Kvartalsrapport Q3 2025

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



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

Q3 2025 
Interim report 
 
2 
 
 
0BStrong financial position lays the foundation  
for continued profitable expansion 
 Summary of earnings for  
the quarter Jul–Sep 2025 
 Revenue amounted to SEK 182.4 million 
(158.8), up 14.9 per cent compared with the 
same quarter last year, mainly due to the rent 
increase for the year and completed 
acquisitions. 
 Net operating income amounted to SEK 118.7 
million (104.0), up 14.2 per cent, primarily 
driven by lower operating costs for portfolios 
on a like-for-like basis. 
 Income from property management amounted 
to SEK 56.3 million (47.2), an improvement on 
the year-earlier period, but was held back by 
higher financing costs. 
 Changes in the value of investment properties 
amounted to SEK 84.1 million (12.8) and was 
attributable to adjusted cash flows, mainly due 
to standard-raising improvements and new 
leases.  
 Profit for the period amounted to SEK 129.4 
million (-23.0), an improvement compared with 
the preceding year. 
 Net realizable value per share increased SEK 
0.9 to SEK 33.8 during the quarter. 
 The loan-to-value ratio was 49.7 per cent with 
an average interest rate of 3.7 per cent on the 
balance sheet date. 
Summary of earnings for  
the period Jan–Sep 2025 
 Revenue amounted to SEK 538.0 million 
(473.0), corresponding to a year-on-year 
increase of 13.7 per cent as a result of 
acquisitions, improvements and general rent 
adjustments.  
 Net operating income was SEK 311.5 million 
(274.3), up 13.6 per cent partly due to the 
biogas tax refund and to lower operating costs 
as a result of a milder climate.  
 Income from property management amounted 
to SEK 127.6 million (104.7), an increase of 
21.9 per cent driven by the factors mentioned 
above as well as a lower average interest rate. 
 Changes in the value of investment properties 
amounted to SEK 357.6 million (-21.2), driven 
mainly by higher net operating income and 
changed assumptions regarding inflation and 
the rent increase. The off-market acquisition in 
Helsingborg also contributed to the positive 
performance. 
 Profit for the period amounted to SEK 365.4 
million (9.4), a sharp increase primarily linked 
to changes in the value of investment 
properties. 
 
July–September 2025 
Revenue 
+14.9% 
Net operating income 
+14.2% 
Income from property 
management 
+19.2% 
Changes in value of 
investment properties 
SEK 84 m 
Long-term net realizable 
value per share 
SEK 33.8 
(+4.1%) 
Earnings per share 
SEK 0.84 
 
KlaraBo Day 2025  
in Fredriksdal, Helsingborg

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

Q3 2025 
Interim report 
 
3 
Significant events  
Period 
 KlaraBo took possession of a property 
portfolio in Helsingborg on 31 January 2025 
with a property value of SEK 850 million. 
 KlaraBo extended an existing lease with 
Östersund Municipality. The new lease has 
a contractual term of 20 years, with annual 
rental value of SEK 1.4 million. 
 KlaraBo refinanced loans totalling just over 
SEK 1 billion with one of the Group’s 
existing banking partners. The new loan 
has a four-year term starting in the third 
quarter of 2025. During the period, new 
loans totalling SEK 510 million were raised 
to finance the acquisition in Helsingborg. 
 During the period, KlaraBo repurchased  
2,818,650 shares for SEK 45.1 million in 
accordance with the company’s mandate 
from the Annual General Meeting.  
 KlaraBo issued 26,057,868 new  
Class B shares in January 2025 through a 
rights issue. As of 30 September 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). 
 
 Magnus Nordholm took over as CFO on 1 
September. 
 Decision on a long-term incentive 
programme for senior executives, including 
a total of 3,000,000 warrants in the 
company. The warrants were transferred at 
market value. The CEO, CFO and Head of 
Property Management acquired a total of 
2,329,481 warrants, corresponding to 77.6 
per cent of the offering. 
January–September 2025 
Revenue 
SEK 538 m 
Net operating income 
SEK 312 m 
Income from property management 
SEK 128 m 
Profit for the period 
SEK 365 m 
Investment properties 
SEK 10,534 m 
Loan-to-value ratio 
49.7% 
 
 
  
 Summer workers and residents of the area, 
Yamin and Rasmus, in Fagerängen, 
Trelleborg

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

Q3 2025 
Interim report 
 
4 
 
 Strong financial position lays the foundation  
for continued profitable expansion 
The quarter was defined by continued organic growth and disciplined cost control. Revenue increased 
15 per cent, driven by the general rent increase for the year, the strategic acquisition in Helsingborg and 
a continuous focus on value-creating improvements. Net operating income and operating profit were 
also strong in the quarter, with year-on-year increases of 14 and 15 per cent, respectively. With a strong 
financial position and a proven business model, we are prepared to take the next step in our profitable 
expansion. 
Portfolio in growth areas driving profitability 
Under our cluster strategy, we focus on growth areas outside 
Sweden’s large metropolitan regions, where the company 
can achieve higher yields than in the country’s major cities. 
Our four clusters – Helsingborg, Trelleborg, Visby and 
Östersund – are characterised by stable population growth 
and healthy disposable income levels combined with 
relatively low average rents, supporting our business model 
based on refurbishment and gradual rent increases. These 
cluster cities also represent emerging markets with clear 
positive growth drivers in the form of ongoing infrastructure 
projects and strong tourism. In Visby and Östersund, the 
increased presence of the Swedish Armed Forces is also 
contributing to higher demand. We are seeing high demand 
for newly refurbished apartments in these locations, with 
tenants with a good payment track record indicating their 
interest in our standard-enhancing measures.  
The property value per square metre in our clusters is 
significantly lower than the cost of new construction, which 
limits competition in the form of new construction and further 
strengthens our prospects for long-term value growth and 
profitability. 
Our cluster strategy also creates economies of scale in our 
property management operations. Our local market 
knowledge allows us to build close customer relationships, 
continuously optimise our operations and maintain effective 
cost control. Combined, this strengthens profitability and 
long-term stability. In addition to our clusters, we are present 
in several other growth cities in central and southern Sweden, 
where we have the opportunity to grow and create new focus 
areas over time. 
“Our cluster strategy delivers 
higher yields and stable growth in 
markets with strong demand and 
long-term growth drivers.”

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

Q3 2025 
Interim report 
 
5 
Long-term value creation through improvements 
Making continuous improvements to our existing portfolio 
enables long-term profitable organic growth. By gradually 
raising the standards of apartments, we are creating 
modern and energy-efficient homes with a longer service 
life. This strengthens our customer offering and increases 
the long-term value of the entire portfolio. The work is 
planned in conjunction with natural tenant turnover, allowing 
the refurbishments to be performed efficiently and with a 
minimal impact on residents. A total of 39 apartments were 
refurbished during the quarter, which is expected to 
increase the rental value of the properties by approximately 
SEK 1.4 million on an annual basis. We are continuing to 
see good payment capacity in our markets, particularly in 
our four clusters, which accounted for 81 per cent of our 
refurbishments in the first nine months of the year.  
The general rent increase contributed to a higher yield on 
refurbishment projects, which means that we can carry out 
improvement projects with even higher profitability. Since 
2019, our improvement efforts have increased the annual 
rental value by a total of approximately SEK 43 million. 
Capitalised with a historical average yield requirement of 
approximately 4 per cent, this corresponds to an increase in 
net realizable value of just over SEK 3 per share, which 
confirms the positive impact of KlaraBo’s refurbishment 
strategy. In addition, the portfolio still has significant 
refurbishment potential, which is expected to boost the 
annual rental value by approximately SEK 129 million. 
Considerable scope for action  
Our financial position provides the scope to continue to 
make profitable improvements, conduct selective 
acquisitions and potentially repurchase shares. In total, we 
have repurchased 4,357,192 shares, 
corresponding to 2.7 per cent of the capital. In terms of 
financing, our existing banks have shown considerable 
interest, and we have good access to capital through both 
refinancing and new financing, while the bond market has 
reopened at attractive levels and thus could potentially offer 
broader opportunities. The combination of a strong balance 
sheet and unutilised borrowing capacity provides the scope 
for approximately SEK 1 billion in investments for profitable 
growth. We have also strengthened our organization 
through the recruitment of a new CFO with a solid 
background in the property industry and the financial sector, 
thereby adding further transaction and capital market 
expertise for our continued expansion. 
Well positioned on a more favourable macro 
environment 
We see clear signs that the transaction market for 
residential properties is gradually continuing to improve. 
Lower market interest rates are resulting in more favourable 
acquisition analyses and providing the conditions for 
continued value creation through upgrades to the existing 
portfolio. At the same time, rents are continuing to grow at a 
steady pace that exceeds inflation, over time helping to 
recover the deficit generated in recent years. With a strong 
financial position, a proven business model and a clear 
focus on value creation, KlaraBo is well positioned to 
capitalise on the opportunities created by a more favourable 
macro environment. 
Andreas Morfiadakis, CEO of KlaraBo

