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PRESENTATION Recently acquired property in the Helsinki region Erik Ranje CEO, Stendörren erik.ranje@stendorren.se Per - Henrik Karlsson CFO, Stendörren per-henrik.karlsson@stendorren.se
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CONTINUOUS STRONG GROWTH 1) Property portfolio as per December 31, 2025 2) Excluding projects and land, 12 months average 3) Average unexpired lease term – economically weighted 4) Interest bearing debt in relation to total assets PROPERTY VALUE 1) SEK 15.9 bn NOI YIELD 2) 6.4% LEASE DURATION 3) 4. 2 years LTV 4) 53% Property type By net operating income Geography By net operating income ◼ Warehouse and logistics, 35% ◼ Light industrial, 46% ◼ Office, 15% ◼ Retail, 4% ◼ City of Stockholm, 24% ◼ Rest of Stockholm county, 36% ◼ Greater Mälardalen, 26% ◼ Gothenburg region, 2% ◼ Copenhagen, Oslo, Helsinki, 12% LIGHT INDUSTRY LOGISTICS WAREHOUSE Our business FOURTH QUARTER 2025, STENDÖRREN 2 FINANCIAL DEVELOPMENT (excl. non - recurring items related to premature refinancings during second half of 2025 ) CAGR (LTM ): 15% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 NOI (LTM) IFPM (less hybrid interest) per share (LTM) CAGR (LTM): 16 % LETTABLE AREA 1) 922,000 SQ.M. BUILDING RIGHTS 1) 627,000 SQ.M.
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ACCELERATED GROWTH IN Q4 AND BEYOND FOURTH QUARTER 2025, STENDÖRREN 3 Market and overall environment • Still challenging market, however further signs of optimism following supporting macro data • Financing terms on bank- and bond market continue to be attractive Company activities supporting growth in IFPM per share • Significant value-accretive acquisitions and completions of projects - critical mass in Copenhagen • Refinancing (more than 90% of bank debt) to capitalize on improved financing terms • Post year end: Strategic acquisition in Helsinki of SEK 1.3 bn – Critical mass in Helsinki – IFPM per share increase of 13% • Based on earnings capacity as of Jan 1, 2026, on a pro forma basis including the strategic acquisition in Helsinki – IFPM per share increase of 19% vs 1 Oct 2025 – IFPM per share increase of 35% vs 1 Jan 2025 Company activities supporting future IFPM per share growth • Significant pipeline of value-accretive acquisitions and projects • Growth in 2026 financed by available liquidity, running cash flow and interest- bearing financing while complying with financial targets
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OPERATIONAL HIGHLIGHTS, REPORTING PERIOD Strong growth during reporting period • 17% NOI increase, or… – …6% in comparable portfolio • 26% increase in IFPM, or… – …11% if including non-recurring items due to premature refinancings Stable letting • Occupancy increased with 1.4%- point during the reporting period to 94%, in spite of challenging economic environment • Net letting SEK -7.6m during reporting period Strong surplus ratio • 80% as of Q4 (LTM) Accelerated growth since mid 2024 – both acquisition and development driven • Properties acquired for SEK 1.2 bn at a property yield of 6.9%... • …and projects totaling SEK 206m completed at a yield of 8.1% (excl. building rights value) • Several projects ongoing: approximately 47,000 sq.m. with an estimated annual NOI of SEK 64m after completion Financial development (excl. non - recurring items related to premature refinancings during second half of 2025 ) Economic occupancy and surplus ratio, % CAGR (LTM ): 12% 87 88 88 89 89 87 87 88 87 88 89 90 91 91 92 94 95 94 94 93 93 93 92 92 94 94 94 66 67 67 69 70 72 74 73 73 74 74 75 76 75 75 75 76 77 79 78 79 79 79 80 80 80 80 Q2 Q3 Q4 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 2025 Occupancy Surplus ratio (LTM) FOURTH QUARTER 2025, STENDÖRREN 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 NOI (LTM) IFPM (less hybrid interest) per share (LTM) CAGR (LTM): 10 %
