Vasakronan's interim report January-June 2025

09 Jul 2025 10:00 CEST

Improved income from property management

· Rental revenue amounted to SEK 4,669 million (4,704). In comparable property
holdings, the decrease in rental revenue was 2%.
· New lettings corresponding to 76,000 square metres (65,000) and annual rent
of SEK 315 million (370) were contracted. Net lettings amounted to negative SEK
43 million (negative: 92).
· The occupancy rate was 88.2% compared with 89.1% at the end of 2024.
· Operating surplus decreased 2% to SEK 3,424 million (3,493). For comparable
property holdings, the decrease was 3% and was partly attributable to one item
affecting comparability of SEK 38 million in the first six months of 2024
pertaining to the unwinding of provisions for profit-sharing for 2023.
· Net interest amounted to an expense of SEK 898 million (expense: 954). The
decrease was primarily due to lower interest rates in the period.
· Interest coverage ratio amounted to a multiple of 3.7 (3.5). The increase
was due to an improved net interest outcome.
· Income from property management amounted to SEK 2,390 million (2,376), up
1%.
· The change in value of investment properties amounted to an increase of SEK
390 million (decrease: 203) for the period, corresponding to an increase of
0.2%. The property portfolio value amounted to SEK 179,551 million (178,183) at
period end.

"We posted a positive change in income from property management in a challenging
lettings market, thereby confirming our strength and stability," says Johanna
Skogestig, CEO of Vasakronan.

"Financially, we remain strong. The interest coverage ratio improved to a
multiple of 3.7 and the loan-to-value ratio amounted to 40%. Our strong balance
sheet means we have the capacity to act on opportunities that arise. For
example, the acquisition of Solna United in Arenastaden and the project start
for Hjärta in Södra city in Uppsala."


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 180 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

More information:
Access the news on Oslo Bors NewsWeb site

650938_Vasakronans_s_interim_report_Q2_2025.pdf