Kvartalsrapport Q3 2025

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===== SIDA 1 =====

JOHN MATTSON FASTIGHETSFÖRETAGEN AB (PUBL)
January–September 2025
 ■ Rental revenue totalled SEK 504.4 million (480.2), up 5.0%.
 ■ Net operating income was SEK 372.0 million (349.3), up 6.5%. 
 ■ Income from property management was SEK 177.9 million (147.0), corresponding to SEK 2.35 per share (1.94).  
This corresponded to growth in income from property management of 21.0%.
 ■ Changes in property values amounted to an increase of SEK 265.8 million (296.0). Negative changes in the value of  
interest-rate derivatives amounted to SEK 58.9 million (negative: 42.1). 
 ■ Earnings after tax for the period totalled SEK 301.1 million (363.1), corresponding to SEK 3.95 per share (4.75).
 ■ Property value was determined at SEK 14,543.9 million (13,940.6).
 ■ Investments equalled SEK 180.4 million (167.9), of which SEK 0.0 million (0.0) pertained to property acquisitions.
 ■ Net Reinstatement Value (NRV) totalled SEK 7,593.3 million (7,007.4), corresponding to SEK 100.18 per share  
(92.45), up 8.4%.
July–September 2025
 ■ Rental revenue totalled SEK 168.7 million (161.4), corresponding to an increase of 4.5%.
 ■ Net operating income was SEK 129.4 million (124.7), up 3.8%.
 ■ Income from property management was SEK 69.8 million (59.2), corresponding to SEK 0.92 per share (0.78).
 ■ Changes in property values amounted to an increase of SEK 94.5 million (223.5). Negative changes in the value of  
interest-rate derivatives amounted to SEK 4.1 million (negative: 109.7).
 ■ Earnings after tax for the period amounted to SEK 128.0 million (141.9), which corresponds to SEK 1.68 per share (1.84).
 ■ Investments equalled SEK 68.5 million (82.4), of which SEK 0.0 million (0.0) pertained to property acquisitions.
INTERIM REPORT
Q3
Jan–Sep  
2025
Great neighbourhoods across generations

===== SIDA 2 =====

Q3 – 2025
Key metrics
Jul–Sep
2025
Jul–Sep 
2024
Jan–Sep
2025
Jan–Sep 
2024
Rolling  
12 months Oct 
2024–Sep 2025
Jan–Dec  
2024
Property-related key metrics
Economic occupancy rate at the end of the period, % 97.6 97.4 97.6 97.4 97.6 97.6
Surplus ratio, % 76.7 77.2 73.7 72.7 72.3 71.5
Property value at the end of the period, SEK m 14,543.9 13,940.6 14,543.9 13,940.6 14,543.9 14,097.7
No. of upgraded apartments during the period 34 16 72 69 86 83
Key financial metrics
Rental revenue, SEK m 168.7 161.4 504.4 480.2 666.9 642.7
Net operating income, SEK m 129.4 124.7 372.0 349.3 482.4 459.7
Income from property management, SEK m 69.8 59.2 177.9 147.0 225.9 195.1
Average interest rate, % 2.97 3.18 2.97 3.18 2.97 2.84
LTV ratio at the end of the period, % 46.1 47.8 46.1 47.8 46.1 47.6
Interest coverage ratio during the period, multiple 2.6 2.2 2.2 2.0 2.2 2.0
Share-related key metrics
Income from property management, SEK/share 0.92 0.78 2.35 1.94 2.98 2.57
Growth in income from property management, SEK/share, % 18.05 -33.09 21.02 -28.25 14.19 -23.62
Profit after tax, SEK/share 1.68 1.84 3.95 4.75 4.86 5.66
Growth in NRV, SEK/share, % 8.36 -38.59 8.36 -38.59 8.36 8.69
Net tangible assets (NTA), SEK/share 91.30 84.09 91.30 84.09 91.30 85.931)
Net Reinstatement Value (NRV), SEK/share 100.18 92.45 100.18 92.45 100.18 94.66
1) Corrected, see Note 10 for further information.
Definitions of key metrics are provided on page 32.
Key metrics Q3 2025 versus Q3 2024
Significant events during the third quarter
 ■ John Mattson has signed a letter of intent with Vardaga, a subsidiary of Ambea, regarding a lease for 
a nursing and care home for at least 80 residents at the Geografiboken 1 property in Bromma. In con-
junction with the above, an agreement has also been signed with RO-Gruppen for project planning.
 ■ John Mattson has completed the last stage of the renovation project Gengasen 4 in Örby, comprising 
11 apartments out of a total of 76. The entire renovation project is now complete.
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 2
THE PERIOd IN BRIEf

===== SIDA 3 =====

Broadened capital allocation 
through share buybacks
John Mattson continued to perform well, with growth in income from property management, 
higher net operating income and a record-high surplus ratio
John Mattson has continued to develop positively, with a 21 
percent growth in profit from property management per share 
compared to the same period last year, while we reported a 
property value increase of 1.9 percent for the period.
Net operating income increased 7% and we delivered a 
record-high surplus ratio of 74% for the period – proof that our 
work to improve our properties’ efficiency continues to have 
results, despite quickly rising tariff-based costs.
The positive value trend for our property portfolio continued 
in the third quarter. The yield requirements for our property 
portfolio remain stable and, in combination with growing net 
operating income from the efficiency enhancements to our 
buildings and value creation in our project operations, this has 
resulted in a positive value change of 0.7% for our property 
portfolio for the quarter. It is gratifying that our increased focus 
on apartment upgrades and project development is creating 
value. T ogether, they resulted in a year-on-year increase in our 
net reinstatement value per share of 8.4%.
Broader capital allocation
Since 2024, John Mattson has worked with a growth plan where 
we initially prioritised investments in our existing portfolio. 
Energy efficiency improvements and apartment upgrades have 
been profitable and have led to improved cash flows and a posi-
tive change in value for our properties.
After the end of the second quarter, we announced that the 
next step in our growth plan would be a return to new produc-
tion. The first of these is a nursing and care home in Bromma, 
with a planned production start in the first half of 2026.
Historically, property company share values have varied 
compared with the companies’ net reinstatement values, some-
times with a net asset value premium and sometimes with a net 
asset value discount. Over time, property company shares have 
traded at an average premium of 3%. Currently, property com-
pany shares are trading at a discount of around 20%, with higher 
discounts for property companies focused on housing than for 
property companies overall. John Mattson is no exception.  
The discount to net asset value in John Mattson’s share as of the 
balance sheet date means that our property portfolio, consisting 
of residential properties in attractive locations in Stockholm’s 
suburbs, is valued at an implicit property value of approximately 
SEK 33,000 per square metre – levels that cannot be achieved 
when acquiring comparable assets on the direct market.
Given this, we believe that we currently create maximum 
shareholder value by supplementing our growth plan with the 
buy-back of our own shares. The Board resolved to buy back 
shares up to an amount of SEK 100 million until the next Annual 
General Meeting. 
The investment options in the framework of our existing 
property portfolio remain attractive. The buy-back does not 
limit our planned investments in existing properties or our 
return to new production in 2026. Instead, it is a supplement 
that creates additional value for our shareholders.
We believe that we 
currently create maximum 
shareholder value by 
supplementing our growth 
plan with the buy-back of 
our own shares.
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 3
COMMENTS fROM THE CEO

===== SIDA 4 =====

Per Nilsson,  
CEO of John Mattson fastighetsföretagen AB
Long-term potential in the property portfolio
Since 2022, we have focused on efficiency improvements at 
our properties through measures that simultaneously increase 
revenue and lower our property expenses. Revenue increased 
through a better economic occupancy rate in combination with 
higher rents through apartment upgrades. We have reviewed all 
of the company’s costs, and our work to improve our properties’ 
energy consumption has played a key role in lowering our prop-
erty expenses. Net operating income has increased a full 28% 
since 2021, of which 17 percentage points stem from the compa-
ny’s own initiatives – adjusted for market effects such as annual 
rent adjustments and overall trends in management costs. Our 
successful work to improve our properties is also reflected in the 
positive change in value of our property portfolio. We have had 
positive value growth every quarter since the second quarter of 
2024, and it currently totals 5.5%. The positive trend has helped 
the loan-to-value ratio decline to 46%, creating scope for addi-
tional value-creating investments.
If we look forward, we have substantial potential to continue to 
create growth in our property portfolio:
 ■ Energy: The target is to achieve a 45% reduction in energy 
consumption by 2030, compared with 2021. We are about 
halfway to the target so far, meaning that there is still signif-
icant potential to improve the energy consumption of our 
properties. 
 ■ Apartment upgrades: The target is to upgrade 200 apart-
ments each year. Upgrades are profitable, with a yield between 
5% and 6.5%. We could potentially upgrade around 1,500 
apartments in our current property portfolio.
 ■ New production: Our long-term target is to start produc-
tion on 250 homes annually. The project portfolio currently 
includes 730 apartments, all in attractive and in-demand 
locations that people are willing to pay for.
We estimate the total potential value growth of our portfolio to be 
SEK 1.5 billion, corresponding to approximately SEK 20 per share. 
Progress continues in sustainability
Our efforts with social sustainability are not only important in 
ensuring that our areas remain safe and attractive – they also 
create conditions for growth by strengthening our relationships 
with municipalities and other organisations in the municipalities 
where we operate.
During the quarter we continued our structured work, based 
on our social sustainability model, to strengthen relationships 
with our tenants and reduce tenant turnover at our residential 
properties. During the quarter, we arranged Larsberg Day in 
Lidingö and participated in Rotebro Day. At these events, we 
could open up for a dialogue with our tenants to better under-
stand how they perceive their neighbourhoods and involve them 
in developing them. Larsberg Day and Rotebro Day were popular 
and well-attended events. They are important meeting places for 
building community and for fostering commitment among peo-
ple who live and work in our neighbourhoods. It is very gratifying 
that our work is having results, leading to improvements of 
1.8 and 2.4 percentage points in our service and safety indices, 
respectively, for our property portfolio to date this year.
We also continued to improve the energy consumption of our 
buildings. After the end of the quarter, we signed a framework 
agreement enabling the installation of solar panels in all of John 
Mattson’s property portfolio. The framework agreement per-
tains to a total installed power of some 3 GWh, corresponding 
to approximately one third of our total electricity use. We will 
start by installing solar panels on three properties in Bromma, 
Liljeholmen and Lidingö, and then continue gradually over time. 
Investing in solar panels not only increases the share of renew-
able energy. It is also a profitable investment with a direct return 
of approximately 8%.
Energy efficiency 
improvements and apartment 
upgrades have been the most 
profitable investments, helping 
lower costs and increasing 
revenue while making areas 
more appealing.
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 4
COMMENTS fROM THE CEO

===== SIDA 5 =====

Business idea, goals and strategies
Our business idea revolves around the long-term ownership, management and development of 
residential property and attractive local communities in the Stockholm region. We make daily life 
easier for everyone by offering well-managed, attractive homes and safe neighbourhoods.
Dividend policy – Over the long term, dividends are to 
amount to 50% of annual income from property management 
after taking into consideration the company’s investment 
plans, consolidation needs, liquidity and overall financial 
position. Dividends may be less than the long-term target or 
be fully absent.
Financial risk mitigation – John Mattson aims for low  
financial risk. This means that:
 ■  the long-term net loan-to-value ratio should not  
exceed 50%; and
 ■  the long-term interest coverage ratio should not be  
less than 1.5.
Strategies
John Mattson’s strategy is based on four cornerstones, in which 
sustainability efforts are integrated in every part.
Property management – Our approach to property management is 
integrated and near-at-hand. We know our properties and understand 
our customers. We apply an overall approach taking responsibility for 
the portfolio and activity in the outdoor areas. We work proactively with 
property management and continuously make efficiency enhancements 
and value-generating investments with the aim of achieving more sus-
tainable property operations, extending the properties’ life and increas-
ing net operating income. Focus is on optimising property consumption 
and thereby reducing operating expenses. The goal is to achieve a 45% 
reduction in energy consumption by 2030, through the investment of 
approximately SEK 200 million.
Adding value – We add value to our buildings to secure the buildings’ 
technical longevity and to generate increased net operating income. 
Value is added by upgrading, extending and converting space to hous-
ing or commercial operations. We have a well-established two-step 
model for housing upgrades, the Larsberg model. First, the initial base 
upgrade conducted with tenants in place secures the building’s technical 
status. The following step, the total upgrade, brings the apartments up 
to contemporary standards, to meet demand from existing and new 
tenants. T otal upgrades are performed when apartments are vacant or in 
certain neighbourhoods, when tenants so wish. All upgrades take place 
in dialogue with the tenants and adjusted rent levels are negotiated with 
Hyresgästföreningen (Swedish Union of T enants). The goal is to upgrade 
some 200 apartments per year. Potential has been identified in the exist-
ing portfolio for some 600 apartments to receive base and total upgrades 
and for some 900 apartments that have already received base upgrades 
to be given total upgrades. The yield on both base and total upgrades is 
approximately 5% with an investment of SEK 1.25 million per apartment. 
The yield on total upgrades from a base upgraded apartment is about 
6.5% with an investment of about SEK 0.4 million per apartment.
Densification – We are increasing the housing density of our own land or 
adjacent to existing properties, often on already paved land. In addition 
to new construction, infill development is also taking place in the form 
of extensions to existing properties. In this way, we are expanding the 
residential and commercial offering, and meeting the tenants’ various 
needs. The local community is being provided with new attributes, and 
diversity and variation is increasing, contributing to great neighbour-
hoods. The aim is to generate growth through value adding construction 
that concurrently makes the neighbourhoods more attractive. Develop-
ment is conducted in close collaboration with the municipalities where 
we operate. Infill development projects can start at the earliest in 2026. 
Initially, these will be in small volumes to then be scaled up in line with 
the goal of production starts for 250 apartments per year.
Acquisitions – We strive to acquire properties and development rights 
with development potential in attractive market locations in the 
Stockholm region, close to efficient infrastructure. All acquisitions are 
approached using a long-term ownership and management perspective, 
and areas with potential for adding value and infill development are 
particularly attractive. We also regularly evaluate the composition of the 
property portfolio through selective divestments.
Financial targets
An average annual growth in NRV per share of not less  
than 7% over a business cycle. 
An average annual growth in income from property manage-
ment per share of not less than 10% over a business cycle. 
NET REINSTATEMENT VALUE (NRV) PER SHARE 1)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Q3
25
Q2
25
Q1
25
Q4
24
Q3
24
Q2
24
Q1
24
Q4
23
Q3
23
Q2
23
Q1
23
Q4
22
Q3
22
%SEK
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
 SEK/share 
 Growth 
 T arget
INCOME FROM PROPERTY MANAGEMENT, PER SHARE 1)
0
50
100
150
200
Q3
25
Q2
25
Q1
25
Q4
24
Q3
24
Q2
24
Q1
24
Q4
23
Q3
23
Q2
23
Q1
23
Q4
22
Q3
22
%SEK
-60
-50
-40
-30
-20
-10
0
10
20
30
40
 SEK/share 
 Growth 
 T arget 2)
1) John Mattson completed a rights issue in Q4 2023, which resulted in an increase 
of 37,896,965 in the number of shares, meaning that key metrics are not entirely 
comparable between periods.
2) The target was revised on 18 October 2023 from 10% to 7% starting from Q1 2024.
1) John Mattson completed a rights issue in Q4 2023, which resulted in an increase 
of 37,896,965 in the number of shares, meaning that key metrics are not entirely 
comparable between periods.
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 5
BUSINESS IdEA, GOALS ANd STRATEGIES