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32 32 40 41 40 40 40 40 41 43 44 43 44 42 42 41 40 39 38 37 37 39 35 37 36 38 37 36 Q1 Q2 Q3 Q4 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 2025 2,2 2,1 1,9 1,8 2,0 2,2 2,5 2,9 2,8 2,9 3,03,0 3,2 3,3 3,0 2,6 2,1 1,9 1,9 2,0 1,9 2,02,02,02,02,02,0 2,1 Q1 Q2 Q3 Q4 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 2025 FINANCIAL HIGHLIGHTS , REPORTING PERIOD Interest - rate resilience • Approx 63% of interest-bearing debt hedged with a maximum “ibor” of 2.2% • Average maturity of hedges 4.3 years Still financial resources for future growth • Available liquidity end of year of approximately SEK 985 million • …or SEK 425 million proforma post closing of the large acquisition in Finland Attractive financing conditions fueling growth • In Q2, refinancing of outstanding bonds with a margin of 525 bps through issue of a new bond with a margin of 260 bps • Early refinancing of bank loans, in total just over SEK 5.8 billion (90%) since Q2, where the margin is reduced by approx. 40 bps • Refinancing of loan portfolio reduces financing costs with approx. SEK 36m Green and sustainability linked financing • 31% Green • 50% Sustainability Linked Equity ratio, % ICR, times 20% 35% 2.0 times FOURTH QUARTER 2025, STENDÖRREN 5
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SEK 1.2BN ACQUIRED LTM 12 transactions SEK 1.2 bn MALMINKARTANONTIE 1 Location Helsinki Lettable area 6,800 sq.m. Property value SEK 134m STOCKHOLM PORTFOLIO (FOUR ASSETS) Location Stockholm Lettable area 4,200 sq.m. Property value SEK 97m FRILEDNINGEN 6 & 10 Location Västerås Lettable area 4,300 sq.m. Property value SEK 80m STRÖMBRYTAREN 1 Location Västerås Lettable area 2,700 sq.m. Property value SEK 56m LTM ACQUISITION KEY METRICS Volume SEK 1.2bn Initial yield 6.9% No. of properties 19 Geography By value ◼ Sweden, 46% ◼ Finland, 29% ◼ Denmark, 26% FOURTH QUARTER 2025, STENDÖRREN 6 UPPSALA PORTFOLIO (TWO ASSETS) Location Uppsala Lettable area 6,800 sq.m. Property value SEK 255m DANISH ASSETS (TWO ACQUISITIONS) Location Copenhagen Lettable area 19,200 sq.m. Property value SEK 253m
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ACQUISITION OF THE “FINNISH PORTFOLIO” 14 properties SEK 1.3 bn KEY METRICS Initial yield 7.4% Occupancy 100% Leasable area 63,000 sq.m. No. of tenants >90 Building year ~<50% after 2020 • IFPM per share pro forma increase of 13 percent • Combined with previously completed acquisitions, projects and premature refinancings, IFPM per share as proforma of 1 January 2026 increase by – 19% vs 1 October 2025 – 35% vs 1 January 2025
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SEK 2.5BN ACQUIRED 2025 & 2026 1) 13 transactions SEK 2.5 bn MALMINKARTANONTIE 1 Location Helsinki Lettable area 6,800 sq.m. Property value SEK 134m STOCKHOLM PORTFOLIO (FOUR ASSETS) Location Stockholm Lettable area 4,200 sq.m. Property value SEK 97m FRILEDNINGEN 6 & 10 Location Västerås Lettable area 4,300 sq.m. Property value SEK 80m STRÖMBRYTAREN 1 Location Västerås Lettable area 2,700 sq.m. Property value SEK 56m LTM ACQUISITION KEY METRICS Volume SEK 2.5bn Initial yield 7.0% No. of properties 33 Geography By value ◼ Sweden, 21% ◼ Finland, 67% ◼ Denmark, 12% FOURTH QUARTER 2025, STENDÖRREN 8 1) Full year 2025 including recent portfolio acquisition in Finland UPPSALA PORTFOLIO (TWO ASSETS) Location Uppsala Lettable area 6,800 sq.m. Property value SEK 255m FINNISH PORTFOLIO (14 ASSETS) Location Helsinki region Lettable area 63,000 sq.m. Property value SEK 1.3bn
