Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Q3 2026 Earnings Presentation
28 slides from Stendoerren Fastigheter Ab Class B's earnings presentation, October 2026
Slide 1: Presentation
The picture shows the building on PRESENTATION Viby 19:66 in Brunna, Upplands- Bro, which was Erik Ranje Per-Henrik Karlsson completed during CEO, Stendörren CFO, Stendörren the quarter. [email protected] [email protected]
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, 12% Greater Mälardalen, 22% Retail, 4%
Slide 3: Q3 at a glance
Q3 AT A GLANCE Market and overall environment Company activities supporting Company activities supporting • Adequate demand from tenants – in growth in IFPM per share future IFPM per share growth particular from public tenants • Selective value-accretive acquisitions • More selective value-accretive
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 5y CAGR, LTM: 15% reporting period • 80% as of Q3 (LTM) 5y CAGR, LTM: 11% • 18% NOI increase, or… NOI (LTM) IF
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 65% of interest-bearing 39 38 37 37 39 37 36 38 37 36 • Strong bank market appetite 32 32 35 35 36 debt hedged with a m
Slide 6: SEK 2.2bn acquired LTM
SEK 2.2BN ACQUIRED LTM 10 transactions SEK 2.2 bn VALLENTUNA ASSET MELLBY 4:74 UPPSALA ASSET LTM ACQUISITION KEY METRICS Location Vallentuna Location Partille Location Uppsala Volume SEK 2.2bn Lettable area 3,000 sq.m. Lettable area 4,000 sq.m. Lettable area 2,500 sq.m. Initial yield 7.1% Property v
Slide 7: SEK 462 million in completed projects LTM
SEK 462 MILLION IN COMPLETED PROJECTS LTM Completed projects LTM LOGISTICS LIGHT 45% INDUSTRIAL 55% Completion Q3 2026 Completion Q3 2026 Completion Q1 2026 49% FOTOCELLEN 5 VIBY 19:66 VINDKRAFTEN 2 Municipality Stockholm Municipality Upplands-Bro Municipality Stockholm 20,000 sq.m. Premises Logisti
Slide 8: Ongoing projects
ONGOING PROJECTS Building permit obtained Construction in progress Construction in progress Construction in progress ALMNÄS 5:23 NYGÅRD 2:17 (GREENHUB) VEDDESTA 2:53 FILMREMSAN 1 Municipality Södertälje Municipality Upplands-Bro Municipality Järfälla Municipality Stockholm Premises New logistics Pre
Slide 9: Outlook – continued focus on profitable growth
OUTLOOK – CONTINUED FOCUS ON PROFITABLE GROWTH • Difficult to assess market – selective approach to value-accretive acquisitions • Acquire yielding single assets/small portfolios off market ACQUISITIONS • Expand in greater Stockholm and Copenhagen • Obtain critical mass in new markets (i.e. Oslo and
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 • ~633,000 sq.m. of building • High yielding asset class • Bank debt from leading – Growing macro and urban rights vs ~1,005,000 sq.m. of Nordic bank
Slide 11: Thank you!
