FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
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Q3 -2025
Interim report January-September
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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 third quarter
• At the end of September, under the existing MTN programme, the company
issued senior unsecured green bonds of 400 MSEK with a tenor of 3.25 years
and a variable interest rate of Stibor 3M + 215 basis points. In connection with
the bond issue, the company nominally repurchased MSEK 299 of bonds with
maturity in April 2026.
• In September, the company divested its entire remaining shares in
Fastighetsbolaget Emilshus AB for MSEK 124. Prior to the divestment, NP3
owned 2.4 million Class A shares and 0.1 million Class B shares in Emilshus.
• During the quarter, NP3 divested five properties through four transactions at
an underlying property value of MSEK 474. The properties have a lettable area
of 27,600 square meters and an annual rental value of MSEK 44. Of the rental
value, 60 percent pertained to a retail property in Kiruna.
• Through eight transactions, agreements have been signed to acquire 37 prop-
erties at an underlying property value of MSEK 692, before a market-based
deduction for deferred tax of MSEK 24. The properties have a lettable area of
52,100 square meters and an annual rental value of MSEK 66. Of the acquired
properties, 34 properties were accessed during the quarter at an underly -
ing property value of MSEK 612 and an annual rental value of MSEK 59. The
remaining properties will be accessed during the fourth quarter.
• In addition to the above, one property was accessed for which an agreement
was signed during the second quarter, at an underlying property value of
MSEK 25 before a market-based deduction for deferred tax of MSEK 2. The
property has a lettable area of 2,000 square meters and an annual rental value
of MSEK 2.
Events after the end of the period
• NP3 has prematurely redeemed the remaining outstanding bonds of MSEK
153 maturing in April 2026. The bonds were early redeemed on October 13 at
a price of 100 percent of the nominal amount.
• After the end of the period and until the publication of this interim report, the
company has entered into agreements to acquire two properties at an under-
lying property value of MSEK 50. One property will be accessed during the
fourth quarter of 2025 and the other will be accessed during the first quarter
2026. The properties have a lettable area of 4,400 square meters and an
annual rental value of MSEK 2.
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 1,100. The previously provided
forecast was MSEK 1,090 and was communicated in the company's interim
report for January-June 2025.Roundings in the report can result in
columns and rows not adding up.
This Interim report is an in-house
translation. In the event of discre-
pancies, the Swedish original will
supersede the translation.
NP3's Annual General Meeting will be held in Sundsvall on 6 May 2026
and not on 5 May 2026 as previously announced.
Profit from property
management per
common share
SEK 12.37
Rental income
was MSEK 1,686
+15 %
2
Acquisitions
accessed
Net operating
income amounted
to MSEK 1,293
MSEK 1,239
+17 %
+25 %
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NP3 Fastigheter AB (publ) Interim report - Q3 2025
3
Key ratios 2025
Jan-Sep
2024
Jan-Sep
2025
Jul-Sep
2024
Jul-Sep
2024
Jan-Dec
Result, MSEK
Rental income 1,686 1,469 572 491 1,992
Net operating income 1,293 1,105 467 404 1,503
Surplus ratio, % 77 75 82 82 75
Profit from property management 832 629 316 253 879
Changes in value of properties 258 202 37 45 323
Net profit 816 549 339 110 914
Market value properties 24,863 21,127 24,863 21,127 23,384
Yield , % 7.2 7.1 7.2 7.1 7.1
Properties accessed 1,239 189 615 - 2,087
Result, SEK/common share
Profit after tax 12.04 8.49 5.05 1.54 14.17
Profit from property management 12.37 9.88 4.68 4.00 13.57
Long-term net asset value 163.85 149.71 163.85 149.71 154.64
January - September
• Rental income increased by 15% to MSEK 1,686 (1,469).
• Net operating income increased by 17% to MSEK 1,293
(1,105).
• Profit from property management increased by 32% to
MSEK 832 (629). Profit from property management per
common share increased by 25% to SEK 12.37 (9.88).
• Changes in the value of properties totalled MSEK 258
(202).
• Net profit after tax totalled MSEK 816 (549), equivalent
to SEK 12.04/common share (8.49).
• Net investments for the period amounted to MSEK
1,323 (718), of which MSEK 1,239 (189) related to acqui-
sitions of properties, MSEK 528 (492) to investments
in existing properties and new construction, MSEK 1
(70) to investments in associated companies and joint
ventures, and MSEK -546 (-33) to divested proper-
ties, MSEK 100 related to the acquisition of a minority
shares in a subsidiary.
July - September
• Rental income increased by 17% to MSEK 572 (491).
• Net operating income increased by 16% to MSEK 467
(404).
• Profit from property management increased by 25% to
MSEK 316 (253). Profit from property management per
common share increased by 17% to SEK 4.68 (4.00).
• Changes in the value of properties totalled MSEK 37
(45).
• Net profit after tax totalled MSEK 339 (110), equivalent
to SEK 5.05/common share (1.54).
• Net investments for the period amounted to MSEK 361
(265), of which MSEK 615 (-) related to acquisitions of
properties, MSEK 216 (210) to investments in existing
properties and new construction, MSEK 0 (56) to in-
vestments in associated companies and joint ventures,
and MSEK -470 (-) to divested properties.
Interim report January - September 2025
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NP3 Fastigheter AB (publ) Interim report - Q3 2025
4
Financial targets and dividend targets
Below are the company's financial targets and results, rolling twelve months third 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 ordi-
nary and preference shares.
The key ratio shows the company’s overall growth
target. Profit from property management per
common share, rolling twelve months, increased
by 29 percent compared to the corresponding
period last year. Average growth over the
five-year period was 13 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, rolling twelve months,
amounted to 16 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 cov -
erage ratio is a measurement that indicates how
many times the company manages to pay its inter-
est with the profit from the operating activities.
The interest coverage ratio as of 30 September
was 2.8 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 September, 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 manage -
ment 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
Annual general meeting in May, the meeting re-
solved 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 432 2).
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% 3.2% 2.2% 2.2% 2.8%
%
70
60
50
40
30
20
10
0
Max 60%
54% 57% 55% 49% 51%
Profit from
property
management
per common
share, SEK
Average
annual
growth,
5 years, %
T arget 12%
Q3 -21 Q3 -22 Q3 -23 Q3 -24 Q3 -25
Q3 -21 Q3 -22 Q3 -23 Q3 -24 Q3 -25
Q3 -21 Q3 -22 Q3 -23 Q3 -24 Q3 -25
Q3 -21 Q3 -22 Q3 -23 Q3 -24 Q3 -25
SEK
18
16
14
12
10
8
6
4
2
0
%
20
16
12
8
4
0
25
20
15
10
5
0
% 15% 12% 10% 11% 14%
2020 2021 2022 2023 2024
2)
0
2
4
6
8
10
12
14
16
18
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Q3-21 Q3-22 Q3-23 Q3-24 Q3-25
Tillväxt
Serie1 Serie2
0
10
20
30
40
50
Q3-21 Q3-22 Q3-23 Q3-24 Q3-25
Avkastning på eget kapital
Serie1 Serie2
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NP3 Fastigheter AB (publ) Interim report - Q3 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 316 (253) and for the inter-
im period to MSEK 832 (629), an increase of 25 and 32 percent, respectively, compared with the
previous year. The increase is attributed to a higher operating surplus from our property portfolio,
one-off lease related compensations as well as a lower average interest rate. Profit from property
management per common share for the interim period amounted to SEK 12.37 (9.88), an increase
of 25 percent. For the quarter, profit from property management per common share increased by
17 percent to SEK 4.68 (4.00).
NP3 stands for stability — even in turbulent times
The latest quarter confirms that our focus on long-term
strengthening the profit from property management at a
reduced risk is not just a target — in my view we are achieving
the desired result in practice as well.
Our forecast for profit from property management for the full
year 2025 is MSEK 1,100, to be compared with the forecast of
MSEK 1,090 from the previous quarter.
Rental income, which includes MSEK 36 in lease compensation
from tenants vacating early, increased in the interim period
by 15 percent and in the comparable portfolio the increase
amounted to 2 percent. The occupancy rate was 92 percent,
which is on par with recent years.
If we go back to 2018 and compare up until today, the
occupancy rate in all 31 quarters has been between 92 and 94
percent. In other words, despite the impact on the occupancy
rate from acquisitions as well as from tenants moving in and
out, it has never varied more than 2 percentage points in all 31
quarters. This, despite the fact that during the same period we
have experienced a pandemic, supply disruptions, outbreaks
of war, “inflationary shock”, rapidly increasing interest rates
and a recession. In our investment area you can also add the
noticeable turnarounds when it comes to the green transition
process, which was at first praised and then questioned.
Despite the concerns that have been and still linger, and
despite the natural fluctuations that occur in the economy,
NP3 has had a stable occupancy rate, Although, of course,
it may move slightly up or down, I expect the same stable
development in the coming years, as we continue to see good
demand in our business areas.
Net letting for the quarter amounted to MSEK 17 and for the
interim period to MSEK 30. The development volume on the
reporting date amounted to MSEK 1 028 of which 517 MSEK
relates to new construction. New construction primarily relates
to truck service workshops or other types of businesses where
the need has changed to a large extent in the last 25 years,
as there are very few efficient existing premises. Other new
construction largely takes place where we follow a prioritised
existing customer to a new location. Following our prioritised
customers is essential to continuing to grow together across
all our geographic areas. For the coming quarters, we are
likely to see a continued increase in the development portfolio
in the form of energy projects, as well as conversions and
new construction. Production prices continue to decline
somewhat and I assess the willingness to pay as still good in
our locations.
