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Corem Property Group
Quarterly Report • Oct 22, 2025
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Quarterly Report
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Interim Report January–September 2025
Corem Property Group (publ)
Corem is a commercial real estate company with focus on sustainable ownership, management and development of commercial real estate. The property portfolio is located in metropolitan and growth areas, where it is managed in-house by skilled and locally present staff. The locally based management quarantees proactivity, high commitment and forming of long-term business relationships. Combined with a solid sustainability focus and long-term property development, Corem creates properties for the future.
Cover photo:
The property Hilton 3 in Solna, Stockholm
266
51,407
2,156
1) Southern Stockholm (Globen area, Sätra, Västberga) 18%, North Stockholm (Kista, Arlandastad) 15%, Central Stockholm (Solna, Vinsta, Täby) 8%.
January–September 2025
- Income amounted to SEK 2,642 million (2,780)
- Operating surplus amounted to SEK 1,723 million (1,808)
- Net financial income amounted to SEK –924 million (–950)
- Profit from property management amounted to SEK 695 million (736)
- Changes in value of properties amounted to SEK –1,256 million (–473) during the period and SEK –495 million (12) during the quarter
- Net profit/loss for the period amounted to SEK –1,015 million (–268), corresponding to SEK –1.12 (–0.62) per ordinary share of class A and B
- Net letting amounted to SEK 6 million (13) for the quarter and SEK –21 million (99) for the period
- The value of the investment properties amounted to SEK 51,407 million (55,205)
- Net asset value (NAV) per ordinary share of class A and B amounted to SEK 12.56 (15.97)
Events during the third quarter
- An Extraordinary General Meeting was held on 21 July 2025, which approved a directed share issue of 81,967,213 ordinary shares of class B to M2 Asset Management AB (publ). This new issue was preceded by a directed share issue in the second quarter of 110,032,787 ordinary shares of class B to Swedish and international institutional investors. It was intended to use the net liquidity from the new share issues to repay the outstanding hybrid bond
- The hybrid bond with an outstanding amount of SEK 1, 132 million, was redeemed during September
- During the quarter, one property was divested at an underlying property value of SEK 32 million. in addition, an agreement was signed to divest a portfolio of 14 properties at an underlying property value of approximately SEK 1.2 billion, with transfer scheduled during the fourth quarter
- Bonds with an outstanding amount of SEK 200 million and maturity in September, were redeemed on the maturity date
- Senior unsecured green bonds of SEK 300 million were issued under a framework of SEK 2 billion, with a term of 3 years, carrying a variable interest rate of 3-month Stibor plus 275 basis points and final maturity in September 2028. An increase of SEK 350 million was made in the same bond, and the outstanding amount thus totals SEK 650 million
- Bonds totalling SEK 653 million, with maturity in 2026, were redeemed
| 2025 3 months Jul–Sep |
2024 3 months Jul–Sep |
2025 9 months Jan–Sep |
2024 9 months Jan–Sep |
2024/2025 Trailing 12 months Oct–Sep |
2024 12 months Jan–Dec |
|
|---|---|---|---|---|---|---|
| Income, SEKm | 850 | 898 | 2,642 | 2,780 | 3,557 | 3,695 |
| Net operating income, SEKm | 557 | 585 | 1,723 | 1,808 | 2,277 | 2,362 |
| Profit from property management, SEKm | 219 | 219 | 695 | 736 | 873 | 914 |
| Net profit/loss, SEKm | –437 | –274 | –1,015 | –268 | –1,805 | –1,058 |
| Earnings per ordinary share of Class A and B, SEK |
–0.42 | –0.36 | –1.12 | –0.62 | –1.89 | –1.43 |
| Net asset value (NAV) per ordinary share of Class A and B, SEK |
12.56 | 16.56 | 12.56 | 16.56 | 12.56 | 15.97 |
| Economic occupancy rate, % | 85 | 86 | 85 | 86 | 85 | 86 |
| Operating margin, % | 65 | 65 | 65 | 65 | 64 | 64 |
| Adjusted equity ratio, % | 41 | 43 | 41 | 43 | 41 | 42 |
| Interest coverage ratio | 1.8 | 1.7 | 1.8 | 1.8 | 1.7 | 1.7 |
| Loan-to-value ratio, % | 55 | 54 | 55 | 54 | 55 | 54 |
See page 22 and corem.se for definitions of key figures.
PROFIT FROM PROPERTY MANAGMENT, SEKm
LETTABLE AREA BY TYPE, %
LOAN TO VALUE, %
NET ASSET VALUE (NAV) PER ORDINARY SHARE A/B, SEK
Strategic moves in a challenging market
During the third quarter, we continued to strengthen the Company's stability, while making active use of the business opportunities offered by the market. The interest rate cuts that we saw during the quarter in both Sweden and the US are a welcome change in a financing climate in which the property sector has long been under pressure. Our strategic roadmap, with its focused portfolio governance, cost control and successive streamlining, is displaying clear results. Once again, net letting was positive during the quarter, which confirms the strength of our business and our way of working despite the economic situation and the challenging market conditions it brings.
Business environment and market development
The recession continues and we are still operating in a challenging geopolitical business environment. This has an impact on the global investment climate, but signs of some stabilisation are beginning to appear. The most recent interest rate cuts in Sweden and the US are generating relief for the sector and strengthening confidence in the capital market. The central banks' signals regarding continued focus on supporting the economy are also contributing to a more positive market outlook for the coming quarters.
The rental market remains characterised by caution, particularly in the office segment, where demand is sluggish. At the same time, we have a more stable rental market in, for example, Gothenburg and in several regional cities, markets where Corem has a strong position and a very well adapted portfolio. With an anticipated economic recovery in 2026, we foresee increased corporate activity and a successive improvement in the letting market.
The operational business remains stable, and the work according to our strategic roadmap is showing clear results.
Operational performance and net letting
Our operating activities remain steady. Net operating income in a comparable portfolio was stable during the quarter and costs decreased by 6 per cent compared with the year-earlier quarter. This is clear recognition of the proactive cost control that is imposed throughout the business.
As in the preceding quarter, net letting was positive, with a net of SEK 6 million for the quarter. We work actively with new and existing customers, at the moment with extensive focus on renegotiations. We can state that the tenant nearly always chooses to remain – either in their current premises or within our portfolio, despite the large offering of premises in the market. This shows the strength of our long-term customer relations and the quality of our offering. Among previously signed leases that have now commenced is Mycronic, which in September took possession of the majority, 7,400 square meters out of a total of 9,500 square meters, of its premises in Kista.
During the quarter, we signed several leases, including a five-year lease with Byggmästargruppen in the Globen area of Stockholm and a six-year lease with the Swedish Transport Administration Gothenburg. In New York, a total of three leases were signed for the 1245 Broadway project property, bringing the occupancy rate for the property to 88 per cent.
A significant milestone has been reached, with regard to strategic transactions and streamlining
Corem has been exceptionally active in the area of transactions in recent years, which was necessary to stabilise our balance sheet. We can now say that going forward, we will focusing on divesting properties that are no longer in line with our long-term strategy, rather than to free up capital. This is a key milestone. As an example of such a transaction, we signed an agreement after the end of the quarter for the divestment of six properties in Täby at an underlying property value of approximately SEK 250 million. These Täby properties have some vacancies, which would have required major investments in order to be leased. As a result of this sale, we can focus these investments in other parts of the portfolio.
During the quarter, Corem agreed a major divestment of 14 properties in Gothenburg, Huddinge, Norrköping and Västerås at an underlying property value of approximately SEK 1.2 billion with transfer scheduled during the fourth quarter.
During the second quarter, the divestment of the 28&7 property in New York was agreed. The transfer is planned for the fourth quarter. Following the transfer of 28&7, two properties remain in the US, the 23-storey, newly constructed office building 1245 Broadway and an undeveloped land on Park Avenue. The Park Avenue property is high demand and at the best possible address in New York, where the market continuously sets new record rent levels.
In total, during the first three quarters of 2025, all of Corem's completed and agreed divestments add up to approximately
SEK 4.9 billion in underlying property value. In addition, we have sold Klövern shares worth just over SEK 400 million during the year.
We enter the final quarter of the year well-equipped, with good stability and a clear focus on value creation.
Financial performance and capital market
During the quarter, several important steps were taken to strengthen the balance sheet and cash flow and to create greater financial flexibility.
The hybrid bond of slightly more than SEK 1.1 billion was redeemed in its entirety during the quarter. This has a positive effect on cash flow, which ultimately strengthens Corem's financial flexibility and enables continued investment in strategically attractive properties.
In parallel, during September a new bond was issued of SEK 650 million with a credit margin of 275 points.
