Through rent increases and lower maintenance spending, Forvaltnings AB Framtiden (Framtiden) strengthened its S&P Global Ratings-adjusted EBITDA margins above expectations in 2024. For the coming years, we expect Framtiden will be able to maintain EBITDA margins above 25% given that rent increases will roughly match expenditure growth. Due to the stronger financial performance and reduced capital expenditure (capex) than previously expected, Framtiden's financial leverage, expressed as debt to EBITDA, should improve to around 12x. We therefore revised our outlook on Framtiden to stable from negative and affirmed our 'AA-' long-term and 'A-1+' and 'K-1' short-term issuer credit ratings. On Oct. 24, 2025, S&P Global Ratings revised its outlook on Forvaltnings AB Framtiden (Framtiden) to stable from negative. At the same
