Årsredovisning 2023

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2023 
Hemnet Group
Annual and sustainability report

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Table of contents
This is Hemnet 
4  What is Hemnet?
6  CEO report
9  2023 in numbers
10  Our vision
11  Our strategy
17  Financial targets
18  Hemnet as a workplace
21  The Hemnet share
Sustainability report
22  Sustainability efforts 
28  Risk analysis
29  Approach
30 Report on the Sustainability Report
Administration report
31  The financial year 2023
34  Corporate governance report
40  Board of Directors
42  Management
44  Distribution of earnings
Financial statements
46 Consolidated income statement
47 Consolidated statement of financial position
48 Consolidated statement of changes in equity
49 Consolidated statement of cash flows
50 Notes, Group
67 Income statement, Parent company
68  Balance sheet, Parent company
69 Report of changes in equity, Parent company
70 Statement of cash flows, Parent company
71 Notes, Parent company
73 Auditor’s report
The statutory Sustainability Report for Hemnet Group AB (publ) can be found on pages 22-29. 
Pages 31-72 cover Hemnet Group AB (publ) annual  report and  consolidated financial 
statements and have  been audited by the company’s auditor, Ernst & Young AB. 
An audit report can be found on pages 73-76. This publication is a translation of the original 
Swedish text. In the event of a discrapency between the Swedish version and this publication, 
the Swedish language version shall prevail.

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At Hemnet, we consider it our most important job 
to make the journey to finding your next  home as 
easy, efficient and smooth as possible. We want 
to enable home sellers and real estate agents 
to reach all prospective buyers – and buyers, in 
return, to have access to all available homes.  
We believe that an open housing market benefits 
everyone. And we want it to fit into your pocket 
too, so that you can access it wherever you are. 
On the bus, in the restroom, at the café or the 
office. The way home should be clear and open 
for as many as possible. 
 
Hemnet -
the way home

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What is Hemnet?
1) Google Analytics. 2) Hemnet and FMI. 3) Orvesto internet 2023 average January to October. 4) Hemnet data. 5) Hemnet data. 6) Hemnet data. 7) Hemnet and SCB (the 
Swedish Central Bureau of Statistics), regards the second-hand market.  
19x  
  
number of visits in 
average per listing vs. 
the #2 property portal  4)
#4 
Among Sweden’s 
commercial media 
platforms (reach)  3)
500 
Million 
visits/year  1) 
44 eNPS
for Hemnet 
employees. Index is 
17 for the industry.
A growing and successful property portal...
...with the largest reach...
...and the most engaged audience.
~100%
Hemnet’s traffic 
is non-paid 6)
9/10
sold properties in Sweden 
are listed on Hemnet  7)
94%
of active 
agents use 
Hemnet  2)
1
2
3
4
5
1.33 
Billion 
minutes spent on 
Hemnet during 2023 5)
0.53 
Billion 
EBITDA
(+17.3%)    
1   
Billion 
Net sales
(+13.0%)   
4 · Hemnet Group | Annual and sustainability report 2023

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Record revenue and increased margin 
driven by product development and a 
resilient business model
Hemnet’s results for 2023 demonstrate the strength and resilience of our business model, even under 
challenging market conditions. During the year, our net revenue increased by 13 percent and EBITDA by 
17 percent, despite a 12 percent decrease in the number of listings. This increase, driven by continued 
investments in product development, meant that our net sales for the first time exceeded one billion SEK. 
These results underscore the high operational quality of our business and the effectiveness of our 
strategic initiatives.
6 · Hemnet Group | Annual and sustainability report 2023

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2023 posed significant challenges for Sweden’s property market,  
driven by high inflation, we saw rapidly rising interest rates, which led to 
an uncertain period in the market with hesitant home sellers and 
buyers. As a consequence, Hemnet’s listing volumes in the first half of 
the year saw a 20 percent decrease compared to the more active 2022, 
to recover somewhat in the second half of the year. Despite these 
market fluctuations, our focus remained steadfast on areas within our 
control: developing new products, enhancing our offering, and 
continuing to deliver value to our customers.  
 Our revenue from property sellers increased by 22 percent and our 
Average Revenue Per Listing (ARPL) by 37 percent. Meanwhile, total 
listing volumes were down 12 percent for the full year. The main drivers 
behind our growth are a combination of our commitment to 
continuously enhance the value of our products, alongside strategic 
pricing and packaging initiatives.
Creating new business opportunities for  
real estate agents
One of our top priorities is to ensure that Hemnet offers the best possible 
environment and products for agents to build their brand and find new 
business opportunities. Throughout the year we have implemented 
several improvements to help agents find new customers, adding new 
smart ways to nudge our visitors into contact an agent. Furthermore, we 
continued to focus our B2B product development on finding unique 
marketing solutions that leverage Hemnet’s extensive and relevant 
audience. 
 We are proud of the unique partnership we have with real estate 
agents, where a substantial portion of our revenue is reinvested into the 
industry. We are excited to further strengthen this partnership in 2024, 
with more value-creating products and a revamped, updated model for 
compensation and commission for agents.
Enriching user experience 
Many of the improvements and new features we launched during the 
year have been aimed at enriching the user experience on Hemnet, 
providing more relevant information and content to our visitors. We 
have improved our valuation data, ensuring that homeowners who 
register their home on Hemnet today gain access to a comprehensive 
valuation range that covers nearly all owned properties in Sweden. As 
the first property portal in Sweden to do so, we have also added 
pictures for sold properties, a move that has noticeably increased 
visitor engagement for these listings. This not only enhances the user 
experience but also creates value for real estate agents, as our visitors 
often come here specifically to look for their next agent. In October, we 
further enhanced user convenience by introducing the ’Pay when listing 
is removed’ option. This feature offers our customers the flexibility to 
choose when to pay for their Hemnet listing, either upon publication or 
upon its removal.
Taking responsibility and driving  
our ESG agenda 
During the year, we have gained control over our carbon footprint by 
thoroughly mapping all direct and indirect emissions. We believe it is 
important that the efforts of the business sector to achieve global 
climate goals are based on research and science. This is why we 
joined the Science Based Targets initiative in 2022 by committing to a 
short-term emission target. In 2023, we complemented this target by 
also submitting a long-term net-zero emission target, which we are 
now pleased to have had approved by the SBTi. 
 We have continued to make progress in our commitment to being 
a leading employer in Sweden, another of our sustainability targets. 
Key initiatives include the formation of a Diversity, Inclusion and 
Belonging (DIB) group, which plays a crucial role in advancing our DIB 
agenda. Moreover, we have enhanced our approach to health and 
safety and executed a management education program to further 
strengthen our leadership. Our continued high employee satisfaction 
reflects our focused work on creating a work environment that 
supports and engages.
Sustaining our path toward continued  
success and growth
Reflecting on this year, I am immensely proud of our team’s 
accomplishments and the stability of our results, especially given the 
challenges that have faced the property market in 2023. During the 
year, Hemnet demonstrated its financial strength by returning over 
SEK 517 million to its shareholders through a mix of dividends and a 
share buyback program. This led to approximately 2.2 million shares 
being set for redemption at our next Annual General Meeting, a 
testament to Hemnet’s strong cash conversion. 
 We are here to engage our audiences and to help people 
successfully sell their current property and find their new dream 
home. With a total of over 500 million visits to our platforms during 
the year, and our listings receiving on average 19 times more visits 
than those of our nearest competitor, Hemnet is the largest and most 
relevant hub in the country for marketing or locating homes. These 
strong results have been driven by the passionate team at Hemnet, 
who are committed to our purpose of delivering unparalleled value to 
our users, as well as contribute to a more mobile, efficient, and 
transparent property market. I am excited about the opportunities 
ahead, and look forward to continuing our journey in building 
Sweden’s most effective and value-creating property platform.
Cecilia Beck-Friis, CEO, Hemnet
CEO Report Hemnet Group | Annual and sustainability report 2023 · 7
 ”Hemnet is the largest and 
most relevant hub in the 
country for marketing or 
finding homes”

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2021 IN NUMBERS

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2019 2020 2021 2022 2023
65
52
39
26
13
0
42
Million visits
51
63
53
61
2019 2020 2021 2022 2023
200,000
160,000
120,000
80,000
40,000
0
175,300
185,000
198,400
189,300
198,300
Number of published listings
Hemnet Group | Annual and sustainability report 2023 · 9
2023 in numbers
Adjusted EBITDA increased by 
17 percent during the year, as a 
result of the business’s good 
operating leverage combined 
with revenue growth and 
continued focus on cost control.
Hemnet has the largest traffic by 
far of any Swedish property 
portals. The lower activity on the 
property market was however 
mirrored in a decline of visits 
during the year compared to last 
year and the very active pandemic 
years of 2020 and 2021.
2023 was an unusually challenging 
year for the Swedish housing market, 
with inflation and interest rates 
affecting activity. The market during 
the first half of the year was cautious, 
but after the summer, we began to 
notice an increase in activity. For the 
full year, we had a total of 12 percent 
fewer listings than the year before.
1)  Google Analytics
Average revenue per listing (ARPL) 
continued to grow as a result of 
strong demand for our additional 
services following value-creating 
product development, as well as 
price adjustments.
Net sales increased by 13 percent 
during the year, mainly driven by 
high demand for value-added 
services for property sellers, 
packaging and price adjustments.
Adjusted EBITDA
Number of visits per month 1)
Number of published listings 1)
Average revenue per listing (ARPL)
Net Sales
2019 2020 2021 2022 2023
900
720
540
360
180
0
2019 2020 2021 2022 2023
450
360
270
180
90
0
1,005526
2019 2020 2021 2022 2023
4 500
3 600
2 700
1 800
900
0
SEK million
SEK million
SEK
889
544
444
728
448
202
172
355
3,275
1,760
1,414
2,467
4,490
526
SEK million
+17%
-15%
4,490 
SEK
+37 %
1   
SEK billion
+13%
42
Million visits
-12 %175,3 
Thousand 
listings

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About Hemnet
Our vision
10 · Hemnet Group | Annual and sustainability report 2023
The key to 
your property 
journey. 
We increase efficiency, transparency and mobility 
in the housing market

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Hemnet Group | Annual and sustainability report 2023 · 11
Our strategy
Hemnet’s growth strategy is based on our vision to be the key to your property journey, which for us 
means becoming the destination for all things related to homes. Our strategy provides the 
framework for how we will achieve our financial and strategic goals. It is based on three pillars 
focused on our key customer groups:
Our strategy
Consumers
ENGAGE  – Increase 
engagement and strengthen 
loyalty across the property 
journey
Hemnet is the top player in 
matching property buyers and 
sellers in Sweden, with a strong 
brand, large audience, and high 
consumer preference. Our strong 
partnership with real estate agents 
allows us to bring the Swedish 
housing market together in one 
reliable and trusted place, 
contributing to a convenient, 
seamless, and efficient experience 
when selling or buying a home - or 
when just researching the market.  
We are committed to developing 
functionalities that contribute to 
mobility on the market at the same 
time as creating engagement and 
long-lasting relationships with 
consumers. By providing 
consumers with relevant features, 
information, and more reasons to 
spend more time on Hemnet, we 
also create more value for our 
business partners.
Home sellers
GROW  – Maximise seller 
revenues through a balance of 
product, packaging and price
As the largest property portal in 
the country, Hemnet offers the 
best possible conditions to anyone 
listing their home for sale to reach 
the maximum number of 
prospective buyers. To help home 
sellers get the most out of their 
property sale, Hemnet has 
developed a range of value-added 
products. Depending on the 
seller’s needs, these products help 
maximise the visibility of the 
property listing to Hemnet’s large 
audience. We continue to see a 
growing number of sellers that 
choose to invest in our value-
added services as we continue to 
improve and develop these 
products while working with 
packaging and pricing.
Real estate agents  
and business partners
TRANSFORM  – Broaden our 
B2B-portfolio
Over the years, Hemnet has 
developed a close relationship 
with our business partners 
through a broad product portfolio 
to real estate agents, property 
developers, and other advertisers. 
We intend to deepen our 
relationships even further by 
helping our partners throughout 
the customer acquisition process 
in better ways than what can be 
achieved through products 
available on the market today.  
An example is the product ”Sold  
by Us” which allows real estate 
agents to market themselves 
through previously sold properties 
in a way that no other market 
player can match in terms of 
relevance and visibility.  
As property developers and 
agents today spend a relatively 
small share of their marketing 
budgets on Hemnet, we see a 
potential in further capitalising on 
our strong audience reach and 
market position and helping our 
customers in even better ways 
than today.

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12 · Hemnet Group | Annual and sustainability report 2023
Audience
A unique business model with strong network effects
Hemnet enjoys a strong, stable and scalable business model as the 
leading platform where all participants in the housing ecosystem can 
connect and fulfill their needs. It is built on a foundation of network 
effects, by gathering virtually all participants in the Swedish housing 
market in one place. Leveraging this position, Hemnet can develop 
products that enable a closer relationship with our consumers, as well 
as addressing the needs of each customer group through the most 
effective and relevant products and services.
By building on our position as the go-to place for buyers and sellers, 
we can facilitate more connections, in turn leading to a more efficient 
property market for all, which strengthens Hemnet’s proposition to 
all our clients.
Consumers
9 out of 10 of all transacted properties in Sweden are at some point 
listed on Hemnet and we have the largest audience by far of any 
property portal in the country. This creates the best possible 
conditions for all participants in the property market to meet and 
contributes to a more efficient property market. 
Home sellers
The majority of Hemnet’s growth and revenue comes from home 
sellers, where Hemnet’s business model stands out most 
compared to international peers. Firstly, it is the seller who pays for 
the listing. Hemnet has a direct relationship with the home seller, 
who selects a listing package and pays for the service directly to 
Hemnet. This provides Hemnet with an effective channel through 
which products aimed at home sellers can be sold. Secondly, 
Hemnet has a win-win partnership with the real estate agents, 
where Hemnet contributes a revenue stream to the agent offices. 
An administration fee is paid out to all agent offices for 
administering and publishing a listing on Hemnet, and all agent 
offices have the opportunity to receive a commission for the sale of 
value-added services.
Agents and Other Business Partners
Because virtually all all buyers and seller in Sweden are on Hemnet, it 
is an important marketing channel for business customers operating 
in the housing market or adjacent sectors. This includes real estate 
agents, property developers, banks and other content-close 
businesses. Today, much of the revenue from these groups comes 
from display advertising. However, Hemnet is continuously developing 
new products and services based on our strong market position and 
the large and relevant traffic to Hemnet, in order to better meet the 
needs of our business customers. 
Real estate agents
Finding buyers, marketing, 
connecting with sellers, 
market insight
Home sellers
Looking to maximise 
the success of their 
property sale
Mutually beneficial 
relationship
Administration fee and 
sales commission
An efficient property 
transaction and 
maximisation of sale price
Payment for listing and 
value-added services
Administration of listing and value-added 
services recommendation
Consumers
Browsing for 
information and 
inspiration
Property developers
Marketing projects and strengthening brand
Banks
Generating mortgage leads and strengthening brand
Advertisers
Reaching the most relevant audience
Business partners
Creating value to all players  
on the property market
Buyers
Searching for their 
next home
Essential factor behind 
Hemnet’s success

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Hemnet Group | Annual and sustainability report 2023 · 13
Net sales by customer group
Hemnet has a product portfolio catering to the needs of our four key customer groups. For home 
sellers, we create products that enable them to play a more proactive role in choosing the most 
effective marketing of their property listing. For real estate agents, our products aim to help them 
find their next seller, strengthen their brands (on a HQ, office and individual level) as well as to 
educate through market analysis and insights. For property developers, we are creating products 
that help them find a buyer throughout the life of a new construction project, as well as to strengthen 
their brand. For other advertisers, Hemnet offers the best platform through which to reach a housing-
interested customer base, connecting these advertisers with the most relevant audience through our 
integrated products.
78%
Home sellers
4%
Property developers
7%
Advertisers
1,005
SEK billion 
2023  Net sales
11%
Real estate agents

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14 · Hemnet Group | Annual and sustainability report 2023
Home sellers
Customer needs:
• Looking to maximize the success of 
their property sale
• Smooth and efficient marketing
• Great return on investment
• Ability to follow and impact the 
visibility of their home for sale
Our commercial offering to create 
value for our customers
Hemnet products to meet the needs:
Real estate agents
Customer needs:
• Finding the best buyer for their seller 
• Finding their next seller to sell a property for
• Market themselves and their brand
• Stand out in a competitive market
Hemnet products to meet the needs:
Display advertising
Be more 
visible for 
sellers
Broker tip
Sold by us
Listing packages
RepublishingRaketen
Additional services
Subscriptions
Additional services
 Enhanced exposure
 Analysis and insights
 Enhanced media

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Hemnet Group | Annual and sustainability report 2023 · 15
Property developers
Customer needs:
• Finding sellers throughout 
the lifecycle of a project
• Branding and marketing
Hemnet products to meet the needs:
Advertisers
Customer needs:
• Cost effective way to reach 
the most relevant audience
• Branding and marketing
Hemnet products to meet the needs:
Display advertising
Native and integrated products
Listing packages and subscriptions
Property listing
Project listing
Project unit
Native advertising products
(ads designed to seamlessly integrate with 
the platform’s other content)
Banks
Utilities
Near core 
advertisers
RepublishingRaketen
Additional services

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Hemnet has a scalable business model underpinned by multiple opportunities 
for future growth and margin expansion.
2019 2020 2021  2022 2023
40
32
24
16
8
0
2019 2020 2021  2022 2023
419
2019 2020 2021  2022 2023
5
4
3
2
1
0
13%
2019 2020 2021  2022 2023
50
40
30
20
10
0
52%
22%
22%
19%
34%
50%
37%
37%
49%
31856
98
0.8x
450
360
270
180
90
0
0.5x
2.1x
3.0x
0.5x
Hemnet Group | Annual and sustainability report 2023 · 17
Financial targets
Growth
  15-20% 
Annual revenue 
growth
Profitability
>55% 
Long-term adjusted 
EBITDA margin
Financial targets
Leverage
<2.0x 
A Net Debt  to 
adjusted EBITDA
Dividend policy
>1/3 
A minimum annual dividend
 of one third of net income
   Dividend       Share repurchase

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18 · Hemnet Group | Annual and sustainability report 2023
We strive to be one of Sweden’s  
best employers
A safe, inclusive and diverse workplace is one of our top priorities. We want Hemnet to be a place 
where people thrive, grow and develop, creating a work environment that ignites innovation and 
creativity. We simply want to be one of Sweden’s best employers – and we believe we are well on our 
way to achieving this.
Hemnet as a workplace
friendly
inclusive
warm teamwork
kind competence generous
personal
creative
super
open
helpful
peppy
great
welcoming
cooperation
including
cautious
mångkuturellsafe user-centered
international fun
family
On our newcomer’s day, we ask our new colleagues to describe our company culture, and above is the word cloud they create. 
Attracting the best talents is one of our most important focus areas. 
During the year we have welcomed 32 new talents. 
People from all over the world work at Hemnet. Today, our 
employees come from 17 different countries.
154 
Employees
17
Hemnet was honoured with Universum’s ‘Newcomer of the 
Year’ award in the field of employer branding, a testament to our 
intensified work with strengthening and developing our employer 
brand to attract the best talents. 
NEWCOMER OF THE YEAR
#1
IN SWEDEN
2023
FINALIST
Hemnet was one of six finalists for the Human Growth Awards 2023, 
Sweden’s most prestigious award in HR. The award recognizes and 
celebrates the HR team in Sweden that has been most successful in 
advancing HR during the year through innovation and new thinking. The 
Human Growth Award is presented by Wise Consulting.
HUMAN GROWTH AWARD
EMPLOYER BRANDING AWARDS 2023