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

Q3 2025 
Interim report 
 
6 
This is KlaraBo 
We create value by acquiring, developing, improving and managing residential properties with a long-term focus. Since the company was founded in 2017, 
we have grown across Sweden, and we are continuing to grow in areas where people want to live and work. By taking care of and refurbishing existing 
buildings, constructing new ones when the conditions are right, and managing the properties ourselves, we create value for our tenants, our investors and 
the communities where we operate. 
KlaraBo in brief 
No. of apartments: 7,431 
Property portfolio: 556,000 sq. m. 
Property value*: SEK 10,513 m (SEK 18,901/sq. m) 
 
Goals 
 Rent increases are to exceed the general annual rent increase. 
 Net realizable value per share is to grow by at least 15 per cent annually over 
the course of a business cycle. 
 Income from property management is to grow by at least 12 per cent annually 
over the course of a business cycle. 
Risk limitations 
 The loan-to-value ratio is not to exceed 60 per cent over time. 
 The interest-coverage ratio is to amount to a ratio of at least 1.75 over time.  
Dividend policy 
 The company intends to pay dividends in the future, but is currently prioritising 
growth through investments and acquisitions. 
*Investment properties, excluding development projects and site leasholds, measured in 
accordance with IFRS 16. 
Our focus 
We focus on Swedish growth regions outside the country’s three metropolitan areas – regions with 
growing populations, functioning labour markets and favourable prospects. Our largest clusters are 
situated in Trelleborg, Helsingborg, Visby and Östersund, locations that reflect KlaraBo’s long-term 
view of value creation, geographic proximity and community involvement. 
We want to be more than a housing company 
We want to contribute to safe and pleasant homes and neighbourhoods, vibrant communities and 
long-term value creation. By taking care of existing properties and developing new properties when 
necessary and commercially feasible, we create value that is reflected both in people’s everyday 
lives and in our results. Thanks to our proximity to our tenants and our long time horizon, we are 
able to act quickly, assume responsibility and continue to create lasting value. 
How we create long-term value 
Our business model is based on four pillars that together allow us to create stable cash flows and 
value over time: 
Acquisitions 
We primarily purchase 
residential properties  
with refurbishment 
potential in growth 
regions as well as 
land for new 
construction. 
Property 
management 
We conduct our 
business in-house 
with a focus on 
efficient operation, 
cost control and high 
customer satisfaction. 
New construction 
We develop new 
homes using 
prefabricated 
modules, enabling 
efficient production, 
lower climate impact 
and high quality. 
Improvements 
We develop our 
existing properties 
through 
refurbishments and 
other value-creating 
measures that 
strengthen our cash 
flow and net operating 
income, thereby 
driving value growth.

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

Q3 2025 
Interim report 
 
7 
Financial performance 
Maturity and fixed interest 
KlaraBo is to maintain an appropriate level of financial risk. As of 30 
September 2025, the company’s financing primarily comprised borrowings 
in four Nordic banks. The company has established partnerships with 
these banks and others, 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. During the third quarter, 
KlaraBo also refinanced loans totalling SEK 1,073 million. This refinancing 
took place at a variable interest rate with a term of four years. 
As of the balance sheet date, the Group’s loan portfolio consisted 
exclusively of credit with variable interest rates. To reduce interest-rate risk 
and stabilise cash flows, interest-rate derivatives are used to influence the 
fixed-rate term. At the end of the period, the derivative portfolio amounted 
to SEK 3,100 million (2,750). The average fixed-rate term of the loan 
portfolio was 3.2 years (3.5), and the share of fixed-rate liabilities, after 
derivatives, amounted to 59.6 per cent (80.0). 
During the period, a swap with a fixed interest rate of 0.18 per cent expired 
and a new swap of SEK 250 million was entered into at a fixed interest 
rate of 2.25 per cent. In addition, a SEK 300 million swaption was 
exercised at a fixed interest rate of 2.58 per cent and a term of eight years. 
Combined, these transactions increased the total swap portfolio to SEK 
3,100 million. 
The average interest rate for the quarter, including derivatives, was  
3.7 per cent (3.6) on the balance sheet date. The year-on-year change 
was mainly due to the change in the derivative portfolio and the 
refinancing of previous fixed-rate loans.  
The fair value of the interest-rate derivative portfolio amounted to SEK -
32.7 million (-83.3) at the end of the period. The positive trend during the 
quarter was due to changed assumptions regarding future market interest 
rates. The negative value of the derivative portfolio in relation to the 
nominal amount of the portfolio is marginal, indicating that the company’s 
interest rate is now at market level, which in simple terms means that it 
neither benefits from nor is adversely impacted by historical interest-rate 
positions. 
 Fixed credit  Fixed interest  Interest-rate swaps 
Maturity SEK m Share, %   SEK m Share, %   SEK m 
Interest 
rate, % 
2025    2,160 40    
2026 874 16       
2027 1,606 30  250 5  250 2.0 
2028 1,708 32  450 8  450 2.5 
2029 1,072 20  500 9  500 2.5 
 > 5 years 88 2  1,988 37  1,900 2.6 
Sum * 5,349 100   5,349 100   3,100 2.5 
*Excluding construction credit, IFRS 16 and accrued loan costs 
 
Outstanding derivative portfolio 2025-09-30 
Nominal amount (SEKm) Due Fixed rate % 
250 17/09/2027 2.0 
250 10/04/2028 2.3 
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 
300 16/05/2033 2.6 
3,100  2.5

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

Q3 2025 
Interim report 
 
8 
Financial goals and outcome 
Overall goals Comment Goal Outcome Jan-Sep 2025 
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 1.6 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% Fulfilled, 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% Fulfilled, see chart below 
Interest-coverage ratio The interest-coverage ratio is to exceed a multiple of 1.75 over time. >1.75 1.9x 
Loan-to-value ratio The loan-to-value ratio is to remain under 60 per cent over time. <60% 49.7 percentage points 
 
  
Long-term net realizable value per share, SEK Income from property management per share, SEK 
  
0
5
10
15
20
25
30
35
40
2019 2020 2021 2022 2023 2024 2025 Q3
Average annual growth of +17 per 
cent since 2019 
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
2019 2020 2021 2022 2023 2024 2025 Q3
12
months
Average annual growth of
+23% since 2019

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

Q3 2025 
Interim report 
 
9 
Creating value  
with care 
Sustainability is an integral part 
of our business. We aim to 
create value that lasts over time 
– for our tenants, our 
employees, our investors and 
the communities where we 
operate. By taking care of 
existing properties, investing 
wisely and acting in close 
collaboration with our 
customers, we contribute to 
long-term value creation in both 
financial and human terms. 
We have adopted both long- 
and short-term sustainability 
targets and monitor selected 
KPIs to ensure our operations 
are moving in the right direction. 
This work focuses on 
environment, social and 
governance issues. Our path 
forward is clear: the company is 
to be climate-neutral throughout 
the entire value chain by 2045. 
Environment 
We are reducing our climate impact by 
improving the energy efficiency of our 
buildings, increasing recycling rates and 
using renewable energy in our operations. In 
all total refurbishment projects, reuse 
inventories are conducted to recover 
materials and create more resource-efficient 
neighbourhoods. Our long-term aim is to be 
fossil fuel free by 2030 and to gradually 
reduce emissions across the value chain. 
Social 
We want to contribute to safe and pleasant 
neighbourhoods through local cooperation, 
social activities and continuous dialogue with 
tenants. Our focus is on community, inclusion 
and a meaningful everyday life – including 
programmes for young people and social 
engagement initiatives. 
We aim to provide a safe, inclusive and 
stimulating workplace for our employees. We 
monitor engagement annually through 
internal surveys, with this year’s survey 
showing a continued high result. We also 
actively promote gender equality, with a 
target of 40-60 per cent women/men. The 
share of women in the company is currently 
35 per cent. 
Governance 
Responsible business conduct is based on 
honesty, transparency and clear guidelines. 
KlaraBo’s Code of Conduct for employees 
and suppliers sets out ethical requirements 
and expectations, and serves as the basis for 
long-term relationships. 
Our whistleblower function is accessible to all 
stakeholders and provides security and 
transparency in our operations. By 
continuously updating our policies and 
procedures, we strengthen our ability to 
conduct responsible, sustainable and 
profitable operations over time. 
Governance and reporting 
We are continuing to follow developments 
related to EU sustainability reporting rules, 
including the proposed Omnibus package 
intended to simplify reporting under the 
Corporate Sustainability Reporting Directive 
(CSRD). If the package is adopted, the scope 
of reporting and the companies subject to the 
requirements may change. We have an 
internal steering committee working on 
sustainability indicators to ensure relevant 
and appropriate reporting as of the 2025 
financial year.