Business and the economy
NP3's ambition, no matter what, is to do everything a little
better, all the time. Looking back at the change we have made
in our retail portfolio, NP3 has divested primarily business-to-
consumer locations in Kiruna and acquired grocery locations
in Gävleborg and Dalarna.
The retail segment still accounts for 22 percent of our property
value, but within the retail category business-to-consumer has
declined in favour of the grocery segment, while the average
rent in the retail segment now is lower.
But the big difference for NP3 is that as a result of the
completed divestment and completed acquisitions, we are
getting significantly closer to our assets geographically. We
strive to be close to our markets in order to be able to make
good risk-adjusted investments. Given the low square metre
prices in the acquisition, this gives us the opportunity to
achieve a return on any additional future add-on investments.
Future
In general, I currently see no signs of any significant changes
regarding any of the fundamental factors relevant to our
business. This also applies to the valuation yields in our
markets. The payment capacity remains in line with historical
figures in terms of the proportion of due rents.
We will continue to head in the direction we have set out; to
boost our profit from property management per common
share while maintaining or reducing operational and financial
risks. We will continue to focus on our cash flow in the long
term and not base our operations on short-term profits.
Experience shows, as I said, that with this attitude we achieve
the desired results not only in theory but also in practice.
Finally, as always, I would like to take this opportunity to
extend a big thank you to NP3's employees, shareholders
and other stakeholders for your commitment, it means a lot to
NP3's development.
Andreas Wahlén
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NP3 Fastigheter AB (publ) Interim report - Q3 2025
6
Consolidated statement of comprehensive income
Summary report, MSEK
2025
Jul-Sep
2024
Jul-Sep
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Rolling
12 months
Rental income 572 491 1,686 1,469 1,992 2,210
Property costs -91 -74 -351 -328 -440 -464
Property tax -14 -12 -42 -36 -48 -54
Net operating income 467 404 1,293 1,105 1,503 1,691
Central administration -18 -15 -63 -53 -78 -88
Result from associated companies and joint ventures 14 8 38 9 13 42
- of which profit from property management 12 9 32 25 37 45
- of which changes in value of properties 6 2 17 -4 -10 11
- of which tax -4 -3 -11 -12 -14 -14
Financial income 2 3 7 8 15 14
Financial expenses -147 -148 -438 -456 -599 -581
Profit/loss after financial items 318 252 837 613 854 1,079
- of which profit from property management 316 253 832 629 879 1,081
Changes in value of properties 37 45 258 202 323 378
Changes in value of financial instruments 70 -158 -66 -126 13 73
Profit before tax 425 139 1,028 689 1,191 1,530
Current tax -24 -20 -64 -50 -75 -89
Deferred tax -62 -9 -148 -90 -202 -260
Net profit 339 110 816 549 914 1,181
Other comprehensive income - - - - - -
Comprehensive income for the period 339 110 816 549 914 1,181
Comprehensive income relating to the parent company’s
shareholders 339 109 812 548 914 1,177
Comprehensive income relating to non-controlling interest 0 1 4 1 0 3
Earnings per common share, SEK 5.05 1.54 12.04 8.49 14.17 17.67
Number of common shares at the end of the period, thousands 61,581 61,562 61,581 61,562 61,562 61,581
Weighted average number of common shares, thousands 61,581 58,562 61,570 57,923 59,136 61,570
Rental income, MSEK Profit from property management, MSEK
* Rolling twelve months
2,500
2,000
1,500
1,000
500
0 2021 2022 2023 2024 2025 Q3* 2021 2022 2023 2024 2025 Q3* 2021 2022 2023 2024 2025 Q3*
1,200
1,000
800
600
400
200
0
Net operating income, MSEK
1,800
1,500
1,200
900
600
300
0
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NP3 Fastigheter AB (publ) Interim report - Q3 2025
7
Income, expenses and result
January - September
Earnings
The profit from property management increased by 32 percent
compared to the previous year and amounted to MSEK 832
(629). The increase in profit from property management is
explained by acquisitions, higher rental income, completed
projects and lower financing costs. Profit from property man -
agement amounted to SEK 12.37 (9.88) per common share. The
net operating income for the period amounted to MSEK 1,293
(1,105), which corresponds to a surplus ratio of 77 percent (75).
Changes in the value of properties amounted to MSEK 258
(202), of which MSEK 238 (202) related to unrealised changes
in value and MSEK 19 (1) related to realised changes in value.
Changes in the value of financial instruments amounted to
MSEK -66 (-126). Net profit after tax relating to the parent
company’s shareholders amounted to MSEK 812 (548), which
was equivalent to SEK 12.04 per common share (8.49).
Income and expenses
Rental income increased by 15 percent to MSEK 1,686 (1,469).
Revenue increased as a result of property acquisitions, index-
ation, lettings and completed projects. Of the increase, MSEK
36 was non-recurring income related to early vacating. In the
existing property portfolio, revenue increased by 2 percent.
Revenue consisted of rental income of MSEK 1,549 (1,340) and
service revenue of MSEK 138 (128). 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 -351 (-328).
The costs were distributed between property upkeep and
operating expenses MSEK -302 (-290), repairs and mainte-
nance MSEK -37 (-29) as well as anticipated and confirmed
customer losses of MSEK -12 (-9). Property tax amounted to
MSEK -42 (-36). Central administration costs amounted to
MSEK -63 (-53) 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 32 (25). The total share in profits for
the period amounted to MSEK 38 (9). For more information on
the company's investments in associated companies and joint
ventures, see page 15.
Financial income amounted to MSEK 7 (8). Financial expenses
decreased to MSEK -438 (-456), mainly due to a lower average
interest rate. Apart from interest expenses, financial expenses
also included MSEK -24 (-18) 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 -64 (-50) 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 -148 (-90) and consisted
mainly of changes in differences between market value and tax
base on properties and changes in market value of financial
instruments.
July - September
Profit from property management for the third quarter amount-
ed to MSEK 316 (253). The operating surplus amounted to
MSEK 467 (404), corresponding to a surplus ratio of 82 percent
(82) and was positively impacted by non-recurring income of
MSEK 19 related to early vacating. Rental income was MSEK
572 (491). Revenue consisted of rental income of MSEK 526
(452) and service revenue of MSEK 46 (38). Property costs
amounted to MSEK -91 (-74), property tax MSEK -14 (-12) and
central administration MSEK -18 (-15). NP3's share of asso-
ciated companies' profit from property management totalled
MSEK 12 (9) for the quarter and the total share in profits was
MSEK 14 (8).
Financial expenses decreased to MSEK -147 (-148) as a result
of a lower average interest rate during the quarter. Profit before
tax amounted to MSEK 425 (139) and was affected by unreal-
ised changes in value of properties of MSEK 18 (45), realised
changes in value of properties of MSEK 19 (0) and changes
in the value of financial instruments amounting to MSEK 70
(-158). Of these, MSEK 15 (-) was realised. Current tax affected
profit for the quarter with MSEK -24 (-20) and deferred tax with
MSEK -62 (-9).
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.
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NP3 Fastigheter AB (publ) Interim report - Q3 2025
8
Current earnings capacity
Definition of earnings capacity
Current earnings capacity is not a forecast but to be regard-
ed only as a snapshot, the aim of which is to present revenue
and costs on an annual basis given the property portfolio, in -
terest expenses and organisation at a particular point in time.
Earning capacity is based on the coming 12-month period,
on the basis of the property portfolio the company owned as
of 30 September 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 manage-
ment.
• Financial income and expenses have been calculated
based on the company's closing average interest rate level
and credit portfolio as of 30 September 2025, and have not
been adjusted for effects relating to the accrual of borrow-
ing costs amounting to MSEK 23.
Comment on earning capacity
Compared to the current rental value of MSEK 2,444, the
future-oriented adjusted rental value amounted to MSEK
2,430. The major adjustment item was primarily discounts
of MSEK -13. Since the beginning of the year, the company’s
net operating income in the earning capacity has increased
by 5 percent to MSEK 1,677. The yield in the earning capacity
was 6.7 percent (6.9) in relation to the properties’ market
value of MSEK 24,863. Profit from property management
and profit from property management per common share in
the earning capacity increased by 7 percent and 4 percent,
respectively, compared to the beginning of the year.
Acquisitions and divestments
Agreed acquisitions as of September 30 relate to four prop-
erties with an annual rental value of MSEK 14 and are expect-
ed to contribute with profit from property management of
MSEK 7. There were no contracted divestment not vacated
as of 30 September.
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 Oct
2025
1 Jan
2025
1 Oct
2024 9 months
Adjusted rental value 2,430 2,314 2,095
Vacancy 193 -172 -156
Rental income 2,237 2,142 1,938 4%
Property costs -508 -490 -436
Property tax -52 -50 -47
Net operating income 1,677 1,602 1,456 5%
Central administration -82 -71 -71
Net financial income 555 -557 -531
Profit from property management
from associated companies and
joint ventures 42 41 44
Profit from property
management 1,082 1,016 899 7%
Profit from property
management after
preference share
dividend 970 931 823 4%
Profit from property manage -
ment, SEK/common share 15.76 15.12 13.36 4%
Change
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NP3 Fastigheter AB (publ) Interim report - Q3 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 sus-
tainability and long-term economic results go
hand-in-hand. As a player with a long-term
approach in managing and developing prop-
erties, 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
to always do everything a little bit better. From
the company's perspective, pleasant and safe
workplaces are just as important for NP3's ten-
ants 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 re -
port 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.