===== SIDA 6 =====

Sustainability targets
John Mattson has adopted long-term sustainability targets, 
including science-based climate targets, for each of the compa-
ny’s four focus areas in sustainability. The targets are to steer the 
company’s operations toward more sustainable development 
and contribute to achieving the vision of “Great neighbourhoods 
across generations.” Results for sustainability targets are pre-
sented in the interim report for Q4.
Responsible material and waste management
Responsible material choices, reusing materials and  
efficient waste management reduce climate impact 
and increase the recycling rate.
Energy-efficient and fossil-free solutions
The energy consumption during the lifespan of a  
property is considerable. Energy classifications, 
choosing fossil-free energy types and efficient  
management of the properties reduce their climate 
impact.
T arget
 ■ By 2030, John Mattson will have reduced its 
Scope 1 and Scope 2 GHG emissions by at least 
40% compared with the base year of 2021.
 ■ John Mattson will reduce its GHG emissions 
from new builds and redevelopments on a per 
square metre basis to match or better the prop-
erty sector average.
Dynamic and safe local communities
Commitment for social matters creates value for 
tenants and local communities.
T argets
 ■ Safe neighbourhoods as assessed by residents: 
to outperform the sector average for comparable 
properties.
 ■ Attractive areas according to the residents: above 
the sector average.
Healthy and inspiring workplaces
Proactive efforts for a healthy, safe and stimulating  
work environment for employees and suppliers are  
a prerequisite for well-being and commitment.
T argets
 ■ Engaged employees and an efficient organisa-
tion: above the average results of comparable 
companies.
 ■ John Mattson has an inclusive culture that 
enables the company to attract and retain 
employees with various backgrounds and 
perspectives. The recruitment process is skills-
based and free from discrimination.
 ■ The proportion of women or men is not to exceed 
two thirds within the company, management and 
the Board of Directors.
 ■ Absenteeism among John Mattson’s employees: 
not exceeding 3%.
 ■ John Mattson aims to have zero accidents lead-
ing to absenteeism of over one day at our work-
places. This applies both for John Mattson’s own 
personnel and for contracted personnel working 
for John Mattson.
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 6
BUSINESS IdEA, GOALS ANd STRATEGIES

===== SIDA 7 =====

Area T argets Outcome for the quarter Comments
Dynamic and safe local  
communities
Safe residential areas.
Safety index: higher than the 
industry average. 
(Measured using the AktivBo 
tool)
Accumulated until 30 Sep 
2025: 81.5% 
Compared with 2024 full-year 
values for John Mattson 
(79.1%) and the industry 
(81.0%).
As of 2025, safety surveys are 
taken throughout the year. 
Every quarter, the results 
are compared against the 
previous full-year industry 
average.
Since the outcome for 
John Mattson is measured 
continuously, it can rise and 
fall across the entire year. 
Dynamic and safe local  
communities
Attractive residential areas. 
Attractiveness index: higher 
than the industry average. 
(Measured using the AktivBo 
tool)
Accumulated until 30 Sep 
2025: 85.8% 
Compared with 2024 full-year 
values for John Mattson 
(83.8%) and the industry 
(85.0%).
Same as above.
Responsible material and 
waste management
GHG emissions from new 
builds and redevelopments 
on a per square metre basis 
reduced to match or better the 
sector average.
Outcomes are not followed up 
quarterly.
during Q3, we solicited 
feedback on the experience 
of the first phases of the 
renovation project in Rotebro 
to identify any opportunities 
for improvement in coming 
phases and projects. 
Energy-efficient and  
fossil-free solutions
Reduce Scope 1 and 2 GHG 
emissions 40% by 2030. 
Scopes 1 and 2 are reported 
on an annual basis
Energy consumption 
decreased 8.4% (1 Jan – 30 
Sep) from the year-earlier 
period
Rolling 12-month energy 
consumption is 104.9 kWh/sq 
m per year.
The reduction in total energy 
consumption for the period is 
reported in % compared with 
the year-earlier period (1 Jan 
– 30 Sep) in the like-for-like 
portfolio as well as in energy 
consumption, kWh/sq m.
Energy projects are undergo-
ing and the potential in future 
projects is being investigated.
Healthy and inspiring 
workplaces
Engaged employees above the 
average results of comparable 
companies.
T otal temperature – target for 
2025: higher than 7.9 (Mea-
sured using the Winningtemp 
tool)
Accumulated until 30 Se 2025: 
T otal temperature: 8.2
The area includes several 
subcategories. Other 
subcategories are followed up 
in the Annual Report. 
T otal temperature is an 
aggregate of the temperature 
in ten different categories of 
questions.
Sustainability during the quarter
John Mattson drove sustainability work forward in line with our 
business strategy during the third quarter. Our energy efficiency 
investments reduced energy consumption and improved perfor-
mance. This is in line with our target of reducing Scope 1 and 2 
GHG emissions 40% by 2030. 
Social sustainability remained in focus and initiatives linked 
to safety were implemented, such as investments in perime-
ter protection, BID collaborations and safety inspections at 
selected properties. We also participated in neighbourhood days 
arranged by the municipality of Sollentuna and  
held our own in Larsberg in Lidingö. The goal is to meet our 
tenants and initiate a dialogue with them about how to develop 
our neighbourhoods as well as to foster community and com-
mitment. Employee commitment has been encouraged through 
meetings and courses addressing digital tools and meeting 
culture. 
An evaluation of the climate impact of the first stage of the 
renovation project in Rotebro has been launched to learn how to 
reduce the climate impact of the coming phases. 
There was continued progress towards our sustainability 
targets during the quarter, driven by business value and risk 
reduction.
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 7
BUSINESS IdEA, GOALS ANd STRATEGIES

===== SIDA 8 =====

Property portfolio
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City/Bromma
Lidingö
Norrort
Söderort/Nacka
Property portfolio on 30 September 2025 January–September 2025
Apartments Lettable area Property value Rental value
Economic  
occupancy rate Rental revenue
Property 
expenses
Net operating 
income
No.
thousand 
sq m SEK m SEK/sq m SEK m
SEK/
sq m % SEK m SEK m SEK m
Lidingö 2,059 157 7,470 47,464 321 2,043 98.6 238 53 185
North Stockholm 1,069 80 1,912 23,950 119 1,489 92.6 82 34 48
City/Bromma 424 45 2,030 45,156 98 2,184 98.3 72 20 51
South Stockholm/
Nacka 773 63 3,133 49,665 151 2,391 99.3 113 25 88
T otal properties 4,325 345 14,544 42,129 689 1,997 97.6 504 132 372
John Mattson is a property company with operations in 
the Stockholm region. The company is listed on Nasdaq 
Stockholm, Mid Cap.
Our neighbourhoods 
The portfolio has been divided into four property manage-
ment areas: Lidingö, North Stockholm, City/Bromma and 
South Stockholm/Nacka. The property portfolio comprises 
4,325 rental apartments. The total lettable area amounted to 
345,000 square metres, where residentials comprised 82%.
The majority of the properties were built in the 1950s to 
1970s, and have good preconditions for adding value. 
Growth will be through acquisitions and infill develop-
ment in attractive market locations in the Stockholm region. 
On 30 September 2025 Rental value Vacancies and discounts1) Contract value Occupancy rate
Object No.2)
Lettable area, 
thousand 
sq m
Rental value, 
SEK m No. 
Lettable area, 
thousand sq m 
Vacancies and 
discounts, 
SEK m No. 
Let area, 
thousand 
sq m
Contract value, 
SEK m
Economic  
occupancy rate, %
Housing 4,325 283 524 53 4 5 4,272 280 519 99.0
Commercial 3) 62 143 8 7 54 135 95.0
Parking places 23 4 19 82.4
T otal 4,325 345 689 53 12 16 4,272 333 673 97.6
1) Vacancies primarily pertain to properties with upgrade projects that are either ongoing or that have a planned start. 
2) Of the apartments, 57 comprise care homes, including LSS, senior and other forms of support housing, which are included in the lettable commercial area and rental value.
3) 15% of commercial vacancies pertain to development properties.
4,325
apartments
82%
 of total lettable  
area is housing
345 thousand sq m
of lettable area
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 8
PROPERTY PORTfOLIO

===== SIDA 9 =====

North Stockholm
North Stockholm comprises John 
Mattson’s residential management port-
folio in the municipality of Sollentuna, in 
the areas of Rotebro, Rotsunda, Häggvik 
and Tureberg. Residential properties 
account for 100% of the total lettable area. 
The portfolio also comprises commer-
cial premises, which are mainly located 
on the ground floors of the residential 
properties. The largest share of proper-
ties was built in the 1970s, but some are 
also older (built in the 1940s and 1950s) 
and newer (built in the 1990s or later). A 
project to upgrade slightly more than 280 
apartments in Rotebro started in the first 
quarter of 2025. The project will extend 
for approximately two years and will be 
completed in phases. During the period, 
31 (0) apartments were upgraded.
Planning is ongoing for upgrades of 
the properties in Rotsunda. Due to apart-
ments being renovated, the properties in 
Rotebro and Rotsunda temporarily have a 
slightly higher vacancy rate. 
In Vilunda in Upplands Väsby, John 
Mattson owns a new build apartment 
block with some seventy rental apart-
ments and commercial operations on the 
ground floor. The building is equipped 
with various mobility solutions to enable 
sustainable living and travel for residents.
Key metrics, North Stockholm Q3 20251)
Area, residentials, thousand sq m 80
Rental value, residentials, SEK/sq m 1,490
Economic occupancy rate,  
residentials, % 92.6
Property value, residentials, SEK/sq m 23,957
Surplus ratio, residentials, % 56
SHARE OF LETTABLE AREA
 Residential properties
 Commercial properties
 development properties
City/Bromma
In City/Bromma, John Mattson’s residen-
tial management portfolio includes prop-
erties in Slakthusområdet, Hammarby 
Sjöstad, Johanneshov, Abrahamsberg 
and Gullmarsplan. Residential properties 
account for 65% of the total lettable area. 
The buildings were constructed from the 
early 1900s to 2017, with the majority 
dating back to the 1940s. The commercial 
properties contain premises for local 
services, offices and community services.
Development properties are located 
in Abrahamsberg and in Söderstaden 
(urban development area comprising 
Globenområdet, Slakthusområdet and 
Gullmarsplan-Nynäsvägen). 
A detailed development plan has been 
adopted for the construction of a nursing 
and care home at the Geografiboken 1 
property in Bromma.
The planning process for the expan-
sive Slakthusområdet in Söderstaden 
is ongoing for the construction of new 
housing. The detailed development plan 
is expected to enter legal force in 2026. 
John Mattson’s leasehold properties have 
a prime location by the neighbourhood’s 
future Metro station entrance, and while 
waiting for the project to start, the exist-
ing premises are being let to businesses 
that help develop the site.
Key metrics, City/Bromma Q3 20251)
Area, residentials, thousand sq m 29
Rental value, residentials, SEK/sq m 2,169
Economic occupancy rate,  
residentials, % 99.1
Property value, residentials, SEK/sq m 49,269
Surplus ratio, residentials, % 68
SHARE OF LETTABLE AREA
 Residential properties
 Commercial properties
 development properties
Lidingö
John Mattson’s largest property man-
agement area is in Lidingö, both in terms 
of number of apartments and property 
value. Residentials account for 95% of the 
total lettable area, and all of the proper-
ties are located in the Larsberg area and 
in Käppala. The commercial premises 
house local services and educational 
premises. The majority of the properties 
were constructed in the 1960s, but also 
include new buildings from the turn of 
the century. 
Since 64% of the portfolio has 
received total upgrades or is newly built, 
the housing is of a generally high stan-
dard. All the apartments have received 
base upgrades and total upgrades are 
ongoing both in Larsberg and in Käppala. 
During the period, 30 (27) apartments 
were upgraded. 
The portfolio also includes a develop-
ment property, Fyrtornet 5 in Larsberg 
under the project name of Ekporten, 
where the detailed development planning 
for new housing is ongoing. 
Possibilities are being investigated in 
Käppala regarding the construction of 
loft apartments at existing properties, but 
the project is at an early stage. 
SHARE OF LETTABLE AREA
 Residential properties
 Commercial properties
 development properties
Key metrics, Lidingö Q3 20251)
Area, residentials, thousand sq m 149
Rental value, residentials, SEK/sq m 1,965
Economic occupancy rate,  
residentials, % 99.2
Property value, residentials, SEK/sq m 46,929
Surplus ratio, residentials, % 77
1) The key metric corresponds to the status at the end of the period. The surplus ratio for residential properties pertains to rolling 12-month outcomes, whereby acquired and  
transferred properties and completed projects have been restated at the full-year rate, and divested and transferred properties excluded from the period.
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 9
PROPERTY PORTfOLIO

