Good morning, and welcome to the presentation of Logistea's interim report for the third quarter of 2026. As always, myself, Niklas Zuckerman, and together with Philip Löfgren, we will take you through the report.

Also, as always, we take any questions after the presentation. We have continued to deliver on our strategy during the third quarter, meaning building a portfolio of long-lease logistics and light industrial properties in the Nordics.

At the end of the quarter, we own 174 properties with a property value of approximately 19.4 billion SEK at a rental value of 1.4 billion SEK. The occupancy rate is up to 97.5%, and the average lease duration is 8.6 years.

The net initial yield excluding project is 6.3%—or, sorry, 6.7%. Sweden remains our largest market with 61% of the property value, followed by Norway with 21%.

Denmark and Finland are growing, and with the acquisitions in the quarter, we are now also present in Stockholm. Including the most recent transaction in Denmark, the Velux transactions, which we closed after the end of the quarter, we have passed 20 billion SEK in property value.

The implied yield as of Q3 is 7.8%, and the dividend yield is 1.2%. Once again, we're reporting record income, net operating income, and profit from property management.

For the first nine months, income amounted to 949 million SEK, which is up 19%. Net operating income was 859 million SEK, up 18%.

Profit from property management increased by 29% to 486 million SEK. Finally, the profit from property management per share is up 23% to 0.95 SEK.

Far this year, we have acquired properties for 3.6 billion SEK, and net lettings amounts to a positive 23 million SEK. Profit from property management per share in our earnings capacity, including the Velux transaction, is up by 31% since the start of the year.

We ended the period with a cash balance of 380 million SEK. This slide shows the journey.

At the end of 2022, the property value was 4.6 billion SEK, and following the KMC merger and continued acquisitions, we're now at more than 20 billion SEK, as I said. At the same time, we have kept a healthy yield spread, the net initial yield of 6.7%, and our average interest rate have come down to 4.2%, which gives us a yield gap of 2.5%.

Talking a bit on the transactions that we have signed in Q3 and totaling 2.1 billion SEK. The first one is two properties in Tampere and Oulu in Finland, which I mentioned at our last presentation.

Both are fully leased to Vianor on seven-year leases, and the purchase price was 145 million SEK. That transaction was closed on July—or, sorry, August 20.

The second one is an important milestone for us, our entry into the Stockholm market. It's a cross-dock terminal in Spånga, 54,000 square meters, fully leased to DSV Road on a seven-year lease and plus one-year penalty if they decide to terminate the lease.

The purchase price was 950 million SEK, rental value of 72.5 million SEK, and that represents a net initial yield of 7%. That deal was closed, as you can see, end of September.

The third is our largest single transaction this year. We have acquired properties in Denmark in total 131,000 square meters.

All properties fully leased to Velux on 11-year leases. Purchase price just north of 1 billion SEK, rental value 78 million SEK, and this represents a yield just short of 8%.

This deal was closed on October 15, meaning that we now have around 2 billion SEK worth of properties in Denmark. Summarizing the year so far, we have acquired 10 properties or portfolios for a total value of 3.6 billion SEK at an average yield of 7.3%, and this compares well with our average interest rates of 4.2%.

Of this, 2.6 billion SEK closed during the first three quarters and Velux closed in the fourth quarter. In total, more than 318,000 square meters with an average lease duration of nine years.

Together, these transactions add 0.33 SEK to the profit from property management per share. As you can see, the acquisitions are spread across Sweden, Finland, and Denmark, which strengthens our Nordic platform.

A short update on the Lockryd site outside of Borås. As you see on this page, 730,000 square meters land, roughly 470,000 square meters of building rights.

We have the agreement with Vattenfall for delivery of 150 MW of power, which is expected to be delivered in 2030, 2031. Zoning plan, as we have said, has gained legal force, and we have exercised the option to acquire the land.

The next step is to sign a purchase agreement with the municipality, and we are in those discussions right now. In parallel with that, we are in discussions with potential tenants for future developments.

As we have said, when and if anything is signed on this, we'll, of course, come back to you and inform the market. Looking at the earnings capacity, it continues to improve quarter by quarter.

As of 1st October, the rental value amounts to 1.4 billion SEK, and the net operating income to almost 1.3 billion SEK, which is up 23% in one year. Profit from property management amounts to 753 million SEK, which is up 28%.

