Interim report
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The picture shows the building on Viby 19:66 in Brunna, Upplands-Bro, which was completed during the quarter. INTERIM REPORT JANUARY–SEPTEMBER 2026 263
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INTRODUCTION This is Stendörren 3 The period in brief 4 CEO’s statement 6 BUSINESS DESCRIPTION Targets and outcome 8 Property portfolio 10 Project portfolio 12 Stendörren’s sustainability work 15 Property valuation 16 Financing 17 FINANCIAL INFORMATION Consolidated statement of comprehensive income 18 Consolidated statement of financial position 19 Consolidated changes in equity 20 Consolidated statement of cash flows 21 Parent Company income statement 22 Parent Company balance sheet 23 Key ratios 24 OTHER INFORMATION Other information 25 The Board of Directors and the CEO’s assurance 26 Audit review report 27 Assessed earnings capacity 28 Definitions 29 This report may contain discrepancies in totals in some tables due to rounding. English translation for information purposes only. If there are differences between the English translation and the Swedish original, the Swedish text will take precedence. The recently completed logistics property Fotocellen 5 in Högdalen, Stockholm. Introduction Content Business description Financial information Other information 2STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026
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STENDÖRREN MANAGES, DEVELOPS AND ACQUIRES PROPERTIES THAT MAKE A DIFFERENCE RENTAL INCOME 916 SEK m NET OPERATING INCOME 744 SEK m FAIR VALUE PROPERTIES 18,286 SEK m INCOME FROM PROPERTY MANAGEMENT 1) 346 SEK m Distribution of property type based on NOI 32+51+13+4H Warehouse and logistics, 32% Light industrial, 51% Office, 12% Retail, 4% Geographic distribution based on NOI 22+32+22+2+22H City of Stockholm, 22% Rest of Stockholm county, 32% Greater Mälardalen, 22% Gothenburg region, 2% Copenhagen, Oslo, Helsinki, 22% Stendörren Fastigheter AB (publ) is an expansive property company in logistics, warehouse and light industrial in Nordic growth regions. The company is listed on Nasdaq Stockholm Mid Cap. The business concept is to create profitable growth in net asset value. This is achieved through value-creating acquisitions, capitalising on the positive rental growth that follows the urbanisation of metropolitan regions and by developing existing assets, including the company’s extensive and unique building rights portfolio. 1) Before exchange rate changes. STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 3 This is Stendörren Business description Financial information Other information Introduction
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THE PERIOD IN BRIEF STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 4 Business description Financial information Other information Introduction Key ratios Jan–Sep 2026 Jan–Sep 2025 Jan–Dec 2025 Rental income, SEK m 916 773 1,042 Net operating income, SEK m 744 630 841 Income from property management1), SEK m 346 275 342 Fair value properties, SEK m 18,286 15,162 15,927 Lettable area, thousand sqm 1,005 891 922 LTV, % 54 53 53 Equity ratio, % 36 37 36 1) Before exchange rate changes. JANUARY–SEPTEMBER 2026 • Rental income increased by 19 percent to SEK 916 million (773) and net operating income increased by 18 percent to SEK 744 million (630). • Income from property management before exchange rate changes increased by 26 percent to SEK 346 million (275). • Net letting amounted to a total of SEK 16.6 million and new lease agreements with an annual rental value of SEK 90 million were signed (includes both renegoti- ated leases and leases with new tenants). • Lease agreements that were renegotiated during the period led to an increase in the relevant rental values of approximately 12 percent on a weighted average basis. • Cash flow from operating activities amounted to SEK 277 million (255), corresponding to SEK 8.49 per share (8.02). • Realized and unrealized changes in value of the prop- erty portfolio for the period amounted to SEK 150 million (20). • Profit for the period amounted to SEK 587 million (151), corresponding to SEK 17.37 per share (4.16) before dilution and SEK 17.37 per share (4.15) after dilution. JULY–SEPTEMBER 2026 • Rental income increased by 19 percent to SEK 314 million (263) and net operating income increased by 19 percent to SEK 262 million (220). • Income from property management before exchange rate changes increased by 27 percent to SEK 125 million (98). • Net letting amounted to a total of SEK 5.6 million and new lease agreements with an annual rental value of SEK 35 million were signed (includes both renegoti- ated leases and leases with new tenants). • Lease agreements that were renegotiated during the quarter led to an increase in the relevant rental values of approximately 35 percent on a weighted average basis. • Cash flow from operating activities amounted to SEK 127 million (107), corresponding to SEK 3.90 per share (3.44). • Realized and unrealized changes in value of the property portfolio for the period amounted to SEK 74 million (–35). • Profit for the period amounted to SEK 315 million (61), corresponding to SEK 9.38 per share (1.77) before dilution and SEK 9.38 per share (1.77) after dilution. Logistics building, Viby 19:66 in Brunna, Upplands-Bro.
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 5 The period in brief Business description Financial information Other information Introduction SIGNIFICANT EVENTS DURING THE THIRD QUARTER In July, Stendörren signed a 15-year lease agreement with a publicly owned company for a newly constructed light industrial building of approximately 2,100 sqm, together with approximately 13,400 sqm of adjacent land, on the property Almnäs 5:23 in Stockholm Syd, Södertälje. The lease is expected to have a positive net operating income impact of approximately SEK 4.3 million per year and possession was taken 1st October 2026. In July, Stendörren signed a 15-year lease agreement with a Swedish government agency for approximately 6,500 sqm in southern Stockholm, Tullinge. The agreement will have a positive impact on net operating income of approximately SEK 11 million per year. The ten- ant will take possession of the premises during autumn 2026. In August, Stendörren acquired a warehouse and light industrial property in the Okvista industrial area in Vallentuna municipality from a private seller. The agreed property value is approximately SEK 49 million, and the total leasable area of the property amounts to approximately 3,000 sqm. The property is fully let to nine different tenants and the average remaining lease term amounts to approxi- mately 1.8 years. The initial annual net operat- ing income is estimated to be approximately SEK 3.0 million, with additional potential. Possession was taken 31st August 2026. In September, Stendörren signed a three-year lease agreement with the City of Stockholm for premises in the property Magneten 33 in the Ulvsunda industrial area, Stockholm. The agreement comprises approximately 3,100 square meters and will have an impact on net operating income of approximately SEK 5 million per year. The tenant took possession of the premises in connection with the signing of the agreement. The previous lease ended on 30 June 2026. AFTER THE END OF THE QUARTER In October, Stendörren signed a seven-year lease agreement with Northlab Photonics AB. The agree- ment covers approximately 1,500 square meters of office premises in the property Sicklaön 107:3 in Nacka, Stockholm. Northlab has been a tenant in the property since 2015 and has now chosen to continue developing its operations within Stendörren’s property portfolio. As part of the new agreement, the company will relocate to larger and more modern premises within the prop- erty, increasing its leased area by approximately 1,000 square meters. The agreement strengthens occupancy levels in the property and is estimated to have a pos- itive effect on net operating income of approximately SEK 2.5 million per year. The new lease agreement will commence on 1 February 2027. Almnäs 5:23, Stockholm Syd in Södertälje.
