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Corem Property Group Interim / Quarterly Report 2025
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Interim / Quarterly Report
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Interim Report January–March 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 properties are located in metropolitan and growth areas, where they are managed by skilled and locally present staff. The locally based management guarantees 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.
275
Investment properties
53,867
2,205
Lettable area tso m
Rental value, SEKm
4,273
Southern Stockholm (Globen area, Sätra, Västberga) 17%, northern Stockholm (Kista, Arlandastad) 15%, central Stockholm (Solna, Vinsta, Täby) 8%
January–March 2025
- Income amounted to SEK 896 million (940)
- Operating surplus amounted to SEK 562 million (578)
- Net financial income amounted to SEK –305 million (–320)
- Profit from property management amounted to SEK 222 million (215)
- Changes in value of properties amounted to SEK –263 million (–484)
- Profit/loss for the period amounted to SEK –81 million (–158), corresponding to SEK –0.18 (–0.28) per ordinary share of class A and B
- Net letting amounted to SEK –37 million
- The value of the investment properties amounted to SEK 53,867 million (55,205)
- Net asset value (NAV) per ordinary share of class A and B amounted to SEK 15.44 (15.97)
Events during the first quarter
- During the quarter, 14 properties were divested at an underlying property value of SEK 834 million. The profit effect, including dissolved tax etc. amounted to SEK 55 million. The main part is divestment of the entire portfolio of 13 properties in Halmstad after which Corem leaves Halmstad
- Senior unsecured green bonds of SEK 1 billion were issued under a framework of SEK 2 billion, with a term of 3.25 years, carrying a variable interest rate of 3-month Stibor plus 425 basis points and final maturity on 28 April 2028
- Bonds with an outstanding amount of SEK 1,403 million maturing on 10 February 2025 were redeemed on final maturity
| 2025 3 months Jan–Mar |
2024 3 months Jan–Mar |
2024/2025 Trailing 12 months Apr–Mar |
2024 12 months Jan–Dec |
|
|---|---|---|---|---|
| Income, SEKm | 896 | 940 | 3,651 | 3,695 |
| Net operating income, SEKm | 562 | 578 | 2,346 | 2,362 |
| Profit from property management, SEKm | 222 | 215 | 921 | 914 |
| Net profit/loss, SEKm | –81 | –158 | –981 | –1,058 |
| Earnings per ordinary share of Class A and B, SEK | –0.18 | –0.28 | –1.32 | –1.43 |
| Net asset value (NAV) per ordinary share of Class A and B, SEK | 15.44 | 17.46 | 15.44 | 15.97 |
| Economic occupancy rate, % | 86 | 86 | 86 | 86 |
| Operating margin, % | 63 | 62 | 64 | 64 |
| Adjusted equity ratio, % | 42 | 41 | 42 | 42 |
| Interest coverage ratio | 1.8 | 1.7 | 1.8 | 1.7 |
| Loan-to-value ratio, % | 54 | 55 | 54 | 54 |
See page 22 and corem.se for definitions of key figures.
PROFIT FROM PROPERTY MANAGMENT, SEKm
LOAN TO VALUE, %
LETTABLE AREA BY TYPE, %
NET ASSET VALUE (NAV) PER ORDINARY SHARE A/B, SEK
Stable core business with positive signs, despite challenging market conditions and unstable economic situation
During the first quarter of 2025, Corem shows stable property management operations despite a challenging and increasingly uncertain business environment. In addition to our primary focus on letting and creating good business transactions we are working on both cost control and portfolio optimisation, of which we are seeing positive effects. In parallel, we continue to strengthen our balance sheet by freeing up capital. For example, during the quarter we divested the portfolio in Halmstad, and have also redeemed a bond of over SEK 1.4 billion that matured in February.
Turbulent market conditions and economic situation
We continue to see uncertainty and turbulence surrounding us, in recent times primarily connected to rapidly changing measures regarding tariffs to and from the US, but also geopolitical tension, has during the first quarter left a strong mark on the markets in Europe and Sweden. Corem is not directly affected by the tariffs, although a smaller part of our property portfolio is located in US, but the global economic turbulence is tangible and affects all sectors and will probably continue to do so for some time to come. However, properties are stable assets with
occupancy rates and cash flows which often remain relatively unchanged despite a sometimes turbulent business environment, which does feel reassuring in times like these.
Profit from property management increased in the quarter, as a result of both reduced property costs and improved net financial income.
Stable property management and cost control
During the quarter, Corem maintained a stable property management business. Profit from property management increased, despite a smaller portfolio, by 3 per cent to SEK 222 million compared with the previous year due to lower property expenses and lower net financial items. The operating surplus for the first quarter amounted to SEK 562 million. Given last year's divestments, the operating surplus is naturally lower than in the preceding year, but we also note that we see clear effects of our constant focus on cost control and operational optimisation in the figures for the first quarter. We place great importance on maximising efficiency in our operation and during the quarter, we also benefitted from milder weather with less snow clearance and lower heating costs as a result. In a comparable portfolio, costs declined by 5 per cent compared with the previous year, which clearly shows the effects of our persistent efforts. Net operating income in comparable portfolio increased by 1 per cent
Net letting and the rental market
Despite the challenges in the economy, we are seeing favourable results from letting operations. We are seeing continued demand in the logistics and smaller office premises segments. The office market in certain parts of Stockholm however remains somewhat cautious. Many companies are reviewing their requirements for premises and making adjustments to their spaces. Even if the market is challenging in parts, we are positive that the demand for attractive office premises in the right locations will remain and we have also seen good progress during the quarter with a number of lettings.
