Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Q2 2026 Earnings Presentation
26 slides from Stendoerren Fastigheter Ab Class B's earnings presentation, Jul 21, 2026
Slide 1: Presentation
The picture shows the building on PRESENTATION Almnäs 5:23 in Stockholm Syd, Södertälje, which Erik Ranje Per-Henrik Karlsson was completed during the quarter CEO, Stendörren CFO, Stendörren and is fully let. erik.ranje@stendorren.se per-henrik.karlsson@stendorren.se
Slide 2: Continuous strong growth
CONTINUOUS STRONG GROWTH Our business Property type Geography By net operating income By net operating income LIGHT INDUSTRY Warehouse and logistics, 32% City of Stockholm, 22% Light industrial, 51% Rest of Stockholm county, 32% LOGISTICS Office, 13% Greater Mälardalen, 23% Retail, 4%
Slide 3: Q2 at a glance
Q2 AT A GLANCE Market and overall environment Company activities supporting Company activities supporting • Still challenging market, with continued growth in IFPM per share future IFPM per share growth geopolitical and economic turbulence • Significant value-accretive acquisitions • Significant pip
Slide 4: Operational highlights, reporting period
OPERATIONAL HIGHLIGHTS, REPORTING PERIOD Financial development (excl. non-recurring items related to early refinancings during second half of 2025) Strong growth during Strong surplus ratio 5y CAGR (LTM): 14% reporting period 5y CAGR (LTM): • 80% as of Q2 (LTM) 12% • 17% NOI increase, or… NOI (LTM)
Slide 5: Financial highlights, reporting period
FINANCIAL HIGHLIGHTS, REPORTING PERIOD Equity ratio, % Interest-rate resilience Attractive financing conditions fueling growth 40 41 40 40 40 40 41 43 44 43 44 42 42 41 40 • Approx 65% of interest-bearing 39 38 37 37 39 37 36 38 37 36 debt hedged with a maximum • Strong bank market appetite 32 32 35
Slide 6: SEK 2.3bn acquired LTM
SEK 2.3BN ACQUIRED LTM 11 transactions SEK 2.3 bn MELLBY 4:74 UPPSALA ASSET FINNISH PORTFOLIO (14 ASSETS) LTM ACQUISITION KEY METRICS Location Partille Location Uppsala Location Helsinki region Volume SEK 2.3bn Lettable area 4,000 sq.m. Lettable area 2,500 sq.m. Lettable area 63,000 sq.m. Initial yi
Slide 7: SEK 324 million in completed projects LTM
SEK 324 MILLION IN COMPLETED PROJECTS LTM Completed projects LTM LIGHT INDUSTRIAL 100% Completion Q2 2026 Completion Q1 2026 87% COMBINED OCC. RATE ALMNÄS 5:23 VINDKRAFTEN 2 Municipality Södertälje Municipality Stockholm Premises Light industrial Premises Light industrial 13,200 sq.m. Area 2,100 sq.
Slide 8: Examples of ongoing projects
EXAMPLES OF ONGOING PROJECTS Building permit obtained Building permit obtained Construction in progress Construction in progress ALMNÄS 5:23 NYGÅRD 2:17 (GREENHUB) VEDDESTA 2:53 FOTOCELLEN 5 Municipality Södertälje Municipality Upplands-Bro Municipality Järfälla Municipality Stockholm Premises New l
Slide 9: Outlook - continued focus on profitable growth
OUTLOOK - CONTINUED FOCUS ON PROFITABLE GROWTH • Significant pipeline of value-accretive acquisitions and projects • Acquire yielding single assets/small portfolios off market ACQUISITIONS • Expand in greater Stockholm and Copenhagen • Obtain critical mass in new markets (i.e. Oslo and Gothenburg),
Slide 10: Reasons to invest in Stendörren
4 REASONS TO INVEST IN STENDÖRREN 1 2 3 4 SUSTAINABLE SUSTAINABLE GROWTH BY STABLE CASH RENT FINANCE UNIQUE FLOW GROWTH INVESTMENTS • Growth locations • ~626,000 sq.m. of building • High yielding asset class • Bank debt from leading - Growing macro and urban rights vs ~1002,000 sq.m. of Nordic banks
Slide 11: Thank you!
