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PRESENTATION The picture shows the building on Almnäs 5:23 in Stockholm Syd, Södertälje, which was completed during the quarter and is fully let. 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 June 30, 2026 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 18.0bn NOI YIELD 2) 6.2% LEASE DURATION 3) 4.0years LTV 4) 55% Property type By net operating income Geography By net operating income Warehouse and logistics, 32% Light industrial, 51% Office, 13% Retail, 4% City of Stockholm, 22% Rest of Stockholm county, 32% Greater Mälardalen, 23% Gothenburg region, 3% Copenhagen, Oslo, Helsinki, 21% LIGHT INDUSTRY LOGISTICS WAREHOUSE Our business SECOND QUARTER 2026, STENDÖRREN 2 FINANCIAL DEVELOPMENT (excl. non-recurring items related to early refinancings during second half of 2025) 3y CAGR (LTM): 14% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 NOI (LTM) IFPM (less hybrid interest) per share (LTM) 3y CAGR (LTM): 22% LETTABLE AREA 1) 1,002,000SQ.M. BUILDING RIGHTS 1) 626,000SQ.M.
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Q2 AT A GLANCE SECOND QUARTER 2026, STENDÖRREN 3 Market and overall environment • Still challenging market, with continued geopolitical and economic turbulence • Still nonetheless adequate demand from tenants – in particular from public tenants • Financing terms on bank- and bond market still attractive Company activities supporting growth in IFPM per share • Significant value-accretive acquisitions and completions of projects of SEK 317m at a yield of 7.5% • Issue of hybrid bond at record low margin of 375 bps, allow for continued growth • The lower margins from refinancings 2025, the increased interest rate hedging and the extended loan- and interest maturities have together reduced the financial risk Company activities supporting future IFPM per share growth • Significant pipeline of value-accretive acquisitions and projects • Growth financed by available liquidity of SEK 750m, running cash flow and interest-bearing financing, in line with financial targets
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OPERATIONAL HIGHLIGHTS, REPORTING PERIOD Strong growth during reporting period • 17% NOI increase, or… …3% in comparable portfolio • 25% increase in IFPM Stable letting • Occupancy increased with 1%- point during the reporting period to 95%, in spite of challenging economic environment • Net letting SEK 11m during reporting period Strong surplus ratio • 80% as of Q2 (LTM) Accelerated growth since mid 2025 – both acquisition and development driven • Significant value-accretive acquisitions and completions of projects of SEK 1.7 bn at a yield of 7.3% • Several projects ongoing: approximately 62,700 sq.m. with an estimated annual NOI in excess of SEK 55m after completion Financial development (excl. non-recurring items related to early refinancings during second half of 2025) Economic occupancy and surplus ratio, % 5y CAGR (LTM): 14% 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 94 95 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 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 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 Occupancy Surplus ratio (LTM) SECOND QUARTER 2026, STENDÖRREN 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 2026 NOI (LTM) IFPM (less hybrid interest) per share (LTM) 5y CAGR (LTM): 12%
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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 33 35 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 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 2,2 2,1 1,9 1,8 2,0 2,2 2,5 2,92,82,93,03,03,23,33,0 2,6 2,1 1,9 1,9 2,0 1,9 2,02,02,02,02,02,0 2,1 2,1 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 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 FINANCIAL HIGHLIGHTS, REPORTING PERIOD Interest-rate resilience • Approx 65% of interest-bearing debt hedged with a maximum “ibor” of 2.3% • Average maturity of hedges 3.8 years Still financial resources for future growth • Available liquidity end of quarter of approximately SEK 750 million –significant pipeline of acquisitions and projects Attractive financing conditions fueling growth • Strong bank market appetite • Issue of green hybrid bond at record low margin of 375 bps in Q2 2026 • Tap issue of senior unsecured bond at record low margin of 211 bps in Q1 2026 Green and sustainability linked financing • 30% Green • 45% Sustainability Linked Equity ratio, % ICR, times 20% 35% 2.0 times SECOND QUARTER 2026, STENDÖRREN 5
