Platzer Fastigheter Holding

Earnings Release • Oct 10, 2025

Quarter July–September 2025

• Rental income increased by 4% to SEK 433 million.
• Operating surplus increased by 2% to SEK 340 million.
• Income from property management increased by 9% to SEK 198 million (181), corresponding to SEK 1.65 per share (1.51).
• Net lettings amounted to SEK -41 million (-41).
• Net investments amounted to SEK -60 million (194).

Period January–September 2025

• Rental income increased by 7% to SEK 1,309 million.
• Operating surplus increased by 6% to SEK 1,037 million.
• Income from property management increased by 13% to SEK 597 million (526), corresponding to SEK 4.98 per share (4.39).
• Net lettings amounted to SEK -29 million (-37).
• Net investments amounted to SEK -733 million (613).

Events in the quarter

• Formal termination of Nordea's lease contract received. The lease has been extended until the end of March 2027.
• New lettings raise the occupancy rate in the Mimo property to 88%.
• Neighbourhood transformation starts with 640 sq. m. restaurant investment in Gullbergsvass.
• Platzer is named Listed Company of the Year 2025.
• The Platzer share continues to be considered green under Nasdaq Green Equity Designation.

After the end of the period

• Lease of 10,400 sqm to a major industrial player in the new project Arendal Port View.

Key Performance Indicators	2025 Jul–Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024/2025 Oct-Sep	2024 Jan–Dec
Rental income, SEK m	433	416	1,309	1,227	1,751	1,670
Operating surplus, SEK m	340	334	1,037	974	1,377	1,314
Income from property management, SEK m	198	181	597	526	786	714
Income from property management, SEK/ share	1.65	1.51	4.98	4.39	6.56	5.96
Earnings, SEK/share	1.75	-0.66	3.25	0.56	5.84	3.15
Dividend, SEK/share	—	—	—	—	—	2.10
Net investments, SEK m	60	194	-733	613	2,208	2,342
Net lettings, SEK m	-41	-41	-29	-37	-37	-37
Net debt/EBITDA, times	10.9	10.7	10.7	11.0	10.8	12.1
Interest coverage ratio, times	2.5	2.2	2.4	2.2	2.4	2.3
At the end of the period
Property value, SEK m	29,659	28,524	29,659	28,524	29,659	30,372
Loan-to-value (LTV) ratio, property, %	50	50	50	50	50	52
Loan-to-value ratio, total assets, %	47	47	47	47	47	49
EPRA NRV	128	124	128	124	128	124
Share price	69.00	110.40	69.00	110.40	69.00	85.70

CEO'S MESSAGE

Continued stable growth in a changing world

Our income from property management improved by 13% and we also continued to strengthen our financial position and flexibility. The industrial and logistics segment is still the driving force, showing good demand and complementing our office segment. Shortly after the end of the period, we signed an industrial lease of 10,400 sqm in our new project Arendal Port View.

The market situation is similar to last quarter, and we are in a prolonged recession. This summer's customs agreement means greater predictability for Gothenburg's export-oriented business community. The industry now has a better understanding of what it has to deal with. Another glimmer of light is that we were able to note positive effects in the Purchasing Managers' Index for both the manufacturing and service sectors.

While waiting for households to regain confidence and start spending and for companies' willingness to invest to increase, hard work will continue to be the order of the day. Business Region Göteborg predicts that the economy in the Gothenburg region will recover at the beginning of 2026 and my assessment is that this will be reflected in officebased employment and the rental market, but with some delay. Thanks to our property portfolio's unique location in the vicinity of the port, the Industrial and Logistics segment remains more resilient.

Stronger income from property management, increased revenues and assiduous focus on customers

In this environment, we continued to improve our results in the period January to September:

• Rental income increased by 7%
• Operating surplus improved by 6%
• Income from property management grew by 13%

We are keen to ensure that our tenants choose to stay with us and that we quickly respond to their needs, which is something you should be able to expect from us as a local actor. We measure this on an ongoing basis in our operations through our retention rate, which amounted to 83% in the period. Our economic occupancy rate on October 1 was 91.5%.

During the third quarter, we renegotiated a volume corresponding to SEK 59 million in annual rent. The largest renegotiated lease was with the Public Dental Service's specialist and training unit at Medicinareberget, whose lease for 15,500 sq. m. was extended by 6 years.

As announced in the previous quarter, our tenant Nordea is set to move out and the lease has now been formally terminated, accounting for SEK -30 million of this year's negative net lettings of SEK -29 million. On a positive note, we have extended Nordea's lease until the end of March 2027 and initiated neighborhood development with a new restaurant venture in the current property.

Rental income grew by 4% in the quarter, slightly down on the second quarter. This was partly due to Mölnlycke Health Care terminating its contract at the end of June and partly to the sale of the school property in Södra Änggården, a project that was completed in the third quarter of the previous year. Thanks to continued good cost control, the operating surplus still increased by 2% in the quarter.

During the autumn, a number of tenants will take possession of their premises in Mimo, where the occupancy rate is now 88%, compared with 80% when we completed the acquisition of the property in December. This shows that there is a good demand for modern office space in Mölndal.

CEO'S MESSAGE

Improved financial flexibility

The transactions carried out during the year, together with our efforts to improve our financial KPIs, mean that our net debt to operating profit ratio is stable at 10.7 and the loan-to-value ratio is 47% of total assets. Our improved rating, together with a stronger bond market, has contributed to us now being able to obtain credit on significantly better terms than a year ago. During the quarter, we issued bonds of SEK 900 million at attractive levels and we were active in the derivatives market. In combination with a slightly smaller debt volume and lower Stibor, our net financial items continued to improve and the average interest rate at the end of the period was 15 basis points lower than at the end of the previous financial year.

Industrial and Logistics – almost half of our portfolio

The industrial and logistics portfolio is a segment in which we want to continue to grow. Today, it accounts for 40% of our portfolio in terms of space. Our properties are located in Sweden's best logistics location, in the immediate vicinity to Scandinavia's largest port, which so far this year has set new records in container volumes and established a new direct route to Asia.

Improved future prospects for the manufacturing industry will mean continued good demand for efficient logistics premises in attractive locations. Our vacancy rate in terms of space is in line with the market vacancy rate of 4%.

Over the past year, we have increased our activity in the transaction market. The industrial property we acquired in June has a strong cash flow, good project development prospects and is a good example of the type of business transactions we want to carry out going forward. During the summer, we completed the sale of a newly developed property in the Sörreds Logistikpark joint venture and we currently have 30,000 sq. m. of logistics space under construction in the same joint venture, which is expected to be ready in just over a year. At the beginning of October, shortly after the end of the period, we signed a lease of 10,400 sqm, subject to a granted building permit, with a major industrial player in our new project Arendal Port View. Here, we have applied for

building permits for 55,000 sqm, with the first sub-project being Rigg. I look forward to starting this project together with our new customer. By combining the site's logistical strengths with high climate ambitions, we are laying the foundation for a new generation of sustainable establishments at the entrance to the Port of Gothenburg.

The office market in Gothenburg

In our Offices segment, we face competition for customers as well as a market vacancy rate of just over 13%, which is higher than we have been used to historically. This is mainly due to a high supply of new construction. Market rents are unchanged and stable.

The population development in the city remains positive, employment is growing and no new office projects have been started in Gothenburg in 2025. This suggests that the vacancy rate will decrease in the long term. Gothenburg differs from other major cities in that some of the highest vacancy rates are found in central locations. This is partly explained by large ongoing infrastructure projects that have cut off access to parts of the Central Business District (CBD).

Broad front approach to sustainability work

We continue to improve our sustainability performance. So far this year, our CO2 emissions in our property management have decreased by 29%, compared with the corresponding period in 2024. For many years, we have been working actively to improve energy efficiency in our portfolio. During the first three quarters, energy consumption in the comparable portfolio amounted to 47.9 kWh/sq. m. Atemp. This amounts to a reduction of 4% compared with the same period in 2024 and our prospects of reaching this year's target of 70 kWh/sq. m. A-temp are good.

Sweden's R&D centre

In the long run, Platzer's main success factor is that Gothenburg and the region's business community are doing well. Sweden is ranked second in the world on the Global Innovation Index. This is astonishing for a small country and the Gothenburg region accounts for the largest share (35%) of the Swedish business community's R&D investments, exceeding

investments in Stockholm by SEK 10 billion. Being a world-class innovation center is a position of strength and drives the city's continued growth on a structural level.

A diversified economy spread across 750 industries gives the region stability and is a strength in a rapidly changing world. Volvo Lastvagnar's new order for military vehicles is an example of this, as is SAAB's expansion in the region.

As a concrete example of the direct link between the power of innovation of the business community and our own operations, I would like to mention our tenant Smart High Tech (SHT), which this year has expanded its premises in Arendal for its production of graphene materials. SHT is a direct result of Chalmers' world-leading position in the development of graphene.

Listed Company of the Year

We work hard, at all levels, to meet the changing needs of our customers. As a local player whose property management resources are fully in-house, we have the great advantage of being able to be close to our customers. An active approach to transactions and the right projects mean that we create leverage in our portfolio and this is something we continue to work on. In September we received some pleasant news when we were named Listed Company of the Year by Kanton, an acknowledgment of the expertise and commitment that exists in the company. I would therefore like to conclude by thanking all the dedicated employees who contribute every day to our continued development and success.

This is Platzer	4
Our sustainability work	5
Operations
Customers and lettings	6
Earning capacity	8
Project and district development	9
Office	9
Industrial and Logistics	10

Property portfolio 11 Associates and joint ventures 12 Funding 13

Results & Financial position

Consolidated income statement	15
Segment reporting	17
Consolidated balance sheet,
condensed	18
Changes in equity,
condensed	19
Consolidated cash flow statement	20
Quarterly summary, Group	21
Key Performance Indicators	21
Parent Company	22
Other comments	23
Auditors' review report	24

The Platzer share

The Platzer share	25

Market & Platzer

Gothenburg adapts to a
volatile world	26
Underlying data and calculation
of KPIs	28
Financial definitions/KPIs	31

All amounts in the report refer to the reporting date and figures in brackets refer to 31 December 2024 for balance sheet items and the comparative period in 2024 for income statement and cash flow items.

This is Platzer

Platzer is one of the largest and leading commercial property companies in Gothenburg. We are proud to be participating in the creation, preservation and regeneration of the best locations in Gothenburg and in developing a sustainable city. We own and develop 77 properties with a total lettable area of 946,000 sq. m., worth SEK 30 billion.

77 properties

30 property value, SEK billion

946 lettable area, thousand sq.

Key financial ratios steering decision-making

Target

• Increase in net asset value over time: > 10%/year

Enabler

• Return on investment, project investments: > 20%

Financial risk reduction

• Equity/assets ratio: > 30%
• Loan-to-value ratio: not to exceed 50% over time
• Interest coverage ratio: > 2 times

How we create sustainable value

We create value through management, development, acquisitions and disposals of property. We aim to create attractive areas with sustainable business opportunities for our customers.

Vision

We aim to make Gothenburg the best city in Europe to work in.

Business concept

We create sustainable values through ownership and development of commercial property in Gothenburg.

Core values

• Openness
• Freedom with responsibility
• Long-term development

Our sustainability work

We work actively to achieve positive social change while also seeking to have as little negative impact as possible on the environment. The development of our environmental programme continues to further reduce climate impact and increase material efficiency. We continue to develop the districts where we are active and we are involved in public discourse.

Climate and energy efficiency

Our tenant fit-outs account for a significant part of our climate emissions in the value chain. We have therefore developed our environmental programme in which all fit-out projects must include significant reuse and climate calculations. To facilitate monitoring of the climate footprint of projects, we have started implementing a calculation tool. We have also developed a surface layer concept for our fit-out projects. This concept is based on an approach that in the first instance involves preserving surfaces as they are, secondly reusing building materials and thirdly choosing new materials that are climate-efficient and sustainable in the long term.

In the first three quarters, our CO2 emissions from property management decreased by 29% compared with the corresponding period in 2024. This is mainly due to reduced emissions from refrigerant leaks from our cooling systems.

We continue to take active steps to improve energy efficiency in our property portfolio. During the first three quarters, energy consumption in comparable properties amounted to 47.9 kWh/sq. m. Atemp, down by 4% compared with the same period in 2024. The likelihood of reaching this year's target of 70 kWh/sq. m. Atemp looks good.

Platzer in the community

We want to be an active participant who develops the areas in which we operate, both through our work with and around our properties and in collaboration with other actors.

In Lilla Bommen, we work to create a more vibrant area through improved outdoor environments and events.

The development of Södra Änggården is still a focus area. To create a mixed-use urban development, we have sold more building rights for housing. Our initiatives involving public art continue and the winner of the competition for Södra Änggården's district-wide artwork has now been decided. The winning entry was the statue named "The Discoverer". In September, the Södra Änggårdsloppet race was arranged for the third year in a row.