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

Q3 2025 
Interim report 
 
10 
  Activities and progress during the quarter 
 Implementation of the Mestro energy monitoring system is entering its final phase. During the quarter, 
the focus was on reducing our energy use and climate impact. 
 In Höör, the installation of a solar panel system has commenced, with an estimated annual 
production of 45 MWh of renewable electricity. In Västervik, we have started replacing our district 
heating substation and main valves to enable more efficient operation, and in Helsingborg, an audit of 
our heating systems is under way as a part of future energy-saving measures. 
 We have conducted several social sustainability initiatives, including a litter-picking day in 
Helsingborg together with Helsingborgshem and Kubikskolan, with 140 students participating. We 
have also supported local sports projects, including a free football academy in Bollnäs attended by 
112 children, and the Trygghetssturneringen tournament in Trelleborg, together with TFF football club 
and security officers from Trelleborg Municipality. 
 Several residential areas have been equipped with Freetrailer trailers, which can be borrowed free of 
charge. This initiative is intended to promote resource sharing rather than owning more than we need 
– something that is good for both people’s wallets and the environment. 
 We have also started updating governing documents and our sustainability goals to ensure clarity, 
measurability and relevance in line with new regulations and a growing business. 
 
Selection of our sustainability goals 
Area Deadline Follow-up Comments 
Energy intensity 2030 Followed up 
annually 
Only renewable energy will be used for electricity, 
heating and vehicles in the company’s operations. 
GHG emissions 2045 Followed up 
annually 
Climate-neutral in our entire value chain. 
Gender equality 2025 Followed up 
annually 
40/60 distribution between women and men in the 
operations. 
 
Read more about our goals and our sustainability efforts (in Swedish) at klarabo.se/hallbarhet. 
   
We believe in the importance of community and meaningful leisure time. This is 
exactly what our collaboration with Rengsjö sports club is all about. This 
summer, a very popular football school for children was organised.

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

Q3 2025 
Interim report 
 
11 
Our properties  
Our portfolio of rental apartments 
reaches across several areas of 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 property portfolio is divided into four 
geographic regions – South, East, 
Central and North – focusing on a 
number of major central locations. Our 
focus is on rental properties in locations 
with healthy population growth and 
functioning labour markets. 
 
The property holdings consist of 233 properties with a total lettable 
area of approximately 556,000 square metres, excluding parking 
spaces and garages. Of this area, 89 per cent is residential space, 
and the average apartment is 67 square metre in size. 
We work on the basis of a customer-oriented property management 
model under our own management, which enables continual 
optimisation of operating costs and cost control. 
During the quarter, we invested SEK 37.5 million (25.0) in existing 
investment properties, with the primary investment measure being 
total refurbishments that add value. Total refurbishment means that 
the apartments are refurbished in conjunction with natural turnover in 
the portfolio. Refurbishment measures are carried out when an 
existing tenant vacates the apartment and is concluded before a new 
tenant moves in. The refurbishment normally 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.  
Demand for our refurbished apartments has been and is expected to 
remain healthy, and we do not anticipate an increased vacancy risk as 
a result of the refurbishments and associated rent increases we are 
carrying out. 
 
A customer-oriented management model 
Rental apartments 
 
Focus on fit-for-purpose 
rental apartments in 
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 
refurbishments 
Active refurbishment 
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. 
 
 
  
KlaraBo property in the  
Gråbo area, Visby

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

Q3 2025 
Interim report 
 
12 
Active value creation  
through refurbishment 
 
 
Within 2 weeks Month 1-3 Month 3-4,5  
 
One of our goals is for the 
average rent increase to 
exceed the general annual 
rent increase. This is to be 
achieved through active 
property management and 
continuous investments. 
Since 2019, rent increases 
in the comparable portfolio 
have exceeded the 
general increase by  
18.0 percentage points, 
reflecting strong value 
creation in the existing 
portfolio. 
  
The annual rent negotiations for 2025 resulted in a rent increase for housing units of just 
over 4.9 per cent, weighted for the entire portfolio. Over the last 12-months, the rental 
value, without effects from transactions, has increased with a total of 5.7 percentage 
points. The gap between these figures – totalling 0.8 percentage points – is entirely 
attributable to KlaraBo’s active improvement model. 
Refurbishments are a central part of our strategy for long-term value creation. 
Upgrading apartments to today’s standards, with modern kitchens and bathrooms and 
energy-efficient installations, creates added value for tenants, the company and thus our 
owners. Our refurbishment model is based on natural tenant turnover – we do not take 
measures that force tenants to move. When an apartment becomes vacant, we take it 
over, refurbish it and turn it into an attractive, energy-efficient home that meets today’s 
requirements. 
Historically, this model has proven to be stable and has generated attractive value 
growth based on rent increases and cost reductions. According to our calculations, this 
process has generated approximately SEK 543 million in net increase in value resulting 
from renovations, excluding market effects such as changes in yield requirements, since 
KlaraBo was established. By utilising borrowings, value creation can be more or less 
self-financed or contribute to lowering the Group’s loan-to-value ratio. 
In addition to the total refurbishments, we also offer improvements to raise the standard 
of our apartments while the tenants are living there. For example, tenants can choose 
different options that create a higher comfort level and contribute to greater well-being. 
At the same time, these measures raise the long-term value of the property and improve 
the economic outcome in addition to the general rent negotiations. These types of add-
ons are optional for the tenant. 
Terminations recieved Inspections 
Investment/sub-order
Rental process during 
period of notice Renovation Occupancy

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

Q3 2025 
Interim report 
 
13 
Historical rental value development 
Accumulated annual rent 
increase as a result of 
refurbishments 
SEK 43 m 
/ 
Weighted average  
historical yield 
4.0% 
= 
Gross increase in value as a 
result of refurbishments 
SEK 1,089 m 
– 
Investment cost  
to raise rent levels 
SEK 546 m 
= 
Net increase in value as a result  
of refurbishments 
SEK 543 m 
The underlying calculation is based 
on exact figures, while the table 
presents rounded numbers. 
 
Value potential in the current portfolio 
  
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
2025
Q3
Percentage points 139.3
121.3
~SEK 43 m
KlaraBo
General

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

Q3 2025 
Interim report 
 
14 
Our largest clusters make up  
half of our portfolio 
Our property portfolio is concentrated in urban growth locations, where the combination of healthy disposable 
income and lower average rents strengthens our business model. Our clusters are located in markets with stable 
housing demand, low supply of competing new construction, a demonstrated willingness to pay for refurbished 
homes and strong drivers such as infrastructure development, military expansion and tourism. The properties 
offer higher yields than in Sweden’s three metropolitan areas and a value per square meter that is significantly 
lower than the cost of new construction. This provides long-term competitive advantages and limits competition 
from new construction. 
 
 
Helsingborg 
Active since: 2019 
No. of apartments: 831 
Refurbishment potential: 59% 
Real occupancy rate: 100% 
Property value*: SEK 20,000/sq. m. 
 
 
Trelleborg 
Active since: 2018 
No. of apartments: 936 
Refurbishment potential: 42% 
Real occupancy rate: 100% 
Property value*: SEK 22,235/sq. m. 
 
 
Visby 
Active since: 2021 
No. of apartments: 885 
Refurbishment potential: 65% 
Real occupancy rate: 100% 
Property value*: SEK 21,730/sq. m. 
 