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Hemnet Group | Annual and sustainability report 2023 · 19Hemnet as a workplace
A value driven culture
A few Hemnet voices: 
“To work on developing one of Sweden’s 
most used and popular products, alongside 
incredibly talented colleagues who 
challenge and push each other every day, 
is tremendously motivating. We listen and 
take action, constantly move forward, and 
achieve successes together. The culture here 
is unparalleled and truly a great strength for us 
as a company in our ongoing journey to grow 
alongside our partners.”
Henrik, Product Manager
“Working at Hemnet is an extraordinary 
experience marked by a vibrant culture and 
a welcoming atmosphere. Our commitment 
to innovation is fearless, consistently 
exploring new ideas to elevate the value we 
provide to users and customers. We thrive 
on collaboration, challenging each other 
across teams to enhance both our working 
processes and our product. Hemnet places a 
high priority on maintaining a crucial balance 
between work and life, offering flexible hours 
and remote work options to foster a positive 
and supportive professional environment.”
Johanna, Key Account Manager
“When I started at Hemnet and visited our 
beautiful office for the first time, I was greeted 
by warm and friendly people who were eager 
to help me settle in. I immediately felt like 
I had landed in the right place. At Hemnet, 
we have a strong focus on delivering high 
quality and a great user experience. Here, 
everyone has the opportunity to dive into new 
challenges and fully realise their potential. 
The culture is incredibly inclusive, where 
experimentation and constant change are not 
only accepted but actively encouraged.”
Alireza, Developer
We listen and act We always move forward We succeed together
Our culture rests on three core values that guide us in our interactions within and outside the company, in our way of working and in how we behave 
and treat each other: We listen and act, We always move forward and We succeed together. Our values help us when setting our strategies as well 
as in making everyday decisions. We have also translated them into good and great leadership practices.  
Our core values

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Hemnet Group | Annual and sustainability report 2023 · 21
The Hemnet share
Turnover
In 2023, the turnover of Hemnet’s ordinary shares on Nasdaq Stockholm 
amounted to 47.8 million shares, accounting for 29 percent of the total share 
turnover across all exchanges. On average, approximately 190,000 Hemnet 
shares were traded per day on Nasdaq Stockholm.
Ownership structure
Hemnet had a total of 9,417 shareholders as of 31 December 2023. In terms of 
numbers, Swedish private individuals make up the largest category of owners, 
while institutional owners dominate in terms of share capital.
Ownership by employees
An up-to-date description of Hemnet’s long-term incentive programs (LTIP) 
for key individuals and the share savings program for employees can be found 
on our corporate website: https://www.hemnetgroup.se/en/governance/
incentive-programs/. 
Dividend policy and proposal to the Annual General Meeting 2024
Hemnet’s dividend policy is to distribute at least one third of the annual 
profit after tax. If the company has surplus liquidity, it shall be returned to the 
shareholders through, for example, special dividends or share buybacks. The 
proposal to the 2024 AGM is a dividend of SEK 1.20 per share and that the AGM 
authorises the Board of Directors to implement a buy-back programme over a 
twelve-month period, amounting to a maximum of 10 percent of the total shares 
outstanding.  
Ownership structure - the 10 largest owners
  Sweden 33.3%
  United States 25.0% 
  United Kingdom 15.6%
  Norway 4.0%
  Singapore 3.8%
  Rest of world 4.6%
  Anonymous ownership 13.7%
  Swedish institutional owners 16.7%
  Foreign institutional owners  51.9% 
  Others 13.9%
  Swedish private individuals 4.0%
  Anonymous ownership 13.7%
Ownership by country, % of capital 1) 
Name
Number of 
shares* Capital Verified
Vor Capital LLP 10,283,243 10.5% 2023-08-31
Mäklarsamfundet Bransch I Sverige 10,263,148 10.4% 2023-12-27
Capital Group 5,572,602 5.7% 2023-12-31
Didner & Gerge Fonder 5,481,338 5.6% 2023-12-31
Fidelity Investments (FMR) 4,030,774 4.1% 2023-12-31
Brown Capital Management, LLC 3,899,762 4.0% 2023-09-30
Government Of Singapore (GIC) 3,773,720 3.8% 2023-12-27
Swedbank Robur Fonder 3,751,277 3.8% 2023-12-31
Vanguard 3,295,742 3.4% 2023-12-31
Alfreton Capital LLP 2,800,000 2.8% 2023-04-17
*  Holdings as of 31 December 2023. Direct and nominee registered holdings with 
NCSD. Filing dates for foreign owners may vary. 
Source: Modular Finance
The Hemnet share price increased 85% in 2023, and was the second-best performing 
among all large cap equities on NASDAQ Stockholm. This can be compared to a 14% 
increase in the NASDAQ OMXSPI during the same time period. Since the IPO, the Hemnet 
share price has increased 110%. 
Ownership, % of capital 1)
Facts in brief
Stock exchange Nasdaq Stockholm (Large Cap)
ISIN code / Ticker SE0015671995 / HEM
Listing date 27 April 2021
Share classes There are two classes of shares in the company: 
ordinary shares and series A1 shares. Both share 
classes have the same voting and dividend 
rights. The main difference is that series A1 
shares have a veto right against alteration of the 
business object in the articles of association. 
These shares are owned by Mäklarsamfundet. 
For complete information on the rights of the 
share classes, see the company's prospectus.
Total registered shares: 98,351,050, of which 93,294,476 ordinary 
shares and 5,056,574 series A1 shares
Share price and market 
capitalisation as of 
31 December 2023  SEK 241.1 / SEK 23.7 billion
Highest / lowest 
price 2023 SEK 250.0 / SEK 136.0
Companies that perform 
analysis of Hemnet AB
Barclays, Carnegie, Citi, Jeffries, 
Morgan Stanley,  Nordea, Pareto
Consensus estimate Available via Modular Finance and Infront
1)  Source: Modular Finance. Data compiled by Modular Finance. Sources include: Euroclear, 
Morningstar, Swedish FSA.
The Hemnet share
300
250
200
150
100
50
0
The Hemnet share  
2023, OMXSPI rebased to Hemnet share price
   HEM        OMXSPI
SEK
Jan Feb Mar Apr May Jun  Jul  Aug  Sep Oct Nov Dec

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22 · Hemnet Group | Annual and sustainability report 2023
Sustainability Report
Sustainability report
Our sustainability efforts during 2023
Throughout 2023, Hemnet has undertaken several key initiatives 
to advance our sustainability goals. Here are some notable ESG 
efforts that we have made this past year:
• Consistent with our 2023 ambitions outlined in the previous report, 
we have completed a full green house gas screening.
• We had our long-term target to reach net-zero emissions by 2050 
approved by the Science Based Targets initiative. 
• We have integrated an energy efficiency label on property listings 
to help our visitors to make sustainable housing choices. 
• We established an internal Diversity, Inclusion, and Belonging (DIB) 
group dedicated to advancing Hemnet’s DIB agenda and driving 
internal engagement in these important areas.
• We launched a comprehensive leadership training program, in 
which all of our leaders participated.
• We have enhanced our community engagement through initiatives 
such as providing employee volunteer opportunities with 
Stockholm’s City Mission, organizing a fundraiser for Sweden for 
UNHCR, and using our platforms to raise awareness about the key 
issues these organisations tackle.
We are currently making necessary preparations to ensure that 
Hemnet is ready for the upcoming Corporate Sustainability Reporting 
Directive (CSRD) and ESRS reporting standard  which will come into 
force on 1 January 2026 for companies of Hemnet’s size. During 2024 
we will perform a double materiality analysis and gap analysis that will 
be the base for our future sustainability reporting. We have chosen to 
start early in order to get an overview and create a common 
understanding of the scope, and to allocate the resources required to 
meet the demands. As part of the work with the upcoming reporting, 
Hemnet uses a digital platform to report and follow up on our data. 
Until we have our new reporting structure in place, we are not making 
any changes to our current sustainability framework and structure. 
Approach to reporting standards 
As one of Sweden’s most visited digital platforms and a hub for the country’s housing businesses, 
Hemnet plays an important role in the Swedish housing market. With our position comes great 
responsibility and we want to leverage our influence to have a positive and sustainable impact both 
within the market and across society at large.
Living by strong ethical principles                                                         Combating climate change
In our sustainability efforts, we also take guidance from the UN:s Sustainable Development Goals (SDGs), 
where we, in particular, contribute to goals 5, 8, 9 and 13:
In our committed work to become 
one of Sweden’s best employers, 
diversity, inclusion and belonging 
are a key focus. We strive towards 
gender equality within all layers of 
our organisation and support the 
industry initiative Women in Tech 
to inspire more women to choose a 
career within tech. 
As a digital and comprehensive 
marketplace, Hemnet enables faster 
and easier property transactions for all 
market participants. This creates a more 
efficient property market and 
contributes to sustainable economic 
growth. Through our civic engagement 
and by supporting Stockholm City 
Mission and Sweden for UNHCR, we 
help to improve living standards for 
people in vulnerable situations. 
Hemnet is an independent and 
transparent marketplace. Through 
our platform, we provide a high-
quality and reliable digital 
infrastructure for the Swedish 
property market giving equal access 
to all market participants.
We strive to limit our emissions and 
we review how we can help our 
customers make more sustainable 
housing choices through our 
services and platforms.

===== SIDA 25 =====

Hemnet Group | Annual and sustainability report 2023 · 23
Sustainability framework and focus areas
As an independent platform, we offer homebuyers, sellers and real 
estate agents equal access to the market we represent. Hemnet is to 
be a reliable partner that can be trusted at all times. Thus, ensuring the 
accuracy, credibility, and high quality of content on Hemnet is a 
priority. We maintain strict standards for real estate agents listing 
properties on our platform and monitor adherence to our publication 
guidelines. We constantly invest in our services to ensure the best 
quality in our offering and high accessibility to the millions of Swedish 
consumers turning to our platforms weekly. 
We enhance  market efficiency and mobility by consolidating a 
substantial portion of the Swedish housing market in one location. 
Coupled with our high visitor traffic, this creates an ideal environment 
for various market players to connect.  With nine out of ten properties 
that are sold in Sweden over a year listed on Hemnet, we contribute to 
the effectiveness on the property market, and thorough information 
also about sold objects, including pictures, contributes further to 
transparency and mobility.
Sustainability focus areas 
As described above, contributing to a sustainable and well-functioning 
market for buying and selling real estate in Sweden is at the core of our 
business model and vision to enable a mobile, transparent and 
efficient property market. It is also the core of our sustainability 
framework. In addition to this our sustainability efforts focus on four 
areas in which we strive to create positive change:
• Being one of Sweden’s best workplaces
• Contributing in the combat against climate change 
• Living by strong ethical principles
• Creating positive social impact 
Sustainability report
The core of our sustainability approach: Being a trusted and independent marketplace enabling a mobile, 
efficient and transparent property market 
Ethical principles                           Climate change   
Social impact 
    WorkplaceCreating positive social impact                                                Being one of Sweden’s best workplaces
Living by strong ethical principles                                                         Combating climate change

===== SIDA 26 =====

24 · Hemnet Group | Annual and sustainability report 2023
Sustainability results and progress
Working environment
We want to offer our employees the best possible organisational, social and 
physical working environment built on mutual respect and free from harassment 
and discrimination. We believe in a sustainable work-life balance and strive for 
zero cases of stress and work-related illness. At Hemnet, we offer our 
employees flexibility depending on whether they want to work from home or in 
the office. At the same time, the collective presence in the office is important 
from both business and social aspects, and all employees are expected to be in 
the office 1-2 days a week and when physical meetings require presence. We 
monitor our work environment regularly through surveys, ongoing conversations 
with employees and our Health & Safety committee. This helps us identify risks, 
conduct risk assessments, and take remedial actions when needed. 
In the recent years of rapid company growth and expansion, we have managed 
to maintain our strong inclusive and collaborative culture, which is one of our key 
strengths in recruiting new employees and employee retention. Our culture and 
high employee satisfaction are reflected in our very high employee Net Promoter 
Score (eNPS), where most of our employees say they would recommend 
Hemnet as a great place to work. 
Health and wellness
We prioritise the health and well-being of our employees and believe that well- 
designed wellness practices increase employee engagement, motivation and 
satisfaction at work while preventing injuries and accidents. At Hemnet, all 
employees receive an annual wellness allowance. We also allocate a budget to 
encourage and promote social health and wellness initiatives that can come from 
anywhere in the organisation. To proactively work on maintaining mental health, all 
employees have access to counselling for personal or work-related problems.
Diversity, inclusion and belonging (DIB)
Hemnet has grown with more than 50 employees in the last two years and today 
we have colleagues from over 15 different countries working with us. his higher 
level of diversity has resulted in a more dynamic, creative and innovative 
company. A growing organisation also places greater demands on us as an 
employer and requires us to take responsibility for making all colleagues feel 
connected and included. Hemnet should be a workplace where we see our 
employees’ differences as an asset, and where everyone feels included 
regardless of cultural or religious background, language, gender, or sexual 
orientation. In early 2023 our first DIB group was created, a cross-functional 
group that meets regularly to share different views and perspectives on all 
aspects of diversity, inclusion and belonging. Topics like language barriers, 
different communication styles and cross-functional collaboration have led to 
concrete activities including English training, communication seminars and our 
“Swedish lunches” where international colleagues are invited to practise 
Swedish during their lunch hour.
The key indicators in Hemnet’s equality plan are reviewed annually to ensure that 
we maintain a high standard in our equality work. Salary surveys are conducted 
annually to detect, correct and prevent unequal salary differences between men 
and women.
Increasing the share of women in tech
We truly believe that we can and should challenge the male dominance in the 
tech industry and reach a 40/60 gender representation also within our product 
development organisation by the end of 2025. We are pleased to have made 
significant progress and to have welcomed seven new female colleagues to our 
tech teams over the year.
To support this ambition we have increased our employer branding efforts and 
further strengthened our collaboration and sponsorship with the Women in Tech 
initiative. Besides the main Women in Tech event in March, we have hosted three 
internal Women in Tech events/meetups at our office with over 300 women 
attending. 
Building strong leaders
Our leaders play important roles for the future growth of our people and our 
business. During the year, we have identified key leadership practices, based on 
our core values, capturing the leadership strengths that we are eager to keep, as 
well as the areas where we want to improve. To support the development of 
these practices and to build an even stronger leadership community, we have 
invested in a six-month training programme for all Hemnet leaders, providing a 
safe space for practising new leadership behaviours and peer support.
Sustainability report
Long-term goals for being one of Sweden’s best workplaces: 
• Excellent employee Net Promoter Score (eNPS) of 50 or above
• Even gender distribution within all parts of the company, including the Board, with a 
proportion of women and men in a group being 40/60 percent or more equal
• Zero cases of work-related sick leave 
Performance indicators: 2021 2022 2023
eNPS N/A 55 44
Gender Distribution 
Share of women/men in the Board
Share of women/men in Management 
Share of women/men other managers 
Share of women/men developers/technical staff
Share of women/men all staff 
25/75%
57/43%
62/38%
20/80%
40/60%
29/71%
63/37%
61/39%
28/72%
43/57%
29/71%
67/33%
55/45%
32/68%
44/56%
Work-related sick leave 0% 0% 0%
Leadership - - 8.3
Staff turnover 17% 20% 8%
Focus area 1: Being one of Sweden’s best workplaces

===== SIDA 27 =====

Hemnet Group | Annual and sustainability report 2023 · 25
Sustainability results and progress
Sustainability report
Sustainability results and progress
Due to Hemnet’s digital business model, we have a low impact on the climate 
and the environment. Nevertheless, we are determined to take responsibility and 
do our part to create a well-functioning real estate market within the planetary 
boundaries. Hemnet strives to have no local physical IT operations and we only 
use cloud services, meaning there is no server equipment that Hemnet manages 
directly on-site. Today, Hemnet has two primary IT solutions providers, both with 
their own ambitious CO2e emissions targets. 
Hemnet is committed to bringing hardware returned by former employees back into 
service. Obsolete computers, monitors and mobile phones that no longer meet the 
company’s needs are sold to companies that specialise in buying back this type of 
equipment. The idea is that the products should be reused as much as possible in 
the local area by, for example, schools, businesses, and individuals. Other technical 
equipment that no longer functions or meets the company’s needs is first examined 
to see if there are components that can be reused or resold within the company. 
What is considered e-waste is forwarded to certified recycling companies. 
Hemnet’s office is located in a building owned by Vasakronan Vasakronan has been 
ranked as one of the world’s most sustainable property owners by the organisation 
GRESB (gresb. com) and applies very high standards within areas such as circularity 
and climate impact. This affects our office’s energy consumption (described under 
“Scope 2” below) and waste management.  We separate all waste in our kitchenette, 
where it is collected daily and transported to the building’s environmental room.  
From there it is taken further in the waste cycle in a service provided by Vasakronan. 
Promoting sustainable housing choices
We have a unique possibility to guide Swedish property buyers toward more 
sustainable choices in their home purchases, as well as to motivate sellers to 
see the benefits of climate-positive home improvements. A recent initiative that 
underscores our dedication to promoting environmentally responsible housing 
choices is the integration of an energy efficiency label on property listings.
Getting in full control of CO2e emissions
During 2023, we completed our task of tracking all of our significant direct and 
indirect emissions within all three scopes. We also complemented our short-
term emission target of reducing CO2e emissions by 42 percent by 2030, 
submitted to and approved by the Science Based Targets initiative (SBTi) in 
2022, with a long-term target of reaching net-zero emissions by 2050. This long-
term target was approved by the SBTi in December.
 
Emissions within Scope 1 
Hemnet has no company cars or other direct emissions that fall under scope 1. 
Emissions within Scope 2 
An essential part of our climate efforts is reducing energy consumption in our office, 
which is our only source of CO2e emissions within Scope 2. Our office building is 
powered by renewable electricity and for our office space, we have an additional 
service from our electricity provider that includes electricity from 100 percent 
renewable sources (solar, hydro or wind). The building in which our office is located, 
which we moved into in February 2023, meets high environmental standards and 
has a platinum certificate under the green building rating system LEED. Most of the 
heating and cooling in our new office building is provided by a geothermal system 
and produces no CO2e emissions. The building is not (yet) fully self-sufficient and 
additional district heating is supplied. However, property owner Vasakronan always 
buys the cleanest available product and if energy from renewable sources is 
unavailable, Vasakronan climate compensates for the emissions.
Emissions within Scope 3 
In 2023, we undertook an extensive project to assess our company’s indirect 
emissions (Scope 3), identifying relevant emission categories in both upstream 
and downstream activities. We based our emissions data on specific supplier 
information and, when unavailable, on our expenses. Our analysis revealed that 
the largest emissions are generated within Scope 3, category 1, Purchased Goods 
and Services. We were pleased to find that emissions generated by Hemnet as a 
platform (web and apps) are minimal, thanks to partnerships with global 
companies like AWS and Google, who have ambitious climate agendas. Higher 
emissions stem from other purchases such as consultancy services and, primarily, 
the commissions paid to the real estate agent industry for their work and sales 
related to Hemnet’s products. We have chosen to classify these activities as 
Purchased Goods and Services, which is why the emissions fall under Scope 3, 
Category 1. Since we lack actual emissions data from real estate agents, standard 
calculations have been performed based on spend. In 2024, our focus will be on 
improving data quality, which is likely to reduce emissions in this category.
Performance indicators:  Carbon dioxide emissions, tonnes CO2e. 2021 2022 2023
Scope 1
Hemnet has no company cars 0 0 0
Scope 2
Electricity 
District heating 
District cooling
0
3
0
0
2.18*
0
0
0.31
0
Scope 3
Purchased goods and services  
Capital goods
Fuel and energy related activities  
Upstream transportation and distribution
Waste generated in operations      
Business travel
Employee commuting
Use of sold products N/A
1,219.489
14.708 
0.45
0.086
0.037 
33.599 
61.726
2.389
1,802.301
 17.803
1.235
0.073
0.018
14.642
 47.873
0.873
Total emissions scope 1-3 135.223 1,334.663 1,885.128
Focus area 2: Combating climate change
Long-term goal for combating climate change:
• Reducing absolute scope 1 and scope 2 GHG emissions with 42% by 2030
• Reaching net-zero emissions in all three scopes by 2050
*Due to an update to more accurate emission factors, the emissions from district heating for 2022 have been adjusted in this year’s reporting.