During the quarter, net letting was negatively affected by a major notice of lease termination received from WSP in the Globen area of Stockholm, and summed up to a net letting of a total of SEK –37 million for the quarter. Adjusted for WSP notice, net letting amounted to SEK +6 million for the quarter. The actual move will not take place until mid-year 2026 and we regard the property in question as highly attractive, either for another office tenant or as a potential conversion to a hotel. There is high activity in the area, with new etablishments in Globen Shopping, the development in the Slakthus district and with Globen/Avicii Arena, which has recently reopened. Together, this is having a stong effect on number of visitors in the area and also on the demand for office space. During the quarter, for example, we signed a lease for more than 2,000 square metres with Circle K, who will be moving their head office to the area.
On the subject of letting, I also want to take this opportunity to highlight the fact that one of our project properties in New York, 28&7, was fully let during the quarter. Accordingly, the entire building will be filled and moved in within in the next few months. The building now houses a number of excellent businesses in, for example, fintech, music and AI, and also with a Scandinavian touch, which adds a fun bonus. We are now focusing on letting the remaining floors of our second project, 1245 Broadway. During March, we signed another lease there for more than 600 square metres and only four vacant floors now remain to be let in this location.
In Copenhagen, a lease was signed with the Plesner legal firm for approximately 3,500 square metres in our property at Amerika Plads and, accordingly, the property is fully let.
In Kista, we extended a major lease with Tele2 during the quarter. As one of the largest tenants in Kista, this extension is confirmation of our strong offering and our ability to retain qualitative tenants in attractive locations.
Portfolio optimisation and strategic divestments
During the year, we will maintain a clear focus to continue streamlining our property portfolio through further divestments of at least SEK 5 billion to create long-term value for the company and for our shareholders. Today, we are again finding that there are more buyers than sellers in the transaction market and the freeing up of capital from divestments enables the repurchase of Corem's hybrid bond and other bonds, as well as own shares. For example, during the quarter, our entire holding in Halmstad was divested through two separate transactions. We will remain active in selling and look forward to communicating further transactions going forward. Given that the projects in the US are now approaching their completion, and we have almost reached our goal for lettings there, we are now working to potentially divest all or part of our US portfolio during the year.
Financing and capital structure
In February, we successfully redeemed a large bond maturity of over SEK 1.4 billion. During the quarter, we also issued a new bond of SEK 1 billion with maturity in April 2028. We are continuously refinancing large parts of the portfolio and during the quarter, we also settled one of the loans related to the US operations. This
During the year, we will maintain a clear focus to continue streamlining our property portfolio to create long-term value for the company and for our shareholders.
strengthens our liquidity and successively optimises our balance sheet. As a result of a number of refinancing measures and settlement of loans, inter alia in US, the Company's average rate of interest decreased further during the quarter, from 4.6 per cent to 4.4 per cent and the interest-coverage ratio increased to 1.8.
Outlook and future focus
Despite the uncertain market and the global economic challenges, we remain optimistic about the future. Divestments, extended leases and new lettings give us a strong base to stand on and, in combination with the strategic management of our financial position, we have the conditions to continue to drive forward with our long-term strategy and to create value in the operations and for our shareholders.
Rutger Arnhult, Chief Executive Officer Stockholm, 14 April 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 and the period refer to January–March.
Income
Income amounted to SEK 896 million (940) for the first quarter of the year. In a comparable portfolio, income decreased by 1 per cent during the year. Income was positively affected by index adjustment and negatively by divestments as well as previously agreed terminations, a small number of bankrupcies and contracted discounts.
Expenses
Property expenses amounted to SEK 334 million (362) during the quarter, as a smaller portfolio following divestments resulted in lower costs. Property costs in a comparable portfolio decreased by 5 per cent. The decrease is mainly due to lower costs for heating and snow removal. Central administration costs amounted to SEK 35 million (43).
Net financial items
Net financial items amounted to SEK –305 million (–320) during the quarter. Reduced interest-bearing liabilities and a lower market rate of interest contributed to improved net financial items. Financial income amounted to SEK 1 million (1) during the quarter and financial expenses to SEK 306 million (321). Financial expenses included site leasehold fees and land fees of SEK 21 million (19). At the end of the quarter, the Group's average interest rate was 4.4 per cent (4.6).
For further information, refer to page 12.
Earnings
Not operating income amounted to SEK 562 million (578) during the quarter and the operating margin amounted to 63 per cent (62). In a comparable portfolio, the operating surplus increased by 1 per cent and the operating margin amounted to 64 per cent.
Profit from property management amounted to SEK 222 million (215).
Changes in value
PROPERTIES
Changes in value of investment properties amounted to SEK –263 million (–484) during the quarter. Unrealized changes in value amounted to SEK –245 million (–495) and realized changes in value to SEK –18 million (11). For further information, refer to page 7.
FINANCIAL ASSETS
Value changes of financial assets valued at fair value amounted to SEK –71 million (1) during the quarter and are mainly attributed to the holding in the housing company Klövern. For further information, refer to page 13.
DERIVATIVES
Changes in value of derivatives amounted to SEK 36 million (135). The value of the derivatives is affected by changes in market interest rates.
Goodwill
During the year, impairment of goodwill amounted to SEK –15 million (–121). Impairment refers to goodwill attributable to deferred tax where impairment occurs due to negative unrealized value changes and divestments of properties.
Taxes
During the period, current tax amounted to SEK –17 million (–11) and deferred tax to SEK 27 million (107). 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 year amounted to SEK –480 million (242) and refers to currency conversion differences in International Operations.
The property portfolio
Property values
On 31 March 2025, Corem's property portfolio comprised 275 (289) investment properties with a combined lettable area of 2,205 tsq.m. (2,268) and a market value of SEK 53,867 million (55,205).
Changes in value
Value changes in investment properties amounted during the quarter to SEK –263 million (–484), corresponding to –0,5 per cent. Unrealized value changes amounted to SEK –245 million and realized value changes to SEK –18 million.
The value of the majority of investment properties remained essentially unchanged during the quarter. Changes can mainly be attributed to contractual changes in the Swedish portfolio.
Of the changes during the quarter, 76 per cent refers to properties in Sweden and 24 per cent to properties in International Operations. Properties in International Operations accounted for a negative change in value of approximately SEK –59 million.
