Swedish Logistic Property

Quarterly Report • May 4, 2022

Significant events

Significant events in the period

• Rental income increased by 68%, amounting to SEK 97m (57).
• Profit from property management, excluding listing expenses increased by 71% and amounted to SEK 50m (29).
• Profit for the period was impacted by non-recurring costs of SEK 25m (0) related to the IPO.
• Earnings per share after dilution increased by 45% and amounted to SEK 1.0 (0.7).
• Net asset value (NAV) per share after dilution increased by 11% and amounted to SEK 20.2.
• Net rental income in the period amounted to SEK 3.7m (0.4).
• Significantly oversubscribed public offering for new Class B shares valued at SEK 750m, of which SEK 652m was raised in the period prior to transaction costs and the exercise of the overallotment option.
• On 23 March, trading of the company's Class B shares on Nasdaq Stockholm commenced.
• Two properties were acquired and taken into possession with a total lettable area of approximately 21,000 square metres and a property value of SEK 186m (378).
• Acquisition of attractive land in Landskrona where an environmentally certified new production project of approximately 5,500 square meters will be built. A ten-year lease agreement for approximately 3,600 square meters with an annual rent of SEK 2.5m was signed with planned move-in in March 2023.
• A new share issue of SEK 145m was registered, which related of three SLP acquisitions during 2021 which were partly paid with shares.
• Viktoria Wöhl was recruited as environmental and sustainability manager, a new role to coordinate and lead the company's environmental initiatives.

Significant events after the end of the period

• In April, after exercising the overallotment option, the company raised SEK 98 m. Total number of shares as of 4 May was 180,709,508 (of which 55,477,965 were Class A shares and 125,231,543 were Class B shares).
• Acquisition of and access to property in Södertälje with a total lettable area of 6,500 square meter and a property value of SEK 140m.

Key performance indicators

	2022	2021	2021
	Jan-Mar	Jan-Mar	Jan-Dec
	3 months	3 months	12 months
Investment properties, SEK m	6,882	3,825	6,498
Rental income, SEK m	97	57	268
Operating income, SEK m	73	46	212
Profit from property management, SEK m	25	29	131
Excluding listing expenses, SEK	50	29	139
Profit for the period, SEK m	158	102	752
Earnings per share after dilution, SEK	1.0	0.7	5.3
Net asset value (NAV) per share after dilution, SEK	20.2	11.9	18.3
Growth in net asset value (NAV) per share after dilution, %	11	7	65
Profit from property management per share after dilution, SEK	0.2	0.2	0.9
Excluding listing expenses, SEK	0.3	-	1.0
Growth in profit from property management per share after dilution, %	-19	-	126
Excluding listing expenses, %	60	-	140
Loan-to-value ratio, %	46.3	53.3	55.1
Interest coverage ratio, multiple	2.5	3.5	3.8
Excluding listing expenses, multiple	4.0	-	4.0

For definitions of key performance measures and alternative performance measures, see Reconciliation tables and definitions.

Business concept, goals and strategies

SLP – Swedish Logistic Property – is a Swedish property company that acquires, develops and manages logistics properties at a fast pace and with a clear growth ambition.

Business concept

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%.

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 holding by acquiring properties and building rights. The properties acquired are in strategic logistics locations and are suitable targets for development.

• Property development: Properties are developed through new construction, extensions and conversions, and by optimizing operating income for the properties. Operating income is optimized by letting vacant premises, renegotiating and extending rental agreements, and through increased energy efficiency.

• Property management: SLP's property management is characterized by active customer dialogue, short decision paths and a long-term view.

• Financing: The company secures long-term and costefficient financing, and optimizes its debt/equity ratio.
• Sustainability: SLP has an ambitious approach to sustainability and environmental and social responsibility. See sustainability targets on our website.

Financial risk limitations

• Minimum interest cover of 2.5 x
• Maximum long-term loan-to-value ratio of 60%
• Minimum equity/assets ratio of 35%

Dividend policy

SLP shall continue to grow and 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.

+11%

Growth in net asset value (NAV) per share (Jan-Mar 2022)

60%

Growth in profit from property management per share excl. listing expenses (Jan-Mar 2022)

46.3%

Loan-to-value ratio (31 Mar 2022)

4.0^x Interest coverage

ratio excl. listing expenses

(Jan-Mar 2022)

43.7%

Equity/asset ratio (31 Mar 2022)

Strong financial base for further growth

The IPO in March 2022 strengthened SLP in many ways. We have gained several new shareholders, the company has a stronger and broader capital base and our business model and organisation have received high praise from all stakeholders post review. These are key factors for SLP to continue to grow in line with set targets.

Growth with the right focus

The company was founded in the autumn of 2018. The goal was to build a logistics property company and to set up a new dynamic and creative company focussed on the south of Sweden. I can confirm that these goals still apply today and in a short space of time, we have built a robust company with properties in desirable locations with good tenants which we aspire to grow alongside.

The IPO received strong interest from both Swedish and international investors. The new share issue completed in relation to the IPO raised a total of SEK 750 m for SLP, of which SEK 98 m was raised through exercising the overallotment option in April. The market listing has generated a broad shareholder structure with several investors with industry expertise showing their trust in SLP. SLP's IPO provides the company with a broad capital base enabling several financing alternatives to support further growth in the future. I am pleased and proud to welcome all the new shareholders to SLP and I look forward to achieving our joint goals.

Demand for logistics properties in desirable locations continues to increase in Sweden and internationally. We note some market uncertainty driven from increased energy prices and other macro-economic factors including the close proximity of the ongoing war. This increases the difficulty in analysing the economic outlook for 2022, but we believe that 2022 will also be a year of new business opportunities generating solid growth and a strengthening of our position.

First quarter 2022

It is pleasing that our first report as a listed company indicates continuous progress, both financially and operationally. Profit from property management in the first quarter amounted to SEK 50m excluding nonrecurring items, equivalent to an increase of 71 percent year-on-year.

Rental income increased by 68 percent and operating income by 58 percent compared to the equivalent quarter in 2021. The financial letting ratio increased from 90.0 to 92.8 percent. Net rental income totalled SEK 3.7m in the period, and profit for the period was SEK 158m, corresponding to earnings per share after dilution of SEK 0.2.

