Kvartalsrapport Q3 2025

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

The picture shows the  
recently acquired light  
industrial properties  
Friledningen 6 and 10  
in Tunbytorp, Västerås. 
INTERIM REPORT JANUARY–SEPTEMBER 2025
253

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

INTRODUCTION
This is Stendörren 3
The period in brief 4
CEO’s statement 5 
BUSINESS DESCRIPTION
Targets and outcome 6
Property portfolio 8
Project portfolio 10
Property valuation 13
Financing 14
Stendörren’s sustainability work 15
FINANCIAL INFORMATION
Consolidated statement  
of comprehensive income 16
Consolidated statement of  
financial position 17
Consolidated changes in equity 18
Consolidated statement  
of cash flows 19
Parent Company  
income statement 20
Parent Company  
balance sheet 21
Key ratios 22
OTHER INFORMATION
Other information 23
The Board of Directors and  
the CEO’s assurance 24
Audit review report 25
Assessed earnings capacity 26
Definitions 27
Recently acquired property Kilonkartanontie 3 in Esboo, Finland
Introduction Content Business description Financial information Other information
2STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025

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

STENDÖRREN MANAGES, DEVELOPS  
AND ACQUIRES PROPERTIES THAT  
MAKE A DIFFERENCE
RENTAL INCOME
773 SEK m
NET OPERATING INCOME
630 SEK m
FAIR VALUE PROPERTIES  
15,162 SEK m
INCOME FROM PROPERTY MANAGEMENT 1)
275 SEK m
Distribution of property type based on NOI
37+44+15+4H
 Warehouse and logistics, 37%
 Light industrial, 44%
 Office, 15% 
 Retail, 4%
 Other, 0%
Geographic distribution based on rental income
27+35+25+2+11H
 City of Stockholm, 27%
 Rest of Stockholm county, 35%
 Greater Mälardalen, 25%
 Gothenburg region, 2%
 Copenhagen, Oslo, Helsinki, 11%
Stendörren Fastigheter AB (publ) is an expansive property company in logistics, warehouse 
and light industrial in Nordic growth regions. The company is listed on Nasdaq Stockholm Mid 
Cap. The business concept is to create profitable growth in net asset value. This is achieved 
through value-creating acquisitions, capitalising on the positive rental growth that follows 
the urbanisation of metropolitan regions and by developing existing assets, including the 
company’s extensive and unique building rights portfolio.
1) Before exchange rate changes.
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
3
This is Stendörren Business description Financial information Other information
Introduction

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

Key ratios
Jan–Sep 2025 Jan–Sep 2024 Jan–Dec 2024
Rental income, SEK m 773 664 902
Net operating income, SEK m 630 536 718
Income from property management1), SEK m 275 243 309
Fair value properties, SEK m 15,162 13,061 14,311
Lettable area, thousand sqm 891 816 857
LTV, % 53 54 52
Equity ratio, % 37 35 37
1) Before exchange rate changes.
THE PERIOD IN BRIEF
JANUARY–SEPTEMBER 2025
• Rental income increased by 16 percent to SEK 773  
million (664) and net operating income increased  
by 18 percent to SEK 630 million (536).
• Income from property management before exchange 
rate changes amounted to SEK 275 million (243).
• Net letting during the period amounted to a total of 
SEK –2.3 million and new lease agreements with an 
annual rental value of SEK 63 million were signed 
(includes both renegotiated leases and leases with 
new tenants).
• Lease agreements that were renegotiated during the 
period led to an increase in rental values of approxi-
mately 4 percent on a weighted average basis.
• Cash flow from operating activities amounted to  
SEK 255 million (126), corresponding to SEK 8.02  
per share (4.41).
• Realized and unrealized changes in value of the  
property portfolio for the period amounted to  
SEK 20 million (106).
• Profit for the period amounted to SEK 151 million 
(203), corresponding to SEK 4.16 per share (5.83) 
before dilution and 4.15 per share (5.83) after dilution. 
DURING THE THIRD QUARTER
In July, Stendörren acquired two light industrial 
properties in Västerås from Arose Holding at a total 
property value of SEK 80 million. The properties 
comprise approximately 4,300 square meters and 
are fully leased under a new 10-year lease agree-
ment. The annual net operating income is estimated 
at just over SEK 5.5 million.
In July, Stendörren also completed an acquisition in 
the Helsinki region – a warehouse property in Espoo 
– at a property value of SEK 70 million. The property 
comprises approximately 3,600 square meters, is 
fully leased, and is expected to contribute with an 
annual net operating income of approximately SEK 
5.5 million.
In addition, Stendörren signed six new lease agree-
ments in July with a total annual rental value of SEK 
11 million. The new tenants include both public and 
private entities, and move-ins will take place grad-
ually over the year in line with completed tenant 
improvements. 
In September, the Board of Directors of Stendörren 
decided to adjust the company’s financial targets. 
The existing target of growth in long-term net asset 
value is replaced with a target stating that the com-
pany shall long term achieve an annual increase in 
income from property management per share of at 
least 15 percent. The new target aims to more clearly 
reflect how Stendörren’s asset management model 
and investments create long-term growth in cashflow.
AFTER THE END OF THE QUARTER
In October, Stendörren acquired the light indus-
trial properties Dragstiftet 3 and Passaren 2 in 
Täby Municipality, as well as Vik 1:70 and 1:77 
in Upplands Väsby Municipality, from a private 
seller. The total agreed property value amounts 
to SEK 97 million, and the total lettable area is 
approximately 4,200 square meters. The prop-
erties are fully leased to four different tenants. 
The annual net operating income is estimated at 
approximately SEK 6.1 million.
SIGNIFICANT EVENTS
Friledningen 6 and 10 in Tunbytorp, Västerås
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
4
Business description Financial information Other information
Introduction

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

Value-accretive acquisitions 
At the beginning of the quarter, we completed two acquisi-
tions within the segment light industry and logistics with a 
total property value of approximately SEK 150 million. The 
properties are located in the Helsinki region and Västerås 
and are fully leased under long-term lease contracts. 
Through these acquisitions, we strengthen our presence in 
selected markets and continue to develop a robust cash 
flow with a high occupancy rate and stable tenants.
After the end of the reporting period, we acquired four 
additional light industry properties for SEK 97 million. The 
properties are located in Täby and Upplands Väsby in the 
Stockholm region and are fully let to four different ten-
ants. The acquisitions represent attractive additions to our 
existing properties in Täby and Upplands Väsby, where we 
see both strong tenant demand and strong rental growth. 
High pace of project activities
During the year, we had continued high pace in our project 
activities, where we completed 9,500 square meters with 
a high occupancy rate. The largest of these completed 
projects consists of a new construction of 3,700 sqm in 
one of Stockholm’s most urban industrial areas, Ulvsunda, 
Bromma in Stockholm. The premises are pre-leased to 
Willab Garden AB, which signed a 10-year lease agreement 
in late 2024 with completion on November 1 this year. 
We have also recently started two more projects totalling 
11,000 sqm in Almnäs Södertälje, also known as Stockholm 
South. This is an expansive area where we continuously 
offer a wide variety of premises for logistics, warehousing 
and light industry through new projects.
We have a total of 44,300 square meters of ongoing 
projects, with an estimated annual net operating income of 
approximately SEK 60 million after leasing and completion. 
Stable and high occupancy rate
Asset management delivered a stable quarter. Net letting 
were marginally negative during a summer quarter with 
low activity. New contracts were signed at a value cor-
responding to an annual rental income of approximately 
SEK 10 million. The new tenants represent a wide range of 
businesses, both private companies and public organiza-
tions, which contributes to a well-diversified rental base 
with relatively low risk exposure. The occupancy rate was 
thus stable at 94 percent, a satisfactory level given the 
weak market conditions during the period. 
CONTINUED STRONG GROWTH AND REDUCED COST  
OF CAPITAL IN A MARKET WITH INCREASING OPTIMISM
During the reporting period, we continued to deliver strong growth despite a still challenging market, 
which however is showing signs of cautious optimism. Net operating income and profit from property 
management increased by 18 percent and 21 percent, adjusted for non-recurring items attributable to 
early refinancings. The strong development is a result of continued value-accretive acquisitions and 
continuous completions of projects, and not least a strong net letting during the last twelve-month 
period. We see continued significant growth potential thanks to the favorable conditions for value- 
accretive acquisitions and our large project portfolio. Furthermore, since the last report, we have 
renegotiated an additional large volume of interest-bearing debt at significantly lower margins. The 
work to reduce our financing costs will continue at a high pace until we have reduced our financing 
costs to the new, lower market level.
to create long-term value, and aims to more clearly reflect 
how Stendörren’s proven business modell create long-
term cash flow growth. Stendörren’s other three financial 
targets are kept unchanged.
Favorable conditions for value-accretive investments  
in a market with increasing optimism 
We have an extensive pipeline of potential acquisitions 
and projects, and continue to see attractive opportuni-
ties to carry out deals that continuously strengthen our 
property portfolio and earnings capacity. In addition, 
our already high occupancy rate and our strong financial 
position, as well as a hopefully improved economic cli-
mate, provide us with favorable conditions for continued 
expansion and value creation. 
Stockholm, October 2025
Erik Ranje
CEO Stendörren
Reduced financing costs
During the second quarter, we completed an early refi-
nancing of one of our outstanding bonds with a margin of 
525 bps through the issuance of a new bond at a margin 
of less than half, i.e. 260 bps. Since then, we have also 
worked on early refinancings of our bank loans, in order 
to take advantage of the greatly improved conditions in 
the financing market. The work has proceeded at a high 
pace and since the previous report we have carried out, or 
agreed on, refinancing of an additional approximately SEK 
2.5 billion, entailing a reduction in our interest expenses of 
a further approximately SEK 9 million on an annual basis. 
These refinancings, which have been ongoing since the 
middle of the year, comprise a total of approximately SEK 
5.1 billion. This corresponds to just over half of our out-
standing interest-bearing liabilities and entails a reduction 
in our annual interest expenses of a total of SEK 32 mil-
lion. The work to reduce our financing costs will continue 
at a high pace until we have reduced our financing costs 
to the new, significantly lower market level.
Adjusted financial target
In September, the Board of Directors decided to adjust 
the company’s financial targets to more clearly reflect 
Stendörren’s focus on growth in profit from property 
management. The previous target of growth in long-term 
net asset value was removed and replaced with a new 
target that means that the company shall achieve an 
annual increase in profit from property management per 
share of at least 15 percent in the long term. The target 
that was removed, growth in long-term net asset value, is 
largely influenced by external factors through the effect 
these have on changes in the value of properties, and 
partly overlaps with the remaining target of over 12 per-
cent return on equity. The new target is a more business- 
oriented and transparent measure of our internal ability 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
5
CEO’s statement Business description Financial information Other information
Introduction

