Hi and very welcome to Catena’s presentation for the Q1 Report 2026. My name is Jörgen Eriksson, CEO of the company, and here is the agenda for today: a summary, a business overview and update, followed by sustainability, finance and a short takeaway before ending with Q&A.

Starting with the summary of Q1, we report a 9 percent increase in rental income, ending at SEK 701 million, driven mostly by acquisitions but also by our CPI-linked contracts. Profit from property management increased by 7 percent in total, and per share it was down 1 percent. 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 on April 1. We expect to report an increase in this measure from Q2 and onwards.

Our NRV came in at SEK 454 and the balance sheet is very solid, with the LTV at 33.6 percent. The occupancy rate has dropped to 95.1 percent, which is due to two factors. We have taken over the Køge project 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 Råå/Lasa project, which was completed in Q1 and where Nowaste is currently leasing only half of the space.

As I mentioned earlier, in Q1 we positioned ourselves for 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.

Going to the business overview, we have seen quite high activity in the transaction market at the beginning of Q1. But 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 paused, and that is what we have heard from brokers. But we are all the time looking for new opportunities, and we are convinced that they will arise sooner or later.

Regarding some e-commerce statistics, 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 percent compared with last year, while a record number of consumers chose to shop online.

Regarding new projects, we are involved in dialogues with customers as we speak, but it takes time. I think it is the same story and the same conservative view as we had last quarter, and we do not think that is strange given the uncertainty in the market right now. It is easier for customers to put projects on hold than to take big decisions.

Regarding our customer portfolio, there have not been any major changes since last quarter, and it is the same with the segment table on the right-hand side. But in the next quarter, we expect the DSV percentage to decrease as we add the new Nordic portfolio.

The total value of the portfolio is nearly SEK 45.2 billion. It is worth noting that, since some quarters ago, we report, as we do in the presentation here, the values not only by region but also by investment properties, projects, building rights and land values. The average lettable square meter now has a value of SEK 12,931.

Earlier this week, we announced the divestment of 10 properties to Emilshus for around SEK 600 million, and the value was about 8 percent above our booked value. We saw this as a good opportunity to recycle part of the Swedish portfolio, while at the same time looking into more deals in Finland. Since we entered the Finnish market, some interesting cases have already shown up.

During this quarter, we completed an expansion for Boozt, and they now lease a total of 88,000 square meters from us. The facility is located along the E6 highway between Helsingborg and Ängelholm and serves all of Boozt’s e-commerce customers throughout the Nordic region. The lease agreement runs until 2037.

In this table, we show the earnings capacity, as we do in the report as well. Worth mentioning is that the Nordic property portfolio that was completed on April 1 is included in this earnings capacity, as well as the divestment of the 10 properties to AMSYS. That deal will take effect on July 1.

Looking at current development, we now 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 for the coming six months. The total portfolio value of ongoing projects is SEK 675 million, where SEK 250 million is remaining investments. When all is completed, we will add another 35,000 square meters to the portfolio.

Regarding future development, our land bank and our zoning plan processes, there is no major update since last quarter. We are still waiting for a decision from the Land and Environment Court regarding the plan outside Ängelholm, on land neighboring the Boozt facility. 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.

Looking at our leasing operations, our net leasing in terms of moving in and moving out during the quarter is plus SEK 1 million. Our WALE is 6.3 years, and the letting ratio is 95.1 percent. As I mentioned before, the lower letting ratio is fully explained by Denmark and Råå/Lasa.

On sustainability, the environmentally certified area at the end of Q1 is 78 percent. Scope 3 is continuing to decrease on a 12-month rolling basis, of course due to fewer projects. We continue to maintain a high level of EU taxonomy alignment. For example, our turnover came in at 77 percent. Total installed solar panel output on our roofs is now above 76 megawatts.

Now over to Magnus for some financial update.

Thank you, Jörgen. This slide highlights the strength in our underlying earnings, with solid year-on-year growth across all key metrics. Rental income is up 9 percent, mainly driven by acquisitions. Net operating surplus increased by 6 percent, and profit from property management rose by 7 percent. As Jörgen mentioned, profit from property management per share is down 1 percent. 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.

As we have shown before, our earnings capacity implies profit from property management per share at SEK 28.45 on a full-year basis, 20 percent above the level a year ago. The Catena model continues to deliver predictable, resilient earnings with operational leverage.

This slide highlights the composition of our rental income growth in Q1 2026. As just mentioned, total rental income increased by 9 percent year over year. The largest contributor was acquisitions, accounting for 4.4 percentage points of the growth. Our completed development projects added 2.7 percentage points, consisting mainly of new facilities in Råå/Lasa, 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 reimbursed by 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.

Let us 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 are 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 percent, temporarily increased by the equity raise we did in January. This is a balanced level that supports strategic flexibility. EPRA NLV per share increased to SEK 454, excluding dividends, an increase of 5.8 percent compared to a year ago. This shows our ability to create shareholder value over time, even as shareholder returns are being realized.

Let us 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 BBB 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 percent, temporarily positively affected by the equity raise in January.

These figures reflect both a solid capital structure and strong underlying cash flows that contribute to giving us headroom to our financial covenants, as well as ensuring continued access to capital on competitive terms if needed when opportunities arise.

Let us 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-month term loan bridge facility that, in combination with the proceeds from the directed equity raise, was utilized on April 1 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 a liquidity ratio above 1.

