Interim report January – March 2021

Rental income increased by 5 percent to SEK 329.4 million (315.1).
The net operating surplus increased by 4 percent to SEK 258.7 million (249.1).
Profit from property management rose by 6 percent to SEK 187.8 million (177.4).
Profit for the period increased to SEK 756.4 million (143.8), corresponding to earnings per share of SEK 19.95 (3.81), including changes in value of SEK 765.1 million (5.4).
The long-term net asset value EPRA NRV per share rose to SEK 276.29 (208.16).

Significant events in the first quarter

Catena has acquired and taken possession of the Morgongåva 15:33 property and is investing SEK 300 million in the construction of a new 38,000 m2 warehouse for Babyland.
During the period, Catena acquired and took possession of five properties in Denmark and one in Sweden at a combined property value of SEK 815 million.
At the end of March, Catena implemented a private placement of 3,000,000 shares for cash, raising SEK 1.1 billion for the Company.

This information is such that Catena AB (publ) is obliged to publish under the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication on 29 April, at 3.00 p.m. CET.

Q1

Catena in brief

Catena's mission is to develop, own and efficiently manage, through cooperation and in a sustainable manner, strategically located logistics facilities that supply Scandinavia's metropolitan regions and have conditions to generate stable growing cash flows and good value growth.

Vision

Catena's good insights regarding future freight and cargo flows are absolutely crucial to the ability to offer the right locations, the right premises and the right service. By generating strong cash flows, development takes place towards the vision – Catena links Scandinavia's cargo flows.

Business concept

Catena offers logistics facilities for today's and tomorrow's cargo flows along the most important transport routes and at the most important hubs. In close cooperation with the customers and with good knowledge of the market, Catena develops its part of the chain. The business concept clarifies the mission – Catena shall sustainably and through partnerships develop efficient logistics facilities that serve the metropolitan regions of Scandinavia.

Customer offering

Logistics solutions is a collective term for properties whose purpose is the collection, storage and distribution of goods. In order to meet the demands of on-time delivery, climate imprint and cost, logistics facilities with different functions can interact in a more or less complex network.

The Catena Group in figures
	2021, Jan–Mar	2020, Jan–Mar	Rolling 12-month	2020, Jan–Dec
Rental income, SEK M	329.4	315.1	1,278.2	1,263.9
Net operating surplus, SEK M	258.7	249.1	1,013.4	1,003.8
Surplus ratio, %	78.5	79.1	79.3	79.4
Profit from property management, SEK M	187.8	177.4	729.0	718.6
Profit for the period, SEK M	756.4	143.8	2,139.7	1,527.1
Earnings per share, SEK	19.95	3.81	56.68	40.51
Equity ratio, %	41.1	35.1	41.1	37.2
Economic letting ratio, %	93.9	95.4	93.9	96.2
Loan-to-value ratio, % *	49.7	53.6	49.7	50.1

Århus

Gothenburg

Copenhagen Catena's logistics positions

Kolding

Luleå

* Historical figures are adjusted based on the current definition.

A property portfolio for the future

The strong trend continues. In the first quarter of the year, Catena showed increasing profit from property management and a continued stable cash flow trend.

Profit from property management amounted to SEK 188 million, an increase of 6 percent compared with last year. Rental income increased by 5 percent and the operating surplus by 4 percent. Overall, Catena is financially strong. The Company's financial capacity further increased through the new share issue that was completed on 31 March, resulting in a capital injection of SEK 1,080 million. The share issue has enabled Catena to establish opportunities for a continued high level of growth through investments in project development and acquisitions.

Prepared for new projects

Luleå

As our society changes, and with it our lifestyles and patterns of consumption, a well-considered and well-functioning logistics network is essential, able to handle products and goods intelligently and ready to be adapted as needs change. We are experiencing strong demand for sustainable and efficient logistics facilities, while also perceiving the value in providing truly well-considered solutions to safeguard our capacity to take responsibility over time. For this reason, we are pleased that our plans for developing Logistics Position Sunnanå are progressing and that our preparations have continued for realising our vision for Logistics Positions Stockholm Syd and Landvetter. All are strategically placed logistics hubs facilitating efficient and sustainable logistics. Similar ambitions exist for the growing logistics cluster at the Morgongåva business park, where we are now constructing an additional logistics facility of approximately 38,000 m2, which is environmentally certified and where the roof has been used for a photovoltaic cell facility. Babyland intends to handle its e-commerce logistics at the property, which is adjacent to Apotea's large facility.

Responsible development presupposes stable finances, which is why we have chosen to update the targets set out in our Financial Policy. This now shows that our equity/assets ratio should amount to at least 40 percent, the interest coverage ratio should amount to a multiple of at least 2, average debt maturity should be at least 2.5 years, and the net loan-tovalue ratio should be at most 50 percent. The new targets foster conditions for additional sources of financing in the future.

Quality above all

CONTAINERS FROM AIR CARGO, MARITIME, RAIL AND ROAD

Århus

Gothenburg

Copenhagen Catena's logistics positions

Kolding

For us, it goes without saying, that all new construction is certified at the Miljöbyggnad Silver environmental certification level, as a minimum. We also seek to certify our older properties, although, with a large property portfolio, this must be done gradually, despite our maintaining a high pace. That our

properties are fundamentally well-maintained becomes even clearer in the process of certifying the existing portfolio, as extensive portions of the requirements made of the properties have already been met and we can view the certification as a seal of quality. This is an advantage of course, but does not make certification less important. We take pride in being able to document and demonstrate what we deliver, and the certification of a property serves as testament that we have fully achieved the level of quality for which we always strive – both in terms of environmental aspects and a healthy work environment.

We take the same approach to our work with TCFD and, during the spring, we invested considerable resources in identifying relevant climate-related risks and opportunities to determined how Catena's operations will be affected by global climate change. With a mapping of this kind in place, we will be able to formulate and communicate our strategies, supported by the TCFD framework, in this way showing our stakeholders clearly that we understand what is required of us, now and in the future. Transparent communications are also the basis for our reports and, as of 2021, we have therefore chosen to expand our interim reports to include, for example, additional details of our sustainability work.

An exciting market

Although our annual LogistikTrender event was cancelled in 2020 due to the corona virus pandemic, we will be holding it this year! On 20 May 2021, for the tenth time, we invite you to attend a day focusing on the latest logistics trends. This time, the event will be held online and the theme of the anniversary event is, appropriately enough, Logistics beyond time and space. We hope that many people wants to join in to take part of inspiring thoughts on how, for example, space technology and AI can advance our perspectives on logistics.

In our world, margins shrink, seconds are optimized and every error is calculated in terms of time. I find it hard to believe that anyone can have missed the high level of interest in logistics and logistics properties currently prevalent in the market. At Catena, we have extensive experience and solid expertise. Adhering to our business model and niche focus has proven to be a success factor, enabling us to develop our offering based on knowledge – know-how that everyone in Catena's organisation is happy to share in all contexts.

Helsingborg, April 2021 Jörgen Eriksson, CEO

Income and profit

Covid-19

The corona virus and the Covid-19 disease it causes caught the world off-guard in 2020, impacting public health, as well as economies and financial markets. For Catena, while the corona virus has entailed stress in everyday life, it has also brought business opportunities.

Most of Catena's tenants have continued their operations more or less as previously. A large number have e-commerce operations and an estimated 1 million m2 of Catena's total portfolio is leased to customers providing essential services and who play an important role in securing functioning goods flows.

The customer base includes small number of tenants who have been more affected by Covid-19, primarily subcontractors to the restaurant and service sector, as well as event and activity operations.

During the quarter, Catena reached agreements to shift from quarterly to monthly payments for rental payments of about SEK 6 million. An additional SEK 1.8 million in discounts related to Covid-19 have been provided. All rent notifications subject to agreements have been paid as planned. Over the upcoming quarters, Catena expects continued liquidity relief of a corresponding scope.

