Hufvudstaden

Quarterly Report • Nov 6, 2025

Interim Report January-September 2025

• Rent revenue from property management was SEK 1,820 million (1,731), an increase of 5 per cent. The Group´s net revenue totalled SEK 2,425 (2,335).
• The Group's gross profit increased by 6 per cent, totalling SEK 1,214 million (1,141).
• The fair value of the property holdings was SEK 47.7 billion (47.1 at year-end).
• Unrealised changes in the value of investment properties amounted to SEK -242 million (-1,094) for the period.
• Net result for the period was SEK 527 million (-211).

For the first three quarters of the year, we reported a 6 per cent increase in gross profit, and are pleased that NK contributed to this improvement. The retail sector is still marked by some degree of caution, but there are clear signals of a gradual recovery. Consumer purchasing power is increasing and more brands are willing to invest forward. NK welcomes Rimowa, Naturkompaniet and Singular Society as new tenants. "

We are seeing positive signs in the rental market. Demand remains for office and retail premises in prime locations and there is particularly high interest in Gothenburg for premises in Kvarteret Johanna, where we already have a leasing rate of 65 per cent. It confirms the strength of our offering and of the Fredstan marketplace.

I would like to take this opportunity to thank our customers for a rewarding collaboration and I am very proud that we have the most satisfied office tenants in the industry again this year. The Customer Satisfaction Index survey confirms that they are thriving and can develop in our areas.

ANDERS NYGREN President

Summary of results, SEK m	2025 Jan–Sep	2024 Jan–Sep	2024 Jan–Sep
Rent revenue, property management	1,820	1,731	2,319
Net revenue, other segments	766	752	1,059
Gross profit	1,214	1,141	1,552
Unrealised changes in value, investment properties	-242	-1,094	-603
Operating result	922	-22	884
Net result for the period	527	-211	365

Performance measures	2025 Sep 30	2024 Sep 30	2024 Dec 31
Fair value of properties, SEK bn	47.7	46.4	47.1
Equity ratio, %	57	58	59
Net loan-to-value ratio, properties, %	23.3	21.7	21.4
Interest coverage ratio, multiple	4.5	4.4	4.5
Rental vacancy rate excl. development projects, %	7.3	5.5	5.0
Net reinstatement value, SEK per share	186	181	185

Property management

The property management segment is the foundation of Hufvudstaden's operations and one of the group's three segments. Property management is divided into three operational business areas, Stockholm, Gothenburg and NK.

SEK m	2025 Jul–Sep	2024 Jul–Sep	2025 Jan–Sep	2024 Jan–Sep	2024 Jan–Dec
Rent revenue, property management	594.5	583.9	1,820.4	1,731.1	2,318.6
of which intra-Group rents	51.1	50.0	160.9	147.9	198.4
Property management expenses
Maintenance	-6.2	-3.8	-23.1	-22.9	-31.7
Operation and administration	-107.2	-95.0	-340.5	-303.7	-416.1
Property tax	-52.9	-58.1	-178.3	-178.9	-237.5
Property management expenses	-166.3	-156.9	-541.9	-505.5	-685.3
Gross profit	428.2	427.0	1,278.5	1,225.6	1,633.3
Unrealised changes in value, investment properties	5.0	-99.9	-241.7	-1,094.2	-602.6
Fair value, investment properties	47,696.7	46,375.8	47,696.7	46,375.8	47,115.4

Results

Rent revenue from property management amounted to SEK 1,820.4 million (1,731.1) for the period. Operating expenses amounted to SEK -541.9 million (-505.5). Gross profit was SEK 1,278.5 million (1,225.6). The increase was attributable primarily to improved earnings from NK properties, rent indexation as well as higher gross rents in conjunction with new leases and renegotiations of offices.

The sales-based rent supplement is reported in the fourth quarter. The sales-based rent supplement for the preceding year totalled SEK 10.5 million, of which the NK properties accounted for SEK 7.0 million. Apart from the sales-based rent supplement, there are no other material seasonal variations in rents.

Gross profit, Property management, SEK m1)

¹⁾ Including Intra-Group rents.

Changes in value

Unrealised changes in the value of investment properties totalled SEK -241.7 million (-1,094.2).

Property valuation

Fair value of Hufvudstaden's property holdings is based on an internal valuation. The valuation as per September 30, 2025 amounted to SEK 47,697 million (47,115 at year-end). The increase was attributable to the period's investments, which were somewhat offset by negative unrealised changes in the value of the property holdings. The unrealised decrease in value was due to higher costs for development projects as well as the effect of slightly lower rents for stores.

Investment properties	SEK m
Opening fair value, January 1, 2025	47,115.4
Investment in property holdings	822.9
Unrealised changes in value	-241.7
Closing fair value, September 30, 2025	47,696.7

The average yield requirement in the valuation as per September 30, 2025 was unchanged compared with the second quarter of 2025, and amounted to 4.1 per cent at the above valuation (4.1 at year-end).

When carrying out the valuation, the following yield requirement figures for office and retail properties were applied.

