Akelius Residential Property (AKEL) investor relations material

Executive summary

• Equity raise of EUR 335 million and hybrid bond repurchase strengthened the financial position.

• Rental income decreased by 1.0% year-over-year to EUR 185 million, mainly due to currency effects.

• Like-for-like rental income grew 3.0%, driven by completed capital projects and higher commercial occupancy.

• Net loss of EUR 128 million, primarily from a EUR 196 million decrease in property values.

• All Austin properties sold for EUR 116 million, resulting in a realized loss of EUR 8 million.

Financial highlights

• Rental income: EUR 185 million (down 1.0% year-over-year).

• Net operating income: EUR 105 million (down 1.3% year-over-year).

• EBITDA: EUR 96 million (down 5.0% year-over-year).

• Net loss: EUR 128 million (vs. profit of EUR 123 million last year).

• Property fair value: EUR 5,461 million (down from EUR 5,621 million).

• Net asset value: EUR 3,299 million.

• Loan-to-value: 39%.

• Equity ratio: 57%.

Outlook and guidance

• Challenging market conditions in North America, with rising capitalization rates and stricter immigration policies impacting leasing.

• Strong financial position and liquidity to support long-term strategy.

• No significant events after the reporting period.