Erik Ranje CEO, Stendörren [email protected] Per-Henrik Karlsson THANK YOU! CFO, Stendörren [email protected]
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: 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 18,286m, with a property yield of 6.2%1) as per S
Slide 15: Stable cash flow – continued
STABLE CASH FLOW – CONTINUED DIVERSIFIED TENANT BASE LARGEST TENANTS AS PER Q3 2026 MATURITY STRUCTURE LEASE AGREEMENTS Rental income, Rental area, Share of total Tenant SEK m th. sq.m. rental income Fortification Agency 81 133 7% Saka Finland Oy 18 9 2% 471 453 Stockholms Kommun 14 9 1% Åtta.45 Try
Slide 16: Value growth in projects
VALUE GROWTH IN PROJECTS PROJECT PORTFOLIO WITH LARGE POTENTIAL Municipality Envisaged main use Estimated building right (GFA sq.m.)1) Status zoning Estimated possible construction start2) 633,000 sq.m. Upplands-Bro Light industrial 370,200 Within current zoning 2027–2028 of building rights if fully
Slide 17: Value growth in projects – continued
VALUE GROWTH IN PROJECTS – CONTINUED ONGOING AND COMPLETED PROJECTS Earliest Estimated Estimated Estimated 20,000 sq.m. possible Size investment3) remaining yearly NOI Occupancy Property Description Current phase completion1) sq.m.2) SEK m investment SEK m SEK m rate Almnäs 5:24 New light industrial
Slide 18: SEK 1.3bn / 17 completed projects since 2023
SEK 1.3BN / 17 COMPLETED PROJECTS SINCE 2023 LIGHT INDUSTRIAL LOGISTICS 44% 56% 82% COMBINED OCC. RATE 66,600 sq.m. KEY METRICS Total investment SEK 1.3bn Pre-let at start of development (% of sq.m.) 27% Total capex SEK 1.1bn Total NOI - Pro-Forma Fully Let SEK 86m Yield on total investment – Pro-Fo
Slide 19: Value growth in projects
VALUE GROWTH IN PROJECTS CASE STUDY GREENHUB RENDERING WITH EXISTING BUILDINGS AND FUTURE DEVELOPMENT (BLACK BUILDINGS) • 1.4m sq.m. land area close to E18 highway and approx. 30 minutes drive from inner city Stockholm • In the area Stendörren has approx. 370,000 sq.m. of building rights remaining a
Slide 20: Value growth in projects – continued
VALUE GROWTH IN PROJECTS – CONTINUED 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
Slide 21: Sustainability – achievements
SUSTAINABILITY – ACHIEVEMENTS THIRD QUARTER 2026, S TENDÖRREN 22
Slide 22: 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 • Include relevant TCFD indicators • Ongoing work against • Create job opportunities for •
Slide 23: 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 THIRD QUAR
Slide 24: Finance
FINANCE HIGHLIGHTS FROM Q3 REPORT Net letting Economic occupancy SEK million % 95 95 Excluding bankruptcy of 94 94 94 94 94 94 94 94 second largest tenant Exploria 24 93 93 93 16 15 17 92 92 92 14 14 91 91 90 8 7 8 7 89 89 89 5 6 5 6 6 1 1 1 88 88 87 87 87 -2 -1 -2 -4 -4 -3 -5 -5 -11 Q1 Q2 Q3 Q4 Q1
Slide 25: Finance – continued: financial targets
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 23 22 12% 10 22 25 9 9 10 8 9 22 15 16 7 7 7 7 -6 13 15 5 5 5 6 15% 10 7 5 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
Slide 26: Finance – continued: debt funding
FINANCE – CONTINUED DEBT FUNDING DEBT FUNDING OVERVIEW LOAN MATURITY INTEREST FIXING SEK m SEK m 6,000 5,000 5 028 4 121 5,000 4,000 4,000 Bank debt, 76% 3,000 Sr Unsecured bond, 18% 3,000 2 558 2 191 2 114 Hybrid bond, 6% 2,000 2,000 1 076 1 196 900 1 000 1,000 1,000 157 312 0 ,0 ,0 2026 2027
Slide 27: Finance – continued: equity ratios and ownership
FINANCE – CONTINUED KEY EQUITY RATIOS AND OWNERSHIP OVERVIEW KEY EQUITY RATIOS LARGEST SHAREHOLDERS AS PER Q3 2026 SEK m SEK/share 8,000 350 Shareholder Percent of capital Percent of votes 7,000 STENDÖRREN REAL ESTATE AB 37,7% 54,9% 300 ALTIRA AB 10,3% 14,3% 6,000 SEB Funds AB 12,4% 7,3% 250 FJÄRDE
Slide 28: Finance – continued: assessed earnings capacity
FINANCE – CONTINUED ASSESSED EARNINGS CAPACITY 1) Oct 1, 2026 Rental income 1,267 Total income 1,267 Operating expenses -169 Maintenance costs -32 Property tax -36 Net operating income 1,030 Central administration -93 Financial income and expenses -429 Lease expenses / Ground rent -13 Income from pr
Stendörren Fastigheter — Q3 2026 Earnings Presentation on 6ix