Yield requirements, property valuation1)

Stockholm	3.7–4.2 per cent
Gothenburg	4.7–5.0 per cent
Property holdings, average	4.1 per cent

¹⁾ Valuation date September 30, 2025.

The material factors influencing the valuation and the consequent impact on profit or loss are presented in the table below.

Sensitivity analysis, property valuation1)

		Impact on profit or loss before
	Change, +/-	tax, +/-
Rental revenue	SEK 100 /sq m	SEK 970 m
Property costs	SEK 50 /sq m	SEK 485 m
Rental vacancy rate	1.0 percentage points	SEK 650 m
Yield requirement	0.25 percentage points	SEK 2,930 m

¹⁾ Valuation date September 30, 2025.

Fair value of property holdings, SEK bn

For further information on property valuations, refer to the most recent Annual and Sustainability Report.

Rentable floor space and vacancy rate

Rentable floor space as per September 30, 2025 was approximately 391,000 square metres (390,800 at year-end). The total floor space vacancy rate was 14.9 per cent (11.1 at year-end) and the total floor space vacancy rate excluding development projects was 9.1 per cent (6.7 at year-end). The total rental vacancy rate was 10.8 per cent (7.1 at yearend) and the total rental vacancy rate excluding development projects was 7.3 per cent (5.0 at year-end).

Rental market

The office rental market in Stockholm City was stable during the third quarter of the year. The letting processes were prolonged, but activity was somewhat higher compared to the beginning of the year. The demand was mainly for modern and flexible office premises in prime locations. Vacancy levels were higher than the normal range. In Stockholm's most attractive locations – Bibliotekstan, Norrmalmstorg/Hamngatan, and the Hötorget area – market rents for modern offices were estimated at SEK 7,000–10,100 per square metre and year, excluding the property tax supplement. Market demand for retail premises was stable and market rents for retail premises in prime commercial locations were in the range of SEK 11,000–25,000 per square metre and year, excluding the property tax supplement.

In the central sub-markets of Gothenburg, the demand was mainly for modern and flexible office premises. Vacancies were higher than the normal range and market rents in the most attractive locations were within the range of SEK 3,300–4,200 per square metre and year, excluding the property tax supplement. Rent levels for the most modern and attractive office premises are significantly higher. For retail premises in central commercial locations, market rents were between SEK 3,000–13,000 per square metre and year, excluding the property tax supplement.

The Group's renegotiations for office premises were positive, while renegotiations for retail premises led to lower rents. During the period, a total of 39,900 square metres were renegotiated at an annual rental value of SEK 345 million. On average, the renegotiations resulted in a rent increase of approximately 3 per cent, compared with indexed rent for 2025.

CSI

Hufvudstaden is continuing to set the standard for customer satisfaction in the property industry, and achieved its best result to date with a top position in the annual customer satisfaction survey (Fastighetsbarometern1)) for offices. The environmental considerations category has continued to grow and the new sustainability area has received a very high rating. The highest score was given for location, contact person, problem reporting and information. For the eighth consecutive year, Hufvudstaden is ranked number one among large companies, achieving a Customer Satisfaction Index of 89. The average for the industry was 81 on a scale of 100.

Projects

A major redevelopment of approximately 5,400 square metres of office space is taking place in part of the Kåkenhusen 40 property. The floor space was emptied in the second quarter of 2025. The project is being marketed as The Corner and the letting process is ongoing, with office spaces that can vary in size from 300 square metres and up. Access can be scheduled for the third quarter of 2026.

A new detailed development plan gained legal force in 2024 for the Orgelpipan 7 property, located near Central Station in Stockholm. The new detailed development plan will allow for an inset two-floor extension. The original character of the building will be maintained and the rentable floor space is expected to increase by approximately 3,000 square metres of office premises. Planning is ongoing and construction is expected to start late 2026 or early 2027.

The extensive redevelopment and expansion project Johanna continues at the Inom Vallgraven 12 block in Gothenburg. Work on the core building is nearing completion and tenant adaptations are ongoing in several premises. The project comprises a total of approximately 31,300 square metres of rentable floor space, of which approximately 10,100 square metres will be added. At the end of the quarter, leases had been signed for approximately 20,300 square metres, of which approximately 16,000 square metres was for offices. Access will take place on a gradual basis from spring 2026.

Major development projects

City	Property	Status	Type of premises	Rentable floor space (sq m)	Of which added floor space (sq m)	Estimated investment1) (SEK m)	Estimated completion
Stockholm	Kåkenhusen 40	Current	Office	5,400	–	210	2026
Stockholm	Orgelpipan 7	Planning	Office	3,000	3,000	–	–
Gothenburg	Kvarteret Johanna2)	Current	Office, retail & restaurants	31,300	10,100	2,800	2026

¹⁾ Total investment including estimated costs for rent losses and financing that are continuously recognised in profit or loss as well as costs for evacuation.

¹⁾ Fastighetsbarometern (The Property Barometer) is organised by the Swedish Property Federation and the consulting company CFI Group.