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 three quarters of
2025, the green property portfolio has increased from a
property value of MSEK 5,862 to MSEK 6,936, refer to the
table on the right. This corresponds to an increase of 18
percent. The assets in the company's green portfolio serve
as the foundation for green bond issuance 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
Vivstamon 1:54, Timrå
The project includes conversion to
LED lighting and installation of pressure
control of ventilation and heating.
Estimated energy savings: 35 %
Investment cost: approx. SEK 400,000
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
NP3 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. During the first three quarters of 2025, 13 buildings have
received an improved energy class after implementing measures, where all buildings have been im-
proved from the previous energy class E, F or G. During the period, three properties have improved one
energy class, seven properties have improved two energy classes, two properties have improved three
energy classes and one property have improved four energy classes. The weighted average primary
energy number has improved from 157 to 72.
*With base year 2022. Targets are validated by SBTi.
2022 2023 2024 2025
Q3
2025
Target
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 - Q3 2025
10
Property portfolio
At the end of the period, the company owned 605 (554)
properties with a total lettable area of 2,281,000 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 the rental
value and 18 percent (19) of the market value are concentrated.
The market value of the properties on the balance sheet date
totalled MSEK 24,863 (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 per -
cent (21) of the rental value including the two subcategories
B2C and B2B. B2C includes properties leased to, for example,
discount chains such as DollarStore, ÖoB and Rusta. B2B in-
cludes large tenants such as Mekonomen, Ahlsell and Swedol.
Risk diversification
NP3 works continuously to diversify risks through diversifica -
tion of both the property category and the tenants' sector affil -
iation. 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 in-
come 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 12 percent (11) of rental income; state and mu-
nicipality 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 2,5 percent (1) of total rental
value and to 5 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 2,760 rental agreements
(2,700). The average remaining lease term for all rental agree-
ments was 3.9 years (4.0). The ten largest tenants in relation to
rental value were distributed across 142 rental agreements with
an average remaining lease term of 4.5 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 expo-
sure to individual tenants is limited. The largest rental agree-
ment makes up 0.7 percent of the rental value.
At the end of the period the rental value amounted to MSEK
2,444 (2,326) and the contracted annual rent was MSEK 2,251
(2,154). This corresponded to an financial occupancy rate of 92
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) 53 (59)
Business-to-business (B2B) 23 (24)
Grocery stores 13 (5)
Vehicle dealerships, workshops
and inspection facilities 11 (12)
Manufacturing and light industry 16 (15)
State and municipality 12 (11)
Construction and production 11 (10)
Industrial and construction supplies 10 (11)
Vehicles and workshops 10 (10)
Consumer discretionary goods 9 (10)
Real estate and finance 8 (9)
Groceries and leisure 8 (9)
Grocery stores 5 (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 50 (49)
Retail 22 (22)
Offices 8 (9)
Logistics 8 (8)
Other 12 (12)
Sundsvall 18 (19)
Östersund 14 (14)
Gävle 13 (12)
Dalarna 13 (13)
Luleå 11 (12)
Skellefteå 11 (11)
Umeå 11 (10)
Middle Sweden 9 (9)
Sundsvall 19 (19)
Dalarna 14 (14)
Östersund 13 (13)
Gävle 13 (12)
Luleå 11 (12)
Umeå 11 (10)
Skellefteå 10 (11)
Middle Sweden 9 (9)
===== SIDA 11 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
11
Properties
NP3's largest tenants by rental value
As of 30 Sep 2025
Number of rental
agreements
The Swedish Fortifications Agency 44
Coop Mitt AB 21
Swedish Police Authority 21
Postnord Sverige AB 9
Ahlberg-Dollarstore AB 7
Assemblin El AB 10
Dagab Inköp & Logistik AB (Axfood) 4
Granngården AB 13
Swedol AB 9
Plantagen Sverige AB 4
Total 142
Total rental value of the ten largest tenants MSEK 294
Average remaining lease term for the ten largest tenants 4.5 years
Average remaining lease term for the total contract
portfolio 3.9 years
Vacating year terminated
rental agreements Number
Rental value,
MSEK
2025 77 54
2026 73 52
2027- 32 15
Total 182 120
Value of vacancies per business area as of 30 Sep 2025
Business area
Rental
value,
MSEK
Value of
vacancies,
MSEK
Financial
vacancy
rate, %
Sundsvall 455 47 10
Dalarna 337 27 8
Gävle 319 32 10
Östersund 315 14 4
Luleå 281 13 5
Umeå 266 16 6
Skellefteå 255 22 8
Middle Sweden 216 23 10
Total 2,444 193 8
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 22 and in vacancies in
acquired properties of MSEK 5. The value of vacancies de -
creased by MSEK 6 as a result of the divestment of properties.
The financial occupancy rate amounted to 92 percent (93).
As of 30 September, there were signed rental agreements, not
yet occupied, with a rental value of MSEK 123. The rental value
for terminated rental agreements not yet vacated amounted to
MSEK 120, of which MSEK 54 take place during 2025.
Net letting, MSEK
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Signed rental agreements 201 143 195
Terminated rental agreements
incl. bankruptcies -172 -115 -164
Net 30 28 30
Change in the value of vacancies,
MSEK
2025
Jan-Sep
2024
Jan-Sep
2024
whole
year
Opening value of vacancies 1 Jan 172 137 137
Net change in moving in/out 22 17 26
Value of vacancies, acquired properties 5 3 9
Value of vacancies, divested properties -6 - 0
Closing value of vacancies 193 156 172
Occupancy rate, % 92 93 93
Net letting
The value of signed rental agreements for the period amounted
to MSEK 201 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 -172. The amount includes all agreements
that were terminated for vacating premises during the period,
those agreements that were terminated as a result of bankrupt-
cies 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 30 (28), of which MSEK 7 related
to renegotiations. Net letting for the third quarter amounted to
MSEK 17 (14).
Maturity structure rental agreements
Rental value future changes to
agreements, MSEK
2025
Jan-Sep
2024
Jan-Sep
2024
whole
year
Terminated agreements not vacated 120 67 55
-of which acquired - - -
New rentals, not moved into -123 -60 -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 - Q3 2025
12
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 proper-
ties are valued internally. During the third quarter of 2025, 15
percent of the property portfolio was externally valued and
85 percent of the property portfolio's valuations were updated
with – by external valuers – adjusted inflation assumptions and
value date. The remaining 1 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 mainte-
nance cost and investment needs, on the basis of an assess-
ment 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 val-
uation 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 24,863. The change in value
during the period amounted to MSEK 258, of which MSEK 19
related to realised changes in value and MSEK 238 to unreal-
ised changes in value. Of the realised changes in value, MSEK
21 related to four divested properties vacated during the third
quarter whose unrealised change in value in relation to the
agreed underlying property value in the second quarter has
been reclassified as realised change in value during the third
quarter. Of the unrealised changes in value of MSEK 238 in
total, MSEK 276 related to cash flow-related changes, while
assumptions regarding changes to valuation yields affected
the valuations with MSEK -38. The valuation yield used in
valuation on the balance sheet date varied from 5.50 to 9.03
percent and the inflation assumption was 1.0 percent in 2025
and 2,0 percent in subsequent years. At the previous quarter's
external valuation, the inflation assumption for 2025 was 1.5
percent. The weighted valuation yield amounted to 7.10 percent
(7.10) and the weighted discount rate was 9.13 percent (9.13).
Change in the property portfolio
During the period, NP3 accessed 62 properties for MSEK
1,239. In addition, MSEK 528 were invested in existing prop -
erties and new construction. Of these, MSEK 409 consisted
of investments in existing properties in form of modifications
to tenants’ requirements and extension projects, and MSEK
120 of investments in new construction projects. During the
period, three properties were divested of and sale completed
for MSEK 576. The market value of the properties per square
metre increased from the beginning of the year from SEK
10,624 to SEK 10,900 at the end of the period.
Properties
Comparisons within brackets relate to the beginning of the year.
Breakdown of the property portfolio as of 30 Sep 2025
Business area
Number of
properties
Area
tsqm
Rental
value,
MSEK
Property
value,
MSEK
Sundsvall 137 431 455 4,550
Dalarna 79 373 337 3,221
Gävle 92 310 319 3,347
Östersund 64 259 315 3,553
Luleå 58 231 281 2,737
Umeå 56 237 266 2,626
Skellefteå 54 244 255 2,617
Middle Sweden 65 195 216 2,212
Total 605 2,281 2,444 24,863
Sensitivity analysis
Change +/-
Impact on earnings
before tax, MSEK
Market value properties 5% +/-1,243
Valuation yield 0.25% -888/+957
Rental income 80 SEK/sqm +/-182
Property costs 20 SEK/sqm -/+46
Vacancy rate 1% -/+24
Properties, change in value
MSEK
2025
Jan-Sep
2024
Jan-Sep
2024
whole
year
Opening value 23,384 20,276 20,276
Acquisitions of properties 1,239 189 2,087
Investments in existing properties 409 406 569
Investments in new construction 120 86 162
Divestments of properties -546 -33 -33
Realised changes in value 19 1 1
Unrealised changes in value 238 201 322
Closing value 24,863 21,127 23,384
Acquired properties to be accessed 139 65 65
Divested properties, sale to be
completed - - -76
===== SIDA 13 =====
NP3 Fastigheter AB (publ) Interim report - Q3 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
Härdsmidet 1 Västerås Industrial Q4-25 16 1,610
Kungsgården 5:3 Östersund Industrial Q4-25 13 620
Lokomotivet 2 Östersund Industrial Q4-25 10 2,600
Skogvaktaren 3 Östersund Industrial Q1 -26 155 4,780
Vivstamon 1:53 Sundsvall Industrial Q1 -26 18 6,650
Kedjan 6 Umeå Retail Q1 -26 13 1,360
Sköns Prästbord 1:100 Sundsvall Industrial Q2 -26 50 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 Offices Q4 -26 110 4,100
Brösta 14:40 Örnsköldsvik Industrial Q4 -26 29 1,300
Tönnebro 1:5 Söderhamn Other Q4 -26 17 2,670
Städet 2 Karlstad Industrial Q4 -26 10 5,770
Högland 7:15 Örnsköldsvik Retail Q3 -27 134 6,170
Tuna 3:18 Gävle Industrial Q4 -27 153 10,000
Ingarvsbacken 1 Falun Industrial Q4 -27 28 1,530
Total 804 55,460
Additional annual rental value for the above projects amounts to MSEK 67.