Rental income

Rental income for the period increased by 5 percent to SEK 329.4 million (315.1), corresponding to SEK 666 per m2 (660). Taking non-recurring effects into account, rental income increased by 8 percent. In comparable portfolios, rental income increased by 0.6 percent compared with the preceding period. The remaining increase in rental income derives from completed projects and the effect of acquisitions.

Income from contracts with terms of more than three years accounted for close to 73 percent of Catena's contracted annual rent. This entails stable income that does not vary substantially between periods, except in connection with acquisitions, completed projects and sales. The average remaining lease period is approximately five years.

Duration of leases

Duration	Number of contracts	Contractual annual rent, SEK M	Contractual annual rent, %
2021	130	24.1	2
2022	130	212.3	15
2023	64	143.7	10
2024	54	182.9	13
2025	38	176.1	13
2026	21	143.8	11
2027+	54	499.5	36
Total	491	1,382.4	100

Property expenses

Property expenses increased to SEK 70.7 million (66.0), corresponding to SEK 143 per m2 (143). Planned maintenance has to some extent been postponed due to tenants having limited access to premises to limit the spread of Covid-19.

There are seasonal variations in the operation and maintenance of properties. Winters with much cold and snow entail higher costs for heating and snow removal. A hot summer can mean increased expenses for cooling. These variations, that have the greatest impact during the winter and summer months, are, to some extent, offset by a change in billed expenses to tenants. The winter of 2021 has been colder than normal and high electricity prices have also affected profit.

Financial expenses

Financial expenses, excluding expenses for lease assets, amounted to SEK 60.4 million (58.0) for the period.

Profit

Profit from property management during the period rose by SEK 10.4 million to SEK 187.8 million compared with the preceding year – an increase of 6 percent. The primary reason for the improved profit from property management is an increased operating surplus.

Profit for the period amounted to SEK 756.4 million, which was SEK 612.6 million higher than for the preceding year. The unrealised changes in value of properties amounted to SEK 679.9 million (10.9). The change in the value of derivatives was SEK 85.2 million (negative 5.5).

The unrealised changes in value are of an accounting nature and do not affect cash flow.

Related parties

The earnings for the period include minor related-party transactions with Hansan AB.

Operating surplus, regions

SEK M	2021 Jan-Mar	2020 Jan-Mar	Rolling 12-month	2020 Jan-Dec
Gothenburg	30.8	33.5	137.3	140.0
Helsingborg	51.5	39.8	182.6	170.9
Jönköping	20.7	17.4	80.1	76.8
Malmö	46.2	36.9	164.0	154.7
Stockholm *	109.5	121.5	449.4	461.4
Total	258.7	249.1	1,013.4	1,003.8

* The operating surplus for 2020 for the Stockholm region is affected by a non-recurring income item of SEK 14 million.

Rental income, regions

	monmon

	2021, Jan-Mar		2020, Jan-Mar		Rolling 12-month		2020, Jan-Dec
SEK M	Rental income	Of which, re-invoiced *	Rental income	Of which, re-invoiced *	Rental income	Of which, re-invoiced.*	Rental income	Of which, re-invoiced.*
Gothenburg	37.8	2.1	39.7	2.4	163.4	8.7	165.3	9.0
Helsingborg	65.9	4.3	53.5	3.7	235.9	15.2	223.5	14.6
Jönköping	27.8	3.4	25.3	3.2	109.4	12.9	106.9	12.7
Malmö	63.0	10.6	51.5	9.7	228.6	40.7	217.1	39.8
Stockholm **	134.9	10.4	145.1	10.7	540.9	42.8	551.1	43.1
Total	329.4	30.8	315.1	29.7	1,278.2	120.3	1,263.9	119.2

* Of which, re-invoiced expenses.

** Rental income for 2020 for the Stockholm region is affected by a non-recurring income item of SEK 14 million.

Ten largest tenants

Consolidated statement of comprehensive income
SEK M	2021 Jan-Mar	2020 Jan-Mar	Rolling 12-month	2020 Jan-Dec
Rental income	329.4	315.1	1,278.2	1,263.9
Property expenses	-70.7	-66.0	-264.8	-260.1
Net operating surplus	258.7	249.1	1,013.4	1,003.8
Central administration	-8.3	-8.7	-34.8	-35.2
Other operating income	0.2	0.3	3.6	3.7
Other operating expenses	–	-1.5	-0.5	-2.0
Interest in profits from associated companies	-0.4	-2.3	-2.5	-4.4
Financial income	0.5	1.0	1.6	2.1
Financial expenses	-60.4	-58.0	-241.9	-239.5
Financial expenses for right-of-use assets	-2.5	-2.5	-9.9	-9.9
Profit from property management	187.8	177.4	729.0	718.6
Realised changes in value of investment properties	–	–	8.0	8.0
Unrealised changes in value of investment properties	679.9	10.9	1,827.8	1,158.8
Changes in values of derivatives	85.2	-5.5	128.8	38.1
Profit before tax	952.9	182.8	2,693.6	1,923.5
Tax for the period/year	-196.5	-39.0	-553.9	-396.4
Profit for the period/year	756.4	143.8	2,139.7	1,527.1
Other comprehensive income
Translation difference	16.3	13.5	-6.9	-9.7
Comprehensive income for the period/year	772.7	157.3	2,132.8	1,517.4
Comprehensive income for the period/year distributed among the Parent Company's shareholders Key share data	772.7	157.3	2,132.8	1,517.4
Shareholders' equity, SEK per share	233.67	171.76	233.67	201.34
Long-term net asset value EPRA NRV, per share, SEK	276.29	208.16	276.29	245.08
Profit for the period/year, SEK per share	19.95	3.81	56.68	40.51
Number of shares outstanding, millions	41.2	37.7	41.2	37.7

Profit from property management Q R12

Rolling 12-month

Financial position

Cash flow
SEK M	2021 Jan-Mar	2020 Jan-Mar	2020 Jan-Dec
Profit before tax	952.9	182.8	1,923.5
Adjustments for non-cash items	-764.3		-1.1 -1,197.0
Tax paid	-15.2	-5.8	-13.8
Cash flow before changes in working capital	173.4	175.9	712.7
Change in operating receivables	-43.3	-40.0	-13.2
Change in operating liabilities	84.0	29.1	44.8
Cash flow from operating activities	214.1	165.0	744.3
Acquisition of assets via subsidiaries	-356.5	-142.3	-172.4
Investments in investment properties	-159.9	-252.1	-969.1
Divestment of investment properties	–	–	157.0
Acquisitions of property, plant and equipment	-0.6	–	-0.4
Disposals of property, plant and equipment	–	–	0.6
Change in financial assets	-44.1	-1.8	-16.6
Cash flow from investment operations	-561.1		-396.2 -1,000.9
Change in loans	225.6	268.5	781.7
Dividend paid	–	–	-245.0
Cash flow from financing operations	225.6	268.5	536.7
Cash flow for the period	-121.4	37.3	280.1
Opening cash and cash equivalents	411.1	131.2	131.2
Exchange rate difference in cash and cash equivalents	0.3	0.5	-0.2
Closing cash and cash equivalents	290.0	169.0	411.1

Statement of financial position
	2021	2020	2020
SEK M	31 Mar	31 Mar	31 Dec
Assets
Fixed assets
Goodwill	503.0	503.0	503.0
Investment properties	20,602.0	16,867.8	18,612.4
Tangible fixed assets	1.9	2.4	1.5
Right-of-use assets	334.5	334.5	334.5
Financial non-current assets	177.5	172.6	172.1
Deferred tax assets	60.7	86.3	75.0
Current assets
Current receivables	1,463.7	299.5	289.0
Cash and cash equivalents	290.0	169.0	411.1
Total assets	23,433.3	18,435.1	20,398.6
Equity and liabilities
Equity attributable to
Parent Company shareholders	9,633.6	6,475.3	7,590.4
Non-current liabilities
Interest-bearing liabilities	7,807.9	5,689.4	6,090.4
Deferred tax liability	2,062.9	1,574.7	1,884.0
Lease liability	332.0	332.0	332.0
Other non-current liabilities	262.5	390.2	347.4
Current liabilities
Interest-bearing liabilities	2,716.7	3,525.6	3,644.6
Other current liabilities	617.7	447.9	509.8
Total equity and liabilities	23,433.3	18,435.1	20,398.6

