Slide 1: Properties for the logistics of the future
Q2 2025 Presentation July 2025 Properties for the logistics of the future Presentation Q2 2025 1
Slide 2: Q2 2025 Presentation
Q2 2025 Presentation July 2025 Q2 2025 Presentation Jörgen Eriksson David Silvesjö CEO Chief Treasury Officer 2
Slide 3: Agenda
Q2 2025 Presentation July 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: Q2 YTD 2025 summary: Our growth journey continues
Q2 2025 Presentation July 2025 Q2 YTD 2025 summary: Our growth journey continues • Rental income increased by 26 percent to 1 288 SEK Profit from Property Management (PFPM) SEK M million (1020), mainly due to indexation and acquisitions 1261 + 32% 1107 • Profit from property management increased by
Slide 5: Business overview
Business overview Sector-leading portfolio and prime customer base.
Slide 6: Market update
Q2 2025 Presentation July 2025 Market update • Transactions – some more activity • E-commerce – 9 percent growth in Q1 2025 compared to Q1 20241) • New developments, continued caution • 9 percent vacancy rate in Sweden2) 1) PostNords E-barometer Q1 2025 2) Cushman & Wakefield Logistics Sweden 2025 6
Slide 7: Customer base
Q2 2025 Presentation July 2025 Customer base Packaging Public sector Others Customers Share of contractual value Healthcare 1% 2% 3% 3% Industry DSV 18% Construction 3% DHL 8% and furnishing 4% ICA 6% Martin & Servera 5% Postnord 5% Boozt 3% Durable goods 15% Nowaste Logistics 3% Logistics and Menig
Slide 8: Portfolio
Q2 2025 Presentation July 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 M 1 Sweden South 38 926 13,030 813 95 770 82 Sweden West 35 715 8,650 568 98 557 82 Sweden East 48
Slide 9: Business update
Business update A strong financial position and a unique landbank.
Slide 10: Acquisition of property in Bröndby, Denmark
Q2 2025 Presentation July 2025 Case Acquisition of property in Bröndby, Denmark Property: Priorparken 385 Location: Brönby, Copenhagen Investment: 414 MSEK Tenant: PostNord GLA: 25 404 sqm 10
Slide 11: Boozt extends contract
Q2 2025 Presentation July 2025 Case Boozt extends contract Property: Norra Varalöv 31:11 Location: E-city Engelholm, Ängelholm Tenant: Boozt Fulfilment & Logistics, new contract to 2037 GLA: 88,000 sqm, after 5,850 sqm extension of the buildning 11 Certification: BREEAM Very Good
Slide 12: Acquisition of property in Jönköping
Q2 2025 Presentation July 2025 Case Acquisition of property in Jönköping Property: Barnarps Kråkebo 1:49 Location: Torsvik, Jönköping Investment: SEK 1,275 million Land area: 232,000 sqm GLA: 112,000 sqm 12 Certification: BREEAM In-Use Very Good
Slide 13: Current development
Q2 2025 Presentation July 2025 Current development 770 SEK M Carrying value 398 SEK M Remaining Investments Mappen 4, Tenant: San Sac Sqm: 9,800 Linköping Investment: 129 SEK M Finalized: Q1 2026 91 Tsqm GLA under construction E-city Engelholm Tenant: Boozt Sqm: 5,850 Ängelholm Investment: 89 SEK M
Slide 14: Future development
Q2 2025 Presentation July 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 Ksq
Slide 15: Leasing update
Q2 2025 Presentation July 2025 Leasing update Net leasing Maturity profile – WALE development Letting ratio contractual annual rent 6,7 6,6 60,0% 97,5% 97,2% 97,0% 50,0% 96,7% SEK M 5,5 5,5 96,5% 96,6% 96% 96,5% 40,0% 5,1 96,0% 150 5,0 4,9 95,5% 30,0% 95,0% 95% 100 94,7% 20,0% 94,5% 50 94,0% 10,0% 9
Slide 16: Sustainability
Sustainability We are taking long-term responsibility.