• Härdsmidet 1, conversion of industrial premises.
• Kungsgården 5:3, conversion of industrial premises.
• Lokomotivet 2, conversion of industrial premises.
• Skogvaktaren 3, new construction of heavy vehicles workshop.
• Vivstamon 1:53, conversion of industrial premises.
• Kedjan 6, conversion of car dealership.
• Sköns Prästbord 1:100, new construction of heavy vehicles
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.
• Städet 2, conversion of industrial premises.
• Högland 7:15, new construction of car dealership.
• Tuna 3:18, new construction of industrial premises.
• Ingarvsbacken 1, extension 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 profitability 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 awaiting signed
rental agreements before commencing construction.
Project activity gradually increased last year in response to
decreasing construction costs and increased demand for new
construction, major modifications to tenants' requirements and
extension projects. At the end of the period, NP3 had ongoing
projects with a total project budget of MSEK 1,028 (746). The
remaining investment totalled MSEK 625 (353).
Examples of larger projects
Skogvaktaren 3, Östersund
New construction of a heavy vehicles workshop for
Berners Tunga Fordon AB with a strong focus on the
environment and sustainable construction.
Project budget: MSEK 155
Lease duration: 20 years
Rentable area: 4 780 sqm
Completion time: Q1 2026
===== SIDA 14 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
1414
Transactions
During the third quarter, the company accessed 35
properties through seven transactions for a total
investment of MSEK 615. The properties are located
in Bollnäs, Borlänge, Falun, Gävle, Hofors, Hudiksvall,
Luleå, Nordanstig, Ovanåker, Sandviken, Söderhamn,
Tierp, Timrå, Umeå, Älvdalen, Älvkarleby and Örn-
sköldsvik and have a lettable area of 49,200 square
meters and an annual rental value of MSEK 61.
In addition, during the second and third quarter, the
company entered into agreements to acquire four
properties at an underlying property value of MSEK
139 to be accessed during the fourth quarter. The
properties have a lettable area of 12,400 square me -
tres and an annual rental value of MSEK 14. The acqui-
sition of the property in Ljusdal is subject to approval
from The Inspection of Strategic Products.
During the third quarter, the company divested five
properties and part of a property for MSEK 470. The
properties are located in Kiruna, Sundsvall, Gävle,
Nyköping and Nordanstig and have a lettable area of
27,600 square meters and an annual rental value of
MSEK 44.
Properties accessed during Q3
Milröken 2 Sandviken Retail 6,237 6.4 100
Skotet 2 & 6 Luleå Industrial 5,284 4.6 93
Furulund 5:6 Hudiksvall Retail 3,460 5.9 100
Gruvbron 2 Falun Retail 3,085 6.9 100
Hofors 36:1 & 6:81 Hofors Retail 2,911 3.9 100
Sörby Urfjäll 39:1 Gävle Retail 2,722 3.5 69
Siggeboda 17:22 Älvkarleby Retail 2,529 3.7 86
Sleven 2 Umeå Retail 2,020 2.2 100
Långtradaren 4 Borlänge Industrial 1,950 1.1 100
Älvdalens Kyrkby 59:1 Älvdalen Retail 1,929 2.4 97
Väster 4:19 Gävle Retail 1,585 2.9 100
Sörby 36:1 Gävle Retail 1,516 2.6 100
Brösta 1:101 & 1:108 Örnsköldsvik Industrial 1,471 1.6 100
Särnabyn 113:1 Älvdalen Retail 1,295 1.5 100
Norrsundet 15:2 Gävle Retail 1,210 1.1 92
Vivsta 13:81 Timrå Industrial 1,200 1.2 100
Kilafors 4:3 Bollnäs Retail 1,145 1.4 100
Rättvisan 7 & Storvik 12:54 Sandviken Retail 1,043 1.2 100
Ljusne 29:5 Söderhamn Retail 1,003 1.2 100
Idre 13:14, 13:19, 71:7 & 71:8 Älvdalen Retail 954 0.9 100
Nöttö 51:4 Tierp Retail 900 1.0 100
Södra Edsbyn 13:121 Ovanåker Retail 890 1.1 100
Nordanbro 2:77 & 2:30 Nordanstig Retail 768 0.7 100
Hagaström 80:15 Gävle Retail 764 1.0 100
Östanån 16:37 Älvkarleby Retail 755 0.9 100
Åsen 55:2 Sandviken Retail 555 0.5 100
Tuna 3:18 Sandviken Land 0 0.0 0
Total accessed in Q3 49,181 61.4
Total accessed in Q2 43,863 44.0
Total accessed in Q1 19,404 15.2
Total 112,448 120.6
Divested properties 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
Svärdet 5 Nyköping Industrial 600 0.7 100
Part of Plikthuggaren 1, 2, 6Sundsvall Land 0 0.0 0
Total Q3 27,588 44.0
Total Q2 - -
Total Q1 10,751 8.2
Total 38,339 52.2
Acquired properties to be accessed in Q4 2025
Djuret 3 Luleå Offices 7,447 7.3 98
Tälle 11:20 Ljusdal Retail 4,267 6.5 96
Häcklinge 5:180 Gävle Industrial 692 0.5 0
Skogsmur 4:23 Gävle Land 0 0.0 0
Total 12,406 14.4
*On transaction day
Properties
Transactions
Property Municipality
Cate-
gory
Area,
sqm
Rental
value,
MSEK
Occu-
pancy
rate*, %
===== SIDA 15 =====
NP3 Fastigheter AB (publ) Interim report - Q3 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 September, NP3's associated com -
panies and joint ventures contributed MSEK 32 (25) to NP3's
profit from property management, and the share in profit for
the period was MSEK 38 (9).
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 consist-
ing of warehouses and building materials stores. The lettable
area amounts to 184,000 square meter. 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 77 (74) and
the market value of the properties as of 30 September was
MSEK 1,496 (1,484). For the period, Ess-Sierra contributed
MSEK 18 (17) to NP3’s profit from property management and
the total share in profits for the period amounted to MSEK 18
(16).
Fastighets AB Jämtjägaren
NP3 Fastigheter AB and Jämtkraft AB jointly own a property
where Jämtkraft 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 included properties amounted to
MSEK 26 and the market value of the properties amounted
to MSEK 450 as of 30 September. As of 30 September, NP3’s
proportion of equity amounted to MSEK 116 (94). For the pe-
riod, Jämtjägaren contributed MSEK 7 (2) to NP3’s profit from
property management and the share in profits amounted to
MSEK 21 (2).
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 commercial purposes. The majority of the property port-
folio is located in Sundsvall, Umeå and Timrå.
As of 30 September, the market value of the properties
amounted to MSEK 615 and the total rental value of the
portfolio amounted to MSEK 45. As of 30 September, NP3's
proportion of equity amounted to MSEK 91 (94) and for the
period, With You Sweden contributed MSEK 6 to NP3's profit
from property management and the share in profits amounted
to MSEK -2 (2).
Cibola Hospitality Group AB
NP3 previously owned 68.2 percent of the shares in Cibola
Hospitality Group AB, which is responsible for the operations
conducted in three of the hotel facilities owned by NP3. The
business has previously been reported as an asset held for
sale. At the end of June, NP3 divested 11.3 percent of the
shares, making Cibola Hospitality Group an associated
company as NP3 owns 49.9 percent of the shares. As of
30 September, Cibola Hospitality Group contributed
MSEK 1 to NP3's profit from property management
and the share in profits amounted to MSEK 2.
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-Sep
2024
Jan-Sep
2024
Jan-Dec
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
NP3’s share capital, % 50 50 50
NP3's share of voting power, % 50 50 50
Proportion of equity 508 537 479 291 290 284
Profit from property management 32 25 37 18 17 24
Change in value of properties 17 -4 -10 6 6 5
Tax -11 -12 -14 -6 -6 -7
Total share in profits 38 9 13 18 16 22
===== SIDA 16 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
16
Overall financing structure
The company's funding consists of a combination of liabili-
ties 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 September 2025 is presented below.
Secured loans made up 78 percent (80) and unsecured bond
loans, commercial paper loans and promissory note loans
22 percent (20) of total interest-bearing liabilities. The increase
in the company's interest-bearing liabilities for the period
amounted to approximately MSEK 900. The increase is mainly
attributable to the funding of acquisitions and investments
which was partly offset by loan repayments related to the
divested retail portfolio completed in the beginning of the third
quarter 2025.
Loan-to-value ratio and loan maturity structure
The loan-to-value ratio, calculated as net debt MSEK 12,972, in
relation to the market value of properties of MSEK 24,863 and
investments in associated companies of MSEK 508, totalling
MSEK 25,371, amounted to 51.1 percent (51.8) as of 30 Sep -
tember. 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 in-
tended 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 unuti-
lised credit facilities, amounted to MSEK 816 on 30 September.
