BALD-BNasdaq StockholmReal EstateIFRS · SEK

Fast. Balder B

Fast. Balder B is the listed property business associated with Fastighets AB Balder, a Swedish real estate company headquartered in Gothenburg. The company owns, manages and develops properties across major Nordic cities, with a portfolio spanning residential, commercial and public-use buildings.

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Revenue12.9bn SEK
+0.0 %y/y
Operating profit (EBIT)9,061m SEK
+7.5 %y/y
EBIT margin70.4%
+4.9 ppy/y
Net income3,855m SEK
+5.9 %y/y
Free cash flow3,986m SEK
−14.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

051015bn SEK2021: 9.0 bn SEK2021: EBIT 4.8 bn SEK20212022: 10.5 bn SEK2022: EBIT 9.7 bn SEK20222023: 11.9 bn SEK2023: EBIT 10.2 bn SEK20232024: 12.9 bn SEK2024: EBIT 8.4 bn SEK20242025: 12.9 bn SEK2025: EBIT 9.1 bn SEK202512.99.1
RevenueOperating profit (EBIT)

Business

Share of revenue
Residential properties45 %

Rental apartments and housing properties held for long-term leasing.

Commercial properties35 %

Offices, retail and other business premises leased to corporate tenants.

Public-use properties10 %

Schools, care, and other community-oriented buildings leased to public and private users.

Property development5 %

New development projects, conversions and major renovations.

Property management services5 %

Letting, tenant administration and day-to-day asset management.

Customers

Balder's customers are tenants rather than end-consumers of a manufactured product: households, businesses, municipalities and other institutions lease space in its properties. Demand is driven by the need for housing, office space, retail premises and other real estate in growing Nordic urban areas. The mix of tenant types makes occupancy, lease renewal and local market conditions central to the business model.

Residential tenants

Households leasing apartments and housing units for long-term living needs.

Commercial tenants

Companies leasing offices, retail space and other business premises.

Public and institutional users

Municipalities, schools and care-related users occupying public-use properties.

Development and project counterparties

Buyers, tenants and partners involved in new construction, conversions and renovations.

Strategy

Balder's strategy is to own, manage and develop properties in major cities and large cities with positive population growth. The company also emphasizes active portfolio management, redevelopment and long-term value creation across its property base.

Concentrate capital in attractive urban marketsLong term

Growing cities support occupancy, rental demand and asset values over time.

Develop and renovate existing propertiesMedium term

Upgrading assets can improve usability, tenant appeal and long-term value.

Strengthen local leasing and tenant serviceShort term

Occupancy and rental income depend on responsive letting and tenant retention.

Geography

Balder operates primarily in Sweden, with a significant presence in Finland and Denmark through offices and property holdings in major metropolitan areas. The reports highlight concentration in the four metropolitan regions of Helsinki, Stockholm, Gothenburg and Copenhagen, which are important because they support demand, rental depth and long-term property values.

Risks

Balder is exposed to property valuation risk, occupancy risk, interest-rate and refinancing risk, and local market weakness in the cities where it operates. As a property company, it is also sensitive to operating costs, climate-related retrofit requirements and regulatory changes that affect real estate economics.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Negative development in property values1Reduced occupancy and rental income2Refinancing and interest-rate risk3Climate and energy compliance costs4IT and digital security failures5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Negative development in property valuesImpact: HighLikelihood: Medium

    Fair value depends on occupancy, rent levels, yields and market conditions.

    Exposure: Investment properties in Nordic metropolitan areas

  2. Reduced occupancy and rental incomeImpact: HighLikelihood: Medium

    Lease demand drives recurring cash flow and supports property valuations.

    Exposure: Residential and commercial leasing

  3. Refinancing and interest-rate riskImpact: HighLikelihood: Medium

    Property companies rely on debt funding and are exposed to changes in credit markets.

    Exposure: Borrowings and debt maturities

  4. Climate and energy compliance costsImpact: MediumLikelihood: High

    Emission-reduction and adaptation requirements can raise capex and operating costs.

    ExposureRenovationsTechnical upgradesEnergy use
  5. IT and digital security failuresImpact: MediumLikelihood: Medium

    Leasing, customer service and asset management depend on secure systems and data.

    Exposure: Property operations and tenant data

Accounting

Judgemental items
Investment property fair value

Changes in assumptions can significantly affect profit before tax and equity.

Impact: Valuation gains/losses and leverage ratios

External and internal property valuations

The company compares internal appraisals with external valuers to support estimates.

Impact: Reported property values and earnings volatility

IFRS 16 leases

Lease accounting affects balance sheet liabilities and operating cost presentation.

Impact: Lease liabilities and EBITDA comparability

IFRS 9 financial instruments

Borrowings and derivatives are measured under financial-instrument rules.

Impact: Interest expense, fair-value movements and hedge results

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Last updated: 28/09/2026