Akelius Residential Prop. D

Quarterly Report • Apr 30, 2025

Akelius Residential Property AB (publ)

interim report January to March 2025

	2025	2024	2024
	Jan–Mar	Jan–Mar	Jan–Dec
Property fair value, EUR million	5,832	5,766	5,992
Number of apartments	20,014	19,661	20,072
Residential rentable area, thousand sqm	1,226	1,195	1,228
Real vacancy rate, residential, percent	1.6	1.1	1.9
Vacancy rate, residential, percent	3.8	5.7	4.7
Rent potential, percent	20	22	20
Loan-to-value, percent	37	34	36
Cash sources to cash uses, percent	419	139	253
Interest coverage ratio, 12 months	5.0	8.1	4.7
Interest coverage ratio excluding realized value
growth, 12 months	6.6	8.2	5.3
Credit rating, Standard & Poor's	BBB-	BBB-	BBB
Net asset value, EUR million	3,267	3,379	3,397
Rental income, EUR million	95	87	357
Like-for-like growth in rental income, percent	5.3	8.2	6.8
Net operating income, EUR million	53	47	200
Net operating income margin, percent	56.0	54.2	55.9
Like-for-like growth in net operating income, percent	8.1	19.4	14.3
EBITDA, EUR million	51	44	186
Profit or loss, EUR million	57	12	-79

Alternative performance measurements on pages 30–32 and definitions on pages 35–37.

1 Rosemount Avenue, Montreal

8.1 percent growth in net operating income, like-for-like

The main drivers are higher occupancy rate, increasing new lease levels, and completion of capital projects.

Additionally, the in-place rent, like-for-like, increased by 5.2 percent during the last twelve months.

like-for-like rental income growth 5.3 percent

The trend with rental income growth continues.

Strong demand for Akelius' apartments coupled with higher occupancy rates and completion of capital projects are main drivers.

vacancy rate of 3.8 percent

Vacancy rate decreased from 5.7 to 3.8 percent during the last twelve months. Vacancy rate excluding construction work and planned sales also decreased from 1.9 to 1.6 percent during the first quarter of 2025.

Completion of capital projects and purely focusing on property management continue to pay off.

value growth of EUR 4 million

Capitalization rates stabilize at high level due to persistently high interest rates and instability on the markets.

Capitalization rate went from 4.89 to 4.90 percent during the first quarter of 2025. The value growth was EUR 4 million, or 0.1 percent.

debt maturities 3.1 years

During the first quarter, Akelius Resindential Property AB (publ) sold its remaining 51,800,760 shares in Castellum AB for SEK 130 per share to its Parent company, totaling EUR 604 million.

The proceed was used to repay the maturing debt amounting to EUR 596 million.

As a result the average debt maturity went up to 3.1 years compared to 2.7 years at the end of 2024.

The loan-to-value is 37 percent.

That is two percentage points higher than Akelius financial policy threshold of 35 percent.

The Board has approved the temporary deviation from the financial policy as it is deemed to be marginal.

Akelius has a financial guarantee of EUR 1,900 million from its owner.

average interest rate of 1.07 percent

The average interest rate decreased during the quarter from 1.15 to 1.07 percent.

28 new apartments in Ottawa

Akelius acquired 28 apartments for EUR 7 million in Ottawa. The property has no vacancy and does not require any capital work.

Akelius also sold one property in Paris and one in Washington for a total of EUR 6 million.

Those properties required large capital investment.

Finishing large capital projects, reducing vacancies, acquiring the right property, and implementing efficient energy solutions are improving the portfolio.

Ralf Spann, CEO and Board Member

property portfolio March 31, 2025

fair value properties EUR 5,832 million

				Fair value
		Rentable				Vacancy
		area,				rate,	Capitaliza
	Number of	thousand	EUR	EUR/	Proportion,	residential,	tion rate,
City	apartments	sqm	million	sqm	percent	percent	percent
London	2,461	102	999	9,768	17	2.0	4.65
Paris	1,389	47	418	8,966	7	6.3	3.92
Europe	3,850	149	1,417	9,516	24	3.6	4.43
Washington D.C.	3,206	261	945	3,626	16	6.1	5.59
New York	1,746	122	662	5,407	11	2.0	5.28
Boston	1,258	81	614	7,559	11	3.7	5.06
Austin	861	66	151	2,300	3	6.5	5.25
US	7,071	530	2,372	4,475	41	4.7	5.34
Toronto	4,289	243	998	4,106	17	2.8	4.60
Montreal	4,440	308	997	3,233	17	3.6	4.80
Ottawa	148	14	27	2,009	1	0.0	4.84
Quebec City	216	15	21	1,378	0	1.4	5.00
Canada	9,093	580	2,043	3,522	35	3.1	4.71
Total/
Average	20,014	1,259	5,832	4,632	100	3.8	4.90

total property return 3.9 percent

Growth/return,

	EUR million	percent
Fair value Jan 1, 2025	5,992
Revaluations	4	0.1
Investments	24	0.4
Purchases	7	0.1
Sales	-10	-0.2
Exchange differences	-185	-3.1
Fair value Mar 31, 2025	5,832	-2.7
Revaluations	4	0.1
Net operating income	53	0.9
Transaction cost	-	0.0
Total property return	57	Per annum: 3.9

capitalization rate 4.90 percent

	Capitalization	Discount
EUR million	rate	rate
Jan 1, 2025	4.89	6.88
Purchases	0.00	0.00
Sales	0.00	0.00
Like-for-like	0.01	0.01
Exchange
differences	0.00	0.00
Mar 31, 2025	4.90	6.89

change in value EUR 4 million

		Return,
	EUR million	percent
Cash flow	25	0.43
Required rate of
return	-21	-0.37
Sales	-	0.01
Purchases	-	0.00
Total change in
value	4	0.07