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

Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
6
Financial information Other information
Business description
TARGETS AND OUTCOME
FINANCIAL TARGETS
Return on equity Growth in income from property management  
per share Interest coverage ratio Equity ratio
Target: >12%
Outcome: 5%
Target: >15%
Outcome: 10%
Target: >2.0x
Outcome: 1.9x
Target: 35%
Outcome: 37%
The average return on equity shall long-term amount  
to at least 12 percent.
Income from property management per share shall 
long-term increase by at least 15 percent per year.
The ICR shall long-term exceed 2.0x. Equity ratio shall long-term be 35 percent and never 
be below 20 percent.
ROE
%
Growth in income from property management per share
%
ICR
x
Equity ratio
%
–8
–4
0
4
8
12
16
202520242023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
–30
–15
0
15
30
202520242023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0.0
0.5
1.0
1.5
2.0
2.5
202520242023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
0
10
20
30
40
50
202520242023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Comment
The return on equity (calculated as 12 month average) 
amounted to 5 percent at the end of the period.
Comment
At the end of the period, growth in income from prop-
erty management per share (over the last 12 months) 
amounted to 10 percent and 16 percent if adjusted for 
non-recurring items of approximately SEK 18.5 million 
in connection with early refinancings during the sec-
ond and third quarter 2025. 
Comment
The interest coverage ratio amounted to 1.9x and 2.0x 
if adjusted for non-recurring items of approximately 
SEK 18.5 million in connection with early refinancings 
during the second and third quarter 2025. 
Comment
The equity ratio amounted to 37 percent at the end 
of the period. The stated equity ratio is calculated 
excluding the lease liability resulting from the applica-
tion of IFRS 16. If this liability item were to be included 
in the calculation, the equity ratio would be negatively 
impacted by approximately 0.6 percentage points.
Target >12%
Target >15%
Target 35%
Target 2.0x

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

Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
7
Targets and outcome Financial information Other information
Business description
SUSTAINABILITY TARGETS
Energy intensity Emission intensity (Scope 3)1) Certification
Target by 2030: –30.0%
Outcome: –33.2% 
Target by 2030: –40.0%
Outcome: –28.3%
Target: 70.0%
Outcome: 70.0%
Energy consumption per square meter shall decrease 
by 30 percent by 2030 compared to the base year 
2020.
CO2-emissions per newly constructed square meter 
shall decrease by 40 percent by 2030 compared to 
the base year 2022.
The share of certified lettable area within the compa-
ny’s property portfolio shall reach 70 percent by 2025.
Energy intensity
kWh/sqm
Emission intensity
CO2 /sqm
Share of certified lettable area
%
0
20
40
60
80
100
202520242023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
0
100
200
300
400
202420232022
0
20
40
60
80
202520242023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Comment
Energy intensity decreased by 8 percent compared 
to the same period last year. Comparative figures are 
based on a like-for-like portfolio and adjusted for  
normal year climate conditions.
Comment
Scope 3 emissions are reported on an annual basis. 
The company applies the Swedish National Board of 
Housing, Building and Planning’s (Boverket) stand-
ard for climate declarations. Stendörren also includes 
building elements 7 and 8 in the reported emissions 
intensity. Calculations and methodology follow the 
Greenhouse Gas Protocol.
Comment
The target of having 70 percent of the lettable area 
certified by 31 December 2025 was already achieved 
by 31 December 2024. The reported figure has been 
adjusted due to newly acquired properties, which 
increased the total lettable area.
Scope 3 has been reported since 2022 when Stendörren expanded its 
reporting.
1) New construction

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

ECONOMIC  
OCCUPANCY RATE
94% 
Recently completed light industrial building, Viby 19:30, Upplands-Bro
Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
8
Financial information Other information
Business description
PROPERTY PORTFOLIO
Property portfolio September 30
As of September 30, 2025, the property portfolio of 
Stendörren consisted of 170 properties, primarily located 
in the Greater Stockholm and Mälardalen region, with 
a total market value of SEK 15,162 million. The property 
portfolio is reported quarterly at fair value. All proper-
ties are externally valued regularly, at least once a year. 
When not externally valued, each property is internally 
valued each quarter based on an updated analysis of 
actual cash flow, market rental levels, expected costs 
and an assessment of the market yield requirement.
At the end of the reporting period, the total prop-
erty portfolio comprised of approximately 891,000 
square meters of lettable area. The property catego-
ries warehouse, logistics and light industrial accounted 
for approximately 81 percent of the total market value. 
The risk of large-scale vacancies and rental losses due 
to bankruptcies is mitigated by tenant diversification, 
whereby 79 percent of the portfolio is let to at least two 
tenants.
During the period, the value of the property portfo-
lio increased by a total of SEK 851 million. The change 
in value consists of the acqusition of properties of SEK 
605 million, divestment of properties of SEK –65 million, 
investments in existing properties of SEK 333 million, 
currency effects of SEK –42 million and realized and 
unrealized changes in value totaling SEK 20 million  
(see table on page 13). 
Geographic distribution of property portfolio
Stendörren puts significant effort into identifying 
attractive geographical industrial areas with potential 
in Nordic growth regions. Special focus is on devel-
oping and strengthening the company’s presence in 
Property portfolio per category
%
0
20
40
60
80
100
Percent by 
market value2)
Percent by 
NOI2)
Percent 
by rent2)
Percent 
by area1)
 Other
 Retail
 Office
 Light industrial
 Warehouse and logistics
1) Based on type of area use.
2) Based on type of property.

