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Q4 2025 Presentation
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2 Q4 2025 Presentation T able of contents 1. Introduction to Stenhus Fastigheter 2. Property portfolio 3. Financials Elias Georgiadis CEO & Board member Mikael Nicander Deputy CEO Tomas Georgiadis CFO T oday’s presenters
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1. Introduction to Stenhus Fastigheter
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4 Q4 2025 Presentation Summary of the report Q4 • Rental income amounted to SEK 271 (245) m. • Profit from property management increased by 30 persent to SEK 114 (86) million, reaching an all-time high. • Changes in the value of investment properties amounted to SEK 30 (72) m. • Cash flow from operating activities amounted to SEK 128 (92) m. • Profit after tax amounted to SEK 131(110) m. Significant events during the quarter • Completed the acquisition of Backaheden and initiated the compulsory redemption process. • Redeemed the existing SEK 600 million bond, with a redemp- tion cost of SEK 10.8 million. • Participated in Krona’s rights issue, increasing ownership to 39.99 percent. Significant events after the quarter • Stenhus Fastigheter formed the holding company Krona Bidco AB together with Sterner. The parties transferred all of their shares (39.99 and 29.90 percent, respectively), corresponding in total to 69.89 percent of Krona Public Real Estate AB, at a price of SEK 35.75 per share. Stenhus Fastigheter owns 57.22 percent of the Holding Company. Consequently, a mandatory bid obligation arises, and the Holding Company shall submit a public cash offer of not less than SEK 35.75 per share. • Stenhus Fastigheter repurchased 8 864 000 own shares. The total holding amounts to 6.739 percent of the shares, meaning that the company has passed the 5 percent threshold in accor dance with the Swedish Financial Instruments Trading Act. Key takeaways • Record financial performance Delivered the strongest operating result in the company’s history, both for the fourth quarter and for the full period. Operating profit amounted to SEK 114 million for the quarter and SEK 413 million for the period. • Increased ownership in Krona: Ownership increased to 39.99 percent following the share issue in Krona. • Delisting and initiated compulsory redemption of Backa heden. • Strengthened interest coverage: The interest coverage ratio (ICR) for the quarter amounted to 2.5x, excluding the redemption of the bond. • Increase in return on equity: Return on equity increaded to 8.8 percent in the fourth quarter. • Proposed increased dividend: A proposed dividend of SEK 0.28 per share, representing a 40 percent increase compared with the previous year. Interest-bearing debt (SEK m) / Net loan-to-value ratio, (Net LTV, %) Interest-bearing debt (SEK m) Net loan-to-value ratio, (Net LTV, %) 8 200 8 000 7 800 7 600 7 400 7 200 55.0 54.0 53.0 52.0 Q4 2025Q4 2024 Q1 2025 Q2 2025 Q3 2025 Profit from property management (SEKm) / Property management earnings per share (SEK)* Profit from property management (SEKm) Property management earnings per share (SEK) *Weighted average number of shares before dilution 120 110 100 90 80 70 0.32 0.30 0.28 0.26 0.24 0.22 Q4 2025Q4 2024 Q1 2025 Q2 2025 Q3 2025
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5 Q4 2025 Presentation 34%23% 34% 5% 2% 2% Stenhus Fastigheter in brief MSEK 1 028 Rental income1 MSEK 820 NOI1 53.2% Net LTV 138 Properties SEK 13.7 bn Market value 1 Earnings capacity per Q4 2025 ² R12 MSEK 461 Earnings capacity1 Clear focus on sustainable growth, operating cash flows, and lease durations. Clear geographic focus on metro- politan areas and growth locations. Vision to become one of the leading real estate companies in Sweden, within the next five years. Properties within five categories: public, grocery anchored, light industrial/logistics, officies in regional cities and non-speculative develop- ment projects. SEK 17 .77 ps EPRA NRV 2.23 x ICR LTM2 6.3 years Lease duration 94.6% Economic occupancy rate Key ratios 2025-12-31 Geographical footprint, % of portfolio value Company overview BB Rating NCR Market value per region Stockholm 34% West 34% Mälardalen 23% East 5% South 2% North 2% 13.7 bn