like-for-like growth

rental income 5.3 percent net operating income 8.1 percent

vacancy rate, residential, 3.8 percent

like-for-like

real vacancy rate, residential, 1.6 percent

net letting and upgraded apartments

net letting EUR 2.1 million January to March 2025

upgraded apartments 70.3 percent

development residential in-place rent

EUR million

like-for-like

8

financing

financial net debt

EUR million

0

financial guarantee

net balance

EUR million

financing

debt maturities

EUR million per year

interest rate hedges

EUR million per year

debt maturities 3.1 years fixed interest terms 4.2 years

0

debt maturities

interest rate 1.07 percent

9

financing

current interest and debt coverage capacity

		Earning
	Apr 2024–	capacity as at
EUR million	Mar 2025	Mar 31, 2025
Rental income	365	387
Operating expenses	-135	-147
Maintenance	-24	-21
Net operating income	206	219
Central administrative expenses	-13	-11
Other income and expenses	-	1
EBITDA	193	209
Other financial income and expenses	-1	-1
Adjusted EBITDA	192	208
Net interest expenses	-29	-25
Interest coverage ratio excluding realized value growth	6.6	8.3
Realized value growth	-47
Interest coverage ratio	5.0
Net debt as at Mar 31, 2025	2,199	2,199
Net debt / EBITDA	11.4	10.5

earning capacity

The earning capacity is based on the property portfolio and net debt as at March 31, 2025.

Rental income includes EUR 366 million in residential rental value as at April 1, 2025, EUR 17 million in rental income for commercial properties and parking, EUR ‑6 million in real vacancy for

apartments, and EUR 10 million in other income.

Residential rental value of EUR 366 million minus vacancy, plus recharge of operating expenses to tenants is equivalent to EUR 354 million in residential in-place rent.

Only interest expenses are included in earning capacity due to the sale of financial investments in the end of 2023.

EBITDA EUR 193 million interest coverage ratio 5.0

financing

encumbrance properties

unencumbered asset ratio

EUR million

loans and hybrid bonds reported at amortized cost

2,848 2,649 334 322
value value
Carrying Fair
2024 2024
Dec 31 Dec 31

financial instruments reported at fair value

	Mar 31	Dec 31
EUR million	2025	2024
Assets	42	585
Liabilities	18	17

Loans and hybrid bonds are recognized at amortized cost using the effective interest rate method.

Carrying value and fair value of interestbearing liabilities are excluding leasing.

The fair value of loans and derivatives are based on level 2 data in the fair value hierarchy.

The fair value of hybrid bonds are based on level 1 data.

Asset and liabilities reported at fair value consist of only derivates after the sale of the Castellum shares.

Derivatives are measured at fair value through profit or loss.

No transfers have taken place between the various hierarchical levels during the period.

London Paris

like-for-like properties sold properties and signed sales

	London	Paris
Property portfolio
Fair value, EUR million	999	418
Capitalization rate, percent	4.65	3.92
Proportion upgraded apartments, percent	83	78
Residential rentable area, thousand sqm	97	43
Commercial rentable area, thousand sqm	5	4
Average apartment size, sqm	39	30
Walk score	86	97
Average rent residential	EUR/sqm/month	EUR/sqm/month
Total portfolio Apr 1, 2024	41.03	30.07
Exchange difference	0.90	-
Adjusted total portfolio Apr 1, 2024	41.93	30.07
Sales and ended units	-	0.24
Like-for-like Apr 1, 2024	41.93	30.31
Like-for-like change	3.14	1.21
- Change in percent	7.5	4.0
Like-for-like Apr 1, 2025	45.07	31.52
Purchases and new constructions	-0.08	0.18
Total portfolio Apr 1, 2025	44.99	31.70
New lease level	49.80	37.44
Vacancy rate residential	Percent	Percent
Real vacancy rate	0.7	0.8
Apartments being upgraded	1.3	5.5
Vacancy rate	2.0	6.3

Austin New York

like-for-like properties

	Austin	New York
Property portfolio
Fair value, EUR million	151	662
Capitalization rate, percent	5.25	5.28
Proportion upgraded apartments, percent	100	61
Residential rentable area, thousand sqm	66	118
Commercial rentable area, thousand sqm	-	4
Average apartment size, sqm	76	68
Walk score	13	96
Average rent residential	EUR/sqm/month	EUR/sqm/month
Total portfolio Apr 1, 2024	19.90	35.76
Exchange difference	-1.92	0.08
Adjusted total portfolio Apr 1, 2024	17.98	35.84
Sales and ended units	-	-
Like-for-like Apr 1, 2024	17.98	35.84
Like-for-like change	-1.46	1.08
- Change in percent	-8.1	3.0
Like-for-like Apr 1, 2025	16.52	36.92
Purchases and new constructions	-	-
Total portfolio Apr 1, 2025	16.52	36.92
New lease level	15.73	58.83
Vacancy rate residential	Percent	Percent
Real vacancy rate	6.5	0.1
Apartments being upgraded	0.0	1.9
Vacancy rate	6.5	2.0

Boston Washington D.C.

like-for-like properties sold property acquired property Oct-Dec 2024

Boston Washington D.C.

614	945
5.06	5.59
94	75
79	256
2	5
63	80
89	78
EUR/sqm/month	EUR/sqm/month
41.42	24.33
0.08	0.05
41.50	24.38
-	-
41.50	24.38
1.36	0.73
3.3	3.0
42.86	25.11
-	0.20
42.86	25.31
44.80	26.56
Percent	Percent
2.0	2.1
1.7	4.0
3.7	6.1

Toronto Montreal

like-for-like properties acquired property Apr-Jun 2024

	Toronto	Montreal
Property portfolio
Fair value, EUR million	998	997
Capitalization rate, percent	4.60	4.80
Proportion upgraded apartments, percent	65	57
Residential rentable area, thousand sqm	238	300
Commercial rentable area, thousand sqm	5	8
Average apartment size, sqm	56	68
Walk score	87	94
Average rent residential	EUR/sqm/month	EUR/sqm/month
Total portfolio Apr 1, 2024	19.41	15.41
Exchange difference	-1.07	-0.84
Adjusted total portfolio Apr 1, 2024	18.34	14.57
Sales and ended units	-	-
Like-for-like Apr 1, 2024	18.34	14.57
Like-for-like change	0.65	0.87
- Change in percent	3.5	6.0
Like-for-like Apr 1, 2025	18.99	15.44
Purchases and new constructions	-	0.07
Total portfolio Apr 1, 2025	18.99	15.51
New lease level	26.97	18.85
Vacancy rate residential	Percent	Percent
Real vacancy rate	1.2	1.9
Apartments being upgraded	1.6	1.7
Vacancy rate	2.8	3.6

