Nasdaq StockholmIFRS · SEK

Jefast Borrower II

Jefast Borrower II AB (publ) is a Swedish property-owning and property-financing group within the Jefast structure, focused on commercial, residential, and hotel real estate. Its portfolio is centered in Helsingborg and nearby areas in Sweden, with an additional hotel property in Fort Lauderdale, Florida.

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Revenue33.4m SEK
Operating profit (EBIT)13.0bn SEK
EBIT margin38,991.9%

Fiscal year 2025 · change from previous year

Development 2025–2025

05,00010,00015,000m SEK2025: 33 m SEK2025: EBIT 13,042 m SEK20253313,042
RevenueOperating profit (EBIT)
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Business

Share of revenue
Commercial property leasing45 %

Rental and management of commercial real estate spaces for business tenants.

Residential property leasing25 %

Rental and management of apartments and other housing units.

Hotel property operations20 %

Ownership and operation of hotel real estate and related accommodation use.

Property development and asset management10 %

Development, improvement, and active management of the property portfolio.

Customers

The company serves tenants and users of its real estate portfolio rather than end consumers of manufactured goods. Its customer base includes commercial tenants, residential occupants, and hotel guests, with revenue driven by occupancy, lease terms, and property use.

Commercial tenants

Businesses leasing premises in the Swedish property portfolio for operations, services, or retail use.

Residential tenants

Households renting homes in the group’s residential properties in Sweden.

Hotel guests

Short-stay users of the Fort Lauderdale hotel property.

Group and related-party property users

Internal or group-linked property usage and financing relationships within the Jefast structure.

Strategy

The group’s strategy is centered on managing and developing its property portfolio, maintaining tenant occupancy, and preserving asset value across its Swedish and U.S. holdings. Lease renewals, property appraisals, and active asset management are important because they support rental income and the long-term value of the portfolio.

Tenant retention and lease renewalShort term

Rental income depends on occupancy and stable tenant relationships.

Portfolio value preservationMedium term

Property values underpin financing capacity and balance-sheet strength.

Geographic diversification within real estateMedium term

A U.S. hotel asset adds a different market and tenant mix to the Swedish base.

Geography

The business is anchored in Helsingborg and nearby areas in southern Sweden, where most of the property portfolio is located. It also owns a hotel property in Fort Lauderdale, Florida, giving the group exposure to both Swedish and U.S. real estate markets.

Risks

The business is exposed to tenant concentration, property valuation changes, and refinancing or leverage sensitivity because rental income and asset values support the financing structure. Real estate and hotel operations also carry market, occupancy, and appraisal risk, while cross-border ownership adds exposure to different legal and operating environments.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Leverage and refinancing risk1Property valuation risk2
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. Leverage and refinancing riskImpact: HighLikelihood: High

    The group’s financing structure is sensitive to changes in asset value and interest costs.

    Exposure: Net loan-to-value is a key reported metric.

  2. Property valuation riskImpact: HighLikelihood: Medium

    Reported property value and loan-to-value metrics depend on appraisal assumptions and market pricing.

    Exposure: John Ericsson 10 use value appraisal and group property values.

  3. Tenant concentrationImpact: High

    A large tenant can materially affect rental income if terms change or vacancy occurs.

    Exposure: One of the largest tenants was specifically mentioned in lease renegotiation.

  4. Hotel demand volatilityImpact: Medium

    Hotel income depends on travel demand, occupancy, and pricing conditions.

    Exposure: Fort Lauderdale hotel property.

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Accounting

Judgemental items
Investment property valuation

Property values are central to the balance sheet and leverage metrics, so appraisal assumptions matter.

Impact: Changes in valuation can alter net loan-to-value and reported equity.

Rental income recognition

Lease income is the main operating revenue stream and may vary with occupancy and contract timing.

Impact: Affects quarterly revenue comparability.

Depreciation and transaction costs

These items are explicitly referenced in adjusted operating profit calculations.

Impact: Can materially change reported operating profit versus adjusted measures.

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Last updated: 24/09/2026

Jefast Borrower II (XSTO) – Financial Analysis & Key Metrics – Clarifo