Platzer participated in the Frihamnsdagarna festival, which is a forum for conversation and dialogue on social issues. At the festival we participated in a seminar focusing on sustainability and communication in the age of AI, rules and different truths. We also arranged a seminar and a roundtable discussion where we highlighted the issue of seeing the value in what has already been built and transforming it to the needs of the future.

Green and sustainable financing

Our sustainable financing increased by 12% compared with the corresponding period in 2024. This was due to the reallocation of non-green loans and an increased share of green bonds.

As a member of EPRA (the European Public Real Estate Association), we report annually according to their sustainability framework, sBPR, and received a Silver award for the fourth year in a row for our reporting of the 28 performance measures included in the framework.

Platzer's share has received the Nasdaq Green Equity Designation for the fourth year in a row. To qualify, more than 50% of sales and a majority of investments must involve green activities. The audit showed that 74% of our sales were green.

Platzer's sustainability reporting

In the quarterly reports, we report the outcome of some prioritised sustainability matters and sustainability targets, and provide information on current events during the quarter related to our sustainability work. An overall picture of our sustainability work is published once a year in our Sustainability Report, which is prepared in accordance with the Swedish Annual Accounts Act, GRI Standards and EPRA Sustainability Best Practice Recommendations (sBPR). The Sustainability Report for 2024 is available on our website integrated into our 2024 Annual Report.

Sustainability metrics measured on a quarterly basis	Unit	2025 Jan-Sep	2024 Jan-Sep	Change, %	2024 Jan–Dec	Rolling 12 months
Energy use in comparable property1	kWh/sq. m. Atemp	47.9	50.1	-4	77.8	69.6
Total energy (building electricity, district heating and district cooling)	MWh	51,928	48,300	8	73,890	74,682
Carbon dioxide emissions (Scope 12 and Scope 23)	tonnes CO2e	217.6	305	-29	402	N/A
Carbon dioxide emissions (Scope 12 and Scope 23) by lettable area	kg CO2e/sq. m.	0.22	0.32	-31	0.41	N/A
Green leases	Percentage of lettable area	64	66	-3	64	N/A
Environmentally certified properties	percentage of investment proper ties, %	83	79	5	84	N/A
Green and sustainable financing	%	73	65	12	67	N/A

• 1 Refers to properties that have been under our management for two complete comparison periods.
• 2 Scope 1 carbon dioxide emissions from pool cars and refrigerant leaks.
• 3 Scope 2 carbon dioxide emissions from district heating, from 2023 only emissions from incineration are included in Scope 2. Emissions from district heating related to production and transport are included in Scope 3 emissions, which are reported on an annual basis.

Customers and lettings

The quarter continued to be characterised by weak economic activity and competition for customers. During the quarter, we received a lease termination from Nordea as previously announced. Our retention rate was 83% and the economic occupancy rate was 91.5%.

Net lettings

Net lettings for the period amounted to SEK -29 million (-37), including associates, and SEK -52 million (-61) in the wholly-owned portfolio. Net lettings (including associates) included SEK -13 million relating to bankruptcies and SEK -8 million relating to leases terminated as a result of company acquisitions.

Net lettings in the quarter amounted to SEK -41 million (-41) including associates and SEK -39 million (-41) in the wholly owned portfolio. Total terminated rental volume in the wholly-owned property portfolio amounted to SEK -44 million (-45). Of this, SEK -30 million related to Nordea, which announced in the

spring that it intends to leave Lilla Bommen. The lease agreement was formally terminated in the quarter and expires in March 2027. A supplementary agreement sets out the rent until vacation of the premises and gives a positive net effect compared with the previous agreement. Excluding the vacation by Nordea, rental volume for the quarter amounted to SEK -14 million, of which SEK -4 million related to tenants who are vacating office space. The remaining SEK -10 million related to tenants who are reducing their space but still have a lease with us, as well as to the termination of leases for garages and construction site facilities.

Net lettings

· ·	Offi	ces	Industria hou		Oth	ner	Proj	ect	Tot	tal
SEK m	Q1-Q3 2025	Q1-Q3 2024	Q1-Q3 2025	Q1-Q3 2024	Q1-Q3 2025	Q1-Q3 2024	Q1-Q3 2025	Q1-Q3 2024	Q1-Q3 2025	Q1-Q3 2024
Wholly owned properties
Lettings	30	23	7	6	_	_	_	2	37	31
Notice of termination	-86	-75	-1	-17	-2	_	_	_	-89	-92
Net lettings, wholly owned	-56	-52	6	-11	-2	-	_	2	-52	-61
Associates
Lettings	1	5	_	19	_	_	26	_	27	24
Notice of termination	-4	_	_	_	_	_	_	_	-4	_
Net lettings incl. associates	-59	-47	6	8	-2	_	26	2	-29	-37

Renegotiated leases

J	Industrial/ware- Offices houses		Ot	her	Project		Total
	Q1-Q3 2025	Q1-Q3 2024	Q1-Q3 2025	Q1-Q3 2024	Q1-Q3 2025	Q1-Q3 2024	Q1-Q3 2025	Q1-Q3 2024	Q1-Q3 2025	Q1-Q3 2024
Wholly owned properties
Rental value after renegotiation, SEK m	96	68	20	71	_	_	0	_	116	139
Change in rent, %	-3	9	0	5	_	_	-30	_	-3	7
Associates

CUSTOMERS AND LETTINGS

Renegotiated leases

During the period, a contract volume of SEK 116 million (139) was renegotiated, all of which pertained to the wholly-owned portfolio. Of the quarter's renegotiated rent volume of SEK 59 million (17), just over half related to a renegotiation with the Public Dental Service (Folktandvården). This agreement includes a rent reduction as well as an extension to the lease term, which will have a positive effect on the average remaining term.

The proportion of customers who had the opportunity to give notice of termination of their leases but chose instead to retain their leases on unchanged terms (so-called retention rate) amounted to 83% for the period, down from 87% in the previous quarter. The decrease was primarily due to the lease termination by Nordea.

Occupancy rate

On 1 October 2025, the economic occupancy rate (excluding projects and land), was 91.5%, unchanged compared with the previous quarter, . At the beginning of the year it was 92.9%, with the decrease mainly due to the sale of Högsbo 55:13 (Engelska Skolan) and the lease termination by Mölnlycke Health Care. On the same date, the value of vacant properties amounted to SEK -211 million (-162), up by SEK -49 million, while rent discounts increased by SEK -4 million.

The rental value attributable to signed but not yet completed leases amounted to SEK 35 million. The rental value of notified lease terminations where vacation of premises has not yet taken place amounted to SEK 74 million.

Contract structure

As at 1 October 2025, Platzer had a total of 706 commercial leases (717) with a total contracted annual rent of SEK 1,671 million (1,716). The average remaining contract period was 4.0 years (4.3). Comparative figures refer to the beginning of the year. The fact that the average remaining term decreased compared with the beginning of the year was mainly due to the disposal of Högsbo 55:13 (Engelska Skolan), which had a longterm lease.

Platzer has a well-diversified rental structure in terms of both geographical spread and distribution between offices and industrial/warehouses. The 10 largest tenants accounted for 35% of the total contract

value, with a majority of tenants comprising customers in municipalities, government agencies and industrial and logistics. Of total contracted rental income from commercial property, 93% is subject to annual indexlinked increases, the majority of which apply to the entire basic rent and are based on the CPI.

Rental value of future contract changes, SEK m
Leases signed, not occupied	35
Terminated leases, not vacated	74

		Rental value,
Start year, signed lease agreements	Number	SEK m
2025	1	0
2026–	9	35
Total	10	35

Year of maturity, terminated leases	Number	Rental value, SEK m
2025	32	31
2026	19	16
2027–	8	27
Total	59	74

Contract structure, SEK
m	Number of contracts	Percentage, %	Contract value, SEK m	Percentage, %
< 0.25	266	38	17	1
0.25–0.5	69	10	25	2
0.5–1.0	111	16	84	5
1.0–5.0	183	26	433	26
5.0–10.0	38	5	274	16
> 10.0	39	5	838	50
Subtotal	706	100	1,671	100
Car parks, parking garages, other	614	100	58	100
Total	1,320	100	1,729	100

Major clients	Share1
ESS Group AB	5%
AB Volvo	5%
Region Västra Götaland	4%
The Swedish Migration Agency	4%
DFDS Logistics Contracts AB	3%
City of Gothenburg	3%
University of Gothenburg	3%
NTEX AB	2%
Plasman Industri AB	2%
Swedish Social Insurance Agency	2%
Total	35%

Share of contracted annual rent

Earning capacity

SEK m	1 Oct 2025	1 Jan 2025
Rental value	1,940	1,939
Rental value of vacant space	-211	-162
Discounts	-38	-34
Rental income	1,691	1,743
Property costs	-317	-311
Property administration	-63	-60
Operating surplus	1,311	1,371
Central administration	-76	-67
Share of income from property management of associates and joint ventures	36	39
Finance costs	-520	-577
Income from property management	751	766
Income from property management per share, SEK	6.26	6.39

The table above presents Platzer's earning capacity on a twelve-month basis. The purpose is to present income and costs based on the property portfolio, borrowing costs and organisation at a specific point in time. Earning capacity is a snapshot and does not include an assessment of the coming period in terms of rent and vacancy development, property costs, interest rates, changes in value or other items affecting earnings. Earning capacity is therefore not to be equated with a forecast for the next 12 months.

Earning capacity is based on the following:

• Properties owned on the balance sheet date are included in earning capacity. Agreed acquisitions and disposals after the balance sheet date are not taken into consideration.
• The rental value is based on contracted rental income on an annual basis based on current lease agreements plus the estimated market rent for vacant premises.
• The rental value of vacant space is based on the estimated market rent for vacant premises.
• Discounts are based on outcomes over the past 12 months, adjusted for the period of ownership.
• Operating costs, maintenance costs and property tax are based on the outcome over the past 12 months, adjusted for the period of ownership.
• Costs for central administration and property administration are based on the outcome over the past 12 months.
• Share in income from property management of associates and joint ventures is calculated according to the same methodology as for Platzer in general, adjusted for the period of ownership.
• Finance costs have been calculated based on the average interest rate of 3.53% on the balance sheet date, plus accrued arrangement costs. The item also includes site leasehold fees of SEK 1 million.
• The number of shares on the balance sheet date amounted to 119,815,863.

Change in rental income, SEK m	Jan-Sep 2025	Jan–Dec 2024
Opening annual value	1,743	1,588
Acquired annual value	—	81
Sold annual value	-29	—
Completed project	—	43
Occupied	48	32
Vacated	-63	-68
Bankruptcy	-11	-7
Other changes in existing portfolio	7	78
Change in discounts	-4	-4
Closing annual value	1,691	1,743
Change in rental value of vacant space, SEK m	Jan–Jun 2025	Jan–Dec 2024
Opening annual value	162	106
Acquired vacancy	—	13
Sold vacant space Completed project	— —	— 7
Occupied	-28	-22
Vacated	51	54
Bankruptcy	9	6
Change in rental value of vacant space	17	-2
Closing annual value	211	162
Key ratios, earning capacity	1 Oct 2025	1 Jan 2025
Economic occupancy rate, investment properties, %	91.5	92.9
Remaining lease term, years	4.0	4.3

Surplus ratio, % 77 79

Project and district development

We have 320,000 sq. m. gross floor area (GFA) of possible future development projects. Of these, 55,000 sq. m. are in the concept design and detailed design phase. The others are at various stages of the detailed development plan process.

Offices

Lilla Bommen

Lilla Bommen is undergoing major change with the central area being developed, commuter traffic growing and the city expanding down towards the water. The central station is being expanded through Gothenburg Grand Central and its associated office and retail space. This, in turn, will be next door to Park Central and simultaneously, the Kaj 16 office building is being built by the river. Everything is due to be completed in 2027.

We have an option to acquire two building rights for a total of 43,000 sq. m. GFA, covered by a valid detailed development plan, directly adjoining the new Hisingsbron bridge. Concept design is underway of the larger building right of 34,000 sq. m., which goes under the project name Stora Blå. We have also begun development of the Tennet property (Gullbergsvass 5:26), where a new restaurant initiative marks the start.

City centre

Masthuggskajen and the artificial peninsula at Järntorget are currently taking shape. We have several properties in the city centre, including KvarterETT at Polhemsplatsen, where we facilitated sustainable mobility for our tenants in the quarter by e.g. opening a new bicycle room.

Gårda

We continue to work actively with the detailed development plan programme for Gårda. In recent years, we have carried out several major projects in Gårda, such as Kineum and Gårda Vesta, and together with other property owners we have worked to make the area more accessible by public transport.

The new bus service between the central station and Gårda opened in the summer and in addition, an autonomous (self-driving) bus is now being tested in the area. In May, Circle K opened the world's first all-electric service station in our property Gårdatorget.

Södra Änggården

In Södra Änggården, where we head up the urban development, the framework for the new district is taking shape.

In April, we completed the sale of the last of the residential building rights from the transaction agreed in 2017 and two operators have now started production, with occupancy planned for 2026. Alongside this, the municipality's expansion of streets and parks is underway. In addition, we agreed and completed the sale of a finished school property to Infranode in the first quarter and the sale of a building right for a parking garage and mobility building to HUB park in the second quarter.

