Nivika Fastigheter

Quarterly Report • May 8, 2025

INTERIM REPORT 1 JANUARY – 31 MARCH 2025 Nivika Fastigheter AB (publ) 1

782 MSEK Lease value

95 % Occupancy rate

Lettable area

48 % Net Loan-to-Value

THE PERIOD IN BRIEF

January - March 2025

Figures in brackets refer to the same period last year

• Total rental income increased by 15 % to 189 MSEK (165)
• Net letting was 7 MSEK (5)
• Net operation income increased by 17 % to 128 MSEK (109)
• The profit from property management increased with 32 % to 52 MSEK (39)
• Change in value for investment properties amounted to 4 MSEK (21) whereof realised change in value amounted to 0 MSEK (3)
• Comprehensive income increased to 56 MSEK (60)
• Earnings per share 0.59 SEK (0,73)*

Rental income increased by 15 percent to 189 MSEK (165). The net letting was 7 MSEKin the quarter. Net operating income increased by 17 percent to 128 MSEK (109). The increased net operating income was mainly driven by increased revenue, the acquisitions of high-yielding properties over the past year have had a positive impact. The profit for the quarter of 56 MSEK (60) includes unrealized changes in the value of property portfolio of 4 MSEK (21) and unrealized changes in value of interest rate derivatives of 15 MSEK (17).

The property portfolio amounts to 12.2 MSEK (11,0) as of 31 of March 2025 with a total of current rental value of 823 MSEK. The property portfolio consists, at the end of the period, of 63 percent commercial properties and 34 percent residentials, in terms of property value.

MSEK	2025 3 months jan-march	2024 3 months jan-march	2023/24 16 months Sep - Dec
Rental Income	189	165	923
Net operating income	128	109	655
Profit from property management	52	39	266
Comprehensive income	56	60	200
Property value	12 187	11 049	11 788
Economic occupancy rate residential, %	96	98	96
Economic occupancy rate commercial, %	95	96	95
Net loan-to-value ratio*, %	48,1	44,4	47
Interest coverage ratio, times	1,9		2,0x
Long-term net asset value per share, SEK	65,8	63,1	65,2
Earning per share, SEK*	0,6	0,7	2,1

Property value and total income, MSEK

Q1 Events january to march 2025

• During the first quarter, Nivika took possession of 16 properties in Jönköping, Värnamo and on the West Coast. The acquisitions add a total of 25,000 m2 of rentable space and 25 M SEK in annual rental value. For further details, see the Property Transactions section.
• The net letting was 7 MSEKin the quarter. Nivika has, as example, signed and extended leases in Jönköping, Värnamo and Växjö for a total of approximately 7,500 m². The total annual rental value for these leases amounts to SEK 6.3 million and the average contract length is 6 years.
• During the period, Nivika has moved into its newly built headquarters located along the E4 in Värnamo. Tenant adaptations on the other floors remain and are expected to be completed in 2025. Nivika has also started new construction of a building materials store for Jem & Fix in Habo outside Jönköping.
• Nivika has announced that CFO and Deputy CEO Kristina Karlsson has chosen to terminate her position. Kristina has been CFO of Nivika since 2018 and will remain in her role during the notice period. Daniel Karlsson has been hired as the new CFO at Nivika and will join Nivika no later than May 25, 2025.

Q2 Events april an forwards

• The 2023/2024 Annual Report (16 months) with sustainability report was released in early April. The report is available to read on Nivika's website.
• Nivika has joined the Sustainability Pledge in Jönköping County. The Sustainability Pledge for companies is part of the county's work to achieve Sweden's environmental goals and the global goals for sustainable development in Agenda 2030.

CEO CEO STATEMENT

Strong start to 2025

The first quarter of this year resembles the end of 2024 with continued war in Europe, major geopolitical unrest, volatile markets and financial unrest throughout the world. The uncertainty about which direction both the economy and interest rates in the US and Europe are heading affects everyone and it is important to have a business model that works over time.

Nivika delivers a strong quarter despite this concern, we continue to grow through acquisitions and the focus on more high-yielding properties is yielding results in the Company's key figures. Rental income as well as net operating income and property management profit are all on the rise, which shows that our strategy is working. The mix of high-yielding properties and modern attractive homes provides a stable cash flow, which is also reflected in the occupancy rate, which is above our target.

