Swedish Logistic Property AB

Hi everyone and welcome to the presentation of the first quarter of 2026 for SLP. My name is Philip Persson and I'm the CEO of the company and with me I have our acting CFO and board member Tommy Åstrand. We have an agenda to follow for today's presentation and we'll start with highlights from the period followed by a review of the property portfolio and then Tommy will present the financial development before a closing summary. When we look at the period in brief, we can see that we have another strong quarter behind us and that we are once again demonstrating the strength of our business model. We continue to work according to our strategy and deliver results day by day in all areas. We acquire attractive properties, we increase the net operating income, we continue to have a high surplus ratio and our central administration costs remain low despite a larger portfolio. We continue to have low credit margins and we continue to create value for our shareholders, tenants and the society at large. All in all, we are very satisfied and proud of the development of the company. And all this is despite the tough macro environment that has been and continues to be, not at least with the recent escalation of the conflict in the Middle East. However, our results clearly show that the business model works even in these more difficult times. If we look at the rental income, it has increased by 26%, which is of course partly due to the acquisition of properties, but also the daily work within the property management, where we work intensively to implement improvement projects that make our properties more attractive and generate a higher rental income. Profit from property management have increased by 30%, which means that we managed to retain a large part of the rental growth in our results, which shows that we are succeeding with our improvement projects and that we have efficient internal processes and that we have a good dialogue with our five banks. During the quarter, we have taken possession and acquired three properties with a property value of approximately 900 million SEK. Two of the properties are fully leased to DSV and the third has IKEA as a tenant in a long-term agreement of approximately 64,000 square meters and a vacant area of approximately 30,000 square meters. The vacant space will initially affect our overall letting ratio. The loan-to-value ratio is 49.6% at the end of the period, which means that we have a lot of headroom before we reach our long-term risk limitation of maximum 55%. The interest coverage ratio of 3.3% also has a good margin to our risk limitation of 2.5 times. The LTV and the ICR in combination with our strong cash flow give us very good conditions to continue to acquire properties with our existing capital structure.

Briefly about the company.

SLP is a fast growing real estate company focused on acquiring and refining and management high yielding logistic properties with significant refining potential in good locations. The business model is based on us requiring properties with potential and working intensively to realize the potential. which not only makes the properties more attractive but also creates a higher net operating income and thus a higher property value. This means that we can borrow against a new value to free up capital for further acquisitions and refining projects. Another advantage of the model is that sustainability becomes a natural part of our daily work as we improve the properties that go from brown to green assets. Since the company was started about seven years ago, we have built up a portfolio of 130 properties with the total property value of approximately 19.5 billion SEK and a total area of approximately 1.6 million square meters at the end of the period. The location of our properties is of great importance and therefore our properties are located in strategic logistic locations along the major roads and railway junctions and near the cities something that characterizes slp is the unique culture that exists within the company and this is one of the reasons why we have managed to deliver good results time and time again despite the troubled environment the culture is largely based on the co-ownership that exists among our employees at slp It creates a drive and a commitment to do that little extra every day that creates a great value in the long run. It also makes us risk and cost conscious, which is also reflected in our key figures. The demand for logistics space remains high and is confirmed by our occupancy rate, which is a full 96%. The occupancy rate is also confirmation that we are careful and have acquired properties that are attractive to the wider range of tenants, and that we are working intensively to create long-term partnerships with satisfied tenants who stay. During the first quarter, we have managed to maintain our average remaining lease period of seven years, and this has been over six years for a long time. We are actively working on the length of the lease agreements as we want to minimize the risk in the portfolio while facilitating dialogue regarding financing with our banks.