Annual report
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A view of the recently completed building Båglampan 25 in Stockholm 25 2025 ANNUAL AND SUSTAINABILITY REPORT
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INTRODUCTION This is Stendörren 3 The year in brief 4 CEO’s statement 5 Stendörren as an investment 7 Market and trends 8 BUSINESS DESCRIPTION Business concept and strategies 11 Targets and outcome 13 Property management model 14 Property portfolio 15 Types of premises and tenants 16 Projects 17 Acquisitions and divestments 20 Financing 21 SUSTAINABILITY REPORT Stendörren’s sustainability work 24 Environmental sustainability 31 Social sustainability 34 Responsible business conduct 36 GRI content index 37 Sustainability notes 39 Independent auditor’s assurance report on the Sustainability Report 42 FINANCIAL REPORTS Board of Directors’ Report 44 Risks and risk management 46 Consolidated and Parent Company financial statements 48 Proposed appropriation of profit 73 Signing of the Annual Report 74 Auditor’s report 75 CORPORATE GOVERNANCE Corporate governance statement 79 Board of Directors 86 Management team 88 Auditor’s statement on the corporate governance statement 90 OTHER INFORMATION Shares and ownership 92 Property portfolio 94 Multi-year overview and key ratios 97 Definitions 98 Financial calendar and AGM 99 1 2 3 4 5 6 Introduction Business description Sustainability report Financial reports Corporate governance Other informationContent 2STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT
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Stendörren’s focus is to manage, develop and acquire warehouse, logistics and light industrial properties in growth regions, primarily in Greater Stockholm and the Mälardalen region. The business concept is to create profitable growth in net asset value. This is achieved through value-creating acquisitions, capitalising on the positive rental growth that follows the urban- ization of metropolitan regions and by developing existing assets, including the company’s extensive and unique building rights portfolio. The company is listed on Nasdaq Stockholm Mid Cap. By managing, developing and acquiring properties in selected areas, the company helps to create new jobs and a pleasant society. This is how the properties and premises can make a difference. Not only for the activities and business of our tenants, but also the neighborhoods, and the people that live and work there – while simultaneously creating a high, risk-adjusted return for Stendörren’s shareholders. STENDÖRREN MANAGES, DEVELOPS AND ACQUIRES PROPERTIES THAT MAKE A DIFFERENCE Distribution of property type based on NOI Warehouse and logistics, 35% Light industrial, 46% Office, 15% Retail, 4% LETTABLE AREA 922,000 SQM NET OPERATING INCOME 841 SEK million EMISSIONS INTENSITY (SCOPE 1 AND 2) 2.3 KG CO2/SQM A reduction of 42 percent since 2018 MARKET VALUE/PROPERTY VALUE 15,927 SEK million Geographic distribution based on NOI City of Stockholm, 24% Rest of Stockholm county, 36% Greater Mälardalen, 26% Gothenburg region, 2% Copenhagen, Oslo, Helsinki, 12% STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 3 This is Stendörren Business description Sustainability report Financial reports Corporate governance Other information Introduction
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FINANCIAL PERFORMANCE Stendörren maintained a high level of activity in property management, projects and acquisitions in 2025, with increased rental income and stronger net operating income. For the full year, rental income increased to SEK 1,042 million (902) and net operating income increased to SEK 841 million (718), driven by acquisitions, completed projects and a stable occupancy rate ACQUISITION-INTENSIVE YEAR Acquisitions remained a core aspect of the business. Several acquisitions were carried out in Sweden, Finland and Denmark during the year, with a total property value of approxi- mately SEK 1.2 billion (1.2), which further strengthened and broadened our geographic footprint in Nordic growth regions. 15.9 SEK billion SOLID BALANCE SHEET Refinancing and optimizing the debt portfolio was a key focus area during the year. All else being equal, interest expense was reduced by about SEK 36 million on an annual basis as a result of refinancing and repurchas- ing debt. In addition, a directed share issue of approximately SEK 300 mil- lion and green bond issues totaling approximately SEK 900 million were carried out, which bolstered the com- pany’s financial position. GREENHUB BRO An important milestone in the proj- ect operations was achieved at the beginning of 2025 with the comple- tion and leasing of the first building in GreenHub Bro. At the end of the year, ongoing projects amounted to approximately 46,700 square meters (40,800), reflecting the company’s intensified focus on value-creating project development in logistics, warehouse and light industrial. In parallel with developing new properties, Stendörren worked with innovative materials during the year to improve its climate performance in construction and new establishments. Climate-smart materials, biodiversity and ecosystem services were clearly integrated elements of the project. Processes and measures aligned with the company’s strategy were imple- mented to ensure good stormwater management, reduce risks, and pre- serve and enhance local biodiversity based on location-specific analyses. 600 725 850 975 1,100 20252024202320222021 Rental income SEK million 400 550 700 850 1,000 20252024202320222021 Net operating income (NOI) SEK million 8,000 10,000 12,000 14,000 16,000 20252024202320222021 Market value property portfolio SEK million Key ratios 2025 2024 2023 Rental income, SEK million 1,042 902 843 Net operating income, SEK million 841 718 672 Income from property management1), SEK million 342 309 286 Fair value properties, SEK million 15,927 14,311 12,566 Lettable area, thousand sqm 922 857 824 Weighted avg unexpired lease term, years 4.2 4.4 4.3 LTV, % 53 52 50 Equity ratio, % 36 37 37 Energy intensity, kWh/sqm 74 79 85 Emissions intensity (Scope 3)2), kg CO₂/sqm 255 251 389 1) Before exchange rate changes. 2) New development. For definitions of key ratios, see page 98. THE YEAR IN BRIEF 0 2,000 4,000 6,000 8,000 20252024202320222021 Long-term net asset value SEK million 6.7 SEK billion 2025 +16% 2025 +17% STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 4 Business description Sustainability report Financial reports Corporate governance Other information Introduction
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High acquisition rate and critical mass in Copenhagen and Helsinki During the year, we completed 12 acquisitions of SEK 1.2 billion at a property yield of 6.9 percent. Through several of these acquisitions, we have strengthened our presence in our new markets, both in Copenhagen and in Helsinki. In Copenhagen, we thus achieved critical mass from an asset management perspective during the year. Shortly after the end of the year, we completed a strategic acquisition of 14 modern properties in Helsinki at a property value of SEK 1.3 billion with annual net operating income of SEK 96 million. The acquisition increases our annual income from property manage- ment per share by as much as 13 percent. It also means that we have achieved critical mass in Helsinki, which strengthens our operational efficiency and geographic and customer diversification. Strong progress in project development In 2025, we completed four projects totaling 9,500 square meters at an occupancy rate of 84 percent. Investments in these projects amounted to SEK 241 million (SEK 206 million excluding the value of building rights) and have been completed at a return of 6.9 per- cent (8.1 percent excluding the value of building rights). The implicit value of the building rights at the time of the implementation of the projects was approximately 2.0 times higher than the book values, which confirms the economic value of our building rights portfolio. The projects also demonstrate the strategic value of continuously developing the company’s significant building rights portfolio into attractive yielding proper- ties that enable us to meet demand from both existing and new tenants with suitable premises in markets that have limited access to buildable land. STRONG INCREASE IN INCOME FROM PROPERTY MANAGEMENT PER SHARE AND CRITICAL MASS IN COPENHAGEN AND HELSINKI We worked intensively to reduce our financing costs in the second half of the year and have refinanced and renegotiated more than 90 percent of our loan portfolio. Erik Ranje CEO Stendörren The year 2025 was characterized by continued geopolit- ical turbulence and weak economic activity. Despite this, I can proudly report an increase in income from property management per share of 24.4 percent for the year1). This earnings performance was primarily driven by property acquisitions and completed development projects for approximately SEK 1.4 billion, at an average property yield of 7.0 percent2). Through several of these acquisitions, we have strategically strengthened our presence in some of our new markets, achieving critical mass in Copenhagen in 2025 and Helsinki in early 2026. Furthermore, we actively leveraged the reduced financing costs in the capital mar- kets through early refinancing, which contributed to the strong increase. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 5 CEO’s statement Business description Sustainability report Financial reports Corporate governance Other information Introduction 1) Excluding non-recurring costs attributable to early refinancing. 2) Excluding the value of the building rights used in the current projects.
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Furthermore, we have started several projects in 2025 and early 2026, adding to our portfolio of ongoing proj- ects of just over 46,700 square meters, of which 27,300 square meters are in ongoing production. The ongo- ing and recently completed projects that have not yet generated full-year revenue are expected to contribute annual net operating income of approximately SEK 67 million, following leasing and completion. In addition, we have an extensive portfolio of upcoming projects that are in earlier stages. Our goal is to build approximately 25,000–50,000 square meters per year in the long term. We took important steps in our largest development areas during the year, for example, by completing and leasing the first building in GreenHub Bro and starting construction in Stockholm South. These areas are key elements of our long-term project portfolio, with sig- nificant remaining building rights and many opportuni- ties for developing logistics and industrial properties in stages in strategic locations. Stable letting in a cautious market The property management operations were stable despite a weak economy, with an occupancy rate of 94 percent. Net lettings were marginally negative, reflecting a persistently cautious market climate. Periodically over the past year, we have on several occasions thought we could discern increased tenant demand, but this opti- mism has since been broken due to geopolitical and economic uncertainty. This uncertainty also continued in early 2026. Lower financing costs and capacity for continued growth We worked intensively to reduce our financing costs in the second half of the year and have refinanced and renegotiated more than 90 percent of our loan portfolio. This was made possible by the significantly improved financing climate in the capital markets since mid-2025. All else being equal, these measures have reduced our interest expenses by approximately SEK 36 million on an annual basis, which strengthens our long-term earnings capacity and increases our financial flexibility. During the year, we also carried out a directed issue of ordinary shares of approximately SEK 300 million, which addi- tionally bolstered our financial position. Combined with the additional liquidity and our cur- rent cash flow, this improved financing structure means that we are well equipped to finance our continued growth in 2026, both in terms of acquisitions and with respect to property development. During the fourth quarter, we received the gratify- ing news that Stendörren is included in the EPRA index. EPRA, in partnership with FTSE and Nareit, provides the leading global index of listed real estate and consists of approximately 500 real estate companies. Inclusion in the index broadens the company’s potential interna- tional investor base, which is considered strategically important in the long term. Revised financial targets with a clearer focus In September, the Board decided to revise the compa- ny’s financial targets to more clearly reflect our focus on growth in income from property management. The pre- vious target of growth in net asset value was replaced by the target that the company shall achieve a long- term increase in income from property management per share of at least 15 percent per year. The reason for this was that the target of growth in net asset value is largely influenced by external factors due to the effect these factors have on changes in the value of proper- ties. This target also partly overlaps with the remaining target of a return on equity of over 12 percent. The new target is more business-oriented and provides a clearer understanding of our ability to create long-term value through cash flow growth. It also reflects how our management model and investments contribute to a sustainable earnings trend. The other financial targets remain unchanged. At the forefront of sustainability We continued to develop our project portfolio with high sustainability ambitions during the year. A prime example of this is the certification of Stenvreten 8:37, our recently completed and fully leased logistics prop- erty spanning 9,700 square meters in Enköping. The property is Sweden’s first logistics building certified Our business combines a high rate of growth with stable and cash flow- generating operations, based on a high-yield property segment with long leases and a diverse tenant base. Erik Ranje CEO Stendörren according to BREEAM-SE v6.0 with the rating Outstand- ing, thus representing a new standard for sustainable construction in this segment. The project was also granted the add-on certifica- tion NollCO2, which emphasizes our efforts to gradu- ally reduce the climate impact of both new develop- ment and property management. In combination, this strengthens our position as a long-term and sustainable property developer, while meeting growing demands from tenants and investors for energy-efficient and climate-optimized properties. Long-term value-creating growth Our business is characterized by stable cash flow growth. The reasons for this stability are that we operate in a high-yield property segment with long leases and that we have a diverse tenant base. Growth is driven by con- tinuously rising rents since we operate in markets with economic growth, value-creating acquisitions and the development of our extensive building rights portfolio. Our opportunities to conduct strategic and financially attractive acquisitions remain favorable, and we have a significant pipeline of potential transactions under eval- uation. When it comes to project development, we will complete a number of projects in 2026 and see good opportunities for initiating new projects. Demand in our development projects is high, and we will thus be able to gradually convert our building rights portfolio into cash flow-generating assets. With a strong financial position and an efficient property management plat- form, we have every opportunity to capitalize on the growth opportunities that arise. Finally, I would like to thank our employees for their dedication, our tenants for their trust and our financiers for their long-term support. Stockholm, April 2026 Erik Ranje CEO Stendörren STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 6 CEO’s statement Business description Sustainability report Financial reports Corporate governance Other information Introduction
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STENDÖRREN AS AN INVESTMENT SUSTAINABLE RENTAL GROWTH • Growth regions — Structurally growing regions and attractive urban micro locations. • Rent increases in urban areas — Higher demand and stable or declining supply. • E-commerce-driven structural growth. SUSTAINABLE GROWTH THROUGH SELECTIVE INVESTMENTS • 627,000 sqm of building rights in relation to approximately 922,000 sqm of existing portfolio (corresponding to approximately +70 percent). • Value-creating acquisition model with selective acquisitions of individual properties, preferably off market, with potential for higher yields. STABLE CASH FLOWS • Asset classes with high yields. • Long leases. • Diverse tenant base. STABLE FINANCIAL POSITION • Bank financing from leading Nordic banks. • Capital market-based financing as a supplement. Business description Sustainability report Financial reports Corporate governance Other information Introduction 7STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT
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Swedish property market and its trends The property market continued to recover in 2025 with a transaction volume of SEK 164 billion, which is almost SEK 25 billion higher than in 2024 and more than SEK 60 billion higher than in 2023. A total of 438 transac- tions were carried out for more than SEK 40 million, and the activity trend suggests a greater risk appetite and an increase in investment sentiment. Despite this, volumes remain below the peak years of 2021–2022. The share of foreign capital was 32 percent, almost double the figure in 2024. Interest in Sweden is being driven by the perception of a stable Swedish market in an uncertain world, particularly in logistics, which is attracting a growing number of international investors. Geographically, the Stockholm region continues to dominate, accounting for 37 percent of the transaction volume, down from around 45 percent two years ago. Regional cities strengthened their position, representing 30 percent, while Gothenburg increased to 13 percent, thus marking a shift toward strong regional hubs. The rest of Sweden accounted for 15 percent, while Malmö had a 5 percent share. This trend suggests a broader geographic distribution of risk and greater interest in markets outside Stockholm. The residential segment remained the largest at 28 percent, but declined slightly year-on-year. Warehouse, logistics and light industrial properties increased to 22 percent and stood out as one of the strongest segments of the year. This segment is driven by structural needs, strong demand in strategic locations and falling yield requirements of just below 5 percent. Office properties were at their lowest share since 2022, accounting for 15 percent of the total volume. Overview of Stendörren’s primary geographies The transaction volume for warehouse, logistics and light industrial properties in Sweden increased to SEK 36 billion, up from SEK 25 billion last year. This upswing was partly driven by a higher level of activity among foreign investors, whose holdings rose from 19 percent in 2024 to 28 percent in 2025. Regional cities dominated the market at 45 percent of the segment, followed by the rest of Sweden at 20 percent and Gothenburg at 18 percent. Stockholm accounted for 11 percent and Malmö for 6 percent, a marked increase from 2 percent last year. The market yield requirement for logistics properties fell by 25 basis points in both Stockholm and Gothen- burg to 4.75 percent. In the Mälardalen region and Borås, the yield requirements declined by 15 and 10 basis points to 6.35 percent and 6.40 percent, respectively. 0 100,000 200,000 300,000 400,000 2025202420232022202120202019201820172016 0 200 400 600 800 0 20 40 60 80 100 120 2025202420232022202120202019201820172016 Transaction volume in Sweden SEK million Number Percentage of transaction volume in Sweden by segment % Rents for industrial and warehouse properties rose slightly in 2025. Rents increased in all sub-markets. The market yield requirements for the segment fell by 15 basis points in Stockholm, Gothenburg and Borås to 6.10 percent, 6.40 percent and 7.10 percent, respectively. In the Mälardalen region, the yield requirement declined by 20 basis points to 6.50 percent. In Denmark, the transaction volume for warehouse, logistics and light industrial properties amounted to DKK 10.5 billion (DKK 11.5 billion in 2024). This corre- sponded to 15 percent of the total transaction volume, and a total of 44 transactions at a value of more than DKK 35 million were carried out in the segment. In Copenhagen, the yield requirement for logistics proper- ties in prime locations declined from 5.10 percent to 4.85 percent, despite unchanged market rents. In Norway, the transaction volume for warehouse, logistics and light industrial properties also declined, down 18 percent to NOK 12.4 billion. Yields remained at the same level, while rents rose relatively sharply and remained the highest in the Nordic region. Yield com- pression is expected in 2026 as the market stabilizes. In Finland, the transaction volume for warehouse, logistics and light industrial properties amounted to EUR 411 million, down 34 percent compared with 2024. Despite a weaker year in terms of transactions, yields in prime locations in Helsinki compressed from 5.4 percent to 5.30 percent. Rents in the area increased marginally. Factors driving demand in the segment Besides general trends in the property market, the ware- house, logistics and light industrial segment is impacted by several long-term factors that are strengthening demand for premises in strategic locations. Swedish investors Foreign investors Number of transactions Residential Office Retail Warehouse, logistics, industrial Community service properties Other (e.g. land and hotels) STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 8 Business description Sustainability report Financial reports Corporate governance Other information Introduction MARKET AND TRENDS
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Higher investments in defense A clear geopolitical driver is Sweden’s NATO mem- bership and the higher investments now being made in defense in Europe. Allocating 5 percent of GDP to defense means significant investments in both stocks of materials and transport infrastructure, which is increas- ing logistics flows and leading to a growing need for warehousing. Given that the segment still has a limited supply, this is contributing to a positive rental trend. Stendörren can be considered to have a strong position with respect to this development since the Swedish Fortifications Agency is the company’s largest tenant and the portfolio includes properties both in towns with regiments and in logistics hubs. Warehouse capacity needs for e-commerce At the same time, e-commerce remains a structural driver for the segment. Retail volumes are increasing as consumption recovers and household purchasing power rises, which is driving the need for higher warehouse capacity. Demands on shorter delivery times mean that e-commerce companies are increasingly prioritizing warehouses situated close to their end customers. As a result, this is leading to an increase in demand for modern warehouse solutions, while the previous sur- plus of premises built on a speculative basis is gradually being absorbed. With strategically located warehouses, Stendörren is well positioned to address a market where activity in the logistics segment is once again rising. Flexible premises in peri-urban locations Urbanization and densification of metropolitan regions also affect supply. The availability of land for logistics, warehouse and light industrial properties is decreasing as former industrial areas in peri-urban locations are being converted into housing. This shortage of land is driving up rents in the remaining locations close to city centers and intensifying competition for areas that enable efficient last mile distribution. The trend is also leading to greater interest in flexible premises that can be integrated into mixed city districts. Stendörren’s low vacancy rate in centrally located warehouses, combined with a substantial land bank and a focus on regional cities and strategic hubs, provides many opportunities for tapping into demand even in a market with supply restrictions. Higher demand for energy-efficient premises Sustainability remains a key trend that is influencing both new development and property management. Stricter EU energy efficiency and climate neutral- ity requirements are driving the trend toward more resource-efficient buildings, while environmental cer- tifications such as BREEAM are increasingly becoming standard. Demand for climate-smart warehouses is on the rise, which means that both new developments and modernizing older buildings will be pivotal in the devel- opment of the industry. Stendörren has made consid- erable progress in this direction since 2018. Read more about our sustainability journey on page 30. –1 0 1 2 3 4 5 6 7 8 2025202420232022202120202019201820172016 –1 0 1 2 3 4 5 6 7 8 2025202420232022202120202019201820172016 Trend in market yield requirement, Logistics % Trend in market yield requirement, Industrial and warehouse % Stockholm prime Gothenburg prime Greater Mälardalen Borås Copenhagen prime Helsinki prime Oslo prime STIBOR 3M Stockholm prime Gothenburg prime Greater Mälardalen Borås STIBOR 3M STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 9 Market and trends Business description Sustainability report Financial reports Corporate governance Other information Introduction Viby 19:66, Upplands-Bro
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BUSINESS DESCRIPTION Business concept and strategies 11 Targets and outcome 13 Property management model 14 Property portfolio 15 Types of premises and tenants 16 Projects 17 Acquisitions and divestments 20 Financing 21 2 10STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT
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Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 11 Sustainability report Financial reports Corporate governance Other information Business description BUSINESS CONCEPT AND STRATEGIES BUSINESS CONCEPT Stendörren Fastigheter AB (publ) is an expan- sive property company in logistics, warehouse and light industrial in Nordic growth regions. The company is listed on Nasdaq Stockholm Mid Cap. The business concept is to create profit- able growth in net asset value. This is achieved through value-creating acquisitions, capitalising on the positive rental growth that follows the urbanization of metropolitan regions and by developing existing assets, including the company’s extensive and unique building rights portfolio. TARGETS Stendörren is to create a high, risk-adjusted return for its shareholders by managing, refining and acquiring properties. Stendörren invests in warehouse, logistics and light industrial properties in growth regions, primarily in Greater Stockholm and the Mälardalen region. By managing, refining and acquiring properties in such areas, the company helps to create new jobs and a pleasant society. This is how the properties and premises can make a difference. Not only for the activities and business of our tenants, but also the neighborhoods, and the people that live and work there – while simultaneously creating a high, risk-adjusted return for Stendörren’s shareholders. FINANCIAL TARGETS Stendörren has four long- term financial targets: Growth in income from property management per share >15% Return on equity >12% Interest coverage ratio >2.0x Equity ratio 35% (never be below 20 percent) Strategy Stendörren’s strategy is based on long-term, value-creating growth through sustainable and customer-oriented property management, reinvestment for growth and active sustainabil- ity work. Customer focus and portfolio strategy Stendörren develops, manages and acquires properties that support tenants’ businesses. Its portfolio combines stable investment properties with properties that have development potential, which results in robust cash flows, financial strength and the flexibility to adapt to changing market conditions. Reinvestment for growth Stendörren reinvests its profit in its business in order to max- imize its long-term total return. Growth is driven by invest- ments in the existing portfolio, strategic acquisitions and new projects. Accordingly, dividends are expected to be low or not paid at all in the next few years. Active sustainability work Sustainability is integral to value creation. Low-impact, highly competitive properties can be developed by having energy- efficient operations, environmentally certifying buildings, making climate improvements and applying green financing solutions. These actions create value for customers, society and shareholders. Newly constructed logistics building, Almnäs 5:23, Södertälje
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8,000 10,000 12,000 14,000 16,000 20252024202320222021 Market value property portfolio SEK million Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 12 Business concept and strategies Sustainability report Financial reports Corporate governance Other information Business description By combining efficient property management, active development and selective acquisitions, Stendörren creates growth and contributes to a more sustainable society. OUR BUSINESS MODEL CREATES VALUE FOR OUR CUSTOMERS By offering attractive, modern and functional premises that enable their businesses to grow and develop. Stendörren strives to have satisfied cus- tomers and close customer relationships by being a visible and long-term property owner. FOR THE AREAS IN WHICH WE OPERATE By being a committed and responsible party in urban development. Stendörren develops premises and environments that enhance businesses and communities and contribute to vibrant, safe and sustainable neighbor- hoods. FOR OUR OWNERS Through a well-balanced portfolio, a strong financial foundation and effi- cient, sustainable property management, which together create long-term value growth and favorable total returns. SUSTAINABLE VALUATION CREATION ACQUISITIONS • Continuously evaluate markets with favorable growth potential. • Acquire warehouse, logistics and light industrial properties that can meet yield requirements and climate criteria. • Prioritize established growth regions where Stendörren has not yet achieved critical mass. • Select flexible properties that have development potential. DEVELOPMENT • Carry out sustainable new develop- ment on land with existing building rights. • Active work on zoning plans to create new building rights or expand areas of use. • Develop existing properties to improve quality, functionality and sustainability. • Ensure that projects produce modern, energy-efficient premises and consider climate-related risks. PROPERTY MANAGEMENT • Build long-term customer relationships through our own effective and proactive property management • Clear contract-oriented strategy that ensures stable cash flows and potential rental growth. • Focus on sustainable property management: reducing vacancies, making tenant improvements and rent increases, and carrying out energy efficiency and climate activities. PRO PERTY MANAGEMENT DEVELO PM EN T ACQUISITIONS SUSTAINABLE VALUATION CRE- ATION Stendörren’s business model reflects how the company creates value through property management, development and acqui- sitions. This approach both generates economic value and con- tributes to a more sustainable society.
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Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 13 Sustainability report Financial reports Corporate governance Other information Business description TARGETS AND OUTCOME Growth in income from property management per share Return on equity (ROE) Interest coverage ratio (ICR) Equity ratio Energy intensity Emissions intensity (Scope 3)1) Certification Target: >15% Outcome: 24% (8% including non-recurring items ) Target: >12% Outcome: 3% Target: 2.0x Outcome: 2.1x Target: 35% Outcome: 36% Target by 2030: –30.0% Outcome: –31.0% Target by 2030: –40.0% Outcome: –27.0% Target by 2025: 70.0% Outcome: 71.0% Income from property manage- ment per share shall long-term increase by at least 15 percent per year. The average return on equity shall long-term amount to at least 12 percent. The ICR shall long-term exceed 2.0x. Equity ratio shall long-term be 35 percent and never be below 20 percent. Energy consumption per square meter shall decrease by 30 percent by 2030 compared with the base year 2020. CO2 emissions per newly constructed square meter shall decrease by 40 percent by 2030 compared with the base year 2022. The share of certified lettable area within the company’s property portfolio shall reach 70 percent by 2025. Growth in income from property management per share % Return on equity (ROE) % Interest coverage ratio (ICR) x Equity ratio % Energy intensity kWh/sqm Emissions intensity kg CO2/sqm Share of certified lettable area % –5 0 5 10 15 20 25 20252024202320222021 –5 0 5 10 15 20 25 30 20252024202320222021 0.0 0.5 1.0 1.5 2.0 2.5 3.0 20252024202320222021 0 10 20 30 40 50 20252024202320222021 0 20 40 60 80 100 120 20252024202320222021 0 100 200 300 400 2025202420232022 0 20 40 60 80 20252024202320222021 Comment At the end of the period, growth in income from property management per share (over the last 12 months) amounted to 24 percent and to 8 percent including non-recurring items of approximately SEK 48 million in connection with early refinanc- ings during the second half of 2025. Comment The return on equity (calculated as 12 month average) amounted to 3 percent at the end of the period. Comment The interest coverage ratio amounted to 2.1x and to 1.8x including non-recurring items of approximately SEK 48 million in connection with early refinanc- ings during the second half of 2025. Comment The equity ratio amounted to 36 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. Comment Energy intensity decreased by 5.6 percent compared with the same period last year. Comparative figures are based on a like-for-like portfolio and adjusted for normal year climate conditions. Comment Scope 3 emissions are reported on an annual basis. The company applies the Swedish National Board of Housing, Building and Planning’s (Boverket) standard for climate declarations. Stendörren also includes building elements 7 and 8 in the reported emissions intensity. Its calculations and methodology follow the Green- house Gas (GHG) Protocol. Scope 3 has been reported since 2022 when Stendörren expanded its reporting. Comment The target of having 70 percent of the lettable area certified by December 31, 2025 was already achieved by December 31, 2024. The reported figure has been adjusted due to newly acquired properties, which increased the total lettable area. 1) New development Stendörren is to create a high, risk-adjusted return for its shareholders by managing, refining and acquiring properties.
