Stendörren Fastigheter (STEF) Stockholm Corporate Finance Conference 2025 summary

Key operational and financial highlights

• Net operating income (NOI) increased by 17% year-over-year in H1 2025, with a 6% rise in the comparable portfolio.

• Income from property management rose by 13% and vacancy rates decreased by 1.9 percentage points to 5.9%.

• Properties worth SEK 550 million were acquired at a 7.1% yield, and projects totaling SEK 137 million were completed at a 7.0% yield in H1 2025.

• Ongoing projects of approximately 37,000 sqm are expected to add SEK 50 million in annual NOI upon completion.

• Surplus ratio stands at 80% as of Q2 2025, reflecting strong operational efficiency.

Portfolio composition and growth

• Property value reached SEK 14.9 billion as of June 30, 2025, with 167 properties and a lettable area of 887,000 sqm.

• Portfolio is diversified: 43% light industrial, 37% warehouse/logistics, 16% office, and 4% retail by NOI.

• Geographic focus: 61% in Stockholm and Greater Mälardalen, 11% in Copenhagen, Oslo, and Helsinki.

• Building rights total 633,000 sqm, representing significant future development potential.

• Acquisition-driven growth and accelerated project development have been key strategies.

Project pipeline and development

• SEK 1.7 billion in acquisitions and SEK 370 million in completed projects over the last 12 months.

• Ongoing and recently completed projects are expected to add approximately SEK 50 million in NOI.

• Major projects include logistics and light industrial developments in Stockholm, Södertälje, and Upplands-Bro.

• Project pipeline includes up to 633,000 sqm of potential new developments, mainly in the Stockholm region, with construction starts dependent on leasing pace.

• Case study: Almnäs transformation increased lettable area and rent significantly, demonstrating value creation through redevelopment.