Gamlestaden

In Gamlestaden we are spearheading the creation of a district where new meets old industrial history and where small-scale retail trade and services intermingle with international headquarters and housing.

In Gamlestadens Fabriker (Olskroken 18:7 and others) we head up an urban development project comprising offices, retail, culture and housing. The work includes infrastructure investments, development of building rights and letting. A small project aimed at strengthening the neighborhood structure and street life is underway.

We are also preparing the development of the Turitzhuset building (Bagaregården 17:26), which will be transformed into a meeting place with a focus on sustainability and innovation. The property is part of the Vinnova-funded research project RE:purpose. During the Frihamnsdagarna event we arranged a seminar on transformation and value creation in existing buildings, where the Turitzhuset building was used as an example.

Almedal

In the third quarter, we continued the work on the detailed development plan to develop office space and other space that will complement existing operations in Almedals Fabriker, an old industrial area just south of Liseberg. Other, 29%

Mölndal

In recent years, Mölndal city centre has been transformed into a dense mixed-use city with retail, restaurants, public services and workplaces with 5 million visitors per year. It is home to the region's second largest public transport node, which will be further developed with the future rail connection to Landvetter Airport and Borås.

In December 2024, we acquired the office building Mimo. At the time of completing the transaction, the building was just over 80% let with tenants such as Kappahl's head office, Siemens, SATS and Axfood. During the year, three more office tenants and a café have signed leases with us in Mimo. The economic occupancy rate currently stands at 88%.

Potential development projects

Property	Geographical area	Property category	New area, GFA, sq. m.	Project phase	Possible con struction start2
Olskroken 18:13, Gamlestadens Fabriker	East Gothenburg	Offices	19,900	detailed development plan adopted	2026
Olskroken 18:7, Gamlestadens Fabriker	East Gothenburg	Offices	2,300	detailed development plan adopted	2026
Högsbo 2:2, Södra Änggården	West Gothenburg	Other	6,850	detailed development plan adopted	2026
Högsbo 34:13, Södra Änggården	West Gothenburg	Other	7,150	detailed development plan adopted	2026
Högsbo 55:10, Södra Änggården	West Gothenburg	Other	1,800	detailed development plan adopted	2026
Olskroken 18:10, Gamlestadens Fabriker	East Gothenburg	Offices	29,000	detailed development plan adopted	2026
Solsten 1:110	East Gothenburg	Offices	3,000	detailed development plan adopted	2026
Olskroken 18:14, Gamlestaden Fabriker	East Gothenburg	Offices	10,200	detailed development plan adopted	2027
Bagaregården 17:26	East Gothenburg	Other	60,000	detailed development plan in progress	2027
Gullbergsvass/Lilla Bommen1	Central Business District (CBD)	Offices	43,000	detailed development plan adopted	2027
Skår 57:14, Almedals Fabriker	City centre excl. CBD	Offices	25,000	detailed development plan in progress	2027
Krokslätt 34:13	Mölndal	Other	17,000	detailed development plan in progress	2027
Olskroken 18:11, Gamlestadens Fabriker	East Gothenburg	Offices	9,000	detailed development plan adopted	2027
Olskroken 18:12, Gamlestaden Fabriker	East Gothenburg	Offices	6,000	detailed development plan adopted	2027
Total			240,200

Industrial and Logistics

Arendal–Torslanda

Arendal and Torslanda are the Nordic region's most attractive industrial and logistics locations, close to the Nordic region's largest port and the Volvo companies.

In Arendal, large-scale district development is underway together with tenants and Stena Line, which expects to move its ferry operations to the area in 2028. In the first stage, we are planning for approximately 80,000 sq. m. of modern logistics properties next to Scandinavia's largest port, where our Port View project accounts for the majority of the volume, and where, after the end of the quarter, we signed a lease agreement for 10,400 sqm. The application for a building permit has been submitted.

Together with Catena, we are developing Sörred Logistikpark. In the second quarter, we signed an agreement with Speed Group for 30,000 sq. m. The building will be ready for occupancy in the third quarter of 2026.

Potential development projects

Property	Geographical area	Property cate gory	New area, GFA, sq. m.	Project phase	Possible con struction start2
Arendal 1:21 (formerly Arendal 764:720, building right A)	Hisingen, other	Industrial/ware houses	15,000	detailed develop ment plan adopted	2026
Arendal 1:29 (formerly Arendal 764:720, building right B)	Hisingen, other	Industrial/ware houses	10,000	detailed develop ment plan adopted	2026
Arendal 1:31, Port View (formerly Arendal 764:720, Arendals udde)	Hisingen, other	Industrial/ware houses	55,000	detailed develop ment plan adopted	2026
Total			80,000

¹Platzer does not currently own the land but has an option to acquire the land and building rights at market value.

²Possible construction start means when it is estimated the project could start, provided that planning work proceeds as expected and pre-letting has reached a satisfactory level.

Property portfolio

Platzer's wholly-owned property portfolio consisted of 77 properties as at 30 September 2025, of which 15 were project/land properties. The total lettable area was 946,000 sq. m. The fair value of the properties amounted to SEK 29,659 million (30,372). The total rental value as at 1 October 2025 amounted to SEK 1,940 million (1,939) and the economic occupancy rate in the investment property portfolio was 91.5% (92.9).

The property portfolio is divided into the property categories offices, industrial/warehouses, other (hotels, retail, schools, etc.), projects and land. The property category is determined based on the property's main rental value with respect to the type of premises. A property category may therefore include space that relates to purposes other than the main use. How the property portfolio is managed within each business area (Offices, Industrial and Logistics and Development) is shown in Segment Reporting on page 17.

Acquisitions

Earlier in the year, an agreement was signed to acquire the property Östergärde 31:1 in Tuve, Hisingen, at an underlying property value of SEK 174 million. Completion will take place in the fourth quarter of this year.

Disposals

During the quarter, the sale of a small part of the Gullbergsvass 5:26 property was completed at an underlying property value of SEK 1 million. During the first half of the year, the sales of four properties in Södra Änggården with a total underlying property value of SEK 968 million were completed. The properties in Södra Änggården consist of a school property, two residential building rights and a property being developed as a parking garage.

Platzer's property portfolio as at 1 October 2025

Total wholly owned by Platzer	946	29,659	—	62	—	1,940	—	1,729	—	4.0
Project/land	66	1,533	—	2	—	91	—	37	—	—
Properties under man agement	880	28,126	31,961	60	—	1,849	2,101	1,692	91.5	4.0
Other	52	1,998	38,423	3	—	140	2,692	138	98.6	2.6
Industrial/warehouses	353	5,664	16,045	14	—	364	1,031	351	96.4	4.7
Offices	475	20,464	43,082	43	—	1,345	2,832	1,203	89.4	4.0
Property category	Area, sq. m.	Value, SEK m	Value, SEK/sq. m.	Invest ments, SEK m	Acquisi tions/dis posals, SEK m	Rental value, SEK m	Rental value, SEK/sq. m.	Rental income, SEK m	Economic occupancy rate, %	Lease term, years

Property transactions

Acquisitions

Agreement signed Year/quarter	Property	Geographical area	Property category	Lettable area, sq. m.	Completion	Agreed property value, SEK m
2025/Q2	Östergärde 31:1	Hisingen, other	Industrial/ware houses	7,250	2025/Q4	174
Total acquisi tions				7,250		174

Disposals

Agreement signed		Geographical		Lettable area, sq.		Agreed property value, SEK
Year/quarter	Property	area	Property category	m.	Completion	m
2025/Q1	Högsbo 55:13, Södra Änggården	West Gothenburg	Other	9,000	2025/Q1	552
2017/Q4	Högsbo 55:9, Södra Änggården	West Gothenburg	Project/Land	17,600	2025/Q2	218
2017/Q4	Högsbo 3:11, Södra Änggården	West Gothenburg	Project/Land	15,350	2025/Q2	175
2025/Q2	Högsbo 55:11, Södra Änggården	West Gothenburg	Project/Land	16,000	2025/Q2	23
2025/Q3	part of Gullbergsvass 5:26	Central Business District (CBD)	Project/Land	—	2025/Q3	1
Total disposals				57,950		969

The table shows property transactions completed in the period as well as agreed but not yet completed transactions.

Associates and joint ventures

Our associates include a number of operating companies where we have a long-term interest of 20–50%. The ownership interests are classified as associates or joint ventures based on whether one party has control over the jointly owned company.

In the offices segment, three property companies are jointly owned with three different actors; ByggGöta, Länsförsäkringar Göteborg och Bohuslän and Sjöfolkets Fastighets AB.

Platzer owns Sörred Logistikpark Holding AB together with Catena (formerly Bockasjö). Catena is responsible for project development of the properties and Platzer has an option to repurchase the fully developed properties.

On 1 July, the sale of the property Sörred 8:16, which is owned by Sörred Logistikpark, was completed at an underlying property value of SEK 385 million. In connection with the exit, Platzer received a dividend of SEK 80 million from the JV.

Investments in associates also include an ownership interest in Svensk Fastighets-finansiering Holding AB.

During the second quarter, a review of the accounting of the company's associates was carried out in order to ensure that Platzer's measurement bases and accounting principles are applied consistently. The review resulted in an increase in the value of the ownership interests of SEK 216 million, of which SEK 24 million is recognised through profit or loss for the full year 2024 while the remaining SEK 192 million is added to opening equity for 2024. The review does not affect the associates' income from property management as it relates to non-cash items.

Carrying amount of investments in associates and joint ventures

SEK m	30 Sep 2025	30 Sep 2024	31 Dec 2024
Beginning of the period	857	865	865
Dividends received	-80	-65	-65
Share of profit of associates and joint ventures	51	85	57
Contributed capital	—	—	—
End of the period	828	885	857

Key ratios, associates and joint ventures

SEK m	2025 Jul-Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024 Jan–Dec
Rental income	37	40	123	112	174
Income from property management	18	14	62	45	74
Changes in value	9	21	47	175	120
Profit for the period	42	30	104	170	114
Of which Platzer's share	20	14	51	85	57

SEK m	30 Sep 2025	30 Sep 2024	31 Dec 2024
Investment properties	3,026	3,357	3,317
Financial assets	7,187	5,699	5,930
Other current receivables	351	296	378
Cash and cash equivalents	492	453	418
Total assets	11,056	9,805	10,043
Equity	2,753	2,836	2,789
Of which Platzer's share	1,065	1,107	1,083
Interest-bearing liabilities	8,032	6,708	6,908
Derivatives	2	3	1
Deferred tax liability, net	178	156	179
Other current liabilities	91	102	166
Total liabilities/equity	11,056	9,805	10,043

Property portfolio

								Rental
	Area,	Value,	Value,		Acquisitions/	Rental value,	Rental value,	income, SEK	Economic	Lease term,
	sq. m.	SEK m	SEK/sq. m.	Investments	disposals	SEK m	SEK/sq. m.	m	occupancy rate, %	years
2025	47	3,026	64,383	41	-385	159	2,568	149	93.4	2.7

Major projects in progress

Property	Property category	Geographical area	New area, net lettable area, sq. m.	Total investment incl. land, SEK m	Outstanding investment, SEK m	Fair value, SEK m	Rental value, SEK m	Economic occupancy rate, %	Completion
Sörred 8:15, Sörred Logistikpark, building right V3	Industrial/Logistics	Hisingen, other	29,700	349	197	152	27	100	Q2 2026

Financing

Interest-bearing liabilities

Interest-bearing liabilities amounted to SEK 14,746 million (15,840), corresponding to a loan-to-value ratio of 47% (49). The average fixed-term period was 2.2 years (2.0).

During the period, interest-bearing liabilities decreased by SEK 1,094 million. Secured bank loans of SEK 3,478 million matured or were redeemed and SEK 1,416 million of new secured bank loans were raised, while loans of SEK 3,940 million were renegotiated and extended. Green bonds of SEK 374 million within the framework of SFF matured, while SEK 391 million were issued. Unsecured MTNs of SEK 600 million matured and SEK 1,900 million were issued. Commercial paper decreased by SEK 300 million. Loan repayments and periodic payments amounted to SEK 49 million.

Unsecured funding accounted for 33% (24) of interest-bearing liabilities. Secured liabilities amounted to SEK 9,891 million (11,985), corresponding to 33% (39) of the property value.

Fixed interest rates and derivatives

The average fixed interest period, including interest rate derivatives, was 3.0 years (2.9). The average interest rate, including the effect of derivative instruments, was 3.35% (3.53), excluding unused credit commitments, and 3.53% (3.68) including unused credit commitments. The average closing interest rate was 0.15 percentage points down on 31 December 2024, which was mainly due to a lower stibor. The interest coverage ratio was 2.4 (2.1).

