Nasdaq StockholmIFRS · SEK

Tagehus Holding

Tagehus Holding AB is a Swedish family-owned holding company with a multi-generational presence in real estate and related investments. The group combines direct property ownership and development through Credentia with holdings in listed real-estate-related companies and other investment activities.

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Revenue1,293m SEK
Operating profit (EBIT)103m SEK
+1.9 %y/y
EBIT margin8.0%
Net income-0.0m SEK

Fiscal year 2025 · change from previous year

Development 2024–2025

05001,0001,500m SEK2024: EBIT 101 m SEK20242025: 1,293 m SEK2025: EBIT 103 m SEK20251,293103
RevenueOperating profit (EBIT)
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Business

Share of revenue
Property ownership and development45 %

Ownership, development, and construction of residential and community-use properties.

Listed core holdings30 %

Active ownership stakes in listed real-estate-related companies and shares.

Bath and wellness facilities10 %

Operation of bath and fitness/wellness-related facilities.

Other investments15 %

Capital allocation into additional financial and strategic investments.

Customers

Tagehus serves a mix of public-sector, institutional, and private counterparties depending on the segment. Credentia develops housing and community facilities for municipalities, care operators, schools, and other organizations that need purpose-built premises, while the listed holdings segment is driven by investment returns rather than end-customer sales.

Municipal and public-sector buyers

Buy or lease schools, care homes, fire stations, and other community facilities.

Care and welfare operators

Use purpose-built elderly care and social infrastructure premises.

Property investors and listed peers

Represent the investment exposure in listed real-estate-related companies.

Private leisure and wellness users

Use bath and wellness facilities operated within the group.

Strategy

Tagehus focuses on long-term value creation through ownership, development, and construction rather than short-term trading. The group combines active ownership in listed real-estate companies with direct project development, giving it multiple ways to compound capital across the property cycle.

Expand and execute property development projectsMedium term

Development activity is a core source of long-term value creation and project pipeline visibility.

Maintain active ownership in listed real-estate holdingsLong term

Listed stakes provide strategic influence and exposure to the Swedish property market.

Allocate capital across multiple real-estate-linked segmentsLong term

Diversification reduces reliance on any single project type or income stream.

Geography

The group is anchored in Sweden, with Credentia operating in Roslagen and northern Greater Stockholm and headquartered in central Norrtälje. Its listed holdings and property interests are also tied to the Swedish real-estate market, so performance is closely linked to Swedish housing, public infrastructure, and capital-market conditions.

Risks

Tagehus is exposed to Swedish real-estate and construction-cycle risk, including project timing, permitting, financing, and valuation sensitivity. Its listed holdings also create market-price volatility, while leverage and interest-rate movements can affect returns across the property and investment portfolio.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Real-estate market and valuation risk1Project execution and permitting 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. Real-estate market and valuation riskImpact: HighLikelihood: Low

    A large part of the group is tied to property ownership, development, and listed real-estate assets.

    Exposure: Swedish property market

  2. Project execution and permitting riskImpact: HighLikelihood: Low

    Development projects can be delayed or become more costly if approvals, construction, or counterparties change.

    Exposure: Credentia development pipeline

  3. Interest-rate and refinancing riskImpact: High

    The group discloses räntebärande nettoskuld and räntebindning, showing sensitivity to funding costs.

    Exposure: Group-level debt and property financing

  4. Equity market volatility in listed holdingsImpact: Medium

    The value of listed core holdings can move sharply with market sentiment and sector multiples.

    ExposureAtrium LjungbergJohn MattsonK2ASAGAXBesqab
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Accounting

Judgemental items
Fair value of listed holdings and investment properties

The group adjusts balance-sheet measures for overvalues in listed securities and income-producing properties.

Impact: Can materially change net asset value and leverage metrics

Project cost capitalization and timing

Development activity in Credentia requires judgment on which costs are capitalized versus expensed.

Impact: Affects gross margin timing and reported earnings

Net debt and gearing calculations

Management reports räntebärande nettoskuld and nettoskuldsättning as key internal measures.

Impact: Influences how investors assess financial risk

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Last updated: 24/09/2026

Tagehus Holding (XSTO) – Financial Analysis & Key Metrics – Clarifo