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26 · Hemnet Group | Annual and sustainability report 2023
Sustainability results and progress
Our Code of Conduct gives us a strong ethical foundation 
Hemnet’s business is run on the basis of principles of ethics and responsibility 
that permeate all aspects of our operations and are summarised in our Code of 
Conduct. The Code of Conduct provides clear ethical and moral guidance and 
sets the expectations of Hemnet in relation to our employees. It helps us to 
ensure that principles of ethics and responsibility are integrated into all 
aspects of our business and that we act in a trustworthy and transparent 
manner in all aspects of our operations. 
The code articulates the company’s zero tolerance for bullying, harassment, 
intimidation, bribery and corruption. Our approach to Human Rights is also a 
part of our Code of Conduct, stating that Hemnet and its employees respect 
the internationally recognised human rights as described in the UN Universal 
Declaration on Human Rights. In this regards, we are guided by the UN Guiding 
Principles on Human Rights in Business and we conduct our business with 
respect for the human rights of all individuals. We expect the same from our 
suppliers. 
Our employees must know about our Code of Conduct, what it stands for and 
what responsibilities it comes with for them as Hemnet employees. In the 
beginning of 2023, we implemented a new e-learning course to give all 
employees solid training on the code, while at the same time giving the 
company solid tracking of how many employees have completed the course. 
All new colleagues are obliged to complete the e-learning as they start at 
Hemnet, and there is also a mandatory yearly refresh of the code for all 
employees.
We promote a culture of openness where everyone is encouraged to speak 
their mind and raise any issues relating to non-compliance with the code. 
Violations of our ethical guidelines are reported internally through managers or 
anonymously through our whistleblower service, which is available through our 
website hemnetgroup.com and on our intranet. 
Demands on suppliers
We expect our suppliers to conduct their business in a responsible manner 
compatible with the law and our values. No part of our supply chain must go 
against the principles of our Code of Conduct. Hemnet’s Supplier Code of 
Conduct sets out our expectations on our suppliers regarding basic ethical and 
moral principles related to sustainability and human rights. We have zero 
tolerance for child labour and slave-like conditions. 
Right to privacy
Data is a key asset for Hemnet and we collect and process large amounts of 
data that can be directly or indirectly associated with an individual. All 
processing of such information (personal data) is carried out in a transparent 
manner, with respect for privacy and in accordance with applicable data 
protection legislation. 
We do not share personal data with suppliers unless a data processing 
agreement is in place. If the supplier is located outside the EU/EEA, we will only 
transfer personal data if we have ensured that there is a legal basis for the 
transfer and that appropriate safeguards are in place for it. 
As we further develop our technology and business or change how we handle 
personal data, we ensure that these changes are properly addressed from a 
data protection perspective. 
These principles form the basis for all of our work related to personal data 
protection and are described in our Code of Conduct and in more detail in 
Hemnet’s Guidelines for data protection. Since 2020 Hemnet’s legal team has 
carried out yearly privacy awareness activities. In 2023, a new e-learning 
course was launched, providing training in applicable rules and Hemnet’s 
approach to personal data processing.  
Sustainability report
Performance indicators: 2021 2022 2023
Communication and training on anti-corruption policies and procedures 
Share of employees informed about the company’s Code of Conduct
Share of employees who complete and passed e-training in Code of Conduct* 
100%
N/A
100%
98%
 100%
77%
Confirmed incidents of corruption and actions taken 0 0 0
Number of incidents reported through Hemnet’s whistleblowing function 0 0 0
Data protection incidents 
Number of personal data incidents related to customer data 
reported to the Swedish Authority for Privacy Protection 0 0 0
Focus area 3: Living by strong ethical principles 
* E-learning module was implemented in the beginning of 2023 and results are from February. 
Long-term goal – Living by strong ethical principles: 
• 100% of Hemnet’s employees should acquaint themselves with Hemnet’s Code of 
Conduct and go through the yearly training

===== SIDA 29 =====

Hemnet Group | Annual and sustainability report 2023 · 27
Sustainability results and progress
Sustainability report
Sustainability results and progress
Hemnet represents a well-functioning part of the property market for people 
with the opportunities and means to own a home. Having a roof over your head 
is a prerequisite for other aspects of life to function. Our basic principle of civic 
participation is to contribute to organisations and initiatives that operate from 
the belief that having a place to call home is a human right. We are committed 
to providing financial and human resources to projects and organisations 
whose beliefs we share, and who support everybody’s right to a place to call 
their own home. 
Homelessness is devastating to individuals and comes at a high cost to society. 
Despite this, over 30,000 people in Sweden today live without a home to call their 
own. Many of them are found in Stockholm. Since 2019, Hemnet has been a 
proud partner of the NGO Stockholm City Mission and its initiative ”Bobyrån”. 
Bobyrån is part of Stockholm City Mission, which helps socially vulnerable 
people find a permanent housing solution. The target group for the initiative is 
people who are homeless, have a psychosocial problem and need some form of 
support. The principle is that people in need are given the opportunity to find 
their own housing without having to go through several steps, for example, in the 
form of social housing. In 2023, Bobyrån helped 72 people to a long-term home 
with reasonable rent.
In 2022, we expanded our social commitment by supporting people in need 
beyond Sweden’s borders through continuous contributions to Sweden for 
UNHCR. UNHCR is the refugee agency within the UN, whose mission is to protect 
the world’s refugees and actively advocate the right of all people to a safe home. 
Apart from supporting Stockholm City Mission and Sweden for UNHCR with 
monetary donations, we strive to also utilise our platforms to spread knowledge 
about their work, hopefully leading to new members and donations. In February 
2023, we hosted a streamed video interview with representatives from 
Stockholm City Mission, talking about their work with Bobyån and what 
companies and civilians can do to contribute. Stockholm City Mission also 
visited our office to educate employees in their projects, and in December they 
invited interested employees to come and do voluntary work for them, 
something we enabled during work hours. In December, we also initiated a 
Christmas fundraising campaign together with Sweden for UNHCR. 
Performance indicators: 2021 2022 2023
Direct economic value generated and distributed (GRI 201-1) 
Contribution to Stockholm City Mission SEK 300,000 SEK 400,000 SEK 500,000
Contribution to Sweden for UNHCR N/A SEK 200,000 SEK 155,000
Focus area 4: Creating positive social impact 
Long-term goal:
• Hemnet should yearly allocate financial and personnel resources to support causes 
that strive towards helping people in vulnerable situations to get a place to call home

===== SIDA 30 =====

28 · Hemnet Group | Annual and sustainability report 2023
Risk analysis
In this section, we describe Hemnet’s most significant sustainability risks and how we manage them. There 
are no identified risks linked to combating climate change and creating social impact as these areas are not 
considered to constitute a significant risk for the company.
A trusted and independent marketplace, enabling a mobile, efficient and transparent property market
Significant risk 
Inaccuracies in residential property advertisements on Hemnet or content in 
advertisements that may give a misleading perception of the property for sale can 
have a negative impact on consumers and home buyers. This can lead to home 
buyers relying on incorrect information before buying, but also distort competition 
between real estate agents. 
Given the volume of information on Hemnet, there is always a risk that situations 
arise where a seller or buyer does not feel comfortable with, or in control of, the 
data we publish despite our communication efforts. Although we do our utmost to 
present information relating to cookies and personal data processing as simply 
and clearly as possible, there is always a risk that visitors will have difficulties fully 
comprehending information on, for example, personalisation, tracking and data 
sharing within the framework of advertising networks with which we collaborate. 
If Hemnet as a platform were to lose its accessibility, supply and quality, it could 
negatively affect the ability of private individuals and real estate agents to carry out 
property transactions. Without access to Hemnet, the home buyers’ ability to 
access the property supply is hampered, as is the home seller’s ability to advertise 
his or her home – and the real estate agent’s ability to do business.
 
Risk management
All property listings on Hemnet are administered by a registered real estate agent 
who mediates Hemnet’s listing agreement with the home seller. This professional 
body of certified agents is an important guarantor of Hemnet’s quality, as the 
content of any home listing is the real estate agent’s responsibility. To ensure 
common rules for all players, we make publication rules clear and available to all 
real estate agents. We also have a function within our customer service 
organisation that reviews and samples property listings on Hemnet on a daily basis 
and contacts real estate agents whose advertisements deviate in various ways 
from the publication rules. 
We have established processes in collaboration with the real estate agent industry 
to ensure that sellers and buyers are aware of what information is published on 
Hemnet. Our policy is to respect each individual’s choice with regard to the 
information that we publish about objects that have been sold or bought, 
respectively, and that can be perceived as sensitive from a privacy perspective, such 
as price data and photos of properties sold. Transparency is key to ensuring that our 
visitors make informed decisions about personal data processing requiring 
customer consent. We regularly review our privacy information to ensure this. 
All development work at Hemnet is carried out within the company, which means that 
we immediately can act upon and handle operational disruptions and other problems 
that may arise on our platforms. Furthermore, our large developer organisation works 
daily to improve our products as well as the user experience, to enable the very best 
conditions for real estate agents and home sellers to list a property on Hemnet. This, 
together with our strong market position, leads to a maintained and stable volume of 
listings year to year, where approximately nine out of ten homes sold through a real 
estate agent in Sweden have been advertised on Hemnet.
Significant risk 
Managing to retain our talents, as well as attracting new ones, is key for the 
development of our business and company.
   
 
 
Risk management
To ensure a more long-term, solid and sustainable people and culture strategy, 
Hemnet in 2022 hired a skilled Chief People and Culture Officer, as well as adding 
this role to the management team (the People and Culture function was previously 
a part of the Communications department). This step has significantly increased 
the scope of our work within HR- and people-related issues, while also enabling a 
more proactive approach towards employee happiness and retention during 2023. 
Hemnet has, over the years, had a great need to recruit developers, an area in which 
competition for competence is extremely high. The vast majority of our 
recruitments are handled internally, increasing our level of control and providing the 
possibility to build our own candidate pool. During the last three years, we have 
increasingly hired employees from outside of Sweden. This way, we have gained a 
lot of experience in, and set up solid processes for, international recruitment. These 
various steps to improve our processes have helped us speed up our recruitment 
and taken us to a much better place in terms of hiring the competences we need. 
As of now, our recruitment needs are on significantly lower levels than what has 
been the case over the last years.
Organisational related risks 
Significant risk
Failure to comply with laws and regulations against bribery can have serious 
consequences for Hemnet and for the individuals concerned. Possible 
situations where violations could occur are, for example, in customer care or 
representation in the event that activities would go beyond what is considered 
appropriate, or that a real estate agent or home seller with contacts at Hemnet 
would manage to gain advantages for their property listing outside the 
company’s regular processes and routines. In addition to the obvious legal 
risks, any such misconduct would potentially be a breach of trust and 
detrimental to the Hemnet brand.
Risk management
Anti-corruption is an important part of our Code of Conduct, which is central to 
counteracting all forms of bribery, misconduct and corruption within the company. 
A benefit or advantage offered to an employee by an external person is not allowed 
if it influences or risks influencing the employee’s objectivity and ability to make 
commercially sound decisions. The Code of Conduct addresses the company’s 
internal guidelines on bribery and corruption and supports employees in their 
assessment. Employees are asked to report violations to their manager, their 
manager’s manager, Hemnet’s People and Culture Officer, Hemnet’s General 
Counsel or via Hemnet’s whistleblower service. Hemnet takes relevant measures 
to investigate reported breaches and violations.
Governance-related risks 
Sustainability report

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Hemnet Group | Annual and sustainability report 2023 · 29
In the process of identifying relevant areas for Hemnet regarding 
sustainability, we carried out a materiality analysis prior to our first 
sustainability report in 2019. The analysis was based on risks and 
opportunities related to running a sustainable business, as well as 
aspects concerning the environment, social conditions, human resources, 
respect for human rights, anti-corruption and governance issues. 
In 2021, we supplemented the materiality analysis with stakeholder 
dialogues and in-depth interviews with employees, owners, ESG analysts 
and investors. The overall picture from these dialogues was that Hemnet 
has a good starting point to further strengthen its work and governance in 
the most essential areas. Personal privacy and security are considered to 
make up the most important area for Hemnet, also from a risk 
perspective, while the climate issue is not considered material for 
Hemnet. However, there are expectations from our stakeholders that 
Hemnet will report and comment on its carbon footprint in a clear and 
comparable way. Finally, many stakeholders note that through its 
platform, Hemnet has great potential to be a positive force in society. 
In 2022, we continued to develop our focus areas based on the 
materiality analysis carried out in 2019 and the stakeholder dialogues 
in 2021, but further simplified the framework for our focus areas to 
clarify that our sustainability efforts derive from our business model 
and vision. This year’s report continues to follow the updates from 
2022 and we plan to make no changes to our sustainability reporting 
or framework until we have a new structure in place that will be 
compliant with the upcoming CSRD and ESRS reporting framework. 
 
Approach
The Board has overall responsibility for the management of the 
Company, which includes issues relating to sustainable 
management and the Company’s sustainability report. The CEO is 
responsible for implementing the Board’s decisions and strategies. 
The Chief Communication and Brand Officer (CCBO) is responsible 
for sustainability issues within the management team and, with the 
support of the General Counsell, must ensure that sustainability 
efforts and reporting on them are done correctly and that the 
Company continuously develops its sustainability efforts and 
raises its ambitions in line with Hemnet’s Sustainability policy 
(adopted by the Board in December 2022). Managers at the 
management team level are responsible for ensuring that the work 
of each department is carried out in a way that supports the 
Company’s sustainability efforts. The CEO reports sustainability 
developments and steps to the Board on a quarterly basis.
Clear values and ethical guidelines guide our actions
Hemnet’s values describe how we act and what we stand for. Our Code 
of Conduct provides clear ethical and moral guidance and sets the 
expectations from Hemnet for both employees and external partners. 
This helps us to act in a trustworthy and transparent way, which 
ultimately helps strengthen the Hemnet brand. All managers and 
employees are responsible for reading and complying with the 
Company’s Code of Conduct as well as to complete the yearly 
e-learning on this topic.
Training and compliance monitoring
During the year, we continued to train new and current employees in 
our Code of Conduct. We also have a Supplier Code of Conduct in 
place to ensure that the moral and ethical business principles that 
Hemnet follows are also clear to our suppliers. In 2023 we 
implemented a new e-learning system to give our employees better 
possibilities to learn and understand our most crucial governing 
documents and improve how we track and follow up our 
employees’ knowledge. The first e-learning, covering our Code of 
Conduct, was rolled out in February 2023 and followed up in 
December 2023. We also initiated an e-learning course in 
Information Security and Privacy during 2023. We will continue to 
repeat both these e-learning courses yearly to ensure our 
employees have up-to-date knowledge of the company’s most 
important policies and procedures. 
Breaches of our Code of Conduct are followed up annually. No 
violations of our Code of Conduct came to our attention in 2023, 
either through internal reporting channels or through our 
whistleblowing system. 
Governance and responsibility for sustainability 
within the business 
Sustainability report

===== SIDA 32 =====

30 · Hemnet Group | Annual and sustainability report 2023
Auditor’s report on the statutory 
sustainability statement
Engagement and responsibility
It is the Board of Directors who is responsible for the statutory sustainability 
statement for the year 2023 which is defined on page 33 and that it has been 
prepared in accordance with the Annual Accounts Act. 
The scope of the audit
Our examination has been conducted in accordance with FAR’s auditing 
standard RevR 12 The auditor’s opinion regarding the statutory sustainability 
statement. This means that our examination of the sustainability statement is 
different and substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing and generally accepted 
auditing standards in Sweden. We believe that the examination has provided 
us with sufficient basis for our opinions.
Opinions
A statutory sustainability statement has been prepared. 
Stockholm the day of our electronical signature
Ernst & Young AB
Anna Svanberg
Authorized Public Accountant 
To the general meeting of the shareholders of Hemnet Group AB (publ), corporate identity number 559088-4440

===== SIDA 33 =====

Hemnet Group | Annual and sustainability report 2023 · 31
The Board of Directors and the CEO of Hemnet Group AB (publ), hereinafter 
Hemnet, with corporate identity number 559088-4440 and its registered 
office in Stockholm, hereby submit annual report and consolidated financial 
statements for the financial year 1 January–31 December 2023.
Operations
Hemnet Group AB (publ) is parent company to the Hemnet Group (”the Group”). The 
main operations of the Group are carried out by the subsidiary company Hemnet 
AB. Hemnet aims to be the marketplace for property and related services that is the 
most appreciated and visited by estate agents, site visitors and advertisers.
Hemnet is Sweden’s largest real estate platform and offers virtually the entire 
residential property stock of the country. Hemnet’s services are offered on 
Hemnet.se and its platforms for Android and iOS. Hemnet had good visitor 
numbers in 2023, with an average of over 42 million visits per month. Visitors 
also spent a total of 1.33 billion minutes on Hemnet’s platforms during the year.
Administration report
In 2023, a total of 175,343 home listings were published on Hemnet, 12 percent 
below the 198,259 homes that were published in 2022. The lower listing 
volume is an effect of a slower property market in 2023, following the high 
inflation and rapidly increased interest rates. During the year, Hemnet has 
continued to develop its product portfolio, both with regards for services to 
home sellers and for business customers. The value-added services for home 
sellers launched in previous years have been gradually improved, which all in 
all led to an increased use of these services.
The trend for the number of property listings, sales rate and listing prices 
also has a direct impact on the Group’s financial results. Therefore, 
Hemnet continuously analyses developments in the property market and 
communicates these insights to the media and the public.
Group structure
The group structure is illustrated below. All companies are owned 100 percent.
Administration report
The financial year 2023
Hemnet Sverige AB
556536-0202
Hemnet AB
556260-0089
Hemnet Group AB (publ)
559088-4440
HN Hem AB
559264-9775

