Slides
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Interim report Q1 2025 7 May 2025 External
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A leading Nordic light industrial and logistics company 2 ~13.5 BSEK Property value(a) 9.3 years Lease duration 6.8% Net initial yield 329,000 sqm Building rights portfolio(a) 48.3% Net LTV Nasdaq Mid Cap A and B share 1,455 Tsqm Lettable area(a) 996 MSEK Rental value(a) 15.4 SEK NRV per share 97.1% Economic occupancy rate 669 SEK SEK/sqm rental value(b) 146 No. of properties Logistea in numbers Q1 2025 (a) Including projects, excluding Svenljunga Lockryd (b) Excluding projects Lettable area per country Value per country 59% 14% 11% 5% 4% 2% 3% 1% Sweden Norway Denmark Netherlands Germany Finland Belgium Poland 57%24% 7% 4% 2% 2% 2% 1%
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Highlights Q1 2025 6.8% Net initial yield 216 MSEK +177% NOI 9.3 years WAULT 248 MSEK +123% Income 115 MSEK +229% PFPM 48.3% Net LTV 3 0.24 SEK +54% PFPM per share 7.8x Net debt to EBITDA ratio
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Accretive growth through acquisitions 4 Nyköping Purchase price: SEK 450m Rental value: SEK 43,9m Lettable area: 44,867 sq.m. Tenant: Fully leased to Nyköping municipality Stavanger Purchase price: NOK 480m Rental value: NOK 36m Lettable area: 31,110 sq.m. Tenant: Fully leased to Home Brands Malmö Purchase price: SEK 150m Rental value: SEK 14,3m Lettable area: 12,266 sq.m. Tenant: Fully leased to Golvpoolen and Skåne Stadsmission Acquisition highlights YTD • Three acquisitions of which Nyköping closed in Q1 and the remaining in Q2 • Nyköping: 450 MSEK • Stavanger: 480 MNOK • Malmö: 150 MSEK • Fully leased assets with a combined WAULT of 9 years • Combined acquisition yield of 8.5% • Strong tenants in Nyköpings Municipality, Home Brands, Golvpoolen and Skåne Stadsmission • The acquisitions improve PFPM by 0.12 SEK/share corresponding to an incremental improvement of c. 12% • Continue to see attractive acquisition opportunities across the Nordics
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Run rate earnings capacity SEKm 5 SEK 1.00 Per share PFMP 1 Jan 2025 Transactions Q1 FX-effect and other PFMP 1 Apr 2025 476 29 -8 497 25 522 Transactions closed in April PFMP 7 May 2025 SEK 1.05 Per share SEK 1.10 Per shares 12% 10%
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Strong tenants diversified across industries and regions 29% 6% 6% 5% 4% 4% 44% 3% Tenant Other Nordic nest Scana Grøntvedt NKT AS Insula AS BEWI ASA Nyköping Municipality 33% 22% 15% 9% 8% 6% 5% 3% Industry Industrial & Production Insulation & Construction Fish industry E-commerce Logistics Food industry Packaging Other Tenant diversification Share of rental income Industry diversification Share of rental income ~80% of exposure in Norway and Sweden Sweden Norway Denmark Netherlands Germany Finland Belgium Poland 54% 25% 8% 4% 3% 3% 2% 1% 6.5% 7.1% 7.7% 7.5% 7.5% 7.9% 6.6% 9.9% 8.3 9.7 9.9 7.7 15.9 12.8 15.9 16.1 NOI NIY WAULT
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Key figures Long-term asset commitments reflected in contract structure 7 ~91% Triple net contracts1 1. Tenant responsible for majority of operating and maintenance costs 99% CPI-indexed contracts High visibility in future rental income Contractual rent maturity profile ~97% Occupancy rate Net letting 2025 2026 2027 2028 2029 +2030 1.0% 5.0% 1.0% 3.0% 7.0% 82.0% 9.3 years wault Jan-Mar Apr-Mar Jan-Dec MSEK 2025 2024 24/25 2024 New leases 3 3 31 31 Renegotiations 0 0 0 0 Terminations -1 0 -7 -5 Bankruptcies -3 -6 -17 -21 Net lease -1 -3 7 5
