Catena — Call Transcript 2026

Welcome to the conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Hi, very welcome to Catena's presentation for the Q1 report 2026. My name is Jörgen Eriksson, CEO of the company. Here is the agenda for today, a summary, a business overview, and an update followed by sustainability, finance, and a short takeaway before ending up with Q&A. Starting with the summary of Q1. We report a 9% increase in rental income, ended up at SEK 701 million, driven mostly by acquisitions, but also by our CPI-linked contracts. Profits from property management increased by 7% in total, and per share it was down 1%. The temporary decrease in income from property management per share relates to the equity raise we did in January to be prepared for the closing of the Nordic portfolio at the 1st of April. We expect to report an increase in this measure from Q2 and forward wise. Our NRV came in to SEK 454, and the balance sheet is very solid, with the LTV at 33.6%. The occupancy rate has dropped to 95.1%, which is due to two factors. We have taken over the project Køge in Denmark. This new construction project, located in a prime location, was acquired vacant, and we are currently working on leasing it out and are hopeful that we will be able to secure a lease agreement there in due course. The second reason is one of the buildings in the Ramlösa project, which was completed in Q1 and where Nowaste is currently leasing only half of the space. As I mentioned earlier, in Q1, we have positioned ourself for the continued growth backed by a very stable balance sheet. With the new acquisition now in place as we speak, our cash flow will be stronger than ever. Next slide, please. Going to the business overview. We have seen in the market quite high activity in the transaction market in the beginning of Q1. What we see as we speak is a bit more caution due to the Iran crisis and so forth. Some planned divestments from various players have been on pause, and that is what we have heard from the brokers. We are all the time looking for new opportunities, and we are convinced that they will arise sooner or later. Regarding some e-commerce statistic, more Swedes shopped online in January, and e-commerce got off to a cautious but promising start to the year. In January, sales rose by 1% compared with last year, while a record number of consumers choose to shop online. Regarding new projects, we are involved in dialogues with customers regarding new projects as we speak, but it takes time, and I think it's the same story and the same conservative view as we had in last quarter, and we don't think that's strange regarding the uncertainty in the market right now. It's easier for customers to put projects on hold or take big decisions. Next slide. Regarding our customer portfolio, there has not been any major changes since last quarter, and it's the same with the segment table on the right-hand side. But in the next quarter, we expect that the DSV percentage to decrease as we add on the new Nordic portfolio. Next slide. The total value of the portfolio is nearly SEK 45.2 billion, and it's worth noting now that since some quarters we report, as we do in the presentation here, we break down the values not only by region but also by investment properties, projects, building rights, and land values. The average lettable square meter has now a value of SEK 12,931. Earlier this week, we announced the divestment of 10 properties to Emilshus of around SEK 600 million, and the value was about 8% above our booked value. We saw this as a good opportunity to recycle a bit of the Swedish portfolio. At the same time, we look into more deals in Finland. Since we entered the Finnish market, there has already shown up some interesting cases. Next slide. A business update. During this quarter, we completed an expansion for Boozt, and they now lease a total of 88,000 sq m from us. Their facility is located along the E6 highway between Helsingborg and Ängelholm and serves all of the Boozt e-commerce customers throughout the Nordic region. The lease agreement runs until 2037. In this table here, we show the earnings capacity as we do in the report as well. Worth mentioning now is that the Nordic property portfolio that was completed at the 1st of April is included in this earnings capacity as well as the divestment of the 10 properties to Emilshus. That deal will be effective on the 1st of July. Next slide. Current development. Now we have only one project left, so of course we are keen to find new ones. We are struggling, but as I said before, we are conservative in the coming six months. The total portfolio value of ongoing projects, SEK 675 million, where SEK 250 million is remaining investments. When it's all completed, we will add another 35,000sqm to the portfolio. Next slide, please. Regarding future development and regarding our land bank and our zoning plan processes, there is no major updates since last quarter. Still waiting for decision from the Land and Environment Court regarding the plan outside Ängelholm and as neighbor land to Boozt facilities. We expect to have some decisions during the summer, hopefully. In Örebro, the municipality is about to decide on the zoning plan during Q2 2026. Next slide, please. Looking at our leasing operations, our net leasing in terms of moving in and moving out during the quarter is SEK +1 million. Our WALE is at 6.3 years and the letting ratio is at 95.1%. As I mentioned before, the lower letting ratio is fully explained by Denmark and Ramlösa. Next slide, please. Some sustainability. The environmentally certified area at the end of Q1 is 78%. Scope 3 is continuing to decrease on a 12-month rolling basis, of course, due to less projects. We continue to maintain a high level of EU taxonomy alignment. For example, our turnover came in at 77%. Total installed solar panels output on our roofs are now above 76MW. Now over to Magnus for some financial update. Next slide. Thank you, Jörgen. Next slide, please. This slide highlights the strength in our underlying earnings with solid year-on-year growth across all key metrics. Rental income is up 9%, mainly driven by acquisitions. Net operating surplus increased by 6%, and profit from property management rose by 7%. As Jörgen mentioned, profit from property management per share is down 1%. The temporary decrease derives from the equity raise we did in January, and we expect to report an increase in this measure from Q2 and onwards. Also as we've shown before, our earnings capacity implies profit from property management per share at SEK 28.45 on a full year basis, 20% above the level a year ago. The Catena model continues to deliver predictable, resilient earnings with operational leverage. Let's move to the next slide. This slide highlights the composition of our rental income growth in Q1 2026. As just mentioned, total rental income increased by 9% year-over-year. The largest contributor was acquisition, accounting for 4.4 percentage points of the growth. Our completed development projects added 2.7 percentage points, consisting mainly of new facilities in Ramlösa, Helsingborg, Malmö, and Gothenburg, all leased to strong and well-known tenants. Like-for-like rental income rose by 2.4 percentage points, built up by CPI-linked indexation, renegotiated rental agreements, as well as increased property tax assessments and media costs, which are reinvoiced to our tenants. All in all, this underlines our ability to grow through multiple channels, strategic acquisitions, value-adding development, and strong day-to-day operations. Next slide, please. Let's turn to our capital structure. The first quarter of 2026 started off with a pickup in real estate transactions and increased activity in the credit markets, a momentum that slowed down during March due to the uncertainty caused by the outbreak of the war in Iran. Global long-term structural uncertainties still remain and is at an elevated level, and it is important that we keep being prepared in case of increased volatility. At the end of Q1 2026, our equity ratio stood at 55%, temporarily increased by the equity raise we did in January. A balance level that supports strategic flexibility. EPRA NRV per share increased to SEK 454, including excluding dividends, an increase of 5.8% compared to a year ago. This shows our ability to create shareholder value over time, even as shareholder returns are being realized. Next slide, please. Let's have a look at our financial position. We continue to demonstrate strong financial control with all key metrics within policy levels. Following the announcement of the acquisition in February, Fitch Ratings reaffirmed the triple B rating with a stable outlook for Catena. Net debt to EBITDA came in at 7.1x, interest coverage at 4.1x, and loan-to-value at 33.6%, temporarily positively affected by the equity raise in January. These figures reflect both a solid capital structure and strong underlying cash flows that contributes to giving us headroom to our financial covenants, as well as ensuring continued access to capital on competitive terms if needed when opportunities arise. Next slide, please. Let's have a look at our debt and liquidity management. We remain focused on maintaining and securing funding on competitive terms. During Q1, we issued a SEK 400 million secured bond with three-year maturity and pricing at STIBOR three months plus 74 basis points. As mentioned in the Q4 presentation, in connection with the acquisition, we signed a 12 + 6 months term loan bridge facility that, in combination with