Catena AB (publ)

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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 5 on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead.

Hi and welcome everyone to Catena's presentation for the Q3 report. Here is the agenda for today, a summary, a business overview, and an update followed by sustainability, finance, and a short takeaway before ending up with Q&A. Next slide, please. So first, the summary of the Q3 report. We report a 20% increase in rental income, ended up at 2,347,000,000 SEK, driven mostly by acquisitions, but also by our CPI-linked contracts. Profit from property management increased by 18% in total and per share it was up 7.8%. Isolated for the third quarter, the increase per share was up almost 13%. Our NRV came in at 468.87 SEK per share. The balance sheet is very solid with an LTV at 43.2%. and we closed the finished transaction totaling 2.15 billion SEK which will lead to an LTV around 45% and that is a level we do not aim to be above going forward. The occupancy rate is back at above 95% to be exact 95.3% due to good leasing operation in this quarter. Our whale is now at 6.9 years, which means that we have a very strong cash flow secured for many years ahead. Next slide, please. And next slide, a business overview. Statistics shows that the transaction volume in the industrial segment amounted to 23.5 billion SEK during the first half of the year. This indicates strong interest in the segment and the high volume was expected to continue during the second half, but due to higher interest rates, we expect the activity to slow down a bit. We experience higher activity among customers as well as potential customers regarding dialogues around our vacancies and about some new projects on our land bank as well. A result we have seen from this are the lettings we have finalized in Q3 which led to higher letting ratio as I said before. Swedish e-commerce grew by 8% year on year in Q2 2026 with all measured categories growing for the second consecutive quarter indicating broad based momentum rather than growth driven by a few segments. Growth was particularly strong in logistics-intensive categories, including pharmacy plus 13%, grocery plus 10%, and consumer electronics plus 10%. For Catena, this is supported for the long-term demand outlook for modern logistic properties. Continued e-commerce growth increases the need for well-located warehousing, fulfillment, and infrastructure close to major population centers. Next slide, please. Regarding our customer portfolio, we have no major changes to report for this quarter. Next slide, please. The total value of the portfolio is now in the report 55.7 billion SEK, and the average legible square meter has a value of 13,694 SEK. On October the 15th, we closed the deal in Finland, meaning that we add 2.15 billion SEK to this portfolio. Next slide, please. Business update. Catena entered Finland in April 2026, establishing a new fifth region through the acquisition of a logistic portfolio valued at approximately 2.1 billion, comprising around 152,000 square meters of lettable area. Since then we have continued to expand the Finnish platform including acquisitions of logistic properties at Helsinki airport and most recently a portfolio of 10 properties for approximately 2.15 billion from Urban Partners. The latest portfolio adds around 142,000 square meters and is fully let with tenants including Posti, DSV and Varasto and has a 7.3-year vault. In less than a year, Catena has built a finished logistic portfolio with a value approaching to almost 6 billion SEK, creating a meaningful new platform alongside Sweden and Denmark. Next slide, please. Here is one of the newly acquired buildings with Posti as a tenant, located in Lieto, and has a GLA of about 16,000 square meters. Next slide, please. We are also very happy to present a development project in Finland, investing approximately 131 million in new 5,800 square meter logistic facility in Pirkkala, strategically located close to the E12 motorway at Tampere Airport. The facility is fully let on a seven year lease to a Finnish industrial automation company. and is expected to generate an annual NOI of approximately 9.7 million SEK. The project complements Catena's two existing properties in Pirkela and further strengthen our position in Tampere logistic region. Upon completion, it will become Catena's 20th property in Finland, illustrating the speed at which the Finnish platform has developed since entering the market this year. Next slide, please. The table presents Catena's earnings capacity on a 12-month basis and note the increase in the earnings capacity per share to 30.72 SEK per share compared to 27.25 SEK one year ago, an increase of almost 13%. Worth to mention is in this table, is that we have included the latest finished acquisition that we closed at October the 15th. Next slide, please. Our ongoing project portfolio totals to around 359 million SEK, where 72 million is remaining investments. When all is completed, we will add 18,000 square meters to the portfolio. as I just presented a new project in Finland that will of course be included in the coming reports. Next slide, please. Regarding our land bank, we had unfortunately a negative decision from the Land and Environment Court regarding the plan outside Engelholm. We must amend some things in the process together with the municipality of Engelholm. So with that said, it will probably consume a couple of More years before we have a plan there. In Örebro, the municipality decided on the zoning plan during the quarter and the decision was positive. But the opinion, there is some more weeks that they can appeal this decision. So we have to wait and see whether it will gain legal force during November or not. As we said in the last report call in Jana, we have found a lot of challenges regarding nature values and we expect a delay of two to three years before we can intensify the zoning job there. Next slide, please. Looking at our leasing operations, our net leasing in terms of moving in and moving out came in positive with 20 millions for the quarter. and for the first nine months, we are still at a negative level, minus 22 million SEK. Our whale are now at 6.9 years and the letting ratio is at 95.3%. Next slide and some sustainability. The environmental certified area is now at 85%. The scoop trees continuing to decrease on a 12-month rolling basis due to less projects. We continue to maintain a high level of EU taxonomy alignment. For example, our turnover came in at 80% and total installed solar panels output has increased on our roofs. So it's now above 94 megawatt. And now over to Magnus for some financial update and next slide.