Kvartalsrapport Q1 2025

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  1 | 31 
 
 
 
Q1 
 Interim report 2025 
 
January–March  Significant events during the period 
 Revenue amounted to SEK 175.1 million (156.7), a year-on-year 
increase of 12 per cent. 
 Net operating income amounted to SEK 83.2 million (73.4), up 13 
per cent year-on-year. 
 Income from property management amounted to SEK 24.8 million 
(20.2), a year-on-year increase of 22 per cent. 
 Changes in the value of investment properties amounted to SEK 
240.0 million (-45.3) and changes in the value of derivatives to 
SEK 16.7 million (44.2). 
 Earnings totalled SEK 229.3 million (3.7),  
corresponding to SEK 1.49 per share (0.03). 
 The loan-to-value ratio was 50.7 per cent (52.6) on 31 March with 
an average interest rate of 3.4 per cent (3.5) on the balance sheet 
date. The company only has bank borrowings. 
  KlaraBo took possession of a property portfolio in Helsingborg 
with a property value of SEK 850 million. The portfolio is deemed 
to have favourable potential for future value creation.
 
 KlaraBo announced a new number of shares and votes in the 
company as a result of the completed rights issue. As of 31 
January 2025, the total number of shares outstanding in KlaraBo 
amounted to 157,885,751 (of which 16,300,000 were Class A 
shares and 141,585,751 Class B shares).  
 KlaraBo repurchased 2,818,650 shares for SEK 45.1 million in 
accordance with the company’s mandate from the Annual General 
Meeting.  
Significant events after the end of the period 
 KlaraBo extended and expanded an existing lease with Östersund 
Municipality. The new lease has a term of 20 years, with a rental 
value of SEK 1.4 million annually.
 
 
   
32.4 
(31.7) 
1.49 
(0.03) 
96.8 
(97.8) 
22.5 
(34.4) 
3.4 
(3.5) 
Long-term net realizable  
value per share, SEK 
Earnings per share  
for the period, SEK 
Real occupancy rate, % Increase in income from 
property management, % 
Average interest rate on the 
balance sheet date, % 
 
KPIs: For complete key performance indicators, refer to page 23
2025 Jan-Mar 2024 Jan-Mar 2024 Jan-Dec
Profit from prop mgmt, SEK m 24.8 20.2 135.9
Profit for the period, SEK m 229.3 3.7 187.9
Market value per sq. m. 18,546 17,990 18,469
Surplus ratio, % 47.5 46.9 57.5
Real occupancy rate, % 96.8 97.8 97.2
Equity/assets ratio, % 44.4 42.6 43.6
Loan-to-value ratio, % 50.7 52.6 51.4
Interest-coverage ratio, multiple 1.8 1.8 1.8
Interest-rate hedging ratio, % 69.1 79.4 80.2
Fixed-interest period, year 2.8 3.5 3.3
Profit from property management per share, SEK * 0.16 0.15 1.01
Earnings per share, SEK* 1.49 0.03 1.39
Net realizable value per share, SEK 32.4 31.7 33.7
* Historical figures have been restated due to the rights issue.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  2 | 31 
 
 
Comments from the CEO: 
Attractive segment in uncertain and volatile 
landscape 
 
Revenue increased 12 per cent during the quarter, driven by acquisition of the property portfolio in Helsingborg and 
the general rent increases for the year. Net operating income and income from property management also trended 
positively, increasing 13 per cent and 22 per cent, respectively. In addition to the aforementioned factors, this positive 
performance was also due to efficient property management, continued value creation and cost control. The rent 
negotiations for 2025 have been completed in essentially all municipalities where KlaraBo owns properties. We were 
pleased to see that the general rent increase averaged 5 per cent for the entire property portfolio, which will help to 
partly offset our increased costs. 
 
Attractive housing at reasonable rents  
Escalating geopolitical tensions, the start of a global trade 
war and considerable uncertainty regarding macroeconomic 
development worldwide has led to significant stock market 
volatility in recent weeks. Against this backdrop, I am 
surprised that the Swedish housing sector hasn’t received 
more recognition, and that shares in listed housing 
companies are still being traded at a significant discount to 
net asset value. In my opinion, the segment should be 
viewed as a secure and attractive investment for several 
reasons, including low vacancy risk, falling market interest 
rates and rising rent levels.  
Although the need for new housing in Sweden has been 
adjusted downwards, the underlying demand for housing is 
still higher than the annual number of housing starts. KlaraBo 
is, and aims to be, a growth company. With a diversified 
portfolio of attractive housing at reasonable rents, a low 
vacancy rate, significant potential for improvement, and 
revenue increases that exceed its costs, the company has 
the right conditions to continue its organic expansion. Our 
financing costs are also highly predictable, and given the 
current macroeconomic climate, there is further pressure to 
lower the key interest rate, which bodes well for our business 
model. Average annual growth in income from property 
management per share has been 24 per cent since 2019, 
while annual growth in net realizable value has been 17 per 
cent for the same period. This confirms that the company 
has performed well operationally during a challenging period, 
with all the necessary conditions in place to continue along 
this trajectory, alongside a more favourable stock market 
climate for housing shares.     
Acquisition of Helsingborg portfolio 
As of 31 January, we gained access to a housing portfolio 
comprising 740 apartments in Fredriksdal, Helsingborg, with 
a lettable area of approximately 57,000 square metres. The 
acquisition was conducted at a property value of SEK 850 
million, corresponding to a square metre price of just under 
SEK 15,000, and an estimated initial yield of more than 5 per 
cent. The acquired housing portfolio is relatively large 
compared with KlaraBo’s previous property portfolio,

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  3 | 31 
 
 
increasing the number of apartments by just over 10 per cent 
and the number of apartments with renovation potential by 
slightly more.  
The transaction is in line with our long-term strategy to create 
value by owning, developing and actively managing 
attractive residential properties in growth regions. Given its 
strategic location and opportunities for future improvement, 
the portfolio is well aligned with our business model. The 
acquisition has not only strengthened our presence in 
Helsingborg, but also contributed to greater geographic  
diversification. We now have four distinct clusters – 
Helsingborg, Trelleborg, Visby and Östersund – which jointly 
account for the majority of the portfolio’s market value. These 
locations are characterised by stable population growth, 
strong disposable incomes and ongoing infrastructure 
investments, creating favourable conditions for long-term 
value creation and low operational risk.
 
High activity level in existing portfolio 
A total of 58 apartments were renovated, up more than 50 
per cent compared with the preceding quarter. While many of 
these renovations were related to our newly acquired 
portfolio in Helsingborg, we also maintained the level of our 
previous holdings, where we continue to see strong demand. 
Renovating apartments increases their rental value and 
creates long-term value. However, this will also have a 
negative impact on our earnings capacity in the short term as 
we voluntarily vacated more apartments than in previous 
quarters. We expect to recover this decrease as the 
apartments are completed and let.  
These types of investments contribute to higher rental 
revenue and lower operating and maintenance costs, where 
energy savings are a key component. At the same time, 
lower financing costs make the calculations for renovation 
projects look increasingly attractive. The combination of 
acquisitions, standard-raising measures and the general rent 
increase led to an increase of SEK 83.4 million in the rental 
value of our residential properties during the quarter. This is 
a very positive outcome that clearly reflects the strength of 
our proven business model and the impact of our continuous 
improvement efforts and value creation. 
Stable performance in a changing environment 
Overall, we had a stable start to the year, with a continued 
favourable performance in terms of both revenue and 
earnings. Despite a world marked by geopolitical tensions 
and uncertainty about macroeconomic developments, we 
see that our business model remains strong. Combined with 
efficient property management and an increasingly 
favourable financing situation, our ability to continuously 
create value within our existing portfolio ensures that we are 
well equipped in this changing environment. 
Malmö, April 
Andreas Morfiadakis, CEO of KlaraBo