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CONTINUED POSITIVE NET LETTINGS AND HIGH ACTIVITY IN PROJECT DEVELOPMENT Positive development in property management Property management continued to develop positively with a fur- ther quarter with positive net lettings of SEK 6 million. Net lettings for the first nine months of the year thus amount to SEK 17 million and the occupancy rate remains at a high level. The development is driven by active leasing and stable demand, not least from public tenants, for premises in our property segments and geographic markets. Net lettings amounted to SEK 6 million in the third quarter, which means that we report positive net lettings for the third consecutive quarter. Net operating income and income from property management increased by 18 percent, compared with the corresponding reporting period last year1). Acquisitions and completed projects during the year made a positive contribution to net operating income, while profit from property manage ment was also strengthened by lower financing costs following refinancings, mainly in the second half of last year. High demand from public tenants During the quarter, we signed three major lease agree- ments with public tenants, two of which are in our exist- ing portfolio and one for a newly produced property. In Tullinge, we signed a 15-year lease agreement with a government agency for approximately 6,500 square meters. The agreement entails a positive annual effect on net operating income of approximately SEK 11 million and the tenant will take possession of the premises later in the Autumn. In Ulvsunda, we signed a three-year lease agreement with the City of Stockholm for approximately 3,100 square meters during the quarter, with a positive annual effect on net operating income of approximately SEK 5 million. The previous lease matured on June 30, and a new lease agreement could be signed as early as the beginning of September. Possession took place in con- nection with the signing of the agreement. We also signed a 15-year lease agreement with a publicly owned company for our entire newly produced building of approximately 2,100 square meters in Stock- holm South, Södertälje. The agreement has a positive annual effect on net operating income of just over SEK 4 million and the tenant took possession of the premises on October 1. Demand from public tenants remains good, as shown by the three major lease agreements during the quarter. At the same time, we also see continued stable demand from private companies in our property segments. High activity in project development At the end of the quarter, we had approximately 54,000 square meters in ongoing projects, of which 22,000 were 1) Before changes in exchange rate and excluding non-recurring costs attributable to early refinancings during the comparison period, mainly the second and third quarters of last year. Including non-recurring costs, income from property management increased by 26 percent. STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 6 CEO’s statement Business description Financial information Other information Introduction
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in production. After completion and leasing, the ongoing projects are expected to generate an annual net oper- ating income of approximately SEK 42 million (exclud- ing the ongoing data center project). During the third quarter, we completed almost 10,000 square meters divided into two projects, in Upplands-Bro and Högdalen in Stockholm. In addition, we have an extensive portfolio of projects in earlier stages of development. The long-term ambition of a production rate of approximately 25,000–50,000 square meters per year remains unchanged. In parallel, we continue to develop our extensive building rights portfolio with the aim of gradually converting building rights into attractive investment properties. The portfolio provides us with good opportunities to develop modern and efficient premises for both existing and new tenants in attractive locations. Work on the data center project in Stockholm South, Almnäs continued during the quarter. After the building permit was obtained in the second quarter, the work to secure the initial electricity capacity of 20 megawatts continued during the quarter. I can also state that the interest from potential tenants is high. Selective acquisitions in a more active but hard-to-assess transaction market We see signs of a stronger Swedish economy, at the same time as long-term market interest rates have risen since before the summer. Activity in the transaction market has also increased and there is currently a relatively large number of larger portfolios in our segment for sale. In this market environment, we see good reasons to be selective to ensure that we fully take advantage of the market opportunities considering the prevailing market conditions. During the quarter, we acquired a warehouse and light industrial property in Vallentuna at a property value of approximately SEK 49 million. We already own the neighbouring property, which gives us the opportunity to create a more efficient property management unit. Through active management, we see the potential to gradually increase the property’s net operating income and thereby create additional value. The acquisition is a good example of the type of selective add-on acquisi- tions that are an important part of our strategy. Strong liquidity and a high proportion of interest-rate hedging At the end of the quarter, we had strong liquidity of SEK 670 million. Furthermore, the rise in long-term market interest rates has a limited impact on our existing financ- ing. At the end of the quarter, 65 per cent of the debt portfolio is interest rate hedged with a remaining average maturity of 3.5 years, and only a small proportion of the interest rate hedges mature in the near future. The varia- ble part of the financing is mainly linked to three-month Stibor, which has been stable during the period. This provides us with significant financial stability. This stabil- ity is clearly illustrated by the sensitivity analysis on page 17, which, for example, shows that a 1.0 percentage point increase in Ibor as of 30 September 2026, pro forma, would result in an increase in annual interest costs of only SEK 35 million. All else being equal, but calculated based on the interest-rate derivatives one year later, i.e. as of 30 September 2027, the corresponding effect would be only SEK 45 million. All in all, we thus have financial stability and the strength to take advantage of the company’s growth opportunities. Good conditions for the last quarter of the year With positive net lettings during the first three quarters of the year, high activity in project development and good liquidity, we enter the last quarter of the year with good conditions to continue to develop the property portfolio and create long-term value for our shareholders. Stockholm, October 2026 Erik Ranje CEO Stendörren STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 7 CEO’s statement Business description Financial information Other information Introduction
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Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 8 Financial information Other information Business description TARGETS AND OUTCOME FINANCIAL TARGETS Growth in income from property management per share Return on equity Interest coverage ratio Equity ratio Target: >15% Outcome: 22% (20% including non-recurring items ) Target: >12% Outcome: 10% Target: >2.0x Outcome: 2.1x (1.9x including non-recurring items ) Target: 35% Outcome: 36% Income from property management per share shall long-term increase by at least 15 percent per year. The average return on equity shall long-term amount to at least 12 percent. The ICR shall long-term exceed 2.0x. Equity ratio shall long-term be 35 percent and never be below 20 percent. Growth in income from property management per share % ROE % ICR x Equity ratio % 0 5 10 15 20 25 30 202620252024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -8 -4 0 4 8 12 16 202620252024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0,0 0,5 1,0 1,5 2,0 2,5 202620252024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 10 20 30 40 50 202620252024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Comment Growth in income from property management per share (rolling 12 months) amounted to 22 percent at the end of the period, or 20 percent including non- recurring items related to early refinancings in both the current and comparative periods (approximately SEK 29 million and SEK 18 million, respectively). Comment The return on equity (calculated as 12 month average) amounted to 10 percent at the end of the period. Comment The interest coverage ratio amounted to 2.1x and 1.9x if including non-recurring items of approximately SEK 29 million in connection with early refinancings during fourth quarter 2025. Comment The equity ratio amounted to 36 percent at the end of the period. The stated equity ratio is calculated excluding the lease liability resulting from the applica- tion of IFRS 16. If this liability item were to be included in the calculation, the equity ratio would be negatively impacted by approximately 0.6 percentage points. Target >12%Target >15% Target 35%Target 2.0x Min. 20%
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Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 9 Targets and outcome Financial information Other information Business description SUSTAINABILITY TARGETS Energy intensity Emissions intensity, new construction (Scope 3) eNPS EPC A or B Target 2040: 50 kWh/sqm Outcome: 65 kWh/sqm Target 2030: –40% Outcome: –36% Target: 40 eNPS points Outcome: 67 Target 2030: 50% Outcome: 28% Reduce energy intensity in the existing portfolio to max 50 kWh/sqm by 2040, compared with 108 kWh/sqm in the base year 2020. This corresponds to a reduction of 54 percent. The figure shows energy use in relation to lettable area. Reduce Scope 3 emissions from new construction by at least 40 percent per newly built square metre by 2030, compared with the base year 2022. The figure shows the climate impact of new construction in relation to built area. An eNPS score of at least 40 in the annual employee surveys. The metric shows employees’ willingness to recommend Stendörren as an employer on a scale from –100 to +100. At least 50 percent of buildings shall have an EPC rating of A or B by 2030. The energy performance certificate shows a building’s primary energy use and is rated from A to G. Energy intensity kWh/sqm Emission intensity CO2 /sqm eNPS EPC A or B % 0 20 40 60 80 100 202620252024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 100 200 300 400 Q4Q3Q2Q12025202420232022 Base year 2026 0 20 40 60 80 202620252024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 20 40 60 80 2026202520242023 Comment Energy intensity decreased by 8.8 percent compared to the same period last year. Comparative figures are based on a like-for-like portfolio and adjusted for normal year climate conditions. Comment The company applies the Swedish National Board of Housing, Building and Planning’s (Boverket) stand- ard for climate declarations. Stendörren also includes building elements 7 and 8 in the reported emissions intensity. Calculations and methodology follow the Greenhouse Gas Protocol. Scope 3 has been reported since 2022 when Stendörren expanded its reporting. Comment eNPS is an anonymous employee survey conducted and reported twice a year. Comment EPC rating is reported on an annual basis. The proportion of buildings with an energy performance certificate rated A or B increased by 5 percentage points compared with the same period last year.