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Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 14 Sustainability report Financial reports Corporate governance Other information Business description PROPERTY MANAGEMENT MODEL Stendörren is an expansive property company in logistics, warehouse and light industrial in Nor- dic growth regions. The business concept is to create profitable growth in net asset value. This is achieved through value-creating acquisitions, capitalising on the positive rental growth that follows the urbanization of metropolitan regions and by developing existing assets, including the company’s extensive and unique building rights portfolio. Own property management Stendörren conducts both its own financial and technical property management, which gives the company control over the operations, maintenance and customer contact. The local presence inherent in the portfolio provides short decision-making channels, a high level of service and a stable foundation for long-term customer relationships. Long-term and active property management This work is based on close customer dialogues, efficient operations and continuous improvements. Properties can be continuously developed through systematic maintenance and modernization, which both improves customer satisfac- tion and increases profitability. At the end of 2025, Stendörren owned 179 properties, with a lettable area of approximately 922,000 square meters. The market value of the portfolio was SEK 15.9 billion (14.3). Rental income increased by 16 percent to SEK 1,042 million (902) and net operating income increased by 17 percent to SEK 841 million (718). The economic occupancy rate was 94 percent. Value creation is driven by having property management, investments and project development guided by the same principles: a long-term approach, cost efficiency and sustain- ability. This ensures balanced growth in cash flow, changes in value and net asset value. Long-term agreements and customer relationships Stendörren signs long-term leases with creditworthy cus- tomers to create stable cash flows and long-term growth in net asset value. The lease structure is well balanced with an even maturity profile, and rent levels and lease terms are continuously adjusted to market conditions and customer needs. In 2025, leases corresponding to an annual rental value of approximately SEK 29 million were renegotiated or extended, often in connection with investments or tenant improve- ments. These renegotiations resulted in an average rent increase of 14 percent. Some operating and maintenance costs were transferred to the tenants in several renegotiation processes, which strengthens the company’s net operating income and leads to more predictable cash flows. In markets experiencing rapid rent increases, shorter leases are some- times used to more quickly adapt to prevailing rent levels. Proactive leasing and risk management Stendörren works proactively to minimize rental losses and vacancies by closely monitoring customer developments and the lease structure. This continuous dialogue means that risks can be identified and managed at an early stage. The company has a diverse tenant base, which reduces its risk exposure and helps to ensure stable cash flows. The property management team makes use of leases that exclude charges for heating, water, electricity, etc., as well as triple net agreements to ensure efficient operations and low operational risk. Stendörren continuously develops its processes to enhance its efficiency, reduce its climate impact and improve its financial control. This work is characterized by account- ability, a high level of business ethics and a clear customer focus. Rental losses for 2025 amounted to approximately SEK 5.8 million, which is low given the size of the portfolio. Pro- active risk management and early dialogues with tenants resulted in a stable occupancy rate and high credit ratings among the customer base. Almnäs 5:23, Södertälje
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Geographic distribution based on NOI City of Stockholm, 24% Stockholm county, 36% Greater Mälardalen, 26% Gothenburg region, 2% Copenhagen, Oslo, Helsinki, 12% Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 15 Sustainability report Financial reports Corporate governance Other information Business description PROPERTY PORTFOLIO Stendörren’s markets Stockholm and the Mälardalen region Stendörren makes long-term investments in warehouse, logistics and light industrial properties, primarily in Greater Stockholm and the Mälardalen region. This region offers strategic locations with short transportation distances, which enables efficient distribution to large parts of Sweden. Gothenburg region Stendörren has a growing presence in Gothenburg and Borås, where the logistics and industrial segments are continuing to note strong demand. Despite the economic slowdown, the market has displayed stability and growing interest in modern logistics properties. Oslo, Copenhagen and Helsinki Stendörren owns properties in the Nordic capitals of Oslo, Copenhagen and Helsinki. These markets offer structural growth in the logistics and industrial segment, driven by regional production, e-commerce and supply reliability. Growth regions with strong demand In 2025, Stendörren continued to grow by making strate- gic acquisitions in the company’s priority markets. A total of about 71,050 square meters of lettable area were added through 19 properties situated in four markets, which resulted in a more complete property portfolio and larger footprint in regions with good infrastructure. Investment criteria Stendörren invests in: • Individual properties or property portfolios. • Warehouse, logistics and light industrial properties that are expected to meet the company’s yield requirement over time taking into account climate and transition risks. • Properties in logistics and light industrial areas in growth regions where Stendörren is already established, with a particular focus on markets where the company has not yet achieved critical mass. • Properties with a flexible area of use. • Developed or undeveloped properties with development potential. Helsinki Stockholm Copenhagen Gothenburg/Borås Oslo Västerås Uppsala Stockholm Täby Nacka Järna Skarpnäck Spånga Enköping Eskilstuna Södertälje Changes in value and reclassification Investment properties Building rights Total Opening balance, January 1, 2025 12,853 1,458 14,311 Investments 300 187 487 Reclassification of projects to investment properties 88 –80 8 Revaluation 95 –61 35 Currency effects –83 0 –83 Acquisitions 1,235 0 1,235 Divestments –65 0 –65 Closing balance, December 31, 2025 14,423 1,504 15,927
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Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 16 Sustainability report Financial reports Corporate governance Other information Business description TYPES OF PREMISES AND TENANTS Stendörren’s premises Stendörren’s property portfolio comprises warehouse, logistics and light industrial properties. Metropolitan regions are still experiencing a shortage of land for new development, which is driving up rent levels. In areas where new development is possible, Stendörren offers modern and cost-effective premises that meet demand for efficient logistics flows. The Nordic market is following the same trend of higher demand for sustainable, energy-efficient and flex- ible premises. Warehouse, logistics and light industrial properties accounted for approximately 81 percent of the lettable area, while offices represented 15 percent. Stendörren’s tenants Stendörren has a diverse and long-term tenant base with approximately 1,200 leases at year-end. The tenant industries represented include logistics, retail, manufac- turing and services, which offer stability over business cycles. At the end of 2025, the weighted average unexpired lease term (WAULT) was 4.2 years, which provides a sta- ble income base and reduces the risk of major losses of rent. Demand for modern and energy-efficient premises remains high, particularly in the warehouse and logistics segment. By remaining in close dialogue and making improvements to premises, Stendörren supports the development of its tenants and creates long-term rela- tionships with high customer satisfaction. Risk and sector distribution in the portfolio About 62 percent of properties have at least two ten- ants, which reduces the risk of high vacancies. The ten largest tenants account for 18 percent of annual rent and are mainly public sector and well-established industrial companies. Stendörren’s largest tenants by rental income • Fortifications Agency, 7% • Åtta.45 Tryckeri AB, 2% • Carla AB, 2% • Advania Sverige AB, 1% • Stockholm Vatten AB, 1% • The Magnum Ice Cream Company HoldCo, 1% • Mountain Top, 1% • Södertälje Industriservice AB, 1% • Aalto Group Oy, 1% • Onitio Sverige AB, 1% • Other, 82% Property portfolio by category % Other Retail Office Light industrial Warehouse and logistics 1) Based on type of area use. 2) Based on type of property. 0 20 40 60 80 100 Percent by market value2) Percent by NOI2) Percent by rent2) Percent by area1) At GreenHub Bro (Upplands-Bro), Stendörren offers modern premises for warehouse, light industry and industrial services.
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Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 17 Sustainability report Financial reports Corporate governance Other information Business description PROJECTS Stendörren can meet customer needs for appropriate premises by continuously devel- oping its property portfolio. Developing, improving quality and modernizing create the conditions for maintaining long-term customer relationships. This generates rising cash flows and value growth. New development Stendörren works actively to capitalize on existing build- ing rights through new development and to create new building rights. The portfolio currently includes building rights under existing zoning plans as well as potential for future building rights that may arise by working on zoning plans. The development of building rights is based on market demand. Property development The company strives to address tenants’ changing needs and, in the best possible way, to leverage the potential of properties in the areas where development is taking place and where growth opportunities exist. Stendörren carries out property developments within the scope of its development and project activities. Development projects are identified through careful analysis of existing properties, using parameters such as geographic location, developments in the local area, demand for premises, types of tenants and businesses, rent levels and investment needs. Work is conducted in close collaboration between employees in property management, leasing, development and acquisitions. Investments are often carried out in connection with signing new lease agreements, both for new customers and for existing customers when their needs change. As part of its ongoing property management, Stendörren initiated and completed several projects during the year, aimed at refining the properties and adapting premises to specific requests from new customers. Increased modernity, efficiency and improved sustain- ability performance in the property portfolio contribute to higher rental income, higher occupancy rates and reduced costs. Continuous development activities As the metropolitan regions grow, land use is changing in many of the areas where Stendörren owns property. As a result of urbanization, there is pressure to convert many traditional warehouse and industrial areas into res- idential areas. Stendörren strives to identify conversion opportunities and development potential in the existing property portfolio. When the right prerequisites exist, Stendörren works to help to prepare new zoning plans for creating residential building rights. In 2025, Stendörren continued work to develop existing building rights and create new building rights through active detailed development planning. The objective is to gradually rebuild and develop these properties to create attractive, sustainable and modern buildings. As of December 31, 2025, Stendörren had a total of 39 properties, wholly or partly consisting of building rights. Unutilized building rights amounted to approx- imately 627,000 square meters and were primarily intended for logistics and light industrial. Additional building rights are created and added to Stendörren’s existing building rights through active development and acquisitions. The potential in the building rights portfolio is con- sidered strong since the building rights are located in expansive municipalities and areas in Greater Stockholm and the Mälardalen region as well as other selected growth locations. The pace of new development starts Completed projects during the reporting period Municipality Property Description Completion Size, sqm1) Investment, SEK million2) Occupancy rate, % Upplands-Bro Viby 19:30 New light industrial March 2025 1,200 36 100% Upplands-Bro Nygård 2:17 (GreenHub) New light industrial April 2025 2,300 51 100% Södertälje Almnäs 5:23 New light industrial June 2025 2,300 50 33% Stockholm Båglampan 25 New light industrial October 2025 3,700 103 100% Total completed projects 9,500 241 84% 1) GFA (new development, extension), NLA (tenant improvement, reconstruction). 2) Includes cost of capital and book value of land when new development. Newly constructed light industrial building, Båglampan 25, Stockholm
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Geographic distribution of building rights, sqm GFA Upplands-Bro, 63% Södertälje, 9 % Rest of Greater Stockholm, 16% Greater Mälardalen, 11% Other, 2% Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 18 Projects Sustainability report Financial reports Corporate governance Other information Business description Ongoing projects December 31, 2025 Municipality Property Description Current Phase Earliest possible completion1) Size, sqm2) Indicative investment3), SEK million Estimated remaining investment, SEK million Estimated yearly NOI, SEK million Occupancy rate, % Stockholm Vindkraften 2 New light industrial Construction started Q1 2026 1,900 36 20 2.9 100% Upplands-Bro Viby 19:66 New logistics Construction started Q2 2026 5,300 114 29 7.1 0% Upplands-Bro Nygård 2:17 (GreenHub) New light industrial Construction started Q2 2026 3,200 76 24 5.3 0% Södertälje Almnäs 5:23 New light industrial Construction started Q2 2026 2,100 61 28 4.7 0% Stockholm Fotocellen 5 New logistics Construction started Q3 2026 3,800 79 39 6.2 0% Södertälje Almnäs 5:24 New light industrial Construction started Q1 2027 4,500 87 63 6.5 0% Södertälje Almnäs 5:24 New light industrial Construction started Q2 2027 6,500 126 91 9.4 0% Södertälje Almnäs 5:23 New logistics Design and planning4) Q2 2027 17,000 270 188 17.9 0% Järfälla Veddesta 2:53 New light industrial Design and planning4) Q2 2027 2,400 53 42 4.1 0% Total ongoing projects 46,700 902 524 64.1 1) Note that Stendörren aims to start construction on a pre-let basis, meaning the possible completion depends on leasing activities and time for construction start. 2) GFA (new development, extension), NLA (tenant improvement, reconstruction). 3) Includes cost of capital and book value of land when new development. 4) Building permit obtained. depends on several factors, such as demand according to the prevailing market sentiment and on construction costs. Ongoing and recently completed projects that have not yet generated full revenue during the reporting period are expected, upon leasing and completion, to add approximately SEK 67 million in net operating income. Of this amount, approximately SEK 3 million relates to recently completed projects or projects with completion within one year and for which lease agree- ments already exist, approximately SEK 46 million relates to projects within light industry and urban logis- tics that are being built or intended to be built for future letting, and approximately SEK 18 million pertains to projects within logistics that require leasing before con- struction starts. In addition, the company has an exten- sive portfolio of upcoming projects that are at an earlier stage. Stendörren started several new development projects in 2025. Ongoing projects for new development of logis- tics, warehouse and light industrial properties encom- passed a total of 46,700 square meters at the end of Newly constructed light industrial building, Nygård 2:17 (GreenHub), Upplands-Bro
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Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 19 Projects Sustainability report Financial reports Corporate governance Other information Business description Future projects December 31, 2025 Municipality Envisaged main use Estimated building right, (GFA sqm)1) Status zoning Estimated possible construction start2) Upplands-Bro Light industrial 379,000 Within current zoning 2026–2027 Flen Logistics 55,000 Within current zoning 2026–2027 Södertälje Logistics 29,100 Within current zoning 2026–2027 Frederikssund Light industrial 5,800 Within current zoning 2026–2027 Eskilstuna Logistics 5,000 Within current zoning 2026–2027 Botkyrka Light industrial 3,700 Within current zoning 2026–2027 Enköping Light industrial 2,700 Within current zoning 2026–2027 Enköping Light industrial 2,000 Within current zoning 2026–2027 Västerås Light industrial 2,000 Within current zoning 2026–2027 Gothenburg Light industrial 2,000 Within current zoning 2026–2027 Botkyrka Light industrial 2,000 Within current zoning 2026–2027 Nynäshamn Light industrial 1,800 Within current zoning 2026–2027 Upplands-Bro Light industrial 1,300 Within current zoning 2026–2027 Uppsala Light industrial 1,000 Within current zoning 2026–2027 Botkyrka Residential 80,000 Within current zoning 2026–2027 Sollentuna Residential 7,000 Zoning change ongoing 2026–2027 1) GFA, may deviate from what is technically and commercially viable. 2) Start of first phase, projects may include several phases. Note that Stendörren aims to construct on a pre-let basis, which means that the timing of construction start depends on pace of leasing activities. the year. Four new buildings with a total area of 9,500 square meters were completed during the year. All of the completed projects consist of new development of light industrial properties. Residential development The ongoing social development, expansion and grow- ing population in the Stockholm region are creating long-term demand for residential properties. To meet housing needs, Stockholm and the surrounding munic- ipalities must increase their development density and increasingly plan for residential construction on, for example, industrial land. Stendörren is taking a long- term approach at a few of the properties in its portfolio and is preparing new zoning plans for residential prop- erties in such locations. Residential building rights can be created on undevel- oped land, adjacent to existing buildings, or by con- verting existing buildings. In Botkyrka, Stendörren has a zoning plan to develop approximately 800 residential units and about 10,000 sqm of commercial premises. Stendörren is also conducting ongoing work regard- ing new zoning plans for residential purposes in Sollen- tuna, Traversen 14 and 15. Furthermore, the company is investigating the conditions for working on zoning plans at additional locations in the Stockholm region. One example is the southern part of the GreenHub in Upplands-Bro, which overlooks Lake Mälaren. Stenvreten 8:37, Enköping
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Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 20 Sustainability report Financial reports Corporate governance Other information Business description In 2025, Stendörren completed a total of 19 property acquisitions in 12 separate transactions. The total lettable area amounted to approximately 71,050 square meters, with an average NOI yield of just under 7 percent. The total agreed property value of these acquisitions amounted to SEK 1,170 million. In line with the company’s strategy, Stendörren priori- tized acquisitions in select growth regions such as Stock- holm, Uppsala and Västerås, and continued to expand in the company’s foreign markets. Stendörren continuously evalu- ates new business opportunities in all markets it serves. The aim is to gradually achieve a critical volume in each market, which will then enable efficient property management and rental operations by the local team. These investments highlight Stendörren’s aim of being a long-term owner in logistics, warehouse and light indus- trial in Nordic growth regions and ensuring continuing value creation. The acquisitions made during the year also had a positive impact on the company’s key ratios, such as income from property management per share, which further emphasizes the strategic importance of completed transactions to the company’s financial performance. In 2025, Stendörren sold the Pilbågen 1 property in Södertälje municipality, which was acquired by the Swedish Transport Administration. ACQUISITIONS AND DIVESTMENTS Acquisitions 2025 Municipality Property Lettable area, sqm Agreed property value, SEK million Property type Date Uppsala Fyrislund 11:4 47 Light industrial Dec 12, 2025 Täby, Upplands-Väsby Vik 1:70 & 1:77, Passaren 2, Dragstiftet 3 4,200 97 Light industrial Dec 11, 2025 Uppsala Danmarks-Kumla 12:1, Årsta 37:1 12,100 255 Warehouse, light industrial Dec 17, 2025 Järvenpää Yrittäjänkatu 4 5,500 Light industrial Dec 18, 2025 Helsinki Malminkartanontie 1 6,800 134 Warehouse, retail Nov 25, 2025 Hvidovre, Vantaa Kanalholmen 20, Martinkyläntie 52 10,500 92 Light industrial Feb 14, 2025, Feb 17, 2026 Herlev, Hvidovre, Taastrup Vesterlundvej 5, Valseholmen 5, Mårkærvej 5, Rugvænget 35 19,200 253 Light industrial Apr 11, 2025, May 1, 2025 Espoo Kilonkartanontie 3 3,600 70 Warehouse Jul 4, 2025 Västerås Friledningen 6 & 10 4,300 80 Light industrial Jul 1, 2025 Västerås Strömbrytaren 1 2,700 56 Light industrial Jun 18, 2025 Total 71,050 1,170 Divestments 2025 Municipality Property Lettable area, sqm Agreed property value, SEK million Property type Date Södertälje Pilbågen 1 2,500 57 Light industrial Jan 31, 2025 Total 2,500 57 A view of the recently acquired property Louhostie 5 in the Helsinki region
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Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 21 Sustainability report Financial reports Corporate governance Other information Business description FINANCING Investment in commercial properties is a capital-intensive activity that requires consid- erable access to both risk-bearing capital and borrowed capital. Access to capital varies over time and is influence by both company-specific factors (the outlook for healthy returns over time for the risk-bearing capital and the capac- ity to repay the borrowed capital) and external factors such as changed market conditions, business environment and the macroeconomic situation. Stendörren’s largest item of expenditure in the income statement is for interest on borrowed capital while one of the company’s most important financial targets is to deliver a high risk-adjusted return on the risk-bear- ing capital. To minimize the financing, interest-rate and credit risks, which are described in more detail in the “Risk” section (pages 46–47), the Board has adopted a financial policy with certain intervals for the permitted spread of loan maturity periods and interest rate exposure. Stendörren’s financing As of December 31, 2025, Stendörren’s total assets amounted to SEK 16,721 million (14,975). The company’s operations are financed using equity, interest-bearing liabilities and other liabilities. Equity and interest-bear- ing liabilities are the two most important sources of capital and accounted for 39 percent (41) and 61 percent (59), respectively, of the company’s total financing as of the reporting date. The company strives for relatively long interest and loan maturities. Interest maturity reduces interest-rate Loan maturity As of December 31, 2025, the average time to maturity of interest-bearing liabilities to credit institutions amounted to 3.4 years (3.2) and for total interest- bearing liabilities to 3.2 years (3.1). Interest maturity Stendörren uses interest-rate derivatives to hedge against a rise in the reference rate, through a portfolio of interest-rate hedges with a total nominal value of SEK 5,701 million. At the end of the reporting period, approximately 63 percent (59) of the company’s interest- bearing liabilities were interest-hedged to a highest reference interest level of 2.2 percent (1.6) on the interest-hedged part of the interest-bearing liabili- ties. Stendörren also has forward starting interest-rate derivatives, which extends the average term of the derivative portfolio. For more details see table below. Including the unhedged portion of the relevant Ibor and the hedged portion via swaps and interest-rate caps, the average interest maturity of interest-bearing liabilities was 2.9 years (2.2). sensitivity and, in parallel, a spread of loan maturities over several years reduces the refinancing risk. Accord- ing to the company’s financial policy, no more than 33 percent of all loan maturities may fall due for refinancing during a single year. The maturity structure of Stendör- ren’s interest-bearing liabilities at the end of 2025 are presented in the table below. Stendörren also has financial obligations (covenants) in its loan agreements. The financial obligations are cash flow based or related to the loan-to-value ratio and equity ratio. Stendörren fulfills all of these obligations. Interest-bearing liabilities The carrying amount of the Group’s interest-bearing liabilities at the end of the reporting period amounted to SEK 8,938 million (7,791), corresponding to a loan-to- value ratio of 53 percent (52). The liabilities consisted of loans from credit institutions of SEK 7,287 million (6,531) and three green bonds totaling SEK 1,700 million (1,300). Loan arrangement costs of SEK –48 million (–40) were allocated in accordance with the compa- ny’s accounting policies. The short-term portion of the interest- bearing liabilities amounted to SEK 301 million (153) and consisted of loans and repayments that are due within the next 12 months. Liabilities to credit institutions Stendörren’s interest-bearing liabilities to credit institu- tions comprise bilateral bank loans raised using proper- ties owned by subsidiaries as collateral. The bank loans are provided by five banks. Bond loans On the reporting date, the company had three outstand- ing bond loans, all green. One bond loan amounted to SEK 800 million on the reporting date, maturing on December 12, 2027, and has an interest rate of Stibor 90 plus 2.90 percent. The second bond loan amounts to SEK 500 million, maturing on September 30, 2028, and has an interest rate of Stibor 90 plus 2.60 percent. The third bond loan amounts to SEK 400 million, maturing on June 4, 2029, and has an interest rate of Stibor 90 plus 2.35 percent. Maturity structure interest-bearing liabilities, December 31, 2025 SEK million 2026 2027 2028 2029 2030 2031 2032 >2032 Total Share of total, % Swedbank 0 0 0 2,858 0 0 0 0 2,858 32 Danske Bank 153 52 70 468 343 0 0 0 1,085 12 Nordea 0 0 442 858 0 0 0 0 1,300 14 Sörmlands Sparbank 0 0 269 0 0 0 0 0 269 3 SEB 0 199 1,575 0 0 0 0 0 1,774 20 Bond 0 800 500 400 0 0 0 0 1,700 19 Total 153 1,051 2,856 4,584 343 0 0 0 8,987 100 Share of total, % 2 12 32 51 4 0 0 0 100
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Introduction STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 22 Financing Sustainability report Financial reports Corporate governance Other information Business description Other liabilities Deferred tax liabilities amounted to SEK 1,143 million (1,061) on December 31, 2025, and related to the tax on properties, derivatives, untaxed reserves and unutilized losses carried forward. In addition to the short-term portion of interest-bear- ing liabilities, current liabilities include accounts payable, accrued expenses and deferred income, tax liabilities and other current liabilities, amounting to a total of SEK 402 million (383). Working capital The company is of the opinion that the available cash flow from operating activities in combination with the unutilized credit facilities at the end of the year are sufficient to meet its liquidity requirements for the next 12-month period. Working capital refers here to Stendör- ren’s supply of cash and cash equivalents to fulfill its payment obligations as and when they fall due for pay- ment. The company’s operating activities tie up a limited amount of working capital since most rental income is received in advance while expenditures are primarily paid retroactively. As of December 31, 2025, there was available liquidity of approximately SEK 985 million, in the form of cash and credit facilities. No additional collateral needs to be pledged to utilize these credit facilities. Interest-rate derivatives – active Counterparty Type Start date Maturity date Nominal value, SEK million Fair value, SEK million Cap level, % Years remaining Nordea Interest-rate cap Sep 3, 2021 Sep 3, 2026 300 0.1 2.00% 0.67 Swedbank Interest-rate cap Dec 14, 2021 Dec 14, 2026 1,100 0.7 2.00% 0.952) SEB Interest-rate cap Dec 23, 2021 Dec 23, 2026 750 0.5 2.00% 0.982) Swedbank Interest-rate cap Sep 3, 2021 Sep 3, 2026 550 0.2 2.00% 0.672) Total 2,700 1.4 2.00% 0.82 Swedbank Interest-rate swap Feb 12, 2025 Feb 12, 2030 500 0.8 2.36% 4.12 Nordea Interest-rate swap Feb 12, 2025 Feb 12, 2030 300 0.2 2.37% 4.12 SEB Interest-rate swap Feb 13, 2025 Feb 13, 2030 200 0.2 2.38% 4.12 SEB Interest-rate swap Jan 13, 2025 Dec 17, 2027 101 –0.3 4.06% 1.96 Danske Bank Interest-rate swap Oct 7, 2025 Oct 7, 2030 600 1.6 2.45% 4.77 Danske Bank Interest-rate swap Oct 7, 2025 Oct 7, 2029 300 0.2 2.39% 3.77 Swedbank Interest-rate swap Nov 10, 2025 Nov 10, 2030 400 –0.2 2.49% 4.86 Swedbank Interest-rate swap Nov 10, 2025 Nov 10, 2029 600 –1.1 2.41% 3.86 Total 3,001 1.3 2.47% 4.19 1) Including derivatives with a delayed start date, the average maturity amounts to 4.3 years. 2) Upon maturity, the derivative is replaced with a derivative (see table to the right) with a delayed start date at the same nominal amount. Interest-rate derivatives – with delayed start date Counterparty Type Start date Maturity date Nominal value, SEK million Fair value, SEK million Swap interest rate, % Years remaining Nordea Interest-rate cap Sep 3, 2026 Sep 3, 2031 425 8.6 2.75% 5.68 Nordea Interest-rate swap Sep 3, 2026 Sep 3, 2031 425 0.6 2.61% 5.68 Swedbank Interest-rate cap Dec 14, 2026 Dec 14, 2030 550 9.4 2.75% 4.96 Swedbank Interest-rate swap Dec 14, 2026 Dec 14, 2030 550 3.9 2.44% 4.96 SEB Interest-rate cap Dec 23, 2026 Dec 23, 2031 75 1.9 2.75% 5.98 SEB Interest-rate swap Dec 23, 2026 Dec 23, 2031 75 0.3 2.64% 5.98 Total 2,100 24.6 2.64% 5.32 The combined effect of the interest hedging gives a maximum reference interest level of 2.2 percent on the interest- hedged part of the interest-bearing liabilities. At the end of the year, approximately 63 percent of the company’s interest- bearing liabilities were interest-hedged. A view of the recently acquired property Kiitoradantie 3 in the Helsinki region
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SUSTAINABILITY REPORT Stendörren’s sustainability work 24 Environmental sustainability 31 Social sustainability 34 Responsible business conduct 36 GRI content index 37 Sustainability notes 40 Independent auditor’s assurance report on the Group Sustainability Report 42 3 23STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT
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About this Sustainability Report Stendörren’s Sustainability Report is prepared in accor- dance with the GRI Universal Standards 2021. A detailed overview of each disclosure requirement is provided in the GRI content index on pages 37–38. The Sustainabil- ity Report was also prepared in accordance with the provisions of Chapter 6, Section 12 of the older version of the Swedish Annual Accounts Act. A description of the company’s business model is presented on page 12. The Sustainability Report covers the Parent Company and all wholly owned subsidiaries. It does not cover operations controlled by individual tenants or suppli- ers. The entire Sustainability Report has been reviewed by BDO and its statement can be found on page 42. An annual risk assessment of Stendörren’s most mate- rial sustainability matters is conducted as part of the company’s routine risk assessment process. Informa- tion about identified sustainability-related risks and how these are managed is presented on page 47, while the process for internal control and risk management is described on pages 83–84. The Sustainability Report aims to provide an overall picture of Stendörren’s sus- tainability activities, including the results of measures and activities carried out during the year and the priori- ties used as the basis for future work. Frameworks and standards Stendörren applies the following international frame- works and standards in its Sustainability Report: Greenhouse Gas Protocol (GHGP): a global standard for measuring and reporting greenhouse gas (GHG) emissions. Global Reporting Initiative (GRI): an international framework for sustainability reporting. Task Force on Climate-related Disclosure (TCFD): a framework for reporting climate-related financial risks. Science Based Target initiative (SBTi): an international framework for setting sustainability targets in line with the Paris Agreement’s goal of limiting global warming to 1.5°C. Laws and regulations Laws and regulations that Stendörren must follow: • Swedish Companies Act • Swedish Annual Accounts Act • Swedish Environmental Code • Swedish Work Environment Act • The Swedish National Board of Housing, Building and Planning’s building regulations • Other applicable laws and regulations Stendörren’s sustainability activities Stendörren’s long-term environmental target is to achieve net-zero carbon emissions throughout the value chain by 2040. The company strives to gradually raise its ambition level and continuously improve its proce- dures and processes to optimize the results and impact of its sustainability activities. This is to be achieved by integrating sustainability into all areas of the company’s operations. Stendörren endeavors to meet the needs of its ten- ants for premises, while taking into consideration the environment, climate and biodiversity. For Stendörren, this means above all that the development of properties must take place within planetary boundaries and that existing buildings need to be adapted to the changing climate. Stendörren’s largest carbon footprint occurs upstream in the value chain, and it is therefore crucial to focus on resource efficiency in the value chain – in prop- erty management, renovation and new development – in addition to its own operations. The past year • Energy efficiency work progressed with excellent results in line with the company’s energy strategy. • Work progressed with a GHG inventory of the company’s high-risk properties. • Actions and procedures were established to manage climate risks at the identified high-risk properties. • An inventory of waste management was conducted to establish systematic procedures aimed at reducing waste. • In project development, work continued to reduce the carbon footprint when establishing new properties. • The company was involved in pilot projects to reduce CO2 emissions by including new progressive materials with a very high climate performance. • Commenced own pilot projects in ecosystem services to contribute to biodiversity. • Continuous dialogue with employees, both individually and in groups, to further strengthen engagement and promote personal development. • The company has collaborated with external orga- nizations to create job opportunities for individuals experiencing difficulties finding employment. STENDÖRREN’S SUSTAINABILITY ACTIVITIES STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 24 Stendörren’s sustainability work Introduction Business description Financial reports Corporate governance Other informationSustainability report
