ANNUAL REPORT 2025
Dear Shareholder,
It is with great pleasure that I take on the assignment of leading Episurf into a new phase. Through the transformation into a Nordic growth platform, focusing on high-yield properties with stable cash flows combined with a medical technology business, a company is created with good prospects of delivering an annual return on equity of approximately 12–15 percent.
At the same time, I would like to extend a warm thank you to Katarina for her efforts as CEO. During 2025, the company has taken several important steps forward, and I look forward to working with Katarina to continue developing the company’s medical device division.
The background to the investment in real estate is the ambition to strengthen the group’s financial stability and create more predictable cash flows. At the beginning of 2026, several real estate acquisitions have been made. The majority of these are yet to be completed and will gradually contribute to a diversified portfolio of properties in several Nordic countries.
The acquisitions have been carried out selectively, with a focus on portfolio transactions and structures where partnerships and shared ownership have been important tools. The strategy is based on close collaboration with local entrepreneurs and management teams with strong market knowledge. The portfolio is characterized by a high occupancy rate, stable tenants, and clear opportunities for value creation through active and efficient management.
We also see structural trends that favour demand for commercial properties outside the capitals in the Nordic region, driven by ongoing electrification and increased investments in activities related to our defence. This is further reinforced by financially strong governments and banks, expanding companies, as well as good access to electricity and infrastructure, making the Nordic region a secure market in an increasingly complex world.
Our ambition over the next two years is to gradually build volume and financial strength, with a clear goal of reaching investment grade and establishing a real estate company with assets exceeding 15 billion SEK. At the same time, the company’s medical technology operations will be reviewed during the first half of the year, with the aim of establishing a long-term plan.
I look forward to continuing to develop Episurf and build long-term value together with the board, employees, and shareholders.
Jens Andersson, CEO, Episurf Medical AB.
