Slides
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Year-end report 2025 13 February 2026 External
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59%23% 6% 4% 3% 2% 2% 1% A leading Nordic light industrial and logistics company 2 ~15.7 BSEK Property value Nasdaq Mid Cap A and B share 1,582 Tsqm Lettable area 1,143 MSEK Rental value 722 SEK SEK/sqm rental value(a) 155 No. of properties (a) Excluding projects Lettable area per country Sweden Norway Denmark Netherlands Germany Finland Belgium Poland 60%14% 10% 3%5% 3% 3% 1% 6.8% Net initial yield 96.9% Economic occupancy rate 351 Tsqm Building rights portfolio 16.6 SEK NRV per share 48.4% Net LTV 9.4 years Lease duration Value per country Logistea in numbers Q4 2025
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Highlights 2025 3 1,083 MSEK +52% Income 976 MSEK +62% NOI 511 MSEK +142% PFPM 1.04 SEK +70% PFPM per share 2.2 BSEK Acq. properties in 2025 364 MSEK Completed projects +58 % Cash flow from operating activities 7.9 X Net debt to EBITDA ratio
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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 18000.0 Expansion timeline 4 Q4 2021 3.1 BSEK Q4 2025 15.7 BSEK Oct 2021 New Logistea founded July 2024 Merge with KMCP 2023 2024 20252022 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 2.36% Yield gap 6.79% 4.43% Property value development and net initial yield
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Transactions during the quarter Karlskrona Purchase price: SEK 113m Rental value: SEK 10.6m Lettable area: 3,489 sq.m. WAULT: 10 yrs Tenant: Fully leased to Connect Bus Uddevalla & Trollhättan Purchase price: SEK 84m Rental value: SEK 7.0m Lettable area: 6,899 sq.m. WAULT: 6 yrs Tenant: Fully leased to Svensk Cater & Argynnis Uddevalla 5 Trollhättan Multiple cities Purchase price: SEK 138m Rental value: SEK 10.9m Lettable area: 9,378 sq.m. WAULT: 6 yrs Tenant: Fully leased to Bama Foods, Arnessons and Maskin Väst Lindesberg Kumla Karlstad
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1. Nyköping – Q1 Ten acquisitions and two project completions across three countries 2 3 1 4 5 Projects Acquisitions 6 2. Rogaland – Q1 3. Malmö – Q1 7. Karlskrona – Q4 8. EHF – Q4 9. EIG – Q4 Projects 7 8 9 11 10 4. Vansbro – Q2 6. AP&T – Q35. Hämeenlinna – Q2 11. Intersport – Q410. NKT – Q1
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7 • Ten individual acquisitions and two development projects in Sweden, Norway and Finland totalling 2.3 BSEK • Reviewed 180 deals totalling 100 BSEK of which < 3% acquired – large investable universe • Average acquisition/development yield of 8.3% – very healthy yield spread • Fully leased and 12-year average WAULT – accretive to portfolio metrics • PFPM/share improvement by 0.30 SEK/share FX conversion as of time of signing. WAULT and rental value at acquisition/finalization date 2025 investments totalled 2.3 BSEK with an average yield of 8.2% Signed Q1 Q1 Q1 Q2 Q2 Q3 Q4 Q4 Q4 2025 Project Project 2025 Closed Q1 Q2 Q2 Q2 Q2 Q3 Q4 Q4 Q1 Q1 Q4 MSEK Nyköping Rogaland Malmö Vansbro Hämeenlinna AP&T Karlskrona EHF EIG Sub-total NKT Intersport Total Country Sweden Norway Sweden Sweden Finland Sweden Sweden Sweden Sweden Sweden Sweden Sqm 44,867 31,110 12,266 36,652 21,726 19,080 3,489 6,899 9,378 185,467 3,500 31,000 219,967 Purchase price 450 441 150 433 273 226 113 84 138 2,309 160 200 2,669 Rental value 43.9 33.6 14.3 34.1 22.4 18.6 10.6 7.0 10.9 195.3 15.8 14.7 225.7 WAULT 6 15 5 19 10 15 10 6 6 11 20 15 12 Acquisition yield 8.2% 8.3% PFPM/share 0.25 0.30 Acquisitions signed 2025 Finalized projects Total Investment highlights 2025