===== SIDA 10 =====

South Stockholm/Nacka
John Mattson’s portfolio in South 
Stockholm and Nacka is mainly located 
in Hägerstensåsen, Västberga and Örby. 
Residential properties account for 82% 
of the total lettable area and largely 
comprise properties built in the 1990s. 
Commercial properties account for 16% 
of the total lettable area.
The development of the Gengasen 
property at Örby centrum is in its final 
phase. The project to upgrade existing 
apartments was concluded in the third 
quarter and 11 apartments were com-
pleted. The final stage of a new produc-
tion project in the area, encompassing a 
total of 129 apartments, LSS housing and 
commercial premises was completed in 
the first quarter of 2024. 
The area has two development proj-
ects in different phases. John Mattson 
has received a land  
allocation in Örnsberg for the Pincetten 
and Lansetten projects, where work is 
ongoing with the detailed development 
plan for the new construction of over 250 
rental and tenant-owner apartments, 
commercial premises and a preschool.
The Sicklaön 37:46 property at 
 Finnboda kaj in Nacka Municipality 
includes development rights for resi-
dential properties. 
SHARE OF LETTABLE AREA
 Residential properties
 Commercial properties
 development properties
Key metrics, South Stockholm/Nacka Q3 20251)
Area, residentials, thousand sq m 52
Rental value, residentials, SEK/sq m 2,253
Economic occupancy rate,  
residentials, % 99.6
Property value, residentials, SEK/sq m 50,559
Surplus ratio, residentials, % 77
1) The key metric corresponds to the status at the end of the period. The surplus ratio for residential properties pertains to rolling 12-month outcomes, whereby acquired and  
transferred properties and completed projects have been restated at the full-year rate, and divested and transferred properties excluded from the period.
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 10
PROPERTY PORTfOLIO

===== SIDA 11 =====

New production projects
Project Area Category Type
No. of 
Apts.1)
Additional 
lettable area1) Status2)
Estimated 
production 
start1)
1 Geografiboken, Abrahamsberg City/Bromma
Own 
management Nursing and care home 80 5,900
detailed development 
plan entered force 2026
2 finnboda, Nacka South Stockholm/Nacka
Own 
management T enant-owner apartments 40 1,300
detailed development 
plan entered force 2026
3 Ekporten, Larsberg/dalénum Lidingö
Own 
management T enant-owner apartments 90 6,000
detailed development 
plan in progress (B) 2027
4 Pincetten, Örnsberg South Stockholm/Nacka
Own 
management Rental apartments 210 11,000
detailed development 
plan in progress (C) 2028
5 Lansetten, Örnsberg South Stockholm/Nacka
Own 
management T enant-owner apartments 50 4,000
detailed development 
plan in progress (C) 2028
6 Juno, Käppala Lidingö
Own 
management Rental apartments 50 1,750
detailed development 
plan entered force 2028
7 Hjälpslaktaren, Slakthusområdet City/Bromma
Own 
management Rental apartments 210 12,000
detailed development 
plan in progress (B) 2029
T otal development portfolio 730 41,950
1) Number of apartments, lettable area and estimated production start are all preliminary estimates. Changes may arise over the course of the project.
2) Status: A: Planning approval B: Consultation C: Review
John Mattson works actively with property development to 
identify undeveloped land where infill development of existing 
built-up areas and new production is possible and appropriate 
to enable long-term value growth. These efforts are conducted 
either on our own land or through land acquisition or allocation. 
We add value to our existing buildings to secure the buildings’ 
technical longevity and to generate increased net operating 
income and value growth. Uncertain market conditions for proj-
ect operations since 2022 have resulted in the postponement 
of most planned projects, while ongoing projects have been 
completed. Larger value-adding projects have been restarted 
in 2025, while infill development/new production is planned to 
start in 2026.
Development projects
/S.smcp/T.smcp/O.smcp/C.smcp/K.smcp/H.smcp/O.smcp/L.smcp/M.smcp
City/Bromma
Lidingö
Norrort
Söderort/Nacka
/N.smcp/A.smcp/C.smcp/K.smcp/A.smcp
/V.smcp/A.smcp/X.smcp/H.smcp/O.smcp/L.smcp/M.smcp
/S.smcp/O.smcp/L.smcp/N.smcp/A.smcp
/S.smcp/U.smcp/N.smcp/D.smcp/B.smcp/Y.smcp/B.smcp/E.smcp/R.smcp/G.smcp
/D.smcp/A.smcp/N.smcp/D.smcp/E.smcp/R.smcp/Y.smcp/D.smcp
/T.smcp/Adieresis.smcp/B.smcp/Y.smcp/S.smcp/O.smcp/L.smcp/L.smcp/E.smcp/N.smcp/T.smcp/U.smcp/N.smcp/A.smcp
/U.smcp/P.smcp/P.smcp/L.smcp/A.smcp/N.smcp/D.smcp/S.smcp /V.smcp/Adieresis.smcp/S.smcp/B.smcp/Y.smcp
/Odieresis.smcp/S.smcp/T.smcp/E.smcp/R.smcp/Aring.smcp/K.smcp/E.smcp/R.smcp
1
2
7
4
5
3 6
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 11
PROPERTY PORTfOLIO

===== SIDA 12 =====

Ongoing new production and upgrade projects:
Coming new production and upgrade projects:
Rotebro  
Upgrades
Upgrades of apartments. 
 
Type:  rental apartments
Living/premises area (BOA/LOA) 18,600/700 sq m
Number of apartments 282
Production start Q1 2025
Occupancy 81 in 2025,  
   180 in 2026,  
   21 in 2027
Estimated total investment SEK 290 million
Incurred investment SEK 80 million
Geografiboken, Abrahamsberg  
New production
New production of nursing and care home in Bromma. 
detailed development plan in place. 
Type:  Nursing and care home
Living/premises area (BOA/LOA) 5,900 sq m
Number of apartments 80
Production start earliest 2026
Gengasen 4, Örby  
Upgrades
Upgrade of rental apartments and commercial prem-
ises in Örby. The project was completed in Q3 2025. 
Type:  rental apartments, commercial premises
Living/premises area (BOA/LOA) 5,500/400 sq m
Number of apartments 76
Production start Q2 2022
Occupancy 23 in 2023,  
42 in 2024,  
11 in 2025
Estimated total investment SEK 163 million
Incurred investment SEK 162 million
Hjälpslaktaren, Slakthusområdet  
New production
New production of rental apartments and premises 
in Slakthusområdet in Stockholm. detailed develop-
ment plan in progress. 
Type:  rental apartments, commercial premises
Living/premises area (BOA/LOA) 12,000 sq m
Number of apartments 210
Production start earliest 2029
Rotsunda  
Upgrades
Upgrades of apartments and commercial premises. 
 
Type:  rental apartments, commercial premises
Living/premises area (BOA/LOA) 14,500/2,200 sq m
Number of apartments 245
Production start earliest 2026
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 12
PROPERTY PORTfOLIO

===== SIDA 13 =====

Lansetten, Örnsberg  
New production
New production of tenant-owner apartments in Örns-
berg in southern Stockholm. detailed development 
plan in progress.
Type:  tenant-owner apartments
Living/premises area (BOA/LOA) 4,000 sq m
Number of apartments 50
Production start earliest 2028
Ekporten, Larsberg/Dalénum  
New production
New production of tenant-owner apartments in 
Larsberg/dalénum on Lidingö. detailed development 
plan in progress.
Type:  tenant-owner apartments
Living/premises area (BOA/LOA) 6,000 sq m
Number of apartments 90
Production start earliest 2027
Finnboda, Nacka  
New production
New production of tenant-owner apartments at 
finnboda kaj in Nacka. detailed development plan 
in place.
Type:  tenant-owner apartments
Living/premises area (BOA/LOA) 1,300 sq m
Number of apartments 40
Production start earliest 2026
Juno, Käppala  
New production
New production of rental apartments in Käppala on 
Lidingö. detailed development plan in place. 
Type:  rental apartments
Living/premises area (BOA/LOA) 1,750 sq m
Number of apartments 50
Production start earliest 2028
Pincetten, Örnsberg  
New production
New production of rental apartments, premises 
and preschool in Örnsberg in southern Stockholm. 
detailed development plan in progress.
Type:  rental apartments, preschool, commercial 
premises
Living/premises area (BOA/LOA) 11,000 sq m
Number of apartments 210
Production start earliest 2028
Perspektiv från norr
2025-03-11EKPORTEN
A206
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 13
PROPERTY PORTfOLIO

===== SIDA 14 =====

The table illustrates John Mattson’s current earnings capacity on 
a 12-month basis as per 30 September 2025, after taking the entire 
property portfolio on the balance-sheet date into consideration. 
Properties acquired and taken possession of, and projects 
completed during the period are restated on an annual basis. 
Deductions are made for divested and transferred properties, 
but none are made for properties where a sales agreement has 
been reached but the transfer has not yet been made. 
Current earnings capacity is reported in conjunction with 
interim and year-end reports. The aim is to highlight the compa-
ny’s underlying earning capacity. It is important to note that the 
current earnings capacity is not the same as a projection for the 
forthcoming 12 months. 
The earnings capacity includes no assessments of rental, 
vacancy or interest-rate changes. Moreover, John Mattson’s 
earnings are impacted by changes in the values of properties 
and derivatives. None of the above was taken into consideration 
when assessing current earnings capacity. Rental revenue is 
based on contractual revenue on the balance-sheet date. As 
of the balance-sheet date, rental adjustments had been imple-
mented for housing at all properties. The vacancy level shown 
in the earnings capacity primarily pertains to upgrade projects. 
Property expenses are based on LTM property expenses. 
Central administration costs are based on estimated costs on 
a rolling 12-month basis using the scope and extent of central 
administration at the balance-sheet date. 
For more information about central administration costs,  
refer to Note 4, Central administration costs.
Net financial items have been calculated based on average 
interest expense for net debt on the balance-sheet date, with 
supplements for arrangement fees and ground rent, and is not a 
forecast of future interest costs. Any interest on cash and cash 
equivalents has not been taken into account.
The earning capacity calculates income from property man-
agement with no deduction for non-controlling interests.
Amounts in SEK m
30 September 
2025
Rental value 689.4
Vacancies and discounts -16.3
Rental revenue 673.1
Operating expenses -130.3
Maintenance expenses -22.9
Property tax -13.2
Property administration -18.1
Net operating income 488.6
 
Central administration costs -52.0
Net financial items -221.8
Of which ground rent -14.9
Income from property management 214.8
Current earnings capacity
John Mattson posted a record-high surplus ratio during the period, proving that the work to improve energy efficiency has had clear results despite increased costs.  
 Pictured: Keys and tags for the digital access system
JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2025 14
fINANCIAL INfORMATION