the proceeds from the directed equity raise, was utilized on April 1st for the short-term funding of the acquisition. Our average debt maturity remains solid at 4.3 years. Liquidity is strong, with SEK 5.3 billion in available liquidity and the liquidity ratio above one. Passing on to next slide. Looking at our interest rate management, the war in Ukraine has led to rising energy prices and disturbances in the energy distribution systems. This has had an effect on the concerns for increased inflation and has put pressures on both short-term and long-term interest rates. Swap rates increased dramatically during March, but have come down somewhat since the high point end of March. We closely monitor the rate volatility and continue to navigate in line with the framework set out in our finance policy. As of the balance date, 60% of the outstanding debt carries fixed interest, and our current average interest cost at 3.3% reflects a stable level with some minor room for improvements. Next slide, and back to you, Jörgen. Thank you, Magnus. Our capital deployment is for the period divided into acquisitions, SEK 159 million, and development of SEK 435 million, and no divestments during this quarter. Next slide, please. Property value stayed stable and at the end of the period with a positive value change of SEK 72 million, which correlates to 0.2% of the total portfolio before adjustments. The average weighted valuation yield, so-called exit yield for the portfolio, is at 5.8% by the end of the period, and the EPRA net initial yield came in at 5.6%. Next slide, please. Now we have the takeaways from today. First, Catena closes Q1 2026, once again with very solid numbers. Second, and the most important, Catena will continue to grow and increase the earnings during 2026 due to the major acquisition that took effect at the 1st of April. Now we will open up for Q&A. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Keivan Shirvanpour from SEB. Please go ahead. Good morning. I have just a couple of questions. The first, could you maybe quantify the net letting number for the quarter? Yeah, the net letting was +1 million. Okay. Yeah. Yeah. Just to be clear, the net letting, that's what's moving in and out for us during the quarter. Yes. My second question is, you mentioned that you see some opportunities in Finland. Would you say that you're looking at portfolios or properties, or is it individual properties? Maybe if you can say anything about yield levels? Yeah, good question. We look into portfolios, but we also look into some cases where it's single assets, and you can generally say that it's somewhat higher yields there for same if you compare an apple in Sweden with an apple in Finland. The yields are somewhat higher, but not as high as the old saying of perhaps 100 basis points. I would say perhaps 50-75 basis points. Okay. Just a final question, and that's related to the divestment that you made. How much would you say in your portfolio that maybe could be categorized as non-core assets that you would be up to divest if you would find a buyer? Well, we haven't disclosed any specific number, but perhaps somewhat the size we did this portfolio the other week, or somewhat higher. We'll see. That depends on if there are some buyers with very strong appetite. It's not that many percentage of the total value. Okay, thanks. Those were my questions. Okay, thank you. The next question comes from Emil Ekholm from Pareto Securities. Please go ahead. Hi, Jörgen and Magnus. Hope you can hear me well. A few questions from me. Yes. The market for starting new projects have been quite sluggish now for some time, as you also mentioned, and then tenants have been pausing investment decisions. For how long do you think the market can be in this sort of standstill without any investment decisions being taken? Yeah. I think we will, hopefully sooner than later, come to an end. It's also a combination, the dynamics in, foremost, Sweden, we have quite high vacancies in the total market. In some regions there is no need for new projects either. If you have a weak demand and quite high supply, it can last for a while actually. As we mentioned, we have dialogues. Sooner or later we will have some success. That's what we believe in. We cannot guide in terms of X months or years. Would you say that the high market vacancy, most of that is tied to some specific regions, but would you say that that also affects markets with lower vacancies as tenants become more cautious? Yeah, I think so. In some cases perhaps players, the tenants look into if it is possible to move to some other regions. We have not seen that yet happening, but I could imagine that they are considering it at least. I think these high vacancy numbers is actually a wet blanket for the whole industry at the moment. Okay. That's interesting. Do you think it's also like a price question, let's say hypothetically, if you were to lower your yield on cost targets, do you think that you could start anything? Perhaps, as we have said before, we have told that, yeah, of course, in an ideal world, we expect 7% yield on cost on our projects, but I cannot say that we will refuse to start if we can gain 6.5 or whatever. That's case by case. The important thing is to have a pre-let before we start. We are looking into a lot of angles to see where we can meet the market, so to speak. That's clear. As the investments in your own portfolio now reduces, so if you only have one ongoing project, I assume that we can expect further focus on acquisitions. How would you say that competition is in the market for your types and objects currently? It's always a tough competition. There are many players with deep pockets. We have shown the market many times that we can be successful, and we have done a lot of acquisitions the last three years. As I said earlier in this call, now we are looking into some more opportunities in Finland. It's fair to assume that some more acquisitions will take place in that region going forward. Very clear. You also had now during Q1, more than 100 leases under renegotiation. Can you say anything about tenant behavior in these negotiations, given what we see in the current macro environment? Are they pushing for shorter lease terms? Do they request any CapEx? And to what extent are you able to raise your rent levels? I would say it's the tenant's market right now. Trying to increase the rents are perhaps in just some few cases possible. In the others, it's a fight to keep them and to prolong the leases. So far we have been quite successfully, but we are very humble for the situation. Okay. As we see that a lot in the office space right now, like tenants pushing for shorter lease terms, would you say that it's the same within your type of assets or do they still prefer to have longer leases? It really depends on what kind of situation it is. Is it a tenant that has automation installed? They are quite keen to keep a long lease, as we mentioned Boozt before that lease lasts to 2037, and they will align their depreciations with the automation, with the lease agreement. Other 3PL players that just use pallet racks, they can wish for shorter leases. Absolutely. Okay, thank you. Lastly from me, when do you think we can expect a tenant in the Køge property? Yeah, that's the same question I asked the regional manager in Denmark. We have also, at that location, interesting discussions. That's the best location logistics-wise in Denmark. We are not that concerned about that temporary vacancy. Something this year, I assume then? Hopefully. Yeah. Okay. It's worth to mention also, you can sell on paper, but the potential customers also want to see the product, and now it's completed. We have had some showings for the customer already, so that's promising. Yeah. That's understandable. Yeah, look, seems promising then. Well, that was all from me. Thank you. Okay. Thank you. The next question comes from Niklas Wetterling from SB1 Markets. Please go ahead. Thank you. I have three questions, and the first one is just on the vacancy rate, and do I understand it correctly, like-for-like vacancy rate is flat in the quarter? Correct, Niklas. Perfect. It's flat. Great. My second one is on investment capacity. I believe you mentioned you had SEK 2 billion or SEK 3 billion in investment capacity following the equity raise, and then now you divested a portfolio instead. Is it fair to assume that you have SEK 3 billion in investment capacity? When do you expect to deploy that? Yeah, the math you are doing is correct. We have no clear answer when we have deployed those billions. As I said before, we are looking into cases in Finland. We'll see if we will be successful, but we are hopeful at least. Whether it takes this year and a part of next year for those billions, we have to wait and see. Okay, thanks. My last question is regarding the hedging ratio, which is 60% right now, and what will happen with that figure following the completion of the Urban Partners portfolio? As we said, we have a bridge financing in place, and when we do the takeout to long-term financing, we will, in connection with that, also make sure to align with our finance policy and hedge in accordance with that. Okay. Currently it's floating? Currently it's floating, yes. Okay, great. Thank you. That's all of my questions. Thank you. Now there are no further questions. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you all for listening to this investor call for Catena's Q1 2026. Wish you all a wonderful weekend when it comes. Thank you and goodbye. Thank you.