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CRITICAL MASS IN HELSINKI AND COPENHAGEN 9 PORTFOLIO OVERVIEW • Scaled and geographically concentrated portfolios in Finland and Denmark through a series of successful strategic acquisitions • Critical mass for efficient local property management HEL - FI CPH - DK KEY METRICS HELSINKI COPENHAGEN Number of properties 22 17 Total GLA (sq.m.) 105,000 62,000 Property Value (SEKm) 1,872 894 10km radius from airport 20km radius from inner city
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SEK 241 MILLION IN COMPLETED PROJECTS 2025 ALMNÄS 5:23 Municipality Södertälje Premises Light industrial Area 2,300 sq.m. VIBY 19:30 Municipality Upplands-Bro Premises Light industrial Area 1,200 sq.m. BÅGLAMPAN 25 Municipality Stockholm Premises Light industrial Area 3,700 sq.m. NYGÅRD 2:17 Municipality Upplands-Bro Premises Light industrial Area 2,300 sq.m. KEY METRICS Total investment SEK 241m Total capex SEK 206m Total NOI SEK 17m Yield on total investment 6.9% Yield on capex 8.1% Implicit building rights value vs. book value building right 2.0x Completed projects LTM Completion Q1 2025 Completion Q4 2025Completion Q2 2025 84% COMBINED OCC. RATE LIGHT INDUSTRIAL 100% FOURTH QUARTER 2025, STENDÖRREN 10 Completion Q2 2025 9,500 sq.m.
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EXAMPLES OF ONGOING PROJECTS Construction in progressBuilding permit obtained Construction in progressConstruction in progress Construction in progressConstruction in progress -- ALMNÄS 5:23 Municipality Södertälje Premises New logistics Area 17,000 sq.m. NYGÅRD 2:17 (GREENHUB) Municipality Upplands-Bro Premises New light industrial Area 3,200 sq.m. VINDKRAFTEN 2 Municipality Stockholm Premises New light industrial Area 1,900 sq.m. FOTOCELLEN 5 Municipality Stockholm Premises New logistics Area 3,800 sq.m. VIBY 19:66 Municipality Upplands-Bro Premises New logistics Area 5,300 sq.m. ALMNÄS 5:23 Municipality Södertälje Premises New light industrial Area 2,100 sq.m. FOURTH QUARTER 2025, STENDÖRREN 11 VEDDESTA 2:53 Municipality Järfälla Premises New light industrial Area 2,400 sq.m. ALMNÄS 5:24 Municipality Södertälje Premises New light industrial Area 6,500 sq.m. Building permit obtained Construction in progress
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VALUE GROWTH IN PROJECTS • Located in the emerging logistics hub Stockholm Syd, close to Södertälje and approximately 45 km south-west of central Stockholm, with direct access to major routes E20 and E4 • Acquired from Peab in 2015. The buildings were originally used by the Swedish Armed Forces and were in poor condition at the time of acquisition • In 2021, Stendörren initiated the relocation and eviction of existing tenants to enable redevelopment of the area • The first building, comprising 11,300 sq.m. of prime logistics space, was completed and let to ISAB in Q3 2023 • Almnäs represents a long-term opportunity to transform a former military site into a modern logistics cluster within Greater Stockholm ALMNÄS – TRANSFORMING AN AREA CASE STUDY BEFORE RE - DEVELOPMENT Before development (Q4 2019) Fully developed Lettable area 27,500 sq.m. 80,000 sq.m. Vacancy 35%/9,715 sq.m. N/A Rent psm (p.a.) 2x vs before development Total rent (p.a.) 7x vs before development RENDERING OF A FULLY DEVELOPED AREA FOURTH QUARTER 2025, STENDÖRREN 12