Cash flow before change in working capital

Loan-to-value ratio

Interest-bearing net debt, SEK M Investment properties, SEK M Loan-to-value ratio, %

Change in equity
SEK M	2021 31 Mar	2020 31 Mar	2020 31 Dec
Opening balance	7,590.4	6,318.0	6,318.0
Dividend paid to shareholders	–	–	-245.0
New share issue	1,270.5	–	–
Comprehensive income for the period/year attributable to
Parent Company shareholders	772.7	157.3	1,517.4
Closing balance	9,633.6	6,475.3	7,590.4
Attributable to:
Parent Company's shareholders	9,633.6	6,475.3	7,590.4

The property portfolio

Property portfolio
SEK M	Fair value	Number of properties
Property portfolio at beginning of year	18,612.4	113
Acquisitions*	1,124.3	8
Investments in existing properties	159.9
Translation difference	25.5
Unrealised changes in value	679.9
Total investment properties	20,602.0	121

* Property value after deduction of deferred tax and with addition of transaction expenses.

Changes in the property portfolio

Over the period, Catena acquired eight properties, five of which are situated in Denmark and three in Sweden, with a combined value of SEK 1,124.3 million.

In addition, investments have been made in new construction, remodelling and extensions at existing properties for SEK 159.9 million. The largest investment in existing properties during the period was in Åstorp, outside Helsingborg, where Catena is constructing a 10,800 m2 warehouse for chilled and frozen goods for Seafrigo Nordic that is expected to be completed in the summer of 2021.

In Morgongåva outside Uppsala, Catena is building a 38,000 m2 logistics warehouse, with Babyland as a tenant. The tenant is expected to move in during the first quarter of 2022.

At Logistics Position Sunnanå, which is now fully let, the final tenant adaptations are in progress on the 36,200 m2 multi-tenant warehouse that has been built there. At the same time, work is under way to secure planning approval for additional land next to the existing site.

Major tenant adjustments have been made to the Frukthallen 3 property in southern Stockholm and to the Mappen 3 property in Linköping.

Property valuation

Each quarter, Catena performs internal valuations of all its investment properties and this is used to determine the fair values recognised in the balance sheet. During the quarter, approximately SEK 13.6 billion of the property portfolio was valued externally. The external valuations Catena obtains to assure the accuracy of its internal valuations show a decrease in the market's yield requirements.

Since all property valuations contain assessment factors with varying degrees of uncertainty, normally, a specific uncertainty interval is stated for the estimated values, this is estimated at +/- 10 percent.

During the quarter, unrealised changes in value of Catena's properties have arisen as a result of a lower yield requirement, well-executed projects and good property management and amounted to SEK 679.9 million over the period. This corresponds to 3.4 percent of the value before adjustment.

One of the parameters that significantly impact the value of a property is the discount rate and its development. A change of +/-1 percent in the below parameters impacts the estimated fair value.

Sensitivity analysis

		Impact value, SEK M	Loan-to-value ratio, %
Yield requirements	+1%	-3,234	60.6
	-1%	4,358	42.2
Assumed annual rent
development	+1%	922	48.9
	-1%	-998	53.7

All of the Group's investment properties are assessed as being at level 3 in the valuation hierarchy. A detailed description of the valuation principles is available on pages 103-104 of Catena's Annual Report for 2020.

Properties by region
Regions	Number of properties	Lettable area, thousand m2	Fair value, SEK M	Rental value, SEK M	Economic letting ratio, %	Contractual annual rent, SEK M	Surplus ratio, %
Gothenburg	17	289.6	2,780.1	203.0	85	171.6	81
Helsingborg	23	450.0	4,014.4	273.2	97	265.3	78
Jönköping	12	222.2	1,344.5	126.3	96	121.0	74
Malmö	24	339.6	4,200.4	291.8	96	279.3	73
Stockholm	45	779.5	8,262.6	578.6	94	545.2	81
Total	121	2,080.9	20,602.0	1,472.9	94	1,382.4	79

Property acquisition

					Property	Rental income/
Property designation	Transfer date	Region	Municipality	Space, m2	value, SEK M *	year, SEK M
Åre 92	1 Feb 2021	Gothenburg	Borås	38,293	272.0	17.4
Morgongåva 15:33	1 Mar 2021	Stockholm	Heby	land	31.6	0.0
Hammerholmen 47–49	1 Mar 2021	Malmö	Hvidovre, DK	16,489	218.0	11.5
Kokbjerg 15	1 Mar 2021	Malmö	Kolding, DK	15,327	201.1	10.7
Norddigesvej 3	1 Mar 2021	Malmö	Risskov, DK	4,497	42.8	2.7
Bavnevej 13	1 Mar 2021	Malmö	Vamdrup, DK	26,752	192.9	10.5
Kokmose 2–6	1 Mar 2021	Malmö	Kolding, DK	10,686	78.5	4.8
Hevea 3	1 Mar 2021	Gothenburg	Borås	19,519	75.7	7.4
Total				131,563	1,112.6	65.0

* Acquisition of Danish properties at a preliminary exchange rate.

Sustainable properties

Catena works to create sustainable properties by considering the entire life cycle of the building. While tightening requirements on materials used in projects, implementing energy efficiency projects and environmental certifications safeguards energy-efficient operation of Catena's buildings while maintaining a healthy indoor environment. Catena is working actively to increase knowledge about emissions occurring during construction projects and to find sustainable solutions that reduce these.

All of Catena's new buildings meet Miljöbyggnad Silver environmental certification as a minimum. During the first quarter of 2021, three buildings at Sunnanå 12:52 were certified in accordance with the Miljöbyggnad Silver environment standard and Catena achieved its first Miljöbyggnad iDrift Silver certification at the Backa 23:5 property. A total of 172,112 m2 of Catena's portfolio has been certified, corresponding to 8 percent of the total lettable area. The certification process is in progress for another 12 buildings with a total area of 248,988 m2.

Catena is also working actively with photovoltaic cell facilities, with about five such facilities planned to be brought into operations during the second quarter. Along with the facilities already installed on Catena's roofs, these are estimated to achieve an annual output of approximately 5,000 MWh.

Regional Manager, Gothenburg and Jönköping Jonas Arvidsson, phone +46 (0)73-070 22 60 [email protected]

Regional Manager, Helsingborg Göran Jönsson, phone +46 (0)42-449 22 66 [email protected]

Regional Manager, Malmö Fredrik Renå, phone +46 (0)72-743 45 44 [email protected]

Regional Manager, Stockholm Tobias Karlsson, phone +46 (0)73-070 22 36 [email protected]

Projects

Project portfolio

Catena has the ambitious objective to grow by investing in projects, partly by refining the existing properties, but above all by developing the company's potential land reserves of approximately 5 million m2. On the balance sheet date, the project portfolio included remaining investments of SEK 599 million, including major projects, new construction and tenant adaptations to existing properties alike.

Landvetter

In the Gothenburg region, which is ranked as one of the country's foremost logistics locations, Catena is working with a 210,000 m2 plot of land immediately adjacent to Gothenburg-Landvetter Airport. The site is located alongside national route 40, between Gothenburg and Borås, with good opportunities for reloading goods from road, air and maritime transports to serve the Gothenburg area (as well as further north towards Oslo and the Stockholm region) with goods. The area is undergoing an expansive phase of growth, with several new facilities in the process of being established, and Catena perceives considerable potential in the area. Catena's ambition is to build high-profile logistics facilities of approximately 95,000 m2 with strict demands on architecture and sustainability. Among other things, the buildings will be self-sufficient in heat with the help of geothermal energy storage and partly in electricity with photovoltaic cells.

