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FOURTH QUARTE R 2024 STENDÖRREN
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1) Property portfolio as per December 31, 2024 2) Excluding projects and land, 12 months average 3) Average unexpired lease term – economically weighted 4) Interest bearing debt in relation to total assets SEK 14.3 bn PROPERTY VALUE 1 6.4 % NOI YIELD 2 LETTABLE AREA 1 SQ.M. 857,000 52 % LTV 4 4.4 years LEASE DURATION 3 SQ.M. 637,000 BUILDING RIGHTS 1 Investor Presentation 2 Picture: Almnäs Development Phase I SNAPSHOT OF STENDÖRREN LIGHT INDUSTRY LOGISTICS WAREHOUSE RESIDENTIAL BUILDINGS RIGHTS Warehouse and logistics, 36% Light industrial, 43% Office, 17% Retail, 4% PROPERTY TYPE (by rental income ) Stockholm municipality, 27% Rest of Stockholm, 29% Rest of Mälardalen, 32% Gothenburg region, 2% Copenhagen/Oslo/Helsinki, 10% GEOGRAPHY (by rental income )
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Investor Presentation 3 Picture: Viby 19:66 STENDÖRREN HISTORY IN SHORT Listed at Nasdaq Stockholm Mid cap PROPERTY VALUE 2014 2.2 BN 31 PROPERTIES 201 4 Acquisition driven growth Listed on Nasdaq Stockholm, Fir st North Geographic expansion (west of Sweden, Copenhagen, Oslo and Helsinki) Accelerated project development • ~18.000 sqm completed LTM • ~41.000 sqm ongoing… • …adding SEK ~55m in NOI 2015 PROPERTY VALUE 2015 4.9 BN 81 PROPERTIES 2016 PROPERTY VALUE 2016 5.8 BN 95 PROPERTIES 2017 PROPERTY VALUE 2017 6.5 BN 100 PROPERTIES 2018 PROPERTY VALUE 2018 8.4 BN 121 PROPERTIES 2019 PROPERTY VALUE 2019 8.9 BN 122 PROPERTIES 2020 PROPERTY VALUE 2020 9.5 BN 123 PROPERTIES 2021 PROPERTY VALUE 2021 11.7 BN 135 PROPERTIES 2022 PROPERTY VALUE 2022 12.4 BN 148 PROPERTIES 2023 PROPERTY VALUE 2023 12.6 BN 151 PROPERTIES PROPERTY VALUE 2024 14.3 BN 160 PROPERTIES 2024
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Investor Presentation 4 Picture: Boländerna 35:4 4 REASONS TO INVEST IN STENDÖRREN • High yielding asset class • L ong leases • Diversified tenant base STABLE CASH FLOW 1. • Growth locations - Greater Stockholm and Mälardalen region • Rent levels increase in urban locations – increasing demand and stable / decreasing supply • E - commerce as growth driver SUSTAINABLE GROWTH 2. 3. • ~637.000 sqm of building rights vs ~857.000 sqm of standing assets (i.e. ~+75%) • Conversion potential to residential among selected properties VALUE GROWTH IN PROJECT S 4. • Bank debt from leading Nordic banks • Capital market based financing as complement FINANCE
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Investor Presentation 5 Picture: Båglampan 25 development STRONG RENTAL INCOME AND NOI GROWTH • 11% NOI increase (Q4 2024 vs Q4 2023) and 7% NOI increase (YoY) ACCELERATED GROWTH DURING H2 2024 – BOTH ACQUISITION AND DEVELOPMENT DRIVEN • Eleven properties acquired for SEK 1,190m at an initial yield of 7.0%… • …including completed projects, investments of SEK 1,453m at a yield of 7.2% • Several projects started: Approx. 41,000 sqm ongoing projects • Ongoing and recently completed projects expected to add approximately SEK 57m in NOI upon leasing and completion STRONG SURPLUS RATIO • 79% as of Q4 (12 month average) STRONG LETTING • Positive contribution from renegotiation of lease agreements - 6% average increase on renegotiated leases • Vacancy 7.7% stable in spite of challenging economic environment • Positive net letting of SEK 29m 2024 and SEK 24m Q4 2024 – highest ever! NOI DEVELOPMENT (MSEK) 87 88 89 87 87 89 91 92 95 94 93 92 66 67 70 74 73 74 76 75 76 79 79 79 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 Occupancy Surplus ratio OPERATIONAL HIGHLIGHTS ECONOMIC OCCUPANCY & SURPLUS RATIO (%) 98 107 93 118 115 127 121 111 123 127 127 129 139 144 136 157 178 174 163 168 183 185 182 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 CAGR (year): 13%
