Logistea AB (publ)

Good morning and welcome to the presentation of Logistea's first quarter of 2025. Presenting as usual is myself, Niklas Huckeman and Filip Lövgren. We'll be happy to answer any questions you might have after the presentation. We have continued to grow the company and we'll present the most recent acquisitions shortly. The portfolio is valued at 13.5 billion SEK. And if adding the most recent transaction, we're up at 14.2 billion SEK. We continue to show low rents per square meter at 669 kronor. And the occupancy rate is up to 97.1% from 96.9% the previous quarter. The reported NRV per share is 15.4%. And we continue to have a very low LTV at 48.3%. Highlights for the first quarter include income, NOI, and income from property management that is up, as you can see, between 123 and up to 229% compared to the first quarter of 2024. we're happy to present that the percentage increase of income from property management is higher both than the NOI and the income and maybe more importantly we're very happy to present the 54% increase from income from property management per share uh we continue to own a portfolio with stable income our releases runs in average for another 9.3 years the net initial yield is flat at 6.8 percent and we have a very healthy balance sheet with low ltvs we have so far added the properties to the right as you can see at a total value of more than one billion sec The properties are fully leased with a vault of nine years and the combined acquisition yield is 8.5%. And this should be compared to our average cost of debt, which is 4.8% and new financing in Sweden at approximately 4%. We continue to see interesting investments in all of the Nordic market and we have a very good pipeline. And a few words on the individual properties. The new shipping properties we presented at our last earning call, the property in Stavanger comprise a bit more than 31,000 square meters and is fully leased to home brands on a 15-year triple net lease. The Malmö property is leased to Golvpolen and Skåne Stadsmission on leases that runs a bit more than five years. And looking at what impact this has on the run rate. So adding these three investments, we can see that we're adding 12% on the income from property management per share. And as I said earlier, we continue to see good investment opportunities adding value to the company. And we're looking at the run rate. You can see that we're up 10% between last quarter of last year and this quarter. And this includes the negative effects from FX that we'll explain in more detail on the coming slides. Looking at the portfolio and the tenant mix, the main changes compared to last quarter is that we have added new shopping municipality and that the baby share has decreased two percentage points since year end down to 29%. Otherwise, I can see high net initial yields throughout and long leases and very long leases when looking at the portfolios outside of the Nordics. Percentage of triple net and index leases remain very high, and occupancy, as we mentioned, is slightly up between the last quarter of last year and this quarter. We report a minor negative letting for the quarter of one million SEK, and the vault is still long at 9.3 years. As for the market, we continue to see decent transaction volumes in Sweden and Denmark, whereas Norway and Finland has been slow the first months of this year. One should remember that the transaction market for logistics industrial compared to other asset classes stands out as quite robust still. And with that, I leave the word to Philip to go through the financials.

Thank you. Starting off, our revenues for the first quarter increased 200 to 248 million. The revenues in the Like for Like portfolio are close to 1% down, affected by a lower economic occupancy rate in that portfolio. Worth to mention is that the Like for Like portfolio is equal to 39% of our total income. The estimates from our five equity analysts following us was 255 million for the quarter. The main reasons that the revenue was lower was 4 million less rent supplements, which affected both the revenues and the property expenses, but also a 3 million negative effect from FX rates. The operating margin increased to around 88% and the adjusted operating margin where we exclude the rent supplements from the revenues came in at 94%, an increase from 90% a year ago. And the net operating income increased by 177% relating to the increased property portfolio. We saw a 2% drop in the like-for-like portfolio, which is also related to the lower occupancy rate in the like-for-like portfolio. The estimates for the net operating income were 216 million, the same as the actuals, though we had the negative effects from the FX. and looking at the property from property management which increased 215 million compared to the estimated 111 the higher actual is linked to a lower net financial income since we have focused a lot on the loan portfolio for the past quarters to decrease the average interest rate profit from property management per share increased by 32 percent on the last 12 month basis and the increase for the quarter compared to the first quarter of 2024 was 54%. Looking at the financial key figures at the end of the first quarter, we have a solid and stable loan to value ratio of 48% and secured loan to value ratio of 42%. We've increased the interest-hatching ratio during the quarter from 67 to 74%, where we saw good opportunities before the five-year swap rate took off. The interest cover ratio came in at 2.2 times for the last 12 months. Looking at the interest capacity on the balance sheet day, the estimated interest cover ratio is about 2.4 times. The EPRA NRV increased from 53 to 54 for the quarter affected by FX changes. If we exclude the 126 FX loss in the OCI, we would have an NRE per share of 15.7. The main part of the 1.3 billion bank debt maturing within 12 months will in short be prolonged with slightly better terms and at the same time a longer maturity of around four years. and as I will present on the next page we have continued to decrease our weighted average bank margin which will probably continue for some time going forward as I have indicated before we've continued to be active in our loan portfolio we have very good dialogues with our existing banks And during the quarter, we've raised bank financing for acquisitions, and we've also refinanced bank loans of around 170 million with 90 bps drops in margin. We've also managed to tap on our existing green bond loan of 250 million on the same terms, which is 275 bps plus STIBO. The 20 bps decrease of our weighted average interest rate are related to lower margins in the existing debt portfolio and new loans with lower margins and lower reference rates. Last but not least, looking at our financial targets and risk limitations, we're presenting solid numbers in line or better than expected. We've been active in both the transaction market, but also in the capital market, which have affected the profits from property management per share positive. The NRV per share was slightly affected by FX rates, but was up from the previous quarter. And we are expecting to have a loan to value ratio of around 50% going forward without risking negative effects on the interest cover ratio.

and that was all for me good and to summarize and as Philip mentioned we're reporting stable and improved numbers throughout the transactions we have undertaken are improving the income from property management per share and we continue to see good investment opportunities in the nordic real estate market At this slide, you can see that to the top, you can see that first of all, that the portfolio has in terms of value has increased. And maybe more importantly, you can see that the yield gap is improving quarter over quarter. So we're now reporting a net initial yield of 6.8 and the cost of financing of 4.8.