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Sustainability activities are integrated into Stendörren’s annual business planning and are a central part of its operations, with a clear division of responsibilities and delegation of authority. The Head of Sustainability is part of the company’s management team, whose work during the year included a focus on implementing the com- pany’s higher sustainability ambitions in practice. The management team is also responsible for identifying and managing sustainability-related risks within the company. Stendörren’s policies The company’s policies are reviewed and revised annually. All new employees at Stendörren receive an introduction to the company’s policies and manuals as part of the onboarding process. All employees confirm annually that they have read and understood the con- tent of the applicable policies. In the event of significant changes to policies or other governing documents, tar- geted training is provided to ensure that all employees are updated. SUSTAINABILITY GOVERNANCE POLICIES IN EACH FOCUS AREA Stendörren’s codes of conduct Along with the sustainability strategy, Stendörren’s codes of conduct for employees and suppliers are cen- tral governing documents for the company’s sustainabil- ity work. These documents are based on international conventions, standards, legislation and the UN Global Compact’s ten principles for sustainable development. The codes of conduct set out guidelines for Stendör- ren’s work on human rights, labor, the environment and anti-corruption. Stendörren’s internal sustainability management system Stendörren’s sustainability management system serves as a governing framework that guides the work of employees to align with the company’s sustainability targets. The system consists of the following main components: Roadmap to net-zero carbon emissions by 2040 – A roadmap outlining necessary activities and actions, including timelines, to achieve the target of net-zero CO2 emissions. Transition plan – A plan describing how the company adapts its operations to changing environmental condi- tions, such as climate change, new regulations and tech- nological shifts, to ensure its long-term competitiveness. Energy strategy – Procedures, activities and measures including a checklist for energy efficiency. Climate risk strategy – Inventory templates, procedures and activities including a checklist for climate risk management. Circular processes strategy – A strategy for how each part of the organization will transition to circular processes. Green Map – A tool with actions to ensure that pro- cesses are implemented in line with the roadmap. Instructions for climate calculations – Internal and external instructions for accurate and comparable reporting of CO2 emissions. Ecosystem services strategy – Instructions on how the company is to work to increase biodiversity and adapted stormwater management. Voluntary membership organizations Stendörren is a member of the following voluntary membership organizations: Klimatarena Stockholm – A joint initiative by Region Stockholm and the County Administrative Board in Stockholm aimed at streamlining and structuring collab- oration between the county’s companies, municipalities and academia to accelerate the climate transition in Stockholm County. Global Real Estate Sustainability Benchmark (GRESB) – An international organization that evaluates and bench- marks the sustainability performance of property and infrastructure companies from an investor perspective. Resource efficiency • Sustainability strategy • Roadmap • Green Map • Supplier Code of Conduct • Stendörren’s circular processes strategy • Instructions for climate calculations Attractive employer • Employee handbook • Policy on gender equality, diversity and equal treatment • Manager handbook • Well-being and health program Future-proofing • Sustainability strategy • Roadmap • Energy strategy • Climate risk strategy • Transition plan • Stendörren’s ecosystem services strategy Social responsibility • Sustainability strategy • Policy on gender equality, diversity and equal treatment Operational excellence • Code of Conduct • Supplier Code of Conduct • Purchasing policy STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 25 Stendörren’s sustainability work Introduction Business description Financial reports Corporate governance Other informationSustainability report
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AN ACTIVE SUSTAINABILITY COUNCIL Stendörren’s Sustainability Council consists of representatives from various parts of the organization and is led by the company’s Head of Sustainability. The Council is tasked with coordinating and leading the company’s sustainability activities in line with the adopted strategy. Through monthly meetings, the Council monitors the progress of ongoing initiatives. During 2025, initiatives pursued by the Sustainability Council included: • Continuous employee surveys • Salary mapping for fair pay outcomes • Green and sustainability linked financing • Environmental certification of properties • Energy efficiency improvements • Evaluation and implementation of digital tools and AI for energy optimization • Solar panel installations • Improving the climate performance of new buildings • Transition to circular processes for refurbishment and new development projects • Implementation of systematic occupational health and safety work • Increased focus on actions that contribute to circular processes EMPLOYEES Contribute ideas and follow the company’s sustainability ambitions Governance model BOARD OF DIRECTORS Strategic responsibility MANAGEMENT Operational/strategic responsibility DEPARTMENT HEADS/MANAGERS Implementation of strategy and activities SUSTAINABILITY COUNCIL • Coordinates sustainability activities based on the sustainability strategy. • Representatives include employees and managers from the organization’s various functions. • Leads specific sustainability projects. Almnäs 5:23, Södertälje STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 26 Stendörren’s sustainability work Introduction Business description Financial reports Corporate governance Other informationSustainability report
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Stendörren conducts ongoing dialogues with its stakeholders through regular meetings, surveys and other feedback forums. In addition, in-depth stakeholder dialogues are also conducted. Stakeholder group Expectations Contact channels Stendörren’s focus Owners and Board of Directors • Clarify and follow up the sustainability strategy based on Stendörren’s business strategy. • Transparent reporting. • Secure and reliable value chain. • Regulatory compliance. • Board meetings six to eight times per year. • Annual strategy meetings. • Meetings with owner representatives. • Contact with CEO, CFO and Head of Sustainability. • Active work on climate and transition risks. • Follow up and develop sustainability strategy and targets. Employees, including management team • Follow-up of targets and sustainability strategy. • Focus on the targets and activities that con- tribute most to sustainable development. • Positive corporate culture and professional development. • Department meetings weekly. • Information meetings monthly. • Conferences with various themes. • Breakfasts and informal meetings with colleagues. • Regular eNPS measurements. • Follow up of performance reviews. • Training in relevant areas. Financiers and lenders • Long-term and stable financial management. • Transparent reporting. • Energy and CO2 emissions. • Management and control of climate risks. • Investor presentations. • Interim reports. • Contact with CEO, CFO and Head of Sustainability. • Follow-up of green and sustainability linked financing. • Increased transparency in sustainability reporting. Tenants and tenant representa- tives • Good relationships, service and work environment. • Premises that meet their needs. • Low energy consumption and sustainable energy sources. • Control of climate risks. • Customer meetings. • Negotiations. • Dialogue via established personal contacts. • Anonymous surveys. • Increased collaboration . • Green appendices to lease agreements. • Resource efficiency. Suppliers and partners • Engagement and collaboration for sustainable material choices. • Energy and CO2 emissions. • Good relationships and work environment. • Dialogue during procurement of framework agreements and construction contracts. • Regular audits. • Contract meetings. • Site visits. • Requirements in procurement. • Background checks and follow- up of Code of Conduct compliance . • Increased engagement and collaboration with partners. Municipalities • Transparent reporting and regulatory compliance. • Activities that contribute to sustainable development. • Reduced emissions. • Sustainable energy sources. • Close dialogue in processes con- cerning zoning plans and building permits. • Clear and open communication. • Contribute to sustainable development in the municipal- ities where Stendörren owns properties or building rights. STAKEHOLDER ENGAGEMENT AND MATERIALITY ASSESSMENT In autumn 2024, a double materiality assessment was performed. The assessment was based on a targeted stakeholder dialogue to identify both the impact that Stendörren has on the world and sus- tainability-related risks and opportunities that may impact Stendörren’s financial position. Stendörren’s management analyzed and struc- tured the most material topics in terms of impact, scope, likelihood and feasibility of action. The result of the materiality assessment is shown in the matrix below. During the process, a number of topical areas were also identified as particularly material for Stendörren. These topics are the value chain, circular processes and waste. The material topics are integrated into the existing strategy and the five focus areas previously estab- lished by the company. The results of the double materiality assessment performed in 2024 are still considered relevant and the matters identified as most material still form the basis of the company’s sustainability work. Materiality matrix Stendörren’s impact Financial impact on Stendörren Low Medium High Low Medium High Environment 1 Carbon footprint 2 Climate risk 3 Energy consumption in properties 4 Biodiversity 5 Environmental certification of properties 6 Green financing Social 7 Work environment 8 Well-being and health 9 Gender equality 10 Human rights 11 Safety 12 Corporate culture Governance 13 Corporate governance 14 Anti-corruption 15 Supplier audits 16 Attractive business partners 17 Communication 18 Digitalization 1 13 3 14 12 15 2 16 6 7 8 9 4 5 11 10 17 18 STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 27 Stendörren’s sustainability work Introduction Business description Financial reports Corporate governance Other informationSustainability report
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STENDÖRREN’S SUSTAINABILITY STRATEGY In 2025, the target of 70 percent certified lettable area was achieved, and the company also achieved its energy target of reducing energy consumption by 30 percent by 2030. In light of this, Stendörren has updated and clarified its sustainability strategy and added more ambitious targets within the focus areas of resource efficiency and future-proofing. As part of the transition plan, an energy strategy has been developed to support the company’s adjustment to a changing climate. Stendörren also has a strategy for circular processes to pro- mote increased reuse, reduced waste, and minimized use of virgin materials. All strategies are included in the company’s roadmap to achieve net-zero carbon emissions by 2040. Stendörren’s sustainability strategy also includes a climate risk strategy to adapt the property portfolio to potential cli- mate change by identifying, mitigating and preventing risks in the company’s properties and projects. The sustainability strategy is based on the UN Sustainable Development Goals or SDGs (2030 Agenda). Stendörren supports the UN SDGs and has identified the following ten goals where the company has a direct impact: The aim of Stendörren’s sustainability strategy is to contribute to sustainable development, in its own operations and in society as a whole. The strategy includes five priority focus areas where Stendörren has the greatest opportunity to have an impact and drive positive change related to environmental, social and governance-related matters. Target 2040 Stendörren’s long-term target is to achieve net-zero carbon emissions across the entire value chain by 2040. Stenvreten 8:37, Enköping STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 28 Stendörren’s sustainability work Introduction Business description Financial reports Corporate governance Other informationSustainability report
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RESOURCE EFFICIENCY Ambition • Reduce energy intensity to no more than 50 kWh/sqm by 2040. • All properties to no more than 90 kWh/sqm by 2030. • 100 percent of new developments and major refurbishments are to have environmental certification. • Enable increased recycling of tenants’ waste. • Reduce the proportion of construc- tion waste sent to landfill to no more than 1 percent by 2030. • 100 percent fossil-free energy by 2030 (purchased by Stendörren). • Reduce carbon footprint in new developments by at least 40 percent kgCO2/sqm GFA by 2030 (base year 2022). OPERATIONAL EXCELLENCE Ambition • Suppliers to Stendörren’s property management and development operations must sign the company’s Code of Conduct. • All vehicles are to be fossil-free. ATTRACTIVE EMPLOYER Ambition • Active work, with annual follow-up and feedback, on gender equality and non-discrimination. • Strive for gender equality and diver- sity among all professional catego- ries with the goal of a 40/60 gender distribution for senior executives. • Achieve an eNPS of at least 40 in the annual employee surveys. • All employees are to complete training in the Code of Conduct. FUTURE-PROOFING Ambition • Include relevant TCFD indicators and report according to the TCFD. • All properties with a high-risk profile shall be subject to risk assessments and provided with relevant action plans. • At least 50 percent EPC-B or better by 2030. • Net-zero carbon emissions target aligned with the SBTi. SOCIAL RESPONSIBILITY Ambition • Create job opportunities for individuals experiencing difficulties finding employment. STENDÖRREN’S FIVE FOCUS AREAS Stendörren’s focus areas are based on the themes of environment, social and governance. These focus areas are regularly adapted to contribute to both short- and long-term target. Within each area, the company has formulated specific ambitions and targets. Stendörren primarily sets quantifiable goals that can be implemented and monitored. However, in certain areas it may be difficult to establish quantitative targets, even though the areas are important to address. In such cases, the company’s principle is to establish procedures and work systematically with the issues. Follow-up is then conducted through narrative feedback. The targets in our focus areas have been updated to reflect the prog- ress made in 2025, when several of our targets were achieved ahead of schedule. We are now taking the next step by raising our ambition level in areas where we can create the greatest long-term value for the company and society. Updated Updated New STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 29 Stendörren’s sustainability work Introduction Business description Financial reports Corporate governance Other informationSustainability report
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Property acquisitions Energy metering should be included in technical due diligence. Valuation of investment so energy efficiency (achieve EPC A or B) is included in technical due diligence. Evaluate refrigerants and energy suppliers. Follow Stendörren’s climate risk strategy. Scope 1 Scope 2 Scope 3 Project development Requirement of at least energy class B. Requirement for efficient techni- cal installations (in accordance with the Green Map). Investigate potential energy sources, such as solar and geothermal. Comply with the Green Map. Comply with successive thres- holds for new development in accordance with climate require- ments: reduce CO2 emissions. Follow Stendörren’s strategy for circular processes. Follow Stendörren’s strategy for ecosystem services. Property management (ROT1)) Always consider the potential for energy optimization in ROT projects that are carried out for other reasons. Evaluate energy suppliers. Invest in renewable energy sources (solar and geothermal). Comply with the Green Map (vid ROT >SEK 10 million). Follow Stendörren’s strategy for circular processes during refurbishments, ROT and tenant improvement. Follow Stendörren’s strategy for ecosystem services. Property management (operations) Energy efficiency for all types of energy, ongoing adjustments and optimization in accordance with Stendörren’s energy strategy. Evaluate energy suppliers. Invest in renewable energy sources (solar, geothermal). Improve recycling opportunities. Collection of tenant data (waste, energy, etc.). Perform climate risk inven- tory and follow climate risk procedures in accordance with Stendörren’s climate risk strategy. ACTIONS AND ACTIVITIES (2025–2030) ACTIONS AND ACTIVITIES (2030–2040) • Use alternative building materials. • Further optimization and property control, partly using AI. • Technical development. • Collaboration in and between industries that are interdependent. • Commercialization of reuse. BASE YEAR 20302025 2040 STENDÖRREN’S CLIMATE ROADMAP BASE YEAR • 108 kWh/sqm base year 2020 (Scope 2). • 350 CO2/sqm base year 2022 (Scope 3). CURRENT SITUATION • Climate-neutral portfolio (Scope 1 and 2). • Energy intensity, 74 kWh/sqm (Scope 2). • –27% kgCO2/sqm compared with base year 2022 (Scope 3). • 1% construction waste to landfill. • 100% fossil-free (purchased) energy. 2030 • –40% kgCO2/sqm compared with base year 2022 (Scope 3). • No more than 1% of construction waste to landfill. • 100% fossil-free (purchased) energy. • All properties to no more than 90 kWh/sqm by 2030. 2040 • Achieve net-zero emissions throughout the value chain. • Reduce energy intensity to no more than 50 kWh/sqm by 2040 (Scope 2). 1) Repairs, conversion and extension Interested in finding out more? Read our Climate Roadmap STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 30 Stendörren’s sustainability work Introduction Business description Financial reports Corporate governance Other informationSustainability report
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RESOURCE EFFICIENCY Resource efficiency is one of the areas where Stendörren has the greatest opportunity to reduce its carbon footprint. This involves limiting carbon emissions in new developments and refurbish- ments and optimizing energy consumption in the existing property portfolio. Energy consumption in existing portfolio Stendörren’s target was to reduce its energy intensity by 30 percent by 2030, with 2020 as the base year. The target was already achieved in 2025, when energy inten- sity amounted to 74.3 kWh/sqm (78.7), corresponding to a reduction of approximately 31 percent compared with the base year 2020. Given the above, Stendörren has now raised its ambitions and set new targets for energy inten- sity: to reach 50 kWh/sqm by 2040 and that all properties are to be below 90 kWh/sqm by 2030. All electricity purchased for Stendörren’s properties is fossil-free, and the company continued its work with energy efficiency measures during the year in accordance with its energy strategy. In particular, the company has successfully reduced its electricity consumption through more efficient installations with a high level of heat recov- ery. Some properties also took part in a pilot project that is exploring the potential for further optimization using AI and sensor control. In 2025, work continued with the installation of geo- thermal heating and solar cells, and with adapting and optimizing operating times in the properties. During the year, the company reached an installed solar power capacity of just over 1,814 kWp (1,300). Property manage- ment continuously monitors the energy-saving measures through monthly follow-ups for each property, focused on continuously reducing energy consumption. Certification of existing properties Stendörren has chosen to certify its existing properties in accordance with BREEAM In-Use. During the year, Sten- vreten 8:37 became the first property in Sweden in the industrial and warehouse buildings segment to achieve the Outstanding rating. At the end of the year, 71 percent of the total lettable area was certified (73). The compa- ny’s target is to certify at least 70 percent of the area by 2025 – which was achieved during the year. In the future, certification will only be conducted under special circumstances. Project development In project development, climate calculations have been integrated into all new developments to provide valu- able insights early in the process, when the opportunity to influence the carbon footprint is greatest. The climate calculations are used to optimize the choice of materials and design to reduce carbon emissions in each individual project. Stendörren aims to reduce carbon emissions per square meter (GFA) by 40 percent by 2030, with 2022 as the base year. During the year, two projects were com- pleted with a total area of just over 14,000 square meters, which achieved a reduction in emissions of approximately 27 percent compared with the base year. In the construc- tion projects, Stendörren continued to enable local han- dling of soil and rock mass, which reduced transport needs and streamlined resource use on site. In addition, pilot projects began during the year to increase and improve ecosystem services, including biodiversity. Certification of new developments Stendörren environmentally certifies all new develop- ments according to the BREEAM-SE certification system. The company’s ambition is to achieve at least a Very Good rating, but in several projects the aim is to achieve the higher Excellent rating. During the year, two projects were completed with Very Good certification. Ambition • Reduce energy intensity to no more than 50 kWh/sqm by 2040. • All properties to no more than 90 kWh/sqm by 2030. • 100 percent of new developments and major refurbishments are to have environ- mental certification. • Enable increased recycling of tenants’ waste. • Reduce the proportion of construction waste sent to landfill to no more than 1 percent by 2030. • 100 percent fossil-free energy by 2030 (purchased by Stendörren). • Reduce carbon footprint in new develop- ments by at least 40 percent kgCO2/sqm GFA by 2030 (base year 2022). Within the focus area, we have a direct impact on: REDUCTION OF ENERGY INTENSITY (KWH/SQM) 1) 31% Target: 30% reduction from base year 2020 to 2030 ENVIRONMENTALLY CERTIFIED AREA 2) 71% Target: 70% certified area by 2025 CONSTRUCTION WASTE TO LANDFILL 1% Target: <1% by 2030 PERCENTAGE OF FOSSIL-FREE ENERGY 100% Target: 100% by 2030 REDUCTION IN CARBON FOOTPRINT IN NEW DEVELOPMENTS CO 2/SQM 27% Target: 40 percent reduction from base year 2022 to 2030 1) As of December 31, 2025, compared with base year 2020. 2) Out of total portfolio as of December 31, 2025. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 31 Environmental sustainability Introduction Business description Financial reports Corporate governance Other informationSustainability report
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Waste In 2025, Stendörren updated its methodology for data collection to provide a more accurate and detailed picture of waste data. Supported by external expertise, the com- pany obtained precise waste data in terms of fractions and quantities. During the year, the proportion of con- struction waste sent to landfill amounted to 1 percent (2). To strengthen its waste management efforts, Stendörren is endeavoring to implement green leases, which aim to provide better access to waste data. Carbon emissions The carbon footprint in the company’s own organization (Scope 1) is marginal as it no longer has its own heating boilers in its properties and most of its service vehicles are fossil-free. Indirect emissions (Scope 2) mainly consist of energy use in the properties and are affected by both the efficiency of energy consumption and the choice of energy source for each building. The largest share of emissions is from activities outside the company’s own organization, in Scope 3. Stendörren can influence these emissions through its choice of con- struction projects and building materials and by setting ambitious targets for waste management. The company can also stipulate requirements for the use of fossil-free fuels in vehicles and machinery used in construction proj- ects. Emissions linked to the tenants’ use of premises can be mitigated to some extent by encouraging the purchase of fossil-free or renewable electricity, promoting efficient waste management and facilitating climate-smart com- muting options. A summary of Stendörren’s total GHG emissions for the 2020–2025 period is provided in the table on pages 39–41. Total emissions During the year, Scope 1 emissions decreased to 8 tonnes (25), driven by lower emissions from the company’s vehi- cles and the fact that no refrigerant leakages occurred during the period. Scope 2 emissions increased slightly to 975 tonnes (952) due to deteriorating emission factors from district heating suppliers, despite lower energy consumption in the property portfolio. Total Scope 3 emissions decreased to 5,137 tonnes (8,104). The decrease was attributable to a better climate performance through integrated construction products, reuse during tenant improvements and, to some extent, fewer completed projects during the year. The number of employees commuting by fossil fuel vehicles has declined, as a significant share of these journeys are now made in FOCUS AREAS Resource efficiency – outcome KPI 2025 2024 2023 Energy Percentage of purchased fossil-free energy, % 100 97 98 Total energy consumption, MWh 32,667 34,437 40,858 – of which from renewable sources, MWh 22,105 33,531 39,903 – of which from non-renewable sources, MWh 10,562 906 955 Heating from district heating, MWh 22,932 24,090 28,703 Heating from electricity Heat pumps, direct electricity, etc., MWh 1,167 965 1,021 Heating from heating oil, MWh 0 0 0 Energy intensity, kWh/sqm 74 79 85 Property electricity (excl. electricity for heating), MWh 8,522 9,333 11,078 Cooling from district cooling, MWh 47 49 56 KPI 2025 2024 2023 Intensities1) kWh/sqm 74 79 85 kg CO2/sqm 2.3 2.2 2.6 Certification No. of environmentally certified properties 92 94 68 Percentage of environmentally certified lettable area, % 71 73 58 No. of certified new developments and conversions2) 4 3 1 1) Intensity based on Scope 1 and 2 and square meters calculated based on NLA. Will be adjusted in future reporting as data collection has begun for Scope 3. 2) Certificate obtained. A total of 100 percent of new development completed in 2025, is awaiting certificate approval. Carbon footprint (Scope 1 and 2) Kg CO2/sqm Energy intensity kWh/sqm 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 20252024202320222021 0 20 40 60 80 100 120 20252024202320222021 Percentage of fossil-free energy sources in operations 0 20 40 60 80 100 20252024202320222021 n Non-renewable energy sources n Fossil-free energy sources electric cars. However, emissions are increasing as office attendance rates have risen and due to a higher number of employees. Most Scope 3 emissions arise from material use in new construction and conversion projects. This is a result of increased demand for the company’s properties, which led to more construction projects in the production- intensive phase during the year. Emissions intensity In Scope 1 and 2, which covers the managed property portfolio, energy consumption was reduced and emis- sions declined to 2.3 kg CO2/sqm of lettable area (tenant improvement, refurbishment, NLA). In Scope 3, emissions from new developments were slightly higher year-on-year at 255 kg CO2/sqm (GFA) (251). This is because the company completed the Sten- vreten 8:37 pilot project in 2024, which had a high sustain- ability performance with a very low carbon footprint per square meter. For refurbishments and tenant improvements, emis- sions decreased to 27 kg CO2/sqm (NLA) (35). In 2025, the calculation method was updated to provide a more accurate and fair picture of the company’s systematic efforts to increase the proportion of reused materials in refurbishment projects. However, most of the CO2 calculation for these projects is still based on standard values. 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In line with TCFD recommendations, the com- pany has categorized its climate-related finan- cial risks into two main groups – physical risks and transition risks. Stendörren has conducted assessments of the Swedish property portfolio and has developed a strategy to manage and limit the identified risks. Physical risks refer to risks arising from climate change, such as increased precipitation, higher temperatures or rising sea levels. Transition risks relate to political, regu- latory, market and technical risks that may arise from the transition to a low-carbon society. In recent years, Stendörren has conducted a compre- hensive climate risk assessment of the entire Swedish property portfolio, with the aim of identifying properties that are most exposed to climate change. The assess- ment showed that approximately 21 percent of the port- folio value is exposed to higher climate-related risks. Physical risks In the assessment performed by Stendörren in 2022 and 2023, the company used the four emission scenar- ios from the UN Intergovernmental Panel on Climate Change (IPCC): RCP8.5 (worst scenario, continued growth in emissions), RCP6 (continued growth in emis- sions until 2060), RCP4.5 (continued growth in emis- sions until 2040) and RCP2.6 (peak in emissions in 2020 and then a decline). The assessment indicates that 22 properties have potential physical climate risks until 2040. A more in-depth review and inventory of these properties started in 2024 to manage risks in each property. In 2025, targeted measures were implemented to limit the consequences of the identified risks. FUTURE-PROOFING Ambition • Include relevant TCFD indicators and report according to the TCFD. • All properties with a high-risk profile shall be subject to risk assessments and pro- vided with relevant action plans. • At least 50 percent EPC-B or better by 2030. • Net-zero carbon emissions target aligned with the SBTi. Within the focus area, we have a direct impact on: The risks are primarily linked to hydrology and cooling degree days. The assessment of the company’s Swedish properties is based on data compiled by SMHI as well as the buildings’ construction, energy performance, geo- graphical location and year of construction. Properties in Norway, Denmark and Finland are yet to be included in the reporting data. Properties that are currently located outside Sweden will be studied when a suitable model for this has been developed. Transition risks Stendörren also conducted an assessment of avail- able energy data for its property portfolio. The review identified 16 properties that, through implemented and planned measures, are gradually reducing their emissions and are therefore aligned with the company’s target of net-zero carbon emissions by 2040. In its work, Stendörren uses a scenario with a global temperature increase of 1.5°C, which sets the framework for how the company manages its transition risks. A central part of this work is a switch to heating solutions such as geothermal and district heating with a higher share of renewable energy. Adaptation initiatives to limit the impact of the transition have started and are continuing. Properties in other Nordic countries are gradually being mapped and integrated into Stendörren’s overall transition process. Båglampan 25, Bromma STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 33 Environmental sustainability Introduction Business description Financial reports Corporate governance Other informationSustainability report
