Nivika Fastigheter

Quarterly Report • Nov 6, 2025

Net operating income

INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025 Nivika Fastigheter AB (publ)

12 719 MSEK Property value

814 MSEK Lease value

96 % Occupancy rate

679 000 sq. m Lettable area

50 % Net Loan-to-Value

THE PERIOD IN BRIEF

• Total rental income increased by 9% to 194 MSEK (178)
• Net letting was 8 MSEK (3)
• Net operation income increased by 11% to 154 MSEK (139)
• The profit from property management increased with 14% to 74 MSEK (65).
• Cash flow from the operating activities before changes in working capital increased by 2% to 142 MSEK (140)
• Change in value for investment properties amounted to 21 MSEK (29 whereof realised change in value amounted to 4 MSEK (0)
• Changes in value of interest rate derivatives amounted to 28 MSEK (-69)
• Comprehensive income increased to 110 MSEK (5)
• Earnings per share 1.15 SEK (0.1)*

July - September 2025 January - September 2025 (9 months)

• Total rental income increased by 11% to 577 MSEK (520)
• Net letting was 32 MSEK (9)
• Net operation income increased by 14% to 425 MSEK (373)
• The profit from property management increased with 15 % to 191 MSEK (166)
• Cash flow from the operating activities before changes in working capital increased by 14% to 384 MSEK (337)
• Change in value for investment properties amounted to 63 MSEK (56) whereof realised change in value amounted to 4 MSEK (0)
• Changes in value of interest rate derivatives amounted to -25 MSEK (-73)
• Comprehensive income increased to 196 MSEK (113)
• Earnings per share 2.05 SEK (1.23)*

The property portfolio amounts to SEK 12.7 million (11,5) as of 30 of September 2025 with a total of current rental value of SEK 852 million. The property portfolio consists, at the end of the period, of 64 percent commercial properties and 36 percent residentials, in terms of property value.

Key Figures MSEK	2025 9 months Jan-Sep	2024 9 months Jan-Sep	2024/25 R-12 Oct-Sep	2023/24 16 months Sep-Dec
Rental Income	577	520	765	923
Net operating income	425	373	555	655
Profit from property management	191	167	249	266
Comprehensive income	196	113	277	200
Property value	12 719	11 490	12 719	11,788
Economic occupancy rate residential, %	99	99	99	96
Economic occupancy rate commercial, %	94	94	94	95
Net loan-to-value ratio, %	49.8	49.8	49.8	46.9
Interest coverage ratio, times	2.0	2.0	2.0	2.0x
Long-term net asset value per share, SEK	67.2	64.6	67.2	65.2
Earning per share, SEK*	2.0	1.3	2.9	2.1

Property value Total Income R12

Property value and total income, MSEK

Q3

Events July to September 2025

• During the second quarter, Nivika took possession of a commercial property in Ljungby and two commercial properties in Varberg. In total, the acquisitions add approximately 7,200 sqm of lettable area and SEK 7.1 million in annual rental value. In July, building rights in Jönköping were divested at an agreed property value exceeding the carrying amount. For details, see the section Property Transactions.
• In September, Nivika issued new unsecured green bonds in the amount of SEK 400 million under the SEK 800 million framework. The bonds carry a floating interest rate of three-month STIBOR plus 250 basis points and mature on January 15, 2029.
• Nivika's financial targets were updated. The previous target of achieving a property portfolio of SEK 15 billion, of which two-thirds commercial properties, was removed and replaced with the target of achieving an average long-term return on equity of at least 12 percent. The adjustment was made to clarify the Company's focus on continued growth in cash flow and earnings per share.
• During the quarter, Nivika took an important step in its climate work by having the Company's short-term climate targets approved by the Science Based Targets initiative (SBTi), in accordance with the new global standard for the construction and real estate sector. The targets are aligned with the 1.5°C goal of the Paris Agreement and entail a commitment to reduce emissions across the entire value chain by 2034.rental value. For further details, see the Property Transactions section.

Q4

Events October and forwards

• In October 2025, Nivika took possession of a portfolio comprising six commercial properties on the West Coast, signed an agreement and took possession of a commercial property in Jönköping, and signed an agreement and took possession of a portfolio of five commercial properties in Falkenberg. In total, the acquisitions cover just over 25,500 sqm with an annual rental value of nearly SEK 38 million. For details, see the section Property Transactions
• In October, a new Nomination Committee was appointed for the Company. The Committee consists of representatives of the four largest shareholders by voting rights
• Nivika has signed new lease agreements in Jönköping covering approximately 8,000 sqm, with an annual rental value of SEK 8.3 million and an average lease term of six years. The agreements partly relate to new construction in the Stigamo industrial area, just south of Jönköping.

^*) Right issue carried out in November 2023.

CEO CEO STATEMENT

Continued Strength in Operational Key Metrics

During the third quarter of the year, Nivika continued to deliver improved earnings, both operating profit and net operating income, as a result of effective cost control and the strategy to grow through acquisitions of high-yielding commercial properties. For the first nine months of the year, revenues increased by 11 percent while costs rose by only 3 percent.

