Slides
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2 Today’s presenters Fredrik Mässing CEO Martin Lindqvist CFO
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Stämpeln 1, Sollentuna 1 Business update Agenda 2 Financial update 3 Q&A
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4 Q3 2025 summary – from build-up to acceleration phase Rental income developmentHighlights Updated financial targets. Net LTV adjusted from 50% to 55% Earnings Capacity up 46% compared to last year Acquisitions of SEK 465 million in the quarter and divestment of one property in Randers, Denmark Further acquisitions communicated in Finland and Sweden Rental income SEK 123 (98) million, an increase of 25% Net operating income SEK 109 (88) million, an increase of 24% Profit from property management amounted to SEK 61 (46) million, up 32% The property valuation yield unchanged vs. Q2 Net letting SEK 19 million in the quarter, the highest figure so far and the 11th consecutive quarter with positive net letting WAULT slightly down from 8.3 years in Q2 to 7.8 years in Q3, mainly driven by dilution from acquisitions High occupancy rate of 98,3 percent, slightly down from Q2 due to acquisitions Cash position affected by depositions of SEK 241 million from Sep 30th to Oct. Cash including depositions amounted to SEK 530 million SEK 8.1bn Property market value 138 Number of properties 7.8 years WAULT 374 sqm Lettable area 98,3% Economic occupancy rate SEK 0.7bn Book value of projects 41k sqm Lettable area of ongoing projects 6.6% Valuation yield Key figures SEKm +16% +25% 345 393 457 98 123 2023FY 2024FY2025LTM Q3'24 Q3'25
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5 Tenants and lease maturity development– WAULT of 7.8 years Lease maturity structure – 83% of leases mature 2030 and beyond Notes: 1) Including EV charging stations and ongoing projects. GD = Groceries and Daily-goods Tenant base – including ongoing projects WAULT: 7.8 years Top 10 largest tenants1 Tenant Category Rental value SEKm % Tokmanni Group GD 110 19% Axfood GD 89 15% Jysk Discount 42 7% Rusta Discount 26 5% Rasta QSR 21 4% Ö&B Discount 14 2% Kesko GD 13 2% Jem & Fix Discount 12 2% Jula Discount 12 2% Pizza Hut QSR 11 2% Top 10 351 60% Other 233 40% Total 584 100% Rental income split 0% 2% 5% 5% 5% 14% 11% 18% 9% 32% 2025 2026 2027 2028 2029 2030 2031 2032 2033 >=2034 41% 25% 21% 13% Groceries and Daily-goods Discount QSR & Charging Other
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Property portfolio – yields stable 6 Property portfolio Changes in the property portfolio (Q4’24 vs. Q3’25) SEKm Property value per geography, SEKm Property value per type, SEKm Sweden 6 677 Denmark 1 312 Norway 50 Finland 27 Property 7 372 Project properties 694 7 273 8 066 +594 -184 +287 +146 -50 Fair value, opening balance Acquisitions Divestments Investments in held properties Unrealised changes in value Currency effect Fair value, closing balance Property portfolio Letting area, sqm Property value, SEKm Property value, SEK/sqm Rental value, SEKm Rental value, SEK/sqm Occupancy rate, economic, % Sweden 307 918 6 677 21 684 468 1 521 98% Denmark 52 988 1 312 24 758 94 1 776 100% Norway 3 077 50 16 394 4 1 299 100% Finland 10 135 27 2 646 17 1 718 100% Investment properties, total 374 118 8 066 584 98% Property 333 413 7 372 22 111 518 1 552 98% Project properties 40 705 694 17 052 66 1 629 100% Investment properties, total 374 118 8 066 584 98% Changes in the property portfolio Sep-25 Sep-24 Dec-24 Investment properties Fair value, opening balance 7 273 5 964 5 964 Acquisitions 594 327 852 Divestments -184 0 0 Investments in held properties 287 318 420 Unrealised changes in value 146 -32 1 Currency effect -50 16 36 Fair value, closing balance 8 066 6 594 7 273
