Interim report
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Interim report January – September 2025 July – September 2025 • Net lettings amounted to SEK 19 (12) million • Rental income totalled SEK 123 (98) million • Net operating income amounted to SEK 109 (88) million • Net financial items totalled SEK -37 (-28) million • Profit from property management amounted to SEK 61 (46) million • Adjusted profit from property management excluding items affecting comparability amounted to SEK 61 (46) million • Changes in value of properties totalled SEK 56 (31) million, corresponding to an increase in value of 0.7% • Net profit for the period amounted to SEK 108 (23) million, equating to SEK 0.66 (0.14) per share before and after dilution • On 1 July 2025, acquisition of three commercial properties in Kiruna, Sundsvall and Gävle was completed at a property value of SEK 463 million, before deduction of deferred tax. • On 1 July 2025, acquisition of a retail property in Ylivieska, Finland, was completed through a forward funding structure at a project value of SEK 227 million with an annual rental value of approx. SEK 17 million. • On 1 August, part of the Randers property in Denmark was divested at an underlying property value of SEK 21 million. January – September 2025 • Net lettings amounted to SEK 50 (40) million • Rental income totalled SEK 354 (291) million • Net operating income amounted to SEK 303 (255) million • Net financial items totalled SEK -112 (-102) million • Profit from property management amounted to SEK 154 (82) million • Adjusted profit from property management excluding items affecting comparability amounted to SEK 154 (109) million • Changes in value of properties totalled SEK 147 (-32) million, corresponding to an increase in value of 1.8% • Net profit/loss for the period amounted to SEK 231 (-45) million, equating to SEK 1.25 (-0.34) per share before and after dilution • On 17 January 2025, acquisition of the Fröklängen 1 property in Lycksele was completed with an underlying property value of SEK 19 million. • On 3 March 2025, acquisition of five properties leased to the restaurant chain Dinners was completed along the E4, E18 and E20 motorways with an underlying property value of SEK 88 million. • On 15 May 2025, acquisition of the Malmen 8 property in Norrköping was completed at an underlying property value of SEK 20 million • On 16 May 2025, the Kungsängen 34 property was divested with an underlying property value of SEK 163 million • Information regarding the acquisition of properties in Kiruna, Sundsvall, Gävle, Finland and the partial sale of the Randers property is provided in the quarterly overview. • The Group has refinanced a bank loan of SEK 2.3 billion, corresponding to 70% of the total loan volume, with an average maturity of 3.5 years and an annual cost reduction of SEK 15 million Significant events since the end of the period • On 1 October three properties in Finland were acquired, of which two were taken into possession on October 1, and one is under development and will be taken into possession during the second quarter of 2026. The total property value amounts to approximately SEK 166 million. • On 16 October a property in Finland was acquired and taken into possession at a property value of SEK 61 million. • On 24 October the Board of Directors decided to adjust the long-term target for the net loan-to- value ratio from 50 to 55 percent, with the possibility of reaching 60 percent for shorter periods. • On 22 October the acquisition of two properties in Arvika and Mariestad was announced. The acquisitions are carried out through a forward funding transaction at an underlying property value of SEK 345 million, before deductions for deferred tax. Possession will take place upon project completion during the first quarter of 2026 and the first quarter of 2027 respectively
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2 PRISMA PROPERTIES AB (PUBL) – Q3 2025 About Prisma Properties Prisma Properties is a fast- growing developer and long-term owner of modern properties dedicated to discount retail, grocery retail, and quick service restaurants (QSR). Prisma operates in the Nordic region and develops retail parks in strategic high-traffic locations. Our tenants include well-known brands such as Willys, Lidl, Rusta, Dollarstore and McDonald’s. Adjacent to our properties, we offer electric car charging and thus contribute to the expansion of the Nordic charging infrastructure. The Prisma Properties share is listed on Nasdaq Stockholm Mid Cap under the ticker code PRISMA, and the company is headquartered in Stockholm. PROPERTY VALUE WAULT OCCUPANCY RATE LOAN-TO-VALUE RATIO Alternative performance measures and definitions used in this report are outlined on page 24. Attractive rent structures provide stable, resilient net operating income Prisma generates stable net operating income through property management. The long-term stability of the net operating income is founded on the structure of the rental contracts. 1. New agreements are generally signed for 10-15 years ahead for retail and 20 years ahead for quick service restaurants (QSR). 2. Virtually all rental contracts are double or triple net contracts. Put simply, this means that the tenants are responsible for the majority of the properties’ expenses, such as utilities, tax, insurance and maintenance. 3. Moreover, the majority of the rental contracts are index linked to inflation. Properties in attractive locations Prisma’s properties stand out by being in attractive, busy locations close to motorways and other major roads, and in retail parks in fast-growing suburbs. Focus on a non-cyclical underlying market Prisma focuses on the discount and grocery retail market. The discount market is fast-growing and resilient across economic cycles. One clear example is the boom in the discount segment in recent years. In times of high inflation, consumers become more cost-conscious, and therefore more often do their shopping in discount stores and other grocery establishments with a low-price profile. Strong relations with successful, stable tenants Prisma’s main success factor lies in its strong relations and close dialogue with tenants. Our tenants include some of the leading players in their market categories, all with clear growth agendas. We work closely with our tenants to identify new sites, locations and countries where they can set up businesses. Key performance indicators LTM Full year SEKm 2025 2024 Δ% 2025 2024 Δ% 24/25 2024 Property value 8 066 6 594 22,3% 8 066 6 594 22,3% 8 066 7 428 Rental income 123 98 25,1% 354 291 21,9% 457 393 Net operating income 109 88 23,5% 303 255 18,9% 392 344 Profit from property management 61 46 31,6% 154 82 88,2% 201 129 Profit from property management per share, SEK 0,37 0,28 31,6% 0,94 0,61 53,8% 1,24 0,91 Rental rate 98 99 -0,6% 98 99 -0,6% 98 99 Loan to value, net (LTV), % 38 28 36,9% 38 28 36,9% 38 33 Interest coverage ratio, adjusted factor 2,5x 2,0x 2,5x 2,0x 2,5x 2,1x Jan-SepJul-Sep 8.1 BN SEK 7.8 98 % 38 %
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3 PRISMA PROPERTIES AB (PUBL) – Q3 2025 From build-up to acceleration The third quarter continued at the same high pace as before, with strong growth in Finland and several new acquisitions and projects in Sweden and Denmark. Prisma has delivered positive net lettings every quarter since the beginning of 2023, and this trend continued in this latest quarter. We signed several new long- term leases with leading discount chains, delivering net lettings of SEK 19 million. Continued growth and stable earnings Rental income increased by 25% to SEK 123 million and net operating income rose to SEK 109 million, up 24% on the same period in the previous year. Profit from property management increased by 32% and totalled SEK 61 million, demonstrating that Prisma continues to generate profitable growth in an age of political and economic uncertainty. New targets and a clear focus We have updated our financial and operational targets, with the aim of doubling our property portfolio from SEK 8 billion to SEK 16 billion by the end of 2028. We will achieve this through profitable project development, strategic acquisitions and non- cash issues, while maintaining financial stability. The long-term target for net loan-to- value ratio has been adjusted from 50% to 55%, with the possibility of reaching 60% for shorter periods. This adjustment reflects our progress from a build-up phase to a more capital-optimised growth phase. Continued positive net lettings Prisma has delivered positive net lettings every quarter since the metric was introduced at the beginning of 2023. Our tenants continue to develop strongly, and demand for new and modern premises remains high across all our markets. Again in the third quarter we signed several new long- term leases with tenants in Sweden and Denmark, with net lettings totalling SEK 19 million. These new leases will strengthen our cash flow and long-term value creation, and they clearly demonstrate that Prisma is an attractive long-term partner for our tenants. Growth in the Nordics During and after the third quarter, we made several strategic acquisitions in Finland; modern, energy-efficient retail properties leased to strong players in the grocery and discount segments. We have further strengthened Prisma’s position in the Finnish market and built on the platform we established in July. Since the end of the quarter, we have also signed agreements to acquire two ICA Maxi properties in Arvika and Mariestad, which will further raise the share of grocery in our portfolio. In Aarhus, Denmark, we acquired land during the quarter to develop a new retail park. These acquisitions increase our earning capacity as we continue to grow in a stable, resilient segment through long-term leases with well-known tenants. Earnings capacity per share has increased by 46% compared to the same time last year. Our priority is still profitable growth, and we can see opportunities to use our financial potential in ways that bring long- term benefits both for the company and for Prisma’s shareholders.