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Ambition • Active work, with annual follow-up and feedback, on gender equality and non- discrimination. • Strive for gender equality and diversity among all professional categories with the goal of a 40/60 gender distribution for senior executives. • Achieve an eNPS of at least 40 in the annual employee surveys. • All employees are to complete training in the Code of Conduct. Stendörren’s employees form the foundation of the company’s success and long-term value creation. The company’s employees help in the development of a sustainable business that creates value for customers, investors and society through their high level of expertise, strong commitment and shared responsibility. Well-being and health Stendörren is actively working to strengthen its corpo- rate culture and further develop the company. Employee development, well-being and health are considered a high priority. Over the past year, the company has focused on strengthening expertise and improving com- munication between senior executives and employees in order to gain a better understanding of individual needs and development opportunities. Stendörren is committed to the professional develop- ment of its employees within the company and to work- life balance. Key personnel within the company have con- tinued to pursue and lead various initiatives to promote well-being and strengthen team cohesion, aimed at creat- ing an inclusive and engaging work environment. A joint conference was organized during the year with the theme of “Stress management and AI as a tool”, focused on team-building activities. In recent years, Stendörren’s efforts have led to a clear improvement in the company’s semi-annual eNPS (employee Net Promoter Score) measurements. In the first measurement in 2025, the company’s eNPS decreased to 42 (58), while the result in autumn 2025 was significantly higher at 56 (42). Work-related sickness absence in 2025, both the short-term and long-term, averaged 0 days (0) per employee. In addition, no work-related accidents or travel accidents were reported during the year. ATTRACTIVE EMPLOYER Within the focus area, we have a direct impact on: Gender equality and diversity The share of women in senior positions was 54 percent in 2025, unchanged compared with 2024. Stendörren works actively to promote inclusion, equal treatment and respect between employees. This process includes performance reviews and workshops. Clear procedures are in place in the event of any sus- picion of unequal treatment: incidents are reported to the immediate supervisor or to the Head of HR and fol- lowed up together with the parties involved. Stendörren also provides an anonymous whistleblower service that is available to all employees. To ensure a fair salary structure, salary mapping is per- formed each year. The aim is to ensure that the salary structure is determined on the basis of role, responsibility and experience, and that different roles are valued consis- tently and transparently in relation to each other. 2025 2024 2023 KPI Women Men Total Women Men Total Women Men Total Gender distribution senior positions1) 7 6 13 7 6 13 7 6 13 Number of new employee hires during the year 3 5 8 9 3 12 4 8 12 Work-related injuries and illnesses, number of days of absence2) 0 0 0 0 0 0 2.1 0 0.8 Diversity, number of employees <30 years 4 6 10 4 5 9 5 3 8 31–50 years 15 12 27 14 15 29 8 20 28 >50 years 7 10 17 7 6 13 7 7 14 Total number of employees 54 51 50 KPI 2025 2024 2023 Employee turnover, % 9.5 18 33 eNPS 56 42 58 Number of training hours per year3) 662 418 263 Percentage of employees receiving regular performance and career development reviews, % 100 100 100 1) Based on managers with line management responsibility or managers who are part of the management team. 2) Average number of days of absence based on total number of employees in December 2025. 3) The number of hours is based on training in OHS, CPR and the Code of Conduct. Other training was not logged. WOMEN IN SENIOR EXECUTIVE POSITIONS 54% Target: 40/60 gender distribution eNPS 56 Target: 40 STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 34 Social sustainability Introduction Business description Financial reports Corporate governance Other informationSustainability report
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Within the focus area, we have a direct impact on: SOCIAL RESPONSIBILITY The company works with customers, munic- ipalities and local entrepreneurs to develop pleasant, safe, secure and green environments. Stendörren has identified numerous benefits from maintaining a close dialogue with tenants, as this provides a good understanding of their needs and expectations of the company as a landlord. Community involvement Stendörren’s goal in this focus area is to create job opportunities for individuals experiencing difficulties finding employment. In recent years, the company has been active in offering traineeships and opportunities for practical learning to support individuals entering the labor market. In 2025, Stendörren accepted a total of three trainees and two student apprentices. In 2025, the company began collaborating with Arena För Utveckling (AFU) to help provide jobs for individ- uals experiencing difficulties finding employment. On average, six people worked at two properties once a week. The collaboration resulted in one person from AFU receiving a traineeship at Stendörren. The company has also collaborated with Stadsmission in Västerås to launch an initiative for young people. As part of this col- laborative project, six of our operations created jobs for young people who live in vulnerable residential areas. Ambition • Create job opportunities for individuals experiencing difficulties finding employment. Newly constructed light industrial building, Nygård 2:17 (GreenHub), Upplands-Bro STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 35 Social sustainability Introduction Business description Financial reports Corporate governance Other informationSustainability report
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Ambition • Suppliers to Stendörren’s property management and development operations must sign the company’s Code of Conduct. • All vehicles are to be fossil-free. Within the focus area, we have a direct impact on: OPERATIONAL EXCELLENCE The focus area addresses the guidelines that employees at Stendörren should follow to contribute to sustainable operations. This involves monitoring risks and changes in the world, focused on building a strong and stable organization with well-functioning support processes, methods, tools, procedures and policies. Governance of supply chain At the end of 2024, the Code of Conduct was updated to quality-assure and clarify the company’s sustainability requirements when procuring suppliers. The latest ver- sion of the Code of Conduct is signed and followed by the company’s partners. In 2025, there was an improve- ment in the systematic work on background checks and regular monitoring of compliance with the Code of Conduct. Business travel The proportion of vehicles in the company that are fossil-free (hybrid or electric vehicles) amounts to 96 percent (89) of the company’s total vehicle fleet. The remaining vehicles are being gradually phased out as stated in the company’s vehicle policy. The company still has one fossil fuel-powered car for logistical reasons, although this now operates solely on HVO. Stendörren employees must avoid air travel as much as possible and as a general recommendation all domestic travel should be by train. Anti-corruption and human rights Stendörren has established procedures to minimize the risk of corruption, bribery and fraud in its own opera- tions and in its value chain. The company’s suppliers must sign a Code of Conduct when performing a con- Number of reported incidents 2025 2024 2023 Whistleblower system 0 0 0 Other channels 0 0 0 PROPORTION OF FOSSIL-FREE VEHICLES 96% Target: 100% by 2025 tract or service when the value exceeds SEK 1 million. The company has a systematic follow-up procedure to ensure compliance with the Code of Conduct. The company provides an externally managed whistleblower system that is accessible from its website. In 2025, no cases were reported via the system. Systematic work for a more secure value chain The company conducts background checks, including both financial and social parameters, on contractors and suppliers for contracts larger than SEK 25 million, with the aim of ensuring a safe and secure partnership. The procedure clarifies how compliance with the Code of Conduct should be monitored and the types of checks that must be performed at different stages in the pro- curement process. A few minor deviations were detected in 2025. These were addressed by the contracting entity. No serious incidents or deviations were discovered. Viby 19:66, Upplands-Bro STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 36 Responsible business conduct Introduction Business description Financial reports Corporate governance Other informationSustainability report
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 37 Introduction Business description Financial reports Corporate governance Other informationSustainability report GRI CONTENT INDEX GRI Standard/other source GRI reference Page General disclosures GRI 2: General disclosures 2021 2-1 Organizational details 3, 8, 52 2-2 Entities included in the organization’s sustainability reporting 52, 71 2-3 Reporting period, frequency and contact point 24, 44, 45 2-4 Restatements of information 52 2-5 External assurance 24, 43 2-6 Activities, value chain and other business relationships 12 2-7 Employees 45, 67 2-8 Workers who are not employees 68 2-9 Governance structure and composition 26, 79, 80 2-10 Nomination and selection of the highest governance body 79, 80 2-11 Chair of the highest governance body 80, 86 2-12 Role of the highest governance body in overseeing the management of impacts 25, 26 2-13 Delegation of responsibility for managing impacts 25, 26 2-14 Role of the highest governance body in sustainability reporting 25, 26 2-15 Conflicts of interest 79, 80 2-16 Communication of critical concerns 81, 82 2-17 Collective knowledge of the highest governance body 81, 82 2-18 Evaluation of the performance of the highest governance body 81, 82 2-19 Remuneration policies 68, 84, 85 2-20 Process to determine remuneration 84, 85 2-21 Annual total compensation ratio 67, 68 2-22 Statement on sustainable development strategy 28, 45, 46 2-23 Policy commitments 25 2-24 Embedding policy commitments 25 2-25 Processes to remediate negative impacts 36 2-26 Mechanisms for seeking advice and raising concerns 36 2-27 Compliance with laws and regulations 24 2-28 Membership associations 25 2-29 Approach to stakeholder engagement 27 2-30 Collective bargaining agreements 44 GRI Standard/other source GRI reference Page MATERIAL TOPICS GRI 3: Material Topics 2021 3-1 Process to determine material topics 27 3-2 List of material topics 27 3-3 Management of material topics 27 ECONOMIC PERFORMANCE GRI 3: Material Topics 2021 3-3 Management of material topics 27 GRI 201: Economic performance 2016 201-1 Direct economic value generated and distributed 41 201-3 Defined benefit plan obligations and other retirement plans 54, 84, 85 ANTI-CORRUPTION GRI 3: Material Topics 2021 3-3 Management of material topics 27, 36 GRI 205: Anti-corruption 2016 205-2 Communication and training about anti-corruption policies and procedures 34, 36 205-3 Confirmed incidents of corruption and actions taken 36 ENERGY GRI 3: Material Topics 2021 3-3 Management of material topics 27, 31 GRI 302: Energy 302-1 Energy consumption within the organization 31, 32 302-3 Energy intensity 31, 32 302-4 Reduction of energy consumption 31, 32 EMISSIONS GRI 3: Material Topics 2021 3-3 Management of material topics 27, 32 GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions 32, 39 305-2 Energy indirect (Scope 2) GHG emissions 32, 39 305-3 Other indirect (Scope 3) GHG emissions 32, 40 305-4 GHG emissions intensity 13, 32, 39
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 38 GRI content index Introduction Business description Financial reports Corporate governance Other informationSustainability report GRI Standard/other source GRI reference Page WASTE MANAGEMENT GRI 3: Material Topics 2021 3-3 Management of material topics 27, 31, 32 GRI 306: Waste 2022 306-3 Waste generated 41 306-4 Waste diverted from disposal 41 306-5 Waste directed to disposal 41 DIVERSITY AND EQUAL OPPORTUNITY GRI 3: Material Topics 2021 3-3 Management of material topics 27, 34 GRI 405: Diversity and equal opportunity 2016 405-1 Diversity of governance bodies and employees 34, 56 405-2 Ratio of basic salary and remuneration of women to men 34 Almnäs 5:23, Södertälje
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 39 Introduction Business description Financial reports Corporate governance Other informationSustainability report SUSTAINABILITY NOTES Stendörren’s GHG emissions Stendörren annually measures the company’s emissions in accordance with the Greenhouse Gas Protocol. These emissions are reported in Scopes 1, 2 and 3. The calculations for Scope 3 were adjusted in 2022 and now include more climate items than in previous years. tCO2e 2025 2024 2023 2022 2021 Emission factor Source of emission factor Comment Scope 1 Purchased energy fuel (natural gas, oil, pellets) 0 0 0.1 16 29 Oil: 0.268 kgCO2e/kWh Swedenergy No oil boilers in operation. Fuel for company cars and machinery 8 10 60 84 110 Gasoline: 2.114 kgCO2e/l Diesel: 1.958 kgCO2e/l Biodiesel (HVO 100%): 0.00 kgCO2e/l E85: 0.463 kgCO2e/l Gas: 0.358 kgCO2e/l Biogas: 0.00 kgCO2e/l Swedish Environmental Protection Agency Refrigerant leakage 0 15 50 151 71 No leakages in 2025. Total Scope 1 8 25 110 251 210 Scope 2 District heating 974 951 1,188 1,080 1,268 Emission factor for each supplier (1-year delay) Swedenergy Purchased electricity (location based)1 779 903 972 1,060 1,222 Nordic electricity mix: 0.072 kgCO2e/kWh IVL Swedish Environmental Research Institute Purchased electricity (market based) 1 1 1 1 1 Electricity hydropower: 0.0000383 kgCO2e/kWh EPD Vattenfall hydropower Total Scope 2 (location based) 1,753 1,854 2,160 2,140 2,490 Nordic electricity mix, emission factor is the same for all years Total Scope 2 (market based) 975 952 1,189 1,081 1,269 Emissions intensity, Scope 1 and 2) (kgCO2 per lettable sqm) 2.3 2.2 2.6 2.7 3.2 IVL Swedish Environmental Research Institute, SBTi To meet the 1.5°C target, energy used to operate the company’s properties must not exceed 2.82 kgCO2/sqm by 2030.
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 40 Sustainability notes Introduction Business description Financial reports Corporate governance Other informationSustainability report tCO2e 2025 2024 2023 2022 2021 Emission factor Source of emission factor Comment Scope 3 Upstream New development (Refers to A1–A5 in the climate declaration) (3.2) 1,041 3,008 982 5,529 n/a Generic representative values according to the National Board of Housing, Building and Planning’s climate database EPDs for each specific material where available Construction sector’s Environmental Calculation Tool (BM) EPD International Fewer (approximately 30%) completed square meters within projects than in 2024. More construction products with EPDs and climate- improved alternatives. New development (in addition to climate declaration) (3.2) 802 1,091 702 2,088 n/a Standard construction and EPDs stage 7 and 8 depending on type of building. Earthwork under building: 30 kgCO2e/sqm Asphalted area: 0.049 kgCO2e/kg Standard construction stage 7, 8 and earthwork: IVL Swedish Environmental Research Institute Asphalt: Swedish Transport Administration (from BM) More construction products with EPDs and climate- improved alternatives. ROT (Repairs, Conversion, Extension) (value adding) (3.2) 3,048 3,699 2,633 2,058 n/a Standard Small: 29 kgCO2e/sqm Standard Medium: 55 kgCO2e/sqm Standard Large: 80 kgCO2e/sqm Standard prepared together with IVL Swedish Environmental Research Institute Fewer conversion projects (approximately 4%). The proportion of reuse has increased in all conversion projects. In all ROT projects, reuse amounted to 8%. Upstream: Purchased energy fuel (natural gas, oil, pellets) (3.3.) 0 0 0.11 1 2 Heating oil: 0.022 kgCO2e/kWh Värmeforsk Upstream: District heating (3.3) 101 119 140 132 159 Emission factor for each supplier (1-year delay) Swedenergy Upstream: Purchased electricity (location based) (3.3) 222 264 297 314 361 Nordic electricity mix: 0.0213 kgCO2e/kWh IVL Swedish Environmental Research Institute Upstream: Purchased electricity (market based) (3.3) 25 30 36 40 45 Electricity hydropower: 0.00295 kgCO2e/kWh EPD Vattenfall hydropower Upstream impact fuel (3.3) 2 5 14 20 16 Gasoline: 0.46 kgCO2e/l Diesel: 0.49 kgCO2e/l Biodiesel (HVO 100%): 0.046 kgCO2e/l E85: 0.563 kgCO2e/l Gas: 0.784 kgCO2e/l Biogas: 0.563 kgCO2e/l Swedish Environmental Protection Agency Significant reduction of fossil fuel cars. Waste management in own operations (3.5) 0.4 n/a n/a n/a n/a Property owner Business travel (3.6) 15 12 6 10 5 Air travel: approximately 0.315 kgCO2e/km No travel using private cars Other modes of transport: 0 kgCO2e Zero emissions More business travel, outside Sweden, by air. Employee commuting (3.7) 9 7 9 17 n/a Gasoline: 0.154 kgCO2e/km Diesel: 0.131 kgCO2e/km Diesel (100% bio): 0.00 kgCO2e/km Electric car: 0.00 kgCO2e/km Plug-in hybrid: 0.066 kgCO2e/km Other modes of transport: 0 Swedish Environmental Protection Agency Increased office attendance and more employees. Approximately 20% increase in commute time to office. Leased assets (3.8) 0 0 0 0 0 Nordic electricity mix: 0.072 kgCO2e/kWh Emission factor for district heating supplier
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 41 Sustainability notes Introduction Business description Financial reports Corporate governance Other informationSustainability report tCO2e 2025 2024 2023 2022 2021 Emission factor Source of emission factor Comment Downstream Tenant energy consumption (operations) (3.13) 80 87 n/a n/a n/a Nordic electricity mix: 0.0213 kgCO2e/kWh Swedish Energy Markets Inspectorate Consumption by tenants included for the first time in this year’s report (minor share (15%) of tenants’ business electricity reported) Tenant waste (operations) (3.13) 14 46 n/a n/a n/a Waste contractor In 2025, Stendörren updated its methodology for data collection to provide a more accurate and detailed picture of waste data. Previously, waste was estimated using standardized factors (kg/ SEK), while as of 2025 data has been collected by waste fraction, actual weight and waste contractor. Total Scope 3 (location based) 5,334 8,338 4,783 10,169 543 Total Scope 3 (market based) 5,137 8,104 4,522 9,895 227 Total carbon footprint (location based energy) 7,095 10,217 7,053 12,560 3,243 Total carbon footprint (market based energy) 6,340 9,081 5,821 11,227 1,706 Emissions intensity, Scope 1, 2 and 3 (kg CO2 per lettable sqm) 6.9 11.9 8.55 16.54 n/a Tenant waste1) Tonnes 2025 2024 2023 Energy recycling 669 184 81 Recycling 1,109 120 328 Destruction n/a 0 0 Landfill 0 4 10 Hazardous waste 3 1 26 Reuse 1 n/a n/a Other 48 n/a n/a 1) In 2025, Stendörren updated its methodology for data collection to provide a more accurate and detailed picture of waste data. Previously, waste was estimated using standardized factors (kg/SEK), while as of 2025 data is been collected by waste fraction, actual weight and waste contractor. Directly generated economic value SEK million 2025 2024 2023 2022 2021 Total income 1,049 910 854 733 653 Operations 177 168 158 159 150 Salary and remuneration of employees 79 84 71 68 64 Payment to financiers 410 323 309 208 135 Payment to public sector 89 88 41 59 29 Retained economic value 293 247 275 240 274 Dividend – – – – –
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 42 Introduction Business description Financial reports Corporate governance Other informationSustainability report Introduction We have been engaged by the Board of Directors of Stendörren Fastigheter AB (publ) to provide limited assurance on the group sustainability report of Stendörren Fastigheter AB (publ) for the year 2025. The responsibility of Board of Directors and Management The Board of Directors is responsible to present the sustainability report in accordance with relevant crite- ria. The criteria are set out in pages 24 and 37-38 of the sustainability report and consist of the parts of the sus- tainability reporting framework published by GRI (Global Reporting Initiative) that are applicable to the sustain- ability report, as well as the company’s own developed accounting and calculation principles. This responsibility also includes the internal control deemed necessary to prepare a sustainability report that is free from material misstatement, whether due to fraud or error. The responsibility of the Auditor Our responsibility is to express a conclusion on the sus- tainability report based on our limited review. We have conducted our limited review in accordance with ISAE 3000 Assurance engagements other than audits and reviews of historical financial information. A limited review consists of making inquiries, primarily to people responsible for preparing the sustainability state- ment, performing analytical reviews and performing other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit in accordance with Inter- national Standards on Auditing and generally accepted auditing standards in general. The audit firm applies ISQM 1 (International Standard on Quality Management) and thus has a comprehen- sive quality control system, which includes documented policies and procedures regarding compliance with pro- fessional ethics, standards for professional practice and applicable requirements in laws and regulations. We are independent in relation to Stendörren Fastigheter AB (publ) and their subsidiaries in accordance with gener- ally accepted auditing standards in Sweden and have otherwise fulfilled our professional ethical responsibili- ties in accordance with these requirements. The audit procedures taken in a limited review do not allow us to obtain sufficient assurance to be aware of all the important facts that could have been identified if an audit had been carried out. Therefore, the stated con- clusion based on a limited review does not have the cer- tainty of an explicit conclusion based on an audit. Our limited review of the sustainability report is based on the criteria selected by the Board of Direc- tors, as defined above. We believe that these criteria are appropriate for the preparation of the sustainability report. We believe that the evidence obtained during our lim- ited review is sufficient and appropriate to support our opinions below. Statements Based on our limited review, no circumstances have emerged that give us reason to believe that the sus- tainability report has not, in all material respects, been prepared in accordance with the criteria set out above by the Board of Directors. Stockholm the 29th of April 2026 BDO Mälardalen AB Markus Håkansson Sustainability Expert/Expert Member of FAR INDEPENDENT AUDITOR’S ASSURANCE REPORT ON THE GROUP SUSTAINABILITY REPORT OF STENDÖRREN FASTIGHETER AB (PUBL) To the Board of Directors of Stendörren Fastigheter AB (publ) Org.no. 556825-4741
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FINANCIAL REPORTS Board of Directors’ Report 44 Risks and risk management 46 Consolidated statement of comprehensive income 48 Consolidated statement of financial position 49 Consolidated changes in equity 50 Consolidated statement of cash flows 51 Notes for the Group 52 Parent Company income statement 64 Parent Company statement of comprehensive income 64 Parent Company statement of financial position 65 Parent Company changes in equity 66 Parent Company statement of cash flows 66 Notes for the Parent Company 67 Proposed appropriation of profit 73 Signing of the Annual Report 74 Auditor’s report 75 4 43STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT
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The Board and the CEO of Stendörren Fastigheter AB (publ) (“Stendörren” or the “company”), Corp. Reg. No. 556825-4741, with its registered offices in Stock- holm, Sweden, hereby submit the Annual Report for the Group and the Parent Company for the 2025 fiscal year. The Annual Report has been prepared in SEK million. Numerical data in parentheses refers to the preceding fiscal year. Significant events during the year • Rental income increased by 16 percent to SEK 1,042 million (902) and net operating income increased by 17 percent to SEK 841 million (718). • Income from property management before exchange rate changes amounted to SEK 390 million and to SEK 342 million (309) including non-recurring items of approximately SEK 48 million in connection with early refinancings during the second half of 2025. • Net letting during the year amounted to a total of SEK –7.6 million and new lease agreements with an annual rental value of SEK 101 million were signed (includes both renegotiated leases and leases with new tenants). • Lease agreements that were renegotiated during the year led to an increase in rental values of approxi- mately 14 percent on a weighted average basis. • Cash flow from operating activities amounted to SEK 366 million (217), corresponding to SEK 11.43 per share (7.52). • Realized and unrealized changes in the value of the property portfolio for the year amounted to SEK 43 million (225). • Profit for the year amounted to SEK 173 million (327), corresponding to SEK 4.64 per share (9.70) before dilution and 4.63 per share (9.69) after dilution. The business in brief Stendörren Fastigheter AB (publ) is an expansive prop- erty company in logistics, warehouse and light industrial in Nordic growth regions. The company is listed on Nas- daq Stockholm Mid Cap. The business concept is to cre- ate profitable growth in net asset value. This is achieved through value-creating acquisitions, capitalising on the positive rental growth that follows the urbanization of metropolitan regions and by developing existing assets, including the company’s extensive and unique building rights portfolio. Stendörren has four financial targets: • Income from property management per share shall long-term increase by at least 15 percent per year. • The average return on equity shall long-term amount to at least 12 percent. • The ICR shall long-term exceed 2.0x. • Equity ratio shall long-term be 35 percent and never be below 20 percent. At December 31, 2025, the Group comprised 190 compa- nies (166) in which Stendörren Fastigheter AB (publ) is the Parent Company. All properties are owned via subsidiaries. Property portfolio As of December 31, 2025, the property portfolio of Stendörren consisted of 179 properties, primarily located in the Greater Stockholm and Mälardalen region, with a total market value of SEK 15,927 million. The ten largest leases represented approximately 18 percent of the total annual rent. The company’s largest lease agreement at the end of the period was the lease with the Forti- fications Agency, which represented approximately 7 percent of the total annual rent. The total property portfolio encompassed a total of approximately 922,000 square meters of lettable area and the property categories warehouse, logistics and light industrial accounted for approximately 81 percent of the total market value. At the end of the period, the company owned a total of 39 properties wholly or partly consisting of building rights. Unutilized building rights amounted to approximately 627,000 square meters and were primarily within logistics and light industrial. The market value of the building rights portfolio amounted to SEK 1,504 million (1,458). When commercially attractive, existing properties are rezoned thereby creating residential building rights in areas with potential for residential development, mainly in Greater Stockholm and the rest of the Mälardalen region. Financing As of December 31, 2025, the Group’s equity amounted to SEK 5,833 million (5,395) and the Group’s interest- bearing liabilities amounted to SEK 8,938 million (7,791), corresponding to a loan-to-value ratio of 53 percent (52). The average time to maturity of interest-bearing liabilities amounted to 3.2 years (3.1), and including the unhedged portion of the relevant Ibor and the hedged portion via swaps and interest-rate caps, the average interest maturity of interest-bearing liabilities was 2.9 years (2.2). The average interest rate on the company’s total interest-bearing loans, including derivatives amounted to 3.9 percent (4.2) on the closing date. On the reporting date, Stendörren had three out- standing bond loans, all green. One bond loan amounted to SEK 800 million on the reporting date, maturing on December 12, 2027, and has an interest rate of Stibor 90 plus 2.90 percent. The second bond loan amounts to SEK 500 million, maturing on September 30, 2028, and has an interest rate of Stibor 90 plus 2.60 percent. The third bond loan amounts to SEK 400 million, maturing on June 4, 2029, and has an interest rate of Stibor 90 plus 2.35 percent. All green bonds were raised under Stendörren’s Green Finance Framework. The liquid amount corresponding to the outstanding green bonds is allocated to the green pool of qualifying investments. Stendörren maintains a register of all assets and invest- ments that qualify and ensures that, at any given time, there are sufficient green assets to cover outstanding green bonds. Stendörren has financial obligations (covenants) in its loan agreements. These covenants are cash flow based or related to the loan-to-value ratio and equity ratio. Stendörren complies with all of these covenants by a healthy margin. On the reporting date, the company also had a green hybrid bond totaling SEK 300 million, with an interest rate of Stibor 90 plus 5.50 percent with a first redemp- tion date in May 2027. Organization Stendörren had 56 employees (55) on December 31, 2025, of whom 28 men (28) and 28 women (27). In order for Stendörren to continue to grow as a company, the company must offer a healthy work environment featuring transparency and respect, openness and ample development opportunities. In its operations, Stendör- ren wants the people working at the company to remain in good health and not be injured due to their work, to ensure high job satisfaction among employees and to provide opportunities for employees to develop both professionally and individually. Occupational health and safety is to be integrated into all decisions and all activities that are carried out. Equal opportunity in the workplace is not only a matter of justice but also a mat- ter of business. It means making use of employees’ skills and attracting the most talented people when recruiting, STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 44 Introduction Business description Sustainability report Corporate governance Other information Financial reports BOARD OF DIRECTORS’ REPORT
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no matter their gender. 100 percent of all employees, excluding the CEO, have a collective agreement. Sustainability Sustainability has been identified as an essential part of the company’s long-term growth strategy since Stendör- ren was founded in 2014. In 2017, the company intensi- fied its sustainability efforts through a structured stake- holder dialogue and a comprehensive strategic review. A new sustainability strategy was developed in 2021 with more ambitious targets. In 2023, several targets were achieved earlier than expected, and for that reason new targets were formulated and adopted by the Board. In 2024, new procedures were implemented to minimize risks and their potential consequences. Processes were put in place to reduce climate emissions, particularly in connection with new developments and the start-up of new projects. The systematic work on setting require- ments, monitoring and engagement in 2025 led to improved results regarding emissions from new devel- opments. The company’s development department has also implemented innovative solutions. At the overall level, the company has established a transition plan and a strategy for ecosystem services and biodiversity. Stendörren places great emphasis on integrating sus- tainability into all parts of its organization and its aim is for every employee to contribute to achieving the targets of all focus areas. Stendörren’s overall and long- term sustainability target is to achieve net-zero carbon emissions throughout the value chain by 2040. This tar- get is central to the company’s vision of creating a more sustainable and responsible business that makes a posi- tive contribution to both society and the environment. The Sustainability Report was prepared in accordance with the provisions of Chapter 6, Section 12 of the older version of the Swedish Annual Accounts Act. The Sus- tainability Report pertains to Stendörren Fastigheter AB and its subsidiaries (refer to Note 11 in the Parent Com- pany’s notes for a list of the subsidiaries) and can be found on pages 24–41 of this document. The Sustainability Report is prepared every year and was submitted to the auditor together with the Annual Report. Evaluation and follow-up of the company’s sustainability performance, targets and priorities are continuously monitored by the management team. The management team is responsible for managing material sustainability risks and more information can be found in the Board of Directors’ Report. The strategic priorities for Stendörren’s sustainability work and material top- ics are described in the “Stakeholder engagement and materiality assessment” section on page 27. The sustain- ability strategy on page 28 describes how environmen- tal, social and governance matters relate to Stendörren’s sustainable activities. In addition to the information above, Stendörren’s sustainability work and outcomes are described on pages 31–36, divided into the sustainability areas described in the Swedish Annual Accounts Act: • Environment, see pages 31–33 • Social conditions, labor and human rights, see pages 34–35 • Anti-corruption, see page 36 Policy on gender equality, diversity and equal treatment, see page 25. For questions, please contact Stendörren’s Head of Sustainability: Linda Schuur linda.schuur@stendorren.se Parent Company The operations of the Parent Company consist of man- agement functions for all of the Group’s companies and properties. These functions include property manage- ment, project management and financing. All staff are employed by the Parent Company. No properties are owned directly by the Parent Company. The Parent Company’s income during the period mainly comprised SEK 125 million in recharged services rendered by its own staff. Net interest income consists of net interest charged on intra-Group loans and external interest expense for the corporate bond programs. Cash and cash equivalents as of December 31, 2025 amounted to SEK 43 million (49) and equity amounted to SEK 1,997 million (1,708). STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 45 Board of Directors’ Report Introduction Business description Sustainability report Corporate governance Other information Financial reports