===== SIDA 34 =====

32 · Hemnet Group | Annual and sustainability report 2023
Significant events during the fiscal year
Share repurchases
The 2022/2023 Share Repurchase Program was ended, as planned, just before 
the 2023 Annual General Meeting, and a total of 2,780,428 repurchased shares 
were cancelled as per the AGM decision.
The 2023 Annual General Meeting also resolved to mandated the board 
to commence a new share buy-back program, and the Board decided on a 
new share repurchase programme of maximum SEK 450 million until the 
2024 Annual General Meeting. The purpose of the program is to adjust the 
Company’s capital structure by reducing the share capital. The Board of 
Directors therefore intends to propose to the Annual General Meeting 2024 
that the repurchased shares be cancelled. During 2023, the Company has 
repurchased a total of 2,302,862 shares for a total amount of SEK 418.1 million 
under both programs. 
Board and management team changes
At the 2023 AGM on 27 April 2023, Anders Nilsson was elected new Chair, 
replacing Christopher Caulkin who had been interim Chair since 31 August 
2022. On 2 May 2023 Anders Örnulf joined Hemnet as CFO, replacing Jens 
Melin who had been interim CFO since August 2022. On 6 November 2023, 
Lisa Farrar joined Hemnet in a new role as Chief Operating Officer (COO).
Changes to the group structure
During the year, Hemnet made a number of changes to the group 
structure, merging and liquidating passive subsidiaries in order to simplify 
administration. This has resulted in the group shrinking from 8 to 4 legal 
entities.
Macro economic development
The macroeconomic environment has presented some challenges in recent 
years with the war in Ukraine, high inflation both in Sweden and globally, and 
sharp changes in interest rates. These factors contribute to increased market 
uncertainty, which affects Hemnet both indirectly, through a cooler housing 
market with fewer transactions and lower demand from Hemnet’s business 
customers as they reduce their spending, and directly, through higher interest 
rates on the company’s external financing.
Financial overview  
Below is a multi-year comparison for the Group’s five latest fiscal years.
2023 2022 2021 2020 2019
Net sales 1,004.7 889.2 728.1 544.1 444.4
EBITDA 525.5 448.1 302.9 188.0 171.9
EBITDA margin, % 52.3% 50.4% 41.6% 34.5% 38.7%
Adjusted EBITDA 525.5 448.1 355.0 202.1 171.9
Adjusted EBITDA 
margin, % 52.3% 50.4% 48.8% 37.1% 38.7%
Operating profit 448.2 377.5% 223.9 110.5 98.7
Operating margin, % 44.6% 42.5% 30.8% 20.3% 22.2%
Income after 
financial items 427.4 370.7 198.1 86.8 83,6
Profit after tax 338.7 293.8 156.5 67.7 65.6
Profit margin, % 33.7% 33.0% 21.5% 12.5% 14.8%
Average revenue 
per published listing 
(ARPL), SEK 4,490 3,275 2,467 1,760 1,414
Equity/Assets ratio, % 58.4% 68.4% 71.1% 56.9% 53.4%
Net debt 438.1 228.1 188.6 415.1 521.4
Net debt/
EBITDA, times 0.8 0.5 0.6 2.2 3.0
Net debt/adjusted 
EBITDA, times 0.8 0.5 0.5 2.1 3.0
Debt/Equity 
ratio, times 0.4 0.2 0.2 0.5 0.6
Number of 
employees 154 135 112 108 92
Number of published 
listings in the period 175.3 198.3 198.4 189.3 185.0
Net sales
Net sales increased by 13.0 percent and amounted to SEK 1,004.7 (889.2) 
million. Both service categories grew during the year. Property listing related 
revenues increased by 21.0 percent to SEK 808.7 (668.4) million, mainly 
through higher average prices but also through higher conversion rate for 
value-added services for home sellers, which has continued to increase and 
has thus contributed, together with a segmented price model, to a significant 
growth in revenue. The growth in listings revenue has meant that the average 
revenue per published listing, ARPL, increased by 37.1 percent to SEK 4,490 
(3,275). Turnover from other services decreased by -11.2 percent to SEK 196.0 
(220.8) million, mainly driven by a lower income from display ads from property 
developers and other advertisers.
Operating profit
Operating profit increased by 18.7 percent to SEK 448.2 (377.5) million, 
corresponding to an operating margin of 44.6 (42.5) percent. Other external 
costs increased by 8.3 percent and amounted to SEK 323.7 (299.0) million. 
Administration and commission compensation to affiliated real estate offices 
together constitute the largest item in other external costs and increased by 
22.2 percent to SEK 225.3 (184.3) million, primarily as an effect of the increased 
revenues from property sellers. The remaining part of other external expenses 
decreased by -14.2 percent and amounted to SEK 98.4 (114.7) million. This is 
primarily due to lower costs for marketing and consultants.
Personnel costs increased by10.7 percent and amounted to SEK 169.6 (153.2) 
million as a result of a growing organisation where personnel reinforcements 
took place primarily within the product development teams to continue 
strengthening Hemnet’s customer offering through the development of new 
and existing products.
  
Net financial items
The net from financial income and financial expenses amounted to SEK -20.8 
(-6.8) million and consists mainly of interest expenses on the Group’s bank 
loan. Profit before tax amounted to SEK 427.4 (370.7) million.
Taxes
Reported total tax expense amounts to SEK 88.7 (76.9) million, which 
corresponds to an effective tax of 20.7 (20.8) percent. Current tax expense 
amounted to SEK 95.5 (86.8) million, while deferred tax income amounted to 
SEK 6.8 (9.9) million. 
Profit for the year
Profit for the year after tax amounted to SEK 338.7 (293.8) million. 
Earnings per share
Earnings per share, basic & diluted, amounted to SEK 3.47 (2.93). 
Investments
During the year, as in the previous years, the company worked on developing 
its product offering. Development took place with both the company’s own 
staff and with external consultants. Some specific development projects have 
been deemed of such a nature and with such expected future earnings that 
they have been treated as capitalised development expenses. In total for the 
year, SEK 31.5 (13.7) million has been capitalised, thus increasing intangible 
fixed assets. Otherwise, the business has only a minor need for investment in 
equipment, with the year’s new purchases amounting to SEK 7.3 (1.8) million. 
  
Cash flow
Cash flow from operating activities amounted to SEK 395.9 (356.0) million, 
of which changes in working capital amounted to SEK -4.2 (+8.2) million. The 
increase in cash flow is mainly attributable to the higher profit from operations. 
Cash flow from investing activities in tangible and intangible assets resulted 
in a cash flow of SEK -38.8 (-15.5) million. Cash flow from financing operations 
amounted to SEK -354.9 (-334.6) million, primarily due to share buybacks of 
-418.5 million SEK and paid dividends of -98.0 million SEK, partially offset by 
increased utilisation of the credit facility, net, of +170.0 million SEK.
Financial position
The Group’s cash and cash equivalents, including interest bearing securities, 
amounted to SEK 102.6 (100.4) million at the end of the period and total 
interest bearing liabilities to SEK 102.6 (328.5) million. Net debt thus 
amounted to SEK 438.1 (228.1) million, which corresponds to a debt/equity 
ratio of 0.8 (0.5) times rolling twelve-month adjusted EBITDA. 
Equity amounted to SEK 1,259.6 (1,432.7) million, which corresponded to an 
equity/assets ratio of 58.4 (68.4) percent.
Administration report

===== SIDA 35 =====

Hemnet Group | Annual and sustainability report 2023 · 33
Quality and sustainability
Hemnet’s sustainability work is carried out as an integral part of its ongoing 
operations. Hemnet Group AB (publ) has drawn up a statutory sustainability 
report according to ÅRL which can be found on pages 22-29. The statutory 
sustainability report also covers the Group. 
The company does not conduct any permit or notification activities according 
to the Swedish Environmental Code.
Hemnet is currently undertaking necessary preparations to ensure that we 
are ready for the upcoming EU directive on corporate sustainability reporting 
(Corporate Sustainability Reporting Directive, CSRD) and the reporting 
standard ESRS, which will come into effect on January 1, 2026, for companies 
of Hemnet’s size.
Research and development
Hemnet’s corporate culture is characterised by a constant desire to refine 
and improve our products and services. The property platform is built and 
managed by specialist teams in development, sales, market and product. 
Learning and development occurs naturally in everyday life between teams. 
Testing, exploring and taking on new challenges to strengthen our position in 
the market by building simple and efficient services for our users is a key part 
of our business. A business characterised by a high rate of development. The 
vision to be the key to your home journey guides Hemnet’s development work. 
During the year, SEK 31.5 million (13.7) was capitalised regarding development 
expenses. The capitalised development expenses are recognised in the 
balance sheet as intangible assets.
Outlook  
Hemnet is by far Sweden’s largest residential property platform and during 
the pandemic we saw a record high activity in the housing market, which have 
decreased somewhat since as a result of macroeconomic changes. In the 
longer term, however, we do not see that interest in the residential property 
market will decrease. 
The company will continue to develop and improve the product portfolio that 
is now in place for the main customer groups: property sellers, real estate 
agents and property developers, as well as to evaluate and prioritise which 
additional needs of the housing market players that the company can meet 
through new or improved services. Furthermore, the focus will continue to be 
on strengthening our cooperation and our relationships with real estate agents 
and property developers, which are important partners. 
Group risks and risk factors  
All operations are associated with a certain degree of risk-taking, risks that can 
affect operations, standing and results. Risks related to Hemnet’s operations, 
as well as its expectations and management, are analysed annually by the 
Board and Group management. 
There is a pressure from both old and new competitors, and with that 
competition comes a risk that both visitors, real estate agents and advertisers 
use services other than Hemnet, which could have a negative impact on the 
business. 
In recent years, Hemnet has diversified its revenue streams through a number 
of changes, including by developing value-added services that give property 
sellers the opportunity to influence their sale. Hemnet has also introduced 
new products for companies operating in the residential property market 
such as real estate agents, property developers and banks. It is important for 
the company to continue developing new and existing services that meet the 
needs of current and future customer groups. 
The income from property listings is a significant part of sales. Developments in 
the Swedish housing market can therefore have a significant effect on Hemnet’s 
operations. Hemnet’s advertising business has continued to develop positively 
and the company offers advertising both through direct sales and through 
programmatic trading. The development and trends for ad purchases in the 
market can affect Hemnet’s revenue both positively and negatively. 
For Hemnet, it is central to have a good relationship with real estate agents 
and to have a substantial range of property listings. Hemnet’s future business 
may be threatened if a deteriorating estate agent relationship would lead to a 
deterioration in the range of property listings. 
In addition to its own funds, the Group’s operations are also financed through 
borrowing. As a result, the business is exposed to financing risks, interest rate 
and credit risks. The Group has a long-term credit agreement that extends until 
April 2026. Further information on the Group’s debt can be found in notes K21 
and K21. 
For further information on risks, see the section on Internal controls and risk 
management  on page 38.
Management and employees
The organisation has continued to grow and the number of employees at the 
end of the year amounted to 154 people, which is an increase of 19 people 
compared with the beginning of the year. The average number of employees at 
Hemnet in 2023 was 148, with 64 of them women and 84 men.
Significant events after the end of the financial year
On January 25, 2024, Hemnet announced that its goals, set with the 
overarching objective of achieving net-zero greenhouse gas emissions by 
2050, have been approved by the Science Based Targets initiative (SBTi).
Hemnet continued the share repurchase program in 2024 and repurchased an 
additional 321,952 shares for a total of SEK 93.1 million during the period from 
1 January, 2024 to 12 March, 2024.
Parent Company’s earnings and financial position
Hemnet Group AB (publ) is the parent company of the Hemnet group. The 
Parent Company’s net sales of SEK 8.9 (9.2) million referred in their entirety 
to intra-group services invoiced to other Group companies. The Parent 
Company’s costs amounted to SEK 18.9 (20.1) million. Group contributions 
received from the subsidiary Hemnet Sverige AB amounted to SEK 492.7 
(435.0) million, with profit before tax amounting to SEK 843.4 (416.8) million. 
Cash and cash equivalents amounted to SEK 14.2 (34.9) million. Equity 
amounted to SEK 1,186.5 (949.9) million. The total number of shares amounted 
to 98,351,050 (101,131,478) and the number of shares outstanding amounted 
to 96,535,933 as of 31 December 2023.
 
Administration report

===== SIDA 36 =====

34 · Hemnet Group | Annual and sustainability report 2023
Governance model 
Hemnet Group AB (publ) is a Swedish 
limited liability company, publicly traded on 
Nasdaq Stockholm and based in Stockholm. 
Hemnet’s corporate governance framework 
and principles are designed to comply with 
applicable Swedish law, Nasdaq Stockholm’s 
rules for issuers, the Swedish Corporate 
Governance Code (the ”Code”), Hemnet’s 
Articles of Association and generally accepted 
sound stock market practice. Corporate 
governance practices refer to the decision 
making systems with which owners, directly 
or indirectly, govern a company. The Code is 
published on www.bolagsstyrning.se where 
a description of the Swedish Corporate 
Governance model can also be found. The 
main decision-making bodies are the annual 
general meeting (the “AGM”), the Board of 
Directors and the CEO. The AGM appoints 
the Board, which in turn appoints the CEO, 
who manages ongoing administration in 
accordance with the CEO Instructions adopted 
by the Board, which include instructions for 
financial reporting to the Board. 
 Hemnet’s corporate governance 
framework aims to ensure that the company 
is managed as responsibly, sustainably and 
efficiently as possible in the interests of 
Hemnet’s shareholders and that both internal 
governing documents (policies, guidelines 
and instructions) and external regulations are 
complied with. Hemnet operates its business 
with high ethical and moral standards. 
Hemnet’s Code of Conduct is the core of the 
Company’s governing documents and serves 
as a guide to the employees as well as a tool to 
implement Hemnet’s sustainability efforts in 
all aspects of the business.   
 During 2023, Hemnet has not deviated 
from the Nasdaq Stockholm Rule Book for 
Issuers nor from good stock market practice. 
With regards to the Code, one deviation is 
reported, in relation to the composition of the 
Remuneration Committee. The reasons for 
this are further explained under Remuneration 
Committee on page 37.  
This Corporate Governance Report is 
submitted in accordance with the Swedish 
Annual Accounts Act and the Code. The 
report describes how Hemnet has conducted 
its corporate governance activities during 
the 2023 fiscal year. The Corporate 
Governance Report has been audited by 
Hemnet’s auditor, as presented in the 
auditor’s report on page 73.
Annual general meeting
The AGM is the highest decision-making 
body of Hemnet. At the AGM, all shareholders 
are given the opportunity to exercise their 
voting rights. The Swedish Companies Act 
(2005:551) (Sw. Aktiebolagslagen) and the 
Articles of Association set out the procedures 
for convening General Meetings and who is 
entitled to attend and vote at such meetings. 
 During 2023, no extraordinary general 
meetings were held. The AGM was held on 
27 April 2023 in Stockholm as a physical 
meeting with the possibility for shareholders 
to vote in advance (so called postal voting). 
All proposals to the AGM were approved. All 
documentation relating to the AGM 2023 is 
available on www.hemnetgroup.com. 
Annual general meeting 2024
Hemnet’s AGM 2024 will be held on 25 April 
2024 in Stockholm as a physical meeting 
with the possibility for shareholders to vote in 
advance (so called postal voting).
 All documentation relating to the AGM is 
available on www.hemnetgroup.com.
Shares 
At year-end 2023, the total number of shares 
in Hemnet amounted to 98,351,050 shares, 
of which 93,294,476 ordinary shares and 
5,056,574 series A1 shares. Both types of 
shares have the same voting weight and voting 
rights, but shares of series A1 have a veto 
right against changes in the business objects 
of the company in the articles of association. 
Shareholdings representing at least one tenth 
of the voting rights of all shares in Hemnet 
are Vor Capital LLP with 10.46 percent of 
the capital and votes and Mäklarsamfundet 
Bransch in Sweden with 10.44 percent of the 
share capital and votes. The 2023 Annual 
General Meeting authorised the Board to 
initiate repurchases of own ordinary shares 
and during the year, 2,302,862 ordinary shares 
have been repurchased. The repurchased 
shares are intended to be cancelled, pending 
decision by the 2024 Annual General Meeting, 
whereby the total number of shares decrease. 
The 2024 Annual General Meeting is also 
proposed to authorise the Board to continue 
Annual General Meeting
Board of Directors
Auditor
CEO/Management
Audit Committee
Remuneration Committee
ShareholdersNomination Committee
Administration report
Corporate Governance Report

===== SIDA 37 =====

Hemnet Group | Annual and sustainability report 2023 · 35
Board and Committee composition
Board member Position Remuneration Committee Audit Committee
Anders Nilsson * Chair Chair -
Maria Redin Member - Chair
Anders Edmark Member - Member 
Tracey Fellows Member - Member 
Håkan Hellström Member Member -
Nick McKittrick Member - Member 
Pierre Siri Member Member -
Chris Caulkin** X X X
Board and Committee attendance
Member Board meeting Remuneration Committee Audit Committee
Anders Nilsson * 7/10 2/4
Maria Redin 10/10 7/7
Anders Edmark 10/10 7/7
Tracey Fellows 10/10 6/7
Håkan Hellström 9/10 4/4
Nick McKittrick 10/10 7/7
Pierre Siri 9/10 4/4
Chris Caulkin** 3/10 1/4
Nomination Committee
Member Nominated by 31/12 2023, % of votes
Andreas Haug (Chair) Vor Capital LLP 10.46%
Jonas Bergh Mäklarsamfundet Bransch i Sverige AB 10.44%
Per Johansson Didner & Gerge Fonder AB 5.57%
Celia Grip Swedbank Robur Fonder AB 3.44%
Anders Nilsson N/A N/A
* Assumed office as Chair of the Board on 27 April 2023. ** Chair of the Board until April 27th.
Administration report
with repurchases of own shares. For more 
information about the Hemnet share and the 
largest shareholders, see page 21.
Nomination Committee 
In accordance with the Nomination 
Committee’s Instructions adopted by 
the AGM 2022, the members of the 
Nomination Committee shall consist of four 
representatives appointed by the largest 
shareholders of Hemnet, in terms of voting 
rights as of 31 August, who wish to appoint 
a member. In addition, the Chair of the 
Board shall be a member of the Nomination 
Committee. The Nomination Committee 
shall perform its duties as set out in the Code 
and the Nomination Committee Instructions, 
available on www.hemnetgroup.com. The 
Nomination Committee is responsible for 
preparing and presenting proposals for a 
Chair of the AGM, the members of the Board 
of Directors and the Chair of the Board of 
Directors, the fees to the members of the 
Board of Directors, the election of auditors, 
the auditors’ fees and, if applicable, any 
amendments to the Nomination Committee 
Instructions.
 The Nomination Committee ahead of the 
AGM 2024 has been formed in accordance 
with the Nomination Committee Instructions 
adopted by the AGM 2022. The Nomination 
Committee consists of five members: Andreas 
Haug, nominated by Vor Capital LLP , Jonas 
Bergh, nominated by Mäklarsamfundet 
Bransch i Sverige AB, Per Johansson, 
nominated by Didner & Gerge Fonder AB, Celia 
Grip, nominated by Didner & Gerge Fonder AB 
and the Chair of the Board Anders Nilsson. The 
Nomination Committee has decided to elect 
Andreas Haug as its Chair. The composition 
of the Nomination Committee meets the 
composition requirements of the Code. 
In its work, the Nomination Committee has 
applied Rule 4.1 of the Code as its diversity 
policy in addition to the gender equality goals 
set forth in the Company’s Sustainability 
Policy. To support the Committee’s process, 
an annual Board evaluation is carried out, 
the results of which are presented to the 
Committee.