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  4 | 31 
 
 
This is KlaraBo 
KlaraBo is a real estate company that acquires, 
builds, owns and manages attractive residential 
properties. The company was formed in 2017 and 
operates throughout the country. The strategy is to 
acquire existing residential properties and land for 
new construction in growth regions. The company’s 
newly constructed apartments are developed in-
house and space efficient, which contributes to 
reasonable rents. Both apartments and buildings are 
designed in collaboration with the municipality to fit 
local needs. Using mainly sustainable building 
materials, the company’s new construction holds a 
high environmental standard. KlaraBo is a long-term 
property owner. 
The company focuses on residential properties, which comprised 89 per cent of contracted rents on 31 March. As of 31 March, 
KlaraBo’s property portfolio had a lettable area of approximately 555,000 square metres distributed across 7,432 apartments 
and a number of premises with contracted annual rent of about SEK 730 million. The portfolio also includes 809 apartments 
under project development. 
Strategy 
KlaraBo’s overall strategy can be summarised as follows: 
 Acquisitions of residential properties, preferably with the potential for renovation, in growth regions. 
 Value-creating measures in existing investment properties, increasing revenue and reducing costs. 
 Acquisitions of land and development rights for the new construction of housing units for long-term ownership.  
 New construction of sustainable and environmentally certified, high-quality, functional, cost- and space-efficient housing units 
through self-developed and industrially produced KlaraBo buildings. 
The focus of the strategy is adapted to market conditions and available opportunities. Currently, KlaraBo is primarily focusing on 
acquisitions and value-creating measures within the existing portfolio. 
Dividend policy 
KlaraBo will eventually issue dividends, but the immediate priority will be growth through acquisitions, along with investments in 
the existing portfolio and in the company’s project portfolio. 
Overall goal 
KlaraBo’s overall goal is to create value for the company’s shareholders on a long-term basis by owning, developing and 
actively managing sought-after residential properties in growth regions with robust demand. Value creation is measured as 
growth in net realizable value and income from property management per share. 
Operational goals 
The rental trend for our existing housing units that can be 
renovated is to significantly exceed the general annual 
rental increase through active management and 
investments. 
Sustainability goals 
The company has established goals in the following areas: 
climate and energy, circular society, secure and pleasant 
neighbourhoods, employees and sustainable business. For 
complete sustainability goals, refer to page 20. 
Financial goals 
 KlaraBo is to achieve average annual growth in net 
realizable value per share of at least 15 per cent 
including any value transfers over the course of a 
business cycle. 
 KlaraBo is to achieve average annual growth in income 
from property management per share of at least 12 per 
cent over the course of a business cycle. 
 The interest-coverage ratio is to exceed a multiple of 
1.75 over time. 
 The loan-to-value ratio is to remain under 60 per cent 
over time.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  5 | 31 
 
 
  
 
 
 
Long-term net realizable value per share, SEK 
 
 
  Income from property management per share, SEK 
 
 
Long-term net realizable value: KlaraBo is to achieve 
average annual growth in long-term net realizable value per 
share of at least 15 per cent including any value transfers 
over the course of a business cycle. 
  Income from property management: KlaraBo is to achieve 
average annual growth in income from property management 
per share of at least 12 per cent over the course of a business 
cycle. 
 
OVERALL GOALS Goal
Outcome 2025
Jan–Mar
Rental value The rental trend for our existing housing units that can be renovated is to 
significantly exceed the general annual rental increase through active 
management and investments.
>General rent increase 1.7 percentage 
points
Long-term net realizable value KlaraBo is to achieve average annual growth in long-term net realizable value 
per share of at least 15 per cent including any value transfers over the course 
of a business cycle.
>15% See chart below
Income from property 
management
KlaraBo is to achieve average annual growth in income from property 
management per share of at least 12% over the course of a business cycle.
>12% See chart below
Interest-coverage ratio The interest-coverage ratio is to exceed a multiple of 1.75 over time. >1.75 1.8x
Loan-to-value ratio The loan-to-value ratio is to remain under 60 per cent over time. <60% 50.7%
Climate and energy Overall climate and energy goals are that only renewable energy will be used 
for electricity, heating and vehicles by no later than 2030, and that the entire 
value chain will be climate neutral by no later than 2045.
2030 – Only renewable 
energy
Refer to the 
Annual Report
Circular societies 70 per cent of all construction materials will be sorted for recycling in 
connection with conversions and new construction.
70% recycling rate Refer to the 
Annual Report
Secure and pleasant 
neighbourhoods
We will offer 50 summer jobs or employment opportunities to residents of our 
residential areas, through 2025.
50 job opportunities Refer to the 
Annual Report
We will have reached a long-term even gender distribution (40/60) and reflect 
society with respect to international background by no later than 2025.
Gender distribution 40/60 Refer to the 
Annual Report
No cases of corruption or discrimination. 0 Refer to the 
Annual Report
Employees and sustainable 
business
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
2019 2020 2021 2022 2023 2024 2025 Q1
Average annual 
growth of +17% 
since 2019 
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
2019 2020 2021 2022 2023 2024 2025 Q1
LTM
Average annual 
growth of +24%
since 2019

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  6 | 31 
 
 
Property portfolio 
 
KlaraBo’s portfolio of investment properties reaches across Sweden, from Trelleborg in the south to 
Umeå in the north and Visby in the east. The majority of the portfolio consists of residential properties. 
The properties are divided into four geographic regions: South, East, Central and North. The company 
focuses on investment properties in cities with growing populations and strong labour markets. 
The property holdings consist of 233 properties with a total lettable area of approximately 555,000 square metres, excluding 
parking spaces and garages. 
KlaraBo works on the basis of a customer-oriented property management model under its own management, which enables 
continual optimisation of operating costs and cost control. 
Our management model  
        
Investment properties  
  
Focus on attractive housing 
units in strong locations with a 
growing population and strong 
labour market. Focus on 
locations with good returns at 
limited risk.  
Own 
management  
  
Own management permits 
continual optimisation and 
control of operating and 
maintenance costs as well as a 
focus on the surplus ratio.  
Measures to raise standards  
  
Focus on customised value-
creating customer offering of 
measures in properties that 
raise the general standard and 
promote increased net 
operating income.  
Value-creating renovation  
  
Active renovation strategy is 
routinely implemented in the 
event of tenant relocation, 
which increases the property 
value and promotes improved 
cash flow. The design is 
adapted to the local market.  
        
 
During the quarter, the company invested SEK 29.2 million (38.5) in existing investment properties, with the primary investment 
measure being total renovations that add value. Total renovation means that the apartments are renovated in conjunction with 
natural turnover in the portfolio. Renovation measures are carried out when an existing tenant vacates the apartment and is 
concluded before a new tenant moves in. The renovation takes four to six weeks, and the apartment is advertised as vacant 
during that time, which has a temporary negative impact on the economic occupancy rate.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  7 | 31 
 
 
Measures to raise standards 
One of the company’s operational goals is for the rental trend for housing units to exceed the general 
annual rental increase through active management and investments. The graph below shows the 
company’s fulfilment of this goal, with the rental trend exceeding the general increase by 17.2 
percentage points weighted per square metre since 2019. 
 
Rental value performance 
 
The annual rent negotiations for 2025 were concluded, which resulted in a rent increase for housing units of 4.9 per cent for the 
entire portfolio. Adjusted for the annual rent increase, the rental value for homes increased by 0.8 percentage points in the 
period. 
A core part of KlaraBo’s strategy is to continually take measures to increase the value of its existing portfolio, both measures 
that increase revenue and those that reduce costs. KlaraBo ensures that apartments in need of renovation meet today’s 
standards, with modern kitchens, bathrooms and energy-efficient installations. These measures contribute to increasing the 
value of the entire portfolio in the long term as well as reducing operating and maintenance costs over time. 
138.5
121.3
100.0
110.0
120.0
130.0
140.0
2019
Q1
2019
Q3
2020
Q1
2020
Q3
2021
Q1
2021
Q3
2022
Q1
2022
Q3
2023
Q1
2023
Q3
2024
Q1
2024
Q3
2025
Q1
Percentage
points
17,2

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  8 | 31 
 
 
Number of total renovations performed 
 
    
For KlaraBo, maintaining this level of renovation requires a relatively constant natural shift in the portfolio and turnover of 
unrenovated apartments. A total of 58 apartments underwent total renovations during the quarter, a sharp increase compared 
with the preceding quarter. The portfolio recently taken possession of in Helsingborg added 18 apartments during the quarter.  
 
