3 -3 Value at year-end 157 134 15 13 172 147 The annual cost for site leasehold fees is accounted as a financial expense. For 2025, the cost amounted to MSEK -5 (-4). Note 14 Software Group and parent company 2025 2024 Accumulated acquisition values: At beginning of year 9 9 New acquisitions 1 0 Total 10 9 Accumulated depreciation according to plan: At beginning of year -5 -4 Depreciation for the year according to plan -1 -1 Total -6 -5 Recorded residual value at year-end 4 4 Depreciation is done straight-line over the asset's estimated useful life, which is normally five years. Note 15 Equipment Group 2025 2024 Accumulated acquisition values: At beginning of year 43 41 New acquisitions 2 2 Total 45 43 Accumulated depreciation according to plan: At beginning of year -32 -30 Depreciation for the year according to plan -2 -2 Total -34 -32 Recorded value at year-end 11 11 Parent company (TSEK) 2025 2024 Accumulated acquisition values: At beginning of year 3,748 2,915 New acquisitions 439 833 Total 4,187 3,748 Accumulated depreciation according to plan: At beginning of year -2,190 -1,880 Depreciation for the year according to plan -506 -310 Total -2,696 -2,190 Recorded value at year-end 1,491 1,558 Depreciation of equipment is done straight-line over its useful life, which is normally five years. NOTES
Page 112
111 Note 16 Participations in group companies (TSEK) The group’s financial reports include the parent company and the subsidiaries that are under direct or indirect controlling influence of the parent company. All companies but five in the group are wholly owned. For reasons of space, only subsidiaries directly owned by the parent company are presented in the table below. Other companies included in the group can be seen from the respective subsidiary’s annual report. All subsidiaries have their domicile and head office in Sundsvall, except for Lillänge Köpcenter KB with domicile and head office in Östersund. Subsidiary Corporate ID number Proportion of equity Book value 2025 Book value 2024 Fastighetsbolaget Ateneum i Brynäs KB 916606-5012 0 0 0 Lillänge Köpcenter KB 969676-9042 1 424 424 NP1 Förvaltning AB 556937-4787 100 50 50 NP2 Förvaltning AB 556720-7187 100 8,949 8,949 NP3 Fastigheter Holding AB 559317-7628 100 57 57 NP3 Fastigheter Holding 2 AB 559344-2634 100 784 784 NP3 Förvaltning AB 556827-8666 100 68,622 68,622 NP3 Projekt AB 556977-9027 100 20,255 20,255 NP4 Förvaltning AB 556843-3139 100 28,879 28,879 NP5 Förvaltning AB 556814-4074 100 83,395 83,395 NP6 Förvaltning AB 556878-4788 100 15,656 15,656 NP7 Förvaltning AB 556878-4770 100 6,954 6,954 NP8 Förvaltning AB 556859-2249 100 20,350 20,350 NP9 Förvaltning AB 556859-2272 100 15,800 15,800 NP10 Förvaltning AB 556974-4856 100 58 58 NP11 Förvaltning AB 556963-5278 100 50 50 NP12 Förvaltning AB 556974-4872 100 2,058 2,058 NP13 Förvaltning AB 559034-6564 100 393,069 393,069 NP14 Förvaltning AB 559268-3337 100 22,000 10,500 NP15 Förvaltning AB 559334-3097 100 9,659 7,159 Simple Self Storage Sundsvall AB 559034-9790 100 555 555 Sköns Prästbord 2:3 KB 969645-3811 1 0 0 Trellvex KB 916549-7430 0 0 0 Trucken 7 KB 969700-3870 0 0 0 Total 697,624 683,624 NOTES
Page 113
112 Note 17 Participations in associated companies and joint ventures The fundamental principle is that a company is recorded as an associated company when NP3 holds min. 20 percent and maximum 50 percent of the votes. Group 2025 2024 Opening value 479 469 Acquisitions/investments 18 111 Proportion of comprehensive income 50 13 Dividend -10 -23 Divestment/reclassification - -91 Closing value 537 479 Associated companies and joint ventures Corp. ID no. Domicile and head office Ownership, % Voting rights, % Reported value 2025 2024 Fastighetsaktiebolaget Ess-Sierra 559235-3667 Stockholm 50.0 50.0 299 284 Fastighets AB Jämtjägaren 559226-2900 Östersund 50.0 50.0 117 94 With You Sweden AB 559102-7940 Sundsvall 49.0 49.0 94 94 Klarälvens Industrikvarter AB 559102-8435 Sundsvall 50.0 50.0 8 7 Cibola Hospitality Group AB 559404-9693 Östersund 49.9 49.9 2 - LOGS L& T AB* 559415-1036 Borlänge 49.0 49.0 8 - LOGS Terminal AB* 559068-6423 Borlänge 49.0 49.0 9 - Total 537 479 *Shares acquired November 2025, no share in profits for 2025 reported. Associated companies and joint ventures - income statement and balance sheet in summary, MSEK (100%) Fastighetsaktie- bolaget Ess-Sierra Fastighets AB Jämtjägaren With You Sweden AB Klarälvens Industrikvarter AB Cibola Hospitality Group AB LOGS L & T AB LOGS Terminal AB Income statement 2025 2024 2025 2024 20251) 2024 2025 2024 2025 2024 2025 2024 2025 2024 Revenue 104 99 26 18 40 40 - - 169 - 11 - 7 - Profit/loss after financial items 50 48 17 7 15 16 0 0 1 - -2 - -6 - Net profit for the year 52 44 46 4 24 45 0 0 1 - -2 - -6 - Consolidated statement of financial position Properties 1,505 1,484 450 409 629 546 12 12 - - - - - - Other fixed assets 18 11 1 - 8 - - - 7 - 1 - - - Current assets 41 46 18 26 51 60 1 1 33 - 10 - 4 - Total assets 1,564 1,541 469 435 688 606 13 13 40 - 11 - 4 - Equity 602 570 233 187 180 107 13 13 4 - 6 - 2 - Interest-bearing liabilities 844 843 213 218 372 415 - - - - 1 - - - Other liabilities 118 128 23 30 136 84 0 0 36 - 4 - 2 - Total equity and liabilities 1,564 1,541 469 435 688 606 13 13 40 - 11 - 4 - 1) For the financial year ending 30/09/2025 Note 18 Receivables from associated companies and joint ventures Receivables from associated companies and joint ventures for the group relate to receivables from Fastighetsaktiebolaget Ess-Sierra AB, MSEK 9, and for the group and parent company receivables from With You Sweden AB, MSEK 72. The receivables bear interest at market terms. Note 19 Current receivables – group 2025 2024 2025 2024 Aged receivables Provision for expected credit losses Current receivables not due and due up to 30 days 126 106 Provision at beginning of year 18 13 Accounts receivable due 30-60 days 3 4 Provisions for the year 27 15 Accounts receivable due 60-90 days 2 3 Reversed provisions -12 -3 Accounts receivable due >90 days 25 16 Realised losses -10 -7 Provision for expected credit losses -23 -18 Closing balance 23 18 Total 133 112 NOTES
Page 114
113 Cont. Note 19 Current receivables Recorded value of receivables from tenants corresponds to actual value when payment of accounts receivable is imminent. Credit risk The company reviews the creditworthiness of major tenants annu - ally and limits the risk by not being exposed to any one individual tenant to more than 5 percent, except for tenants with higher reliability such as state, municipality and region. When signing new rental agreements, credit reports are obtained for the tenant and an assessment of the tenant’s creditworthiness done. Current receivables consist, in addition to accounts receivable, mainly of VAT and income taxes recoverable where no risk for cancelled payments is believed to be present. The group records a loss reserve for expected credit losses on financial assets which are valued at accrued acquisition value. Credit reserves are continuously assessed based on history as well as current and forward-looking factors. For all financial assets, the group shall valuate the loss reserve at an amount equivalent to 12 months of expected credit losses. Receivables in the parent company consist mainly of receivables from subsidiaries, which are recorded at acquisition value and analysed in the general model for assessment of credit reserves. Note 20 Assets held for sale In June, 11.3 percent of the holding in Cibola Hospitality Group AB was divested, which at the beginning of the year was classified as assets held for sale and liabilities attributable to assets held for sale in accordance with IFRS 5. After the divestment, NP3's holding amounted to 49.9 percent and the shares are therefore recorded as associated companies. Note 21 Equity and capital structure Share capital The number of common share issued as of 31 December amounted to 61,580,794, an increase of 18,391 compared to the beginning of the year, as a result of the new issue of common shares in June when warrants were exercised as the company's fifth incentive program for warrants expired. In addition to the common shares there are 56,000,000 preference shares, which is 13,700,000 more than at the beginning of the year as a result of a directed issue of preference shares in May. According to the articles of association, the share capital shall be a minimum of SEK 190,050,000 and a maximum of SEK 760,200,000. The number of shares shall be min. 54,300,000 and maximum 217,200,000. Every common share entitles to (1) vote/share and every preference share entitles to one tenth (1/10) vote. All shares have a P/B ratio of SEK 3.50 per share. The preference shares outstanding are classified as equity instruments and not as financial liabilities. This is because there is no contractual obligation to pay dividends or to repay paid-in capital. Nor is there any obligation for the company to redeem the preference shares. NP3’s common shares are also classified as equity instruments. NP3 does not own any own shares. Other contributed capital Refers to equity contributed by the owners (in addition to share capital) as a premium share issue. Accumulated profits or loss Relates to accumulated profits generated in the group. Incentive programme The company issued 137,405 warrants to employees during the year, with an option to subscribe for shares in the parent company in June 2028. The subscription price will be set as the share price on issuance of the warrants in May 2025 adjusted up/down depending on all listed real estate companies’ average development, calculated according to Carnegie’s Real Estate Index, during the period from issuance until May 2028. The warrants will thus be valuable provided that NP3 sees a price trend that is better than the average for the listed real estate companies during the three-year period. Employees have bought the warrants at fair value (market price). The fair value has been calculated by applying an option valuation model based on Monte Carlo simulation. The calculation has been based on a subscription price for the common share, equivalent to the average volume-weighted price at Nasdaq Stockholm during a period in May 2025. The programme has resulted in somewhat higher personnel costs regarding subsidies in order to finance part of some employees’ purchase price. During the financial year, members of management purchased 23,755 warrants. From comparable incentive programmes for the years 2023-2026 and 2024-2027, respectively, there are 300,615 warrants outstanding. In total, there are thus 438,020 warrants outstanding for MSEK 9, equivalent to 0.7 percent of the number of common shares outstanding. No further warrants or convertibles have been issued by the company. The money paid for the warrants is recorded under other contributed capital. In 2025, a new issue of 18,391 common shares was carried out on occasion of the exercise of warrants under the incentive programme 2022-2025. The exercise model in the terms of the warrants gave each warrant the right to subscribe for 0.21 common shares. Restricted and non-restricted equity in the parent company According to the Swedish Companies Act, equity consists of restricted (non-distributable) and unrestricted (distributable) equity. Only so much can be distributed to shareholders that after distribution there is still full coverage for restricted equity in the parent company. Furthermore, distribution of profits must only be done if it is warrantable with regard to the requirements the operation’s nature, extent and risks put on the size of equity and the company’s and group’s need to strengthen the balance sheet, liquidity and position in other respects. Dividend Dividend is proposed by the board in accordance with the provisions in the Swedish Companies Act and decided by the annual general meeting. The proposed, as yet undecided, common share dividend consists of a cash dividend of SEK 6.40 per common share to be paid on four occasions of 1.60 each. The board also proposes a dividend of 2.00 SEK per preference share to be paid on four occasions of 0.50 SEK each. Total proposed dividend amounts to, MSEK 509. For more information on the board's proposal for dividends, see page 77 and the board's proposal for disposition of earnings on page 118. NOTES
Page 115
114 Cont. Note 21 Equity and capital structure Long-term net asset value Calculation of long-term net asset value per common share is done by equity relating to the parent company’s holders of common shares being adjusted for items that do not involve payout in the near term. In NP3’s case this means that equity according to the balance sheet shall be adjusted by the value for derivatives and deferred tax liability. 2025 2024 Net asset value MSEK SEK/ common share MSEK SEK/ common share Equity acc. to balance sheet 10,710 173.92 9,568 155.41 Deduction for non-controlling interest -39 0.63 -128 -2.08 Deduction for preference share capital 1,792 29.10 -1,354 -21.99 Add-back derivatives 19 0.31 -19 -0.30 Add-back deferred tax 1,682 27.31 1,453 23.61 Long-term net asset value, SEK/common share 10,581 171.81 9,520 154.64 Capital structure Together with equity attributable to the parent company’s shareholders, the interest-bearing net borrowings make up the company’s capital structure. NP3 has a finance function whose objective is to, through efficient and transparent financial management, support the company in following its business plan and strategy. This means that the company strives to secure funding in the long term and limit financial risks in form of interest rate and funding risk. The company has terms and conditions imposed by external creditors with regard to interest coverage ratio and loan- to-value ratio. The company’s financial policy specifies a long-term loan-to-value ratio of 60 percent and an interest coverage ratio of at least 2 times. For more information about NP3’s financial objectives and target achievement, see page 6. Warrants Warrants outstanding at beginning of year Redeemed warrants during the year Warrants issued during the year Warrants outstanding at end of year CEO 35,229 -8,242 10,127 37,114 Other senior executives 28,194 -10,622 13,628 31,200 Other employees 324,907 -68,851 113,650 369,706 Total 388,330 -87,715 137,405 438,020 Note 22 Deferred tax The deferred tax liability largely consists of temporary differences between the recorded value and tax base on properties and the tax portion of untaxed reserves with deduction for deferred tax liabilities relating to derivative instruments and deficit deductions that are assessed as being utilisable in the future. Deficit deductions consist of the year’s and previous year’s tax losses, which are carried over to the next year and utilised by offsetting them against future tax profits. Remaining deficit deductions amount to MSEK 33. Group 2025 2024 Properties 1,375 1,177 Derivatives -5 3 Deficit deductions -6 -6 Other temporary differences 6 6 Untaxed reserves 312 273 Total deferred tax 1,682 1,453 Change of deferred tax for the year Group Properties Derivatives Deficit deduction Other temporary differences Untaxed reserves As of 1 January 2024 1,018 8 -3 1 216 Recognised in the income statement 153 -5 -3 5 52 Acquisitions/sales 6 - - - 5 31 December 2024 1,177 3 -6 6 273 As of 1 January 2025 1,177 3 -6 6 273 Recognised in the income statement 216 -8 - - 39 Acquisitions/sales -18 - - - - 31 December 2025 1,375 -5 -6 6 312 NOTES
Page 116
