Slides
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Jörgen Eriksson CEO October 2026Q3 2026 Presentation 1 Magnus Thagg CFO
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Properties for the logistics of the future Presentation Q3 2026 October 2026Q3 2026 Presentation 2
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Agenda 1. Summary 2. Business overview 3. Business update 4. Sustainability 5. Financial update 6. Takeaways from today 7. Q&A October 2026Q3 2026 Presentation 3
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Q3 YTD 2026 summary: Strategic growth and balanced risk • Rental income increased by 20 percent to SEK 2,347 million (1,963) • Profit from property management increased by 18 percent to SEK 1,414 million (1,202) • Profit from property management per share amounted to SEK 21.46 (19.91), an increase of 7.8 percent • EPRA NRV/share increased to 468.87 SEK (437.95) Profit from Property Management (PFPM) SEK M October 2026Q3 2026 Presentation 4 +20% Rental income YoY, Q3 2026 +21% Net operating surplus YoY, Q3 2026 95.3% Letting ratio 6.9 WALE 43.2% Loan to value +7,8% PFPM per share , YoY Q3 2026 + 18% 719 824 954 1 107 1 261 1 613 1 202 1 414 2020 2021 2022 2023 2024 2025 Q3 2025 Q3 2026
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Business overview Sector-leading portfolio and prime customer base
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Market update • The transaction activity might slow down a bit • Higher activity within the leasing operations • E-commerce continues to grow October 2026Q3 2026 Presentation 6
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Customer base October 2026Q3 2026 Presentation 7 Customers Share of contractual value DSV 16% DHL 8% ICA 5% Elgiganten 4% PostNord 4% Martin & Servera 4% Nowaste Logistics 4% Boozt 2% Menigo 2% Dahl Sverige AB 2% Top 10 51% Logistics and transport; 52% Durable goods; 17% Non Durable goods; 17% Construction and Furnishing; 3% Healthcare; 3% Public sector; 2% Packaging; 1% Industry; 1% Others; 4%
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Portfolio October 2026Q3 2026 Presentation 8 Properties by region
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Business update A strong financial position and a unique landbank
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Another portfolio acquisition in Finland October 2026Q3 2026 Presentation 10 Steady growth in the Finnish market since April.
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Case Growing with well- established customers Location: Lieto, Avanti, Finland Property: Ahtonkaari 5 GLA: 16,685 m² Tenant: Posti October 2026Q3 2026 Presentation 11
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Case New logistics facility in Pirkkala Location: Pirkkala, Finland (Tampere region) GLA: 5,800 m² Timeline: Construction is scheduled to begin in autumn 2026 and handover in autumn 2027 October 2026Q3 2026 Presentation 12
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Earnings capacity October 2026Q3 2026 Presentation 13 Earnings capacity
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Current development October 2026Q3 2026 Presentation 14 Presented projects are a selection of our current development. Logistics Position Ramlösa Location: Helsingborg Tenant: ICA Sqm: 18 000 sqm Investment: 359 SEK M Finalized: Q4 2026 287 SEK M Carrying value 72 SEK M Remaining Investments 18 Tsqm GLA under construction6,9% Yield on Cost 25 SEK M Added operating surplus
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Future development October 2026Q3 2026 Presentation 15 Örebro South (JV, 50%), Land, Sqm: 920,000 Törsjö, Örebro Pending zoning plan Stockholm South, Land, Sqm: 450,000 Nykvarn/Södertälje Zoning plan approved Logistics Position Järna Land Sqm: 950,000 (JV, 50%) Södertälje Pending zoning plan E-city Engelholm, Land, Sqm: 490,000 Ängelholm Pending zoning plan Logistics Position Land Sqm: 120,000 Sunnanå, Malmö Zoning plan approved Logistics Position Land Sqm: 565,000 Söderåsen, Bjuv Zoning plan approved 4,500 Ksqm Land bank 1,600 Ksqm Potential GLA 16,300 SEK M Potential investment Presented land lots are a selection of our outstanding land bank. 15
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Leasing update October 2026Q3 2026 Presentation 16 Maturity profile – contractual annual rent Net leasing WALE development Letting ratio -150 -100 -50 0 50 100 150 Moved in Moved out NET 0% 10% 20% 30% 40% 50% 60% 5,0 5,5 5,5 5,1 6,7 6,4 6,9 95,0% 96,0% 94,7% 97,2% 96,6% 96,7% 96,7% 95,3% 93% 94% 95% 96% 97% 98%
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Sustainability We are taking long-term responsibility.