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8 Greenfield development in Nässjö for Intersport • New construction of approx. 31,000 sq.m. completed in Q4 2025 • Intersport has signed a 15-year triple-net lease agreement • Investment of ~204 MSEK • Annual rent of approx. 14.7 MSEK (~475 SEK/sq.m.), representing a yield on cost of 7.25%
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Strong start of year – Transactions in Q1 2026 9 Trollhättan & Växjö Purchase price: SEK 303m Rental value: SEK 21.7m Lettable area: 33,488 sq.m. WAULT: 11 yrs Tenant: Fully leased to GKN Aerospace & Gunnebo Industrier Karlskrona Purchase price: SEK 216m Rental value: SEK 16.9m Lettable area: 19,000 sq.m. WAULT: 5,5 yrs Tenant: Fully leased to multiple tenants including NKT
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Strong start of year – Lettings in Q1 2026 10 Karlskoga Lettable area: 16,408 sqm Rental value: SEK 13.3m WAULT: 10 years Net letting effect: + ~SEK 6.0m Tenant: Company with defence industry Borås - Viared Lettable area: 7,410 sqm Rental value: SEK 7.1m WAULT: 5,5 years Net letting effect: + ~SEK 1.6m Tenant: Londré Textiles & Oxeon Ljungby Lettable area: 3,500 sqm Rental value: SEK 2.3m WAULT: 4 years Net letting effect: + ~SEK 2.2m Tenant: Hårds Transport
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Run rate earnings capacity SEKm 11 Amounts in MSEK 1 Jan 2025 1 Apr 2025 1 Jul 2025 1 Oct 2025 1 Jan 2026 Change (1 Jan 2026 – 1 Jan 2025) 13 Feb 2026 Investment properties Rental value 953 981 1,087 1,107 1,143 1,192 Vacancy -29 -29 -34 -33 -36 -36 Pass-through expenses 62 63 66 67 60 65 Property expenses -109 -114 -119 -119 -120 -128 Project properties Rental value 15 15 15 15 - - Property expenses -1 -1 -1 -1 - - Net operating income 890 915 1,014 1,036 1,047 18% 1,093 Central administration -73 -74 -76 -79 -83 -85 Net financial income -341 -345 -368 -367 -361 -375 Profit from property management 476 497 571 590 603 27% 634 Profit from property management per share 1.00 1.05 1.12 1.16 1.18 18% 1.24 Comments: • Profit from property management per share has increased by 0.18 SEK YTD, affected by: • Acquired properties: 0.24 SEK • Lower cost of capital: 0.09 SEK • Share issue: -0.09 SEK • FX: -0.04 SEK
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0.79 0.91 0.90 0.90 0.73 0.73 0.59 0.82 0.76 0.83 0.94 1.00 1.05 1.12 1.16 1.18 1.24 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 13 FEB 2026 Profit from property management per share adjusted for items affecting comparability Earnings capacity per share development 12 Extensive growth in PFPM earnings per share • 1.18 SEK/share (1 Jan 2026) • +18% in FY 2025 Main drivers for growth includes • Value creative acquisitions funded by own funds • Improved bank and bond margins • Finalised projects Profit from property management per share
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~92% of exposure in the NordicsTenant diversification Share of rental income Strong tenants diversified across industries and regions 13 Sweden Norway Denmark Finland Netherlands Germany Belgium Poland 55% 25% 7% 5% 3% 2% 2% 1% 6.3% 7.3% 7.8% 7.2% 7.7% 7.5% 7.0% 10.1% 8.8 9.7 9.2 10.6 7.0 15.1 15.2 15.4 NOI NIY WAULT 25% 5% 5% 4% 3%3% 52% 3% Tenant Other Lyko Scana Grøntvedt NKT AS Insula AS BEWI ASA Nyköping Municipality Industry diversification Share of rental income Industry Industrial & Production Insulation & Construction Fish industry E-commerce Logistics Food industry Packaging Other 30% 19% 12% 12% 10% 5% 6% 5%