115 Note 23 Interest-bearing liabilities The group’s interest-bearing liabilities at year-end amounted to MSEK 14,231 (12,734) including interest-bearing liabilities relating to leasehold rights pursuant to IFRS 16, which amounted to MSEK 172 (147). The interest-bearing borrowings excluding liabilities relating to leasehold rights amounted to MSEK 14,059 (12,587), of which bank financing MSEK 11,215 (10,145), commercial paper loans MSEK 1,090 (875), bond loans MSEK 1,650 (1,601), other interest-bearing liabilities MSEK 155 (9) and accrued borrowing expenses which reduced the interest-bearing liabilities by MSEK 51 (44). Fixed interest profile (Bank, commercial papers and bond loans) Amount, MSEK Average interest rate, total debt portfolio, % Fixed interest rate, maturity by year, % Loans Interest rate derivatives Loans Interest rate derivatives1) Total Derivatives 31 Dec. 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 -12 months 13,995 12,621 2,500 2,700 3.78 5.04 0.02 0.07 3.79 4.96 1.98 2.39 1-2 years - - 900 500 - - -0.04 -0.10 -0.04 -0.10 1.32 0.58 2-3 years - - 1,825 400 - - 0.05 0.08 0.05 0.08 2.27 0.42 3-4 years - - 1,375 1,075 - - 0.02 0.06 0.02 0.06 2.03 1.95 4-5 years - - 2,000 1,000 - - 0.10 0.06 0.10 0.06 2.63 1.93 5-10 years - - 1,000 2,750 - - 0.02 0.28 0.02 0.28 2.22 1.32 Total/average 13,995 12,621 9,600 8,425 3.78 5.04 0.17 -0.65 3.95 4.38 2.14 1.73 1) Refers to the difference between fixed interest rate and Stibor 3M according to maturity structure for the fixed interest rate component of the derivatives. Loan maturity profile (Bank, commercial papers and bond loans) Amount, MSEK Average interest rate, % Proportion, % 31 Dec. 2025 2024 2025 2024 2025 2024 -12 months 801 1,678 5.35 4.78 6 13 1-2 years 1,407 5,086 4.30 5.39 10 40 2-3 years 4,356 2,050 3.67 4.98 31 16 3-4 years 4,399 2,423 3.56 4.57 32 19 4-5 years 2,959 1,346 3.58 4.95 21 11 5-10 years 32 38 4.05 4.95 0 0 Total/average 13,995 12,621 3.78 5.04 100 100 Payment flows - future interest payments Loans Interest rate derivatives Total payments -12 months 543 22 564 1-2 years 477 25 502 2-3 years 363 23 386 3-4 years 207 19 227 4-5 years 50 8 59 5- years 19 1 20 Total 1,658 98 1,756 Maturity profile other interest-bearing liabilities, group 2025 2024 -12 months 79 6 1-2 years 37 1 5- years 39 2 Total 155 9 Maturity date other financial instruments, group 2025 2024 Accounts payable, within 30 days 149 149 NOTES Presented above are future liquidity flows related to interest payments attributable to the existing loans and derivative portfolio at year-end. For the variable part related to loans and interest rate derivatives, the Stibor level at year-end has been used for all terms above. The flows for the interest rate derivatives relate to interest paid, (the derivatives’ fixed part) less interest received (the derivatives’ variable part). Callable interest rate derivatives for the counterparty have been assumed to mature on their settlement date. With the above assumptions the total liability to pay for contracted loans and interest rate derivatives amounted to MSEK 1,756 in total over the remaining terms. In addition to the financial liabilities whose undiscounted cash flows are presented in the tables above, the group possesses 62 site leasehold agreements (57) whose annual site leasehold fees total MSEK 5 undiscounted (4). These lease contracts are regarded as permanent from the group’s perspective, as the group has no right to cancel the contracts. All site leasehold agreements will be renegotiated within a period of 0-20 years, which will have an effect on the site leasehold fees. The parent company's interest-bearing liabilities amounted to MSEK 8,702 (7,425), of which MSEK 8,132 (6,303) are long-term and MSEK 570 (1,122) are current. The liabilities consisted of bank financing of MSEK 5,848 (4,980), bond loans of MSEK 1,650 (1,601), commercial paper loans of MSEK 1,090 (875), promissory note liabilities of MSEK 149 (-) and accrued borrowing expenses that have reduced interest-bearing liabilities by MSEK 35 (27).
Page 117
116 Note 24 Derivatives NP3 uses interest rate derivatives to manage the interest risk and achieve the desired fixed interest profile. The strategy means that changes in value will arise over time, depending on the change in market rates and remaining term. For valuation method see note 11, changes in value of financial instruments. At year-end there were 36 interest rate derivative contracts totalling MSEK 9,600, of which MSEK 7,600 related to interest rate hedging. Maturity dates and market value at the end of the accounting period can be seen from the following table. Settlement date Amount Market value 2026 500 2 2027 900 8 2028 2,325 -13 2029 1,375 18 2030 2,000 -28 2031 1,000 17 2032 - - 2033 1,000 -16 2034 500 -7 Total 9,600 -19 Note 25 Financial instruments and risk management Investment properties is a long-term asset which requires long- term funding with distribution between equity and interest-bearing liabilities. The financial liabilities the company has are bank, commercial paper and bond loans, and vendor loans, accrued interest and certain operating liabilities such as accounts payable. The financial assets held by the company are listed shares, cash and cash equivalents, rent/accounts receivable and interest rate derivatives. The financial risks incurred by the financial liabilities can be divided into liquidity and refinancing risk as well as interest rate risk. Liquidity and refinancing risk refer to the risk of not being able to obtain funding, or only at highly increased costs in connection with loan agreements expiring and having to be replaced with new ones. The loan requirement can relate to refinancing of existing loans or new borrowings that are required in order to be able to achieve the growth targets. NP3’s planned expansion rate is highly dependent on new loans from lenders and issued capital from shareholders. In order to reduce the risk, NP3 works continuously to convert loans, and for loans newly taken out strives to match the loan maturity structure. For more information regarding the company’s risks, see the section on structured risk management, pages 70-74. Interest expense on debt is the single largest cost item for the company and changes in interest rates have a significant impact on earnings and cash flow. Interest expenses are affected mainly by the level of current market interest rates and the credit institutes’ margins, as well as what strategy NP3 selects for the interest lock-in period. A sensitivity analysis of interest rates on page 36 shows that an increase in Stibor by one percentage point increases NP3’s interest expense by MSEK 44, based on existing credit agreements as of the end of the accounting period. The company is not exposed to any foreign exchange risk. Guidelines for finance and funding activities in the company are set out in the company’s financial policy, which is set down by the board. The aim of the financial policy is to identify financial risks and create uniform guidelines for how to manage the financial risks. The overall objective of the funding activities is to support the company’s business plan and strategy, and secure the company’s funding and requirement for liquidity in the long term. The company has terms and conditions imposed by external creditors with regard to interest coverage ratio and loan-to-value ratio. For a summary of NP3’s financial objectives and target achievement, see page 6. Below are the various categories of financial instruments that can be found in the group’s balance sheet. Categorisation acc. to IFRS 9. Financial instruments, MSEK Financial assets valued at accrued acquisition value Financial items valued at fair value via the result Financial liabilities valued at accrued acquisition value 2025 2024 2025 2024 2025 2024 Non-current receivables 92 69 Derivatives -19 19 Rent receivables 20 16 Other receivables 113 128 Listed shares 142 148 Cash and cash equivalents 291 97 Interest-bearing liabilities 14,231 12,734 Accounts payable 149 149 Other liabilities 319 321 Financial instruments such as rent receivables and accounts payables are recorded at accrued acquisition value less any write- down, which is why the fair value is assessed as corresponding to the recorded value. Non-current interest-bearing liabilities primarily have a short interest lock-in period, meaning that the accumulated acquisition value well matches the fair value. NOTES
Page 118
117 Note 26 Accrued expenses and deferred income Group Parent company 2025 2024 2025 2024 Prepaid rents 302 246 - - Accrued interest costs 64 77 33 29 Other 66 57 18 15 432 380 51 44 Note 27 Pledged assets and contingent liabilities Group Parent company Pledged assets for liabilities 2025 2024 2025 2024 Property mortgages 14,092 12,289 - - Shares in subsidiaries 2,533 2,143 521 490 Total 16,625 14,432 521 490 Contingent liabilities Guarantees in favour of group companies - - 12,305 10,995 Note 28 Group information Of the parent company's total purchases and sales, measured in SEK, 3 percent (3) of purchases and 98 percent (99) of sales relate to other companies within the company group to which the company belongs. The parent company NP3 Fastigheter AB (publ) has no direct ownership in properties, but these are owned via wholly- owned subsidiaries. The parent company provides administrative and technical property management services to the subsidiaries, as well as to group management and funding services. Of the group's 72 employees at the end of the year, 68 are employed by the parent company and 4 are employed by two different subsidiaries. Note 29 Transactions with related parties During the year, NP3 Fastigheter acquired Class A shares in Tingsvalvet Fastighets AB (publ). In total, NP3 acquired 1,052,836 Class A shares from four sellers, one of which was NP3's board member Hans-Olov Blom, who sold 253,000 Class A shares to NP3 through companies. The member did not participate in the board decision where the CEO was given a man- date and received the same price for his shares as the other three sellers received. Furthermore, the board and management team are related parties to NP3. With regard to salaries and other remuneration, costs and obligations regarding pensions and similar benefits, agreements regarding severance pay to the board and CEO, see note 6. Note 30 Significant events after the end of the financial year Until the signing of this annual report, the company has accessed eleven properties at an underlying property value of MSEK 222 before market-based deduction for deferred tax of MSEK 5. The rental value of the properties amounted to MSEK 18. In addition to the above, the company entered into agreements to acquire one property at an underlying property value of MSEK 26 to be accessed of in the second quarter. The rental value of the properties amounted to MSEK 2. Prior to the signing of this annual report, the company divested a property with an underlying property value of MSEK 72. The rental value of the property amounted to MSEK 8. In February, unsecured green bonds of MSEK 400 were issued. The bonds have a maturity of 4.5 years and carry an interest rate of 3-month STIBOR + 215 basis points. In Mars, based on the authorization received at the Annual general meeting on 7 May 2025, a directed issue of 1,250,000 preference shares was carried out to two creditors a result of a share acquisition. The subscription price of SEK 31.00 per preference share is paid by offsetting claims on NP3. NOTES
Page 119
The boards' proposal for dividend The board proposes that the Annual general meeting resolve on a dividend of SEK 6.40 per common share (totalling SEK 394,117,082), payable on four occasions at SEK 1.60 each, and a dividend of SEK 2.00 per preference share (totalling SEK 114,500,000), payable on four occasions at SEK 0.50 each. The board proposes 8 May 2026, 31 July 2026, 30 October 2026 and 29 January 2027 as record dates for dividends on common shares. In accordance with the articles of association, the board proposes 31 July 2026, 30 October 2026, 29 January 2027 and 30 April 2027 as record days for dividends on preference shares. Payment of the dividend is expected to be made through Euroclear Sweden AB on the third banking day after each record day. In total, the proposed dividend as above amounts to SEK 508,617,082. Possible additional dividend on new shares The board has proposed that the annual general meeting authorise the board to decide on a new issue of maximum 6,100,000 common shares and maximum 15,000,000 preference shares. The board thus proposes that the new shares that may be issued with the support of the authorisation shall bring a dividend as mentioned above as of the day the new shares have been entered in the share register kept by Euroclear Sweden AB. This means that the right to dividend as above for a new share exists as of the record day as above following the entry of the new share in the share register. If the authorisation is utilised in full, dividend on additional common shares and preference shares will amount to maximum SEK 59,280,000, of which maximum SEK 29,280,000 relate to additional common shares and maximum SEK 30,000,000 relate to additional preference shares. Including all possibly additional preference shares and common shares as above, the total proposed dividend as above amounts to a total of SEK 567,897,082. Statement by the board regarding the proposed dividend Rationale The group’s equity has been calculated in accordance with the IFRS accounting standards adopted by the EU and in accordance with Swedish law by applying the Swedish Sustainability and Financial Reporting Board's recommendation RFR 1 (Supplementary Accounting Rules for Groups). The parent company’s equity has been calculated in accordance with Swedish Sustainability and Financial Reporting Board's recommendation RFR 2 (Accounting for legal entities) The proposed dividend amounts to approximately 50 percent of the group's profit from property management after current tax, which is in line with the company's dividend policy. The group’s profit after changes in value and tax amounted to MSEK 1,287. The dividend policy is based on the group’s profit from property management, which is why increases or decreases in value not affecting cash flow in the group’s properties as well as interest rate derivatives normally do not affect the dividend. Such profits or losses not affecting cash flow were also not taken into account in previous years’ decisions on profit distribution. The board finds that there is full coverage for the company’s restricted equity after the proposed profit distribution. The board also finds that the proposed dividend to shareholders is justifiable with regard to the parameters specified in chap. 17, § 3 first and second sections in the Swedish Companies Act (nature of the business, scope and risks as well as the need to strengthen the balance sheet, liquidity and position otherwise). Nature of the business, scope and risks The board assesses that the company’s and group’s equity after the proposed dividend will be sufficiently large in relation to the nature of the business scope and risks. In this context, the board considers the company’s and group’s historic development, budgeted development, investment plans and the economic climate. NOTES - DISPOSITION OF EARNINGS118 Note 31 Proposed disposition of earnings The following non-restricted equity in the parent company is at the disposal of the Annual general meeting: Amount (SEK) Profit carried forward (including share premium reserve) 2,728,941,063 Net profit for the year 252,349,400 Total 2,981,290,463 The board proposes that the amount be distributed as follows: Dividend SEK 6.40/common share 394,117,082 Dividend SEK 2.00/preference share 114,500,000 To be carried forward 2,472,673,381 Total 2,981,290,463 As of the balance sheet date, the company had 61,580,794 registered common shares and 56,000,000 registered preference shares. After the end of the accounting period, the company has issued 1,250,000 new preference shares, meaning that as of today there are a total of 57,250,000 registered preference shares that are entitled to dividends. The amounts in this proposal have been based on 61,580,794 registered common shares and 57,250,000 registered preference shares.
