Swedish Logistic Property

Interim / Quarterly Report • Apr 29, 2025

Interim Report

JANUARY – MARCH 2025

Significant events

Significant events in the period January-March

• Rental income increased by 42%, amounting to SEK 236 m (166).
• Net operating income increased by 48%, amounting to SEK 203 m (137).
• Profit from property management increased by 51% and amounted to SEK 134 m (89).
• Earnings per share increased by 21%, amounting to SEK 0.85 (0.70).
• Net asset value (NAV) per share increased by 4% in the period and amounted to SEK 30.44.
• Profit from property management per share increased by 32% in the period and amounted to SEK 0.52.
• Value changes in investment properties totalled SEK 137 m (73).
• Sustainable financing amounted to SEK 7,111 m (3,210) at the end of the period, corresponding to 93% (65) of the loan portfolio.
• Net leasing income amounted to SEK 0.4 m (20.0) and the letting ratio to 97.0% (94.6).
• A revised sustainability policy and new sustainability targets have been adopted.
• During January, occupancy commenced in SLP's largest new construction project to date, totalling 61,500 square meters, in Hallsberg.
• Seven properties were acquired where SLP has now taken ownership, with a lettable area of approximately 177,000 square metres and a property value of SEK 1,848 m (307).
• SLP has acquired a logistics property in Trelleborg with a property value of SEK 90 m, with the transfer of ownership scheduled for early May 2025.
• SLP has acquired two newly built and fully let logistics properties in Jönköping with a property value of SEK 266 m, with the transfer of ownership scheduled for June 2025.
• SLP has appointed Filip Persson as its new CEO effective 1 September 2025, and the Nomination Committee is proposing that the current CEO, Tommy Åstrand, be elected to the Board of Directors.

Significant events after the end of the period

• SLP has acquired a logistics property in Gothenburg with a property value of SEK 625 m and signed a new lease agreement with a term of approximately 12 years. Transfer of ownership of the property, which is subject to conditions, is preliminarily scheduled for June 2025.
• SLP is strengthening its operations in the Mälardalen region and has recruited two employees for technical and commercial property management in Norrköping.

Key performance indicators

	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
	3 months	3 months	12 months
Property value, SEK m	15,544	10,578	13,489
Rental income, SEK m	236	166	710
Net operating income, SEK m	203	137	610
Profit from property management, SEK m	134	89	398
Profit for the period, SEK m	219	159	587
Earnings per share after dilution, SEK	0.85	0.70	2.48
Net asset value (NAV) per share after dilution, SEK	30.44	25.95	29.39
Growth in net asset value (NAV) per share after dilution, %	4	3	16
Profit from property management per share after dilution, SEK	0.52	0.39	1.68
Growth in profit from property management per share after dilution, %	32	4	10
Loan-to-value ratio, %	48.2	42.7	42.4
Interest coverage ratio, multiple	3.2	3.1	3.2
Remaining lease period, years	6.7	6.3	6.4

For definitions of key performance measures and alternative performance measures, see Definitions.

The property Pedalen 21 in Landskrona.

Strong start to the year with a record acquisition volume for a single quarter

During the first quarter of the year, we continued to deliver on our strategy of acquiring, developing, and managing logistics properties with a focus on sustainability. During the quarter, we signed agreements for four strategic acquisitions comprising a total of ten properties, with an agreed property value of approximately SEK 2.2 bn. Rental income increased by 42 percent and net operating income improved by 48 percent year-on-year, of which 5 percent was attributable to the comparable portfolio. This led to a substantial 51 percent increase in profit from property management clear confirmation that our proven business model continues to deliver, and a result we are very pleased with. We also increased our average lease duration to 6.7 years, contributing to continued strong cash flows and greater long-term portfolio stability.

In the first quarter, we signed agreements for four acquisitions comprising a total of ten properties, providing strong momentum for the remainder of 2025. The acquisitions comprised a total lettable area of approximately 210,000 square metres and an annual rental value of around SEK 140 m. One of the acquisitions is our largest to date and includes five strategically located logistics properties—four in Norrköping and one newly constructed property in Örebro. We are very pleased with the transactions completed during the quarter, where long lease agreements with strong tenants generate stable cash flows and strengthen our average lease duration. At the same time, there is significant value-creation potential—both in the new acquisitions and in the existing portfolio—offering further opportunities for long-term value growth. The conditions for continuing to acquire logistics properties with development potential remain excellent. We have strong acquisition capacity and an active acquisition strategy, continuously evaluating potential transactions where we see opportunities to create long-term value.

Refinancing strengthens our position for continued growth

Our close and long-term collaboration with our five Nordic banks—exclusively based on secured bank financing has, since the company's inception, helped ensure a robust financial foundation for our growth journey. During the quarter, we drew just over SEK 1,700 m of previously granted credit facilities. In addition, we agreed on refinancing arrangements and increased the loan-to-value ratio of existing facilities, thereby enabling additional liquidity going forward. In addition, we have received positive credit decisions for the majority of the new acquisitions made during the quarter—on very favourable terms. This is the result of an ongoing strong dialogue and a high level of interest from our existing banking partners. We are therefore well positioned to continue growing with secured bank financing on attractive terms, and we have the flexibility to increase our loan-to-value ratio if needed to finance future acquisitions. At the end of the quarter, the loan-to-value ratio amounted to 48 percent, while the interest coverage ratio was a multiple of 3.2.

New ambitious sustainability targets

In the first quarter of 2025, we advanced our sustainability efforts by updating our targets and setting a bold new long-term ambition: to reach net-zero emissions across our entire value chain by 2040. This target complements our previously established goal of achieving climate-neutral property management by 2030 and reflects our commitment to reducing climate impact across our entire operations. By integrating sustainability into our business model, we create value for our tenants, investors, and society at large.

Occupancy began in our largest project to date

At the beginning of the quarter, Ahlsell began occupancy in our largest new construction project to date—a certified environmentally rated building in Hallsberg with a lettable area of just over 61,000 square metres. The property is equipped with charging infrastructure for both passenger vehicles and heavy-duty trucks. The lease agreement, which is fully indexed and runs for 15 years, makes a significant contribution to our revenue generation while also strengthening our average lease duration. We are pleased to welcome Ahlsell as a long-term tenant in one of our most ambitious new constructions to date. Looking ahead, we see strong prospects for both new construction projects and continued value creation through the development of our existing portfolio.

Strengthened organisation and solid foundation for continued growth

To support our continued growth, we are also strengthening the organisation. During the quarter, we made key recruitments to our property management operations and announced a planned change of CEO, with Filip Persson set to take over the role starting in September. Filip, who currently serves as our Head of Project Management and is a member of the management team, has deep insight into the business and a strong understanding of our strategy—ensuring continuity and the conditions for continued development without any loss of momentum.

After the end of the quarter, concerns over the effects of tariffs and the emerging trade war have increased significantly, with an immediate negative impact on the Nordic stock markets and potential adverse effects on the business climate going forward. At present, it is difficult to predict how the situation will develop, making it equally challenging to assess both the short and long-term effects. We are closely monitoring developments and how the increased uncertainty may affect the conditions for the import and export industries in general—and our existing and potential customers in particular—and their need for efficient logistics space.

Despite these uncertainties, we can confidently say that we began 2025 with strong momentum and high activity across all areas of our business—acquisitions, development and management. The result is a strong quarter that clearly reaffirms the strength of our business model. We look forward to continuing on our chosen path and creating long-term value for all our stakeholders.

Tommy Åstrand, CEO

SLP in brief

SLP shall acquire, develop and manage logistics properties with a focus on sustainability.

Overarching goal

Generate an average annual growth of at least 15% per share in net asset value (NAV) and profit from property management.