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Rental value NOI Total investment Remaining investment WAULT, years Fröklängen 1 Sweden Lycksele GD 2026 2 850 3,8 3,6 57 25 12 Gamlestaden 61:13 Sweden Göteborg GD 2025 3 080 4,2 4,1 25 15 10 Noret 1:50 Sweden Mora GD / Discount 2026 5 016 7,4 7,1 90 26 10 Bykvarn 1:9 Sweden Eksjö QSR 2025 360 1,6 1,5 17 6 20 Handlaren 1 Sweden Kiruna GD/QSR 2026 6 730 10,0 9,5 136 115 13 Lånesta 4:27 Sweden Trosa Discount 2026 3 565 4,2 4,0 49 44 13 Hammelev Ejerlav Denmark Haderslev GD / QSR 2026 1 388 5,4 5,3 66 61 14 Nordhavnsvej Denmark Haderslev GD 2026 3 250 5,5 5,2 67 47 20 977-8-61-1-L1 Finland Ylvieska GD / Discount 2026 10 135 17,4 17,4 241 215 12 Total 36 374 59,6 57,7 749 554 13 Estimations, SEKm Property name / Location Country Municipality Category Estimated completion NLA, sqm 7 Current development portfolio – nine ongoing projects with 7,7% avg YoC Project portfolio overview Ongoing projects x2 Discount = Discount; GD = Groceries and Daily-goods; QSR = QSR & Charging
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8 Construction Starts – Q4 2025 to Q4 2026 Planned projects Tenant Municipality NLA sqm Investment (Msek) Q3 25 Q4 25 Q1 25 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Netto and QSR & Charging Hammelev, DK Started Q3 Rusta, Jysk Trosa, SE Started Q3 Big Dollar Haderslev, DK Started Q3 Kesko, Rusta Ylivieska, FI Started Q3 QSR & Charging Jönköping, SE 400 25 Battery storage Huddinge, SE N/A 63 Jysk, L157, Sport24, QSR Aarhus, DK 6 888 228 Big Dollar, Lager 157, Hi five Holstebro, DK 6 710 105 QSR & Charging Aalborg, DK 936 81 Lidl Uppsala, SE 2 200 81 QSR & Charging Karlskrona, SE 1 000 75 Grocery and daily goods Laholm, SE 3 270 57 Grocery and daily goods, Discount Tierp, SE 10 400 180 QSR & Charging Strängnäs, SE 385 21 QSR & Charging Umeå, SE 413 26 Grocery and daily goods Umeå, SE 3 190 84 KFC Värnamo, SE 345 29 1 055 = Construction Start = Store Opening
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Shareholders as of Sep 30th 9 Prisma Properties key employees holds 2,2% Shareholders # shares % Alma Property Partners II 57 711 693 35,1% Alma Property Partners I 33 369 325 20,3% Capital Group 9 781 818 6,0% Bonnier Fastigheter Invest 8 807 382 5,4% Länsförsäkringar Fonder 6 620 000 4,0% Swedbank Robur Fonder 6 433 165 3,9% Case Kapitalförvaltning 6 117 793 3,7% Tredje AP-fonden 5 000 000 3,0% Swedbank Försäkring 4 921 465 3,0% ODIN Fonder 3 336 497 2,0% Other Owners 22 422 400 13,6% Total 164 521 538 100%
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Stämpeln 1, Sollentuna 2 Financial update Agenda 1 Business update 3 Q&A
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Income – growing rental income on the back of completed projects, acquisitions and CPI adjustments 11 Rental income excl other income Net operating income & surplus ratio Profit from property management, adjusted *) SEKmSEKm SEKm +16% +25% +24% +29% +32% Rental income growth attributable to project completions, acquisitions and CPI indexation *) Excluding items affecting comparability and exchange rate effects 345 393 457 98 123 2023FY 2024FY 2025LTM Q3'24 Q3'25 314 344 392 88 109 91% 88% 86% 90% 88% 2023FY 2024FY 2025LTM Q3'24 Q3'25 128 156 201 46 61 2023FY 2024FY 2025LTM Q3'24 Q3'25
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12 Capital structure – stable financial position Credit facilities and interest rate term structure as of 30th Sep 2025 Comments Net LTV including deposited cash Interest coverage ratio is based on rolling 12m actual EBITDA (excluding extraordinary items) in relation to interest expenses, excluding periodised cap premiums and f/x effects Total interest-bearing liabilities on the balance sheet include accrued arrangement fees, which explains the discrepancy between table and balance sheet Average interest is based on current interest rates in the debt portfolio, excluding cap premiums Selected metrics as of 30th