Catena Ab · OMXSTO:CATE
Catena Ab — Q4 2025 Earnings Presentation
29 slides from Catena Ab's earnings presentation, Feb 20, 2026
Slide 1: Properties for the logistics of the future
Q4 2025 Presentation February 2026 Properties for the logistics of the future Presentation Q4 2025 2
Slide 2: Agenda
Q4 2025 Presentation February 2026 Agenda 1. Summary 5. Financial update 2. Business overview 6. Takeaways from today 3. Business update 7. Q&A 4. Sustainability 3
Slide 3: Q4 YTD 2025 summary
Q4 2025 Presentation February 2026 Q4 YTD 2025 summary A strong hold on the Nordic logistics property market + 28% • Rental income increased by 21 percent to SEK 2,651 Profit from Property Management (PFPM) SEK M million (2,193), mainly due to acquisitions 1613 • Profit from property management incr
Slide 4: Business overview
Business overview Sector-leading portfolio and prime customer base
Slide 5: Market update
Q4 2025 Presentation February 2026 Market update • Higher activity in the transaction market • Record year for Swedish e-commerce – highest turnover ever1 • New projects – still ongoing dialogues but it takes time 6 1 E-barometern PostNord årsrapport 2025
Slide 6: Customer base
Q4 2025 Presentation February 2026 Customer base Packaging Public sector Others Customers Share of contractual value Industry 1% 2% 4% 3% DSV 18% Healthcare DHL 8% 3% ICA 6% Construction and furnishing Elgiganten 5% 3% PostNord 4% Martin & Servera 4% Durable goods 18% Logistics and Nowaste Logistics
Slide 7: Portfolio
Q4 2025 Presentation February 2026 Portfolio Fair Value Regions Prop- Lettable Property Management Ongoing Land, Total Rental Economic Contractual Surplus erties area projects building value letting annual rent1 ratio2 rights ratio Number Tsqm SEK M SEK M/sqm SEK M SEK M SEK M SEK M % SEK M % Sweden
Slide 8: Business update
Business update A strong financial position and a unique landbank
Slide 9: Catena acquires a Nordic property portfolio
Q4 2025 Presentation February 2026 Significant event after the period Catena acquires a Nordic property portfolio • Underlying value SEK 8.8 billion • A total of 20 properties • Modern, high-quality logistics properties situated in attractive areas with well-known tenants • A wale of about 11 years
Slide 10: Final phase at Logistics Position Ramlösa
Q4 2025 Presentation February 2026 Case Final phase at Logistics Position Ramlösa Tenant: ICA Fastigheter GLA, new build: 18,042 sqm GLA, existing facility: 16,753 sqm Certifications: BREEAM Excellent, NollCO2 11
Slide 11: Current development
Q4 2025 Presentation February 2026 Current development 1,212 SEK M Carrying value 396 SEK M Remaining Investments Mappen 4, Tenant: San Sac Sqm: 9,800 Linköping Investment: 129 SEK M Finalized: Q1 2026 92 Tsqm GLA under construction E-city Engelholm Tenant: Boozt Sqm: 5,850 Ängelholm Investment: 89
Slide 12: Future development
Q4 2025 Presentation February 2026 Future development Stockholm South, Land, Sqm: 450,000 Nykvarn/Södertälje Zoning plan approved Logistics Position Järna Land Sqm: 950,000 (JV, 50%) Pending zoning plan 4,500 Ksqm Södertälje Land bank Örebro South (JV, 50%), Land, Sqm: 920,000 Törsjö, Örebro Pending
Slide 13: Leasing update
Q4 2025 Presentation February 2026 Leasing update Net leasing Maturity profile – WALE development Letting ratio contractual annual rent 6,7 60,0% 6,4 97,5% 97,2% 97,0% 96,7% 50,0% SEK M 5,5 5,5 96,5% 96,6% 96% 96,7% 40,0% 5,1 96,0% 150 5,0 30,0% 95,5% 100 95,0% 95% 20,0% 94,7% 94,5% 50 10,0% 94,0% 9
Slide 14: Sustainability
Sustainability We are taking long-term responsibility.
