Nivika Fastigheter

Annual Report • Feb 27, 2025

Year-End report

1 SEPTEMBER 2023 – 31 DECEMBER 2024 Nivika Fastigheter AB (publ)

INTERIM REPORT 1 SEP 2023 – 31 DEC 2024 Nivika Fastigheter AB (publ) 1

Property value

760 MSEK Lease value

Occupancy rate

6

(16 months)

Lettable area

47 % Net Loan-to-Value

SIGNIFICANT INCREASE IN NET OPERATING INCOME FOR THE QUARTER

In mid-August, Nivika held an extraordinary general meeting where the meeting decided to change the financial year to a calendar year, that is, January 1 to December 31. This means that the current financial year is extended until 2024-12-31 and thus becomes 16 months.

October - December 2024 (3 months)	September 2023 - December 2024 (16 months)	MSEK
Figures in brackets refer to the same period last year
- Total rental income increased by 17 % to 188 MSEK (161)	- Total rental income increased to 923 MSEK	Key ratios
- Net operation income increased by 18 % to 130 MSEK (111)	- Net operation income increased to 655 MSEK
- The profit from property management increased with	- The profit from property management increased to 266 MSEK
47 % to 56 MSEK (38), including one-time cost of 3 MSEK during the period	- Change in value for investment properties amounted to 126 MSEK whereof realised change in value amounted
- Change in value for investment properties amounted to	to 11 MSEK
29 MSEK (-192) whereof realised change in value	- Comprehensive income increased to 200 MSEK
amounted to 0 MSEK (0)	- Earnings per share 2.08* SEK
- Comprehensive income increased to 82 MSEK (17)	- Property value amounted to 11.788 MSEK
- Earnings per share 0.81 SEK (0,24)*	- The board of directors proposes that a dividend of 0,64 SEK
	per share to be paid for the financial year distributed over 4
	payment dates. The dividend proposal is in accordance with
	Nivikas' dividend policy.
	- Annual General Meeting 2023/2024 will be held on 8 May 2025

During the fourth quarter, octobert to december 2024, the total rental income increased to SEK 188 MSEK (161) and the net operating income to 130 MSEK (111). The value of Nivika's property portfolio aggregates to SEK 11.8 billion at the end of the quarter. During the period, the portfolio has changed both through ongoing constructions as well as acquisitions. Three commercial properties have been acquired, two in Jönköping and one in Värnamo. At the end of the period, the property portfolio consisted of 62 percent commercial properties and 38 percent residential properties, in terms if property value.

Property value per object type, MSEK Rent value per object type, MSEK

MSEK	2023/24 16 mån Sep - Dec	2022/23 12 mån Sep - Aug
Key ratios
Rental Income	923	612
Net operating income	655	415
Profit from property management	266	134
Comprehensive income	200	-283
Property value	11 788	10 629
Lettable area sq m	622 362	559 418
Economic occupancy rate residential, %	96	98
Economic occupancy rate commercial, %	95	97
Number of properties, pcs	203	182
Number of apartments, pcs	2 797	2 458
Equity	5 556	4 919
Cash and cash equivalents	365	66
Equity ratio, %	45	45
Net loan-to-value ratio*, %	47	50
Interest coverage ratio, times	2,0x	1.6x
Long-term net asset value per share, SEK	65,2	69.9
Earning per share, SEK*	2,1	-4.4

*) Right issue carried out in May and November 2023.

Property value and total income, MSEK

CEO CEO STATEMENT

Clear signals to the market

During the last quarter of the calendar year, Nivika sent clear signals to the market that the company is in a growth phase. Nivika successfully re-entered the bond market and has begun acquiring high-yielding properties for the proceeds.

Increasing rental income and higher net operating margin creates increasing results

Niclas Bergman, CEO The financial performance for the quarter shows financial stability and that we are gradually continuing to increase revenue and profit. It is a statement of strength and a receipt that Nivika is doing the right things and that the business model works. Rental income increased by 17 percent to 188 MSEK (161). The net letting was -6 MSEK in the quarter due to tenant's bankruptcy, there are interested parties for the premises and we are hopeful of having signed a new lease before summer. For the full year, the net letting continued to be positive, +5 MSEK. Net operating income increased by 18 percent to 130 MSEK (111). The increased net operating income was mainly driven by increased revenue and a higher surplus ratio, the acquisitions of high-yielding properties over the past year have had a positive impact. The profit for the quarter of 80 MSEK (17) includes unrealized changes in the value of property portfolio of 31 MSEK (65) and unrealized changes in value of interest rate derivatives of 63 MSEK (-75). The property portfolio amounts to 11.8 MSEK (10.6) as of 31 of December 2024 with a total of current rental value of 800 MSEK. The property portfolio consists, at the end of the period, of 62 percent commercial properties and 38 percent residentials, in terms of property value.

During the quarter, agreements were signed to acquire ten properties with property values of approximately SEK 300 million. All properties are highyielding in warehouses and light industry and will strengthen earnings per share and operational cash flow.

