Press release

Student Housing in the Nordics presents interim report Q3 2024

Studentbostäder i Norden AB (publ) (“SBS”) publishes today the interim report for January–September 2024. During the period, revenues increased by 18 percent compared to the same period in 2023, and the operating surplus amounts to 207 MSEK.

– More students and a record number of applications for higher education mean increased demand for student housing. Almost all apartments are now rented out. The demand for student housing is likely to continue to increase, especially in cities where the housing shortage is already the greatest. When there is high demand for student housing, I am especially proud that we can provide housing with something extra, offering a good living environment where students can enjoy both study peace and social community, says Rebecka Eidenert, CEO of Studentbostäder i Norden AB.

The report is available as an attached document and on the company’s website, www.sbsstudent.se.

Summary of the report

Period January–September 2024

Revenues increased by 18 percent to 330 MSEK (280)
Operating surplus increased by 14 percent to 207 MSEK (182)
Surplus ratio was 63 percent (65)
Management result was 7 MSEK (39)
Value change was -22 MSEK (-373)
Earnings per share were -0.09 SEK (-1.01)
Long-term net asset value per share was 3.68 SEK (3.70)

Period July – September 2024

Revenues increased by 23 percent to 109 MSEK (88)
Operating surplus increased by 25 percent to 68 MSEK (55)
Surplus ratio increased to 63 percent (62)
Management result decreased to -2 MSEK (0)
Property value change was 10 MSEK (-47)
Earnings per share were -0 SEK (-0.32)

Selected significant events after the period

SBS refinances bank loans of 758 MSEK to a reduced credit margin
and lower ongoing amortization.
SBS expands cooperation with Boplats Syd to simplify
rental service for several apartments in Copenhagen.
SBS hires Victoria Lenander as Marketing and Sales Manager. Victoria Lenander will be a member of the executive management team.

New financial goals

The board of Studentbostäder i Norden AB presents new long-term financial goals and dividend policy in connection with the interim reports. The updated goals are deemed to better reflect current market prospects and the desired risk level for the company’s development going forward. The goals should be achieved by the end of 2028 at the latest.

Financial goals

Growth in net asset value per share should be at least 10 percent annually.
Interest coverage ratio should be at least 1.75 times.
Loan-to-value ratio should be below 60 percent in the long term.

Dividend

Studentbostäder i Norden’s aim is to create the best long-term total return for shareholders. It is assessed that this is best achieved by reinvesting profits in the business to create stability and growth. Dividends are therefore expected to be low or absent as long as there are good growth opportunities for the business.