Nasdaq StockholmIFRS · SEK

Kallebäck Property Invest

Kallebäck Property Invest AB is a Swedish property company that indirectly owns, manages and leases the Kallebäck 17:2 office property in Gothenburg. The company is structured around a single long-term rental asset and operates through a listed Swedish public company on Nasdaq First North Growth Market.

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Revenue89.9m SEK
+0.0 %y/y
Operating profit (EBIT)119m SEK
−1.8 %y/y
EBIT margin132.4%
−2.5 ppy/y
Net income40.7m SEK
+0.5 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

050100150m SEK2021: 72 m SEK2021: EBIT 140 m SEK20212022: 76 m SEK2022: EBIT 62 m SEK20222023: 85 m SEK2023: EBIT 53 m SEK20232024: 90 m SEK2024: EBIT 121 m SEK20242025: 90 m SEK2025: EBIT 119 m SEK202590119
RevenueOperating profit (EBIT)
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Business

Share of revenue
Commercial property leasing95 %

Rental of the Kallebäck 17:2 property under a long-term lease.

Property management3 %

Operational management, tenant coordination and administration of the asset.

Property maintenance and upkeep2 %

Planned maintenance and building-related service costs passed through the asset structure.

Customers

The company’s customer base is highly concentrated and consists primarily of one commercial tenant, Saab AB, which occupies the entire property. Revenue is generated from a long-term lease contract with CPI indexation, so the business depends on the tenant’s continued occupancy and payment capacity. The property is used as a corporate premises asset rather than a multi-tenant retail or residential portfolio.

Saab AB

The sole tenant leasing the entire property for corporate use under a long-term contract.

Large industrial and defense occupiers

Comparable users of specialized corporate premises who value location, access and long leases.

Institutional property investors

Investors in listed single-asset property companies who value contracted cash flow exposure.

Strategy

The company’s strategy is to preserve stable rental income through a long lease with a financially solid tenant and full CPI indexation. It also emphasizes cost control, maintenance planning and interest-rate management, since financing costs are a major driver of cash flow and reported results. The asset and capital structure are managed to support predictable income from a single, high-quality property.

Protect contracted rental incomeShort term

The business depends on one lease, so occupancy and tenant quality are central to cash flow stability.

Control financing costsShort term

Interest expense is a key cost line and directly affects distributable cash flow and valuation.

Preserve asset value through maintenanceMedium term

A single-property model makes upkeep and tenant satisfaction important for long-term value retention.

Geography

Kallebäck Property Invest is centered on one asset in the Kallebäck district of Gothenburg, Sweden, about 5 km southeast of the city center. The property sits close to E6/E20 and road 40 toward Landvetter, which supports access for a large corporate tenant and anchors the asset’s local market relevance. The business is therefore geographically concentrated in Sweden, with no meaningful operating diversification disclosed.

Risks

The main business risk is customer concentration, because the entire property is leased to one tenant and any vacancy or renegotiation would materially affect revenue. The company is also exposed to interest-rate and refinancing risk, since debt costs are a major expense and the financing structure includes derivative instruments. As a single-asset property owner, it also faces valuation risk, maintenance risk and local market risk tied to one location in Gothenburg.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Tenant concentration1Interest-rate and refinancing risk2Fair value volatility3
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. Tenant concentrationImpact: CriticalLikelihood: Low

    All rental income comes from Saab AB, so any default, downsizing or non-renewal would hit revenue directly.

    Exposure: Entire property leased to one tenant

  2. Interest-rate and refinancing riskImpact: HighLikelihood: Medium

    Debt service is a major cost item and the company uses borrowings and swaps to manage rate exposure.

    Exposure: Property loans and interest-rate swaps

  3. Fair value volatilityImpact: MediumLikelihood: Low

    Reported earnings can change with property valuation assumptions and derivative mark-to-market movements.

    Exposure: Investment property and swap valuation

  4. Local property market riskImpact: Medium

    The portfolio is concentrated in one Gothenburg asset, so local demand and location-specific factors matter.

    Exposure: Kallebäck 17:2 in Gothenburg

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Accounting

Judgemental items
Investment property fair value

Unrealized value changes can materially affect net income and balance-sheet equity.

Impact: Reported profit may differ substantially from cash flow

Derivative valuation

The interest-rate swap is marked to market, creating non-cash gains or losses.

Impact: Earnings volatility from changes in market rates

Index-linked rental income

KPI adjustments change recognized rent over time and affect comparability between periods.

Impact: Revenue growth can reflect indexation rather than volume

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Last updated: 24/09/2026

Kallebäck Property Invest Revenue, Earnings & Financials 2025 – Clarifo