Speaker 6: Welcome to the conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Welcome to the conference call. welcome to the conference call For the first part of the conference call, the participants will be in listen-only mode. for the first part of the conference call the participants will be in listen-only mode During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. during the questions and answer session participants are able to ask questions by dialing star five on their telephone keypad Now I will hand the conference over to the speakers. now i will hand the conference over to the speakers Please go ahead. please go ahead

Speaker 2: Hi, very welcome to Catena's presentation for the Q1 report 2026. My name is Jörgen Eriksson, CEO of the company. Here is the agenda for today, a summary, a business overview, and an update followed by sustainability, finance, and a short takeaway before ending up with Q&A. Starting with the summary of Q1. We report a 9% increase in rental income, ended up at SEK 701 million, driven mostly by acquisitions, but also by our CPI-linked contracts. Profits from property management increased by 7% in total, and per share it was down 1%. The temporary decrease in income from property management per share relates to the equity raise we did in January to be prepared for the closing of the Nordic portfolio at the 1st of April. We expect to report an increase in this measure from Q2 and forward wise. Hi, very welcome to Catena's presentation for the Q1 report 2026. hi very welcome to catena's presentation for the q1 report 2026 My name is Jörgen Eriksson, CEO of the company. my name is jörgen eriksson ceo of the company Here is the agenda for today, a summary, a business overview, and an update followed by sustainability, finance, and a short takeaway before ending up with Q&A. here is the agenda for today a summary a business overview and an update followed by sustainability finance and a short takeaway before ending up with q&a Starting with the summary of Q1. starting with the summary of q1 We report a 9% increase in rental income, ended up at SEK 701 million, driven mostly by acquisitions, but also by our CPI-linked contracts. we report a 9% increase in rental income ended up at sek 701 million driven mostly by acquisitions but also by our cpi-linked contracts Profits from property management increased by 7% in total, and per share it was down 1%. profits from property management increased by 7% in total and per share it was down 1% The temporary decrease in income from property management per share relates to the equity raise we did in January to be prepared for the closing of the Nordic portfolio at the 1st of April. the temporary decrease in income from property management per share relates to the equity raise we did in january to be prepared for the closing of the nordic portfolio at the 1st of april We expect to report an increase in this measure from Q2 and forward wise. we expect to report an increase in this measure from q2 and forward wise Our NRV came in to SEK 454, and the balance sheet is very solid, with the LTV at 33.6%. The occupancy rate has dropped to 95.1%, which is due to two factors. We have taken over the project Køge in Denmark. This new construction project, located in a prime location, was acquired vacant, and we are currently working on leasing it out and are hopeful that we will be able to secure a lease agreement there in due course. The second reason is one of the buildings in the Ramlösa project, which was completed in Q1 and where Nowaste is currently leasing only half of the space. As I mentioned earlier, in Q1, we have positioned ourself for the continued growth backed by a very stable balance sheet. With the new acquisition now in place as we speak, our cash flow will be stronger than ever. Next slide, please. Our NRV came in to SEK 454 , and the balance sheet is very solid, with the LTV at 33.6%. our nrv came in to sek 454 and the balance sheet is very solid with the ltv at 33.6% The occupancy rate has dropped to 95.1%, which is due to two factors. the occupancy rate has dropped to 95.1% which is due to two factors We have taken over the project Køge in Denmark. we have taken over the project køge in denmark This new construction project, located in a prime location, was acquired vacant, and we are currently working on leasing it out and are hopeful that we will be able to secure a lease agreement there in due course. this new construction project located in a prime location was acquired vacant and we are currently working on leasing it out and are hopeful that we will be able to secure a lease agreement there in due course The second reason is one of the buildings in the Ramlösa project, which was completed in Q1 and where Nowaste is currently leasing only half of the space. the second reason is one of the buildings in the ramlösa project which was completed in q1 and where nowaste is currently leasing only half of the space As I mentioned earlier, in Q1, we have positioned ourself for the continued growth backed by a very stable balance sheet. as i mentioned earlier in q1 we have positioned ourself for the continued growth backed by a very stable balance sheet With the new acquisition now in place as we speak, our cash flow will be stronger than ever. with the new acquisition now in place as we speak our cash flow will be stronger than ever Next slide, please. next slide please Going to the business overview. We have seen in the market quite high activity in the transaction market in the beginning of Q1. What we see as we speak is a bit more caution due to the Iran crisis and so forth. Some planned divestments from various players have been on pause, and that is what we have heard from the brokers. We are all the time looking for new opportunities, and we are convinced that they will arise sooner or later. Regarding some e-commerce statistic, more Swedes shopped online in January, and e-commerce got off to a cautious but promising start to the year. In January, sales rose by 1% compared with last year, while a record number of consumers choose to shop online. Going to the business overview. going to the business overview We have seen in the market quite high activity in the transaction market in the beginning of Q1. we have seen in the market quite high activity in the transaction market in the beginning of q1 What we see as we speak is a bit more caution due to the Iran crisis and so forth. what we see as we speak is a bit more caution due to the iran crisis and so forth Some planned divestments from various players have been on pause, and that is what we have heard from the brokers. some planned divestments from various players have been on pause and that is what we have heard from the brokers We are all the time looking for new opportunities, and we are convinced that they will arise sooner or later. we are all the time looking for new opportunities and we are convinced that they will arise sooner or later Regarding some e-commerce statistic, more Swedes shopped online in January, and e-commerce got off to a cautious but promising start to the year. regarding some e-commerce statistic more swedes shopped online in january and e-commerce got off to a cautious but promising start to the year In January, sales rose by 1% compared with last year, while a record number of consumers choose to shop online. in january sales rose by 1% compared with last year while a record number of consumers choose to shop online Regarding new projects, we are involved in dialogues with customers regarding new projects as we speak, but it takes time, and I think it's the same story and the same conservative view as we had in last quarter, and we don't think that's strange regarding the uncertainty in the market right now. It's easier for customers to put projects on hold or take big decisions. Next slide. Regarding our customer portfolio, there has not been any major changes since last quarter, and it's the same with the segment table on the right-hand side. But in the next quarter, we expect that the DSV percentage to decrease as we add on the new Nordic portfolio. Next slide. Regarding new projects, we are involved in dialogues with customers regarding new projects as we speak, but it takes time, and I think it's the same story and the same conservative view as we had in last quarter, and we don't think that's strange regarding the uncertainty in the market right now. regarding new projects we are involved in dialogues with customers regarding new projects as we speak but it takes time and i think it's the same story and the same conservative view as we had in last quarter and we don't think that's strange regarding the uncertainty in the market right now It's easier for customers to put projects on hold or take big decisions. it's easier for customers to put projects on hold or take big decisions Next slide. next slide Regarding our customer portfolio, there has not been any major changes since last quarter, and it's the same with the segment table on the right-hand side. regarding our customer portfolio there has not been any major changes since last quarter and it's the same with the segment table on the right-hand side But in the next quarter, we expect that the DSV percentage to decrease as we add on the new Nordic portfolio. but in the next quarter we expect that the dsv percentage to decrease as we add on the new nordic portfolio Next slide. next slide The total value of the portfolio is nearly SEK 45.2 billion, and it's worth noting now that since some quarters we report, as we do in the presentation here, we break down the values not only by region but also by investment properties, projects, building rights, and land values. The average lettable square meter has now a value of SEK 12,931. Earlier this week, we announced the divestment of 10 properties to Emilshus of around SEK 600 million, and the value was about 8% above our booked value. We saw this as a good opportunity to recycle a bit of the Swedish portfolio. At the same time, we look into more deals in Finland. Since we entered the Finnish market, there has already shown up some interesting cases. Next slide. A business update. The total value of the portfolio is nearly SEK 45.2 billion, and it's worth noting now that since some quarters we report, as we do in the presentation here, we break down the values not only by region but also by investment properties, projects, building rights, and land values. the total value of the portfolio is nearly sek 45.2 billion and it's worth noting now that since some quarters we report as we do in the presentation here we break down the values not only by region but also by investment properties projects building rights and land values The average lettable square meter has now a value of SEK 12,931. the average lettable square meter has now a value of sek 12,931 Earlier this week, we announced the divestment of 10 properties to Emilshus of around SEK 600 million, and the value was about 8% above our booked value. earlier this week we announced the divestment of 10 properties to emilshus of around sek 600 million and the value was about 8% above our booked value We saw this as a good opportunity to recycle a bit of the Swedish portfolio. we saw this as a good opportunity to recycle a bit of the swedish portfolio At the same time, we look into more deals in Finland. at the same time we look into more deals in finland Since we entered the Finnish market, there has already shown up some interesting cases. since we entered the finnish market there has already shown up some interesting cases Next slide. next slide A business update. a business update During this quarter, we completed an expansion for Boozt, and they now lease a total of 88,000 sq m from us. Their facility is located along the E6 highway between Helsingborg and Ängelholm and serves all of the Boozt e-commerce customers throughout the Nordic region. The lease agreement runs until 2037. In this table here, we show the earnings capacity as we do in the report as well. Worth mentioning now is that the Nordic property portfolio that was completed at the 1st of April is included in this earnings capacity as well as the divestment of the 10 properties to Emilshus. That deal will be effective on the 1st of July. Next slide. Current development. Now we have only one project left, so of course we are keen to find new ones. During this quarter, we completed an expansion for Boozt, and they now lease a total of 88,000 sq m from us. during this quarter we completed an expansion for boozt and they now lease a total of 88,000 sq m from us Their facility is located along the E6 highway between Helsingborg and Ängelholm and serves all of the Boozt e-commerce customers throughout the Nordic region. their facility is located along the e6 highway between helsingborg and ängelholm and serves all of the boozt e-commerce customers throughout the nordic region The lease agreement runs until 2037. the lease agreement runs until 2037 In this table here, we show the earnings capacity as we do in the report as well. in this table here we show the earnings capacity as we do in the report as well Worth mentioning now is that the Nordic property portfolio that was completed at the 1st of April is included in this earnings capacity as well as the divestment of the 10 properties to Emilshus. worth mentioning now is that the nordic property portfolio that was completed at the 1st of april is included in this earnings capacity as well as the divestment of the 10 properties to emilshus That deal will be effective on the 1st of July. that deal will be effective on the 1st of july Next slide. next slide Current development. current development Now we have only one project left, so of course we are keen to find new ones. now we have only one project left so of course we are keen to find new ones We are struggling, but as I said before, we are conservative in the coming six months. The total portfolio value of ongoing projects, SEK 675 million, where SEK 250 million is remaining investments. When it's all completed, we will add another 35,000sqm to the portfolio. Next slide, please. Regarding future development and regarding our land bank and our zoning plan processes, there is no major updates since last quarter. Still waiting for decision from the Land and Environment Court regarding the plan outside Ängelholm and as neighbor land to Boozt facilities. We expect to have some decisions during the summer, hopefully. In Örebro, the municipality is about to decide on the zoning plan during Q2 2026. Next slide, please. Looking at our leasing operations, our net leasing in terms of moving in and moving out during the quarter is SEK +1 million. We are struggling, but as I said before, we are conservative in the coming six months. we are struggling but as i said before we are conservative in the coming six months The total portfolio value of ongoing projects, SEK 675 million, where SEK 250 million is remaining investments. the total portfolio value of ongoing projects, sek 675 million where sek 250 million is remaining investments When it's all completed, we will add another 35,000 sq m to the portfolio. when it's all completed we will add another 35,000 sq m to the portfolio Next slide, please. next slide please Regarding future development and regarding our land bank and our zoning plan processes, there is no major updates since last quarter. regarding future development and regarding our land bank and our zoning plan processes there is no major updates since last quarter Still waiting for decision from the Land and Environment Court regarding the plan outside Ängelholm and as neighbor land to Boozt facilities. still waiting for decision from the land and environment court regarding the plan outside ängelholm and as neighbor land to boozt facilities We expect to have some decisions during the summer, hopefully. we expect to have some decisions during the summer hopefully In Örebro, the municipality is about to decide on the zoning plan during Q2 2026. in örebro the municipality is about to decide on the zoning plan during q2 2026 Next slide, please. next slide please Looking at our leasing operations, our net leasing in terms of moving in and moving out during the quarter is SEK +1 million. looking at our leasing operations our net leasing in terms of moving in and moving out during the quarter is sek +1 million Our WALE is at 6.3 years and the letting ratio is at 95.1%. As I mentioned before, the lower letting ratio is fully explained by Denmark and Ramlösa. Next slide, please. Some sustainability. The environmentally certified area at the end of Q1 is 78%. Scope 3 is continuing to decrease on a 12-month rolling basis, of course, due to less projects. We continue to maintain a high level of EU taxonomy alignment. For example, our turnover came in at 77%. Total installed solar panels output on our roofs are now above 76MW. Now over to Magnus for some financial update. Next slide. Our WALE is at 6.3 years and the letting ratio is at 95.1%. our wale is at 6.3 years and the letting ratio is at 95.1% As I mentioned before, the lower letting ratio is fully explained by Denmark and Ramlösa. as i mentioned before the lower letting ratio is fully explained by denmark and ramlösa Next slide, please. next slide please Some sustainability. some sustainability The environmentally certified area at the end of Q1 is 78%. the environmentally certified area at the end of q1 is 78% Scope 3 is continuing to decrease on a 12-month rolling basis, of course, due to less projects. scope 3 is continuing to decrease on a 12-month rolling basis of course due to less projects We continue to maintain a high level of EU taxonomy alignment. we continue to maintain a high level of eu taxonomy alignment For example, our turnover came in at 77%. for example our turnover came in at 77% Total installed solar panels output on our roofs are now above 76 MW. total installed solar panels output on our roofs are now above 76 mw Now over to Magnus for some financial update. now over to magnus for some financial update Next slide. next slide

