Stendörren Fastigheter (STEF) investor relations material

Executive summary

• Jan–Sep rental income rose 19% to SEK 916m and NOI rose 18% to SEK 744m; profit reached SEK 587m versus SEK 151m. In Q3, rental income rose 19% to SEK 314m and NOI 19% to SEK 262m.

• Comparable-portfolio NOI increased 2.5% YoY for Jan–Sep; IFPM per share rose 18% excluding prior-year refinancing items.

• Economic occupancy was 94.1%; the portfolio was valued at SEK 18.3bn at September 30, 2026.

• Positive net lettings continued for a third consecutive quarter; quarter-end available liquidity was SEK 670m.

Financial highlights

• Jan–Sep total income was SEK 921m versus SEK 780m; property expenses were SEK 177m versus SEK 150m, and central administration costs were SEK 72m versus SEK 60m.

• Jan–Sep income from property management before FX rose 26%; excluding non-recurring early refinancing costs in the comparison period, it rose 18%.

• Jan–Sep operating cash flow was SEK 277m versus SEK 255m; cash flow per share was SEK 8.49 versus SEK 8.02.

• Realized and unrealized property value gains were SEK 150m versus SEK 20m; derivative valuation gains were SEK 134m versus a SEK 67m loss.

• Q3 acquisitions and completed projects totaled SEK 237m at a 6.6% pro forma fully let yield; LTM acquisitions totaled SEK 2.2bn across 27 properties at a 7.1% initial yield.

Outlook and guidance

• Assessed annual earnings capacity as of October 1 was SEK 1,267m rental income, SEK 1,030m NOI and SEK 495m income from property management; this assessment is not a forecast.

• Ongoing projects total 53,600 sq.m. and are expected to add more than SEK 42m in annual NOI after completion; contribution depends on leasing and completion pace.

• Ongoing and recently completed projects are expected to add SEK 68m in NOI upon completion and leasing, excluding data centers.

• Long-term development ambition is 25,000–50,000 sq.m. annually; starts depend on demand, market sentiment and construction costs, with construction generally planned on a pre-let basis.

• Growth is to be funded by liquidity, operating cash flow and interest-bearing financing; larger logistics developments are planned mainly on a pre-let basis.