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High visibility in future rental income Key figures Long-term asset commitments reflected in contract structure 14 Net letting 2026 2027 2028 2029 2030 +2031 2.2% 1.4% 3.5% 7.7% 3.2% 82.0% Amounts in MSEK Jan-Dec Oct-Dec 2025 2024 2025 2024 New leases 11 31 5 17 Renegotiations 1 - 1 - Terminations -12 -5 -5 - Bankruptcies -3 -21 - -15 Net letting -3 5 1 2 ~99% CPI-indexed contracts ~97% Occupancy rate 9.4 Years wault Contractual rent maturity profile 7.1% Valuation yield
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Financials
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• Operating margin increased to 91.1% (85.1) and adjusted operating margin increased to 96.6% (93.2) on a 12-month basis. • PFPM per share increased 135% for the quarter on quarter. Increase on LTM- basis excluding one-time items amounted to 41%. Earnings and profit (SEKm) +52% for the year +0.2% in the like-for-like portfolio +15% for the quarter +62% for the year +3,3% in the like-for-like portfolio +16% for the quarter Revenue Estimates: 287 (-0.7%) -1 msek FX-effects on quarter -15 msek FX-effects on full year Estimates: 136 (-0.7%) -8 msek FX-effects on full year 111 110 244 247 248 263 288 285 371 403 559 713 849 1,002 1,046 1,084 0 200 400 600 800 1,000 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Q3 Q4 Quarter Last 12 months 78 89 219 215 216 241 269 251276 288 451 600 738 890 941 977 0 100 200 300 400 500 600 700 800 900 1000 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Q3 Q4 Quarter Last 12 months +142% for the period (+32% ex IAC) +150% for the quarter (+92% ex IAC) Net operating income Profit from property management 35 42 91 54 115 131 140 135 48 117 122 182 270 350 439 488 521 0 100 200 300 400 500 600 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Q3 Q4 Items affecting comparability Quarter Last 12 months 102 130 10 Estimates: 251 (0.0%) -1 msek FX-effects on quarter -14 msek FX-effects on full year
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Key metricsDebt composition Access to a variety of funding sources 17 Credit maturity profile (MSEK) Loan-to-value 48.4% Secured loan-to-value 43.1% Equity ratio 44.9% Interest maturity 2.3 y Capital maturity 2.8 y Hedge ratio 72.8% Net debt to EBITDA ratio 7.9 x Interest cover ratio LTM 2.6 x Average interest rate 4.4% EPRA NRV per share 16.6 SEK Number of shares 510.6m Bank Bond Other 89.3% 10.5% 0.3% 10.4% 89.3% 641 3,365 886 1,435 937 850 645 3,365 1,736 1,435 955 0-1 yr 1-2 yr 2-3 yr 3-4 yr >4 yr 18 4 Bank Bond Other
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Debt portfolio update • Witnessing a strong bond and banking market right now with tight spreads compared to in beginning of 2025. • Refinanced bank loans of 1,410 MSEK at 16 bps lower margin. • New long-term financing in the Netherlands in Q4 of 21.7 mEUR. Fourth quarter 2024 vs. forth quarter 2025 comparison 31.12.2024 31.12.2025 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 7,264 1.7 % 4.3 % 3.0 % 2.8 Bond loans 600 2.8 % 5.5 % 0.0 % 3.2 850 2.8 % 4.7 % 0.0 % 2.2 Other loans 37 0.2 % 3.7 % 0.0 % 2.9 22 0.1 % 3.3 % 0.0 % 5.4 Total 6,772 5.4 % 2.3 8,136 4.4 % 2.8 Swap agreements -0.4 % 0.0 % Total incl. swaps 5.0 % 4.4 %
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Financial targets and risk limitations >15% avg. growth in PFPM/sh over five-year period >15% avg. growth in NRV/sh over five-year period LTV <60% ICR >1.8x -20% 0% 20% 40% 60% 80% 100% 0.0 0.2 0.4 0.6 0.8 1.0 1.2 Q1 '23 Q2 Q3 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Q3 Q4 Last 12 months, SEK* Annual growth, % Financial target, % -30% -10% 10% 30% 50% 70% 5.0 7.0 9.0 11.0 13.0 15.0 17.0 19.0 Q1 '23 Q2 Q3 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Q3 Q4 NRV per share, SEK Annual growth, % Financial target, % 30 35 40 45 50 55 60 65 70 Q1 '23 Q2 Q3 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Q3 Q4 Loan-to-value, % Financial risk limitation, % 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q1 '23 Q2 Q3 Q4 Q1 '24 Q2 Q3 Q4 Q1 '25 Q2 Q3 Q4 Interest cover ratio, times Financial risk limitation, % *Adjusted for one-time effects BoD have proposed a dividend of 0.20 SEK per share (102 msek) for the financial year of 2025
