NP3 Fastigheter Interim report January - March 2026

• Rental income increased by 10% to MSEK 606 (551).
• Net operating income increased by 10% to MSEK 422 (383).
• Profit from property management increased by 11% to MSEK 260 (235). Profit from property management per common share increased by 9% to SEK 3.77 (3.47).
• Changes in the value of properties totalled MSEK 123 (101).
• Net profit after tax totalled MSEK 376 (274), equivalent to SEK 5.58/common share (4.08).
• Net investments for the period amounted to MSEK 388 (223), of which MSEK 187 (150) related to acquisitions of properties, MSEK 270 (149) to investments in existing properties and new construction, MSEK 2 (-) to investments in associated companies and joint ventures, and MSEK -72 (-76) to divested properties.

Comment by the CEO
Profit from property management for the quarter amounted to SEK 260 million (235), which is an increase of 11 percent compared to the corresponding period last year. The increase is primarily due to a larger property portfolio, lettings and a lower average interest rate. Profit from property management per common share amounted to SEK 3.77 (3.47), an increase of 9 percent.

Net operating income increased by 10 percent for the quarter, which is explained by higher rental income driven by a larger property portfolio and completed lettings. In a comparable portfolio, the increase in rental income amounted to nearly 2 percent.

The economy
As before, I can conclude that the economic conditions are still challenging and once more under pressure from new threats of inflation. Interest rates have been very volatile during the quarter and there is great uncertainty about future interest rates. Just as we began to see signs of improving economic conditions, we may now need to revise both our assessment and expectations. However, NP3 currently has a net debt to EBITDA ratio of eight times and has a fixed interest rate ratio of over 50 percent, which provides a stable cash flow and resilience to potential interest rate and market fluctuations.

At the same time, NP3 experienced stable demand throughout the past year. During the first quarter of 2026, all business areas had positive net letting and in total, net letting amounted to MSEK 43. Net letting is stronger than normal and is largely due to the major vacancies that provided us with non-recurring revenue last year being let. Although net letting is only an indicator of the market and is always affected by the timing of when rental agreements are signed, my assessment is that the rental market remains stable. The major lettings during the quarter were concluded at higher rent levels than our vacancy rents and with faster occupancy than we previously estimated. Overall, this means that earnings for 2026 are forecasted to be slightly higher than previously expected.

Investments and expanded geography
The other significant factor affecting our forecast for 2026 is investments. During the quarter, NP3 has made net investments of SEK 388 million, of which SEK 187 million relates to acquisitions. After the end of the quarter, NP3 signed a major acquisition in Skaraborg and Trestad (Trollhättan, Uddevalla and Vänersborg) for SEK 1.2 billion. The acquisition means that NP3 broadens its geographical presence, while maintaining its local roots by establishing a new local office. An expanded geography gives NP3 the opportunity to evaluate more potential transactions, which in turn increases the opportunities for attractive investments. After the completed transaction, the loan-to-value ratio will amount to 53 percent, which is well within our targeted range of 50–55 percent and below our financial target of a maximum loan-to-value ratio of 60 percent.

Valuation
The change in property value for the quarter is positive at SEK 123 million. The valuation yield for our property portfolio decreased marginally during the quarter by 1 basis point to 7.07 percent.

An isolated negative effect on changes in property [se ovan] value comes from the inflation assumption for 2026 having being revised downwards from 1.5 to 1.0 percent, this is a shared stance across the entire valuation community. The largest positive effect on the change in value comes from increased lettings and strengthened cash flows.
  
2026
The start of the year has been characterised by great volatility, similar to the previous year. Then it was about tariffs, while so far this year it is mainly the oil price that is creating uncertainty. Firstly, it is important not to forget that the escalated conflicts have a significant humanitarian impact. In addition, we see economic effects with primarily inflation and interest rates causing concern. These concerns, combined with wars in our vicinity, means that sustainability issues are in many cases given lower priority on the decision-making agenda. I see this as negative, because reduced ambitions in climate work globally risks amplifying climate change. Which in turn increases the likelihood of more frequent and intense extreme weather, even in Sweden and in our regions. NP3 will continue to invest in sustainable projects, both from an economic and environmental perspective. Despite weather-related challenges during the quarter, our surplus ratio is stable. Our diversification, both geographically and in terms of the number of properties, provides stability in our earnings.

Future
NP3's ambition continues to be to strengthen profit from property management per common share while maintaining or reducing operational and financial risk. We must have a long-term focus on cash flow and dare to make sustainable decisions with a long-term perspective. NP3 has made net investments of SEK 1.6 billion to this date and is ready to continue investing when the right opportunities arise.

The forecast for profit from property management for 2026 amounts to SEK 1,220 million, an increase compared to the previous forecast published in our year-end report of SEK 1,180 million. The forecasted earnings increase primarily as a result of reduced vacancies and investments, mainly through acquisitions. If the forecast is met, it will mean an increase in profit from property management of 10 percent per common share compared to the result in 2025.

Finally, I would also like to, as always, extend a big thank you to all employees, shareholders and other stakeholders for your great commitment to NP3. This means a lot for NP3's continued development.