Slides
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How to change background image: • Right-click and select Format Background. • Under Fill, select Picture or texture fill. • Under Picture Source, select Insert. Q4/FY 2025 presentation 25 February 2026 PUBLIC PROPERTY INVEST ASA
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Hovedfarger Støttefarger Key events in Q4-25 2 A year of significant growth and solid shareholder returns 17,57 23,35 Total shareholder return (NOK per share) Portfolio value (NOK bn) Run rate rental income (NOKm) 774 3 673 10,9 54,2 31.12.24 31.12.25 31.12.24 31.12.25 31.12.24 0,35 5.0x 4.7x + 35 % Shareprice Dividend paid 2025 ▪ Transformative acquisition of ~NOK 38 bn Social Infrastructure portfolio (737 properties across the Nordics) ▪ Creating a leading, listed social infrastructure platform with GAV of NOK 54 bn post transaction ▪ Announced board intention to propose dividend of NOK 1 per share to AGM (100 % increase since 2025) ▪ Started preparations for re-domiciliation to Sweden and Nasdaq Stockholm listing ▪ Delivered ~ 5x growth in portfolio value and run rate rental income ▪ Rental income up by 65 % to NOK 1,089 million and net operating income up by 63 % to NOK 979 million in 2025 ▪ Net income from property management up by 73 % to NOK 468 million, cash flow from operations up by 87 % to NOK 874 million i n 2025 ▪ From purely Norwegian to large pan-Nordic social infrastructure provider ▪ Focused on maximizing shareholder values and maintaining a conservative balance sheet ▪ Total shareholder return of ~35 % in 2025, ~70 % since IPO in April 2024 31.12.25
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Hovedfarger Støttefarger 850 # 2.2m sqm. 54 bn NOK Properties Lettable area Gross asset value 3.7bn NOK 3.0bn NOK 2.7bn NOK Rental income Net operating income Run rate EBITDA 84 % 95 % 7.3 years Government-backed leases Occupancy WAULT (incl. project portfolio) 5.7 % 9.5 X 48.3 % Net yield Adj. Net Debt/EBITDA Loan to Value 3 PPI at a glance Geographical distribution (Gross asset value) 29% 53% 16% 2% 84% 16% NOK 3.7bn Norway Sweden Finland Denmark Government backed Other NOK 54 bn Tenant distribution (Rental income) 31.12.2025
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Hovedfarger Støttefarger NOK 38bn 737 1,585k NOK 23,413 Gross asset value # Properties Sqm Gross asset value /Sqm NOK 2.6bn NOK 2.0bn 6.3yrs 94% Rental income Net operating income WAULT Occupancy 4 Transformative acquisition of NOK 38 bn Social Infrastructure portfolio 75% 18% 5% Sweden Finland Norway 2% Denmark NOK 38bn Portfolio gross asset value per country Portfolio gross asset value per segment ~86 % of rental income from government backed tenants ‒ Creating the largest listed social infrastructure real estate company in Europe • More than tripling PPI’s portfolio size to NOK 54bn across 850 properties, • Significantly strengthening PPI’s strategic positioning and capital markets profile ‒ Acquisition price ~ 8 % below gross asset values ‒ Transaction financed by NOK 13.8bn in new equity, NOK 13.9bn in unsecured bridge loan facility and cash on balance sheet ‒ Aker ASA through APG Invest directly and indirectly contributing with NOK 5.4 bn in new equity ‒ Closed on 16 December 2025 37% 19% 13% 14% 8% 8% Elderly care LSS Other health care Government infrastructure Public offices 1% Education Other social NOK 38bn Elderly and-- healthcare 69%
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Hovedfarger Støttefarger • Long-term relationships with municipalities and government bodies • High occupancy, maintained over time • Specialised and purpose-built portfolio, ~70 % within elderly- and healthcare • High barriers of entry, high propensity to prolong • Predictable and uniquely stable income streams • 86% from “AAA” government-backed tenants • CPI linked lease contracts • Long WAULT • Located across solid Nordic markets supported by favorable tailwinds, 75 % in Sweden 5 Acquired a high-quality portfolio with 86% government-backed leases