In September, we redeemed a bond maturity of SEK 200 million in its entirety and also repurchased bonds of approximately SEK 650 million with maturity in May 2026.
Corem looking ahead – focus on value creation
We enter the final quarter of the year with good stability and a clear focus on value creation. We will need to live with market uncertainty for another few quarters, but we believe in successive improvement as momentum in the economy starts to gather pace again next year. The interest rate reductions that we have now seen provide better conditions for profitability and growth, at the same time as our leasing strategy and strong presence throughout the country provide a balance against the more uncertain office market in Stockholm.
Our focus ahead is to continue to drive the portfolio toward higher quality and geographic clarity through business-driven property management and successive streamlining, while maintaining strict financial discipline.
The property market could remain volatile, but Corem stands well-equipped – with a stable operative base, a strong team and a long-term strategy that provides us with the conditions to continue creating value for our shareholders.
Rutger Arnhult, Chief Executive Officer Stockholm, 22 October 2025
Income, expenses and profit
Income statement items are compared with the corresponding period last year. Balance sheet items refer to the position at the end of the period and are compared with the preceding year-end. The quarter refers to July–September and the period refers to January–September.
Income
Income amounted to SEK 850 million (898) for the third quarter and SEK 2,642 million (2,780) for the January-September period. Income was positively affected by index adjustment and negatively by divestments, transfers agreed earlier and agreed discounts. In a comparable portfolio, income decreased by 1 per cent during the period.
Expenses
Property expenses amounted to SEK 293 million (313) during the quarter and SEK 919 million (972) during the period, as a smaller portfolio following divestments resulted in lower costs.
Property costs in a comparable portfolio decreased by 3 per cent during the period. The decrease was mainly due to lower costs for heating and snow clearance.
Central administration costs amounted to SEK 33 million (38) during the quarter and SEK 104 million (122) during the period.
Net financial items
Net financial items amounted to SEK –305 million (–328) during the quarter and SEK –924 million
(–950) for the period. Reduced interest-bearing liabilities and a lower market rate of interest contributed to improved net financial items for the period. Financial income amounted to SEK 3 million (7) during the period and financial expenses to SEK 927 million (957).
Financial expenses included site leasehold fees and land fees of SEK 61 million (57) during the period. At the end of the quarter, the Group's average interest rate was 4.6 per cent (4.6). For further information, refer to page 12.
Earnings
Operating surplus amounted to SEK 557 million (585) during the quarter and SEK 1,723 million (1,808) during the period. The operating margin was 65 per cent (65) during the quarter and 65 per cent (65) during the period. In a comparable portfolio, the operating surplus was unchanged and the operating margin amounted to 67 per cent.
Profit from property management amounted to SEK 219 million (219) during the quarter and SEK 695 million (736) during the period.
Changes in value
PROPERTIES
Changes in value of investment properties amounted to SEK –495 million (12) during the quarter and SEK –1,256 million (–473) during the period. Unrealised changes in value during the quarter amounted to SEK –495 million (21) and realised changes in value to SEK 0 million (–9). For further information, refer to page 7.
FINANCIAL ASSETS
Value changes of financial assets valued at fair value amounted to SEK –328 million (132) during the period and are mainly attributed to the holding in the housing company Klövern. During the period, Corem sold some of its shareholding in Klövern, resulting in a loss of SEK –238 million. For further information, refer to page 13.
DERIVATIVES
Changes in value of derivatives amounted to SEK –204 million (–512) during the period. The value of the derivatives is affected by changes in market interest rates. During the period, a reconstruction of interest rate swaps was undertaken.
Goodwill
During the period, impairment of goodwill amounted to SEK –182 million (–165). Impairment refers to goodwill attributable to deferred tax where impairment occurs due to negative unrealised value changes and divestments of properties as well as impairment of goodwill attributable to synergies.
Tax
During the period, current tax amounted to SEK –49 million (–35) and deferred tax to SEK 309 million (50). Deferred tax is mainly attributable to dissolution of deferred tax in connection with divestment of properties and negative value changes in the property portfolio.
Other comprehensive income
Other comprehensive income during the period amounted to SEK –813 million (–24) and refers to currency conversion differences in International Operations.
The property portfolio
Property values
On 30 September 2025, Corem's property portfolio comprised 266 (289) investment properties with a combined lettable area of 2,156 tsq.m. (2,268) and a market value of SEK 51,407 million (55,205).
Corem performs internal valuations of all properties every quarter. To ensure the quality of the internal valuations, external valuations are conducted by independent valuation institutes. During the quarter, nine per cent of the property value was externally valued. As a rule, every property is valued by external valuers at least once annually, where exceptions may be made for individual properties.
Cushman & Wakefield, Newsec and Savills were the valuation agencies used during the quarter. As support for the internal valuation, Corem obtains continuous market information from external valuation agencies. For a sensitivity analysis and a description of the valuation principles, see Corem's Annual Report.
Changes in value
Value changes in investment properties amounted during the period to SEK –1,256 million (–473), corresponding to –2 per cent. Unrealised value changes amounted to SEK –1,044 million and realised value changes to SEK –212 million, which included transaction costs and agreed deduction for deferred tax in business transactions.
Of unrealised value changes during the period, 52 per cent referred to properties in Sweden and 48 per cent to properties abroad.
As at 30 September 2025, the property portfolio was valued using an average assessed dividend yield requirement of 6.0 per cent (6.0).
Property transactions
During the period January-September, 24 properties were divested at an underlying property value of approximately SEK 2.7 billion.
The profit effect, including dissolved tax and impairment of goodwill attributable to deferred tax amounted to SEK 3 million for the quarter and SEK 84 million for the period.
See all divestments for the period on page 8.
TRANSACTIONS WITH TRANSFER OF POSSESSION AFTER THE END OF THE QUARTER
Agreements on divestment with transfer of possession after the end of the quarter were signed for a portfolio of 14 properties at SEK 1.2 billion. The properties were transferred in October. Agreements have also been signed for a portfolio of 6 properties in Täby amounting to approximately SEK 250 million, which are planned to be divested in November. In addition, an agreement was signed earlier this year regarding the property 28&7 in New York, which is now planned to be divested in the fourth quarter of 2025, instead of the third quarter as previously communicated
Tenants and the lease portfolio
On 30 September 2025, Corem had approximately 2,900 tenants with approximately 5,200 lease contracts. The annual contract value amounted to SEK 3,559 million (3,728), the rental value amounted to SEK 4,206 million (4,346) and the economic occupancy rate to 85 per cent (86). The average remaining contract period was 3.2 years (3.3). Of the contracted rent, 48 per cent falls due in 2028 or later. Of the annual contract value for offices, 16 per cent refers to rental income from public entities such as authorities, municipalities and regions.
NET LETTING
Net letting amounted to SEK 6 million (13) for the quarter and SEK –21 million (99) for the period. Of these, SEK 48 million derives from new production projects and SEK –69 million
from investment activities. In total, lettings and renegotiations amounted to SEK 102 million during the quarter, of which 65 per cent pertained to new customers and the remainder to existing customers.
SELECTED LETTINGS
Several major contracts were signed during the third quarter of the year.
In the 1245 Broadway development property in New York, a five-year lease was signed with R/GA design agency for 1,423 sq.m. and a sevenyear lease with a finance company for 605 sq.m. with the planned move-in scheduled for the second quarter of 2026.
In the property Arenan 6 in Stockholm, a fiveyear lease agreement was signed with Byggmästargruppen Stockholm AB for 1,010 sq.m., with planned move-in during the first quarter of 2026.