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ECONOMIC OCCUPANCY RATE 94% Almnäs 5:23, Stockholm Syd in Södertälje. Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 10 Financial information Other information Business description PROPERTY PORTFOLIO Property portfolio September 30 As of September 30, 2026, the property portfolio of Stendörren consisted of 206 properties, primarily located in the Greater Stockholm and Mälardalen region, with a total market value of SEK 18,286 million. The property portfolio is reported quarterly at fair value. All properties are externally valued regularly, at least once a year. When not externally valued, each property is inter- nally valued each quarter based on an updated analysis of actual cash flow, market rental levels, expected costs and an assessment of the market yield requirement. At the end of the reporting period, the total prop- erty portfolio comprised of approximately 1,004,700 square meters of lettable area. The property catego- ries warehouse, logistics and light industrial accounted for approximately 84 percent of the total net operat- ing income. The risk of large-scale vacancies and rental losses due to bankruptcies is mitigated by tenant diver- sification, whereby 66 percent of the portfolio is let to at least two tenants. During the period, the value of the property portfolio increased by a total of SEK 2,359 million. The change in value consists of the acquisition of properties of SEK 1,711 million, investments in existing properties of SEK 322 million, currency effects of SEK 176 million and realized and unrealized changes in value totaling SEK 150 million (see table on page 16). Geographic distribution of property portfolio Stendörren puts significant effort into identifying attractive geographical industrial areas with potential in Nordic growth regions. Special focus is on devel- oping and strengthening the company’s presence in such areas where Stendörren is already established. Property portfolio per category % 0 20 40 60 80 100 Percent by market value2) Percent by NOI2) Percent by rent2) Percent by area1) Other Retail Office Light industrial Warehouse and logistics 1) Based on type of area use. 2) Based on type of property.
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Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 11 Property portfolio Financial information Other information Business description Approximately 55 percent of Stendörren’s total rental income comes from properties located in the Stockholm region. Stendörren has a large property portfolio in the Högdalen industrial area, which creates synergies both in terms of management and leasing. In Veddesta, the company has large properties, also resulting in efficient property management. Key locations that Stendörren intends to further develop in the coming years include Upplands-Bro northwest of Stockholm, and Stockholm Syd in Södertälje. In addition to the Greater Stockholm area, the company has invested in a number of other locations in the Mälardalen region situated in attrac- tive locations expected to benefit from major transport routes and Stockholm’s future growth. Since 2021, the company has also acquired properties in other selected Swedish and Nordic cities with growth potential, such as Gothenburg, Oslo, Copenhagen and Helsinki. Tenants and lease agreements The tenants in the property portfolio operate in a variety of industries and range from well-established small to medium-sized companies to large multinational busi- nesses. As of September 30, 2026, the ten largest leases represented approximately 18 percent of the total annual rental income in the portfolio. The company’s largest lease agreement with the Fortification Agency represented at the end of the quarter approximately 7 percent of the total annual rent. Stendörren strives to sign long-term leases with its tenants and the average remaining lease duration as of the reporting date was 3.9 years. The company also strives for a diversified maturity structure. Combined with a range of different tenants and industries, this helps to reduce the risk of extensive vacancies and rental losses. Rental losses amounted to SEK 3.7 million throughout the reporting period. Stendörren works proactively and continuously to renegotiate leases in line with current market rents. The economic occupancy rate for Stendörren’s property portfolio was 94 percent as of September 30, 2026, and the area weighted occupancy rate was 91 percent. The occupancy rate is a static measure of the rental situation on the reporting date and may vary depending on tem- porary relocation vacancies or projects that have com- menced or been completed at different times. The net letting during the third quarter 2026 adds up to SEK 5.6 million. During the quarter, new lease agree- ments with an annual rental value of approximately SEK 35 million were signed. These consist of both renegoti- ated lease agreements and lease agreements with new tenants. A sustainable property portfolio Stendörren continues to develop its property portfolio with a focus on energy efficiency and reduced climate impact. As part of this work, the company has gradu- ally increased the installation of solar panels. As of the third quarter 2026, installed solar capacity amounted to 2,261 kWp, an increase of 25 percent compared with the same period 2025. This development reflects the company’s continued investments in renewable energy and its ambition to utilize the properties’ potential for self- generated electricity. Stendörrens largest tenants by rental income • Fortification Agency, 7% • Saka Finland Oy, 2% • Stockholms municipality, 1% • Åtta.45 Tryckeri AB, 1% • Advania Sverige AB, 1% • Carla AB, 1% • Raskone Oy, 1% • Mountain Top, 1% • Stockholm Vatten AB, 1% • The Magnum Ice Cream Company HoldCo, 1% • Other, 82% Net letting SEK million Maturity structure lease agreements1) Annual rent, SEK million No. of leases Contractual changes property portfolio2) SEK million New lettings Renegotiations Bankruptcies Tenants vacating 2) Including letting of new construction. Annual rent No. of leases 1) Does not take into account current agreements where the tenant has not yet moved into the premises. –10 –5 0 5 10 15 20 25 202620252024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 100 200 300 400 >203120302029202820272026 0 200 400 600 800 –40 –30 –20 –10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 202620252024 0 10 20 30 40 Installed solar capacity kWp 0 600 1,200 1,800 2,400 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q2 2025 Q2 2024
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Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 12 Financial information Other information Business description PROJECT PORTFOLIO As of September 30, 2026, Stendörren owned a total of 41 properties wholly or partly consisting of building rights. Unutilized building rights amounted to approxi- mately 633,000 square meters and were primarily within logistics and light industrial. Additional building rights are created and added to Stendörren’s existing building rights by active development and acquisitions. When commercially attractive, existing properties are rezoned thereby creating residential building rights in areas with potential for residential development. The potential in the building rights portfolio is considered strong since the building rights are located in expansive municipali- ties and areas in Greater Stockholm and the rest of the Mälardalen region, as well as in the Copenhagen region and, following acquisitions in early 2026, also in the Helsinki region. The pace of new construction starts depends on sev- eral factors, such as demand given the prevailing market sentiment and on construction costs. Ongoing and recently completed projects that have not yet generated full revenue are expected, upon leasing and completion, to add approximately SEK 68 million in net operating income, excluding net operat- ing income from data centers. Of this amount, approx- Completed projects, last 12 months Municipality Property Description Completion Size, sqm1) Investment, SEK m2) Occupancy rate, % Stockholm Båglampan 25 New light industrial October 2025 3,700 103 100% Stockholm Vindkraften 2 New light industrial March 2026 1,900 33 100% Södertälje Almnäs 5:23 New light industrial June 2026 2,100 59 100% Upplands-Bro Nygård 2:17 (GreenHub) New light industrial June 2026 3,200 78 70% Upplands-Bro Viby 19:66 New logistics July 2026 5,300 106 0% Stockholm Fotocellen 5 New logistics September 2026 3,800 82 0% Total completed projects 20,000 462 49% 1) GFA (new construction, extension), NLA (tenant improvement, reconstruction). 2) Includes cost of capital and book value of land when new development. imately SEK 10 million relates to recently completed projects or projects with completion within one year and for which lease agreements already exist, approx- imately SEK 45 million relates to projects within light industry and urban logistics that have been completed, are being built or intended to be built for future letting. Approximately SEK 13 million pertains to projects within logistics that require leasing before construction starts. In addition, the company has an extensive port folio of upcoming projects, which are at an earlier stage. Completed projects Over the past twelve months, six projects with a total area of 20,000 square meters have been completed, of which 49 percent of the space is let. Of the completed projects, 10,900 square meters consist of light industrial properties, with an occupancy rate of 91 percent of the lettable area. During the third quarter, two projects with a com- bined area of 9,100 square meters were completed. Both comprise smaller buildings for urban logistics in two well-established industrial areas: Brunna in Upplands-Bro and the centrally located Högdalen area in the City of Stockholm. Newly constructed urban logistics premises, Viby 19:66 in Brunna, Upplands-Bro.