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 46 Board of Directors’ Report Introduction Business description Sustainability report Corporate governance Other information Financial reports RISKS AND RISK MANAGEMENT Stendörren is continuously exposed to a variety of risks that could have an impact on the company’s earnings and financial position. A number of factors affect, or could affect, the company’s operations both directly and indirectly. Effective internal control, appropriate administrative systems, procedures, policies and skills development are methods for controlling and minimizing the risks to which the operations are exposed. To ensure that Stendörren has appropriate risk management and effective internal control, the company has, in addition to such governing documents as the Rules of Procedure for the Board, the Rules of Procedure for the CEO and the related Delegation of Signing Authority, also adopted a number of internal guidelines, work processes and procedures. The Board has ultimate responsibility for risk management and internal control, while the operational responsibility has been delegated to the CEO. To ensure as far as possible that the right risks have been identified and that the company’s control procedures adequately address these risks, every year the company analyzes and rates the financial, operational, strategic and regu- latory risks to which the company is exposed. Some of the main reasons for these activities are to identify risks and potential sources of error, to identify and document existing control procedures and, as deemed necessary, to assign new procedures and/or IT-based controls. Some of the risk areas that the company believes could, if they were to arise, result in a significant impact on the compa- ny’s future operations, earnings and financial position are described below. These factors are not presented in any order of priority and do not claim to be exhaustive. Financial risks The company has identified the following significant risk areas within the group of financial risks: Property valuation Stendörren measures its holdings of investment prop- erties at fair value, which means that the consolidated carrying amount of the properties corresponds to the estimated market value according to IAS 40 Investment Property. Accordingly, a decline in the market value of the properties has a direct negative impact on the Group’s earnings and financial position, even though the Group’s cash flow is not affected until the property is sold. To ensure that the assessment of the properties’ market values is fair and credible, the company engages external, independent and reputable appraisers that carry out mar- ket valuations of all of the Group’s properties every year. Financing Besides equity, Stendörren’s operations are based on externally contributed capital. The cost of capital is the company’s single largest expense. As a result of this, the company is exposed to financing, interest-rate and credit risks. Furthermore, it is likely that most of the capital required for financing both the development of existing properties and additional acquisitions will be provided by banks, credit institutions or other lenders. Accordingly, the rising cost of capital risk would entail a negative impact on Stendörren’s cash flow, earnings and financial position. It cannot be guaranteed that the lenders will extend the company’s credit facilities at maturity. Neither can it be guaranteed that alternative credit facilities will be available. The Group’s primary financing comprises bilateral financing agreements with Swedish banks and credit institutions. These agreements normally include covenants to meet limits in relation to the minimum inter- est coverage ratio and loan-to-value ratio. This means that creditors have the right to demand early repayment of credits provided or request a change to the conditions if these specific covenants are not fulfilled by the borrower. Stendörren endeavors to sign loan agreements with long loan maturity periods in order to minimize the risk of signed loan agreements not being renewed on reasonable terms. In addition, the company strives to evenly distrib- ute the maturity dates of its various loan facilities over time so that only a small portion of its credits fall due every year. At the end of the fiscal year, the company met all of the financial covenants in its existing credit agree- ments by a high margin. The maturity structure of the Group’s interest-bearing liabilities at December 31, 2025 is presented in Note 17 and Note 18. Liquidity The company is of the opinion that the available cash flow from operating activities in combination with the unuti- lized credit facilities at the end of the year are sufficient to meet its liquidity requirements for the next 12-month period. As of December 31, 2025, there was available liquidity of approximately SEK 985 million, in the form of cash and credit facilities. No additional collateral needs to be pledged to utilize these credit facilities. Tax risks A change in tax legislation, or a change in legal practice, could result in a changed future tax situation for the com- pany. Incorrectly calculated and thus incorrectly declared income tax could also entail significant tax surcharges and penalties. To ensure compliance with changes in tax legislation and that the calculation and declaration of income tax are correct and made in time, the company makes significant efforts to ensure that the organization has the right skills. External assistance from tax advisors is engaged when deemed necessary. Operational risks The company has identified the following significant risk areas within the group of operational risks: Project development Stendörren regularly conducts many small and large-scale projects. SEK 598 million was invested in the existing property portfolio during the fiscal year, mainly in the form of modifying premises to meet tenant needs and in the form of renovations and improvements to the tech- nical performance of the properties. Significant amounts are invested in conversions, extensions and new devel- opments. Risks that can be identified in connection with project development comprise purely incorrect calcula- tion risks, whereby the cost of the projects is incorrectly assessed, unforeseen circumstances that result in neg- ative economic consequences, and a risk of significant delays to projects that could lead to penalties and other unforeseen costs. Stendörren strives to minimize these risks by having well-defined project procedures and reg- ular controls and follow-ups. It is also very important that the initial project planning and cost calculations are car- ried out carefully and that realistic timeframes are taken into account when the agreement is signed. Organizational risks The group of operational risks also includes a number of HR-related risks, such as heavy dependence on key personnel, high employee turnover that could lead to a lack of job satisfaction at the workplace and higher levels of stress that could result in a high psychosocial strain (stress/burn-out). Stendörren manages these risks by devoting considerable focus to the care of its employees and preventive health care as well as regular employee performance reviews and semi-annual employee satisfac- tion surveys that address opinions and suggestions from the organization. IT risks A lack of IT availability and an unclear IT strategy risk leading to lower efficiency and cost increases. In
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 47 Board of Directors’ Report Introduction Business description Sustainability report Corporate governance Other information Financial reports 2022–2023 and 2025, Stendörren replaced all its main IT systems with modern and effective systems for property management, accounting and reporting. Strategic risks Strategic risks refer to risks associated with both macro- economic factors and developments in the local property markets – circumstances that are outside the compa- ny’s control. These factors include, but are not limited to, growth in gross domestic product (GDP), inflation, interest-rate levels, population growth and employment. Trends in macroeconomic conditions directly and indi- rectly impact the Swedish property market, demand for commercial properties and thus the company’s occu- pancy rate, rental levels, market value of its assets and access to, and cost of, financing. A decline or fluctuations in growth in local markets in which the company operates could affect rental levels and the occupancy rate, which could have a negative impact on the company’s earnings for its operating segments and could negatively affect the company’s overall operations, financial position and earn- ings. Demand for the company’s properties could also decrease, which could have a material negative effect on the company’s operations, financial position and earnings. Regulatory compliance The company’s operations are regulated by, and must fulfill, the requirements of a number of laws and regula- tions. There is a risk that the company’s interpretation of applicable laws and rules is incorrect or that regulations could be changed in the future. The company may also need to apply for various permits and registrations with municipalities or authorities for conducting its opera- tions. Although Stendörren believes that the company has adequate skills and internal processes to be able to identify, quantify and manage these risk, there is nev- ertheless a risk that the company will not secure the necessary permits or decisions or that such decisions will be appealed or otherwise associated with conditions that could lead to higher costs and delays for planned prop- erty development projects or otherwise have a negative impact on the company’s operations and performance. The company also risks being involved in legal or admin- istrative proceedings that could involve extensive claims for damages or other types of payment, including claims for damages from customers or competitors for breach- ing competition laws. Preparations for, contesting and the outcome of initiated proceedings could be lengthy and costly. The outcome of such proceedings is difficult to predict. In the event of a negative outcome in major legal or administrative proceedings, regardless of whether it is based on a judgment or settlement, Stendörren could be instructed to make significant payments. Costs in connec- tion with disputes and arbitration proceedings may also be significant. Sustainability risks Climate change is a key challenge and presents risks to the company’s operations. Regulatory changes could increase costs, while changing customer behavior and new financing opportunities could create business oppor- tunities. Furthermore, physical impacts such as extreme weather conditions could result in higher costs for prop- erties. It is vital that Stendörren adapt its strategies to address these challenges, which is carried out by the rel- evant manager in the company, through interdisciplinary risk management, and regular follow-up and transparency in the management team and with the company’s Board. Alongside climate change, there are risks related to occu- pational health and safety and human rights throughout the value chain. Climate risks Climate change entails an increasing risk of damage to buildings, which could mainly be caused by changes in weather patterns such as extreme weather, higher tem- peratures and rising sea levels. In the long term, these changes could lead to higher investments in buildings in order to prevent damage and maintain functionality. A review of climate-related (physical) risks in the company’s property portfolio was carried out recently. The risks identified are managed, both strategically and directly in the day-to-day operations. Conducting an inventory of the properties with the highest exposure is essential for safeguarding assets from future climate change, with a focus on integrating safeguards to protect tenants’ businesses. Climate risk assessments are also an integral part of acquisition inspections that aim to ensure that potential risks are considered in property acquisitions. The company applies a structured and systematic approach to mitigate several transition risks. The tech- nical performance of the buildings is regularly assessed and improvements are planned as part of scheduled maintenance and refurbishments. A significant step was to reduce the carbon emissions from the property man- agement operations. Increasing the share of fossil-free energy and reducing energy consumption can reduce GHG emissions, which also results in lower operating expenses. These actions are part of the company’s strat- egy to reduce its environmental impact and strengthen its finances in the long term. If Stendörren fails to minimize risks related to climate change in its portfolio, the prop- erty valuation of each affected property will decrease. Inadequate climate activities could also lead to difficulties in financing properties. Environment A building impacts the environment when it is con- structed and through its ongoing maintenance and the operations carried out in it. According to the Swedish Environmental Code, the party conducting operations that caused pollution is also responsible for remediation. If this party is unable to carry out or pay for the remedi- ation, the party that acquired the property and knew or should have known of such pollution at the time of the acquisition is responsible for remediation. This means that, under certain circumstances, the owner of the property may be required to bring the property into the condition required by the Environmental Code. Stendörren works actively to minimize its environmen- tal impact. Environmentally certified buildings, environ- mentally friendly choices of materials, and safe chemical and waste management are part of this endeavor. Environ- mental assessments are conducted prior property acquisi- tions to clarify the environmental status of the properties. We actively discuss with our tenants and work together to increase the amount of waste that can be recycled. In addition, Stendörren complies with current regulations regarding the property owner’s responsibility for the envi- ronmental impact of property operations. Human rights and ethical conduct Human rights violations or unethical behavior, incidents of corruption and bribery, both internally and with partners, present a serious risk of damage to confidence in the company and could cause economic harm. Such actions could undermine the company’s reputation and business interests. To prevent this, all new employees sign the inter- nal Code of Conduct when they start their employment. Combined with the company’s employee manual, the Code of Conduct regulates the standpoints and actions to be taken to prevent discrimination, bribery and corrup- tion. Regular training is also carried out to maintain eth- ical and social standards among employees. Stendörren has a separate code of conduct for suppliers, customers and business partners that the company established in 2018. This Code is updated regularly, most recently in 2024, to further clarify the company’s approach and regulations to counteract unethical conduct among Stendörren’s partners and suppliers. The company decided on new procedures in 2024 to ensure compliance with its Code of Conduct. The company has identified how background checks are to be carried out and the level of background, personal and company information that is to be produced for partnership agreements. Internal procedures are in place to regularly follow up compliance with the Code of Conduct. The company also engages external third-party orga- nizations to ensure that suppliers comply with contracts and agreements. This approach is vital for ensuring a responsible and ethical corporate culture both internally and externally.
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SEK million Notes 2025 2024 Rental income 3 1,042 902 Other income 8 9 Total income 1,050 910 Operating expenses 4 –157 –145 Maintenance costs 4 –20 –23 Property tax 4 –31 –24 Net operating income 841 718 Central administration 5, 6 –82 –80 Financial income and expenses 7 –407 –319 Lease expenses/Ground rent 4 –11 –10 Income from property management before exchange rate changes 342 309 Unrealized changes in exchange rates 8 –30 0 Income from property management after exchange rate changes 312 308 Change in value of investment properties 43 225 Change in value of financial instruments –52 –91 Profit before tax 303 443 Tax 9 –130 –116 Profit for the year 173 327 Translation differences –8 2 Total other comprehensive income –8 2 Total comprehensive income for the year 165 329 Comprehensive income for the year attributable to: Parent Company’s shareholders 165 329 Earnings per share, before dilution, SEK 4.64 9.70 Earnings per share, after dilution, SEK 4.63 9.69 Average number of shares outstanding during the period, millions 32.04 28.89 Average number of shares during the period after dilution, millions 32.07 28.91 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Result Compared with the preceding year, Stendörren reports an increase of approximately SEK 140 million in income and of approximately SEK 124 million in net operating income for 2025. In the comparable portfolio, net oper- ating income increased by approximately SEK 43 million, which is approximately 6 percent higher than 2024. After deduction of financing costs and central administra- tion costs, income from property management before changes in exchange rates totaled SEK 342 million (309), representing an increase of 11 percent and 26 percent adjusted for non-recurring items attributable to early refinancings. Profit for the period amounted to SEK 173 million (327), corresponding to SEK 4.64 per share (9.70). Rental income Rental income increased by approximately 16 percent to SEK 1,042 million (902) compared with 2024. The increased income was driven by higher rents in the existing portfolio, acquisitions, and completed and leased projects during the period. Property expenses Recognized property expenses amounted to approxi- mately SEK –209 million (–192), which is SEK 16 million higher compared with 2024. Total property expenses in the comparable portfolio remained unchanged com- pared with 2024. Costs for maintenance, snow removal and heating decreased, while property tax and property insurance costs increased. Central administration Costs for central administration for the period amounted to SEK –82 million (–80) and comprised costs for central administration, company management, the Board and auditors. Net financial items Financial income during the period amounted to SEK 36 million (130) and mainly relates to income from interest- rate derivatives. The decrease was mainly due to lower interest rates resulting in lower income from interest-rate derivatives. Financial expenses, excluding lease expenses, decreased to SEK –443 million (–449). The decrease was mainly due to lower interest rates, partly offset by higher borrowing compared with 2024 and early repurchases of outstanding bond loans during the second half of 2025 and early refinancing of bank loans during the third and fourth quarter. These repurchases resulted in non- recurring items of approximately SEK –19 million and the early refinancings approximately SEK –29 million, in total approximately SEK –48 million that was charged to net financial items during the year. Of these, approximately SEK 33 million affected cash flow during the year, while the remaining SEK 15 million was of an accounting nature. Lease expenses (pertaining to IFRS 16 Leases) amounted to SEK –11 million (–10). The expense mainly comprised ground rent and leasehold fees. Changes in value The company reported realized and unrealized changes in the value of the property portfolio of SEK 43 million (225). Value changes in the property portfolio during the year were primarily driven by adjusted yield require- ments and market rent assumptions as well as changed cash flows following, for example, new leases, renego- tiated agreements as well as terminated agreements. Exchange rates and adjusted inflation assumptions had a negative effect on the property portfolio during the year. The market valuation of the interest-rate deriva- tives resulted in a change in value of SEK –52 million (–91) as of the reporting date. Tax The tax expense in profit or loss consists of current tax of SEK –48 million (–53) and deferred tax of SEK –82 million (–63). Of the current tax, approximately SEK –11 million relates to tax due to property sales during the year. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 48 Group’s financial statements Introduction Business description Sustainability report Corporate governance Other information Financial reports
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SEK million Notes Dec 31, 2025 Dec 31, 2024 ASSETS Non-current assets Intangible assets 10 7 9 Investment properties 11 15,927 14,311 Right-of-use assets 327 274 Equipment 12 0 0 Interest-rate derivatives 29 58 Total non-current assets 16,290 14,651 Current assets Rental receivables 13 14 9 Other current receivables 14 21 45 Prepaid expenses and accrued income 15 55 55 Cash and cash equivalents 340 214 Total current assets 18 430 323 TOTAL ASSETS 16,721 14,975 CONSOLIDATED STATEMENT OF FINANCIAL POSITION SEK million Notes Dec 31, 2025 Dec 31, 2024 EQUITY AND LIABILITIES 16 Share capital 20 19 Other capital contributed 1,987 1,691 Retained earnings including profit for the year 3,826 3,685 Equity attributable to Parent Company’s owners 5,833 5,395 TOTAL EQUITY 5,833 5,395 Non-current liabilities Interest-bearing liabilities 17 8,637 7,638 Other non-current liabilities 78 66 Finance lease liability 327 274 Deferred tax liabilities 9 1,143 1,061 Other provisions 19 – 4 Total non-current liabilities 18 10,185 9,043 Current liabilities Interest-bearing liabilities 17 301 153 Accounts payable 19 68 Tax liabilities 63 31 Other current liabilities 16 25 Accrued expenses and deferred income 20 304 259 Total current liabilities 18 703 536 TOTAL EQUITY AND LIABILITIES 16,721 14,975 Non-current assets Stendörren’s non-current assets mainly consist of investment properties. As of December 31, 2025, the value of the total property portfolio amounted to SEK 15,927 million (14,311). Current assets Current assets amounted to SEK 430 million (323) on the closing date, consisting of cash and cash equiva- lents of SEK 340 million (214) and rental receivables and other current receivables of SEK 90 million (109). Available liquidity, in the form of cash and cash equiv- alents and available credit facilities, amounted to approximately SEK 985 million at the end of the period. No additional collateral needs to be pledged to utilize these credit facilities. Equity As of December 31, 2025, the Group’s equity amounted to SEK 5,833 million (5,395) and the equity ratio to 36 percent (37). Interest-bearing liabilities The carrying amount of the Group’s interest-bearing liabilities at the end of the reporting period amounted to SEK 8,938 million (7,791), corresponding to a loan-to- value ratio of 53 percent (52). The liabilities consisted of loans from credit institutions of SEK 7,287 million (6,531) and three green bonds totaling SEK 1,700 mil- lion (1,300). Loan arrangement costs of SEK –48 million (–40) were allocated in accordance with the compa- ny’s accounting policies. The short-term portion of the interest-bearing liabilities amounted to SEK 301 million (153) and consisted of loans and repayments that are due within the next 12 months. Interest and loan maturities Stendörren aims to reduce interest and refinancing risks in its operations by spreading the maturity structure for interest rates and loan maturities over several years. Interest-rate risks are managed mainly through interest- rate derivatives. For a more detailed description of the interest and loan maturity portfolio, see also note 17 for interest-bearing liabilities. Deferred tax liabilities (net) Deferred tax liabilities amounted to SEK 1,143 million (1,061) on December 31, 2025, and related to the tax on properties, derivatives, untaxed reserves and unutilized losses carried forward. Other current liabilities In addition to the short-term portion of interest-bearing liabilities, current liabilities include accounts payable, accrued expenses and deferred income, tax liabilities and other current liabilities, amounting to a total of SEK 402 million (383). STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 49 Group’s financial statements Introduction Business description Sustainability report Corporate governance Other information Financial reports
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SEK million Share capital Other capital contributed Translation differences Retained earnings including profit for the period Hybrid bond Total equity attributable to the company’s owners Opening balance equity, January 1, 2024 17 1,201 3 3,105 512 4,838 Interest/dividend hybrid bond – – – –46 – –46 Issue of shares, net after transaction costs 2 487 – – – 489 Tax effect of transaction costs 3 – – – 3 Issue of hybrid bond, net after transaction costs – – – –4 300 296 Repurchase hybrid bond – – – –2 –513 –515 Comprehensive income January–December 2024 – – 2 327 – 329 Closing balance equity, December 31, 2024 19 1,691 5 3,380 300 5,395 Opening balance equity, January 1, 2025 19 1,691 5 3,380 300 5,395 Employee warrant program – 3 – – – 3 Interest/dividend hybrid bond – – – –25 – –25 Issue of shares, net after transaction costs 1 292 – – – 293 Tax effect of transaction costs – 1 – – – 1 Comprehensive income January–December 2025 – –8 173 165 Closing balance equity, December 31, 2025 20 1,987 –3 3,529 300 5,833 Comments on consolidated changes in equity As of December 31, 2025, the Group’s equity amounted to SEK 5,833 million (5,395). The 2025 Annual General Meeting (AGM) resolved on a dividend totaling SEK 0 million (0). CONSOLIDATED CHANGES IN EQUITY STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 50 Group’s financial statements Introduction Business description Sustainability report Corporate governance Other information Financial reports
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SEK million Notes 2025 2024 Cash flow from operating activities Income from property management 312 308 Adjustment for non-cash items 24 56 28 Income tax paid –48 –1 Cash flow from operating activities before changes in working capital 320 335 Changes in working capital Changes in operating receivables 5 –31 Changes in operating liabilities 42 –88 Cash flow from operating activities 366 217 Investing activities Investments in existing properties –486 –598 Property acquisitions –1,228 –1,118 Property sales 63 224 Cash flow from investing activities –1,651 –1,492 Financing activities Issued warrant program 4 – Issue of shares, net after transaction costs 292 489 Issue of hybrid bond, net after transaction costs – 296 Dividend hybrid bond –24 –46 Repurchase hybrid bond – –514 Raised interest-bearing liabilities 6,929 5,014 Repayment of interest-bearing liabilities –5,801 –3,893 Deposits 12 9 Cash flow from financing activities 1,411 1,356 Cash flow for the year 126 81 Cash and cash equivalents at the beginning of the year 214 134 Cash flow for the year 126 81 Cash and cash equivalents at the end of the year 340 214 CONSOLIDATED STATEMENT OF CASH FLOWS Cash flow from operating activities Cash flow from operating activities before changes in working capital amounted to SEK 320 million (335) for the year. After a net change in working capital of SEK 46 million (–119), cash flow from operating activities before changes in working capital amounted to SEK 366 million (217). Cash flow from investing activities Cash flow from investing activities amounted to SEK –1,651 million (–1,492) and comprised the liquidity effect of acquisitions of properties, direct and indirect, amounting to SEK –1,228 million (–1,118) and invest- ments in existing properties of SEK –486 million (–598). The impact on cash flow from the sale of properties amounted to SEK 63 million (224) for the period. Cash flow from financing activities Cash flow from financing activities amounted to SEK 1,411 million (1,356) for the period, mainly comprising the raising of loans of SEK 6,929 million (5,014) and repay- ment and settlement of existing credits of SEK –5,801 million (–3,893). Cash flow for the period Net cash flow for the period amounted to SEK 126 mil- lion (81) and cash and cash equivalents at the end of the period amounted to SEK 340 million (214). STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 51 Group’s financial statements Introduction Business description Sustainability report Corporate governance Other information Financial reports