²⁾ Kvarteret Johanna is located in the Inom Vallgraven 12 block that comprises the Inom Vallgraven 12:10 property. The properties Inom Vallgraven 12:10 and Inom Vallgraven 12:11 were consolidated in 2025.

Other segments

NK Retail and Other operations are reported within Other segments. NK Retail operates retail activities in the department stores NK Stockholm and NK Gothenburg as well as through e-commerce. The segment Other operations includes Cecil Coworking, NK e-commerce and the parking business in Parkaden.

SEK m	2025 Jul–Sep	2024 Jul–Sep	2025 Jan–Sep	2024 Jan–Sep	2024 Jan–Dec
NK Retail
Net revenue	222.7	215.9	657.8	648.0	915.7
Expenses	-233.7	-236.6	-705.7	-709.8	-968.5
of which intra-Group rents	-30.1	-29.3	-97.7	-85.6	-114.8
Gross profit/loss NK Retail	-11.0	-20.7	-47.9	-61.8	-52.8
Other operations
Net revenue	35.5	32.8	108.0	104.2	143.3
Expenses	-41.0	-41.4	-124.2	-126.8	-171.5
of which intra-Group rents	-21.0	-20.7	-63.2	-62.3	-83.6
Gross profit/loss Other operations	-5.5	-8.6	-16.2	-22.6	-28.2

NK RETAIL

Net revenue for NK Retail amounted to SEK 657.8 million (648.0). Costs were SEK -705.7 million (-709.8). Gross loss for NK Retail amounted to SEK -47.9 million (-61.8). The result remained weak and the work to achieve profitability in the business through process changes is ongoing. The result was also impacted by challenging market conditions. Sales for NK Retail are impacted by seasonal variations, with the first quarter of the year normally being the weakest and the fourth quarter the strongest.

OTHER OPERATIONS

Net revenue for Other operations amounted to SEK 108.0 million (104.2). Costs were SEK -124.2 million (-126.8). Gross profit amounted to SEK -16.2 million (-22.6). Cecil Coworking and Parkaden contributed positively to the gross profit.

Group

RESULTS

Changes in value

Unrealised changes in the value of interest-rate derivatives were SEK -11.1 million (-30.2).

Financial income and expense

Net financial income and expense totalled SEK -254.4 million (-241.9). Interest income was SEK 5.2 million (9.5). Borrowing costs totalled SEK -234.2 million (-233.9). Interest expenses for leasing, primarily ground rents, totalled SEK -25.4 million (-17.5).

Tax

The Group's tax for the period was SEK -140.5 million (53.3), of which SEK -94.0 million (-105.5) in current tax and SEK -46.5 million (158.8) in deferred tax. The change in deferred tax was primarily due to the lower negative unrealised changes in the value of the property holdings during the period.

Net result for the period

The consolidated net result was SEK 526.9 million (-210.7). The improvement can be attributed primarily to the period's lower negative unrealised changes in the value of the property holdings.

Third quarter

Rent revenue from property management amounted to SEK 594.5 million (583.9) and operating expenses to SEK -166.3 million (-156.9). Gross profit amounted to SEK 428.2 million (427.0). The increase was attributable primarily to improved earnings from NK properties, rent indexation as well as higher gross rents in conjunction with new leases and renegotiations of offices, which was mainly offset by vacancy in the Kåkenhusen 40 project property. The above includes intra-Group rents of SEK 51.1 million (50.0).

Net revenue for NK Retail amounted to SEK 222.7 million (215.9). Costs were SEK -233.7 million (-236.6). Gross loss for NK Retail was SEK -11.0 million (-20.7). The above includes intra-Group rents of SEK -30.1 million (-29.3) as a cost.

Net revenue for other operations amounted to SEK 35.5 million (32.8). Costs were SEK -41.0 million (-41.4). Gross loss was SEK -5.5 million (-8.6). The above includes intra-Group rents of SEK -21.0 million (-20.7) as a cost.

Unrealised changes in the value of investment properties amounted to SEK 5.0 million (-99.9) and of interest-rate derivatives to SEK 15.2 million (-24.0).

Net financial income and expense totalled SEK -86.7 million (-80.9).

EQUITY AND NET ASSET VALUE

The Group's equity attributable to Parent Company shareholders amounted to SEK 27,901 million, corresponding to SEK 142 per share. Net reinstatement value amounted to SEK 36,728 million or SEK 186 per share.

FINANCING

Total borrowings as of September 30, 2025 amounted to SEK 10,800 million (9,800 at year-end). Interest-bearing net debt was SEK 10,398 million (9,327 at year-end). In addition, the lease liability according to IFRS 16 amounted to SEK 729 million (736 at year-end), and total net debt was SEK 11,127 million (10,063 at year-end).

Hufvudstaden has a framework for green financing that serves as a basis for issuing green bonds and commercial

papers and to raise green bank loans. Hufvudstaden has a total of SEK 8.7 billion in green financing, corresponding to 81 per cent of total borrowings, of which bonds amounted to SEK 7.2 billion and bank loans SEK 1.5 billion.

