Slides
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2025-02-14 │ Q4 2024 Earnings call1 Interim report Jan-Sept Q3 2026
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• Green unsecured bonds issued at historically low margins • Net financial expenses were SEK 178m in 3Q26 vs SEK 196m in 3Q25 • Average interest rate at end of 3Q26 was 3.9% vs 3.8% at end of 2Q26 Growth through investments Summary July – September 2026 • Rental income was SEK 652m vs SEK 666m in 3Q25. Like-for-like rental growth was 1.6% • Surplus ratio was 74% in 3Q26, unchanged from 3Q25 • Economic occupancy was 89% in 3Q26 vs 90% in 3Q25, mainly due to asset rotation • Net letting was SEK 4m in 3Q26 vs SEK 1m in 3Q25, YTD was SEK 29m • Average valuation yield was 6.07% at end of 3Q26 vs 6.08% at end of 2Q26 • Unrealized property value gains of SEK 32m reflected investments and stronger cash flows • Two properties in Sundsvall sold at an underlying property value of SEK 176m Operational development Net financials and refinancing Property values Outlook 1 2 3 4 Intro Operation Portfolio OutlookFinancing 22026-10-23 │Q3 2026 Earnings call • High activity in leasing and transaction discussions heading into year-end • Selective tenant demand continues to favour modern premises in central locations • Investment in defence, energy and infrastructure supports new premises needs in our cities
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Investments strengthen property values SEKm 2026 Jul-Sep 2025 Jul-Sep ∆% RTM Oct-Sep 2025 Jan-Dec Total income 1 652 666 -2 2,651 2,662 Property cost 2 -173 -182 5 -823 -834 Operating surplus 479 484 -1 1,828 1,828 Central administration -21 -21 - -90 -90 Net financial items 3 -178 -196 9 -733 -757 Income from Property Management 4 281 267 5 1,005 981 Value changes, properties 5 13 13 244 -21 Value changes, derivatives 6 162 120 209 67 Current tax -23 -24 -86 -76 Deferred tax -73 -74 -191 -143 Profit after tax 360 303 1,180 808 Intro Operation Portfolio OutlookFinancing • Property sales reduced rental income • Like-for-like rental growth was 1.6% 1 • Property costs fell 5% to SEK 173m • Lower repair and utility costs drove the decrease • Like-for-like energy use lowered by 3.3% in Jan–Sep • Surplus ratio was 74%, unchanged from 3Q25 2 • Net financial expenses fell to SEK 178m from SEK 196m • LTV was 52.0% vs 53.8% in 3Q25 • Net debt to EBITDA was 9.8 times 3 • Property gains: SEK 32m unrealized, offset by SEK -19m realized5 • Rising market rates drove unrealized derivative gains of SEK 162m6 3 • Income from Property Management grew 5% YoY in 3Q26 • Last twelve months growth in Income from Property Management was 7% 4 2026-10-23 │Q3 2026 Earnings call
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58% 12% 9% 7% 7%2%5% Rental value, type of premises Office Retail Hotel/ restaurants Residential Health care/ education Industrial/ warehouse Other Stable revenue base 17% 12% 15% 13% 18% 8% 17% Rental value, business area Dalarna Gävle Sundsvall Östersund Umeå Skellefteå Luleå Intro Operation Portfolio OutlookFinancing • Diversified revenue across property types, business areas and tenants • Public-sector tenants represent 33% of contract value, residential tenants 7% • Rental income was SEK 652m in 3Q26, compared with SEK 666m in 3Q25 • 98% of commercial leases have indexation, including 95% linked to CPI • Like-for-like rental income grew 1.6% in the quarter (28) 7 (3) 10 Rental growth 1.6% Like-for-like rental growth 95% Commercial lease contracts have CPI- linked indexation 666 652 4 2,872 Commercial lease contracts 2026-10-23 │Q3 2026 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 2023 2024 2025 2026 SEKm New letting Terminated leases RTM Net Positive net letting • Net letting was SEK 4m in 3Q26 and SEK 29m in Jan–Sep • Strong September leasing offset the quieter summer months • Green leases account for 36% of contract value • Commercial lease WAULT remained stable at 3.6 years 10 largest tenants Tenant No. of contracts Annual contract value, SEKm WAULT Swedish Transport Administration 42 120.3 4.4 Swedish Police Authority 39 66.1 5.0 Strawberry 4 60.0 11.6 Swedish Social Insurance Agency 12 58.8 3.2 Swedbank AB 14 47.3 3.6 Sweco Sverige AB 63 38.8 1.9 Municipality of Falun 14 37.9 4.1 Swedish Public Employment Service 23 35.9 1.8 Telia Sverige AB 38 35.6 4.2 Municipality of Umeå 39 34.1 3.0 Total 288 535.0 4.6 • 6 of the 10 largest tenants operate in the public sector • The ten largest account for 21% of annual contract value businesses in the central, regional or local government sectors Intro Operation Portfolio OutlookFinancing Net letting 52026-10-23 │Q3 2026 Earnings call
