Slide 1: Properties for the logistics of the future
Q4 2024 Presentation February 2025 Properties for the logistics of the future Presentation Q4 2024 1
Slide 2: Q4 2024 Presentation
Q4 2024 Presentation February 2025 Q4 2024 Presentation Jörgen Eriksson David Silvesjö CEO Chief Treasury Officer 2
Slide 3: Agenda
Q4 2024 Presentation February 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: Q4 YTD 2024 summary: A strong performance with a long-term focus
Q4 2024 Presentation February 2025 Q4 YTD 2024 summary: A strong performance with a long-term focus • Rental income increased by 21 percent to 2,193 SEK Profit from Property Management (PFPM) + 14% 1261 million, mainly due to indexation and acquisitions SEK M 1107 • Profit from property management i
Slide 5: Business overview
Business overview Sector-leading portfolio and prime customer base.
Slide 6: Market update
Q4 2024 Presentation February 2025 Market update • Transactions – not as much activity as expected • E-commerce – 5 percent growth for 2024 1) • New developments, ongoing dialogues take time • Regional oversupply – no changes 6 1) E-barometering PostNord
Slide 7: Customer base
Q4 2024 Presentation February 2025 Customer base Customers Share of contractual value Packaging Public sector Others Industry 2% 2% 3% DSV 20% 3% Healthcare DHL 8% Construction and 3% ICA 7% furnishing 3% Martin & Servera 5% Postnord 4% Boozt 3% Durable goods 15% Nowaste Logistics 3% Logistics and D
Slide 8: Portfolio
Q4 2024 Presentation February 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 M1 Sweden South 41 922 12,726 778 96 746 80 Sweden West 36 658 8,551 517 97 501 83 Sweden East
Slide 9: Business update
Business update A strong financial position, large acqusitions and a unique landbank.
Slide 10: Elgiganten in Jönköping
Q4 2024 Presentation February 2025 Case Elgiganten in Jönköping ”Logistics Establishment of the Year” (2024) Property: Hyltena 1:102 Tenant: Elgiganten GLA: 91,000 sqm Certification: WELL Core, BREEAM Excellent 10
Slide 11: Logistics Position Ramlösa
Q4 2024 Presentation February 2025 Case Logistics Position Ramlösa Property: Vevaxeln 1 Location: Helsingborg Tenant: Nowaste Logistics GLA: 75,000 sqm Certification: BREEAM Excellent 11
Slide 12: Mestergruppen is moving in
Q4 2024 Presentation February 2025 Case Mestergruppen is moving in Property: Stigamo 1:49 Location: Jönköping Tenant: Mestergruppen and Nowaste Logistics GLA: 34,000 sqm Certification: BREEAM Excellent 12
Slide 13: New logistics facility in Linköping
Q4 2024 Presentation February 2025 Case New logistics facility in Linköping Property: Mappen 4 Location: Linköping Tenant: San Sac Investment: 127 MSEK GLA: 9,800 sqm Certification: BREEAM Excellent 13
Slide 14: Current development
Q4 2024 Presentation February 2025 Current development 853 SEK M Carrying value 796 SEK M Remaining Mappen 4, Tenant: San Sac Sqm: 9,800 Investments Linköping Investment: 129 SEK M Finalized: Q4 2026 Dansered 1:70, Tenant: TBD Sqm: 33,120 131 Tsqm Härryda Investment: 344 SEK M Finalized: on hold GLA
Slide 15: Future development
Q4 2024 Presentation February 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
Slide 16: Leasing update
Q4 2024 Presentation February 2025 Leasing update Maturity profile – Net leasing WALE development Letting ratio contractual annual rent 97,5% 97,2% 97,0% 96,7% SEK M 6,7 96,5% 250 96% 96,6% 60,0% 96,0% 200 50,0% 95,5% 5,5 5,5 150 40,0% 5,1 5,0 5,1 95,0% 95% 4,9 30,0% 94,7% 94,5% 100 20,0% 94,0% 50 1
Slide 17: Sustainability
Sustainability We are taking long-term responsibility.