As at 31 March 2025, the property portfolio was valued using an average assessed dividend yield requirement of 6.0 per cent (6.0). Corem values all properties every quarter, of which 20 to 30 per cent are normally valued externally. As a rule, every property is valued by external valuers at least once annually, where exceptions may be made for individual properties. During the
quarter, Savills was used as a valuation agency. 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.
Property transactions
During the quarter, 14 properties were divested at an underlying property value of SEK 834 million. The profit effect, including dissolved tax and impairment of goodwill attributable to deferred tax amounted to SEK 55 million. Reported realized change in value amounted to SEK –18 million and included transaction costs and such deferred tax deductions that were agreed in the transactions.
During the quarter the the entire property portfolio in Halmstad was divested, after which Corem leaves Halmstad.
See all divestments for the quarter on page 8.
Tenants and the lease portfolio
On 31 March 2025, Corem had approximately 3,000 tenants with approximately 5,400 lease contracts.
The annual contract value amounted to SEK 3,654 million (3,717), the rental value amounted to SEK 4,273 million (4,345) and the economic occupancy rate to 86 per cent (86). Of the contracted rent, 38 percent falls due in 2028 or later. Of the annual contract value for offices,
18 percent relates to rental income from public entities such as authorities, municipalities and regions.
NET LETTING
Net letting amounted to SEK –37 million (49) for the first quarter. Of these, SEK 13 million derives from new production projects and SEK –50 million from investment activities. The negative net letting of the quarter is mainly attributable to a notice of lease termination received from WSP in the Globen area of Stockholm.
In total, lettings and renegotiations amounted to SEK 142 million during the quarter, of which 52 per cent pertained to new customers and the remainder to existing customers.
SELECTED LETTINGS
A number of new contracts were signed during the first quarter of the year.
In the development property 28&7 in New York, a five-year lease was signed with Angle Health for 427 sq.m. with move-in planned for the second quarter of 2025.
In the development property 1245 Broadway in New York, a seven-year lease was signed with a finance company for 605 sq.m. with move-in planned for the fourth quarter of 2025.
In the property Isafjord 8, an extension of the lease with Tele2 in Kista, Stockholm, was signed, and in the property Arenan 2 in Stockholm a nine-year lease was signed with Circle K for approximately 2,000 sq.m., with move-in planned for the first quarter of 2026.
INVESTMENT PROPERTIES: NUMBER, LETTABLE AREA, FAIR VALUE
| Q1 2025 | 2024 | |||
|---|---|---|---|---|
| No. | 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 | — | –2,924 | 313 | 1,343 |
| Divestments | –14 | –60,095 | –809 | –3,011 |
| Changes in value, unrealised | — | — | –245 | –1,712 |
| Currency conversion | — | — | –597 | 552 |
| Total at the end of the quarter | 275 2,205,338 | 53,867 | 55,205 |
PROPERTY TRANSACTIONS, TRANSFER OF POSSESSION JAN–MAR 2025
| Lettable area, sq.m. | ||||||
|---|---|---|---|---|---|---|
| Quarter | Property | City | Municipality | Property category | Acquisition Divestment | |
| 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 | Land | — | — |
| 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 |
| Total | 60,095 |
Project development
Corem's project development takes place mainly in connection with lettings and to adapt and modernize premises and properties, thereby increasing the rental value.
During the first quarter, SEK 313 million (280) was invested in the property portfolio for new construction, extensions and refurbishments. As at 31 March 2025, the remaining investment volume amounted to SEK 1,011 million (1,000). 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 89 per cent. The projects' combined area comprises 36,309 sq.m. with a remaining investment of SEK 547 million.
LARGER ONGOING PROJECTS IN SWEDEN In Gothenburg, in the property Majorna 219:7, tenant adaptation is underway for the Swedish 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 Kista, in the property Helgafjäll 5, tenant adaptation is in progress for Mycronic. The property is located in central Kista on the square adjacent to the Kistamässan convention centre. Move-in is planned for the third quarter of 2025.
LARGER ONGOING PROJECTS IN NEW YORK Corem owns three project properties on Manhattan, New York: 28&7, 1245 Broadway and 417 Park Avenue.
The 28&7 and 1245 Broadway projects, both new construction of high-quality office buildings, are nearing completion. In both projects, the exterior has been completed and interior tenant adaptation is underway in pace with tenants moving in. During the first quarter, the last spaces were leased in 28&7, which as of 31 March is 100 percent leased in terms of signed agreements. The corresponding figure for 1245 Broadway was 77 percent. On 31 March 2025, the contract value of the leases in New York amounted to USD 23.6 million, approximately SEK 248 million, which is equivalent to approximately SEK 11,000 per sq.m.
The 1245 Broadway property has a land lease agreement, for which right-of-use assets and leasing liabilities are recorded in the balance sheet.
The development property 417 Park Avenue has a building right for the new construction of around 33,000 sq.m. of office space.
COREM'S LARGEST ONGOING COMMERCIAL PROJECTS (ONLY CONSTRUCTION STARTED) 31 MARCH 2025
| Let area, | Project area, | Estimated | Remaining | Rental value, | Completion, year/ | |||
|---|---|---|---|---|---|---|---|---|
| City | Property | Description | sq.m. | sq.m. | investment, SEKm | investment, SEKm | SEKm | quarter |
| New York | 1245 Broadway1) | New construction, office premises | 13,521 | 17,575 | 1,916 | 337 | 206 | 25Q4 |
| New York | 28&71) | New construction, office premises | 9,291 | 9,291 | 1,003 | 73 | 92 | 25Q3 |
| Stockholm | Helgafjäll 5 | Tenant adaptation for Mycronic | 6,038 | 6,038 | 90 | 85 | 15 | 25Q3 |
| Gothenburg | Majorna 219:7 | Tenant adaptation the Coast Guard | 3,405 | 3,405 | 56 | 52 | 10 | 26Q2 |
| Total | 32,255 | 36,309 | 3,065 | 547 | 323 |
1) Estimated and remaining investment of projects, and rental value, in New York is based on the SEK/USD exchange rate on 31 March 2025.
