Real estate

“Marknaden var sammantaget mindre gynnsam jämfört med föregående år, där en stark efterfrågan inom energisektorn uppvägde för lägre volymer inom områden som fastighetssegmentet och papper & massa.”

Annual report 2024A · The company itself

“Fastighetssegmentet har varit fortsatt svagt under året, särskilt inom bostäder, medan investeringarna inom offentlig sektor och industrisektorn var stabila.”

Annual report 2024A · The company itself

“Divisionen är en ledande aktör inom Divisionen erbjuder ingenjörsoch konsulttjänster inom byggnader, transportinfrastruktur och vatten i Europa. Divisionen är även verksam inom miljö, arkitektur och design.”

Annual report 2024A · The company itself

“Fulfillment Fulfillment costs primarily consist of those costs incurred in operating and staffing our North America and International segments’ fulfillment centers, physical stores, and customer service centers, including facilities and equipment expenses, such as depreciation and amortization, and rent; costs attributable to buying, receiving, inspecting, and warehousing inventories; picking, packaging, and preparing customer orders for shipment; payment processing and related transaction costs, including costs associated with our guarantee for certain seller transactions; responding to inquiries from customers; and supply chain management for our manufactured electronic devices. Fulfillment costs also include amounts paid to third parties that assist us in fulfillment and customer service operations.”

Annual report 2025A · The company itself

“Specifically, through the investments of our retirement services business in CML and CMBS, we have exposure to certain categories of commercial property, including office buildings and retail, that have been adversely affected by the continuing work from home trend.”

Annual report 2025A · The company itself

“In particular, climate change may impact asset prices, increase insurance costs and decrease the value of investments linked to real estate. For example, rising sea levels may lead to decreases in real estate values in coastal areas. We and the funds we manage could have significant concentrations of real estate investments and collateral underlying investments linked to real estate in areas of the U.S. prone to severe weather and climate events (such as wildfires, droughts, hurricanes and floods), including California, sections of the Northeastern U.S., the South Atlantic states and the Gulf Coast.”

Annual report 2025A · The company itself

“A significant portion of the net invested assets of our retirement services business is invested in real estate-related assets. Any significant decline in the value of real estate generally or the occurrence of any of the risks described elsewhere in this report with respect to the real estate-related investments of our retirement services business could materially and adversely affect our financial condition and results of operations.”

Annual report 2025A · The company itself

“Our equity team has experience across sectors, industries, and geographies spanning its private equity, hybrid value, secondaries equity, AAA, real estate equity, infrastructure and clean transition equity strategies.”

Annual report 2025A · The company itself

“In September 2025, we completed the acquisition of Bridge, a real estate fund manager with a core focus on residential and industrial properties in the U.S., further expanding our real estate equity product offerings. Our real estate strategy is supported by our vertically integrated approach to asset management, which provides a full suite of services spanning investment management and transaction advisory services, as well as property management, leasing, development and construction management functions and is led by specialized and experienced real estate professionals who bring deep sector knowledge across economic cycles; and 14 Table of Contents •Infrastructure and Clean Transition Equity ($21.6 billion of AUM), which refers to the investment strategy of certain funds managed by Apollo that focus on investing in a broad range of infrastructure assets, including digital infrastructure, energy transition, transportation/logistics and sustainable living, as well as our clean transition equity strategy, our dedicated energy transition and decarbonization-focused private equity strategy.”

Annual report 2025A · The company itself

“Core credit origination at Apollo primarily consists of directly originated, predominantly investment-grade assets, including corporate lending and asset-backed finance. We also generate assets through a diversified ecosystem of 16 origination platforms across corporate credit, asset-backed finance, real estate, infrastructure and other private market asset classes.”

Annual report 2025A · The company itself

“The valuations of our funds’ real estate assets, and fundraising in certain of our real estate strategies targeting high-net-worth investors, have been adversely impacted in recent years by elevated interest rates and a high, albeit declining, cost of capital. A slower-than-expected decrease in interest rates would continue to present a challenge to real estate valuations.”

Annual report 2025A · The company itself

“In addition, slowing growth in certain markets and real estate sectors with excess near-term supply, such as life science office and U.S. multifamily, has negatively impacted and may continue to negatively impact the valuations of assets in such sectors in the near term.”

Annual report 2025A · The company itself

“In real estate, we have seen an increased focus toward rent regulation as a means to address residential affordability caused by undersupply of housing in certain markets in the U.S. and Europe. Such regulation has contributed to adverse operating performance in certain parts of our residential real estate portfolio, including by moderating rent growth in certain geographies and markets.”

Annual report 2025A · The company itself

“Given the gradual pace of the real estate recovery over the course of 2025, the funds in our Real Estate segment saw limited appreciation in aggregate, notwithstanding strong performance in BREIT.”

Annual report 2025A · The company itself

“Real Estate Our Real Estate business is a global leader in real estate investing, with $319.3 billion of Total Assets Under Management as of December 31, 2025.”

Annual report 2025A · The company itself

“Table of Contents Our funds’ investments in real estate and infrastructure assets, including digital infrastructure, may expose us to increased risks that are inherent in the ownership of such assets. Investments in real estate and infrastructure assets may expose us to increased risks that are inherent in the development and ownership of real assets.”

Annual report 2025A · The company itself

“Total Assets Under Management Total Assets Under Management were $1,274.9 billion at December 31, 2025, an increase of $147.8 billion compared to $1,127.2 billion at December 31, 2024. The net increase was due to: • In our Real Estate segment, an increase of $4.0 billion from $315.4 billion at December 31, 2024 to $319.3 billion at December 31, 2025.”

Annual report 2025A · The company itself

“Vi förvärvar mark i expansiva regioner utifrån möjligheter att genomföra framgångsrika bostadsprojekt.”

Annual report 2024A · The company itself

“The physical effects of climate change could have a material adverse effect on our properties, operations and business. For example, many of our properties are located along the East and West coasts, particularly those in the central business districts of Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.”

Annual report 2025A · The company itself

“Business General BXP, a Delaware corporation, is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs (based on total market capitalization as of December 31, 2025) in the United States that develops, owns and manages primarily premier workplaces.”

Annual report 2025A · The company itself

“Investment Managements intäkter minskade främst på grund av uteblivna prestationsbaserade avgifter och lägre förvaltningsarvoden till följd av lägre NAV i förvaltade fonder.”

Annual report 2024A · The company itself

“Trots ytterligare ett år med svag fastighetsmarknad lyckades verksamhetsområdet Investment Management balansera in- och utflöden inom sin kärnaffär. Förvaltat kapital uppgick till 155 mdkr (152) vid utgången av året, en ökning om 3 mdkr under året påverkat av både negativa värdeförändringar och positiva valutaeffekter i främst EUR/SEK.”

Annual report 2024A · The company itself

“Den osäkra marknaden med sjunkande fastighetsvärden och minskade transaktionsvolymer under de senaste två åren påverkade verksamhetsområdets möjligheter att sälja projekt till marknadsmässiga priser.”

Annual report 2024A · The company itself

“Resultatet belastades med nedskrivning av detaljhandels-fastigheten The Maltings om 35 mkr och med resultatandel från intresseföretag om -44 mkr (-12) varav merparten är hänförlig till tyska fastightsutvecklingsprojektet KöTower.”

Annual report 2024A · The company itself

“Corporate Finance såg en långsam men stabil vändning av transaktionsmarknaden under 2024, men i olika utsträckning på olika marknader. Catellas totala transaktionsvolymer var i nivå med föregående år och uppgick till 24,2 mdkr (24,3).”

Annual report 2024A · The company itself

“Minskade transaktionsvolymer kan vidare påverka Principal Investments möjligheter att sälja projekt till acceptabla priser.”

Annual report 2024A · The company itself

“Catellas primära avsikt är att investera i uppstartsfasen av projekten och avyttra när det är kommersiellt fördelaktigt. Investeringarna innefattar risker där Catella måste välja att investera i senare delfaser, driva utvecklings projekt till färdigställande eller fonder till skalbar storlek. Alternativt lämna projekten och därmed förlora hela eller delar av det investerade kapitalet.”

Annual report 2024A · The company itself

“Koncernens totala intäkter 2024 var 31 mkr lägre än föregående år och uppgick till 2 307 mkr (2 339).”

Annual report 2024A · The company itself

“Verksamhetsområdet hade per balansdagen investerat totalt 1 566 mkr (1 695) i bostadsprojekt, logistikprojekt, kontorsprojekt och detaljhandelsprojekt i Europa.”

Annual report 2024A · The company itself

“I januari såldes den sista fastigheten i partnerskapet med Infrahubs och vilken tillförde Catella 280 mkr i likviditet. Sedan starten har samarbetet genererat ett resultat efter skatt om 225 mkr för Catellas aktieägare, där merparten av tillgångarna såldes innan marknaden började falla.”

Annual report 2024A · 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

“These conditions could also result in declining demand for commercial real estate in certain regions or with certain clients, decreased value of any real estate investments we hold in those regions, or increases in our operating costs and in the costs of managing client properties over time.”

Annual report 2025A · The company itself

“Catastrophic events, failures or negligence impacting the buildings that we manage may lead to significant financial liability and reputational harm, including as a result of litigation, government fines and penalties The buildings we manage for our clients, which include some of the world’s largest office properties and retail centers, are used by people daily. We also manage the critical facilities (including data centers, laboratories, government facilities, manufacturing environments, warehouses and other mission-critical facilities) that our clients rely upon to serve the public and their customers.”

Annual report 2025A · The company itself

“Advisory Services Advisory Services provides a comprehensive range of services globally, including leasing, capital markets (property sales and mortgage origination), loan servicing, and valuation. With a global network of experts that have a deep understanding of their local markets, we offer comprehensive insights and solutions across a wide range of assets, including offices, industrial and logistics, retail, multi-family and critical facilities, such as data centers, laboratories, and government facilities.”

Annual report 2025A · The company itself

“Similar to other global services companies with different business lines and a broad client base, we may be subject to potential conflicts of interests in the provision of our services. For example, conflicts may arise from our role in advising or representing both owners and tenants in commercial real estate lease transactions.”

Annual report 2025A · The company itself

“The operating performance of the property is affected by external factors, including economic developments and developments in the property and retail markets.”

Annual report 2025A · The company itself

“Changes in real estate prices Significant decreases or increases in the estimated rental value and rental situation would result in a significantly lower or higher fair value of the properties.”

Annual report 2025A · The company itself

“Obtaining legal title to part of the land CeMat '70 has control of the land through the possession right to the site, the perpetual usufruct right and ownership rights. Part of the property is not entered in the land and mortgage register.”

Annual report 2025A · The company itself

“Claims for title The claims relate to disputes between the former landowners (or their heirs) and the Polish state, which expropriated the land back in the 1970s. In order for CeMat '70 to sell the land, the company must have title to that land either in the form of actual ownership or a perpetual usufruct right (RPU).”

Annual report 2025A · The company itself

“ƒ In line with its 2024 - 2027 strategy, announced in February 2024, CeMat will continue to pursue a dualtrack business model, focusing on leasing activities to ensure stable cash flows, while selectively expanding its development operations to drive long-term value growth.”

Annual report 2025A · The company itself

“Strong industry fundamentals - high occupancy levels and attractive rental rates per square metre—support additional investment phases and the redevelopment of existing warehouse space, underpinning resilient and predictable cash flows over the medium term. The leasing business remains a stable earnings backbone, delivering record rental income growth (from PLN 16.6m in 2023 to PLN 22.2m in 2025) and supporting further value creation through increased exposure to high-margin formats such as self-storage facilities and SBUs.”

Annual report 2025A · The company itself

“CeMat Intro CeMat A/S is a Denmark-based holding company operating in the real estate sector. The Group operates through two business segments: Development and Asset Management. Within the Development segment, CeMat A/S focuses on residential and commercial real estate projects.”

Annual report 2025A · The company itself

“Traditional warehouse activities accounted for approximately 54% of the Company’s rental revenue in 2025.”

Annual report 2025A · The company itself

“As part of its 2024 - 2027 strategy, the Company is increasing rental income through the systematic transformation of traditional warehouse space into Small Business Units (SBUs) and self-storage facilities.”

Annual report 2025A · The company itself

“Income statement Revenue for 2025 amounted to DKK 164.7 million (2024: DKK 39.4 million), comprising rental income of DKK 30.1 million (2024: DKK 28.1 million) and sales of utilities, including power and water, and facility services, etc. to tenants of DKK 9.2 million (2024: DKK 11.3 million).”

Annual report 2025A · The company itself

“Marknadsvärdet för Corems förvaltningsfastigheter uppgick per 31 december 2024 till 55 205 mkr (58 033).”

Annual report 2024A · The company itself

“Proaktiv förvaltning med hyresgästfokus Corems fastighetsbestånd består av kommersiella fastigheter i storstadsområden och tillväxt orter, med växande näringsliv och ökande befolkningsmängd.”

Annual report 2024A · The company itself

“Fastighetsbeståndet består till största del av kontors- och logistikfastigheter.”

Annual report 2024A · The company itself

“If we fail to comply with the rules and compliance requirements of MLSs, our access to and use of listings data may be restricted or terminated and we may be unable to maintain stable data feeds. Our products and services access and use listings data through MLS memberships and must comply with each MLS’s rules and compliance requirements to maintain their access to listings data and remain a member in good standing. Each MLS has adopted its own rules, policies, and agreement terms governing, among other things, how MLS data may be used and how listings data must be displayed on our websites and mobile applications.”

Annual report 2025A · The company itself

“We may not be able to maintain or establish relationships with third-party listing providers, which could limit the information we have to power our products and services and impair our ability to maintain stable data feeds and attract or 28 retain customers. Our ability to attract agents and consumers to Homes.com, its websites, and mobile applications, and other residential real estate tools depends, to some degree, on us providing timely access to comprehensive and accurate real estate listings and information. We get listings data primarily from MLSs in the markets we serve.”

Annual report 2025A · The company itself

“We get listings data primarily from MLSs in the markets we serve. We also source listings data from public records, other third-party listing providers, and other sources.”

Annual report 2025A · The company itself

“Overview CoStar Group is a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology in the property markets. Our mission is to digitize the world's real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.”

Annual report 2025A · The company itself

“Services We operate, develop products, and deliver our services in two reportable segments, Commercial Real Estate and Residential Real Estate. Commercial Real Estate Our Commercial Real Estate segment offers commercial real estate information and analytics, online marketplaces, and 3D digital twin technology and its principal brands are: CoStar CoStar offers subscription-based access to our platform of commercial real estate intelligence with several key features: •Properties - Provides a comprehensive inventory of various property types, including office, industrial, retail, multifamily, hospitality, student housing, and land. It includes for-lease and for-sale listings, historical data, property analytics, building photographs, demographics, maps, and floor plans.”

Annual report 2025A · The company itself

“We deliver our comprehensive commercial real estate information content to our customers primarily via an integrated solution of online service offerings that includes information about space available for-lease, comparable sales information, information about properties for-sale, tenant information, internet marketing services, risk management tools, analytical capabilities, information for clients’ websites, information about industry professionals and their business relationships, data integration, and industry news. We also operate complementary online marketplaces for commercial and residential real estate listings, apartment rentals, land for sale, and business for sale, as well as a commercial real estate auction platform.”

Annual report 2025A · The company itself

“•STR Benchmarking - Provides hospitality benchmarking, allowing hotels to measure performance against competitors based on occupancy, ADR, and RevPAR. •Debt Solutions - Provides tools for lenders to manage loan portfolios and risk, including portfolio surveillance, concentration risk monitoring, stress testing, and expected credit loss modeling. We also offer SaaS platforms and related professional services under the CoStar Real Estate Manager and Visual Lease brands which provide real estate and lease management technology solutions for lease administration, lease accounting, and transaction management.”

Annual report 2025A · The company itself

“Customers A large number of parties involved in commercial and residential real estate industries and the related business community use the services to obtain information needed to conduct their businesses, including: • Property owners • Government agencies • Real estate agents • Mortgage-backed security issuers • Real estate developers • Appraisers • Sales and leasing brokers • Pension fund managers • Property managers • Reporters • Hospitality owners • Tenant vendors • Design and construction professionals • Building services vendors • Real estate investment trust managers • Communications providers • Investment and commercial bankers • Insurance companies’ managers • Mortgage bankers • Institutional advisors • Mortgage brokers • Investors and asset managers • Retailers Our revenue streams are highly diversified.”

Annual report 2025A · The company itself

“Our marketplace businesses, including the LoopNet Network, the Apartments.com Network, the Homes.com, OnTheMarket and Domain residential marketplaces, and the Land.com Network, depend on advertising revenue generated primarily through sales to persons in the real estate industry, including broker, agents, property managers and owners, real estate agents, and other advertisers.”

Annual report 2025A · The company itself

“If we are unable to obtain or retain listings from real estate brokers, agents, property owners, and apartment property managers, our marketplace services could be less attractive to current or potential customers, which could reduce our revenue. The value of our real estate marketplace services to our customers depends on our ability to increase the number of property listings provided and searches conducted. As the number of listings increases, so does the utility of a marketplace’s search, listing, and marketing services. We depend substantially on brokers, agents, property owners and, in the case of apartment rentals, property managers to submit listings to our marketplaces.”

Annual report 2025A · The company itself

“Risks Relating to Our Business Model and Strategy A majority of our restaurants are operated in leased properties and as a result, we are committed to long-term lease obligations that we may not be able to cancel if we want to close a restaurant location and we may be unable to renew the leases that we may want to extend at the end of their terms. As of May 31, 2026, 2,104 of our 2,202 restaurants operating in the United States operate in leased locations, and the leases are generally non-cancellable for some period of time.”

Annual report 2026A · The company itself

“The success of our restaurants depends in large part on their locations.”

Annual report 2026A · The company itself

“Det kommercielle ejendomsmarked har udviklet sig positivt i 2025, og omsætningen på transaktionsmarkedet steg med mere end 30% i forhold til samme tidspunkt i 2024 og nåede 72 mia. kr.”

Annual report 2025A · The company itself

“Årets værdireguleringer afspejler først og fremmest en stigning i markedslejerne hvilket kan relateres til en positiv udvikling i de generelle markedsvilkår samt en aktiv porteføljepleje.”

Annual report 2025A · The company itself

“Udlejningsgraden, målt på lejeværdi, er øget fra 90,7% primo året til 92,4% ultimo året svarende til +1,7 procentpoint. Investeringsejendommenes samlede udlejningsgrad er de seneste to år øget fra 87,0% primo 2024 til 90,7% ultimo 2024 og 92,4% ultimo 2025.”

Annual report 2025A · The company itself

“Fast Ejendom Danmark A/S - Koncernen For året 2026 forventer Selskabet et resultat af primær drift før værdireguleringer i niveauet 72 mio. kr. (2025: realiseret 71,0 mio. kr.).”

Annual report 2025A · The company itself

“Alt i alt opfatter Selskabet rammebetingelserne som gunstige såvel med hensyn til udlejningsmarkedet som til transaktionsmarkedet, hvor der ifølge de fleste analytikere venter et positivt og gunstigt transaktionsklima i 2026. Timingen til at eksekvere på Selskabets nye strategi synes således velvalgt.”

Annual report 2025A · The company itself

“Den positive udvikling i 2024 blev dels drevet af gennemførte genforhandlinger i 2023 af eksisterende lejeforhold, som først opnåede fuld effekt i 2024, og dels af en positiv udvikling i udlejningsgraden bredt i porteføljen. Helt særligt for 2024 var ibrugtagning og den løbende udlejning af 96 nye boliglejemål på Baltorpvej fra medio 2024.”

Annual report 2025A · The company itself

“Investeringsstrategien omfatter investering i ejendomme, hvor det vurderes, at der kan foretages værdiskabende udviklingsopgaver enten som følge af et vedligeholdelsesmæssigt efterslæb, eller som følge af en ”gentænkning” af ejendommenes karakteristika, formål og muligheder. Koncernen forventer således selv at kunne opnå den design- og vedligeholdelsesmæssige udviklingsgevinst af denne type ejendomme.”

Annual report 2025A · The company itself

“Samtidig arbejdes der aktivt på at imødekomme lejernes efterspørgsel efter mindre og fleksible lejemål samt lejemål hvor der tilbydes en høj grad af fællesydelser og faciliteter.”

Annual report 2025A · The company itself

“I oktober 2025 blev en ny strategi offentliggjort indeholdende et succesivt frasalg af Selskabets ejendomsportefølje.”

Annual report 2025A · The company itself

“Bestyrelsen besluttede derfor at iværksætte en successiv salgsproces af Selskabets ejendomme, dette i en forventning om, at der herved vil kunne skabes betydelige værdier for aktionærerne. Et struktureret salgsforløb af ejendommene vil frigøre betydelig likviditet og bestyrelsen vil løbende overveje om, og i givet fald hvordan, overskydende likviditet kan sendes tilbage til aktionærerne, f.eks. i form af aktietilbagekøbsprogrammer eller udbytter.”

Annual report 2025A · The company itself

“Koncernen ejer en ejendomsportefølje på 1,6 mia. kr. bestående af erhvervsejendomme og en enkelt boligejendom hovedsagelig beliggende i eller omkring de større byer i Danmark. Hovedaktiviteterne er investering, udlejning, udvikling, driftsoptimering og administration af porteføljen.”

Annual report 2025A · The company itself

“Porteføljen sammensættes ultimo 2025 af i alt 30 investeringsejendomme, en mindre byggegrund og et mindre leaset kontorareal i den tidligere ejede domicilejendom på Rådhusvej i Charlottenlund. Efter reklassificering af en ejendom til aktiver bestemt for salg, og nogle øvrige mindre justeringer, udgør det samlede udlejningsareal 163.303 m (2024: 163.083 m ).”

Annual report 2025A · The company itself

“Investeringsejendommene er ultimo året bogført til en dagsværdi på 1.633,6 mio. kr. (2024: 1.600,4 mio.kr.) ved et gennemsnitligt vægtet afkastkrav på 6,3% (2024: 6,4%).”

Annual report 2025A · The company itself

“In addition, federal, state, and local regulatory developments, including executive actions and proposed federal and state legislation aimed at limiting institutional ownership and acquisition of single-family homes, may affect the competitive dynamics in our markets by imposing requirements or restrictions that apply differently to various categories of market participants. To the extent these developments disproportionately affect institutional owners, including us, or advantage other categories of investors, such as individual investors and smaller partnerships who may fall outside regulatory definitions, our ability to compete for acquisitions, residents, or capital on favorable terms could be adversely affected.”

Annual report 2025A · The company itself

“In light of continuing federal, state, and local attention on housing supply and availability, there is considerable uncertainty regarding how executive actions, policy initiatives, and potential legislation, along with existing laws, judicial orders, and regulatory frameworks, could affect large institutional investors in single-family rental markets. In addition, legislative and regulatory initiatives addressing residential housing supply and availability have received increased attention at the federal, state, and local levels. This focus has included heightened public and governmental scrutiny of institutional investment in the single-family rental housing market, as well as discussion of potential measures that could affect the acquisition, ownership, or operation of residential rental properties.”

Annual report 2025A · The company itself

“In addition, there has been increased public and governmental scrutiny of institutional investment in single-family rental housing. Certain policymakers, including the President of the United States, have publicly called for congressional action to limit or restrict the ability of large or institutional investors to purchase and own single-family homes. Proposals under discussion could include limitations on acquisitions, increased taxes or fees, enhanced disclosure or reporting requirements, or other restrictions applicable to institutional owners of residential rental housing.”

Annual report 2025A · The company itself

“Risks Related to Our Business Environment and Industry Our operating results are subject to general economic conditions and risks associated with our real estate assets.”

Annual report 2025A · The company itself

“A general decline in business activity and demand for real estate transactions resulting from a pandemic could adversely affect (1) our ability to build, acquire, or dispose of single-family homes on terms that are attractive or at all and (2) the value of our homes and our business such that we may recognize impairment on the carrying value of our investments in single-family residential properties and other assets subject to impairment review, including, but not limited to, goodwill.”

Annual report 2025A · The company itself

“We also believe our business has a positive economic impact on the communities in which we operate, through improved neighborhoods that benefit from renovations to and ongoing maintenance of our homes, the value of our local teams living in and contributing to the local economy, the payment of real estate taxes, and the purchase of local goods and services.”

Annual report 2025A · The company itself

“There is strong competition among homebuilders for land that is suitable for residential development. The future availability of finished and partially finished developed lots and undeveloped land that meet our internal criteria depends on a number of factors outside our control, including land availability in general, competition with other homebuilders and land buyers for desirable property, inflation in land prices, zoning, allowable housing density, and other regulatory requirements.”

Annual report 2025A · The company itself

“As a result of our strategy to become a land-lighter company, we continue to reduce the inventory of land that we own and we instead choose to control a greater portion of the land we expect to use through options or other contractual arrangements, including through Millrose and other land banking entities.”

Annual report 2025A · The company itself

“We have made a strategic decision to increase the portion of our potential land inventory that we control through options or contracts and reduce the land that we own. This substantially reduces our investment in land.”

Annual report 2025A · The company itself

“Multifamily Operations Our Multifamily business has been engaged in the development of multifamily communities since 2011. Initially, the Multifamily business almost exclusively participated in shorter-duration joint ventures that built multifamily communities with the intention of selling them soon after they were built, and in most cases after they were substantially occupied.”

Annual report 2025A · The company itself

“We are dependent upon our ability to lease, acquire and develop live music venues, and if we are unable to do so on acceptable terms, or at all, our results of operations could be adversely affected. Our Concerts and Sponsorship & Advertising segments require access to venues to generate revenue from live music events.”

Annual report 2025A · The company itself

“In addition, we are investing in venue infrastructure around the world to support artists, meet rising fan demand and strengthen our long-term growth.”

Annual report 2025A · The company itself

“To support the continued growth of artists and global fan demand, we are investing capital expenditures to expand our venue footprint – focusing on large theaters, amphitheaters, arenas and stadiums - to more markets around the world and upgrading our existing venues to enhance hospitality efforts for the fan base. •Invest in our Ticketing Platform.”

Annual report 2025A · The company itself

“In addition, we own, lease, operate, have exclusive booking rights for, or have an equity interest for which we have a significant influence in 460 venues and have operations located across 55 countries as of the end of 2025, making us, we believe, the second largest operator of music venues in the world.”

Annual report 2025A · The company itself

“As we have continued to build our skill at venue operations, this has become an increasingly large part of our Concerts strategy, with a substantial focus on building our global owned or operated venue platform.”

Annual report 2025A · The company itself

“Our Concerts segment principally involves the global promotion of live music events in our owned or operated venues and in rented third-party venues, the operation and management of music venues, the production of music festivals across the world, the creation of associated content and the provision of management and other services to artists.”

Annual report 2025A · The company itself

“As a festival promoter, we typically book artists, secure festival sites, provide for third-party production services, sell tickets and advertise events to attract fans.”

Annual report 2025A · The company itself

“We believe they are popular because they are designed specifically for concert events, with premium seat packages and better lines of sight and acoustics. •Arenas—Arenas are indoor venues that are used as multi-purpose facilities, often housing local sports teams.”

