Slide 1: Properties for the logistics of the future
Q1 2025 Presentation April 2025 Properties for the logistics of the future Presentation Q1 2025 1
Slide 2: Q1 2025 Presentation
Q1 2025 Presentation April 2025 Q1 2025 Presentation Jörgen Eriksson David Silvesjö CEO Chief Treasury Officer 2
Slide 3: Agenda
Q1 2025 Presentation April 2025 Agenda 1. Summary 5. Financial update 2. Business overview 6. Takeaways from today 3. Business update 7. Q&A 4. Sustainability 3
Slide 4: Q1 YTD 2025 summary: Stable progress in a cautious market
Q1 2025 Presentation April 2025 Q1 YTD 2025 summary: Stable progress in a cautious market Profit from Property Management (PFPM) SEK M • Rental income increased by 31 percent to 644 SEK 1261 + 40% million (493), mainly due to indexation and acquisitions 1107 • Profit from property management increas
Slide 5: Business overview
Business overview Sector-leading portfolio and prime customer base.
Slide 6: Market update
Q1 2025 Presentation April 2025 Market update • Transactions – low activities • E-commerce – 11 percent growth for March 2025 compared to March 2024 1) • New developments, cautious approach from customers, long processes • Regional oversupply – high vacancy rate 6 1) SH Svensk Handel E-handelsindika
Slide 7: Customer base
Q1 2025 Presentation April 2025 Customer base Packaging Public sector Others Customers Share of contractual value Industry 2% 2% 5% 2% DSV 19% Healthcare DHL 8% 3% Construction ICA 6% and furnishing Martin & Servera 5% 3% Postnord 4% Boozt 3% Durable goods 15% Logistics and Nowaste Logistics 3% tran
Slide 8: Portfolio
Q1 2025 Presentation April 2025 Portfolio Regions Number of Lettable Fair Value, Rental value, Economic Contractual Surplus ratio, properties area, Tsqm SEK M SEK M letting ratio, annual rent, %2 % SEK M1 Sweden South 39 917 12,881 798 95 758 80 Sweden West 36 718 8,647 575 98 563 83 Sweden East 48
Slide 9: Business update
Business update A strong financial position and a unique landbank.
Slide 10: Rugvista in Malmö
Q1 2025 Presentation April 2025 Case Rugvista in Malmö Property: Sockret 4 Location: Malmö, Sweden Tenant: Rugvista GLA: 13,700 sqm Certification: BREEAM Excellent 10
Slide 11: Acquisition of new facility in Køge, Denmark
Q1 2025 Presentation April 2025 Case Acquisition of new facility in Køge, Denmark Property: Idunsvej 2 Location: Køge, Denmark Investment: DKK 289 million Land area: 55,267 sqm GLA: 26,085 sqm 11 Certification: BREEAM Very Good
Slide 12: Current development
Q1 2025 Presentation April 2025 Current development 839 SEK M Carrying value 435 SEK M Remaining Investments Mappen 4, Tenant: San Sac Sqm: 9,800 Linköping Investment: 129 SEK M Finalized: Q1 2026 98 Tsqm GLA under construction Logistics Position Tenant: Nowaste Logistics Sqm: 75,000 Ramlösa, Helsin
Slide 13: Future development
Q1 2025 Presentation April 2025 Future development Stockholm South, Land, Sqm: 450,000 Nykvarn/Södertälje Zoning plan approved Logistics Position Järna Land Sqm: 950,000 4,500 Ksqm Södertälje Pending zoning plan Land bank Örebro South (JV, 50%), Land, Sqm: 920,000 Törsjö Pending zoning plan 1,600 Ks
Slide 14: Leasing update
Q1 2025 Presentation April 2025 Leasing update Net leasing Maturity profile – WALE development Letting ratio contractual annual rent SEK M 150 6,7 60,0% 6,5 97,5% 97,2% 100 97,0% 50,0% 96,7% 5,5 5,5 96,5% 96,6% 50 96% 96,5% 40,0% 5,1 96,0% 4,9 5,0 95,5% 0 30,0% 95,0% 95% 2019 2020 2021 2022 2023 2 Q
Slide 15: Sustainability
Sustainability We are taking long-term responsibility.
