Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Q1 2026 Earnings Presentation
27 slides from Stendoerren Fastigheter Ab Class B's earnings presentation, 2026
Slide 1: Presentation
The picture shows the PRESENTATION recently completed and Erik Ranje Per-Henrik Karlsson fully let project Vindkraften 2 in CEO, Stendörren CFO, Stendörren the City of erik.ranje@stendorren.se per-henrik.karlsson@stendorren.se Stockholm
Slide 2: Continuous strong growth
CONTINUOUS STRONG GROWTH Our business Property type Geography By net operating income By net operating income LIGHT INDUSTRY Warehouse and logistics, 32% City of Stockholm, 22% Light industrial, 51% Rest of Stockholm county, 32% LOGISTICS Office, 13% Greater Mälardalen, 23% Retail, 4%
Slide 3: Q1 at a glance – SEK 1.4 bn invested at 7.2% yield
Q1 AT A GLANCE – SEK 1.4 BN INVESTED AT 7.2% YIELD Market and overall environment Company activities supporting Company activities supporting • Still challenging market, with continued growth in IFPM per share future IFPM per share growth geopolitical and economic turbulence • Significant value-accr
Slide 4: Operational highlights, reporting period
OPERATIONAL HIGHLIGHTS, REPORTING PERIOD Financial development (excl. non-recurring items related to early refinancings during second half of 2025) Strong growth during Strong surplus ratio CAGR (LTM): 13% reporting period • 80% as of Q1 (LTM) CAGR (LTM): 12% • 18% NOI increase, or… NOI (LTM) IFPM (
Slide 5: Financial highlights, reporting period
FINANCIAL HIGHLIGHTS, REPORTING PERIOD Equity ratio, % Interest-rate resilience Attractive financing conditions fueling growth 40 41 40 40 40 40 41 43 44 43 44 42 42 41 40 • Approx 68% of interest-bearing 39 38 37 37 39 37 36 38 37 36 debt hedged with a maximum • Tap issue of senior unsecured 32 32
Slide 6: SEK 2.5bn acquired LTM
SEK 2.5BN ACQUIRED LTM 12 transactions SEK 2.5 bn UPPSALA ASSET FINNISH PORTFOLIO (14 ASSETS) UPPSALA PORTFOLIO (TWO ASSETS) LTM ACQUISITION KEY METRICS Location Uppsala Location Helsinki region Location Uppsala Volume SEK 2.5bn Lettable area 2,500 sq.m. Lettable area 63,000 sq.m. Lettable area 6,80
Slide 7: SEK 239 million in completed projects LTM
SEK 239 MILLION IN COMPLETED PROJECTS LTM Completed projects LTM LIGHT INDUSTRIAL 100% Completion Q2 2025 Completion Q1 2026 93% COMBINED OCC. RATE ALMNÄS 5:23 VINDKRAFTEN 2 Municipality Södertälje Municipality Stockholm Premises Light industrial Premises Light industrial 10,200 sq.m. Area 2,300 sq.
Slide 8: Examples of ongoing projects
EXAMPLES OF ONGOING PROJECTS Building permit obtained Construction in progress Construction in progress Construction in progress ALMNÄS 5:23 NYGÅRD 2:17 (GREENHUB) VEDDESTA 2:53 FOTOCELLEN 5 Municipality Södertälje Municipality Upplands-Bro Municipality Järfälla Municipality Stockholm Premises New l
Slide 9: Outlook - continued focus on profitable growth
OUTLOOK - CONTINUED FOCUS ON PROFITABLE GROWTH • Significant pipeline of value-accretive acquisitions and projects • Acquire yielding single assets/small portfolios off market ACQUISITIONS • Expand in greater Stockholm • Obtain critical mass in new markets (i.e. Oslo and Gothenburg), subject to mark
Slide 10: 4 reasons to invest in Stendörren
4 REASONS TO INVEST IN STENDÖRREN 1 2 3 4 SUSTAINABLE SUSTAINABLE GROWTH BY STABLE CASH RENT FINANCE UNIQUE FLOW GROWTH INVESTMENTS • Growth locations • ~634,000 sq.m. of building • High yielding asset class • Bank debt from leading - Growing macro and urban rights vs ~984,000 sq.m. of Nordic banks
Slide 11: Thank you!
