INTEA FASTIGHETER AB (PUBL) Interim report January –March 2025

The CEO's comments Financial reports Intea's property portfolio Intea's tenants Financing Sustainability Parent company financial statements The share and shareholders Notes and other information Key performance indicators Basis for key performance indicators Quarterly review

Intea in brief

Intea is an entrepreneurial property management company that owns and develops highly specialised social infrastructure for its own long-term management.

By social infrastructure, Intea means premises for essential services that are often customised for their purpose and where the tenant of the premises is a public sector operator. The company's property portfolio is categorised into justice, higher education, health care, and other public services, with tenants mainly comprising government bodies and authorities, regions, and other public sector institutions.

As a long-term and reliable partner to the public sector, we have built a strong market presence and a solid property portfolio prioritising sustainability and social benefit. Through close collaboration with our tenants, we develop tailored solutions that address their specific needs – properties that not only satisfy current demands but are also prepared for future challenges.

Intea was founded in 2015 and has consistently grown its business since then. Currently, the company's property portfolio comprises about one hundred property units with a combined lettable area of approximately 600,000 sqm.

BUSINESS CONCEPT & TARGETS

Higher education, 28%

Health care, 11%

Other public sector, 11%

Intea's business concept is to manage and develop social infrastructure properties using a long-term approach. The Board of Directors of Intea has set financial and operational targets, financial risk limits and dividend policy.

INTEA'S TENANTS, SHARE OF CONTRACTUAL ANNUAL RENTAL VALUE Non-public sector, 4%

SEK 1,389 million

Justice, 46%

Financial and operational targets

Annual growth in long-term net asset value per Class A ordinary share and Class B ordinary share over time of at least 12 percent (including any value transfers).
Annual growth in profit from property management per Class A ordinary share and Class B ordinary share over time of at least 12 percent.
At least 90 percent of rental income should come from public-sector tenants over time.

Financial risk limits

The loan-to-value ratio shall be in the range of 50–55 percent in the long term, and shall not exceed 60 percent.
The interest coverage ratio shall exceed 2 times in the long term.

Dividend policy

• The total dividend shall be in the range of 30–50 percent of profit from property management, of which Class D shares entitle the holder to a maximum dividend of SEK 2 per Class D share.

Target	Outcome Rolling 12 months
Annual growth in long-term net asset value per Class A and Class B share over time of at least 12 percent	4.3%
Annual growth in profit from property management per Class A and Class B share over time of at least 12 percent	24.2%
At least 90 percent of rental income should come from public-sector tenants over time	96.2%
The loan-to-value ratio shall be in the range of 50–55 percent in the long term, and shall not exceed 60 percent	49.8%
The interest coverage ratio shall exceed 2 times in the long term	2.7x

Intea in brief The CEO's comments

Financial reports Intea's property portfolio Intea's tenants Financing Sustainability Parent company financial statements The share and shareholders Notes and other information Key performance indicators Basis for key performance indicators Quarterly review Definitions

The CEO's comments

We can now summarize the company's first full quarter as a listed company. Intea's business model, with a focus on long-term public sector tenants, is a strength in uncertain times, and many positive and exciting things are happening within the company. While our tenants' operations generally follow the economic cycle, they also have sector-specific drivers. Some are currently in a very expansive phase, which is reflected in the company's successful project operations.

Our tenants are growing

The Swedish Police, a major tenant in the Garnisonen area of Linköping, is expanding its operational premises through a new lease of just under 4,200 sqm of lettable area. The premises will be upgraded and modified to meet the needs of the tenant and will also be renovated to increase the lettable area by just over 400 sqm.

There is a high level of activity within our local property management organisations, and during the quarter new lease agreements have been signed with tenants in Linköping, Halmstad and Östersund, totalling approximately 6,000 sqm.

In Halmstad, the new lease to the municipality represents the final piece of the puzzle, meaning that a previously fully vacant building on the university campus will now be fully leased for educational purposes.

Our projects are increasing

Development projects are a central part of the company's operations, which makes it especially gratifying to note that so far this year we have added just over SEK 9 billion in new projects, with a rental value of approximately SEK 660 million, on behalf of Kristianstad, Västerås, Gävle and Värnamo. This figure also includes an investment of SEK 1.6 billion for the new police headquarters in Gävle, which we recently announced. Please note that the procurement process is still subject to a standstill period through today. The projects in Gävle will form Intea's third legal centre, alongside those in Kristianstad and Helsingborg.

The need for new prison places is acute, and we are working together with The Swedish Prison and Probation Service at several of our facilities to help create more capacity. A good example is the recently inaugurated prison in Viskan, where in March we agreed with The Swedish Prison and Probation Service to expand the facility by 120 places. A similar expansion was finalised in February and concerns the prison in Kristianstad, which was acquired from Specialfastigheter in October last year. There, we have signed an agreement for just under 200 new places, which are expected to be completed as early as next year.

Intea currently owns and develops five prisons, the most recent of which is the facility in Värnamo, awarded to Intea in a landlord procurement process in February.

Strong performance for property management

Operating profit increased by just over 57 percent to SEK 198 million, mainly due to completed projects, acquired properties, and lower interest expenses. The growth in operating profit per Class A and B share amounted to 53 percent for the quarter.

The interest coverage ratio increased to 3.5 times from 2.4 in the previous quarter. The average interest rate declined slightly, while the average remaining contract term for public sector tenants increased from 7.8 to 8.3 years.

The value of the property portfolio increased by 2.3 percent to SEK 24.1 billion, corresponding to an average initial yield of 5.2 percent.

Credit and capital markets

We have been able to take good advantage of market volatility, and during the quarter we entered an additional SEK 2.5 billion in new interest rate swaps at an average rate of approximately 2.2 percent.

At the end of the quarter, the company had outstanding commercial paper of just under SEK 4 billion, an increase of almost SEK 1 billion since the beginning of the year, and more than SEK 7 billion in unutilized credit facilities.

In late March, Intea's Class B share was included in the FTSE EPRA Nareit Index.

"Intea's business model, with a focus on long-term public sector tenants, is a strength in uncertain times, and many positive and exciting things are happening within the company."

An exciting and dynamic journey ahead

The high level of activity, particularly among law enforcement agencies, is driving demand for new and adapted premises, creating attractive growth opportunities both within our existing portfolio and through new business prospects. The first quarter in a listed environment was eventful, and I look forward with anticipation to an equally exciting and dynamic continuation of the year!

Charlotta Wallman Hörlin, CEO

→ Consolidated income statement Consolidated balance sheet Consolidated statement of changes in shareholders' equity Consolidated statement of cash flows Intea's property portfolio

Intea in brief The CEO's comments Financial reports

statements

indicators Quarterly review Definitions

The share and shareholders Notes and other information Key performance indicators Basis for key performance

CONSOLIDATED INCOME STATEMENT

Amounts in SEKm	Note	Jan–Mar 2025	Jan–Mar 2024	Apr 2024– Mar 2025	Full year 2024
Rental income		356	293	1,264	1,201
Property expenses, of which		-62	-56	-215	-209
Operating costs		-45	-42	-146	-143
Maintenance costs		-8	-8	-40	-40
Property tax		-7	-5	-22	-20
Rental and property administration		-2	-2	-6	-6
Net operating income		294	236	1,049	992
Central administration		-15	-18	-65	-68
Profit/loss before financial items		279	218	984	923
Finance income		1	4	16	19
Finance expenses		-81	-95	-386	-400
Interest expense on lease liability		-1	-1	-1	-1
Share in profit from associated companies	3	—	—	-6	-6
Profit from property management		198	126	608	536
Changes in value
Investment properties, unrealised	1	146	10	302	166
Derivative instruments, unrealised	2	59	108	-11	38
Profit/loss before tax		403	244	900	740
Tax		-93	-34	-208	-149
Profit/loss for the period/year		310	209	692	591
Profit/loss for the period/year attributable to:
Shareholders of the parent		305	208	678	581
Non-controlling interests1)		5	2	14	10
Profit/loss for the period/year		310	209	692	591
Profit per Class A and Class B share2)		1.54	1.20	3.61	3.07
Profit per Class D share2)		0.50	0.50	0.50	2.02

Profit for the period/year is in line with comprehensive income for the period/year; consequently, only one income statement is presented.

1) Intea owns 57 percent of the shares in Kalkstenen Fastighets AB, which owns the properties Stora Mörke 18 and Ringaren 6 in Skövde with the University in Skövde as its tenant.

2) There are no dilutive instruments. The weighted average number of shares on which the calculation is based amounts to 198,233,936 Class A and Class B shares (150,996,176) and 59,072,290 Class D shares (58,126,935).

3) Intea owned eleven hydroelectric power plants at the end of the period; for more information see page 8 (Other non-current assets) and page 19 (Sustainability).

Comments on the income statement January–March 2025

The improvement in net operating income compared with the same period last year is mainly attributable to index adjustments, completed projects (the Justice Centre in Kristianstad and the Viskan prison in Ånge), as well as acquired properties (the police facility in Gothenburg, the ambulance centre in Sköndal, the healthcare property in Västerås and the prison in Kristianstad).

Rental income

Rental income amounted to SEK 356 million (293), of which SEK 10 million (6) relates to invoicing other than contractual annual rental value. The 21.6 percent (13.2) increase in rental income compared with the corresponding period the previous year can be attributed to index adjustments, rental income from completed projects and acquired properties.

Income for a like-for-like portfolio reached SEK 296 million, reflecting a 1.5 percent increase from the previous year, mainly attributed to index adjustments and rent supplements following tenant adaptations. Income relating to Intea's power companies3) totalled SEK 3 million (1).

The economic occupancy rate was 97.5 percent (97.8) at 31 March. The lower economic occupancy rate is mainly due to discounts in acquired properties in Gothenburg.

Property expenses

Property expenses amounted to SEK 62 million (56), an increase of 10.0 percent (9.9) compared with the corresponding period last year. The increase is mainly attributable to property expenses related to completed project properties and acquired properties.

Direct property expenses for a like-for-like portfolio totalled SEK 53 million, a decrease of 0.2 percent. Costs relating to Intea's power companies3) totalled SEK 1 million (1).

Net operating income

Net operating income amounted to SEK 294 million (236), an increase of 24.3 percent (14.0). The surplus ratio increased to 82.6 percent (80.7). Net operating income for a like-for-like portfolio amounted to SEK 242 million an increase of 1.7 percent. The surplus ratio for a like-for-like portfolio was 81.7 percent.