Financial risk limitations

• Minimum interest coverage ratio of 2.5 x
• Maximum long-term loan-to-value ratio of 55%
• Minimum equity/assets ratio of 40%

Dividend policy

SLP shall continue to grow and therefore reinvest in its operations with the aim of generating further growth through property acquisitions and investments in new construction, conversions and extensions. This means that dividends will be low or zero over the coming years.

Overarching strategy

In order to reach its overarching goals the company works with its own staff in five strategic areas: acquisitions, property development, property management, financing and sustainability.

• Acquisitions: The company grows its property holdings by acquiring properties and building rights. The properties acquired are in strategic logistics locations and are suitable development targets.
• Property development: Properties are developed through new construction, extensions and conversions, and by optimizing net operating income for the properties. Net operating income is optimized by letting vacant premises, renegotiating and extending lease agreements, and through increased energy efficiency and cost reduction activities.
• Property management: SLP's property management is characterized by active customer dialogue, short decision paths and a long-term view.
• Financing: The company secures long-term, cost-effective financing while optimizing the debt/equity ratio.
• Sustainability: SLP takes an ambitious approach to sustainability, with a strong commitment to environmental and social responsibility. Read more about our sustainability work on the following page.

Outcome – overarching goal 15 16 4 20 10 32 2023 2024 2025-03 Growth in net asset value (NAV) per share after dilution, % Growth in profit from property management per share after dilution, %

Developments on the logistics market

Geopolitical unrest shifts warehousing and production back to Sweden

Global uncertainty and geopolitical tensions are leading companies to reassess their supply chains and relocate production and warehousing closer to domestic markets in order to reduce risk and increase delivery reliability.

E-commerce and digital maturity leads to changing behaviours

Digital maturity and e-commerce growth in Sweden has changed consumer behaviour and created new challenges and opportunities for the logistics sector in terms of managing increased online retailing and expectations on quick deliveries.

Growing demand for modern refrigerator and freezer warehousing

Global trade and high consumer expectations on availability of foods are driving growing demand for modern refrigerator and freezer delivery and warehousing. This is critical for ensuring product quality and shelf life, which requires investments in new technology and infrastructure.

Growing demand for city logistics

In order to address challenges such as crowding, environmental impact and delivery efficiency, there is growing demand for efficient logistics solutions, which makes city logistics an increasingly important area. City logistics are required to meet the need for fast, sustainable deliveries in urban environments.

Challenging external environment

A challenging external environment places high demands on being an active property owner, maintaining close dialogue, and working in close collaboration with tenants to create long-term value for both parties.

Demands for more circular and sustainable distribution

The need for making supply chains more sustainable is becoming increasingly pressing. Components shortages are driving companies to build more sustainable and resilient supply chains.

Sustainability - goals

SLP strives to ensure sustainable working methods that contribute to improving the environment and society, today and for the future. We consider sustainability an integral part of our business model and daily operations.

Our Responsibility- sustainability framework

We have chosen to call our sustainability framework Our Responsibility. It spans three focus areas – Planet, People and Business – and includes the company's key sustainability areas. Our Responsibility contains concrete goals, KPIs and activities in each focus area and is founded on a double materiality assessment and stakeholder dialogues.

For each focus area in the sustainability framework, targets have been formulated and adopted by the company's Board of Directors. See the sustainability targets to the right and the follow-up on target achievement on the following page. Several of the sustainability targets are monitored and reported on a quarterly basis, while certain targets are reported annually, as indicated in the table.

CSRD and statutory requirements

In 2024, SLP conducted a double materiality assessment based on the requirements outlined in the EU Sustainability Reporting Standards (ESRS). The outcome of the double materiality assessment was approved by SLP's Board of Directors in December 2024 and forms the basis for the company's sustainability efforts and sustainability reporting in 2025. In early 2025, the EU proposed changes aimed at simplifying the sustainability reporting process. SLP is currently assessing the implications of these changes.

Sustainability Report

This is an interim report and includes some of SLP's sustainability work and goal monitoring. The full picture of the company's sustainability work and goal attainment is published annually in the Annual and Sustainability Report. Read more about our sustainability work here, link to sustainability reporting.

The property Kronan 4 in Landskrona.

PLANET

• Material topics
• Climate change mitigation
• Climate change adaptation
• Energy
• Resource inflows, incl. resource consumption
• Waste
• Water withdrawals

Goals

Ongoing

• 100% renewable electricity
• 100% Environmentally certified new production in accordance with the Sweden Green Building Council Silver level or equivalent
• Reduce energy consumption by 15% over five years – comparable portfolio

By 2025

• Started at least three climateneutral projects
• Started at least one charging infrastructure project for heavy vehicles

By 2027

• 70% of the lettable area should be environmentally certified according to BREEAM In-Use Very Good or an equivalent standard
• The installed effect in solar cell systems should reach 25 MWp
• Reduce the lettable area from properties with energy class F and G through relocation – maximum 5% by year-end

By 2030

• 100% fossil-free energy
• Net-zero CO2 emissions in property management (Scope 1 & 2)

By 2040

• Net zero CO2 emissions scope 3

PEOPLE

• Material topics • Working conditions (own workforce
  • & workers in the value chain):
    • Working hours
    • Fair wages
    • Secure employment
    • Health and safety
• Equal treatment (own workforce & workers in the value chain)
  • Equality
  • Harassment
• Access to goods and services

Goals

Ongoing

• eNPS >45
• <2% short-term sick leave for our employees
• <3% short-term sick leave for our employees
• Local summer workers in all areas where SLP manages properties

By 2025

• 40–60% gender balance across occupational categories within our own operations

• 80% satisfied tenants

BUSINESS

Material topics

• Responsible business practices:
  • Corruption and bribery
  • Management of relationships with suppliers
  • Corporate culture
  • Protection of whistleblowers
• Long-term return

Goals

Ongoing

• Zero tolerance of corruption
• All key suppliers shall sign our Code of Conduct
• All key contracting suppliers must conduct self-assessments based on the Code of Conduct

By 2027

• 85% sustainable loans (excluding sustainability-linked financing)

Sustainability - goal attainment

Key performance indicators	2025-03	2024-03	2024-12	Goal
Planet
Renewable electricity, %	-	-	100	100%
Fossil-free energy, %	-	-	96	100%
Energy intensity, Change in comparable holding, % - base year 2021 - base year 2022 - base year 2023	-	-	-22 -21 -0	Reduce by 15% over five years
Installed effect in solar cell systems, MWp	20.2	15.3	17.9	25 MWp by 2027
Climate-neutral projects, no.	2	2	2	3 cases by 2025
Project with charging infrastructure for heavy vehicles, no.	1	0	1	1 case by 2025
Scope 1, tonne CO2e	-	-	157	Net zero by 2030
Scope 2 - market based, tonne CO2e	-	-	455	Net zero by 2030
Scope 2 - location based, tonne CO2e	-	-	928	Net zero by 2030
Scope 3, tonne CO2e	-	-	39,090	Net zero by 2040
Total emissions Scope 1, 2 and 3 - market based, tonne CO2e	-	-	39,702
Environmentally certified area, %	64	34	62	70% by 2027
Environmentally certified new production, %	100	100	100	100%
Share of lettable area in properties with energy class F and G, %	-	-	7	5% by 2027
People
Employee willingness for recommendation, eNPS	93	100	98	>45
Short-term sick leave, %	-	-	0.1	<2
Long-term sick leave, %	-	-	0.9	<3
Proportion of locations with local summer workers, %	-	-	67	All
Proportion of women/men, % - Board - Management - Office workers	33/67 25/75 33/67	43/57 33/67 33/67	33/67 33/67 33/67	40-60% equality in occupational categories by 2025
Satisfied tenants, %	-	-	78	>80 by 2025
Business
Corruption charges, no. Suppliers that follow the Code of Conduct, %	0 100	0 100	0 100	0 100%
Sustainable loans, %	83	65	78	85% by 2027
Sustainable financing, %	93	65	92

64% Environmentally certified area

20.2 Installed effect in solar cell systems, MWp

93% Sustainable financing

Revised sustainability targets – net-zero emissions in the value chain by 2040

Several of SLP's previous sustainability targets, originally set for the end of 2025, were already achieved in 2024. This has been made possible through focused and strategic efforts, with sustainability integrated into the business model and creating value for multiple stakeholders. As part of the continued work, the company's sustainability policy and sustainability targets have been revised, and new ambitious targets have been adopted effective from 2025.