CONTRACT STRUCTURE, SEKm
INVESTMENT PROPERTIES: NUMBER, LETTABLE AREA, FAIR VALUE
| Jan–Sep 2025 | 2024 | |||
|---|---|---|---|---|
| Number | Sq.m. | SEKm | SEKm | |
| Total at the start of the year | 289 2,268,357 | 55,205 | 58,033 | |
| Acquisitions | — | — | — | — |
| Investments in construction, extensions and refurbishment | — | 4,069 | 976 | 1,343 |
| Divestments | –24 | –116,794 | –2,781 | –3,011 |
| Property adjustment | 1 | — | — | — |
| Changes in value, unrealised | — | — | –1,044 | –1,712 |
| Currency conversion | — | — | –949 | 552 |
| Total at the end of the period | 266 2,155,632 | 51,407 | 55,205 |
PROPERTY TRANSACTIONS, TRANSFER OF POSSESSION JAN–SEP 2025
| Lettable area, sq.m. | ||||||
|---|---|---|---|---|---|---|
| Acquisi | Divest | |||||
| Quarter Property | City | Municipality | Property category | tion | ment | |
| Q1 | Eketånga 5:417 | Halmstad | Halmstad | Warehouse/logistics | — | 3,552 |
| Q1 | Eketånga 24:37 | Halmstad | Halmstad | Warehouse/logistics | — | 1,718 |
| Q1 | Eketånga 24:49 | Halmstad | Halmstad | Warehouse/logistics | — | 5,324 |
| Q1 | Fregatten 7 | Halmstad | Halmstad | Office | — | 1,517 |
| Q1 | Slåttern 2 | Halmstad | Halmstad | Retail | — | 3,616 |
| Q1 | Halmstad 2:25 | Halmstad | Halmstad | Sites | — | — |
| Q1 | Halmstad 2:28 | Halmstad | Halmstad | Warehouse/logistics | — | 18,631 |
| Q1 | Ostkupan 3 | Halmstad | Halmstad | Warehouse/logistics | — | 12,775 |
| Q1 | Dahlian 5 | Stockholm | Täby | Retail | — | 1,237 |
| Q1 | Järnvägen 3 | Halmstad | Halmstad | Office | — | 5,504 |
| Q1 | Halmstad 2:49 | Halmstad | Halmstad | Office | — | 3,035 |
| Q1 | Orkanen 1 | Halmstad | Halmstad | Warehouse/logistics | — | 1,406 |
| Q1 | Orkanen 2 | Halmstad | Halmstad | Warehouse/logistics | — | 1,300 |
| Q1 | Fotbollen 17 | Halmstad | Halmstad | Office | — | 480 |
| Q2 | Hammarby-Smedby 1:435 | Stockholm | Upplands Väsby Warehouse/logistics | — | 1,056 | |
| Q2 | Smygvinkeln 11 | Stockholm | Täby | Warehouse/logistics | — | 2,392 |
| Q2 | Malmen 8 | Norrköping | Norrköping | Edu./Health care/Other | — | — |
| Q2 | Linjalen 60 | Stockholm | Täby | Office | — | 3,901 |
| Q2 | Kungsängen 10:1,10:2 | Uppsala | Uppsala | Edu./Health care/Other | — | 19,316 |
| Q2 | Brevduvan 17 | Linköping | Linköping | Office | — | 7,912 |
| Q2 | Olaus Petri 3:234,3:250 | Örebro | Örebro | Office | — | 18,830 |
| Q3 | Röros 1 | Stockholm | Stockholm | Office | — | 3,292 |
Total 116,794
Project development
Corem's project development takes place mainly in connection with lettings and to adapt and modernise premises and properties, thereby increasing the rental value or operational performance.
During the period, SEK 976 million (967) was invested in the property portfolio for new construction, extensions and refurbishments. As at 30 September 2025, the remaining investment volume amounted to SEK 743 million (1,040). At the same time, there were a total of four ongoing projects with an estimated investment exceeding SEK 50 million each. The total area-based occupancy rate in these projects amounted to 93 per cent. The projects' combined area comprises 28,797 sq.m. with a remaining investment of SEK 320 million.
LARGER ONGOING PROJECTS IN SWEDEN In Gothenburg, at the property Majorna 219:7, tenant adaptation is underway for the Coast Guard. The premises will house the Coast Guard's Gothenburg office with workplaces for around 90 employees. Move-in is planned for the second quarter of 2026.
In Stockholm, at the properties Nattskiftet 12 and 14, tenant adaptation is in progress, with completion scheduled for the fourth quarter of 2026.
In Kista, in the Helgafjäll 2 property, tenant adaptation is in progress for Smartoptics. Move-in is scheduled for the second quarter of 2026.
LARGER ONGOING PROJECTS IN NEW YORK The ongoing 1245 Broadway project is a new construction of a high-quality office building. The building's exterior has now been completed and interior tenant adaptation is underway in pace with tenants moving in. The property is 88-per cent let. On 30 September 2025, the contract value of the leases for 1245 Broadway and 28&7 amounted to USD 16.6 million, approximately SEK 156 million, which is equivalent to approximately SEK 10,000 per sq.m.
Corem also has a building right for the new construction of around 33,000 sq.m. in New York on the development property 417 Park Avenue.
COREM'S LARGEST ONGOING COMMERCIAL PROJECTS IN PROCESS (ONLY CONSTRUCTION STARTED) 30 SEPTEMBER 2025
| Let area, | Project area, | Estimated | Remaining | Rental value, | Completion, | |||
|---|---|---|---|---|---|---|---|---|
| City | Property | Description | sq.m. | sq.m. | investment, SEKm | investment, SEKm | SEKm | year/quarter |
| New York | 1245 Broadway1) | New construction, office premises | 15,388 | 17,575 | 1,706 | 154 | 193 | 26Q1 |
| Stockholm | Helgafjäll 2 House 3 | Tenant adaptation for Smartoptics | 4,178 | 4,178 | 66 | 65 | 11 | 26Q2 |
| Stockholm | Nattskiftet 12 and 14 | Tenant adaptation for an authority | 5,826 | 5,826 | 65 | 59 | 17 | 26Q3 |
| Gothenburg | Majorna 219:7 | Tenant adaptation for the Coast Guard | 3,405 | 3,405 | 56 | 42 | 10 | 26Q2 |
| Total | 28,797 | 30,984 | 1,893 | 320 | 231 |
1) Estimated and remaining investment of projects, and rental value, in New York are based on the SEK/USD exchange rate on 30 September 2025.
ONGOING PROJECT
In Kista, in the Helgafjäll 2 property House 3, refurbishment and tenant adaptation is in progress for Smartoptics, with planned move-in for the second quarter of 2026.
Gothenburg, Majorna 219:7
ONGOING PROJECT
In Gothenburg, at the property Majorna 219:7, several projects are in progress, including a major project for the Coast Guard with planned move-in during the second quarter of 2026.
Gothenburg, Ugglum 8:37
LETTING
In Gothenburg, at the Ugglum 8:37 property, a six-year lease was signed with Trafikverket, with planned move-in during the first quarter 2026.
New York, 1245 Broadway
ONGOING PROJECT
Corem's largest ongoing project is a 23-storey office building at 1245 Broadway.
Stockholm, Helgafjäll 5
COMPLETED PROJECT
In Kista, in the Helgafjäll 5 property, Mycronic moved in following tenant adaptation during the third quarter of 2025.
Stockholm, Aprikosen 2
LETTING
In Solna, in the Aprikosen 2 property, Solna Gate, a five-year lease was signed with Datema Retail Solutions, with move-in planned to take place in the fourth quarter of 2025.
Distribution of property holdings
Corem's property holding is divided into the segments Stockholm North, Stockholm South, West, East and International. The former Stockholm segment was divided in two, with Stockholm North including Uppsala, Västerås and Örebro. West comprises Gothenburg, Borås, Malmö and Halmstad. East comprises Linköping, Norrköping, Nyköping and Kalmar. The international operations comprise Copenhagen and New York.
During the first quarter, all of the properties in Halmstad were divested and during the second quarter, Corem's only property in Örebro was divested.