Speaker 4: Thank you, Jörgen. Next slide, please. This slide highlights the strength in our underlying earnings with solid year-on-year growth across all key metrics. Rental income is up 9%, mainly driven by acquisitions. Net operating surplus increased by 6%, and profit from property management rose by 7%. As Jörgen mentioned, profit from property management per share is down 1%. The temporary decrease derives from the equity raise we did in January, and we expect to report an increase in this measure from Q2 and onwards. Also as we've shown before, our earnings capacity implies profit from property management per share at SEK 28.45 on a full year basis, 20% above the level a year ago. The Catena model continues to deliver predictable, resilient earnings with operational leverage. Let's move to the next slide. This slide highlights the composition of our rental income growth in Q1 2026. Thank you, Jörgen. thank you jörgen Next slide, please. next slide please This slide highlights the strength in our underlying earnings with solid year-on-year growth across all key metrics. this slide highlights the strength in our underlying earnings with solid year-on-year growth across all key metrics Rental income is up 9%, mainly driven by acquisitions. rental income is up 9% mainly driven by acquisitions Net operating surplus increased by 6%, and profit from property management rose by 7%. net operating surplus increased by 6% and profit from property management rose by 7% As Jörgen mentioned, profit from property management per share is down 1%. as jörgen mentioned profit from property management per share is down 1% The temporary decrease derives from the equity raise we did in January, and we expect to report an increase in this measure from Q2 and onwards. the temporary decrease derives from the equity raise we did in january and we expect to report an increase in this measure from q2 and onwards Also as we've shown before, our earnings capacity implies profit from property management per share at SEK 28.45 on a full year basis, 20% above the level a year ago. also as we've shown before our earnings capacity implies profit from property management per share at sek 28.45 on a full year basis 20% above the level a year ago The Catena model continues to deliver predictable, resilient earnings with operational leverage. the catena model continues to deliver predictable resilient earnings with operational leverage Let's move to the next slide. let's move to the next slide This slide highlights the composition of our rental income growth in Q1 2026. this slide highlights the composition of our rental income growth in q1 2026 As just mentioned, total rental income increased by 9% year-over-year. The largest contributor was acquisition, accounting for 4.4 percentage points of the growth. Our completed development projects added 2.7 percentage points, consisting mainly of new facilities in Ramlösa, Helsingborg, Malmö, and Gothenburg, all leased to strong and well-known tenants. Like-for-like rental income rose by 2.4 percentage points, built up by CPI-linked indexation, renegotiated rental agreements, as well as increased property tax assessments and media costs, which are reinvoiced to our tenants. All in all, this underlines our ability to grow through multiple channels, strategic acquisitions, value-adding development, and strong day-to-day operations. Next slide, please. Let's turn to our capital structure. As just mentioned, total rental income increased by 9% year-over-year. as just mentioned total rental income increased by 9% year-over-year The largest contributor was acquisition, accounting for 4.4 percentage points of the growth. the largest contributor was acquisition accounting for 4.4 percentage points of the growth Our completed development projects added 2.7 percentage points, consisting mainly of new facilities in Ramlösa, Helsingborg, Malmö, and Gothenburg, all leased to strong and well-known tenants. our completed development projects added 2.7 percentage points consisting mainly of new facilities in ramlösa helsingborg malmö and gothenburg all leased to strong and well-known tenants Like-for-like rental income rose by 2.4 percentage points, built up by CPI-linked indexation, renegotiated rental agreements, as well as increased property tax assessments and media costs, which are reinvoiced to our tenants. like-for-like rental income rose by 2.4 percentage points built up by cpi-linked indexation renegotiated rental agreements as well as increased property tax assessments and media costs which are reinvoiced to our tenants All in all, this underlines our ability to grow through multiple channels, strategic acquisitions, value-adding development, and strong day-to-day operations. all in all this underlines our ability to grow through multiple channels strategic acquisitions value-adding development and strong day-to-day operations Next slide, please. next slide please Let's turn to our capital structure. let's turn to our capital structure The first quarter of 2026 started off with a pickup in real estate transactions and increased activity in the credit markets, a momentum that slowed down during March due to the uncertainty caused by the outbreak of the war in Iran. Global long-term structural uncertainties still remain and is at an elevated level, and it is important that we keep being prepared in case of increased volatility. At the end of Q1 2026, our equity ratio stood at 55%, temporarily increased by the equity raise we did in January. A balance level that supports strategic flexibility. EPRA NRV per share increased to SEK 454, including excluding dividends, an increase of 5.8% compared to a year ago. This shows our ability to create shareholder value over time, even as shareholder returns are being realized. Next slide, please. Let's have a look at our financial position. The first quarter of 2026 started off with a pickup in real estate transactions and increased activity in the credit markets, a momentum that slowed down during March due to the uncertainty caused by the outbreak of the war in Iran. the first quarter of 2026 started off with a pickup in real estate transactions and increased activity in the credit markets a momentum that slowed down during march due to the uncertainty caused by the outbreak of the war in iran Global long-term structural uncertainties still remain and is at an elevated level, and it is important that we keep being prepared in case of increased volatility. global long-term structural uncertainties still remain and is at an elevated level and it is important that we keep being prepared in case of increased volatility At the end of Q1 2026, our equity ratio stood at 55%, temporarily increased by the equity raise we did in January. at the end of q1 2026 our equity ratio stood at 55% temporarily increased by the equity raise we did in january A balance level that supports strategic flexibility. a balance level that supports strategic flexibility EPRA NRV per share increased to SEK 454, including excluding dividends, an increase of 5.8% compared to a year ago. epra nrv per share increased to sek 454 including excluding dividends an increase of 5.8% compared to a year ago This shows our ability to create shareholder value over time, even as shareholder returns are being realized. this shows our ability to create shareholder value over time even as shareholder returns are being realized Next slide, please. next slide please Let's have a look at our financial position. let's have a look at our financial position We continue to demonstrate strong financial control with all key metrics within policy levels. Following the announcement of the acquisition in February, Fitch Ratings reaffirmed the triple B rating with a stable outlook for Catena. Net debt to EBITDA came in at 7.1x, interest coverage at 4.1x, and loan-to-value at 33.6%, temporarily positively affected by the equity raise in January. These figures reflect both a solid capital structure and strong underlying cash flows that contributes to giving us headroom to our financial covenants, as well as ensuring continued access to capital on competitive terms if needed when opportunities arise. Next slide, please. Let's have a look at our debt and liquidity management. We remain focused on maintaining and securing funding on competitive terms. During Q1, we issued a SEK 400 million secured bond with three-year maturity and pricing at STIBOR three months plus 74 basis points. We continue to demonstrate strong financial control with all key metrics within policy levels. Following the announcement of the acquisition in February, Fitch Ratings reaffirmed the triple B rating with a stable outlook for Catena. we continue to demonstrate strong financial control with all key metrics within policy levels. following the announcement of the acquisition in february fitch ratings reaffirmed the triple b rating with a stable outlook for catena Net debt to EBITDA came in at 7.1 x, interest coverage at 4.1 x, and loan-to-value at 33.6%, temporarily positively affected by the equity raise in January. net debt to ebitda came in at 7.1 x interest coverage at 4.1 x and loan-to-value at 33.6% temporarily positively affected by the equity raise in january These figures reflect both a solid capital structure and strong underlying cash flows that contributes to giving us headroom to our financial covenants, as well as ensuring continued access to capital on competitive terms if needed when opportunities arise. these figures reflect both a solid capital structure and strong underlying cash flows that contributes to giving us headroom to our financial covenants as well as ensuring continued access to capital on competitive terms if needed when opportunities arise Next slide, please. next slide please Let's have a look at our debt and liquidity management. let's have a look at our debt and liquidity management We remain focused on maintaining and securing funding on competitive terms. we remain focused on maintaining and securing funding on competitive terms During Q1, we issued a SEK 400 million secured bond with three-year maturity and pricing at STIBOR three months plus 74 basis points. during q1 we issued a sek 400 million secured bond with three-year maturity and pricing at stibor three months plus 74 basis points As mentioned in the Q4 presentation, in connection with the acquisition, we signed a 12 + 6 months term loan bridge facility that, in combination with the proceeds from the directed equity raise, was utilized on April 1st for the short-term funding of the acquisition. Our average debt maturity remains solid at 4.3 years. Liquidity is strong, with SEK 5.3 billion in available liquidity and the liquidity ratio above one. Passing on to next slide. Looking at our interest rate management, the war in Ukraine has led to rising energy prices and disturbances in the energy distribution systems. This has had an effect on the concerns for increased inflation and has put pressures on both short-term and long-term interest rates. Swap rates increased dramatically during March, but have come down somewhat since the high point end of March. As mentioned in the Q4 presentation, in connection with the acquisition, we signed a 12 + 6 months term loan bridge facility that, in combination with the proceeds from the directed equity raise, was utilized on April 1st for the short-term funding of the acquisition. as mentioned in the q4 presentation in connection with the acquisition we signed a 12 + 6 months term loan bridge facility that in combination with the proceeds from the directed equity raise was utilized on april 1st for the short-term funding of the acquisition Our average debt maturity remains solid at 4.3 years. our average debt maturity remains solid at 4.3 years Liquidity is strong, with SEK 5.3 billion in available liquidity and the liquidity ratio above one. liquidity is strong with sek 5.3 billion in available liquidity and the liquidity ratio above one Passing on to next slide. passing on to next slide Looking at our interest rate management, the war in Ukraine has led to rising energy prices and disturbances in the energy distribution systems. looking at our interest rate management the war in ukraine has led to rising energy prices and disturbances in the energy distribution systems This has had an effect on the concerns for increased inflation and has put pressures on both short-term and long-term interest rates. this has had an effect on the concerns for increased inflation and has put pressures on both short-term and long-term interest rates Swap rates increased dramatically during March, but have come down somewhat since the high point end of March. swap rates increased dramatically during march but have come down somewhat since the high point end of march We closely monitor the rate volatility and continue to navigate in line with the framework set out in our finance policy. As of the balance date, 60% of the outstanding debt carries fixed interest, and our current average interest cost at 3.3% reflects a stable level with some minor room for improvements. Next slide, and back to you, Jörgen. We closely monitor the rate volatility and continue to navigate in line with the framework set out in our finance policy. we closely monitor the rate volatility and continue to navigate in line with the framework set out in our finance policy As of the balance date, 60% of the outstanding debt carries fixed interest, and our current average interest cost at 3.3% reflects a stable level with some minor room for improvements. as of the balance date 60% of the outstanding debt carries fixed interest and our current average interest cost at 3.3% reflects a stable level with some minor room for improvements Next slide, and back to you, Jörgen. next slide and back to you jörgen