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

Nygård 2:14, Upplands-Bro
Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
9
Property portfolio Financial information Other information
Business description
such areas where Stendörren is already established. 
Approximately 62 percent of Stendörren’s total rental 
income comes from properties located in the Stockholm 
region. Stendörren has a large concentrated property 
portfolio in the Högdalen industrial area, which creates 
synergies both in terms of management and leasing. 
In Veddesta, the company has large properties, also 
resulting in efficient property management. Locations 
including Upplands-Väsby and Sollentuna along the E4 
highway towards Arlanda airport, Brunna and GreenHub 
in Upplands-Bro northwest of Stockholm and Stockholm 
South in Södertälje are areas which Stendörren intends 
to develop further in the years ahead. In addition to the 
Greater Stockholm area, the company has invested in 
a number of other locations in the Mälardalen region 
situated in attractive locations expected to benefit from 
major transport routes and Stockholm’s future growth. 
Since 2021, the company has also acquired properties 
in other selected Swedish and Nordic cities with growth 
potential, such as Gothenburg, Oslo, Copenhagen and 
Helsinki – with a continued focus on warehouse, logistics 
and light industrial assets.
Tenants and lease agreements 
The tenants in the property portfolio operate in a variety 
of industries and range from well-established small to 
medium-sized companies to large multinational busi-
nesses. As of September 30, 2025, the ten largest leases  
represented approximately 19 percent of the total  
annual rental income in the portfolio. 
The company’s largest lease agreement with the 
 Fortification Agency represented at the end of the  
quarter approximately 8 percent of the total annual  
rent. Stendörren strives to sign long-term leases with  
its tenants and the average remaining lease duration as 
of the reporting date was 4.2 years. The company also 
strives for a diversified maturity structure. 
Combined with a range of different tenants and 
industries, this helps to reduce the risk of extensive 
vacancies and rental losses. Rental losses amounted  
to SEK 6.0 million throughout the reporting period.
Stendörren works proactively and continuously to  
renegotiate leases in line with current market rents.  
The economic occupancy rate for Stendörren’s property 
portfolio was 94 percent at September 30, 2025, and 
the area weighted occupancy rate was 91 percent. The 
occupancy rate is a static measure of the rental situation  
on the reporting date and may vary depending on 
temporary relocation vacancies or projects that have 
commenced or been completed at different times. 
The net letting during the third quarter 2025 adds up 
to SEK –5.2  million. During the quarter, new lease agree-
ments with an annual rental value of approximately SEK 
10 million were signed. These consist of both renegoti-
ated lease agreements and lease agreements with new 
tenants.
Stendörrens largest tenants by rental income
• Fortifikationsverket, 8%
• Åtta.45 Tryckeri AB, 2%
• Veho Bil Sverige AB, 2%
• Carla AB, 1%
• Advania Sverige AB, 1%
• Stockholm Vatten AB, 1%
• Mountain Top, 1%
• The Magnum Ice Cream Company HoldCo, 1%
• Södertälje Industriservice AB, 1%
• Onitio Sverige AB, 1%
• Other, 81%
Net letting
SEK million
Maturity structure lease agreements1)
Annual rent, SEK million No. of leases
Contractual changes property portfolio2)
SEK million
 New lettings  Renegotiations 
 Bankruptcies  Tenants vacating
2)  Including letting of new construction.
 Annual rent   No. of leases 
1)  Does not take into account current agreements where the tenant  
has not yet moved into the premises.
–10
–5
0
5
10
15
20
25
202520242023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0
100
200
300
400
500
>203020292028202720262025
0
100
200
300
400
500
–100
–80
–60
–40
–20
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
202520242023
0
20
40
60
80
100

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

Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
10
Financial information Other information
Business description
PROJECT PORTFOLIO
As of September 30, 2025, Stendörren owned a total 
of 39 properties wholly or partly consisting of building 
rights. Unutilized building rights amounted to approxi-
mately 627,000 square meters and were primarily within 
the categories logistics and light industrial. Additional 
building rights are created and added to Stendörren’s 
existing building rights by active development and 
acquisitions. When commercially attractive, existing 
properties are rezoned thereby creating residential 
building rights in areas with potential for residential 
development, mainly in Greater Stockholm and the rest 
of the Mälardalen region. 
The potential in the building rights portfolio is con-
sidered strong since the building rights are located in 
expansive municipalities and areas in Greater Stockholm 
and the Mälardalen region as well as other growth loca-
tions. The pace of new construction starts depends on 
several factors, such as demand given the prevailing 
market sentiment and on construction costs. Ongo-
ing and recently completed projects that have not yet 
generated full revenue during the reporting period are 
expected, upon leasing and completion, to add approx-
imately SEK 68.5 million in net operating income. Of 
this amount, approximately SEK 6.5 million relates to 
recently completed projects or projects with comple-
tion within one year and for which lease agreements 
already exist, approximately SEK 45 million pertains to 
projects within light industry and urban logistics that are 
being built or intended to be built for future letting, and 
approximately SEK 17 million pertains to projects within 
logistics that require leasing before construction starts. 
In addition, the company has an extensive port folio of 
upcoming projects, which are at an earlier stage. 
Completed projects, last 12 months
Municipality Property Description Completion Size, sqm1) Investment, SEK m2) Occupancy rate, %
Stockholm Filmremsan 2 Reconstruction November 2024 2,400 37 49%
Enköping Stenvreten 8:37 New logistics December 2024 9,700 143 100%
Egedal, Copenhagen region Svavelhöjvej 17 Extension light industrial December 2024 3,300 47 100%
Upplands-Bro Viby 19:30 New light industrial March 2025 1,200 36 100%
Upplands-Bro Nygård 2:17 (GreenHub) New light industrial March 2025 2,300 51 100%
Södertälje Almnäs 5:23 New light industrial June 2025 2,300 50 33%
Stockholm Båglampan 25 New light industrial October 2025 3,700 99 100%
Total completed projects 24,900 463 89%
Total excluding reconstructions 22,500 426 93%
1) GFA (new construction, extension), NLA (tenant improvement, reconstruction).
2) Includes cost of capital and book value of land when new development.
Completed projects 
Over the past twelve months, seven projects with a total 
area of 24,900 square meters have been completed, of 
which 89 percent of the space is let. Of the completed 
projects, 9,700 square meters consist of a logistics pro-
ject in Enköping, while the remaining projects, totaling 
15,200 square meters, are new constructions as well as 
extensions and refurbishments of light industrial proper-
ties. The most recently completed project is a new con-
struction in one of Stockholm’s most centrally located 
industrial areas, Ulvsunda in Bromma, Stockholm. The 
premises have been pre-let to Willab Garden AB, which 
in the latter part of 2024 signed a 10-year lease agree-
ment with occupancy starting on November 1, 2025
Recently completed light industrial building, Nygård 2:17, Upplands-Bro

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

Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
11
Project portfolio Financial information Other information
Business description
Ongoing projects 
The company has several ongoing projects with an 
investment volume exceeding SEK 25 million, all involv-
ing new construction totaling 44,300 square meters. 
During the current year, decisions have been made 
to commence construction on five of these projects, 
totaling 16,300 square meters. These projects involve 
new construction of light industrial and urban logistics 
facilities in attractive locations across various geo-
graphic markets in Greater Stockholm. The company has 
recently started two additional projects totaling 11,000 
square meters in Stockholm South, in Södertälje. Stock-
holm South is an expanding area where Stendörren, 
through new projects, continuously offers a wide variety 
of premises for logistics, warehousing, and light industry. 
In addition, Stendörren has further projects for which 
buiding permit has been obtained or are in the design 
and preparation phases. This provides the company with 
the opportunity to quickly commence new construction 
projects and adapt them to tenant needs. All ongoing 
projects are located in well-established and growing 
areas where there is clear demand and active leasing 
efforts are underway.
Ongoing projects September 30, 2025
Municipality Property Description Current Phase
Earliest possible 
completion1) Size, sqm2)
Indicative  
investment3), SEK m
Estimated remaining 
investment, SEK m
Estimated yearly  
NOI, SEK m Occupancy rate
Stockholm Vindkraften 2 New light industrial Construction started Q1 2026 1,900 37 30 2.6 0%
Upplands-Bro Viby 19:66 New logistics Construction started Q2 2026 5,300 115 55 6.7 0%
Upplands-Bro Nygård 2:17 (GreenHub) New light industrial Construction started Q2 2026 3,200 76 42 5.1 0%
Södertälje Almnäs 5:23 New light industrial Construction started Q2 2026 2,100 62 44 4.5 0%
Stockholm Fotocellen 5 New logistics Construction started Q3 2026 3,800 79 52 5.9 0%
Södertälje Almnäs 5:23 New logistics Design and planning4) Q4 2026 17,000 268 188 17.0 0%
Södertälje Almnäs 5:24 New light industrial Design and planning Q1 2027 4,500 99 77 6.5 0%
Södertälje Almnäs 5:24 New light industrial Design and planning Q2 2027 6,500 142 110 9.4 0%
Total ongoing projects 44,300 877 598 57.7
1) Note that Stendörren aims to start construct on a pre-let basis, why estimated completion depends on leasing activities and time for construction start.
2) GFA (new construction, extension), NLA (tenant improvement, reconstruction).
3) Includes cost of capital and book value of land when new development.
4) Building permit obtained.
Newly constructed logistics building, Viby 19:66, Upplands-BroNewly constructed premises for logistics Almnäs 5:23, Södertälje