INCOME STATEMENT ITEMS AND INVESTMENTS
| Net operating income, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Income, SEKm | Property costs, SEKm | SEKm | Operating margin, % | Investments, SEKm | ||||||
| 2025 Jan–Sep |
2024 Jan–Sep |
2025 Jan–Sep |
2024 Jan–Sep |
2025 Jan–Sep |
2024 Jan–Sep |
2025 Jan–Sep |
2024 Jan–Sep |
2025 Jan–Sep |
2024 Jan–Sep |
|
| Stockholm North | 782 | 834 | –300 | –326 | 482 | 508 | 62 | 61 | 182 | 177 |
| Stockholm South | 652 | 694 | –215 | –232 | 437 | 462 | 67 | 67 | 132 | 88 |
| East | 507 | 519 | –158 | –169 | 349 | 350 | 69 | 67 | 124 | 96 |
| West | 531 | 591 | –167 | –183 | 364 | 408 | 69 | 69 | 122 | 89 |
| International – Copenhagen | 44 | 50 | –12 | –17 | 32 | 33 | 73 | 66 | 8 | 38 |
| International – New York | 126 | 92 | –67 | –45 | 59 | 47 | 47 | 51 | 408 | 479 |
| Total | 2,642 | 2,780 | –919 | –972 | 1,723 | 1,808 | 65 | 65 | 976 | 967 |
| Investment portfolio | 2,468 | 2,557 | –822 | –850 | 1,646 | 1,707 | 67 | 67 | 467 | 306 |
| Development portfolio | 174 | 223 | –97 | –122 | 77 | 101 | 44 | 45 | 509 | 661 |
| Total | 2,642 | 2,780 | –919 | –972 | 1,723 | 1,808 | 65 | 65 | 976 | 967 |
KEY FIGURES OF PROPERTY HOLDINGS
| No. of properties | Fair value, SEKm | Rental value, SEKm | Economic occupancy rate, % |
Lettable area, thousand sq.m. |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 30 Sep |
2024 30 Sep |
2025 30 Sep |
2024 30 Sep |
2025 30 Sep |
2024 30 Sep |
2025 30 Sep |
2024 30 Sep |
2025 30 Sep |
2024 30 Sep |
||
| Stockholm North | 53 | 58 | 13,793 | 16,158 | 1,286 | 1,383 | 80 | 81 | 615 | 667 | |
| Stockholm South | 60 | 68 | 13,773 | 14,561 | 1,068 | 1,079 | 84 | 87 | 470 | 485 | |
| East | 67 | 69 | 7,950 | 8,006 | 767 | 759 | 88 | 88 | 508 | 515 | |
| West | 79 | 92 | 9,159 | 10,011 | 792 | 890 | 88 | 88 | 502 | 583 | |
| International – Copenhagen | 4 | 4 | 1,376 | 1,337 | 69 | 75 | 83 | 79 | 38 | 38 | |
| International – New York1) | 3 | 3 | 5,356 | 5,990 | 224 | 160 | 92 | 98 | 23 | 16 | |
| Total | 266 | 294 | 51,407 | 56,063 | 4,206 | 4,346 | 85 | 86 | 2,156 | 2,304 | |
| Investment portfolio | 239 | 266 | 43,305 | 48,122 | 3,804 | 4,016 | 86 | 86 | 2,011 | 2,177 | |
| Development portfolio | 27 | 28 | 8,102 | 7,941 | 402 | 330 | 75 | 84 | 145 | 127 | |
| Total | 266 | 294 | 51,407 | 56,063 | 4,206 | 4,346 | 85 | 86 | 2,156 | 2,304 |
1) Rental value, economic occupancy rate and lettable area pertain to active leases and spaces completed and in a lettable state.
PROPERTY VALUE, SEK/SQ.M. AND LETTABLE AREA, TSQ.M.
LETTABLE AREA BY TYPE, %
RENTAL VALUE, SEK/SQ.M.
Financing
Interest-bearing liabilities
On 30 September 2025, interest-bearing liabilities amounted to SEK 29,066 million (31,376). Accrued borrowing overheads amounted to SEK 149 million (230), which entails interest-bearing liabilities in the balance sheet of SEK 28,917 million (31,146).
Corem's interest-bearing liabilities are mainly secured by mortgages and/or shares in subsidiaries. Unsecured interest-bearing liabilities consist of commercial paper and unsecured bonds, which amounted to SEK 1,405 million (1,256) and SEK 5,023 million (5,723) at the end of the quarter.
Corem's commercial paper programme had a framework amounting to SEK 5,000 million.
Outstanding commercial paper has back-up facilities in the form of unutilised credit facilities in Nordic banks.
The average period of tied-up capital amounted to 1.7 years (1.7) and the loan-to-value ratio was 55 per cent (54).
INTEREST-BEARING NET LIABILITIES
| SEKm | 2025 30 Sep |
2024 31 Dec |
|---|---|---|
| Interest-bearing liabilities in the balance sheet | 28,917 | 31,146 |
| Adjustment, accrued borrowing overheads | 149 | 230 |
| Interest-bearing assets | -53 | -48 |
| Cash and cash equivalents | -314 | -586 |
| Interest-bearing net liabilities | 28,699 | 30,742 |
BONDS
At the end of the quarter, the Group had SEK 5,023 million in outstanding listed bonds, maturing in 2026 to 2028.
Interest maturity structure
On 30 September 2025, the average interest rate in the loan portfolio was 4,6 per cent (4.6).
Like all real estate companies, Corem is exposed to interest rate risk Interest rate swaps and interest rate caps are used to limit the interest rate risk. At the end of the period, Corem had interest rate swaps for a nominal value of SEK 21,512 million (25,012), which corresponded to 74 per cent of the interestbearing liabilities.
Together with fixed interest loans, 76 per cent of the interest-bearing liabilities carried fixed interest at the end of the period.
An increase in market interest rates by one percentage point at the end of the period would raise Corem's average borrowing rate by 0.2 percentage points, corresponding to approximately SEK 71 million in annual interest expenses.
The swaps run with an average remaining term of 2.7 years and an average fixed interest rate of 2.2 per cent. On 30 September 2025, the market value of the interest rate derivatives portfolio amounted to net SEK –40 million (84).
Changes in the value of derivatives amounted to SEK 101 million (-440) during the quarter.
The average period of fixed interest amounted to 2.2 years (2.6) at the end of the quarter, taking derivatives into account. The interest coverage ratio during the period amounted to 1.8 multiples (1.8) and to 1.7 (1.8) during the most recent four quarters.
Cash and cash equivalents
On 30 September 2025, cash and cash equivalents amounted to SEK 314 million (586).
Restricted cash of SEK 133 million has been included in cash and cash equivalents that may only be used for a particular purpose due to an agreement with a third party.
In addition, there were unutilised credit facilities, including backup facilities for outstanding commercial paper of SEK 2,770 million, of which SEK 2,016 million can be used immediately with existing collateral. The remaining amount can be used if securities are added, as well as to some extent to finance ongoing projects.
The net interest-bearing debt amounted to SEK 28,699 million (30,742).
Rating
Corem Property Group has a credit rating with Scope of BBB- with negative outlook.
Equity
At the end of the quarter, the Group's equity, attributable to the Parent Company's shareholders, amounted to SEK 18,853 million (21,511) of
which SEK 0 million (1,132) refers to hybrid bonds. Equity amounted to SEK 9.29 (12.09) per ordinary share of class A and B, SEK 289.59 (289.59) of class D and SEK 312.72 (312.72) per preference share. Net asset value (NAV) per ordinary share of class A and B amounted to SEK 12.56 (15.97)
For further information about changes in equity, see page 19.
HYBRID BOND
During the quarter, Corem, through its subsidiary Corem Kelly, redeemed hybrid bond, with a remaining amount of SEK 1,132 million, which runs at a variable interest rate of 3 months Stibor plus 9 percentage points margin.
EQUITY RATIO
At the end of the quarter, the adjusted equity ratio amounted to 41 per cent (42) and the equity ratio to 33 per cent (35).
Cash flow
The Group's cash flow from operating activities, before changes in working capital, amounted during the quarter to SEK 238 million (259).
Cash flow from investing activities amounted to SEK –302 million (–231) during the quarter, for the most part comprising property divestments. Cash flow from financing activities amounted to SEK –167 million (123), where the change consists of the repayment of hybrid bonds and positive cash inflow from the share issue and new loans.
Holding in Klövern
Klövern is an unlisted residential development company that develops homes for sale and proprietary management. Corem's holding in Klövern amounted to SEK 703 million (1,469), corresponding to an ownership share of approximately 8 per cent (17) at the end of the period. During the second quarter, Corem sold parts of its holding in Klövern.
FIXED INTEREST AND TIED-UP CAPITAL PERIODS
| Fixed interest | Tied-up capital | ||||
|---|---|---|---|---|---|
| Maturity year | Loan volume, SEKm |
Contract volume, SEKm |
Utilised, SEKm |
Of which outstanding bonds, SEKm |
Not utilised, SEKm |
| Variable | 7,052 | — | — | — | — |
| 2025 | — | 4,455 | 4,455 | — | — |
| 2026 | 6,500 | 14,252 | 12,382 | 1,023 | 1,870 |
| 2027 | 4,036 | 3,649 | 3,649 | 2,350 | — |
| 2028 | 2,144 | 6,488 | 5,588 | 1,650 | 900 |
| 2029 | 7,034 | 2,427 | 2,427 | — | — |
| Later | 2,300 | 565 | 565 | — | — |
| Total | 29,066 | 31,836 | 29,066 | 5,023 | 2,770 |
BOND OVERVIEW 30.09.20251)
| Type | Issued | Maturity | Issuer | Outstanding | volume, SEKm Interest rate, % |
|---|---|---|---|---|---|
| Green unsecured | Feb 2024 | Maj 2026 | Corem | 1,023 3m Stibor +3.75 | |
| Green unsecured | Apr 2024 | Jan 2027 | Corem | 1,050 3m Stibor +3.75 | |
| Green unsecured | Sep 2024 | Sep 2027 | Corem | 1,300 3m Stibor +2.95 | |
| Green unsecured | Jan 2025 | Apr 2028 | Corem | 1,000 3m Stibor +4.25 | |
| Green unsecured | Sep 2025 | Sep 2028 | Corem | 650 3m Stibor + 2.75 | |
| Total | 5,023 |
1) Refers to bonds issued by Corem Property Group AB ("Corem"). At the end of the period, there were no outstanding bonds in the subsidiary Corem Kelly AB, as previously outstanding bonds were redeemed at maturity during the quarter.