===== SIDA 38 =====

36 · Hemnet Group | Annual and sustainability report 2023 Administration report
• CEO update 
• Financial update
• Business plan
• Budget
• Preliminary results and 
business update
• Decision on quarterly 
report 
• Board and CEO valuation
• CEO update 
• Financial update
• Inaugural Board meeting
• The Board’s Rules of 
Procedure,  
CEO instruction and 
other governing 
documents
• Financial reporting and 
business update
• Decision on quarterly 
report
• CEO update 
• Financial update
• Annual report and financial 
statements
• Notice of Annual General 
Meeting
• Guidelines for compensation 
and other terms of 
employment for senior 
executives
• Decision on quarterly report
• Review of risks
• CEO update 
• Financial update
• Internal control and risk 
assessment
• Decision on quarterly 
report
• Strategy meeting
Annual cycle of the Board of Directors
Audit Committee responsibilities
The Committee’s work in 2023 has covered issues such as:
• Analysis of the completeness and accuracy of the respective interim report, year-end report and annual report. 
• Review of Hemnet’s risks and internal controls, and their effectiveness. 
• Review and follow-up of the auditor’s reporting on audits. 
• Policy review.
Auditor
In accordance with its Articles of Association, 
Hemnet must have one or two auditors, and 
no more than two alternate auditors. A regis-
tered accounting firm may be appointed as 
Hemnet’s auditor. The auditor is appointed by 
the AGM for a mandate period of one year. 
At the AGM 2023, Ernst & Young AB was 
reelected as auditor with the Authorised Public 
Accountant Anna Svanberg as lead auditor for 
the period until the end of the 2024 AGM. Ernst 
& Young AB has been Hemnet’s auditor since 
2016 and Anna Svanberg has been the auditor 
in charge since 2019. In conjunction with the 
financial statements, the Board annually recei-
ves a presentation from the auditors without 
the Company’s management being present. 
Each year, the auditors align their audit plan 
and risk assessment with the Audit Commit-
tee. The independence of the auditors in rela-
tion to the Company is ensured by legislation 
as well as by the audit firm’s internal guidelines, 
and the Audit Committee’s review of the enga-
gements that the audit firm may undertake in 
addition to the audit engagement. 
Hemnet does not have an internal audit 
function, but management has organised 
processes and dedicated resources to acti-
vely work with and develop the area of inter-
nal governance and control. The Audit Com-
mittee receives regular feedback on its work. 
The Board has assessed that this form of 
long-term and focused work in the area of 
internal governance and control is the most 
appropriate way to address the issue. The 
Q1 Q2 Q3 Q4

===== SIDA 39 =====

Hemnet Group | Annual and sustainability report 2023 · 37
decision is reviewed annually. For specifica-
tions of auditors’ remuneration, see note K7 
for the Group.
Board of directors  
The Board of Directors has the ultimate 
responsibility for the Company’s organisation 
and the administration of the Company’s 
affairs. The Board’s duties include 
safeguarding the interests of the Company 
and its shareholders by, among other things, 
appointing the CEO, continuously assessing 
the Company’s financial situation, deciding on 
the Company’s strategy, ensuring that the 
Company has good risk management and 
internal control, as well as ensuring that the 
Company complies with applicable laws and 
regulations and the Articles of Association. 
Each year, at an inaugural meeting held in 
conjunction with the AGM, the Board of 
Directors adopts rules of procedure for its 
own work, as well as rules of procedure for 
the Audit Committee and Remuneration 
Committee. The Board also annually 
establishes an instruction for the CEO which 
includes instructions on financial reporting to 
the Board.
 
Composition of the Board 
According to the Articles of Association, the 
Board of Directors of Hemnet shall consist of a 
minimum of five and a maximum of nine 
members without deputy Board members. The 
Board of Directors elected by the AGM 2023 
consisted of seven members, two women and 
five men. At the AGM 2023, Anders Nilsson was 
elected as a new board member and Chair.  No 
one from the Company’s management team is 
a member of the Board and the composition of 
the Board meets the requirements concerning 
the independence of the Board – for further 
information on the Board, including the 
independence of its members in relation to the 
Company and its management and major 
shareholders, see pages 40-43.  
The Board’s work
The Board applies written rules of procedure, 
which are revised annually and adopted by the 
inaugural board meeting each year. The rules 
of procedure for the Board of Directors details 
the Board’s annual calendar (see page 36) 
and all Board meetings include approval of 
previous minutes, a CEO report and a financial 
report from the CFO.
During 2023 ten (10) Board meetings 
were held (including one meeting per 
capsulam). The attendance of Board 
members at the meetings is shown in the 
table above. The secretary of the Board 
meetings has been Hemnet’s General 
Counsel. Each Board meeting has included 
an item on the agenda where the Board has 
had the opportunity to discuss without 
management being present.
Committees
In order to increase the efficiency of its work 
and enable a more detailed analysis of certain 
issues, the Board has formed two Board 
Committees. The Audit Committee and the 
Remuneration Committee are preparatory 
bodies for the Board’s work, without delegated 
decision making powers. The Audit 
Committee, however, decides on which auditor 
it recommends the Nomination Committee to 
propose to be elected at the next AGM. The 
establishment of these Committees does not 
limit the responsibility of the Board of Directors 
for the management of the company and the 
decisions taken by the Board of Directors. 
Committee members are appointed at the 
inaugural Board meeting held immediately 
after the AGM and are appointed for one year 
at a time. Rules of procedures for the 
Committees are adopted at the inaugural 
Board meeting. At Committee meetings, the 
CEO and/or the CFO normally participate as 
presenters. The matters dealt with at the 
meetings of the Committees are documented 
and reported at the following Board meeting.
Audit Committee  
The purpose of the Audit Committee is to 
prepare audit matters, monitor and ensure the 
quality of financial reporting and the 
effectiveness of internal control, risk 
management and audit, and facilitate the 
work of the Board by supporting and 
monitoring the ongoing financial reporting 
process.
The members of the Audit Committee 
have since the AGM 2022 consisted of Maria 
Redin (Chair), Anders Edmark, Tracey Fellows 
and Nick McKittrick. The Company’s CEO has 
attended six of seven meetings of the Audit 
Committee during the year and the CFO has 
attended all meetings. The Company’s 
General Counsel has served as secretary of 
all meetings. The company’s auditor, Ernst & 
Young AB, has attended specific Committee 
meetings during the year, to report, among 
other things, on the quarterly review and 
internal control and to discuss the Company’s 
CSRD preparations.
Remuneration Committee 
The responsibilities of the Remuneration 
Committee are, among other things, to 
monitor, evaluate and prepare remuneration 
guidelines. After the AGM 2023, the 
Remuneration Committee has consisted of 
Anders Nilsson (elected Chair of the 
Remuneration Committee at the Inaugural 
Board meeting held on 27 April 2023),  
Håkan Hellström and Pierre Siri. The 
Company’s CEO has attended all meetings 
of the Committee. Since Håkan Hellström is 
not independent in relation to the Company, 
the composition of the Committee is not 
fully in line with the Code’s requirements. It 
was deemed important by the Board to 
ensure that all Board members could 
participate in the Committee work and 
Håkan Hellström’s engagement in the real 
estate industry was not deemed to have any 
effect on the matters handled by the 
Committee.
Administration report
Remuneration Committee responsibilities
The Committee’s work in 2023 has covered issues such as:
• Monitoring of long-term incentive schemes and preparation ahead of the AGM 2024 in relation to long-term incentive programs. 
• The remuneration guidelines adopted by the Annual General Meeting has been monitored and evaluated. 
• Review of the remuneration guidelines ahead of the 2024 AGM.
• A draft remuneration report has been prepared for the Board to submit to the 2024 AGM.

===== SIDA 40 =====

38 · Hemnet Group | Annual and sustainability report 2023
Evaluation of the Board and CEO
The Board carries out an annual evaluation of 
the work of the Board and the CEO. The 
purpose of the evaluation is to get an idea of 
the Board members’ views on how the work of 
the Board is carried out and what can be done 
to make it more efficient. It is also intended to 
give an idea of the type of issues the Board 
believes should be given more prominence 
and in which areas additional expertise may 
be required on the Board. The 2023 evaluation 
was carried out with the support of an 
external contractor during autumn 2023. The 
results of the evaluation have been presented 
both to the Chair and to the Board as a whole, 
as well as to the Nomination Committee. The 
CEO evaluation was carried out by the Board 
in conjunction with the ordinary board 
meeting in December 2023.
CEO and management team
The Board appoints the CEO and establishes 
an instruction for the CEO’s work. The CEO is 
responsible for day-to-day management in 
accordance with applicable laws and 
regulations and in accordance with the CEO 
Instructions adopted by the Board of 
Directors. The CEO’s responsibilities include, 
by way of example, resources, finance and 
financial matters, day-to-day contact with 
Hemnet’s stakeholders and the financial 
market. The CEO also ensures that the Board 
receives the necessary information to make 
informed decisions. The CEO has appointed a 
group management team, which consists of 
six (6) members including the CEO, of which 
four (4) are women and two (2) are men. It 
can be noted that this gender balance 
exceeds the stated goal of gender equality as 
set out in the Sustainability Policy. For further 
information on the management team see 
page 42-43. In addition to the group 
management team, the CEO has appointed an 
extended leadership team composed of key 
employees representing important business 
functions, in order to better align on strategy 
and prioritisation, as well as to speed up 
decision-making. 
Internal control and risk management
The purpose of internal control is to assess 
which risks are significant for Hemnet and 
should therefore be managed through 
ongoing monitoring and control. The Board 
has the ultimate responsibility for this area 
and has delegated operational responsibility 
to the CEO. The starting point for this work is 
the annual risk analysis carried out by the 
management team and presented to the 
Board, on the basis of which the Board adopts 
an updated risk register of the Company’s 
most material risks and a framework of 
control activities designed to mitigate or, 
where possible, eliminate the identified risks. 
Work is concentrated on the areas that are 
most important for reducing the overall risk 
exposure of the Company. Financial reporting 
is a particular focus area within the 
framework of this work. During the self 
assessment process that follows, there is 
continuous reporting to the Audit Committee 
and then, once the self-assessment of all 
controls has been finalised, the results are 
presented to the Board. 
The Company does not have an internal 
audit function but management has 
organised processes and dedicated 
resources to actively work with and develop 
the area of internal governance and control.
Remuneration
Fees to the Board
The members of the Board of Directors 
receive a fee as resolved upon by the AGM. At 
the AGM 2023, the amount of Board fees, 
including remuneration for work in the Audit 
Committee and Remuneration Committee, 
was set at a total of SEK 3,670,000. The 
distribution of fees is shown in note G8.
Remuneration to senior executives
Senior management consists of the CEO and 
the management team. Remuneration to 
senior executives consists of a fixed market 
salary, variable cash compensation not to 
exceed 50 percent of base salary, pension and 
the opportunity to participate at market value 
on certain occasions in long-term share 
related incentive programs. Remuneration of 
the CEO is determined by the Board of 
Directors upon recommendation of the 
Remuneration Committee. Remuneration to 
other senior executives is decided by the CEO, 
after consultation with the Remuneration 
Committee.
The current guidelines for remuneration to 
senior executives are included in note G8 and 
available on the Company’s website. The 
guidelines remain in force until new 
guidelines are adopted by the AGM. The 
Board shall draw up proposals for new 
guidelines at least every four years.
The Board has prepared a 
Remuneration Report that will be 
presented at the 2024 AGM and published 
on the Company’s website. The 
Remuneration Report describes how the 
Remuneration Guidelines have been 
implemented and provides information on 
the remuneration of the CEO and a 
summary of the outstanding incentive 
programs for longterm share-based 
remuneration. Note K8 as well as the 
Remuneration Report and the AGM 
documentation available on the website 
provide a description of the long-term 
variable incentive programs. 
Internal control over financial reporting
The following section sets out the Board’s 
report on internal control over financial 
reporting.
Control environment  
The control environment is dependent on 
clear decision paths, authority and 
responsibility, combined with a corporate 
culture that highlights both shared values as 
well as the individual’s responsibility to 
maintain good internal control.  
The Board’s rules of procedure, 
instructions for the CEO and Committees aim 
to ensure a clear division of roles and 
responsibilities, in order to achieve an 
effective management of the risks of the 
business. Furthermore, Hemnet has a set of 
Policies, guidelines and routines that specify 
who is responsible for a particular task, what 
mandates exist and how follow-up is carried 
out. These policies include a financial policy, a 
sustainability policy, an insider policy, a 
communication policy and an authorisation 
instruction. Accounting rules and reporting 
procedures are documented in the Hemnet 
financial handbook. Policies are available on 
the Company’s intranet for staff. The most 
substantial steering documents and the Code 
of Conduct are availalbe on the Company’s 
website. The documents are updated 
annually or as needed.
Through the Audit Committee, the Board 
has established a body that, among other 
things, prepares the Board’s work on quality 
assurance of the Company’s financial reports. 
The Company’s management also reports 
regularly to the Audit Committee on the 
internal control environment, including an 
annual report on the Company’s operational 
and financial risks.  
Risk assessment
Hemnet has implemented a risk assessment 
model. Significant risks are documented and 
assessed in a risk map, and then linked to 
specific control activities. Each year, the 
Board conducts a review of identified risks 
and determines measures for managing and 
reducing these risks.
Risk management is part of the ongoing 
work, not least in the area of financial 
reporting, where the Company strives to 
Administration report

===== SIDA 41 =====

Hemnet Group | Annual and sustainability report 2023 · 39
continuously analyse the risks that can lead 
to errors in financial reporting. Risks related 
to financial reporting are regularly 
discussed with the Company’s external 
auditors, who also present their risk 
assessment to the Audit Committee and the 
Board on an annual basis.
Control activities
Particular emphasis is placed on ensuring 
that the financial reporting gives a true and 
fair view at each reporting date, that there are 
control activities involving all levels of the 
organisation, from the Board and 
management team to other employees. The 
CFO is responsible for ensuring the day-to-day 
control of financial reporting. Financial 
controls in the Company’s business 
processes include approval of business 
transactions, certification of supplier 
invoices, account reconciliations, power of 
attorney and authorisation structures, as well 
as monthly analytical performance 
monitoring. The Board and management of 
Hemnet receive information on a monthly 
basis about the Group’s results, financial 
position and other information about the 
development of the business.
The Group does not have an internal audit 
function, but internal audit is managed 
through enhanced controlling and through 
ongoing work to evaluate and improve 
processes, automation of tasks and 
evaluation and implementation of enhanced 
IT support linked to financial reporting. 
Hemnet has developed a reporting 
package for ongoing financial monitoring.
Information and communication
In order to ensure that external 
communication is correct, complete and 
timely, Hemnet has, among other things, a 
communication policy adopted by the Board, 
as well as an instruction on information 
security. 
Hemnet has also adopted governing 
documents in the form of policies and 
guidelines which form the basis for 
Hemnet’s communication in order to ensure 
that Hemnet’s publication of information 
and its corporate communication is 
accurate and effective, that information is 
available to all parts of the business and 
that external stakeholders, including 
relevant authorities, receive access to 
relevant information. In addition to these 
documents, which are available on 
Hemnet’s intranet, there are also internal 
information channels in the form of regular 
management forums, bi-weekly information 
meetings for all employees and meetings 
within each department.
Financial information is shared by 
management with the Audit Committee and 
the Board before each reporting date. The 
Audit Committee also receives regular 
information on activities to strengthen 
internal control over financial reporting.
Hemnet employees have access to an 
external whistleblowing system, which can be 
used anonymously if necessary.
Follow-up and monitoring
Hemnet’s Board and management continually 
monitor the effectiveness of internal controls 
to ensure the quality of financial reporting 
processes. At each Board meeting, financial 
and operational developments of the 
business are reported and the Board receives 
a monthly report on the results and the 
financial position of Hemnet – this 
information is then the basis for the Board’s 
review of all interim reports for publication.
The Audit Committee has a specific 
responsibility to follow up on audit issues and 
major policy issues related to financial 
reporting, as well as to follow up on risk and 
internal control issues. Furthermore, the 
Company’s external auditors evaluate internal 
control as part of the annual audit, after which 
recommendations are made that become 
part of the ongoing work to develop and 
strengthen internal control. Of particular 
importance for the Board’s follow-up is then 
to monitor the effectiveness of 
management’s work in this area, including 
ensuring that action is taken on the 
shortcomings and proposals put forward.
Administration report

===== SIDA 42 =====

40 · Hemnet Group | Annual and sustainability report 2023 Administration report
Board of Directors
Anders Nilsson Anders Edmark Tracey Fellows Håkan Hellström Maria Redin Nick McKittrick Pierre Siri 
Position Chair Board member Board member Board member Board member Board member Board member
Elected 2023 2017 2020 2021  2022 2020 2017
Year of Birth 1967 1959 1965 1958 1978 1968 1974
Nationality Swedish Swedish Australian Swedish Swedish English Swedish 
Education Studies in Law at 
Lund University.
High school studies in 
economics, real estate 
education through AFR.
Bachelor’s degree in  
Economics from 
Monash University.
Real estate education 
through AFR.
Master’s degree in 
International Business from 
the University of Gothenburg
Electronic Engineering  
degree at Southampton  
University.
Environmental engineering 
education.
Other current assignments Senior Advisor to Global 
Infrastructure Partners, GIP
Chair of Mäklarsamfundet 
Bransch i Sverige AB and 
Svensk Mäklarstatistik AB. 
Co-owner and founder of 
Mäklarhuset, Mäklarbyrån i 
Örnsköldsvik Handelsbolag. 
Board member and co-founder 
of SAH INVEST AB,  Konsult-
huset i Örnsköldsvik AB, 
Fastighetsbolaget Huset 
i Örnsköldsvik AB. 
Board member of Auktoriserade 
Fastighetsmäklares 
Riksförbund AFR:s Service AB. 
Deputy board member and 
co-founder of Sven Bagare AB.
Board member of 
REA Group Limited, 
Woolworths Group and 
Trade Me Group.
Vice chair of Mäklarsamfundet 
Bransch AB and Chair of 
real estate agency Svensk 
Fastighetsförmedling. 
Vice chair of Dina 
Försäkringar Öland.
Co-owner and CEO of Svensk 
Fastighetsförmedling Sydost. 
Board member of 
Svensk Mäklarstatistik, 
Linnéakademien för Vetenskap 
och Näringsliv, Stiftelsen 
Barometern and Mspecs.
President and CEO of 
Modern Times Group AB.
Co-founder and Operating
Partner of Sprints.
Previous assignments CEO of Com Hem AB and then 
of Tele2 AB, in connection 
with the merger of the 
two companies, between 
the years 2014 and 2020. 
25-years in senior leadership 
positions at Modern Times 
Group AB and Millicom 
International Cellular AB.
Former President of Global 
Digital Real Estate at News 
Corp and board member 
of REA Group Ltd. 
Former CEO of REA Group.
Vice President of Microsoft 
Asia-Pacific and CEO of 
Microsoft in Australia. 
CFO of Modern 
Times Group AB.
Board member of NetEnt.
CFO and later CEO at Bet24.
Technology consulting 
at Accenture. 
Co-founding  
executive and CEO 
of Rightmove.
CEO and board member 
of Homegate AG.
Founder, CEO or investor 
in multiple consumer tech 
companies in Sweden and 
Europe including Blocket.se.
Attendance, board meetings 10/10 10/10 10/10 9/10 10/10 10/10 9/10
Independent in relation to 
Hemnet and its management
Yes No Yes No Yes Yes Yes
Independent in relation to 
major shareholders
Yes No Yes No Yes Yes No
Total board fee, SEK 875,000 367,534 383,870 367,534 336,301 383,870 -
Shareholding (31 Dec, 2023) - 17,374 60,142 253,456 3,600 150,630 790,691