Revenues in the third quarter increased by 9 percent to SEK 194 million compared with SEK 178 million in the same quarter last year. Net operating income increased by 11 percent to SEK 154 million (139), and the surplus ratio rose to 79 percent (78). Cash flow from operations increased to SEK 142 million (140). Net leasing continues to be positive despite low vacancies and amounted to SEK 8 million in the quarter, with a total occupancy rate of 96 percent (96). During the quarter, share repurchases continued at a value of just over SEK 12 million

Financial

Nivika's financial position remains strong with a net loan-to-value ratio just below 50 percent. Supported by the Company's attractiveness in the credit market, a successful issuance of a green bond of SEK 400 million was carried out at a spread of 250 basis points, the lowest level at which Nivika has ever issued bonds. The proceeds will be used for the acquisition of high-yielding green properties and sustainable investments in the existing portfolio.

Niclas Bergman, CEO During the quarter, Nivika continued its efforts to reduce financial risk by entering into additional interest rate hedges. As of September 30, 66 percent of the debt was hedged through interest rate derivatives, and the average interest rate amounted to 4.2 percent.

During the quarter, Nivika updated its financial targets. The Board decided to introduce a profitability-focused target in line with the Company's current growth strategy. The average return on equity shall, over time, amount to at least 12 percent. The target is ambitious, but the change is entirely natural given our focus on increasing operating

*) the West Swedish triangle, description on page 4

profit and cash flow per share, and thereby return on equity, through acquisitions of highyielding properties. As shown in the graph on page 4, return on equity has turned upward, and growth through high-yielding properties is beginning to have an impact here as well.

Commercial portfolio

Nivika has continued to grow through acquisitions of high-yielding commercial properties with a high surplus ratio. During the quarter, three properties valued at SEK 91 million and with an annual rental value of just over SEK 7 million were acquired along the West Swedish triangle*. The acquisitions were partly financed with repurchased shares at a price above the current closing price.

Nivika is an attractive buyer of this type of property thanks to our local presence and short decision-making processes. Awareness of Nivika increases with every acquisition we make, and we have many interesting opportunities to evaluate during the autumn.

The commercial occupancy rate decreased slightly to 94 percent (95). After the end of the quarter, new lease agreements have been signed in Jönköping, and we are in dialogue with several potential tenants regarding leasing. Overall, we see strong demand for our premises across all our markets.

Residential Portfolio

Within the residential portfolio, we focus on efficient management and leasing of any vacancies that arise. So far, this has been successful, and as of September 30, the occupancy rate was a high 99 percent (98). The former project properties in Hisingstorp in Jönköping and Nybro that have been taken into management are largely fully leased.

Project Development

Nivika's project development continues to deliver returns to the property portfolio. During the quarter, we completed the new main facility for Rudhäll AB at Bredasten in Värnamo, the extension of Hotell Vidöstern at Bredasten, and a new facility for Jem & Fix in Habo outside Jönköping.

We currently have two major projects under construction in Gislaved: Rostis' new production facility and a block in the town center where the municipality has signed agreements for commercial premises combined with rental apartments. During the quarter, we also signed an agreement to build a new main facility for Netmine, a Smålandbased IT company that will relocate to Bredasten.

Sustainability

During the quarter, Nivika, as one of the first Swedish listed property companies, had its climate targets approved by SBTi under the new sector-specific guidance for construction and real estate companies. Nivika has committed to reducing emissions across the entire value chain by 2034 and has therefore developed and adopted a climate transition plan that will guide us in achieving these targets.

Profitability in Focus

Nivika is growing, and our key figures continue to strengthen. Our tenants demonstrate resilience in managing economic fluctuations, and we have an attractive portfolio with high occupancy. The Gnosjö region, the epicenter of Swedish light industry, shows endurance, and it is therefore not surprising that more companies want to establish themselves in the region. This, combined with our continued ability to identify high-yielding business opportunities, makes me look forward with confidence. Nivika has all the prerequisites to continue its profitable growth and thereby create value for our shareholders.

Sverker Källgården, CEO

FINANCIAL TARGETS

GROWTH IN PROFIT FROM PROPERTY MANAGEMENT OPERATIONS, PER SHARE

16%

Goal: ≥15%

AVERAGE RETURN ON EQUITY

7%

Goal: ≤12%

NET LOAN-TO-VALUE, RATIO

49.3%

Goal: ≥55%

INTEREST COVERAGE RATIO, TIMES

2.0 ^X

Goal: ≥2.0 x

EARNINGS CAPACITY

The current earnings capacity is hereby presented based on the property portfolio owned by Nivika as of October 1, 2025, for the coming twelve months.

Earnings capacity is not a forecast but a snapshot intended to present annualized revenues and costs based on the property holdings, financing costs, capital structure, and organization at a specific point in time. It does not include estimates for the upcoming period regarding rent development, occupancy rate, property costs, interest rates, value changes, or other result-affecting factors.