===== SIDA 15 =====

Financial inFormation
Condensed consolidated 
income statement
Amounts in SEK m Note
Jul–Sep
2025 
Jul–Sep 
2024 
Jan–Sep
2025 
Jan–Sep 
2024 
Rolling  
12 months  
Oct 2024– 
Sep 2025
Jan–Dec  
2024
rental revenue 2 168.7 161.4 504.4 480.2 666.9 642.7
operating expenses 3 -27.0 -25.1 -94.5 -93.5 -130.3 -129.3
maintenance 3 -5.3 -6.2 -15.8 -14.1 -22.9 -21.2
Property tax 3 -3.6 -1.7 -10.0 -8.2 -13.2 -11.3
Property administration 3 -3.3 -3.8 -12.1 -15.2 -18.1 -21.2
Net operating income 129.4 124.7 372.0 349.3 482.4 459.7
central administration costs 4 -11.0 -12.3 -39.3 -37.8 -52.0 -50.4
net financial items 5 -48.6 -53.2 -154.8 -164.5 -204.5 -214.3
Income from property management 1 69.8 59.2 177.9 147.0 225.9 195.1
changes in property values 6 94.5 223.5 265.8 296.0 381.2 411.4
change in the value of interest-rate derivatives 6 -4.1 -109.7 -58.9 -42.1 -139.1 -122.3
EBT 160.2 173.0 384.7 400.9 467.9 484.2
current tax 7 -5.3 -21.6 -23.1 -32.4 -17.9 -27.3
Deferred tax 7 -26.9 -9.4 -60.5 -5.3 -78.6 -23.4
Profit for the period 128.0 141.9 301.1 363.1 371.4 433.5
Profit/loss for the period attributable to  
Parent company shareholders (SEK/share) 1.68 1.84 3.95 4.75 4.86 5.66
STATEMENT OF COMPREHENSIVE INCOME
comprehensive income for the period
Profit for the period 128.0 141.9 301.1 363.1 371.4 433.5
other comprehensive income – – – – –
Comprehensive income for the period 128.0 141.9 301.1 363.1 371.4 433.5
Profit for the period attributable to  
Parent company shareholders, weighted av. no. of 
shares 1.68 1.84 3.95 4.75 4.86 5.66
comprehensive income for the period attributable to:
Parent company shareholders 127.1 139.8 299.3 360.2 368.2 429.0
non-controlling interests 0.9 2.2 1.8 3.0 3.3 4.5
average no. of shares, thousand  75,793.9 75,793.9 75,793.9 75,793.9 75,793.9 75,793.9
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 15

===== SIDA 16 =====

Financial inFormation
The comparative figures pertain to the year-earlier period. 
Some amounts have been rounded off, which means that tables 
and calculations do not always tally. The stated SEK per square 
metre figures pertain to rolling 12-month outcomes, whereby 
acquired and transferred properties and completed projects 
have been restated at the full-year rate, and divested and trans-
ferred properties excluded from the period. 
Note 1 Income from property management
Income from property management (that is, profit excluding 
value changes and tax) for the period was SEK 177.9 million 
(147.0), corresponding to SEK 2.35 per share (1.94). This corre-
sponded to annual growth in income from property manage-
ment per share of 21.0%. 
Net operating income for the period totalled SEK 372.0 
million (349.3), corresponding to SEK 1,415 per sq m (1,330)  
over the rolling 12-month period. This corresponded to annual 
growth in net operating income per sq m of 6.4%. 
Note 2 Revenue
The Group’s revenue for the period amounted to SEK 504.4 mil-
lion (480.2), corresponding to SEK 1,950 per sq m (1,853) over 
the rolling 12-month period. 
Rental revenue for residential properties totalled SEK 390.0 
million (372.8) for the period, corresponding to housing revenue 
of SEK 1,814 per sq m (1,764) over the rolling 12-month period. 
The general annual housing rent negotiations for 2025 resulted 
in average increases of 5.2–5.3% for utility value-based rents.
Revenue
Jan–Sep 
2025,  
SEK m
30 Sep 
2025  
SEK/sq m
Jan–Sep 
2024,  
SEK m
30 Sep 
2024  
SEK/sq m
lidingö 238.3 2,013 227.2 1,912
north Stockholm 81.6 1,379 80.0 1,319
city/Bromma 71.7 2,147 66.8 2,056
South Stockholm/nacka 112.9 2,373 106.2 2,250
T otal 504.4 1,950 480.2 1,853
Note 3 Property expenses
Property expenses totalled SEK 132.4 million (130.9). Property 
expenses amounted to SEK 534 per sq m (523) over a rolling 
12-month period, which was a cost increase of SEK 11 per sq m 
or 2.1% and were primarily attributable to the raising of mainte-
nance expenses to a long-term sustainable level. 
Operating expenses amounted to SEK 94.5 million (93.5). 
Maintenance expenses amounted to SEK 15.8 million (14.1).
Property administration expenses amounted to SEK 12.1 
million (15.2). 
Property expenses
Jan–Sep 
2025,  
SEK m
30 Sep 
2025  
SEK/sq m
Jan–Sep 
2024,  
SEK m
30 Sep 
2024  
SEK/sq m
lidingö 52.9 459 51.8 466
north Stockholm 34.0 601 34.6 593
city/Bromma 20.5 663 20.1 584
South Stockholm/nacka 25.0 546 24.5 531
T otal 132.4 534 130.9 523
Property expenses/sq m Lidingö
North 
Stockholm
City/
Bromma
South 
Stock-
holm/
Nacka T otal
operating expenses 315 449 453 390 377
maintenance 57 64 103 64 66
Property tax 37 34 46 42 38
Property administration 50 54 61 50 53
T otal 459 601 663 546 534
Note 4 Central administration costs
Central administration costs comprise costs for company 
management, business development and central support func-
tions. During the period, costs amounted to SEK 39.3 million 
(37.8), which included higher personnel costs including a higher 
employee bonus than in previous years.
Note 5 Net financial items
Net financial items amounted to an expense of SEK 154.8 million 
(expense: 164.5). The year-on-year improvement in net finan-
cial items was attributable to lower interest rates. Capitalised 
interest expense for ongoing projects amounted to SEK 4.0 
million (10.9). The average interest rate, including the effects 
of interest-rate derivatives, was 2.97% (3.18) at the end of the 
period. The interest coverage ratio for the period was a multiple 
of 2.2 (2.0). 
Note 6 Changes in value
Changes in property values amounted to a gain of SEK 265.8 mil-
lion (296.0). Realised changes in the value of divested properties 
in the period amounted to SEK 0.0 million (loss: 3.7). 
Unrealised changes in property values amounted to a total 
gain of SEK 265.8 million (299.7).
The value changes were attributable to improved net operat-
ing income and value creation in project activities.
The average valuation yield for the Group was 3.4% (3.4% on 
31 December 2024).
January to September  
2025 period
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 16

===== SIDA 17 =====

Financial inFormation
Changes in value1)
Jan–Sep 
2025,  
SEK m
Jan–Sep 
2024,  
SEK m
change in net operating income 255.5 677.1
ongoing projects 18.0 -22.0
ongoing upgrades 11.0 -30.7
Yield requirement -18.7 -324.7
acquired properties – –
Divested properties – -3.7
T otal 265.8 296.0
1) From Q2 2025, unrealised value changes for new production and upgrades will be 
based on the change in market value since the turn of the year, adjusted for invest-
ments during the period. Previously, a corresponding adjustment was made to the 
change in operating surplus.
Unrealised changes in the value of interest-rate derivatives in the 
period were negative at SEK 58.9 million (negative: 42.1). The 
change was mainly due to movements in the underlying market 
interest rates during the period. 
Note 7 T ax
Current tax for the period amounted to an expense of SEK 
23.1 million (expense: 32.4). Deferred tax amounted to an 
expense of SEK 60.5 million (expense: 5.3) and was impacted 
by unrealised changes in net property and derivative values 
amounting to positive SEK 206.8 million (negative: 257.6). 
Where value increases correspond to previous value decreases 
for which deferred tax has not been recognised, the increases in 
value do not result in any deferred tax expense.
Other fiscal adjustments do not include non-deductible inter-
est expenses of SEK 107.2 million (135.7), for which the tax value 
has not been capitalised since the opportunities to utilise these 
adjustments in the future is deemed uncertain. The Group’s loss 
carryforwards are estimated at SEK 0.0 million (SEK 0.0 million 
on 31 December 2024). The deferred tax liability pertains pri-
marily to temporary differences between the fair values and the 
fiscal residual values of properties. The properties’ fair values 
exceed their fiscal values by SEK 11,070.1 million (10,637.5 on 
31 December 2024). The full nominal tax rate of 20.6% is rec-
ognised as deferred tax liabilities, less deferred tax pertaining to 
historical asset acquisitions. In addition, deferred tax pertaining 
to certain declines in value for properties acquired as asset 
acquisitions is not reported.
SEK m
T ax base, 
current tax
T ax base, 
deferred tax
income from property management 177.9
T ax deductible
Depreciation -152.7 152.7
other fiscal adjustments 86.8 -65.8
Profit/loss before unrealised changes in value 111.9 86.9
changes in property values 265.8
changes in derivative values -58.9
T axable earnings before loss carryforwards 111.9 293.7
loss carryforwards, opening balance 0.0 0.0
loss carryforwards, closing balance 0.0 0.0
T axable profit 111.9 293.7
T ax for the period -23.1 -60.5
SEK m T ax base
Nominal tax  
liability
Actual tax 
liability/asset
Properties -11,070.1 -2,280.4 -664.2
Derivatives  7.7 1.6 1.5
Untaxed reserves -51.5 -10.6 -10.6
T otal -11,114.0 -2,289.5 -673.4
Property, asset acquisitions  4,999.7 1,029.9
T otal -6,114.3 -1,259.6 -673.4
According to balance sheet 1,259.6
The nominal tax liability recognised in the balance sheet was a 
net amount of SEK 1 259.6 million (1,159.5). However, the actual 
net tax liability was calculated at SEK 673.4 million (634.1). A tax 
rate of 6% has been assumed for the estimated, actual deferred 
tax on the Group’s properties, based on a discount interest rate 
of 3%. This estimation was conducted with regard to the appli-
cable tax legislation, which means that properties can be sold in 
a corporate wrapper with no tax consequences. The assumption 
underlying this assessment is that the properties will be divested 
on an ongoing basis over a 50-year period and where 90% of the 
properties will be sold using a corporate wrapper and 10% will 
be divested through direct property transfers. Tax deductions 
for the indirect transactions have been estimated at 5.5%. 
In respect of loss carryforwards and derivatives, the esti-
mated actual tax liability was calculated based on a discount 
interest rate of 3%, whereby the assessment is that the loss 
carry forwards will be realised over a ten-year period and the 
derivatives will be realised over an eight-year period. This 
means that the estimated actual tax is 17% for loss carry-
forwards and 19% for derivatives.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 17

===== SIDA 18 =====

Financial inFormation
Condensed consolidated  
balance sheet
Amounts in SEK m Note 30 Sep 2025 30 Sep 2024 31 Dec 2024
Assets
investment properties 8 14,543.9 13,940.6 14,097.7
right-of-use assets, leaseholds 9 457.6 438.8 445.4
interest-rate derivatives 10 18.0 64.3 53.7
other non-current assets 8.8 13.9 10.5
T otal non-current assets 15,028.3 14,457.5 14,607.4
current receivables 106.5 121.1 131.8
interest-rate derivatives 10 6.5 1.3 15.5
cash and cash equivalents 49.1 404.9 61.0
T otal current assets 162.1 527.4 208.3
T otal assets 15,190.3 14,984.9 14,815.7
Equity and liabilities
Equity attributable to Parent company shareholders 10 6,326.1 5,874.9 6,026.8
non-controlling interests 85.8 83.5 85.0
T otal equity 6,411.9 5,958.4 6,111.8
Provisions 0.7 0.8 0.7
lease liability, leaseholds 9 457.6 438.8 445.4
non-current interest-bearing liabilities 10 6,170.8 5,568.7 6,292.6
other non-current liabilities 5.6 7.0 7.0
Deferred tax liabilities 7 1,259.6 1,159.5 1,199.0
interest-rate derivatives 32.1 26.4 18.0
T otal non-current liabilities 7,926.4 7,201.1 7,962.8
current interest-bearing liabilities 10 587.5 1,500.8 473.2
interest-rate derivatives 0.0 12.3 –
other current liabilities 264.5 312.2 267.9
T otal current liabilities 852.0 1,825.4 741.1
T otal liabilities 8,778.4 9,028.2 8,703.9
T otal equity and liabilities 15,190.3 14,984.9 14,815.7
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 18

===== SIDA 19 =====

Financial inFormation
Condensed consolidated  
statement of changes in equity
Amounts in SEK m
T otal shares 
outstanding, 
thousand1) Share capital
Other  
contributed  
capital
Retained  
earnings
Equity 
attributable to 
Parent Company 
shareholders
Non-controlling 
interests T otal equity
Equity on 1 Jan 2024 75,793.9 25.3 2,258.4 3,232.1 5,515.6 80.5 5,596.1
adjustment item for additional  
issue expense 2024 -0.9 -0.9 -0.9
comprehensive income for the period 360.2 360.2 3.0 363.1
Equity on 30 Sep 2024 75,793.9 25.3 2,257.5 3,592.2 5,874.9 83.5 5,958.4
comprehensive income for the period 68.8 68.8 1.5 70.3
Equity on 31 Dec 2024 75,793.9 25.3 2,257.5 3,661.1 5,943.9 85.0 6,028.8
adjustment of previous year, interest-rate 
derivatives2) 83.0 83.0 83.0
Equity on 1 Jan 2025 75,793.9 25.3 2,257.4 3,744.2 6,026.8 85.0 6,111.8
acquired from non-controlling interests 0.0 0.0 -0.9 -0.9
comprehensive income for the period 299.3 299.3 1.8 301.1
Equity on 30 Sep 2025 75,793.9 25.3 2,257.5 4,043.5 6,326.1 85.9 6,411.9
1) the quotient value of the shares was SEK 0.33 per share (0.33) at the end of the period. 
2) For further information see note 10.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 19