Slide 16: Sustainability
Q1 2025 Presentation April 2025 Sustainability Continued progress towards 2030 targets Sustainability targets 2025 R12 2024 2023 2021 Trend Net-zero greenhouse gas emissions by 2030 • 53 percent of lettable area is environmentally -Scope 1-2 (location based) 3,706 3,616 3,261 2,632 certified -Scope
Slide 17: Financial update
Financial update Strong cashflows and balance sheet provides flexibility and opportunity.
Slide 18: Income and earnings
Q1 2025 Presentation April 2025 Income and earnings Rental income Net operating surplus +36% Profit from property management SEK M SEK M SEK M 2 193 1 789 1 261 +31% 1 107 +40% 1 808 1 447 954 1 544 1 220 824 1 387 1 095 1 264 1 004 719 644 536 398 493 394 285 2020 2021 2022 2023 2024 Q1 2024Q1 2025
Slide 19: Rental development
Q1 2025 Presentation April 2025 Rental development 125 26 11 644 493 -11 2025 Q1 YoY Like-for-like1 2.2 % SEK M Project development 5.3 % Acquisitions 25.4 % Divestments -2.3 % Total 30.6% Q1 2024 Acqusitions Divestments Projects Like-for-like Q1 2025 • Like-for-like growth: Primarily driven by CPI
Slide 20: Capital structure management
Q1 2025 Presentation April 2025 Capital structure management SEK M 50 000 60% 50% Key Highlights 40 000 40% 30 000 • Market shaped by elevated uncertainty and 20 000 30% selective capital availability 20% 10 000 10% • Q1 delivered positive earnings contribution to 0 0% equity despite a drag from cur
Slide 21: Financial position
Q1 2025 Presentation April 2025 Financial position 10 7,1 5 0 Clarity, Confidence and Control 2020 2021 2022 2023 2024 Q1 2025 • Strong financial control reflected across all key Net debt/EBITDA Net debt/EBITDA policy metrics 80% • Strategic focus on single rating provider: Fitch ratings 60% 37,8% a
Slide 22: Debt and money management
Q1 2025 Presentation April 2025 Debt and money management SEK M Debt maturity profile Debt management 5 000 • SEK 650 million of bank debt refinanced on improved 4 000 terms 3 000 • SEK 500 million bond issue completed: 3-year tenor at 2 000 Stibor + 0.95 percent 1 000 0 • Continued focus on debt re
Slide 23: Interest rate management
Q1 2025 Presentation April 2025 Interest rate management Market outlook SEK M Interest maturity profile 63% Interest • European central banks signal rate cuts in response to 8 000 7 387 hedge economic uncertainty 7 000 ratio 6 000 • Long-term rate path clouded by emerging trade tensions 5 000 and fr
Slide 24: Transactions
Q1 2025 Presentation April 2025 Capital deployment 0 Acquisitions (SEK M) Transactions 12 000 10 000 8 000 6 000 -25 Divestments (SEK M) 4 000 2 000 0 2019 2020 2021 2022 2023 2024 Q1 2024 Q1 2025 Development CAPEX -2 000 264 Capex (SEK M) Acquisition CAPEX (net) Development CAPEX Divestments 24
Slide 25: Property valuation
Q1 2025 Presentation April 2025 Property valuation 5.6 % EPRA NIY Stable property values 50 000 7,0% • Value changes Q1 2025 45 000 6,0% 40 000 • +103 MSEK of unrealized value changes 35 000 5,0% 30 000 4,0% • Driven by changes in yields, vacancy and 25 000 3,0% renegotiated leases. 20 000 15 000 2,
Slide 26: Takeaways from today
Takeaways from today CATENA
Slide 27: Stable progress, increased earnings, well-positioned
Q1 2025 Presentation April 2025 1. Stable progress 2. Increased earnings 3. Well-positioned with favorable conditions for continued growth 27
Slide 28: Q&A
Q1 2025 Presentation April 2025 Q&A Jörgen Eriksson David Silvesjö CEO Chief Treasury Officer 28
Slide 29: Q1 2025 Presentation April 2025
Q1 2025 Presentation April 2025 29