Stendörren Fastigheter (STEF) ABGSC Investor Days summary

Essential insights from presentations and announcements

• Stendörren focuses on logistics, warehouse, and light industrial properties, mainly in Greater Stockholm and Mälardalen, with a property value of SEK 14.5bn and a NOI yield of 6.4% as of March 31, 2025.

• The portfolio is diversified by property type and geography, with 80% in logistics, warehouse, and light industrial, and 62% of rental income from the Stockholm region.

• Recent growth is driven by acquisitions (SEK 1.5bn in the last year) and project development, with 39,000 sqm ongoing and 18,900 sqm completed in the last 12 months.

• Lease renegotiations led to a 5% increase in rental values, and the economic occupancy rate remains stable at 92%.

• Financial flexibility is supported by 70% interest-rate hedging, an equity ratio of 39%, and recent capital raising of SEK 505m.

Industry analysis and forward-looking statements

• E-commerce growth and urbanization are driving demand for logistics and light industrial assets, with e-commerce turnover forecasted to grow by 12-13% p.a. until 2030.

• Stendörren aims to develop up to 632,000 sqm of building rights, mainly in the Stockholm region, with construction starts dependent on leasing pace.

• The company targets a return on equity of at least 12%, EPRA NAV growth of 15% p.a., and an equity ratio of at least 35%.

• Sustainability is a core focus, with a 41% improvement in energy efficiency and a 42% reduction in climate impact per sqm since 2018, and 70% of the portfolio environmentally certified by 2025.

• Future growth will be driven by off-market acquisitions, project development, and capitalizing on embedded rental growth in urban locations.

Key operational and financial metrics

• Net operating income increased by 13% year-on-year in Q1 2025, with a 7% increase in the comparable portfolio.

• Surplus ratio stands at 80%, and vacancy remains stable at 7.8% despite economic headwinds.

• The tenant base is highly diversified, with the largest tenant accounting for 8% of rental income and the top ten for 19%.

• Total interest-bearing debt is SEK 7,999m, with 81% bank debt and 16% senior unsecured bonds; average interest rate is 4.1%.

• Market cap as of March 31, 2025, is SEK 5,920m, with the three largest shareholders holding 60% of capital and 77% of votes.