Swedish Logistic Property

Annual Report • Feb 4, 2025

Year-end Report

JANUARY – DECEMBER 2024

Significant events

Significant events in the period January-December

• Rental income increased by 21%, amounting to SEK 710 m (585).
• Net operating income increased by 25%, amounting to SEK 610 m (487).
• Profit from property management increased by 31% and amounted to SEK 398 m (303).
• Earnings per share increased by 60%, amounting to SEK 2.48 (1.55).
• Net asset value (NAV) per share increased by 16% in the period and amounted to SEK 29.39.
• Value changes in investment properties totalled SEK 361 m (236).
• Sustainable loans amounted to SEK 4,573 m (2,598) at the end of the period, corresponding to 78% (53) of the loan portfolio.
• SLP signed its first agreements regarding sustainability-linked financing with two of the company's existing banks.
• The output from installed solar panel systems totalled 17.9 MWp (14.2) at the end of the period.
• The company completed a directed new share issue of Class B shares totalling approximately SEK 1,100 m, and a new issue of Class B shares in connection with an acquisition totalling approximately SEK 36 m.
• 11 properties, of which one comprises a building right, were acquired and taken into ownership, with a lettable area of 169,000 square metres and a property value of SEK 1,747 m (1,504).
• One new construction project was taken into ownership, with a lettable area of 11,000 square metres and a property value of SEK 208 m.
• Two new construction projects were completed, with a lettable area of 29,000 square metres and an annual rental value of SEK 29 m.
• Net rental income amounted to SEK 26.1 m (76.3) and the financial letting ratio to 96.5% (94.6).

Significant events after the end of the period

• SLP has completed and taken into ownership its largest acquisition to date, five strategically located logistics properties with an agreed property value of approximately SEK 1.4 bn.
• SLP has acquired a logistics property with a 10 year fully indexed rental agreement in Trelleborg. SLP will take ownership of the property after completion of the ongoing renovation project, scheduled for early May 2025.
• During January, occupancy commenced in SLP's largest new construction project to date, totalling 61,500 square meters, in Hallsberg.
• SLP strengthened its management team with Filip Persson, Project Manager, from January 2025.
• SLP's Board of Directors intends to propose to the Annual General Meeting that no dividend be paid for the 2024 financial year, in line with the company's dividend policy.

Key performance indicators

	2024 Oct-Dec	2023 Oct-Dec	2024 Jan-Dec	2023 Jan-Dec
	3 months	3 months	12 months	12 months
Property value, SEK m	13,489	10,114	13,489	10,114
Rental income, SEK m	194	155	710	585
Net operating income, SEK m	166	125	610	487
Profit from property management, SEK m	112	75	398	303
Profit for the period, SEK m	189	27	587	308
Earnings per share after dilution, SEK	0.73	0.13	2.48	1.55
Net asset value (NAV) per share after dilution, SEK	29.39	25.26	29.39	25.26
Growth in net asset value (NAV) per share after dilution, %	3	4	16	15
Profit from property management per share after dilution, SEK	0.43	0.36	1.68	1.52
Growth in profit from property management per share after dilution, %	21	25	10	20*
Loan-to-value ratio, %	42.4	41.7	42.4	41.7
Interest coverage ratio, multiple	3.4	2.7	3.2	2.9

*Excluding listing expenses 2022.

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

The Rönnedal 1 property in Ulricehamn.

Continued high acquisition rate and substantial financial flexibility

Our growth journey continued throughout 2024, primarily driven by a high level of activity and rate of acquisitions. During the fourth quarter, we acquired three new properties, all sale and leaseback transactions, with an underlying property value of approximately SEK 776 m. At the end of the year, we owned 110 properties with a total value of just over SEK 13 bn. Rental income increased by 25 percent and net operating income by 33 percent in the quarter in year-on-year terms. The increase in profit from property management for the quarter amounted to 49 percent, which is encouraging, especially considering that the 2023 share issues of SEK 1,100 m were primarily allocated to new construction projects, where profit from property management will not be reflected in the results until 2025.

During 2024, we continued to grow in selected and strategically important logistics areas. In total, we completed eleven acquisitions during the year, comprising approximately 180,000 square metres of lettable area with a rental value exceeding SEK 136 m. We are very pleased with the acquisitions completed in the year, which, in line with the company's strategy and overarching goals, have strengthened growth in both profit from property management and net asset value per share. We continuously evaluate potential transactions and see promising opportunities to carry out further strategic acquisitions going forward. In addition to acquisitions, added value has been generated through our project development activities, including extensions and enhancements to existing properties, as well as a large number of energy projects.

Completion of significant new construction projects

We are also pleased that our three major new construction projects have been completed on schedule and within budget. One of these, an environmentally certified building in Hallsberg on behalf of Ahlsell, is our largest project to date, with a lettable area of approximately 61,500 square metres, where occupancy commenced on 20 January 2025. Together, these projects contribute over 90,000 square metres of lettable area and an annual rental value of just over SEK 77 m. All properties are fully let with 15-year rental agreements and will make a significant contribution to revenue generation from 2025 onwards. The completion of these projects constitutes an important milestone in our growth journey and demonstrates our ability to collaborate closely with our tenants to create larger, attractive logistics properties.

Close and long-term relationships with our tenants

SLP's property management is characterized by a focus on long-term sustainability, both in terms of properties and tenant relationships. We are experiencing strong demand for smaller spaces in the range of 1,000 to 2,000 square metres, while some of our tenants continue to face a challenging market environment, particularly those operating in consumer-related e-commerce. Despite this, net letting during the quarter remained positive, amounting to SEK 3 m. This was achieved through close and active dialogue with our tenants, where we focus on creating long-term value for both parties. Our tenants must always be confident that SLP is close at hand and will understand their needs, so that tenants can focus on their core business. The long-term nature of our customer relationships is also reflected in our CSI (customer satisfaction index) score, which increased from 74 last year to 78 in this year's survey, with a maintained rental term of 6.4 years as of 31 December, in line with the previous year.

Attractive new financing through sustainability-linked loans

Our close long-term collaboration with five Nordic banks, exclusively utilizing secured bank financing, has contributed to a stable financial foundation since the company's inception. The loan-to-value ratio at the end of the year was 42.4 percent, and interest coverage ratio was a multiple of 3.2. Secured bank financing and available liquidity of approximately SEK 1,800 m provide us with substantial financial flexibility. This enables us to continue our growth journey through investments in our existing portfolio and additional value-adding acquisitions in strategically important areas.

In October, we signed our first loan agreements with sustainability-linked financing. The loan totalled SEK 2.9 bn, of which approximately SEK 900 m was not previously sustainability-linked financing. These loans have established targets linked to our efforts aimed at ensuring environmental certification of our properties and improved energy efficiency ratings. SLP's loan margins are then adjusted based on our performance in terms of meeting the established targets. We are pleased that this collaboration with the banks has allowed us to implement value-adding measures that benefit our shareholders, customers, and society as a whole. At the end of the year, our share of sustainable financing amounted to 92 percent of the total loan portfolio, of which 14 percent consisted of sustainability-linked loans and 78 percent of sustainable loans.

