Swedish Logistic Property

Quarterly Report • Oct 17, 2024

Interim Report

JANUARY–SEPTEMBER 2024

Significant events

Significant events in the period January-September

• Rental income increased by 20%, amounting to SEK 516 m (430).
• Net operating income increased by 23%, amounting to SEK 445 m (362).
• Profit from property management increased by 26% and amounted to SEK 286 m (228).
• Earnings per share amounted to SEK 1.73 (1.44).
• Net asset value (NAV) per share increased by 13% in the period and amounted to SEK 28.64.
• Value changes in investment properties totalled SEK 289 m (137).
• Sustainable financing amounted to SEK 4,458 m (2,390) at the end of the period, corresponding to 75% (50) of the loan portfolio.
• The output from installed solar panel systems totalled 16.9 MWp (10.6) 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.
• SLP has, ahead of time, refinanced loans totalling approximately SEK 1,400 m, corresponding to approximately 25 percent of the total loan portfolio. The loans, which would have matured in the second quarter of 2025, now run for a further 3 years. As a result, the average margin on the total loan portfolio decreased by 3 points from 1.50 to 1.47 percent.
• Eight properties, of which one comprises a building right, were acquired and taken into ownership, with a lettable area of 102,200 square metres and a property value of SEK 971 m (1,108).
• 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.
• Net rental income amounted to SEK 23.5 m (71.8) and the letting ratio to 95.9% (94.3).

Significant events after the end of the period

There were no significant events after the end of the period.

Key performance indicators

	2024 Jul-Sep	2023 Jul-Sep	2024 Jan-Sep	2023 Jan-Sep	2023 Jan-Dec
	3 months	3 months	9 months	9 months	12 months
Property value, SEK m	12,446	9,534	12,446	9,534	10,114
Rental income, SEK m	181	150	516	430	585
Net operating income, SEK m	158	130	445	362	487
Profit from property management, SEK m	104	83	286	228	303
Profit for the period, SEK m	70	158	397	281	308
Earnings per share after dilution, SEK	0.30	0.77	1.73	1.44	1.55
Net asset value (NAV) per share after dilution, SEK	28.64	24.20	28.64	24.20	25.26
Growth in net asset value (NAV) per share after dilution, %	6	5	13	10	15
Profit from property management per share after dilution, SEK	0.44	0.40	1.25	1.17	1.52
Growth in profit from property management per share after dilution,%*	10	24	7	19	20
Loan-to-value ratio, %	39.1	46.5	39.1	46.5	41.7
Interest coverage ratio, multiple	3.2	3.0	3.1	3.0	2.9

*Excluding listing expenses 2022.

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

The property Stenåldern 6 in Malmö.

Continuous development ensures value creation

In the first nine months of the year, SLP retained its high rate of activity and acquisitions, while operations made strong progress on a stable financial foundation. Rental income increased by 21 percent and net operating income by 22 percent in the third quarter, in year-on-year terms. Profit from property management increased by 26 percent, which is very satisfying. This was despite the fact that the new issues from the previous year of SEK 1,100 m were mainly allocated to new construction projects where profit from property management does not feed through to profit until during the first quarter 2025. Despite the continuous expansion of operations, administration costs remain at the same level, which makes a positive contribution to profit from property management and illustrates our efficiency and cost consciousness. Net letting also made positive progress and amounted to SEK 24 m in the period.

In the first nine months of the year, we completed nine acquisitions with a total area of 113,000 square metres and a rental value of SEK 84 m. We continue to maintain a steady rate of acquisitions, i.e. one per month on average. The conditions for continuing to acquire logistics properties with development potential remain excellent. We continuously evaluate potential transactions and are well prepared for completing further acquisitions in the near future.

New issue increases investment opportunities

We want to continue to capitalise on investment opportunities in the logistics sector, while retaining our stable financial foundation and risk profile. To ensure this, we completed a directed new issue in the quarter totalling SEK 1,100 m at a premium of approximately 30 percent compared to the reported net asset value per share at the end of the first six months. The issue attracted considerable interest from several Swedish and international existing and new institutional investors. The capital raised will finance new investments in property acquisitions as well as new construction projects, ensuring continued growth in profit from property management and NAV per share, in line with the company's strategy and overarching goals.

Refinancing and continued stable finances

Since the foundation of the company, we have only used secured bank financing from our Nordic banks. The conditions for continuing our growth journey with these banks are better than ever. In September, we refinanced, ahead of time, loans totalling approximately SEK 1,400 m. This corresponds to approximately 25 percent of our total loan portfolio. The loans that would have matured in the second quarter 2025 now run for a further 3 years, immediately ensuring lower average margins while also extending capital tied up. This was the result of close and effective dialogue with, and very considerable interest from, our existing banks. We foresee good opportunities to continue our growth journey with secured bank financing on attractive terms in future.