Our properties and investments

Acquisition of properties and land for construction projects are a central part of SLP's growth strategy. We completed several transactions in line with SPL's strategy in the first quarter. In February, we acquired desirable land in Landskrona in close proximity to the E6 motorway, which will be developed in collaboration with the tenant Pharmaxim.

We also acquired two modern logistics properties in Falköping and Borås.

We believe that the market is still buoyant and that in the current situation with some uncertainty regarding the economy, it is important to maintain our return requirements and acquisition strategy.

At the end of the quarter, SLP owned unutilized building rights with a total value of SEK 45m. This provides us with the long-term security associated with being a key operator in the establishment and development of desirable logistics hubs for Scandinavian goods flows. In the first quarter of 2022, two new build construction projects of approximately 11,000 square meters were completed and four major construction projects of approximately 25,000 square meters were ongoing at the end of the quarter.

Value creation

Our overarching goal is to generate average annual growth in NAV per share of at least 15 percent, and average annual growth in profit from property management of at least 15 percent per share. We are delighted that SLP has exceeded these targets by a significant margin several years in a row.

The Board of SLP believes the best total return for the company's shareholders is achieved by re-investing the generated profit. This has historically been a recipe for success and I am optimistic of the opportunities to continue to generate return over time by re-investing profit into the operations.

I would like to take the opportunity to thank all my colleagues who have contributed to the successful IPO of SLP on Nasdaq Stockholm, who due to their great engagement have contributed to SLP being one of Sweden's most dynamic, solution oriented and innovative companies focussed on desirable logistics properties. I would also like to thank the tenants, shareholders and lenders for your confidence which we will do everything to warrant henceforth.

Peter Strand, CEO

Property holding and current projects

Property holding

At the end of the period, the property holding encompassed 73 properties with a total lettable area of 655,241 square meters, including ongoing construction projects.

In order to present differences in the property holding's character according to the business concept of acquiring, developing and managing properties, the company breaks down its holding into management, development, projects and building rights.

The property management category includes properties that are essentially fully developed and thereby generate stable cashflow. The property development category is characterized by value-creating potential. This may include substantial vacancies, rental potential and the opportunity for cost reductions.

The following table presents the distribution of the property holding according to this categorisation and current earnings ability as of 1 April 2022.

Projects

The following table presents projects with a value over SEK 25m. At present, four major investment projects are in progress relating to new construction and extensions over a total area of 24,792 square meters. During the period, tenants moved into properties over 11,000 square meters in Hoven 1 and Ättehögen Östra 6, located in Malmö and Helsingborg respectively.

All new construction projects will have environmental certification Green Building Silver.

Property holding

Property holding
	No. of No. of propertie properties	Lettable Lettable area m2 area m2		Property value Property value		Rental value Rental value	Letting Letting ratio, %		Rental income Rental income		Property costs incl. Property costs incl. property admin. property admin.		Operating Operating income income
	s	(000) (000)	SEK m SEK m	SEK/m2 SEK m SEK/m2 SEK m		SEK/m2 SEK/m2	ratio, %		SEK m SEK/m2 SEK m SEK/m2	SEK m SEK m	SEK/m2 SEK/m2		SEK m SEK/m2 SEK m SEK/m2
Property Property management management	40 40	318 318	3,743 3,792	11,789 11,943	200 200	629 629	98.2% 98.2%	196 196	625 625	27 27	84 84	169 169	533 533
Property Property development development	32 32	313 313	2,932 2,932	9,370 9,370	212 212	678 678	87.8% 87.8%	186 186	715 715	47 47	149 149	140 140	447 447
Total Total	72 72	630 630	6,675 6,724	10,588 10,666	412 412	653 653	92.8% 92.8%	382 382	666 666	73 73	116 116	309 309	490 490
Ongoing projects Ongoing projects	1 1	25 25	162 113	6,522 4,550
Building rights Building rights			45 45
Total	73 73	655 655	6,882	10,503

The summary relates to properties owned by SLP at the end of the period. Rental values relate to contractual rent plus annualized vacancies. Operating income relates to contractual rent less normalised property costs including property administration. The estimates and judgements that form the basis for the information contained in this table entail uncertainty factors and the information should not be viewed as a forecast.

		Major ongoing projects > SEK 25 m
Property	Municipality	Type of investment	Planned completion	Lettable 2 area m	Rental value,	Operating income,	Letting ratio, %		Investment, SEK m	Carrying amount,
			date	(000)	SEK m	SEK m		Estimated	Cumulative	SEK m
Stigamo 1:46	Jönköping	Extension	Q2 2022	10.8	7.1	6.5	100	70	48	79
Asteroiden 1	Huddinge	Extension	Q2 2022	4.0	5.4	5.1	100	66	49	62
Kronan 4	Landskrona	New construction Q1 2023		5.5	4.0	3.8	67	59	3	3
Okularet 12	Falköping	Extension	Q2 2023	4.4	1.7	1.6	100	26	11	19
Total				24.8	18.2	17.0	93	221	111	162

Information about projects in the report are 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 estimates and judgements should not be viewed as a forecast. Estimates and judgements imply uncertainty in terms of project completion, structure and scale, time plan, project costs and future rental value and operating income, based on normalised property expenses. Information about ongoing new construction and planned projects is evaluated regularly, and estimates and judgements are adjusted in line with ongoing construction projects being completed or started, and changing conditions generally.

Tenants

Rental agreement structure

The company aims to ensure long and even tenancy periods in order to reduce the risk of individual tenant actions. At the end of the period, the remaining tenancy period was 6.2 years (6.8). Contracts representing 42% of the contractual annual rent expire after 2027.

Contractual annual rent was divided over 257 contracts (183) at the end of the period.

Rental value

Contractual annual rent plus estimated market rent for vacant premises, the rental value, amounted to SEK 412m (267) at the end of the period. This corresponds to a rental value of SEK 653/m² (594).

Contractual annual rent of SEK 382m was impacted by rental discounts of SEK 15m annually. Rental discounts are offered at the start of the leases and are progressively phased out.

The company's rental agreements are essentially exclusively linked to CPI, alternatively fixed indexation, see table Agreement structure – indexation.

Letting ratio and net rental income

At the end of the period, the financial letting ratio was 92.8% (90.0). Net rental income totalled SEK 3.7m (0.4) in the period, consisting of lets with contractual annual rent of SEK 27.6m, and terminations with contractual annual rent of SEK 23.9m.