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4 PRISMA PROPERTIES AB (PUBL) – Q3 2025 A growing organisation We are building up our business and our team step by step, in a structured manner. Since our IPO in 2024, we have doubled our workforce and established an organisation that is well prepared for the next steps. In Denmark, we expanded our organisation during the quarter with a property manager, business developer and project manager to handle our growing portfolio and increasing project volume. In Sweden, we bolstered our organisation in administration and finance. To support the development of our presence in Finland, where we do not yet have an established organisation, we have signed an agreement with real estate investment and asset management company Avalor Oy. All in all, this strengthens our operational capacity and our ability to drive profitable growth in several markets simultaneously. Growth opportunities and valuation Our growth opportunities remain strong in all our markets, even though conditions vary. In Finland our focus is on acquiring modern, high-yield properties, while in Denmark, where we have a growing pipeline of attractive projects, we prioritise project development. In Sweden we see continued potential for acquisitions and project development alike. Based on our planned acquisitions and projects, we will strengthen our position in the grocery category in all markets. At the end of the third quarter, Prisma’s building rights portfolio amounted to approximately SEK 430 million. Going forward, we will work systematically to realise these building rights, in order to strengthen cash flow and earnings per share. Our goal is for all current building rights to be fully developed and thereby generate cash flow before the end of 2028. Valuations in our portfolio remained essentially unchanged during the quarter. However, we can see that yield requirements are falling and that interest in our segment is increasing among both Nordic and international investors. This once again confirms the strength of our niche in grocery and discount, and we believe this will be reflected in future valuation development. Capital markets and future prospects After several years of growth financed with equity capital, Prisma is now entering the next phase, where a larger proportion of the expansion will be enabled through the effective use of borrowed capital. The company’s low LTV ratio creates scope to fully capitalize on the favorable credit market, and thereby free up resources for continued growth while maintaining a balanced risk level. This transition marks a natural step in our development from building up equity to a more capital-optimised growth phase. Earnings capacity per share has increased by 46% compared to the same time last year, while the share price has not yet fully reflected this development. We continue to see strong opportunities to leverage our solid balance sheet for further growth through profitable investments and attractive acquisitions. In parallel with our ongoing operations, we will continuously evaluate our capital structure using the means available to us. Our priority is still profitable growth, and we can see opportunities to use our financial potential in ways that bring long-term benefits both for the company and for Prisma’s shareholders. Prisma is well equipped for the next step. With financial targets, an expanded team, a growing portfolio in the Nordics and a gradually more efficient capital structure, we are well positioned to continue growing profitably and creating long-term value for our shareholders. Fredrik Mässing, CEO, Prisma Properties
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5 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Comment on performance Period July – September 2025 Revenue Group revenue for the period amounted to SEK 135 (108) million, SEK 123 (98) million of which was from rental income, SEK 0 (0) million from other income, and SEK 12 (10) million which primarily comprises property costs invoiced separately. The economic occupancy rate was 98% (99). Income from the Segmentet 1 property is included in the amount of SEK 2 (2) million where the property is partially vacant pending project start-up. Costs Property costs for the period amounted to SEK 21 (16) million, of which SEK 12 (10) million were charged to our tenants in accordance with existing agreements. Costs in the Segmentet 1 property totalled SEK 1 (2) million, since the possibility of charging tenants is limited due to the property being vacated according to plan. The surplus ratio during the quarter amounted to 88% (90). Excluding Segmentet 1, the surplus ratio totalled 89% (91). Central administration costs for the period totalled SEK 11 (14) million, mainly costs for company management and central support functions. No costs could be regarded as items affecting comparability during the quarter. - (-) Net financial items Net financial items amounted to SEK -37 (-28) million and were primarily interest expenses of SEK -36 (-36) million, interest income of SEK 2 (10) million and other financial expenses of SEK -3 (-2) million. Currency effects during the period amounted to SEK 0 (0) million. The average interest rate on the balance sheet date was 4.06% (5.30). From the third quarter of 2024, currency effects relating to intra-group loans are reported in Other comprehensive income in accordance with IAS 21; see also Note 2 Accounting policies. Previous periods have not been recalculated. Changes in value Changes in value for the period amounted to SEK 56 (31) million, mainly attributable to acquisitions completed in previous quarters and projects. The yield requirement including ongoing projects is 6.56%, which is unchanged compared to the previous quarter. The Group owns interest rate derivatives, and changes in the value of these totalled SEK 15 (-51) million during the period, due to rising market interest rates for the maturities to which the derivatives are tied. Profit before and after tax Profit/loss before tax amounted to SEK 132 (27) million. Tax for the period totalled SEK -24 (-4) million, of which current tax was SEK -1 (2) million and deferred tax SEK -23 (-6) million. The deferred tax figure for the period consists of deferred tax expense related to unrealised positive property values and unrealised positive changes in the value of derivatives. Net profit for the period amounted to SEK 108 (23) million. Period January – September 2025 Revenue Group revenue for the period amounted to SEK 388 (321) million, SEK 354 (291) million of which was from rental income, SEK 0 (0) million from other income, and SEK 34 (30) million which primarily comprises property costs invoiced separately. The economic occupancy rate was 98% (99). Income from the Segmentet 1 property is included in the amount of SEK 7 (11) million. The property is partially vacant pending project start-up. Costs Property costs for the period amounted to SEK 67 (52) million, of which SEK 34 (30) million was charged to tenants as per contracts. Costs in the Segmentet 1 property totalled SEK 7 (7) million, since the possibility of charging tenants is limited due to the property being vacated according to plan. The surplus ratio during the period amounted to 86% (88). Excluding Segmentet 1, the surplus ratio totalled 87% (89). Central administration costs for the period totalled SEK 36 (71) million, mainly costs for company management and central support functions. No costs could be regarded as items affecting comparability during the period. In the same period the previous year, items affecting comparability amounted to SEK 36 million, primarily related to building the Group and preparations ahead of the IPO. Net financial items Net financial items amounted to SEK -112 (-102) million and were primarily interest expenses of SEK -107 (-112) million, interest income of SEK 8 (10) million and other financial expenses of SEK -12 (-10) million. Currency effects during the period amounted to SEK -1 (9) million. The average interest rate on the balance sheet date was 4.06% (5.30). From the third quarter of 2024, currency effects relating to intra-group loans are reported in Other comprehensive income in accordance with IAS 21; see also Note 2 Accounting policies. Previous periods have not been recalculated. Changes in value Changes in value for the period amounted to SEK 147 (-32) million, mainly attributable acquisitions completed in previous periods and completed projects. The yield requirement including ongoing projects has decreased from 6.58% to 6.56%. The Group owns interest rate derivatives, and changes in the value of these totalled SEK -4 (-66) million during the period. Profit before and after tax Profit/loss before tax amounted to SEK 297 (-22) million. Tax for the period totalled SEK -66 (-24) million, of which current tax was SEK -2 (-3) million and deferred tax SEK -64 (-21) million. The deferred tax figure for the period consists of deferred tax expense related to unrealised positive property values, and deferred tax income attributable to unrealised negative changes in the value of derivatives. Net profit/loss for the period amounted to SEK 231 (-45) million.
