Interim report
Page 1
Q3 Interim report January–September 2026
Page 2
January–September 2026 • Rental income increased 29% to MSEK 831 (643). • Profit from property management increased 23% to MSEK 374 (303). • Profit from property management per ordinary share increased 15% to SEK 2.52 (2.19) per ordinary share. • Profit for the period amounted to MSEK 439 (379), correspond - ing to SEK 3.03 (2.82) per ordinary share. • Changes in value of investment properties impacted earnings by MSEK 98 (205). • Changes in value of financial instruments impacted earnings by MSEK 88 (–42). • Operating cash flow increased 24% and totaled MSEK 345 (278). • Net investments totaled MSEK 1,980 (2,709), of which MSEK 1,854 (2,640) pertained to property transactions. July-September 2026 • Rental income increased 25% to MSEK 286 (228). • Profit from property management increased 18% to MSEK 133 (113). • Profit from property management per ordinary share increased 14% to SEK 0.89 (0.78) per ordinary share. • Profit for the period amounted to MSEK 147 (167), correspond - ing to SEK 0.99 (1.21) per ordinary share. • Changes in value of investment properties impacted earnings by MSEK 1 (76). • Changes in value of financial instruments impacted earnings by MSEK 97 (20). • Operating cash flow increased 22% and totaled MSEK 124 (101). • Net investments totaled MSEK 837 (1,264), of which MSEK 789 (1,228) pertained to property transactions. Jan–Sep Jul-Sep LTM Jan–Dec 2026 2025 2026 2025 2025 Property value, MSEK 14,383 11,852 14,383 11,852 14,383 12,307 Rental income, MSEK 831 643 286 228 1,084 896 Net operating income, MSEK 657 517 234 188 852 713 Profit from property management, MSEK 374 303 133 113 485 414 Net profit for the period, MSEK 439 379 147 167 585 524 Operating cash flow, MSEK 345 278 124 101 446 379 Economic occupancy rate, % 95 95 95 95 95 95 Remaining lease term, years 5.1 5.2 5.1 5.2 5.1 5.1 Property yield, % 6.5 6.7 6.5 6.8 6.5 6.6 Return on equity, % 11 11 10 14 11 12 Loan-to-value ratio, % 55 53 55 53 55 53 Interest-coverage ratio, multiple 2.5 2.6 2.5 2.7 2.5 2.6 Debt ratio, multiple 9.1 8.5 9.1 8.5 9.1 8.6 Key figures per ordinary share Profit from property management per ordinary share, SEK 2.52 2.19 0.89 0.78 3.27 2.95 Growth in profit from property management per ordinary share, % 15 29 14 34 15 25 Net profit for the period per ordinary share before dilution, SEK 3.03 2.82 0.99 1.21 4.06 3.86 Net profit for the period per ordinary share after dilution, SEK 3.02 2.81 0.99 1.21 4.04 3.84 Equity per ordinary share, SEK 35.48 31.78 35.48 31.78 35.48 32.93 NAV per ordinary share, SEK 38.74 34.92 38.74 34.92 38.74 36.22 Growth in NAV per ordinary share, % 7 14 3 4 11 18 Summary of key figures Profit from property management +23% Jan–Sep 2026 Profit from property manage - ment per ordinary share +15% LTM Significant events during the quarter • In July, it was announced that ten properties in the light indus - try category, across several locations, had been acquired for MSEK 456. Closing for five of the properties took place during the second quarter of 2026, and closing for three properties took place in the third quarter of 2026. Closing of the two remaining properties will take place during the fourth quarter of 2026. Significant events after the end of the period • In October, it was announced that nine properties in the light industry category had been acquired for MSEK 341. Closing has taken place for properties with a total value of MSEK 113. Closing for the remaining properties are expected to take place during the fourth quarter of 2026. • The Board of Directors of Emilshus has adopted a new dividend policy with the objective to also distribute dividends to ordinary shareholders, while maintaining a focus on profitable growth. Adjusted forecast for 2026 • For 2026, it is estimated that profit from property management with the current property portfolio and announced acquisitions will total MSEK 500. The previously issued forecast was MSEK 495, which was announced in connection with the publication of the Interim Report for January–June 2026. Profit from property manage - ment per ordinary share +15% Jan–Sep 2026 Operating cash flow +24% Jan–Sep 2026 Emilshus Interim Report January–September 2026 – 2
Page 3
A stable Emilshus Emilshus has not previously distributed any dividends to its ordi- nary shareholders. Instead, the company’s cash flow has been re-invested into its operation in order to grow its property port- folio, thereby diversifying its rental income. Given the substantial strengthening of this cash flow, we now have the opportunity to combine continued profitable growth while also paying a dividend to ordinary shareholders, which aligns with our core philosophy of creating shareholder value. We believe that this will also promote strengthened interest in Emilshus and its ordinary share. This new dividend policy means that the total dividend to ordinary and pref- erence shareholders shall amount to approximately 25% of profit from property management. The dividend on preference shares will not be affected by this change. This new dividend policy is in effect as of the 2026 fiscal year and will serve as the basis for the Board of Directors’ dividend proposal to the 2027 Annual General Meeting. Growth with good profitability Income increased 29% over the first nine months of the year to MSEK 831. Profit from property management rose 23% during the same period to MSEK 374. Profit from property management per ordinary share, for both the period and LTM, increased 15%. Operating cash flow during the period posted growth of 24% and totaled MSEK 345. Profit from property management per ordinary share during the third quarter increased 14% compared to the year-earlier quarter, and operating cash flow rose 22%. Focus on property management Activity levels in letting remained good during the quarter, and we concluded a number of renegotiations and new lettings, thereby supporting our high, stable occupancy rate of 95%. In 2026, we have focused on expanding and strengthening our property management organization in pace with the compa - ny’s robust growth over the past year. At heart, it is a question of offering attractive premises and ensuring that our tenants not only stay, but thrive. The Skåne and Östergötland property management offices, which were established over the past year, play a key role in driving continued growth in these expanding regions – which together now account for 33% of the total prop - erty value. Investments in growth Emilshus continued to grow through acquisitions during and after the third quarter, and with our most recently announced acquisi - tions, our total property value is now BSEK 15. CEO’s statement A more challenging market could present business opportunities for Emilshus. The acquisitions we announced in July encompass ten attrac - tively located properties in the light industry category that are a good fit for Emilshus’s strategy. These are fully leased properties of good quality that generate strong cash flows and have stable tenant structures. Six of these properties are located in the Öresund region. After the end of the period, additional acquisi - tions of high-yielding properties in Skåne and Östergötland were made for MSEK 341. The forecast regarding the profit from property management for the full year 2026 is raised from MSEK 495 to MSEK 500. Looking forward Emilshus’s stable tenant base, high-yield properties and healthy earnings provide a solid foundation in the prevailing market situa - tion with its steep yield curve. At the same time, a more challeng - ing market could present business opportunities for Emilshus. With available capital and strong financing options, we are seeing potential for continued growth through selective acquisitions of properties in the right locations and with the right level of returns. We are continuing to build a stable Emilshus. Växjö, October 2026 Jakob Fyrberg, CEO Emilshus is a distinctly growth-oriented company focused on high returns. Over the past five years, our property values have increased from approximately BSEK 4 to over BSEK 14, and its profit from property management has nearly quadrupled. Rental value increased over the same period from approximately MSEK 300 to over BSEK 1.2, meaning that we have achieved a healthy risk spread. In light of the scope and stability that Emilshus has built up, the Board of Directors has, with a maintained focus on profitable growth, adopted a new dividend policy with the objective to also distribute dividends to ordinary shareholders. Emilshus Interim Report January–September 2026 – 3
Page 4
Emilshus in brief Profit from property management per ordinary share Profit from property management per ordinary share is to increase at least 15% per year. Return on equity Return on equity is to amount to an average of 15% per year over a five-year period. % Avkastning på eget kapital 2021 2022 2023 2024 20262025 0 5 10 15 20 25 30 35 40 Förvaltningsresultat per stamaktie och tillväxt 2021 2022 2023 2024 20262025 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 % -30 -15 0 15 30 45 60 75 SEK Financial targets Dividend policy Emilshus’s objective is that the total dividend to ordinary and preference shareholders shall amount to approximately 25% of profit from property management. A property company with strong cash flows Based on the corporate culture of Småland, Emilshus acquires, develops and manages high-yield commercial properties in southern Sweden. The priority property categories are light industry and big-box and grocery retail. The focus is on high yield combined with long-term leases and highly solvent tenants. Emilshus establishes close, long-term relation - ships with our tenants through a local presence and commitment in the locations where the company operates. MSEK 14,383 20% Växjö 16% Linköping 14% Jönköping 11% Värnamo 9% Halmstad 9% Malmö 8% Helsingborg 7% Vetlanda 5% Kalmar Property value per management region Fastighetsvärde per förvaltningsområde Outcome of financial targets LTM Five-year average Growth in profit from property management per ordinary share, % 15 12 Return on equity, % 11 10 Profit from property management per ordinary share Return on equity LTM, SEK Annual growth in %, LTM Target for annual growth is at least 15% LTM, % Target for average annual return is at least 15% over a five-year period Emilshus Interim Report January–September 2026 – 4
Page 5