Our largest acquisition to date

After the end of the period, we completed two additional acquisitions, both off-market. A smaller acquisition in Trelleborg with a 10-year rental agreement, as well as our largest acquisition to date, comprising five strategically located logistics properties—four in Norrköping and one newly constructed property in Örebro. The properties feature high-quality tenants, with PostNord being the largest, and rental agreements that increase our average rental term. The agreed property value amounts to nearly SEK 1.4 bn, and the rental value of the fully CPIadjusted agreements exceeds SEK 90 m. Furthermore, we see strong potential for significant value-adding opportunities over time, which aligns perfectly with our overarching strategy.

In summary, we can conclude that we continue to generate consistent value growth through our established and successful business model. With a strong financial position, a relatively low loan-to-value ratio, and internally generated funds, we have significant acquisition opportunities within our existing capital structure. Steadily declining market interest rates, combined with strong interest from our existing banking partners, provide us with excellent conditions to continue our growth journey and create value through active management, project development, and complementary acquisitions.

Tommy Åstrand, CEO

SLP in brief

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

Overarching goal

To generate average annual growth in NAV per share of at least 15% and annual average growth in profit from property management per share of at least 15%.

Financial risk limitations

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

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

Overarching strategy

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

• Acquisitions: The company grows its property holdings by acquiring properties and building rights. The properties acquired are in strategic logistics locations and are suitable development targets.
• Property development: Properties are developed through new construction, extensions and conversions, and by optimizing net operating income for the properties. Net operating income is optimized by letting vacant premises, renegotiating and extending rental agreements, and through increased energy efficiency. Dividend policy Growth in profit from property management per share after dilution, %
  • Property management: SLP's property management is characterized by active customer dialogue, short decision paths and a long-term view.
  • Financing: The company ensures long-term and cost-efficient financing, and an optimized debt/equity ratio.
  • Sustainability: SLP has an ambitious approach to sustainability and environmental and social responsibility. Read more about our sustainability work on the following page.

Developments on the logistics market

Geopolitical unrest shifts warehousing and production back to Sweden

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

E-commerce and digital maturity leads to changing behaviours

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

Growing demand for modern refrigerator and freezer warehousing

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

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

Demands for more circular and sustainable distribution

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

SLP's sustainability work

SLP strives to ensure sustainable working methods that contribute to improving the environment and society, today and for the future. We view sustainability as an integral part of our business model and daily work. SLP's sustainability work is based on the Group's business concept, Code of Conduct and other governing documents, as well as our sustainability policy and sustainability framework with related goals. By integrating sustainability, we shall create value for our stakeholders in both the short and long term.

Our Responsibility- sustainability framework

We have chosen to call our sustainability framework Our Responsibility. It spans three focus areas – Planet, People and Business – and includes the company's key sustainability areas. Our Responsibility contains concrete goals, KPIs and activities in each focus area. The framework is based on materiality analysis and stakeholder dialogues carried out. The goals linked to identified key sustainability areas have been adopted by the company's Board.

• Planet: The main contribution we are making to environmentally sustainable development is optimizing our properties. Lower energy consumption, a higher proportion of renewable energy, resource optimization and environmental certification of our property holdings create value both for the planet and for SLP as a company.
• People: Looking after people, our employees and tenants alike, is critical to SLP's success. SLP shall actively strive to retain and attract skilled employees and do our utmost to create long-term relationships and environments where our tenants enjoy working.
• Business: We shall run the operation in a sustainable way with lasting long-term profitability. Everything we do shall be characterized by good business practice. We shall focus on long-term business relationships and partnerships with our tenants and suppliers alike.

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

Sustainability – goals and goal attainment

Sustainability goals

For each focus area within SLP's sustainability framework – Our Responsibility - Planet, People and Business, we have formulated and adopted goals. Please refer to sustainability goals and monitoring of goal attainment in the KPI table to the right.

CSRD and new statutory requirements

SLP is not subject to statutory requirements under the CSRD and ESRS directives until the financial year 2025, but is preparing the company ahead of future reporting standards. In December 2024, the double materiality analysis was completed and approved by the Board. From the financial year 2024 onwards, SLP is required to present sustainability reporting under the Annual Accounts Act.

EU Taxonomy

SLP is not covered by the 2025 taxonomy's reporting requirements until the financial year 2025, but the company always strives to be transparent in its approach to material topics for the business and the company's stakeholders. SLP reports the extent of operations encompassed by the EU taxonomy and provides guidance on the extent of operations judged to be compatible with the taxonomy.

Green transition of existing properties

Since its foundation, SLP has focused closely on optimizing and rationalizing the existing property holding.

Compatibility with EU taxonomy
KPI	SEK m	Scope, %	Compatibility, %
Sales	710	100	64
Operating expenditure	26	100	51
Capital expenditure	3,013	100	31

Investing in modern and efficient equipment and actively optimizing operations contributes to reducing energy consumption and increasing net operating income. For properties owned by SLP since 2021, where we have access to complete energy data, energy use has decreased by as much as 22 percent in the comparable holding. In addition, we have worked extensively to improve our energy ratings.

Sustainable financing

During the quarter, SLP signed its first sustainabilitylinked loans with Nordea and Swedbank respectively. The total amount of sustainability-linked loans amounts to SEK 2.9 bn, of which approximately SEK 900 m was not previously classified as sustainable financing. The loans mean that the margin is dependent on the achievement of sustainability-related targets. Unlike sustainable loans, which are tied to a specific property, these loan agreements are linked to SLP's overall sustainability performance. The agreed KPIs are tied to SLP's efforts to obtain environmental certification for its properties, improve their energy efficiency ratings, and reduce the properties' climate impact. SLP's total sustainable financing thus amounts to 92 percent.

