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.

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 SEK 19.4 billion, at a rental value of SEK 1.4 billion. 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. 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 SEK 20 billion in property value. The implied yield as of Q3 is 7.8%, and the dividend yield is 1.2%.

Once again, we are reporting record income, net operating income, and profit from property management. For the first nine months, income amounted to SEK 949 million, which is up 19%.

Net operating income was SEK 859 million, up 18%, and profit from property management increased by 29% to SEK 486 million. Finally, the profit from property management per share is up 23% to SEK 0.95.

So far this year, we have acquired properties for SEK 3.6 billion, and net lettings amounts to a SEK +23 million. 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 SEK 380 million. This slide shows the journey.

At the end of 2022, the property value was SEK 4.6 billion. Following the KMC merger and continued acquisitions, we are now at more than SEK 20 billion, 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 SEK 2.1 billion.

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 SEK 145 million.

That transaction was closed on August 20. The second one is an important milestone for us, our entry into the Stockholm market.

It is a cross-dock terminal in Spånga, 54,000 sq m, fully leased to DSV Road on a seven-year lease plus one year penalty if they decide to terminate the lease. The purchase price was SEK 950 million, a rental value of SEK 72.5 million, 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 sq m. All properties fully leased to Velux on 11-year leases.

Purchase price, just north of SEK 1 billion. Rental value, SEK 78 million, and this represents a yield just short of 8%.

This deal was closed on October 15, meaning that we now have around SEK 2 billion 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%.

This compares well with our average interest rates of 4.2%. Of this, SEK 2.6 billion closed during the first three quarters, and Velux closed in the fourth quarter.

In total, more than 318,000 sq m with an average lease duration of nine years. Together, these transactions add SEK 0.33 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 sq m land, roughly 470 sq m 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 one, we will of course come back to you and inform the market.

Looking at the earnings capacity, it continues to improve quarter by quarter. As of October 1, the rental value amounts to SEK 1.4 billion and the net operating income to almost SEK 1.3 billion, which is up 23% in one year.

Profit from property management amounts to SEK 753 million, which is up 28%. Per share profit from property management in the run rate is SEK 1.47, an increase by 27% compared to a year ago.

If we include the Velux transaction, it amounts to SEK 1.55 per share, which is a 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 you know, the growth is driven by acquisitions with a clear yield gap and improved financing terms. A new slide, so 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 you know, we have a mandate from the AGM to buy back up to 5% of the shares.

Here we are trying to illustrate, and we have compared the two alternatives, buybacks or acquisitions, and we have used the same amount of equity, the SEK 335 million, which corresponds to our current maximum buyback amount, so 5% of the outstanding shares. Buying back shares at the end of or in Q3 at an average price of SEK 13.11 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 if or basically for similar transactions that we have just undertaken.

Once you remember that the gap widens over time. When the cash flow from the acquisitions is reinvested, the effect of the five years is 7.5% compared to 4.7% for the buybacks.

Today, acquisitions are better use of capital, but obviously we will continue to evaluate this as conditions will change, and they will change, of course. Finally, on this slide, also worth mentioning that if we were to do buybacks of the SEK 335 million and provided the current turnover in the share, that would take us seven months.

So there is 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 Ref 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 at 97.5%, and the average remaining lease term is 8.6 years.

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

This is followed a very active first quarter of the year. Worth mentioning is that SEK 15 million 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 SEK 327 million compared to the same quarter last year, 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 SEK 949 million, where the like-for-like portfolio increased 2.6%.

The net operating income came out at SEK 299 million for the quarter, increased by 11% from the same quarter last year. Contributors to the increase are acquisitions and increases in the like-for-like portfolio.

For the period, the NOI increased by 18% to SEK 859 million. I can add that we, in the third quarter, had slightly more maintenance costs compared to the other quarters, and there is 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 SEK 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 have 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 SEK 16 million year-to-date.

This also affects the operating margin and the adjusted operating margin on the last 12 months basis, which came out at 90.2% and 95.1%. If we then exclude the reclassified internal property management cost 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. 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%-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 SEK 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 in the loan facility in the SEK 3.5 billion maturity is a SEK 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 have secured initial LTV of around 60%.

As I have mentioned before, our stance is to keep the loan-to-value sub 55% long-term. With the recent closing of the SEK 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 have managed to renegotiate or refinance bank debt of SEK 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, where the 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 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 a value of SEK 3.6 billion, net letting of SEK 23 million, reporting stable and increasing numbers for the quarter. We have an income from property management per share in the run rate of SEK 1.55.

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

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

And with that, we will open up for questions.

I think we will start with written questions. 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 considering 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 SEK 13.11 in the calculation there, and the share price now is SEK 12.40.

So 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?

Yeah. It is a fair point, obviously, and 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 are correct in the sense that it is less risky to buy back shares, but also one should remember that when we buy real estate, looking at what we have done this year, we are talking nine-year leases with extremely stable tenants.

For instance, the recent transactions with DSV and Velux, they are top 10 companies in Denmark. So we are talking extremely large and profitable tenants.

It is always a risk with buying something, but the risk associated with the transactions that we have undertaken recently is low, to put it that way. As we said in the presentation, and it is worthwhile to say again, at every single decision we will look at, obviously, the share price and what 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.

So over time it will be better to do a property transaction if that day one is better than buying back the shares.

Yeah. Let us take the questions from the queue here.

Thank you. Good morning.

I was a bit late to the presentation, hectic here, so I am sorry if I am asking something that you have discussed on the presentation. Just a quick one regarding your recent announced acquisitions.

Just what kind of investment capacity do you think that you have right now, looking over the coming 12 months?

Without giving you an exact number, we still have headroom or possibilities to acquire hundreds of millions of real estate. So 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, but still call it decent or even significant amounts that we could continue to grow.

Yeah. 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 are not looking to call it be any shorter. So 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 a 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.

Oh, okay. Also, as you are very active in the market, it is 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. Taking the DSV transaction outside of Stockholm, 7% yield for seven plus one 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're extremely happy with what we have done during the third quarter. A mixed bag to answer the question.

Okay. Thank you very much.

Thank you.

Hi. Morning.

Just some question on Lockryd. Maybe you can describe a little bit about the negotiation with the municipality.

How are they progressing and what steps would you say remain before we can see a signing?

Sure. It is ongoing discussions and negotiations with the municipality I would say as in a normal transaction.

The next step is basically to sign the binding sale and purchase agreement.

Okay. When would you expect that to be concluded?

Without promising too much, 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, et cetera, but within fairly short.

Okay, thanks. 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.

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.

Okay, thanks. That's fair.

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

Now you're talking the data center, and one should remember that obviously a data center is one thing, but there is much more square meters on that site 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.

Yeah. It makes sense.

Do you have permits approved to be able to build data center?

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 the other type of businesses.

Perfect. Very clear.

Thank you. That is all from me.

Thank you.

Good morning. Just one short question here on paid tax, which has been in 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?

Yeah, sure. Yes, we have, for the third quarter, the percentage paid tax compared to profit from property management is a bit higher.

That has to do that we have had carried forward losses in especially our Nordic portfolio that has. We've-

Used them.

-used them all, basically. We usually have a bit higher paid tax in percentage now in the third quarter.

When we do the full tax optimization in the fourth quarter, the year paid tax usually comes down to around 10% of profits from property management. I would estimate that going forward as well, maybe a bit higher.

Okay, thanks.

Good. No other questions or written questions.

I think we call it a day. Thanks for listening in.

If there are any follow-up questions, just let Philip or myself know. Have a great day.

Thank you.

Thank you. Bye.