Slides
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Interim report Q2 2025 11 July 2025 External
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56% 25% 7% 4% 3% 2% 2% 1% A leading Nordic light industrial and logistics company 2 ~15.2 BSEK Property value 9.6 years Lease duration 6.8% Net initial yield 329 Tsqm Building rights portfolio 48.4% Net LTV Nasdaq Mid Cap A and B share 1,558 Tsqm Lettable area 1,087 MSEK Rental value 16.0 SEK NRV per share 96.9% Economic occupancy rate 689 SEK SEK/sqm rental value(a) 151 No. of properties Logistea in numbers Q2 2025 (a) Excluding projects Lettable area per country Value per country Sweden Norway Denmark Netherlands Germany Finland Belgium Poland 59% 15% 11% 3%5% 4% 3% 1%
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Highlights HY1 2025 6.8% Net initial yield 456 MSEK +175% NOI 9.6 years WAULT 511 MSEK +131% Income 246 MSEK +267% PFPM 48.4% Net LTV 3 0.51 SEK +74% PFPM per share 7.8x Net debt to EBITDA ratio
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4 Vansbro Purchase price: SEK 433m Rental value: SEK 34.1m Lettable area: 36,652 sq.m. Tenant: Fully leased to Lyko Hämeenlinna1 Purchase price: SEK 273m Rental value: SEK 22.4m Lettable area: 21,726 sq.m. Tenant: Fully leased to a strong tenant Accretive growth through acquisitions across the Nordics Q1 acquisitionsQ1 acquisitions EUR/SEK as of the closing dates Q2 acquisitionsQ2 acquisitions AP&T, Ulricehamn & Tranemo Purchase price: SEK 226m Rental value: SEK 18.6m Lettable area: 19,080 sq.m. Tenant: Fully leased to AP&T Q3 acquisitionsQ3 acquisitions
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5 Acquisition highlights YTD • Large investable universe – reviewed some 100 deals with 60 SEKbn in underlying value YTD • Five individual asset acquisitions across Sweden, Norway and Finland with a total acquisition value of 2.0 SEKbn and an average yield of 8.2% • Fully leased and 12-year average WAULT – accretive to overall portfolio metrics • Incremental improvement of PFPM by 0.22 SEK/share • Continue to see attractive acquisition opportunities across the Nordics EUR/SEK and SEK/NOK as of the respective closing dates Signed Q1 Q1 Q1 Q2 Q2 Q1-Q2 Q3 YTD Closed Q1 Q2 Q2 Q2 Q2 Q1-Q2 Q3 YTD SEKm Nyköping Stavanger Malmö Vansbro Hämeen- linna Total AP&T Total Sqm 44,867 31,110 12,266 36,652 21,726 146,621 19,080 165,701 Purchase price 450.0 441.1 150.0 433 273 1,748 226 1,974 Rental value 43.9 33.6 14.3 34.1 22.4 148 18.6 167 WAULT 6 15 5 19 10 12 15 12 Acquisition yield 8.3% PFPM/share 0.19 0.02 0.22 Accretive growth through acquisitions across the Nordics
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Expansion timeline 6 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 0.0 2000.0 4000.0 6000.0 8000.0 10000.0 12000.0 14000.0 16000.0 Q4 2021 3.1 BSEK Q2 2025 15.2 BSEK Oct 2021 New Logistea founded July 2024 Merge with KMCP 2023 2024 20252022 Property value development and net initial yield Future growth through: • Single asset acquisitions • Portfolio acquisitions • Capex investments in existing portfolio • Greenfield development of existing land bank • Mergers and acquisitions Avg. Interest Net initial yield Property value 2.2% Yield gap 6.8% 4.6%
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Run rate earnings capacity SEKm 7 Amounts in MSEK 1 Jul 2024 1 Oct 2024 1 Jan 2025 1 AprQ 2025Q 1 JulQ 2025Q Change (1 Jul 2025 – 1 Jul 2024) Investment properties Rental value 421 934 953 981Q 1,087Q Vacancy -16 -25 -29 -29Q -34Q Pass-through expenses 68 68 62 63Q 66Q Property expenses -105 -110 -109 -114Q -119Q Project properties Rental value 17 17 15 15Q 15Q Property expenses 0 0 -1 -1Q -1Q Net operating income 385 884 890 915Q 1,014Q 163% Central administration -38 -71 -73 -74Q -76Q Net financial income* -146 -370 -341 -345Q -368Q Profit from property management 201 443 476 497Q 571Q 184% Profit from property management per share 0.83 0.94 1.00 1.05Q 1.12Q 35% Comments • Profit from property management per share has increased by 0.12 SEK YTD, affected by: • Acquired properties: 0.19 SEK • Lower cost of capital: 0.05 SEK • Share issue: -0.08 SEK • FX: -0.02 SEK *Excludes financing costs for remaining and unutilised building credits for project properties
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Earnings capacity per share development 8 0.00 0.20 0.40 0.60 0.80 1.00 1.20 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Extensive growth in PFPM earnings per share • 1.12 SEK/share (1 Jul 2025) • +35% y-o-y • +12% YTD Main drivers for growth includes • Improved bank and bond margins • Finalised projects • Acquisitions funded by own funds Profit from property management per share