The focus on high-yield properties is reflected in the numbers

The financial development for the quarter shows financial stability and that we gradually continue to increase revenues and results. Rental income rose by 15 percent, net operating income by 17 and property management profit increased by 33 percent compared to the corresponding period last year. Current cash flow also increased by 21 percent. This is a statement of strength and proof that Nivika is doing the right things and that the business model is working.

Niclas Bergman, CEO

Growth

The growth during the quarter has taken place through the acquisition of high-yielding properties along the West Swedish triangle* at very good yield levels. Nivika can make deals that contribute to earnings capacity, cash flow and earnings per share because the Company is local and the natural

*) the West Swedish triangle, description on page 4

buyer of warehouse and light industrial properties along the West Swedish Triangle. The network grows with each deal Nivika makes in all four markets the Company is active in and we are often contacted about potential deals. The acquisitions have been financed with the proceeds from the bond issued in November 2024, as the acquisitions have been made continuously, the full effect will be achieved in the coming quarters, which is visible in the interest coverage ratio, which decreases slightly during the quarter. In most deals, Nivika has partially paid for the acquisitions with repurchased shares, it is gratifying that the sellers believe in Nivika and are positive about taking shares as partial payment.

Letting has been strong during the quarter with a positive net letting of SEK 7 million. Among other things, Nivika has leased out a large vacant premises in Torsvik outside Jönköping to a previous tenant who has now chosen to move his business back to the property. There is no increase in vacancy rates on the residential side from the previous quarter either. The organization has close dialogue with the tenants and although there has been no increase in unpaid rents so far, we are focusing on this to minimize any customer losses.

During the spring, a number of the building projects we are now carrying out will be completed, among others Nivika's new headquarters, a conversion to Sordin and the new construction of an electric car charging station at Bredasten in Värnamo. The projects are going according to plan and will contribute positively to our results.

Financing

During the quarter, work on structuring the loan portfolio has continued, we have signed additional interest rate hedges to mitigate any fluctuations in the interest rate market. The acquisitions that have been made are now financed with bank loans to free up additional capital for growth. The average interest rate on the loan portfolio has fallen to 4.3 percent.

Sustainability

During the quarter, Nivika continued to work on energy efficiency improvements, which resulted in improvements in energy classifications in the portfolio. Work also continued towards a connection to SBTi.

Focus on continued growth and letting

We live in a turbulent world, but despite this, I look forward to the rest of the year, we have positive momentum regarding growth and the market is there. Nivika has a very good reputation as a company that is easy to do business with, we keep our promises and do not enter into negotiations that we do not intend to complete. The focus is on increased cash flow and earnings per share to create additional shareholder value through the acquisition of high-yielding properties along the West Swedish Triangle.

Sverker Källgården, CEO

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

THIS IS NIVIKA

With roots in Småland and the head office in Värnamo, we usually say "Nivika it's real estate in småländska".

Nivika builds and acquires properties for its own long-term management, creating long-term values both financially and sustainably. Historically, Nivika has been successful in building clusters of properties for proximity to the tenant and for efficient management.

Our property holdings and associated project portfolio are mainly located in the West Swedish triangle and consist of 70 percent commercial properties with an emphasis on industry and warehouses.

Nivika has invented the name of the West Swedish triangle as a description of Nivika's focus and main area of activity. The West Swedish triangle is bounded by the roads; E4 in the east, national road 40 in the north and E6 in the west. The majority of Nivika's property portfolio is located within the West Sweden Triangle, complemented by Växjö, which has a well-differentiated business community with high-tech and knowledgeintensive companies.

Nivikas' business model is based on long-term management and sustainable value growth.

Property management with refinement of existing properties is the basis of Nivikas' operations.

Property management

• Property management with refinement of existing properties is the basis of Nivikas' operations
• Inhouse property management, local with long-term managment
• Energy efficiency, tenant adaptations, renovations and property development with the goal of increasing net operating income, property value and thus return

Acquisitions of properties

95 % Occupancy rate

• Local anchoring, contact and knowledge of the local market create business opportunities
• High proportion of off-market deals without competition
• Focus on the West Swedish Triangle, high-yield properties
• Densification of the property portfolio and cluster creation

Creating building rights, planning and new constructions for own management

• Building rights on existing properties in the portfolio,
• Clusters enable densification and can create additional building rights
• As a rule, cash flow from existing properties until construction starts
• Sustainability, resource usage and sustainable management is important, Nivika standard!