Slide 17: Sustainability
Q2 2025 Presentation July 2025 Sustainability Continued progress towards 2030 targets Sustainability targets 2025 R12 2024 2023 2021 Trend Net-zero greenhouse gas emissions by 2030 • 57 percent of lettable area is environmentally -Scope 1-2 (location based) 3,762 3,616 3,261 2,632 certified -Scope 3
Slide 18: Financial update
Financial update Strong cashflows and balance sheet provides flexibility and opportunity.
Slide 19: Income and earnings
Q2 2025 Presentation July 2025 Income and earnings Rental income Net operating surplus Profit from property management SEK M SEK M SEK M 2 193 1 789 1 261 +26% +31% +32% 1 107 1 808 1 447 954 1 544 1 220 824 1 387 1 095 1 085 801 1 264 1 288 1 004 719 1 020 827 608 2020 2021 2022 2023 2024 Q2 2024Q2
Slide 20: Rental development
Q2 2025 Presentation July 2025 Rental development 21 224 46 2025 Q2 YoY -23 Like-for-like1 2.0 % Project development 4.5 % SEK M 1288 Acquisitions 22.0 % 1020 Divestments -2.3 % Total 26.3% Q2 2024 Acqusitions Divestments Projects Like-for-like Q2 2025 Like-for-like growth: Primarily driven by CPI i
Slide 21: Capital structure management
Q2 2025 Presentation July 2025 Capital structure management SEK M 50 000 60% 50% Key highlights 40 000 40% 30 000 30% • Equity ratio at 52 percent is considered as a balanced 20 000 20% weight 10 000 10% 0 0% • EPRA NRV per share continues steady upward trend 2019 2020 2021 2022 2023 2024 Q2 2025 –
Slide 22: Financial position
Q2 2025 Presentation July 2025 Financial position 10 7,6 5 0 Good control – building momentum 2020 2021 2022 2023 2024 Q2 2025 • Strong financial control reflected across all key Net debt/EBITDA (ls) Net debt/EBITDA policy metrics 80% • Our solid credit profile, together with strong 60% 38,6% operat
Slide 23: Debt and money management
Q2 2025 Presentation July 2025 Debt and money management SEK M Debt maturity profile Debt management 6 000 • Continued focus on capital structure and debt recycling 5 000 4 000 • MTN programme updated and frame was increased to 3 000 SEK 8 billion (5 billion) supporting growth and flexibility 2 000
Slide 24: Interest rate management
Q2 2025 Presentation July 2025 Interest rate management Market outlook SEK M Interest maturity profile 61% 8 000 7 572 Interest • European central banks, including the Swedish Riksbank, 7 000 hedge have continued to lower rates. Persistent uncertainty ratio 6 000 signals an unclear path ahead 5 000
Slide 25: Transactions
Q2 2025 Presentation July 2025 Capital deployment 414 Acquisitions (SEK M) 12 000 Transactions 10 000 8 000 6 000 -98 Divestments (SEK M) 4 000 2 000 0 Development CAPEX 570 Capex 2019 2020 2021 2022 2023 2024 Q2 2024 Q2 2025 (SEK M) -2 000 Acquisition CAPEX (net) Development CAPEX Divestments 25
Slide 26: Property valuation
Q2 2025 Presentation July 2025 Property valuation 5.6 % EPRA NIY Stable property values 50 000 7,0% 45 000 • Value changes Q2 2025 40 000 6,0% 35 000 5,0% • +174 MSEK of unrealized value changes 30 000 4,0% • Driven by changes in yields, vacancy and 25 000 3,0% 20 000 renegotiated leases 15 000 2,0%
Slide 27: Takeaways from today
Takeaways from today CATENA
Slide 28: 1. Another solid quarter
Q2 2025 Presentation July 2025 1. Another solid quarter 2. We continue to grow 28
Slide 29: Q&A
Q2 2025 Presentation July 2025 Q&A Jörgen Eriksson David Silvesjö CEO Chief Treasury Officer 29
Slide 30: Q2 2025 Presentation July 2025
Q2 2025 Presentation July 2025 30