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SEK 2.3BN ACQUIRED LTM 11 transactions SEK 2.3bn 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 LTM ACQUISITION KEY METRICS Volume SEK 2.3bn Initial yield 7.1% No. of properties 29 Geography By value Finland, 69% Sweden, 28% Denmark, 3% SECOND QUARTER 2026, STENDÖRREN 6 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 UPPSALA ASSET Location Uppsala Lettable area 2,500 sq.m. Property value SEK 52m MELLBY 4:74 Location Partille Lettable area 4,000 sq.m. Property value SEK 130m
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SEK 324 MILLION IN COMPLETED PROJECTS LTM ALMNÄS 5:23 Municipality Södertälje Premises Light industrial Area 2,100 sq.m. VINDKRAFTEN 2 Municipality Stockholm Premises Light industrial Area 1,900 sq.m. BÅGLAMPAN 25 Municipality Stockholm Premises Light industrial Area 3,700 sq.m. NYGÅRD 2:17 Municipality Upplands-Bro Premises Light industrial Area 3,200 sq.m. KEY METRICS Total investment SEK 324m Total capex SEK 293m Total NOI SEK 23m Yield on total investment 7.1% Yield on capex 7.8% Implicit building rights value vs. book value building right 3.0x Completed projects LTM Completion Q1 2026 Completion Q4 2025Completion Q2 2026 87% COMBINED OCC. RATE LIGHT INDUSTRIAL 100% SECOND QUARTER 2026, STENDÖRREN 7 Completion Q2 2026 13,200 sq.m.
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EXAMPLES OF ONGOING PROJECTS Building permit obtainedBuilding permit obtained Building permit obtainedConstruction in progress Construction in progressConstruction in progress -- ALMNÄS 5:23 Municipality Södertälje Premises New logistics Area 11,500 sq.m. NYGÅRD 2:17 (GREENHUB) Municipality Upplands-Bro Premises New light industrial Area 4,400 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 Data center Area 20,500 sq.m. SECOND QUARTER 2026, STENDÖRREN 8 VEDDESTA 2:53 Municipality Järfälla Premises New light industrial Area 2,400 sq.m. ALMNÄS 5:24 Municipality Södertälje Premises New light industrial Area 6,400 sq.m. Construction in progress Construction in progress ALMNÄS 5:24 Municipality Södertälje Premises New light industrial Area 4,600 sq.m.
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OUTLOOK - CONTINUED FOCUS ON PROFITABLE GROWTH SECOND QUARTER 2026, STENDÖRREN 9 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 and Copenhagen • Obtain critical mass in new markets (i.e. Oslo and Gothenburg), subject to market conditions • Develop existing building rights in growth areas (~626,000 sq.m. vs existing portfolio of ~1,002,000 sq.m.) • Infills, brown field and green field projects • Larger logistics mainly on pre-let basis • ~62,700 sq.m. ongoing projects representing in excess of SEK ~55m in NOI • Improved business cycle may cater for capitalizing on embedded rent growth and further improved occupancy • Continue operational improvements (ref: vacancy) • Growth in 2026 financed by available liquidity, running cash flow and interest-bearing financing, in line with financial targets
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4 REASONS TO INVEST IN STENDÖRREN 3 • High yielding asset class • Long leases • Diversified tenant base • Public tenants ~15% 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 • ~626,000 sq.m. of building rights vs ~1002,000 sq.m. of standing assets (i.e. +~60%) • Value accretive acquisition model – single asset, off- market acquisitions leading to higher yields 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 SECOND QUARTER 2026, STENDÖRREN 10