Active derivatives volume totalled SEK 11,850 million (10,920), of which swappable swaps amounted to 1,000 million SEK. During the period, new interest rate swaps of SEK 1,350 million were entered into, forward-starting swaps of SEK 300 million were capitalised, while swaps of SEK 720 million were terminated or matured. Callable swaps accounted for SEK 1,000 million of the volume. Interest rate swaps are used as interest rate hedges for loans at variable interest rates and to achieve the desired interest rate maturity structure. The market value of the derivatives portfolio amounted to SEK 135 million (251), and the unrealised change in value was SEK -116 million. Only realised changes in value affect cash flow and market value will be resolved through changes in value during the maturity of the derivatives.

• Green bank loans, 34% (SEK 5.055 million)
• Green bonds SFF, 9% (SEK 1,361 million)
• Green MTN, 26% (SEK 3,900 million)
• Sustainability-linked bank loans, 3% (SEK 500
• Bank loans, 20% (SEK 2,975 million)
• Commercial paper, 6% (SEK 955 million)

FINANCING

		Outcome	Outcome
Financial policy	Man date	30 Sep 2025	31 Dec 2024
Loan-to-value ratio, not to exceed over time, %	50%	47	49
Interest coverage ratio (R12), times	2.0	2.4	2.3
Financing risk
Average loan maturity, years	> 2	2.2	2.0
Percentage of loans maturing within 12 months, %1 < 35%		31	18
Percentage secured debt/property value, % target	< 40%	33	39
Interest rate risk
Average fixed-rate period, years	2–5	3.0	2.9
Percentage fixed-rate maturing within 6 months, %	<50%	28	42
Credit and counterparty risk
Loan volume with one individual bank, %	< 35%	23	24

	Outcome	Outcome
Key Performance Indicators	30 Sep 2025	31 Dec 2024
Interest-bearing liabilities, SEK m	14,746	15,840
of which outstanding MTN, SEK m	3,900	2,600
of which outstanding commercial paper, SEK m	955	1,255
of which outstanding SFF, SEK m	1,361	1,344
of which bank, SEK m	8,530	10,641
Cash and cash equivalents, SEK m	256	391
Loan-to-value (LTV) ratio, property net, %	49	51
Net interest-bearing debt/EBTIDA, times	10.7	12.1
Credit rating issuer (NCR)	BBB- (Stable)	BBB- (Neg)
Credit rating issue (NCR)	BBB-	BB+
	3.35	3.53
	3.53	3.68
Market value of interest rate derivatives, SEK m	135	251
Equity/assets ratio, %	41	40

Maturity structure

		Interest maturity		Loan maturity
Year	Interest-bearing volume, SEK m	Percentage, %	Average interest, %	Credit agree ments, SEK m	Percentage, % 1	Used, SEK m	of which bank, SEK m	of which capital markets, SEK m
0–1	4,146	28	7.372	6,835	31	6,135	3,684	2,451
1–2	2,150	14	1.65	2,670	14	2,670	1,675	995
2–3	730	5	1.14	4,894	26	2,689	2,189	500
3–4	2,750	19	1.50	4,197	23	2,197	497	1,700
4–5	1,800	12	1.86	1,055	6	1,055	485	570
5–6	1,770	12	1.86	—	—	—	—	—
6–7	100	1	2.66	—	—	—	—	—
7–8	850	6	2.58	—	—	—	—	—
8–9	450	3	2.73	—	—	—	—	—
9–10	—	—	—	—	—	—	—	—
10+	—	—	—	—	—	—	—	—
Total	14,746	100	3.35	19,651	100	14,746	8,530	6,216

¹ Excluding Commercial Papers

² Net volume of interest-bearing loans and derivatives results in a high average interest rate. Average interest rate, loans excluding derivatives 3.56%.

Consolidated income statement

	2025	2024	2025	2024	2024/2025	2024
SEK m	Jul-Sep	Jul-Sep	Jan-Sep	Jan–Sep	Oct-Sep	Jan–Dec
Rental income	433	416	1,309	1,227	1,751	1,670
Property costs	-93	-82	-272	-253	-374	-356
Operating surplus	340	334	1,037	974	1,377	1,314
Central administration	-16	-15	-54	-45	-76	-67
Share of profit/loss of joint ventures and associates1	20	14	51	85	24	57
– income from property management	9	7	30	23	41	34
– unrealised changes in value	4	11	23	88	-5	60
– tax	7	-4	-2	-27	-13	-38
Net financial income/expense2	-135	-145	-416	-426	-557	-567
Profit including share of profit/loss of joint
ventures and associates	210	188	618	588	768	737
– income from property management3	198	181	597	526	786	714
Change in value, investment properties	-19	-102	-52	-339	72	-215
Unrealised change in value of financial instruments	72	-221	-116	-184	89	21
Profit/loss before tax	263	-135	450	65	928	542
Tax on profit/loss for the period	-53	-56	-61	2	-228	-164
Profit/loss for the period4	210	-79	389	67	700	378
Comprehensive income for the period
Parent Company's shareholders	210	-79	389	67	700	378
Earnings per share5	1.75	-0.66	3.25	0.56	5.84	3.15

• 1 Profit for the full year 2024 has been increased by SEK 24 million. The corresponding figures for the period and the quarter in 2024 amounted to SEK 28 million and SEK 11 million respectively.
• For more information, see page 12.
• 2 Net financial income/expense includes site leasehold fees totalling SEK 0.7 million (0.7) for the period.
• 3 Operating surplus less central administration expenses and net financial items plus income from property management in joint ventures and associates.
• 4 The Group has no other comprehensive income and therefore consolidated profit for the period is the same as comprehensive income for the period.
• 5 There is no dilution effect, as there are no potential shares.
• 6 The comparative figures have been adjusted for portfolio changes as properties have changed categories during the year.

Quarter Jul-Sep 2025

Rental income amounted to SEK 433 million (416), an increase of 4.1%. In the comparable property portfolio the increase was 1.1%. The increase was mainly explained by index-linked increases, which accounted for SEK 5 million, of which SEK 4 million was attributable to the comparable portfolio. The remaining change in revenue was due to the acquisition of the office property Mimo, although this was offset by Mölnlycke Health Care's lease termination and the sale of Högsbo 55:13 (Engelska Skolan), which was completed in the first quarter. The pace of increase in the third quarter compared with the second quarter was 0.8% in the comparable property portfolio and was mainly due to increased property tax revenue and lower rent discounts.

Rental income

	2025	2024
SEK m	Jul-Sep	Jul-Sep6	Change, %
Comparable properties	377	373	1.1
Property development	9	10
Project development	24	28
Property transactions	23	5
Rental income	433	416	4.1

Property costs amounted to SEK -93 million (-82), an increase of 13.4%. The increase was mainly due to a larger property portfolio through acquisitions and higher property tax after a general reassessment for tax purposes. In comparable properties, costs increased by 1.4%, which was mainly explained by higher running and maintenance costs. At the same time, utility costs decreased as a result of lower prices and consumption. Total costs included bad debt losses of SEK -1 million (-1).

The operating surplus amounted to SEK 340 million (334), an increase of 1.8%. The surplus ratio was 79% (80). The yield on wholly owned investment properties was 4.7% (4.8).

Central administration expenses amounted to SEK -16 million (-15).

Property costs

SEK m	2025 Jul-Sep	2024 Jul-Sep6	Change, %
Comparable properties	-74	-73	1.4
Property development	-3	-3
Project development	-8	-6
Property transactions	-8	-0
Property costs	-93	-82	13.4

Period January–September 2025

Results

Income from property management for the period amounted to SEK 597 million (526), corresponding to SEK 4.98 per share (4.39), an increase of 13%. The increase was mainly due to a stable development in operating surplus, primarily from completed projects and the acquisition of Mimo. Additionally, finance costs declined.

Profit for the period amounted to SEK 389 million (67). Changes in the value of wholly-owned properties had a negative effect on profits of SEK -52 million (-339) and revaluations of financial instruments had a negative effect of SEK -116 million (-184). Profit from joint ventures and associates for the period amounted to SEK 51 million (85).

Rental income

Rental income amounted to SEK 1,309 million (1,227), an increase of 6.7%. In comparable property, rental income increased by 1.1%, which was mainly explained by index-linked increases and increased income from property tax. The increase was offset by reduced income from rent supplements. The index-linked increase in the period amounted to SEK 14 million, of which SEK 13 million was attributable to the comparable portfolio. The change in revenue was otherwise mainly due to the acquisition of the office property Mimo and completed projects, while it was adversely affected by the lease termination by Mölnlycke Health Care.

Property costs

Property costs amounted to SEK -272 million (-253), up by 7.5% because of the larger property portfolio. In the comparable portfolio, costs were unchanged compared with the previous year. Total property costs included expected bad debt losses of SEK -4 million (-4) and a one-off compensation of SEK -4 million (–).

Operating surplus

The operating surplus increased by 6.5% (20) in the period to SEK 1,037 million (974). The operating surplus in comparable property increased by 1.3% (9). The surplus ratio was 79% (79). The yield on wholly owned investment properties was 4.7% (4.8).

Rental income

SEK m	2025 Jan-Sep	2024 Jan-Sep	Change, %
Comparable properties	1,128	1,116	1.1
Property development	25	25
Project development	83	81
Property transactions	73	5
Rental income	1,309	1,227	6.7

Property costs

SEK m	2025 Jan-Sep	2024 Jan-Sep	Change, %
Comparable properties	-223	-223	0
Property development	-10	-10
Project development	-25	-20
Property transactions	-14	-0
Property costs	-272	-253	7.5

Central administration and employees

Central administration costs amounted to SEK -54 million (-45). The increase was due to increased costs for personnel, of which SEK –3 million was attributable to non-recurring items.

The number of employees at the end of the period was 87 (86).

Share of profit/loss of joint ventures and associates

Share of profit of joint ventures and associates for the period amounted to SEK 51 million (85), of which SEK 30 million (23) was attributable to income from property management. See page 12 for information on investments in associates and joint ventures.

Net financial income/expense

Net financial items for the period amounted to SEK -416 million (-426) and included capitalised interest of SEK 4 million (20). Net financial items were positively impacted by a lower average interest rate, but negatively affected by a larger average debt volume

of SEK 900 million as a result of investments made.

The average interest rate for the period, including the effects of derivative instruments, was 3.7% (4.2).

Changes in value

Changes in the value of wholly owned properties during the period amounted to SEK -52 million (-339), of which unrealised changes in value amounted to SEK 19 million (-237) and realised changes in value to SEK -71 million (—). The realised change in value was attributable to the sale of five properties and a small piece of land from one property for SEK 899 million, after deduction of expenses and deferred tax of SEK 69 million. The underlying property price, which thus amounted to SEK 969 million, was thus SEK 2 million below valuation. Because the disposals were carried out as corporate transactions, deferred tax income of SEK 63 million was also reported. For more information on property valuation, see page 18.

Unrealised changes in the value of financial instruments totalled SEK -116 million (-184).

Change in value, property, SEK m	2025 Jan-Sep	2024 Jan-Sep
Required yield	113	-189
Cash flow, etc.	-94	-314
Project gains	—	165
Unrealised change in value	19	-339
% change	0.1	-1.2
Realised change in value	-71	—

Tax

Tax expense for the period amounted to SEK -61 million (2), of which SEK 10 million (-10) pertains to current tax expense and SEK -71 million (12) to deferred tax expense. Deferred tax consists mainly of property-related tax deductions. Deferred tax assets relating to accumulated tax losses amounted to SEK 89 million (89) at the end of the period.