During the quarter, Nivika started the construction of a new office and production facility at the Bredasten industrial area in Värnamo for Rudhäll Industri AB, a supply chain company within the Bufab Group. In the Bredasten area, the ground was broken for Sweden's first dedicated electric car filling station, which strengthens the area's service offering and Nivika's sustainability work.

The company continued to structure loan portfolios with partner banks during the quarter, which has resulted in improved cash flow of SEK 80 million on an annual basis.

Sustainability work has continued during the quarter with a CSRD focus, where the Company has developed targets and also taken steps towards an application to the Science Based Target initiative, which will be submitted in 2025. In terms of energy, Nivika has good control and only 6.4 percent of the properties have energy class F or G. These properties all have a plan to improve the energy class and achieve the requirements for the EU taxonomy.

The board of directors proposes that a dividend of 0,64 SEK per share to be paid for the financial year with quartely payments. The dividend proposal is in accordance with Nivikas dividend policy.

Growth in focus

Nivika has carried out a major restructuring in the past two years, where the Company has focused on costs and optimized the balance sheet. With a lowered key interest rate and renegotiated bank loans, together with the bond Nivika successfully issued during the quarter, the Company has available funds to pursue an expansive strategy. During 2024, Nivika has acquired properties worth approximately SEK 800 million and the Company continues to have several interesting deals to evaluate. The focus is on high-yielding properties within warehouses and light industry, where each deal should improve cash flow and earnings per share.

Communications and location are important and will become even more important for our tenants as their market becomes increasingly global and being able to easily transport their goods is one of the keys to their growth. That is why Nivika is investing in the West Swedish triangle consisting of E4, National Road 40 and E6, all of which are within Nivika's market area. The Bredasten area is a successful example of a cluster of properties where the service industry has also grown and serves the businesses in the area. Nivika is actively looking for similar locations where the Company can build clusters along the West Swedish triangle.

Continued focus on earnings per share and cash flow

In a world filled with concerns about punitive tariffs and geopolitics, it is nice to be firmly anchored in the Småland soil. Nivika continues to believe that local presence and closeness to our tenants creates the best shareholder value. By focusing on cash flow, operating net income and growth through the acquisition of highyielding properties, the Company's key figures will be further strengthened and position us even more as an attractive company to do business with.

I look forward to 2025 with confidence.

Sverker Källgården, CEO

"Long term ownership, in-house management, local precence and short decision-making process"

SIGNIFICANT EVENTS

Events Oktober to December 2024

• On October 9, Nivika signed an agreement to acquire Överkanten 4, a commercial property, in the Solåsen industrial area, along the E4, in Jönköping The property has an annual rent value of 4.0 MSEK and a total lettable area 3,400 sq. m. Access is expected to take place 2025-01-07.
• On October 28, Nivika took the possession of a commercial property, Älgskytten 14, in the indutrial area Ljungarum, along E4 in Jönköping. The property ha a total lettable area of 6,800 sq. m and an annual rental value of 7.1 MSEK.
• Nivika has on November 5 successfully issued senior unsecured green bonds in the amount of SEK 400 million. The bond carries a floating rate of 3 months STIBOR plus 325 basis points with a maturity of 3.25 years. The proceeds will be used in accordance with the Company's recently established green financing framework and will contribute to the Company's continued growth and create shareholder value.
• On November29 , Nivika took the possession of a commercial property, Klynnan 13, located along national road 27, adjacent to an existing industrial property in Värnamo. The property has a total lettable area of 2,100 sq. m and an annual rental value of 1.5 MSEK. The acquisition was partly financed with repurchased B shares.
• On December 4, Nivika took the possession of a commercial property, Lärkfalken 2, in Värnamo. The property has a total lettable area of 1,140 sq. m and an annual rental value of 2,0 MSEK.
• The Nomination Committee in Nivika announced on December 17 its intention to propose Knut Rost as a new board member in Nivika at the 2025 Annual General Meeting. The Board of Directors in Nivika has also decided to appoint Knut Rost as an adjunct member of Nivika's board for the period until the 2025 Annual General Meeting. Knut Rost has extensive experience in the real estate industry and has held various positions within Aspholmen Fastigheter and ICA Fastigheter in Västerås since 1995. Knut Rost most recently came from Diös Fastigheter AB (publ) where he was CEO for almost eleven years. His many years of experience working in another listed company will help Nivika in continued growth. The Nomination Committee's other work ahead of the 2025 Annual General Meeting has begun and other proposals will be presented well in advance of the Annual General Meeting.
• Press release on December 23, Nivika signs new financing agreements with two Nordic banks of approximately SEK 3 billion involving refinancing and restructuring of the existing loan portfolio, an extension with an RCF facility and no amortization at LTV below 50 percent. The capital commitment is extended by three years.
• Press release on December 27, with the support of authorization from the Annual General Meeting on February 5, 2024, the board of directors of Nivika Fastigheter AB (publ) has decided to initiate a new share buyback program for an amount of up to SEK 50 million during the period January 2 to April 30, 2025.