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 Upcoming income from ongoing construction projects is not included in the current earnings capacity. For more information on ongoing projects, see the section "Ongoing and Completed Projects" in the interim report. The column dated 2025-10-01 includes properties acquired as of October 1, 2025. For details, see the section "Property Transactions" in the interim report.

Current earnings capaicty, MSEK	2024-04-01	2024-07-01	2024-10-01	2025-01-01	2025-04-01	2025-07-01	2025-10-01
Rental value	721	741	766	800	823	841	866
Vacancy	-27	-32	-32	-40	-41	-37	-38
Rental income	695	709	734	760	782	804	828
Property expenses	192	194	199	-203	-209	-211	-213
Net operating income	503	515	535	557	573	594	615
Central administrative expenses	-35	-40	-40	-40	-45	-47	-47
Net financial items	-258	-252	-242	-259	-258	-260	-277
Profit from property management	210	223	253	258	270	286	291
Profit from property management, per share, SEK	2.19	2.33	2.04	2.69	2.82	2.99	3.06

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 65 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

• 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!

74% Surplus ratio

Property value

96% Occupancy rate

679 000 m2 Lettable area

50% Net Loan-to-value

Totalt, MSEK 30 Sep 2025 30 Sep 2024 Industrial/storage 37% PROPERTY PORTFOLIO Offices 9% 12 719 Jönköping 37% Property value 11 490 Retail/hospitality 8% Värnamo 33% Rental Income*** 577 735 The property portfolio is mainly concentrated to central locations in the CSP 7% Växjö 17% 96 Occupation rate**, % 96 Land 2% growing cities of Jönköping, Värnamo and Växjö and on the West Coast of West Coast 11% 222 199 Residential 36% Number of properties Sweden. Other 2% Area, sq. m 678 657 612 847 Jönköping is an area with a strong labor market and good population 30 sep 2025 30 Sep 2024 Jönköping, MSEK growth. The city has an advantageous geographical location and is Industrial/storage 34% Jönköping Offices 7% considered a logistics hub in southern Sweden. Jönköping is also a regional 4 430 3 615 Property value Retail/hospitality 10% hub with a number of important public services, including one of Sweden's Rental Income*** 203 202 CSP - % leading county hospitals, headquarters for the Swedish Board of Agriculture, Land 4% Occupation rate**. % 97 94 the Swedish Forestry Agency and the Swedish Court Administration, as Residential 45% 37 Number of properties 65 well as the County Administrative Board of Jönköping County. Area, sq. m 220 747 147 550 30 Sep 2025 30 Sep 2024 Värnamo, MSEK Industrial/storage 34% Värnamo is part of the Gnosjö region, in many ways Sweden's industrial Värnamo Offices 15% Property value 4188 3 4 9 7 center, an area with low unemployment, strong growth and a business Retail/hospitality 9% 237 Rental Income*** 189 community with several world-leading companies but also the famous CSP 12% 99 Occupation rate**, % 95 Land 1% entrepreneurial spirit with many smaller and profitable companies. Residential 30% 68 Number of properties 78 234 369 212 488 Area, sq. m Växjö is an area with a diversified business sector with strong companies 30 sep 2025 30 Sep 2024 in forestry and wood. A growing business sector with a strong tradition Växjö, MSEK Industrial/storage 37% Växio Offices 3% of manufacturing companies but also a strong and growing IT sector. Property value 22 239 2 238 Retail/hospitality 3% Vaxjo municipality's motto is that sustainable development is everyone's Rental Income*** 13/ CSP 17% responsibility. 9/ 92 Occupation rate**. % Land 2% Residential 39% Number of properties 35 35 Area, sq. m 111 9 0 5 112 924 The West Coast, from Höganäs in the south to Gothenburg in the north, 30 Sep 2024 30 Sep 2025 West Coast, MSEK Industrial/storage 41% an area with expansive business and a steadily increasing population. With West Coast Offices 11% Property value 1574 1 819 the E6 running like a pulse through the region and providing a closeness to Retail/hospitality 15% Rental Income*** 139 Denmark and the continent. 69 CSP 3% Occupation rate**, % 96 Land 1% Residential 29% 38 53 Number of properties 91105 119 466 Area, sq. m 30 sep 2025 30 Sep 2024 Other Other*, MSEK Industrial/storage 100% Other properties, outside the locations above, belong to Mitt Lager, Property value 288 301 Nivikas self-storage business. Mitt Lager has 15 facilities in twelve locations Rental Income*** 17 24 in southern Sweden. The facilities have a total of approximately 3,700 6 Number of properties 6 storage units, with an average economic occupancy rate of 60 percent. 20 531 Area, sq. m 20 439

^*) Properties belonging to Mitt Lager outside the areas above.

^**) Economic occupancy rate.

^***) Rental Income in the period.