Tax calculation January–September 2025

	Taxable	Taxable
	amount	amount
SEK m	current tax	deferred tax
Income from property management	597	—
- of which associates, limited liability
companies	-4	—
Non-deductible interest	156	—
Tax deductible
–amortisation/depreciation	-566	566
– conversion	-137	137
–impairment losses/retirements	-20	20
–capitalised interest	-4	4
Other tax adjustments	-31	49
Taxable income from property man
agement	-10	776
Current tax, income from property man
agement	2	-160
Disposals, properties	—	-323
Change in value, properties	—	19
Change in value, derivatives	—	-116
Taxable profit before loss carry-for
wards	-10	356
Loss carry-forwards, opening balance	-421	421
Loss carry-forwards, closing balance	431	-431
Taxable profit	0	346
Tax, 20.6%	0	-71
Tax, previous year's tax assessment	10	—
Tax according to the income state ment	10	-71

Segment reporting

We report our operations in three business areas. The properties we own through associates are reported in a separate table; 100% of the value is presented regardless of ownership interest. Comparative figures have been adjusted according to the new segment division as of 1 October 2024. The segment division differs from the distribution of the property portfolio on page 11, which is explained by the fact that one business area manages different categories

Segment reporting, wholly owned properties

The period refers to Jan–Sep		Offices		Industrial/logistics		Development		Total
SEK m	2025	2024	2025	2024	2025	2024	2025	2024
Rental income	952	876	309	296	48	55	1,309	1,227
Property costs	-207	-195	-53	-44	-12	-15	-272	-253
Operating surplus	745	681	256	252	36	40	1,037	974
Fair value, properties	21,792	20,380	6,756	6,661	1,111	1,483	29,659	28,524
Investments/disposals/changes in value during the year	-530	-4	27	506	-211	-228	-714	274

Segment reporting, associates

The period refers to Jan–Sep	Offices			Industrial/logistics		Development	Total
SEK m	2025	2024	2025	2024	2025	2024	2025	2024
Rental income	113	112	10	—	—	—	123	112
Property costs	-21	-22	-1	—	—	—	-22	-22
Operating surplus	92	90	9	—	—	—	101	90
Fair value, properties	2,874	2,931	—	320	152	106	3,026	3,357
Investments/disposals/changes in value during the year	18	151	-351	127	42	—	-291	286

Consolidated balance sheet, condensed Value of properties and property valuation

Assets Investment properties1 29,659 28,524 30,372 Right-of-use assets, site leasehold 30 30 30 Other non-current assets 19 21 24 Investments in associates and joint ventures2 828 885 857 Derivatives 148 70 261 Other non-current receivables 11 10 11 Total non-current assets 30,695 29,540 31,555 Current assets 288 274 287 Cash and cash equivalents 256 190 391 Total current assets 546 464 678 Total assets 31,239 30,004 32,233 Equity and liabilities Equity 12,950 12,500 12,812 Total equity 12,950 12,500 12,812 Deferred tax liability 2,413 2,225 2,341 Non-current interest-bearing liabilities 9,566 10,903 13,339 Lease liabilities 30 30 30 Other non-current liabilities 182 146 139 Total non-current liabilities 12,191 13,304 15,849 Derivatives 13 24 10 Current interest-bearing liabilities 5,180 3,280 2,501 Other current liabilities 905 896 1,061 Total current liabilities 6,098 4,200 3,572 Total equity and liabilities 31,239 30,004 32,233	SEK m	30 Sep 2025	30 Sep 2024	31 Dec 2024

Pledged assets as of 30 September 2025 amounted to SEK 13,946 million (SEK 14,531), while contingent liabilities amounted to SEK 1,156 million (1,230).

The properties are valued internally and amounted to SEK 29,659 million (30,372) at the end of the period, corresponding to SEK 31,300 per square metre (30,800). The average yield requirement based on the valuation was 5.08% (5.10). The decrease was mainly due to a lower required yield for certain logistics/ warehouse properties.

The valuation is based on a cash flow model with an individual assessment for each property of both future earning capacity and the market's required yield. Assumed rent levels at contract maturity correspond to estimated long-term market rents, while operating costs are based on the company's actual costs. Inflation is assumed to be 1% for 2026 and 2% for the remaining years of the calculation period. Project properties are valued in the same way, but with a deduction for the remaining investment. Depending on the phase of the project, the required yield includes a risk premium. Building rights have been valued based on an estimated market value in SEK per square metre. Each property is valued individually and therefore any portfolio premium has not been taken into account.

In order to ensure the quality of the internal valuation, external valuations are carried out. The selection of properties constitutes a cross-section of the portfolio and the goal is that at least 30% of the portfolio is

externally valued at the end of the year. For the annual accounts 2024, external valuations were carried out for properties corresponding to 58% of the value of the property portfolio (59% when partially owned properties are included), with the internal valuation exceeding the external valuation by 1.7% (3.1), which is well within the confidence interval. The investment properties are valued at level 3 in accordance with IFRS 13.

Investments in associates and joint ventures

Platzer has long-term holdings of 20–50% in operating companies. The carrying amount as at 30 September 2025 amounted to SEK 828 million (857). For more information on investments in associates and joint ventures, see page 12.

Changes in the value of properties

SEK m	2025 Jan-Sep	2024 Jan-Sep	2024 Full Year
Opening balance	30,372	28,250	28,250
Property acquisitions	2	—	1,768
Investments in existing	236	613	762
Property development	82	120	171
New production	2	242	274
Major redevelopment	—	—	—
Tenant fit-outs	89	202	242
Property-driven inv.	63	49	75
Property disposals	-971	—	-188
Unrealised change in value.	19	-339	-220
Closing balance	29,659	28,524	30,372

Sensitivity analysis, segments, impact on value

	Change, +/-	Offices	Industrial/Logistics	Total
Required yield	+/- 0.25 percentage points	-1,062/+1,184	-294/+320	-1,356/+1,504
Rent level	+/- 5 percentage points	+/-1,262	+/-373	+/-1,635
Property costs	+/- 5 percentage points	–/+300	–/+67	–/+367
Long-term vacancy rate	+/- 2 percentage points	–/+467	–/+130	–/+597

¹ Of which SEK 0 million (924) comprised assets held for sale. ² The value of the investments as at 31 December 2024 has increased by SEK 216 million. The corresponding figure as at 30 September 2024 was SEK 209 million. For more information, see page 12.

GROUP

Deferredtax

Deferred tax is in principle exempt from both interest and repayment and can therefore largely be regarded as equity. The fact that the effective tax is lower is partly due to the possibility of selling properties in a tax-efficient manner and partly to the time factor that means that the tax must be discounted. Estimated net actual deferred tax liability has been calculated at 3.2% based on a discount rate of 3%. Additionally, it has been assumed that the properties will be realised over 50 years, where 90% of the portfolio is sold indirectly via companies and buyers and sellers share the tax.

Deferred tax liability, net

SEK m	Tax base	Nominal	Estimated
Loss carry-forwards	431	89	84
Tax allocation reserves	-55	-11	-11
Derivatives	-135	-28	-27
Properties	-19,512	-2,465	-672
Other	13	2	2
Total	-19,258	-2,413	-624
Properties, asset acquisitions	7,546	—	—
According to the balance sheet	-11,712	-2,413	-624

Interest-bearing loans

At the end of the period, interest-bearing liabilities amounted to SEK 14,746 million (15,840) with an average interest rate at the reporting date of 3.35% (3.53). The loan-to-value ratio on that date was 47% (49). The company uses interest rate swaps to extend the fixed-rate period. The value of the derivatives portfolio at the end of the period amounted to SEK 135 million (251). For more information, please read the Financing section.

Change in equity, condensed

SEK m	2025 Jan-Sep	2024 Jan-Sep	2024 Jan–Dec
Equity attributable to the Parent Company's shareholders
At the beginning of the period	12,596	12,480	12,480
Effect of review, associates/joint ventures	216	192	192
Comprehensive income for the period	389	67	378
Dividend	-252	-239	-239
At the end of the period	12,950	12,500	12,812

Equity and net asset value

At the end of the period, the Group's equity attributable to Parent Company shareholders amounted to SEK 12,950 million (12,812), corresponding to SEK 108 per share (107).

Long-term net asset value at the end of the period amounted to SEK 15,354 (14,902), corresponding to SEK 128 per share (124).

Net asset value is the total capital that the company manages on behalf of its owners. We want to use this capital to create low-risk return and growth. Net asset value can be calculated in different ways and is primarily impacted by the time perspective and the turnover rate of the property portfolio.

The equity/assets ratio at the end of the period was 41% (40), which is above the financial policy requirement of 30%.

Group

Cash flow statement

SEK m	2025 Jul-Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024/2025 Oct-Sep	2024 Jan–Dec
Operating activities
Operating surplus	340	334	1,037	974	1,377	1,314
Central administration	-14	-13	-48	-42	-69	-63
Dividends from joint ventures and associates	80	—	80	65	80	65
Net financial income/expense	-136	-148	-419	-445	-560	-585
Tax paid	—	-10	-2	-21	-10	-29
Cash flow from operating activities before change in working capital	271	183	648	531	819	702
Change in current receivables	-3	32	15	101	8	94
Change in current liabilities	-75	101	-282	-126	-27	129
Cash flow from operating activities	193	316	381	506	799	925
Investing activities
Investment in existing investment properties	-59	-191	-212	-594	-361	-743
Acquisition of investment properties	—	—	-19	—	-1,787	-1,768
Disposal of investment properties	1	—	899	—	1,087	188
Contributions to joint ventures and associates	—	—	—	—	—	—
Other investments	0	1	-1	—	-1	—
Cash flow from investing activities	-58	-190	666	-594	-1,063	-2,323
Financing activities
Changes in non-current receivables	1	—	1	—	1	0
New borrowing	1,095	2,590	3,707	4,057	6,309	6,659
Loan repayments	-1,295	-2,621	-4,801	-3,826	-5,746	-4,771
Change in non-current liabilities	36	—	36	—	14	-22
Dividend	—	—	-126	-120	-244	-239
Cash flow from financing activities	-163	-31	-1,183	111	334	1,627
Cash flow for the period	-28	95	-135	23	66	224
Cash and cash equivalents at the beginning of the period	284	95	391	167	190	167
Cash and cash equivalents at the end of the period	256	190	256	190	256	391

Unused overdraft facilities amounted to SEK 100 million (100) and unused credit facilities amounted to SEK 4,906 million (3,340). Comparative amounts for unused credit refer to 31 December 2024.

Operating activities

Cash flow from operating activities for the period amounted to SEK 381 million (506). Changes in working capital had an effect on cash flow of SEK -267 million (-25). See page 15–16 for additional comments on operating activities.

Investing activities

Investments in existing properties in the period amounted to SEK 212 million (594). In the same period, cash flow was adjusted by SEK 4 (19 )million for capitalisation of interest on investments made. Investments in investment properties were adjusted by SEK 19 (-) million in respect of increased provisions for future development costs in sold properties. Acquisitions in the period amounted to SEK 2 million, which related to a change to the acquisition of the office property Mimo in December 2024. Acquisitions in the period also included a down payment of SEK 17 million for the acquisition of the property Östergärde 31:1, completion of which will take place in the fourth quarter. Disposals in the period amounted to SEK 899 million and related to property disposals completed in the period. In total, investing activities had an effect on cash flow for the year of SEK 666 million (-594).

Financing activities

Cash flow from financing activities amounted to SEK –1,183 million (111), of which SEK 3,707 million pertained to newly raised loans. Cash and cash equivalents decreased by SEK 135 million (23) in the period and totalled SEK 256 million (190) as at the balance sheet date.

Quarterly summary

		2025			2024			2023
Income statement, SEK m	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Rental income	433	431	445	443	416	407	404	389	373
Property costs	-93	-82	-97	-103	-82	-80	-91	-71	-97
Operating surplus	340	349	348	340	334	327	313	318	276
Central administration	-16	-20	-17	-23	-15	-15	-15	-18	-12
Share of profit of associates	20	20	10	-27	14	12	58	10	-11
Net financial income/expense	-135	-136	-145	-141	-145	-142	-139	-142	-142
Profit including share of profit of joint ventures and associates	210	213	195	149	188	182	217	168	111
– of which income from property management	198	204	195	188	181	176	169	163	134
Change in value, investment properties	-19	-29	-4	124	-102	-199	-38	-154	-503
Change in value, financial instruments	72	-228	40	205	-221	-72	109	-399	62
Profit/loss before tax	263	-44	230	478	-135	-89	288	-385	-330
Tax on profit/loss for the period	-53	37	-45	-167	56	-5	-49	69	59
Profit/loss for the period	210	-6	185	311	-79	-94	239	-316	-271
Balance sheet, SEK m
Property value	29,659	29,618	29,926	30,372	28,524	28,432	28,415	28,250	28,350
Investments in associates and joint ventures	828	888	867	857	885	870	923	864	855
Derivatives	148	85	300	261	70	274	336	243	622
Other assets	348	348	367	352	335	370	519	440	446
Cash and cash equivalents	256	284	139	391	190	95	45	167	170
Total assets	31,239	31,223	31,599	32,233	30,004	30,041	30,238	29,965	30,443
Equity	12,950	12,739	12,745	12,812	12,500	12,577	12,672	12,672	12,987
Deferred tax	2,413	2,358	2,392	2,341	2,225	2,294	2,351	2,270	2,376
Interest-bearing liabilities	14,746	14,946	15,111	15,840	14,183	14,215	14,290	13,952	13,954
Derivatives	13	22	9	10	24	6	—	13	—
Other liabilities	1,117	1,158	1,343	1,230	1,072	949	925	1,058	1,125
Total equity and liabilities	31,239	31,223	31,599	32,233	30,004	30,041	30,238	29,965	30,443
Cash flow statement, SEK m
Cash flow from operating activities	193	42	146	413	316	334	-144	146	107
Cash flow from investing activities	-58	268	457	-1,729	-190	-208	-196	-138	-263
Cash flow from financing activities	-163	-165	-855	1,517	-31	-76	218	-11	71
Cash flow for the period	-28	145	-252	201	95	50	-122	-3	-85

Key Performance Indicators

	2025 Jul-Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024/2025 Oct-Sep	2024 Jan–Dec
Equity-related KPIs
Earnings after tax per share, SEK	1.75	-0.66	3.25	0.56	5.84	3.15
Income from property management per share, SEK	1.65	1.51	4,98	4.39	6.56	5.96
Operating cash flow per share, SEK	1.61	2.64	3.18	4.22	6.67	7.72
Equity per share. SEK	108	104	108	104	108	107
Share price, SEK	69.00	110.40	69.00	110.40	69.00	85.70
EPRA performance measures
EPRA NRV per share, SEK	128	124	128	124	128	124
EPRA NTA per share, SEK	123	119	123	119	123	119
EPRA NDV per share, SEK	109	105	109	105	109	107
EPRA EPS per share, SEK	1.68	1.62	4.98	4.34	6.72	6.07
EPRA LTV, %	50	51	50	51	50	54
Property-related KPIs
Yield, %	4.7	4.8	4.7	4.8	4.9	4.9
Economic occupancy rate, %	91.5	93.3	91.5	93.3	—	92.9
Lettable area, sq. m. (thousand)	880	944	880	944	880	935
Rental value, SEK/sq. m.	2,101	1,918	2,101	1,918	2,213	2,041
Market value of properties under management SEK/sq. m.	31,961	29,425	31,961	29,425	31,961	31,032
Net lettings incl. associates, SEK m	-41	-41	-29	-37	-36	-37
Surplus ratio, %	79	80	79	79	79	79
Financial KPIs
Return on equity, %	6.5	-2.5	4.0	0.7	5.5	3.0
Return on total capital, %	4.3	4.3	4.3	4.2	4.4	4.1
Loan-to-value (LTV) ratio, assets, %	47	47	47	47	47	49
Loan-to-value (LTV) ratio, properties, %	50	50	50	50	50	52
Net interest-bearing liabilities/EBITDA, times	10.9	10.7	10.7	11.0	10.8	12.1
Interest coverage ratio, times	2.5	2.2	2.4	2.2	2.4	2.3
Debt/equity ratio, times	1.1	1.1	1.1	1.1	1.1	1.2
Equity/assets ratio, %	41	42	41	42	41	40

The Parent Company does not own any properties of its own and instead manages certain groupwide functions relating to management, strategy and financing. Parent Company revenue consists entirely of invoicing of services to Group companies.