Speaker 2: Thank you, Magnus. Our capital deployment is for the period divided into acquisitions, SEK 159 million, and development of SEK 435 million, and no divestments during this quarter. Next slide, please. Property value stayed stable and at the end of the period with a positive value change of SEK 72 million, which correlates to 0.2% of the total portfolio before adjustments. The average weighted valuation yield, so-called exit yield for the portfolio, is at 5.8% by the end of the period, and the EPRA net initial yield came in at 5.6%. Next slide, please. Now we have the takeaways from today. First, Catena closes Q1 2026, once again with very solid numbers. Second, and the most important, Catena will continue to grow and increase the earnings during 2026 due to the major acquisition that took effect at the 1st of April. Now we will open up for Q&A. Thank you, Magnus. thank you magnus Our capital deployment is for the period divided into acquisitions, SEK 159 million, and development of SEK 435 million, and no divestments during this quarter. our capital deployment is for the period divided into acquisitions, sek 159 million and development of sek 435 million and no divestments during this quarter Next slide, please. next slide please Property value stayed stable and at the end of the period with a positive value change of SEK 72 million, which correlates to 0.2% of the total portfolio before adjustments. property value stayed stable and at the end of the period with a positive value change of sek 72 million which correlates to 0.2% of the total portfolio before adjustments The average weighted valuation yield, so-called exit yield for the portfolio, is at 5.8% by the end of the period, and the EPRA net initial yield came in at 5.6%. the average weighted valuation yield so-called exit yield for the portfolio is at 5.8% by the end of the period and the epra net initial yield came in at 5.6% Next slide, please. next slide please Now we have the takeaways from today. now we have the takeaways from today First, Catena closes Q1 2026, once again with very solid numbers. first catena closes q1 2026 once again with very solid numbers Second, and the most important, Catena will continue to grow and increase the earnings during 2026 due to the major acquisition that took effect at the 1st of April. second and the most important catena will continue to grow and increase the earnings during 2026 due to the major acquisition that took effect at the 1st of april Now we will open up for Q&A. now we will open up for q&a