The refinancing contributes to increasing capital tied up by approximately eight months for the entire portfolio, which means that it reached 2 years at the end of the third quarter. Falling market interest rates and lower margins mean that the average interest rate decreased by 30 b.p. at the end of the period, implying an average interest rate of 3.8 percent compared to 4.1 percent at the end of the second quarter.

Value growth continues in the third quarter

Despite an increase in the portfolio's average return requirement from 5.2 percent to 5.9 percent over the past 2 years, our properties have returned positive value growth each quarter. This was largely made possibly by investments in, and development of, our properties. The return requirement remained unchanged in the third quarter, which further highlights our development work which generated value growth of SEK 72 m for the properties in the quarter. Net asset value (NAV) per share has thus increased by 13 percent since year end, above target annual growth of 15 percent.

Tried and tested business model

SLP's business concept is to acquire, develop and manage logistics properties with a focus on sustainability. Continuous value growth is created through acquisitions and ongoing development of properties located in Sweden's most critical logistics hubs. The development also leads to sustainable assets with green financing and optimized net operating income. We focus sharply on sustainability and energy-saving measures, which benefits both our own and our customers' operations. On the foundation of an established business model and a strong financial position, we continue to expand with a focus on value-creating development and strategic acquisitions. In combination with an effective transactions market in logistics properties and falling interest rates, we enjoy favourable prospects for continuing to develop operations through an active acquisition strategy.

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%

Dividend policy

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.
• 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 pages.

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.

Growing demand for city logistics

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. Sustainability goals for solar cells, climate neutral projects, charging points, environmentally certified area, eNPS, equality, Code of Conduct for suppliers and sustainable financing are monitored and presented on a quarterly basis. Other sustainability goals are monitored and presented annually.

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. The work associated with and implementation of the double materiality analysis is currently underway. 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.

Compatibility with EU taxonomy

KPI	SEK m	Scope, %	Compatibility, %
Sales	516	100	64
Operating expenditure	19	100	48
Capital expenditure	2,043	100	26

Green transition of existing properties

Since its foundation, SLP has focused closely on optimizing and rationalizing the existing property holding. 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 19 percent in the comparable holding. In addition, we have worked extensively to improve our energy ratings.

Several sustainability targets reached ahead of time

SLP continuously strives to improve energy efficiency and obtain environmental certification for its properties in order to increase net operating income and reduce the climate footprint. This work was successful and progressed better than expected, which resulted in SLP already achieving 50 percent environmentally certified lettable area, a target originally set for the end of 2025. This is despite an increase in the total area of the holding. During the year, we also reached the goal of sustainable loans comprising a minimum of 70 percent of total financing, as well as achieving output from installed solar cells of over 15 MW ahead of time.

16.9 Output from installed solar cell systems, MWp
54% Environmentally certified area
75% Sustainable financing

Planet	Sep 2024	Sep 2023	2023	Goal
Total energy use, MWh	-	-	13,073
Renewable electricity, %	-	-	100	100% - continuous
Fossil-free energy, %	-	-	94	100% by 2030
Energy intensity, kWh/m2	-	-	79
Energy intensity, Change in comparable
holding, % - base year 2021 - base year 2022	-	-	-19% -13%	Reduce by 15% over five years
Installed solar cell systems, MWp	16.9	10.6	14.2	15 MWp by 2025
Installed solar cell systems, no.	39	27	30
Climate-neutral projects, no.	2	1	1	3 projects started by 2025
Lettable area equipped with charging infrastructure for cars, %	60	49	50	50% by 2025
Project with charging infrastructure for heavy vehicles, no.	0	0	0	Started at least 1 project by 2025
Scope 1, tonne CO2e	-	-	132	Net zero by 2030
Scope 2 - market based, tonne CO2e	-	-	388	Net zero by 2030
Scope 2 - location based, tonne CO2e	-	-	519	Net zero by 2030
Scope 3, tonne CO2e	-	-	7,665
Total emissions Scope 1, 2 and 3 - market based, tonne CO2e	-	-	8,185
Environmentally certified area, m2 (000)	580	204	244
Environmentally certified area, %	54	22	25	50% by 2025, in accordance with the Sweden Green Building Council Silver level or equivalent
Environmentally certified new production, m2 (000)	162	150	151
Environmentally certified new production, %	100	100	100	100% ongoing, in accordance with the Sweden Green Building Council Silver level or equivalent
Environmentally certified proportion of properties' market value, %	61	22	27
People
Employee willingness for recommendation, eNPS	100	100	98	>45
Short-term sick leave, %	-	-	0.1	<2%
Long-term sick leave, %	-	-	2.6	<3%
Proportion of locations with local summer workers, %	-	-	67	Local summer workers, all locations
Proportion of women/men, % - Board - Management - Office workers	33/67 33/67 33/67	43/57 33/67 27/73	43/57 33/67 33/67	40-60% equality in occupational groups by 2025
Satisfied tenants, %	-	-	74	>80% by 2025
Business
Corruption charges, no.	0	0	0	Zero tolerance of corruption
Suppliers that follow the Code of Conduct, %	100	99	100	All material suppliers
Sustainable financing, %	75	50	53	70% by 2025
Sustainable financing, SEK m	4,458	2,390	2,598