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6 Q4 2025 Presentation Historical development 1 Loan-to-value is defined as interest-bearing debt, excluding leasing, in relation to fair value of properties. Equity ratio is defined as equity in relation to total assets (excl. IFRS 16 right-of-use assets). Interest coverage ratio is defined as profit from property management after adding back financial expenses in relation to financial expenses Historical development of Stenhus Fastigheter Property value Q4 2022–Q4 2025 Stenhus Fastigheter’s targets 2 02 5-12-31 – Q1 2021, public takeover bid on MaxFastigheter (property value SEK 2,951m) and acquires additional properties (SEK 1,438m) – Q2 2021, offer for MaxFastigheter accepted and right issue (SEK 450m) – Q3 2021, MaxFastigheter consolidates with Stenhus Fastigheter – Q2 2022, Bid Randviken Fastigheter (property value SEK 7,171m ) – Q3 2022, Randviken Fastigheter consolidates with Stenhus Fastigheter – Q4 2023, Backaheden Fastighets AB consolidates with Stenhus Fastigheter 12% Inc Mgmt. result over a business cycle 12% ROE over a business cycle LTV < 60% currently 57.1% Net LTV < 55% currently 53.2% ICR > 2.25x currently 2.23 x LTM R12 Equity ratio > 35% currently 40.5% Avg. tied-up capital > 2.0yrs currently 2.7 years Q1 2025 Q2 2025Q3 2024Q2 2024Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 136 134134153180 163 157 158 161 160 1 -2-19-75 -17 -6 1 3 -1 13.5 13.413.213.6 14.3 13.3 13.0 13.0 13.9 13.913.7 Properties Net acquired/ Net sold properties Q4 2024 135 1 13.4 Q3 2025 140 6 Q4 2025 138 -2 13.7
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7 Q4 2025 Presentation Long-term strategy supported by a value-creating business model Business model and strategy – Long-term strategy is to manage all properties and projects in-house to enable maximum customer knowledge and customer satisfaction and thus deliver in line with the Company’s business model – The Company shall always attempt to find long-term lease agreements with costumers to secure the business model – Property management shall always be a central part of the Company’s business to optimise the property portfolio best way possible Diverse property portfolio Investments in different types of properties will be crucial for Stenhus in order to reach its return targets and to strengthen its cash flow over time – Public properties – Light industrial / Logistics – Grocery anchored – Offices in regional cities – Non-speculative development projects (100% pre-let) Long-term stability In order to generate long-term and stable cash flow, the Company is mainly interested in opportunities with the following characteristics: – Properties with long-term lease contracts, stable cash flows from creditworthy tenants and low vacancies – Opportunistic acquisitions with good opportunities for value creation where new cash flows can be created Stenhus’ investment strategy is anchored in the business model with a focus on cash flow and long lease terms All acquisitions should be done to uphold long-term stability and a diverse property portfolio Light industrial/ logistics Grocery anchored Public Non-speculative project development Officies • Operating efficiency • Cash Flows • Growth opportunities
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8 Q4 2025 Presentation Sustainability efforts Sustainability efforts are based on the UN Sustainable Development Goals Environmental efficiency – Renewable energy – Energy efficiency – Sustainability certifications – Reduced CO2 emissions Sustainable economic growth – Financial stability – Economic growth – Long-term customer relationships Business ethics – Anti-corruption – Code of Conduct – Reduced inequality – Whistle blower function Professional and engaged employees – High competence level – Attractive employer – Personal development – Incentive programs ManagementProperty acquisitionProject development / T enant adaptation T enants Suppliers Financing Coworkers Coworkers Raw materials Shareholders Suppliers Suppliers Recycling Economy Society Environment STENHUS VALUE CHAIN SUSTAINABLE VALUE CREATION FOR FUTURE GENERATIONS