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6 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Property portfolio Property portfolio Prisma is a Nordic developer and owner of properties in the Discount, Grocery and Quick Service Restaurant (QSR) categories, with tenants including Dollarstore, Jysk, Willys and others. On 30 September 2025, Prisma owned a total of 138 properties in Sweden, Denmark, Norway and Finland at a value of SEK 8.1 billion. The properties are strategically located, typically close to major road or motorway junctions. Investments and divestments During the period, the company acquired and took possession of ten properties in Sweden, including a project property in Lycksele, a portfolio of five properties in the Quick Service Restaurant (QSR) category, a property in Norrköping and a portfolio of three properties in Gävle, Sundsvall and Kiruna. All the properties were acquired at an underlying property value of SEK 594 (327) million. Investments in Prisma’s own property portfolio totalled SEK 287 (318) million during the period. Two properties were sold during the period at a property value of SEK 184 million (0), which corresponded to the book value. Changes in the property portfolio Property valuation All properties are valued externally four times a year in connection with the quarterly financial statements, with the exception of properties taken over during the current quarter. In these cases, the agreed property value is used. In exceptional cases, project properties are valued internally at an early stage on the basis of the external valuation. All external valuations were conducted by CBRE and take place in accordance with IFRS 13 level 3. Investment properties are valued based on a cash flow model, whereby each property is assessed individually on future earning capacity and the market’s return requirements. Rent levels on expiry of contract are assumed to correspond to estimated long-term market rents, while operating costs are based on the company’s actual costs. The inflation assumption is 1% for 2025 and 2% for remaining years in the calculation period. Project properties are also valued using this model, with a deduction for remaining investment. Building rights are valued on the basis of an estimated market value, SEK per square metre GFA for established building rights. At the end of the period, the property portfolio was valued at SEK 8.1 (6.6) billion. For the investment properties excluding project properties and building rights, the market valuation was SEK 7.4 (5.8) billion. The yield requirement at the end of the period was 6.56% (6.62) on average for the entire portfolio. Property portfolio Letting area, m² Property value, SEKm Property value, SEK/m² Rental value, SEKm Rental value, SEK/m² 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 N orway 3 077 50 16 394 4 1 299 100 Finland 10 135 27 2 646 17 1 718 100 374 118 8 066 584 98% Property 333 413 7 372 22 111 518 1 552 98 Project properties 40 705 694 17 051 66 1 629 100 Investment properties, total 374 118 8 066 584 98% SEKm 2025-09-30 2024-09-30 2024-12-31 Investment properties Fair value, opening balance 7 273 5 964 5 964 Acquisition 594 327 852 Divestment -184 0 0 Investments in held properties 287 318 420 Unrealised changes in value 146 -32 1 Currency effect -50 16 36 F air value, closing balance 8 066 6 594 7 273 SEKm 2025-09-30 2024-09-30 2024-12-31 Investment properties Investment properties 7 372 5 823 6 581 Project values and building rights 1 248 882 796 Remaining investments -554 - 111 -104 Fair value, closing balance 8 066 6 594 7 273
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7 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Return requirement Contracted annual rent and occupancy rate As of 30 September 2025, contracted annual rent amounted to SEK 509 million. The economic occupancy rate on the same date was 98%, while the average remaining contracted term was 7.8 years. Contract expiry structure* * Average WAULT is 7.8 years. 10 largest tenants * Contractual rent + index, excl. surcharges ** Proportion of contractual rent + index, excl. surcharges Net lettings Net lettings, i.e. new contracted annual rent minus annual rent terminated due to tenants moving out, amounted to SEK 50.4 million during the period January–September, mainly due to project properties. New lettings took place with a rental value of SEK 56 million, of which SEK 40,4 million is attributable to project properties, while terminations from existing tenants amounted to SEK 5.3 million. The lag between net lettings and their effect on earnings is estimated at 6–18 months for investment properties and 9–24 months for project properties. Yield requirements, % Interval Average Interval Average Sweden 5,70-8,37 6,57 5,71-8,11 6,66 Denmark 5,75-7,50 6,44 5,75-7,50 6,43 Norway 7,00-7,30 7,16 7,15-7,55 7,37 5,70-8,37 6,56 5,71-8,11 6,62 2025-09-30 2024-09-30 Commercial, maturity Number of contracts Leased areas, 000 m² Annual contract value, SEKm Proportion of value,% 2025 30 648 1 0 2026 34 6 670 9 2 2027 16 14 459 25 5 2028 21 14 198 25 5 2029 16 22 268 27 5 2030 17 34 969 71 14 2031 24 33 833 55 11 2032 34 80 358 90 18 2033 20 33 238 43 9 2034+ 157 87 388 163 32 Total 369 328 028 509 100 Tenant Category SEKm* Annual rent, %* Tokmanni Groceries and Daily-goods 95 19% Axfood Groceries and Daily-goods 80 16% Jysk Discount 38 8% Rasta Q SR & Charging 21 4% Rusta Groceries and Daily-goods 20 4% ÖoB Groceries and Daily-goods 14 3% Jem & Fix Groceries and Daily-goods 12 2% Jula Groceries and Daily-goods 12 2% Pizza Hut QSR & Charging 11 2% ChopChop QSR & Charging 10 2% Total 314 62% Rental income* Groceries and Daily-goods Discount QSR & Charging Other Information *From the third quarter of 2025, the definition of categories has been revised. Groceries and Daily-goods now includes retail chains where a significant portion of the assortment consists of everyday consumer goods and household items with high turnover rates. To be included in this category, at least 40% of sales must derive from these types of products 41% 25% 21% 13%
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8 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Projects Ongoing projects Prisma has ongoing projects with investments totalling an estimated SEK 749 million, of which SEK 554 million remains to be invested. Ongoing projects are projects for which a contractor agreement is in place. Average yield on cost for ongoing projects is estimated at 7.7%. All of the properties have been fully let and have a total annual rental value of SEK 60 million, with an average rental period of 13 years. The average economic occupancy rate for the project portfolio is 100%. During the quarter, three projects were completed: Östhammar and Vänersborg in Sweden, and Hjörring in Denmark. The annual net operating contribution amounts to SEK 9.6 million. * Discount=Discount; GD=Groceries and Daily-goods; QSR=QSR & Charging Planned projects in the project portfolio There is great potential in Prisma’s project portfolio, and Prisma’s current analysis is that projects corresponding to approximately 184,000 m2 with an investment volume in the region of SEK 4 billion can be started over the next three years. Approximately 69,000 m2 of this is expected to comprise Groceries and Daily-goods. The geographical distribution and the breakdown of investment volume are shown in the following table. Information on the project portfolio is based on assessments regarding the size, focus and scope of projects. Furthermore, the information is based on judgements of future project costs and rental value. The estimates and assumptions should not be seen as a forecast. Estimates and assumptions involve uncertainties regarding the implementation, design and size of the projects, schedules, project costs and future rental value. Information about the project portfolio is reviewed regularly and estimates and assumptions are adjusted as a result of the completion of ongoing projects, the addition of new projects and changes in conditions. *Planned projects must have a signed land contract in place. (Ownership of the land does not have to be registered and rental contracts do not have to be signed.) Projects with a land allocation agreement or an option agreement in place are also included in the table when control of the land is held. Ongoing projects Municipality Category * Area, sqm Rental value, SEKm Remaining term, years Investment, SEKm Of which outstanding, SEKm Book value, SEKm Year of completion Ongoing projects, SE Fröklängen 1 Lycksele GD 2 850 3,8 12 57 25 37 2026 Gamlestaden 61:13 Göteborg GD 3 080 4, 2 10 25 15 42 2025 Noret 1:50 Mora GD/Discount 5 016 7,4 10 90 26 70 2026 Bykvarn 1:9 Eksjö QSR 360 1, 6 20 17 6 13 2025 Handlaren 1 Kiruna GD/QSR 6 730 10,0 13 136 115 32 2026 Lånesta 4:27 T rosa Discount 3 565 4,2 13 49 44 6 2026 Summa, SE 21 601 31,2 12 375 231 200 Ongoing projects, DK Del av 25 och 8 Hammelev Haderslev GD/QSR 1 388 5,4 14 66 61 11 2026 283 433 753 377 Haderslev GD 3 250 5, 5 20 67 47 27 2026 Summa, DK 4 638 10,9 17 133 108 38 #SAKNAS! 977-8-61-1-L1 Ylvieska GD/Discount 10 135 17, 4 12 241 215 27 2026 Summa, FI 10 135 17,4 12 241 215 27 To tal 36 374 59,6 13 749 554 264 Planned projects * Country Category Sqm, NRA investment, SEKm Book value, SEKm Building rightsSweden Discount 2 100 33 5 Building rightsSweden Groceries and Daily-goods 24 747 506 358 Building rightsSweden QSR & Charging 3 580 253 37 Building rightsDenmark Groceries and Daily-goods 3 500 109 0 Other Sweden Discount 30 000 399 6 O ther Sweden Groceries and Daily-goods 20 273 357 0 Other S weden QSR & Charging 465 20 0 Other Sweden Other 300 8 0 Other Denmark Discount 63 000 1 212 20 Other Denmark Groceries and Daily-goods 20 151 517 2 Other D enmark QSR & Charging 2 641 196 2 Other Denmark Other 12 911 375 0 Total 183 668 3 986 430
