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Prisma Properties AB Interim / Quarterly Report 2025
8653_10-k_2026-02-17_2781380c-85ec-44fe-8147-a4732fed74d5.pdf
Interim / Quarterly Report
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Interim report January – December 2025
October – December 2025
- Net lettings amounted to SEK 15 (15) million
- Rental income totalled SEK 138 (102) million
- Net operating income amounted to SEK 118 (89) million
- Net financial items totalled SEK -40 (-29) million
- Profit from property management amounted to SEK 67 (47) million
- Adjusted profit from property management excluding items affecting comparability amounted to SEK 67 (47) million
- Changes in value of properties totalled SEK 86 (32) million, corresponding to an increase in value of 0.5%
- Net profit for the period amounted to SEK 119 (81) million, equating to SEK 0.72 (0.49) per share before and after dilution
- The Board of Directors proposes to the Annual General Meeting that no dividend, SEK 0 (0), be paid for the 2025 financial year, as the Board sees extensive investment opportunities that will create more shareholder value.
-
On 22 October, two properties in Arvika and Mariestad were acquired through forward funding at an underlying property value of SEK 345 million, before deductions for deferred tax.
-
Transfer of ownership will take place in Q1 2026 and Q1 2027, respectively.
- During the quarter, acquisition was completed on 17 properties in Finland with a total underlying property value of SEK 1,087.
- During the quarter, agreements were signed for the acquisition of two properties in Finland through forward purchase with a total underlying property value of SEK 147 million. Transfer of ownership will take place during Q2 and Q3 2026.
- On 24 October, the Board decided to adjust the long-term target for net loan-to-value ratio from 50% to 55%, with the possibility of reaching 60% for shorter periods.
- On 19 November, senior unsecured green bonds were issued for an initial amount of SEK 500 million under a framework of SEK 750 million with a floating interest rate of 3m Stibor + 250 basis points, maturing in May 2029.
- On 1 December, Tom Hagen took up the position of Deputy CEO.
January – December 2025
- Net lettings amounted to SEK 65 (55) million
- Rental income totalled SEK 492 (393) million
-
Net operating income amounted to SEK 421 (344) million
-
Net financial items totalled SEK -153 (-131) million
- Profit from property management amounted to SEK 221 (129) million
- Adjusted profit from property management excluding items affecting comparability amounted to SEK 221 (156) million
- Changes in value of properties totalled SEK 234 (1) million, corresponding to an increase in value of 3.2%
- Net profit for the period amounted to SEK 350 (36) million, equating to SEK 2.13 (0.25) per share before and after dilution
Completed and agreed acquisitions
- Property acquisitions amounted to SEK 1,820 million (852), the majority of which mainly related to standing assets in Finland and Sweden.
- One project property was acquired in Finland through forward funding with a project value of SEK 227 million.
- Agreements were signed for two properties in Sweden through forward funding, and for two properties in Finland through forward purchase, with a total underlying property value of SEK 492 million. Transfer of ownership will take place from Q1 2026 to Q1 2027.
Divestments
• One property in Sweden and part of a property in Denmark were divested with a total underlying property value of SEK 184 million.
Other events
- Refinancing of a bank loan of SEK 2.3 billion, corresponding to 70% of the total loan volume, with an average maturity of 3.5 years and an annual cost reduction of SEK 15 million.
- Adjustment of the long-term target for net loan-tovalue ratio, issuance of green bonds, and appointment of a Deputy CEO; see the Q4 overview.
Significant events since the end of the period
• On 21 January 2026, additional senior unsecured green bonds were issued in the amount of SEK 250 million under the existing framework of SEK 750 million. These were issued at a price of 100.25 per cent of the nominal amount, corresponding to a floating interest rate of 3m Stibor + 242 basis points.
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About Prisma Properties
Prisma Properties is a long-term property owner and developer of modern properties dedicated to grocery retail, discount retail and quick service restaurants (QSR).
Prisma operates in the Nordic region and develops retail parks in strategic high-traffic locations. Our tenants include well-known brands such as Willys, Kesko, Lidl, Dollarstore, Rusta and McDonald's. Adjacent to our properties, we offer electric car charging and thus contribute to the expansion of the Nordic charging infrastructure. The Prisma Properties share is listed on Nasdaq Stockholm Mid Cap under the ticker code PRISMA, and the company is headquartered in Stockholm.
PROPERTY VALUE WAULT OCCUPANCY RATE LOAN-TO-VALUE RATIO
| Key performance indicators | Oct-Dec | Jan-Dec | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 | Δ% | ||||
| Property value | 9 631 | 7 273 | Δ% 32,4% |
9 631 | 7 273 | 32,4% | |||
| Rental income | 138 | 102 | 34,3% | 492 | 393 | 25,1% | |||
| Net operating income | 118 | 89 | 32,3% | 421 | 344 | 22,4% | |||
| Profit from property management | 67 | 47 | 42,3% | 221 | 129 | 71,6% | |||
| Profit from property management per share, SEK | 0,41 | 0,28 | 42,3% | 1,34 | 0,91 | 48,1% | |||
| Rental rate | 98,6 | 99,0 | -0,5% | 98,6 | 99,0 | -0,5% | |||
| Wault | 7,9 | 8,7 | -9,7% | 7,9 | 8,7 | -9,7% | |||
| Loan to value, net (LTV), % | 47 | 33 | 39,0% | 47 | 33 | 39,0% | |||
| Interest coverage ratio, multiple | 2,4 | 2,1 | 14,3% | 2,4 | 2,1 | 14,3% |
Alternative performance measures and definitions used in this report are outlined on page 25–26.
Attractive rent structures provide stable, resilient net operating income
Prisma generates stable net operating income through property management. The long-term stability of the net operating income is founded on the structure of the rental contracts.
-
- New agreements are generally signed for 10–15 years ahead for retail and 20 years ahead for quick service restaurants (QSR).
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- Virtually all rental contracts are double or triple net contracts. Put simply, this means that the tenants are responsible for the majority of the properties' expenses, such as utilities, tax, insurance and maintenance.
-
- Moreover, the majority of the rental contracts are index linked to inflation.
Properties in attractive locations
Prisma's properties stand out by being in attractive, busy locations close to motorways and other major roads, and in retail parks in fast-growing suburbs.
Focus on a non-cyclical underlying market
Prisma focuses on the discount and grocery retail market. The discount market is fast-growing and resilient across economic cycles. One clear example is the boom in the discount segment in recent years. In times of high inflation, consumers become more cost-conscious, and therefore more often do their shopping in discount stores and other grocery establishments with a low-price profile.
Strong relations with successful, stable tenants
Prisma's main success factor lies in its strong relations and close dialogue with tenants. Our tenants include some of the leading players in their market categories, all with clear growth agendas. We work closely with our tenants to identify new sites, locations and countries where they can set up businesses.
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A year of acceleration and implementation
2025 was Prisma's first full year as a listed company, a year in which the company has evolved from a clear project developer into a strong property owner with stable cash flows, attractive tenants and a distinct strategic niche. For the twelfth consecutive quarter we deliver positive net lettings, resulting in rising cash flows and long-term value creation. Earnings per share increased by 11% during the quarter compared with the previous quarter, by 41% during the full year 2025, and by a full 63% since the IPO in June 2024. We don't just talk about growth, we deliver it. And so we enter 2026 with a clear direction and a powerful capacity for implementation.
Q4 results
Rental income increased by 34% to SEK 138 million compared with the same period last year, driven by attractive and strategic acquisitions, completed projects and index adjustments to rents. Net operating income increased 32% to SEK 118 million. Profit from property management rose to SEK 67 million, corresponding to an increase of 42%.
Continued expansion in the Nordics
During the fourth quarter, we continued to grow through project development and strategic acquisitions.
In Finland, where we made our first acquisition during the summer, we took further steps during the final months of the year. We took possession of 17 modern retail properties in total, with leading tenants in the grocery and discount sectors. Ten of these are leased to Kesko Oyj, one of Finland's most successful grocery retailers with wellknown concepts such as K Citymarket, K Supermarket and K Market. Kesko has quickly become Prisma's third largest tenant, and we see good opportunities to continue growing alongside them in the Finnish market.
In addition to the properties already acquired, we also completed two acquisitions in Finland via forward purchase, with access during 2026.
We also completed two acquisitions in Finland via forward purchase, with access in 2026. Overall, we have established a strong platform in Finland and have further strengthened our grocery portfolio.
We have also taken important steps in Sweden and Denmark. We have acquired two ICA Maxi stores in Arvika and Mariestad through a forward funding transaction, with access in 2026 and 2027 respectively. These acquisitions, along with our development of more stores for Willys, Lidl and Netto, as well as our major Kesko acquisition, contribute to a significant increase in the proportion of grocery in Prisma's property portfolio. Several long-term leases were signed during the quarter. In Sweden we have carried forward the development of new retail parks in Ronneby, Osby, Simrishamn and other places, and in Denmark we have launched projects in Aarhus and Holstebro. It is also gratifying that we have continued to grow with Rusta, both through new projects and
For the twelfth consecutive quarter we deliver positive net lettings, resulting in rising cash flows and long-term value creation.
We are seeing improved valuation conditions and increased investor interest in our segments.
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acquisitions in Finland.
The combination of strong lettings, high project activity and a continued high acquisition pace means that Prisma is better equipped than ever to drive profitable growth in our Nordic markets.
Financial strength and market confidence
During the year, we successfully issued green bonds. An initial issue of SEK 500 million was carried out during the fourth quarter, followed by an additional issue of SEK 250 million after the end of the period. The strong interest from the bond and capital markets is clear evidence of confidence in Prisma's strategy, direction and business model.
The new capital gives us financial flexibility and scope to continue growing with a good balance between risk and return.
We also updated our long-term financial targets during the year to support our growth ambition. This strengthens our investment capacity and is an important enabler for achieving our target of SEK 16 billion in property value by the end of 2028, while safeguarding profitable growth and financial stability.
An organisation that grows with the company
2025 was also the year when Prisma took its next step as an organisation. Since the IPO, we have doubled our workforce and built an organisation that enables growth in several markets simultaneously. We have bolstered our organisation in management, business development and projects in Sweden and Denmark, and have built up a local presence in Finland through partnerships and skills enhancement.
In December, Tom Hagen took up the post of Deputy CEO, an important step in strengthening the management team as the business continues to scale up.
Market developments and structural trends favouring Prisma
We operate in a time of global upheaval, where discount shopping has become increasingly prominent. Several of our tenants are expanding into new markets, and low-cost operators are broadening their product ranges, especially in the grocery sector. This increases demand for our locations and makes Prisma's properties even more strategic.
