SVEAFNasdaq StockholmReal EstateIFRS · SEK

Sveafastigheter

Sveafastigheter is a Swedish residential real estate company that owns, manages and develops rental housing. Its portfolio consists mainly of apartment buildings in growth regions across Sweden, with a particular concentration in the Stockholm–Mälardalen area and other metropolitan and university cities. The business combines long-term property management with new residential development and active land and building rights management.

Ask about the company
Revenue61.0m SEK
−95.5 %y/y
Operating profit (EBIT)-0.0m SEK
+100.0 %y/y
EBIT margin-0.0%
+43.1 ppy/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-1,000-50005001,0001,500m SEK2023: 1,361 m SEK20232024: 1,361 m SEK2024: EBIT -587 m SEK20242025: 61 m SEK2025: EBIT -0.00 m SEK202561-0.00
RevenueOperating profit (EBIT)
Ask Clarifo about Sveafastigheter

Business

Share of revenue
Residential Property Management70 %

Ongoing management, leasing and maintenance of rental apartment buildings.

New Development – Rental Housing15 %

Development and construction of new rental apartment projects for the own portfolio.

Project Development & Building Rights10 %

Identification, zoning and value creation in land and building rights for future housing.

Tenant-owned and Owner-occupied Projects5 %

Development and potential sale of tenant-owned units and owner-occupied properties.

Customers

Sveafastigheter’s primary customers are residential tenants who rent apartments in its properties, typically households in Swedish metropolitan regions and university cities. Municipalities and local communities are important stakeholders, as the company focuses on areas with population growth and good employment. In project development, counterparties can also include buyers of tenant-owned units or institutional investors in specific projects.

Residential Tenants – Metropolitan Regions

Households renting apartments in Stockholm, Gothenburg, Malmö and other large cities, valuing safe, well-managed homes and local presence.

Residential Tenants – University Cities and Other Growth Municipalities

Students, young professionals and families in university towns and regional growth areas seeking modern, affordable rental housing.

Municipalities and Public Stakeholders

Local authorities collaborating on zoning, land allocations and housing projects to meet housing shortages and social sustainability goals.

Tenant-owned and Owner-occupied Buyers

End-buyers of tenant-owned apartments and owner-occupied units in selected projects, providing capital recycling and project returns.

Financial Investors and Lenders

Bondholders, banks and other capital providers financing the residential portfolio and development pipeline.

Strategy

Sveafastigheter’s strategy is to own, manage and develop residential properties with a long-term perspective, aiming for stable and growing cash flows and strong total return. The company focuses on organic growth by developing new rental housing in attractive locations, optimising its portfolio through selective acquisitions and disposals, and integrating sustainability into all parts of the business. A balanced capital structure and long-term financing are used to maintain room to act under changing market conditions.

Expand residential management portfolio via new development in growth regionsMedium term

Organic growth in high-demand areas supports stable cash flows and long-term value creation.

Integrate sustainability as a core business driver in both existing portfolio and new buildsLong term

Energy efficiency, low climate impact and social stability reduce costs and enhance attractiveness to tenants and investors.

Maintain a balanced capital structure and strong liquidityMedium term

Controlled leverage and diversified funding provide resilience and flexibility in volatile financial markets.

Optimise existing portfolio through active management and efficiency measuresShort term

Operational improvements and cost control enhance NOI margins and property values.

Secure and develop land and building rights for future housing productionLong term

A strong pipeline of building rights underpins long-term growth and return on equity.

Geography

Sveafastigheter operates exclusively in Sweden, with its property and development portfolio concentrated in growth regions. Around 95% of the management portfolio is located in metropolitan regions and university cities, and the development portfolio is mainly in the Stockholm–Mälardalen region with a clear focus on Stockholm County. This geographic focus ties the company’s performance to Swedish housing market dynamics, local regulation and regional economic conditions.