12.7 billion SEK property portfolio whereof 95 % management properties

Nivika's real estate portfolio amounts to SEK 12.7 billion, of which 95 percent consists of cash flow-generating investment properties. The tables below show the portfolio's distribution between investment properties, construction in progress and project development - based on area, property value and rental value. The information is based on current agreements and current assessments of the scope, direction and status of the projects at the end of the period. These assessments are updated continuously, as projects are completed or conditions change.

The future project portfolio includes land and building rights on existing investment properties. This creates the conditions for the construction of around 140,000 m² of commercial space and around 2,800 apartments, provided that the market situation and demand justify construction starts. The entire project portfolio is owned by Nivika. As there are no construction requirements, Nivika has full control over the timing and implementation of future development projects.

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	519 516	7 461	14 362	564	1085	532	6.7
Commercial, business property	2154	79	36 676	5	2 295	3	-
Resindential property	156 987	4 490	28 600	283	1800	279	4.5
Total	678 657	12 030	17 726	852	1 255	814	5.8

Ongoing construction	Lettable area	Р	roperty value		Rental value	Investme	ent (incl. land) M	SEK
	sq. M	MSEK	SEK/ sq. M	MSEK	SEK/ sq. M	Estimated	Work in progress	Book value
Commercial	21603	506	23 423	32	1500	404	161	192
Residential	3 752	147	39 179	8	2 186	138	90	81
Total ongoing construction	25 355	653	25 754	41	1 601	542	251	273

Property portfolio	Lettable area / potential area		operty value / otential value	F	Rental value / potential value	Book value
	sq. M	MSEK	SEK/sq. M	MSEK	SEK/ sq. M	MSEK
Management- and business property	678 657	12 030	17 726	852	1 255	12 030
Ongoing construction	25 355	653	25 754	41	1601	291
Undeveloped land	=	-	-	-	-	397
Total	704 012	12 683	18 016	892	1 267	12 719

Diversified property portfolio with focus on long rental agreements

Lease portfolio

Nivika aims to sign long-term lease agreements with its tenants. By maintaining a diversified lease maturity structure combined with a broad mix of tenants, customer sizes, and industries, the risk of vacancies and rental losses is reduced. A typical lease agreement includes an option for the tenant to extend the lease, usually for three or five years, under the same terms as the current agreement. This option is exercised in the majority of cases. As of September 30, 2025, the contracted annual rent, including residential units, amounted to SEK 814 million (734), and the weighted average remaining lease term, excluding residential units and parking, was 5.4 years (5.8).

Leasing Activity

Demand remains strong in most of Nivika's locations, and the occupancy rate continues to be high—96 (96) percent across the entire portfolio including project properties, 94 (95) percent for commercial properties, and 99 (98) percent for residential units. Compared to the previous quarter, the occupancy rate for commercial properties decreased by 1 percentage point, while the rate for residential units increased by 2 percentage points. Net leasing excluding residential units amounted to approximately SEK 8 million (3) for the period. Leasing activity remains strong.

Tenants

The tenants in the property portfolio consist of well-established small to medium-sized enterprises, large multinational corporations, and residential tenants. The revenue base is well diversified, with 608 (600) commercial contracts and 2,786 (2,797) residential units. As of September 30, 2025, the ten largest lease contracts accounted for just over 13 percent (14) of the total annual base rent from the Company's tenants. The average lease term for these contracts is 8.9 years (10.4).

Net letting per quarter, MSEK

Lease maturity structure, 30 September 2025, MSEK

Development Top 10 leases proportion of value, 30 September 2025

Top 10 leases, 30 September 2025

Leases, commercial	Proportion of value, %
Holmgrens Bil AB, Jönköping	4.1
DS Smith Packaging Sweden AB	1.3
Holmgrens Bil AB, Värnamo	1.1
Febe Group AB	1.1
Swedish Police Authority	1.1
Götessons Industri AB	1.0
Gobilind Fastighets AB	1.0
Racketcentrum Sports Business AB	1.0
Stacke Hydraulik AB	0,9
NPB Automation	0.9
Övriga	86.5

Commercial Properties

Industrial and Warehouse. Tenants within the largest commercial property category—Industrial/Warehouse—typically consist of manufacturing companies with production facilities, associated warehouses, and offices. These tenants have made, and continue to make, investments in machinery and other equipment within their premises, which fosters long-term commitment and supports the rationale for long lease agreements.

Office. Most of Nivika's office spaces are located alongside retail and/ or residential units, or are leased by tenants providing services to industries and other businesses.

Retail, Hotel, and Restauran. Most retail premises in Nivika's portfolio are located in city centers, often combined with residential and/ or office spaces. Alternatively, they may be standalone retail boxes, including car dealerships. Nivika's hotels and restaurants are either situated in city locations or along the West Swedish triangle—Highways E6, 40, and E4.

Community Properties. Community properties are a category primarily used by publicly funded operations. In Nivika's portfolio, this includes properties used for preschools, schools and universities, healthcare centers, and government agencies.

Residential Properties

Nivika's residential portfolio consists of 2,786 apartments distributed across its management areas. A large portion of the portfolio comprises modern apartments developed by Nivika and built within the last 10 years. These units offer strong energy performance and many are equipped with solar panels on the roofs.