 
 
In addition to total renovation of apartments, KlaraBo focuses on adapting customer offerings through general measures to raise 
the standard of the apartments. This is achieved by offering existing tenants various choices that lead to increased customer 
satisfaction and simultaneously raise the actual rental value above the general annual rent negotiations. 
Contracted annual rent, SEK m  Potential value per apartment 
 
 
 
The above diagram illustrates contracted annual rent for the existing 
management portfolio as of 31 March 2025, with an additional bar for 
expected contracted rent after renovation of the existing unrenovated 
portfolio. 
 The diagram above shows the value before and after raising the yield 
requirement as well as the effect of the net increase in value with an 
ROT renovation of an example apartment. The example shows how 
ROT renovations counteract any declines in value associated with an 
increase in the yield requirement. The figures above are based on an 
actual apartment in the company’s portfolio in Trelleborg. 
69
73
58
86
65
60
45
50
41
35 37 37
58
0
10
20
30
40
50
60
70
80
90
100
2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
730
862
0
200
400
600
800
2025 Q1 Potential annual rent
961
852
1,049
109 197
0
200
400
600
800
1,000
1,200KSEK

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  9 | 31 
 
 
Investment properties excluding project development 
 
 
     
 
 
   
Rental revenue, residential 
properties 
 Market value, SEK m  Number of apartments 
 
 
 
 
 
 
 
  
No. of No. of
Region properties apartments RFA Other Total SEK m SEK/sq. m.
Central 76 971 62.5 5.5 67.9 1,212 17,839
North 34 2,041 141.4 5.7 147.1 2,280 15,494
South 69 2,451 163.5 30.1 193.5 4,038 20,868
East 54 1,969 129.7 17.1 146.8 2,781 18,947
233 7,432 497.0 58.3 555.4 10,311 18,566
                      Area, 000 sq. m.                        Market value
Economic Real occ. rate Contract. Annual
Region SEK m SEK/sq. m. occ. rate, % rate, % rent, SEK m SEK m SEK/sq. m. SEK m SEK/sq. m.
Central 96.3 1,417 93.0 96.8 89.6 43.4 638 46.2 680
North 189.0 1,284 92.0 95.5 173.9 71.8 488 102.2 694
South 289.7 1,497 92.9 97.1 269.1 90.1 466 179.0 925
East 210.6 1,435 93.8 97.7 197.5 66.4 453 131.0 893
785.6 1,415 92.9 96.8 730.0 271.6 489 458.4 825
Yield 4.4%
Property management 44.4 80
Net oper Income Incl prop mgmt 730.0 316.0 569 414.0 745
Property expenses Net oper income        Rental value
13%
25%
35%
27%
Central North South East
1,212
2,280
4,038
2,781
Central North South East
971
2,041
2,451
1,969
Central North South East

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  10 | 31 
 
 
Project development and new construction 
KlaraBo works with the entire value chain for rental apartments, from project development through 
construction to own management. For the company, business development is about pursuing projects 
from idea to completed construction. Value is thus created regardless of whether we focus on improving 
our existing properties or on entirely new project ideas. 
Product development and new construction are carried out by actively seeking prospects in the private sector and through 
participation in municipal land allocation competitions, canvassing of municipalities for direct allocations of land, densification of 
our own properties and acquisitions of properties with existing or potential development rights. The process is based on an 
analysis in which the population trend, the functional labour market and the payment capacity of the market are investigated. 
KlaraBo strives to have the lowest possible carbon footprint when building new housing. The company works actively to choose 
materials with the lowest possible climate impact and aims to secure environmental certification for all of its newly produced 
buildings. 
To gain more knowledge and support the sustainable development of the areas where the company operates, we also 
participate in local sustainable development initiatives, such as LFM30, Malmö’s local roadmap for climate-neutral 
reconstruction by 2030. 
The number of development rights for apartments in the project development portfolio is 809. 
 
 
Project portfolio 
The company’s land allocation “Öster om mässan” in Hyllie in Malmö consists of two blocks with a total of 300 apartments 
together with OBOS. The project is Malmö Municipality’s first Mallbo project in which new construction with lower rent is being 
enabled in part through lower parking standards and discounted site leasehold fees. The project is scheduled to be carried out 
in stages, with slightly more than half of the space planned to be tenant-owner apartments and the rest rental apartments. The 
land allocation agreement for the project is completed and signed, which means that the previous assessments with regard to 
completion remain unchanged. Planning of the programme documentation has started, with the aim of beginning construction of 
the properties in early 2026.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  11 | 31 
 
 
The development agreement for the densification project at the Bogen 1 property in Visby on Gotland has been slightly delayed, 
but the hope is that it can be completed in early 2025 and that the detailed development plan can be adopted during the second 
half of 2025. The building permit process for the first stage is planned shortly thereafter, with production starting as soon as the 
market allows. On Gotland, KlaraBo also applied to revise the detailed development plan for the Stäven 1 property in order to 
add additional housing. A dialogue with Region Gotland is ongoing and work is expected to begin in the second half of 2025.  
The purchase agreement for part of the Fängelset 2 property in Kristianstad was conditional on a detailed development plan 
gaining legal force, which had not taken place by the specified deadline. Given that the market and global environment have 
changed significantly since the agreement was entered into, the company has chosen to return the development right since the 
price does not reflect current conditions. 
The detailed development plan for the Ålen 1, Ålen 2 and Ålen 4 properties in Vaggeryd – which permits the three existing 
buildings to be extended by one floor totalling approximately 3,000 square metres GFA and a densification consisting of five 
new four-storey buildings totalling approximately 8,800 square metres GFA – has been adopted and is expected to gain legal 
force in May.  
For a full overview of ongoing construction and project development as of 31 March 2025, see below. 
Planned apartments by region  Rental value (SEK m) 
 
 
 
The above left diagram shows the number of planned apartments by geographic region, while the above right diagram illustrates the rental value 
of the existing management portfolio as of 31 March 2025 and the potential rental value of development rights in project development. 
 
Development rights and project development* 
 
*Information about ongoing project developments includes assessments and assumptions, which entails uncertainty with respect to schedules, area, costs and future 
rental value. The information is updated regularly and should therefore not be viewed as a for ecast.  
 
34
255
520
Central South East
786
872
0
200
400
600
800
1,000
2025 Q1 Potential rental value
Rental value, SEK m
Region Project Municipality
No. of 
apartments GFA RFA SEK m SEK/sq. m. Status
Owner 
share, %
South Aspeholm 13 Lund 26 1.6 1.3 2.8 2,047 2 100
South Hälleflundran 8, vind Malmö 17 0.7 0.5 1.5 2,778 2 100
South Hässleholm 87:22 Hässleholm 62 5.3 4.6 8.0 1,732 3 100
East Ekorren 1 Jönköping 76 6.2 4.5 9.2 2,067 2 100
East Bogen 1 (etapp 1) Gotland 90 6.3 5.0 10.4 2,065 3 100
East Bogen 1 (etapp 2) Gotland 79 5.5 4.4 9.1 2,065 3 100
East Bogen 1 (etapp 3) Gotland 41 2.9 2.3 4.8 2,065 3 100
East Stäven Gotland 14 1.3 0.9 1.7 1,848 2 100
South Öster om mässan Malmö 150 9.6 7.6 13.9 1,831 2 50
Central Källan 7 Borlänge 34 2.1 1.9 3.6 1,941 3 100
East Ålen (påbyggnad) Vaggeryd 90 6.4 4.9 9.0 1,822 3 100
East Ålen (nyproduktion) Vaggeryd 130 9.2 7.1 12.9 1,826 3 100
Total 809 57.0 45.1 86.9 1,926
Status:
1) Projects where construction started or permit obtained
2) Detailed devt plan in force, and/or where construction permit planning in progress
3) Projects where permit not granted but municipal decision on land transfer taken or acquisition agreement signed

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  12 | 31 
 
 
Condensed consolidated statement of 
comprehensive income 
 
Comprehensive income for the period is the same as profit for the period since there is no other comprehensive income. 
 
 
 
 
  
SEK m Notes
2025
3 months
Jan-Mar
2024
3 months
Jan-Mar
2024
12 months
Jan-Dec
Revenue 1 175.1 156.7 630.4
Costs 2 -91.9 -83.3 -268.2
Net operating income 3 83.2 73.4 362.2
Central administrative costs 4 -13.8 -12.3 -51.7
Operating profit/loss 69.4 61.1 310.5
Financial income/costs 5 -44.6 -40.9 -174.6
Income from property management 24.8 20.2 135.9
Changes in value of properties 6 240.0 -45.3 111.0
Changes in value of derivatives 16.7 44.2 26.2
Profit/loss before tax 281.5 19.1 273.1
Tax expense 7 -52.2 -15.4 -85.2
Profit for the period 229.3 3.7 187.9

