Kvartalsrapport Q2 2025

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

Q2 2025
Interim report January - June

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

About NP3
NP3’s business concept is to, with tenants in focus, acquire, own and manage 
high-yielding commercial properties, primarily in northern Sweden. NP3 owns 
and manages properties in the industrial, logistics, retail, offices and other 
categories. The property portfolio is spread across eight business areas: 
Sundsvall, Gävle, Dalarna, Östersund, Umeå, Skellefteå, Luleå and Middle 
Sweden. The company has its domicile and head office in Sundsvall.
Major events in the second quarter
•  At the beginning of May, NP3's Annual general meeting was held, where the 
meeting resolved, in accordance with the Board of Directors’ proposal, on 
a dividend of SEK 5.20 per common share and a dividend of SEK 2.00 per 
preference share. The AGM approved the income statement and balance 
sheet as well as the consolidated income statement and consolidated 
balance sheet for 2024. The meeting also resolved to discharge the 
members of the Board of Directors and the CEO from liability for the 2024 
financial year.
•  In mid-May, the company carried out a directed new issue of 13.7 million 
preference shares at a price of SEK 28.75 per share, which provided the 
company with MSEK 394 before transaction costs.
•  Through eleven transactions, the company has accessed 21 properties with 
an underlying property value of MSEK 488 in total. The properties have a 
lettable area of   43,900 square meters and an annual rental value of MSEK 
44. 
•  At the end of June the company has acquired the remaining 38.8 percent of 
the shares in Cibola Holding AB, which therebye became a wholly-owned 
subsidiary of NP3. Cibola owns five hotel facilities. As part of the deal, the 
company has also divested 11.3 percent of the shares in Cibola Hospitality 
Group AB, which is responsible for the operation of three of the hotel 
facilities. The sale has resulted in NP3 owning 49.9 percent of the shares in 
the operating company, which thereby constitutes an associated company 
of NP3. 
•  In addition to the above, NP3 has entered into agreements to acquire three 
properties at an underlying property value of MSEK 97 to be accessed in 
the third and fourth quarters. The properties have a lettable area of   9,500 
square meters and an annual rental value of MSEK 10. 
Events after the end of the period
•  As part of streamlining the company's property portfolio, NP3 divested 
three retail properties with an underlying property value of MSEK 463 at 
the beginning of July. The total rental value amounts to MSEK 43, of which 
62 percent of the rental value can be linked to a property in Kiruna. The 
properties that were vacated have, in comparison with the reported values 
on the agreement date in april, generated a positive realised change in 
value of MSEK 22.
•  After the end of the period and until the publication of this interim report, 
the company has in two transactions entered into an agreement to acquire 
three properties at an underlying property value of MSEK 47. Two properties 
in Luleå were accessed at the beginning of July and one property in Gävle 
will be accessed during the fourth quarter. The properties have a lettable 
area of 5,500 square meters and an annual rental value of MSEK 5. 
Forecast for 2025
For 2025, profit from property management, i.e. profit before changes in 
value and tax, with the current property portfolio and announced acquisitions 
and divestments of properties, is estimated at MSEK 1,090. The previously 
provided forecast was MSEK 1,050 and was communicated in the company's 
interim report for January-March 2025.
Roundings in the report can result in 
columns and rows not adding up.
Profit from property 
management per 
common share 
SEK 7.68
+31 %
Rental income was 
MSEK 1,115
+14 %
2
Acquisitions  
accessed
Net operating 
income amounted to 
MSEK 826
MSEK 624
+18 %
This Interim report is an in-house 
translation. In the event of discrep -
ancies, the Swedish original will 
supersede the translation.

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
3
Key ratios 2025
Jan-Jun
2024
Jan-Jun
2025
Apr-Jun
2024
Apr-Jun
2024
Jan-Dec
Result, MSEK
Rental income 1,115 978 564 486 1,992
Net operating income 826 701 443 373 1,503
Surplus ratio, % 74 72 79 77 75
Profit from property management 515 376 281 209 879
Changes in value of properties 221 157 120 155 323
Net profit 477 439 203 198 914
Market value properties 24,465 20,872 24,465 20,872 23,384
Yield , % 7.2 7.0 7.2 7.0 7.1
Properties accessed 624 189 475 186 2,087
Result, SEK/common share
Profit after tax 6.99 6.97 2.91 3.12 14.17
Profit from property management 7.68 5.88 4.22 3.30 13.57
Long-term net asset value 159.26 137.85 159.26 137.85 154.64
January - June
• Rental income increased by 14% to MSEK 1,115 (978).
• Net operating income increased by 18% to 
MSEK 826 (701).
• Profit from property management increased 
by 37% to MSEK 515 (376). Profit from property 
management per common share increased by 31% 
to SEK 7.68 (5.88).
• Changes in the value of properties totalled 
MSEK 221 (157).
• Net profit after tax totalled MSEK 477 (439), 
equivalent to SEK 6.99/common share (6.97).
• Net investments for the period amounted to 
MSEK 962 (453), of which MSEK 624 (189) 
related to acquisitions of properties, MSEK 313 
(282) to investments in existing properties and 
new construction, MSEK 1 (14) to investments in 
associated companies and joint ventures, and 
MSEK -76 (-33) to divested properties, MSEK 100 
referred to a acquisition of minority shares in a 
subsidiary. 
April - June
• Rental income increased by 16% to MSEK 564 
(486).
• Net operating income increased by 19% to 
MSEK 443 (373).
• Profit from property management increased 
by 35% to MSEK 281 (209). Profit from property 
management per common share increased by  
28% to SEK 4.22 (3.30).
• Changes in the value of properties totalled 
MSEK 120 (155).
• Net profit after tax totalled MSEK 203 (198), 
equivalent to SEK 2.91/common share (3.12).
• Net investments for the period amounted to 
MSEK 739 (349), of which MSEK 475 (186) related 
to acquisitions of properties, MSEK 163 (150) 
to investments in existing properties and new 
construction and MSEK 1 (14) to divested properties, 
MSEK 100 referred to a acquisition of minority 
shares in a subsidiary.
Interim report January - June 2025

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
4
Financial targets and dividend targets
Below are the company's financial targets and results, rolling 12 months 2nd quarter, for the last five years. Except the 
dividend targets shown per full year.
1) Includes a dividend in kind and additional dividend of MSEK 8 on newly issued common and preference shares. For more information, see table on page 22.
2) Of the reported amount, MSEK 27 relate to additional dividends on newly issued common and preference shares.
Dividend
The company aims to pay 
dividends of around 50 
percent of the profit from 
property management after 
current tax to holders of 
ordinary and preference 
shares.
The key ratio shows the company’s overall growth 
target. Profit from property management per 
common share, rolling 12 months, increased by 30 
percent compared to the corresponding period 
last year. Average growth over the five-year 
period was 12 percent.
The target shows the yield on the company’s equi -
ty over a five-year period. The target is a measure 
of the company’s ability to create return on equity. 
Return on equity before tax was 14 percent. The 
average return on equity over the five-year period 
was 20 percent.
The interest coverage ratio shows the company’s 
ability to cover its interest expenses. Interest 
coverage ratio is a measurement that indicates 
how many times the company manages to pay its 
interest with the profit from the operating activities.  
The interest coverage ratio as of 30 June was 
2.7 times.
The loan-to-value ratio shows how great a 
proportion of the property value is financed by 
liabilities. The loan-to-value ratio must not exceed 
60 percent. As of 30 June, the loan-to-value ratio 
was 51 percent.
Growth in profit from 
property management 
per common share
The growth in profit from 
property management per 
common share shall amount 
to at least 12 percent per year 
over a five-year period.
Return on equity 
Return on equity before 
tax shall amount to at least 
15 percent over a five-year 
period.
Interest coverage ratio
The interest coverage 
ratio shall be no less than 
2 times.
Loan-to-value ratio
The loan-to-value ratio must 
not exceed 60 percent.
Proportion of preference 
share dividend
Preference share dividend 
is limited to maximum 20 
percent of the profit from 
property management after 
current tax.
The key ratio, which means that the preference 
share dividend is limited to a maximum 
of 20 percent of the profit from property 
management after tax, aims to ensure a good 
balance between the interests of holders of 
common and preference shares. The dividend 
resolved on corresponds to 14 percent.
 Objective  Explanation and result
%
60
50
40
30
20
10
0
T arget approx. 50%
53%   50%   50%   59%   54%
 2020  2021   2022   2023  2024
Max 20%
Outcome
The dividend target is set based on the company’s 
cashflows and levels of return. At the company’s 
AGM in May, the meeting resolved in accordance 
with the Board of Directors’ proposal on a dividend 
of SEK 5.20 per share on the company's common 
share and a dividend of SEK 2.00 per share on the 
company's preference share. The total dividend 
amounts to MSEK 4322).
Return on equity 
before tax, %
Average return 
on equity before 
tax, 5 years, %
Target 15%
50
40
30
20
10
0
%
x
4
3
2
1
0
T arget 2x
 3.3      3.4     2.4      2.1     2.7
%
70
60
50
40
30
20
10
0
Max 60%
56%   58%   55%   55%   51%
Profit from property 
management per 
common share, SEK
Average annual 
growth, 5 years, % 
T arget 12%
Q2 -21  Q2 -22  Q2 -23  Q2 -24  Q2 -25
Q2 -21  Q2 -22  Q2 -23  Q2 -24  Q2 -25
Q2 -21  Q2 -22  Q2 -23  Q2 -24  Q2 -25
Q2 -21  Q2 -22  Q2 -23  Q2 -24  Q2 -25
SEK
18
16
14
12
10
8
6
4
2
0
%
20
16
12
8
4
0 0
2
4
6
8
10
12
14
16
18
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Q2-21 Q2-22 Q2-23 Q2-24 Q2-25
Tillväxt
Serie1 Serie2
0
10
20
30
40
50
Q2-21 Q2-22 Q2-23 Q2-24 Q2-25
Avkastning på eget kapital
Serie1 Serie2
25
20
15
10
5
0
% 15%   12%   10%   11%   14%
2020   2021   2022  2023  2024
2)

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
5
Comments by the CEO
Comparisons in brackets relate to the corresponding period of the previous year.
Profit from property management for the quarter amounted to MSEK 281 (209) and for the first 
six months to MSEK 515 (376), an increase of 35 and 37 percent, respectively, compared with the 
previous year. The increase is attributable to a higher operating surplus from our property portfolio 
and a lower average interest rate. Profit from property management per common share for the 
first six months amounted to SEK 7.68 (5.88), an increase of 31 percent. For the quarter, profit from 
property management per common share increased by 28 percent to SEK 4.22 (3.30).
The forecast for profit from property management for 2025 
is MSEK 1,090, which can be compared with the forecast 
for the previous quarter of MSEK 1,050. The forecast's profit 
increases by MSEK 19 due to a one-off payment from a tenant 
for early vacating. The reason why we have chosen to accept 
early vacating is that we see good potential in reletting the 
premises and thereby increasing our earnings. Our vacancy 
increases in the short term because of this, but NP3's ambition 
is, as always, to increase earnings for our shareholders in the 
long term. The one-off payment will be included in the result 
for the third quarter, while the rental termination notice has 
affected net letting in the second quarter.
The forecast also increases thanks to lower financial costs 
given the lower debt volume due to our preference share issue, 
as well as higher income driven by investments. The forecast 
is our best assessment based on the property portfolio we 
have communicated and the information we have from our 
business areas.
Economic situation and the sector
Rental income increased by 14 percent during the first 
half of the year and the increase in the comparable portfolio 
amounted to just over 2 percent. The surplus ratio was 
74 percent, which is slightly higher compared to the previous 
year, due to the mild weather during the first quarter of the 
year. The occupancy rate of 93 percent is at par with the 
previous year. Net letting for the quarter amounted to MSEK 10 
and for the six-month period to MSEK 12. The figures confirm 
the stability that NP3 stands for.
At the same time, the economic situation is still challenging. 
The market is hesitant and everything takes longer. New 
threats arise and must then be evaluated and taken into 
account by all. However, the fact that things take longer is not 
only negative, but can also be positive. This should be able 
to contribute to our tenants being given better conditions 
to meet the market's challenges and still have a sustainable 
business. In a review focusing on exports and imports of NP3's 
diversified tenant base, a clear picture emerges that NP3's 
direct customers have only a small concentration of import and 
export, and if there is any dependency, it is mainly on Europe. 
Project investments for the first half of the year amount to 
MSEK 313 and we see continued demand for newly produced 
premises. For NP3, new production highlights the value of 
our existing development rights while making our local areas 
more attractive. New production also provides a clear picture 
of what the market rent is for efficient premises. NP3 has a 
large number of development rights with a total lettable area of 
approximately 300,000 square meters in the property portfolio, 
which means that the project volume may increase slightly 
when the economy picks up again.
Valuation
In total, the positive unrealised changes in property value for 
the quarter add up to MSEK 120, with the main reason being 
increased cash flow from our existing property portfolio. The 
valuation yield for our property portfolio increased by 1 bps to 
7.10 percent during the quarter. The biggest change is the yield 
in Skellefteå which has generally increased by 18 bps, affecting 
the entire portfolio by 2 bps. Regarding Skellefteå, I have 
reason to repeat that our business there was set up before 
the green transition took off, and if we look at the net letting in 
Skellefteå it is slightly positive with TSEK 100 seen over three 
months. For the past 12 months, net letting amounts to MSEK 
14. In fact, NP3 has higher earnings in Skellefteå today than 
12 months ago, and we do not see any dramatic changes on 
the horizon. In other words, in the business area the cash flow 
effect in valuations is positive, while the yield is negative. 
Future
NP3 has made net investments of MSEK 962 during the first 
half of the year and is ready to continue investing if the right 
opportunity arises. The preference share issue carried out 
in May has raised MSEK 400 and provided conditions for 
continued growth in our profit from property management. 
Whether this is done through future acquisitions, investments 
in projects or repurchase of bonds, depends on market 
conditions, but as always NP3's focus is on strengthening our 
profit from property management per common share while 
maintaining or reducing operational and financial risk. We will 
continue with the same goal in mind. 
I would like to extend a big thank you to NP3's employees, 
shareholders and other stakeholders for your strong 
commitment, which strongly contributes to NP3 being so well 
prepared. We have a balance sheet and cash flow that allow 
us to continue evaluating potential investments. The future will 
show what opportunities we act upon.
Andreas Wahlén