Ottawa Quebec City

like-for-like properties acquired property

	Ottawa	Quebec City
Property portfolio
Fair value, EUR million	27	21
Capitalization rate, percent	4.84	5.00
Proportion upgraded apartments, percent	81	4
Residential rentable area, thousand sqm	14	15
Commercial rentable area, thousand sqm	-	-
Average apartment size, sqm	90	71
Walk score	60	84
Average rent residential	EUR/sqm/month	EUR/sqm/month
Total portfolio Apr 1, 2024	8.91	8.58
Exchange difference	-0.49	-0.48
Adjusted total portfolio Apr 1, 2024	8.42	8.10
Sales and ended units	-	-
Like-for-like Apr 1, 2024	8.42	8.10
Like-for-like change	0.51	0.51
- Change in percent	6.1	6.2
Like-for-like Apr 1, 2025	8.93	8.61
Purchases and new constructions	1.38	-
Total portfolio Apr 1, 2025	10.31	8.61
New lease level	10.77	11.06
Vacancy rate residential	Percent	Percent
Real vacancy rate	0.0	0.0
Apartments being upgraded	0.0	1.4
Vacancy rate	0.0	1.4

sustainability in all decisions

Akelius' focus areas

environment

• decarbonize the company
• reduce energy

social

• ensure tenants and employees' health and safety

governance

• enhance business ethics and compliance
• ensure strong corporate culture

continued green certification efforts

In the first quarter of 2025, Akelius assessed additional properties for certification, reinforcing its commitment to sustainability.

Zero Carbon Emission Certificate in Montreal

The property 25 Avenue des Pins in Montreal earned a Zero Carbon Emission Certificate from the Canada Green Building Council by fully switching to electricity from gas and upgrading its ventilation system.

sustainability results

	Mar 31
Green certifications	2025	2024	2023	2022	2021
Property area certified, percent	5	7	5	0	n/a
Number of certifications	7	10	4	3	2
Property area under evaluation for
cerification, percent	35	25	3	13	n/a
Social key figures
Properties inspected, percent	95	95	100	92	91
Number of property compliance
incidents	6	41	35	36	33
Number of employees	616	628	655	755	865
Fatality cases	-	-	-	-	-
Lost day rate*	71.25	76.63	0.00	0.00	0.96

*) Per 100,000 worked hours

consolidated income statement and comprehensive income

		2025	2024	2024
		Jan–Mar	Jan–Mar	Jan–Dec
EUR million	Note	3 months	3 months	12 months
Rental income	1	95	87	357
Operating expenses	2	-37	-34	-132
Maintenance	2	-5	-6	-25
Net operating income	2	53	47	200
Central administrative expenses		-2	-3	-14
EBITDA	3	51	44	186
Depreciation		-	-	-3
Realized revaluation of investment properties		-	-	2
Unrealized revaluation of investment
properties		3	-16	-104
Operating profit or loss		54	28	81
Interest income1	4	7	9	30
Interest expenses2	4	-11	-20	-65
Interest expenses hybrid bonds	4	-2	-2	-8
Change in fair value of financial assets	4	43	-10	-97
Change in fair value of derivatives	4	-1	71	28
Other financial income and expenses	4	-40	-45	-27
Profit or loss before tax	5	50	31	-58
Current tax	6	-	-2	-4
Deferred tax	6	7	-17	-17
Profit or loss3		57	12	-79
Items that may be reclassified to profit or loss
Translation differences	7	-180	56	145
Tax on items that may be reclassified	7	3	-5	2
Other comprehensive income	7	-177	51	147
Total comprehensive income3		-120	63	68
Earnings per share, basic and diluted, EUR		0.01	0.00	-0.01

1) includes interest income for interest derivatives of EUR 3 million (7)

2) includes interest expense for interest derivatives of EUR 1 million (5)

3) profit or loss and total comprehensive income are attributable to the Parent Company's shareholders

note 1 rental income

Rental income was EUR 95 million (87), an increase of 9.2 percent compared to 2024.

Like-for-like growth in rental income was EUR 4 million (6) or 5.3 percent (8.2).

3,248 rental contracts (3,760) with an annual rent of EUR 46 million (51) were renewed or renegotiated during the period. The new yearly rent is EUR 48 million (53), an increase of 3.8 percent (4.0).

The vacancy rate for residential units decreased by 0.9 percentage points to 3.8 percent (5.7),

compared to the end of 2024.

This is mainly due to completed apartment upgrades and sale of vacant properties. 59 percent (80) of vacancy was due to upgrades.

The real vacancy rate decreased by 0.3 percentage points to 1.6 percent (1.1) during the period.

note 2

net operating income

Property expenses totaled EUR 42 million (40). EUR 5 million (6) was attributable to maintenance, corresponding to EUR 16 per square meter (19) per year.

Net operating income was EUR 53 million (47). Like-for-like growth in net operating income was 8.1 percent (19.4). The decreased growth rate is mainly affected

by stabilized rental income in Toronto, Montreal, Washington D.C., and Boston.

Net operating income margin was 56.0 percent (54.2).

note 3 EBITDA

EBITDA was EUR 51 million (44), an increase by 14.2 percent compared to the same period in 2024. The increase is mainly related to higher rental income.

note 4

net financial items

Interest income was EUR 7 million (9), including EUR 3 million (7) in interest income for interest rate derivatives. Interest expenses were EUR 11 million (20), including EUR 1 million (5) in interest expense for interest rate derivatives. Interest expenses related to hybrid bonds were EUR 2 million (2).

Revaluations of financial assets affected earnings by EUR 43 million (-10).

Revaluations of derivatives impacted earnings by EUR -1 million (71).