The Stormen 4 property is located in close proximity to the national highway 40, it is recently constructed, has flexible usage and a good environmental profile."

PETER STRAND, CEO SLP

Property Stormen 4 in Borås.

Maturity structure

Term	No. of rental agreements	Area m2 (000)	Annual rent, SEK m	Share of annual rent,%
2022	57	39	23	6
2023	50	51	34	9
2024	47	62	49	13
2025	29	58	30	8
2026	24	76	63	16
2027	12	28	25	7
>2027	38	262	159	42
Total	257	574	382	100

Agreement structure - indexation

Type of index/indexation	Index share	Share of annual rent
CPI-indexed agreements	98%	88%
CPI-indexed agreements with min. (2.0-3.0%) indexation	98%	6%
Fixed indexation (1.9-3.0%)	N/A	4%
No index/indexation	N/A	2%

Largest tenants

10 largest tenants

Dagab Inköp & Logistik AB, Hillerstorp trä AB, Carlsberg Supply Company Sverige AB, PostNord TPL AB, Klimat Transport & Logistik AB, TURA Scandinavia AB, Packsize Technologies AB, Postpac AB, Stålrör Aktiebolag, TBN'S Åkeri AB.

Share of annual rent: 29.7% Remaining tenancy period: 10.1 years

Other tenants

Share of annual rent: 70.3% Remaining tenancy period: 4.1 years

Current earnings ability

Current earning ability excl. ongoing construction projects
SEK m	01/04/2022	01/01/2022	31/12/2020	31/12/2019
Rental income	382	359	214	60
Property costs	-69	-66	-44	-15
Property administration	-4	-4	-1	-1
Operating income	309	289	169	44
Central administration costs	-20	-19	-16	-13
Net financial items	-60	-57	-30	-4
Ground rent	-3	-3	-2	0
Profit from property management	226	211	122	26
Tax for the period	-47	-43	-25	-5
Profit for the period	180	167	97	21

Current earnings ability

The table reflects the company's earnings ability on a 12 month basis as of 1 April 2022 based on properties where SLP had taken possession as of the record 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. The earnings ability presented does not take into account value changes or changes to the property holding or derivatives.

Operating income is based on contractual annual rent as of 1 April 2022 and property costs based on a normal year for the current holding excluding major ongoing projects.

Rental income is impacted by rental discounts of SEK 15m annually. Rental discounts are offered at the start of the leases and are progressively phased out.

Net financial items are based on the company's average interest rate including costs of interest rate derivatives for interest-bearing liabilities at the end of the period. From time to time, financing is temporarily more expensive in connection with acquisitions and new construction, this has been normalised in the calculation of net financial items.

Standard rate tax has been calculated on the basis of the applicable tax rate from time to time.

Current earnings ability, profit from property management, SEK m

Income, expenses and profit

Profit and cash flow items relate to the period January to March 2022. Comparison items relate to the corresponding period of the previous year.

Statement of Comprehensive Income
SEK m	2022 Jan-Mar	2021 Jan-Mar	2021 Jan-Dec
Rental income	97	57	268
Property costs	-22	-11	-53
Property administration	-1	-1	-2
Operating income	73	46	212
Central administration costs	-30	-5	-31
Financial income	0	0	0
Financial costs	-16	-12	-47
Ground rent	-1	-1	-3
Profit from property management	25	29	131
Value changes
Investment properties Derivatives	118 54	94 5	801 15
Profit before tax	198	128	947
Tax	-41	-26	-195
Profit for the period	158	102	752
Comprehensive income for the period	158	102	752
Comprehensive income for the period attributable to Parent
Company shareholders	158	102	752
Key data
Earnings per share before dilution, SEK	1.0	0.7	5.4
Earnings per share after dilution, SEK	1.0	0.7	5.3
Average number of shares after dilution, m	151.9	142.0	142.0

Rental income

Rental income amounted to SEK 97m (57). The substantial increase compared to the previous year largely related to a larger property holding due to a high rate of acquisitions, but also tenants moving into new construction projects and lettings of previously vacant spaces.

The financial letting ratio was 92.8% (90.0).

Property costs

Property costs amounted to SEK –22m (-11). The yearon-year increase in property costs was related to a larger property holding due to the high acquisition rate.

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

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

Property administration

Property administration amounted to SEK -1m (-1) and relates to staff costs for property management and letting.

Operating income

Operating income for the period amounted to SEK 73m (46).

Profit from property management, SEK m

Profit from property management excluding listing expenses, SEK m

Central administration costs

Central administration costs amounted to SEK -30m (-5). The increased costs compared to the previous year were mainly due to non-recurring costs for the IPO completed in the period, which increased central administration costs by SEK -25m. All estimated costs related to the IPO have now been recognised within earnings. Central administration costs include personnel costs, group-wide costs and marketing costs.

Net financial items

Net financial items for the period amounted to SEK -16m (-12). The increased year-on-year financial costs were due to new borrowing related to the increased property holding and the overdraft facility being utilised in the period. This was due to no new borrowing raised in the period as a result of the new share issue at the end of the quarter.

The interest coverage ratio was 2.5 (3.5), compared to the financial risk threshold of a minimum multiple of 2.5. Adjusted for the aforementioned non-recurring costs of SEK -25m, the interest coverage ratio was a multiple of 4.0.

Ground rent for the period amounted to SEK -1m (-1).

Profit from property management

Profit from property management for the period amounted to SEK 25m (29).

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 118m (94) and related to unrealized value changes. Unrealized value changes were positively affected by new lettings, off market acquisitions, deduction of deferred tax in connection with acquisitions and expected increased CPI-adjustment to 2023 rents.

Value change, derivatives

Unrealized value changes on derivatives amounted to SEK 54m (5). The positive effect was due to increased market rents.

Tax

The tax cost for the period amounted to SEK -41m(-26) and was mainly due to deferred tax on unrealized value changes relating to investment properties, tax depreciation, derivatives and remaining tax loss carryforwards, and current tax.

Profit for the period

Profit for the period amounted to SEK 158m (102), corresponding to earnings per share after dilution of SEK 1.0 (0.7).