Erik Ranje CEO, Stendörren erik.ranje@stendorren.se Per-Henrik Karlsson THANK YOU! CFO, Stendörren per-henrik.karlsson@stendorren.se
Slide 12: Appendix
APPENDIX
Slide 13: Introduction
INTRODUCTION BUSINESS IDEA MARKET OPPORTUNITY 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
Slide 14: 4 reasons to invest in Stendörren
4 REASONS TO INVEST IN STENDÖRREN 1 2 3 4 SUSTAINABLE SUSTAINABLE GROWTH BY STABLE CASH RENT FINANCE UNIQUE FLOW GROWTH INVESTMENTS • Growth locations • ~634,000 sq.m. of building • High yielding asset class • Bank debt from leading - Growing macro and urban rights vs ~984,000 sq.m. of Nordic banks
Slide 15: Stable cash flow
STABLE CASH FLOW DIVERSIFICATION WITH FOCUS ON GREATER STOCKHOLM PROPERTY PORTFOLIO OVERVIEW PROPERTY DISTRIBUTION • Stendörren has a property Segment Geography Tenants/property By net operating income By net operating income By area portfolio of SEK 17,500m, with a property yield of 6.3%1) as per M
Slide 16: Stable cash flow – continued
STABLE CASH FLOW – CONTINUED DIVERSIFIED TENANT BASE LARGEST TENANTS AS PER Q1 2026 MATURITY STRUCTURE LEASE AGREEMENTS Rental income, Rental area, Share of total 658 Tenant SEK m th. sq.m. rental income Fortification Agency 81 133 7% Saka Finland Oy 17 9 2% Åtta.45 Tryckeri AB 14 11 2% Advania Sver
Slide 17: Value growth in projects
VALUE GROWTH IN PROJECTS CASE STUDY ALMNÄS – TRANSFORMING AN AREA Before development Fully • Located in the emerging logistics hub Stockholm Syd, close to Södertälje and approximately 45 km south-west (Q4 2019) developed of central Stockholm, with direct access to major routes E20 and E4 Lettable ar
Slide 18: Value growth in projects
VALUE GROWTH IN PROJECTS PROJECT PORTFOLIO WITH LARGE POTENTIAL Municipality Envisaged main use Estimated building right sq.m.1) Status zoning Estimated possible construction start2) 634,000 Upplands-Bro Light industrial 379,000 Within current zoning 2026-2027 sq.m. of building rights if fully Withi
Slide 19: Value growth in projects – continued
VALUE GROWTH IN PROJECTS – CONTINUED ONGOING AND COMPLETED PROJECTS 10,200 sq.m. Earliest Estimated Estimated Estimated possible Size investment3) remaining yearly NOI Occupancy Property Description Current phase completion1) sq.m.2) SEK m investment SEK m SEK m rate Viby 19:66 New logistics Constru
Slide 20: Sustainability – achievements
SUSTAINABILITY – ACHIEVEMENTS CLIMATE IMPACT KG CO₂/SQ.M. 1) ENERGY INTENSITY KWH/SQ.M. DISTRIBUTION OF ENERGY SOURCES SDG FOCUS 4,00 140 3,50 120 3,00 100 2% 2% 3% 2,50 4% 4% 80 5% 2,00 60 100% 1,50 98% 98% 40 1,00 97% 96% 96% 20 95% 0,50 0,00 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 202
Slide 21: Stendörren's five focus areas
STENDÖRREN’S FIVE FOCUS AREAS RESOURCE EFFICIENCY FUTURE PROOFING ATTRACTIVE EMPLOYER SOCIAL RESPONSIBILITY OPERATIONAL EXCELLENCE Ambition Ambition Ambition Ambition Ambition • Reduce energy intensity to max 50 kWh/sqm by 2040. • Include relevant TCFD indicators and report according to TCFD. • Ongo
Slide 22: Sustainability offering
SUSTAINABILITY OFFERING BREEAM Particle Biodiversity certification cleaning building Energy envelope performance up to 80% below required level Solar panels Geothermal heating Timber frame Recycling of construction Charging Concrete and material stations asphalt with reduced CO2 footprint FIRS T QUA
Slide 23: Finance
FINANCE HIGHLIGHTS FROM Q1 REPORT Net letting Economic occupancy SEK million % 95 Excluding bankruptcy of 94 94 94 94 94 94 94 second largest tenant Exploria 24 93 93 93 16 17 92 92 92 14 14 15 91 91 90 8 7 8 7 89 89 89 5 6 5 1 1 1 88 88 87 87 87 -2 -1 -2 -4 -4 -3 -5 -5 -11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 24: Finance – continued
FINANCE – CONTINUED FINANCIAL TARGETS ROE Growth in IFPM per share 26 26 % % 63 22 20 18 41 15 14 16 35 34 29 24 26 12% 22 25 9 9 10 8 9 22 7 7 7 7 -6 13 15 15 16 5 5 5 15% 5 10 7 5 3 3 22 1 11 -3 -6 -5 -5 -2 0 -2 -18 -24 -4 -12 -20 -24 -30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 25: Finance – continued
FINANCE – CONTINUED DEBT FUNDING DEBT FUNDING OVERVIEW LOAN MATURITY INTEREST FIXING SEK m SEK m 6,000 5,000 5 083 4 218 4 086 5,000 4,000 4,000 Bank debt, 78% 3,000 Sr Unsecured bond, 19% 2 845 3,000 Hybrid bond, 3% 2,000 2,000 1 063 1 167 900 1 000 1,000 1,000 154 0 107 0 ,0 ,0 2026 2027 202
Slide 26: Finance – continued
FINANCE – CONTINUED KEY EQUITY RATIOS AND OWNERSHIP OVERVIEW KEY EQUITY RATIOS LARGEST SHAREHOLDERS AS PER Q1 2026 SEK m SEK/share 7,000 350 Shareholder Percent of capital Percent of votes STENDÖRREN REAL ESTATE AB 37,7% 54,9% 6,000 300 ALTIRA AB 10,3% 14,3% SEB INVESTMENT MANAGEMENT 13,0% 7,7% 5,00
Slide 27: Finance – continued
FINANCE – CONTINUED ASSESSED EARNINGS CAPACITY 1) Apr 1, 2026 Rental income 1,231 Total income 1,231 Operating expenses -164 Maintenance costs -31 Property tax -35 Net operating income 1,001 Central administration -81 Financial income and expenses -431 Lease expenses / Ground rent -13 Income from pr
Stendörren Fastigheter — Q1 2026 Earnings Presentation on 6ix