Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Q3 2025 Earnings Presentation
28 slides from Stendoerren Fastigheter Ab Class B's earnings presentation, Oct 24, 2025
Slide 1: Recently acquired property in Västerås
Recently acquired property in CEO, Stendörren CFO, Stendörren Västerås erik.ranje@stendorren.se per-henrik.karlsson@stendorren.se
Slide 2: Light industry, logistics, warehouse portfolio split
By net operating income By rental income LIGHT INDUSTRY ◼ Warehouse and logistics, 37% ◼ City of Stockholm, 27% ◼ Light industrial, 44% ◼ Rest of Stockholm county, 35% LOGISTICS ◼ Office, 15% ◼ Greater Mälardalen, 25% ◼ Retail, 4% ◼ Gothenburg region, 2% ◼ Copenhagen, Oslo, Helsinki, 11% WAREHOUSE 1
Slide 3: Still challenging market, however signs of cautious optimism
• Still challenging market, however signs of cautious • Higher occupancy • Significant pipeline of optimism following stabilized following strong value-accretive acquisitions supporting macro data LTM net letting and projects • Financing terms on bank- • Value-accretive • Continued refinancings of a
Slide 4: Acquisitions by country and property
Location Copenhagen Location Gothenburg Location Västerås Volume SEK 1.5bn Lettable area 19,200 sq.m. Lettable area 6,400 sq.m. Lettable area 4,300 sq.m. Initial yield 6.9% Property value SEK 253m Property value SEK 127m Property value SEK 80m No. of properties 18 By value ◼ Sweden, 57% ◼ Denmark, 1
Slide 5: Completed projects
Completion Q2 2025 Completion Q1 2025 Municipality Södertälje Municipality Upplands-Bro Premises Light industrial Premises Light industrial 24,900 sq.m. Area 2,300 sq.m. Area 1,200 sq.m. Total investment SEK 463m Total capex SEK 416m Total NOI SEK 34m Yield on total investment 7.4% Completion Q1 202
Slide 6: Ongoing projects and design and planning
Building permit obtained Construction in progress Construction in progress Construction in progress Municipality Södertälje Municipality Upplands-Bro Municipality Stockholm Municipality Stockholm Premises New logistics Premises New light industrial Premises New light industrial Premises New logistic
Slide 7: Almnäs – transforming an area
ALMNÄS – TRANSFORMING AN AREA • Located in the emerging logistics hub Stockholm Syd, close to Södertälje and approximately 45 km south-west of central Stockholm, with direct access to major routes E20 and E4 Lettable area 27,500 sq.m. 80,000 sq.m. • Acquired from Peab in 2015. The buildings were ori
Slide 8: NOI, IFPM, letting and vacancy development
• 80% as of Q3 (12-month average) • 18% NOI increase, or… NOI IFPM (less hybrid interest) per share – …5% in comparable portfolio • 13% increase in IFPM, or… – …21% if adjusting for non- recurring items due to early refinancings • Properties acquired for SEK Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 9: Financing, hedging and refinancing
43 44 43 44 42 42 40 41 40 40 40 40 41 41 40 • Approx 70% of interest-bearing 39 38 37 37 39 37 36 38 37 debt hedged with a “Stibor” • Strong demand from bank and 32 32 35 currently at 1.8% capital market • In Q2, refinancing of outstanding • Average maturity of hedges 2.9 bonds with a margin of 525
Slide 10: Strategy: acquisitions, development and refinancing
• Acquire yielding single assets/small portfolios off market • Expand in greater Stockholm and Mälardalen • Obtain critical mass in new markets • Develop existing building rights in growth areas (~627,000 sq.m. vs existing portfolio of ~891,000 sq.m.) • Infills, brown field and green field projects,
Slide 11: Investment highlights
• High yielding asset class • Growth locations • ~627,000 sq.m. of building • Bank debt from leading - Growing macro and urban rights vs ~891,000 sq.m. of Nordic banks • Long leases micro locations standing assets (i.e. ~+70%) • Capital market-based • Diversified tenant base • Rent increase in urban
Slide 12: Outlook: embedded rent growth and refinancings
• An improved business cycle may cater for capitalizing on embedded rent growth and further improved occupancy • Significant pipeline of value-accretive acquisitions and projects • Continued refinancings until having reached new, significantly lower market level margins on entire interest-bearing de
