January–June 2023 period

• Operating income amounted to SEK 91.5 (32.8) million.
• Operating profit amounted to SEK 71.8 (18.4) million.
• Profit for the period amounted to SEK 8.3 (3.4) million.

Significant events January-June 2023

After the end of the period

• No significant events after the end of the period

Second Quarter

• Contract procured for Patriam Lilla Essingen Vinkelhuset.
• Procurement of long-term loans tenant-owners' association Ontario.

First Quarter

• The bond issued in the second quarter of 2022 was fully subscribed in January 2023.
• A decision was made on shareholder loans of approximately SEK 45 million from Rotunda Fastigheter.
• Initial memorandum issued for Patriam Enebytorg detailed development plan.

Comments from the CEO

Uncertainty in the financial and real estate market continued in the first half of 2023, with
continued interest rate hikes and high inflation, while the Swedish krona weakened sharply.
There are now indications that the central banks’ interest rate rises have had an effect and
that the period of constant interest rate rises is now coming to an end. The result has been
that both property values and building rights prices have seen a dip and have thus reached a
new level where transactions are now being made at the same time as loans in foreign
currency have increased. As a housing developer, we can state that the margins are shrinking
as production costs have continued to increase at the same time as the tenant-owners’
associations’ borrowing at the new cost levels have decreased. One positive aspect of the
situation is that the housing market strengthened in the first six months of the year.

Growth came primarily from the secondary market, while it is still difficult to sell apartments off-plan if
there is a long way to go before moving in. In order to be able to start construction contracts, the
projects must have robust financing in place and requirements for sales levels must be low or non-
existent.

Financial position improved slightly
Patriam is continuing to develop its operations and operating profit was according to
planned. However, the effect of the weaker Swedish krona resulted in a profit after financial expenses
of SEK 8.3 million.

Our project portfolio has a short implementation time, which means that we have a clearly defined
way forward. 

Our confidence in our project portfolio remains strong as the projects are located in selected
attractive locations in Stockholm and consist of relatively few units. This makes the projects and
apartments unique, which attracts buyers. 

Competence that makes a difference
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.

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. In 2023, we will continue to work on our four focus areas.

For Patriam, the first half of the year was characterised by management. Our main focus was on our
project in Patriam Torsvik, where, among other things, we have created the optimal conditions for
sales of apartments by preparing a show apartment. We can now arrange viewings on site for
interested customers, which has also produced results both in terms of sales and by creating interest
in the project. Production also requires significant presence on site to ensure that the projects are
proceeding according to plan in terms of both finance and quality and time. 

We have also worked on our Vinkelhuset project at Lilla Essingen. The main focus has been on
planning and applying for planning permission, but also on procuring the contract.

First half of 2023
Profit for the period amounted to SEK 8.3 million, while the balance sheet total was SEK 772.6
million. The effects of the weak krona affected earnings for the period by SEK -22.6 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 operations and products. Expansion of the business is
continuing, and we have been getting ready to manage our project portfolio and be able to create
more landmarks that we will all be affected by for a long time to come.
Patriam has shown that our business model can cope with market turbulence and that our
employees' competence and focus on goals
are absolutely crucial in times like these.

Thank you!
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.