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9 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Construction start Q4 2025 – Q4 2026 Prisma Properties aims to invest at least 10% of the existing property value in development projects each year. The table below shows Prisma’s planned projects that are expected to start in the upcoming quarters. Future project startups will be added as more projects are given the go-ahead. All planned project startups are projects where Prisma has control of the land and a board decision has been made. Construction began on four projects during Q3, two of which are in Hammelev in Denmark. We expect Prisma to reach an annual rate of investment in development projects of just over SEK 1 billion in 2025. Over the next four quarters, project startups worth in the region of SEK 1,055 million are planned. Tenant Municipality NLA, sqm Investment (Msek) Q3 25 Q4 25 Q1 26 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 Kan bli 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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10 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Financial overview Interest-bearing liabilities Prisma finances its property portfolio exclusively through bank loans from Nordic banks. At the end of the period, total interest- bearing nominal debt amounted to SEK 3,601 million (2,947). The average period for capital tied up was 2.8 years. All liabilities are secured by real estate mortgages and/or shares in subsidiaries. Change in interest-bearing liabilities During the quarter, new financing amounting to SEK 237 million was paid out for financing of new properties. Repayment of bank loans amounted to SEK 37 million, of which SEK 15 million related to repayment upon sale of a property and SEK 22 million to ongoing repayments. Secured liabilities increased by SEK 196 million net during the period, of which currency effects accounted for SEK -4 million. Financial risk mitigation Prisma’s Financial Policy sets out guidelines for securing the short- and long-term provision of capital, achieving a stable long- term capital structure, and ensuring limited exposure to financial risks. The company’s long-term financial targets are: Maximum loan-to-value ratio of 55% over time and maximum of 60% in the short term. Interest coverage ratio of at least 2.0 times Equity/assets ratio of at least 30% Interest rate risk Interest rate risk refers to the risk of locking in too large a portion of borrowing at a high fixed interest rate in a declining interest rate environment, and the risk of rising interest expenses due to increasing variable interest rates. Prisma uses interest rate derivatives in the form of interest rate swaps and interest rate caps to manage exposure to interest rate risk, and to obtain the desired interest rate maturity structure. As of 30 September 2025, 79% of the loan portfolio was secured with interest rate derivatives. Interest rate swaps amounted to a nominal volume of SEK 2,828 (2,241) million, of which approximately SEK 2,606 million in SEK and the equivalent of SEK 222 million in DKK. The Group had no interest rate caps as of 30 September 2025 (SEK 255 m). In accordance with accounting standard IFRS 9, derivatives are recognised at market value. For interest rate derivatives, this means that a surplus or deficit arises if the contracted interest rate in the derivative varies from the current market rate; this change in value is recognised in profit or loss. Changes in the value of derivatives during the period amounted to SEK -4 (-66) million. Fixed-interest period The average fixed-interest period for the loan portfolio was 2.8 years, with 33% of interest maturities due within one year. The average interest rate for the portfolio at the end of the period was 4.06% (5.30). Sensitivity analysis Based on existing loans and derivatives on 30 September 2025, a change of +/- 1 percentage point in the market rate of interest would increase/decrease the average interest rate by +/- 0.27 percentage points, which equates to an interest expense of +/- SEK 10 million a year. Fixed interest rates and capital structure * Total interest-bearing liabilities in the balance sheet include arrangement fees allocated to a period, which explains the discrepancy betwe en the table and the statement of financial position. Maturity SEKm Share, % SEK m Share, % ominal volume, SEKm Fair value, SEKm Average interest, % swap portfolio 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 Fixed interest Loan maturity * Maturity structure interest rate swaps 45% 38% 53% 2.5X LOAN-TO-VALUE RATIO, GROSS LOAN-TO-VALUE RATIO, NET EQUITY/ASSETS RATIO INTEREST COVERAGE RATIO
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11 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Current earnings capacity The table illustrates Prisma’s current earnings capacity excluding projects on a 12- month basis on 1 October 2025. Properties acquired and occupied, along with projects completed during the period, have been converted to an annual rate. The aim is to highlight the Group’s earnings capacity. It is important to note that current earnings capacity does not equate to a forecast for the coming 12 months, since earnings capacity does not include aspects such as changes in rents, vacancy, foreign exchange rates or interest rates. Earnings capacity is based on the contracted earnings of the property portfolio on the balance sheet date, with deductions for any rent discounts granted. Net property costs are based on the remaining operating and maintenance costs over the past 12 months, along with property tax after separate invoicing. Property administration is based on the organisation established on the balance sheet date, and will be mainly in-house from January 2025. Central administration is based on the organisation established on the balance sheet date, excluding cost items affecting comparability. Net financial items have been calculated on the basis of outstanding interest-bearing liabilities and Prisma’s average interest rate including interest rate hedging on the balance sheet date, including accrued arrangement fees and reduced by interest charges to be applied to projects. Cash and cash equivalents on 30 September 2025 amounted to SEK 289 million and interest on deposits on the balance sheet date is estimated at approximately 1.8%. Cash and cash equivalents are assumed to be constant in the earning capacity below. Acquisitions in Jakobstad and Seinäjoki as of 1 October are included in the earning capacity. * Adjusted yield is calculated before property administration and accrued rent discounts. Sustainability Prisma’s ambition is to grow on the basis of sustainable profitability and financial stability. Growth is guided by an overarching growth target and clear financial and operational objectives. In 2025, Prisma Properties is developing its structured and long-term sustainability work with a focus on integration with the company’s management and growth strategy, a process based on the double materiality assessment conducted in 2024. To ensure structured follow-up and sustainability reporting, Prisma will report its sustainability performance in accordance with the VSME framework, and track progress toward its approved Science Based Targets (SBTi) in line with the Greenhouse Gas protocol. Additionally, Prisma will begin analyzing whether its development projects and investments align with the EU Taxonomy criteria for environmentally sustainable economic activities. Prisma is actively working to develop charging infrastructure for electric vehicles in the Nordic region. As of 30 September, 293 fast chargers are in operation with an additional 519 fast chargers under contract. SEKm 2025-10-01 Annual contract value, SEKm 517 Accrued rental discounts -10 Rental income 507 Net Property costs -28 Net operating income before property administration 479 Yield adjusted (%) 6,5% Property administration -23 Net operating income 456 Surplus ratio, % 90% Yield earnings capacity (%) 6,1% Central administration -44 Finance net -139 Profit from property management 273 Number of outstanding shares at the end of the period, million 164,5 Profit from property management per share, SEK 1,66
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12 PRISMA PROPERTIES AB (PUBL) – Q3 2025 The share Since 18 June 2024, the Prisma share has been listed on Nasdaq Stockholm Mid Cap. At the end of the period there were approximately 2,600 shareholders. The price per share at listing was SEK 27.50 and the closing price on 30 September 2025 was SEK 23.50. Prisma has one type of share and each share entitles the holder to one vote. The number of shares amounts to 164,521,538 (164,521,538), while the average number of shares during the period was 164,521,538 (134,442 214). The ten largest individual owners on 30 September 2025 are shown in the table below. Source: Data from Euroclear, Morningstar and Finansinspektionen, among others, compiled and processed by Modular Finance AB. Dividend policy Prisma’s goal is to generate the highest possible long-term total return for its shareholders. When determining the size of the dividend, the company’s future investment needs, general position and the company’s development are taken into account. Prisma shall continue to grow and, according to the Board’s assessment, the highest possible long-term total return is generated by reinvesting profits in the business to enable further growth through new development and acquisitions. Consequently, a need for liquidity arises, which means that future dividends will be low or not forthcoming in the next few years. Net asset value The long-term net asset value on 30 September 2025 was SEK 5,093 (4,708) million and is calculated in accordance with EPRA guidelines. The long-term net asset value per share was SEK 31.2 (28.6). Share capital development Share data 2025 Jan-Sep 2024 Jan-Sep Share price, SEK - Lowest 21,80 23,32 - Highest 27,29 28,17 - Closing price 23,50 26,75 Market capitallisation, SEK b 3,9 4,4 Share price/Long-term net asset value 81% 93% P/E 12,4 neg. Share dividend yield n.a. n.a. Major shareholders as of 30/09/2025 Antal aktier Ägarandel 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 AB 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 outstanding shares 164 521 538 100,0% Of which, foreign shareholders 17 465 521 10,6% Year Events Change in No. of Total No. of shares Change in share capital Share capital Quotient value (SEK) 2022 Founded 25 000 25 000 25 000 25 000 1,000000 2022 Share split 99 975 000 100 000 000 - 25 000 0,000250 2022 New share issue 100 000 100 100 000 25 25 025 0, 000250 2023 Share split 1 100 000 101 200 000 - 25 025 0,000247 2023 New share issue 10 214 156 111 414 156 2 526 27 551 0,000247 2024 New share issue 8 807 382 120 221 538 2 178 29 729 0,000247 2024 Bonus issue - 120 221 538 475 362 505 090 0,004201 2024 New share issue (stock mark 45 500 000 165 721 538 191 161 696 251 0,004201 2024 Withdrawal of debenture sha -1 200 000 164 521 538 -5 042 691 209 0,004201 2024 Bonus issue - 164 521 538 5 042 696 251 0,004232