At the same time, we are seeing more property owners moving into this segment. This is a powerful endorsement of our direction and strategy, and in the long term something that benefits Prisma as a leading player at the forefront of developments.
2026 – a year of continued growth
We enter 2026 with strong momentum. We are seeing improved valuation conditions and increased investor interest in our segments. At the same time, we can see greater
opportunities to both acquire and develop properties within the grocery sector. To achieve our target of SEK 16 billion in property value by the end of 2028, our focus in 2026 will be on:
- continued acquisitions in Finland and Sweden, along with analysis of new markets
- continued project development in Denmark
- several new project launches and completions, with a target project volume of SEK 1 billion over a rolling 12-month period
- financing continued evaluation of our capital structure with the funds available
- a continued increase in the proportion of grocery properties in the portfolio
- activation of our building rights worth SEK 430 million, which will generate cash flow by the end of 2028
- continued establishment of fast charging within our QSR platform
We will therefore continue to prioritise profitable growth, and we can see opportunities to use our financial potential in ways that bring long-term benefits both for the company and for Prisma's shareholders.
Thank you
I would like to extend my sincere thanks to our employees, tenants, investors and business partners. Together, we have laid the foundation for Prisma's next phase of growth. 2025 was a year of acceleration. We are literally moving towards brighter times and are determined to continue delivering value in 2026.
Fredrik Mässing, CEO, Prisma Properties
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Comment on performance
October – December 2025
Revenue
Group revenue for the period amounted to SEK 151 (114) million, SEK 138 (102) million of which was from rental income and SEK 13 (11) million from service income, which primarily comprises property costs invoiced separately. The economic occupancy rate was 98.6% (99.0). Revenue from the Segmentet 1 property is included in the amount of SEK 2 (3) million. The property is partially vacant pending project start-up.
Costs
Property costs for the period amounted to SEK 25 (19) million, of which SEK 13 (11) million has been charged to our tenants in accordance with current agreements. Costs in the Segmentet 1 property totalled SEK 2 (4) million, since the possibility of charging tenants is limited due to the property being vacant according to plan.
The surplus ratio during the quarter amounted to 86% (87). Excluding Segmentet 1, the surplus ratio amounted to 87% (91) and to 90% adjusted for the approximately SEK 3 million that was set aside during the quarter for credit losses as a result of the reconstruction of NRG Pizza AB.
Central administration costs for the period totalled SEK 11 (13) million, mainly costs for company management and central support functions. No costs could be regarded as items affecting comparability during the quarter.
Net financial items
Net financial items amounted to SEK -40 (-29) million and were primarily interest expenses of SEK -43 (-46) million, interest income of SEK 0 (7) million and other financial expenses of SEK 2 (10) million. The average interest rate on the balance sheet date was 4.04% (5.11).
Changes in value
Changes in value for the period amounted to SEK 86 (32) million, mainly attributable to a decline in the return requirement for investment properties, acquisitions completed in previous quarters and completed projects. The yield requirement including ongoing projects amounted to 6.53% (6.56%) during the quarter, a decrease of 0.03 points compared with the previous quarter.
The Group owns interest rate derivatives, and changes in the value of these totalled SEK 17 (29) million during the period, due to rising market interest rates for the maturities to which the derivatives are tied.
Profit before and after tax
Profit before tax amounted to SEK 170 (108) million. Tax for the period totalled SEK -51 (- 27) million, of which current tax was SEK 0 (0) million and deferred tax SEK -51 (-27) million. The deferred tax figure for the period consists of deferred tax expense related to positive unrealised changes in value related to properties and derivatives. Net profit for the period amounted to SEK 119 (81) million.
January – December 2025
Revenue
Group revenue for the period amounted to SEK 539 (435) million, SEK 492 (393) million of which was from rental income and SEK 47 (42) million from service income, which primarily comprises property costs invoiced separately. The economic occupancy rate was 98.6% (99.0). Revenue from the Segmentet 1 property is included in the amount of SEK 9 (16) million, the property being partially vacant pending project startup.
Costs
Property costs for the period amounted to SEK 92 (70) million, of which SEK 47 (42) million was charged to tenants as per contracts. Costs in the Segmentet 1 property totalled SEK 9 (10) million, since the possibility of charging tenants is limited due to the property being vacant according to plan.
The surplus ratio during the period amounted to 86% (88). Excluding Segmentet 1, the surplus ratio totalled 87% (90).
Central administration costs for the period totalled SEK 48 (84) million, mainly costs for company management and central support functions. No costs could be regarded as items affecting comparability during the period. In the same period the previous year, items affecting comparability amounted to SEK 36 million, primarily related to building the Group and preparations ahead of the IPO.
Net financial items
Net financial items amounted to SEK -153 (-131) million and were primarily interest expenses of SEK -150 (-158) million, interest income of SEK 8 (17) million and other financial expenses of SEK -10 (0) million. Currency effects during the period amounted to SEK -1 (+9) million. The average interest rate on the balance sheet date was 4.04% (5.11). From the third quarter of 2024, currency effects relating to intra-group loans are reported in Other comprehensive income in accordance with IAS 21; see also Note 2 Accounting policies. Previous periods have not been recalculated.
Changes in value
Changes in value for the period amounted to SEK 234 (1) million, mainly attributable to a decline in the return requirement for investment properties, acquisitions completed in previous periods and completed projects. The yield requirement including ongoing projects amounted to 6.53% (6.58%) at the end of the period, a decrease of 0.05 points.
The Group owns interest rate derivatives, and changes in the value of these totalled SEK 13 (-37) million during the period.
Profit before and after tax
Profit before tax amounted to SEK 467 (86) million. Tax for the period totalled SEK -117 (-50) million, of which current tax was SEK -2 (-2) million and deferred tax SEK -115 (-48) million. The deferred tax figure for the period consists of deferred tax expense related to unrealised positive property values, and derivatives. Net profit for the period amounted to SEK 350 (36) million.
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Property portfolio
Property portfolio
Prisma is a Nordic developer and owner of properties in the Food & Grocery, Discount and Quick Service Restaurant (QSR) categories, with tenants including Willys, Kesko, Lidl, Dollarstore, Rusta and McDonald's. On 31 December 2025, Prisma owned a total of 159 properties in Sweden, Denmark, Norway and Finland at a value of SEK 9.6 billion. The properties are strategically located, typically close to major road or motorway junctions.
| Property portfolio | Letting area, m² |
Property value, SEKm |
Property value, SEK/m² |
Rental value, SEKm |
Rental value, SEK/m² |
Occupancy rate, economic, % |
|---|---|---|---|---|---|---|
| Sweden | 309 780 | 6 879 | 22 206 | 480 | 1 551 | 98 |
| Denmark | 66 445 | 1 508 | 22 694 | 119 | 1 797 | 100 |
| Finland | 56 961 | 1 196 | 20 989 | 93 | 1 625 | 100 |
| Norway | 3 077 | 49 | 15 906 | 4 | 1 260 | 100 |
| 436 262 | 9 631 | 696 | 99% | |||
| Property | 383 685 | 8 559 | 22 309 | 608 | 1 585 | 99 |
| Project properties | 52 577 | 1 072 | 20 386 | 88 | 1 678 | 100 |
| Investment properties, total | 436 262 | 9 631 | 696 | 99% |
Investments and divestments
During the quarter, the company acquired and took possession of 21 properties in the Nordic region, including 17 food & grocery and discount properties in Finland. In Denmark, acquisition of three project properties was completed in the food & grocery, discount and QSR segments. In Sweden, acquisition of one project property was completed in the food & grocery and QSR segments. During the year, properties were acquired at an underlying property value of SEK 1,820 (852) million. Investments in Prisma's own property portfolio totalled SEK 598 (420) million during the period.
Changes in the property portfolio
| SEKm | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Investment properties | ||
| Fair value, opening balance | 7 273 | 5 964 |
| Acquisition | 1 820 | 852 |
| Divestment | -184 | 0 |
| Investments in held properties | 598 | 420 |
| Unrealised changes in value | 232 | 1 |
| Currency effect | -108 | 36 |
| Fair value, closing balance | 9 631 | 7 273 |
Property valuation
All properties are valued externally four times a year in connection with the quarterly financial statements, with the exception of properties taken over during the current quarter. In these cases, the agreed property value is used. In exceptional cases, project properties are valued internally at an early stage on the basis of the external valuation. All external valuations were conducted by CBRE and take place in accordance with IFRS 13 level 3. Investment properties are valued based on a cash flow model, whereby each property is assessed individually on
future earning capacity and the market's return requirements. Rent levels on expiry of contract are assumed to correspond to estimated long-term market rents, while operating costs are based on the company's actual costs. The inflation assumption is 1.5% for 2026 and 2% for remaining years in the calculation period. Project properties are also valued using this model, with a deduction for remaining investment. Building rights are valued on the basis of an estimated market value, SEK per square metre GFA for established building rights. At the end of the period, the property portfolio was valued at SEK 9.6 (7.3) billion. For the investment properties excluding project properties and building rights, the market valuation was SEK 8.6 (6.6) billion. The return requirement at the end of the period was 6.53% (6.58) on average for the entire portfolio.
| SEKm | ||
|---|---|---|
| Investment properties | 2025-12-31 | 2024-12-31 |
| Investment properties | 8 559 | 6 581 |
| Project values and building rights | 1 556 | 796 |
| Remaining investments | -484 | -104 |
| Fair value, closing balance | 9 631 | 7 273 |
Return requirement
| 2025-12-31 | 2025-12-31 | 2024-12-31 | 2024-12-31 | |
|---|---|---|---|---|
| Yield requirements, % | Interval | Average | Interval | Average |
| Sweden | 5,72-8,36 | 6,55 | 5,70-8,11 | 6,61 |
| Denmark | 5,75-7,50 | 6,41 | 5,75-7,50 | 6,43 |
| Finland | 6,75-6,75 | 6,75 | - | - |
| Norway | 7,00-7,30 | 7,16 | 7,15-7,55 | 7,37 |
| 5,72-8,36 | 6,53 | 5,70-8,11 | 6,58 |
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Contracted annual rent and occupancy rate
As of 1 January 2026, contracted annual rent amounted to SEK 599 million. The economic occupancy rate on the same date was 99%, while the average remaining contracted term was 7.9 years.