Per share, profit from property management in the run rate is 1 krona 47 öre, an increase by 27% compared to a year ago. If we include the Velux transaction, it amounts to 1 krona 55 per share, which is an 21% increase compared to the start of the year.

Looking at the longer trend, earnings capacity per share has grown by 15% per year since 2022, and 30% on an annual basis since beginning of 2024. As the growth is driven by acquisitions with a clear yield gap and improved financing terms.

A new slide, to say, where we will discuss capital allocation and acquisitions versus buybacks. We obviously continuously evaluate the best use of the capital given the market conditions.

As we have a mandate from the AGM to buy back up to 5% of the shares. Here, we're trying to illustrate, and we have compared the two alternatives, buybacks or acquisitions, and we have used the same amount of equity, the 335 million SEK, which corresponds to our current maximum buyback amount, 5% of the outstanding shares.

Buying back shares at the end of or in Q3 at an average price of 13 kronor 11 öre would increase the profit from property management per share by 4.2% in year one. If we use the same equity for acquisitions and we have used the same terms as the last two deals that we have undertaken, the deal with Velux and the DSV property in Stockholm, representing 7.4% yield and 3.9% interest cost for new debt, that gives us an increase of 5.5%.

So 4.2% increase for buybacks and 5.5% increase basically for similar transactions that we have just undertaken. Then one should remember that the gap widens over time.

When the cash flow from the acquisitions is reinvested, the effect after five years is 7.5% compared to 4.7% for the buybacks. Today, acquisitions are better use of capital, but obviously we'll continue to evaluate this as conditions will change, and they will change, of course.

Finally, on this slide, also worth mentioning that if we would do buybacks of the 335 million SEK and provided the current turnover in the share, that would take us seven months, there's a time factor also included in the buyback scenario. A few words on the tenant mix.

Obviously, the recent transactions have also meant that we have a more diversified portfolio. Beijer's share of the rental income is down to 21%.

DSV is now our second-largest tenant with 8%. If we include the Velux transaction, which is not included on this page, the Beijer share will decrease to approximately 19%.

Around 93% of our net operating income comes from the Nordic, with Sweden at 57% and Norway at 23%. Our leases gives us high visibility in future rental income.

Around 98% of the leases are CPI-indexed. Occupancy rate is 97.5%, and the average remaining lease term is 8.6 years.

The third quarter was quiet or stable, depending on how we see it, on the leasing side, with a positive net letting of 1 million SEK and no terminations. For the first nine months in total, net lettings amounts to 23 million SEK, compared to -4 million SEK for the same period of last year.

This is followed a very active first quarter of the year. Worth mentioning is that 15 million SEK of the net letting is not yet included in the run rate or occupancy rate since the tenants have not yet moved into their premises.

With that, I hand over to Philip.

Thank you, Niklas. As you explained, we have record high income, net operating income, and profit from property management to report for the quarter.

The revenue for the quarter increased by 14% to 327 million compared to last quarter last year—to the same quarter last year, sorry, which is primarily linked to acquisitions and leasing activities, but also a like-for-like growth in the quarter of 2%. Revenues for the period increased 19% and amounted to 949 million, where the like-for-like portfolio increased 2.6%.

The net operating income came out at 299 million for the quarter, an increase by 11% from the same quarter last year, and contributors to the increase are acquisitions and increases in the like-for-like portfolio. For the period, the NOI increased by 18% to 859 million.

I can add that we, in the third quarter, had slightly more maintenance costs compared to the other quarters, and there's nothing dramatic behind that. The property expenses in the earnings capacity is still a good guidance for the coming 12 months.

Also, we have had an insurance event where a roof was partially punctured in a storm in April, where solar panels blew off their mounts. The property expenses were negatively affected by around 3 million, while the other income line was positively affected by roughly the same amount since the cost was reimbursed by the insurance company.

Last, as I've explained many times before, there is an internal fee for property management which we have reclassified and moved up from the central administration to the property expenses, impacting the property expenses by 16 million year-to-date. This also affects the operating margin and the adjusted operating margin on a last-12-months basis, which came out at 90.2% and 95.1%.

If we then exclude the reclassified internal property management costs from the net operating income, the NOI in the like-for-like portfolio has increased 2.3% in the period. Profit from property management for the quarter increased 33%, and if adding back the items affecting comparability in Q3 2025, the increase was 23%, where the net financial income was less in Q3 than in Q2.