Major projects during the year 1

Project	Property	Munici pality	Lettable space, m2	Assessed net operating surplus SEK M	Estimated investment, SEK M	Degree of completion by Q1 2021, SEK M	Letting ratio on the balance sheet date, %	Completed 2
Major new con struction and exten sion projects in pro gress
Multi-tenant
warehouse, part 2	Sunnanå 12:52	Burlöv	18,100	15.5	197	195	100	1 Mar 2021
Seafrigo Nordic	Part of Broby 57:1	Åstorp	10,800	9.0	147	94	100	Q3 2021
Morgongåva	Morgongåva 15:33	Heby	38,000	17.8	300	24	100	Q1 2022
Kyl och Frys expressen Nord	Storheden 2:1	Luleå	4,500	4.9	75	15	100	Q4 2021
Total, ongoing major projects			71,400	47.2	719	328

¹ In addition to the larger projects reported in the table, minor projects and adaptations for tenants also occur.

² Catena considers a project to have been completed when receiving a certificate of completion and/or when the tenant makes its first rent payment.

Property development in Sundsvall

The Sköns Prästbord 2:4 property is located in the Birsta area, with a direct connection to the E4 motorway, in northern Sundsvall. There is an older warehouse building of 24,600 m2 on the property that Catena has been renovating and adapting to the needs of a modern warehouse and logistics space. Work is now commencing on the second half of the building, with space being adapted to the operations of the largest tenant, wholesaler Menigo. Among other things, the frozen goods warehouse will be expanded and the loading facilities made more efficient. At the same time, tenant adaptations are also being made for Linjegods and Pågen, which are also moving in. The building will also be equipped with a photovoltaic cell facility and the district heating will be replaced with a geothermal energy plant, where the heat generated by the cooling plant for Menigo's frozen goods warehouse will be stored in 18 boreholes of 340 metres in depth to supply the building with heat when required. The measures are estimated to reduce carbon dioxide emissions by approximately 260 tonnes annually and will also significantly reduce expenses for electricity and heating. Catena works with similar facilities at other properties in the portfolio, where there is substantial potential to combine climate benefits with expense reductions.

Further expansion for Boozt

At E-City in the southern reaches of Ängelholm, Boozt is further expanding its e-commerce warehouse. Boozt has been in the area since 2017 when the company moved its warehouse from another of Catena's properties in Ängelholm into the 43,500 m2 logistics warehouse that was completely newly built at the time. At the end of 2020, the expansion of the warehouse by 22,800 m2 was completed to a total area of 66,300 m2, where Boozt manages its inventory and logistics for e-commerce in fashion and lifestyle products. Catena is now embarking on another extension of 2,200 m2 that will connect the two buildings (currently connected by a footbridge), forming an efficient loading and unloading terminal that is expected to be brought into use during the winter of 2021. At the same time, the entire building will be environmentally certified in accordance with Miljöbyggnad Silver. E-City enjoys an almost perfect location in the southern reaches of Ängelholm, immediately adjacent to the E6 motorway and with quick access to the E4 motorway. Boozt delivers partly to the Nordic countries, but also to a number of other European countries. Catena has additional land in the area for which planning permission has been granted, and is working to develop further facilities.

Sustainability

Catena's sustainability activities

Sustainability is a prioritised area and a strategic horizon from which Catena operates. The sustainability work is based on three focus areas: Sustainable logistics and societal development, Sustainable properties, and Responsible and attractive employers. What Catena delivers should be sustainable over time. The Company's objectives state, for example, that all newly built properties must be environmentally certified, energy consumption must be reduced and the Company shall work to enhance equality and diversity in all occupational groups. Catena's sustainability work is conducted within the framework of Agenda 2030, the Company is a member of the UN Global Compact and the Company's climate goals are approved by SBTi.

Prominent efforts during the quarter

Catena's operations are being affected as global climate change becomes increasingly apparent. Applying the Task Force on Climate-Related Financial Disclosures (TCFD) framework, Catena has identified climate-related financial risks and opportunities. In February, a series of internal workshops for Catena's employees came to an end. The work resulted in concrete measures and activities that Catena will present and continue working on in 2021.

Drawing up climate declarations will be mandatory for new buildings as of January 2022. In January 2021, Catena completed its first full-scale climate declaration in reporting greenhouse gas emissions in connection with the construction of Seafrigo's warehouse for chilled and frozen goods in Åstorp.

The report showed that the construction of the 11,000 m2 facility generated a total 3,419 tonnes of CO2e, which corresponds to 502 circumnavigations of the globe with an average Swedish car. It is clear that Catena's largest greenhouse gas emissions occur during the construction phase. Additional climate calculations are planned during the year to increase our knowledge and to identify measures for reducing emissions in connection with construction projects.

Catena sets requirements for a number of contractors and suppliers, and aspects of sustainability are an important part of the requirements scenario. The Company's Code of Conduct is in line with the UN Global Compact and its ten principles concerning human rights, labour, the environment and anti-corruption. During the first quarter of the year, extensive work was initiated to further develop the supplier review process. For Catena, it is important to work in favour of social sustainability with our partners and suppliers and to ensure security, equality, health and well-being throughout the value chain.

Energy intensity
kWh/m2	2021 Jan-Mar	2020 Jan–Dec	2019 Jan-Dec	2018 Jan-Dec	2017 Jan-Dec
Electricity *	18	70	75	78	79
Fuel, normal year-corrected	5	10	31	46	57
District heating, normal year corrected	21	44	43	44	42
Total energy intensity	35	107	114	121	122

* Electricity consumption includes both electricity consumed in our properties and electricity consumed in our own business operations.

Greenhouse gas emissions (market-based)
Tonnes CO2e	2021 Jan-Mar	2020 Jan-Dec	2019 Jan-Dec	2018 Jan-Dec
Scope 1	32	67	637	1,195
Scope 2	486	1,201	1,199	1,163
Scope 3	1,830	7,233	7,168	6,411
Total emissions	2,348	8,501	9,004	8,769

The table only shows emissions that have arisen in connection with energy consumption at Catena's properties.

Energy intensity, 2017-2020 1,500 2,000 2,500 126 138 150 th. m2 kWh/m2

-17 -18 -19 -20

LOA where Catena lacks energy data LOA where Catena has energy data Energy use per m2

90 102 114

0 500 1,000

Other sustainability key figures
	2021 31 Mar	2020 31 Dec	2019 31 Dec
Photovoltaic cell facilities installed	13	13	6
Peak power of photovoltaic cells (kWp)	4,335	4,335	2,771
Miljöbyggnad certification, m2		172,112 120,500	0
Miljöbyggnad certification, % of total area	8	6	0

Manager, Environment and Certifications Anna Wallander, phone +46 (0)72-510 03 00 [email protected]

Sustainability Manager Tove Palm, phone +46 (0)73-070 22 94 [email protected]

Market outlook

Logistics properties and the concept of logistics in general have, in recent years, become increasingly important for society and the general public. Technical breakthroughs, followed by a collective willingness to foster new technology, have enabled a drastic transition to digitally driven trade, which has in turn created a more varied and complex transport flow to the end customer. Due to the severe restrictions it caused, the corona virus pandemic, which dominated economic development throughout the world in 2020, has changed people's consumption habits and accelerated the transition. In Sweden, e-commerce grew by 40 percent in 2020 and online grocery trade grew the most, increasing by 95 percent.

Catena is experiencing strong demand for additional logistics space, which is also confirmed globally. Growth in the segment for refrigerated goods and parcel deliveries is considered particularly favourable. The combination of a limited

supply of land with planning approval and modern logistics premises serves to challenge this growth rate, while also providing scope for higher rental levels in the long term.