The new sustainability targets include:

• Achieve net-zero emissions in Scope 3 by 2040.
• Reduce the lettable area from properties with energy class F and G through relocation – maximum 5% by the end of 2027.

In addition to the new targets, several previously adopted sustainability targets have been assigned revised target levels.

Property holdings

SLP's properties are strategically situated in prime logistics locations across Sweden. At the end of the period, the property holding encompassed 118 properties with a total lettable area of 1,326,000 square metres, including major ongoing projects.

11,200 m² Average lettable area per property

SEK 175/m² Difference in net operating income for investment properties and development properties

In order to present differences in the character of the property holdings according to whether the intention is to acquire, develop or manage the properties, we have divided the holdings into the following categories: property management, development, projects and building rights.

Property management

This category includes properties that are essentially fully developed and thereby generate stable cash flows.

Development

This category covers the properties characterized by their potential to create value. It may for example include substantial vacancies, rental potential or the opportunity for cost reductions.

Projects

To create attractive logistics properties, ongoing new construction projects are carried out as well as adaptations for tenants in the form of conversions and extensions.

Building rights

Acquiring properties that also have building rights and exploiting the building rights in existing holdings increase the lettable area further.

The following table presents the distribution of the property holdings according to this categorization and the current earnings ability as of 1 April 2025.

Property holdings

	No. of	Lettable area	Property value Rental value m2		Letting ratio,	Rental income		Property costs incl. property admin.		Net operating income
	properties	(000)	SEK/m2 SEK m SEK m	%	SEK m	SEK/m2	SEK m	SEK/m2	SEK m	SEK/m2
Property management	66	638	8,680	13,615	525	99.0	520	822	44	68	476	747
Property development	51	686	6,614	9,648	496	95.0	471	740	79	115	392	572
Total	117	1,323	15,294	11,559	1,021	97.0	990	781	122	92	868	656
Ongoing projects	1	3	60	20,000
Building rights			190
Total	118	1,326	15,544	11,722

The summary relates to properties owned by SLP at the end of the period. Rental values relate to contractual rent plus annualized vacancies. Net operating income relates to contractual rent less normalized property costs including property administration. Rental income SEK/m² is based on the area let in each category. The judgements and assumptions that form the basis for the information contained in this table imply uncertainties and the information should not be viewed as a forecast.

The distribution is based on property value at the end of the period.

Projects

To create attractive logistics properties, SLP carries out ongoing new construction projects as well as adaptations for tenants in the form of conversions and extensions. The projects are carried out in close collaboration with our tenants.

Ongoing projects

At present, one major project is in progress relating to conversion and extension over a total area of 3,000 square metres.

A major project was completed during the period, as occupancy began on 20 January 2025 in a newly constructed 61,500 square metre development in Hallsberg.

The table to the right presents ongoing projects with a value of over SEK 25 m.

Other projects

In addition to the projects in the table, several smaller rent-generating, cost-reducing or energy-saving projects are continuously in progress. Approximately 150 smaller projects are currently in progress. During the period, SEK 27 m was invested in energy-saving projects and SEK 60 m in other projects, primarily related to minor conversions

Occupancy began in SLP's largest new construction project to date totalling 61,500 square meters in Hallsberg

In 2023, SLP announced the start of its largest new construction project to date—a 61,500 square metre development in Hallsberg for Ahlsell. The property is certified according to BREEAM Excellent and is equipped with solar panels and charging infrastructure for both heavy vehicles and passenger cars.

The project progressed according to schedule and was completed in January 2025. The lease agreement runs for 15 years, and with the property's total area amounting to 280,000 square metres, there is also potential for further expansion in the future.

The completion of this projects constitutes an important milestone in our growth journey and demonstrates our ability to collaborate closely with our tenants to create larger, attractive logistics properties", commented Tommy Åstrand, CEO of SLP.

and extensions of existing properties.				Major ongoing projects > SEK 25 m
		Property	MunicipalityType of	investment	Planned completion date	Lettable area 2 m (000)	Rental value, SEK	Net operating income, SEK m	Letting ratio, %	Investment, SEK m		Carrying amount,
1,308							m			Estimated	Cumulative	SEK m
		Ackumulatorn	1 Helsingborg	Conversions and extensions	Q2 2025	3.0	-	3.0*	100	46	36	60
		Total				3.0	-	3.0	100	46	36	60

Information about projects in the report is based on estimates regarding size and scope, and expected completion dates. Furthermore, the information is based on estimates relating to future project costs and rental values. The judgements and assumptions should not be viewed as a forecast and they imply uncertainties in terms of project completion, structure and scale, time plan, project costs and future rental value and net operating income. Information about ongoing construction and planned projects is evaluated regularly, and judgements and assumptions are adjusted in line with ongoing construction projects being completed or started, and changing conditions generally.

*As the improvement in net operating income for the project relates both to higher rental values and lower operating costs, total net operating income for the project has been indicated.

Transactions

Acquisitions of development properties are a central part of SLP's growth strategy. Two transactions took place in the period.

Acquisitions

SLP took ownership of seven acquired properties in the period, which increased lettable area by 177,000 square metres and rental value by SEK 121 m.

In January, SLP completed and took ownership of its largest acquisition to date, which comprised five strategically located logistics properties—four in Norrköping and one in Örebro. The properties have a total lettable area of 153,000 square metres, and the agreed property value amounts to SEK 1,383 m.

In March, SLP acquired and took ownership of two logistics properties in Haninge with an agreed property value of SEK 465 m. The properties have a total lettable area of approximately 24,000 square metres, with a large proportion consisting of chilled space, and a total annual rental value of approximately SEK 30 m.

Acquisitions in the period not yet taken into ownership

In January, a logistics property in Trelleborg was acquired with an agreed property value of SEK 90 m and a fully indexed 10-year lease agreement, with a lettable area of approximately 11,000 square metres. Ownership will take place following the completion of the ongoing renovation project and the necessary formal permits, which is scheduled for early May 2025.

In March, two newly built logistics properties were acquired in Jönköping, with transfer of ownership scheduled for June 2025, when construction is expected to be completed. The agreed property value amounts to SEK 266 m and the annual rental value to just over SEK 17 m. The properties will have a total lettable area of approximately 19,000 square metres upon completion of construction.

The Ånsta 20:272 property in Örebro.

Transactions
Property	Transaction	Location	Access date	Rental value, SEK m	Lettable area, m2 (000)
Sylten 4:5 & 4:10	Acquisitions	Norrköping	31/01/2025	9.4	21.5
Händelö 2:34	Acquisitions	Norrköping	31/01/2025	16.3	29.5
Zinken 3	Acquisitions	Norrköping	31/01/2025	13.0	23.0
Kardinalmärket 1	Acquisitions	Norrköping	31/01/2025	27.9	48.0
Ånsta 20:272	Acquisitions	Örebro	31/01/2025	24.1	31.1
Jordbromalm 6:90	Acquisitions	Haninge	28/03/2025	5.3	5.5
Jordbromalm 4:4	Acquisitions	Haninge	28/03/2025	25.2	19.0
Total				121.2	177.5

177,000 m² Acquired lettable area

SEK 121 m Rental value of acquired properties

Tenants

SLP's portfolio of contracts is long term and the properties are developed and managed in close collaboration with the tenants. The tenants operate in a variety of industries, which is deemed to reduce the risk of vacancies and rental losses.