===== SIDA 20 =====

Financial inFormation
Year-on-year comparison of income statement and cash flow 
items. The balance sheet is compared with the end of the previ-
ous financial year (31 December). Investment and change anal-
yses are based on comparisons with the corresponding period 
last year. 
Note 8 Investment properties 
John Mattson’s property portfolio is located across five 
municipalities in the Stockholm region – in Lidingö, the City of 
 Stockholm, Sollentuna, Upplands Väsby and Nacka. 
At the end of the period, the property value was SEK 14,543.9 
million (14,097.7). The property value has increased SEK 446.2 
million compared with the end of last year, which was primar-
ily due to unrealised changes in value. Residential properties 
accounted for 89% of the portfolio’s value, commercial proper-
ties for 9% and development properties for 2%. 
The total lettable area amounted to 345,000 square metres 
(345,000), where residentials comprised about 82%. 
The rental value as of 30 September 2025 amounted to SEK 689 
million (658). The portfolio comprises 4,325 apartments (4,324). 
investments and sales
During the period, total investments amounted to SEK 180.4 
million (167.9), of which SEK 0.0 million (0.0) pertained to acqui-
sitions. Investments in new builds amounted to SEK 20.7 million 
(35.7). Investments in upgrades amounted to SEK 111.8 million 
(33.5). During the period, 72 apartments (69) were upgraded. 
Other investments included items such as energy projects and 
tenant improvements in the commercial portfolio as well as capi-
talised maintenance. During the period, properties were divested 
with a total carrying amount of SEK 0.0 million (94.6).
Change in property value SEK m
Property value, opening balance on 1 Jan 2025 14,097.7
+ acquisitions –
+ investments in new builds 20.7
+ investments in base upgrades 111.8
+ other investments 47.9
- Sales
+/- Unrealised changes in value 265.8
Property value, closing balance on 30 Sep 2025 14,543.9
Property value
The Group’s properties are recognised at fair value in line with 
level 3 under IFRS. A quarterly valuation is conducted of the 
property portfolio according to a rolling model, whereby exter-
nal valuations are performed for a quarter of the properties by 
either Cushman & Wakefield or Novier. All other properties are 
valued internally. As a result, an external valuation is conducted 
for each property at least once each year.
The external valuations of investment properties use a cash-
flow model with an individual assessment for each property’s 
future earnings potential. The valuations are based on an analy-
sis of completed property transactions for similar properties to 
assess market yield requirements.
The external valuations are normally conducted using a 
calculation period of five years or longer. For an assessment of 
residual value at the end of the calculation horizon, net oper-
ating income for next year has been calculated. A couple of the 
new build projects are not liable for property tax for a period of 
15 years from completion. For these properties, the calculation 
horizon has been extended to take this into account. 
The internal valuation model for existing properties is based 
on a ten-year cash-flow approach. The present value of pro-
jected future cash flows is calculated using a discount require-
ment and the residual value is based on year 11 according to a 
normalised net operating income and a yield requirement. New 
production and larger redevelopments are valued at their value 
on completion less deductions for any remaining investments 
and risks. 
The residual approach is applied for the valuation of devel-
opment rights. This approach utilises the market value of the 
finished product after deduction of costs for construction and 
development, financing and the developer’s risk and profit 
requirements. A deduction is made for risk depending propor-
tionate to the stage of the planning process, with larger deduc-
tions in early stages.
Adjustments are made when development rights are linked to 
leaseholds to reflect that the leaseholder does not own the land. 
The value is affected by expected changes in ground rents and 
uncertainty regarding the preconditions for development.
A land allocation without an ownership transfer or develop-
ment agreement does not constitute a right that can be valued 
and as such is not included in valuations until a binding contract 
is in place.
Property-related key metrics
Jan–Sep
2025
Jan–Sep 
2024
Jan–Dec  
2024
rental value SEK/sq m 1,997 1,906 1,909
Economic occupancy rate, % 97.6 97.4 97.6
Property expenses, SEK/sq m 534 523 532
net operating income, SEK/sq m 1,415 1,330 1,331
Property value, SEK/sq m 42,129 40,384 40,837
lettable area at the end of the period, 
thousand sq m 345 345 345
average valuation yield, % 3.4 3.4 3.4
Note 9 Right-of-use assets and lease liabilities
The values of leaseholds are recognised as right-of-use assets 
together with a corresponding lease liability. As of 30 September 
2025, the total estimated value of the right-of-use assets and the 
liability was SEK 457.6 million (445.4).
Balance sheet  
on 30 September 2025
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 20

===== SIDA 21 =====

Financial inFormation
Note 10 Financing
John Mattson strives to keep financial risk low with a long-term 
LTV ratio that is not permitted to exceed 50% and a long-term 
interest coverage ratio of not less than 1.5. These metrics were 
met for the period.
Equity 
As of 30 September 2025, equity attributable to Parent Company 
shareholders totalled SEK 6,326.1 million (5,874.9), which corre-
sponds to SEK 83.46 (77.51) per share. During the period, equity 
attributable to Parent Company shareholders increased with 
profit for the period of SEK 299.3 million (360.2). In addition, 
the correction of an error from the previous year, pertaining to 
interest-rate derivatives, had an impact on equity of SEK 83 mil-
lion, corresponding to SEK 1.10 per share.
interest-bearing liabilities
John Mattson conducts its borrowing through banks. 
Information on interest-bearing liabilities at the end of the period
Jan–Sep
2025
Jan–Sep 
2024
Jan–Dec  
2024
credit agreements, SEK m 7,167.9 7,179.5 7,175.3
Utilised credit volume, SEK m 6,758.4 7,069.5 6,765.8
of which current, SEK m 831.4 1,500.8 473.2
of which non-current, SEK m 5,927.0 5,568.7 6,292.6
External borrowing in the period, SEK m 0.0 59.1 503.1
loan repayments in the period, SEK m 7.4 133.2 880.9
net interest-bearing liabilities, SEK m 6,709.3 6,664.6 6,704.8
Fair value, interest-bearing liabilities, 
SEK m 6,700.9 6,958.3 6,681.8
loan-to-value ratio, % 46.1 47.8 47.6
Disposable liquidity (undrawn credit  
commitments & cash), SEK m 458.6 514.9 470.5
average loan-to-maturity, incl. credit  
commitments, years 2.4 2.4 3.2
interest coverage ratio, multiple 2.2 2.0 2.0
Fixed interest and interest-rate derivatives
The interest-rate maturity structure is allocated over time 
to ensure the stability of net financial items. John Mattson 
utilises derivatives in the form of interest-rate swaps to limit 
interest-rate risk for floating-rate loans. Interest-rate swaps are 
measured at fair value using market interest rates at the end of 
the month. John Mattson uses interest-rate derivatives for the 
purpose of managing interest-rate risk and for achieving the 
desired fixed-interest structure. Over time, this strategy entails 
value changes arising in the interest-rate derivatives, primarily 
as a result of changed market interest rates. John Mattson’s 
derivatives are primarily affected by changes in long-term mar-
ket interest rates. 
The fair value of interest-rate derivatives is calculated by 
discounting future cash flows based on each maturity’s quoted 
market interest rate on the balance-sheet date. Future cash flows 
are calculated as the difference between the agreed fixed interest 
rate under the respective interest-rate derivative agreement and 
the Stibor for the respective period. Accordingly, future interest 
flows that arise in this manner are calculated at present value 
using the Stibor curve. John Mattson does not apply hedge 
accounting for derivative instruments. Assets and liabilities in 
these categories are measured continuously at fair value pursu-
ant to IFRS 13 Level 2 with changes in value recognised in the 
consolidated income statement.
The 2024 comparative figures for derivative assets and liabil-
ities have now been corrected due to a previous error.
Information on Fixed interest and interest-rate derivatives at the end of the period
Jan–Sep
2025
Jan–Sep 
2024
Jan–Dec  
2024
contracted interest-rate swaps, nominal value, 
SEK m 7,650.0 8,632.6 8,932.6
of which, forward swaps, nominal value, SEK m 3,500.0 3,700.0 3,800.0
contracted interest-rate swaps, nominal value, 
as share of floating rate debt, % 69.5 84.7 86.0
market value of interest-rate derivatives, SEK m -7.7 26.9 51.2
average fixed-interest tenor, years 3.2 3.4 3.5
average interest rate for total interest-bearing 
liabilities, incl. effect of interest-rate swaps, % 3.0 3.2 2.8
Financing
0
1
2
3
4
5
6
7
8
203020292028202720262025
0
1
2
3
Mdr %
 Hedged volume average interest rate, hedged volume
the chart shows the volume of hedged borrowings in SEK billion per quarter as well as the average interest rate for the 
hedged volume over the same period, and excludes credit margins. Unhedged borrowings are exposed to fluctuations 
in Stibor. in other words, the average interest rate shown in the chart does not comprise a forecast of the average interest 
rate for the total loan portfolio.
INTEREST RATE HEDGES
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 21

===== SIDA 22 =====

Financial inFormation
Fixed-interest and loan-to-maturity periods on 30 September 2025
Fixed-interest period loan-to-maturity interest-rate swaps
Maturity Volume (SEK m)
Average interest 
rate (%)1) Share (%)
Credit agreements 
volume (SEK m) Utilised, SEK m Share (%) Volume (SEK m)
Average interest 
rate (%)2)
0–1 year 831.4 7.51% 12% 697.5 587.5 9% 1,550 –
1–2 years 1,146.4 2.57% 17% 2,154.3 1,854.8 27% 1,650 –
2–3 years 930.5 2.07% 14% 2,667.7 2,667.7 39% 600 –
3–4 years 1,150.0 2.37% 17% 683.3 683.3 10% 1,150 –
4–5 years 2,200.0 2.27% 33% 506.9 506.9 7% 2,200 –
>5 years 500.0 2.44% 7% 458.2 458.2 7% 500 –
T otal 6,758.4 2.97% 100% 7,167.9 6,758.4 100% 7,650 -0.08%
1) average interest rate at the end of the period including derivatives. the average interest rate for the period until the end of the first year includes the credit margin for all floating  
rate loans and, accordingly, the average interest rate does not reflect the actual interest rate on borrowing.
2) Volume-weighted average interest for interest-rate derivatives.
Note 11 T ransactions with related parties
John Mattson’s related parties can be found in Note 25 on page 
99 of John Mattson’s 2024 Annual Report. All transactions with 
related parties are conducted on commercial terms. During the 
period, the company has purchased consulting services from a 
company related to one Board member for SEK 0.31 million.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 22

===== SIDA 23 =====

Financial inFormation
Condensed consolidated  
cash-flow statement
Amounts in SEK m
Jul–Sep
2025
Jul–Sep 
2024
Jan–Sep
2025
Jan–Sep 
2024
Rolling  
12 months  
Oct 2024– 
Sep 2025 
Jan–Dec  
2024
Operating activities
EBT 160.2 173.0 384.7 400.9 468.0 484.2
Adjustment for non-cash items
change in property values -94.5 -223.5 -265.8 -296.0 -381.2 -411.4
change in value of interest-rate derivatives 4.1 109.7 58.9 42.1 139.1 122.3
Depreciation and disposals 0.8 – 2.1 2.6 1.0 1.5
other non-cash items, etc. 0.2 -0.6 -1.3 -0.6 -1.6 -0.9
taxes paid – – – – – –
Cash flow from operating activities before changes in  
working capital 70.8 58.6 178.6 149.0 225.3 195.7
Cash flow from changes in working capital
change in operating receivables 16.1 -1.9 25.3 -16.5 14.7 -27.1
change in operating liabilities 11.9 68.1 -26.6 46.1 -65.7 7.0
Cash flow from operating activities 98.8 124.7 177.3 178.6 174.3 175.6
Investing activities
investments in equipment -0.4 -0.5 -0.4 -4.7 4.0 -0.3
investments in investment properties -68.5 -82.4 -180.4 -167.9 -222.0 -209.5
Divestments of non-current assets – -2.2 – 40.3 – 40.3
Cash flow from investing activities -68.9 -85.1 -180.8 -132.4 -218.0 -169.6
Financing activities
new share issue – – – -0.9 – -0.9
acquisition of minority holdings -1.0 – -1.0 – -1.0 –
Borrowings – – – 59.1 444.0 503.1
repayments of borrowings -2.6 -6.0 -7.4 -133.2 -755.1 -880.9
Cash flow from financing activities -3.6 -6.0 -8.4 -75.0 -312.1 -378.7
Cash flow for the period 26.3 33.8 -11.9 -28.8 -355.7 -372.7
opening balance, cash and cash equivalents 22.8 371.2 61.0 433.6 404.9 433.6
closing balance, cash and cash equivalents 49.1 404.9 49.1 404.9 49.1 61.0
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 23