Project - Land

The land category includes properties ranging from raw land in early zoning stages to construction-ready plots for industrial or residential use. Nivika is currently managing eleven zoning plans within its portfolio. Together with construction-ready land, the portfolio holds potential for approximately 140,000 m² of commercial space and around 2,800 apartments, spread across roughly fifty properties. The portfolio does not include any construction obligations, and commercial developments are carried out based on signed lease agreements.

Distribution of lease value, 30 September 2025, %

Property transactions during and after the period

Property Transactions During and After the Period

During the third quarter of 2025, Nivika completed two acquisitions and one divestment of building rights.

At the beginning of the period, building rights for residential properties in Jönköping were divested to a local operator. The agreed property value exceeded the carrying amount by just over 10 percent.

An industrial property in Ljungby was acquired through a sale and leaseback transaction. The property comprises approximately 4,300 sqm of lettable area with an annual rental value of SEK 3.7 million. In connection with the acquisition, a new ten-year lease agreement was signed.

In Varberg, two properties were acquired with a combined lettable area of approximately 2,900 sqm and an annual rental value of SEK 3.4 million. In connection with the acquisition, Nivika also took over an existing self-storage business, which will continue to operate under the Nivika Mitt Lager brand.

All acquisitions were completed off-market on attractive terms and were partially financed with repurchased shares, in addition to cash and bank loans.

After the end of the period, Nivika acquired two property portfolios on the west coast. One portfolio consists of six commercial properties in Kungsbacka, Varberg, and Falkenberg. The properties comprise approximately 8,100 sqm of lettable area with an occupancy rate of 98 percent and an annual rental value of SEK 14.3 million. The other portfolio consists of five commercial properties in Falkenberg, totaling approximately 12,400 sqm of lettable area. The properties are fully let, with an annual rental value of approximately SEK 16.3 million.

Nivika has also acquired an additional commercial property in Jönköping. The property comprises approximately 1,700 sqm of lettable area, is fully let, and has an annual rental value of approximately SEK 3.2 million.

The acquisitions during and after the period strengthen Nivika's position along the West Swedish Triangle and are in line with the company's strategy to increase earnings capacity, improve cash flow, and achieve higher earnings per share.

Properties acquired and divested with possession during the period July to September 2025

Property name	Location	Acquisition / Divestment	Rental value, SEK million	Property value, SEK million	Area, sqm	Possession date
Hällstorp 1:108-1:124 och 1:20	Jönköping	Divestment	-	-38	-	2025-07-03
Slipstenen 4	Ljungby	Acquisition	3.7	51	4,269	2025-07-08
Karossen 2	Varberg	Acquisition	1.5	16	1,151	2025-09-15
Svärmen 9	Varberg	Acquisition	1.9	24	1,740	2025-09-15
Sum			7.1	53	7,160

Properties acquired and divested with possession from October 2025 onwards Property transactions during and after the period

Property name	Location	Acquisition / Divestment	Rental value. SEK million	Property value. SEK million	Area. sqm	Possession date
Hjulet 10	Varberg	Acquisition	3.2	38	3,392	2025-10-01
Hjulet 5	Varberg	Acquisition	0.8	11	188	2025-10-01
Hjulet 6	Varberg	Acquisition	2.7	36	1,349	2025-10-01
Sportbilen 3	Falkenberg	Acquisition	2.6	33	1,654	2025-10-01
Varla 14:6	Kungsbacka	Acquisition	2.0	27	830	2025-10-01
Varla 7:14	Kungsbacka	Acquisition	2.7	36	803	2025-10-01
Vikvalen 2	Jönköping	Acquisition	3.2	48	1,717	2025-10-06
Mossarp 1:49	Gislaved	Acquisition	-	10	-	2025-10-14
Borret 2	Falkenberg	Acquisition	0.4	6	582	2025-10-24
Bussen 3	Falkenberg	Acquisition	1.7	10	2,042	2025-10-24
Ekobilen 4	Falkenberg	Acquisition	9.8	142	6,310	2025-10-24
Ekobilen 8	Falkenberg	Acquisition	3.0	47	2,034	2025-10-24
Macken 1	Falkenberg	Acquisition	1.4	20	1,400	2025-10-24
Överkanten 4	Jönköping	Acquisition	4.0	52	3,380	2026-01-07
Sum			33.8	516	25,591

FINANCING

In September, Nivika expanded its capital market financing by issuing additional new senior unsecured green bonds totaling SEK 400 million. The transaction, like the previous one, was successful and met with strong interest from Nordic institutional investors. The issue was significantly oversubscribed and completed at historically low levels. The capital raised will be used in accordance with the company's green framework and will contribute to Nivika's continued growth.

Financing and Capital Structure

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

The company 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 effect, contributing to improved key financial ratios.

The proceeds from the latest bond issue have been invested in accordance with Nivika's green framework, through continued investments in energyefficient and sustainable properties, creating conditions for continued growth. To further support growth, the company has increased bond financing during the period.

