Hufvudstaden AB

Latest Results (15.01.2026):

Summary of Hufvudstaden AB — Q4 2024 / full-year 2024: Hufvudstaden AB’s 2024 annual report (covering results to year‑end and Q4 2024) shows stable property‑management performance, higher gross profit and a return to a positive net result for the year. Net revenue from property management (net) was SEK 2,120m, gross profit from property management SEK 1,435m, and net result for 2024 SEK 365m (improved from -1,927 in 2023). The Board proposes a raised dividend of SEK 2.80 per share. Key balance‑sheet metrics remained strong: fair value of properties SEK 47.1bn, equity ratio 59% and net loan‑to‑value about 21%.

Financial headline

Full‑year performance: Net revenue (property management, net) SEK 2,120m (incl. intra‑Group rent SEK 2,319m). Gross profit from property management up 6% to SEK 1,435m. Net result for the year SEK 365m (prior year -1,927), chiefly driven by much smaller negative unrealised property value changes (‑603m in 2024 vs ‑4,042m in 2023). Net profit from current operations was SEK 934m (up SEK 31m).

Property portfolio

Portfolio size and vacancy: Group owns 29 properties valued at SEK 47.1bn (Stockholm SEK 39.6bn; Gothenburg SEK 7.5bn). Rental vacancy 7.1% (8.8), and 5.0% excluding current development projects. EPRA NRV reported SEK 185 per share.

Leasing and operations

Leasing activity and tenants: Leasing contributed to higher rent revenue. In Stockholm Business Area lettings included new and renegotiated leases across quality office and retail tenants (examples: HCLTech, Simon‑Kucher, Danske Bank adaptations). NK business saw increased department‑store sales but weaker property management profitability; NK Retail undertook brand and operational changes (SKIMS launch, new food/restaurant concepts) to improve future profitability.

Development projects

Major projects and capex: Kvarteret Johanna (Gothenburg) reached full height and is moving toward tenant occupancy (first tenants expected 2026). Orgelpipan 7 (near Stockholm Central) detailed plan approved for ~3,000 sqm office extension; project planning started. Packarhuset 4 (Danske Bank) adaptation emphasised re‑use and circular solutions. Investments in projects in 2024 were ~SEK 980m (incl. redevelopment and tenant adaptations).

Balance sheet & financing

Strength & funding: Equity ratio 59%, net loan‑to‑value ~21% (21.4% reported), interest coverage ratio 4.5x. The Group increased proportion of green financing (reported 73%), and financing markets improved as interest‑rate pressures eased late in 2024.

Sustainability

Targets and progress: Hufvudstaden continues to push energy and climate work — energy use per sqm down ~17% vs 2019; target of climate‑neutral property management by 2025 for owned operations (scope within own operations); 84% of properties Green Building‑certified; practical measures include large re‑use focus in Packarhuset 4, solar cells at Femman and fast chargers at NK Parkering.

Dividend & outlook

Shareholder return and outlook: Board proposes dividend SEK 2.80 per share (up 4% from 2.70). Management notes an uncertain macro environment but reports improving transaction sentiment late 2024, stable central‑location demand, and continued emphasis in 2025 on leasing, customer satisfaction, sustainability and strengthening NK’s profitability.