Housing market

“Asumisen, liikkumisen ja yritystiedon digitaaliset palvelut vahvistivat asemaansa, vaikka perusmarkkinat – erityisesti asuntokauppa ja uusien autojen myynti – pysyivät volyymiltaan vaimeina.”

Annual report 2025A · The company itself

“Tilikauden loppua kohden autojen myynti pysyi vakaana ja vuoden viimeisellä neljännekselle uusien autojen rekisteröinnit vähenivät 3,4 %. Asumisen markkinakehitys Kiinteistönvälitysalan Keskusliiton mukaan vuoden 2025 asuntokauppamäärät kasvoivat yhteensä 10,7 % 58 282 asuntokauppaan.”

Annual report 2025A · The company itself

“Alma Marketplaces • Johtavat asumisen, liikekiinteistöiden ja liikkumisen markkinapaikat. • Asunto- ja autokaupan järjestelmät. • Digitaaliset tietopalvelut. • Vertailupalvelut. • Toimii Suomessa ja Ruotsissa.”

Annual report 2025A · The company itself

“Strategy. The mortgage insurance market operates on a distinct underwriting cycle, with demand driven mainly by the housing market and general economic conditions. As a result, the creation of the mortgage group provides us with a more diverse revenue stream. Our mortgage group’s strategy is to capitalize on its financial capacity, mortgage insurance technology platform, operational flexibility and experienced management to offer mortgage insurance, reinsurance and other risk-sharing products in the U.S., Europe, the U.K. and Australia.”

Annual report 2025A · The company itself

“For our U.S. and Australian mortgage insurance businesses, in addition to utilizing reinsurance, we have developed proprietary risk models that simulate the maximum loss resulting from severe economic events impacting the housing market. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Catastrophic Events and Severe Economic Events.””

Annual report 2025A · The company itself

“Borrowers default for a variety of reasons, including a reduction of income, unemployment, divorce, illness, inability to manage credit, rising interest rate levels and declining home prices.”

Annual report 2025A · The company itself

“In addition, Arch MI U.S. and other private mortgage insurers increasingly compete with multi-line reinsurers and capital markets alternatives to private mortgage insurance. The GSEs continued their respective mortgage CRT programs, including the use of front and back-end transactions with multi-line reinsurers, with approximately 25 unique (re)insurers that regularly participate in transactions in addition to funded credit investors. These transactions continue to create opportunities for multi-line property casualty reinsurance groups and capital markets participants.”

Annual report 2025A · The company itself

“For our U.S. mortgage insurance business, in addition to utilizing reinsurance, we have developed a proprietary risk model that simulates the maximum probable loss resulting from a severe economic event impacting the housing market.”

Annual report 2025A · The company itself

“The mix of business in our insured loan portfolio may affect losses. The presence of multiple higher-risk characteristics in a loan materially increases the likelihood of a claim unless there are other characteristics to mitigate the risk.”

Annual report 2025A · The company itself

“Changes in underwriting standards, loan terms or credit evaluation methodologies (including those driven by the GSEs, regulators or market competition) could result in a higher‑ risk mortgage insurance portfolio and increase the frequency and severity of claims, which could have a material adverse effect on our business, results of operation and financial condition.”

Annual report 2025A · The company itself

“Thus, higher than anticipated claims generally cannot be offset by premium increases on policies in force or mitigated by our non-renewal or cancellation of insurance coverage.”

Annual report 2025A · The company itself

“The frequency and severity of claims we incur is uncertain and will depend largely on general economic factors outside of our control, including, among others, changes in unemployment and home prices affordability.”

Annual report 2025A · The company itself

“Inflated home prices followed by a decline in home values could significantly decrease a borrower’s equity in their home, which would limit their ability to sell the property without incurring a loss and could increase the frequency and severity of claims.”

Annual report 2025A · The company itself

“Other factors affecting the volume of low down payment mortgage originations include, among others: restrictions on mortgage credit due to stringent underwriting standards and liquidity issues affecting lenders; changes in affordability due to increased mortgage interest rates and home prices, and other economic conditions in the U.S., Australian and regional economies; population trends, including the rate of household formation and immigration; supply constraints and increased building costs; and U.S. and Australian government housing policy, including policies encouraging loans to first time home buyers.”

Annual report 2025A · The company itself

“Arch MI U.S.’s minimum required assets under the PMIERs will be determined, in part, by the particular risk profiles of the loans it insures. If, absent other changes, Arch MI U.S.’s mix of business changes to include more loans with higher loan-to-value ratios or lower credit scores, it will have a higher minimum required asset amount under the PMIERs and, accordingly, be required to hold more capital in order to maintain GSE eligibility.”

Annual report 2025A · The company itself

“•Maintain our position as a leading provider of U.S. mortgage insurance business. We have been a leading provider of mortgage insurance products and services to national and regional banks and mortgage originators for most of the last decade, and this position has helped us generate significant business opportunities for Arch. •Diversify revenues by capitalizing on international opportunities.”

Annual report 2025A · The company itself

“Mortgage Operations Our mortgage operations include mortgage insurance and reinsurance in the U.S. and internationally, as well as participation in GSE credit risk-sharing transactions. Our mortgage group includes direct mortgage insurance in the U.S. primarily through Arch Mortgage Insurance Company (“AMIC”), United Guaranty Residential Insurance Company (“UGRIC”), and Arch Mortgage Guaranty Company (“AMG” and together with AMIC and UGRIC, “Arch MI U.S.”); mortgage reinsurance primarily through Arch Re Bermuda on both a proportional and non-proportional basis globally; mortgage insurance and reinsurance in the EEA and U.K. primarily through Arch Insurance (EU), and in Australia through Arch Indemnity; and participation in various GSE credit risk-sharing products primarily through Arch Re Bermuda.”

Annual report 2025A · The company itself

“Under their monoline insurance licenses, each of Arch’s eligible mortgage insurers may only offer private mortgage insurance covering first lien, one-to-four family residential mortgages. Nearly all of our mortgage insurance written provides first loss protection on loans originated by mortgage lenders and sold to the GSEs. Each GSE’s Congressional charter generally prohibits it from purchasing a mortgage where the principal balance of the mortgage is in excess of 80% of the value of the property securing the mortgage unless the excess portion of the mortgage is protected against default by lender recourse, participation or by a qualified insurer. As a result, such “high loan-to-value mortgages” purchased by Fannie Mae or Freddie Mac generally are insured with private mortgage insurance.”

Annual report 2025A · The company itself

“Mortgage insurance protects the insured lender, investor or GSE against loss in the event of a borrower’s default. If a borrower defaults on mortgage payments, private mortgage insurance reduces, and may eliminate, losses to the insured. Private mortgage insurance may also facilitate the sale of mortgage loans in the secondary mortgage market because of the credit enhancement it provides.”

Annual report 2025A · The company itself

“•Mortgage insurance and reinsurance in Europe and other countries where we identify profitable underwriting opportunities. Since 2011, Arch Insurance (EU) has offered mortgage insurance to European mortgage lenders in order to reduce lenders’ credit risk and regulatory capital requirements associated with the insured mortgages. In certain European countries, lenders purchase mortgage insurance to facilitate regulatory compliance with respect to high loan-to-value residential lending.”

Annual report 2025A · The company itself

“In addition to providing traditional mortgage insurance and reinsurance, we offer various credit risk-sharing products to government agencies and mortgage lenders. The GSEs have reduced their exposure to mortgage risk by shifting a portion of it to the private sector, creating opportunities for insurers to assume additional mortgage risk. Arch Re Bermuda and its affiliates have regularly participated in both Fannie Mae and Freddie Mac single family and multifamily risk sharing programs since their inception over 10 years ago.”

Annual report 2025A · The company itself

“Risks Relating to Our Mortgage Operations The ultimate performance of our mortgage insurance portfolios remains uncertain.”

Annual report 2025A · The company itself

“Den avvaktande bostadsmarknaden har lett till ett stort utbud av bostäder till försäljning på andrahandsmarknaden i vissa marknader.”

Annual report 2024A · The company itself

“Bolaget står inför förändringar på bostadsmarknaden som negativt påverkar efterfrågan på bostäder. Bostadsmarknaden analyseras kontinuerligt av interna och externa experter för att förutse förändringar i marknadsförhållandena så tidigt som möjligt.”

Annual report 2024A · The company itself

“Once the market really recovers, Bonava Sweden will be able to offer an attractive breadth of housing units, to rent or own, in or near large cities.”

Annual report 2024A · The company itself

“Unfavorable changes in demographics, credit markets, including rising mortgage and other interest rates, consumer confidence, household incomes, inflation, housing affordability, or housing inventory levels and occupancy, or a weakening of the U.S. economy or of any regional or local economy in which we operate could adversely affect consumer spending, result in decreased demand for our products, and adversely affect our business.”

Annual report 2025A · The company itself

“Home affordability can be a key driver in demand for our products, and home prices have increased meaningfully over the past several years. Home affordability is influenced by a number of economic factors, such as the level of employment, consumer confidence, consumer income, supply of houses, the availability of financing and interest rates.”

Annual report 2025A · The company itself

“The building products industry is highly dependent on new home and multi-family construction as well as repair and remodel, which in turn are dependent upon a number of factors, outside of our control, including interest rates, consumer confidence, employment rates, foreclosure rates, housing inventory levels and occupancy, housing demand and the health of the U.S. economy and mortgage markets.”