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Share issue to ensure growth capacity 9 Name LOGI A LOGI B Capital, % Votes, % 1 Rutger Arnhult 10,731,836 89,324,011 19.6% 26.3% 2 Nordika 2,017,232 68,611,138 14.4% 15.9% 3 Fourth Swedish National Pension Fund 39,499,678 7.7% 5.3% 4 Länsförsäkringar Fonder 39,447,260 7.7% 5.3% 5 BEWI Invest AS 5,894,037 29,925,011 7.0% 11.9% 6 Corvus Estate AS 117,206 14,834,103 2.9% 2.1% 7 Brummer UK 11,550,000 2.3% 1.5% 8 Clearance Capital 10,800,000 2.1% 1.4% 9 Carnegie Fonder 12,098 6,698,523 1.3% 0.9% 10 DNCA Finance S.A 6,700,000 1.3% 0.9% Total top 10 21,772,409 317,389,724 66.4% 71.7% Management 5,711 2,688,218 0.5% 0.4% Other 4,453,949 164,29,885 33.0% 28.0% Total number of owners 12,003 Total number of shares 510,559,896 Largest shareholders per 30 June 2025 Directed share issue completed on 3 June 2025 • 36,000,000 B-shares issued • 13.90 SEK/Share = 3.1% rebate on closing price • ~500 msek in total share capital pre issuance costs Main reasons for the issuance • Capacity to take advantage of current transaction market • Continue to do value-adding investments in the current property portfolio
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Strong tenants diversified across industries and regions 26% 6% 5% 4%3%3% 49% 3% Tenant Other Lyko Scana Grøntvedt NKT AS Insula AS BEWI ASA Nyköping Municipality 30% 20% 13% 11% 10% 7% 5% 4% 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 ~91% of exposure in the Nordics Sweden Norway Denmark Finland Netherlands Germany Belgium Poland 53% 26% 7% 5% 4% 2% 2% 1% 6.4% 7.1% 7.6% 7.2% 7.5% 7.5% 6.6% 10.0% 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 11 ~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 0.5% 4.1% 1.4% 3.8% 6.6% 83.6% 9.6 years wault Amounts in MSEK Jan-Jun Apr-Jun Jul-JunQ Jan-Dec 2025Q 2024 2025Q 2024 24/25Q 2024 New leases 3Q 7 0Q 4Q 28Q 31 Renegotiations -Q - -Q -Q -Q - Terminations -5Q -1 -4Q -1Q -10Q -5 Bankruptcies -3Q -6 -Q -Q -17Q -21 Net letting -5Q 0 -4Q 3Q 1Q 5
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Market update • The transaction market in the Nordic region started the year weak but is showing signs of stabilisation; e-commerce growth is driving long-term demand in the logistics market. • Investor interest is strong but more selective; Sweden and Norway may see yield compression in 2025 while Finland continues to have low activity. • Increased leasing activity is noticeable in the logistics segment with 50% more signed leases in Sweden compared to 2024 and reduced vacancies in several key areas. 12 Rent prime logistics (SEK/sqm) Logistics/industrial transaction volume (SEKbn) Vacancy (%) Source: Newsec July 2025 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 Q2-25 Stockholm Oslo Copenhagen Helsinki 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 Q2-25 Stockholm Oslo Copenhagen Helsinki 0 5 10 15 20 25 30 35 40 45 0 5 10 15 20 25 Sweden Norway Denmark Finland Total
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Financials
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Earnings and profit (SEKm) +131% for the period +0.5% in the like-for-like portfolio +139% for the quarter +174% for the period -0.9% in the like-for-like portfolio +174% for the quarter • Operating margin increased to 89.6% (76.2) and adjusted operating margin increased to 95.0% (89.7) on a 12-month basis. • PFPM per share increased 58% on LTM-basis excluding one- time items. Increase of 74% for the period compared to HY1 2024. Revenue Net operating income Profit from property management Estimates: 269 (-2.2%) • Lower rent supplements • -3 msek (1.2%) FX-effects Estimates: 241 (+0.4%) • -3 msek FX-effects Estimates: 131 (0.0%) 88 93 111 110 244 247 248 263307 335 371 403 559 713 849 1,002 0 200 400 600 800 1,000 Q3 '23 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Quarter Last 12 months 71 66 78 89 219 215 216 242270 276 288 304 451 600 738 892 0 100 200 300 400 500 600 700 800 900 1000 Q3 '23 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Quarter Last 12 months 30 25 35 32 89 54 115 13110 2 48 102 107 117 132 193 270 350 439 0 50 100 150 200 250 300 350 400 450 500 Q3 '23 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Quarter Transaction costs Last 12 months 30 25 35 42 91 102 115 131 +70% for the period +93% for the quarter