Page 120
119 Cont. Note 31 Proposed disposition of earnings Assessment of financial position, liquidity and position otherwise The board has proposed a comprehensive assessment of the parent company’s and group’s financial position and its possibilities to meet its commitments. The proposed dividend makes up 15 percent of the parent company’s equity and 5 percent of the group’s equity as of year-end. The company’s loan-to-value ratio and interest coverage ratio, respectively, was 51.2 percent or 2.8 multiple in 2025. The company's target is to have a loan-to-value ratio of maximum 60 percent and an interest coverage ratio of at least 2 times, which will be achieved even after the proposed dividend. The company’s and group’s capital structure is good considering the current conditions in the real estate sector. In 2025, the company carried out new issues of common and preference shares, which meant that equity increased by MSEK 385. Against this background, the board believes that the company and group are in a good position to take future business risks and even deal with possible losses. Planned investments have been considered when determining the proposed dividend. Liquidity The proposed dividend will not affect the company’s and group’s ability to meet its payment obligations in a timely manner. The company and group have good access to liquidity and have liquidity reserves in form of both short- and long-term credits. The credits can be drawn at short notice, which means that the company and group are well prepared to handle both variations in liquidity as well as unexpected events. Position otherwise The board has considered all other known circumstances that may be of significance to the company’s and group’s financial position and which have not been taken into account within the above-mentioned. No circumstances have emerged thereby that make the proposed dividend appear as not justifiable. Valuation at fair value Derivative instruments and holdings in listed shares have been valued at fair value acc. to chap. 4, Section 14 a Swedish Annual Accounts Act. The valuation has shown a deficit in value of MSEK 16 after tax at year- end, which has reduced equity by the same amount. March 2026, Board of Directors NOTES - DISPOSITION OF EARNINGS
Page 121
120 Signing of annual report The board and the CEO herewith certify that the annual accounts have been prepared in accordance with generally accepted accounting policies in Sweden and that the consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) provided for in the European Parliament’s and Council of Europe’s regulation (EU) no. 1606/2002 on the application of international accounting standards. The annual accounts and consolidated accounts provide a true reflection of the parent company’s and group’s position and result and describe significant risks and uncertainties facing the companies included in the group. Furthermore, the Directors’ Report provides a true overview of the development of the company’s and group’s operations, position and result. The annual report has been completed and approved and signed by all on 31 March 2026. Åsa Bergström Board member Our auditor’s report was submitted on 1 April 2026 KPMG AB SIGNING OF ANNUAL REPORT Anders Palmgren Board member Peter Dahllöf Authorised public accountant Nils Styf Chairman of the Board Mia Bäckvall Juhlin Board member Hans-Olov Blom Board member Andreas Wahlén CEO
Page 122
1211 (4)AUDITOR'S REPORT NP3 FASTIGHETER AB (PUBL), CORP. ID 556749-1963, 2025 Translation from the Swedish original Auditor's report NP3 Fastigheter AB (publ), corp. id 556749-1963, 2025 1 (4) Auditor’s Report To the general meeting of the shareholders of NP3 Fastigheter AB (publ), corp. id 556749-1963 Report on the annual accounts and consolidated accounts Opinions We have audited the annual accounts and consolidated accounts of NP3 Fastigheter AB (publ) for the year 2025, except for the corporate governance statement on pages 79-89 and the sustainability report on pages 39-66. The annual accounts and consolidated accounts of the company are included on pages 67-120 in this document. In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act, and present fairly, in all material respects, the financial position 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 accordance 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 79-89 and sustainability report on pages 39-66. The statutory 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 statement of comprehensive income and statement of financial position for 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 International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities 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 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 companies 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 accounts of the current period. These matters were addressed 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. Valuation of investment properties See note 1 Accounting principles, note 10 Investment properties page 101-102 and 106-108 in the annual report and consolidated accounts for detailed information and description of the matter Description of key audit matter Response in the audit Investment properties are held at fair value in the Groups financial statements. The carrying value of these properties is MSEK 26,087 as per 31 December 2025, which represents 95 % of to the Groups total assets. The fair value of investment properties as per 31 December 2025 has been determined based on valuations carried out by independent valuers. Given the investment properties significant share of the Groups total assets and the significant judgment and estimates required in the valuation process, valuation of investment properties is a Key Audit Matter. The risk is that the carrying value of investment properties could be over- or underestimated and that deviations would directly influence the results of the period. We have evaluated if the valuation methodology used is reasonable by comparing it to our experience of how other real estate companies and independent third party valuers work and which assumptions that are normal when valuing comparable objects. We have assessed the competence and independece of third party valuers. We have tested the controls established by the company to ensure that input data provided to the independent third party valuers are accurate and complete. We have, on a sample basis, tested individual valuations. When doing so, we made use of available current market data from external sources, especially for yields, discount rates, rents and vacancies used. We have verified the accuracy of disclosures on Investment properties given by the company in notes 1 and 10 in the annual report, especially concerning elements of judgement and applied key assumptions. Real estate transactions See note 1 Accounting principles, note 10 Investment properties page 101-102 och 106-108 in the annual report and consolidated accounts for detailed information and description of the matter. Description of key audit matter Response in the audit During 2025, the Group has acquired investment properties for a total of 1,942 MSEK and divestments have been carried out of investment properties with a book value of 526 MSEK. We have assessed the procedure for acquisitions and divestments of properties and, for significant transactions, have inspected underlying agreements, timing of accounting, purchase price, and any specific conditions or terms. We have evaluated the company's assessments Auditor´s Report Translation from the Swedish original
Page 123
122 2 (4) AUDITOR'S REPORT NP3 FASTIGHETER AB (PUBL), CORP. ID 556749-1963, 2025 Translation from the Swedish original Auditor's report NP3 Fastigheter AB (publ), corp. id 556749-1963, 2025 2 (4) Risks in acquisitions and divestments mainly consist of the timing of the accounting of the transaction and the fact that specific terms of the individual transactions are not properly taken into account, which can have a significant impact on the Group's results and financial position. Due to the complexity and the assumptions involved in real estate transactions, this constitutes a Key Audit Matter in our audit. and conclusions regarding the classification of the transactions as an asset acquisition or a business combination. We have verified the accuracy of disclosures on acquisitions and divestment of the investment properties that the company provides in notes 1 and 10 of the Annual 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 1-66 and 126-140. The other information comprises also of the remuneration report which we obtained prior to the date of this auditor’s report. The Board of Directors and the Managing 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 regarding 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 procedure 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 misstatement 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 responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation 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 determine 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 accounts 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 applied if the Board of Directors and the Managing Director intend 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 reporting process. 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 accepted 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 reasonably 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 exercise professional judgment and maintain professional scepticism 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 material 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 Directors’ 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 uncertainty 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 disclosures are inadequate, to modify our opinion about the annual accounts and consolidated accounts. Our conclusions are based on the audit evidence obtained 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 consolidated accounts. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible 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 statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