Comparison figures in parentheses refer to the corresponding period in the preceding year. Rental income Rental income increased 29% to MSEK 831 (643). The growth was attributable primarily to property acquisitions, but also to rent adjustments and increased rental income as a result of investments made in existing properties. Rental income in the like-for-like portfolio increased 1% (1), attributable primarily to contractual indexation. Contractual annual rent increased 18%, totaling MSEK 1,157 (979) at the end of the period. Economic vacancy totaled MSEK 67 (52) and the economic occupancy rate was 95% (95). 99% (99) of Emilshus’s rental income is adjusted annually using an index clause in the lease. Property costs Property costs increased to MSEK 174 (126). Property costs comprised MSEK 126 (88) in property upkeep and maintenance, MSEK 20 (16) in repairs and maintenance, and MSEK 28 (22) in costs for property tax. Property costs in the like-for-like portfolio increased 2% (2). Net operating income Net operating income increased 27% to MSEK 657 (517). Net operating income in the like-for-like portfolio was unchanged (1). The surplus ratio was 79% (80). The surplus ratio varies throughout the year, depending on the seasonal fluctuations that occur in the property industry. The average yield for the period was 6.5% (6.7). Central administration The costs for central administration totaled MSEK 38 (29), corre - sponding to 5% (5) of rental income. Rental income, expenses and earnings January–September 2026 Net financial items Net financial items totaled MSEK –244 (–184). The average lend - ing rate, including fixed-income derivatives, was 4.1% (4.1) at the end of the period. The interest-coverage ratio was a multiple of 2.5 (2.6), and for LTM was a multiple of 2.5 (2.6). The interest maturity, including fixed-income derivatives, was 1.8 years (2.1) at the end of the period and the debt maturity period was 2.5 years (2.7). Interest-bearing net debt increased to MSEK 7,888 (6,241), which was attributable primarily to new borrowing in conjunction with property acquisitions. Profit from property management Profit from property management increased 23% to MSEK 374 (303). The increase is due to a larger property portfolio resulting from acquisitions. Profit from property management per ordinary share less dividends to preference shareholders increased 15% to SEK 2.52 (2.19). Changes in value, investment properties Unrealized changes in value of investment properties impacted earnings by MSEK 98 (197) during the period. The changes in value were attributable to the effect of changes of MSEK 31 in the yield requirement, forthcoming changes in net financial items of MSEK 12 and other changes in the form of reversed tax discounts of MSEK 55 linked to acquisitions. No realized changes in value of investment properties (8) impacted earnings during the period. As of the balance-sheet date, all properties had been externally valued by Newsec. Changes in value, financial instruments Unrealized changes in value of financial instruments totaled MSEK 88 (–42). The change in value is attributable primarily to higher market interest rates. No realized changes in value of financial instruments (—) impacted earnings during the period. Like-for-like portfolio Sep 30 2026 2025 Change, % No. of properties 167 167 — Property value, MSEK 9,299 9,121 2 Yield, % 6.5 6.6 –2 Rental income, MSEK 564 561 1 Property costs, MSEK –114 –112 2 Net operating income, MSEK 450 449 0 Net operating income 0 30 60 90 120 150 180 210 240 270 2021 2022 2023 2024 20262025 0 100 200 300 400 500 600 700 800 900 MSEK MSEK Rental income 2021 2022 2023 2024 20262025 0 50 100 150 200 250 300 0 200 400 600 800 1,000 1,200 MSEK MSEK Per quarter (left-hand scale) LTM (right-hand scale) Per quarter (left-hand scale) LTM (right-hand scale) Emilshus Interim Report January–September 2026 – 5
Page 6
Tax Current tax expense totaled MSEK 39 (31) and deferred tax expense totaled MSEK 82 (56). The deferred tax expense pertains primarily to temporary differences between the carrying amounts and tax values of investment properties and financial instruments. Net profit for the period Profit for the period after tax amounted to MSEK 439 (379), cor - responding to SEK 3.03 (2.82) per ordinary share before dilution and SEK 3.02 (2.81) per ordinary share after dilution. Cash flow Operating cash flow totaled MSEK 345 (278), an increase of 24%. The growth is attributable to increased profit from property management. Acquisitions of investment properties via subsidiaries im pacted the cash flow by MSEK –1,854 (–2,640). Investments in existing properties impacted cash flow by MSEK –124 (–99), which pertained primarily to MSEK –117 in tenant-specific modifi - cations and reconstructions as well as MSEK –7 that pertained to maintenance of the properties. Cash flow from financing activities totaled MSEK 1,636 (2,402) and was attributable to new bank loans of MSEK 1,851 (1,536), a new preference share issue of MSEK 352 (267) after transac - tion-related costs, dividends on preference shares of MSEK –51 (–36) and repayments of MSEK –516 (–285). Altogether, cash and cash equivalents during the period changed by MSEK 3 (23), which at the end of the period meant that Emilshus’s cash and cash equivalents amounted to MSEK 263 (123). Third quarter 2026 Income increased 25% to MSEK 286 (228). Net operating income amounted to MSEK 234 (188), corresponding to a surplus ratio of 82% (82). Net financial items totaled MSEK –87 (–65). Profit from prop - erty management amounted to MSEK 133 (113), an increase of 18%. The increase in profit from property management year-on- year is due to a larger property portfolio resulting from acquisi - tions. Unrealized changes in value of investment properties impacted earnings by MSEK 1 (75). No realized changes in value of investment properties impacted earnings (1). Unrealized changes in value of financial instruments, consisting of deriva - tives for interest-rate hedging, totaled MSEK 97 (20). No realized changes in value of financial instruments were reported during the quarter (—). Profit after tax amounted to MSEK 147 (167). The average yield during the quarter was 6.5% (6.8). Parent Company earnings and financial position The Parent Company provides Group administrative functions pertaining to company management, the accounting and finance function and property management. The Parent Company’s income consists of costs that are re-invoiced to property-owning subsidiaries. The Parent Company’s costs increased compared with last year, which was due to the growth of the Group. Interest income comprises interest received on the Parent Company’s receivables in subsidiaries and interest on cash and cash equiva - lents. Loss for the period totaled MSEK –48 (–37). The Parent Company’s participations in Group companies totaled MSEK 790 (752) at the end of the period. The Parent Company’s receivables in Group companies amounted to MSEK 5,835 (5,226) and primarily comprised promissory note receiv - ables that were established in conjunction with acquisitions of investment properties through companies. The Parent Company’s equity was MSEK 3,237 (3,112) at the end of the period, corre - sponding to an equity/assets ratio of 47% (51). Profit from property management 0 30 60 90 120 150 2021 2022 2023 2024 20262025 0 100 200 300 400 500 MSEK MSEK Per quarter (left-hand scale) LTM (right-hand scale) Slätthög 4, Malmö Category: Light industry Lettable area: 2,848 sqm Acquired: July 2026 Emilshus Interim Report January–September 2026 – 6
Page 7
Adjusted forecast for 2026 For 2026, it is estimated that profit from property management with the current property portfolio and announced acquisitions will total MSEK 500. The previously issued forecast was MSEK 495, which was announced in connection with the publication of the Interim Report for January–June 2026. Earnings capacity Current earnings capacity is based on the property portfolio that was owned at the end of the period, and constitutes a twelve- month illustration of Emilshus’s earnings capacity at that point in time. It is not a forecast, and does not take into account future changes in, for example, rents, vacancies, costs or interest rates. Acquisitions and divestments that have not yet been closed or vacated are not included. This assessment is based on contractual rental income adjusted for property tax, operation surcharges, rent discounts and guarantees as of the first day of the quarter immediately fol - lowing. The property costs are built on experiential normal annual values and include property administration costs. Forecast and current earnings capacity Earnings capacity MSEK Oct 1 2026 Jul 1 2026 Apr 1 2026 Jan 1 2026 Oct 1 2025 Jul 1 2025 Apr 1 2025 Jan 1 2025 Oct 1 2024 Jul 1 2024 Apr 1 2024 Jan 1 2024 Oct 1 2023 Rental income 1,157 1,097 1,071 1,022 979 867 844 747 708 694 631 616 578 Property costs –244 –234 –228 –216 –203 –177 –173 –152 –142 –141 –129 –125 –120 Net operating income 913 864 843 806 777 690 671 595 566 553 502 491 458 Central administration –50 –48 –47 –45 –42 –39 –38 –35 –34 –33 –31 –31 –31 Net financial items –345 –318 –312 –288 –275 –239 –248 –198 –190 –227 –197 –192 –194 Profit from property management 518 498 484 473 460 412 385 362 342 293 274 268 234 Profit from property management per ordinary share, SEK 1) 3.44 3.28 3.36 3.27 3.16 2.79 2.85 2.81 2.63 2.24 2.32 2.26 2.07 Property value 14,383 13,545 13,064 12,307 11,852 10,512 10,066 8,940 8,464 8,292 7,518 7,324 7,208 Equity 5,824 5,680 5,289 5,114 4,969 4,802 4,251 3,856 3,733 3,678 3,261 3,194 3,043 Interest-bearing net debt 7,888 7,134 7,180 6,553 6,241 5,092 5,577 4,617 4,305 4,185 3,906 3,772 3,905 Surplus ratio, % 79 79 79 79 79 80 80 80 80 80 80 80 79 Interest-coverage ratio, multiple 2.5 2.6 2.6 2.6 2.7 2.7 2.6 2.8 2.8 2.3 2.4 2.4 2.2 Debt ratio, multiple 9.1 8.7 9.0 8.6 8.5 7.8 8.8 8.2 8.1 8.1 8.3 8.2 9.1 Yield, % 6.4 6.4 6.5 6.6 6.6 6.6 6.7 6.7 6.7 6.7 6.7 6.7 6.4 1) Profit from property management per ordinary share pertains to earnings less dividends to holders of preference shares as of the balance-sheet date. Profit from property management according to earnings capacityYield and lending rate according to earnings capacity 0 100 200 300 400 500 600 2021 2022 2023 2024 20262025 0 1 2 3 4 5 MSEK SEK 2021 2022 2023 2024 20262025 % 0 1 2 3 4 5 6 7 8 9 10 Profit from property management (left-hand scale) Profit from property management per ordinary share (right-hand scale) Yield, % Average lending rate, % 2.3% Yield gap 9% Growth LTM Property tax is based on the current tax assessment value. Costs for central administration are based on current organization and net financial items reflecting the interest-rate conditions as well as the company’s debt and derivative portfolio, and cash and cash equivalents at the end of the period. Emilshus Interim Report January–September 2026 – 7
Page 8
Distribution of property value per management region Property portfolio Emilshus has a diversified property portfolio of commercial prem - ises, with an emphasis on light industry and big-box and grocery retail. The category Other comprises primarily offices and com - munity service properties. At September 30, Emilshus owned 274 properties (226) with a total lettable area of 1,321 ksqm (1,155) and a property value of MSEK 14,383 (11,852). The property value also includes the value of ongoing projects. The property value per sqm amounted to SEK 10,891 (10,261). Emilshus’s property portfolio is generally characterized by long-term leases and a high occupancy rate. The average rental value was SEK 927 per sqm (897). Starting in 2026, the former industrial services/trade suppliers property category will be reported together with light industry, since these properties have a similar use and character. Our properties No. of properties 274 Rental value/sqm SEK 927 Economic occupancy rate 95% Property value/sqm SEK 10,891 Fastighetsvärde per kategori Hyresvärde per kategori Uthyrningsbar area per kategori MSEK 14,383 75% Light industry 17% Big-box and grocery retail 8% Other MSEK 1,224 75% Light industry 16% Big-box and grocery retail 9% Other 1,321 ksqm 82% Light industry 12% Big-box and grocery retail 6% Other Geographic orientation Emilshus’s strategy involves a focus on high-growth regions in southern Sweden. At present, the portfolio is concentrated on the regions of Småland, Östergötland, Skåne and Halland. These expansive regions are known for active and successful busi - nesses as well as short distances between attractive locations for establishing operations. There are several large listed companies here that are global leaders in their respective segments, as well as smaller companies and industries that are thriving. In the company’s largest property management region, Växjö and the surrounding areas, there is a highly diverse business sector with high-tech and knowledge-intensive companies. There are universities and colleges in all of the regions, and their presence benefits both businesses and development. In addition, the regions offer some of Sweden’s prime locations for light industry. Property value by category Rental value by category Lettable area per category 14% Jönköping 11% Värnamo 20% Växjö 9% Halmstad 9% Malmö 8% Helsingborg 5% Kalmar 7% Vetlanda 16% Linköping Emilshus Interim Report January–September 2026 – 8