Other financial income and expenses amounted to EUR -40 million (-45), and are mainly related to currency effects from derivatives.

note 5

profit or loss before tax

Profit or loss before tax was EUR 50 million (31).

note 6

tax

Reported tax in profit or loss totaled EUR 7 million (-19). Reported tax mainly refers to increased tax losses in the Parent company.

note 7

other comprehensive income

Other comprehensive income was EUR -177 million (51) and mainly relates to net investments in foreign operations that are translated to EUR.

condensed consolidated statement of financial position

		Mar 31	Mar 31	Dec 31
EUR million	Note	2025	2024	2024
Assets
Investment properties	8	5,816	5,759	5,972
Owner-occupied properties	8	10	7	10
Right-of-use-assets		4	6	4
Tangible fixed assets		4	4	4
Derivatives		35	55	40
Deferred tax assets		16	-	3
Financial assets	9, 10, 12	-	817	-
Receivables and other assets		6	4	7
Total non-current assets		5,891	6,652	6,040
Financial assets	9, 10, 12	-	-	544
Receivables and other assets		36	36	33
Derivatives		7	22	1
Cash and cash equivalents	10, 12	172	27	100
Assets held for sale	8	6	-	11
Total current assets		221	85	689
Total assets		6,112	6,737	6,729
Equity and liabilities
Equity	11	3,261	3,398	3,381
Total equity		3,261	3,398	3,381
Unsecured loans	12	1,794	2,058	1,669
Secured loans	12	95	100	96
Hybrid bonds		334	334	334
Lease liabilities		4	5	4
Derivatives		1	2	1
Deferred tax liabilities		46	48	44
Provisions		1	2	1
Other liabilities		20	19	21
Total non-current liabilities		2,295	2,568	2,170
Unsecured loans	12	478	669	1,076
Secured loans	12	4	32	7
Lease liabilities		1	1	2
Derivatives		17	8	16
Provisions		1	1	1
Other liabilities		55	60	76
Total current liabilities		556	771	1,178
Total equity and liabilities		6,112	6,737	6,729

note 8

property fair value EUR 5,832 million

Fair value was EUR 5,832 million (5,766), which is equivalent to an average of EUR 4,632 per square meter (4,679).

The average capitalization rate was 4.90 (4.77). Refer to table on page 5.

revaluation of properties EUR 4 million

The change in property value was EUR 4 million (‑16), or 0.1 percent (‑0.3). Refer to table on page 5.

property investments EUR 24 million

Investments in properties amounted to EUR 24 million (36). On an annual basis, this corresponds to EUR 75 per square meter (116). 18 percent (12) of the total investments referred to apartment upgrades.

property purchases EUR 7 million

Akelius purchased one property in Ottawa for EUR 7 million (-) in the first quarter.

property sales EUR 10 million

Akelius sold properties for EUR 10 million (-). One property and 6 apartments were sold in Paris as well as one apartment in London. One property was sold in Washington.

assets held for sale EUR 6 million

Asset held for sale amounts to EUR 6 million (-) and refers to one property in Paris that is planned to be sold during 2025.

note 9

financial assets

Akelius Residential Property AB (publ) sold its remaining 51,800,760 shares in Castellum AB for SEK 130 per share to its Parent company Akelius Apartments Ltd in the first quarter, totaling EUR 604 million. The sale resulted in EUR 43 million change in fair value and EUR 17 million in positive currency effects.

note 10

liquidity

Available funds in the form of cash equivalents and unutilized credit facilities totaled EUR 217 million (890).

Unutilized credit facilities amounted to EUR 45 million (46),

with an average maturity of 0.9 years (1.1). Facilities intended to be kept are extended prior maturity.

The unutilized bilateral credit agreements are provided by 4 banks (4).

The fair value of the unencumbered properties was EUR 5,489 million (5,311).

The financial guarantee provided by the main owner Akelius Apartment Ltd amounts to EUR 1,900 million.

It will be used to repay debt and strengthen Akelius Residential Property AB (publ)'s liquidity.

note 11

equity ratio

Equity decreased by EUR 120 million to EUR 3,261 million (3,398) during the period. The change is mainly attributable to unfavorable currency change.

The equity ratio including hybrid bond amounted to 59 percent (55).

D-shares

Akelius Foundation, through its wholly owned subsidiary Akelius Apartments Ltd,

announced in February 2025 a recommended public cash offer of EUR 1.9 per D-share to the D-shareholders of Akelius Residential Property AB (publ).

The acceptance period for the offer ended on 20 March 2025.

As a result, Akelius Apartments Ltd holds more than 90 percent of the shares in Akelius Residential Property AB (publ).

The application for delisting of D-shares from Nasdaq First North Growth Market was approved by Nasdaq on March 24, 2025. The last trading day was April 7, 2025.

note 12

net debt EUR 2,199 million

Loans excluding hybrid bonds decreased by EUR 477 million during the period, to EUR 2,371 million (2,859).

The loan-to-value ratio was 37 percent (34), an increase by 1 percentage points since the end of 2024.

The Board has approved the temporary deviation from Akelius' financial policy as it is deemed to be marginal.

Unsecured debt includes 4 bonds (7) and loans from related parties.

Cash and cash equivalents, amounted to EUR 172 million (844). Net debt amounts to EUR 2,199 million (2,015).

maturities 3.1 years

Loans excluding hybrid bonds had an average maturity of 3.1 years (3.3), compared to 2.7 years at the end of 2024. EUR 482 million (701) mature within one year.

interest rate hedge 4.2 years

EUR 269 million (876) of the debt portfolio excluding hybrid bonds had a fixed interest rate term of more than five years.

On average, the underlying interest rate is secured for 4.2 years (4.5) for debt portfolio excluding hybrid bonds, compared to 3.7 years at the end of 2024.

average interest rate 1.07 percent

The average interest rate decreased from 1.15 percent to 1.07 percent (1.25) on debt portfolio excluding hybrid bonds during the period.

credit rating

Standard and Poor's has assessed Akelius a BBB- rating.