The average fixed interest period, including effects of derivative instruments, was 2.3 years (2.2 at year-end), the average capital tie-up period was 2.5 years (2.2 at yearend), and the average effective rate of interest was 2.9 per cent (2.9 at year-end) including, and 2.8 per cent (2.8 at year-end) excluding, the cost of unutilised loan commitments. The fair value of all interest-rate derivatives as of September 30, 2025 amounted to SEK -22.0 million (-10.8 at year-end). The negative value was due to falling market interest rates. For bond loans with a fixed rate of interest, the surplus value is SEK 6.7 million (surplus value of 87.7 at year-end).

Fixed interest structure, September 30, 2025

Maturity, year	Credits, SEK m	AER, %	Proportion, %
<1	2,900	1) 2.9	27
1–2	2,000	1.9	18
2–3	1,500	3.3	14
3–4	2,350	3.4	22
4–5	2,050	3.3	19
Total	10,800	2) 2.9	100

¹⁾ Including costs for unutilised loan commitments.

Capital tie-up structure, SEK m, September 30, 2025

Maturity, year	Bank loans	Bonds/ Comm.paper	Total borrowings	Unutilised commitments
<1	–	2,400	2,400	1,000
1–2	–	2,000	2,000	1,000
2–3	1,500	1,500	3,000	1,500
3–4	–	1,350	1,350	1,500
4–5	–	2,050	2,050	–
Total	1,500	9,300	10,800	5,000

SHARES AND SHAREHOLDERS

Hufvudstaden Class A shares are listed on Nasdaq Stockholm. The company's Class C shares were delisted from Nasdaq Stockholm in January 2020. The company had 31,496 shareholders at the end of the period. The Class A share price as of September 30, 2025 was SEK 126.80, and total market capitalisation of all shares based on the Class A share price was SEK 26.8 billion.

Shares bought back

At the 2025 Annual General Meeting, the Board of Directors was granted renewed authorisation to acquire Class A shares up to 10 per cent of all issued shares and to transfer treasury shares held by the company. The Board of Directors resolved to utilise the authorisation granted by the Annual General Meeting. The decision pertains to the buy-back of up to 8 million Class A shares during the period from August 22 until the 2026 Annual General Meeting. Since the decision, Hufvudstaden has bought back 5,272,071 Class A shares for SEK 667 million, corresponding to an average price of SEK 126.50 per share. Treasury shares held as of September 30, 2025 totalled 14,237,071 Class A shares, corresponding to 6.7 per cent of all shares issued and 1.4 per cent of the total number of votes.

²⁾ The average effective rate of interest excluding costs for unutilised loan commitments was 2.8 per cent.

Share buybacks

	Total number	Treasury	Other
Million shares	of shares	shares	shareholders
January 1, 2025	211.3	9.0	202.3
Buyback	-	5.3	-5.3
September 30, 2025	211.3	14.2	197.1

Conversion of Hufvudstaden's Class C shares

At the 2001 Annual General Meeting, a conversion clause was added to Hufvudstaden's Articles of Association. Shareholders have the right at any time to request conversion of Class C shares into Class A shares. During the period, 400,210 Class C shares were converted to Class A shares.

Share structure, September 30, 2025

	Number of	Number of
Share class	shares	votes	Equity, %	Votes, %
A (1 vote)	203,401,419	203,401,419	96.3	20.5
C (100 votes)	7,870,514	787,051,400	3.7	79.5
Total	211,271,933	990,452,819	100.0	100.0

Largest shareholders, September 30, 2025

Shareholders	Number of shares, %	Number of votes, %
L E Lundbergföretagen	45.2	87.4
AMF	10.0	2.1
State Street Bank and Trust	3.4	0.7
BNY Mellon	2.2	0.5
JP Morgan Chase Bank	1.9	0.4
The Lundberg family including companies	1.7	1.0
Other shareholders	28.9	6.5
Shares outstanding	93.3	98.6
Treasury shares	6.7	1.4
Total number of issued shares	100.0	100.0

MATERIAL RISKS AND UNCERTAINTIES

The Group is mainly exposed to financing, interest and credit risks and changes in the value of its property holdings. Other than the above, no other material risks or uncertainties have been identified apart from those described in the mostly recently published Annual and Sustainability Report.

MATERIAL TRANSACTIONS WITH RELATED PARTIES

No material transactions with related parties took place during the period.

ACCOUNTING POLICIES AND VALUATION PRINCIPLES

Hufvudstaden applies the EU-endorsed IFRS standards. This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting, and applicable provisions of the Swedish Annual Accounts Act. Disclosures according to IAS 34.16A are presented in both the financial statements and in other parts of the interim report. Accounting policies and valuation principles remain unchanged from the most recent Annual and Sustainability Report.

FORTHCOMING INFORMATION

Year-End Report 2025February 12, 2026
Annual and Sustainability Report 2025February 2026
Annual General Meeting 2026March 19, 2026

The information in this Interim Report is information that Hufvudstaden AB (publ) is obligated to publish under the EU Market Abuse Regulation and the Securities Market Act. The information was published through the auspices of the persons named below on November 6, 2025.