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

Newly constructed logistics building, Almnäs 5:23, Södertälje
Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
12
Project portfolio Financial information Other information
Business description
Future projects September 30, 2025
Muncipality
Envisaged  
main use
Estimated building 
right, sqm1) Status zoning
Estimated possible 
construction start2)
Upplands-Bro Light industrial 379,000 Within current zoning 2025–2026
Flen Logistics 55,000 Within current zoning 2025–2026
Södertälje Logistics 29,100 Within current zoning 2025–2026
Frederikssund Light industrial 5,800 Within current zoning 2025–2026
Eskilstuna Logistics 5,000 Within current zoning 2025–2026
Botkyrka Light industrial 3,700 Within current zoning 2025–2026
Enköping Light industrial 2,700 Within current zoning 2025–2026
Enköping Light industrial 2,000 Within current zoning 2025–2026
Västerås Light industrial 2,000 Within current zoning 2025–2026
Göteborg Light industrial 2,000 Within current zoning 2025–2026
Järfälla Light industrial 2,000 Within current zoning 2025–2026
Botkyrka Light industrial 2,000 Within current zoning 2025–2026
Nynäshamn Light industrial 1,800 Within current zoning 2025–2026
Upplands-Bro Light industrial 1,300 Within current zoning 2025–2026
Uppsala Light industrial 1,000 Within current zoning 2025–2026
Botkyrka Residential 80,000 Within current zoning 2025–2026
Sollentuna Residential 7,000 Zoning change ongoing 2026–2027
1) GFA, may deviate from what is technically and commercially viable.
2) Start of first phase, projects may include several phases. Note that Stendörren aims to construct  
on a pre-let basis, why the timing of construction start depends on pace of leasing activities.
Future projects 
Stendörren’s development of building rights and project 
properties is primarily customer-driven. The focus is 
on identifying existing and new tenants with changing 
requirements and meeting these needs through new 
construction, extensions and redevelopments of existing 
properties. In order to minimize risk exposure, Stendör-
ren strives to sign long leases with tenants before 
construction begins. Stendörren works long term to 
identify new areas and properties to rezone for residen-
tial purposes. Residential building rights can be created 
on undeveloped land, adjacent to existing buildings, or 
by converting existing buildings. Stendörren is currently 
working on a new zoning plan for residential use in 
Sollentuna, Traversen 14 and 15, and is investigating the 
possibilities for pursuing rezoning for residential pur-
poses, including the part of GreenHub in Upplands-Bro 
with a view over the lake Mälaren.

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

Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
13
Financial information Other information
Business description
PROPERTY VALUATION
Each quarter, Stendörren performs a fair value assessment of the entire property portfolio.  
On average approximately 20–30 percent of the portfolio is valued by external valuation firms 
and the  remainder is valued internally. Every property in the portfolio is externally valued at  
least once during a rolling twelve-month period. The valuation model used by both the external  
valuation firms and Stendörren is based on a discounted cash flow model, supplemented with  
a comparable sales method where applicable.
The valuation model and parameters are reported in 
accordance with the principles described in Note 11 
(Investment Properties) of the 2024 Annual Report.  
All properties are classified at Level 3 in accordance 
with IFRS 13. 
The combined market value of the property portfo-
lio as of September 30, 2025 amounted to SEK 15,162 
million. A summary of the valuation parameters is pre-
sented in the table. The external valuations carried out 
during the year were mainly performed by CBRE and 
Newsec Sweden. 
The building rights within the property portfolio, val-
ued at a total of SEK 1,406 million (1,412 as of June 30, 
2025), are valued based on a comparable sales method. 
The change in value of the building rights portfolio dur-
ing the quarter is mainly explained by capitalized invest-
ments in existing projects, as well as the fact that a 
smaller phase has been completed and cash flow valued, 
which means that the building rights value has been 
excluded. For further information, refer to the section 
Project portfolio summary on pages 10–12. 
Realized and unrealized changes in value of the  
entire property portfolio during the period amounted  
to SEK 20 million (106). 
Value changes in the property portfolio during the 
period were primarily driven by adjusted yield require-
ments and market rent assumptions, as well as changed 
cash flows due to new lettings, renegotiations and ter-
minated leases. Exchange rates had a negative effect on 
the property portfolio during the period. Furthermore, 
changed inflation outlook has also affected inflation 
assumptions, which resulted in a negative impact on 
value of approximately SEK –50 million during the third 
quarter. The average yield requirement of the property 
valuations as of September 30, 2025 amounted to 6.3 
percent which is flat with regards to the previous quar-
ter (see table of valuation parameters).
Sensitivity analysis
The sensitivity analysis shows the assessed effect on  
the assessed market value if the operating net and/or 
market yield requirement increases or decreases by  
2.5 or 0.25 percentage points, respectively. 
The sensitivity analysis does not claim to be exact, 
rather it is only indicative and aims to present the  
company’s assessment of amounts in the context stated.
Valuation parameters
(Previous years in paranthesis) Min Max
Weighted  
average
Discount rate, cash flow, % 7.3 (5.5) 11.2 (11.0) 8.4 (8.2)
Market yield requirement, residual value, % 5.2 (5.3) 9.0 (9.0) 6.3 (6.3)
Discount rate, residual value, % 7.3 (7.3) 11.2 (11.0) 8.4 (8.4)
Long-term vacancy assumption, % 3.0 (3.0) 16.4 (25.0) 5.9 (5.7)
Change in carrying amount, properties
SEK m Jan–Sep 2025 Jan–Dec 2024
Property portfolio, beginning of period 14,311 12,566
Acquisitions of new properties 605 1,129
Property sales –65 –224
Investments in existing properties 333 598
Currency effects –42 17
Realized changes in value 18 29
Unrealized changes in value 1 196
– Of which attributable to adjusted yield requirements 18 –94
– Of which attributable to adjusted cash flows 35 203
– Of which attributable to adjusted building rights values –52 88
Property portfolio, end of period 15,162 14,311
Sensitivity analysis 
SEK m
Changes in net operating income
Change in yield  
requirement
–5.0% –2.5% 0.0% 2.5% 5.0%
–0.50% 668 1,084 1,501 1,918 2,334
–0.25% –79 318 715 1,112 1,509
0.00% –758 –379 0 379 758
0.25% –1,379 –1,016 –653 –291 72
0.50% –1,948 –1,601 –1,253 –905 –557