Property holdings

SLP's properties are strategically located in attractive logistics locations in Sweden. At the end of the period, the property holding encompassed 107 properties with a total lettable area of 1,082,000 square metres, including major ongoing projects.

10,100 m² Average lettable area per property

SEK 166/m² Difference in net operating income for investment properties and development properties

52% Percentage of 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 holdings according to this categorization and the current earnings ability as of 1 October 2024.

Property holdings

	No. of properties	Lettable area m2 (000)	Property value		Rental value Letting ratio, %		Rental income		Property costs incl. property admin.		Net operating income
			SEK m	SEK/m2	SEK m		SEK m	SEK/m2	SEK m	SEK/m2	SEK m	SEK/m2
Property management	59	430	5,413	12,580	352	99.4%	350	819	37	85	313	729
Property development	44	558	5,582	9,998	409	92.8%	380	755	66	118	314	562
Total	103	989	10,995	11,122	762	95.9%	730	784	103	104	627	635
Ongoing projects	3	94	1,263	13,492
Building rights	1		188
Total	107	1,082	12,446	11,501

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, three major projects are in progress relating to new construction and one conversion and extension project over a total area of 93,600 square metres. All new construction projects will have a minimum of Sweden Green Building Council Silver level certification or equivalent.

In the period, tenants moved into 2,200 square metres in Malmö, where building rights for an existing property were used for an extension.

The table to the right presents 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 61 m was invested in energy saving projects and SEK 201 m in other projects. Major ongoing projects > SEK 25 m

Major ongoing projects > 25 SEK m

Energy-saving projects

Other projects

Ackumulatorn 1

SLP acquired the Ackumulatorn 1 property in Helsingborg in December 2022. The current building, which is fully let, covers 15,600 square metres, with the majority let to two tenants. A part of the building rights for the property will now be utilized, as an agreement relating to an extension has been signed with one of the existing tenants. The building will be extended by 3,000 square metres, of which 2,500 square metres comprises cooled space and 500 square metres office premises. The new rental agreement also entails extending the term by just over 10 years.

Planning permission was obtained and the project started in the third quarter of 2024. The extension is scheduled for completion in Q2 2025. In connection with the extension, existing cooled spaces will also be

developed, further reducing SLP's operating costs.

Property	MunicipalityType of investment		Planned completion date	Lettable Rental value, 2 area m SEK m		Net operating	Letting ratio, %	Investment, SEK m		Carrying amount, SEK
				(000)		income, SEK		Estimated	Cumulative	m
						m
Stödstorp 2:22	Vaggeryd	New construction	Q4 2024	18.1	13.7	13.7	100	230	217	244
Signalen 5	Hallsberg	New construction	Q4 2024	61.5	47.9	47.3	100	790	687	772
Rubinen 5	Katrineholm	New construction	Q4 2024	11.0	15.6	15.1	100	208	157	221
		Conversions and
Ackumulatorn 1	Helsingborg	extensions	Q2 2025	3.0	-	3.0*	100	46	1	25
Total				93.6	77.3	79.1	100	1,274	1,062	1,263

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. Nine transactions took place in the period.

Acquisitions

SLP took ownership of nine acquired properties in the period, which increased the lettable area by 113,000 square metres and the rental value by SEK 84 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. The property offers the opportunity for investment in energy projects such as solar cells.

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 index-linked, 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.

The property Taggsvampen 1 in Lidköping.

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
Total				83.8	113.2

113,000 m² Acquired lettable area

SEK 84 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 5.9 years (6.2). Contracts representing 45% of the contractual annual rent expire after 2029.