Events from 1 January 2025

• On January 14, Nivika took possession of a commercial property, Kämparp 1:23, in Habo. The property has a total lettable area of approximately 1,500 sq. m and an annual rental value of SEK 1.1 million. Nivika will also use the building rights on the property to build a new building materials store for Jem & Fix with a contract period of 10 years and an annual rent of SEK 1.4 million. The acquisition was partly financed with repurchased B shares.
• On January 16, Nivika took the possession of two commercial properties, Hammaren 35 och Berghem 1:21,, along E4 in Ljjungby. The properties have a total lettable area of 5,200 sq. m and an annual rental value of 3.9 MSEK. The acquisition was partly financed with repurchased B shares.
• Nivika announced on January 29 that CFO and Vice President Kristina Karlsson has chosen to leave her position to move into her own business. Kristina Karlsson has been CFO of Nivika since 2018 and will remain in her role during the notice period.
• On January 31, Nivika took the possession of three commercial properties, Varberg Stören 2, Halmstad Fanan 24 och Laholm Lampan 3. The properties have a total lettable area of 4,000 sq. m and an annual rental value of 4.0 MSEK.
• Nivika announced on February 21 that Daniel Karlsson is has appointed new CFO of the Company and will assumed his new role on May 25, 2025, at the latest.

Sadelmakaren 1, Värnamo

EARNINGS CAPACITY

The current earnings capacity for the coming 12 months is based on the property portfolio owned by Nivika as of balance sheet date.

The earnings capacity is not a forecast but a snapshot whose purpose is to present income and expenses on an annual basis given property holdings, financing costs, capital structure and organisation at a specific point in time. Earnings capacity does not include estimations for the forthcoming period regarding the development of rent, occupancy rate, property expenses, interest rates, changes in value or other items affecting earnings.

Based on the property portfolio and the current signed leases per balance sheet date, the rental income for the coming twelve-month period amounts to 760 MSEK. The property expenses are calculated based on the current operating margin, amounted to 203 MSEK, which generats an operating net of 557 MSEK. The surplus rate is estimated to approximately 73 percent based on property costs for a normal business year including property-related administration. Based on the current scope of organization and operations, the central administration costs are estimated to 40 MSEK. Profit from property management is therefore estimated to 258 MSEK.

Current earning capacity does not include future income from construction in progress. According to estimates, ongoing projects add rental income of 38 MSEK. Based on the assessed surplus rate, the projects add an operating net of approximately 34 MSEK.

Current earnings capaicty, MSEK	31 December 2024
Rental value	800
Vacancy	-40
Rental income	760
Property expenses	-203
Net operating income	557
Central administrative expenses	-40
Net financial items	-259
Profit from property management	258
Profit from property management, per
share, SEK	2.69

The following information forms the basis for the estimated earnings capacity:

Rental income is based on actual signed leases on an annual basis (including service charges and potential rental discounts) as well as other property-related income per balance sheet date.

After maintenance-, and other maintenance-related supplements, property expenses were based on a normal operating year with maintenance for the current size of the property portfolio. Operating costs include property-related administration. Property tax is calculated based on the current tax values of the properties.

Central administration costs are calculated based on the current organisation, including project development, and the current size of the property portfolio. Non-recurring costs are not included.

Net financial items are based on interest rates at the end of the period, as well as the liabilities and available assets existing per balance sheet date.

289

lägenheter

Industrial/storage 27 % Offices 9 % Retail 7 % CSP* 10 % Hostpitality 4 % Land 3 % Residential 38 % Other 2 %

Industrial/storage 30 % Offices 9 % Retail 5 % CSP* 3 % Hospitality 4 % Land 6%

CSP* 1 % Hospitality 3 % Land 1 %

9

10 ^{7 3}

4

3

27

38

The property portfolio is mainly concentrated to central locations in the growing cities of Jönköping, Värnamo and Växjö and on the West Coast of Sweden.

Jönköping is an area with a strong labor market and good population growth. The city has an advantageous geographical location and is considered a logistics hub in southern Sweden. Jönköping is also a regional hub with a number of important public services, including one of Sweden's leading county hospitals, headquarters for the Swedish Board of Agriculture, the Swedish Forestry Agency and the Swedish Court Administration, as well as the County Administrative Board of Jönköping County.

Värnamo is part of the Gnosjö region, in many ways Sweden's industrial center, an area with low unemployment, strong growth and a business community with several world-leading companies but also the famous entrepreneurial spirit with many smaller and profitable companies.

Växjö is an area with a diversified business sector with strong companies in forestry and wood. A growing business sector with a strong tradition of manufacturing companies but also a strong and growing IT sector. Växjö municipality's motto is that sustainable development is everyone's responsibility.

The West Coast, from Höganäs in the south to Gothenburg in the north, an area with expansive business and a steadily increasing population. With the E6 running like a pulse through the region and providing a closeness to Denmark and the continent.