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1 Accounting policies General information about the company Stendörren Fastigheter AB (publ), Corp. Reg. No. 556825-4741, is a Swedish registered limited liability company domiciled in Stockholm. The postal address of the Parent Company is Linnégatan 87B, SE-115 23 Stockholm, Sweden. The Parent Company’s Class B share is on Nasdaq Stockholm Mid Cap (Ticker: STEF B). The consolidated financial statements for 2025 comprise the Parent Company and its subsidiaries, which are jointly referred to as the “Group.” This Annual Report and consolidated financial statements were approved by the Board on April 29, 2026. The consolidated statement of comprehensive income and statement of financial position and the Parent Company’s income statement and statement of financial position will be adopted at the AGM on May 26, 2026. Compliance with standards and legislation The consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations from the IFRS Inter- pretations Committee (IFRIC) as endorsed by the EU. Furthermore, the con- solidated financial statements were prepared in accordance with Swedish law through the application of the Swedish Financial Reporting Board’s recommen- dation RFR 1 Supplementary Accounting Rules for Groups. The Parent Company applies the same accounting policies as the Group, except in the cases listed below under “Parent Company’s accounting policies.” The deviations between the Parent Company’s and the Group’s policies are due to limitations in the abil- ity to apply IFRS in the Parent Company due to the Swedish Annual Accounts Act and, in certain cases, due to applicable tax rules. New standards and interpretations that came into force in 2025 No standards or interpretations that came into force during the year had a material effect on the Group. New and amended standards and interpretations that have not yet come into force A number of amendments to standards come into force for annual reporting periods beginning on or after January 1, 2026 and were not applied to the preparation of these financial statements. Except for IFRS 18, the Group does not expect these amendments to have any material impact on the financial statements. IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. IFRS 18 sets out new requirements for the presentation of financial statements, particularly: • Income statement: Requirements for certain mandatory subtotals are intro- duced such as operating profit or loss. Income and expenses will be classified in the statement of profit or loss in five categories: operating, financing, investing, income taxes and discontinued operations. • Aggregation and disaggregation of information, including the introduction of general principles on how information should be aggregated and disaggregated in the financial statements. • Disclosures of management-defined performed measures (MPMs) are to be provided in a single note, with reconciliations to the nearest subtotal specifically required by IFRS Accounting Standards. IFRS 18 will come into force for annual reporting periods beginning on or after January 1, 2027 with earlier application permitted. Entities will need to restate comparative periods. The Group has not yet evaluated the impact of IFRS 18 on the consolidated financial statements. IFRS 18 will not have any impact on the recognition and measurement of the Group’s transactions but will only impact the presentation of the Group’s financial reports including the financial statements and notes. IFRS 18 may also impact the key ratios presented and how they are calculated. Conditions for preparation of Parent Company’s and Group’s financial statements The Parent Company’s functional currency is Swedish kronor, which also consti- tutes the presentation currency for the Parent Company and the Group. Unless otherwise stated, all amounts are rounded to the nearest million. Rounding may mean that financial statements, notes and tables do not tally. The Group’s accounting policies were applied consistently to the reporting and consolida- tion of the Parent Company and subsidiaries. The Annual Report was prepared based on the going concern assumption. Classification Income from property management is recognized as rental income less oper- ating expenses and other property related costs including financial expenses. Changes in value regarding investment properties and financial instruments are recognized at the level according to income from property management. Non-current assets and non-current liabilities in the Parent Company and the Group comprise only amounts that are expected to be recovered or paid more than 12 months after the reporting date, while current assets and current liabilities in the Parent Company and Group comprise only amounts that are expected to be recovered or paid within 12 months from the reporting date. Consolidation policies Subsidiaries Subsidiaries are companies over which the Parent Company Stendörren Fas- tigheter AB exercises a controlling influence. All subsidiaries in the Group are wholly owned and control is, in all cases, based on the actual voting rights entailed by the Parent Company’s shareholding. There are no other contrac- tual obligations or rights, potential voting shares or de facto control issues that were subject to the assessment of whether control exists. When a company is acquired, an assessment is made of whether the acquisition is a business com- bination or an asset acquisition (property). A business combination means that the acquisition is the purchase of one or more companies containing properties, which also includes taking over personnel and internal processes. Any business combinations are recognized according to the acquisition method. The surplus, which comprises the different between the consideration transferred and the fair value of the Group’s share of the identifiable acquired net assets, is rec- ognized as goodwill. When acquisitions of subsidiaries entail an acquisition of assets, the cost is distributed between the acquired assets and liabilities based on their fair values on the acquisition date. Stendörren’s operations have only had asset acquisitions to date. Income Rental income Rental income from investment properties is recognized in profit or loss based on the terms and conditions in the lease. Rental discounts are allocated over the term of the lease. Rental surcharges are recognized in the period to which the surcharge refers. Surcharges based on consumption are preliminarily charged to and recognized in income in the period to which the surcharge refers and are regularly reconciled with actual costs. Income from sales of property Income from sales of property are normally recognized on the transfer date unless the risks and rewards have been transferred to the purchaser at an earlier date. Control of the asset may have been passed at a date that was earlier than the transfer date, and if this is the case, the sale of property is recognized in income at this earlier date. When assessing the point in time for recogniz- ing income, the terms of agreement between the parties regarding risks and rewards are taken into account, as is involvement in ongoing management. In addition, circumstances outside the purchaser’s or seller’s control that could impact the outcome of the transaction are also taken into account. The realized change in value of sold properties is based on the difference between the fair value of the properties on the most recent closing date and the price at which the properties were sold. Prior years’ accrued unrealized changes in value are included in the fair value of the properties and thus cannot be seen in the realized change in value. 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Segment reporting An operating segment is a part of the Group that engages in business activi- ties from which it may earn income and incur expenses, and for which discrete financial information is available. Stendörren conducts business activities in only one segment, management of properties for light industry, warehousing and logistics. Accordingly, accounting takes place in the same segment. Stendörren focuses on the Greater Stockholm and Mälardalen region in its investments in order to ensure that there is high demand for its premises. The company seeks out growth locations within reasonable distance from Stockholm to leverage the growth in the capital city. Given this focus on Stockholm and the Mälar- dalen region, it is not relevant to divide the company’s operations into regions based on monitoring. The factors governing whether Stendörren acquires new properties are the quality of the property, the initial value per square meter and the potential for increasing cash flow through active management. In terms of monitoring, the region in which the property is situated is not of interest, rather it is more important whether it falls within the scope of the mission. Operating expenses and financial income and expenses Property expenses Comprises expenses pertaining to operation, upkeep, leasing, administration and maintenance of the property holdings. Central administration Comprises expenses for Group-wide functions and ownership of the Group’s subsidiaries. Leases When a contract is signed, Stendörren establishes whether the contract is or contains a lease based on the substance of the contract. A contract is, or con- tains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Stendörren applies the practical expedient for short-term leases and low-value leases. Costs arising in connec- tion with these leases are recognized straight-line over the term as Central administration in profit or loss. The Group as lessee Ground rent Stendörren has site leaseholds that meet the definition of a lease. Since the lessee cannot cancel these leases, they are recognized as perpetual leases. Both right-of-use assets and lease liabilities attributable to site leaseholds are initially measured according to IFRS 16. The liability is not repaid since it is deemed to be perpetual. Instead the lease payments are recognized as interest expense in their entirety. Accordingly, the value of the lease liability is unchanged until the site leasehold is next renegotiated. After initial measurement according to IFRS 16, the Group measures right-of-use assets attributable to site leaseholds at fair value as part of investment properties in accordance with IAS 40. The lease liability is remeasured if the ground rent changes and the same adjustments is made to the right-of-use asset. The Group as lessor In its capacity as lessor, the Group has operating leases with customers. The accounting policies for recognizing rental income are described in the section Income – Rental income on page 52. Financial income and expenses Financial income and expenses comprise interest income on bank balances and receivables and interest expense on loans. Interest expense and interest income are recognized using the effective interest method. The effective interest includes allocated amounts of transaction costs and similar direct transaction costs for raising loans. Dividend income is recognized when the right to receive payment has been established. Realized and unrealized gains and losses on financial investments and derivative instruments used in the financial operations are recognized as changes in value under a separate heading in the income statement. Taxes The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except when the tax relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or equity. Current income tax Current tax is calculated based on recognized earnings plus non-deductible items and less non-taxable income. Current tax assets and tax liabilities for current or prior periods are determined at the amount expected to be recouped from or paid to the Swedish Tax Agency. Deferred income tax For business combinations including property, deferred tax is recognized at the nominal amount of the temporary differences. However, for property acquisi- tions that have been deemed to be asset acquisitions no deferred tax is recog- nized on such temporary differences that have arisen prior to the acquisition date. After the acquisition date of an asset acquisition, deferred tax is recog- nized only on changes in the carrying amount and changes in the tax value that occur after the acquisition date. Deferred tax assets on deductible temporary differences and loss carry-forwards are only recognized to the extent that it is probable they can be utilized. The value of the deferred tax assets is reduced when it is no longer likely that they can be utilized. Financial instruments Financial instruments comprise three groups: financial assets measured at amortized cost (including the balance sheet items of rental receivables, receiv- ables from Group companies, other current receivables, and cash and cash equivalents), financial assets and liabilities measured at fair value (including the balance sheet item of interest-rate derivatives) and financial liabilities measured at amortized cost (including the balance sheet items of interest-bearing liabili- ties, other non-current liabilities, accounts payable, liabilities to Group compa- nies, and other liabilities). At the end of each reporting period, the company assesses whether there is objective evidence that a financial asset or group of financial assets needs to be impaired. Derivative instruments are measured at fair value in the consolidated financial statements with changes in value recog- nized in profit or loss. To determine the fair value of interest-rate derivatives, market rates for each term listed on the reporting date and generally accepted calculations methods are used, which means that fair value is determined in accordance with Level 2 of IFRS 13. No reclassifications within the different IFRS measurement hierarchies took place in 2025. There is no hedge accounting. Statement of cash flows The statement of cash flows is prepared using the indirect method. Cash flows from recognized changes in value in connection with the sale of property are recognized together with other sales proceeds under investing activities. Purchases and sales of properties via companies that are asset acquisitions are recognized on a separate line as acquisitions of Group companies/properties and sales of Group companies/properties, respectively. Selling expenses are rec- ognized under investing activities as a deduction from the sales consideration in the year that the flow of proceeds takes place. Correspondingly, acquisition costs are recognized in investing activities. Tangible assets Investment properties Investment properties are properties held for the purpose of collecting rental income or appreciation in value, or a combination of these purposes. Investment properties are initially recognized at cost, which includes expenses directly related to the acquisition. Investment properties are measured at fair value in the consolidated statement of financial position in accordance with Level 3 of IFRS 13. Refer also to Note 11. Each quarter, Stendörren performs a fair value assessment of 100 percent of the property portfolio. Approximately 20–30 percent of the portfolio is valued by external valuation firms and the remainder is valued internally. This means that every property in the portfolio is externally valued at least once during a rolling 12-month period. The valuation model used by both the external valuation firms and Stendörren is based on a discounted cash flow model. The fair value of the property before deductions for selling expenses is determined based on the cash flow model. Both unrealized and real- Note 1 Accounting policies, cont. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 53 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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ized changes in value are recognized in profit or loss. Rental income and income from property sales are recognized in accordance with the policies described in the section on income recognition. Additional expenses that add value are capi- talized. All other additional expenses are recognized as an expense in the period in which they arise. Repairs and maintenance are expensed when the costs arise. For larger projects, interest expense is capitalized during the development period. Depreciation principles for equipment Depreciation takes place straight-line over the estimated useful life of the asset. The estimated useful lives for machinery and equipment are three to ten years. The residual value and useful life of an asset is assessed annually. Asset acquisitions compared with business combinations When a property is acquired via a company, an assessment is made as to whether the acquisition is to be classified as a business combination or an asset acquisition. Acquisitions whose primary purpose is to acquire the company’s property (asset) and where the company’s management organization and administration, if any, are of secondary importance to the acquisition are classi- fied as asset acquisitions. Other company acquisitions are classified as business combinations. Dividends Dividends are recognized as a reduction of equity after the AGM/EGM has approved the dividends. Employee benefits Employee benefits in the form of cash salaries, bonuses and pension payments are recognized in line with the employees rendering their services in exchange for remuneration. The same also applies to social security contributions such as employer’s contributions, vacation pay, paid sick leave, etc. Pensions and other post-employment benefits are classified as either defined- contribution plans or defined-benefit plans. Stendörren’s pension commitments comprise defined-contribution plans, which are fulfilled by making regular payments to independent authorities or bodies that administer the plans. The obligations regarding fees for defined-contribution plans are recognized as an expense in profit or loss as they arise. There were only defined-contribution plans as of the reporting date. Hybrid bond Bonds are classified as liabilities or equity based on whether a contractual obli- gation exists to settle the contract by paying in cash or another financial asset. This assessment applies for both nominal amounts and payments of interest. An assessment was made that the hybrid bond is to be classified as an equity instrument and not as a liability since the instrument does not have a maturity date and the loan cannot be claimed on demand. Interest on the hybrid bond is recognized directly in equity. Note 1 Accounting policies, cont. 2 Important estimates and judgments To prepare the accounts in accordance with IFRS and generally accepted accounting principles, judgments and assumptions must be made that impact the assets, liabilities, income and expenses in the accounts as well as other information. These judgments and assumptions are based on historical expe- rience and on various factors considered reasonable under the prevailing circumstances. Actual outcomes may differ from these judgments if other assumptions are made or other circumstances are in place. The accounts are particularly sensitive to the judgments and assumptions used in the valuation of investment properties. The value of the properties is regularly assessed individually per property during the year based on a number of judgments and estimates regarding future cash flows and yield requirement in the event of a transaction. The value interval between the estimated value and the sales price is usually +/–5–10 percent in a functioning market. Information about this and the assumptions and judgments made is provided in Note 11. 2025 was characterized by uncertainty due to macroeconomic and geopo- litical factors and a weak economic climate. In light of this, Stendörren believes that the company’s strong financial position and good access to financing, com- bined with a focus on warehouse and light industrial properties in established locations and long-term leases with creditworthy tenants, provide stable cash flows and solid resilience even in a more uncertain global climate. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 54 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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3 Rental income SEK million 2025 2024 Total rental value, premises 1,102 984 Rental income, other 25 15 Vacancy, rental income, premises –68 –81 Rental discounts, premises –17 –16 Total 1,042 902 For the 2025 fiscal year, the Group’s rental income amounted to SEK 1,042 mil- lion (902), which corresponded to the rent charged for leased premises. Rental income includes the supplements charged to the tenant, such as costs for heating, electricity, property tax and indexation of basic rent. The Group has no material percentage rent. The Group’s largest tenant, the Fortifications Agency, accounted for 7 percent of the total annual rental income. Maturity structure The maturity structure of existing leases is presented in the following table with contracted annual rent corresponding to the annual value of signed leases. The remaining term of all valid leases as of December 31, 2025 averaged 4.2 years (4.4). Year of maturity No. of leases Area, sqm Annual rent, SEK million Share, % 2025 25 19,123 18 2 2026 568 97,168 114 11 2027 298 114,890 142 14 2028 238 129,813 170 17 2029 145 83,062 120 12 ≥2030 172 391,777 435 44 Total 1,446 835,833 1,000 100 The total future contracted rents are presented in the table above, specified by year of maturity. Annual rent Contracted future rental income, SEK thousand 2025 2024 Contracted rental income, year 1 1,076,847 860,527 Contracted rental income between years 2 and 5 2,676,574 2,159,855 Contracted rental income after 5 years 819,832 642,717 Total 4,573,254 3,663,099 4 Property expenses Property expenses in 2025 amounted to SEK 209 million (192). This amount includes direct property expenses, such as costs for operation, maintenance and property tax, and indirect property expenses for property administration, such as rent administration, management costs and lease costs. It is agreed in most of Stendörren’s leases that the tenant pays for certain property expenses. Stendörren also has triple net leases in certain cases, which means that the ten- ants themselves are a contractual party and pay all operating and maintenance costs. SEK million 2025 2024 Electricity and heating costs –57 –57 Operating expenses –62 –58 Repairs and maintenance –20 –23 Property tax –31 –24 Other property expenses –38 –29 Total –209 –192 Operating and maintenance costs Operating and maintenance costs include costs for electricity, heating, water, property upkeep, insurance and maintenance. If Stendörren signs a contract for operating and maintenance costs, these are, in most cases, charged on to the tenant in form of rental surcharges Operating expenses (electricity and heating costs, operating expenses and other property expenses) amounted to SEK 157 million (145) in 2025 and maintenance costs to SEK 20 million (23). Ground rent Ground rent is the annual rent that Stendörren pays for the tenure of land owned by another party. At the end of the year, the number of properties with ground rent was 32 (26). Ground rent in 2025 amounted to SEK 9 million (9) and mainly comprised Stendörren’s ground rent to the City of Stockholm. The average remaining term of the site leaseholds, weighted based on the annual rent, is 39 years (28) and the ground rent is normally recalculated every ten years. Accord- ing to the current contracted ground rent, the total future ground rent for the remaining average term amounts to SEK 327 million (274). Contracted future ground rent, SEK million 2025 2024 Contracted ground rent, year 1 11 9 Contracted ground rent between years 2 and 5 44 36 Contracted ground rent after 5 years 272 229 Total 327 274 Property tax In Sweden, property tax is a national tax paid every year as a percentage of the assessed value. For Stendörren, property tax varies between 0.5 and 1.0 percent depending on whether the property is classified as warehouse/industrial prem- ises (0.5 percent) or office/retail premises (1.0 percent). Property tax in 2025 totaled SEK 31 million (24). STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 55 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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5 Employees and personnel costs Board, CEO and other senior executives During the fiscal year, the Parent Company had 6 (6) Board members, 2 (2) of whom were women. At the end of the fiscal year, the company had 8 (8) senior executives, of whom 4 (4) women, and the total number of employees was 54 (52), of whom 26 (26) women. The average number of employees in 2025 was 57.5, of whom 31 men. This includes 6 people (3 women and 3 men) who were contracted consultants. The cost for these contracted consultants is reported as consultancy costs and is not included in the personnel costs presented below. Remuneration to the Board in 2025 amounted to SEK 1,250 thousand (1,490). Remuneration totaling SEK 7,194 thousand (6,413) was paid to the CEO. Remu- neration of SEK 15,560 thousand (14,409) was paid to other senior executives and SEK 33,305 thousand (33,669) to other employees. Total social security contributions for the fiscal year amounted to SEK 25,714 thousand (26,361), of which SEK 8,852 thousand (7,179) comprised pension provisions including pay- roll tax of SEK 1,728 thousand (1,402). The CEO receives pension provisions cor- responding to 30 percent of his monthly salary. The period of notice from both sides is six months. In addition, the CEO is entitled to six months’ severance pay if the company terminates his employment. The period of notice for the Deputy CEO is six months. The principles for remuneration and benefits to the CEO, company management and other senior executives are decided by the Board. SEK thousand 2025 2024 Average number of employees 57.5 55 of whom, men 31 28 Gender distribution among senior executives Board members 6 6 of whom, women 2 2 CEO and senior executives 8 8 of whom, women 4 4 Cash salaries, benefits and remuneration Board Chairman 600 580 Board members Helena Levander 360 340 Carl Mörk 290 310 Seth Lieberman 0 260 Total Board members 1,250 1,490 SEK thousand 2025 2024 CEO 7,194 6,413 of which, bonuses 4,536 3,840 Deputy CEO 3,405 3,386 of which, bonuses 1,360 1,360 Other senior executives 12,155 11,024 of which, bonuses 4,300 3,460 Other employees 33,305 25,009 Social security contributions Board, CEO and other senior executives 11,271 10,563 of which, pension costs 3,685 3,520 Other employees 14,443 15,798 of which, pension costs 5,167 3,659 The Board members did not receive any bonuses according to Chapter 5, Section 40 of the Annual Accounts Act. Incentive programs Stendörren has two incentive programs that were resolved on at the 2023 and 2025 AGMs. Both programs were targeted toward the company’s employees and include issues of warrants, which the participants in the relevant program acquired for cash payment to the Parent Company. The warrants were acquired at market value calculated in accordance with the Black & Scholes valuation method performed by independent valuers. Under the incentive program 2023–2028, there were 50,060 warrants by the end of the period and each warrant entitles the holder, during a period of two weeks from the date of publication of the interim financial report for the period January 1–March 31, 2028, to subscribe for one new Class B common share in the company at a subscription price of SEK 285 per share. Under the incentive program 2025–2030, there were 32,995 warrants by the end of the period and each warrant entitles the holder, during a period of two weeks from the date of publication of the interim financial report for the period January 1–March 31, 2030, to subscribe for one new Class B common share in the company at a subscription price of SEK 264 per share. Upon full exercise of the warrants in the two outstanding programs, the share capital will increase by SEK 49,833 through the issuance of 83,055 Class B shares, each with a quotient value of SEK 0.6. The dilution on full utilization corresponds to approximately 0.3 percent of the capital and 0.2 percent of the number of votes based on the number of outstanding shares as of the report- ing date. Since a market premium has been paid for the warrant programs, no share-based payment expense was recognized. Share rights Program 2023–2028 Outstanding at beginning of period 50,060 Allotted during the period – Repurchased during the period – Outstanding at end of period 50,060 Program 2025–2030 Outstanding at beginning of period – Allotted during the period 32,995 Repurchased during the period – Outstanding at end of period 32,995 Fair value Stock price at end of period, SEK 202.00 Program 2023–2028 Fair value on valuation date, SEK thousand –4,155 Strike price of options 285.00 Term of share rights, years 1) 2.4 Program 2025–2030 Fair value on valuation date, SEK thousand –2,046 Strike price of options 264.00 Term of share rights, years 2) 4.4 1) The share rights can be redeemed for subscription rights after publication of the interim financial report for January 1–March 31, 2028. 2) The share rights can be redeemed for subscription rights after publication of the interim financial report for January 1–March 31, 2030. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 56 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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6 Remuneration of auditors The following remuneration was paid to the Group’s auditors. SEK million 2025 2024 BDO Mälardalen AB Audit engagement –6 –4 Other services – – Total –6 –4 Audit engagement refers to the auditor’s work on the statutory audit, and auditing activities refer to various types of quality-assurance activities. Other services are such services that are not included in the audit engagement, auditing activities or tax advisory services. 8 Unrealized changes in exchange rates SEK million 2025 2024 Exchange rate gains 0 0 Exchange rate losses –30 0 Total –30 0 The Group’s exchange rate gains and losses arise from receivables and liabilities in foreign currency. 7 Financial income and expenses SEK million 2025 2024 Financial income Interest income, other 35 130 Total 35 130 The Group’s financial income derives from interest-rate derivatives and the Group’s cash and cash equivalents. SEK million 2025 2024 Financial expenses Interest expense, bond –98 –105 Interest expense –276 –320 Borrowing costs and other financial expenses –68 –24 Total –442 –449 Interest expense and financial expenses are expenses arising on the Group’s interest-bearing loans. The Group’s interest expense of SEK 442 million (449) includes direct interest expense of SEK 374 million (425) and SEK 68 million (24) in other borrowing costs. 9 Tax Income tax comprises current tax and deferred tax. Current and deferred tax were calculated based on a tax rate of 20.6 percent for Sweden, 20.0 percent for Finland and 22.0 percent for Denmark and Norway. Current tax refers to the tax payable or due on taxable earnings for the current year. Taxable earnings for the year differ from reported earnings for the year since they have been adjusted for non-taxable and non-deductible items. Deferred tax is calculated using the balance sheet method, based on temporary differences between the carrying amount and tax base of assets and liabilities. However, for property acquisitions that have been deemed to be asset acquisitions no deferred tax is recognized on such temporary differences that have arisen prior to the acqui- sition date. The aim is to take future tax consequences into account upon, for example, future sales of assets or use of loss carry-forwards. Recognized tax expense or tax income, SEK million 2025 2024 Current tax expense: Tax income/tax expense for the year –46 –53 Tax due to changed tax assessment –2 0 Total current tax –48 –53 Deferred tax: Temporary differences, properties –84 –65 Changes in value, derivatives 5 12 Effect of loss carry-forwards 3 0 Untaxed reserves –6 –10 Total deferred tax –82 –63 Total recognized tax –130 –116 Reconciliation of recognized tax based on tax expenses, SEK million 2025 2024 Profit before tax 303 443 Reconciliation of effective tax Tax at applicable tax rate 20.6% (20.6) –62 –91 Tax effect of non-deductible expenses –49 –64 Tax effect of non-recognized expenses 2 2 Tax effect on non-taxable income 4 0 Tax effect of non-recognized income –1 0 Utilized loss carry-forwards 4 0 Tax due to changed tax assessment –1 0 Temporary differences, properties –25 34 Other tax adjustments –1 2 Effect of different tax rate –1 1 Recognized tax –130 –116 Effective rate, % 42.9 26.2 The items affecting income that impacted the Group’s reporting of current tax and for the 2025 fiscal year are presented below. Reconciliation of recognized tax based on profit/loss items, tax calculation, SEK million 2025 2024 Income from property management before exchange rate changes 342 308 Tax deductible depreciation/amortization and investments –293 –278 Non-deductible expenses 238 311 Non-recognized expenses –10 0 Non-taxable income –19 0 Non-recognized income 5 0 Temporary differences, properties 5 22 Temporary differences, derivatives –11 0 Other tax adjustments –9 –25 Reversals/provisions, tax allocation reserve 0 –79 Other tax adjustments Taxable income from property management 248 259 Increase/decrease in loss carry-forwards –19 0 Changed tax assessment 5 0 Taxable earnings 234 259 20.6% tax –48 –53 STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 57 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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Deferred tax Loss carry-forwards comprise tax losses in prior years. These losses are not lim- ited in time and are rolled over to the next year, and are utilized by being offset against future taxable profit. Deferred tax were calculated based on a tax rate of 20.6 percent for Sweden, 20.0 percent for Finland and 22.0 percent for Den- mark and Norway. Loss carry-forwards in the Group amounted to SEK 21 million (17). Loss carry-forwards in the Group, which have not been valued, amounted to SEK 0 million (8) on December 31, 2025. Deferred tax assets and tax liabil- ities are recognized net in the consolidated statement of financial position, as presented below. 11 Investment properties SEK million 2025 2024 Investment properties Opening balance 14,311 12,566 Acquisitions of new properties via acquisitions of subsidiaries 1,235 1,129 Sales –65 –224 Investments in existing properties 487 598 Currency effects –84 17 Realized changes in value 18 29 Value changes in existing properties 25 196 Closing carrying amount 15,927 14,311 No financial expenses were capitalized in 2025 or 2024. All of Stendörren’s properties are valued by external appraisers at a maximum of 12-month intervals and are internally valued every quarter between these intervals. On the reporting date, the portfolio of investment properties was valued at SEK 15,927 million based on a combination of external and internal valuations. The external property valuations were primarily carried out by Newsec Sweden and CBRE. Realized and unrealized changes in the value of investment proper- ties in 2025 amounted to SEK 43 million (225). Of the total change in value for the period, SEK 18 million (29) referred to realized changes in value attributable to property sales. The changes in value of the property portfolio during the period were driven by adjusted yield requirements, changes in cash flows based on indexation, new and renegotiated leases and changed assumptions of market rents. SEK million 2025 2024 Deferred tax assets Loss carry-forwards Opening carrying amount 2 1 Change for the year 2 0 Closing carrying amount 4 1 Lease liabilities Opening carrying amount 56 53 Change for the year 11 3 Closing carrying amount 67 56 Total deferred tax assets 71 57 Deferred tax liabilities Temporary differences in properties Opening carrying amount –1,002 –936 Change in profit or loss for the year –83 –65 Currency effects 2 1 Closing carrying amount –1,083 –1,000 Derivatives Opening carrying amount –6 –18 Change in profit or loss for the year 5 12 Closing carrying amount –1 –6 Temporary differences on environmental remediation reserve Opening carrying amount 1 1 Change in profit or loss for the year –1 – Closing carrying amount – 1 Untaxed reserves Opening carrying amount –57 –47 Change for the year –6 –10 Closing carrying amount –63 –57 Right-of-use assets Opening carrying amount –56 –53 Change for the year –11 –3 Closing carrying amount –67 –56 Total deferred tax liabilities –1,214 –1,118 Deferred tax, net carrying amount –1,143 –1,061 The tax residual value for the Group’s properties amounted to SEK 6,662 million (6,034). 10 Intangible assets SEK million 2025 2024 Opening cost 17 10 Investments – 7 Closing accumulated cost 17 17 Opening accumulated amortization –8 –7 Amortization for the year –2 –1 Closing accumulated amortization –10 –8 Closing carrying amount 7 9 Intangible assets consist of capitalized expenditure for the website and soft- ware. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 58 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports Note 9 Tax, cont.