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
6
Consolidated statement of comprehensive income
Summary report, MSEK
2025
Apr-Jun
2024
Apr-Jun
2025
Jan-Jun
2024
Jan-Jun
2024
Jan-Dec
Rolling
12 months
Rental income 564 486 1,115 978 1,992 2,129
Property costs -107 -101 -260 -253 -440 -447
Property tax -14 -12 -28 -24 -48 -53
Net operating income 443 373 826 701 1,503 1,628
Central administration -25 -20 -45 -38 -78 -85
Result from associated companies and joint ventures 16 -8 24 0 13 37
- of which profit from property management 10 8 20 16 37 42
- of which changes in value of properties 11 -10 11 -7 -10 8
- of which tax -5 -6 -7 -9 -14 -13
Financial income 3 0 4 4 15 15
Financial expenses -151 -153 -290 -307 -599 -583
Profit/loss after financial items 287 193 519 361 854 1,013
- of which profit from property management 281 209 515 376 879 1,018
Changes in value of properties 120 155 221 157 323 387
Changes in value of financial instruments -143 -100 -136 32 13 -156
Profit before tax 264 248 603 550 1,191 1,244
Current tax -21 -13 -40 -30 -75 -85
Deferred tax -40 -36 -86 -81 -202 -207
Net profit 203 198 477 439 914 951
Other comprehensive income - - - - - -
Comprehensive income for the period 203 198 477 439 914 951
Comprehensive income relating to the parent company’s 
shareholders 200 198 473 439 914 948
Comprehensive income relating to non-controlling interest 2 0 4 0 0 4
Earnings per common share, SEK 2.91 3.12 6.99 6.97 14.17 14.27
Number of common shares at the end of the period, thousands 61,581 57,562 61,581 57,562 61,562 61,581
Weighted average number of common shares, thousands 61,572 57,530 61,565 57,506 59,136 60,766
Rental income, MSEK Profit from property management, MSEK
* Rolling 12 months
2,500
2,000
1,500
1,000
500
0 2021    2022    2023    2024   2025 Q2* 2021    2022    2023    2024   2025 Q2* 2021    2022    2023    2024   2025 Q2*
1,200
1,000
800
600
400
200
0
Net operating income, MSEK 
1,800
1,500
1,200
900
600
300
0

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
7
Income, expenses and result
January - June
Earnings
The profit from property management increased by 37 percent 
compared to the previous year and amounted to MSEK 515 
(376). The increase in profit from property management is 
explained by acquisitions, higher rental income, completed 
projects and lower financing costs. Profit from property 
management amounted to SEK 7.68 (5.88) per common share. 
The net operating income for the period amounted to MSEK 
826 (701), which corresponds to a surplus ratio of 74 percent 
(72). 
Changes in the value of properties amounted to MSEK 221 
(157), of which MSEK 220 (157) related to unrealised changes 
in value and MSEK 0 (1) related to realised changes in value. 
Changes in the value of financial instruments amounted to 
MSEK -136 (32). 
Net profit after tax relating to the parent company’s 
shareholders amounted to MSEK 473 (439), which was 
equivalent to SEK 6.99 per common share (6.97). 
Income and expenses
Rental income increased by 14 percent to MSEK 1,115 (978). 
Revenue increased as a result of property acquisitions, 
indexation, and through lettings and completed projects. 
MSEK 17 of the increase consists of non-recurring income. 
In the comparable portfolio, revenue increased by just over 
2 percent. Revenue consisted of rental income of MSEK 1,023 
(888) and service revenue of MSEK 92 (90). Service revenue 
consisted primarily of costs passed on for heating, electricity 
and water as well as snow clearing. 
Property costs for the period amounted to MSEK -260 (-253). 
The costs were distributed between property upkeep and 
operating expenses MSEK -228 (-227), repairs and maintenance 
MSEK -24 (-20) as well as anticipated and confirmed customer 
losses of MSEK -8 (-6). Property tax amounted to MSEK -28 
(-24). Central administration costs amounted to MSEK -45 (-38) 
and consisted mainly of group-wide costs. 
NP3’s investments in associated companies and joint ventures 
contributed positively to the company’s profit from property 
management with MSEK 20 (16). The total share in profits for 
the period amounted to MSEK 24 (0). For more information on 
the company's investments in associated companies and joint 
ventures, see page 15. 
Financial income amounted to MSEK 4 (4). Financial expenses 
decreased to MSEK -290 (-307), mainly due to a lower average 
interest rate. Apart from interest expenses, financial expenses 
also included MSEK -18 (-12) in accrued borrowing expenses. 
For more information regarding the company’s funding, see 
pages 16 and 17.
Seasonal variations 
The surplus ratio varies during the year depending on seasonal 
variations. During the winter months, profit is affected mainly 
by costs relating to electricity, heating and snow clearing being 
high. The contract structure is designed so that tenants are 
charged an evenly distributed preliminary fee continuously 
throughout the year, while the fee for consumption is expensed 
in step with the outcome which yields a lower surplus ratio 
during the winter months and higher level during the summer 
months. 
Tax 
Current tax amounted to MSEK -40 (-30) and was calculated 
based on the period’s taxable profit. The taxable profit for 
real estate companies is usually lower than the profit from 
property management as the taxable profit is reduced by tax 
depreciation, provisions to the tax allocation reserve and other 
adjustments for tax purposes. 
Deferred tax amounted to MSEK -86 (-81) and consisted 
mainly of changes in differences between market value and tax 
base on properties and changes in market value of financial 
instruments.
April - June
Profit from property management for the second quarter 
amounted to MSEK 281 (209). The operating surplus amounted 
to MSEK 443 (373), corresponding to a surplus ratio of 79 
percent (77), and was positively impacted by non-recurring 
income of MSEK 11. Rental income was MSEK 564 (486). 
Revenue consisted of rental income of MSEK 518 (446) and 
service revenue of MSEK 46 (40). Property costs amounted 
to MSEK -107 (-101), property tax MSEK -14 (-12) and central 
administration MSEK -25 (-20). NP3's share of associated 
companies' profit from property management totalled 
MSEK 10 (8) for the quarter and the total share in profits 
was MSEK 16 (-8). 
Financial expenses decreased to MSEK -151 (-153) as a 
result of a lower interest rate level during the quarter. Profit 
before tax amounted to MSEK 264 (248) and was affected 
by unrealised changes in the value of properties of MSEK 
120 (155) and unrealised changes in the value of financial 
instruments amounting to MSEK -143 (-100). Current tax 
affected profit for the quarter with MSEK -21 (-13) and 
deferred tax with MSEK -40 (-36).
Comparisons in brackets refer to the corresponding period of the previous year for income statement items and the previous year-end for balance sheet items.

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
8
Current earnings capacity
Definition of earnings capacity
Current earnings capacity is not a forecast but to be 
regarded only as a snapshot, the aim of which is to present 
revenue and costs on an annual basis given the property 
portfolio, interest expenses and organisation at a particular 
point in time. Earnings capacity is based on the coming 
12-month period, on the basis of the property portfolio the 
company owned as of 30 June 2025. The earning capacity is 
based on an contracted annual rent and shows what profit 
the company would generate under the terms and conditions 
stated.
The earnings capacity does not include an assessment of 
the development of rents, vacancy rate, property expenses, 
interest, changes in value or other factors affecting income.
The estimated earning capacity is based on the following 
information.
•  Property costs consist of an estimate of the operating 
expenses and maintenance and repair measures during a 
normal year. Operating costs include property management.
•  Financial income and expenses have been calculated 
based on the company's closing average interest rate level 
and credit portfolio as of 30 June 2025, and have not been 
adjusted for effects relating to the accrual of borrowing 
costs amounting to MSEK 24.  
Comment on earning capacity
Compared to the current rental value of MSEK 2,411, the 
future-oriented adjusted rental value amounted to MSEK 
2,401. The major adjustment item was primarily discounts of 
MSEK -10. Since the beginning of the year, the company’s net 
operating income in the earning capacity has increased by 
4 percent to MSEK 1,668. The yield in the earning capacity 
was 6.8 percent (6.9) in relation to the properties’ market 
value of MSEK 24,465. Profit from property management 
and profit from property management per common share in 
the earning capacity increased by 6 percent and 4 percent, 
respectively, compared to the beginning of the year.
Acquisitions and divestments
Contracted acquisitions not accessed as of 30 June relate 
to three properties located in Luleå, Umeå and Sandviken. 
The properties have an annual rental value of MSEK 10 
and are expected to contribute with profit from property 
management of MSEK 5. Contracted sales not vacated as of 
June 30 relate to four properties in Kiruna, Sundsvall, Gävle 
and Nordanstig. The properties have an annual rental value 
of MSEK 43 and are expected to reduce profit from property 
management by MSEK 22.
Profit from property management according to earnings capacity, MSEK
1,200
1,000
800
600
400
200
0 
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Q  1  2  3  4      1  2  3  4      1  2  3  4     1  2  3  4      1  2  3  4     1  2  3  4      1  2  3  4     1  2  3  4      1  2  3  4     1  2
5 years, CAGR 14%
Current earnings capacity, 
MSEK
1 July 
2025
1 Jan 
2025
1 July 
2024 6 months
Adjusted rental value 2,401 2,314 2,085
Vacancy -181 -172 -140
Rental income 2,220 2,142 1,945 4%
Property costs -500 -490 -436
Property tax -52 -50 -47
Net operating income 1,668 1,602 1,463 4%
Central administration -79 -71 -71
Net financial income -550 -557 -593
Profit from property management 
from associated companies and 
joint ventures 40 41 33
Profit from property 
management 1,079 1,016 832 6%
Profit from property 
management after 
preference share dividend 967 931 756 4%
Profit from property 
management, 
SEK/common share 15.70 15.12 13.13 4%
Change

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
9
For more details on the company's sustainability work and sustainability reporting, please refer to the sustainability report included in NP3's 2024 annual report, page 44-70.
Sustainability 
For NP3 it is important and natural that 
sustainability and long-term economic results 
go hand-in-hand. As a player with a long-
term approach in managing and developing 
properties, the company has a responsibility 
for work to proceed in a way that is sustainable 
for our future, therefore one of NP3’s mottos is 
also to always do everything a little bit better. 
From the company's perspective, pleasant 
and safe workplaces are just as important for 
NP3's tenants and suppliers as they are for the 
company's employees, just as it goes without 
saying that all people are treated equally 
regardless of gender and ethnicity. 
However, the area where NP3 as a company can 
make the biggest difference is by integrating 
environmental issues into its daily work and 
running the business in a resource-efficient 
way. The company does this mainly by 
continuously improving the energy efficiency 
of its property portfolio and limiting emissions. 
This interim report provides follow-up of 
energy performance improvements and growth 
within the green framework. Other prioritized 
sustainability goals are reported in the 
company's annual report. 
CSRD
According to current rules, NP3 must report 
according to CSRD for the 2025 accounting 
year. In February 2025, however, the European 
Commission presented the first Omnibus 
proposal, which if passed will result in NP3 not 
being required to report under the CSRD. In 
April it was also decided to “Stop the clock”, 
which means that the reporting obligation for 
companies of NP3's size is postponed for two 
years to 2027. In Sweden, the government has 
submitted a proposal to implement the "Stop 
the clock" changes in national legislation, which 
is expected to enter into force by 31 December 
2025. In light of the above, NP3 is monitoring 
upcoming decisions in Swedish legislation and 
will then adapt the reporting to the changes that 
are made and decide on any voluntary reporting.
Property value green portfolio
The company's green framework is aligned with the 
EU taxonomy and primarily includes "top 15" properties. 
NP3 has an annual target of increasing the green property 
portfolio by 25 percent. During the first half of 2025, the 
green property portfolio increased from a property value of 
MSEK 5,862 to MSEK 6,325, refer to the table on the right. 
This corresponds to an increase of 8 percent. Assets in the 
company's green portfolio form the basis for green bond 
loans and green bank financing.
ENERGY
NP3’s total energy 
consumption shall  
drop by 20% by the 
end of 2025 compared  
to 2017
CLIMATE- 
IMPACT
Net-zero by 2045.  
By 2030*, GHG emis -
sions in scope 1 and 2 
will be reduced by 42% 
and scope 3 by 25%.
IMPROVED  
ENERGY 
PERFORMANCE
Increase the energy class 
from E/F/G of at least 
ten properties per year 
by 2033
Examples of energy projects
Främmerhörnäs 2:4, Örnsköldsvik
Ongoing project to improve the property's indoor 
climate and energy efficiency. Replacement of heat 
pumps and ventilation units, including installation 
of automation and control. The project is expected 
to provide energy savings of approximately 35 
percent and an expected upgrade of the building's 
energy class from G -> to at least C. Investment 
TSEK 2,900. 
Prioritised 
sustainability goals
GREEN  
PORTFOLIO
NP3’s green  
property portfolio  
shall grow by  
25% per year
Improved energy performance
Increasing the number of energy-efficient and sustainable properties is one of NP3's overall goals, and 
for some years the company has intensified this work with the aim to annually improve the energy class 
of at least ten of the properties with the lowest energy-efficiency. In the first and second quarter of 2025, 
eight buildings received an improved energy class following the implementation of measures, with all 
buildings improving from the previous energy class E, F or G.
Property/building Location
Energy 
class
31/12/2024
Energy 
class
30/06/2025
Primary energy 
rating
31/12/2024
Primary energy 
rating
30/06/2025
Sköns Prästbord 1:47 Sundsvall E C 146 63
Öjebyn 33:222 Piteå F C 150 69
Bergnäset 3:39 Luleå F E 147 103
Slagan 4 Sundsvall E B 171 70
Norränget 6:1 Hudiksvall F E 230 151
Linjeförmannen 7 Sundsvall E C 151 75
Bävern 13 Smedjebacken G F 250 161
Knapermusvreten 7 Sandviken E C 132 76
Weighted average 163 80
*With base year 2022. Targets are validated by SBTi. 
2022 2023 2024 2025 
Q2
2025
Objective
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0 
MSEK