Central administration

Central administration relates to acquisition and business development activities, as well as administration, accounting, finance and management functions. Central administration costs totalled SEK 15 million (18). Costs for the comparative year include SEK 5 million relating to an early-stage project where conditions justifying the project are no longer deemed to be present.

Finance income and expenses

Financial income and expenses amounted to SEK -81 million (-92), of which financial income was SEK 1 million (4) and financial expenses SEK 82 million (96), including interest expenses for lease liabilities of SEK 1 million (1).

Financial income mainly refers to interest on excess liquidity. The decrease in financial income relates to interest on loans to associated companies, as the loans were settled in connection with the divestment of Intea's share of the Sahlgrenska Life project in the second quarter of 2024.

Finance expenses relate to interest expense. The decrease can be attributed to slightly lower market interest rates, as well as the effect of newly signed derivative contracts. The Group's average interest rate on external borrowings was 2.78 percent (3.31) at the end of the period. The interest rate excluding unutilised credit facilities was 2.59 percent (3.23). Interest expenses for the period for lease liabilities totalled SEK -1 million (-1).

Profit from property management

Profit from property management totalled SEK 198 million (126), an increase mainly attributable to completed projects, acquired properties and lower interest expenses.

Profit before tax, taxes and profit for the period

Profit before tax of SEK 403 million (244) was positively impacted by unrealised changes in the value of properties of SEK 146 million (10), mainly attributed to positive changes in the value of existing properties of SEK 41 million (-21) together with project properties and acquired properties of SEK 105 million (31). Unrealised changes in the value of the derivatives amounted to SEK 59 million (108).

For the period, the Group recognised tax of SEK -93 million (-34), of which SEK -70 million (-18) relates to changes in deferred tax and SEK -23 million (-16) is attributable to an estimate of current tax calculated on a standard basis.

Profit for the period after tax amounted to SEK 310 million (209), of which non-controlling interests amounted to SEK 5 million (2).

Intea in brief

Consolidated income statement

Financial reports

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- Consolidated balance sheet Consolidated statement of changes in shareholders' equity
Consolidated statement of cash flows
Intea's property portfolio
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Financing
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Key performance indicators
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Quarterly review
Definitions

management, SEKm

PROFIT FROM PROPERTY MANAGEMENT PER CLASS A AND CLASS B SHARE, SEK

income, SEKm

SEKm

RENTAL INCOME, NET OPERATING INCOME AND PROFIT FROM

Profit from property management per Class A and Class B share, SEK (left) Profit from property management per Class A and Class B share, rolling 12 months, SEK (right)

INTEREST COVERAGE RATIO, MULTIPLE

4.0

Interest coverage ratio, multiple Interest coverage ratio, multiple (rolling 12 months)

CHANGE IN RENTAL INCOME

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Change +/-
Like-for-like portfolio	296	292	1.5
Project properties	48	—	—
Acquired properties	9	—	—
Other	3	1	—
Rental income	356	293	21.6

CHANGE IN PROPERTY EXPENSES

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Change +/-
Like-for-like portfolio	53	53	-0.2
Project properties	3	0	—
Acquired properties	2	—	—
Other	2	2	—
Direct property expenses	60	55	9.4
Property administration	2	1	—
Property expenses	62	56	10.0

NET OPERATING INCOME TREND

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Change +/-
Like-for-like portfolio	241	237	1.7
Project properties	45	0	—
Acquired properties	7	—	—
Other	1	0	—
Net operating income	294	236	24.3

KEY PERFORMANCE INDICATORS FOR THE BUSINESS

	Jan–Mar 2025	Jan–Mar 2024	Apr 2024–Mar 2025	Full year 2024
Rental income, SEKm	356	293	1,264	1,201
Net operating income, SEKm	294	236	1,049	992
Surplus ratio, %1)	82.6	80.7	83.0	82.6
Profit from property management, SEKm1)	198	126	609	536
Changes in value of investment properties, SEKm	146	10	302	166
Changes in value of derivative instruments, SEKm	59	108	-11	38
Tax, SEKm	-93	-34	-208	-149
Profit/loss for the period/year, SEKm	310	209	693	591

1) For the basis of the key performance indicators and definitions, see pages 26-27 and 30-31.

Intea in brief

The CEO's comments

Financial reports

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Consolidated statement of changes in shareholders' equity
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Intea's tenants
Financing
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Definitions

January – March 2025 CONSOLIDATED BALANCE SHEET

Amounts in SEKm	Note	31 Mar 2025	31 Mar 2024	31 Dec 2024
Assets
Non-current assets
Investment properties	1	24,138	21,748	23,600
Right-of-use assets		84	121	85
Other non-current assets		131	133	128
Investments in associated companies		0	—	0
Receivables from associated companies		0	—	0
Derivatives	2	432	442	372
Total non-current assets		24,785	22,445	24,186
Current assets
Current receivables		217	271	250
Cash and cash equivalents		241	306	241
Assets held for sale	3	—	448	—
Total current assets		458	1,025	492
Total assets		25,243	23,470	24,678

Amounts in SEKm	31 Mar 2025	31 Mar 2024	31 Dec 2024
Equity and liabilities
Shareholders' equity
Equity attributable to shareholders of the parent	10,344	7,985	10,038
Non-controlling interests1)	301	293	296
Total shareholders' equity	10,645	8,278	10,335
Non-current liabilities
Deferred tax liability	1,448	1,247	1,378
Interest-bearing liabilities	6,769	7,118	8,179
Lease liability	78	117	79
Provisions	3	3	3
Total non-current liabilities	8,298	8,485	9,638
Current liabilities
Interest-bearing liabilities	5,549	6,125	4,040
Other current liabilities	751	578	666
Liabilities attributable to assets held for sale	—	4	—
Total current liabilities	6,300	6,707	4,706
Total equity and liabilities	25,243	23,470	24,678

1) Intea owns 57 percent of the shares in Kalkstenen Fastighets AB, which owns the properties Stora Mörke 18 and Ringaren 6 in Skövde with the University of Skövde as its tenant.

Intea in brief

Consolidated income statement

Financial reports

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Consolidated statement of changes in shareholders' equity

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Quarterly review

January – March 2025 Comments on the balance sheet

Investment properties

At the end of the period, investment properties amounted to SEK 24,138 million (23,600), including the value of development rights of SEK 76 million (76) and the value of ongoing projects of SEK 1,416 million (2,195). Investments of SEK 257 million1) (332) were made in the existing property portfolio during the period. In addition, acquisitions amounting to SEK 135 million (0) were completed.

Right-of-use assets

At the end of the period, right-of-use assets totalled SEK 84 million (85). The Group has only a few leases as lessee in the form of a site leasehold (Sw. tomträttsavtal), a leasehold agreement (Sw. arrendeavtal), a rental agreement and car leases. In the second quarter of 2024, a new valuation of the company's site leasehold was carried out, resulting in a lower value being recognised for the right-of-use asset and the corresponding lease liability.

Other non-current assets

Other non-current assets totalled SEK 131 million (128), of which hydroelectric power plants accounted for SEK 127 million (124).

Current assets

Current receivables totalled SEK 217 million (250) and cash and cash equivalents SEK 241 million (241).

Shareholders' equity

Shareholders' equity totalled SEK 10,645 million (10,335), of which non-controlling interests amounted to SEK 301 million (296). Non-controlling interests relate to Kalkstenen Fastighets AB, which owns the properties Stora Mörke 18 and Ringaren 6 in Skövde with the University of Skövde as its tenant. Intea holds 57 percent of the shares, while the remaining 43 percent is held by a private individual.

The long-term net asset value attributable to Class A and Class B shares at the end of the period amounted to SEK 9,411 million (9,094), corresponding to SEK 47.47 (45.88), and a growth for Q1 2025 of 3.5 percent, per Class A and B share. The number of Class A and Class B shares amounted to 198 million at the end of the period. The long-term net asset value of the Class D shares at the end of the period was SEK 1 949 million (1 949), corresponding to SEK 33.00 (33.00) per Class D share.

Deferred tax liability

Deferred tax liabilities totalled SEK 1,448 million (1,378) at the end of the period. The increase compared with the end of the previous year is mainly attributable to deferred tax calculated on changes in the value of investment properties.

Interest-bearing liabilities

SEK (left)

Intea's external borrowings consist of bonds, commercial paper and secured bank loans. In addition to these, there are further binding credit commitments such as credit facilities totalling SEK 7,050 million (7,050).

Non-current interest-bearing liabilities amounted to SEK 6,769 million (8,179), including bond loans totalling SEK 3,700 million (4,600), secured bank loans of SEK 3,069 million (3,079) and utilised credit facilities of SEK 0 million (500).

Current interest-bearing liabilities amounted to SEK 5,549 million (4,040), including bond loans totalling SEK 1,646 million (960), secured bank loans of SEK 85 million (85), utilised credit facilities of SEK 0 million (130) and commercial papers totalling SEK 3,818 million (2,865).

Unutilised credit facilities amounted to SEK 7,050 million (6,420) at the end of the period.

DEVELOPMENT OF NET ASSET VALUE, SEKM AND SEK PER CLASS A AND CLASS B SHARE

and Class B share, SEK (right)

CHANGES IN PROPERTY VALUE

Amounts in SEKm	31 Mar 2025	31 Mar 2024	31 Dec 2024
Property value at beginning of year	23,600	21,406	21,406
Acquired properties	135	—	473
Investments in new-builds, extensions and redevelopment1)	257	332	1,555
Changes in value	146	10	166
Property value at end of period, of which	24,138	21,748	23,600
Investment properties excl projects	22,646	17,980	21,329
Ongoing projects2)	1,416	3,702	2,195
Unused development rights	76	66	76
Property value at end of period	24,138	21,748	23,600

PROPERTY VALUES AND YIELDS, SEKM AND %

1) Includes capitalised interest in projects of SEK 10 million (17) for the period and SEK 99 million for full-year 2024. 2) Including ongoing projects under management (Optometry and audiology clinic in Linköping, Ringsjön Prison in Eslöv, Depot 2 in Falköping and the Viskan Prison extension) as well as other projects in progress at an early stage with project development agreements. The recognised value includes accrued investments of SEK 1,164 million (2,531).

