Hi, and welcome, today everyone to this Q4 report. We will show you the agenda here.

Here is the agenda for today: summary, a business overview, and an update, followed by sustainability, finance, and a short takeaway before ending up with a Q&A. A summary of the year-end 2025 report, where we report 21% increase in rental income, ended up at 2 billion 651 million SEK, driven mostly by acquisitions, but also by our CPI-linked contracts.

Profit from property management increased by 28% in total, and per share, it was up 18%. Our NRV came in close to 446 SEK, and the balance sheet remains very solid, with an LTV at 39%.

We announced yesterday a huge acquisition, which we will come back to later on, but with that said, we will have a stronghold on the Nordic logistic property market. Next slide.

A business overview. We have seen more activity in the transaction markets in Q4, and we have obviously been involved in one of the largest deals.

What we hear from brokers is that the activity will continue during 2026. Swedish e-commerce has reached a new peak.

This is shown by PostNord's E-barometer for the full year 2025, with growth of 10% compared with previous year. Total e-commerce sales reached 153 billion SEK.

This is the highest level ever recorded, surpassing the previous peaks during the pandemic. Further, the Swedish e-commerce parcels increased by 12.9% or by 26.1 million parcels in 2025.

During the full year 2025, 228 million e-commerce parcels were sent to the private individuals in Sweden. These two data points are very promising and should be a good driver for the logistics segment.

Regarding new projects, the story is pretty much the same as in the last quarters. We are involved in dialogues with customers as we speak, but it takes time, and we have a quite conservative view of signing new projects in the coming six months.

Regarding our customer portfolio, there has not been any major changes in Q4, and it's the same with the segment table on the right-hand side. Next slide.

Yep. The total value of the portfolio is now nearly 44.5 billion.

It's worth noting that in the report and also here in the presentation, we break down the value not only by region, but also in investment properties, projects, building rights, and land values. The average lettable square meter has now a value of 12,833 SEK.

Next slide, please. A business update.

Here. Yesterday evening, we press released a record-big transaction containing 20 properties in Sweden, Finland, and Denmark.

We are super excited about this and think that the portfolio fits in perfectly to our existing portfolios in Sweden and Denmark, and at the same time, we can enter a third and a new market. We see great opportunities to establish the business in Finland and start a growth journey as we have done in Denmark the last years.

The portfolio consists of top modern, newly built buildings with high EPC and ambitious certifications. The customers are well reputed, and we will add some new names in our customer list.

We will also add about 70,000 square meters of building rights. Closing is expected to be at the 1st of April, and fully let, we expect an NOI of 483 million SEK on a running 12 months.

The letting ratio is 96.5%, and we do have rental guarantees for one year for the vacant facilities. Net initial yield on cash, excluding the building right, is around 5.6%.

Next slide, please. The final facet, logistic position Ramlösa.

ICA Fastigheter has now signed an eight-year lease with Catena for the final building, which is yet to be constructed at Ramlösa. The new build encompasses 18,042 square meters, and the building in question is being to be certified according to BREEAM Excellent and Sweden Green Building Council NollCO2 standards.

Construction is planned for completion in late '26 or early '27, at which point ICA will take occupation. ICA is also moving into one of the existing facilities in Ramlösa, where a separate eight-year lease with Catena is in place.

The company plans to move into this 16,753-square-meter facility in the summer '26, after refrigeration areas and other features have been installed. Total investment for the entire Ramlösa project is estimated to 1.4 billion, and we estimate an NOI of around 98 million SEK once all the facilities are leased.

Next slide. Our ongoing project portfolio totals to around 1.2 billion SEK, where 272 million is remaining investments.

When all is completed, we will add around 91,000 square meters to the portfolio. Yield on cost in those projects is around 7%.

Next slide. Some updated information around the land bank: an ESD in Ängelholm, appealed by 15 different players, is an ongoing case in the Environment Court of Law, and we expect that there will be some kind of decision in the summer '26.

In Örebro, the municipality is about to decide on the zoning plan once again during spring '26. Next slide, please.