The economic trend going forward will, to a large extent, be determined by how effectively the vaccinations that have commenced curb the pandemic, as well as the rate at which governments ease restrictions. In Sweden, GDP is expected to increase by an average of slightly more than 3 percent annually until 2023 (according to the Riksbank). Operations in the financial markets have been calm during the first part of 2021, interest rates remain low and credit supply is favourable with most market participants, including the Riksbank, expecting a repo rate of 0 percent until the first quarter of 2024.

Alongside its customers, Catena is preparing for an eventful 2021 and is monitoring the recovery in the economy closely.

Quarterly overview
	2021	2020	2020	2020	2020	2019	2019	2019
	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Rental income, SEK M	329.4	326.4	315.2	307.2	315.1	297.8	300.1	291.0
Net operating surplus, SEK M	258.7	250.7	252.8	251.2	249.1	220.9	226.8	231.9
Surplus ratio, %	78.5	76.8	80.2	81.8	79.1	74.2	75.6	79.7
Economic letting ratio, %	93.9	96.2	96.1	95.9	95.4	95.0	96.0	95.5
Profit from property management, SEK M	187.8	176.1	184.0	181.1	177.4	148.8	160.1	162.0
Profit for the period, SEK M	756.4	722.0	481.6	179.7	143.8	372.0	344.3	261.7
Return on equity, %	8.8	10.0	7.3	2.8	2.3	6.1	6.0	4.7
Equity ratio, %	41.1	37.2	34.9	34.0	35.1	35.6	33.7	33.0
Share price at end of period, SEK	385.00	385.00	397.50	367.00	289.50	413.50	323.00	292.00
Cash flow before change in working capital per share, SEK	4.57	4.53	4.86	4.84	4.67	3.75	4.29	4.40
Earnings per share, SEK	19.95	19.15	12.77	4.77	3.81	9.87	9.13	6.94
Long-term net asset value EPRA NRV, per share, SEK	276.29	245.08	223.34	207.79	208.16	202.87	194.07	182.01

Financing

Debt and interest maturity
Debt maturity			Interest maturity, including derivatives
Year	SEK M	Share, %	Interest, including margin, %	SEK M	Share, %	Interest, including margin, %*
0-1 year	2,670.8	25.4	1.4	4,884.9	46.4	1.7
1-2 years	3,461.6	32.9	1.1	908.0	8.6	3.0
2-3 years	3,750.4	35.6	1.4	500.0	4.8	3.1
3-4 years	376.0	3.6	1.4	1,210.8	11.5	3.0
4-5 years	0.0	0.0	0.0	688.0	6.5	3.5
5- years	265.8	2.5	0.8	2,332.9	22.2	2.3
Total	10,524.6	100.0	1.3	10,524.6	100.0	2.3

* The margin is evenly distributed across the maturity structure of variable rate loans as an effect of the swap portfolio.

Developing, owning and managing logistics properties requires good access to capital. The combination of well-diversified financing with an attractive property portfolio generating strong cash flow makes room for continued controlled growth under favourable conditions. It is central to Catena's financial management that the Company works to achieve an appropriate risk and return profile. The work is governed by a formal financial policy that is reviewed annually by the Board of Directors.

Governance

Catena manages its financial position by following up selected key figures that in various ways contribute to managing financial risks such as interest rate risk, refinancing risk and liquidity risk. Read more about financial risks on pages 49-51 and in note 20 in Catena's 2020 Annual Report.

Interest-bearing liabilities and loan-to-value ratio

During the period, Catena negotiated/renegotiated financing agreements with a total framework of approximately SEK 1,871.3 million.

At the end of the period, interest-bearing liabilities amounted to SEK 10,524.6 million (9,215.0) of which the share of traditional and bilateral bank loans amounted to 69 percent, secured bonds to 15 percent, Danish mortgage bonds to 4 percent and commercial papers to 12 percent. The interestbearing liabilities amounted to 51.1 percent (54.6) of the value of the properties. At the same time, there were confirmed and unutilised credit commitments from banks amounting to

SEK 1,350 million. Combined, the interest-bearing liabilities' average debt maturity was 2.2 years (2.3) and, over the next 12-month period, approximately 25 percent (38) of the portfolio will be refinanced under current agreements. In total, the interest-bearing liabilities are distributed between 10 different credit providers.

Bank financing

Traditional and bilateral credit agreements with banks constitute Catena's main source of financing, and on the balance sheet date these were distributed between seven (seven) different banks.

Financial position – a compilation

	2021 31 Mar	Finance policy *	2020 31 Dec
Interest-bearing liabilities, SEK M	10,524.6		9,735.0
Equity ratio, %	41.1	>40	37.2
Interest-coverage ratio, multiple	4.1	>2.0	4.0
Average debt maturity, years	2.2	>2.5	2.3
Number of credit providers	10	>7	10
Loan-to-value ratio, % **	49.7	<50	50.1
Average interest maturity, years	2.7		3.1
Interest rate hedging ratio, %	60.7		66.0
Average interest rate, %	2.3		2.3
Cash and unutilised credit, SEK M	1,640.0		1,811.1

* Financial Policy, updated 9 April 2021.

** Historical figures are adjusted based on the current definition.

Capital structure

Sources of financing Loan-to-value ratio and average interest

Bond financing

During the period, Catena has not issued any new secured bonds within the framework of Svensk FastighetsFinansiering (SFF). On the balance sheet date, the outstanding volume was SEK 1,605 million.

SFF is equally owned by Catena, Diös, Fabege, Platzer and Wihlborgs. The MTN programme, which is secured by property mortgages, amounts in its entirety to SEK 12 billion. SFF holds a credit rating equivalent to BBB+ from Nordic Credit Rating. More about SFF can be found at Svenskfastighetsfinansiering.se.

Commercial paper financing

Catena has a commercial paper programme with a limit of SEK 2 billion. Papers within the programme have a maturity of at most 364 days. The programme is arranged by Swedbank AB, which also functions as an issuing institute together with Danske Bank. To manage the refinancing risk, the programme has secured backup facilities (through property mortgages). On the balance sheet date, the outstanding volume was nominally SEK 1,250 million, which is within the scope of the unutilised lines of credit from banks.

Danish mortgage bonds

Through the Danish mortgage credit system, Catena borrowed SEK 365.5 million (277.8) on the balance sheet date, corresponding to 4 percent of Catena's total interest-bearing liabilities.

Interest expenses and sensitivity

On the balance sheet date, the average interest rate, including the cost of derivatives and unutilised lines of credit, was 2.3 percent (2.5). If the market interest rate defined as Stibor 3-month increases by one percentage point, all else being equal, the interest expenses increase by around SEK 27 million. If the market interest rate falls by one percentage point, the interest expenses increases by about SEK 39 million.

One explanation for the sensitivity lies, among other things, in the fact that most of the Group's loans are burdened with interest rate floors. Accordingly, interest rate fluctuations are

limited by the fact that the market interest rate cannot be negative while the cost of outstanding and purchased interest rate derivatives can increase by negative market interest rates.

Interest-rate risk management

Interest expenses are a significant part of Catena's earnings. They are mainly affected by changes in the market interest rate, but also by changing rules and conditions in the credit market, which can, in turn, alter credit margins.

To limit the Group's interest-rate risk, Catena mainly uses fixed-rate loans and interest-rate derivatives to spread interest maturities over time. On the balance sheet date, the carrying amount of the interest rate derivatives was a negative SEK 257.7 million (negative 386.6) and the change in value was SEK 85.2 million (negative 5.5). The change in value of the derivatives does not affect cash flow and, on reaching maturity, the value of derivatives is always zero. Fixed-rate loans are valued at nominal value.

At the end of the period, fixed-rate loans, excluding commercial papers, amounted to SEK 673.8 million (989.3) and the nominal volume of outstanding interest rate swaps purchased amounted to SEK 5,712.9 million (5,719.9). Combined, they comprised an interest-rate hedge of 61 percent (62) of the total loan portfolio. At the end of the period, about 46 percent (33) of the portfolio had an interest maturity of less than one year and the average interest maturity for the entire portfolio was 2.7 years (3.7).