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9 Q4 2025 Presentation Selected projects Stenhus continuously work to identify development opportunities and unused building rights within the stock in order to create additional value and facilitate long-term contractual relationships Librobäck 15:1, Uppsala Fjärilen 22, Uppsala Forellen 19, Tyresö City: Segment: Uppsala Public Project type: Lettable area, sqm: ca. 7 239 sqm Low risk development portfolio with large share of pre-let premises with no speculative elements City: Segment: Uppsala Office Project type: Lettable area, sqm: Emphasis on recycling ca. 3 500 sqm City: Segment: Tyresö Office Project type: Lettable area, sqm: Miljö ca. 8 657 sqm byggnad Silver/Guld
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2. The property portfolio
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11 Q4 2025 Presentation Critical mass of high quality assets in strong property markets 138 properties with a total market value of SEK 13 704 m Rental income Market value per segment Light industrial/logistics 57% Grocery 14% Public 20% Office 9% Market value per region Stockholm 34% West 34% Mälardalen 23% East 5% South 2% North 2% Economic rental rate, % Rented out Vacancy 13.7 bn 13.7 bn Rental income per segment Light industrial/logistics 59% Grocery 16% Public 17% Office 8% Rental income per region West 35% Stockholm 31% Mälardalen 24% East 7% North 2% South 1% Tot a l 95% 90%96% 92% PublicOfficeGrocery Light industrial/ logistics Economic rental rate 95%
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12 Q4 2025 Presentation Diversified tenants and solid WAULT of 6.3 years Lease maturity structure by rental income1 Annual rent Maturity year Area, sq.m Number of contracts MSEK Share of total, % 2025 45 576 48 51 5 2026 130 828 68 131 13 2027 62 032 55 89 9 2028 78 337 58 124 12 ≥2029 481 708 155 612 61 Tot a l 798 480 384 1 006 100 1 Includes contracts with an annual rent that exceeds SEK 200,000 T op 15 largest tenants, rental income1 , accounted for 43.5% of rental income T enant Area, sq.m Number of contracts2 Wault, year Bilia AB 43 504 13 8.1 Alstom Rail Sweden AB 24 906 2 5.8 Santa Maria AB 38 337 1 5.7 Hedin Mobility Group AB 23 586 7 11.3 Botkyrka Kommun 12 935 3 7.5 Dollarstore AB 28 208 9 5.6 Polismyndigheten 14 414 8 4.3 Star Trading i Svenljunga AB (Eglo Leuchten Gmgh) 40 472 1 19.7 Capio Legevisitten AB 7 808 3 9.4 Artifex Systems AB 38 438 1 14.9 Quintus Technologies AB 10 814 4 3.0 Tyresö Kommun 7 995 1 2.7 Momentum Group AB 28 219 1 1.9 Leo´s AB 11 474 3 7.8 ITAB Shop Concept Nässjö AB 24 453 1 6.0 T op 15 355 563 58 7,7 Others 537 818 736 Tot a l 893 381 794 6.3 Economic rental rate, % 94.6 Area-wise rental rate, % 91.0 1 Rental income per 2025-12-31 2 Leases exceeding SEK 500 000 Net lettings, SEKm 2025 Q1 2025 Q2 2025 Q3 2025 Q4 New lease 4.1 2.4 8.1 3.5 Lease renegotiation 1.1 5.0 0.4 0.1 Lease termination -4.0 -4.8 -10.8 -1.9 Net lettings 1.2 2.6 -2.3 1.7 Cumulative net lettings 1.2 3.8 1.5 3.2 Maturity structure of the leases, SEK m Maturity structure of the leases, % Number of contracts, pcs New lease Lease renegotiation Lease termination Cumulative net lettings SEKm 12 8 4 – (4) (8) (12) 2025 Q1 2025 Q2 2025 Q3 2025 Q4 13.0 5.1 8.8 5.9 12.5 5.0 10.3 6.2 4.5 9.2 1.4 160 140 120 100 80 60 40 20 0 80 70 60 50 40 30 20 10 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 ≥2039 1.6 4.4 12.3
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13 Q4 2025 Presentation Selected properties Tyresö Forellen 19 Stockholm Ivalo 1 Botkyrka Samariten 1 Norrtälje Vattumannen 2,3 &4 Västerås Finnslätten 6 Eskilstuna Skiftinge 1:5 & 1:6 Tibro Hammaren 1 Skövde Personbilen 1 Kungsbacka Hede 3:122
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14 Q4 2025 Presentation Selected projects Stenhus continuously work to identify development opportunities and unused building rights within the stock in order to create additional value and facilitate long-term contractual relationships Skiftinge 1:5 & 1:6 Köpmannen 7 City: Eskilstuna Project type: New production Construction end: Q2 2025 Segment: Non food retail/grocery store Project: ca. 1 374 sqm for Jem & Fix with a lease signed for 10 years. Occupancy at completion: 100% Low risk development portfolio with large share of pre-let premises with no speculative elements City: Västerås Project type: Tenant adaptation Construction end: Oct 2025 Segment: Non food retail/grocery store Project: ca. 9 089 sqm for Motonet, Dollarstore, Lindex and Dressman. Lease signed for 5-15 years. Occupancy at completion: 100%