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

Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
14
Financial information Other information
Business description
FINANCING
As of September 30, 2025, the average time to maturity of 
interest-bearing liabilities to credit institutions amounted 
to 2.9 years (2.7). Including bonds, the average time to 
maturity amounted to 2.8 years (2.6). Stendörren uses 
interest-rate derivatives to hedge against a rise in the 
reference rate Stibor 90, through a portfolio of inter-
est-rate hedges with a total nominal value of SEK 5,704 
million. The combined effect of the interest hedging gives 
a reference interest level of 1.8 percent (1.6) on the interest 
hedged part of the interest-bearing liabilities. Stendörren 
also has four forward starting interest-rate swap agree-
ments, which extends the average term of the derivative 
portfolio, for more details see table below. At the end of 
the reporting period, approximately 67 percent (64) of the 
company’s interest- bearing liabilities were interest-hedged. 
Including the unhedged portion of the relevant Ibor and 
the hedged portion via swaps and interest-rate caps, the 
average interest maturity of interest-bearing liabilities was 
2.1 years (2.4). The average interest rate on total inter-
est-bearing liabilities including derivatives amounted to  
3.9 percent. 
On the reporting date, Stendörren had three out-
standing bond loans, all of which are green. One bond 
loan, which was partially repurchased in three parts 
during the year, amounted to SEK 234 million on the 
reporting date and has an interest rate of Stibor 90 plus 
5.25 percent. The remaining part of the bond is intended 
to be repaid at the earliest possible date, December 21, 
Interest and loan maturities
Interest and loan maturities for all interest-bearing liabilities 
are distributed over years according to the table below.
Interest maturity/Year1) Loan maturity
Year of maturity SEK m Interest, % Share, % SEK m Share, %
2025 2,342 28 0 0
2026 442 5 392 5
2027 2,700 32 1,212 14
2028 104 1 5,745 68
2029 0 0 1,114 13
>2029 2,900 34 25 0
Total/average 8,488 3.9 100 8,488 100
1) The interest maturity for 2025 includes all loan amounts that carry Ibor 
as base interest and that are not covered by interest derivatives.
Sensitivity analysis
Change interest-rate base, SEK m (+) Change (–) Change 
+/–1.00% –30 50
+/–2.00% –57 95
+/–3.00% –83 96
The sensitivity analysis presents the estimated effect on inter-
est expense if the interest-rate base (primarily  STIBOR 3M, 
EURIBOR 3M and NIBOR 3M) were to increase or decrease by 
1, 2 or 3 percentage points. 
The sensitivity  analysis does not claim to be exact, rather it is 
only indica tive and aims to present the company’s assessment 
of amounts in the stated context.
Interest-rate derivatives – active
Counterparty Type Start date Maturity date
Nominal 
value, SEK m
Fair value,  
SEK m
Interest rate 
level, %
Years 
remaining
Nordea Interest-rate cap 2021-09-03 2026-09-03  300     0.2    2.00% 0.93
Nordea Interest-rate cap 2020-10-07 2025-10-07  600     1.7    1.00% 0.021)
Danske Bank Interest-rate cap 2020-10-07 2025-10-07  300     0.8    1.00% 0.021)
SEB Interest-rate cap 2023-11-10 2025-11-10  600     0.7    1.00% 0.111)
Nordea Interest-rate cap 2023-11-10 2025-11-10  400     1.1    1.00% 0.111)
Swedbank Interest-rate cap 2021-12-14 2026-12-14  1,100     1.1    2.00% 1.21
SEB Interest-rate cap 2021-12-23 2026-12-23  750     0.9    2.00% 1.23
Swedbank Interest-rate cap 2021-09-03 2026-09-03  550     0.3    2.00% 0.93
Total  4,600     7.0    1.59% 0.692)
Swedbank Interest-rate swap 2025-02-12 2030-02-12  500    –2.3   2.36% 4.37
Nordea Interest-rate swap 2025-02-12 2030-02-12  300    –1.5    2.37% 4.37
SEB Interest-rate swap 2025-02-13 2030-02-13  200    –1.2    2.38% 4.38
SEB Interest-rate swap 2025-01-13 2027-12-17  104    –0.2    4.06% 2.21
Total  1,104    –5.2    2.52% 4.17
1) Upon maturity. the derivative is replaced with a derivative (see table to the right) with a delayed start date at the same nominal amount.
2) Including derivatives with a delayed start date. the average maturity amounts to 2.9 years.
Interest-rate derivatives – with delayed start date
Counterparty Type Start date Maturity date
Nominal 
value, SEK m
Fair value,  
SEK m
Interest rate 
level, %
Years 
remaining
Danske Bank Interest-rate swap 2025-10-07 2030-10-07  600    –2.6 2.45% 5.02
Danske Bank Interest-rate swap 2025-10-07 2029-10-07  300    –1.4 2.39% 4.02
Swedbank Interest-rate swap 2025-11-10 2030-11-10  400    –3.0 2.49% 5.12
Swedbank Interest-rate swap 2025-11-10 2029-11-10  600    –4.1 2.41% 4.12
Total  1,900    –11.2    2.44% 4.60
2025. The second bond loan amounts to SEK 800 mil-
lion, maturing on December 12, 2027, and has an interest 
rate of Stibor 90 plus 2.90 percent. The third bond loan 
amounts to SEK 500 million, maturing on September 
30, 2028, and has an interest rate of Stibor 90 plus 2.6 
percent.
As of September 30, there was available liquidity 
of approximately SEK 890 million, in the form of cash 
and credit facilities. No additional collateral needs to be 
pledged to utilize these credit facilities.
Interest and loan maturities for all interest-bearing  
liabilities are distributed over years according to the 
tables below (the amounts constitute nominal amounts 
and exclude prepaid financing fees). 
Stendörren also has a green hybrid bond totaling 
SEK 300 million, which is recognized as equity, with an 
interest rate of Stibor 90 plus 5.50 percent with a first 
redemption date in May 2027.

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

Introduction 
STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
15
Stendörren's sustainability work Financial information Other information
Business description
RESOURCE EFFICIENCY
Ambition
• Reduce energy intensity (kwh/sqm) by 
at least 30% by 2030 (base year 2020).
• 70% of the property portfolio (sqm) are 
to have environmental certification by 
2025.
• 100% of new developments and major 
refurbishments are to have environmen-
tal certification.
• Enable increased recycling of  tenants’ 
waste.
• Minimize construction waste from new 
development <1% to landfill, by 2030.
• 100% fossil free energy by 2030 
 (purchased by Stendörren).
• Reduce carbon footprint in new devel-
opment by at least 40% kgCO2/sqm 
GFA by 2030 (base year 2022).
OPERATIONAL EXCELLENCE
Ambition
• Suppliers to Stendörren’s operations 
within management and develop-
ment must sign the company’s Code 
of Conduct.
• All vehicles are to be fossil free by 
2025.
ATTRACTIVE EMPLOYER
Ambition
• Ongoing work against discrimination 
with regular follow-up, feedback on 
equality and non-discrimination.
• Strive for equality and diversity 
among all professional categories 
with the goal of a 40/60 gender dis-
tribution for management executives 
by 2025 at the latest.
• Achieve an eNPS score of at least 40 
in the annual employee surveys.
• All employees are to complete train-
ing in the Code of Conduct.
FUTURE PROOFING
Ambition
• Include relevant TCFD indicators and 
report according to TCFD.
• All properties with a high-risk profile 
shall be subject to risk assessments 
and provided with relevant action 
plans.
• Increase the proportion of properties 
with an Energy Performance Certifi-
cate (EPC) rating of C or better.
• Net-zero carbon emissions target val-
idated by the Science Based Targets 
initiative (SBTi).
SOCIAL RESPONSIBILITY
Ambition
• Create job opportunities for people 
far from the labour market.
SUSTAINABILITY FOCUSING ON FIVE AREAS
Stendörren’s focus areas are based on the themes of environment, social responsibility, and corporate governance. These focus areas are regularly adapted to 
contribute to both short- and long-term goals. Within each area, the company has formulated concrete ambitions and targets. Stendörren primarily sets quantifiable 
goals that can be implemented and monitored. However, in certain areas, it may be difficult to establish quantitative targets, why the company then instead works with 
qualitative targets.

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
16
Group Introduction Business description Other information
Financial information
SEK million
Jan–Sep
2025
Jan–Sep
2024
Jul–Sep
2025
Jul–Sep
2024
Jan–Dec
2024
Rental income 773 664 263 220 902
Other income 7 9 1 1 9
Total income 780 673 264 221 910
Operating expenses –114 –104 –32 –25 –145
Maintenance costs –12 –15 –5 –5 –23
Property tax –23 –18 –7 –6 –24
Net operating income 630 536 220 185 718
Central administration –60 –64 –21 –19 –80
Financial income and expenses –287 –222 –98 –77 –319
Lease expenses/Ground rent –8 –8 –3 –3 –10
Income from property management before 
exchange rate changes
275 243 98 86 309
Unrealized changes in exchange rates –16 3 –2 –4 0
Income from property management after  
exchange rate changes
259 246 96 81 308
Change in value of investments properties 20 106 –35 59 225
Change in value of financial instruments –67 –130 16 –96 –91
Profit/loss before tax 212 223 78 44 443
Tax –61 –20 –17 3 –116
Profit/loss for the period 151 203 61 48 327
Translation differences –3 2 –1 1 2
Total other comprehensive income –3 2 –1 1 2
Total comprehensive income for the period 148 205 60 48 329
Comprehensive income for the period  
attributable to:
Parent Company’s shareholders 148 205 60 48 329
Earnings per share, before dilution, SEK 4.16 5.83 1.77 1.22 9.70
Earnings per share, after dilution, SEK 4.15 5.83 1.77 1.22 9.69
Average number of shares outstanding  
during the period, millions
31.85 28.43 31.06 28.43 28.89
Average number of shares outstanding  
during the period after dilution, millions
31.88 28.44 31.09 28.45 28.91
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Result
Compared to January–September 2024, Stendörren 
reports an increase of approximately SEK 107 million in 
income and of approximately SEK 94 million in net oper-
ating income. In the comparable portfolio, net operat-
ing income increased by approximately SEK 28 million, 
which is approximately 5 percent higher than in the third 
quarter of 2024. After deduction of financing costs and 
central administration costs, income from property man-
agement before changes in exchange rates totaled SEK 
275 million (243), representing an increase of 13 percent 
and 21 percent adjusted for non-recurring items
attributable to early refinancings. Profit for the period 
amounted to SEK 151 million (203), corresponding to 
SEK 4.16 per share (5.83). 
Rental income
Rental income increased by approximately 16 percent 
to SEK 773 million (664) compared to the correspond-
ing period 2024. The increased income was driven by 
higher rents in the existing portfolio, acquisitions and 
completed and leased projects during the period. 
Property expenses
Recognized property expenses amounts to approxi-
mately SEK –150 million (–136) which is SEK 13 million 
higher compared to the corresponding period 2024. 
Total property expenses in the comparable portfo-
lio decreased by approximately SEK 1 million, which 
corresponds to about 1 percent. Costs for maintenance, 
heating, and electricity decreased, while property tax 
and property insurance costs increased slightly.
Central administration
Costs for central administration for the period 
amounted to SEK –60 million (–64) and comprised of 
costs for central administration, company management, 
Board and auditors.  
Net financial items
Financial income during the period amounted to  
SEK 27 million (109) and mainly relates to income from 
interest rate derivatives. The decrease is due to a lower 
hedging ratio compared to the previous year and that 
lower interest rates result in lower income from interest 
rate derivatives. Financial expenses, excluding lease 
expenses, decreased to SEK –314 million (–331). The 
decrease is mainly due to lower interest rates, partly off-
set by higher borrowing compared to the same period 
in 2024 and early repurchases of outstanding bond loan 
during the second and third quarter of 2025 and early 
refinancing of bank loans during the third quarter. These 
repurchases resulted in non-recurring items of approx-
imately SEK –12.5 million and the early refinancings 
approximately SEK –6.0 million, in total approximately 
SEK –18.5 million that are charged to net financial items 
in the period. Lease expenses (pertaining to IFRS 16 
Leases) amounted to SEK –8 million (–8). The expense 
mainly comprised of ground rent and leasehold fees.
Changes in value
The company reported realized and unrealized changes 
in value of the property portfolio of SEK 20 million 
(106). Value changes in the property portfolio during 
the period were primarily driven by adjusted yield 
requirements and market rent assumptions as well 
as changed cash flows following, for example, new 
leases, renegotiated but also terminated agreements. 
Exchange rates and adjusted inflation assumptions had 
a negative effect on the property portfolio during the 
period. The market valuation of the interest-rate deriv-
atives resulted in a change in value of SEK –67 million 
(–130) as per the reporting date. 
Tax
The tax expense in profit or loss consists of current  
tax of SEK –35 million (–20) and deferred tax of  
SEK –26 million (–0). Of the current tax, approximately 
SEK –9 million relates to tax due to property sales  
during the period.

