Stenhus Fastigheter (SFAST) investor relations material

Executive summary

• Achieved record operating and management profit for Q4 and the full year, with Q4 profit up 30% and full-year profit reaching SEK 413 million, the strongest in company history.

• Net income after tax rose to SEK 380.1 million, up from SEK 56.0 million year-over-year.

• Increased ownership in Krona to 39.99% and completed the acquisition and delisting of Backaheden, now holding 97.4%.

• Proposed a 40% higher dividend at SEK 0.28 per share, split into two payments in 2026.

• Cash flow from operations improved to SEK 416.0 million, with liquidity at year-end of SEK 542.8 million.

Financial highlights

• Q4 rental income rose to SEK 271 million from SEK 245 million; full-year rental income increased to SEK 1,036.0 million.

• Operating net reached SEK 800.5 million, up from SEK 783.5 million.

• Profit from property management increased by 30% to SEK 114 million in Q4.

• Profit after tax for Q4 was SEK 131 million, compared to SEK 110 million last year.

• Property value at year-end was SEK 13,704 million, with 138 properties and 893,381 sqm of lettable area.

Outlook and guidance

• Vision to become a leading real estate company in Sweden within five years, focusing on sustainable growth and metropolitan areas.

• Long-term targets: annual management profit growth of 12% over a cycle, ROE of 12%, equity ratio above 35%, LTV below 60%, Net LTV below 55%, and interest coverage above 2.25x.

• Focus on growth through acquisitions, project development, and sustainability.