West Coast, MSEK	31 dec 2024	31 aug 2023
Property value	1 981	1 648
Rental Income***	171	112
Occupation rate**, %	96	99
Number of properties	53	35
Area, sq. m	119 479	98 963

Area, sq. m 20 439 23 404

Number of properties Area, sq. m	53 119 479	35 98 963
Other*, MSEK	31 dec 2024	31 aug 2023
Property value	283	328
Rental Income***	31	23
Number of properties	6	7

Other

Other properties, outside the locations above, belong to Mitt Lager, Nivikas self-storage business. Mitt Lager has 15 facilities in twelve locations in southern Sweden. The facilities have a total of approximately 3,300 storage units, with an average economic occupancy rate of 59 percent.

	Residential 43 %
Värnamo	Industrial/storage 30 % Offices 9 % Retail 10 % CSP* 13 % Hospitality 8 % Land - % Residential 30 %
Växjö	Industrial/storage 19 % Offices 11 % Retail 3 % CSP* 26 % Hospitality - % Land 2% Residential 93 %
West Coast	Industrial/storage 30 % Offices 10 % Retail 8 %

Jönköping 31 % Värnamo 31 % Växjö 18 % West Coast 18 % Other 2 %

Jönköping

31

18

2

31

18

Värnamo, MSEK 31 dec 2024 31 aug 2023 Property value 3 707 3 091 Rental Income*** 299 178 Occupation rate**, % 99 98 Number of properties 71 64 Area, sq. m 215 635 178 297

Växjö, MSEK	31 dec 2024	31 aug 2023
Property value	2 155	2 143
Rental Income***	166	103
Occupation rate**, %	89	93
Number of properties	35	35
Area, sq. m	112 924	107 961

Totalt, MSEK 31 dec 2024 31 aug 2023 Property value 11 788 10 628 Rental Income*** 923 612 Occupation rate**, % 95 97 Number of properties 203 182 Area, sq. m 622 362 559 418

Jönköping, MSEK 31 dec 2024 31 aug 2023 Property value 3 663 3 419 Rental Income*** 255 196 Occupation rate**, % 93 97 Number of properties 38 41 Area, sq. m 153 885 150 793

11.8 billion SEK property portfolio whereof 95 % management properties

9 214 11 788 MSEK

Book value, MSEK

Managment- and business property 11 175 Ongoing construction 182 Future project portfolio 137 Undeveloped land 294

In the table below, information on ongoing construction and ongoing project development is based on assessments of the size, orientation and scope of the projects. Future project portfolio is fully owned, which means that Nivika completely control the timetables for future projects ourselves. The projects are usually procured as turnkey contracts to minimize the risk of unforeseen costs. The information is based on assessments of future project costs and rental value, which means uncertainty factors both regarding the implementation of the projects, project costs and future rental value. The information is reviewed regularly and assessments are adjusted as a result of ongoing projects being completed or conditions changing.

Refugen 6, Värnamo

Property portfolio	Lettable area / potential area	Property value / potential value		Rental value / potential value		Book value
	sq. M	MSEK	SEK/sq. M	MSEK	SEK/ sq. M	MSEK
Management- and business property	622 362	11 175	17 956	800	1 285	11 175
Ongoing construction	19 392	603	31 095	38	1 960	182
Future project portfolio	324 885	8 798	27 080	562	1 731	137
Undeveloped land	-	-	-	-	-	294
Total	966 639	20 576	21 286	1 400	1 449	11 788

Management- and business property	Lettable area	Property value			Rental value	Contractual rent	Valuation-Yield, %, avarage
	sq. M	MSEK	SEK/ sq. M	MSEK	SEK/ sq. M	MSEK
Commercial, management property	469 565	6 750	14 375	515	1 102	489	6,7
Commercial, business property	625	20	31 520	2	2 570	2	6,7
Resindential property	152 172	4 405	28 951	281	1 845	269	4,6
Total	622 362	11 175	17 956	797	1 281 5	760

Ongoing construction	Lettable area	Property value		Rental value		Investment (incl. land) MSEK
	sq. M		MSEK SEK/ sq. M	MSEK	SEK/ sq. M	Estimated	Book value
Commercial	15 640	456	29 156	30	1 905	349	144
Residential	3 752	147	39 179	8	2 186	138	38
Total ongoing construction	19 392	603	31 095	38	1 960	487	182

Project development	Lettable area	Property value			Rental value	Investment (incl. land) MSEK
	sq. M		MSEK SEK/ sq. M	MSEK	SEK/ sq. M	Estimated	Book value
Commercial	137 350	2 237	16 287	206	1 500	6 456	35
Residential	187 535	6 561	34 985	356	1 900	2 006	102
Totalt project development	324 885	8 798	27 080	562	1 731	8 462	137

Diversified property portfolio with focus on long rental agreements

Lease portfolio

Nivika aims to sign long-term leases with its tenants. With a diversified maturity structure combined with diversification across many different tenants, customer sizes and industries, the risk of vacancies and rental losses is reduced. As at the end of December 2024 contracted annual rent, including residential, amounted to SEK 760 million (634) and the weighted remaining lease term, excluding residential and parking, was 5.6 years (4.8).