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OUTLOOK - CONTINUED FOCUS ON PROFITABLE GROWTH FOURTH QUARTER 2025, STENDÖRREN 13 ACQUISITIONS ASSET MANAGEMENT DEVELOPMENT FINANCING • Significant pipeline of value-accretive acquisitions and projects • Acquire yielding single assets/small portfolios off market • Expand in greater Stockholm • Obtain critical mass in new markets (i.e. Oslo and Gothenburg), subject to market conditions • Develop existing building rights in growth areas (~627,000 sq.m. vs existing portfolio of ~922,000 sq.m.) • Infills, brown field and green field projects • Larger logistics mainly on pre-let basis • ~47,000 sq.m. ongoing projects representing additional SEK ~64m in NOI • Improved business cycle may cater for capitalizing on embedded rent growth and further improved occupancy • Continue operational improvements (ref: vacancy and surplus ratio development) • Growth in 2026 financed by available liquidity, running cash flow and interest-bearing financing, within financial targets
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4 REASONS TO INVEST IN STENDÖRREN 3 • High yielding asset class • Long leases • Diversified tenant base 1 • Growth locations - Growing macro and urban micro locations • Rent increase in urban areas – increasing demand and stable / decreasing supply • E-commerce driven growth 2 • ~627,000 sq.m. of building rights vs ~922,000 sq.m. of standing assets (i.e. ~+70%) • Value accretive acquisition model – single asset off market acquisitions leading to higher yield 4 • Bank debt from leading Nordic banks • Capital market-based financing as complement STABLE CASH FLOW SUSTAINABLE RENT GROWTH SUSTAINABLE GROWTH BY UNIQUE INVESTMENTS FINANCE FOURTH QUARTER 2025, STENDÖRREN 14
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THANK YOU! Erik Ranje CEO, Stendörren erik.ranje@stendorren.se Per - Henrik Karlsson CFO, Stendörren per-henrik.karlsson@stendorren.se
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APPENDIX
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OPERATIONAL HIGHLIGHTS, REPORTING QUARTER Strong growth Q4 2025 vs Q4 2024 • 16% NOI increase, or… – …11% in comparable portfolio • 2% increase in IFPM, or… – …46% if adjusting for non- recurring items due to premature refinancings Stable letting • Net letting SEK -5.3m during quarter • Occupancy increased with 1.4%- point during the reporting period to 94%, in spite of challenging economic environment Strong surplus ratio • 78% in Q4 2025 Accelerated growth since mid 2024 – both acquisition and development driven 1 • Properties acquired for SEK 1.2 bn at a property yield of 6.9%... • …and projects totaling SEK 206m completed at a yield of 8.1% (excl. building rights value) • Several projects ongoing: approximately 47,000 sq.m. with an estimated annual NOI of SEK 64m after completion Financial development Economic occupancy and surplus ratio, % CAGR (LTM ): 12% 87 88 88 89 89 87 87 88 87 88 89 90 91 91 92 94 95 94 94 93 93 93 92 92 94 94 94 66 67 67 69 70 72 74 73 73 74 74 75 76 75 75 75 76 77 79 78 79 79 79 80 80 80 80 Q2 Q3 Q4 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 2025 Occupancy Surplus ratio (LTM) FOURTH QUARTER 2025, STENDÖRREN 17 Q3 Q4 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 2025 NOI IFPM (less hybrid interest) per share CAGR (LTM): 10 % 1) All acquisition and development numbers for full year 2025
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INTRODUCTION FOURTH QUARTER 2025, STENDÖRREN 18 BUSINESS IDEA 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. MARKET OPPORTUNITY 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. FINANCIAL OBJECTIVES RETURN ON EQUITY >12% IFPM PER SHARE GROWTH >15% p.a. INTEREST COVERAGE RATIO >2.0x EQUITY RATIO 35% (never lower than 20%).