Page 124
123 3 (4)AUDITOR'S REPORT NP3 FASTIGHETER AB (PUBL), CORP. ID 556749-1963, 2025 Translation from the Swedish original Auditor's report NP3 Fastigheter AB (publ), corp. id 556749-1963, 2025 3 (4) independence, and where applicable, measures that have been taken to eliminate the threats or related safeguards. From the matters communicated with the Board of Directors, 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 therefore the key audit matters. We describe these matters in the auditor’s report unless law or regulation precludes disclosure about the matter. Report on other legal and regulatory requirements Auditor's audit of the administration and the proposed appropriations of profit or loss Opinions In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of NP3 Fastigheter AB (publ) for the year 2025 and the proposed appropriations of the company's profit or loss. We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration 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 responsibilities 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 accordance 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 Managing 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 requirements 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 company’s organization and the administration of the company’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 assets 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 respect: has undertaken any action or been guilty of any omission 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 appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reasonable degree 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 accordance 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 accepted auditing standards in Sweden, we exercise professional judgment and maintain professional scepticism throughout the audit. The examination of the administration and the proposed appropriations of the company’s profit or loss is based primarily on the audit of the accounts. 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 situation. We examine and test decisions undertaken, support for decisions, actions taken and other circumstances 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 the Board of Directors' reasoned statement and a selection of supporting evidence in order to be able to assess 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 consolidated 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 report) pursuant to Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528) for NP3 Fastigheter AB (publ) for year 2025. Our examination and our opinion relate only to the statutory 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 section. We are independent of NP3 Fastigheter AB (publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of the Board of Directors and the Managing Director
Page 125
124 4 (4) Translation from the Swedish original Auditor's report NP3 Fastigheter AB (publ), corp. id 556749-1963, 2025 4 (4) The Board of Directors and the Managing Director are responsible for the preparation of the Esef report in accordance with the 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 prepared 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 misstatement 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 International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. The examination involves obtaining evidence, through various procedures, that the Esef report has been prepared in a format that enables uniform electronic reporting of the annual accounts and consolidated accounts. The procedures selected depend on the auditor’s judgment, including 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 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 effectiveness of those internal controls. The examination also includes an evaluation of the appropriateness and reasonableness of the 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 assessment 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 corporate governance statement on pages 79-89 has been prepared in accordance with the Annual Accounts Act. Our examination of the corporate governance statement is conducted in accordance with FAR´s standard RevR 16 The auditor´s examination of the corporate governance 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 sufficient basis for our opinions. A corporate governance statement has been prepared. 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 accordance with the Annual Accounts Act. The auditor's opinion regarding the statutory sustainability report The Board of Directors is responsible for the sustainability report on pages 39-66, and that it is prepared in accordance with the Annual Accounts Act in accordance with the older wording that applied before 1 July 2024. Our examination has been conducted in accordance with FAR´s standard RevR 12 The auditor's opinion regarding the statutory sustainability report. This means that our examination of the statutory sustainability report 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 sufficient basis for our opinion. A statutory sustainability report has been prepared. KPMG AB, Box 382, 101 27, Stockholm, was appointed auditor of NP3 Fastigheter AB (publ) by the general meeting of the shareholders on the 7 May 2025. KPMG AB or auditors operating at KPMG AB have been the company's auditor since 2008. Stockholm 1 April 2026 KPMG AB Peter Dahllöf Authorized Public Accountant AUDITOR'S REPORT NP3 FASTIGHETER AB (PUBL), CORP. ID 556749-1963, 2025
Page 126
125
Page 127
126 Reconciliation key ratios NP3 applies the guidelines for alternative key ratios issued by ESMA. Alternative performance measures refer to financial measurements that are not defined or stated in the rules applicable to financial reporting, i.e. IFRS. The company reports certain financial measurements in the re - port that are not defined in accordance with IFRS. The alternative key ratios which NP3 presents are used by company management to assess the company’s financial development. Accordingly, they are also assessed as giving other stakeholders, such as analysts and investors, valuable information. But not all companies calculate financial measurements in the same way, and these financial measurements shall therefore not be seen as a replacement for measurements defined according to IFRS. Below you’ll find a reconciliation of the alternative financial key ratios that are presented in this report. Definitions of the key ratios can be found on page 127. MSEK 2025 Jan-Dec 2024 Jan-Dec Interest-bearing liabilities 14,059 12,587 Current investments -142 -148 Cash and cash equivalents -291 -97 Net debt 13,625 12,341 Profit after tax, relating to shareholders in the parent company 1,276 914 Deduction of preference shareholders' preferential right to dividend, paid during the year -98 -76 Profit after tax reduced by holders of preference shares’ right to dividend 1,177 838 Average number of common shares, thousands 61,573 59,136 Profit after tax, SEK/common share 19.12 14.17 Rental income 2,274 1,992 Net operating income 1,725 1,503 Surplus ratio, % 76 75 Net operating income, rolling 12 months 1,725 1,503 Average market value of properties 24,502 21,208 Yield, % 7.0 7.1 Profit after tax, relating to shareholders in the parent company, rolling 12 months 1,276 914 Deduction of preference shareholders' preferential right to dividend, paid during the year -98 -76 Average equity after settlement of preference capital and non-controlling interest 8,375 7,190 Return on equity, common share, % 14.1 11.7 Profit after tax, rolling 12 months 1,287 914 Average total equity 10,051 8,479 Return on equity, % 12.8 10.8 Profit before tax, rolling 12 months 1,617 1,191 Average total equity 10,051 8,479 Return on equity, before tax, % 16.1 14.0 Profit from property management, rolling 12 months 1,104 879 Average total equity 10,051 8,479 Return on equity from the profit from property management, % 11.0 10.4 Net debt 13,625 12,341 Equity according to financial position 10,710 9,568 Debt/equity ratio, multiple 1.3 1.3 MSEK 2025 Jan-Dec 2024 Jan-Dec Net debt 13,625 12,341 Net operating income, forward-looking 12 months acc. to earnings capacity 1,756 1,602 Central administration costs, rolling 12 months -91 -78 Dividends from associated companies and joint ventures, rolling 12 months 10 23 Adjusted net operating income 1,675 1,547 Net debt to EBITDA ratio, multiple 8.1 8.0 Profit from property management 1,104 879 Add-back of profit from property management from associated companies and joint ventures -42 -37 Dividends from associated companies and joint ventures 10 23 Financial expenses 582 599 Adjusted profit from property management 1,654 1,464 Interest coverage ratio, multiple 2.8 2.4 Net debt 13,625 12,341 Market value properties 26,087 23,384 Participations in associated companies and joint ventures 537 479 Loan-to-value ratio, % 51.2 51.8 Equity according to financial position 10,710 9,568 Balance sheet total 27,543 24,604 Equity/assets ratio, % 38.9 38.9 Equity according to financial position 10,710 9,568 Deduction preference capital 1,792 -1,354 Deduction non-controlling interest -39 -128 Number of shares at year-end, thousands 61,581 61,562 Equity, SEK/common share 144.18 131.34 Equity according to financial position 10,710 9,568 Deduction preference capital 1,792 -1,354 Deduction holdings without controlling influence -39 -128 Add-back derivatives 19 -19 Add-back deferred tax 1,682 1,453 Number of shares at year-end, thousands 61,581 61,562 Long-term net asset value, SEK/common share 171.81 154.64 Profit from property management 1,104 879 Deduction holders of preference shares’ preferential right to dividend -98 -76 Average number of common shares, thousands 61,573 59,136 Profit from property management, SEK/common share 16.33 13.57 RECONCILIATION KEY RATIOS
Page 128