Sep 2025 45% Gross LTV 38% Net LTV 53% Equity ratio 2.5x Interest coverage ratio 2.8 Debt maturity, years 2.8 Average period of interest, years SEK 3,601 4.06% (4,02%) Average interest rate 43% 32% 13% 12% Swedbank Nordea Spar Nord Danske Bank Maturity SEKm Share % SEKm Share % SEKm Market value Interest % Within 1 year 1 188 33 - - 425 -3 2,91 1-2 years 570 16 - - 570 -8 2,77 2-3 years 510 14 2 159 60 500 -8 2,70 3-4 years 200 6 1 442 40 200 -4 2,75 4-5 years 314 9 - - 314 -3 2,48 5-6 years 200 6 - - 200 -1 2,52 6-7 years 397 11 - - 397 3 2,33 7-8 years - - - - - - - >8 years 222 6 - - 222 5 2,27 Total / average 3 601 100 3 601 100 2 828 -19 2,63 Interest Credit Interest Rate (Swaps)
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13 Earnings capacity +46% vs. Oct 1st 2024 Current earnings capacity Comments The table to the left presents the current earnings capacity for Prisma’s property management operations on a twelve-month basis The current earnings capacity is not a forecast and should only be considered as a theoretical snapshot as of the date of the current earnings capacity Rental income: based on the contracted rental income of the property portfolio (standing assets) on a twelve-month basis as of the date of the current earnings capacity, net of initial discounts Property costs: assessed operating expenses, maintenance and property tax on a twelve- month basis Project and asset management and administration includes inhouse and outsourced asset management and general property administration on a twelve-month basis Central administration: organisation as per 1st Oct annualised, excluding extraordinary costs Financial net: based on interest-bearing liabilities and Prisma’s average interest rate including interest hedging as of the date of the current earnings capacity, including accrued arrangement fees and excluding interest costs to be charged to projects. Interest income of 1.8% is included in the Earnings Capacity and the cash balance is assumed constant. Key metrics Income from property management per share: income from property management attributable to parent company shareholders in relation to the number of shares outstanding Surplus ratio: net operating income in relation to rental income Property yield, adjusted: net operating income excluding property admin and excluding rental rebates, in relation to property value excluding projects N.B. Above includes one acquisition in Finland which closed on Oct 1st 1st Oct 25 Rental value 517 Rent discounts -10 Rental income 507 Net property costs -28 NOI excl. property admin 479 Project and asset management and administration -23 NOI incl. property admin 456 Central admin -44 Financial net -139 Income from property management 273 No. of shares end-of-period, million 164,5 Income from property management per share, SEK 1,66 Surplus Ratio 90% Property Yield, adjusted 6,5% SEK million 187 215 238 263 273 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
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Stämpeln 1, Sollentuna 3 Q&A Agenda 1 Business update 2 Financial update
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15 Q&A
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Algutsum 20:24, Mörbylånga Appendix
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17 Income statement 2025 2024 2025 2024 R12 2024 July-Sept July-Sept Jan-Sept Jan-Sept 2024/2025 Jan-Dec Rental income 123 98 354 291 457 393 Invoiced property costs 12 10 34 30 46 42 Property costs -21 -16 -67 -52 -85 -70 Property administration -6 -4 -19 -14 -25 -20 Net operating income 109 88 303 255 392 344 Administration and other costs -11 -14 -36 -71 -49 -84 Financial income 2 10 8 10 15 17 Financial cost -39 -38 -119 -113 -156 -158 Exchange rate effects 0 0 -1 1 -1 10 Financial net -37 -28 -112 -102 -142 -131 Income from property management 61 46 154 82 201 129 