The debt-to-income ratio was 8.0 times (8.0). Interest-bearing
liabilities maturing within twelve months amounted to MSEK
315 (1,684), consisting of bank loans of MSEK 83, bond loans of
MSEK 153 and other liabilities of MSEK 79.
The short-term bond loan refers to the remaining portion of the
company's bond maturity in April 2026 following buy-backs
in connection with an issue of a new bond loan of MSEK 400
maturing in December 2028 that was carried out in August.
The short-term bond loan was repaid via early redemption
in October. At the end of the period, the loan maturity profile
amounted to 2.9 years (2.3) with maturities distributed as
shown in the table below. During the first six months, the com-
pany refinanced bank loans of approximately BSEK 6 with an
average maturity of approximately 4 years, which explains the
increase in the loan maturity period.
Average interest rate and interest maturity structure
Average interest rate for the company’s interest-bearing liabil-
ities amounted to 4.12 percent (4.38). The decrease in interest
rates is explained by a lower Stibor level and loan margins
on the bank, commercial paper and bond loans, which was
partly offset by higher interest rates for the company's interest
rate derivatives related to increased interest rate hedging and
changes in the company's interest rate derivatives 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 2.0 years (2.1),
and 54 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 9,475. 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 hedg-
ing ratio and average fixed interest period. These categories of
interest rate derivatives either have a limitation on the upward
protection of interest rates or are callable early by the counter-
party and constitute a complement to the interest rate hedging
portfolio in order to reduce the company's interest expenses in
a volatile market.
Funding
Comparisons within brackets relate to the beginning of the year.
Summary - net debt
2025
30 Sep
2024
31 Dec
MSEK
Bank loans 10,463 10,145
Secured interest-bearing liabilities 10,463 10,145
Bond loans 1,803 1,601
Commercial paper loans 1,075 875
Other interest-bearing liabilities 156 9
Unsecured interest-bearing liabilities 3,034 2,485
Accrued borrowing expenses -48 -43
Total interest-bearing liabilities 13,448 12,587
Cash and cash equivalents, incl. current
investments 476 -246
Net debt 12,972 12,341
Loan maturity profile and fixed interest rate (bank, commercial paper and bond loans) as of 30 Sep 2025
Loan maturity profile Fixed interest rate
Amount, MSEK
Average interest rate,
total debt portfolio, %
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 235 2 13,340 2,750 4.10 0.00 4.10 2.11
1-2 years 3,461 26 900 0.05 0.05 1.32
2-3 years 2,749 21 1,475 0.01 0.01 2.22
3-4 years 4,603 35 800 0.01 0.01 2.22
4-5 years 2,259 17 2,550 0.05 0.05 2.36
5-10 years 33 0.2 1,000 0.01 0.01 2.22
Total/average 13,340 100 13,340 9,475 4.10 0.02 4.12 2.14
1) Relates to the difference between the fixed interest rate and Stibor 3M (floating part) of the interest rate derivatives based on the maturity structure for the
deriviatives' fixed interest part.
===== SIDA 17 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
17
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 dis-
counting 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 ma-
turity, 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 -63 (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 lev -
els 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
-82. The average net interest rate for the company's derivative portfolio,
including its Stibor effect, was 0.03 percent (-0.98) as of 30 September.
The fixed income period of the interest hedging portfolio was 3.5 years
which contributed to a fixed income period of 2.0 years for the entire loan
portfolio at the end of the third quarter.
Funding
Comparisons within brackets relate to the beginning of the year.
Listed bond loans as of 30 Sep 2025
Term Programme1)
Amount
outstanding,
MSEK Interest, %
Interest rate
terms, %
Interest
rate floor
Maturity
date
Green bond
loan
2023/2026 MTN programme 153 7.62 Stibor 3M + 5.50 No 12/04/20262) Yes
2023/2026 MTN programme 400 7.36 Stibor 3M + 5.25 No 14/12/2026 Yes
2024/2027 MTN programme 450 5.67 Stibor 3M + 3.75 3) No 21/08/2027 Yes
2024/2028 MTN programme 400 4.51 Stibor 3M + 2.45 4) No 03/01/2028 Yes
2025/2028 MTN programme 400 4.24 Stibor 3M + 2.15 No 03/12/2028 Yes
1) Framework amount of BSEK 5.
2) Repaid via early redemption to par on October 13, 2025
3) Of which MSEK 150 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.
4) 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.
Funding
2025
30 Sep
2024
31 Dec
Bank loans, MSEK 10,463 10,145
Commercial paper loans, MSEK 1,075 875
Bond loans, MSEK 1,803 1,601
Interest coverage ratio, multiple 2.9 2.4
Interest coverage ratio,
rolling 12, multiple 2.8 2.4
Average interest rate, % 4.12 4.38
Cash and cash equivalents, MSEK 373 97
Loan-to-value ratio, % 51.1 51.8
Equity/assets ratio, % 38.8 38.9
Average loan maturity period, years 2.9 2.3
Average fixed income period, years 2.0 2.1
Proportion of interest-hedged
loan portfolio,% 54.2 48.9
Net debt to EBITDA ratio, multiple 8.0 8.0
Capital structure, %
Equity 39 (39)
Loans from credit institutes 39 (41)
Commercial paper loans 4 (4)
Bond loans 7 (6)
Deferred tax 6 (6)
Other liabilities 5 (4)
Average interest rate level
-3
-2
-1
0
1
2
3
4
5
6
7
8
4,124,38
800
700
600
500
400
300
200
100
0
-100
-200
-300
Bps
30 Sep 2025 30 Sep 202531 Dec 202431 Dec 2024
412438
189254
152
280
-181
211
150
223 199
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 7,225 3.5 2.04 -12
Callable interest rate
derivatives1) 1,500 8.2 2.17 -30
Performance swaps 2) 750 3.0 2.99 -21
Total derivative portfolio 9,475 4.2 2.14 -63
1) Callable swaps for the counterparty quartely upto termination dates in the period
from 8 November 2032 to 5 March 2034. The remaining term above reflects the maxi -
mum term as if no call option is exercised by the counterparty.
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 - Q3 2025
18
Summary report, MSEK 30/09/2025 30/09/2024 31/12/2024
Assets
Investment properties 24,863 21,127 23,384
Leasehold rights 168 145 147
Participations in associated companies and joint ventures 508 537 479
Derivatives - - 19
Other fixed assets 115 53 84
Total fixed assets 25,655 21,861 24,113
Other current assets excluding cash and cash equivalents 380 329 361
Cash and cash equivalents 373 287 97
Assets held for sale - - 32
Total current assets 753 616 490
Total assets 26,408 22,477 24,604
Equity and liabilities
Equity 10,239 8,990 9,568
Deferred tax 1,584 1,329 1,453
Long-term interest-bearing liabilities 12,965 9,244 10,676
Long-term interest-bearing lease liabilities 168 145 147
Derivatives 63 128 -
Total long-term liabilities and provisions 14,780 10,846 12,275
Current interest-bearing liabilities 483 1,906 1,911
Other current liabilities 907 736 817
Liabilities attributable to assets held for sale - - 32
Total current liabilities 1,390 2,641 2,761
Total equity and liabilities 26,408 22,477 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-Sep 2024 - - 548 548 1 549
Dividend - - -395 -395 - -395
New issue of common shares 14 971 - 985 - 985
Incentive plan - 3 - 3 - 3
Total transactions with shareholders 14 974 -395 593 - 593
Closing equity 30/09/2024 348 3,923 4,686 8,956 34 8,990
Comprehensive income for the period Oct-Dec 2024 - - 366 366 0 366
Dividends paid - - -4 -4 1 -5
New issue of common and preference shares 15 113 - 128 - 128
Change in holdings without controlling influence - - -6 -6 96 90
Total transactions with shareholders 15 113 -10 118 95 212
Closing equity 31/12/2024 363 4,036 5,042 9,440 128 9,568
Comprehensive income for the period Jan-Sep 2025 - - 812 812 4 816
Dividend - - -432 -432 0 -433
New issue of common and preference shares 49 338 - 386 - 386
Incentive plan - 3 - 3 - 3
Change in holdings without controlling influence - - - - -100 -100
Total transactions with shareholders 49 340 -432 -44 -101 -145
Closing equity 30/09/2025 411 4,376 5,421 10,208 32 10,239
As of 30 September 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 - Q3 2025
19
Summary report, MSEK
2025
3 months
Jul-Sep
2024
3 months
Jul-Sep
2025
9 months
Jan-Sep
2024
9 months
Jan-Sep
2024
12 months
Jan-Dec
Operating activities
Profit from property management 316 253 832 629 879
Profit from property management from associated companies and joint ventures -12 -9 -32 -25 -37
Dividend received from associated companies and joint ventures - - 10 10 23
Distribution in kind provided, non-cash item - - - -229 -229
Other non-cash items 10 10 10 1 1
Tax paid -4 0 -62 -28 -29
Cash flow from operating activities before changes in working capital 310 254 757 357 607
Increase (+)/Decrease (-) in operating receivables -65 1 -79 25 128
Increase (+)/Decrease (-) in operating liabilities -40 2 -91 127 129
Cash flow from operating activities 205 257 588 509 864
Investment activities
Acquisitions of properties -502 - -1,114 -186 -2,027
Divested properties 460 - 536 31 30
Investments in existing properties and other fixed assets -167 -147 -408 -407 -570
Investments in new construction -48 -64 -120 -86 -162
Investments in financial assets -60 -68 -126 -89 -152
Divestment of financial assets 125 1 129 298 381
Change in holdings without controlling influence - - -100 - -
Cash flow from investment activities -191 -278 1,205 -440 -2,501
Financing activities
New issue 3 987 389 987 1,115
Borrowings 331 402 1,281 1,166 1,980
Amortisation of borrowings -64 -1,300 -516 -1,960 -1,337
Dividend paid -108 -48 -262 -158 -208
Cash flow from financing activities 162 41 892 35 1,551
Cash flow for the period 176 20 275 104 -86
Cash and cash equivalents at the beginning of the period 197 267 97 183 183
Cash and cash equivalents at the end of the period 373 287 373 287 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 at the end of the period was
MSEK 24,863 (23,384), an increase of MSEK 1,479 since the
beginning of the year, which is explained by acquisitions, pro-
ject investments, changes in value and property divestments.
