Slides
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Year - end Report Q4 2025 13 February 2026
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Properties for the future We have solid expertise in managing commercial real estate, but above all in creating possibilities. At our core lies in - house, locally based and sustainable property management. Our portfolio provides premises in strong, attractive locations. Complemented by our expertise in property development, we build long term tenant relations and create p remises which are tailored to our customer’s businesses, providing conditions to grow together. ABOUT COREM
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SHARE OF PROPERTY VALUE Stockholm 42% Uppsala 6% Västerås 7% Linköping, Norrköping & Nyköping 16% Gothenburg & Borås 12% Malmö & Lund 7% Copenhagen 2% New York 7% Stockholm South 19% Stockholm Mid 8% Stockholm North 15% 47 Property value , SEKbn • Portfolio with premises for commercial use • In - house property management • Expertise in property development • Proven track record in sustainability • Long term tenant relations for mutual growth Property portfolio geographically well focused to attractive locations within major cities and growth regions Lettable area by type Office 52% Logistics 22% Retail 9% Other 17%
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4 Summary January – December 2025
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5 47 Property value , SEKbn Summary January – December 2025 10.70 NAV per ordinary share of Class A/B, SEK 6.1 Average yield, % 1.8 ICR , R12 56 LTV, % 4.4 Average interest rate, % 3 465 Income , SEKm 863 Profit from property management, SEKm 3 Cost decrease , comparable portfolio, % “A year of significant strategic decisions, for reduced risk and stronger core business” 27 Net letting Oct - Dec 2025, SEKm
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• New York - A24 expansion, 1 400 sq.m New lettings Selection during Q4 2025 • Uppsala - Region Uppsala 2 000 sq.m • Copenhagen - Elgiganten , 3 700 sq.m • Linköping Lejonfastigheter , 1 500 sq.m • Stockholm - Solna nLogic , 400 sq.m
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84 Economic occupancy rate, % 7 – 500 1 000 1 500 2 000 2 500 2021 2022 2023 2024 2025 Rental value per sq.m SEK Bildresultat för Martin servera logo 27 Net letting Oct - Dec 2025, SEKm -100 -50 0 50 100 150 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 Net letting SEKm 2,800 No. of tenants 5,000 No. of leases 557 Contract value signed lettings 2025, SEKm 4,027 Rental value, SEKm Trailing 12 months 0 100 200 300 400 500 600 700 800 900 1 000 2026 2027 2028 2029 2030- Contract maturity SEKm 16 Share of public sector tenants , in the office segment, %
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Investments , trailing 12 months 8 2.8 SEKbn 2021 2.9 SEKbn 2022 2.0 SEKbn 2023 0 500 1000 1500 2000 2500 3000 3500 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Corem R12 Klövern R12 3.1 SEKbn 2020 1.3 SEKbn 2024 • Tenant adaptations, conversion from single - tenant to multi - tenant , improvements in technical standard, urban development . • Keeping the portfolio attractive and efficient over time . • Current focus on refining the existing portfolio and tenant adaptations. 1.5 SEKbn 2025
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Västerås V alue - creating property development and urban development Kopparhusen, Office in Norrköping Mälarporten , Västerås Gallerian, converting retail to office , Västerås Conversion for Kustbevakningen, Gothenburg
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New York • 28&7 Lettable area 9,300 sq.m , 100% leased, divestment Q4 2025 • 1245 Broadway Lettable area 17,600 sq.m , 96% leased • 417 Park Avenue Unique development site of 1,000 sq.m , building rights for 33,000 sq.m New York 28&7 - Divested Q4 2025 1245 Broadway 417 Park – To be divested in Q2 2026
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Globen - Söderstaden Västerås City Uppsala Business Park Stockholm North - Kista U rban development
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12 Transactions are an integral part of Corem’s business model, provid ing means to focus, improve, and adapt the portfolio to market conditions. Over the past years, we have made divestments required to handle bond maturities through 2023 - 2025. W e will keep using transactions as a tool to streamline the portfolio and provide room for strategic activities. 2025 • 46 properties, underlying property value of SEK 5.2 billion 2024 • 37 properties, underlying property value of SEK 3.1 billion 2023 • 132 properties, underlying property value of SEK 14.6 billion 2022 • 34 properties, underlying property value of SEK 7.7 billion whereof 25 properties and SEK 5,4 billion in creating the new Klövern . -7 000 -6 000 -5 000 -4 000 -3 000 -2 000 -1 000 0 1 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 Acquisitions Divestments Divestment to associated company Transactions after the period** Property transactions