Stockholm, Borgarfjord 4
MOVING-IN
During the quarter, Transcom moved in to just over 1,000 sq. m. in the full-service building Time Building, in the property Borgarfjord 4 in Kista, Stockholm.
Nyköping, Ana 11
MOVING-IN
During the quarter, Schneider Electric moved into approximately 1,500 square meters in the property Ana 11 in Nyköping. The property is located next to Nyköping's small boat and guest harbor.
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 Swedish Coast Guard with move-in planned for the second quarter of 2026.
New York, 1245 Broadway
ONGOING PROJECT
Corem's largest ongoing project is a 23-storey office building at 1245 Broadway.
Stockholm, Helgafjäll 5
ONGOING PROJECT
In Kista, in the property Helgafjäll 5, refurbishment and tenant adaptation is in progress for Mycronic, with moving in planned for the third quarter of 2025.
New York, 28&7
ONGOING PROJECT
Corem's second largest project is a 12-storey office building at 28th Street and 7th Avenue on Manhattan, New York. During the first quarter, another lease was signed, whereupon the property is fully let.
Distribution of property holdings
Corem's property holding is divided into Stockholm, West, East and International. Stockholm comprise Stockholm, Uppsala, Västerås and Örebro. West comprise Gothenburg, Borås, Malmö and Halmstad. During the first quarter all properties in Halmstad were divested. East comprise Linköping, Norrköping, Nyköping and Kalmar. The international operations are divided into Copenhagen and New York.
INCOME STATEMENT ITEMS AND INVESTMENTS
| Net operating | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income, SEKm | Property costs, SEKm | income, SEKm | Operating margin, % | Investments, SEKm | |||||||
| 2025 Jan–Mar |
2024 Jan–Mar |
2025 Jan–Mar |
2024 Jan–Mar |
2025 Jan–Mar |
2024 Jan–Mar |
2025 Jan–Mar |
2024 Jan–Mar |
2025 Jan–Mar |
2024 Jan–Mar |
||
| Stockholm | 485 | 507 | –186 | –208 | 299 | 299 | 62 | 59 | 63 | 63 | |
| East | 168 | 186 | –61 | –67 | 107 | 119 | 64 | 64 | 46 | 47 | |
| West | 184 | 195 | –62 | –65 | 122 | 130 | 66 | 67 | 36 | 16 | |
| International – Copenhagen | 15 | 23 | –5 | –7 | 10 | 16 | 67 | 70 | 1 | 2 | |
| International – New York | 44 | 29 | –20 | –15 | 24 | 14 | 55 | 48 | 167 | 152 | |
| Total | 896 | 940 | –334 | –362 | 562 | 578 | 63 | 62 | 313 | 280 | |
| Investment portfolio | 838 | 861 | –305 | –316 | 533 | 545 | 64 | 63 | 114 | 67 | |
| Development portfolio | 58 | 79 | –29 | –46 | 29 | 33 | 50 | 42 | 199 | 213 | |
| Total | 896 | 940 | –344 | –362 | 562 | 578 | 63 | 62 | 313 | 280 |
KEY FIGURES OF PROPERTY HOLDINGS
| Economic | Lettable | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| No. of properties | Fair value, SEKm | Rental value, SEKm | occupancy rate, % | area, thousand sq.m. | ||||||
| 2025 Jan–Mar |
2024 Jan–Mar |
2025 Jan–Mar |
2024 Jan–Mar |
2025 Jan–Mar |
2024 Jan–Mar |
2025 Jan–Mar |
2024 Jan–Mar |
2025 Jan–Mar |
2024 Jan–Mar |
|
| Stockholm | 120 | 127 | 29, 288 | 30,444 | 2,446 | 2,470 | 83 | 84 | 1,132 | 1,155 |
| East | 69 | 88 | 8,122 | 8,578 | 773 | 820 | 88 | 89 | 515 | 581 |
| West | 79 | 93 | 9,180 | 10,221 | 785 | 906 | 87 | 88 | 502 | 601 |
| International – Copenhagen | 4 | 4 | 1,367 | 1,314 | 69 | 74 | 77 | 65 | 38 | 37 |
| International – New York1) | 3 | 3 | 5,910 | 5,976 | 200 | 144 | 98 | 90 | 18 | 13 |
| Total | 275 | 315 | 53,867 | 56,533 | 4,273 | 4,414 | 86 | 86 | 2,205 | 2,387 |
| Investment portfolio | 247 | 286 | 45,201 | 47,940 | 3,910 | 4,070 | 86 | 86 | 2,062 | 2,229 |
| Development portfolio | 28 | 29 | 8,666 | 8,593 | 363 | 344 | 77 | 79 | 143 | 158 |
| Total | 275 | 315 | 53,867 | 56,533 | 4,273 | 4,414 | 86 | 86 | 2,205 | 2,387 |
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 31 March 2025, interest-bearing liabilities amounted to SEK 30,606 million (31,376). Accrued borrowing overheads amounted to SEK 221 million (230), which entails interest-bearing liabilities in the balance sheet of SEK 30,385 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 550 million (1,256) and SEK 5,225 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 unutilized credit facilities in Nordic banks.
The average period of tied-up capital amounted to 1.9 years (1.7) and the loan-to-value ratio was 54 per cent (54).
INTEREST-BEARING NET LIABILITIES
| SEKm | 2025 31 Mar |
2024 31 Dec |
|---|---|---|
| Interest-bearing liabilities in balance sheet | 30,385 | 31,146 |
| Adjustment, accrued borrowing overheads | 221 | 230 |
| Interest-bearing assets | -48 | -48 |
| Cash and cash equivalents | -439 | -586 |
| Interest-bearing net liability | 30,119 | 30,742 |
BONDS
At the end of the quarter, the Group had SEK 5,225 million in outstanding listed bonds, maturing in 2025 to 2028. There was one unsecured Medium Term Note programme (MTN) with a framework amounting to SEK 10,000 million, of which SEK 200 million was outstanding.