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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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INTRODUCTION SECOND QUARTER 2026, STENDÖRREN 13 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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STABLE CASH FLOW SECOND QUARTER 2026, STENDÖRREN 14 • Stendörren has a property portfolio of SEK 18,000m, with a property yield of 6.2% 1) as per June 30, 2026 • Rental value2) of SEK 1,263m with an economic occupancy rate of 94.7% as per June 30, 2026 • Lease agreements that were renegotiated during the period led to an increase in rental values of 3%, on weighted average 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 (83%) 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, 22% Rest of Stockholm county, 32% Greater Mälardalen, 23% Gothenburg region, 3% Copenhagen, Oslo, Helsinki, 21% 1 tenant, 35% 2–5 tenants, 28% 6–10 tenants, 13% 11– tenants, 24% Warehouse and logistics, 32% Light industrial, 51% Office, 13% Retail, 4% 1) Excluding projects and land, 12 months average 2) Estimated earnings capacity as of July 1, 2026
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STABLE CASH FLOW – CONTINUED SECOND QUARTER 2026, STENDÖRREN 15 LARGEST TENANTS AS PER Q2 2026 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 17% of total rental income • The weighted average unexpired lease term is 4.0 years 104 169 192 157 207 327 585 353 246 209 103 122 2026 2027 2028 2029 2030 ≥2031 Rental income, SEK m Number of leases Tenant Rental income, SEK m Rental area, th. sq.m. Share of total rental income Fortification Agency 81 133 7% Saka Finland Oy 18 9 2% Åtta.45 Tryckeri AB 14 11 1% Advania Sverige AB 14 10 1% Carla AB 14 5 1% Raskone Oy 13 6 1% Stockholm Vatten AB 12 7 1% Mountain Top 12 9 1% The Magnum Ice Cream Company HoldCo 12 13 1% Södertälje Industriservice AB 12 12 1% Total 202 215 17%
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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 AREACASE 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 SECOND QUARTER 2026, STENDÖRREN 16 Developed to date 20,900 sq.m. Ongoing construction 11,000 sq.m.
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VALUE GROWTH IN PROJECTS PROJECT PORTFOLIO WITH LARGE POTENTIAL Municipality Envisaged main use Estimated building right (GFA sq.m.)1) Status zoning Estimated possible construction start2) Upplands-Bro Light industrial 370,200 Within current zoning 2026-2027 Flen Logistics 55,000 Within current zoning 2026-2027 Södertälje Logistics 14,100 Within current zoning 2026-2027 Tuusula Light industrial 7,000 Within current zoning 2026-2027 Frederikssund Light industrial 5,800 Within current zoning 2026-2027 Eskilstuna Logistics 5,000 Within current zoning 2026-2027 Botkyrka Light industrial 3,700 Within current zoning 2026-2027 Enköping Light industrial 2,700 Within current zoning 2026-2027 Enköping Light industrial 2,000 Within current zoning 2026-2027 Västerås Light industrial 2,000 Within current zoning 2026-2027 Göteborg Light industrial 2,000 Within current zoning 2026-2027 Botkyrka Light industrial 2,000 Within current zoning 2026-2027 Nynäshamn Light industrial 1,800 Within current zoning 2026-2027 Vanda Light industrial 1,700 Within current zoning 2026-2027 Upplands-Bro Light industrial 1,300 Within current zoning 2026-2027 Uppsala Light industrial 1,000 Within current zoning 2026-2027 Botkyrka Residential 80,000 Within current zoning 2026-2027 Sollentuna Residential 7,000 Zoning change ongoing 2026-2027 626,000 sq.m. of building rights if fully developed, 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 SECOND QUARTER 2026, STENDÖRREN 17 1) GFA, may deviate from what is technically and commercially viable2) Start of first phase, projects may include several phases. Note that Stendörren aims to construct logistics properties on a partially or fully pre-let basis, which is why the timing of construction activities depends on the pace of leasing activities
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VALUE GROWTH IN PROJECTS – CONTINUED ONGOING AND COMPLETED PROJECTS Property Description Current phase Earliest possible completion1) Size sq.m.2) Estimated investment3) SEK m Estimated remaining investment SEK m Estimated yearly NOI SEK m Occupancy rate Viby 19:66 New logistics Construction started Q3 2026 5,300 114 7 7.1 0% Fotocellen 5 New logistics Construction started Q3 2026 3,800 82 13 6.2 0% Almnäs 5:24 New light industrial Construction started Q1 2027 4,600 90 63 6.7 0% Filmremsan 1 Reconstruction Construction started Q1 2027 3,800 43 40 3.1 n.a Almnäs 5:24 New light industrial Construction started Q2 2027 6,400 126 87 9.3 0% Veddesta 2:53 New