Intea in brief

Financial reports

Consolidated income statement
Consolidated balance sheet
→ Consolidated statement of changes in shareholders' equity
- Consolidated statement of cash flows
Intea's property portfolio
Intea's tenants
Financing
Sustainability
Parent company financial statements
The share and shareholders
Notes and other information
Key performance indicators
Basis for key performance indicators
Quarterly review
Definitions

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

Amounts in SEKm	Share capital	Other contributed capital	Retained profit, incl.profit/loss for the period	Equity attributable to shareholders of the parent	Non-controlling interests	Total shareholders' equity
Opening shareholders' equity at 1 Jan 2024	23	4,882	2,901	7,806	291	8,097
Comprehensive income for the year	—	—	581	581	10	591
New issue1)	6	1,954	—	1,960	—	1,960
Dividends2)	—	—	-308	-308	-5	-313
Closing shareholders' equity at 31 Dec. 2024	29	6,836	3,174	10,038	296	10,335
Opening shareholders' equity at 1 Jan 2025	29	6,836	3,174	10,038	296	10,335
Comprehensive income for the period	—	—	305	305	5	310
Closing shareholders' equity at 31 March 2025	29	6,836	3,479	10,344	301	10,645

The total number of shares at the end of the period was 6,390,000 Class A shares, 191,843,936 Class B shares and 59,072,290 Class D shares, with a nominal value of SEK 0.11 each. Profit for the period is in line with comprehensive income for the period; consequently, only one income statement is presented.

Garrison area in Linköping.

Intea in brief

Consolidated income statement

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Key performance indicators Basis for key performance

CONSOLIDATED STATEMENT OF CASH FLOWS

Amounts in SEKm	Note	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
Operating activities
Profit/loss before financial items		279	218	923
Reversal of amortisation and impairment losses		2	0	2
Interest received		1	0	13
Interest paid		-102	-106	-502
Income tax paid		-14	-10	-8
Cash flow before changes in working capital		166	102	428
Changes in working capital
Change in current receivables		35	-32	-56
Change in current liabilities		116	-95	7
Total changes in working capital		151	-127	-49
Cash flow from operating activities		317	-25	378
Investing activities
Acquisition of investment properties		-135	—	-473
Investments in existing properties1)		-248	-314	-1,457
Settlement of long-term receivable	3	—	1	440
Acquisition of property, plant and equipment		-1	0	-1
Disposal of property, plant and equipment		—	—	3
Cash flow from investing activities		-384	-313	-1,487

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
Financing activities
New borrowing	953	1,376	5,495
Repayment of loans	-854	-929	-6,072
Repayment of lease liability	-1	1	-5
New share issue	—	—	2,028
Expenses related to new share issue	-1	—	-65
Dividend	-30	-29	-255
Cash flow from financing activities	67	419	1,125
Cash flow for the period/year	0	81	16
Cash and cash equivalents at start of period/year	241	225	225
Cash and cash equivalents at end of period/year	241	306	241

Comments on the statement of cash flows January –June 2025

Cash flow before changes in working capital amounted to SEK 166 million (102). An improvement in net operating income had a positive impact on cash flow compared with the same period last year. Cash flow from operating activities amounted to SEK 317 million (-25).

Investing activities affected cash flow by SEK -384 million (-313), primarily attributable to acquisitions of properties of SEK -135 million (0) and investments in existing properties and projects of SEK -248 million (-314).

Financing activities had a positive impact on cash flow of SEK 67 million (419), mainly due to newly raised loans. In addition, cash flow was negatively impacted by the repayment of loans and dividends on shares.

In total, cash flow for the period amounted to SEK 0 million (81) and cash and cash equivalents to SEK 241 million (241) at the end of the period.

1) Capitalised planned maintenance (CAPEX) amounted to SEK 6 million (3) for the period.

Intea in brief The CEO's comments Financial reports Intea's property portfolio Intea's tenants Financing Sustainability Parent company financial statements The share and shareholders Notes and other information

indicators Quarterly review Definitions

January – March 2025 Intea's property portfolio

At the end of the period, Intea's property portfolio consisted of 43 properties (42), one of which is a site leasehold. The properties are divided into 114 property units (113) with a total lettable area of 596,000 sqm(573).

The property value amounted to SEK 24.1 billion (23.6), geographically distributed as follows: 44 percent in the south, 29 percent in the east, 15 percent in the north and 12 percent in the west.

The remaining contract period for public-sector tenants was 8.3 years (6.5), where the change compared to the corresponding period last year is mainly attributable to the completion of the Viskan prison in Ånge and a new Justice Centre in Kristianstad.

KEY PERFORMANCE INDICATORS	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
Acquisitions and investments in properties, SEKm	392	332	2,029
Changes in the value of properties, SEKm	146	10	166
Property value, SEKbn	24.1	21.7	23.6
Lettable area, 000 sqm	596	518	573
Economic occupancy rate, %	97.5	97.8	97.5
Share of public-sector tenants, %	96.2	94.9	95.7
Remaining contract period public-sector tenants, years	8.3	6.5	7.8
Rental value, SEK/sqm	2,391	2,224	2,336
Rental value excluding annuity rent, SEK/sqm	2,158	2,116	2,177

INTEA'S PROPERTY PORTFOLIO Property units Lettable area, 000 sqm Property value, SEKm Property value, SEK/sqm of which ongoing projects and development rights, SEKm Rental value SEKm Rental value, SEK/sqm Occupancy rate, % Contractual annual rental value, SEKm 1) Net operating income, SEKm2) Yield, % By property category Justice 30 239 11,940 50,021 663 672 2,814 97.4 654 577 5.1 Higher education 24 199 6,782 34,144 67 435 2,191 99.2 432 362 5.4 Health care 15 62 2,634 42,168 279 150 2,398 99.3 149 134 5.7 Other public sector 29 79 2,381 30,009 483 143 1,799 92.7 132 100 5.3 Non-public sector 16 17 402 23,965 1 26 1,531 86.8 22 14 3.63) Total/average property units under management 114 596 24,138 40,509 1,492 1,425 2,392 97.5 1,389 1,189 5.2 By region South 20 245 10,575 43,246 84 612 2,501 98.5 603 531 5.1 East 34 156 7,067 45,348 902 395 2,538 97.3 385 324 5.3 West 25 95 2,942 30,831 480 171 1,788 95.0 162 131 5.3 North 35 100 3,554 35,513 26 247 2,472 96.9 240 203 5.7 Total/average property units under management 114 596 24,138 40,509 1,492 1,425 2,392 97.5 1,389 1,189 5.2

The summary relates to the properties owned by Intea at the end of the period. The properties Stora Mörke 18 and Ringaren 6 in Skövde are 57-percent owned. Contractual annual rental value refers to contracted rental income on an annual basis, including rent discounts but excluding vacancy rent. Rental value refers to contractual rental income on an annual basis, excluding rent discounts, including vacancy rent. Net operating income refers to contractual annual rental value less property expenses, including property administration, where property expenses for properties owned during the past twelve months are included at actual outcome, and where properties acquired and projects completed during the past twelve months have been annualised. The information in this table is based on assessments and assumptions and should not be regarded as a forecast.

1) The contractual annual rental value of SEK 1,389 million includes rent rebates of SEK 9 million on an annual basis. 2) Refers to net operating income according to earning capacity. See page 15 for a description of earning capacity. 3) The lower yield of 3.6 percent for non-public sector can mainly be attributed to a lower net operating income due to vacant property units.

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Quarterly review Definitions

Projects and development

Intea works continuously to identify development opportunities within the existing property portfolio together with the tenants and to identify needs that create project development opportunities for new construction. The project unit has experience of a range of different stages and types of property development. Intea currently has projects, including new-builds and redevelopments, with an estimated total lettable area of approximately 140,000 sqm and total estimated investment of SEK 9.7 billion.

The recognised property value of ongoing projects amounted to SEK 1,416 million (2,195) at the end of the quarter. Changes in value attributable to ongoing projects amounted to SEK 50 million (31) during the period.

Intea's property portfolio includes unutilised development rights of approximately 69,000 sqm GFA (69,000) on existing properties and the value of investment properties includes development rights of SEK 76 million (76) at the end of the period.

Investments in new-builds and redevelopments of SEK 257 million (332) were made in the existing property portfolio during the quarter.

The Viskan prison in Ånge was completed during the quarter, with Prison and Probation Service taking possession of the premises on 15 January. The lettable area amounts to approximately 14,000 sqm, with a preliminary annual rental value of SEK 70 million. The contract runs until 2045. Intea and the Prison and Probation Service have also entered into a

MAJOR ONGOING PROJECTS

Custody unit project, Västerås In April 2025, Intea took possession of the ongoing custody unit project in Västerås. Upon completion, the property will accommodate approximately 160 custody rooms as well as areas for probation services, education, transport unit and administration, along with a garage for the Prison and Probation Service. The project is expected to be completed in the third quarter of 2028.

1,200 1,400 1,600 1,800 2,000 2,200 2,400

Depot 2, Falköping

Intea already owns Depot 1 and is now building Depot 2 within the same property. The new depot is being built with a strong focus on sustainability, including a glulam frame for the office and warehouse section, and the premises will be heated and cooled by geothermal energy in combination with solar hybrids and solar panels. The construction project will provide an increased number of maintenance bays for Västtrafik's trains. Phase 1 of the project is expected to be completed in Q3 2025 and phase 2 in Q3 2026.

2025P 2026P 2027P 2028P 2029P 2030P 2031P

Rental value incl ongoing projects, SEKm (left) Lettable area including ongoing projects, 000 sqm (right)

RENTAL VALUE AND LETTABLE FLOOR AREA INCLUDING ONGOING

lease agreement for the expansion of the Viskan custody unit, comprising an additional lettable area of approximately 3,000 sqm and

Intea also, signed a new lease with the Swedish Police in Linköping during the quarter. After modifying the premises, the lettable area will increase by just over 400 sqm to 4,200 sqm. Intea's share of the invest-

Intea and the Swedish Prison and Probation Service also agreed on a lease to expand the Kristianstad Prison by approximately 10,000 sqm

ment is estimated to amount to approximately SEK 47 million.

with an estimated annual rental value of SEK 39 million.

an annual rental value of around SEK 23.7 million.

PROJECTS, SEKM AND 000 SQM1)

Optometry and audiology clinic, Linköping

Development of the former garrison, or 'Garnison', area in Linköping continues with construction of an optometry and audiology clinic for Region Östergötland, which is expected to be completed in Q2 2025, and the tenant will take possession in May. The building is architecturally designed to fit in with other buildings in the area.

