Stendörren Fastigheter (STEF) Stockholm Corporate Finance Conference 2025 summary

Operational and financial performance

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

• Income from property management grew by 13% and the surplus ratio reached 80% as of Q2 2025.

• Vacancy rate decreased by 1.9 percentage points to 5.9%, and net letting was SEK 3m in H1 2025.

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

• Ongoing projects total 37,000 sqm, expected to add SEK 50m in annual NOI after completion.

Portfolio and growth strategy

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

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

• Geographic focus is on Stockholm and Mälardalen, with expansion into Gothenburg, Copenhagen, Oslo, and Helsinki.

• SEK 1.7bn in acquisitions over the last four quarters, with 20 properties acquired at a 7.1% initial yield.

• SEK 370m in completed projects in the last year, with a 7.6% yield on total investment.

Project pipeline and development

• 633,000 sqm of building rights offer significant future development potential, mainly in the Stockholm region.

• Ongoing and recently completed projects are expected to add SEK 50m in NOI, depending on leasing and completion pace.

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

• Case study: Almnäs development transformed a former military site into a logistics hub, doubling lettable area and increasing rent sevenfold.