Statement of Financial Position

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
SEK m	31/03/2022	31/03/2021	31/12/2021
ASSETS
Non-current assets
Investment properties	6,882	3,825	6,498
Leasing agreements, right of use	101	81	96
Derivatives	68	3	13
Other non-current assets	1	0	0
Deferred tax receivables	3	1	3
Total non-current assets	7,055	3,910	6,611
Current assets
Other current assets	31	25	42
Cash and cash equivalents	422	59	41
Total current assets	453	84	83
TOTAL ASSETS	7,507	3,994	6,694
EQUITY AND LIABILITIES
Equity	3,284	1,557	2,479
Non-current liabilities
Deferred tax liability	393	180	354
Non-current leasing liability right of use	101	81	96
Non-current interest-bearing liabilities	3,170	1,929	3,438
Total non-current liabilities	3,664	2,190	3,888
Current liabilities
Current interest-bearing liabilities	441	168	182
Other current liabilities	118	79	146
Total current liabilities	559	247	328
TOTAL EQUITY AND LIABILITIES	7,507	3,994	6,694

Statement of Changes in Equity

SEK m	Share capital	Other capital	Retained earnings incl. profit for the year	Total Equity
Opening Equity as of 1 Jan 2021 Profit for the year	1 -	719 -	625 752	1,345 752
Total comprehensive income	0	0	752	752
Capital raisings Transaction costs and tax	0 0	382 0	0 0	382 0
Total capital raisings	0	382	0	382
Closing Equity as of 31 Dec 2021	1	1,101	1,377	2,479

SEK m	Share capital	Other capital	Retained earnings incl. profit for the year	Total Equity
Opening Equity as of 1 Jan 2022 Profit for the year	1 -	1,101 -	1,377 158	2,479 158
Total comprehensive income	0	0	158	158
Capital raisings Transaction costs and tax	0 0	652 -4	0 0	652 -4
Total capital raisings	0	647	0	648
Closing Equity as of 31 Mar 2022	1	1,748	1,534	3,284

Comments on the Statement of Financial Position

Investment properties

At the end of the period, the property holding encompassed 73 properties with a total lettable area of 655,241 square meters, including major ongoing projects.

The recognized value of all properties amounted to SEK 6,882m (3,825) at the end of the period, including SEK 162m (169) relating to major ongoing projects and SEK 45m (0) relating to building rights.

Value growth of investment properties

Valuation method and completion

The properties are recognized at fair value in accordance with IFRS 13 Level 3. The company's policy is that the entire property holding is valued externally on a quarterly basis. The main method used is cash flow calculations, that determine the present value of operating income, investments and residual value. The calculation period is adjusted for the remaining term and existing rental agreements, and varies between 5 and 20 years.

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 5.2%, which remains unchanged compared to the start of the year.

Acquisitions

In the period, SLP completed two transactions with a property value of SEK 186m (378) and a total lettable area of approximately 21,000 square meters. In addition to the aforementioned acquisitions, desirable land in Landskrona was acquired where an environmentally certified new production project of approximately 5,500 square meters will be built. A ten-year lease agreement for approximately 3,600 square meters with an annual rent of SEK 2.5m was signed with a planned move-in in March 2023.

New construction, conversions and extensions

In the period, a total of SEK 94m (38) was invested in the existing property holding, of which SEK 65m related to major ongoing projects. Other investments mainly related to tenant adaptations and projects aimed at reducing the properties' energy consumption.

Change in investment properties	SEK m
Opening carrying value as of 1 Jan 2022	6,498
+ Property acquisitions	172
+Investments	94
+/-Value changes	118
Closing carrying value as of 31 Mar 2022	6,882

Leasing agreements, right of use

Parts of the property holding include right-of-use agreements that generate right-of-use assets and leasing liabilities.

Net asset value (NAV) per share after dilution, SEK

Property Kyllared 1:168 in Borås.

Financing

Equity

Group equity amounted to SEK 3,284m (1,557), corresponding to an equity/assets ratio of 43.7% (39.0) compared to the risk threshold minimum of 35%. Equity was positively affected by profit for the period of SEK 158m and capital raised in relation to the listing on Nasdaq Stockholm of SEK 652m, less transaction costs after tax related to the IPO of SEK -4m.

After the end of the period, the overallotment option was exercised which raised an additional SEK 98 m for the company.

The new share issue of SEK 145m was registered in the period and recognised within equity in 2021 related to the conversion of debentures.

Interest-bearing liabilities

The Group's interest-bearing liabilities amounted to SEK 3,611m (2,096), corresponding to a loan-to-value ratio of 46.3% (53.3) compared to the long-term risk limitation of a minimum of 60%.

The change in interest-bearing liabilities is linked to financing of acquisitions and increased credit in connection with refinancing of existing liabilities. At the end of the period, the average interest rate including cost of derivatives was 1.7% (1.7).

The average period for capital tied up was 2.3 years (2.7) and the fixed interest period 1.7 years (2.0).

The proportion of loans with interest rate hedging via derivatives was 60%.

Cash and cash equivalents

Cash and cash equivalents amounted to SEK 422m (59) at the end of the period. The large amount of cash and cash equivalents related to capital received in relation to the new share issue when the company listed on Nasdaq Stockholm. In addition to cash and cash equivalents, the company has access to available funds in the form of unutilized acquisition credits totalling SEK 400m and an unutilized overdraft facility of SEK 200m.

After the end of the period, the overallotment option was exercised which raised additional SEK 98m to the company.