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Investor Presentation 6 Picture: Librobäck 21:3 development ATTRACTIVE FINANCING CONDITIONS FUELING GROWTH • Additional secured bank debt at lower margins • Strong demand from bank and capital market INTEREST - RATE RESILIANCE • Approx 59% of interest - bearing debt hedged with a “ Stibor ” currently at 1.6% • Average maturity of hedges 3.3 years GREEN - AND SUSTAINABILITY LINKED FINANCING • 29% Green • 25% Sustainability Linked ADEQUATE FINANCIAL RESOURCES FOR FUTURE GROWTH • Directed issue of shares (ABB) of SEK 505m with broadening of shareholder base ICR (TIMES) 35% FINANCIAL HIGHLIGHTS EQUITY RATIO (%) 20% 2.0 Times 2,2 2,1 1,9 1,8 2,0 2,2 2,5 2,9 2,8 2,9 3,0 3,0 3,2 3,3 3,0 2,6 2,3 2,3 2,1 2,0 2,0 2,0 2,0 2,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 32 32 40 41 40 40 40 40 41 43 44 43 44 42 42 41 40 39 38 37 37 39 35 37 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024
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Investor Presentation 7 SEK 1.2BN ACQUIRED DURING H2 2024 VIA SEVEN TRANSACTIONS Uppsala Portfolio Uppsala Location 18,600 sq.m. Lettable area SEK 545m Property value Kalliotie 2 Tuusula, Helsinki Region Location 13,600 sq.m. Lettable area SEK 131m Property value Bårhult 1:121 & 1:122 Gothenburg Location 6,400 sq.m . Area SEK 127m Property value Lyftkranen 3 Södertälje Location 1,980 sq.m. Lettable area SEK 42m Property value Mølladammen Næringspark Bærum , Oslo Region Location 15,600 sq.m . Lettable area SEK 245m Property value 68% 21% 11% Geography – Transaction Volume Swe Nor Fin 2024 Acquisition Key Metrics SEK 1.2bn Volume 7.0% Initial yield 11 No of properties
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Investor Presentation 8 COMPLETED PROJECTS DURING 2024 Almnäs 5:24 (6.2) Södertälje Municipality Light industrial Premises 2,300 sq.m . Area Q1 2024 Completion Svalehöjvej 17 Egedal , Copenhagen region Municipality Light industrial Premises 3,300 sq.m . Area Q4 2024 Completion Filmremsan 2 Stockholm Municipality Light industrial Premises 2,400 sq.m . Area Q4 2024 Completion 55% 45% Logistics Light industrial 17,700 sq m Combined occ. rate 93% Stenvreten 8:37 Enköping Municipality Logistics Premises 9,700 sq.m . Area Q4 2024 Completion Key Metrics SEK 285m Total Investment SEK 263m Total Capex SEK 22m Total NOI 7.6% Yield on Total Investment 8.3% Yield on Capex 2.1x Implicit building rights value vs book value building right
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Investor Presentation 9 Picture: Viby 19:66 • Fully developed up to an additional 637,000 sqm can be created, evidencing a substantial growth potential in the portfolio • The vast majority of the building rights are located in the greater Stockholm region • The aim is to develop the project pipeline on a pre - let basis why the timing of possible construction start depends on the pace of leasing activities Estimated Possible Construction Start 2 Status Zoning Estimated building right sq. m. 1 Envisaged main use Municipality 2025 - 2026 Within current zoning 377 000 Logistics Upplands - Bro 2025 - 2026 Within current zoning 55 000 Logistics Flen 2025 - 2026 Within current zoning 42 200 Logistics Södertälje 2025 - 2026 Within current zoning 5 800 Light industrial Frederikssund 2025 - 2026 Within current zoning 5 000 Light industrial Nynäshamn 2025 - 2026 Within current zoning 5 000 Logistics Eskilstuna 2025 - 2026 Within current zoning 3 700 Light industrial Botkyrka 2025 - 2026 Within current zoning 2 700 Light industrial Enköping 2025 - 2026 Within current zoning 2 000 Light industrial Enköping 2025 - 2026 Within current zoning 2 000 Light industrial Västerås 2025 - 2026 Within current zoning 2 000 Light industrial Göteborg 2025 - 2026 Within current zoning 2 000 Light industrial Järfälla 2025 - 2026 Within current zoning 2 000 Light industrial Botkyrka 2025 - 2026 Within current zoning 1 500 Light industrial Upplands - Bro 2025 - 2026 Within current zoning 1 000 Light industrial Uppsala 2025 - 2026 Within current zoning 80 000 Residential Botkyrka 2026 - 2027 Zoning change ongoing 7 000 Residential Sollentuna 1) GFA, may deviate from what is technically and commercially viable 2) Start of first phase, projects may include several phases. Note that Stendörren aims to construct on a partially or fully pre - let basis, which is why the timing of construction activities depends on the pace of leasing activities PROJECT PORTFOLIO WITH LARGE POTENTIAL VALUE GROWTH IN PROJECTS
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Investor Presentation 10 Picture: Almnäs Development Occupancy rate Estimated yearly NOI SEKm Estimated remaining Investment SEKm Estimated investment 3 SEKm Size sq. m. 2 Earliest possible completion 1 Current Phase Description Property 0% 3,0 18 52 2 300 Q1 2025 Construction started New light industrial Almnäs 5:23 100% 2,6 9 36 1 200 Q1 2025 Construction started New light industrial Viby 19:30 0% 3,6 13 53 2 300 Q2 2025 Construction started New light industrial Nygård 2:17 (GreenHub) 100% (excl. garage) 6,4 64 97 3 700 Q3 2025 Construction started New light industrial Båglampan 25 37 2 200 Q1 2026 Design and planning New light industrial Vindkraften 2 115 5 200 Q2 2026 Design and planning 4 New logistics Viby 19:66 0% 38,4 404 274 17 000 Q2 2026 Design and planning 4 New logistics Almnäs 5:23 78 3 400 Q2 2026 Design and planning 4 New light industrial Nygård 2:17 (GreenHub) 102 3 500 Q3 2026 Design and planning 4 New logistics Fotocellen 5 54,0 508 844 40 800 Total ongoing projects 54,0 508 844 40 800 Total excluding tenant improvement and refurbishments Occupancy rate Estimated investment 3 SEKm Size, sq. m. 2 Completion Description Property 100% 49 2 300 Q1 2024 New light industrial Almnäs 5:24 49% 37 2 400 Q4 2024 Reconstruction Filmremsan 2 100% 149 9 700 Q4 2024 New logistics Stenvreten 8:37 100% 47 3 300 Q4 2024 Extension light industrial Svavelhöjvej 17 282 17 700 Total completed projects 245 15 300 Total excluded tenant improvements 2) GFA (new production), NLA (tenant improvement) 1) Note that Stendörren primarily aims to commence construction on a partially or fully pre - let basis, which is why the estimated date of completion depends on the date of leasing and the start of construction 3) Includes book value of land for new production 4) Building permit has been obtained ONGOING AND COMPLETED PROJECTS Q4 2024 VALUE GROWTH IN PROJECTS – CONTINUED • 17,700 sqm completed during last 12 months • Ongoing projects of 40,800 sqm • Ongoing and recently completed projects are expected to add approximately SEK 57m in net operating income, depending on the pace of leasing and completion
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Investor Presentation 11 SELECTED ONGOING PROJECTS ALMNÄS 5:23 Municipality : Södertälje Project : New logistics Area: 17,000 sq.m . Status: Building permit obtained NYGÅRD 2:17 Municipality : Upplands - Bro Project : New light industrial Area: 2,300 and 3,400 sq.m. Status: Construction in progress ALMNÄS 5:23 Municipality : Södertälje Project : New light industrial Area: 2,300 sq.m. Status: Construction in progress VIBY 19:66 Municipality: Upplands - Bro Project: New logistics Area: 5,200 sq.m. Status: Building permit obtained BÅGLAMPAN 25 Municipality : Stockholm Project : New light industrial Area: 3,700 sq.m. Status: Construction in progress FOTOCELLEN 5 Municipality : Stockholm Project: New logistics Area: 3,500 sq.m . Status: Building permit obtained VIBY 19:30 Municipality: Upplands - Bro Project: New light industrial Area: 1,200 sq.m. Status: Construction in progress VINDKRAFTEN 2 Municipality : Stockholm Project : New light industrial Area: 2,200 sq.m . Status: Design and planning