Looking at the period, the increase was 29%. Profit from property management per share increased 23% for the quarter and 21% for the period, and looking at the last-12-months basis, the increase was also 21%.

For the transaction we closed in Q3, which includes the properties in Finland and the DSV terminal in Stockholm, we have chosen to initially have the loans floating due to the volatile interest market. This explains why the hedging ratio decreased from 75% to 67% in the quarter.

We monitor the volatile interest market daily and will take actions when we find opportunities. In the short term, we aim to keep the interest maturity at current level or higher, while in the long term, we aim to have it much longer.

Looking at the credit maturity, the bond loan of 850 million is maturing in Q1 2028, which gives us time to plan the refinancing. Looking at the bank loans maturing one to two years from now, we already have multiple discussions in prolonging the loans in advance, some even with better financing terms such as lower margins and lower amortization.

The largest loan facility in the 3.5 billion maturity is a 2 billion loan facility that matures in Q4 2027, and we expect that loan facility to be prolonged in the beginning of 2027. Looking at the key metrics on the right-hand side, the loan-to-value ratio has increased a bit in connection with the completed transactions, where we've secured initial LTV of around 60%.

As I've mentioned before, our stance is to keep the loan-to-value sub-55% long-term, and with the recent closing of the 1 billion Velux transaction in Denmark, our loan-to-value will still be below 55% plus having liquidity for future capital allocations such as asset acquisitions. Looking at the debt portfolio, we see a good appetite from Nordic lenders in the banking systems where we can compare multiple bank offers before we pick the one that suits us best in connection with the lending in asset acquisitions.

Today, we have engagements with around 14 different senior banks, and as a result of this, the terms are getting better for every quarter. Year-to-date, the average banking margin was down 20 basis points, and the average amortization rate is down 0.6 percentage points.

As you can see to the right, we've managed to renegotiate or refinance bank debt of 3.2 billion, resulting in an average 48 basis point drop in margin. We expect more of these effects from upcoming refinance events, though with lower drops, but possibly lower amortization rates in order to free up cash flow.

All of our financial targets and limitations look solid, and the one that we tend to focus on the most, the profit from property management per share, is the most promising. Comparing the outcomes to the earnings capacity with profit from property management has increased 27% on a year-on-year basis, we expect the percentage increase to be well above the target of 15%.

NRV per share, excluding dividends, sorry, is in line with the 15% target on a last-12-month basis. The loan-to-value is at a comforting level, and the ICR increased a bit from the last quarter.

With that, I will hand back to Niklas for some closing remarks.

Thank you, Philip. As we have said, very active third quarter, and also very active 2026 for Logistea.

We have acquired properties at value of 3.6 billion SEK, net letting of 23 million SEK, reporting stable and increasing numbers for the quarter. We have a income from property management per share in the run rate of 1 krona 55.

We have now reached 20 billion SEK worth of properties in total, of which 1 billion in Finland and 2 in Denmark. As we have said, very very happy that we have entered the Stockholm market with almost a billion SEK worth of real estate in Spånga on this cross-dock terminal leased to DSV.

Happy with the quarter and looking forward to do more of the same in the fourth quarter. Thank you.

With that, we will open up for questions.

I think we will start with written questions, and I can read this one here. Mind you that the asset base purchased through buybacks are lower risk.

How do you factor that in when consider the buyback option? Also the current share price is below what is used in the example.

Yes, we used the average price in Q3 at 13.11 in the calculation there, and the share price now is 12.40. The percentage of EPS uplift should improve versus example, all else equal.

With that considered, will you consider doing a fixed-price tender offer of the shares if they continue to trade significantly below NAV as they do now?

It's a fair point, obviously. The answer to the question is that we will, more or less each and every week, evaluate where should we spend the money: on transactions, on buybacks, or investing into the portfolio.

It will obviously vary over time with the share price, what type of real estate can we find at what risk. You're correct in the sense that obviously, it's less risky to buy back shares, but also one should remember that we, when we buy real estate, looking at what we've done this year, we're talking nine-year leases with extremely stable tenants.

For instance, the recent transactions with DSV and Velux, they are top 10 companies in Denmark, we're talking extremely large and profitable tenants. It's always a risk with buying something, but the risk associated with the transaction that we have undertaken recently is low, to put it that way.

As we said in the presentation and it's worthwhile to say again, we will, at every single decision, we will look at obviously the share price and what yield we can get on the buybacks versus a transaction, but also as said on this slide, over time, we can reinvest the NOI or income from property management that a property will yield, over time, it will be better to do a property transaction if that day one is better than buying back the shares.