During the quarter, Corem redeemed bonds with an outstanding amount of SEK 1,403 million by maturity and issued new bonds of SEK 1,000 million maturing in April 2028.
Interest maturity structure
On 31 March 2025, the average interest rate in the loan portfolio was 4.4 per cent (4.6).
Interest rate swaps and interest rate caps are used to limit the interest rate risk. At the end of the quarter, Corem had interest rate swaps for a nominal value of SEK 24,522 million (25,012), and interest rate caps for SEK 336 million (1,325) which together correspond to 81 per cent of the interest-bearing liabilities.
Together with fixed interest loans, 83 per cent of the interest-bearing liabilities carried fixed interest at the end of the quarter. The swaps run with an average remaining term of 2.8 years and an average fixed interest rate of 2.0 per cent, while the interest rate cap levels amounted to 2.5 per cent. On 31 March 2025, the market value of the interest rate derivatives portfolio amounted to net SEK 120 million (84).
Changes in the value of derivatives amounted to SEK 36 million (135) during the quarter.
The average period of fixed interest amounted to 2.4 years (2.6) at the end of the quarter, taking derivatives into account. The interest coverage ratio during the quarter amounted to 1.8 multiples (1.7) and to 1.8 (1.8) during the most recent four quarters.
Liquid funds
On 31 March 2025, cash and cash equivalents amounted to SEK 439 million (586).
Restricted cash of SEK 133 million has been included in cash and cash equivalents in accordance with the IFRS IC clarification about funds that may only be used for a particular purpose due to an agreement with a third party.
In addition, there were unutilized credit facilities, including backup facilities for outstanding commercial paper of SEK 1,320 million, of which SEK 1,264 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 30,119 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 20,921 million (21,511), of which SEK 1,132 million (1 ,132) refers to hybrid bonds. Equity amounted to SEK 11.59 (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 15.44 (15.97)
For further information about changes in equity, see page 19.
HYBRID BOND
Corem, through its subsidiary Corem Kelly, has a perpetual hybrid bond of SEK 1,132 million (1,132), which runs at a variable interest rate of 3 months Stibor plus 8 percentage points margin.
EQUITY RATIO
At the end of the quarter, the adjusted equity ratio amounted to 42 per cent (42) and the equity ratio to 35 per cent (35).
Cash flow
The Group's cash flow from operating activities, before changes in working capital, amounted during the quarter to SEK 223 million (214).
Cash flow from investing activities amounted to SEK 477 million (1,370) during the quarter, partially comprising property divestments corresponding to SEK 792 million (1,656). Cash flow from financing activities amounted to SEK –773 million (–1,136) where the majority corresponds to loan amortization.
Holding in Klövern
Klövern is an unlisted housing development company that develops housing for sale and proprietary management. The value of Corem's share amounted to SEK 1,399 million (1,469) at the end of the period. The ownership share was approximately 16 per cent (17). The decrease was attributable to a new share issue conducted during the quarter.
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 |
||||
| Variable1) | 5,582 | — | — | — | — | ||||
| 2025 | 4,000 | 13,026 | 11,956 | 200 | 1,070 | ||||
| 2026 | 5,500 | 9,713 | 9,463 | 1,675 | 250 | ||||
| 2027 | 4,076 | 3,428 | 3,428 | 2,350 | — | ||||
| 2028 | 2,074 | 2,956 | 2,956 | 1,000 | — | ||||
| 2029 | 7,074 | 741 | 741 | — | — | ||||
| Later | 2,300 | 2,062 | 2,062 | — | — | ||||
| Total | 30,606 | 31,926 | 30,606 | 5,225 | 1,320 |
1) Of the floating volume, SEK 336 is covered by the interest cap.
BOND OVERVIEW 31.03.20251)
| Type | Issued | Maturity | Issuer | Outstanding | volume, SEKm Interest rate, % |
|---|---|---|---|---|---|
| Unsecured MTN 204 | Mar 2021 | Sep 2025 | Kelly | 200 3m Stibor +3.50 | |
| Green unsecured | Feb 2024 | May 2026 | Corem | 1,675 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 | |
| Total | 5,225 |
1) Refers to bonds issued by Corem Property Group AB ("Corem") and the subsidiary Corem Kelly AB.
Shares 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 31 March 2025, Corem had a total of 1,243,489,446 shares, of which 93, 124,265 were ordinary shares of class A , 1,130,404,077 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.
Repurchase of own shares
Corem did not repurchase any of its own shares during the quarter. As at 31 March 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 189 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, a request was received for the conversion of 606,532 from class A to class B.
LARGEST SHAREHOLDERS 31 MARCH 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 via companies1) | 44,106 | 503,642 | 3,294 | — | 44.31 | 47.01 |
| Gårdarike1) | 31,541 | 33,811 | 55 | 19 | 5.26 | 17.32 |
| Handelsbanken fonder | — | 98,335 | 123 | — | 7.92 | 4.88 |
| Länsförsäkringar fondförvaltning | — | 39,849 | — | — | 3.20 | 1.98 |
| State Street Bank & Trust Co | — | 39,050 | 22 | 155 | 3.15 | 1.95 |
| Avanza Pension | 257 | 18,682 | 349 | 1,755 | 1.69 | 1.16 |
| JP Morgan Chase Bank N.A. | — | 21,093 | — | 255 | 1.72 | 1.06 |
| Swedbank Robur fonder | 1,593 | 4,000 | — | — | 0.45 | 0.99 |
| AMF Tjänstepension AB | — | 19,500 | — | — | 1.57 | 0.97 |
| Prior & Nilsson | — | 17,934 | — | — | 1.44 | 0.89 |
| Fredrik Rapp private and via companies | 750 | 9,500 | — | — | 0.82 | 0.84 |
| Carnegie Fonder | — | 16,066 | — | — | 1.29 | 0.80 |
| Nordnet Pensionsförsäkring AB | 102 | 13,493 | 110 | 379 | 1.13 | 0.74 |
| SEB Life International | 1,101 | 3,201 | 31 | 25 | 0.35 | 0.71 |
| Livförsäkringsbolaget Skandia, ömsesidigt | 665 | 5,303 | — | 0 | 0.48 | 0.59 |
| Other shareholders | 10,095 | 251,254 | 3,520 | 9,827 | 22.11 | 18.11 |
| Total outstanding shares, thousands | 90,210 | 1,094,713 | 7,504 | 12,415 | 96.89 | 100.00 |
| Repurchased own shares2) | 2,914 | 35,691 | 42 | — | 3.11 | |
| Total registered shares, thousands | 93,124 | 1,130,404 | 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 categorization 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 period was 280 (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 took 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 intra-Group interest rates.