Annual report 2025A · The company itself

“Arenas typically have between 5,000 and 20,000 seats. Because they are indoors, they are able to offer amenities that other similar-sized outdoor venues cannot, such as luxury suites and premium club memberships. As a result, we believe they are popular for higher-priced concerts aimed at audiences willing to pay for these amenities. •Theaters—Theaters are indoor venues that are built primarily for music events, but may include theatrical performances.”

Annual report 2025A · The company itself

“These venues typically have a capacity of between 1,000 and 6,500. Theaters represent less risk to concert promoters because they have lower fixed costs associated with hosting a concert and may provide a more appropriately-sized venue for developing artists and more artists in general.”

Annual report 2025A · The company itself

“These venues typically have a capacity of less than 2,000 and often without full fixed seating. Because of their small size, they do not offer as much economic upside, but they also represent less risk to a concert promoter because they have lower fixed costs associated with hosting a concert and also may provide a more appropriately-sized venue for developing artists.”

Annual report 2025A · The company itself

“Outdoor spaces include festival sites used primarily in the summer season to stage large single-day or multi-day concert events featuring several artists on multiple stages. Depending on the location, festival site capacities can range from 10,000 to over 100,000 fans per day.”

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 primary source of repayment of these loans is typically tenant lease payments to the investor/borrower. Elevated vacancies impacting some property types have contributed to lower current and anticipated future debt service coverage ratios, which have and may continue to influence the ability of borrowers to make existing loan payments.”

Annual report 2025A · The company itself

“At the time of the Company’s analysis regarding the determination of the allowance for loan losses as of December 31, 2025 uncertainties existed about the impact of inflationary pressures and potential increases in unemployment on the discretionary income and purchasing power of consumers, which could impact their ability to service existing debt obligations; the volatile nature of global markets and international economic conditions that could impact the U.S. economy, including the effect of international trade policies on domestic businesses and consumers; uncertainty related to Federal Reserve positioning of monetary policy and the potential impacts on future economic growth; shifts in immigration policies and enforcement; changes to government funding and reductions in federal workforce; downward pressures on commercial real estate values and the impacts on the ability of commercial borrowers to refinance maturing debt obligations; and the extent to which borrowers may be negatively affected by general economic conditions.”

Annual report 2025A · The company itself

“Lending activities The Company's lending activities reflect a shift in portfolio composition as it executed various strategies to lessen its relative concentration of commercial real estate loans and to reduce the amount of criticized loans in this category throughout 2024 and 2025.”

Annual report 2025A · The company itself

“M&T Bank and certain of its subsidiaries also offer commercial mortgage loans secured by income producing properties or properties used by borrowers in a trade or business.”

Annual report 2025A · The company itself

“Additional financial services are provided through other operating subsidiaries of M&T Bank including M&T Realty Capital which engages in multifamily commercial real estate lending and provides loan servicing to purchasers of the loans it originates, and LEAF Commercial Capital Inc. and M&T Equipment Finance Corp. which provide equipment leasing and financing services.”

Annual report 2025A · The company itself

“The vacancy rates in office real estate market is expected to peak in 2025 and the market stabilise, especially for modern and flexible premises.”

Annual report 2025A · The company itself

“Employment development, particularly in Finland and in Sweden, was weak, and vacancy rates in office real estate markets remained high across all our main market areas.”

Annual report 2025A · The company itself

“Many of our apartment communities are located in areas, such as coastal regions, that have historically been vulnerable to extreme weather events. To the extent climate change causes changes in weather patterns, areas where many of our communities are located could experience more frequent and intense extreme weather events and rising sea levels, which may cause significant damage to our properties, disrupt our operations and adversely impact our residents and rental revenue.”

Annual report 2025A · The company itself

“We intend to continue to acquire, develop and redevelop apartment communities as part of our business strategy.”

Annual report 2025A · The company itself

“Trots flera initiativ för att vända utvecklingen har den höga hyresnivån, i kombination med marknadsläget, gjort det omöjligt att driva arenan på ett ekonomiskt hållbart sätt.”

Annual report 2024A · The company itself

“While we continue to actively monitor all our loan portfolios, the commercial real estate sector remains under heightened focus given its sensitivity to economic and secular factors.”

Annual report 2025A · The company itself

“Lending activity in our U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities, Commercial and Residential real estate and Corporate loans.”

Annual report 2025A · The company itself

“Lending activity in our U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securities-based lending, which allows clients to borrow money against the value of qualifying securities, other forms of secured loans, including tailored lending to ultra-high net worth clients, and Residential real estate loans.”

Annual report 2025A · The company itself

“In the U.S. residential real estate industry, lawsuits and regulatory investigations, as well as pressure from industry participants, have led to changes in established rules and practices. Settlements of class action lawsuits against certain brokerages and franchisors, as well as NAR, resulted in changes to NAR’s rules and practices, including how buyer broker commissions are offered and negotiated. Evolving industry dynamics are shifting some listing inventory away from traditional centralized public MLS databases to private listing networks and alternative digital platforms.”

Annual report 2026A · The company itself

“REA Group REA Group is a market-leading digital media business specializing in property, with operations focused on property and property-related advertising and services, as well as financial services. Property and Property-Related Advertising and Services REA Group advertises property and property-related services on its websites and mobile apps across Australia, including leading residential, commercial and share property websites realestate.com.au, realcommercial.com.au and Flatmates.com.au, as well as property research site property.com.au.”

Annual report 2026A · The company itself

“Realestate.com.au and realcommercial.com.au derive the majority of their revenue from their core property advertising listing products and monthly advertising subscriptions from real estate agents and property developers. Realestate.com.au and realcommercial.com.au offer a product hierarchy which enables real estate agents and property developers to upgrade to premium advertising products to increase listing prominence, supported by data and AI-driven insights and recommendations.”

Annual report 2026A · The company itself

“Move Move is a leading provider of digital real estate services in the U.S. Move primarily operates Realtor.com®, a premier real estate information, advertising and services platform, under a perpetual agreement and trademark license with the National Association of Realtors® (“NAR”). Through Realtor.com®, consumers have access to approximately 155 million properties across the U.S., including an extensive collection of homes, properties and apartments listed and displayed for sale or for rent and a large database of “off-market” properties.”

Annual report 2026A · The company itself

“Realtor.com® generates the majority of its revenues through the sale of lead generation and listing advertisement products, including its RealPRO SelectSM, ConnectionsSM Plus and Listing Toolkit products, as well as its referral-based services, including RealChoiceTM Selling. Lead generation and listing advertisement products allow real estate agents, brokers and homebuilders to enhance, prioritize and connect with consumers on for-sale property listings within the Realtor.com® website and mobile apps, elevate brand visibility and access sophisticated tools and analytics. Lead generation and listing advertisement products are typically sold on a subscription basis.”

Annual report 2026A · The company itself

“Realtor.com® also derives revenue from sales of non-listing advertisement, or Media, products to real estate, finance, insurance, home improvement and other professionals that enable those professionals to connect with Realtor.com®’s highly engaged and valuable consumer audience. Media products include sponsorships, display advertisements, text links, directories and other advertising and lead generation services.”

Annual report 2026A · The company itself

“Move’s offerings also include the recently-launched Realtor.com®+TM, its collaborative home search platform that helps real estate professionals and consumers connect. Built together with MLSs, the platform was designed to elevate the search experience and strengthen MLS and professional value while offering buyers and sellers, in collaboration with their agents, a guided path from search to close. Realtor.com®+TM is expected to generate revenue from the sale of enhanced features and services to real estate professionals.”

Annual report 2026A · The company itself

“Digital Real Estate Services (22% and 21% of the Company’s consolidated revenues for fiscal 2026 and 2025, respectively) For the fiscal years ended June 30, 2026 2025 Change % Change (in millions, except %) Better/(Worse) Revenues: Circulation and subscription $ 8 $ 7 $ 1 14 % Advertising 169 151 18 12 % Real estate For the fiscal year ended June 30, 2026, revenues at the Digital Real Estate Services segment increased $214 million, or 12%, as compared to fiscal 2025. Revenues at REA Group increased $156 million, or 12%, to $1,406 million for the fiscal year ended June 30, 2026 from $1,250 million for fiscal 2025.”

Annual report 2026A · The company itself

“The increase was due to higher Australian residential revenues driven by price increases and growth in add-on products, a $63 million, or 5%, positive impact from foreign currency fluctuations and higher financial services revenues from higher settlements, partially offset by lower revenues at REA India driven by recent divestitures and the discontinuation of certain businesses.”

Annual report 2026A · The company itself

“Revenues at Move increased $58 million, or 11%, to $610 million for the fiscal year ended June 30, 2026 from $552 million for fiscal 2025, driven by higher sales of RealPRO SelectSM, as Move shifts its focus to more premium offerings, and revenue growth in seller, new homes and rentals.”

Annual report 2026A · The company itself

“DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we,” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: information services and news, digital real estate services and book publishing.”

Annual report 2026A · The company itself

“The real estate referral-based business model, as well as the RealPRO SelectSM lead generation product, leverage Move’s proprietary technology and platform to connect real estate professionals and other service providers, such as lenders and insurance companies, to pre-vetted consumers who have submitted inquiries via the Realtor.com® website and mobile apps, as well as other online sources.”

Annual report 2026A · The company itself

“For example, Move, the Company’s digital real estate services business in the U.S., operates the Realtor.com® website under an agreement with NAR that is perpetual in duration. The agreement contains certain operating requirements and may be terminated by NAR for certain contractually-specified reasons upon expiration of any applicable cure periods. If the operating agreement with NAR is terminated, the NAR License would also terminate, and Move would be required to transfer a copy of the software that operates the Realtor.com® website to NAR and provide NAR with copies of its agreements with advertisers and data content providers. NAR would then be able to operate a Realtor.com® website, either by itself or with another third party.”

Annual report 2026A · The company itself

“If the market value of our inventory or controlled lot position declines, our profit could decrease and we may incur losses. Inventory risk can be substantial for homebuilders. The market value of building lots and housing inventories can fluctuate significantly as a result of changing market conditions.”

Annual report 2025A · The company itself

“We face competition: •for suitable and desirable lots at acceptable prices; •from selling incentives offered by competing builders within and across developments; and •from the existing home resale market.”

Annual report 2025A · The company itself

“Instead, we typically acquire finished building lots from various third-party land developers pursuant to fixed price lot purchase agreements (“LPAs”) that require deposits that may be forfeited if we fail to perform under the LPAs.”

Annual report 2025A · The company itself

“Higher costs for or limited availability of suitable real estate may adversely affect our business operations. Our business model is dependent on the cost and availability of service centers in key strategic areas.”

Annual report 2025A · The company itself

“We have experienced higher costs to purchase, lease and/or build or renovate service centers as a result of inflation, supply chain issues, increased raw material and labor costs, and higher demand for and reduced supply of such service centers.”

Annual report 2025A · The company itself

“En negativ prisudvikling i markedet for investeringsejendomme i Danmark kan påvirke værdien af koncernens aktier i væsentligt negativ retning, idet koncernens egenkapital for en stor dels vedkommende udgøres af værdien af ejendomsporteføljen. Markedsværdien af ejendomsporteføljen er særligt følsom over for forventningen til det fremtidige driftsoverskud knyttet til ejendomsporteføljen, som er afhængig af lejeindtægter, drifts-, vedligeholdelses- og forbedringsudgifter samt den generelle økonomiske udvikling og fremtidige ejendomsinvestorers krav til nettoforrentning for tilsvarende porteføljer.”

Annual report 2025A · The company itself

“Aktuelt har koncernen særligt fokus på: ✓ At fastholde og videreudvikle ejendomsporteføljen, herunder at opretholde det høje udlejningsniveau. ✓ At fastholde og videreudvikle hotel- og konferenceaktiviteterne til brug for regionens virksomheder.”

Annual report 2025A · The company itself

“Driftssegmenterne i koncernen er følgende: ✓ Ejendomme; aktiviteter forbundet primært med udlejning af ejendommene i form af lejeindtægter samt køb og salg af investeringsejendomme.”

Annual report 2025A · The company itself

“Park Street's portfolio of properties constitute a large share of the Group's balance sheet, which means that sensitivity to falling prices in the property market is relatively large. Property value is influenced by several factors, including a particular value sensitivity to fluctuations in the following parameters: i.”

Annual report 2025A · The company itself

“In the case of a tenant's relocation of a lease, there is a risk that the vacant lease cannot be re-leased within the expected time horizon or, if necessary, can only be leased at lower rent level than expected. In addition, vacancy rates are affected by the general economic situation in the area where the individual property is situated.”

Annual report 2025A · The company itself

“Sales of properties Park Street sells properties that are suitable to sell. The selling price is naturally linked to uncertainty as it depends on the actual negotiation situation at the time of sale and is also influenced by a number of other factors, including the rental income of the property, the general interest rate level and market conditions at the time of sale.”

Annual report 2025A · The company itself

“The portfolio of assets are now concentrated in Denmark with assets across sectors: Residential, Offices, Hotels and Retail, in the form of Park Street A/S.”

Annual report 2025A · The company itself

“Statutory report CSR Business model Park Street A/S invests in, develops and manages residential and commercial real estate in Denmark through a group structure of holding and operating entities. The Group’s activities focus on: • acquisition of properties and asset-backed investments • active asset management, including refurbishment and optimisation of properties • tenant management and leasing activities Operational functions such as property management, maintenance and technical services are partly outsourced to external vendors, while strategic asset management and oversight are retained internally.”

Annual report 2025A · The company itself

“This can be especially true when the factors relate to particular segments of the economy and impact our customers whose operations or financial conditions directly or indirectly depend on good or stable conditions in those segments. For example, underutilization of commercial real estate space, combined with higher interest rates, has harmed some customers’ creditworthiness and ability to refinance maturing loans, and decreased the demand for financial services in that sector.”

Annual report 2025A · The company itself

“The concentration and mix of our assets could increase the potential for significant credit losses. In the ordinary course of business, we often have heightened credit exposure to a particular industry, geography, asset class or financial market. As an example, loans secured by real estate typically represent a significant percentage of our overall credit portfolio.”

Annual report 2025A · The company itself

“Higher interest rates have and may continue to indirectly affect the value of asset classes such as real estate typically financed through secured loans, with a resulting negative effect on collateral securing such loans.”

Annual report 2025A · The company itself

“Given the ongoing uncertainty in this area, we expect continued stress in the office sector, and a portion of this stress will bear itself out as we work through maturities that will approximate 46.0% through the twelve months ended December 31, 2026. Upon maturity, and where the balance is not paid in full, an extension may be granted because contractual extension terms are met; alternatively, an extension may be granted based on negotiated terms, and a portion of these extensions may involve the curtailment or charge off of principal.”

Annual report 2025A · The company itself

“We are organized around our customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.”

Annual report 2025A · The company itself

“Our property tax expense, generally depends upon the assessed value of our real estate facilities as determined by assessors and government agencies and, accordingly, could be subject to substantial increases if such agencies change their valuation approaches or opinions or if new laws are enacted, especially if new approaches are adopted or laws are enacted that result in increased property tax assessments in states or geographies where we have a high concentration of facilities. See also “We have exposure to increased property tax in California” below.”

Annual report 2025A · The company itself

“Competition in the local market areas in which many of our properties are located is significant and affects our occupancy levels, rental rates, and operating expenses, particularly advertising costs.”

Annual report 2025A · The company itself

“There may be an increasing influx of capital from outside financing sources driving more money, development, and supply into the industry. Development of self-storage facilities may increase, which may intensify competition as newly developed facilities are opened. Development of self-storage facilities by other operators could increase, due to increases in availability of funds for investment or other reasons, and further intensify competition.”

Annual report 2025A · The company itself

“We may incur significant liabilities from environmental contamination or moisture infiltration. Existing or future laws impose or may impose liability on us to clean up environmental contamination on or around properties that we currently or previously owned or operated, even if we were not responsible for or aware of the environmental contamination or even if such environmental contamination occurred prior to our involvement with the property.”

Annual report 2025A · The company itself

“We are the industry leading owner of self-storage properties, with one of the most recognized brands in the self-storage industry, including our ubiquitous orange color.”

Annual report 2025A · The company itself

“However, we believe that the economies of scale inherent in this business allow us to operate self-storage facilities at a materially higher level of cash flow per square foot than other operators without our scale.”

Annual report 2025A · The company itself

“Growth and Investment Strategies Our ongoing growth strategies consist of: (i) improving the operating performance of our existing self-storage facilities, (ii) acquiring, expanding and developing facilities, and (iii) growing ancillary business activities including tenant reinsurance, third-party management services and our bridge lending program.”

Annual report 2025A · The company itself

“Improve the operating performance of existing facilities: We regularly update and enhance our strategies to increase the net cash flow of our existing self-storage facilities through maximizing revenues and controlling operating costs. We maximize revenues through striking the appropriate balance between occupancy and rates for new and existing tenants by regularly adjusting (i) our promotional and other discounts, (ii) the rental rates we charge to new and existing tenants, and (iii) our marketing spending and intensity.”

Annual report 2025A · The company itself

“Acquire existing properties: We seek to capitalize on the fragmentation of the self-storage industry through acquiring attractively priced, well-located existing self-storage facilities. We believe our presence in and knowledge of substantially all of the major markets in the U.S. enhance our ability to identify attractive acquisition opportunities.”

Annual report 2025A · The company itself

“Develop new self-storage facilities and expand existing facilities: The development of new self-storage locations and the expansion of existing facilities have been an important source of our growth. Our operating experience in major markets and experience in stabilizing new properties provide us advantages in developing new facilities.”

Annual report 2025A · The company itself

“Our third party management business enables us to generate revenues through management fees, expand our presence, increase our economies of scale, promote our brand, and enhance our ability to acquire additional facilities over the medium and long-term as a result of strategic relationships forged with third-party owners. We also provide bridge lending financing to third-party self-storage owners.”

Annual report 2025A · The company itself

“General Discussion of our Business Public Storage is a Maryland real estate investment trust (“REIT”) engaged in the ownership, development, and operation of self-storage facilities and other related operations including tenant reinsurance, third-party self-storage management and bridge lending to third-party self-storage owners.”

Annual report 2025A · The company itself

“Self-storage Operations: We acquire, develop, own, and operate self-storage facilities, which offer storage spaces for lease on a month-to-month basis, for personal and business use. We are the largest owner of self-storage facilities in the United States (“U.S.”), with physical presence in most major markets and 40 states.”

Annual report 2025A · The company itself

“At December 31, 2025, we held interests in and consolidated 3,171 self-storage facilities (an aggregate of 229 million net rentable square feet of space) operating under the Public Storage® name.”

Annual report 2025A · The company itself

“At December 31, 2025, we managed 362 facilities for third parties (with approximately 28.2 million net rentable square feet), and were under contract to manage 84 additional facilities including 78 facilities that are currently under construction.”

Annual report 2025A · The company itself

“The oldest facilities are comprised generally of multiple single-story buildings, and have on average approximately 500 primarily “drive up” spaces per facility, and a small rental office. Recently constructed facilities have higher density footprints with large, multi-story buildings with climate control and typically 1,000 or more self-storage spaces, and a prominent and large rental office designed to appeal to customers as an attractive and retail-focused “store.””

Annual report 2025A · The company itself

“In addition, certain of our leases include renewal options or terms that require rental payments to be adjusted to reflect current fair market rental rates, which could be significantly higher than the prior term's rental payments. Further, as each of our leases naturally expires, we may be unable to negotiate renewals, either on commercially acceptable terms or at all, which could lead to store closures resulting in lost sales.”

Annual report 2026A · The company itself

“Our business is subject to risks related to leasing real estate and other assets under long-term, non-cancellable leases. We generally operate most of our stores and corporate facilities under long-term, non-cancellable leasing arrangements.”

Annual report 2026A · The company itself

“We implement new store design concepts and other renovations to our existing store portfolio as part of our growth strategy. There can be no assurance that any of our store designs will resonate with customers or otherwise achieve the desired sales and profitability measures necessary to recover our initial capital investments.”

Annual report 2026A · The company itself

“Bygg- och fastighetsbranschen var dock utmanande, även om den visade tecken på stabilisering.”

Annual report 2024A · The company itself

“7.7 Acquisition and ownership of buildings SATS Group does not own any buildings as of 2024. The Group does, however, have an extensive amount of rightof-use assets since all SATS Group club locations are leased.”

Annual report 2024A · The company itself

“På ejendomssiden har vi en stabil lejesituation, hvor vi har alt udlejet herunder en succesfuld integration af vores tilkøb af 38 nye rækkehuse i Rødekro. På selve driften har vi kunne drage fordel af den faldende rente grundet vores finansiering i korte lån, og vores ejendomsportefølje har præsteret stærkt på driften.”

Annual report 2025A · The company itself

“Selskabets forventer i 2026 at forrente egenkapitalen med 10-15% svarende til en efter-skat indtjening i niveau DKK 19 - 28 mio. Selskabets langsigtede målsætning er uændret at forrente egenkapitalen med gennemsnitligt 10-15% årligt baseret på selskabets investeringer i ejendomme, obligationer og kapitalandele.”

Annual report 2025A · The company itself

“Selskabet vurderer fortsat ejendomme målt over en bred kam som værende højt prissat og derfor anvendes en meget selektiv strategi, hvor selskabet primært kigger på ejendomme med en lejereserve, hvor der samtidig kan opnås en fordelagtig finansiering. Det lykkedes selskabet at erhverve 38 nye rækkehuse fuldt udlejet i Rødekro, hvilket samtidig markerede et nyt segment for selskabet, nemlig private boliger.”

Annual report 2025A · The company itself

“I 2025 var selskabets samlede nettoindtjening på ejendomme på DKK 9,8 mio. inkl. en samlet værdiregulering på DKK 0,5 mio. Ultimo 2025 har selskabet samlet set investeret DKK 227,6 mio. i sine fem ejendomme svarende til 60% af selskabets investerbare balance.”

Annual report 2025A · The company itself

“Denne forventning er opbygget på en forventning om, at selskabet vil skabe en nettoindtjening på sine fem ejendomme (inkl. 1% i husleje/værdiregulering på vores ejendomme) i niveauet DKK 12,0 mio., en nettoindtjening på kreditobligationer i niveauet DKK 6,3 mio. (efter betaling af fee til forvalter) svarende til et afkast på 9 % af en samlet vægtet portefølje på DKK 70 mio., en nettoindtjening på DKK 4,5 mio. på kapitalandele svarende til et afkast på 10% af en samlet vægtet eksponering på DKK 50 mio. over året, og en nettoindtjening på DKK 1,5 mio. DKK på pantebreve svarende til at pantebrevsporteføljen i løbet af 2026 stiger til 50 mio. kr.”

Annual report 2025A · The company itself

“Utilstrekkelig tilgang på tomter i Selvaag Boligs geografiske satsingsområder kan påvirke selskapets målsetninger om vekst på lang sikt. Selvaag Bolig jobber derfor systematisk med nye tomtekjøp i Norge og Sverige.”

Annual report 2024A · The company itself

“I løpet av 2024 kjøpte selskapet seks tomter fra UP for totalt NOK 498,4 millioner.”

Annual report 2024A · The company itself

“I tillegg til konkurranseutsetting av bygging, er Selvaag Boligs strategi for kjøp og utvikling av tomter sentralt for selskapets verdiskaping. Selvaag Bolig har tilgang til en betydelig tomteportefølje.”

Annual report 2024A · The company itself

“Tomtetilgang og finansiering av tomter i Norge En stor andel av Selvaag Boligs tilgjengelige tomteportefølje eies av selskapets finansieringspartner Urban Property, som selger tomter tilbake til Selvaag Bolig når prosjektene byggestartes. Denne modellen gjør det mulig for Selvaag Bolig å rendyrke sin kjernevirksomhet, øke operasjonelt fokus, og synliggjøre verdiene i den daglige driften.”

Annual report 2024A · The company itself

“SpareBank 1 Østlandet har størst mulighet til å forsterke den positive og redusere den negative påvirkningen gjennom utlån til kunder. Banken fokuserer på de største utlånsporteføljene, spesielt innen eiendom og landbruk.”

Annual report 2024A · The company itself

“Eiendomsbransjen står for store klimagassutslipp og stort energiforbruk. Det er også en bransje som står overfor betydelige omstillingskrav.”

Annual report 2024A · The company itself

“Dette, i kombinasjon med bransjens vesentlighet (målt i utlån), viser at bransjene eiendom utleie, eiendom prosjekt og landbruk har størst klimarisiko.”

Annual report 2024A · The company itself

“Fremtidig tapsnivå simuleres ut fra sikkerhetsverdier og forventninger til prisutvikling for ulike sikkerhetsobjekter.”

Annual report 2024A · The company itself

“Egenerklæring fra styret og administrerende direktør Attestasjonsuttalelse Datterselskaper Datterselskaper Selskapet omsatte i 2024 for 163 millioner kroner, en økning på 33 millioner kroner fra 2023. Den betydelige omsetningsveksten, sammen med kostnadsreduserende tiltak, bidro til et resultat etter skatt på 3 millioner kroner, en markant forbedring fra minus 6 millioner kroner i 2023.”

Annual report 2024A · The company itself

“EiendomsMegler 1 Innlandet AS er et heleid datterselskap av SpareBank 1 Østlandet og driver eiendomsmegling av alle typer eiendommer.”

Annual report 2024A · The company itself

“Disse lånene går til en rekke bransjer: • eiendomsdrift 13,5 prosent • jord og skogbruk 3,8 prosent • offentlig forvaltning 2,8 prosent • bygg og anlegg 3,1 prosent • industri/kraft og vannforsyning 2,5 prosent • øvrige 3,1 prosent Finans Østlandet kjøretøy og driftsmidler SpareBank 1 Finans Østlandets aktiviteter består av leasing og utlån til privatkjøp av kjøretøy, inkludert grønne billån til elektriske kjøretøy, samt leasing og utlån til bedriftsmarkedet på kjøretøy og driftsmidler.”

Annual report 2024A · The company itself

“BM tilbyr lån og kreditter, rådgiving, betalingsformidling i inn og utland, sikring av rente og valutaforretninger, plassering av overskuddslikviditet, forsikring av personer, pensjonsløsninger samt bygg og løsøre til næringslivet. Virksomheten skjer i tett samhandling med personmarkedsdivisjonen, samt datterselskaper og tilknyttede selskaper som samlet tilbyr leasing, næringsmegling, factoring, regnskaps og rådgivningstjenester.”

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

“Banken finansierer i det vesentlige person og næringslivs kunder i Østlandsområdet og deltar i finansieringen av enkel prosjekter i samarbeid med andre banker i SpareBank 1alliansen.”

Annual report 2024A · The company itself

“Innenfor bedriftmarkedsdivisjonen gjøres det bærekraftsvurderinger spesielt for kunder i eiendomsbransjen og i landbrukssegmentet. Gjennom samarbeid i SpareBank 1alliansen er det utviklet og implementert en egen applikasjon for å gjøre bærekraftsvurderinger på engasjementsnivå i forbindelse med behandling av lånesøknader.”