647 000 m2 Lettable area

48 % Net Loan-to-value

EARNINGS CAPACITY

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

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

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

• Rental income is based on actual signed leases on an annual basis (including service charges and potential rental discounts) as well as other property-related income per balance sheet date.
• After maintenance-, and other maintenance-related supplements, property expenses were based on a normal operating year with maintenance for the current size of the property portfolio. Operating costs include propertyrelated administration. Property tax is calculated based on the current tax values of the properties.
• Central administration costs are calculated based on the current organisation, including project development, and the current size of the property portfolio. Non-recurring costs are not included.
• Net financial items are based on interest rates at the end of the period, as well as the liabilities and available assets existing per balance sheet date.

Sadelmakaren 1, Värnamo Current earning capacity does not include future income from construction in progress. For further information about constuction in progress see the Property Portfolio section of the interim report. Events after the end of the period have not been taken into account.

Current earnings capaicty, MSEK	2024-01-01	2024-04-01	2024-07-01	2024-10-01	2025-01-01	2025-04-01
Rental value	709	721	741	766	800	823
Vacancy	-31	-27	-32	-32	-40	-41
Rental income	678	695	709	734	760	782
Property expenses	190	192	194	199	-203	-209
Net operating income	488	503	515	535	557	573
Central administrative expenses	-35	-35	-40	-40	-40	-45
Net financial items	-262	-258	-252	-242	-259	-258
Profit from property management	191	210	223	253	258	270
Profit from property management, per share, SEK	2,00	2,19	2,33	2,04	2,69	2,82

PROPERTY PORTFOLIO

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

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

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

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

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

West Coast, MSEK	31 Mar 2025	31 Mar 2024
Property value	1 355	1 888
Rental Income***	13	20
Occupation rate**, %	97	99
Number of properties	36	52
Area, sq. m	88 717	112 198

Other

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

Other*, MSEK	31 Mar 2025	31 Mar 2024
Property value	283	287
Rental Income***	7	6
Number of properties	6	6
Area, sq. m	20 439	20 439

Totalt, MSEK	31 Mar 2025	31 Mar 2024				Industrial/storage 33 %
Property value	12 187	11 049	2 18	Jönköping 31 %		Offices 11 %
Rental Income***	190	165	31	Värnamo 31 %	33 37	Retail/hospitality 8 %
Occupation rate**, %	95	95	18	Växjö 18 %		CSP 8 % Land 3 %
Number of properties	218	196		West Coast 18 %		Residential 37 %
Area, sq. m	647 291	595 058	31	Other 2 %	11 8 3 8
Jönköping, MSEK	31 Mar 2025	31 Mar 2024				Industrial/storage 30 %
Property value	4 459	3 380		Jönköping		Offices 7 %
Rental Income***	66	43				Retail/hospitality 11 % CSP - %
Occupation rate**, %	96	95				Land 3 %
Number of properties	65	57				Residential 47 %
Area, sq. m	199 735	141 529
Värnamo, MSEK	31 Mar 2025	31 Mar 2024				Industrial/storage 29 %
Property value	3 927	3 329		Värnamo		Offices 20 %
Rental Income***	62	56				Retail/hospitality 8 % CSP 12 %
Occupation rate**, %	96	99				Land 1 %
Number of properties	76	66				Residential 30 %
Area, sq. m	225 476	207 968
Växjö, MSEK	31 Mar 2025	31 Mar 2024				Industrial/storage 33 %
Property value	2 162	2 176		Växjö		Offices 3 %
Rental Income***	33	30				Retail/hospitality 3 % CSP 21 %
Occupation rate**, %	90	91				Land 2 %
Number of properties	35	35				Residential 39 %
Area, sq. m	112 924	112 924
West Coast, MSEK	31 Mar 2025	31 Mar 2024				Industrial/storage 41 %
Property value	1 355	1 888		West Coast		Offices 11 %
						Retail/hospitality 15 %