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Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 13 Project portfolio Financial information Other information Business description Ongoing projects The company has several ongoing projects with an investment volume exceeding SEK 25 million. These projects total 53,600 square meters, of which 49,800 square meters relate to new construction and 3,800 square meters relate to reconstruction. All projects currently under construction involve new construction of light industrial properties and are located in attractive locations across various geographic markets in Greater Stockholm. By having projects for which building permits have been obtained or that are in the design and other prepa- ration phases, the company has the opportunity to quickly commence new projects and adapt them to customer needs. In Stockholm Syd in Södertälje, Stendörren has obtained two building permits for the Almnäs 5:23 property. One relates to a logistics building of approxi- mately 11,500 square meters, and in June a building permit was obtained for an industrial building intended for use as a data center, comprising approximately 20,000 square meters. The building permit means that we can now offer a project with a building permit in place for a data center as well. Together with our offer- ing in logistics, warehousing and light industry, we have thereby broadened our offering and increased flexibility in the development of our extensive building rights port- folio. Construction of either the logistics building or the data center will commence once a lease agreement has been signed with a tenant. All ongoing projects are located in well-established and growing areas where there is clear demand and active leasing efforts are underway. Ongoing projects September 30, 2026 Municipality Property Description Current Phase Earliest possible completion1) Size, sqm2) Indicative investment3), SEK m Estimated remaining investment, SEK m Estimated yearly additional NOI, SEK m Occupancy rate Södertälje Almnäs 5:24 New light industrial Construction started Q1 2027 4,600 88 49 6.7 0% Stockholm Filmremsan 1 Reconstruction Construction started Q2 2027 3,800 43 36 3.1 n.a Södertälje Almnäs 5:24 New light industrial Construction started Q2 2027 6,400 123 68 9.3 0% Järfälla Veddesta 2:53 New light industrial Construction started Q2 2027 2,400 55 30 4.1 0% Upplands-Bro Nygård 2:17 (GreenHub) New light industrial Construction started Q3 2027 4,400 97 76 6.6 0% Södertälje Almnäs 5:23 Data center Design and planning4) Q1 2028 20,500 500 407 n.a 0% Södertälje Almnäs 5:23 New logistics Design and planning4) Q1 2028 11,500 192 140 12.7 0% Total ongoing projects 53,600 1,098 805 42.4 Total excluding tenant improvements and reconstructions5) 49,800 1,055 770 39.3 Total ongoing projects, new constructions started 17,800 363 223 26.7 1) Note that Stendörren aims to start construct on a pre-let basis, why estimated completion depends on leasing activities and time for construction start. 2) GFA (new construction, extension), NLA (tenant improvement, reconstruction). 3) Includes cost of capital and book value of land when new development. 4) Building permit obtained. 5) Estimated yearly additional NOI excluding Almnäs 5:23, data center. New light industrial building under construction, Nygård 2:17, GreenHub, Upplands-Bro.
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Interior view of a newly constructed warehouse, Fotocellen 5 in Högdalen, Stockholm. Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 14 Project portfolio Financial information Other information Business description Future projects September 30, 2026 Municipality Envisaged main use Estimated building right (GFA sqm)1) Status zoning Estimated possible construction start2) Upplands-Bro Light industrial 370,200 Within current zoning 2027–2028 Flen Logistics 55,000 Within current zoning 2027–2028 Södertälje Logistics 14,100 Within current zoning 2027–2028 Tuusula Light industrial 7,000 Within current zoning 2027–2028 Frederikssund Light industrial 5,800 Within current zoning 2027–2028 Eskilstuna Logistics 5,000 Within current zoning 2027–2028 Botkyrka Light industrial 3,700 Within current zoning 2027–2028 Enköping Light industrial 2,700 Within current zoning 2027–2028 Enköping Light industrial 2,000 Within current zoning 2027–2028 Västerås Light industrial 2,000 Within current zoning 2027–2028 Göteborg Light industrial 2,000 Within current zoning 2027–2028 Botkyrka Light industrial 2,000 Within current zoning 2027–2028 Nynäshamn Light industrial 1,800 Within current zoning 2027–2028 Vanda Light industrial 1,700 Within current zoning 2027–2028 Upplands-Bro Light industrial 1,300 Within current zoning 2027–2028 Uppsala Light industrial 1,000 Within current zoning 2027–2028 Botkyrka Residential 80,000 Within current zoning 2027–2028 Sollentuna Residential 7,000 Zoning change ongoing 2027–2028 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 pre-let basis, why the timing of construction start depends on pace of leasing activities. Future projects Stendörren’s development of building rights and project properties is primarily customer-driven. The focus is on identifying existing and new tenants with changing requirements and meeting these needs through new construction, extensions and redevelopments of existing properties. Stendörren works long-term to identify new areas and properties to rezone for residential purposes. Residential building rights can be created on undevel- oped land, adjacent to existing buildings, or by convert- ing existing buildings. Stendörren is currently working on a new zoning plan for residential use in Sollentuna, Traversen 14 and 15, and is investigating the possibilities for pursuing rezoning for residential purposes, including the part of GreenHub in Upplands-Bro with a view over the lake Mälaren.
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Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 15 Stendörren’s sustainability work Financial information Other information Business description SUSTAINABILITY FOCUSING ON FIVE 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 max 1% by 2030. • 100% fossil-free energy by 2030 (purchased by Stendörren). • Reduce carbon footprint in new devel- opment by at least 40% kgCO2/sqm GFA by 2030 (base year 2022). OPERATIONAL EXCELLENCE Ambition • Suppliers to Stendörren’s operations within management and develop- ment must sign and comply with the company’s Code of Conduct. • All vehicles are to be fossil-free. 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 Stendörren’s Code of Conduct. FUTURE PROOFING Ambition • Include relevant TCFD indicators and report according to TCFD. • All properties classified as having a high climate risk 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 in line with the Science Based Targets initiative (SBTi). SOCIAL RESPONSIBILITY Ambition • Create job opportunities for people far from the labour market. Stendörren’s focus areas are based on the themes of environment, social responsibility, and corporate governance. Targets within our focus areas are regularly adapted to contribute to both short and longterm ambitions. Within each area, the company has formulated concrete ambitions and targets. Stendörren primarily sets quantitative goals that can be implemented and monitored. However, in certain areas, it is difficult to establish quantitative targets. In such cases, progress is then followed up through narrative reporting. Targets within our focus areas have been updated to reflect the progress made during 2025, when we achieved several of our targets ahead of schedule. We have increased our ambition in the areas where we can create the greatest longterm value for both Stendörren and society. Updated Updated New
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Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 16 Financial information Other information Business description PROPERTY VALUATION The valuation model and parameters are reported in accordance with the principles described in Note 11 (Investment Properties) of the 2025 Annual Report. All properties are classified at Level 3 in accordance with IFRS 13. The combined market value of the property portfo- lio as of September 30, 2026 amounted to SEK 18,286 million. A summary of the valuation parameters is pre- sented in the table. The external valuations carried out during the year were mainly performed by CBRE and Newsec Sweden. The building rights within the property portfolio, valued at a total of SEK 1,464 million (1,393 on June 30, 2026), are valued based on a comparable sales method and capitalized investments. The change in value of the building rights portfolio during the period was negative. Capitalized investments in existing projects increased the value, while completed projects that have been reclassified to investment properties and excluded as building rights decreased the value. For further informa- tion, refer to the section Project portfolio summary on pages 12–14. Realized and unrealized changes in value of the entire property portfolio during the period amounted to SEK 150 million (20). Value changes in the property portfolio during the period were primarily driven by adjusted yield require- ments and changed cash flows due to new lettings, renegotiations and terminated leases. In addition, completed development projects were reclassified from building rights to investment properties and valued using a discounted cash flow approach, which contrib- uted positively to the change in value. Exchange rates had a positive effect on the property portfolio during the period. The average yield requirement of the prop- erty valuations as of September 30, 2026 amounted to 6.3 percent which is flat with regards to the previous quarter (see table of valuation parameters). Sensitivity analysis The sensitivity analysis shows the assessed effect on the assessed market value if the operating net and/or market yield requirement increases or decreases by 2.5 or 0.25 percentage points, respectively. The sensitiv- ity analysis does not claim to be exact, rather it is only indicative and aims to present the company’s assess- ment of amounts in the context stated. Valuation parameters (Previous year in parentheses) Min Max Weighted average Discount rate, cash flow, % 7.4 (7.3) 11.1 (11.2) 8.3 (8.4) Market yield requirement, residual value, % 5.4 (5.2) 9.0 (9.0) 6.3 (6.3) Discount rate, residual value, % 7.4 (7.3) 11.1 (11.2) 8.3 (8.4) Long-term vacancy assumption, % 2.5 (3.0) 16.4 (16.4) 5.6 (5.9) Change in carrying amount, properties SEK m Jan–Sep 2026 Jan–Dec 2025 Property portfolio, beginning of period 15,927 14,311 Acquisitions of new properties 1,711 1,235 Property sales – –65 Investments in existing properties 322 487 Currency effects 176 –83 Realized changes in value – 18 Unrealized changes in value 150 25 – Of which attributable to adjusted yield requirements 176 60 – Of which attributable to adjusted cash flows 44 –81 – Of which attributable to adjusted building rights values –70 46 Property portfolio, end of period 18,286 15,927 Sensitivity analysis SEK m Changes in net operating income Change in yield requirement –5.0% –2.5% 0.0% 2.5% 5.0% –0.50% 777 1,279 1,780 2,282 2,784 –0.25% –108 371 849 1,327 1,806 0.00% –914 –457 0 457 914 0.25% –1,652 –1,214 –777 –339 99 0.50% –2,330 –1,910 –1,490 –1,070 –651 Each quarter, Stendörren performs a fair value assessment of the entire property portfolio. On average approximately 20–30 percent of the portfolio is valued by external valuation firms and the remainder is valued internally. Every property in the portfolio is externally valued at least once during a rolling twelvemonth period. The valuation model used by both the external valuation firms and Stendörren is based on a discounted cash flow model, supplemented with a comparable sales method where applicable.