Annual report 2024A · The company itself

“Det finns därför risk att underliggande antagande i tidigare eller framtida värderingar av förvaltningsfastigheter kan visa sig vara felaktiga och det finns risk att Koncernens värderingar inte återspeglar ett framtida försäljningspris. Värdet på SLP:s förvaltningsfastigheter kan minska och fastigheternas värde påverkas av flera faktorer, varav vissa är utom bolagets kontroll.”

Annual report 2024A · The company itself

“SLP riktar in sig på fastigheter med strategiska logistiklägen och goda förädlingsmöjligheter. Det är också viktigt att fastigheterna är flexibla och attraktiva, även för framtidens behov.”

Annual report 2024A · The company itself

“Genomförda förvärv har till huvuddel varit affärer off market av förädlingsbara fastigheter. Detta ihop med lyckade nyuthyrningar, energiprojekt och omförhandlingar har bidragit till positiva värdeförändringar under året.”

Annual report 2024A · The company itself

“Under året har vi fortsatt att växa i linje med vår strategi att förvärva strategiskt positionerade fastigheter med förädlingspotential. Vi har under året genomfört elva förvärv och fortsätter därmed att behålla en hög genomsnittlig förvärvstakt med ett förvärv i månaden.”

Annual report 2024A · The company itself

“SLP:s affärsidé är att förvärva, förädla och förvalta logistikfastigheter med hållbarhet i fokus. Värdetillväxt skapas genom löpande förädling av fastigheter i Sveriges viktigaste logistikpunkter.”

Annual report 2024A · The company itself

“Bolaget äger och förvaltar 110 fastigheter genom helägda dotterbolag. Fastigheternas sammanlagda uthyrningsbara yta uppgår i koncernen vid räkenskapsårets utgång till 1 149 tkvm, inklusive större pågående projekt. Den kontrakterade årshyran med tillägg för bedömd marknadshyra, hyresvärdet, i koncernens fastighetsbestånd uppgick till 850 mkr vid årets utgång.”

Annual report 2024A · The company itself

“• Räntehöjningar som ger ökade kostnader och stor påverkan på resultatet. • Försämrade fastighetsvärden. • Höjda markpriser. • Resursbrist och höjda kostnader. • En svag likviditet förhindrar investeringar och förmågan att klara betalnings förpliktelser. • Ett attraktivt fastighetsbestånd. • Närhet till marknaden och bankerna.”

Annual report 2024A · The company itself

“Wallenstam bygger, köper, utvecklar och förvaltar fastigheter och områden utifrån människors och samhällets behov, samt utifrån önskemål och krav från kunder. Genom byggnation, utveckling, förädling och förvaltning med hög service och långsiktig hållbarhet skapar vi värdetillväxt.”

Annual report 2024A · The company itself

“I oktober avtalade Wallenstam om förvärv av Sergelskrapan, nummer 5 av Hötorgsskraporna i Stockholm. Fastigheten som förvärvats från AMF Fastigheter och tillträddes i januari 2025 kommer att förädlas och moderniseras både invändigt och utvändigt, för att forma attraktiva lokaler för kontor, handel och restaurang. I och med förvärvet startar Wallenstam satsningen på ett kommersiellt segment i CBD Stockholm.”

Annual report 2024A · The company itself

“The real estate market remained challenging throughout 2024.”

Annual report 2024A · The company itself

“ABGSC also offers real estate investment opportunities through a pan-Nordic platform comprising the fully owned subsidiary ABG Project Finance, which operates in Norway and Denmark, and the partly owned ABG Fastena, covering Sweden and Finland.”

Annual report 2024A · The company itself

“Att vara den främsta hög avkastande värdebyggaren 44 2,0 Acrinova ska äga, bygga, förvalta och utveckla fastigheter med hög potential för att skapa långsiktigt hållbara värden.”

Annual report 2024A · The company itself

“The Company has evaluated its holdings and identified investments in areas such as commercial real estate and highly leveraged companies as the most exposed to continued high interest rates and an economic downturn.”

Annual report 2025A · The company itself

“Ejendomsporteføljen har en udlejningsgrad på 91 %.”

Annual report 2026A · The company itself

“Bestyrelsen og direktionen ønsker den bedste værdiskabelse for selskabets aktionærer, og for nuværende anses den bedste strategi herfor fortsat at være følgende: • Løbende at forbedre driften i ejendomsporteføljen. • Fortsat at afvikle restaktiviteterne.”

Annual report 2026A · The company itself

“Agat Ejendomme A/S’ primære aktivitet er ejerskab og drift af fem ejendomme, der langt overvejende består af shoppingog outletcentre.”

Annual report 2026A · The company itself

“Akastor ◾ AMSC ◾ Philly Shipyard Porteføljen består også av eierskapet i flere unoterte selskaper, samt aktiv kapitalforvaltning gjennom investeringsselskapet Industry Capital Partners (ICP) og eiendomsinvesteringer gjennom Aker Property Group.”

Annual report 2024A · The company itself

“Under 2024 har den svenska transaktionsmarknaden uppvisat en viss återhämtning efter det svaga utfallet 2023. Den totala transaktionsvolymen uppgick till 139,9 miljarder kronor, att jämföra med föregående års volym på 103,8 miljarder kronor. Trots denna uppgång ligger volymen fortsatt betydligt under det historiska snittet för perioden 2015–2023.”

Annual report 2024A · The company itself

“Segmentsmässigt dominerade bostäder och kontorsfastigheter marknaden. Bostadssegmentet stod för störst andel med 31 procent av volymen, en tydlig förbättring jämfört med föregående år. Kontorssegmentet ökade kraftigt och stod för 26 procent av volymen, drivet av affärer med högkvalitativa, centralt belägna kontor.”

Annual report 2024A · The company itself

“17 procent, en nedgång från 2023 års nivå på 29 procent. Det avtagande intresset från utländska aktörer har ökat konkurrensen bland inhemska investerare, där kapitalstarka aktörer har tagit tillvara Marknadöversikt städerna sett hyresnivåerna öka ytterligare, vilket tyder på ett attraktivt segment och en ljusnande marknadsutsikt.”

Annual report 2024A · The company itself

“Falkenberg, som är den största kommunen bland de tio, uppvisar den lägsta yielden, vilket kan ge en indikation på stadens attraktionskraft bland investerare. Sett till hyresnivåerna har även dessa visat sig motståndskraftiga, trots en viss press nedåt under 2020-2021.”

Annual report 2024A · The company itself

“Point Properties är idag inriktat på handelsfastigheter i regionala städer.”

Annual report 2024A · The company itself

“Fastator är ett börsnoterat bolag specialiserat på fastighetssektorn. Fastators portfölj sträcker sig över flera fastighetssektorer och geografiska marknader.”

Annual report 2024A · The company itself

“Räntebindning per period ¹ Kapitalstruktur ¹ Fördelning finansiering ¹ Obligationslån, Point Properties Portfolio 1 AB (publ) Period (år) MSEK % <1 >5 Summa Period (år) MSEK % <1 >5 Summa Innehav NPM Group är ett tjänsteföretag verksamt inom fastighetsförvaltning, lokaluthyrning, fastighetsutveckling, fastighetstransaktioner och facility management. Bolaget förvaltar fastigheter i hela Sverige.”

Annual report 2024A · The company itself

“We generally will not commence new development projects for aboveground construction of new Class A/A+ laboratory space without first securing significant pre-leasing for such space, except when there is solid market demand for high-quality Class A/A+ properties.”

Annual report 2025A · The company itself

“Competition In general, other laboratory and technology properties are located in close proximity to our properties. The amount of rentable space available in any market could have a material effect on our ability to rent space and on the rental rates we can achieve for our properties.”

Annual report 2025A · The company itself

“In addition, as a result of their financial resources, our competitors may offer more free rent concessions, lower rental rates, or higher tenant improvement allowances in order to attract tenants. These leasing incentives could hinder our ability to maintain or raise rents and attract or retain tenants.”

Annual report 2025A · The company itself

“Site assessments are intended to discover and evaluate information regarding the environmental condition of the surveyed property and surrounding properties and do not generally include soil samplings, subsurface investigations, or an asbestos survey. To date, these assessments have not revealed any material environmental liability that we believe would have a material adverse effect on our business, assets, or results of operations, and ongoing expenditures to comply with existing environmental regulations are not expected to be material.”

Annual report 2025A · The company itself

“We may fail to achieve the financial results expected from development or redevelopment projects. There are significant risks associated with development and redevelopment projects, including, but not limited to, the following possibilities: •We may not complete development or redevelopment projects on schedule or within budgeted amounts. •We may be unable to lease development or redevelopment projects on schedule or within projected amounts. •We may encounter project delays or cancellations due to unavailability of necessary labor and construction materials. •We may expend funds on, and devote management’s time to, development and redevelopment projects that we may not complete. •We may abandon development or redevelopment projects after we begin to explore them, and as a result, we may lose deposits or fail to recover costs already incurred.”

Annual report 2025A · The company itself

“We could default on leases for land on which some of our properties are located or held for future development. If we default under the terms of a ground lease obligation, we may lose the ownership rights to the property subject to the lease. Prior to the expiration of a ground lease and all of its options, we may not be able to renegotiate a new lease on favorable terms, if at all.”

Annual report 2025A · The company itself

“The ownership and operation of real estate is subject to many risks that may adversely affect our business and our ability to make payments to our stockholders, including, but not limited to, the following risks: •Our properties may not perform as we expect. •We may have to lease space at rates below our expectations. •We may not be able to obtain financing on acceptable terms. •We may not be able to acquire or sell properties when desired or needed due to the illiquid nature of real estate assets.”

Annual report 2025A · The company itself

“Our operating expenses may increase as a result of tax reassessments that our properties are subject to on a regular basis (annually, triennially, etc.), which may result in increases in property taxes as property values increase over time.”

Annual report 2025A · The company itself

“Under the ADA, places of public accommodation and/or commercial facilities must meet federal requirements related to access and use by disabled persons. We may be required to make substantial capital expenditures at our properties to comply with this law.”

Annual report 2025A · The company itself

“We may incur significant costs in complying with environmental laws. Federal, state, and local environmental laws and regulations may require us, as a current or prior owner or operator of real estate, to investigate and remediate hazardous or toxic substances or petroleum products released at or from any of our properties. The cost of investigating and remediating contamination could be substantial and could exceed the amount of any insurance coverage available to us.”

Annual report 2025A · The company itself

“(3)During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to “Legal proceedings” in Item 3 for additional details.”

Annual report 2025A · The company itself

“Business objective and strategies A key element of our business strategy is our unique focus on Class A/A+ properties primarily located in collaborative Megacampus™ ecosystems in AAA life science innovation clusters. Our Megacampus ecosystems are designed for optionality and scalability, offering our tenants a clear path to address their growth requirements, including through our future developments and redevelopments. Strategically located near top academic and medical research institutions and equipped with curated amenities and services, and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in attracting and retaining top talent, which we believe is a key driver of tenant demand for our properties.”

Annual report 2025A · The company itself

“Development, redevelopment, and pre-construction A key component of our business model is our disciplined allocation of capital to the development and redevelopment of new Class A/A+ properties, as well as property enhancements identified during the underwriting of certain acquired properties. These efforts are primarily concentrated in collaborative Megacampus ecosystems within AAA life science innovation clusters, as well as other strategic locations that support innovation and growth.”

Annual report 2025A · The company itself

“Balance sheet and financial strategy We seek to maximize balance sheet liquidity and flexibility, cash flows, and cash available for distribution to our stockholders through the ownership, operation, management, and selective acquisition, development, and redevelopment of new Class A/A+ properties primarily located in collaborative Megacampus ecosystems in AAA life science innovation clusters, as well as the prudent management of our balance sheet.”

Annual report 2025A · The company itself

“With our founding in 1994, Alexandria pioneered the life science real estate niche. Today, we are the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science innovation cluster locations.”

Annual report 2025A · The company itself

“(6)Approximately 69% of the 519,851 RSF expiring leases are located on a Megacampus. Investments in real estate A key component of our business model is our disciplined allocation of capital to the development and redevelopment of new Class A/A+ properties, and property enhancements identified during the underwriting of certain acquired properties, primarily located in collaborative Megacampus ecosystems in AAA life science innovation clusters. These projects are focused on providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide range of tenants.”

Annual report 2025A · The company itself

“(3)In September 2025, we completed an exchange of partial interests in two consolidated joint ventures, Pacific Technology Park and 199 East Blaine Street, with one joint venture partner, resulting in a sales price received by cash of $1.6 million.”

Annual report 2025A · The company itself

“(5)As of December 31, 2025, our Canada project was designated as held for sale. New Class A/A+ development and redevelopment properties: current projects Reduced Future Construction Commitments By More Than $300 Million From Four Projects During the three months ended December 31, 2025, we reduced construction funding requirements across our active pipeline by: i) selling or designating three projects as held for sale and ii) pivoting one project to a lower investment strategy, enabling us to redeploy future construction savings and sale proceeds into opportunities aligned with our long‑term Megacampus strategy.”

Annual report 2025A · The company itself

“As of December 31, 2025, Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction.”

Annual report 2025A · The company itself

“Development projects generally consist of the ground-up development of generic and reusable laboratory facilities. Redevelopment projects consist of the permanent change in use of acquired office, warehouse, or shell space into laboratory space.”

Annual report 2025A · The company itself

“Another key component of our business model is our redevelopment of acquired office, warehouse, or shell space into highquality, generic, and reusable laboratory space that can be leased at higher rental rates.”

Annual report 2025A · The company itself

“Our revenues are derived primarily from rental payments and reimbursement of operating expenses under our leases.”

Annual report 2025A · The company itself

“PROPERTIES General As of December 31, 2025, we had 340 properties in North America consisting of approximately 39.4 million RSF of operating properties and new Class A/A+ development and redevelopment properties under construction, including 47 properties that are held by consolidated real estate joint ventures and three properties that are held by unconsolidated real estate joint ventures.”

Annual report 2025A · The company itself

“Leasing activity During the year ended December 31, 2025, solid demand for our high-quality Class A/A+ properties translated into leasing activity and rental rate changes in 2025 for our overall portfolio and our development and redevelopment pipeline. •Executed a total of 205 leases, with a weighted-average lease term of 11.9 years, for 4.2 million RSF; •82% of our leasing activity during the last twelve months was generated from our existing tenant base; •Annual leasing activity of 2.5 million RSF for renewed and re-leased spaces; and •Annual rental rates increased by 7.0% and 3.5% (cash basis) on renewed and re-leased space.”

Annual report 2025A · The company itself

“Rental rates for the year ended December 31, 2025 increased by 7.0% and 3.5% (cash basis) on 2.5 million renewed/re-leased RSF are attributable to the sustained appeal of our properties, strong property management expertise of our team, and effective operational strategies.”

Annual report 2025A · The company itself

“Verksamheten är indelad i fem divisioner: Facade Access, Construction, Height Safety & Productivity Solutions, Industrial och Wind. Divisionen Facade Access erbjuder permanent installerad utrustning och system som möjliggör regelbunden åtkomst till byggnadsfasader. Erbjudandet omfattar även tjänster i form av exempelvis reservdelar, certifiering och renovering.”

Annual report 2024A · The company itself

“We sell a wide range of security and access control solutions for end-users in commercial, institutional and residential facilities worldwide, including education, healthcare, government, hospitality, retail, commercial office and single and multi-family residential markets.”

Annual report 2025A · The company itself

“Mortgage loans of $879 million comprise loans secured by first mortgages on developed commercial real estate of $619 million and residential mortgage loans of $260 million. Key considerations used to manage our exposure include property type and geographic diversification.”

Annual report 2025A · The company itself

“Allstate at a Glance We empower customers with protection to help them achieve their hopes and dreams We provide affordable, simple and connected protection solutions We create opportunity for our team, economic value for our shareholders and improve communities 211 million policies in force (“PIF”) 53,000 employees 3rd largest personal property and casualty insurer in the United States (1) $83.24 billion investment portfolio What we do •Auto, homeowners and other personal lines insurance •Consumer product protection plans •Select commercial property and casualty coverages •Automotive protection and insurance products •Investment portfolio management •Roadside assistance •Identity protection •Mobility intelligence services and analytic solutions using automotive telematics information •Individual health insurance (1) Based on 2024 statutory direct premiums written according to A.M.”

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

“Real Estate -liiketoimintayksikön tunnetuimpia brändejä ovat Etuovi.com, Vuokraovi. com, Toimitilat.fi, Kauppalehti Toimitilat sekä Ruotsissa toimiva Objektvision.”

Annual report 2025A · The company itself

“Fastighets värdering Värdet på fastigheterna påverkas av faktorer som utbud, efterfrågan och andra fastighets- och marknadsspecifika faktorer. Små förändringar i delkomponenter till fastighetsvärderingarna kan ge en relativt stor påverkan på bolagets resultat och finansiella ställning.”

Annual report 2024A · The company itself

“I värderingsföretagens uppdrag ingår att besiktiga varje fastighet minst vart tredje år. Syftet med besiktningen är att bedöma fastighetens allmänna standard och skick, underhållsbehov, marknadsposition och lokalernas attraktivitet.”

Annual report 2024A · The company itself

“Med ett fastighetsbestånd som innefattar kontor, lager/logistik och industri samt handelsfastigheter med inriktning på lågpris- och externhandel har Nyfosa en god diversifiering även vad gäller fastighetskategorier.”

Annual report 2024A · The company itself

“Rörelsesegmentrapportering Nyfosas verksamhet delas in i tre rörelsesegment för Sverige, Finland och Norge, utifrån Nyfosas tre geografiska verksamhetsområden, där Finland presenteras under namnet Kielo och Norge under namnet Bratsberg.”

Annual report 2024A · The company itself

“The Transmission and Distribution Utilities hold franchises or other rights to provide electric service in various municipalities and regions in their service areas. In some cases, these franchises provide the utility with the exclusive right to provide electric service.”

Annual report 2025A · The company itself

“For example, we have significant holdings of real estate and real estate-related investments, including residential mortgage- backed securities (both U.S. government-sponsored enterprise-issued and Non-Agency issued), and commercial mortgage-backed securities and whole loans. We also have significant exposures to domestic and global financial institutions, certain industries, such as consumer discretionary and non-discretionary, the U.S. federal, state and local government issuers and authorities, and various governments globally.”

Annual report 2025A · The company itself

“We rely on external investment managers to manage the majority of our investment portfolio, consisting of liquid fixed income securities, structured fixed income securities, certain private credit, private fund, joint venture and partnership investments, structured products, commercial real estate-related equity investments and commercial mortgage loans.”

Annual report 2025A · The company itself

“•Within the U.S., General Insurance investments are generally split between reserve backing and surplus portfolios. –Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, capital, tax, liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans, or structured products. –Surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity and private credit. •Outside of the U.S., fixed maturity securities held by our insurance companies consist primarily of investment-grade securities generally denominated in the currencies of the countries in which we operate.”

Annual report 2025A · The company itself

“ITEM 7 | Business Segment Operations | General Insurance GLOBAL PERSONAL The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.”

Annual report 2025A · The company itself

“Personal Lines products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.”

Annual report 2025A · The company itself

“From time to time, we also experience disputes with landowners regarding the terms of easements or ground agreements for land under towers, which can affect our ability to access and operate tower sites. Further, for various reasons, landowners may not want to renew their ground agreements with us, they may lose their rights to the land, or they may transfer their land interests to third parties, including ground lease aggregators, which could affect our ability to renew ground agreements on commercially viable terms.”

Annual report 2025A · The company itself

“We do not own the buildings for all of our data centers and our business could be harmed if we are unable to renew the leases for these data centers at favorable terms or at all, though we generally have the right to extend the terms of our leases when the primary terms of the leases expire.”

Annual report 2025A · The company itself

“Års- och hållbarhetsredovisning 2024 Vi förvaltar framtidens fastigheter Det innebär att vi satsar på hållbara och flexibla fastigheter skapade för att möta behoven hos både dagens och morgondagens hyresgäster.”

Annual report 2024A · The company itself

“Leases The Company leases office facilities, equipment, and automobiles under operating leases. The Company’s lease obligations are primarily for the use of office facilities.”

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

“For example, more than two dozen U.S. states have enacted or are considering legislation that would prohibit, restrict, or regulate foreign investment in real property in such states. We cannot exclude that some or all of these states may prohibit, restrict or regulate (including requiring disclosure of) our funds’ transactions, including based on the composition of our investor base.”

Annual report 2025A · The company itself

“Real Estate: Our real estate strategy encompasses equity and debt across core, value-add and opportunistic investments in predominantly the Americas, Europe and APAC. We provide investors access to our real estate investment capabilities through private commingled vehicles, SMAs, publicly-traded funds and perpetual wealth vehicles.”

Annual report 2025A · The company itself

“•Real Estate Equity: Primary areas of focus for our real estate equity team include: •Logistics: Our logistics real estate platform is focused on investment in strategically located, institutional quality properties through market cycles. We focus on logistics markets that have historically exhibited stable occupancy levels and rent growth over cycles. Our vertically-integrated operating teams are strategically located across the Americas, Europe and APAC in our key target markets, to invest in core, value-add, and development opportunities that are accretive to our portfolios and drive returns for our investors. Marq Logistics represents the brand of our vertically-integrated global logistics real estate platform that we use to manage our portfolio of logistics properties. •Diversified: Our diversified real estate platform is dedicated to investing across sectors and property types in the U.S. and Europe.”

Annual report 2025A · The company itself

“•Real Estate Debt: Our real estate debt team primarily focuses on directly originating a wide range of financing opportunities in the U.S. and Europe. By investing through multiple investment vehicles, our real estate debt team has the ability to provide flexible financing across the capital structure and risk-return spectrum, including core/core-plus, value-add, and opportunistic debt.”

Annual report 2025A · The company itself

“Operating expense, as reported $ 1,676 $ 1,363 Acquisition integration (122) (84) Workforce and lease termination related charges (13) (10) Levelized foreign currency translation — 14 Operating expense, as adjusted $ 1,541 $ 1,283 Reported operating expense ratios 13.8 % 13.7 % Adjusted operating expense ratios 12.7 % 12.9 % Reported revenues $ 12,192 $ 9,934 Adjusted revenues - see page 37 $ 12,168 $ 9,941 The $313 million increase in operating expense in 2025 compared to 2024, was primarily due to expenses associated with the acquisitions completed in the twelve-month period ended December 31, 2025 - $233 million, additional investments in technology, partially offset by lesser real estate costs - $39 million in the aggregate, acquisition integration costs - $38 million, and workforce and lease termination related charges - $3 million.”

Annual report 2025A · The company itself

“In the majority of cases, we use proprietary insurance-tracking administration systems linked with the administrative systems of our clients to monitor clients’ mortgage portfolios to verify the existence of insurance on each mortgaged property and identify those that are uninsured. If there is a potential lapse in insurance coverage, we begin a process of outreach and notification to the homeowner and the last known insurance carrier or agent through phone calls, written correspondence and in some cases, direct interfaces with insurance carriers, which generally takes up to 90 days to complete. If coverage cannot be verified at the end of this process, the mortgage servicer procures a lender-placed policy.”

Annual report 2025A · The company itself

“Our Addressable Markets and Market Activity In the lender-placed market, placement rates have increased in certain areas, due to reduced availability within the voluntary homeowners’ insurance market, including in California and Texas.”

Annual report 2025A · The company itself

“In January 2025, we entered into an agreement to sell our Miami, Florida property for a purchase price of $126.0 million, subject to certain adjustments and to the buyer receiving the requisite development approvals. If the transaction is consummated pursuant to the terms of the agreement, we expect to record a gain above the current carrying value of $46.0 million as of December 31, 2025, less estimated costs to sell.”

Annual report 2025A · The company itself

“Through our Global Housing segment, we provide lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary manufactured housing, condominium and homeowners insurance (referred to as “Homeowners”); and renters insurance and other products (referred to as “Renters and Other”).”

Annual report 2025A · The company itself

“Global Housing Years Ended December 31, 2025 2024 2023 Net earned premiums, fees and other income by product: Homeowners $ 2,192.4 $ 1,958.9 $ 1,663.4 Renters and Other 576.4 498.1 479.5 Total $ 2,768.8 $ 2,457.0 $ 2,142.9 Segment Adjusted EBITDA $ 858.7 $ 671.2 $ 574.2 Segment equity (1) $ 1,659.3 $ 1,597.8 $ 1,318.9 (1)Segment equity does not include components of AOCI, which is primarily comprised of net unrealized gains/ losses on securities, net of taxes.”

Annual report 2025A · The company itself

“Distribution and Clients Global Housing establishes long-term relationships with leading mortgage lenders and servicers, manufactured housing lenders, property managers, and financial, insurance and other institutions. Lender-placed insurance products are distributed primarily through mortgage lenders, mortgage servicers and financial and other institutions.”

Annual report 2025A · The company itself

“Renters products are distributed primarily through property management companies and affinity marketing partners.”

Annual report 2025A · The company itself

“Hyresintäkter i jämförbart bestånd, exkl. engångsersättningar och elstöd, ökade med 3,9% (9,9).”

Annual report 2024A · The company itself

“Fastighetsbeståndet var fördelat på förvaltningsfastigheter om 56 749 mkr (56 813), där byggrätter och mark ingår med 500 mkr (800), och exploateringsfastigheter om 1 613 mkr (1 692). Investeringar i egna fastigheter uppgick till 1 945 mkr (1 707), förvärv uppgick till 411 (4) och investeringar i bostadsrättsprojekt uppgick till 336 mkr (444).”

Annual report 2024A · The company itself

“There is a risk that Bang & Olufsen is not able to sustain and develop its retail partner network at the required speed to support the strategy. The luxury retail landscape faces structural challenges  rising occupancy costs, evolving client channel preferences and demanding economics for luxury retail partners pose challenges for network expansion and thereby could impact brand visibility and long-term revenue growth.”

Annual report 2026A · The company itself

“Som framgår i illustrationerna förser Beijer Ref sina kunder med produkter inom kommersiell och industriell kyla samt för luftkonditionering. Illustrationerna visar exempel på några olika miljöer där produkterna kan förekomma; bostäder, kontor, kaféer, restauranger, restaurangkök med kylrum, mataffärer, kylning av livsmedelstransporter samt fjärrvärme av bebyggelse.”

Annual report 2024A · The company itself

“Beijer Refs egentillverkning leder utvecklingen i Europa, med stark tillväxt inom dagligvaruhandeln och fastighetssektorn.”

Annual report 2024A · The company itself

“CORT primarily rents furniture to individuals, businesses, government agencies and the trade show and events industry.”

Annual report unknown yearA · The company itself

“Failure to effectively manage our infrastructure, real estate portfolio and market segmentation strategy may negatively impact our business. Managing our real estate portfolio effectively is critical to our omnichannel strategy. Failure to identify and secure suitable store and other facility locations, negotiate appropriate terms related to our real estate portfolio, or respond appropriately to any unforeseen changes could impair our ability to compete successfully and maintain profitability.”