The share and shareholders
Corem Property Group is listed on Nasdaq Stockholm Large Cap with four classes of shares: ordinary shares of class A, ordinary shares of class B, ordinary shares of class D and preference shares.
On 30 September 2025, Corem had a total of 1, 435,489, 466 shares, of which 93,124,265, were ordinary shares of class A, 1, 322, 404, 077 ordinary shares of class B, 7,545,809 ordinary shares of class D and 12,415,295 preference shares.
Each ordinary share of class A entitles the holder to one vote, while an ordinary share of class B, an ordinary share of class D and a preference share entitles the holder to a tenth of a vote each.
New issue of ordinary shares
During the quarter, a directed issue was conducted of 81,967,213 ordinary shares of class B to M2 Asset Management AB (publ), which is controlled by Rutger Arnhult. As M2 Asset Management AB is classified as a related party the implementation of the new share issue was preceded and approved by an Extraordinary General Meeting held on 21 July 2025.
In June, during the second quarter, a directed share issue was also conducted of 110,032,787 ordinary shares of class B to Swedish and international institutional investors.
Corem used the net liquidity from the directed share issues to repay the outstanding hybrid bond.
Repurchase of own shares
Corem did not repurchase any of its own shares during the quarter. As at 30 September 2025, Corem held 2,913,825 repurchased ordinary shares of class A, 35,691,000 repurchased ordinary shares of class B and 42,000 repurchased ordinary shares of class D. The total market value at that time amounted to SEK 171 million. The shares are repurchased at an average price of SEK 8.80 per ordinary share of class A, SEK 19.06 per ordinary share of class B and SEK 297.85 per ordinary share of class D.
Conversion of class A ordinary shares
In February and August each year, holders of ordinary shares of class A have the right to request that the shares be converted into ordinary shares of class B. In February 2025, the first conversion period, a request was received for the conversion of 606,532 from class A to class B. No request for conversion was received during the second conversion period.
| SHARE DATA, 30 SEP 2025 | DIVIDEND PER ORDINARY SHARE A/B, SEK |
|
|---|---|---|
| Market | ||
| capitalisation | SEK 10.8 bn | 0.7 |
| Market place | Nasdaq Stockholm, Large Cap | 0.6 |
| LEI no. | 213800CHXQQD7TSS1T59 | 0.5 |
| No. of share | 0.4 0.3 |
|
| holders | 44,460 | 0.2 |
| Ordinary share, class A | 0.1 | |
| No. of shares | 93,124,265 | 0.0 2020 2021 2022 2023 2024 |
| Closing price | SEK 4.80 | |
| ISIN | SE0010714279 | |
| Ordinary share, class B | NET ASSET VALUE (NAV) | |
| No. of shares | 1,322,404,077 | PER ORDINARY SHARE A/B, SEK |
| Closing price | SEK 4.12 | |
| ISIN | SE0010714287 | 35 |
| 30 25 |
||
| Ordinary share, class D | 20 | |
| No. of shares | 7,545,809 | 15 |
| Closing price | SEK 244.50 | 10 5 |
| ISIN | SE0015961594 | 0 |
| 2021 2022 2023 2024 2025 |
||
| Preference share | ||
| No. of shares | 12,415,295 | |
| Closing price | SEK 249.50 | |
| ISIN | SE0010714311 |
LARGEST SHAREHOLDERS ON 30 SEP 2025
| Shareholder | No. ordinary shares A, thousands |
No. ordinary shares B, thousands |
No. ordinary shares D, thousands |
No. preference shares, thousands |
Share of capital, % |
Share of votes, % |
|---|---|---|---|---|---|---|
| Rutger Arnhult private and via companies1) | 44,106 | 594,448 | 3,330 | 16 | 44.72 | 47.03 |
| Gårdarike1) | 31,545 | 33,811 | 55 | 19 | 4.56 | 15.82 |
| Handelsbanken fonder | — | 114,404 | 121 | — | 7.98 | 5.19 |
| State Street Bank & Trust Co | — | 53,777 | 24 | 123 | 3.76 | 2.44 |
| AMF Tjänstepension AB | — | 48,500 | — | — | 3.38 | 2.20 |
| Länsförsäkringar fondförvaltning | — | 25,847 | — | — | 1.80 | 1.17 |
| Avanza Pension | 269 | 20,422 | 339 | 1,746 | 1.59 | 1.14 |
| JP Morgan Chase Bank N.A. | — | 22,889 | — | 254 | 1.61 | 1.05 |
| Carnegie Fonder | — | 20,155 | — | — | 1.40 | 0.91 |
| Swedbank Robur fonder | 1,593 | 4,000 | — | — | 0.39 | 0.90 |
| Nordnet Pensionsförsäkring AB | 135 | 17,796 | 117 | 400 | 1.29 | 0.89 |
| Prior & Nilsson | — | 19,217 | — | 8 | 1.34 | 0.87 |
| Fredrik Rapp private and via companies | 750 | 9,500 | — | — | 0.71 | 0.77 |
| SEB Life International | 1,101 | 3,301 | 31 | 25 | 0.31 | 0.65 |
| SEB Investment Management | — | 13,334 | — | — | 0.93 | 0.60 |
| Other shareholders | 10,711 | 285,312 | 3,487 | 9,824 | 21.54 | 18.37 |
| Total outstanding shares, thousands | 90,210 | 1,286,713 | 7,504 | 12,415 | 97.31 | 100.00 |
| Repurchased own shares2) | 2,914 | 35,691 | 42 | — | 2.69 | |
| Total registered shares, thousands | 93,124 | 1,322,404 | 7,546 | 12,415 | 100.00 | 100.00 |
1) Due to routines at Ålandsbanken, Banque Internationale à Luxembourg and Union Bancaire Privée, the banks have been registered in Euroclear's share register as owners of part of their clients' Corem shares. An adjustment has been made to reflect this, in order to give a fair view of the Company's largest shareholders.
2) Repurchased shares have no voting rights and are not entitled to dividends.
Other information
Accounting policies
This interim report for the Group has been prepared in compliance with the Annual Accounts Act and IAS 34 Interim Financial Reporting and for the Parent Company in compliance with the Annual Accounts Act and RFR 2 Accounting for legal entities. Disclosures under IAS 34 16A are disclosed in the financial reports and are also included in other parts of the interim report.
Properties in the Group are valued in compliance with Level 3 in the IFRS valuation hierarchy. The fair value of financial instruments in the Group reported as accrued acquisition value agrees essentially with the carrying amounts. The same applies to the Parent Company. No changes in the categorisation of financial instruments took place during the period. Financial assets valued at fair value which are listed in a market, are valued in accordance with Level 1 of the valuation hierarchy while the holding in Klövern AB, which is not listed, is valued in accordance with Level 3 of the valuation hierarchy. The holding in Klövern AB is valued according to the discounted cash flows. Derivatives are valued in accordance with Level 2 of the valuation hierarchy.
No new or changed standards or interpretations from IASB have had any material impact on the Interim Report and the accounting policies applied are those described in Note 1 of Corem's Annual Report for 2024.
Rounding differences may occur.
Definitions
A number of financial key ratios and measures are presented in the report which are not defined according to IFRS. Corem believes these key ratios and measures provide valuable supplementary information to investors and the Company's management in analysing the Company's operations. As not all companies calculate financial key ratios and measures in the same way, these are not always comparable. On the Company's website, the definitions of selected key ratios and measures are presented as well as an appendix showing the calculations of selected key ratios that are not directly identifiable from the financial reports.
Sustainability
Sustainability is an important part of Corem's business and is integrated in the daily operations. It embraces social, ecological and economic sustainability and is focused on the areas Good business partner and long-term value development, Attractive employer, Reduced climate impact and Sustainable and living city. Sustainability data is reported on the website on a full-year basis, see Corem's Annual and Sustainability Report.
Employees
Locally based property management with own staff, in order to achieve closeness to customers and in-depth market knowledge, is an integral
part of Corem's strategy. Corem has its registered office in Stockholm where the head office is also located.
The average number of employees in the Group during the quarter was 279 (283). 47 per cent (47) of the employees were women.