Page 9
Summary of property portfolio at October 1, 20261 Region No. of properties Lettable area, ksqm Market value Rental value Economic occu - pancy rate, % Contractual annual rent, MSEK MSEK Share, % SEK/sqm MSEK SEK/sqm Halmstad 28 112 1,335 9 11,913 122 1,092 95 117 Helsingborg 25 94 1,115 8 11,896 91 974 97 88 Jönköping 34 171 2,026 14 11,847 162 945 94 153 Kalmar 20 64 682 5 10,653 55 860 97 53 Linköping 42 176 2,329 16 13,216 197 1,118 95 187 Malmö 41 110 1,349 9 12,300 122 1,110 99 120 Vetlanda 21 147 1,058 7 7,177 105 714 90 94 Värnamo 24 224 1,606 11 7,167 140 623 91 127 Växjö 39 222 2,883 20 12,957 230 1,036 94 217 Total 274 1,321 14,383 100 10,891 1,224 927 95 1,157 Region Light industry, ksqm Big-box and grocery retail, ksqm Other, ksqm Total, ksqm Share, % Halmstad 104 4 3 112 8 Helsingborg 87 2 5 94 7 Jönköping 151 9 11 171 13 Kalmar 37 27 — 64 5 Linköping 156 20 — 176 13 Malmö 103 — 7 110 8 Vetlanda 104 27 17 147 11 Värnamo 204 20 — 224 17 Växjö 137 54 32 222 17 Total 1,083 162 75 1,321 100 Share, % 82 12 6 100 1) Properties owned at the end of the period are included, agreed acquisitions and divestments thereafter are not taken into account. Property transactions announced Acquisitions of a total of 29 properties were announced during the period, in 11 transactions totaling MSEK 1,623 with a total rental value of MSEK 121. Acquisitions of a total of nine properties, in four transactions totaling MSEK 341 with a total rental value of MSEK 31, were announced after the end of the period. Accessed and vacated properties In total, closing for properties corresponding to a value of MSEK 1,854 (2,640) took place during the period. No properties were vacated during the period. As of the day of this report, the value of properties that were signed but for which closing had not yet taken place amounted to MSEK 402, with a total rental value of MSEK 35. Property transactions Property transactions announced during and after the period Date Management region Property value, MSEK Annual rental value, MSEK Lettable area, ksqm During the period January 30 Helsingborg, Linköping 336 25 16 April 1 Jönköping, Linköping 217 16 14 April 20 Halmstad, Helsing - borg, Malmö, Växjö 614 45 53 July 6 Jönköping, Linköping, Malmö och Växjö 456 35 36 Total 1,623 121 119 After the period October 14 Linköping, Malmö, Helsingborg 341 31 29 Total 341 31 29 Accessed properties, Jan–Sep 2026 Property Management region Property category Lettable area, ksqm Accessed properties Konen 5 Halmstad Light industry 1 Björnen 20 Helsingborg Light industry 2 Startnyckeln 2 Helsingborg Light industry 2 Hermelinen 2 Helsingborg Light industry 3 Örja 19:6 Helsingborg Light industry 2 Segelflygaren 7 Helsingborg Light industry 3 Rebbelberga 26:37 Helsingborg Light industry 16 Rebbelberga 26:38 Helsingborg Light industry 1 Östra Malmskogen 1:48 Linköping Light industry 2 Tannefors 1:114 Linköping Light industry 7 Nöjeslivet 1 Linköping Light industry 2 Navkapseln 9 Linköping Light industry 1 Glasskärvan 2 Linköping Light industry 3 Kvarnmottet 1 Linköping Light industry 5 Tallspinnaren 1 Linköping Light industry 1 Lagonda 3 Linköping Light industry 3 Verktyget 1 Malmö Light industry 2 Flygledaren 10 Malmö Light industry 1 Flygbasen 3 Malmö Light industry 2 Flygbasen 4 Malmö Light industry 2 Flygbasen 7 Malmö Light industry 1 Bronsyxan 10 Malmö Light industry 2 Stenyxan 21 Malmö Other 1 Dragringen 6 Malmö Light industry 1 Trailern 1 Malmö Other 3 Nackremmen 1 Malmö Light industry 2 Nackremmen 2 Malmö Light industry 2 Nosgrimman 1 Malmö Light industry 2 Vellinge 40:130 Malmö Light industry 2 Olsgård 4 Malmö Light industry 2 Slätthög 1 Malmö Light industry 4 Slätthög 4 Malmö Light industry 3 Slätthög 6 Malmö Light industry 3 Tankbilen 9 Malmö Light industry 9 Persåker 7 Malmö Light industry 4 Löddeköpinge 14:103 Malmö Light industry 2 Olsgård 3 Malmö Light industry 3 Stödstorp 2:14 Värnamo Light industry 8 Kilen 9 Växjö Light industry 5 Postiljonen 1 Växjö Light industry 7 Smeden 1 Växjö Light industry 8 Total 133 Emilshus Interim Report January–September 2026 – 9
Page 10
Projects in the form of reconstruction and extensions, modifi - cation of existing premises and new production are one way of meeting tenant needs. As a rule, with a new letting the premises are adapted to some extent – and it is not uncommon that the premises undergo extensive modification – as part of the signing of the lease. These investments are made at attractive risk-ad - justed returns. Projects commence after binding leases have been signed. Emilshus also works actively to identify and carry out projects that reduce energy consumption and improve the environment for tenants. Ongoing projects A modification of premises is being carried out at Slåttern 2 in Halmstad, in conjunction with Phoniro AB signing an eight-year agreement for a total of 1,940 sqm. Completion and closing are scheduled for the fourth quarter of 2026. A reconstruction and modification of premises is being carried out at Budkaveln 18 in Huskvarna for Svenska Fleet Tec AB, which signed a 10-year lease for 3,583 sqm. Completion is scheduled for the first quarter of 2027. A modification of premises is being carried out at Morganiten Projects Large ongoing projects Property Property category Project type Completion Estimated investment, MSEK Accrued investment at end of period, MSEK Amended annual rent, MSEK Change in lease Ongoing projects Slåttern 2, Halmstad Big-box and grocery retail Modification of premises Q4 2026 12 8 1 8-year lease Budkaveln 18, Huskvarna Light industry Modification of premises Q1 2027 10 0 1 10-year lease Morganiten 2, Helsingborg Light industry Modification of premises Q2 2027 10 0 1 5-year lease Galoppbanan 1, Malmö¹ Light industry New production Q4 2027 75 0 5 15-year lease Other ongoing projects² 70 33 5 Total 176 41 12 Completed projects Krokodilen 4, Kalmar Big-box and grocery retail Modification of premises Q1 2026 29 29 3 12-year lease Armaturen 1, Värnamo Light industry Modification of premises Q2 2026 16 16 1 10-year lease Flahult 21:36, Jönköping Light industry Modification of premises Q3 2026 43 43 3 25-year lease Total 88 88 7 1) The project pertains to a land reservation from the municipality on part of the property. Planned closing is during the fourth quarter of 2026. 2) Other ongoing projects consist of several smaller projects. 2 in Helsingborg, in conjunction with Lindab signing a new five- year agreement for a total of 1,704 sqm. Completion is planned for the second quarter of 2027. The production of a new building is being conducted in Malmö, in conjunction with ACT Logimark AB signing a 15-year agreement for a total of 4,170 sqm. Completion is scheduled for the fourth quarter of 2027. The total estimated investment volume at the end of the period for ongoing projects amounted to MSEK 176, of which accrued costs totaled MSEK 41. Project operations contribute to increased rental income as the projects are completed. Completed projects A reconstruction and extension has been carried out on the Kroko- dilen 4 property in Kalmar for Toyota dealer Bil och Motor i Sydost AB, which signed a new 12-year lease for a total of 2,800 sqm. A modification of premises was carried out at Armaturen 1 in Värnamo for Proton Lighting AB, which signed a new 10-year lease for a total of 7,281 sqm. The premises of the Flahult 21:36 property in Jönköping have been modified and extended for Orkla-owned Bubs Godis, who signed a new 25-year lease for a total of 14,710 sqm. Expanded and extended lease agreement in Helsingborg Emilshus is carrying out a project at the Morganiten 2 property in Helsingborg, with modification of the premises for its tenant Lindab, which signed a new and expanded five-year lease for warehouse and offices. This is a reconstruction of approximately 900 sqm to create office space, meeting rooms and staff rooms for Lindab’s head office. Groundwork is also being performed in conjunction with the reconstruction, to create better flows and a more functional outdoor environment on the property. Completion of the project is sched - uled for April 2027. Morganiten 2, Helsingborg Category: Light industry Lettable area: 1,704 sqm Completion: Q2 2027 Emilshus Interim Report January–September 2026 – 10
Page 11
Emilshus’s consolidated financial statements are prepared in accordance with the IFRS Accounting Standards. Emilshus has chosen to measure its holdings of investment properties at fair value in accordance with IAS 40. To establish the market value of its properties, every quarter Emilshus obtains independent exter - nal valuation statements for all of its properties. The valuations are prepared by Newsec. The valuations were conducted in accordance with IFRS 13, Level 3. Fair value was estimated using a combination of the location-based method and a yield-based method drawn from discounting of future cash flows for each property, taking into account the terms of current leases, market situation, rental levels, operation, maintenance and property administration costs, and investment requirements. The value of any building rights has been added to the present value. As a rule, the calculation period is ten years, and the estimate of the cash flows is based on existing leases with the assumed terms adjusted to the market after the end of the lease. The weighted yield requirement for valuation of the property portfolio was 6.5%, with the yield requirement in the valuations, depending on category, ranging between 6.4% and 6.5%. The average initial yield requirement in the valuations was 6.4%. The reported yield for the period amounted to 6.5%. Emilshus’s yield requirement based on its estimated earnings capacity totals 6.4% and is thus in line with the weighted yield requirement in the market valuations. For a more detailed descrip - tion of the measurement policies, refer to Emilshus’s 2025 Annual Report. The market value of the property portfolio at the end of the period amounted to MSEK 14,383 (11,852). Closing for properties at a value of MSEK 1,854 took place during the period. At the end of the period, Emilshus had signed agreements on investments in existing properties through tenant-specific modifications com - prising expansion and reconstruction projects with accrued costs of MSEK 41 and a remaining investment commitment correspond - ing to MSEK 135. Completion of these projects is expected to enable increased rental value of MSEK 12. The unrealized changes in value of the properties