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
10
Property portfolio 
At the end of the period, the company owned 575 (554) 
properties with a total lettable area of 2,258,000 square metres 
(2,201,000) spread across eight geographic business areas. 
Of the eight business areas, the majority of the holdings are in 
the Sundsvall business area, where 19 percent (19) of both the 
rental value and market value are concentrated. 
The market value of the properties on the balance sheet date 
totalled MSEK 24,465 (23 384). NP3's property portfolio is 
divided into the categories industrial, retail, offices, logistics 
and other. 
At the end of the quarter, industrial was the largest property 
category, accounting for 51 percent (51) of the rental 
value. Retail was the second largest property category 
with 21 percent (21) of the rental value. including the two 
subcategories B2C and B2B. B2C includes properties leased 
to, for example, discount chains such as Dollar-Store, ÖoB and 
Rusta. B2B includes large tenants such as Mekonomen, Ahlsell 
and Swedol.
Risk diversification
NP3 works continuously to diversify risks through diversification 
of both the property category and the tenants' sector affiliation. 
The company's total property portfolio is well diversified in terms 
of both property categories and industry exposure. 
Property category shows the nature of the property, while 
industry exposure shows which sector the company’s rental 
income is allocated to. The difference is that tenants in a 
certain industry can rent premises in a number of different 
categories.
This is exemplified by state and municipality, which together 
accounted for 11 percent (11) of rental income; state and 
municipality administration premises are rented in the 
categories industrial, offices and other. 
A difference can also be seen in the grocery store sector, which 
in the categorisation amounted to 1 percent (1) of total rental 
value and to 4 percent (4) with regard to industry exposure of 
the total rental income. This difference is explained by grocery 
stores also renting in the category industrial and logistics. The 
exposure of the rental income is distributed between several 
sectors, with manufacturing and light industrial being the 
biggest one.
Rental agreement structure
On the balance sheet date, NP3 had 2,750 rental agreements 
(2,700). The average remaining lease term for all rental 
agreements was 4.0 years (4.0). The ten biggest tenants in 
relation to rental value were distributed across 118 rental 
agreements with an average remaining lease term of 4.4 years 
(4.1) and they accounted for 12 percent (11) of the rental value. 
The number of rental agreements and their duration mean that 
NP3’s exposure to individual tenants is limited. The biggest 
rental agreement makes up 0.7 percent of the rental value. 
Rental value amounted to MSEK 2,411 (2,326) and the 
contracted annual rent was MSEK 2,230 (2,154) at the end of 
the period. This corresponded to an financial occupancy rate of 
93 percent (93).
Properties
Distribution within the retail category, %
Rental value by property category, % Industry exposure, %
 Industrial 51 (51)
 Retail 21 (21)
 Offices 11 (10)
 Logistics 6 (6)
 Other 11 (12)
 Business-to-consumer (B2C) 60 (59)
 Business-to-business (B2B) 23 (24)
  Vehicle dealerships, workshops and 
inspection facilities 12 (12)
 Grocery store 5 (5)
 Manufacturing and light industry 16 (15)
  Industrial and construction  
supplies 11 (11)
 State and municipality 11 (11)
 Construction and production 11 (10)
 Vehicles and workshops 10 (10)
 Consumer discretionary goods 9 (10)
 Real estate and finance 9 (9)
 Groceries and leisure 8 (9)
 Grocery stores 4 (4)
 Other 11 (11)
Comparisons within brackets relate to the beginning of the year.
Property value per business area, % 
Property value per property category, % 
Rental value per business area, (%) 
  Industrial 49 (49)
  Retail 22 (22)
 Offices 9 (9)
  Logistics 8 (8)
  Other 12 (12)
  Sundsvall 19 (19)
  Dalarna 13 (14)
  Östersund 13 (13) 
  Gävle 12 (12)
  Luleå 12 (12)
  Skellefteå 11 (11)
  Umeå 11 (10)
  Middle Sweden 9 (9)
  Sundsvall 19 (19)
  Östersund 14 (14)
  Gävle 13 (12)
  Dalarna 12 (13) 
  Luleå 12 (12)
  Skellefteå 11 (11) 
  Umeå 10 (10)
  Middle Sweden 9 (9)

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
11
Properties
NP3's largest tenants by rental value
 As of 30 Jun 2025
Number of rental agree -
ments
The Swedish Fortifications Agency 39
Swedish Police Authority 20
Postnord Sverige AB 9
Dagab Inköp & Logistik AB (Axfood) 6
Ahlberg-Dollarstore AB 7
Assemblin El AB 10
Granngården AB 13
Swedol AB 9
Plantagen Sverige AB 4
Frösö Park Hotel AB 1
Total 118
Total rental value of the ten largest tenants MSEK 278
Average remaining lease term for the ten largest tenants 4.4 years
Average remaining lease term for the total contract portfolio4.0 years
Vacating year terminated  
rental agreements Number
Rental value, 
MSEK
2025 111 78
2026 50 34
2027- 27 11
Total 188 123
Value of vacancies per business area as of 30 June 2025
Business area
Rental 
value,
MSEK
Value of 
vacancies, 
MSEK
Financial
vacancy  
rate, %
Sundsvall  453  51 11
Dalarna  324  25 8
Östersund  313  13 4
Luleå  302  11 4
Gävle  290  28 10
Umeå  260  16 6
Skellefteå  254  23 9
Middle Sweden  214  14 7
Total 2,411 181 7
Vacancy
At the end of the period, the value of vacancies compared to the 
beginning of the year increased due to a net change in tenants 
moving in and out of MSEK 9 and in vacancies in acquired 
properties of MSEK 3. The value of vacancies decreased 
by MSEK -4 as a result of the divestment of properties. 
The financial occupancy rate amounted to 93 percent (93). 
As of 30 June there were rental agreements, not yet occupied, 
with a rental value of MSEK 111. The rental value for terminated 
rental agreements not yet vacated amounted to MSEK 123, of 
which MSEK 78 take place during 2025.
Net letting, MSEK
2025
Jan-Jun
2024
Jan-Jun
2024
Jan-Dec
Signed rental agreements 145 102 195
Terminated rental agreements incl.  
bankruptcies                                                    -132 -87 -164
Net 12 15 30
Change in the value of vacancies, 
MSEK
2025
Jan-Jun
2024
Jan-Jun
2024
whole 
year
Opening value of vacancies 1 Jan 172 137 137
Net change in moving in/out 9 1 26
Value of vacancies, acquired 
properties 3 3 9
Value of vacancies, divested 
properties -4 - 0
Closing value of vacancies 181 140 172
Occupancy rate, % 93 93 93
Net letting
The value of signed rental agreements for the period 
amounted to MSEK 145 and included all newly signed 
rental agreements and existing agreements that have been 
renegotiated. The value of a terminated rental agreements 
including bankruptcies amounted to MSEK -132. The amount 
includes all agreements that were terminated for vacating 
premises during the period, those agreements that were 
terminated as a result of bankruptcies and those rental 
agreements that were renegotiated during the current period of 
contracts where the new agreement is recorded under “signed 
rental agreements”. Net letting for the period amounted to 
MSEK 12 (15), of which MSEK 6 related to renegotiations. Net 
letting for the second quarter amounted to MSEK 10 (14).
Maturity structure rental agreements
Rental value future changes to 
agreements, MSEK
2025
Jan-Jun
2024
Jan-Jun
2024
whole 
year
Terminated agreements not 
vacated 123 95 55
  -of which acquired - - -
New rentals, not moved into -111 -67 -51
Number of rental agreementsRental value
Number of rental agreements
Rental value, MSEK
900
800
700
600
500
400
300
200
100
0 
500
450
400
350
300
250
200
150
100
50
0 
2025   2026   2027   2028   2029  2030   2031   2032  2033  2034   2035-
0
100
200
300
400
500
600
700
800
900
0
50
100
150
200
250
300
350
400
450
500
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035-
Antal Hyreskontrakt
Hyresvärde mkr
Förfallostruktur hyresavtal
Hyresvärde Antal kontrakt

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
12
Properties
Property valuation 
The company’s properties are valued at an assessed market 
value every quarter. The valuation policy states that at 
least 90 percent of the total property portfolio be valuated 
externally during the second and fourth quarters and that 
other properties are valued internally. In the second quarter 
of 2025, 97 percent of the property portfolio was valued 
externally. The remaining 3 percent of the property portfolio 
has been valued internally. The weighted valuation yield at the 
end of the period was 7.10 percent (7.10). 
Method
Assessment of fair value is done using a combination of 
local price comparison method and yield-based method in 
form of discounting future estimated cash flows. The cash 
flow is based on actual rents and normalised operating and 
maintenance cost and investment needs, on the basis of an 
assessment in line with market conditions. At the end of the 
lease term of the respective contract, rents that deviate from 
the assessed market rent are adjusted to correspond to market 
levels. Cashflow is calculated at present value together with 
the residual value to calculate the property’s market value. 
The market value, which shall reflect an estimated price 
when selling on the open property market, is compared with 
prices of known, comparable transactions. Cost of capital 
and valuation yield, for calculating the present value of the 
cashflow and calculating the property’s residual value, shall 
reflect the property’s location and market development.
Outcome 
The total market value of the company's property portfolio on 
the balance sheet date was MSEK 24,465. The change in value 
during the period was MSEK 221, of which MSEK 0 related to 
realised changes in value. Of the unrealised changes in value 
totalling MSEK 220, MSEK 21 related to four properties being 
sold and to be vacated in the third quarter that were revalued 
at the agreed underlying property value, MSEK 247 related to 
cash flow-related changes, while assumptions about changes 
in the valuation yields affected the valuations with MSEK -48. 
The valuation yield used in valuation on the balance sheet date 
varied from 5.60 to 9.04 percent and the inflation assumption 
was 1.5 percent in 2025 and 2 percent in subsequent years. 
The weighted valuation yield amounted to 7.10 percent (7.10) 
and the weighted discount rate was 9.19 percent (9.13). 
Change in the property portfolio
During the period, NP3 accessed 27 properties for MSEK 624. 
In addition, MSEK 313 were invested in existing properties 
and new construction. Of these, MSEK 241 consisted of 
investments in existing properties in form of modifications to 
tenants’ requirements and extension projects, and MSEK 72 of 
investments in new construction projects. During the period, 
three properties were divested of and sale completed for 
MSEK 76. The market value of the properties per square metre 
increased from the beginning of the year from SEK 10,624 to 
SEK 10,835 at the end of the period.
Sensitivity analysis
Change +/-
Impact on earnings 
before tax, MSEK
Market value properties 5% +/-1,223
Valuation yield 0.25% -865/+931
Rental income 80 SEK/sqm +/-181
Property costs 20 SEK/sqm -/+45
Vacancy rate 1% -/+24
Breakdown of the property portfolio as of 30 Jun 2025
Business area
Number of 
properties
Area 
tsqm
Rental 
value, 
MSEK
Property 
value, 
MSEK
Sundsvall 135 432  453 4,558
Dalarna 71 363  324 3,055
Östersund 64 260  313 3,495
Luleå 57 242  302 2,933
Gävle 75 287  290 3,079
Umeå 53 234  260 2,562
Skellefteå 54 244  254 2,592
Middle Sweden 66 195  214 2,192
Total 575 2,258 2,411 24,465
Comparisons within brackets relate to the beginning of the year.
Properties, change in value
MSEK
2025
Jan-Jun
2024
Jan-Jun
2024
whole 
year
Opening value 23,384 20,276 20,276
Acquisitions of properties 624 189 2,087
Investments in existing properties 241 260 569
Investments in new construction 
projects 72 22 162
Divestments of properties -76 -33 -33
Realised changes in value 0 1 1
Unrealised changes in value 220 157 322
Closing value 24,465 20,872 23,384
Acquired properties not  
accessed 97 65 65
Divested, not vacated properties -464 - -76

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
13
Properties
Comparisons within brackets relate to the beginning of the year.
Ongoing projects (>10 MSEK)
Property Location Category Completion time Project budget, MSEK Lettable area, sqm
Fiskja 15:2 Kramfors Industrial Q4 -25 16 8,120
Kedjan 6 Umeå Retail Q4 -25 13 1,360
Lokomotivet 2 Östersund Industrial Q4 -25 10 2,600
Skogvaktaren 3 Östersund Industrial Q1 -26 155 4,780
Sköns Prästbord 1:100 Sundsvall Industrial Q2 -26 52 2,200
Storheden 2:10 Luleå Industrial Q2 -26 33 2,390
Huggsta 1:160 Sundsvall Industrial Q2 -26 15 1,710
Merkurius 5 Skellefteå Office Q4 -26 100 4,100
Brösta 14:40 Örnsköldsvik Industrial Q4 -26 29 1,300
Tönnebro 1:5 Söderhamn Other Q4 -26 16 2,670
Städet 2 Karlstad Industrial Q4 -26 10 5,770
Total 449 37,000
Additional annual rental value for the above projects amounts to MSEK 38. 
 