Annual report 2026A · The company itself

“We closed the year with a mere 1.8 per cent vacancy rate, while simultaneously achieving a 50 per cent increase in rental income compared to 2022.”

Annual report 2023A · The company itself

“The Company’s acquisition of Preqin in March 2025 added private markets data capabilities to its existing Aladdin and eFront workflow offerings, creating a preeminent private markets technology and data provider. As clients’ private market allocations continue to grow, they will require more standardized and transparent data on their investments, creating an additional growth opportunity for Preqin.”

Annual report 2025A · The company itself

“Multi-Asset BlackRock manages a variety of multi-asset funds and bespoke mandates for a diversified client base that leverages the Company's broad investment expertise in global equities, bonds, and private markets, and the Company's extensive risk management capabilities. Investment solutions may include a combination of long-only portfolios and private markets investments as well as tactical asset allocation overlays.”

Annual report 2025A · The company itself

“Borgestad is an investment Company that operates in the real estate and the industrial sector. Key operations include the Agora Bytom shopping centre in Poland, serving a broad consumer base, and Höganäs Borgestad, offering refractory products and services critical for high-temperature industrial processes across the Nordic countries.”

Annual report 2024A · The company itself

“Flerbostadshus 10 % Industri 23 % Kontor 11 % Sjukvård och omsorg 9 % Utbildning 6 % Infrastruktur 13 % Övrigt 28 % Diversifierad kundbas 84 000 kunder Ingen kund stod för mer än 3% av den totala försäljningen Kundgrupper ■ Byggbolag 26% ■ Övrigt näringsliv 26% ■ Offentliga 20% ■ Industri 16% ■ Fastighetsbolag 12% ■ >100 MSEK 15% ■ 50–100 MSEK 7% ■ 10–50 MSEK 19% ■ 0–10 MSEK 59% Omsättning efter orderstorlek uppgick den totala försäljningen på marknaden till cirka 319 (353) miljarder kronor, varav 239 (273) miljarder installation och 80 (80) miljarder service.”

Annual report 2024A · The company itself

“Brinova är en av södra Sveriges ledande samhällsbyggare med en växande portfölj av hyresbostäder och samhällsfastigheter. Vi bidrar till att bygga trygga samhällen och möter upp de ökande behoven av prisvärda boenden och lämpliga samhällsfastigheter i närheten av arbetstillfällen och stadskärnor.”

Annual report 2024A · The company itself

“I juli blev även Atle delägare i Amaron Holding som förvaltar alternativa investeringsfonder med fokus på fastigheter.”

Annual report 2024A · The company itself

“Ett annat utvecklingsspår är därför att organiska expandera in i ansgränsande segment såsom ekonomi, IT, administration eller teknik. • Tecken finns på att den svenska konjunkturen återhämtar sig något under 2025 och att farten är betydligt bättre 2026. Räntorna är lägre, distansarbete är inte längre lika modernt och fastighetsbolagen mår bättre.”

Annual report 2024A · The company itself

“Green Landscaping är norra Europas ledande aktör inom skötsel och finplanering av utemiljöer. Affärsidén är att utveckla och förädla kunders utemiljöer genom att erbjuda tjänster med fokus på hög kundnytta, hållbarhet och kvalitet.”

Annual report 2024A · The company itself

“Kunder är framför allt offentliga förvaltningar, kommuner och bolag samt privata fastighetsbolag och andra markägare. Avtalen är ofta fleråriga.”

Annual report 2024A · The company itself

“Värdering 168 IRR: 3% 1,1x Fasticon Fasticon, genom dotterbolaget Fasticon Kompetens, matchar uppdragsgivare och kandidater oavsett om det gäller hanteringen av plötsliga personalförändringar, uppnå kostnadseffektiva lösningar eller säkringen at talanger. Genom att aktivt arbeta med ett starkt kundfokus och ständigt ligga nära kundbehovet understödjer Fasticon idag många av Sveriges största fastighetsägare.”

Annual report 2024A · The company itself

“Alla ska ha möjlighet till en fungerande hjärtstartare En hjärtstartare kostar mellan 10 000 och 20 000 kronor, och kunderna kan vara allt från arbetsplatser, idrottsklubbar, bostadsrättsföreningar till restauranger – eller privatpersoner. Safe Lifes hyres- och servicemodell gör det möjligt att ha en hjärtstartare på plats till en lägre kostnad, samt att kunden kan fokusera på sin kärnverksamhet med vetskapen om att de kommer ha en hjärtstartare redo för användning vid ett plötsligt hjärtstopp på arbetsplatsen.”

Annual report 2024A · The company itself

“Under current market conditions, in 2025 we recorded impairment charges on two parcels of land. If there are subsequent changes in the fair market value of our land holdings and the resulting value is less than the carrying basis of our land holdings reflected in our financial statements, we may be required to take future impairment charges which would reduce our net income.”

Annual report 2025A · The company itself

“We could be negatively impacted by the risks associated with land holdings and related activities. We hold land for future development and may in the future acquire additional land holdings. The risks inherent in purchasing, owning, and developing land increase as demand for apartments, or rental rates, decrease.”

Annual report 2025A · The company itself

“Properties Our corporate and banking real estate portfolio consists of approximately 12.3 million square feet of owned or leased office and retail space, which is used to support our business. Of this overall portfolio, approximately 10.4 million square feet of space is dedicated for various corporate office uses and approximately 1.9 million square feet of space is for bank branches and cafés.”

Annual report 2025A · The company itself

“•Credit Card: Consists of our domestic consumer card lending, personal loans, domestic small business card lending and international card businesses in the U.K. and Canada. •Consumer Banking: Consists of our deposit gathering and lending activities for consumers and small businesses, national auto lending and services offered by the Global Payment Network. •Commercial Banking: Consists of our lending, deposit gathering, capital markets and treasury management services to commercial real estate and commercial and industrial customers.”

Annual report 2025A · The company itself

“We maintain an auto securitization program. •Commercial: We offer a range of commercial lending products, including loans secured by commercial real estate and loans to middle market commercial and industrial companies. Our commercial loans may have a fixed or variable interest rate; however, the majority of our commercial loans have variable rates.”

Annual report 2025A · The company itself

“Segment Review We have four operating segments: •Climate Solutions Americas provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in North and South America while enhancing building performance, health, energy efficiency and sustainability. •Climate Solutions Europe provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Europe while enhancing building performance, health, energy efficiency and sustainability. •Climate Solutions Asia Pacific, Middle East & Africa provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Asia Pacific, the Middle East and Africa while enhancing building performance, health, energy efficiency and sustainability.”

Annual report 2025A · The company itself

“The Company's portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold, among others, that offer innovative heating, cooling and cold chain solutions to enhance the lives we live and the world we share. The Company also provides a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring.”

Annual report 2025A · The company itself

“Catena inledde året med ett fastighetsvärde om 30872 Mkr som tolv månader senare hade ökat med 35 procent till 41558 Mkr.”

Annual report 2024A · The company itself

“Uthyrbar yta, tkvm 6,7 Genomsnittlig kontraktstid, år 96,7 Ekonomisk uthyrningsgrad, % 71 Linjering EU:s taxonomiförordning, % 137 Fastigheter 41 558 Fastighetsvärde, Mkr 1 354 Miljöcertifierad yta, tkvm Förvaltningsresultat per aktie ökade till 22,59 kr.”

Annual report 2024A · The company itself

“Within the DSA business, we own or lease large facilities (greater than 50,000 square feet) in 9 countries including the U.S., Canada, China, France, Hungary, the Netherlands, Cambodia, Mauritius, and the United Kingdom. We own large RMS facilities in Canada, France, the United Kingdom, and the U.S with additional large facilities leased in China and the U.S. Manufacturing is supported in over 10 countries with large, owned properties in the U.S. and Ireland, which are supplemented by additional leased facilities in the U.S., the United Kingdom, France, China, Ireland, and Germany.”

Annual report 2025A · The company itself

“Commitments and Other Purchasing Arrangements We lease properties and equipment for use in our operations. In addition to rent, the leases may require us to pay additional amounts for taxes, insurance, maintenance, and other operating expenses.”

Annual report 2025A · The company itself

“Our principal physical assets consist of cable distribution plant and equipment, including signal receiving, encoding and decoding devices, headend reception facilities, distribution systems, and customer premise equipment for each of our cable systems. Our cable plant and related equipment are generally attached to utility poles under pole rental agreements with local public utilities and telephone companies, and in certain locations are buried in underground ducts or trenches.”

Annual report 2025A · The company itself

“Community Solutions Spectrum Community Solutions® (“SCS”) delivers broadband connectivity solutions to apartments, single-family gated communities, off-campus student housing, senior residences and RV parks.”

Annual report 2025A · The company itself

“Definitioner och avstämning nyckeltal Fastighetslista Innehållsförteckning Kiljavantie 5, Finland 2 Detta är Cibus Cibus Nordic Real Estate AB (publ) “Cibus” affärsidé är att förvärva, utveckla och förvalta högkvalitativa fastigheter i Europa med välrenommerade livsmedelsbutiker och dagligvarukedjor som ankarhyresgäster för att kunna ge en god utdelning månadsvis till våra aktieägare.”

Annual report 2024A · The company itself

“Cibus affärsidé är att skapa långsiktig tillväxt och värdeökning genom förvärv, utveckling och förvaltning av högkvalitativa fastigheter i Europa med en tydlig förankring inom dagligvaruhandeln.”

Annual report 2024A · The company itself

“Att investera i Cibus Cibus investerar och förvaltar livsmedelsbutiker och dagligvaruhandel i Europa.”

Annual report 2024A · The company itself

“•Homeowner – Protects against losses to dwellings and contents from a wide variety of perils, as well as liability arising out of personal activities both on and off the covered premises.”

Annual report 2025A · The company itself

“We also offer coverage for condominium unit owners and renters. •Other personal lines – This includes the other types of insurance products we offer to individuals, including dwelling fire, inland marine, personal umbrella liability and watercraft coverages.”

Annual report 2025A · The company itself

“Policies covering liability at special events are also available. •Commercial property – Insures buildings, inventory, equipment and business income from loss or damage due to causes such as fire, wind, hail, water, theft and vandalism.”

Annual report 2025A · The company itself

“Property-type concentrations and both geographic and property-type performance metrics are actively monitored for all CRE loan types, with a focus on loans identified as higher risk based on our risk rating methodology.”

Annual report 2025A · The company itself

“Our CRE construction portfolio primarily consists of multifamily, warehouse, office, and data center property types.”

Annual report 2025A · The company itself

“Consumer Banking Segment Consumer Banking serves consumer customers and small businesses, with products and services that include deposits, mortgage and home equity lending, credit cards, small business loans, and wealth management solutions largely across our 14-state traditional banking footprint.”

Annual report 2025A · The company itself

“Commercial Real Estate provides customized debt capital solutions for middle-market operators, institutional developers, investors, and real estate investment trusts. Commercial Real Estate provides financing for projects primarily in the multifamily, office, industrial, retail, healthcare, and hospitality sectors.”

Annual report 2025A · The company itself

“Commercial Our commercial banking portfolio consists of traditional commercial and industrial loans, commercial leases, and commercial real estate loans.”

Annual report 2025A · The company itself

“These loans are typically repaid through cash flows generated from the operation, sale, or refinancing of the property. Risk on these loans is mitigated by requiring collateral values that exceed the loan amount and underwriting the loan with projected cash flow in excess of the debt service requirement.”

Annual report 2025A · The company itself

“Loans in this portfolio are generally for construction projects that have been pre-sold or pre-leased, have secured permanent financing, or are made to real estate companies with significant equity invested in the project. Portfolio Management, CRE Loan Operations, and Collateral Risk Services are responsible for this portfolio and actively monitor the construction phase and manage the loan disbursements according to the predetermined construction schedule. Construction loans, which are generally short term in nature, are utilized to fund the development or renovation of real estate, with repayment often tied to the successful completion and stabilization of the property.”

Annual report 2025A · The company itself

“Financial performance: • Like-for-like net rental income in Q1–Q4/2025 increased 5.4%. • Total net rental income was EUR 209.2 million (Q1– Q4/2024: EUR 214.7 million). • EPRA Earnings was EUR 79.0 million (Q1–Q4/2024: EUR 91.9 million).”

Annual report 2025A · The company itself

“• Q1–Q4/2025 average retail rent per sqm increased EUR 0.9 to EUR 27.7 (comparable FX). • Q4/2025 9.2% LFL occupancy cost ratio.”

Annual report 2025A · 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

“* Hallituksen esitys varsinaiselle yhtiökokoukselle OIKAISTU LIIKETULOS (milj. €) 9,5 11,4 12,3 10,2 9,4 * Operatiivinen rahavirta ennen rahoituseriä ja veroja vähennettynä investoinneilla aineellisiin ja aineettomiin käyttöomaisuushyödykkeisiin VAPAA KASSAVIRTA (milj. €)* 18,0 5,5 LIIKEVAIHTO ASIAKASRYHMITTÄIN LIIKEVAIHTO (milj. €) Taloyhtiöt Yritykset Kiinteistösijoittajat Julkinen sektori CONSTI LYHYESTI Consti tarjoaa kattavasti korjausrakentamisen ja talotekniikan sekä valikoidusti uudisrakentamisen palveluita taloyhtiöille, yrityksille ja sijoittajille sekä julkiselle sektorille. Lisäksi tarjontaan kuuluvat palveluurakointi sekä huolto- ja ylläpitopalvelut.”

Annual report 2025A · The company itself

“* Hallituksen esitys varsinaiselle yhtiökokoukselle OIKAISTU LIIKETULOS (milj. €) 9,5 11,4 12,3 10,2 9,4 * Operatiivinen rahavirta ennen rahoituseriä ja veroja vähennettynä investoinneilla aineellisiin ja aineettomiin käyttöomaisuushyödykkeisiin VAPAA KASSAVIRTA (milj. €)* 18,0 5,5 LIIKEVAIHTO ASIAKASRYHMITTÄIN LIIKEVAIHTO (milj. €) Taloyhtiöt Yritykset Kiinteistösijoittajat Julkinen sektori CONSTI LYHYESTI Consti tarjoaa kattavasti korjausrakentamisen ja talotekniikan sekä valikoidusti uudisrakentamisen palveluita taloyhtiöille, yrityksille ja sijoittajille sekä julkiselle sektorille.”

Annual report 2025A · The company itself

“Tilaajia eli Constin suurimpia asiakkaita ovat kaupungit ja kunnat, suomalaiset eläkevakuutusyhtiöt ja kiinteistösijoittajat sekä taloyhtiöt.”

Annual report 2025A · The company itself

“Kestävästi toimiva arvoketju tuo kilpailuetua kaikille sen toimijoille mm. kestävyyttä arvostavien tilaajien keskuudessa.”

Annual report 2025A · The company itself

“I forbindelse med erhvervelse af ejendomme, herunder ved erhvervelse af selskaber, der ejer ejendomme er der en risiko for, at ejendommene har uforudsete fejl og mangler, eller at andre forhold vedrørende de tilkøbte ejendomme eller selskaber kan medføre tab eller omkostninger for Copenhagen Capital koncernen. Det kan ændre den forventede resultateffekt af ejendomsinvesteringerne og ejendommenes markedsværdi.”

Annual report 2025A · The company itself

“Salget sker til en pris på ca. 20% over den bogførte værdi pr. 31.12.2025. Der er gennem de seneste 9 år solgt 8 ejendomme, alle til en pris, der har været mellem 10-20% over ejendommenes bogførte værdier.”

Annual report 2025A · The company itself

“Selskabet har i 2025 arbejdet ud fra strategiplanen ‘DOUBLE 2028’, gældende for perioden 2025-2028, som sigter mod at fremme vækst i indtjening samt at ensrette stakeholderforventningerne til Copenhagen Capital frem mod 2028. Som led i denne strategi har koncernen haft et markant fokus på opkøb af nye ejendomsselskaber, hvilket har medført en stigning i balancen på ca. 35%. Sideløbende er der arbejdet målrettet med drift og udvikling af eksisterende velbeliggende ejendomme.”

Annual report 2025A · The company itself

“For 2026 forventer Copenhagen Capital koncernen et resultat før kurs- og værdireguleringer (EBVAT) på mellem kr. 24 mio. og kr. 27 mio. Koncernen forventer positive værdireguleringer af ejendomsporteføljen på mellem kr.”

Annual report 2025A · The company itself

“Copenhagen Capital koncernen har via den lagte strategi valgt at fokusere på velbeliggende ejendomme med lav risiko for tomgang, hvilket indgår i vurderingen ved ejendomsakkvisitioner. Selskabet allokerer løbende ressourcer til at øge kvaliteten af ejendommene, hvilket skal være med til at forbedre både udlejningsprocenten og lejeniveauet.”

Annual report 2025A · The company itself

“Copenhagen Capital A/S er et børsnoteret investeringsselskab, hvis aktivitet er investering i og udlejning af bolig- og erhvervsejendomme i Storkøbenhavn via direkte eller indirekte ejerskab. Investeringerne foretages ud fra grundige analyser af ejendommenes muligheder, beliggenhed og stand.”

Annual report 2025A · The company itself

“Copenhagen Capital koncernen oplever fortsat en stor efterspørgsel for velbeliggende lejeboliger. Boligbyrden (andel af den disponible indkomst, der bruges på husleje) er for lejeboliger i København fortsat væsentligt lavere end for tilsvarende ejerboliger, som følge af markant stigende ejerlejlighedspriser de seneste år.”

Annual report 2025A · The company itself

“In May 2025, the Company and TPG formed a limited partnership that, through its wholly owned subsidiaries, entered into a definitive agreement to acquire AvidXchange. AvidXchange is a provider of AP automation solutions to lower middle market companies with a focus on several verticals including real estate, homeowners associations, financial institutions and media.”

Annual report 2025A · The company itself

“We compete with other retailers and businesses for suitable locations. Local land use and other regulations restricting the construction and operation of our warehouses and depots, as well as local community actions opposed to the location of our warehouses or depots at specific sites and the adoption of local laws restricting our operations and environmental regulations, may impact our ability to find suitable locations and increase the cost of sites and of constructing, leasing and operating warehouses and depots.”

Annual report 2025A · The company itself

“Our ability to retain rights to the land on which our towers are located depends on our ability to purchase such land, by acquiring fee interests and perpetual easements, or renegotiate or extend the terms of the agreements relating to such land. Approximately 10% of our towers Adjusted Site Rental Gross Margin for the year ended December 31, 2025 was derived from towers where the leases for the land under such towers had final expiration dates of less than 10 years.”

Annual report 2025A · The company itself

“Utöver fordonstillverkare erbjuder CTEK produkter till bland annat fordonsverkstäder, distributörer, återförsäljare, laddpunktsoperatörer samt fastighetsägare.”

Annual report 2024A · The company itself

“Produkterna säljs till CTEKs kunder inom divisionen, som främst utgörs av fordonstillverkare, elgrossister samt fastighets- och parkeringsägare.”

Annual report 2024A · The company itself

“Most of our homebuilding revenue is generated from the sale of completed homes and to a lesser extent from the sale of land and lots.”

Annual report 2025A · The company itself

“The multi-family rental operations develop, construct, lease and sell residential rental properties, the majority of which are apartment communities.”

Annual report 2025A · The company itself

“Our multi-family rental operations develop, construct, lease and sell residential rental properties. We primarily focus on constructing garden style apartment communities in high growth suburban markets.”

Annual report 2025A · The company itself

“Ground Facilities Airline Operations We lease most of the land and buildings that we occupy. Our largest aircraft maintenance base, various equipment maintenance, cargo, flight kitchen and training facilities and most of our principal offices are located at or near the Atlanta airport on land leased from the City of Atlanta. We lease ticket counters, gate areas, operating facilities and other terminal space in most of the airports that we serve.”

Annual report 2025A · The company itself

“Additionally, if we are unable to renew the lease at any of our data centers, we could lose customers due to the disruptions in their operations caused by the relocation.”

Annual report 2025A · The company itself

“We have built and may continue to build out a large portion of this space on a speculative basis at significant cost.”

Annual report 2025A · The company itself

“In addition, as of December 31, 2025, customer agreements representing 23.3% of the square footage of the properties in our portfolio, excluding month-to-month leases and space held for development, were scheduled to expire through 2027, and an additional 16.8% of the net rentable square footage, excluding space held for development, was available to be leased.”

Annual report 2025A · The company itself

“Parallellt med detta kräver vår egen tillväxtstrategi att vi använder kapital och resurser effektivt, samtidigt som vi upprätthåller en balanserad risknivå. När det gäller fastighetstransaktioner innebär detta att vi: avyttrar icke kärnfastigheter i ej prioriterade områden, med lägre avkastning och/eller begränsad tillväxtpotential. förvärvar fastigheter som kompletterar vår nuvarande portfölj och vårt erbjudande, där vi ser större värdeskapandepotential.”

Annual report 2024A · The company itself

“Vi lägger ett transaktionsintensivt år bakom oss då vi under första halvåret fokuserade på att stärka balansräkningen genom att avyttra icke kärnfastigheter, för att under andra halvåret fokusera på tillväxt genom förvärv i strategiska lägen och städer. Under årets sista kvartal tillträde vi exempelvis sju fastigheter i Luleå, Gävle och Falun för 963 mkr.”

Annual report 2024A · The company itself

“Vi äger och utvecklar kommersiella fastigheter i växande städer i norra Sverige. Med rätt hyresgäst på rätt plats skapar vi attraktiva fastigheter och en långsiktigt hållbar affär.”

Annual report 2024A · The company itself

“Våra fastigheter fylls med en blandning av moderna kontor, butiker, restauranger och annan samhällsservice och även nya bostäder.”

Annual report 2024A · The company itself

“Vårt främsta fokus ligger på att utveckla våra fastigheter, stadsdelar och städer genom att investera i kommersiella lokaler med tyngdpunkt på kontor. Dessa kompletteras med lokaler för butiker, restauranger och annan samhällsservice för att skapa ett rikt utbud i våra städer.”

Annual report 2024A · The company itself

“Vi investerar i centralt belägna fastigheter med ett blandat innehåll. Butiker och andra tjänster placeras på gatuplan, kontor på våningarna ovanför och där det passar kompletteras fastigheterna med bostäder högst upp.”

Annual report 2024A · The company itself

“Det är inom kontorssegmentet och bland våra kontorshyresgäster som vi ser den största tillväxten i vår affär. Det är också här vi lägger mest resurser, och majoriteten av vår portfölj består av kontor. Attraktiva arbetsplatser i våra städer ökar människoflödena och skapar goda affärsförutsättningar för hyresgäster inom butik, restaurang och annan samhällsservice – och vice versa.”

Annual report 2024A · The company itself

“På utvalda platser, med god avkastning, bygger vi även nya bostäder, både hyres- och bostadsrätter.”

Annual report 2024A · The company itself

“Introduktion Marknad Strategi och affär Ekonomisk redovisning Finansiella rapporter Hållbarhetsrapport Nyckeltal Introduktion Marknad Strategi och affär Ekonomisk redovisning Finansiella rapporter Hållbarhetsrapport Nyckeltal Kontorets viktiga roll i den levande staden Attraktiva arbetsplatser bidrar till levande stadskärnor och efterfrågan på centralt belägna, moderna och varumärkesstärkande kontor är fortsatt hög i våra 15-minutersstäder.”

Annual report 2024A · The company itself

“Det är inte ovanligt att framgångsrika nationella eller globala företag med adresser i städer som London, Los Angeles och Stockholm adderar Åre, Umeå eller Luleå som satellitkontor.”

Annual report 2024A · The company itself

“Vi möter denna efterfrågan främst med skräddarsydda kontor som anpassas efter hyresgästens önskemål. Tillsammans utformar vi de mest lämpliga lokalerna, baserat på hur hyresgästen vill att ytorna ska se ut och fungera samt med fokus på lägre miljöpåverkan. Vi erbjuder även kontorshotell och coworking-lokaler.”

Annual report 2024A · The company itself

“Oppstrøms Omfatter innhenting av kapital og kjøp av produkter og tjenester, blant annet IT-løsninger, konsulenttjenester, samt varer og tjenester knyttet til eiendommer og kontorutstyr.”

Annual report 2024A · The company itself

“Kontorutstyr anskaffes via innkjøpsprosesser hvor alle leverandører som inngår kontrakt med DNB risikovurderes i DNBs system for håndtering av tredjepartsrisiko (Third Party Risk Management, TPRM) før kontraktinngåelse. Bærekraft er ett av risikoområdene leverandørene vurderes på.”

Annual report 2024A · The company itself

“Certain of our operating expenses, such as wage rates and occupancy costs have continued to increase in recent years, due primarily to market forces such as labor availability, increases in minimum wage rates, inflation, property rents and interest rates.”

Annual report 2026A · The company itself

“Our growth is dependent on our ability to expand our square footage profitably. Expanding our square footage profitably depends on a number of uncertainties, including our ability to locate, lease, build out and open or expand stores in suitable locations on a timely basis under favorable economic terms.”

Annual report 2026A · The company itself

“OGV: Affärsområdena Residential och Hospitality globalt. nettoomsättning Andel av koncernens nettoomsättning Andel av koncernens nettoomsättning OEM Distribution OEM Distribution OEM Distribution OEM Distribution 25% 5%14% 23% 9%24% Under 2024 hade Dometic sex rapporterande segment: : Land Vehicles Americas, Land Vehicles emeA, Land Vehicles APAC, marine, mobile Cooling Solutions samt global Ventures.”

Annual report 2024A · The company itself

“Under 2024 fortsatte hyresmarknaden att polariseras, med vikande efterfrågan på sämre fastigheter och god efterfrågan på bättre fastigheter.”

Annual report 2024A · The company itself

“Därför har topphyres nivåerna fortsatt att stiga både i Poznan och Warszawa.”

Annual report 2024A · The company itself

“Eastnine har som ambition att växa fastighetsportföljen med fokus på lönsamhet.”

Annual report 2024A · The company itself

“Fastigheter som förvärvas ska uppfylla högt ställda krav på avkastning, lokalisering, hållbarhet, arkitektur och teknik.”

Annual report 2024A · The company itself

“Eastnines kontorslokaler ska vara attraktiva, inspirerande och effektiva, stödja hyresgästernas affärsmodell och vara en konkurrensfördel för företag i förhållande till anställda och kunder.”

Annual report 2024A · The company itself

“” Eastnine ska vara den ledande, långsiktiga leverantören av moderna och hållbara kontorslokaler i förstklassiga lägen på utvalda marknader i Polen och Baltikum.””

Annual report 2024A · The company itself

“Eastnine eftersträvar goda och långsiktiga relationer med sina kunder, dvs. hyresgästerna, vilket ger lägre omsättningshastighet och bidrar positivt till resultatet.”

Annual report 2024A · The company itself

“Eastnines vision är att skapa och tillhanda hålla de bästa mötesplatserna där idéer kan flöda, människor mötas och framgångsrik affärsverksamhet utvecklas. Eastnines ambition är att fastighetsportföljen med kontorsfastigheter ska växa på de prioriterade marknaderna Polen och Baltikum, förutsatt att tillväxten bidrar till ökad lönsamhet.”

