With a long-term perspective as the driving force
My colleagues have shown great energy and commitment throughout the year. We often talk about what I refer to as ‘the day-to-day grind’ – the tireless work, the continuous small improvements and the courage needed to try new approaches and ways of working. And it is precisely this attitude that has enabled Hemsö to continue to evolve, even in a challenging business environment.
Our joint efforts have borne fruit. Our underlying business is demonstrating stable growth, as reflected in our financial ratios and our growing cash flow. Aside from this, we created 217 new nursing home beds and 2,860 new school places during the year. We also signed lease agreements for new and re-development projects corresponding to 50,000 sqm and SEK 125 million in annual rent.
Sustainable results
Our tireless efforts also left a mark in our sustainability work, which took clear steps forward during the year. Climate change, rising construction and energy costs, and a changing regulatory environment place high demands on our ability to prioritise correctly and make long-term sustainable decisions. We are mitigating risks and strengthening the resilience of our portfolio by applying well-defined investment criteria, maintaining close cooperation with our tenants and a continued focus on energy efficiency and robust buildings. Sustainability is not something we do on the side, but is an integral part of how we purse our operations and develop Hemsö over time.
Several of our development projects have a significantly lower carbon footprint than their conventional counterparts. Ektorp school, which was completed this summer, generated a carbon saving of 30 per cent, and data for the ongoing construction of the Myrsjö swimming centre indicates a 40-per cent reduction in the carbon footprint compared with a conventional swimming centre. Both projects are located in Nacka Municipality, and the Municipality will also be the tenant, leasing the properties for 25 and 33 years, respectively.
Optimising the energy use of our existing portfolio is another important piece of Hemsö’s sustainability puzzle. During the year, energy use in Hemsö’s Swedish property portfolio was reduced by 11 per cent compared to 2024.
Sustainability pays off
There are many reasons to invest in environmentally and socially sustainable social infrastructure. These include lower energy use, a healthy indoor environment, and good material choices that benefit both people and the environment. Sustainable investments also pay off when it comes to financing.
We held discussions with the European Investment Bank (EIB) regarding a new loan during the year. In January 2026, we signed a 15-year EUR 200 million loan agreement for nine development projects in Sweden, Finland and Germany. The EIB focuses on sustainable social infrastructure, and the fact that we secured one loan covering three development projects in European countries is unique.
Two new loan agreements were also signed with the Nordic Investment Bank (NIB), each for SEK 700 million. A 10-year loan was concluded in early 2025 and a 12-year loan was signed in February 2026. The financing will be used, among other purposes, for municipal schools in Helsinki and Turku, and for the new police headquarters in Borlänge.
I am pleased that Hemsö and our sustainable development projects are being recognised by both the NIB and EIB. The financing from both banks will support our continued investment in social infrastructure, which is much needed in the public sectors in Sweden, Finland and Germany.
After the close of the reporting period, we entered into unsecured loan agreements from theEIB and NIB totalling nearly SEK 3 billion, thereby further diversifying Hemsö’s financing.
Well positioned for continued growth
I can conclude that Hemsö’s strategy is both stable and sustainable. We are continuing to grow in the municipalities where we have operations and we are increasing our share of public sector tenants. We are creating social value by offering attractive and functional environments for our tenants, while delivering stable returns to our majority owner, the Third Swedish National Pension Fund.
Tenant demand remains strong and the transaction market has gained momentum during the year. My assessment is that 2026 will be a busy year with many expanded and new partnerships ahead.
Nils Styf, CEO
CEO statement 2025
Significant events during 2025
- The credit rating agency Moody’s assigned Hemsö a credit rating of A3 with a stable outlook.
- Hemsö and Bjuv Municipality signed 20-year leases agreements for a new 6,800-sqm nursing home with 80 beds and a sports hall in central Bjuv.
- On 10 May 2025, the Swedish Museum of Science and Technology opened its branch on Campus Tensta in Stockholm. In 2024, Hemsö entered into a six-year lease agreement with the museum for 1,200 sqm.
- Hemsö is developing a health care centre comprising 11,000 sqm in Malmö. A 10-year lease agreement was signed with Aleris, and a 15-year lease agreement was signed with Medley.
- Hemsö acquired the Salpausselkä secondary school in Lahti with a capacity for 650 students. A new 20-year lease agreement for 8,700 sqm was signed with the City of Lahti in connection with the acquisition.
- Hemsö signed a 20-year lease agreement with Linköping Municipality for a new nursing home with 80 beds and a lettable area of 6,550 sqm. The investment amount is SEK 210 million.
- Hemsö is redeveloping a former office building in central Malmö and will convert it into a state-of-the-art premises for health care operations. The lettable area is 11,200 sqm.
Annual Report
Read more about Hemsö in our annual and sustainability report. All reports are available for download here.
Financial reports