Contract expiry structure*
| Number of | Leased areas, | Annual contract value, | Proportion of | |
|---|---|---|---|---|
| Commercial, maturity | contracts | 000 m² | SEKm | value,% |
| 2026 | 56 | 8 125 | 12 | 2 |
| 2027 | 19 | 16 049 | 28 | 5 |
| 2028 | 21 | 13 198 | 24 | 4 |
| 2029 | 18 | 23 690 | 29 | 5 |
| 2030 | 19 | 36 394 | 73 | 12 |
| 2031 | 27 | 39 637 | 63 | 10 |
| 2032 | 40 | 88 272 | 102 | 17 |
| 2033 | 23 | 35 939 | 47 | 8 |
| 2034 | 22 | 21 949 | 29 | 5 |
| 2035+ | 160 | 94 858 | 193 | 32 |
| Total | 405 | 378 109 | 599 | 100 |
Average WAULT is 7.9 years.
10 largest tenants
| Tenant | Category | SEKm* | Annual rent, %* |
|---|---|---|---|
| Tokmanni | Groceries and Daily-goods | 102 | 17% |
| Axfood | Groceries and Daily-goods | 81 | 13% |
| Kesko | Groceries and Daily-goods | 44 | 7% |
| Jysk | Discount | 40 | 7% |
| Rusta | Discount | 33 | 6% |
| Rasta | QSR & Charging | 21 | 4% |
| Europris | Discount | 18 | 3% |
| Jula | Discount | 16 | 3% |
| Jem & Fix | Discount | 12 | 2% |
| Pizza Hut | QSR & Charging | 12 | 2% |
| Total | 379 | 63% | |
* Contractual rent + index, excl. surcharges
Net lettings
Net lettings, i.e. new contracted annual rent minus annual rent terminated due to tenants moving out, amounted to SEK 65,3 million during the period January–December, mainly due to project properties. New lettings took place with a rental value of SEK 71 million, of which SEK 54,7 million is attributable to project properties, while terminations by existing tenants amounted to SEK 5.6 million. The lag between net lettings and their effect on earnings is estimated at 6–18 months for investment properties and 9–24 months for project properties.
Rental income by category*
* Category definitions changed during Q3. Food & Grocery includes retail chains where a significant portion of the product range consists of fast-moving consumer goods (groceries and household items). To be included, at least 40% of sales must come from these FMCGs.
** Proportion of contractual rent + index, excl. surcharges
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Projects
Ongoing projects
Prisma has ongoing projects with investments totalling an estimated SEK 1,052 million approximately, with a remaining investment of SEK 484 million. Ongoing projects are projects for which a contractor agreement is in place. Average yield on cost for ongoing projects is estimated at 7.5%. All of the properties have been fully let and have a total annual rental value of SEK 80 million, with an average rental period of 14 years.
The average economic occupancy rate for the project portfolio is 100%. During the quarter, two projects were completed: Gothenburg and Eksjö in Sweden. The annual net operating contribution amounts to SEK 7.3 million.
| Of which | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Ongoing projects | Municipality | Category * | Area, sqm |
Remaining term, years |
Investment, SEKm |
outstanding, SEKm |
Book value, SEKm |
Year of completion |
|
| Ongoing projects, SE | |||||||||
| Fröklängen 1 | Lycksele | FG | 2 850 | 3,8 | 12 | 63 | 6 | 59 | 2026 Q1 |
| Noret 1:50 | Mora | FG/D | 6 001 | 9,0 | 10 | 108 | 16 | 98 | 2026 Q1 |
| Handlaren 1 | Kiruna | FG/QSR | 6 730 | 10,1 | 13 | 136 | 76 | 71 | 2026 Q2 |
| Lånesta 4:27 | Trosa | D | 3 565 | 4,2 | 13 | 49 | 35 | 16 | 2026 Q2 |
| Summa, SE | 19 146 | 27,2 | 12 | 356 | 133 | 244 | |||
| Ongoing projects, DK | |||||||||
| Del av 25 och 8 Hammelev Ejer | Haderslev | FG/QSR | 1 388 | 5,2 | 15 | 60 | 19 | 54 | 2026 Q1 |
| Aarhus N, Skejby, Karl Krøyers Århus | D/QSR | 6 384 | 14,2 | 16 | 207 | 100 | 126 | 2026 Q3 | |
| 10p Måbjerg Holstebro Jorder | Holstebro | D/QSR | 7 073 | 11,1 | 15 | 126 | 71 | 71 | 2026 Q4 |
| 2834,3375, 3377 Haderslev | Haderslev | FG | 3 250 | 5,7 | 20 | 66 | 41 | 32 | 2026 Q3 |
| Summa, DK | 18 095 | 36,2 | 16 | 459 | 231 | 284 | |||
| Ongoing projects, FI | |||||||||
| Ylivieska | Ylvieska | FG/D | 10 135 | 17,0 | 12 | 237 | 120 | 116 | 2026 Q4 |
| Summa, FI | 10 135 | 17,0 | 12 | 237 | 120 | 116 | |||
| Total | 47 376 | 80,5 | 14 | 1 052 | 484 | 644 |
* D = Discount; FG = Food & Grocery; QS
Planned projects in the project portfolio
There is great potential in Prisma's project portfolio, and Prisma's current analysis is that projects corresponding to approximately 169,000 m2 with an investment volume in the region of SEK 4 billion can be started over the next three years. Approximately 68,000 m2 of this is estimated to consist of Food & Grocery; geographical and investment volume distribution are shown in the following table.
Information on the project portfolio is based on assessments regarding the size, focus and scope of projects. Furthermore, the information is based on judgements of future project costs and rental value. The estimates and assumptions should not be seen as a forecast. Estimates and assumptions involve uncertainties regarding the implementation, design and size of the projects, schedules, project costs and future rental value. Information about the project portfolio is reviewed regularly and estimates and assumptions are adjusted as a result of the completion of ongoing projects, the addition of new projects and changes in conditions.
| Planned | Assessed | Book value, | |||
|---|---|---|---|---|---|
| projects * | Country | Category | Sqm, NRA | investment, SEKm | SEKm |
| Building rights | Sweden | Discount | 2 100 | 33 | 9 |
| Building rights | Sweden | Groceries and Daily-good | 24 747 | 506 | 354 |
| Building rights | Sweden | QSR & Charging | 3 465 | 252 | 41 |
| Building rights | Denmark | Groceries and Daily-good | 3 500 | 104 | 0 |
| Other | Sweden | Discount | 29 028 | 376 | 9 |
| Other | Sweden | Groceries and Daily-good | 19 673 | 337 | 0 |
| Other | Sweden | QSR & Charging | 465 | 20 | 0 |
| Other | Denmark | Discount | 57 120 | 1 109 | 0 |
| Other | Denmark | Groceries and Daily-good | 20 151 | 494 | 11 |
| Other | Denmark | QSR & Charging | 2 641 | 187 | 2 |
| Other | Denmark | Other | 6 323 | 140 | 3 |
| Total | 169 213 | 3 558 | 428 |
*Planned projects must have a signed land contract in place. (Ownership of the land does not have to be registered and rental contracts do not have to be signed.) Projects with a land allocation agreement or an option agreement in place are also included in the table when control of the land is held.
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Construction start Q1 2026 – Q1 2027
Prisma Properties aims to invest at least 10% of the existing property value in development projects each year. The table below shows Prisma's planned projects that are expected to start in the upcoming quarters. Future project startups will be added as more projects are given the go-ahead.
All planned project startups are projects where Prisma has control of the land and a board decision has been made. Construction began on two projects during Q4. We expect Prisma to reach an annual rate of investment in development projects of just over SEK 1 billion in 2026. Over the next four quarters, project startups with a total investment volume of SEK 870 million are planned.
| Tenant | Municipality | NLA, sqm |
Investment (Msek) |
Q4 25 | Q1 26 | Q2 26 | Q3 26 | Q4 26 | Q1 27 | Q2 27 | Q3 27 | Q4 27 | Q1 28 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jysk, L157, Sport24, QSR | Aarhus, DK | Started Q4 | |||||||||||
| Big Dollar, Lager 157, Hi five, Linnea Basilika | Holstebro, DK | Started Q4 | |||||||||||
| QSR & Charging | Jönköping, SE | 788 | 50 | ||||||||||
| Battery storage | Huddinge, SE | N/A | 25 | ||||||||||
| KFC | Värnamo, SE | 345 | 29 | ||||||||||
| Grocery and daily goods, Discount | Tierp, SE | 7 485 | 133 | ||||||||||
| Grocery and daily goods | Ikast-Brande, DK | 280 | 24 | ||||||||||
| QSR & Charging | Sandviken, SE | 388 | 20 | ||||||||||
| Lidl | Uppsala, SE | 2 200 | 81 | ||||||||||
| QSR & Charging | Karlskrona, SE | 1 147 | 89 | ||||||||||
| QSR & Charging | Aalborg, DK | 936 | 76 | ||||||||||
| QSR & Charging | Strängnäs, SE | 388 | 21 | ||||||||||
| QSR & Charging | Umeå, SE | 413 | 26 | ||||||||||
| QSR & Charging | Laholm, SE | 388 | 22 | ||||||||||
| Grocery and daily goods | Umeå, SE | 3 190 | 84 | ||||||||||
| Grocery and daily goods | Laholm, SE | 3 270 | 57 | ||||||||||
| Grocery and daily goods, Discount | Osby, SE | 5 888 | 85 | ||||||||||
| Grocery and daily goods | Simrishamn, SE | 2 111 | 48 | ||||||||||
| 870 | |||||||||||||
| = Construction Start | = Store Opening |
{9}------------------------------------------------
LOAN-TO-VALUE RATIO, GROSS
LOAN-TO-VALUE RATIO, NET
48% 47% 48% 2.4X
EQUITY/ASSETS RATIO INTEREST COVERAGE RATIO
Financial overview
- Pledged liabilities
- Green bonds
Sources of financing
Prisma's financing consists mainly of equity and secured loans from Nordic banks, as well as a smaller proportion of bonds issued on the Swedish capital market.
Interest-bearing liabilities
At the end of the period, total interest-bearing nominal debt amounted to SEK 4,646 (3,215) million, of which secured bank debt exclusively from Nordic banks accounts for 89%. All liabilities are secured by real estate mortgages and/or shares in subsidiaries. Unsecured bonds account for 11% of the company's total interest-bearing liabilities. The bonds are issued within a green financial framework established in accordance with international guidelines from the ICMA Green Bond Principles (2025), EU Taxonomy and the UN Sustainable Development Goals (SDGs). The framework has received a
Second Party Opinion from Moody's and is published on Prisma's website.