Slide 13: CEO and CFO contact details
CEO, Stendörren erik.ranje@stendorren.se CFO, Stendörren per-henrik.karlsson@stendorren.se
Slide 14: Appendix
Slide 15: Stendörren creates profitable growth in net asset value
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 logistics, warehouse and light industrial proper
Slide 16: Diversification with focus on Greater Stockholm
DIVERSIFICATION WITH FOCUS ON GREATER STOCKHOLM • Stendörren has a property By net operating income By rental income By area portfolio of SEK 15,200m, with a property yield of 6.4%1) as per September 30, 2025 • Rental value2) of SEK 1,049m with an economic occupancy rate of 93,7% as per September 30
Slide 17: Diversified tenant base
DIVERSIFIED TENANT BASE 422 Fortifikationsverket 74 129 8% Åtta.45 Tryckeri AB 14 11 2% Veho Bil Sverige AB 14 8 2% Carla AB 14 5 1% 294 Advania Sverige AB 13 10 1% Stockholm Vatten AB 12 7 1% Mountain Top 12 9 1% 220 222 The Magnum Ice Cream Company HoldCo 12 13 1% Södertälje Industriservice AB 11
Slide 18: Project portfolio with large potential
PROJECT PORTFOLIO WITH LARGE POTENTIAL • Fully developed up to an additional 627,000 Within current zoning sq.m. can be created, Upplands-Bro Light industrial 379,000 2025-2026 Within current zoning evidencing a substantial Flen Logistics 55,000 2025-2026 Södertälje Logistics 29,100 Within current z
Slide 19: Ongoing and completed projects
ONGOING AND COMPLETED PROJECTS Vindkraften 2 New light industrial Construction started Q1 2026 1,900 37 30 2.6 0% Viby 19:66 New logistics Construction started Q2 2026 5,300 115 55 6.7 0% completed during last 12 Nygård 2:17 (GreenHub) New light industrial Construction started Q2 2026 3,200 76 42 5.
Slide 20: Stenvreten 8:37 – Advania Dream House
STENVRETEN 8:37 – “ADVANIA DREAM HOUSE” • Stendörren’s existing tenant Advania decided to significantly expand their Enköping premises during the fall of 2023 Lettable area 480 sq.m. 9,700 sq.m. • 9,700 sq.m. of state-of-the-art logistics premises was completed during December 2024 Vacancy • Total i
Slide 21: Highlights from Q3 report
HIGHLIGHTS FROM Q3 REPORT SEK million % Excluding bankruptcy of second largest tenant Exploria Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 % • Hig
Slide 22: Financial targets
FINANCIAL TARGETS % % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Times % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 23: Debt funding
DEBT FUNDING SEK m SEK m 6,000 5745 5,000 5,000 4,000 4,000 ◼ Bank debt, 79% 2700 2900 3,000 ◼ Sr Unsecured bond, 17% 2342 3,000 ◼ Hybrid bond, 3% 2,000 2,000 1212 1114 1,000 1,000 442 392 0 25 104 0 ,0 ,0 2025 2026 2027 2028 2029 >2029 2025 2026 2027 2028 2029 >2029 • Total interest-bearing debt am
Slide 24: Key equity ratios and ownership overview
KEY EQUITY RATIOS AND OWNERSHIP OVERVIEW SEK m SEK/share 7,000 350 STENDÖRREN REAL ESTATE AB 37,7% 55,0% 6,000 300 ALTIRA AB 9,8% 14,0% SEB INVESTMENT MANAGEMENT 13,3% 7,9% 5,000 250 LÄNSFÖRSÄKRINGAR FASTIGHETSFOND 7,3% 4,3% 4,000 200 FJÄRDE AP-FONDEN 6,8% 4,0% CARNEGIE FONDER 4,0% 2,4% 3,000 150 Ha
Slide 25: Earning capacity
Rental income 1,049 Operating expenses -151 Maintenance costs -27 Property tax -30 Central administration -76 Financial income and expenses -324 Lease expenses / Ground rent -11 • The refinancings that were carried out or agreed upon after October 1, 2025 and which thus had no effect on the earning
Slide 26: Reduced climate impact and improved energy efficiency
4,50 140 4,00 130 3,50 120 3,00 2,50 110 2,00 100 1,50 90 1,00 80 0,50 0,00 70 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 ◼ Renewables ◼ Non-renewables REDUCED CLIMATE IMPACT IMPROVED ENERGY EFFICIENCY 2018–2024 (Kg CO 2,e/sq.m.) PER SQ.M
Slide 27: Sustainability targets
• Reduce energy intensity • Include relevant TCFD indicators • Ongoing work against • Create job opportunities for • Suppliers to Stendörren’s (kwh/sq.m.) by at least 30% by and report according to TCFD. discrimination with regular follow- people far from the labour market. operations within managem
Slide 28: THIRD QUARTER 2025, STENDÖRREN
THIRD QUARTER 2025, STENDÖRREN 28
Stendörren Fastigheter — Q3 2025 Earnings Presentation on 6ix