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Investor Presentation 12 • Located in the coming logistics hub Stockholm Syd • Close to Södertälje and ca 45km south - west of central Stockholm. Positioned close to major, e.g. E20 and E4 • Acquired 2015 from Peab. The buildings historically used by the army and were in quite poor condition • In 2021 the work to relocated or evict the tenants in the existing buildings started • The construction of the first building, 11,300 sqm of prime logistics space, started in early 2022 and it was completed and let to ISAB in Q2 2023 • High ambition in relation to sustainability via e.g. solar panels and wooden building frames where feasible Overview Work in progress – Partly old and partly new Rendering of a fully developed area Fully Developed Before Development (Q4 2019) 80,000 sqm 27,500 sqm Lettable area N.a. 35% / 9,715 sqm Vacancy 2x vs before development Rent psm (p.a.) 7x vs before development Total rent (p.a.) ALMNÄS – TRANSFORMING AN AREA VALUE GROWTH IN PROJECTS – CASE STUDY
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Investor Presentation 13 Picture: Almnäs Phase I 92% 96% 95% 98% 96% 98% 8% 4% 5% 2% 4% 2% Renewables Non-renewables DISTRIBUTION OF ENERGY SOURCES 0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 4,00 4,50 CLIMATE IMPACT KG CO2/SQ.M* 32% REDUCED CLIMATE IMPACT BETWEEN 2018 - 2023 (KgCO2,e/sq.m) 70 80 90 100 110 120 130 140 ENERGY INTENSITY KWH / SQ.M . 36% IMPROVED ENERGY EFFICIENCY PER SQ.M BETWEEN 2018 - 2023 SDG FOCUS SUSTAINABILITY - ACHIEVEMENTS *standing assets
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OVERALL GOAL: NET ZERO CARBON EMISSIONS ACROSS OUR ENTIRE OPERAT IONS BY 2040 Investor Presentation 14 73% Environmentally certified area out of total area, as of December 31, 2024 SUSTAINABILITY STRATEGY 1,303 KWP Total capacity of installed solar energy as of December 31, 2024 (incl. ongoing installations) 27% Reduction of energy intensity (kvh/kvm) as of December 31, 2024, compared with base year 2020
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Investor Presentation 15 Solar panels Concrete & asphalt with reduced CO2 footprint Charging stations Biodiversity Timber frame Geothermal heating Recycling of construction material Energy performance up to 80% below required level BREEAM certification Particle cleaning building envelope SUSTANABILITY OFFERING
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Investor Presentation 16 Picture: Almnäs Development Phase II ASSET MANAGEMENT DEVELOPMENT ACQUISITIONS • Capitalise on embedded rental growth potential given the asset class in growing macro - / urban micro locations • Continue operational improvements (ref: vacancy and surplus ratio development) • Develop existing building rights in growth areas (~637.000 sqm vs existing portfolio of ~857.000 sqm) • Infills, brown field and green field projects, mainly on pre - let basis • ~41.000 sqm ongoing projects representing additional SEK ~55m in NOI • Acquire yielding single assets / small portfolios off market • Expand in greater Stockholm and Mälardalen • Obtain critical mass in new markets INCREASED FOCUS ON PROFITABLE GROWTH
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THANK YOU!
