SOLNANasdaq StockholmReal Estate ServicesIFRS · SEK

Solnaberg Property

Solnaberg Property AB is a Swedish property company organized around ownership and management of a single commercial real estate asset through its group structure. The business generates income from leasing office, healthcare, warehouse, parking and ancillary space, with operations centered in Sweden.

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Revenue83.3m SEK
+2.9 %y/y
Net income47.6m SEK
+51.7 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-250255075100m SEK2021: 64 m SEK20212022: 64 m SEK20222023: 76 m SEK2023: EBIT -21 m SEK20232024: 81 m SEK2024: EBIT -21 m SEK20242025: 83 m SEK202583
RevenueOperating profit (EBIT)
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Business

Share of revenue
Office premises73 %

Rental of office space within the company's property.

Healthcare premises17 %

Leased space used for healthcare-related operations.

Parking and garage3 %

Parking and garage rental linked to the property.

Warehouse0 %

Small amount of warehouse rental income.

Operating supplements and other income7 %

Indexation, service charges and other ancillary rental income.

Customers

Solnaberg's customers are tenants that lease space in the property, rather than end consumers buying a branded product. The tenant mix includes office users, healthcare operators, and smaller users of warehouse and parking space, with rental demand driven by location, functionality and lease terms.

Office tenants

Businesses leasing office space for day-to-day operations and long-term occupancy.

Healthcare tenants

Operators leasing healthcare premises suited to clinical or care-related use.

Parking users

Tenants and visitors using parking and garage facilities tied to the property.

Warehouse users

Smaller users leasing warehouse space for storage or support functions.

Strategy

Solnaberg's strategy is to manage and lease its property on a long-term basis, keeping occupancy high and maintaining tenant relationships. The company also focuses on preserving asset value through planned maintenance, lease indexation and disciplined balance-sheet management.

High occupancy and lease stabilityShort term

A single-property landlord depends on predictable rental cash flow and tenant retention.

Asset preservation and maintenanceMedium term

Planned upkeep supports tenant satisfaction, rentability and long-term property value.

Balance-sheet disciplineShort term

Property companies rely on bank financing and must stay within covenant limits.

Geography

The group is concentrated in Sweden, with the reported operations and reporting currency both centered there. The property is located in the Stockholm area, so the business is exposed primarily to Swedish leasing conditions, local demand for office and healthcare space, and domestic financing markets.

Risks

The main risks come from concentration in a single property, tenant vacancy, and dependence on Swedish commercial real estate conditions. Because the business is financed with bank debt, interest rates, covenant compliance and property valuation also have a direct effect on flexibility and reported results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Interest rate and refinancing risk1Covenant compliance risk4
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. Interest rate and refinancing riskImpact: HighLikelihood: Low

    The company uses bank financing, so debt costs and refinancing terms matter to cash flow.

    Exposure: Bank loans and covenant reporting

  2. Single-property concentrationImpact: High

    The group owns and manages only one main property, so any operational issue affects the whole business.

    ExposureProperty-level disruptionVacancyMaintenance or valuation changes
  3. Tenant vacancy and lease renewal riskImpact: High

    Rental income depends on occupancy and lease continuity in a concentrated asset.

    ExposureVacancy in officeHealthcare or ancillary space
  4. Covenant compliance riskImpact: MediumLikelihood: Low

    Loan agreements require key ratios such as interest coverage and loan-to-value to be met.

    Exposure: Quarterly covenant monitoring

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Accounting

Judgemental items
Fair value measurement of investment property

The property is carried at market value, so valuation changes flow through reported results and equity.

Impact: Reported profit and net asset value

Rental income recognition and ancillary charges

Income includes base rent plus supplements such as indexation and operating charges.

Impact: Revenue comparability across periods

Maintenance and operating expense timing

Planned maintenance can shift costs between periods and affect operating surplus.

Impact: Quarterly and annual operating result

Bank debt and covenant disclosures

Debt maturity structure and covenant compliance are important for a leveraged property company.

Impact: Liquidity and going-concern assessment

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Last updated: 24/09/2026

Solnaberg Property (SOLNA) Revenue, Earnings & Financials 2025 – Clarifo