SBB Norden (SBB) investor relations material

Strategic developments and business focus

• Emphasis on recent organizational changes and a shift toward four clear business segments: community, residential, education, and development.

• Growth achieved through subsidiaries, with a 3.7% increase in net operating income in comparable properties.

• Notable reduction in central administration costs by 23% year-over-year, reflecting improved cost control.

• Ongoing efforts to streamline the portfolio, including divestments and consolidation under core platforms.

• Strong engagement with municipalities and tenants, supporting confidence in core operations.

Financial structure and capital management

• Successful new share issue brought in Aker as a major, long-term shareholder with board representation.

• Consolidated liquidity stands at just under SEK 4 billion, with SEK 2.2 billion available excluding Sveafastigheter.

• Refinancing focus on joint venture structures, with most 2025 maturities already addressed.

• Leverage remains high, with a complex capital structure and significant hybrid bond component.

• Central administration costs have been a focus, with significant reductions achieved since Q2.

Portfolio composition and operational highlights

• Property exposure totals SEK 94 billion, with SEK 54 billion on the balance sheet and the rest in joint ventures.

• Residential segment managed via Sveafastigheter, which owns 14,500 apartments and has a strong development pipeline.

• Community properties feature long leases (WAULT 8 years) and stable, low rents, offering potential for future growth.

• Education assets are primarily held through Nordicus, a leading European platform with investment grade rating.

• Development segment targets value creation through active management and transformation of underutilized assets.