17.9 Output from installed solar panel systems, MWp

62% Environmentally certified area

92% Sustainable financing

Planet	2024	2023	Goal
Total energy use, MWh	12,087	13,073
Renewable electricity, %	100	100	100% - continuous
Fossil-free energy, %	96	94	100% by 2030
Energy intensity, kWh/m2	78	79
Energy intensity, Change in comparable holding,
%
- base year 2021	-22%	-19%
- base year 2022	-21%	-13%	Reduce by 15% over five years
- base year 2023	-0%	-
Installed solar	17.9	14.2	15 MWp by 2025
panel systems, MWp
Installed solar panel systems, no.	41	30
Climate-neutral projects, no.	2	1	3 projects started by 2025
Lettable area equipped with charging	72	50	50% by 2025
infrastructure for cars, %
Project with charging infrastructure for heavy	1	0	Started at least 1 project by 2025
vehicles, no.
Scope 1, tonne CO2e	157	132	Net zero by 2030
Scope 2 - market based, tonne CO2e	455	388	Net zero by 2030
Scope 2 - location based, tonne CO2e	928	923*	Net zero by 2030
Scope 3, tonne CO2e	39,090	10,732*
Total emissions Scope 1, 2 and 3 - market based,	39,702	11,252*
tonne CO2e Environmentally certified area, m2 (000)		244
	714		50% by 2025, in accordance with the
Environmentally certified area, %	62	25	Sweden Green Building Council Silver level
			or equivalent
Environmentally certified new production, m2
(000)	162	151
			100% ongoing, in accordance with the
Environmentally certified new production, %	100	100	Sweden Green Building Council Silver level
			or equivalent
Environmentally certified proportion of properties'	66	27
market value, %
People
Employee willingness for recommendation, eNPS	98	98	>45
Short-term sick leave, %	0.1	0.1	<2%
Long-term sick leave, %	0.9	2.6	<3%
Proportion of locations with local summer workers,	67	67	Local summer workers, all locations
%
Proportion of women/men, %
- Board - Management	33/67 33/67	43/57 33/67	40-60% equality in occupational groups by
- Office workers	33/67	33/67	2025
Satisfied tenants, %	78	74	>80% by 2025
Business
Corruption charges, no.	0	0	Zero tolerance of corruption
Suppliers that follow the Code of Conduct, %	100	100	All material suppliers
Sustainable loans, %	78	53	70% by 2025
Sustainable loans, SEK m	4,573	2,598
Sustainable financing, %	92	53
*Recalculation of the previous year's emissions has been conducted based on new emission factors to ensure comparability between years.

Property holdings

SLP's properties are strategically located in attractive logistics locations in Sweden. At the end of the period, the property holding encompassed 110 properties with a total lettable area of 1,149,000 square metres, including major ongoing projects.

10,400 m² Average lettable area per property

SEK 176/m² Difference in net operating income for investment properties and development properties

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

Property management

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

Development

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

Projects

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

Building rights

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

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

Property holdings

	No. of properties		Lettable area m2		Property value	Rental value	Letting ratio,		Rental income		Property costs incl. property admin.		Net operating income
		(000)	SEK m	SEK/m2	SEK m	%	SEK m	SEK/m2	SEK m	SEK/m2	SEK m	SEK/m2
Property management	62	485	6,372	13,127	406	99.3%	403	836	41	84	362	747
Property development	46	599	6,052	10,110	444	93.9%	417	763	76	126	342	571
Total	108	1,084	12,425	11,461	850	96.5%	820	797	116	107	704	650
Ongoing projects	1	65	874	13,555
Building rights	1		190
Total	110	1,149	13,489	11,744

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

Projects

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

Ongoing projects

At present, one major project is in progress relating to conversion and extension over a total area of 3,000 square metres. A major project was completed after the end of the period, with occupancy commencing in the new construction project of 61,500 square metres in Hallsberg on 20 January 2025.

During the period, occupancy commenced in two new construction projects totalling 29,000 square metres, located in Vaggeryd and Katrineholm. In addition to this, occupancy took place in 2,200 square metres in Malmö, where building rights for an existing property were used for an extension.

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

Other projects

In addition to the projects in the table, several smaller rent-generating, cost-reducing or energy-saving projects are continuously in progress. In the period, SEK 82 m was invested in energy saving projects and SEK 266 m in other projects. The other projects primarily involve extensions to existing properties, including Timglaset 2 and Förtennaren 5 and 12.

Climate-neutral new construction of 18,000 square metres in Vaggeryd completed

In 2023, SLP acquired and took possession of the property Stödstorp 2:22, with a total area of 46,000 square metres, to construct a logistics building with a lettable area of just over 18,000 square metres. At the same time, an international triple-net lease agreement was signed with the logistics company Dachser, covering the entire lettable area and running for 15 years. After a year of construction, occupancy commenced in November 2024, as planned. Solar panels have been installed, and the building has been environmentally certified according to Green Building Council Silver level and NollCO2 standards, marking the completion of SLP's second climate-neutral project. The new facility is Dachser's largest in the Nordics and will serve as a hub for their Nordic third-party logistics (TPL) operations.

We are very proud to have completed this project in collaboration with Dachser, a prominent international operator in the logistics industry. Meeting their high standards for a sustainable and state-of-the-art logistics facility has been both exciting and challenging. That we have also stayed on schedule and certified the building according to both Green Building Council Silver level and NollCO2 is a testament to our commitment and ambition," commented Filip Persson, Project Manager at SLP.

Major ongoing projects > SEK 25 m
Property	MunicipalityType of investment		Planned	Lettable Rental value, 2		Net Letting ratio,		Investment, SEK m	Carrying
			completion date	area m (000)	SEK m	operating % income, SEK m		Estimated	Cumulative	amount, SEK m
Signalen 5	Hallsberg	New construction	Occupancy on 20 January 2025	61.5	47.9	47.3	100	790	748	834
Ackumulatorn 1	Helsingborg	Conversions and extensions	Q2 2025	3.0	-	3.0*	100	46	16	40
Total				64.5	47.9	50.3	100	836	764	874

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

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

Transactions

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

Acquisitions

SLP took ownership of twelve acquired properties in the period, which increased the lettable area by 180,000 square metres and the rental value by SEK 136 m.

In November 2023, SLP announced that the company had signed an agreement relating to a new construction project of 11,000 square metres in Katrineholm, and signed a 15-year rental agreement with Seafrigo, relating to the entire area. The transaction was conditional on local municipality approval of the planning application and land acquisition, which was obtained in the first quarter 2024.

During March, SLP took ownership of its 100th property through its first acquisition in Gothenburg. The property Backa 29:14 has total floor area of 20,700 square metres and lettable area of 6,700 square metres, which includes the opportunity for further construction. The new rental agreement, which is fully indexed, has a 6.5-year term with annual rental values of SEK 8.2 m.

In April, SLP acquired building rights in Jönköping over a land area of 38,500 square metres. The property has a completed zoning plan permitting utilization of approximately 60 percent of the land, which allows for new construction of around 23,000 square metres.

In May, SLP acquired a fully let logistics property with a rental term of 9 years in Eskilstuna. The annual rent, which is fully indexed, amounts to SEK 8.9 m. A further logistics property with development potential was also acquired in Eskilstuna. The property, which includes building rights, covers approximately 59,000 square metres. The entire premises of 27,000 square metres are currently let under a fully index-linked rental agreement with annual rent of SEK 17.3 m.

In June, SLP acquired a newly built logistics property with associated building rights in Ulricehamn, as well as a logistics property in Linköping. Both properties are fully let under index-linked rental agreements, with annual rent of SEK 17 m and SEK 8.3 m respectively.

In September, the company acquired two fully let logistics properties with considerable development potential in Örebro and Lidköping.

The total annual rent amounts to approximately SEK 8.5 m and the property in Lidköping has a total area of 71,300 square metres with lettable area of approximately 16,000 square metres. The rental agreement runs until September 2029. The property in Örebro has a total area of 22,300 square metres with lettable area of approximately 4,700 square metres. The rental agreement runs until February 2033. In November, a logistics property in Jönköping was acquired through a sale and leaseback transaction with a term of 15 years and an annual rental value of SEK 19.2 m. The property has a total area of 71,000 square metres with lettable area of approximately 31,000 square metres.