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Introduction STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 17 Financial information Other information Business description FINANCING As of September 30, 2026, the average time to matu- rity of interest-bearing liabilities to credit institutions amounted to 2.8 years (2.9). Including bonds, the average time to maturity amounted to 2.6 years (2.8). Stendörren uses interest-rate derivatives to hedge against a rise in the reference rate, through a portfolio of interest-rate hedges with a total nominal value of SEK 6,735 million. The combined effect of the interest hedging gives a highest reference interest level of 2.4 percent (1.8) on the interest hedged part of the interest-bearing liabilities. At the end of the reporting period, approximately 65 percent (67) of the company’s interest bearing liabilities were inter- est-hedged. Stendörren also has forward starting inter- est-rate derivatives, which extends the average term of the derivative portfolio, for more details see table below. Including the unhedged portion of the relevant Ibor and the hedged portion via swaps and interest-rate caps, the average interest maturity of interest-bearing liabilities was 2.5 years (2.1). The average interest-rate on total inter- est-bearing liabilities including derivatives amounted to 4.0 percent at the end of the reporting period. On the reporting date, Stendörren had three out- standing bond loans, all green. One bond loan amounts to SEK 800 million on the reporting date, maturing on Interest and loan maturities Interest and loan maturities for all interest-bearing liabilities are distributed over years according to the table below. Interest maturity/Year1) Loan maturity Year of maturity SEK m Interest, % Share, % SEK m Share, % 2026 2,191 21 157 2 2027 2,114 20 1,076 10 2028 0 0 2,558 25 2029 900 9 5,028 49 2030 4,121 40 1,196 12 >2030 1,000 10 312 3 Total/average 10,326 4.0 100 10,326 100 1) The interest maturity for 2026 includes all loan amounts that carry Ibor as base interest and that are not covered by interest derivatives. Sensitivity analysis1) 20260930 Change interestrate base, SEK m (+) Change (–) Change +/–0.50% –19 28 +/–1.00% –35 57 +/–1.50% –50 86 202709302) Change interestrate base, SEK m (+) Change (–) Change +/–0.50% –25 26 +/–1.00% –45 52 +/–1.50% –64 78 1) The sensitivity analysis presents the estimated effect on interest expense if the interest-rate base (primarily Stibor 3M and EURIBOR 3M) were to increase or decrease by 0.5, 1.0 or 1.5 percentage points. 2) The sensitivity analysis as of 30 September 2027 is based on the same assumptions as the analysis as of 30 September 2026, except for the derivatives portfolio, which reflects its composition as of that date. Interest-rate derivatives – active Counterparty Type Start date Maturity date Nominal value, SEK m Fair value, SEK m Interestrate level, % Years remaining1) Currency Swedbank Interest-rate cap 2021-12-14 2026-12-14 1,100 0.1 2.00% 0.212) SEK SEB Interest-rate cap 2021-12-23 2026-12-23 600 0.1 2.00% 0.23 SEK SEB Interest-rate cap 2021-12-23 2026-12-23 150 0.0 2.00% 0.232) SEK Danske Bank Interest-rate cap 2026-01-16 2030-12-16 84 2.6 3.00% 4.21 EUR Nordea Interest-rate cap 2026-09-03 2031-09-03 425 15.2 2.75% 4.93 SEK SEB Interest-rate cap 2026-02-27 2030-02-18 367 9.6 2.75% 3.39 EUR Total 2,726 27.6 2.25% 1.50 Swedbank Interest-rate swap 2025-02-12 2030-02-12 500 11.3 2.36% 3.37 SEK Nordea Interest-rate swap 2025-02-12 2030-02-12 300 6.6 2.37% 3.37 SEK SEB Interest-rate swap 2025-02-13 2030-02-13 200 4.3 2.38% 3.38 SEK SEB Interest-rate swap 2025-01-13 2027-12-17 114 1.3 4.06% 1.21 NOK Danske Bank Interest-rate swap 2025-10-07 2030-10-07 600 16.5 2.45% 4.02 SEK Danske Bank Interest-rate swap 2025-10-07 2029-10-07 300 6.2 2.39% 3.02 SEK Swedbank Interest-rate swap 2025-11-10 2030-11-10 400 9.5 2.49% 4.12 SEK Swedbank Interest-rate swap 2025-11-10 2029-11-10 600 11.1 2.41% 3.12 SEK Nordea Interest-rate swap 2026-09-03 2031-09-03 425 10.4 2.61% 4.93 SEK Danske Bank Interest-rate swap 2026-01-16 2030-12-16 84 3.3 2.52% 4.21 EUR SEB Interest-rate swap 2026-02-27 2030-02-18 486 17.7 2.22% 3.39 EUR Total 4,010 98.1 2.46% 3.60 1) Including derivatives with a delayed start date, the average maturity amounts to 3.5 years. 2) Upon maturity, the derivative is replaced with a derivative (see table to the right) with a delayed start date at the same nominal amount. Interest-rate derivatives – with delayed start date Counterparty Type Start date Maturity date Nominal value, SEK m Fair value, SEK m Interestrate level, % Years remaining Currency Swedbank Interest-rate cap 2026-12-14 2030-12-14 550 16.9 2.75% 4.21 SEK Swedbank Interest-rate swap 2026-12-14 2030-12-14 550 15.2 2.44% 4.21 SEK SEB Interest-rate cap 2026-12-23 2031-12-23 75 3.1 2.75% 5.23 SEK SEB Interest-rate swap 2026-12-23 2031-12-23 75 2.1 2.64% 5.23 SEK Total 1,250 37.3 2.61% 4.33 December 12, 2027, and has an interest-rate of Stibor 90 plus 2.90 percent. The second bond loan amounts to SEK 500 million, maturing on September 30, 2028, and has an interest-rate of Stibor 90 plus 2.60 percent. The third bond loan amounts to SEK 700 million, maturing on June 4, 2029, and has an interest-rate of Stibor 90 plus 2.35 percent. As of September 30, there was available liquidity of approximately SEK 670 million, in the form of cash and credit facilities. No additional collateral needs to be pledged to utilize these credit facilities. Interest and loan maturities for all interest-bearing liabilities are distributed over years according to the tables below (the amounts constitute nominal amounts and exclude prepaid financing fees). Stendörren also has two green hybrid bonds that are recognized as equity. On the reporting date, one hybrid bond amounted to 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 amounts to SEK 400 million and has an interest rate of Stibor 90 plus 3.75 per- cent, with the first call date in May 2030.