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  13 | 31 
 
 
Earnings analysis, January–March 2025 
The income statement items below pertain to the quarter from 1 January to 31 March. Comparison items pertain to the year-
earlier period. All amounts are in SEK million. 
Note 1 Revenue 
Revenue for the quarter amounted to SEK 175.1 million (156.7), a year-on-year increase of 11.8 per cent. The increase was 
mainly attributable to the acquisition in Helsingborg and the annual rent negotiations for 2025. The rent negotiations concluded 
with a weighted average rent increase of 4.9 per cent. The transaction in the autumn, which comprised both divestments and 
acquisitions of properties, had a negative net impact on revenue for the quarter compared with the same quarter last year. The 
rate of renovation increased sharply during the quarter due to the acquisition in Helsingborg, with 58 ROT renovations carried 
out. This higher rate of renovation meant that more apartments were voluntarily vacated than in the past, resulting in a slight 
decline in the economic occupancy rate. As the number of vacant apartments decreases upon completion of the renovations, 
this will have a long-term positive impact on both cash flow and value for the company. 
Note 2 Costs 
The Group’s costs encompass operating and maintenance costs, property tax, property administration, insurance and other 
property management costs.  
Operating costs primarily pertain to costs for heating, electricity and water consumption, and waste management and amounted 
to SEK -91.9 million (-83.3) for the quarter. Costs increased 10.4 per cent, mainly due to new acquisitions. Costs for portfolios 
on a like-for-like basis rose merely 3.2 per cent, despite significant increases in tariff-based costs. These increases were 
mitigated by milder weather during the period and a biogas tax refund of SEK 0.9 million. In accordance with the current 
decision from the Swedish Tax Agency, the right to a refund of biogas tax extends through 2030.  
Mandatory, non-annual regulatory inspections were carried out on parts of the portfolio, resulting in higher repair and 
maintenance costs on a year-on-year basis. 
Note 3 Net operating income and surplus ratio 
Net operating income for the quarter amounted to SEK 83.2 million (73.4), corresponding to a year-on-year increase of 13.3 per 
cent. The surplus ratio was 47.5 per cent (46.9). 
Note 4 Central administrative costs 
Central administrative costs include costs for senior management and central support functions for both property management 
and project operations. 
Central administrative costs for the quarter totalled SEK -13.8 million (-12.3). The increased costs were partly attributable to 
non-recurring start-up costs related to the acquisition of Helsingborg. 
Note 5 Financial income/expenses 
Financial income/expenses totalled SEK -44.6 million (-40.9) for the quarter. The increase was due to higher loan volumes and 
the maturity of interest-rate swaps with favourable fixed interest rates. During the quarter, KlaraBo raised new loans totalling 
SEK 510 million in order to finance the acquisition in Helsingborg. The margin for this loan is below the average loan portfolio 
margin, which was 1.43 per cent as of the balance sheet date. The loan has a term of three years. 
KlaraBo’s interest-rate hedging ratio amounted to 69.1 per cent (79.4) of the loan volume. 
Note 6 Changes in value 
The Group’s investment properties are appraised on a quarterly basis, and a full external valuation is conducted of each 
appraisal object at least once a year. During the quarter, a desktop appraisal was conducted by the independent authorised 
appraiser Savills. Each property is individually inspected based on a rolling three-year schedule and appraised based on the 
material available regarding the property as well as the external appraisers’ market information and historical assessments. 
During the quarter, the properties recorded a value change of SEK 240 million (-45.3), which can be explained by a range of 
factors. On the positive side, an increased number of standard-enhancing measures during the quarter, higher outcomes from 
the general rent increase, and higher assumed rent increases for the coming years contributed to a value uplift of SEK 190 
million. On the downside, a higher assumption regarding cost inflation and slightly higher yield requirements contributed 
negatively by SEK -90 million. Approximately SEK 110 million relates to the value change for the portfolio in Helsingborg, driven 
by a revised view on yield requirements and future rent increases. The transaction was carried out off-market, with valuation 
assumptions made during the summer/autumn of 2024, after which comparable residential transactions have taken place on the 
market. In addition, the reversal of deferred tax attributable to the acquisition in Helsingborg contributed approximately SEK 30 
million.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  14 | 31 
 
 
At the end of the period, the average yield requirement for the entire portfolio was approximately 4.9 percent, and the yield 
requirement for the residential properties in the portfolio was 4.8 percent. 
The change in value for the Group’s derivative portfolio in the quarter amounted to SEK 16.7 million (44.2) and was attributable 
to the Group’s interest-rate derivatives. The positive trend during the quarter was due to changed assumptions regarding future 
market interest rates. The effect only impacts the company’s accounting and not its cash flow, and at the end of the derivative 
contract, the value is zero.  
Note 7 Tax expense 
Tax expense for the quarter amounted to SEK -52.2 million (-15.4), of which SEK -48.1 million (-9.5) pertained to deferred tax 
related to changes in the value of investment properties and derivatives. Current tax amounted to SEK -4.1 million (-5.9).

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  15 | 31 
 
 
Condensed consolidated statement of financial 
position 
  
 
Consolidated statement of changes in equity 
 
 
 
Comments on consolidated financial position 
The amounts and comparative figures of balance-sheet items refer to the position at the end of the period this year, and the end 
of the year-earlier period. All amounts are in SEK million. 
Note 8 Investment properties 
The Group's investment properties including project development properties are recognised at fair value in accordance with 
IFRS 13 Level 3. For project development properties, a predetermined portion of the unrealised change in value between fair 
value upon completion and total estimated production costs is recognised in pace with the degree of completion. This is done in 
accordance with an escalation model adopted by the Group.  
The Group’s investment properties were appraised at SEK 10,328.6 million (9,020.3) at the end of the period, of which project 
development properties accounted for SEK 17.9 million (19.2), site leaseholds valued in accordance with IFRS 16 accounted for 
SEK 10.6 million (10.6) and the remainder, SEK 10,300.1 million (8,990.5), pertained to existing investment properties. 
  
SEK m Notes 31/03/2025 31/03/2024 31/12/2024
Intangible assets 0.2 0.3 0.2
Investment properties 8 10,328.6 9,020.3 9,243.9
Property, plant and equipment 5.0 7.1 5.5
Financial non-current assets 0.1 16.6 0.0
Derivatives 6.1 7.4 -
Receivables 9 24.5 19.1 407.2
Cash and cash equivalents 144.6 161.4 143.0
Total assets 10,509.2 9,232.1 9,799.9
Equity attributable to Parent Company shareholders 10 4,667.7 3,935.5 4,484.2
Derivatives - - 10.6
Deferred tax liability 11 317.3 225.5 269.2
Non-current interest-bearing liabilities 12 4,249.2 4,792.1 3,762.0
Current interest-bearing liabilities 12 1,136.4 116.5 1,128.2
Other liabilities 138.5 162.5 145.8
Total equity and liabilities 10,509.2 9,232.1 9,799.9
SEK m 31/03/2025 31/03/2024 31/12/2024
Opening equity, attributable to Parent Company shareholders 4,484.2 3,936.3 3,936.3
Profit for the period 229.3 3.7 187.9
New share issue - - 390.9
Costs attributable to new share issues -0.9 - -18.6
Tax effect on share issue costs 0.2 - 3.8
Share repurchase -45.1 -4.5 -16.2
Closing equity, attributable to Parent Company shareholders 4,667.70 3,935.5 4,484.2

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  16 | 31 
 
 
Carrying amount, investment properties, SEK m 
 
 
Note 9 Receivables 
The change in receivables largely comprised the rights issue, which generated proceeds of SEK 390.9 million during the quarter 
before deductions for issue costs. 
Note 10 Equity 
Equity attributable to Parent Company shareholders totalled SEK 4,667.7 million (3,935.5). The change was attributable to the 
rights issue, to profit for the period and to the company buying back shares for SEK 45.1 million during 2025. 
Note 11 Deferred tax liability  
The deferred tax liability of SEK 317.3 million (225.5) was mainly attributable to changes in the value of investment properties 
and derivatives. 
  