Head of Treasury Peter Andersson, phone +46 (0)42-449 22 44 [email protected]

Financial Controller / IR David Silvesjö, phone +46 (0)42-449 22 22 [email protected]

Important events

On 14 January, Catena signed an agreement to acquire the Morgongåva 15:33 property in the Morgongåva business park. Catena intends to build a 38,000 m2 logistics facility on the property, an investment of SEK 300 million, with a 12 year lease having been signed with Babyland. The new logistics facility will be environmentally certified in accordance with the Miljöbyggnad Silver standard, with its strict requirements in terms of energy, the indoor environment and choice of materials – solar cells are being installed on the roof. The overall investment is expected to generate a net operating surplus of approximately SEK 17.8 million.

On 22 February, Catena AB signed an agreement for Catena to acquire five properties in Denmark and one in Sweden (Borås) at an underlying property value of approximately SEK 815 million after deduction for deferred taxes. The net operating surplus for all of the properties was estimated at about SEK 45 million. The properties were acquired through corporate acquisitions, with the purchase consideration for the shares provisionally amounting to about SEK 457 million. The acquisition encompasses a total lettable area of approximately 93,270 m2, a rental value of SEK 49 million and an average remaining lease duration exceeding ten years. Development rights for a total of about 40,000 m2 are associated with the properties, offering opportunities for future expansion. Part of the purchase consideration was paid by Catena issuing a promissory note that, in accordance with the agreement, the vendor, H5 Properties A/S submitted as payment for newly issued shares in Catena. The private placement was aimed at the vendor, to be subscribed and paid for on taking possession of the properties.

On 1 March, Catena took possession of the acquired properties from the Danish company H5 Properties A/S. Payment was made in part through a promissory note of SEK 200 million issued by Catena, which the seller submitted as payment for newly issued shares in Catena. The new share issue was approved by the Board of Directors of Catena, supported by the authorisation granted to the Board of Directors by the 2020 Annual General Meeting of the Company and providing a capital contribution of SEK 200 million, in accordance with what was stated above. The subscription price for the issue of approximately SEK 379 per Catena share was based on the average share price over the past 10 trading days, meaning that H5 Properties held 527,911 new shares in Catena, corresponding to 1.38 percent of the total number of shares following the issue.

The Nomination Committee submitted a proposal regarding the composition of the Board of Directors to the 2021 Annual General Meeting. It was proposed that Magnus Swärdh, Katarina Wallin, Hélène Briggert, Vesna Jovic and Caesar Åfors be re-elected and that Gustaf Hermelin be re-elected as the Chairman of the Board. It was also proposed that Lennart Mauritzson be newly elected as Tomas Andersson had declined re-election.

On March 31, Catena announced an increase in the number of shares and votes in light of the private placement determined by the Board of Directors on 1 March. The increase in share capital as a consequence of the new share issue was registered by the Swedish Companies Registration Office on 1 March. The total number of shares in Catena increased by 527,911 shares and votes.

On 31 March, it was announced that Catena intended to implement a new issue of up to 3 million shares, aimed at Swedish and international institutional investors through an accelerated book building procedure, which began immediately after the publication of the press release and ended before trading opened on the Nasdaq Stockholm exchange on 1 April. The Company published information on the outcome of the share issue in a press release in connection with the completion of the book building procedure.

On 31 March, Catena announced that the Company had completed the private placement of shares, thereby raising SEK 1,080 million. As authorised by the 2020 Annual General Meeting, the Company decided to implement a private placement of 3,000,000 shares at a subscription price of SEK 360 per share. The subscription price for the private placement was determined through an accelerated book building procedure and corresponded to a discount of 6.5 percent against the closing price on 31 March. In relation to the long-term net asset value per share of SEK 245.08 as of 31 December 2020, the subscription price corresponded to a premium of 47 percent. The private placement was aimed at a large number of Swedish and international institutional investors and the proceeds will be used for continued growth through investments in project development and acquisitions, as well as for maintaining a stable capital structure. The reasons for deviating from existing shareholders' preferential rights were to raise capital efficiently and quickly and to diversify the Company's shareholder base. To facilitate the implementation of the issue, the new shares were initially subscribed for by ABG Sundal Collier, in their capacity as an issuing institution, at an amount corresponding to the quota value of the shares.

In connection with the settlement date of 8 April 2021, the remaining amount was injected into the Company, that is, the difference between the subscription price in the new share issue and the quota value. The new share issue entailed the number of shares in Catena increasing by 3,000,000, from 38,226,764 to 41,226,764 and the share capital increasing by SEK 13,200,000, from SEK 168,197,762 to SEK 181,397,762. The new share issue resulted in a dilution of 7.3 percent for existing shareholders based on the number of shares in the Company following the new share issue.

Significant events after the end of the period

As a result of the private placement implemented by Catena on 31 March 2021, the data for the 2021 Annual General Meeting regarding the Board's opinion on dividend payments was adjusted.

On 9 April, Catena announced that the Company's Board of Directors had decided to update four of the targets in the Company's Financial Policy. The new, updated targets state that the equity/assets ratio should amount to at least 40 percent, the interest coverage ratio should amount to a multiple of at least 2, average debt maturity should be at least 2.5 years, and the net loan-to-value ratio should be at most 50 percent.

Shares and shareholders

The share

As per the closing date, the Catena share was registered on the Nasdaq Stockholm Nordic Large Cap list. The closing price on 31 March 2021 was SEK 385.00, against the closing price of SEK 385.00 on 30 December 2020, meaning that the share price remained unchanged over the period. During the period, the highest price noted for the Catena share was SEK 417.50 and the lowest was SEK 368.00. Since the autumn of 2017, Catena's share has been included in the international property index EPRA.

During the quarter, Catena completed two new share issues. In connection with the acquisition of five properties in Denmark and one in Borås, Sweden on 1 March from Danish company H5 Properties A/S, a private placement of 527,911 new shares was implemented at a subscription price of SEK 379 per share, which was used as partial payment for the acquisition. The new share issue was approved by Catena's Board of Directors, supported by the authorization granted to the Board of Directors by the 2020 Annual General Meeting.

On 31 March, another private placement was implemented, raising SEK 1,080 million for the Company. As authorised by the 2020 Annual General Meeting, Catena decided to conduct a private placement of 3,000,000 shares for cash. The subscription price for the private placement, SEK 360 per share, was determined through an accelerated book building procedure and corresponded to a discount of 6.5 percent against the closing price on 31 March. The private placement was aimed at a large number of Swedish and international institutional investors and the proceeds will be used for continued growth through investments in project development and acquisitions, as well as for maintaining a stable capital structure.

As at 31 March 2021, Catena had 14,467 registered shareholders, with the number of shares amounting to 41,226,764.

Dividend policy

In the long term, Catena's dividends shall amount to at least 50 percent of profit from property management less standard rate tax.

Ownership structure as at 31 March 2021, major shareholders
	No. of shares, 000s	Votes, %
Backahill	11,221	29.4
PGGM Pensioenfonds	3,422	9.0
Länsförsäkringar Fonder	1,746	4.6
Gustaf Hermelin	1,310	3.4
Fjärde AP-Fonden (AP4)	1,087	2.8
Vanguard	903	2.4
SEB Fonder	789	2.1
Cohen & Steers	651	1.7
Norges Bank	554	1.4
BlackRock	536	1.4
H5 Properties A/S	528	1.4
Aberdeen Standard Investments	505	1.3
BMO Global Asset Management	453	1.2
Swedbank Robur Fonder	316	0.8
Other shareholders	14,206	37.1
Total	38,227	100.0
Unregistered newly issued shares	3,000
Total	41,227

Financial reporting

6 July 2021	Interim Report, January – June 2021
28 October 2021	Interim Report, January – September 2021
	22 February 2022 Year-end Report 2021
28 April 2022	2022 Annual General Meeting
28 April 2022	Interim report January–March 2022

Catena's interim report for the first quarter of 2021 will be presented online on 30 April at 10.00 a.m. CET – to participate, please see the instructions given on Catena's website. Up-to-date financial information is always available in both Swedish and English on Catena's website.