This information is also published on Hufvudstaden's website, www.hufvudstaden.se/en/

Questions can be answered by Anders Nygren, President, and Åsa Roslund, Vice President and CFO, on telephone +46 8 762 90 00.

Stockholm, November 6, 2025

Anders Nygren President

This interim report has not been reviewed by the company's auditors.

Report on results - Summary

SEK m	2025 Jul–Sep	2024 Jul–Sep	2025 Jan–Sep	2024 Jan–Sep	2024 Jan–Dec
Net revenue	801.6	782.6	2,425.3	2,335.4	3,179.2
Operating expenses	-389.9	-384.9	-1,210.9	-1,194.2	-1,626.9
Gross profit	411.7	397.7	1,214.4	1,141.2	1,552.3
Central administration	-13.1	-12.7	-39.8	-38.9	-54.5
Operating profit before changes in value	398.6	385.0	1,174.6	1,102.3	1,497.8
Unrealised changes in value
– investment properties	5.0	-99.9	-241.7	-1,094.2	-602.6
– interest-rate derivatives	15.2	-24.0	-11.1	-30.2	-10.8
Operating result	418.8	261.1	921.8	-22.1	884.4
Financial income and expense	-86.7	-80.9	-254.4	-241.9	-321.2
Result before tax	332.1	180.2	667.4	-264.0	563.2
Tax	-69.5	-37.2	-140.5	53.3	-198.6
Net result	262.6	143.0	526.9	-210.7	364.6
Other comprehensive income	–	–	–	–	–
Total comprehensive income or loss for the period	262.6	143.0	526.9	-210.7	364.6
Average number of outstanding shares	201,183,210	202,306,933	201,928,242	202,306,933	202,306,933
Net result for the period per share before and
after dilution, SEK	1.30	0.71	2.61	-1.04	1.80

Report on financial position - Summary

	2025	2024	2024
SEK m	September 30	September 30	December 31
Investment properties	47,696.7	46,375.8	47,115.4
Right of use assets	727.1	735.7	734.4
Other non-current assets	112.5	152.6	142.4
Total non-current assets	48,536.3	47,264.1	47,992.2
Current assets	838.3	974.0	882.0
Total assets	49,374.6	48,238.1	48,874.2
Equity	27,900.6	28,031.6	28,606.9
Non-current interest-bearing liabilities	8,400.0	6,650.0	7,100.0
Deferred tax liabilities	8,682.4	8,416.0	8,635.9
Non-current leasing liabilities	720.5	729.2	727.9
Other non-current liabilities	157.5	162.4	142.2
Total non-current liabilities	17,960.4	15,957.6	16,606.0
Current interest-bearing liabilities	2,400.0	3,200.0	2,700.0
Current leasing liabilities	8.1	7.7	7.9
Other liabilities	1,105.5	1,041.2	953.4
Total current liabilities	3,513.6	4,248.9	3,661.3
Total equity and liabilities	49,374.6	48,238.1	48,874.2

Report on changes in equity - Summary

	2025	2024	2024
SEK m	Jan–Sep	Jan–Sep	Jan–Dec
Equity, opening balance	28,606.9	28,788.6	28,788.6
Total comprehensive income or loss for the period	526.9	-210.7	364.6
Dividend	-566.5	-546.2	-546.2
Share buyback	-666.9	–	–
Equity, closing balance	27,900.6	28,031.6	28,606.9

Report on cash flows - Summary

	2025	2024	2024
SEK m	Jan–Sep	Jan–Sep	Jan–Dec
Result before tax	667.4	-264.0	563.2
Items not included in the cash flow	311.9	1,175.2	679.0
Income tax paid	-105.9	-73.8	-100.8
Cash flow from current operations	873.4	837.4	1,141.4
before changes in working capital
Net change in working capital	131.2	145.8	93.9
Cash flow from current operations	1,004.6	983.2	1,235.3
Investments in investment properties	-822.9	-727.2	-975.2
Investments in other non-current assets	-13.5	-11.6	-15.9
Cash flow from investments	-836.4	-738.8	-991.1
Loans raised	3,550.0	3,250.0	4,200.0
Amortisation of loan liabilities	-2,550.0	-2,800.0	-3,800.0
Amortisation of leasing liabilities	-5.9	-5.9	-7.8
Dividend paid	-566.5	-546.2	-546.2
Share buyback	-666.9	–	–
Cash flow from financing	-239.3	-102.1	-154.0
Cash flow for the period	-71.1	142.3	90.2
Cash and cash equivalents at the beginning of the period	472.6	382.4	382.4
Cash and cash equivalents at the period-end	401.5	524.7	472.6

Segment reporting - Summary

The Group's operations are divided into three segments, Property management, NK Retail and Other operations. Other operations include Cecil Coworking (Business Area Stockholm) and NK e-commerce and the parking business in Parkaden (Business Area NK). The segments are divided into the business areas, which are in line with the Company's operational control system.