Closing cash and cash equivalents were MSEK 373 (97).
The holding in Cibola Hospitality Group, which at the begin-
ning 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 10,239 (9,568). Accrued
borrowing expenses have reduced interest-bearing liabilities
in the balance sheet by MSEK 48. Long-term interest-bearing
liabilities after adjustment for accrued borrowing expenses
amounted to MSEK 12,965 (10,676). Interest-bearing current
liabilities amounted to MSEK 483 (1,911), MSEK 252 related to
maturity and repayment of bank loans within twelve months,
MSEK 153 bond loans and MSEK 79 to repayment of promisso-
ry note liabilities.
On the balance sheet date, the company's interest rate deriva-
tives had a negative value of MSEK 63 (+19). For more informa-
tion 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 39 percent (39). The company’s net
debt to EBITDA ratio on the balance sheet date was 8.0 multiple
(8.0).
Cash flow from operating activities amounted to MSEK 588
(509). Acquisitions of properties affected cash flow by MSEK
-1,114 (-186), and divestments of properties contributed MSEK
536 (31). Investments in existing properties and new construc-
tion totalled MSEK -528 (-493). Changes in financial assets
affected cash flow by MSEK 3 (209) and changes in non-con-
trolling interests amounted to MSEK -100 (-). Cash flow from
financing activities amounted to MSEK 892 (35) and consists
of new share issue, net borrowing and dividend paid in cash.
Overall, cash and cash equivalents changed by MSEK 275
(104) during the period.
Consolidated statement of cash flows
===== SIDA 20 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
20
Income statement - summary report, MSEK
2025
3 months
Jul-Sep
2024
3 months
Jul-Sep
2025
9 months
Jan-Sep
2024
9 months
Jan-Sep
2024
12 months
Jan-Dec
Net sales 51 45 51 45 71
Operating expenses -29 -25 -89 -78 -114
Operating profit/loss 22 20 -38 -33 -43
Net financial income 128 51 183 255 348
Profit/loss after financial items 149 71 144 222 305
Appropriations - - - - 58
Profit before tax 149 71 144 222 364
Tax on profit for the period - -4 - -12 -
Net profit 149 67 144 210 364
Balance sheet - summary report, MSEK 30/09/2025 30/09/2024 31/12/2024
Intangible assets 5 6 6
Participations in group companies 684 677 684
Non-current receivables group companies 6,806 5,139 5,948
Other financial assets 71 9 21
Total fixed assets 7,566 5,831 6,659
Current receivables group companies 3,969 3,247 3,964
Other current receivables 132 90 85
Cash and cash equivalents 311 243 41
Total current assets 4,412 3,580 4,090
Total assets 11,978 9,411 10,749
Restricted equity 412 348 363
Unrestricted equity 2,872 2,562 2,824
Total equity 3,284 2,910 3,187
Untaxed reserves 20 20 20
Long-term interest-bearing liabilities 8,061 5,522 6,303
Total long-term liabilities and provisions 8,081 5,542 6,323
Current interest-bearing liabilities 281 760 1,122
Other liabilities 332 199 117
Total current liabilities 613 959 1,239
Total equity and liabilities 11,978 9,411 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.
Reports of the parent company
===== SIDA 21 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
2121
Segment reporting
MSEK
9 months
Sundsvall Gävle Dalarna Östersund Umeå Skellefteå Luleå Middle
Sweden
Not
distributed
costs
Total
group
Jan-Sep 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 337 327 228 205 239 212 234 151 194 180 191 179 218 200 183 120 -0 -3 1,823 1,571
Vacancy -38 -29 -21 -10 -19 -14 -10 -6 -12 -12 -17 -10 -8 -9 -13 -13 - - -136 -103
Repairs and
maintenance -7 -7 -4 -3 -5 -5 -4 -3 -7 -4 -2 -2 -4 -3 -3 -2 -0 -0 -37 -29
Property
upkeep and
operation -64 -61 -27 -29 -45 -43 -41 -29 -36 -36 -32 -38 -36 -35 -24 -19 3 0 -302 -290
Property tax -6 -6 -6 -5 -5 -4 -5 -4 -5 -5 -5 -4 -6 -5 -4 -4 - - -42 -36
Customer
losses -0 -2 -0 -0 -9 -1 -2 -0 1 -1 -0 -2 -0 -1 -0 -1 - -0 -12 -9
Net operat-
ing income 220 221 170 158 156 146 173 109 134 122 135 124 164 147 139 82 3 -3 1,293 1,105
Surplus
ratio, % 74 74 82 81 71 73 77 75 74 73 78 73 78 77 82 76 77 75
Number of
properties 137 127 92 73 79 68 64 42 56 46 54 53 58 51 65 55 605 515
Lettable
area, sqm 431 428 310 276 373 342 259 164 237 217 244 238 231 222 195 147 2,281 2,033
Rental value 455 436 319 277 337 287 315 204 266 233 255 241 281 267 216 162 2,444 2,108
Occupancy
rate, 1)% 90 88 90 93 92 94 96 96 94 94 92 93 95 96 90 90 92 93
Property
value 4,550 4,395 3,347 2,917 3,221 2,729 3,553 2,064 2,626 2,232 2,617 2,542 2,737 2,565 2,212 1,683 24,863 21,127
1) Calculated on current rental value on the balance sheet date.
The company's surplus ratio was stable but higher than the pre-
vious year, mainly 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. During the third quarter of 2025, a new
tenant took possession of the largest vacancy in the business
area, which improved the economic occupancy rate slightly.
The vacancy rate has increased in Gävle compared with the
corresponding period last year. Two percentage points of the
increase in the vacancy rate is explained by early vacating and
bankruptcy. Although vacancy has increased in Gävle, the mar-
ket situation in the business area is good.
In Dalarna, the provision of customer losses has increased over
the past year, which can be attributed to one tenant. However,
the market situation remains stable in the area and agreements
for new construction have been signed.
In Östersund, the properties from the acquisition of Frösö Park
and Cibola was accessed in the fourth quarter of 2024.
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 previously comprised
properties mainly around Karlstad, Örebro and Västerås. At
the end of 2024, the business area was expanded through the
acquisition of six properties in Eskilstuna. Another acquisition
in Eskilstuna was completed in the second quarter of 2025. The
vacancy rate is unchanged compared to the comparison period
despite an early vacating that had a negative impact on the
vacancy rate by four percentage points.
Segment reporting in summary
===== SIDA 22 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
22
NP3 has two classes of shares, common shares and prefer-
ence 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 13.7 million 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 September, 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 12,250 shareholders (10,674).
The share price for common shares was SEK 251.50 (266.00)
on the balance sheet date, which is equivalent to a market
value of MSEK 15,412 (16,376). In addition, there are prefer-
ence shares with a share price of SEK 30.80 (31.40) which is
equivalent to a market value of MSEK 1,725 (1,193). Total market
value as of 30 September amounted to MSEK 17,137 (17,569).
The highest price paid for the period 1 October 2024 to 30
September 2025 amounted to SEK 281.00 and was quoted
on 4 October 2024. The lowest price paid for the period was
recorded on 9 April 2025 and amounted to 196.40 SEK. The
volume-weighted average price for the period was SEK 250.40
(234.50).
Long-term net assets value reflecting long-term net asset
value reduced by preference capital and holdings without con-
trolling influence amounted to MSEK 10,090 (9,217), which is
equivalent to SEK 163.85 (149.71) per common share. The share
price at the end of the period was 183 percent (211) of equity
per common share and 153 percent (178) of the long-term net
asset value per common share.
Shares and shareholders
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
twelve months
SEK x
400
350
300
250
200
150
100
50
0
35
30
25
20
15
10
5
0
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). 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 related 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
30/09/202431/10/202430/11/202431/12/202431/01/202528/02/202531/03/20252025-04-302025-05-3130/06/2025 2025-09-302025-08-312025-07-31 30/09/202431/10/202430/11/202431/12/202431/01/202528/02/202531/03/20252025-04-302025-05-3130/06/2025 2025-09-302025-08-312025-07-31
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
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
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
2024-09-30 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 2025-07-31 2025-08-31 2025-09-30
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
2024-09-30 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 2025-07-31 2025-08-31 2025-09-30
NP3 stängningskurs vs
Carnegie Fastighetsindex
NP3 volym / 1000 NP3 stängningskurs Carnegie Fastighetsindex
0
5
10
15
20
25
30
35
0
50
100
150
200
250
300
350
400
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025Q2
2025Q3
ggrkr
===== SIDA 23 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
23
The NP3-share
Shareholder structure as of 30 Sep 2025 1)
Size of holdings
Number of
shareholders
Votes per
share, %
1 – 500 8,126 0.66
501 – 1,000 1,228 0.45
1,001 – 2,000 1,006 0.61
2,001 – 5,000 909 0.96
5,001 – 10,000 434 1.00
10,001 – 50,000 413 3.43
50,001 – (incl. unknown holding sizes) 134 92.89
Total 12,250 100
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 Sep 2025 30 Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Sep 2025 Jan-Sep 2024
Common share 251.50 266.00 486 364 22 20 13.6 10.8
Preference hare 30.80 31.40 209 101 90 27 5.3 1.2
Sweden 87 (89)
USA 3 (3)
Denmark 3 (3)
Norway 2 (2)
Others 5 (4)
Owner categories 1), % Breakdown by country 1), %
1) Source: Monitor by Modular Finance AB.
