Intea Fastigheter Ab Class B · OMXSTO:INTEA_B
Intea Fastigheter Ab Class B — FY2024 Earnings Presentation
18 slides from Intea Fastigheter Ab Class B's earnings presentation, Feb 20, 2025
Slide 1: Year-End Report January – December 2024
Year-End Report January – December 2024
Slide 2: Intea in Brief
INTEA IN BRIEF Rental income, SEKm Surplus ratio Loan To Value Average yield1 Key events in Q4 2024 • IPO completed December 12 1 201 82.6% 50.5% 5.2% (1 057) (81.4%) (57.2%) (5.3%) • Police facility in Kristianstad completed (annual contracted rent of SEK 62m, Interest Coverage Growth in NAV per WA
Slide 3: Strong Financial Performance in Q4
STRONG FINANCIAL PERFORMANCE IN Q4 SEKm Q4 2024 Q4 2023 Rental income 318 276 Rental income NOI 257 216 +14.6% Net financial income -85 -97 (+3.9%) 1 Profit from Property Management 156 103 Changes in value Investment properties 81 -598 Profit from Property Changes in value Derivate instruments 218
Slide 4: Acquisitions in Q4 2024
ACQUISITIONS IN Q4 2024 Justice Police facility, Gothenburg Prison, Kristianstad Custody unit, Västerås Closing: 18 October 2024 Closing: Q1 2025 Closing: Q2 2025 Lettable area: 22.0 tsqm1 Lettable area: 7.0 tsqm Lettable area: 34.6 tsqm3 Underlying property value: SEK 347m Underlying property value
Slide 5: Justice Center in Kristianstad Completed
JUSTICE CENTER IN KRISTIANSTAD COMPLETED Police facility, completed Q4 2024 Investment, SEKm Rental value, SEKm 1 750 135 Lettable area, sqm Average WALT, years Custody unit, completed Q3 2024 36 000 20 Tenants • Swedish Prison and Probation Service • Police Authority • Prosecution Authority CONFIDE
Slide 6: Selection of Ongoing Projects
SELECTION OF ONGOING PROJECTS Justice Healthcare Justice Prison Viskan, Ånge1 Optometry and audiology clinic, Linköping2 Prison Ringsjön, Eslöv3 Completed, January 15, 2025 Estimated completion, Q2 2025 Estimated completion, Q4 2025 Lettable area: 14.3 tsqm Lettable area: 6.6 tsqm Lettable area: 3.0
Slide 7: Project Pipeline per Q4 2024
PROJECT PIPELINE PER Q4 2024 Estimated additional rental value1… Portfolio allocation SEKm Current rental value (geography) Rental value post ongoing projects (geography) 1 639 2 West North West North 1 571 1 585 1 603 13% 13% 14% 15% 1 339 232 246 263 300 +55 1 339 1 339 1 339 1 339 1 339 East 1,33
Slide 8: High Share of Public Tenants
HIGH SHARE OF PUBLIC TENANTS Share of public tenants and WAULT Lease expiry profile, share of contracted rent public 98,0% Target: >90% 9,0 tenants, % 95,3% 95,7% 8,5 96,0% 94,8% 95,0% 94,8% 95,0% 94,9% 94,9% 50 7,8 8,0 41,2 94,0% 7,4 7,5 40 92,0% 7,0 6,5 30 6,5 6,4 90,0% 6,2 5,8 5,9 6,0 20 15,2 15,
Slide 9: Summary Year-End Report
SUMMARY YEAR-END REPORT SEKm 2024 2023 Rental income NOI Profit from Property Rental income 1 201 1 057 Management +13.6% +15.2% +6.0% NOI 992 861 Net financial income -388 -298 Profit from Property Management 536 506 (+6.7%) 1 (+8.1%) 1 Changes in value Investment properties 166 -893 Changes in val
Slide 10: Increased Property Value
INCREASED PROPERTY VALUE 1 Development property value and yield 24 000 23 600 5,4% 5,3% 5,3% 22 000 5,2% 5,2% 5,2% 5,2% 20 000 5,0% 18 000 4,9% 4,8% 4,8% 16 000 4,7% 4,6% 14 000 12 000 4,4% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Property value, SEKm Yield, % Property value,
Slide 11: Solid Cashflow from Operations
SOLID CASHFLOW FROM OPERATIONS Cashflow from operating activities before changes in working capital, SEKm 150 600 500 100 400 300 50 200 100 0 0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Cashflow from operating activities (quarter), SEKm Cashflow from operating activities (LTM)
Slide 12: Strong Financial Position
STRONG FINANCIAL POSITION Loan-to-value ratio, % Interest coverage ratio, x Adjusted Net Debt/EBITDA1 70% Target: 4,0 4,0 12,0 50-55% Target: Not exceed 60% > 2,0x in long term 11,5 60% 3,5 11,5 3,2 3,0 3,0 3,0 50% 11,0 2,7 2,5 10,6 10,6 2,4 2,4 40% 2,3 10,5 10,3 2,0 2,0 10,1 10,0 30% 3,4 10,0 9,8 5
Slide 13: Strong Track Record Bodes Well for Continued Growth
STRONG TRACK RECORD BODES WELL FOR CONTINUED GROWTH Long-term NAV1, SEKm and SEK per class A- and B-share Profit from property management, SEK per class A- and B-share 2,77 9 400 51,12 52,00 1,00 2,80 2,70 8 600 0,80 2,67 2,70 49,13 49,03 50,00 2,63 2,63 7 800 2,56 0,60 2,60 2,53 7 000 48,00 46,50 2
Slide 14: High Share of Interest Rate Hedging
HIGH SHARE OF INTEREST RATE HEDGING Interest rate term structure Capital commitments and fixed-rate period 8 000 4,00% 4,0 3,6 3,49% 7 000 3,50% 3,5 3,13% 3,0 3,0 6 000 3,00% 3,0 2,8 2,7 2,7 2,8 2,64% 2,6 2,6 2,6 2,5 2,5 5 000 2,31% 2,50% 2,5 2,4 2,4 2,4 2,4 2,12% 4 000 5 000 2,00% 2,0 1,68% 2 979 3
Slide 15: Debt Structure with Good Mixture
DEBT STRUCTURE WITH GOOD MIXTURE Interest-bearing debt and average interest rate, SEKm and % Credit term structure, SEKm 3,43% 3,34% 3,31% 3,50% 7 000 3,23% 3,27% 14 000 3,15% 2,89% 3,00% 6 000 2,78% 12 000 Unutilised credit facilities, SEKbn 1 884 2 570 2 865 2,50% 5 000 10 000 3 650 6.4 2,00% 4 00
Slide 16: Attractive Credit Margins
ATTRACTIVE CREDIT MARGINS Intea is financed at attractive margins across all maturities Green 200 Bonds 180 61% Credit Spread (mid, bps) 160 140 120 100 80 60 40 20 0 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 Time to Maturity (Years) Intea (06/02/2025) Intea (01/01/2024) Investment grade credit ra
Slide 17: Well Positioned for Growth
WELL POSITIONED FOR GROWTH • Strong financial position • Well positioned for continued growth • Transaction market opening up • High demand for new premises • New projects with core tenants • New lettings within the existing portfolio • Busy start of the year bodes well for the future 17 Eslöv, Rönn
Slide 18: Q&A
Q&A Charlotta Wallman Hörlin Magnus Ekström CEO CFO +46 733 24 50 25 +46 705 49 86 02 Charlotta.wallmanhorlin@intea.se Magnus.ekstrom@intea.se CONFIDENTIAL