127 Definitions DEFINITIONS Return on equity Profit after tax for a rolling 12-month period, in percent of average equity. Return on equity, before tax Profit before tax for a rolling 12-month period, in percent of average equity. Return on equity, common share Profit after tax for a rolling twelve-month period, reduced by the preference shares’ preferential right to dividend (paid during the period), and share in profits for non-controlling interest, in percent of average equity after settlement of preference capital and non- controlling interest. Return on equity from the profit from property management Profit from property management for a rolling 12-month period, in percent of average equity. Loan-to-value ratio Net debt in percent of the properties’ recorded value and investments in associated companies and joint ventures. CAGR (Compounded Annual Growth Rate) Average annual growth expressed as a percentage. Yield Operating surplus for a rolling 12-month period as a percentage of the average market value of the properties. The key ratio shows the return from the operating activities in relation to the properties’ market value. Net operating income Rental income for the period less property costs. Equity, SEK/common share Equity relating to the parent company’s shareholders after settlement of preference capital in relation to the number of common shares at the end of the period. Equity, SEK/preference share Equity per preference share corresponds to the share’s redemption price upon liquidation plus accrued dividend. Financial occupancy rate Rental income in percentage of rental value. Investment property Investment property refers to a property that is held in order to generate rental income and/or increase in value. All of NP3’s properties are assessed as constituting investment properties, so the term is thus consistently “property” in reports and reports. Profit from property management Net profit before tax and changes in value and tax in both group and associated companies as well as joint ventures. Profit from property management, SEK/common share Net profit before tax and changes in value reduced by the preference shares’ preferential right to dividend, paid during the period, in relation to the weighted average number of common shares. Average interest rate Weighted interest on interest-bearing liabilities (excluding liabilities rights of use) taking into account interest rate derivatives on the balance sheet date. Average remaining lease term The weighted average remaining lease term for the rental agreements. Rental income Debited rents and extra charges less rent discounts. Rental value Rental income on current agreements with addition for assessed market rent for unlet areas 12 months ahead from the balance sheet date. Long-term net asset value, SEK/common share Recorded equity, after taking into account the preference capital and non-controlling interest, with add-back of derivatives and deferred tax, in relation to the number of common shares at the end of the period. The key ratio shows the net assets’ fair value from a long-term perspective. Assets and liabilities not assessed as falling due, such as fair value on derivatives and deferred taxes, are thus excluded. Net investments The sum of acquired properties, as well as investments in projects and associated companies and joint ventures with deduction for sales price on properties that have been disposed of, directly and via companies, as well as with deduction for divested participations in associated companies and joint ventures. Net debt Interest-bearing liabilities, excluding usufructs, with deduction for liquid assets and current investments. Preference capital Number of preference shares multiplied by equity per preference share. Profit after tax, SEK/common share Net profit after tax relating to the mother company’s shareholders, reduced by the holders of preference shares’ preferential right to dividend for the period, paid during the period, in relation to the weighted average number of common shares. Interest coverage ratio Profit from property management, excluding administration result from associated companies and joint ventures but including dividends from associated companies and joint ventures, after adding back financial expenses in relation to financial expenses. Net debt to EBITDA ratio Net debt on the balance sheet date relative to 12 months’ future- oriented operating surplus less central administration expenses plus dividends received from associated companies and joint ventures rolling 12-months. Debt/equity ratio Net debt in relation to equity on the balance sheet date. Equity/assets ratio Adjusted equity as a percentage of the balance sheet total. Properties taken possession of Agreed property value reduced by tax rebate for properties taken possession of the during the period. Occupancy rate Let area as a percentage of lettable area. Surplus ratio Net operating income for the period as a percentage of rental income for the period. The key ratio is a measurement of effectivity comparable over time.
Page 129
128 PROPERTY REGISTER Business area Sundsvall Property register 72 Luftvärnet 1 Regementsvägen 9 Sundsvall Offices 1,093 73 Huggsta 1:167 Johannedalsvägen 67 Sundsvall Industrial 1,020 74 Sköns Prästbord 1:82 Arbetsledarvägen 6 Sundsvall Industrial 992 75 Rosenborg 6 Kolvägen 22 Sundsvall Retail 988 76 Rosenborg 1 Kolvägen 20 Sundsvall Retail 926 77 Nacksta 5.11 Bultgatan 18 Sundsvall Industrial 870 78 Kompaniet 7 Kompanivägen 20 Sundsvall Industrial 853 79 Fåret 1 Östermovägen 44 Sundsvall Industrial 840 80 Sköns Prästbord 1:68 Södra Förmansvägen 7 Sundsvall Industrial 750 81 Staben 3 Regementsvägen 3 Sundsvall Other 750 82 Linjeförmannen 8 Bäckebovägen 14 A Sundsvall Industrial 720 83 Rosenborg 2 Kolvägen 14 Sundsvall Industrial 656 84 Kvissle 1:124 Njurundavägen 105 Sundsvall Industrial 533 85 Kompaniet 6 Kompanivägen 14 Sundvall Industrial 505 86 Staben 6 Granmodalsvägen 22 Sundsvall Industrial 500 87 Luftvärnet 4 Luftvärnsvägen 6 Sundsvall Industrial 480 88 Granlo 3:369 Linköpingsvägen 5 Sundsvall Industrial 455 89 Huggsta 1:173 Johannedalsv. 65A Sundsvall Industrial 383 90 Regementet 6 Regementsvägen 4 Sundsvall Offices 315 91 Staben 1 Regementsvägen 1 Sundsvall Offices 197 92 Regementet 5 Regementsvägen 2 Sundsvall Offices 150 93 Ljusta 7:3 Västra vägen 158 Sundsvall Land - 94 Bergsåker 5:12 et al. Västra vägen 158 Sundsvall Land - 95 Sköns Prästbord 1:100 Arbetsledarvägen Sundsvall Other - 96 Lillhällom 1:165 Tvåspannsvägen 6 Sundsvall Land - 97 Ljusta 3:7 Antennvägen 24 Sundsvall Land - 98 Granlo 3:391 Lindköpingsvägen 8 Sundsvall Land - 99 Högom 3:218 Mejselvägen 14 Sundsvall Land - Härnösand Nässland 4:1 Nässland 120 Härnösand Industrial 3,288 Yrkesskolan 4 Gånsviksvägen 4 Härnösand Offices 3,195 Saltvik 8:12 Saltviksvägen 9 Härnösand Industrial 1,550 Saltvik 8:17 Saltviksvägen 7 Härnösand Retail 1,439 Saltvik 8:22 Verkstadsvägen 10 Härnösand Industrial 1,307 Ångbåten 6 Varvsallén 3 Härnösand Logistics 508 Timrå 1 Vivstamon 1:32 Per Uddéns Väg 17, 20 Timrå Industrial 7,873 2 Vivstamon 1:16 Svetsarvägen 4 Timrå Industrial 6,953 3 Vivstamon 1:53 Per Uddéns Väg 13 Timrå Industrial 6,646 4 Vivstamon 1:37, 1:38 Terminalvägen 4 Timrå Retail 6,187 5 Vivstamon 1:62 Terminalvägen 10-16 Timrå Offices 5,409 6 Vivsta 13:84 Årvältsvägen 10 Timrå Other 4,509 7 Vivstamon 1:86 Årvältsvägen 14 Timrå Industrial 3,472 8 Vivstamon 1:21 Kabelvägen 1 Timrå Industrial 3,421 9 Vivstamon 1:27 Kabelvägen 5 Timrå Industrial 3,415 10 Norrberge 1:116 Midlandavägen Timrå Offices 3,260 11 Vivstamon 1:17 Terminalvägen 20-24 Timrå Other 2,856 12 Vivstamon 1:63 Terminalvägen 30 Timrå Retail 2,223 13 Vivstamon 1:51 Terminalvägen 13 Timrå Industrial 2,009 14 Vivstamon 1:35 Terminalvägen 6 Timrå Industrial 1,777 15 Vivstamon 1:54 Svarvarvägen 8 Timrå Industrial 1,650 16 Vivsta 13:8 Årvältsvägen 12 Timrå Industrial 1,200 17 Norrberge 1:113 Midlandavägen 14 Timrå Offices 725 Sollefteå Hågesta 3:115 Hågesta Sollefteå Other 48,442 Orren 6 Kungsgatan 10 Sollefteå Offices 4,317 Hågesta 3:128 Hågesta 4 Sollefteå Other 2,953 Skidlöparen 1, 2 Industrivägen 7, 9 Sollefteå Industrial 2,100 Tröskan 1 & 3 Gamla vägen 3 Sollefteå Other 796 Färgaren 8 Strömgatan 3 Sollefteå Land - Others Fiskja 15:2 Aspåsvägen 14 Kramfors Industrial 17,100 Fredriksfors 5:1 Fredriksfors 19 Hudiksvall Industrial 7,887 Tälle 11:20 Bjuråkersvägen 6-8 Ljusdal Retail 4,267 Furulund 5:6 Furulundsvägen 2 Hudiksvall Retail 3,460 Norränget 6:1 Norra Industrivägen 4 Hudiksvall Industrial 3,418 Furulund 6:1 Kungsgatan 51 Hudiksvall Retail 2,993 Nordanbro 2:30, 2:77 Torggränd 1 Nordanstig Retail 768 Sundsvall 1 Köpstaden 23 Bultgatan 12 Sundsvall Industrial 21,368 2 Sköns Prästbord 2:3 Timmervägen 6 Sundsvall Logistics 12,586 3 Huggsta 1:160 Johannedalsvägen 65 Sundsvall Industrial 11,941 4 Birsta 12:2 Birstavägen 1 Sundsvall Industrial 8,024 5 Ljusta 3:10 Gesällvägen 20 Sundsvall Industrial 6,289 6 Vandringsmannen 1 Gärdevägen 3 Sundsvall Offices 6,086 7 Sköns Prästbord 1:53 Lärlingsvägen 1 Sundsvall Industrial 5,694 8 Sköns Prästbord 1:54 Skråvägen 2 Sundsvall Logistics 5,598 9 Högom 3:179 Mejselvägen 11 Sundsvall Industrial 5,534 10 Vandringsmannen 5 Gärdevägen 5A-C Sundsvall Offices 5,385 11 Gärde 1:26 Krossvägen 11 Sundsvall Logistics 4,983 12 Geten 2 Fridhemsgatan 122 Sundsvall Offices 4,604 13 Nacksta 5:28 Bultgatan 20A-C Sundsvall Industrial 4,430 14 Sköns Prästbord 1:65 N. Förmansvägen 20 Sundsvall Industrial 4,286 15 Vandringsmannen 2 Gärdevägen 1 Sundsvall Industrial 4,263 16 Dingersjö 3:58 Njurundavägen 103 Sundsvall Industrial 4,546 17 Skönsmon 2:100 Kontorsvägen 4 Sundsvall Retail 4,000 18 Klökan 1:17 Lagbasvägen 1 Sundsvall Industrial 3,974 19 Vandringsmannen 6 Gärdevägen 9-11 Sundsvall Industrial 3,870 20 Ljusta 7:9 Antennvägen 12-18 Sundsvall Retail 3,822 21 Ljusta 7:8 Antennvägen 43 Sundsvall Retail 3,811 22 Målås 4:6 N. Förmansvägen 18 Sundsvall Logistics 3,800 23 Sköns Prästbord 1:14 Gesällvägen 4 Sundsvall Retail 3,740 24 Högom 3:172 Bergsgatan 122 Sundsvall Retail 3,716 25 Slagan 4 Axvägen 6 Sundsvall Industrial 3,716 26 Sköns Prästbord 1:71 Gesällvägen 7B Sundsvall Retail 3,565 27 Sköns Prästbord 1:47 Södra Förmansv. 