PPI Public Property Invest (PUBL) Company presentation summary

Investment highlights

• Operates one of Europe's largest listed social infrastructure platforms with 850 properties and NOK 52bn gross asset value across the Nordics.

• 84% of rental income is government-backed, with a 7.1-year WAULT and 94% occupancy, ensuring stable, CPI-linked cash flows.

• Portfolio is well-diversified by geography and sector, with 50% exposure to elderly and healthcare assets, positioned for demographic-driven growth.

• Completed 17 acquisitions in 2025, with a visible development pipeline and NOK 111m incremental NOI expected from projects completing in 2026-27.

• Maintains a BBB+ credit rating, 48.5% LTV, and a clear deleveraging path, supporting a robust dividend policy with a 5.7% yield.

Portfolio and market position

• Asset base is anchored in Sweden (52% of value), with additional properties in Norway, Finland, and Denmark.

• Rental income and property value have grown ~5x since IPO, driven by strategic acquisitions and organic growth.

• Top tenants are predominantly public sector entities, with long-term, CPI-linked leases.

• Portfolio includes elderly care, education, healthcare, and government infrastructure, with high occupancy and long lease durations.

• Stockholm listing aligns with the core market, unlocking deeper capital markets, higher liquidity, and potential index inclusion.

Financial performance and structure

• Rental income, cash flow from operations, and net income from property management have grown at 20–30% CAGR since IPO.

• EPRA NRV per share has remained stable through significant balance sheet expansion.

• High conversion from rental income to recurring cash earnings, with a 60% payout ratio and quarterly dividends.

• Balanced funding profile with 73% fixed-rate debt, average loan maturity of 5 years, and limited near-term maturities.

• Foreign exchange risk is actively managed through hedging, minimizing exposure across NOK, SEK, and EUR/DKK.