Income Statement, condensed

SEK m	2025 Jul-Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024 Jan–Dec
Net sales	3	4	10	12	14
Operating costs	-4	-3	-11	-10	-14
Net financial income/expense	22	2	71	159	558
Change in value, financial instruments	72	-221	-116	-184	21
Profit before tax and appropriations	94	-218	-47	-23	579
Appropriations	-22	-91	0	-303	-422
Tax	-10	64	24	100	82
Profit/loss for the period1	62	-246	-23	-226	239

¹ The Parent Company has no items of other comprehensive income and total comprehensive income is therefore the same as profit for the period.

Balance sheet, condensed

SEK m	30 Sep 2025	30 Sep 2024	31 Dec 2024
Assets
Participations in Group companies	1,965	1,965	1,965
Deferred tax asset	61	54	37
Non-current receivables, Group companies	8,116	6,190	7,258
Derivatives	148	70	261
Other non-current receivables	8	8	8
Total non-current assets	10,298	8,287	9,530
Receivables from Group companies	6,115	6,059	6,073
Other current assets	40	50	43
Cash and cash equivalents	129	3	28
Total current assets	6,284	6,112	6,143
Total assets	16,582	14,399	15,673
Equity and liabilities
Equity	4,597	4,407	4,872
Total equity	4,597	4,407	4,872
Interest-bearing liabilities	4,493	5,516	7,593
Other non-current liabilities	8	8	8
Total non-current liabilities	4,501	5,524	7,601
Derivatives	13	24	10
Interest-bearing liabilities	4,556	1,554	1,146
Liabilities to Group companies	2,742	2,727	1,997
Current liabilities	173	163	47
Total current liabilities	7,484	4,469	3,200
Total equity and liabilities	16,582	14,399	15,673

Employees and organisation

The number of employees stood at 87 as at 30 September. The business is organised into segmented business areas:

• Business area Offices will build on its current position as the market leader to continue to create profitable growth.
• Business area Industrial and Logistics its goal is to make Platzer the leading commercial property company in Gothenburg.
• Business area Development creates new values through detailed development plans, project development and urban development and property transactions.

The business areas each have overall responsibility for the property business within their respective business areas. Our Group management comprises the CEO and the managers responsible for the following functions: operations development/IT/purchasing, finance/accounting/controlling/communication/marketing/sustainability, HR, lettings, business area (BA) Offices, BA Industrial and Logistics and BA Development.

The Annual General Meeting in March decided on an incentive scheme aimed at Group management. The scheme is accounted for in accordance with IFRS 2 and the costs of the scheme are allocated over 3 years. The cost for the period amounted to SEK 0.5 million.

Risks and uncertainties

The preparation of financial statements in accordance with IFRS requires management to make estimates and judgements that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are based on historical experience and other factors that are regularly evaluated. Actual outcomes may differ from these estimates and judgements. Platzer is exposed to various risks that may have an impact on the company's future operations, results and financial position. We manage these effects by focusing on our core business, rental income, cost control and financing, and we are also continuously conducting in-depth analyses. We safeguard our rental income by means of close dialogue with our customers and frequent monitoring of ability to pay. The valuation of properties is affected by the estimates and judgements that are made. To verify Platzer's own assessments, properties corresponding to 58% of the property value as at 31 December 2024 were externally valued by independent valuation companies. Our general risk assessment is is unchanged since the annual report described in detail in the 2024 Annual Report on pages 23–27 and 38–39.

Sensitivity analysis, cash flow

Factors	Change, %	Profit, SEK m
Rental value	+/-1%	+18/-18
Economic occupancy rate	+/-1 percentage point	+17/-17
Property costs	+/-1%	-4/+4
Interest expense	+/-1 percentage point	-29/+29

Sensitivity analysis, change in value

Properties, %	-20	-10	0	+10	+20
Change in value, SEK m	-4,710	-2,355	0	2,355	4,710
Loan-to-value ratio, %	59	54	50	46	43

Financial risks

Finance costs constitute the largest single cost item for Platzer. Interest-bearing liabilities consist of bank loans as well as capital market financing. Interest rate swaps are used to limit the interest rate risk of loans. The average fixed-rate period is maintained at an adequate level to counteract the refinancing risk. A good financial position and profitable core business mitigate the negative effects of changes in yield requirements and subsequent changes in property values.

Related party transactions

The company's ongoing related party transactions are described on page 57 of the 2024 Annual Report. Beyond what is described there, there were no significant transactions with related parties.

Accounting policies

Platzer prepares its consolidated financial statements in accordance with IFRS (International Financial Reporting Standards) as adopted by the EU. The same accounting policies and measurement bases have been applied as in the most recent Annual Report. The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting. For 2025, no new or amended standards and interpretations have entered into force that have had an effect on the Group's financial statements. The introduction of IFRS 18, which will replace IAS 1 with effect from 1 January 2027, will entail changes to presentation and disclosures in the financial statements. Platzer monitors the development of IFRS 18 and evaluates the effects on the company's financial reportsThe Parent Company's financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's Recommendation RFR2 Accounting for Legal Entities. The Parent Company applies the same accounting policies and measurement bases as in the most recent Annual Report.

Rounding

Individual amounts and total amounts are rounded to the nearest whole number in SEK million. Rounding differences may result in tables not adding up.

Significant events after the reporting period

After the end of the period, an agreement was signed for the lease of 10,400 sqm to an industrial tenant. This lease is the first in a new project within the industrial and logistics segment.

Gothenburg, 10 October 2025 Platzer Fastigheter Holding AB (publ)

Johanna Hult Rentsch CEO Henrik Forsberg Schultz Chairman of the Board

Anders Jarl Anneli Jansson Eric Grimlund Maximilian Hobohm Ricard Robbstål Ulrika Danielsson

Auditors' review report

Platzer Fastigheter Holding AB (publ)

Introduction

We have reviewed the condensed interim financial information (interim report) for Platzer Fastigheter Holding AB (publ) as at 30 September 2025 and for the nine-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

The scope of the review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making enquiries, primarily of persons responsible for financial and accounting matters, performing an analytical review and applying other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards. The review procedures performed during a review do not enable us to obtain assurance that we would become aware of all significant matters that might have been identified if an audit had been performed. The stated conclusion based on a review therefore does not provide the assurance that an opinion expressed on an audit provides.

Conclusion

Based on our review, no circumstances have come to our attention that give us reason to believe that the interim report has not, in all material respects, been prepared for the Group in accordance with IAS 34 and the Swedish Annual Accounts Act and for the Parent Company in accordance with the Swedish Annual Accounts Act.

Gothenburg, 10 October 2025

Öhrlings PricewaterhouseCoopers AB

Johan Rippe Johan Brobäck

Auditor-in-charge

Authorised Public Accountant Authorised public accountant

The Platzer share

The Platzer share is listed on Nasdaq Stockholm, in the Mid Cap segment. Over the past 12 months, the total return on the share, including dividend, was -36%. The most recent dividend of SEK 2.10 per share approved by the Annual General Meeting corresponds to a dividend yield of 3.0%.

The Platzer share

The company's share price at 30 September 2025 was SEK 69.00 per share (85.70), corresponding to a market capitalisation of SEK 8,267 million (10,268) based on the number of outstanding shares. A total of 26.6 million (21.7) shares, worth a total of SEK 2,012 million (1,923), changed hands in the period. Average daily turnover was 142,200 (114,600) shares. The number of shareholders as at 31 August was 7,855 (6,113). Foreign ownership amounted to 16.4% (18.0) of share capital.

Dividend policy and dividend

Over time, the dividend should amount to 50% of income from property management, less standard tax of 20.6%. The Annual General Meeting on 19 March approved a dividend of SEK 2.10 per share (2.00), to be paid in two instalments of SEK 1.05 each. The record dates are 21 March and 26 September. The dividend corresponds to a dividend yield of 3.04% (2.90%) based on the share price at the end of the period.

Share capital

At 30 September 2025, the share capital in Platzer was distributed among 20 million Class A shares with 10 votes per share, and 99,934,292 Class B

shares carrying one (1) vote per share. Platzer itself owns 118,429 of its Class B-shares (118,429). Each share has a quotient value of SEK 0.10. The long-term net asset value, EPRA NRV, was SEK

128 (124) per share at the end of the period.

Our green share

Platzer was one of the first companies in Sweden to be awarded the green designation Nasdaq Green Equity Designation in 2021. In order to qualify, green activities must account for more than 50% of sales and a majority of investments. In 2025, Platzer was the first company to be assessed based on new ranking criteria. These are based on both our current sustainability performance and future performance in 2030. In this year's assessment, 74% of Platzer's sales are assessed as green. The current ranking is assessed as Light Green and our future ranking as Medium Green.

Acquisition and transfer of own shares authorised by the AGM

In accordance with the Board's proposal, the AGM on 19 March resolved to authorise the Board of Directors to decide, before the next AGM, on purchase and transfer of the company's own shares. Under the authorisation, the number of Class B shares that can

be purchased is the number of shares that ensures that the total holding of own Class B shares following acquisition does not exceed 10% of all registered shares in the Company. Transfer of shares may be carried out via trading on NASDAQ Stockholm or another regulated market, or otherwise in a manner deviating from shareholders' pre-emption rights in

connection with property or business acquisitions.

The AGM authorised the Board to decide, before the next AGM, on one or more occasions and with or without preferential rights for shareholders, on a new issue of Class B shares corresponding to not more than 10% of the share capital.

Major shareholders in Platzer Fastigheter Holding AB (publ) as at 31 August 2025

	Number of Class A	Number of Class	Number of	Share of voting
Name	shares	B shares	shares	power	Share of equity
Neudi & C:o	11,000,000	7,000,000	18,000,000	39.0%	15.0%
Länsförsäkringar Göteborg och Bohuslän	5,000,000	11,375,112	16,375,112	20.5%	13.7%
Länsförsäkringar Skaraborg	4,000,000	2,468,000	6,468,000	14.2%	5.4%
Family Hielte/Hobohm		17,318,601	17,318,601	5.8%	14.5%
Länsförsäkringar fondförvaltning AB		8,085,128	8,085,128	2.7%	6.7%
SEB Investment Management		5,054,044	5,054,044	1.7%	4.2%
State Street Bank and Trust Co		4,403,092	4,403,092	1.5%	3.7%
Lesley Invest (incl private holdings)		4,095,562	4,095,562	1.4%	3.4%
The Bank of New York Mellon		3,497,787	3,497,787	1.2%	2.9%
Handelsbanken funds		3,395,661	3,395,661	1.1%	2.8%
Other shareholders		33,122,876	33,122,876	11.0%	27.6%
Total number of shares outstanding	20,000,000	99,815,863	119,815,863	100%	100%
Buyback of own shares		118,429	118,429
Total number of registered shares	20,000,000	99,934,292	119,934,292

Cautious signals of a turnaround in the economy

The EU-US tariff agreement has helped stabilise the economic situation. This can be seen, for example, in the Purchasing Managers' Index for the manufacturing industry, which was above the historical average in September. In combination with reduced interest rates and fiscal stimulus, there is therefore much to suggest that the economy, and thus the property market, are close to a turnaround.

The September forecast of the National Institute of Economic Research (NIER) was largely a repeat of the June forecast. GDP is projected to grow by 0.9% in 2025 and by 2.6% in 2026. The NIER notes that households have increased their consumption for four quarters in a row and that their view of the economy continued to improve over the summer.