light industrial Construction started Q2 2027 2,400 55 41 4.1 0% Nygård 2:17 (GreenHub) New light industrial Design and planning4) Q3 2027 4,400 90 72 6.1 0% Almnäs 5:23 Data center Design and planning4) Q4 2027 20,500 500 408 n.a 0% Almnäs 5:23 New logistics Design and planning4) Q4 2027 11,500 192 140 12.7 0% Total ongoing projects 62,700 1,292 871 55.25) Total excluding tenant improvements and reconstructions 58,900 1,249 831 52.15) 13,200sq.m. completed during last 12 months 62,700sq.m. of ongoing projects SEK ~68m in contribution from ongoing and recently completed projects, depending on the pace of leasing and completion 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 2) GFA (new production), NLA (tenant improvement) 3) Includes book value of land for new production 4) Building permit has been obtained 5) Estimated yearly additional NOI excluding Almnäs 5:23, data center SECOND QUARTER 2026, STENDÖRREN 18 Property Description Completion Size sq. m.2) Investment3) SEK m Occupancy rate Almnäs 5:23 New light industrial Q3 2025 2,300 50 69% Båglampan 25 New light industrial Q4 2025 3,700 103 100% Vindkraften 2 New light industrial Q1 2026 1,900 33 100% Almnäs 5:23 New light industrial Q2 2026 2,100 59 100% Nygård 2:17 (GreenHub) New light industrial Q2 2026 3,200 78 70% Total completed projects 13,200 324 87%
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SUSTAINABILITY – ACHIEVEMENTS CLIMATE IMPACT KG CO ₂/SQ.M. 1) ENERGY INTENSITY KWH/SQ.M. DISTRIBUTION OF ENERGY SOURCES 1) Standing assets 34% REDUCED CLIMATE IMPACT 2019 –2025 (Kg CO 2,e/sq.m.) 40% IMPROVED ENERGY EFFICIENCY PER SQ.M. 2019 –2025 SDG FOCUS Renewables Non-renewables 0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 4,00 2019 2020 2021 2022 2023 2024 2025 0 20 40 60 80 100 120 140 2019 2020 2021 2022 2023 2024 2025 96% 95% 98% 96% 98% 97% 100% 4% 5% 2% 4% 2% 3% 2019 2020 2021 2022 2023 2024 2025 SECOND QUARTER 2026, STENDÖRREN 19
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STENDÖRREN’S FIVE FOCUS AREAS RESOURCE EFFICIENCY Ambition • Reduce energy intensity to max 50 kWh/sqm by 2040. • All properties max 90 kWh/sqm by 2030. • 100% of new developments and major refurbishments are to have environmental certification. • Enable increased recycling of tenants’ waste. • Reduce the share of construction waste sent to landfill to a maximum of 1% by 2030. • 100% fossil free energy by 2030 (purchased by Stendörren). • Reduce carbon footprint in new development by at least 40% kgCO2/sqm GFA by 2030 (base year 2022). FUTURE PROOFING Ambition • Include relevant TCFD indicators and report according to TCFD. • All properties with a high-risk profile shall be subject to risk assessments and provided with relevant action plans. • At least 50% EPC-B or better by 2030. • Net-zero carbon emissions target validated by the Science Based • Targets initiative (SBTi). ATTRACTIVE EMPLOYER Ambition • Ongoing work against discrimination with yearly follow- up, feedback on equality and non- discrimination. • Strive for equality and diversity among all professional categories with the goal of a 40/60 gender distribution for management executives. • Maintain an eNPS score of at least 40 in the annual employee surveys. • All employees are to complete training in the Code of Conduct. SOCIAL RESPONSIBILITY Ambition • Create job opportunities for people far from the labour market. OPERATIONAL EXCELLENCE Ambition • Suppliers to Stendörren’s operations within management and development must sign the company’s Code of Conduct. • All vehicles are to be fossil free. SECOND QUARTER 2026, STENDÖRREN 20 2,016 KWP Total capacity of installed solar energy as of June 30, 2026 (incl. ongoing installations) 68% Environmentally certified area out of total area, as of June 30, 2026 35% Reduction of energy intensity (kWh/sq.m.) as of June 30, 2026, compared with base year 2020
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SUSTAINABILITY OFFERING Solar panels Concrete and 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 SECOND QUARTER 2026, STENDÖRREN 21