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Valuation methods Stendörren’s market valuations (both external and internal valuations) were carried out as valuations of returns according to the cash flow model in line with IPD Svenskt Fastighetsindex valuation guidance. The valuations are based on cash flow analyses entailing that the value of properties is based on the present value of forecast cash flows and residual value during the calculation periods that vary between 5 and 15 years for each valuation object according to the following principles: Expected future cash flow for the selected calculation period according to: + Rental payments – Operating expenses paid – Maintenance costs = Net operating income – Investments = Cash flow Assumptions regarding the expected flow cash flows are made based on an analysis of: • Future development of market/local area • The market conditions and market position of the property • Market-based rental terms and conditions • Operating and maintenance costs in similar properties compared with those in the property at hand • Known and expected investment requirements for the property (tenant improvements and large investment requirements are not included in ongoing maintenance) The parameters affecting the value used in the valuation correspond to the external appraiser’s interpretation of how a presumptive buyer in the market would reason and the total of the present value of the net operating income and residual value that can thus be regarded as an expression of market value. All properties are physically inspected by an appraiser the first time that they are valued, and reinspected when necessary (for example, following conversions and extensions or major tenant improvements). However, the longest interval between inspections is three years. Building rights and potential building rights were valued based on location price studies, stage of the planning process and established divestment values. All of Stendörren’s properties were valued according to Level 3 of the fair value hierarchy of IFRS 13. None of the properties were transferred to different levels of the fair value hierarchy. On each reporting date, management analyzes changes in unobservable inputs during the period applied to the valuations against internally available information, information from completed/planned transactions and information from the external appraisers. The valuations took into account the best and maximum use of the properties. Valuation parameters The cash flow analyses are based on assumptions regarding future performance according to the following parameters: • Long-term inflation assumption • Assumption regarding market interest for all lettable areas • Estimated operating expenses based on past expenses and statistics available for comparable properties • Estimated expenses for tenant improvements per premises • Estimated vacancy period between tenants • Estimated long- and short-term maintenance requirements • Assessment of the market’s yield requirement for the specific property The inflation assumption is based on the current inflation level and is adjusted during the calculation period to the Riksbank’s long-term inflation target of 2 percent annually. The calculation period for each property to be valued is adapted to the remaining term of the existing lease and varies between five and 20 years. The analysis of future net operating income is based on the current lease and an analysis of the applicable rental market. If the rental terms and conditions are deemed to be market-based, it is deemed possible to extend these terms and conditions unchanged or extend them based on similar condi- tions. If the contracted rent is deemed to deviate from current market rent, it is assumed that it is adjusted to a market-based level at the end of the contract. Correspondingly, the occupancy rate of the properties is assumed over time to be adjusted to an estimated market-based level. Operating and maintenance costs are based on an analysis of each property’s historical and budgeted cost level, and on experience and statistics from similar properties, such as statistics reported by IPD. Summary of Stendörren’s property valuations A summary of parameters affecting values of all properties used in the market valuation on the reporting date is provided below Valuation parameters, December 31, 2025 Min Max Weighted average Discount rate, cash flow, % 7.3 11.1 8.4 Market yield requirement, residual value, % 5.2 9.0 6.3 Discount rate, residual value, % 7.3 11.1 8.4 Long-term vacancy assumption, % 3.0 15.0 6.0 Valuation parameters, December 31, 2024 Min Max Weighted average Discount rate, cash flow, % 5.0 11.1 8.1 Market yield requirement, residual value, % 5.2 9.0 6.3 Discount rate, residual value, % 7.2 11.1 8.4 Long-term vacancy assumption, % 2.0 25.0 5.7 Building rights As of December 31, 2025, Stendörren had 39 properties wholly or partly consist- ing of building rights totaling 627,000 square meters, mainly for logistics, light industrial and residential use. The potential in the building rights portfolio is considered strong since the building rights are located in expansive municipal- ities and areas in Greater Stockholm and the Mälardalen region as well as other selected growth locations. The market value of the building rights portfolio amounted to approximately SEK 1,504 million (1,458) on the reporting date. Sensitivity analysis Changes in cash flows and the market yield requirement are of major importance to the market values of the properties. Based on Stendörren’s estimated current earnings capacity on January 1, 2026, the sensitivity analysis shows the assessed effect on the assessed market value if net operating income and/or the mar- ket yield requirement increases or decreases by 2.5 or 0.25 percentage points, respectively. The sensitivity analysis does not claim to be exact, rather it is only indicative and aims to present the company’s assessment of amounts in the context stated. Changes in net operating income, 2025 Change in market yield requirement, SEK million –5.0% –2.5% 0.0% 2.5% 5.0% –0.50% 658 1,094 1,531 1,967 2,404 –0.25% –103 314 730 1,147 1,563 0.00% –796 –398 0 398 796 0.25% –1,432 –1,050 –669 –287 94 0.50% –2,016 –1,650 –1,284 –918 –552 Changes in net operating income, 2024 Change in market yield requirement, SEK million –5.0% –2.5% 0.0% 2.5% 5.0% –0.50% 641 1,034 1,428 1,821 2,214 –0.25% –70 305 680 1,055 1,429 0.00% –716 –358 0 358 716 0.25% –1,305 –963 –621 –279 64 0.50% –1,846 –1,518 –1,190 –862 –534 Note 11 Investment properties, cont. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 59 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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12 Equipment SEK million 2025 2024 Opening cost 10 10 Closing accumulated cost 10 10 Opening accumulated depreciation –10 –9 Depreciation for the year 0 –1 Closing accumulated depreciation –10 –10 Closing carrying amount 0 0 14 Other current receivables SEK million 2025 2024 Deduction of taxes and fees 11 5 Value-added tax receivable 9 17 Other current receivables 1 23 Closing carrying amount 21 45 13 Financial assets measured at amortized cost SEK million 2025 2024 Rental and accounts receivable 26 20 Provisions for doubtful rental receivables –12 –11 Closing carrying amount 14 9 Accounts receivable are valued every quarter and all accounts receivable more than 30 days overdue are individually assessed. Impairment of credit losses in accordance with IFRS 9 are forward-looking, and a loss allowance is made when there is an exposure to credit risk. The receivable is recognized as a bad debt loss in the event of bankruptcy or other confirmed credit loss. For new lettings, tenants are subject to a credit assessment. SEK million 2025 2024 Maturity structure of rental and accounts receivable Overdue 0–29 days 11 3 Overdue 30–89 days 6 2 Overdue 90 days 9 15 Provisions for doubtful rental receivables –12 –11 Total 14 9 15 Prepaid expenses and accrued income SEK million 2025 2024 Prepaid insurance premiums 9 8 Prepaid rental discounts 28 27 Other prepaid expenses and accrued income 17 20 Closing carrying amount 55 55 16 Equity The Group’s equity Share capital corresponds to the Parent Company’s share capital. See the Parent Company’s Note 14. Other capital contributed refers to capital contributed from the owners. Earned profit refers to profit earned in the Group. Earnings per share Recognized earnings per share correspond to profit after tax for the Group divided by the average number of shares outstanding for the year (32,041,772 shares). Earnings per share after dilution are calculated by considering the maximum number of subscription rights that the employee warrant program may give rise to (calculated in accordance with IAS 33). The average number of shares after dilution amounted to 32,071,796. 17 Interest-bearing liabilities SEK million 2025 2024 Non-current interest-bearing liabilities Bond loans 1,700 1,300 Loans from banks and other credit institutions 6,985 6,379 Allocated borrowing costs –48 –41 Total interest-bearing non-current borrowing 8,637 7,638 Current interest-bearing liabilities Loans from banks and other credit institutions 301 153 Total interest-bearing current borrowing 301 153 Total interest-bearing liabilities 8,938 7,791 Credit facility Construction loan, amount granted – – Overdraft facility, amount granted 430 280 The Group’s interest-bearing liabilities, which are mainly denominated in SEK, amounted to SEK 8,938 million (7,791) at year-end, of which allocated arrange- ment fees and loan arrangement costs amounted to SEK –48 million (–40). Interest-bearing liabilities consisted of liabilities to credit institutions of SEK 7,287 million (6,531) and three green bonds totaling SEK 1,700 million (1,300). Interest-bearing loans thus comprise Stendörren’s primary source of financ- ing. Loans from credit institutions comprise bilateral loan agreements with banks with collateral provided by Stendörren’s property-owning subsidiaries in the form of mortgages for the properties owned. On the reporting date, the Parent Company had three outstanding bond loans, all green. One bond loan amounted to SEK 800 million on the reporting date, maturing on December 12, 2027, and has an interest rate of Stibor 90 plus 2.90 percent. The second bond loan amounts to SEK 500 million, maturing on September 30, 2028, and has an interest rate of Stibor 90 plus 2.60 percent. The third bond loan amounts to SEK 400 million, maturing on June 4, 2029, and has an interest rate of Stibor 90 plus 2.35 percent. The bank loans have been raised with Swedbank, Danske Bank, SEB, Nordea and Sörmlands Sparbank On December 31, 2025, there were available and unutilized credit frameworks of a total of SEK 645 million. The current portion of interest-bearing liabilities on the same date amounted to SEK 301 million (153). Current interest-bearing liabilities in Stendörren’s statement of financial position comprise contractual repayment over the next 12-month period plus loans that fall due for repayment in the same period. Accordingly, current liabilities can be considered to be a measure of the company’s short- term liquidity requirement. This liquidity requirement is normally covered by current cash flow and refinancing. Stendörren endeavors to have long matur- ities on its loans so as to thereby minimize its short-term refinancing risk. As of December 31, 2025, Stendörren’s average time to maturity of interest-bearing liabilities to credit institutions amounted to 3.4 years (3.2). See the table on page 61. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 60 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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Interest and loan maturities, December 31, 2025 Interest and loan maturities for all interest-bearing liabilities are distributed over years according to the table below. Interest maturity/Year1) Loan maturity Year of maturity SEK million Interest, % Share, % SEK million Share, % 2026 3,286 37 153 2 2027 0 0 1,051 12 2028 600 7 2,856 32 2029 101 1 4,584 51 2030 0 0 343 4 >2030 5,000 56 0 0 Total/average 8,987 3.9 100 8,987 100 1) The interest maturity for 2025 includes all loan amounts that carry Ibor as base interest and that are not covered by interest derivatives. Note 17 Interest-bearing liabilities, cont. Interest-rate derivatives – active Counterparty Type Start date Maturity date Nominal value, SEK million Fair value properties, SEK million Cap level, % Years remaining Nordea Interest-rate cap Sep 3, 2021 Sep 3, 2026 300 0.1 2.00% 0.67 Swedbank Interest-rate cap Dec 14, 2021 Dec 14, 2026 1,100 0.7 2.00% 0.952) SEB Interest-rate cap Dec 23, 2021 Dec 23, 2026 750 0.5 2.00% 0.982) Swedbank Interest-rate cap Sep 3, 2021 Sep 3, 2026 550 0.2 2.00% 0.672) Total 2,700 1.4 2.00% 0.82 Swedbank Interest-rate swap Feb 12, 2025 Feb 12, 2030 500 0.8 2.36% 4.12 Nordea Interest-rate swap Feb 12, 2025 Feb 12, 2030 300 0.2 2.37% 4.12 SEB Interest-rate swap Feb 13, 2025 Feb 13, 2030 200 0.2 2.38% 4.12 SEB Interest-rate swap Jan 13, 2025 Dec 17, 2027 101 –0.3 4.06% 1.96 Danske Bank Interest-rate swap Oct 7, 2025 Oct 7, 2030 600 1.6 2.45% 4.77 Danske Bank Interest-rate swap Oct 7, 2025 Oct 7, 2029 300 0.2 2.39% 3.77 Swedbank Interest-rate swap Nov 10, 2025 Nov 10, 2030 400 –0.2 2.49% 4.86 Swedbank Interest-rate swap Nov 10, 2025 Nov 10, 2029 600 –1.1 2.41% 3.86 Total 3,001 1.3 2.47% 4.19 1) Including derivatives with a delayed start date, the average maturity amounts to 4.3 years. 2) Upon maturity, the derivative is replaced with a derivative (see table to the right) with a delayed start date at the same nominal amount. Interest-rate derivatives – with delayed start date Counterparty Type Start date Maturity date Nominal value, SEK million Fair value properties, SEK million Cap level, % Years remaining Nordea Interest-rate cap Sep 3, 2026 Sep 3, 2031 425 8.6 2.75% 5.68 Nordea Interest-rate swap Sep 3, 2026 Sep 3, 2031 425 0.6 2.61% 5.68 Swedbank Interest-rate cap Dec 14, 2026 Dec 14, 2030 550 9.4 2.75% 4.96 Swedbank Interest-rate swap Dec 14, 2026 Dec 14, 2030 550 3.9 2.44% 4.96 SEB Interest-rate cap Dec 23, 2026 Dec 23, 2031 75 1.9 2.75% 5.98 SEB Interest-rate swap Dec 23, 2026 Dec 23, 2031 75 0.3 2.64% 5.98 Total 2,100 24.6 2.64% 5.32 The combined effect of the interest hedging gives a maximum reference interest level of 2.2 percent on the interest-hedged part of the interest-bearing liabilities. At the end of the reporting period, approximately 63 percent of the company’s interest-bearing liabilities were interest-hedged. Change in liabilities attributable to financing activities 2025 SEK million 2024 Nominal cash flow Acquisi- tions Changes in fair value 2025 Non-current liabilities to credit institutions 6,387 598 – – 6,985 Current liabilities to credit institutions 145 156 – – 301 Derivatives –58 –22 – 52 –29 Other non-current interest-bearing liabilities 1,300 400 – – 1,700 Total interest-bearing liabilities and derivatives 7,774 1,132 0 52 8,957 2024 SEK million 2023 Nominal cash flow Acquisi- tions Changes in fair value 2024 Non-current liabilities to credit institutions 4,756 1,631 – – 6,387 Current liabilities to credit institutions 825 –680 – – 145 Derivatives –148 – – 91 –58 Other non-current interest-bearing liabilities 1,101 199 – – 1,300 Total interest-bearing liabilities and derivatives 6,534 1,150 0 91 7,774 STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 61 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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18 Financial risks Financial assets measured at amortized cost Financial assets and liabilities measured at fair value through profit or loss Financial liabilities measured at amortized cost SEK million 2025 2024 2025 2024 2025 2024 Rental receivables 14 9 – – – – Other current receivables 21 45 – – – – Cash and cash equivalents 340 214 – – – – Interest-bearing liabilities – – – – –8,938 –6,651 Other non-current liabilities – – – – –78 –57 Interest-rate derivatives – – 29 58 – – Accounts payable – – – – –19 –124 Other liabilities – – – – –16 –6 Total 375 268 29 58 –9,051 –6,838 Accounts payable and other liabilities fall due between 30 days and one year. Fair values Considering that non-current liabilities carry variable interest and the interest effect for current receivables and liabilities is marginal, all carrying amounts cor- respond to their fair values. The fair value of financial instruments is determined and categorized in the manner described under Classification in Note 1. Financing Besides equity, Stendörren’s operations are based on externally contributed capital. The cost of capital is Stendörren’s single largest expense. As a result of this, the company is exposed to financing, interest-rate and credit risks. Further- more, it is likely that most of the capital required for financing both the develop- ment of existing properties and additional acquisitions will be provided by banks, credit institutions or other lenders. The company’s financing risk is defined as a cost of capital risk and as a loan maturity risk. The cost of capital risk refers to the risk of rising borrowing costs (loan margins), which would entail a nega- tive impact on Stendörren’s cash flow, earnings and financial position. The loan maturity risk refers to the lack of guarantees that lenders will extend Stendör- ren’s credits on final maturity. Neither can it be guaranteed that alternative credit facilities will be available. The Group’s primary financing comprises bilateral financing agreements with Swedish banks and credit institutions. These agreements normally include covenants to maintain a minimum interest coverage ratio and loan-to-value ratio. This means that creditors have the right to demand early repayment of credits provided or request a change to the con- ditions if these specific covenants are not fulfilled by the borrower. At the end of the fiscal year, the company met all of the financial covenants in its existing credit agreements. Stendörren endeavors to sign loan agreements with long loan maturity periods in order to minimize the risk of signed loan agreements not being renewed on reasonable terms. Credit risk Credit risk refers to the risk that a counterparty with whom Stendörren has a receivable is unable to fulfill its payment commitment. This risk is reduced in Stendörren since the Group actively works, where possible, on ensuring that the Group’s tenants have their own contracts for their media consumption. The credit risk with tenants is also diversified by having a large distribution in the number of leases. Other than the Group’s largest tenant, no individual tenant accounted for more than 2 percent (2) of the Group’s total annual rents as of December 31, 2025. The Group’s cash and cash equivalents are deposited with the Swedish large established banks and are subject to the deposit insurance from the Swedish government. There is not deemed to be any credit risk in cash and cash equivalents. Liquidity The company is of the opinion that the available cash flow from operating activ- ities in combination with the unutilized credit facilities at the end of the year are sufficient to meet its liquidity requirements for the next 12-month period. As of December 31, 2025, there was available liquidity of approximately SEK 985 million, in the form of cash and credit facilities. No additional collateral needs to be pledged to utilize these credit facilities. Interest rates Interest expense is Stendörren’s single largest expense item. Based on the company’s capital structure at December 31, 2025, interest expense amounts to about SEK 351 million on an annual basis. At that time, most borrowing from credit institutions was raised with short-term interest maturities (three months). This means that the payable interest is consistently low but that the Group is thus exposed to a potential increase in interest rates. To minimize this interest- rate risk, the company has entered into derivative agreements to hedge approx- imately 63 percent of the interest rates on all interest-bearing loans with long maturities. The Group’s sensitivity to interest rates at December 31, 2025 means that a 1 percentage point increase in the interest base would entail an increase in interest expense (before tax) of SEK 31 million. Sensitivity to interest rates is partly affected by the fact that all loans have a floor for which the IBOR of the loan agreement may not fall below zero, and partly by the above-mentioned interest hedges. See the sensitivity analysis below for more information. A summary of interest- rate derivatives can be found in the table in Note 17. Change, STIBOR (+) Outcome, SEK million (–) Outcome, SEK million +/–1.00% –31 53 +/–2.00% –59 103 +/–3.00% –87 105 The sensitivity analysis does not claim to be exact, rather it is only indicative and aims to present the company’s assessment of amounts in the context stated. Maturity analysis including interest rates The table below shows the total of all repayments and interest rates if all loans were to extend until their maturities (assuming that the interest rate is constant for the entire analysis period). Year Annual repayment until maturity, SEK million Interest expense/year, SEK million Total liquidity effect until maturity, SEK million 2026 147 333 480 2027 142 324 466 2028 120 235 355 2029 79 139 218 2030 1 12 13 >2031 0 0 0 Total 490 1,042 1,532 STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 62 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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19 Other provisions SEK million 2025 2024 Opening carrying amount 4 4 Provision, environmental remediation reserve –4 – Closing carrying amount 0 4 Refer to estimated remediation costs for land on the Kalvö 1:24 property. 20 Accrued expenses and deferred income SEK million 2025 2024 Accrued salary-related expenses 10 12 Accrued interest 55 39 Prepaid rental income 195 169 Other items 44 39 Closing carrying amount 304 259 21 Pledged securities SEK million 2025 2024 Collateral for credit facilities, interest-bearing liabilities Property mortgages 7,109 6,690 Pledged shares in subsidiaries 7,106 6,542 Total 14,215 13,232 22 Supplementary disclosures to the cash-flow statement SEK million 2025 2024 Cash flows Interest received 36 130 Interest paid –358 –409 Adjustment for non-cash items Depreciation, amortization and impairment of assets 2 2 Accrued, unpaid interest 24 26 Unrealized exchange rate adjustments 30 0 Total 56 28 Acquisition of assets via subsidiaries No business acquisitions were made; instead, acquisitions of shares in subsidiaries have been classified as asset acquisitions and the net proceeds consisted of the following items: SEK million 2025 2024 Acquired assets and liabilities Investment properties 1,236 1,128 Deferred tax assets – 1 Operating receivables 7 41 Cash and cash equivalents 8 11 Non-current liabilities –203 –375 Current operating liabilities –15 –126 Total net assets 1,033 680 Settlement of loans, swaps, and new loans, net –203 –449 Less: Cash and cash equivalents in the acquired entity 8 11 Impact on cash and cash equivalents –1,228 1,118 STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 63 Notes for the Group Introduction Business description Sustainability report Corporate governance Other information Financial reports
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 64 Parent Company’s financial statements Introduction Business description Sustainability report Corporate governance Other information Financial reports SEK million Notes 2025 2024 Net sales 125 129 Operating expenses 3–4 –125 –129 Profit before financial items 0 0 Financial items Income from participations in Group companies –17 123 Net financial items 6 37 19 Unrealized changes in exchange rates 7 –1 –2 Profit after financial items 19 140 Change in value of financial instruments –2 – Appropriations Group contributions received 346 394 Group contributions paid –348 –382 Total appropriations –2 12 Profit before tax 15 152 Tax 8 0 – Profit for the year 15 152 SEK million Notes 2025 2024 Profit for the year 15 152 Total other comprehensive income – – Comprehensive income for the year 15 152 PARENT COMPANY INCOME STATEMENT PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME The operations of the Parent Company consist of man- agement functions for all of the Group’s companies and properties. All staff are employed by the Parent Company. No properties are owned directly by the Parent Company. The Parent Company’s income during the period mainly comprised SEK 125 million in recharged services rendered by its own staff. Net interest income consists of net interest charged on intra-Group loans and external interest expense for the corporate bond programs. Cash and cash equivalents as of December 31, 2025 amounted to SEK 43 million (49) and equity amounted to SEK 1,997 million (1,708).
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 65 Parent Company’s financial statements Introduction Business description Sustainability report Corporate governance Other information Financial reports SEK million Notes Dec 31, 2025 Dec 31, 2024 ASSETS Non-current assets Intangible assets 9 7 9 Equipment 10 5 3 Participations in Group companies 11 1,346 1,165 Receivables from Group companies 3,980 3,239 Interest-rate derivatives 2 – Deferred tax assets 8 1 0 Total non-current assets 5,341 4,417 Current assets Receivables from Group companies 23 27 Other current receivables 12 1 1 Tax assets – 6 Prepaid expenses and accrued income 13 4 4 Cash and cash equivalents 43 49 Total current assets 16 71 87 TOTAL ASSETS 5,412 4,503 PARENT COMPANY STATEMENT OF FINANCIAL POSITION SEK million Notes Dec 31, 2025 Dec 31, 2024 EQUITY AND LIABILITIES Equity Restricted equity Share capital 14 20 19 Total restricted equity 20 19 Non-restricted equity Share premium reserve 1,943 1,670 Retained earnings 18 –133 Profit for the year 16 152 Total non-restricted equity 1,977 1,689 Total equity 1,997 1,708 LIABILITIES Non-current liabilities Interest-bearing liabilities 15 1,684 1,287 Liabilities to Group companies 1,695 1,459 Total non-current liabilities 16 3,379 2,746 Current liabilities Accounts payable 1 4 Other current liabilities 2 2 Accrued expenses and deferred income 17 33 44 Total current liabilities 36 50 TOTAL EQUITY AND LIABILITIES 5,412 4,503
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 66 Parent Company’s financial statements Introduction Business description Sustainability report Corporate governance Other information Financial reports SEK million Share capital Share premium reserve Retained earnings including profit for the period Total equity attributable to the company’s owners Opening balance equity, January 1, 2024 17 1,443 –133 1,329 Interest/dividend hybrid bond –46 –46 Issue of shares 2 490 492 Issued capital hybrid bond 296 296 Repurchase hybrid bond –515 –515 Comprehensive income January–December 2024 152 152 Closing balance equity, December 31, 2024 19 1,670 19 1,708 Opening balance equity, January 1, 2025 19 1,670 19 1,708 Employee warrant program 3 3 Interest/dividend hybrid bond –25 –25 Issue of shares 1 293 294 Comprehensive income January–December 2025 15 15 Closing balance equity, December 31, 2025 20 1,943 34 1,997 PARENT COMPANY CHANGES IN EQUITY SEK million Notes 2025 2024 Cash flow from operating activities Profit before financial items 0 0 Adjustment for non-cash items 20 2 2 Interest received 0 1 Interest paid –83 –91 Income tax paid 0 0 Cash flow from operating activities before changes in working capital –81 –88 Changes in working capital Changes in operating receivables 387 418 Changes in operating liabilities –277 –272 Cash flow from operating activities 29 58 Investing activities Acquisitions/divestments of intangible assets – –7 Acquisitions/divestments of equipment –2 6 Acquisitions of subsidiaries –540 –260 Sales of subsidiaries 343 87 Lending to Group companies –741 330 Cash flow from investing activities –940 156 Financing activities Capital contributed 3 – Raised interest-bearing liabilities 897 780 Repayment of interest-bearing liabilities –500 –600 Dividend hybrid bond –25 –46 Issue of shares 294 492 Issued capital hybrid bond – 296 Repurchase hybrid bond – –515 Borrowings from Group companies 236 –602 Cash flow from financing activities 905 –195 Cash flow for the year –6 19 Cash and cash equivalents at the beginning of the year 49 30 Cash flow for the year –6 19 Cash and cash equivalents at the end of the year 43 49 PARENT COMPANY STATEMENT OF CASH FLOWS
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 67 Notes for the Parent Company Introduction Business description Sustainability report Corporate governance Other information Financial reports 1 Accounting policies The Parent Company has prepared its Annual Report in accordance with the Swedish Annual Accounts Act (SFS 1995:1554) and Swedish Financial Reporting Board recommendation RFR2, Accounting for Legal Entities. RFR 2 requires that the Parent Company, in the Annual Report for the legal entity, applies all IFRSs and statements endorsed by the EU to the extent that this is possible within the framework of the Annual Accounts Act and with regard to the relationship between accounting and taxation. The recommendation states the exceptions and additions to IFRS that are required. The accounting policies stated below for the Parent Company have been consistently applied in all periods presented in the Parent Company’s financial statements. Leases The rules on recognizing leases in accordance with IFRS 16 were not applied by the Parent Company. This means that lease payments are recognized as an expense straight-line over the lease term and right-of-use assets and lease liabilities are not included in the Parent Company’s statement of financial posi- tion. However, leases are identified in accordance with IFRS 16, meaning that a contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Financial instruments IFRS 9 is not applied in the Parent Company for recognizing financial instru- ments. Instead, the Parent Company applies the provisions stipulated in RFR 2 (IFRS 9 Financial Instruments). Invoiced property management to subsidiaries In its capacity as Parent Company, Stendörren regularly provides its subsid- iaries with such services as management, and legal and financial advice, in its operations. These amounts are recognized in accordance with IFRS 15 and are invoiced to the subsidiaries every quarter in arrears and are based on the prop- erty holdings of each subsidiary. Subsidiaries Participations in subsidiaries are recognized in the Parent Company in accor- dance with the cost method. The Parent Company always recognizes dividends received from subsidiaries as income when the right to receive a dividend had been established. The value of participations in subsidiaries is tested contin- uously. If the carrying amount of the participations exceeds the consolidated amount, impairment is recognized that is charged to profit or loss. Group contributions and shareholders’ contributions for legal entities Group contributions are recognized in accordance with the alternative rule, meaning as appropriations in accordance with RFR 2/IAS 27. Shareholders’ contributions are recognized directly against equity in the recipient and are 2 Important estimates and judgments To prepare the accounts in accordance with IFRS and generally accepted accounting principles, judgments and assumptions must be made that impact the assets, liabilities, income and expenses in the accounts as well as other information. These judgments and assumptions are based on historical experi- ence and on various factors considered reasonable under the prevailing circum- stances. Actual outcomes may differ from these judgments if other assumptions are made or other circumstances are in place. The accounts are particularly sensitive to the judgments and assumptions used in the valuation of invest- ment properties. The value of the properties is regularly assessed individually per property during the year based on a number of judgments and estimates regarding future cash flows and yield requirement in the event of a transac- tion. The value interval between the estimated value and the sales price is usually +/–5–10 percent in a functioning market. Information about this and the assumptions and judgments made is provided in the Group’s Note 11. 3 Employees and personnel costs Board, CEO and other senior executives During the fiscal year, the Parent Company had 6 (6) Board members, 2 (2) of whom were women. At the end of the fiscal year, the company had 8 (8) senior executives, of whom 4 (4) women, and the total number of employees was 54 (52), of whom 26 (26) women. The average number of employees in 2025 was 57.5, of whom 31 men. This includes 6 people (3 women and 3 men) who were contracted consultants. The cost for these contracted consultants is reported as consultancy costs and is not included in the personnel costs presented below. Remuneration to the Board in 2025 amounted to SEK 1,250 thousand (1,490). Remuneration totaling SEK 7,194 thousand (6,413) was paid to the CEO. Remu- neration of SEK 15,560 thousand (14,409) was paid to other senior executives and SEK 33,305 thousand (33,669) to other employees. Total social security contributions for the fiscal year amounted to SEK 25,714 thousand (26,361), of which SEK 8,852 thousand (7,179) was pension provisions including payroll tax of SEK 1,728 thousand (1,402). The CEO receives pension provisions corre- sponding to 30 percent of his monthly salary. The period of notice from both sides is six months. In addition, the CEO is entitled to six months’ severance pay if the company terminates his employment. The period of notice for the Deputy CEO is six months. The principles for remuneration and benefits to the CEO, company management and other senior executives are decided by the Board. SEK thousand 2025 2024 Average number of employees 57.5 55 of whom, men 31 28 Gender distribution among senior executives Board members 6 6 of whom, women 2 2 CEO and senior executives 8 8 of whom, women 4 4 Cash salaries, benefits and remuneration Board Chairman 600 580 Board members Helena Levander 360 340 Carl Mörk 290 310 Seth Lieberman 0 260 Total Board members 1,250 1,490 CEO 7,194 6,413 of which, bonuses 4,536 3,840 Deputy CEO 3,405 3,386 of which, bonuses 1,360 1,360 Other senior executives 12,155 11,024 of which, bonuses 4,300 3,460 Other employees 33,305 25,009 Social security contributions Board, CEO and other senior executives 11,271 10,563 of which, pension costs 3,685 3,520 Other employees 14,443 15,798 of which, pension costs 5,167 3,659 The Board members did not receive any bonuses according to Chapter 5, Section 40 of the Annual Accounts Act. capitalized as shares in subsidiaries of the donor to the extent that impairment is not required. Dividends received Dividends are recognized as financial income in the recipient. According to RFR 2, the Parent Company is permitted to recognize anticipated dividends from subsidiaries if the Parent Company has the sole right to determine the amount of the value transfer and the Parent Company, before its financial statements are published, has made a decision on the amount of the value transfer.