Ringsjön Prison, Eslöv

completed in Q4 2025.

Intea is implementing tenant adaptations in several buildings at the Ringsjö Prison on behalf of the Swedish Prison and Probation Service. The adaptation includes the conversion of premises to meet the needs of the Prison and Probation Service for an expansion of the prison in the area. The remodelling of the catering kitchen will also enable the Prison and Probation Service to provide kitchen training within the prison. The renovation is expected to be

A staff of about 130 people will work in the new research and treatment facilities, which will be visited by 350–400 patients per day.

Intea was also awarded a custody unit project in Gävle with a lettable area of just under 22 ,000 sqm and an annual rental value of approximately SEK 96 million. Intea was also awarded a custody unit project in Värnamo with a lettable area of just under 29,000 sqm and an annual rental value of approximately SEK 163 million.

These new projects account for an addition of about SEK 4.7 billion in project volume.

ESTIMATED ANNUAL INVESTMENT, SEKM

1) Refers to estimated rental value and lettable area at year-end.

Police facility, Gothenburg

Intea is completely renovating multiple existing buildings along with a new construction project in Västra Frölunda, near Gothenburg. The premises will house training and exercise activities for the Swedish Police. The project is expected to be completed in the first half of 2027.

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Quarterly review

MAJOR ONGOING PROJECTS FOR WHICH LEASE OR PROJECT DEVELOPMENT AGREEMENTS HAVE BEEN SIGNED1)

The company's assessment

			Share of public sector,		Lettable area,	Rental value,	Average contract	Total investment,	Remaining investment,
Project	Municipality	Property category	%	Completion	sqm	SEKm	period, years	SEKm	SEKm
Projects for which leases have been signed
A. Optometry and audiology clinic	Linköping	Health care	100	Q2 2025	6,600	17	15	260	12
B. Ongoing justice sector projects		Justice	100	Q2 2025	7,400	104	6	408	84
C. Falköping Depot 2	Falköping	Other public sector	100	Q3 2025/Q3 2026	5,400	34	25	667	121
D. Ringsjön Prison	Eslöv	Justice	100	Q4 2025	3,000	19	3	35	20
E. Kristianstad Prison	Kristianstad	Justice	100	Q2 2026	10,000	39	25	586	575
F. Viskan Prison extension	Ånge	Justice	100	Q1 2027	2,900	28	18	243	243
G. Police facility Gothenburg	Gothenburg	Justice	100	Q2 2027	5,800	18	19	359	357
H. Västerås Custody Unit	Västerås	Justice	100	Q3 2028	34,600	225	20	2,780	2,780
Total/average			100		75,700	484	17	5,339	4,192
Other ongoing projects
I. Ongoing justice sector projects		Justice	100	2028	13,000	37	13	542	525
J. Gävle Custody Unit		Justice	100	2030	21,900	96	25	1,450	1,450
K. Värnamo Prison		Justice	100	2031	29,000	163	25	2,400	2,400
Total/average			100		63,900	296	24	4,392	4,375
Total ongoing projects			100		139,600	780	19	9,731	8,566

COMMENTS ON MAJOR ONGOING PROJECTS

A. Estimated rental value is based on expected investment.

B. Estimated rental value includes a non-indexed preliminary annuity-based rent supplement of SEK 86 million per year, payable during the initial 6-year term of the lease, calculated based on incurred project costs. The tenant is expected to take occupancy as of 1 July 2025.

C. The estimated rental value is based on the expected investment divided into two phases. Completion of phase 1 of the project is expected in Q3 2025 with a rental value of approximately SEK 22 million. Phase 2 refers to an estimated investment and is expected to be completed in Q3 2026 with a rental value of approximately SEK 12 million.

D. Estimated rental value includes a non-indexed preliminary annuity-based rent supplement of SEK 13 million per year, payable over 3 years and calculated based on incurred project costs.

E. Estimated rental value is based on expected investment. Among other things, the lease agreement is subject to government approval.

F. Estimated rental value includes a non-indexed preliminary annuity-based rent supplement of around SEK 20 million per year, payable during the initial 18-year term of the lease, calculated based on incurred project costs. Among other things, the lease agreement is subject to government approval.

G. Estimated rental value is based on the expected investment divided into phases with different estimated completion times, with the entire police facility expected to be completed in the first half of 2027. The project consists of adapting existing buildings as well as new construction, and includes a building for which a lease has not yet been signed. The Swedish Police have revisited one of the buildings and terminated a project development agreement. A new project development agreement is expected to be signed shortly.

H. Estimated rental value includes a non-indexed preliminary annuity-based rent supplement of around SEK 141 million per year, payable during the initial 20-year term of the lease, calculated based on incurred project costs. Intea assumed control of the project on 7 April 2025 and costs for the acquisition, including incurred project costs, will be recognised in Q2 2025.

I. Consists currently of two projects with project development agreements2). Estimated rental value is based on expected investment.

J. Award in landlord procurement, lease agreement not yet signed. Estimated rental value includes a non-indexed preliminary annuity-based rent supplement of around SEK 59 million per year, payable during the initial 25-year term of the lease, calculated based on incurred project costs.

K. Award in landlord procurement, lease agreement not yet signed. Estimated rental value includes a non-indexed preliminary annuity-based rent supplement of around SEK 117 million per year, payable during the initial 25-year term of the lease, calculated based on incurred project costs. ¹³

1) Refers to ongoing projects exceeding SEK 20 million.

2) Project development agreements aim to culminate in leases. The involved parties share the project costs, in case the project should be cancelled.

Interim report Q1		Lettable area,	Rental value,	Share public sector,	Average contract period,	Estimated net operating income,	Investment, SEKm		Carrying amount2) ,
January – March 2025	MAJOR ONGOING PROJECTS BY PROPERTY CATEGORY1)	sqm	SEKm	%	years	SEKm	Estimated	Accrued	SEKm
	Justice	127,600	730	100	19	700	8,803	369	662
Intea in brief	Health care	6,600	17	100	15	16	260	249	277
The CEO's comments	Other public sector	5,400	34	100	25	31	667	546	477
Financial reports Intea's property portfolio	Total/average ongoing projects	139,600	780	100	19	747	9,731	1,164	1,416

UNUTILISED DEVELOPMENT RIGHTS,	Gross area	Lettable area,	Carrying amount,
CURRENT LOCAL DEVELOPMENT PLAN	(GFA) 000 sqm 000 sqm			SEKm SEK/sqm GFA
Campus area, Östersund	21	18	11	500
University campus, Halmstad	40	34	62	1,557
Other	8	6	4	500
Total	69	58	76	1,110

1) Refers to ongoing projects exceeding SEK 20 million.

2) Refers to the current carrying amount of the project, including, where applicable, the accumulated unrealised change in value.

ASSESSMENTS AND ASSUMPTIONS – ONGOING PROJECTS AND DEVELOPMENT RIGHTS

Information about ongoing projects and unused development rights in the interim report is based on assessments of size, focus and scope, and when projects are expected to start and be completed. Furthermore, the information is based on assessments of future project costs and rental value. Estimates and assumptions should not be regarded as a forecast.

Estimates and assumptions involve uncertainties regarding the implementation, design and size of projects, timetables, project costs and future rental value. Estimates and assumptions about ongoing and planned projects are regularly reviewed and the information is adjusted as conditions change and projects may be modified, added or cancelled.

The valuation of ongoing projects varies depending on the stage of the project and the risk that the project will not meet the financial calculations underlying the project's implementation. The decisive factors are whether the project includes land with a right of disposal, a signed lease, an adopted local development plan and a granted building permit. The share of estimated project profit is calculated as the sum of three project risk mitigating events:

20 percent of the estimated project profit when land with a right of disposal for Intea is available and a lease has been signed. If the property is only partially let and the estimated project profit is based on full letting, 20 percent of the estimated project profit is multiplied by the letting rate.
5 percent of the estimated project profit when a final local development plan is in place.
successive profit settlement on the remaining 0–75 percent of the project profit when planning permission has been obtained. This is done by multiplying 75 percent of the estimated project profit by the accumulated investment divided by the estimated total investment. Where applicable, in the case of additional leases signed, an allowance is made for the share of estimated project profit not previously taken into account.

Early-stage ongoing projects without signed leases are valued on the basis of the carrying amount of the costs incurred plus the estimated market value of the development rights/potential development rights. Development rights consist of land or the right to land and the associated local development plan. Potential development rights include an ongoing process for a new or amended local development plan. Development rights and potential development rights are valued at an estimated fair value equal to a price that would be received in a sales transaction arranged under current market conditions. The starting point for calculating the value of the development rights is the market value of the development rights if the legally valid local development plan had been in place. If the local development plan has not gained legal force, the value is an assessed value of development rights that have gained legal force, less uncertainties in the planning process and development costs that are likely to be borne by the property owner.

statements

indicators Quarterly review Definitions

The share and shareholders Notes and other information Key performance indicators Basis for key performance

Intea in brief

Financial reports

Intea's property portfolio

Quarterly review Definitions

Parent company financial statements

The share and shareholders Notes and other information Key performance indicators Basis for key performance indicators

Property values and valuations

The property value at the end of the quarter was SEK 24.1 billion (23.6). Changes in the value of investment properties totalled SEK 146 million (10) during the period.

An internal valuation was carried out as at 31 March 2025 (see Note 1 Property valuation). The initial yield was 5.2 percent (5.3) and the exit yield was 5.0 percent (5.1). The weighted discount rate to calculate the present value of cash flow and residual value was 6.9 percent (7.0).

Acquisitions and transactions

In October 2024, Intea entered into an agreement to acquire a prison in Kristianstad, possession of which was transferred during the quarter. The property has a lettable area of approximately 7,000 sqm, with an underlying property value in the transaction of SEK 135 million.

Earning capacity

The Earning capacity table reflects the company's earning capacity on a 12-month basis as at 1 April 2025. This information should not be regarded as a forecast for the coming twelve months, as no estimates have been made regarding future vacancies, interest rates, currency effects, rental trends, changes in value, etc. The table is based on the following input data:

Rental income is based on the contractual annual rental value at the end of the quarter (on an annualised basis less rent discounts and existing vacancies), as well as other income relating to re-invoiced property expenses.

Property expenses are based on actual outcome over the last twelve months, where property expenses for properties owned in the last 12 months are included at actual cost. Projects completed and acquisitions taken over in the last 12 months have been annualised.