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0% 2% 4% 6% 8% 10% Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Stockholm Oslo Copenhagen Helsinki 600 800 1,000 1,200 1,400 1,600 1,800 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Stockholm Oslo Copenhagen Helsinki 0 10 20 30 40 50 60 0 5 10 15 20 25 30 35 Sweden Norway Denmark Finland Total Market update • Activity slightly down, except Finland; overall outlook improving • Slower supply, stronger demand for modern space driven by growth in e-commerce • Focus on sustainable, efficient, well-located sites • Prime rents climb; oversupply drives vacancies 8 Rent prime logistics (SEK/sqm) Logistics/industrial transaction volume (SEKbn) Vacancy (%) Source: Newsec April 2025
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Financials
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28 30 25 35 32 90 54 115 10 2 48 28 30 25 35 42 92 102 115 95 103 107 116 122 182 211 291 Q2 '23 Q3 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Quarter Transaction costs Total Last 12 months Earnings and profit (SEKm) +123% for the quarter -0.6% in the like-for-like portfolio +177% for the quarter -2.0% in the like-for-like portfolio +229% for the quarter • Operating margin increased to 87.7% (77.2) and adjusted operating margin increased to 94.2% (90.2) on a 12-month basis. • PFPM per share increased 32% on LTM-basis excluding one- time items. Increase of 54% for the quarter compared to Q1 2024. Revenue Net operating income Profit from property management 78 88 93 111 110 244 247 248209 256 301 371 403 559 713 849 Q2 '23 Q3 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Quarter Last 12 months 72 72 66 77 88 219 216 216 251 269 276 287 303 450 600 739 Q2 '23 Q3 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Quarter Last 12 months Estimates: 255 (-2.7%) • -4 msek (1,6%) lower rent supplements • -3 msek (1.2%) FX-effects Estimates: 216 (0.0%) • -3 msek FX-effects Estimates: 111 (3.6%)
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11 Access to a variety of funding sourcesKey metrics 48.3%Loan-to-value Secured loan-to-value Equity ratio Interest maturity Capital maturity Hedge ratio Net debt to EBITDA ratio Interest cover ratio LTM Average interest rate EPRA NRV per share Number of shares 42.0% 44.2% 3.1 y 2.5 y 7.8 x 2.2 x 15.4 SEK 4.8% 474.6m Debt composition Credit maturity profile (MSEK) 88% 12% 0% 850 605 358 1,258 0-1 yr 2,329 1-2 yr 1,732 2-3 yr 3-4 yr >4 yr 1,275 2,329 2,582 605 377 1817 Bank Bond Other Bank Bonds Other 73.9%
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12 Debt portfolio update • Tap issue on green bond loan of SEK 250m at 3mS + 275 bps • Newly raised bank financing of ~130 msek in Sweden for acquisitions made during Q1 • Refinanced bank loans of approx. 170 msek at +90 bp lower margin • Average interest rate has been lowered from 4,8% to 5,0% due to lower margins in existing debt portfolio, lower reference rates and new bank loans • Unencumbered assets in Germany, Poland, and Netherlands 31.12.2024 31.01.2025 Debt portfolio Loan amount (SEKm) Margin % All in % Amort % Avg. maturity yrs Loan amount (SEKm) Margin % All in % Amort % Avg. maturity yrs Bank loans 6 135 2,0 % 5,4 % 3,0 % 2,2 6 281 1,9 % 5,1 % 2,8 % 2,5 Bond loans 600 2,8 % 5,5 % 0,0 % 3,2 850 2,8 % 5,3 % 0,0 % 2,9 Other loans 37 0,2 % 3,7 % 0,0 % 2,9 36 0,2 % 3,7 % 0,0 % 4,1 Total 6 772 5,4 % 2,3 7 167 5,1 % 2,5 Swap agreements -0,4 % -0,3 % Total incl swaps 5,0 % 4,8 % Fourth quarter vs first quarter comparison
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Financial targets and policy 13 >15% avg. growth in PFPM/sh over five-year period LTV <60% >15% avg. growth in NRV/sh over five-year period ICR >1.8x
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Outlook