31/03/2025 31/03/2024 31/12/2024
Opening carrying amount, investment properties 9,243.9 9,031.9 9,031.9
Acquisitions 815.0 - 79.3
Sales - -7.0 -140.0
Investments in investment properties 29.2 38.5 144.0
Investments in new construction properties 0.4 2.2 5.2
Changes in value 240.0 -45.3 123.5
Closing carrying amount, investment properties 10,328.6 9,020.3 9,243.9

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  17 | 31 
 
 
Financing 
Note 12 Financing 
Interest-bearing liabilities 
Interest-bearing liabilities pertain primarily to financing of the Group’s investment properties. Financing for investment properties 
amounted to SEK 5,378.2 million (4,908.6) on the balance sheet date. Lease liabilities according to IFRS 16 amounted to SEK 
12.8 million (14.1) and pertained to a site leasehold and office properties. Lease liabilities are excluded from the following table 
presenting credit lock-in periods and fixed-rate terms. Repayments for the next 12 months amounted to SEK 60.3 million (48.2) 
at the end of the period. The Group’s cash equivalents totalled SEK 144.6 million (161.4) and, in addition, KlaraBo has available 
credit facilities amounting to SEK 200 million. The fair value of the liabilities does not differ significantly from the carrying 
amount. The loan-to-value ratio for the Group on 31 March 2025 was 50.7 per cent (52.6). 
Maturity and fixed interest 
KlaraBo is to have a limited financial risk. On 31 March 2025, KlaraBo’s financing primarily comprised borrowings in four Nordic 
banks. KlaraBo has well-established partnerships with these banks and engages in a continuous dialogue regarding financing 
issues. During the period, a new loan of SEK 510 million was raised in order to partially finance the acquisition in Helsingborg. 
The margin for this loan is below the average loan portfolio margin, which was 1.43 per cent as of the end of the period. A 
dialogue is ongoing regarding refinancing of credits that mature in August 2025, and the Group expects to be able to extend 
these credits on during spring 2025 on terms comparable with those for the Group’s most recent financing.  
The Group’s loan portfolio consists mainly of credits with a floating interest rate but also fixed rate credits. To hedge against 
fluctuations in the interest-rate market and reduce interest-rate risk, interest-rate derivatives are utilised to impact the fixed-rate 
term. The total derivative portfolio amounted to SEK 2,750 million (2,750) at the end of the period. The loan portfolio’s fixed-rate 
term amounted to 2.8 years (3.5). Including fixed interest-rate credits, the Group’s interest-rate hedging ratio, meaning the share 
of liabilities that had a fixed-interest rate, was 69.1 per cent (79.4). Cash flow from the Group’s interest-rate swaps and 
swaptions remained positive, which limited KlaraBo’s interest expenses. The average interest rate, including derivatives, was 
3.4 per cent (3.5) on the balance sheet date. The year-on-year change was attributable to lower market interest rates and lower 
margins on the credits renegotiated during the year as well as new loans.  
The fair value of the interest-rate derivative portfolio amounted to SEK 6.1 million (7.4) at the end of the period. The year-on-
year change in the value of the derivative portfolio was due to new swaps entered into with higher interest rates than the swaps 
that matured and to a decline in market interest rates.  
 
Maturity SEK m Share, % SEK m Share, % SEK m Interest rate, %
2025 1,075 20 2,739 51 200 0.2
2026 880 16
2027 2,827 53 250 5 250 2.0
2028 507 9 200 4 200 2.8
2029 500 9 500 2.5
 > 5 years 89 2 1,689 31 1,600 2.7
Sum * 5,378 100 5,378 100 2,750 2.4
*Excluding construction credit, IFRS 16 and accrued loan costs
Fixed credit Fixed interest Interest-rate swaps
 
The Group has a swaption with a nominal value of SEK 300 million and a fixed rate of interest of 2.58 per cent; the potential start date for this swaption is 15 May 2025. Since the swaption did 
not impact the average fixed-rate term, it was excluded from the tables presenting credit lock-in periods and fixed-rate terms above as well as the table presenting swaps outstanding. After the 
end of the quarter, a swap was signed with a nominal amount of SEK 250 million with a fixed interest rate of 2.25 percent and a term of 2 years. 
Nominal amount (SEKm) Due Fixed rate %
200 11/05/2025 0.2
250 17/09/2027 2.0
200 21/11/2028 2.8
250 17/09/2029 2.0
250 18/11/2029 2.9
300 18/11/2030 2.9
300 20/02/2031 3.1
700 09/05/2032 2.2
300 16/02/2033 3.1
2,750 2.4

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  18 | 31 
 
 
Condensed consolidated cash-flow statement 
 
  
SEK m
2025
3 months
Jan-Mar
2024
3 months 
Jan-Mar
2024
6 months
Jan-Dec
Continuing operations
Operating profit 69.4 61.1 310.5
Adjustments for non-cash items 0.5 0.7 2.5
Interest received 0.5 1.0 3.9
Interest paid -47.5 -32.5 -175.3
Tax paid -21.3 -16.9 -23.4
Cash flow from continuing operations before 
changes in working capital 1.6 13.4 118.2
Cash flow from changes in working capital
Change in operating receivables/payables 15.7 -5.1 -35.8
Cash flow from continuing operations 17.3 8.3 82.4
Investing activities
Acquisition of investment properties -811.4 - -77.3
Sale of investment properties - - 123.6
Investments in investment properties -29.2 -38.5 -144.0
New construction investments -0.4 -2.2 -5.2
Acquisition of property, plant and equipment -0.1 - -0.2
Cash flow from investing activities -841.1 -40.6 -103.1
Financing activities
New share issue, net 375.5 - -
New financial liabilities 510.0 40.0 100.0
Borrowing costs - - -4.5
Repayment of financial liabilities -15.1 -10.3 -84.0
Share repurchase -45.1 -4.5 -16.2
Cash flow from investing activities 825.4 25.2 -4.7
Cash flow for the period 1.6 -7.1 -25.4
Cash and cash equivalents at beginning of the period 143.0 168.5 168.5
Cash and cash equivalents at end of the period 144.6 161.4 143.0

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  19 | 31 
 
 
Condensed Parent Company income statement and  
balance sheet 
Parent Company income statement 
 
The Parent Company does not own any properties. The company maintains Group-wide functions for administration, 
management, financing and project development.  
Sales in the Parent Company mainly pertain to invoicing of services to Group companies. 
 
Parent Company balance sheet 
 
 
 
The Parent Company’s assets and liabilities mainly consist of shares in, claims on and liabilities to Group companies as well as 
cash and cash equivalents. 
The new share issue was completed in early January and increased the registered share capital by SEK 1.3 million. 
 
  
SEK m
2025
3 months
Jan-Mar
2024
3 months
Jan-Mar
2024
12 months
Jan-Dec
Net sales 6.2 5.0 25.5
Personnel costs -5.9 -4.8 -21.3
Other external expenses -5.5 -5.6 -22.5
Operating loss -5.2 -5.4 -18.4
Financial income and expenses 31.6 68.9 653.7
Profit/loss after financial items 26.4 63.5 635.3
Group contributions paid/received 0.0 0.0 18.4
Profit before tax 26.4 63.5 653.7
Tax expense -2.7 -10.0 -14.8
Profit for the period 23.7 53.5 639.0
SEK m 31/03/2025 20224-03-31 31/12/2024
Property, plant and equipment 0.4 0.5 0.4
Participations in associated companies and joint ventures 2,444.3 2,311.1 2,444.2
Receivables from associated companies and joint ventures 4,132.0 3,199.4 3,715.9
Deferred tax assets 0.0 3.6 2.7
Other receivables 7.1 7.9 388.9
Cash and bank balances 132.9 157.5 131.5
Total assets 6,716.7 5,680.2 6,683.6
Restricted equity 7.9 6.6 7.9
Non-restricted equity 4,086.3 3,159.5 4,108.4
Derivatives 0.0 2.5 13.0
Liabilities to Group companies 2,614.4 2,491.3 2,537.4
Other liabilities 8.2 20.4 16.9
Total equity and liabilities 6,716.7 5,680.2 6,683.6

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  20 | 31 
 
 
Sustainability 
KlaraBo’s sustainability agenda is based on the UN Sustainable Development Goals within the three 
dimensions of ESG (environmental, social and governance).  
On the basis of a stakeholder dialogue and double materiality assessment, we have identified six key areas where we, as a 
company, can make the biggest difference and promote the development of a sustainable society. Goals have been formulated 
in the respective areas, and a selection of these is presented below. 
ENVIRONMENT 
 
Climate and energy 
 Only renewable energy will be used for electricity, heating and vehicles in our operation by 
2030. We are to be climate-neutral in our entire value chain by 2045. 
 Wooden frames are to receive priority for new construction. 
 We are to climate-proof our property portfolio. 
 
 
Resource-efficient neighbourhoods 
 It will be possible to sort household waste in all of our neighbourhoods. 
 70 per cent of all construction materials will be sorted for recycling in connection with 
conversions and new construction. 
 Before renovating an apartment, we will take an inventory of which products can be preserved 
or reused. 
 
  
SOCIAL 
 
Our employees 
 We will have reached a long-term even gender distribution (40/60) and reflect society with 
respect to international background by no later than 2025. 
 Enable internal career development/career advances for at least five employees per year. 
Examples include taking on a new role or expanded/new responsibility within the employee’s 
current function. 
 All employees will be provided with introductory training in KlaraBo’s sustainability work and 
Code of Conduct. 
 
 
 
Secure and pleasant neighbourhoods 
 We will perform an annual security round in all of our neighbourhoods. 
 We will offer 50 summer jobs or employment opportunities to residents of our residential 
areas, through 2025. 
 We will establish partnerships with local sports organisations in all of our neighbourhoods, 
with the aim of creating meaningful recreational activities for young people. 
 
