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 Q4 2025 summary – a year of strong execution Rental income developmentHighlights Updated financial targets. Net LTV adjusted from 50% to 55% Ambition to double property value from SEK 8 bn (Q325) to SEK 16 bn (Q428) Further acquisitions in Finland in the quarter Earnings Capacity up 41% compared to last year Rental income SEK 138 (102) million, an increase of 34% Net operating income SEK 118 (89) million, an increase of 32% Profit from property management amounted to SEK 67 (47) million, up 42% The property valuation yield unchanged vs. Q3 Net letting SEK 15 million in the quarter, the 12th consecutive quarter with positive net letting WAULT slightly up from 7.8 years in Q3 to 7.9 years in Q4 High occupancy rate of 98,6 percent, slightly up from Q3 Successful first bond issuance in November, SEK 500 million followed by tap issue of SEK 250 million in January Bad debt provision of SEK 3 million related to NRG Pizza AB SEK 9.6bn Property market value 159 Number of properties 7.9 years WAULT 436 sqm Lettable area 98.6% Economic occupancy rate SEK 1.1bn Book value of projects 53k sqm Lettable area of ongoing projects 6.5% Valuation yield Key figures SEKm +25% +34% 345 393 492 102 138 2023FY 2024FY 2025FY Q4'24 Q4'25
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5 Tenants and lease maturity development– WAULT of 7.9 years Lease maturity structure – 85% 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: 7.9 years Top 10 largest tenants1 Company Category Rental value SEKm % Tokmanni Group GD 115 17% Axfood GD 89 13% Kesko GD 56 8% Jysk Discount 48 7% Rusta Discount 40 6% Rasta QSR 21 3% Europris Discount 18 3% Jula Discount 16 2% Lager 157 Discount 13 2% Jem & Fix Discount 12 2% Top 10 430 62% Other 267 38% Total 696 100% Rental income split 44% 27% 21% 8% Groceries and Daily-goods Discount QSR & Charging Other 2% 5% 4% 5% 12% 10% 17% 8% 5% 32% 2026 2027 2028 2029 2030 2031 2032 2033 2034 >=2035
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Property portfolio – yields stable 6 Property portfolio Changes in the property portfolio (Q4’25 vs. Q4’24) SEKm Property value per geography, SEKm Property value per type, SEKm 7 273 9 631 +1 820 -184 +598 +232 -108 Fair value, opening balance AcquisitionsDivestmentsInvestments in held properties Unrealised changes in value Currency effect Fair value, closing balance Sweden 6 879 Denmark 1 508 Finland 1 196 Norway 49 Property 8 559 Project properties 1 072
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Rental value NOI Total investment Remaining investment WAULT, years Fröklängen 1 Sweden Lycksele GD 2026 Q1 2 850 3,8 3,6 63 6 12 Noret 1:50 Sweden Mora GD / Discount 2026 Q1 6 001 9,0 8,7 108 16 10 Handlaren 1 Sweden Kiruna GD/QSR 2026 Q2 6 730 10,1 9,8 136 76 13 Lånesta 4:27 Sweden Trosa Discount 2026 Q2 3 565 4,2 4,0 49 35 13 Hammelev Ejerlav Denmark Haderslev GD / QSR 2026 Q1 1 388 5,2 5,2 60 19 15 Aarhus N, Skejby Denmark Aarhus GD / QSR 2026 Q3 6 384 14,2 14,1 207 100 16 10p Måbjerg Holstebro Denmark Holstebro GD / QSR 2026 Q4 7 073 11,1 10,8 126 71 15 Nordhavnsvej Denmark Haderslev GD 2026 Q3 3 250 5,7 5,7 66 41 20 977-8-61-1-L1 Finland Ylvieska GD / Discount 2026 Q4 10 135 17,0 17,0 237 120 12 Total 47 376 80,5 79,0 1 052 484 14 Estimations, SEKm Property name / Location Country Municipality Category Estimated completion NLA, sqm 7 Current development portfolio – nine ongoing projects with 7,5% 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 – Q1 2026 to Q1 2027 Planned projects Tenant Municipality NLA, sqm Investment (Msek) Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Jysk, L157, Sport24, QSR Aarhus, DK Started Q4 Big Dollar, Lager 157, Hi five, Linnea Basilika Holstebro, DK Started Q4 QSR & Charging Jönköping, SE 788 50 Battery storage Huddinge, SE N/A 25 KFC Värnamo, SE 345 29 Grocery and daily goods, Discount Tierp, SE 7 485 133 Grocery and daily goods Ikast-Brande, DK 280 24 QSR & Charging Sandviken, SE 388 20 Lidl Uppsala, SE 2 200 81 QSR & Charging Karlskrona, SE 1 147 89 QSR & Charging Aalborg, DK 936 76 QSR & Charging Strängnäs, SE 388 21 QSR & Charging Umeå, SE 413 26 QSR & Charging Laholm, SE 388 22 Grocery and daily goods Umeå, SE 3 190 84 Grocery and daily goods Laholm, SE 3 270 57 Grocery and daily goods, Discount Osby, SE 5 888 85 Grocery and daily goods Simrishamn, SE 2 111 48 Grocery and daily goods Ronneby, SE 3 200 61 870 = Construction Start = Store Opening