Lease agreement structure

The company aims to ensure long and evenly spaced lease periods in order to minimize risk. At the end of the period, the remaining lease period was 6.7 years (6.3). Contracts representing 48% of the contractual annual rent expire after 2030.

Contractual annual rent was divided between 365 contracts (314) at the end of the period.

The tenants operate in a variety of industries, the largest being transport and logistics, and food retail.

Rental value

The rental value of SLP's lease agreements, i.e. the contractual annual rent plus estimated market rent for vacant premises, amounted to SEK 1,021 m (697) at the end of the period. This corresponds to a rental value of SEK 771/m² (783).

Contractual annual rent of SEK 990 m was impacted by rental discounts of SEK 18 m annually. In cases where rental discounts are granted, they typically apply at the beginning of the lease term and are gradually phased out. Some of our tenants are facing a challenging market climate, and we maintain close dialogue and collaboration in order to generate long-term value for both parties.

100% of the contractual annual rent is indexed through lease agreements linked to the CPI or has fixed increases, see the table Agreement structure – indexation.

Letting ratio

At the end of the period, the letting ratio was 97.0% (94.6).

10 largest tenants

The 10 largest tenants at the end of the period accounted for 34% of the contractual annual rent and had an average remaining lease period of 9.4 years.

Net leasing income

Net leasing income amounted to SEK 0.4 m (20.0) in the period.

	Maturity structure		Contractual	Share of
Expires	No. of lease	Area, 2	annual rent,	annual rent,
in	agreements	m (000)	SEK m	%
2025	77	30	24	2
2026	63	141	115	12
2027	49	106	92	9
2028	43	118	81	8
2029	34	125	100	10
2030	22	103	99	10
>2030	77	646	480	48
Total	365	1,269	990	100

	Remaining lease period						Agreement structure - indexation	Share of
							Type of index/increase	annual rent, %
	7,1	6,4	6,2	6,4	6,4	6,7	CPI-indexed agreements	88
3,7							CPI-indexed agreements with min. (2-3%) increase	6
2019	2020	2021	2022	2023	2024	2025-03	CPI-indexed agreements with min. (2.0-2.5%) & max (4-7%) increase	3
	Remaining tenancy period, years						Fixed increase (1.9-4.0%)	3
							No index/increase	0

Current earnings ability

Current earnings ability excl. major ongoing projects SEK m 01/04/2025 01/01/2025 01/01/2024 01/01/2023 01/01/2022 31/12/2020 31/12/2019 Rental income 990 820 652 509 359 214 60 Property costs -117 -111 -97 -89 -66 -44 -15 Property administration -5 -5 -5 -5 -4 -1 -1 Net operating income 868 704 549 415 289 169 44 Central administration costs -24 -24 -23 -22 -19 -16 -13 Financial income 2 4 25 0 0 0 0 Financial expenses -280 -202 -186 -129 -57 -30 -4 Ground rent -3 -3 -2 -2 -3 -2 0 Profit from property management 563 479 363 262 211 122 26 Tax for the period -116 -99 -75 -54 -43 -25 -5 Profit for the period 447 380 288 208 167 97 21 Key performance indicators Profit from property management per share after dilution, SEK 2.15 1.83 1.60 1.43 1.43 0.89 0.27

Current earnings ability

The table reflects the company's earnings ability on a 12 month basis as of 1 April 2025 based on properties where SLP had taken ownership as of the record date. Because this summary does not represent a forecast, and aims to reflect a normal year, actual outcomes may vary due to decisions and unexpected events.

Earnings ability does not include estimated changes in rental, vacancy or interest rates. Neither does the earnings ability presented take into account value changes, changes to the property holdings or derivatives.

Net operating income is based on contractual annual rent as of 1 April 2025 and property costs based on a normal year for the current holdings excluding major ongoing projects. Rental income is impacted by rental discounts of SEK 18 m annually. In cases where rental discounts are granted, they typically apply at the beginning of the lease term and are gradually phased out.

Financial income is based on the company's cash and cash equivalents on the balance sheet date at the applicable deposit rate.

Financial expenses are based on the company's interest rate at the end of the period including interest rate derivatives for interest-bearing liabilities on the balance sheet date, adjusted for borrowing attributable to major ongoing projects. From time to time, financing is temporarily more expensive in connection with acquisitions and new construction, this has been normalized in the calculation of net financial items.

Tax has been calculated at a standard rate on the basis of the applicable tax rate at each point in time.

Current earnings ability, SEK m

Profit from property management, SEK m

Income, expenses and profit

Profit/loss items relate to the period January to March 2025. Comparison items relate to the corresponding period of the previous year.

Statement of comprehensive income
SEK m	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Rental income	236	166	710
Property costs	-30	-27	-93
Property administration	-2	-1	-6
Net operating income	203	137	610
Central administration costs	-6	-5	-25
Financial income	1	6	15
Financial expenses	-62	-47	-199
Ground rent	-1	-1	-3
Profit from property management	134	89	398
Value changes
Investment properties	137	73	361
Derivatives	11	45	-1
Profit/loss before tax	282	207	759
Tax	-63	-48	-172
Profit for the period	219	159	587
Comprehensive income for the period	219	159	587
Comprehensive income for the period attributable to Parent Company
shareholders	219	159	587
Key performance indicators
Earnings per share before dilution, SEK	0.85	0.70	2.48
Earnings per share after dilution, SEK	0.85	0.70	2.48
Average number of shares after dilution, m	259.2	226.6	237.0

Rental income

Rental income amounted to SEK 236 m (166). The increase compared with the previous year is mainly attributable to a larger property portfolio resulting from a high acquisition rate, occupancy in newly constructed projects, new lettings, and CPI adjustments. The letting ratio was 97.0% (94.6).

Property costs

Property costs amounted to SEK -30 m (-27). The year-on-year increase in property costs was due to the larger property holding as a result of a high acquisition rate. This was largely offset by reduced costs in the existing holding due to completed energy projects and lower snow clearance costs.

Property costs include operating, utilities, and maintenance costs, and property tax and insurance.

Most of the costs associated with utilities and property tax are invoiced to tenants.

Property administration

Property administration amounted to SEK -2 m (-1) and relates to staff costs for property management and letting.

Net operating income

Net operating income for the period amounted to SEK 203 m (137). For comparable holdings, net operating income increased by 5% on the previous year. The increase related to CPI adjustments of rents of 1.6% and ongoing value-adding projects in the properties, including investments in energy-saving measures.

Central administration costs

Central administration costs amounted to SEK -6 m (-5). Central administration costs include personnel costs, group-wide costs, marketing costs and legal fees in relation to acquisitions.

Net financial income/expense

Net financial items for the period amounted to SEK -61 m (-42). The higher year-on-year financial expenses primarily related to new borrowing as a result of the increased property holding. This is partly offset by a lower average interest rate compared with the corresponding period last year.

The interest coverage ratio was 3.2 (3.1), compared to the financial risk threshold of a minimum multiple of 2.5. Ground rent for the period amounted to SEK -1 m (-1).

Profit from property management

Profit from property management for the period amounted to SEK 134 m (89).

Value change in investment properties

All properties were subject to an external valuation by Newsec at the end of the period.

The value change in the properties amounted to SEK 137 m (73) and related entirely to unrealized value changes.

Unrealized value changes were positively affected during the period by new lettings and new construction projects, deductions for deferred tax in connection with acquisitions and energy projects. Unrealized value changes were also positively affected by an adjusted inflation assumption of 1.5 percent for 2026, compared to an assumption of 1.0 percent at the start of 2025. The long-term assumption from 2027 onwards is 2.0 percent. 100% of the company's rents are indexed.

The average direct return requirement in the valuations totalled 5.9% (5.9), unchanged since June 2023.

Value change in derivatives

Unrealized value changes in derivatives amounted to SEK 11 m (45). The positive value change is linked to higher market interest rates for interest rate derivatives.