12.2 billion SEK property portfolio whereof 95 % management properties

Managment- and business property 11 536 Ongoing construction 208 Future project portfolio 131 Undeveloped land 312 9 214 Book value, MSEK 12 187 MSEK

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

Refugen 6, Värnamo

Property portfolio	Lettable area / potential area	Property value / potential value			Rental value / potential value	Book value
	sq. M	MSEK	SEK/sq. M	MSEK	SEK/ sq. M	MSEK
Management- and business property	647 291	11 536	17 822	823	1 272	11 536
Ongoing construction	18 846	544	28 866	35	1 873	208
Future project portfolio	324 885	7 941	24 442	562	1 731	131
Undeveloped land	-	-	-	-	-	312
Total	991 022	20 021	20 203	1 421	1 434	12 187

Management- and business property	Lettable area		Property value		Rental value	Contractual rent	Valuation-Yield, %, avarage
	sq. M	MSEK	SEK/ sq. M	MSEK	SEK/ sq. M	MSEK
Commercial, management property	489 683	7 107	14 513	539	1 102	511	6,7
Commercial, business property	2 154	79	36 676	5	2 295	4	6,7
Resindential property	155 454	4 350	27 985	279	1 794	268	4,5
Total	647 291	11 536	17 822	823	1 272	782

Ongoing construction	Lettable area		Property value		Rental value	Investment (incl. land) MSEK
	sq. M		MSEK SEK/ sq. M	MSEK	SEK/ sq. M	Estimated	Book value
Commercial	15 094	397	26 302	27	1 795	292	154
Residential	3 752	147	39 179	8	2 186	138	54
Total ongoing construction	18 846	544	28 866	35	1 873	430	208

Project development	Lettable area	Property value			Rental value	Investment (incl. land) MSEK
	sq. M		MSEK SEK/ sq. M	MSEK	SEK/ sq. M	Estimated	Book value
Commercial	137 350	1 787	13 011	206	1 500	1 606	32
Residential	187 535	6 154	32 815	356	1 900	6 145	99
Totalt project development	324 885	7 941	24 442	562	1 731	7 751	131

Diversified property portfolio with focus on long rental agreements

Lease portfolio

Nivika aims to sign long-term leases with its tenants. With a diversified maturity structure combined with diversification across many different tenants, customer sizes and industries, the risk of vacancies and rental losses is reduced. The typical lease agreement contains an option for the tenant to extend the agreement, usually for three or five years, on the same terms as the current lease. This is done in the majority of cases. As at the end of March 2025 contracted annual rent, including residential, amounted to SEK 782 million (695) and the weighted remaining lease term, excluding residential and parking, was 5.5 years (5.7).

Leasing

The long-term targets are the economic occupancy rate for commercial properties shall amount to at least 90 percent and for residentials amount to not less than 95 percent over time. Nivika has a high occupancy rate throughout the property portfolio and as of 31 March 2025, the economic occupancy rate was 95 percent for the commercial properties and 96 percent for residentials.

Tenants

Nivika's income base is well diversified as it rests on 600 (600) commercial contracts and the tenants consist of both well-established multinational companies, small and medium sized companies, and public administration. As of 31 March 2025, the Group's ten largest rental agreements constituted 15 percent (15) of the Group's rental income, and the rental agreements were signed with differentiated terms mainly within the interval 5 to 15 years and had an average remaining term of 9.8 years (10.6).

Lease maturity structure, MSEK

Development Top 10 leases proportion of value, 31 March 2025

Top 10 leases, 31 December 2024

		Leases, commercial	Proportion of value, %
Distribution of lease value, 31 March 2025, %		Holmgrens Bil AB, Jönköping DS Smith Packaging Sweden AB	4.6 1.5
Industrial/storage 29 % Offices 11 % Retail/hospitality 3 % 34 38 823 CSP* 10 % MSEK Residential 35 % 7 Other 3 % 12 9	Holmgrens Bil AB, Värnamo	1.3
		Febe Group AB	1.2
		Polismyndigheten	1.2
		Gobilind Fastighets AB	1.1
		Racketcentrum Sports Business AB	1.1
		NPB Automation	1.0
		Rasta Sverige AB	0.9
		Växjö Kommun	0.8
		Övriga	85.2

Industrial/storage

The tenants in the largest commercial property category, Industry/ Warehouse, typically consist of manufacturing companies with production premises with associated warehouses and offices. The tenants have had, and have ongoing investments in machinery and other equipment in their premises, which creates a long-term perspective and justification for long lease agreements. A typical example is the largest tenant in the category, DS Smith, as well as NPB Automation.