Change in value of investment properties 56 31 147 -32 180 1 Change in value of derivatives 15 -51 -4 -66 25 -37 Amortisation of intangible fixed assets - - 0 -7 0 -7 Earnings before tax 132 27 297 -22 406 86 Tax -1 2 -2 -3 -2 -2 Deferred tax -23 -6 -64 -21 -91 -48 Net profit for the period 108 23 231 -45 313 36 Net profit for the period attributable to: Parent company's shareholders 108 23 231 -46 313 36 Non-controlling interests 0 0 0 1 0 1 Net profit for the period 108 23 231 -45 313 36 Comprehensive income Net profit for the period 108 23 231 -45 313 36 Translation differences -9 -5 -33 0 -20 12 Total comprehensive income 99 17 199 -46 293 48 Total comprehensive income attributable to Parent company's shareholders 99 17 199 -46 293 47 Non-controlling interests 0 0 0 1 0 1 Comprehensive income for the period 99 17 199 -46 293 48 SEK million
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18 Balance sheet 2025 2024 2025 2024 30-sep 30-sep 30-sep 30-sep ASSETS EQUITY Fixed assets Equity Intangible assets Share capital 1 1 Goodwill 174 174 Equity attributable to parent company's shareholders 4 779 4 450 Other intangible assets 4 3 Equity attributable to non-controlling interests 0 0 Total equity 4 779 4 450 Tangible assets Investment properties 8 066 6 594 LIABILITIES Inventories, tools and installations 2 2 Non-current liabilities Right-of-use assets 8 10 Interest-bearing liabilities 3 494 2 064 Derivatives 30 43 Financial assets Financial lease liability 4 6 Derivatives 11 0 Non-current liabilities 3 0 Other fixed receivables 2 2 Deferred tax liabilities 471 373 Deferred tax assets 3 1 Total non-current liabilities 4 002 2 486 Total fixed assets 8 270 6 786 Current liabilities Current assets Interest-bearing liabilities 89 872 Rental receivables 4 3 Accounts payable 14 10 Other receivables 359 10 Tax liabilities 4 16 Prepaid expenses and accrued income 83 86 Other current liabilities 6 12 Cash 289 1 113 Prepaid income and accrued expenses 111 135 Total current assets 736 1 213 Total current liabilities 224 1 045 TOTAL ASSETS 9 006 7 999 TOTAL EQUITY AND LIABILITIES 9 006 7 999 SEK million SEK million
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19 Cash flow statement 2025 2024 2025 2024 R12 2024 July-Sept July-Sept Jan-Sept Jan-Sept 2024/2025 Jan-Dec Operating activities Earnings before tax 132 27 297 -22 406 86 Adjustments for items not included in the cash flow -70 14 -139 91 -188 41 Financial items -1 -6 1 -16 12 -5 Change in value of investment properties -56 -31 -147 32 -180 -1 Change in value of derivatives -15 51 4 66 -25 37 Depreciation and amortisation 1 1 3 10 4 11 Taxes paid -14 -1 -26 -13 -26 -12 Cash flow from operating activities before changes in working capital 47 40 132 56 191 115 Cash flow from changes in working capital Change in operating activities -225 12 -270 -11 -301 -42 Change in operating liabilities -237 -34 -293 -8 -286 -1 Cash flow from operating activities -415 19 -431 36 -395 72 Investing activities Investments in intangible assets -1 0 -1 -3 -2 -4 Investments in existing properties -121 -75 -287 -318 -389 -420 Acquisition of properties -185 -3 -286 -49 -816 -579 Sale of subsidiaries 0 0 106 0 106 0 Purchase of financial fixed assets 0 0 0 -5 0 -5 Returned deposited bank funds 0 0 0 154 0 154 Cash flow from investing activities -307 -79 -469 -221 -1 102 -854 Financing activities Loans raised 237 0 3 030 167 3 326 462 Amortisation of loans -36 -31 -2 624 -106 -2 655 -137 Shareholder contributions 0 0 0 0 0 0 Share issue 0 0 0 1 185 0 1 185 Long-term incentive program 0 0 6 11 6 11 Cash flow from financing activities 201 -31 413 1 257 676 1 520 Cash flow for the period -521 -91 -487 1 072 -821 738 Cash at the start of the period 810 1 204 780 41 1 113 41 Exchange rate difference in cash 0 0 -3 0 -3 1 Cash at the end of the period 289 1 113 289 1 113 289 780 SEK million