Transactions with Wästbygg amounted to SEK 0 million (1) during the quarter. Wästbygg is an associated company of the M2-Gruppen, which is controlled by Rutger Arnhult.
In addition, Corem Group purchased legal services during the year from Walthon Advokater, of which the Chairman of the Board Patrik Essehorn is a shareholder, in an amount of SEK 3 million (2).
The 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 116 million (129). Net profit for the period amounted to SEK 104 million (–26). Interest-bearing liabilities amounted to SEK 12,115 million (10,207) which are largely lent to other Group companies.
Annual general meeting 2025
The annual general meeting of Corem Property Group AB (publ) will be held on 23 April 2025.
Dividend
The Board proposes to the Annual General Meeting a dividend for the 2024 financial year of SEK 0.10 (0.10) per ordinary share of Class A and
B, and SEK 20.00 (20.00) per ordinary share of Class D and preference share. It is proposed that the dividend for the ordinary shares of Class A and Class B be paid on four occasions, of which two payments each of SEK 0.02 and two payments each of SEK 0.03, while it is proposed that the dividend for ordinary shares of Class D and preference shares be paid in four instalments, each of SEK 5.00. It is proposed that the record days for dividend on ordinary shares of Class A, B, D and preference shares be the last banking day in the respective calendar quarter with the expected payment three banking days thereafter.
Events after the end of the quarter
There are no significant events after the end of the first quarter to comment on.
Stockholm, 14 April 2025 The Board of Directors of Corem Property Group AB (publ)
This interim report has not been reviewed by Corem's auditors.
Consolidated Income Statement in brief
| Income 896 940 3,651 3,695 Property costs –334 –362 –1,305 –1,333 Net operating income 562 578 2,346 2,362 Central administration –35 –43 –152 –160 Net financial items –305 –320 –1,273 –1,288 Profit from property management 222 215 921 914 Profit/loss, residential development — — –1 –1 Share of earnings in associated companies — 0 0 0 Value changes, properties –263 –484 –1,496 –1,717 Value changes, financial assets –71 1 53 125 Value changes, derivatives 36 135 –318 –219 Impairment, goodwill –15 –121 –201 –307 Profit/loss before tax –91 –254 –1,042 –1,205 Tax 10 96 61 147 Net profit/loss for the period –81 –158 –981 –1,058 Net profit for the period attributable to: Parent Company shareholders –81 –159 –981 –1,059 Holdings without controlling influence 0 1 0 1 Profit/loss for the period –81 –158 –981 –1,058 Earnings per share Earnings per ordinary share of Class A and B, SEK –0.18 –0.28 –1.32 –1.43 No. of shares, thousands Number of outstanding ordinary shares A and B 1,184,924 1,078,717 1,184,924 1,184,924 Average number of outstanding ordinary shares A and B 1,184,924 1,078,717 1,151,088 1,124,774 Number of outstanding ordinary shares D 7,504 7,504 7,504 7,504 Number of outstanding preference shares 12,415 12,415 12,415 12,415 |
SEKm | 2025 3 months Jan–Mar |
2024 3 months Jan–Mar |
2024/2025 Trailing 12 months Apr–Mar |
2024 12 months Jan–Dec |
|---|---|---|---|---|---|
No dilution effect exists as there are no potential shares (for example, convertibles).
Consolidated Report of Comprehensive Income in brief
| SEKm | 2025 3 months Jan–Mar |
2024 3 months Jan–Mar |
2024/2025 Trailing 12 months Apr–Mar |
2024 12 months Jan–Dec |
|---|---|---|---|---|
| Net profit/loss for the period | –81 | –158 | –981 | –1,058 |
| Items that can later be reclassified to the income statement | ||||
| Currency conversion difference for international operations | –480 | 242 | –340 | 382 |
| Other comprehensive income after tax | –480 | 242 | –340 | 382 |
| Net comprehensive income for the period | –561 | 84 | –1,321 | –676 |
| Net comprehensive income attributable to: | ||||
| Parent Company shareholders | –561 | 83 | –1,321 | –677 |
| Holdings without controlling influence | 0 | 1 | 0 | 1 |
| Net comprehensive income for the period | –561 | 84 | –1,321 | –676 |
Consolidated Balance Sheet in brief
| SEKm | 2025 31 Mar |
2024 31 Mar |
2024 31 Dec |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 1,463 | 1,663 | 1,478 |
| Investment properties | 53,867 | 56,533 | 55,205 |
| Right-of-use assets | 1,795 | 1,233 | 1,827 |
| Shares in associated companies | — | 0 | — |
| Financial assets valued at fair value | 1,399 | 1,352 | 1,469 |
| Derivatives | 239 | 537 | 231 |
| Other non-current assets | 128 | 140 | 133 |
| Total non-current assets | 58,891 | 61,458 | 60,343 |
| Current assets | |||
| Properties classified as current assets | — | 292 | — |
| Other current assets | 937 | 1,050 | 856 |
| Cash and cash equivalents | 439 | 744 | 586 |
| Total current assets | 1,376 | 2,086 | 1,442 |
| TOTAL ASSETS | 60,267 | 63,544 | 61,785 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to parent company shareholders1 | 20,921 | 22,057 | 21,511 |
| Equity attributable to holdings without controlling influence | 0 | 0 | 0 |
| Total shareholders' equity | 20,921 | 22,057 | 21,511 |
| Long-term liabilities | |||
| Interest-bearing liabilities | 19,430 | 17,032 | 14,238 |
| Leasing liabilities | 1,795 | 1,233 | 1,827 |
| Deferred tax liability | 5,455 | 5,545 | 5,472 |
| Derivatives | 119 | 99 | 147 |
| Other liabilities | 64 | 40 | 60 |
| Total long-term liabilities | 26,863 | 23,949 | 21,744 |
| Current liabilities | |||
| Interest-bearing liabilities | 10,955 | 15,592 | 16,908 |
| Other liabilities | 1,528 | 1,946 | 1,622 |
| Total current liabilities | 12,483 | 17,538 | 18,530 |
| Total liabilities | 39,346 | 41,487 | 40,274 |
| TOTAL EQUITY AND LIABILITIES | 60,267 | 63,544 | 61,785 |
1) Of which hybrid bond SEK 1,132 million (as of 31.12.2024, SEK 1,132 million).