Change in interest-bearing liabilities
During the quarter, new financing amounting to SEK 1,080 million was paid out; SEK 580 million was for financing of new properties and SEK 500 million for issued bonds. Repayment of bank loans amounted to SEK 19 million, corresponding to the ongoing repayment for the quarter. Secured liabilities increased by SEK 1,045 million net during the period, of which currency effects accounted for SEK -16 million.
Financial risk mitigation
Prisma's Financial Policy sets out guidelines for securing the short- and long-term provision of capital, achieving a stable longterm capital structure, and ensuring limited exposure to financial risks. The company's long-term financial targets are:
- Loan-to-value ratio of no more than 55% over time and no more than 60% in the short term
- Interest coverage ratio of at least 2.0 times
• Equity/assets ratio of at least 30%
Interest rate risk
Interest rate risk refers to the risk of locking in too large a portion of borrowing at a high fixed interest rate when interest rates are falling, and the risk of interest expenses increasing as a result of rising variable interest rates. Prisma uses interest rate derivatives in the form of interest rate swaps and interest rate caps to manage exposure to interest rate risk, and to obtain the desired interest rate maturity structure. As of 31 December 2025, 72% of the loan portfolio was secured with interest rate derivatives. Interest rate swaps amounted to a nominal volume of SEK 3,314 (2,359) million, of which 2,756 million in SEK, 217 million in DKK and 341 million in EUR. The Group had no interest rate caps as of 31 December 2025, compared to SEK 255 million the previous year.
In accordance with accounting standard IFRS 9, derivatives are recognised at market value. For interest rate derivatives, this means that a surplus or deficit arises if the
contracted interest rate in the derivative varies from the current market rate; this change in value is recognised in profit or loss. Changes in the value of derivatives during the period amounted to SEK 13 (-37) million.
Fixed interest rates and capital structure
The average fixed-interest period for the loan portfolio was 2.5 years, with 38% of interest maturities due within one year. The average interest rate for the portfolio at the end of the period was 4.04% (5.11). The interest rate does not include the cost of accrued borrowing fees and site leasehold fees. The average period for capital tied up was 2.7 years.
Sensitivity analysis
Based on existing loans and derivatives on 31 December 2025, a change of +/- 1 percentage point in the market rate of interest would increase/decrease the average interest rate by +/- 0.33 percentage points, which equates to an interest expense of +/- SEK 15 million a year.
Fixed interest rates and capital struct
| Fixed interest | Loan maturity * | Maturity structure interest rate swaps | |||||
|---|---|---|---|---|---|---|---|
| Maturity | SEKm Share, % SEKm Share, % | Nominal volume, SEKm | Fair value, SEKm | Average interest, % swap portfolio | |||
| Within 1 year | 1,748 | 38 | - | - | 425 | -2 | 2.91 |
| 1-2 years | 570 | 12 | 437 | 9 | 570 | -6 | 2.77 |
| 2-3 years | 715 | 15 | 2,274 | 49 | 706 | -6 | 1.91 |
| 3-4 years | 464 | 10 | 1,935 | 42 | 464 | -1 | 2.44 |
| 4-5 years | 200 | 4 | - | - | 200 | -3 | 2.73 |
| 5-6 years | 335 | 7 | - | - | 335 | 1 | 1.50 |
| 6-7 years | 397 | 9 | - | - | 397 | 7 | 2.33 |
| 7-8 years | 217 | 5 | - | - | 217 | 8 | 2.27 |
| >8 years | - | - | - | - | - | - | - |
| Total/average | 4,646 | 100 | 4,646 | 100 | 3,314 | -1 | 2.34 |
* Total interest-bearing liabilities in the balance sheet include arrangement fees allocated to a period of SEK 27 million, which explains the discrepancy between the table and the statement of financial position.
{10}------------------------------------------------
Earnings capacity
Current earnings. The table illustrates Prisma's current earnings capacity excluding projects on a 12-month basis on 1 January 2026. Properties acquired and occupied, along with projects completed during the period, have been converted to an annual rate. The aim is to highlight the Group's earnings capacity. It is important to note that current earnings capacity does not equate to a forecast for the coming 12 months, since earnings capacity does not include aspects such as changes in rents, vacancy, foreign exchange rates or interest rates.
Earnings capacity is based on the contracted earnings of the property portfolio on the balance sheet date, with deductions for any rent discounts granted. Net property costs are based on the remaining operating and maintenance costs over the past 12 months, along with property tax after separate invoicing.
Future earnings. The chart on the right shows the estimated development of earnings capacity over the next five quarters. The assessment is based on current earnings capacity, adjusted quarterly with earnings capacity from ongoing projects and announced project acquisitions that are expected to be completed in each quarter. Net operating income from each project and acquisition is reduced by a financing cost corresponding to 100% borrowing on the remaining investment amount. The interest expense is assumed to be the Group's current average interest rate of 4.0%.
Index and inflation adjustments of 2% are made to income and expenses as of 1 January.
Property administration is based on the organisation established on the balance sheet date, and is mainly in-house from January 2025. Central administration is based on the organisation established on the balance sheet date, excluding cost items affecting comparability. Net financial items has been calculated on the basis of outstanding interest-bearing liabilities and Prisma's average interest rate including interest rate hedging on the balance sheet date, including accrued arrangement fees and reduced by interest charges to be applied to projects. Cash and cash equivalents on 31 December 2025 amounted to SEK 162 million and interest on deposits on the balance sheet date is estimated at approximately 1.6%. Cash and cash equivalents are assumed to be constant. * Adjusted yield is calculated before property administration and accrued rent discounts.
The forward-looking earnings capacity is a simplified calculation based on projects started to date and acquisitions agreed to date. Projects that have not been started and acquisitions that have not been formally agreed are not included in the calculation.
Earnings are converted to SEK per share based on the number of shares in the respective period.
| SEKm | 2026-01-01 |
|---|---|
| Annual contract value, SEKm | 599 |
| Accrued rental discounts | -13 |
| Rental income | 586 |
| Net Property costs | -29 |
| Net operating income before property administration | 557 |
| Yield adjusted (%) | 6,7% |
| Property administration | -28 |
| Net operating income | 529 |
| Surplus ratio, % | 90% |
| Yield earnings capacity (%) | 6,2% |
| Central administration | -44 |
| Finance net | -181 |
| Profit from property management | 304 |
| Number of outstanding shares at the end of the period, million | 164,5 |
| Profit from property management per share, SEK | 1,85 |
{11}------------------------------------------------
Sustainability
Prisma Properties creates lasting value by being an active property company that sustainably develops and owns properties. Our properties should be perceived as safe and accessible, and be located in attractive areas.
Our sustainability work
Prisma endorses the UN Sustainable Development Goals (SDGs) and our work is underpinned by an ESG (Environmental, Social, Governance) perspective throughout the value chain.
In 2024, a double materiality assessment was carried out in accordance with ESRS requirements. The assessment was updated in 2025 to ensure its relevance. In 2025, Prisma also developed its structured and long-term sustainability work with a focus on integration with the company's management and growth strategy, a process based on the double materiality assessment.
Prisma actively works with all sustainability areas identified by the European Sustainability Reporting Standards, with a particular focus on measures to reduce climate emissions in property development, where our impact is greatest. Prisma also works actively to reduce energy consumption and make conscious choices about energy sources. To further intensify our work with a sustainable property portfolio, Prisma chose to issue its first green bond in 2025. Green bonds are intended to finance environmentally sustainable properties that meet the criteria of our green framework.
Sustainability goals and reporting
Prisma has chosen to voluntarily report its sustainability work in accordance with the VSME (Voluntary Standard for Sustainability Reporting for Small and Medium-Sized Enterprises) developed by the EU. The sustainability statement and target fulfilment are published in connection with the Annual Report and Sustainability Report. To ensure effective and robust sustainability efforts from an ESG perspective, Prisma's ambition is to clearly prioritize and further develop its work within the following areas:
Target area E (Environment)
- Reduce carbon dioxide emissions within Scope 1 and Scope 2 by at least 42%
- 100% of properties to have energy ratings A–C
- Increase the proportion of self-produced renewable energy annually
- All developed properties to have chargers for electric vehicles
- Due diligence regarding the environment and climate risk analyses to be carried out prior to all acquisitions
Target area S (Social)
- No cases of discrimination or harassment within the organisation
- Suppliers operating in high-risk industries to undergo supplier audits
- Initiate at least one collaboration with tenants to create job opportunities for young people
Target area G (Governance)
- All Prisma employees and suppliers to have signed and reviewed the respective Code of Conduct
- Annually monitor, report and improve on the company's sustainability work
.
• Zero cases of corruption and bribery As part of the company's QSR & Charging category, Prisma makes a contribution in developing the Nordic region's charging infrastructure for electric vehicles. As of 31 December, 355 fast chargers are in operation and a further 480 fast chargers have been contracted.
{12}------------------------------------------------
The share
Since 18 June 2024, the Prisma share has been listed on Nasdaq Stockholm Mid Cap. At the end of the period there were approximately 2,500 shareholders. The price per share at listing was SEK 27.50 and the closing price on 31 December 2025 was SEK 25.50. Prisma has one type of share and each share entitles the holder to one vote. The number of shares amounts to 164,521,538 (164,521,538), while the average number of shares during the period was 164,521,538 (142,003 137).
| 2025 | 2024 | |
|---|---|---|
| Share data | Jan-Dec | Jan-Dec |
| Share price, SEK | ||
| - Lowest | 21,80 | 22,91 |
| - Highest | 27,29 | 28,17 |
| - Closing price | 25,50 | 23,80 |
| Market capitallisation, SEK b | 4,2 | 3,9 |
| Share price/Long-term net asset value | 81% | 82% |
| P/E | 12,8 | 112,1 |
| Share dividend yield | n.a. | n.a. |
The ten largest individual shareholders on 31 December 2025 are shown in the table below.
| Major shareholders as of 31/12/2025 | Antal aktier | Ägarandel |
|---|---|---|
| Alma Property Partners II | 57 711 693 | 35,1% |
| Alma Property Partners I | 33 369 325 | 20,3% |
| Capital Group | 9 781 818 | 5,9% |
| Bonnier Fastigheter Invest AB | 8 807 382 | 5,4% |
| Swedbank Robur Fonder | 6 140 159 | 3,7% |
| Case Kapitalförvaltning | 6 117 793 | 3,7% |
| Länsförsäkringar Fonder | 5 588 998 | 3,4% |
| Tredje AP-fonden | 5 000 000 | 3,0% |
| Swedbank Försäkring | 4 921 015 | 3,0% |
| ODIN Fonder | 3 331 514 | 2,0% |
| Other owners | 23 751 841 | 14,4% |
| Total outstanding shares | 164 521 538 | 100,0% |
| Of which, foreign ownership | 15 279 094 | 9,3% |
Source: Data from Euroclear, Morningstar and Finansinspektionen, among others, compiled and processed by Modular Finance AB.