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Hovedfarger Støttefarger 6 Established a unique, large, and scalable social infrastructure platform across attractive Nordic markets 29% 53% 16% Norway Sweden Finland 2% Denmark NOK 54bn Portfolio location post transaction Nordic population estimated to outpace rest of Europe Sovereign credit rating
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Hovedfarger Støttefarger 50%50% 7 Increased exposure to growing elderly and healthcare segments Elderly- and healthcare 50% ~ 50 % of portfolio values in elderly- and healthcare segment NOK 54bn
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Hovedfarger Støttefarger 84% 16% Government backed tenantsOther social infrastructure 8 …and increased exposure towards defensive, government-backed tenants on long leases 84 % government backed tenants NOK 3.7bn Government backed tenants Selected tenants WAULT of 6.9 yrs (7.3 yrs if including project portfolio) Waul t chart
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Hovedfarger Støttefarger November 2024 Fitch assigns IG-rating (BBB- positive) First transaction in Sweden May 2025 Aker Property Group makes strategic investment in PPI June 2025 EUR 350m bond November 2025 SocialCo transaction NOK 13.8 bn in new equity Rating upgrade to BBB+ December 2024 First EUR bond (300m) and Rating upgrade to (BBB) March 2025 First transaction in Finland October 2025 EUR 300m bond January 2026 EUR 900m bonds 0 Q2-24 Q3-24 16 Q4-24 18 Q1-25 20 Q2-25 22 Q3-25 24 Q4-25 26 Q1-26 14 Source: FactSet as of 20.02.20269 Proven unique access to capital markets - Raised NOK 17.9bn in new equity and EUR 1.85 bn in the euro bond market since IPO 29.04.2024 IPO ~70% rise in share price NOK 2.8 bn in new equity NOK 2.3 bn in new equity
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Hovedfarger Støttefarger 10 Established a strong and supportive shareholder base - Targeting Nasdaq Stockholm listing in Q2 2026 Shareholder Ordinary A-shares Non-voting B shares Total number of shares % of share capital %of voting rigths SBB I NORDEN 196 902 166 186 964 125 383 866 291 40,6 % 34,2 % APG Invest 137 487 381 182 353 200 319 840 581 33,9 % 23,9 % Verdipapirfondet DNB Norge 11 835 019 11 835 019 1,3 % 2,1 % Folketrygdfondet 10 500 000 10 500 000 1,1 % 1,8 % Skagen Vekst 8 627 033 8 627 033 0,9 % 1,5 % J.P. Morgan 8 124 212 8 124 212 0,9 % 1,4 % Midelfart Capital 6 923 083 6 923 083 0,7 % 1,2 % DNB Markets Aksjehandel/-analyse 6 660 706 6 660 706 0,7 % 1,2 % J.P. Morgan 6 086 281 6 086 281 0,6 % 1,1 % Verdipapirfondet DNB SMB 5 503 984 5 503 984 0,6 % 1,0 % Total 10 largest shareholders 398 649 865 369 317 325 767 967 190 81,3 % 69,3 % Other shareholders 176 721 124 176 721 124 18,7 % 30,7 % Total 575 370 989 369 317 325 944 688 314 100,0 % 100,0 % Shareholder structure • As registered in VPS on 20 February 2025. • PPI is in process of issuing 979,696 new shares in connection with the recently completed repair issue ‒ Process for re-domiciliation to Sweden and primary listing on Nasdaq Stockholm initiated, with Secondary listing on Oslo Børs • 53% of portfolio now based in Sweden • Large and liquid Real Estate sector on Nasdaq Stockholm • Estimated timing: May/June 2026 Nasdaq listing process
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Hovedfarger Støttefarger 11 Ongoing projects adding NOI of ~NOK 132 million on completion Property Location Environmental qualifications Completion Project Area (sqm) Occupancy (%) Total project cost (€ mill) Of which accrued (€ mill) Yield on cost (%) Maurinkatu 1 Helsinki LEED Gold Q4-26 / Q1-27 5 000 100 % 28 13 6,2 % Metallimiehenkuja 6-8 Espoo LEED and WELL Core Platinum Q4-26 15 700 100 % 79 45 6,2 % Three care properties Helsinki region EPC rating A Q4-26 / Q1-27 8 080 100 % 28 2 6,5 % Total 28 780 135 59 6,3 % Development projects in Finland Net yield on invested capital paid during construction period, booked as interest income in the P&L At completion, the projects (incl one project in Sweden and one in Finland) will add net operating income of NOK 132 millio n on completion late 2026/early 2027
