Slide 1: Interim report Q3 2024
Interim report Q3 2024 25 October 2024 External
Slide 2: A transformative combination based on strong financial and operational motives
Logistea in numbers after A transformative combination based on KMCP combination strong financial and operational motives Nasdaq Mid Cap 97.4% Comination positions Logistea to execute on strategy A and B share Economic occupancy rate Operational motives ~13.1 BSEK 6.9% ✓ Economies of scale and incre
Slide 3: Highlights Q3 2024
Highlights Q3 2024 465 MSEK 385 MSEK 169 MSEK 1 +67% +83% +106% Income NOI PFPM 9.7 years 6.9% 48.5% WAULT Net initial yield Net LTV 3 1) Excluding transaction costs relating to the merger with KMC. 157 MSEK including transaction costs.
Slide 4: Business critical assets and/or high alternative use
Business critical assets and/or high alternative use Logistics Light industrial Developments Examples Examples Examples Sweden – Kalmar Skiffern 1 Sweden – Borås Vindan 1 Norway - Mongstad Denmark - Hedensted Sweden – Alingsås Bulten 1 Norway - Jøsnøya Lettable area: Lettable area: Lettable area: Le
Slide 5: Strong tenants diversified across industries and regions
~80% of exposure in Norway and Sweden Strong tenants diversified across industries and regions NOI NIY WAULT Tenant diversification Industry diversification Share of rental income Share of rental income Sweden 51% 6.6% 8.4 Other 5% 7% Packaging Norway 27% 7.0% 10.2 Food industry 9% Logistics 48% Oth
Slide 6: Long-term asset commitments reflected in contract structure
Long-term asset commitments High visibility in future rental income reflected in contract structure Contractual rent maturity profile Key figures 88.0% ~91% 99% >97% 9.7 Triple net contracts1 CPI-indexed contracts Occupancy rate years wault Net letting Jan-Sep Jul-Sep Oct-Sep Jan-Dec MSEK 2024 2023
Slide 7: Market update
Market update Rent prime logistics (SEK/sqm) Vacancy (%) Stockholm Oslo Copenhagen Helsinki Stockholm Oslo Copenhagen Helsinki 1.800 8 1.600 7 6 1.400 5 1.200 4 1.000 3 800 2 Q1’22 Q3’22 Q1’23 Q3’23 Q1’24 Q3’24 Q1’22 Q3’22 Q1’23 Q3’23 Q1’24 Q3’24 Logistics/industrial transaction volume (SEKm) • Tran
Slide 8: Larger property base with higher net initial yields
Larger property base with higher net initial yields Property value development and net initial yield • Net initial yield (excluding projects and land) is historical high at 6.9% Net initial yield • Valuation yield is up 0.02% vs second 14 Property value (SEKbn) 13.1 8.5 quarter and 0.25% vs year end
Slide 9: Financials
Financials ye
Slide 10: Earnings and profit (SEKm)
Earnings and profit (SEKm) Revenue Net operating income Profit from property management • Revenue growth driven by LTM LTM LTM Quarter 512 Quarter 472 200 transactions and some increase Transaction costs in the LFL portfolio. Quarter • Operating margin up to 82% (78) 339 358 134 and adjusted operati
Slide 11: Access to a variety of funding sources
Access to a variety of funding Key metrics sources Loan-to-value 48.5% Debt composition 1% Secured loan-to-value 47.8% 14% Bank Bonds Equity ratio 45.3% Other Interest maturity 3.5 y Capital maturity 2.2 y 85% Hedge ratio 73.9% Net debt to EBITDA ratio 7.8 x Credit maturity profile (MSEK) 2.704 Bank
Slide 12: Earnings capacity
Earnings capacity MSEK Q2’24 Q2’24 PF Q3’24 Investment properties • NOI slightly down from last Rental value 421 945 934 quarter due to FX-effects. Operation supplements 68 68 68 Vacancy -16 -24 -25 • Net finance costs decreased Property costs -105 -110 -110 by 32 MSEK due to lower Project propertie
Slide 13: Outlook
Outlook ye
Slide 14: Pursuing continued value accretive growth within prudent financial policy framework
Pursuing continued value accretive growth within prudent financial policy framework >15% >15% <60% >1.8x Avg. annual NAV/share growth Avg. annual PFPM1/share Loan to Value (LTV) Interest Coverage Ratio (ICR) over five years growth over five years SEK/share SEK/share 15% LTV ICR 15% 60% +7% +13% 1.9
Slide 15: KMCP transaction closed: we are in a better position to execute on our strategy
KMCP transaction closed: we are in a better position to execute on our strategy ✓ Diversified exposure by geography, tenants and industries ✓ Triple net lease contracts reflecting long-term commitment/wault ✓ Access to attractive funding sources supportive of growth strategy ✓ Long track record and
Slide 16: Q&A
Q&A ye
Slide 17: Appendix
A Pp pendi x ye
Slide 18: Experienced management team
Experienced management team Niklas Zuckerman Anders Nordvall Stig Wærnes Christian Linge Frank Robert Hanshus CEO CIO / Dept CEO Int. COO / Integration IR / HoF out. Sweden Int. Head of Prop Mgmt Michela Westin Ove Henriksen Philip Löfgren Tobias Lövstedt General councel Head of Accounting CFO HoF S
Slide 19: Board of Directors with broad background
Board of Directors with broad background Selected experience Patrik Tillman Bjørnar André Ulstein Anneli Lindblom Erik Dansbo Chairman Vice Chairman Board member Board member Jonas Grandér Karl-Erik Bekken Mia Arnhult Board member Board member Board member 19
Slide 20: Ownership and share performance
Ownership and share performance Share price performance Largest owners as of 30 Sep, 2024 SEK KSEK 20 1 000 000 Owner LOGI A LOGI B Capital, % Votes, % 900 000 Rutger Arnhult incl. Related parties 10,71,210 97,640,326 22.9 26.5 18 800 000 KMC Properties ASA 5,271,803 69,536,077 15.8 15.8 700 000 16
Slide 21: Consolidated income statement
Consolidated income statement MSEK Jan-Sep 2024 Jan-Sep 2023 Jul-Sep 2024 Jul-Sep 2023 +3,4% Like-for-like excl. rent Rental income 465 278 244 89 supplements Property costs -80 -68 +10,2% Like-for-like -25 -17 Net operating income 385 210 +1,0% Like-for-like 219 72 Central administration -56 -26 -2
Slide 22: Consolidated balance statement
Consolidated balance statement MSEK Sep 2024 Sep 2023 Comment Goodwill 1,080 - Property value 13,101 8,986 sek/sqm 4,996 8,307 sek/sqm Derivatives 5 37 Other assets and receivables 248 89 Cash and bank balances 211 465 Total assets 14,645 5,587 Equity 6,636 2,608 EPRA NRV 15.0 SEK/share Deferred tax
Slide 23: Financial targets and policy
Financial targets and policy >15% avg. growth in PFPM/sh over five-year period >15% avg. growth in NAV/sh over five-year period 0.8 60% 19.0 90% 0.7 17.0 70% 0.6 40% 15.0 0.5 50% 13.0 0.4 20% 30% 11.0 0.3 10% 0.2 0% 9.0 0.1 7.0 -10% 0.0 -20% 5.0 -30% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q
Slide 24: Compatible ESG profiles creating solid platform to reach ambitious sustainability targets
Compatible ESG profiles creating solid platform to reach ambitious sustainability targets Logistea sustainability summary Combined sustainability platform Double materiality analysis completed in line with ESRS Logistea sustainability targets KMC properties alignment Energy saving measures - Annuall
Slide 25: End
End ye