Annual report 2025A · The company itself

“Our business is significantly affected by generally prevailing economic conditions in the markets where we operate. Adverse economic conditions, political or regulatory uncertainty and significant public health events may result in declines in real estate sale and leasing volumes and the value of commercial real estate.”

Annual report 2025A · The company itself

“Management estimates that investable wealth in the United States (U.S.) (consisting of assets in defined contribution, retail wealth management and brokerage, and registered investment advisor channels, along with bank deposits) currently exceeds $80 trillion, which means the Company’s $11.90 trillion in client assets leaves substantial opportunity for growth. Our strategy is based on the principle that developing trusted relationships will translate into more assets from both new and existing clients, ultimately driving more revenue, and along with expense discipline and thoughtful capital management, will generate earnings growth and build long-term stockholder value.”

Annual report 2025A · The company itself

“Our business can be adversely affected by the general environment – economic, corporate, securities market, regulatory, and geopolitical developments all play a role in client asset valuations, trading activity, interest rates, and overall investor engagement, and are outside of our control. Deterioration in the housing and credit markets and decreases in securities valuations negatively impact our results of operations and capital resources.”

Annual report 2025A · The company itself

“Increases in delinquency and default rates, housing and stock price declines, increases in the unemployment rate, and other economic factors, can result in increases in allowances for credit losses and related credit loss expense, as well as write-downs on such loans.”

Annual report 2025A · The company itself

“A deterioration in economic conditions or changes in consumer or business behavior that negatively impact home or commercial property values could, in event of the borrower’s default, result in materially higher credit losses. Similarly, elevated unemployment levels and higher interest rates can adversely affect our customers’ ability to repay their loans, which can negatively impact our credit performance.”

Annual report 2025A · The company itself

“Our consumer banking portfolio is comprised of five retail categories of loans: residential mortgages, home equity, education, automobile, and other retail. Residential Mortgages and Home Equity Residential mortgages are loans to consumers to purchase or refinance 1-4 family residential properties and are generally structured with repayment terms ranging from 15 to 30 years.”

Annual report 2025A · The company itself

“Uudisrakentamisen heikkona pysynyt kysyntä ja yksityisten kiinteistösijoitusyhtiöiden varovaisuus käynnistää uusia korjaushankkeita on pitänyt yllä kireää kilpailua sekä korjaushankkeista että taloteknisistä urakoista.”

Annual report 2025A · The company itself

“Uusien asuntojen rakentamisen markkina on kärsinyt useamman vuoden voimakkaasta laskusuhdanteesta. Poikkeuksellisen kiivaan asuntojen uudistuotannon jälkeen asuntorakentaminen sukelsi vuosina 2023–2024 noin 30 prosenttia vuodessa.”

Annual report 2025A · The company itself

“Asunto-osakeyhtiöiden korjaushankkeita on kuitenkin hidastanut rahoituksen saatavuus.”

Annual report 2025A · The company itself

“2025 har været præget af øget aktivitet og en gradvis stabilisering på det københavnske ejendomsmarked. Efter en periode med stigende renter og afventende investorer, har faldende finansieringsomkostninger og større makroøkonomisk stabilitet bidraget til at genåbne investeringsmarkedet. Boligmarkedet er fortsat en særligt eftertragtet aktivklasse, og de markante prisstigninger på ejerlejligheder har øget efterspørgslen efter lejeboliger.”

Annual report 2025A · The company itself

“Det københavnske boligmarked er fortsat den mest attraktive aktivklasse blandt investorer. Faldende renter og øget økonomisk stabilitet har genaktiveret investeringslysten, hvilket blandt andet kom til udtryk idet, boligejendomme udgjorde en betydelig andel af transaktionerne i 2025. Den strukturelle ubalance mellem udbud og efterspørgsel understøtter segmentet.”

Annual report 2025A · The company itself

“Idet udgifterne til en ejerbolig siden 2019 er steget markant mere end udgifterne til en lejebolig, viser undersøgelser at det i næsten halvdelen af landets kommuner er billigere at bo i en lejebolig end at købe en tilsvarende ejerbolig. Det seneste år er priserne på ejerboliger i København steget med 22% - en stigning, der til dels er drevet af stor efterspørgsel og et rekordlavt udbud af ejerboliger. Boligbyrden angiver, hvor stor en del af den disponible indkomst, som bruges på husleje. At en større andel af boligbyrden skal bruges på ejerudgifter til ejerboliger end til husleje i lejeboliger har skabt en øget efterspørgsel på lejeboliger, særligt i de større byer, hvilket påvirker det private udlejningsmarked positivt.”

Annual report 2025A · The company itself

“Renteoppgangen i 2022 og 2023 bidro til svekkelsen av norske husholdningers kjøpekraft. Samtidig hadde husholdningene høye finansielle buffere etter pandemien som sammen med sysselsettingsvekst bidro til å understøtte husholdningenes etterspørsel.”

Annual report 2024A · The company itself

“Boligmarkedet har blitt støttet av høy innvandring og offentlig finansiering.”

Annual report 2024A · The company itself

“Fysisk klimarisiko som DNB er utsatt for kan forekomme blant annet gjennom utlån til eiendom, både innen næringseiendom- og boliglånsporteføljen. Framtidige klimarelaterte hendelser kan redusere verdien på eiendommer, eller føre til skade på eiendommene, noe som kan svekke verdien av panteobjekter og kredittverdigheten til kunder.”

Annual report 2024A · The company itself

“Kapital sikres blant annet gjennom innskudd fra kunder og investeringer fra aksjonærer.”

Annual report 2024A · The company itself

“Følgende faktorer vil bidra til at konsernet når målet for egenkapitalavkastning (ROE): vekst i utlån og provisjoner og gebyrer fra kapitallette produkter, i kombinasjon med kostnadskontroll og effektiv kapitalstyring. Den årlige ambisjonen for organisk utlånsvekst for konsernet er mellom 3 og 4 prosent over tid, men den kan være lavere eller høyere i visse år.”

Annual report 2024A · The company itself

“Resultatregnskap i millioner kroner 2024 2023 Netto renteinntekter 22152 21658 Netto andre driftsinntekter 5967 5423 Sum inntekter 28118 27081 Driftskostnader (11266) (11135) Driftsresultat før nedskrivninger og skatt 16852 15945 Netto gevinst på varige og immaterielle eiendeler (3) 0 Nedskrivninger på finansielle instrumenter (237) (511) Driftsresultat før skatt 16612 15434 Resultat for regnskapsåret 12459 11576 Gjennomsnittlige balanseposter i milliarder kroner Netto utlån til kunder 945,9 958,1 Innskudd fra kunder 578,4 585,8 Nøkkeltall i prosent Avkastning på allokert kapital 20,2 18,5 Utvikling i utlån, innskudd og netto renteinntekter Milliarder kroner 2023 2024 Netto utlån til kunder (gjennomsnitt per år) Innskudd fra kunder (gjennomsnitt per år) Bedriftskunder Norge Det var høy kundeaktivitet i segmentet bedriftskunder Norge, med en solid avkastning på allokert kapital på 23,0 prosent.”

Annual report 2024A · The company itself

“Der er fortsat positive forventninger til udlejningsmarkedet og til Berlin som investeringscase, idet efterspørgslen efter en bolig langt overstiger udbuddet, og der stadig forventes befolkningstilvækst som følge af erhvervsudviklingen i byen.”

Annual report 2025A · The company itself

“Når man tager den forventede befolkningstilvækst i Berlin frem mod 2040, de seneste års erfaringer med udfordringerne ved at øge boligbyggeriet samt analyser af det fremtidige boligbehov i betragtning, er der grund til at forvente, at efterspørgslen efter boliger vil forblive høj i de kommende år.”

Annual report 2025A · The company itself

“In particular, we expect U.S. mortgage credit activity in 2026 to be below the levels of activity seen in 2025. Any weakening in the U.S. mortgage market resulting in a significant reduction in mortgage originations could have a corresponding negative impact on revenue and operating profit for our business, primarily within the Workforce Solutions and USIS operating segments.”

Annual report 2025A · The company itself

“Markedet for investeringsejendomme i boligsegmentet dominerede igen i 2025 og udgjorde med 51% af den samlede volumen drivkraften i den samlede investeringsaktivitet. Der er således handlet boligejendomme for 37 mia. kr. i 2025, hvilket er en stigning på 36% sammenlignet med 2024.”

Annual report 2025A · The company itself

“Residential and non-residential markets each account for approximately half of our net sales, with net sales within these combined markets balanced between repair, maintenance and improvement (“RMI”) (approximately two-thirds of our net sales) and new construction (approximately one-third of our net sales), based on management’s estimates.”

Annual report 2025A · The company itself

“Our financial performance depends significantly on the stability of the housing and home improvement markets, as well as general economic conditions, including changes in gross domestic product. Adverse conditions in or uncertainty about these markets, the economy, or the political or social climate could adversely impact, and we believe in some cases has adversely impacted, our customers’ confidence or financial condition, causing them to decide against purchasing home improvement products and services, causing them to delay purchasing decisions, or impacting their ability to pay for products and services.”

Annual report 2026A · The company itself

“positive underlying macro-economic indicators such as declining interest rates, higher employment rates and rising housing prices”

Annual report 2025A · The company itself

“political incentives are expected in 2026 to increase real estate transactions by offering an increased loan ratio and lower down payments”

Annual report 2025A · The company itself

“Over the last 40 years, the Danish market for new-build detached houses has been largely stable with annual completions of approximately 6,000 houses on average.”