Dividend policy
Prisma's goal is to generate the highest possible long-term total return for its shareholders. When determining the size of the dividend, the company's future investment needs, general position and the company's development are taken into account. Prisma shall continue to grow and, according to the Board's assessment, the highest possible long-term total return is generated by reinvesting profits in the business to enable further growth through new development and acquisitions. Consequently, a need for liquidity arises, which means that future dividends will be low or not forthcoming in the next few years.
Net asset value
The long-term net asset value on 31 December 2025 was SEK 5,210 (4,801) million and is calculated in accordance with EPRA guidelines. The long-term net asset value per share was SEK 31.7 (29.2).
Share capital development
| Change in | ||||||
|---|---|---|---|---|---|---|
| No. of | Total No. of | Change in | Share | Quotient | ||
| Year | Events | shares | shares | share capital | capital | value (SEK) |
| 2022 | Founded | 25 000 | 25 000 | 25 000 | 25 000 | 1,000000 |
| 2022 | Share split | 99 975 000 100 000 000 | - | 25 000 | 0,000250 | |
| 2022 | New share issue | 100 000 100 100 000 | 25 | 25 025 | 0,000250 | |
| 2023 | Share split | 1 100 000 101 200 000 | - | 25 025 | 0,000247 | |
| 2023 | New share issue | 10 214 156 111 414 156 | 2 526 | 27 551 | 0,000247 | |
| 2024 | New share issue | 8 807 382 120 221 538 | 2 178 | 29 729 | 0,000247 | |
| 2024 | Bonus issue | - | 120 221 538 | 475 362 505 090 | 0,004201 | |
| 2024 | New share issue (stock mark 45 500 000 165 721 538 | 191 161 696 251 | 0,004201 | |||
| 2024 | Withdrawal of debenture sha | -1 200 000 164 521 538 | -5 042 691 209 | 0,004201 | ||
| 2024 | Bonus issue | - | 164 521 538 | 5 042 696 251 | 0,004232 |
{13}------------------------------------------------
Other information
Employees
The number of employees in the Group at the end of the period totalled 24 (16). The average number of employees during the period was 20 (13).
Share-option plans
At the end of the period, the Parent Company has a total of 4,836,028 warrants issued under two separate plans, which entitle Prisma's employees to subscribe for an equivalent number of new shares. The warrants were acquired by the option holders at market value calculated using the Black Scholes model. Each plan runs for three years. The exercise price in each programme exceeds the price on 31 December 2025, hence no dilution as a result of the existing share-option plan has been taken into account when calculating earnings per share.
Holding without controlling interest
In December 2025, a garage building was acquired, as part of the Kesko portfolio, with a 57.12% ownership; this is recognised as a non-controlling interest for the Group. In May 2024, Prisma acquired the remaining part of a project in Umeå from the minority for SEK 7.5 million.
Risks and uncertainties
Prisma is exposed to many different risks and uncertainties. The company has procedures for minimising these risks; see the Annual Report and Sustainability Report 2024, p. 33.
Changes in value of properties
The property portfolio is measured at fair value. Fair value is based on a market value arrived at by an independent valuation institute and CBRE was engaged for the reporting period. All properties are valued by external valuers each quarter, with the exception of properties taken over during the current quarter. Any deviation from the external parties valuation is more conservative and carried out by the company management in consultation with Prisma's board of directors. There have been no changes in the valuation method since the latest annual report.
Prisma focuses on offering active property management focused on tenants in order to create good, long-term relationships with the tenant, which creates the foundation for maintaining stable value development in the property portfolio. The company's property development expertise also enables it to proactively manage risks relating to property value by ensuring the quality of the portfolio.
Rental income
Prisma's earnings are affected by the vacancy rate of the portfolio, bad debt losses and any reduction in rent. At the end of the period, the economic occupancy rate of the portfolio was 98.6 % and the weighted average remaining contract period was 7.9 years. The majority of the company's revenue can be attributed to properties let to tenants operating in food and grocery. The
risk of vacancies, bad debt losses and reductions in rent are affected by the tenant's willingness to continue to rent the property, the tenant's financial circumstances and external market factors.
Property costs and maintenance costs
The Group runs the risk of experiencing cost increases that it cannot offset through changes to its rental contracts. However, the risk is limited because virtually all rental contracts are double net, triple net, or net rental contracts where the tenant pays most of the costs related to the property, in addition to the rent.
Unforeseen required repairs also pose a risk to the operation. Active, ongoing work is therefore under way to maintain and improve the condition of the properties to reduce the risk of repairs being required.
Financing
The Group is exposed to risks associated with financing activities in the form of currency risk, interest rate risk and refinancing risk. At the end of the period, the Group owned properties in Norway, Denmark and Finland, which means that the Group is exposed to currency risk. The currency risk is managed partly by assets being financed by borrowing in the same currency. Interest rate risk arises when the Group's earnings and cash flow are impacted by changes in interest rates. To reduce the risk of interest rate increases, the Group has interest rate derivatives in the form of interest rate swaps.
Refinancing risk is the risk that the company will be unable to refinance its loans when they mature. To mitigate the refinancing risk, Prisma works with several Nordic banks and institutions and has a debt maturity profile such that the loans do not mature at the same time.
Transactions with related parties
On 12 December 2024, a ruling was announced by the Svea Court of Appeal in a dispute in which Prisma Properties' subsidiary HB Stämpeln 1 was the defendant. The ruling ordered HB Stämpeln 1 to pay a net debt of SEK 10 million including interest to the plaintiff which was a former tenant. Prisma had an indemnity undertaking from Alma Stämpeln Holding AB regarding the dispute, resulting in a receivable from a related party on 31 March 2025 amounting to SEK 15 million, including accrued legal costs. The claim against Alma Stämpeln Holding AB was settled in full in April 2025.
Events after the balance sheet date
On 21 January 2026, additional senior unsecured green bonds were issued in the amount of SEK 250 million under the existing framework of SEK 750 million. The additional green bonds were issued at a price of 100.25 per cent of the nominal amount, corresponding to a floating interest rate of 3m Stibor + 242 basis points.
{14}------------------------------------------------
The Group
Consolidated statement of profit or loss in summary
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| SEKm | Note | 2025 | 2024 | 2025 | 2024 |
| Rental income | 5 | 138 | 102 | 492 | 393 |
| Service revenue | 5 | 13 | 11 | 47 | 42 |
| Property Costs | -25 | -19 | -92 | -70 | |
| Property administration | -7 | -6 | -26 | -20 | |
| Net operating income | 118 | 89 | 421 | 344 | |
| Central administration | -11 | -13 | -48 | -84 | |
| Finance net | 6 | -40 | -29 | -153 | -131 |
| Profit from property management | 67 | 47 | 221 | 129 | |
| Change in values | |||||
| Investment properties | 86 | 32 | 234 | 1 | |
| Interest-rate derivatives | 17 | 29 | 13 | -37 | |
| Write-down intagible assets | 7 | 0 | 0 | 0 | -7 |
| Profit/loss before tax | 170 | 108 | 467 | 86 | |
| Paid tax | 0 | 0 | -2 | -2 | |
| Deferred tax | -51 | -27 | -115 | -48 | |
| Net profit (-loss) for the period | 119 | 81 | 350 | 36 |
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| SEKm | Note 2025 |
2024 | 2025 | 2024 |
| Net Profit/Loss for the period attributable to | ||||
| Parent Company's shareholders | 119 | 81 | 350 | 36 |
| Non-controlling interest | 0 | 0 | 0 | 1 |
| Net profit (-loss) for the period | 119 | 81 | 350 | 36 |
| Consolidated statement of comprehensive income |
||||
| Net profit (-loss) for the period | 119 | 81 | 350 | 36 |
| Items that have or may be reclassified to profit for the period |
||||
| Translation difference for the period | -37 | 12 | -69 | 12 |
| Other comprehensive income | -37 | 12 | -69 | 12 |
| Total comprehensive income | 82 | 94 | 281 | 48 |
| Comprehensive income for the period attributable to |
||||
| Parent Company's shareholders | 82 | 94 | 281 | 47 |
| Non-controlling interest | 0 | 0 | 0 | 1 |
| Comprehensive income for the period | 82 | 94 | 281 | 48 |
| Profit/loss for the period attributable to Parent Company shareholders before and after dilution, SEK/share |
0,72 | 0,49 | 2,13 | 0,25 |
| Average number of outstanding shares, million | 164,5 | 164,5 | 164,5 | 142,0 |
{15}------------------------------------------------
Consolidated statement of financial position in summary
| 31 Dec | |||
|---|---|---|---|
| SEKm | Note | 2025 | 2024 |
| Assets | |||
| Fixed assets | |||
| Intangible fixed assets | |||
| Goodwill | 7 | 174 | 174 |
| Other intangible assets | 4 | 4 | |
| Tangible fixed assets | |||
| Investment properties | 8 | 9 631 | 7 273 |
| Equipment, tools and installations | 10 | 2 | |
| Right of use assets | 7 | 9 | |
| Financial assets | |||
| Derivates | 18 | 3 | |
| Other long term receivables | 2 | 2 | |
| Deferred tax asset | 1 | 2 | |
| Total non-current assets | 9 848 | 7 469 | |
| Current assets | |||
| Rental receivables | 6 | 16 | |
| Other receivables | 136 | 39 | |
| Prepaid expenses and accrued income | 85 | 81 | |
| Cash and cash equivalents | 162 | 780 | |
| Total current assets | 389 | 916 | |
| Total assets | 10 237 | 8 385 |
| 31 Dec | |||
|---|---|---|---|
| SEKm | 2025 | 2024 | |
| Equity and liabilities | |||
| Equity | |||
| Share capital | 1 | 1 | |
| Equity attributable to the Parent Company's shareholders | 4 861 | 4 574 | |
| Equity attributable to non-controlling interests | 6 | - | |
| Total equity | 4 867 | 4 575 | |
| Non-current liabilities | |||
| Long-term interest-bearing liabilities | 9 | 4 524 | 2 264 |
| Derivates | 20 | 17 | |
| Non-current finance lease liability | 4 | 5 | |
| Other long-term liability | 1 | 0 | |
| Deferred tax liability | 522 | 388 | |
| Total non-current liabilities | 5 071 | 2 674 | |
| Current liabilities | |||
| Short-term interest-bearing liabilities | 9 | 95 | 941 |
| Trade payables | 31 | 29 | |
| Tax liabilities | 9 | 15 | |
| Other current liabilities | 4 | 26 | |
| Prepaid income and accrued expenses | 160 | 126 | |
| Total current liabilities | 299 | 1 136 | |
| Total equity and liabilities | 10 237 | 8 385 |
{16}------------------------------------------------
Consolidated statement of changes in equity
| SEKm | Share capital | Other contributed capital |
Translation reserve |
Retained earnings incl. profit/loss for the year |
