Slides
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Q3 2025 presentation 28 October 2025 PUBLIC PROPERTY INVEST ASA
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Agenda 1. Highlights 2. Operations 3. Financial update 4. Summary and concluding remarks 5. Q&A Q3 2025 PRESENTATION
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• Rental income up by 51 % to NOK 262 million (173 million) in Q3 25 vs Q3 24 ‒ Net operating income (NOI) up by 56 % to 245 million (157 million) ‒ Net income from property management up by 40 % to NOK 113 million • Signed leases with NOK 9.5 million in annual rent • Portfolio WAULT increased to 7.5 years , occupancy at 98 % • Signed three transactions (nine properties) • Issued NOK 300 m bond, 3 yr with margin NIBOR +159 bps • Cash on balance sheet of NOK 4.3 bn as of 30.09.25 • Q4 to date: ‒ Announced acquisitions of one property in Lillehammer and three care properties under development in Helsinki ‒ Issued new EUR 300m bond, 6 yr with fixed coupon of 3,875 % (mid swap + 165 bps) Highlights in Q3 25 3 Q4 transaction, acquisition of Kleivbakken 9 in Lillehammer
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104 635k sqm. 270k sqm. 80 % # properties BTA Development potential Government tenants 1 048m NOK 1 754 NOK 7.5 years 98 % Normalized GRI (run rate) GRI / BTA WAULT Occupancy 15.6 bn NOK 24.6k NOK 6.4% 24.9 NOK Portfolio value Property value / BTA Net yield EPRA NRV per share Portfolio highlights Geographical distribution of assets (by value) Rental income per sector Norway - East Norway - North Norway - West Norway - South Sweden Finland Under construction Development 52.7% 9.4 % 14.3 % 9.3 % 2.0% Key figures as of 30.09.25 4 Police Education Public Courts Government agency Municipality/County Healthcare Critical infrastructure Private parking/other commercial 14.3% 23.2 % 7.7% 12.8 % 10.2% 5.9 % 9.4% 8.3% 3.3% 16.5 % 0.8 %
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Agenda 1. Highlights 2. Operations 3. Financial update 4. Summary and concluding remarks 5. Q&A Q3 2025 PRESENTATION
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• Signed new and renewed leases with: ‒ Annual rent of 9.5 million ‒ 2,400 sqm • Net letting at NOK 1,5 million • Occupancy at 98 % • WAULT at 7.5 years mainly as a result of acquisitions Key events in the quarter Portfolio overview Letting and occupancy Largest new and renegotiated lease contracts 6 • OP Uusimaa; new 15-year lease contract for 1 684 square meters in Väritehaankatu 8A (Spectrum) in Finland. • The Norwegian Labour Inspection Authority; renegotiated 5-year lease contract for 387 square meters in Anton Jenssens gate 5, Tønsberg.
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• 18,230 sqm • 100 % let to Skaar Omsorg • Annual rent : NOK 30 million, triple net • WAULT: 35 years • Total property value: NOK 410 million • Closed: July 2025 7 Property transactions Seven elderly care properties Greater Oslo • 2,400 sqm • Main tenants: The Norwegian Coastal Administration and Norwegian Food Safety Authority • Annual rent: NOK 4.8 million • WAULT: 8 years • Total property value: NOK 57 million • Closed: July 2025 • 4,730 sqm • 100 % pre-let to Valida, a leading care-operator in Finland • Annual rental income at completion: EUR 1.3 million • WAULT: 15 years • Total investment: EUR 14.8 mill (on project completion) • No construction risk for PPI • Closing: August 2026 Care property, Helsinki, Finland (Redevelopment project) Barbu Brygge Arendal Kleivbakken 9 in Lillehammer • 4,900 sqm, fully let - mainly to Norwegian College of Elite Sports (NTG) • WAULT: 10 years • Total investment: NOK 87.6 millon • Closed: October 2025 Three care properties in Helsinki, Finland (Newbuild project) • 8,000 sqm, fully let to Attendo and Kototiimi Oy • NOI at completion: EUR 1.85 million • WAULT: 15 years • Total investment: EUR 28 millon • No construction risk for PPI • Closing: Estimated November 2025 Q3 transactions Transactions announced in Q4 (to date)