In December SLP took ownership of two properties with a total lettable area of approximately 38,000 square metres in another sale and leaseback transaction with PostNord. The rental agreements spans 7 years with an annual rental value of approximately SEK 33 m.

Transactions
Property	Transactions	Location	Access date	Rental value, SEK m	Lettable area, m2 (000)
Rubinen 5	Acquisition	Katrineholm	29/01/2024	15.6	11.0
Backa 29:14	Acquisition	Gothenburg	20/03/2024	8.2	6.7
Stigamo 1:66 (building right)	Acquisition	Jönköping	15/04/2024	0.0	0.0
Grönsta 2:52	Acquisition	Eskilstuna	15/05/2024	8.9	14.0
Litografen 8	Acquisition	Eskilstuna	20/05/2024	17.3	27.0
Rönnedal 1	Acquisition	Ulricehamn	28/06/2024	17.0	24.1
Part of Glaskulan 5	Acquisition	Linköping	28/06/2024	8.3	9.7
Taggsvampen 1	Acquisition	Lidköping	23/09/2024	5.1	16.0
Bleckslagaren 9	Acquisition	Örebro	23/09/2024	3.4	4.7
Flahult 80:4	Acquisition	Jönköping	29/11/2024	19.2	31.0
Lilla Älberg 1:8, Terminalen 1	Acquisition	Hallsberg, Nässjö	20/12/2024	33.3	35.7
Total				136.3	179.9

11 Transactions 113,000 m² Acquired lettable area

SEK 136 m Rental value of acquired properties

Tenants

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

Rental agreement structure

The company aims to ensure long and evenly spaced tenancy periods in order to minimize risk. At the end of the period, the remaining tenancy period was 6.4 years (6.4). Contracts representing 41% of the contractual annual rent expire after 2030.

Contractual annual rent was divided between 346 contracts (315) at the end of the period.

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

Rental value

The rental value of SLP's rental agreements, i.e. the contractual annual rent plus estimated market rent for vacant premises, amounted to SEK 850 m (689) at the end of the period. This corresponds to a rental value of SEK 784/m² (780).

Contractual annual rent of SEK 820 m was impacted by rental discounts of SEK 17 m annually. Rental discounts are usually offered at the start of the rental period and progressively phased out. Some of our tenants are facing a challenging market climate, and we maintain close dialogue and collaboration in order to generate long-term value for both parties.

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

Letting ratio

At the end of the period, the financial letting ratio was 96.5% (94.6).

10 largest tenants

The 10 largest rental agreements at the end of the period accounted for 29% of the contractual annual rent and had an average remaining tenancy period of 8.1 years.

Net rental income

Net rental income amounted to SEK 26.1 m (76.3) in the period, of which SEK 15.6 m related to new construction projects in Katrineholm.

	Maturity structure		Contractual	Share of
Expires	No. of rental		annual rent,	annual rent,
in	agreements	2 m (000)	SEK m	%
2025	90	49	38	5
2026	58	123	106	13
2027	47	80	76	9
2028	37	106	73	9
2029	29	123	92	11
2030	21	103	96	12
>2030	64	445	340	41
Total	346	1,030	820	100

	Remaining tenancy period					Agreement structure - indexation Type of index/increase	Share of annual rent, %
	7,1	6,4	6,2	6,4	6,4	CPI-indexed agreements	87
3,7						CPI-indexed agreements with min. (2-3%) increase	7
2019	2020	2021	2022	2023	2024	CPI-indexed agreements with min. (2.0-2.5%) & max (4-7%) increase	4
						Fixed increase (1.9-4.0%)	1
			Remaining tenancy period, years			No index/increase	0

Current earnings ability

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

Current earnings ability

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

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

Net operating income is based on contractual annual rent as of 1 January 2025 and property costs based on a normal year for the current holdings excluding major ongoing projects. Rental income is impacted by rental discounts of SEK 17 m annually. Rent discounts are typically offered for an initial part of the rental period and are gradually phased out.

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

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

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

Occupancy commenced in a new construction project after 1 January 2025, with an annual rent of SEK 48 m, and where net operating income and financial costs have not been included in the earnings ability.

Current earnings ability, SEK m

Income, expenses and profit

Profit/loss items relate to the period January to December 2024. Comparison items relate to the corresponding period of the previous year.

Statement of comprehensive income
SEK m	2024	2023	2024	2023
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Rental income	194	155	710	585
Property costs	-26	-27	-93	-92
Property administration	-2	-2	-6	-6
Net operating income	166	125	610	487
Central administration costs	-7	-7	-25	-24
Financial income	6	3	15	9
Financial expenses	-51	-46	-199	-167
Ground rent	-1	-1	-3	-3
Profit from property management	112	75	398	303
Value changes
Investment properties	73	99	361	236
Derivatives	65	-120	-1	-118
Profit/loss before tax	250	54	759	420
Tax	-60	-27	-172	-112
Profit for the period	189	27	587	308
Comprehensive income for the period	189	27	587	308
Comprehensive income for the period attributable to Parent
Company shareholders	189	27	587	308
Key performance indicators
Earnings per share before dilution, SEK	0.73	0.13	2.48	1.56
Earnings per share after dilution, SEK	0.73	0.13	2.48	1.55
Average number of shares after dilution, m	259.2	208.5	237.0	198.4

Rental income

Rental income amounted to SEK 710 m (585). The increase compared to the previous year primarily related to a larger property holding as a result of a high rate of acquisitions, lettings, occupancy of new construction and CPI adjustments.

The financial letting ratio was 96.5% (94.6).

Property costs

Property costs amounted to SEK -93 m (-92). The year-on-year increase in property costs was due to the larger property holding as a result of a high acquisition rate. This was partly offset by reduced costs in the existing holding due to completed energy projects and lower media costs.

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

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

Property administration

Property administration amounted to SEK -6 m (-6) and relates to staff costs for property management and letting.

Net operating income

Net operating income for the period amounted to SEK 610 m (487). For comparable holdings, net operating income increased by 9% on the previous year. The significant increase is related to CPI adjustments of rents and ongoing value-adding projects in the properties, including investments in energy-saving measures and the installation of solar panels.

Central administration costs

Central administration costs amounted to SEK -25 m (-24). Central administration costs include personnel costs, group-wide costs, marketing costs and legal fees in relation to acquisitions.

Net financial income/expense

Net financial items for the period amounted to SEK -184 m (- 158). The higher year-on-year financial expenses primarily related to new borrowing as a result of the increased property holding.

The interest coverage ratio was 3.2 (2.9), compared to the financial risk threshold of a minimum multiple of 2.5. Ground rent for the period amounted to SEK -3m (-3).

Profit from property management

Profit from property management for the period amounted to SEK 398 m (303).

Value change in investment properties

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

The value change in the properties amounted to SEK 361 m (236) and related entirely to unrealized value changes.