4 Sundsvall Industrial 3,451 28 Laboratoriet 2 Kontorsvägen 9 Sundsvall Logistics 3,425 29 Högom 3:217 Mejselvägen 14 Sundsvall Retail 3,245 30 Målås 3:20 Birstavägen 21 Sundsvall Industrial 3,234 31 Linjeförmannen 7 Bäckebovägen 12 Sundsvall Industrial 3,198 32 Sköns Prästbord 1:96 Klökanvägen 10 Sundsvall Industrial 2,990 33 Baggen 7 Enhörningsvägen 22 Sundsvall Retail 2,876 34 Berge 2:4 Skråvägen 3 Sundsvall Industrial 2,785 35 Målås 4:3 Förmansvägen 15 Sundsvall Industrial 2,768 36 Baggen 3 Enhörningsvägen 24 Sundsvall Other 2,715 37 Sköns Prästbord 2:7 Timmervägen 6B Sundsvall Logistics 2,635 38 Vandringsmannen 3 Gärdevägen 7 Sundsvall Offices 2,625 39 Nacksta 5:19 Bergsgatan 118 Sundsvall Retail 2,551 40 Plikthuggaren 1, 2, 6 Björneborgsgatan 25 Sundsvall Other 2,524 41 Sköns Prästbord 2:5 Timmervägen 8 Sundsvall Industrial 2,506 42 Nolby 7:142 Svartviksvägen 10-12 Sundsvall Industrial 2,459 43 Baggen 6 Hovgatan 6 Sundsvall Industrial 2,456 44 Högom 3:155 Montörvägen 10 Sundsvall Industrial 2,424 45 Valknytt 4 Norra Vägen 25 Sundsvall Retail 2,420 46 Vävskeden 6 Norra vägen 34 Sundsvall Offices 2,307 47 Sköns Prästbord 1:91 N. Förmansvägen 24 Sundsvall Retail 1,993 48 Sköns Prästbord 1:59 Arbetsledarvägen 14 Sundsvall Industrial 1,988 49 Ljusta 1:11 Gesällvägen 7C Sundsvall Retail 1,956 50 Vandringsmannen 4 Gärdevägen 5 Sundsvall Offices 1,875 51 Sköns Prästbord 1:62 Lärlingsvägen 2-4 Sundsvall Retail 1,844 52 Rosenborg 4 Kolvägen 14B Sundsvall Offices 1,800 53 Geten 1 Hovgatan 1 Sundsvall Industrial 1,723 54 Sidsjö 2:30 Granmodalsgatan 29 Sundsvall Industrial 1,701 55 Sköns Prästbord 1:94 Lärlingsvägen 6 Sundsvall Industrial 1,686 56 Vävskeden 5 Norra vägen 32 Sundsvall Retail 1,661 57 Vävskeden 9 Norra vägen 40 Sundsvall Retail 1,639 58 Granlo 3:373 Linköpingsvägen 7-9 Sundsvall Offices 1,542 59 Trossen 2 Plutonsvägen 3 Sundsvall Industrial 1,528 60 Lillhällom 1:162 Tvåspannsvägen 6 Sundsvall Industrial 1,463 61 Sköns Prästbord 1:67 S. Förmansvägen 5A Sundsvall Retail 1,447 62 Högom 3:198 Mejselvägen 6-12 Sundsvall Industrial 1,395 63 Plutonen 1 Plutonsvägen 13 Sundsvall Industrial 1,345 64 Kompaniet 5 Kompanivägen 12 Sundsvall Industrial 1,345 65 Tuna-Ängom 1:74 Stationsvägen 4 Sundsvall Industrial 1,327 66 Staben 2 Luftvärnsvägen 9 Sundvall Industrial 1,320 67 Granlo 3:335 Linköpingsvägen 3 Sundsvall Industrial 1,279 68 Berge 2:6 Lärlingsgatan 13A Sundsvall Industrial 1,195 69 Sköns Prästbbord 2:6 Timmervägen 6A Sundsvall Logistics 1,153 70 Sköns Prästbord 1:88 Lärlingsvägen 7 Sundsvall Industrial 1,135 71 Slagan 6 Axvägen 16 Sundsvall Industrial 1,131 No. Property Address Municipality Category Area No. Property Address Municipality Category Area
Page 130
129PROPERTY REGISTER Sundsvall 17 Timrå © Stadskartan
Page 131
130 PROPERTY REGISTER Business area Gävle Property register No. Property Address Municipality Category Area No. Property Address Municipality Category Area 50 Sörby 36:1 Skogmursvägen 35 Gävle Retail 1,516 51 Hemlingby 49:30 Ingenjörsgatan 18 Gävle Industrial 1,500 52 Hemsta 12:21 Skolgången 6 Gävle Retail 1,455 53 Sörby Urfjäll 30:5 Utmarksvägen 9 A Gävle Industrial 1,375 54 Sörby Urfjäll 36:2 Utmarksvägen 19 Gävle Industrial 1,280 55 Norrsundet 15:2 Egnahemsgatan 54 Gävle Retail 1,210 56 Brynäs 34:12 Atlasgatan 7 Gävle Industrial 1,130 57 Näringen 3:3 Lötängsgatan 20 Gävle Industrial 974 58 Hemlingby 20:16 Kryddstigen 41 Gävle Industrial 965 59 Sörby Urfjäll 34:4 Utmarksvägen 25 Gävle Industrial 927 60 Sörby Urfjäll 4:2 Industrigatan 8 Gävle Industrial 785 61 Hagaström 80:15 Durovägen 2 Gävle Retail 764 62 Järvsta 63:4 Utgjordsvägen 13 Gävle Industrial 760 63 Häcklinge 5:180 Riavägen 3 Gävle Industrial 692 64 Sörby Urfjäll 30:9 Utmarksvägen 9C Gävle Industrial 650 65 Näringen 3:4 Lötängsgatan 22 Gävle Industrial 0 66 Skogmur 4:23 Grusslingan 10 Gävle Industrial 0 Bollnäs Häggesta 7:122 Industrigatan 10 Bollnäs Industrial 6,181 Häggesta 8:50, 8:51 Industrigatan 21 Bollnäs Retail 5,137 Broåker 8 Västra Stationsgatan 8 Bollnäs Offices 3,140 Säversta 4:101 Skidvägen 7-9 Bollnäs Industrial 2,244 Säversta 7:117 Myrgränd 1 Bollnäs Industrial 1,783 Häggesta 4:19 Häggestavägen 10 Bollnäs Industrial 1,680 Kilafors 4:3 Bollnäs Retail 1,145 Sandviken Milröken 2 Västerled 4 Sandviken Retail 6,237 Blixten 5 Blixtvägen 15 Sandviken Industrial 2,400 Eldaren 13 Förrådsgatan 12 Sandviken Offices 1,843 Mom 14:4 Ovansjövägen 303 Sandviken Industrial 1,808 Svarvaren 14 Förrådsgatan 7 Sandviken Industrial 1,153 Rättvisan 7, Storvik 12:54 Tingsgatan 10 Sandviken Retail 1,043 Svarvaren 11 Industrivägen 14 Sandviken Industrial 970 Knapermusvreten 7 Högbovägen 49 Sandviken Industrial 824 Åsen 55:2 Ovansjövägen 261 Sandviken Retail 555 Tuna 3:18 Sandviken Other - Söderhamn Tönnebro 1:5 Tönnebro 115, 125 Söderhamn Other 2,674 Brädgården 3:12 Arend Stykes Väg 11 Söderhamn Industrial 2,363 Vråken 8 Brädgårdsgatan 6 Söderhamn Offices 1,950 Ljusne 29:5 Smedsvägen 5 Söderhamn Retail 1,003 Others Hofors 36:1, 6:81 Skolgatan 16 Hofors Retail 3,402 Siggeboda 17:22 Centrumgatan 7, 9 Älvkarleby Retail 2,529 Nöttö 51:4 Nöttövägen 1 Tierp Retail 900 Södra Edsbyn 13:121 Västergatan 4 Ovanåker Retail 890 Östanån 16:37 Östanåvägen 48 Älvkarleby Retail 755 Gävle 1 Näringen 5:15 Lötängsgatan Gävle Industrial 25,000 2 Fredriksskans 15:16 Bönavägen 55 Gävle Industrial 13,911 3 Sörby Urfjäll 37:3 Utmarksvägen 10 Gävle Industrial 13,612 4 Sörby Urfjäll 30:1 Utmarksvägen 1-3 Gävle Retail 10,172 5 Sörby Urfjäll 29:1 Utmarksvägen 4 Gävle Logistics 9,992 6 Brynäs 86:1 Södra Skeppsbron 35 Gävle Industrial 7,680 7 Sörby Urfjäll 29:4 Utmarksvägen 2 Gävle Logistics 6,898 8 Sörby Urfjäll 27:2 Rälsgatan 2-4 Gävle Industrial 6,811 9 Sörby Urfjäll 37:1 Utmarksvägen 6 Gävle Offices 6,773 10 Näringen 16:6 Kanalvägen 4-10 Gävle Industrial 6,622 11 Sörby Urfjäll 4:7 Industrigatan 14 Gävle Industrial 6,541 12 Sörby Urfjäll 36:4 Utmarksvägen 15 Gävle Industrial 6,271 13 Näringen 8:5 Strömsbrovägen 19 Gävle Industrial 5,945 14 Andersberg 14:46 Ersbogatan 14 Gävle Logistics 5,750 15 Näringen 8:3 Strömsbrovägen 23 Gävle Retail 5,654 16 Andersberg 14:43 Ersbogatan 4 Gävle Industrial 5,211 17 Andersberg 14:42 Ersbogatan 12 Gävle Industrial 4,797 18 Näringen 14:4 Kanalvägen 1-3 Gävle Offices 4,693 19 Hemlingby 56:10 Kryddstigen 1-3 Gävle Other 4,635 20 Sätra 106:1 Lokförargatan 2 Gävle Industrial 4,590 21 Hemlingby 21:4 Kryddstigen 2 Gävle Retail 4,500 22 Näringen 11:3 Strömsbrovägen 18 Gävle Industrial 4,452 23 Andersberg 14:60 Ersbogatan 10 Gävle Industrial 4,074 24 Andersberg 14:36 Katrineborgsgatan 10 Gävle Logistics 3,829 25 Sörby Urfjäll 30:4 Utmarksvägen 5-7 Gävle Industrial 3,487 26 Näringen 25:1, 25:2 Strömmavägen 1 Gävle Retail 3,461 27 Brynäs 34:8 Atlasgatan 11 Gävle Industrial 3,317 28 Järvsta 63:3 Utgjordsvägen 9 Gävle Industrial 3,094 29 Sörby Urfjäll 38:5 Elektrikergatan 6 Gävle Industrial 3,088 30 Hemlingby 20:7 Kryddstigen 23 Gävle Industrial 3,054 31 Hemsta 12:16 Skolgången 18-20 Gävle Offices 3,009 32 Andersberg 14:45 Gävle Brovägen 17 Gävle Logistics 2,812 33 Sörby Urfjäll 39:1 Atlasgatan 44 Gävle Retail 2,722 34 Nybo 3:43 Valbovägen 177 Gävle Industrial 2,649 35 Brynäs 32:3 Riggargatan 15 Gävle Other 2,575 36 Brynäs 63:6 & 63:7 Kaserngatan 107 Gävle Other 2,508 37 Sörby Urfjäll 36:5 Blomsterängsvägen 3 Gävle Industrial 2,500 38 Sörby Urfjäll 38:1 Elektrikergatan 3 Gävle Industrial 2,350 39 Sörby Urfjäll 28:3 Utmarksvägen 35 Gävle Industrial 2,199 40 Näringen 12:2 Snäppvägen 4 Gävle Industrial 2,118 41 Sörby Urfjäll 8:12 Upplandsgatan 6 Gävle Offices 2,118 42 Sörby Urfjäll 34:5 Utmarksvägen 23 Gävle Industrial 1,999 43 Sörby Urfjäll 28:6 Utmarksvägen 37 Gävle Offices 1,990 44 Näringen 13:11 Förrådsgatan 7 Gävle Industrial 1,975 45 Kungsbäck 4:6 Regementsvägen 29 Gävle Offices 1,962 46 Sörby Urfjäll 26:1 Växelgatan 2 Gävle Retail 1,760 47 Väster 4:19 Lasarettsvägen 10 Gävle Retail 1,585 48 Sörby Urfjäll 26:2 Rälsgatan 10 Gävle Industrial 1,564 49 Näringen 6:4 Lötängsgatan 13 Gävle Industrial 1,520
Page 132
131PROPERTY REGISTER © Stadskartan Gävle
Page 133
132 PROPERTY REGISTER Falun 1 Främby 1:56 Främbyvägen 6 Falun Industrial 61,841 2 Hälsinggården 1:427 Lövåsvägen 26 Falun Logistics 10,800 3 Ingarvsskogen 10 Västermalmsvägen 13 Falun Industrial 9,641 4 Ingarvsmyren 3, 4 Ingarvsvägen 6 Falun Industrial 8,540 5 Korsnäs 3:7 Roxnäsvägen 13 Falun Industrial 8,240 6 Riset 4 Matsarvsvägen 7 Falun Industrial 6,912 7 Ingarvsmyren 1 Ingarvsvägen 2 Falun Retail 6,285 8 Hyttberget 3 Yxhammargatan 5-7 Falun Retail 4,507 9 Ingarvsbacken 1 Västermalmsvägen 2-4 Falun Retail 4,223 10 Ingarvsbacken 6 Västermalmsvägen 10 Falun Industrial 3,756 11 Lunsta 4 Ingarvsvägen 13 Falun Retail 3,432 12 Skyfallet 20 Ingarvsvägen 1 Falun Retail 3,324 13 Främby 1:38 Främbyvägen 4 Falun Industrial 3,322 14 Ingarvsbacken 2 Västermalmsvägen 2 Falun Industrial 3,190 15 Ingarvsmon 4 Ingarvsvägen 8A Falun Industrial 3,095 16 Gruvbron 2 Stigaregatan 17 Falun Retail 3,085 17 Ingarvsskogen 4 Västermalmsvägen 1 Falun Industrial 2,784 18 Västra Tullen 3 Matsarvsvägen 16 Falun Retail 2,533 19 Vägverket 2 Zettergrens väg 14 Falun Retail 2,415 20 Tviksta 1 Skyfallsvägen 2 Falun Offices 2,122 21 Ingarvsmon 2 Zettergrens väg 26 Falun Industrial 1,715 22 Hyttberget 2 Yxhammargatan 3 Falun Industrial 1,256 23 Ryckepungen 2 Ryckepungsvägen 3 Falun Retail 1,184 © Stadskartan Falun Property register Business area Dalarna 24 Hälsinggården 1:498 Roxnäsvägen 6 Falun Offices 990 25 Skyfallet 18 Ryckepungsvägen 4 Falun Industrial 870 26 Ryckepungen 1 Ryckepungsvägen 5 Falun Retail 855 27 Falun 8:7 Tullkammaregatan 2 Falun Offices 756 28 Hälsinggården 1:499 Roxnäsvägen 4 Falun Offices 730 29 Ingarvsskogen 7 Västermalmsvägen 11A Falun Offices 729 30 Lunsta 5 Matsarvsvägen 19 Falun Offices 450 No. Property Address Municipality Category Area No. Property Address Municipality Category Area
Page 134