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13 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Other information Employees The number of employees in the Group at the end of the period totalled 22 (15). The average number of employees during the period was 19 (12). Share-option plans At the end of the period, the Parent Company has a total of 4,836,028 warrants issued under two separate plans, which entitle Prisma’s employees to subscribe for an equivalent number of new shares. The warrants were acquired by the option holders at market value calculated using the Black Scholes model. Each plan runs for three years. The exercise price in each programme exceeds the price on 30 September 2025, hence no dilution as a result of the existing share-option plan has been taken into account when calculating earnings per share. Holding without controlling interest In May 2024, Prisma acquired the remaining part of a project in Umeå from the minority for SEK 7.5 million, and thus no holding without controlling influence remains. The profit accrues in its entirety to the Parent Company’s shareholders from and including the second quarter of 2024. Risks and uncertainties Prisma is exposed to many different risks and uncertainties. The company has procedures for minimising these risks; see the 2024 Annual and Sustainability Report, p.33. Changes in value of properties The property portfolio is measured at fair value. Fair value is based on a market value arrived at by an independent valuation institute and CBRE was engaged for the reporting period. All properties are valued by external valuers each quarter, with the exception of properties taken over during the current quarter. Any deviation from the external parties valuation is more conservative and carried out by the company management in consultation with Prisma’s board of directors. There have been no changes in the valuation method since the latest annual report. Prisma focuses on offering active property management focused on tenants in order to create good, long-term relationships with the tenant, which creates the foundation for maintaining stable value development in the property portfolio. The company’s property development expertise also enables it to proactively manage risks relating to property value by ensuring the quality of the portfolio. Rental income Prisma’s earnings are affected by the vacancy rate of the portfolio, bad debt losses and any reduction in rent. At the end of the period, the economic occupancy rate of the portfolio was 98% and the weighted average remaining contract period was 7.8 years. The majority of the company’s revenue can be attributed to properties let to tenants operating in food and grocery. The risk of vacancies, bad debt losses and reductions in rent are affected by the tenant’s willingness to continue to rent the property, the tenant’s financial circumstances and external market factors. Property costs and maintenance costs The Group runs the risk of experiencing cost increases that it cannot offset through changes to its rental contracts. However, the risk is limited because virtually all rental contracts are double net, triple net, or net rental contracts where the tenant pays most of the costs related to the property, in addition to the rent. Unforeseen required repairs also pose a risk to the operation. Active, ongoing work is therefore under way to maintain and improve the condition of the properties to reduce the risk of repairs being required. Financing The Group is exposed to risks associated with financing activities in the form of currency risk, interest rate risk and refinancing risk. At the end of the period, the Group owned properties in Norway and Denmark, which means that the Group is exposed to currency risk. The currency risk is managed partly by assets being financed by borrowing in the same currency. Interest rate risk arises when the Group’s earnings and cash flow are impacted by changes in interest rates. To reduce the risk of interest rate increases, the Group has interest rate derivatives in the form of interest rate swaps. Refinancing risk is the risk that the company will be unable to refinance its loans when they mature. To mitigate the refinancing risk, Prisma works with several Nordic banks and institutions and has a debt maturity profile such that the loans do not mature at the same time. Transactions with related parties On 12 December 2024, a ruling was announced by the Svea Court of Appeal in a dispute in which Prisma Properties’ subsidiary HB Stämpeln 1 was the defendant. The ruling ordered HB Stämpeln 1 to pay a net debt of SEK 10 million including interest to the plaintiff which was a former tenant. Prisma had an indemnity undertaking from Alma Stämpeln Holding AB regarding the dispute, resulting in a receivable from a related party on 31 March 2025 amounting to SEK 15 million, including accrued legal costs. The claim against Alma Stämpeln Holding AB was settled in full in April 2025. Events after the balance sheet date On 1 October 2025 three properties in Finland were acquired, of which two were taken into possession on October 1, and one is under development and will be taken into possession during the second quarter of 2026. The total property value amounts to approximately SEK 166 million. On 16 October 2025, a property in Finland was acquired and taken into possession at a property value of SEK 61 million. On 24 October 2025, the Board of Directors decided to adjust the long-term target for the net loan-to-value ratio from 50 to 55 percent, with the possibility of reaching 60 percent for shorter periods. On 22 October 2025, the acquisition of two properties in Arvika and Mariestad was announced. The acquisitions are carried out through a forward funding transaction at an underlying property value of SEK 345 million, before deductions for deferred tax. Possession will take place upon project completion during the first quarter of 2026 and the first quarter of 2027, respectively.
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14 PRISMA PROPERTIES AB (PUBL) – Q3 2025 The Group Consolidated statement of profit or loss in summary LTM Full year SEKm Note 2025 2024 2025 2024 24/25 2024 Rental income 5 123 98 354 291 457 393 Service revenue 5 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 Central administration -11 -14 -36 -71 -49 -84 Finance net 6 -37 -28 -112 -102 -142 -131 Profit from property management 61 46 154 82 201 129 Change in values Investment properties 56 31 147 -32 180 1 Interest-rate derivatives 15 -51 -4 -66 25 -37 Write-down intagible assets 7 - 0 0 -7 0 -7 Profit/loss before tax 132 27 297 -22 406 86 Paid tax -1 2 -2 -3 -2 -2 Deferred tax -23 -6 -64 -21 -91 -48 Net profit (-loss) for the period 108 23 231 -45 313 36 Jul-Sep Jan-Sep LTM Full year SEKm Note 2025 2024 2025 2024 24/25 2024 Net Profit/Loss for the period attributable to Parent Company's shareholders 108 23 231 -46 313 36 Non-controlling interest - 0 0 1 0 1 Net profit (-loss) for the period 108 23 231 -45 313 36 Consolidated statement of comprehensive income Net profit (-loss) for the period 108 23 231 -45 313 36 Items that have or may be reclassified to profit for the period Translation difference for the period -9 -5 -33 0 -20 12 Other comprehensive income -9 -5 -33 0 -20 12 Total comprehensive income 99 17 199 -46 293 48 Comprehensive income for the period attributable to Parent Company's shareholders 99 17 199 -46 293 47 Non-controlling interest - 0 0 1 0 1 Comprehensive income for the period 99 17 199 -46 293 48 Profit/loss for the period attributable to Parent Company shareholders before and after dilution, SEK/share 0,66 0,14 1,25 -0,34 1,89 0,25 Average number of outstanding shares, million 164,5 164,5 164,5 134,4 165,4 142,0 Jul-Sep Jan-Sep
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15 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Consolidated statement of financial position in summary 31 Dec SEKm Note 2025 2024 2024 Assets Fixed assets Intangible fixed assets Goodwill 7 174 174 174 Other intangible assets 4 3 4 Tangible fixed assets Investment properties 8 8 066 6 594 7 273 Equipment, tools and installations 2 2 2 Right of use assets 8 10 9 Financial assets Derivates 11 - 3 Other long term receivables 2 2 2 Deferred tax asset 3 1 2 Total non-current assets 8 270 6 786 7 469 Current assets Rental receivables 4 3 16 Other receivables 359 10 39 Prepaid expenses and accrued income 83 86 81 Cash and cash equivalents 289 1 113 780 Total current assets 736 1 213 916 Total assets 9 006 7 999 8 384 30 Sep 31 Dec SEKm 2025 2024 2024 Equity and liabilities Equity Share capital 1 1 1 Equity attributable to the Parent Company's shareholders 4 779 4 467 4 574 Equity attributable to non-controlling interests - - - Total equity 4 779 4 467 4 575 Non-current liabilities Long-term interest-bearing liabilities 9 3 494 2 064 2 264 Derivates 30 43 17 Non-current finance lease liability 4 6 5 Other long-term liability 3 - 0 Deferred tax liability 471 373 388 Total non-current liabilities 4 002 2 486 2 674 Current liabilities Short-term interest-bearing liabilities 9 89 872 941 Trade payables 14 10 29 Tax liabilities 4 16 15 Other current liabilities 6 12 25 Prepaid income and accrued expenses 111 135 126 Total current liabilities 224 1 045 1 136 Total equity and liabilities 9 006 7 999 8 384 30 Sep
