NP3 Fastigheter Interim report January-June 2026

January - June

• Rental income increased by 10% to MSEK 1,227 (1,115).
• Net operating income increased by 10% to MSEK 913 (826).
• Profit from property management increased by 12% to MSEK 578 (515). Profit from property management per common share increased by 10% to SEK 8.47 (7.68).
• Changes in the value of properties totalled MSEK 348 (221).
• Net profit after tax totalled MSEK 731 (477), equivalent to SEK 10.86/common share (6.99).
• Net investments for the period amounted to MSEK 2,308 (962), of which MSEK 1,868 (624) related to acquisitions of properties, MSEK 517 (313) to investments in existing properties and new constructions, MSEK 3 (1) to investments in associated companies and joint ventures, and MSEK -80 (-76) to divested properties. The previous year, MSEK 100 also related to acquisitions of minority shares in subsidiaries.

April - June

• Rental income increased by 10% to MSEK 621 (564).
• Net operating income increased by 11% to MSEK 490 (443).
• Profit from property management increased by 13% to MSEK 318 (281). Profit from property management per common share increased by 11% to SEK 4.70 (4.22).
• Changes in the value of properties totalled MSEK 226 (120).
• Net profit after tax totalled MSEK 354 (203), equivalent to SEK 5.27/common share (2.91).
• Net investments for the period amounted to MSEK 1,920 (739), of which MSEK 1,681 (475) related to acquisitions of properties, MSEK 247 (163) to investments in existing properties and new constructions, and MSEK -8 (-) to divested properties. For the same period last year, MSEK 100 related to acquisitions of minority shares in subsidiaries.

Comment by the CEO
Profit from property management for the quarter amounted to SEK 318 million (281) and for the first six months to SEK 578 million (515), an increase of 13 and 12 percent, respectively, compared with the previous year. The increase is attributable to a larger property portfolio and a higher net operating income. Profit from property management per common share for the first six months amounted to SEK 8.47 (7.68), an increase of 10 percent compared to the previous year. For the quarter, profit from property management per common share increased by 11 percent to SEK 4.70 (4.22).

Net operating income increased by 10 percent for the quarter, primarily as a result of higher rental income driven by a larger property portfolio and completed lettings. In the comparable portfolio, the increase in rental income for the first six months amounted to nearly 3 percent.

The forecast for 2026 profit from property management is increased to SEK 1,240 million, from the previous forecast of SEK 1,220 million. The increase is due to higher income driven by completed investments and lower relative financial costs as a result of the preference share issue carried out in May, as well as generally lower credit margins.

The economy and the operations
The previous extreme growth rate in Norrland can be said to have entered a new and over time more sustainable phase, but the fundamental green industrial projects and the demographic transition continue. At the same time, the outside world and the economy continue to be characterised by challenges and high volatility. NP3 has experienced stable demand from companies in general and good demand for premises from defence and security-related businesses in particular. Net letting for the quarter amounted to SEK 9 million and for the six-month period to SEK 51 million.

Credit margins have continued to decrease primarily as a result of NP3 repurchasing bonds with a margin of 525 basis points and issuing new bonds at a margin of 200 basis points with a tenor of 3 years.

During the quarter, NP3 accessed acquired properties for SEK 1.7 billion, of which the vast majority in new markets in the form of Skaraborg and Trestad. The geographical expansion has increased the number of potential transactions available to NP3 and we intend to continue to invest long-term in the region with the aim of strengthening earnings supported by a local organisation close to our investments. NP3's business model is based on local responsibility, where local expertise creates the conditions for a good risk-adjusted return. In total, NP3 has invested a net amount of SEK 2.3 billion during the first half of the year and at the end of the period, the development volume for ongoing development projects amounted to just under SEK 1 billion with a forecasted yield of 8.0 percent, which will contribute to increased earnings in 2026 and 2027.

Valuation
The valuation yield for our property portfolio decreased by 3 basis points to 7.04 percent during the quarter. The largest change is related to the acquired properties, which affected the valuation yield by 2 basis points. Positive changes in value for the first half of the year totalled SEK 348 million, of which SEK 9 million were realised changes in value, SEK 315 million were unrealised changes in value attributable to increased cash flow and the remaining SEK 25 million was related to changes in valuation yields.

Future
The preference share issue carried out in May has raised almost SEK 400 million and has created good conditions for continued growth, both in our property portfolio and in terms of profit from property management per common share. NP3's focus is, as always, on increasing our profit from property management per common share while maintaining or reducing operational and financial risks.

Compared with the half-year reports for 2023 and 2021, it can be noted that the loan-to-value ratio was 55.2 and 55.7 percent, respectively, the interest coverage ratio was 2.4 and 3.3 times, respectively, and the net debt to EBITDA ratio was 8.9 and 9.7 times, respectively. In today's report, the corresponding key figures amount to 52.5 percent, 2.9 times and 8.4 times – i.e. well in line with our goal of maintaining or reducing financial risk. During the same period, profit from property management per common share increased by 47 and 75 percent, respectively.

NP3 will not change course. Our strategy remains firm. We will continue to invest with discipline, develop our portfolio and increase earnings while maintaining or reducing risk.

In conclusion, I would like to express my gratitude for the commitment and trust that our employees, shareholders and other stakeholders have shown in the company. This is a prerequisite for continued good development going forward.

Link to Q2 presentation 10th July 2026 at 13.00:

https://www.finwire.tv/webcast/np3-fastigheter/q2-2026/

This report has been prepared in both Swedish and English versions. In case of variations in the content between the two versions, the Swedish version shall govern.