Slide 1: Half-year report January-June 2026
Half-year report January-June 2026 Q2
Slide 2: Highlights
Tullen 8, Örebro Highlights Divestment to Wihlborgs SEK 13.3 Bn, mixed portfolio in Skåne Divestment to Alecta SEK 5.0 Bn, office properties in Stockholm Share buybacks SEK 4.6 Bn or 39 million shares in H1 Ericsson leasing in Hagastaden Infinity, Emerald House and Jubileumshuset
Slide 3: Property fair value SEK 134 bn
Property fair value SEK 134 bn Entra 37% or SEK 11 bn Helsinki Leasable area 5.2 million sqm Oslo Stockholm No. of properties Gothenburg 655 Employees 493 Operational regions Copenhagen Malmö Entra
Slide 4: Sustainability performance
January to June 2026 Sustainability performanceD -2% energy efficiency, like-for-like portfolio, LTM (normalised) 60% of sq. m. sustainability-certified 26% self-generated electricity 4 CASTELLUM 2026-07-15
Slide 5: Net leasing SEK 110 m
January to June 2026 Net leasing SEK 110 m SEK m 310 239 178 161 162 161 110 13 -24 -67 -140 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M 2026 5 CASTELLUM 2026-07-15
Slide 6: Net leasing excluding projects SEK -57 million
January to June 2026 Net leasing excluding projects SEK -57 million SEK m 112 52 26 16 -19 -23 -80 -77 -57 -158 -239 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M 2026 6 CASTELLUM 2026-07-15
Slide 7: Economic occupancy 87.5 percent
January to June 2026 Economic occupancy 87.5 percent Percent 93.2% 92.6% 93.1% 92.9% 93.4% 91.3% 90.9% 91.0% 91.1% 89.2% 87.5% 6M 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7 CASTELLUM 2026-07-15
Slide 8: Prolongations and renegotiations gave -1.0 percent
January to June 2026 Prolongations and renegotiations gave -1.0 percent SEK million 2024 2025 6M 2026 End of period in-place rents per year, SEK m 9,478 9,299 8,692 - proportion of in-place rents prolonged 18% 17% 9%* - proportion of in-place rents renegotiated 5% 3% 3%* - proportion of in-place ren
Slide 9: Like-for-like in-place rents declined 1.3 percent
January to June 2026 Like-for-like in-place rents declined 1.3 percent SEK m (excluding parking and residential) Like-for-like -1.3% 9,007 -475 279 8,702 8,532 -154 45 8,423 30 Jun 2025 Disposals and 30 Jun 2025 Change Change rent 30 Jun 2026 Acquisitions 30 Jun 2026 Development vacancy levels and D
Slide 10: Like-for-like income growth -2.0 percent
January to June 2026 Like-for-like income growth -2.0 percent SEK million 8.9% 7.2% 5.3% 4.4% 3.0% 2.0% 2.2% 2.0% 2.3% 0.3% -2.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M 2026 10 CASTELLUM 2026-07-15
Slide 11: Like-for-like NOI-growth -4.8 percent
January to June 2026 Like-for-like NOI-growth –4.8 percent D 10.1% 7.0% 5.6% 4.9% 4.5% 3.6% n/a n/a 0.5% -1.0% -4.8% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M 2026 11 CASTELLUM 2026-07-15
Slide 12: Disposals SEK 24.3 bn with SEK 1.4 bn in profit
January to June 2026 Disposals SEK 24.3 bn with SEK 1.4 bn in profit Wihl- SEK m AP7 Alecta borgs Other Total Type Public Office Mix Mix Mix Price 5,600 5,014 13,320 391 24,325 Fair value 5,150 4,460 13,926 312 23,848 Price to fair value 450 554 -606 79 477 Price to fair value, % 9 12 -4 25 2 Rental
Slide 13: Property fair value SEK 133.9 bn
January to June 2026 Property fair value SEK 133.9 bn Value change 0.2 percent 2.0 -5.5 136.9 0 0.2 0.3 133.9 31 Dec 2025 Acquisitions Investments Disposals Value change Currency 30 Jun 2026 13 CASTELLUM 2026-07-15
Slide 14: Property fair value capitalization rates 5.7 percent
January to June 2026 Property fair value capitalization rates 5.7 percent The capitalization rate refers to the terminal (exit) value in the fair value assessment 5.8% 5.5% 5.6% 5.6% 5.6% 5.7% 5.3% 5.1% 5.0% 5.0% 4.7% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M 2026 14 CASTELLUM 2026-07-15
Slide 15: Loan to value 37.3 percent
January to June 2026 Loan to value 37.3 percent D 48.8% 45.4% 43.5% 42.3% 41.1% 41.0% 39.0% 37.4% 37.3% 35.6% 36.5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M 2026 15 CASTELLUM 2026-07-15
Slide 16: Debt maturities on average 4.5 years
January to June 2026 Debt maturities on average 4.5 years SEK bn 17.2 7.1 4.6 4.9 4.9 5.0 4.1 3.0 2.6 1.4 1.9 0.1 0.5 2026 2027 2028 2029 2030 >2030 Bank credits Bonds Commercial paper 16 CASTELLUM 2026-07-15
Slide 17: Unutilised credit facilities SEK 16.5 bn
January to June 2026 Unutilised credit facilities SEK 16.5 bn d Interest bearing debt SEK 57.4 bn Unutilised credit facilities SEK 16.5 bn 10.4 4.6 30.2 22.5 3.0 2.1 0.8 0.3 Bonds Bank credits Commercial paper 2026 2027 2028 2029 2030 >2030 17 CASTELLUM 2026-07-15
Slide 18: Average interest rate 3.5 percent
January to June 2026 Average interest rate 3.5 percent Average fixed interest rate 2.8 years 3.5% 3.2% 3.2% 3.0% 2.7% 2.6% 2.4% 2.0% 2.0% 1.9% 1.8% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M 2026 18 CASTELLUM 2026-07-15
Slide 19: Interest coverage ratio 3.2 times
January to June 2026 Interest coverage ratio 3.2 times D 5.3 5.2 5.0 4.5 3.9 3.9 3.5 3.0 3.3 3.2 3.2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M 2026 (R12) 19 CASTELLUM 2026-07-15
Slide 20: Share buybacks SEK 4.6 bn during H1 2026
January to June 2026 Share buybacks SEK 4.6 bn during H1 2026 Repurchased 39.0 million shares to an average price of SEK 116.88 per share 6 130 5 120 4 110 3 100 2 1 90 0 80 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 W. 8 No of shares (in millions) Average share price 20 CASTELLUM 2026-07-
Slide 21: Income from property management increased 7.3%
January to June 2026 Income from property management increased 7.3% SEK per share 9.69 9.36 3.5% 4.84 4.51 7.3% 6M 2025 6M 2026 2025 R12 21 CASTELLUM 2026-07-15
Slide 22: Net asset value (EPRA NRV) increased 4.6 percent
January to June 2026 Net asset value (EPRA NRV) increased 4.6 percent SEK per share 3.4 167.3 3.9 160.0 31 Dec 2025 Profit Buybacks 30 June 2026 22 CASTELLUM 2026-07-15
Slide 23: Return on equity 5.2 percent (annualized)
January to June 2026 Return on equity 5.2 percent (annualized) D 23% 23% 20% 21% 15% 13% 5.2% 2% 3% 1% -15% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M 2026 23 CASTELLUM 2026-07-15
Slide 24: Q&A
Interim report January to September 22 Oct. 2026 Q&A