Östersund 
Active since: 2022 
No. of apartments: 878 
Refurbishment potential: 87% 
Real occupancy rate: 100% 
Property value*: SEK 15,000/sq. m. 
 
 
*Investment properties, excluding development projects and site leasholds, measured in accordance with IFRS 16. 
Total refurbished apartment  
in Östersund

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

Q3 2025 
Interim report 
 
15 
Rental revenue, residential properties Property value*, SEK m Number of apartments 
  
 
 
Investment properties* 
 No. of No. of  Area, 000 sq. m.  Market value 
Region properties apartments  RFA Other Total   SEK m SEK/sq. m. 
Central 76 971  62.5 5.5 67.9  1,240 18,256 
North 34 2,040  141.4 5.9 147.3  2,319 15,742 
South 69 2,451  163.5 30.4 193.9  4,125 21,277 
East 54 1,969  129.7 17.1 146.8  2,829 19,274 
  233 7,431   497.0 58.8 555.9   10,513 18,912 
 
 Rental value  Economic Real occ. rate Contract. Annual  Property expenses  Net oper income 
Region SEK m SEK/sq. m.  occ. rate, % rate, % rent, SEK m   SEK m SEK/sq. m.  SEK m SEK/sq. m. 
Central 97.1 1,429  91.0 97.0 88.3  43.4 638   44.9 661 
North 190.8 1,295  91.6 95.3 174.8  71.8 487  103.0 700 
South 291.6 1,504  93.9 97.2 273.9  90.1 465  183.8 948 
East 211.6 1,442  93.8 97.9 198.4  66.4 453   132.0 899 
  791.1 1,423   93.0 96.9 735.4   271.6 489  463.8 834 
Yield           4,4%  
Property management        44,4 80    
Net oper Income Incl prop mgmt    735.4  316.0 569  419.4 754 
*Investment properties, excluding development projects and site leasholds, measured in accordance with IFRS 16. 
971
2,040
2,451
1,969
Central North South East
1,240
2,319
4,125
2,829
Central North South East
12%
25%
36%
27%
Central North South East

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

Q3 2025 
Interim report 
 
16 
Our new construction  
We work with the entire value chain for rental apartments, from project development and construction to 
own management. New construction is part of our business model and contributes to our long-term 
growth, but is currently conducted selectively with a focus on projects that create stable value over time. 
Business development is about pursuing projects from idea to completed construction, both by improving existing properties 
and through new projects when the conditions are right. This work is based on careful analyses of local conditions – such as 
population growth, labour market and payment capacity – to ensure that each project is sustainable in the long term. We 
strive to minimise the climate impact of the construction process through well-thought-out material choices and resource-
efficient solutions.  
At the end of the period, the project development portfolio comprised 783 development rights, which means that we are well 
prepared for future growth when market conditions improve. 
Ongoing projects 
Öster om Mässan, Hyllie (Malmö) 
Our land allocation “Öster om mässan” in Hyllie in Malmö consists of two blocks with approximately 300 apartments in 
partnership with OBOS. The project is Malmö’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. Implementation is scheduled to take place in 
stages, with both tenant-owner apartments and rental apartments. While the land allocation agreement has been signed, 
project planning has been put on hold since the market remains weak. Occupancy is expected to take place in summer 2026. 
Bogen 1, Visby 
The development agreement for the densification project at the Bogen 1 property in Visby has been delayed, but the hope is 
that it can be completed in 2025 and that the detailed development plan can be adopted in early 2026. 
Stäven 1, Visby 
For the Stäven 1 property in Visby, we have applied for a plan change to enable densification by adding more housing. A 
dialogue with Region Gotland is ongoing and work is expected to begin in 2026. 
KlaraBo has also applied for a building permit for Stäven 1 for the conversion and restoration of office premises into 14 
apartments. A building permit has been granted and construction will start as soon as possible. 
Aspeholm 13, Genarp 
The land allocation for the Aspeholm 13 property in Genarp has returned to Lund Municipality since construction cannot begin 
due to market conditions, and a further extension of the allocation was not granted. 
 Inspiration image of KlaraBo and OBOS’ joint  
project in Mallbo, Hyllie. Photo: White Arkitekter

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

Q3 2025 
Interim report 
 
17 
Investment properties excluding project development 
 
   No. of   Area, 000 sq. m.  Rental value   Owner 
Region Project Municipality apartments   GFA RFA   SEK m SEK/sq. m.   Status share, % 
South  
Hälleflundran 8, 
vind Malmö 17  0.7 0.5  1.5 2,778  4 100 
South 
Hässleholm 
87:22 Hässleholm 62  5.3 4.6  8.0 1,732  4 100 
East Ekorren 1 Jönköping 76  6.2 4.5  9.2 2,067  4 100 
East 
Bogen 1  
(phase 1) Gotland 90  6.3 5.0  10.4 2,065  5 100 
East 
Bogen 1  
(phase 2) Gotland 79  5.5 4.4  9.1 2,065  5 100 
East 
Bogen 1  
(phase 3) Gotland 41  2.9 2.3  4.8 2,065  5 100 
East 
Stäven 
(konvertering) 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  3 50 
Central Källan 7 Borlänge 34  2.1 1.9  3.6 1,941  4 100 
East 
Ålen 
(påbyggnad) Vaggeryd 90  6.4 4.9  9.0 1,822  4 100 
East 
Ålen 
(nyproduktion) Vaggeryd 130  9.2 7.1  12.9 1,826  4 100 
Total     783   55.4 43.7   84.1 1,922       
 
Status: 
1) Projects where construction started or permit obtained 
2) Construction permit planning in progress 
3) Municipal decision on land allocation taken or acquisition agreement signed 
4) Detailed development plan has gained legal force 
5) Work on detailed development plan ongoing 
*Information relating to projects currently under development is based on management’s estimates and assumptions. Such information 
is subject to uncertainty regarding project timelines, areas, costs, and future rental values. The information is updated on an ongoing 
basis and should not be construed as a forecast of future outcomes 
 
 
Planned apartments by region 
 
Rental value including development rights, SEKm 
 
 
 
  
34
229
520
Central South East
791
875
0
200
400
600
800
1,000
2025 Q3 Potential rental value

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

Q3 2025 
Interim report 
 
18 
Financial statements

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

Q3 2025 
Interim report 
 
19 
 
 
Condensed consolidated 
statement of 
comprehensive income 
 
SEK m Note 
2025 
Jul-Sep 
2024 
Jul-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2024 
Jan-Dec 
Revenue 1 182.4 158.8 538.0 473.0 630.4 
Costs 2 -63.7 -54.8 -226.5 -198.7 -268.2 
Net operating income  3 118.7 104.0 311.5 274.3 362.2 
         
Central administrative costs 4 -12.6 -11.5 -42.4 -38.8 -51.7 
Operating profit/loss   106.2 92.5 269.1 235.5 310.5 
         
Financial income/costs 5 -49.9 -45.3 -141.6 -130.8 -174.6 
Income from property management  56.3 47.2 127.6 104.7 135.9 
         
Changes in value of properties 6 84.1 12.8 357.6 -21.2 111.0 
Changes in value of derivatives 6 29.6 -89.0 -22.1 -46.5 26.2 
Profit/loss before tax  170.0 -29.0 463.0 36.9 273.1 
         
Tax expense 7 -40.6 6.1 -97.6 -27.5 -85.2 
Profit for the period  129.4 -23.0 365.4 9.4 187.9 
 
Comprehensive income for the period is the same as profit for the period since there is no other comprehensive income.