===== SIDA 24 =====

Financial inFormation
Condensed Parent Company income statement
Amounts in SEK m
Jan–Sep
2025
Jan–Sep 
2024
Jan–Dec
2024
revenue 7.6 8.2 13.8
central administration costs -25.3 -21.9 -30.8
EBIT -17.7 -13.7 -17.0
result from participations in Group companies – -1.8 -531.2
net interest -42.6 -54.0 -71.2
Profit/loss after financial items -60.3 -69.5 -619.5
change in the value of interest-rate derivatives -16.1 – -31.6
appropriations -2.2 27.8 6.1
EBT -78.6 -41.7 -645.0
ta x – -0.2 5.4
Profit for the period -78.6 -41.9 -639.6
Condensed Parent Company balance sheet
Amounts in SEK m 30 Sep 2025 30 Sep 2024 31 Dec 2024
Assets
Plant and equipment 4.4 2.1 2.1
Participations in Group companies 5,258.2  5,257.3  5,257.3 
Deferred tax assets –  0.9 – 
non-current receivables from Group companies 1,267.9  1,223.9  1,236.4 
other non-current receivables –  0.5 
interest-rate derivatives 16.5 – 31.6
current receivables from Group companies 758.2  509.8  727.6 
other current receivables 2.4  10.7  2.1 
cash at bank and in hand 49.2  404.9  59.7 
T otal assets 7,356.8 7,409.6 7,317.4
Equity and liabilities
Equity 2,210.0  2,836.1 2,288.6
Provisions 1.0  0.5 0.6
Deferred tax liability 8.7 6.5
non-current liabilities to Group companies 2,884.4  2,798.4 2,823.2
interest-rate derivatives  1.1  – 
current liabilities to Group companies 2,245.2  1,766.6 2,190.5
other current liabilities 6.4  8.0 8.1
T otal equity and liabilities 7,356.8 7,409.6 7,317.4
Parent Company
The operations of the Parent Company, John Mattson Fastighetsföretagen AB (publ) with  
corporate identification number 556802-2858, primarily encompass shared Group services  
pertaining to strategy, communication, business development and accounting/finance.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 24

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

otHEr inFormation
Opportunities and risks in the  
Group and Parent Company
John Mattson has a stable cash flow from operating activities with 82% of the lettable area  
comprising residential properties in attractive locations in the Stockholm region. It is the 
company’s assessment that demand for rental properties in these locations will remain high.
Opportunities and risks in cash flow
John Mattson’s properties are located in attractive areas with 
high demand in the Stockholm region. The vacancy rate is 
low and rents are relatively secure and predictable. Of John 
Mattson’s total rental revenue, around 76% is generated by 
residential tenants. 
The main operating expenses for John Mattson are for media, 
which include electricity, heat, water and waste. Electricity costs 
have been more volatile compared with previous periods. 
John Mattson has stable cash flow from operating activities 
before changes in working capital. 
Interest expenses are one of John Mattson’s single largest 
expenses and are impacted by changes in market interest rates, 
whereby rising market interest rates over time are normally an 
effect of economic growth and rising inflation. Accordingly, the 
interest-bearing borrowing means that John Mattson is exposed 
to interest-rate risk, among other risks. 
Full-year effect,  
next 12 months, SEK m Change +/-
Impact on income from  
property management
rental value 5% +/-34.5
Economic occupancy rate 1 percentage point +/-6.9
Property expenses 5% +/-9.2
Underlying market interest rate 1 percentage point +21.8/-22.0
Opportunities and risks with property values
John Mattson initially recognises its properties at fair value 
with changes in value recognised in profit or loss. This entails 
increased volatility, primarily for earnings, but also for the 
financial position. 
The market value of properties is determined by market 
supply and demand. The properties’ values are based on their 
expected future net operating income and yield requirements. 
A higher net operating income or lower yield requirement has 
a positive impact on the value. A lower net operating income 
or higher yield requirement has a negative impact on the value. 
The impact of a percentage change in property value on the LTV 
ratio is illustrated below.
Sensitivity analysis,  
Loan-to-value (LTV) ratio, % -20% -10% 0% +10% +20%
change in value, SEK m -2,909 -1,454 – 1,454 2,909
loan-to-value ratio, % 57.7 51.3 46.1 41.9 38.4
The effect of a change in different input data in a valuation model 
on the calculated fair value of the properties is illustrated below.
Sensitivity analysis, fair value, SEK m 31 Sep 2025 31 Dec 2024
rent/market rent +/-1.0% 201.8 194.4
Housing 185.5 178.1
commercial 16.3 16.3
Property expenses 
+/-50 SEK/
sqm 521.7 514.9
Housing 490.6 483.0
commercial 31.1  31.9
long-term vacancy rate  +/-2.0% 407.2 382.2
Housing 373.4 361.4
commercial 33.8 20.8
Yield requirement, exit -0.5% 1,998.1 2,422.8
Housing 1,904.7 2,328.5
commercial 93.4 94.3
Yield requirement, exit +0.5% -1,445.5 -1,703.0
Housing -1,370.2 -1,627.8
commercial -75.3 -75.2
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 25

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

otHEr inFormation
Financial risk
John Mattson aims for low financial risk. The risk is limited with 
a long-term net LTV ratio that is not permitted to exceed 50% 
and a long-term interest coverage ratio of not less than 1.5. At the 
end of the period, the loan-to-value ratio was 46.1% (47.8). The 
interest coverage ratio for the period was a multiple of 2.2 (2.0). 
Access to external funding is one of the key risk parameters 
that the company has to manage. This is kept in check through 
access to disposable liquidity, in addition to a low LTV ratio. 
Disposable liquidity, which comprises unutilised overdraft 
facilities, secured RCFs and cash balances, amounted to SEK 
458.6 million (514.9) at the end of the period. The company’s vol-
ume-weighted average loan-to-maturity amounted to 2.4 years 
(2.4) at the end of the period. T o limit the company’s exposure 
to increasing interest rates, agreements concerning interest-rate 
swaps have been concluded with banks for a nominal amount 
of SEK 7 650.0 million (8,632.6), representing 69.5% (84.7) of 
interest-bearing liabilities with a floating interest rate (Stibor). 
Sustainability risks
John Mattson’s sustainability agenda is integrated into the 
company’s business model. Sustainability-related risks that are 
deemed the most material for the company’s development are 
social conditions, negative environmental impact and climate 
change as well as issues related to the company’s code of con-
duct and employees.
John Mattson works pursuant to long-term sustainability 
targets, including science-based climate targets, for each of the 
company’s four focus areas in sustainability. The sustainability 
targets are to steer the company’s operations toward more 
sustainable development and contribute to achieving the vision 
of “Great neighbourhoods across generations.” 
John Mattson takes an overall approach towards buildings as 
well as outdoor areas to create safe, attractive and sustainable 
neighbourhoods and local communities. The company is com-
mitted to engaging in social matters and to working together 
with municipalities, the police, other property owners and 
organisations on safety issues and works systematically to 
prevent improper rental conditions.
With the aim of reducing negative impacts on the environ-
ment across all components of the properties’ life cycle, and 
increasing positive ones, John Mattson focuses strongly on 
responsible material and waste management as well as ener-
gy-efficient and fossil-free solutions. The company is commit-
ted to reducing carbon dioxide emissions in line with the Paris 
Agreement and has conducted climate mapping as well as drawn 
up a roadmap to achieve the science-based climate targets. 
John Mattson works proactively to promote a healthy, safe 
and stimulating work environment for employees and suppliers. 
The code of conduct and supplemental policies implemented for 
all employees are reviewed annually, moreover, the company’s 
core values are continuously reinforced with the involvement of 
all employees. John Mattson has a clear process for performance 
appraisals and works systematically to prevent accidents and 
work-related ill health.
Uncertainties – T urbulent operating environment
Continued uncertainty in the operating environment, together 
with financial volatility and uncertainty regarding trends for 
inflation and interest rates, means that the company must con-
tinuously analyse changes in its operational and financial risks 
and, if necessary, act proactively to manage these risks. 
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 26

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

otHEr inFormation
Accounting policies
Lidingö, 23 October 2025 
 Per-Gunnar (P-G) Persson Johan Ljungberg
 Chairman of the Board Vice chairman
 
 Håkan Blixt Ingela Lindh
 Board Member Board Member
 Katarina Wallin Åsa Bergström
 Board Member Board Member
 
  Per Nilsson, CEO
  Chief Executive Officer
Significant events after the end of the period
 ■ After the end of the period, the Board resolved to start to buy back John Mattson’s shares up to an amount of SEK 100 million. 
The buy-backs have no impact on our planned investments in existing properties or our planned return to new production in 2026.
 ■ After the end of the quarter, we signed a framework agreement with the suppliers Enwell and Sallén that will enable installation of 
solar panels in all of John Mattson’s property portfolio. 
This condensed interim report for the Group has been prepared 
in accordance with IAS 34 Interim Financial Reporting together 
with the appropriate provisions of the Annual Accounts Act. 
The accounting and measurement policies applied remain 
unchanged from the annual report. 
John Mattson monitors the business as a single unit whose 
earnings in their entirety are reported to and evaluated by the 
CODM. Accordingly, the Group only reports one segment. 
New standards and interpretations
New and amended standards approved by the EU and interpre-
tations are currently not considered to have a significant impact 
on John Mattson’s earnings or financial position.
Parent Company
The Parent Company’s accounting policies adhere to the Annual 
Accounts Act and the Swedish Corporate Reporting Board 
Recommendation RFR 2 Accounting for Legal Entities. For 
further information on the accounting policies, please refer to 
the Group’s 2024 Annual Report, which is available on John 
Mattson’s website.
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===== SIDA 28 =====

Review report
John Mattson Fastighetsföretagen AB (publ), corporate identity number 556802-2858
THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL
Introduction
We have reviewed the condensed interim report for John 
Mattson Fastighetsföretagen AB (publ) as of September 30, 
2025, and for the nine months period then ended. The Board 
of Directors and the Managing Director are responsible for 
the preparation and presentation of this interim report in 
accordance with IAS 34 and the Swedish Annual Accounts Act. 
Our responsibility is to express a conclusion on this interim 
report based on our review.
Scope of review
We conducted our review in accordance with the 
International Standard on Review Engagements, ISRE 2410 
Review of Interim Financial Statements Performed by the 
Independent Auditor of the Entity. A review consists of making 
inquiries, primarily of persons responsible for financial and 
accounting matters, and applying analytical and other review 
procedures. A review is substantially less in scope than an 
audit conducted in accordance with International Standards 
on Auditing and other generally accepted auditing standards 
in Sweden. The procedures performed in a review do not 
enable us to obtain assurance that we would become aware 
of all significant matters that might be identified in an audit. 
Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that 
causes us to believe that the interim report is not prepared, 
in all material respects, in accordance with IAS 34 and the 
Swedish Annual Accounts Act regarding the Group, and in 
accordance with the Swedish Annual Accounts Act regarding 
the Parent Company.
Stockholm, October 22, 2025
Ernst & Young AB
Katrine Söderberg
Authorized Public Accountant
JOHN MATTSON – DELÅRSRAPPORT JANUARI–SEPTEMBER 2025
28