Central administration is based on actual outcome over the last 12 months taking a normal year into account.

Net financial items are based on Intea's average interest rate level including hedges for the current and expected loan debt at the balance sheet date less capitalised interest in normal project volume.

Profit from property management for minority interest relates to the Stora Mörke 18 and Ringaren 6 properties in Skövde, of which Intea owns a 57-percent stake.

YIELD

Amounts in SEKm	31 Mar 2025	31 Mar 2024	31 Dec 2024
Investment properties	24,138	21,748	23,600
Unused development rights and ongoing projects	-1,492	-3,768	-2,271
Property value excl. unused development rights and ongoing projects	22,646	17,980	21,329
Net operating income, earnings capacity	1,189	944	1,114
Yield, %	5.2	5.3	5.2

EARNING CAPACITY

Amounts in SEKm	1 April 2025	1 April 2024	Change, %
Contractual annual rental value	1,389	1,126	23
Other income1)	12	17	-28
Rental income	1,402	1,143	23
Property expenses	-213	-199	7
Net operating income	1,189	944	26
Central administration	-64	-62	3
Profit/loss before financial items	1,125	882	28
Net financial items	-343	-360	-5
Profit from property management, incl minority stake	782	522	50
(-) Dividend Class D shares	-118	-116	2
(-) Profit from property management, minority stake	-13	-13	2
Profit from property management attributable to Class A and Class B shares	650	393	66
(/) Number of Class A and Class B shares at the end of the period, millions	198	148	34
Profit from property management per Class A and Class B share, SEK	3.28	2.65	24

FACTORS INFLUENCING VALUE

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
Change in the yield requirement/discount rate	—	—	90
Change in net operating income	41	-21	17
Projects and acquired properties	105	31	59
Changes in value of investment properties	146	10	166

CHANGE IN VALUE BY CATEGORY AND REGION

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
By property category
Justice	181	6	282
Higher education	-17	-8	-26
Health care	-6	-22	-159
Other public sector	-63	1	21
Non-public sector	0	2	-4
Total property management	96	-21	114
Project	50	31	53
Total	146	10	166
By region
South	51	-4	-26
East	46	-12	65
West	9	-4	23
North	-10	-1	52
Total property management	96	-21	114
Project	50	31	53
Total	146	10	166

1) Other income was lower as at 1 April 2025 compared to 1 April 2024 due to a change in accounting policy for re-invoiced expenses.

Intea in brief The CEO's comments Financial reports Intea's property portfolio Intea's tenants Financing Sustainability Parent company financial statements The share and shareholders Notes and other information Key performance indicators Basis for key performance indicators Quarterly review Definitions

January – March 2025 Intea's tenants

Through long-term leases with public-sector tenants, Intea creates predictable income with limited risk over time. The share of income from public-sector tenants at the end of the period was 96.2 percent (94.9) and the remaining contract period for publicsector tenants was 8.3 years (6.5).

Of Intea's total contractual annual rental value, 89 percent is adjusted using the CPI with an annual indexation of 81 percent on average. One percent of the contractual annual rental value is subject to fixed upward adjustment and 10 percent is not indexed, the majority of which relates to annuity-based rent supplements amounting to SEK 139 million.

The company's largest tenants are the Swedish Police, the Swedish Prison and Probation Service, Linnaeus University in Kalmar, Halmstad University and Region Skåne. The Swedish Police and the Swedish Prison and Probation Service are tenants in several locations and the total number of leases with these tenants is 76. The remaining and average contract period varies between contracts.

Net lettings, i.e. new contractual annual rental value less annual rent under contracts terminated for vacancy, amounted to SEK 7 million (-9) during the quarter, and including acquisitions, to SEK 21 million (-9). New lettings totalled SEK 13 million (2), while terminations amounted to SEK -7 million (-12). At the end of the quarter, the known impact of net lettings on the presentation of the lease maturity structure was SEK -2 million for 2025, SEK 7 million for 2026 and SEK 7 million for 2027.

1) Share of total contractual annual rental value.

	Contractual annual rental value, SEKm	Share1), %	Remaining contract period, years	Average contract period, years	Leases
Swedish Police	307	22.0	8.4	16.2	53
Swedish Prison and Probation Service	272	19.6	16.2	21.4	23
Linnaeus University, Kalmar	96	6.9	4.3	7.3	3
Halmstad University	89	6.4	6.3	14.3	19
Region Skåne	75	5.4	8.2	20.0	1
Malmö University	59	4.3	5.4	15.4	1
Mid Sweden University	57	4.1	2.3	20.2	19
Kristianstad University	52	3.8	4.7	24.5	18
University of Skövde	34	2.5	3.4	16.9	6
Swedish National Courts Administration	34	2.4	4.1	18.0	3
Other public sector	261	18.7	5.9	14.5	164
Total public sector	1,336	96.2	8.3	16.9	310
Non-public sector	54	3.8	3.5	9.3	179
Total	1,389	100.0	8.1	16.6	489

CONTRACT INDEXATION AT 31 MARCH 2025

LARGEST TENANTS AT 31 MARCH 2025

	Contractual annual rental value, SEKm	Share1), %	Annual indexation, %
CPI-indexed contracts	1,240	89	81
Non-CPI-indexed contracts	2	0	—
Fixed upward adjustment 1–2%	2	0	100
Fixed upward adjustment 2.5-5%	6	1	100
Annuity-based rent supplement	139	10	—
Total/average	1,389	100	72

LEASE MATURITY STRUCTURE AT 31 MARCH 2025

		Leases Leased area, 000 sqm	Contractual annual rental value, SEKm	Share1) %
Public sector, maturity
2025	39	3	5	0.4
2026	85	35	72	5.2
2027	43	63	109	7.8
2028	53	90	215	15.5
2029	23	53	99	7.1
2030	29	84	204	14.7
>2030	38	206	632	45.5
Total public sector	310	533	1,336	96.2
Non-public sector	179	29	54	3.8
Total	489	562	1,389	100.0

NET LETTINGS, SEKM

Intea in brief The CEO's comments

Financial reports

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Financing

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Sustainability Parent company financial statements The share and shareholders Notes and other information Key performance indicators Basis for key performance

January – March 2025 Financing

Riksbanken started 2025 with another 25 basis point rate cut to 2.25 percent, which means that the policy rate has been cut by a total of 1.75 percentage points since the peak in May 2024.

At the end of Q1 2025, Intea had SEK 7,050 million in undrawn credit facilities. During the quarter, Intea increased the volume of commercial paper by SEK 953 million to a total outstanding volume of SEK 3,818 million at the end of the quarter. The interest rate market has been volatile and Intea has entered into new interest rate swap agreements with varying maturities for a further nominal amount of SEK 2,500 million at an average interest rate of 2.18 percent.

shareholders' equity

Total shareholders' equity at 31 March 2025 amounted to SEK 10,645 million (10,335) of which non-controlling interests amount to SEK 301 million (296). The long-term net asset value attributable to Class A and Class B shares at the end of the period amounted to SEK 9,411 million (9,094) corresponding to SEK 47.47 (45.88) per Class A and Class B share. The long-term net asset value of the Class D shares at the end of the period was SEK 1,949 million (1,949), corresponding to SEK 33.00 (33.00) per Class D share.

Interest-bearing liabilities

Intea's external borrowings include bonds, secured bank loans and commercial papers. In addition, there are further binding credit commitments as credit facilities totalling SEK 7,050 million (7,050). The Group's total interest-bearing liabilities at the end of the period amounted to SEK 12,318 million (12,219) and consist of bond loans of SEK 5,346 million (5,560), secured bank loans of SEK 3,154 million (3,164), and commercial papers of SEK 3,818 million (2,865). In addition, there are unutilised credit facilities of SEK 7,050 million (6,420). A one percentage point rise in short-term market rates would increase Intea's average borrowing rate by +0.07 percentage points (+0.33) and finance expenses by SEK 9.2 million (41.6) on an annual basis.

Interest-rate derivatives

Derivative instruments, mainly in the form of interest rate swap contracts, are used to reduce Intea's interest rate exposure. At the end of the period, the average fixed interest period, including interest rate derivatives, was 4.6 years (3.0). On 31 March 2025, derivative

contracts amounted to a total nominal amount of SEK 12,800 million (11,300). These relate to interest rate swap contracts in which a variable rate is exchanged for a fixed rate, of which SEK 3,800 million (3,300) also contains an option whereby the counterparty has the right to extend the derivative on unchanged terms for a further number of years. The fair value of the derivative portfolio at the end of the period was SEK 432 million (372). Interest expense is recognised in the income statement on an ongoing basis under the line item "Finance expenses" and changes in fair value of derivatives are recognised under the heading "Derivative instruments, unrealised". Unrealised changes in the value of the derivatives amounted to SEK 59 million (108) during the quarter.

Cash and cash equivalents

At 31 March 2025, the Group's cash and cash equivalents amounted to SEK 241 million (241).

Rating

Intea has a long-term rating of BBB with a stable outlook from Nordic Credit Rating AS (NCR). Moreover, Intea has a short-term rating of N3. The credit ratings refer to both secured and unsecured debt.

Green financing

Green financing consists of green bonds and green loans with the Nordic Investment Bank. Intea's green financing amounts to SEK 4,536 million (4,540), corresponding to 37 percent of the total debt volume.

In June 2023, Intea established a green financing framework that enables the issuance of green bonds. A property can qualify for Intea's pool of green properties by either achieving a certain environmental certification rating or holding energy class A or B. The full policy statement is available on the Intea website. For the Nordic Investment Bank to consider financing to be green, the properties financed must be better adapted, provide greater social benefit and have a sufficiently high environmental certification compared to other environmentally certified properties.

For more information on Intea's green financing, see the "Investor Report Green financing 31 December 2024" on Intea's website.

