Catena (CATE) investor relations material

Executive summary

• 9M rental income reached SEK 2,347m, up 20% YoY; net operating surplus rose 21% to SEK 1,972m and profit from property management (PFPM) increased 18% to SEK 1,414m.

• 9M profit was SEK 1,790m, or SEK 27.17/share; EPRA NRV rose to SEK 468.87/share from SEK 437.95.

• Portfolio expanded 22% YoY to 148 properties and 3.835m m²; fair value was SEK 55,676m and economic occupancy 95.3%.

Financial highlights

• Q3 rental income was SEK 837m vs SEK 675m YoY; net operating surplus was SEK 705m vs SEK 548m, and PFPM was SEK 498m vs SEK 401m.

• 9M rental income growth comprised 16.0% from acquisitions, 2.2% from projects, 2.8% like-for-like and -1.4% from divestments; total growth was 19.6%.

• 9M property expenses were SEK 375m vs SEK 330m; surplus ratio improved to 84.0% from 83.2%, with most pass-through cost increases re-invoiced to tenants.

• 9M finance costs, excluding lease liabilities, rose to SEK 541m from SEK 415m; finance income was SEK 37m vs SEK 22m, with SEK 20m of interest capitalised in projects.

• 9M property-value gains were SEK 622m unrealised and SEK 32m realised; derivative-value gains were SEK 221m.

Outlook and guidance

• Long-term targets are average annual five-year growth of at least 12% in NRV/share and 10% in PFPM/share; intended LTV ceiling is 45%, below the finance-policy limit of 50%.

• Earnings capacity, including the Finnish acquisition completed 1 October, indicates 12-month PFPM of SEK 2,039m, or SEK 30.72/share; it is not a forecast.

• Land bank totals 4.5m m², with potential lettable area of 1.6m m² and potential investment of SEK 16.3bn; projects generally start after a customer lease is signed.

• Occupier discussions are more active, but timing of occupancy gains remains uncertain; improvement could appear in Q4 or Q1 2027.

• Additional asset rotations could fund Finnish investment; a possible further SEK 1bn of disposals could extend into 2027. Hedging will rise gradually, with ~60% as the long-term target.