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4 REASONS TO INVEST IN STENDÖRREN 3 • High yielding asset class • Long leases • Diversified tenant base 1 • Growth locations - Growing macro and urban micro locations • Rent increase in urban areas – increasing demand and stable / decreasing supply • E-commerce driven growth 2 • ~627,000 sq.m. of building rights vs ~922,000 sq.m. of standing assets (i.e. ~+70%) • Value accretive acquisition model – single asset off market acquisitions leading to higher yield 4 • Bank debt from leading Nordic banks • Capital market-based financing as complement STABLE CASH FLOW SUSTAINABLE RENT GROWTH SUSTAINABLE GROWTH BY UNIQUE INVESTMENTS FINANCE FOURTH QUARTER 2025, STENDÖRREN 19
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STABLE CASH FLOW FOURTH QUARTER 2025, STENDÖRREN 20 • Stendörren has a property portfolio of SEK 15,900m, with a property yield of 6.4%1) as per December 31, 2025 • Rental value2) of SEK 1,120m with an economic occupancy rate of 93.7% as per December 31, 2025 • Lease agreements that were renegotiated during the period led to an increase in rental values of 14%, on weighted average 2025 PROPERTY PORTFOLIO OVERVIEW Segment By net operating income Geography By net operating income Tenants/property By area PROPERTY DISTRIBUTION DIVERSIFICATION WITH FOCUS ON GREATER STOCKHOLM Based on net operating income, the majority (81%) of the property portfolio consists of warehouse, logistics and light industrial properties. The main part of the property portfolio, by rental income, is located in Greater Stockholm and the surrounding regions. The tenant base is diversified and consists of both well-established small to medium sized companies and large multinational businesses from different industries. ◼ City of Stockholm, 24% ◼ Rest of Stockholm county, 36% ◼ Greater Mälardalen, 26% ◼ Gothenburg region, 2% ◼ Copenhagen, Oslo, Helsinki, 12% ◼ 1 tenant, 38% ◼ 2–5 tenants, 26% ◼ 6–10 tenants, 11% ◼ 11– tenants, 25% ◼ Warehouse and logistics, 35% ◼ Light industrial, 46% ◼ Office, 15% ◼ Retail, 4% 1) Excluding projects and land, 12 months average 2) Estimated earnings capacity as of January 1, 2026
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STABLE CASH FLOW – CONTINUED FOURTH QUARTER 2025, STENDÖRREN 21 LARGEST TENANTS AS PER Q4 2025 MATURITY STRUCTURE LEASE AGREEMENTS DIVERSIFIED TENANT BASE • Stendörren has an attractive and well-diversified tenant base – Some 700 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 7% of total rental income • Top ten tenants contribute 18% of total rental income • The weighted average unexpired lease term is 4.2 years 18 114 142 170 120 435 25 568 298 238 145 172 2025 2026 2027 2028 2029 ≥2030 ◼ Rental income, SEK m Number of leases Tenant Rental income, SEK m Rental area, th. sq.m. Share of total rental income Fortifikationsverket 74 129 7% Åtta.45 Tryckeri AB 14 11 2% Carla AB 14 5 2% Advania Sverige AB 13 10 1% Stockholm Vatten AB 12 7 1% The Magnum Ice Cream Company HoldCo 12 13 1% Mountain Top 12 9 1% Södertälje Industriservice AB 11 12 1% Aalto Group Oy 11 7 1% Onitio Sverige AB 11 7 1% Total 184 210 18%