133PROPERTY REGISTER Borlänge Business area Dalarna Leksand Tällberg 4:13, 4:26 Tällgårdsgattu 9 Leksand Other 6,920 Åkerö 1:15 Gamla Siljansv. 14, 18 Leksand Retail 5,885 Noret 37:5 Lima Kersbacken 2 Leksand Industrial 1,564 Övermo 2:43 Övermo Moskogsv. 27 Leksand Industrial 1,051 Mora Utmeland 47:27, 47:28 Tallvägen 7 Mora Industrial 9,931 Östnor 171:2, 167:3 Landsvägen 52 Mora Industrial 8,500 Stranden 37:3 Hamngatan 1 Mora Other 8,413 Öna 394:12 Brudtallsvägen 14A-F Mora Industrial 4,933 Östnor 107:6 Landsvägen 11A-D, 19 Mora Industrial 4,868 Utmeland 47:34 Örjasvägen 11 Mora Logistics 4,820 Utmeland 89:256 Mossvägen 1 Mora Industrial 4,412 Noret 52:43 Skålmyrsvägen 41-45 Mora Retail 4,028 Stranden 55:4 Tingsnäsv. 21A-B Mora Industrial 3,456 Noret 159:7 Tallvägen 7 Mora Industrial 1,320 Others Daldansen 3 Skolvägen 3 Ludvika Industrial 3,356 Bävern 13 Bäverstigen 6 Smedjebacken Industrial 1,999 Hulån 55:7 Hulån 56 Vansbro Industrial 1,951 Älvdalens Kyrkby 59:1 Dalgatan 75A-D Älvdalen Retail 1,929 Särnabyn 113:1 Särnavägen 121 A-E Älvdalen Retail 1,295 Idre 13:14 et al. Byvägen 23A-B Älvdalen Retail 954 No. Property Address Municipality Category Area No. Property Address Municipality Category Area Borlänge 1 Ässjan 1 Gesällgatan 3-7 Borlänge Logistics 18,268 2 Blåsbälgen 1 Mästargatan 8 Borlänge Logistics 18,117 3 Banvakten 1 Hejargatan 4-8 Borlänge Industrial 17,147 4 Buskåker 4:13 Tunavägen 277B Borlänge Industrial 11,895 5 Norr Romme 8:42 Tunavägen 284 Borlänge Industrial 6 969 6 Kroken 3 Cirkelgatan 16-18 Borlänge Industrial 6,546 7 Hammaren 6 Hammargatan 4 Borlänge Industrial 5,791 8 Bänken 1 Gyllehemsvägen 35 Borlänge Industrial 4,962 9 Grepen 1 Mejselgatan 9 Borlänge Logistics 3,925 10 Lantmätaren 3, 4 Ritargatan 4 Borlänge Other 3,791 11 Buskåker 3:13 Kvarngatan 13 Borlänge Industrial 3,658 12 Teknikern 2 Gjutaregatan 40 Borlänge Retail 3,418 13 Separatorn 2 Källstigen 1 Borlänge Retail 3,318 14 Sotaren 2 Nygårdsvägen 13 Borlänge Retail 2,889 15 Sör Romme 1:17 Tunavägen 300 Borlänge Logistics 2,420 16 Pinnpojken 3, 4 Planerargatan 12-14 Borlänge Industrial 2,301 17 Kalkylatorn 7 Projektgatan 7 Borlänge Retail 2,190 18 Kolvagnen 5 Lagergatan 4 Borlänge Retail 1,985 19 Långtradaren 4 Godsvägen 11 Borlänge Industrial 1,950 20 Kolbotten 2 Kolargatan 3 Borlänge Industrial 1,561 21 Släggan 2 Mästargatan 7 Borlänge Offices 1,550 22 Nygårdarna 14:202 Nygårdsvägen 11 Borlänge Industrial 1,493 23 Ingenjören 1 Gjutaregatan 37 Borlänge Industrial 877 24 Turisten 1 Sveagatan 1 Borlänge Offices 355 25 Buskåker 3:17 Kvarngatan 14 Borlänge Industrial - Property register © Stadskartan
Page 135
134 PROPERTY REGISTER Business area Middle Sweden © Stadskartan Karlstad No. Property Address Municipality Category Area Karlstad 1 Städet 2 Gjuterigatan 38A-D Karlstad Industrial 21,159 2 Planeraren 9 Körkarlsvägen 1-3 Karlstad Industrial 8,627 3 Bråtebäcken 1:4 Bråtetorpsv. 13AB, 15 Karlstad Industrial 4,816 4 Hammaren 23 Gjuterigatan 2, 5, 7 Karlstad Industrial 4,345 5 Ratten 15 Säterivägen 20A Karlstad Offices 2,429 6 Härden 7 Sågverksgatan 15 Karlstad Industrial 2,320 7 Ilanda 1:47 Fjärrviksvägen 2A Karlstad Industrial 2,153 8 Spärren 2 Spärrgatan 7 Karlstad Industrial 1,954 9 Ratten 10 Säterivägen 18 Karlstad Offices 1,825 10 Hammaren 1 Gjuterigatan 1 Karlstad Industrial 1,654 11 Gräsmattan 7 Frögatan 14 Karlstad Industrial 1,650 12 Ratten 13 Säterivägen 20 Karlstad Offices 1,630 13 Ilanda 1:37 Fjärrviksvägen 2 Karlstad Industrial 1,326 14 Grässtrået 1 Gräsdalsgatan 4 Karlstad Offices 1,309 15 Ilanda 1:54 Fjärrviksvägen 2B, 4A Karlstad Industrial 1,192 16 Regnvinden 10 Bidevindsgatan 2 Karlstad Industrial 1,143 17 Hammaren 2 Gjuterigatan 3 Karlstad Industrial 1,077 18 Gräsmattan 8 Frögatan 16 Karlstad Industrial 1,000 19 Busterud 1:160 Bråtebäcksvägen 22 Karlstad Industrial 911 Eskilstuna Lyftkranen 3 Hejargatan 26 Eskilstuna Industrial 11,209 Navaren 9 Mått Johanssons väg 48Eskilstuna Retail 9,884 Lien 2 Saxgatan 8 Eskilstuna Industrial 4,976 Blocket 7 Saxgatan 11 A Eskilstuna Industrial 3,855 Nollplanet 1 Fabriksgatan 17 Eskilstuna Industrial 2,666 Nollplanet 7 Fabriksgatan 9 Eskilstuna Industrial 2,149 Instrumentet 2 Vägmästarevägen 4 Eskilstuna Industrial 1,979 Torshälla 6:20 Ekbacken 5 Eskilstuna Industrial 1,973 Nollplanet 8 Fabriksgatan 7 Eskilstuna Industrial 1,251 Nyisen 2 Gap Sundins Väg 1 Eskilstuna Retail 881 Others Hissmontören 2 Klerkgatan 18 Örebro Industrial 10,331 Fyrhörningen 1 Billerudsgatan 2 Säffle Retail 6,970 Snäckan 1 Källmossvägen 2 Karlskoga Retail 5,661 Vägskälet 15, 16 Rönngatan 2-6 Katrineholm Industrial 5,636 Gjuteriet 16 Mejerigatan 10 Katrineholm Retail 5,358 Försäljaren 3 Ringvägen 68 Köping Retail 4,932 Hedkärr 1:24 Herrestads Torp 354 Uddevalla Retail 4,485 Nibble 1:140 Cementvägen 4 HallstahammarIndustrial 4,414 Skagern 7 Värmlandsvägen 88 Karlskoga Retail 4,205 Gustafsborg 1 Fabriksgatan 10 Sala Retail 3,797 Nolgård 1:318 Bivägen 7 Hammarö Retail 3,696 Orren 12 Viktoriagatan 1 Filipstad Retail 3,400 Karossen 18 Karosserigatan 9 Örebro Retail 3,382 Guldet 1 Södra Metallvägen 1 Skövde Retail 3,373 Ormbunken 8 Industrigatan 9 Mariestad Retail 3,271 Palmen 11 Palmviksgatan 10 Arvika Retail 3,200 Odonet 1 Moränvägen 2 Motala Retail 2,479 Tranan 2 Markörvägen 3, 5 Strängnäs Retail 2,107 Rosen 16 Storgatan 4, 6 Eda Retail 1,907 Reparatören 7 et al. Tingshusgatan 7 Torsby Retail 1,749 Neutronen 4 Argongatan 83 Örebro Industrial 1,697 Generatorn 2 Turbinvägen 5 Motala Industrial 1,564 Lindeshyttan 7:3 Löpargatan 1 Lindesberg Retail 1,541 Halla-Stenbacken 1:102 Fossumsbergsv. 1 Uddevalla Industrial 1,518 Draken 19 Hangarvägen 11 Karlskoga Industrial 799 Lindeshyttan 5:5 Fotbollsgatan 16 Lindesberg Industrial 789 Silvret 2 Kromgatan 5 Kristinehamn Industrial 639 Nolgård 1:342 Bivägen 2 B Hammarö Industrial 93 Terminalen 12 Magasinsvägen 5 Karlskoga Land 0 Property register No. Property Address Municipality Category Area
Page 136
135PROPERTY REGISTER Business area Middle Sweden Västerås 1 Slakteriet 3 Slakterigatan 10 Västerås Industrial 12,270 2 Härdsmidet 1 Ånghammargatan 6-8 Västerås Industrial 11,999 3 Hjulsmeden 4 Gjutjärnsgatan 4 Västerås Retail 4,017 4 Sågklingan 9 Pilgatan 19 Västerås Industrial 3,580 5 Storseglet 7 Saltängsvägen 10A Västerås Industrial 2,672 6 Fanjunkaren 2 Klockartorpsgatan 16 Västerås Other 2,489 7 Blästerugnen 3 Kokillgatan 9 Västerås Industrial 2,475 8 Energin 10 o 11 Omformargatan 24 Västerås Industrial 2,266 9 Fältmätaren 26 Fältmätargatan 17 Västerås Industrial 1,815 10 Magnetfältet 8 Transformatorgatan 12 Västerås Industrial 1,586 11 Ringborren 13 Tallmätargatan 7 Västerås Industrial 1,672 12 Magnetfältet 5 Elektrodgatan 2B Västerås Industrial 1,586 No. Property Address Municipality Category AreaNo. Property Address Municipality Category Area 13 Viveln 8 Fältmätargatan 16 Västerås Industrial 1,428 14 Sjökortet 5 Navigatörgatan 11 Västerås Industrial 1,350 15 Krogen 1 Långängskrogen 7 Västerås Industrial 1,286 16 Kraftfältet 1 Omformargatan 10 Västerås Industrial 1,278 17 Värdshuset 2 Gilltunavägen 4 Västerås Industrial 1,155 18 Munkboängen 4 Saltängsvägen 27 Västerås Industrial 1,081 19 Skeppsklockan 1 Gustavsviksgatan 10 Västerås Industrial 998 20 Tallmätaren 11 Bastborregatan 10 Västerås Industrial 969 21 Sjökortet 18 Arnbomsgatan 14 Västerås Industrial 694 22 Krogen 2 Långängskrogen 9 Västerås Industrial 360 23 Tallmätaren 16 Bastborregatan 4 Västerås Industrial 322 Property register Västerås © Stadskartan
Page 137
136 PROPERTY REGISTER Property register Umeå 1 Vevstaken 9 Spårvägen 10 Umeå Retail 11,421 2 Björnjägaren 3 Björnvägen 7 Umeå Retail 11,292 3 Ledningen 1 Strömvägen 3-5 Umeå Other 9,926 4 Huggormen 1 Björnvägen 15-17 Umeå Offices 8,708 5 Rälsbussen 5 Industrivägen 2 Umeå Industrial 7,671 6 Generatorn 7 Förrådsvägen 11-15 Umeå Retail 7,132 7 Rälen 3 Förrådsvägen 12 Umeå Industrial 5,499 8 Laven 2 Formvägen 16 Umeå Offices 5,427 9 Cementgjuteriet 1 Bruksvägen 15 Umeå Retail 5,200 10 Schablonen 6 Lärlingsgatan 10-14 Umeå Industrial 5,127 11 Matrisen 1, 2 Lärlingsgatan 9 Umeå Retail 4,865 12 Matrisen 6 Lärlingsgatan 1 Umeå Offices 4,773 13 Röbäck 30:94 Täktvägen 4 Umeå Industrial 4,764 14 Cementgjuteriet 5 Bruksvägen 7 Umeå Retail 4,635 15 Cisternen 26 Maskingatan 7-9 Umeå Offices 4,599 16 Kedjan 8 Gräddvägen 15A Umeå Other 4,219 17 Cementgjuteriet 6 Bruksvägen 7 Umeå Retail 4,116 18 Frakten 3 Fraktvägen 6 A-J Umeå Industrial 4,090 19 Länken 2 & 3 Gräddvägen 3 Umeå Retail 3,574 20 Flygaren 1, 3 Flygplatsvägen 19 Umeå Offices 3,396 21 Pumpen 2 Spårvägen 18 Umeå Industrial 3,371 22 Kronoskogen 2 Kronoskogsvägen 8-10 Umeå Industrial 2,761 23 Lasten 6 Godsvägen 9 A Umeå Industrial 2,751 24 Rödbergsmyran 8 Spinnvägn 15 Umeå Retail 2,641 25 Björnjägaren 2 Björnvägen 11B Umeå Retail 2,461 26 Maskinen 1 Maskingatan 1 Umeå Offices 2,430 27 Kedjan 5 Gräddvägen 13 Umeå Logistics 2,173 28 Ledningen 2 Strömvägen 1 Umeå Industrial 2,083 29 Singeln 25 Formvägen 6 C Umeå Industrial 2,074 30 Kedjan 7 Gräddvägen 15B Umeå Other 2,058 31 Sleven 2 Bruksvägen 6 Umeå Retail 2,020 32 Singeln 26 Formvägen 6 B, E Umeå Industrial 1,906 33 Kronoskogen 3 Kronoskogsvägen 2-6 Umeå Industrial 1,829 34 Spänningen 5 Förrådsvägen 23 Umeå Retail 1,687 35 Bruket 2 Bruksvägen 3 Umeå Industrial 1,680 36 Matrisen 5 Lärlingsgatan 3 Umeå Industrial 1,672 37 Ledet 1 Sandbackavägen 1 Umeå Retail 1,617 38 Frakten 1 Fraktvägen 8 Umeå Offices 1,512 39 Maskinen 7 Lärlingsgatan 41 Umeå Industrial 1,506 40 Mätaren 1 Kabelvägen 1 Umeå Industrial 1,500 41 Schablonen 3 Lärlingsgatan 20 Umeå Offices 1,459 42 Röbäck 30:95 Täktvägen 2 Umeå Industrial 1,450 43 Kedjan 6 Gräddvägen 15C Umeå Retail 1,430 44 Grubbe 9:55 Mätarvägen 11B Umeå Logistics 1,200 45 Grubbe 9:48 Kabelvägen 1A Umeå Logistics 899 46 Singeln 17 Formvägen 10 Umeå Offices 857 47 Röbäck 30:113 Täktvägen 6 Umeå Industrial 849 48 Singeln 18 Formvägen 10DD Umeå Offices 515 49 Teglet 6 Tegelslagarvägen 25 Umeå Industrial 0 Örnsköldsvik Norrlungånger 2:144 Björnavägen 41A Örnsköldsvik Industrial 49,963 Själevads PB 1:131 Kavelvägen 17 Örnsköldsvik Industrial 7,974 Knorthem 15 Sjögatan 7 Örnsköldsvik Industrial 4,400 Främmerhörnäs 2:4 Krossvägen 10 Örnsköldsvik Industrial 2,265 Norrlungånger 2:45 Björnavägen 47-50 Örnsköldsvik Other 842 Anundsjö-Näs 5:40 Köpmangatan 3 Örnsköldsvik Industrial 784 Brösta 14:40 Forbondevägen 4 Örnsköldsvik Other 0 Högland 7:15 Örnsköldsvik Retail 0 ÖSTTEG Business area Umeå No. Property Address Municipality Category Area No. Property Address Municipality Category Area Umeå © Stadskartan
Page 138