Annual report 2025A · The company itself

“The increasing number of permits in the detached market was driven by positive underlying macro-economic indicators such as declining interest rates, higher employment rates and rising housing prices.”

Annual report 2025A · The company itself

“(Sweden) To fuel the Swedish economy and counter increasing existing house prices, political incentives are expected in 2026 to increase real estate transactions by offering an increased loan ratio and lower down payments. This development points towards a modest increase in economic activity, and we therefore anticipate a slightly increasing market and moderate growth in 2026.”

Annual report 2025A · The company itself

“Detached market in Denmark The detached market in Denmark is our main business segment, in which we aim to strengthen our leadership position through market share gains while leveraging the advantages of our flexible business model to adjust to changes in the market and ensure continued improvement of our profitability.”

Annual report 2025A · The company itself

“Med klimatsmart projektering och hållbarhetsanpassade installationer säkerställer Instalco lägre resursförbrukning och framtidssäkrar samhället. Sverige har en växande befolkning och framför allt sker en befolkningsomyttning mellan olika regioner i landet vilket hela tiden skapar behov för nya bostäder.”

Annual report 2024A · The company itself

“In addition, adverse conditions in the residential mortgage lending industry, including a substantial or prolonged decline in mortgage lending volume or an increase in mortgage foreclosure volume, have in the past increased our costs or had an adverse effect on our revenues, and may continue to do so in the future. For example, beginning in early 2022, in line with the Federal Reserve raising rates numerous times as part of its anti-inflation strategy, mortgage lending volume decreased substantially.”

Annual report 2025A · The company itself

“Factors that are currently adversely impacting mortgage lending volumes include elevated mortgage interest rates, as well as housing affordability and availability. Additional factors that could now or in the future adversely impact mortgage lending volumes include persistent or increasing housing affordability concerns, reduced consumer and investor demand for mortgages, more stringent underwriting guidelines, decreased liquidity in the secondary mortgage market, high levels of unemployment, high levels of consumer debt, lower consumer confidence, changes in tax and other regulatory policies, the number of existing mortgages eligible for refinancing, and other macroeconomic factors.”

Annual report 2025A · The company itself

“In addition, interest rates are a significant factor influencing mortgage loan production volumes and loan foreclosures, as discussed above. Rising or high interest rates generally reduce mortgage loan production volumes and increase loan foreclosures, which has in the past impacted, and could in the future impact, our transaction-based revenues.”

Annual report 2025A · The company itself

“Sedan 2022, då bostadspriserna föll kraftigt, har de reala bostadspriserna rört sig huvudsakligen i sidled. Under slutet av 2024 kunde dock en prisökning i både reala och nominella termer skönjas.”

Annual report 2024A · The company itself

“Andelen sålda och bokade bostäder i förhållande till pågående produktion uppgick till 59 procent (54). Intervallet 60–65 procent bedöms som nor - mal nivå.”

Annual report 2024A · The company itself

“There are many variables that affect consumer demand for the home improvement products and services we offer. Key indicators we monitor include home price appreciation, age of the housing stock, real disposable personal income, housing turnover, and residential and commercial construction.”

Annual report 2026A · The company itself

“Sales of many of our product categories and services are driven by the activity level of home improvement projects. Adverse development in these factors could result in a decrease in home improvement activity which could reduce demand for our products and services.”

Annual report 2026A · The company itself

“Strategic Risks Our business strategy is focused on residential repair and remodeling activity and, to a lesser extent, on new home construction activity, both of which are impacted by a number of economic and other factors. Our business performance relies on residential repair and remodeling activity and, to a lesser extent, on new home construction activity.”

Annual report 2025A · The company itself

“Our ability to lease our properties at favorable rates is adversely affected by the increase in supply in the multifamily and other rental markets and is dependent upon the overall level in the economy, which is adversely affected by, among other things, job losses and unemployment levels, personal debt levels, a downturn in the housing market, stock market volatility, inflationary conditions and uncertainty about the future. Some of our major expenses generally do not decline when rents decline. We would expect that declines in our occupancy levels, rental revenues and/or the values of our properties would cause us to have less cash available to make payments on our debt and to make distributions, which could adversely affect our financial condition or the market value of our securities.”

Annual report 2025A · The company itself

“Factors that may affect our occupancy levels, our rental revenues and/or the value of our properties include the following, among others: • downturns in global, national, regional and local economic conditions, particularly increases in unemployment or decreases in job growth in our markets; • declines in mortgage interest rates and home pricing, making alternative housing options more affordable; • government or builder incentives with respect to home ownership, making alternative housing options more attractive; • local real estate market conditions, including oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents or commercial tenants, which may make it more difficult for us to collect rents from some residents or commercial tenants; • declines in market rental rates; • declines in household formation; and • increases in operating costs, if these costs cannot be passed through to our residents or commercial tenants.”

Annual report 2025A · The company itself

“During fiscal 2026, high home prices and other housing-related costs, low inventory, elevated interest rates and lower levels of consumer confidence continued to adversely impact the U.S. real estate market and the Digital Real Estate Services segment.”

Annual report 2026A · The company itself

“1www.iea.org/events/ 2www.iea.org/reports/ Takten i omställningen beror på ett  • Energiprisernas utveckling – framförallt utvecklingen avprisskillnadenmellanelektricitetochfossila bränslensomoljaochnaturgas. • Politiskastyrmedel–delsdirektaekonomiskastödoch subventionerföromställningochenergiskatter,dels indirektastödsompåverkarkostnadernaförny-eller ombyggnationer • Myndighetskravpåprodukter–blandannat Eco-designdirektivet,somangerminimikravpåenergiprestandahosprodukterpåEU-marknaden.Avsikten ärattförbättraprodukternasmiljöprestandaunder helaproduktenslivscykeln. • Begränsningavinstallationavgaspannorvidutbyte avvärmekällaochförbudmotgasanslutningvid nybyggnation. • Utbyggnadenavfossilfriinfrastrukturförklimatisering ochtappvarmvatten. • ”Smartbuildings”–medförökadefterfråganpåbättre energiprestandaochstyrningavbådeenfamiljsbostädersochkommersiellafastighetersklimatsystem. • Fastighets-ochbyggmarknadensutveckling,där nybyggnationochrenoveringoftainnebärinstallation avhållbaraenergilösningar. • Kostnadenförslutkonsumentenäravgörandeför investeringochdriftskostnad,beroendepåenergislag. • Rådandekonjunkturläge–vilkettillfälligtkanminska konsumentersköpkraftmenocksåmedföraen uppdämdefterfrågannärkonjunkturenvänder. · 34 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS 2024 202320222021 2020 -17 Måluppfyllelse 2024202320222021 2020 Måluppfyllelse 17,8 16,1 15,0 16,6 Måluppfyllelse Lorem ipsum 9,3* *Exkl Jämförelsestörande poster Tillväxtmål  Under2024varnedgångentotalt-17,0%(+20,3%)varav-21,2%(+14,4%)var organisk.Detinnebärattdenorganiskatillväxtenvar35,6procentenheter lägreän2023.Tillväxtenharigenomsnittvarit9,6%underdesenastefem åren.”

Annual report 2024A · The company itself

“Högre inflation och kraftigt stigande räntor ledde till avsevärt minskadaktivitetförbåderenoveringarochnybyggnation.Potentialenimarknadenärdockoförändrad.Genomattvidmakthållavår starkamarknadspositionkommerviattgynnasavdenfortsattlångsiktiga marknadstillväxten. En systematisk marknadsbearbetning harocksåskettförattsäkerställaochytterligareförstärkavårlångsiktigamarknadsposition.”

Annual report 2024A · The company itself

“Viserfortsattenutmanandemarknadförhelabrasvärmebranschen,menmed detgångnaåretsavslutandekvartalsomvisarteckenpåenvissförbättrad efterfråganiNordamerikaocheneuropeiskmarknadsomvisarenklartlägre nedgångstaktjämförtmedbörjanpå året.Viserattlagernivåernahosvåra återförsäljare nått acceptabla nivåer och vi förväntar oss att genomförda och möjligen förväntade ytterligare räntesänkningar i framför allt Europa kommer att stimulera renoveringar och nybyggnation.Nedgången i försäljningfråntillverkare till återförsäljarehargenom gjorda lagerneddragningar brutitsochvisernuensundåtergångtillenhistoriskmarknadsdynamikoch säsongsmönster med högre försäljning under hösten och betydligt större marknadsaktivitetpåvåren.   34% 45% 2% 19% Norden Europa (exkl Norden) Nordamerika 34% 45% 2% 19% Norden Europa (exkl Norden) Nordamerika > NIBE STOVES > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 55 · 2024202320222021 2020 2024202320222021 2020 203* *Exkl Jämförelsestörande poster Nettoomsättningenminskademed18,8%jämförtmed2023. Nibe BrasvärmeNibe VillavärmeNibe Element 32% 52% Nettoomsättning Nettoumsatz Nibe StovesNibe ElementNibe Energy Systems 58% 21% 6% RörelseresultatRörelseresultat Nettoomsättning Andelavkoncernen Rörelseresultat Andelavkoncernen Vi ser nu en sund återgång till en historisk marknadsdynamik och säsongsmönster med högre försäljning under hösten och betydligt större marknadsaktivitet på våren.”

