Vasakronan’s interim report January-June 2025

• 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.”