Altra Fastigheter Ab · OMXSTO:ALTRA
Altra Fastigheter Ab — Nyfosa — Investor Presentation (February 2026)
46 slides from Altra Fastigheter Ab's investor presentation, Feb 10, 2026
Slide 1: Investor meeting
N Y F O S A Investor meeting 10 February 2026
Slide 2: Today’s agenda
Today’s agenda Development Full-year and Q4 2025 Nyfosa today Our platform Nyfosa going forward Strategy, priorities and opportunities Q&A N Y F O S A 2 ARETE FASTIGHETER
Slide 3: Speakers
Speakers CARL-JOHAN KRISTIAN THOMAS HUGNER PAMP KÄLL CEO COO Head of Transactions N Y F O S A 3 ARETE FASTIGHETER
Slide 4: A cash flow centric commercial property company
A CASH FLOW CENTRIC COMMERCIAL PROPERTY COMPANY With a business-driven, proactive and sustainable business model, we create long-term value for our tenants and growing cash flow for our shareholders. N Y F O S A 4
Slide 5: Development full-year and Q4 2025
Development full-year and Q4 2025 N Y F O S A ARETE FASTIGHETER 01 5
Slide 6: 2025 – positioning Nyfosa for future value creation
2025 – positioning Nyfosa for future value creation –2 % Income Jan–Dec, 2025 Nyfosa summarize a year with high activity aimed to position the company for future value creation MSEK 1,427 (1,294) in profit from property management –1 after paid interest on hybrid bonds, equivalent to SEK 6.86 per sh
Slide 7: Leasing and vacancy development
Leasing and vacancy Economic occupancy rate development 89,2% Occupancy rate decreased to 89.2% during 2025, primarily 93,5% 94,3% 91,4% 91,3% driven by a weak development in the Finnish market 87,6% 2 82,6% Vacancy amount increased by MSEK 48 during the year Terminated, not yet vacated spaces have
Slide 8: Cash-flow accretive portfolio rotation
Transaction volume Cash-flow accretive portfolio rotation 982 1,162 20 transactions in 2025 – a total value of SEK 2.1 billion and a resulting net investment of MSEK 180 MSEK MSEK Divested properties with low initial yields that require intense capital and resources, and acquired properties that str
Slide 9: Active debt portfolio management
Dec 31, 2024 Dec 31, 2025 Active debt portfolio management 50.7% 49.7% Active debt portfolio management reduced financing costs, Loan-to-value Loan-to-value extended debt maturity and improved available liquidity ratio ratio Refinancing of bonds, hybrid bonds and bank loans for a total of SEK 7.3 bi
Slide 10: Solid balance sheet with well-diversified funding
Solid balance sheet with well-diversified funding 9 41.7% MSEK Dec 31, 2025 Dec 31, 2024 Investment properties 38,824 39,370 Participations in joint ventures 2,638 2,615 Lenders Equity/assets ratio 595 642 Dec 31, 2025 Dec 31, 2025 Other assets Total current assets 342 700 Sources of financing Total
Slide 11: Financial target follow-up
Financial target follow-up MSEK 1,319 Operating cash flow Operating cashflow for 2025 of SEK 1,319 million, equivalent to Jan–Dec, 2025 SEK 6.34 per share Lower received dividends from joint venture lead to decrease in operating cash-flow compared to 2024 –5 Healthy surplus produced from operations,
Slide 12: Sustainability target achieved
Sustainability target achieved –17 % Energy consumption Nyfosa Sverige cmp to 2020 Energy efficiency measures make a difference – continuous work to reduce energy consumption is positive for the climate and profitability 2020-2025 energy reduction target reached Two new sustainability targets set fo
Slide 13: Nyfosa today – Our platform and market outlook
Nyfosa today – Our platform and 02 market outlook N Y F O S A 13 ARETE FASTIGHETER
Slide 14: A solid platform to build from
A solid platform to build from Nordic presence in three markets 15 regional offices SEK 29.8 Nyfosa, Sweden BN 108 employees Earnings capacity Contracted annual rental income of SEK 3.4 bn Annual net operating income of SEK 2.4 bn SEK 1.5 Bratsberg BN SEK 39 BN 490 SEK 7.6Kielo BN Property value Num
Slide 15: A diversified property portfolio
A diversified property portfolio Rental value per region Rental value per property category Mälardalen Southern Sweden, large cities 3% 6% 15% Coast of Norrland 13% Offices Sverige Stockholm 18% 9% Logistics/Warehouse MSEK MSEK Karlstad 3,826 3,826 13% Retail Malmö 49% Industry Rental value Rental v
Slide 16: A stable and diversified tenant base
A stable and diversified tenant base 3,293 4,043 Tenants Leases No single tenant represents more than 2% of total rental excl. garage and parking space income 23% of rental income from tax-financed tenants Top 150 tenants / 3.5 years average lease term 51% of rental income Lease maturity structure M