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 18 Group Introduction Business description Other information Financial information SEK million Jan–Sep 2026 Jan–Sep 2025 Jul–Sep 2026 Jul–Sep 2025 Jan–Dec 2025 Rental income 916 773 314 263 1,042 Other income 4 7 0 1 8 Total income 921 780 314 264 1,050 Operating expenses –132 –114 –37 –32 –157 Maintenance costs –17 –12 –6 –5 –20 Property tax –28 –23 –9 –7 –31 Net operating income 744 630 262 220 841 Central administration –72 –60 –25 –21 –82 Financial income and expenses –316 –287 –108 –98 –407 Lease expenses/Ground rent –10 –8 –4 –3 –11 Income from property management before exchange rate changes 346 275 125 98 342 Unrealized changes in exchange rates 72 –16 29 –2 –30 Income from property management after exchange rate changes 418 259 154 96 312 Change in value of investment properties 150 20 74 –35 43 Change in value of financial instruments 134 –67 147 16 –52 Profit/loss before tax 701 212 375 78 303 Tax –115 –61 –60 –17 –130 Profit/loss for the period 587 151 315 61 173 Translation differences 20 –3 9 –1 –8 Total other comprehensive income 20 –3 9 –1 –8 Total comprehensive income for the period 606 148 323 60 165 Comprehensive income for the period attributable to: Parent Company’s shareholders 606 148 323 60 165 Earnings per share, before dilution, SEK 17.37 4.16 9.38 1.77 4.64 Earnings per share, after dilution, SEK 17.37 4.15 9.38 1.77 4.63 Average number of shares outstanding during the period, millions 32.64 31.85 32.64 31.06 32.04 Average number of shares outstanding during the period after dilution, millions 32.64 31.88 32.64 31.09 32.07 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Result Compared to January–September 2025, Stendörren reports an increase of approximately SEK 141 million in income and of approximately SEK 113 million in net operating income. In the comparable portfolio, net oper- ating income increased by approximately SEK 15 million, which is approximately 2.5 percent higher compared to corresponding period 2025. After deduction of financ- ing costs and central administration costs, income from property management before changes in exchange rates totaled SEK 346 million (275), representing an increase of 26 percent. Profit for the period amounted to SEK 587 million (151), corresponding to SEK 17.37 per share (4.16). Rental income Rental income increased by approximately 19 percent to SEK 916 million (773) compared to corresponding period 2025. The increased income was driven by higher rents in the existing portfolio, acquisitions and completed and leased projects during the period. Property expenses Recognized property expenses amount to approxi- mately SEK –177 million (–150) which is SEK 28 million higher compared to corresponding period 2025. Total property costs in the comparable portfolio increased by SEK 7 million compared with the same period 2025. Costs for snow removal, maintenance and electricity increased, which drove the overall increase. Central administration Costs for central administration for the period amounted to SEK –72 million (–60) and comprised of costs for central administration, company management, Board and auditors. Net financial items Financial income during the period amounted to SEK 8 million (27) and mainly relates to income from interest-rate derivatives. Financial expenses, excluding lease expenses, increased to SEK –324 million (–314), mainly due to higher borrowing, partly offset by lower margins. Lease expenses (pertaining to IFRS 16 Leases) amounted to SEK –10 million (–8). The expense mainly comprised of ground rent and leasehold fees. Changes in value The company reported realized and unrealized changes in value of the property portfolio of SEK 150 million (20). Value changes in the property portfolio during the period were primarily driven by adjusted yield require- ments and changed cash flows due to new lettings, renegotiations and terminated leases. In addition, completed development projects were reclassified from building rights to investment properties and valued using a discounted cash flow approach, which contrib- uted positively to the change in value. Exchange rates had a positive effect on the property portfolio during the period. The market valuation of the interest-rate derivatives resulted in a change in value of SEK 134 million (–67) as per the reporting date. Tax The tax expense in profit or loss consists of current tax of SEK –30 million (–35) and deferred tax of SEK –85 million (–26).
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 19 Group Introduction Business description Other information Financial information SEK million 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Noncurrent assets Intangible assets 6 8 7 Investment properties 18,286 15,162 15,927 Right-of-use assets 331 274 327 Equipment 0 0 0 Interest-rate derivative 163 – 29 Total noncurrent assets 18,786 15,445 16,290 Current assets Current receivables 90 90 90 Cash and cash equivalents 242 531 340 Total current assets 331 621 430 TOTAL ASSETS 19,118 16,065 16,721 CONSOLIDATED STATEMENT OF FINANCIAL POSITION SEK million 30 Sep 2026 30 Sep 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity 6,815 5,819 5,833 Noncurrent liabilities Interest-bearing liabilities 9,953 8,305 8,637 Other non-current liabilities 88 78 78 Lease liabilities 331 274 327 Deferred tax liabilities 1,228 1,087 1,143 Interest-rate derivative – 9 – Other provisions – 2 – Total noncurrent liabilities 11,600 9,756 10,185 Current liabilities Interest-bearing liabilities 332 143 301 Other current liabilities 371 348 402 Total current liabilities 703 491 703 TOTAL EQUITY AND LIABILITIES 19,118 16,065 16,721 Non-current assets Stendörren’s non-current assets mainly consist of investment properties. As of September 30, 2026, the value of the total property portfolio amounted to SEK 18,286 million (15,162). Current assets Current assets amounted to SEK 331 million (621) on the closing date, consisting of cash and cash equivalents of SEK 242 million (531) and rental receivables and other current receivables of SEK 90 million (90). Available liquidity, in the form of cash and cash equivalents and available credit facilities, amounted to approximately SEK 670 million at the end of the period. No additional collateral needs to be pledged to utilise these credit facilities. Equity As of September 30, 2026, the Group’s equity amounted to SEK 6,815 million (5,819) and the equity ratio to 36 percent (37). Interest-bearing liabilities The carrying amount of the Group’s interest-bearing lia- bilities at the end of the reporting period amounted to SEK 10,285 million (8,448) corresponding to a loan-to- value ratio of 54 percent (53). The liabilities consisted of loans from credit institutions of SEK 8,326 million (6,954) and three green bonds totaling SEK 2,000 mil- lion (1,534). Loan arrangement costs of SEK –41 million (–40) were allocated in accordance with the compa- ny’s accounting policies. The short-term portion of the interest-bearing liabilities amounted to SEK 332 million (143) and consisted of loans and repayments that are due within the next 12 months. Interest and loan maturities Stendörren aims to reduce interest and refinancing risks in its operations by spreading the maturity structure for interest-rates and loan maturities over several years. Interest-rate risks are managed mainly through interest- rate derivatives. For a more detailed description of the interest and loan maturity portfolio, see page 17. Deferred tax liabilities (net) Deferred tax liabilities amounted to SEK 1,228 million (1,087) on September 30, 2026, and related to the tax on properties, derivatives, untaxed reserves and unutilized losses carried forward. Other current liabilities In addition to the short-term portion of interest-bearing liabilities, current liabilities include accounts payable, accrued expenses and deferred income, tax liabilities and other current liabilities, amounting to a total of SEK 371 million (348).
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 20 Group Introduction Business description Other information Financial information CONSOLIDATED CHANGES IN EQUITY As of September 30, 2026, the Group’s equity amounted to SEK 6,815 million (5,819). The Group’s hybrid bonds have been assessed to qualify for classification as equity instruments rather than liabilities, as they have no maturity date and are not repayable on demand. Interest on the hybrid bonds is recognised directly in equity. The 2026 AGM resolved on a dividend totaling SEK 0 million (0). SEK million Share capital Other capital contributed Translation differences Retained earnings including profit for the period Hybrid bond Total equity attributable to the company’s owners Opening balance equity, January 1, 2025 19 1,691 5 3,380 300 5,395 Employee share warrant program 1 1 Interest/dividend hybrid bond –19 –19 Issue of shares, net after transaction costs 1 292 293 Tax effect of transaction costs 1 1 Comprehensive income January–September 2025 –3 151 148 Closing balance equity, September 30, 2025 20 1,985 2 3,512 300 5,819 Employee share warrant program 2 2 Interest/dividend hybrid bond –6 –6 Comprehensive income October–December 2025 –5 22 17 Closing balance equity, December 31, 2025 20 1,987 –3 3,528 300 5,833 Interest/dividend hybrid bond –20 –20 Issue of hybrid bond, net after transaction costs –5 400 395 Comprehensive income January–September 2026 20 587 606 Closing balance equity, September 30, 2026 20 1,987 17 4,090 700 6,815
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 21 Group Introduction Business description Other information Financial information SEK million Jan–Sep 2026 Jan–Sep 2025 Jul–Sep 2026 Jul–Sep 2025 Jan–Dec 2025 Cash flow from operating activities Income from property management after exchange rate changes 418 259 154 96 312 Adjustment for non-cash items –82 12 –36 5 56 Income tax paid –80 –33 –25 –23 –48 Cash flow from operating activities before changes in working capital 257 238 94 78 320 Changes in working capital Changes in operating receivables 21 –2 16 –12 5 Changes in operating liabilities –1 19 18 41 42 Cash flow from operating activities 277 255 127 107 366 Investing activities Investments in existing properties –320 –333 –107 –105 –486 Acquisitions of Group companies/properties –1,704 –605 –50 –159 –1,228 Divestments of Group companies/properties – 63 – – 63 Cash flow from investing activities –2,024 –874 –157 –264 –1,651 Financing activities Issued warrant program – 1 – – 4 Issue shares, net after transaction costs – 292 – –1 292 Issue of hybrid bond, net after transaction costs 395 – – – – Dividend hybrid bond –20 –19 –9 –6 –24 Raised interest-bearing liabilities 1,415 3,081 38 2,152 6,929 Repayment of interest-bearing liabilities –152 –2,432 –81 –1,731 –5,801 Deposits 10 13 1 0 12 Cash flow from financing activities 1,648 936 –50 414 1,411 Cash flow for the period –98 317 –80 257 126 Cash and cash equivalents at the beginning of period 340 214 322 275 214 Cash flow for the period –98 317 –80 257 126 Cash and cash equivalents at the end of the period 242 531 242 531 340 CONSOLIDATED STATEMENT OF CASH FLOWS
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 22 Parent Company Introduction Business description Other information Financial information SEK million Jan–Sep 2026 Jan–Sep 2025 Jul–Sep 2026 Jul–Sep 2025 Jan–Dec 2025 Net sales 108 92 32 30 125 Operating expenses –108 –92 –33 –30 –125 Profit before financial items 0 0 –1 0 0 Financial items Income from shares in subsidiaries – –7 – –7 –17 Net financial items 66 25 26 –15 37 Unrealised exchange rate differences 1 0 0 0 –1 Profit/loss after financial items 67 18 25 –22 19 Change in value of financial instruments 2 – – – –2 Appropriations – – – – –2 Profit/loss before tax 69 18 25 –22 15 Tax – – – – 0 Profit for the period 69 18 25 –22 15 PARENT COMPANY INCOME STATEMENT Operations in the Parent Company consist of man- agement functions for all of the Group’s companies and properties. All staff are employed by the Parent Company. No properties are owned directly by the Parent Company. The Parent Company’s income dur- ing the period mainly comprised of SEK 108 million in recharged services rendered by its own staff. Net interest income consists of net interest charged on intra-Group loans and external interest expense for the corporate bond programs. Cash and cash equivalents as of September 30, 2026 amounted to SEK 67 million (70) and equity amounted to SEK 2,441 million (2,001).