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• Newbuild/redevelopment • No of sqm 15,700 • Occupancy: 100 % • Completion: Q4 2026 • Total investment1 : NOK 934 million ‒ Approx 23 % accrued as of 30.9 ‒ Yield on cost: 6.2% • No project risk, yield on invested capital paid through construction period • Redevelopment • No of sqm: 5,000 • Occupancy: 100 % • Completion: Q4 2026 • Total investment 1 : NOK 321 million ‒ Approx 23 % accrued as of 30.9 ‒ Yield on cost: 6.2 % • No project risk, yield on invested capital paid through construction period Maurinkatu 1 Helsinki, Finland Kiinteistö Metallum Espoo, Finland Finland Gyldenløves gate 23 Kristiansand, Norway Anton Jensens gate 8 Tønsberg, Norway • Refurbishment project • No of sqm: 5,920 • Tenant: Norwegian Labour and Welfare Administration • Completion: Q1 2026 • Net investment: NOK 99 million ‒ Approx 42 % accrued as of 30.9 • Refurbishment project • No of sqm: 2,850 • Tenant: Norwegian Tax Authorities • Completion: Q2 2026 • Net investment: NOK 54 million ‒ Approx 12 % accrued as of 30.9 Norway 8 Ongoing development projects with net project cost > NOK 50 mill 1) Including initial investment
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Agenda 1. Highlights 2. Operations 3. Financial update 4. Summary and concluding remarks 5. Q&A Q3 2025 PRESENTATION
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EPRA NRV per shareNet income from property managementRental income and NOI Financial highlights 141 148 164 173 177 205 233 262 0 50 100 150 200 250 300 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 36 52 77 81 61 92 116 113 0 20 40 60 80 100 120 140 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 26,0 26,2 27,2 28,0 24,5 24,9 0 5 10 15 20 25 30 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 10 NOI Rental income
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11 Profit and loss COMMENTS • Rental income growth of 52% in Q3-25 vs Q3-24 • Net operating income increased by 56% to NOK 245 million. • Net Admin expenses was NOK 24 million in Q3-25, excluding one-offs of NOK 3 million • Net financials of 108 million in the quarter compared to 61 million in Q3 2024 • Net income from property management up 40% to NOK 113 million in Q3-25 from NOK 81 million Q3-24 • Positive portfolio value changes of NOK 18 million in the quarter
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COMMENTS • 100 % of portfolio valued externally on quarterly basis • Market value of Investment properties of NOK 15.6 billion • Positive portfolio value changes of NOK 18 million in Q3 25. • Change in Like-for-like portfolio from Q3-24 to Q3-25 of 3.4%. • Management portfolio net yield currently at 6.4 % • Gross/net interest bearing debt of NOK 11.0 billion / 6.7 billion as of Q3-25. • Issued a new NOK 300 million unsecured bond, repaid secured bond of NOK 211 million. • Cash on balance sheet of NOK 4.3 bn as of 30.09.25 Balance sheet Loan to Value EPRA 45.3 % Net Debt/ EBITDA* 8.3 x * Run rate EBITDA ICR* 2.1 * Last 12 months Amounts in NOK million 30.09.2025 30.09.2024 31.12.2024 Investment properties 15 626 9 864 10 880 Cash and cash equivalents 4 277 480 968 Other current and non-current assets 228 80 48 Total assets 20 131 10 424 11 896 Total equity 8 362 5 354 5 714 Total interest bearing liabilities 11 018 4 866 5 963 Other current and non-current liabilities 751 204 240 Total equity and liabilities 20 131 10 424 11 917
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Run rate figures are presented on a 12 months basis from period-end Normalised annual run rate as of 30.09.25 1) Based on active lease agreements at period end. Not including future contracts, and new properties acquired after period end. 2) PPI receives reimbursal of property management fees from management of properties not owned by the Group. The organisation in PPI manages SBB’s remaining Norwegian portfolio. 3) Based on interest rates for existing debt and interest rate derivatives as of quarter end, excluding net forward interest on unutilised funds related to the EUR 350 million bond loan from 25 June 2025. The calculation includes funding costs in connection with development projects in Finland, and interest income on invested project capital. Run rate as of 30.09.25 13 Newly acquired elderly care home in Lier, outside Oslo Rental income + 51 % EBITDA + 51 % NIPM + 84 %