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VALUE GROWTH IN PROJECTS • Located in the emerging logistics hub Stockholm Syd, close to Södertälje and approximately 45 km south-west of central Stockholm, with direct access to major routes E20 and E4 • Acquired from Peab in 2015. The buildings were originally used by the Swedish Armed Forces and were in poor condition at the time of acquisition • In 2021, Stendörren initiated the relocation and eviction of existing tenants to enable redevelopment of the area • The first building, comprising 11,300 sq.m. of prime logistics space, was completed and let to ISAB in Q3 2023 • Almnäs represents a long-term opportunity to transform a former military site into a modern logistics cluster within Greater Stockholm ALMNÄS – TRANSFORMING AN AREA CASE STUDY BEFORE RE - DEVELOPMENT Before development (Q4 2019) Fully developed Lettable area 27,500 sq.m. 80,000 sq.m. Vacancy 35%/9,715 sq.m. N/A Rent psm (p.a.) 2x vs before development Total rent (p.a.) 7x vs before development RENDERING OF A FULLY DEVELOPED AREA FOURTH QUARTER 2025, STENDÖRREN 22
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VALUE GROWTH IN PROJECTS FOURTH QUARTER 2025, STENDÖRREN 23 STENVRETEN 8:37 – “ADVANIA DREAM HOUSE” CASE STUDY • Stendörren’s existing tenant Advania decided to significantly expand their Enköping premises during the fall of 2023 • 9,700 sq.m. of state-of-the-art logistics premises was completed during December 2024 • Total investment of SEK 143m • 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 COMPLETED BUILDING ORIGINAL BARRACK AND OPEN AIR STORAGE Before development (Q3 2013) At completion (Q1 2025) Lettable area 480 sq.m. 9,700 sq.m. Vacancy Total rent (p.a.) 9x vs. before development Rent psm comparison not meaningful due to primarily open-air storage prior to development
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FINANCE FOURTH QUARTER 2025, STENDÖRREN 24 Net letting SEK million 8 - 11 - 2 1 14 - 4 14 16 15 17 7 5 1 8 - 1 - 2 1 - 4 7 24 - 3 6 - 5 - 5 Q1 Q2 Q3 Q4 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 2025 HIGHLIGHTS FROM Q4 REPORT Surplus ratio, 12 month average % Economic occupancy % 89 89 87 87 88 87 88 89 90 91 91 92 94 95 94 94 93 93 93 92 92 94 94 94 Q1 Q2 Q3 Q4 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 2025 • High interest-rate hedging (approx. 63% of interest-bearing debt) and extended hedging with forward started swaps (average maturity of 4.3 years) give strong financial flexibility. Strong liquidity ~SEK 985m • New and renegotiated lease agreements with an annual rental value of SEK 101m during reporting period • Lease renegotiations led to an increase in rental values of 14% Excluding bankruptcy of second largest tenant Exploria 69 70 72 74 73 73 74 74 75 76 75 75 75 76 77 79 78 79 79 79 80 80 80 80 Q1 Q2 Q3 Q4 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 2025
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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 2,1 1,9 1,9 2,0 1,9 2,0 2,0 2,0 2,0 2,0 2,0 2,1 Q1 Q2 Q3 Q4 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 2025 32 32 40 41 40 40 40 40 41 43 44 43 44 42 42 41 40 39 38 37 37 39 35 37 36 38 37 36 Q1 Q2 Q3 Q4 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 2025 FINANCE – CONTINUED FOURTH QUARTER 2025, STENDÖRREN 25 ROE % FINANCIAL TARGETS ICR Times Growth in IFPM per share % Equity ratio % 2.0 times 15 14 9 9 10 8 7 7 9 16 20 26 26 22 18 5 1 - 3 - 6 - 5 - 5 - 2 0 7 7 5 5 3 Q1 Q2 Q3 Q4 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 2025 5 - 2 - 20 - 30 - 24 - 12 10 63 41 35 34 7 22 25 5 - 4 - 18 - 24 - 6 11 22 29 22 13 15 15 16 24 Q1 Q2 Q3 Q4 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 2025 35% 20% 15% 12%