CAPITAL STRUCTURE, %

INTEREST-BEARING DEBT AND AVERAGE INTEREST RATE, SEKM AND %

LOAN-TO-VALUE RATIO, CAPITAL COMMITMENTS AND FIXED-INTEREST PERIOD, % AND YEAR

Loan-to-value ratio Capital commitment Fixed-rate period

Intea's tenants Financing Sustainability

statements

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The share and shareholders Notes and other information Key performance indicators Basis for key performance

FINANCIAL KEY PERFORMANCE INDICATORS

Key performance indicators	Finance policy	Jan–Mar 2025	Jan–Mar 2024	31 Dec 2024
Interest-bearing liabilities, SEKm	—	12,318	13,243	12,219
Net debt, SEKm	—	12,077	12,937	11,977
Equity/assets ratio, %	—	42.2	35.3	41.9
Loan-to-value ratio, %	50-55	49.8	57.9	50.5
Share of secured debt, %	< 30.0	12.5	27.0	15.4
Interest coverage ratio, multiple	> 2.0	3.5	2.4	2.4
Capital commitment, years	> 2.0	2.3	2.5	2.5
Fixed-rate period, years	> 2.0	4.6	2.7	3.9
Average interest rate, %	—	2.78	3.31	2.89
Average interest rate excl. unutilised credit facilities, %	—	2.59	3.23	2.77
Average interest rate, excl. interest rate derivatives, %	—	3.28	4.81	3.45
Fair value of derivatives, SEKm	—	432	442	372

INTEREST RATE DERIVATIVES AS AT 31 MARCH 20251)

Interest rate derivatives, maturity years	Fixed interest rate, %	Nominal amount, SEKm	Fair value, SEKm
2025	1.86	1,500	-10
2026	1.17	1,500	12
2027	1.57	2,300	23
2028	0.73	1,000	50
2029	0.63	500	38
2030	1.34	1,000	58
2031	0.80	500	51
2032	1.71	1,500	93
2033	2.43	1,000	27
2034	2.34	2,000	89
Total		12,800	432

INTEREST RATE MATURITY STRUCTURE AS AT 31 MARCH 2025, INCLUDING DERIVATIVES

Maturity	Amount, SEKm	Average interest rate, %	Average fixed-rate period, years
0–1 year	580	3.26	0.6
1–2 years	1,500	2.07	1.5
2–3 years	2,738	2.48	2.2
3–4 years	1,000	2.58	3.4
4–5 years	500	1.53	4.5
> 5 years	6,000	2.81	7.3
Total/average	12,318	2.59	4.6
Unutilised credit facilities	7,050	0.33	—
Including unused credit facilities	19,368	2.78	4.6

LOAN MATURITY STRUCTURE AT 31 MARCH 2025, SEKM

Credit agreements	Bank	MTN/Cert	Total interest bearing liabilities	Unutilised credit facilities	Total available loans
0–1 year	85	5,464	5,549	2,700	8,249
1–2 years	825	1,300	2,125	—	2,125
2–3 years	1,546	1,100	2,646	2,350	4,996
3–4 years	—	800	800	2,000	2,800
4–5 years	—	500	500	—	500
> 5 years	698	—	698	—	698
Total	3,154	9,164	12,318	7,050	19,368

Intea in brief

The CEO's comments
Financial reports
Intea's property portfolio
Intea's tenants

Financing

Sustainability

Parent company financial statements The share and shareholders Notes and other information Key performance indicators Basis for key performance indicators Quarterly review Definitions

Sustainability

Intea is committed to ensuring that sustainability is integrated throughout its operations. In practice, this means that Intea, as a longterm owner of public-service properties, will own, manage and build energy-efficient, climate-smart and safe buildings. Local management promotes regular discussions with Intea's tenants, fostering greater cooperation on sustainability matters.

In 2024, Intea conducted a double materiality assessment and a gap analysis as part of its efforts to align with the EU CSRD directive. In February 2025, the European Commission presented a proposal (the Omnibus Proposal) aimed at simplifying sustainability reporting for companies. The proposal suggests raising the thresholds that trigger sustainability reporting requirements under the CSRD and the ESRS standards, which would significantly reduce the number of companies subject to the reporting obligation and may mean that Intea will not be covered by the CSRD.

During the year, Intea plans to map its Scope 3 emissions and commence work on a climate roadmap.

EMISSIONS

Outcome	Rolling 12 months	Jan – Dec 2024
Total emissions, tonnes CO2 e	1,701	1,981
Scope11)	303	301
Scope 2 2)	1,398	1,680

ENERGY

Outcome	Rolling 12 months	Jan – Dec 2024
Total energy consumption, GWh	44	48
Electricity, GWh	13	12
District heating, GWh	27	31
District cooling, GWh	5	5
kWh/sqm	121	133

1) CO2 emissions from company cars, boilers and refrigerant leakage. 2) CO2 emissions due to electricity, district heating and district cooling distributed over the leasable area for which Intea has contracts for the respective utilities. 3) Share of property value, excluding project properties as they do not have an energy performance certificate. 4) Total self-generated energy during full-year 2024 was 16.6 GWh.

Energy class breakdown

In 2024, the Swedish National Board of Housing, Building and Planning (Boverket) presented preliminary thresholds for energy performance in accordance with the Energy Performance of Buildings Directive (EPBD). Approximately 94 percent of Intea's property portfolio meets3) the criteria for the 2033 limit values. During the year, Intea plans to develop an action plan to ensure the property portfolio meets the requirements set out in the EPBD. The EPBD must be implemented in Swedish legislation no later than 29 May 2026.

Green financing

Intea's green financing amounted to SEK 4,536 million (4,540) at the end of the year, corresponding to 37 percent of the total debt volume.

Climate risk analysis of the company's properties

In 2024, climate and vulnerability analyses were carried out for Intea's property portfolio together with the property management organisations. The analyses support efforts to proactively prevent and minimise climate-related risks within the portfolio.

EU taxonomy

Around 30 percent of Intea's property value performs in line with the EU taxonomy. The estimate is based on taxonomy objective 1 (climate change mitigation) and activity 7.7 (acquisition and ownership of buildings), i.e. how well the management portfolio contributes to reducing the climate footprint. The reporting is not a complete taxonomy report.

Self-sufficiency in renewable electricity

The company aims to be completely self-sufficient in renewable electricity, by producing as much electricity as the group consumes. This is mainly achieved through company-owned hydroelectric power plants, along with solar panels on Intea's properties. The self-sufficiency rate is presented on a rolling annual basis and amounted to 84 percent (92) at the end of the period.

Leases with sustainability partnerships

Currently, 25 percent of the company's leases, measured in contractual annual rental value, include a sustainability cooperation addendum with the tenant. One of Intea's new sustainability goals is for all new leases over 200 sqm to include a sustainability cooperation addendum that is signed along with the lease.

TOTAL SELF-GENERATED ENERGY, ROLLING 12 MONTHS4), %

ENERGY CLASS BREAKDOWNAS AT 31 MARCH 20253)

SELF-SUFFICIENCY RATE, NET

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Parent company financial

January – March 2025 CONDENSED PARENT COMPANY INCOME STATEMENT

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Apr 2024– Mar 2025	Full year 2024
Income	19	19	79	81
Administrative expenses	-18	-23	-65	-82
Operating profit/loss	1	-4	14	-1
Profit/loss from investments in associated companies	—	—	0	-6
Profit/loss from investments in Group companies	—	5	-56	11
Interest income	154	125	522	539
Interest expense	-110	-111	-371	-492
Profit/loss after financial items	45	15	109	52
Appropriations
Accrual fund	—	—	4	22
Group contributions	—	—	13	7
Profit/loss before tax	45	15	127	82
Tax	0	—	0	4
Profit/loss for the period/year	45	15	127	86

Profit for the period/year is in line with comprehensive income for the period/year; consequently, only one income statement is presented.

Comments on the parent company income statement

Property management income from subsidiaries during the period totalled SEK 19 million (19) and the operating result was SEK 1 million (-4).

Net financial items of SEK 44 million (19) consisted of internal interest income from subsidiaries of SEK 153 million (122), other financial income of SEK 1 million (3), internal interest expenses to subsidiaries of SEK 19 million (0), and external interest expenses including financial expenses of SEK 91 million (111).

In total, profit after tax amounted to SEK 45 million (15).

Halmstad University.

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indicators Quarterly review Definitions

Parent company financial

January – March 2025 CONDENSED PARENT COMPANY BALANCE SHEET

Amounts in SEKm	31 Mar 2025	31 Mar 2024	31 Dec 2024
Assets
Non-current assets
Investments in Group companies	7,102	6,906	7,091
Investments in associated companies	0	4	0
Receivable from Group companies	10,960	9,114	10,960
Receivables from associated companies	0	422	0
Deferred tax assets	5	5	5
Total non-current assets	18,067	16,452	18,056
Current assets
Receivables from Group companies	2,982	5,844	3,025
Other current receivables	0	13	5
Prepaid expenses and accrued income	44	80	44
Cash and bank balances	214	269	211
Total current assets	3,240	6,206	3,285
Total assets	21,307	22,658	21,340

Amounts in SEKm	31 Mar 2025	31 Mar 2024	31 Dec 2024
Equity and liabilities
Shareholders' equity
Restricted equity	29	23	29
Non-restricted equity	6,230	4,441	6,186
Total shareholders' equity	6,259	4,464	6,215
Untaxed reserves	—	22	—
Non-current liabilities
Interest-bearing liabilities	6,769	7,118	8,179
Liabilities to Group companies	1,370	—	1,370
Total non-current liabilities	8,139	7,118	9,549
Current liabilities
Interest-bearing liabilities	5,464	6,025	3,955
Liabilities to Group companies	1,310	4,929	1,474
Accrued expenses and deferred income	103	89	80
Other current liabilities	32	12	68
Total current liabilities	6,909	11,055	5,577
Total equity and liabilities	21,307	22,658	21,340

Comments on the parent company balance sheet

The parent company's fixed assets consist mainly of investments in Group companies and receivables from them, totalling SEK 18,062 million (18,051). External interest-bearing liabilities totalled SEK 12,233 million (12,134).

Intea in brief The CEO's comments Financial reports Intea's property portfolio Intea's tenants Financing Sustainability Parent company financial statements The share and shareholders

Notes and other information Key performance indicators Basis for key performance indicators Quarterly review Definitions

January – March 2025 The share and shareholders

On 12 December 2024, Intea's Class B and Class D shares were listed on Nasdaq Stockholm. Interest in the listing was substantial, attracting both institutional investors from Sweden and abroad, as well as the general public in Sweden, leading to the offering being oversubscribed multiple times. The price per Class B share in connection with the listing was set at SEK 40.00. The price per Class D share was set at SEK 27.50, corresponding to a yield of 7.3 percent. As at 31 March 2025, the share price for the Class B share was SEK 53.00 and for the Class D share SEK 36.89. The market capitalisation at the end of the quarter was SEK 12,686 million.