Total equity attributable to the Parent Company's shareholders |
Non-controlling interest |
Total equity |
|---|---|---|---|---|---|---|---|
| Opening balance 2024-01-01 | 0 | 3 023 | 15 | 8 | 3 046 | 6 | 3 051 |
| Net profit (-loss) for the period | 36 | 36 | 1 | 36 | |||
| Other comprehensive income | 12 | 12 | 12 | ||||
| Comprehensive income for the period | - | - | 12 | 36 | 47 | 1 | 48 |
| Transactions with owners | |||||||
| Non-cash issue | 0 | 276 | 276 | 276 | |||
| Costs related to non-cash issue | -2 | -2 | -2 | ||||
| Bonus issue | 0 | -0 | - | - | |||
| New share issue | 0 | 1 251 | 1 251 | 1 251 | |||
| Costs related to new share issue | -67 | -67 | -67 | ||||
| Tax effect related to costs for new share issue | 14 | 14 | 14 | ||||
| Long-term incentive program Acquisition of minority shares, controlling |
11 | 11 | 11 | ||||
| influence retained | 6 | -7 | -1 | -6 | -7 | ||
| Total | 1 | 1 488 | - | -7 | 1 482 | -6 | 1 476 |
| Closing balance 2024-12-31 | 1 | 4 511 | 27 | 36 | 4 575 | 0 | 4 575 |
| SEKm | Share capital | Other contributed capital |
Translation reserve |
Retained earnings incl. profit/loss for the year |
Total equity attributable to the Parent Company's shareholders |
Non-controlling interest |
Total equity |
|---|---|---|---|---|---|---|---|
| Opening balance 2025-01-01 | 1 | 4 511 | 27 | 36 | 4 575 | 0 | 4 575 |
| Net profit (-loss) for the period | 350 | 350 | - | 350 | |||
| Other comprehensive income | -69 | -69 | -69 | ||||
| Comprehensive income for the period | - | - | -69 | 350 | 281 | - | 281 |
| Transactions with owners | |||||||
| Long-term incentive program Acquisition of minority shares, controlling |
6 | 6 | 6 | ||||
| influence retained | - | 6 | 6 | ||||
| Total | - | 6 | - | - | 6 | 6 | 12 |
| Closing balance 2025-12-31 | 1 | 4 517 | -42 | 386 | 4 862 | 6 | 4 867 |
{17}------------------------------------------------
Consolidated statement of cash flows in summary
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| SEKm | Note | 2025 | 2024 | 2025 | 2024 |
| Operating activities | |||||
| Profit/loss before tax | 170 | 108 | 467 | 86 | |
| Adjustments for non-cash items | -103 | -49 | -242 | 41 | |
| Financial items | -0 | 11 | 1 | -5 | |
| Unrealised changes of value, investment properties | -85 | -32 | -232 | -1 | |
| Unrealised changes in value derivatives | -17 | -29 | -13 | 37 | |
| Depreciation and amortization | 1 | 1 | 4 | 11 | |
| Paid tax | 5 | 0 | -22 | -12 | |
| Cash flow from operating activities before change in working capital | 72 | 59 | 204 | 115 | |
| Cash flow from operating activities | |||||
| Change in trade recievables | 188 | -31 | -81 | -42 | |
| Change in other operating liabilities | -293 | 7 | -586 | -1 | |
| Cash flow from operating activities | -33 | 36 | -464 | 72 | |
| Investing activities | |||||
| Investments in intangible assets | 1 | -1 | - | -4 | |
| Investments in held properties | -311 | -102 | -598 | -420 | |
| Acquisition of properties | -832 | -530 | -1 118 | -579 | |
| Sale of subsidiaries | -0 | - | 106 | - | |
| Investments in financial assets | - | - | - | -5 | |
| Returned deposited bank funds | 0 | 0 | 0 | 154 | |
| Cash flow from (-used in) investing activities | -1 152 | -633 | -1 620 | -854 | |
| Financing activities | |||||
| Borrowings | 1 080 | 295 | 4 111 | 462 | |
| Repayment of debts | -21 | -31 | -2 645 | -137 | |
| New share issue | - | - | - | 1 185 | |
| Long-term incentive program/Cash received | -0 | - | 6 | 11 | |
| Cash flow from financing activities | 1 060 | 264 | 1 472 | 1 520 | |
| Cash flow for (-used in) the period | -125 | -334 | -612 | 738 | |
| Cash and cash equivalents at the beginning of the period | 289 | 1 113 | 780 | 41 | |
| Exchange difference in cash and cash equivalents | -3 | 1 | -6 | 1 | |
| Cash and cash equivalents at the end of the period | 162 | 780 | 162 | 780 | |
| Additional cash-flow statement disclosures | |||||
| Interest received | 0 | 7 | 8 | 17 | |
| Interest paid | -43 | -37 | -150 | -158 |
October – December 2025
Cash flow for the period amounted to SEK - 125 (-334) million. Cash flow from operating activities, investing activities and financing activities amounted to SEK -33 (36) million, SEK -1,152 (-633) million and SEK 1,060 (264) million respectively.
Cash flow from investing activities relates primarily to investments in own properties relating to project activities, the sale of the property, as well as acquired properties.
The change in cash flow from financing activities relates to the repayment of longterm loans, and newly raised loans.
January – December 2025
Cash flow for the period amounted to SEK -612 (738) million. Cash flow from operating activities, investing activities and financing activities amounted to SEK -464 (72) million, SEK -1,620 (-854) million and SEK 1,472 (1,520) million respectively.
Cash flow from investing activities relates primarily to investments in own properties relating to project activities, the sale of the property, as well as acquired properties.
The change in cash flow from financing activities relates to the repayment of longterm loans, and newly raised loans.
{18}------------------------------------------------
Notes to the consolidated accounts
Note 1 General information
Prisma Properties AB (publ) ('Prisma'), corp. ID no. 559378-1700, is a limited company registered in Sweden with a registered office in Stockholm. The company's share has been listed on Nasdaq Stockholm Mid Cap since 18 June 2024. The address of the head office is Mäster Samuelsgatan 42, SE-111 57 Stockholm. The operations of the company and subsidiaries ('the Group') involve owning and managing grocery retail properties.
Note 2 Accounting policies
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS®). This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The Parent Company applies RFR 2 Accounting for Legal Entities and Sweden's Annual Accounts Act.
From Q3 2024, translation differences attributable to intra-group loans are recognised in Other comprehensive income in accordance with IAS 21, as the lending is considered to be part of Prisma's net investment in the international operation and the lending is not planned to change in the foreseeable future. Comparison periods have not been recalculated. See also Note 6 Net financial items below. Other accounting policies applied in the interim report correspond to those applied when preparing the annual report for 2024. Other amended and new IFRS standards and interpretations from IFRS® IC coming into effect during the year or in future periods are not expected to have a material impact on the Group's reporting and financial statements. Assets and liabilities are recognised at cost, except for investment properties and interest rate derivatives, which are measured at fair value.
The preparation of the interim report requires the company management to make a number of assumptions and judgements that influence earnings and financial position. The same judgements and accounting and valuation policies have been applied as in the annual report for Prisma Properties AB 2024. The company publishes five reports a year:
three interim reports, one year-end report and one annual report.
Certain figures have been rounded, and the tables and calculations therefore do not always add up to the totals stated.
Note 3 Financial instruments
Financial instruments measured at fair value in the statement of financial position comprise interest rate derivatives. The fair value of interest rate swaps is based on discounting estimated future cash flows in accordance with the contract's terms and maturity dates and using the market rate of interest on the balance sheet date. The interest rate swaps are classed as level 2 in the fair value hierarchy.
The carrying amount of financial assets and liabilities is considered to be a reasonable approximation of fair value. In the company's assessment, there has been no change in market rates of interest or credit margins since raising the interest-bearing loans that would have a material impact on the fair
value of the liabilities. The fair value of rental receivables, other receivables, cash and cash equivalents, accounts payable – trade and other liabilities, does not differ significantly from the carrying amount because they have short maturities.
Note 4 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM is the function responsible for allocating resources and assessing the performance of the operating segments. Prisma's CEO is identified as the CODM. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, and for which separate financial information is available. Prisma monitors its activities as a unit, the results of which are reported in their entirety to and evaluated by the CODM. The Group therefore reports only one segment.
{19}------------------------------------------------
Note 5 Distribution of revenue
| 2025 | 2024 | |
|---|---|---|
| Distribution of revenue | Jan-Dec | Jan-Dec |
| Revenue per significant area | ||
| Rental income | 492 | 393 |
| Service revenue from tenants | 47 | 42 |
| Total | 539 | 435 |
| Revenue by geography | ||
| Sweden | 445 | 363 |
| Norway | 4 | 4 |
| Denmark | 81 | 68 |
| Finland | 9 | - |
| Total | 539 | 435 |
Note 6 Net financial items
Excluding exchange rate differences, net financial items for the quarter amounted to SEK -40 (-29) million.
Note 7 Goodwill
Goodwill arose in connection with acquisitions on the Group's formation in 2022. These were classified as business combinations and as a result deferred tax was recognised. At the end of the period, goodwill amounted to SEK 174 (174) million. Impairment testing of goodwill is based on the discounting of future cash flows in underlying investment properties. This year's impairment of goodwill amounted to SEK 0 (7) million.
Note 8 Investment properties
| SEKm | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Investment properties | ||
| Fair value, opening balance | 7 273 | 5 964 |
| Acquisition | 1 820 | 852 |
| Divestment | -184 | - |
| Investments in held properties | 598 | 420 |
| Unrealised changes in value | 232 | 1 |
| Currency effect | -108 | 36 |
| Fair value, closing balance | 9 631 | 7 273 |
Valuation process
All properties are valued externally four times a year in connection with the quarterly financial statements, with the exception of properties taken over during the current quarter. In these cases, the agreed property value is used. In exceptional cases, project properties are valued internally at an early stage on the basis of the external valuation. All external valuations were conducted by CBRE and take place in accordance with IFRS 13 level 3. Investment properties are valued based on a cash flow model, whereby each property is assessed individually on future earning capacity and the market's return requirements. Rent levels on expiry of contract are assumed to correspond to estimated long-term market rents, while operating costs are based on the company's actual costs. The inflation assumption is 1.5% for 2026 and 2% for remaining years in the calculation period. Project properties are also valued using this model, with a deduction for remaining investment. Building rights are valued on the basis of an estimated market value, SEK per square metre GFA for established building rights.
