Objectives

minimize impact of a financial crisis
maintain buffer to financial covenants
enable stable growth with low risk

policy		Q4 2024
maintain an investment grade rating from Standard and Poor’s or another rating institute	✓	BBB- from S&P
max 60 percent loan-to-value if property prices decrease 25 percent	✓	50
interest coverage ratio above 1.5 if interest rates increase five percentage points	✓	3.4
loan-to-value below 35 percent		36
secured loan-to-value below 25 percent	✓	0
interest coverage ratio excluding realized value growth exceeds 2.0	✓	5.3
liquidity reserve exceeds EUR 500 million	✓	691
cash sources divided by cash uses exceed 100 percent	✓	253
interest rate hedge maturities within a year less than 40 percent of debt	✓	14

dividend policy

commitment to sustainable financial resilience

Akelius strives for continuous dividends on its ordinary shares.
This continuity is enabled by

high financial resilience based on a prudent financing structure
a diversified portfolio of residential properties with the ability to generate increasing rental income

net dividend policy for financial stability

The aim of the net dividend policy is to be able to distribute dividends while maintaining the equity needed for financial stability.
The company will not pay any dividends will be paid in a financial crisis unless at least an equal amount of equity is raised at the same time.

Dividends paid to holder of ordinary shares of class A are mainly reinvested in the company to support organic growth.

reinvestment supports growth

Reinvestment of dividends through share issues has been beneficial for the common shareholders.
It has supported the company in its organic growth.

historical dividends and share issues

EUR million

dividend	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
preference shares	-		-	-	-	32	37	39	41	40
class D shares	22	22	22	22	22	-	-	-	-	-
class A shares	-	1,481	6,064	950	96	-	835	840	509	11
total	22	1,503	6,086	972	118	32	872	880	550	51

share issue	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
preference shares	-	-	-	-	-	-	-	-	-	214
class D shares	-	-	-	-	-	378	-	-	-	-
class A shares	502	168	4,085	-	-	-	835	1,049	436	-
total	502	168	4,085	-	-	378	835	1,049	436	214