0,3 2,1 2,0 1,8 1,2 2,4 2,5 1,8% 2,2% 2,2% 1,7% 4% 6% 8% 10% 2 2019-12 2020-06 2020-12 2021-06 0,3 2,1 1,8 1,8 1,7 2,4 2,5 2,3 1,7% 1,7% 0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 0 1 2 3 2019-12 2020-12 2021-12 2022-03

Average interest, %

Credit agreement	Approved SEK m	Of which utilized Proportion of SEK m	Utilized amount, %	Maturity date	SEK m	Average interest rate*
0-1 years	582	382	11	0-1 years	1,934	1.57
1-2 years	1,591	1,191	33	1-2 years	355	1.57
2-3 years	1,200	1,200	33	2-3 years	562	1.76
3-4 years	838	838	23	3-4 years	165	1.64
4-5 years	0	0	0	4-5 years	465	0.58
>5 years	0	0	0	>5 years	130	0.17
Total	4,211	3,611	100	Total	3,611	1.74

	Interest rate hedging via interest rate swaps
Maturity	SEK m	Contractual interest rate, %
0-1 years	730	0.03
1-2 years	355	0.03
2-3 years	562	0.22
3-4 years	165	0.10
4-5 years	465	0.58
>5 years	130	0.17
Total	2,406

Maturity structure				Interest maturity structure
Credit agreement	Approved SEK m	Of which utilized Proportion of SEK m	Utilized amount, %	Maturity date	SEK m
0-1 years	582	382	11	0-1 years	1,934
1-2 years	1,591	1,191	33	1-2 years	355
2-3 years	1,200	1,200	33	2-3 years	562
3-4 years	838	838	23	3-4 years	165
4-5 years	0	0	0	4-5 years	465
>5 years	0	0	0	>5 years	130
Total	4,211	3,611	100	Total	3,611

*The average interest rate refers to the average available credit margin and agreed interest rates relating to interest rate reductions.

Loan portfolio

Cash Flow Statement

Statement of Cashflow
SEK m	2022 Jan-Mar	2021 Jan-Mar	2021 Jan-Dec
Operating activities
Operating profit before financial items	43	42	181
Adjustment for depreciation/amortization and impairment	0	0	0
Adjustment for other items not affecting cash flow	25	0	0
Interest received	0	0	0
Interest paid	-18	-12	-51
Tax paid	-1	0	-5
Cash flow from operating activities before change in working
capital	50	29	126
Cash flow from change in working capital
Change in current receivables	15	3	-14
Change in current financial liabilities	-43	0	44
Cash flow from operating activities	22	32	156
Investing activities
Investments in existing properties and projects	-93	-38	-210
Investments in other non-current assets	-1	0	0
Investments in investment properties	-161	-353	-1,674
Sales of properties under management	0	36	36
Cash flow from investing activities	-255	-354	-1,848
Financing activities
New share issue, net	622	110	110
Borrowing	8	647	3,275
Loan amortization	-16	-448	-1,725
Cash flow from financing activities	614	309	1,661
Cash flow for the period	380	-13	-31
Opening Cash and cash equivalents for the period	41	72	72
Closing cash and cash equivalents for the period	422	59	41

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

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

Property Stigamo 1:46 in Jönköping.

Key performance indicators

Key performance indicators	2022 Jan-Mar	2021 Jan-Mar	2021 Jan-Dec	2020 Jan-Dec	2018 Nov 2019 Dec
Property-related key performance indicators	3 months	3 months	12 months	12 months	14 months
Rental income, SEK m	97	57	268	96	19
Operating income, SEK m	73	46	212	78	13
Economic vacancy, % 1	92.8	90.0	92.1	91.3	86.4
Remaining tenancy period, years1	6.2	6.8	6.4	7.1	3.7
Net rental income, SEK m1	3.7	0.4	25.8	5.3	13.6
Rental value, SEK m1	412	267	390	217	51
Rental value, SEK/m2 1	653	594	648	528	359
Investment properties, SEK m	6,882	3,825	6,498	3,352	774
Rental value, SEK/m2	10,503	8,132	10,353	8,146	5,429
No. of properties	73	48	70	45	11
Lettable area, m2	655,241	465,787	627,620	411,494	142,489
Direct return requirement valuation, %	5.2	5.6	5.2	5.6	6.4
Financial key performance indicators
Profit from property management, SEK m	25	29	131	48	4
Excluding listing expenses, SEK m	50	29	139	48	4
Profit for the period, SEK m	158	102	752	416	208
Equity/assets ratio, %	43.7	39.0	37.0	38.1	55.8
Loan-to-value ratio, %2	46.3	53.3	55.1	53.9	27.0
Interest coverage ratio, multiple2	2.5	3.5	3.8	4.9	3.0
Excluding listing expenses, multiple	4.0	-	4.0	-	-
Average interest, %	1.7	1.7	1.7	2.2	1.8
Fixed interest period, years	1.7	2.0	1.8	2.1	0.3
Capital tied up, years	2.3	2.7	2.5	2.4	1.8
Return on Equity, %	5.5	6.9	39.1	45.3	86.5
Equity, SEK m	3,284	1,557	2,479	1,345	477
Equity after dilution, SEK m	3,296	1,569	2,491	1,357	481
Share-related key performance indicators3
Profit before dilution, SEK	1.0	0.7	5.4	3.6	4.0
Profit after dilution, SEK	1.0	0.7	5.3	3.6	4.0
Net asset value (NAV) after dilution, SEK	20.2	11.9	18.3	11.1	5.6
Growth in net asset value (NAV) after dilution, %	11	7	65	97	-
Profit after dilution, SEK	0.2	0.2	0.9	0.4	0.1
Excluding listing expenses, SEK	0.3	-	1.0	-	-
Growth in profit from property management per share after dilution, %	-19	-	126	906	-
Excluding listing expenses, %	60	-	140	-	-
Cash flow after dilution, SEK2	0.3	0.2	0.9	0.4	0.0
No. of outstanding shares before dilution (000)		177,086,320 145,000,000 145,000,000 135,000,000			95,400,000
No. of outstanding shares after dilution (000)		179,036,320 146,950,000 146,950,000 136,950,000			96,600,000
Average no. of shares before dilution (000)		150,359,348 140,000,000 140,000,000 115,200,000			51,450,000
Average number of shares after dilution.		151,881,926 141,950,000 141,950,000 116,775,000			52,650,000
Share price at the end of the period, SEK	38.9	-	-	-	-

¹Figures are affected by new definitions of key performance indicators from 2021 onwards

²Historical figures have been adjusted to correspond to new definitions. For definitions, see section Reconciliation tables and definitions

3 Historical figures have been adjusted for the completed share splits

Parent Company Income Statement

Parent Company Income Statement in summary
SEK m	2022 Jan-Mar	2021 Jan-Mar	2021 Jan-Dec
Net sales	7	3	15
Costs for services rendered	-32	-5	-39
Operating profit	-26	-2	-24
Net financial items	-1	-4	0
Profit after financial items	-27	-6	-25
Appropriations	0	0	25
Profit before tax	-27	-6	0
Tax	0	1	0
Profit for the period	-27	-5	0
Comprehensive income	-27	-5	0