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Investor Presentation 18 Picture: Almnäs Development Phase II APPENDIX
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Investor Presentation 19 Picture: Almnäs Logistics Development The properties are strategically located in growth areas (population and economic), mainly in Greater Stockholm and the Mälardalen region Growing e - commerce increases the demand for logistic and warehouse properties, especially in urban locations, to meet consumer demand on short delivery times Rent levels are increasing, as demand for logistics and light industrial premises in urban locations increases, while supply is decreasing due to conversions to other use • Return on equity of at least 12 % • EPRA NAV growth of at least 15 % p.a. • Interest coverage ratio of at least 2.0 x • Equity ratio shall be 35 % (never lower than 20 %) Stendörren creates profitable growth in net asset value by managing, developing and acquiring properties Focus on logistics, warehouse and light industrial properties, primarily within the Stockholm region and other markets that are considered attractive over time In addition, Stendörren rezones to develop residential building rights where commercially attractive INTRODUCTION BUSINESS IDEA MARKET OPPORTUNITY FINANCIAL OBJECTIVES
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Investor Presentation 20 Picture: Boländerna 35:4 • Properties strategically located in growth areas such as Greater Stockholm and the Mälardalen region • Growing e - commerce increases the demand for logistic and warehouse properties, especially in urban locations, to meet consumer demand on short delivery times • Rent levels are increasing as demand for logistics and light industrial premises in urban locations increases. While supply is decreasing with urbanization leading to conversions to other use • Further growth via acquisitions and operational improvements • Development of prime logistics, as well as infill development of light industrial assets • In addition, the conversion of selected properties for residential use provides further upside potential 3. VALUE GROWTH IN PROJECT S • Bank debt from several of the leading Nordic banks • Capital market based financing as complement (senior unsecured bonds and hybrid bonds) • Finance policy to balance risk (leverage and refinancing risks) 4. FINANCE SUSTAINABLE GROWTH 2. 4 REASONS TO INVEST IN STENDÖRREN • High yielding logistics, warehouse and light industrial properties with long leases • Diversified tenant base of both well - established small to medium size companies and large multinational businesses from different industries STABLE CASH FLOW 1.
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Investor Presentation 21 Picture: GreenHub Bro PROPERTY PORTFOLIO OVERVIEW • Stendörren has a property portfolio of SEK 14,300m, with a property yield of 6.4% 1 as per December 31, 2024 • Rental value 2 of SEK 991m with an economic occupancy rate of 92% as per December 31, 2024 • Lease agreements that were renegotiated during the period led to an increase in rental values of 6%, on weighted average (Q1 - Q4 2024) PROPERTY DISTRIBUTION 1) Excluding projects and land, 12 months average 2) Estimated earnings capacity as of January 1, 2025 3) Capital goods e.g c ar dealerships Based on rental income, the majority (80%) of the property portfolio consists of warehouse, logistics and light industrial properties Warehouse and logistics, 36% Light industrial, 43% Office, 17% Retail, 4% SEGMENT (rental income ) Greater Stockholm Stockholm, 27% Upplands - Bro, 12% Botkyrka , 5% Södertälje, 4% Täby , 3% Nacka, 3% Järfälla , 2% Other Mälardalen Västerås , 7% Uppsala, 7% Enköping , 4% Eskilstuna, 3% Flen , 2% Other 8% Gothenburg 2% Copenhagen 5% Oslo 3% Helsinki 3% The main part of the property portfolio, by rental income, is located in Greater Stockholm and the surrounding regions GEOGRAPHY (rental income ) The tenant base is diversified and consists of both well - established small to medium sized companies and large multinational businesses from different industries 1 tenant, 21% 2-5 tenants, 37% 6-10 tenants, 17% 11- tenants, 26% TENANTS/PROPERTY (area) DIVERSIFICATION WITH FOCUS ON GREATER STOCKHOLM 1. STABLE CASH FLOW