Tax

The tax cost for the period amounted to SEK -63 m (-48) and was primarily due to deferred tax on unrealized value changes on investment properties, tax depreciation, derivatives, untaxed reserves, carry-forwards of tax losses and current tax.

Profit for the period

Profit for the period amounted to SEK 219 m (159), corresponding to earnings per share after dilution of SEK 0.85 (0.70).

Profit from property management, SEK m

Financial position Statement of changes in equity

Balance sheet items relate to the position at the end of the period. Comparison items relate to closing balances for the corresponding period of the previous year.

Statement of financial position in summary
SEK m	31/03/2025	31/03/2024	31/12/2024
ASSETS
Non-current assets
Investment properties	15,544	10,578	13,489
Leasing agreements, right of use	125	114	113
Derivatives	20	56	10
Other non-current assets	7	6	6
Total non-current assets	15,697	10,755	13,619
Current assets
Other current assets	87	32	83
Cash and cash equivalents	104	417	153
Total current assets	191	449	236
TOTAL ASSETS	15,888	11,204	13,855
EQUITY AND LIABILITIES
Equity	7,150	5,329	6,885
Non-current liabilities
Deferred tax liability	782	608	728
Non-current lease liability, right of use	125	114	113
Non-current interest-bearing liabilities	5,139	4,077	4,545
Total non-current liabilities	6,046	4,800	5,386
Current liabilities
Current interest-bearing liabilities	2,457	853	1,322
Other current liabilities	234	222	261
Total current liabilities	2,691	1,076	1,583
TOTAL EQUITY AND LIABILITIES	15,888	11,204	13,855

SEK m	Share capital	Other capital contributions	Retained earnings incl. profit for the year	Total equity
Opening equity as of 1 Jan 2024	2	3,064	2,104	5,170
Profit/loss for the year	0	0	587	587
Total comprehensive income	0	0	587	587
Capital raisings	0	1,142	0	1,142
Transaction costs net after tax	0	-14	0	-14
Total capital raisings	0	1,128	0	1,128
Closing equity as of 31 Dec 2024	2	4,193	2,691	6,885

SEK m	Share capital	Other capital contributions	Retained earnings incl. profit for the year	Total equity
Opening equity as of 1 Jan 2025	2	4,193	2,691	6,885
Profit/loss for the year	0	0	219	219
Total comprehensive income	0	0	219	219
Capital raisings	0	47	0	47
Transaction costs net after tax	0	-0	0	-0
Total capital raisings	0	47	0	47
Closing equity as of 31 Mar 2025	2	4,239	2,909	7,150

Comments on the statement of financial position

Investment properties

At the end of the period, the property holding encompassed 118 properties with a total lettable area of 1,326,000 square metres, including major ongoing projects.

The carrying amount for all properties amounted to SEK 15,544 m (10,578) at the end of the period, including SEK 60 m (660) relating to major ongoing projects and SEK 190 m (120) relating to building rights. 100% of the building rights have zoning plans in place and these are expected to generate construction of approximately 225,000 square meters of lettable area. The estimated investment for this totals approximately SEK 2,500 m.

Valuation method and completion

The properties are recognized at fair value in accordance with IFRS 13 Level 3. The company's policy is that all of the property holdings are valued externally on a quarterly basis. The main method used in the valuation is cash flow calculations, which determine the present value of net operating income, investments and residual value. The calculation period is adjusted based on the remaining term of existing lease agreements and ranges from 5 to 25 years. Of the company's rents, 100 percent are index-linked and inflation is assumed at 1.5 percent for rental income in 2026 and 2.0 percent from 2027 and onwards.

All properties were subject to an external valuation by Newsec at the end of the period. The average direct return requirement in the valuations was 5.9%, which remains unchanged compared to the start of the year.

Ongoing projects are valued according to the same principle as for investment properties, but with a deduction for the remaining investment. Unrealized value changes are added depending on the phase the project is in and the estimated remaining risk.

Transactions

During the period, SLP completed and took ownership of two acquisitions. Seven properties were taken into ownership during the period, comprising a total lettable area of approximately 177,000 square metres. Read more about acquisitions carried out in the Transactions section.

New construction, conversions and extensions

During the period, a total of SEK 142 m (295) was invested in existing property holdings, in new construction, conversions and extensions, energy investments as well as other investments. Other investments mainly relate to minor conversions and extensions.

Leasing agreements, right of use

Parts of the property holding include right-of-use agreements that generate right-of-use assets and lease liabilities. In the period, the company has taken ownership of a site leasehold as a result of the acquisition of Sylten 4:5 & 4:10 in Norrköping.

Sensitivity analysis	Change	Impact, SEK m
Market rent	+/- 5%	+/- 564
Direct return	+ 0.5 pp	- 623
Direct return	- 0.5 pp	+ 740

Value growth of investment properties

Change in investment properties	SEK m
Opening value as of 1 Jan 2025	13,489
+ Property acquisitions	1,775
+Investments	142
-Divestments	-
+/-Value changes	137
Closing value as of 31 Mar 2025	15,544

Financing

Equity

Group equity amounted to SEK 7,150 m (5,329), corresponding to an equity/assets ratio of 45.0% (47.6) compared to the risk threshold minimum of 40%. Equity has been positively affected by profit for the period of SEK 219 m.

In connection with an acquisition in the period, payment was made using internally-generated funds plus a partial payment in the form of shares. A new share issue of 1,100,000 Class B shares was completed at a share price of SEK 35.25 per share, corresponding to a value of SEK 40 m. The acquired property was measured at fair value with a positive value change, implying an additional increase in equity of SEK 7 m.

Interest-bearing liabilities

The Group's interest-bearing liabilities amounted to SEK 7,596 m (4,931), corresponding to a loan-to-value ratio of 48.2% (42.7) compared to the long-term risk threshold of a maximum of 55%. Net debt/EBITDA was a multiple of 8.9 (8.4). All liabilities are comprised of secured bank financing with Nordic banks.

The change in interest-bearing liabilities is linked to the financing of acquisitions. At the end of the period, the average interest rate including interest rate derivatives was 3.7% (4.0) and the average credit margin was 1.43% (1.52).

The average fixed interest period was 2.1 years (2.2) and the average period of capital tied up was 1.7 years (1.5). The target average period for capital tied up is around two years in order to optimize capital costs and refinancing opportunities.

The portfolio of interest rate derivatives comprises swaption agreements totalling SEK 725 m starting in 2026-2028 with an average term of 4.2 years and an average contractual interest rate of 2.7 percent, which have not been taken into account in the fixed interest period. The proportion of loans with interest rate hedging via derivatives was 61%.

The existing loan portfolio has been renegotiated to sustainable secured bank loans, which means that the proportion of sustainable loans was 83% (65) at the end of the period and 93% (65) including sustainabilitylinked loans. The financing agreements are based on parts of SLP's property portfolio that are either environmentally certified according to specific standards or have low energy consumption. The sustainable bank loans contain a margin discount of 5-10 basis points per annum compared to existing loans.

Cash and cash equivalents

Cash and cash equivalents amounted to SEK 104 m (417) at the end of the period. In addition to cash and cash equivalents, the company has access to available funds in the form of unutilized acquisition credits totalling SEK 100 m, an unutilized overdraft facility of SEK 200 m and approved secured property credits of SEK 1,288 m.