  
People in our value chain 
 100 per cent sign-off on the Code of Conduct (internally) and prepare a Code of Conduct for 
Suppliers. 
 
 
GOVERNANCE 
 
Responsible business 
 No reported cases in the whistleblower function.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  21 | 31 
 
 
 
When children and young people have access to meaningful recreational activities, the entire neighbourhood becomes stronger. 
 
Sustainability-related activities during the quarter 
Introduction for new employees: 
We held an introduction and review of KlaraBo’s sustainability work for new employees, with the aim of providing knowledge and 
ensuring commitment to our priority sustainability areas at an early stage. 
Partnerships for stronger neighbourhoods: 
To promote social sustainability and contribute to secure and pleasant neighbourhoods, we devoted greater focus to activities 
for children and young people by establishing new partnerships with local sports clubs in the communities where we operate. 
This summer, for example, we will begin a partnership with Bollnäs GIF FF to introduce a KlaraBo football school for children 
between the ages of 6 and 12. 
“For us, property management is about more than looking after properties. It’s about creating environments where people thrive 
and grow,” says Peter Zetterlund, Area Manager Region North. 
Further partnerships are currently being planned to continue promoting physical activity, a sense of community, and recreation 
for children and young people in our neighbourhoods. 
Fossil-free transition: 
We continued our efforts to phase out fossil fuels used for electricity, heating and the vehicle fleet in line with our climate targets. 
During the quarter, we switched to electricity from renewable sources in more properties and took steps towards replacing our 
fossil-fuel service vehicles with electric or hybrid alternatives. 
The Omnibus proposal: 
In February 2025, the European Commission proposed amendments through Omnibus I, including on the application of the 
Corporate Sustainability Reporting Directive (CSRD). These amendments have not yet been adopted and have not been 
enacted in Swedish legislation. If they are enacted as proposed, KlaraBo would no longer be subject to the CSRD framework. 
Our sustainability agenda remains unchanged, and we are continuing to pursue our established goals. Regardless of future 
reporting requirements, we will always ensure that our stakeholders receive appropriate and sufficient information about our 
sustainability performance.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  22 | 31 
 
 
Current earnings capacity 
Earnings capacity on a 12-month basis for KlaraBo’s property management operations as of 31 March is presented in the table 
below. It is important to note that earnings capacity is not a forecast and should only be considered as a theoretical snapshot for 
the purposes of illustration. The current earnings capacity does not include an assessment of the future trends for rents, 
vacancy rate, property expenses, interest, value changes, purchases or sales of properties or other factors. 
Earnings capacity is based on the contracted rental revenue of the property portfolio, assessed property expenses during a 
normal year as well as expenses for property administration and central administration assessed on an annual basis based on 
the current scale of administration. Expenses for interest-bearing liabilities are based on the current interest-bearing liability and 
the Group’s average interest rate level including the effects of derivatives. Earnings capacity does not reflect all of the costs for 
the property management operations. 
Current earnings capacity, 12 months 
 
 
Earnings capacity attributable to rental revenue increased SEK 73.2 million during the quarter, mainly due to the acquisition of a 
total of 740 apartments in Helsingborg. Rent increases for 2025 were completed at a weighted average of 4.9 per cent, with the 
rental value for portfolios on a like-for-like basis increasing SEK 6.2 million isolated for the quarter. In addition, a terminated 
premises lease with a retail chain in Västervik reduced revenue by SEK 1.5 million on an annual basis, but this was partly offset 
by a new premises lease signed with a healthcare provider and the 58 ROT renovations completed during the quarter. 
Renovation activity increased significantly during the quarter compared with previous quarters, in line with the company’s 
improvement strategy. Since a larger share of apartments were voluntarily vacated for ROT renovations, vacancy rent had a 
temporary negative impact of approximately SEK 4.7 million on revenue, which reduced earnings attributable to revenue 
allocated to apartments under renovation. Since earnings capacity provides a snapshot, apartments renovated and let after the 
closing date are not included in the table. 
Property expenses were updated according to the estimated cost outcome for Fredriksdal based on acquisition information.  
Central administrative costs increased due to the addition of employees from recent acquisitions and the upward adjustment of 
payroll costs related to annual salary reviews. 
Financial expenses rose as a result of new loans totalling SEK 510 million related to the acquisition in Helsingborg.  
  
SEK m Apr 1 2025 Jan 1 2025 Oct 1 2024 Jul 1 2024 Apr 1 2024
Rental revenue 730.0 656.2 637.0 642.1 640.1
Property expenses -316.0 -283.1 -261.2 -261.1 -261.1
Net oper income 414.0 373.1 375.8 381.0 379.0
Surplus ratio, % 56.7 56.9 59.0 59.3 59.2
Central administrative costs -46.8 -45.9 -43.8 -43.8 -43.8
Financial income and expenses -180.4 -162.2 -175.4 -175.0 -168.1
Income from property management 186.7 165.0 156.6 162.2 167.2
       
Profit from prop mgmt per share, SEK 1.21 1.23 1.16 1.20 1.24
Number of shares, million 154.2 130.3 130.6 130.6 130.9
Interest-coverage ratio 2.0 2.0 1.9 1.9 2.0

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  23 | 31 
 
 
Key performance indicators (KPI) 
KlaraBo presents certain non-IFRS performance measures in the interim report. KlaraBo believes that these measures provide 
valuable supplementary information to investors and the company’s management since they enable an evaluation of the 
company’s performance. 
Non-IFRS measures are presented in the table below. 
 
 
 
  
Property-related 2025 Jan-Mar 2024 Jan-Mar 2024 Jan-Dec
Rental revenue, SEK m 175.1 156.7 630.4
Profit from prop mgmt, SEK m 24.8 20.2 135.9
Profit for the period, SEK m 229.3 3.7 187.9
Surplus ratio, % 47.5 46.9 57.5
Real occupancy rate, % 96.8 97.8 97.2
Investment properties, SEK m 10,328.6 9,020.3 9,243.9
Market value per sq. m. 18,546 17,990 18,469
Total lettable area, ‘000 sq. m. 555.4 499.7 499.0
No. of apartments under mgmt 7,432 6,610 6,694
No. of apartments in project devt 809 1,098 974
Financial
Equity/assets ratio, % 44.4 42.6 43.6
Loan-to-value ratio, % 50.7 52.6 51.4
Interest-coverage ratio, multiple 1.8 1.8 1.8
Net realizable value, SEK m 4,978.8 4,153.5 4,387.8
Share-based
Profit from property management per share, SEK* 0.16 0.15 1.01
Equity per share, SEK 30.4 30.1 31.5
Net realizable value per share, SEK 32.4 31.7 33.7
Annual growth, profit from property management per share, % 7.5 34.5 9.8
Annual growth, net realizable value per share, % 2.2 -4.6 5.4
No. of shares at end of period, million 153.5 130.9 130.3
Weighted average No. of shares during period before dilution, million 154.2 131.1 130.7
* Historical figures have been restated due to the rights issue.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  24 | 31 
 
 
Definitions of key performance indicators 
 
  
Key performance indicators Definition Objective
Market value per sq. m. Investment properties excluding new construction, 
divided by the total lettable area of the property 
portfolio.
This KPI shows developments in the value of the Group’s 
investment properties in relation to area over time.
Surplus ratio, % Net operating income in relation to rental revenue. Used to show the share of revenue that remains after 
property expenses. This KPI is a measure of efficiency that 
can be compared between property companies as well as 
over time. 
Real occupancy rate, % Number of apartments rented, including 
apartments set aside for renovation and 
apartments with signed leases, divided by total 
number of apartments.
Used to illustrate the actual occupancy rate in the Group 
adjusted for voluntary vacancy in the form of renovations 
and temporary relocation vacancies.
Equity/assets ratio, % Total equity in relation to total assets at the end of 
the period.
This KPI is used to illustrate the Group’s sensitivity to 
interest rates and its financial stability.
Loan-to-value ratio, % Total interest-bearing liabilities less cash and 
cash equivalents at the end of the period in 
relation to investment properties
Used to illustrate financial risk, and how much of the 
operation is pledged under interest-bearing liabilities less 
available cash on hand. This KPI provides comparability 
with property companies.
Loan-to-value ratio, investment 
properties, %
Interest-bearing liabilities related to investment 
properties, in relation to investment properties 
excluding new construction in progress.
Used to illustrate financial risk, and how much of the 
management operations are pledged under interest-
bearing liabilities. 
Interest-coverage ratio, multiple Operating profit/loss on a twelve-month basis, 
divided by net interest income/expense. 
This KPI shows how many times the Group will be able to 
pay its interest with earnings from operating activities, and 
illustrates how sensitive the Group is to changes in interest 
rates. 
Net realizable value, SEK m Equity attributable to Parent Company 
shareholders, with add-back of deferred tax and 
derivatives attributable to wholly owned 
participations.
This KPI is an established measure of the Group’s long-
term net reassessment value, and facilitates analysis and 
comparison between property companies.
Profit from property management per 
share, SEK
Profit from property management attributable to 
Parent Company shareholders in relation to 
weighted average number of shares during the 
period.
Used to illustrate profit from property management per 
share in a uniform manner for listed companies.
Equity per share, SEK Equity attributable to Parent Company 
shareholders in relation to the number of shares 
outstanding at end of the period.
This KPI shows how much of the Group’s recognised 
equity each share represents.
Net realizable value per share, SEK Net realizable value in relation to no. of shares 
outstanding at end of the period.
Used to illustrate the Group’s long-term net reassessment 
value per share in a uniform manner for listed companies.
Annual growth, profit from property 
management per share, %
Percentage change in profit from property 
management per share during the period
Used to illustrate the development of profit from property 
management over time, expressed as a percentage.
Annual growth, net realizable value per 
share, %
Percentage change in net realizable value per 
share during the period.
Used to illustrate the development of net reassessment 
value over time, expressed as a percentage.
Net operating income Net operating income from property management 
before elimination of intra-group leases less 
expenses from property management.
This KPI measures the property companies' operational 
surplus  regarding letting and property management.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  25 | 31 
 
