Slides
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Interim Report Jan - Sept Q3 2025
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• Bank and bonds margins coming lower • Average cost of debt, lower than the marginal cost of debt • Average interest rate cost at end of 3Q25 was 4.0% vs 4.3% at 4Q24 Asset rotation and good new lettings Summary July - September 2025 • Economic occupancy at 90% by the end of 3Q25 vs 90% at 1Q25– transactions have and will affect occupancy • Income was SEK 666m 3Q25 compared to SEK 622 3Q24 – due to transactions and finalized projects • Surplus ratio was 74% 3Q25 vs 75% at 3Q24 • Growth in Income from property management was 3% QoQ due to non-recurring items – 8% YTD • Valuations yields, Like-for-Like, 1 bps lower QoQ, standing at 6.14% 3Q25 • Unrealized value changes of SEK 16m due to strong new lettings. CPI adjustment of 50 bps för 2025 affects property values by SEK -100m • Average gross yield-on-cost of over 9 percent on press released new lettings, contributing positively to property values by approximately SEK 60m • Transactions at book value confirms property values Operational development Net financials and refinancing Property values Our outlook 1 2 3 4 Intro Operation Portfolio OutlookFinancing 22025-10-24 │Q3 2025 Earnings call • New financial targets for long term profitable growth • Increased vacancies are set to be reversed. Increased activity in both rental and transaction market • The long-term outlook for the green transition is robust. The growth rate continues to accelerate. • Diös is well positioned to capture long-term accretive growth
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3 New financial targets for profitable growth Intro Operation Portfolio OutlookFinancing 2025-10-24 │Q3 2025 Earnings call >10% Growth in IFPM/ share >10% Growth in EPRA NRV/ share -50% Carbon dioxide emission by 2030 7,62 7,64 6,38 6,31 6,7 2021 2022 2023 2024 RTM 2025 97,7 100,5 95,6 100,6 102,2 2021 2022 2023 2024 Q3 2025 6 480 4 900 5 841 5 177 2018 - 2023 2024 Q3 2025 -19% Growth in IFPM per share and EPRA NRV per share now replace the previous Return on Equity target. The CO₂ereduction target remains unchanged
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Growth in income from property management SEKm 2025 Jan-Mar 2024 Jan-Mar ∆% R12m Jul24-Jun25 2024 Jan-Dec Total income 1 666 622 7 2 625 2,527 Property cost 2 -182 -161 -13 -822 -799 Operating surplus 484 462 5 1 804 1,728 Central administration -21 -18 -16 -88 -85 Net financial items 3 -196 -186 -5 -766 -752 Income from Property Management 4 267 258 3 949 892 Value changes, properties 5 13 9 -109 -67 Value changes, derivatives 6 120 -237 192 68 Current tax -24 -36 -71 -75 Deferred tax -74 -5 -164 -127 Profit after tax 303 -11 -798 691 Intro Operation Portfolio OutlookFinancing • Acquisitions are lifting rental income • Occupancy rate was 90% 1 • Non-recurring costs, warm summer and higher regulated utilities costs • Challenging comparison quarter • Increased energy efficiency by 5.6% • Surplus ratio was 74% 3Q25 vs 75% 3Q24. 2 • Larger debt portfolio • Average financing margins continues to decrease. • Buy-backs of bonds affects net financial items by SEK 5m on Q325 • Net debt to EBITDA at 10.3 times 3 • Positive value changes despite lowered CPI assumptions 5 • Higher market rates translates into positive unrealized value changes6 2025-10-24 │Q3 2025 Earnings call 4 • Growth in Income from Property Management was 3% QoQ, YTD was 8 %.4
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56% 13% 9% 7% 7%2%6% Rental value, type of premises Office Retail Hotel/ restaurants Residential Health care/ education Industrial/ warehouse Other Good income diversification 17% 12% 14% 15% 17% 8% 17% Rental value, business area Dalarna Gävle Sundsvall Åre/ Östersund Umeå Skellefteå Luleå Intro Operation Portfolio OutlookFinancing • Low concentration risk within type of premises, geography and tenants. • Secure cashflow from public related tenants (i.e. government funded) and residentials. • Renegotiations are made at CPI-adjusted levels, or higher. • 98% of commercial lease agreement have indexation and 95% have CPI-linked adjustments. Resilience tenant base to cope with CPI adjustments. 34 2 3 5 Rental growth 0.9% Like-for-like rental growth 95% Of commercial lease contracts have CPI linked indexation 622 666 52025-10-24 │Q3 2025 Earnings call
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-100 -50 0 50 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 SEKm New letting Terminated contract RTM Net Solid net letting track record and low tenant concentration risk • Net letting amounts to SEK 1m for 3Q25 • Positive net letting 25 of 27 latest quarters • Majority of net letting is green lease agreements • Stable WAULT of 3.6 years, allowing for rent reversion opportunities in mid-term on top of indexation 10 largest tenants Tenant No. of contracts Annual rental value, SEKm WAULT Swedish Transport Administration 38 112 836 5,3 Swedish Police Authority 47 72 114 5,2 Swedish Social Insurance Agency 15 59 747 12,5 Strawberry 4 59 549 3,9 Swedish Public Employment Service 23 37 783 2,7 Municipality of Falun 13 36 801 2,1 Telia Sverige AB 39 35 111 4,9 Sweco Sverige AB 62 34 898 4,2 AFRY AB 12 31 398 1,8 Swedbank AB 10 31 390 2,9 Total 263 511 627 5,1 • 5 out of 10 largest tenants are businesses in the national, regional or local government sectors • Ten largest account for 20% of total rental value business in the central, regional or local government sectors Intro Operation Portfolio OutlookFinancing Net letting 62025-10-24 │Q3 2025 Earnings call