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 23 Parent Company Introduction Business description Other information Financial information SEK million 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Noncurrent assets Intangible assets 6 8 7 Equipment 5 5 5 Shares/participations in group companies 1,488 1,153 1,346 Receivables from group companies 4,266 3,886 3,980 Interest-rate derivative – – 2 Deferred tax assets 1 0 1 Total noncurrent assets 5,765 5,052 5,341 Current assets Receivables from group companies 337 365 23 Current receivables 12 4 5 Cash and cash equivalents 67 70 43 Total current assets 415 439 71 TOTAL ASSETS 6,180 5,491 5,412 PARENT COMPANY BALANCE SHEET SEK million 30 Sep 2026 30 Sep 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity 2,441 2,001 1,997 Noncurrent liabilities Interest-bearing liabilities 1,988 1,521 1,684 Liabilities to group companies 1,695 1,547 1,695 Total noncurrent liabilities 3,683 3,068 3,379 Current liabilities Liabilities to group companies 0 377 0 Other current liabilities 57 45 36 Total current liabilities 57 422 36 TOTAL EQUITY AND LIABILITIES 6,180 5,491 5,412
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 24 Introduction Business description Other information Financial information KEY RATIOS Jan–Sep 2026 Jan–Sep 2025 Jan–Dec 2025 PROPERTYRELATED Lettable area, thousand sqm 1,005 891 922 No. of properties 206 170 179 Fair value properties, SEK million 18,286 15,162 15,927 Letting ratio, by area, % 91 91 91 Economic occupancy rate, % 94 94 94 NOI yield, total portfolio, 12 month average, % 5.6 5.6 5.6 NOI yield, excl. projects & land, 12 month avg, % 6.2 6.4 6.4 Total return, 12 month average, % 6.6 6.6 5.9 Weighted avg unexpired lease term, years 3.9 4.2 4.2 Average annual rent, SEK/sqm 1,360 1,311 1,296 FINANCIAL Total income, SEK million 921 780 1,050 Net operating income, SEK million 744 630 841 Income from property management, SEK million 346 275 342 Surplus ratio, 12 month average, % 80 80 80 Total assets, SEK million 19,118 16,065 16,721 Average interest-rate, total liabilities incl. derivatives, % 4.0 3.9 3.9 Average interest maturity at end of period, years 2.5 2.1 2.9 Average loan maturity at end of period, years 2.6 2.8 3.2 Interest coverage ratio, 12 month average, times 2.1 1.9 2.1 Loan-to-value ratio at end of period, % 54 53 53 Loan-to-value ratio, property level at end of period, % 45 46 45 Equity ratio at end of period, % 36 37 36 Return on equity, 12 month average, % 10 5 3 Jan–Sep 2026 Jan–Sep 2025 Jan–Dec 2025 STOCK RELATED Market capitalization, SEK million 5,158 6,407 6,586 Stock price at end of period, SEK 158.00 196.50 202.00 Book equity per share, SEK1) 187.60 169.39 169.82 Long-term net asset value, SEK million 7,189 6,619 6,651 Long-term NAV per share, SEK 220.22 203.02 203.97 Current NAV, SEK million 6,561 6,097 6,102 Current NAV per share, SEK 200.99 186.98 187.14 EPS before dilution, SEK 17.37 4.16 4.64 EPS after dilution, SEK 17.37 4.15 4.63 Cash flow from operating activities per share, SEK 8.49 8.02 11.43 No. of shares at end of period 32,643,066 32,605,473 32,643,066 Average no. of shares 32,643,066 31,851,806 32,041,771 OTHER No. of coworkers at end of period 56 56 56 No. of coworkers, average in period 56 56 56 1) Book equity excluding hybrid capital per share. For definitions, please see page 29. Explanations of the key ratios used can also be found at stendorren.se.
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 25 Introduction Business description Financial information Other information OTHER INFORMATION The share Stendörren’s Class B share is listed on Nasdaq Stock- holm, Mid Cap. The company’s ticker symbol is STEF B and the ISIN code is SE0006543344. One trading lot corresponds to one (1) share. As of September 30, 2026, the share price was SEK 158.00 per share (SEK 196.50), corresponding to a total market capitalization of SEK 5,158 million (SEK 6,407 million). On the same date, the company had a total of 3,383 shareholders (3,651). The three largest shareholders were Stendörren Real Estate AB with 37.7 percent, Altira AB with 10.3 percent, and SEB Funds AB with 12.4 percent of the shares. The total number of shares as of September 30, 2026 was 32,643,066 (32,605,473). Related party transactions During the period, the company carried out a trans- action with a senior executive for the lease of two garage spaces. All transactions with related parties are conducted on market terms. Other than what is stated above, the company is not and has not been party to any business transaction, loan, guarantee or guaran- tee connection with any of the Board members, senior executives, major shareholders or related parties to any of these during the period. Risks Risks and uncertainties are primarily related to changes in macroeconomic factors affecting demand for premises and the price of capital. Stendörren is also exposed to the risk of unforeseen increases in operating expenses or maintenance costs, which cannot fully be compensated for in leases with tenants. There is also CALENDAR 2026 Year-end Report 2026 February 19, 2027 FOR MORE INFORMATION, PLEASE CONTACT: Erik Ranje, CEO erik.ranje@stendorren.se +46 8 518 331 00 PerHenrik Karlsson, CFO per-henrik.karlsson@stendorren.se +46 8 518 331 00 a risk that the company’s lenders do not extend credit facilities at maturity. Real estate transactions are a part of the company’s business model and are, by their nature, associated with uncertainties and risks. More information about these risks can be found on pages 46–47 in the company’s Annual Report for the 2025 fiscal year. In addition to the risks that are outlined in the Annual Report, the risks related to the uncertain macroeconomic climate have been described in greater detail in this report, for example in the sensitivity analysis for changes in inter- est-rates on page 17. Accounting policies This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The same accounting policies, val- uation principles and calculation methods were applied as in the most recently published financial information, see Note 1 of the company’s 2025 Annual Report. Invest- ment properties are measured at Level 3 of the fair value hierarchy according to IFRS 13. Derivative instruments are measured at fair value in the consolidated financial statements with changes in value recognized in profit or loss. To determine the fair value of interest-rate deriva- tives, market rates for each term listed on the balance sheet date and generally accepted calculations methods are used, which means that fair value is determined in accordance with Level 2 of IFRS 13. The Parent Company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities. Upcoming accounting standards – IFRS 18 IFRS 18 Presentation and Disclosure in Financial State- ments was endorsed by the EU on 13 February 2026 through Commission Regulation (EU) 2026/338 and is applicable from 1 January 2027. The purpose of the standard is, among other things, to enhance compara- bility and transparency in companies’ financial reporting through new requirements regarding structure, pres- entation and disclosures. The main changes relate to the presentation of the income statement, disclosures con- cerning management-defined performance measures (MPMs), and requirements for a more detailed disaggre- gation of financial information. Stendörren Fastigheter’s preliminary analysis indicates that the implementation of IFRS 18 will result in changes to the presentation of the Group’s income statement, including the reclassification of a number of income statement items and the introduction of new manda- tory subtotals. Profit from property management will no longer be presented as a separate line item in the income statement but will instead be presented as an MPM. Operating profit will be introduced as a mandatory subtotal and will include, among other items, changes in value of properties. In addition, the subtotal profit before financing and income taxes will be introduced. Interest income and foreign exchange differences attributable to cash and cash equivalents will be pre- sented in the investing category, after operating profit but before profit before financing and income taxes. Finance costs and interest expenses, as well as changes in the value of derivatives and foreign exchange dif- ferences attributable to financing, will be presented in the financing category after profit before financing and income taxes. The changes to the balance sheet are expected to be limited. Certain changes are also expected in the state- ment of cash flows as a result of items potentially need- ing to be reclassified between different categories. In addition, the new disclosure requirements for MPMs will affect the presentation of the Group’s financial reporting. Auditor’s review This interim financial report was reviewed by the compa- ny’s auditors (see review report on page 27). This information is such that Stendörren Fastigheter AB is required to publish according to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was provided, through the agency of the contact persons above, for publication on October 23, 2026 at 7:00 am CEST.