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16 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Consolidated statement of changes in equity SEKm Share capital Other contributed capital Translation reserve Retained earnings incl. profit/loss for the year Total equity attributable to the Parent Company's shareholders Non-controlling interest Total equity Opening balance 2024-01-01 0 3 023 15 8 3 046 6 3 051 Net profit (-loss) for the period 36 36 1 36 Other comprehensive income 12 12 12 Comprehensive income for the period - - 12 36 47 1 48 Non-cash issue 0 276 276 276 Costs related to non-cash issue -2 -2 -2 Bonus issue 0 -0 - - New share issue 0 1 251 1 251 1 251 Costs related to new share issue -67 -67 -67 Tax effect related to costs for new share issue 14 14 14 Long-term incentive program 11 11 11 Acquisition of minority shares, controlling influence retained 6 -7 -1 -6 -7 Total 1 1 488 - -7 1 482 -6 1 476 Closing balance 2024-12-31 1 4 511 27 36 4 575 0 4 575 SEKm Share capital Other contributed capital Translation reserve Retained earnings incl. profit/loss for the year Total equity attributable to the Parent Company's shareholders Non-controlling interest Total equity Opening balance 2025-01-01 1 4 511 27 36 4 575 0 4 575 Net profit (-loss) for the period 231 231 - 231 Other comprehensive income -33 -33 -33 Comprehensive income for the period - - -33 231 199 - 199 Long-term incentive program 6 6 6 Closing balance 2025-09-30 1 4 517 -5 267 4 780 - 4 780
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17 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Consolidated statement of cash flows in summary Period January – September 2025 Cash flow for the period amounted to SEK - 487 (1,072) million. Cash flow from operating activities, investing activities and financing activities amounted to SEK -431 (36) million, SEK -469 (-221) million and SEK 413 (1,257) million respectively. Cash flow from investing activities relates primarily to investments in own properties relating to project activities, the sale of the property, as well as acquired properties. The change in cash flow from financing activities relates to the repayment of long- term loans, and newly raised loans. LTM Full year SEKm Note 2025 2024 2025 2024 24/25 2024 Operating activities Profit/loss before tax 132 27 297 -22 406 86 Adjustments for non-cash items -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 interest-rate derivatives -15 51 4 66 -25 37 Depreciation and amortization 1 1 3 10 4 11 Paid tax -14 -1 -26 -13 -26 -12 Cash flow from operating activities before change in working capital 47 40 132 56 191 115 Cash flow from operating activities Change in trade recievables -225 12 -270 -11 -301 -42 Change in other 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 held properties -121 -75 -287 -318 -389 -420 Acquisition of properties -185 -3 -286 -49 -816 -579 Sale of subsidiaries - - 106 - 106 - Investments in financial assets - -0 - -5 - -5 Returned deposited bank funds 9 - -0 - 154 0 154 Cash flow from (-used in) investing activities -307 -79 -469 -221 -1 102 -854 Financing activities Borrowings 237 - 3 030 167 3 326 462 Repayment of debts -36 -31 -2 624 -106 -2 655 -137 Shareholders’ contributions received - - - - - - New share issue - - - 1 185 - 1 185 Long-term incentive program/Cash received - - 6 11 6 11 Cash flow from financing activities 201 -31 413 1 257 676 1 520 Cash flow for (-used in) the period -521 -91 -487 1 072 -821 738 Cash and cash equivalents at the beginning of the period 810 1 204 780 41 1 113 41 Exchange difference in cash and cash equivalents -0 -0 -3 0 -3 1 Cash and cash equivalents at the end of the period 289 1 113 289 1 113 289 780 Additional cash-flow statement disclosures Interest received 2 0 8 0 25 17 Interest paid -36 -36 -107 -112 -153 -158 Jul-Sep Jan-Sep
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18 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Notes to the consolidated accounts Note 1 General information Prisma Properties AB (publ) (‘Prisma’), corp. ID no. 559378-1700, is a limited company registered in Sweden with a registered office in Stockholm. The company’s share has been listed on Nasdaq Stockholm Mid Cap since 18 June 2024. The address of the head office is Mäster Samuelsgatan 42, SE-111 57 Stockholm. The operations of the company and subsidiaries (‘the Group’) involve owning and managing grocery retail properties. Note 2 Accounting policies The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS®) This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The Parent Company applies RFR 2 Accounting for Legal Entities and Sweden’s Annual Accounts Act. From Q3 2024, translation differences attributable to intra-group loans are recognised in Other comprehensive income in accordance with IAS 21, as the lending is considered to be part of Prisma’s net investment in the international operation and the lending is not planned to change in the foreseeable future. Comparison periods have not been recalculated. See also Note 6 Net financial items below. Other accounting policies applied in the interim report correspond to those applied when preparing the annual report for 2024. Other amended and new IFRS standards and interpretations from IFRS IC coming into effect during the year or in future periods are not expected to have a material impact on the Group’s reporting and financial statements. Assets and liabilities are recognised at cost, except for investment properties and interest rate derivatives, which are measured at fair value. The preparation of the interim report requires the company management to make a number of assumptions and judgements that influence earnings and financial position. The same judgements and accounting and valuation policies have been applied as in the annual report for Prisma Properties AB 2024. The company publishes five reports a year: three interim reports, one year-end report and one annual report. Certain figures have been rounded, and the tables and calculations therefore do not always add up to the totals stated. Note 3 Financial instruments Financial instruments measured at fair value in the statement of financial position comprise interest rate derivatives. The fair value of interest rate swaps is based on discounting estimated future cash flows in accordance with the contract’s terms and maturity dates and using the market rate of interest on the balance sheet date. The interest rate swaps are classed as level 2 in the fair value hierarchy. The carrying amount of financial assets and liabilities is considered to be a reasonable approximation of fair value. In the company’s assessment, there has been no change in market rates of interest or credit margins since raising the interest-bearing loans that would have a material impact on the fair value of the liabilities. The fair value of rental receivables, other receivables, cash and cash equivalents, accounts payable – trade and other liabilities, does not differ significantly from the carrying amount because they have short maturities. Note 4 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM is the function responsible for allocating resources and assessing the performance of the operating segments. Prisma’s CEO is identified as the CODM. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, and for which separate financial information is available. Prisma monitors its activities as a unit, the results of which are reported in their entirety to and evaluated by the CODM. The Group therefore reports only one segment.
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19 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Note 5 Distribution of revenue Note 6 Net financial items Excluding exchange rate differences, net financial items for the quarter amounted to SEK -36 (-28) million. From the third quarter of 2024, currency effects relating to intra-group loans are reported in Other comprehensive income in accordance with IAS 21; see also Note 2 Accounting policies above. Previous periods have not been recalculated. Note 7 Goodwill Goodwill arose in connection with acquisitions on the Group’s formation in 2022. These were classified as business combinations and as a result deferred tax was recognised. At the end of the period, goodwill amounted to SEK 174 (174) million. Impairment testing of goodwill is based on the discounting of future cash flows in underlying investment properties. No write- downs were made during the period (SEK 7 m). Note 8 Investment properties At the end of the period, the property portfolio amounted to SEK 8,066 (6,594) million. Investment properties are measured at fair value in accordance with IAS 40/IFRS 13 level 3. Note 9 Interest-bearing liabilities Interest-bearing liabilities at the end of the period totalled SEK 3,583 (2,936) million. The item includes accrued set-up fees of SEK 19 (11) million. The net loan-to-value ratio was 38% (28) and the average interest rate was 4.06% (5.30). Distribution of revenue 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec Revenue per significant area Rental income 354 291 393 Service revenue from tenants 34 30 42 Total 388 321 435 Revenue by geography Sweden 324 268 363 N orway 3 3 4 Denmark 61 49 68 Total 388 321 435 SEKm 2025-09-30 2024-09-30 2024-12-31 Investment properties Fair value, opening balance 7 273 5 964 5 964 Acquisition 594 327 852 Divestment -184 - - 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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20 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Parent Company The Parent Company’s activities consist of Group-wide functions and organisation for managing the properties owned by the subsidiaries. Operating revenues totalled SEK 47 (18) million, and operating profit/loss amounted to SEK -19 (-58) million. Profit/loss after financial items was SEK 49 (4) million. Net financial items include interest income from internal Group lending of SEK 108 (107) million. Parent Company statement of profit or loss in summary Full year SEKm 2025 2024 2025 2024 24/25 2024 Operating income 14 7 47 18 58 29 Operating expenses -17 -17 -66 -76 -87 -97 Operating loss -3 -10 -19 -58 -30 -68 Interest income and similar profit/loss items 32 37 108 107 160 159 Interest expenses and similar profit/loss ite -10 -15 -39 -45 -54 -59 Income after financial items 19 13 49 4 76 31 Group contribution received and given - - - - 129 129 Profit/loss before tax 19 13 49 4 206 161 Paid tax - - - - - - Deferred tax - - - - -13 -13 Net profit (-loss) for the period 19 13 49 4 192 147 Jul-Sep Jan-Sep LTM