Shareholders

Intea had 4,669 shareholders at the end of the quarter. The company has three different share series: Class A, B and D ordinary shares.

Class A ordinary shares carry one vote per share, while Class B and Class D ordinary shares carry one-tenth (1/10) of a vote per share. The ten single largest shareholders in terms of voting rights as at 31 March 2025 are shown in the table below.

According to the Articles of Association, each Class D share entitles the holder to five times the total dividend on the Class A and Class B shares, but not more than SEK 2.00 per Class D share per year, to be paid in four equal instalments with record dates on the last banking day of March, June, September and December each year. The next record date is 30 June 2025.

LONG-TERM NET ASSET VALUE (EPRA NRV) PER CLASS A AND CLASS B SHARE, SEK

LARGEST SHAREHOLDERS AT 31 MARCH 20251)

Shareholder	Class A shares	Class B shares	Class D shares	Capital, %	Votes %
Henrik Lindekrantz with related parties	3,195,000	6,238,235	100,000	3.7	12.2
Christian Haglund, privately and through companies	3,195,000	6,232,610	—	3.7	12.1
Svenska Handelsbanken Pensionsstiftelse	—	15,386,920	13,405,742	11.2	9.1
Saab Pensionsstiftelse	—	19,177,840	6,467,361	10.0	8.1
Volvo Pensionsstiftelse	—	16,485,124	5,832,111	8.7	7.1
Lantbrukarnas Ekonomi AB	—	15,997,108	5,389,457	8.3	6.8
Östersjöstiftelsen	—	11,765,006	4,096,001	6.2	5.0
Försäkringsbolaget PRI Pensionsgaranti, ömsesidigt	—	11,359,450	3,772,637	5.9	4.8
Stiftelsen Riksbankens Jubileumsfond	—	9,598,248	3,233,694	5.0	4.1
Pensionskassan SHB Tjänstepensionsförening	—	5,193,462	6,702,871	4.6	3.8
10 largest shareholders	6,390,000	117,434,003	48,999,874	67.2	73.2
Other shareholders	—	74,409,933	10,072,416	32.8	26.8
Total	6,390,000	191,843,936	59,072,290	100.0	100.0

1) Source: Modular Finance.

Intea in brief The CEO's comments Financial reports Intea's property portfolio Parent company financial The share and shareholders Notes and other information Key performance indicators Basis for key performance Quarterly review

Intea's tenants Financing Sustainability statements indicators

Notes and other information

Notes

Note 1 Valuation of properties

A full internal valuation of Intea's property portfolio is carried out every quarter. At least twice a year, the internal valuation is supplemented by an external valuation carried out by an authorised property valuer from an independent valuation institute based on accepted valuation techniques, including assumptions about certain parameters. The external valuations are normally carried out in the second and fourth quarters. A property valuation is an estimate of the likely price that an investor would be willing to pay in a normal sale on the open market. Fair value has been determined using a combination of the yield-based method and the comparable sales method. All properties are classified in level 3 of the fair value hierarchy according to IFRS 13. The change in value is recognised in the income statement. The valuation of ongoing projects varies depending on the stage of the project and the risk that the project will not meet the financial calculations underlying the project's implementation. The decisive factors are whether the project includes land with a right of disposal, a signed lease, an adopted local development plan and a granted building permit. Property valuation is always associated with a degree of uncertainty.

Note 2 Valuation of derivatives

Interest rate derivatives are measured at fair value in the balance sheet and are valued at level 2 of IFRS valuation hierarchy. The change in fair value is recognised in the income statement. The instruments recognised at fair value in the balance sheet are interest rate swaps. These derivatives are OTC contracts. Fair value is determined by discounting future cash flows and the impact of volatility and established methods using only observable market data.

Note 3 Non-current assets held for sale

A non-current asset is classified as held for sale if its carrying amount will be recovered primarily through a sale rather than through continued use in the Group's operations. The asset must also be available for immediate sale and it must be highly probable that the sale will occur within one year from the date of classification. These assets and liabilities are recognised on a separate line as current assets and current liabilities in the consolidated balance sheet. Reclassification takes effect from the date when the fixed asset will no longer be recovered through use in the Group's operations. No reclassification is made for prior periods.

In 2023, Region Västra Götaland exercised its option to buy back the land for the Sahlgrenska Life project by acquiring the shares in the property-owning company. When the option was exercised, the criteria for applying IFRS 5 Non-current Assets Held for Sale and Discontinued Operations were met. During the second quarter of 2024 Intea sold and transferred the company's stake in the Sahlgrenska Life project to Region Västra Götaland.

Other information

Employees and organisation

At 31 March 2025 the Group had 57 employees (51), including employees of the parent company and its subsidiaries.

Related party transactions

Intea Fastigheter AB (publ) has purchased advisory services of approximately SEK 1.3 million during the period under agreements signed with two companies owned by Henrik Lindekrantz and Christian Haglund respectively. Both Henrik Lindekrantz and Christian Haglund are owners and board members of Intea Fastigheter AB (publ). All transactions were conducted on market terms.

Risks and uncertainties

Management continuously monitors and evaluates the material risks to which Intea is exposed. Intea is affected by risks and uncertainties in the world around us, including the Russian invasion of Ukraine and the war between Hamas and Israel, as evidenced by the high inflation and higher market interest rates in recent years, which in turn have a negative impact on the property market. The effects of Donald Trump's inauguration as President of the United States in January, as well as the ongoing protectionist trade policy with increased tariffs and renegotiation of trade agreements, are also having an impact. This unpredictability creates uncertainty and volatility in the financial markets, contributing to increased uncertainty at a global level, with clear negative consequences for international trade and investment flows. As Intea has almost exclusively public-sector tenants, however, the company's rental income is expected to be affected only to a very limited extent. The leases are largely inflation-protected, which allows coverage of the company's increased costs. The tenants are responsible for approximately one third of energy costs. Because of its medium-length capital commitment and high fixed interest rates, Intea has limited exposure to rising credit margins and interest rates. Consequently, Intea does not expect revenue to be negatively impacted to any significant extent in the short term, although the company's costs may increase.

Intea is monitoring and analysing the external situation to limit the impact of the above risks. Inflation, rising interest rates and changes in capital market conditions may affect the company in the medium and long term. There have been no material changes in the company's assessment of risks and uncertainties since the 2024 Annual Report was published.

For a more detailed description of risks and uncertainties, please see pages 72–77 of Intea's 2024 Annual Report.

Intea in brief The CEO's comments Financial reports Intea's property portfolio Intea's tenants Financing Sustainability Parent company financial statements The share and shareholders Notes and other information Key performance indicators Basis for key performance indicators Quarterly review

Accounting policies

This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and the applicable disclosure requirements of the Annual Accounts Act. The interim report for the parent company has been prepared in accordance with Chapter 9, Interim Reports, of the Swedish Annual Accounts Act. Disclosures in accordance with IAS 34.16A are presented in the financial statements and in other parts of the interim report.

The accounting policies and calculation methods remain unchanged from last year.

New or revised IFRS accounting standards or other IFRIC interpre tations that have come into effect after 1 January 2025 have had no impact on the Group's financial statements.

Chief Executive Officer's assurance

The Chief Executive Officer hereby certifies that this interim report provides a true and fair overview of the parent company's and Group's business operations, financial position and profit and describes material risks and uncertainties faced by the parent company and the companies included in the Group.

Stockholm, 5 May 2025, Intea Fastigheter AB (publ).

Charlotta Wallman Hörlin, Chief Executive Officer

This interim report has not been reviewed by the company's auditors.

This information is information that Intea Fastigheter AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 5 May 2025 at 12:00 CET.

Mid Sweden University in Östersund.

The CEO's comments Financial reports Intea's property portfolio Intea's tenants Financing Sustainability Parent company financial statements The share and shareholders Notes and other information Key performance indicators Basis for key performance indicators Quarterly review

January – March 2025 Key performance indicators

Refers to alternative performance measures and reconciliation tables as defined by the European Securities and Markets Authority (ESMA), which, like other key performance indicators, are defined on pages 30–31. For reconciliation tables, see pages 26–27.

Key performance indicators	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
Property and operational key performance indicators
Property value, SEKbn	24.1	21.7	23.6
Yield, %	5.2	5.3	5.2
Lettable area, sqm	596,000	517,660	573,459
Rental value, SEK/sqm	2,391	2,224	2,336
Economic occupancy rate, %	97.5	97.8	97.5
Surplus ratio, %	82.6	80.7	82.6
Share of public-sector tenants, %	96.2	94.9	95.7
Remaining contract period public-sector tenants, years	8.3	6.5	7.8
Net investments, SEKm	392	332	2,029
Profit from property management, SEKm	198	126	536
Financial key performance indicators
Loan-to-value ratio, %	49.8	57.9	50.5
Interest coverage ratio, multiple	3.5	2.4	2.4
Capital commitment, years	2.3	2.5	2.5
Fixed-rate period, years	4.6	2.7	3.9
Average interest rate, %	2.78	3.31	2.89
Average interest rate excl. unutilised credit facilities, %	2.59	3.23	2.77
Share of secured debt, %	12.5	27.0	15.4
Equity/assets ratio, %	42.2	35.3	41.9
Debt ratio, times (net debt/EBITDA)	10.8	14.8	13.0
Adjusted debt ratio, times (net debt/EBITDA)	9.6	10.6	10.6

Key performance indicators	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
Key performance indicators per Class A and Class B share
EPRA NRV, long-term net asset value, SEK	47.47	46.37	45.88
Growth in EPRA NRV, %1)	3.5	3.3	4.2
EPRA NTA – Net Tangible Assets, SEK	45.02	43.66	43.49
EPRA NDV – Net Disposal Value, SEK	42.35	40.94	40.80
Profit from property management, SEK	1.00	0.65	2.77
Growth in profit from property management, %	53.0	-8.9	5.5
EPRA EPS, adjusted profit from property management, SEK	0.87	0.52	2.69
Dividend, SEK	—	—	0.90
Profit for the period/year attributable to shareholders of the parent, SEK	1.54	1.20	3.07
Number of shares at end of period/year, million	198	148	198
Average number of shares during the period/year, million	198	148	151
Key performance indicators per Class D share
Shareholders' equity, SEK	33.00	33.00	33.00
Profit, SEK	0.50	0.50	2.02
Dividend, SEK	—	0.50	2.00
Number of shares at end of period/year, million	59	58	59
Average number of shares during the period/year, million	59	58	58

1) Dividends have been added back in the calculation.

indicators Quarterly review Definitions

Basis for key performance indicators

Intea publishes a number of financial key performance indicators that are not defined by IFRS Accounting Standards and are therefore alternative performance measures according to the European Securities and Markets Authority (ESMA).

