Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Q4 2025 Earnings Presentation
28 slides from Stendoerren Fastigheter Ab Class B's earnings presentation, Feb 12, 2026
Slide 1: Presentation
PRESENTATION Recently acquired Erik Ranje Per - Henrik Karlsson property in the Helsinki CEO, Stendörren CFO, Stendörren region 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, 35% ◼ City of Stockholm, 24% ◼ Light industrial, 46% ◼ Rest of Stockholm county, 36% LOGISTICS ◼ Office, 15% ◼ Greater Mälardalen, 26% ◼ Retail, 4%
Slide 3: Accelerated growth in Q4 and beyond
ACCELERATED GROWTH IN Q4 AND BEYOND Market and overall environment Company activities supporting Company activities supporting • Still challenging market, however further growth in IFPM per share future IFPM per share growth signs of optimism following supporting • Significant value-accretive acquis
Slide 4: Operational highlights, reporting period
OPERATIONAL HIGHLIGHTS, REPORTING PERIOD Financial development (excl. non -recurring items related to premature refinancings during second half of 2025 ) Strong growth during Strong surplus ratio CAGR (LTM ): 12% reporting period • 80% as of Q4 (LTM) CAGR (LTM): 10 % • 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 63% of interest-bearing 39 38 37 37 39 37 36 38 37 36 debt hedged with a maximum • In Q2, refinancing of outstanding
Slide 6: SEK 1.2bn acquired LTM
SEK 1.2BN ACQUIRED LTM 12 transactions SEK 1.2 bn UPPSALA PORTFOLIO (TWO ASSETS) STOCKHOLM PORTFOLIO (FOUR ASSETS) FRILEDNINGEN 6 & 10 LTM ACQUISITION KEY METRICS Location Uppsala Location Stockholm Location Västerås Volume SEK 1.2bn Lettable area 6,800 sq.m. Lettable area 4,200 sq.m. Lettable area
Slide 7: Acquisition of the "Finnish Portfolio"
ACQUISITION OF THE “FINNISH PORTFOLIO” • IFPM per share pro forma increase of 13 percent • Combined with previously completed acquisitions, projects and premature refinancings, IFPM per share as proforma of 1 January 2026 increase by – 19% vs 1 October 2025 14 properties – 35% vs 1 January 2025 SEK
Slide 8: SEK 2.5bn acquired 2025 & 2026
SEK 2.5BN ACQUIRED 2025 & 2026 1) 13 transactions SEK 2.5 bn FINNISH PORTFOLIO (14 ASSETS) UPPSALA PORTFOLIO (TWO ASSETS) STOCKHOLM PORTFOLIO (FOUR ASSETS) LTM ACQUISITION KEY METRICS Location Helsinki region Location Uppsala Location Stockholm Volume SEK 2.5bn Lettable area 63,000 sq.m. Lettable ar
Slide 9: Critical mass in Helsinki and Copenhagen
CRITICAL MASS IN HELSINKI AND COPENHAGEN PORTFOLIO OVERVIEW HEL - FI • Scaled and geographically concentrated portfolios in Finland and Denmark through a series of successful strategic acquisitions 10km radius • Critical mass for efficient local property management from airport CPH - DK KEY METRICS
Slide 10: SEK 241 million in completed projects 2025
SEK 241 MILLION IN COMPLETED PROJECTS 2025 Completed projects LTM LIGHT INDUSTRIAL 100% Completion Q2 2025 Completion Q1 2025 84% COMBINED OCC. RATE ALMNÄS 5:23 VIBY 19:30 Municipality Södertälje Municipality Upplands-Bro Premises Light industrial Premises Light industrial 9,500 sq.m. Area 2,300 sq.
Slide 11: Examples of ongoing projects
EXAMPLES OF ONGOING PROJECTS Building permit obtained Construction in progress Construction in progress Construction in progress ALMNÄS 5:23 NYGÅRD 2:17 (GREENHUB) VINDKRAFTEN 2 FOTOCELLEN 5 Municipality Södertälje Municipality Upplands-Bro Municipality Stockholm Municipality Stockholm Premises New
Slide 12: 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 13: 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 • Obtain critical mass in new markets (i.e. Oslo and Gothenburg), subject to mark
Slide 14: 4 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 • ~627,000 sq.m. of building • High yielding asset class • Bank debt from leading - Growing macro and urban rights vs ~922,000 sq.m. of Nordic banks
Slide 15: Thank you!