Looking at our interest rate management, the war in Iran has led to rising energy prices and disturbances in the energy distribution systems. This has had an effect on concerns about increased inflation and has put pressure on both short-term and long-term interest rates. Swap rates increased dramatically during March but have come down somewhat since the high point at the end of March.

We closely monitor rate volatility and continue to navigate in line with the framework set out in our finance policy. As of the balance date, 60 percent of the outstanding debt carries fixed interest, and our current average interest cost at 3.53 percent reflects a stable level with some minor room for improvement.

Thank you, Magnus. Our capital deployment for the period is divided into acquisitions of SEK 159 million and development of SEK 435 million, and there were no divestments during this quarter.

Property values stayed stable and ended the period with a positive value change of SEK 72 million, which correlates to 0.2 percent of the total portfolio before adjustments. The average weighted valuation yield, the so-called exit yield, for the portfolio was 5.8 percent by the end of the period, and the EPRA net initial yield came in at 5.6 percent.

Now we have the takeaways from today. First, Catena closes Q1 2026 once again with very solid numbers. Second, and most importantly, Catena will continue to grow and increase earnings during 2026 due to the major acquisition that took effect on April 1.

Now we will open up for Q&A.

If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial *5 again on your telephone keypad. The next question comes from Kayvan 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?

Yes, the net letting was plus SEK 1 million. Just to be clear, the net letting is what is moving in and out for us during the quarter.

Yes. My second question is that you mentioned that you see some opportunities in Finland. Would you say that you are looking at portfolios or properties, or is it individual properties? And maybe if you can say anything about yield levels.

Good question. We look into portfolios, but we also look into some cases where it is single assets. You can generally say that it is somewhat higher yields for the same type of asset. 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 to 75 basis points.

Okay. Then just a final question, related to the divestment that you made. How much would you say in your portfolio could maybe be categorized as non-core assets that you would be open to divest if you found a buyer?

We have not disclosed any specific number, but perhaps somewhat the size we did in this portfolio the other week, or somewhat higher. We will see. That depends on whether there are buyers with very strong appetite. But it is not that many percent 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. I hope you can hear me well. A few questions from me. The market for starting new projects has been quite sluggish now for some time, as you also mentioned, and 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?

I think we will hopefully sooner rather than later come to an end, but it is also a combination of factors. In Sweden, in particular, we have quite high vacancies in the total market. So in some regions there is no need for new projects either. If you have weak demand and quite high supply, it can last for a while, actually. But as we mentioned, we have dialogues. So sooner or later we will have some success. That is what we believe, but we cannot guide in terms of a certain number of months or years.

Would you say that the high market vacancy is mostly tied to some specific regions, but that it also affects markets with lower vacancies as tenants become more cautious?

Yes, I think so. In some cases, perhaps tenants look into whether it is possible to move to other regions. We have not seen that happening yet, but I could imagine that they are at least considering it. So I think these high vacancy numbers are actually a wet blanket for the whole industry at the moment.

Okay, that is interesting. Do you think it is also a price question? Hypothetically, if you were to lower your yield-on-cost target, do you think that you could start anything?

Perhaps. As we have said before, in an ideal world we expect a 7 percent yield on cost on our projects, but I cannot say that we would refuse to start if we can gain 6.5 percent or whatever. That is from case to 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 say.

As investments in your own portfolio now reduce, as you only have one ongoing project, I assume that we can expect further focus on acquisitions. How would you say competition is in the market for your types of objects currently?

It is always 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 over the last three years. As I said earlier in this call, we are now looking into some more opportunities in Finland. So it is fair to assume that some more acquisitions will take place in that region going forward.

That is very clear. You also had, 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 is the tenant’s market right now. Trying to increase rents is perhaps possible in just a few cases. In others, it is a fight to keep them and to prolong the leases. So far, we have been quite successful, but we are very humble about the situation.

Okay. We see that a lot in the office space right now, with tenants pushing for shorter lease terms. Would you say that it is the same within your type of assets, or do they still prefer long leases?

It really depends on the situation. If it is a tenant that has automation installed, they are quite keen to keep a long lease. As we mentioned with Boozt before, that lease lasts until 2037, and they will align their depreciation of the automation with the lease agreement. Other 3PL players that just use pallet racks may wish for shorter leases. Absolutely.

Okay, thank you. Lastly from me, when do you think we can expect a tenant in the Køge property?

That is the same question I asked the regional manager in Denmark. But at that location, we also have interesting discussions. It is the best location logistics-wise in Denmark, so we are not that concerned about that temporary vacancy.

So something this year, I assume then?

Hopefully, yes. It is worth mentioning also that you can sell on paper, but potential customers also want to see the product, and now it is completed. We have already had some showings for customers, so that is promising.

That is understandable. It seems promising then. 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. The first one is just on the vacancy rate. Do I understand it correctly that the like-for-like vacancy rate is flat in Q1?

Correct, Niklas. It is flat.

Great. My second question is on investment capacity. I believe you mentioned that 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, and when do you expect to deploy that?

The math you are doing is correct, but we have no clear answer as to when we will have deployed those billions. As I said before, we are looking into cases in Finland. We will see if we will be successful, but we are hopeful at least. Whether it takes this year and 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 percent right now. What will happen with that figure following the completion of the Urban Partners portfolio?

As we said, we have 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, but currently it is floating?

Currently it is floating, yes.

Okay, great. Thank you. That is all of my questions.

Thank you. There are no further questions at this time, so I hand the conference back to the speakers for any closing comments.

Thank you all for listening.