The credit outlook remains stable. The rating for Akelius Residential Property AB (publ)'s hybrid bond is BB.

unencumbered asset ratio 2.66

The unencumbered asset ratio was 2.66 (2.32), compared to 2.37 at the end of 2024.

consolidated statement of changes in equity

			Currency
	Share	Share	translation	Retained	Total
EUR million	capital	premium	reserve	earnings	equity
Balance at
Jan 1, 2024	354	2,321	54	104	2,833
Total comprehensive income
for the period	-	-	51	12	63
Share issue	19	483	-	-	502
Balance at
Mar 31, 2024	373	2,804	105	116	3,398
Balance at
Jan 1, 2025	373	2,782	201	25	3,381
Profit or loss for the period	-	-	-	57	57
Other comprehensive income	-	-	-177	-	-177
Total comprehensive
income for the period	-	-	-177	57	-120
Balance at
Mar 31, 2025	373	2,782	24	82	3,261

Equity is attributable to the Parent Company's shareholders.

consolidated statement of cash flows

	2025	2024	2024
	Jan–Mar	Jan–Mar	Jan–Dec
EUR million	3 months	3 months	12 months
Net operating income	53	47	200
Central administrative expenses	-2	-3	-14
Interest paid	-29	-40	-74
Interest received	7	9	29
Tax paid	-1	-	-1
Cash flow before changes in working capital	28	13	140
Change in current assets	-2	-4	-1
Change in current liabilities	2	2	-3
Cash flow from operating activities	28	11	136
Investment in properties	-24	-36	-157
Acquisition of properties*	-9	-3	-136
Acquisition of other assets	-	-	-1
Sale of properties	9	-	28
Sale of financial assets	604	-	188
Cash flow from investing activities	580	-39	-78
Share issue	-	502	502
Loans raised	107	-	176
Repayment of loans	-596	-501	-702
Settlement of derivatives	-39	-15	14
Amortization leasing	-	-	-1
Dividend D-shares	-6	-6	-22
Cash flow from financing activities	-534	-20	-33
Cash flow for the period	74	-48	25
Cash and cash equivalents at beginning of the
period	100	74	74
Exchange differences in cash and cash equivalents	-2	1	1
Cash and cash equivalents at end of the period	172	27	100

*) EUR 7 million for acquisition of one property and EUR 2 million pre-payment for two properties

segment reporting

net operating income Jan–Mar 2025

				Net
	Rental	Operating		operating
EUR million	income	expenses	Maintenance	income
London	13	-3	-1	9
Paris	4	-2	-	2
Europe	17	-5	-1	11
Washington D.C.	20	-8	-1	11
New York	14	-6	-1	7
Boston	10	-4	-	6
Austin	4	-2	-	2
US	48	-20	-2	26
Toronto	15	-6	-1	8
Montreal	15	-6	-1	8
Ottawa	-	-	-	-
Quebec City*	-	-	-	-
Canada	30	-12	-2	16
Total	95	-37	-5	53

*) Akelius owns one property in Quebec City

net operating income Jan–Mar 2024

			Net
Rental	Operating		operating
income	expenses	Maintenance	income
11	-3	-1	7
4	-2	-	2
15	-5	-1	9
18	-7	-1	10
13	-6	-1	6
10	-3	-1	6
4	-2	-	2
45	-18	-3	24
14	-6	-1	7
13	-5	-1	7
-	-	-	-
-	-	-	-
27	-11	-2	14
87	-34	-6	47

*) Akelius owns one property in each city

segment reporting

total property return Jan–Mar 2025

					Net
				Total	operating
	Net	Realized and	Total	property	income
	operating	unrealized	property	return,	margin,	Property
EUR million	income	revaluation	return	percent	percent	fair value
London	9	2	11	4.3	71.5	999
Paris	2	1	3	3.0	52.2	418
Europe	11	3	14	3.9	66.7	1,417
Washington D.C.	11	1	12	5.0	55.0	945
New York	7	-	7	4.3	48.8	662
Boston	6	-	6	3.9	57.7	614
Austin	2	-	2	4.6	46.7	151
US	26	1	27	4.5	53.2	2,372
Toronto	8	-2	6	2.4	53.7	998
Montreal	8	1	9	3.6	55.2	997
Ottawa	-	-	-	7.5	60.5	27
Quebec City	-	1	1	7.5	41.4	21
Canada	16	-	16	3.1	54.4	2,043
Total	53	4	57	3.9	56.0	5,832

total property return Jan–Mar 2024

					Net
				Total	operating
	Net	Realized and	Total	property	income
	operating	unrealized	property	return,	margin,	Property
EUR million	income	revaluation	return	percent	percent	fair value
London	7	-6	2	0.7	69.0	965
Paris	2	1	2	2.2	37.5	432
Europe	9	-5	4	1.1	60.7	1,396
Washington D.C.	10	-5	5	2.3	54.3	846
New York	6	-	6	3.7	48.0	656
Boston	6	-4	2	1.5	59.5	600
Austin	2	-3	-1	-2.2	42.7	168
US	24	-12	12	2.2	52.6	2,271
Toronto	7	-2	5	2.1	53.5	1,111
Montreal	7	2	9	3.9	53.3	947
Ottawa	-	-	-	7.9	53.7	20
Quebec City	-	1	1	10.4	37.0	21
Canada	14	1	15	3.0	53.2	2,099
Total	47	-16	31	2.2	54.2	5,766

key figures

	Mar 31	Dec 31	Dec 31	Dec 31	Dec 31
	2025	2024	2023	2022	2021
Risk capital
Equity, EUR million	3,261	3,381	2,833	4,506	7,049
Equity ratio, percent	53	50	42	50	57
Equity and hybrid capital ratio, percent	59	55	47	57	64
Return on equity, percent	-4	2	-8	-8	52
Net asset value, EUR million	3,267	3,379	2,863	4,433	7,087
Net operating income
Rental income, EUR million	95	357	333	303	212
Growth in rental income, percent	9.2	7.4	10.0	42.9	12.1
Like-for-like growth in rental income, percent	5.3	6.8	10.8	11.9	1.5
Net operating income, EUR million	53	200	173	148	99
Growth in net operating income, percent	12.9	15.7	16.7	49.6	8.6
Like-for-like growth in net operating
income, percent	8.1	14.3	18.0	18.9	-2.1
Net operating income margin, percent	56.0	55.9	51.9	48.9	46.8
Financing
Loan-to-value, percent	37	36	42	16	0
Unencumbered asset ratio	2.66	2.37	1.97	2.50	3.76
Interest coverage ratio, 12 months	5.0	4.7	21.7	8.8	63.2
Interest coverage ratio excluding realized
value growth, 12 months	6.6	5.3	22.0	9.6	2.8
Average interest rate, percent	1.07	1.15	1.38	1.20	1.51
Fixed interest term, years	4.2	3.7	4.1	5.1	5.4
Debt maturities, years	3.1	2.7	3.1	4.0	4.5
Properties
Number of apartments	20,014	20,072	19,652	19,545	17,770
Rentable area, thousand sqm	1,259	1,262	1,233	1,234	1,115
Rent potential, percent	20	20	21	22	25
Real vacancy rate, residential, percent	1.6	1.9	1.3	2.0	2.6
Vacancy rate, residential, percent	3.8	4.7	5.9	8.1	12.5
Turnover of tenants, percent	23	23	23	25	27
Fair value, EUR per sqm	4,632	4,748	4,613	5,001	5,399
In-place rent, all unit types, EUR million	370	377	337	317	258
Capitalization rate, percent	4.90	4.89	4.74	4.20	3.99
Like-for-like change in capitalization rate,
percentage points	0.01	0.19	0.55	0.21	-0.16
Opening balance fair value, EUR million	5,992	5,686	6,173	6,020	12,139
Change in fair value, EUR million	4	-102	-582	-592	1,719
Investments, EUR million	24	157	194	205	360
Purchases, EUR million	7	135	-	457	588
Sales, EUR million	-10	-29	-5	-11	-9,138
Exchange differences, EUR million	-185	145	-94	94	352
Closing balance fair value, EUR million	5,832	5,992	5,686	6,173	6,020