for the period amounted to MSEK 98 (197), corresponding to 1% of the company’s total property value. The changes in value were attrib - utable to the effect of changes of MSEK 31 in the yield require - Market value of the property portfolio Change in value of the property portfolio Jan–Sep Jan–Dec MSEK 2026 2025 2025 At the beginning of the period 12,307 8,940 8,940 Closed acquisitions 1,854 2,640 2,983 Investments in existing properties 124 99 146 Closed divestments — –24 –24 Unrealized changes in value 98 197 262 At the end of the period 14,383 11,852 12,307 Changes in the value of properties through profit or loss Jan–Sep Jan–Dec MSEK 2026 2025 2025 Yield requirement 31 83 113 Net operating income 12 51 75 Other 55 63 74 Unrealized changes in value 98 197 262 Unrealized changes in value, % 1 2 3 Realized changes in value — 8 8 Total changes in value 98 205 270 Total changes in value, % 1 2 3 Sensitivity analysis Earnings effect before tax Sep 30 Dec 31 MSEK Change 2026 2025 2025 Yield require - ment +/– 0.25% –545/+589 –434/+469 –452/+488 Rental income SEK +/– 50 per sqm +66/–66 +58/–58 +59/–59 Property costs SEK +/– 10 per sqm –13/+13 –12/+12 –12/+12 Vacancy rate +/– 1% –12/+12 –10/+10 –11/+11 Input data for property valuation Sep 30 Dec 31 Weighted average 2026 2025 2025 Yield requirement, % 6.5 6.6 6.6 - Light industry 6.5 6.6 6.6 - Big-box and grocery retail 6.4 6.5 6.4 - Other 6.4 6.4 6.4 Operating expenses, SEK/sqm 110 112 114 - Light industry 95 95 97 - Big-box and grocery retail 109 109 112 - Other 334 338 341 Maintenance costs, SEK/sqm 40 40 40 - Light industry 37 37 37 - Big-box and grocery retail 42 43 43 - Other 75 72 74 Long-term vacancy rate, % 6.3 6.5 6.5 - Light industry 6.5 6.8 6.8 - Big-box and grocery retail 5.6 5.4 5.5 - Other 6.0 5.9 6.2 Rental income, SEK/sqm 931 895 910 - Light industry 859 804 817 - Big-box and grocery retail 1,090 1,082 1,110 - Other 1,782 1,839 1,889 ment, anticipated changes in net financial items of MSEK 12 and other changes in the form of reversed tax discounts of MSEK 55 linked to acquisitions. Emilshus Interim Report January–September 2026 – 11
Page 12
Tenants At the end of the period, Emilshus had 960 tenants (894) distrib - uted across 1,129 leases (1,018) and the average remaining lease term was 5.1 years (5.2). The ten largest tenants represented 15% (18) of total contractual annual rent. Good diversity in the tenant portfolio means that Emilshus’s exposure to individual tenants is limited. No single tenant accounts for more than 2% of the com - pany’s total rental income. Emilshus has signed “triple net” contracts for a significant portion of its leases, which means that the tenants commit to pay Emilshus’s tenants mostly comprise stable companies with long-term operations that are deemed to be highly solvent. With its local orientation, Emilshus is a reliable player and partner in supplying premises to its tenants, ensuring their continued development. Our tenants for costs such as insurance, property tax and utilities as well as maintenance and operations. At the end of the period, 35% (35) of the total lettable area attributable to leases was triple net. The proportion of leases that are indexed annually at a level corresponding to the consumer price index (CPI) was 99% (99), and a smaller share is indexed using a fixed annual indexation. Other leases pertain to objects such as parking lots and leases with terms of less than a year, which are indexed either using another method or not at all. Emilshus’s 10 largest tenants Tenants Contrac - tual annual rent, MSEK Share of contrac - tual annual rent, % No. of leases Remaining lease term, years Spaljisten AB 20 2 1 18 Dollarstore AB 19 2 5 6 Hilding Anders Sweden AB 19 2 1 12 Holmgrens Bil AB 18 2 5 10 Orkla (Bubs Godis) 17 1 2 24 Optimera Svenska AB 17 1 9 7 Kalmar Solutions AB 16 1 1 12 HMS Industrial Networks AB 16 1 2 4 ROL AB 16 1 1 5 Element Materials Technology AB 15 1 1 9 Other 983 85 1,101 4 Total 1,157 100 1,129 5 Rental value and the 10 largest tenants’ share of the rental value De 10 största hyresgästernas andel av hyresvärdet 0 300 600 900 1,200 1,500 % 2021 2022 2023 202620252024 0 10 20 30 40 50 60 MSEK Rental value, MSEK The 10 largest tenants’ share of the rental value, % Light industry The tenants in the largest property category, light industry, typically comprise manufacturing companies that make use of the premises for production, warehousing and offices. Addition - ally, this includes a proportion of industrial services and trade suppliers, which comprise properties with tenants that provide services and retail primarily for industry and other companies. The tenants have made, and continually make, significant investments in machinery and other equipment in their premises, which generates a long-term perspective and motivates the ten - ants to extend their leases. Investments linked to reconstruction and extensions are frequent in this category. Examples of large tenants in the light industry category are Spaljisten, a sub-sup - plier for IKEA with operations outside Växjö; Orkla (Bubs Godis), with production in Jönköping; ROL, which manufactures store and office equipment; forklift manufacturer Kalmar Solutions, Hitachi Energy Sweden and HMS Solutions in Halmstad, which operates in industrial technology. Big-box and grocery retail Tenants in the Big-box and grocery retail segment primarily include grocery and discount chains, including automobile sales in highly trafficked big-box retail areas with good public trans - portation. Coop Väst, Dollarstore, Bauhaus and Holmgrens Bil the largest tenants in this category. Other The properties in this category are characterized primarily by offices where the majority of tenants operate in public service. Examples of tenants in the category include the security com - pany Securitas and ADB Safegate, a provider of aviation industry solutions. Emilshus Interim Report January–September 2026 – 12
Page 13
Net letting Net letting for the period totaled MSEK –10 (0). Emilshus signed 105 leases with an increased annual rental value of MSEK 40 (34), of which MSEK 38 (26) pertains to 60 leases with new tenants and MSEK 2 (8) pertains to 45 renegoti - ated leases with existing tenants. Terminations of leases received totaled MSEK 50 (34) including bankruptcies with a rental value of MSEK 4 (3). Net letting for the quarter amounted to MSEK 0 (0). Economic occupancy rate The economic occupancy rate at the end of the period was 95% (95). Maturity structure At the end of the period, the average remaining lease term was 5.1 years (5.2), and 84% of the contract value had a maturity in 2030 or later. Net letting Jan–Sep Jan–Dec MSEK 2026 2025 2025 New leases 38 26 33 Renegotiations 2 8 8 Terminations –47 –31 –35 Bankruptcies –4 -3 –4 Net letting -10 0 2 Changes in vacancy Jan–Sep Jan–Dec MSEK 2026 2025 Opening vacancy rate 58 43 Occupancies –12 –13 Vacancies 17 18 Change in lease discounts 4 3 Vacancy rate, accessed properties 0 8 Vacancy rate, divested properties — –1 Closing vacancy rate 67 58 Lease maturity structure Year of maturity No. of leases Contractual annual rent, MSEK Share, % Area, ksqm Share, % 2026 106 50 4 59 5 2027 413 127 11 122 10 2028 182 154 13 148 12 2029 162 178 15 183 15 2030 104 184 16 200 16 2031+ 162 464 40 518 42 Total 1,129 1,157 100 1,231 100 Leases and lease terms Year of maturity Contract value, MSEK Share of total, % 2026 9 0 2027 119 2 2028 292 5 2029 510 9 2030 705 12 2031 593 10 2032 362 6 2033 218 4 2034+ 3,041 52 Total 5,849 100 Net letting, performance per quarter New lettings and renegotiations Terminations Net letting -30 -20 -10 0 10 20 2021 2022 2023 202620252024 MSEK Emilshus Interim Report January–September 2026 – 13
Page 14
Emilshus’s local presence and experienced employees create good conditions for creating value and sustainable property ownership. Energy efficiency Identifying and implementing measures aimed at improving the energy efficiency of the property portfolio, thereby making exist - ing properties more sustainable, is considered to be the single most important activity to reduce the company’s carbon footprint. The energy consumption of the properties is also an important cost item that the company can reduce by following a structured process, which takes place in close collaboration with tenants. Emilshus’s goal is to reduce energy consumption per sqm in the like-for-like portfolio by an average of 2% per year from 2022 to 2030. Over the last 12 months, Emilshus’s energy consumption per sqm in the like-for-like portfolio decreased 4% compared with the year-earlier period. Emilshus has set high sustainability requirements for its operations. Sustainability activities are based on the sustainability strategy adopted by the Board of Directors, which is based on the need for wise and responsible economizing with limited resources. Sustainability activities Emilshus also has a target of improving the energy rating of at least five of its worst performing buildings per year up through 2033, which is reported annually in the company’s Sustainability Report. Follow-up of green finance framework In September 2024, Emilshus’s green finance framework was updated, giving the company the opportunity to issue green bonds and other financial instruments to finance properties and property projects. The company’s green framework has been reviewed by ISS. At September 30, Emilshus had green assets at a total value of MSEK 6,247 (5,128), with established green financing of MSEK 2,001 (1,209) in existing properties. The unutilized amount in the green finance framework amounted to MSEK 4,246 (3,919). Marked cost reduction from enhanced energy efficiency Emilshus routinely identifies and conducts energy projects in its property portfolio – mea - sures that have a material impact at a limited cost on the company’s energy consumption. Through targeted efforts, the company has reduced its energy consumption in its like- for-like portfolio since 2022 by an average of 6% per year, well above the target of a 2% reduction per year on average. This achievement has had a marked effect on the company’s energy costs. Halmstad 2:25, Halmstad Category: Light industry Lettable area: 18,657 sqm Key figures1) LTM Jan–Dec Unit LTM 2025 2024 2023 2022 Energy consumption, adjusted, in the like-for-like portfolio Energy intensity, current period kWh/sqm 92 99 106 109 119 Energy intensity, comparison period kWh/sqm 96 106 113 116 — – Change % –4 –6 –6 –6 — Fossil-free electricity Share of electricity purchased % 100 100 100 100 100 Greenhouse gas emissions 2) Scope 1 (direct emissions from operations) tCO2e 40 32 23 23 — Scope 2 (indirect emissions caused by operations) tCO2e 1,282 927 737 612 — Total Scope 1 and 2 tCO2e 1,322 959 760 635 — Emissions intensity, Scope 1 and 2 kgCO2e/sqm 2.1 1.9 2.3 2.4 — 1) For information on calculation methods, refer to the Emilshus Annual Report for 2025. 2) Calculations of GHG emissions are based on the latest available emissions data from energy companies. Energy reduction –6 % average per year 2022–2026, LTM Emilshus Interim Report January–September 2026 – 14
Page 15