Unrealized value changes were positively affected during the period by new lettings and new construction projects, deductions for deferred tax in connection with acquisitions and energy projects. Unrealized value changes were negatively affected by an adjusted inflation assumption of 1.0 percent for 2026, compared to an assumption of 2.0 percent at the start of 2024. The longterm assumption from 2027 onwards is 2.0 percent. 100% of the company's rents are indexed.

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

Value change in derivatives

Unrealized value changes in derivatives amounted to SEK -1 m (- 118). The negative change is linked to lower market interest rates for interest rate derivatives.

Tax

The tax cost for the period amounted to SEK -172 m (-112) and was primarily due to deferred tax on unrealized value changes on investment properties, tax depreciation, derivatives, untaxed reserves, carry-forwards of tax losses and current tax of approximately SEK 9 m.

Profit for the period

Profit for the period amounted to SEK 587 m (308), corresponding to earnings per share after dilution of SEK 2.48 (1.55).

Financial position Statement of changes in equity

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

Statement of financial position in summary
SEK m	31/12/2024	31/12/2023
ASSETS
Non-current assets
Investment properties	13,489	10,114
Leasing agreements, right of use	113	90
Derivatives	10	10
Other non-current assets	6	6
Total non-current assets	13,619	10,220
Current assets
Other current assets	83	64
Cash and cash equivalents	153	677
Total current assets	236	741
TOTAL ASSETS	13,855	10,961
EQUITY AND LIABILITIES
Equity	6,885	5,170
Non-current liabilities
Deferred tax liability	728	565
Non-current lease liability, right of use	113	89
Non-current interest-bearing liabilities	4,545	3,859
Total non-current liabilities	5,386	4,513
Current liabilities
Current interest-bearing liabilities	1,322	1,038
Other current liabilities	261	240
Total current liabilities	1,583	1,278
TOTAL EQUITY AND LIABILITIES	13,855	10,961

SEK m	Share capital	Other capital contributions	Retained earnings incl. profit for the year	Total equity
Opening equity as of 1 Jan 2023	1	1,905	1,796	3,702
Profit/loss for the year	0	0	308	308
Total comprehensive income	0	0	308	308
Capital raisings	0	1,178	0	1,178
Transaction costs net after tax	0	-18	0	-18
Total capital raisings	0	1,159	0	1,159
Closing equity as of 31 Dec 2023	2	3,064	2,104	5,170

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

Comments on the statement of financial position

Investment properties

At the end of the period, the property holding encompassed 110 properties with a total lettable area of 1,149,000 square metres, including major ongoing projects.

The carrying amount for all properties amounted to SEK 13,489 m (10,114) at the end of the period, including SEK 874 m (399) relating to major ongoing projects and SEK 190 m (113) relating to building rights. In the period, SLP acquired a building right in Jönköping with the potential for new construction of approximately 23,000 square metres. Other building rights are available in existing properties. 100% of the building rights have zoning plans in place and these are expected to generate construction of approximately 225,000 square meters of lettable area. The estimated investment for this totals approximately SEK 2,500 m.

Valuation method and completion

The properties are recognized at fair value in accordance with IFRS 13 Level 3. The company's policy is that all of the property holdings are valued externally on a quarterly basis. The main method used in the valuation is cash flow calculations, which determine the present value of net operating income, investments and residual value. The calculation period is adjusted for the remaining term of the existing rental agreements, and varies between 5 and 25 years. Of the company's rents, 100 percent are index-linked and inflation is assumed at 1.0 percent for rental income in 2026 and 2.0 percent from 2027 and onwards.

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

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

Transactions

During the period, SLP carried out eleven acquisitions. Twelve properties were acquired with a total lettable area of approximately 180,000 square metres. Read more about acquisitions carried out in the Transactions section.

New construction, conversions and extensions

During the period, a total of SEK 1,308 m (465) was invested in existing property holdings, in new construction, conversions and extensions, energy investments as well as other investments. Other investments mainly relate to minor conversions and extensions.

Leasing agreements, right of use

Parts of the property holding include right-of-use agreements that generate right-of-use assets and lease liabilities. In the period, the company has taken ownership of a site leasehold as a result of the acquisition of Backa 29:14 in Gothenburg.

Sensitivity analysis	Change	Impact, SEK m
Market rent	+/- 5%	+/- 491
Direct return	+0.5 pp	- 526
Direct return	+0.5 pp	+/- 624

Value growth of investment properties

Change in investment properties	SEK m
Opening value as of 1 Jan 2024	10,114
+ Property acquisitions	1,705
+Investments	1,308
-Divestments	-
+/-Value changes	361
Closing value as of 31 Dec 2024	13,489

Financing

Equity

Group equity amounted to SEK 6,885 m (5,170), corresponding to an equity/assets ratio of 49.7% (47.2) compared to the risk threshold minimum of 40%. Equity has been positively affected by profit for the period of SEK 587 m.

In the third quarter, the company conducted another directed new share issue of 31.4 million Class B shares at a subscription price of SEK 35, which contributed SEK 1,100 m to the company before issue expenses. In connection with an acquisition in the period, payment was made using internally-generated funds plus a partial payment in the form of shares. A new share issue of 1,000,000 Class B shares was completed at a share price of SEK 36.20 per share, corresponding to a value of SEK 36.2 m. The acquired property was measured at fair value with a positive value change, implying an additional increase in equity of SEK 6 m.

Interest-bearing liabilities

The Group's interest-bearing liabilities amounted to SEK 5,868 m (4,897), corresponding to a loan-to-value ratio of 42.4% (41.7) compared to the long-term risk threshold of a maximum of 55%. Net debt/forward looking EBITDA was a multiple of 8.4 (8.0). All liabilities are comprised of secured bank financing with Nordic banks.

The change in interest-bearing liabilities is linked to the financing of acquisitions and increased credit in connection with the refinancing of existing liabilities. At the end of the period, the average interest rate including interest rate derivatives was 3.8% (4.1). and the average credit margin was 1.46% (1.53).

The average fixed interest period was 2.7 years (2.3) and the average period of capital tied up was 1.8 years (1.7). The target average period for capital tied up is around two years in order to optimize capital costs and refinancing opportunities. In September, loans totalling approximately SEK 1,400 m were refinanced ahead of time, which increased capital tied up by approximately eight months and reduced the margin.

The portfolio of interest rate derivatives comprises swaption agreements totalling SEK 725 m starting in 2026-2028 with an average term of 4.2 years and an average contractual interest rate of 2.7 percent, which have not been taken into account in the fixed interest period. The proportion of loans with interest rate hedging via derivatives was 76%.

The existing loan portfolio has been renegotiated to sustainable secured bank loans, which means that the proportion of sustainable loans was 78 percent at the end of the period and 92 percent including sustainabilitylinked loans. The financing agreements are based on those parts of SLP's property portfolio that are environmentally certified according to certain standards, or have low energy use. The sustainable bank loans contain a margin discount of 5-10 basis points per annum compared to existing loans.