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3. Financials
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16 Q4 2025 Presentation Income statement Rental income and EBITDA, reported (MSEK) Rental income, reported EBITDA, reported Consolidated income statement (SEKt) 2025 Oct- Dec 2024 Oct- Dec 2025 Jan- Dec 2024 Jan- Dec Rental income 270 582 244 932 1 035 951 1 011 796 Property costs -64 671 -54 649 -235 425 -228 319 Net operating income 205 911 190 283 800 526 783 477 Central administration -16 033 -16 022 -68 555 -65 897 Listing costs – -13 815 – -13 815 Results from associated companies 43 164 -1 369 48 829 -26 685 -of which operating profit 1 827 2 301 11 905 9 952 Financial income 27 614 11 011 66 371 56 893 Financial costs -115 827 -99 865 -407 629 -454 806 –of which early redemption of bonds -10 778 – -10 778 – Results including value changes in associated companies 144 829 70 223 439 542 279 167 -of which profit from property management 114 270 87 708 413 396 329 619 Change in value of properties 29 990 72 004 104 446 -112 681 Change in value of financial instruments 9 539 18 937 -15 830 -40 089 Profit before tax 184 358 161 164 528 158 126 397 Current tax -4 356 -18 425 -42 066 -45 783 Deferred tax -48 848 -32 438 -105 992 -24 631 Profit/Loss for the period/year 131 154 110 301 380 100 55 983 Attributable to: The parent company’s shareholders 130 830 107 773 377 078 56 446 Non-controlling interests 324 2 528 3 022 -463 Data per share Profit for the year attributable to the parent company shareholders 130 830 107 773 377 078 56 446 Weighted average number of shares after dilution, thousand 357 376 371 779 363 919 371 503 Profit per weighted average number of shares after dilution, sek 0,37 0,29 1,04 0,15 Rental income and EBITDA, earnings capacity (MSEK) Rental income, earning capacity EBITDA, earnings capacity 1 027 Q4 2025 773 Q4 2024 1 045 Q2 2024 Q3 2024 Q1 2025Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 988 732 Q2 2025 1 006 747 Q3 2025 1026 769782 971 719 962 721 1 065 1 057 1 051 799 791 787 992 739 1 011 753 1 009 750 Q4 2023 265 187 Q1 2024 268 184 Q2 2024 Q3 2024 Q4 2024 Q1 2025Q4 2022 Q1 2023 Q2 2023 Q3 2023 258 185 182 245 177 257 174 Q2 2025 251 178 Q3 2025 258 199 Q4 2025 271 192 235 155 268 189 239 247 175 196 241
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17 Q4 2025 Presentation Current earning capacity and Financial targets 1 Net loan-to-value is defined as net interest-bearing debt, excluding leasing, in relation to fair value of properties. Equity ratio is defined as equity in relation to total assets (excl. IFRS 16 right-of-use assets). Interest coverage ratio is defined as profit from property management after adding back financial expenses in relation to financial expenses Target Policy Outcome Loan-to-value < 60% 57.1% Net loan-to-value1 < 55% 53.2% Equity ratio > 35% 40.5% Interest coverage ratio > 2.25x 2.23x Average duration on debt 2.0 years 2.7 years Average return on equity over a cycle 12% 8.8% Earnings capacity long term as of Q4 2025 Financial targets Adjusted rental income Vacancy Rental income Property expenses Net operating income Central administra- tion Net financial expenses Profit from property manage- ment Result from associated companies 1 086 -59 1 028 -208 820 -62 -313 461 16 Sensitivity analysis of long-term profit from property management, SEK m STIBOR 3M Net operating income change 1.00% 1.50% 2.00% 2.50% 3.00% -10% 411 395 379 363 347 -5% 452 436 420 404 388 0% 493 477 461 445 429 5% 534 518 502 486 470 10% 575 559 543 527 511