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Continued progress towards 2030 and 2040 targets • 85 percent of lettable area is environmentally certified • Decrease in Scope 3 R12 due to less projects • Total installed solar panels output 94 MWp October 2026Q3 2026 Presentation 18 Sustainability EU taxonomy Q3 2026 SEK M "Eligible" % "Aligned" % Turnover 1) 2 347 100% 80% Investments 2) 11 022 100% 82% Costs 3) 89 100% 77% Sustainability targets 2026 R12 2025 2024 2023 Trend Net-zero greenhouse gas emissions by 2040 -Scope 1-2 (location based) 1,395 2,181 3,616 3,261 -Scope 3 (location based) 11,491 39,083 62,679 23,797 The entire portfolio must be net-positive in terms of biodiversity by 2030 0,36 0,35 0,39 100 percent of the Group’s lettable area must be environmentally certified by 2030 85 73 46 39 Certified as a Great Place to Work with a TrustIndex of at least 85 percent 78 81 81 1. Turnover refers to total rental income in the income statement. 2. Investments (Capex) refers to capitalized expenditure that increases the value of our properties, including conversions/extensions, acquisitions and new construction. 3. Operating expenditure (Opex) refers to direct expenses for the servicing, repair and maintenance of properties.
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Financial update Strong cashflows and balance sheet provides flexibility and opportunity.
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Income and earnings October 2026Q3 2026 Presentation 20 • Earnings per share from property management increased 7,8 percent year-on-year in Q3 to SEK 21.46 (19.91) • Earnings capacity indicates annual PFPM of 30.72 per share 1 387 1 544 1 808 2 193 2 651 1 963 2 347 2021 2022 2023 2024 2025 Q3 2025 Q3 2026 +20% 1 095 1 220 1 447 1 789 2 198 1 633 1 972 2021 2022 2023 2024 2025 Q3 2025 Q3 2026 824 954 1 107 1 261 1 613 1 202 1 414 2021 2022 2023 2024 2025 Q3 2025 Q3 2026 +21% +18%Rental income SEK M Net operating surplus SEK M Profit from property management SEK M
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Rental development October 2026Q3 2026 Presentation 21 Reference: 1 Like-for-like includes impact of indexation, renegotiations and changes in occupancy. Majority of our rental agreements are uncapped CPI-linked 2026 Q3 YoY Like-for-like1 2.8 % Project development 2.2 % Acquisitions 16.0 % Divestments -1.4 % Total 19.6% Like-for-like growth: Driven by CPI increases and re-invoiced costs Acquisitions: Key growth contributor Completed projects: Nowaste in Helsingborg, Rugvista in Malmö and Menigo and Creative Technologies in the Gothenburg area accounting for the lion’s share 1 963 2 347313 -28 44 56 Q3 2025 Acquisitions Divestments Projects Like-for-like Q3 2026 SEK M
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Capital structure management Key highlights • Equity ratio at 47 percent is considered as a balanced weight • EPRA NRV per share continues steady upward trend – Q3 ends up at SEK 469 per share • Well positioned to continue to seize opportunities while maintaining robust financial health October 2026Q3 2026 Presentation 22 0% 10% 20% 30% 40% 50% 60% 0 10 000 20 000 30 000 40 000 50 000 60 000 2021 2022 2023 2024 2025 Q3 2026 SEK M Interest bearing debt Other liabilities Equity Equity ratio 324 371 392 425 446 469 0 100 200 300 400 500 2021 2022 2023 2024 2025 Q3 2026 EPRA NRV per share