 
Reconciliation table, key performance indicators 
 
2025 Jan-Mar 2024 Jan-Mar 2024 Jan-Dec
Market value per sq. m.
A Investment properties, SEK m 10,328.6 9,020.3 9,243.9
B New construction in progress, SEK m 18.0 19.2 17.7
C Site leaseholds 10.6 10.6 10.6
D Total lettable area, 000 sq. m. 555.4 499.7 499.0
(A-B-C)/D Market value per sq. m. 18,546 17,990 18,469
Surplus ratio, %
A Net operating income, SEK m 83.2 73.4 362.2
B Revenue, SEK m 175.1 156.7 630.4
A/B Surplus ratio, % 47.5 46.9 57.5
Real occupancy rate, %
A No. of apartments 7,432 6,610 6,694
B No. of apartments not rented 394 246 305
C Apts set aside for renovation or with signed leases 155 100 120
1-(B-C)/A Real occupancy rate, % 96.8 97.8 97.2
Equity/assets ratio, %
A Total equity at the end of the period, SEK m 4,667.7 3,935.5 4,484.2
B Add-back of rights issue of unsubscribed shares 0.0 0.0 -376.1
C Total equity and liabilities at the end of the period, SEK m 10,509.2 9,232.1 9,799.9
(A+B)/(B+C) Equity/assets ratio, % 44.4 42.6 43.6
Loan-to-value ratio, %
A Non-current interest-bearing liabilities, SEK m 4,249.2 4,792.1 3,762.0
B Current interest-bearing liabilities, SEK m 1,136.4 116.5 1,128.2
C Cash and cash equivalents at end of the period, SEK m 144.6 161.4 143.0
D Investment properties, SEK m 10,328.6 9,020.3 9,243.9
(A+B.C)/D Loan-to-value ratio, % 50.7 52.6 51.4
E Construction credit attr to new construction, SEK m 0.0 67.0 0.0
F New construction in progress, SEK m 18.0 19.2 17.7
(A+B-E-F)/(D-F) Loan-to-value ratio, investment properties, % 52.2 53.8 53.0
Interest-coverage ratio, multiple
A Operating profit/loss, rolling 12 months, SEK m 318.8 292.4 310.5
B Interest income/expense, rolling 12 months, SEK m -178.3 -163.0 -174.6
A/-B Interest-coverage ratio, multiple 1.8 1.8 1.8
Net realizable value, SEK m
A Equity, SEK m 4,667.7 3,935.5 4,484.2
B Add-back of derivatives, SEK m -6.1 -7.4 10.6
C Add-back of deferred tax liabilities, SEK m 317.3 225.5 269.2
D Add-back of deferred tax assets, SEK m 0.0 0.0 0.0
E Add-back of rights issue of unsubscribed shares 0.0 0.0 0.0
A+B+C+D+E net realizable value, SEK m 4,978.8 4,153.5 4,387.8
Profit from property management per share, SEK *
A Profit from prop mgmt, SEK m 24.8 20.2 135.9
B Adjustment, profit from prop mgmt attr to minority share, SEK m 154.2 131.1 130.7
C Adjustment factor related to the rights issue. 0.000 0.0328 0.0328
A/(B*(1+C) Profit from prop mgmt per share, SEK 0.16 0.15 1.01
Equity per share, SEK
A Equity, SEK m 4,667.7 3,935.5 4,484.2
B Add-back of rights issue of unsubscribed shares 0.0 0.0 -376.1
C Number of shares at end of the period, million 153.5 130.9 130.3
(A+B)/C Equity per share, SEK 30.40 30.07 31.53

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  26 | 31 
 
 
 
  
  
2025 Jan-Mar 2024 Jan-Mar 2024 Jan-Dec
Net realizable value per share, SEK
A Net reassessment value (net realizable value), SEK m 4,978.8 4,153.5 4,387.8
B  Number of shares at end of the period, million 153.5 130.9 130.3
A/B net realizable value per share, SEK 32.43 31.74 33.68
Annual growth, profit from property management per share, %*
A Profit from prop mgmt during the period per share, SEK 0.16 0.15 1.01
B Profit from prop mgmt during the preceding period per share, SEK 0.15 0.11 0.92
A/B-1 Annual growth, profit from prop mgmt per share, % 7.5% 34.5% 9.8%
Annual growth, net realizable value per share, %
A Net realizable value during the period per share, SEK 32.4 31.7 33.7
B Net realizable value during the preceding period per share, SEK 31.7 33.3 32.0
A/B-1 Annual growth, net realizable value per share, % 2.2% -4.6% 5.4%
* Historical figures have been restated due to the rights issue

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  27 | 31 
 
 
Risks and opportunities for  
the Group and Parent Company 
In order to prepare accounts according to generally accepted accounting principles and IFRS, company management must 
make assessments and assumptions that affect recognised assets and liabilities as well as revenues and costs in the financial 
statements, as well as affecting other information provided. The actual results may deviate from these assessments. Estimates 
and assumptions are based on historical experience and other factors that are deemed reasonable given the prevailing 
conditions. The Group’s operations and the financial position and earnings can be affected, both directly and indirectly, by a 
number of risks, uncertainties and external factors. 
The Group’s operations are dependent on general financial and political trends, particularly in Sweden, which can impact 
demand for housing and premises. All identified risks are continuously monitored, and risk-reducing measures are implemented 
if required to limit their impact. 
A summary of the most substantial risks and opportunities for the Group is presented below. For other information, refer to the 
Annual Report. 
Financial risk 
KlaraBo’s most significant financial risks comprise interest-rate risk, financial risk and liquidity risk. Interest-rate risk is defined as 
non-controllable increase in interest expense. Interest-rate risk is expressed as a change of expenses for the interest-bearing 
liabilities if the interest rate changes by 1 percentage point. Financing risk pertains to the risk that expenses for raising new 
loans or other financing becomes higher and/or that refinancing loans outstanding becomes more difficult or occurs on 
disadvantageous terms. Liquidity risk refers to the risk of not being able to meet payment obligations due to insufficient liquidity 
or difficulties in obtaining financing. KlaraBo requires access to liquidity to finance ongoing projects, manage operations and 
settle due payments of interest and repayment instalments. KlaraBo’s growth targets are dependent on healthy access to cash 
and cash equivalents to enable several projects to be started and pursued in parallel. 
All of the risks above are regulated in the financial policy adopted by the Board of Directors. KlaraBo addresses these risks 
operationally through measures such as interest rate and capital hedging of its debt portfolio, maintaining a favourable and 
proactive dialogue with the Group’s partners and continuously monitoring the Group’s liquidity situation. KlaraBo’s work is 
governed in part by internal targets for each risk category and in part by the Group’s overall financial targets and risk limits. This 
is intended to limit the financial risks and to achieve a favourable long-term trend in net financial items. Furthermore, under 
existing loan agreements, KlaraBo is required to monitor and report on a number of key figures on a quarterly basis.  
Opportunities and risks in the values of the properties 
KlaraBo recognises investment properties at fair value, and the property portfolio is appraised at least once each year by 
independent external appraisers. Changes in the value of properties are included in profit or loss. Changes in the value of 
properties have a significant impact on profit for the period and contribute to more volatile earnings. The value of the properties 
is determined by supply and demand, in which the price is mainly dependent on the property’s expected operating surplus and 
the buyer’s yield requirements. Higher demand leads to a lower yield requirement, and an upward price adjustment as a result, 
whereas weaker demand has the opposite effect. In the same way, a positive operating surplus trend leads to an upward price 
adjustment, while a negative trend has the opposite effect. The rental concept is comprised partly of the actual rental level and 
partly of the vacancy risk of the property portfolio. Property valuation should take into account an interval of uncertainty to reflect 
the inherent uncertainty of assumptions and estimates. 
 