Contractual annual rent was divided between 339 contracts (310) 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 762 m (623) at the end of the period. This corresponds to a rental value of SEK 771/m² (731).

Contractual annual rent of SEK 730 m was impacted by rental discounts of SEK 7 m annually. Rental discounts are usually offered at the start of the lease and progressively phased out.

99% 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 95.9% (94.3).

10 largest tenants

The 10 largest rental agreements at the end of the period accounted for 26% of the contractual annual rent and had an average remaining tenancy period of 8.5 years.

Net rental income

Net rental income amounted to SEK 23.5 m (71.8) in the period, of which SEK 15.6 m related to new construction projects in Katrineholm.

	Maturity structure	Contractual	Share of
Expires in	No. of rental agreements	Area, 2 m (000)	annual rent, SEK m	annual rent, %
2024	33	10	12	2
2025	71	65	41	6
2026	55	123	103	14
2027	51	95	87	12
2028	34	96	70	10
2029	28	123	89	12
>2029	67	419	328	45
Total	339	931	730	100

Remaining tenancy period, other tenants

Remaining tenancy period						Agreement structure - indexation Share of
							Type of index/increase	annual rent, %
		7,1	6,4	6,2	6,4	5,9	CPI-indexed agreements	87
	3,7			CPI-indexed agreements with min. (2.0-3.0%) increase	8
	2019	2020	2021	2022	2023	2024-09	CPI-indexed agreements with min. (2.0-2.5%) & max (4-6.5%) increase	2
							Fixed increase (1.9-4.0%)	2
Remaining tenancy period, years						No index/increase	1

Remaining tenancy period, years

Current earnings ability

Current earnings ability excl. major ongoing projects
SEK m	01/10/2024	01/01/2024	01/01/2023	01/01/2022	31/12/2020	31/12/2019
Rental income	730	652	509	359	214	60
Property costs	-98	-97	-89	-66	-44	-15
Property administration	-5	-5	-5	-4	-1	-1
Net operating income	627	549	415	289	169	44
Central administration costs	-23	-23	-22	-19	-16	-13
Financial income	30	25	0	0	0	0
Financial expenses	-194	-186	-129	-57	-30	-4
Ground rent	-3	-2	-2	-3	-2	0
Profit from property management	437	363	262	211	122	26
Tax for the period	-90	-75	-54	-43	-25	-5
Profit for the period	347	288	208	167	97	21
Key performance indicators Profit from property management per						0.27
share after dilution, SEK	1.67	1.60	1.43	1.43	0.89

Current earnings ability

The table reflects the company's earnings ability on a 12-month basis as of 1 October 2024 based on properties where SLP had taken ownership 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. 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 October 2024 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 7 m annually. Rental discounts are usually offered at the start of the lease and progressively 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.

The property Kronan 4 in Landskrona.

Current earnings ability, SEK m

Income, expenses and profit

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

Statement of comprehensive income
SEK m	2024 Jul-Sep	2023 Jul-Sep	2024 Jan-Sep	2023 Jan-Sep	2023 Jan-Dec
Rental income	181	150	516	430	585
Property costs	-21	-19	-67	-65	-92
Property administration	-1	-1	-4	-4	-6
Net operating income	158	130	445	362	487
Central administration costs	-6	-5	-18	-17	-24
Financial income	3	4	10	6	9
Financial expenses	-50	-45	-148	-121	-167
Ground rent	-1	-1	-2	-2	-3
Profit from property management	104	83	286	228	303
Value changes
Investment properties	72	116	289	137	236
Derivatives	-85	0	-66	1	-118
Profit/loss before tax	91	198	509	366	420
Tax	-21	-40	-112	-85	-112
Profit for the period	70	158	397	281	308
Comprehensive income for the period	70	158	397	281	308
Comprehensive income for the period attributable to
Parent Company shareholders	70	158	397	281	308
Key performance indicators
Earnings per share before dilution, SEK	0.30	0.77	1.73	1.44	1.56
Earnings per share after dilution, SEK	0.30	0.77	1.73	1.44	1.55
Average number of shares after dilution, m	235.4	205.7	229.5	195.0	198.4

Rental income

Rental income amounted to SEK 516 m (430). The increase compared to the previous year primarily related to a larger property holding as a result of a high rate of acquisitions, lettings, tenants moving into new construction and CPI adjustments.

The financial letting ratio was 95.9% (94.3).

Property costs

Property costs amounted to SEK -67 m (-65). 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 -4 m (-4) and relates to staff costs for property management and letting.