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
17
Group Introduction Business description Other information
Financial information
SEK million 30 Sep 2025 30 Sep 2024 31 Dec 2024
ASSETS
Non-current assets 
Intangible assets 8 2 9
Investment properties 15,162 13,061 14,311
Right-of-use assets 274 259 274
Equipment 0 1 0
Non-current receivables – 3 –
Interest-rate derivative – 19 58
Total non-current assets 15,445 13,344 14,651
Current assets
Current receivables 90 79 109
Cash and cash equivalents 531 462 214
Total current assets 621 541 323
TOTAL ASSETS 16,065 13,885 14,975
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
SEK million 30 Sep 2025 30 Sep 2024 31 Dec 2024
EQUITY AND LIABILITIES
Equity 5,819 4,786 5,395
Non-current liabilities
Interest-bearing liabilities 8,305 5,877 7,638
Other non-current liabilities 78 61 66
Lease liabilities 274 259 274
Deferred tax liabilities 1,087 1,000 1,061
Interest-rate derivative 9 – –
Other provisions 2 4 4
Total non-current liabilities 9,756 7,201 9,043
Current liabilities
Interest-bearing liabilities 143 1,602 153
Other current liabilities 348 296 383
Total current liabilities 491 1,898 536
TOTAL EQUITY AND LIABILITIES 16,065 13,885 14,975
Non-current assets
Stendörren’s non-current assets mainly consist of 
investment properties. As of September 30, 2025, the 
value of the total property portfolio amounted to SEK 
15,162 million (13,061).
Current assets
Current assets amounted to SEK 621 million (541) on 
the closing date, consisting of cash and cash equiva-
lents of SEK 531 million (462) and rental receivables 
and other current receivables of SEK 90 million (79). 
Available liquidity, in the form of cash and cash equiv-
alents and available credit facilities, amounted to 
approximately SEK 890 million at the end of the period. 
No additional collateral needs to be pledged to utilise 
these credit facilities. 
Equity
As of September 30, 2025, the Group’s equity 
amounted to SEK 5,819 million (4,786) and the equity 
ratio to 37 percent (35). 
Interest-bearing liabilities
The carrying amount of the Group’s interest-bearing 
liabilities at the end of the reporting period amounted 
to SEK 8,448 million (7,479) corresponding to a loan-to-
value ratio of 53 percent (54). The liabilities consisted 
of loans from credit institutions of SEK 6,954 million 
(5,802) and three green bonds totaling SEK 1,534 mil-
lion (1,714). Loan arrangement costs of SEK –40 million 
(–37) were allocated in accordance with the compa-
ny’s accounting policies. The short-term portion of the 
interest-bearing liabilities amounted to SEK 143 million 
(1,602) and consisted of loans and repayments that are 
due within the next 12 months.
Interest and loan maturities
Stendörren aims to reduce interest and refinancing risks 
in its operations by spreading the maturity structure 
for interest-rates and loan maturities over several years. 
Interest-rate risks are managed mainly through inter-
est-rate derivatives. For a more detailed description of 
the interest and loan maturity portfolio, see page 14.
Deferred tax liabilities (net)
Deferred tax liabilities amounted to SEK 1,087 million 
(1,000) on September 30, 2025, and related to the tax 
on properties, derivatives, untaxed reserves and unuti-
lized losses carried forward.
Other current liabilities 
In addition to the short-term portion of interest-bearing 
liabilities, current liabilities include accounts payable, 
accrued expenses and deferred income, tax liabilities 
and other current liabilities, amounting to a total of  
SEK 348 million (296).

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
18
Group Introduction Business description Other information
Financial information
CONSOLIDATED CHANGES IN EQUITY
As of September 30, 2025, the Group’s equity amounted  
to SEK 5,819 million (4,786). 
The 2025 AGM resolved on a dividend totaling  
SEK 0 million (0).
SEK million
 Share 
capital
Other capital 
contributed
 Translation 
differences
Retained earnings 
including profit for 
the period Hybrid bond
Total equity 
attributable to the 
company’s owners
Opening balance equity, January 1, 2024 17 1,201 3 3,105 512 4,838
Interest/dividend hybrid bond – – – –46 – –46
Issue of shares, net after transaction costs 2 487 – – – 489
Tax effect after transaction costs – 3 – – – 3
Issue of hybrid bond, net after transaction costs – – – –4 300 296
Repurchase hybrid bond – – – –2 –513 –515
Comprehensive income January–December 2024 – – 2 327 – 329
Closing balance equity, December 31, 2024 19 1,691 5 3,380 300 5,395
Opening balance equity, January 1, 2025 19 1,691 5 3,380 300 5,395
Share warrant program – 1 – – – 1
Interest/dividend hybrid bond – – – –19 – –19
Issue of shares, net after transaction costs 1 292 – – – 293
Tax effect after transaction costs – 1 – – – 1
Comprehensive income January–September 2025 – – –3 151 – 148
Closing balance equity, September 30, 2025 20 1,985 2 3,512 300 5,819

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
19
Group Introduction Business description Other information
Financial information
SEK million
Jan–Sep
2025
Jan–Sep
2024
Jul–Sep
2025
Jul–Sep
2024
Jan–Dec
2024
Cash flow from operating activities
Income from property management 259 246 96 81 308
Adjustment for non-cash items 12 7 5 –1 28
Income tax paid –33 –6 –23 1 –1
Cash flow from operating activities  
before changes in working capital
238 247 78 81 335
Changes in working capital
Changes in operating receivables –2 –36 –12 15 –31
Changes in operating liabilities 19 –85 41 –20 –88
Cash flow from operating activities 255 126 107 77 217
Investing activities
Investments in existing properties –333 –409 –105 –190 –598
Acquisitions of Group companies/properties –605 –195 –159 –176 –1,118
Divestments of Group companies/properties 63 224 – – 224
Cash flow from investing activities –874 –380 –264 –366 –1,492
Financing activities
Issued warrant program 1 – – – –
Issue shares, net after transaction costs 292 – –1 – 489
Issue hybrid bond, net after transaction costs – 296 – – 296
Dividend hybrid bond –19 –39 –6 –13 –46
Repurchase hybrid bond – –514 – –380 –514
Raised interest-bearing liabilities 3,081 3,219 2,152 992 5,014
Repayment of interest-bearing liabilities –2,432 –2,382 –1,731 –233 –3,893
Deposits 13 4 0 2 9
Cash flow from financing activities 936 583 414 368 1,356
Cash flow for the period 317 329 257 79 81
Cash and cash equivalents at  
the beginning of period
214 134 275 383 134
Cash flow for the period 317 329 257 79 81
Cash and cash equivalents at the end of the period 531 462 531 462 214
CONSOLIDATED STATEMENT OF CASH FLOWS

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
20
Parent Company Introduction Business description Other information
Financial information
SEK million
Jan–Sep
2025
Jan–Sep
2024
Jul–Sep
2025
Jul–Sep
2024
Jan–Dec
2024
Net sales 92 93 30 27 129
Operating expenses –92 –93 –30 –27 –129
Profit before financial items 0 0 0 0 0
Financial items
Income from shares in subsidiaries –7 – –7 – 123
Net financial items 25 27 –15 3 19
Unrealised exchange rate differences 0 –2 0 0 –2
Profit/loss after financial items 18 25 –22 3 140
Appropriations – – – – 12
Profit/loss before tax 18 25 –22 3 152
Tax – – – – –
Profit for the period 18 25 –22 3 152
PARENT COMPANY INCOME STATEMENT
Operations in the Parent Company consist of manage-
ment functions for all of the Group’s companies and 
properties. All staff are employed by the  Parent Com-
pany. No properties are owned directly by the Parent 
Company. The Parent Company’s income during the 
period mainly comprised of SEK 92 million in recharged 
services rendered by its own staff. Net interest income 
consists of net interest charged on intra-Group loans 
and external interest expense for the corporate bond 
programs. Cash and cash equivalents as of September 
30, 2025 amounted to SEK 70 million (386) and equity 
amounted to SEK 2,001 million (1,096).