Slide 15: Sustainability
Q4 2025 Presentation February 2026 Sustainability Continued progress towards 2030 targets Sustainability targets 2025 R12 2024 2023 2021 Trend Net-zero greenhouse gas emissions by 2030 • 73 percent of lettable area is environmentally certified -Scope 1-2 (location based) 2,181 3,616 3,261 2,632 -Sco
Slide 16: Financial update
Financial update Strong cashflows and balance sheet provides flexibility and opportunity.
Slide 17: Catena carried out a directed new share issue
Q4 2025 Presentation February 2026 Significant event after the period Catena carried out a directed new share issue • Raised SEK 2.8 billion • Swedish and international institutional investors • Including Backahill INTER AB, WDP Invest NV, Alecta Tjänstepension, Clearance Capital, Länsförsäkringar K
Slide 18: Income and earnings
Q4 2025 Presentation February 2026 Income and earnings +21% +23% +28% Net operating surplus Profit from property management Rental income SEK M SEK M 1 613 SEK M 2 651 2 198 2 193 1 789 1 261 1 107 1 808 1 447 954 1 544 1 220 824 1 387 1 095 1 264 1 004 719 2020 2021 2022 2023 2024 2025 2020 2021 20
Slide 19: Rental development
Q4 2025 Presentation February 2026 Rental development 325 84 87 2025 Q4 YoY Like-for-like1 4.0 % Project development 3.8 % SEK M 2651 Acquisitions 14.8 % 2193 Divestments -1.7 % -23 Total 20.9% Q4 2024 Acquisitions Divestments Projects Like-for-like Q4 2025 Like-for-like growth: Primarily driven by
Slide 20: Capital structure management
Q4 2025 Presentation February 2026 Capital structure management SEK M 50 000 60% 40 000 50% 40% 30 000 30% 20 000 20% Key highlights 10 000 10% 0 0% • Equity ratio at 51 percent is considered as a balanced 2019 2020 2021 2022 2023 2024 2025 weight Interest bearing debt Other liabilities Equity Equit
Slide 21: Financial position
Q4 2025 Presentation February 2026 Financial position 10 7,8 5 Good control – building momentum 0 2020 2021 2022 2023 2024 2025 • Strong financial control reflected across all key metrics Net debt/EBITDA (ls) Net debt/EBITDA policy • Investment grade rating, BBB with stable outlook, 80% confirmed by
Slide 22: Debt and liquidity management
Q4 2025 Presentation February 2026 Debt and liquidity management SEK M Debt maturity profile Debt management 6 000 • Continued focus on capital structure and debt recycling 5 000 4 000 • SEK 617 M of bank loans refinanced during Q4 at 3 000 margins improving our cost of debt. Banks are offering 2 00
Slide 23: Interest rate management
Q4 2025 Presentation February 2026 Interest rate management Market outlook SEK M Interest maturity profile 61% Interest • The Swedish Riksbank and the ECB kept their policy 9 000 8 140 8 000 hedge rates unchanged during Q4 ratio 7 000 • Swap rates increased during Q4 but have decreased 6 000 5 000 s
Slide 24: Transactions
Q4 2025 Presentation February 2026 Capital deployment 1 840 Acquisitions (SEK M) Transactions 12 000 10 000 8 000 -98 Divestments (SEK M) 6 000 4 000 2 000 0 2019 2020 2021 2022 2023 2024 2 025 Development CAPEX -2 000 1 147 Capex (SEK M) Acquisition CAPEX (net) Development CAPEX Divestments 25
Slide 25: Property valuation
Q4 2025 Presentation February 2026 Property valuation 5.6 % EPRA NIY Stable property values • Value changes 2025 50 000 45 000 7,0% 6,0% • +485 MSEK of unrealized value changes 40 000 5,0% 35 000 • Driven by changes in yields, vacancy and 30 000 4,0% 25 000 renegotiated leases 20 000 3,0% 15 000 • A
Slide 26: Takeaways from today
Takeaways from today CATENA
Slide 27: Solid numbers for 2025
Q4 2025 Presentation February 2026 1. Solid numbers for 2025 2. Clear that Catena will continue its growth journey in 2026 28
Slide 28: Q&A
Q4 2025 Presentation February 2026 Q&A Jörgen Eriksson Magnus Thagg CEO CFO 29
Slide 29: Q4 2025 Presentation February 2026
Q4 2025 Presentation February 2026 30