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14 Financing activities • Debt capital are markets open and attractive • Strong international interest for PPI credits • Financing activities in the third quarter: ‒ New NOK 300 m senior unsecured bond, • 3 yr, 3 MN + 159 bps ‒ Repaid NOK 211 m secure bond ‒ Established two new RCF’s: • NOK 700 million and EUR 26,5 million • Unutilised as of 30.9.25 • Financing activities to date in the fourth quarter: ‒ New EUR 300 m senior unsecured bond, • 6 yr, EUR MS + 165 bps Debt capital at increasingly attractive terms Des 24: EUR 300m, 5,25 yr, Fixed 4,625 % (EUR MS +260 bps) Feb 25: NOK 300m, 3 yr, Floating 3MN+175 bps Feb 25: SEK 300m, 3 yr, Floating 3MS+174 bps Mar 25: SEK 550, 3 yr, Floating 3MS+185 bps (tap, merged) Mar 25: NOK 200m, 3 yr, Floating 3MN+185 bps (tap, merged) Aug 25: NOK 300m, 3 yr, Floating 3MN+159 bps Jun 25: EUR 350m, 7,3 yr, Fixed 4375 % ( EUR MS + 215 bps) Okt 25: EUR 300m, 6 yr, Fixed 3.875 % (EUR MS +165 bps)
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1010 4 277 226 750 2 296 3 518 4 063 70 93 50 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 2025 2026 2027 2028 2029 2030 2031 2032 Unutilised credit facilities Cash Bonds Bank Key debt metrics at 30.09.25 Financing position and debt maturities Debt maturity structure as of 30.09.25 • Weighted average debt maturity increased to 4.8 years. • Average cost of debt at 4.99 % p.a. • Ample liquidity on balance sheet • Committed to maintain conservative capital structure • Net debt / EBITDA < 9.0
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Agenda 1. Highlights 2. Operations 3. Financial update 4. Summary and concluding remarks 5. Q&A Q3 2025 PRESENTATION
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696 774 823 1 033 1048 573 633 663 844 856 0 200 400 600 800 1 000 1 200 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Run rate rental income (NOKm) Run rate EBITDA (NOKm)17 Strong growth in run rate income and EBITDA Annual run rate as presented quarterly + ~ 120 million in rental income from ongoing/acquired Finnish development projects on completion + investment capacity on balance sheet + 51 %
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• Strong rental income and margin development ‒ Rental income up by 51 % in Q3 25 and by 44 % YTD 25 (vs same period last year) ‒ Net operating income (NOI) up by 56 % and by 48 % YTD 25 ‒ Cash flow from operations up by 47 % to 220 million in Q3 25 and by 86 % to 579 million YTD 25 ‒ Positive portfolio value changes of NOK 18 million in the quarter • Solid operations and stable underlying cash flows ‒ WAULT of 7.5 years ‒ Signed leases with NOK 9,5 million in annual rent ‒ 98 % occupancy, 80 % government tenants (> 90 % in social infrastructure portfolio) • Transaction activity continues ‒ Three transactions (nine properties) announced in Q3, two transactions (four properties) so far in Q4 ‒ 11 properties within the care/elderly care segment ‒ Supported by attractive demographic trends, expecting strong growth in elderly population in the Nordics • Taking advantage of open and favourable financing market ‒ Issued NOK 300m bond in Q3 and EUR 300m bond in Q4 at increasingly favourable terms ‒ Ample liquidity on balance sheet, supporting further growth Concluding remarks 18 Care property portfolio in Finland - New build project (Q4 transaction)
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Agenda 1. Highlights 2. Operations 3. Financial update 4. Summary and concluding remarks 5. Q&A Q3 2025 PRESENTATION
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Public Property Invest ASA Tordenskiolds gate 8-10 0160 Oslo We are a Norwegian property company with a long-term strategy of owning, operating and developing social infrastructure properties in a sustainable manner. publicproperty.no