Slide 1: Properties for the logistics of the future
Q2 2024 Presentation July 2024 Properties for the logistics of the future Presentation Q2 2024 1
Slide 2: Q2 2024 Presentation
Q2 2024 Presentation July 2024 Q2 2024 Presentation Jörgen Eriksson Sofie Bennsten David Silvesjö CEO Deputy CEO and CFO Chief Treasury Officer 2
Slide 3: Agenda
Q2 2024 Presentation July 2024 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 2024 summary: Focus and persistence produce results
Q2 2024 Presentation July 2024 Q2 YTD 2024 summary: Focus and persistence produce results • Rental income increased by 14 percent to 1,020 SEK Profit from Property Management (PFPM) 1107 + 4% SEK M million mainly due to indexation and acquisitions 954 • Profit from property management increased by 8
Slide 5: Business overview
Business overview Sector-leading portfolio and prime customer base.
Slide 6: Market update
Q2 2024 Presentation July 2024 Market update • Transactions – more activity, more core • E-commerce is trending up • New developments • Oversupply, same situation 6
Slide 7: Customer base
Q2 2024 Presentation July 2024 Customer base Packaging Public sector Others Customers Share of contractual value Industry 2% 2% 4% 3% DHL 9% Healthcare DSV 8% 4% Construction ICA 7% and Furnishing Martin & Servera 5% 3% Postnord 3% Logistics and Boozt 3% Durable goods transport Nowaste Logistics 2%
Slide 8: Portfolio
Q2 2024 Presentation July 2024 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 43 922 12,394 769 95 732 79 Sweden West 37 639 8,073 508 98 498 83 Sweden East 48 8
Slide 9: Business update
Business update A strong financial position and a unique landbank.
Slide 10: Substantial acquisition in Landskrona
Q2 2024 Presentation July 2024 Case Substantial acquisition in Landskrona Location: Landskrona, Örja 1:22 Property value: 2.4 billion Land area: 274,000 sqm Tenant: DSV GLA: 180,000 sqm Certification: BREEAM Excellent 10
Slide 11: Mestergruppen – a new tenant in Jönköping
Q2 2024 Presentation July 2024 Case Mestergruppen – a new tenant in Jönköping Location: Jönköping, Stigamo 1:49 Land area: 85,100 sqm Tenants: Nowaste Logistics and Mestergruppen GLA: 33,000 sqm Certification: BREEAM Excellent 11
Slide 12: Catena's largest construction ever
Q2 2024 Presentation July 2024 Case Catenas largest construction ever Location: Jönköping, Hyltena 1:98 Land area: 200,000 sqm Tenant: Elgiganten GLA: 86,600 sqm Certification: BREEAM Excellent and WELL Core 12
Slide 13: Current development
Q2 2024 Presentation July 2024 Current development 1,446 SEK M Carrying value Klökan 1:25 Tenant: Kyl-&Frysexpressen Sqm: 5,012 Sundsvall Investment: 120 SEK M Finalized: Q3 2024 1,149 SEK M Remaining Stigamo 1.49, Tenant: Nowaste Logistics Sqm: 33,000 Investments Jönköping Investment: 379 SEK M Fin
Slide 14: Future development
Q2 2024 Presentation July 2024 Future development Stockholm South, Land, Sqm: 450,000 Nykvarn/Södertälje Zoning plan approved Logistics Position Järna Land Sqm: 1,000,000 4,600 Ksqm Södertälje Pending zoning plan Land bank Örebro South (JV, 50%), Land, Sqm: 920,000 Törsjö Pending zoning plan 1,700 K
Slide 15: Leasing update
Q2 2024 Presentation July 2024 Leasing update Maturity profile – Net leasing WALE development Letting ratio contractual annual rent SEK M 50% 5,8 97,5% 5,5 5,5 97,2% 250 45% 97,0% 96,6% 40% 5,1 5,1 96,5% 4,9 5,0 96% 200 35% 96,0% 30% 96,2% 95,5% 150 25% 95,0% 95% 20% 94,7% 100 94,5% 15% 10% 94,0% 50
Slide 16: Sustainability
Sustainability We are taking long-term responsibility.