Sensitivity analysis	Change, 3m STIBOR	Annual impact, SEK m
Financial expenses	+ 0.5 pp	- 15
Financial expenses	- 0.5 pp	+ 15

Maturity structure
Credit agreement	Approved SEK m	Of which utilized	Proportion of utilized amount, %
0-1 years	2,605	2,305	30
1-2 years	3,120	3,120	41
2-3 years	2,679	1,392	18
3-4 years	779	779	10
4-5 years	0	0	0
>5 years	0	0	0
Total	9,183	7,596	100

Loan portfolio 2,3 2,7 2,1 1,7 1,8 1,7 4,1% 3,8% 3,7% 0% 2% 4% 0 1 2 3 4 2023-12 2024-12 2025-03 Räntebindning, år Kapitalbindning, år Genomsnittlig ränta, %

Interest rate hedging via interest rate swaps

Maturity	SEK m	Fixed interest, %*	Contractual interest rate, %*
0-1 years	215	0.8	-1.6
1-2 years	1,290	1.8	-0.5
2-3 years	315	1.8	-0.6
3-4 years	1,215	2.4	0.0
4-5 years	1,000	2.5	0.1
>5 years	600	2.6	0.3
Total	4,635

* Contractual interest rate comprises the differences between fixed interest and 3 months Stibor as of 31 March 2025.

Interest maturity structure
Maturity date	SEK m
0-1 years	3,176
1-2 years	1,290
2-3 years	315
3-4 years	1,215
4-5 years	1,000
>5 years	600
Total	7,596

Cash flow

Statement of cash flow
SEK m	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Operating activities
Operating profit before financial items	196	131	584
Adjustment for depreciation/amortization	0	0	2
Adjustment for other items not affecting cash flow	0	0	0
Interest received	1	1	15
Interest paid	-55	-47	-199
Tax paid	-5	-4	-10
Cash flow from operating activities before change in working capital	138	82	393
Cash flow from change in working capital
Change in current receivables	10	46	-11
Change in current liabilities	-87	-29	4
Cash flow from operating activities	60	99	386
Investing activities
Investments in existing properties and projects	-142	-295	-1,308
Investments in other non-current assets	-1	-1	-1
Investments in investment properties	-1,694	-97	-1,653
Sales of investment properties	0	0	0
Cash flow from investment activities	-1,837	-393	-2,963
Financing activities
New share issue, net	0	0	1,082
Borrowing	1,764	57	1,088
Amortization of loans	-36	-23	-118
Cash flow from financing activities	1,728	34	2,053
Cash flow for the period	-49	-260	-524
Opening cash and cash equivalents	153	677	677
Closing cash and cash equivalents	104	417	153

Cash flow from operating activities before change in working capital, SEK m

The property Aggregatet 2 in Helsingborg.

Key performance indicators

Key performance indicators	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec	2023 Jan-Dec	2022 Jan-Dec	2021 Jan-Dec
Property-related key performance indicators	3 months				3 months12 months12 months12 months12 months
Rental income, SEK m	236	166	710	585	411	268
Net operating income, SEK m	203	137	610	487	327	212
Letting ratio, %	97.0	94.6	96.5	94.6	95.0	92.1
Remaining lease period, years	6.7	6.3	6.4	6.4	6.2	6.4
Net leasing income, SEK m	0.4	20.0	26.1	76.3	11.7	25.8
Rental value, SEK m	1,021	697	850	689	535	390
Rental value, SEK/m2	771	783	784	780	737	648
Property value, SEK m	15,544	10,579	13,489	10,114	8,133	6,498
Property value, SEK/m2	11,722	10,776	11,744	10,488	10,988	10,353
No. of properties	118	100	110	98	86	70
Lettable area, m2 (000)	1,326	982	1,149	964	740	628
Average lettable area per property, m2 (000)	11.2	9.8	10.4	9.8	8.6	9.0
Direct return requirement valuation, %	5.9	5.9	5.9	5.9	5.6	5.2
Financial key performance indicators	3 months				3 months12 months12 months12 months12 months
Profit from property management, SEK m	134	89	398	303	197	131

Profit from property management, SEK m	134	89	398	303	197	131
Excluding listing expenses, SEK m	-	-	-	-	222	139
Profit for the period, SEK m	219	159	587	308	419	752
Equity/assets ratio, %	45.0	47.6	49.7	47.2	43.7	37.0
Loan-to-value ratio, %	48.2	42.7	42.4	41.7	49.6	55.1
Interest coverage ratio, multiple	3.2	3.1	3.2	2.9	3.6	3.8
Excluding listing expenses, multiple	-	-	-	-	3.9	4.0
Net debt/EBITDA, multiple	8.9	8.4	8.4	8.0	10.3	13.2
Average interest, %	3.7	4.0	3.8	4.1	3.2	1.7
Fixed interest period, years	2.1	2.2	2.7	2.3	1.8	1.8
Capital tied up, years	1.7	1.5	1.8	1.7	1.9	2.5
Return on equity, %	3.1	3.0	9.7	6.9	13.5	39.1
Equity, SEK m	7,150	5,329	6,885	5,170	3,702	2,479
Equity after dilution, SEK m	7,218	5,329	6,952	5,170	3,714	2,491

For definitions of key performance measures and alternative performance measures, see Definitions.

Key performance indicators	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec	2023 Jan-Dec	2022 Jan-Dec	2021 Jan-Dec
Share-related key performance indicators	3 months	3 months	12 months	12 months	12 months	12 months
Profit before dilution, SEK	0.85	0.70	2.48	1.56	2.41	5.37
Profit after dilution, SEK	0.85	0.70	2.48	1.55	2.39	5.30
Net asset value (NAV) after dilution, SEK	30.44	25.95	29.39	25.26	22.05	18.28
Growth in net asset value (NAV) after dilution, %	4	3	16	15	21	65
Profit from property management after dilution, SEK	0.52	0.39	1.68	1.52	1.13	0.93
Excluding listing expenses, SEK	-	-	-	-	1.27	0.98
Growth in profit from property management per share after dilution, %	32	4	10	35	22	126
Excluding listing expenses, %	-	-	-	20	29	140
Cash flow after dilution, SEK	0.53	0.36	1.66	1.45	1.22	0.89
No. of outstanding shares before dilution, m	260.2	226.6	259.1	226.6	181.5	145.0
No. of outstanding shares after dilution, m	262.1	226.6	261.0	226.6	183.5	147.0
Average no. of shares before dilution, m	259.1	226.6	237.0	198.0	173.7	140.0
Average no. of shares after dilution, m	259.2	226.6	237.0	198.4	175.2	142.0
Share price at the end of the period, SEK	37.0	32.5	39.0	32.6	24.4	-
No. of shares including exercised convertibles	-	-	-	-	-	154.9

Quarterly overview

Quarterly overview	2025 Q1	2024 Q4	2024 Q3	2024 Q2	2024 Q1	2023 Q4	2023 Q3	2023 Q2	2023 Q1	2022 Q4
	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months
Property value, SEK m	15,544	13,489	12,446	11,885	10,578	10,114	9,534	9,215	8,708	8,133
Rental income, SEK m	236	194	181	169	166	155	150	146	134	110
Net operating income, SEK m	203	166	158	149	137	125	130	124	108	87
Profit from property management, SEK m	134	112	104	94	89	75	83	76	69	52
Profit for the period, SEK m	219	189	70	169	159	27	158	82	41	49
Earnings per share after dilution, SEK	0.85	0.73	0.30	0.74	0.70	0.13	0.77	0.42	0.22	0.27
Net asset value (NAV) per share after dilution, SEK	30.44	29.39	28.64	26.97	25.95	25.26	24.20	23.11	22.43	22.05
Growth in net asset value (NAV) per share after dilution, %	4	3	6	4	3	4	5	3	2	46
Profit from property management per share after dilution, SEK	0.52	0.43	0.44	0.41	0.39	0.36	0.40	0.39	0.38	0.29
Growth in profit from property management per share after dilution, %	32	21	10	6	4	25	24	18	125	46
Loan-to-value ratio, %	48.2	42.4	39.1	46.8	42.7	41.7	46.5	47.3	51.7	49.6
Interest coverage ratio, multiple	3.2	3.4	3.2	2.9	3.1	2.7	3.0	2.9	3.1	3.0
Remaining lease period, years	6.7	6.4	5.9	6.0	6.3	6.4	6.2	6.2	6.3	6.2

Parent Company income statement Parent Company balance sheet

Parent Company income statement in summary
SEK m	2025 Jan-Mar	2024 Jan-Mar	2024 Jan-Dec
Net sales	7	6	25
Costs for services rendered	-10	-10	-56
Operating profit	-3	-4	-31
Net financial income/expense	35	41	163
Profit/loss after financial items	32	37	132
Appropriations	0	0	35
Profit/loss before tax	32	37	167
Tax	-1	0	-4
Profit for the period	31	37	164
Comprehensive income	31	37	164

The property Segeholm 10 in Malmö.