Parent Company Balance Sheet

Parent Company Balance Sheet in summary
SEK m	31/03/2022	31/03/2021	31/12/2021
ASSETS
Non-current assets
Tangible non-current assets	1	0	1
Financial assets	3,184	870	2,739
Total non-current assets	3,185	870	2,739
Current assets
Current receivables	5	38	5
Cash and cash equivalents	344	0	12
Total current assets	348	38	16
TOTAL ASSETS	3,534	908	2,755
EQUITY AND LIABILITIES
Equity
Restricted equity	1	1	1
Unrestricted equity	1,440	669	819
Total Equity	1,441	670	820
Liabilities
Non-current liabilities	2,082	236	1,903
Current liabilities	11	1	33
TOTAL EQUITY AND LIABILITIES	3,534	908	2,755

Shares and shareholders

Shares

From 23 March 2022, SLP's Class B shares (short name SLP B) were listed on Nasdaq Stockholm, Mid Cap. At the end of the period, SLP had a total of 177,086,320 shares outstanding before dilution. SLP has two share classes, Class A shares and Class B shares. Class A shares confer the right to 5 votes per share, and Class B shares to 1 vote per share.

On 8 March 2022, at the Annual General Meeting, it was resolved to execute a share split. Each share was split into 5 new shares. The split of shares is reflected in all disclosures in this report.

Two new share issues were completed in the first quarter.

Due to the conversion of debentures to equity, the number of Class B shares increased by 7,931,730 (post the subsequent 5:1 share split). The new share issue increased share capital by approximately SEK 52,878.

In relation to the public offering and subscription of Class B shares ahead of the listing on Nasdaq Stockholm, the number of Class B shares increased by 24,154,590 shares through the new issue, which increased share capital by SEK 161,031.

After the end of the period, the overallotment option was exercised which increased the number of shares by 3,623,188 Class B shares.

Total number of shares as of 4 May are 180,709,508 (of which 55,477,965 were Class A shares and 125,231,543 were Class B shares).

Warrants

SLP has four warrant programs for employees. In total, employees hold warrants with subscription rights corresponding to 455,000 Class A shares and 1,495,000 Class B shares. The programs have varying expiry dates between Q1 2023 and Q4 2023 with a strike price of SEK 3.3, SEK 3.7 and SEK 10.8 per share respectively.

Share price

Marketplace	Nasdaq Stockholm
Name of share	Swedish Logistic Property B
Ticker	SLP B
ISIN code	SE0017565476
Segment	Real Estate
Total shares outstanding	177,086,320
Total listed Class B shares	121,608,355
Closing rate, SEK	38.90
Total market value, SEK m*	6,889

Information as of 31 March 2022.

*Market value of all shares in the company, based on the last price paid for a Class B share on 31 March 2022.

Shareholders as of 31 March 2022	No. of shares		Proportion of
	Class A	Class B	Total	share capital	voting rights
Agartha AB	12,012,375	15,819,375	27,831,750	15.7%	19.0%
Fridam Fastigheter AB	12,012,375	15,819,375	27,831,750	15.7%	19.0%
Skandrenting AB	11,957,785	15,834,270	27,792,055	15.7%	19.0%
HME Investment AB	11,716,250	12,993,750	24,710,000	14.0%	17.9%
Nordnet Pensionsförsäkring	0	18,136,864	18,136,864	10.2%	4.5%
Bergendahl & Son Aktiebolag	6,198,825	7,713,230	13,912,055	7.9%	9.7%
Evolv Fastigheter AB	0	6,017,175	6,017,175	3.4%	1.5%
Jacob Karlsson	1,296,855	4,105,587	5,402,442	3.1%	2.7%
Capital Group	0	3,924,040	3,924,040	2.2%	1.0%
ODIN funds	0	2,575,400	2,575,400	1.5%	0.6%
Tosito AB	0	2,293,465	2,293,465	1.3%	0.6%
SEB funds	0	2,024,034	2,024,034	1.1%	0.5%
Employees	283,500	2,097,807	2,381,307	1.3%	0.9%
Other	0	12,253,983	12,253,983	6.9%	3.1%
Total	55,477,965	121,608,355	177,086,320	100.0%	100.0%

Source: Euroclear Sweden.

Other information

Employees

The company had 13 employees at the end of the period. The company has its own staff in acquisitions, management, projects, letting and finance. Caretakers and technicians are subcontracted out to local collaboration partners in order to optimize services for all tenants.

Transactions with closely related parties

During the period, rental income was invoiced to EKOgruppen Hässleholm AB in accordance with a current rental agreement.

The parent company provided property administration services to subsidiaries with a total value of SEK 6m.

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

Risks and uncertainty factors

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 Annual Report 2021.

Analysis and risk assessment was carried out regarding our and our tenants operations in relation to the war in Ukraine. In the current circumstances, we assess the impact as low.

Annual General Meeting

On 8 March 2022, SLP held its Annual General Meeting (AGM). The AGM resolved to adopt new Articles of Association to meet the requirements of a public and listed company. Furthermore, it was resolved to split each share into 5, to adopt principles for a Nomination Committee and guidelines for the remuneration of senior executives. The AGM authorised the Board to issue new shares and/or convertibles up to 15 percent of the total number of shares in the Company after completion.

Estimates and judgements

In order to prepare the company's Financial Statements in accordance with accepted accounting practice, the management and Board make estimates and judgements that affect the recognition of assets and liabilities, and income and expenses, as well as other information presented in the Year-end Report. Actual outcomes may differ from these estimates. Reporting is especially sensitive to estimates and judgements forming the basis for the valuation of investment properties. For a Sensitivity analysis, see the Annual Report 2021.

Accounting principles

This summary Interim Report has been prepared in accordance with International Accounting Standards (IAS) 34 Interim Reporting. In the Report, IFRS includes the application of the EU's International Reporting Standards (IFRS) and the interpretations of the International Reporting Interpretations Committee (IFRIC).

Investment properties are recognised 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

The Report has not been subject to a summary review.

Significant events after the end of the period

• In April, after exercising the overallotment option, the company raised SEK 98 m. Total number of shares as of 4 May was 180,709,508 (of which 55,477,965 were Class A shares and 125,231,543 were Class B shares).
• Acquisition of and access to property in Södertälje with a total lettable area of 6,500 square meter and a property value of SEK 140m.