Yeah. Let's take the questions from the queue here.

Thank you, and good morning. I was a bit late to the presentation, hectic here, I'm sorry if I'm asking something that you have discussed on the presentation.

Just a quick one regarding your recent announced acquisitions. What kind of investment capacity do you think that you have right now looking over the coming 12 months?

We still,

without giving you an exact number, but we still have headroom or possibilities to acquire hundreds of millions of real estate. If interesting opportunities occur, we should absolutely be able to act.

A bit to answer on the previous question, it could obviously be buybacks, or it could be investments into the portfolio or buying real estate. Still, call it decent or even significant amounts that we could continue to grow.

Okay. Also, if you do find new that are attractive, should we expect you to keep funding these deals with shorter interest maturity as long as we have these kind of swap rates that are currently on the screen or at least as volatile as they are as of now?

We discussed this in-depth yesterday on the board meeting, and we're not looking to, call it, be any shorter. One should expect us to at least keep the hedge ratio that we have today, and over time, it should be increased.

One should remember that company like us with the large yield gap, we could hedge much more if needed or if we decide to do so. To answer the question, not shorter than we are today, more looking to be more hedging over time.

Okay. Also, as you are very active in the market, it's always interesting to hear: have you seen any indication that yields are maybe on the rise or are sellers slow to adjust their expectations in regarding to price and yields?

I would say it's a mixed bag, as it has been for the past two years or so. We taking the DSV transaction outside of Stockholm, 7% yield for 7+1 year lease on a cross-dock, that is high, obviously, whereas we see other transactions where yields are much tighter.

For a company like ours, we spend a lot of time on the transaction market. We believe that there are still good deals to be done, and we were extremely happy with what we have done during the third quarter.

A mixed bag, to answer the question.

Thank you very much.

Thank you.

Hi, morning. Just some question on Lockryd.

Maybe you can describe a little bit about the negotiations with the municipality. How are they progressing, and what steps would you say remain before we can see a signing?

Sure. No, it's ongoing discussions and negotiations with the municipality.

I would say, as in a normal transaction, the next step is basically to sign a binding sale and purchase agreement.

When would you expect that to be included?

Without promising too much, and one should also bear in mind that we have a municipality on the other side of the table, meaning that they will need to take it through the Kommunfullmäktige, etc. Within fairly short.

Thanks. Now in the Q3 report, on the Lockryd description in the report, you removed a sentence that said initial establishments may be commenced within the next 12 months.

How should we read into that?

Not much, to be honest. We are still in discussions with potential tenants, and it could well be that we start production for a new tenant within the coming 12 months.

We don't want to overpromise anything, but nothing has actually changed since the last quarterly report.

Fair. That's fair.

Just your own view: what type of tenant would you prefer in the area, like a co-locator, hyperscaler, if you were to choose yourself?

Now you're talking the data center, and one should remember that, obviously, data center is one thing, but there is much, much more square meters on that side for other types of businesses. I don't want to comment too much on potential tenants.

We are in discussions with both the data center part and other types of tenants, and I think it's better that we communicate once we have signed something.

Makes sense. Do you have permits approved to be able to build data centers?

The zoning plan is in place, and for all type of buildings, you need a building permit, but as long as the building permit is in line with the zoning plan, you should be okay. That will go for both data centers and other type of businesses.

Perfect. Great.

Thank you, that's all for me.

Thank you.

Good morning. Just one short question here on paid tax, which has been in an upward trend here both in the quarter and on a rolling 12-month basis, and has grown faster than the profit from property management.

Do you have any comments on paid tax and if the last 12 months is where you will be going forward as well?

Sure. Yes, we have, for the third quarter, the percentage paid tax compared to profit from property management is a bit higher, and that has to do that we have had carried forward losses in especially our Nordic portfolio, we've used them all, basically.

Then we usually have a bit higher paid tax in percentage now in the third quarter, and then when we do the full tax optimization in the fourth quarter, the year paid tax usually comes down to around 10% of profit from property management. I would estimate that going forward as well, maybe a bit higher.

Thanks.

Good. No other questions or written questions, I think we call it a day.

Thanks for listening in, and if there are any follow-up questions, just let Philip or myself know. Have a great day.

Thank you.

Thank you. Bye.