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Asset rotation creates growth opportunities SEKm No of properties Property portfolio, 1 Jan 32,545 315 Acquisitions 69 1 Investments in new builds, extensions and conversions 787 Divestments -654 -11 Unrealized change in values 155 Property portfolio, 30 Sep 32,901 307 Intro Operation Portfolio OutlookFinancing • Investments totalled SEK 787m in Jan–Sep. Unrealized property value gains were SEK 155m. • Two Sundsvall properties sold in Q3 at an underlying value of SEK 176m. • Property registration changes also affected the number of properties. 3,00% 3,50% 4,00% 4,50% 5,00% 5,50% 6,00% 6,50% 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q2026 Valuation yield KPIs WAULT, years 3.6 Lettable area, ’000 1,529 Book value per sqm 21,521 No of commercial lease contracts 2,872 62026-10-23 │Q3 2026 Earnings call
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Sensible investment criteria form basis for accretive growth Condominiums Residentials, Q1 2027, SEK 201m 5,062 sqm. Intro Operation Portfolio OutlookFinancing • Pick-up in investment of tenant adaptation at accretive YoC • 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 will be directed toward tenant adaptations, acquisitions and new production where stable tenants are secured through long lease agreements. 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2022 2023 2024 2025 RTM 3Q2026 SEKm Total investments Project properties Tenant adaptation CAPEX 7 County Administrative Board of Norrbotten County Office, Q1 2028, SEK 112m, 7,092 sqm. Academedia Education, Q3 2026, SEK 122m 5,283 sqm. 2026-10-23 │Q3 2026 Earnings call
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Debt maturity and financing 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q1 Q3 Q1 Q4 Q3 2026 2027 2028 2029 2030 2031 2033 2034 2035 SEKm Bank loan SFF bond Green unsecured bond Intro Operation Portfolio OutlookFinancing 61% 7% 14% 18% Financing sources Bank loan SFF bond Commercial paper Green unsecured bond • Green unsecured bonds issued at historically low margins • Debt maturity of 2.6 years and fixed rate maturity of 2.0 years • 75% of debt hedged at an average interest rate of 3.9% • Liquidity reserve of SEK 2,789m after commercial paper Financial KPIs KPI Sep 2026 (Dec 2025) Target/ covenant LTV 52.0% (52.5) <55% / <65% Secured LTV 35.0% (36.6) - ICR (Q3 / FY25) 2.6 (2.3) >2.0 / >1.5 Fixed rate maturity 2.0y (2.1) Debt maturity 2.6y (2.6) Hedging ratio 75% (68) Interest rate 3.9% (3.9) Equity ratio 36.7% (36.5) >30% / >25% Maturity profile * Bank series includes commercial paper at bank facility maturities. Quarters with maturities shown. 82026-10-23 │Q3 2026 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q2026 Net debt / EBITDA Interest cover ratio ≥2.0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q2026 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q2026 Covenant <65% Target <55%* Target >2.0x Unsecured LTV Secured LTV Intro Operation Portfolio OutlookFinancing * long-term; 2026 ICR: Jan–Sep 9 Covenant >1.5x 2026-10-23 │Q3 2026 Earnings call
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Great conditions for economic growth • Hydropower • Windpower • Available land • Cold climate • Solid governing structure • Green steel production • Electro fuel • Forestry • Data centres • Military investments Intro Operation Portfolio OutlookFinancing 102026-10-23 │Q3 2026 Earnings call Source: www.umeå.se – ”Kraftsamling för tillväxt – nu eller aldrig”
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Intro Operation Portfolio OutlookFinancing Investments 112026-10-23 │Q3 2026 Earnings call Frösö 3:10, Östersund Biet 9, Luleå Region Jämtland Härjedalen Healthcare centre 3,567 sqm, 15-year lease Planned move-in: August 2027 71SEK m Investment ~8.0% YoC County Administrative Board of Norrbotten Office refurbishment, 7,092 sqm, 6 years lease Planned move-in: January 2028 109 SEK m Investment ~8.0% YoC
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Strategies for profitable growth Investment strategy What should we invest in and where? Leasing and property management strategy Optimize revenue and costs Portfolio strategy Which properties should we own? 12 Intro Operation Portfolio OutlookFinancing 12 2026-10-23 │Q3 2026 Earnings call
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2025-02-14 │ Q4 2024 Earnings call Q&A 13
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Speakers David Carlsson, CEO CEO since 2025 Shareholdings 28,500 Rolf Larsson, CFO CFO since 2005 Shareholdings 18,500 Johan Dernmar, CIRO Chief Investor Relations Officer since 2023 (in the company since 2015) Shareholdings 12,750 142026-10-23 │2026-10-23 │Q3 2026 Earnings call
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Thank you! Contact Johan Dernmar Chief Investor Relations Officer +4610-470 95 20 johan.dernmar@dios.se