Net operating income

Net operating income for the period amounted to SEK 445 m (362). For comparable holdings, net operating income increased by 8% on the previous year.

Central administration costs

Central administration costs amounted to SEK -18 m (-17). 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 -138 m (- 115). 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 3.1 (3.0), compared to the financial risk threshold of a minimum multiple of 2.5. Ground rent for the period amounted to SEK -2 m (-2).

Profit from property management

Profit from property management for the period amounted to SEK 286 m (228).

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 289 m (137) 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. The valuation assumes inflation of 1.75 percent for 2025, compared to an assumption of 2.0 percent at the start of 2024. The long-term assumption from 2026 onwards is 2.0 percent. 99% 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 -66 m (1). The negative change is linked to lower market interest rates for interest rate derivatives.

Tax

The tax cost for the period amounted to SEK -112 m (-85) 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.

Profit for the period

Profit for the period amounted to SEK 397 m (281), corresponding to earnings per share after dilution of SEK 1.73 (1.44).

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	30/09/2024	30/09/2023	31/12/2023
ASSETS
Non-current assets
Investment properties	12,446	9,534	10,114
Leasing agreements, right of use	114	89	90
Derivatives	0	130	10
Other non-current assets	7	5	6
Total non-current assets	12,566	9,759	10,220
Current assets
Other current assets	41	56	64
Cash and cash equivalents	1,016	358	677
Total current assets	1,058	413	741
TOTAL ASSETS	13,624	10,172	10,961
EQUITY AND LIABILITIES
Equity	6,695	4,594	5,170
Non-current liabilities
Deferred tax liability	656	530	565
Non-current lease liability, right of use	114	89	89
Non-current interest-bearing liabilities	4,998	2,953	3,859
Derivatives	55	0	0
Total non-current liabilities	5,824	3,572	4,513
Current liabilities
Current interest-bearing liabilities	883	1,839	1,038
Other current liabilities	222	167	240
Total current liabilities	1,105	2,006	1,278
TOTAL EQUITY AND LIABILITIES	13,624	10,172	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	397	397
Total comprehensive income	0	0	397	397
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 30 Sep 2024	2	4,192	2,501	6,695

Comments on the statement of financial position

Investment properties

At the end of the period, the property holding encompassed 107 properties with a total lettable area of 1,082,000 square metres, including major ongoing projects.

The carrying amount for all properties amounted to SEK 12,446 m (9,534) at the end of the period, including SEK 1,263 m (264) relating to major ongoing projects and SEK 188 m (105) 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 215,000 square meters of lettable area. The estimated investment for this totals approximately SEK 2,400 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 27 years. Of the company's rents, 99% are index-linked and inflation is assumed at 1.75 percent for 2025 and 2.0 percent from 2026 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 nine acquisitions. Nine properties were acquired with a total lettable area of approximately 113,000 square metres. Read more about acquisitions carried out in the Transactions section.

New construction, conversions and extensions

During the period, a total of SEK 1,081 m (210) 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%	+/- 466
Direct return	+0.5 pp	- 516
Direct return	+0.5 pp	+/- 613

Value growth of investment properties

Change in investment properties	SEK m
Opening value as of 1 Jan 2024	10,114
+ Property acquisitions	962
+ Investments	1,081
- Divestments	-
+/- Value changes	289
Closing value as of 30 Sep 2024	12,446

Financing

Equity

Group equity amounted to SEK 6,695 m (4,594), corresponding to an equity/assets ratio of 49.1% (45.2) compared to the risk threshold minimum of 40%. Equity has been positively affected by profit for the period of SEK 397 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 5,881 m (4,792), corresponding to a loan-to-value ratio of 39.1% (46.5) compared to the long-term risk threshold of a maximum of 55%. Net debt/EBITDA (forward looking) was a multiple of 8.0 (9.5). 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 1.47% (1.53).

The average fixed interest period was 2.7 years (1.9) and the average period of capital tied up was 2.0 years (1.5). 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 80%.

The existing loan portfolio has also been renegotiated to comprise sustainable secured bank loans, which means that the proportion of sustainable loans was 75% at the end of the period. 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. These sustainable bank loans contain a margin discount of 5-10 basis points per year compared to existing loans.