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18 Q4 2025 Presentation Balance sheet Assets (SEKt) 2025-12-31 2024-12-31 Investment properties 13 704 255 13 395 030 Plot and right of use assets 200 364 198 498 Intangible assete 4 944 4 564 Other tangible assets 416 498 Shares in associated companies 258 772 99 450 Long-term receivables 35 000 38 006 T otal long-term assets 14 203 751 13 736 046 Account receivables 4 809 6 452 Other receivables 93 848 55 985 Pre-paid expenses and accrued income 83 678 55 856 Cash and cash equivalents 542 803 224 941 T otal short-term assets 725 138 343 234 T otal assets 14 928 889 14 079 280 Equity and Liabilities (SEKt) 2025-12-31 2024-12-31 Share capital 371 779 371 779 Other capital contributions 4 937 973 4 937 973 Retained earnings inc. current profit 656 401 502 096 T otal equity attributable to Parent Company shareholders 5 966 153 5 811 848 Non controlling interest – 110 465 T otal equity 5 966 153 5 922 313 Liabilities Long-term interest-bearing liabilities 6 933 013 6 622 398 Long-term leasing liability 200 364 198 498 Derivatives 16 303 473 Deferred tax liabilities 334 513 228 475 T otal long-term liabilities 7 484 193 7 049 844 Short-term interest-bearing liabilities 1 041 827 764 153 Accounts payable 10 681 13 098 Tax liabilities 52 134 58 683 Other liabilities 120 173 59 131 Accrued expenses and pre-paid income 253 728 212 058 T otal short-term liabilities 1 478 543 1 107 123 T otal liabilities 8 962 736 8 156 967 T otal equity and liabilities 14 928 889 14 079 280 Investment properties (MSEK) and net L TV Net interest-bearing debt Investment properties Net LTV Q3 2024 7 387 13 395 Q1 2025 7 626 13 515 13 704 14 259 13 344 13 046 12 986 13 860 13 721 Q3 2025 Q4 2025Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 7 9758 306 7 792 7 354 7 375 7 957 7 803 Q3 2024 7 403 13 192 Q2 2024 7 699 13 577 53% 53% Q2 2025 7 515 13 400 53% 8 075 13 851 53% 53%55% 53% 54% 53% 55% 55% 53%54%
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19 Q4 2025 Presentation Debt financing and capital structure at a glance Net Loan to Value Interest coverage ratio Gross LTV Net LTV Target of Net LTV below 55% Jan 2024 – Dec 2024 1,8x1.8x 2,2x 2,6x 2,2x 2,2x2,1x 2,1x2,0x 1,9x 1,9x 1,8x Jan 2024 – June 2024 Jan 2024 – Sept 2024 Jan 2025 – March 2025 2,2x Jan 2025 – Sept 2025 Jan 2025 – Dec 2025 Jan 2022 – Dec 2022 Jan 2023 – March 2023 Jan 2025 – June 2025 Jan 2023 – June 2023 Jan 2023 – Sept 2023 Jan 2023 – Dec 2023 Jan 2024 – March 2024 Target of ICR above 2.2x Debt maturity structure (MSEK) ¹ Key ratios 0–1 yrs 356 040 606 outstanding shares before dilution MSEK 7 975 Interest bearing debt 2.7 years Average capital duration MSEK 542.8 Cash & cash equivalents 1–2 yrs 2–3 yrs >3 yrs 118 8% 5 690 71% 1 256 16% 911 11% 1 In addition to credit maturities of SEK 911.1 million < 1 year, the Company also reports in the balance sheet the short-term part of long-term financing of SEK 130.8 million under short-term interestbearing liabilities. All credit maturities < 1 year refers to secure bank loans. June 30 2024 56% 56% 56% 54% Sept 30 2024 56% 53% Dec 31 2024 55% 53% March 31 2025 53% 53% June 30 2025 Sept 30 2025 53% 58% Dec 31 2025 57% 53% Dec 31 2022 57% 55% March 31 2023 57% 53% 55% 54% June 30 2023 55% 53% 57% 57% 55% 55% Sept 30 2023 Dec 31 2023 March 31 2024
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20 Q4 2025 Presentation Shareholders and Calendar Calendar Contact details Largest shareholder 2025-12-31 Shareholder Number of shares Percent Sterner Stenhus Holding AB 90 698 818 24.4 Fastighets AB Balder 85 027 312 22.9 Investment AB Öresund 33 016 084 8.9 Avanza Pension 13 054 138 3.5 FastPartner AB 10 359 254 2.8 Länsförsäkringar Fonder 10 174 667 2.7 First Fondene 8 100 000 2.2 Anna Engebretsen 7 656 162 2.1 Nordnet Pensionsförsäkring 6 127 533 1.6 Uddetorp Invest AB 5 874 954 1.6 Summa 10 största ägarna 270 088 922 72.6 Övriga aktieägare 85 951 684 23.1 Summa utestående aktier 356 040 606 95.8 Aktier som innehas av Stenhus Fastigheter AB 15 738 000 4.2 Summa aktier totalt 371 778 606 100.0 CEO & Board member Elias Georgiadis Phone: +46 707 96 13 34 Email: elias.georgiadis@stenhusfastigheter.se Deputy CEO Mikael Nicander Phone: +46 708 70 35 91 Email: mikael.nicander@stenhusfastigheter.se Company Stenhus Fastigheter i Norden AB (publ) Visiting address: Årstaängsvägen 17 C 117 43 Stockholm Mailing address: Box 44102 100 43 Stockholm info@stenhusfastigheter.se +46 8 410 221 00 Annual Report April 23 2026 Interim report Q2 July 9 2026 Interim report Q3 November 12 2026 Interim report Q1 May 12 2026 Annual General Meeting May 21 2026