Risks
Corem has a continuous process to identify the material risks that may affect the Company's financial position and earnings. For more information on identifiable risks and their management, see Corem's Annual and Sustainability Report. No material changes to risk assessment have taken place during the current year.
Main risks are change in value of properties, the business cycle and market conditions, project operations, property transactions, changed laws and regulations, sustainability, financing, employees, business ethics and IT security.
Disputes
Corem has no ongoing disputes that could have a significant effect on earnings.
Transactions with related parties
Intra-Group services and transactions with related parties are charged at market prices and on commercial terms. Intra-group services consist of administrative services and charging of intra-group interest rates.
Transactions with Wästbygg amounted to SEK 0 million (21) during the period. Wästbygg is an associated company of the M2-Gruppen, which is controlled by Rutger Arnhult.
In addition, the Corem Group purchased legal services during the period from Walthon Advokater, in which the Chairman of the Group Patrik Essehorn is a shareholder, for an amount of SEK 9 million (9).
Parent Company
The Parent Company's business consists of the sale of management services to the Group's subsidiaries as well as strategic management and administration for the Company's listing on Nasdaq Stockholm.
Net sales amounted to SEK 353 million (379). Net profit for the period amounted to SEK 274 million (93). Interest-bearing liabilities amounted to SEK 15,845 million (10,207) which are lent to other Group companies.
Dividend
During the nine-month period, a dividend totalling SEK 396 million was paid to shareholders.
Significant events after the end of the quarter
There were no significant events after the end of the second quarter to comment on. Planned disposals during the fourth quarter are presented on page 7.
Stockholm, 22 October 2025
The Board of Directors of Corem Property Group AB (publ). This interim report has been reviewed by Corem's auditors.
Review report
Corem Property Group AB (publ) corporate ID no. 556463-9440
INTRODUCTION
We have reviewed the condensed interim report for Corem Property Group AB as at 30 September 2025 and for the nine-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this report based on our review.
DIRECTION AND 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 accordance with International Standards on Auditing and other generally 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, the stated conclusion based on a review does not have the certainty of a stated conclusion based on an audit.
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, 22 October 2025 KPMG AB
Mattias Johansson Authorised Public Accountant
Consolidated Income Statement in brief
| SEKm | 2025 3 months Jul–Sep |
2024 3 months Jul–Sep |
2025 9 months Jan–Sep |
2024 9 months Jan–Sep |
2024/2025 Trailing 12 months Oct–Sep |
2024 12 months Jan–Dec |
|---|---|---|---|---|---|---|
| Income | 850 | 898 | 2,642 | 2,780 | 3,557 | 3,695 |
| Property costs | –293 | –313 | –919 | –972 | –1,280 | –1,333 |
| Net operating income | 557 | 585 | 1,723 | 1,808 | 2,277 | 2,362 |
| Central administration | –33 | –38 | –104 | –122 | –142 | –160 |
| Net financial items | –305 | –328 | –924 | –950 | –1,262 | –1,288 |
| Profit from property management | 219 | 219 | 695 | 736 | 873 | 914 |
| Profit/loss, residential development | — | 0 | — | –1 | — | –1 |
| Share of earnings in associated companies |
— | 0 | — | 0 | — | 0 |
| Value changes, properties | –495 | 12 | –1,256 | –473 | –2,500 | –1,717 |
| Value changes, financial assets | –14 | 25 | –328 | 132 | –335 | 125 |
| Value changes, derivatives | 101 | –440 | –204 | –512 | 89 | –219 |
| Impairment, goodwill | –150 | –14 | –182 | –165 | –324 | –307 |
| Profit/loss before tax | –339 | –198 | –1,275 | –283 | –2,197 | –1,205 |
| Tax | –98 | –76 | 260 | 15 | 392 | 147 |
| Net profit/loss for the period | –437 | –274 | –1,015 | –268 | –1,805 | –1,058 |
| Net profit for the period attributable to: | ||||||
| Parent Company shareholders | –437 | –275 | –1,015 | –269 | –1,805 | –1,059 |
| Holdings without controlling influence | 0 | 1 | 0 | 1 | 0 | 1 |
| Profit/loss for the period | –437 | –274 | –1,015 | –268 | –1,805 | –1,058 |
| Earnings per share | ||||||
| Earnings per ordinary share of Class A and B, SEK |
–0.42 | –0.36 | –1.12 | –0.62 | –1.89 | –1.43 |
| No. of shares, thousands | ||||||
| Number of outstanding ordinary shares A and B |
1,376,924 | 1,184,924 | 1,376,924 | 1,184,924 | 1,376,924 | 1,184,924 |
| Average number of outstanding ordinary shares A and B |
1,358,214 | 1,155,737 | 1,250,980 | 1,104,578 | 1,234,330 | 1,124,774 |
| Number of outstanding ordinary shares D | 7,504 | 7,504 | 7,504 | 7,504 | 7,504 | 7,504 |
| Number of outstanding preference shares |
12,415 | 12,415 | 12,415 | 12,415 | 12,415 | 12,415 |
No dilution effect exists as there are no potential shares (for example, convertibles).
Consolidated Report of Comprehensive Income in brief
| SEKm | 2025 3 months Jul–Sep |
2024 3 months Jul–Sep |
2025 9 months Jan–Sep |
2024 9 months Jan–Sep |
2024/2025 Trailing 12 months Oct–Sep |
2024 12 months Jan–Dec |
|---|---|---|---|---|---|---|
| Net profit/loss for the period | –437 | –274 | –1,015 | –268 | –1,805 | –1,058 |
| Items that can later be reclassified to the income statement |
||||||
| Currency conversion difference for international operations |
–49 | –235 | –813 | –24 | –407 | 382 |
| Other comprehensive income after tax | –49 | –235 | –813 | –24 | –407 | 382 |
| Net comprehensive income for the period |
–486 | –509 | –1,828 | –292 | –2,212 | –676 |
| Net comprehensive income attributable to: | ||||||
| Parent Company shareholders | –486 | –509 | –1,828 | –292 | –2,213 | –677 |
| Holdings without controlling influence | 0 | 0 | 0 | 0 | 1 | 1 |
| Net comprehensive income for the period |
–486 | –509 | –1,828 | –292 | –2,212 | –676 |
Consolidated Balance Sheet in brief
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEKm | 30 Sep | 30 Sep | 31 Dec |
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 1,296 | 1,619 | 1,478 |
| Investment properties | 51,407 | 56,063 | 55,205 |
| Right-of-use assets | 1,743 | 1,211 | 1,827 |
| Financial assets valued at fair value | 703 | 1,475 | 1,469 |
| Derivatives | 98 | 165 | 231 |
| Other non-current assets | 124 | 137 | 133 |
| Total non-current assets | 55,371 | 60,670 | 60,343 |
| Current assets | |||
| Properties classified as current assets | — | 0 | — |
| Other current assets | 825 | 906 | 856 |
| Cash and cash equivalents | 314 | 575 | 586 |
| Total current assets | 1,139 | 1,481 | 1,442 |
| TOTAL ASSETS | 56,510 | 62,151 | 61,785 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to parent company shareholders1 | 18,853 | 21,949 | 21,511 |
| Equity attributable to holdings without controlling influence | 0 | 0 | 0 |
| Total shareholders' equity | 18,853 | 21,949 | 21,511 |
| Long-term liabilities | |||
| Interest-bearing liabilities | 15,662 | 14,703 | 14,238 |
| Leasing liabilities | 1,743 | 1,211 | 1,827 |
| Deferred tax liability | 5,178 | 5,611 | 5,472 |
| Derivatives | 138 | 373 | 147 |
| Other liabilities | 40 | 40 | 60 |
| Total long-term liabilities | 22,761 | 21,938 | 21,744 |
| Current liabilities | |||
| Interest-bearing liabilities | 13,255 | 16,569 | 16,908 |
| Other liabilities | 1,641 | 1,695 | 1,622 |
| Total current liabilities | 14,896 | 18,264 | 18,530 |
| Total liabilities | 37,657 | 40,202 | 40,274 |
| TOTAL EQUITY AND LIABILITIES | 56,510 | 62,151 | 61,785 |
1) Of which hybrid bond SEK 0 million (as of 31.12.2024, SEK 1,132 million).