		Business Area Stockholm		Business Area NK		Business Area Gothenburg		Summary		Intra-Group elimination		Group
SEK m	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	2025 Jan–Sep	2024 Jan–Sep
Property management
Rent revenue	1,145.3	1,121.4	423.7	364.3	251.4	245.4	1,820.4	1,731.1	-160.9	-147.9	1,659.5	1,583.2
Property management expenses	-245.0	-231.2	-219.0	-196.4	-77.9	-77.9	-541.9	-505.5			-541.9	-505.5
Gross profit/loss property management	900.3	890.2	204.7	167.9	173.5	167.5	1,278.5	1,225.6	-160.9	-147.9	1,117.6	1,077.7
Other segments
NK Retail
Net revenue			657.8	648.0			657.8	648.0			657.8	648.0
Expenses			-705.7	-709.8			-705.7	-709.8	97.7	85.6	-608.0	-624.2
Gross profit/loss NK Retail			-47.9	-61.8			-47.9	-61.8	97.7	85.6	49.8	23.8
Other operations
Net revenue	37.4	32.6	70.6	71.6			108.0	104.2			108.0	104.2
Expenses	-35.0	-34.8	-89.2	-92.0			-124.2	-126.8	63.2	62.3	-61.0	-64.5
Gross profit/loss other operations	2.4	-2.2	-18.6	-20.4			-16.2	-22.6	63.2	62.3	47.0	39.7
Gross profit/loss other segments	2.4	-2.2	-66.5	-82.2			-64.1	-84.4	160.9	147.9	96.8	63.5
Gross profit	902.7	888.0	138.2	85.7	173.5	167.5	1,214.4	1,141.2			1,214.4	1,141.2
Central administration											-39.8	-38.9
Unrealised changes in value											-252.8	-1,124.4
Operating result											921.8	-22.1
Financial income and expense											-254.4	-241.9
Result before tax											667.4	-264.0

Breakdown of net revenue

		Group			Parent Company
SEK m	2025 Jan–Sep	2024 Jan–Sep	2024 Jan–Dec	2025 Jan–Sep	2024 Jan–Sep	2024 Jan–Dec
Rent revenue1)	1,767.4	1,687.3	2,263.5	1,278.1	1,251.7	1,677.4
– of which Service revenue1)	135.9	89.6	121.3	43.5	42.6	57.1
Sales of goods	657.9	648.1	915.7	–	–	–
Net revenue	2,425.3	2,335.4	3,179.2	1,278.1	1,251.7	1,677.4

¹⁾ Refers to revenue from Property management and Other operations.

Parent Company

Income statement - Summary

	2025	2024	2025	2024	2024
SEK m	Jul–Sep	Jul–Sep	Jan–Sep	Jan–Sep	Jan–Dec
Net revenue	420.4	425.2	1,278.1	1,251.7	1,677.4
Operating expenses	-203.6	-196.3	-647.0	-507.0	-726.2
Gross profit	216.8	228.9	631.1	744.7	951.2
Central administration	-13.1	-12.7	-39.8	-38.9	-54.5
Unrealised changes in value, interest-rate derivatives	15.2	-24.0	-11.1	-30.2	-10.8
Operating result	218.8	192.2	580.1	675.6	885.9
Other financial income and expenses	-71.0	-63.4	-200.5	-189.1	-172.2
Result after financial items	147.9	128.8	379.7	486.5	713.7
Appropriations	–	–	–	–	-73.6
Result before tax	147.9	128.8	379.7	486.5	640.1
Tax	-30.4	-26.4	-79.4	-100.8	-213.4
Net result for the period	117.5	102.4	300.3	385.7	426.7

Statement of comprehensive income

	2025	2024	2025	2024	2024
SEK m	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Jan-Dec
Net result for the period	117.5	102.4	300.3	385.7	426.7
Other comprehensive income	–	–	–	–	–
Total comprehensive income for the period	117.5	102.4	300.3	385.7	426.7

Balance sheet - Summary

SEK m	2025 September 30	2024 September 30	2024 December 31
Investment properties	9,978.2	9,517.4	9,613.2
Other non-current assets	5,724.4	6,593.5	6,592.1
Total non-current assets	15,702.6	16,110.9	16,205.3
Current assets	1,057.5	971.2	797.5
Total assets	16,760.1	17,082.1	17,002.8
Restricted equity	1,978.7	1,978.8	1,978.7
Non-restricted equity	1,512.3	2,404.2	2,445.2
Total equity	3,491.0	4,383.0	4,423.9
Untaxed reserves	61.0	48.3	61.0
Provisions	987.2	904.5	988.7
Non-current liabilities	8,743.2	6,996.2	7,426.2
Current liabilities	3,477.7	4,750.1	4,103.0
Total equity and liabilities	16,760.1	17,082.1	17,002.8