Annual report 2024A · The company itself

“Eastnine investerar i moderna, hållbara och högavkastande kontorsfastigheter i Polen och Baltikum.”

Annual report 2024A · The company itself

“Moderna och hållbara kontor Eastnine erbjuder inspirerande, flexibla och moderna kontor i premiumlägen för hyresgäster med höga krav. Effektiva fastigheter med bra inomhusmiljö och arbetsklimat, samt god service är viktigt.”

Annual report 2024A · The company itself

“BNP i % i Tyskland og Berlin Kilde: Statistische Bundesamt, Statistik Berlin Brandenburg og Investionsbank Berlin *Prognose fra IBB 2,2 2,8 1,1 -4,1 3,9 1,8 -0,9 -0,5 0,2 5,1 4,3 3,5 -2,3 3,2 4,9 1,6 0,8 1* Tyskland Berlin 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Berlin er det sted i Tyskland, hvor der de seneste mange år er blevet handlet flest ejendomme, og boligejendomme har gennem årene udgjort den største andel. Sådan er det også i 2025, hvor hovedstaden står for 15,26% af den samlede transaktionsvolumen i Tyskland. I alt har ejendomme til en værdi af EUR 4,8 mia. skiftet hænder i 2025.”

Annual report 2025A · The company itself

“Heraf udgør boliger EUR 2 mia. I forhold til 2024 er omsætningen dog faldet med 26%. Spørger man aktører på markedet om årsagen, fortæller de, at der egentlig har været en høj aktivitet, men at køberne er blevet mere forsigtige.”

Annual report 2025A · The company itself

“Det er ikke kun i Berlin, at markedet for ejendomshandler er gået tilbage i 2025. I Tyskland som helhed er transaktionsvolumen faldet med 17% sammenlignet med 2024.”

Annual report 2025A · The company itself

“Ledelse og drift af koncernen Struktureret økonomiopfølgning, fysisk tilstedeværelse på ejendommene og målrettet videnopbygning bidrager til en effektiv drift og udvikling af porteføljen i Berlin. EgnsINVEST Management A/S har i 20 år været en tæt samarbejdspartner for koncernen og besidder betydelige kompetencer inden for ejendomsbranchen i Berlin. Selskabet har målrettet investeret i at opdatere og udvide sin viden, hvilket sikrer en professionel og effektiv administration af porteføljen.”

Annual report 2025A · The company itself

“Koncernen vil i 2026 fortsat fokusere på at renovere ved fraflytninger med mulighed for at gennemføre lejestigninger og opnå et merafkast. Udover de almindelige lejestigninger, der kan opnås i henhold til lovgivningen for boligudlejning, vil selskabet ligeledes arbejde med lejeforhøjelser ved genudlejning af erhverv.”

Annual report 2025A · The company itself

“Koncernen fokuserer konstant på afsøgning og udvikling af udlejningsbare kvadratmeter gennem udnyttelse af eksisterende tagetager, ombygning af erhvervslokaler og byggefelter.”

Annual report 2025A · The company itself

“310 15.965 15.362 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 18.000 20.000 2021 2022 2023 2024 2025 Byggetilladelser til nye boliger Antal nybyggede boliger *Prognose Kilde: Statistik Berlin Brandenburg Byggetilladelser til boliger og antal byggede boliger Koncernen har investeret i en portefølje af ejendomme i Berlin, hvor forretningsgrundlaget skabes gennem optimering af driften og udvikling af disse ejendomme. Strategien rummer mulighed for både køb og salg, hvor det skønnes at bidrage positivt til koncernens drift og udvikling. Kernen i strategien er løbende optimering af driften.”

Annual report 2025A · The company itself

“Et væsentligt udvælgelseskriterium ved akkvisition af ejendomme er kvalitet. Porteføljen består af ejendomme, der ved erhvervelse var færdigudviklede, og af ejendomme af en god grundkvalitet, der rummer mulighed for udvikling både driftsmæssigt ved optimering af huslejen og bygningsmæssigt eksempelvis ved udbygning med taglejligheder.”

Annual report 2025A · The company itself

“Kontinuerlig vedligeholdelse og renovering er en integreret del af strategien.”

Annual report 2025A · The company itself

“Selskabet har arbejdet målrettet på hurtig genudlejning og på at hæve huslejen på boligudlening samt at sikre gode lejepriser ved genforhandling af eksisterende erhvervslejemål og sikre stigninger på lejepriser ved indgåelsen af nye erhvervslejekontrakter. Herudover har istandsatte lejemål i boligenheder og udnyttelse af kvadratmeter også bidraget til højere lejepriser og meromsætning.”

Annual report 2025A · The company itself

“Ved konstant tilstedeværelse på ejendommene opretholder selskabet et grundigt overblik over vedligeholdelsestilstanden, hvilket muliggør rettidig planlægning af renoveringsopgaver inden eventuelle skader udvikler sig til noget større. I lejeprocessen prioriteres grundige undersøgelser og udvælgelse af især større erhvervslejer, herefter er løbende opfølgning og dialog vigtige parametre for at undgå tab.”

Annual report 2025A · The company itself

“I 2025 har selskabet indgået en aftale med en ekstern valuar, som sikrer, at alle selskabets ejendomme løbende bliver vurderet med en fjerdedel af ejendommene hvert kvartal, således alle ejendommene bliver vurderet i løbet af året. De uafhængige vurderinger foretages med henblik på at understøtte beregningen af ejendomsværdierne og betyder således, at selskabet har en god understøttelse af deres værdiansættelser udover underretninger i markedet og mæglervurderinger.”

Annual report 2025A · The company itself

“Koncernen monitorerer den politiske dagsorden for at kunne være på forkant med potentielle indgreb. Selskabet afholder sig fra uregulerede udlejningskon - cepter, der er genstand for politisk usikkerhed og modstand, men udnytter samtidig fuldt ud de muligheder for lejeoptimering, som lovgivningen giver adgang til.”

Annual report 2025A · The company itself

“Koncernens eneste aktivitet er udlejning af investeringsejendomme med hoved - vægt på boligudlejning, og koncernens omsætning består således udelukkende af indtægterne ved udlejning af investeringsejendomme. Koncernen har udelukkende udlejningsejendomme beliggende i Berlin.”

Annual report 2025A · The company itself

“For Ennogie customers, these solutions offer a significant degree of energy self-sufficiency and security.”

Annual report 2025A · The company itself

“This development potential is centrally located in attractive areas within the company's existing clusters and represents an opportunity for accretive growth over time.”

Annual report 2024A · The company itself

“The company has a large portfolio of centrally located high-quality properties in and around Oslo and in Bergen.”

Annual report 2024A · The company itself

“Letting and property management, project development and property transactions are the key value drivers for our company.”

Annual report 2024A · The company itself

“Entra Annual Report 2024 3 Introduction Entra at a glance Leading owner, manager and developer of office properties in Norway Properties (#) 81 Property portfolio 1.3m sqm Market value portfolio 61bn Avg. portfolio age 8.5 yrs.”

Annual report 2024A · The company itself

“At the end of 2024, the management portfolio consisted of 73 properties, with a total area of 1 160 522 square meters (sqm). Property development: The company engages in the development of new office buildings and the redevelopment of existing properties.”

Annual report 2024A · The company itself

“Medelhavsregionen och Sydostasien. Brand och extremvärme är en återkommande risk för fastigheter i de fyra investeringsplattformarna i dessa geografiska områden.”

Annual report 2024A · The company itself

“EQT Real Estate skapar värde genom aktiv fastighetsförvaltning EQT Real Estate (tidigare EQT Exeter) har en vertikalt integrerad operatörsmodell, vilket är grunden för dess framgång En diversifierad portfölj med fokus på tematiska sektorer FAUM fördelat utifrån strategi EQT Playbook EQT Real Estate erbjuder strategier över hela spektrumet, från core och core+ till value-add.”

Annual report 2024A · The company itself

“I maj 2024 tillkännagav EQT Real Estate förvärvet av 20 industrifastigheter i Minneapolis, Minnesota, med en total yta på över 460 000 kvadratmeter. Portföljen består av bulk-, lättindustri- och last-mile-anläggningar, med en genomsnittlig byggnadsstorlek på över 19 000 kvadratmeter.”

Annual report 2024A · The company itself

“We own certain of our IBX data centers, but others are leased by us, and we rely on the landlord for basic maintenance of our leased IBX data centers and office buildings and, in some cases, the landlord is responsible for the infrastructure that runs the building such as power connections, UPSs and backup power generators. If such landlord has not maintained a leased property sufficiently, we may be forced into an early exit from the center which could be disruptive to our business. Furthermore, we continue to acquire IBX data centers not built by us and we may be required to incur substantial additional costs to repair or upgrade the IBX data centers.”

Annual report 2025A · The company itself

“New store rollout. Lack of profitable new store locations which affects the group’s growth plans.”

Annual report 2024A · The company itself

“As of December 31, 2025, we owned and/or operated 4,281 stores in 43 states, and Washington, D.C., comprising approximately 330.4 million square feet of net rentable space in approximately 2.9 million units.”

Annual report 2025A · The company itself

“As of December 31, 2025, we managed 1,856 stores for third party owners. Our management business enables us to generate increased revenues through management fees as well as expand our geographic footprint, data sophistication and scale with little capital investment.”

Annual report 2025A · The company itself

“OVERVIEW 22 We are a fully integrated, self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops self-storage properties (“stores”) and provides lending to owners of stores located throughout the United States. We derive substantially all of our revenues from our two segments: self-storage operations and tenant reinsurance.”

Annual report 2025A · The company itself

“Primary sources of revenue for our self-storage operations segment include rents received from tenants under leases at stores that are wholly-owned and in consolidated joint ventures.”

Annual report 2025A · The company itself

“Operationella risker – risker relaterade till effektivitet och hantering av resurser i bolaget Förvärv och avyttring av fastigheter Förvärv och avyttring av fastigheter är en viktig del av verksamheten och en förutsättning är att utbudet på marknaden motsvarar förväntningar och investeringsförmåga gällande läge och förväntad avkastning. Tillgången till och efterfrågan på fastigheter och byggrätter, konkurrens, planering, lokala föreskrifter samt tillgången till finansiering kan begränsa möjligheter att genomföra förvärv till förmånliga villkor.”

Annual report 2024A · The company itself

“Trianon äger, förvaltar och utvecklar fastigheter i Malmöregionen.”

Annual report 2024A · The company itself

“Vi erbjuder bostäder och lokaler för kommersiell verksamhet och samhällsservice och har tillväxt, värdeskapande och den goda affären i fokus.”

Annual report 2024A · The company itself

“Trianons bostadsbestånd ger bra totalavkastning Bostadssegmentet är vårt största segment och står för 75 procent av fastighetsvärde och hyresintäkter.”

Annual report 2024A · The company itself

“Vårt fastighetsbestånd ska främst bestå av bostäder.”

Annual report 2024A · The company itself

“Fördelningen per kategori i förhållande till fastigheternas marknadsvärde var: Bostäder 75 procent (73), samhälls-/kommersiella fastigheter 25 procent (27).”

Annual report 2024A · The company itself

“I samband med fastighetstransaktioner finns en risk att den förvärvade fastigheten inte motsvarar förväntningarna eller den erlagda köpeskillingen. Det finns även risk för oväntade vakanser eller kostnader som uppkommer i fastigheten efter förvärvet och som inte är reglerade i avtalet.”

Annual report 2024A · The company itself

“Emilshus strategi för att generera starka kassaflöden Förvärva, utveckla och förvalta hög avkastande kommersiella fastigheter i södra Sverige.”

Annual report 2024A · The company itself

“Fastpartners tillgångar uppgick per 31 december 2024 till 36,2 (36,0) miljarder kronor. Verksamheten finansieras med en kombination av eget kapital, räntebärande skulder samt övriga skulder. De två viktigaste kapitalkällorna är det egna kapitalet och de räntebärande skulderna. Dessa svarade vid årsskiftet för 41,5 (40,6) procent respektive 45,0 (46,2) procent av Fastpartners finansiering.”

Annual report 2024A · The company itself

“Räntebärande skulder Fastigheter är en långfristig tillgång och kräver långfristig finansiering där fördelning mellan eget kapital och räntebärande skulder sätts så att nödvändig finansiering erhålls. De räntebärande skulderna, som är Fastpartners huvudsakliga finansieringskälla, utgjorde 45,0 (46,2)procent av bolagets finansiering vid årsskiftet.”

Annual report 2024A · The company itself

“Investeringar och försäljningar Under 2024 förvärvade Fastpartner 1 (1) fastighet för 8,5 (3,9) MSEK. Detta motsvarar uthyrningsbara ytor om cirka 1 167 (530) kvm.”

Annual report 2024A · The company itself

“Under 2024 har fyra (inga) fastigheter avyttrats.”

Annual report 2024A · The company itself

“Our growth strategy is focused on the development and redevelopment of properties we already own and the acquisition of additional properties.”

Annual report 2025A · The company itself

“We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties.”

Annual report 2025A · The company itself

“PROPERTIES General As of December 31, 2025, we owned or had a majority ownership interest in community and neighborhood shopping centers and mixed-used properties which are operated as 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet.”

Annual report 2025A · The company itself

“Outlook Our long-term growth strategy is focused on growth in earnings, funds from operations, and cash flows primarily through a combination of the following: •growth in our comparable property portfolio, •expansion of our portfolio through property acquisitions, and •growth in our portfolio from property redevelopments and expansions.”

Annual report 2025A · The company itself

“PROPERTIES The first mortgage indentures for the Ohio Companies, FE PA, MP and PE constitute direct first liens on substantially all of the respective physical property, subject only to excepted encumbrances, as defined in the first mortgage indentures.”

Annual report 2025A · The company itself

“FirstFarms ønsker at kombinere den organiske vækst med opkøb af jord til afgrødeproduktionen. Jord er FirstFarms’ og aktionærernes sikkerhedsnet, og historisk set har jord været en inflationssikker investering, der er steget i værdi over tid.”

Annual report 2025A · The company itself

“Jord udgør 26 % af koncernens samlede aktiver. FirstFarms betragter jord som et værdifast aktiv, som sikrer FirstFarms mod inflation.”

Annual report 2025A · The company itself

“PROPERTIES FOX owns the FOX Studio Lot in Los Angeles, California. The historic lot is located on over 50 acres of land and has over 1.8 million square feet of space for both administration and production/post-production services available to service FOX and a wide array of industry clients, including 15 sound stages, theaters and screening rooms, editing rooms and other television and film production facilities.”

Annual report 2026A · The company itself

“Med GAROs totala bredd inom GARO Electrification riktar sig koncernens erbjudande främst till elinstallatörer, fastighetsägare, byggbolag, hustillverkare samt uthyrningsbolag inom bygg sektorn.”

Annual report 2024A · The company itself

“Prolec GE is a leading grid equipment supplier, producing transformers across most ratings and voltages with approximately 10,000 global employees across seven manufacturing sites globally, including five in the U.S.”

Annual report 2025A · The company itself

“Vår projektutveckling kommer successivt att ge ytterligare bidrag till kassaflödet, och vi avser att selektivt förvärva kassaflödesstarka fastigheter med hög direktavkastning.”

Annual report 2024A · The company itself

“Att identifiera utvecklingspotentialen för varje enskild fastighet utifrån dess unika förutsättningar är ett viktigt inslag i Genovas affärsmodell. Möjligheten för utveckling av byggrätter för egen projektutveckling eller försäljning utvärderas alltid.”

Annual report 2024A · The company itself

“Genovas vision är att vara det personliga fastighetsbolaget med nära kundrelationer. Våra hyresgäster är finansiellt stabila företag, vilket bedöms ge låg risk för hyresförluster och vakanser samt stabilt kassaflöde över tid. Vid årets utgång hade bolaget 443 kommersiella hyresavtal med en genomsnittlig återstående avtalslängd om 4,6 år och därtill hyresavtal för bostäder.”

Annual report 2024A · The company itself

“Fastighetsbeståndet utgörs idag främst av kommersiella lokaler, samhällsfastigheter och bostäder i Storstockholm, Uppsalaregionen och västra Sverige.”

Annual report 2024A · The company itself

“Vi skapar värde i vår fastighetsförvaltning, stadsutveckling, projektutveckling och genom fastighetstransaktioner i Sverige.”

Annual report 2024A · The company itself

“Genovas affärsmodell kombinerar stabila kassaflöden från förvaltningsfastigheter med investeringar i värdeskapande projektutveckling.”

Annual report 2024A · The company itself

“Vid årets utgång hade Genova ett helägt fastighetsbestånd bestående av 77 förvaltningsfastigheter till ett marknadsvärde om cirka 8,1 Mdkr fördelat på cirka 354 Tkvm. Totalt fastighetsvärde med hänsyn tagen till tillträdda fastigheter, pågående nyanläggningar samt joint ventures uppgår till cirka 11,4 Mdkr.”

Annual report 2024A · The company itself

“The Group pursues profitable growth through strategic acquisitions, hands-on property renovation, and disciplined vacancy reduction across the portfolio.”

Annual report 2025A · The company itself

“The Group targets prime retail and mixed-use properties in central urban locations with strong footfall, proven tenant demand, and identifiable renovation upside. Acquisitions are evaluated on rental yield potential, the scope for physical improvements that drive higher rents, and the ability to reduce vacancy through active letting.”

Annual report 2025A · The company itself

“Revenue Streams: Our revenue streams are generated through rental income from retail chains that are tenants in our properties and from ordinary renters.”

Annual report 2025A · The company itself

“Eksponeringen mot eiendom ble vesentlig redusert ved salget av Oslo Areal i 2022, men vi har fortsatt en vesentlig eksponering til eiendom gjennomeiendomsinvesteringer i Malling & Co Eiendomsfond samt andre verdipapirer.”

Annual report 2024A · The company itself

“Vi har i mange år testet ut forskjellige typer sensorteknologi for å redusere risiko for uhell og skader. For eksempel gjelder dette sensorer som måler temperatur i el-skap og dermed forebygger brann.”

Annual report 2024A · The company itself

“The risk associated with the investment properties is primarily determined by the uncertainty of the value of the properties involved. As such, a property market recession could materially adversely affect the value of the properties.”

Annual report 2025A · The company itself

“Our investing activities, which are typically longer-term, include investments in corporate equity, credit, real estate and infrastructure assets.”

Annual report 2025A · The company itself

“Commercial real estate includes originated loans and lending commitments that are directly or indirectly secured by hotels, retail stores, multifamily housing complexes and commercial and industrial properties. Commercial real estate also includes loans and lending commitments extended to clients who warehouse assets that are directly or indirectly backed by commercial real estate.”

Annual report 2025A · The company itself

“Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are collateralized by the warehoused assets, primarily consisting of residential real estate, consumer and corporate loans.”

Annual report 2025A · The company itself

“Inom mark- och grönyteskötsel erbjuds ett brett utbud av underhållstjänster av mark- och grönytor såsom renhållning, gräsklippning, beskärning, plantering, lövupptagning, väg- och gatuskötsel.”

Annual report 2024A · The company itself

“Kunderna är framförallt kommuner, landsting och regioner, fastighetsförvaltare, bostadsbolag och andra som äger eller förvaltar mark- och grönområden i städer och i anslutning till stadsbebyggelse.”

Annual report 2024A · The company itself

“Homeowners Insures against losses to residences and contents from fire, wind and other perils. Homeowners insurance includes owned dwellings, rental properties and coverage for tenants.”

Annual report 2025A · The company itself

“We are subject to increased exposure to adverse conditions affecting the geographies in which our properties are located, including: (i) downturns in local economies or increases in unemployment rates; (ii) changes in local real estate conditions, including increases in real estate taxes and property insurance premiums; (iii) increased competition; (iv) decreased demand; (v) changes in political administrations, or federal, state, and local legislation, including changes affecting business or property taxes; (vi) local climate events and natural disasters and other catastrophic events, such as pandemics, earthquakes, hurricanes, windstorms, flooding, wildfires, and mudslides and other physical climate risks, including water stress and heat stress; and (vii) failures of regional banks.”

Annual report 2025A · The company itself

“Similarly, our properties face competition for tenants and operators from other properties in the same market, which may affect our ability to attract and retain tenants and operators, or may reduce the rents we are able to charge.”

Annual report 2025A · The company itself

“We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and senior housing real estate.”

Annual report 2025A · The company itself

“Growth of our business is affected, and may potentially be limited, by factors influencing real estate development generally, including site availability, financing availability and cost, planning, zoning and other local approvals. In addition, market factors such as projected room occupancy, changes in growth in demand for customers compared to projected supply, geographic area restrictions in management and franchise contracts, costs and availability of construction labor and materials and anticipated room rate structure, if not managed effectively by our third-party hotel owners could adversely affect the growth of our management and franchise business.”

Annual report 2025A · The company itself

“The risks resulting from investments in leased real estate could increase our costs, reduce our profits and limit our ability to respond to market conditions.”

Annual report 2025A · The company itself

“Holmens markinnehav omfattar 1,3 miljoner hektar varav drygt en miljon är produktiv skogsmark.”

Annual report 2024A · The company itself

“Fastighetssektorn står för en tredjedel av koldioxidutsläppen i Europa och fastig hetsutvecklare, arkitekter och byggbolag har höga ambitioner att minska byggnaders koldioxidavtryck.”

Annual report 2024A · The company itself

“We believe our premium real estate footprint provides a distinct competitive advantage.”

Annual report 2026A · The company itself

“We offer our customers a wide assortment of home improvement products, building materials, lawn and garden products, décor products, and facilities MRO products, in stores and online.”

Annual report 2026A · The company itself

“Pros These customers are primarily professional renovators/remodelers, general contractors, homebuilders, maintenance professionals, handymen, property managers, building service contractors and specialty tradespeople, such as electricians, landscapers, insulation installers, plumbers, painters, pool contractors, roofers, and wallboard and ceiling installers. These customers build, renovate, remodel, repair, and maintain residential properties, multifamily properties, hospitality properties, and commercial facilities, including educational, healthcare, governmental, institutional, and office buildings, as well as data centers.”

Annual report 2026A · The company itself

“Hyresvakansgraden vid årets slut var 7,1 procent (8,8). Exklusive pågående utvecklingsprojekt uppgick hyresvakansen till 5,0 pro - cent (5,7).”

Annual report 2024A · The company itself

“Fastighetsskatten uppgick till -237,5 mnkr (-236,4) och har i huvudsak vidaredebiterats till hyresgästerna.”

Annual report 2024A · The company itself

“Hufvudstadens affärsmodell är att vara en långsiktig fastighetsägare med kundfokus och hög kvalitet i både förvaltning och utveckling av bolagets fastigheter.”

Annual report 2024A · The company itself

“Hufvudstaden ska successivt öka nettovinsten från den löpande verksamheten. 2024 ökade nettovinsten från den löpande verksamheten med 31 mnkr till 934 mnkr.”

Annual report 2024A · The company itself

“Hufvudstaden ska ha branschens nöjdaste kunder. Vi placerade oss för sjunde året i rad på första plats i Fastighetsbarometerns Nöjd Kundundersökning, kategori storbolag.”

Annual report 2024A · The company itself

“Affärsutveckling identifierar och implementerar strategiska initiativ för bolagets tillväxt och konkurrenskraft. Genom marknadsanalys och affärsstrategier utvecklas nya möjligheter, produkter och sam - arbeten för ökad lönsamhet.”

Annual report 2024A · The company itself

“Hufvudstadens starka finansiella ställning möjliggör en fortsatt utveckling av fastigheterna och verk - samheten. Vårt fokus på kundnöjdhet och lönsamhet består med målet att öka aktieägarvärdet.”

Annual report 2024A · The company itself

“Hufvudstaden erbjuder flera olika kontorskoncept som är nog - grant utformade för att tillgodose kundernas varierande behov: Eget kontor, REDO och Cecil Coworking. Koncepten kompletterar varan - dra och gör det möjligt för Hufvudstaden att leverera flexibla och attraktiva lösningar för alla typer av hyresgäster. Det mest efterfrå - gade är Eget kontor, där hyresgästerna kan teckna längre hyresavtal och få lokalerna anpassade efter sina behov.”

Annual report 2024A · The company itself

“Hufvudstadens fastigheter är väl omhändertagna och håller hög kvalitet, flertalet med uppskattad och hållbar arkitektur. Utifrån detta skapar och utvecklar vi attraktiva marknadsplatser tillsammans med andra aktörer i staden.”

Annual report 2024A · The company itself

“Commercial Real Estate Banking provides banking solutions to commercial real estate developers and institutional sponsors across the nation.”

Annual report 2025A · The company itself

“Vi uppnådde en stark tillväxt inom robotgräsklippare för professionellt bruk och attraherade kunder som driver och förvaltar golfbanor, idrottsplatser och andra offentliga och privata områden.”

Annual report 2024A · The company itself

“Construction Products— This segment is a branded supplier of innovative engineered fastening systems and solutions. This segment primarily serves the residential construction, renovation/remodel and commercial construction markets. Products in this segment include: •fasteners and related fastening tools for wood and metal applications; •anchors, fasteners and related tools for concrete applications; •metal plate truss components and related equipment and software; and 57 •packaged hardware, fasteners, anchors and other products for retail.”

Annual report 2025A · The company itself

“Koncernens verksamhet inkluderar projektering, installation, service, underhåll av fastigheter och anläggningar för kunder inom både den privata och oentliga sektorn. Genom disciplinerna el, VS, ventilation, industri, automation och teknikkonsult erbjuder koncernen energi- och kostnadseektiva helhetslösningar för våra kunder. Instalcos tjänster omfattar ombyggnationer, nyinstallationer och renoveringar av tekniska system samt service inom alla discipliner.”

Annual report 2024A · The company itself

“Huvudsakliga kundgrupper är byggbolag, fastighetsbolag, industribolag samt oentlig verksamhet.”

Annual report 2024A · The company itself

“INTEA ÅRSREDOVISNING 2024 Svensk fastighetsmarknad Den svenska fastighetsmarknaden har under 2024 uppvisat en något högre aktivitet än föregående år, men transaktionsvolymen är trots detta på den näst lägsta nivån sett över tioårsperioden 2015–2024. Totalt har 315 transaktioner genomförts under 2024 till en total transaktionsvolym om 128,9 mdkr, vilket kan jämföras med föregående år då 328 transaktioner genomfördes till en volym om 103,9 mdkr.”

Annual report 2024A · The company itself

“Vid 2024 års utgång hade Intea en fastighet upplåten med tomträtt. En ny värdering av bolagets tomträtt under kvartal 2 2024 har medfört ett lägre värde på nyttjanderättstillgången och motsvarande leasingskuld.”

Annual report 2024A · The company itself

“Mål >2 ggr Räntetäckningsgrad, ggr Räntetäckningsgrad, ggr, mål 60 70 80 90 100 20242023202220212020 Mål >90 % Offentliga hyresgäster, % Offentliga hyresgäster, %, mål Stabil tillväxt Vår strategi är att fortsätta växa kontinuerligt genom att bibehålla och vidareutveckla ett hållbart fastighetsbestånd inom social infrastruktur.”