Some leasing update. Our net leasing in terms of moving in and moving out came in for the full year at plus 72 millions for the full '25, and for the fourth quarter, it was plus 2 millions.

Our WAULT is now 6.4 years, and the letting ratio is at 96.7%. Next slide, please.

Some sustainability. The environmentally certified area is now at 73%, and we have as goal to reach 100%.

The Scope 3 is now decreasing 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 77%.

We have, once again, been certified as a Great Place to Work. Total installed solar panels output on our roofs is now above 75 megawatt.

Now over to Magnus for some financial update. Next slide.

Thank you, Jörgen. Next slide, please.

I will start off by highlighting that after the end of the quarter, on January 20th, we carried out a directed share issue that contributed with 2.8 billion SEK in new equity. The proceeds will be used for funding of the acquisition that we signed yesterday, in combination with a 12-plus-six months term loan bridge facility provided by banks within our existing bank group.

Next slide, and our income and earnings. This slide highlights the continued strength in our underlying earnings, with solid year-on-year growth across all key metrics.

Rental income is up 21%, mainly driven by acquisition. Net operating surplus increased by 23%, and profit from property management rose by 28%, reflecting both scalability and cost control.

Earnings per share from property management grew by 18% to SEK 26.72 kronas, underlining our ability to translate top-line growth into shareholder value. The Catena model continues to deliver predictable, resilient earnings with operational leverage.

Next slide, please. This slide breaks down the key drivers behind our rental income growth for 2025.

As just mentioned, the total rental income increased by 21% year-over-year. The largest contributor was acquisitions, accounting for 14.8 percentage points of the growth.

Our completed development projects added 3.8 percentage points, consisting mainly of new facilities in Jönköping and the Gothenburg region, all leased to well-known tenants in retail and food service. Like-for-like rental income rose by 4 percentage points, built up by CPI-linked indexation, renegotiated rental agreements, as well as increased property tax assessments and media costs, which are reinvoiced to our tenants.

All in all, this underlines our ability to grow through multiple channels: strategic acquisitions, value-adding development, and strong day-to-day operation. Next slide, please.

Let's turn to our capital structure. Over the course of the year, we've seen a pickup in real estate transactions and the increased activity in credit markets, a momentum that has continued during Q4.

That said, there are still global long-term structural uncertainties in place, and it's important that we keeping prepared in case of renewed volatility. At the end of 2025, our equity ratio stood at 51%, a balanced level that supports strategic flexibility.

EPRA NRV per share increased to SEK 446 krona, excluding dividends, an increase of 4.9% compared to a year ago. This shows our ability to create shareholder value over time, even as shareholder returns are being realized.

Passing on to next slide. Let's move on to our financial position.

We continue to demonstrate strong financial control, with all key metrics within policy levels. In October, the credit rating agency Fitch Ratings affirmed Catena's investment grade rating, BBB with a stable outlook in its annual credit rating update.

Earlier today, Fitch Ratings reaffirmed the BBB rating following the announcement of the transaction yesterday. Net debt to EBITDA came in at 7.8 times, interest coverage at 3.9 times, and loan to value at 39%.

These figures reflect both a solid capital structure and strong underlying cash flows that contributes to giving us headroom to our financial covenants as well as the ability to act on new investments when the opportunities arise. Next slide, please.

Moving on to debt and liquidity management. We remain focused on maintaining and securing funding on competitive terms.

During the quarter, we have refinanced 617 million SEK and 361 million Danish krone, and we continue to see a strong appetite from banks and the capital market in regards to financing of new investments and acquisitions as well as upcoming refinancings. As mentioned earlier, in connection with the announced acquisition, we signed a 12-plus-six months term loan bridge facility that in combination with the proceeds from the directed equity raise will be used for the short-term funding of the acquisition.

Our average debt maturity remains solid at 4.5 years. Liquidity is strong with 3.2 billion in available liquidity and a liquidity ratio above 1.

Next slide, please. Let's move on to our interest rate management.