Annual report 2024A · The company itself

“Storabostadsfastigheterliksom kommersiella fastigheter har oftast ettklimatsystemsomsäkerställergod ventilation,jämntemperaturochrätt luftfuktighetoavsettårstid.Genom attkombineradessaproduktermed värmepumpar skapas möjlighet till såväl energiåtervinning som optimal driftsekonomi. > NIBE CLIMATE SOLUTIONS > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 41 · · 42 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE ELEMENT AFFÄRSOMRÅDE En industriell partner med kundanpassade komponenter och intelligenta lösningar för uppvärmning och styrning med  produktgrupperna ökar energi-    NIBE ELEMENT ÄR EN LEVERANTÖR TILL HALVLEDARINDUSTRIN.”

Annual report 2024A · The company itself

“Förstärkt position för kommersiell ventilation Viharunderåretförstärktvårpositioninommarknadenförkommersiellventilation.EttantalavaffärsområdetsbolagibådeEuropaochNordamerikahar redan goda marknadspositionerinom dessa segment som är ett prioriterat område för affärsområdets fortsatta tillväxt. Under våren lanserades den egenutveckladeaggregatserienNIBEFlowavseddförventilationavkommersiellafastigheter.Dennaharfåttettpositivtmottagande.”

Annual report 2024A · The company itself

“Anläggning, beläggning och offentligt husbyggande fortsatte att uppvisa en god utveckling, samtidigt som den svaga bostadsmarknaden påverkade Peabs bostadsbyggande.”

Annual report 2024A · The company itself

“I affärsområde Bygg minskade nettoomsättningen med 14 procent jämfört med föregående år. Minskningen förklaras av den lägre aktiviteten av nyproduktion av bostäder som inte har kunnat kompenseras fullt ut av andra typer av projekt, vilket märkts i samtliga våra verksamhetsländer.”

Annual report 2024A · The company itself

“Till följd av den svagare byggmarknaden fortsatte betongvolymerna att minska under året.”

Annual report 2024A · The company itself

“Uthyrningsverksamhet under omställning Peabs uthyrningsverksamhet hade en minskande uthyrningsgrad under året, framför allt inom kranverksamheten.”

Annual report 2024A · The company itself

“Den starka efterfrågan på anläggningsmarknaden innebar höga volymer under året inom beläggning och ballast, medan den svaga bostadsmarknaden innebar lägre volymer inom främst betong och kranuthyrning.”

Annual report 2024A · The company itself

“Under året har ett förbättrat resultat och minskade investeringar inom affärsområde Industri haft en positiv påverkan på nettoskulden.”

Annual report 2024A · The company itself

“I affärsområde Projektutveckling minskade nettoomsättningen med 25 procent och minskningen förklaras av den fortsatt svaga efterfrågan på bostäder i hela Norden, vilket har påverkat omsättningen inom enheten Bostadsutveckling.”

Annual report 2024A · The company itself

“Vi arbetar därför vidare med strategin att starta projekt i egen balansräkning för att sedan konvertera dem till bostadsrätter. Det medför högre kapitalbindning och förskjutna resultateffekter, jämfört med vår traditionella hantering med förhandsförsäljning innan produktionsstart av egenutvecklade projekt.”

Annual report 2024A · The company itself

“Boligmarkedet fortsatte med historisk lav tomgang på 2,3%. Aarhus oplevede særligt lav tomgang på kun 1,2%, det laveste niveau nogensinde. Der er fortsat stor efterspørgsel efter kvalitetsboliger i de større byer. Dette er særligt relevant for Mejlbryggenprojektet på Aarhus Ø, hvor ca. 1.600 interesserede lejere har tilkendegivet deres positive interesse for at leje.”

Annual report 2025A · The company itself

“Bolig Det tyske boligmarked steg med 2,3% i 2025 ifølge Bulwiengesa. Koncernens udlejningsgrad forblev høj på 97% for boligejendomme.”

Annual report 2025A · The company itself

“Bostadsmarknaden har i högre utsträckning påverkats av inflationen och högt ränteläge.”

Annual report 2024A · The company itself

“Nettoomsättning, MSEK 1 429,2 1 355,5 EBITA-resultat, MSEK 144,3 107,0 EBITA-marginal, % 10,1 8,0 Antal medarbetare 1 214 1 220 Rejlers Norge Den norska marknaden har varit utmanande med låg aktivitet inom byggsektorn, särskilt för bostäder och kommersiella fastigheter.”

Annual report 2024A · The company itself

“Videre har boligprisene hatt en positiv utvikling i løpet av året.”

Annual report 2024A · The company itself

“Norges Bank indikerer lavere renter, noe som er kjærkomment for mange. Aktiviteten i næringslivet ser bra ut for året, arbeidsledigheten er lav og det er høy aktivitet i boligmarkedet.”

Annual report 2024A · The company itself

“Boligmarkedet i Rogaland har utviklet seg positivt de siste par årene etter flere år med stabile eiendomspriser. Prisoppgangen siste 12 måneder har vært 11,3 % mot 6,4 % på landbasis.”

Annual report 2024A · The company itself

“Ved utgangen av året er situasjonen for de fleste av bankens kunder stabil. Generelt har lavere boligpriser enn i andre storbyer medført lavere gjeld hos husholdningen. Dette medfører at renteøkningene får mindre påvirkning i privatøkonomien.”

Annual report 2024A · The company itself

“Prognoser for boligprisutviklingen påvirker modellens forventning til frem tiden når det gjelder tap gitt mislighold, da man forventer lavere tap ved høyere boligpriser. Boligmarkedet er for tiden sterkt, og i de nye prognosene er boligpriser justert opp, både lokalt og for Norge.”

Annual report 2024A · The company itself

“Privatmarkedsporteføljen har økt gjennom perioden og består hovedsakelig av lån med boliglånspant i kommunene i og rundt bankens markedsområde.”

Annual report 2024A · The company itself

“Boligmarkedet var utfordrende i 2023 med kraftig nedgang i både nyboligsalg og boligbygging på grunn av økte leve- og byggekostnader. Nyboligmarkedet bedret seg noe gjennom 2024. Byggekostnaden stabiliserte seg på nivåer som vil gjøre det mulig å salgs- og byggestarte flere prosjekter fremover, og salget bedret seg etter at Norges Bank publiserte en renteprognose som viser avtagende styringsrente fra første halvår 2025.”

Annual report 2024A · The company itself

“Betydelige svingninger i det generelle rentenivået, og/eller vesentlige endringer i andre økonomiske variabler som potensielle boligkjøpere måtte være eksponert for, kan påvirke boligetterspørselen. Endringer i boligetterspørselen vil kunne påvirke Selvaag Boligs muligheter til å selge boliger til budsjetterte priser innenfor planlagte tidsrammer.”

Annual report 2024A · The company itself

“Selskapet har derfor interne krav knyttet til forhåndssalg, hvor hovedregelen er at byggestart som hovedregel igangsettes først når det er solgt boliger tilsvarende 60 prosent av verdien i hvert byggetrinn eller i prosjektet samlet.”

Annual report 2024A · The company itself

“Nyboligmarkedet er i bedring og antall boliger under bygging viste en stigende trend i andre halvår 2024. I løpet av året ble det totalt inngått 665 salgskontrakter på boliger til en samlet verdi av NOK 4 363 millioner. Nettosalget, det vil si salg justert for Selvaag Boligs andel i samarbeidsprosjekter, endte på 568 boliger til en verdi av NOK 3 673 millioner.”

Annual report 2024A · The company itself

“Portions of our business involve the sale of paint, coatings and related products to segments of the economy that are cyclical in nature, particularly segments relating to construction, housing, manufacturing and oil production, refining, storage and transportation. Our sales to these segments are affected by the levels of discretionary consumer and business spending in these segments.”

Annual report 2025A · The company itself

“Interest rates, in particular, drive shifts in consumer behavior with respect to the housing market, and have in the past adversely affected and may in the future adversely affect demand for new residential homes, existing home turnover and new non-residential construction.”

Annual report 2025A · The company itself

“The housing market remained characterized by overcapacity, low tender volumes, and fierce price competition.”

Annual report 2025A · The company itself

“Det er fortsatt sterk konkurranse, spesielt om boliglån.”

Annual report 2024A · The company itself

“Det er fortsatt betydelig priskonkurranse på godt sikrede boliglån, noe som gjør det krevende å opprettholde utlånsmarginen over tid.”

Annual report 2024A · The company itself

“I 2024 har trenden i boligmarkedet fra 2023 fortsatt i stor grad, men med en liten bedring etter sommeren. Det er lavere kjøpekraft enn tidligere år som følge av høye renter på lån.”

Annual report 2024A · The company itself

“Bruktboligmarkedet oppleves som godt og stabilt i 2024, mens ny- boligmarkedet har gått ytterligere ned.”

Annual report 2024A · The company itself

“Nyboligsalget oppleves fortsatt som svakt og salget gikk ned 40 prosent i 2024.Selskapet har gjennom året opprettholdt sin sterke markedsposisjon med en markedsandel på i underkant av 45 prosent.”

Annual report 2024A · The company itself

“Lån til bolig utgjør den største andelen av bankens utlånsportefølje, på rundt 71 prosent. Boliglånsveksten i banken tiltok i 2024 sammenlignet med året før, og var noe høyere enn den beregnede kredittveksten i markedsområdet. Ved utgangen av året, var årsveksten i lån til bolig på 5,7 prosent, ekslusive Totenporteføljen.”