Financing	30 Sep 2025	30 Sep 2024
Secured financing, MSEK	5,909	5,327
Bonds outstanding, MSEK	800	-
Average interest rate, excluding builin loans, %	4.2	4.5
Average debt maturity, year	3.3	2.7
Interest duration, years	2.6	2.9
Fixed interests, ratio %	66	56
Cash and cash equivalents, MSEK	471	102
Net loan-to-value ratio, %	49.8	46.4
Interest coverage ratio, times	2.0	1.9
Equity ratio, %	43	47

In addition to investments in the existing property portfolio and new developments, three properties were acquired during the period, with a combined property value of approximately SEK 90 million. A minor divestment was also carried out. The acquisitions were partially financed through repurchased own B shares, at prices above current market value, as well as through cash and increased bank financing.

Interest-bearing liabilities

As of the reporting date, long-term interest-bearing liabilities amounted to SEK 6,722 million (5,308), of which long-term bank financing accounted for SEK 5,859 million (5,200), bond loans SEK 800 million (0), and other interest-bearing liabilities SEK 63 million (107). One third of the interest-bearing debt is classified as green.

Interest-bearing liabilities, distribution

The change during the period is primarily explained by new bond financing and new loans related to acquisitions and new constructions within the existing property portfolio. The new senior unsecured green bonds amount to an initial SEK 400 million under a framework of SEK 800 million. The bond has a floating rate of 3-month STIBOR plus 250 basis points, with maturity on 15 January 2029.

Bond financing

Term	Amount, MSEK	Frame work MSEK	Interest terms , %	Matutiry date	Type
2024/28	400	800	STIBOR 3M + 3,25	2028-02-14	Grön
2025/29	400	800	STIBOR 3M + 2,50	2029-01-15	Grön

The securities for bank loans 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.

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-to-value ratio stood at 50 percent (46), calculated as net debt of SEK 6,332 million in relation to the total market value of the properties, which is SEK 12,719 million.

Approved but unused financing as of the reporting date amounted to approximately SEK 614 million (450), relating to approved but undisbursed building credits, bank loans, and revolving credit facilities.

Green finance development, MSEK

Capital and Interest Rate Structure

At the end of the period, the average loan-to-maturity was 3.3 years (2.7), an increase compared to the previous period. The change is a result of renegotiated loans and new raised loans during the year.

The average interest rate, adjusted for interest rate derivatives and excluding building credits, was 4.2 percent (4.5), a maintained level from the previous period despite the addition of bond debt. At the end of the period, the average interest duration was 2.6 years (2.9).

The interest coverage ratio stood at 2.0 (1.9) for the rolling 12-month period. The level has continued to strengthen as a result of completed acquisitions of high-yielding assets, declining market interest rates, and narrowing credit margins.

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.

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.

FINANCING, CONT.

Capital maturity

Interest rate hedging

Interval, year	Amount, MSEK	Share, %	Amount, MSEK	Avarage interest, %	Share, %
0-1	1 316	19	2 325	7,22	34
1-2	1838	27	940	1,70	14
2-3	2 500	37	503	2,53	7
3-4	992	15	1589	2,92	23
4-5	34	1	662	2,83	10
5-	123	2	785	2,99	12
Sum	6 804	100	6804	4,2%	100

Nivika actively manages interest rate risk through a combination of interest rate derivatives and fixed-rate loans. As of the reporting date, 66 percent of the total loan portfolio was hedged against interest rate fluctuations, 59 percent through derivatives and 7 percent through fixed-rate loans. The following tables present 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
200	1,87	2027-04-09	10	2,00	2026-04-04
200	1,93	2027-06-19	97	3,43	2026-07-09
200	1,88	2027-09-08	33	2,00	2027-07-09
80	1,98	2027-09-27	145	3,55	2027-11-09
120	1,98	2027-09-27	2	4,00	2027-11-29
150	2,20	2028-04-07	7	2,00	2028-06-30
200	2,04	2028-09-01	147	4,21	2029-01-19
209	3,59	2028-10-10	6	5,00	2029-12-31
73	3,39	2029-05-02	18	5,00	2034-06-30
45	2,94	2029-05-15	5	5,00	2034-09-30
64	3,37	2029-06-03	9	3,00	2035-12-01
300	2,84	2029-06-05	478
100	2,84	2029-06-05
251	2,83	2029-09-17
400	2,09	2029-09-24
205	2,70	2030-02-11
200	2,88	2030-05-31
251	2,85	2030-09-17
251	2,89	2031-09-17
251	2,93	2032-09-17
251	2,96	2033-09-19
4 001

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 SEK 1,430 million as of 2025-09-30, which is 64 percent of the total green financing of SEK 2,230 million.

As of 30 September 2025, Nivika has one outstanding bond loan, which is also categorized as green, of SEK 800 million.