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21 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Parent Company statement of financial position in summary 31 Dec SEKm Note 2025 2024 2024 Assets Fixed assets Intangible fixed assets Other intangible assets 4 3 4 4 3 4 Tangible fixed assets Equipment, tools and installations 2 2 2 2 2 2 Financial assets Investments in Group companies 1 871 1 870 1 871 R eceivables from Group companies 1 982 1 729 1 836 Other long term receivables 1 1 1 Deferred tax receivable 0 0 0 Total financial assets 3 854 3 600 3 708 Total non-current assets 3 860 3 605 3 714 Current assets Other current receivables 0 0 1 Receivables from Group companies 688 451 753 Prepaid expenses and accrued income 6 5 5 Total current receivables 694 455 758 Cash and cash equivalents Cash and cash equivalents 549 947 569 Total cash and cash equivalents 549 947 569 Total current assets 1 242 1 403 1 327 Total assets 5 102 5 008 5 041 30 Sep 31 Dec SEKm 2025 2024 2024 Equity and liabilities Equity Restricted equtiy Share capital 1 1 1 Non-restricted equity Retained earnings 5 029 4 861 4 875 Net Profit/Loss for the period 49 4 147 Total equity 5 079 4 867 5 023 Current liabilities Liabilities to Group companies 13 113 8 Other liabilities 11 28 11 Total current liabilities 24 141 18 Total equity and liabilities 5 102 5 008 5 041 30 Sep
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22 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Notes to the Parent Company accounts Note 1 Accounting policies The Parent Company has prepared its interim report in accordance with the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board’s recommendation RFR 2 Accounting for Legal Entities. Differences between the accounting policies applied by the Group and Parent Company are shown below. The accounting policies stated below for the Parent Company have been applied consistently for all periods presented in the Parent Company’s financial statements, unless otherwise stated. Subsidiaries Participations in subsidiaries and associated companies are recognised using the cost method, which means they are entered at cost less any impairment. Transaction fees are included in the carrying amount of holdings in subsidiaries. Financial assets and liabilities Due to the link between reporting and taxation, the Parent Company as a legal entity does not apply rules on financial instruments in accordance with IFRS 9, instead it applies as per the Annual Accounts Act and the cost method. Consequently, in the Parent Company, financial non-current assets are measured at cost less any impairment and financial current assets are measured at the lower of cost or net realisable value. Impairment of expected credit losses is measured in accordance with IFRS 9. Other financial assets are based on the impairment of market values for assets that are debt instruments. Group contributions and shareholders’ contributions Group contributions paid and received are recognised as appropriations in accordance with the alternative rule. Shareholders’ contributions are recognised directly against equity for the recipient and capitalised in shares and participations for the provider to the extent impairment is not required. Leasing The Parent Company has opted to apply the relief rules found in RFR 2, Accounting for Legal Entities. This means that all lease payments are recognised as a cost linearly across the lease period. Cash and cash equivalents The Group applies centralised liquidity management through a cash pool structure, which includes subsidiaries. The Parent Company’s accounting policy is to treat the Parent Company’s share of the cash pool as cash and cash equivalents, taking into account its immediate availability
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23 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Signatures The CEO hereby offer his assurance that the interim report presents a fair review of the Parent Company and Group’s operations, financial position and profit, and that it describes the material risks and uncertainties faced by the Parent Company and the companies included in the Group. Stockholm, 24 October 2025 Fredrik Mässing CEO
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24 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Auditor’s review statement Prisma Properties AB, reg. no. 559378-1700 Introduction We have reviewed the condensed interim financial information (the Interim Report) of Prisma Properties as of 30 September 2025 and the nine-month period then ended. The Board of Directors and the Chief Executive Officer are responsible for preparing and presenting this Interim Report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this Interim Report based on our review. Focus and scope of the review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards 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, in all material respects, for the group has not been prepared in accordance with IAS 34 and the Swedish Annual Accounts Act, and for the parent company in accordance with the Swedish Annual Accounts Act. Stockholm, dated as shown by electronic signature Ernst & Young AB Gabriel Novella Authorised Public Accountant
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25 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Key ratios 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec Property-related key metrics No. of properties 138 124 130 Letting area, m² 374 118 288 588 321 647 I nvestment properties, SEKm 8 066 6 594 7 273 Investment properties, excluding projects, SEKm 7 372 5 823 6 581 Investment properties, SEK/sq.m. 21 561 22 849 22 611 Rental value, SEKm (excl. project properties) 518 394 452 R ental value, SEK/m² (excl. project properties) 1 552 1 551 1 560 Average remaining term, years 7,8 9,1 8,7 Net lettings, SEKm 50 40 55 Occupancy rate, economic, % 98,3 98,9 99,0 Occupancy rate, by area, % 98,4 99,0 99,1 Yield, properties (%) 6,6 5,8 5,2 Surplus ratio, % 85,5 87,7 87,6 Data per share g period, million 164,5 164,5 164,5 Average number of outstanding shares, million 164,5 134,4 142,0 Profit from property management, SEK 0,94 0, 61 0,91 Net Profit/Loss for the period, SEK 1,41 -0,34 0,25 Equity, SEK 29,1 27,2 27,8 NAV, SEK 31,0 28,6 29,2 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec Financial key metrics NAV, SEKm 5 093 4 708 4 801 Equity ratio, % 53,1 55,8 54,6 Return on equity, % 6,0 -1,2 0,9 Interest-bearing net debt, SEKm 3 071 1 834 2 436 Loan to value, net (LTV), % 38,1 27,8 33,5 Average closing interest rate, % 4,1 5,3 5,1 Loan maturity, years 2,8 2,1 1,9 Average fixed interest rate term, years 2,8 3,1 2,9 Interest coverage ratio, adjusted multiple 2,5 2,0 2,1 EPRA key metrics EPRA vacancy ratio, % 1,7 1,1 1,0 EPRA LTV, % 36,7 28,8 34,3 EPRA EPS, SEK per share 0,8 0,5 0,8 Net reinstatement value (EPRA NRV), SEKm 5 093 4 708 4 801 Net tangible assets (EPRA NTA), SEKm 4 763 4 441 4 518 Net disposal value (EPRA NDV), SEKm 4 606 4 293 4 401
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26 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Alternative performance measures & definitions According to these guidelines, an alternative performance measure is a financial measure of historical or future earnings development, financial position, financial results or cash flows that is not defined or specified in applicable rules for financial reporting (IFRS and the Swedish Annual Accounts Act). Property related Investment properties excluding projects, SEK million Fair value of investment properties excluding values relating to project properties at the end of the period. Investment properties, SEK per m2 Fair value of investment properties at the end of the period in relation to lettable area. Rental value, SEK m (excl. project properties) Contracted rent at the end of the period plus estimated market rent for vacant premises. Rental value, SEK/m2 (excl. project properties) Contracted rent at the end of the period plus estimated market rent for vacant premises in relation to lettable area. Average remaining contract period, years Remaining total contract value in relation to total annual rent. Net lettings, SEK m Rental contracts entered into during the period, including renegotiated existing contracts, minus terminated annual rent. Occupancy rate, economic, % Contracted rent for rental contracts in effect at the end of the period in relation to rental value. Occupancy rate, by area, % Let area in relation to lettable area. Yield, properties, % Estimated net operating income on an annual basis (net operating income for the period extrapolated to a full year) in relation to the fair value of properties excluding project properties at the end of the period. Surplus ratio, % Net operating income in relation to rental income for the period. Share related Average number of shares during the period before dilution, million Number of shares at the beginning of the period, adjusted for the number of shares issued during the period weighted by the number of days the shares have been outstanding, in relation to the total number of days during the period. Profit from property management per share, SEK Profit from property management attributable to the Parent Company’s shareholders in relation to the average number of shares during the period. Earnings per share for the period, SEK Earnings for the period attributable to the Parent Company’s shareholders in relation to the average number of shares during the period. Equity per share, SEK Equity attributable to the Parent Company’s shareholders in relation to the number of shares at the end of the period. Long-term net asset value per share, SEK Long-term net asset value relative to the number of shares excluding preference shares at the end of the period. Preference shares were withdrawn during Q2 2024.
