SAGAX 'B'

Overview

AB Sagax is a commercial property company focused primarily on owning and managing warehouse and light-industrial properties. Its business concept emphasizes long-term ownership and value creation; its portfolio spans Sweden, Finland, France, Benelux, Iberia, Germany and Denmark.[1]+4

At 30 June 2026, Sagax reported 1,065 properties with 5.478 million square metres of lettable area and a portfolio value of SEK 72.558 billion. Rental revenue was SEK 2.719 billion in the first half of 2026 and SEK 5.378 billion for full-year 2025; the 2025 annual report listed 105 employees. Sagax is listed on Nasdaq Stockholm’s Large Cap segment, and “B” refers to a share class.[4]+3 [1]+10

Products & services

Sagax’s core offering is leased commercial premises, primarily warehouses and light-industrial properties. Its reported property categories also include office and other premises; examples in the 2025 property schedule include standalone offices, industrial or warehouse buildings with office space, and car-retail premises.[5][9]

Leasing is a key service: tenants generally pay rent under net leases and separately cover costs such as heating, electricity, property tax, water and sewage. More than 95% of leases are indexed to CPI or an equivalent measure, and Sagax describes adapting premises to tenant requirements as part of its letting and property-management approach.[10][11] Sagax also offers tenant-service contacts for existing premises and leasing contacts for vacant spaces.[12][13]

The reports reviewed do not provide rental revenue or performance shares by property type. They do report tenant-industry exposure: in H1 2026, manufacturing accounted for 20% of rental revenue, food-related operations 14%, and automotive-related operations—including sales, service and manufacturing—13%.[14] [9]+6

Geographic presence

As of 1 July 2026, Sagax held 1,065 properties across seven reported segments: Sweden, Finland, France, Benelux, Iberia, Germany and Denmark. Portfolio market value was SEK 72.558 billion. Finland accounted for SEK 19.274 billion (27%) of value; Sweden SEK 15.470 billion (21%); France SEK 15.463 billion (21%); Benelux SEK 11.112 billion (15%); Iberia SEK 8.335 billion (11%); Germany SEK 2.070 billion (3%); and Denmark SEK 0.833 billion (1%).[4]

For the first half of 2026, rental revenue was SEK 2,719 million: Finland SEK 819 million (about 30.1%); France SEK 608 million (22.4%); Sweden SEK 536 million (19.7%); Benelux SEK 415 million (15.3%); Iberia SEK 233 million (8.6%); Germany SEK 77 million (2.8%); and Denmark SEK 30 million (1.1%). Revenue percentages are calculated from the reported segment amounts and rounded. The company reported that 79% of rental revenue was generated in euros.[15]+2

Sagax reported 107 employees: 38 in Sweden, 29 in Finland, 16 in France, 10 in the Netherlands, 10 in Spain, three in Germany and one in Denmark. Its listed offices are in Stockholm (head office), Barcelona, Copenhagen, Frankfurt, Helsinki, Paris and Rotterdam. The reporting groups Benelux and Iberia into regional segments, rather than providing country-level revenue splits for those regions.[18]+2 [4]+5

Business segments

Sagax reports geographic market segments rather than separate business-line segments. Across these markets, its stated focus is commercial properties, primarily warehouses and light-industrial properties.[20][21]

By FY2025 rental revenue, the segments were Finland, SEK 1,749m (about 33% of SEK 5,378m total); France, SEK 1,191m (22%); Sweden, SEK 1,092m (20%); Benelux, SEK 756m (14%); Spain, SEK 427m (8%); Germany, SEK 149m (3%); and Denmark, SEK 14m (less than 1%). Percentages are approximate calculations from reported segment revenue and total revenue.[21] In the H1 2026 portfolio disclosure, reported shares of property market value were Finland 27%, Sweden 21%, France 21%, Benelux 15%, Iberia 11%, Germany 3%, and Denmark 1%; the interim report uses “Iberia” where FY2025 used “Spain.” [4][21] [20]+15

Company history

Sagax traces its founding to 2004, when a restructuring of Effnet Group separated its technology operations and established Sagax as a property-focused company. Its early portfolio included warehouse and industrial properties in Sweden and Finland.[22][23] The company expanded rapidly: it reported 30 properties at the end of 2004 and 90 by the end of 2006, including Finnish acquisitions.[24][25]

In 2007, Sagax moved from First North to the OMX Nordic Exchange Stockholm Small Cap market. It continued developing its Finnish operations in the following years, and its Class B shares began trading in 2013.[26]+2 From 2023 onward, Sagax expanded its French investments, including a 47-property acquisition in 2023 and subsequent transactions that increased its ownership in French property companies.[29][30] [22]+8

Sources

• SAGAX 'B' — Partial financial report (2026 H 1)
  13 citations

  [1][2][3][4][6][7][10][11][14][15][16][17][18]
• www.sagax.se[5]
• SAGAX 'B' — Full financial report (2025 Y)
  4 citations

  [8][9][20][21]
• www.sagax.se[12]
• www.sagax.se[13]
• www.sagax.se[19]
• www.sagax.se[22]
• www.sagax.se[23]
• www.sagax.se[24]
• www.sagax.se[25]
• www.sagax.se[26]
• www.sagax.se[27]
• www.sagax.se[28]
• www.sagax.se[29]
• www.sagax.se[30]