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Investor Presentation 22 Picture: Kalvsvik 16:23 LARGEST TENANTS AS PER Q4 2024 • Stendörren has an attractive and well - diversified tenant base • Some 800 individual tenants • Well - established small to medium sized companies and large multinational companies • Tenants represent a variety of industries • Largest tenant is Fortifikationsverket that contributes 8% of total rental income • Top ten tenants contribute 19% of total rental income • The weighted average unexpired lease term is 4.4 years Share of total rental income Rental area, th. sq.m. Rental income, SEKm Tenant 8% 129 73 Fortifikationsverket 2% 11 14 Åtta.45 Tryckeri AB 1% 9 12 Mountain Top 1% 7 12 Stockholm Vatten AB 1% 13 12 Unilever Europe BV 1% 5 11 Carla AB 1% 12 11 Södertälje Industriservice AB 1% 5 10 Veho Bil Sverige AB 1% 4 10 Bactiguard AB 1% 6 10 Sätra Motorcenter AB 19% 201 175 Sum DIVERSIFIED TENANT BASE 1. STABLE CASH FLOW – CONTINUED 12 91 129 139 139 392 47 513 315 213 160 143 2024 2025 2026 2027 2028 ≥ 2029 Rental income, SEKm Number of leases MATURITY STRUCTURE LEASE AGREEMENTS
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Investor Presentation 23 Picture: Örnäs 1:14 • The gross regional product in Stockholm per capita is ca 40% higher than the national average • The Stockholm county has the highest portion of the population nationwide shopping on - line, as well the highest average spend 2 000 000 2 250 000 2 500 000 2 750 000 3 000 000 Sources: SCB, Swedish Trade Federation, PostNord/HUI, CBRE 0 20 000 40 000 60 000 80 000 0 100 200 300 400 500 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 E-commerce turnover SEKBn (LHS) No employed in E-commerce (RHS) • E - commerce is forecasted to account for 40% of retail turnover by 2040 (nationwide) with E - commerce logistics expected to need 2.4x the logistics space versus traditional logistics for brick - and - mortar retail • Over the last 20 years the available stock of light industrial, logistics and warehouse assets has remained stable in the wider Stockholm region, whilst significantly reduced in city - fringe locations, whilst the population has grown with approx. 30 % • Growing demand coupled with lagging supply are factors that could continue to push rents higher 2022 – 2040 Forecasted CAGR of 0.77 % Forecasted population growth of 19,900 inhabitants p.a. 2010 – 2021 CAGR of 1.48 % Population growth of 32,800 inhabitants p.a. E - commerce turnover forecasted to grow by ca 12% p.a. until 2030 No employed in E - commerce forecasted to grow by ca 13% p.a. until 2030 or ca 5,100 people p.a. POPULATION STOCKHOLM REGION STOCKHOLM REGION Forecasted E - commerce turnover & employment - Sweden E - commerce & Real estate market implications WHY FOCUS ON THE STOCKHOLM REGION? 2. SUSTAINABLE GROWTH