Performance measures

	2025 September 30	2024 September 30	2024 Full year
Property-related
Rentable floor space, 1,000 m2	391.0	390.8	390.8
Rental vacancy rate, %	10.8	7.6	7.1
Rental vacancy rate excl. development projects, %	7.3	5.5	5.0
Floor space vacancy rate, %	14.9	11.7	11.1
Floor space vacancy rate excl. development projects, %	9.1	7.3	6.7
Fair value, SEK bn	47.7	46.4	47.1
Surplus ratio, %	70.2	70.8	70.4
Net operating income, SEK m	1,278.5	1,225.6	1,633.3
Financial
Return on equity, %	2.7	0.1	1.3
Return on equity, adjusted, %	3.4	3.2	3.0
Return on capital employed, %	3.4	0.9	2.3
Equity ratio, %	57	58	59
Interest coverage ratio, multiple	4.5	4.4	4.5
Debt/equity ratio, multiple	0.4	0.4	0.4
Net loan-to-value ratio, properties, %	23.3	21.7	21.4
Gross margin, %	50.1	48.9	48.8
Data per share
Net result for the period, SEK	2.61	-1.04	1.80
Equity, SEK	142	139	141
Net reinstatement value per share, SEK	186	181	185
Net tangible assets per share, SEK	175	171	174
Net disposal value per share, SEK	142	139	141
Properties, fair value, SEK	242	229	233
Number of outstanding shares, 1,000	197,035	202,307	202,307
Average number of outstanding shares, 1,000	201,928	202,307	202,307
Number of issued shares, 1,000	211,272	211,272	211,272

Performance measures per quarter

	2025 Jul–Sep	2025 Apr–Jun	2025 Jan–Mar	2024 Oct–Dec	2024 Jul–Sep	2024 Apr–Jun	2024 Jan–Mar	2023 Oct–Dec
Share price, series A share, SEK	126.80	123.50	113.30	121.10	138.70	125.50	130.00	142.10
Return on equity, %	2.8	2.6	2.8	0.7	0.3	0.5	0.8	-6.4
Return on equity, adjusted, %	3.5	3.4	3.3	2.4	3.4	3.3	2.9	3.1
Equity ratio, %	57	57	57	59	58	58	58	59
Surplus ratio, %	72.0	69.1	69.6	69.4	73.1	70.2	69.0	66.4
Equity per share, SEK	142	140	139	141	139	138	138	142
Net reinstatement value per share, SEK	186	183	182	185	181	180	180	185
Net loan-to-value ratio, properties, %	23.3	22.2	22.3	21.4	21.7	22.2	22.4	20.9
Cash flow per share from current
operations, SEK	1.77	1.52	1.69	1.25	2.28	1.74	0.84	3.43

Derivation of performance measures

SEK m	2025 September 30	2024 September 30	2024 Full year
Return on equity, adjusted
Net result for the period	527	-211	365
Reversal of changes in value	253	1,124	613
Reversal of tax on changes in value	-52	-232	-126
Net result for the period, adjusted	728	681	852
Recalculated to full year	971	908	852
Average equity	28,375	28,524	28,698
Return on equity, adjusted, %	3.4	3.2	3.0
Equity ratio
Equity	27,901	28,032	28,607
Total assets	49,375	48,238	48,874
Equity ratio, %	57	58	59
Net debt
Non-current interest-bearing liabilities	8,400	6,650	7,100
Non-current leasing liabilities	721	729	728
Current interest-bearing liabilities	2,400	3,200	2,700
Current lease liabilities	8	8	8
Cash and cash equivalents	-402	-525	-473
Net debt	11,127	10,062	10,063
Net loan-to-value ratio, properties
Net debt	11,127	10,062	10,063
Carrying amount, properties	47,697	46,376	47,115
Net loan-to-value ratio, properties, %	23.3	21.7	21.4
Interest coverage ratio
Result before tax	9741)	231)	563
Reversal of changes in value	253	1,124	613
Financial expense	3461)	3351)	335
Total	1,573	1,482	1,511
Financial expense	3461)	3351)	335
Interest coverage ratio, multiple	4.5	4.4	4.5
Net asset value
Equity	27,901	28,032	28,607
Interest-rate derivatives	22	30	11
Recognised deferred tax2)	8,805	8,543	8,757
Net reinstatement value	36,728	36,605	37,375
Net reinstatement value per share, SEK	186	181	185
Intangible assets	-38	-72	-63
Estimated actual deferred tax 5%	-2,137	-2,074	-2,126
Net tangible assets	34,553	34,459	35,186
Net tangible assets per share, SEK	175	171	174
Interest-rate derivatives	-22	-30	-11
Intangible assets	38	72	63
Recognised deferred tax 2) less estimated actual deferred tax	-6,668	-6,469	-6,631
Net disposal value	27,901	28,032	28,607
Net disposal value per share, SEK	142	139	141
Rental vacancy rate
Rental value for vacant space, in total	282	191	179
Rental value for vacant space, development projects	91	54	54
Total rental value	2,621	2,513	2,513
Rental vacancy rate, in total, %	10.8	7.6	7.1
Rental vacancy rate, development projects, %	3.5	2.1	2.1
Rental vacancy rate excl. development projects, %	7.3	5.5	5.0

¹⁾ Recalculated 12 months.