Cash and cash equivalents

Cash and cash equivalents amounted to SEK 153 m (677) at the end of the period. In addition to cash and cash equivalents, the company has access to available funds in the form of unutilized acquisition credits totalling SEK 200 m, an unutilized overdraft facility of SEK 100 m and approved secured property credits of SEK 1,371 m.

Sensitivity analysis	Change, 3m STIBOR	Impact, SEK m
Financial expenses	+0.5 pp	- 7
Financial expenses	+0.5 pp	+/- 7

Maturity structure
Credit agreement	Approved SEK m	Of which utilized	Proportion of utilized amount, %
0-1 years	1,603	1,303	22
1-2 years	3,158	3,158	54
2-3 years	1,962	591	10
3-4 years	815	815	14
4-5 years	0	0	0
>5 years	0	0	0
Total	7,539	5,868	100

Loan portfolio 1,8 2,3 2,7 1,9 1,7 1,8 3,2% 4,1% 3,8% 0% 5% 10% 0 1 2 3 4 2022-12 2023-12 2024-12 Räntebindning, år Kapitalbindning, år Genomsnittlig ränta, %

Interest rate hedging via interest rate swaps

Maturity	SEK m	Fixed interest, %*	Contractual interest rate, %*
0-1 years	215	0.8	-1.8
1-2 years	1,090	1.8	-0.8
2-3 years	365	1.8	-0.8
3-4 years	1,065	2.3	-0.2
4-5 years	1,050	2.5	-0.1
>5 years	700	2.6	0.1
Total	4,485

* Contractual interest rate comprises the differences between fixed interest and 3 months Stibor as of 31 December 2024.

Interest maturity structure
Maturity date	SEK m
0-1 years	1,598
1-2 years	1,090
2-3 years	365
3-4 years	1,065
4-5 years	1,050
>5 years	700
Total	5,868

Cash flow

Statement of cash flow
SEK m	2024 Jan-Dec	2023 Jan-Dec
Operating activities
Operating profit before financial items	584	462
Adjustment for depreciation/amortization	2	1
Adjustment for other items not affecting cash flow	0	0
Interest received	15	9
Interest paid	-199	-173
Tax paid	-10	-12
Cash flow from operating activities before change in working capital	393	287
Cash flow from change in working capital
Change in current receivables	-11	5
Change in current liabilities	4	91
Cash flow from operating activities	386	383
Investing activities
Investments in existing properties and projects	-1,308	-465
Investments in other non-current assets	-1	-2
Investments in investment properties	-1,653	-1,209
Sales of investment properties	0	9
Cash flow from investment activities	-2,963	-1,668
Financing activities
New share issue, net	1,082	1,096
Borrowing	1,088	936
Amortization of loans	-118	-140
Cash flow from financing activities	2,053	1,892
Cash flow for the period	-524	607
Opening cash and cash equivalents	677	70
Closing cash and cash equivalents	153	677

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

The property Ättehögen Östra 6 in Helsingborg.

Key performance indicators

Key performance indicators	2024 Oct-Dec	2023 Oct-Dec	2024 Jan-Dec	2023 Jan-Dec	2022 Jan-Dec	2021 Jan-Dec	2020 Jan-Dec
Property-related key performance indicators	3 months	3 months	12 months	12 months	12 months	12 months	12 months
Rental income, SEK m	194	155	710	585	411	268	96
Net operating income, SEK m	166	125	610	487	327	212	78
Financial letting ratio, %	96.5	94.6	96.5	94.6	95.0	92.1	91.3
Remaining tenancy period, years	6.4	6.4	6.4	6.4	6.2	6.4	7.1
Net rental income, SEK m	2.6	4.6	26.1	76.3	11.7	25.8	5.3
Rental value, SEK m	850	689	850	689	535	390	217
Rental value, SEK/m2	784	780	784	780	737	648	528
Property value, SEK m	13,489	10,114	13,489	10,114	8,133	6,498	3,352
Property value, SEK/m2	11,744	10,488	11,744	10,488	10,988	10,353	8,146
No. of properties	110	98	110	98	86	70	45
Lettable area, m2 (000)	1,149	964	1,149	964	740	628	411
Average lettable area per property, m2 (000)	10.4	9.8	10.4	9.8	8.6	9.0	9.1
Direct return requirement valuation, %	5.9	5.9	5.9	5.9	5.6	5.2	5.6
Financial key performance indicators	3	3	12	12	12	12	12
Profit from property management, SEK m	months 112	months 75	months 398	months 303	months 197	months 131	months 48
Excluding listing expenses, SEK m	-	-	-	-	222	139	-
Profit for the period, SEK m	189	27	587	308	419	752	416
Equity/assets ratio, %	49.7	47.2	49.7	47.2	43.7	37.0	38.1
Loan-to-value ratio, %	42.4	41.7	42.4	41.7	49.6	55.1	53.9
Interest coverage ratio, multiple	3.4	2.7	3.2	2.9	3.6	3.8	4.9
Excluding listing expenses, multiple	-	-	-	-	3.9	4.0	-
Net debt/projected EBITDA, multiple	8.4	8.0	8.4	8.0	10.3	13.2	11.7
Average interest, %	3.8	4.1	3.8	4.1	3.2	1.7	2.2
Fixed interest period, years	2.7	2.3	2.7	2.3	1.8	1.8	2.1
Capital tied up, years	1.8	1.7	1.8	1.7	1.9	2.5	2.4
Return on equity, %	2.8	0.6	9.7	6.9	13.5	39.1	45.3
Equity, SEK m	6,885	5,170	6,885	5,170	3,702	2,479	1,345
Equity after dilution, SEK m	6,952	5,170	6,952	5,170	3,714	2,491	1,357

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

Key performance indicators	2024 Oct-Dec	2023 Oct-Dec	2024 Jan-Dec	2023 Jan-Dec	2022 Jan-Dec	2021 Jan-Dec	2020 Jan-Dec
Share-related key performance indicators	3 months	3 months	12 months	12 months	12 months	12 months	12 months
Profit before dilution, SEK	0.73	0.13	2.48	1.56	2.41	5.37	3.60
Profit after dilution, SEK	0.73	0.13	2.48	1.55	2.39	5.30	3.60
Net asset value (NAV) after dilution, SEK	29.39	25.26	29.39	25.26	22.05	18.28	11.10
Growth in net asset value (NAV) after dilution, %	3	4	16	15	21	65	97
Profit from property management after dilution, SEK	0.43	0.36	1.68	1.52	1.13	0.93	0.41
Excluding listing expenses, SEK	-	-	-	-	1.27	0.98	-
Growth in profit from property management per share after dilution, %	21	25	10	35	22	126	906
Excluding listing expenses, %	-	-	-	20	29	140	-
Cash flow after dilution, SEK	-	-	1.66	1.45	1.22	0.89	0.38
No. of outstanding shares before dilution, m	259.1	226.6	259.1	226.6	181.5	145.0	135.0
No. of outstanding shares after dilution, m	261.0	226.6	261.0	226.6	183.5	147.0	137.0
Average no. of shares before dilution, m	259.1	208.1	237.0	198.0	173.7	140.0	115.2
Average no. of shares after dilution, m	259.2	208.5	237.0	198.4	175.2	142.0	116.8
Share price at the end of the period, SEK	39.0	32.6	39.0	32.6	24.4	-	-
No. of shares including exercised convertibles	-	-	-	-	-	154.9	-