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	30 Sep 2025
Bank financing, green	1430
Bond Ioan	800
Sum	2 230

Green funding capacity

Total remaining capacity for green capital market financing	3 515
Existing bond loan, green	-800
Existing bank financing, green	-1430
Total fair value of green assets	5 745
MSEK	30 Sep 2025

CONDENSED CONSOLIDATED STATEMANT OF COMPREHENSIVE INCOME

	2025	2024	2025	2024	2025	2023/24
MSEK	3 months July-Sep	3 months July-Sep	6 months Jan-Sep	6 months Jan-Sep	R-12 Oct-Sep	16 months Sep-Dec
Rental income	185	171	550	498	730	884
Service charges paid by tenants Income	9 194	6 178	27 577	22 520	35 765	39 923
Operating costs	-32	-33	-126	-126	-175	-225
Maintenance expenses	-2	-1	-9	-9	-14	-19
Property tax	-6	-5	-17	-13	-21	-24
Total property costs	-40	-39	-152	-147	-209	-268
Net operating income	154	139	425	373	555	655
Central management and administration	-10	-11	-37	-40	-56	-77
Net financial items	-70	-63	-197	-166	-253	-312
Profit from property management operations	74	65	191	167	247	266
Valuation gains/losses from investment properties, realised	4	-	4	10	4	11
Valuation gains/losses from investment properties, unrealised	17	29	59	45	91	115
Valuation gains/losses from derivative financial instruments, unrealised	28	-69	-25	-73	38	-82
	123	-40	39	-17	133	44
Profit before tax	123	24	230	149	380	311
Current income tax	5	-4	-10	-11	-17	-20
Deferred income tax	-9	-15	-23	-25	-86	-91
Profit for the period	110	5	196	113	277	200
Comprehensive income for the period	110	5	196	113	277	200
Attributable to Equity holders of the parent Non-controlling interests	110	5	196	113	277	200
	95 885 594	92 355 146	95 885 594	92 355 146	95 885 594	95 885 594
Average number of shares during the period	1,15	0,06	2,05	1,23	2,89	2,08
Earnings per share, SEK*

2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 R-12

2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 R-12

Total income, MSEK

INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025 Nivika Fastigheter AB (publ)

^*) Approx. 7 MSEK of net financial income in Q1 2024 relates to Q2 2024 due to accrual in connection with the change of financial year, which means an adjusted

PERFORMANCE ANALYSIS

Income

For the third quarter, total revenue amounted to SEK 194 million (178), which is an increase of 9 percent compared with the same quarter last year. For the total reporting period, January til September, the total revenue amounted to SEK 577 million (520), an increase of 11 percent compare to same period last year. Rental income accounted for SEK 550 million (498) of total income for the entire reporting period.

Revenues also consist of service revenues, which for the third quarter amounted to SEK 9 million (6) for the entire period they amountd to SEK 27 million (22). 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 projects have been completed. The Company manages 222 properties as of September 30, 2025, with a total lettable area of approximately 679,000 sq. m. The total rental value as of September 30, 2025, amounted to SEK 866 million (766) on an annual basis, which corresponds to a growth of 11 percent

Operating costs and net operation income

Operating costs, including maintenance costs and property tax, amounted to SEK -40 million (39) for the third quarter. Net operating income for the third quarter amounted to SEK 154 million (139), corresponding to a surplus ratio of 79 percent (78). Net operating income for the entire period increased with 14 percent and amounted to SEK 425 million (373), corresponding to a surplus ratio of 74 percent (72).

Profit from property management operations

Profit from property management, which is the operating profit after net financial items, amounted to SEK 74 million (65) for the third quarter. For the entire period the change was 15 percent compared to the corresponding period last year and amounted to SEK 191 million (166). The operating profit was positively impacted by increased rental income as well as by a slower rate of increase in property management and financing costs.

Changes in value

For the quarter the change in the value of properties amounted to SEK 21 million (29), of which SEK 4 million (0) was realized. Unrealized changes in value amounted to SEK 17 million (29). For the total reporting period the change in the value of properties amounted to SEK 63 million (55).

Unrealized changes in the value of derivatives for the full period affected the result by SEK -25 million (-73) and relay entirely to unrealized value changes driven by falling market interest rates.

Change in values on properties	2025	2024
MSEK	July-Sep	July-Sep
Cash flow	-24	5
New construction, extension and reconstructions	4	0
Land and building rights	4	-15
Changes in yield	33	38
Unrealised changes in value	17 +0,1%	28 0,2%
Realised change in value	4	-
Total changes in value, properties	21 +0,3%	28 0,1%

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 65 (65), of which 22 (22) are women and 43 (43) men.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

MSEK	30 Sep 2025	30 Sep 2024	31 Dec 2024
ASSETS
Intangible assets
Software, licences	1	2	1
Total intangible assets	1	2	1
Non-current assets
Investments properties	12 640	11 470	11 768
Operating properties	79	19	19
Equipment	65	63	61
Right-of-use assets	23	16	16
Derivative financial instruments	-	-	-
Other long-term securities holdings	0	0	0
Deferred tax receiable	22	33	25
Other non-current receivables	32	20	26
Total non-current assets	12 861	11 620	11 915
Current assets
Inventories	0	1	0
Rent receivables	23	18	19
Other receivables	38	10	11
Prepaid expenses and accrued income	25	20	13
Cash and cash equivalents	471	102	365
Total current assets	558	152	408
TOTAL ASSETS	13 420	11 774	12 324