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

Q3 2025 
Interim report 
 
20 
Condensed consolidated  
statement of financial position 
SEK m Note 
2025  
30 Sep 
2024 
30 Sep 
2024 
31 Dec 
Intangible assets  0.2 0.2 0.2 
Investment properties 8 10,533.8 9,055.1 9,243.9 
Property, plant and equipment  4.1 5.7 5.5 
Financial non-current assets  0.0 4.4 0.0 
Receivables  24.4 28.1 407.2 
Cash and cash equivalents  121.5 170.4 143.0 
Total assets  10,684.0 9,263.9 9,799.9 
     
Equity attributable to Parent Company shareholders 9 4,812.0 3,929.6 4,484.2 
Derivatives  32.7 83.3 10.6 
Deferred tax liability 10 348.1 220.1 269.2 
Non-current interest-bearing liabilities 11 4,788.9 2,056.2 3,762.0 
Current interest-bearing liabilities 11 566.2 2,850.8 1,128.2 
Other liabilities  136.2 123.8 145.8 
Total equity and liabilities  10,684.0 9,263.9 9,799.9

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

Q3 2025 
Interim report 
 
21 
Condensed consolidated  
statement of changes  
in equity 
 
SEK m 
2025 
30 Sep 
 
2024 
30 Sep 
2024 
31 Dec 
Opening equity, attributable to Parent Company shareholders 4,484.2 3,936.3 3,936.3 
Profit for the period 365.4 9.4 187.9 
New share issue - - 390.9 
Issue of subscription warrants 8.2 - -  
Costs attributable to new share issues -0.9 - -18.6 
Tax effect on share issue costs 0.2 - 3.8 
Share repurchase -45.1 -16.2 -16.2 
Closing equity, attributable to Parent Company shareholders 4,812.0 3,929.6 4,484.2

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

Q3 2025 
Interim report 
 
22 
5BCondensed consolidated  
cash-flow statement 
SEK m 
2025 
Jul-Sep 
 
2024 
Jul-Sep 
 
2025 
Jan-Sep 
 
2024 
Jan-Sep 
 
2024 
Jan-Dec 
 
Continuing operations        
Operating profit 106.2 92.5 269.1 235.5 310.5 
Adjustments for non-cash items 0.5 0.6 1.6 1.9 2.5 
Interest received 0.4 0.9 1.3 2.8 3.9 
Interest paid -46.2 -54.4 -138.8 -130.9 -175.3 
Tax paid -6.4 -8.0 -39.8 -34.7 -23.4 
Cash flow from continuing operations before  
changes in working capital 54.5 31.6 93.4 74.7 118.2 
        
Cash flow from changes in working capital        
Change in operating receivables/payables -4.3 2.4 0.8 -28.6 -35.8 
Cash flow from continuing operations 50.3 34.0 94.1 46.1 82.4 
        
Investing activities        
Acquisition of investment properties - -76.1 -804.5 -76.1 -77.3 
Sale of investment properties - 125.3 - 125.3 123.6 
Investments in investment properties -37.5 -25.0 -113.1 -101.6 -144.0 
New construction investments -0.9 -0.4 -2.0 -3.9 -5.2 
Acquisition of property, plant and equipment -0.2 0.0 -0.2 0.0 -0.2 
Cash flow from investing activities -38.6 23.9 -919.7 -56.3 -103.1 
        
Financing activities        
New share issue, net 8.2 - 383.7 - - 
New financial liabilities - - 510.0 - 100.0 
Borrowing costs - - - 100.0 -4.5 
Repayment of financial liabilities -14.5 -49.4 -44.6 -71.7 -84.0 
Share repurchase - -6.9 -45.1 -16.2 -16.2 
Cash flow from investing activities -6.3 -56.3 804.0 12.2 -4.7 
        
Cash flow for the period 5.4 1.6 -21.5 2.0 -25.4 
Cash and cash equivalents at beginning of the period 116.1 168.9 143.0 168.5 168.5 
Cash and cash equivalents at end of the period 121.5 170.4 121.5 170.4 143.0

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

Q3 2025 
Interim report 
 
23 
Condensed Parent Company income 
statement and balance sheet 
Parent Company income statement 
SEK m 
2025 
Jul-Sep 
 
2024 
Jul-Sep 
 
2025 
Jan-Sep 
 
2024 
Jan-Sep 
 
2024 
Jan-Dec 
 
Net sales 6.3 5.0 23.1 19.1 25.5 
Personnel costs -5.4 -4.5 -18.2 -15.2 -21.3 
Other external expenses -5.3 -5.1 -17.0 -16.7 -22.5 
Operating loss -4.4 -4.6 -12.0 -12.8 -18.4 
         
Financial income and expenses 162.9 -130.0 267.4 -36.7 653.7 
Profit/loss after financial items 158.5 -134.6 255.4 -49.5 635.3 
         
Group contributions paid/received 0.0 0.0 0.0 0.0 18.4 
Profit before tax 158.5 -134.6 255.4 -49.5 653.7 
         
Tax expense -6.1 15.3 3.9 3.5 -14.8 
Profit for the period 152.3 -119.2 259.3 -46.0 639.0 
 
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. 
In addition to intra-Group interest, the item “Financial income/expenses” was impacted by a dividend from subsidiaries as well as the impairment and reversal of impairment of shares in 
subsidiaries.

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

Q3 2025 
Interim report 
 
24 
Parent Company balance sheet 
SEK m 
2025 
30 Sep 
2024 
30 Sep 
2024 
31 Dec 
Property, plant and equipment 0.3 0.4 0.4 
Participations in associated companies and joint ventures 2,386.4 2,272.3 2,444.2 
Receivables from associated companies and joint ventures 4,442.0 3,352.5 3,715.9 
Deferred tax assets 6.7 17.2 2.7 
Other receivables 3.2 8.5 388.9 
Cash and bank balances 53.9 158.1 131.5 
Total assets 6,892.6 5,809.1 6,683.6 
     
Restricted equity 7.9 6.6 7.9 
Non-restricted equity 4,330.2 3,048.4 4,108.4 
Derivatives 32.7 83.3 13.0 
Liabilities to Group companies 2,513.2 2,656.0 2,537.4 
Other liabilities 8.7 14.8 16.9 
Total equity and liabilities 6,892.6 5,809.1 6,683.6 
 
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.

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

Q3 2025 
Interim report 
 
25 
 
Current earnings capacity 
The table below shows the earnings capacity of KlaraBo’s property management operations on a 12-
month basis for as of 30 September. 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 future chances in rents, vacancy rate, operating costs, 
interest, value changes, property transactions or other factors that could impact the performance of the 
operations. 
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 
SEK m 
2025 
1 Okt 
2025 
1 Jul 
2025 
1 Apr 
2025 
1 Jan 
2024 
1 Okt 
Rental revenue 735.4 735.6 730.0 656.2 637.0 
Property expenses -316.0 -316.0 -316.0 -283.1 -261.2 
Net oper income 419.4 419.6 414.0 373.1 375.8 
 
     
Surplus ratio, % 57.0 57.0 56.7 56.9 59.0 
 
     
Central administrative costs -46.8 -46.8 -46.8 -45.9 -43.8 
Financial income and expenses -200.5 -181.9 -180.4 -162.2 -175.4 
Income from property management 172.1 190.8 186.7 165.0 156.6 
 
     
Profit from prop mgmt per share, SEK 
     
Number of shares, million 1.12 1.24 1.22 1.23 1.16 
Interest-coverage ratio 153.5 153.5 153.5 130.3 130.6 
Rental revenue 1.9 2.0 2.0 2.0 1.9 
* Historical figures before 2025-01-01 have been restated due to the rights issue. 
 
Rental revenue in earnings capacity decreased SEK 0.2 million in the quarter, driven by a number of 
different factors. A deterioration in the vacancy rate due to a somewhat cooler rental market and expired 
leases for premises had a negative impact of approximately SEK 3.8 million on revenue. This effect was 
offset by the fact that a new contract with Östersund Municipality came into force, with annual rental 
revenue of about SEK 1.4 million. Rent increases attributable to total refurbishments in the quarter, other 
standard-raising measures and increased parking revenue contributed approximately SEK 2.2 million. 
Property expenses and central administrative costs were unchanged compared with the preceding 
quarter. Financial expenses increased, mainly due to the refinancing of previous fixed-rate loans of SEK 
1.1 billion, which carried variable interest rates as of the balance sheet date. 
Income from property management per share amounted to SEK 1.12.