Capital structure Emilshus’s capital structure at the end of the period was 39% (41) equity, 55% (53) interest-bearing liabilities and 6% (6) other items. Emilshus collaborates with six banks in the Nordic countries, with financing consisting of secured bank loans. Unsecure bonds comprise a supplementary source of financing. Equity At the end of the period, equity amounted to MSEK 5,824 (4,969), which resulted in an equity/assets ratio of 39% (41). Equity per ordinary share amounted to SEK 35.48 (31.78) and net asset value per ordinary share to SEK 38.74 (34.92). Interest-bearing liabilities Emilshus’s interest-bearing liabilities totaled MSEK 8,151 (6,364) at the end of the period. Less cash and cash equivalents of MSEK 263 (123), interest-bearing net debt amounted to MSEK 7,888 (6,241), which resulted in a loan-to-value ratio of 55% (53). Of the interest-bearing liabilities, MSEK 7,355 (5,562) com - prises secured bank loans, corresponding to 90% (88) of the total interest-bearing liability. During the period, bank loans totaling MSEK 322 were refinanced with longer tenors, higher loan vol - umes and improved credit terms. Interest-bearing bonds amounted to MSEK 796 (792) at the end of the period, corresponding to 10% (12) of the total inter - est-bearing liability. The debt ratio calculated as interest-bearing net debt in rela - tion to net operating income less central administration costs in accordance with earnings capacity amounted to a multiple of 9.1 (8.5) on the balance-sheet date. Available liquidity Cash and cash equivalents totaled MSEK 263 (123) at the end of the period. Additionally, Emilshus has unutilized overdraft facilities of MSEK 210 (201) as well as unutilized revolving credit facilities of MSEK 200 (200). The company’s available liquidity totaled MSEK 673 (524) at the end of the period. Financing Average lending rate 4.1% Average interest maturity 1.8 years Interest-coverage ratio LTM 2.5x Loan-to-value ratio 55% Sources of financing Key figures – financing Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Interest-bearing net debt, MSEK 7,888 6,241 6,553 Equity/assets ratio, % 39 41 40 Loan-to-value ratio, % 55 53 53 Interest-coverage ratio, LTM, multiple 2.5 2.6 2.6 Interest-rate hedge ratio, % 61 71 68 Debt ratio, multiple 9.1 8.5 8.6 Average debt maturity period, years 2.5 2.7 2.8 Average interest maturity, years 1.8 2.1 2.0 Average lending rate, % 4.1 4.1 4.1 Interest-bearing net debt and average lending rate Räntebärande nettoskuld % 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2021 2022 2023 2024 20262025 0 1 2 3 4 5 6 7 8 MSEK 39% Equity 49% Bank loans 5% Green bonds 6% Other Interest-bearing net debt, MSEK Average lending rate, % Emilshus Interim Report January–September 2026 – 15
Page 16
Debt and interest maturity The debt maturity period for Emilshus’s interest-bearing liabili - ties was 2.5 years (2.7) at the end of the period. The MSEK 32 in interest-bearing liabilities that fall due in 2026 entirely comprise ordinary routine repayments. The average lending rate on interest-bearing liabilities, includ - ing derivatives, amounted to 4.1% (4.1) at the end of the period. The Group’s average interest maturity, including derivatives, was 1.8 years (2.1) at the end of the period. The share of inter - est-bearing liabilities that had hedged rates through derivatives was 61% (71). At the end of the period, the Group had signed interest-rate hedges with an aggregate nominal amount of MSEK 4,954 (4,561). Of these, MSEK 4,654 pertained to active inter - est-rate swaps with an average remaining term of 2.8 years and MSEK 300 pertained to interest-rate caps (STIBOR 3M+2.5%) with a remaining term of 0.3 years. The derivatives limit the effect of future changes to interest rates on the Group’s earnings. The fair value of the derivatives amounted to MSEK 69 (–32) at the end of the period. Financial risk limits Emilshus’s Financial Policy sets out guidelines and rules for financial activities with the aim of stating how financial risks should be limited. Emilshus has the following main guidelines for its financing activities: • The loan-to-value ratio is to consistently not exceed 60%. • The interest-coverage ratio is to exceed a multiple of 2.0. Debt and interest maturity Debt maturity Interest maturity Year Bank loans, MSEK Bonds, MSEK Total interest-bearing liabilities, MSEK 1) Share, % Interest maturity, MSEK2) Average lend - ing rate, %3) Share, % 2026 32 — 32 0 3,525 6.3 43 2027 843 400 1,243 15 662 2.2 8 2028 1,576 400 1,976 24 800 2.5 10 2029 2,678 — 2,678 33 870 2.4 11 ≥2030 2,249 — 2,249 28 2,322 2.6 28 Total 7,378 800 8,178 100 8,178 4.1 100 1) The difference in total interest-bearing liabilities in the table above and the consolidated balance sheet is attributable to capitalized arrangement fees. 2) Includes derivatives. 3) The average lending rate for 2026 includes the margin for the variable portion of the debt portfolio in its entirety. Derivative portfolio MSEK Nominal amount Remaining term, years Average fixed interest rate, % Fair value Interest-rate swaps 4,654 2.8 2.5 69 Interest-rate caps 300 0.3 2.5 — Total/average 4,954 2.7 2.5 69 Bonds Maturity date Volume, MSEK Interest rate, % June 26, 2027 400 Stibor 3M+3.10 May 25, 2028 400 STIBOR 3M+2.50 Interest-coverage ratio 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Räntetäckningsgrad 2021 2022 2023 2024 20262025 Multiple Loan-to-value ratio 0 10 20 30 40 50 60 70 80 Nettobelåningsgrad % 2021 2022 2023 2024 20262025 Financial risk limits Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Loan-to-value ratio, % <60 55 53 53 Interest-coverage ratio, LTM, multiple >2.0 2.5 2.6 2.6 Risk limits LTM, multiple Risk limits Emilshus Interim Report January–September 2026 – 16
Page 17
Shares Emilshus has three classes of shares: unlisted Series A ordinary shares as well as listed Series B ordinary shares and preference shares listed on Nasdaq Stockholm Mid Cap since June 13, 2022. The last price paid on September 30, 2026 was SEK 43.65 for the Series B ordinary share and SEK 28.90 for the preference share, corresponding to a total market value of MSEK 6,724. The volume-weighted average price of the Series B ordinary share during the period was SEK 53.28. Based on the closing price for the Series B ordinary share on the balance-sheet date, the price of the Emilshus share had a negative development of 19% during the period, compared with Nasdaq Stockholm’s real estate index that had a negative development of 18% during the same period. The number of shares in Emilshus at the end of the period was 10,706,770 Series A ordinary shares and 115,535,433 Series B ordinary shares, as well as 42,000,000 preference shares. Shareholders At the end of the period, Emilshus had 10,743 shareholders (9,937). 97% of these comprised Swedish institutions and private individuals. All together, the ten largest owners held 65% of the capital and 73% of the votes. The share and shareholders Owner specification Owner Class A shares Class B shares Total no. of ordinary shares Preference shares Capital, % Votes, % AB Sagax 3,733,550 27,125,395 30,858,945 9,818,320 24.2 28.1 Aptare Holding AB 1) 5,592,020 15,827,990 21,420,010 — 12.7 27.1 Lannebo Kapitalförvaltning — 12,015,752 12,015,752 — 7.1 4.5 Fourth Swedish National Pension Fund — 8,103,208 8,103,208 669,319 5.2 3.3 Carnegie Fonder — 6,001,111 6,001,111 — 3.6 2.3 Länsförsäkringar Fonder — 5,793,141 5,793,141 — 3.4 2.2 Avanza Pension — 181,300 181,300 4,564,902 2.8 1.8 Third Swedish National Pension Fund — 4,296,000 4,296,000 — 2.6 1.6 Danske Invest — 2,964,402 2,964,402 350,000 2.0 1.3 Nordea Funds — 2,909,899 2,909,899 — 1.7 1.1 Other 1,381,200 30,317,235 31,698,435 26,597,459 34.6 26.7 Total 10,706,770 115,535,433 126,242,203 42,000,000 100.0 100.0 1) Company owned by Jakob Fyrberg and Pierre Folkesson, senior executives of Emilshus, and Tomas Carlström. Share information Trading venue Nasdaq Stockholm, Mid Cap Symbol (ticker) EMIL B and EMIL PREF ISIN, B shares SE0016785786 ISIN, preference shares SE0016785794 Segment Real Estate Total no. of ordinary shares outstanding 126,242,203 Total no. of Series B shares outstanding and listed 115,535,433 Total no. of preference shares outstanding and listed 42,000,000 Closing price, EMIL B, SEK 1) 43.65 Volume-weighted average price, EMIL B, SEK 53.28 Closing price, EMIL PREF, SEK 1) 28.90 Total market value, MSEK 1) 6,724 1) The market value of all shares in the company is based on the latest price paid for the Series B share and the preference share at September 30, 2026. Warrants At the end of the period, Emilshus had two outstanding warrant pro- grams for employees. Each program runs for a period of three years, and each warrant conveys the right to subscription for one Series B ordinary share at a price that is dependent on Emilshus’s share price performance relative to the underlying comparative index, the OMX Stockholm Real Estate GI. The 2026/2029 warrant program encom- passes a maximum of 326,000 warrants, of which 175,901 had been issued as of the end of the period. The 2025/2028 warrant program encompasses a maximum of 615,000 warrants, of which 318,848 had been issued as of the end of the period. The 2023/2026 warrant program for employees was redeemed during the period, at which point warrants for subscription of a total of 87,936 Series B ordinary shares had been exercised. Liquidity guarantee Since 2023, Emilshus has had an agreement with DNB Carnegie on acting as liquidity guarantor for the Emilshus Series B ordinary share in order to promote the liquidity of the share. This commit - ment means that the liquidity guarantor allocates a quota of buy and sell volumes corresponding to at least SEK 100,000, with a maximum spread of 2% between the buy and sell price. Price performance, Emilshus Series B ordinary shares EMIL B OMX Stockholm Real Estate PI % 2022 2024 2025 20262023 -40 -20 0 20 40 60 80 100 120 Emilshus Interim Report January–September 2026 – 17
Page 18
Quarterly overview 2026 2025 2024 Income statement, MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Rental income 286 274 271 253 228 213 202 181 173 Property costs –52 –54 –68 –57 –40 –42 –44 –36 –30 Net operating income 234 220 203 196 188 171 159 145 143 Central administration –13 –13 –12 –14 –9 –10 –10 –9 –8 Net financial items –87 –82 –75 –71 –65 –63 –56 –51 –59 Profit from property management 133 125 116 110 113 98 93 85 76 Changes in value, investment properties 1 64 32 65 76 66 62 75 4 Changes in value, financial instruments 97 –53 43 14 20 –70 9 –3 –55 Profit before tax 232 137 192 189 209 93 164 157 25 Current tax –13 –14 –12 –12 –14 –8 –9 –5 –10 Deferred tax –72 –1 –8 –32 –28 –7 –22 –30 –2 Net profit for the quarter 147 121 172 145 167 78 133 122 13 2026 2025 2024 Balance sheet, MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Assets Investment properties 14,383 13,545 13,064 12,307 11,852 10,512 10,066 8,940 8,464 Derivatives 69 — 25 — — — 19 10 13 Receivables 165 139 126 96 121 104 316 44 45 Cash and cash equivalents 263 417 65 260 123 536 276 100 243 Total assets 14,880 14,101 13,281 12,663 12,096 11,151 10,678 9,094 8,765 Equity and liabilities Equity 5,824 5,680 5,289 5,114 4,969 4,802 4,251 3,856 3,733 Liabilities to credit institutions 7,355 6,756 6,452 6,020 5,572 4,836 5,063 4,321 4,152 Bonds 796 795 794 793 792 791 791 396 396 Tax liabilities 480 406 405 396 364 336 329 307 276 Derivatives — 28 — 19 32 53 — — — Other liabilities 425 437 341 321 366 332 243 214 207 Total equity and liabilities 14,880 14,101 13,281 12,663 12,096 11,151 10,678 9,094 8,765 Emilshus Interim Report January–September 2026 – 18
Page 19
