NP3-PREFNasdaq StockholmReal EstateIFRS · SEK

NP3 Fastigheter

NP3 Fastigheter is a Swedish real estate company specializing in acquiring, owning, and managing high-yielding commercial properties, primarily in northern Sweden. The company aims to become Sweden's most profitable real estate firm by focusing on tenant satisfaction and strategic property acquisitions. NP3's portfolio includes industrial, retail, office, logistics, and public-use properties, with a strong emphasis on industrial and retail spaces. The company is committed to sustainable growth and risk diversification across property categories and geographic locations.

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Revenue2,274m SEK
+14.2 %y/y
Net income1,287m SEK
+40.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50005001,0001,5002,0002,500m SEK2020: 1,091 m SEK20202021: 1,238 m SEK20212022: 1,551 m SEK2022: EBIT -34 m SEK20222023: 1,797 m SEK20232024: 1,992 m SEK20242025: 2,274 m SEK20252,274
RevenueOperating profit (EBIT)
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Business

Share of revenue
Industrial Properties51 %

Includes leasing of industrial spaces and facilities.

Retail Properties21 %

Encompasses leasing of retail spaces to B2C and B2B clients.

Office Properties15 %

Involves leasing office spaces to various tenants.

Logistics Properties8 %

Comprises properties used for logistics and warehousing.

Public Use Properties5 %

Includes properties for public use such as schools.

Customers

NP3 Fastigheter serves a diverse range of tenants across various industries, focusing on long-term relationships and tenant satisfaction. Major customer segments include industrial companies, retail chains, and public sector entities. The company leases properties to both B2B and B2C clients, with a significant portion of rental income derived from industrial and retail tenants. NP3's customer base is well-diversified, reducing dependency on any single tenant or industry, which enhances financial stability.

Industrial Tenants

Lease industrial spaces for manufacturing and operations.

Retail Chains

Rent retail spaces for stores and distribution centers.

Public Sector

Utilize office and public-use properties for administration.

Strategy

NP3 Fastigheter's strategic priorities include expanding its property portfolio through acquisitions and enhancing existing properties to increase rental income. The company focuses on tenant satisfaction to ensure long-term leases and stable cash flows. NP3 aims to achieve a 12% annual growth in profit from property management per share over five years. The company also prioritizes financial stability, maintaining a strong interest coverage ratio and optimizing its loan-to-value ratio.

Portfolio ExpansionMedium term

To increase rental income and market presence.

Tenant SatisfactionShort term

Ensures long-term leases and stable cash flows.

Financial StabilityLong term

To support sustainable growth and reduce financial risks.

Geography

NP3 Fastigheter primarily operates in northern Sweden, with a significant presence in the Sundsvall area. The company owns properties across eight geographic business areas, ensuring a well-diversified portfolio. NP3's geographic focus allows it to capitalize on regional economic growth while mitigating risks associated with location-specific downturns. The company's head office is located in Sundsvall, with branch offices in several other Swedish cities, facilitating efficient property management and tenant relations.

Risks

NP3 Fastigheter faces several risks, including property-related risks such as valuation uncertainties and market risks due to economic fluctuations. High inflation and interest rates can impact property values and required returns. The company mitigates these risks through geographic diversification and regular property valuations. Financial risks include managing interest rate exposure and maintaining a strong balance sheet. Environmental risks and changes in the regulatory environment also pose challenges.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Property Valuation Uncertainty1Interest Rate Exposure2Regulatory Changes3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Property Valuation UncertaintyImpact: HighLikelihood: Medium

    Due to market fluctuations and management assumptions.

  2. Interest Rate ExposureImpact: HighLikelihood: Medium

    High rates increase required returns and financial costs.

  3. Regulatory ChangesImpact: MediumLikelihood: Low

    Potential impact on property management and development.

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Accounting

Judgemental items
Property Valuation

Affects balance sheet and reported earnings.

Impact: high

Interest Rate Derivatives

Manage financial risks and affect financial costs.

Impact: medium

Revenue Recognition

Based on rental income, affecting cash flow and earnings.

Impact: medium

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Last updated: 24/09/2026