MSEK	30 Sep 2025	30 Sep 2024	31 Dec 2024
EQUITY AND LIABILITIES
Equity
Issued share capital	48	48	48
Other contributed capital	3 575	3 547	3 575
Retained earnings incl. profit for the year	2 082	1 900	1 933
Total equity	5 706	5 495	5 556
Non-current liabilities
Deffered tax liability	670	590	650
Interest-bearing loans and borrowings	6 722	5 308	5 759
Lease liablitites, non-current portion	20	12	12
Derivative financial instruments	70	108	45
Total non-current liabilities	7 481	6 017	6 466
Current liabilities
Interest-bearing loans and borrowings	82	127	138
Lease liablitites, current portion	3	4	4
Trade and other payables	26	12	41
Current tax liabilities	7	-	13
Other liabilities	87	71	67
Accrued expenses and deferred income	29	48	39
Total current liabilities	233	262	301
TOTAL EQUITY AND LIABILITIES	13 420	11 774	12 324

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

MSEK	Issued capital	Other contributed capital	Retained earnings incl. profit for the 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			196	196
Total comprehensive income			196	196
Transactions with shareholders:
- Dividend			-61	-61
- Share buyback			-41	-41
- Reissue of shares as payment for real estate acquisitions			55	55
Closing balance 30/09/2025	48	3 576	2 082	5 706

Figures in parenthese refer to December 31, 2024.

At the end of the period, equity amounted to 5 706 MSEK (5,556). The equity ratio was 43 percent (45). The change during the period January to September 2025 is attributable to share buyback, reissuance of shares as consideration for property acquisitions, dividend distribution, and the net result for the period.

At the end of the period, the number of shares amounted to 95,885,594, divided into 24,884,800 Class A shares and 71,000,794 Class B shares. Each Class A share carries ten votes and each Class B share carries one vote. All shares confer equal rights to the Company's assets, earnings, and dividends.

At the end of the period, the Company held 1,002,679 Class B shares (662,193). During the period July 1 to September 30, share repurchases were carried out for an amount of approximately 12 million SEK (24

CONSOLIDATED STATEMENT OF CASH FLOWS

	2025	2024	2025	2024	2024/25	2023/24	2022/23
	3 months	3 months	9 months	9 months	R-12	16 months	12 months
MSEK	July-Sep	July-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Sep-Dec	Sep-Aug
Operating activities
Earnings before tax	123	24	230	149	380	311	-317
Adjustment for:
Financial items	71	63	198	166	253	312	241
Changes in value, investment properties	-21	-29	-63	-56	-95	-126	458
Changes in value, interest-rate derivatives	-28	69	25	73	-38	82	-8
Other items that are not included in the cash flow	-3	12	-4	5	-14	15	39
Tax paid	-	-	-	-	-20	-20	-9
Net cash flow from operating activities before changes in working capital	142	140	384	337	465	573	404
Net cash flow from changes in working capital
Change in operating receivables	-30	20	-18	11	-11	48	62
Change in operating liabilities	0	-44	-35	-3	8	31	-108
Net cash flow from operating activities	112	115	331	345	463	652	358
Investing activities
Purchase of investment properties	-77	-278	-558	-435	-706	-797	-84
Proceeds from disposals of investment properties	5	-	5	79	5	211	536
Investment in existing properties	-60	-36	-299	-157	-421	-474*	-843
Purchase of property, plant, and equipments	-2	-1	-7	-2	-9	-5	1
Purchase of financial instruments	-8	-7	-6	-6	-3	25	-
Net cash flow from investing activities	-142	-321	-866	-521	-1 133	-1 040	-389
Financial activities
New share issue	-	-	-	-	-	511	750
Costs for new share issue	-	-	-	-8	-	-31	-27
Share buyback	-12	-24	-41	-29	-62	-50	-
Proceeds from borrowings	-15	-	-30	-	-30	-	-
Dividend	1 030	647	3 293	2 356	4 226	4 356	1 292
Repayment of borrowings	-595	-427	-2 386	-2 142	-2 858	-3 799	-1 865
Payment of interest	-71	-64	-191	-177	-232	-293	-235
Payment of lease fees	-1	-1	-4	-3	-5	-6	-5
Net cash flow from financing activities	335	131	641	-4	1 039	687	89
Net increase (decrease) in cash and cash equivalents	306	-75	106	-180	369	299	-121
Cash and cash equivalent, opening balance	166	177	365	282	102	66	187
Cash and cash equivalents, closing balance	471	102	471	102	471	365	66

^*) Including received investment grant.

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.
Record date for dividend on common shares2025-11-17
Year-End report 2025	2026-02-12
Record date for dividend on common shares	2026-02-16
Annual report 2025	March 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