Cash and cash equivalents

Cash and cash equivalents amounted to SEK 1,016 m (358) 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 706 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	1,130	775	13
1-2 years	3,464	3,464	59
2-3 years	1,473	822	14
3-4 years	821	821	14
4-5 years	0	0	0
>5 years	0	0	0
Total	6,887	5,881	100

Loan portfolio 1,8 2,3 2,7 1,9 1,7 2,0 3,2% 4,1% 3,8% 0% 2% 4% 6% 8% 10% 0 1 2 3 4 2022-12 2023-12 2024-09 Räntebindning, år

Kapitalbindning, år Genomsnittlig ränta, %

Interest rate hedging via interest rate swaps

Maturity	SEK m	Fixed interest, %*	Contractual interest rate, %*
0-1 years	765	1.4	-1.7
1-2 years	790	1.7	-1.3
2-3 years	415	1.2	-1.9
3-4 years	365	1.9	-1.2
4-5 years	1,450	2.6	-0.5
>5 years	900	2.6	-0.5
Total	4,685

* Contractual interest rate comprises the differences between fixed interest and 3 months Stibor as of 30 September 2024.

Interest maturity structure

Maturity date	SEK m
0-1 years	1,962
1-2 years	790
2-3 years	415
3-4 years	365
4-5 years	1,450
>5 years	900
Total	5,881

Cash flow

Statement of cash flow
SEK m	2024 Jan-Sep	2023 Jan-Sep	2023 Jan-Dec
Operating activities
Operating profit before financial items	426	344	462
Adjustment for depreciation/amortization	1	1	1
Adjustment for other items not affecting cash flow	0	0	0
Interest received	2	2	9
Interest paid	-154	-123	-173
Tax paid	-10	-12	-12
Cash flow from operating activities before change in working capital	264	212	287
Cash flow from change in working capital
Change in current receivables	39	12	5
Change in current liabilities	-37	14	91
Cash flow from operating activities	266	238	383
Investing activities
Investments in existing properties and projects	-1,081	-210	-465
Investments in other non-current assets	-1	-2	-2
Investments in investment properties	-911	-987	-1,209
Sales of investment properties	0	9	9
Cash flow from investment activities	-1,993	-1,190	-1,668
Financing activities
New share issue, net	1,082	550	1,096
Borrowing	1,067	804	936
Amortization of loans	-83	-113	-140
Cash flow from financing activities	2,066	1,240	1,892
Cash flow for the period	339	288	607
Opening cash and cash equivalents	677	70	70
Closing cash and cash equivalents	1,016	358	677