Share price trend 1 April 2019 – 31 March 2021

CEO Jörgen Eriksson, phone +46 (0)42-449 22 42 [email protected]

Sofie Bennsten, phone +46 (0)42-449 22 41 [email protected]

Deputy CEO, CFO

Financial Controller / IR David Silvesjö, phone +46 (0)42-449 22 22 [email protected]

Current earnings capacity

Current earnings capacity
SEK M	2021 31 Mar	2020 31 Dec	2020 30 Sep	2020 30 Jun	2020 31 Mar	2019 31 Dec	2019 30 Sep	2019 30 Jun
Rental income	1,382.6	1,314.8	1,312.6	1,285.8	1,245.9	1,208.9	1,183.6	1,169.6
Property expenses	-302.0	-300.2	-299.8	-293.7	-284.5	-276.0	-272.4	-268.2
Net operating surplus	1,080.6	1,014.6	1,012.8	992.1	961.4	932.9	911.2	901.4
Central administration	-36.5	-36.5	-36.4	-36.4	-36.4	-36.4	-32.4	-32.4
Interest in profits from associated companies	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0
Net financial items	-223.6	-226.0	-235.5	-235.6	-221.9	-223.4	-224.6	-216.8
Ground rent	-9.9	-9.9	-9.8	-9.8	-9.8	-9.8	-9.7	-10.5
Profit from property management	805.6	737.2	726.1	705.3	688.3	658.3	639.5	636.7
Tax for the period	-166.0	-151.9	-155.4	-150.9	-147.3	-140.9	-136.9	-136.3
Profit for the period	639.7	585.3	570.7	554.4	541.0	517.4	502.6	500.4
Key share data
Profit for the period/year, SEK per share	15.5	15.5	15.1	14.7	14.4	13.7	13.3	13.3
Number of shares outstanding, millions	41.2	37.7	37.7	37.7	37.7	37.7	37.7	37.7

In the table, Catena presents its earnings capacity on a 12-month basis. As the table is not equivalent to a forecast, but is intended to reflect a normal year, actual outcomes may differ because of decisions that affect the outcome positively as well as negatively in relation to normal years, like unforeseen events. The presented earnings capacity does not include any assessment of changes in rent, vacancy or interest rate. Catena's income statement is also affected by changes in value and changes in the property portfolio as well as

changes in the value of derivative instruments. None of this has been taken into account in the current earnings capacity. The net operating surplus is based, at the balance sheet date, on contracted leases and normalised property costs for the current portfolio. Financial expenses are based on Catena's average interest rate level including hedges for current loan debt less capitalised interest in normal project volume. The tax is calculated on a conventional basis in accordance with the tax rate at any given time.

Yield
	2021	2020	2020	2020	2020	2019	2019	2019
%	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar	31 Dec	30 Sep	30 Jun
EPRA NIY (initial yield)	5.3	5.5	5.7	5.9	5.9	5.8	6.0	6.1
EPRA "topped-up" NIY (normalised yield)	5.4	5.7	6.0	6.1	6.1	6.1	6.3	6.3

Catena presents a yield here in the form of "Net Initial Yield (NIY)" and "topped-up" Net Initial Yield in accordance with EPRA's definitions. Both key figures are calculated on the basis of Investment properties according to the consolidated balance sheet plus addition of ownership of investment properties in joint ventures and after deductions for development land and projects not yet completed. Net initial yield (NIY) is based on contractual annual rent for properties in Catena's own portfolio as well as our share of contractual annual rent in properties owned by joint ventures after deduction of initial discounts. From these annual rents, deductions are made for expected operating and maintenance expenses, property tax and property administration. The net operating surplus calculated in this way differs from current earnings capacity mainly because contracted annual rent and expenses for projects not yet completed are not included.

In the calculation of EPRA "topped-up" NIY, contracted annual rent is used without deduction of initial discounts.

Parent Company's financial statements

Income Statement, Parent Company
SEK M	2021, Jan-Mar	2020, Jan-Mar	2020, Jan–Dec
Net sales	14.3	13.4	55.5
Cost of services performed	-22.1	-22.3	-88.2
Operating profit/loss	-7.8	-8.9	-32.7
Financial income and expenses
Other interest income and similar income	140.8	63.0	202.5
Profit from participations in Group companies	–	–	85.8
Interest expenses and similar expenses	-36.6	-39.9	-106.8
Profit before appropriations and taxes	96.4	14.2	148.8
Appropriations
Tax on profit for the period/year	-19.9	-3.1	-59.5
Comprehensive income for the period/year	76.5	11.1	89.3

No items in the Parent Company are recognised in other comprehensive income and total comprehensive income is therefore consistent with profit for the period/year.

Balance Sheet, Parent Company
SEK M	2021, 31 Mar	2020, 31 Mar	2020, 31 Dec
Assets
Fixed assets
Tangible fixed assets	1.3	1.0	0.9
Financial non-current assets	3,236.6	3,236.2	3,236.2
Deferred tax assets	56.3	80.1	71.4
Non-current receivables	26.3	27.4	26.4
Current assets
Receivables from Group companies	5,398.1	4,062.4	4,164.0
Receivables from associated companies	–	43.5	–
Current receivables	1,076.1	12.4	7.9
Cash and cash equivalents	274.1	147.5	403.8
Total assets	10,068.8	7,610.5	7,910.6
Equity and liabilities
Shareholders' equity	4,098.7	2,918.6	2,751.7
Untaxed reserves	24.1	24.1	24.1
Non-current liabilities
Interest-bearing liabilities	1,997.6	879.1	1,298.8
Provisions	3.5	2.4	3.2
Other non-current liabilities	257.8	386.6	343.0
Current liabilities
Liabilities to Group companies	3,636.2	3,357.5	3,421.4
Liabilities to associated companies	3.3	1.5	28.4
Other current liabilities	47.6	40.7	40.0
Total equity and liabilities	10,068.8	7,610.5	7,910.6

Financial targets, Group operations

Accounting and valuation principles

Catena AB draws up its consolidated accounts in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and also with interpretive statements from the International Financial Interpretations Committee (IFRIC), as approved by the European Commission for application in the EU.

The Parent Company applies the same accounting policies as the Group, with due consideration of the recommendations of the Swedish Council for Financial Reporting: RFR 2, Accounting for Legal Entities.

This interim report was drawn up in accordance with IAS 34, Interim Financial Reporting, for the Group and according to the Swedish Annual Accounts Act for the Parent Company. The accounting principles are unchanged compared with the annual accounts for the preceding year.

Risks and uncertainty factors

In order to be able to prepare the accounts in accordance with good accounting practices, Company management must

make assessments and assumptions that affect the asset and liability items reported in the financial statements and income and expense items, respectively, and information provided in other respects. Actual outcomes may diverge from these assessments. Catena's financial risks are described in Note 20 on pages 107–108 and 127–131 of the 2020 Annual Report. No essential changes have occurred since then.

The Board of Directors and the Chief Executive Officer certify that this report gives a true and fair view of the financial position and results and describes significant risks and uncertainties that the Group and the companies included in the Group face.

Helsingborg, 29 April 2021 Catena AB

Board of Directors

This report has not been subject to special review by the company's auditors.