Annual report 2024A · The company itself

“mdkr 4 INTEA ÅRSREDOVISNING 2024 Intea som investering Intea är en ledande aktör inom social infrastruktur med fokus på offentliga hyresgäster och specialanpassade fastigheter. Med en stark finansiell ställning, långsiktiga hyresavtal och en betydande projektpipeline skapar bolaget stabilitet, tillväxt och samhällsnytta.”

Annual report 2024A · The company itself

“These revenues are based on recurring Software as a Service, or SaaS, subscription fees, with an additive transaction-based or success-based pricing fee as lenders exceed the number of loans closed that are included with their monthly base subscription, as well as professional services. In addition, the ICE Mortgage Technology network provides originators connectivity to the mortgage supply chain and facilitates the secure exchange of information between our customers and a broad ecosystem of third-party service providers, as well as lenders and investors that are critical to consummating the millions of loan transactions that occur on our origination network each year.”

Annual report 2025A · The company itself

“Uppströms Nedströms Intressenter i värdekedjan Leverantörer Uppdragsgivare Medarbetare Kunder Samhället Aktieägare Aktiviteter Våra primära leverantörer förser oss med varor och tjänster inom följande kategorier: • IT, vilket omfattar bland annat infrastruktur, hårdvara, programvara och molntjänster. • Inhyrd personal och konsulttjänster • Fastighet • Bud- och posttjänster • Bank- och investeringstjänster • Juridiska tjänster Vi har kring 80 00 uppdragsgivare vilka utgörs av företag i olika storlekar och branscher.”

Annual report 2024A · The company itself

“Grow high demand investment offerings •Prioritize the intersection of market size, secular change, and Invesco’s unique position to drive growth in the highest opportunity regions. •Grow high demand private markets capabilities leveraging our strong retail channel, expanding investment strategies, and partnerships. •Drive profitable organic growth, emphasizing high demand, scalable investment capabilities, and delivery vehicles.”

Annual report 2025A · The company itself

“We offer a broad suite of domestic and global capabilities, ranging from traditional active, passive and quantitative equities, and fixed income (including money market funds for institutional clients) to multi-asset solutions to alternative investments such as real estate, private credit, and absolute return strategies.”

Annual report 2025A · The company itself

“Därutöver gjorde Latour Future Solutions tre investeringar som minoritetsägare i svenska bolag med intiktning mot hållbara fastigheter.”

Annual report 2024A · The company itself

“Helägda rörelser Bemsiq Group Caljan Hultafors Group Innovalift Nord-Lock Group Swegon Latour Industries ÖvrigA innehav Latour Future Solutions Delägda innehav Börsportfölj Alimak Group ASSA ABLOY CTEK Fagerhult HMS Networks Nederman Securitas Sweco TOMRA Troax Vision Latours vision är att vara ett hållbart och attraktivt val för långsiktiga investerare som önskar god avkastning.”

Annual report 2024A · The company itself

“I början av kvartalet etablerades Innovalift som Latours sjunde affärsområde.”

Annual report 2024A · The company itself

“Kan du berätta om Latours sjunde affärsområde, Innovalift? – Det är ett spännande affärsområde, som under Latour Industries paraply byggts upp av ett stort antal förvärv sedan 2016. Potentialen i erbjudandet är stor, inte minst på tillväxtmarknader.”

Annual report 2024A · The company itself

“Fristads inom Hultafors Group har lanserat ett koncept för insamling och återanvändning av arbetskläder för specifika kunder, och Swegon har etablerat partnerskapet RE:create, för att tillsammans med stora fastighetsbolag diskutera effektiva lösningar för ett cirkulärt flöde av en fastighets tekniska installationer.”

Annual report 2024A · The company itself

“Bolaget är en ledande leverantör av intelligenta enheter för mätning, insamling och överföring av data inom fastighetsautomation, energimätning och industriell optimering.”

Annual report 2024A · The company itself

“Bolagets mission är att förflytta människor — oavsett om det är privatpersoner som vill ha ökad mobilitet eller komfort i sina hem, fastighetsägare som vill erbjuda ökad tillgänglighet i offentliga utrymmen eller hissföretag som vill ha den senaste tekniken i sina installationer.”

Annual report 2024A · The company itself

“Det som gör förvärvet extra intressant är HC Groeps starka fokus på människors välmående och hållbarhet i sitt erbjudande och deras delegerade modell för bolagsstyrning, helt i linje med Swegons egen kommunikation och strategi. – Dessutom verkar bolaget på en av de mest progressiva marknaderna i världen inom hållbara byggnader.”

Annual report 2024A · The company itself

“Kort om Swegon Swegon levererar kvalitetsprodukter och genomtänkta systemlösningar som skapar bra inomhusmiljö och bidrar till lägre energiförbrukning och livscykelkostnader för alla typer av byggnader.”

Annual report 2024A · The company itself

“Latour Future Solutions Mot en hållbar fastighetssektor I nvesteringar gjordes i tre svenska tillväxtbolag.”

Annual report 2024A · The company itself

“Econans fokuserar på befintliga fastigheters energieffektivitet genom ett verktyg för simuleringar av olika energibesparande åtgärder, och används av banker och investerare för att riskbedöma fastigheter i enlighet med EU:s skärpta krav.”

Annual report 2024A · The company itself

“Perific Technologies levererar lösningar för effektmätning, styrning och lastbalansering av fastigheters större energiförbrukare. – Bolagets produkter och tjänster möjliggör ett effektivare energisystem, och vi ska hjälpa dem att accelerera sin expansion i Europa.”

Annual report 2024A · The company itself

“Koncernen är världsledande inom accesslösningar med produkter och tjänster som lås, dörrar, portar, säkra identiteter och entréautomatik.”

Annual report 2024A · The company itself

“Utvecklar och förvaltar samhällsfastigheter och kommersiella fastigheter www.vectura.se • Vectura utvecklar kommersiella fastigheter med fokus på innovationskluster för att möjliggöra organiskt samarbete mellan forskning, utbildning och industri samt på samhällsfastigheter. • Huvudfokus för Vectura är att framgångsrikt slutföra pågående utvecklingsprojekt, realisera projektportföljen och tillvarata ytterligare tillväxtmöjligheter. *Total exponering: 99% BEDÖMT VÄRDE, TILLVÄXT RAPPORTERAD EBITATILLVÄXT CO LEDNINGSGRUPP, KVINNOR mdr    –  Atlas Antibodies • Den organiska omsättningstillväxten uppgick till 14 procent i konstant valuta.”

Annual report 2022A · The company itself

“As part of our strategic growth plan, we expect to invest in our existing businesses, including records and information management storage and services businesses in our higher-growth markets, data centers, digital solutions, ALM business and other complementary businesses, and in new businesses, business strategies, products, services, technologies and geographies.”

Annual report 2025A · The company itself

“As of December 31, 2025, we operated approximately 1,340 facilities worldwide, including approximately 530 in the United States, and face special risks attributable to the real estate we own or lease, which could have a material adverse effect on our revenues, operating results and financial position.”

Annual report 2025A · The company itself

“Øvrige (p-anlæg, hotel, lager m. m.) 6 % (2024: 7 %)”

Annual report 2025B · From the report

“Produktion og salg af service-, bygnings- og rådgivningsydelser”

Annual report 2025A · The company itself

“Jeudan vil fortsæe bestræbelserne på at øge ejendommenes værdi gennem kundefokus, bygningsforbedringer og effektivisering af drien. Herved dannes grundlag for positive værdireguleringer af ejendommenes værdi.”

Annual report 2025A · The company itself

“Herudover påvirker salg af ejendomme udenfor fokusområdet med DKK - mio. Velbeliggende ejendomme i Indre by betragtes generelt – også i perioder med økonomisk usikkerhed – fortsat som en god investering. Der er fortsat stor eerspørgsel eer primære ejendomme – det vil sige velbeliggende og velordnede ejendomme – hvor udbuddet dog fortsat ikke helt kan følge med eerspørgslen.”

Annual report 2025A · The company itself

“Det ligger i virksomhedens kerne at sikre en robust og stabil forretning med en fremadskuende strategi og en kontrolleret vækst.”

Annual report 2025A · The company itself

“Strategien er langsigtet og fremadskuende, og beslutninger træffes med dri og udvikling af ejendommene for øje.”

Annual report 2025A · The company itself

“Jeudan er en stabil og tryg udlejer, arbejdsplads og samarbejdspartner.”

Annual report 2025A · The company itself

“SEGMENT INVESTERINGSEJENDOMME Årets lejeindtægter m.v. udgjorde DKK . mio. mod DKK . mio. i , svarende til en stigning på  .”

Annual report 2025A · The company itself

“• Vi ejer, renoverer og indreer Københavns smukkeste, historiske ejendomme.”

Annual report 2025A · The company itself

“Mål og resultater er opgjort ud fra antallet af større renoveringsprojekter, hvor renoveringen har omfaet energibesparende tiltag. Målet relaterer sig til Jeudans nøgleaktiviteter inden for ejendomsportefølje, udlejning, renovering samt dri og vedligehold af ejendomme.  ERHVERVSKUNDER HAR FÅET RÅDGIVNING INDENFOR ENERGI OG/ELLER INDEKLIMA Jeudan har i målperioden rådgivet 58 erhvervskunder inden for energi og/eller indeklima.”

Annual report 2025A · The company itself

“ÅRLIGE LEJEINDTÆGTER Modellen tager udgangspunkt i de forventede lejeindtægter for det kommende år. For ledige arealer er markedslejen forsigtigt anslået.”

Annual report 2025A · The company itself

“Segmentet ”Investeringsejendomme” omfatter investering i og udlejning af kontor-, bolig-, detail- og øvrige ejendomme primært i København og på Frederiksberg. Segmentet ”Projekt & Service” leverer ejendomsrelaterede serviceydelser internt i Jeudan såvel som til eksterne kunder.”

Annual report 2025A · The company itself

“DRIFTSOMKOSTNINGER Koncern Moderselskab2025 2024 2025 2024Driftsomkostninger Investeringsejendomme 338.649 303.364 256.435 219.007Driftsomkostninger Projekt & Service 161.933 155.065 0 0Driftsomkostninger i alt 500.582 458.429 256.435 219.007Heraf direkte driftsomkostninger vedr.ikke-udlejede Investeringsejendomme 2.843 11.906 2.677 8.007 Driftsomkostninger til Investeringsejendomme består af reparations- og vedligeholdelsesomkostninger, som primært består af generelle driftsudgifter samt egen andel af udgifter til drifts- og energiregnskab.”

Annual report 2025A · The company itself

“I Jeudan betragtes alle som kunder og altså ikke blot som lejere i et lejemål. Igennem et helkundekoncept samles alle Jeudans produkter, lejemål og serviceydelser i ét koncept, der møder kundernes behov.”

Annual report 2025A · The company itself

“Declines in real estate values and increases in prevailing interest rates could lead to significant reductions in the demand for and availability of project financing, even in markets where demand may otherwise be sufficient to support new construction. These factors could in turn temper demand for new building products and solutions and have a corresponding impact on our financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“For example, clients that rely on rental income from commercial real estate properties could be negatively affected by sustained adverse economic conditions or circumstances (such as hybrid work models) that reduce tenancies. These types of developments could depress property values, impair the ability of clients to service or refinance their loans and lead to an increase in foreclosures. These consequences could result in JPMorganChase experiencing an increase in the allowance for credit losses, higher delinquencies, defaults and charge-offs within its commercial real estate loan portfolio and incurring higher costs for servicing a larger volume of delinquent loans in that portfolio.”

Annual report 2025A · The company itself

“Aärsutvecklingsenheten utvärderar kontinuerligt potentiella aärer avseende såväl förvaltningsfastigheter som mark med projektutvecklingsmöjligheter. Vidare bidrar aärsutvecklingsenheten med stöd i projektutveckling och vid transaktioner, vilket är viktiga inslag i K2A:s verksamhet.”

Annual report 2024A · The company itself

“It is also a significant, national, commercial real estate lender and third-party master and special servicer of commercial mortgage loans.”

Annual report 2025A · The company itself

“Credit Risk We have concentrated credit exposure in commercial and industrial loans, commercial real estate loans, and commercial leases. As of December 31, 2025, approximately 72% of our loan portfolio consisted of commercial and industrial loans, commercial real estate loans, including commercial mortgage and construction loans, and commercial leases.”

Annual report 2025A · The company itself

“The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology.”

Annual report 2025A · The company itself

“Vuonna 2025 maanrakennus- ja kiinteistöhuoltokoneiden markkinat kasvoivat sekä Suomessa että Ruotsissa vuodesta 2024, mutta kasvusta huolimatta volyymit jäivät edelleen alle vuoden 2023 tason. Kohdemarkkinoiden kasvu kappalemääräisesti mitattuna oli Suomessa noin 9 % ja Ruotsissa noin 5 % vuonna 2025.”

Annual report 2025A · The company itself

“KH-Koneet on Pohjoismaiden johtavia rakennus- ja maansiirtokoneiden toimittajia. Yhtiö myy ja vuokraa kokonaisvaltaisesti laitteita, varusteita ja palveluita maanrakennuksen, kiinteistöhuollon ja materiaalinkäsittelyn tarpeisiin.”

Annual report 2025A · The company itself

“Business Overview The Company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States.”

Annual report 2025A · The company itself

“The Company began to expand its operations through the development of real estate and the construction of shopping centers but revised its growth strategy to focus on the acquisition and redevelopment of existing shopping centers that include a grocery component. Additionally, the Company has developed, and continues to develop, various residential and mixed-use operating properties, as well as obtain entitlements to embark on additional projects of this nature through re-development opportunities.”

Annual report 2025A · The company itself

“The market values of real estate assets may be adversely affected by a number of factors, including national, regional and local economic conditions; construction quality, age and design; demographic factors; tenant demand, market occupancy and rental rate trends; and capitalization rates. Declining real estate values significantly increase the likelihood that we or our investment vehicles will incur losses on loans in the event of default because the value of our collateral may be insufficient to cover the costs on the loan.”

Annual report 2025A · The company itself

“These kinds of investments have historically consisted of corporate debt, structured products, transportation assets, infrastructure assets, and commercial and residential real estate loans and securities, amongst other asset classes.”

Annual report 2025A · The company itself

“The Insurance segment invests in U.S. mortgage loans, comprised of first lien and mezzanine commercial mortgage loans and first lien residential mortgage loans. For the commercial mortgage loan portfolio, the most prevalent property type is multi-family residential buildings, which represents approximately half of the portfolio as of both December 31, 2025, and December 31, 2024. Office and retail properties represent approximately 21% and 20% of the portfolio as of December 31, 2025 and December 31, 2024, respectively.”

Annual report 2025A · The company itself

“Our Real Assets business line represents $192 billion of AUM and $163 billion of FPAUM as of December 31, 2025, across infrastructure, real estate and energy. These strategies invest capital for long-term capital appreciation, current income generation, or both.”

Annual report 2025A · The company itself

“The transition to a lower-carbon economic system is a macroeconomic megatrend that strongly supports Koskisen’s strategy, as it increases the demand for renewable lowcarbon materials in Koskisen’s customer segments.”

Annual report 2025A · The company itself

“The products are used in construction, packaging and furniture industries.”

Annual report 2025A · The company itself

“Tarjoamme monipuolisia ratkaisuja siltoihin, teihin ja ratoihin, ympäristö- ja pohjarakentamiseen, kiertotalouteen sekä geoteknisiin tarpeisiin.”

Annual report 2025A · The company itself

“the demand for leased premises, continued to rise”

Annual report 2025A · The company itself

“Lammhults Design Group i korthet Lammhults Design Group är en svensk möbelkoncern som utvecklar produkter och inredningslösningar för offentliga miljöer och kontor. Verksamheten är organiserad i två affärsområden, Office Interiors och Library Interiors.”

Annual report 2024A · The company itself

“Further, CNA holds a portfolio of commercial mortgage loans. CNA is subject to risk related to the recoverability of loan balances, which is influenced by declines in the estimated cash flows from underlying property leases, fair value of collateral, refinancing risk and the creditworthiness of tenants of the underlying properties, where lease payments directly service the loan.”

Annual report 2025A · The company itself

“Vi förvärvar, utvecklar och förvaltar hållbara fastigheter i attraktiva lägen med fokus på fortsatt tillväxt och långsiktiga relationer med våra hyresgäster. Logisteas fastighetsbestånd är koncentrerat till strategiska logistik- och industrilägen nära viktiga städer, större trafikleder, flygplatser, järnvägar, hamnar, fiske- eller annan livsmedelsindustri.”

Annual report 2024A · The company itself

“Logistea förvärvar, utvecklar och förvaltar fastigheter och byggbar mark i attraktiva lägen. Solida, långsiktiga hyresgäster skapar starka kassaflöden och en stabil balansräkning som bidrar till långsiktigt och hållbart aktieägarvärde.”

Annual report 2024A · The company itself

“Myös pilaantuneiden maiden kunnostushankkeet ympäristörakentamisen liiketoiminnassa edistyivät hyvin vuonna 2025. Yhtiö kehitti teollisen ympäristörakentamisen palveluitaan luonnon ennallistamista ja luontokadon torjuntaa varten.”

Annual report 2025A · The company itself

“Ratkaisut parantavat asiakkaiden toiminnan tehokkuutta, nostavat kiinteistöjen arvoa ja vähentävät ympäristövaikutuksia. • Luotea huolehtii työntekijöiden hyvinvoinnista ja turvallisuudesta ja investoi työkykyyn ja hyvinvointiin.”

Annual report 2025A · The company itself

“Luotean strategiaan tai liiketoimintalliin ei ole tehty Sidosryhmä Keskeiset mielenkiinnon kohteet 2025 Odotuksiin vastaaminen Vuorovaikutus Asiakkaat Asiakaspalvelu- ja tyytyväisyys, toimitusvarmuus, viestintä ja raportointi, hinnoittelu, työolot arvoketjussa, kiertotalous, kierrätys ja ennallistaminen, energiatehokkuus. • Luotea kehitti kestävyyttä edistäviä liiketoimintaratkaisuja liittyen luonnon ennallistamiseen ja monimuotoisuuden edistämiseen. • Luotea on jatkanut digitaalisten asiointikanaviensa kehitystä toimivuutta sekä liiketoimintakohtaisia toimenpiteitä palveluiden tehokkuuden optimoimiseksi asiakas rajapinnassa.”

Annual report 2025A · The company itself

“Our service is fundamental: We provide a landbank, grid applications and the management of environmental studies and government approvals in order for our customers to get a head start.”

Annual report 2024A · The company itself

“Investing perustivat 18.12.2025 yhteisyrityksen, joka sijoittaa asuinkohteisiin pääkaupunkiseudulla. Yrityksen siemensalkku koostuu noin 360 asunnosta seitsemässä kiinteistökohteessa, joista Mandatum myi yhteisyritykselle neljä.”

Annual report 2025A · The company itself

“Masco Corporation and its subsidiaries (the “Company”) is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes BEHR® paint; DELTA® and HANSGROHE® faucets, bath and shower fixtures; LIBERTY® branded decorative and functional hardware; and HOT SPRING® spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders.”

Annual report 2025A · The company itself

“We seek to identify and develop restaurant locations that offer convenience to customers and long-term sales and profit potential.”

Annual report 2025A · The company itself

“Conventional Franchise Under a conventional franchise arrangement, the Company generally owns or secures a long-term lease on the land and building for the restaurant location and the franchisee pays for equipment, signs, seating and décor. The Company believes that ownership of real estate, combined with the co-investment by franchisees, enables it to achieve restaurant performance levels that are among the highest in the industry.”

Annual report 2025A · The company itself

“In 2026, the Company plans to open approximately 2,600 new restaurants (gross) across the globe, which will contribute to slightly over 4.5% new unit growth (net of closures). Further, the Company continues to build on its industry-leading development, by progressing toward the targeted expansion to 50,000 restaurants by the end of 2027, which would make it the fastest period of restaurant unit growth in Company history.”

Annual report 2025A · The company itself

“PROPERTIES The Company owns and leases real estate primarily in connection with its restaurant business. The Company identifies and develops sites that offer convenience to customers and long-term sales and profit potential to the System.”

Annual report 2025A · The company itself

“Midsummer BOLD är kompatibel med platta, lutande och välvda takkonstruktioner, vilket gör den idealisk för kommersiella fastigheter, industribyggnader, lagerlokaler, idrottsarenor men också flerbostadshus och privata bostäder.”

Annual report 2024A · The company itself

“Florida Land Holdings We are a significant landowner in the State of Florida, which has in the past been considered one of the fastest areas of population growth in the U.S. We have land holdings totaling over 368,000 acres.”

Annual report 2025A · The company itself

“Forskellen skyldtes således væsentligst engangsavancer fra grundsalg for 56 mio. kr. i 2024.”

Annual report 2025A · The company itself

“Water & Environment Buildings & Properties covers the traditional construction market, including housing, public and private buildings as well as real- estate management. Multiconsult provide services in all phases of the lifetime of a building, from early planning stages through the construction phase, operation and modernisation phases as well as demolition and renewal of a building.”

Annual report 2024A · The company itself

“ÄR ENKELT ATT INSTALLERA, DRIVA OCH UNDERHÅLLA ALLT FLER INSTALLERAR VENTILATIONSSYSTEM Flera större aktörer som idrottshallar, industrilokaler, kyrkor med flera har moderniserat sina fastigheter med värme, kyla och ventilation.  Värme,luftkonditioneringochventilationutgörnågraavdestörstautgiftsposternaochävennågraavdestörstamiljöaspekternaförkommersiellafastigheter. MedNIBEGroupshållbaradigitalavärmepumpslösningarkanhelaanläggningen förinomhuskomfortautomatiserasochfjärrstyras.Värmepumparnagerenergibesparingäveniväntelägeochenheternaharaktivakylmodulersomgerutmärkt luftkonditionering.  I flerfamiljshus kan lägenheterna antingen ha individuell eller gemensam uppvärmning,menibådafallenkanmanhaengemensamcentralförkontroll ochövervakningmedNIBEskonceptlösningarsomgörattmankanoptimera energianvändningenifastigheten.Värmepumpenproducerarvärmeochvarmvattensamtmöjliggörsåvälluftkonditioneringsomventilation.  Offentligabyggnaderhartraditionelltvärmtsuppmedolja,gasellerkol.Detfinns fortfarande väldigt många byggnader med sådan uppvärmning som behöver bytasutmotrenare,modernareochmiljövänligareteknik.NIBEerbjuderklimatiseringbaseradpåexempelvisgeotermiskenergi,vilketgagnarsåvälmiljösom driftsekonomi.”

Annual report 2024A · The company itself

“Äldre fastigheter får nytt liv genom modern komfortteknik Gamla slott och herrgårdar innebär en särskild utmaning när det gäller att reducera kostnaderna för uppvärmning. I samband med renovering är det därförengodaffärattinvesteraiettmoderntklimatiseringssystem.NIBEkan bidramedprodukterochkunskapvadgälleralladelarinomförnybarenergiteknik, vilket gör att gamla fastigheter kan fungera klimatanpassat utan att förlorasincharmochsinskönhet. Våra produkter återfinns i de flestaavdagens moderna energilösningar,vilka uppfattassomennaturligdelavvardagen.Viskaparbekvämlighet,trivseloch trygghetihemmetgenomattlevereraprodukterförattvärma,luftkonditionera, ventilera eller på annat sätt åstadkomma ett behagligt inomhusklimat. Vi är tillverkareavantingenslutprodukternaochsystemlösningarnaelleravkomponentersomingåriutrustningarna.Medvåraprodukterbidrarvipåettnaturligt sätttilldeninternationellaambitionenatthejdaklimatförändringenochuppnå enstabilarevärld.”

Annual report 2024A · The company itself

“Our ability to effectively obtain real estate to open new retail stores, expand and operate our distribution facilities and otherwise conduct our operations, both domestically and internationally, depends on the availability of real estate that meets our criteria for traffic, square footage, co-tenancies, lease economics, demographics and other factors. We also must be able to effectively renew our existing real estate leases.”

Annual report 2026A · The company itself

“Our NIKE Direct operations have required and will continue to require a substantial investment and commitment of resources and are subject to numerous risks and uncertainties. Our NIKE Direct operations, including our retail stores and digital platforms, have required and will continue to require significant investment.”

Annual report 2026A · The company itself

“Norconsult’s key customer groups range from government bodies, municipalities and public organisations seeking to improve infrastructure, public services and community well-being, to private companies, developers and investors seeking solutions for complex projects.”

Annual report 2024A · The company itself

“Fremgangen skyldtes en stigende lejeromsætning, øget salg fra partnerskaber, Data Insights, samt indtægter fra det nye projektboligkoncept målrettet ejendomsudviklere og -mæglere.”

Annual report 2025A · The company itself

“BoligPortal.dk er Danmarks vigtigste samlingspunkt for udlejere, og boligsøgende til alle typer lejeboliger.”

Annual report 2025A · The company itself

“I segmentet Ejendomme kan beboere, viceværter, håndværkere, m.fl. få digital adgang til låste ejendomme ved betaling af en fast månedlig licens pr. opgangsdør og låseenhed samt engangsbetaling for hardware.”

Annual report 2025A · The company itself

“Allowance Related to Credit Exposure Evaluated on a Collective Basis: The allowance evaluated on a collective basis for loans decreased $10.7 million to $154.1 million at December 31, 2025, compared with $164.8 million at December 31, 2024, primarily in the CRE portfolio, driven by an improved industry outlook.”

Annual report 2025A · The company itself

“Fastighetskostnaderna för året uppgick till -440 mkr (-397) Kostnaderna fördelas mellan fastighetsskötsel och drift -385 mkr (-346), reparationer och underhåll -43 mkr (-44) samt befarade och konstaterade kundförluster om -12 mkr (-7) varav -2 mkr hänfört till rekonstruktioner. Fastighetsskatt uppgick till -48 mkr (-46).”

Annual report 2024A · The company itself

“NP3s strategi är att skapa värde för bolagets aktieägare med fokus på ett ständigt förbättrat kassaflöde genom transaktioner och att löpande förädla befintligt bestånd. Bolagets strategi är även att ha låg risk genom diversifiering inom geografi, kategori och branschexponering.”

Annual report 2024A · The company itself

“Investering i befintliga fastigheter och nybyggnationer: 731 mkr Transaktioner NP3 arbetar aktivt och kontinuerligt med förvärv och avyttringar för att utveckla fastighetsbeståndet vad gäller dess sammansättning utifrån geografi och fastighetskategori för att optimera den riskjusterade avkastningen. En viktig aspekt i portföljstrategin är att koncentrera beståndet till specifika områden på varje ort.”

Annual report 2024A · The company itself

“NP3 är ett kassaflödesorienterat fastighetsbolag med fokus på kommersiella fastigheter med hög direktavkastning främst i norra Sverige.”