In the start of 2026, there has been a slight shift in the view that the Swedish Riksbank has reached the end of its rate cutting cycle and a potential rate cutting during '26 is not ruled out by the market. As of the balance date, 61% of the outstanding debt carried fixed interest and our current average interest cost at 3.2% reflects a stable level with some room for improvement.

Next slide and back to Jörgen.

Thank you, Magnus. Our capital deployment is for the period divided into acquisitions, 1 billion 840 million SEK and development, 1 billion 147 million SEK.

We had at the same time, divested properties for 98 million SEK. Next slide, please.

Property valuations. The values stayed stable and ended up the period with a positive value change of 485 million SEK, which correlates to 1.1% of the total portfolio before adjustments.

The average weighted valuation yield, the so-called exit yield for the portfolio, is at 5.9% by the end of the period. The EPRA net initial yield came into 5.6%.

Next slide, please. Some takeaways from today.

For the first, Catena closes 2025 with very solid numbers and increased earnings. The earnings per share is up 18%, as we said before, very impressive, and we are very satisfied with that.

Second, and absolutely the most important, Catena will continue to grow during 2026, and that goes without saying regarding yesterday's transaction. With that said, we will open up for Q&A.

Good morning. A couple of questions from me.

Firstly, on the earnings capacity, could you sort of give some color on what's driving the sort of 1.1 percentage point deterioration in the NOI margin?

Good morning, Oscar. The two things we have now is we see for the next 12 months based on where the Danish currency rate is that we will have some lower income from that part.

It's also fair to assume we see some vacancies kicking in during the year. That's the explanation.

Is that reflected in the top line then as well?

That's reflected in the top line and the NOI margin, that's also what we have seen in the second half of '25, that we have had some higher property tax, which will be reinvoiced, of course, but that's will decrease the NOI margin a bit.

Perfect. Then on the acquisition you completed yesterday, you mentioned you have one-year rental guarantees.

Is that correct?

Correct.

Right. If you walk us through the financing of this portfolio, what do you expect in terms of funding costs?

We expect, as I said, we have a bridge financing in place that we will take out on the longer market during the year, and we expect to land around our current cost of debt.

Okay. Then just did you give a guidance on the NOI margin of the portfolio you acquire?

We said that there, if you exclude the the value of the building rights, we we said that we have Or the NOI margin, sorry, sorry, it's Sorry. We can we can say it's it's it's much higher than we have in in our existing portfolio.

Yeah. Then just a couple of small questions.

Then the project you acquired in Køge, Denmark, do you have any guidance on timing of contribution from that acquisition?

There will be sort of closing and a completion of the project in Q1, we expect. We have ongoing dialogues for potential customers, but it's too early to say when we have a lease agreement in place.

Okay. Then on San Sac, when do you expect that to be completed?

In a period of one month. In Q1.

Okay.

Thanks.

Thank you.

Thanks. That's all for me.

Good morning. I have a couple of questions, and the first is related to the acquisition.

Could you maybe give some type of indication of how central administration costs will be affected by this?

Yes. Good morning, Keivan.

Relevant question. We do see just smaller increases in that.

Of course, we will now hire a Finnish organization, the same setup as we have in Denmark, one or two guys. It's really on the margin.

The Swedish portfolio and the Danish asset, we will swallow into our existing organization. Perhaps we need one more property manager.

That's it.

Okay. Then also on Finland, you say that this is a market that you want to grow in.

Could you maybe give some type of a indication of how large do you want the portfolio in Finland to be as a share of total?

We don't have any exact numbers, but we do see there is a meaning to increase more than the 2 billion we now have in this acquisition. As we said before, we have done a growth journey in Denmark.

We expect to do that in Finland as well. Whether it will be some more billions during the coming years, it depends a lot on what kind of opportunity there will be on the table, to speak.

We expect to grow more in Finland versus Sweden, all else equal, but you never know.

Okay. Then I also have a final question, and that is related to the investment capacity going forward because you mentioned in connection with the share issue that you see that your balance sheet enables investment capacity of about 2.5 to 3 billion.