Lease maturity structure, MSEK

Leasing

The long-term targets are the economic occupancy rate for commercial properties shall amount to at least 90 percent and for residentials amount to not less than 95 percent over time. Nivika has a high occupancy rate throughout the property portfolio and as of 31 December 2024, the economic occupancy rate was 95 percent for the commercial properties and 96 percent for residentials.

Tenants

Nivika's income base is well diversified as it rests on 580 (620) commercial contracts and the tenants consist of both well-established multinational companies, small and medium sized companies, and public administration. As of 31 December 2024, the Group's ten largest rental agreements constituted 15 percent (16) of the Group's rental income, and the rental agreements were signed with differentiated terms mainly within the interval 5 to 15 years and had an average remaining term of 9.6 years (10.0).

Development Top 10 leases proportion of value, 31 December 2024

Top 10 leases, 31 December 2024

Leases, commercial	Proportion of value, %
olmgrens Bil AB, Jönköping	4.6
DS Smith Packaging Sweden AB	1.5
Holmgrens Bil AB, Värnamo	1.3
Febe Group AB	1.2
Polismyndigheten	1.2
Gobilind Fastighets AB	1.1
Racketcentrum Sports Business AB	1.1
NPB Automation	1.0
Rasta Sverige AB	0.9
Växjö Kommun	0.8
Övriga	85.2

Number of apartments and lettable area, 31 December 2024

	Number of	Residentials,	Facilities,	Total lettable
City	apartments	sq. m	sq. m	sq. m
Jönköping	1 011	41 329	112 556	153 885
Värnamo	698	47 575	168 060	215 635
Växjö	503	26 034	86 890	112 924
West Coast	585	37 234	82 245	119 479
Other	-	-	20 439	20 439
Total	2 797	152 172	470 190	622 362

Distribution of lease value, 31 December 2024, % Distribution of lease value per geography, 31 December 2024, %

FINANCING

Nivika's operations are financed through a combination of bank loans, other debts, and equity. Bank financing is obtained via secured bank loans, building credits, and revolving credits with a dozen financial institutions, primarily three large Nordic banks, SBAB, and local savings banks.

During the most recent financial year, Nivika has strengthened the balance sheet through equity, expanded secured financing, and reduced bond financing, which has improved the financial position and led to positive changes in financial key figures. These actions, combined with the acquisition of high-yield commercial properties and completed constructions, contribute to increased profit from property management operations and earnings per share.

To take advantage of market opportunities arising from rapid market changes, Nivika re-entered the bond market in November and issued new bond loans. The transaction was successful, generated strong interest from Nordic institutional investors, and the book was oversubscribed. The proceeds will be used in accordance with the green framework and will contribute to the company's continued growth.

	31 Dec	31 Aug
Financing	2024	2023
Secured financing, MSEK	5 327	4 648
Bonds outstanding, MSEK	400	650
Average interest rate, excluding builin loans, %	4,4	5.1
Average debt maturity, year	2,7	2.5
Interest duration, years	2,9	0.9
Fixed interests, ratio %	59	31
Cash and cash equivalents, MSEK	365	66
Net loan-to-value ratio, %	46,9	49.6
Interest coverage ratio, times	2,0	1.6
Equity ratio, %	45,1	44.7

Interest-bearing liabilities

As of the reporting date, the long-term interest-bearing financial liabilities amounted to SEK 5 759 million (5,214), of which long-term bank financing accounted for SEK 5 251 million (4,520), bond loans SEK 400 million (650), and other interest-bearing liabilities SEK 108 million (42).

Interest-bearing liabilities, distribution

The change during the year is explained by new loans on existing assets, new loans for acquisitions and new constructions, loan repayment in connection with disposals, as well as the repayment and issuance of bond loans.

The share of green financing is increasing, and approximately 30 percent of the outstanding interest-bearing debt is green, of which 73 percent consists of secured bank loans.

Green finance development

Bank financing is secured through mortgages on properties and additional securities such as corporate guarantees. Some bank loans also include covenants to report financial key figures and information obligations. All were met as of the reporting date.

The company's goal is to maintain a long-term net loan-to-value ratio of a maximum of 55 percent. At the end of the period, the net loan-to-value ratio stood at 47 percent (50), calculated as net debt of 5 532 million SEK in relation to the total market value of the properties, which is 11 788 million SEK. Approved but unused financing as of the end of December 2024 amounted to approximately SEK 380 million for approved but undisbursed building credits, bank loans and revolving credit facilities. At the end of 2024, major adjustments were made to the amortization levels, which are expected to have a positive effect on cash flow, amounting to approximately SEK 80 million annually.

During the period, Nivika returned to the bond market and successfully issued senior unsecured green bonds for an initial amount of SEK 400 million under a framework of SEK 800 million in total. The bond carries a floating interest rate of 3-month STIBOR plus 325 basis points, with a maturity of 3.25 years, as shown in the table. The proceeds from the issuance will be used in accordance with the company's established green financing framework.

