Hufvudstaden’s finance function is a Group function charged with central responsibility for financing and liquidity planning. The work is governed by the Finance policy decided by the Board of Directors, which aims to secure the Group’s financing requirements at the lowest possible cost and risk.
Within the finance function, there are instructions, systems and rules of procedure to achieve good internal control and follow-up of operations.
Major financing solutions and derivative transactions should be approved by the Chairman of the Board and the Board is informed at each Board meeting about financial issues.
Financing structure
Total borrowings as of March 31, 2026, amounted to SEK 11,800 million (11,350 at year-end). Interest-bearing net debt was SEK 11,261 million (10,778 at year-end). In addition, the lease liability amounted to SEK 1,026 million (1,028 at year-end), and total net debt was SEK 12,287 million (11,805 at year-end).
The fair value of all interest-rate derivatives as of March 31, 2026 amounted to SEK 12 million (-12 at year-end). The positive value was due to rising market interest rates. The surplus value for bond loans with a fixed rate of interest was SEK 85 million (21 at year-end).
Hufvudstaden has a framework for green financing that serves as a basis for issuing green bonds and commercial papers and to raise green bank loans. Green financing amounted to SEK 10.4 billion, corresponding to approximately 88 per cent of total borrowings, of which bonds amounted to SEK 8.9 billion and bank loans SEK 1.5 billion.
All credit maturities in 2026 and 2027 are covered by the company’s unutilised loan commitments and cash and cash equivalents.
Capital tie-up structure, SEK m, Mars 31, 2026
| Maturity, year | Bank loans |
Bonds/Commercial paper | Total borrowings |
Unutilised |
| < 1 | - | 2,900 | 2,900 | 2,000 |
| 1 - 2 | 1,000 | 1,850 | 2,850 | 1,000 |
| 2 - 3 | 500 | 1,000 | 1,500 | 1,500 |
| 3 - 4 | - | 2,600 | 2,600 | 500 |
| 4 - 5 | - | 1,950 | 1,950 | - |
| Total | 1,500 | 10,300 | 11,800 | 5,000 |
Fixed interest structure, Mars 31, 2026
| Maturity, year | Credits, SEK m | AER, % | Proportion, % |
| < 1 | 3,400 | 2.51) | 29 |
| 1 - 2 | 1,850 | 3.1 | 16 |
| 2 - 3 | 2,000 | 3.0 | 17 |
| 3 - 4 | 2,600 | 3.5 | 22 |
| 4 - 5 | 1,950 | 3.3 | 16 |
| Total | 11,800 | 3.02) | 100 |
1) Including costs for unutilised loan commitments.
2) The average effective rate excluding cost for unutilised loan commitments was 2.9 per cent.
Surplus liquidity
Hufvudstaden’s aim is to use surplus liquidity to amortize existing loans. Surplus liquidity not used for amortization may only be invested in instruments with high liquidity and low risk.
Financing risks and interest risks
Hufvudstaden is mainly exposed to financing risks and interest risks. The Group endeavours to have a credit portfolio with a diverse credit renewal structure that facilitates possible amortizations. No loans are raised in foreign currency and consequently the Group is not exposed to a currency exchange risk. Borrowing normally takes place with short fixed interest periods and interest swaps are used to achieve the desired fixed interest structure.
