Vasakronan’s interim report January-March 2025

• 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.”