Shareholders as of 30 Sep 20251)
Number
of common
shares
Number of
preference
shares
Participating
interest, %
Votes per
share, %
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 7,474,263 26,900 6.4 (7.7) 11.1 (11.4)
Försäkringsaktiebolaget Avanza Pension 568,318 5,694,569 5.3 (3.0) 1,7 (1.0)
PPB Holding AB/Patrik Brummer - 4,166,666 3.5 (4.0) 0.6 (0.6)
Länsförsäkringar Fondförvaltning AB 3,978,546 - 3.4 (4.4) 5.9 (7.0)
Danske Invest 1,662,654 1,935,000 3.1 (3.1) 2.8 (2.3)
Lannebo Kapitalförvaltning 3,385,068 - 2.9 (2.9) 5.0 (4.6)
Atlant Fonder - 1,767,936 1.5 (0.0) 0.3 (0.0)
Jakob Ryer - 1,757,196 1.5 (0.0) 0.3 (0.0)
Fjärde AP-fonden 1,689,599 - 1.4 (3.7) 2.5 (2.9)
SEB Funds 1,580,422 - 1.3 (1.9) 2.4 (3.0)
Handelsbanken Liv Försäkring AB 635,835 897,215 1.3 (1.4) 1.1 (1.1)
Handelsbanken Fonder 1,503,515 - 1.3 (1.4) 2.2 (2.3)
Nordnet Pensionsförsäkring AB 27,258 1,450,164 1.3 (0.5) 0.3 (0.2)
J.A. Göthes AB 1,041,600 416,640 1.2 (1.4) 1.6 (1.6)
Vanguard 1,450,978 - 1.2 (1.3) 2.2 (2.0)
Sensor Fonder - 1,240,000 1.1 (0.0) 0.2 (0.0)
Ulf Jönsson - 1,000,000 0.9 (1.0) 0.1 (0.2)
BlackRock 901,554 - 0.8 (0.5) 1.3 (0.8)
Total 20 largest shareholders 46,529,473 25,522,723 61.3 (61.1) 73.1 (72.9)
Other shareholders 15,051,321 30,477,277 38.7 (38.9) 26.9 (27.1)
Total number of shares 61,580,794 56,000,000 100.0 100.0
Figures in brackets relate to holdings and votes at the beginning of 2025.
Swedish private individuals 34 (31)
Swedish institutional owners 21 (23)
Foreign institutional owners 9 (9)
Others 36 (37)
===== SIDA 24 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
24
Income statement, MSEK
2025
3rd
quarter
Jul-Sep
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
Rental income 572 564 551 523 491 486 492 464 444
Property costs -91 -107 -154 -113 -74 -101 -152 -106 -68
Property tax -14 -14 -14 -12 -12 -12 -12 -12 -12
Net operating income 467 443 383 398 404 373 328 346 365
Central administration -18 -25 -20 -25 -15 -20 -18 -25 -15
Result from associated companies and
joint ventures 14 16 8 5 8 -8 8 -9 10
Net financial income -145 -148 -139 -136 -145 -153 -151 -162 -162
Profit/loss after financial items 318 287 232 242 252 193 168 150 198
-of which profit from property management 316 281 235 250 253 209 168 175 206
Changes in value of properties 37 120 101 121 45 155 2 34 -165
Changes in value of financial instruments 70 -143 7 139 -158 -100 132 -285 15
Profit before tax 425 264 340 502 139 248 303 -101 48
Current tax -24 -21 -19 -25 -20 -13 -17 -28 -24
Deferred tax -62 -40 -46 -112 -9 -36 -45 -11 14
Net profit1) 339 203 274 364 110 198 241 -140 39
Comprehensive income relating to the
parent company’s shareholders 339 200 272 365 109 198 241 -137 38
Comprehensive income relating to
non-controlling interest 0 2 2 -1 1 0 0 -3 1
1) Net profit is consistent with the comprehensive net profit.
Financial position, MSEK
2025
30 Sep
2025
30 June
2025
31 March
2024
31 Dec
2024
30 Sep
2024
30 June
2024
31 March
2023
31 Dec
2023
30 Sep
Investment properties 24,863 24,465 23,708 23,384 21,127 20,872 20,382 20,276 19,985
Leasehold rights 168 168 163 147 145 144 149 150 132
Participations in associated companies
and joint ventures 508 494 487 479 537 473 467 468 1,021
Derivatives - - 27 19 - 71 131 43 390
Other fixed assets 115 135 106 84 53 54 54 54 79
Other current assets excl. cash and cash
equivalents 380 409 419 393 329 286 773 711 102
Cash and cash equivalents 373 197 313 97 287 267 198 183 190
Total assets 26,408 25,868 25,224 24,604 22,477 22,165 22,153 21,885 21,899
Equity 10,239 9,897 9,842 9,568 8,990 7,897 8,089 7,489 7,994
Deferred tax 1,584 1,539 1,499 1,453 1,329 1,320 1,284 1,240 1,229
Interest-bearing liabilities 13,448 13,084 12,962 12,587 11,149 12,047 11,988 11,943 11,838
Lease liabilities 168 168 163 147 145 144 149 150 132
Derivatives 63 139 - - 128 - - - -
Non-interest bearing liabilities 907 1,041 757 849 736 757 642 704 706
Total equity and liabilities 26,408 25,868 25,224 24,604 22,477 22,165 22,153 21,885 21,899
Quarterly summary
Rental income by quarter Net operating income by quarter Profit from property management by quarter
1 2 3 4 1 2 31 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
Profit from property
management
Profit from property
management, % of
rental income
%
350
300
250
200
150
100
50
0
70
60
50
40
30
20
10
0
MSEK
1 2 3 4 1 2 3 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
300
350mkr
Förvaltningsresultat Förvaltningsresultat %
Q 1 2 3 4
2021 2024 2025
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
0
1 2 3 4 1 2 31 2 3 4 1 2 3 4
2022 2023
0%
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 %
===== SIDA 25 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
25
Key ratios
2025
3 months
Jul-Sep
2024
3 months
Jul-Sep
2025
9 months
Jan-Sep
2024
9 months
Jan-Sep
2024
12 months
Jan-Dec
Property-related key ratios
Number of properties at the end of the period 605 515 605 515 554
The properties’ lettable area, tsqm 2,281 2,033 2,281 2,033 2,201
Investment properties, MSEK 24,863 21,127 24,863 21,127 23,384
Property value, SEK/sqm 10,900 10,392 10,900 10,392 10,624
Rental value, MSEK 2,444 2,108 2,444 2,108 2,326
Financial occupancy rate, % 92 93 92 93 93
Surplus ratio, % 82 82 77 75 75
Yield, % 7.2 7.1 7.2 7.1 7.1
Financial key ratios
Return on equity, common share, % 12.8 4.8 12.8 4.8 11.7
Return on equity, % 12.2 5.0 12.2 5.0 10.8
Return on equity, before tax, % 15.8 7.2 15.8 7.2 14.0
Return on equity from the profit from property management, % 11.1 9.9 11.1 9.9 10.4
Debt/equity ratio, multiple 1.3 1.2 1.3 1.2 1.3
Net debt to EBITDA ratio, multiple 8.0 7.7 8.0 7.7 8.0
Interest coverage ratio, multiple 3.1 2.6 2.9 2.3 2.4
Interest coverage ratio, rolling 12, multiple 2.8 2.2 2.8 2.2 2.4
Loan-to-value ratio, % 51.1 49.4 51.1 49.4 51.8
Equity/assets ratio, % 38.8 40.0 38.8 40.0 38.9
Average interest rate, % 4.12 4.72 4.12 4.72 4.38
Average loan maturity period, years 2.9 2.1 2.9 2.1 2.3
Average fixed interest period, years 2.0 2.6 2.0 2.6 2.1
Proportion of interest-hedged loan portfolio,% 54.2 55.3 54.2 55.3 48.9
Key ratios per common share
Number of shares at the end of the period, thousands 61,581 61,562 61,581 61,562 61,562
Weighted average number of shares, thousands 61,581 59,562 61,570 57,923 59,136
Equity, SEK 137.11 126.04 137.11 126.04 131.34
Long-term asset value, SEK 163.85 149.71 163.85 149.71 154.64
Profit from property management, SEK 4.68 4.00 12.37 9.88 13.57
Profit after tax, SEK 5.05 1.54 12.04 8.49 14.17
Dividend, SEK - - - - 5.20
Share price at the end of the period, SEK 251.50 266.00 251.50 266.00 250.00
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 31.50 31.50 31.50 31.50 32.00
Earnings, SEK 0.50 0.50 1.50 1.50 2.00
Dividend, SEK - - - - 2.00
Share price at the end of the period, SEK 30.80 31.40 30,80 31.40 29.90
For reconciliation of key ratios and definitions, see pages 26-27.