Annual report 2024A · The company itself

“Høyere kredittvekst for husholdningene gjenspeilet aktiviteten i boligmarkedet. Etter en moderat start på 2024, økte bruktboligomsetningen i markedsområdet kraftig utover året, til et nivå godt over 2022 og 2023. Prisene på bruktboliger steg også, med spesielt god vekst i hovedstadsregionen, mens veksten var svakere i Innlandet.”

Annual report 2024A · The company itself

“Basert på tall fra tredje kvartal 2024, forventes det økte minstekravet å medføre en isolert reduksjon i ren kjernekapitaldekning (CET1) på 0,4 prosentpoeng, med virkning 1. juli 2025.”

Annual report 2024A · The company itself

“Bankens personmarkedsporteføljer er i all hovedsak sikret med pant i fast eiendom og eventuelle fall i boligpriser vil derfor gi utslag på sikkerhetsverdiene og kredittrisikoen. Til tross for økt rentenivå har det ikke gitt utslag i betalingsmislighold og det ingen økende trend på avdragsfrihet i løpet av året.”

Annual report 2024A · The company itself

“Kredittveksten fra husholdningene tok seg opp i 2024, drevet av økt aktivitet i boligmarkedet, med sterk vekst i bruktboligomsetningen og økte priser på bruktboliger.”

Annual report 2024A · The company itself

“Nyboligsalget var imidlertid svakt i 2024.”

Annual report 2024A · The company itself

“2024 ble et år med betydelig bedring for selskapet, særlig innen bruktboligmarkedet. Selskapet solgte totalt 1 417 eiendommer, en økning på 124 enheter (8,7 prosent) sammenlignet med 2023. Antall solgte bruktboliger økte med 15,2 prosent, fra 1 181 i 2023 til 1 359 i 2024.”

Annual report 2024A · The company itself

“Boligmarkedet i Innlandet viste tegn til bedring i løpet av 2024, spesielt innen bruktbolig segmentet. Dette skyldes blant annet økt aktivitet mot slutten av året, til tross for ved varende utfordringer med høye renter og levekostnader.”

Annual report 2024A · The company itself

“Nyboligmarkedet forble utfordrende, men selskapet har styrket sin posisjon gjennom økt markedsandel og effektive kostnadsbesparende tiltak.”

Annual report 2024A · The company itself

“Boligomsetningen i selskapets markedsområde har vært meget god gjennom hele 2024. Det ble i 2024 solgt 3 028 eiendommer, mot 2 467 i 2023.”

Annual report 2024A · The company itself

“Prisveksten for de siste 12 måneder i Oslo viser en samlet positiv prisvekst på 6,8 prosent, noe som er en strek prisvekst, sett i lys av den økonomiske situasjonen og rentenivået.”

Annual report 2024A · The company itself

“Selskapet solgte i 2024 totalt 505 nye boliger mot kun 189 nye boliger i 2023, en meget gledelig vekst som har gitt et løft i markedsandeler til rundt 20 prosent i selskapets markedsområde. Det er blitt lansert relativt få nye prosjekter i selskapet så langt i år, men porteføljen er meget god og det selskapet har ute i markedet selges relativt raskt.”

Annual report 2024A · The company itself

“Banken har hatt god vekst i utlån og innskudd gjennom året og dette bidro til økning i bankens samlede renteinntekter i 2024. Banken har også hatt en solid vekst i provisjonsinntekter fra forsikring, sparing, eiendomsmegling og betalingsområdet.”

Annual report 2024A · The company itself

“Utlån til privatkunder utgjør rundt 71,2 prosent av utlåns porteføljen. Dette er utlån som primært er knyttet til bolig og eiendom gjennom produktporteføljen til banken.”

Annual report 2024A · The company itself

“Antall solgte bruktboliger økte med 15 prosent fra 2023, mens antall solgte nyboliger sank fra 112 til 58. Selskapet hadde i 2024 en markedsandel i sitt markedsområde på 26,8 (26,4) prosent innenfor salg av bruktboliger.”

Annual report 2024A · The company itself

“Dette omfatter flere grupper, både de som står i fare for å falle utenfor og de som kan behøve litt ekstra drahjelp fra banken, herunder • personer med store økonomiske vansker • personer uten tilstrekkelig egenkapital til kjøp av bolig • personer med ulike arbeidslivsrelaterte utfordringer • enslige forsørgere • lavlønnsgrupper i byene • unge Leie til eie I 2023 etablerte vi konseptet Leie til eie. Ordningen har til hensikt å hjelpe kunder med manglende egenkapital inn på boligmarkedet gjennom å kombinere etablering av leieavtale med en spareplan for egenkapital.”

Annual report 2024A · The company itself

“Unge mennesker i etableringsfasen har ofte utfordringer med å komme inn på boligmarkedet. Vi har valgt å tilby yngre kunder enkelte fordelaktige utlånsprodukter med gunstige betingelser for å bistå dem med å realisere boligdrømmen.”

Annual report 2024A · The company itself

“Klimarisiko skal beskrives i alle kredittsaker for boliglånskunder hvor boligens energimerke mangler eller dersom boligen har energimerke E, F eller G.”

Annual report 2024A · The company itself

“side 68 SPAREBANKEN VEST ÅRSRAPPORT 2024 Av eiendommene over, er 64,7 prosent av utlån forbundet med overgangsrisiko på lang sikt. Banken vurderer at denne risikoen på lang sikt er noe lavere, og det er derfor viktig for banken å forbedre datakvalitet i eiendomsporteføljen.”

Annual report 2024A · The company itself

“Når om lag 75 prosent av bankens utlånsbalanse består av boliglån, vet vi at vi må strekke oss langt for å gi tydelige råd og løsninger til kunder med bolig med lav energiklasse til å gjøre lønnsomme grep mens de kan, og før de må.”

Annual report 2024A · The company itself

“For boliglånsporteføljen har banken satt et mål om å redusere karbonintensiteten i porteføljen med 48 prosent innen 2030, fra basisår 2022.”

Annual report 2024A · The company itself

“Personkunder kan søke om grønne boliglån, hvor de får renterabatt dersom de har energieffektive boliger. Lånet innvilges til kunder som har bolig med energiklasse A og B for å være i tråd med EUs taksonomi.”

Annual report 2024A · The company itself

“I 2023 lanserte banken et energilån, som er et låneprodukt som skal motivere kunder til å iverksette energieffektiviserende tiltak av mindre omfang på sine privatboliger. Disse produktene er tilgjengelige i hele bankens markedsområde og banken har ingen bærekraftsprodukter som er utelatt fra noen markedsområder.”

Annual report 2024A · The company itself

“Om lag 85 prosent av bankens utlån er boliglån eller næringslån til eiendom. Således er den største andelen av bankens panteobjekter eiendom.”

Annual report 2024A · The company itself

“Banken har integrert EU taksonomien i bankens utlånsprodukter for privat- og bedriftskunder. Banken har som prinsipp at alle grønne produkter skal være i tråd med de tekniske kriteriene i taksonomien, så lenge taksonomien har definerte tekniske kriterier for de gitte økonomiske aktivitetene.”

Annual report 2024A · The company itself

“Dette fordi bankens sammensetning av utlånsportefølje er om lag tre fjerdedeler utlån til private boliger gjennom boliglån.”

Annual report 2024A · The company itself

“2024 präglades i hög utsträckning av högre räntor, minskade disponibla inkomster och ett avstannat bostadsbyggande.”

Annual report 2024A · The company itself

“Efterfrågan påverkas i hög utsträckning av hushållens disponibla inkomster, prisutvecklingen på bostäder, räntenivåer, incitament i form av subventioner samt åldersstrukturen i enskilda fastigheter och fastighetsbestånd. också stora likheter – inte minst vad gäller övergripande drivkrafter och struktur.”

Annual report 2024A · The company itself

“developments in the Danish and Norwegian housing markets are an important factor for the Group’s revenue and financial position.”

Annual report 2025A · The company itself

“Sales in the Danish housing market rose in 2025, but remained somewhat below the peaks seen before the pandemic.”

Annual report 2025A · The company itself

“Higher transaction activity is generally supportive of kitchen demand, as home purchases are typically followed by renovation and upgrading activities.”

Annual report 2025A · The company itself

“The Group achieved revenue growth of 6.3%, reaching DKK 1,279 million (2024: DKK 1,204 million). The increase was driven mainly by organic growth, fairly evenly split between the B2C and B2B segments (e.g. turnkey housing).”

Annual report 2025A · The company itself

“Table of Contents We are focused on increasing our presence in markets with favorable job formation and income growth, high propensity to rent, strong relative affordability for rental versus homeownership, and a favorable demand/supply ratio for multifamily housing.”

Annual report 2025A · The company itself

“Unfavorable market conditions in the areas in which we operate or unfavorable economic conditions generally, may significantly affect our occupancy levels, our rental rates and collections, the value of our properties and our ability to acquire or dispose of apartment communities on economically favorable terms.”