137PROPERTY REGISTER Skellefteå 1 Profilen 1 Näsuddsvägen 10-14 Skellefteå Industrial 20,952 2 Morö Backe 1:3 Serviceg. 5, 6, 13 + 19 Skellefteå Industrial 20,679 3 Sömmerskan 3 Gymnasievägen 24 Skellefteå Other 18,139 4 Industrien 9 Mullbergsvägen 11 Skellefteå Other 15,415 5 Hallen 13 Svedjevägen 8 Skellefteå Industrial 13,284 6 Sörböle 2:81 Verkstadsvägen 2 Skellefteå Industrial 12,278 7 Merkurius 5 Industrivägen 2 Skellefteå Other 11,901 8 Lagret 10 Lagergatan 1 Skellefteå Offices 7,906 9 Förrådet 12 Maskinvägen 13 Skellefteå Industrial 7,459 10 Flamman 1 Nöppelbergsvägen 16 Skellefteå Retail 6,625 11 Rondellen 3 Svedjevägen 1 Skellefteå Offices 6,065 12 Hallen 7 Svedjevägen 10 Skellefteå Industrial 5,990 13 Kontoret 5 Svedjevägen 5 Skellefteå Industrial 5,886 14 Borrmaskinen 5 Svedjevägen 1 Skellefteå Industrial 5,400 15 Bielke 6 Norrbölegatan 66 Skellefteå Logistics 4,794 16 Nybruket 5 Industrivägen 38-42 Skellefteå Industrial 4,734 17 Företagaren 3 Företagsvägen 34 Skellefteå Industrial 4,722 18 Motorn 1 Tjärnvägen 2 Skellefteå Retail 4,629 19 Karossen 1 Tjärnvägen 1B Skellefteå Retail 4,359 20 Rondellen 1 Gymnasievägen 12 Skellefteå Other 3,654 21 Porsen 2 Brogatan 29 Skellefteå Industrial 3,468 22 Lagret 2 Svedjevägen 3 Skellefteå Industrial 3,172 23 Rondellen 2 Gymnasievägen 18 Skellefteå Industrial 3,101 24 Transistorn 3 Torsgatan 101 Skellefteå Industrial 2,981 25 Rikthyveln 1 Hyvelgatan 15 Skellefteå Industrial 2,876 26 Lagret 7 Lagergatan 3D Skellefteå Industrial 2,813 27 Sture 12 N. Järnvägsg. 60-62 Skellefteå Industrial 2,736 28 Charkuteriet 5 Plastvägen 6 Skellefteå Industrial 2,668 29 Transistorn 6 Transportgatan 7 Skellefteå Land 2,367 30 Motorn 2 Tjärnvägen 4 Skellefteå Retail 2,319 31 Utköraren 1 Nålvvägen 3 Skellefteå Industrial 2,281 32 Rikthyveln 3 Hyvelgatan 1 Skellefteå Industrial 2,232 33 Operatören 1 Gymnasievägen 4 Skellefteå Retail 2,110 34 Utköraren 2 Filtergränd 4 Skellefteå Industrial 2,030 35 Sture 13 N. Järnvägsgatan 64 Skellefteå Industrial 2,009 36 Släpvagnen 3 Tjärnvägen 38 Skellefteå Retail 1,822 37 Motorn 8 Tjärnvägen 26 Skellefteå Industrial 1,795 38 Nybruket 4 Industrivägen 44 Skellefteå Industrial 1,707 39 Lagret 11 Lagergatan 3B Skellefteå Industrial 1,500 40 Släpvagnen 1 Tjärnvägen 36 Skellefteå Retail 1,486 41 Gradsågen 2 + 3 Risbergsgatan 81 Skellefteå Industrial 1,459 42 Älggräset 1 Brogatan 33 Skellefteå Offices 1,426 43 Filtret 2 Filtergränd 3 Skellefteå Industrial 1,300 44 Älggräset 4 Brogatan 39 Skellefteå Industrial 1,217 45 Merkurius 2 Vretgatan 3 Skellefteå Other 1,134 46 Muttern 3 Verkstadsvägen 14 Skellefteå Industrial 1,077 47 Släpvagnen 2 Tjärnvägen 40 Skellefteå Retail 1,012 48 Älggräset 2 Brogatan 35 Skellefteå Industrial 989 49 Motorn 11 Verkstadsvägen 11 Skellefteå Industrial 850 50 Bielke 3 Norrbölegatan 68 Skellefteå Other 560 51 Motorn 9 Verkstadsvägen 15 Skellefteå Offices 545 52 Älggräset 3 Brogatan 37 Skellefteå Industrial 321 53 Sågverket 4 Brädgårdsvägen 15 Skellefteå Industrial 165 54 Gripen 46 Nygatan 39 Skellefteå Land 0 Property register Business area Skellefteå No. Property Address Municipality Category Area No. Property Address Municipality Category Area Skellefteå © Stadskartan
Page 139
138 PROPERTY REGISTER Luleå 1 Räfsan 4 Depåvägen 2 Luleå Logistics 18,581 2 Skotet 8 Spantgatan 14 Luleå Retail 18,238 3 Räfsan 5 Depåvägen 4C-G Luleå Industrial 8,850 4 Skotet 1 Banvägen 11A-B Luleå Industrial 8,129 5 Djuret 3 Blomgatan 17 A-H Luleå Industrial 7,615 6 Storheden 1:81 Cementvägen 8 Luleå Logistics 6,330 7 Vattenormen 9 Ålgatan 18A-20A Luleå Retail 5,408 8 Ödlan 6 Ödlegatan 6 Luleå Retail 5,202 9 Storheden 2:10 Krossvägen 4 Luleå Industrial 4,890 10 Vattenormen 8 Midgårdsvägen 19 Luleå Other 4,753 11 Notviken 4:48 Banvägen 13 Luleå Retail 4,543 12 Skotet 6 Banvägen 7 B-K Luleå Industrial 3,073 13 Storheden 1:26 Handelsvägen 3C Luleå Industrial 2,994 14 Storheden 1:5 Besiktningsv. 6 o 12 Luleå Industrial 2,719 15 Storheden 1:24 Handelsvägen 7 Luleå Logistics 2,633 16 Skotet 2 Banvägen 9 A-K Luleå Industrial 2,242 17 Notviken 4:51 Banvägen 19 Luleå Logistics 2,055 18 Mjölner 32 + 33 Föreningsgatan 5 Luleå Industrial 1,660 19 Storheden 3:2 Makadamvägen 4 Luleå Industrial 1,656 20 Storheden 1:51 + 1:57 Betongvägen 20 Luleå Industrial 1,628 YTTERVIKEN © Stadskartan Property register No. Property Address Municipality Category Area No. Property Address Municipality Category Area Luleå 21 Storheden 1:43 Betongvägen 7A Luleå Industrial 1,500 22 Bergnäset 3:51 Upplagsvägen 3-5 Luleå Logistics 1,495 23 Storheden 1:55 Betongvägen 10 Luleå Retail 1,085 24 Storheden 1:33 Besiktningsvägen 9 Luleå Industrial 890 25 Bergnäset 3:6 + 3:7 Industrivägen 19-20 Luleå Industrial 789 26 Bergnäset 3:38 + 3:39 Fabriksvägen 4-6 Luleå Industrial 750 27 Storheden 1:25 Handelsvägen 7 Luleå Land - Gällivare Gällivare 12:334 Vouskojärviv. 11-23 Gällivare Industrial 16,756 Gällivare 15:336 Energiplan 3 Gällivare Retail 8,023 Gällivare 12:573 Treenighetens Väg 1 Gällivare Retail 6,807 Gällivare 57:24 Metallvägen 14 Gällivare Retail 2,058 Gällivare 12:275 Borrvägen 10-12 Gällivare Industrial 1,774 Gällivare 57:22 Metallvägen 4 Gällivare Industrial 1,221 Gällivare 12:78 Oljevägen 7 Gällivare Industrial 1,123 Business area Luleå
Page 140
139PROPERTY REGISTER Property register No. Property Address Municipality Category Area No. Property Address Municipality Category Area Piteå 1 Stadsön 8:50 Fläktgatan 6-14 Piteå Retail 8,048 2 Stadsön 8:9 Fläktgatan 9 Piteå Retail 6,883 3 Stadsön 6:23 Oktanvägen 6 Piteå Retail 5,130 4 Öjebyn 33:222 Hammarvägen 32 Piteå Logistics 4,727 5 Pitholm 47:59 Traversvägen 7 Piteå Industrial 4,500 6 Stadsön 8:34 Fläktgatan 24 Piteå Retail 3,551 7 Stadsön 8:5 Relägatan 4 Piteå Industrial 3,465 8 Öjebyn 3:497 Taktvägen 3B-C Piteå Industrial 3,407 9 Stadsön 8:36 Fläktgatan 20 Piteå Retail 3,400 10 Öjebyn 3:462 Turbovägen 7 Piteå Retail 3,260 11 Stadsön 8:11 Fläktgatan 7 Piteå Retail 3,190 12 Stadsön 8:48 Källbogatan 73 Piteå Retail 2,251 13 Stadsön 8:38 Fabriksgatan 8-10 Piteå Retail 2,215 14 Stadsön 6:25 Oktanvägen 2A-C Piteå Industrial 2,120 15 Stadsön 8:20 Voltgatan 9 Piteå Industrial 1,977 16 Stadsön 8:37 Fabriksgatan 4 Piteå Retail 1,977 17 Öjebyn 110:3 Garagevägen 2 Piteå Industrial 1,880 18 Stadsön 8:15 Fabriksgatan 5 Piteå Retail 800 19 Klubbgärdet 2:4 Servicegatan 2 Piteå Industrial 716 20 Öjebyn 11:42 Hammarvägen 11 A-B Piteå Industrial 464 Business area Luleå Others Björka 2 Hästskovägen 4A-D Haparanda Retail 8,100 Rolfs 4:180 Stabsvägen 5 A Kalix Retail 3,154 Norrmalm 6 Lillgatan 4A-C Haparanda Retail 2,963 Uven 13 Ugglegatan 11 Boden Industrial 1,910 Höken 3 Sturegatan 14 Boden Retail 1,764 Släpvagnen 10 Forvägen 29-31 Kiruna Industrial 1,198 Piteå © Stadskartan
Page 141
140 PROPERTY REGISTER Östersund 1 Kungsgården 5:3, 5:6 & Glasätt 1:7 Kungsgården 110, Stockevägen 36, 38 Östersund Industrial 66,778 2 Lokomotivet 2 Kännåsvägen 13 Östersund Industrial 23,419 3 Sprinten 4 Ställverksvägen 1 Östersund Industrial 13,299 4 Ångvälten 5 Chaufförvägen 27 Östersund Retail 12,549 5 Lugnet 7 Armégränd 3-7 Östersund Offices 11,324 6 Hejaren 5 Hagvägen 30 Östersund Industrial 11,236 7 Kungsgården 5:9 Safirgränd 2 Östersund Other 9,769 8 Timmerlasset 1 Hägnvägen 15 Östersund Industrial 9,235 9 Ångvälten 7 Chaufförvägen 27 Östersund Retail 8,167 10 Lastbilen 1 Arenavägen 4 Östersund Industrial 7,769 11 Fältjägaren 6 Infanterigatan 16 Östersund Offices 7,416 12 Fältjägaren 3 Kaserngatan 13 Östersund Other 5,603 13 Svarven 6 Odenskogsvägen 42 Östersund Industrial 5,527 14 Svarven 10 Odenskogsvägen 36A Östersund Industrial 5,328 15 Fältjägaren 4 Kaserngatan 5 Östersund Other 5,182 16 Skogvaktaren 3 Gärdsgårdsvägen 4 Östersund Industrial 4,778 17 Trucken 16 Chaufförvägen 25 Östersund Logistics 4,720 18 Brunflo-Änge 3:1 Centrumvägen 55 Östersund Industrial 4,479 19 Fältjägaren 2 Kaserngatan 17 Östersund Offices 4,469 20 Släpvagnen 6 Chaufförvägen 28 Östersund Retail 4,014 21 Trucken 1 Inspektörsvägen 16 Östersund Industrial 3,995 22 Motorsågen 3 Kolarevägen 8 Östersund Industrial 2,856 23 Snöslungan 8 Chaufförvägen 33 Östersund Retail 2,492 24 Långan 7 Bangårdsgatan 30 Östersund Industrial 2,135 25 Busken 1 Splintvägen 5 Östersund Offices 2,027 26 Traktorn 1 Vallvägen 6 Östersund Retail 2,025 27 Trucken 7 Chaufförvägen 17 Östersund Industrial 1,925 28 Hjultraktorn 1 Arenavägen 3 Östersund Offices 1,864 29 Nyckelpigan 3 & 4 Inspektörsvägen 19 Östersund Offices 1,585 30 Hjultraktorn 2 Arenavägen 9, 15 Östersund Offices 1,516 31 Fältjägaren 1 Kanslihusgränd 2 Östersund Offices 1,466 32 Virkesmätaren 7 Störvägen 9 Östersund Industrial 1,326 33 Bandsågen 11 Hagvägen 17 Östersund Industrial 1,305 34 Lastbilen 2 Arenavägen 2 Östersund Retail 1,296 35 Lugnet 11 Infanterigatan 21 Östersund Offices 1,020 36 Fältjägaren 11 Kanslihusgränd 5 Östersund Offices 950 37 Motorsågen 2 Kolarevägen 2 Östersund Industrial 941 38 Flottaren 1 + 3 Plankvägen 4 Östersund Industrial 660 39 Flottaren 4 Plankvägen 8 Östersund Land - 40 Hjultraktorn 4 Arenavägen 5 Östersund Land - 41 Hjultraktorn 5 Arenavägen 1 Östersund Land - 42 Virkesmätaren 6 Störvägen 9 Östersund Land - 43 Ångvälten 8 Speditörvägen 3 Östersund Land - Others Klövsjö 1:55 and others Värdshusvägen 2, 4 Berg Other 5,344 Klövsjö 5:647 Storhogna Torg 1 Berg Other 1,503 Namn 3:1 Myrviksvägen 22 Berg Industrial 1,042 Kånkback 1:246 Kånkback 106 Ragunda Industrial 1,027 Så 2:91 Åre Land - DISTRICT / LILLÄNGE © Stadskartan Business area Östersund Property register Östersund No. Property Address Municipality Category AreaNo. Property Address Municipality Category Area
Page 142
Front Cover: Andersberg 14:60, Gävle Head office NP3 Fastigheter AB (publ) Org.nr 556749-1963 info@np3fastigheter.se Switchboard +46 60 777 03 00 Gärdevägen 5A, 856 50 Sundsvall Postal address Box 12, 851 02 Sundsvall Branch offices Falun Främbyvägen 6, 791 52 Falun Gävle Södra Skeppsbron 35, 802 86 Gävle Karlstad Tynäsgatan 10, 652 16 Karlstad Luleå Ödlegatan 1B, 973 34 Luleå Piteå Kunskapsallén 14, 941 63 Piteå Skellefteå Mullbergsvägen 11A, 931 37 Skellefteå Sollefteå Hågesta 7, 881 41 Sollefteå Stockholm Birger Jarlsgatan 34, 114 29 Stockholm Umeå Björnvägen 15E, 906 40 Umeå Västerås Ånghammargatan 6-8, 721 33 Västerås Örnsköldsvik Björnavägen 41, 891 41 Örnsköldsvik Östersund Kaserngatan 3, 831 32 Östersund