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FINANCE – CONTINUED FOURTH QUARTER 2025, STENDÖRREN 26 DEBT FUNDING OVERVIEW LOAN MATURITY INTEREST FIXING • Total interest-bearing debt amounts to SEK 8,938m – Bank debt of SEK 7,287m – Senior unsecured bond debt of SEK 1,700m • 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 985m, in terms of cash and available credit facilities • Green hybrid bond of SEK 300m 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 3.2 years • 63% 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 3.9% on total interest-bearing debt including derivatives as of December 31, 2025 ◼ Bank debt, 79% ◼ Sr Unsecured bond, 17% ◼ Hybrid bond, 3% 153 1 051 2 856 4 584 343 0 ,0 1,000 2,000 3,000 4,000 5,000 6,000 2026 2027 2028 2029 2030 >2030 SEK m 3 286 0 600 101 0 5 000 ,0 1,000 2,000 3,000 4,000 5,000 2026 2027 2028 2029 2030 >2030 SEK m DEBT FUNDING
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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 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 2025 FINANCE – CONTINUED FOURTH QUARTER 2025, STENDÖRREN 27 LARGEST SHAREHOLDERS AS PER Q4 2025 KEY EQUITY RATIOS KEY EQUITY RATIOS AND OWNERSHIP OVERVIEW • The 3 largest shareholders EQT, Altira and SEB Investment Management, have together 60% of the capital and 77% of the votes • Market cap as per 31 December 2025: SEK 6,586m • The class B-share is currently trading at Nasdaq Stockholm Mid Cap • Stendörren had 3,550 shareholders as per 31 December 2025 • Stendörren Real Estate AB is a company wholly owned by EQT Real Estate II ◼ Equity Long term NAV (RHS) Share price (RHS) Shareholder Percent of capital Percent of votes STENDÖRREN REAL ESTATE AB 37,7% 55,0% ALTIRA AB 9,8% 14,0% SEB INVESTMENT MANAGEMENT 12,9% 7,7% LÄNSFÖRSÄKRINGAR FASTIGHETSFOND 7,2% 4,2% FJÄRDE AP-FONDEN 7,0% 4,1% CARNEGIE FONDER 3,6% 2,1% Nordea Funds AB 2,9% 1,7% ODIN FONDER 1,8% 1,1% STIFTELSEN RIKSBANKENS JUBILEUMSFOND 1,3% 0,7% Handelsbanken Fonder 1,2% 0,7% Other Shareholders 14,7% 8,7% SEK/shareSEK m
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FOURTH QUARTER 2025, STENDÖRREN 28 FINANCE – CONTINUED ASSESSED EARNINGS CAPACITY 1) Jan 1, 2026 Pro forma adjustment 2) Jan 1, 2026 + Pro forma Rental income 1,120 110 1,230 Total income 1,120 110 1,230 Operating expenses -152 -9 -161 Maintenance costs -28 -2 -30 Property tax -32 -4 -36 Net operating income 908 96 1,004 Central administration -82 -7 -89 Financial income and expenses -363 -32 -395 Lease expenses / Ground rent -13 0 -13 Income from property management 451 57 507 Income from property management per share, SEK 3) 13.13 14.87 Interest coverage ratio 2.2x 2.3x Pro forma background The company has entered into an agreement to acquire 14 properties in the Helsinki region with an agreed property value of SEK 1.3 billion. The annual net operating income is approximately SEK 96 million and closing is expected to take place on 20th of February 2026. • The acquisition is expected to increase annual income from property management per share by 13 percent, calculated pro forma on earnings capacity as of 1 January 2026. • Income from property management per share based on the earnings capacity as of 1 January 2026 pro forma including the acquisition will increase by 19 percent compared to the earnings capacity as of 1 October 2025 and by 35 percent compared to the earning capacity as of 1 January 2025. 1) This is the Company’s best assessment of current earnings capacity on an annual basis as of January 1, 2026 and not a forecast of future expected earnings. 2) Based on EUR/SEK 10.60. Secured financing is 100 percent interest-hedged through an already entered swaption. 3) Income from property management per share reduced by interest on hybrid bonds.