Annual report 2025A · The company itself

“The Adoption of, or Changes to, Rent Control, Rent Stabilization, Eviction, Tenants’ Rights and Similar Laws and Regulations in Our Markets Could Have an Adverse Effect on Our Results of Operations and Property Values. ● Risks of Litigation. ● A Breach of Information Technology Systems On Which We Rely Could Materially and Adversely Impact Our Business, Financial Condition, Results of Operations and Reputation. ● Changing Interest Rates Could Increase Interest Costs and Adversely Affect Our Cash Flows and the Market Price of Our Common Stock. ● Insufficient Cash Flow Could Affect Our Debt Financing and Create Refinancing Risk. ● Failure to Generate Sufficient Income Could Impair Debt Service Payments and Distributions to Stockholders. ● Failure To Maintain Our Current Credit Ratings Could Adversely Affect Our Cost of Funds, Related Margins, Liquidity, and Access to Capital Markets.”

Annual report 2025A · The company itself

“Our business is subject to substantial seasonal variations in demand. Historically, a significant portion of our net revenues and net earnings have been realized during our peak selling season, the period from October through January, and levels of net revenues and net earnings have typically been comparatively lower during the period from February through September.”

Annual report 2026A · The company itself

“Utifrån den aktuella situationen på bostadsmarknaden har även förvärvade bostadsrätter i egenutvecklade bostadsprojekt värderats ner till nettoförsäljningsvärdet, vilket påverkat posten Övriga rörelsekostnader.”

Annual report 2024A · The company itself

“Strategiakaudelle asetetut taloudelliset tavoitteet sisältävät oletuksen Suomen asuntomarkkinan elpymisestä kauden aikana historialliselle keskimääräiselle tasolle. YIT:n näkemys vuosien 2010–2020 keskimääräisistä omaperusteisten kerrostaloasuntojen aloituksista Suomessa on noin 16 000 asuntoa vuodessa.”

Annual report 2025A · The company itself

“Asuntomarkkina jatkui Suomessa haastavana koko vuoden 2025. Kuluttajien luottamus pysyi matalalla tasolla, mikä näkyi uudisasuntomarkkinalla alhaisina kauppamäärinä.”

Annual report 2025A · The company itself

“Asuntomarkkinoiden kehityksen Baltian ja itäisen Keski-Euroopan maissa odotetaan jatkuvan suotuisana tukien Asuminen CEE -segmentin tuloksentekokykyä.”

Annual report 2025A · The company itself

“Suomessa uusien asuntojen markkinan myyntivolyymien ei odoteta nousevan vuoden 2026 aikana. Uusien asuntovalmistumisten alhainen määrä vuonna 2026 tulee rajoittamaan Asuminen Suomi -segmentin tuloksentekokykyä.”

Annual report 2025A · The company itself

“Makrotaloudellisen tai globaalin poliittisen ympäristön muutokset voivat vaikuttaa asuntomarkkinoiden kysyntään ja sijoitusten käypään arvoon.”

Annual report 2025A · The company itself

“A significant portion of our North America sales is derived from the replacement of existing products.”

Annual report 2025A · The company itself

“Such deterioration in economic conditions could arise from many factors or fears including public health crises, further deterioration in the property market, political instability or risk of government default.”

Annual report 2025A · The company itself

“The real estate market remained challenging throughout 2024.”

Annual report 2024A · The company itself

“Furthermore, changes in consumer economic variables, such as the number and size of personal bankruptcy filings, the rate of unemployment, decreases in property values, and the level of consumer confidence and consumer debt, may substantially affect consumer financials, which, in turn, could impact client activity in our businesses.”

Annual report 2025A · The company itself

“Should the housing market deteriorate for a prolonged period, we could experience a longer-term increase in our placement rates over time. In addition to the overall market, our lender-placed results are also impacted by inflation and the costs of paying claims, and the mix of loans we service.”

Annual report 2025A · The company itself

“Global Housing Adjusted EBITDA increased $187.5 million, or 28%, to $858.7 million for Twelve Months 2025 from $671.2 million for Twelve Months 2024, including $46.4 million of lower pre-tax reportable catastrophes. Excluding reportable catastrophes, Adjusted EBITDA increased 15% mainly due to top-line growth in lender-placed insurance and favorable non-catastrophe loss experience. Global Housing net earned premiums, fees and other income increased $311.8 million, or 13%, to $2.77 billion for Twelve Months 2025 from $2.46 billion for Twelve Months 2024, primarily due to growth in policies in-force and higher average premiums within lender-placed insurance, as well as growth in various specialty products.”

Annual report 2025A · The company itself

“Our Homeowners revenue is impacted by changes in the housing market, as well as the voluntary insurance market.”

Annual report 2025A · The company itself

“Consumer demand for the products and services that we offer could be, or could continue to be, affected by a number of factors, including: real GDP growth, inflation, recession, consumer confidence, employment levels, effects of government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends.”

Annual report 2026A · The company itself

“Under året såg vi en positiv trend i flera viktiga makrofaktorer såsom antalet transaktioner på husmarknaden. Det skedde vidare ett antal räntesänkningar i Sverige, och inflationen stabiliserades på en låg nivå.”

Annual report 2024A · The company itself

“• I en något mer receptiv marknad såg vi under det tredje kvartalet en positiv utveckling i nyckelkategorier såsom badrum, dörrar och fönster, vilket gav en signal om en påbörjad återhämtning.”

Annual report 2024A · The company itself

“Hushållens köpkraft kan stärkas i takt med att levnadskostnader stabiliseras, vilket kan bidra till en mer balanserad konsumtion och en ökad benägenhet att investera i både vardagsbehov och större inköp. Under 2024 sågs en fortsatt låg efterfrågan inom produktkategorier som fönster och dörrar, men en gradvis återhämtning skedde under året och kan förväntas framöver drivet av en stabilare fastighetsmarknad med sjunkande ränta och en ökning av renoveringsprojekt i takt med att marknaden återhämtar sig.”

Annual report 2024A · The company itself

“Bravidas låga exponering mot bostadsbyggande, som varit det svagaste segmentet på byggmarknaden de senaste åren, och bredden i vår projektportfölj, har bidragit till att vi klarat oss relativt bra.”

Annual report 2024A · The company itself

“The increase was primarily driven by higher revenues from other income and favorable changes in occupancy, which we believe was primarily attributable to favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets.”

Annual report 2025A · The company itself

“Large metropolitan areas demonstrated notable resilience and moderate price growth, while several secondary cities recorded flat or slightly declining prices, reflecting weaker local demand and greater sensitivity to affordability constraints.”

Annual report 2025A · The company itself

“On the demand side, further interest rate cuts and stabilised mortgage costs should continue to support buyer activity, particularly among first-time buyers and upgraders. However, demand is likely to remain highly priceand location-sensitive, with limited tolerance for aggressive price increases.”

Annual report 2025A · The company itself

“Building on the successful delivery and experience gained from the Moje Bielany I project, as well as the favourable conditions in the residential market and attractive return prospects, CeMat A/S has decided to proceed with a further residential development In these residential projects, we aim to achieve a profit broadly in line with Moje Bielany I, subject to market conditions and project execution.”

Annual report 2025A · The company itself

“In addition, our ability to gain new customers is dependent to some extent on growth in occupied housing in our service areas, which is influenced by both national and local economic conditions.”

Annual report 2025A · The company itself

“Huatai P&C provides a range of commercial and personal P&C products in China, including automobile, homeowners, property, professional liability, product liability, employer liability, business interruption, marine cargo, personal accident, supplemental health, and specialty risk.”

Annual report 2025A · The company itself

“Our homeowners business, including valuable articles, represented 69 percent of North America Personal P&C Insurance’s net premiums earned in 2025.”

Annual report 2025A · The company itself

“SBF Fonder SBF Fonder (SBF) befinner sig i en konsolideringsfas, och tillväxt förväntas först i den senare delen av perioden 2023–2027. Övergripande är målet att förvaltat kapital (Assets Under Management) ökar med mer än 10 pro - cent per år i genomsnitt under perioden.”

Annual report 2024A · The company itself

“Affärsområde SBF Fonder Affärsområde SBF Fonder består av AIF-förvaltningsbolaget SBF Fonder AB med dess underliggande fond - strukturer samt det egna fastighetsbolaget SBF Services AB. SBF Fonder erbjuder investeringsfonder som äger och för valtar hyresbostäder i Sverige.”

Annual report 2024A · The company itself

“SBF Fonders affärsidé är att skapa värden som håller i generationer för investerare, ägare och hyresgäster genom att förvalta och utveckla bostäder för att möta framtidens behov och möjliggöra hem för livet.”

Annual report 2024A · The company itself

“Further, with respect to the Apartments.com Network and LoopNet Network, our ability to attract and retain advertisers also depends on the current apartment rental market and apartment vacancy rates and commercial rental market and vacancy rates, respectively. If vacancy rates are too high or too low, advertisers may not need to utilize our marketplace services.”

Annual report 2025A · The company itself

“Residential Real Estate Our residential marketplaces aggregate consumer demand for homes that they can rent or buy and we sell marketing and leads to the agents, owners, landlords, and property management companies that need to reach those consumers with their offerings. Our flagship brands in the U.S. are Apartments.com, Homes.com, and Land.com.”

Annual report 2025A · The company itself

“Competitive housing in a particular area and fluctuations in cost of owner-occupied single- and multifamily homes caused by a decrease in housing prices, mortgage interest rates and/or government programs to promote home ownership or create additional rental and/or other types of housing could materially adversely affect the Company’s ability to retain its tenants, lease apartment homes and increase or maintain rents.”