The Board and CEO hereby offer their assurance that the Report presents a fair view 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.

Malmö, Sweden, 4 May 2022

CHAIRMAN Erik Selin DEPUTY CHAIRMAN Greg Dingizian

CEO Peter Strand

DIRECTOR Sophia Bergendahl DIRECTOR Jacob Karlsson

DIRECTOR Sofia Ljungdahl DIRECTOR Unni Sollbe

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 08:45 a.m. CEST on 4 May 2022.

The Interim 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.

Reconciliation tables and definitions

SLP applies the guidelines for alternative key performance indicators issued by the European Securities and Market Authority (ESMA). Alternative key performance indicators are defined as 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 management to evaluate financial performance and thereby provide shareholders and other stakeholders with valuable information.

DEFINITIONS

Key performance indicators	Definition	Purpose
Property-related key performance indicators
Rental income, SEK m	Rental income according to the Income Statement, SEK m	Illustrates Group income from property letting.
Operating income, SEK m	Operating income according to the Income Statement, SEK m	Illustrates the Group's surplus from property letting after deductions for property expenses and property administration.
Economic vacancies, %	Contractual annual rent for rental agreements at the end of the period as a percentage of rental value.	Illustrates the financial degree of utilization of SLP's properties.
Net rental income, SEK m	Net amount of annual rent excluding discounts, supplements and property tax, for newly signed, terminated and renegotiated contracts. No consideration is given to the contract term.	Illustrates the Group's income potential.
Rental value, SEK m	Contractual annual rent plus estimated market rent for vacant premises.	Illustrates the Group's income potential.
Rental value, SEK/m2	Contractual annual rent plus estimated market rent for vacant spaces in relation to lettable area, excluding ongoing projects.	Illustrates the Group's income potential.
Investment properties, SEK m	Investment properties according to the Statement of Financial Position, SEK m.	Illustrates the market value of the Group's investment properties at the end of the period.
Investment properties, SEK/m2	Investment properties, SEK m in relation to lettable area.	Illustrates value growth for the Group's investment properties in relation to area.
Lettable area, m2	Lettable area at the end of the period including major ongoing projects.	Illustrates SLP's ability to achieve its overarching targets.
Direct return requirement valuation, %	Average direct return requirement based on external valuation at the end of the period.	Illustrates the properties' financial return based on an external valuation.
Financial key performance indicators
Profit from property management, SEK m	Profit from property management according to the Income Statement, SEK m	Illustrates the profitability of property management.
Excluding listing expenses	Profit from property management according to the Income Statement, excluding listing expenses, SEK m	Illustrates the profitability of property management.
Profit for the period, SEK m	Profit for the period according to the Income Statement, SEK m	Illustrates the Group's profit for the period.
Equity/asset ratio, %	Equity as a percentage of total assets (total equity and liabilities).	Illustrates the Group's financial risk.
Loan-to-value ratio, %	Interest-bearing liabilities less cash and cash equivalents as a percentage of investment properties at the end of the period.	Illustrates the Group's financial risk.
Interest coverage ratio, multiple	Profit from property management plus financial costs in relation to financial costs.	Illustrates the Group's financial risk.
Excluding listing expenses	Profit from property management, excluding listing expenses, plus financial costs in relation to financial costs.	Illustrates the Group's financial risk.
Average interest, %	Average interest rate on the loan portfolio including derivatives on the	Illustrates the Group's interest rate risk relating to
Fixed interest period, years	Balance Sheet date. Average remaining fixed interest period on the loan portfolio including	interest-bearing liabilities. Illustrates interest-rate risk for the Group's interest
Capital tied up, years	derivatives. Average remaining period for capital tied up in the loan portfolio.	bearing liabilities. Illustrates the (re)financing risk for the Group's interest-bearing liabilities.
Return on Equity, %	Profit for the period as a percentage of average equity after dilution.	Illustrates the return on capital in the period.
Equity, SEK m	Equity according to the Statement of Financial Position, SEK m.	Illustrates Group equity at the end of the period.
Equity after dilution, SEK m	Equity according to the Statement of Financial Position including outstanding warrants.	Illustrates the Group's equity at the end of the period including warrants.
Share-related key performance indicators
Profit before dilution, SEK	Profit for the period in relation to average number of shares before	IFRS key performance indicators
Profit after dilution, SEK	dilution. Profit for the period in relation to the average number of shares after	IFRS key performance indicators
	dilution resulting from outstanding warrants. Equity including warrants plus reversal of deferred tax and derivatives	Established measure of Group NAV which enables
Net asset value (NAV) after dilution, SEK	according to the Statement of Financial Position in relation to the number of outstanding shares at the end of the period after dilution.	analysis and comparison between property companies. Also illustrates SLP's ability to achieve overarching targets.
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.	Illustrates SLP's ability to achieve its overarching targets.
Profit from property management after dilution, SEK	Profit from property management in relation to average number of shares after dilution.	Illustrates SLP's profit from property management per share after dilution in a consistent manner for listed companies.
Excluding listing expenses	Profit from property management excluding listing expenses, in relation to average number of shares after dilution.	Illustrates SLP's profit from property management per share after dilution in a consistent manner for listed companies.
Growth in profit from property management per share after dilution, %	Profit from property management per share after dilution for the current period in relation to the preceding period expressed as a percentage.	Illustrates SLP's ability to achieve its overarching targets.
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.	Illustrates SLP's ability to achieve its overarching targets.
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.	Illustrates the company's ability to generate cashflow from operating activities before change in working capital.
No. of outstanding shares before dilution (000)	Number of outstanding shares at the end of the period including warrants.
No. of outstanding shares after dilution (000)	Number of outstanding shares at the end of the period including warrants.
Average no. of shares before dilution (000)	Average number of shares for the period excluding outstanding warrants.
Average number of shares after dilution.	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.