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Shareholders as of Dec 31st 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 5,9% Bonnier Fastigheter Invest AB 8 807 382 5,4% Swedbank Robur Fonder 6 140 159 3,7% Case Kapitalförvaltning 6 117 793 3,7% Länsförsäkringar Fonder 5 588 998 3,4% Tredje AP-fonden 5 000 000 3,0% Swedbank Försäkring 4 921 015 3,0% ODIN Fonder 3 331 514 2,0% Other owners 23 751 841 14,4% 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 +25% +34% +32% +42% +42% Rental income growth attributable to project completions, acquisitions and CPI indexation *) Excluding items affecting comparability and exchange rate effects 345 393 492 102 138 2023FY 2024FY 2025FY Q4'24 Q4'25 314 344 421 89 118 91% 88% 86% 87% 86% 2023FY 2024FY 2025FY Q4'24 Q4'25 128 156 221 47 67 2023FY 2024FY 2025FY Q4'24 Q4'25
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12 Capital structure – stable financial position Credit facilities and interest rate term structure as of 31st Dec 2025 Comments Interest coverage ratio is based on rolling 12m actual EBITDA in relation to Finance net Total interest-bearing liabilities on the balance sheet include accrued arrangement fees, which explains the discrepancy between table and balance sheet Average interest rate is based on current interest rates in the debt portfolio, excluding cost of allocated arrangement fees and land lease cost. On 19 November, senior unsecured green bonds were issued for an initial amount of SEK 500 million under a framework of SEK 750 million with a floating interest rate of 3m Stibor + 250 basis points, maturing in May 2029. Selected metrics as of 31st Dec 2025 48% Gross LTV 47% Net LTV 48% Equity ratio 2.4x Interest coverage ratio 2.7 Debt maturity, years 2.5 Average period of interest, years SEK M 4,646 4.0% Average interest rate 33% 24% 22% 11% 10% Swedbank Nordea Danske Bank Bonds Spar Nord Maturity SEKm Share % SEKm Share % SEKm Market value Interest % Within 1 year 1 748 38 - - 425 -2 2,91 1-2 years 570 12 437 9 570 -6 2,77 2-3 years 715 15 2 274 49 706 -6 1,91 3-4 years 464 10 1 935 42 464 -1 2,44 4-5 years 200 4 - - 200 -3 2,73 5-6 years 335 7 - - 335 1 1,50 6-7 years 397 9 - - 397 7 2,33 7-8 years 217 5 - - 217 8 2 >8 years - - - - - - - Total / average 4 646 100 4 646 100 3 314 -1 2,34 Interest Credit Interest Rate (Swaps)
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13 Earnings capacity +41% vs. Jan 1st 2025 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 Jan 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 1.6% 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 Forward-looking earnings capacity: A simplified calculation based on projects started to date and acquisitions agreed to date. Projects that have not been started and acquisitions that have not been formally agreed are not included in the calculation 1st Jan 26 Rental value 599 Rent discounts -13 Rental income 586 Net property costs -29 NOI excl. property admin 557 Project and asset management and administration -28 NOI incl. property admin 529 Central admin -44 Financial net -181 Income from property management 304 No. of shares end-of-period, million 164,5 Income from property management per share, SEK 1,85 Surplus Ratio 90% Property Yield, adjusted 6,7% SEK million 1,13 1,13 1,31 1,45 1,60 1,66 1,85 1,96 2,03 2,13 2,32 2,34 0,80 1,00 1,20 1,40 1,60 1,80 2,00 2,20 2,40 2,60 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Lycksele, Mora, Hammelev, Arvika Kiruna, Trosa, Iisalmi Aarhus, Haderslev, Raasepoori Holstebro, Ylivieska, index, inflation Mariestad SEK/share
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Stämpeln 1, Sollentuna 3 Q&A Agenda 1 Business update 2 Financial update
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15 Q&A