Annual report 2025A · The company itself

“Through its leasing program GM Financial is exposed to residual values, which are heavily dependent on used vehicle prices. Gains on terminations of leased vehicles of $0.6 billion and $0.8 billion were included in GM Financial interest, operating, and other expenses in the years ended December 31, 2025 and 2024.”

Annual report 2025A · The company itself

“På huvudmarknaderna Storstockholm och Uppsalaregionen samt i västra Sverige finns en god underliggande efterfrågan på hyresbostäder och lokaler för kommersiell verksamhet och samhällsservice.”

Annual report 2024A · The company itself

“Med direkt närhet till fantastisk natur och Stockholm på mindre än en timmes avstånd har den lilla hamnstaden blivit populär och behovet av nya bostäder ökade. För att möta den växande efterfrågan tog kommunen fram ett program för nybyggnation av Övre Bryggårdsgärdet, ett område strax norr om stadens stadskärna. Genova som 2016 förvärvade två kommersiella fastigheter i området förstod att kommunens intentioner innebar möjligheter till utveckling av byggrätter för bostäder och kommersiella ändamål.”

Annual report 2024A · The company itself

“For privatkunder er de største produktene motorforsikring, boligforsikring og risikobaserte personforsikringer.”

Annual report 2024A · The company itself

“Consumer Finance provides direct and indirect consumer loans, as well as dealer finance loans and deposits. Direct consumer loan products, including mortgage and home equity, are originated through branch, online, and third-party channels. Indirect consumer loans are originated through deep relationships with dealerships to finance consumer purchases of automobiles, recreational vehicles, marine craft, and powersports.”

Annual report 2025A · The company itself

“Multiple economic and demographic factors may contribute to increases or decreases in homeownership rates resulting in fluctuating rental rates and average occupancy levels.”

Annual report 2025A · The company itself

“Our rental income is affected by many factors beyond our control, such as the availability of alternative rental housing and economic conditions in our markets.”

Annual report 2025A · The company itself

“A general decline in business activity and demand for real estate transactions could adversely affect our ability to acquire or dispose of single-family homes or to successfully complete and lease development projects on terms that are attractive or at all, which may be impacted in periods of elevated interest rates.”

Annual report 2025A · The company itself

“Med en stigende befolkning vil der opstå et stigende behov for boliger”

Annual report 2025A · The company itself

“Vakansnivåerna har i den löpande förvaltningen historiskt varit mycket låga och med hänvisning till fortsatt behov av nya bostäder finns inga tecken på att vakanserna framöver strukturellt skulle öka markant. Per 31 december 2024 bestod de totala intäkterna till ca 93 procent av hyresintäkter från bostäder.”

Annual report 2024A · The company itself

“Behov, utbud och efterfrågan Bristen på bostäder är stor i de esta av Sveriges kommuner, men framför allt i orter med stark arbetsmarknad.”

Annual report 2024A · The company itself

“Enligt SCB nns det i Sverige cirka två miljoner hyreslägenheter, 750 000 er än antalet bostadsrätter.”

Annual report 2024A · The company itself

“Present risks to stable asset prices include, but are not limited to: •A correction in equity or housing markets; •The imposition of further tariffs and other changes to U.S. or global trade policies; •Supply chain issues such as closed factories and disrupted port activity, as well as the impact of the Russia-Ukraine war and the Israel-Hamas war on global transportation and the availability of materials; •Recessionary pressures on other major international economies, such as China, that may impact the broader global and our domestic economy; 27 Table of contents •Labor-supply constraints, including as a result of further changes to U.S. immigration policies and laws and immigration enforcement, leading to slowing job growth and rising wages along with inflation (wage-price spiral); and •Negative real GDP growth, as a result of, in part, the Federal Reserve’s monetary policy to arrest inflationary pressures within the broader economy.”

Annual report 2025A · The company itself

“The Insurance segment’s residential mortgage loan portfolio primarily includes mortgage loans backed by single family rental properties, prime loans, and re-performing loans that were purchased at a discount after they were modified and returned to performing status. The Insurance segment also extends financing to counterparties in the form of repurchase agreements secured by mortgage loans, including performing and non-performing mortgage loans.”

Annual report 2025A · The company itself

“In each of the market regions where we operate, we compete for homebuyers with numerous national, regional and local homebuilders, as well as with resales of existing homes and with the rental housing market. We compete for homebuyers on the basis of a number of interrelated factors including location, price, reputation for customer satisfaction, amenities, design, quality and financing.”

Annual report 2025A · The company itself

“Competition The residential homebuilding industry is highly competitive. In each of the market regions where we operate, we compete for homebuyers with numerous national, regional and local homebuilders, as well as with resales of existing homes and with the rental housing market.”

Annual report 2025A · The company itself

“Such valuations can be significantly affected over relatively short periods of time by changes in business climate, economic conditions, interest rates and, in many cases, the results of operations of businesses and other occupants of the real property. Evolving factors such as the shift to work-from-home or hybrid-work arrangements, changing consumer preferences (including for online shopping), and resulting changes in occupancy rates as a result of these and other trends can also impact such valuations over relatively short periods. Similarly, residential real estate valuations can be impacted by housing trends, the availability of financing at reasonable interest rates, governmental policy regarding housing and housing finance, and general economic conditions affecting consumers, as described above.”

Annual report 2025A · The company itself

“The residential construction market accounted for 22% of our 2025 aggregates shipments.”

Annual report 2025A · The company itself

“The Chinese economy remains under pressure and is impacted by challenges with the country's real estate market that affects domestic consumption and has historically been a source of funds for government stimulus.”

Annual report 2025A · The company itself

“While we believe current valuations and reserves adequately address our perceived levels of risk, future economic conditions, including U.S. real GDP growth rate, credit spreads, interest rates and changes in real estate and other asset values, that differ from or are more severe than forecast, inaccurate models or assumptions, or external factors, such as geopolitical events, changes in international trade policies, global pandemics or natural disasters, could lead to inaccurate measurement of or deterioration of credit quality of our borrowers and counterparties or the value of collateral and result in unexpected losses.”

Annual report 2025A · The company itself

“The architecture businesses have been significantly impacted by the slowdown in the building and property market.”

Annual report 2024A · The company itself

“I attraktiva områden som Stockholm och dess närförorter förväntas betalningsviljan för hyresrätter öka med 4,5 procent årligen under de kommande fem åren, drivet av reallöneökningar och stärkt köpkraft. Detta skapar gynnsamma förutsättningar för stabila intäkter och möjliggör både investeringar i nyproduktion och renoveringar, utan att riskera betydande vakanser i Neobos områden i Stockholmsregionen.”

Annual report 2024A · The company itself

“Vi presterade väl, med hög lönsamhet, ökad efterfrågan från kunderna och ökade affärsvolymer trots att konsumenternas förtroende på alla våra hemmamarknader förståeligt nog var fortsatt dämpat. Bostadsmarknaderna var tröga men började visa tecken på att återhämta sig något under året. I detta läge ökade vi bolånevolymerna med 1 procent på årsbasis.”

Annual report 2025A · The company itself

“Bolånevolymerna ökade med 1 procent på årsbasis, drivet av uppgångar i Sverige och Norge, där vi också ökade våra marknadsandelar. Vi stärkte vår ställning i Sverige genom att säkra 22 procent av marknadstillväxten – vilket är väsentligt högre än vår andel av befintliga bolån på 14 procent.”

Annual report 2025A · The company itself

“Bostadspriserna hade en svacka och i december 2025 låg de 9 procent under toppnoteringen i februari 2022.”

Annual report 2025A · The company itself

“Vi erbjuder individer och hushåll ett brett utbud av finansiella tjänster, inom allt från sparande och placeringar till bostadslån och betalningar.”

Annual report 2025A · The company itself

“det danske boligmarked var udfordret af en historisk skævvridning mellem udbud og efterspørgsel”

Annual report 2025A · The company itself

“I Sverige var BostadsPortal påvirket af lav økonomisk vækst og tilbageholdende forbrugere. I 2. halvår 2025 sås dog et øget antal ledige lejeboliger og flere abonnementskøb på portalen.”

Annual report 2025A · The company itself

“BoligPortal forventer i 2026 vækst gennem lancering af nye digitale services i et fortsat udfordrende boligmarked med skævvridning mellem udbud og efterspørgsel, De finansielle forventninger til 2026 er baseret på følgende antagelser: • Videreudvikling og lancering af services til Pro-Universet • Fortsat vækst i Data Insights • Flere boliger og abonnementer på Bostadsportal.se • Implementering af AI-baserede funktioner og services De væsentligste risici forventes at være rekrutterings-begrænsninger i et jobmarked med lav arbejdsløshed, fastfrysning af lejeboligmarkedet i Danmark drevet af den økonomiske udvikling, som kan påvirke efterspørgslen fra lejere og Data Insights kunder negativt, manglende vækst i svensk økonomi, samt væsentlige ændringer i konkurrenceforhold i Danmark og Sverige.”

Annual report 2025A · The company itself

“Selv om det svenske lejeboligmarked har et nationalt regel- og lovsæt, kan der trækkes en række paralleller til det danske marked. En væsentlig parameter i den fortsatte forankring og udvikling af Bostadsportal.se består i en løbende og tilpasset lancering af de danske løsninger og services for at udløse det forventede vækstpotentiale i Sverige.”