CSP - Community and social properties

Public property is a category of property that is mainly used by a taxfinanced business. In Nivika's portfolio, it is a property where operations are conducted in the form of preschools, schools and universities, health centers and authorities such as Växjö Municipality and the Police Authority, which are the largest tenants in the category.

Offices

Most of Nivika's offices are found together with trade and/or housing or with tenants who conduct service and service activities for industries and other companies. Major tenants include well-known names such as Loomis, Aneta Belysning and Riverty.

Retail and hospitality

Most of the retail premises in Nivika's portfolio are found together with housing and/or offices in city locations. Alternatively, it is an independent box store, and car dealerships are also included in this category. The largest tenants in the category are Holmgrens Bil and Hedins Bil.

Nivika's hotels and restaurants are found either in city locations or along the western Swedish triangle, E6-national road 40-E4. Major tenants include well-known names such as Rasta, Rosegarden and several Best Western hotels/motels.

Land

The land category includes properties from raw land in the early zooningplanning stage to land ready for construction for industry or housing. Nivika currently operates eleven detailed plans in the portfolio and together with ready-to-build land, the portfolio contains approximately 140,000 m2 of commercial space and approximately 2,800 apartments

distributed across fifty properties in the portfolio.

Residential

Nivika's residential portfolio consists of 2,800 apartments distributed across Nivika's management areas. Large parts of the portfolio consist of modern apartments developed by Nivika and built within the last 10 years with good energy performance and in many cases have solar cells on the roofs.

FINANCING

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

Nivika maintains a stable financing structure and works proactively with the balance sheet to ensure optimized returns. The adjustments made in the previous year have had a positive impact, contributing to improved key financial ratios.

To capitalize on opportunities in a rapidly changing market, Nivika returned to the bond market in November 2024. The proceeds have been used in accordance with the company's green framework through continued investments in energy-efficient and sustainable properties.

In addition to investments in the existing property portfolio and new developments, a total of 16 properties were acquired during the period, with a combined property value of SEK 295 million. These acquisitions were partially financed through repurchased own shares, at prices above current market value, as well as through cash and, to some extent, increased bank financing.

	31 March	31 March
Financing	2025	2024
Secured financing, MSEK	5 569	5 161
Bonds outstanding, MSEK	400	-
Average interest rate, excluding builin loans, %	4,3	4,7
Average debt maturity, year	3,3	2,2
Interest duration, years	2,6	1,6
Fixed interests, ratio %	57	41
Cash and cash equivalents, MSEK	215	300
Net loan-to-value ratio, %	48,1	45,3
Interest coverage ratio, times	1,9
Equity ratio, %	45	48

Interest-bearing liabilities

As of the reporting date, the long-term interest-bearing financial liabilities amounted to SEK 6 081 million (5 759), of which long-term bank financing accounted for SEK 5 516 million (5 251), bond loans SEK 400 million (400), and other interest-bearing liabilities SEK 113 million (108).

Interest-bearing liabilities, distribution

The change during the period is primarily explained by new loans related to acquisitions and new constructions within the existing property portfolio.

The share of green financing is increasing, and approximately 30 percent of the outstanding interest-bearing debt is green, of which 78 percent consists of secured bank loans. The securities mainly consist of property mortgages and group guarantees. All financial and informational covenants under the loan agreements were fulfilled as of the end of the period.

Green finance development

Green Bank financing Green bonds

The company's goal is to maintain a long-term net loan-to-value ratio of a maximum of 55 percent. At the end of the period, the net loan-tovalue ratio stood at 48 percent (47), calculated as net debt of SEK 5 867 million in relation to the total market value of the properties, which is SEK 12 187 million.

Approved but unused financing as of the end of March 2025 amounted to approximately SEK 451 million for approved but undisbursed building credits, bank loans and revolving credit facilities.