Slide 17: An affordable product
An affordable product Base rent per category SEK per sqm 2 000 1 750 Average rent levels well below new production 1 500 1 250 Average market value per sqm well below replacement 1 000 cost 750 500 Value creation potential when upgrading premises and 250 adjusting rent levels 0 Office Wa re house/ R
Slide 18: A stabilizing occupancy rate
A stabilizing occupancy rate New leasing, Sweden MSEK 70 60 Gross leasing increased slightly year-on-year, driven by an 50 18% increase in the Swedish market 40 Marginally positive net leasing in Sweden for the full year 30 20 In 2025, vacancy amount increased by MSEK 48, but including 10 future lea
Slide 19: Cash flow-supporting joint venture Söderport
Cash flow-supporting joint venture Söderport SEK 1.2 BN Rental value SEK 14.6 BN Property value Swedish property company jointly owned with Sagax Clustered portfolio of industrial, warehouse and office properties 84 51.9 % with 75% of rental income from properties in Stockholm Property value of SEK
Slide 20: Proactive debt management improved investment capability
Proactive debt management MSEK Debt maturity 2.7 yrs Average improved investment 10 000 8 000 capability 6 000 4 000 2 000 Financing from 9 Nordic banks and lenders 0 Interest-coverage ratio amounted to a multiple of 2.3 for 2025 2026 2027 2028 2029 2030 >2030 During 2025, Nyfosa refinanced a total
Slide 21: Rigged for growth with ample available liquidity
Multiple 4,0 Interest-coverage ratio Rigged for growth with ample available liquidity 4.2 3,0 2,0 Limit 1,0 2,3 0,0 Key financial metrics with headroom to risk policy 2021 2022 2023 2024 2025 Unutilized RCF:s provide readily available capital to boost growth, in addition to recurring cash flow Net d
Slide 22: Nyfosa going forward – strategy, priorities and opportunities
Nyfosa going forward – strategy, priorities 03 and opportunities N Y F O S A 22 ARETE FASTIGHETER
Slide 23: Why an updated strategy?
Why an updated strategy? Not content with development in 2025 Adapting to changing markets through hands-on measures to ensure competitiveness and increase profitability Nyfosa has a unique platform in the Nordics that the updated strategy ensure we can take full advantage of Nyfosa – three phases 2
Slide 24: Updated strategy for profitable and sustainable growth
Updated strategy for profitable and sustainable growth A company Active, Regional Proactive Efficient where solution- presence allows in our way capital growth is driven and proximity to of work allocation commercial tenants N Y F O S A 24
Slide 25: Adjusted financial target 2026–2030 and dividend policy
Adjusted financial target 2026–2030 and dividend policy Profit from property management trend and dividend adjusted share price SEK Financial target 15% 140 Annual increase in profit from property management per share 10% profit from property management per share target targeted at 10% on average 20
Slide 26: New sustainability targets
Energy performance New sustainability targets Energy performance 100 improvements of properties’ energy performance certificate by 2030 EXCEPTIION A B C D E F G Carbon emissions Scope 1 and scope 2 carbon emissions per square meter will Improvements of energy reduce by 42 percent between 2021 and 20
Slide 27: Key priorities to achieve profitability target
Key priorities to achieve profitability target Through a tangible, hands-on action plan centered around three key focus areas 1. 2. 3. IMPROVE REDUCE OPTIMIZE CAPITAL OPERATIONAL COMPLEXITY ALLOCATION EFFICIENCY Continued development of internal Reshape property portfolio A disciplined investment pr
Slide 28: Property management
Property management KRISTIAN PAMP COO N Y F O S A 28
Slide 29: Property management
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Property management Reduced complexity through a focused organization Streamlined and commercially driven property management organization Clearly defined roles and KPI:s to focus on value-creation Ensure that processes and
Slide 30: Property management
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Property management STRUCTURE OF LOCAL TEAM Improved efficiency through high density of Internal portfolio and in-house functions Combination of scale and local presence is a key strength REGIONAL MANAGER We leverage the re
Slide 31: Property management