===== SIDA 43 =====

41Hemnet Group | Annual and sustainability report 2023 · 41
Anders Nilsson Anders Edmark Tracey Fellows Håkan Hellström Maria Redin Nick McKittrick Pierre Siri 
Position Chair Board member Board member Board member Board member Board member Board member
Elected 2023 2017 2020 2021  2022 2020 2017
Year of Birth 1967 1959 1965 1958 1978 1968 1974
Nationality Swedish Swedish Australian Swedish Swedish English Swedish 
Education Studies in Law at 
Lund University.
High school studies in 
economics, real estate 
education through AFR.
Bachelor’s degree in  
Economics from 
Monash University.
Real estate education 
through AFR.
Master’s degree in 
International Business from 
the University of Gothenburg
Electronic Engineering  
degree at Southampton  
University.
Environmental engineering 
education.
Other current assignments Senior Advisor to Global 
Infrastructure Partners, GIP
Chair of Mäklarsamfundet 
Bransch i Sverige AB and 
Svensk Mäklarstatistik AB. 
Co-owner and founder of 
Mäklarhuset, Mäklarbyrån i 
Örnsköldsvik Handelsbolag. 
Board member and co-founder 
of SAH INVEST AB,  Konsult-
huset i Örnsköldsvik AB, 
Fastighetsbolaget Huset 
i Örnsköldsvik AB. 
Board member of Auktoriserade 
Fastighetsmäklares 
Riksförbund AFR:s Service AB. 
Deputy board member and 
co-founder of Sven Bagare AB.
Board member of 
REA Group Limited, 
Woolworths Group and 
Trade Me Group.
Vice chair of Mäklarsamfundet 
Bransch AB and Chair of 
real estate agency Svensk 
Fastighetsförmedling. 
Vice chair of Dina 
Försäkringar Öland.
Co-owner and CEO of Svensk 
Fastighetsförmedling Sydost. 
Board member of 
Svensk Mäklarstatistik, 
Linnéakademien för Vetenskap 
och Näringsliv, Stiftelsen 
Barometern and Mspecs.
President and CEO of 
Modern Times Group AB.
Co-founder and Operating
Partner of Sprints.
Previous assignments CEO of Com Hem AB and then 
of Tele2 AB, in connection 
with the merger of the 
two companies, between 
the years 2014 and 2020. 
25-years in senior leadership 
positions at Modern Times 
Group AB and Millicom 
International Cellular AB.
Former President of Global 
Digital Real Estate at News 
Corp and board member 
of REA Group Ltd. 
Former CEO of REA Group.
Vice President of Microsoft 
Asia-Pacific and CEO of 
Microsoft in Australia. 
CFO of Modern 
Times Group AB.
Board member of NetEnt.
CFO and later CEO at Bet24.
Technology consulting 
at Accenture. 
Co-founding  
executive and CEO 
of Rightmove.
CEO and board member 
of Homegate AG.
Founder, CEO or investor 
in multiple consumer tech 
companies in Sweden and 
Europe including Blocket.se.
Attendance, board meetings 10/10 10/10 10/10 9/10 10/10 10/10 9/10
Independent in relation to 
Hemnet and its management
Yes No Yes No Yes Yes Yes
Independent in relation to 
major shareholders
Yes No Yes No Yes Yes No
Total board fee, SEK 875,000 367,534 383,870 367,534 336,301 383,870 -
Shareholding (31 Dec, 2023) - 17,374 60,142 253,456 3,600 150,630 790,691
Administration report

===== SIDA 44 =====

42 · Hemnet Group | Annual and sustainability report 2023 Administration report
Management
Cecilia Beck-Friis Anders Örnulf Jessica Sjöberg Peter Frey Lisa Farrar Anna Kempe
Position and tenure Chief Executive Officer 
since 2017 
 Chief Financial Officer 
since 2023
Chief Communication and 
Brand Officer since 2019 
Chief Technical Officer 
since 2022
Cheif Operating Officer 
since 2023
Chief People and Culture 
Officer since 2022
Year of birth 1973 1976 1977 1973 1980 1977
Nationality Swedish Swedish Swedish Swedish Swedish Swedish 
Education Executive Management 
Program, SSE Executive 
Education, Entertainment 
Marketing, and Strategic 
Marketing at NYU’s School 
of Professional Studies, 
USA, as well as a diploma 
education from Berghs 
School of Communication.
Stockholm University. Media and Communications  
Studies, and Political Science,  
Stockholm University.
Data- and Computer Science, 
Department of Computer 
and System Sciences (DSV) 
at Stockholms University.
Bachelor of Business 
Administration, 
Westminster University
Bachelor of Social 
Science (PAO) from 
Stockholm University.
Previous experience Over twenty years experience in 
senior positions within  
media. Previously Vice 
President at TV4 as well as  
Chief Digital Officer at Bonnier 
Broadcasting. Former board 
member of Paradox Interactive, 
NetInsight and Acando.
Many years of extensive 
experience in finance, including 
various management and 
leadership positions at 
Preem, Svenska Spel, ICA and 
Unilever and most recently 
as Group CFO at SkiStar.
Long experience in senior 
positions within PR and 
communications, most 
recently as Vice President 
Corporate Communications 
at MTG/ Nordic Entertainment 
Group. Prior to that she has 
held positions as, among other 
things, Director of Information 
at Com Hem and Director of  
Communications at 
TDC Sverige.
Chief Technology Officer at 
Hemnet. Prior to that served 
as CTO in Genius Sports, CTO 
& CPO in Betsson Group and in 
the media industry (Expressen, 
Aftonbladet, Bonnier News).
Many years of experience 
from senior positions with 
responsibility for product 
development, marketing, 
strategy, digital transformation 
and customer experience. 
Most recently in the role of 
CMO/CXO for IVC Evidensia. 
Before that she was CDO 
at Strawberry, Managing 
Director at Groupon and 
Managing Director at Orbitz.
20 years of HR experience 
within tech, retail and 
FMCG. Previously Talent 
Management Consultant 
(self-employed) working 
for Schibsted and Blocket 
amongst other clients. Prior to 
that Business Area Manager 
within Wise Group and Senior 
HR Manager at Circle K.
Shareholding (31 Dec, 2023) 721,572 1,900 98,090 800 1500 -
Warrants 277,135 55,000 48,116 14,500 22,958 12,000

===== SIDA 45 =====

43
Hemnet Group | Annual and sustainability report 2023 · 43
Cecilia Beck-Friis Anders Örnulf Jessica Sjöberg Peter Frey Lisa Farrar Anna Kempe
Position and tenure Chief Executive Officer 
since 2017 
 Chief Financial Officer 
since 2023
Chief Communication and 
Brand Officer since 2019 
Chief Technical Officer 
since 2022
Cheif Operating Officer 
since 2023
Chief People and Culture 
Officer since 2022
Year of birth 1973 1976 1977 1973 1980 1977
Nationality Swedish Swedish Swedish Swedish Swedish Swedish 
Education Executive Management 
Program, SSE Executive 
Education, Entertainment 
Marketing, and Strategic 
Marketing at NYU’s School 
of Professional Studies, 
USA, as well as a diploma 
education from Berghs 
School of Communication.
Stockholm University. Media and Communications  
Studies, and Political Science,  
Stockholm University.
Data- and Computer Science, 
Department of Computer 
and System Sciences (DSV) 
at Stockholms University.
Bachelor of Business 
Administration, 
Westminster University
Bachelor of Social 
Science (PAO) from 
Stockholm University.
Previous experience Over twenty years experience in 
senior positions within  
media. Previously Vice 
President at TV4 as well as  
Chief Digital Officer at Bonnier 
Broadcasting. Former board 
member of Paradox Interactive, 
NetInsight and Acando.
Many years of extensive 
experience in finance, including 
various management and 
leadership positions at 
Preem, Svenska Spel, ICA and 
Unilever and most recently 
as Group CFO at SkiStar.
Long experience in senior 
positions within PR and 
communications, most 
recently as Vice President 
Corporate Communications 
at MTG/ Nordic Entertainment 
Group. Prior to that she has 
held positions as, among other 
things, Director of Information 
at Com Hem and Director of  
Communications at 
TDC Sverige.
Chief Technology Officer at 
Hemnet. Prior to that served 
as CTO in Genius Sports, CTO 
& CPO in Betsson Group and in 
the media industry (Expressen, 
Aftonbladet, Bonnier News).
Many years of experience 
from senior positions with 
responsibility for product 
development, marketing, 
strategy, digital transformation 
and customer experience. 
Most recently in the role of 
CMO/CXO for IVC Evidensia. 
Before that she was CDO 
at Strawberry, Managing 
Director at Groupon and 
Managing Director at Orbitz.
20 years of HR experience 
within tech, retail and 
FMCG. Previously Talent 
Management Consultant 
(self-employed) working 
for Schibsted and Blocket 
amongst other clients. Prior to 
that Business Area Manager 
within Wise Group and Senior 
HR Manager at Circle K.
Shareholding (31 Dec, 2023) 721,572 1,900 98,090 800 1500 -
Warrants 277,135 55,000 48,116 14,500 22,958 12,000
Administration report

===== SIDA 46 =====

44 · Hemnet Group | Annual and sustainability report 2023
The consolidated accounts and annual accounts have been prepared in 
accordance with the international accounting standards in Regulation (EC) 
No. 1606/2002 of the European Parliament and of the Council of July 19, 2002 
on the application of international accounting standards and generally 
accepted accounting standards in Sweden and give a true and fair view of the 
Group’s and Parent Company’s financial position and results of operations. 
The Administration Report for the Group and the Parent Company gives a true 
and fair view of the operations, position and results, and describes significant 
risks and uncertainty factors that the Parent Company and Group companies 
face. The annual accounts and the consolidated financial statements were 
approved for release by the Board of Directors and the President on 20 March, 
2024. The consolidated Income Statement and Balance Sheet, and the Income 
Statement and Balance Sheet of the Parent Company, will be presented for 
adoption by the Annual General Meeting on 25 April, 2024.
The proposed dividend amounts to SEK 118.0m. The Group’s equity 
attributable to the shareholders of the Parent Company was SEK 1,259.6m as 
of 31 December, 2023, and unrestricted equity in the Parent Company was 
SEK 1,109.1m. With reference to the above, and to other information that has 
come to the knowledge of the board, it is the opinion of the board that the 
proposed dividend is defendable with reference to the demands that the 
nature, scope and risks of Hemnet’s operations place on the size of the 
company’s and the Group’s equity, and the company’s and the Group’s 
consolidation needs, liquidity and position in general.
Total available funds for distribution:
Retained earnings 360,561,894
Net profit for the year 748,494,827
Total SEK 1,109,056,721
To be allocated as follows:
Dividend to shareholders, SEK 1.20 per share 118,021,260
Funds to be carried forward 991,035,461
Total SEK 1,109,056,721
Stockholm, 20 March, 2024
Our auditor's report has been submitted 
on the day stated in our electronic signature
Ernst & Young AB
Anna Svanberg
Authorised Public Accountant
Nick McKittrick
Board Member
Håkan Hellström
Board Member
Tracey Fellows
Board Member
Pierre Siri
Board Member
Maria Redin
    Board Member
Anders Edmark
Board Member
Cecilia Beck-Friis
CEO
Anders Nilsson
Chair
Administration report
Distribution of earnings
The Annual and Sustainability Report and the consolidated financial statements have been approved for publication by the 
Board of Directors on March 20, 2024. The Annual Report also contains the Group’s and the Parent Company’s 
sustainability reporting in accordance with the Annual Accounts Act, Chapter 5, 11§, see page 22.

===== SIDA 47 =====

Financial statements Hemnet Group | Annual and sustainability report 2023 · 45
Consolidated statements and notes p. 46-66
Note Page
 Consolidated income statement 46
 Consolidated statement of financial position 47
 Consolidated statement of changes in equity 48
 Consolidated statement of cash flows 49
G1 Summary of significant accounting principles 50
G2 Important estimates and assessments for accounting purposes 52
G3 Revenue from customer agreements 52
G4 Other operating income 53
G5 Other operating costs 53
G6 Other operating income 53
G7 Auditor remuneration 53
G8 Employee remuneration, etc. 54
G9 Financial income and costs  57
G10 Exchange rate differences, net  57
G11 Income tax  58
G12 Earnings per share  58
G13 Intangible assets  59
G14 Tangible non-current assets 59
G15 Leases 59
G16 Deferred tax 60
G17 Accounts receivable 61
G18 Other current receivables 61
G19 Prepaid expenses and accrued income 61
G20 Equity 61
G21 Financial risk management and financial instruments by category 62
G22 Liabilities to credit institutions 64
G23 Other current liabilities 65
G24 Accrued expenses and deferred income 65
G25 Changes in liabilities belonging to the financing operations 65
G26 Cash and cash equivalents 65
G27 Related party transactions 66
G28 Events after the reporting period 66
Parent company statements and notes p.  67-72
Note Page
 Parent company income statement 67
 Parent company balance sheet 68
 Parent company statement of changes in equity 69
 Parent company statement of cash flows 70
P1 Parent company accounting principles 71
P2 Personnel costs 71
P3 Participations in Group companies 71
P4 Receivables and liabilities of Group companies 72
P5 Equity 72
P6 Liabilities to credit institutions 72
P7 Related parties 72
P8 Events after the reporting period 72
P9 Appropriation of earnings 72
Financial Statements
Table of contents for statements and notes

===== SIDA 48 =====

Financial statements46 · Hemnet Group | Annual and sustainability report 2023
Consolidated income statement 
Amount in SEK million Note 2023 2022
Operating income
Net sales 3 1,004.7 889.2
Other operating income 4, 10 2.7 2.6
Total income 1,007.4 891.8
Capitalised proprietary intangible assets 13 13.0 10.0
Operating expenses
Other external expenses 6, 7 -323.7 -299.0
Personnel costs 8 -169.6 -153.2
Depreciation and amortisation 13, 14, 15 -77.3 -70.6
Other operating costs 5 -1.6 -1.5
Total costs -572.2 -524.3
Operating profit 448.2 377.5
Financial income 9, 10 3.2 0.6
Financial costs 9, 10 -24.0 -7.4
Net financial items -20.8 -6.8
Earnings before tax 427.4 370.7
Tax 11 -88.7 -76.9
Profit after tax 338.7 293.8
Other comprehensive income - -
Total comprehensive income for the period 338.7 293.8
Of which attributable to: Parent Company shareholders 338.7 293.8
Earnings per share
Before dilution (SEK) 12 3.47 2.93
After dilution (SEK) 12 3.47 2.93

===== SIDA 49 =====

Financial statements Hemnet Group | Annual and sustainability report 2023 · 47
Consolidated statement of financial position
Amount in SEK million Note 31/12/2023 31/12/2022
ASSETS
Non-current assets
Goodwill 13 902.8 902.8
Customer relationships 13 703.9 759.3
Trademarks 13 241.2 241.2
Capitalised development costs 13 44.0 20.1
Right of use assets 15 45.2 0.6
Other non-current assets 14, 16 7.3 2.0
Total non-current assets 1,944.4 1,926.0
Current assets
Accounts receivables 17 38.3 31.5
Other current receivables 18 61.7 24.9
Prepaid expenses and accrued income 19 9.0 11.8
Cash and cash equivalents 26 102.6 100.4
Total current assets 211.6 168.6
TOTAL ASSETS 2,156.0 2,094.6
EQUITY AND LIABILITIES
Equity 20
Share capital 77.4 77.4
Other capital contributions 1,255.1 1,250.5
Retained earnings (including net income for the period) -72.9 104.8
Total equity (attributable to Parent Company shareholders) 1,259.6 1,432.7
Non-current liabilities
Liabilities to credit institutions 22 497.1 328.5
Leasing liabilities 15 35.5 -
Deferred tax liabilities 16 203.7 210.2
Total non-current liabilities 736.3 538.7
Current liabilities
Leasing liabilities 15 8.1 -
Accounts payable 14.4 13.5
Tax liabilities 3.6 11.3
Other current liabilities 23 23.1 17.2
Accrued expenses and deferred income 24 110.9 81.2
Total current liabilities 160.1 123.2
TOTAL EQUITY AND LIABILITIES 2,156.0 2,094.6

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Financial statements48 · Hemnet Group | Annual and sustainability report 2023
Consolidated statement of changes in equity
Amount in SEK million
Share capital 
(Note G20)
Other capital 
contributions
 (Note G20)
Retained earnings 
(including net income for 
the period)
(Note G20)
Total equity
(Note G20)
Opening balance as of January 1, 2022 77.4 1.246.8 192.7 1.516.9
Profit for the year - - 293.8 293.8
Other comprehensive income - - - -
Total comprehensive income - - 293.8 293.8
Transactions with the company's owners
Dividend - - -55.6 -55.6
Share repurchase - - -326.1 -326.1
Repurchase of warrants - -0.8 - -0.8
Warrant issue - 4.6 - 4.6
Issue costs - -0.2 - -0.2
Total transactions with the company's owners - 3.6 -381.7 -378.1
Closing balance as of December 31, 2022 77.4 1.250.5 104.8 1.432.7
Opening balance as of January 1, 2023 77.4 1.250.5 104.8 1.432.7
Profit for the year - - 338.7 338.7
Other comprehensive income - - - -
Total comprehensive income - - 338.7 338.7
Transactions with the company's owners
Dividend - - -98.0 -98.0
Share repurchase - - -418.4 -418.4
Warrant issue - 5.0 - 5.0
Repurchase of warrants - -0.4 - -0.4
Share redemption -2.1 2.1 - -
Bonus issue 2.1 -2.1 - -
Total transactions with the company's owners - 4.6 -516.4 -511.8
Closing balance as of December 31, 2023 77.4 1.255.1 -72.9 1.259.6
Equity is attributable in its entirety to equity holders of the Parent Company.