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

Key performance indicators

Key performance indicators	2024 Jul-Sep	2023 Jul-Sep	2024 Jan-Sep	2023 Jan-Sep	2023 Jan-Dec	2022 Jan-Dec	2021 Jan-Dec	2020 Jan-Dec	Key performance indicators	2024 Jul-Sep	2023 Jul-Sep	2024 Jan-Sep	2023 Jan-Sep	2023 Jan-Dec	2022 Jan-Dec	2021 Jan-Dec	2020 Jan-Dec
Property-related key performance	3	3	9	9	12	12	12	12	Share-related key performance	3	3	9	9	12	12	12	12
indicators	months	months	months	months	months	months	months	months	indicators	months	months	months	months	months	months	months	months
Rental income, SEK m	181	150	516	430	585	411	268	96	Profit before dilution, SEK	0.30	0.77	1.73	1.44	1.56	2.41	5.37	3.60
Net operating income, SEK m	158	130	445	362	487	327	212	78	Profit after dilution, SEK	0.30	0.77	1.73	1.44	1.55	2.39	5.30	3.60
Economic vacancies, %	95.9	94.3	95.9	94.3	94.6	95.0	92.1	91.3	Net asset value (NAV) after dilution, SEK	28.64	24.20	28.64	24.20	25.26	22.05	18.28	11.10
Remaining tenancy period, years	5.9	6.2	5.9	6.2	6.4	6.2	6.4	7.1	Growth in net asset value (NAV) after dilution,	6	5	13	10	15	21	65	97
Net rental income, SEK m	1.9	62.7	23.5	71.8	76.3	11.7	25.8	5.3	%
Rental value, SEK m	762	623	762	623	689	535	390	217	Profit from property management after dilution, SEK	0.44	0.40	1.25	1.17	1.52	1.13	0.93	0.41
Rental value, SEK/m2	771	731	771	731	780	737	648	528	Excluding listing expenses, SEK	-	-	-	-	-	1.27	0.98	-
Property value, SEK m	12,446	9,534	12,446	9,534	10,114	8,133	6,498	3,352	Growth in profit from property management per
Property value, SEK/m2	11,501	10,171	11,501	10,171	10,488	10,988	10,353	8,146	share after dilution, %	10	24	7	39	35	22	126	906
No. of properties	107	95	107	95	98	86	70	45	Excluding listing expenses, %	-	-	-	19	20	29	140	-
Lettable area, m2 (000)	1,082	937	1,082	937	964	740	628	411	Cash flow after dilution, SEK	-	-	1.15	1.09	1.45	1.22	0.89	0.38
Average lettable area per property, m2	10.1	9.9	10.1	9.9	9.8	8.6	9.0	9.1	No. of outstanding shares before dilution, m	259.1	205.9	259.1	205.9	226.6	181.5	145.0	135.0
(000)									No. of outstanding shares after dilution, m	261.0	206.6	261.0	206.6	226.6	183.5	147.0	137.0
Direct return requirement valuation, %	5.9	5.9	5.9	5.9	5.9	5.6	5.2	5.6	Average no. of shares before dilution, m	235.4	205.2	229.5	194.6	198.0	173.7	140.0	115.2
Financial key performance	3	3	9	9	12	12	12	12	Average no. of shares after dilution, m	235.4	205.7	229.5	195.0	198.4	175.2	142.0	116.8
indicators	months	months	months	months	months	months	months	months	Share price at the end of the period, SEK	36.5	26.2	36.5	26.2	32.6	24.4	-	-
Profit from property management, SEK m	104	83	286	228	303	197	131	48	No. of shares including exercised convertibles	-	-	-	-	-	-	154.9	-
Excluding listing expenses, SEK m	-	-	-	-	-	222	139	-
Profit for the period, SEK m	70	158	397	281	308	419	752	416
Equity/assets ratio, %	49.1	45.2	49.1	45.2	47.2	43.7	37.0	38.1
Loan-to-value ratio, %	39.1	46.5	39.1	46.5	41.7	49.6	55.1	53.9
Interest coverage ratio, multiple	3.2	3.0	3.1	3.0	2.9	3.6	3.8	4.9
Excluding listing expenses, multiple	-	-	-	-	-	3.9	4.0	-
Net debt/projected EBITDA, multiple	8.0	9.5	8.0	9.5	8.0	10.3	13.2	11.7
Average interest, %	3.8	4.1	3.8	4.1	4.1	3.2	1.7	2.2
Fixed interest period, years	2.7	1.9	2.7	1.9	2.3	1.8	1.8	2.1
Capital tied up, years	2.0	1.5	2.0	1.5	1.7	1.9	2.5	2.4
Return on equity, %	1.1	3.5	6.7	6.8	6.9	13.5	39.1	45.3
Equity, SEK m	6,695	4,594	6,695	4,594	5,170	3,702	2,479	1,345
Equity after dilution, SEK m	6,763	4,602	6,763	4,602	5,170	3,714	2,491	1,357

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

12

Quarterly overview

Quarterly overview	2024 Q3	2024 Q2	2024 Q1	2023 Q4	2023 Q3	2023 Q2	2023 Q1	2022 Q4	2022 Q3	2022 Q2
	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months	3 months
Property value, SEK m	12,446	11,885	10,578	10,114	9,534	9,215	8,708	8,133	7,500	7,253
Rental income, SEK m	181	169	166	155	150	146	134	110	101	104
Net operating income, SEK m	158	149	137	125	130	124	108	87	84	84
Profit from property management, SEK m	104	94	89	75	83	76	69	52	59	60
Profit for the period, SEK m	70	169	159	27	158	82	41	49	62	150
Earnings per share after dilution, SEK	0.30	0.74	0.70	0.13	0.77	0.42	0.22	0.27	0.34	0.82
Net asset value (NAV) per share after dilution, SEK	28.64	26.97	25.95	25.26	24.20	23.11	22.43	22.05	21.65	21.31
Growth in net asset value (NAV) per share after dilution, %	6	4	3	4	5	3	2	46	21	43
Profit from property management per share after dilution, SEK	0.44	0.41	0.39	0.36	0.40	0.39	0.38	0.29	0.32	0.33
Growth in profit from property management per share after dilution, %	10	6	4	25	24	18	125	46	21	43
Loan-to-value ratio, %	39.1	46.8	42.7	41.7	46.5	47.3	51.7	49.6	45.9	45.4
Interest coverage ratio, multiple	3.2	2.9	3.1	2.7	3.0	2.9	3.1	3.0	4.4	4.7
Remaining tenancy period, years	5.9	6.0	6.3	6.4	6.2	6.2	6.3	6.2	6.2	6.2

Parent Company income statement Parent Company balance sheet

Parent Company income statement in summary
SEK m	2024 Jul-Sep	2023 Jul-Sep	2024 Jan-Sep	2023 Jan-Sep	2023 Jan-Dec
Net sales	5	5	18	17	23
Costs for services rendered	-9	-8	-29	-25	-33
Operating profit	-4	-3	-10	-8	-10
Net financial income/expense	41	32	120	71	104
Profit/loss after financial items	37	29	109	63	94
Appropriations	0	0	0	0	36
Profit/loss before tax	37	29	109	63	130
Tax	-4	0	-4	-2	-6
Profit for the period	34	29	106	60	124
Comprehensive income	34	29	106	60	124

The Smederöd 1:10 property in Stenungsund.