FINANCING, CONT.

Outstanding bonds

Term	Outstanding amount, MSEK	Amount issued, MSEK	Reference interest rate, %	Maturity	Type
2024/2028	400	800	Stibor 3M + 3,25	14-02-2028	Green

Capital and Interest Rate Structire

At the end of the period, the average loan-to-maturity was 2,6 years (2.7), with the distribution as shown in the table below. Debt maturing in the next twelve months, totaling 2 277 million SEK, consists entirely of bank loans, with just over 60 percent set to be extended in the first quarter of 2025.

The average interest rate, considering interest rate derivatives and excluding building credits, was 4,4 percent (5.1) at the end of the period, with the decrease largely explained by a falling interest rate for 3-month STIBOR during the year, but also by adjustments in loan margins. The average interest duration was 2,7 years (0.9) at the end of the period, with 52 percent of the total loan portfolio being interest rate secured via interest rate derivatives and 59 percent if secured loans are included, as shown in the tables below.

The interest coverage ratio, measured over the last 12 months, has gradually increased and stood at 2,0 (1.6), which aligns with the company's own goal and confirms the company's strategy.

Nivika actively works to manage interest rate risk through the use of interest rate hedges. The share of fixed interest rate loans is 59 percent, considering interest rate derivatives and various types of fixed-rate loans. Below, on the right, are tables detailing all outstanding interest rate derivatives and fixed-rate loans.

Capital maturity		Interest rate hedging
Interval, year	Amount, MSEK	Share, %	Amount, MSEK	Avarage interest, %	Share, %
0-1	2 279	39	2 446	6,88	41
1-2	1 053	18	20	2,14	0
2-3	1 903	32	600	2,70	10
3-4	410	7	209	3,59	4
4-5	155	3	1 328	2,83	23
5-	98	2	1 294	2,27	22
Sum	5 897	100	5 897	4,40	100

Fixed interest loans

Amount, MSEK	Interest rate, %	Maturity date
19	2,00	04-04-26
1	5,00	31-12-26
49	2,00	09-07-27
146	3,55	09-11-27
149	4,21	19-01-29
6	5,00	31-12-29
20	5,00	30-06-34
10	3,00	01-12-35
400

Maturity structure for interest rate hedges

Amount, MSEK	Interest rate, %	Maturity date
300	2,69	08-05-25
205	2,97	07-06-27
80	1,98	27-09-27
120	1,98	27-09-27
209	3,59	10-10-28
73	3,39	30-04-29
45	2,94	15-05-29
64	3,37	03-06-29
300	2,84	05-06-29
100	2,84	05-06-29
191	2,84	17-09-29
400	2,09	24-09-29
200	2,88	31-03-30
191	2,87	17-09-30
191	2,90	17-09-31
191	2,94	17-09-32
191	2,98	19-09-33
3 051

CONDENSED CONSOLIDATED STATEMANT OF COMPREHENSIVE INCOME

	2023/24 3 months	2023 3 months	2023/24 16 months	2022/23 12 months
kSEK	Oct-Dec	Oct-Dec	Sep-Dec	Sep-Aug
Rental income	180 248	154 208	884 143	580 038
Service charges paid by tenants	7 818	6 768	39 039	31 875
Income	188 066	160 976	923 182	611 913
Operating costs	-48 640	-40 952	-224 996	-165 238
Maintenance expenses	-4 506	-4 187	-18 691	-13 342
Property tax	-4 649	-4 980	-24 346	-18 423
Total property costs	-57 794	-50 120	-268 033	-197 002
Net operating income	130 272	110 857	655 149	414 910
Central administrative expenses	-19 088*	-12 251	-76 867**	-40 130
Net financial items	-55 484	-61 006	-311 870	-241 004
Profit from property management operations	55 700	37 600	266 412	133 777
Valuation gains/losses from investment properties, realised	-	-	11 362	37 832
Valuation gains/losses from investment properties, unrealised	31 266	65 393	114 928	-496 017
Valuation gains/losses from derivative financial instruments, unrealised	63 011	-75 813	-81 891	7 693
	94 278	-10 420	44 399	-450 492
Profit before tax	149 978	27 180	310 811	-316 714
Current income tax	-6 852	-1 675	-19 993	-3 427
Deferred income tax	-62 493	-7 813	-90 939	37 531
Profit for the period	80 633	17 692	199 879	-282 610
Comprehensive income for the period	80 633	17 692	199 879	-282 610
Attributable to
Equity holders of the parent	80 633	17 692	199 879	-282 610
Non-controlling interests
Average number of shares during the period	95 885 594	71 883 435	95 885 594	64 334 588
Earnings per share, SEK	0,82	0,25	2,08	-4,39

*) The period includes non-recurring items of SEK 3 million relating to system changes, change of financial year and costs in connection with a change of CEO. **) The period includes non-recurring items of SEK 7 million relating to system changes, change of financial year and costs in connection with a change of CEO.