The amortization adjustments implemented at the end of 2024 are expected to continue generating a positive cash flow effect of approximately SEK 80 million annually.

Capital and Interest Rate Structire

At the end of the period, the average loan-to-maturity was 3,3 years (2,6). The change is a result of renegotiated loans during the period.

The average interest rate, considering interest rate derivatives and excluding building credits, was 4,3 percent (4,4) at the end of the period, with the decrease mainly explained by a falling interest rate for 3-month STIBOR, but also by adjustments in loan margins. The average interest duration was 2,6 years (2,7) at the end of the period.

The interest coverage ratio stood at 1,9 (2.0) over the last 12 months, with the level impacted by acquisitions during the period as well as bond proceeds not yet fully deployed.

FINANCING, CONT.

The table below illustrates the capital and interest maturity profiles. The debt maturity structure excludes ongoing amortizations. The interest maturity structure includes both interest rate derivatives and fixed-rate loans.

Capital maturity				Interest rate hedging
Interval, year	Amount, MSEK	Share, %	Amount, MSEK	Avarage interest, %	Share, %
0-1	936	15	2 927	5,93	48
1-2	749	12	20	2,14	0
2-3	41 054	67	394	2,56	6
3-4	158	3	357	3,85	6
4-5	6	0	1 584	2,69	26
5-	129	2	799	2,99	13
Sum	6 081	100	6 081	4,3%	100

Nivika actively manages interest rate risk through a combination of interest rate derivatives and fixed-rate loans. As of the reporting date, 57 percent of the total loan portfolio was hedged against interest rate fluctuations, 50 percent through derivatives and 7 percent through fixed-rate loans. The following tables presents all interest hedges and fixed interest loans in place.

Maturity structure for interest rate hedges			Fixed interest loans
Amount, MSEK	Interest rate, %	Maturity date	Amount, MSEK	Interest rate, %	Maturity date
300	2,69	08-05-25	19	2,00	04-04-26
205	1,98	27-09-27	1	5,00	31-12-26
80	1,98	27-09-27	49	2,00	09-07-27
120	3,59	10-10-28	146	3,55	09-11-27
209	3,39	30-04-29	148	4,21	19-01-29
73	2,94	15-05-29	6	5,00	31-12-29
45	3,37	03-06-29	5	5,00	30-09-34
64	2,84	05-06-29	20	5,00	30-06-34
300	2,84	05-06-29	10	3,00	01-12-35
100	2,84	17-09-29	404
191	2,09	24-09-29
400	2,70	11-02-30
200	2,88	31-03-30
191	2,87	17-09-30
191	2,90	17-09-31
191	2,94	17-09-32
191	2,98	19-09-33
3 051

NIVIKA GREEN FRAMWORK

In autumn 2020, Nivika issued the first Green Framework in connection with the company's first green bond being issued. As part of the financial sustainability work, Nivika has established a new green framework, which has been reviewed and approved by Sustainanalytics, in autumn 2024. The framework gives Nivika the conditions to issue green bonds and clearly define the meaning of green loans. The updated green framework is largely aligned with the EU taxonomy and means that green financing can be used for projects and assets that are green, such as green and energy-efficient buildings, but can also be investments in extensive energy efficiency measures.

Green funding

In June 2021, Nivika received its first green bank financing, which has since developed to include a total of 1,108 MSEK as of 2025-03-31, which is 73 percent of the total green financing of 1,508 M SEK.

As of 31 March 2025, Nivika has one outstanding bond loan, which is also categorized as green, of 400 MSEK.

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

The proceeds from Nivikas green bond, issued in autumn 2024, have been used for the following categories according to the green framework:

• Financing of new construction with energy class A and B

• Financing of properties that meet the requirement for energy consumption based on construction year.

More detailed information can be found in Nivikas annual report 2023/2024.

