Intea Fastigheter Ab Class B · OMXSTO:INTEA_B
Intea Fastigheter Ab Class B — Q1 2025 Earnings Presentation
18 slides from Intea Fastigheter Ab Class B's earnings presentation, May 5, 2025
Slide 1: Interim report Q1 2025
Interim report Q1 2025 Investor presentation May 5, 2025
Slide 2: Intea in brief
INTEA IN BRIEF Key events in Q1 2025 Rental income, SEKm Surplus ratio Loan To Value Average yield1 • New 6-year lease agreement with the Police Authority in Linköping (annual contracted rent 356 82.6% 49.8% 5.2% of SEK 9.2m) (293) (80.7%) (57.9%) (5.3%) • Prison in Viskan completed (annual contract
Slide 3: Strong growth from property management
STRONG GROWTH FROM PROPERTY MANAGEMENT SEKm Q1 2025 Q1 2024 Rental income Rental income 356 293 +21.6% NOI 294 236 (+1.5%) 1 Net financial items -81 -92 Profit from Property Management 198 126 NOI Changes in value Investment properties 146 10 +24.3% Changes in value Derivate instruments 59 108 (+1.7
Slide 4: Key events during and after Q1 2025
KEY EVENTS DURING AND AFTER Q1 2025 Justice Prison project, Kristianstad Custody unit project, Gävle Completion : Q2 2026 Completion : 2030 Lettable area: 10 tsqm Lettable area: 21.9 tsqm Rental value: SEK 39 m Rental value: SEK 96m1 WAULT: 25 years WAULT: 25 years Estimated remaining investment: SE
Slide 5: Viskan prison in Ånge completed and expansion agreed
VISKAN PRISON IN ÅNGE COMPLETED AND EXPANSION AGREED Completed project Investment, SEKm Rental value, SEKm 1 004 70 Lettable area, sqm WAULT, years 14 300 20 Ongoing expansion project Investment, SEKm Rental value, SEKm 243 28 Lettable area, sqm WAULT, years 2 900 18 CONFIDENTIAL 5 Ånge, Hjältan 4:1
Slide 6: Selection of ongoing projects
SELECTION OF ONGOING PROJECTS Justice Healthcare Justice Custody unit, Västerås Optometry and audiology clinic, Linköping Police facility, Gothenburg3 Estimated completion, Q3 2028 Estimated completion, Q2 2025 Estimated completion by the first half of 2027 Lettable area: 34.6 tsqm Lettable area: 6.
Slide 7: Project pipeline as per Q1 2025
PROJECT PIPELINE AS PER Q1 2025 Estimated additional rental value1… …through investments and acquisitions in core categories SEKm Share of estimated Average lease period Estimated total investment2 (lettable area) NOI Other Public 2 205 Other Public <10 yrs Healthcare 4% 1 947 1 947 2 043 Healthcare
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 tenants, % 98,0% 9,0 50% 8,3 45,5% 96,0% Target: >90% 7,8 8,0 40% 94,0% 7,0 92,0% 30% 6,0 90,0% 20% 15,5% 14,7% 5,0 88,0% 10% 7,8% 7,1% 86,0% 4,0 5,2% 95,7% 96,2% 0,4% 84,0% 3,0 0% Q2
Slide 9: Increased earning capacity
INCREASED EARNING CAPACITY SEKm April 1, 2025 April 1, 2024 Rental income NOI Profit from Property Rental income 1 402 1 143 Management NOI 1 189 944 Net financial items -343 -360 +23% +26% +50% Profit from Property Management 782 522 Dividend Class D shares -118 -116 Profit from property management
Slide 10: Increased property value
INCREASED PROPERTY VALUE Property value and yield development1) 26 000 5,4% 5,3% 5,3% 5,2% 5,2% 5,2% 5,2% 5,2% 24 000 5,0% 22 000 4,9% 4,8% 4,8% 20 000 4,6% 18 000 4,4% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Property value, SEKm Yield, % March 31, March 31, Dec 31, Property
Slide 11: Solid cashflow from operations
SOLID CASHFLOW FROM OPERATIONS Cashflow from operating activities before changes in working capital, SEKm 180 600 160 500 140 120 400 100 300 80 60 200 40 100 20 0 0 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cashflow from operating activities (quarter), SEKm Cashflow from opera
Slide 12: Strong financial position
STRONG FINANCIAL POSITION Loan-to-value ratio, % Interest coverage ratio, x Net Debt/EBITDA1) 70% Target: 4,0 4,0 18 50-55% Target: Not exceed 60% > 2.0x in long term 15,7 16 60% 14,7 14,7 14,8 14,4 13,8 3,2 14 3,0 3,0 3,0 50% 12,4 2,7 12 11,5 2,7 2,5 10,6 10,6 10,8 2,4 2,4 10,3 10,1 40% 9,6 9,8 9,6
Slide 13: Strong track record bodes well for continued growth
STRONG TRACK RECORD BODES WELL FOR CONTINUED GROWTH Long-term NAV1 (EPRA NRV), SEKm and SEK per class A- and B- Profit from property management, SEK per class A- and B-share share 3,40 10 200 50,00 1,00 3,18 3,20 9 400 49,13 49,03 0,80 3,00 8 600 0,60 48,00 2,80 2,77 7 800 47,47 2,70 0,40 2,63 2,63
Slide 14: High share of interest rate hedging
HIGH SHARE OF INTEREST RATE HEDGING Interest rate term structure, SEKm and % Capital commitments and fixed-rate period, years 8 000 4,00% 5,0 4,6 4,5 7 000 3,26% 3,50% 4,0 6 000 2,81% 3,00% 3,6 2,58% 3,5 2,48% 5 000 6 000 2,50% 3,0 3,0 2,7 2,8 2,8 2,07% 2,7 2,6 2,6 2,6 2,4 2,5 4 000 2,00% 2,5 2,4 2,
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 9 000 14 000 3,43% 3,34% 3,27% 3,31% 3,50% 3,23% 8 000 3,15% 12 000 2 660 2,89% 3,00% Unutilised credit facilities, SEKbn 2,78% 7 000 2 700 3 818 10 000 2,50% 6 000 85 7.1 4 250 5
Slide 16: Attractive credit margins
ATTRACTIVE CREDIT MARGINS Attractive margins across all maturities 200 180 160 Credit Spread (mid, bps) 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 Time to Maturity (Years) Intea (22/04/2025) Intea (01/01/2024) Investment grade credit rating shall be maintained Long-term rating
Slide 17: Strong business model in turbulent times
STRONG BUSINESS MODEL IN TURBULENT TIMES • Business model with focus on long-term public sector tenants a strength • Significant activity within the justice category with need for new and customized premises • Interesting growth opportunities both within existing portfolio and through new business o
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