Speaker 6: If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Keivan Shirvanpour from SEB. Please go ahead. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. if you wish to ask a question please dial star five on your telephone keypad to enter the queue If you wish to withdraw your question, please dial star five again on your telephone keypad. if you wish to withdraw your question please dial star five again on your telephone keypad The next question comes from Keivan Shirvanpour from SEB. the next question comes from keivan shirvanpour from seb Please go ahead. please go ahead

Speaker 3: Good morning. I have just a couple of questions. The first, could you maybe quantify the net letting number for the quarter? Good morning. good morning I have just a couple of questions. i have just a couple of questions The first, could you maybe quantify the net letting number for the quarter? the first could you maybe quantify the net letting number for the quarter

Speaker 2: Yeah, the net letting was +1 million. Yeah, the net letting was +1 million. yeah the net letting was +1 million

Speaker 3: Okay. Okay. okay

Speaker 2: Yeah. Yeah. yeah

Speaker 3: Yeah. Yeah. yeah

Speaker 2: Just to be clear, the net letting, that's what's moving in and out for us during the quarter. Just to be clear, the net letting, that's what's moving in and out for us during the quarter. just to be clear the net letting that's what's moving in and out for us during the quarter

Speaker 3: Yes. My second question is, you mentioned that you see some opportunities in Finland. Would you say that you're looking at portfolios or properties, or is it individual properties? Maybe if you can say anything about yield levels? Yes. yes My second question is, you mentioned that you see some opportunities in Finland. my second question is you mentioned that you see some opportunities in finland Would you say that you're looking at portfolios or properties, or is it individual properties? would you say that you're looking at portfolios or properties or is it individual properties Maybe if you can say anything about yield levels? maybe if you can say anything about yield levels

Speaker 2: Yeah, good question. We look into portfolios, but we also look into some cases where it's single assets, and you can generally say that it's somewhat higher yields there for same if you compare an apple in Sweden with an apple in Finland. The yields are somewhat higher, but not as high as the old saying of perhaps 100 basis points. I would say perhaps 50-75 basis points. Yeah, good question. yeah good question We look into portfolios, but we also look into some cases where it's single assets, and you can generally say that it's somewhat higher yields there for same if you compare an apple in Sweden with an apple in Finland. we look into portfolios but we also look into some cases where it's single assets and you can generally say that it's somewhat higher yields there for same if you compare an apple in sweden with an apple in finland The yields are somewhat higher, but not as high as the old saying of perhaps 100 basis points. the yields are somewhat higher but not as high as the old saying of perhaps 100 basis points I would say perhaps 50-75 basis points. i would say perhaps 50-75 basis points

Speaker 3: Okay. Just a final question, and that's related to the divestment that you made. How much would you say in your portfolio that maybe could be categorized as non-core assets that you would be up to divest if you would find a buyer? Okay. okay Just a final question, and that's related to the divestment that you made. just a final question and that's related to the divestment that you made How much would you say in your portfolio that maybe could be categorized as non-core assets that you would be up to divest if you would find a buyer? how much would you say in your portfolio that maybe could be categorized as non-core assets that you would be up to divest if you would find a buyer

Speaker 2: Well, we haven't disclosed any specific number, but perhaps somewhat the size we did this portfolio the other week, or somewhat higher. We'll see. That depends on if there are some buyers with very strong appetite. It's not that many percentage of the total value. Well, we haven't disclosed any specific number, but perhaps somewhat the size we did this portfolio the other week, or somewhat higher. well we haven't disclosed any specific number but perhaps somewhat the size we did this portfolio the other week or somewhat higher We'll see. we'll see That depends on if there are some buyers with very strong appetite. that depends on if there are some buyers with very strong appetite It's not that many percentage of the total value. it's not that many percentage of the total value