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

otHEr inFormation
The John Mattson share
John Mattson’s shares are listed on Nasdaq Stockholm, Mid Cap. 
As of 30 September 2025, the market capitalisation was SEK 4.6 billion.
John Mattson’s share was listed on Nasdaq Stockholm, Mid 
Cap as of 5 June 2019. The share price in conjunction with the 
listing was SEK 90 and the closing price on 30 September 2025 
was SEK 60.60. The lowest closing price in the quarter was 
SEK 59.20, recorded on 2 September. The highest closing price 
in the quarter was SEK 65.80, recorded on 4 July.
Over the quarter, stock turnover amounted to 2,419,213 
shares with a combined value of SEK 148.8 million, representing 
an annualised stock turnover of 13.0%. Nasdaq Stockholm 
accounted for 74.78% of all trading in John Mattson shares. 
John Mattson has one class of share and each share entitles 
the holder to one vote. 
Net reinstatement value 
As of 30 September 2025, the net reinstatement value (NRV) 
totalled 7,593.3 MSEK (7,007.4). By the end of the period, NRV 
amounted to SEK 100.18 per share (92.45). Net tangible assets 
(NTA) amounted to SEK 6,920.0 million (6,373.3) or SEK 91.30 
per share (84.09) at the end of the period, following deductions 
for the estimated actual deferred tax liability of 6%.
Dividend policy
Over the long term, dividends are to amount to 50% of annual 
income from property management after taking into consid-
eration the company’s investment plans, consolidation needs, 
liquidity and overall financial position.
Dividends may be less than the long-term goal or be fully 
absent.
Net asset value 
30 Sep 2025 30 Sep 2024 31 Dec 20243)
SEK m
SEK/
share SEK m
SEK/
share SEK m
SEK/
share
Equity according 
to balance sheet 6,326.1 83.46 5,874.9 77.51 6,026.8 79.52
Add back
Derivatives according 
to balance sheet 7.7 0.10 -26.9 -0.36 -51.2 -0.68
Deferred tax liability 
in balance sheet 1,259.6 16.62 1,159.5 15.30 1,199.0 15.82
Net reinstatement 
value (NRV) 7,593.3 100.18 7,007.4 92.45 7,174.6 94.66
Less
Estimated actual 
deferred tax liability, 6% -673.4 -8.88 -634.1 -8.37 -661.6 -8.73
Net tangible 
assets (NTA) 6,920.0 91.30 6,373.3 84.09 6,513.0 85.93
Less
Derivatives according 
to balance sheet -7.7 -0.10 26.9 0.36 51.2 0.68
Deferred tax, net -586.2 -7.73 -525.4 -6.93 -537.4 -7.09
interest-bearing 
liabilities 6,758.4 89.17 7,069.5 93.27 6,765.8 89.27
Fair value, inter-
est-bearing liabilities -6,700.9 -88.41 -6,958.3 -91.80 -6,681.8 -88.16
Net disposal 
value (NDV) 6,383.7 84.22 5,986.1 78.98 6,110.8 80.62
3) corrected, see note 10 for further information.
Main shareholders on 30 September 2025
The table below presents the owners with a shareholding in 
John Mattson that exceeds 3% together with other shareholders.
No. of shares Percentage
aB Borudan Ett 28,702,110 37.87%
tagehus Holding aB 10,273,564 13.55%
carnegie Fonder 7,000,000 9.24%
Fidelity investments (Fmr) 3,549,359 4.68%
Bergamotträdet 9 Holding aB 3,064,276 4.04%
Priornilsson Fonder 2,262,912 2.99%
other shareholders 20,941,709 27.63%
T otal 75,793,930 100.00%
of which, foreign shareholders 7,496,020 9.89%
Source: consolidated and compiled data from Euroclear/m odular Finance
Share-related key metrics
Jan–Sep 
2025
Jan–Sep  
2024
Jan–Dec  
2024
income from property management,   
SEK/share 2.35 1.94 2.57
Growth in income from property 
 management, SEK/share, % 21.0 -28.3 -23.6
Profit after tax attributable to Parent 
 company shareholders, SEK/share 3.95 4.75 5.66
net reinstatement value (nrV), SEK/share 100.18 92.45 94.66
Growth in nrV, SEK/share, % 8.4 -38.6 8.7
net tangible assets (nta), SEK/share 91.30 84.09 85.933)
Equity attributable to Parent company 
shareholders, SEK/share 83.46 77.51 79.523)
market capitalisation at the end of the period, 
SEK/share 60.60 66.80 61.20
market capitalisation (SEK/share)/nrV,  
SEK/share at the end of the period 0.60 0.72 0.65
average no. of shares during the period 75,793,930 75,793,930 75,793,930
no. of shares outstanding at the end of period 75,793,930 75,793,930 75,793,930
3) corrected, see note 10 for further information.
Development of share capital 
Y ear Event
Change 
in No. of 
shares1, 2)
T otal  
No. of  
shares
Change 
in share 
capital 
(SEK)
Share  
capital  
(SEK)
Quo-
tient 
value 
(SEK)
2010 Founded 1,000 1,000 100,000 100,000 100
2011 Bonus issue 1,000 9,900,000 10,000,000 10,000
2018
Share split 
10,000:1 9,999,000 10,000,000 10,000,000 1
2018 new share issue 1,223,344 11,223,344 1,223,344 11,223,344 1
2019 Share split 3:1 22,446,688 33,670,032 11,223,344 0.33
2021 non-cash issue 2,694,795 36,364,827 898,265 12,121,609 0.33
2022 non-cash issue 672,208 37,037,035 224,069 12,345,678 0.33
2022 non-cash issue 859,930 37,896,965 286,643 12,632,321 0.33
2023 new share issue 37,896,965 75,593,930 12,632,321 25,264,642 0.33
1) two non-cash issues, of 672,208 and 859,930 shares respectively, were decided in 
February 2022 in conjunction with the acquisition of properties. the shares were regis-
tered on 3 February and 5 may 2022. in December 2023, a rights issue was completed 
for a total of 37,896,965 shares. which were registered on 15 December (37,783,415) 
and 21 December (113,550).  
the number of shares outstanding at the end of the period was 75,593,930.
2) the quotient value of the shares was SEK 0.33 per share (0.33) at the end of the period.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 29

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

otHEr inFormation
Key metrics
Key metrics
Jul–Sep
2025
Jul–Sep 
2024
Jan–Sep
2025
Jan–Sep 
2024
Rolling  
12 months  
Oct 2024– 
Sep 2025
Jan–Dec  
2024
Property-related key metrics
Surplus ratio during the period, % 76.7 77.2 73.7 72.7 72.3 71.5
Economic occupancy rate at the end of the period, % 97.6 97.4 97.6 97.4 97.6 97.6
rental value at the end of the period, SEK m 689.4 657.0 689.4 657.0 689.4 658.9
rental value, apartments, at the end of the period, SEK/sq m2) 1,848 1,736 1,848 1,736 1,848 1,736
lettable area at the end of the period, thousand sq m 345.2 345.2 345.2 345.2 345.2 345.2
investments in new builds, extensions and redevelopments, SEK m 68.5 82.4 180.4 167.9 222.1 209.6
investments – acquisitions, SEK m 0.0 0.0 0.0 0.0 0.0 0.0
Property value at the end of the period, SEK m 14,543.9 13,940.6 14,543.9 13,940.6 14,543.9 14,097.7
Property value, at the end of the period, SEK/sq m 42,129 40,384 42,129 40,384 42,129 40,837
total number of apartments 4,325 4,324 4,325 4,324 4,325 4,326
no. of upgraded apartments during the period 34 16 72 69 86 83
Key financial metrics
rental revenue, SEK m 168.7 161.4 504.4 480.2 666.9 642.7
net operating income, SEK m 129.4 124.7 372.0 349.3 482.4 459.7
income from property management, SEK m 69.8 59.2 177.9 147.0 225.9 195.1
Earnings after tax for the period 128.0 141.9 301.1 363.1 371.4 433.5
average interest rate at the end of the period, % 2.97 3.18 2.97 3.18 2.97 2.84
ltV ratio at the end of the period, % 46.1 47.8 46.1 47.8 46.1 47.6
interest coverage ratio during the period, multiple 2.6 2.2 2.2 2.0 2.2 2.0
Fixed-interest tenor, at the end of the period, years 3.2 3.4 3.2 3.4 3.2 3.5
loan-to-maturity at the end of the period, years 2.4 2.4 2.4 2.4 2.4 3.2
net reinstatement value (nrV), SEK m 7,593.3 7,007.4 7,593.3 7,007.4 7,593.3 7,174.7
net tangible assets (nta), SEK m 6,920.0 6,373.3 6,920.0 6,373.3 6,920.0 6,513.01)
Share-related key metrics
income from property management, SEK/share 0.92 0.78 2.35 1.94 2.98 2.57
Growth in income from property management, SEK/share, % 18.0 -33.1 21.0 -28.3 14.2 -23.6
Profit after tax attributable to Parent company shareholders, SEK/share 1.68 1.84 3.95 4.75 4.86 5.66
net reinstatement value (nrV), SEK/share 100.18 92.45 100.18 92.45 100.18 94.66
Growth in net reinstatement value (nrV), SEK/share, % 8.4 -38.6 8.4 -38.6 8.4 8.7
net tangible assets (nta), SEK/share 91.30 84.09 91.30 84.09 91.30 85.931)
Equity attributable to Parent company shareholders, SEK/share 83.46 77.51 83.46 77.51 83.46 79.521)
market capitalisation at the end of the period, SEK/share 60.60 66.80 60.60 66.80 60.60 61.20
average no. of shares during the period 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930
no. of shares outstanding at the end of period 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930
1) corrected, see note 10 for further information.
2) From Q2 2025, about 1,000 square metres and a rental value of approximately SEK 9 million have been reclassified from commercial to residential.
Definitions of key metrics are provided on page 32.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 30

===== SIDA 31 =====

otHEr inFormation
Multi-quarter review
2025 2025 2025 2024 2024 2024 2024 2023
Quarterly review – Group Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
Property-related key metrics
Surplus ratio, % 76.7 76.4 68.0 68.0 77.2 76.2 64.5 69.4
Economic occupancy rate at the end of the period, % 97.6 97.2 97.6 97.6 97.4 97.1 97.0 96.1
rental value at the end of the period, SEK m 689.4 688.2 688.5 658.9 657.0 658.9 654.2 622.4
rental value, apartments, at the end of the period, SEK/sq m2) 1,848 1,848 1,824 1,736 1,736 1,734 1,714 1,664
lettable area at the end of the period, thousand sq m 345.2 344.8 345.0 345.2 345.2 345.2 347.1 342.8
investments in new builds, extensions and redevelopments, 
SEK m 68.5 61.2 50.7 41.6 82.4 16.6 68.9 61.9
investments – acquisitions, SEK m 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Property value at the end of the period, SEK m 14,543.9 14,381.0 14,251.3 14,097.7 13,940.6 13,634.0 13,563.2 13,567.6
Property value, at the end of the period, SEK/sq m 42,129 41,708 41,311 40,837 40,384 39,492 39,088 39,581
total number of apartments 4,325 4,325 4,325 4,326 4,324 4,327 4,351 4,270
no. of upgraded apartments during the period 34 28 10 7 16 53 0 9
Key financial metrics
rental revenue, SEK m 168.7 170.3 165.4 162.5 161.4 161.3 157.5 146.3
net operating income, SEK m 129.4 130.1 112.5 110.4 124.7 123.0 101.6 101.5
income from property management, SEK m 69.8 61.2 46.8 48.1 59.2 55.1 32.6 30.7
Earnings after tax for the period, SEK m 128.0 39.1 134.0 70.4 141.9 215.6 5.6 -452.6
average interest rate at the end of the period, % 2.97 2.83 2.78 2.84 3.18 3.20 3.38 3.43
ltV ratio at the end of the period, % 46.1 46.9 47.2 47.6 47.8 49.2 50.1 49.8
interest coverage ratio during the period, multiple 2.6 2.2 2.0 2.0 2.2 2.1 1.6 1.6
Fixed-interest tenor, at the end of the period, years 3.2 3.3 3.3 3.5 3.4 2.6 2.8 2.9
loan-to-maturity at the end of the period, years 2.4 2.7 2.9 3.2 2.4 2.7 2.8 3.0
net reinstatement value (nrV), SEK m 7,593.3 7,435.2 7,312.3 7,174.7 7,007.4 6,748.4 6,558.8 6,600.8
net tangible assets (nta), SEK m 6,920.0 6,772.0 6,645.7 6,513.01) 6,373.3 6,109.1 6,045.6 5,993.8
Share-related key metrics (in SEK)1)
income from property management, SEK/share 0.92 0.81 0.62 0.63 0.78 0.73 0.43 0.69
income from property management, SEK/share, growth, % 18.0 11.1 43.6 -8.0 -33.1 -4.4 -44.4 93.2
Profit after tax attributable to Parent company shareholders, 
SEK/share 1.68 0.50 1.77 0.91 1.84 2.84 0.07 -10.18
net reinstatement value (nrV), SEK/share 100.18 98.10 96.48 94.66 92.45 89.04 86.53 87.09
net reinstatement value (nrV), SEK/share, growth, % 8.4 10.2 11.5 8.7 -38.6 -44.1 -46.0 -50.0
net tangible assets (nta), SEK/share 91.30 89.35 87.68 85.931) 84.09 80.60 79.76 79.08
Equity, SEK/share 83.46 81.79 81.29 79.521) 77.51 75.67 72.83 72.77
market capitalisation at the end of the period, SEK/share 60.60 65.00 58.20 61.20 66.80 56.90 56.90 56.90
average no. of shares during the period 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930 44,480,336
no. of shares outstanding at the end of period 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930 75,793,930
1) corrected, see note 10 for further information.
2) From Q2 2025, about 1,000 square metres and a rental value of approximately SEK 9 million have been reclassified from commercial to residential.
Definitions of key metrics are provided on page 32.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 31

