20 slides from Corem Property Group Ab Class A's earnings presentation, Jul 11, 2025
Slide 1: Half-Year Report Q2 2025
Half-Year Report Q2 2025 11 July 2025
Slide 2: Properties for the future
ABOUT COREM Properties for the future We have solid expertise in managing commercial real estate, but above all in creating possibilities. Premises which are tailored to our customer’s businesses, and in the right locations. At our core lies in-house, locally based and sustainable property managemen
Slide 3: Property portfolio geographically well focused to attractive locations in major cities and growth regions
Property portfolio geographically well Customer focused to attractive locations in major cities Satisfaction, NKI and growth regions 75 (+3) • Portfolio with premises for commercial use • In-house property management • Expertise in property development Lettable area by type • Proven track record in
Slide 4: Summary January – June 2025
Summary January – June 2025 4
Slide 5: Summary January – June 2025
Summary January – June 2025 “Stable core business and focused actions for long-term strength” 1 792 476 4 13.44 1.7 Cost decrease, NAV per ordinary ICR , R12 Income, Profit from property comparable share of Class A/B, SEKm management, SEKm portfolio, % SEK 6.0 52 10 53 4.6 Net letting LTV, Average A
Slide 6: New lettings
New lettings Selection during Q2 2025 • Stockholm - Kista • Stockholm - Smartoptics, expansion to 4 100 sq.m - Region Stockholm, 1 700 sq.m • Västerås • Norrköping Bravida, 1 000 sq.m - Norrköpings Kommun, 3 300 sq.m • New York - New lease, 605 sq.m
Slide 7: Net letting, Rental value per sq.m, Contract maturity
Net letting Rental value per sq.m Contract maturity SEKm SEK SEKm 140 2 500 1 200 120 100 2 000 1 000 80 60 800 1 500 40 20 600 0 1 000 -20 400 -40 500 200 -60 -80 – 0 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 2025 2026 2027 2028 2029- 2021 2022 2023 20
Slide 8: Investments
Investments, 3.1 SEKbn 2.8 SEKbn 2.9 SEKbn 2.0 SEKbn 1.3 SEKbn trailing 12 months 2020 2021 2022 2023 2024 3500 3000 • Tenant adaptations, conversion from single-tenant to multi-tenant, improvements 2500 in technical standard, urban development. • Keeping the portfolio 2000 attractive and efficient
Slide 9: Value-creating property development and urban development
Value-creating property development and urban development Gallerian, converting retail to office, Västerås Västerås Conversion for Kustbevakningen, Gothenburg Kopparhusen, Office in Norrköping Mälarporten, Västerås
Slide 10: New York
28&7 - Divestment Q3 2025 1245 Broadway 417 Park New York • 28&7 Lettable area 9,300 sq.m, 100% leased, divestment Q3 2025 • 1245 Broadway Lettable area 17,600 sq.m, 80% leased • 417 Park Avenue Unique development site of 1,000 sq.m, building rights for 33,000 sq.m New York
Slide 11: Urban development
Globen - Söderstaden Uppsala Business Park Västerås City Stockholm North - Kista Urban development
Slide 12: Property transactions
-7 000 Property transactions -6 000 Transactions are an integral part of Corem’s business model, providing means to focus, improve, -5 000 and adapt the portfolio to market conditions. Over the past years, we have made divestments required to handle -4 000 bond maturities through 2023 - 2025. We wil
Slide 13: Average yield and market value since peak levels
Average yield and market value since peak levels SEKm SEK 90000 7,0% 6,0% 6,0% 6,0% 80000 5,8% 5,9% 5,9% 5,9% 5,5% 6,0% 5,3% 5,4% 70000 5,0% 5,0% 5,2% 4,9% 5,0% 60000 50000 4,0% 40000 3,0% 30000 2,0% 20000 1,0% 10000 0 0,0% Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 2022 2022 2022
Slide 14: Financial position
Financial position Interest-bearing liabilities • Interest-bearing liabilities reduced by SEK 3 billion during Jan- SEKbn June 2025 50 • Maintained or improved key figures such as LTV, average 40 interest rate and ICR 30 • Conducted a targeted new share issue bringing the company 20 SEK 939 million
Slide 15: Financing
LTV Equity ratio* % % 70 53% 50 43% Financing 60 50 45 40 35 40 30 25 30 20 20 15 10 10 5 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 2018 2019 2020 2021 2022 2023 2024 2025 2024 2025 Lowered LTV and improved *Adjusted equity ratio Equity ratio due to proactive transactions and Average interest rate % Interest cove
Slide 16: Outstanding bond volumes
Outstanding bond volumes Outstanding bond volumes Breakdown of Interest-bearing liabilities 14 000 16% 2% 15% 18% 15% 12 000 14% 14% Unsecured bonds 14% 14% Bank loans 10 000 80% Commercial paper 12% 8 000 Bond maturity 11% SEKm 10% 6 000 1 800 5,225 1 675 10% 1 600 Q2 2025 1 400 1 300 4 000 1 200 1
Slide 17: Optimizing the financial position & shareholder value
Optimizing the financial position & shareholder value Tools to reach, and later be able to surpass, our financial targets • Continued targeted divestments • Reposition and refinance bonds, optimizing structure as well as bond durations • Repayment of expensive loan structures, restructuring of expen
Slide 18: Strong track-record in sustainability and further steps achieved during 2024
SUSTAINABILITY Strong track-record in sustainability Customer Satisfaction, NKI and further steps achieved during 2024 75(+3) For Corem, sustainability means combining economically sustainable business operations with high business ethics, social responsibility and environmental consideration. Worki
Slide 19: Taking Corem forward and keep building for the future
Taking Corem forward and keep building for the future Using our strengths Focus areas • Geographically well positioned to growth markets • Improve occupancy rate • Competitive portfolio in attractive locations • Improve operating margin • Attractive land bank and development possibilities • Optimizi
Slide 20: Questions
Questions 20