Reconciliation table

Property-related key performance indicators

Key performance indicators	2022 Jan-Mar	2021 Jan-Mar	2021 Jan-Dec	2020 Jan-Dec
Economic vacancies, %
A. Contractual annual rent at the end of the period, SEK m	382	241	359	198
B. Rental value at the end of the period, SEK m	412	267	390	217
A / B Economic vacancies, %	92.8	90.0	92.1	91.3
Net rental income, SEK m
A. Annual rental value of lettings for the period, SEK m	27.6	3.4	59.6	18.4
B. Annual rental value for terminated tenancies in the period, SEK m	24.0	3.0	33.8	13.1
A-B Net rental income, SEK m	3.7	0.4	25.8	5.3
Rental value, SEK m
A. Contractual annual rent at the end of the period, SEK m	382	241	359	198
B. Estimated market rent for vacant premises, SEK m	30	27	31	19
A+B Rental value, SEK m	412	267	390	217
Rental value, SEK/m2
A. Contractual annual rent at the end of the period, SEK m	382	241	359	198
B. Estimated market rent for vacant premises, SEK m	30	27	31	19
C. Lettable area excl. ongoing projects, m2 / 1,000,000	0,630,449	0,449,587	0,601,647	0,411,494
(A+B)/C Rental value, SEK/m2	653	594	648	528
Investment properties SEK/m2
A. Investment properties, SEK m	6,882	3,825	6,498	3,352
B. Lettable area, m2/1,000,000	0,655,241	0,465,787	0,627,620	0,411,494
A/B Investment properties SEK/m2	10,503	8,132	10,353	8,146

Financial key performance indicators

Key performance indicators	2022 Jan-Mar	2021 Jan-Mar	2021 Jan-Dec	2020 Jan-Dec
Profit from property management excluding listing expenses, SEK m
A. Profit from property management according to the Income Statement, SEK m	25	29	131	48
B. Excluding listing expenses, SEK m	25	0	8	0
A+B Profit from property management excluding listing expenses, SEK m	50	29	139	48
Loan-to-value ratio, %
A. Interest-bearing liabilities according to Balance Sheet, SEK m	3,611	2,096	3,620	1,878
B. Cash and cash equivalents according to Balance Sheet, SEK m	422	59	41	72
C. Investment properties according to Balance Sheet, SEK m	6,882	3,852	6,498	3,352
(A – B) / C Loan-to-value ratio, %	46.3	53.3	55.1	53.9
Return on Equity, %
A. Profit for the period according to the Income Statement, SEK m	158	102	752	416
B. Equity after dilution at the end of the period, SEK m	3,296	1,569	2,491	1,357
C. Equity after dilution at the start of the period, SEK m	2,491	1,357	1,357	481
A / ((B + C)/2) Return on Equity, %	5.5	6.9	39.1	45.3
Equity after dilution, SEK m
A. Equity according to the Balance Sheet, SEK m	3,284	1,557	2,479	1,345
B. Equity from outstanding warrants, SEK m	12	12	12	12
A+B Equity after dilution, SEK m	3,296	1,569	2,491	1,357

Reconciliation table

Key performance indicators	2022 Jan-Mar	2021 Jan-Mar	2021 Jan-Dec	2020 Jan-Dec
Interest coverage ratio excluding listing expenses, multiple
A. Profit from property management according to the Income Statement, SEK m	25	29	131	48
B. Financial expenses according to the Income Statement, SEK m	16	12	47	12
C. Listing expenses, SEK m	25	0	8	0
(A+B+C) / B Interest coverage ratio excluding listing expenses, multiple	4.0	3.5	4.0	4.9

Share-related key performance indicators

Key performance indicators	2022 Jan-Mar	2021 Jan-Mar	2021 Jan-Dec	2020 Jan-Dec
Net asset value (NAV) per share after dilution, SEK
A. Equity after dilution, SEK m	3,296	1,569	2,491	1,357
B. Deferred tax according to the Balance Sheet, SEK m	393	180	354	161
C. Derivatives according to the Balance Sheet, SEK m	-68	-3	-13	2
D. No. of outstanding shares after dilution (000)	179,036,320	146,950,000	154,881,7301	136,950,000
(A+B+C) * 1,000,000 / D Net asset value (NAV) per share after dilution, SEK	20.2	11.9	18.3	11.1
Growth in net asset value (NAV) after dilution, %
A. Net asset value (NAV) per share after dilution, current period	20.2	11.9	18.3	11.1
B. Net asset value (NAV) per share after dilution, previous period	18.3	11.1	11.1	5.6
A–B/B Growth in net asset value (NAV) after dilution, %	11	7	65	97
Profit from property management per share after dilution, SEK
A. Profit from property management, SEK m	25	29	131	48
B. Average number of shares after dilution, (000)	151,881,926	141,950,000	141,950,000	116,775,000
A* 1,000,000/ B Profit from property management per share after dilution, SEK	0.2	0.2	0.9	0.4
Profit from property management, excluding listing expenses, per share after dilution, SEK
A. Profit from property management, SEK m	25	29	131	48
B. Listing expenses	25	0	8	0
C. Average number of shares after dilution, (000)	151,881,926	141,950,000	141,950,000	116,775,000
A+B * 1,000,000 / C Profit from property management, excluding listing expenses, per share after dilution, SEK	0.3	0.2	1.0	0.4
Growth in profit from property management per share after dilution, %
A. Profit from property management per share after dilution, current period	0.2	0.2	0.9	0.4
B. Profit from property management per share after dilution, SEK	0.2	-	0.4	0.0
A–B/B Growth in profit from property management after dilution, %	-19	-	126	906
Growth in profit from property management, excluding listing expenses, after dilution, %
A. Profit from property management, excluding listing expenses after dilution, current period	0.3	0.2	1.0	0.4
B. Profit from property management, excluding listing expenses after dilution, previous period	0.2	-	0.4	0.0
A–B/B Growth in profit from property management, excluding listing expenses, after dilution, %	60	-	140	906
Cash flow per share after dilution, SEK
A. Cash flow from operating activities before change in working capital, SEK m	50	29	126	44
B. Average number of shares after dilution, number of shares	151,881,926	141,950,000	141,950,000	116,775,000
A* 1,000,000/ B Cash flow per share after dilution, SEK	0.3	0.2	0.9	0.4

¹ Number of shares outstanding after dilution in relation to converted debentures which amounted to 7,931,730 after the share split.

Calendar
Interim Report Jan-Jun 2022	14 July 2022
Interim Report Jan-Sep 2022	27 October 2022
Year-end Report 2022	16 February 2023

Swedish Logistic Property AB (publ) Corp. ID no.: 559179–2873 Strömgatan 2, SE-212 25 Malmö, Sweden www.slproperty.se