Erik Ranje CEO, Stendörren erik.ranje@stendorren.se Per - Henrik Karlsson CFO, Stendörren per-henrik.karlsson@stendorren.se THANK YOU!
Slide 16: Appendix
APPENDIX
Slide 17: Operational highlights, reporting quarter
OPERATIONAL HIGHLIGHTS, REPORTING QUARTER Financial development Strong growth Q4 2025 vs Strong surplus ratio CAGR (LTM ): 12% Q4 2024 • 78% in Q4 2025 CAGR (LTM): 10 % • 16% NOI increase, or… NOI IFPM (less hybrid interest) per share – …11% in comparable portfolio • 2% increase in IFPM, or… Acceler
Slide 18: 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 19: 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 • ~627,000 sq.m. of building • High yielding asset class • Bank debt from leading - Growing macro and urban rights vs ~922,000 sq.m. of Nordic banks
Slide 20: 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 15,900m, with a property yield of 6.4%1) as per D
Slide 21: Stable cash flow – continued
STABLE CASH FLOW – CONTINUED DIVERSIFIED TENANT BASE LARGEST TENANTS AS PER Q4 2025 MATURITY STRUCTURE LEASE AGREEMENTS Rental income, Rental area, Share of total 568 Tenant SEK m th. sq.m. rental income Fortifikationsverket 74 129 7% Åtta.45 Tryckeri AB 14 11 2% Carla AB 14 5 2% Advania Sverige AB
Slide 22: 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 23: Value growth in projects
VALUE GROWTH IN PROJECTS CASE STUDY STENVRETEN 8:37 – “ADVANIA DREAM HOUSE” Before development At completion • Stendörren’s existing tenant Advania decided to significantly expand their Enköping premises during the fall of (Q3 2013) (Q1 2025) 2023 Lettable area 480 sq.m. 9,700 sq.m. • 9,700 sq.m. of
Slide 24: Finance
FINANCE HIGHLIGHTS FROM Q4 REPORT Net letting Economic occupancy SEK million % 95 Excluding bankruptcy of 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 1 1 1 88 88 87 87 87 -2 -1 -2 -4 -4 -3 -5 -5 -11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 25: Finance – continued
FINANCE – CONTINUED FINANCIAL TARGETS ROE Growth in IFPM per share 26 26 % % 63 22 20 18 41 15 14 16 35 34 29 12% 22 25 24 9 9 10 9 22 8 7 7 7 7 -6 13 15 15 16 5 5 5 15% 5 10 7 5 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 Q3 Q4 Q1 Q
Slide 26: Finance – continued
FINANCE – CONTINUED DEBT FUNDING DEBT FUNDING OVERVIEW LOAN MATURITY INTEREST FIXING SEK m SEK m 5 000 6,000 5,000 5,000 4 584 4,000 3 286 4,000 ◼ Bank debt, 79% 3,000 ◼ Sr Unsecured bond, 17% 2 856 3,000 ◼ Hybrid bond, 3% 2,000 2,000 1 051 1,000 600 1,000 343 153 0 0 101 0 ,0 ,0 2026 2027 2028 2029
Slide 27: Finance – continued
FINANCE – CONTINUED KEY EQUITY RATIOS AND OWNERSHIP OVERVIEW KEY EQUITY RATIOS LARGEST SHAREHOLDERS AS PER Q4 2025 SEK m SEK/share 7,000 350 Shareholder Percent of capital Percent of votes STENDÖRREN REAL ESTATE AB 37,7% 55,0% 6,000 300 ALTIRA AB 9,8% 14,0% SEB INVESTMENT MANAGEMENT 12,9% 7,7% 5,000
Slide 28: Finance – continued
FINANCE – CONTINUED 1) Pro forma Jan 1, 2026 ASSESSED EARNINGS CAPACITY Jan 1, 2026 adjustment 2) + Pro forma Pro forma background Rental income 1,120 110 1,230 The company has entered into an agreement to acquire 14 Total income 1,120 110 1,230 properties in the Helsinki region with an agreed prope
Stendörren Fastigheter — Q4 2025 Earnings Presentation on 6ix