Vasakronan's interim report January-March 2025

05 May 2025 13:00 CEST

A quarter in line with expectations

· Rental revenue amounted to SEK 2,331 million (2,338). In comparable property
holdings, the decrease in rental revenue was 1%.
· New lettings corresponding to 35,000 square metres (28,000) and annual rent
of SEK 131 million (180) were contracted. Net lettings amounted to negative SEK
18 million (negative: 25).
· The occupancy rate was 88.8% compared with 89.1% at the end of 2024.
· Operating surplus decreased 3% to SEK 1,700 million (1,751). For comparable
property holdings, the decrease was 4%. The decrease was largely explained by an
item affecting comparability in the first quarter 2024 of SEK 38 million arising
from the unwinding of provisions for profit-sharing for 2023.
· Net interest amounted to an expense of SEK 450 million (expense: 468). The
decrease was primarily due to lower short interest rates in the period.
· Income from property management amounted to SEK 1,155 million (1,200).
Excluding items affecting comparability in the first quarter 2024, income from
property management was largely unchanged.
· The change in value of investment properties amounted to a decrease of SEK
914 million (decrease: 458) for the period, corresponding to a decrease of 0.5%.
The property portfolio value amounted to SEK 177,786 million (178,183) at period
end.

"Our key metrics for the quarter were robust and in line with expectations. The
office market is still challenging, but stable trends were posted for operating
surplus and income from property management when items affecting comparability
are excluded," says Johanna Skogestig, CEO of Vasakronan.

"Access to financing is good and we continue to borrow on favourable terms. It
is natural during uncertain times for investors to become more cautious and
selective in their investments. This benefits a stable company like Vasakronan
and bond investors continue to demonstrate strong interest in us."

"In the quarter our Grev Tureplan property was rewarded two awards, the Building
of the Year 2025 award and the 2025 Health & Safety award from Håll Nollan. To
carry through a project like this in central Stockholm is challenging, and I
therefore feel immense pride that the work the team has done is being
recognized."

For further information, please contact:

Johanna Skogestig
CEO of Vasakronan
Tel: +46 (0)73 068 75 17
E-mail: johanna.skogestig@vasakronan.se

Johnny Engman
Chief Financial Officer
Tel: +46 (0)70 355 59 27
E-mail: Johnny.engman@vasakronan.se

Vasakronan is Sweden's leading property company with a portfolio valued at
around SEK 178 billion. The portfolio is focused on centrally located office and
retail properties in the growth regions of Stockholm, Uppsala, Gothenburg and
Malmö. In terms of city retail, Vasakronan is the largest in all regions. The
property portfolio comprises 165 properties with a total area of about 2.4
million square metres. The company is owned in equal shares by the First,
Second, Third and Fourth Swedish national pension funds. Our assignment is to
generate a high, risk-weighted return. Though never at the expense of the
environment and people. Read more at www.vasakronan.se

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