Furthermore, the NIER believes that household consumption will be an important driver for the continued recovery. The NIER predicts that unemployment will peak at 8.7% this year and then decline. This view of economic development is in line with many other forecasts and is largely shared by the Riksbank, which lowered the policy rate to 1.75% in September.

The Gothenburg economy

The Gothenburg economy remains difficult to interpret. A slight improvement in the first quarter was followed by a clear decline in the second, which was marked by global concerns about increased tariffs. This summer's trade agreement between the USA and the EU has subsequently contributed to reducing uncertainty, as evidenced by the Purchasing Managers' Index (PMI), which reached an annual high for the manufacturing industry in September and was also above the historical average.

In September, 1,200 employees at Volvo Cars were given notice of redundancy. How many of these employees will leave the company is still unclear. However, unemployment in the Gothenburg region remains lower than in the other metropolitan regions and below the national average. In August, unemployment in the Gothenburg region was 6.7% (6.4 in April), compared with 6.7% in the country as a whole and 7.7% in the Stockholm region.

In addition to a strong Purchasing Managers' Index for the manufacturing industry, activity at the Port of Gothenburg also continues to develop positively. Container volumes are at an all-time high and during the summer, two new direct routes were introduced to the Baltic states and Asia. At the same time, the visitor industry broke records. In the period to the end of August, the number of overnight stays increased by 7%, which is more than in both Malmö and Stockholm.

In the longer term, Gothenburg's main strength is the continued large investments in R&D. The Gothenburg region accounts for 35% of the private sector's R&D investments, making the city Sweden's R&D centre. In this context, it is worth mentioning that Sweden ranks second in the Global Innovation Index – after Switzerland, but ahead of the USA.

Gothenburg region economic indicator

Global economy

%	2024	2025	2026
GDP growth	3.3	3.0	3.1
Inflation	5.6	4.2	3.6

Source: IMF World Economic Outlook, July 2025.

Swedish economy

%	2024	2025	2026	2027
GDP growth	0.8	0.9	2.6	2.3
Employment	-0,5	0.3	0.9	1.5
Unemployment	8.4	8.7	8.4	7.6
CPI	2.8	0.7	0.1	2.4
CPIF	1.9	2.7	0.9	1.8

Source: Swedish National Institute of Economic Research (NIER), September 2025.

Industrial and Logistics

Rental market

Access to Scandinavia's largest port and the West Sweden automotive cluster make Gothenburg the best logistics location in the Nordic region. The most attractive areas are located around the port and the Volvo companies on Hisingen, next to Landvetter Airport and in Viared, outside Borås.

Demand is good and the market vacancy is around 4% in attractive locations near the Port of Gothenburg. Earlier this year, Cushman & Wakefield assessed that the Gothenburg region, together with Öresund, has the lowest vacancy rate in Sweden. Rent levels remain at around SEK 900/sq. m. for pure logistics space in new production in the best locations. During the third quarter, relatively few or minor lettings were carried out.

E-commerce reported record growth in both July and August and showed growth for the first eight months of the year.

Rental market, industrial/logistics

Prime Rent (SEK/sq. m.)	Q3 2025	Q3 2024
Stockholm Class A location	1,000	1,000
Gothenburg Class A location	900	900
Malmö Class A location	800	800

Source: Newsec and Platzer

Property market

During the third quarter, Kkr & Mirastar acquired a couple of properties totalling 44,000 square metres in Landvetter. Brunswick and another American actor also announced that they are joining forces to invest in e.g. Gothenburg.

Earlier this year, we completed a sale in the joint venture Sörreds Logistikpark and an acquisition in Tuve. Other transactions in the market included SLP's acquisition of a logistics property in Sörred of 28,000 sq. m. and Panattoni's agreement to acquire two properties in Mölnlycke, which will enable the development of a logistics facility of 43,000 sq. m.

Major projects underway include new premises for Speed Group in our and Catena's joint venture, Sörreds Logistikpark, Verdion's construction of 18,000 square metres on Hisingen and Castellum's and the Port of Gothenburg's project of 45,000 square metres at Halvorsäng adjacent to Arendal. In addition, RO-Gruppen has been commissioned to build two logistics properties for SKF.

Otherwise, few new projects are being started and the supply of new, efficient logistics premises will therefore decrease in the coming years.

Property market, industrial/logistics

Prime Yield (%)	Q3 2025	Q3 2024
Stockholm Class A location	4.95	5.00
Gothenburg Class A location	4.90	5.00
Malmö Class A location	5.75	5.75

Source: Newsec

Offices

Rental market

Central Gothenburg, with its proximity to services and public transport, is showing the highest level of activity on the market, while demand for Class B and Class C locations is weaker. The challenge is primarily an increased supply following the significant addition of office space in recent years. In the coming year, the addition of new premises is predicted to be relatively low and the market will adapt to the increased volume.

At the beginning of July, Alecta conclude a lease for 8,000 sq. m. in Regina with the City of Gothenburg. Otherwise, new lettings that were reported mainly comprised small to medium-sized lettings – including our own lease for a new restaurant in Gullbergsvass, Vasakronan's lease with CMS Wistrands in Platinan and Wallenstam's lease with Setcube at Inom Vallgraven.

Rent levels (prime rent) were assessed as having remained stable during the third quarter. Our view is that demand remains greatest for modern, environmentally certified premises adapted to tenant requirements in good locations.

Rental market, offices

Prime Rent (SEK/sq. m.)	Q3 2025	Q3 2024
CBD	4,200	4,200
City centre excl. CBD	3,700	3,700
Norra Älvstranden	3,000	3,000
Mölndal	3,000	2,700
East Gothenburg	2,500	2,500
West Gothenburg	1,500	1,500

Source: JLL

JLL estimates that the vacancy rate in Gothenburg is about 13%. CBD has one of the highest vacancy rates among the different areas, at around 15%. This is explained, among other things, by large and longterm infrastructure projects. The levels in the City centre excl. CBD are relatively stable at around 10%. The largest decreases were noted in Mölndal and East Gothenburg.

During the year, no new office projects have been started beyond the approximately 100,000 sq. m. that are under construction until 2027. This, in conjunction with a stronger economy, increased employment growth and a continued tendency to want to gather employees in the office, are factors that indicate that we are set to see a positive turnaround.

Property market

During the third quarter, there were no major transactions involving office property in Gothenburg. The biggest transaction so far this year is still our own sale of the school in Södra Änggården. The transactions carried out at the end of 2024 and the beginning of 2025 have confirmed the market's yield requirement assessment.

Property market, offices

Prime Yield (%)	Q3 2025	Q3 2024
CBD	4.55	4.55
City centre excl. CBD	5.20	5.20
Norra Älvstranden	5.80	5.80
Mölndal	6.50	6.50
East Gothenburg	6.50	6.50
West Gothenburg	7.00	7.00

Source: JLL

2024

2024/2025

2024

Underlying data and calculation of KPIs

2025

2024

2025

	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan–Dec
Number of shares
Average number of shares, thousand	119,816	119,816	119,816	119,816	119,816	119,816
Outstanding number of shares, thousand	119,816	119,816	119,816	119,816	119,816	119,816
Equity-related KPIs	2025 Jul-Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024/2025 Oct-Sep	2024 Jan–Dec
Earnings after tax per share, SEK
Profit/loss after tax according to the income statement, SEK m	210	-79	389	67	700	378
Average number of shares, thousand	119,816	119,816	119,816	119,816	119,816	119,816
Earnings after tax per share, SEK	1.75	-0.66	3.25	0.56	5.84	3.15
Income from property management per share, SEK
Income from property management according to the income statement, SEK m	198	181	597	526	786	714
Average number of shares, thousand	119,816	119,816	119,816	119,816	119,816	119,816
Income from property management per share, SEK	1.65	1.51	4.98	4.39	6.56	5.96
Cash flow from operating activities per share, SEK
Cash flow from operating activities, SEK m	193	316	381	506	799	925
Average number of shares, thousand	119,816	119,816	119,816	119,816	119,816	119,816
Cash flow from operating activities per share, SEK	1.61	2.64	3.18	4.22	6.67	7.72
Equity per share at the end of the period, SEK
Equity according to the balance sheet, SEK m	12,950	12,500	12,950	12,500	12,950	12,812
Number of shares at the end of the period, thou sand	119,816	119,816	119,816	119,816	119,816	119,816
Equity per share. SEK	108	104	108	104	108	107

EPRA performance measures	2025 Jul-Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024/2025 Oct-Sep	2024 Jan–Dec
EPRA NRV, SEK m and SEK/share at the end of the period
Equity according to the balance sheet	12,950	12,500	12,950	12,500	12,950	12,812
Reversal:
– Dividend declared but not yet paid, SEK m	126	120	126	120	126	—
– Deferred tax, SEK m	2,413	2,225	2,413	2,225	2,413	2,341
– Derivatives according to the balance sheet, SEK m	-135	-46	-135	-46	-135	-251
EPRA NRV, SEK m	15,354	14,798	15,354	14,798	15,354	14,902
Number of shares outstanding, thousand	119,816	119,816	119,816	119,816	119,816	119,816
EPRA NRV per share, SEK	128	124	128	124	128	124
EPRA NTA, SEK m and SEK/share at the end of the period
EPRA NRV above, SEK m	15,354	14,798	15,354	14,798	15,354	14,902
Deduction: Estimated fair value of deferred tax, SEK m	-624	-536	-624	-536	-624	-627
EPRA NTA, SEK m	14,730	14,262	14,730	14,262	14,730	14,275
Number of shares outstanding, thousand	119,816	119,816	119,816	119,816	119,816	119,816
EPRA NTA per share, SEK	123	119	123	119	123	119
EPRA NDV, SEK m and SEK/share at the end of the period
Equity according to the balance sheet, SEK m	12,950	12,500	12,950	12,500	12,950	12,812
Reversal: Dividend declared but not yet paid, SEK m	126	120	126	120	126	—
EPRA NDV, SEK m	13,076	12,620	13,076	12,620	13,076	12,812
Number of shares outstanding, thousand	119,816	119,816	119,816	119,816	119,816	119,816
EPRA NDV per share, SEK	109	105	109	105	109	107

UNDERLYING DATA AND CALCULATION OF KPIS

EPRA performance measures	2025 Jul-Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024/2025 Oct-Sep	2024 Jan–Dec
EPRA EPS, SEK m and SEK/share
Income from property management according to the income statement, SEK m	198	181	597	526	786	714
Current tax on income from property manage ment, SEK m	3	13	2	-6	19	13
EPRA EPS, SEK m	201	194	599	520	805	727
Average number of shares, thousand	119,816	119,816	119,816	119,816	119,816	119,816
EPRA EPS SEK/share	1.68	1.62	5.00	4.34	6.72	6.07
EPRA LTV, % at the end of the period
Interest-bearing liabilities, SEK m	15,490	15,002	14,590	15,002	15,490	16,659
Net operating assets and liabilities, SEK m	463	622	463	622	463	995
Cash and cash equivalents	-378	-205	-378	-205	-378	-473
Net debt	15,575	15,419	15,575	15,419	15,575	17,181
Market value, properties, SEK m	31,173	30,032	31,173	30,032	31,173	32,031
EPRA LTV, %	50	51	50	51	50	54

Property-related KPIs	2025	2024	2025	2024	2024/2025	2024
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan–Dec
Yield, % at the end of the period
Operating surplus according to the income state ment, SEK m	340	334	1,037	974	1,377	1,314
Site leasehold fee according to the income state ment, SEK m	-0	-0	-1	-1	-1	-1
Operating surplus in ongoing projects, SEK mil lion	-8	-1	-33	-1	-6	-0
Adjustment to holdings, acquisition/disposal/ completed projects, SEK m	–	2	-4	33	8	107
Converted to full-year value, SEK m	998	1,004	333	335	—	—
Normalised operating surplus	1,330	1,339	1,332	1,341	1,377	1,420
Carrying amount of properties at the balance sheet date, SEK m	29,659	28,524	29,659	28,524	29,659	30,372
Projects and land at the balance sheet date, SEK m	-1,533	-756	-1,533	-756	-1,533	-1,357
Properties under management, SEK m	28,126	27,768	28,126	27,768	28,126	29,015
Yield, %	4.7	4.8	4.7	4.8	4.9	4.9