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

Q3 2025 
Interim report 
 
26 
Analysis of income statement 
and balance sheet 
The earnings items below pertain to the third quarter, from 1 
July to 30 September and the period from 1 January to 30 
September. Comparison items pertain to the year-earlier 
period. All amounts are in SEK million. 
Note 1 Revenue 
Revenue for the quarter amounted to SEK 182.4 million 
(158.8), a year-on-year increase of 14.9 per cent. The change 
was mainly attributable to acquisitions conducted in Falun and 
Helsingborg and the divestment of commercial properties in 
Borlänge, which together contributed a net increase in 
revenue of approximately SEK 18.0 million. Rent negotiations 
have been completed for 2025 at a weighted average of 4.9 
per cent. The previously communicated lease with Östersund 
Municipality regarding a residential care home came into 
effect during the quarter. The lease runs for 20 years and will 
generate annual rental revenue of approximately SEK 1.4 
million. 
Revenue for the period increased to SEK 538.0 million 
(473.0) mainly as a result of acquisitions, rent indexation for 
housing and commercial premises, and continual standard-
raising improvements in the housing portfolio. 
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 fees for heating, electricity 
and water consumption, and waste management and 
amounted to SEK -63.7 million (-54.8) for the quarter. The 
total cost increase of 16.2 per cent was primarily attributable 
to the acquisitions conducted in Helsingborg and Falun.  
Costs on a like-for-like only increased by approximately 6.0 
per cent, despite significant utility cost increases coming into 
effect at the start of the year.  
Operating costs for the period totalled SEK -226.5 million (-
198.7), corresponding to a year-on-year increase of 14.0 per 
cent. The increase in costs was mainly due to acquisitions 
and higher utility costs, but was partly offset by a milder 
weather and a biogas tax refund totalling SEK 1.6 million. In 
accordance with the current decision from the Swedish Tax 
Agency, the right to a biogas tax refund extends through 
2030, which is expected to have a positive impact on the cost 
base going forward. 
Note 3 Net operating income and surplus ratio 
Net operating income for the quarter amounted to SEK 118.7 
million (104.0), corresponding to a year-on-year increase of 
14.2 per cent. The surplus ratio was  
65.1 per cent (65.5). 
Net operating income for the period amounted to SEK 311.5 
million (274.3) and increased primarily due to acquisitions, the 
year’s rent negotiations and rent increases linked to standard-
raising improvements. 
Note 4 Central administrative costs 
Central administrative costs include costs for senior 
management and central support functions for operations. 
This cost also includes VAT expenses, since housing 
companies are not entitled to deduct the VAT they pay in 
connection with onward invoicing within the Group. 
Central administrative costs totalled SEK -12.6 million (-11.5) 
for the quarter and SEK -42.4 million (-38.8) for the period. 
The increased costs for both the quarter and the period were 
mainly the result of higher personnel costs due to an 
expanded central organisation. 
Note 5 Financial income/expenses 
Financial income/expenses totalled SEK -49.9 million (-45.3) 
for the quarter and SEK -141.6 million (-130.8) for the period. 
The increase was primarily attributable to an increased loan 
volume and fixed-rate loans that matured in the third quarter 
of 2025 and became variable-rate loans on the balance sheet 
date. 
During the period, two interest-rate swaps totalling  
SEK 550 million and an interest-rate swap of SEK 200 million 
were entered into. 
KlaraBo’s interest-rate hedging ratio amounted to 59.6 per 
cent (80.0) of the loan volume. The interest-rate hedging ratio 
decreased year-on-year due to the fact that no fixed-rate 
loans remained on the balance sheet date. 
Note 6 Changes in value 
The Group’s investment properties are appraised on a 
quarterly basis and inspected individually on a rolling three-
year schedule. A full external appraisal is conducted of each 
individual object at least once a year, based on the material 
available for each property as well as market information and 
experience-based assumptions from external appraisers.  
During the current quarter, a desktop appraisal was 
conducted by the independent authorised appraiser Savills. 
This review involved updating previously used parameters to 
ensure an accurate assessment of the market value at the 
end of the quarter.  
The net value change in the property portfolio was  
SEK 84.1 million (12.8) for the quarter and SEK 357.6 million 
(-21.2) for the period. The change was partly attributable to an 
improvement in net operating income linked to the Group’s 
value-creating investments and new leases for premises.

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

Q3 2025 
Interim report 
 
27 
As a result of indications of rent increases for the coming years and an assessment of the 
current market situation, certain adjustments have been made to the assumptions regarding 
rent increases and inflation in the calculation. 
At the end of the period, the average yield requirement amounted to approximately  
4.9 per cent for the entire portfolio and the yield requirement was 4.8 per cent for the housing 
units in the portfolio. Weighted for the entire portfolio, the yield requirement increased 
marginally by about 2 basis points compared with the preceding quarter. 
The change in value for the Group’s derivative portfolio amounted to SEK 29.6 million (-89.0) 
in the quarter and SEK -22.1 million (-46.5) in the period. The change in value 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 
Total tax for the quarter amounted to SEK -40.6 million (6.1), of which SEK -27.6 million (16.2) 
pertained to deferred tax related to changes in the value of investment properties and 
derivatives. Current tax amounted to SEK -6.8 million (-4.3). 
Tax for the period amounted to SEK -97.6 million (-27.5), of which SEK -72.8 million (-3.5) 
pertained to deferred tax related to changes in the value of investment properties and 
derivatives. Current tax amounted to SEK -18.6 million (-18.1). 
Deferred tax is calculated using the balance sheet method for all temporary differences 
between the carrying amounts and tax bases of assets and liabilities and had no direct impact 
on liquidity. The measurement of deferred tax is based on how the carrying amounts of assets 
and liabilities are expected to be realised or settled.   
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 under 
construction, 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 10,533.8 million (9,055.1) at the 
end of the period, of which project development properties accounted for SEK 17.1 million 
(16.6), site leaseholds valued in accordance with IFRS 16 accounted for SEK 10.6 million 
(10.6) and the remainder, SEK 10,506.1 million (9,027.9), pertained to existing investment 
properties. 
 
Carrying amount, investment properties, SEK m 
SEK m 
2025 
30 Sep 
2024 
30 Sep 
2024 
31 Dec 
Opening carrying amount, investment properties 9,243.9 9,031.9 9,031.9 
Acquisitions 815.0 78.1 79.3 
Sales - -140.0 -140.0 
Investments in investment properties 113.1 101.6 144.0 
Investments in new construction properties 4.2 3.9 5.2 
Changes in value 357.6 -20.5 123.5 
Closing carrying amount, investment properties 10,533.8 9,055.1 9,243.9 
 
Note 9 Equity 
Equity attributable to Parent Company shareholders totalled SEK 4,812.0 million (3,929.6). 
The change was attributable to the new share issue, to profit for the period and to the 
company buying back shares for SEK 45.1 million during 2025. In addition, warrants 
amounting to SEK 8.2 million were issued during the quarter. 
Note 10 Deferred tax liability  
The deferred tax liability of SEK 348.1 million (220.1) was mainly attributable to changes in the 
value of investment properties and derivatives. 
Note 11 Interest-bearing liabilities 
Interest-bearing liabilities pertain primarily to financing of the Group’s investment properties. 
Financing for investment properties amounted to SEK 5,348.7 million (4,895.6) on the balance 
sheet date. Lease liabilities according to IFRS 16 amounted to SEK 12.2 million (13.3) and 
pertained to a site leasehold and office properties. Estimated repayments for the next 12 
months amounted to SEK 49.7 million (49.5) at the end of the period. The Group’s cash and 
cash equivalents totalled SEK 121.5 million (170.4) 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 the balance 
sheet date was 49.7 per cent (52.3).

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

Q3 2025 
Interim report 
 
28 
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 
Jul-Sep 
 
2024 
Jul-Sep 
 
2025 
Jan-Sep 
 
2024 
Jan-Sep 
 
2024 
Jan-Dec 
 Rental revenue, SEK m 182.4 158.8 538 473 630.4 
Profit from prop mgmt, SEK m 56.3 47.2 127.6 104.7 135.9 
Profit for the period, SEK m 129.4 -23 365.4 9.4 187.9 
Surplus ratio, % 65.1 65.5 57.9 58 57.5 
Real occupancy rate, % 96.9 97.5 96.9 97.5 97.2 
Investment properties, SEK m 10 533.8 9 055.1 10 533.8 9 055.1 9 243.9 
Market value per sq. m. 555.9 498.8 555.9 498.8 499 
Total lettable area, ‘000 sq. m. 18 901 18 098 18 901 18 098 18 469 
No. of apartments under mgmt 7 431 6 694 7 431 6 694 6 694 
No. of apartments in project devt 783 974 783 974 974 
      
Financial      
Equity/assets ratio, % 45.0 42.4 45.0 42.4 43.6 
Loan-to-value ratio, % 49.7 52.3 49.7 52.3 51.4 
Interest-coverage ratio, multiple* 1.9 1.7 1.9 1.7 1.8 
Net realizable value, SEK m 5 192.8 4 233.0 5 192.8 4 233.0 4 387.8 
      
Share-based      
Profit from property management per share, SEK** 0.37 0.35 0.83 0.78 1.01 
Equity per share, SEK 31.3 30.2 31.3 30.2 31.5 
Earnings per share, SEK*** 0.84 -0.17 2.38 0.07 1.39 
Net realizable value per share, SEK 33.8 32.5 33.8 32.5 33.7 
Annual growth, profit from property management per share, 
% 
4.6 5.4 7 4.7 9.8 
Annual growth, net realizable value per share, % 4.1 1.9 4.1 1.9 5.4 
No. of shares at end of period, million 153.5 130.3 153.5 130.3 130.3 
Weighted average No. of shares during period before 
dilution, million 
153.5 130.5 153.8 130.8 130.7 
* Based on a calculation on a 12-month basis 
** Historical figures have been restated due to the rights issue 
*** In accordance with IFRS. Historical figures have been restated due to the rights issue

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

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29 
Definitions of KPIs 
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. 
Economic occupancy rate, % Rental income in relation to rental value. This KPI measures the rental income in relation to the total value of the potential lettable area.