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Yields remains flat in the quarter SEKm No of properties Property portfolio, 1 Jan 31,413 323 Acquisitions 1,816 6 Investments in new builds, extensions and conversions 632 Disposals -904 -6 Unrealized change in values -108 Property portfolio, 30 Sept 32,849 323 Intro Operation Portfolio OutlookFinancing SEK 5,649m SEK 2,441m SEK 6,589m SEK 4,921m SEK 3,873m SEK 4,859m Portfolio book value by Business area • Capitalized interest on CAPEX effects unrealized value changes by SEK -5m for 3Q25. • Portfolio concentrated in 10 cities. Continuous asset rotation away from locations that do not fit the long-term strategic plan. • Market key characteristic is stability, relative higher yields and lower volatility in property values and rents.. 6,14% 5,00% 5,20% 5,40% 5,60% 5,80% 6,00% 6,20% 2017 2018 2019 2020 2021 2022 2023 2024 Q32025 Valuation yieldKPIs WAULT, years 3.6 Lettable area, ’000 1,617 Book value per sqm 20,312 SEK 4,517m 72025-10-24 │Q3 2025 Earnings call
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Sensible investment criteria form basis for accretive growth Tenant: Swedish Defence Conscription and Assessment Agency Office, Q2 2026, SEK 130m, 4,000 sqm. Tenant: Scandic Hotels Hotel, Q3 2025, SEK 72m 2,563 sqm. Condominiums Residentials, Q1 2027, SEK 197m 5,062 sqm. Intro Operation Portfolio OutlookFinancing • Major projects are built with no speculation • All new projects are built according to BREEAM, at least level “very good”, -20% to BBR (national law) and Life-cycle GWP value • CAPEX to be focused on tenant improvements and acquisitions Condominiums Residentials, Q1 2026, SEK 132m 2,800 sqm. 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2021 2022 2023 2024 RTM 2025 SEKm Total investments Project properties Tenant improvements CAPEX 82025-10-24 │Q3 2025 Earnings call
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Prudent interest rate management 0 500 1 000 1 500 2 000 2 500 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q1 Q3 2025 2026 2027 2028 2029 2030 2033 2035 SEKm Bank loan SFF-bond Green unsecured bond Intro Operation Portfolio OutlookFinancing 65%7% 13% 15% Financing sources Bank loan SFF bond Commercial paper Green unsecured bond • Average cost of debt lower than marginal cost of debt • Committed to keep ICR ≥ 2.0 and LTV at 55%-45% • Improved margins and good liquidity in the bond market • Bank margins at attractive levels Financial KPIs KPI Sep 2025 (Dec 2024) Target/ covenant LTV 53.8% (52.9) <55% / <65% Secured LTV 48.6% (39.9) - ICR 2.3 (2.2) >2.0 / >1.5 Fixed rate maturity 2.2y (2.7) Debt maturity 2.6y (2.2) Hedging ratio 66% (71) Interest rate 4.0% (4.3) Equity ratio 35.2% (36.2) >30% / >25% Maturity profile * Commercial paper excluded, back up facilities in banks. 92025-10-24 │Q3 2025 Earnings call
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Conservative balance sheet approach Loan-to-value <55%* 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 3Q2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 Net debt / EBITDA Interest cover ratio ≥2.0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 5,5 6,0 6,5 7,0 Covenant <65% Target <55%* Target >2.0x Unsecured LTV Secured LTV Intro Operation Portfolio OutlookFinancing 2024 * long-term 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q2025 2Q2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 102025-10-24 │Q3 2025 Earnings call Covenant >1.5x
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Great conditions for economic growth • Hydropower • Windpower • Available land • Cold climate • Solid governing structure • NATO membership • Attractive 15-min cities • Green steel production • Electro fuel • Forestry • Data centres • Military Intro Operation Portfolio OutlookFinancing 112025-10-24 │Q3 2025 Earnings call
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Intro Operation Portfolio OutlookFinancing New leasing's provides confidence for continued rental growth 122025-10-24 │Q3 2025 Earnings call Market insights • A and B locations • > 20% CPI indexation • New office supply • Decision making time • Government related tenants Kronofogden 6y lease 1,200 s.qm YoC > 8% Gävle AcadeMedia 6y lease 2,300 s.qm YoC ~ 8% Clear street 7y lease 2,200 s.qm YoC > 8% Umeå
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Intro Operation Portfolio OutlookFinancing Asset rotation – divestment of Åre-portfoilo 132025-10-24 │Q3 2025 Earnings call
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Unique position in an attractive market We are the market-leading property owner in a geography where large investments create very good growth conditions. Long-term profitability Our business model is based on continuously developing attractive premises that create tenant value. Strong stable cash flow We own a well-diversified portfolio, in terms of both segment and geography, with a low concentration of tenants and a good property yield. Invest in Diös 14 Intro Operation Portfolio OutlookFinancing
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2025-02-14 │ Q4 2024 Earnings call Q&A 15
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Speakers David Carlsson, CEO CEO since 2025 Shareholdings 17,000 Rolf Larsson, CFO CFO since 2005 Shareholdings 16,000 Johan Dernmar, CIRO Chief Investor Relations Officer since 2023 (in the company since 2015) Shareholdings 10,000 Intro Operation Portfolio OutlookFinancing 162025-10-24 │Q3 2025 Earnings call
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Thank you! Contact Johan Dernmar Chief Investor Relations Officer +4610-470 95 20 johan.dernmar@dios.se