Annual report 2024A · The company itself

“Per den 31 december uppgick fastighetsbeståndet till 2 201 000 kvadratmeter uthyrbar area fördelat på 554 fastigheter inom kategorierna industri, logistik, handel, kontor och övrigt. Fastighetsbeståndet är indelat i åtta affärsområden: Sundsvall, Gävle, Dalarna, Östersund, Umeå, Skellefteå, Luleå och Mellansverige.”

Annual report 2024A · The company itself

“En effektiv förvaltning skapar ökande driftöverskott vilket även påverkar fastighetsvärdet positivt. För att uppnå en effektiv förvaltning finns NP3 närvarande på bolagets samtliga geografiska huvudorter. Bolagets lokala närvaro och tillgänglighet, underlättar engagemang i hyresgästernas verksamheter och skapar möjligheter att tillgodose kundernas önskemål och behov.”

Annual report 2024A · The company itself

“Antalet hyresavtal och durationstiden på dessa tillsammans med att ingen hyresgäst står för mer än 2 procent av hyresvärdet skapar en diversifierad och stabil hyresgäststruktur. Vid årets slut hade bolaget 2 700 (2 450) hyresavtal.”

Annual report 2024A · The company itself

“Continually Enhance Store Design and Location: Our current prototype store design features optimized square footage, high ceilings, convenient interior store layouts, in-store signage, multilingual signage, bright lighting, convenient ingress and egress, ample parking, and dedicated counters to serve professional service provider customers, each designed to increase sales and operating efficiencies to enhance overall customer service. We continually update the location and condition of our store network through systematic renovation and relocation of our existing stores to enhance store performance. During 2025, we relocated 35 stores and performed minor to major updates or renovations to approximately 700 additional stores.”

Annual report 2025A · The company itself

“P&E activity on SPS work will continue in 2025 supporting a number of assets as they go through their five yearly recertification. We have seen an increased need for our Engineering competence on modification and upgrades and have growth ambitions to diversify our portfolio further.”

Annual report 2024A · The company itself

“As a percentage of revenue, occupancy and other costs increased year-over-year as higher office costs were only partially offset by rent expense.”

Annual report 2025A · The company itself

“Orkla Eiendom Orkla Eiendom tilbyr porteføljeselskapene og Orkla ASA spesialisert ekspertise og bistand innenfor eiendomssektoren og har en portefølje av eiendommer for utleie og utvikling.”

Annual report 2024A · The company itself

“Service customers typically comprise building owners, facility managers, housing associations and government agencies that operate buildings where elevators and escalators are installed.”

Annual report 2025A · The company itself

“In the Faroes, we have optimised farming locations by moving sites to more exposed areas with stronger sea currents, which enhance water quality for healthier growth while minimizing seabed impact. This is also part of the strategic journey for Scotland, where we work on consolidating sites and moving them to more exposed areas.”

Annual report 2024A · The company itself

“Vi äger och hyr ut hotellfastigheter Pandox äger och hyr ut de fastigheter som hotelloperatörer behöver för att driva hotellverksamhet. Tillsammans med skickliga operatörer skapar vi attraktiva och lönsamma hotellprodukter. Vi har sedan grundandet 1995 vuxit till en av de största hotellfastighetsägarna i Europa.”

Annual report 2024A · The company itself

“Pandox äger 161 hotellfastigheter med cirka 35 600 rum i 11 länder. Portföljens totala marknadsvärde uppgår till drygt 76 miljarder SEK.”

Annual report 2024A · The company itself

“Pandox är ett fastighetsbolag med hotellfastigheter som enda tillgångsslag. Pandox mål är att skapa tillväxt i kassaflöde genom stabilt ökade hyresintäkter och projektutveckling i det befintliga fastighetsbeståndet, kombinerat med möjligheter att göra opportunistiska förvärv.”

Annual report 2024A · The company itself

“Investeringer I 2025 blev der i scope 3 udledt 30.551 ton CO e svarende til 76 % af den samlede markedsbaserede udledning. Dette repræsenterer en stigning på 17 % sammenlignet med 2024. Stigningen kan primært henføres til højere udledninger i kategori 2 Kapitale goder, kategori 11 Anvendelse af solgte produkter samt kategori 15 Investeringer.”

Annual report 2025A · The company itself

“I Billund opføres der yderligere 29 nye ferieboliger – hovedsageligt på en ny udstykning ”Egestien” beliggende ved Lalandia i Billund. Ligeledes undersøges muligheden for at etablere egen solcellepark.”

Annual report 2025A · The company itself

“I 2026 påbegyndes en generel opdatering og vedligeholdelse af kontortårnene i henhold til den 10-årige vedligeholdelsesplan for at sikre fortsat attraktive lejemål.”

Annual report 2025A · The company itself

“Parken Ejendomme ejer og udlejer de fire kontortårne, der er opført i tilknytning til Parken.”

Annual report 2025A · The company itself

“Utmaningar inom hållbarhet De huvudsakliga utmaningarna vi arbetar med kopplat till hållbarhet kan sammanfattas enligt följande: • Variation i kundbehov och kundkrav • Tekniska- och produktionsmässiga utmaningar • Spårbarhetsrelaterade utmaningar • Bred och komplex leverantörsbas Variation i kundbehov och kundkrav Ett entreprenadprojekt är sällan likt ett annat. Bredden av kunder och variationen i kundbehov och -krav innebär att projekt i hög grad kundanpassas. Ett bostadshus, ett kontor eller en bro har en livslängd på decennier, vilket innebär unika anpassningar och särprägel på näst intill varje slutprodukt.”

Annual report 2024A · The company itself

“I affärsområde Projektutveckling var rörelseresultatet högre än föregående år och uppgick till 728 Mkr (304). I rörelseresultatet ingick positiva effekter från realisationsvinster inom Fastighetsutveckling om 440 Mkr (96), varav försäljning av andelarna i joint venture bolaget Tornet Bostadsproduktion bidrog med 220 Mkr.”

Annual report 2024A · The company itself

“Under fjärde kvartalet genomfördes förvärv av ett antal fastigheter i Varvsstaden, Malmö, från joint venture bolaget Fastighets AB Centur. Sammantaget medförde transaktionerna att nettoskulden ökade med cirka 2 000 Mkr.”

Annual report 2024A · The company itself

“Fastighetsutveckling Fastighetsutveckling förädlar och utvecklar områden och mark för kommersiella fastigheter. Den huvudsakliga ambitionen är att bedriva utvecklingsprojekt med utgångspunkt i byggrätter i egen balansräkning.”

Annual report 2024A · The company itself

“Operations and strategy Pioneer Property Group ASA (PPG) is an investment company, mainly within real estate .”

Annual report 2024A · The company itself

“Office Properties The first office property was acquired in March 2022, a seven stories tall building in Bodø. PPG has an ownership of 52 % in the property, controlling the acquired subsidiary that owns the property Total lease income for 2024 for the office properties segment amounted to MNOK 4.3 with a fair property value based on third party valuations per 31.12.24 of MNOK 63.”

Annual report 2024A · The company itself

“PPG's real estate portfolio per year-end 2024 consisted of three properties in the Preschools segment, eight properties in the Retail properties segment, one office property , eight properties in the Property development segment and seventeen properties in the Hotel properties segment, an increase of eleven properties from 2023 due to the acquisition of Norlandia Holding AS.”

Annual report 2024A · The company itself

“PPG also serves commercial and residential new build and maintenance customers by supplying coatings to painting and maintenance contractors and directly to consumers for decoration and maintenance.”

Annual report unknown yearA · The company itself

“Inom affärsområdet Digital Identity erbjuder Precise lösningar för besökshantering och fysisk biometrisk access. Precise har idag en ledande position i Norden inom system för besökshantering (YOUNiQ Visit by EastCoast) och en växande position inom lösningar för fysisk biometrisk access (YOUNiQ Access).”

Annual report 2024A · The company itself

“Bolaget ser långsiktigt en stor potential för sina lösningar gällande access- och besökshantering. Marknaden för denna typ av lösningar bedöms globalt växa mycket under de kommande åren och Precise ambition är att ta marknadsandelar genom främst ett utökat nätverk av återförsäljare och installationspartners, men även genom viss lokal bearbetning.”

Annual report 2024A · The company itself

“EXPANSION I NYA VERTIKALER "Vi har sett en fortsatt efterfrågan på våra lösningar inom områden som logisk access och smarta lås.”

Annual report 2024A · The company itself

“Bestyrelsen fastholder den langsigtede boligstrategi i Danmark og Tyskland, og arbejdet med kontrolleret afvikling af erhvervsejendomme i MC Property Fund Hamburg.”

Annual report 2025A · The company itself

“Commercial Mortgage Loans. We generally report commercial mortgage loans on real estate at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Commercial mortgage loans play an important role in our investment strategy by: ● providing strong risk-adjusted relative value in comparison to other investment alternatives; ● enhancing total returns and ● providing strategic portfolio diversification.”

Annual report 2025A · The company itself

“Our portfolio is generally comprised of mortgages originated with conservative loan-to-value ratios, high debt service coverages and general purpose property types with a strong credit tenancy. Our commercial mortgage loan portfolio consists primarily of non-recourse, fixed rate mortgages on fully or near fully leased properties. The mortgage portfolio is comprised primarily of office properties, apartments, well-anchored retail properties and general-purpose industrial properties.”

Annual report 2025A · The company itself

“We were the twelfth largest homeowners carrier in the U.S., based on 2024 premiums written, and we are currently unable to determine if we will hold that ranking for 2025.”

Annual report 2025A · The company itself

“Properties GEOGRAPHIC DISTRIBUTION We predominately invest in logistics facilities. Our properties are typically used for distribution, storage, packaging, assembly and light manufacturing of consumer products. The vast majority of our operating properties are used by our customers for retail and online fulfillment and business-to-business transactions.”

Annual report 2025A · The company itself

“Private capital deployment represents the gross value of private capital invested in real estate debt and equity, and private credit and equity asset classes. Assets under management resulting from private capital deployment are primarily included in “Real estate” and “Private credit and other alternatives” in the “—Assets Under Management—by asset class table” above.”

Annual report 2025A · The company itself

“Lessor The Company directly owns certain real estate properties that are primarily reported within the investment portfolio. Such real estate is leased to third parties, with the Company serving as the lessor.”

Annual report 2025A · The company itself

“As part of the commercial mortgage activities of the Company’s PGIM segment, the Company provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities, such as Fannie Mae and Freddie Mac. The Company has agreed to indemnify the government sponsored entities for a portion of the credit risk associated with certain of the mortgages it services through a delegated authority arrangement. Under these arrangements, the Company originates multi-family mortgages for sale to the government sponsored entities based on underwriting standards they specify, and makes payments to them for a specified percentage share of losses they incur on certain loans serviced by the Company.”

Annual report 2025A · The company itself

“As competition for suitable land increases, and as available land is developed, the cost of acquiring suitable land could rise, and the availability of suitable land at acceptable prices may decline. Any land shortages or any decrease in the supply of suitable land at reasonable prices could limit our ability to develop new communities or result in increased land costs.”

Annual report 2025A · The company itself

“Railcare har ingått avtal om att förvärva Y-ettan AB, det bolag som äger fastigheten där Railcare idag bedriver sin lokverkstad i Långsele. Förvärvet är en del av Railcares långsiktiga strategi för att utveckla lokverkstaden i Långsele att möta den stora efterfrågan på marknaden.”

Annual report 2024A · The company itself

“Rauten liiketoimintamalli keskittyy resurssitehokkaan tuotannon edistämiseen insinööripuutuoteteollisuudessa tarjoamalla kokonaisia tehtaita, tuotantolinjoja ja laitteita sekä erilaisia palveluratkaisuja asiakkaiden toiminnan tueksi.”

Annual report 2025A · The company itself

“Our Primary Business Activities Our primary business is the acquisition, ownership, and active management of freestanding commercial properties leased under long‑term net lease agreements to a diversified base of operators, including a blend of investment grade, investment grade equivalent, and other creditworthy clients.”

Annual report 2025A · The company itself

“We have and may continue to make investments and utilize transaction structures that are outside of our traditional business, including entering into new asset classes, such as casinos, data centers, power centers, retail parks, loans, and vertical farms, and entering into (or expanding our use of) new transaction structures, such as strategic co-investment ventures, joint ventures, funds, lending, and increased exploration of sale-leaseback transactions.”

Annual report 2025A · The company itself

“Segment Information Our business is characterized as primarily owning and leasing commercial properties under long-term, net lease agreements (whereby clients are responsible for property taxes, insurance and maintenance costs), and these economic characteristics are similar across various property types, geographic locations, and industries in which our clients operate.”

Annual report 2025A · The company itself

“Key strategies to achieve our goals are to: • Generate same property NOI growth that over the long-term consistently ranks at or near the top of our shopping center peers; • Reinvest free cash flow and portfolio enhancement disposition proceeds into high-quality developments, redevelopments and acquisitions in a long term accretive manner; • Maintain a conservative balance sheet that provides liquidity, financial flexibility and cost-effective funding of investment opportunities, while also managing debt maturities that enable us to weather economic downturns; • Responsibly pursue investor and business-driven corporate responsibility practices; and • Attract, retain, and engage an exceptional team with a range of skills and experiences that is guided by our values while fostering an environment of innovation and continuous improvement.”

Annual report 2025A · The company itself

“Corporate Responsibility and Human Capital We strive to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. This is essential for our business and our tenants' businesses. For this reason, corporate responsibility is a foundational strategy of Regency.”

Annual report 2025A · The company itself

“Aktiv Eiendomsmegling Jæren AS og Ryfylke Eiendomsmegling AS tilbyr tjenester innen eiendomsomsetning til både personkunder og næringsliv.”

Annual report 2024A · The company itself

“Successful growth requires us to find appropriate real estate sites in our targeted market areas. We compete with other retailers and businesses for acceptable store locations.”

Annual report 2026A · The company itself

“Över 90 procent av massan används till filter, elektrotekniska applikationer, kartong, fibercement och specialiteter.”

Annual report 2024A · The company itself

“For instance, through our partnership agreement with iCON Infrastructure Partners VI, L.P. ("iCON"), we own, develop, and manage cruise terminal facilities and infrastructure in key ports of call, initially including several development projects in Italy and Spain. Generally, we partner with local, private or governmental entities by collaborating on strategic investments and destination management.”

Annual report 2025A · The company itself

“We opportunistically seek to grow our business through, among other things, expansion into new destinations or source markets and establishment of new ventures complementary to our current offerings. We have also invested, and may in the future continue to opportunistically invest, either directly or indirectly through joint ventures and partnerships, in a growing portfolio of key land-based projects, including port and terminal facilities and private destination projects in several jurisdictions such as Mexico and the Bahamas.”

Annual report 2025A · The company itself

“Our interests in towers and the land beneath them are comprised of a variety of fee interests, leasehold interests created by long-term lease agreements, perpetual easements, easements, licenses, rights-of-way, right-of-use, and other similar interests. As of December 31, 2025, approximately 71% of our tower structures were located on parcels of land that we own, land subject to perpetual easements, or parcels of land that have an interest that extends beyond 20 years. The average remaining life under our ground leases and other property interests, including renewal options under our control, is 35 years.”

Annual report 2025A · The company itself

“DOFAB AB erbjuder skräddarsydda dörrar, fönster och portar till alla typer av fastigheter oavsett tidsepok. Bolaget har huvudkontor i Malmö och har 16 anställda med verksamhet i Malmö, Göteborg och Stockholm.”

Annual report 2024A · The company itself

“Workplace Service Delivery Workplace Service Delivery, or WSD, provides tools for managing workplace services, facilities and real estate. WSD supports functions such as space planning and maintenance, visitor management and wayfinding.”

Annual report 2025A · The company itself

“Non-residential construction activity was modest, and renovation markets were inhibited by the limited financial capacity of property owners.”

Annual report 2025A · The company itself

“Its approximately 1,900 experts design and develop solutions to make daily life safe and convenient for everyone living in the built environment, using different types of infrastructure or managing built environment or forest assets.”

Annual report 2025A · The company itself

“The largest customer groups are the municipal sector, state organizations, construction companies, housing companies, real estate companies and real estate investors, as well as operators in the forestry, energy and industrial sectors.”

Annual report 2025A · The company itself

“Key wins in 2025 included the next phase of Innovestor’s energy storage project for 26 sites, building services design for the new acute care or so-called hot hospital in Pori, and a renovation condition assessment with long-term maintenance plans for 22 properties owned by the City of Helsinki.”

Annual report 2025A · The company itself

“Customer risks The Sitowise Group's largest customer groups are the public sector, construction, real estate and housing companies as well as forestry and energy sector players.”

Annual report 2025A · The company itself

“Vi har fortsatt stötta våra fastighetskunder under de senaste åren när branschen har utmanats av höga finansieringskostnader. Under 2024 fick sektorn en viss respit med sjunkande räntor och förbättrade finansieringsvillkor.”

Annual report 2024A · 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

“Resultatet vände till positivt under året men lönsamheten som helhet är otillfredsställande som en följd av en låg kapitaleffektivitet, och att öka omsättningen i portföljen förblir en prioritet framåt.”

Annual report 2024A · The company itself

“Inom Projektutveckling är omsättning av portföljen en fortsatt prioritet, det vill säga; avyttra färdigställda projekt och påbörja nya.”

Annual report 2024A · The company itself

“I vår egen projektutvecklingsverksamhet har vi höga ambitioner när det gäller hållbara lösningar och andra attraktiva inslag i vårt erbjudande. Med en portfölj av förvaltningsfastigheter med de högsta hållbarhets-certifieringarna kan vi utveckla nya lösningar som förbättrar vårt kunderbjudande och stärker vår konkurrenskraft.”

Annual report 2024A · The company itself

“Vi är ett av världens största bygg- och projektutvecklingsföretag, verksamt på utvalda marknader i Norden, Europa och USA.”

Annual report 2024A · The company itself

“Verksamhetsgrenen Förvaltningsfastigheter levererade ett bra resultat under 2024. Förvaltningsfastigheter har under året fortsatt växa portföljen och förvärvat två kontorsfastigheter från Kommersiell fastighetsutveckling. Vid årets slut bestod portföljen av sju kontorsfastigheter med ett fastighetsvärde om totalt 8,2miljarder kronor.”

Annual report 2024A · The company itself

“Vi investerar i och förvaltar aktivt ett fastighetsbestånd av högkvalitativa och hållbara kontorsfastigheter.”

Annual report 2024A · The company itself

“Kommersiell fastighetsutveckling Vi bygger energieffektiva byggnader med starka hållbarhetsegenskaper och utvecklar nya lösningar för att kunna öka värdet för kunderna.”

Annual report 2024A · The company itself

“Fastighetsinvesteringar med fokus på läge, produkt, hyresgäster, rörelseresultat och potentiell framtida värdeökning.”

Annual report 2024A · The company itself

“SkiStar planerar att utveckla destinationen ytterligare under kommande år, både vad gäller skidområdet där vi samarbetar med mark ägare och investerare om framtida utveckling inom alpin skidåkning. Fastighetsutveckling ingår också i detta arbete då vi äger attraktiva områden i anslutning till liftsystemen.”

Annual report 2024A · The company itself

“SkiStars lönsamhet är beroende av antalet disponibla bäddar och dess beläggningsgrad. För SkiStar är det viktigt att ha kontroll över en stor bäddkapacitet för att optimera beläggningen genom att följa förändringar i efterfrågan och sätta rätt priser på boendet under alla delar av säsongen.”

Annual report 2024A · The company itself

“Utvecklingen av våra destinationer har fortsatt och nya liftar har tagits i bruk i Sälen, Hemsedal och Åre. Därutöver har investeringar i snösystem fortsatt och renoveringen av Lodge Lindvallen har fortgått.”

Annual report 2024A · The company itself

“SkiStar Vacation Club är ett sätt att äga sitt fjällboende i form av andelsveckor på SkiStars destinationer; Sälen, Vemdalen eller Åre. Denna boendeform ska vara förmånlig, enkel och trygg för andelsägaren. SkiStar Vacation Clubs boende ligger i direkt anslutning till fjällets skidåkning och stora aktivitetsutbud hela året.”

Annual report 2024A · The company itself

“Additionally, because of airport infrastructure updates and other factors, the Company has experienced increased space rental rates at various airports in its network.”

Annual report 2025A · The company itself

“The Company leases the land and/or structures on a long-term basis for its aircraft maintenance centers (located at Dallas Love Field, Houston Hobby, Phoenix Sky Harbor, Chicago Midway, Hartsfield-Jackson Atlanta International Airport, Denver International Airport, and Orlando International Airport) and its main corporate headquarters building, also located near Dallas Love Field.”

Annual report 2025A · The company itself

“Eiendomsbransjen har hatt et krevende år med likviditetsutfordringer som følge av vedvarende høy rente. Men utleiemarkedet har vært godt, og husleienivåene er blitt justert løpende.”

Annual report 2024A · The company itself

“Imidlertid ser vi at kombinasjonen av økte priser og et høyt rentenivå øker risikoen knyttet til bolig- og eiendomsutvikling.”

Annual report 2024A · The company itself

“EiendomseMegler 1 Ringerike Hadeland er tydelig markedsleder i hele markedsområdet med en markedsandel i 2024 på over 43,5 %.”

Annual report 2024A · The company itself

“Av ordinære bruktboligsalg har selskapet solgt 489 eiendommer, målt mot 464 i 2023. 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

“Bankens utlånsportefølje i bedriftsmarkedet består i ho - vedsak av lån til små og mellomstore foretak lokalisert i Ringerike og Hadelandsregionen innenfor bransjene eiendom og eiendomsutvikling, bygg- og anleggsvirk - somhet, og landbruk. Bankens utlån til næringsdrivende (inkludert lån overført til SpareBank 1 Næringskreditt) utgjør 12,5 mrd. kroner, hvorav utlån til omsetning og drift av eiendommer utgjør 57 prosent av porteføljen, jf. note 8 i regnskapet.”

Annual report 2024A · The company itself

“Konsernet utvikler styringsindikatorer og overgangsplaner for å redusere den negative påvirkningen av disse aktivitetene. • Noen av konsernets aktiviteter og prosjekter kan ha negative konsekvenser for det biologiske mangfoldet, spesielt innen sektorer som fiskeri og landbruk.”

Annual report 2024A · The company itself

“Også EiendomsMegler Midt-Norge viser sterke tall, med en særlig sterk posisjon i nyboligmarkedet.”

Annual report 2024A · The company itself

“Sparebanken Vest jobber systematisk med EUs taksonomi og grønn omstilling av porteføljen. Som et ledd i dette, følger banken jevnlig opp grønn andel av boliglånsporteføljen. Da Bærekraft boliglånsporteføljen utgjør den største delen av bankens utlånsbalanse, er boliglånsporteføljen styrende for bankens måloppnåelse på taksonomiens KPI’er.”

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

“• Taksonomi aligned finansiering: Banken vil prioritere engasjement som oppfyller kravene i EUs taksonomi. • Insentivmodeller: Rådgivernes bonusordninger knyttes opp mot bærekraftsKPIer knyttet til salg av grønne- og bærekraftslinkede lån. Målet er satt på 30 prosent årlig. • Energimerking: Hver region/team setter spesifikke mål på innhenting av energimerker basert på gjennomgang av egne kundelister. • Bransjespesifikk opplæring: Banken har en egen faggruppe for eiendom, med bransjeansvarlige i flere regioner.”

Annual report 2024A · The company itself

“Such initiatives include improving our service model, and further transforming our non-retail support organization; enhancing partner investment to improve customer experience; closing, renovating, and redesigning coffeehouses; strengthening our leadership in coffee; expanding digital engagement through mobile, loyalty, delivery, and international platforms; simplifying store operations; and responsibly growing our global footprint.”

Annual report 2025A · The company itself

“In 2025, the allowance reflected the evolving macroeconomic environment and an increase in loan loss reserves associated with certain commercial real estate and commercial loans.”

Annual report 2025A · The company itself

“Vi är ett kommersiellt fastighetsbolag med fokus på fyra segment: Lager/lättindustri/logistik, Sällanköpsoch dagligvaruhandel, Offentliga fastigheter samt Kontor.”

Annual report 2024A · The company itself

“Stockwik Årsredovisning 2024 | 3 FASTIGHETSSERVICE Segmentet Fastighetsservice inkluderar de rörelsedrivande bolagen Mälardrottningens Bygg & Fastighet, BergFast, Aktiv Fastighets Förvaltning i Nacka, Kolarviks Sten & Trädgård, NF Måleri och Sundisol. Fastighetsservice ena del (drygt 1/2 av nettoomsättningen för segmentet) omfattar byggservice och underhållstjänster inom till allra största delen underhåll, reparation, till- och ombyggnad (relaterade till vattenskador, takarbeten, brandskador, stambyten och lokalanpassningar m.m.) enligt ett fullserviceerbjudande.”

Annual report 2024A · The company itself

“Metsäomaisuuden kokonaisarvo lasketaan todennetun puuston määrän ja kasvavan puuston alueellisten hintojen avulla.”

Annual report 2025A · The company itself

“Storebrand Boligkreditt ASDin Salgskonsulent AS (25 %) FörsäkringsGirot Sverige AB (16,67%) SPP Konsult AB SPP Pension & Försäkring AB Storebrand & SPP Business Services SPP Fastigheter AB (publ) SPP Fastigheter Komplementãr AB SPP Hyresförvaltning AB SPP Spar AB TGG Fastigheter AB Storebrand Eiendomsfond Invest AS Storebrand Eiendom Trygg AS Storebrand Eiendom Vekst AS Storebrand Eiendom Utvikling AS Storebrand Pensjonstjenester AS Storebrand Infrastruktur AS Norsk Pensjon AS (27%) Pensjonskontoregisteret AS (31,1%) Storebrand Holding AB Storebrand Fonder AB Storebrand Fastigheter AB SKAGEN AS Capital Investment A/S Storebrand Asset Management UK Ltd.”

Annual report 2024A · The company itself

“Skadeforsikring er et nøkkelområde for lønnsom vekst i konsernet, og Storebrand Bank spiller en viktig strategisk rolle i å tilby et komplett utvalg av finansielle produkter og tjenester.”

Annual report 2024A · The company itself

“Affärsområde Services riktar sig till specifika B2B-nischer och kunderna finns inom privat och offentlig sektor med tyngd inom fastighet, bygg och anläggning, myndigheter, speditörer och hamnar.”

Annual report 2024A · The company itself

“Nettoomsætningen udgjorde DKK 70,4m for helåret.”

Annual report 2025A · The company itself

“M och är idag en ledande leverantör av badrumsinredning och badrumstillbehör. Sortimentet kännetecknas av innovation, design, hållbara materialval och hög kvalitet.”

Annual report 2024A · The company itself

“Cassøe Kvalitetsprodukter för badrum och kök Cassøe är en av Danmarks ledande leverantörer av innovativa kvalitetsprodukter till badrum och kök.”

