Financial targets and outcome

history

Financial targets

Outcome

Historical performance

Return on equity

Financial objective

The average return on equity shall long-term amount to at least 12 percent.

Utfall

  • 5 %

    The return on equity (calculated as 12 month average) amounted to 5 percent at the end of the period.

Historical performance

Growth in income from property management per share

Income from property management per share shall long-term increase by at least 15 percent per year.

Utfall

  • 10 %

    At the end of the period, growth in income from property management per share (over the last 12 months) amounted to 10 percent and 16 percent if adjusted for non-recurring items of approximately SEK 18.5 million in connection with early refinancings during the second and third quarter 2025.

Historical performance

Interest coverage ratio

Financial objective

The ICR shall long-term exceed 2.0x.

Utfall

  • 1.9 x

    The interest coverage ratio amounted to 1.9x and 2.0x if adjusted for non-recurring items of approximately SEK 18.5 million in connection with early refinancings during the second and third quarter 2025.

Historical performance

Equity ratio

Financial objective

Equity ratio shall long-term be 35 percent and never be below 20 percent.

Utfall

  • 37 %

    The equity ratio amounted to 37 percent at the end of the period. The stated equity ratio is calculated excluding the lease liability resulting from the application of IFRS 16. If this liability item were to be included in the calculation, the equity ratio would be negatively impacted by approximately 0.6 percentage points.

Historical performance

Stendörren as an investment

Stable cash flow

Stendörren’s portfolio comprises high-yield logistics, warehouse and light industrial properties with long-term leases. The tenant base is diversified and consists of well-established small to medium-sized companies and large multinational businesses from various industries.

Strong growth

Stendörren’s properties are strategically located in growth areas (in terms of population and economy) in Greater Stockholm, the Mälardalen region and other Nordic growth regions. Rent levels are rising as demand for logistics and light industrial premises in urban areas increases, while supply is declining through urbanization, leading to the conversion of properties for other uses. E-commerce growth is boosting demand for logistics and warehouse properties, particularly in urban locations, in response to consumer demand for short delivery times. Further growth is achieved through acquisitions and operational improvements.

Value growth in project

Stendörren’s project portfolio contains opportunities for new developments of fi rst-rate premises in logistics and light industrial properties. Moreover, the conversion of properties for alternative uses, primarily residential purposes, offers further potential.

Stable financial position

Stendörren has a stable financial position with a carefully considered mix of equity and bank loans from several of the leading Nordic banks and capital market financing as a complement (senior unsecured bonds and hybrid bonds). The company’s financial policy means that the risks (lending and refinancing risks) are well balanced.