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Key financials
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Hovedfarger Støttefarger EPRA NRV per shareNet income from property managementRental income and NOI Financial highlights 141 148 164 173 177 205 233 262 389 0 50 100 150 200 250 300 350 400 450 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 36 52 77 81 61 92 116 113 147 0 20 40 60 80 100 120 140 160 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 26,0 26,2 27,2 28,0 24,5 24,9 27,3 0 5 10 15 20 25 30 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 13 NOI Rental income
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Hovedfarger Støttefarger 14 Profit and loss COMMENTS • Rental income increased by 120 % to NOK 389 million in Q4 and by 64 % to NOK 1 089 million in 2025 • Change in like-for-like management portfolio from Q4-24 to Q4- 25 of 3.4 % • Net operating income of NOK 332 (161) million in Q4 and NOK 979 (598) million in 2025 • Net admin expenses was NOK 35 million in the fourth quarter, primarily reflecting the continued expansion of the property portfolio • Net income from property management up by 142 % to NOK 147 million in the fourth quarter and by 73 % to NOK 468 million in 2025 • Net realised financials of 149 million in the quarter, affected by large cash balance /bond issues not put into work in the quarter • Positive portfolio value changes of NOK 43 million in the quarter
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Hovedfarger Støttefarger COMMENTS • 100 % of portfolio valued externally on quarterly basis • Market value of Investment properties increased to NOK 54.2 billion • Change in Like-for-like management portfolio from Q4-24 to Q4-25 of 2.7 % • Management portfolio net yield currently at 5.7 % • Gross/net interest bearing debt of NOK 28.3 billion / 27.3 billion as of Q4- 25. • NOK 13.9 bn bridge financing established in connection with SocialCo transaction • Cash on balance sheet of NOK 1.1 bn as of 31.12.25 Balance sheet Loan to Value 48.3 % Net Debt/ EBITDA* 9.5 x * Run rate EBITDA inclusive projects under constructions ICR* 2.1 * Last 12 months
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Hovedfarger Støttefarger 16 Financing activities • Financing activities in the fourth quarter: ‒ Issued new EUR 300 million bond ‒ Established SEK 12.7 bn bridge financing in connection with the SocialCo transaction ‒ Rating upgrade to BBB+ ‒ Established Sustainable Financing Framework • Financing activities to date in the first quarter: ‒ Issued two new social bonds totalling EUR 900 million ‒ Repaid SEK 9.2 bn of bridge financing ‒ Commitments for NOK 5.1 bn in new RCF’s Key debt metrics at 31.12.25 • Weighted average debt maturity at 4.9 years as of year-end • Average cost of debt at 4.27 % p.a. • Share of fixed rate 43 % as of yearend, (increased to 72 % after partial repayment of bridge facility) • Ample liquidity on balance sheet • Committed to maintain conservative capital structure
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Hovedfarger Støttefarger Debt maturity structure Debt maturity structure as of 31.12.25, adjusted for Q1 refinancing activities • Well diversified maturity profile • Remaining bridge financing of SEK 3.5 bn in process of being refinanced • NOK 5.1 bn in signed or committed RCF’s NOK billion