condensed income statement for the Parent Company

	2025	2024	2024
	Jan–Mar	Jan–Mar	Jan–Dec
EUR million	3 months	3 months	12 months
Central administrative expenses	-1	-1	-3
Operating profit or loss	-1	-1	-3
Result from shares in subsidiaries	-	-	17
Financial income	13	55	153
Financial expenses	-67	-43	-109
Change in fair value of financial assets	43	-10	-97
Change in fair value of derivatives	-1	71	28
Profit or loss before appropriations	-13	72	-11
Appropriations	-	-	-2
Profit or loss before tax	-13	72	-13
Tax	14	-19	-21
Profit or loss	1	53	-34

The Parent Company has no items in other comprehensive income.

condensed balance sheet for the Parent Company

	Mar 31	Mar 31	Dec 31
EUR million	2025	2024	2024
Assets
Shares in Group companies	5,100	3,116	5,100
Receivables from Group companies	459	2,386	494
Financial assets	-	817	-
Derivatives	35	55	40
Deferred income tax assets	14	-	0
Other receivables	-	-	1
Total non-current assets	5,608	6,374	5,635
Receivables from Group companies	-	12	-
Financial assets	-	-	544
Derivatives	7	22	1
Prepaid expenses and accrued income from Group
companies	4	5	-
Other assets	2	5	3
Cash and cash equivalents	158	8	87
Total current assets	171	52	635
Total assets	5,779	6,426	6,270
Equity and liabilities
Restricted equity	376	376	376
Non-restricted equity	2,736	2,843	2,735
Total equity	3,112	3,219	3,111
Untaxed reserves	4	-	4
Interest-bearing liabilities	334	800	334
Interest-bearing liabilities from Group companies	1,800	1,695	1,675
Derivatives	1	2	1
Provisions	-	1	1
Total non-current liabilities	2,135	2,498	2,011
Interest-bearing liabilities	478	668	1,076
Interest-bearing liabilities from Group companies	9	1	4
Derivatives	17	8	16
Other liabilities	20	26	32
Other liabilities from Group companies	4	4	16
Total current liabilities	528	707	1,144
Total equity and liabilities	5,779	6,424	6,270

alternative performance measures

Calculation of alternative key figures using guidelines published by the European Securities and Markets Authority.

net asset value and loan-to-value ratio

	Mar 31	Mar 31	Dec 31
EUR million	2025	2024	2024
Equity	3,261	3,398	3,381
Deferred tax	30	48	40
Derivatives	-24	-67	-24
Net asset value	3,267	3,379	3,397
Total interest-bearing liabilities	2,705	3,193	3,182
Hybrid bonds	-334	-334	-334
Cash and cash equivalents	-172	-27	-100
Financial assets	-	-817	-544
Net debt	2,199	2,015	2,204
Total assets	6,112	6,737	6,729
Cash and cash equivalents	-172	-27	-100
Financial assets	-	-817	-544
Net assets	5,940	5,893	6,085
Loan-to-value ratio, percent	37	34	36

average interest rate

Average interest rate	1.07	1.25	1.15
Interest cost based on interest at end of period	25	36	33
Interest-bearing liabilities excluding hybrid bonds	2,371	2,859	2,848
EUR million	2025	2024	2024
	Mar 31	Mar 31	Dec 31

liquidity

	Mar 31	Mar 31	Dec 31
EUR million	2025	2024	2024
Cash and cash equivalents	172	27	100
Unutilized credit facilities	45	46	47
Financial assets	-	817	544
Liquidity	217	890	691

alternative performance measures

unencumbered asset ratio

	Mar 31	Mar 31	Dec 31
EUR million	2025	2024	2024
Unencumbered properties	5,489	5,311	5,638
Right-of-use-assets	4	6	4
Tangible fixed assets	4	4	4
Deferred tax assets	16	-	4
Financial assets	-	817	544
Receivables and other assets	42	40	40
Derivatives	42	77	41
Unencumbered assets	5,597	6,255	6,275
Unsecured loans	2,272	2,727	2,745
Cash and cash equivalents	-172	-27	-100
Net unsecured senior debt	2,100	2,700	2,645
Unencumbered asset ratio	2.66	2.32	2.37

equity

	Mar 31	Mar 31	Dec 31
EUR million	2025	2024	2024
Comprehensive income for the period	-120	63	68
Opening balance equity	3,381	2,833	2,833
Return on equity, percent	-4	2	2
Equity	3,261	3,398	3,381
Hybrid capital	334	334	334
Equity and hybrid capital	3,595	3,732	3,715
Total assets	6,112	6,737	6,729
Equity ratio, percent	53	50	50
Equity and hybrid capital ratio, percent	59	55	55

development of EBITDA

	Mar 2024-
EUR million	Mar 2025
EBITDA, Mar 31, 2024	44
Like-for-like rental income	5
Like-for-like property costs	-1
Like-for-like net operating income	4
Purchase and sales rental income	3
Purchase and sales property costs	-1
Purchase and sales net operating income	2
Central administrative expenses	1
EBITDA, Mar 31, 2025	51

alternative performance measures

rental income and net operating income growth for like-for-like properties

	2025	2024	Growth,
EUR million	Jan–Mar	Jan–Mar	percent
Rental income	95	87	9.2
Purchases and sales	-3	-
Service income	-1	-1
Exchange differences	-	1
Like-for-like rental income	91	87	5.3
Net operating income	53	47	12.9
Purchases and sales	-2	-
Exchange differences	-	1
Like-for-like net operating income	51	48	8.1

realized value growth

Realized value growth	-24	-	-22
Acquisition costs and accumulated investments	-34	-	-51
Proceeds from the sale of properties	10	-	29
EUR million	Jan–Mar	Jan–Mar	Jan–Dec
	2025	2024	2024

other information

basis of presentation

The Akelius Residential Property Group's interim report has been prepared in accordance with IAS 34, Interim Financial Reporting and the Swedish Annual Accounts Act.