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 26 Introduction Business description Financial information Other information THE BOARD OF DIRECTORS AND THE CEO’s ASSURANCE The Board of Directors and the CEO assure that the report provides a fair overview of the Parent Company and the Group’s operations, financial position and results and describes the most significant risks and uncertainties faced by the Parent Company and the Group companies. Stockholm, October 23, 2026 Andreas Philipson Chairman Carl Mörk Board member Helena Levander Board member Tom Livelli Board member Joakim Rubin Board member Lamia Youseff Board member Erik Ranje CEO This information is such that Stendörren Fastigheter AB is required to publish according to the EU Market Abuse Regulation. The information was provided, through the agency of the contact person below, for publication on October 23, 2026 at 7:00 am CEST.
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 27 Introduction Business description Financial information Other information AUDIT REVIEW REPORT Introduction We have reviewed the condensed interim report for Stendörren Fastigheter AB (publ) as of 30 September 2026 and for the nine months period then ended. The Board of Directors and the Man- aging Director are responsible for the preparation and presenta- tion of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accord- ance with International Standards on Auditing and other gen- erally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Stockholm, October 23, 2026 BDO Mälardalen AB Johan Pharmanson Authorized Public Accountant
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 28 Introduction Business description Financial information Other information ASSESSED EARNINGS CAPACITY 1) According to the company’s assessment, the total annual rental income (after deductions for vacancies and discounts) amounts to approximately SEK 1,267 mil- lion on October 1, 2026. The company also assesses that current property expenses amount to approximately SEK 237 million. Accordingly, the Group is expected to generate annual net operating income of approximately SEK 1,030 million. Costs for central administration are assessed to approximately SEK 93 million, net financial items to approximately SEK 429 million and leasing costs to approximately SEK 13 million. This totals an annual income from property management of approximately SEK 495 million as of October 1, 2026. This information is only the company’s own assess- ment of the earnings capacity as of October 1, 2026, without taking into account new letting, vacancies or index- related rent changes that have not yet had an effect or other, implemented measures that have not yet had effect on income from property management. Costs for central administration are based on actual outcome for the past 12 months and net financial items are calculated based on the net position of inter- est-bearing liabilities and assets on the closing date. Costs for interest-bearing liabilities are based on the Group’s average interest-rate on October 1, 2026, plus allocated financing costs and costs for unutilized credit facilities on the closing date. Leasing costs essentially refer to ground rent, based on actual outcome for the past 12 months adjusted for the holding period. Any additional acquisitions or sales made public by the company, but which have not yet been entered into or resigned, are not included. Ongoing and recently completed projects that have not yet generated full revenue are expected, upon leasing and completion, to add approximately SEK 68 million in net operating income. These data should therefore not be seen as a forecast of future profit development for Stendörren. Assessed earnings capacity1) Rental income 1,267 Total income 1,267 Operating expenses –169 Maintenance costs –32 Property tax –36 Net operating income 1,030 Central administration –93 Financial income and expenses –429 Lease expenses/Ground rent –13 Income from property management 495 Income from property management per share, SEK2) 13.77 Interest coverage ratio 2.2x 1) This is the Company’s best assessment of current earnings capacity on an annual basis as of October 1, 2026 and not a forecast of future expected earnings. 2) Income from property management per share reduced by interest on hybrid bonds. Byggnad för lätt industri, Båglampan 25, Stockholm.
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STENDÖRREN INTERIM REPORT JANUARY–SEPTEMBER 2026 29 Introduction Business description Financial information Other information DEFINITIONS CURRENT NET ASSET VALUE Book equity net of hybrid capital adjusted for actual deferred tax liability, calculated at an effective tax rate of 5.9 percent and adjusted for interest-rate derivatives. AREA WEIGHTED OCCUPANCY RATE Area contractually leased to tenants in relation to total lettable area. AVERAGE RETURN ON EQUITY Profit for the period in relation to average equity the last 12 months. LOANTOVALUE RATIO Interest-bearing liabilities in relation to total assets. LOANTOVALUE RATIO AT PROPERTY LEVEL Interest-bearing liabilities secured in properties in relation to the fair value of the properties. NOI YIELD Property NOI the last 12 months in relation to the fair value of the properties. NET OPERATING INCOME Total rental income from the properties reduced by property operating expenses. ECONOMIC OCCUPANCY RATE Contractual annual rent in relation to rental value, excluding properties not lettable at the end of the period due to demolition and/or major project development. INCOME FROM PROPERTY MANAGEMENT Profit for the period before value changes and tax. NET FINANCIAL ITEMS Net financial items are the difference between interest income and interest expenses as well as leasing costs. AVERAGE INTERESTRATE The weighted average interest-rate on all interest- bearing liabilities including interest-rate derivatives. WEIGHTED AVERAGE UNEXPIRED LEASE TERM The weighted average remaining lease term on all existing property leases. Expressed in terms of years remaining until expiry. LOAN MATURITY The weighted average remaining time to maturity for interest-bearing liabilities, expressed in years. CASH FLOW PER SHARE Cash flow from operating activities before changes in working capital according to the cash flow statement divided by the average number of shares outstanding before dilution. LONGTERM NET ASSET VALUE Book equity net of hybrid capital adjusted for deferred tax and the derivatives value (+/–). GROWTH IN INCOME FROM PROPERTY MANAGEMENT PER SHARE Percentage change in income from property manage- ment before exchange rate changes per share reduced by interest on hybrid bonds the last 12 months. NET LETTING Annual rent for new signed leases reduced by annual rent for terminations and annual rent for bankruptcies. EARNINGS PER SHARE Net profit after hybrid interest divided by the average number of shares outstanding, before and after dilution. AVERAGE INTEREST MATURITY INCLUDING DERIVATIVES The weighted average remaining time to interest adjust- ment on interest-bearing liabilities including the effect of interest derivatives. Expressed in years remaining. ICR Income from property management the last 12 months adding back net financial expenses, in relation to net financial expenses (excluding the rights of use of land lease properties that in accordance with IFRS 16 is accounted for as a financial cost). EQUITY RATIO Book equity in relation to total balance sheet (excluding the leasing liability for the rights of use of land lease properties that, in accordance with IFRS 16, is accounted for as a long term liability). TOTAL RETURN Property NOI increased by change in value of invest- ment properties during the last 12 months divided by the average fair value of the properties during the same period. SURPLUS RATIO Properties’ NOI divided by total income during the same period. The European Securities and Markets Authority (ESMA) has issued guidelines for the use of Alternative Performance Measures, (APMs) related to companies with securities that are listed on a regulated market. The guidelines have been developed in order to increase the transparency and the comparability in APMs commonly used in prospectuses and other compulsory information submitted by listed companies. Stendörren provides more detailed definitions and explanations of the APMs it uses. These definitions and explanations, along with a reconciliation table, are in accordance with the ESMA guidelines and can be found on www.stendorren.se, investor relations.
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STENDÖRREN.SE Erik Ranje CEO erik.ranje@stendorren.se +46 8 518 331 00 FOR MORE INFORMATION, PLEASE CONTACT: PerHenrik Karlsson CFO per-henrik.karlsson@stendorren.se +46 8 518 331 00