•  Fiskja 15:2, conversion of industrial premises.
•  Kedjan 6, conversion of car showroom.
•  Lokomotivet 2, conversion of industrial premises.
•  Skogvaktaren 3, new construction of truck workshop.
•  Sköns Prästbord 1:100, new construction of truck workshop.
•  Storheden 2:10, extension of industrial premises.
•  Huggsta 1:160, conversion of industrial premises.
•  Merkurius 5, conversion of office space.
•  Brösta 14:40, new construction of industrial premises.
•  Tönnebro 1:5, energy efficiency improvement of premises.
•  Städet 2, conversion of industrial premises.
Projects
NP3's project activities include new construction on the 
company's development rights as well as developing and 
adding value to existing properties to optimise space for 
tenants' activities. In addition, environmental and energy 
improvement measures are carried out. The aim of the project 
activity is to increase profit and generate growth by reducing 
vacancy rates, increasing rental levels, streamlining property 
costs and creating additional lettable space. The risk related to 
new construction is mitigated by construction not starting until 
a rental agreement has been signed. 
Project operations have gradually increased over the past 
year, driven by higher demand for new construction, major 
modifications to tenants' requirements, extension projects, and 
declining construction costs. At the end of the period, NP3 had 
ongoing projects with a total project budget of MSEK 719 (746). 
The remaining investment totalled MSEK 393 (353).

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
1414
Transactions
During the second quarter, the company accessed 21 
properties through eleven transactions for a total investment of 
MSEK 475. The properties are located in Umeå, Gävle, Luleå, 
Sundsvall, Eskilstuna and Gällivare and have a lettable area of   
43,900 square meters and an annual rental value of MSEK 44.
In addition, during the second quarter, the company entered 
into agreements to acquire three properties at an underlying 
property value of MSEK 97 to be accessed in the third and 
fourth quarter. 
The properties are located in Luleå, Umeå and Sandviken and 
have a lettable area of 9,500 square metres and an annual 
rental value of MSEK 10.
No properties were divested or vacated during the second 
quarter. However, agreements for the sale of four properties at 
an underlying property value of MSEK 464 have been entered 
into, to be completed during the third quarter. The properties 
are located in Kiruna, Sundsvall, Gävle and Nordanstig and 
have a lettable area of 27,000 square meters and an annual 
rental value of MSEK 43.
Properties accessed in Q2 
Sörby Urfjäll 4:7 Gävle Industrial 6,541 2.6 0
Vattenormen 8 Luleå Other 4,753 8.2 100
Sätra 106:1 Gävle Industrial 4,670 2.7 100
Andersberg 14:60 Gävle Industrial 4,110 5.7 100
Frakten 3 Umeå Industrial 4,090 4.5 79
Lasten 6 Umeå Industrial 2,752 3.5 100
Nollplanet 1 Eskilstuna Industrial 2,666 3.3 100
Matrisen 1 Umeå Retail 2,200 1.4 0
Gällivare 57:24 Gällivare Retail 2,100 1.9 100
Staben 2 & Luftvärnet 4 Sundsvall Industrial 1,800 2.1 100
Sidsjö 2:30 Sundsvall Industrial 1,735 1.7 100
Trossen 2 Sundsvall Industrial 1,528 1.4 100
Frakten 1 Umeå Offices 1,513 2.1 100
Nacksta 5:11 Sundsvall Industrial 870 0.1 0
Kompaniet 7 Sundsvall Industrial 850 0.8 86
Staben 3 Sundsvall Other 750 0.7 99
Kompaniet 6 Sundsvall Industrial 505 0.7 100
Regementet 6 Sundsvall Offices 280 0.5 100
Regementet 5 Sundsvall Offices 150 0.1 79
Brösta 14:40 Örnsköldsvik Land 0 0.0 0
Total accessed in Q2 43,863 44.0
Total accessed in Q1 19,404 15.2
Total 63,267 59.2
Acquired properties to accessed in Q3 and Q4
Djuret 3 Luleå Offices 7,447 7.3 98
Sleven 2 Umeå Retail 2,020 2.2 100
Tuna 3:18 Sandviken Land 0 0.0 0
Total 9,467 9.5
Properties sold and completed
Total Q2 - -
Total Q1 10,751 8.2
Total 10,751 8.2
Divested properties to be completed Q3 
Välten 8 Kiruna Retail 16,559 26.4 97
Sköns Prästbord 1:50 Sundsvall Retail 6,296 10.1 88
Hemsta 12:6 Gävle Retail 3,863 6.3 100
Rösta 13:1 Nordanstig Industrial 270 0.5 100
Total 26,988 43.3
*On transaction day
Properties
  Transactions 
Property Municipality Category Area, sqm Rental value, MSEK Occupancy rate *, %

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
15
Associated companies and joint ventures
Comparisons in brackets refer to the corresponding period of the previous year for income statement items and the previous year-end for balance sheet items. 
For the period January to June 2025, NP3's associated 
companies and joint ventures contributed MSEK 20 (16) to 
NP3's profit from property management. The share in profits 
for the period amounted to MSEK 24 (0).
Fastighetsaktiebolaget Ess-Sierra 
NP3 owns 50 percent of Fastighetsaktiebolaget Ess-Sierra, 
the remaining 50 percent are owned by AB Sagax. Ess-
Sierra's business consists of owning and managing real estate 
consisting of warehouses and building materials stores. The 
lettable area amounts to 184,000 sqm. More than 40 percent of 
the market value of the properties is in locations where NP3 is 
already established today. The purpose of the joint venture is, 
among other things, to be able to offer tenants local service.
Rental income for the period amounted to MSEK 51 (49) and 
the market value of the properties as of 30 June was MSEK 
1,495 (1,484). For the period, Ess-Sierra contributed MSEK 12 
(11) to NP3’s profit from property management and the total 
share in profits amounted to  
MSEK 13 (10). 
Fastighets AB Jämtjägaren 
NP3 Fastigheter AB and Jämtkraft AB jointly own a property 
where Jämtkaft has its head office and operations centre as 
well as an office property. The properties are each 50 percent 
owned through the company Fastighets AB Jämtjägaren and 
are located in Östersund. 
The total rental value of the properties amounted to MSEK 26 
and the market value of the properties amounted to MSEK 450 
as of 30 June. As of 30 June, NP3's share of equity amounted  
to MSEK 114 (94). For the period, Jämtjägaren contributed 
MSEK 4 to NP3’s profit from property management and the 
share in profits amounted to MSEK 20.
With You Sweden AB
NP3 owns 49 percent of the shares in With You Sweden AB. 
With You Sweden owns 13 properties, primarily for industrial 
and retail purposes. The majority of the property portfolio is 
located in Sundsvall, Umeå and Timrå. 
As of 30 June, the market value of the properties amounted 
to MSEK 586 and the total rental value of the portfolio 
amounted to MSEK 37. As of 30 June, NP3's proportion of 
equity amounted to MSEK 85 (94) and for the period, With You 
Sweden contributed MSEK 4 to NP3's profit from property 
management and the share in profits amounted to MSEK -8.
Cibola Hospitality Group AB
NP3 previously owned 68.2 percent of the shares in Cibola 
Hospitality Group AB, which is responsible for the operation of 
three hotel facilities that are part of NP3's property portfolio. 
The holding has previously been reported as assets held for 
sale, and at the end of June 11.3 percent of the shares were 
divested, which means that NP3's holding amounts to 49.9 
percent and as a result, the company is now reported as 
participations in associated companies. As of 30 June, NP3's 
share of equity amounted to MSEK 1.
Significant holdings in joint ventures
NP3’s share of the profit from associated 
companies and JV, MSEK
Total associated companies and joint 
ventures
Fastighetsaktiebolaget  
Ess-Sierra
2025 
Jan-Jun
2024 
Jan-Jun
2024 
Jan-Dec
2025 
Jan-Jun
2024 
Jan-Jun
2024 
Jan-Dec
NP3’s share capital, % 50 50 50
NP3's share of voting power, % 50 50 50
Proportion of equity 494 473 479 286 284 284
Profit from property management 20 16 37 12 11 24
Change in value of properties 11 -7 -10 5 2 5
Tax -7 -9 -14 -4 -4 -7
Total share in profits 24 0 13 13 10 22

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
16
Funding
Comparisons within brackets relate to the beginning of the year.
Overall financing structure
The company's funding consists of a combination of 
liabilities to credit institutes, other interest-bearing liabilities 
and deferred tax liabilities and equity. NP3's creditors are 
mainly the major Nordic banks through bank loans including 
revolving facilities. Bond loans are an additional source of 
funding and supplement the above funding.
Interest-bearing liabilities 
A summary of the company's interest-bearing liabilities as of 
31 December 2024 and 30 June 2025 is presented below. 
Secured loans made up 79 percent (80) and unsecured bond 
loans, commercial paper loans and promissory note loans 21 
percent (20) of total interest-bearing liabilities. The increase 
in the company's interest-bearing liabilities between 1 January 
and 30 June 2025 amounted to just over MSEK 400. The 
increase is mainly attributable to the net effect of acquisitions 
and investments as well as loan repayments in advance on the 
upcoming completion of the company's divested trading portfolio 
at the beginning of the third quarter of 2025.
Loan-to-value ratio and loan maturity structure
The loan-to-value ratio, calculated as net debt MSEK 12,723, in 
relation to the market value of properties of MSEK 24,465 and 
investments in associated companies of MSEK 494, totalling 
MSEK 24,959, amounted to 51.0 percent (51.8) as of 30 June. 
The company's common share issue at the end of the third quarter 
of 2024 of BSEK 1 reduced the loan-to-value ratio by approximately 
5 percentage points. The share issue was intended to create 
conditions for growth, reduce the company’s risk profile and 
vulnerability, and improve the ability to respond to unforeseen 
changes in the macroeconomic environment. The company today 
aims to have a loan-to-value ratio of 50–55 percent in relation to 
the revised target for the loan-to-value ratio of a maximum of 60 
percent communicated in connection with the publication of the 
interim report for the first quarter of 2025. 
Available liquidity, consisting of liquid assets and unutilised credit 
facilities, amounted to MSEK 685 as of 30 June. The net debt 
to EBITDA ratio amounted to 7.9 times (8.0). Interest-bearing 
liabilities maturing within twelve months amounted to MSEK 
688 (1,684), consisting of bank loans of MSEK 158, bond loans 
of MSEK 451 and other liabilities of MSEK 79. At the end of the 
period, the loan maturity profile amounted to 3.0 years (2.3) with 
maturities distributed as shown in the table below. During the first 
six months, the company refinanced bank loans of approximately 
BSEK 6 at average maturity of approximately 4 years, which 
explains the increase in the loan maturity profile.
Average interest rate and interest maturity structure
Average interest rate for the company’s interest-bearing 
liabilities amounted to 4.23 percent (4.38). The decrease in the 
interest rate level is explained net by a lower Stibor level and 
loan margins mainly on bank loans which was partly offset 
by a higher interest rate level for the company's interest rate 
derivatives related to increased interest rate hedging and 
changes in the company's interest rate derivative portfolio. 
The graph on the following page shows changes in the various 
components that make up the company’s average interest rate, 
including the effects of the company's interest rate derivatives 
portfolio. The average fixed interest period was 2.3 years (2.1), 
and 55 percent (49) of the loan portfolio was interest-hedged 
with a maturity structure of up to ten years as shown in the 
table below.
To limit interest rate risk, interest rate derivatives are 
preferentially used in the form of interest rate swaps. At the 
end of the period, the company's portfolio of interest rate 
derivatives amounted to MSEK 9,425. The derivative portfolio 
includes interest rate derivatives of MSEK 2,250, which are 
not included in the company's interest rate hedging portfolio 
and thus not in the calculation of the company's interest 
rate hedging ratio and average fixed interest period. These 
categories of interest rate derivatives either have a limitation 
on the upward protection of interest rates or all callable 
early by the counterparty and constitute a complement to 
the interest rate hedging portfolio in order to reduce the 
company's interest expenses in a volatile market.
Loan maturity and fixed interest rate profile (bank, commercial paper and bond loans) as of 30 Jun 2025
Loan maturity profile Fixed interest rate profile
Amount, MSEK
Average interest rate,  
total loan portolio, %
Fixed interest rate 
distributed on 
maturities, % 
Maturity
Amount, 
MSEK
Propor-
tion, % Loan
Interest rate 
derivatives Loan
Interest rate 
derivatives1) Total
Interest rate 
derivatives
-12 months 609 5 13,043 3,200 4.37 -0.05 4.32 2.09
1-2 years 2,694 21 800 -0.05 -0.05 1.46
2-3 years 3,413 26 850 0.01 0.01 2.27
3-4 years 4,070 31 825 -0.04 -0.04 1.69
4-5 years 2,223 17,0 2,500 0.00 0.00 2.30
5-10 years 33 0,3 1,250 0.00 0.00 2.27
Total/average 13,043 100 13,043 9,425 4.37 -0.14 4.23 2.10
Summary - net debt
2025
30 June
2024
31 Dec.
MSEK
Bank loans 10,272 10,145
Secured interest-bearing liabilities 10,272 10,145
Bond loans 1,701 1,601
Commercial paper loans 1,070 875
Other interest-bearing liabilities 82 9
Unsecured interest-bearing liabilities 2,853 2,485
Accrued borrowing expenses -41 -43
Total interest-bearing liabilities 13,084 12,587
Cash and cash equivalents, incl. current 
investments -361 -246
Net debt 12,723 12,341
1) Relates to the difference between fixed interest rate and Stibor 3M (floating part) of the interest rate derivatives based on the maturity structure for the 
derivatives’ fixed interest rate part.