Key financial figures for the Group

Key figures 1, 2					Definitions
	2021	2020	Rolling	2020
Property-related	Jan-Mar	Jan-Mar	12-month	Jan-Dec
Rental income, SEK M	329.4	315.1	1,278.2		1,263.9 Rental income according to Statement of comprehensive
					income.
Net operating surplus, SEK M	258.7	249.1	1,013.4		1,003.8 Rental income less operating and maintenance expenses, property tax and property administration.
Surplus ratio, %	78.5	79.1	79.3		79.4 Net operating surplus as a percentage of income from property.
Rental value, SEK M	1,472.9	1,310.6	1,472.9		1,388.5 Contractual rents on an annual basis plus a supplement for assessed market rents for vacant space.
Economic letting ratio, %	93.9	95.4	93.9		96.2 Contractual rents under valid leases at year-end as a percentage of rental value.
Loan-to-value ratio, % 3	49.7	53.6	49.7		50.1 Interest-bearing liabilities attributable to the properties, less cash and cash equivalents, as a percentage of the carrying amounts of the properties at the end of the period/year.
Lettable area, thousand m2	2,080.9	1,871.5	2,080.9		1,947.5 Total area available for letting.

Financial Profit from property	187.8	177.4	729.0		718.6 Pre-tax profit with reversal of changes in value.
management, SEK M
Pre-tax profit, SEK M	952.9	182.8	2,693.6		1,923.5 Profit before tax in accordance with Statement of comprehensive income.
Profit for the year, SEK M	756.4	143.8	2,139.7		1,527.1 Profit for the year in accordance with Statement of comprehensive income.
Total assets, SEK M	23,433.3	18,435.1	23,433.3	20,398.6
Return on equity, %	8.8	2.3	26.6		22.0 Profit for the period/year as a percentage of average equity.
Return on assets, %	4.2	1.4	13.4		11.1 Pre-tax profit plus financial expenses as a percentage of average total assets.
Interest-coverage ratio, multiple	4.1	4.1	4.1		4.0 Pre-tax profit before reversal of financial expenses and unrealised changes in value in relation to financial expenses.
Average interest rate, %	2.3	2.5	2.3		2.3 Average interest on the loan portfolio with derivatives being taken into account as per the balance sheet date.
Interest maturity, years	2.7	3.7	2.7		3.1 Average weighted interest maturity on the loan portfolio including the effect of derivatives.
Debt maturity, years	2.2	2.3	2.2		2.2 Weighted average debt maturity on the loan portfolio.
Equity ratio, %	41.1	35.1	41.1		37.2 Equity including non-controlling interests as a percentage of total assets.
Equity ratio, excluding goodwill and lease assets, %	42.6	36.8	42.6		38.8 Equity including non-controlling interests as a percentage of total assets less goodwill and lease assets.
Share-related
Share price at end of period, SEK	385.00	289.50	385.00	385.00
Cash flow before change in	4.57	4.67	18.81	18.91
working capital per share, SEK Equity per share, SEK	233.67	171.76	233.67		201.34 Equity attributable to Parent Company shareholders in relation to the number of shares outstanding at the end
Profit from property	4.95	4.71	19.31		of the year/period. 19.06 Profit from property management in relation to the average
management per share, SEK					number of shares outstanding.
Earning per share, SEK	19.95	3.81	56.68		40.51 Profit for the period/year attributable to the Parent Com pany's shareholders in relation to the average number of shares outstanding.
Number of shares outstanding, millions	41.2	37.7	41.2		37.7 Number of shares on the balance sheet date.
P/E ratio	7	10	7		10 Share price at end of period/year in relation to past 12 months' rolling profit.

1 For division into IFRS categories, alternative and other key figures, please refer to page 147 in Catena's 2020 Annual Report.

2 On remaining properties at the end of the period.

3 Historical figures are adjusted based on the current definition.

EPRA Key Figures

EPRA, European Public Real Estate Association, is a special interest organisation for listed property companies and investors in Europe, which, among other things, sets standards for financial reporting beyond those imposed under IFRS. EPRA's recommendations for accounting and reporting are described in the EPRA Best Practices Recommendation Guidelines (EPRA BPR). The recommendation aims to increase transparency and comparability between Europe's listed property companies. Catena reports the key figures below in accordance with this recommendation.

	SEK M	2021, Jan-Mar SEK/share	SEK M	2020, Jan-Mar SEK/share	SEK M	2020, Jan-Dec SEK/share
EPRA Earnings (profit from property management after current tax)	182.0	4.80	171.9	4.56	696.2	18.47
		Profit from property management after the theoretical tax attributable to the profit from prop erty management that Catena would pay without taking loss carryforwards into account. For interim periods, the tax is based on an assessment of expected tax. EPRA Earnings per share (EPS) are calculated based on the weighted average number of shares outstanding.
EPRA NRV Long-term net asset value	11,390.6	276.29	7,847.3	208.16	9,239.4	245.08
		Long-term net asset value is intended to show the long-term value of net assets without changes in of the current property portfolio. This means that assets and liabilities, which do not involve any disbursement in the near future, are excluded. For Catena, this means that EPRA NRV is calculated on the basis of equity with a reversal of the fair value of derivatives, deferred tax and goodwill associated with deferred tax.
EPRA NTA Current net asset value	10,940.9	265.38	7,506.0	199.1	8,840.0	234.49
	The assumption behind the current net asset value of EPRA NTA is that there is turnover in the property portfolio, which entails the realisation of a certain share of the deferred tax liabilities. Based on transaction history, Catena has assumed that the value of the properties is realised over a 50-year period, with 10 percent of being realised as property transactions and 90 per cent being sold indirectly through companies where the buyer's tax deduction is 5.15 percent. EPRA NTA is calculated as EPRA NRV with the difference that an adjustment is made for calcu lated actual deferred tax.
EPRA NDV Disposal value	9,130.6	221.47	5,972.3	158.42	7,087.4	188.00
	liabilities.	EPRA NDV is intended to represent a disposal value where all assets are sold (as property transactions) and no liabilities are held to maturity. The value on disposal is calculated as shareholders' equity with goodwill reversed and adjusted by the fair value of interest-bearing
		2021, Jan-Mar %		2020, Jan-Mar %		2020, Jan-Dec %
EPRA NIY Dividend yield		5.3		5.9		5.5
	NIY is based on contractual annual rent for properties in our own portfolio as well as Catena's share of annual rent in properties owned through joint ventures after deducting initial discounts. From these annual rents, deductions are made for expected operating and maintenance ex penses, property tax and property administration. This surplus is set in relation to investment properties in accordance with the consolidated balance sheet, plus the proportion of invest ment properties owned through joint ventures and after deducting development land and projects yet to be completed.
EPRA "topped-up" NIY Dividend yield		5.4		6.1		5.7
	discounts.	In calculating EPRA "topped-up" NIY, contracted annual rent is used without deduction of initial
EPRA Vacancy rate		6.1		4.6		3.8
	EPRA Vacancy rate shows how much of the rental value is not received due to vacancies. EPRA Vacancy rate is calculated as the rental value for un-leased space at the end of the period as a percentage of the rental value for the entire property portfolio.

Catena is a listed property company that, through collaboration sustainably develops, owns and manages efficient logistics facilities. Its strategically located properties supply the Scandinavian metropolitan areas and are adapted for both current and future goods flows. The overall objective is to generate strong cash flow, enabling stable development and providing shareholders a favourable total return in the long term. Catena's shares are traded on NASDAQ Stockholm, Large Cap.

Catena AB (publ) Box 5003 SE-250 05 Helsingborg, Sweden Switchboard: +46 (0)42 449 22 00 Head office Regional office

Visiting address: Landskronavägen 23 SE-252 32 Helsingborg, Sweden

Stockholm Gasverksvägen 1 SE-611 35 Nyköping, Sweden Switchboard: +46 (0)42 449 22 00

Gothenburg/Jönköping Fibervägen 2 SE-435 33 Mölnlycke Switchboard: +46 (0)42 449 22 00 Helsingborg Landskronavägen 23 SE-252 32 Helsingborg, Sweden

Switchboard: +46 (0)42 449 22 00 Malmö

Lagervägen 4 SE-232 37 Arlöv, Sweden Switchboard: +46 (0)42 449 22 00 catenafastigheter.se