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
21
Parent Company Introduction Business description Other information
Financial information
SEK million 30 Sep 2025 30 Sep 2024 31 Dec 2024
ASSETS
Non-current assets
Intangible assets 8 2 9
Equipment 5 10 3
Shares/participations in group companies 1,153 999 1,165
Receivables from group companies 3,886 3,689 3,239
Deferred tax assets 0 0 0
Total non-current assets 5,052 4,700 4,417
Current assets
Receivables from group companies 365 551 27
Current receivables 4 13 11
Cash and cash equivalents 70 386 49
Total current assets 439 950 87
TOTAL ASSETS 5,491 5,650 4,503
PARENT COMPANY BALANCE SHEET
SEK million 30 Sep 2025 30 Sep 2024 31 Dec 2024
EQUITY AND LIABILITIES
Equity 2,001 1,096 1,708
Non-current liabilities
Interest-bearing liabilities 1,521 1,698 1,287
Liabilities to group companies 1,547 2,115 1,459
Total non-current liabilities 3,068 3,813 2,746
Current liabilities
Liabilities to group companies 377 709 6
Other current liabilities 45 32 44
Total current liabilities 422 741 50
TOTAL EQUITY AND LIABILITIES 5,491 5,650 4,503

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
22
Introduction Business description Other information
Financial information
KEY RATIOS
Jan–Sep
2025
Jan–Sep
2024
Jan–Dec
2024
PROPERTY-RELATED
Lettable area, thousand sqm 891 816 857
No. of properties 170 153 160
Fair value properties, SEK million 15,162 13,061 14,311
Letting ratio, by area, % 91 91 91
Economic occupancy rate, % 94 93 92
NOI yield, total portfolio, 12 month average, % 5.6 5.5 5.5
NOI yield, excl. projects & land, 12 month avg, % 6.4 6.5 6.4
Total return, 12 month average, % 6.6 5.8 7.3
Weighted avg unexpired lease term, years 4.2 4.0 4.4
Average annual rent, SEK/sqm 1,311 1,261 1,291
FINANCIAL
Total income, SEK million 780 673 910
Net operating income, SEK million 630 536 718
Income from property management, SEK million 275 243 309
Surplus ratio, 12 month average, % 80 79 79
Total assets, SEK million 16,065 13,885 14,975
Average interest rate, total liabilities incl. derivatives, % 3.9 4.4 4.2
Average interest maturity at end of period, years 2.1 2.4 2.2
Average loan maturity at end of period, years 2.8 2.6 3.1
Interest coverage ratio, 12 month average, times 1.9 2.0 2.0
Loan-to-value ratio at end of period, % 53 54 52
Loan-to-value ratio, property level at end of period, % 46 44 45
Equity ratio at end of period, % 37 35 37
Return on equity, 12 month average, % 5 0 7
Jan–Sep
2025
Jan–Sep
2024
Jan–Dec
2024
STOCK RELATED
Market capitalization, SEK million 6,407 5,814 6,538
Stock price at end of period, SEK 196.50 204.50 210.50
Book equity per share, SEK1) 169.39 157.94 164.19
Long-term net asset value, SEK million 6,619 5,471 6,103
Long-term NAV per share, SEK 203.02 192.45 196.50
Current NAV, SEK million 6,097 5,007 5,613
Current NAV per share, SEK 186.98 176.14 180.72
EPS before dilution, SEK 4.16 5.83 9.70
EPS after dilution, SEK 4.15 5.83 9.69
Cash flow from operating activities per share, SEK 8.02 4.41 7.52
No. of shares at end of period 32,605,473 28,428,265 31,058,473
Average no. of shares 31,851,806 28,428,265 28,888,192
OTHER
No. of coworkers at end of period 56 54 55
No. of coworkers, average in period 56 54 54
1) Book equity excluding hybrid capital per share.
 For definitions, please see page 27. Explanations of the key ratios used can also be found at stendorren.se.

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
23
Introduction Business description Financial information
Other information
OTHER INFORMATION
The share
Stendörren’s Class B share is listed on Nasdaq Stock-
holm, Mid Cap. The company’s ticker symbol is STEF B 
and the ISIN code is SE0006543344. One trading lot 
corresponds to one (1) share.
As of September 30, 2025, the share price was SEK 
196.50 per share (SEK 204.50), corresponding to a total 
market capitalization of SEK 6,407 million (SEK 5,814 
million).
On the same date, the company had a total of 3,651 
shareholders (3,201). The three largest shareholders 
were Stendörren Real Estate AB with 37.7 percent, Altira 
AB with 9.8 percent, and SEB Investment Management 
with 13.3 percent of the shares.
The total number of shares as of September 30, 2025 
was 32,605,473 (28,428,265).
Related party transactions
During the period, the company carried out a trans-
action with a senior executive for the lease of three 
garage spaces. All transactions with related parties are 
conducted on market terms. Other than what is stated 
above, the company is not and has not been party to 
any business transaction, loan, guarantee or guaran-
tee connection with any of the Board members, senior 
executives, major shareholders or related parties to any 
of these during the period.
Risks 
Risks and uncertainties are primarily related to changes 
in macroeconomic factors affecting demand for 
premises and the price of capital. Stendörren is also 
exposed to the risk of unforeseen increases in operating 
expenses or maintenance costs, which cannot fully be 
compensated for in leases with tenants. There is also 
a risk that the company’s lenders do not extend credit 
facilities at maturity. 
Real estate transactions are a part of the company’s 
business model and are, by their nature, associated with 
uncertainties and risks. More information about these 
risks can be found on pages 47–48 in the company’s 
Annual Report for the 2024 fiscal year. In addition to 
the risks that are outlined in the Annual Report, the risks 
related to the uncertain macroeconomic climate have 
been described in greater detail in this report, for  
example in the sensitivity analysis for changes in interest 
rates on page 14.
CALENDAR 2025
Year-end Report 2025 February 19, 2026
FOR MORE INFORMATION, PLEASE CONTACT:
Erik Ranje
CEO
erik.ranje@stendorren.se
+46 8 518 331 00
Per-Henrik Karlsson
CFO
per-henrik.karlsson@stendorren.se
+46 8 518 331 00
Accounting policies 
This interim report has been prepared in accordance 
with IAS 34 Interim Financial Reporting and the Swedish 
Annual Accounts Act. The same accounting policies, val-
uation principles and calculation methods were applied 
as in the most recently published financial information, 
see Note 1 of the company’s 2024 Annual Report. Invest-
ment properties are measured at Level 3 of the fair value 
hierarchy according to IFRS 13. Derivative instruments 
are measured at fair value in the consolidated financial 
statements with changes in value recognized in profit or 
loss. To determine the fair value of interest-rate deriva-
tives, market rates for each term listed on the balance 
sheet date and generally accepted calculations methods 
are used, which means that fair value is determined in 
accordance with Level 2 of IFRS 13. The Parent Company 
applies the Annual Accounts Act and RFR 2 Accounting 
for Legal Entities. 
Auditor’s review
This interim financial report was reviewed by the compa-
ny’s auditors (see review report on page 25).