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FINANCE SECOND QUARTER 2026, STENDÖRREN 22 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 5 6 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 2020 2021 2022 2023 2024 2025 2026 HIGHLIGHTS FROM Q2 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 94 95 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 2020 2021 2022 2023 2024 2025 2026 • High interest-rate hedging (approx. 65% of interest-bearing debt) and extended hedging with forward started swaps (average maturity of 3.8 years) give strong financial flexibility. Strong liquidity ~SEK 750 • New and renegotiated lease agreements with an annual rental value of SEK 55m during reporting period • Lease renegotiations led to an increase in rental values of 3% 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 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 Q1 Q2 2020 2021 2022 2023 2024 2025 2026
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2,2 2,1 1,9 1,8 2,0 2,2 2,5 2,9 2,8 2,9 3,03,0 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 2,1 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 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 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 33 35 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 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 FINANCE – CONTINUED SECOND QUARTER 2026, STENDÖRREN 23 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 3 6 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 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 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 26 23 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 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 35% 20% 15% 12%
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FINANCE – CONTINUED SECOND QUARTER 2026, STENDÖRREN 24 DEBT FUNDING OVERVIEW LOAN MATURITY INTEREST FIXING • Total interest-bearing debt amounts to SEK 10,292m – Bank debt of SEK 8,337m – Senior unsecured bond debt of SEK 2,000m • Stendörren uses several of the leading Nordic banks for debt sourcing. Typically, approximately 60% LTV bank financing • As of June 30, there was available liquidity of SEK 750m, in terms of cash and available credit facilities • Two green hybrid bonds that are recognized as equity. One hybrid bond SEK 300 million with an interest rate of Stibor 90 plus 5.50 percent, with the first call date in May 2027. The second hybrid bond SEK 400 million and has an interest rate of Stibor 90 plus 3.75 percent, with the first call date in May 2030 • Average loan maturity of interest-bearing debt of approximately 3.1 years • 65% 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 4.0% on total interest-bearing debt including derivatives as of June 30, 2026 Bank debt, 76% Sr Unsecured bond, 18% Hybrid bond, 6% 155 1 063 2 567 5 099 1 179 274 ,0 1,000 2,000 3,000 4,000 5,000 6,000 2026 2027 2028 2029 2030 >2030 SEK m 4 230 108 0 900 4 100 1 000 ,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 Q1 Q2 2020 2021 2022 2023 2024 2025 2026 FINANCE – CONTINUED SECOND QUARTER 2026, STENDÖRREN 25 LARGEST SHAREHOLDERS AS PER Q2 2026KEY 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 30 June 2026: SEK 5,713m • The class B-share is currently trading at Nasdaq Stockholm Mid Cap • Stendörren had 3,421 shareholders as per 30 June 2026 • 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% 54,9% ALTIRA AB 10,3% 14,3% SEB INVESTMENT MANAGEMENT 12,4% 7,3% FJÄRDE AP-FONDEN 7,8% 4,6% LÄNSFÖRSÄKRINGAR FASTIGHETSFOND 7,4% 4,4% Nordea Funds AB 3,4% 2,0% CARNEGIE FONDER 2,7% 1,6% ODIN FONDER 1,6% 1,0% Handelsbanken Fonder 1,4% 0,9% FOLKETRYGDFONDET 1,2% 0,7% Other Shareholders 14,1% 8,3% SEK/shareSEK m
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SECOND QUARTER 2026, STENDÖRREN 26 FINANCE – CONTINUED ASSESSED EARNINGS CAPACITY 1) Jul 1, 2026 Rental income 1,263 Total income 1,263 Operating expenses -168 Maintenance costs -32 Property tax -36 Net operating income 1,026 Central administration -89 Financial income and expenses -422 Lease expenses / Ground rent -13 Income from property management 503 Income from property management per share, SEK2) 14.02 Interest coverage ratio 2.2x 1) This is the Company’s best assessment of current earnings capacity on an annual basis as of July 1, 2026 and not a forecast of future expected earnings. 2) Income from property management per share reduced by interest on hybrid bonds.