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

otHEr inFormation
Definitions
John Mattson Fastighetsföretagen AB (publ) applies the European Securities and Markets  
Authority’s (ESMA) Guidelines on Alternative Performance Measures (APMs). Under these 
Guidelines, an APM is a financial measure of historic or projected earnings trends, financial  
position, financial performance or cash flows that are neither defined nor specified in applicable  
rules for financial reporting, such as IFRS and the Swedish Annual Accounts Act.
Key metrics Definition Objective
Net tangible assets 
(NTA), SEK m
net reinstatement value (nrV) excluding the estimated actual tax 
liability at the end of the period. 
net tangible assets (nta) is used to provide stakeholders with 
information about the net tangible assets calculated in a manner 
compatible with other listed property companies. 
Net disposal value 
(NDV), SEK m
recognised equity attributable to Parent company shareholders 
after adjustment for the difference compared with the fair value of 
interest-bearing liabilities. 
net disposal value (nDV) is used to provide stakeholders with 
information about the value under an orderly sale of business calculated 
in a manner compatible with other listed property companies.
LTV ratio at the end 
of the period, %
interest-bearing liabilities, excluding lease liabilities for leasehold 
properties, less cash and cash equivalents as a percentage of the 
carrying amount for the properties at the end of the period.
Used to illustrate John mattson’s financial risk and shows how  
large a share of the operations is mortgaged with interest-bearing 
liabilities. this metric facilitates comparability with other property 
companies.
Residential properties residential property pertains to property that primarily consists of 
housing, but where a portion of the lettable area may also include 
other premises and garages.
not an alternative performance measure.
Equity, SEK/share recognised equity attributable to Parent company shareholders 
divided by the number of shares outstanding on the balance-sheet 
date.
this metric shows how large a share of John mattson’s recognised 
shareholders’ equity that each share represents.
Economic occupancy rate 
at the end of the period, %
annualised contracted rents in relation to contracted rents plus 
annualised discounts and vacancies at the end of the period.
this metric facilitates assessment of John mattson’s efficiency at using 
the floor area in its investment properties.
Property expenses, SEK m this item includes direct property expenses, such as costs for  
operations, maintenance and property taxes, as well as indirect 
property expenses in the form of lettings and property 
administration.
not an alternative performance measure.
Property value, at the end 
of the period, SEK/sq m
the fair value of properties excluding ongoing projects divided by 
lettable area for properties owned at the end of the period.
Used to illustrate John mattson’s average property value per sq m.
Income from property 
management, SEK m
Profit excluding value changes and tax. this metric facilitates increased understanding of John mattson’s profit 
generation.
Income from property 
management, SEK/share
Earnings excluding value changes and tax divided by the average 
number of shares outstanding during the period.
this metric facilitates increased understanding of the trend in income 
from property management taking shares outstanding into account.
Average economic 
occupancy rate, %
rental revenue for the period in relation to the period’s gross rents. this metric is used to measure John mattson’s efficiency during  
the period at using the floor area in its investment properties.
Average economic 
occupancy rate, 
apartments, %
residential rental revenue for the period in relation to gross rents 
during the period.
this metric is used to measure John mattson’s efficiency during  
the period at using the residential floor area in its investment properties.
Average interest rate at 
the end of the period, %
Weighted average contractual interest rate for all credits in the 
debt portfolio, including interest-rate derivatives, excluding 
liabilities and interest rates pertaining to iFrS 16 leases.
Used to illustrate John mattson’s financial risk.
Rental value, apartments, 
at the end of the 
period, SEK/sq m
annualised contractual residential floor area plus the value 
of vacancies and discounts at period-end divided by lettable 
residential floor area for properties owned at the end of the period.
Used to illustrate John mattson’s revenue potential in respect of 
housing, per square metre.
Rental value at the end 
of the period, SEK m
annualised contractual rent plus the annualised value of vacancies 
and discounts at the end of the period.
Used to illustrate John mattson’s revenue potential.
Contract value at the end 
of the period, SEK m
this item pertains to contracted annual rents for properties  
owned at the end of the period.
not an alternative performance measure.
Net reinstatement 
value (NRV), SEK m
recognised equity attributable to Parent company shareholders, 
adding back interest-rate derivatives and deferred tax. 
net reinstatement value (nrV) per share is used to inform stakeholders 
on the net reinstatement value calculated in a manner compatible with 
other listed property companies. replaces naV.
Net reinstatement 
value, SEK/share
recognised equity attributable to Parent company shareholders, 
adding back interest-rate derivatives and deferred tax, and divided 
by the number of shares outstanding on the balance-sheet date.
Used to illustrate John mattson’s net reinstatement value 
per share in a manner compatible with other listed companies.
Net interest-bearing 
liabilities at the end of 
the period, SEK m
interest-bearing liabilities, excluding lease liabilities for leasehold 
properties, less cash and cash equivalents at the end of the period.
Used to illustrate John mattson’s level of debt. 
Interest coverage ratio 
during the period, multiple
income from property management before value changes with 
the addition of interest expenses in relation to interest expenses 
excluding ground rents recognised as an interest expense under 
iFrS 16.
this metric is used to illustrate how sensitive John mattson’s earnings 
are to changes in interest rates, i.e., it shows how many times the 
company could pay the interest it incurs using profit from business 
operations.
Surplus ratio, % net operating income for the period as a percentage of 
recognised rental revenues.
Used to illustrate the proportion of John mattson’s revenue that remains 
after deducting property expenses. this metric is an efficiency ratio that 
is comparable over time and also between property companies.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 32

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

otHEr inFormation
Reconciliation tables
Jul–Sep
2025
Jul–Sep 
2024
Jan–Sep
2025
Jan–Sep 
2024
Rolling  
12 months  
Oct 2024– 
Sep 2025
Jan–Dec 
2024
Net tangible assets (NTA), SEK/share
a net tangible assets at the end of the period, SEK m 6,920.0 6,373.3 6,920.0 6,373.3 6,920.0 6,513.0
B number of shares outstanding at the end of the period, thousand 75,794 75,794 75,794 75,794 75,794 75,794
A/B Net tangible assets (NTA), SEK/share 91.30 84.09 91.30 84.09 91.30 85.931)
LTV ratio at the end of the period, %
a
interest-bearing liabilities, excluding lease liabilities for leasehold properties, at the end 
of the period according to balance sheet, SEK m 6,758.4 7,069.5 6,758.4 7,069.5 6,758.4 6,765.8
B cash and cash equivalents at the end of the period according to balance sheet, SEK m 49.1 404.9 49.1 404.9 49.1 61.0
c investment properties according to balance sheet at the end of the period, SEK m 14,543.9 13,940.6 14,543.9 13,940.6 14,543.9 14,097.7
(A-B)/C LTV ratio at the end of the period, % 46.1 47.8 46.1 47.8 46.1 47.6
Equity, SEK/share
a Equity attributable to Parent company shareholders at the end of the period, SEK m 6,326.1 5,874.9 6,326.1 5,874.9 6,326.1 6,026.81)
B number of shares outstanding at the end of the period, thousand 75,794 75,794 75,794 75,794 75,794 75,794
A/B Equity, SEK/share 83.46 77.51 83.46 77.51 83.46 79.52
Economic occupancy rate at the end of the period, %
a annualised contract value at the end of the period, SEK m 673.1 640.9 673.1 640.9 673.1 643.0
B annualised vacancy value at the end of the period, SEK m 16.3 17.0 16.3 17.0 16.3 15.9
A/(A+B) Economic occupancy rate during the period, % 97.6 97.4 97.6 97.4 97.6 97.6
Property value, at the end of the period, SEK/sq m
a investment properties according to balance sheet at the end of the period, SEK m 14,543.9 13,940.6 14,543.9 13,940.6 14,543.9 14,097.7
B lettable area at the end of the period, thousand sq m 345.2 345.2 345.2 345.2 345.2 345.2
A/B Property value, at the end of the period, SEK/sq m 42,129 40,384 42,129 40,384 42,129 40,837
Income from property management, SEK/share
a income from property management during the period, SEK m 69.8 59.2 177.9 147.0 225.9 195.1
B average number of shares outstanding during the period, thousand 75,794 75,794 75,794 75,794 75,794 75,794
A/B Income from property management, SEK/share 0.92 0.78 2.35 1.94 2.98 2.57
Income from property management, SEK m
a Profit for the period 90.7 141.9 263.8 363.1 334.1 433.5
B current and deferred tax 69.5 31.1 120.9 37.8 133.8 50.7
c change in value of investment properties and interest-rate derivatives 90.3 113.8 206.8 253.9 242.0 289.1
A+B-C Income from property management, SEK m 69.8 59.2 177.9 147.0 225.9 195.1
Average interest rate at the end of the period, %
a
annualised interest expense, excluding interest under iFrS 16 leases, at the end of the 
period, SEK m 200.4 224.8 200.4 224.8 200.4 192.2
B
interest-bearing liabilities, excluding lease liabilities under iFrS 16 leases, at the end of 
the period, SEK m 6,758.4 7,069.5 6,758.4 7,069.5 6,758.4 6,765.8
A/B Average interest rate at the end of the period, % 3.0 3.2 3.0 3.2 3.0 2.8
Rental value at the end of the period, SEK m
a annualised contract value at the end of the period, SEK m 673.1 640.9 673.1 640.9 673.1 643.0
B annualised vacancy value at the end of the period, SEK m 16.3 16.1 16.3 16.1 16.3 15.9
A+B Rental value at the end of the period, SEK m 689.4 657.0 689.4 657.0 689.4 658.9
Rental value, apartments, at the end of the period, SEK/sq m2)
a annualised contract value, apartments, at the end of the period, SEK m 518.5 484.6 518.5 484.6 518.5 484.2
B annualised vacancy value, apartments, at the end of the period, SEK m 4.9 4.6 4.9 4.6 4.9 5.3
c lettable area of apartments at the end of the period, thousand sq m 283.3 281.8 283.3 281.8 283.3 281.9
(A+B)/C Rental value, apartments, at the end of the period, SEK/sq m 1,848 1,736 1,848 1,736 1,848 1,736
Net reinstatement value (NRV), SEK/share
a nrV at the end of the period, SEK m 7,593.3 7,007.4 7,593.3 7,007.4 7,593.3 7,174.6
B number of shares outstanding at the end of the period, thousand 75,794 75,794 75,794 75,794 75,794 75,794
A/B Net reinstatement value, SEK/share 100.18 92.45 100.18 92.45 100.18 94.66
1) corrected, see note 10 for further information.
2) From Q2 2025, about 1,000 square metres and a rental value of SEK 9 million have been reclassified from commercial to residential.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 33

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

otHEr inFormation
Jul–Sep
2025
Jul–Sep 
2024
Jan–Sep
2025
Jan–Sep 
2024
Rolling  
12 months  
Oct 2024– 
Sep 2025
Jan–Dec 
2024
NRV and NTA, SEK m
a Equity attributable to Parent company shareholders at the end of the period, SEK m 6,326.1 5,873.2 6,326.1 5,873.2 6,326.1 6,026.81)
B Derivatives according to the balance sheet at the end of the period, SEK m 7.7 -26.9 7.7 -26.9 7.7 -51.2
c Deferred tax liabilities according to the balance sheet at the end of the period, SEK m 1,259.6 1,161.2 1,259.6 1,161.2 1,259.6 1,199.0
A+B+C=D Net reinstatement value (NRV), SEK m 7,593.3 7,007.4 7,593.3 7,007.4 7,593.3 7,174.6
E Estimated actual deferred tax liability at the end of the period, SEK m -673.4 -634.1 -673.4 -634.1 -673.4 -661.6
D-B-E Net tangible assets (NTA), SEK m 6,920.0 6,373.3 6,920.0 6,373.3 6,920.0 6,513.01)
-B Derivatives according to the balance sheet at the end of the period, SEK m -7.7 26.9 -7.7 26.9 -7.7 51.2
-c-E Deferred tax, net -586.2 -525.4 -586.2 -525.4 -586.2 -537.4
G interest-bearing liabilities 6,758.4 7,069.5 6,758.4 7,069.5 6,758.4 6,765.8
H Fair value, interest-bearing liabilities -6,700.9 -6,958.3 -6,700.9 -6,958.3 -6,700.9 -6,681.8
F-B-C-
E+G-H Net disposal value (NDV), SEK m 6,383.7 5,986.1 6,383.7 5,986.1 6,383.7 6,110.81)
Net interest-bearing liabilities at the end of the period, SEK m
a
annualised interest-bearing liabilities, excluding lease liabilities for leasehold 
properties, at the end of the period, SEK m 6,758.4 7,069.5 6,758.4 7,069.5 6,758.4 6,765.8
B cash and cash equivalents at the end of the period, SEK m 49.1 404.9 49.1 404.9 49.1 61.0
A-B Net interest-bearing liabilities at the end of the period, SEK m 6,709.3 6,664.6 6,709.3 6,664.6 6,709.3 6,704.8
Interest coverage ratio during the period, multiple
a
income from property management during the period according to income statement, 
SEK m 1) 69.8 59.2 177.9 147.0 225.9 195.1
B
Financial expenses during the period, excluding ground rents recognised as an interest 
expense under iFrS 16, SEK m 44.8 49.7 143.7 153.9 190.6 200.0
(A+B)/B Interest coverage ratio during the period, multiple 2.6 2.2 2.2 2.0 2.2 2.0
Growth in income from property management, SEK/share, %
a income from property management, SEK/share during the period 0.92 0.78 2.35 1.94 2.98 2.57
B income from property management, SEK/share during the preceding period 0.78 1.17 1.94 2.70 2.61 3.37
(A-B)/B Growth in income from property management, SEK/share, % 18.0 -33.1 21.0 -28.3 14.2 -23.6
Growth in net reinstatement value (NRV), SEK/share, %
a net reinstatement value (nrV) at the end of the period, SEK/share 100.18 92.45 100.18 92.45 100.18 94.66
B net reinstatement value (nrV) at the end of preceding 12-month period, SEK/share 92.45 150.55 92.45 150.55 92.45 87.09
(A-B)/B Growth in net reinstatement value (NRV), SEK/share, % 8.4 -38.6 8.4 -38.6 8.4 8.7
Surplus ratio during the period, %
a net operating income during the period according to income statement, SEK m 129.4 124.7 372.0 349.3 482.4 459.7
B rental revenue during the period according to income statement 168.7 161.4 504.4 480.2 666.9 642.7
A/B Surplus ratio during the period, % 76.7 77.2 73.7 72.7 72.3 71.5
1) corrected, see note 10 for further information.
JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2025 34

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Contact information  
and calendar
John mattson Fastighetsföretagen aB (publ), corp. reg. no. 556802-2858
larsbergsvägen 10, BoX 10035, 181 10 lidingö, tel: +46 (0)8-613 35 00, info@johnmattson.se, www.johnmattson.se
Financial calendar
Y ear-end report 2025: 12 February 2026
2025 annual report: March 2026
interim report January–march 2026: 23 April 2026
interim report January–June 2026: 10 July 2026
interim report January–September 2026: 23 October 2026
Information
Y ou can download and subscribe to press releases and interim 
reports on John mattson’s website.corporate.johnmattson.se
Per Nilsson, cEo
per.nilsson@johnmattson.se
tel: +46 (0)8-613 35 02
Ebba Pilo Karth, cFo 
ebba.pilo.karth@johnmattson.se
tel: +46 (0)8-613 35 09
this information is information that John mattson Fastighetsföretagen aB (publ) is 
obliged to disclose pursuant to the EU market abuse regulation and  
the Swedish Securities market act (2007:258).