The financial statements of the Parent Company, Akelius Residential Property AB (publ), corporate identity number 556156-0383,

have been prepared in accordance with the Swedish Annual Accounts Act and the accounting standard RFR 2, Accounting for Legal Entities.

Disclosures in accordance with IAS 34, Interim Financial Reporting are submitted both in notes and in other sections of the interim report.

The figures in this interim report have been rounded,

while the calculations have been made without rounding.

As a result, certain tables and key figures may appear not to add up correctly.

risks and uncertainties

The Group is impacted by various types of risks.

Operational risks are limited by concentrating the property portfolio to residential properties in metropolitan areas. Strong residential rental markets in Akelius' cities reduce the risk of long-term vacancies on aggregated level.

To reduce risk or variations in cash flow further, interest rates are secured on a longterm basis.

Access to capital from several banks, through the capital market, and the financial guarantee from Akelius Apartments Ltd mitigates the refinancing risk.

The Group is impacted by external risks, for example, new rent regulations, climate risks, pandemics, and war.

These risk areas can impact the business negatively both in the long- and short-term.

accounting principles

Accounting principles can be found in Akelius annual report 2024.

new and amended IFRS standards adopted by the EU applied as at January 1, 2025

New and amended IFRS standards that came into effect after January 1, 2025, have not had any material impact on the Group's financial reports.

Parent Company

Financial income mainly includes interest income.

Financial expenses mainly include interest expense and financial exchange differences.

The profit or loss before tax was EUR ‑13 million (72).

Annual General Meeting 2025

The Annual General Meeting was held on April 29, 2025.

The resolutions are available on the Akelius website, www.akelius.com.

cash flow

Operating cash flow before change in working capital was EUR 28 million (13).

Cash flow from investing activities was EUR 580 million (‑39), and was mainly attributable to the sale of Castellum shares amounting to EUR 604 million. On average, upgrades can be stopped within a three-month period.

Cash flow from financing activities was EUR ‑534 million (‑20) for the quarter, mainly due to repayment of debt of EUR 596 million.

other information

related party transactions

During the first quarter,

Akelius Residential Property AB (publ) sold its remaining 51,800,760 shares in Castellum AB for SEK 130 per share to its Parent company Akelius Apartments Ltd.

Akelius Foundation, through its wholly owned subsidiary Akelius Apartments Ltd, announced in February 2025 a recommended public cash offer of EUR 1.9 per D-share to the D-shareholders of Akelius Residential Property.

On 24 March 2025, Akelius Apartments Ltd initiated a compulsory redemption of the remaining D-shares in Akelius Residential Property AB (publ).

As a result, the board of directors of Akelius Residential Property AB (publ) applied for de-listing of the company's D-shares from Nasdaq First North Growth Market. The last day of trading in Akelius Residential Property AB (publ)'s D-shares on Nasdaq First North Growth Market was 7 April 2025.

During the quarter,

Akelius Apartments Ltd purchased 617,000,000 A shares in Akelius Residential Property (publ) from Xange Holding Limited. After the transaction,

Akelius Apartments Ltd owns all A shares in Akelius Residential Property (publ).

Net administration costs to related parties amounted to EUR 1 million (1).

This is reported as central administrative expenses in the income statement.

Net debt to related parties was

EUR 201 million (-).

Interest expenses on loans amounted to EUR 1 million (-).

All transactions are carried out on market terms.

The circle of related parties has not changed significantly since the annual report 2024.

significant events after the reporting period

No significant events occurred after the reporting period.

Ralf Spann CEO and Board member

Stockholm, April 30, 2025 Akelius Residential Property AB (publ)

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

definitions

adjusted EBITDA

EBITDA plus other financial income and expenses.

Shows the results excluding interest expenses and changes in the value of assets and liabilities.

annual property return

Net operating income plus unrealized and realized changes in the value of properties on an annual basis in relation to the fair value of the properties at the beginning of the year.

Illustrates the total return on the property portfolio.

average interest rate

Average interest rate on the total interest-bearing liabilities, excluding hybrid bonds, at period end.

This key figure shows financial risk.

capitalization rate

The rate of return used in assessing the terminal value of property in fair value assessment.

cash sources

Cash sources include liquidity, profit before tax, revaluation, contracted sales, and financial guarantees from related parties.

cash uses

Cash uses include investments, contracted purchases, and short-term loans.

debt coverage capacity

Net debt in relation to EBITDA. Net debt in relation to EBITDA including realized change in value. Shows the number of years it takes for the company to pay off its debt with current earnings.

debt maturities, years

Volume-weighted remaining term of interest-bearing loans and derivatives on the balance sheet date.

Illustrates the company's refinancing risk.

discount rate

Rate of return used in assessing the present value of future cash flow and terminal value in the fair value assessment of properties.

earning capacity

The earning capacity is based on the property portfolio at the balance sheet date and the portfolio's gross rent, real vacancy, estimated operating expenses, maintenance costs,

and central administrative expenses during a normal year.

Net interest is based on the interest rate for net debt and investments at the balance sheet date.

The exchange rate at closing balance is used.

No tax has been calculated as it mainly relates to deferred tax that does not affect the cash flow.

Earning capacity is not a forecast for the coming twelve months.

It contains no estimates of rent, vacancy, currency exchange, future property purchases and sales,

or interest rate changes.