My question is, what is the constraining factor to that volume given that assuming that your LTV will be somewhere in the mid-40s? I would assume that you could potentially have higher investment or room for investments than what you specify there.

It depends on what kind of opportunities and what is the environment at that time, and so on. Catena is not known as to take too much risk.

If there is a good opportunity, we can from time to time be a bit above our financial policy, but not in the long run, and we rather stay below 50 than above 50. We have to consider what kind of opportunities there are, but with that said, we have dry firepower, and we can do more business.

Thanks. A follow-up question on the NOI margin.

When you say that it is a considerably higher margin than the current portfolio, could you give some type of indication maybe of how much higher? Is it close to 90 or is it 85 or is there any type of guidance?

You can assume that it's around the 90.

Okay. Thanks.

Those were my questions.

Thank you.

Good morning, Jörgen and Magnus. First off, congrats on the acquisition.

It looks very good. A few questions from me, mainly on the transaction.

Where in the acquired portfolio can we find the vacancies that you have?

That's in Sweden. That's in Mälardalen.

Okay. Are there a lot of properties that are single tenant or are they that are like more Or how many of the properties are single tenant?

Oh,

I cannot say top of my head, but there are quite many that are single tenants, but there are also some multitenants.

Okay. Perfect.

Thanks. You say that you want to grow more in Finland.

Can you just give some color on the yields and yield gap compared to Sweden and Denmark that you can find there? Not necessarily in this portfolio, but more on a general level.

Generally speaking, the yields are a bit higher in Finland, but we do see and when we talk to a lot of brokers and other players within Finland that the interest for investing in Finland has risen a lot the last year, and there are competitors, and so especially in the logistics, the yields have been trending down. For sure, they are higher than in Sweden and Denmark as we speak.

I wouldn't say that it's 50 to 100 bps higher, but higher, yes.

Okay. Understood.

Thanks. You also say that the properties are modern and newly built.

Do you have an average age of the portfolio?

Yeah. Except one buildings, they are built the last three years.

Okay. That's good.

Then lastly, just a sanity check more or less, but in the earnings capacity, is it correct to assume that you have included the new number of shares, but not the effect from the acquisition, right?

That's right. We were talking about it internally.

Should we do the new shares or not in the table? As it's for 12 coming months, then yes, we have 66.4 million shares.

Yeah. Yes.

That was all for me. Thank you.

Thank you.

Hello. Thank you for taking my question.

Just a couple of questions mainly on the acquisition. Can you please elaborate what kind of yields do you think are attractive to you given that the yield on this acquisition is in the low 5s?

Again, just broadly, if you were to do an acquisition, what would be your threshold yield for such an acquisition?

Sorry. It's quite bad line, we can't really hear your question.

Could you please repeat or could you send a text to us?

Yeah. Just can you elaborate why do you think the acquisition yield is attractive in a low 5s kind of acquisition yield?

What would be the

Low 5?

Yeah.

We said that the cash yield is 5.6%.

Okay. What would you say about kind of what is your threshold for new acquisitions if you were to do any in terms of yield?

There is no magic number. That's not the way we work.

It depends on what kind of customer, what kind of location, are there any building rights, what's the upside, if we can add a strong new customer to our network, perhaps we can start a dialogue, and perhaps we can offer some new buildings, and to increase the cooperation with the new customer on our land bank, and and so forth. It's more of how can we do our operations even better, and what can we offer to the customers, and then whether it's a 5.5%, 5.6%, or 5.9%, that's not really the crucial for us.

It would be in the long run a good investment for us and to strengthen our operations.

Just one last clarification on the acquisition. Are you going to receive rental guarantees for the 3.5% vacancy?

That how we have to look at it or it's just a vacancy you have to let it up and you receive nothing? I heard about the rental guarantees that you mentioned.

Just kind of clarifying. Hello?

Hello. I have a few short questions on the acquisition in Finland.

How do you see the Finnish market comparing to the Swedish? Hello?

Okay. Hello?