Vasakronan's interim report January-September 2025

05 Nov 2025 12:00 CET

Improved income from property management

· Rental revenue amounted to SEK 7,049 million (7,048). In comparable property
holdings, the decrease in rental revenue was 1%.
· New lettings corresponding to 103,000 square metres (128,000) and annual
rent of SEK 469 million (697) were contracted. Net lettings amounted to negative
SEK 7 million (negative: 197).
· The occupancy rate was 87.9% compared with 89.1% at the end of 2024.
· Operating surplus decreased 1% to SEK 5,231 million (5,271). For comparable
property holdings, the decrease was 2%. The decrease was explained in part by
one item affecting comparability of SEK 25 million arising from the unwinding of
provisions for profit-sharing for 2023.
· Net interest amounted to an expense of SEK 1,367 million (expense: 1,422).
The decrease was primarily due to lower market interest rates.
· The 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 3,650 million (3,607), up
1%.
· The change in value of investment properties amounted to an increase of SEK
339 million (585), corresponding to an increase of 0.2%. The property portfolio
value amounted to SEK 182,076 million, compared to SEK 178,183 million at the
end of 2024, due in part to the acquisition of Solna United.

"Demand for offices has increased after the summer and net lettings for the
quarter were positive. It is too early to tell if this represents a turning
point in the market and the company's primary focus remains on increasing the
occupancy rate," says Johanna Skogestig, CEO of Vasakronan.

"Financially we remain strong and posted improved income from property
management for the quarter. Our strong balance sheet and good access to capital
in the banking and capital markets mean that we have all the conditions in place
to continue to develop our operations, to seize opportunities that arise and to
create value," concludes Johanna Skogestig.

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 182 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 166 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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