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177 2,091 2,542 1,934 286 850 187 2,091 3,392 1,934 305 0-1 yr 1-2 yr 2-3 yr 3-4 yr >4 yr 15 Access to a variety of funding sourcesKey metrics 48.4%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 42.9% 44.5% 2.9 y 2.9 y 7.8 x 2.3 x 16.0 SEK 4.6% 510.6m Debt composition Credit maturity profile (MSEK) 89% 11% 0% 1,258 19 Bank Bond Other Bank Bonds Other 73.0% 10
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16 Debt portfolio update • Refinanced bank loans of 595 msek at 85 bps lower margin. • Additional 1 294 msek of bank loans has been refinanced and re-negotiated at better terms such as lower margin and longer maturity (main part at four years). • Average interest rate has been lowered further during Q2. Down from 4.8% to 4.6%, and down from 5.0% per end of 2024. Mainly due to lower margins in refinanced and re- negotiated bank loans. • Unencumbered assets in Germany, Poland, and Netherlands of ~940 msek. 31.12.2024 30.06.2025 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 7,029 1.8 % 4.8 % 2.9 % 2.9 Bond loans 600 2.8 % 5.5 % 0.0 % 3.2 850 2.8 % 5.1 % 0.0 % 2.7 Other loans 37 0.2 % 3.7 % 0.0 % 2.9 29 0.2 % 3.5 % 0.0 % 4.8 Total 6,772 5.4 % 2.3 7,908 4.8 % 2.9 Swap agreements -0.4 % -0.2 % Total incl. swaps 5.0 % 4.6 % Fourth quarter vs. second quarter comparison
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Financial targets and policy 17 >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 *Adjusted for one-time effects
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Outlook
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19 We are well positioned 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 ✓ Dry powder following rights issue in June
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Q&A
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Appendix
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0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 10 11 12 13 14 15 16 17 18 19 Turnover (RHS) Carnegie Real Estate Index LOGI A LOGI B Ownership and share performance 22 • 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 since 2022 • Four employee option programs are active with subscription prices of SEK 26.1, 17.5, 16.4 and 14.0 per share, respectively Largest ownersShare price performance Source: Nasdaq, Euroclear and shareholders as of 30 June 2025 SEK 0 Turnover Name LOGI A LOGI B Capital, % Votes, % 1 Rutger Arnhult 10,731,836 89,324,011 19.6% 26.3% 2 Nordika 2,017,232 68,611,138 14.4% 15.9% 3 Fourth Swedish National Pension Fund 39,499,678 7.7% 5.3% 4 Länsförsäkringar Fonder 39,447,260 7.7% 5.3% 5 BEWI Invest AS 5,894,037 29,925,011 7.0% 11.9% 6 Corvus Estate AS 117,206 14,834,103 2.9% 2.1% 7 Brummer UK 11,550,000 2.3% 1.5% 8 Clearance Capital 10,800,000 2.1% 1.4% 9 Carnegie Fonder 12,098 6,698,523 1.3% 0.9% 10 DNCA Finance S.A 6,700,000 1.3% 0.9% Total top 10 21,772,409 317,389,724 66.4% 71.7% Management 5,711 2,688,218 0.5% 0.4% Other 4,453,949 164,29,885 33.0% 28.0% Total number of owners 12,003 Total number of shares 510,559,896
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Consolidated income statement MSEK Jan-Jun 2025 Jan-Jun 2024 Comment Apr-Jun 2025 Apr-Jun 2024 Rental income 511 221 0.5% Like-for-like excl. rent supplements 263 110 Property costs -55 -55 -5.5% Like-for-like -23 -22 Net operating income 456 166 -0,9% Like-for-like 240 88 Central administration -40 -30 -21 -20 Net financial income -170 -69 4.6% interest (4,9) -88 -36 Profit from property mgmt 246 67 0.51 SEK/share (0.27) 131 32 Changes in value Unrealised property value 312 121 7.1% valuation yield (6.6) 265 - Realised property value - - - - Derivatives -53 14 -80 -10 Deferred tax -88 -36 -61 -2 Actual tax -17 -5 -9 -2 Profit after tax 400 161 0.83 SEK/share (0.7) 246 18 23
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Consolidated balance statement MSEK Jun 2025 Jun 2024 Comment Goodwill 1,056 - Property value 15,203 9,677 sek/sqm 6,259 8,543 sek/sqm Derivatives 17 12 Other assets and receivables 242 112 Cash and bank balances 505 219 Total assets 17,023 6,602 Equity 7,570 3,168 EPRA NRV 16.0 SEK/share (14.0) Deferred tax 1,131 228 Interest-bearing debt 7,866 48.4% LTV 2,976 44.1% LTV Derivatives 50 10 Other liabilities 406 220 Equity and liabilities 17,023 6,602 24
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End