EBITDA

Net operating income plus central administrative expenses, and other income and expenses. Facilitates the analysis of current operating profit.

equity ratio

Equity in relation to total assets. Highlights the company's financial stability.

financial assets

Holdings in listed debt securities and equity securities with assessed high creditworthiness. Included in the calculation of liquidity.

income return

Net operating income on an annual basis in relation to the fair value of properties at the beginning of the year. Measures the yield on the property portfolio.

in-place rent

Contracted rent excluding rental discounts and temporary charges.

definitions

interest coverage ratio

Adjusted EBITDA plus realized value growth for the latest rolling 12-month period in relation to net interest expenses for the latest rolling 12-month period. Illustrates the company's sensitivity to interest rate changes.

interest rate hedge

Volume-weighted remaining term of interest rates on interest-bearing loans and derivatives at the balance sheet date. Illustrates the company's sensitivity to interest rate changes.

liquidity

The liquidity reserve consists of cash and cash equivalents, unutilized credit facilities, and financial assets that can be liquidized within three working days.

like-for-like properties

Properties owned during comparing periods. Properties acquired or sold during any of the comparing periods are excluded. Facilitates the analysis and comparison between different periods as properties not included in all periods are excluded.

loan-to-value ratio

Net debt divided by net assets. The key figure shows financial risk.

net asset

Total assets minus pledged cash, cash and cash equivalents, and financial assets. Used to illustrate the company's net assets.

net asset value

Equity, deferred tax, and derivatives. Used to highlight the company's long-term capital that is not interest-bearing.

net debt

Interest-bearing liabilities excluding leasing, less subordinated debt, cash and cash equivalents, pledge cash assets, and financial assets.

Used to facilitate analysis of the company's real indebtedness.

net interest expenses

Total interest expenses, including net interest of interest derivatives, less interest on subordinated debt, one-off financing charges and other income payable on cash and cash equivalents, and financial assets. Used to facilitate analysis of the company's interest results.

net letting

The sum of agreed contracted annual rents for new lettings for the period less terminated annual rents. Demonstrates the effect of the vacancy development illustrated in annual rent.

net operating income

Rental income less property costs. Highlights the ongoing earning capacity from property management.

net operating income margin

Net operating income in relation to rental income.

Highlights the ongoing earning capacity from property management.

other financial income and expenses

This item includes change in fair value of derivatives, change in fair value of hybrid bonds, dividend from external shares, currency effects on external loans, and administrative finance cost.

other income and expenses

Items from secondary activities such as gains on disposals of fixed assets other than investment properties, income and expenses from temporary services rendered after the sale of properties.

Summarizes income and expenses from business operations ancillary to the main business operations.

property area certified

Percentage of floor area out of total portfolio floor area in square meters that is green certified.

property under evaluation for certification.

Percentage of floor area out of total portfolio floor area in square meters that is under evaluation for green certification.

property costs

Includes direct property costs, such as operating expenses, utility expenses, maintenance costs, and property taxes.

property inspections

Percentage of properties that had at least one inspection during the period, quarter or year, out of total number of properties. Properties with constructions ongoing or external property management are excluded.

definitions

property portfolio

Investment properties, owner-occupied properties, and investment properties classified as assets held for sale.

realized value growth

Proceeds from sale of investment properties less acquisition costs, accumulated investments and costs of sale. This item demonstrates the actual result of sales measured from the acquisition to sale.

real vacancy rate

Total number of vacant apartments less number of vacant apartments due to renovation work or planned sales, in relation to the total number of apartments.

Real vacancy is measured on the first day after the period end.

This rate facilitates the analysis of long-term vacancy for the company.

renewed and renegotiated rental contracts

All changes in rental levels for remaining tenants.

Highlights changes in contracts with existing tenants.

rent potential

New lease level per area the last 12 months divided by the rent per area the last day of the period for all occupied apartments.

rental income

Rental value less vacancies and rent discounts.

rental value

12 months' rent for apartments, including a market rent for vacant apartments.

return on equity

Comprehensive income divided by opening balance equity. Shows the return offered on the owners' invested capital.

sales and ended units

Sales or split of an apartment where one apartment object is ended and two new ones are created.

unencumbered asset ratio

Unencumbered assets divided by unsecured loans minus subordinated debt, cash and cash equivalents.

Used to assess unencumbered assets in relation to unsecured senior interest-bearing debt.

vacancy rate

Number of vacant apartments in relation to total number of apartments.

Vacancy rate is measured on the first day after the period end.

value growth

Changes in value of investments properties excluding investment and currency changes. Demonstrates value changes of properties adjusted for currency effects and capital spent.

walk score

Rating from 0 to 100 for how easy it is to carry out daily errands without a car, where 100 is the best.

Walk score is provided by Walkscore.com and is disclosed in order to rate the location of the properties.

Head office, Sweden

visiting address, Engelbrektsgatan 9–11 114 32 Stockholm Postal address, Box 5836 102 48 Stockholm +46 8 566 130 00 akelius.com/sv

Canada

533 College Street Toronto M6G 1A8 +1 844 253 5487 akelius.ca

UK

19–21 Clerkenwell Close London EC1R 0AA +44 800 014 8579 akelius.co.uk

France

37‒41 Rue du Rocher 75008 Paris +33 805 081 163 akelius.fr

US

300 A Street Boston, MA 02210 +1 857 930 39 00 akelius.us

Akelius in brief

apartments for metropolitans

Akelius' apartments are located in metropolitan cities, such as Paris, London, Toronto, Montreal, Ottawa, Quebec City, New York, Boston, Washington D.C., and Austin.

better living

Akelius restores and upgrades existing properties with a long-term perspective.

Akelius continuously improves the quality of the properties to provide families and individuals a better living.

acquire via cherry-picking

Akelius prefers to make many smaller acquisitions by cherry-picking properties that are exactly right, rather than a few large portfolio acquisitions with partial right properties.

strong capital structure, low refinancing risk

Akelius' well diversified capital market activities include listed senior unsecured bonds in various currencies and hybrid bonds.

sustainability is part of all decisions

One of Akelius' main sustainability goals is to align with climate neutrality on reduction of carbon emissions in scope 1, 2, and 3 by the end of 2050.

Akelius' main priorities include promoting a green portfolio, a safe environment for employees and tenants, and using ethical business practices.

calendar

interim report Jan–Jun 2025	July 23, 2025
interim report Jan–Sep 2025	October 24, 2025