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Financial statements Hemnet Group | Annual and sustainability report 2023 · 49
Consolidated statement of cash flows
Amount in SEK million Note 2023 2022
Cash flow from operating activities
Operating profit 448.2 377.5
Adjustment for items not affecting cash flow:
     Depreciation and amortisation of tangible and intangible assets 77.3 70.6
     Disposal of fixed assets - -0.0
Interest received 3.2 0.6
Interest paid -25.4 -6.7
Paid income tax -103.2 -94.2
Cash flow from operating activities before changes in working capital 400.1 347.8
Cash flow from changes in working capital
Change in operating receivables -40.8 -9.0
Change in operating liabilities 36.6 17.2
Total changes in working capital -4.2 8.2
Cash flow from operating activities 395.9 356.0
Cash flow from investing activities
Investments in intangible non-current assets 13 -31.5 -13.7
Investments in tangible non-current assets 14 -7.3 -1.8
Disposal of tangible non-current assets 14 - 0.0
Cash flow from investing activities -38.8 -15.5
Cash flow from financing activities
Borrowings 25 185.0 115.0
Loan repayments 25 -15.0 -65.0
Repayment of lease liabilities 25 -13.0 -6.5
Warrant issue 5.0 4.6
Issue costs - -0.2
Repurchase of warrants -0.4 -0.8
Share repurchase -418.5 -326.1
Paid dividend -98.0 -55.6
Cash flow from financing activities  -354.9 -334.6
Cash flow for the year 2.2 5.9
Cash and cash equivalents at beginning of the year 100.4 94.5
Cash and cash equivalents at end of the year 102.6 100.4

===== SIDA 52 =====

Financial statements50 · Hemnet Group | Annual and sustainability report 2023
Note G1  Summary of significant 
accounting principles
Hemnet Group AB (publ) (“the Parent Company”) and its subsidiaries 
(collectively “the Group”) shall be the marketplace for residential property and 
related services that is the most appreciated and visited by estate agents, site 
visitors and advertisers.
The parent company is a limited liability company registered in Sweden and based 
in Stockholm. The address of the head office is Sveavägen 9, 111 57 Stockholm. 
On March 20, 2024, the Board of Directors approved this annual report and 
consolidated statements for publication. The consolidated income statement and 
consolidated statement of financial position and the parent company's income 
statement and balance sheet will be subject to adoption at the Annual General 
Meeting (AGM) on April 25, 2024.
The Group uses the calendar year (1 January - 31 December) as its fiscal year.
Unless otherwise stated, all amounts are reported in millions of SEK (SEK m). 
Rounding is done to the nearest million.
This note contains a list of material accounting principles that were applied when 
the consolidated financial statements were prepared. Unless otherwise specified, 
these principles have been applied consistently for all years presented. The 
consolidated financial statements include the legal Parent Company Hemnet 
Group AB (publ) and its subsidiaries.
The Parent Company's accounting principles are detailed in note P1.
Basis for the preparation of the reports
The consolidated statement for the Group has been prepared in accordance with 
International Financial Reporting Standards (IFRS), RFR 1 Supplementary 
Accounting Rules for Groups and the Swedish Annual Accounts Act. The financial 
statement has been prepared in accordance with the historical cost approach. 
The annual report and consolidated financial statements have been prepared with 
the assumption of continued operations, in line with the principle of going 
concern.
Preparing reports in accordance with IFRS requires the use of several important 
estimates for accounting purposes. Furthermore, management is required to 
make certain judgement calls when applying the Group's accounting principles. 
Those areas that require a high degree of judgement, which are complex or such 
areas where assumptions and estimates are of material importance to the 
financial statement, are specified in Note G2.
For the Parent company's accounting principles, see Note P1.
New standards, changes and interpretations applied by the Group
From 2023, the Group has applied the updated IAS 1, which means that the 
summarised accounting principles in the annual report have been updated to 
clarify the disclosures on the most significant accounting principles.
The Group also applies the amendment in IAS 12 on deferred taxes on right-of-use 
assets and lease liabilities from 2023, which only affects the disclosure 
requirements in the notes.
No other IFRS or IFRIC interpretations that have not yet taken effect are expected 
to have a material impact on the Group. 
Consolidated financial statements
The consolidated income statement and balance sheet include all companies in 
which the parent company directly or indirectly holds more than half of the voting 
rights of the shares and companies in which the Group otherwise has a controlling 
influence. Subsidiaries are included in the consolidated financial statements from 
the date the controlling influence is transferred to the Group. They are excluded 
from the consolidated financial statements from the date on which the controlling 
influence ceases.
Segment reporting
The operating segments are reported in a manner consistent with the internal 
reporting provided to the chief operating decision-maker, for Hemnet, the Group 
CEO. The Group has identified one operating segment, which is the Group as a 
whole. The assessment is based on the fact that the Group is followed up as a 
whole. It is not applicable with some form of geographical breakdown or division 
of business/product category, etc. Financial reporting is based on a Group-wide 
organisational and management structure.
Conversions of foreign currency 
Functional currency and reporting currency
In the consolidated financial statement, Swedish krona (SEK) is used, which is the 
parent company's functional currency and the Group's reporting currency. All 
companies in the Group have Swedish krona (SEK) as the functional currency.
Transactions and balance sheet items
Transactions in foreign currency are converted into the functional currency 
according to the exchange rates of the Swedish Central Bank that apply on the 
transaction day or the day when the items are revalued. Exchange rate gains 
and losses that arise from the payment of such transactions and from the 
translation of monetary assets and liabilities in foreign currency at the balance 
sheet date rate are reported in the statement of comprehensive income as 
other operating income or expenses. Exchange rate gains and losses related 
to loans and cash and cash equivalents are reported under comprehensive 
income as financial income or expenses. 
Revenue recognition
The Group’s net sales are generated from sales of services, mainly listing 
services and other services. Revenue is reported over time if the customer 
receives or consumes the benefits at the same time as the service is 
performed. Where the term of the agreement is not stated, the average term of 
the service used is based on historical information. Revenue is measured at 
the agreed transaction price, less any discounts and value added tax.
Sale of services – Listing services
This category refers to revenues from property listings and related additional 
services, such as Hemnet Plus and Premium. The revenues come from both 
private individuals (home sellers) and corporate customers (real estate 
developers and real estate agents). Revenues are recognized over the average 
duration of a property advertisement over the past twelve months.
For a majority of the receivables related to Hemnet's revenues from home 
sellers, a payment provider bears the financial risk (factoring). Hemnet's 
receivable from the payment provider is reported as other receivables on the 
balance sheet. Other receivables related to revenues from home sellers, as 
well as Hemnet's receivables related to revenues from corporate customers, 
are reported as accounts receivable on Hemnet's balance sheet. 
Sale of services – Other services
Other services refer to revenues from various forms of advertising on 
Hemnet's platforms as well as additional services for real estate developers 
and real estate agents, such as Hemnet Business. Revenues from advertising 
are recognized over the period the ad campaign is exposed on Hemnet's 
platforms, either as agreed upon page views are delivered or over the contract 
period, depending on what is applicable. Revenues from additional services 
are recognised as the service is delivered to the customer. All receivables 
related to revenues from Other services are reported as accounts receivable 
on Hemnet's balance sheet.
See note G3 Revenues from contracts with customers.
Financial expenses
Financial expenses consist of interest expenses on borrowings, interest 
component on lease payments, and other financial expenses. Borrowing costs 
are recognised in the income statement using the effective interest method. 
Other financial expenses include bank charges. Foreign exchange gains and 
losses are netted. 
Taxes 
The tax expenses for the period include current and deferred tax. Deferred tax is 
recognised, according to the balance sheet method, on all temporary 
differences that arise between the tax value of assets and liabilities and their 
reported values in the Group financial statements. However, deferred tax liability 
is not recognised if it arises as a result of the initial recognition of goodwill. 
Deferred income tax is calculated using the tax rates (and laws) that have been 
decided or announced on the balance sheet date and that are expected to be in 
force when the deferred tax asset concerned is realised or the deferred tax 
liability is settled.
Intangible assets  
Goodwill
Goodwill is not amortised on an ongoing basis but is tested for impairment 
G1
G2
G3
G4
G5
G6
G7
G8
G9
G10
G11
G12
G13
G14
G15
G16
G17
G18
G19
G20
G21
G22
G23
G24
G25
G26
G27
G28
P1
P2
P3
P4
P5
P6
P7
P8
P9

===== SIDA 53 =====

Financial statements Hemnet Group | Annual and sustainability report 2023 · 51
annually and also as soon as indications arise that the asset in question has 
decreased in value.
In order to test for impairment, goodwill acquired in a business combination is 
allocated to cash-generating units or groups of cash-generating units that 
represent the lowest level in the group at which the goodwill is monitored 
for internal management purposes. Goodwill is currently monitored at the 
group level as the group has been determined to constitute a cash-
generating unit.
See also Note G2 Important estimates and assessments, as well as Note G13 
Intangible assets. 
Other intangible assets  
Customer relationships
Customer relationships that were acquired as part of a business combination 
are recognised at fair value at the acquisition date and amortised on a straight-
line basis over the forecasted useful lives corresponding to the estimated time 
they will generate cash flow.
See also Note G2 Important estimates and assessments, as well as Note G13 
Intangible assets. 
Trademarks
Trademarks acquired as part of a business combination are reported at fair 
value on the acquisition date (see Note G13 Intangible assets for details). As 
long as trademarks are used, maintained, and invested in, they have been 
assessed to have an indefinite useful life and are recognised at cost and tested 
annually, and when there is an indication of impairment, for potential 
impairment.
See also Note G2 Important estimates and assessments, as well as Note G13 
Intangible assets. 
Capitalised development costs
Hemnet's expenses for development activities that meet the criteria in IAS 38 
are recognised as internally generated intangible assets as the development 
work progresses.
In the balance sheet, capitalised development costs are presented at cost less 
accumulated amortisation and any impairments.
See also Note G2 Important estimates and assessments, as well as Note G13 
Intangible assets.
Financial instruments
Financial instruments recognised in the statement of financial position include 
on the asset side cash and cash equivalents, accounts receivable and other 
receivables. On the liabilities side, there are liabilities to credit institutions, 
other liabilities and accounts payable. These assets and liabilities are 
recognised at amortised cost.
Accounting and removal
A financial asset or financial liability is recognised in the balance sheet when 
the company becomes a party under the contractual terms of the instrument. 
Trade receivables are recognised in the balance sheet when an invoice has 
been issued and the company's right to compensation is unconditional. 
Liabilities are recognised when the counterparty has performed and there is a 
contractual obligation to pay, even if an invoice has not yet been received. 
Trade payables are recognised when an invoice is received.
A financial asset and financial liability are offset and reported as a net amount 
in the balance sheet only when there is a legal right to offset the amounts and 
there is an intention to settle the items with a net amount or to simultaneously 
realise the asset and settle the liability. A financial asset is removed from the 
balance sheet when the rights under the contract are realised, expire, or when 
the company loses control over them. The same applies to a part of a financial 
asset. A financial liability is removed from the balance sheet when the 
obligation under the contract is fulfilled or otherwise extinguished. The same 
applies to a part of a financial liability.
Classification and valuation
The group's classification of financial assets, which are debt instruments, is 
based on the group's business model for managing the asset and the nature of 
the asset's contractual cash flows. The group classifies its financial assets 
into the following categories:
a) Financial assets measured at amortised cost
The Group's assets measured at amortised cost consist of trade receivables, 
cash and cash equivalents, and other current receivables. Financial assets 
measured at amortised cost are initially measured at fair value plus transaction 
costs. Trade receivables and receivables sold to a payment provider (factoring) 
are initially recognized at fair value, which normally corresponds to the invoiced 
amount. After initial recognition, these assets are measured at amortised cost 
using the effective interest method. Assets measured at amortised cost are 
held, according to the business model, to collect contractual cash flows that are 
only payments of capital amount and interest on the outstanding capital 
amount. These assets are subject to a loss provision for expected credit losses.
b) Financial liabilities measured at amortised cost
The Group's financial liabilities measured at amortised cost consist of liabilities 
to credit institutions, accounts payable, accrued expenses, and the portion of 
other current liabilities relating to financial liabilities. Financial liabilities 
measured at amortised cost are initially measured at fair value, including 
transaction costs. After initial recognition, they are measured at amortised cost 
using the effective interest method. Fees paid for loan facilities are recognized 
as prepaid expenses and expensed over the term of the facility.
Impairment of financial instruments
The group's financial assets are subject to impairment for expected credit 
losses. The assessment of expected credit losses is based on various methods.
The simplified model is applied for accounts receivable. Under the simplified 
model, a loss provision for expected credit losses is recognised based on the 
expected remaining lifetime of the receivable or asset. The method for accounts 
receivable is based on historical customer losses combined with forward-
looking factors.
For other items, including cash and cash equivalents, which are subject to 
expected credit losses, the Group applies the general method with a three-stage 
impairment model. In cases where the amounts are not deemed immaterial, a 
loss provision for expected credit losses is also recognised for these financial 
instruments.
The Group's assets have been assessed to be in the first stage, meaning that 
there has been no significant increase in credit risk.
The financial assets are recognised in the balance sheet at amortised cost, i.e. 
net of gross value and allowance for expected credit losses. Changes in the 
allowance for expected credit losses are recognised in the income statement as 
other external costs.
Lease liabilities and right-of-use assets  
Hemnet's leasing agreements pertain to the Group's office premises. Lease 
liabilities are discounted at Hemnet's incremental borrowing rate. Variable lease 
payments are recognised in the statement of comprehensive income as other 
external costs.
The company applies the exemptions for short-term leases (leases with a lease 
term of less than 12 months) and low-value leases, where applicable. Such 
leases are not recognised in the balance sheet.
The value of the right-of-use asset and its useful life are assessed for 
impairment indicators. The carrying amount of the right-of-use asset is 
immediately written down to its recoverable amount if its carrying amount 
exceeds its estimated recoverable amount.
Employee remuneration  
Pension obligations
The Group solely has defined contribution pension plans. The Group's 
obligations related to contributions to defined contribution plans are recognised 
as an expense in the statement of comprehensive income as personnel 
expenses as they accrue based on the services rendered by the employees to 
the Group during a period.
Share-based payments
Incentive programs exist where participants have the opportunity to acquire 
warrants at fair value, see also note G8. As fair value is paid, no cost is 
recognised for these warrants. Proceeds received are directly recorded in 
equity as Other capital contributions.
G1
G2
G3
G4
G5
G6
G7
G8
G9
G10
G11
G12
G13
G14
G15
G16
G17
G18
G19
G20
G21
G22
G23
G24
G25
G26
G27
G28
P1
P2
P3
P4
P5
P6
P7
P8
P9

===== SIDA 54 =====

Financial statements52 · Hemnet Group | Annual and sustainability report 2023
Note G2  Important estimates and 
assessments for accounting 
purposes
The estimates and assessments are evaluated on an ongoing basis and are 
based on historical experience and other factors, including expectations of 
future events that can be considered reasonable under the prevailing 
conditions.
Important estimates and assessments for accounting purposes 
The Group makes estimates and assumptions about the future. The estimates for 
There are no significant estimates, made by management when applying the 
Group’s accounting principles, that have a significant effect on the reported 
amounts in the financial statements.
The Group makes estimates and assumptions about the future. The estimates for 
accounting purposes that result from these will, by definition, rarely correspond to 
the actual result. The estimates and assumptions that pose a significant risk of 
material adjustments in the carrying amounts of assets and liabilities during the 
next financial year are dealt with in the main feature as follows. 
(a) Impairment testing of intangible assets
Customer relationships acquired as part of business acquisitions are 
recognised at fair value at the time of acquisition and are amortised on a 
straight-line basis over the forecasted useful life corresponding to the estimated 
time, they will generate cash flow. Assets are assessed for impairment 
whenever events or changes in circumstances indicate that the carrying amount 
may not be recoverable. Goodwill and trademarks have been assessed to have 
an indefinite useful life and are tested for impairment annually or as soon as 
indications arise that imply that the asset in question has decreased in value. 
See notes G1 and G13 for accounting principles and estimated useful lives and 
note G13 for reported values.
(b) Useful life of intangible assets 
Trademarks are attributable to the value in Hemnet as a brand and held with 
ownership. The company does not see any limitation in the useful life of 
trademarks and their useful life is thus considered indefinable. The majority of 
customer relationships have an estimated useful life of 20 years, and the 
remaining depreciation period is 13 years. See notes G1 and G13 for accounting 
principles and estimated useful lives and note G13 for reported values.
(c) Capitalised development costs 
The Group carries out software development work related to the technical 
platform and website hemnet.se. Accounting for self-accumulated intangible 
assets means that the company must make a number of assessments about the 
future. The decision to activate an asset is based on an estimate of whether it is 
technically feasible to complete the asset, the company intends to complete the 
asset, it is likely that the asset will generate future economic benefits and that 
there are resources to complete the development. See also notes G1 and G13.
Note G3 Revenue from contracts 
 with customers
 
Revenue breakdown by customer category 2023 2022
Property sellers 781.8 639.6
Real estate agents 110.4 113.2
Real estate developers 36.7 48.3
Advertisers 75.8 88.1
Total 1 004.7 889.2
Revenue breakdown by service category 2023 2022
Listing services 808.7 668.4
Other services 196.0 220.8
Total 1 004.7 889.2
The entire Group is followed up as a segment and the revenues are in principle 
exclusively attributable to Swedish customers. 
Hemnet's revenues come from services that target the following main customer 
groups: Property sellers, Real estate agents, Real estate developers and 
Advertisers. 
The single largest revenue stream comes from the property sellers' property 
listings. In order for property sellers to be able to influence their property sales, 
value-added services such as Hemnet Plus and Hemnet Premium are offered, 
which give a more prominent exposure of the property listing compared with the 
basic version.
Revenue recognition and performance obligations for the various product areas 
are shown below:
Listing services: Hemnet is considered to have satisfied its performance 
obligation with regard to property listings when the listing is removed for 
advertising, which is done by way of terminating the assignment by the real 
estate agent who arranged it. Hemnet is considered to have satisfied its 
performance obligation for value-added services related to property listings, 
such as Hemnet Plus and Hemnet Premium, when the listing is removed for 
advertising or when the period for which the value-added service extends is over. 
Real estate agents are an important partner, as they administer the property 
sellers' listings on Hemnet and provide information about Hemnet's services. 
For arranging the property listing, the real estate agent receives administration 
compensation. For their mediation of value-added services linked to the 
property listing, the real estate agent has the option of entering into a mediation 
agreement and receiving commission compensation. See also note G6.
Other services: Other services consist, among other things, of income from real 
estate agents for value-added services and brand marketing, as well as from real 
estate developers who market their projects and brands. Advertising and similar 
services are considered to be delivered when the advertisement is published 
according to agreed conditions and the agreed publication time has expired.
Other services are generally invoiced monthly in arrears, in line with delivery. 
Invoicing for listing services takes place in connection with publication, however, 
since 2023 a property seller can choose to delay their payment until the listing 
has been removed. This is offered in collaboration with Hemnet’s current 
payment provider, Klarna, through a factoring service where Klarna bears the 
financial risk, and Hemnet recognises a receivable from Klarna. Accrued income 
is reported in the balance sheet for published listings that have not been 
invoiced as of the balance sheet date. The portion relating to the remaining 
publication period regarding invoiced revenues is reported as prepaid income in 
the balance sheet.
The remaining performance obligations as of December 31, 2023 amounted to 
SEK 26.0 million (12.4), including prepaid income reported as contractual 
liabilities. Performance obligations are essentially expected to be executed and 
revenue is reported within one month from the balance sheet date. Furthermore, 
no revenue related to performance obligations that were fulfilled in previous 
years has been recognized as revenue in 2023.
G1
G2
G3
G4
G5
G6
G7
G8
G9
G10
G11
G12
G13
G14
G15
G16
G17
G18
G19
G20
G21
G22
G23
G24
G25
G26
G27
G28
P1
P2
P3
P4
P5
P6
P7
P8
P9

===== SIDA 55 =====

Financial statements Hemnet Group | Annual and sustainability report 2023 · 53
Note G4 Other operating income
2023 2022
Reminder fees and interest 
for late payments 1.6 1.6
Commission income 0.6 0.5
Exchange rate differences 
receivables of an operative nature 0.1 0.1
Other 0.4 0.4
Total 2.7 2.6
Note G5 Other operating costs
2023 2022
Foreign exchange losses -0.2 -0.2
Reminder and debt collection costs -1.4 -1.3
Other -0.0 -0.0
Total -1.6 -1.5
Note G6   Other external expenses
2023 2022
Administration and commission 
compensation -225.3 -184.3
Other -98.4 -114.7
Total -323.7 -299.0
Administration and commission compensation refers to compensation to real 
estate agent offices regarding administration of property listings on Hemnet’s 
platform and, for real estate agent offices having entered into a commission 
agreement regarding sale of Hemnet's value-added services, commission. 
 