Risks

Sveafastigheter faces typical residential real estate risks such as changes in housing demand, rent levels, operating costs and project execution, which can affect rental income and property values. Financial risks include refinancing and liquidity risk, interest rate and currency exposure, and credit risk from tenants and financial counterparties. Reporting and sustainability-related risks, including climate, governance and social stability in residential areas, can also impact the company’s ability to meet its long-term goals and maintain stakeholder confidence.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Financing and liquidity risk1Operational risk in property management and residential demand2Project development and construction risk3Climate and sustainability risk4Interest rate and currency risk5Credit and counterparty risk6
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. Financing and liquidity riskImpact: CriticalLikelihood: Low

    Inability to refinance debt or meet payment obligations could constrain investment capacity or force asset sales.

    Exposure: Relies on capital markets and bank financing; manages via financial policy and liquidity forecasts.

  2. Operational risk in property management and residential demandImpact: HighLikelihood: Low

    Changes in demand for homes, rent levels, operational problems or higher operating costs can reduce rental income and profitability.

    Exposure: Concentrated exposure to Swedish metropolitan and university city housing markets.

  3. Project development and construction riskImpact: HighLikelihood: Low

    Cost increases, delays or quality issues in new development projects can erode returns and delay cash flow generation.

    Exposure: Significant new development and building rights portfolio with SEK billions in value.

  4. Climate and sustainability riskImpact: HighLikelihood: Low

    Physical climate events, regulatory changes or failure to meet sustainability expectations can increase costs, require capex and affect asset values.

    Exposure: Large residential portfolio with long asset lifetimes; material topics identified via double materiality assessment.

  5. Interest rate and currency riskImpact: MediumLikelihood: Low

    Interest rate changes affect interest expenses and property valuations, while currency movements can impact derivatives and any foreign exposures.

    Exposure: Currency risk largely hedged with derivatives; interest exposure managed under financial policy.

  6. Credit and counterparty riskImpact: MediumLikelihood: Low

    Tenant defaults or failures by financial counterparties could lead to credit losses and reduced cash flow.

    Exposure: Income spread across many tenants with historically low losses; counterparties monitored and assessed.

  7. Reporting and internal control riskImpact: Medium

    Incorrect, incomplete or delayed financial and sustainability reporting can lead to poor decisions, regulatory issues and reduced stakeholder confidence.

    ExposureComplex IFRS reporting with fair value measurementsCredit loss modelsSustainability disclosures
Ask Clarifo about Sveafastigheter

Accounting

Judgemental items
Fair value measurement of investment properties (IFRS 13 Level 3)

Property values are based on appraisals and assumptions about yields, rents and capex, so small changes can materially impact balance sheet and earnings through value changes.

Impact: Affects total assets, equity and reported unrealised gains/losses.

Goodwill arising from property acquisitions in corporate form

Goodwill reflects differences between nominal and deferred tax in business combinations and must be tested for impairment when indicators arise.

Impact: Potential impairment would reduce equity and profit.

Expected credit losses on rent receivables and financial assets (IFRS 9)

Forward-looking loss reserves based on historical losses, ratings and macro factors can change with economic conditions.

Impact: Influences operating costs and net receivables; affects perceived asset quality.

Derivatives and financial instruments for currency and interest risk

Valuation of derivatives and classification under IFRS 9 require judgment and can introduce volatility if hedge accounting is not fully effective.

Impact: Impacts financial income/expense and other comprehensive income.

Classification and valuation of building rights and development projects

Decisions on when to reclassify building rights to project development and how to measure them affect timing of capitalisation and recognition of value changes.

Impact: Influences investment property values, development margins and future depreciation profile.

Similar listed companies

Publicly listed companies with a comparable business focus.

Stendörren Fastigheter

STEF-B · Real Estate

Neobo Fastigheter

NEOBO · Real Estate

NP3 Fastigheter

NP3-PREF · Real Estate

Samhällsbyggnadsbolaget i Norden AB

Real Estate

Diös Fastigheter

DIOS · Real Estate

Fast. Balder B

BALD-B · Real Estate

Last updated: 24/09/2026