Investors

"During the first half of 2025, we refinanced our outstanding bonds through a new bond issue of SEK 825 m, thereby strengthening our financial position. In total, we sold over 1,000 new residencies during the period, of which two projects were through forward funding, one in Kista and one in Tyresö. The sales contributed to strengthening the company's liquidity and reducing our debt. In parallel, we have completed and delivered just over 700 residencies to our buyers. Before the end of the year, we expect to reach the milestone of having delivered over 15,000 residencies to the Swedish market since the company started in 2009.

The results for the period were affected by the bankruptcy of a building contractor working on two of our sold projects. By acting quickly, we were able to secure a new contractor and will be able to continue delivering according to plan, a clear demonstration of our ability to manage and resolve unforeseen events that arise. We are also starting to see the effect of the cost-saving measures we initiated last year, which will be fully realized in the coming quarters.

The market in general is showing signs of improvement, inflation is moving closer to the target level and the policy rate has continued to decline. We expect further interest rate cuts during the year, which will strengthen the conditions for sales of new rental property production. We have several interesting discussions underway regarding both acquisitions and sales and see good opportunities to complete new deals.

As previously announced, I will be stepping down from my role as soon as a replacement is in place, but until then my work will continue to drive and manage our position as a leading developer of forward-funded housing. I am proud that during the quarter we sold housing projects to two international companies who are long-term players in the Swedish housing market and that we continue to deliver attractive and sustainable homes to our buyers. I thank you for the trust in our execution and our product.

In conclusion, I would like to extend a special thank you to my colleagues for the work you have done so far during the year. Together, we have continued to deliver with quality, adapted to market conditions and succeeded in completing several deals. I wish you, our customers, our partners and our owners, a pleasant summer!"

Johan Tengelin,
CEO

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