# Tagehus Holding

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/tagehusholding).

## Overview

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.

## Products & services

• Direct ownership and development of properties
• Development of housing and community facilities
• Holdings in listed real-estate-related companies
• Bath and wellness facility operations
• Other investment and capital allocation activities

- **Property ownership and development** (45%) — Ownership, development, and construction of residential and community-use properties.
- **Listed core holdings** (30%) — Active ownership stakes in listed real-estate-related companies and shares.
- **Bath and wellness facilities** (10%) — Operation of bath and fitness/wellness-related facilities.
- **Other investments** (15%) — Capital allocation into additional financial and strategic investments.

- Direct ownership and development of properties
- Development of housing and community facilities
- Holdings in listed real-estate-related companies
- Bath and wellness facility operations
- Other investment and capital allocation activities

## 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** (primary) — Buy or lease schools, care homes, fire stations, and other community facilities.
- **Care and welfare operators** (primary) — Use purpose-built elderly care and social infrastructure premises.
- **Property investors and listed peers** (secondary) — Represent the investment exposure in listed real-estate-related companies.
- **Private leisure and wellness users** (secondary) — Use bath and wellness facilities operated within the group.

- Municipalities needing schools, care homes, and public facilities
- Care and welfare operators leasing or buying purpose-built premises
- Institutional and listed-property investors through equity holdings
- Private users of bath and wellness facilities
- Counterparties in property transactions and development projects

## 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.

- Sweden is the core operating market
- Credentia operates in Roslagen and northern Greater Stockholm
- Headquarters are in Norrtälje, Sweden
- Listed holdings are concentrated in Swedish real-estate names
- Local Swedish property demand shapes project pipeline and returns

## 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 projects** (medium-term) — Development activity is a core source of long-term value creation and project pipeline visibility.
- **Maintain active ownership in listed real-estate holdings** (long-term) — Listed stakes provide strategic influence and exposure to the Swedish property market.
- **Allocate capital across multiple real-estate-linked segments** (long-term) — Diversification reduces reliance on any single project type or income stream.

- Build long-term value through ownership, development, and construction
- Maintain active ownership in listed real-estate-related companies
- Develop housing and community infrastructure through Credentia
- Use a diversified structure across property, listed holdings, and investments
- Preserve a long investment horizon typical of family-owned capital

## 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.

- **Real-estate market and valuation risk** [high] — A large part of the group is tied to property ownership, development, and listed real-estate assets.
- **Project execution and permitting risk** [high] — Development projects can be delayed or become more costly if approvals, construction, or counterparties change.
- **Interest-rate and refinancing risk** [high] — The group discloses räntebärande nettoskuld and räntebindning, showing sensitivity to funding costs.
- **Equity market volatility in listed holdings** [medium] — The value of listed core holdings can move sharply with market sentiment and sector multiples.

- Property development depends on permits, execution, and project timing
- Listed holdings expose results to market-price volatility
- Interest-rate changes affect financing and property valuations
- Concentration in Swedish real estate increases cyclical exposure
- Public-sector project demand can shift with municipal budgets

## Accounting

The group uses adjusted EBITDA, adjusted balance sheet totals, net debt, and gearing measures that exclude cash and revalue certain listed securities and investment properties, so valuation judgments can materially affect reported leverage. For development and property assets, investors should watch fair-value assumptions, capitalization of project costs, and any impairment or remeasurement effects on the balance sheet.

- **Fair value of listed holdings and investment properties** — Can materially change net asset value and leverage metrics
- **Project cost capitalization and timing** — Affects gross margin timing and reported earnings
- **Net debt and gearing calculations** — Influences how investors assess financial risk

- Adjusted balance sheet excludes cash and adjusts for listed securities and properties
- Fair value estimates can move net asset value and gearing
- Development cost capitalization affects project profitability timing
- Investment property valuation can materially affect equity
- Net debt and interest coverage are key covenant-style metrics

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*Last updated: 2026-08-11T04:04:56.528735+00:00*