SBB Norden (SBB) Stockholm Corporate Finance Conference 2025 summary

Key operational and financial highlights

• Property exposure increased by SEK 901 million in Q2 2025, with a consolidated property value of SEK 54.4 billion and a loan-to-value ratio of 59%.

• Net operating income rose by 3.7% and rental income by 4.8% in comparable portfolios, with a direct yield of 4.8%.

• Central administration costs decreased by 23% year-over-year, and a new major shareholder, Aker ASA, now holds 29% of votes.

• Investment grade ratings were achieved for key subsidiaries, and a new share issue reduced leverage.

• Cash position at the end of Q2 2025 was SEK 3.9 billion, with additional liquidity from listed holdings.

Portfolio structure and tenant base

• Social infrastructure, residential, and education segments represent SEK 40.0bn, SEK 28.6bn, and SEK 20.1bn in property exposure, respectively.

• 80% of tenants are government entities, with 90% in the social infrastructure portfolio; WAULT is 6.8 years.

• Rental contracts are predominantly KPI-indexed, minimizing risk of rent loss.

• Elderly care constitutes 31% of the property portfolio, and education assets are managed through a leading European platform.

Development and growth initiatives

• Strategic development activities are expected to generate at least 15% return on equity, with ongoing projects in multiple Swedish cities.

• The development segment is capped at 10% of consolidated property value and 5% of total exposure.

• Notable project: Kriminalvårdens Hus in Västerås, with a 20-year lease and SEK 300 million liquidity effect upon sale.