Consolidated change in equity in brief
| Holdings without | ||||
|---|---|---|---|---|
| Parent Company | controlling | |||
| SEKm | shareholders 1) | influence | Total | |
| Opening equity, 01.01.2024 | 22,003 | 14 | 22,017 | |
| Comprehensive income for the period | 83 | 1 | 84 | |
| Hybrid bond, interest | –40 | — | –40 | |
| Change in holdings without controlling influence | 11 | –15 | –4 | |
| Equity, 31.03.2024 | 22,057 | 0 | 22,057 | |
| Comprehensive income for the period | –760 | — | –760 | |
| New share issue | 1,007 | — | 1,007 | |
| Dividend | –515 | — | –515 | |
| Hybrid bond, interest | –110 | — | –110 | |
| Hybrid bond, repurchase | –168 | — | –168 | |
| Change in holdings without controlling influence | — | — | — | |
| Equity 31.12.2024 | 21,511 | 0 | 21,511 | |
| Comprehensive income for the period | –561 | — | –561 | |
| Hybrid bond, interest | –29 | — | –29 | |
| Change in holdings without controlling influence | — | — | — | |
| Equity 31.03.2025 | 20,921 | 0 | 20,921 |
1) Of which hybrid bond is included with SEK 1,132 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 Jan–Mar |
2024 3 months Jan–Mar |
2024/2025 Trailing 12 months Apr–Mar |
2024 12 months Jan–Dec |
|---|---|---|---|---|
| Operating activities | ||||
| Net operating income | 562 | 578 | 2,346 | 2,362 |
| Central administration | –35 | –43 | –152 | –160 |
| Depreciation, etc. | 5 | 6 | 21 | 22 |
| Interest received, etc. | 2 | 1 | 14 | 13 |
| Interest paid, etc. | –290 | –309 | –1,092 | –1,111 |
| Interest expense, lease contracts attributable to site leasehold contracts |
–21 | –19 | –79 | –77 |
| Income tax paid | 0 | 0 | –9 | –9 |
| Cash flow from operating activities before changes in working capital |
223 | 214 | 1,049 | 1,040 |
| Change in properties classified as current assets | — | –2 | 0 | –2 |
| Change in current receivables | –137 | –162 | –43 | –68 |
| Change in current liabilities | 74 | 24 | 0 | –50 |
| Cash flow from operating activities | 160 | 74 | 1,006 | 920 |
| Investing activities | ||||
| Investments in new constructions, extensions and refurbishment | –313 | –280 | –1,376 | –1,343 |
| Divestment of investment properties | 792 | 1,656 | 2,119 | 2,983 |
| Change of shares in associated companies | — | 0 | — | — |
| Acquisition holdings without controlling influence | — | –4 | — | –4 |
| Change in other non-current assets | –2 | –2 | 32 | 32 |
| Cash flow from investing activities | 477 | 1,370 | 775 | 1,668 |
| Financing activities | ||||
| Dividend paid to parent company shareholders | –135 | –207 | –587 | –659 |
| Share issue, including expenses | — | — | 1,007 | 1,007 |
| Hybrid bonds, interest and repurchase | –29 | –40 | –307 | –318 |
| Loans raised | 5,019 | 2,144 | 14,591 | 11,716 |
| Amortised loans | –5,628 | –3,033 | –16,786 | –14,191 |
| Cash flow from financing activities | –773 | –1,136 | –2,082 | –2,445 |
| Cash flow for the period | –136 | 308 | –301 | 143 |
| Cash and cash equivalents at beginning of period | 586 | 429 | 744 | 429 |
| Exchange rate difference in cash and cash equivalents | –11 | 7 | –4 | 14 |
| Cash and cash equivalents at end of period | 439 | 744 | 439 | 586 |
Parent Company Income Statement in brief
| SEKm | 2025 3 months Jan–Mar |
2024 3 months Jan–Mar |
2024 12 months Jan–Dec |
|---|---|---|---|
| Net sales | 116 | 129 | 500 |
| Cost of services sold | –81 | –86 | –340 |
| Gross profit | 35 | 43 | 160 |
| Central administration | –35 | –43 | –160 |
| Operating profit | 0 | 0 | 0 |
| Earnings from shares in group companies | 82 | 82 | –85 |
| Value changes derivatives | 0 | — | –10 |
| Interest income and similar income statement items | 152 | 86 | 402 |
| Interest expense and similar income statement items | –130 | –194 | –619 |
| Profit/loss after financial items | 104 | –26 | –312 |
| Group contributions, made/received | — | — | 1 |
| Profit/loss before tax | 104 | –26 | –311 |
| Tax | — | — | 18 |
| Net Profit/loss for the period | 104 | –26 | –293 |
Parent Company Balance Sheet in brief
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEKm | 31 mar | 31 mar | 31 dec |
| ASSETS | |||
| Other intangible non-current assets | 4 | 6 | 5 |
| Machinery and equipment | 3 | 5 | 4 |
| Shares in group companies | 20,492 | 21,456 | 20,492 |
| Receivables from group companies | 14,697 | 7,641 | 12,793 |
