interim report 2025, January to September

8.4 percent
net operating income growth,
like-for-like

rental income growth of 5.2 percent,
like-for-like

Rental income was EUR 277 million,
an increase of 4.3 percent or 5.2 percent like-for-like,
compared to the same period 2024.

vacancy rate at 3.5 percent

The vacancy rate continues to drop,
from 4.9 to 3.5 percent during the last twelve months.
The vacancy rate excluding construction work was 1.8 percent.

capitalization rate at 4.86 percent

The value growth was EUR 33 million,
or 0.6 percent, mainly due to improved property cashflow.

Total property fair value decreased,
from EUR 5,992 million to EUR 5,657 million in 2025,
mainly due to the depreciation of the USD and CAD,
resulting in a negative impact of EUR 520 million.

The capitalization rate went from 4.89 to 4.86 percent during 2025,
till at elevated level due to the interest environment and market uncertainty.

acquisitions for EUR 92 million

Akelius purchased two properties in Berlin,
one in Ottawa and one in London during the period.

loan-to-value at 39 percent

The loan-to-value was 39 percent.

The board of directors has amended the finance policy,
by increasing the loan-to-value limit to 40 percent,
from previous 35 percent.

strong financial position

Akelius has access to multiple funding sources.
With refinancing along with new loans,
the average interest rate has increased year-to-date,
from 1.15 to 1.81 percent.
The debt maturity is 3.4 years,
compared to 2.7 years at the end of 2024.

Akelius has the financial guarantee from the main owner,
currently at EUR 1,500 million.

CEO, Ralf Spann

We have completed capital projects,
reduced vacancies and implemented a high level of cost awareness.
Hard work pays off.
 

Stockholm, 2025-10-24

Ralf Spann
CEO

+49 173 643 65 90
[email protected]
 

The information was submitted for publication at 10.30am CEST on 24 October 2025.