Key figures per quarter 2026 2025 2024 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Property-related No. of properties 274 260 251 233 226 195 183 172 160 Lettable area, ksqm 1,321 1,256 1,226 1,188 1,155 1,040 1,010 926 898 Fair value of properties, MSEK 14,383 13,545 13,064 12,307 11,852 10,512 10,066 8,940 8,464 Fair value of properties, SEK/sqm 10,891 10,788 10,659 10,363 10,261 10,105 9,963 9,651 9,426 NAV, MSEK 4,891 4,769 4,709 4,569 4,405 4,232 3,602 3,493 3,337 Rental value, MSEK 1,224 1,161 1,132 1,081 1,036 917 893 790 744 Rental value, SEK/sqm 927 925 924 910 897 882 884 852 828 Remaining lease term, years 5.1 5.1 5.1 5.1 5.2 5.4 5.3 5.0 5.2 Net letting, MSEK 0 2 –11 2 0 –2 2 5 0 Economic occupancy rate, % 95 95 95 95 95 95 95 95 95 Yield, % 6.5 6.6 6.4 6.4 6.8 6.7 6.7 6.6 6.8 Surplus ratio, % 82 80 75 77 82 80 78 80 83 Share-based, ordinary shares Number of ordinary shares at the end of the period 126,242,203 126,242,203 126,154,267 126,154,267 126,154,267 126,154,267 114,154,267 114,154,267 114,154,267 Average number of ordinary shares 126,242,203 126,202,143 126,154,267 126,154,267 126,154,267 119,354,267 114,154,267 114,154,267 113,779,735 Profit from property management per ordinary share, SEK 0.89 0.86 0.80 0.76 0.78 0.69 0.72 0.65 0.58 Growth in profit from property management per ordinary share, % 14 24 11 16 34 20 33 35 6 Net profit for the period per ordinary share, SEK 0.99 0.79 1.24 1.03 1.21 0.53 1.07 0.98 0.03 Equity per ordinary share, SEK 35.48 34.34 34.31 32.93 31.78 30.46 28.83 27.99 26.92 NAV per ordinary share, SEK 38.74 37.78 37.33 36.22 34.92 33.54 31.55 30.60 29.23 Growth in NAV per ordinary share, LTM, % 11 13 18 18 19 16 13 12 8 Return on equity per ordinary share, % 11 9 15 12 15 7 15 14 0 Share-related, preference shares Number of preference shares at the end of the period 42,000,000 42,000,000 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 20,628,625 20,628,625 Average number of preference shares 42,000,000 32,533,333 30,000,000 30,000,000 30,000,000 30,000,000 20,732,751 20,628,625 20,628,625 Equity per preference share, SEK 32.00 32.00 32.00 32.00 32.00 32.00 32.00 32.00 32.00 Dividend for the period per preference share, SEK 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 Emilshus Interim Report January–September 2026 – 19
Page 20
2026 2025 2024 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Financial Equity/assets ratio, % 39 40 40 40 41 43 40 42 43 Return on equity, % 11 9 13 12 14 7 13 13 1 Loan-to-value ratio, % 55 53 55 53 53 48 55 52 51 Loan-to-value ratio, properties, % 49 47 49 47 46 41 48 47 46 Average lending rate at the end of the period, % 4.1 4.1 4.1 4.1 4.1 4.2 4.2 4.0 4.1 Average debt maturity at the end of the period, years 2.5 2.6 2.9 2.8 2.7 2.6 2.8 2.7 1.9 Interest-coverage ratio, multiple 2.5 2.5 2.5 2.6 2.6 2.6 2.7 2.4 2.3 Interest-bearing net debt, MSEK 7,888 7,134 7,180 6,553 6,241 5,092 5,577 4,617 4,305 Debt ratio, multiple 9.1 8.7 9.0 8.6 8.5 7.8 8.8 8.2 8.1 Operating cash flow, MSEK 124 115 106 101 101 92 85 82 67 Key figures per quarter Emilshus Interim Report January–September 2026 – 20
Page 21
Consolidated statement of comprehensive income Jan–Sep Jul-Sep LTM Jan–Dec MSEK 2026 2025 2026 2025 2025 Rental income 831 643 286 228 1,084 896 Property costs –174 –126 –52 –40 –232 –184 Net operating income 657 517 234 188 852 713 Central administration –38 –29 –13 –9 –52 –43 Net financial items –244 –184 –87 –65 –315 –256 Profit from property management 374 303 133 113 485 414 Changes in value, investment properties 98 205 1 76 163 270 Changes in value, financial instruments 88 –42 97 20 102 –28 Profit before tax 560 466 232 209 750 655 Current tax –39 –31 –13 –14 –51 –43 Deferred tax –82 –56 –72 –28 –114 –88 Net profit for the period 1) 439 379 147 167 585 524 Earnings per ordinary share before dilution, SEK 3.03 2.82 0.99 1.21 4.06 3.86 Earnings per ordinary share after dilution, SEK 3.02 2.81 0.99 1.21 4.04 3.84 Average number of ordinary shares 126,199,538 119,887,600 126,242,203 126,154,267 126,188,220 121,454,267 Number of ordinary shares at the end of the period 126,242,203 126,154,267 126,242,203 126,154,267 126,242,203 126,154,267 Average number of preference shares 34,844,444 26,910,917 42,000,000 30,000,000 33,633,333 27,683,188 Number of preference shares at the end of the period 42,000,000 30,000,000 42,000,000 30,000,000 42,000,000 30,000,000 1) Net profit for the period corresponds with comprehensive income for the period. Net profit for the period is attributable in its entirety to the Parent Company shareholders. Consolidated statement of financial position Sep 30 Dec 31 MSEK 2026 2025 2025 ASSETS Non-current assets Investment properties 14,383 11,852 12,307 Other non-current assets 3 2 2 Derivatives 69 — — Total non-current assets 14,455 11,854 12,308 Current assets Rent receivables 11 11 5 Tax assets 101 57 63 Other receivables 15 1 1 Prepaid expenses and accrued income 34 51 25 Cash and cash equivalents 263 123 260 Total current assets 425 242 354 TOTAL ASSETS 14,880 12,096 12,663 EQUITY AND LIABILITIES Equity Share capital 336 312 312 Other contributed capital 3,390 3,060 3,060 Retained earnings incl. net profit for the period 2,097 1,597 1,742 Total equity attributable to Parent Company shareholders 5,824 4,969 5,114 Non-current liabilities Liabilities to credit institutions 5,953 4,452 5,461 Bonds 796 792 793 Deferred tax liabilities 480 364 396 Derivatives — 32 19 Other liabilities — 1 — Total non-current liabilities 7,229 5,642 6,670 Current liabilities Liabilities to credit institutions 1,402 1,120 559 Accounts payable 25 35 37 Other liabilities 82 89 82 Accrued expenses and prepaid income 318 241 202 Total current liabilities 1,827 1,485 879 TOTAL EQUITY AND LIABILITIES 14,880 12,096 12,663 Emilshus Interim Report January–September 2026 – 21
Page 22
Consolidated statement of cash flows Jan–Sep Jul-Sep LTM Jan–Dec MSEK 2026 2025 2026 2025 2025 Operating activities Profit from property management 374 303 133 113 485 414 Income tax paid –39 –31 –13 –14 –51 –43 Adjustments for non-cash items 10 6 4 2 12 9 Operating cash flow 345 278 124 101 446 379 Cash flow from changes in working capital Increase (-)/decrease (+) in operating receivables –68 –76 –25 –16 –43 –51 Increase (+)/Decrease (-) in operating liabilities 69 128 7 50 39 98 Cash flow from operating activities 346 330 106 135 443 426 Investing activities Acquisition of investment properties –1,854 –2,640 –789 –1,228 –2,197 –2,983 Investments in investment properties –124 –99 –48 –42 –171 –146 Acquisition of equipment –1 — –1 — –1 — Divestment of investment properties — 30 — 6 — 30 Cash flow from investing activities –1,980 –2,709 –837 –1,264 –2,369 –3,098 Financing activities Bank loans raised 1,851 1,536 632 755 1,902 2,017 New ordinary share capital issue — 526 — — — 527 New preference share capital issue 352 267 — — 352 267 Dividend on preference shares –51 –36 –21 –15 –66 –51 Repayment of bank loans –516 –281 –33 –32 –109 –306 Repayment of other loans — –4 — 9 –13 –17 Bonds raised — 394 — — — 394 Cash flow from financing activities 1,636 2,402 578 718 2,066 2,833 Cash flow for the period 3 23 –153 –411 140 161 Cash and cash equivalents at the begin - ning of the period 260 100 417 536 123 100 Cash and cash equivalents at the end of the period 263 123 263 123 263 260 Condensed consolidated statement of changes in equity MSEK No. of ordinary shares No. of preference shares Share capital Other contrib - uted capital Retained earnings including net profit for the period1) Total equity 1) Equity, Jan 1, 2025 114,154,267 20,628,625 269 2,310 1,277 3,856 New ordinary share issue 12,000,000 — 24 522 — 546 New preference share issue — 9,371,375 19 248 — 267 New warrant issue — — — — 1 1 New issue expenses — — — –20 — –20 Dividend on preference shares — — — — –60 –60 Net profit for the period and comprehensive income, Jan– Sep 2025 — — — — 379 379 Equity, Sep 30, 2025 126,154,267 30,000,000 312 3,060 1,597 4,969 New issue expenses — — — –1 — –1 Net profit for the period and comprehensive income, Oct– Dec 2025 — — — — 146 146 Equity, Dec 31, 2025 126,154,267 30,000,000 312 3,060 1,741 5,114 Equity, Jan 1, 2026 126,154,267 30,000,000 312 3,060 1,741 5,114 New ordinary share issue 87,936 — 0 — — 0 New preference share issue — 12,000,000 24 336 — 360 New warrant issue — — — — 2 2 New issue expenses — — — –6 –1 –8 Dividend on preference shares — — — — –84 –84 Net profit for the period and comprehensive income, Jan– Sep 20262) — — — — 439 439 Equity, Sep 30, 2026 126,242,203 42,000,000 336 3,390 2,097 5,824 1) Total equity, Net profit/loss for the period and Comprehensive income for the period are attributable in their entirety to the Parent Com - pany shareholders. 2) Net profit for the period and comprehensive income contain MSEK 2 in corrections from previous periods. Emilshus Interim Report January–September 2026 – 22
Page 23
Parent Company income statement Jan–Sep Jul-Sep Jan–Dec MSEK 2026 2025 2026 2025 2025 Income Net sales 27 23 9 8 32 Operating expenses Other external costs –71 –55 –23 –18 –81 Operating loss –44 –31 –14 –10 –49 Profit/loss after financial items Loss from participations in Group companies — — — — –127 Interest income and similar income items 105 105 26 35 141 Interest expenses and similar expense items –109 –111 –31 –37 –169 Loss after financial items –48 –37 –19 –12 –204 Appropriations Group contributions — — — — 73 Profit before tax –48 –37 –19 –12 –131 Current tax — — — — — Deferred tax — — — — –1 Net profit for the period 1) –48 –37 –19 –12 –132 1) Net profit for the period corresponds with comprehensive income for the period. Parent Company balance sheet Sep 30 Dec 31 MSEK 2026 2025 2025 ASSETS Non-current assets Other non-current assets 3 1 2 Derivatives — 0 — Participations in Group companies 790 752 790 Deferred tax assets 2 3 2 Total non-current assets 795 757 794 Current assets Receivables from Group companies 5,835 5,226 4,968 Other receivables 5 5 4 Prepaid expenses and accrued income 19 34 16 Cash and bank balances 255 110 252 Total current assets 6,114 5,376 5,240 TOTAL ASSETS 6,909 6,133 6,034 EQUITY AND LIABILITIES Equity Restricted equity Share capital 336 312 312 Unrestricted equity Share premium reserve 3,388 3,060 3,060 Retained earnings or losses –439 –223 –223 Net loss for the period –48 –37 –132 Total equity 3,237 3,112 3,017 Non-current liabilities Bonds 796 792 793 Liabilities to credit institutions 2,726 1,042 1,849 Derivatives — — 11 Total non-current liabilities 3,522 1,834 2,653 Current liabilities Liabilities to credit institutions 53 1,110 300 Overdraft facility — 9 — Other liabilities 68 48 42 Accrued expenses and prepaid income 29 19 22 Total current liabilities 150 1,186 364 TOTAL EQUITY AND LIABILITIES 6,909 6,133 6,034 Emilshus Interim Report January–September 2026 – 23
Page 24