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27 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Financial Long-term net asset value, SEK m Equity attributable to the Parent Company’s shareholders with add-back of interest rate derivatives, deferred tax and goodwill. The definition is in line with definitions provided by EPRA. Equity/assets ratio, % Equity in relation to total assets at the end of the period. Average equity Average of equity at the beginning of the period and equity at the end of the period. Return on equity, % Net profit in relation to average equity for the period. In the interim financial statements, profit has been converted into a full- year figure, with the exception of changes in value, without taking seasonal variations into account. Interest-bearing net debt, SEK m Interest-bearing liabilities after deductions for cash and cash equivalents and deposits. Loan-to-value ratio, net, % Interest-bearing liabilities minus cash and cash equivalents and deposits in relation to the total fair value of properties at the end of the period. Loan-to-value ratio, gross, % Interest-bearing liabilities in relation to the total fair value of properties at the end of the period. Average interest at the end of the period, % Weighted interest on interest-bearing liabilities taking into account interest rate derivatives on the balance sheet date. Interest coverage ratio, adjusted, times Profit from property management adjusted for non-recurring items with add-back of net financial items in relation to net interest income for the period (RTM/rolling 12 months). Net operating income Rental income less operating and maintenance costs. Net interest income Net financial items adjusted for exchange rate effects and other financial expenses. Items affecting comparability One-off material items not related to operating activities, such as those relating to organisation of the Group and preparations for the planned IPO. EPRA performance indicators EPRA Vacancy Rate Estimated market rent for vacant properties divided by the annualised rental value of the entire property portfolio, excluding properties classified as project projects. EPRA LTV – Loan to Value Interest-bearing liabilities after deductions for cash and cash equivalents and deposits. Negative working capital increases interest-bearing liabilities, whereas positive working capital is added to the value of investment properties. EPRA EPS – Earnings per Share Profit from property management less nominal tax, divided by the average number of shares. Current tax has been calculated taking into account tax-deductible depreciation and other factors. EPRA NRV – Net Reinstatement Value Recognised equity with reversal of declared but not paid dividend, book value of derivatives, goodwill relating to deferred tax and nominal deferred tax. EPRA NTA – Net Tangible Assets Reported equity with reversal of the book value of derivatives and goodwill, adjusted for the fair value of deferred tax rather than nominal deferred tax. EPRA NDV – Net Disposal Value Recognised equity with reversal of declared but not paid dividends and book value of goodwill.
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28 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Derivation of property-related key metrics 2025 Jan-Sep 2024 Jan-Sep 2024 Jan -Dec Investment properties, SEKm 8 066 6 594 7 273 P roject properties, SEKm - -694 -771 -692 Investment properties, excluding projects, SEKm = 7 372 5 823 6 581 Investment properties, SEKm 8 066 6 594 7 273 Letting area, 000 m² / 374 289 322 Investment properties, SEK/sq.m. = 21 561 22 849 22 611 Contracted rent, SEKm 509 390 448 Assessed market rent vacant areas, SEKm + 9 4 4 Rental value, SEKm (excl. project properties) = 518 394 452 Rental value, SEKm 518 394 452 Letting area, excluding project properties, 000 m² / 333 254 290 Rental value, SEK/m² (excl. project properties) = 1 552 1 551 1 560 Remaining total contract value, SEKm 3 947 3 548 3 886 Annual rent, SEKm / 509 390 448 Average remaining term, years = 7,8 9,1 8,7 Entered leases during the period (incl renegotiated), SEKm 56 51 68 Terminated leases during the period, SEKm - 5 11 13 Net lettings, SEKm = 50 40 55 Contracted rent by the end of the period, SEKm 509 390 448 Rental value, SEKm / 518 394 452 Occupancy rate, economic, % = 98,3% 98,9% 99,0% Leased areas, 000 m² 328 252 287 Letting area, excluding project properties, 000 m² / 333 254 290 Occupancy rate, by area, % = 98,4% 99,0% 99,1% Rental income, SEKm 388 321 435 Property Costs, SEKm - -86 -66 -90 Net operating income, SEKm = 303 255 344 Net operating income annual basis, SEKm 490 340 344 Investment properties, excluding project properties, SEKm / 7 372 5 823 6 581 Yield, properties (%) = 6,6% 5,8% 5,2% Net operating income, SEKm 303 255 344 Rental income, SEKm / 354 291 393 Surplus ratio, % = 85,5% 87,7% 87,6% Derivation of financial key metrics 2025 Jan-Sep 2024 Jan-Sep 2024 Jan -Dec Profit from property management attributable to Parent Com 154 98 129 Average number of outstanding shares, million / 164, 5 100,5 142,0 Profit from property management per share, SEK = 0,94 0,98 0,91 Profit/loss for the period attributable to Parent Company shar 231 -46 36 Average number of outstanding shares, million / 164, 5 134,4 142,0 Net Profit/Loss for the period per share, SEK = 1,41 -0,34 0,25 SEKm 4 779 4 467 4 575 million / 164,5 164,5 164,5 E quity per share, SEK = 29,1 27,2 27,8 SEKm 4 779 4 467 4 575 Interest-rate derivatives, SEKm -/ + 19 43 14 Goodwill, SEKm - -174 -174 -174 Deferred tax, SEKm + 468 371 386 NAV, SEKm = 5 093 4 708 4 801 NAV, SEKm 5 093 4 708 4 801 g g at the end of the period, million / 164,5 164,5 164,5 N AV per share, SEK = 31,0 28,6 29,2 Equity, SEKm 4 779 4 467 4 575 T otal assets, SEKm / 9 006 7 999 8 385 Equity ratio, % = 53,1% 55,8% 54,6% Net profit, SEKm 283 -45 36 A verage equity, SEKm / 4 677 3 759 3 813 Return on equity, % = 6,0% -1,2% 0,9% Interest-bearing debt, SEKm 3 601 2 947 3 215 C ash and cash equivalents and deposits, SEKm - 530 1 113 780 Interest-bearing net debt, SEKm = 3 071 1 834 2 436 Interest-bearing net debt, SEKm 3 071 1 834 2 436 I nvestment properties, SEKm / 8 066 6 594 7 273 Loan to value, net (LTV), % = 38,1% 27,8% 33,5% Profit from property management R12, SEKm 201 97 129 One-off items, SEKm + 0 36 36 Finance net, SEKm + 142 161 131 Net interest expenses, SEKm / 138 144 141 Interest coverage ratio, multiple = 2,5 2,0 2,1
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29 PRISMA PROPERTIES AB (PUBL) – Q3 2025 Derivation of EPRA key performance measures 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec EPRA vacancy ratio Assessed market rent vacant areas, SEKm 9 4 4 Rental value, SEKm / 518 394 452 EPRA vacancy ratio, % = 1,7% 1,1% 1,0% EPRA LTV (loan to value) Interest-bearing debt, SEKm 3 601 2 947 3 215g ( g ) SEKm + 0 63 59 Cash and cash equivalents and deposits, SEKm - -530 -1 113 -780 Net liabilities, SEKm = 3 071 1 897 2 494 Investment properties, SEKm 8 066 6 594 7 273 SEKm + 311 0 0 Total assets, SEKm = 8 377 6 594 7 273 EPRA LTV, % = 36,7% 28,8% 34,3% Derivation of EPRA key performance measures 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec EPRA EPS, SEK Profit from property management, SEKm Income before tax, SEKm 297 -22 86 Reversed: Change in values on properties, SEKm -/+ -147 32 -1 Changes in value on goodwill, SEKm + 0 7 7 C hange in values on derivatives, SEKm -/+ 4 66 37 Profit from property management, SEKm = 154 82 129 after tax) Profit from property management, SEKm 154 82 129 Current tax on income from property management, SEKm - -15 -9 -13 EPRA Earnings, SEKm = 139 73 116 A verage number of outstanding shares, million / 164,5 134,4 142,0 EPRA EPS, SEK per share = 0,8 0,5 0,8 Net asset value SEKm 4 779 4 467 4 575 Reversed: Derivatives according to the balance sheet, SEKm -/+ 19 43 14 Goodwill attributable to deferred tax, SEKm - -174 -174 - 174 Deferred tax according to the balance sheet, SEKm + 468 371 386 Net reinstatement value (EPRA NRV), SEKm = 5 093 4 708 4 801 Deduction: Estimated fair value, deferred tax, SEKm - -330 -267 -278 Net tangible assets (EPRA NTA), SEKm = 4 763 4 441 4 523 Derivatives according to above, SEKm -/+ -19 -43 -14 Deferred tax, SEKm - -138 -105 -108 Net disposal value (EPRA NDV), SEKm = 4 606 4 293 4 401
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Financial calendar Q4 interim report 2025 Annual Report and Sustainability Report 2025 Q1 interim report 2026 Q2 interim report 2026 Q3 Interim report 2026 17 February 2026 March 2026 24 April 2026 10 July 2026 22 October 2026 Contact details Martin Lindqvist, CFO Martin.lindqvist@prismaproperties.se + 46 (0)70-785 97 02 Prisma Properties AB (publ) Mäster Samuelsgatan 42 SE-111 57 Stockholm Sweden