Catena AB (publ)

Welcome to the conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead.

Hi and welcome everyone to the HQ4 report. We will show you the agenda here. Here is the agenda for today. Summary, a business overview, and an updated follow by sustainability, finance, and a short takeaway before ending up with a Q&A. So, a summary of the year and 2025 report. where we report 21% increase in rental income, ended up at 2,651,000,000 SEC, driven mostly by acquisitions, but also by our CPI-linked contracts. Profits from property management increased by 28% in total, and per share, it was up 18%. Our NRV came in close to 446 SEC. And the balance sheet remains very solid with an LTV at 39%. We announced yesterday a huge acquisition, which we will come back to later on. But with that said, we will have a stronghold on the Nordic logistic property market. Next slide. And a business overview. We have seen more activity in the transaction market in Q4, and we have obviously been involved in one of the largest deals. What we hear from brokers is that the activity will continue during 2026. Swedish e-commerce has reached a new peak. This is shown by Postnord's e-barometer for the full year 2025, with growth of 10% compared with previous year. Total e-commerce sales reached 153 billion SEK. This is the highest level ever recorded, surpassing the previous peaks during the pandemic. Further, the Swedish e-commerce parcels increased by 12.9% or by 26.1 million parcels in 2025. During the full year 2025, 228 million e-commerce parcels were sent to the private individuals in Sweden. These two data points are very promising and should be a good driver for the logistics segment. Regarding new projects, the story is pretty much the same as in the last quarters. We are involved in dialogues with customers as we speak, but it takes time, and we have a quite conservative view of signing new projects in the coming six months. Regarding our customer portfolio, there has not been any major changes in Q4, and it's the same with the segment table on the right-hand side. Next slide. The total value of the portfolio is now nearly 44.5 billion. It is worth noting that in the report and also here in the presentation, we break down the value not only by region but also in investment properties. projects, building rights, and land values. And the average lettable square meter has now a value of 12,833 SEK. Next slide, please. The business update. Here, so yesterday evening, we press released a record big transaction containing 20 properties in Sweden, Finland, and Denmark. We are super excited about this and think that the portfolio fits in perfectly to our existing portfolios in Sweden and Denmark. And at the same time, we can enter a third and a new market. We see great opportunities to establish the business in Finland and start a growth journey as we have done in Denmark the last years. The portfolio consists of top modern, newly built buildings with high EPC and ambitious certifications. The customers are well-reputed, and we will add some new names in our customer list. We will also add about 70,000 square meters of building rights. Closing is expected to be at the 1st of April, and fully let, we expect an NOI of 483 million SEC on a running 12 months. And the letting ratio is 96.2%. And we do have rental guarantees for one year for the vacant facilities. Net initial yield on cash excluding the building right is around 5.6%. Next slide, please. And the final phase of logistic position Ramlösa, ICA Fastesa has now signed An eight-year lease with Catena for the final building, which is yet to be constructed at Samlösa. The new build encompasses 18,042 square meters, and the building in question is being to be certified according to BremExcellent and Sweden Green Building Council's zero CO2 standards. Construction is planned for completion in late 26 or early 27, at which point ICA will take occupation. ECA is also moving into one of the existing facilities in Ramlösa, where a separate eight-year lease with Catena is in place. The company plans to move into this 16,753-square-meter facility in the summer 26, after refrigeration areas and other features have been installed. And total investment for the entire Ramlösa project is estimated to 1.4 billion, and we estimate an NOI of around 98 million SEC once all the facilities are leased.

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