Key figures Jan–Sep Jan–Dec 2026 2025 2025 2024 2023 2022 2021 Property-related No. of properties 274 226 233 172 130 125 97 Lettable area, ksqm 1,321 1,155 1,188 926 805 786 581 Fair value of properties, MSEK 14,383 11,852 12,307 8,940 7,324 7,111 4,827 Fair value of properties, SEK/sqm 10,891 10,261 10,363 9,651 9,096 9,047 8,312 NAV, MSEK 4,891 4,405 4,569 3,493 2,740 2,447 1,560 Rental value, MSEK 1,224 1,036 1,081 790 636 581 361 Rental value, SEK/sqm 927 897 910 852 790 739 621 Remaining lease term, years 5.1 5.2 5.1 5.0 5.3 5.8 6.5 Net letting, MSEK –10 0 2 2 0 12 –3 Economic occupancy rate, % 95 95 95 95 95 96 97 Yield, % 6.5 6.7 6.6 6.7 6.6 6.1 6.1 Surplus ratio, % 79 80 80 80 79 80 81 Share-based, ordinary shares Number of ordinary shares at the end of the period 126,242,203 126,154,267 126,154,267 114,154,267 100,281,607 92,874,199 66,446,380 Average number of ordinary shares 126,199,538 119,887,600 121,454,267 108,290,971 93,779,549 80,559,130 64,936,235 Profit from property manage - ment per ordinary share, SEK 2.52 2.19 2.95 2.36 2.05 1.76 1.87 Growth in profit from property management per ordinary share, % 15 29 25 15 16 –6 –1 Net profit/loss for the period per ordinary share, SEK 3.03 2.82 3.86 2.28 –0.09 3.36 7.07 Equity per ordinary share, SEK 35.48 31.78 32.93 27.99 25.26 25.27 21.09 NAV per ordinary share, SEK 38.74 34.92 36.22 30.60 27.32 26.34 23.48 Growth in NAV per ordinary share, % 7 14 18 12 4 12 42 Return on equity per ordinary share, % 12 13 13 9 0 14 37 Jan–Sep Jan–Dec 2026 2025 2025 2024 2023 2022 2021 Share-related, preference shares Number of preference shares at the end of the period 42,000,000 30,000,000 30,000,000 20,628,625 20,628,625 20,628,625 13,951,313 Average number of preference shares 34,844,444 26,910,917 27,683,188 20,628,625 20,628,625 20,252,401 4,892,323 Equity per preference share, SEK 32.00 32.00 32.00 32.00 32.00 32.00 32.00 Dividend for the period per preference share, SEK 1.50 1.50 2.00 2.00 2.00 2.00 0.90 Financial Equity/assets ratio, % 39 41 40 42 42 40 37 Return on equity, % 11 11 12 8 1 13 34 Loan-to-value ratio, % 55 53 53 52 52 55 57 Loan-to-value ratio, proper - ties, % 49 46 47 47 44 45 46 Average lending rate at the end of the period, % 4.1 4.1 4.1 4.0 4.7 4.6 3.0 Average debt maturity at the end of the period, years 2.5 2.7 2.8 2.7 1.8 2.9 2.6 Interest-coverage ratio, multiple 2.5 2.6 2.6 2.4 2.1 2.3 2.8 Interest-bearing net debt, MSEK 7,888 6,241 6,553 4,617 3,772 3,879 2,747 Debt ratio, multiple 9.1 8.5 8.6 8.2 8.2 9.2 10.6 Operating cash flow, MSEK 345 278 379 270 196 151 110 Emilshus Interim Report January–September 2026 – 24
Page 25
Other information Personnel At the end of the period, the number of employees was 34 (31). Risks and uncertainties The Board of Directors and company management work contin - uously to achieve the desired risk profile on the basis of poli - cies established by the Board. Emilshus’s risk management is described in more detail on page 39 in the 2025 Annual Report. Emilshus is exposed to various risks that could be significant to the company’s future operations, earnings and financial posi - tion. Risk pertains to an uncertainty that could impact the com - pany’s ability to achieve the targets it has set. Risk management pertains to creating a balance between the intent to limit risk and achieving targets at the same time. Emilshus’s property portfolio comprises high-yield commercial properties, with Småland as its core market. Risk management activities pertain to systematic application of policies, procedures and practices regarding identification, assessment, control and monitoring of risks in Emilshus’s oper - ations. The best available information must be used in risk man - agement, and it must be supplemented as needed with additional investigations. Emilshus’s activities regarding risk management follow a defined procedure that includes the following five areas: risk identification, risk assessment, risk measures, self-assessment and reporting. These activities must be conducted at least once yearly. Monitoring and separate evaluations are continuously carried out at various levels within the Group. Emilshus’s risks are identified and evaluated in five categories. • Strategic risks • Operational risks • Financial risks • Sustainability risks • Business environment risks Risk measures are routinely taken in line with Emilshus’s guide - lines. Estimates and assessments, and rounding In order to prepare the reports in accordance with generally accepted accounting principles, company management must make assessments and assumptions that impact the asset and liability items and income and costs reported in the annual accounts, as well as other information submitted. Actual out - comes may differ from these assessments. Accounting is particu - larly sensitive to the assessments and assumptions that form the basis of the evaluation of the investment properties. As a result of rounding, figures presented in this interim report may in some cases not add up exactly to the total, and percent - age figures may differ from the exact percentages. Related-party transactions Chairman of the Board Johan Ericsson invoiced Emilshus for con - sulting fees of MSEK 0.6 (0.5) during the period, through a wholly owned company. Share information At September 30, 2026 there were 168,242,203 shares and 264,603,133 votes in Emilshus, distributed as follows: • Series A ordinary shares: 10,706,770 shares and 107,067,700 votes. • Series B ordinary shares: 115,535,433 shares and 115,535,433 votes. • Preference shares: 42,000,000 shares and 42,000,000 votes. The quotient value per share is SEK 2. The Annual General Meeting on April 21, 2026 resolved on a dividend on the preference shares, up until the next Annual Gen - eral Meeting, totaling SEK 2.00 per preference share, to be paid on four occasions, each at SEK 0.50 per preference share, with record dates in accordance with the stipulations in the company’s Articles of Association. The Annual General Meeting resolved that no dividend would be paid for Series A and Series B ordinary shares. Accounting policies This interim report was prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. For the Group and the Parent Company, the same accounting policies and bases for calculation as in the latest consolidated financial statements and annual report have been applied. The interim report for the Parent Company was prepared in accordance with Chapter 9 Interim Reports of the Annual Accounts Act. Other disclosures under IAS 34.16A are submitted elsewhere than notes in the interim report. Comparative figures presented in parentheses refer to amounts for the corresponding period of the preceding year. Investment properties are measured at fair value in accor - dance with Level 3 of the fair value hierarchy. Derivatives are measured at fair value in the balance sheet in accordance with Level 2 in the fair value hierarchy, and other financial instruments are recognized at amortized cost. Differences between cost and fair value for other financial instruments have been deemed immaterial. Emilshus’s operations consist of one operating seg - ment, for which reporting takes place. The introduction of IFRS 18, which replaces IAS 1 on January 1, 2027, will entail changes to the presentation of and disclo - sures in the financial statements. The company is monitoring developments regarding IFRS 18 and evaluating its impact on the company’s financial statements. IFRS 18 is not expected to have any effect on estimates and assessments in the Group’s financial statements. The company’s analysis and evaluation have not yet been completed. Business environment factors Trends concerning market interest rates have an impact on Emilshus’s operations. Emilshus has not noted any material impact on the company’s operations from the consequences of geopolit - ical unrest. However, there is a risk that any price increases, deliv - ery problems and a weaker economic climate could adversely impact the company or the company’s tenants. Annual General Meeting Emilshus’s 2026 Annual General Meeting (AGM) will be held in Stockholm on April 21, 2027. Emilshus Interim Report January–September 2026 – 25
Page 26
Signing of the interim report The Board of Directors and the CEO give their assurance that this interim report provides a fair review of the company’s and the Group’s operations, financial position and earnings, and describes the material risks and uncertainties facing the company and the companies included in the Group. Växjö, October 15, 2026 Johan Ericsson Jakob Fyrberg Björn Garat Chairman of the Board Board member and CEO Board member Rutger Källén Elisabeth Thureson Ulrika Valassi Board member Board member Board member This interim report has been reviewed by the company’s auditor. Review report To the Board of Directors of Fastighetsbolaget Emilshus AB (publ.) Corp. id. 559164-8752 Introduction We have reviewed the condensed interim financial information (interim report) of Fastighetsbo - laget Emilshus AB (publ.) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presenta - tion of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsi - bility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review proce - dures. A review is substantially less in scope than an audit conducted in accordance with Interna - tional Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, October 15, 2026 KPMG AB Mattias Johansson Authorized Public Accountant Emilshus Interim Report January–September 2026 – 26
Page 27
Property portfolio at October 1, 2026 No. of prop- erties Lettable area, ksqm Market value Rental value Economic occupancy rate, % Contractual annual rent, MSEKMSEK Share SEK/ sqm MSEK SEK/ sqm Halmstad Light industry 24 104 1,221 91 11,723 112 1,078 96 108 Big-box/grocery retail 2 4 76 6 17,117 6 1,340 83 5 Other 2 3 38 3 10,945 4 1,205 85 4 Total Halmstad 28 112 1,335 100 11,913 122 1,092 95 117 Helsingborg Light industry 21 87 878 79 10,078 73 842 98 72 Big-box/grocery retail 2 2 81 7 49,938 6 3,484 100 6 Other 2 5 157 14 31,281 12 2,461 90 11 Total Helsingborg 25 94 1,115 100 11,896 91 974 97 88 Jönköping Light industry 29 151 1,688 83 11,185 130 862 96 125 Big-box/grocery retail 3 9 120 6 13,971 10 1,112 82 8 Other 2 11 217 11 18,965 22 1,915 89 20 Total Jönköping 34 171 2,026 100 11,847 162 945 94 153 Kalmar Light industry 9 37 300 44 8,028 26 691 96 25 Big-box/grocery retail 11 27 383 56 14,312 29 1,095 98 29 Other — — — — — — — — — Total Kalmar 20 64 682 100 10,653 55 860 97 53 Linköping Light industry 38 156 1,973 85 12,655 167 1,071 94 157 Big-box/grocery retail 4 20 356 15 17,526 30 1,479 100 30 Other — — — — — — — — — Total Linköping 42 176 2,329 100 13,216 197 1,118 95 187 No. of prop- erties Lettable area, ksqm Market value Rental value Economic occupancy rate, % Contractual annual rent, MSEKMSEK Share SEK/ sqm MSEK SEK/ sqm Malmö Light industry 38 103 1,239 92 12,015 112 1,083 99 110 Big-box/grocery retail — — — — — — — — — Other 3 7 110 8 16,786 10 1,536 100 10 Total Malmö 41 110 1,349 100 12,300 122 1,110 99 120 Vetlanda Light industry 9 104 534 50 5,151 56 536 92 51 Big-box/grocery retail 7 27 339 32 12,744 27 1,007 90 24 Other 5 17 185 17 10,807 23 1,335 82 19 Total Vetlanda 21 147 1,058 100 7,177 105 714 90 94 Värnamo Light industry 21 204 1,428 89 6,999 117 576 93 109 Big-box/grocery retail 3 20 179 11 8,876 22 1,101 83 18 Other — — — — — — — — — Total Värnamo 24 224 1,606 100 7,167 140 623 91 127 Växjö Light industry 21 137 1,529 53 11,146 123 900 97 119 Big-box/grocery retail 9 54 875 30 16,292 63 1,167 99 62 Other 9 32 479 17 15,155 44 1,403 80 36 Total Växjö 39 222 2,883 100 12,957 230 1,036 94 217 Total Emilshus Light industry 210 1,083 10,789 75 9,959 916 846 96 876 Big-box/grocery retail 41 162 2,408 17 14,852 192 1,185 95 182 Other 23 75 1,186 8 15,767 116 1,539 85 99 Total 274 1,321 14,383 100 10,891 1,224 927 95 1,157 Emilshus Interim Report January–September 2026 – 27
Page 28