Consolidated change in equity in brief
| Holdings without | ||||
|---|---|---|---|---|
| SEKm | Parent Company shareholders 1) |
controlling influence |
Total | |
| Opening equity, 01.01.2024 | 22,003 | 14 | 22,017 | |
| Comprehensive income for the period | –292 | — | –292 | |
| New share issue incl. costs | 1,007 | — | 1,007 | |
| Dividend | –515 | — | –515 | |
| Hybrid bond, interest | –97 | — | –97 | |
| Hybrid bond, repurchase | –168 | — | –168 | |
| Change in holdings without controlling influence | 11 | –14 | –3 | |
| Equity, 30.09.2024 | 21,949 | 0 | 21,949 | |
| Comprehensive income for the period | –385 | 1 | –384 | |
| Hybrid bond, interest | –53 | — | –53 | |
| Change in holdings without controlling influence | 0 | –1 | –1 | |
| Equity, 31.12.2024 | 21,511 | 0 | 21,511 | |
| Comprehensive income for the period | –1,828 | 0 | –1,828 | |
| New share issue incl. costs | 928 | — | 928 | |
| Dividend | –534 | — | –534 | |
| Hybrid bond, interest | –92 | — | –92 | |
| Hybrid bond, repurchase | –1,132 | — | –1,132 | |
| Change in holdings without controlling influence | 0 | — | 0 | |
| Equity, 30.09.2025 | 18,853 | 0 | 18,853 |
1) Of which hybrid bond is included with SEK 0 million in the closing balance (as of 31.12.2024, SEK 1,132 million).
Consolidated statement of cash flow in brief
| SEKm | 2025 3 months Jul–Sep |
2024 3 months Jul–Sep |
2025 9 months Jan–Sep |
2024 9 months Jan–Sep |
2024/2025 Trailing 12 months Oct–Sep |
2024 12 months Jan–Dec |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net operating income | 557 | 585 | 1,723 | 1,808 | 2,277 | 2,362 |
| Central administration | –33 | –38 | –104 | –122 | –142 | –160 |
| Depreciation, etc. | 4 | 5 | 14 | 16 | 20 | 22 |
| Interest received, etc. | 1 | 5 | 4 | 8 | 9 | 13 |
| Interest paid, etc. | –271 | –279 | –866 | –869 | –1,108 | –1,111 |
| Interest expense, lease contracts attributable to site leasehold contracts |
–20 | –19 | –61 | –57 | –81 | –77 |
| Income tax paid | 0 | 0 | 0 | –1 | –8 | –9 |
| Cash flow from operating activities before changes in working capital |
238 | 259 | 710 | 783 | 967 | 1,040 |
| Change in properties classified as current assets |
— | 0 | — | –2 | 0 | –2 |
| Change in current receivables | –2 | 80 | –137 | –120 | –85 | –68 |
| Change in current liabilities | 14 | –40 | –12 | –91 | 29 | –50 |
| Cash flow from operating activities | 250 | 299 | 561 | 570 | 911 | 920 |
| Investing activities | ||||||
| Investments in new constructions, extensions and refurbishment |
–339 | –322 | –976 | –967 | –1,352 | –1,343 |
| Divestment of investment properties | 38 | 78 | 2,573 | 2,483 | 3,073 | 2,983 |
| Change of shares in associated companies | — | 0 | — | — | 0 | — |
| Acquisition holdings without controlling influence |
— | — | — | –4 | — | –4 |
| Change in other non-current assets | –1 | 13 | 434 | 34 | 432 | 32 |
| Cash flow from investing activities | –302 | –231 | 2,031 | 1,546 | 2,153 | 1,668 |
| Financing activities | ||||||
| Dividend paid to parent company shareholders | –126 | –121 | –396 | –536 | –519 | –659 |
| Share issue, including expenses | 399 | 1,007 | 925 | 1,007 | 925 | 1,007 |
| Hybrid bonds, interest and repurchase | –1,164 | –184 | –1,224 | –265 | –1,277 | –318 |
| Loans raised | 3,198 | 2,548 | 13,094 | 8,441 | 16,369 | 11,716 |
| Amortised loans | –2,474 | –3,127 | –15,247 | –10,621 | –18,817 | –14,191 |
| Cash flow from financing activities | –167 | 123 | –2,848 | –1,974 | –3,319 | –2,445 |
| Cash flow for the period | –219 | 191 | –256 | 142 | –255 | 143 |
| Cash and cash equivalents at beginning of period | 536 | 389 | 586 | 429 | 575 | 429 |
| Exchange rate difference in cash and cash | ||||||
| equivalents | –3 | –5 | –16 | 4 | –6 | 14 |
| Cash and cash equivalents at end of period | 314 | 575 | 314 | 575 | 314 | 586 |
Parent Company Income Statement in brief
| SEKm | 2025 3 months Jul–Sep |
2024 3 months Jul–Sep |
2025 9 months Jan–Sep |
2024 9 months Jan–Sep |
2024 12 months Jan–Dec |
|---|---|---|---|---|---|
| Net sales | 110 | 123 | 353 | 379 | 500 |
| Cost of services sold | –77 | –85 | –249 | –257 | –340 |
| Gross profit | 33 | 38 | 104 | 122 | 160 |
| Central administration | –33 | –38 | –104 | –122 | –160 |
| Operating profit | 0 | 0 | 0 | 0 | 0 |
| Earnings from shares in group companies | 82 | 82 | 246 | 246 | –85 |
| Value changes derivatives | 19 | 0 | –10 | 0 | –10 |
| Interest income and similar income statement items | 326 | 89 | 624 | 289 | 402 |
| Interest expense and similar income statement items | –301 | –89 | –586 | –442 | –619 |
| Profit/loss after financial items | 126 | 82 | 274 | 93 | –312 |
| Group contributions, made/received | — | — | — | — | 1 |
| Profit/loss before tax | 126 | 82 | 274 | 93 | –311 |
| Tax | –4 | — | 2 | — | 18 |
| Net Profit/loss for the period | 122 | 82 | 276 | 93 | –293 |
Parent Company Balance Sheet in brief
| SEKm | 2025 30 Sep |
2024 30 Sep |
2024 31 Dec |
|---|---|---|---|
| ASSETS | |||
| Other intangible non-current assets | 4 | 5 | 5 |
| Machinery and equipment | 2 | 4 | 4 |
| Shares in group companies | 20,492 | 21,456 | 20,492 |
| Receivables from group companies | 18,326 | 9,142 | 12,793 |
| Other receivables | 222 | 57 | 195 |
| Cash and cash equivalents | 558 | 105 | 110 |
| TOTAL ASSETS | 39,604 | 30,769 | 33,599 |
| EQUITY AND LIABILITIES | |||
| Restricted equity | 2,871 | 2,487 | 2,487 |
| Unrestricted equity | 19,857 | 19,958 | 19,572 |
| Total equity | 22,728 | 22,445 | 22,059 |
| Interest-bearing liabilities | 15,845 | 7,134 | 10,207 |
| Liabilities to group companies | 452 | 627 | 902 |
| Non-interest-bearing liabilities | 579 | 563 | 431 |
| TOTAL EQUITY AND LIABILITIES | 39,604 | 30,769 | 33,599 |
Key ratios
| 2025 3 months Jul–Sep |
2024 3 months Jul–Sep |
2025 9 months Jan–Sep |
2024 9 months Jan–Sep |
2024 12 months Jan–Dec |
|
|---|---|---|---|---|---|
| Property-related | |||||
| Fair value of investment properties, SEKm | 51,407 | 56,063 | 51,407 | 56,063 | 55,205 |
| Yield requirement, valuation, % | 6.0 | 5.9 | 6.0 | 5.9 | 6.0 |
| Rental value, SEKm | 4,206 | 4,346 | 4,206 | 4,346 | 4,345 |
| Lettable area, sq.m. | 2,155,632 2,303,796 | 2,155,632 2,303,796 2,268,357 | |||
| Economic occupancy rate, % | 85 | 86 | 85 | 86 | 86 |
| Area-based occupancy rate, % | 75 | 77 | 75 | 77 | 77 |
| Operating margin, % | 65 | 65 | 65 | 65 | 64 |
| No. of investment properties | 266 | 294 | 266 | 294 | 289 |
| Average remaining lease contract period, years | 3.2 | 3.3 | 3.2 | 3.3 | 3.3 |
| Financial | |||||
| Return on equity, % | –9.0 | –5.0 | –6.7 | –1.6 | –4.9 |
| Adjusted equity ratio, % | 41 | 43 | 41 | 43 | 42 |
| Equity ratio, % | 33 | 35 | 33 | 35 | 35 |
| Interest-bearing net liability, SEKm | 28,699 | 30,888 | 28,699 | 30,888 | 30,742 |
| Loan-to-value ratio, % | 55 | 54 | 55 | 54 | 54 |
| Loan-to-value ratio, properties, % | 44 | 43 | 44 | 43 | 44 |
| Interest coverage ratio, multiple | 1.8 | 1.7 | 1.8 | 1.8 | 1.7 |
| Average interest rate, % | 4.6 | 5.0 | 4.6 | 5.0 | 4.6 |
| Average period of fixed interest, years | 2.2 | 2.5 | 2.2 | 2.5 | 2.6 |
| Average period of tied-up capital, years | 1.7 | 1.8 | 1.7 | 1.8 | 1.7 |
| 2025 3 months Jul–Sep |
2024 3 months Jul–Sep |
2025 9 months Jan–Sep |
2024 9 months Jan–Sep |
2024 12 months Jan–Dec |
|
|---|---|---|---|---|---|
| Share-related | |||||
| Profit from property management per ordinary share A and B, SEK |
0.06 | 0.07 | 0.24 | 0.29 | 0.32 |
| Earnings per ordinary share, A and B, SEK | –0.42 | –0.36 | –1.12 | –0.62 | –1.43 |
| Net asset value (NAV) per ordinary share A and B, SEK | 12.56 | 16.56 | 12.56 | 16.56 | 15.97 |
| Equity per ordinary share A and B, SEK | 9.29 | 12.44 | 9.29 | 12.44 | 12.09 |
| Equity per ordinary share D, SEK | 289.59 | 289.59 | 289.59 | 289.59 | 289.59 |
| Equity per preference share, SEK | 312.72 | 312.72 | 312.72 | 312.72 | 312.72 |
| Dividend per ordinary share, A and B, SEK | — | — | — | — | 0.10 |
| Dividend per ordinary share D, SEK | — | — | — | — | 20.00 |
| Dividend per preference share, SEK | — | — | — | — | 20.00 |
| Share price ordinary share A, SEK | 4.80 | 10.20 | 4.80 | 10.20 | 6.58 |
| Share price ordinary share B, SEK | 4.12 | 10.37 | 4.12 | 10.37 | 6.69 |