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
17
Funding
Comparisons within brackets relate to the beginning of the year.
Listed bond loans as of 30 June 2025
Term Programme1)
Amount 
outstanding, 
MSEK Interest, %
Interest rate 
terms, %
Interest 
rate floor
Maturity 
date
Green bond 
loan
2023/2026 MTN programme 451 7.80 Stibor 3M + 5.50 No 12/04/2026 Yes
2023/2026 MTN programme 400 7.45 Stibor 3M + 5.25 No 14/12/2026 Yes
2024/2027 MTN programme 450 5.90 Stibor 3M + 3.75 2) No 21/08/2027 Yes
2024/2028 MTN programme 400 4.74 Stibor 3M + 2.45 3) No 03/01/2028 Yes
1) Framework amount of BSEK 5.
2) Of which MSEK 150 are issued at a rate of 101.461%, corresponding to a floating rate of Stibor (3 months) plus 3.25 percentage points to the first possible 
redemption date.
3) Of which MSEK 100 issued at a rate of 100.808%, corresponding to a floating rate of Stibor (3 months) plus 2.15 percentage points to the first possible redemption date.
The table below shows a summary of the company's interest rate 
derivatives portfolio. 
Swap contracts (derivatives) are assessed at fair value and are classified 
in level 2 in accordance with IFRS 13. Fair value is determined by 
using market interest rates for the respective term and are based on 
discounting of future cash flows. If the agreed interest rate differs from 
the market interest rate, this gives rise to an excess or deficit in value 
and the change in value is accounted over the income statement. 
Upon maturity, a derivative’s market value has been dissolved and the 
changes in value over time do not affect equity. The total market value 
of derivatives amounted to MSEK -139 (19) on the balance sheet date. 
Variations in the change in value of derivatives between quarters are 
mainly reflected by changes in differences between expectations of 
future interest rate levels and the fixed interest rate of the derivatives at 
the end of the quarters with the associated contract length. 
The net effect of changes in value for the period amounted to MSEK 
-158. The average net interest rate for the company's derivative portfolio, 
including its Stibor effect, was -0.19 percent (-0.98) as of 30 June, with a 
fixed interest term for the interest rate hedging portfolio of 3.5 years. 
Funding 
2025
30 June
2024
31 Dec.
Bank loans, MSEK 10,272 10,145
Commercial paper loans, MSEK 1,070 875
Bond loans, MSEK 1,701 1,601
Interest coverage ratio, multiple 2.7 2.4
Interest coverage ratio,  
rolling 12 month, multiple 2.7 2.4
Average interest rate, % 4.23 4.38
Cash and cash equivalents, MSEK 197 97
Loan-to-value ratio, % 51.0 51.8
Equity/assets ratio, % 38.3 38.9
Average loan maturity period, years 3,0 2.3
Average fixed interest, years 2.3 2.1
Proportion of interest-hedged loan 
portfolio,% 55.0 48.9
Net debt to EBITDA ratio, multiple 7.9 8.0
Capital structure, %
 Equity 38 (39)
 Loans from credit institutes 40 (41)
 Commercial paper loans 4 (4)
 Bond loans 7 (6)
 Deferred tax 6 (6)
 Other liabilities 5 (4)
-3
-2
-1
0
1
2
3
4
5
6
7
8
Average interest rate level
800
700
600
500
400
300
200
100
0
-100
-200
-300
Bps
30 June 2025 30 June 202531 Dec 202431 Dec 2024
423438
213254
152
280
-181
230
-165
223 206
115
  Closing Stibor 3M, end 
of period 
  Interest rate derivatives’   
Stibor effect
  Interest rate derivatives’ 
portfolio - fixed interest 
rate
 Stibor effect of the loans
 Loan margin
Overview - interest rate derivatives portfolio
MSEK
Nominal 
amount
Remaining 
term, years 
Average fixed 
interest rate, %
Market 
value
Interest rate hedging portfolio 7,175 3.5 1.99 -64
Callable interest rate 
derivatives1) 1,500 8.5 2.17 -47
Performance swaps 2) 750 3.2 2.99 -28
Total derivative portfolio 9,425 4.3 2.10 -139
1) Callable swaps for the counterparty upto termination dates quarterly in the period 
from 8 November 2033 to 5 March 2034. The remaining term above reflects the 
maximum term upto termination dates as if no call option is exercised by the counter 
party.
2) The average knock-in level is 3.5%. If this knock-in level is met or exceeded for Stibor 
3M, the swap will mature without any flows, i.e. the net effect is SEK 0.

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
18
Summary report, MSEK 30/06/2025 30/06/2024 31/12/2024
Assets
Investment properties 24,465 20,872 23,384
Leasehold rights 168 144 147
Participations in associated companies and joint ventures 494 473 479
Derivatives - 71 19
Other fixed assets 135 54 84
Total fixed assets 25,263 21,612 24,113
Other current assets excluding cash and cash equivalents 409 286 361
Cash and cash equivalents 197 267 97
Assets held for sale - - 32
Total current assets 606 553 490
Total assets 25,868 22,165 24,604
Equity and liabilities
Equity 9,897 7,897 9,568
Deferred tax 1,539 1,320 1,453
Long-term interest-bearing liabilities 12,188 9,406 10,676
Long-term interest-bearing lease liabilities 168 144 147
Derivatives 139 - -
Total long-term liabilities and provisions 14,034 10,870 12,275
Current interest-bearing liabilities 896 2,641 1,911
Other current liabilities 1,041 757 817
Liabilities attributable to assets held for sale - - 32
Total current liabilities 1,937 3,398 2,761
Total equity and liabilities 25,868 22,165 24,604
Consolidated statement of financial position
Consolidated changes in equity
Summary report, MSEK
Share 
capital
Other 
contributed 
capital
Retained 
earnings, 
incl. profit 
for the year
Total equity 
attributable to 
parent company's 
shareholders
Non-controlling 
interest
Total 
equity
Opening equity 01/01/2024 334 2,949 4,533 7,816 33 7,849
Comprehensive income for the period Jan-June 2024 - - 439 439 0 439
Dividend - - -391 -391 - -391
New issue of common shares 0 - - 0 - 0
Total transactions with shareholders 0 - -391 -391 - -391
Closing equity 30/06/2024 334 2,949 4,581 7,864 33 7,897
Comprehensive income for the period Jul-Dec 2024 - - 475 475 0 475
Dividends paid - - -8 -8 -1 -9
New issue of common and preference shares 29 1,084 - 1,113 - 1,113
Incentive plan - 3 - 3 - 3
Warrants redeemed by staff 0 - - 0 - 0
Change in holdings without controlling influence - - -6 -6 96 90
Total transactions with shareholders 29 1,087 -14 1,102 95 1,196
Closing equity 31/12/2024 363 4,036 5,042 9,440 128 9,568
Comprehensive income for the period Jan-June 2025 - - 473 473 4 477
Dividend - - -432 -432 0 -433
New issue of common and preference shares 49 338 - 386 - 386
Change in holdings without controlling influence - - - 0 -100 -100
Total transactions with shareholders 49 338 -432 -46 -101 -147
Closing equity 30/06/2025 412 4,373 5,082 9,867 31 9,897
As of 30 June 2025, NP3's share capital consists of 61,580,794 common shares and 56,000,000 preference shares.

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
19
Summary report, MSEK
2025
3 months
Apr-Jun
2024
3 months
Apr-Jun
2025
6 months
Jan-Jun
2024
6 months
Jan-Jun
2024
12 months
Jan-Dec
Operating activities
Profit from property management 281 209 515 376 879
Profit from property management from associated companies and joint ventures -10 -8 -20 -16 -37
Dividend received from associated companies and joint ventures 10 - 10 10 23
Distribution in kind provided, non-cash item - -229 - -229 -229
Other non-cash items 3 -7 0 -11 1
Tax paid 0 0 -58 -28 -29
Cash flow from operating activities before changes in working capital 284 -35 447 102 607
Increase (+)/Decrease (-) in operating receivables 1 43 -14 24 128
Increase (+)/Decrease (-) in operating liabilities -49 81 -50 125 129
Cash flow from operating activities 236 89 383 252 864
Investment activities
Acquisitions of properties -464 -183 -613 -186 -2,027
Divested properties - - 76 31 30
Investments in existing properties and other fixed assets -131 -136 -241 -260 -570
Investments in new construction -32 -15 -72 -22 -162
Investments in financial assets -34 -20 -67 -21 -152
Divestment of financial assets 4 295 4 297 381
Change in holdings without controlling influence -100 - -100 - -
Cash flow from investment activities -758 -58 -1,013 -162 -2,501
Financing activities
New issue 386 0 386 0 1,115
Borrowings 574 425 950 764 1,980
Amortisation of borrowings -452 -367 -452 -661 -1,337
Dividend paid -102 -19 -154 -110 -208
Cash flow from financing activities 406 39 730 -7 1,551
Cash flow for the period -116 69 100 84 -86
Cash and cash equivalents at the beginning of the period 313 198 97 183 183
Cash and cash equivalents at the end of the period 197 267 197 267 97
Financial position and cash flow
Comparisons in brackets refer to balance sheet items at the beginning of the year. For cash flow items, the comparative figures refer to the corresponding period of the 
previous year. 
The market value of the properties was MSEK 24,465 (23,384) 
at the end of the period, an increase of MSEK 1,081 since the 
beginning of the year, which is explained by project investments, 
property acquisitions, changes in value and property sales. 
Closing cash and cash equivalents were MSEK 197 (97). 
The holding in Cibola Hospitality Group, which at the 
beginning of the year was reported as an asset held for sale, 
was partially divested during the period and is now classified 
as participations in associated companies. Equity has been 
affected by net profit, a new issue as well as dividend, and 
amounted to MSEK 9,897 (9,568). 
Accrued borrowing expenses have reduced interest-bearing 
liabilities in the balance sheet by MSEK 41. Long-term interest-
bearing liabilities after adjustment for accrued borrowing 
expenses amounted to MSEK 12,188 (10,676). Interest-bearing 
current liabilities amounted to MSEK 896 (1,911), MSEK 366 
related to maturity and repayment of bank loans within twelve 
months, MSEK 451 commercial papers and MSEK 79 to 
repayment of promissory note liabilities. 
On the balance sheet date, the company's interest rate 
derivatives had a negative value of MSEK 139 (-19). For more 
information on the company's interest-bearing liabilities, 
see pages 16 and 17. The loan-to-value ratio amounted to 
51 percent (52) and the equity/assets ratio to 38 percent (39). 
The company’s net debt to EBITDA ratio on the balance sheet 
date was 7.9 x (8.0). 
Cash flow from operating activities amounted to MSEK 
383 (252). Acquisitions of properties affected cash flow by 
MSEK -613 (-186), and divestments of properties contributed 
MSEK 76 (31). Investments in existing properties and new 
construction totalled MSEK -313 (-282). Changes in financial 
assets affected cash flow by MSEK -63 (276) and changes in 
non-controlling interests amounted to MSEK -100 (-). Cash 
flow from financing activities amounted to MSEK 730 (-7) and 
consists of new share issues, net borrowing and dividend paid 
in cash. Overall, cash and cash equivalents changed by MSEK 
100 (84) during the year.
Consolidated statement of cash flows