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Property management Increased efficiency through systematic approach to vacancies Larger vacancies should be placed in one of three main categories and a suitable business plan set in motion This systematic approach is imme
Slide 32: Large project Skien Kunnskapsverkstedet
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Large project Skien Kunnskapsverkstedet Major refurbishment, extension and reposition of office property Project cost: MNOK 170, prognosis December 2025 Net yield on cost 8.4% Project start Q1 2025, project completion Q2 20
Slide 33: Large project Tampere Hautalankatu 32
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Large project Tampere Hautalankatu 32 Extension of industrial property to accommodate growing tenant Project cost: MEUR 8.1, prognosis July 2025 Net yield on cost 7.3% Project start Q2 2026, project completion estimated Q1
Slide 34: Reposition – Malmö Byrådirektören 3
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Reposition – Malmö Byrådirektören 3 Office property in Rosengård, Malmö Acquired in 2020 with known incoming vacancy of appr. 5,000 sqm in late 2022 In 2021 adopted strategy to focus on community service due to micro locati
Slide 35: Transactions
Transactions THOMAS KÄLL HEAD OF TRANSACTIONS N Y F O S A 35
Slide 36: Continued high transaction activity
I M P R O V RE E O DPU EC RE A CT O I OMNPAL LE XE IFTFYI C I E N C Y I M P R O V RE E O DPU EC RE A CT O I OMNPAL LE XE IFTFYI C I E N C Y OPTIMIZE CAPITAL ALLOCATION Continued high Transaction activity transaction activity MSEK 4500 25 Transactions is a core competence of Nyfosa Nyfosa’s transacti
Slide 37: Cash-flow accretive acquisitions that benefit increased density
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Cash-flow accretive acquisitions that benefit increased density Nyfosa will maintain a high level of activity in the transaction market in coming years Focus on continued growth in prioritized markets where Nyfosa has prese
Slide 38: Acquisitions in 2025 – examples
Light industrial property in Kuopio Office property in Skien ACQUISITIONS IN 2025 – EXAMPLES Big box retail (under Office property Light industrial construction) in Kuopio in Karlskrona property in Karlstad N Y F O S A 38
Slide 39: Reduce complexity through portfolio rotation
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Reduce complexity through portfolio rotation Divestments Continue to increase efficiency and reduce complexity through both divestments and acquisitions 1 ST P R I OR I T Y : 2 ND P R I OR I T Y : 3 RD P R I O R I T Y : An
Slide 40: Office and congress facilities in Karlstad – Karlstad CCC
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Office and congress facilities in Karlstad – Karlstad CCC Karlstad Fully leased property in prime location in the city center Remaining lease term of 8.8 years and running yield of 7.0% Nyfosa largest commercial property ow
Slide 41: Warehouse and office property in Akalla – Raseborg 1
IMPROVE OPERATIONAL EFFICIENCY REDUCE COMPLEXITY OPTIMIZE CAPITAL ALLOCATION Warehouse and office property in Akalla – Raseborg 1 Category 3 property, large project, of ~7,800 sqm which is fully vacant Non-warehouse space, primarily offices, accounts for 51%, disproportionally high for an area where
Slide 42: Target fulfilment and concluding remarks
Target fulfilment and concluding remarks N Y F O S A 42
Slide 43: Actions leading to target fulfilment
Actions leading to target fulfilment In addition to reach the set out financial target, Nyfosa will have to keep an active approach in all aspects of Invest in new and Leverage on regionally the company’s operations existing cash flow anchored property producing properties management Investments in
Slide 44: Target fulfilment – weighing the alternatives
Target fulfilment Reinvested surplus supports continued growth – weighing the alternatives A prerequisite to reach the set out financial target is to 1,427 reinvest surplus from operations into cash flow accretive new investments 749 Dividend policy to be weighed against investment opportunities and
Slide 45: Positioned to create value
Positioned to create value Nyfosa enters 2026 stronger – financially, operationally and strategically Unique Nordic platform Continued cash-flow focus Our mission is to create Capacity for sustainable profitability growth value for our tenants and shareholders IMPROVE REDUCE OPTIMIZE OPERATIONAL COM
Slide 46: Q&A
NYFOSA &A FASTIGHETER