Slide 18: Sustainability
Q4 2024 Presentation February 2025 Sustainability Continued progress towards 2030 targets Sustainability targets 2024 2023 2022 2021 Trend • 46 percent of lettable area is environmentally Net-zero greenhouse gas emissions by 2030 certified -Scope 1-2 (location based) 3,723 3,612 2,814 2,632 • Certif
Slide 19: Financial update
Financial update Strong cashflows and balance sheet provides flexibility and opportunity.
Slide 20: Income and earnings
Q4 2024 Presentation February 2025 Income and earnings +21% +24% +14% Rental income Net operating surplus Profit from property management SEK M SEK M SEK M 2 193 1 789 1 261 1 107 1 808 1 447 954 1 544 1 220 824 1 387 1 095 1 264 1 004 719 1 183 903 627 2019 2020 2021 2022 2023 2024 2019 2020 2021 2
Slide 21: Rental development
Q4 2024 Presentation February 2025 Rental development 59 138 2 193 199 2024 YoY 1 808 -11 Like-for-like1 7.6 % SEK M Project development 3.3 % Acquisitions 11.0 % Divestments -0.6 % Total 21.3 % 2023 Acqusitions Divestments Projects Like-for-like 2024 • Like-for-like growth: Primarily driven by CPI
Slide 22: Capital structure management
Q4 2024 Presentation February 2025 Capital structure management SEK M Strategic Use of Capital Structure for 50 000 60% Disciplined Growth 40 000 50% 40% 30 000 Key Financial Highlights 2024 20 000 30% 20% • Capital Measures for Growth: 10 000 10% 0 0% 2018 2019 2020 2021 2022 2023 2024 • New share
Slide 23: Financial position
Q4 2024 Presentation February 2025 Financial position Operations and strategy support metrics 60% 5,0% 50% 4,0% • Metrics within policy and covenant limits 40% 3,0% 30% • Fitch Ratings upgraded our rating to BBB, reflecting 20% 2,0% our solid financial discipline and reduced risk profile 10% 1,0% 0%
Slide 24: Debt and money management
Q4 2024 Presentation February 2025 Debt and money management Debt management SEK M Debt maturity profile 5 000 • Strong Market Confidence: Refinanced SEK 3.3 billion 4 000 in Q4, showcasing business model attractiveness. 3 000 • New Credit Facility: SEK 750 million revolving credit line 2 000 secure
Slide 25: Interest rate management
Q4 2024 Presentation February 2025 Interest rate management Inflation Outlook – Nordics Positioned for SEK M Interest maturity profile 61% Stability 9 000 8 108 Interest hedge 8 000 ratio • Nordic central banks signal economic support 7 000 6 000 amid uncertain inflation outlook 5 000 3 969 4 000 Ca
Slide 26: Transactions
Q4 2024 Presentation February 2025 Capital deployment 8,618 Acquisitions (SEK M) Transactions 12 000 10 000 -658 Divestments (SEK M) 8 000 6 000 4 000 2 000 Development CAPEX 2,461 Capex 0 (SEK M) 2019 2020 2021 2022 2023 2024 -2 000 Acquisition CAPEX (net) Development CAPEX Divestments 26
Slide 27: Property valuation
Q4 2024 Presentation February 2025 5.5% EPRA Property valuation NIY Stable property values 50 000 7,0% 45 000 6,0% • Value changes Q4 2024 40 000 5,0% 35 000 • +114 MSEK of unrealized value changes 30 000 4,0% 25 000 • Driven by changes in yields, projects, 20 000 3,0% vacancy and renegotiated lease
Slide 28: Takeaways from today
Takeaways from today CATENA
Slide 29: Strong growth, high earnings capacity, well-positioned for continued growth
Q4 2024 Presentation February 2025 1. Strong growth 2. High earnings capacity 3. Well-positioned for continued growth 29
Slide 30: Q&A
Q4 2024 Presentation February 2025 Q&A Jörgen Eriksson David Silvesjö CEO Chief Treasury Officer 30
Slide 31: Q4 2024 Presentation February 2025
Q4 2024 Presentation February 2025 31