2017 2018 2019 2020 2021 2022 2023 23/24 R12

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PERFORMANCE ANALYSIS

In mid-August, Nivika held an extraordinary general meeting where the meeting decided to change the financial year to a calendar year, that is, January 1 to December 31. This means that the current financial year is extended until 2024-12-31 and thus becomes 16 months. This "Q6" report is the first interim report in accordance with the new financial year as of 2024-12-31 that Nivika reports.

Income

For the sixth quarter, total revenue amounted to 188 MSEK (161), which is an increase of 17 percent compared with the same quarter last year. For the full period, which adds up to 136months, they amounted to 923 MSEK. Rental income accounted for 884 MSEK of total income for the entire reporting period.

Revenues also consist of service revenues, which amounted to 39 MSEK for the entire period. Service income consists mainly of recharging of heat, electricity, water and property tax.

The growth is mainly attributed to property acquisitions, indexation and that a number of large projects have been completed. The Company manages 203 properties as of December 31, 2024, with a total lettable area of approximately 622,000 sq. m. The total rental value as of December 31, 2024, amounted to 800 MSEK on an annual basis.

Operating costs and net operation income

Operating costs, including maintenance costs and property tax, amounted to -268 MSEK for the entire period. Net operating income for the sixth quarter amounted to 130 MSEK, corresponding to a surplus ratio of 69 percent. For the full period, September 2023 to December 2024, the operating surplus amounted to 655 MSEK, corresponding to a surplus ratio of 71 percent.

Profit from property management operations

Profit from property management, which is the operating profit after net financial items, amounted to 56 MSEK for the sixth quarter. The increased costs are derived mainly from the one-off costs for replacing both financial and property systems. Also one-off costs in connection with change of financial year and increase in customer losses compared to the previous year, has affected the cost increase during the past quarter. For the entire reporting period the profit from property management amounted to 266 MSEk and was positively affected by an increased rental income, a reduced management costs and decrease in financing costs after the bond was fullt redeemed.

Changes in value

For the reporting period, the change in the value of properties amounted to 126 MSEK, of which 11 MSEK was realized and is attributable to the sale of Släggan 11, Vesslan 18-21, Apoteket 2, Bokhandeln 2, Stigamo 1:66 and part of Graniten 39. Unrealized changes in value amounted to 115 MSEK.

Unrealized changes in the value of derivatives for the full period affected the result by -82 MSEK and relay entirely to unrealized value changes driven by falling market interest rates.

Change in values on properties	2023/24	2023
MSEK Cash flow	Oct-Dec 48	Oct-Dec 78
New construction, extension and reconstructions	20	0
Land and building rights	-18	3
Changes in yield	-19	-16
Unrealised changes in value	31 +0,2%		65 0,6%
Realised change in value	-	-
Total changes in value, properties	31 +0,2%		65 0,6%

Seasonal variations

The net operating income at Nivika varies over the year, depending on seasonal variations that occur in the real estate industry and in the Company's markets. During the winter months the result is affected by higher costs mainly from electricity and heating. The leasees are structured in such a way that the tenants are charged and evenly distributed preliminary fee on an ongoing basis during the year, while the expenditure for the actual consumption is expensed in line with the outcome. This results in a lower surplus rate in the winter months, correspondingly, it is at a higher level during the summer months.

Tax

Deferred tax liabilities and assets have been calculated at a tax rate in Sweden of 20.6 percent.

Employees

All employees at Nivika are employed by The Parent Company. At the end of the period, the number of employees amounted to 63 (62), of which 22 (23) are women and 41 (39) men.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

kSEK	31 Dec 2024	31 Aug 2023
ASSETS
Intangible assets
Software, licences	1 541	650
Total intangible assets	1 541	650
Non-current assets
Investments properties	11 428 440	10 479 100
Operating properties	18 912	19 306
Equipment	63 384	64 844
Right-of-use assets	16 087	25 405
Derivative financial instruments	-	36 793
Other long-term securities holdings	11	11
Deferred tax receiable	33 323	27 113
Other non-current receivables	19 765	48 300
Total non-current assets	11 579 921	10 700 872
Current assets
Inventories	997	2 047
Rent receivables	11 918	16 285
Other receivables	2 903	55 992
Prepaid expenses and accrued income	25 812	16 723
Cash and cash equivalents	119 196	66 023
Total current assets	160 642	157 069
Assets for sale (properties)	-	140 000
TOTAL ASSETS	11 742 104	10 998 591

kSEK	31 Dec 2024	31 Aug 2023
EQUITY AND LIABILITIES
Equity
Issued share capital	47 943	38 954
Other contributed capital	3 553 887	3 098 809
Retained earnings incl. profit for the year	1 913 048	1 780 846
Total equity	5 514 878	4 918 609
Non-current liabilities
Deffered tax liability	577 454	560 482
Interest-bearing loans and borrowings	5 303 385	5 162 650
Lease liablitites, non-current portion	12 278	21 747
Derivative financial instruments	73 257	-
Total non-current liabilities	5 966 373	5 744 879
Current liabilities
Interest-bearing loans and borrowings	124 584	126 523
Lease liablitites, current portion	3 731	3 626
Trade and other payables	7 448	36 187
Other liabilities	38 340	41 459
Accrued expenses and deferred income	86 750	76 434
Total current liabilities	260 853	284 230
Liabilities connected to Assets for sale	-	50 874
TOTAL EQUITY AND LIABILITIES	11 742 104	10 998 591