Parent Company balance sheet in summary
SEK m	31/03/2025	31/03/2024	31/12/2024
ASSETS
Non-current assets
Property, plant and equipment	7	6	6
Financial non-current assets	11,001	7,637	11,010
Total non-current assets	11,007	7,643	11,016
Current assets
Current receivables	4	14	4
Cash and cash equivalents	58	395	136
Total current assets	62	409	140
TOTAL ASSETS	11,070	8,052	11,156
EQUITY AND LIABILITIES
Equity
Restricted equity	2	2	2
Non-restricted equity	4,224	2,904	4,153
Total equity	4,226	2,906	4,155
Untaxed reserves
Untaxed reserves	0	0	0
Liabilities
Non-current liabilities	6,833	5,139	6,990
Current liabilities	11	6	11
TOTAL EQUITY AND LIABILITIES	11,070	8,052	11,156

Shares

SLP has two share classes, Class A and Class B. Class A shares confer the right to 5 votes per share, and Class B shares to 1 vote per share.

SLP's Class B shares (ticker SLP B) have been listed on Nasdaq Stockholm, Mid Cap since 23 March 2022. At the end of the period, SLP had a total of 260,204,506 shares outstanding.

In connection with an acquisition in the period, payment was made using own funds plus a partial payment in the form of shares. A new share issue of 1,100,000 Class B

shares was completed at a share price of SEK 35.25 per share, corresponding to a value of SEK 40 m. For an accurate calculation of key performance indicators, these new shares have been included in the number of shares outstanding at the end of the period. The shares were registered on 1 April 2025.

Warrants

SLP has one warrant programme for employees. In total, employees hold warrants with subscription rights corresponding to 1,912,349 Class B shares. The programme expires in Q2 2026 and has a strike price of SEK 35.2 per share.

	Class A	Class B	Total	Share capital, %	Voting rights, %
Erik Selin through companies	14,551,535	16,242,780	30,794,315	11.8	21.4
Peter Strand through companies	12,281,125	14,687,885	26,969,010	10.4	18.3
Mikael Hofmann through companies	11,882,500	6,682,760	18,565,260	7.1	15.9
The Fourth Swedish National Pension Fund (AP4)	0	24,759,340	24,759,340	9.5	6.0
Länsförsäkringar fastighetsfond	0	19,632,450	19,632,450	7.5	4.7
SEB Fonder	0	17,371,590	17,371,590	6.7	4.2
The Central Bank of Norway	0	10,605,000	10,605,000	4.1	2.6
Nordnet Pensionsförsäkring	0	8,230,302	8,230,302	3.2	2.0
Capital Group1	0	7,939,069	7,939,069	3.1	1.9
ODIN Fonder	0	8,145,528	8,145,528	3.1	2.0
Bergendahl Invest AB	0	6,223,825	6,223,825	2.4	1.5
Carnegie Fonder	0	5,674,263	5,674,263	2.2	1.4
Case Kapitalförvaltning	0	4,531,493	4,531,493	1.7	1.1
Skandia Fonder	0	4,038,190	4,038,190	1.6	1.0
Danske Bank	0	4,050,000	4,050,000	1.6	1.0
Clearance Capital	0	3,351,973	3,351,973	1.3	0.8
Handelsbanken Fonder	0	3,150,643	3,150,643	1.2	0.8
The Second Swedish National Pension Fund (AP2)	0	2,902,340	2,902,340	1.1	0.7
FCG Fonder	0	2,620,673	2,620,673	1.0	0.6
Tosito AB	0	2,528,776	2,528,776	1.0	0.6
Humle small caps fund	0	2,400,000	2,400,000	0.9	0.6
Kilenkrysset	0	2,134,699	2,134,699	0.8	0.5
Enter Fonder	0	1,992,710	1,992,710	0.8	0.5
Employees	0	1,137,736	1,137,736	0.4	0.3
Other	0	40,455,321	40,455,321	15.5	9.7
Total	38,715,160	221,489,346	260,204,506	100	100

Source: Euroclear Sweden. ¹ Reconciled as of 31 December 2024.

Marketplace	Nasdaq Stockholm
Name of share	Swedish Logistic Property B
Ticker	SLP B
ISIN code	SE0017565476
Segment	Real Estate
Total shares outstanding	260,204,506
Total listed Class B shares	220,354,647
No. of shareholders	2,353
Proportion of foreign shareholders, %*	7
Closing price, SEK	37.0
Total market value, SEK m**	9,627

*Share of foreign shareholders based on proportion of share capital as of 31 March 2025. ** Market value of all shares in the company, based on the last price paid for a Class B share on 31 March 2025.

Other information

Employees

The company had 15 employees at the end of the period. The company has its own staff in acquisitions, property management, projects, letting, sustainability, financing and finance. Property caretakers and technicians are hired locally by partners close to where our properties are located to ensure all tenants have the best possible service.

Transactions with closely related parties

The Parent Company provided property administration services to subsidiaries with a total value of SEK 7 m.

All transactions with related parties have been priced on market terms.

Risks and uncertainties

The Group's operations, financial position and profit can be positively and negatively affected by risks and external factors. The estimated risks are mapped, evaluated and managed on an ongoing basis. For more information about risks and uncertainties, see the 2024 Annual Report.

The ongoing war in Ukraine, the conflicts in the Middle East, and the unstable geopolitical situation are having a negative impact on the global economy. We cannot see that any of our tenants' operations have any direct exposure to these markets. However, the operations, depending on which industry they operate in, are impacted indirectly due to inflation, disruptions to supply chains and price rises on the commodity market. Furthermore, we have not noted any significant direct impact on SLP's operations in terms of cost increases, project delays or increased credit margins. However, the proportion of SLP's loans with no interest hedging via derivatives is impacted by the increased 3-month STIBOR interest rate. In the current circumstances, we assess the total impact as low.

2025 Annual General Meeting

The 2025 Annual General Meeting will be held in Malmö, Sweden, on 10:00am CEST, 29 April 2025.

Estimates and judgements

In order to prepare the company's financial statements in accordance with accepted accounting practice, the management and Board make judgements and assumptions that affect the recognition of assets and liabilities, and income and expenses, as well as other information presented. Actual outcomes may differ from these estimates. Reporting is especially sensitive to judgements and assumptions that form the basis for the valuation of investment properties. See sensitivity analysis under "Comments on the Statement of Financial Position" and Annual Report 2024.

Accounting principles

This summary Interim Report has been prepared in accordance with International Accounting Standards (IAS) 34 Interim Reporting. In the Report, IFRS refers to the application of the International Financial Reporting Standards (IFRS) adopted by the EU and the interpretations of the International Reporting Interpretations Committee (IFRIC). Investment properties are recognized at fair value in accordance with Level 3 in the fair value hierarchy.

The Parent Company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities.

Segment reporting

The Group consists of a single segment, Investment properties.

Audit review

This report has not been subject to review by auditors.

Significant events after the end of the period

• SLP has acquired a logistics property in Gothenburg with a property value of SEK 625 m and signed a new lease agreement with a term of approximately 12 years. Transfer of ownership of the property, which is subject to conditions, is preliminarily scheduled for June 2025.
• SLP is strengthening its operations in the Mälardalen region and has recruited two employees for technical and commercial property management in Norrköping. CHAIRMAN

Signatures

The Board and CEO hereby offer their assurance that the Report presents a fair review of the company's and Group's operations, financial position and profit, and that it describes the material risks and uncertainties the company and the companies included in the Group face.