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Investor Presentation 24 • Located in the coming logistics hub Stockholm Syd • Close to Södertälje and ca 45km south - west of central Stockholm. Positioned close to major, e.g. E20 and E4 • Acquired 2015 from Peab. The buildings historically used by the army and were in quite poor condition • In 2021 the work to relocated or evict the tenants in the existing buildings started • The construction of the first building, 11,300 sqm of prime logistics space, started in early 2022 and it was completed and let to ISAB in Q2 2023 • High ambition in relation to sustainability via e.g. solar panels and wooden building frames where feasible Overview Work in progress – Partly old and partly new Rendering of a fully developed area Fully Developed Before Development (Q4 2019) 80,000 sqm 27,500 sqm Lettable area N.a. 35% / 9,715 sqm Vacancy 2x vs before development Rent psm (p.a.) 7x vs before development Total rent (p.a.) ALMNÄS – TRANSFORMING AN AREA 3. VALUE GROWTH IN PROJECTS – CASE STUDIES
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Investor Presentation 25 • Stendörren’s existing tenant Advania decided to significantly expand their Enköping premises during the fall of 2023 • Construction is ongoing of 9,500 sqm of state of the art logistics premises with estimated completion during December 2024 • Estimated investment of SEK 152m • The tenant has signed a 10 - year lease agreement for the entire building • Very high sustainability targets, BREAAM - SE Excellent, NOLLCO2 (net - zero climate impact), maximized solar panels, geothermal heating, free cooling and electric vehicle charging • The project is a testament to Stendörren’s ability to meet the needs of existing as well as new tenants, even when the demand is very high coupled with a very short timeline Rent psm comparison not meaningful due to primarily open - air storage prior to development STENVRETEN 8:37 – “ADVANIA DREAM HOUSE” Overview Renderings of completed building Original barrack and open air storage At completion (Q1 2025) Before Development (Q2 2013) 9,500 sqm 480 sqm Lettable area 9x vs before development Total rent (p.a.) 3. VALUE GROWTH IN PROJECTS – CASE STUDIES
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RESIDENTIAL CONVERSIONS TEGELBRUKET – TRAVERSEN - SKRUBBA - NYGÅRD • Identifying underutilized assets in urban locations with potential for residential development • The assets have been acquired as cash flow generating properties • As an example, the asset Tegelbruket was acquired in 2016 as a cash flow generating property, with significant value unlocked through rezoning allowing for residential construction on underutilized parking lot • Building permit obtained of 300 (out of 800 apartments), however, due to the prevailing economic conditions, Stendörren does not intend to commence the construction in the near future • Traversen 14 & 15 – Rezoning ongoing • Skrubba Allé and Nygård - Investigating the conditions for pursuing a zoning plan for residential purposes 3. VALUE GROWTH IN PROJECTS – CONTINUED Investor Presentation 26
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Investor Presentation 27 Picture: Heiasvingen 33 NET LETTING (MSEK) High interest - rate hedging (approx. 59% of interest - bearing debt) and extended hedging with forward started swaps (average maturity of 3.3 years) give strong financial flexibility. Strong liquidity ~SEK 500m Net letting of SEK 29m during January – December 2024 New and renegotiated lease agreements with an annual rental value of SEK 103m during Q1 - Q4 Lease renegotiations led to an increase in rental values of 6% 8 - 11 - 2 1 14 - 4 14 16 15 17 7 5 1 8 - 1 - 2 1 - 4 7 24 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 4. FINANCE HIGHLIGHTS FROM Q4 REPORT Excluding bankruptcy of second largest tenant Exploria 89 89 87 87 88 87 88 89 90 91 91 92 94 95 94 94 93 93 93 92 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 ECONOMIC OCCUPANCY (%) 69 70 72 74 73 73 74 74 75 76 75 75 75 76 77 79 78 79 79 79 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 SURPLUS RATIO (%) COMMENTS