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		Other contributed	Retained earnings incl. profit for the
kSEK	Issued capital	capital	year	Total equity
Opening balance 01/09/2022	29 085	2 379 932	2 063 457	4 472 474
Profit for the year			-282 610	-282 610
Total comprehensive income			-282 610	-282 610
Transactions with shareholders:
- Issue of share capital	9 868	740 132		750 000
- Cost of share issue		-21 255		-21 255
Closing balance 31/08/2023	38 954	3 098 809	1 780 846	4 918 609
Opening balance 01/09/2023	38 954	3 098 809	1 780 846	4 918 609
Profit for the year			119 246	119 246
Total comprehensive income			119 246	119 246
Transactions with shareholders:
- Right issue	8 989	501 601		510 591
- Right issue costs		-24 913		-24 913
- Share buyback		-28 998		-28 998
Closing balance 31/12/2024	47 943	3 546 499	1 900 093	5 494 535

CONSOLIDATED STATEMENT OF CASH FLOWS

3 mån 3 mån 16 mån 12 mån kSEK Sep-Dec Sep-Dec Sep-Dec Sep-Dec Operating activities Earnings before tax 149 978 21 093 310 811 -316 714 Adjustment for: Financial items 55 483 63 976 311 870 241 003 Changes in value, investment properties -31 266 -64 716 -126 290 458 185 Changes in value, interest-rate derivatives -63 011 75 812 81 891 -7 693 Other items that are not included in the cash flow -9 702 22 537 15 079 38 728 Tax paid -19 993 - -19 993 -9 492 Net cash flow from operating activities before changes in working capital 81 489 -118 702 573 368 404 016 Net cash flow from changes in working capital Change in operating receivables 7 090 46 978 47 880 61 715 Change in operating liabilities 43 395 -64 308 30 645 -107 767 Net cash flow from operating activities 131 974 101 372 651 893 357 964 Investing activities Purchase of investment properties -147 276 -214 099 -796 893 -84 000 Proceeds from disposals of investment properties - -98 993 211 318 535 960 Investment in existing properties -121 387 -106 679 -473 916 ** -842 901 Purchase of property, plant, and equipments -1 768 -480 -4 966 1 375 Purchase of financial instruments 3 139 31 700 24 948 97 Net cash flow from investing activities -267 292 -190 564 -1 039 508 -389 469 Financial activities New share issue - 501 601 510 591 750 000 Costs for new share issue - -14 192 -31 377 -26 769 Share buyback -20 927 - -49 925 - Proceeds from borrowings 933 431 565 460 4 356 325 1 292 294 Repayment of borrowings -472 254 -1 124 751 -3 799 175 -1 865 126 Payment of interest -40 858 -41 800 -293 377 -234 628 Payment of lease fees -1 141 -1 227 -6 190 -4 993 Net cash flow from financing activities 398 251 -114 839 686 872 89 221 Net increase (decrease) in cash and cash equivalents 262 933 -204 030 299 257 -120 726 Cash and cash equivalent, opening balance 102 347 486 608 66 023 186 749 Cash and cash equivalents, closing balance 365 280 282 578 365 280 66 023	2023/24	2023	2023/24	2022/23

INFORMATION FROM NIVIKA FASTIGHETER

The information we send out to the market about our business must be open, clear, and correct and aim to create trust in our company and brand.

Important events, interim reports and year-end statements are published immediately via press release and are also available on our website; www.nivika.se

We provide ongoing information about our company, current events, and changes in the business by regularly meeting with analysts, investors and financiers as well as customers and partners.

At www.nivika.se it is also possible to subscribe to financial reports and press releases.

Financial calendar	Reports are usually published at 07:00 unless otherwise stated.
Annual report 2023/2024	2025-04-04
Interim report Q1 20252025-05-08
Annual General meeting 2023/2024	2025-05-08
Interim report Q2 2025	2025-07-10
Interim report Q3 2025	2025-11-06
Year-End report 2025	February 2026

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VÄRNAMO / HEADOFFICE

Nivika Fastigheter AB (publ) Refugen 6 331 44 Värnamo

JÖNKÖPING

Nivika Fastigheter AB (publ) Österängsvägen 2A 554 63 Jönköping

VÄXJÖ

Nivika Fastigheter AB (publ) Smedjegatan 30 352 46 Växjö

Tfn. +46 (0)10-263 61 00 www.nivika.se varnamo@nivika.se

INTERIM REPORT 1 SEP 2023 – 31 DEC 2024 Nivika Fastigheter AB (publ) 17