CEO Tommy Åstrand

This information is such that Swedish Logistic Property AB (publ) is obliged to disclose in accordance with the EU's Market Abuse Regulation. The information was submitted for publication at 08:00am CEST on 29 April 2025.

The interim report is published in Swedish and English. The Swedish version is the original version and takes precedence over the English if it differ from the original.

DEFINITIONS

SLP applies the guidelines for alternative key performance indicators issued by the European Securities and Market Authority (ESMA). Alternative key performance indicators refer to financial measures in addition to historical or future profit performance, financial position, financial profit or cash flows that are not defined or indicated in the applicable rules for financial reporting according to IFRS. The starting point is that alternative key performance indicators are used by the company management to evaluate financial performance and thereby provide shareholders and other stakeholders with valuable information. For a complete account of KPIs and definitions, purpose and reconciliation tables, see SLP's website.

Property-related key performance indicators

Rental income, SEK m

Rental income according to the income statement, SEK m

Net operating income, SEK m

Net operating income according to the income statement, SEK m

Letting ratio, %

Relates to financial letting ratio. Contractual annual rent for lease agreements at the end of the period as a percentage of rental value.

Net leasing income, SEK m

Net amount of annual rent excluding discounts, additional charges and property tax for newly signed, terminated and renegotiated contracts. No consideration is given to the contract term.

Contractual annual rent, SEK m

Rent per year in accordance with contracts including discounts, additional charges and property tax.

Rental value, SEK m

Contractual annual rent plus estimated vacant rent.

Rental value, SEK/m²

Contractual annual rent plus estimated vacant rent in relation to lettable area, excluding ongoing projects.

Property value, SEK m

Investment properties according to the statement of financial position, SEK m.

Property value SEK/m²

Investment properties, SEK m in relation to lettable area.

Lettable area, m²

Lettable area at the end of the period including major ongoing projects

Average lettable area per property, m² (000)

Lettable area at the end of the period including ongoing new construction projects in relation to the number of properties at the end of the period.

Direct return requirement valuation, %

Average direct return requirement based on external valuation at the end of the period.

Financial key performance indicators

Profit from property management, SEK m

Profit from property management according to the income statement, SEK m

Excluding listing expenses

Profit from property management according to the income statement, excluding listing expenses, SEK m

Profit for the period, SEK m

Profit for the period according to the income statement, SEK m

Equity/asset ratio, %

Equity as a percentage of total assets (total equity and liabilities).

Loan-to-value ratio, %

Interest-bearing liabilities less cash and cash equivalents as a percentage of investment properties at the end of the period.

Interest coverage ratio, multiple

Profit from property management plus net financial income and expenses in relation to net financial income and expenses.

Excluding listing expenses

Profit from property management excluding listing expenses plus net financial income and expenses in relation to net financial income and expenses.

Net debt/EBITDA, multiple

Relates to projected EBITDA Interest-bearing liabilities less cash and cash equivalents in relation to net operating income less central administration costs according to current earnings ability.

Average interest, %

Average interest rate on the loan portfolio including interest rate derivatives on the Balance Sheet date.

Fixed interest period, years

Average remaining fixed interest period on the loan portfolio including derivatives.

Capital tied up, years

Average remaining period for capital tied up in the loan portfolio.

Return on Equity, %

Profit for the period as a percentage of average equity after dilution.

Equity, SEK m

Equity according to the statement of financial position, SEK m.

Equity after dilution, SEK m

Equity according to the statement of financial position including outstanding warrants.

Share-related key performance indicators

Profit before dilution, SEK

Profit for the period in relation to average number of shares before dilution.

Profit after dilution, SEK

Profit for the period in relation to the average number of shares after dilution resulting from outstanding warrants.

Net Asset Value (NAV) after dilution, SEK

Equity including outstanding warrants plus reversal of deferred tax and derivatives according to the statement of financial position in relation to the number of outstanding shares at the end of the period after dilution.

Growth in Net Asset Value (NAV) after dilution, % NAV per share after dilution for the current period in relation to the previous period expressed as a percentage.

Profit from property management after dilution, SEK

Profit from property management in relation to average number of shares after dilution.

Excluding listing expenses

Profit from property management excluding listing expenses, in relation to average number of shares after dilution.

Growth in Net Asset Value Profit from property management after dilution, %

Profit from property management per share after dilution for the current period in relation to the preceding period expressed as a percentage.

Excluding listing expenses

Profit from property management, excluding listing expenses, per share after dilution for the current period in relation to the preceding period expressed as a percentage.

Cash flow after dilution, SEK

Cash flow from operating activities before change in working capital in relation to the average number of outstanding shares after dilution.

No. of outstanding shares before dilution, m Number of outstanding shares at the end of the period excluding warrants.

No. of outstanding shares after dilution, m Number of outstanding shares at the end of the period including outstanding warrants.

Average no. of shares before dilution, m Average number of shares for the period excluding outstanding warrants

Average no. of shares after dilution, m Average number of shares in the period including outstanding warrants.

Share price at the end of the period, SEK Share price at the end of the period.

DEFINITIONS

Sustainability

MWp

Maximum effect from solar panels installed at SLP's properties.

Scope 1

Relates to direct emissions from sources under proprietary control.

Scope 2

Relates to indirect emissions from purchased energy.

Scope 3

Relates to other indirect emissions that arise as a result of SLP's operations but that SLP does not have direct control over. Scope 3 includes tenant energy use, business travel, employee commutes to work and completed new production.

eNPS

employee Net Promoter Score is a standardized tool for measuring how likely employees are to recommend the company as an employer.

Suppliers that follow the Code of Conduct

Material suppliers that have adopted SLP's Code of Conduct for Suppliers. Material suppliers refers to suppliers with a purchase price in excess of SEK 250,000 in the last 12 months.

Sustainable financing

Consists of Sustainable loans and Sustainability-Linked Loans.

Sustainable loans comprises financing agreements based on the property portfolio being environmentally certified according to certain standards, or on the basis of low energy use. These agreements include a margin discount of 5- 10 basis points per year compared to existing loans. Sustainability-linked loans mean that the margin is dependent on the achievement of the Group's sustainability-related targets. Unlike sustainable loans, which are tied to a specific property, these loan agreements are linked to SLP's overall sustainability performance.

Calendar
Interim Report Jan-Jun 2025	10 July 2025
Interim Report Jan-Sep 2025	16 October 2025
Year-end Report 2025	5 February 2026

Calendar A selection of press releases in the quarter

SLP acquires development logistics property with 10-year lease	2 January 2025
SLP acquires logistics properties "off market" with an agreed property value of approximately 1.4 billion	10 January 2025
SLP takes ownership of portfolio of logistics properties with an agreed property value of approximately SEK 1.4 billion	31 January 2025
SLP updates sustainability goals – sets target of net-zero emissions in the value chain by 2040	11 February 2025
SLP extends lease agreement with existing tenant in Ljungby	13 February 2025
SLP signs lease agreement with Svevia in Malmö	25 February 2025
SLP acquires two newly built and fully leased logistics properties in Jönköping with an agreed property value of SEK 266 million	24 March 2025
SLP acquires two logistics properties "off market" in Haninge with an agreed property value of SEK 465 million	28 March 2025
SLP appoints Filip Persson as new CEO as of 1 September 2025 – the nomination committee proposes current CEO Tommy Åstrand for the board	31 March 2025

IR contact Tommy Åstrand, CEO tommy@slproperty.se +46 (0) 705 45 59 97

Swedish Logistic Property AB (publ) Corp. ID no.: 559179–2873 Krusegränd 42 D, SE-212 25 Malmö, Sweden www.slproperty.se