Quarterly overview

Quarterly overview	2024 Q4	2024 Q3	2024 Q2	2024 Q1	2023 Q4	2023 Q3	2023 Q2	2023 Q1	2022 Q4	2022 Q3
	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months
Property value, SEK m	13,489	12,446	11,885	10,578	10,114	9,534	9,215	8,708	8,133	7,500
Rental income, SEK m	194	181	169	166	155	150	146	134	110	101
Net operating income, SEK m	166	158	149	137	125	130	124	108	87	84
Profit from property management, SEK m	112	104	94	89	75	83	76	69	52	59
Profit for the period, SEK m	189	70	169	159	27	158	82	41	49	62
Earnings per share after dilution, SEK	0.73	0.30	0.74	0.70	0.13	0.77	0.42	0.22	0.27	0.34
Net asset value (NAV) per share after dilution, SEK	29.39	28.64	26.97	25.95	25.26	24.20	23.11	22.43	22.05	21.65
Growth in net asset value (NAV) per share after dilution, %	3	6	4	3	4	5	3	2	46	21
Profit from property management per share after dilution, SEK	0.43	0.44	0.41	0.39	0.36	0.40	0.39	0.38	0.29	0.32
Growth in profit from property management per share after dilution, %	21	10	6	4	25	24	18	125	46	21
Loan-to-value ratio, %	42.4	39.1	46.8	42.7	41.7	46.5	47.3	51.7	49.6	45.9
Interest coverage ratio, multiple	3.4	3.2	2.9	3.1	2.7	3.0	2.9	3.1	3.0	4.4
Remaining tenancy period, years	6.4	5.9	6.0	6.3	6.4	6.2	6.2	6.3	6.2	6.2

Parent Company income statement Parent Company balance sheet

Parent Company income statement in summary
SEK m	2024 Oct-Dec	2023 Oct-Dec	2024 Jan-Dec	2023 Jan-Dec
Net sales	7	6	25	23
Costs for services rendered	-27	-8	-56	-33
Operating profit	-20	-1	-31	-10
Net financial income/expense	43	33	163	104
Profit/loss after financial items	23	32	132	94
Appropriations	35	36	35	36
Profit/loss before tax	58	68	167	130
Tax	0	-3	-4	-6
Profit for the period	58	64	164	124
Comprehensive income	58	64	164	124

The Tveta-Valsta 4:9 property in Södertälje.

Parent Company balance sheet in summary
SEK m	31/12/2024	31/12/2023
ASSETS
Non-current assets
Property, plant and equipment	6	6
Financial non-current assets	11,010	6,117
Total non-current assets	11,016	6,123
Current assets
Current receivables	4	2
Cash and cash equivalents	136	673
Total current assets	140	675
TOTAL ASSETS	11,156	6,798
EQUITY AND LIABILITIES Equity
Restricted equity	2	2
Non-restricted equity	4,153	2,867
Total equity	4,155	2,869
Untaxed reserves
Untaxed reserves	0	0
Liabilities
Non-current liabilities	6,990	3,925
Current liabilities	11	4
TOTAL EQUITY AND LIABILITIES	11,156	6,798

Shares and shareholders

Shares

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

SLP's Class B shares (ticker SLP B) have been listed on Nasdaq Stockholm, Mid Cap since 23 March 2022. At the end of the period, SLP had a total of 259,069,807 shares outstanding.

In the period, a total of 17,217,805 Class A shares were converted to Class B shares. The company conducted a directed new share issue of 31.4 million Class B shares at a subscription price of SEK 35, equivalent to a premium of 30 percent to net asset value at the time, which raised approximately SEK 1,100 m for the company before issue expenses.

In connection with an acquisition in the period, payment was made using internally-generated funds plus a partial payment in the form of shares. A new share issue of 1,000,000 Class B shares was completed at a share price of SEK 36.20 per share, corresponding to a value of SEK 36.2 m.

Warrants

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

Shareholders as of 31 December 2024		No. of shares		Proportion of
	Class A	Class B	Total	Share capital, %	Voting rights, %
Erik Selin through companies	14,551,535	16,242,780	30,794,315	11.9	21.5
Peter Strand through companies	12,281,125	14,687,885	26,969,010	10.4	18.4
Mikael Hofmann through companies	11,882,500	6,682,760	18,565,260	7.2	16.0
The Fourth Swedish National Pension Fund (AP4)	0	24,759,340	24,759,340	9.6	6.0
Länsförsäkringar fastighetsfond	0	18,684,575	18,684,575	7.2	4.5
SEB Fonder	0	16,989,709	16,989,709	6.6	4.1
The Central Bank of Norway	0	10,060,000	10,060,000	3.9	2.4
Nordnet Pensionsförsäkring	0	8,256,850	8,256,850	3.2	2.0
Capital Group	0	7,939,069	7,939,069	3.1	1.9
ODIN Fonder	0	7,575,003	7,575,003	2.9	1.8
Bergendahl Invest AB	0	6,223,825	6,223,825	2.4	1.5
Carnegie Fonder	0	5,313,251	5,313,251	2.1	1.3
Handelsbanken Fonder	0	4,827,413	4,827,413	1.9	1.2
Case Kapitalförvaltning	0	4,260,631	4,260,631	1.6	1.0
Danske Bank	0	4,000,000	4,000,000	1.5	1.0
Skandia Fonder	0	3,974,532	3,974,532	1.5	1.0
The Second Swedish National Pension Fund (AP2)	0	2,902,340	2,902,340	1.1	0.7
Clearance Capital	0	2,740,633	2,740,633	1.1	0.7
Enter Fonder	0	2,536,842	2,536,842	1.0	0.6
FCG Fonder	0	2,552,013	2,552,013	1.0	0.6
Tosito AB	0	2,475,776	2,475,776	1.0	0.6
Humle small caps fund	0	2,200,000	2,200,000	0.8	0.5
Employees	0	1,567,686	1,567,686	0.6	0.4
Other	0	42,901,734	42,901,734	16.6	10.4
Total	38,715,160	220,354,647	259,069,807	100	100

45

Marketplace	Nasdaq Stockholm
Name of share	Swedish Logistic Property B
Ticker	SLP B
ISIN code	SE0017565476
Segment	Real Estate
Total shares outstanding	259,069,807
Total listed Class B shares	220,354,647
No. of shareholders	2,291
Closing price, SEK	39.0
Total market value, SEK m*	10,104

Share price, Class B shares

Information as of 30 December 2024.

*Market value of all shares in the company, based on the last price paid for a Class B share on 30 December 2024.