Speaker 3: Okay, thanks. Those were my questions. Okay, thanks. okay thanks Those were my questions. those were my questions

Speaker 2: Okay, thank you. Okay, thank you. okay thank you

Speaker 6: The next question comes from Emil Ekholm from Pareto Securities. Please go ahead. The next question comes from Emil Ekholm from Pareto Securities. the next question comes from emil ekholm from pareto securities Please go ahead. please go ahead

Speaker 1: Hi, Jörgen and Magnus. Hope you can hear me well. A few questions from me. Hi, Jörgen and Magnus. hi jörgen and magnus Hope you can hear me well. hope you can hear me well A few questions from me. a few questions from me

Speaker 2: Yes. Yes. yes

Speaker 1: The market for starting new projects have been quite sluggish now for some time, as you also mentioned, and then tenants have been pausing investment decisions. For how long do you think the market can be in this sort of standstill without any investment decisions being taken? The market for starting new projects have been quite sluggish now for some time, as you also mentioned, and then tenants have been pausing investment decisions. the market for starting new projects have been quite sluggish now for some time as you also mentioned and then tenants have been pausing investment decisions For how long do you think the market can be in this sort of standstill without any investment decisions being taken? for how long do you think the market can be in this sort of standstill without any investment decisions being taken

Speaker 2: Yeah. I think we will, hopefully sooner than later, come to an end. It's also a combination, the dynamics in, foremost, Sweden, we have quite high vacancies in the total market. In some regions there is no need for new projects either. If you have a weak demand and quite high supply, it can last for a while actually. As we mentioned, we have dialogues. Sooner or later we will have some success. That's what we believe in. We cannot guide in terms of X months or years. Yeah. yeah I think we will, hopefully sooner than later, come to an end. i think we will hopefully sooner than later come to an end It's also a combination, the dynamics in, foremost, Sweden, we have quite high vacancies in the total market. it's also a combination the dynamics in foremost sweden we have quite high vacancies in the total market In some regions there is no need for new projects either. in some regions there is no need for new projects either If you have a weak demand and quite high supply, it can last for a while actually. if you have a weak demand and quite high supply it can last for a while actually As we mentioned, we have dialogues. as we mentioned we have dialogues Sooner or later we will have some success. sooner or later we will have some success That's what we believe in. that's what we believe in We cannot guide in terms of X months or years. we cannot guide in terms of x months or years

Speaker 1: Would you say that the high market vacancy, most of that is tied to some specific regions, but would you say that that also affects markets with lower vacancies as tenants become more cautious? Would you say that the high market vacancy, most of that is tied to some specific regions, but would you say that that also affects markets with lower vacancies as tenants become more cautious? would you say that the high market vacancy most of that is tied to some specific regions but would you say that that also affects markets with lower vacancies as tenants become more cautious

Speaker 2: Yeah, I think so. In some cases perhaps players, the tenants look into if it is possible to move to some other regions. We have not seen that yet happening, but I could imagine that they are considering it at least. I think these high vacancy numbers is actually a wet blanket for the whole industry at the moment. Yeah, I think so. yeah i think so In some cases perhaps players, the tenants look into if it is possible to move to some other regions. in some cases perhaps players the tenants look into if it is possible to move to some other regions We have not seen that yet happening, but I could imagine that they are considering it at least. we have not seen that yet happening but i could imagine that they are considering it at least I think these high vacancy numbers is actually a wet blanket for the whole industry at the moment. i think these high vacancy numbers is actually a wet blanket for the whole industry at the moment

Speaker 1: Okay. That's interesting. Do you think it's also like a price question, let's say hypothetically, if you were to lower your yield on cost targets, do you think that you could start anything? Okay. okay That's interesting. that's interesting Do you think it's also like a price question, let's say hypothetically, if you were to lower your yield on cost targets, do you think that you could start anything? do you think it's also like a price question let's say hypothetically if you were to lower your yield on cost targets do you think that you could start anything

Speaker 2: Perhaps, as we have said before, we have told that, yeah, of course, in an ideal world, we expect 7% yield on cost on our projects, but I cannot say that we will refuse to start if we can gain 6.5 or whatever. That's case by case. The important thing is to have a pre-let before we start. We are looking into a lot of angles to see where we can meet the market, so to speak. Perhaps, as we have said before, we have told that, yeah, of course, in an ideal world, we expect 7% yield on cost on our projects, but I cannot say that we will refuse to start if we can gain 6.5 or whatever. perhaps as we have said before we have told that yeah of course in an ideal world we expect 7% yield on cost on our projects but i cannot say that we will refuse to start if we can gain 6.5 or whatever That's case by case. that's case by case The important thing is to have a pre-let before we start. the important thing is to have a pre-let before we start We are looking into a lot of angles to see where we can meet the market, so to speak. we are looking into a lot of angles to see where we can meet the market so to speak

Speaker 1: That's clear. As the investments in your own portfolio now reduces, so if you only have one ongoing project, I assume that we can expect further focus on acquisitions. How would you say that competition is in the market for your types and objects currently? That's clear. that's clear As the investments in your own portfolio now reduces, so if you only have one ongoing project, I assume that we can expect further focus on acquisitions. as the investments in your own portfolio now reduces so if you only have one ongoing project i assume that we can expect further focus on acquisitions How would you say that competition is in the market for your types and objects currently? how would you say that competition is in the market for your types and objects currently

Speaker 2: It's always a tough competition. There are many players with deep pockets. We have shown the market many times that we can be successful, and we have done a lot of acquisitions the last three years. As I said earlier in this call, now we are looking into some more opportunities in Finland. It's fair to assume that some more acquisitions will take place in that region going forward. It's always a tough competition. it's always a tough competition There are many players with deep pockets. there are many players with deep pockets We have shown the market many times that we can be successful, and we have done a lot of acquisitions the last three years. we have shown the market many times that we can be successful and we have done a lot of acquisitions the last three years As I said earlier in this call, now we are looking into some more opportunities in Finland. as i said earlier in this call now we are looking into some more opportunities in finland It's fair to assume that some more acquisitions will take place in that region going forward. it's fair to assume that some more acquisitions will take place in that region going forward

Speaker 1: Very clear. You also had now during Q1, more than 100 leases under renegotiation. Can you say anything about tenant behavior in these negotiations, given what we see in the current macro environment? Are they pushing for shorter lease terms? Do they request any CapEx? And to what extent are you able to raise your rent levels? Very clear. very clear You also had now during Q1, more than 100 leases under renegotiation. you also had now during q1 more than 100 leases under renegotiation Can you say anything about tenant behavior in these negotiations, given what we see in the current macro environment? can you say anything about tenant behavior in these negotiations given what we see in the current macro environment Are they pushing for shorter lease terms? are they pushing for shorter lease terms Do they request any CapEx? do they request any capex And to what extent are you able to raise your rent levels? and to what extent are you able to raise your rent levels

Speaker 2: I would say it's the tenant's market right now. Trying to increase the rents are perhaps in just some few cases possible. In the others, it's a fight to keep them and to prolong the leases. So far we have been quite successfully, but we are very humble for the situation. I would say it's the tenant's market right now. i would say it's the tenant's market right now Trying to increase the rents are perhaps in just some few cases possible. trying to increase the rents are perhaps in just some few cases possible In the others, it's a fight to keep them and to prolong the leases. in the others it's a fight to keep them and to prolong the leases So far we have been quite successfully, but we are very humble for the situation. so far we have been quite successfully but we are very humble for the situation