Definitions Return on equity Net profit for the period, restated to 12 months, in relation to aver - age equity (OB+CB)/2 for the period. Return on equity per ordinary share Profit for the period, MSEK restated to 12 months, reduced by the preferential rights of the preference shares to a dividend for the period and the share in profit for non-controlling interests, as a percentage of average equity after deduction of preference share capital and non-controlling interests. Loan-to-value ratio Interest-bearing liabilities less cash and cash equivalents, in relation to the fair value of the properties. Loan-to-value ratio, properties Interest-bearing net debt with collateral in properties as a percent - age of the fair value of investment properties. Yield Net operating income in relation to the fair value of the properties at the end of the period, adjusted for the holding period. Available liquidity Cash and cash equivalents, unutilized overdraft facilities and unuti - lized revolving credit facilities. Net operating income Rental income for the period minus property costs. Equity per preference share Equity per preference share corresponds to the strike price of the share at liquidation (SEK 32 per preference share) in addition to accrued dividend. Equity per ordinary share Equity, attributable to the Parent Company shareholders after deduction of preference share capital in relation to the number of ordinary shares outstanding at the end of the period. Economic occupancy rate Contractual annual rent as a percentage of the rental value. Profit from property management Calculated as the sum of net operating income, selling and adminis - tration costs and net financial items. Profit from property management per ordinary share Profit before tax for the period and changes in value less the prefer - ential rights of the preference shares to a dividend in relation to the weighted average number of ordinary shares. Average lending rate Weighted lending rate on interest-bearing liabilities at the end of the period, taking into account fixed-income derivatives, excluding allocated opening charges and credit fees. Rental income Rent charged, plus supplements charged such as heating, electric - ity, property tax and so on. Lease term The weighted average remaining term of the leases. Rental value Contractual annual rent that runs immediately after the end of the period, with the addition of assessed market rent for vacant premises. NAV Recognized equity after taking into account preference share cap - ital and non-controlling interests, with reversal of derivatives and deferred tax. NAV per ordinary share Recognized equity after taking into account preference share cap - ital and non-controlling interests, with reversal of derivatives and deferred tax, in relation to the number of ordinary shares at the end of the period. Net letting New leases signed during the period, plus or minus effects of rene - gotiated leases less terminations for vacating premises (including bankruptcies) within 24 months. Operating cash flow Cash flow from operating activities before changes in working capital. Preference share capital Number of preference shares multiplied by equity per preference share. Earnings per preference share Preference shareholders’ proportion of earnings, which corresponds to the annual dividend per preference share. Earnings per ordinary share Net profit for the period attributable to Parent Company share - holders, less the preferential rights of the preference shares to a dividend for the period in relation to the average number of ordinary shares. Revolving credit facility Revolving credit facilities can be utilized after pledging properties against security in existing properties. Interest-bearing net debt Interest-bearing liabilities less cash and cash equivalents. Interest-coverage ratio Profit from property management plus net financial items as a per - centage of net financial items. Debt ratio Interest-bearing net debt as a percentage of net operating income less costs for central administration according to earnings capacity. Equity/assets ratio Equity as a percentage of the balance sheet total. Lettable area The floor area of the properties that, as of the first day of the follow - ing reporting period, is lettable. Surplus ratio Net operating income as a percentage of rental income. For justification of the use of each performance measure, refer to Emilshus’s 2025 Annual Report. Emilshus Interim Report January–September 2026 – 28
Page 29
Reconciliation of key figures Jan–Sep Jan–Dec MSEK 2026 2025 2025 2024 2023 2022 2021 Return on equity Net loss for the period 439 379 524 288 33 311 469 Addition for remeasurement to annual value 146 126 — — — — — Average equity 5,469 4,412 4,485 3,525 3,100 2,427 1,395 Return on equity, % 11 11 12 8 1 13 34 Return on equity per ordinary share Net loss for the period 439 379 524 288 33 311 469 Addition for remeasurement to annual value 146 126 — — — — — Profit attributable to prefer - ence shares 76 54 55 41 41 41 10 Average equity 5,469 4,412 4,485 3,525 3,100 2,427 1,395 Average preference share capital 1,115 861 886 660 660 553 157 Return on equity per ordinary share, % 12 13 13 9 0 14 37 Loan-to-value ratio Interest-bearing liabilities 8,151 6,364 6,813 4,717 3,984 4,103 2,839 Cash and cash equivalents –263 –123 –260 –100 –212 –224 –93 Interest-bearing net debt 7,888 6,241 6,553 4,617 3,772 3,879 2,747 Fair value of investment properties 14,383 11,852 12,307 8,940 7,324 7,111 4,827 Loan-to-value ratio, % 55 53 53 52 52 55 57 Loan-to-value ratio, properties Interest-bearing liabilities 8,151 6,364 6,813 4,717 3,984 4,103 2,839 Interest-bearing liabilities with - out collateral in properties –796 –792 –793 –396 –576 –707 –541 Cash and cash equivalents –263 –123 –260 –100 –212 –224 –93 Interest-bearing net debt with collateral in properties 7,092 5,449 5,760 4,221 3,196 3,173 2,206 Fair value of investment properties 14,383 11,852 12,307 8,940 7,324 7,111 4,827 Loan-to-value ratio, proper - ties, % 49 46 47 47 44 45 46 Jan–Sep Jan–Dec MSEK 2026 2025 2025 2024 2023 2022 2021 Yield Net operating income 657 517 713 542 471 363 228 Addition for remeasurement to annual value 219 172 — — — — — Adjusted net operating income 876 689 713 542 471 363 228 Average property value adjusted for holding period 13,519 10,352 10,881 8,135 7,177 5,991 3,761 Yield, % 6.5 6.7 6.6 6.7 6.6 6.1 6.1 Equity per preference share Preference shareholders’ pref - erential rights upon liquidation 1,344 960 960 660 660 660 446 Number of preference shares outstanding 42,000,000 30,000,000 30,000,000 20,628,625 20,628,625 20,628,625 13,951,313 Equity per preference share, SEK 32.00 32.00 32.00 32.00 32.00 32.00 32.00 Equity per ordinary share Equity 5,824 4,969 5,114 3,856 3,194 3,007 1,848 Equity attributable to preference shares –1,344 –960 –960 –660 –660 –660 –446 Number of ordinary shares at the end of the period 126,242,203 126,154,267 126,154,267 114,154,267 100,281,607 92,874,199 66,446,380 Equity per ordinary share, SEK 35.48 31.78 32.93 27.99 25.26 25.27 21.09 Economic occupancy rate Contractual annual rent 1,157 979 1,022 747 606 557 350 Rental value 1,224 1,036 1,081 790 636 581 361 Economic occupancy rate, % 95 95 95 95 95 96 97 Profit from property manage - ment per ordinary share Profit from property manage - ment 374 303 414 297 233 182 131 Dividends for preference shares 57 40 55 41 41 41 10 Average number of ordinary shares 126,199,538 119,887,600 121,454,267 108,290,971 93,779,549 80,559,130 64,936,235 Profit from property manage - ment per ordinary share, SEK 2.52 2.19 2.95 2.36 2.05 1.76 1.87 Emilshus Interim Report January–September 2026 – 29
Page 30
Jan–Sep Jan–Dec MSEK 2026 2025 2025 2024 2023 2022 2021 NAV Equity 5,824 4,969 5,114 3,856 3,194 3,007 1,848 Equity pertaining to preference shares –1,344 –960 –960 –660 –660 –660 –446 Reversal of derivatives –69 32 19 –10 –35 –137 –12 Reversal of deferred tax 480 364 396 307 241 237 171 NAV 4,891 4,405 4,569 3,493 2,740 2,447 1,560 NAV per ordinary share Equity 5,824 4,969 5,114 3,856 3,194 3,007 1,848 Equity pertaining to preference shares –1,344 –960 –960 –660 –660 –660 –446 Reversal of derivatives –69 32 19 –10 –35 –137 –12 Reversal of deferred tax on temporary differences 480 364 396 307 241 237 171 NAV 4,891 4,405 4,569 3,493 2,740 2,447 1,560 Number of ordinary shares at the end of the period 126,242,203 126,154,267 126,154,267 114,154,267 100,281,607 92,874,199 66,446,380 NAV per ordinary share, SEK 38.74 34.92 36.22 30.60 27.32 26.34 23.48 Net profit/loss for the period per ordinary share Net profit for the period 439 379 524 288 33 311 469 Preference shares’ proportion of earnings 57 40 55 41 41 41 10 Average number of ordinary shares 126,199,538 119,887,600 121,454,267 108,290,971 93,779,549 80,559,130 64,936,235 Net profit/loss for the period per ordinary share, SEK 3.03 2.82 3.86 2.28 –0.09 3.36 7.07 Interest-bearing net debt Interest-bearing liabilities 8,151 6,364 6,813 4,717 3,984 4,103 2,839 Cash and cash equivalents –263 –123 –260 –100 –212 –224 –93 Interest-bearing net debt 7,888 6,241 6,553 4,617 3,772 3,879 2,747 Jan–Sep Jan–Dec MSEK 2026 2025 2025 2024 2023 2022 2021 Interest-coverage ratio Profit from property manage - ment 374 303 414 297 233 182 131 Net financial items –244 –184 –256 –211 –205 –143 –74 Profit from property manage - ment before net financial items 618 488 669 508 439 325 205 Interest-coverage ratio, multiple 2.5 2.6 2.6 2.4 2.1 2.3 2.8 Debt ratio Interest-bearing net debt 7,888 6,241 6,553 4,617 3,772 3,879 2,747 Net operating income accord - ing to earnings capacity 913 777 806 595 491 454 287 Central administration accord - ing to earnings capacity –50 –42 –45 –35 –31 –33 –29 Adjusted net operating income 863 735 761 560 460 421 259 Debt ratio, multiple 9.1 8.5 8.6 8.2 8.2 9.2 10.6 Equity/assets ratio Equity 5,824 4,969 5,114 3,856 3,194 3,007 1,848 Total assets 14,880 12,096 12,663 9,094 7,621 7,525 4,987 Equity/assets ratio, % 39 41 40 42 42 40 37 Surplus ratio Net operating income 657 517 713 542 471 363 228 Rental income 831 643 896 674 593 454 280 Surplus ratio, % 79 80 80 80 79 80 81 Emilshus Interim Report January–September 2026 – 30
Page 31
About Emilshus Emilshus is a property company rooted in the business culture of Småland that acquires, develops and manages high-yield commercial properties, with southern Sweden as its core market. The company’s property portfolio at September 30, 2026 totaled 1,321 ksqm of lettable area distributed among 274 properties with an emphasis on light industry and big-box and grocery retail. Emilshus’s ordinary share and preference share are listed on Nasdaq Stockholm. Fastighetsbolaget Emilshus AB (publ) Corporate identity number: 559164-8752 www.emilshus.com Calendar Year-end report January–December 2026 February 5, 2027 2026 Annual Report March 31, 2027 Annual General Meeting 2027 April 21, 2027 Interim Report January–March 2027 April 21, 2027 Interim Report January–June 2027 July 13, 2027 Interim report January–September 2027 October 19, 2027 This information is information that Emilshus is obligated to disclose in accordance with the EU Market Abuse Regulation. This information was submitted for publica - tion through the agency of the contact persons below on October 15, 2026 at 7:30 a.m. CEST. This document is a translation of the Swedish original report. In the event of discrepancies, the Swedish original will supersede the translation. Contact information Jakob Fyrberg, CEO +46 (0)70-593 95 96 jakob.fyrberg@emilshus.com Emil Jansbo, CFO +46 (0)72-243 30 88 emil.jansbo@emilshus.com