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Average yield and market value since peak levels 13 SEK SEKm 4,9% 5,0% 5,0% 5,2% 5,3% 5,4% 5,5% 5,8% 5,9% 5,9% 5,9% 6,0% 6,0% 6,0% 6,0% 6,1% 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Market value SEKm Yield
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Financial position 14 • Interest - bearing liabilities reduced by more than SEK 2.6 billion during 2025 • Maintained or improved key figures such as average interest rate and ICR • Bond buy - back of SEK 153 million during Q4 • Repaid the outstanding hybrid bond of approximately SEK 1.1 billion during Q3 2025 • After the end of the year, acquisition of liquid and high - yield listed Nordic bank shares with a market value of SEK 2.9 billion for a more value - creating capital management. SEKbn Interest - bearing liabilities 0 10 20 30 40 50 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1.8 ICR, R12 56 LTV, % 4.4 Average interest rate, %
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Financing Interest coverage ratio Average interest rate 0 10 20 30 40 50 60 70 2018 2019 2020 2021 2022 2023 2024 2025 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 5,5 6,0 2017 2018 2019 2020 2021 2022 2023 2024 2025 % 0 0,5 1 1,5 2 2,5 3 3,5 2018 2019 2020 2021 2022 2023 2024 2025 15 *Adjusted equity ratio 0 5 10 15 20 25 30 35 40 45 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 % LTV Equity ratio* % 39% 56% 4.4% 1.8
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Outstanding bond volumes 16 Outstanding bond volumes Bond maturity 17% 79% 4% Breakdown of Interest - bearing liabilities Unsecured bonds Bank loans Commercial paper SEKm 974 992 1 300 954 650 0 200 400 600 800 1 000 1 200 1 400 May-26 Jan-27 Sep-27 Apr-28 Sep-28 15% 14% 14% 15% 11% 10% 10% 6% 8% 10% 12% 14% 16% 0 2000000 4000000 6000000 8000000 10000000 12000000 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Outstanding bonds Outstanding bonds in percentage of market value of properties 4,870 SEKm Q4 2025
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Optimizing the financial position & shareholder value 17 Tools to reach, and later be able to surpass, our financial targets • Continued targeted divestments but now for streamlining purposes • D iversification of funding sources and proactive management of the debt maturity profile • Reposition and refinance bonds, optimizing structure as well as bond durations • Repayment of expensive loan structures, restructuring of expensive secured bank debt • Buy back of hybrid bond completed • Prolonging debt duration • Prolonging fixed interest rates • Improve the credit/bank mix • Continued focus on ICR and liquidity, parallel with reduction of debt and securing bond maturities.
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Solid track - record and continued strong progress SUSTAINABILITY For Corem, sustainability means working methodically, combining high business ethics with social responsibility and actively increasing the properties performance and minimising negative environmental impact. As a result, we secure long-term competitiveness, reduce risk and meet long term market expectations and demands. Working with suppliers as well as tenants we strive to be a positive influence, develop sustainable properties and prosperous neighbourhoods. 0 20 40 60 80 100 120 2017 2018 2019 2020 2021 2022 2023 2024 2025* 0 10 20 30 40 50 60 2017 2018 2019 2020 2021 2022 2023 2024 2025* Number of buildings environmentally certified according to BREEAM, Breeam In - Use , Miljöbyggnad or LEED The taxonomy threshold for top 15% is 80 kWh/ sqm for office premises . During 2023 and 2024, average consumption was affected negatively by divestments . Target is to reach 65 kWh/ sqm , by 2030 . * indicative for 2025 Environmentally certified buildings Energy efficiency, kWh/ sq.m . Customer Satisfaction , NKI 75 Engagement Index, Staff 88 Green Assets* (Corems framework ) 33%
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Taking Corem forward and keep building for the future 19 Using our strengths • Geographically well positioned to growth markets • Competitive portfolio in attractive locations • Attractive land bank and development possibilities • Strong in - house core competences and proven track - record in letting, property development and sustainability Focus areas • Improve occupancy rate • Improve operating margin • Optimizing financial structure • Selective on new projects • Strong focus on projects supporting new lettings • Continued focus on environmental footprint Locally tailored plans throughout the portfolio
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Questions 20