Note 9 Interest-bearing liabilities
Interest-bearing liabilities at the end of the period totalled SEK 4,619 (3,205) million. The item includes accrued set-up fees of SEK 27 (11) million. The net loan-to-value ratio was 47% (33) and the average interest rate was 4.04% (5.11).
{20}------------------------------------------------
Parent Company
The Parent Company's activities consist of Group-wide functions and organisation for managing the properties owned by the subsidiaries. Operating revenues totalled SEK 63 (29) million, and operating profit/loss amounted to SEK -26 (-68) million. Profit after financial items was SEK 67 (31) million.
Parent Company statement of profit or loss in summary
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2025 | 2024 |
| Operating income | 16 | 10 | 63 | 29 |
| Operating expenses | -23 | -21 | -89 | -97 |
| Operating loss | -7 | -11 | -26 | -68 |
| Interest income and similar profit/loss items | 40 | 52 | 147 | 159 |
| Interest expenses and similar profit/loss items | -15 | -15 | -54 | -59 |
| Income after financial items | 18 | 27 | 67 | 31 |
| Group contribution received and given | 25 | 129 | 25 | 129 |
| Profit/loss before tax | 42 | 156 | 92 | 161 |
| Paid tax | - | - | - | - |
| Deferred tax | 0 | -13 | 0 | -13 |
| Net profit (-loss) for the period | 42 | 143 | 92 | 147 |
{21}------------------------------------------------
Parent Company statement of financial position in summary
Click or tap here to enter text.
| SEKm | Note | 31 Dec 2025 |
2024 |
|---|---|---|---|
| Assets | |||
| Fixed assets | |||
| Intangible fixed assets | |||
| Other intangible assets | 4 | 4 | |
| 4 | 4 | ||
| Tangible fixed assets | |||
| Equipment, tools and installations | 1 | 2 | |
| 1 | 2 | ||
| Financial assets | |||
| Investments in Group companies | 1 878 | 1 871 | |
| Receivables from Group companies | 1 905 | 1 836 | |
| Other long term receivables | 1 | 1 | |
| Deferred tax receivable | 1 | 0 | |
| Total financial assets | 3 785 | 3 708 | |
| Total non-current assets | 3 790 | 3 714 | |
| Current assets | |||
| Other current receivables | 0 | 1 | |
| Receivables from Group companies | 1 202 | 753 | |
| Prepaid expenses and accrued income | 18 | 5 | |
| Total current receivables | 1 220 | 758 | |
| Cash and cash equivalents | |||
| Cash and cash equivalents | 700 | 569 | |
| Total cash and cash equivalents | 700 | 569 | |
| Total current assets | 1 920 | 1 327 | |
| Total assets | 5 710 | 5 041 |
| 31 Dec | ||
|---|---|---|
| SEKm | 2025 | 2024 |
| Equity and liabilities | ||
| Equity | ||
| Restricted equtiy | ||
| Share capital | 1 | 1 |
| Non-restricted equity | ||
| Retained earnings | 5 029 | 4 875 |
| Net Profit/Loss for the period | 92 | 147 |
| Total equity | 5 121 | 5 023 |
| Liabilities | ||
| Long-term interest-bearing liabilities | 500 | - |
| Long-term liabilities to Group companies | - | -0 |
| Current liabilities to Group companies | 71 | 7 |
| Other current liabilities | 18 | 10 |
| Total current liabilities | 589 | 17 |
| Total equity and liabilities | 5 710 | 5 040 |
{22}------------------------------------------------
Notes to the Parent Company accounts
Note 1 Accounting policies
The Parent Company has prepared its interim report in accordance with the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
Differences between the accounting policies applied by the Group and Parent Company are shown below. The accounting policies stated below for the Parent Company have been applied consistently for all periods presented in the Parent Company's financial statements, unless otherwise stated.
Subsidiaries
Participations in subsidiaries and associated companies are recognised using the cost method, which means they are entered at cost less any impairment. Transaction fees are included in the carrying amount of holdings in subsidiaries.
Financial assets and liabilities
Due to the link between reporting and taxation, the Parent Company as a legal entity does not apply rules on financial instruments in accordance with IFRS 9, instead it applies as per the Annual Accounts Act and the cost method. Consequently, in the Parent Company, financial non-current assets are measured at cost less any
impairment and financial current assets are measured at the lower of cost or net realisable value. Impairment of expected credit losses is measured in accordance with IFRS 9. Other financial assets are based on the impairment of market values for assets that are debt instruments.
Group contributions and shareholders' contributions
Group contributions paid and received are recognised as appropriations in accordance with the alternative rule. Shareholders' contributions are recognised directly against equity for the recipient and capitalised in shares and participations for the provider to the extent impairment is not required.
Leasing
The Parent Company has opted to apply the relief rules found in RFR 2, Accounting for Legal Entities. This means that all lease payments are recognised as a cost linearly across the lease period.
Cash and cash equivalents
The Group applies centralised liquidity management through a cash pool structure, which includes subsidiaries. The Parent Company's accounting policy is to treat the Parent Company's share of the cash pool as cash and cash equivalents, given its immediate availability.
Signatures
The CEO hereby offers their assurance that the interim report presents a fair review of the Parent Company and Group's operations, financial position and profit, and that it describes the material risks and uncertainties faced by the Parent Company and the companies included in the Group.
Stockholm, 17 February 2026
Fredrik Mässing
CEO
This year-end report has not been reviewed by the auditors.
{23}------------------------------------------------
Key ratios
| 2025 | 2024 | |
|---|---|---|
| Jan-Dec | Jan-Dec | |
| Property-related key metrics | ||
| No. of properties | 159 | 130 |
| Letting area, m² | 436 262 | 321 647 |
| Investment properties, SEKm | 9 631 | 7 273 |
| Investment properties, excluding projects, SEKm | 8 559 | 6 581 |
| Investment properties, SEK/sq.m. | 22 077 | 22 611 |
| Rental value, SEKm (excl. project properties) | 608 | 452 |
| Rental value, SEK/m² (excl. project properties) | 1 585 | 1 560 |
| Average remaining term, years | 7,9 | 8,7 |
| Net lettings, SEKm | 65 | 55 |
| Occupancy rate, economic, % | 98,6 | 99,0 |
| Occupancy rate, by area, % | 98,5 | 99,1 |
| Yield, properties (%) | 4,9 | 5,2 |
| Surplus ratio, % | 85,7 | 87,6 |
| Data per share | ||
| Number of outstanding shares at the end of the period, million | 164,5 | 164,5 |
| Average number of outstanding shares, million | 164,5 | 142,0 |
| Profit from property management, SEK | 1,34 | 0,91 |
| Net Profit/Loss for the period, SEK | 2,13 | 0,25 |
| Equity per share, SEK | 29,5 | 27,8 |
| NAV per share, SEK | 31,7 | 29,2 |
| 2025 | 2024 | |
|---|---|---|
| Jan-Dec | Jan-Dec | |
| Financial key metrics | ||
| NAV, SEKm | 5 210 | 4 801 |
| Equity ratio, % | 47,5 | 54,6 |
| Return on equity, % | 7,4 | 0,9 |
| Interest-bearing net debt, SEKm | 4 484 | 2 436 |
| Loan to value, net (LTV), % | 46,6 | 33,5 |
| Average closing interest rate, % | 4,0 | 5,1 |
| Loan maturity, years | 2,7 | 1,9 |
| Average fixed interest rate term, years | 2,5 | 2,9 |
| Interest coverage ratio, multiple | 2,4 | 2,0 |
| EPRA key metrics | ||
| EPRA vacancy ratio, % | 1,4 | 1,0 |
| EPRA LTV, % | 46,4 | 34,3 |
| EPRA EPS, SEK per share | 1,3 | 0,8 |
| Net reinstatement value (EPRA NRV), SEKm | 5 210 | 4 801 |
| Net tangible assets (EPRA NTA), SEKm | 4 880 | 4 518 |
| Net disposal value (EPRA NDV), SEKm | 4 688 | 4 401 |
{24}------------------------------------------------
Alternative performance measures & definitions
According to these guidelines, an alternative performance measure is a financial measure of historical or future earnings development, financial position, financial results or cash flows that is not defined or specified in applicable rules for financial reporting (IFRS and the Swedish Annual Accounts Act).
properties at the end of the period. Surplus ratio, % Net operating income in relation to rental income for the period.