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
20
Income statement - summary report, MSEK
2025
3 months
Apr-Jun
2024
3 months
Apr-Jun
2025
6 months
Jan-Jun
2024
6 months
Jan-Jun
2024
12 months
Jan-Dec
Net sales 0 0 0 0 71
Operating expenses -33 -27 -60 -53 -114
Operating profit/loss -33 -27 -60 -53 -43
Net financial income 28 156 55 205 348
Profit/loss after financial items -5 129 -5 152 305
Appropriations - - - - 58
Profit before tax -5 129 -5 152 364
Tax on profit for the period - -4 - -8 -
Net profit -5 125 -5 144 364
Balance sheet - parent company, MSEK 30/06/2025 30/06/2024 31/12/2024
Intangible assets 5 6 6
Participations in group companies 684 677 684
Non-current receivables group companies 6,634 5,640 5,948
Other financial assets 105 9 21
    Total fixed assets 7,428 6,332 6,659
Current receivables group companies 4,081 2,532 3,964
Other current receivables 85 75 85
Cash and cash equivalents 79 216 41
    Total current assets 4,245 2,823 4,090
Total assets 11,673 9,155 10,749
Restricted equity 412 334 363
Unrestricted equity 2,724 1,528 2,824
    Total equity 3,136 1,862 3,187
Untaxed reserves 20 20 20
Long-term interest-bearing liabilities 7,548 5,734 6,303
    Total long-term liabilities and provisions 7,568 5,754 6,323
Current interest-bearing liabilities 572 1,334 1,122
Other liabilities 397 205 117
    Total current liabilities 969 1,539 1,239
Total equity and liabilities 11,673 9,155 10,749
Comment on the parent company
The parent company’s revenue consists mainly of costs passed on to subsidiaries and financial revenue in the form of dividends 
and interest income. Costs consist of central administration costs and financial costs such as interest and accrued borrowing 
expenses. The parent company’s balance sheet consists mainly of participations in wholly-owned subsidiaries and receivables 
from those, as well as equity and interest-bearing liabilities. 
Income statement - parent company

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
2121
Segment reporting
MSEK Sundsvall Gävle Dalarna Östersund Umeå Skellefteå Luleå Middle 
Sweden
Not  
distributed
costs
Total 
group
Jan-Jun 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Rental 
income and 
other revenue 225 216 155 137 159 143 155 101 128 119 128 120 147 133 104 79 0 -2 1,203 1,046
Vacancy -25 -20 -13 -7 -12 -9 -7 -4 -8 -8 -11 -6 -5 -6 -7 -9 - - -89 -68
Repairs and 
maintenance -5 -5 -2 -2 -4 -3 -3 -2 -5 -3 -1 -1 -2 -2 -2 -2 0 0 -24 -20
Property up 
keep and 
operation -47 -47 -21 -23 -35 -33 -28 -23 -29 -29 -24 -30 -28 -28 -17 -14 2 1 -228 -227
Property tax -4 -4 -4 -3 -3 -2 -3 -2 -4 -3 -3 -3 -4 -3 -3 -2 0 - -28 -24
Customer 
losses -1 -1 0 0 -7 -1 -1 0 1 0 0 -2 0 0 0 -1 0 - -8 -6
Net 
operating 
income 142 139 115 102 98 93 114 69 84 76 88 78 108 93 74 51 3 -1 826 701
Surplus 
ratio, % 71 71 81 78 67 70 77 71 70 68 75 69 76 73 77 73 74 72
Number of 
properties 135 127 75 73 71 69 64 42 53 46 54 53 57 51 66 55 575 516
Lettable 
area, sqm 432 426 287 275 363 342 260 163 234 217 244 237 242 222 195 147 2,258 2,029
Rental value 453 435 290 274 324 285 313 203 260 233 254 240 302 267 214 161 2,411 2,097
Occupancy 
rate,1) % 89 91 90 95 92 93 96 96 94 93 91 94 96 95 93 89 93 93
Property 
value 4,558 4,352 3,079 2,878 3,055 2,680 3,495 2,034 2,562 2,214 2,592 2,494 2,933 2,431 2 ,1 92 1,686 24,465 20,872
1) Calculated on current rental value on the balance sheet date.
The property company’s net operating income margin remained 
stable but was higher than the previous year, primarily due to 
lower winter-related and tariff-based costs.
The Sundsvall business area is the company's largest and has 
continued strong demand for premises, even though the value 
of vacancies for the area is high in relation to other business 
areas. At the end of 2024, a significant vacancy occurred in a 
property acquired in 2022 with the knowledge that the tenant 
would move out in 2024. 
Vacancy rates have increased in Gävle compared to the same 
period last year, largely due to two major insolvencies. Despite 
the increase, market conditions in the business area remain 
favorable.
In Dalarna, provisions for customer losses have risen over the 
past year, which can be attributed to a single tenant. However, 
the market outlook in the area remains positive, and agreements 
for new construction have been signed.
In Östersund, the properties from the acquisition of Frösö 
Park and Cibola were accessed during the fourth quarter of 
2024, which increased the business area's property value and 
rental value to the second and third highest in the company, 
respectively. The business area has a low vacancy rate and 
a continued strong rental market.
In Umeå, the rental market is stable with good demand. 
High winter costs have, as in the previous year, affected the 
surplus ratio. 
The occupancy rate in Skellefteå has temporarily decreased 
since the previous year due to ongoing projects. New rental 
agreements with occupancy at the end of 2026 have been 
signed for 30 percent of the economic vacancy. 
Major industrial investments are underway in the Luleå business 
area, which has resulted in increased demand for premises. 
Luleå has the highest average rental value in the portfolio and 
the lowest vacancy rate. 
The Middle Sweden business area has primarily included 
properties in Karlstad, Örebro, and Västerås. At the end of 2024, 
the business area was expanded through the acquisition of six 
properties in Eskilstuna. An additional property in Eskilstuna 
was acquired during the second quarter of 2025.
Segment reporting in summary

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
22
NP3 has two classes of shares, common shares and preference 
shares, which are listed on Nasdaq Stockholm Large Cap. In 
May, the company carried out, based on the issue authorization 
received at the Annual general meeting on 7 May and resolved 
by the Board of Directors on 15 May, a directed new issue of 
13,7000,000 preference shares. In addition, as a result of the 
decision for a three-year incentive programme made at the 
company's AGM in May 2022, warrants were exercised and 
18,391 common shares were issued in June. The total number 
of shares outstanding as of 30 June 2025, after completed 
issues, amounted to 117,580,794 shares, divided into 61,580,794 
common shares and 56,000,000 preference shares. The 
number of shareholders at the end of the period amounted to 
11 702 (10,472).
The share price for common shares was SEK 270.00 (257.00) on 
the balance sheet date, which is equivalent to a market value of 
MSEK 16,627 (14,794). In addition, there are preference shares 
with a share price of SEK 30.70 (28.20) at balance sheet date, 
which is equivalent to a market value of MSEK 1,719 (1,079). Total 
market value as of 30 June amounted to MSEK 18,346 (10,140). 
The highest price paid for the period 1 July 2024 to 30 June 2025 
amounted to SEK 287.50 and was quoted on 15 July 2024. The 
lowest price paid for the twelve-month period was recorded on 
9 April 2025 and amounted to SEK 196.40. The volume-weighted 
average price for the period was SEK 251.78 (223.13).
Long-term net assets value reflecting long-term net asset 
value reduced by preference capital and holdings without 
controlling influence amounted to MSEK 9,808 (7,935), which 
is equivalent to SEK 159.26 per common share (137.85). The 
share price at the end of the period was 205 percent (221) of 
equity per common share and 170 percent (186) of the long-
term net asset value per common share.
Shares and owners
Comparisons in brackets relate to the corresponding period of the previous year. 
Distribution of profit from property management after current taxStock price/profit from property management per common share
Closing price common share
Stock price/profit from property management per common share, rolling 
12 months
SEK x
400
350
300
250
200
150
100
50
0
35
30
25
20
15
10
5
0
2021 Q4
2022 Q2
2022 Q4
2023 Q2
2023 Q4
2024 Q2
2024 Q4
2025 Q2
2015 Q4
2016 Q2
2016 Q4
2017 Q2
2018 Q2
2019 Q2
2020 Q2
2020 Q4
2021 Q2
2017 Q4
2018 Q4
2019 Q4
1) Source: Compiled and processed data from Monitor by Modular Finance AB.
Jan-Dec, MSEK 2024 2023 2022 2021 2020
Profit from property management 879 744 785 661 558
Current tax -75 -68 -55 -44 -49
Profit from property 
management after current tax 804 676 730 617 509
Dividend 4321) 3992.3) 363 310 271
Distribution in percent of profit 
from property management 
after current tax 54% 59% 50% 50% 53%
1) Of the reported amount, MSEK 27 relate to additional dividends on newly issued 
common and preference shares.
2) Included a distribution in kind of Class B shares in Fastighetsbolaget Emilshus 
AB (publ). The stock price of the Emilshus Class B share on 31 December 2023 was 
SEK 31.80. The value of the distribution in kind was based on this stock price. In addition 
to the distribution in kind, a cash dividend of SEK 1.50 per common share and a cash 
dividend of SEK 2.00 per preference share were paid.
3) Of the reported amount, MSEK 8 relate to additional dividends on newly issued 
common and preference shares.
  NP3 volume 1000s/month (trading Nasdaq)  
  NP3 closing price/total return       OMX Stockholm GI      OMX Real Estate GI 
NP3’s total return compared to Nasdaq Stockholm’s total 
return index1) 
Volume 1000s Closing price, 
SEK
  NP3 volume 1000s/month (trading Nasdaq)  
  NP3 closing price       Carnegie Fastighetsindex 
NP3's price development compared to Carnegie Real Estate Index 1) 
Volume 1000s Closing price, 
SEK
0
5
10
15
20
25
30
35
0
50
100
150
200
250
300
350
400
ggrkr
2024-06-302024-07-312024-08-312024-09-302024-10-312024-11-302024-12-312025-01-312025-02-282025-03-31 2025-06-302025-05-312025-04-30 2024-06-302024-07-312024-08-312024-09-302024-10-312024-11-302024-12-312025-01-312025-02-282025-03-31 2025-06-302025-05-312025-04-30
2 200
2 000
1 800
1 600
1 400
1 200
1 000
800
600
 400
200
0
300
250
200
150
100
50
0
2 400
2 200
2 000
1 800
1 600
1 400
1 200
1 000
800
600
 400
200
0
350
300
250
200
150
100
50
00,00
50,00
100,00
150,00
200,00
250,00
300,00
0,00
200,00
400,00
600,00
800,00
1000,00
1200,00
1400,00
1600,00
1800,00
2000,00
2200,00
2024-06-30 2024-07-31 2024-08-31 2024-09-30 2024-10-31 2024-11-30 2024-12-31 2025-01-31 2025-02-28 2025-03-31 2025-04-30 2025-05-31 2025-06-30
NP3 stängningskurs/totalavkastning vs 
OMX Stockholm GI & OMX Real Estate GI1)
NP3 volym / 1000 NP3 stängningskurs/totalavkastning OMX Stockholm GI OMX Real Estate GI
0,00
50,00
100,00
150,00
200,00
250,00
300,00
350,00
0,00
200,00
400,00
600,00
800,00
1000,00
1200,00
1400,00
1600,00
1800,00
2000,00
2200,00
2400,00
2024-06-30 2024-07-31 2024-08-31 2024-09-30 2024-10-31 2024-11-30 2024-12-31 2025-01-31 2025-02-28 2025-03-31 2025-04-30 2025-05-31 2025-06-30
NP3 stängningskurs vs 
Carnegie Fastighetsindex
NP3 volym / 1000 NP3 stängningskurs Carnegie Fastighetsindex