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4.6 4.9 4.9 5.0 5.4 6.0 6.3 13.1 13.2 13.5 14.2 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 0 2 4 6 8 10 12 14 6.2% Q4’22 6.0% Q1’ 23 6.0% Q2’23 6.0% Q3’23 6.3% Q4’23 6.2% Q1’24 6.3% Q2’24 5.6% 6.9% Q3’24 5.0% 6.8% Q4’24 4.8% 6.9% YTD 2025 Q1’25 6.8% 4.8% Continued growth through well known levers 15 Avg. Interest Net initial yield Property value (SEKbn) Property value development and net initial yield • Single asset acquisitions • Portfolio acquisitions • Capex investments in existing portfolio • Greenfield development of existing land bank • Mergers and acquisitions
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16 We are well position to continue executing on our strategy ✓ Diversified exposure by geography, tenants and industries ✓ Triple net lease contracts reflecting long-term commitment/wault ✓ Access to attractive funding sources supportive of growth strategy ✓ Long track record and proven accretive growth capabilities ✓ Continued full ESG commitment ✓ Continuous cost optimization of existing debt portfolio
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Q&A
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Appendix
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Ownership and share performance SEK • Logistea has a strong ownership base with extensive industry experience. • Logistea was listed on Nasdaq First North in 2007 and later on Nasdaq Stockholm in 2010. The company has been on Mid Cap from 2022. • Three employee option programs are active with subscription prices of SEK 26.1, 16.4 and SEK 14.0 per share, respectively. Share information from 31 March 2025 Source: Nasdaq, Euroclear and shareholders Largest owners as of 31 Mar, 2025Share price performance Owner LOGI A LOGI B Capital, % Votes, % Rutger Arnhult incl. related parties 10,663,261 86,423,196 20.5 27.2 BEWI Invest AS 5,894,037 68,402,758 15.7 17.9 Nordika 5,017,232 67,172,290 15.2 16.5 Länsförsäkringar Fonder 37,323,463 7.9 5.3 Fjärde AP-fonden 35,714,523 7.5 5.0 Stefan Hansson incl. related parties 13,081 9,839,893 2.1 1.4 Dragfast AB 7,075,000 1.5 1.0 Patrik Tillman incl. related parties 78,966 6,112,447 1.3 1.0 First Fondene 6,165,467 1.3 0.9 Alcur Fonder 135,357 5,921,739 1.3 1.0 Total 10 largest shareholders 21,801,934 330,150,776 74.2 77.1 Management 5,711 2,674,218 0.6 0.4 Other 4,424,424 115,502,833 25.3 22.5 Total 26,232,069 448,327,827 100.0 100.0 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 8 10 12 14 16 18 20 Turnover (RHS) Carnegie Real Estate Index LOGI A LOGI B 19 TSEK
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Consolidated income statement MSEK Jan-Mar 2025 Jan-Mar 2024 Rental income 248 111 -0.6% Like-for-like excl. rent supplements Property costs -32 -33 -6.6% Like-for-like Net operating income 216 78 -2.0% Like-for-like Central administration -19 -10 Net financial income -82 -33 4.8% interest Profit from property mgmt 115 35 0.25 SEK/share (0.16) Changes in value Unrealised property value 47 121 7.1% valuation yield Realised property value - - Derivatives 27 24 Deferred tax -27 -34 Actual tax -8 -3 Profit after tax 154 143 0.33 SEK/share (0.66) 20
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Consolidated balance statement MSEK Mar 2025 Mar 2024 Comment Goodwill 1,066 - Property value 13,545 9,273 sek/sqm 6,001 8,997 sek/sqm Derivatives 54 22 Other assets and receivables 244 106 Cash and bank balances 586 289 Total assets 15,495 6,418 Equity 6,854 3,071 EPRA NRV 15.40 SEK/share (13.9) Deferred tax 1,085 226 Interest-bearing debt 7,130 48.3% LTV 2,936 44.1% LTV Derivatives 11 10 Other liabilities 415 175 Equity and liabilities 15,495 6,418 21
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End