January–December 2022 period

• Total operating income amounted to MSEK 118.1 (61.2).
• Operating profit was MSEK 73.8 (39.7).
• Profit/loss for the year amounted to MSEK 32.1 (24.7).

Significant events January-December 2022
After the end of the period

• The bond, issued in the second quarter of 2022, was sold out in January 2023.
• Shareholder loans of approximately MSEK 45 from Rotunda Fastigheter AB (Rotunda Properties) were decided.

Fourth Quarter

• During the fourth quarter, Patriam Invest AB entered into an agreement to acquire a project property in Nedre Kungsholmen. The property is scheduled to be occupied in 2024.
• Launch of the “Patriam Trygg Affär” ("Patriam Safe Business") security package.
• Sustainability report for 2022 was produced.

Third Quarter

• The properties Gasolköket 1 and Fotogenköket 1 located on Lilla Essingen were acquired in August. Two properties in a unique location on the shores of Lake Mälaren with legally valid detailed plans, where residential development is now being designed for the planned start of production in 2023 and 2024, respectively.
• During the year, the organisation was strengthened with three new employees in development and finance. Recruitment was a strategic decision to strengthen the organisation in the ongoing expansion.

Second Quarter

• Patriam Invest AB issued a bond with a sustainable bond framework "Green Bond Framework" according to the Climate Bonds Standard of approximately MSEK 410 with a framework of MSEK 1,500.

First Quarter

• Patriam Invest AB entered into an agreement to acquire the properties Hingsten 1 and 2 located in Bromma, where occupancy is planned for the first quarter of 2024 after the zoning plan and land formation have gained legal force.
• Building permits were obtained for the project in Torsvik.

Comments from the CEO
2022 has been an eventful year, with war and the energy crisis in Europe, high inflation and major interest rate hikes being implemented by Central Banks around the world. As a result, there is considerable uncertainty in both the financial and property markets, as well as in the housing market. Access to new capital for many real estate companies has fallen sharply and bond market volumes have fallen significantly during the year, the stock market has undergone a historical decline and real estate values have suffered an unprecedented dip. The housing market has also stalled with falling prices and a reduction in the number of contracts. In addition, the construction cost index has increased by about 15% over the past year.

Patriam strengthened its financial position as well as its organisation
In this environment, Patriam continued its growth journey during the year and we strengthened our financial position as well as our organisation, as well as our project portfolio with both new property acquisitions and takeovers of previously acquired properties. Our commitment to build landmarks in Stockholm’s most attractive locations has now begun to make an impact on the urban environment, and we are developing and producing several parallel projects that will give the areas something unique and timeless, as well as a design that we can be proud of — for now and forever. Our project portfolio now has a relatively short implementation time, which means that we must continue to invest in the organisation to realise the projects on time.

Despite the current market situation, our confidence in our project portfolio is strong. We have built up a base of progressive and unique projects in selected attractive locations in Stockholm. All projects in attractive locations have historically shown a strong and early recovery when the housing market strengthens after a downturn.

Our commitment to sustainability in both financing and housing production, coupled with our strategy of developing homes in the most attractive locations, has safeguarded our business in a reliable and secure manner with relatively low risk. For us and for our partners.

An important factor that facilitates our success is that we work with smaller projects with fewer but larger apartments. We have found our niche in the market where our homes are sought after and rare, and where we also provide each project with the right qualities based on the conditions of the location, which the market demands.

Sustainability expertise
We continue to align our operations with the UN’s Sustainable Development Goals, working continuously to enhance sustainability expertise through education and communication on sustainability issues. During the year, we have developed four focus areas that we will continue to work on during 2023, and we have also produced a sustainability report.

The past year has been eventful for Patriam. We have issued a green bond in Patriam Invest AB (publ), the second bond in Sweden to be Green certified by the Climate Bonds Initiative. The first one was also issued by us and redeemed during the past year. We also took over two properties in Lilla Essingen in Stockholm’s inner city. Two properties in a unique location on the shores of Lake Mälaren with legally valid detailed plans, where residential development is now being designed for the planned start of production in 2023 and 2024, respectively.

The current market situation has also created opportunities. We entered into an agreement to acquire a project property on Nedre Kungsholmen and another in Bromma. Both properties are schedule for completion in 2024 and are deemed to have been implemented on attractive terms.

As a company, we work hard to manage all the risks that could arise over the life of a project, and one example of this is that we only acquire projects with sufficient margins to withstand market fluctuations over time.

Our ongoing production in Patriam Torsvik is proceeding according to plan and access for our customers is scheduled for autumn 2023. A project that we are very proud of and that adds an innovative and progressive touch to a classic neighbourhood close to Lidingö Centrum.

During the year, Patriam recruited three new employees whose combined expertise and experience have given us both confidence and depth in our operations, resulting in increased productivity and efficiency. We have also developed a new communication platform and updated our graphic profile for Patriam AB during the year, which we will launch in Q1 2023.

2022 was Patriam’s most successful year to date
The result was SEK 32.1 million, while the balance increased to SEK 676.6 million. I am convinced that our commitment to constant improvement and our curiosity to continually evolve are central to Patriam’s success. Both in terms of organisation and products. The expansion the business has been planning for the past few years is now happening, and we're taking on more residential projects in Stockholm and creating more landmarks that will touch us all for a long time to come. We create homes for now and forever.

I’m incredibly proud of what Patriam accomplished during the turbulent year 2022. Our employees have done an incredible job over the past year and continue to work towards achieving our vision. We now look forward with confidence to 2023, and I hope that the turbulence in the world around us will subside and that harmony will prevail so that the focus can be on the right issues. Everyone deserves that.

Thank you for this year!
Andreas Holmberg, CEO

For further information, please contact:
Andreas Holmberg, CEO
E-mail: andreas.holmberg@patriam.se
Phone: +46 702093040

About Patriam
Patriam is a family-owned real estate developer based in Stockholm. The group was founded in 2015 and has its roots in the EBAB Group, which is one of Sweden's largest in projects and property development. Patriam is an experienced developer that focuses on attractive locations where both demand and purchasing power are expected to be good. Patriam is currently working on a handful of projects in Stockholm.