Public Property Invest — Earnings Release 2025

Feb 25, 2026

Q4/FY 2025: Significant growth and solid shareholder returns

Q4/FY 2025: Significant growth and solid shareholder returns

Rental income increased by 120% to NOK 389 million (NOK 177 million) in the

fourth quarter and by 64% to NOK 1,089 million (NOK 662 million) in 2025,

compared to the same period last year. Net income from property management

increased by 142% to NOK 147 million (NOK 61 million) in the fourth quarter

and by 73% to NOK 468 million (NOK 270 million) in 2025. Positive changes in

fair value of investment properties came in at NOK 43 million in the fourth

quarter and NOK 335 million in 2025 and profit before tax was NOK 89 million

(246 million) in the fourth quarter and NOK 648 million (73 million) in 2025.

"2025 has been transformative year for PPI. We have acquired a total of 778

properties and become a large pan-Nordic company with significant operations

in Sweden, Norway, Finland and Denmark. Going into 2026, PPI's portfolio and

run rate rental income is approximately 5x larger than in the beginning of

2025. Our capital allocation strategy is focused on maximizing shareholder

values while also maintaining a conservative balance sheet and we have

delivered total shareholder return of approximately 35% in 2025 and 70% since

the IPO in April 2024", says André Gaden, CEO.

As of 31.12.2025, PPI owned 850 properties, with a total market value of

approximately NOK 54.2 billion and an average net yield of 5.7%. The occupancy

in the management portfolio was 95% with an average lease term of 6.9 years

(7.3 years if including the project portfolio).

During the fourth quarter PPI completed a transformative acquisition of a NOK

38 billion Nordic social infrastructure property portfolio from

Samhällsbyggnadsbolaget i Norden AB. As a result, PPI has become the largest

European listed owner of social infrastructure, elderly care and healthcare

properties in a region which is characterized by population growth and an

ageing population, driving lasting demand for social care. The transaction was

financed by NOK 13.8 billion in new equity, SEK 12.7 billion in unsecured

bridge loan facility and cash on balance sheet. The bridge loan has been

partly repaid by SEK 9.2 bn in Q1 2026, following the two bond issues in

January 2026 totaling EUR 900 million.

PPI has maintained a disciplined capital structure with LTV below 50% since

the IPO, while also growing the company significantly. As of 31.12.25 the LTV

was 48.3% and Net debt/Run rate EBITDA (adjusted for ongoing development

projects) was 9.5.

In December, the Board announced an intention to propose a dividend of NOK 1

per share to the Annual General Meeting in 2006, split in quarterly

installments of NOK 0.25 per share from Q2 2026. If approved, PPI will pay out

total dividends of NOK 0.9 per share in 2026 vs NOK 0.35 per share in 2025

(+157%).

PPI has started preparations for re-domiciliation to Sweden and a primary

listing on Nasdaq Stockholm, which is expected to be concluded in the second

quarter of 2025.

Management will present the results in a webcast, followed by a Q&A session

today at 09.30 CET. The webcast may be followed from:

https://publicproperty.no/en/investor-relation. Questions may be submitted by

email to IR@publicproperty.no.

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-02-25 07:00 CET.