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
24
Introduction Business description Financial information
Other information
THE BOARD OF DIRECTORS AND THE CEO’s ASSURANCE
The Board of Directors and the CEO assure that the report provides a fair overview of the Parent Company and the Group’s operations,  
financial position and results and describes the most significant risks and uncertainties faced by the Parent Company and the Group companies.
Stockholm, October 24, 2025
Andreas Philipson 
Chairman
Carl Mörk 
Board member
Helena Levander 
Board member
Tom Livelli
Board member
This information is such that Stendörren Fastigheter AB is required to publish according to the EU Market Abuse Regulation.
The information was provided, through the agency of the contact person below, for publication on October 24, 2025 at 7:00 am CET.
Joakim Rubin 
Board member
Roniek Bannink 
Board member
Erik Ranje
CEO

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
25
Introduction Business description Financial information
Other information
AUDIT REVIEW REPORT
Introduction
We have reviewed the condensed interim report for Stendörren 
Fastigheter AB (publ) as of 30 September 2024 and for the nine 
months period then ended. The Board of Directors and the Man-
aging Director are responsible for the preparation and presenta-
tion of this interim report in accordance with IAS 34 and the 
Swedish Annual Accounts Act. Our responsibility is to express a 
conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with the International 
Standard on Review Engagements, ISRE 2410 Review of Interim 
Financial Statements Performed by the Independent Auditor 
of the Entity. A review consists of making inquiries, primarily of 
persons responsible for financial and accounting matters, and 
applying analytical and other review procedures. A review is 
substantially less in scope than an audit conducted in accord-
ance with International Standards on Auditing and other gen-
erally accepted auditing standards in Sweden. The procedures 
performed in a review do not enable us to obtain assurance that 
we would become aware of all significant matters that might be 
identified in an audit. Accordingly, we do not express an audit 
opinion.
Conclusion
Based on our review, nothing has come to our attention that 
causes us to believe that the interim report is not prepared, in 
all material respects, in accordance with IAS 34 and the Swedish 
Annual Accounts Act regarding the Group, and in accordance 
with the Swedish Annual Accounts Act regarding the Parent 
Company.
Stockholm, October 24, 2025 
BDO Mälardalen AB
Johan Pharmanson  
Authorized Public Accountant 
Stendörren Fastigheter AB (publ), corporate identity number 556825-4741

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
26
Introduction Business description Financial information
Other information
ASSESSED EARNINGS CAPACITY 
1)
According to the company’s assessment, the total 
annual rental income (after deductions for vacancies 
and discounts) amounts to approximately SEK 1,049 mil-
lion on October 1, 2025. The company also assesses that 
current property expenses amount to approximately 
SEK 207 million. Accordingly, the Group is expected to 
generate annual net operating income of approximately 
SEK 842 million. 
Costs for central administration are assessed to 
approximately SEK 76 million, net financial items to 
approximately SEK 324 million and leasing costs to 
approximately SEK 11 million. This totals an annual 
income from property management of approximately 
SEK 431 million as of October 1, 2025.
This information is only the company’s own assess-
ment of the earnings capacity as of October 1, 2025, 
without taking into account new letting, vacancies or 
index- related rent changes that have not yet had an 
effect or other, implemented measures that have not  
yet had effect on income from property management.  
Costs for central administration are based on actual 
outcome for the past 12 months and net financial items 
are calculated based on interest-bearing liabilities and 
assets on the closing date. Costs for interest-bearing 
liabilities are based on the Group’s average interest rate 
on October 1, 2025, plus allocated financing costs and 
costs for unutilized credit facilities on the closing date. 
The refinancings that were carried out or agreed upon 
after October 1, 2025 and which thus had no effect on 
the earning capacity as of October 1, 2025 reduces the 
annual financing cost by an additional approximately 
SEK 21 million. Leasing costs essentially refer to ground 
rent, based on actual outcome for the past 12 months 
adjusted for the holding period.
Any additional acquisitions or sales announced by the 
company, but which have not yet been entered into or 
resigned, are not included. 
The earnings capacity also does not take into account 
ongoing and recently completed projects that have 
not yet generated revenue during the reporting period 
which are expected, following leasing and completion, 
to add approximately SEK 68.5 million in net operating 
income. 
These data should therefore not be seen as a forecast 
of future profit development for Stendörren. 
Assessed earnings capacity1)
Rental income 1,049
Total income
Operating expenses –151
Maintenance costs –27
Property tax –30
Net operating income 842
Central administration –76
Financial income and expenses –3242)
Lease expenses/Ground rent –11
Income from property management 431
1) This is the Company’s best assessment of current earnings capacity 
on an annual basis as of October 1, 2025 and not a forecast of future 
expected earnings.
2) The refinancings that were carried out or agreed upon after October 
1, 2025 and which thus had no effect on the earning capacity as of 
October 1, 2025 reduces the annual financing cost by an additional 
approximately SEK 21 million. 
New construction of a logistics facility, Stenvreten 8:37, Enköping. Certified according to BREEAM SE, level Outstanding.

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

STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2025
27
Introduction Business description Financial information
Other information
DEFINITIONS
CURRENT NET ASSET VALUE
Book equity net of hybrid capital adjusted for actual 
deferred tax liability, calculated at an effective tax rate 
of 5.9 percent and adjusted for interest-rate derivatives.
AREA WEIGHTED OCCUPANCY RATE
Area contractually leased to tenants in relation to total 
lettable area.
AVERAGE RETURN ON EQUITY
Profit for the period in relation to average equity the  
last 12 months.
LOAN-TO-VALUE RATIO
Interest-bearing liabilities in relation to total assets.
LOAN-TO-VALUE RATIO AT PROPERTY LEVEL
Interest-bearing liabilities secured in properties in  
relation to the fair value of the properties.
NOI YIELD
Property NOI the last 12 months in relation to the  
fair value of the properties.
NET OPERATING INCOME
Total rental income from the properties reduced  
by property operating expenses.
ECONOMIC OCCUPANCY RATE
Contractual annual rent in relation to rental value, 
excluding properties not lettable at the end of the 
period due to demolition and/or major project  
development.
INCOME FROM PROPERTY MANAGEMENT
Profit for the period before value changes and tax.
NET FINANCIAL ITEMS
Net financial items are the difference between interest 
income and interest expenses as well as leasing costs.
AVERAGE INTEREST RATE
The weighted average interest rate on all interest- 
bearing liabilities including interest-rate derivatives.
WEIGHTED AVERAGE  
UNEXPIRED LEASE TERM
The weighted average remaining lease term on all  
existing property leases. Expressed in terms of years 
remaining until expiry.
LOAN MATURITY
The weighted average remaining time to maturity for 
interest-bearing liabilities, expressed in years.
CASH FLOW PER SHARE
Cash flow from operating activities before changes in 
working capital according to the cash flow statement 
divided by the average number of shares outstanding 
before dilution. 
LONG-TERM NET ASSET VALUE
Book equity net of hybrid capital adjusted for deferred 
tax and the derivatives value (+/–).
GROWTH IN INCOME FROM PROPERTY MANAGEMENT 
PER SHARE
Percentage change in income from property manage-
ment per share reduced by interest on hybrid bonds the 
last 12 months.
NET LETTING
Annual rent for new signed leases reduced by annual 
rent for terminations and annual rent for bankruptcies.
EARNINGS PER SHARE
Net profit after hybrid interest divided by the average 
number of shares outstanding, before and after dilution.
AVERAGE INTEREST MATURITY  
INCLUDING DERIVATIVES
The weighted average remaining time to interest adjust-
ment on interest-bearing liabilities including the effect 
of interest derivatives. Expressed in years remaining.
ICR
Income from property management the last 12 months 
adding back net financial expenses, in relation to net 
financial expenses (excluding the rights of use of land 
lease properties that in accordance with IFRS 16 is 
accounted for as a financial cost).
EQUITY RATIO
Book equity in relation to total balance sheet (excluding 
the leasing liability for the rights of use of land lease 
properties that, in accordance with IFRS 16, is accounted 
for as a long term liability).
TOTAL RETURN
Property NOI increased by change in value of invest-
ment properties during the last 12 months divided by 
the average fair value of the properties during the same 
period.
SURPLUS RATIO
Properties’ NOI divided by total income during the same 
period.
The European Securities and Markets Authority (ESMA) has issued guidelines for the use of Alternative Performance Measures, (APMs) related  
to companies with securities that are listed on a regulated market. The guidelines have been developed in order to increase the transparency  
and the comparability in APMs commonly used in prospectuses and other compulsory information submitted by listed companies. Stendörren 
provides more detailed definitions and explanations of the APMs it uses. These definitions and explanations, along with a reconciliation table,  
are in accordance with the ESMA guidelines and can be found on www.stendorren.se, investor relations.

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

STENDÖRREN.SE
Erik Ranje
CEO
erik.ranje@stendorren.se
+46 8 518 331 00
FOR MORE INFORMATION, PLEASE CONTACT:
Per-Henrik Karlsson
CFO
per-henrik.karlsson@stendorren.se
+46 8 518 331 00