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Commentary on the Swedish Financial Supervisory Authority's decision regarding SBB's application of international accounting standards

Samhällsbyggnadsbolaget i Norden AB (publ) (“SBB” or “the Company”) has been informed that the Swedish Financial Supervisory Authority (“FI”) has made a decision in the matter concerning the reporting and disclosure of the acquisitions of Offentliga Hus i Norden AB and Amasten Fastighets AB, as well as valuations of property portfolios acquired from Trygge Barnehager AS and Laeringsverkstedet AS, included in the annual report for the 2021 financial year, which has been audited by the Company's auditor.

Since the Company was founded in 2016, SBB has valued all of the Company's properties with the help of authorized valuation companies to ensure that the properties are reported at fair values.

FI's assessment is that SBB, in its consolidated accounts for 2021, has not reported the two property portfolios at their fair values and has incorrectly reported the acquisitions of Offentliga Hus i Norden AB and Amasten Fastighets AB as asset acquisitions rather than business combinations. FI assesses that the group's results for 2021 have been reported at SEK 3.6 billion too high and that the group's report on its financial position at the end of the year was incorrect as a result.

FI has decided to issue SBB with a caution and an administrative fine of SEK 80 million. FI states in its decision that the information relates to annual and consolidated accounts that are several years old and therefore considers that it would not be meaningful to require the Company to make a correction, other than issuing SBB with a caution in conjunction with an administrative fine.

The SBB Board and management are currently evaluating the Financial Supervisory Authority's decision and whether the Company intends to appeal it.

On April 19, 2024, SBB was informed that the Counsil for Swedish Financial Reporting Supervision (the “Council”) had submitted its review of the annual report for the 2022 financial year to FI. The company has not had any further correspondence with FI regarding this matter.

On May 16, 2025, SBB was informed that the Swedish Financial Supervisory Authority had closed the case regarding the annual report for the 2023 financial year without further action, as the company had provided supplementary information in the annual report for the 2024 financial year.

SBB has not received any questions from the Council regarding the annual report for the 2024 financial year.

About Us
Samhällsbyggnadsbolaget i Norden AB (publ) (SBB) is one of the Nordic region’s leading property company in social infrastructure. The Company’s strategy is to long term own and manage social infrastructure properties in the Nordics and rent regulated residential properties in Sweden, and to actively work with property development. Through SBB’s commitment and engagement in community participation and social responsibility, municipalities and other stakeholders find the Company an attractive long-term partner. The Company’s series B shares (ticker SBB B) and D shares (ticker SBB D) are listed on Nasdaq Stockholm. Further information about SBB is available at www.sbbnorden.se.