Green funding

MSEK	31 March 2025
Bank financing, green	1 416
Bond loan (SE0023261771)	400
Summa	1 816

Green funding capacity

MSEK	31 March 2025
Total fair value of green assets	5 328
Existing bank financing, green	-1 416
Existing bond loan, green	-400
Total remaining capacity for green capital market financing	3 512

CONDENSED CONSOLIDATED STATEMANT OF COMPREHENSIVE INCOME

MSEK	2025 3 months Jan-March	2024 3 months Jan-March	2023/24 16 months Sep-Dec	2022/23 12 months Sep-Aug
Rental income	181	156	884	580
Service charges paid by tenants	8	8	39	32
Income	189	165	923	612
Operating costs	-52	-48	-225	-165
Maintenance expenses	-4	-3	-19	-13
Property tax	-5	-4	-24	-18
Total property costs	-61	-56	-268	-197
Net operating income	128	109	655	415
Central administrative expenses	-14	-12	-77	-40
Net financial items	-63	-58	-312	-241
Profit from property management operations	52	39	266	134
Valuation gains/losses from investment properties, realised	-	3	11	38
Valuation gains/losses from investment properties, unrealised	4	18	115	-496
Valuation gains/losses from derivative financial instruments, unrealised	15	17	-82	8
	18	37	44	-451
Profit before tax	70	77	311	-317
Current income tax	-3	-4	-20	-3
Deferred income tax	-11	-13	-91	38
Profit for the period	56	60	200	-283
Comprehensive income for the period	56	60	200	-283
Attributable to
Equity holders of the parent	56	60	200	-283
Non-controlling interests
Average number of shares during the period	95 885 594	81 286 450	95 885 594	64 334 588
Earnings per share, SEK	0,59	0,73	2,08	-4,39

PERFORMANCE ANALYSIS

Income

For the first quarter, total revenue amounted to 189 MSEK (165), which is an increase of 15 percent compared with the same quarter last year. Rental income accounted for 180 MSEK (153) of total income for the entire reporting period.

Revenues also consist of service revenues, which amounted to 8 MSEK (8) for the entire period. Service income consists mainly of recharging of heat, electricity, water and property tax.

The growth is mainly attributed to property acquisitions, indexation and that a number of large projects have been completed. The Company manages 218 properties as of March 31, 2025, with a total lettable area of approximately 647,000 sq. m. The total rental value as of March 31, 2025, amounted to 823 MSEK (721) on an annual basis.

Operating costs and net operation income

Operating costs, including maintenance costs and property tax, amounted to -61 MSEK (-56) for the entire period. Net operating income for the fisrt quarter amounted to 128 MSEK (109), corresponding to a surplus ratio of 68 percent (66).

Profit from property management operations

Profit from property management, which is the operating profit after net financial items, amounted to 51 MSEK (39) for the first quarter. The profit from property management was positively affected by an increased rental income, a reduced management costs and decrease in financing costs.

Changes in value

For the reporting period, the change in the value of properties amounted to 4 MSEK (20), of which 0 MSEK (3) was realized. Unrealized changes in value amounted to 4 MSEK (18).

Unrealized changes in the value of derivatives for the full period affected the result by 15 MSEK (17) and relay entirely to unrealized value changes driven by falling market interest rates.

Change in values on properties	2025		2024
MSEK	Jan-March		Jan-March
Cash flow	11		146
New construction, extension and
reconstructions	9		4
Land and building rights	13		0
Changes in yield	-29		-136
Unrealised changes in value		4 +0,0%		14 0,6%
Realised change in value	-		3
Total changes in value, properties		4 +0,0%		17 0,6%

Seasonal variations

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

Tax

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

Employees

All employees at Nivika are employed by The Parent Company. At the end of the period, the number of employees amounted to 62 (62), of which 24 (23) are women and 38 (39) men.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

MSEK	31 March 2025	31 March 2024	31 Dec 2024
ASSETS
Intangible assets
Software, licences	2	-	1
Total intangible assets	2	-	1
Non-current assets
Investments properties	12 108	11 029	11 768
Operating properties	79	19	19
Equipment	61	63	61
Right-of-use assets	18	16	16
Derivative financial instruments	-	-	-
Other long-term securities holdings	-	-	-
Deferred tax receiable	22	27	25
Other non-current receivables	25	20	26
Total non-current assets	12 313	11 173	11 915
Current assets
Inventories	-	2
Rent receivables	22	17	19
Other receivables	4	32	11
Prepaid expenses and accrued income	17	14	13
Cash and cash equivalents	215	210	365
Total current assets	258	274	408
TOTAL ASSETS	12 574	11 448	12 324