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Hovedfarger Støttefarger Run rate figures are presented on a 12 months basis from period-end 1) Based on active lease agreements at period end. Not including future contracts, and new properties acquired after period end. Rents are CPI adjusted according to specifications in lease agreements. 2) Net administration expenses reflects the Group’s expected steady -state cost level. PPI is in an ongoing transition phase with organisational and structural changes. The costs do not include any transaction costs nor costs in connection with the transition phase. The adm inistration expenses are expected to normalise over time as the organisation is fully integrated. 3) Based on interest rates for existing debt and interest rate derivatives as of quarter end. The calculation includes funding c osts in connection with development projects in Finland, and interest income on invested project capital. 4) Net debt is adjusted to reflect an unsettled amount related to the preliminary purchase price allocation, following the compl etion of the SocialCo transaction. 5) This is to illustrate Net debt/Run Rate EBITDA adjusted for ongoing construction projects primarily in Finland Run rate as of 31.12.25 18 Kulan 1, New-built elderly care home, Ängelholm
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Concluding remarks
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Hovedfarger Støttefarger 692 696 774 823 1 033 1048 3686 575 573 633 663 844 856 2742 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Run rate rental income (NOKm) Run rate EBITDA (NOKm) Significant income and results growth -> strong shareholder returns 0 Q2-24 16 18 20 22 24 26 14 + ~ NOI of 130 million from ongoing dev. projects Total shareholder return of ~70 % since IPO (incl. dividends) Shareprice Shareprice development (NOK per share
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Hovedfarger Støttefarger Capital distribution and allocation 0,10 0,10 0,15 0,15 0,25 0,25 0,25 0,25 0,00 0,10 0,20 0,30 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Declared Proposed NOK 0.5 per share NOK 1 per share 100 % growth in proposed dividend 157 % growth in dividend payment 2025 vs 2026 • PPI has maintained a disciplined capital structure with LTV below 50 % since the IPO, while also growing the company significantly • Our capital allocation strategy is focused on maximizing shareholder values and maintaining a conservative balance sheet • PPI is a dividend company and introduced a quarterly dividend payment structure in 2025 ‒ The Board has communicated an intention to propose a dividend of NOK 1 per share split in quarterly installments of 0.25 per share from July 2026. ‒ The proposal will result in total dividends of NOK 0.9 per share paid in 2026, representing an increase of 157 % since 2025
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Hovedfarger Støttefarger • Strong deliveries in 2025 ‒ ~ 5x growth in portfolio value and run rate rental income ‒ Moved the company from being purely Norwegian to a large pan -Nordic social infrastructure provider ‒ Total shareholder return of approx. 35 % in 2025 , approx. 70 % since IPO in April 2024 • Transformative transaction of NOK 38 bn social infrastructure portfolio completed in Q4 ‒ Uniquely large, stable, and scalable social infrastructure platform across attractive Nordic markets ‒ Established PPI as the largest listed social infrastructure company in Europe ‒ Diversified and de-risked portfolio structure with ~50 % exposure to growing elderly - and healthcare segment • Stable, long-term cash flows and dividend capacity ‒ 84% government backed, 7.3 yrs wault (including project portfolio) ‒ Board intention to propose dividend of NOK 1 per share, split quarterly (+ 157 % in dividends paid 2026 vs 2025) • Determined to maintain solid balance sheet ‒ BBB + rating, long term LTV < 50 % and Net debt/EBITDA < 9x • Applying for Nasdaq primary listing, with secondary listing on Oslo Børs ‒ Expected to complete in May/June 2026 • Focus areas going into 2026: ‒ Building pan-Nordic organization with focus on operational excellence ‒ Chasing financial synergies from increased size and diversified portfolio structure Q3 2024 presentation22 Concluding remarks Sara Kulturhus, Skellefteå