| Other receivables | 204 | 69 | 195 |
| Cash and cash equivalents | 192 | 140 | 110 |
| TOTAL ASSETS | 35,592 | 29,317 | 33,599 |
| EQUITY AND LIABILITIES | |||
| Restricted equity | 2,487 | 2,275 | 2,487 |
| Unrestricted equity | 19,676 | 19,558 | 19,572 |
| Total equity | 22,163 | 21,833 | 22,059 |
| Interest-bearing liabilities | 12,115 | 6,746 | 10,207 |
| Liabilities to group companies | 1,006 | 361 | 902 |
| Non-interest-bearing liabilities | 308 | 377 | 431 |
| TOTAL EQUITY AND LIABILITIES | 35,592 | 29,317 | 33,599 |
Key ratios
| 2025 3 months Jan–Mar |
2024 3 months Jan–Mar |
2024 12 months Jan–Dec |
2023 12 months Jan–Dec |
|
|---|---|---|---|---|
| Property-related | ||||
| Fair value of investment properties, SEKm | 53,867 | 56,533 | 55,205 | 58,033 |
| Yield requirement, valuation, % | 6.0 | 5.9 | 6.0 | 5.8 |
| Rental value, SEKm | 4,273 | 4,414 | 4,345 | 4,322 |
| Lettable area, sq.m. | 2,205,338 2,386,589 2,268,357 2,428,426 | |||
| Economic occupancy rate, % | 86 | 86 | 86 | 87 |
| Area-based occupancy rate, % | 76 | 77 | 77 | 78 |
| Operating margin, % | 63 | 62 | 64 | 68 |
| No. of investment properties | 275 | 315 | 289 | 326 |
| Average remaining lease contract period, years | 3.4 | 3.4 | 3.3 | 3.4 |
| Financial | ||||
| Return on equity, % | –1.5 | –2.9 | –4.9 | –29.9 |
| Adjusted equity ratio, % | 42 | 41 | 42 | 41 |
| Equity ratio, % | 35 | 35 | 35 | 34 |
| Interest-bearing net liability, SEKm | 30,119 | 32,070 | 30,742 | 33,106 |
| Loan-to-value ratio, % | 54 | 55 | 54 | 55 |
| Loan-to-value ratio, properties, % | 46 | 42 | 44 | 43 |
| Interest coverage ratio, multiple | 1.8 | 1.7 | 1.7 | 1.9 |
| Average interest rate, % | 4.4 | 4.5 | 4.6 | 4.4 |
| Average period of fixed interest, years | 2.4 | 2.5 | 2.6 | 2.6 |
| Average period of tied-up capital, years | 1.9 | 1.8 | 1.7 | 2.2 |
| 2025 3 months Jan–Mar |
2024 3 months Jan–Mar |
2024 12 months Jan–Dec |
2023 12 months Jan–Dec |
|
|---|---|---|---|---|
| Share-related | ||||
| Profit from property management per ordinary share A and B, SEK | 0.08 | 0.07 | 0.32 | 0.65 |
| Earnings per ordinary share, A and B, SEK | –0.18 | –0.28 | –1.43 | –7.88 |
| Net asset value (NAV) per ordinary share A and B, SEK | 15.44 | 17.46 | 15.97 | 17.57 |
| Equity per ordinary share A and B, SEK | 11.59 | 13.63 | 12.09 | 13.58 |
| Equity per ordinary share D, SEK | 289.59 | 289.59 | 289.59 | 289.59 |
| Equity per preference share, SEK | 312.72 | 312.72 | 312.72 | 312.72 |
| Dividend per ordinary share, A and B, SEK | — | — | 0.101) | 0.10 |
| Dividend per ordinary share D, SEK | — | — | 20.001) | 20.00 |
| Dividend per preference share, SEK | — | — | 20.001) | 20.00 |
| Share price ordinary share A, SEK | 4.76 | 11.00 | 6.58 | 10.65 |
| Share price ordinary share B, SEK | 4.64 | 10.91 | 6.69 | 10.62 |
| Share price ordinary share D, SEK | 219.00 | 232.00 | 244.50 | 182.00 |
| Share price preference share, SEK | 234.00 | 234.50 | 258.00 | 200.50 |
| No. of shares, thousands | ||||
| Number of outstanding ordinary shares A and B | 1,184,924 | 1,078,717 | 1,184,924 | 1,078,717 |
| Average number of outstanding ordinary shares A and B | 1,184,924 | 1,078,717 | 1,124,774 | 1,078,717 |
| Number of outstanding ordinary shares D | 7,504 | 7,504 | 7,504 | 7,504 |
| Number of outstanding preference shares | 12,415 | 12,415 | 12,415 | 12,415 |
1) Proposed dividend
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 interest-bearing 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 tenant-owned 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
| Annual General Meeting 2025 | 23 April 2025 |
|---|---|
| Interim Report January–June 2025 | 11 July 2025 |
| Interim Report January–September 2025 | 22 October 2025 |
PROPOSED RECORD DATES AND DIVIDEND PAYMENT DATES
| Record date for dividend on ordinary shares of class A, B, D and preference shares | 30 June 2025 |
|---|---|
| Expected payment date for dividend on ordinary shares of class A, B, D and preference shares | 3 July 2025 |
| Record date for dividend on ordinary shares of class A, B, D and preference shares | 30 September 2025 |
| Expected payment date for dividend on ordinary shares of class A, B, D and preference shares | 3 October 2025 |
| 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 CEST on 14 April 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