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Outlook
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21 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 Dry powder for investments Long track record and proven accretive growth capabilities Continuous cost optimization of existing debt portfolio Continued full ESG commitment
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Q&A
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Appendix
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Consolidated income statement MSEK Jan-Dec 2025 Jan-Dec 2024 Comment Oct - Dec 2025 Oct - Dec 2024 Rental income 1,083 713 0.2% Like-for-like excl. rent supplements 285 248 Property costs -107 -112 -9.9% Like-for-like -34 -32 Net operating income 976 601 3,3% Like-for-like 251 216 Central administration -100 -81 -25 -25 Net financial income -365 -309 4.4% interest (5.0) -91 -137 Profit from property mgmt 511 211 1.04 SEK/share (0.61) 135 54 Changes in value Unrealised property value 522 259 7,1% valuation yield (7,0) 37 115 Realised property value -5 2 -5 2 Derivatives 1 -25 15 67 Dissolvement goodwill - -8 - -8 Deferred tax -193 -86 -44 -67 Actual tax -56 -22 -25 -10 Profit after tax 781 331 1.58 SEK/share (0.96) 114 153 24
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Consolidated balance statement MSEK Dec 2025 Dec 2024 Comment Goodwill 1,025 1,089 Property value 15,729 9,742 sek/sqm 13,221 9,346 sek/sqm Derivatives 35 40 Other assets and receivables 210 237 Cash and bank balances 485 376 Total assets 17,484 14,963 Equity 7,854 6,826 EPRA NRV 16.6 SEK/share (15.3) Deferred tax 1,204 1,079 Interest-bearing debt 8,102 48.4% LTV 6,733 48.1% LTV Derivatives 18 13 Other liabilities 306 312 Equity and liabilities 17,484 14,963 25
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Ownership and share performance • Logistea has a strong ownership base with extensive industry experience • Logistea was listed on Nasdaq First North in 2007 and later Nasdaq Stockholm in 2010. The company has been on Mid Cap since 2022 • Three employee option programs are active with subscription prices of SEK 17.5, 16.4 and 14.0 per share, respectively Share price performance Largest owners 0 10 20 30 40 50 60 70 9 10 11 12 13 14 15 16 17 18 19 Turnover (RHS) Carnegie Real Estate Index LOGI A LOGI B SEK Average daily turnover L30D, MSEK Source: Nasdaq, Modular Finance and shareholders as of 31 December 2025 Name LOGI A LOGI B Capital, % Votes, % 1 Rutger Arnhult 13,113,897 92,298,037 20.6% 30.0% 2 Nordika 5,017,232 68,611,138 14.4% 15.9% 3 Länsförsäkringar Fonder 44,302,684 8.7% 5.9% 4 Fourth Swedish National Pension Fund 41,736,008 8.2% 5.6% 5 Corvus Estate AS 1,867,206 17,343,122 3.8% 4.8% 6 Alcur Fonder 17,122,804 3.4% 2.3% 7 Handelsbanken Fonder 15,622,048 3.1% 2.1% 8 Clearance Capital 10,800,000 2.1% 1.4% 9 Carnegie Fonder 10,555,103 2.1% 1.4% 10 DNCA Finance S.A 7,432,022 1.5% 1.0% Total top 10 19,998,335 325,822,966 67.7% 70.6% Management 5,336 2,798,969 0.5% 0.4% Other 6,048,526 155,885,764 31.7% 29.0% Total number of owners 12,114 Total number of shares 510,559,896
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End