Sensitivity analysis – changes in value (SEK m) 
  
  
Change
Effect on fair value, SEK 
m Change
Effect on fair value, SEK 
m
Yield requirement - 0.25% basis points 560.1 + 0.25% basis points -503.5
Rental value* - 2.50% -36.7 + 2.50% 392.3
Operating and maintenance costs - 2.50% 142.3 + 2.50% -142.3
Long-term vacancy rate - 0.25% basis points 33.0 + 0.25% basis points -33.1
*-2.5% refers only to premises while +2.5% refers to both premises and housing

===== SIDA 28 =====

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  28 | 31 
 
 
Ongoing projects 
Information on ongoing projects in the interim report is based on assessments concerning the size, direction and scope of 
ongoing projects as well as when the projects are expected to commence and be completed. Information is also based on 
assessments of future project costs and rental value. Assessments and assumptions should not be viewed as a forecast. 
Assessments and assumptions involve uncertainties concerning the projects’ completion, design and size, schedule as well as 
project expenses and future rental value. Information concerning ongoing projects in the interim report is regularly re-evaluated, 
and assessments and assumptions are adjusted in line with the completion or addition of ongoing projects and when conditions 
change. Financing has not been procured for projects where construction has not begun, which means that financing of ongoing 
projects is an uncertainty. 
Financing 
Bank financing is KlaraBo’s primary source of financing, and the Group has no bonds. The lack of bond financing is a strength 
since this type of financing is impacted to a greater degree by rising market rates, which is generally more expensive in periods 
of market turbulence and carries a higher risk in connection with refinancing. Changes in underlying market interest rates are 
impacting the portion of the loan portfolio that carries variable interest and that has not been converted to fixed interest using 
interest-rate derivatives. This, in turn, is impacting the interest-coverage ratio, which shows the Group’s sensitivity to changes in 
interest rates and how many times the Group will be able to pay its interest with earnings from operating activities. KlaraBo is 
following the development closely and simulates sensitivity to enable action to be taken as needed.  
The company has a stable financial position. On 31 March 2025, cash and cash equivalents amounted to SEK 144.6 million and 
undrawn credit facilities to SEK 200 million. 
Operational risk 
KlaraBo is in the midst of a phase of expansion and has identified a number of growth-oriented targets. Risks and opportunities 
connected to reaching the growth targets involve continued access to new projects, key personnel and the risk management of 
projects (concerning time, costs and quality). Changing yield requirements, along with financing and energy costs, created 
uncertainty regarding values, which is affecting the market. 
Conditions for new construction of homes have worsened quickly since the beginning of 2022. Significantly higher financing 
costs combined with increased yield requirements and higher construction costs have generally led to a rapid and drastic 
slowdown in housing construction. The impact on KlaraBo’s projects in progress is limited, but there is a risk that it could have a 
negative impact on future projects in both the short and long term. 
Other disclosures 
Market outlook 
KlaraBo’s offering meets the market’s demand for good housing at the right price. The Group’s assessment is that demand 
remains strong in the areas where KlaraBo operates and that there is still a structural housing shortage in many cities in 
Sweden. 
Organisation and employees 
The Parent Company of the Group is KlaraBo Sverige AB. The Group comprises wholly owned subsidiaries and jointly 
controlled companies. The average number of employees in the period was 68 (64), of whom 25 were women (20) and 43 men 
(44). 
Accounting policies 
KlaraBo’s consolidated financial statements have been prepared in accordance with the EU adopted International Financial 
Reporting Standards (IFRS) and interpretations therein (IFRS IC). This interim report has been prepared in accordance with IAS 
34 Interim Financial Reporting. In addition, suitable provisions of the Swedish Annual Accounts Act have been applied. The 
accounting and valuation principles applied are unchanged compared with the Annual Report. The Parent Company has 
prepared its financial reports in conformity with the Annual Accounts Act and RFR 2 Accounting for Legal Entities. RFR 2 
requires that the Parent Company applies the same accounting principles as the Group, which is to say IFRS to the scope that 
RFR 2 permits. 
For complete accounting policies, refer to KlaraBo’s 2024 Annual Report. Accounting policies are unchanged compared with the 
2024 Annual Report. 
Transactions with related parties 
The Group’s related-party circle consists of all Board members, the CEO and members of senior management as well as their 
related parties and companies.

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  29 | 31 
 
 
The share and shareholders 
The Parent Company of the Group, KlaraBo Sverige AB, Corp. Reg. No. 559029–2727 has two share classes: Class A and 
Class B ordinary shares. Each Class A share entitles the holder to ten votes and each Class B share entitles the holder to one 
vote. The number of shares amounted to 157,885,751, of which 16,300,000 were Class A shares and 141,585,751 Class B 
shares. The quotient value for all shares is SEK 0.05 per share. As of the closing date, the company held a total of 4,357,192 
Class B shares. 
Largest shareholders, 31 March 2025 
 
 
  
Class A shares Class B shares Total Capital Voting rights
Investment AB Spiltan 1,934,484 17,399,372 19,333,856 12.2% 12.1%
Rutger Arnhult 0 10,658,208 10,658,208 6.8% 3.5%
Ralph Mühlrad 1,285,000 9,290,528 10,575,528 6.7% 7.3%
Wealins S.A. 0 9,234,867 9,234,867 5.8% 3.0%
Anders Pettersson med familj 3,466,316 3,994,460 7,460,776 4.7% 12.7%
Samhällsbyggnadsbolaget i Norden AB 0 7,008,959 7,008,959 4.4% 2.3%
Lennart Sten 2,495,000 4,299,001 6,794,001 4.3% 9.6%
Pensionskassan SHB Försäkringsförening 0 6,060,610 6,060,610 3.8% 2.0%
Länsförsäkringar Fonder 0 5,871,093 5,871,093 3.7% 1.9%
ODIN Fonder 0 4,709,018 4,709,018 3.0% 1.5%
Klarabo Sverige AB 0 4,357,192 4,357,192 2.8% 1.4%
Avanza Pension 0 3,782,473 3,782,473 2.4% 1.2%
Andreas Morfiadakis 2,361,287 380,067 2,741,354 1.7% 7.9%
Mats Johansson 2,699,400 0 2,699,400 1.7% 8.9%
Richard Mühlrad 785,000 1,388,732 2,173,732 1.4% 3.0%
Other 1,273,513 53,151,171 54,424,684 34% 22%
16,300,000 141,585,751 157,885,751 100% 100%

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

KLARABO SVERIGE AB – INTERIM REPORT 31 MARS 2025  30 | 31 
 
 
Signatures to the report 
The Board of Directors and CEO give their assurance that this report gives a true and fair overview of the operations, financial 
position and earnings of the Parent Company and the Group, and describes the material risks and uncertainties faced by the 
Parent Company and the companies included in the Group. 
Malmö, 29 April 2025 
Lennart Sten, 
Chairman of the Board 
Per Håkan Börjesson, 
Board member 
Lulu Gylleneiden, 
Board member 
Mats Johansson, 
Board member 
Sophia Mattsson-Linnala, 
Board member 
Anders Pettersson, 
Board member 
Joacim Sjöberg, 
Board member 
Andreas Morfiadakis, 
Chief Executive Officer  
 
 
This interim report has not been reviewed by the company’s auditor.  
This information constitutes information that KlaraBo AB is obliged to make public pursuant to the EU Market Abuse Regulation. 
The information was submitted for publication, through the agency of the contact persons set out below, at 8:00 a.m. CEST on 
29 April 2025.

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

Calendar 
2024 Annual General Meeting 
Interim report Q2, January–June 2025 
Interim report Q3, January–September 2025 
Year-end report 2025 
 
 29 April 2025 
 17 July 2025 
 23 October 2025 
 13 February 2026 
 
 
Contact information 
For further information, please contact: 
Andreas Morfiadakis, CEO 
Andreas.morfiadakis@klarabo.se 
+46 761 331 661 
 
Per Holmqvist, CFO 
Per.holmqvist@klarabo.se 
+46 733 00 29 23