Erik Ranje CEO, Stendörren erik.ranje@stendorren.se Per-Henrik Karlsson THANK YOU! CFO, Stendörren per-henrik.karlsson@stendorren.se
Slide 12: Appendix
APPENDIX
Slide 13: Introduction
INTRODUCTION BUSINESS IDEA MARKET OPPORTUNITY Stendörren creates profitable growth in net asset value by The properties are strategically located in growth areas managing, developing and acquiring properties. (population and economic), mainly in Greater Stockholm and the Mälardalen region. Focus on
Slide 14: Stable cash flow
STABLE CASH FLOW DIVERSIFICATION WITH FOCUS ON GREATER STOCKHOLM PROPERTY PORTFOLIO OVERVIEW PROPERTY DISTRIBUTION • Stendörren has a property Segment Geography Tenants/property By net operating income By net operating income By area portfolio of SEK 18,000m, with a property yield of 6.2%1) as per J
Slide 15: Stable cash flow – continued
STABLE CASH FLOW – CONTINUED DIVERSIFIED TENANT BASE LARGEST TENANTS AS PER Q2 2026 MATURITY STRUCTURE LEASE AGREEMENTS Rental income, Rental area, Share of total Tenant SEK m th. sq.m. rental income Fortification Agency 81 133 7% 585 Saka Finland Oy 18 9 2% Åtta.45 Tryckeri AB 14 11 1% Advania Sver
Slide 16: Value growth in projects
VALUE GROWTH IN PROJECTS CASE STUDY ALMNÄS – TRANSFORMING AN AREA Before development Fully • Located in the emerging logistics hub Stockholm Syd, close to Södertälje and approximately 45 km south-west (Q4 2019) developed of central Stockholm, with direct access to major routes E20 and E4 Lettable ar
Slide 17: Value growth in projects
VALUE GROWTH IN PROJECTS PROJECT PORTFOLIO WITH LARGE POTENTIAL Municipality Envisaged main use Estimated building right (GFA sq.m.)1) Status zoning Estimated possible construction start2) 626,000 Upplands-Bro Light industrial 370,200 Within current zoning 2026-2027 sq.m. of building rights if fully
Slide 18: Value growth in projects – continued
VALUE GROWTH IN PROJECTS – CONTINUED ONGOING AND COMPLETED PROJECTS Earliest Estimated Estimated Estimated 13,200 sq.m. possible Size investment3) remaining yearly NOI Occupancy Property Description Current phase completion1) sq.m.2) SEK m investment SEK m SEK m rate Viby 19:66 New logistics Constru
Slide 19: Sustainability – achievements
SUSTAINABILITY – ACHIEVEMENTS CLIMATE IMPACT KG CO₂/SQ.M. 1) ENERGY INTENSITY KWH/SQ.M. DISTRIBUTION OF ENERGY SOURCES SDG FOCUS 4,00 140 3,50 120 3,00 100 2% 2% 3% 2,50 4% 4% 80 5% 2,00 60 100% 1,50 98% 98% 40 1,00 97% 96% 96% 20 95% 0,50 0,00 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 202
Slide 20: Stendörren's five focus areas
STENDÖRREN’S FIVE FOCUS AREAS RESOURCE EFFICIENCY FUTURE PROOFING ATTRACTIVE EMPLOYER SOCIAL RESPONSIBILITY OPERATIONAL EXCELLENCE Ambition Ambition Ambition Ambition Ambition • Reduce energy intensity to max 50 kWh/sqm by 2040. • Include relevant TCFD indicators and report according to TCFD. • Ongo
Slide 21: Sustainability offering
SUSTAINABILITY OFFERING BREEAM Particle Biodiversity certification cleaning building Energy envelope performance up to 80% below required level Solar panels Geothermal heating Timber frame Recycling of construction Charging Concrete and material stations asphalt with reduced CO2 footprint S ECOND QU
Slide 22: Finance: highlights from Q2 report
FINANCE HIGHLIGHTS FROM Q2 REPORT Net letting Economic occupancy SEK million % 95 95 Excluding bankruptcy of 94 94 94 94 94 94 94 second largest tenant Exploria 24 93 93 93 16 17 92 92 92 14 14 15 91 91 90 8 7 8 7 89 89 89 5 6 5 6 1 1 1 88 88 87 87 87 -2 -1 -2 -4 -4 -3 -5 -5 -11 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 23: Finance – continued: financial targets
FINANCE – CONTINUED FINANCIAL TARGETS ROE Growth in IFPM per share 26 26 % % 63 22 20 18 41 15 14 16 35 34 29 24 26 23 12% 22 25 9 9 10 8 9 22 15 16 7 7 7 7 -6 13 15 5 5 5 6 15% 10 7 5 5 3 3 22 1 11 -3 -6 -5 -5 -2 0 -2 -18 -24 -4 -12 -20 -24 -30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 24: Finance – continued: debt funding
FINANCE – CONTINUED DEBT FUNDING DEBT FUNDING OVERVIEW LOAN MATURITY INTEREST FIXING SEK m SEK m 6,000 5,000 5 099 4 230 4 100 5,000 4,000 4,000 Bank debt, 76% 3,000 Sr Unsecured bond, 18% 3,000 2 567 Hybrid bond, 6% 2,000 2,000 1 063 1 179 900 1 000 1,000 1,000 155 274 108 0 ,0 ,0 2026 2027 2
Slide 25: Finance – continued: equity ratios and ownership
FINANCE – CONTINUED KEY EQUITY RATIOS AND OWNERSHIP OVERVIEW KEY EQUITY RATIOS LARGEST SHAREHOLDERS AS PER Q2 2026 SEK m SEK/share 7,000 350 Shareholder Percent of capital Percent of votes STENDÖRREN REAL ESTATE AB 37,7% 54,9% 6,000 300 ALTIRA AB 10,3% 14,3% SEB INVESTMENT MANAGEMENT 12,4% 7,3% 5,00
Slide 26: Finance – continued: assessed earnings capacity
FINANCE – CONTINUED ASSESSED EARNINGS CAPACITY 1) Jul 1, 2026 Rental income 1,263 Total income 1,263 Operating expenses -168 Maintenance costs -32 Property tax -36 Net operating income 1,026 Central administration -89 Financial income and expenses -422 Lease expenses / Ground rent -13 Income from pr
Stendörren Fastigheter — Q2 2026 Earnings Presentation on 6ix