Stendörren Fastigheter AB: Continued profitable growth despite turbulent environment during Q1

Press release
May 7, 2025

INTERIM REPORT JANUARY-MARCH 2025 (JANUARY-MARCH 2024 IN PARENTHESIS)

• Rental income increased by 11 percent to SEK 247 million (223) and net operating income increased by 13 percent to SEK 190 million (168).
• Income from property management before exchange rate changes amounted to SEK 77 million (67).
• Net letting during the period amounted to a total of SEK -3.1 million and new lease agreements with an annual rental value of SEK 22 million were signed (includes both renegotiated leases and leases with new tenants).
• Lease agreements that were renegotiated during the period led to an increase in rental values of approximately 5 percent on a weighted average basis.
• Cash flow from operating activities amounted to SEK 125 million (46), corresponding to SEK 4.03 per share (1.63).
• Realized and unrealized changes in value of the property portfolio for the period amounted to SEK
  90 million (-56).
• Profit for the period amounted to SEK 107 million (57), corresponding to SEK 3.24 per share (1.52) before dilution and 3.24 per share (1.52) after dilution.

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

• In January, Stendörren signed a lease agreement with Duvner Bil AB in the property Stenvreten 6:1 in Enköping. The agreement covers premises of approximately 5,000 square meters and has a term of 10 years, with occupancy commencing in March 2025.
• In February, Stendörren acquired two warehouse and light industrial properties in Helsinki and Copenhagen through two separate transactions, for a total consideration equivalent to SEK 92 million.

SIGNIFICANTS EVENTS AFTER THE END OF THE QUARTER

• In April, Stendörren signed a lease agreement with AB Storstockholms Lokaltrafik for an entire newly constructed building for light industry on the property Nygård 2:17 in GreenHub Bro, in UpplandsBro. The lease agreement covers premises of approximately 2,200 square meters and land of approximately 4,300 square meters and has a term of 3 years. Possession took place on April 1, 2025, in direct connection with the completion of the new building.
• In April, Stendörren has, through two separate transactions, acquired four warehouse and light industrial properties in Copenhagen with a total agreed property value of SEK 253 million. The total leasable area amounts to 19,200 square meters. The properties are all well located near Copenhagen's city centre and are considered to have further net operating income potential. The annual net operating income is initially estimated to amount to approximately SEK 17 million.
• Stendörren has signed a five-year lease agreement with Järva District Council, part of the Stockholm municipality, for premises in the property Korsräven 1 in Spånga. The agreement covers just over 1,700 square meters and corresponds to an annual rent of approximately SEK 3 million. Possession took place on May 1, 2025.

"Despite a challenging market climate, net operating income and profit from property management increased by 13 percent and 15 percent, respectively, compared with the first quarter of 2024. The strong development is a result of continued value-creating acquisitions and completed and leased projects."

"I am particularly pleased that we passed a milestone during the quarter by completing and leasing the first newly produced property in our large development area, GreenHub Bro, in Upplands-Bro."

"We have completed several acquisitions and started new projects both during and after the end of the quarter and we intend to maintain continued high growth as we still see opportunities for acquisitions and we see strong demand from potential tenants in our development projects."

Erik Ranje, Chief Executive Officer

The presentation will be broadcast via webcast

Link to the webcast: finwire.tv/webcast/stendorren-fastigheter/q1-2025/

The presentation and webcast will be available at stendorren.se after the conference call.

For more information, please contact:
Erik Ranje, CEO, [phone], [e-mail] or
Per-Henrik Karlsson, CFO, [phone], [e-mail],
or visit stendorren.se/en/

This information is information that Stendörren is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at May 7, 2025, 07:00 CEST.

Stendörren Fastigheter AB (publ)

Stendörren Fastigheter AB (publ) is an expansive property company in logistics, warehouse and light industrial in Nordic growth regions. The company is listed on Nasdaq Stockholm Mid Cap. The business concept is to create profitable growth in net asset value. This is achieved through value-creating acquisitions, capitalising on the positive rental growth that follows the urbanisation of metropolitan regions and by developing existing assets, including the company's extensive and unique building rights portfolio.

For more information about Stendörren Fastigheter AB (publ), see stendorren.se/en/