Slide 17: Sustainability
Q2 2024 Presentation July 2024 Sustainability Continued progress towards 2030 targets Sustainability targets Q2 2024 2023 2022 2021 Trend • 41 percent of lettable area is environmentally Net-zero greenhouse gas emissions by 2023 certified -Scope 1-2 (location based) 2,445 3,612 2,814 2,632 • Now tot
Slide 18: Financial update
Financial update Strong cashflows and balance sheet provides flexibility and opportunity.
Slide 19: Income
Q2 2024 Presentation July 2024 Income Rental income Net operating surplus Profit from property management SEK M +14% SEK M +14% SEK M +4% 1 808 1 447 1107 1 544 1 220 954 1 387 1 095 824 1 264 1 004 1 183 719 903 627 1020 828 827 583 608 892 723 571 2019 2020 2021 2022 2023 Q2 Q2 2018 2019 2020 2021
Slide 20: Rental development
Q2 2024 Presentation July 2024 Rental development Q2 2024 YoY Like-for-like1 6,6 % Project development 1,8 % Acquisitions 6,0 % Divestments 0% Total 14,4 % • LFL is driven by CPI increase • The acquisitions in Landskrona and Helsingborg from DSV and the Danish assets, Egeskovej and Jernholmen are th
Slide 21: Capital structure management
Q2 2024 Presentation July 2024 Capital structure management SEK M Delivered on targets from the equity placing 45 000 40 000 60% 50% 35 000 30 000 40% • Following the share placing in Q1 and 25 000 20 000 30% acquisitions in Q2, NRV pr share stood at 15 000 10 000 20% 10% SEK 396. 5 000 0 0% 2018 20
Slide 22: Financial position
Q2 2024 Presentation July 2024 Financial position Operations support lower capital costs 12 60,0% 10 50,0% • Key indicators comfortably within policy - and 8 40,0% covenant range 6 30,0% • The rating upgrade from the second quarter 4 20,0% contributes to the trend of decreasing capital costs 2 10,0%
Slide 23: Debt and money management
Q2 2024 Presentation July 2024 Debt and money management SEK M Debt maturity profile Debt management 5 000 • Market rates along with credit spreads have compressed 4 000 further during the quarter contributing to capital costs 3 000 coming down 2 000 • In Q2, bonds were issued with maturities of 5,
Slide 24: Interest rate management
Q2 2024 Presentation July 2024 Interest rate management 65% Central banks have begun lowering fund rates SEK M Interest maturity profile Interest hedge 8 000 ratio 7 000 • Average cost of debt stayed at 3.8 percent, 6 000 despite taking on more debt in the quarter 5 000 4 000 • YTD, we have obtained
Slide 25: Transactions
Q2 2024 Presentation July 2024 Capital deployment 3,725 Acquisitions (SEK M) 6 000,0 Transactions 5 000,0 4 000,0 3 000,0 0 Divestments (SEK M) 2 000,0 1 000,0 0,0 2019 2020 2021 2022 2023 Q2 2023 Q2 2024 Development CAPEX 1,349 Capex -1 000,0 (SEK M) Acquisition CAPEX (net) Development CAPEX 25
Slide 26: Property valuation
Q2 2024 Presentation July 2024 Property valuation 5.6% EPRA NIY Higher yields mitigated by higher rent 45 000 7,0% levels 40 000 6,0% 35 000 • Value changes Q2 2024 5,0% 30 000 • -161 MSEK of unrealized value changes 25 000 4,0% • Driven by higher yields, mitigated by higher 20 000 3,0% rent levels
Slide 27: Upgraded credit rating
Q2 2024 Presentation July 2024 Upgraded credit rating • In April, Fitch Ratings affirmed Catena’s credit rating BBB- with a stable outlook • In May, Nordic Credit Rating (NCR) upgraded Catena’s credit rating from BBB- to BBB with a stable outlook • Reflects Catena’s strong market position • Reflects
Slide 28: Takeaways from today
Takeaways from today CATENA
Slide 29: Takeaways: solid Q2 report and delivery on equity raise
Q2 2024 Presentation July 2024 1. Catena delivers a solid Q2-report 2. Delivered upon what we told the market related to the equity raise in Q1 3. Strong uplift in earnings capacity for the coming 12 months 29
Slide 30: Q&A
Q2 2024 Presentation July 2024 Q&A Jörgen Eriksson Sofie Bennsten David Silvesjö CEO Deputy CEO and CFO Chief Treasury Officer 30
Slide 31: Q2 2024 Presentation July 2024
Q2 2024 Presentation July 2024 31