Annual report 2025A · The company itself

“Macroeconomic factors that are particularly correlated to Northern Trust’s loan portfolio are GDP growth, unemployment, non-farm employment, corporate profits, consumer spending, personal income, commercial real estate prices, housing price index, credit spreads, and market volatility.”

Annual report 2025A · The company itself

“In addition, many of our potential customers must sell their existing homes in order to buy a home from us.”

Annual report 2025A · The company itself

“Absorption rates continue to be negatively impacted by rising resale and new home inventory in several of the markets within the segment.”

Annual report 2025A · The company itself

“Important factors for our businesses and the businesses of our customers and suppliers include the overall strength of the global economy and various regional economies and our customers’ confidence in these economies, industrial and governmental capital spending, the strength of residential and commercial real estate markets, residential housing markets, the food service industry, the commercial business climate, global supply chain stability, possible tariff increases, unemployment rates, availability of consumer and commercial financing, interest rates, inflation rates and energy and commodity prices.”

Annual report 2025A · The company itself

“We operate in an uncertain economic environment due to sustained inflationary pressures, including higher prices and lower housing affordability, and fluctuating trade policies (including tariffs), combined with geopolitical tensions.”

Annual report 2025A · The company itself

“Consumer Residential Real Estate Residential real estate loans primarily consist of residential mortgage loans.”

Annual report 2025A · The company itself

“Demand for our architectural coatings in Europe and traffic solutions products in the U.S and Canada is typically the strongest in the second and third quarters due to higher home improvement, maintenance and construction activity during the spring and summer months.”

Annual report unknown yearA · The company itself

“Declines in the real estate market or sustained economic downturns may cause us to experience credit losses or charge-offs related to our loans, sell loans at unattractive prices, or foreclose on certain real estate properties.”

Annual report 2025A · The company itself

“Gradvis återhämtning på marknaderna för Projektutveckling Försäljningen har ökat inom Bostadsutveckling och Kommersiell fastighetsutveckling under året. Marknadsaktiviteten har långsamt börjat återvända på såväl bostadsmarknaden som transaktionsmarknaden för kommersiella fastigheter.”

Annual report 2024A · The company itself

“Bostadsmarknaden i Norden förväntas återhämta sig gradvis. Räntesänkningar och minskad osäkerhet kommer att stimulera marknadsaktiviteten, medan en mer restriktiv utlåning från bankerna, ökat utbud på andrahandsmarknaden samt höga byggkostnader kommer att ha en dämpande effekt på marknaden för nyproduktion.”

Annual report 2024A · The company itself

“Marknadsutsikter för Byggverksamheten utgörs av en stark utsikt för den amerikanska marknaden, med ekonomisk tillväxt och federala finansieringsprogram som stöder investeringar inom infrastruktur och husbyggande. Marknaderna för husbyggande i Europa och Norden är svaga och fortsatt påverkade av lägre aktivitet medan marknaden för anläggningsbyggande mestadels är stabil.”

Annual report 2024A · The company itself

“Vi startade nya projekt på alla våra hemmamarknader under 2024.”

Annual report 2024A · The company itself

“Bostäder i produktion och osålda färdigställda Sålda i produktion Osålda i produktion Osålda färdigställda Försäljningsgrad, % Intäkter, Mdr kr, rullande 12 månader Rörelsemarginal, %, rullande 12 månader Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1 Bostäder % Sålda och startade bostäder Sålda, rullande 12 månader Startade, rullande 12 månader Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1 Bostäder Produkter och tjänster: • En- och flerfamiljshus, antingen äganderätter eller bostadsrätter Marknadsdrivkrafter: • Hushållens ekonomi och konsumentförtroende • Urbanisering och brist på bostäder • Efterfrågan på prisvärda bostäder • Ökat intresse för energieffektiva och hållbara byggnader Bransch-/marknadstrender: • Ökat intresse för energieffektivitet och hållbarhet • Digital och teknisk utveckling för att öka effektiviteten inom byggnation och drift -30 -20 -10 Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1Kv4Kv3Kv2Kv1 % -30 -20 -10 Verksamhet Två års samråd med lokalsamhället hjälpte oss att omvandla Modřanský Cukrovar till ett pulserande grannskap för boende med en park, en marina och ett torg, prytt med lokala konstverk.”

Annual report 2024A · The company itself

“Det har i 2024 vært lav aktivitet i boligmarkedet i Mo i Rana og i Mosjøen. Omsetningstiden har vært lengre og prisbildet har vært svakt i forhold til 2023. Prisen per kvadratmeter har i snitt gått ned med 4,8 prosent for leiligheter, mens eneboliger hatt en nedgang på 8 prosent.”

Annual report 2024A · The company itself

“Fjerde kvartal • Resultat etter skatt på 1.052 millioner kroner og en egenkapitalavkastning på 14,4 prosent • I desember 2024 besluttet regjeringen å redusere kravet til egenkapital for boliglån fra 15 til 10 prosent.”

Annual report 2024A · The company itself

“From time to time, the Company has been adversely impacted by negative economic conditions within the markets it serves, including labor and raw material shortages, inflation, high interest rates and declines in consumer confidence and housing demand.”

Annual report 2026A · The company itself

“Storebrand opprettholdt høy vekst med økte markedsandeler i det norske personmarkedet for bank- og forsikringstjenester, som blir et stadig viktigere forretningsområde i takt med at pensjon og sparing individualiseres. Økt distribusjonskraft og sterk etterspørsel i personmarkedet bidro til at premiebestanden i forsikring vokste med 19 prosent 8) og utlån i banken til boligformål med 13 prosent.”

Annual report 2024A · The company itself

“Overgangsrisiko vil for eksempel knyttes til EUs nye bygningsenergidirektiv som setter krav til økt energieffektivitet i boliger. Dette kommer med en kostnad for våre kunder, som kan påvirke deres betalingsevne og verdien av boliger som står som sikkerhet for våre utlån.”

Annual report 2024A · The company itself

“Fysisk risiko knytter seg til klimaendringer som gir mer ekstremvær som kan påvirke boligene som står som sikkerhet i vår portefølje. Dette er hovedsakelig dekket av kundens forsikring, men det kan påvirke kundens betalingsevne.”

Annual report 2024A · The company itself

“For utslipp fra boliglånsporteføljen har vi satt oss et mål for 2030 i tråd med en utslippsbane for å nå netto null i 2050.”

Annual report 2024A · The company itself

“Dette gjør vi blant annet gjennom å videreutvikle og revitalisere eksisterende og nye tiltak: Gjennom produktet Boliglån Fremtid tilbyr vi energieffektiviseringsråd, samarbeid med Huseierne om Miljøtiltakslån, samt råd om lønnsom energieffektivisering tilpasset boligens alder i tjenesten Min Bolig.”

Annual report 2024A · The company itself

“Derfor ønsker vi å motivere, informere og engasjere våre kunder til å ta kjøpsbeslutninger og gjennomføre energieffektiviseringstiltak. I 2024 ble det lansert et nytt utlånsprodukt, Grønt boliglån, for boliger med energikarakter A og B.”

Annual report 2024A · The company itself

“Gjennom boliglån finansierer Storebrand Bank boliger for personkunder, og dermed utslipp knyttet til boligenes energibruk. Fokusområdet har som formål å bidra til å redusere mengden finansierte utslipp (CO2e/m2/år) i boliglånsporteføljen.”

Annual report 2024A · The company itself

“Handelsbankens genomsnittliga volymviktade belåningsgrad, LTV-max, uppgick i den svenska poolen till 54,3% (54,0) och i den norska poolen till 58,5% (58,4). Detta visar att banken klarar betydande prisfall på underliggande fastighetstillgångar innan ytterligare hypotekslån måste tillföras poolerna.”

Annual report 2024A · The company itself

“Veidekke forventer moderat oppgang i markedet i 2025, med en anslått vekst på 1 %, sammenliknet med 2024. Veksten forventes å komme i byggsektoren, som resultat av lavere renter og økt etterspørsel. Dette gjelder særlig for privat sektor, med boliger og næringsbygg, og effektene vil trolig komme tidligere i Danmark og Sverige enn i Norge.”

Annual report 2024A · The company itself

“The Real Estate vertical delivered strong growth of 14 per cent in 2024, driven by classifieds revenue growth in Norway and the expansion of transactional rental businesses Qasa and HomeQ in Sweden.”

Annual report 2024A · The company itself

“EBITDA increased by 12 per cent year-on-year, with the margin ending at 37 per cent.”

Annual report 2024A · The company itself

“Bidra till en positiv utveckling av samhället genom stadsutveckling Rätten till en trygg bostad är fastställd i såväl FN:s konvention om mänskliga rättigheter som i svensk grundlag, likväl råder det fortsatt bostadsbrist i Sverige, särskilt i storstadsregionerna. Vi vill bidra till fler hem på marknaden, främst hyresrätter.”

Annual report 2024A · The company itself

“In the case of residential properties, these risks include competition for prospective residents from other operators whose properties may be perceived to offer a better location or better amenities or whose rent may be perceived as a better value given the quality, location and amenities that the resident seeks. We will also compete against condominiums and single-family homes that are for sale or rent. In the case of office properties, the risks also include changes in space utilization by tenants due to technology, economic conditions and business culture, declines in financial condition of these tenants and competition for credit worthy office tenants.”

Annual report 2025A · The company itself

“I Sverige upplevde framför allt bolag inom sportbranschen och bolag exponerade mot husoch byggbranschen lägre efterfrågan.”

Annual report 2024A · The company itself