| Property related | Share related | |||||
|---|---|---|---|---|---|---|
| Investment properties excluding projects, SEK million |
Fair value of investment properties excluding values relating to project properties at the end of the period. |
Average number of shares during the period before dilution, million |
Number of shares at the beginning of the period, adjusted for the number of shares issued during the period weighted by the number of days the shares have been outstanding, in relation to |
|||
| Investment properties, | Fair value of investment properties at the end of the period in | the total number of days during the period. | ||||
| SEK per m2 | relation to lettable area. | Profit from property | Profit from property management attributable to the Parent | |||
| Rental value, SEK m (excl. project properties) |
Contracted rent at the end of the period plus estimated market rent for vacant premises. |
management per share, SEK |
Company's shareholders in relation to the average number of shares during the period. |
|||
| Rental value, SEK/m2 (excl. project properties) |
Contracted rent at the end of the period plus estimated market rent for vacant premises in relation to lettable area. |
Earnings per share for the period, SEK |
Earnings for the period attributable to the Parent Company's shareholders in relation to the average number of shares during the period. |
|||
| Average remaining contract period, years |
Remaining total contract value in relation to total annual rent. | Equity per share, SEK | Equity attributable to the Parent Company's shareholders in relation to the number of shares at the end of the period. |
|||
| Net lettings, SEK m | Rental contracts entered into during the period, including renegotiated existing contracts, minus terminated annual rent. |
Long-term net asset value per share, SEK |
Long-term net asset value relative to the number of shares excluding preference shares at the end of the period. Preference |
|||
| Occupancy rate, economic, % |
Contracted rent for rental contracts in effect at the end of the period in relation to rental value. |
shares were withdrawn during Q2 2024. | ||||
| Occupancy rate, by area, % |
Let area in relation to lettable area. | |||||
| Yield, properties, % | Estimated net operating income on an annual basis (net operating income for the period extrapolated to a full year) in relation to the fair value of properties excluding project |
{25}------------------------------------------------
| Financial | EPRA performance | ||||
|---|---|---|---|---|---|
| Long-term net asset value, | Equity attributable to the Parent Company's shareholders with | indicators | |||
| SEK m | add-back of interest rate derivatives, deferred tax and goodwill. The definition is in line with definitions provided by EPRA. |
EPRA Vacancy Rate | Estimated market rent for vacant properties divided by the annualised rental value of the entire property portfolio, excluding |
||
| Equity/assets ratio, % | Equity in relation to total assets at the end of the period. | properties classified as project projects. | |||
| Average equity | Average of equity at the beginning of the period and equity at the end of the period. |
EPRA LTV – Loan to Value |
Interest-bearing liabilities after deductions for cash and cash equivalents and deposits. Negative working capital increases interest-bearing liabilities, whereas positive working capital is |
||
| Return on equity, % | Net profit in relation to average equity for the period. In the | added to the value of investment properties. | |||
| interim financial statements, profit has been converted into a full year figure, with the exception of changes in value, without taking seasonal variations into account. |
EPRA EPS – Earnings per Share |
Profit from property management less nominal tax, divided by the average number of shares. Current tax has been calculated taking into account tax-deductible depreciation and other factors. |
|||
| Interest-bearing net debt, SEK m |
Interest-bearing liabilities minus cash and cash equivalents. | For quarters 1–3, current tax is calculated based on a preliminary tax calculation without taking into account Group contributions, interest equalisation or other appropriations. For |
|||
| Loan-to-value ratio, net, % | Interest-bearing liabilities minus cash and cash equivalents in | Q4, the actual current tax is used. | |||
| relation to the total fair value of properties at the end of the period. |
EPRA NRV – Net Reinstatement Value |
Recognised equity with reversal of declared but not paid dividend, book value of derivatives, goodwill relating to deferred |
|||
| Loan-to-value ratio, | Interest-bearing liabilities in relation to the total fair value of | tax and nominal deferred tax. | |||
| gross, % | properties at the end of the period. | EPRA NTA – Net Tangible |
Reported equity with reversal of the book value of derivatives | ||
| Average interest at the end of the period, % |
Weighted interest on interest-bearing liabilities taking into account interest rate derivatives on the balance sheet date. |
Assets | and goodwill, adjusted for the fair value of deferred tax rather than nominal deferred tax. |
||
| Interest coverage ratio, times |
Profit from property management with add-back of net financial items in relation to net financial items for the period (rolling 12 months). |
EPRA NDV – Net Disposal Value |
Recognised equity with reversal of declared but not paid dividends and book value of goodwill. |
||
| Net operating income | Rental income less operating and maintenance costs. | ||||
One-off material items not related to operating activities, such as those relating to organisation of the Group and preparations for
Items affecting comparability
IPO.
{26}------------------------------------------------
| 2025 | 2024 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|---|
| Derivation of property-related key metrics | Jan-Dec | Jan-Dec | Derivation of financial key metrics | Jan-Dec | Jan-Dec | ||
| Investment properties, SEKm | 9 631 | 7 273 | Profit from property management attributable to Parent Com | 221 | 129 | ||
| Project properties, SEKm | - | -1 072 | -692 | Average number of outstanding shares, million | / | 164,5 | 142,0 |
| Investment properties, excluding projects, SEKm | = | 8 559 | 6 581 | Profit from property management per share, SEK | = | 1,34 | 0,91 |
| Investment properties, SEKm | 9 631 | 7 273 | Profit/loss for the period attributable to Parent Company shar | 350 | 36 | ||
| Letting area, 000 m² | / | 436 | 322 | Average number of outstanding shares, million | / | 164,5 | 142,0 |
| Investment properties, SEK/sq.m. | = | 22 077 | 22 611 | Net Profit/Loss for the period per share, SEK | = | 2,13 | 0,25 |
| Contracted rent, SEKm | 599 | 448 | y y SEKm |
4 861 | 4 575 | ||
| Assessed market rent vacant areas, SEKm | + | 9 | 4 | g million |
/ | 164,5 | 164,5 |
| Rental value, SEKm (excl. project properties) | = | 608 | 452 | Equity per share, SEK | = | 29,5 | 27,8 |
| Rental value, SEKm | 608 | 452 | |||||
| Letting area, excluding project properties, 000 m² | / | 384 | 290 | SEKm | 4 861 | 4 575 | |
| Rental value, SEK/m² (excl. project properties) | = | 1 585 | 1 560 | Interest-rate derivatives, SEKm | -/+ | 2 | 14 |
| Goodwill, SEKm | - | -174 | -174 | ||||
| Remaining total contract value, SEKm | 4 707 | 3 886 | Deferred tax, SEKm | + | 521 | 386 | |
| Annual rent, SEKm | / | 599 | 448 | NAV, SEKm | = | 5 210 | 4 801 |
| Average remaining term, years | = | 7,9 | 8,7 | NAV, SEKm | 5 210 | 4 801 | |
| at the end of the period, million | / | 164,5 | 164,5 | ||||
| Entered leases during the period (incl renegotiated), SEKm Terminated leases during the period, SEKm |
- | 71 6 |
68 13 |
NAV per share, SEK | = | 31,7 | 29,2 |
| Net lettings, SEKm | = | 65 | 55 | Equity, SEKm | 4 867 | 4 575 | |
| Contracted rent by the end of the period, SEKm | 599 | 448 | Total assets, SEKm | / | 10 237 | 8 385 | |
| Rental value, SEKm | / | 608 | 452 | Equity ratio, % | = | 47,5% | 54,6% |
| Occupancy rate, economic, % | = | 98,6% | 99,0% | Net profit, SEKm | 350 | 36 | |
| Average equity, SEKm | / | 4 721 | 3 813 | ||||
| Leased areas, 000 m² | 378 | 287 | Return on equity, % | = | 7,4% | 0,9% | |
| Letting area, excluding project properties, 000 m² | / | 384 | 290 | ||||
| Occupancy rate, by area, % | = | 98,5% | 99,1% | Interest-bearing debt, SEKm | 4 646 | 3 215 | |
| Rental income, SEKm | 539 | 435 | Cash and cash equivalents and deposits, SEKm | - | 162 | 780 | |
| Property Costs, SEKm | - | -118 | -90 | Interest-bearing net debt, SEKm | = | 4 484 | 2 436 |
| Net operating income, SEKm | = | 421 | 344 | Interest-bearing net debt, SEKm | 4 484 | 2 436 | |
| Investment properties, SEKm | / | 9 631 | 7 273 | ||||
| Net operating income annual basis, SEKm | 421 | 344 | Loan to value, net (LTV), % | = | 46,6% | 33,5% | |
| Investment properties, excluding project properties, SEKm | / | 8 559 | 6 581 | ||||
| Yield, properties (%) | = | 4,9% | 5,2% | Profit from property management | 221 | 129 | |
| Net operating income, SEKm | 421 | 344 | One-off items, SEKm | + | 0 | 36 | |
| Rental income, SEKm | / | 492 | 393 | Finance net, SEKm | + | 153 | 131 |
| Surplus ratio, % | = | 85,7% | 87,6% | Finance net, SEKm | / | 153 | 141 |
| Interest coverage ratio, multiple | = | 2,4 | 2,1 |
{27}------------------------------------------------
| 2025 | 2024 | ||
|---|---|---|---|
| Derivation of EPRA key performance measures | Jan-Dec | Jan-Dec | |
| EPRA vacancy ratio | |||
| Assessed market rent vacant areas, SEKm | 9 | 4 | |
| Rental value, SEKm | / | 608 | 452 |
| EPRA vacancy ratio, % | = | 1,4% | 1,0% |
| EPRA LTV (loan to value) | |||
| Interest-bearing debt, SEKm | 4 646 | 3 215 | |
| Working capital, net (if liabilities greater than receivables), SEKm | + | 0 | 59 |
| Cash and cash equivalents and deposits, SEKm | - | -162 | -780 |
| Net liabilities, SEKm | = | 4 484 | 2 494 |
| Investment properties, SEKm | 9 631 | 7 273 | |
| Working capital, net (if receivables greater than liabilities), SEKm | + | 23 | 0 |
| Total assets, SEKm | = | 9 654 | 7 273 |
| EPRA LTV, % | = | 46,4% | 34,3% |
| 2025 | 2024 | ||
|---|---|---|---|
| Derivation of EPRA key performance measures | Jan-Dec | Jan-Dec | |
| EPRA EPS, SEK | |||
| Profit from property management, SEKm | |||
| Income before tax, SEKm | 467 | 86 | |
| Reversed: | |||
| Change in values on properties, SEKm | -/+ | -234 | -1 |
| Changes in value on goodwill, SEKm | + | 0 | 7 |
| Change in values on derivatives, SEKm | -/+ | -13 | 37 |
| Profit from property management, SEKm | = | 221 | 129 |
| EPRA Earnings (Income from property management after tax) | |||
| Profit from property management, SEKm | 221 | 129 | |
| Current tax on income from property management, SEKm | - | -2 | -13 |
| EPRA Earnings, SEKm | = | 219 | 116 |
| Average number of outstanding shares, million | / | 164,5 | 142,0 |
| EPRA EPS, SEK per share | = | 1,3 | 0,8 |
| Net asset value | |||
| Equity attributable to the Parent Company's shareholders, SEKm Reversed: |
4 861 | 4 575 | |
| Derivatives according to the balance sheet, SEKm | -/+ | 2 | 14 |
| Goodwill attributable to deferred tax, SEKm | - | -174 | -174 |
| Deferred tax according to the balance sheet, SEKm | + | 521 | 386 |
| Net reinstatement value (EPRA NRV), SEKm | = | 5 210 | 4 801 |
| Deduction: | |||
| Estimated fair value, deferred tax, SEKm | - | -330 | -278 |
| Net tangible assets (EPRA NTA), SEKm | = | 4 880 | 4 523 |
| Derivatives according to above, SEKm | -/+ | -2 | -14 |
| Deferred tax, SEKm | - | -190 | -108 |
| Net disposal value (EPRA NDV), SEKm | = | 4 688 | 4 401 |
{28}------------------------------------------------
Financial calendar
Annual Report and Sustainability Report 2025 Q1 interim report 2026 Annual General Meeting 2026 Q2 interim report 2026 Q3 Interim report 2026
March 2026 24 April 2026 29 April 2026 10 July 2026 22 October 2026
Contact details
Martin Lindqvist, CFO [email protected] + 46 (0)70-785 97 02
Prisma Properties AB (publ) Mäster Samuelsgatan 42 SE-111 57 Stockholm Sweden