KlaraBo Sverige (KLARA) Stockholm Corporate Finance Conference 2025 summary

Strategic focus and operational highlights

• Emphasis on resilient growth through acquisitions and organic refurbishment, with a cluster strategy in four growth regions to leverage scale and local knowledge.

• In-house management enables cost control and optimization, supporting a real occupancy rate above 97%.

• SEK 1bn in acquisition capacity and a strengthened organization with deep transactional and capital market expertise.

• Portfolio includes 7,431 apartments, with 50% concentrated in Helsingborg, Östersund, Trelleborg, and Visby.

• Attractive apartments offered at reasonable rents, supporting demand and low vacancy risk.

Financial performance and value creation

• Revenue grew 13.2% and operating profit rose 13.9% in H1 2025, with income from property management up 24%.

• Accumulated annual rental increase from refurbishments reached SEK 40m, with a net value increase of SEK 460m from SEK 540m invested.

• NAV per share potential is SEK 40, compared to actual Q2 NAV per share of SEK 32.9.

• Loan-to-value stands at 50.5%, with average interest maturity of 3.3 years and 60% of the portfolio hedged.

• No refinancing needed in 2025; refinancing of over SEK 1bn completed.

Portfolio development and market positioning

• Recent SEK 850m portfolio acquisition in Helsingborg adds 740 apartments, with refurbishment potential of 56% and yield-on-cost of 9.7%.

• Cluster hubs in Helsingborg, Trelleborg, Östersund, and Visby show high occupancy (100%) and significant refurbishment potential (43–87%).

• Value per sqm remains below replacement cost, limiting competition from new construction.

• 60% of the portfolio has refurbishment potential, supporting future growth.

• Annual rent increases have outpaced cost inflation, with 17% average annual NRV growth since 2019.