Speaker 1: Okay. As we see that a lot in the office space right now, like tenants pushing for shorter lease terms, would you say that it's the same within your type of assets or do they still prefer to have longer leases? Okay. okay As we see that a lot in the office space right now, like tenants pushing for shorter lease terms, would you say that it's the same within your type of assets or do they still prefer to have longer leases? as we see that a lot in the office space right now like tenants pushing for shorter lease terms would you say that it's the same within your type of assets or do they still prefer to have longer leases

Speaker 2: It really depends on what kind of situation it is. Is it a tenant that has automation installed? They are quite keen to keep a long lease, as we mentioned Boozt before that lease lasts to 2037, and they will align their depreciations with the automation, with the lease agreement. Other 3PL players that just use pallet racks, they can wish for shorter leases. Absolutely. It really depends on what kind of situation it is. it really depends on what kind of situation it is Is it a tenant that has automation installed? is it a tenant that has automation installed They are quite keen to keep a long lease, as we mentioned Boozt before that lease lasts to 2037, and they will align their depreciations with the automation, with the lease agreement. they are quite keen to keep a long lease as we mentioned boozt before that lease lasts to 2037 and they will align their depreciations with the automation with the lease agreement Other 3PL players that just use pallet racks, they can wish for shorter leases. other 3pl players that just use pallet racks they can wish for shorter leases Absolutely. absolutely

Speaker 1: Okay, thank you. Lastly from me, when do you think we can expect a tenant in the Køge property? Okay, thank you. okay thank you Lastly from me, when do you think we can expect a tenant in the Køge property? lastly from me when do you think we can expect a tenant in the køge property

Speaker 2: Yeah, that's the same question I asked the regional manager in Denmark. We have also, at that location, interesting discussions. That's the best location logistics-wise in Denmark. We are not that concerned about that temporary vacancy. Yeah, that's the same question I asked the regional manager in Denmark. yeah that's the same question i asked the regional manager in denmark We have also, at that location, interesting discussions. we have also at that location interesting discussions That's the best location logistics-wise in Denmark. that's the best location logistics-wise in denmark We are not that concerned about that temporary vacancy. we are not that concerned about that temporary vacancy

Speaker 1: Something this year, I assume then? Something this year, I assume then? something this year i assume then

Speaker 2: Hopefully. Hopefully. hopefully

Speaker 1: Yeah. Okay. Yeah. yeah Okay. okay

Speaker 2: It's worth to mention also, you can sell on paper, but the potential customers also want to see the product, and now it's completed. We have had some showings for the customer already, so that's promising. It's worth to mention also, you can sell on paper, but the potential customers also want to see the product, and now it's completed. it's worth to mention also you can sell on paper but the potential customers also want to see the product and now it's completed We have had some showings for the customer already, so that's promising. we have had some showings for the customer already so that's promising

Speaker 1: Yeah. That's understandable. Yeah, look, seems promising then. Well, that was all from me. Thank you. Yeah. yeah That's understandable. that's understandable Yeah, look, seems promising then. yeah look seems promising then Well, that was all from me. well that was all from me Thank you. thank you

Speaker 2: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 6: The next question comes from Niklas Wetterling from SB1 Markets. Please go ahead. The next question comes from Niklas Wetterling from SB1 Markets. the next question comes from niklas wetterling from sb1 markets Please go ahead. please go ahead

Speaker 5: Thank you. I have three questions, and the first one is just on the vacancy rate, and do I understand it correctly, like-for-like vacancy rate is flat in the quarter? Thank you. thank you I have three questions, and the first one is just on the vacancy rate, and do I understand it correctly, like-for-like vacancy rate is flat in the quarter? i have three questions and the first one is just on the vacancy rate and do i understand it correctly like-for-like vacancy rate is flat in the quarter

Speaker 2: Correct, Niklas. Correct, Niklas. correct niklas

Speaker 5: Perfect. Perfect. perfect

Speaker 2: It's flat. It's flat. it's flat

Speaker 5: Great. My second one is on investment capacity. I believe you mentioned you had SEK 2 billion or SEK 3 billion in investment capacity following the equity raise, and then now you divested a portfolio instead. Is it fair to assume that you have SEK 3 billion in investment capacity? When do you expect to deploy that? Great. great My second one is on investment capacity. my second one is on investment capacity I believe you mentioned you had SEK 2 billion or SEK 3 billion in investment capacity following the equity raise, and then now you divested a portfolio instead. i believe you mentioned you had sek 2 billion or sek 3 billion in investment capacity following the equity raise and then now you divested a portfolio instead Is it fair to assume that you have SEK 3 billion in investment capacity? is it fair to assume that you have sek 3 billion in investment capacity When do you expect to deploy that? when do you expect to deploy that

Speaker 2: Yeah, the math you are doing is correct. We have no clear answer when we have deployed those billions. As I said before, we are looking into cases in Finland. We'll see if we will be successful, but we are hopeful at least. Whether it takes this year and a part of next year for those billions, we have to wait and see. Yeah, the math you are doing is correct. yeah the math you are doing is correct We have no clear answer when we have deployed those billions. we have no clear answer when we have deployed those billions As I said before, we are looking into cases in Finland. as i said before we are looking into cases in finland We'll see if we will be successful, but we are hopeful at least. we'll see if we will be successful but we are hopeful at least Whether it takes this year and a part of next year for those billions, we have to wait and see. whether it takes this year and a part of next year for those billions we have to wait and see

Speaker 5: Okay, thanks. My last question is regarding the hedging ratio, which is 60% right now, and what will happen with that figure following the completion of the Urban Partners portfolio? Okay, thanks. okay thanks My last question is regarding the hedging ratio, which is 60% right now, and what will happen with that figure following the completion of the Urban Partners portfolio? my last question is regarding the hedging ratio which is 60% right now and what will happen with that figure following the completion of the urban partners portfolio

Speaker 4: As we said, we have a bridge financing in place, and when we do the takeout to long-term financing, we will, in connection with that, also make sure to align with our finance policy and hedge in accordance with that. As we said, we have a bridge financing in place, and when we do the takeout to long-term financing, we will, in connection with that, also make sure to align with our finance policy and hedge in accordance with that. as we said we have a bridge financing in place and when we do the takeout to long-term financing we will in connection with that also make sure to align with our finance policy and hedge in accordance with that

Speaker 5: Okay. Currently it's floating? Okay. okay Currently it's floating? currently it's floating

Speaker 4: Currently it's floating, yes. Currently it's floating, yes. currently it's floating yes

Speaker 5: Okay, great. Thank you. That's all of my questions. Okay, great. okay great Thank you. thank you That's all of my questions. that's all of my questions

Speaker 4: Thank you. Thank you. thank you

Speaker 2: Now there are no further questions. Now there are no further questions. now there are no further questions

Speaker 6: There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. there are no more questions at this time so i hand the conference back to the speakers for any closing comments

Speaker 2: Thank you all for listening to this investor call for Catena's Q1 2026. Wish you all a wonderful weekend when it comes. Thank you and goodbye. Thank you all for listening to this investor call for Catena's Q1 2026. thank you all for listening to this investor call for catena's q1 2026 Wish you all a wonderful weekend when it comes. wish you all a wonderful weekend when it comes Thank you and goodbye. thank you and goodbye

Speaker 4: Thank you. Thank you. thank you