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
23
The NP3-share
Shareholder structure as of 30 June. 2025 1)
Size of holdings Number of shareholders Votes per share, %
1 – 500 7,954 0.7
501 – 1,000 1,131 0.4
1,001 – 2,000 917 0.6
2,001 – 5,000 807 0.9
5,001 – 10,000 395 1.0
10,001 – 50,000 373 3.5
50,001 – 125 91.2
Unknown size of holdings                                 0 1.7
Total 11,702 100
Figures in brackets relate to holdings and votes at the beginning of 2025.
Trading of the share at Nasdaq Stockholm
Closing price, SEK
Average number of 
transactions per trading day Turnover rate, % 
Average trading volume 
per trading day, MSEK
30 June 2025 30 June 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Jun 2025 Jan-Jun 2024
Common share 270.00 257.00 558 354 25 20 15.3 7.4
Preference share 30.70 28.40 197 89 74 18 4.0 0.7
 Swedish institutional owners 20 (22)
 Swedish private individuals 25 (22)
 Foreign institutional owners 9 (9)
 Unknown owner type 4 (2)
 Others 42 (45)
 Sweden 86 (89)
 USA 3 (3)
 Denmark 3 (3)
 Norway 2 (2)
 Others 6 (4)
Owner categories 1), % Breakdown by country 1), %
1) Source: Monitor by Modular Finance AB. 
Shareholders as of 30 June 20251)
Number  
of common 
shares
Number of 
preference 
shares
Share of  
capital, %
Share of  
votes, %
AB Sagax (Satrap Kapitalförvaltning AB) 13,200,000 4,600,000 15.1 (15.2) 20.3 (20.5)
Bäckarvet Holding AB 7,429,863 570,437 6.8 (7.7) 11.1 (11.4)
Inga Albertina Holding AB 7,429,863 570,436 6.8 (7.7) 11.1 (11.4)
Försäkringsaktiebolaget Avanza Pension 580,751 5,199,875 4.9 (3.0) 1.6 (1.0)
PPB Holding AB/Patrik Brummer - 4,166,666 3.5 (4.0) 0.6 (0.6)
Länsförsäkringar Fondförvaltning AB 4,081,781 - 3.5 (4.4) 6.1 (7.0)
Poularde AB - 4,000,000 3.4 (3.9) 0.6 (0.6)
Danske Invest 1,327,654 1,935,000 2.8 (3.1) 2.3 (2.3)
Lannebo Kapitalförvaltning 3,132,756 - 2.7 (2.9) 4.7 (4.6)
SEB Funds 1,810,755 - 1.5 (1.9) 2.7 (3.0)
Fjärde AP-fonden 1,689,599 86,981 1.5 (3.7) 2.5 (2.9)
Nordnet Pensionsförsäkring 71,136 1,683,402 1.5 (0.5) 0.4 (0.2)
Vanguard 1,730,854 - 1.5 (1.3) 2.6 (2.0)
Handelsbanken Liv Försäkring AB 655,589 910,092 1.3 (1.4) 1.1 (1.1)
Handelsbanken Fonder 1,502,372 - 1.3 (1.4) 2.2 (2.3)
J.A. Göthes AB 1,041,600 416,640 1.2 (1.4) 1.6 (1.6)
Atlant Fonder - 1,035,000 0.9 (0.0) 0.2 (0.0)
Ulf Jönsson - 1,000,000 0 . 9 (1.0) 0.1 (0.2)
Swedbank Robur Fonder 899,609 - 0.8 (0.6) 1.3 (0.9)
Sensor Fonder - 840,000 0.7 (0.0) 0.1 (0.0)
Total 20 largest shareholders 46,584,182 27,014,529 62.6 (65.2) 73.4 (73.5)
Other shareholders 14,996,612 28,985,471 37.4 (34.8) 26.6 (26.5)
Total number of shares 61,580,794 56,000,000 100.0 100.0

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
24
Income statement, MSEK
2025
2nd 
quarter 
Apr-Jun
2025
1st 
quarter 
Jan-Mar
2024
4th 
quarter 
Oct-Dec
2024
3rd 
quarter 
Jul-Sep
2024
2nd 
quarter 
Apr-Jun
2024
1st 
quarter 
Jan-Mar
2023
4th 
quarter 
Oct-Dec
2023
3rd 
quarter 
Jul-Sep
2023
2nd 
quarter 
Apr-Jun
Rental income 564 551 523 491 486 492 464 444 443
Property costs -107 -154 -113 -74 -101 -152 -106 -68 -93
Property tax -14 -14 -12 -12 -12 -12 -12 -12 -12
Net operating income 443 383 398 404 373 328 346 365 338
Central administration -25 -20 -25 -15 -20 -18 -25 -15 -17
Result from associated companies  
and joint ventures 16 8 5 8 -8 8 -9 10 -11
Net financial income -148 -139 -136 -145 -153 -151 -162 -162 -149
Profit/loss after financial items 287 232 242 252 193 168 150 198 161
-of which profit from property management 281 235 250 253 209 168 175 206 195
Changes in value of properties 120 101 121 45 155 2 34 -165 -176
Changes in value of financial instruments -143 7 139 -158 -100 132 -285 15 60
Profit before tax 264 340 502 139 248 303 -101 48 46
Current tax -21 -19 -25 -20 -13 -17 -28 -24 -5
Deferred tax -40 -46 -112 -9 -36 -45 -11 14 -4
Net profit1) 203 274 364 110 198 241 -140 39 36
Comprehensive income relating to the parent 
company’s shareholders 200 272 365 109 198 241 -137 38 35
Comprehensive income relating to  
non-controlling interest 2 2 -1 1 0 0 -3 1 1
1) Net profit is consistent with the comprehensive net profit.
Financial position, MSEK 
2025
30 June
2025
31 March
2024
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2023
31 Dec.
2023
30 Sept.
2023
30 June
Investment properties 24,465 23,708 23,384 21,127 20,872 20,382 20,276 19,985 20,041
Leasehold rights 168 163 147 145 144 149 150 132 130
Participations in associated companies and 
joint ventures 494 487 479 537 473 467 468 1,021 1,015
Derivatives - 27 19 - 71 131 43 390 362
Other fixed assets 135 106 84 53 54 54 54 79 36
Other current assets excl. cash and cash 
equivalents 409 419 393 329 286 773 711 102 127
Cash and cash equivalents 197 313 97 287 267 198 183 190 254
Total assets 25,868 25,224 24,604 22,477 22,165 22,153 21,885 21,899 21,966
Equity 9,897 9,842 9,568 8,990 7,897 8,089 7,489 7,994 7,954
Deferred tax 1,539 1,499 1,453 1,329 1,320 1,284 1,240 1,229 1,243
Interest-bearing liabilities 13,084 12,962 12,587 11,149 12,047 11,988 11,943 11,838 11,894
Lease liabilities 168 163 147 145 144 149 150 132 130
Derivatives 139 - - 128 - - - - -
Non-interest bearing liabilities 1,041 757 849 736 757 642 704 706 744
Total equity and liabilities 25,868 25,224 24,604 22,477 22,165 22,153 21,885 21,899 21,966
Quarterly summary
Rental income by quarter Net operating income by quarter Profit from property management by quarter
1  2  3  4 1  21  2  3  4 1  2  3  4      Q  1  2  3  4 
2021 2022 2024 20252023
600
500
400
300
200
100
0
MSEK
0
100
200
300
400
500
600mkr
Hyresintäkter per kvartal
1  2  3  4 1  2 1  2  3  4 1  2  3  4      Q  1  2  3  4 
2021 2022 2024 20252023
Net operating 
income
Surplus ratio, % 
500
450
400
350
300
250
200
150
100
50
0
MSEK %
90
80
70
60
50
40
30
20
10
00%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0
50
100
150
200
250
300
350
400
450
500mkr
Driftsöverskott per kvartal
Driftsöverskott Överskottsgrad %
Profit from property 
management
Profit from property 
management, % of rental 
income
%
300
250
200
150
100
50
0
70
60
50
40
30
20
10
0
MSEK
1  2  3  4 1  2 1  2  3  4 1  2  3  4      Q  1  2  3  4 
2021 2022 2024 20252023
0%
10%
20%
30%
40%
50%
60%
70%
0
50
100
150
200
250
300mkr
Förvaltningsresultat Förvaltningsresultat  %

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
25
Key ratios
2025
3 months 
Apr-Jun
2024
3 months 
Apr-Jun
2025
6 months 
Jan-Jun
2024
6 months 
Jan-Jun
2024
12 months
Jan-Dec
Property-related key ratios
Number of properties at the end of the period 575 516 575 516 554
The properties’ lettable area, tsqm 2,258 2,029 2,258 2,029 2,201
Investment properties, MSEK 24,465 20,872 24,465 20,872 23,384
Property value, SEK/sqm 10,835 10,287 10,835 10,287 10,624
Rental value, MSEK 2,411 2,097 2,411 2,097 2,326
Financial occupancy rate, % 93 93 93 93 93
Surplus ratio, % 79 77 74 72 75
Yield , % 7.2 7.0 7.2 7.0 7.1
Financial key ratios
Return on equity, common share, % 11.1 3.9 11.1 3.9 11.7
Return on equity, % 10.3 4.3 10.3 4.3 10.8
Return on equity, before tax, %  13.5 6.3 13.5 6.3 14.0
Return on equity from the profit from property management, %  11.0 9.5 11.0 9.5 10.4
Debt/equity ratio, multiple 1.3 1.5 1.3 1.5 1.3
Net debt to EBITDA ratio, multiple  7.9 8.4 7.9 8.4 8.0
Interest coverage ratio, multiple 2.9 2.3 2.7 2.2 2.4
Interest coverage ratio, rolling 12 month, multiple 2.7 2.1 2.7 2.1 2.4
Loan-to-value ratio, % 51.0 55.1 51.0 55.1 51.8
Equity/assets ratio, % 38.3 35.6 38.3 35.6 38.9
Average interest rate, % 4.23 4.91 4.23 4.91 4.38
Average loan maturity period, years 3,0 2.0 3,0 2.0 2.3
Average fixed interest period, years 2.3 2.3 2.3 2.3 2.1
Proportion of interest-hedged loan portfolio,% 55.0 47.4 55.0 47.4 48.9
Key ratios per common share 
Number of shares at the end of the period, thousands 61,581 57,562 61,581 57,562 61,562
Weighted average number of shares, thousands 61,572 57,530 61,565 57,506 59,136
Equity, SEK 132.02 116.14 132.02 116.14 131.34
Long-term net asset value, SEK  159.26 137.85 159.26 137.85 154.64
Profit from property management, SEK 4.22 3.30 7.68 5.88 13.57
Profit after tax, SEK 2.91 3.12 6.99 6.97 14.17
Dividend, SEK - - - - 5.20
Share price at the end of the period, SEK 270.00 257.00 270.00 257.00 250.00
Key ratios per preference share
Number of shares at the end of the period, thousands 56,000 38,000 56,000 38,000 42,300
Equity, SEK 31.00 31.00 31.00 31.00 32.00
Earnings, SEK 0.50 0.50 1.00 1.00 2.00
Dividend, SEK - - - - 2.00
Share price at the end of the period, SEK 30.70 28.40 30.70 28.40 29.90
For reconciliation of key ratios and definitions, see pages 26-27.

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
26
 MSEK
2025
Jan-Jun
2024
Jan-Jun
2024
Jan-Dec
Net debt 12,723 11,767 12,341
Net operating income, future-orientated 12 
months acc. to earnings capacity 1,668 1,462 1,602
Central administration costs,  
rolling 12 months -85 -71 -78
Dividends from associated companies and 
joint ventures, rolling 12 months 23 14 23
Adjusted net operating income 1,606 1,405 1,547
Net debt to EBITDA ratio, multiple 7.9 8.4 8.0
Profit from property management 515 376 879
Add-back of profit from property management 
from associated companies and joint ventures -20 -16 -37
Dividends from associated companies and 
joint ventures 10 10 23
Financial expenses 290 307 599
Adjusted profit from property 
management 795 685 1,464
Interest coverage ratio, multiple 2.7 2.2 2.4
Net debt 12,723 11,767 12,341
Market value properties 24,465 20,872 23,384
Participations in associated companies 
and joint ventures 494 473 479
Loan-to-value ratio, % 51.0 55.1 51.8
Equity according to financial position 9,897 7,897 9,568
Balance sheet total 25,868 22,165 24,604
Equity/assets ratio, % 38.3 35.6 38.9
Equity according to financial position 9,897 7,897 9,568
Deduction preference capital -1,736 -1,178 -1,354
Deduction non-controlling interest -32 -34 -128
Number of shares at the end of the period, 
thousands 61,581 57,562 61,562
Equity, SEK/common share 132.02 116.14 131.34
Equity according to financial position 9,897 7,897 9,568
Deduction preference capital -1,736 -1,178 -1,354
Deduction non-controlling interest -32 -33 -128
Add-back derivatives 139 -71 -19
Add-back deferred tax 1,539 1,320 1,453
Number of shares at the end of the period, 
thousands 61,581 57,562 61,562
Long-term net asset value, SEK/common 
share 159.26 137.85 154.64
Profit from property management 515 376 879
Deduction of preference shareholders' 
preferential right to dividend, paid during 
the period -42 -38 -76
Average number of common shares, 
thousands 61,565 57,506 59,136
Profit from property management, SEK/
common share 7.68 5.88 13.57
Reconciliation of key ratios
 MSEK
2025
Jan-Jun
2024
Jan-Jun
2024
Jan-Dec
Interest-bearing liabilities 13,084 12,047 12,587
Current investments -164 -13 -148
Cash and cash equivalents -197 -267 -97
Net debt 12,723 11,767 12,341
Profit after tax, relating to the parent 
company's shareholders 473 439 914
Deduction of preference shareholders' 
preferential right to dividend, paid during 
the period -42 -38 -76
Profit after tax reduced by holders of 
preference shares’ right to dividend 430 401 838
Average number of common shares, 
thousands 61,565 57,506 59,136
Profit after tax, SEK/common share 6.99 6.97 14.17
Rental income 1,115 978 1,992
Net operating income 826 701 1,503
Surplus ratio, % 74 72 75
Net operating income, rolling 12 months 1,628 1,412 1,503
Average market value of properties 22,711 20,311 21,208
Yield , % 7.2 7.0 7.1
Profit after tax, relating to shareholders in 
the parent company, rolling 12 months 948 340 914
Deduction of preference shareholders' 
preferential right to dividend, paid during 
the period -80 -76 -76
Average equity after settlement of 
preference capital and non-controlling 
interest 7,799 6,717 7,190
Return on equity, common share, % 11.1 3.9 11.7
Profit after tax, rolling 12 months 951 339 914
Average total equity 9,239 7,957 8,479
Return on equity, % 10.3 4.3 10.8
Profit before tax, rolling 12 months 1,244 498 1,191
Average total equity 9,239 7,957 8,479
Return on equity, before tax, % 13.5 6.3 14.0
Profit from property management,  
rolling 12 months 1,018 753 879
Average total equity 9,239 7,957 8,479
Return on equity from the profit from 
property management, % 11.0 9.5 10.4
Net debt 12,723 11,767 12,341
Equity according to financial position 9,897 7,897 9,568
Debt/equity ratio, multiple 1.3 1.5 1.3
NP3 applies the guidelines for alternative performance measures issued by ESMA. Alternative performance measures refer to financial measure -
ments that are not defined or stated in the rules applicable to financial reporting, i.e. IFRS. The company reports certain financial measurements 
in the report that are not defined in accordance with IFRS. The alternative key ratios which NP3 presents are used by company management to 
assess the company’s financial development. Accordingly, they are also assessed as giving other stakeholders, such as analysts and investors, 
valuable information. But not all companies calculate financial measurements in the same way, and these financial measurements shall therefore 
not be seen as a replacement for measurements defined according to IFRS. Below you’ll find a reconciliation of the alternative financial key ratios 
that are presented in this report. Definitions of the key ratios can be found on page 27.