²⁾ Deferred tax according to the balance sheet related to investment properties and right-of-use assets attributable to ground rents.

Definitions and Glossary

Finance

Average effective rate (AER). Weighted average contracted interest rate for all loans in the loan portfolio at period-end.

Average equity. Average of opening and closing equity for the period. In the interim accounts, closing equity is restated using the net result for the period calculated as on a full-year basis without regard to seasonal variations that normally occur in operations and not including items affecting comparability and changes in value.

Capital employed. Total assets reduced by non-interest-bearing liabilities and deferred tax liabilities.

Central administration. Costs for Group management and Group staff functions, costs for maintaining the Company's stock exchange listing, and other general costs common to the Company.

Debt/equity ratio. Net debt in relation to equity at the end of the period.

Equity ratio. Equity at the end of the period in relation to total assets.

Gross margin. Gross profit in relation to net revenue.

Interest coverage ratio. Profit or loss after net financial income/expense, excluding items affecting comparability and changes in value, plus financial expense in relation to financial expense. In the interim accounts, net profit or loss after net financial income/expense, excluding items affecting comparability and changes in value, as well as financial expense, have been recalculated on a full-year basis with no adjustments for seasonal variations that normally arise in the operations.

Items affecting comparability. Items of a non-recurring nature and which make it difficult to compare between two given periods.

Net debt. Interest-bearing liabilities including lease liabilities and decided dividend minus current investments and cash and cash equivalents.

Net Disposal Value. Shareholders' equity according to the balance sheet.

Net loan-to-value ratio, properties. Net debt in relation to the carrying amount of the properties.

Net Reinstatement Value. Shareholders' equity according to the balance sheet after reversal of interest-rate derivatives and deferred tax according to the balance sheet, excluding deferred tax on assets and/or liabilities other than investment properties and right-of-use assets attributable to ground rents.

Net Tangible Assets. Shareholders' equity according to the balance sheet after reversal of derivative instruments and deduction for intangible assets, adjusted for estimated actual deferred tax instead of nominal deferred tax.

Return on capital employed. Profit or loss before tax plus financial expense in relation to average capital employed. In the interim accounts, the return has been recalculated on a full-year basis with no adjustments for seasonal variations that normally arise in the operations and with the exception of items affecting comparability and changes in value.

Return on equity, adjusted. Net result excluding tax-adjusted items affecting comparability and changes in value in relation to average equity. In the interim accounts, the return has been recalculated on a full-year basis with no adjustments for seasonal variations that normally arise in operations.

Return on equity. Net result in relation to average equity. In the interim accounts, the return has been recalculated on a full-year basis with no adjustments for seasonal variations that normally arise in the Company's operations and with the exception of items affecting comparability and changes in value.

Share

Average number of outstanding shares. Weighted average number of outstanding shares during a defined period.

Equity per share. Equity in relation to the number of outstanding shares at the end of the period.

Net result per share. Net result for the period in relation to the average number of outstanding shares during the period.

Property

Annual rent. Gross rent, including service revenue at the end of the period, calculated on an annual basis. Vacant premises are reported at the Estimated Rental Value (ERV).

Bibliotekstan. The area between Norrmalmstorg, Birger Jarlsgatan, Stureplan, and Norrlandsgatan where premium brand stores, restaurants and cafes are located.

Fair value. The estimated market value of the properties.

Floor space vacancy rate. Vacant floor space in square metres in relation to the total rentable floor space.

Floor space vacancy rate excluding development projects. Vacant floor space excluding development projects in square metres in relation to the total rentable floor space.

Fredstan. A lively and attractive urban area that consists of the blocks around Fredsgatan, between Brunnsparken and Trädgårdsföreningen.

Market value, properties. The amount at which the properties could be exchanged between knowledgeable, willing parties in an arm's length transaction. In accounting terms, this is known as "fair value".

Net operating income. Rent revenue from property management including intra-Group rents less costs for property management.

Property tax supplement. Property tax payments received from tenants.

Rental vacancy rate. Estimated Market Rental Value (ERV) of vacant space divided by the ERV of all property holdings.

Rental vacancy rate excluding development projects. Estimated Market Rental Value (ERV) of vacant space excluding development projects divided by the ERV of all property holdings.

Surplus ratio. Net operating income in relation to rent revenue from property management including intra-Group rents.

In some cases, there has been rounding off, which means the tables and calculations do not always tally.

This document is in all respects a translation of the original Interim Report in Swedish. In the event of any differences between this translation and the Swedish original, the latter shall prevail.

Hufvudstaden AB (Publ)

NK 100, SE-111 77 Stockholm Visiting address: Regeringsgatan 38 Telephone: +46 8 762 90 00 E-mail: info@hufvudstaden.se Website: www.hufvudstaden.se/en/

Company registration number: 556012-8240 Registered office: Stockholm

HUFVUDSTADEN