===== SIDA 26 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
26
MSEK
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Net debt 12,972 10,707 12,341
Net operating income, future-orientated
twelve months acc. to earnings capacity 1,677 1,456 1,602
Central administration costs,
rolling twelve months -88 -77 -78
Dividends from associated companies and
joint ventures, rolling twelve months 23 12 23
Adjusted net operating income 1,612 1,391 1,547
Net debt to EBITDA ratio, multiple 8.0 7.7 8.0
Profit from property management 832 629 879
Add-back of profit from property
management from associated companies
and joint ventures -32 -25 -37
Dividends from associated companies
and joint ventures 10 10 23
Financial expenses 438 456 599
Adjusted profit from property
management 1,247 1,070 1,464
Interest coverage ratio, multiple 2.9 2.3 2.4
Net debt 12,972 10,707 12,341
Market value properties 24,863 21,127 23,384
Participations in associated companies
and joint ventures 508 537 479
Loan-to-value ratio, % 51.1 49.4 51.8
Equity according to financial position 10,239 8,990 9,568
Balance sheet total 26,408 22,477 24,604
Equity/assets ratio, % 38.8 40.0 38.9
Equity according to financial position 10,239 8,900 9,568
Deduction preference capital -1,764 -1,197 -1,354
Deduction non-controlling interest -32 -34 -128
Number of shares at the end of the period,
thousands 61,581 61,562 61,562
Equity, SEK/common share 137.11 126.04 131.34
Equity according to financial position 10,239 8,990 9,568
Deduction preference capital -1,764 -1,197 -1,354
Deduction non-controlling interest -32 -34 -128
Add-back derivatives 63 128 -19
Add-back deferred tax 1,584 1,329 1,453
Number of shares at the end of the period,
thousands 61,581 61,562 61,562
Long-term net asset value,
SEK/common share 163.85 149.71 154.64
Profit from property management 832 629 879
Deduction of preference shareholders'
preferential right to dividend, paid during
the period -70 -57 -76
Average number of common shares,
thousands 61,570 57,923 59,136
Profit from property management,
SEK/common share 12.37 9.88 13.57
Reconciliation of key ratios
MSEK
2025
Jan-Sep
2024
Jan-Sep
2024
Jan-Dec
Interest-bearing liabilities 13,448 11,149 12,587
Current investments -104 -155 -148
Cash and cash equivalents -373 -287 -97
Net debt 12,972 10,707 12,341
Profit after tax, relating to the parent
company's shareholders 812 548 914
Deduction of preference shareholders'
preferential right to dividend, paid during
the period -70 -57 -76
Profit after tax reduced by holders of
preference shares’ right to dividend 742 491 838
Average number of common shares,
thousands 61,570 57,923 59,136
Profit after tax, SEK/common share 12.04 8.49 14.17
Rental income 1,686 1,469 1,992
Net operating income 1,293 1,105 1,503
Surplus ratio, % 77 75 75
Net operating income, rolling twelve
months 1,691 1,451 1,503
Average market value of properties 23,510 20,528 21,208
Yield , % 7.2 7.1 7.1
Profit after tax, relating to shareholders in
the parent company, rolling twelve months 1,177 412 914
Deduction of preference shareholders'
preferential right to dividend, paid during
the period -89 -76 -76
Average equity after settlement of prefer -
ence capital and non-controlling interest 8,497 6,923 7,190
Return on equity, common share, % 12.8 4.8 11.7
Profit after tax, rolling twelve months 1,181 410 914
Average total equity 9,707 8,164 8,479
Return on equity, % 12.2 5.0 10.8
Profit before tax, rolling twelve months 1,530 589 1,191
Average total equity 9,707 8,164 8,479
Return on equity, before tax, % 15.8 7.2 14.0
Profit from property management,
rolling twelve months 1,081 804 879
Average total equity 9,707 8,164 8,479
Return on equity from the profit from
property management, % 11.1 9.9 10.4
Net debt 12,972 10,707 12,341
Equity according to financial position 10,239 8,990 9,568
Debt/equity ratio, multiple 1.3 1.2 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 - Q3 2025
27
Definitions
Return on equity
Profit after tax for a rolling twelve-month period, in percent of
average equity.
Return on equity, before tax
Profit before tax for a rolling twelve-month period, in percent of
average equity.
Return on equity, common share
Profit after tax for a rolling twelve-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 twelve-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 twelve-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 proper-
ties, 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 pref-
erence 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 as-
sessed market rent for unlet areas twelve 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 deriv-
atives 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 dis-
posed 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 share-
holders, reduced by the holders of preference shares’ prefer-
ential 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 profit from prop -
erty management in 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 admin -
istration expenses plus dividends received from associated
companies and joint ventures rolling twelve months.
Debt/equity ratio
Net debt in relation to equity on the balance sheet date.
Equity/assets ratio
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 effec-
tivity comparable over time.
===== SIDA 28 =====
NP3 Fastigheter AB (publ) Interim report - Q3 2025
28
Risks and uncertainties
NP3 works actively to identify and minimise the significant
risks that can affect the company's financial position and
performance. Significant risks for the company are described
below and on pages 74–78 in the company's annual report for
2024.
Property-related risks
NP3 works continuously to minimise its property-related
risks. The company has good diversification in terms of both
property categories and industry exposure. Rental income is
spread over a large number of lease agreements, with major
tenants accounting for only a small proportion of the rental val-
ue. There is a risk that the valuation of investment properties
may be affected by the assessments and assumptions made
by management. To minimise this risk, the market value of the
company's properties is assessed every quarter, where the
company's valuation policy means that at least 90 percent of
the total property portfolio is valued externally in quarters two
and four and that other properties are valued internally.
Financial risks
Costs related to funding make up the single largest cost item
for NP3. NP3 uses interest rate hedging in order to limit inter-
est rate risk and increase the predictability of the profit from
property management. The company also works continuously
to secure NP3's financial position and to maintain good rela-
tions with banks, the capital market and other stakeholders in
order to reduce financial risks.
Environmental risks
Climate change can increase the risk of damage to property
and can affect properties or the operation of properties. In
addition, environmental risks associated with soil contamina-
tion are assessed as a risk that may have a negative impact on
the company. Environmental policy decisions could also have
a negative impact on the company. NP3 has good practices
for counteracting and preventing environmental risks. All
investments and acquisitions are examined from a climate
perspective. In addition, the company has good knowledge of
the properties on which it conducts or has conducted activities
subject to a permit.
Risk of conflicts of interest
Conflicts of interest can arise when board members, per-
sons in the strategic and operational management and other
employees in the company take on certain board assignments,
invest in companies in which NP3 has invested, invest in com-
panies that are competitors to NP3, mortgage their sharehold-
ings in NP3 or acquire or dispose of shares in NP3. In order to
manage and counteract conflict of interest risks, the company
has well-developed procedures, guidelines and policies.
Other risks
Wars, conflicts and other uncertainties in the world around
us affect the world economy, including Sweden and NP3 as a
company. NP3 monitors development and continuously evalu-
ates 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,
Dalarna, 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
employees 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 - Q3 2025
29
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 per year 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 stake-
holders, to create Sweden’s long-term
most profitable real estate company.
Contacts
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
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 third quarter
11/7 Interim report January - June
25/8 NP3 Fastigheter considers issuance of green SEK notes
and announces a voluntary tender offer for certain
outstanding notes
27/8 NP3 Fastigheter issues green notes of SEK 400 million
and announces the result of the voluntary tender offer for
certain outstanding notes
3/9 NP3 gives notice of early redemption of certain
outstanding bonds 2023/2026 notes
8/9 NP3 acquires properties for MSEK 685
22/9 Nominating committee ahead of the annual general
meeting 2026
All press releases are available on the company's website:
www.np3fastigheter.se
Calendar
Interim reports
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
Annual general meeting
6 May 2026 (moved from 5 to 6 May)
Record days for dividend on preference shares
31 October 2025
31 January 2026
30 April 2026
Record days for dividend on common shares
31 October 2025
31 January 2026
Audit report
To the Board of Directors of NP3 Fastigheter AB (publ)
Corp. ID no. 556749-1963
Introduction
We have carried out a review engagement of the condensed in -
terim financial information (interim report) for NP3 Fastigheter AB
as of 30 September 2025 and the nine-month period that ended
on this date. The Board of Directors and the Managing Direc -
tor are responsible for the preparation and presentation of this
interim report in accordance with IAS 34 and the Swedish Annual
Accounts Act. Our responsibility is to express a conclusion on this
interim report based on our audit.
Focus and scope of the review engagement
We conducted our audit in accordance with International
Standard on Review Engagements ISRE 2410 Review of Interim
Financial Information performed by the company’s appointed
auditor. A review engagement consists of making enquiries,
primarily to persons responsible for financial and accounting mat -
ters, and performing an analytical review and taking other review
procedures. A review engagement has a different focus and is
substantially less in scope than the focus and scope of an audit
conducted in accordance with ISA and other generally accepted
auditing standards. The review procedures carried out in a review
engagement do not enable us to obtain such certainty that we
would become aware of all significant circumstances that might
have been identified if an audit had been carried out. Therefore,
the conclusion expressed on the basis of a review engagement
does not have the same level of certainty as a conclusion ex -
pressed on the basis of an audit.
Conclusion
Based on our review engagement, nothing has come to our
attention that causes us to believe that the interim report is not
prepared, in all material respects, in accordance with IAS 34 and
the Swedish Annual Accounts Act for the group and in accord -
ance with the Annual Accounts Act for the parent company.
Stockholm, 17 October 2025
KPMG AB
Peter Dahllöf
Authorized Public Accountant
===== SIDA 30 =====
www.np3fastigheter.se
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
Fläktgatan 8B, 941 47 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
Björnavägen 41, 891 41 Örnsköldsvik
Östersund
Kaserngatan 3, 831 32 Östersund