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Investor Presentation 28 Picture: Romberga 23:17 Development 15 17 11 11 13 10 9 9 12 22 29 37 35 25 18 1 - 1 - 5 - 8 - 3 - 4 0 4 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 15 14 9 9 10 8 7 7 9 16 20 26 26 22 18 5 1 - 3 - 6 - 5 - 5 - 2 0 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 ROE (%) 2,2 2,1 1,9 1,8 2,0 2,2 2,5 2,9 2,8 2,9 3,0 3,0 3,2 3,3 3,0 2,6 2,3 2,3 2,1 2,0 2,0 2,0 2,0 2,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 32 32 40 41 40 40 40 40 41 43 44 43 44 42 42 41 40 39 38 37 37 39 35 37 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 FINANCIAL TARGETS 12% 15% 2.0 times 35 % 20% 4. FINANCE – CONTINUED NAV GROWTH (%) ICR (times) EQUITY RATIO (%)
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Investor Presentation 29 Picture: Viby 19:66 DEBT FUNDING OVERVIEW • Total interest - bearing debt amounts to SEK 7,791m - Bank debt of SEK 6,531m - Senior unsecured bond debt of SEK 1,300 m • Stendörren uses several of the leading Nordic banks for debt sourcing. Typically, approximately 60 % LTV bank financing • As of December 31, there was available liquidity of SEK 494, in terms of cash of SEK 214, and available credit facilities totaling SEK 280m • Green hybrid bond of SEK 300 million recognized as equity in accordance with IFRS, with an interest rate of Stibor 90 plus 5.50% and a first redemption date in May 2027 • Average loan maturity of interest - bearing debt of approximately 3.1 years • 59% of the interest rates in the company’s interest - bearing debt were hedged and the derivative portfolio is extended with forward started swaps • Average interest rate of approximately 4.2 % on total interest - bearing debt including derivatives as of December 31, 2024 80% 16% 4% Bank debt Sr Unsecured bond Hybrid bond 0 822 2 876 4 126 0 9 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 SEKm 3 232 0 2 700 0 0 1 900 0 500 1 000 1 500 2 000 2 500 3 000 3 500 SEKm LOAN MATURITY INTEREST FIXING 4. FINANCE – CONTINUED DEBT FUNDING
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Investor Presentation 30 Picture: GreenHub Bro • The 3 largest shareholders EQT, Altira and SEB Investment Management, have together 62% of the capital and 78% of the votes • Market cap as per 31 December 2024: SEK 6,538m • The class B - share is currently trading at Nasdaq Stockholm Mid Cap • Stendörren had 3,485 shareholders as per 31 December 2024 • Stendörren Real Estate AB is a company wholly owned by EQT Real Estate II % OF VOTES % OF CAPITAL SHAREHOLDER 56,1 38,8 STENDÖRREN REAL ESTATE AB 14,2 10,0 ALTIRA AB 7,7 13,2 SEB INVESTMENT MANAGEMENT 5,3 9,1 LÄNSFÖRSÄKRINGAR FASTIGHETSFOND 2,3 4,0 CARNEGIE FONDER 2,2 3,8 Handelsbanken Fonder 2,0 3,4 FJÄRDE AP - FONDEN 1,5 2,6 ODIN FONDER 0,9 1,6 Nordea Funds AB 0,5 0,9 MALMER, STAFFAN 7,2 12,4 OTHER SHAREHOLDERS SEKm SEK/share 0 50 100 150 200 250 300 350 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 Equity Long term NAV/share (rhs) Share price (rhs) 4. FINANCE – CONTINUED KEY EQUITY RATIOS AND OWNERSHIP OVERVIEW
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Investor Presentation 31 Picture: Fotocellen 2 • According to the company’s assessment, the total rental income (after deductions for vacancies and discounts) on a rolling 12 - month basis amounts to approximately SEK 991 million. • The company also estimates that current property costs amount to approximately SEK – 202 million on an annual basis. • The portfolio is thus expected to produce an operating net of approximately SEK 789 million as of 1 January 2025 . Assessed earnings capacity 991 Rental Income 991 Total Income - 145 Operating Expenses - 29 Maintenance Costs - 28 Property Tax 789 Net Operating Income - 80 Central Administration - 332 Financial Income and Expenses - 10 Lease Expenses / Ground Rent 367 Income from Property Management 4. FINANCE – CONTINUED ASSESSED EARNINGS CAPACITY AS OF 1 JANUARY 2025