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
27
Definitions
Return on equity
Profit after tax for a rolling 12-month period, in percent of 
average equity. 
Return on equity, before tax
Profit before tax for a rolling 12-month period, in percent of 
average equity.
Return on equity, common share
Profit after tax for a rolling 12-month period, reduced by the 
preference shares’ preferential right to dividend (paid during 
the period), and share in profits for non-controlling interest, 
in percent of average equity after settlement of preference 
capital and non-controlling interest.
Return on equity from the profit from property management
Profit from property management for a rolling 12-month period, 
in percent of average equity. 
Loan-to-value ratio
Net debt in percent of the properties’ recorded value and 
investments in associated companies and joint ventures.
CAGR
(Compounded Annual Growth Rate) Average annual growth 
expressed as a percentage.
Yield
Net operating income for a rolling 12-month period as a 
percentage of the average market value of the properties. 
The key ratio shows the return from the operating activities in 
relation to the properties’ market value.
Net operating income
Rental income for the period less property costs. 
Equity, SEK/common share
Equity relating to the parent company’s shareholders after 
settlement of preference capital in relation to the number of 
common shares at the end of the period.
Equity, SEK/preference share
Equity per preference share corresponds to the share’s 
redemption price upon liquidation plus accrued dividend.
Economic occupancy rate
Rental income in percentage of rental value.
Investment property
Investment property refers to a property that is held in order to 
generate rental income and/or increase in value. All of NP3’s 
properties are assessed as constituting investment properties, 
so the term is thus consistently “property” in reports and reports.
Profit from property management
Net profit before tax and changes in value and tax in both 
group and associated companies as well as joint ventures.
Profit from property management, SEK/common share
Net profit before tax and changes in value reduced by the 
preference shares’ preferential right to dividend, paid during 
the period, in relation to the weighted average number of 
common shares. 
Average interest rate
Weighted interest on interest-bearing liabilities (excluding 
liabilities rights of use) taking into account interest rate 
derivatives on the balance sheet date.
Average remaining lease term
The weighted average remaining term for the rental 
agreements.
Rental income
Debited rents and extra charges less rent discounts.
Rental value
Rental income on current agreements with addition for 
assessed market rent for unlet areas 12 months ahead from 
the balance sheet date.
Long-term net asset value, SEK/common share
Recorded equity, after taking into account the preference 
capital and non-controlling interest, with add-back of 
derivatives and deferred tax, in relation to the number of 
common shares at the end of the period. The key ratio shows 
the net assets’ fair value from a long-term perspective. Assets 
and liabilities not assessed as falling due, such as fair value on 
derivatives and deferred taxes, are thus excluded.
Net investments
The sum of acquired properties, as well as investments 
in projects and associated companies and joint ventures 
with deduction for sales price on properties that have 
been disposed of, directly and via companies, as well as 
with deduction for divested participations in associated 
companies and joint ventures.
Net debt
Interest-bearing liabilities, excluding liability rights of use, with 
deduction for liquid assets and current investments.
Preference capital
Number of preference shares multiplied by equity per 
preference share.
Profit after tax, SEK/common share
Net profit after tax relating to the mother company’s 
shareholders, reduced by the holders of preference shares’ 
preferential right to dividend for the period, paid during the 
period, in relation to the weighted average number of common 
shares.
Interest coverage ratio
Profit from property management, excluding administration 
result from associated companies and joint ventures but 
including dividends from associated companies and joint 
ventures, after adding back financial expenses in relation to 
financial expenses.
Net debt to EBITDA ratio
Net debt on the balance sheet date relative to twelve 
months’ forward-looking net operating income less central 
administration expenses plus dividends received from 
associated companies and joint ventures rolling 12 months.
Debt/equity ratio
Net debt in relation to equity on the balance sheet date.
Equity/assets ratio
Adjusted equity as a percentage of the balance sheet total.
Properties accessed
Agreed property value reduced by tax rebate for properties 
accessed the during the period.
Occupancy rate
Let area as a percentage of lettable area.
Surplus ratio
Net operating income for the period as a percentage of rental 
income for the period. The key ratio is a measurement of 
effectivity comparable over time.

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
28
Risks and uncertainties
NP3 works actively to identify and minimize the material risks 
that may affect the company’s financial position and perfor-
mance. The key risks for the company are described below 
as well as on pages 74–78 in the company’s annual report for 
2024.
Property-related risks
NP3 continuously works to minimize its property-related 
risks. The company has strong diversification in terms of both 
property categories and industry exposure. Rental income is 
distributed across a large number of lease agreements, with 
major tenants accounting for only a small share of the total 
rental value. There is a risk that the valuation of investment 
properties may be influenced by management’s assessments 
and assumptions. To minimize this risk, the company con-
ducts market valuations of its properties on a quarterly basis. 
According to NP3’s valuation policy, at least 90 percent of the 
total property portfolio is externally valued during the second 
and fourth quarters, while the remaining properties are valued 
internally.
Financial risks 
Costs related to funding are the single largest cost item for 
NP3. As part of limiting interest rate risk and increasing pre-
dictability in the profit from property management, NP3 uses 
interest rate hedgeing. The company also continuously works 
to ensure NP3’s financial stability and to maintain strong rela-
tionships with banks, the capital market, and other stakehold-
ers in order to reduce financial risks.
Environmental risks
Climate change may increase the risk of property damage 
and can affect the properties or their operations. Additionally, 
environmental risks associated with soil contamination are 
considered a risk that could negatively impact the company. 
Environmental policy decisions may also negatively affect the 
company. NP3 has strong procedures in place to counter and 
prevent environmental risks. All investments and acquisitions 
are reviewed from a climate perspective. Furthermore, the 
company has thorough knowledge of which properties are or 
have been subject to environmentally regulated activities.
Risk of conflicts of interest
Conflicts of interest may arise if board members, individuals 
in strategic and operational management, or other employees 
of the company take on certain board assignments, invest in 
companies where NP3 has invested, invest in companies that 
compete with NP3, pledge their shareholdings in NP3, or buy 
or sell shares in NP3. To manage and prevent such conflicts of 
interest, the company has well-developed procedures, guide -
lines, and policies.
Other risks
The uncertain and volatile market environment, combined with 
wars and conflicts in the world, affects the global economy 
— and, consequently, Sweden and NP3 as a company. NP3 
is monitoring the continued development and continuously 
evaluating how the company's operations are affected.
Other information 
Accounting policies and judgements 
This interim report for the group has been prepared in accord-
ance with IAS 34 Interim Financial Reporting and applicable 
parts of the Swedish Annual Accounts Act. Other disclosures 
in accordance with IAS 34 16A are provided elsewhere than in 
the notes in the interim report. The group and parent company 
apply the same accounting principles and valuation methods 
as in the annual report for 2024. Other amended and new IFRS 
reporting standards having become effective during the year 
have not had a material impact on the group's accounting and 
financial reports.
The parent company’s reports have been prepared in accord-
ance with the Swedish Annual Accounts Act (ÅRL) and by 
applying the Swedish Corporate Reporting Board’s recom -
mendation RFR 2, Accounting for Legal Entities.
Staff and organisation 
The company has eight business areas: Sundsvall, Gävle, Da-
larna, Östersund, Umeå, Skellefteå, Luleå and Middle Sweden. 
The head office is located in Sundsvall, where most of the 
company's employees are based. In addition, there are employ-
ees in all the company’s eight business areas. At the end of the 
period the number of staff totalled 71.

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

NP3 Fastigheter AB (publ) Interim report - Q2 2025
29
Nils Styf
Chairman of the board
Anders Palmgren
Member of the Board of 
Directors
Hans-Olov Blom
Member of the Board of 
Directors
Mia Bäckvall Juhlin
Member of the Board of 
Directors
Åsa Bergström
Member of the Board of 
Directors
Andreas Wahlén
CEO
The interim report has not been subject to review by the 
company's auditors. The Board of Directors and the CEO 
certify that the report provides a true and fair view of the 
parent company's and the group's operations, financial 
position and performance, and describes the significant 
risks and uncertainties faced by the parent company and 
the companies included in the group.
Sundsvall, 11 July 2025
Business idea 
With our tenants in focus, to 
acquire, own and manage high-yielding 
commercial properties, primarily in 
northern Sweden.
Financial targets
NP3’s objective is that the growth in profit 
from property management per common 
share shall amount to at least 12 percent 
per year over a five-year period. Return 
on equity before tax shall amount to at 
least 15 percent over a five-year period. 
The interest coverage ratio must be at 
least two times and the loan-to-value 
ratio must not exceed 60 percent.  
Vision
Leveraging good business acumen 
and satisfied tenants, investors and 
stakeholders, to create Sweden’s 
long-term most profitable real 
estate company.
Management 
Andreas Wahlén, CEO
Tel: +46 60 777 03 01 
andreas@np3fastigheter.se
Håkan Wallin, CFO
Tel: +46 60 777 03 07
hakan.wallin@np3fastigheter.se
Mattias Lyxell, COO
Tel: +46 60 777 03 17
mattias.lyxell@np3fastigheter.se
Board of Directors
Chairman of the board
Nils Styf 
Tel: +46 73 350 60 39
Members of the Board 
of Directors
Anders Palmgren
Hans-Olov Blom
Mia Bäckvall Juhlin
Åsa Bergström
Press releases in the second quarter
3/4 Notice of Annual general meeting
4/4 NP3 acquires properties for MSEK 219
9/4 NP3 divests properties for MSEK 463
11/4 Publication of the annual report
16/4 NP3 acquires properties for MSEK 216 
7/5 Interim report January - March
7/5  Resolutions made at NP3 Fastigheter's Annual general 
meeting on 7 May
15/5 NP3 examines the conditions for implementing a targeted   
 new issue of approximately 12 million preference shares
15/5  NP3 carries out a targeted new issue of 13.7 million preference 
shares and will receive funds of approximately MSEK 394
30/5 Change in the number of shares and votes in NP3 Fastigheter
26/6 NP3 acquires properties for MSEK 227
30/6  Change in the number of shares and votes in NP3 Fastigheter
All press releases are available on the company's website:  
www.np3fastigheter.se
Calendar
Interim reports
Q3 January - September 2025: 17 October 2025
Year-end report 2025: 6 February 2026
Q1 January - March 2026: 24 April 2026
Q2 January - June 2026: 10 July 2026
Q3 January - September 2026: 16 October 2026
Year-end report 2026: 5 February 2027
Record days for dividend on preference shares
31 July 2025
31 October 2025
31 January 2026
30 April 2026
Record days for dividend on common shares
31 July 2025
31 October 2025
31 January 2026

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www.np3fastigheter.seThe property on the cover: Frakten 1 in Umeå
Head office
NP3 Fastigheter AB (publ)
Corp. ID no. 556749-1963
info@np3fastigheter.se
Telephone switchboard +46 60 777 03 00
Gärdevägen 5A, 856 50 Sundsvall
Postal address
Box 12, 851 02 Sundsvall
Branch offices
Falun
Främbyvägen 6, 791 52 Falun
Gävle
Snäppvägen 18, 803 09 Gävle
Karlstad
Tynäsgatan 10. 652 16 Karlstad
Luleå
Ödlegatan 1B, 973 34 Luleå
Piteå
Kunskapsallén 14, 941 63 Piteå
Skellefteå
Gymnasievägen 14, 931 57 Skellefteå
Sollefteå
Hågesta 7, 881 41 Sollefteå
Stockholm
Birger Jarlsgatan 34, 114 29 Stockholm
Umeå
Björnvägen 15E, 906 40 Umeå
Västerås
Ånghammargatan 6-8, 721 33 Västerås
Örnsköldsvik
Örnsköldsvik 41A, 891 41 Örnsköldsvik
Östersund
Infanterigatan 21, 831 32 Östersund