Parent Company balance sheet in summary
SEK m	30/09/2024	30/09/2023	31/12/2023
ASSETS
Non-current assets
Property, plant and equipment	7	5	6
Financial non-current assets	9,902	5,555	6,117
Total non-current assets	9,908	5,561	6,123
Current assets
Current receivables	13	18	2
Cash and cash equivalents	904	335	673
Total current assets	917	353	675
TOTAL ASSETS	10,825	5,914	6,798
EQUITY AND LIABILITIES
Equity
Restricted equity	2	1	2
Non-restricted equity	4,094	2,254	2,867
Total equity	4,096	2,255	2,869
Untaxed reserves
Untaxed reserves	0	0	0
Liabilities
Non-current liabilities	6,718	3,653	3,925
Current liabilities	10	5	4
TOTAL EQUITY AND LIABILITIES	10,825	5,914	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 as of 30 June, 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 and 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 30 September 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	8,182,760	20,065,260	7.7	16.3
The Fourth Swedish National Pension Fund (AP4)	0	24,559,340	24,559,340	9.5	5.9
Länsförsäkringar fastighetsfond	0	17,224,934	17,224,934	6.6	4.2
SEB Fonder	0	16,009,286	16,009,286	6.2	3.9
The Central Bank of Norway	0	12,005,874	12,005,874	4.6	2.9
Nordnet Pensionsförsäkring	0	8,588,012	8,588,012	3.3	2.1
Capital Group*	0	7,239,069	7,239,069	2.8	1.7
Bergendahl Invest AB	0	6,223,825	6,223,825	2.4	1.5
ODIN Fonder	0	5,465,003	5,465,003	2.1	1.3
Carnegie Fonder	0	4,922,018	4,922,018	1.9	1.2
Handelsbanken Fonder	0	4,920,069	4,920,069	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
Fidelity fonder**	0	3,662,429	3,662,429	1.4	0.9
Clearance Capital	0	3,256,087	3,256,087	1.3	0.8
The Second Swedish National Pension Fund (AP2)	0	2,902,340	2,902,340	1.1	0.7
Enter small caps fund	0	2,550,592	2,550,592	1.0	0.6
Tosito AB	0	2,475,776	2,475,776	1.0	0.6
FE Fonder	0	2,309,512	2,309,512	0.9	0.6
Humle small caps fund	0	2,257,699	2,257,699	0.9	0.5
Employees	0	1,572,693	1,572,693	0.6	0.4
Other	0	44,836,033	44,836,033	17.3	10.8
Total	38,715,160	220,354,647	259,069,807	100.0	100.0

45

Source: Euroclear Sweden. *Reconciled as of 04 September 2024. **Source: Holdings, reconciled as of 31 July 2024.

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	2,339
Closing price, SEK	36.5
Total market value, SEK m*	9,456

Share price, Class B shares

Information as of 30 September 2024.

*Market value of all shares in the company, based on the last price paid for a Class B share on 30 September 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 18 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, Strömgatan 2, 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

The Report has been subject to a review engagement.

Significant events after the end of the period

No significant events after the end of the period.

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.

Signatures

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.

Auditor's Report

Swedish Logistic Property AB (publ), corp. reg. no. 559179-2873

Introduction

We have reviewed the condensed interim financial information (interim report) of Swedish Logistic Property AB (publ) as of 30 September 2024 and the nine-month period then ended, which can be found on pages 1-5 and 8-24 of this document. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.

Malmö, 17 October 2024

Öhrlings PricewaterhouseCoopers AB

Carl Fogelberg Authorized Public Accountant

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 cells 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

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.

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
Year-end Report 2024	4 February 2025
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

Calendar A selection of press releases in the quarter

SLP completes a directed new share issue of Class B share totalling approximately SEK 1,100,000	4 September 2024
SLP acquires two fully let logistics properties with considerable development potential	23 September 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 Strömgatan 2, SE-212 25 Malmö, Sweden www.slproperty.se