KlaraBo Interim Report Q1 2026

• Revenue amounted to SEK 188.5 million (175.1), up 7.6 per cent compared with the same quarter last year, mainly due to this year’s rent increase and completed net acquisitions.
• Net operating income amounted to SEK 85.4 million (83.2), up 2.6 per cent, primarily driven by completed acquisitions. The trend in net operating income was negatively impacted by significantly higher regulated tariffs in combination with colder weather, which limited the positive impact of standard-raising measures and the net effect of rent and cost indexation.
• Income from property management totalled SEK 19.4 million (24.8). The decrease was mainly attributable to colder weather during the quarter, approximately 15 per cent colder than the same period last year, combined with significantly higher regulated tariffs and increased interest expenses due to a larger loan portfolio.
• Changes in the value of investment properties amounted to SEK 68.5 million (240.0), of which SEK 103.9 million (240.0) was unrealised and SEK -35.4 million (0) realised. The yield requirement increased marginally during the quarter, meaning that the unrealised increase in value was mainly driven by improved net operating income linked to the Group’s value-creating investments and certain adjustments to inflation assumptions. The realised change in value relates to the preliminary effect of divested properties and should be viewed together with the reversal of deferred tax liabilities of SEK 31.9 million (0).
• Changes in the value of derivatives amounted to SEK 41.2 million (16.7), driven by higher market interest rates as a result of geopolitical uncertainty.
• Profit for the period amounted to SEK 124.0 million (229.3), a decrease compared with the previous year, primarily explained by lower changes in value during the period.
• Net asset value per share increased by SEK 2.6, corresponding to 8.0 per cent, to SEK 35.0 (32.4) compared with the previous year.
• The loan-to-value ratio decreased to 49.3 per cent (50.7), driven by higher net operating income in the valuations, with an average interest rate of 3.6 per cent (3.4) on the balance sheet date.

“The first quarter of 2026 marks another step in KlaraBo’s strategic transition. Through a completed asset swap, we have continued to streamline our property portfolio and strengthened our presence in strategic clusters and growth locations. The result is a more cohesive portfolio, enabling us to work closer to both our properties and our tenants, while creating better conditions for efficient and long-term property management.

At the same time as this streamlining, we continue to invest in what we already own. Apartment refurbishments are a central part of our strategy and contribute to gradually enhancing property quality, earning capacity, and property value.

As a result of this value creation, with increased net operating income, net asset value per share has risen by 8 per cent compared with the corresponding quarter of the previous year. This has also enabled us to reduce the company’s loan-to-value ratio, despite a higher loan volume, thereby lowering the company’s financial risk,” says Andreas Morfiadakis, CEO.

Significant events during the period

• KlaraBo has repurchased shares valued at SEK 35.7 million in 2026 and owned 7,592,900 shares as of 31 March 2026, corresponding to 4.8 per cent of the total number of shares.
• KlaraBo refinanced SEK 795.1 million in bank loans at a margin of 0.95 per cent (compared with 1.53 per cent), KlaraBo’s lowest margin to date. A further SEK 495 million in bank loans was refinanced at a new weighted margin of 1.21 per cent, down from 1.31 per cent. Following this refinancing, all loans maturing in 2026 have now been extended. The company has entered into an agreement for SEK 150 million in new credit facilities, bringing the total volume of credit facilities to SEK 250 million. Of these, SEK 100 million was utilised in January and were still utilised as of the balance sheet date.
• KlaraBo completed its previously announced property swap transaction deal, thereby further intensifying its concentration on strategic cluster locations with good potential for profitable refurbishments. In connection with the acquisition and divestment dates, bank loans were repaid and new loans were raised.
• KlaraBo entered into a conditional agreement with a listed company regarding the divestment of a portfolio comprising non-strategic located properties in Bollnäs, Västervik and Trelleborg. The transaction will be paid for by raising external financing, which is expected to exceed the company’s existing debt of approximately SEK 40 million, promissory notes of SEK 245 million with quarterly interest payments amounting to just over SEK 8 million annually, and SEK 130 million through shares in the listed company at a price of SEK 0.045 per share. The transaction is being conducted at 2.0 per cent below carrying amount.
• Including this transaction, the share of KlaraBo’s portfolio located in cluster locations and cities with more than 70,000 residents increased to 74 per cent during the period.
• The Board appointed the company’s CFO, Magnus Nordholm, as Deputy CEO.
• The Board resolved on an updated dividend policy stipulating that up to 25 per cent of the company’s income from property management is to be distributed to shareholders annually.

Presentation of results – 29 April at 09:00 CET
KlaraBo’s CEO Andreas Morfiadakis and Deputy CEO/CFO Magnus Nordholm will present the report via Teams. The presentation will be held in Swedish today, 29 April at 09:00 CET.

Click here to join the presentation

A Q&A session will follow the presentation, where participants may ask questions either verbally or in writing via chat.

The presentation will be available at klarabo.se.