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

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30 
Reconciliation table, KPIs 
 
2025  
Jul-Sep 
2024  
Jul-Sep 
2025  
Jan-Sep 
2024 J 
an-Sep 
2024  
Jan-Dec 
Market value per sq. m. 
 
       
A Investment properties, SEK m 10,533.8 9,055.1 10,533.8 9,055.1 9,243.9 
B New construction in progress, SEK m 16.6 16.3 16.6 16.3 17.7 
C Site leaseholds, SEK m 10.6 10.6 10.6 10.6 10.6 
D Total lettable area, 000 sq. m. 555.9 498.8 555.9 498.8 499.0 
(A-B-C)/D Market value per sq. m. 18,901 18,098 18,901 18,098 18,469 
      
Surplus ratio, %        
A Net operating income, SEK m 118.7 104.0 311.5 274.3 362.2 
B Revenue, SEK m 182.4 158.8 538.0 473.0 630.4 
A/B Surplus ratio, % 65.1 65.5 57.9 58.0 57.5 
      
Real occupancy rate, %        
A No. of apartments 7,431 6,694 7,431 6,694 6,694 
B No. of apartments not rented 388 264 388 264 305 
C Apts set aside for renovation or with signed leases 154 97 154 97 120 
1-(B-C)/A Real occupancy rate, % 96.9 97.5 96.9 97.5 97.2 
      
Equity/assets ratio, %        
A Total equity at the end of the period, SEK m 4,812.0 3,929.6 4,812.0 3,929.6 4,484.2 
B Add-back of rights issue of unsubscribed shares 0.0 0.0 0.0 0.0 -376.1 
C Total equity and liabilities at the end of the period, SEK m 10,684.0 9,263.9 10,684.0 9,263.9 9,799.9 
(A+B)/(B+C) Equity/assets ratio, % 45.0 42.4 45.0 42.4 43.6 
      
Loan-to-value ratio, %        
A Non-current interest-bearing liabilities, SEK m 4,788.9 2,056.2 4,788.9 2,056.2 3,762.0 
B Current interest-bearing liabilities, SEK m 566.2 2,850.8 566.2 2,850.8 1,128.2 
C Cash and cash equivalents at end of the period, SEK m 121.5 170.4 121.5 170.4 143.0 
D Investment properties, SEK m 10,533.8 9,055.1 10,533.8 9,055.1 9,243.9 
(A+B.C)/D Loan-to-value ratio, % 49.7 52.3 49.7 52.3 51.4 
E New construction in progress, SEK m 16.6 16.3 16.6 16.3 17.7 
(A+B-)/(D-E) Loan-to-value ratio, investment properties, % 50.9 54.3 50.9 54.3 53.0 
      
Interest-coverage ratio, multiple        
A Operating profit/loss, rolling 12 months, SEK m 344.1 300.8 344.1 300.8 310.5 
B Interest income/expense, rolling 12 months, SEK m -185.3 -172.2 -185.3 -172.2 -174.6 
A/-B Interest-coverage ratio, multiple 1.9 1.7 1.9 1.7 1.8

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

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31 
BCont. reconciliation table, KPIs 
 
2025  
Jul-Sep 
2024  
Jul-Sep 
2025  
Jan-Sep 
2024  
Jan-Sep 
2024  
Jan-Dec 
Net realizable value, SEK m        
A Equity, SEK m 4,812.0 3,929.6 4,812.0 3,929.6 4,484.2 
B Add-back of derivatives, SEK m 32.7 83.3 32.7 83.3 10.6 
C Add-back of deferred tax liabilities, SEK m 348.1 220.1 348.1 220.1 269.2 
D Add-back of deferred tax assets, SEK m 0.0 0.0 0.0 0.0 0.0 
E Add-back of rights issue of unsubscribed shares 0.0 0.0 0.0 0.0 -376.1 
A+B+C+D+E net realizable value, SEK m 5,192.8 4,233.0 5,192.8 4,233.0 4,387.8 
      
Profit from property management per share, SEK *        
A Profit from prop mgmt, SEK m 56.3 47.2 127.6 104.7 135.9 
B Adjustment, profit from prop mgmt attr to minority share, SEK m 153.5 130.5 153.8 130.8 130.7 
C Adjustment factor related to the rights issue. 0.000 0.0328 0.000 0.0 0.0 
A/(B*(1+C) Profit from prop mgmt per share, SEK 0.37 0.35 0.83 0.78 1.01 
      
Equity per share, SEK        
A Equity, SEK m 4,812.0 3,929.6 4,812.0 3,929.6 4,484.2 
B Add-back of rights issue of unsubscribed shares 0.0 0.0 0.0 0.0 -376.1 
C Number of shares at end of the period, million 153.5 130.3 153.5 130.3 130.3 
(A+B)/C Equity per share, SEK 31.34 30.16 31.34 30.16 31.53 
      
Net realizable value per share, SEK        
A Net reassessment value (net realizable value), SEK m 5,192.8 4,233.0 5,192.8 4,233.0 4,387.8 
B  Number of shares at end of the period, million 153.5 130.3 153.5 130.3 130.3 
A/B net realizable value per share, SEK 33.82 32.49 33.82 32.49 33.68 
      
Annual growth, profit from property management per share, %*        
A Profit from prop mgmt during the period per share, SEK 0.37 0.35 0.83 0.78 1.01 
B Profit from prop mgmt during the preceding period per share, SEK 0.35 0.33 0.78 0.74 0.92 
A/B-1 Annual growth, profit from prop mgmt per share, % 4.6% 5.4% 7.0% 4.7% 9.8% 
      
Annual growth, net realizable value per share, %        
A Net realizable value during the period per share, SEK 33.8 32.5 33.8 32.5 33.7 
B Net realizable value during the preceding period per share, SEK 32.5 31.9 32.5 31.9 32.0 
A/B-1 Annual growth, net realizable value per share, % 4.1% 1.9% 4.1% 1.9% 5.4% 
* Historical figures have been restated due to the rights issue

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Risks and opportunities  
for the Group and  
Parent Company

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33 
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, excluding interest-rate risk, 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 operations to continue and refurbishments and 
acquisitions to be carried out. 
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 hedging of its 
debt portfolio, maintaining a favourable and proactive 
dialogue with the Group’s financial partners and continuously 
monitoring and addressing 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. The changes in value 
resulting from these appraisals are recognised in profit or loss 
and may have a material impact on profit for the period. This 
means that the earnings may show some volatility between 
periods.  
The market value of the properties is mainly impacted by 
expected future net operating income and market yield 
requirements. Increased demand for properties tends to 
lower the yield requirement, resulting in higher appraisals. 
Lower demand has the opposite effect. Similarly, the value is 
positively affected by higher net operating income and 
negatively affected by lower net operating income. 
The appraisal takes various factors into account, including 
the actual rent level and the vacancy risk in the property 
portfolio. Property appraisals should take in to account an 
interval of uncertainty to reflect the inherent uncertainty of the 
assumptions and estimates made. 
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 569.0 + 0.25%- basis points -511.7 
Rental value* - 2.50% -37.5 + 2,50% 402.8 
Operating and maintenance costs - 2.50% 142.2 + 2,50% -142.2 
Long-term vacancy rate - 0.25%- basis points 34.0 + 0.25%- basis points -34.1 
*-2.5% refers only to premises while +2.5% refers to both premises and housing

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

Q3 2025 
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34 
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 currently has no bonds. 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 operating profit. 
KlaraBo is following the development closely and simulates sensitivity to enable action to be taken as needed. 
On 30 September 2025, cash and cash equivalents amounted to SEK 121.5 million and the Group had SEK 200 million in 
unutilised credit facilities.  
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 (for example, with respect to 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 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. 
 