Other information

Employees

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

Transactions with closely related parties

The Parent Company provided property administration services to subsidiaries with a total value of SEK 25 m.

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

Risks and uncertainties

The Group's operations, financial position and profit can be positively and negatively affected by risks and external factors. The estimated risks are mapped, evaluated and managed on an ongoing basis. For more information about risks and uncertainties, see the 2023 Annual Report.

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

2025 Annual General Meeting

The 2025 Annual General Meeting will be held in Malmö, Sweden, on 29 April 2025. Shareholders wishing to have a matter addressed at the Annual General Meeting can submit a written request by email to: info@slproperty.se or by post to Swedish Logistic Property AB, Krusegränd 42 D, SE-212 25 Malmö, Sweden. The request must be received by no later than 11 March 2025 in order to be included in the Notice and Agenda of the Meeting.

Estimates and judgements

In order to prepare the company's financial statements in accordance with accepted accounting practice, the management and Board make judgements and assumptions that affect the recognition of assets and liabilities, and income and expenses, as well as other information presented in the accounts. Actual outcomes may differ from these estimates. Reporting is especially sensitive to judgements and assumptions that form the basis for the valuation of investment properties. See sensitivity analysis under "Comments on the Statement of Financial Position" and Annual Report 2023.

Accounting principles

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

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

Segment reporting

The Group consists of a single segment, Investment properties.

Audit review

This report has not been subject to review by auditors.

Significant events after the end of the period

• SLP has completed and taken into ownership its largest acquisition to date, five strategically located logistics properties with an agreed property value of approximately SEK 1.4 bn.
• SLP has acquired a logistics property with a 10 year fully indexed rental agreement in Trelleborg. SLP will take ownership of the property after completion of the ongoing renovation project, scheduled for early May 2025.
• During January, occupancy commenced in SLP's largest new construction project to date, totalling 61,500 square meters, in Hallsberg.
• SLP strengthened its management team with Filip Persson, Project Manager, from January 2025.
• SLP's Board of Directors intends to propose to the Annual General Meeting that no dividend be paid for the 2024 financial year, in line with the company's dividend policy.

Signatures

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

CEO Tommy Åstrand

This information is such that Swedish Logistic Property AB (publ) is obliged to disclose in accordance with the EU's Market Abuse Regulation. The information was submitted for publication at 08:00am CET on 04 February 2025.

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

DEFINITIONS

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

Property-related key performance indicators

Rental income, SEK m

Rental income according to the income statement, SEK m

Net operating income, SEK m

Net operating income according to the income statement, SEK m

Financial letting ratio, %

Contractual annual rent for rental agreements at the end of the period as a percentage of rental value.

Net rental income, SEK m

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

Contractual annual rent, SEK m

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

Rental value, SEK m Contractual annual rent plus estimated market rent for vacant premises.

Rental value, SEK/m²

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

Property value, SEK m

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

Property value SEK/m²

Investment properties, SEK m in relation to lettable area.

Lettable area, m²

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

Average lettable area per property, m² (000)

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

Direct return requirement valuation, %

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

Financial key performance indicators

Profit from property management, SEK m

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

Excluding listing expenses

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

Profit for the period, SEK m

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

Equity/asset ratio, %

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

Loan-to-value ratio, %

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

Interest coverage ratio, multiple

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

Excluding listing expenses

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

Net debt/projected EBITDA, multiple

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

Average interest, %

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

Fixed interest period, years

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

Capital tied up, years

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

Return on Equity, %

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

Equity, SEK m

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

Equity after dilution, SEK m

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

Share-related key performance indicators

Profit before dilution, SEK

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

Profit after dilution, SEK

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

Net Asset Value (NAV) after dilution, SEK

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

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

Profit from property management after dilution, SEK

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

Excluding listing expenses

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

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

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

Excluding listing expenses

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

Cash flow after dilution, SEK

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

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

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

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

Average no. of shares after dilution, m

Average number of shares in the period including outstanding warrants.

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

DEFINITIONS

Sustainability

Total energy use

Relates to total energy use (electricity, district heating, gas) that SLP has purchased including tenant consumption where actual consumption has not been invoiced. Relates to properties where SLP has full access to complete usage data. Heat use refers to energy use corrected for a standard year.

Energy intensity, kWh/m 2

Refers to properties where SLP has access to the complete usage data – including electricity used to run the property, heating and electricity for operations – divided by the lettable area for the properties in question.

MWp

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

Scope 1

Relates to direct emissions from sources under proprietary control.

Scope 2

Relates to indirect emissions from purchased energy.

Scope 3

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

eNPS

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

Suppliers that follow the Code of Conduct

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

Sustainable financing

Consists of Sustainable loans and Sustainability -Linked Loans.

Sustainable loans comprises financing agreements based on the property portfolio being environmentally certified according to certain standards, or on the basis of low energy use. These agreements include a margin discount of 5 - 10 basis points per year compared to existing loans.

Sustainability -linked loans mean that the margin is dependent on the achievement of the Group's sustainability related targets. Unlike sustainable loans, which are tied to a specific property, these loan agreements are linked to SLP's overall sustainability performance.

Reporting principle sales, taxonomy

"Sales" refers to rental income recognized in the Income Statement.

Reporting principle operating expenditure, taxonomy

"Operating expenditure" relates to premises management, technical inspections, repairs and planned maintenance which are included in the item "Property costs" in the Income Statement.

Reporting principle capital expenditure, taxonomy

"Capital expenditure" refers to expenses set up as an asset that relate to investments in existing property holdings as well as acquisitions included in the item "Investment properties" in the Balance Sheet.

Compatibility, % taxonomy

Turnover, operating expenditure and capital expenditure are judged to be aligned with the taxonomy regarding properties with an energy rating of A or in the top 15% of primary energy figures based on industry organization Fastighetsägarna's threshold . With regard to capital expenditure, investments in new production have been excluded as it has not been possible to secure the supporting data in accordance with the taxonomy's requirements.

Calendar
Annual Report 2024	3 April 2025
2025 Annual General Meeting	29 April 2025
Interim Report Jan-Mar 2025	29 April 2025
Interim Report Jan-Jun 2025	10 July 2025
Interim Report Jan-Sep 2025	16 October 2025
Year-end Report 2025	5 February 2026

Calendar A selection of press releases in the quarter

SLP signs agreements for sustainability-linked financing.	18/10/2024
SLP lets 2,800 square metres in Malmö under a 15-year rental agreement	21/10/2024
SLP acquires a large logistics property in Jönköping through a sale and leaseback transaction with a 15-year rental agreement	29/11/2024
SLP acquires two logistics properties with a property value of approximately SEK 470 m from PostNord in a sale and leaseback transaction	02/12/2024
SLP lets properties totalling 1,700 square metres in Malmö and Helsingborg	04/12/2024
SLP strengthens its management team	13/12/2024
SLP takes ownership of two logistics properties with a lettable area of 35,500 square metres	20/12/2024

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

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