Note G7 Auditor remuneration
2023 2022
Ernst & Young
- Audit engagement 2.4 2.8
- Audit activity in addition to 
the audit engagement 0.3 0.3
- Tax services - -
- Other services - -
Total compensation for the auditors 2.7 3.1
Audit means review of the annual report and accounts and the administration of 
the Board of Directors and the CEO, other duties that it is incumbent upon the 
company's auditor to perform and advice or other assistance that is the result of 
observations in such an audit or the performance of other such duties. 
Everything else is other assignments.
G1
G2
G3
G4
G5
G6
G7
G8
G9
G10
G11
G12
G13
G14
G15
G16
G17
G18
G19
G20
G21
G22
G23
G24
G25
G26
G27
G28
P1
P2
P3
P4
P5
P6
P7
P8
P9

===== SIDA 56 =====

Financial statements54 · Hemnet Group | Annual and sustainability report 2023
Not G8 Employee remuneration, etc.
2023 2022
Salaries and other compensations 110.5 98.5
Social security expenses 37.5 34.0
Pension expenses 15.0 12.5
Total Group 163.0 145.0
Average number of employees
2023 2022
Average 
number of 
employees
Of which 
women
Average 
number of 
employees
Of which 
women
Sweden 148 64 124 53
Group total 148 64 124 53
Gender breakdown for the Group (including subsidiaries) for Board members 
and other senior executives
2023-12-31 2022-12-31
Total
Of which 
women Total
Of which 
women
Board members 7 2 7 2
CEO and senior 
executives 6 4 8 5
Group total 13 6 15 7
G1
G2
G3
G4
G5
G6
G7
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Renumeration to the Board of Directors, CEO and senior executives
2023
Salaries, fees, 
benefits
Variable 
remuneration Pension costs
Social costs incl. 
payroll tax Other benefits Total
Anders Nilsson, Chair* 0.9 - - 0.3 - 1.2
Christopher Caulkin, interim Chair** - - - - - -
Anders Edmark 0.4 - - 0.1 - 0.6
Tracey Fellows 0.4 - - 0.1 - 0.6
Håkan Hellström 0.4 - - 0.1 - 0.6
Nick McKittrick 0.4 - - 0.1 - 0.6
Maria Redin*** 0.5 - - 0.2 - 0.7
Pierre Siri - - - - - -
Cecilia Beck-Friis, chief executive officer 4.2 - 0.9 1.5 0.1 6.6
Other senior executives **** 12.1 - 2.2 4.3 0.2 18.8
Total 19.5 - 3.1 6.8 0.3 29.6
* from 27 April 2023   ** until 27 April 2023   *** Pierre Siri has waived his fee   **** Includes Jens Melin as interim CFO up until 1 May 2023 and Anders Örnulf as 
CFO from 2 May 2023. In 2023, Hemnet paid out SEK 2.7 million in advances for sign-on bonuses for new senior executives who have not yet joined Hemnet. 
Sign-on bonuses were given with the requirement to invest in the applicable LTIP program and is subject to repayment if the employment is terminated within the 
first twelve months . 
2022
Salaries, fees, 
benefits
Variable 
remuneration Pension costs
Social costs incl. 
payroll tax Other benefits Total
Christopher Caulkin, interim Chair* - - - - - -
Håkan Erixon, Chair** 0.5 - - 0.2 - 0.7
Anders Edmark 0.4 - - 0.1 - 0.5
Tracey Fellows 0.4 - - 0.1 - 0.5
Håkan Hellström 0.4 - - 0.1 - 0.5
Kerstin Lindberg Göransson *** 0.1 - - 0.0 - 0.1
Nick McKittrick 0.4 - - 0.1 - 0.5
Maria Redin**** 0.3 - - 0.1 - 0.4
Pierre Siri ***** - - - - - -
Cecilia Beck-Friis, chief executive officer 3.5 1.3 0.7 1.7 0.1 7.3
Other senior executives ****** 7.8 2.5 2.0 3.7 0.2 16.2
Total 13.8 3.8 2.7 6.0 0.3 26.6
* from 1 September 2022, before this board member   ** until 31 August 2022   *** until 29 April 2022   **** from 29 April 2022  ***** Pierre Siri has waived his fee  
****** Includes Carl Johan Åkesson as CFO up until 8 August 2022 and Jens Melin as interim CFO from 9 August 2022. In 2022, Hemnet paid out SEK 1.1 million in 
advances for sign-on bonuses for new senior executives who have not yet joined Hemnet. Sign-on bonuses were given with the requirement to invest in the 
applicable LTIP program and is subject to repayment if the employment is terminated within the first twelve months.

===== SIDA 57 =====

Financial statements Hemnet Group | Annual and sustainability report 2023 · 55
Incentive program 
Long-Term Incentive Plan ("LTIP")
Hemnet has three long-term incentive programs as of December 31, 2023, where 
senior executives and a number of selected employees with key competencies 
offered to purchase warrants that give the right to acquire shares in the parent 
company.
The first warrant program was resolved by the Annual General Meeting 2021,
followed by corresponding programs resolved at the 2022 and 2023 Annual 
General Meetings. The board intends to present a proposal for the establishment 
of a renewed incentive program at the 2024 Annual General Meeting.
The options are valued according to the Black & Scholes model, which means that 
the value on the options, among other things, is dependent on the value of the 
underlying share. All warrants have been valued at and acquired for market value. 
The full terms and conditions of the warrants also include customary conditions 
regarding vesting and recalcu-lation, including for dividends paid prior to the 
exercise of the warrants.
LTIP I - 2021/2024
A total of 469,253 warrants were issued under the LTIP I program 2021/2024. 
In 2021, 234,390 options were subscribed for by related parties in the 
management team. The market price of the warrants, calculated according to 
Black & Scholes' option valuation model, was SEK 11.89.
The exercise price for the warrants amounts to 135 percent of the established 
the price in the company's IPO, corresponding to SEK 155.25, with a cap of SEK 
250 percent, which means that the options do not generate any additional 
return at a share price above SEK 287.50.
In 2023, a total of 11,438 warrants were repurchased, for an average price of 
SEK 11.89 per warrant, from persons who left the company during the year. 
LTIP II - 2022/2025
A total of 533,000 warrants were issued under the LTIP II program 2022/2025. 
In 2022, 174,000 options were subscribed for by related parties in the 
management team. During 2022, new senior executives, who have not yet 
joined Hemnet, has subscribed for a total of 35,000 warrants under the LTIP II 
program. The average market price of the warrants, calculated according to 
the Black & Scholes option valuation model, was SEK 17.26.
The exercise price of the warrants corresponds to 130 percent of the volume-
weighted share price of the parent company's share on Nasdaq Stockholm 
during the measurement period in May 2022, corresponding to SEK 155.00, 
with a ceiling of 250 percent, which means that the options do not generate 
any additional returns at a share price above SEK 298.10.
In 2023, a total of 15,344 warrants were repurchased, for an average price of 
SEK 16.32 per warrant, from persons who left the company during the year.
LTIP III - 2023/2027
A total of 527,000 warrants were issued under the LTIP III program 2023/2027. 
In 2023, 151,958 warrants were subscribed for by related parties in the 
management team. The average market price of the warrants, calculated 
according to Black & Scholes' option valuation model, was SEK 23.21.
The exercise price for the warrants amounts to 130-138 percent of the volume-
weighted share price of the parent company's share on Nasdaq Stockholm 
during the measurement period in April-May 2023, corresponding to SEK 
207.20-220.00, with a cap of SEK 250 percent, which means that the options do 
not generate any additional return at a share price above SEK 398.50.
Warrants issued
Number out-
standing Exercise price
Value 
per allocated 
warrant
Per 31 December 2021 469 253 155.25 11.89
allocated L TIP II 533 000 155.00 17.26
Per 31 December 2022 1 002 253 155.12 14.75
Allocated L TIP III 527 000 213.60 23.21
Per 31 December 2023 1 529 253 175.27 17.66
Share savings program for employees
In 2022, the Board of Directors of Hemnet decided to introduce a long-term 
incitement program for employees in the form of a performance-based share 
program. In the program, participants have invested in shares in Hemnet 
Group. For two savings shares, the participant receives 1 matching stock. 
The terms of the program are that the participant has retained all savings 
shares in the period from the end of the investment period and 36 months 
onwards and that the participant is still employed by the company during the 
savings period. In the share savings program, which started in November 
2022, includes shares of 11,000, to a value of SEK 2.7 million and is reported 
in accordance with IFRS 2 and the effect on personnel costs during the year 
is SEK 0.1 million.
Guidelines for remuneration to senior executives adopted at the Annual 
General Meeting 2023 
These guidelines encompass the CEO and other senior executives in Hemnet 
Group AB (publ) and its subsidiaries (below “Hemnet” or the “Company”), i.e. mana-
gers reporting directly to the CEO. The guidelines are applicable to remuneration 
agreed, and amendments to remuneration already agreed, after the proposed 
adoption of these guidelines by the Annual General Meeting 2023. These guideli-
nes do not apply to any remuneration decided or approved by the general meeting.
These guidelines also encompass members of the Board of Directors in Hemnet, to 
the extent to which they perform services outside of their directorship.
The guidelines’ promotion of the Company’s business strategy, long-term 
interests and sustainability 
In short, the Company’s business strategy is the following.
Hemnet gathers everyone who is looking for, selling and brokering a home in 
one place. This is Hemnet's core business. By collecting all housing ads in one 
digital marketplace, Hemnet makes property transactions easier and more 
efficient for all parties involved. Hemnet's goal is to continue to be the leading 
property portal in Sweden and to broaden and develop its offering based on its 
current position.
For more information regarding the Company’s business strategy, please see 
www.hemnetgroup.com.
These guidelines have been drawn up to successfully implement the Compa -
ny’s business strategy and to safeguard its long-term interests, including its 
sustainability, and to create clarity and transparency with regard to the remu -
neration that senior executives of Hemnet shall receive, and under which 
circumstances that remuneration can be paid to members of the Board of 
Directors outside of the ordinary directorship.
 
Variable cash remuneration covered by these guidelines shall aim at promo -
ting the Company’s business strategy and long-term interests, including its 
sustainability. 
Remuneration Principles 
Hemnet shall strive to offer a compensation that attracts, motivates and 
retains senior executives in benchmark with its peers, which primarily are plat -
form companies and digital services companies.
Remuneration to senior executives shall consist of:
- Fixed market cash salary
- Variable cash remuneration based on fulfillment of clear goals for the Company
- Possibility to participate in long-term share-based incentive programs
- Pension and other customary benefits
In addition to the remuneration principles, remuneration may also in certain 
exceptional cases be paid in connection with new hires in order to attract certain 
key individuals to Hemnet for the purpose of supporting Hemnet's business stra-
tegy. Such remuneration shall be limited to the first year of employment and may 
not amount to more than 100 percent of the fixed annual cash salary.
Fixed market cash salary
The fixed cash salary for senior executives shall be on market terms and be based 
on each individual’s competence, responsibilities, experience and performance. 
The fixed cash salary shall be reviewed annually to ensure that it corresponds with 
market practice and remains competitive.
Variable cash remuneration
As regards variable cash remuneration, such compensation shall be tied to 
financial or non-financial concrete, measurable goals for the Company and/or the 
department that the manager is responsible for. Decisions regarding variable 
payment models and the outcome of such models shall be made by the Board of 
Directors. The variable cash remuneration may amount to not more than 50 
percent of the fixed annual cash salary. Variable cash remuneration shall not 
constitute pensionable income.
Pension and other customary benefits
The retirement age is under normal circumstances 65 years. Pension plans for 
senior executives shall follow or match ITP in terms of compensation level. 
The pension premiums for premium defined pensions shall amount to not 
more than 30 percent of the fixed annual cash salary. Other customary benefits 
(such as company health care) shall be on market terms. Such benefits may 
amount to not more than 20 percent of the fixed annual cash salary.
Remuneration under employments subject to other rules than Swedish may be 
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Financial statements56 · Hemnet Group | Annual and sustainability report 2023
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Issued warrants 2022-12-31 2023-12-31
Exercise price, 
SEK
Warrant price, 
SEK
Risk-free 
interest rate Volatility Maturity
L TIP I 
2021/2024 469,253 469,253 155.25 11.89 -0.18% 32% 2024
L TIP II 
2022/2025 533,000 533,000 155.00 17.26* 1.55%* 32%* 2025
L TIP III
2023/2027 - 527,000 213.60* 23.21* 2.66%* 32%* 2026-2027
Total 1,002,253 1,529,253
* Average value
Number of outstanding issued warrants
Holdings 2022-01-01 change 2022-12-31 change 2023-12-31
Cecilia Beck-Friis, CEO 97,135 100,000 197,135 80,000 277,135
Other senior executives 137,255 27,544 164,799 -12,225 152,574
Other employees and prior employees 187,068 74,177 261,245 119,701 380,946
Treasury holdings 47,795 331,279 379,074 339,524 718,598
Total 469,253 533,000 1,002,253 527,000 1,529,253
duly adjusted to comply with mandatory rules or established local practice, 
taking into account, to the extent possible, the overall purpose of these 
guidelines.
Remuneration Committee
The Board of Directors of Hemnet Group AB (publ) shall appoint a Remuneration 
Committee to monitor and assess compliance with these guidelines. The 
Remuneration Committee shall also prepare and make recommendations for 
resolutions to be adopted by the Board of Directors pertaining to matters 
regarding remuneration principles, remuneration and other terms of 
employment for the CEO.
The CEO and other senior executives do not participate in the Board of Directors’ 
processing of and resolutions regarding remuneration-related matters in so far 
as they are affected by such matters.
The Remuneration Committee shall also prepare, propose, monitor and assess 
long- term share-based incentive programs for variable compensation and long-
term incentive programs for the Company's management.
As regards matters concerning fixed remuneration to other senior executives, 
such matters shall as a starting point be made by the CEO in accordance with 
these guidelines. However, decisions regarding such remuneration to senior 
executives that have been made by the CEO shall be presented to the 
Remuneration Committee and the Board of Directors before it shall be deemed 
final and be communicated.
The duties of the Remuneration Committee are described in more detail in the 
Rules of Procedure for the Remuneration Committee, adopted by the Board of 
Directors.
Yearly review of these guidelines
The guidelines for remuneration to senior executives shall be reviewed yearly 
and be presented to the Annual General Meeting at least every fourth year.
Termination Notice and Severance Pay
The notice period for senior executives, and the period of time during which 
dismissal pay will continue, shall generally be six (6) months. However, in 
situations where Hemnet terminates the employment, severance pay may 
amount to a maximum of twelve (12) monthly salaries. Severance pay to the CEO 
may however amount to a maximum of 18 monthly salaries. Fixed cash salary 
during the period of notice and severance pay may together not exceed an 
amount equivalent to the CEO's fixed cash salary for 18 months and for twelve 
(12) months for other senior executives.
Additionally, remuneration may be paid for non-compete undertakings. Such 
remuneration shall compensate for loss of income and shall only be paid in so 
far as the previously employed executive is not entitled to severance pay. The 
remuneration shall be based on the fixed cash salary at the time of termination 
of employment and be paid during the time the non-compete undertaking 
applies, however not for more than twelve (12) months following the termination 
of employment.
Compensation to Board Members
Members of the Board of Directors may, in certain cases where particularly 
motivated in light of the Board Member’s competence and suitability, perform 
services outside of the ordinary directorship. Market based compensation 
shall be paid for such services, which is to be decided by the Board of 
Directors. Remuneration of this kind shall be presented in the financial reports 
in accordance with applicable accounting legislation.
Salary and employment conditions for employees  
In the preparation of the Board of Directors’ proposal for these guidelines, 
salary and employment conditions for employees of Hemnet Group AB (publ) 
and its subsidiaries have been taken into account by including information on 
the employees’ total income, the components of the remuneration and 
increase and growth rate over time, in the Remuneration Committee’s and the 
Board of Directors’ basis of decision when evaluating whether the guidelines 
and the limitations set out herein are reasonable.
Deviations
Avvikelser helt eller delvis från dessa riktlinjer kan i undantagsfall ske för det 
Deviations from these guidelines in whole or in part may be made in 
exceptional cases if the Board of Directors find that there are special 
circumstances at hand and a deviation is necessary to serve the Company’s 
long-term interests, including its sustainability, or to ensure the Company’s 
financial viability. Information about such deviation and the reasons therefore 
shall be presented at the following Annual General Meeting. As set out above, 
the Remuneration Committee’s tasks include preparing the Board of Directors’ 
resolutions in remuneration-related matters. This includes any resolutions to 
deviate from the guidelines.

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Financial statements Hemnet Group | Annual and sustainability report 2023 · 57
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Note G12 Earnings per share
2023 2022
Earnings per share before dilution
Profit for the year attributable 
to shareholders of the Parent 
Company, SEK m 338.7 293.8
Weighted average number of ordinary 
shares outstanding during the year 97,638,241 100,345,982
Earnings per share before dilution, SEK 3.47 2.93
Diluted earnings per share
Profit for the year attributable 
to shareholders of the Parent 
Company, SEK m 338.7 293.8
Weighted average number of ordinary 
shares outstanding during the year 97,638,241 100,345,982
Effect of incentive programmes issued1 102,599 0
Number of shares for the calculation 
of diluted earnings per share 97,740,840 100,345,982
Earnings per share after dilution, SEK 3.47 2.93
1 The calculation of dilution of shares is made based on the number of days 
that the warrant programs that have been active during each period 
concerned.
Possible dilution through financial instruments
Hemnet Group AB (publ) has outstanding long-term incentive plans. The 
warrants under the long-term incentive plans are considered dilutive only when 
they result in lower earnings per share after than before dilution. As of 31 
December, 2023, the company has four outstanding incentive programs. For 
more information on redemption rates and description of incentive schemes, 
see note G8 Employee remuneration, etc.
Note G9 Financial income and costs
2023 2022
Interest bearing securities 
valued at fair value
Interest bearing securities 3.2 0.5
Total revenue at fair value 3.2 0.5
Other
Foreign exchange gains, net - 0.1
Total other - 0.1
Financial income, total 3.2 0.6
Liabilities valued at amortised cost
Interest expenses to credit institutions -22.4 -7.3
Other interest expenses - -0.0
Total interest costs according to 
the effective interest method -22.4 -7.3
Other
Foreign exchange losses, net -
Interest expenses, leasing liabilities -1.6 -0.1
Total other -1.6 -0.1
Financial costs, total -24.0 -7.4
Financial items, net -20.8 -6.8
Note G10 Exchange rate differences, net
Exchange rate differences have been reported in the statement of 
comprehensive income as follows:
2023 2022
Other operating income (Note G4) 0.1 0.1
Other operating costs (Note G5) -0.2 -0.2
Financial items, net (Note G9) - 0.1
Total -0.1 -0.0
Note G11 Income tax
2023 2022
Current tax:
Current tax on profit for the year -95.5 -86.8
Total current tax -95.5 -86.8
Deferred tax (Note G16):
Deferred tax on temporary 
differences and tax loss 6.8 9.9
Total deferred tax 6.8 9.9
Total income tax -88.7 -76.9
The income tax on the Group's profit before tax differs from the theoretical 
amount that would have been obtained when using the Swedish tax rate for the 
results of the consolidated companies as follows: 
2023 2022
Earnings before tax 427.4 370.7
Income tax calculated according 
to tax rate in Sweden (20.6%) -88.0 -76.4
Tax effect of:
Non-deductible costs -0.7 -0.5
Income tax expense -88.7 -76.9
This year's effective tax rate is -20.7% (-20.8%).

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