MSEK	31 March 2025	31 March 2024	31 Dec 2024
EQUITY AND LIABILITIES
Equity
Issued share capital	48	48	48
Other contributed capital	3 575	3 569	3 575
Retained earnings incl. profit for the year	1 998	1 840	1 933
Total equity	5 621	5 457	5 556
Non-current liabilities
Deffered tax liability	661	577	650
Interest-bearing loans and borrowings	5 996	5 088	5 759
Lease liablitites, non-current portion	14	12	12
Derivative financial instruments	30	18	45
Total non-current liabilities	6 701	5 695	6 466
Current liabilities
Interest-bearing loans and borrowings	85	128	138
Lease liablitites, current portion	3	4	4
Trade and other payables	38	51	41
Current tax liabilities	5	-	13
Other liabilities	86	39	67
Accrued expenses and deferred income	35	74	39
Total current liabilities	251	296	301
TOTAL EQUITY AND LIABILITIES	12 574	11 448	12 324

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		Other contributed	Retained earnings incl. profit for the
MSEK	Issued capital	capital	year	Total equity
Opening balance 01/09/2023	39	3 099	1 781	4 919
Profit for the year			200	200
Total comprehensive income			200	200
Transactions with shareholders:
- Right issue	9	502		511
- Right issue costs		-25		-25
- Share buyback			-50	-50
- Reissue of shares as payment for real estate acquisitions			2	2
Closing balance 31/12/2024	48	3 576	1 933	5 556
Opening balance 01/01/2025	48	3 576	1 933	5 556
Profit for the year			56	56
Total comprehensive income			56	56
Transactions with shareholders:
- Share buyback			-21	-21
- Reissue of shares as payment for real estate acquisitions			30	30
Closing balance 31/03/2025	48	3 576	1 998	5 621

Group

CONSOLIDATED STATEMENT OF CASH FLOWS

	2025	2024	2023/24	2022/23
	3 months	3 months	16 months	12 months
MSEK	Jan-March	Jan-March	Sep-Dec	Sep-Aug
Operating activities
Earnings before tax	70	77	311	-317
Adjustment for:
Financial items	63	58	312	241
Changes in value, investment properties	-4	-18	-126	458
Changes in value, interest-rate derivatives	-15	- 17	82	-8
Other items that are not included in the cash flow	-4	-9	15	39
Tax paid	-	-	-20	-9
Net cash flow from operating activities before changes in working capital	110	91	573	404
Net cash flow from changes in working capital
Change in operating receivables	-1	-3	48	62
Change in operating liabilities	9	16	31	-108
Net cash flow from operating activities	118	103	652	358
Investing activities
Purchase of investment properties	-269	-75	-797	-84
Proceeds from disposals of investment properties	-	-	211	536
Investment in existing properties	-104	-43	-474 **	-843
Purchase of property, plant, and equipments	-2	-	-5	1
Purchase of financial instruments	1	1	25	-
Net cash flow from investing activities	-374	-117	-1 040	-389
Financial activities
New share issue	-	-	511	750
Costs for new share issue	-	-8	-31	-27
Share buyback	-21	-	-50	-
Proceeds from borrowings	1 878	60	4 356	1 292
Repayment of borrowings	-1 693	-72	-3 799	-1 865
Payment of interest	-58	-37	-293	-235
Payment of lease fees	-1	-1	-6	-5
Net cash flow from financing activities
	105	-58	687	89
Net increase (decrease) in cash and cash equivalents	-150	-73	299	-121
Cash and cash equivalent, opening balance	365	282	66	187
Cash and cash equivalents, closing balance	215	210	365	66

INFORMATION FROM NIVIKA FASTIGHETER

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

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

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

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

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

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VÄRNAMO / HEADOFFICE

Nivika Fastigheter AB (publ) Refugen 6 331 44 Värnamo

JÖNKÖPING

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

VÄXJÖ

Nivika Fastigheter AB (publ) Smedjegatan 30 352 46 Växjö

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

INTERIM REPORT 1 JANUARY – 31 MARCH 2025 Nivika Fastigheter AB (publ) 17

Nivika reserves the right for possible printing errors and reserves the right to make changes. Some images are visualizations and do not detail the final design