| Share price ordinary share D, SEK | 244.50 | 280.00 | 244.50 | 280.00 | 244.50 |
| Share price preference share, SEK | 249.50 | 288.50 | 249.50 | 288.50 | 258.00 |
| No. of shares, thousands | |||||
| Number of outstanding ordinary shares A and B | 1,376,924 | 1,184,924 | 1,376,924 | 1,184,924 | 1,184,924 |
| Average number of outstanding ordinary shares A and B | 1,358,214 | 1,155,737 | 1,250,980 | 1,104,578 | 1,124,774 |
| Number of outstanding ordinary shares D | 7,504 | 7,504 | 7,504 | 7,504 | 7,504 |
| Number of outstanding preference shares | 12,415 | 12,415 | 12,415 | 12,415 | 12,415 |
Definitions
A number of financial key ratios and measures are presented in the report which are not defined according to IFRS. Corem considers that these key ratios and measures provide valuable supplementary information to investors and the company management when analysing the company's business activities. As not all companies calculate financial key ratios and measures in the same way, these are not always comparable. Definitions of selected key ratios and measures are presented below. The definitions are also shown on Corem's website (https://www.corem.se/en/investor-relations/definitions-en/). For the key ratios that are not directly identifiable from the financial statements, there is a complementary calculation appendix on the website.
Adjusted equity ratio
Equity1), adjusted for the value of derivatives including tax, repurchased shares, (based on the share price at the end of respective period) and reported deferred tax properties, less goodwill attributable to deferred tax, as well as deferred tax of 5 per cent attributable to the difference between the properties' fair value and residual value for tax purposes, as a per centage of total assets adjusted for goodwill attributable to deferred tax and rights of use assets.
Annual contract value
Rent including supplements and index on an annual basis.
Average period of fixed interest
Average remaining period of fixed interest on interest-bearing liabilities and derivatives.
Average period of tied-up capital
Average remaining term of interest-bearing liabilities.
Average interest rate
Average borrowing rate for interest-bearing liabilities and derivatives.
Central administration
Central administration costs consist of costs for group management and group-wide functions.
Comparable portfolio
The properties, excluding project properties, which were included in the portfolio during the whole of the reporting period and during the whole of the comparison period. Income and costs of a one-off nature are excluded from comparable results, for example, insurance compensation and major on-billing to tenants.
Development portfolio
Properties where conversion or extension projects are in progress or planned, which lead to a higher standard or changed use of premises.
Earnings per ordinary share of class A and B
Net profit after deduction of dividend on preference shares and ordinary shares of class D and interest on hybrid bonds, in relation to the average number of outstanding ordinary shares of class A and B.
Equity per ordinary share of class A and B
Equity1) after deduction of equity attributable to preference shares and ordinary shares of class D and hybrid bonds, in relation to the number of outstanding ordinary shares of class A and B.
Equity per ordinary share of class D
The ordinary share of class D's average issueprice.
Equity per preference share
The preference share's average issue price.
Equity ratio
Equity1) as a per centage of total assets.
Interest-bearing liabilities
Current and long term interest-bearing liabilities, as well as activated and capitalized borrowing costs.
Interest-bearing net debt
The net of interest-bearing liabilities minus interestbearing assets, listed shareholdings and liquid funds.
Interest coverage ratio
Profit from property management plus share of associated companies' profit from property management, excluding financial expenses2), divided by financial expenses2).
Investment portfolio
Properties currently being actively managed.
Investment properties
The term investment properties in the balance sheet includes the investment portfolio as well as the development portfolio.
Lettable area
Total area available for letting.
Loan to value (LTV)
Interest-bearing liabilities after deduction for the market value of listed shareholdings, interest-bearing assets and liquid funds, in relation to the fair value of the properties, the holding in Klövern and shares in associated companies.
Loan to value (LTV), properties
Interest-bearing liabilities with collateral in properties, in relation to the fair value of the properties at the end of the period.
NAV (Net Asset Value) per ordinary share of class A and B
Equity1), after deduction of equity attributable to preference shares and ordinary shares of class D, hybrid bonds and goodwill attributable to deferred tax, adding back derivatives and deferred tax liability, in relation to the number of outstanding ordinary shares of class A and B.
Net letting
Annual rent for the tenancy agreements entered into during the period, reduced for terminated tenancy agreements and bankruptcies.
Net operating income
Income minus property costs (eg operating and maintenance costs and property tax).
Occupancy rate, area
Rented area divided by total lettable area.
Occupancy rate, economic
Annual contracted rent divided by rental value.
Operating margin
Net operating income as a percentage of income.
Outstanding ordinary shares
Registered shares, after deduction of repurchased shares.
Profit from property management
Net operating income, central administration and net financial income.
Profit from property management per ordinary share of class A and B
Profit from property management after deduction of dividend on preference shares and ordinary shares of class D and interest on hybrid bonds in relation to the average number of outstanding ordinary shares of class A and B.
Properties classified as current assets
Properties with ongoing production of tenant-owned apartments or which are intended for future tenantowned production.
Realized changes in value, properties
Realized property sales after deductions for the properties' most recently reported fair value and overheads at sale.
Rental value
Annual contract value with a supplement for assessed rent of vacant premises.
Return on equity
Net profit on an annual basis, as a per centage of average of opening and closing equity1).
Required yield
The required return on the residual value of property valuations.
Total number of shares
Registered shares, including repurchased shares.
Unrealized changes in value, properties
Change in fair value excluding acquisitions, divestments, investments, and currency conversion.
- 1) Equity attributable to Parent Company's shareholders
- 2) Excluding site leasehold fees and exchange rate differences
Calendar
FINANCIAL REPORTS
| Year-end Report 2025 | 13 February 2026 |
|---|---|
| Annual report and sustainability report 2025 | Week 13, 2026 |
| Interim Report January–March 2026 | 22 April 2026 |
| Annual General Meeting 2026 | 24 April 2026 |
DIVIDEND: RECORD DATES AND ANTICIPATED PAYMENT DATES
| Record date for dividend on ordinary shares of class A, B, D and preference shares | 30 December 2025 |
|---|---|
| Expected payment date for dividend on ordinary shares of class A, B, D and preference shares | 7 January 2026 |
| Record date for dividend on ordinary shares of class A, B, D and preference shares | 31 March 2026 |
| Expected payment date for dividend on ordinary shares of class A, B, D and preference shares | 7 April 2026 |
Contact persons
Rutger Arnhult, CEO, +46 70 458 24 70, [email protected] Eva Landén, Deputy CEO, +46 10 482 76 50, [email protected]
This information is information that Corem Property Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person, set out above, at 8:00 a.m. CEST on 22 October 2025.
Corem Property Group AB (publ), Box 56085, SE-102 17 Stockholm Visiting address: Riddargatan 13 C. Telephone: +46 10 482 70 00 Corporate ID number: 556463-9440, Registered office: Stockholm E-mail: [email protected], website: www.corem.se