Annual report 2024A · The company itself

“Roper Rhodes Stark position i Storbritannien Roper Rhodes är en väletablerad brittisk leverantör och designer av badrumsmöbler och -produkter. Erbjudandet består av sanitetsartiklar, duschar, blandare, möbler, speglar, badkar, toalettstolar och andra tillbehör.”

Annual report 2024A · The company itself

“Thebalux Två starka varumärken Thebalux är en väletablerad nederländsk designer, producent och leverantör av badrumsmöbler och -produkter. Sedan grundandet 1996 har verksamheten expanderat både produktmässigt och geografiskt.”

Annual report 2024A · The company itself

“Visselblåsarpolicy • • Policy för riskhantering som rör leverantörer Strategi Värdekedja Svedbergs Group är en av Nordens, Storbritanniens och Nederländernas ledande badrumsinredare, med ett heltäckande sortiment för badrummet, såsom badrumsmöbler, duschar, badkar, handdukstorkar, blandare, wc och tillbehör.”

Annual report 2024A · The company itself

“De illikvida tillgångarna utgörs av krediter till hushåll och företag. Dessa krediter utgör bankens kärnverksamhet.”

Annual report 2024A · The company itself

“Merparten av den långfristiga marknadsfinansieringen utgörs av emissioner av säkerställda obligationer genom Stadshypotek. Denna finansiering görs i såväl svenska som norska kronor som i euro.”

Annual report 2024A · The company itself

“Som en del av detta arbete lanserades under 2024 nya produkter för att stödja kundernas omställning. I Norge och Storbritannien introducerades gröna omställningslån, med syftet att förbättra energieffektiviteten i fastigheter. Dessutom lanserades i Norge ett grönt lån för byggnation av fastigheter som uppfyller kriterierna för grön finansiering enligt bankens finansierings ramverk för gröna obligationer.”

Annual report 2024A · The company itself

“Som en bank med betydande utlåning till fastighetssektorn lägger Handelsbanken stor vikt vid att erbjuda verktyg som stödjer fastighetskunder i arbetet med energieffektivisering. Ett exempel är den digitala tjänsten Energikollen, som Handelsbanken Sverige erbjuder sina bolånekunder och sedan 2024 även ägare av flerbostadshus. Tjänsten hjälper kunder att identifiera energieffektiviserande åtgärder anpassade efter bostadens specifika förutsättningar.”

Annual report 2024A · The company itself

“Handelsbankens utlåning till fastighetsbolag har under det senaste året minskat.”

Annual report 2024A · The company itself

“Den urbana omställningen är kopplad till att bygga mer hållbara städer och urbana miljöer med hänsyn till miljömässiga, ekonomiska och sociala aspekter.”

Annual report 2024A · The company itself

“Sweco har tilldelats ett fyraårigt ramavtal värt cirka 238 MSEK av fastighetsförvaltaren för Danmarks försvarsmakt. Sweco tillhandahåller strategisk rådgivning rörande byggnation, underhåll, utveckling och hållbarhet förmilitära fastigheter i Danmark samt på Färöarna och Grönland.”

Annual report 2024A · The company itself

“Nettoomsättning fördelat på tjänstesegment 2024, % Byggnader och stadsdelar, 37 (37) Vatten, energi och industri, 35 (34) Transportinfrastruktur, 28 (29) Nettoomsättning fördelat på kunder 2024, % Offentliga sektorn, 37 (38) Övriga privata företag, 28 (24) Industriföretag, 19 (21) Bostads-, fastighets- och byggföretag, 17 (17) Nettoomsättning fördelat på affärs områden 2024, % Sweco Sverige, 29 (29) Sweco Belgien, 13 (13) Sweco Finland, 12 (13) Sweco Norge, 11 (12) Sweco Danmark, 11 (10) Sweco Nederländerna, 10 (10) Sweco Tyskland och Centraleuropa, 9 (8) Sweco Storbritannien, 5 (5) Året i korthet Stark tillväxt med fokus på grön omställning 2024 var ytterligare ett år av lönsamt tillväxt för Sweco.”

Annual report 2024A · The company itself

“The product offering includes kitchens, bathroom furniture and storage solutions.”

Annual report 2025A · The company itself

“Tilikauden 1.1.–31.12.2025 kokonaisinvestoinnit olivat 139,1 (78,4) miljoonaa euroa sisältäen investoinnit käyttöoikeusomaisuuseriin sekä yrityskauppoihin. Konsernin investoinnit (ilman yrityskauppoja) olivat 121,3 (69,7) miljoonaa euroa, joista käyttöoikeusomaisuuseriin kohdistui 69,1 (29,7) miljoonaa euroa.”

Annual report 2025A · The company itself

“Energy Storage Products Powerwall and Megapack are our lithium-ion battery energy storage products. Powerwall, which we sell and lease to customers, as well as through channel partners, is designed to store energy at homes or small commercial facilities.”

Annual report 2025A · The company itself

“The total price obtained, the average price per acre, and the number of acres sold in any one year or quarter should not be assumed to be indicative of future land sales. Our desire to sell and the demand and pricing for any particular tract of our land is influenced by many factors, including but not limited to: (i) access and location, (ii) the national and local economies, (iii) the rate of oil and gas well development by operators, (iv) the rate of development in nearby areas, (v) the livestock carrying capacity, and (vi) the condition of the local 12 Table of Contents industries, which itself is influenced by a range of conditions. Our ability to sell land can be, therefore, largely dependent on the actions of adjoining landowners.”

Annual report 2025A · The company itself

“Our revenues from the sale of land are subject to substantial fluctuation. Land sales are subject to many factors that are beyond our control.”

Annual report 2025A · The company itself

“Table of Contents Land Sales and Exchanges We consider purchasers of land to be our customers as land management, leasing and sales are normal operating activities for TPL. Revenue is recognized on land sales when the performance obligation to the purchaser (customer) is complete.”

Annual report 2025A · The company itself

“omfatter Tivolis lejere og forpagtere af boder, butikker og 9 restauranter.”

Annual report 2025A · The company itself

“Strategiens ambitiøse målsætning om mere end 4,5 millioner gæster årligt giver, kombineret med fastholdelse og udvikling af den af gode gæsteoplevelse frem mod 2030, mulighed for at investere op imod 1 mia. kr. i strategiperioden til målrettede løft af forlystelser, bygninger og anlæg.”

Annual report 2025A · The company itself

“HomeGoods, introduced in 1992, is the leading off-price retailer of home fashions in the U.S. Through its 963 stores, HomeGoods offers an eclectic assortment of home fashions, including furniture, rugs, lighting, soft home, decorative accessories, tabletop and cookware, as well as expanded pet and gourmet food departments.”

Annual report 2026A · The company itself

“An important part of our business is written through less than a dozen such intermediaries, including the agency affiliate of GEICO, with whom we have had a distribution arrangement for homeowners’ business since 1995.”

Annual report 2025A · The company itself

“When AECO software capabilities are combined with our Field Systems portfolio, Trimble delivers comprehensive AI-enabled workflows. At our core, we bridge the gap between the office and the field, which enables our customers to turn guesswork into reality, data points into decisions, and 3D scans into multi-dimensional success for the entire ecosystem.”

Annual report 2026A · The company itself

“Owner Software. After completion of a construction project, the owner is the steward of what was designed and built by their architect, engineer, and construction partners. The asset lifecycle management solution lowers the total cost of ownership through the lifecycle of an asset, from planning to maintenance, and is designed specifically for facility and asset owners across private and public organizations.”

Annual report 2026A · The company itself

“Architects, Engineers, Construction and Owners The AECO segment primarily serves organizations across architecture, engineering, construction, and asset ownership through a connected lifecycle solution. Within this segment, our most substantial product portfolios are focused on architectural and interior design, structural and civil engineering, building and infrastructure construction, and the operations and maintenance of assets.”

Annual report 2026A · The company itself

“Table of Contents Business Objectives Our principal business objective is to maximize the economic returns of our apartment communities in a sustainable manner to provide our stockholders with the greatest possible total return and value.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had active unconsolidated joint ventures and partnerships, including our preferred equity investments, with a total equity investment of $886.5 million.”

Annual report 2025A · The company itself

“BUSINESS General UDR is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States.”

Annual report 2025A · The company itself

“Business Overview We are a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States.”

Annual report 2025A · The company itself

“Ulta U.S. operates more than 1,500 retail stores in the U.S., located predominantly in convenient, high-traffic locations such as power strip centers. The typical store in the U.S. is approximately 10,000 square feet, including approximately 950 square feet dedicated to a full-service salon.”

Annual report 2026A · The company itself

“The Company’s real estate objective is to make Ulta U.S. accessible and convenient to more consumers across a variety of markets. The Company believes that, over the long term, it has the potential to grow its store footprint to more than 1,800 freestanding Ulta U.S. stores.”

Annual report 2026A · The company itself

“An inability to execute our real estate growth and optimization strategy could affect our financial results. Our financial performance could be affected by our ability to successfully grow and optimize our retail store footprint.”

Annual report 2026A · The company itself

“Kiinteistömarkkinoiden transaktiovolyymit lähtivät kasvuun matalilta tasoilta. Suomessa kiinteistökauppavolyymi lähes kaksinkertaistui, ja muissakin Pohjoismaissa volyymit nousivat selvästi, lähes kolmanneksen verran.”

Annual report 2025A · The company itself

“Kiinteistömarkkinoiden asteittaisesta elpymisestä huolimatta sijoittajien kiinnostus kiinteistörahastoihin on edelleen tavanomaista vähäisempää.”

Annual report 2025A · The company itself

“Korkomarkkinan vakautuminen ja kiinteistömarkkinoiden transaktiovolyymien elpyminen pitkän odotuksen jälkeen tukevat positiivista näkymää myös kiinteistömarkkinoilla.”

Annual report 2025A · The company itself

“Elpyvässä markkinassa pelikenttä jakautuu kuitenkin aiempaa selvemmin “voittajiin ja häviäjiin”. Sijoittajia houkuttelevat modernit ja energiatehokkaat kiinteistöt parhailla sijainneilla, kun taas vanhemmat kohteet heikommilla sijainneilla jäävät yhä useammin paitsioon.”

Annual report 2025A · The company itself

“United Bankers uskoo myös osaamisensa keskiössä olevien reaaliomaisuusrahastojen tulevaisuuden potentiaaliin.”

Annual report 2025A · The company itself

“United Bankers on varainhoitoliiketoiminnassaan erikoistunut reaaliomaisuussijoittamisen ratkaisuihin. Metsään, kiinteistöihin ja infrastruktuuriin sijoittavat rahastot muodostavat merkittävän osan yhtiön hallinnoitavista varoista, palkkiotuotoista ja kasvupotentiaalista.”

Annual report 2025A · The company itself

“united bankersin vuosi vastuullisuus united bankersilla konsernitilinpäätös hallinnointi sijoittajille Liiketoiminnat Varainhoitoliiketoiminta United Bankersin varainhoitoliiketoimintaan kuuluvat rahastot, omaisuudenhoito ja strukturoidut sijoitustuotteet, ja se on reaaliomaisuussijoitusten edelläkävijä pohjoismaisilla markkinoilla.”

Annual report 2025A · The company itself

“Vaikka markkinaympäristö on ollut epälikvidien sijoituskohteiden, etenkin kiinteistöjen, osalta vaikea, säilyvät vaihtoehtoisten sijoitusten pitkän aikavälin kysyntänäkymät edelleen positiivisina. Esimerkiksi kiinteistöja metsäsijoitukset tarjoavat sijoittajille hajautushyötyä ja ne sopivat lähes kaikkiin sijoitussalkkuihin parantamaan salkun riski-tuottosuhdetta sekä suojaamaan salkun arvoa inflaatiolta.”

Annual report 2025A · The company itself

“Pitkän aikavälin näkymä säilyy kuitenkin positiivisena, sillä kiinteistöt muodostavat maailman suurimman omaisuusluokan ja kuuluvat siten osaksi hyvin hajautettua sijoitussalkkua myös jatkossa.”

Annual report 2025A · The company itself

“SBM-1 Strategi, forretningsmodell og verdikjede Veidekke er en entreprenør som tilbyr byggherrer i det skandinaviske bygg- og anleggsmarkedet utvikling, oppføring og vedlikehold av bygg og infrastruktur til samferdsel, energi og industri.”

Annual report 2024A · The company itself

“Our leading online marketplaces across Norway, Sweden, Finland and Denmark connect millions of buyers and sellers every month and facilitate transactions from job offers to real estate, cars, travel, consumer goods and more.”

Annual report 2024A · The company itself

“Through our marketplaces, Real Estate is helping users and customers make smart choices when buying, selling or renting a home.”

Annual report 2024A · The company itself

“We also indirectly sell and promote services to consumers and end-users through our professional marketplace partners such as car dealers, real estate agents and third-party advertisers.”

Annual report 2024A · The company itself

“We are exposed to the risks inherent in investments in real estate. Real estate investments are relatively illiquid, and our ability to quickly sell or exchange our properties in response to changes in economic or other conditions is limited. If we market any of our properties for sale, the value of those properties and our ability to sell at prices or on terms acceptable to us could be adversely affected by a downturn in the real estate industry.”

Annual report 2025A · The company itself

“In addition, from time to time, we engage in redevelopment projects with respect to our existing senior housing communities, outpatient medical buildings and research centers to 85 Table of Contents maximize the value, increase NOI, maintain a market-competitive position, achieve property stabilization or change the primary use of the property.”

Annual report 2025A · The company itself

“We rely on Atria, Sunrise and Le Groupe Maurice to manage a significant portion of the properties in our SHOP segment, including by setting appropriate resident fees, managing expenses, providing accurate property-level financial results in a timely manner and otherwise managing risk and operating our senior housing communities profitably and in compliance with the terms of our management agreements and all applicable law and regulation.”

Annual report 2025A · The company itself

“Segment NOI (1) Percentage of Total NOI Segment Properties Senior housing operating portfolio (SHOP) $ 1,184,064 49.4 % 752 Outpatient medical and research portfolio (OM&R) 590,169 24.7 % 409 Triple-net leased properties (NNN) 588,073 24.6 % 213 Non-segment (2) 30,748 1.3 % n/a $ 2,393,054 100 % 1,374 ______________________________ (1) “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third-party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report for additional disclosure and a reconciliation of Net income attributable to common stockholders, as computed in accordance with U.S. generally accepted accounting principles (“GAAP”), to NOI. (2) NOI for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable segments.”

Annual report 2025A · The company itself

“Table of Contents Other Items •During the year ended December 31, 2025, the Ventas Fund, an equity method investee, acquired three senior housing communities and two outpatient medical buildings for an aggregate purchase price of $279.5 million.”

Annual report 2025A · The company itself

“Our database contains data and analytics on approximately 143 million residential properties and 16.3 million commercial properties in the U.S.”

Annual report 2025A · The company itself

“Insurance Segment We operate in one segment, Insurance, which primarily serves our P&C insurance customers across most personal and commercial lines of business, focusing on the fundamental building blocks of insurance programs, the prediction of loss, the selection and pricing of risk, and compliance with their reporting requirements in each U.S. state in which they operate.”

Annual report 2025A · The company itself

“Pursuant to the terms of our lease agreements, which require our tenants to invest in our properties, and in line with our tenants’ commitment to build guest loyalty, we anticipate our tenants will continue to make strategic value-enhancing investments in our properties over time, helping to maintain their competitive position.”

Annual report 2025A · The company itself

“Our Partner Property Growth Fund Strategy As part of our ongoing dialogue with our tenants, we continually seek opportunities to further our long-term partnerships and pursue our respective strategic objectives. We have entered into certain arrangements, which we collectively refer to as the “Partner Property Growth Fund”, with certain tenants relating to our funding of “same-store” capital improvements, including redevelopment, new construction projects and other property improvements, in exchange for increased rent pursuant to the terms of our existing lease agreements with such tenants (and subject to the specific terms and conditions included in any such agreement).”

Annual report 2025A · The company itself

“Business We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases.”

Annual report 2025A · The company itself

“Det här är Vitec Vd har ordet Ordförande har ordet Vitec 40 år Affärsmodell och position Programvaror för unika behov Vi skapar Vitec tillsammans Aktien och ägare NORGE Vitec Megler – ett allt-i-ett-verktyg för mäklare I Norge har Vitec Megler länge varit en marknadsledande leverantör av programvara till fastighetsmäklarbranschen. Bolaget utvecklar och marknadsför lösningar som stöder hela arbetsprocessen för norska fastighetsmäklare, inklusive hantering av försäljningsleads, juridiska dokument och marknadsföringsmaterial samt visningsoch budgivningsprocesser.”

Annual report 2024A · The company itself

“Vitec Trinergy som bildades 2012 riktade in sig på marknaden i Belgien. Först genom att erbjuda skräddarsydda tjänster, men gick sedan över till att utveckla och marknadsföra kraftfulla programvaruprodukter för att på så sätt effektivt hjälpa fler företag att nå sina hållbarhets- och ekonomiska mål.”

Annual report 2024A · The company itself

“Trinergy tillhandahåller programvara för hållbar och effektiv energihantering inom sektorer som detaljhandel, fastigheter, hälso- och sjukvård och den offentliga sektorn i Belgien.”

Annual report 2024A · The company itself

“NL 2023 424 100 % Vitec Fastighet Fastighetsbranschen i Sverige.”

Annual report 2024A · The company itself

“NL 2024 27 95 % Vitec Megler Fastighetsmäklare i Norge.”

Annual report 2024A · The company itself

“DK 2017 42 94 % Vitec Mäklarsystem Fastighetsmäklare i Sverige.”

Annual report 2024A · The company itself

“SE 2021 19 95 % Vitec Plania Fastighets- och anläggningsförvaltning i Norge.”

Annual report 2024A · The company itself

“SE 2021 23 88 % Vitec Trinergy Fastighetsbranschen i Belgien.”

Annual report 2024A · The company itself

“SE 2021 112 90 % Vitec Vabi Hållbar energihantering för fastighetsbranschen i Nederländerna.”

Annual report 2024A · The company itself

“Vitec Fastighets tre huvudsakliga kundgrupper är kommunala bostadsbolag, privata fastighetsägare och kommersiella fastighetsbolag.”

Annual report 2024A · The company itself

“Idag har Vitec Vabi mer än 2 000 kunder inom fastighetssektorn och har utvecklat och marknadsfört programvaror inom hållbarhetsområdet i mer än 50 år. Vitec Vabis lösningar bidrar till att göra byggnader hållbara, energieffektiva och bekväma. – Vi har två kundgrupper, säger Arjen Zwiers, vd för Vitec Vabi.”

Annual report 2024A · The company itself

“Inom den privata sektorn arbetar Vitec Trinergy med företag som Jones Lang LaSalle, CBRE och Savills, internationella företag som äger och förvaltar olika slags byggnader. – Vi har också fastighetsförvaltare som BNP Paribas i Belgien, en annan stor aktör. Vi tenderar att ha de största kunderna inom våra respektive segment, säger Antoine.”

Annual report 2024A · The company itself

“Real estate related investments, including directly owned, investment funds and loans receivable, were $1.9 billion, or 5.7% of our investment portfolio, including cash and cash equivalents, at December 31, 2025.”

Annual report 2025A · The company itself

“Loans receivable include real estate loans of $419 million that are secured by commercial and residential real estate located primarily in the U.K. and New York.”

Annual report 2025A · The company itself

“We also provide a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients through corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading, and research capabilities.”

Annual report 2025A · The company itself

“Our investments in and acquisitions of healthcare and seniors housing properties may be unsuccessful or fail to meet our expectations We have made and expect to continue to make significant acquisitions and investments as part of our overall business strategy. Investments in and acquisitions of seniors housing and healthcare properties entail risks associated with real estate investments generally, including risks that the investment will not achieve expected returns, that the cost estimates for necessary property improvements will prove inaccurate or that the tenant, operator or manager will fail to meet performance expectations.”

Annual report 2025A · The company itself

“On August 14, 2025, we entered into a definitive agreement to sell a portfolio of 319 consolidated and unconsolidated outpatient medical properties for approximately $7.2 billion. The disposition will occur in tranches expected to close through mid-2026.”

Annual report 2025A · The company itself

“Wihlborgs strategi är att koncentrera verksamheten till en region som vi ska kunna bäst av alla för att nyttja potentialen fullt ut och bidra till regionen på ett positivt sätt. En annan central avgränsning är att vi fokuserar uteslutande på kommersiella fastigheter och på arbetsplatser.”

Annual report 2024A · The company itself

“Under 2024 förvärvades förvaltningsfastigheten Värdshuset 2, i Hyllie, Malmö. Energiomställning enligt lagd plan har påbörjats och uthyrning av hälften av de vakanta ytorna har genomförts.”

Annual report 2024A · The company itself

“I de egna projekten, som drivs av egna erfarna projektledare, begränsas riskerna för kostnadsökningar dels i avtal gentemot entreprenörer, dels genom regelbunden uppföljning internt mot budget för att upptäcka och hantera eventuella avvikelser i tid. Genom kompetenta projektledare och ett betydande engagemang i våra delmarknader är vi delaktiga i att utveckla nya områden, vilket också skapar möjligheter för tillväxt Investeringstakten har varit hög även under 2024 och under året investerades 2 204 Mkr (1 862) i befintliga fastigheter varav flera nyproduktioner men även anpassningar till befintliga och nya hyresgäster.”

Annual report 2024A · The company itself

“Wihlborgs Fastigheter AB (publ) är ett fastighetsbolag med fokus på kommersiella fastigheter i Öresundsregionen. Beståndet finns i Malmö, Helsingborg, Lund och Köpenhamn.”

Annual report 2024A · The company itself

“Fastigheternas redovisade värde uppgår till 59,2 Mdkr med ett årligt hyresvärde om 4,6 Mdkr.”

Annual report 2024A · The company itself

“Förändringspost Koncernen totalt, Mkr Redovisat värde 1 januari 2023 55 872 Förvärv 201 Investeringar 2 204 Avyttringar -117 Värdeförändring 585 Valutaomräkningar 423 Redovisat värde 31 december 2024 59 168 Extern marknadsvärdering Wihlborgs har vid värdetidpunkten 2024-12-31 låtit göra en extern värdering av hela fastighetsbeståndet, där de individuella marknadsvärdena bedömts. Det svenska beståndet har värderats av, utav Samhällsbyggarna auktoriserade värderare, Malmöbryggan Fastighetsekonomi AB. Det danska beståndet är värderat av Savills (SVL Denmark A/S).”

Annual report 2024A · The company itself

“Goda kontakter med många kunder i regionen och en effektiv marknadsbevakning i vår projektutveckling och förvaltning bidrar till att fånga trender och göra analyser av den lokala marknaden. Under 2024 är nettouthyrningen fortsatt positiv, totalt trettionio kvartal i rad. Framför allt första kvartalet känne tecknades av rekordhöga uppsägningar som möttes av ännu högre nyuthyrningar. Transaktionerna har varit låga under året, medan investeringar i det befintliga beståndet med ett flertal nybyggnationer varit hög.”

Annual report 2024A · The company itself

“Our brands — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham, and GreenRow — represent distinct merchandise strategies that are marketed through e-commerce, direct-mail catalogs, retail stores, and business-to-business.”

Annual report 2026A · The company itself

“Pottery Barn Established in 1949 and acquired by Williams-Sonoma, Inc. in 1986, Pottery Barn is a premier omni-channel home furnishings retailer. America’s most meaningful, beautiful design source, Pottery Barn brings together good products, people and values — seeking inspiration, quality and world-class customer service in everything the brand does. Thoughtfully designed and crafted to last, Pottery Barn’s furniture, bedding, lighting, rugs, table essentials, decorative accessories and more can be loved for a lifetime.”

Annual report 2026A · The company itself

“Rejuvenation Rejuvenation, founded in 1977, was acquired by Williams-Sonoma, Inc. in 2011. Headquartered in Portland, Oregon, the brand offers a broad assortment of lighting, hardware, furniture and home décor inspired by history, designed for today and crafted to last for years to come. Rejuvenation’s made-to-order lighting and hardware are manufactured at and distributed from its Portland facility.”

Annual report 2026A · The company itself

“Property and Casualty — Property and Casualty, in each of our geographical areas, provides property and liability insurance brokerage services across a wide range of industries and segments including real estate, healthcare and retail.”

Annual report 2025A · The company itself

“I september träffades en överenskommelse med Vasakronan som innebar att Wise gör en besparing på 14,6 Mkr fram till 2027 genom en reduktion av kontorsytor, samtidigt som bolaget förlängde befintligt hyresavtal fram till 2029.”

Annual report 2024A · The company itself

“The company understands the specific requirements of different industries and can offer tailored solutions for sectors such as logistics, healthcare, and property management.”

Annual report 2025A · The company itself

“Eräs strategian päätavoitteista on vapauttaa ei-strategisiin omaisuuseriin sitoutunutta pääomaa vuoteen 2029 mennessä.”

Annual report 2025A · The company itself

“YIT:n visiona on olla osaavin kumppani kestävien kotien, tilojen ja kaupunkien kehittämisessä – hyvää elämää varten.”

Annual report 2025A · The company itself

“Total AUM net outflows were $31.7 billion for 2025 and included a large institutional client repositioning into passive strategies and $3.9 billion of outflows from our U.S. real estate products.”

Annual report 2025A · The company itself

“Our corporate headquarters, located at 240 Greenwich Street in New York City, is a 23-story building of approximately 1.2 million square feet that we own. We have additional offices and commercial space in the U.S. and elsewhere in the Americas, primarily Brazil and Canada, which together consist of approximately 4.4 million square feet of leased and owned space. In the EMEA region, we have offices that total approximately 1.1 million square feet of leased and owned space, and we have 1.6 million square feet of leased space in the APAC region.”

Annual report 2025A · The company itself

“•Fluctuations in foreign currency exchange rates may adversely impact our financial results. •Our investments in port destinations and exclusive islands may expose us to additional risks. •Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options. •Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests. •Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection measures, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage.”

Annual report 2025A · The company itself

“Eläkesäätiön myöntämän lainan vakuudeksi on annettu 41 miljoonan euron ( 2024: 41) kiinteistökiinnitykset.”

Annual report 2025A · The company itself

“We consider our properties adequate for our present needs. •We lease approximately 1.6 million square feet at 1515 Broadway, New York, New York, for executive, administrative and business offices, and studio and production space for the Company and certain of our operating divisions. The lease runs through 2031, with two renewal options for 10 years each based on market rates at the time of renewal.”

Annual report 2024A · The company itself

“PROPERTIES Our corporate headquarters are located in Menlo Park, California, where we currently have lease commitments for multiple facilities with various expiration dates through 2036. We otherwise lease office facilities throughout the United States and other countries around the world for engineering, sales, marketing, and operations, as well as general and administrative purposes.”

Annual report 2025A · The company itself

“Additionally, due to the uncertain economic environment, it may be difficult to determine the fair market value of real estate properties when we are deciding whether to enter into leases or renew expiring leases. This may impact our ability to manage the profitability of our store locations, or cause impairments of our lease right-of-use assets if market values decline, any of which could have a material adverse effect on our financial condition or results of operations.”

Annual report 2026A · The company itself