  
Fredriksdal in Helsingborg

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

Q3 2025 
Interim report 
 
35 
Other disclosures

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

Q3 2025 
Interim report 
 
36 
Market outlook 
The transaction volume for housing increased year-on-year in the first three quarters, driven by a more positive climate for property investors with favourable access 
to capital. 
Our assessment is that the interest in residential properties and the transaction volume will continue to grow over the remainder of 2025 and onwards on the back of 
rental growth having lagged behind inflation and the stable cash flows from residential properties. We expect the rental trend to compensate for past inflation levels 
in the next few years, making it advantageous to own residential properties. The relatively high rents in new construction are also assessed to increase the 
attractiveness of renovated apartments in older properties and provide property owners with greater opportunities for profitable upgrades. Increased transaction 
volumes and improved market conditions could lead to lower yield requirements for residential properties in the second half of 2025 and into 2026. 
In 2025, reports of vacant rental apartments have circulated in the media, and in June, Sveriges Allmännytta (Public Housing Sweden) published a report showing 
that one fifth of public housing companies reported a loss in 2024. Our authorised appraiser Savills has access to a large database of rental apartments across 
Sweden owned by various types of companies – from private sector and listed companies to funds and public housing – that shows that vacancy levels differ 
considerably between different municipalities. Vacancies remain low in areas with continued population growth and are declining in some locations due to a lack of 
newly constructed apartments. Vacancies in some municipalities are also low in central locations, while smaller towns in the same municipality, where public housing 
companies often own the majority of rental apartments, may have higher vacancy rates. Companies with major vacancy problems and poor profitability are often 
located in inland municipalities with negative population growth, which magnifies the differences in vacancy rates depending on where these companies operate. 
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, despite a slight upturn in vacancy rates in certain locations.  The Group’s assessment is that there is still a structural housing shortage in many of 
KlaraBo’s locations 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 quarter was 82 (68), of whom 30 were women (24) and 52 men (49). 
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, provisions of the Swedish 
Annual Accounts Act have been adhered to. 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. No 
transactions with related parties of the Group took place during the period. 
Significant events after the period 
There are no significant events to report.

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

Q3 2025 
Interim report 
 
37 
The share and  
shareholders

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

Q3 2025 
Interim report 
 
38 
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 15 largest shareholders as of 30 September 2025 are shown in the table below. 
As of 30 September 2025, the total number of shares amounted to 157,885,751, of which 16,300,000 are Class A ordinary 
shares and 141,585,751 are Class B ordinary shares. Each Class A share entitles the holder to ten votes and each  
Class B share to one vote. 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. The company is not directly or indirectly controlled by any single party. 
 
 
Largest shareholders, 30 September 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% 
Ralph Mühlrad 1,285,000 9,290,528 10,575,528 6.7% 7.3% 
Samhällsbyggnadsbolaget i Norden AB 0 9,317,306 9,317,306 5.9% 3.1% 
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% 
Lennart Sten 2,495,000 4,299,001 6,794,001 4.3% 9.6% 
Länsförsäkringar Fonder 0 5,072,017 5,072,017 3.2% 1.7% 
Pensionskassan SHB Försäkringsförening 0 4,825,610 4,825,610 3.1% 1.6% 
KlaraBo Sverige AB 0 4,357,192 4,357,192 2.8% 1.4% 
ODIN Fonder 0 4,248,330 4,248,330 2.7% 1.4% 
Avanza Pension 0 4,075,892 4,075,892 2.6% 1.3% 
Andreas Morfiadakis 2,361,287 388,067 2,749,354 1.7% 7.9% 
Mats Johansson 2,699,400 - 2,699,400 1.7% 8.9% 
Handelsbanken Fonder 0 2,269,198 2,269,198 1.4% 0.7% 
Richard Mühlrad 785,000 1,388,732 2,173,732 1.4% 3.0% 
Other 1,273,513 61,425,179 62,698,692 40% 24% 
 16,300,000 141,585,751 157,885,751 100% 100% 
Source: Modular Finance AB per 2025-09-30 
The share 
KlaraBo’s Class B share 30 Sep 2025 
Trading venue Nasdaq Stockholm (Mid Cap) 
Ticker KLARA B 
Sector Real Estate 
Currency SEK 
Shares outstanding (total) 157,885,751 
Class A shares outstanding 16,300,000 
Class B shares outstanding 141,585,751

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

Q3 2025 
Interim report 
 
39 
Six reasons to own shares in KlaraBo 
 
Stable revenue base 
With a high share of residential rent, we create predictable cash flows and low operational risk. 
 Improvements and total refurbishments drive value 
Ongoing property management and planned total refurbishments raise standards and energy efficiency, reduce operating costs and enable rent differentiation.  
This increases our net operating income and property values. 
 Growth through acquisitions 
Active acquisition strategy in select locations, clustered in efficient management units that lower costs and strengthen margins. 
 New construction complements the portfolio 
Selective projects with a focus on low operating costs and sustainable materials in priority areas. 
 Financial resilience 
A balanced loan-to-value ratio and cost-efficient operations create resilience, even at higher interest rates. 
 Experienced management and clear strategy 
Our management team has extensive experience in acquiring, managing and improving residential properties, with a focus on profitability.

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

Q3 2025 
Interim report 
 
40 
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. 
KlaraBo Sverige AB, Corp. Reg. No. 559029–2727 
Malmö, 23 October 2025 
 
Lennart Sten 
Chairman of the Board 
Sophia Mattsson-Linnala 
Board member 
 
Anders Pettersson 
Board member 
Joacim Sjöberg 
Board member 
 
Per Håkan Börjesson 
Board member 
Ralph Mühlrad 
Board member 
 
Karin Gunnarsson 
Board member 
Andreas Morfiadakis 
CEO 
 
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 person set out above, at 8:00 a.m. CEST on 23 October 2025.

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

Q3 2025 
Interim report 
 
41 
 
 Auditor’s report  
 To the Board of directors in KlaraBo Sverige AB (publ), 
corporate identity number 559029-2727 
Introduction 
We have conducted a limited review of the condensed interim financial information (interim report) for KlaraBo Sverige AB 
(publ) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing 
director are responsible for preparing and presenting 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 limited review.   
The focus and scope of the limited review   
We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, 
“Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A limited review consists of 
making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, 
and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus 
and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures 
taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters 
that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have 
the assurance that a conclusion expressed based on an audit has.   
Conclusion 
Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all 
material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent 
company in accordance with the Annual Accounts Act. 
Malmö, 23 October 2025 
Öhrlings PricewaterhouseCoopers AB 
 
Mats Åkerlund, Authorised Public Accountant This is a translation of the Swedish language original. In the event of any 
differences between this translation and the Swedish language original, the latter shall prevail.

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42 
 
Information from KlaraBo 
The information we communicate to the market regarding our operations is to 
be transparent, clear and accurate, and aim to build trust in our company and 
brand. 
Information regarding significant events, interim reports and year-end reports 
are published immediately via press releases and are also available on our 
website klarabo.se. You can also subscribe to received financial reports and 
press releases. 
Presentation for investors, analysts and media 
The results will be presented on 23 October 2025 at 9:00 by CEO Andreas 
Morfiadakis and CFO Magnus Nordholm. The presentation will be held in 
Swedish and will be available afterwards at klarabo.se and on our YouTube 
channel.  
Reports are generally published at 8:00 unless otherwise stated. 
 
Financial calendar 
Year-end report 2025 13 February 2026 
Interim report, January–March 2026 29 April 2026 
2026 Annual General Meeting 29 April 2026 
Interim report, April–June 2026 10 July 2026 
Interim report, July–September 2026 21 October 2026 
Year-end report 2026 17 February 2027 
 IR Contacts 
Andreas Morfiadakis, CEO 
E-mail: andreas.morfiadakis@klarabo.se  
Telephone: +46 761 331 661 
Magnus Nordholm, CFO 
E-mail: magnus.nordholm@klarabo.se  
Telephone: +46 70 529 31 44

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43