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Financial position Good control – building momentum • Strong financial control reflected across all key metrics • Investment grade rating, BBB with stable outlook, by Fitch Ratings • Our solid credit profile, together with strong operational performance, provides access to a wider set of funding opportunities at competitive terms October 2026Q3 2026 Presentation 23 Outcome Policy 8.3x Net debt/ EBITDA <9.0x 3.6x ICR >2.0x 43.2% LTV <50% 4.2y Debt maturity >2.5y 88.0% Green share of debt >50% by 2025 68.0% Secured LTV 2.9x Unencumbered assets ratio 8,3x 0,0x 5,0x 10,0x 2021 2022 2023 2024 2025 Q3 2026 Net debt/EBITDA Policy 43,2% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 2021 2022 2023 2024 2025 Q3 2026 LTV Policy 3,6x 0,0x 2,0x 4,0x 6,0x 2021 2022 2023 2024 2025 Q3 2026 ICR Policy
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Debt and liquidity management Debt management • Continued focus on capital structure and debt recycling • 12+6 months Term loan bridge facility (SEK 4 360m, EUR 195m and DKK 170m) closed through long-term take out via bond- and bank market at terms improving the average margin. • SEK 228 million of secured green bonds issued via SFF • 2 yr tenor SEK 86m at STIBOR 3M + 52 bps • 5 yr tenor SEK 142m at STIBOR 3M + 100 bps • Liquidity ratio remains above 1, supporting financial resilience October 2026Q3 2026 Presentation 24 4.2y Debt maturity SEK M 3.2% Cost of debt 4.9 Bn SEK Liquid funds Liquidity management >1 Liquidity ratio 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 0-1 yr 1-2 yr 2-3 yr 3-4 yr 4-5 yr 5+ yr Bank loans Commercial paper Secured bonds, SFF Sr. Unsecured bonds Danish mortgage bonds Debt maturity profile
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15 312 1 533 1 761 2 099 2 937 2 626 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 0-1yr 1-2yr 2-3yr 3-4yr 4-5yr 5+yr Interest rate management Market outlook • The Swedish Riksbank kept its policy rates unchanged during Q3 but raised its rate path, signalling a hike before year-end • ECB raised its benchmark interest rates for the second time in 2026 by 25 basis points in September • Swap rates across the spectrum have increased significantly during Q3 Catena specifics • Interest hedge ratio confirmed at 50 percent and avg. interest maturity of 1.8 years • Avg. cost of debt of 3.2 percent reflects a stable level October 2026Q3 2026 Presentation 25 Interest rate sensitivity Market interest rate (Stibor, Cibor, Euribor) 1% -1% Interest expense increase/decrease, SEK M +113 -113 SEK M 50% Interest hedge ratio
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Capital deployment October 2026Q3 2026 Presentation 26 Acquisitions (SEK M) Transactions 10 175 Divestments (SEK M) Capex Development CAPEX (SEK M) -990 847 -2 000 0 2 000 4 000 6 000 8 000 10 000 12 000 2019 2020 2021 2022 2023 2024 Q3 2025 2025 Q3 2026 Acquisition CAPEX Development CAPEX Divestments
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Property valuation Stable property values • Value changes YTD Q3 2026 • +622 MSEK of unrealized value changes • Average weighted valuation yield (exit yield) of 5.8 percent compared to EPRA NIY of 5.4 percent Stable property values October 2026Q3 2026 Presentation 27 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 2019 2020 2021 2022 2023 2024 2025 Q3 2026 SEK M IFRS property value Total assets EPRA NIY 5.4 % EPRA NIY
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Takeaways from today
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1. Increased activity in the letting market 2. Continued growth in PFPM / share 3. Solid operations and higher earnings capacity than ever October 2026Q3 2026 Presentation 29
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Jörgen Eriksson CEO October 2026Q3 2026 Presentation 30 Q&A Magnus Thagg CFO
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October 2026Q3 2026 Presentation 31