The company believes that these key performance indicators provide valuable additional information about its performance and position.

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
PROPERTY AND OPERATIONAL KEY PERFORMANCE INDICATORS
Share of public-sector tenants, %
Contractual annual rental value, public-sector tenants, SEKm	1,336	1,068	1,249
(/) Contractual annual rental value, total, SEKm	1,389	1,126	1,305
Share of public-sector tenants, %	96.2	94.9	95.7
Economic occupancy rate, %
Contractual annual rental value, SEKm	1,389	1,126	1,305
(/) Rental value, SEKm	1,425	1,151	1,339
Economic occupancy rate, %	97.5	97.8	97.5
Net investments, SEKm
Acquisitions during the period/year, SEKm	135	—	473
Investments in new-builds, extensions and redevelopment, SEKm	257	332	1,555
Net investments, SEKm	392	332	2,029
Surplus ratio, %
Net operating income for the period/year, SEKm	294	236	992
(/) Rental income for the period/year, SEKm	356	293	1,201
Surplus ratio, %	82.6	80.7	82.6

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
FINANCIAL KEY PERFORMANCE INDICATORS
Loan-to-value ratio, %
Interest-bearing liabilities, SEKm1)	12,318	13,243	12,219
(-) Cash and cash equivalents, SEKm	-241	-306	-241
Net debt, SEKm	12,077	12,937	11,977
Fair value of properties, SEKm	24,138	21,748	23,600
Investments in associated companies, SEKm	0	—	0
Receivables from associated companies, SEKm	0	—	0
Other non-current assets, SEKm	131	133	128
Assets held for sale, SEKm	—	448	—
(/) Total, SEKm	24,269	22,329	23,729
Loan-to-value ratio, %	49.8	57.9	50.5
EPRA NRV, long-term net asset value, SEKm
Equity attributable to owners of the parent, SEKm	10,344	7,985	10,038
of which Class D shares, SEKm	-1,949	-1,916	-1,949
Deferred tax, SEKm	1,448	1,247	1,378
Derivatives, SEKm	-432	-442	-372
EPRA NRV, SEKm	9,411	6,874	9,094
EPRA NTA (Net Tangible Assets), SEKm
EPRA NRV, SEKm	9,411	6,874	9,094
Estimated actual deferred tax (-)	-487	-403	-472
Intangible assets (-)	0	0	0
EPRA NTA, SEKm	8,924	6,471	8,622
EPRA NDV (Net Disposal Value), SEKm
EPRA NTA, SEKm	8,924	6,471	8,622
Derivatives, SEKm (+)	432	442	372
Adjustment of deferred tax in full, SEK million (-)	-961	-845	-906
Intangible assets (+)	0	0	0
EPRA NDV, SEKm	8,395	6,068	8,089

1) Interest-bearing liabilities excluding lease liability. 26

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
Average interest rate at the end of the period/year, %
Interest expense on an annual basis at the end of the period/ year, SEKm	343	438	353
(/) Interest-bearing liabilities1) at the end of the period/year according to the balance sheet, SEKm	12,318	13,243	12,219
Average interest rate at the end of the period/year, %	2.78	3.31	2.89
Interest coverage ratio, multiple
Profit/loss before financial items, SEKm	280	218	923
(/) Net financial items for the period/year excl. interest on site leasehold, SEKm	-80	-91	-381
Interest coverage ratio, multiple	3.5	2.4	2.4
Equity/assets ratio, %
Shareholders' equity, SEKm	10,645	8,278	10,335
(/) Assets, SEKm	25,243	23,470	24,678
Equity/assets ratio, %	42.2	35.3	41.9
Debt ratio, times (net debt/EBITDA)
Interest-bearing liabilities, SEKm1)	12,318	13,243	12,219
(-) Cash and cash equivalents, SEKm	-241	-306	-241
Net debt, SEKm	12,077	12,937	11,977
Net operating income, SEKm	294	236	992
(-) Central administration, SEKm	-15	-18	-68
EBITDA, SEKm	279	218	923
Debt ratio, times (net debt/EBITDA), annualised	10.8	14.8	13.0
Adjusted debt ratio, times (net debt/EBITDA)
Interest-bearing liabilities, SEKm1)	12,318	13,243	12,219
(-) Cash and cash equivalents, SEKm	-241	-306	-241
(-) Carrying amount, ongoing projects, SEKm	-1,416	-3,705	-2,195
Net debt, SEKm	10,661	9,232	9,782
Net operating income, SEKm	294	236	992
(-) Central administration, SEKm	-15	-18	-68
EBITDA, SEKm	279	218	923
Adjusted debt ratio, times (net debt/EBITDA), annualised	9.6	10.6	10.6

1) Interest-bearing liabilities excluding lease liability. 2) Equivalent to "Non-controlling interests". 3) As of Q3 2024, the approved dividend for the financial year is recognised. In previous periods, the dividends that were actually distributed were recognised.

Amounts in SEKm	Jan–Mar 2025	Jan–Mar 2024	Full year 2024
SHARE-RELATED KEY PERFORMANCE INDICATORS
Profit from property management per Class A and Class B share, SEK
Profit from property management, SEKm	198	126	536
(-) Dividend Class D shares, SEKm	—	-29	-117
Total	198	97	419
(/) Average number of Class A and Class B shares, million	198	148	151
Profit from property management per Class A and Class B share, SEK	1.00	0.65	2.77
EPRA EPS – adjusted profit from property management per Class A and Class B share, SEK
Profit from property management, SEKm	198	126	536
(-) Current tax, SEKm	-23	-16	-1
(-) Minority stake in profit from property management, SEKm2)	-5	-3	-13
(-) Dividend Class D shares, SEKm3)	—	-29	-117
Total	170	78	406
(/) Average number of Class A and Class B shares, million	198	148	151
EPRA EPS per Class A and Class B share, SEK	0.87	0.52	2.69
EPRA NRV, long-term net asset value, per Class A and Class B share, SEK
EPRA NRV, long-term net asset value, SEKm	9,411	6,874	9,094
(/) Number of Class A and Class B shares at the end of the period/year, millions	198	148	198
EPRA NRV per Class A and Class B share, SEK	47.47	46.37	45.88
EPRA NTA (Net Tangible Assets) per Class A and Class B share, SEK
EPRA NTA, SEKm	8,924	6,471	8,622
(/) Number of Class A and Class B shares at the end of the period/year, millions	198	148	198
EPRA NTA per Class A and Class B share, SEK	45.02	43.66	43.49
EPRA NDV (Net Disposal Value) per Class A and Class B share, SEK
EPRA NDV, SEKm	8,395	6,068	8,089
(/) Number of Class A and Class B shares at the end of the period/year, millions	198	148	198
EPRA NDV per Class A and Class B share, SEK	42.35	40.94	40.80
			27

Interim report Q1 January – March 2025

The CEO's comments Financial reports Intea's property portfolio Intea's tenants Financing Sustainability Parent company financial statements The share and shareholders Notes and other information Key performance indicators Basis for key performance indicators Quarterly review

Intea in brief The CEO's comments Financial reports Intea's property portfolio Intea's tenants Financing Sustainability Parent company financial statements The share and shareholders Notes and other information Key performance indicators Basis for key performance indicators Quarterly review

January – March 2025 Quarterly review

INCOME STATEMENT

Amounts in SEKm	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Rental income	356	316	301	291	293	276	260	262
Property expenses	-62	-59	-46	-49	-56	-60	-40	-46
Net operating income	294	257	255	242	236	216	220	217
Central administration	-15	-16	-16	-18	-18	-16	-13	-15
Profit/loss before financial items	279	242	239	224	218	200	207	202
Share in profit from associated companies	—	1	-1	-5	—	—	—	—
Finance income and expenses	-81	-86	-108	-95	-92	-97	-70	-72
Profit from property management	198	156	130	124	126	103	137	130
Change in value of investment properties	146	81	69	7	10	-598	-104	-263
of which change in value of project properties	50	6	6	10	31	-77	43	-28
Change in value of derivative instruments	59	218	-274	-13	108	-385	44	79
Profit/loss before tax	403	455	-76	118	244	-880	77	-55
Tax	-93	-92	63	-87	-34	146	-63	62
Profit/loss for the period	310	363	-12	31	209	-734	14	7
of which attributable to shareholders of the parent	305	358	-11	27	208	-716	11	4
of which non-controlling interests	5	5	-1	4	2	-18	3	4

BALANCE SHEET

Amounts in SEKm	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Investment properties	24,138	23,600	22,646	22,214	21,748	21,406	21,393	21,100
Site leasehold, right-of-use asset	84	85	86	87	121	122	133	135
Other non-current assets	131	128	135	133	133	134	136	136
Investments in associated companies	0	0	0	—	—	—	4	4
Receivables from associated companies	0	0	—	—	—	—	422	413
Derivative instruments	432	372	155	429	442	334	719	675
Other non-current receivables	—	—	—	—	—	—	4	4
Current receivables	217	250	207	234	271	237	212	205
Cash and cash equivalents	241	241	322	389	306	225	244	273
Assets held for sale	—	—	—	—	448	444	—	—
Total assets	25,243	24,678	23,550	23,487	23,470	22,904	23,267	22,945
Equity attributable to shareholders of the parent	10,344	10,038	7,722	7,849	7,985	7,806	8,551	8,569
Non-controlling interests	301	296	291	292	293	291	309	310
Deferred tax liability	1,448	1,378	1,242	1,321	1,247	1,229	1,353	1,306
Interest-bearing liabilities	12,318	12,219	13,506	13,296	13,243	12,796	12,397	12,124
Lease liabilities	78	79	80	81	117	118	121	123
Other liabilities	754	668	710	648	581	659	536	514
Liabilities attributable to assets held for sale	—	—	—	—	4	4	—	—
Total shareholders' equity and liabilities	25,243	24,678	23,550	23,487	23,470	22,904	23,267	22,945

The CEO's comments

Financial reports

The share and shareholders

Parent company financial statements

Notes and other information

Key performance indicators

Basis for key performance indicators

Quarterly review