Property-related KPIs	2025 Jul-Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024/2025 Oct-Sep	2024 Jan–Dec
Economic occupancy rate, % based on earnings
Rental income on an annual basis, properties under management, SEK m	1,692	1,688	1,692	1,688	ET	1,773
Rental value on an annual basis, properties under management, SEK m	1,849	1,810	1,849	1,810	ET	1,908
Economic occupancy rate, %	91.5	93.3	91.5	93.3	ET	92.9
Rental value, SEK/sq. m. based on earn ings
Contracted annual rent, SEK m	1,849	1,810	1,849	1,810	1,947	1,908
Lettable area, sq. m. (thousand)	880	944	880	944	880	935
Rental value, SEK/sq. m.	2,101	1,918	2,101	1,918	2,213	2,041
Market value of investment properties SEK/sq. m. based on earnings
Properties under management, SEK m	28,126	27,768	28,126	27,768	28,126	29,015
Lettable area excl. projects, sq. m. (thousand)	880	944	880	944	880	935
Market value of properties under manage ment, SEK/sq. m.	31,961	29,425	31,961	29,425	31,961	31,032
Net lettings, SEK m
Lettings, investment property, SEK m	5	4	37	29	50	49
Terminated leases, investment property, SEK m	-44	-39	-78	-86	-106	-101
Bankruptcies, SEK m	-0	-6	-11	-6	-0	-6
Net lettings, investments property, SEK m	-39	-41	-52	-63	-56	-58
Projects, lettings, SEK m	—	—	—	2	2	2
Projects, terminated leases, SEK m	—	—	—	—	—	—
Net lettings incl. projects, SEK m Lettings, associates, SEK m	-39 —	-41 —	-52 27	-61 24	-54 27	-56 27
Terminated leases, associates, SEK m	—	—	-2	—	-8	-8
Bankruptcies, SEK m	-2	—	-2	—	-2	—
Net lettings incl. associates, SEK m	-41	-41	-29	-37	-37	-37
Surplus ratio, %
Operating surplus according to the income statement, SEK m	340	334	1,037	974	1,377	1,314
Rental income according to the income state ment, SEK m	433	416	1,309	1,227	1,751	1,670
Surplus ratio, %	79	80	79	79	79	79

Financial KPIs 2025

2024

2025

2024

2024/2025

2024

UNDERLYING DATA AND CALCULATION OF KPIS

	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan–Dec
Return on equity, %
Profit after tax, SEK m	210	-79	389	67	700	378
Converted to full-year value, SEK m	630	-237	130	22	—	—
Profit after tax, annualised, SEK m	841	-316	519	89	700	378
Equity at the beginning of the period, SEK m	12,739	12,489	12,812	12,672	12,500	12,672
Equity at the end of the period, SEK m	12,950	12,500	12,950	12,500	12,950	12,812
Average equity, SEK m	12,845	12,494	12,881	12,586	12,725	12,742
Return on equity, %	6.5	-2.5	4.00	0.7	5.5	3.0
Return on total capital, %
Income from property management, SEK m	198	181	597	526	786	714
Net financial items, SEK m	135	145	416	426	557	567
Converted to full-year value, SEK m	997	978	338	317	—	—
Operating profit, annualised, SEK m	1,332	1,304	1,350	1,269	1,343	1,281
Total capital at the beginning of the period, SEK m	31,223	29,993	32,233	29,965	30,004	29,965
Total assets at the end of the period, SEK m	31,239	30,004	31,239	30,004	31,239	32,233
Average total assets, SEK m	31,231	29,999	31,736	29,985	30,622	31,099
Return on total capital, %	4.3	4.3	4.3	4.2	4.4	4.1
Loan-to-value (LTV) ratio, assets, % at the end of the period
Interest-bearing liabilities, SEK m	14,746	14,183	14,746	14,183	14,746	15,840
Total assets, SEK m	31,239	30,004	31,239	30,004	31,239	32,233
Loan-to-value ratio, assets, %	47	47	47	47	47	49
Loan-to-value ratio (LTV), property, % at the end of the period
Interest-bearing liabilities, SEK m	14,746	14,183	14,746	14,183	14,746	15,840
Investment properties. SEK million	29,659	28,524	29,659	28,524	29,659	30,372
Loan-to-value ratio, property, %	50	50	50	50	50	52
EBITDA, SEK m
Operating surplus, SEK m	340	334	1,037	974	1,377	1,314
Central administration, SEK m	-16	-15	-54	-45	-76	-67
Income from property management, associates/ joint ventures, SEK m	9	7	30	23	41	34
EBITDA, SEK m	333	326	1,014	952	1,342	1,280

Financial KPIs	2025 Jul-Sep	2024 Jul-Sep	2025 Jan-Sep	2024 Jan-Sep	2024/2025 Oct-Sep	2024 Jan–Dec
Income from property management, SEK m
Operating surplus, SEK m	340	334	1,037	974	1,377	1,314
Central administration, SEK m	-16	-15	-54	-45	-76	-67
Income from property management, associates/ joint ventures, SEK m	9	7	30	23	41	34
Net financial items, SEK m	-135	-145	-416	-426	-557	-567
Income from property management, SEK m	198	181	597	526	786	714
Net interest-bearing liabilities/EBITDA, times
Interest-bearing liabilities, SEK m	14,746	14,183	14,746	14,183	14,746	15,840
Cash and cash equivalents	-256	-190	-256	-190	-256	-391
Net interest-bearing liabilities, SEK m	14,490	13,994	14,490	13,994	14,490	15,449
EBITDA	1,333	1,304	1,352	1,269	1,342	1,280
Net interest-bearing liabilities/EBITDA, times	10.9	10.7	10.7	11.0	10.8	12.1
Interest coverage ratio, times
EBITDA, SEK m	333	326	1,014	952	1,342	1,280
Net financial items, SEK m	135	145	416	426	557	567
Interest coverage ratio, times	2.5	2.2	2.4	2.2	2.4	2.3
Debt/equity ratio, times, at the end of the period
Interest-bearing liabilities, SEK m	14,746	14,183	14,746	14,183	14,746	15,840
Equity, SEK m	12,950	12,500	12,950	12,500	12,950	12,812
Debt/equity ratio, times	1.1	1.1	1.1	1.1	1.1	1.2
Equity/assets ratio, % at the end of the period
Equity, SEK m	12,950	12,500	12,950	12,500	12,950	12,812
Total assets, SEK m	31,239	30,004	31,239	30,004	31,239	32,233
Equity/assets ratio, %	41	42	41	42	41	40

Financial definitions/key financial ratios

The company presents a number of financial metrics in the interim report that are not defined in accordance with IFRS, i.e. Alternative Performance Measures according to ESMA guidelines. These key financial ratios provide valuable supplementary information to investors, company management and other stakeholders as they enable effective evaluation and analysis of the company's financial position and performance. The alternative performance measures are not always comparable with the measures used by other companies and should therefore be considered to complement performance measures defined according to IFRS. Platzer applies these alternative performance measures consistently over time. The performance measures are alternative in accordance

Financial definitions

Key financial ratio/concept	Description	Explanation of alternative performance measure
The share's dividend yield	Proposed or paid dividend in relation to the share price at the balance sheet date.	Highlights the ongoing return that shareholders are expected to receive.
Total return on the share	Change in the share price adjusted for dividend paid in relation to the share price at the beginning of the period.	Highlights the total return that share holders are expected to receive.
	Number of shares outstanding1 Number of registered shares at the end of the period, less repurchased shares which do not entitle to dividends or voting rights.
Return on equity	Profit for the period, converted to 12 months, divided by average equity (opening balance + closing balance)/2 during the period.	Illustrates the return on the owners' capital during the period.
Return on total capital	Income from property management for the period after reversal of finance costs, converted to 12 months, in relation to average total assets (opening balance + closing balance)/2 during the period.	Illustrates the return on the Group's assets during the period, regardless of how they are financed.
Loan-to-value ratio	Interest-bearing liabilities divided by total assets.	Highlights financial risk.
Loan-to-value ratio, property	Interest-bearing liabilities divided by the value of the properties.	Highlights financial risk.
Data per share1	The average number of shares has been used in the calculation of earnings and cash flow per share, while the number of outstanding shares has been used in the calculation of assets, equity and net asset value per share.
Yield	Operating surplus less ground rent for leasehold site divided by the market value of properties under management. Properties acquired/ completed during the period have been counted as if they were owned or completed over the whole year, while properties that were sold have been excluded. Projects and undeveloped land have been excluded.	Highlights the underlying earnings of the properties.
Operating surplus1	Rental income less direct property costs.

Key financial ratio/concept	Description	Explanation of alternative performance measure
EBITDA	Operating surplus less central administrative expenses and including income from property management from associates/joint ventures.	The company's underlying earnings excl. financing.
Equity per share	Equity divided by the number of shares outstanding at the end of the period.	Highlights the owners' visible share of the company.
Income from property manage ment	Operating surplus less central administrative expenses and net finan cial items, and including income from property management from asso ciates/joint ventures.	The company's underlying earnings net of interest-bearing financing.
Net investment	Property acquisitions and disposals carried out during the period and investments in existing properties, net amount.	Illustrates the investment volume in the company.
Net interest-bearing liabilities	Interest-bearing liabilities less cash and cash equivalents.	Used in the calculation of key ratios that highlight financial risk.
Net interest-bearing liabilities/EBITDA	Net interest-bearing liabilities relative to EBITDA.	Indicates how many years it takes to repay debts. Illustrates the company's financial risk from a cash flow perspec tive.
Earnings after tax per share, SEK	Profit attributable to parent company shareholders divided by average number of shares.	The key ratio highlights the sharehold ers' share of profit.
Interest coverage ratio, times	Income from property management with reversal of net financial items divided by net financial items.	Highlights financial risk.
Debt/equity ratio	Interest-bearing liabilities relative to equity.	Highlights financial risk.
Equity/assets ratio	Equity divided by total assets.	Highlights financial risk.
Dividend payout ratio	Dividend in relation to income from property management less standard tax of 20.6%.	Highlights the proportion of current earnings that are distributed to share holders or reinvested in the company.

¹ The key ratio is not an alternative performance measure according to ESMA's definition, which is why its use is not explained.

FINANCIAL DEFINITIONS/KEY FINANCIAL RATIOS

EPRA definitions

Key financial ratio/concept	Description	Explanation of alternative performance measure
EPRA LTV – Loan To Value	Consolidated net debt including the Group's share of the net debt of associates divided by consolidated property value including the Group's share of the property value of associates.	Illustrates loan-to-value ratio, properties.
EPRA NRV – Net Reinstatement Value	Equity according to the balance sheet with reversal of interest rate derivatives and deferred tax according to the balance sheet, as well as dividend declared but not yet paid.	Illustrates the owners' capital over the long term and is based on the balance sheet with adjustment for items not entailing payment in the near term.
EPRA NTA – Net Tangible Assets	Equity according to the balance sheet with reversal of interest rate derivatives and deferred tax according to the balance sheet, as well as dividend declared but not yet paid and deduction of fair value of deferred tax.	Illustrates the owners' capital over the long term and is based on the balance sheet with adjustment for items not entailing payment in the near term and the market value of deferred tax.
EPRA NDV – Net Disposal Value	Equity according to the balance sheet with reversal of dividend declared but not yet paid.	Illustrates the owners' capital according to the published balance sheet.
EPRA Earnings and EPS	Income from property management less nominal tax attributable to income from property management.	Highlights underlying earnings net of costs of interest-bearing financing and taxes paid.

Property-related definitions

Key financial ratio/concept	Description	Explanation of alternative performance measure
Economic occupancy rate	Contracted annual rent less discounts divided by rental value immedi - ately after the end of the period. Projects and land are excluded.	Illustrates the economic occupancy rate of the properties.
Property category 1	The property's main rental value with respect to the type of premises. Within a property category, there may therefore be spaces that relate to purposes other than the main use.
Rental value	Contracted annual rent on the day immediately after the end of the period plus estimated market rent for vacant premises.	Illustrates the Group's rental income based on all space being fully let.
Comparable properties	Properties that were owned and managed during the entire period and the comparative period, i.e. properties that have been acquired or sold or completed projects are not included.	Highlights value creation through prop - erty management and is thus not affected by portfolio changes.
Net lettings	Total agreed contracted annual rent for new lettings for the period, less annual rent for leases terminated during the period.	Highlights the letting situation and impact on future vacancies.
Project property 1	Property or well-defined part of property where conversion is planned or underway with the aim of adding value to the property, as well as new production under construction.
Project gain	Market value after completed investment less completed investment in relation to completed investment.	Highlights value creation in the projects.
Surplus ratio	Operating surplus divided by rental income.	Highlights the profitability of properties.

¹ The key ratio is not an alternative performance measure according to ESMA's definition, which is why its use is not explained.

Financial calendar

2026

Year-end Report 2025 30 January at 08:00 (CET) Interim Report January – March 14 April at 08:00 (CEST) Interim Report January – June 3 July at 08:00 (CEST) Interim Report January – September 16 October at 08:00 (CEST)

For further information, please visit platzer.se or contact Johanna Hult Rentsch, CEO, tel. +46 (0)709 99 24 05 Jakob Nilsson, CFO, tel. +46 (0)707 84 83 51

Photos/images: Marie Ullnert pages 1 (cover), 2 and 20 Sabina Johansson/Platzer pages 4, 12, 13, 14, 17 and 31 David Chocron page 19 Philip Liljenberg page 9 Markus Esselmark page 33

Platzer Fastigheter Holding AB (publ) PO Box 211, SE-401 23 Gothenburg | Visiting address: Lilla Bommen 8 +46 (0)31 63 12 00 | info@platzer.se | platzer.se Registered office of Board of Directors: Gothenburg | Corporate ID No: 556746–6437