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 68 Notes for the Parent Company Introduction Business description Sustainability report Corporate governance Other information Financial reports Incentive programs Stendörren has two incentive programs that were resolved on at the 2023 and 2025 AGMs. Both programs were targeted toward the company’s employees and include issues of warrants, which the participants in the relevant program acquired for cash payment to the Parent Company. The warrants were acquired at market value calculated in accordance with the Black & Scholes valuation method performed by independent valuers. Under the incentive program 2023–2028, there were 50,060 warrants by the end of the period and each warrant entitles the holder, during a period of two weeks from the date of publication of the interim financial report for the period January 1–March 31, 2028, to subscribe for one new Class B common share in the company at a subscription price of SEK 285 per share. Under the incentive program 2025–2030, there were 32,995 warrants by the end of the period and each warrant entitles the holder, during a period of two weeks from the date of publication of the interim financial report for the period January 1–March 31, 2030, to subscribe for one new Class B common share in the company at a subscription price of SEK 264 per share. Upon full exercise of the warrants in the two outstanding programs, the share capital will increase by SEK 49,833 through the issuance of 83,055 Class B shares, each with a quotient value of SEK 0.6. The dilution on full utilization corresponds to approximately 0.3 percent of the capital and 0.2 percent of the number of votes based on the number of outstanding shares as of the report- ing date. Since a market premium has been paid for the warrant programs, no share-based payment expense was recognized. Note 3 Employees and personnel costs, cont. 4 Remuneration of auditors The following remuneration was paid to the Parent Company’s auditors. SEK million 2025 2024 BDO Mälardalen AB Audit engagement –5 –2 Other services – – Total –5 –2 Audit engagement refers to the auditor’s work on the statutory audit, and auditing activities refer to various types of quality-assurance activities. Other services are such services that are not included in the audit engagement, audit- ing activities or tax advisory services. Share rights Program 2023–2028 Outstanding at beginning of period – Allotted during the period 50,060 Repurchased during the period – Outstanding at end of period 50,060 Program 2025–2030 Outstanding at beginning of period – Outstanding at beginning of period 32,995 Repurchased during the period – Outstanding at end of period 32,995 Fair value Stock price at end of period, SEK 202.00 Program 2023–2028 Fair value on valuation date, SEK thousand –4,155 Strike price of options 285.00 Term of share rights, years 1) 2.4 Program 2025–2030 Fair value on valuation date, SEK thousand –2,046 Strike price of options 264.00 Term of share rights, years 2) 4.4 1) The share rights can be redeemed for subscription rights after publication of the interim financial report for January 1–March 31, 2028. 2) The share rights can be redeemed for subscription rights after publication of the interim financial report for January 1–March 31, 2030. 6 Financial income and expenses SEK million 2025 2024 Financial income Interest income from Group companies 260 296 Interest income, other 0 – Total 260 296 The Parent Company’s financial income derives from Group companies and the Parent Company’s cash and cash equivalents. SEK million 2025 2024 Financial expenses Interest expenses to Group companies –114 –166 Interest expense, bond –84 –95 Borrowing costs and other financial expenses –25 –16 Total –223 –277 Interest expense and financial expenses are expenses arising on the Parent Company’s interest-bearing loans. The Parent Company’s interest expense of SEK 223 million (277) includes direct interest expense of SEK 114 million (261) and SEK 25 million (16) in allocated borrowing costs. 7 Unrealized changes in exchange rates SEK million 2025 2024 Exchange rate gains 0 0 Exchange rate losses –1 –2 Total –1 –2 The Parent Company’s exchange rate gains and losses arise from receivables and liabilities in foreign currency. 5 Income from participations in Group companies SEK million 2025 2024 Dividend – 110 Impairment of participations in Group companies –9 –24 Income from sales of participations in Group companies –8 37 Total –17 123
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 69 Notes for the Parent Company Introduction Business description Sustainability report Corporate governance Other information Financial reports 8 Tax Income tax comprises current tax and deferred tax. Current and deferred tax were calculated based on a tax rate of 20.6 percent. Current tax refers to the tax payable or due on taxable earnings for the current year. Taxable earnings for the year differ from reported earnings for the year since they have been adjusted for non-taxable and non-deductible items. Deferred tax is calculated using the balance sheet method, based on temporary differences between the carrying amount and tax base of assets and liabilities. However, for property acquisitions that have been deemed to be asset acquisitions no deferred tax is recognized on such temporary differences that have arisen prior to the acqui- sition date. The aim is to take future tax consequences into account upon, for example, future sales of assets or use of loss carry-forwards. Recognized tax expense or tax income, SEK million 2025 2024 Current tax expense: Tax income/tax expense for the year – – Tax due to changed tax assessment – – Total current tax 0 – Deferred tax: Effect of loss carry-forwards – – Total deferred tax – – Total recognized tax 0 – Reconciliation of recognized tax based on tax expenses, SEK million 2025 2024 Profit before tax 15 152 Reconciliation of effective tax Tax at applicable tax rate 20.6% (20.6) –3 –31 Tax effect of non-deductible expenses –4 –5 Tax effect of non-recognized expenses 7 6 Tax effect on non-taxable income 0 30 Recognized tax 0 0 Effective rate, % 0.0 0.0 Deferred tax Loss carry-forwards comprise tax losses in prior years. These losses are not lim- ited in time and are rolled over to the next year, and are utilized by being offset against future taxable profit. The deferred tax was calculated based on a tax rate of 20.6 percent The Parent Company’s loss carry-forwards amounted SEK 2 million (2). SEK million 2025 2024 Deferred tax assets Loss carry-forwards Opening carrying amount 0 0 Change for the year 1 0 Closing carrying amount 1 0 Total deferred tax assets 1 0 9 Intangible assets SEK million 2025 2024 Opening cost 17 10 Investments – 7 Closing accumulated cost 17 17 Opening accumulated amortization –8 –7 Amortization for the year –2 –1 Closing accumulated amortization –10 –8 Closing carrying amount 7 9 Intangible assets consist of capitalized expenditure for the website and software. 10 Equipment SEK million 2025 2024 Opening cost 13 19 Reclassification 2 –6 Closing accumulated cost 15 13 Opening accumulated depreciation –10 –9 Depreciation for the year 0 –1 Closing accumulated depreciation –10 –10 Closing carrying amount 5 3
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 70 Notes for the Parent Company Introduction Business description Sustainability report Corporate governance Other information Financial reports 11 Participations in Group companies SEK million 2025 2024 Opening carrying amount 1,165 979 Acquisitions 337 95 Contributions 203 165 Divestments –350 –50 Impairment –9 –24 Closing carrying amount 1,346 1,165 The credit risk for lending from the Parent Company to subsidiaries is considered to be low given the underlying values in each subsidiary in the form of property. Specification of Parent Company’s holdings of participations in subsidiaries All subsidiaries in the sub-Group are wholly owned. SEK million Corp. Reg. No. Registered office No. of shares/ participations Owned share,% Carrying amount No. of indirectly owned subsidiaries 2025 2024 2025 2024 Byggnads AB Dörrstenen 559145-5182 Stockholm 1,000 100 5 5 – – Bårhults Utvecklings AB 559114-7854 Gothenburg 500 100 – 34 – – Fastighets AB Kvartsgatan 11 556790-8347 Stockholm 1,000 100 – 5 – – SF Morkullan Södertälje AB 559362-7085 Stockholm 1,002 100 – 33 – – Stabil Fastighets AB 559053-9739 Gothenburg 500 100 – – – – Stendörren Dstiftet 3 AB 559425-9409 Stockholm 250 100 37 1 – – Stendörren Fyrislund 11:4 AB 559386-5487 Stockholm 250 100 23 – – – Stendörren Option AB 556989-1434 Stockholm 50,000 100 0 – – – Stendörren Stockholm 1 AB 556942-1679 Stockholm 50,000 100 754 0 62 62 Stendörren Stockholm 2 AB 556409-2434 Stockholm 10,000 100 78 754 11 6 Stendörren Stockholm 3 AB 559320-6112 Stockholm 25,000 100 0 57 18 16 Stendörren Stockholm 4 AB 556972-6630 Stockholm 50,000 100 46 0 7 7 Stendörren Stockholm 5 AB 556993-3012 Stockholm 50,000 100 62 46 10 10 Stendörren Stockholm 6 AB 556993-3020 Stockholm 50,000 100 14 50 2 3 Stendörren Stockholm 7 AB 556993-3038 Stockholm 50,000 100 247 10 32 17 Stendörren Stockholm 8 AB 559338-6005 Stockholm 25,000 100 55 120 9 9 Stendörren Stockholm 9 AB 559338-6336 Stockholm 25,000 100 12 40 7 7 Stendörren Stockholm 10 AB 559383-4053 Stockholm 25,000 100 5 0 9 5 Stendörren Stockholm 11 AB 559493-7061 Stockholm 25,000 100 8 0 5 6 Stendörren Stockholm 12 AB 559384-4193 Stockholm 25,000 100 0 10 – – Total 1,346 1,165 172 148 12 Other current receivables SEK million 2025 2024 Deduction of taxes and fees 0 0 Value-added tax receivable – – Other current receivables 1 1 Closing carrying amount 1 1 13 Prepaid expenses and accrued income SEK million 2025 2024 Prepaid insurance premiums – 1 Other prepaid expenses and accrued income 4 3 Closing carrying amount 4 4
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 71 Notes for the Parent Company Introduction Business description Sustainability report Corporate governance Other information Financial reports 14 Equity At fiscal year-end, the company’s share capital amounted to SEK 19,585,840, comprising 2,500,000 Class A shares and 30,143,066 Class B shares. On full exercise of all of the warrants that can be issued under the share option program described in Note 3, the number of Class B shares outstanding will increase by 83,055, which will result in 0.3 percent dilution of the capital and 0.2 percent of the number of votes. The company’s share capital will thereby increase by SEK 49,833. Event Registration with Swedish Companies Registration Office Class A shares Class B shares Share capital, SEK1) New formation November 15, 2010 – 83,333 50,000 New share issue, Class B shares, 3 occasions December 2010–March 2014 – 1,207,816 774,689 Offset issue Nov 20, 2014 2,500,000 14,653,837 11,066,991 New share issue, Class B shares, 21 occasions December 2014–April 2015 – 9,175,001 16,571,992 New share issue Class B share, share subscription based on warrants May 15, 2018 – 535,655 16,893,385 New share issue Class B share, share subscription based on warrants June 1, 2020 – 215,800 17,022,865 New share issue Class B share, share subscription based on warrants October 4, 2021 – 56,824 17,056,959 New share issue Class B share, share subscription based on directed share issue October 28, 2024 – 2,630,208 18,635,084 New share issue Class B share, share subscription based on directed share issue May 13, 2025 – 1,547,000 19,563,284 New share issue Class B share, share subscription based on warrants November 28, 2025 – 37,593 19,585,840 Total events – 30,143,066 19,585,840 1) The quotient value per share amounted to SEK 0.60 at year-end. Voting rights and shares of equity Share class Number of shares Number of votes Total number of votes Percentage of votes, % Share of equity, % Class A shares 2,500,000 10 25,000,000 45 8 Class B shares 30,143,066 1 30,143,066 55 92 Total 32,643,066 11 55,143,066 100 100 Parent Company’s restricted and non-restricted equity According to the Swedish Companies Act, equity comprises restricted (non-dis- tributable) and non-restricted (distributable) equity. Dividends may only be paid to shareholders as long as there is full coverage for restricted equity after the dividend. Furthermore, profit may only be distributed if it justifiable considering the requirements which the type of operations, size and risks place on the size of the equity, and the company’s and Group’s consolidation requirements, liquidity and position in general. Dividends are proposed by the Board in accordance with the provisions of the Swedish Companies Act and determined by the AGM. Dividend The Board of Stendörren proposes to the AGM that dividends be paid for the 2025 fiscal year in a total amount of SEK 0 per share and instead be reinvested in the project portfolio. Proposed appropriation of profit The following funds in the Parent Company are at the disposal of the AGM: Retained earnings 1,960,991,824 Profit for the year 16,382,600 Total 1,977,374,424 The Board of Directors proposes that the profit be appropriated as follows: To be paid in dividends to shareholders 0 To be carried forward 1,977,374,424 Total 1,977,374,424 15 Interest-bearing liabilities SEK million 2025 2024 Non-current interest-bearing liabilities Bond loans 1,700 1,300 Other interest-bearing liabilities 1,695 1,459 Allocated borrowing costs –16 –13 Total interest-bearing non-current borrowing 3,379 2,746 Credit facility Construction loan, amount granted – – Overdraft facility, amount granted – – The Parent Company’s interest-bearing liabilities, which are mainly denominated in SEK, amounted to SEK 3,379 million (2,746) at year-end, of which allocated arrangement fees and loan arrangement costs amounted to SEK –16 million (–13). Interest-bearing liabilities consist of bonds of SEK 1,700 million (1,300) and interest-bearing liabilities to Group companies of SEK 1,695 million (1,459). On the reporting date, the Parent Company had three outstanding bond loans, all green. One bond loan amounted to SEK 800 million on the reporting date, maturing on December 12, 2027, and has an interest rate of Stibor 90 plus 2.90 percent. The second bond loan amounts to SEK 500 million, maturing on Sep- tember 30, 2028, and has an interest rate of Stibor 90 plus 2.60 percent. The third bond loan amounts to SEK 400 million, maturing on June 4, 2029, and has an interest rate of Stibor 90 plus 2.35 percent. Change in liabilities attributable to financing activities 2025 SEK million 2024 Nominal cash flow Acquisi- tions Changes in fair value 2025 Other non-current interest-bearing liabilities 2,759 636 – – 3,395 Total interest-bearing liabilities and derivatives 2,759 636 0 0 3,395 2024 SEK million 2023 Nominal cash flow Acquisi- tions Changes in fair value 2024 Other non-current interest-bearing liabilities 3,161 –402 – – 2,759 Total interest-bearing liabilities and derivatives 3,161 –402 – – 2,759
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 72 Notes for the Parent Company Introduction Business description Sustainability report Corporate governance Other information Financial reports 16 Financial risks Fair values Considering that non-current liabilities carry variable interest and the interest effect for current receivables and liabilities is marginal, all carrying amounts corre- spond to their fair values. The fair value of financial instruments is determined and categorized in the manner described under Classification in Note 1. Financial assets measured at amortized cost Financial assets and liabilities measured at fair value through profit or loss Financial liabilities measured at amortized cost SEK million 2025 2024 2025 2024 2025 2024 Receivables from Group companies 4,003 3,266 – – – – Other current receivables 1 1 – – – – Cash and bank balances 43 49 – – – – Interest-rate derivatives – – 2 – – – Interest-bearing liabilities – – – – –1,684 –1,287 Accounts payable – – – – –1 –4 Liabilities to Group companies – – – – –1,695 –1,459 Other current liabilities – – – – –2 –2 Total 4,047 3,316 2 0 –3,382 –2,752 Accounts payable and other liabilities fall due between 30 days and one year. 17 Accrued expenses and deferred income SEK million 2025 2024 Accrued salary-related expenses 10 12 Accrued interest 17 16 Other items 6 16 Closing carrying amount 33 44 18 Pledged securities SEK million 2025 2024 Collateral for credit facilities, interest-bearing liabilities Property mortgages – – Pledged shares in subsidiaries 1,185 1,020 Total 1,185 1,020 19 Contingent liabilities SEK million 2025 2024 Guarantees for subsidiaries’ credits 7,291 6,532 Total 7,291 6,532 21 Related party transactions Sale of goods and services to related parties Purchase of goods and services from related parties SEK million 2025 2024 2025 2024 Parent Company Related party relationship Group companies 124 129 – – Total 124 129 – – Receivables from related parties Liabilities to related parties SEK million 2025 2024 2025 2024 Parent Company Related party relationship Group companies 4,003 3,266 1,695 1,459 Total 4,003 3,266 1,695 1,459 Interest from related parties Interest to related parties SEK million 2025 2024 2025 2024 Parent Company Related party relationship Group companies 260 296 114 166 Total 260 296 114 166 The transactions above were made with related companies. For information regarding salaries, remuneration, costs and agreements for pensions and similar benefits and agreements regarding severance pay for the Board, CEO and other executives, refer to Note 3.20 Supplementary disclosures to the cash-flow statement SEK million 2025 2024 Cash flows Interest received – 1 Interest paid –83 –91 Adjustment for non-cash items Depreciation, amortization and impairment of assets 2 2 Total 2 2
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 73 Notes for the Parent Company Introduction Business description Sustainability report Corporate governance Other information Financial reports 22 Important events after the end of the fiscal year Stendörren acquired a strategic property portfolio in Helsinki for SEK 1.3 billion and presented its earnings capacity as of year-end in advance In January, Stendörren entered into an agreement to acquire 14 properties in the Helsinki region with an agreed property value of SEK 1.3 billion. The portfolio is fully leased and the average remaining lease period is just over three years. The annual net operating income is approximately SEK 96 million. The acquisition was financed with existing cash and bank financing. Closing is expected to take place on February 20, 2026. Stendörren signed a seven-year lease agreement for a newly constructed light industrial building of 1,900 sqm in Skrubba, Stockholm In February, Stendörren entered into a lease agreement regarding a newly constructed light industrial building on the property Vindkraften 2 in Skrubba, southern Stockholm. The agreement comprises the entire building of approx- imately 1,900 square meters as well as associated yard areas and has a lease term of seven years. The new building will be completed in March 2026 and the tenant will take possession on May 1, 2026. Stendörren announced a tap issue of senior unsecured green notes In February, Stendörren successfully issued senior unsecured green notes of SEK 300,000,000 at 100.75 percent of nominal value under Stendörren’s existing framework of up to SEK 800,000,000 (ISIN: SE0026876195) with final maturity in June 2029, of which notes amounting to SEK 400,000,000 have previously been issued. Stendörren acquired a warehouse and light industrial property in Uppsala for SEK 52 million In March, Stendörren acquired a warehouse and light industrial property in Fyrislund industrial area in Uppsala Municipality from a private seller. The agreed property value amounts to SEK 52 million and the total lettable area amounts to approximately 2,500 square meters. The property is fully leased to nine differ- ent tenants, and the average remaining lease term amounts to approximately 3.3 years. The annual net operating income is estimated at approximately SEK 3.7 million. Closing took place simultaneously with signing on March 31, 2026. The Parent Company’s non-restricted equity is at the disposal of the AGM. The Board proposes that SEK 0 per share be paid in dividends and non-restricted equity in its entirety be carried forward. SEK Non-restricted equity brought forward 1,960,991,824 Profit for the year 16,382,600 Non-restricted equity at the disposal of the AGM 1,977,374,424 Proposed To be paid in dividends to shareholders 0 To be carried forward 1,977,374,424 PROPOSED APPROPRIATION OF PROFIT
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SIGNING OF THE ANNUAL REPORT The undersigned give their assurance that the consolidated financial statements and Annual Report have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the EU and with generally accepted accounting policies in Sweden and provide a true and fair view of the Group’s and the Parent Company’s financial position and earnings, and that the Board of Directors’ Report provides a true and fair view of the Group’s and the Parent Company’s operations, financial position and earnings and describe the material risks and uncertainties faced by the companies that form the Group. Stockholm, April 29, 2026 Andreas Philipson Chairman Carl Mörk Board member Helena Levander Board member Tom Livelli Board member Our auditor’s report on this Annual Report and the consolidated financial statements was submitted on April 29, 2026. BDO Mälardalen AB Johan Pharmanson Authorized Public Accountant/Auditor-in-Charge Joakim Rubin Board member Roniek Bannink Board member Erik Ranje CEO STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT Introduction Business description Sustainability report Corporate governance Other information Financial reports 74
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 75 Introduction Business description Sustainability report Corporate governance Other information Financial reports AUDITOR’S REPORT To the general meeting of the shareholders of Stendörren Fastigheter AB, corporate identity number 556825-4741 REPORT ON THE ANNUAL ACCOUNTS AND CONSOLIDATED ACCOUNTS Opinions We have audited the annual accounts and consolidated accounts of Stendörren Fastigheter AB for the finan- cial year 2025. The annual accounts and consolidated accounts of the company are included on pages 44-74 in this document. In our opinion, the annual accounts have been pre- pared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of parent company as of 31 December 2025 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2025 and their financial perfor- mance and cash flow for the year then ended in accor- dance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the group. Our opinions in this report on the the annual accounts and consolidated accounts are consistent with the con- tent of the additional report that has been submitted to the parent company’s Audit Committee in accordance with the Audit Regulation (537/2014/EU) Article 11. Basis for Opinions We conducted our audit in accordance with Internation- al Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accor- dance with these requirements. This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the Audit Regulation (537/2014/ EU) Article 5.1 have been provided to the audited com- pany or, where applicable, its parent company or its controlled companies within the EU. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Key Audit Matters Key audit matters of the audit are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts and consolidated accounts of the current period. These matters were ad- dressed in the context of our audit of, and in forming our opinion thereon, the annual accounts and consolidated accounts as a whole, but we do not provide a separate opinion on these matters. Valuation of Investment Properties The fair value of the Group’s investment properties amounted to SEK 15,927 million as of 31 December 2025, with value changes during the period totaling SEK 43 million. The Group’s investment properties represent 95% of total assets as of 31 December 2025. A description of the valuation of the property portfolio is provided in Note 11 Investment Properties, Note 1 Accounting Princi- ples, and Note 2 Significant Estimates and Judgments. We have identified this as a key audit matter due to the numerous assumptions and judgments involved in the valuation of investment properties. How our audit addressed this key audit matter Our audit procedures included, but were not limited to, the following: Initially, we evaluated and reviewed the company’s process for property valuation, including the valuation method and the input data used in the valuations. We evaluated the competence of both the company and the external valuers. We compared the valuations to known market information. For a selection of proper- ties, we reviewed the reasonableness of assumptions such as yield, vacancy rate, rental income, and operat- ing costs, and we also recalculated the valuation model. Our review was partly conducted with the assistance of a valuation specialist. Our selection focused mainly on the most valuable properties in the portfolio, properties with ongoing projects or future development potential in the form of building rights, as well as those properties where there was the greatest variation in value com- pared to the previous year. We have reviewed the disclo- sures provided in the annual report. Other Information than the annual accounts and consolidated accounts This document also contains other information than the annual accounts and consolidated accounts and is found on pages 2-43 and 91-99. The Board of Directors and the Managing Director are responsible for this other information. Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regard- ing this other information. In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts. In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the informa- tion otherwise appears to be materially misstated. If we, based on the work performed concerning this information, conclude that there is a material misstate- ment of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are re- sponsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presen- tation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accordance with IFRS Accounting Standards, as adopted by the EU. The Board of Directors and the Managing Director are also responsible for such internal control as they deter- mine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated accounts, The Board of Directors and the Managing
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 76 Revisionsberättelse Introduction Business description Sustainability report Corporate governance Other information Financial reports Director are responsible for the assessment of the com- pany’s and the group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Managing Director intends to liquidate the company, to cease operations, or has no realistic alternative but to do so. The Audit Committee shall, without prejudice to the Board of Directors’ responsibilities and tasks in general, among other things oversee the company’s financial reporting process. Auditor’s responsibility Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not a guarantee that an au- dit conducted in accordance with ISAs and generally ac- cepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reason- ably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts. As part of an audit in accordance with ISAs, we exer- cise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not de- tecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, mis- representations, or the override of internal control. • Obtain an understanding of the company’s internal control relevant to our audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Direc- tors and the Managing Director. • Conclude on the appropriateness of the Board of Di- rectors’ and the Managing Director’s use of the going concern basis of accounting in preparing the annual accounts and consolidated accounts. We also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the company’s and the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts and consolidated accounts or, if such disclosures are inadequate, to modify our opinion about the annual accounts and consolidated accounts. Our conclusions are based on the audit evidence ob- tained up to the date of our auditor’s report. However, future events or conditions may cause a company and a group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the annual accounts and consolidated accounts, including the disclosures, and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consol- idated accounts. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our opinions. We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified. We must also provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to commu- nicate with them all relationships and other matters that may reasonably be thought to bear on our indepen- dence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the annual accounts and consolidated accounts, including the most important assessed risks for material misstatement, and are there- fore the key audit matters. We describe these matters in the auditor’s report unless law or regulation precludes disclosure about the matter. Report on other legal and regulatory requirements The auditor’s audit of the administration of the Board of Directors and the Managing Director and the proposed appropriations of the company’s profit or loss Opinions In addition to our audit of the annual accounts and con- solidated accounts, we have also audited the administra- tion of the Board of Directors and the Managing Direc- tor of Stendörren Fastigheter AB for the financial year 2025 and the proposed appropriations of the company’s profit or loss. We recommend to the general meeting of sharehold- ers that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year. Basis for Opinions We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibil- ities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Responsibilities of the Board of Directors and the Managing Director The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company’s and the group’s type of operations, size and risks place on the size of the parent company’s and the group’s equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the compa- ny’s organization and the administration of the compa- ny’s affairs. This includes among other things continuous assessment of the company’s and the group’s financial situation and ensuring that the company’s organization is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Direc- tor shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are nec- essary to fulfill the company’s accounting in accordance with law and handle the management of assets in a reassuring manner. Auditor’s responsibility Our objective concerning the audit of the administra- tion, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect:
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STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 77 Revisionsberättelse Introduction Business description Sustainability report Corporate governance Other information Financial reports • has undertaken any action or been guilty of any omis- sion which can give rise to liability to the company, or • in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Arti- cles of Association. Our objective concerning the audit of the proposed ap- propriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reasonable de- gree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accor- dance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the pro- posed appropriations of the company’s profit or loss are not in accordance with the Companies Act. As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise pro- fessional judgment and maintain professional scepticism throughout the audit. The examination of the adminis- tration and the proposed appropriations of the compa- ny’s profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on our professional judgment with starting point in risk and materiality. This means that we focus the examination on such actions, areas and relationships that are material for the operations and where deviations and violations would have particular importance for the com- pany’s situation. We examine and test decisions under- taken, support for decisions, actions taken and other cir- cumstances that are relevant to our opinion concerning discharge from liability. As a basis for our opinion on the Board of Directors’ proposed appropriations of the com- pany’s profit or loss we examined the Board of Directors’ reasoned statement and a selection of supporting evi- dence in order to be able to assess whether the proposal is in accordance with the Companies Act. The auditor’s examination of the Esef report Opinion In addition to our audit of the annual accounts and consolidated accounts, we have also examined that the Board of Directors and the Managing Director have pre- pared the annual accounts and consolidated accounts in a format that enables uniform electronic reporting (the Esef report) pursuant to Chapter 16, Section 4 a of the Swedish Securities Market Act (2007:528) for Stendör- ren Fastigheter AB for the financial year 2025. Our examination and our opinion relate only to the statutory requirements. In our opinion, the Esef report has been prepared in a format that, in all material respects, enables uniform electronic reporting. Basis for opinion We have performed the examination in accordance with FAR’s recommendation RevR 18 Examination of the Esef report. Our responsibility under this recommendation is described in more detail in the Auditors’ responsibility section. We are independent of Stendörren Fastigheter AB in accordance with professional ethics for accoun- tants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is suf- ficient and appropriate to provide a basis for our opinion. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the Esef report in accordance with the Chapter 16, Section 4 a of the Swedish Securities Market Act (2007:528), and for such internal control that the Board of Directors and the Managing Director determine is necessary to prepare the Esef report without material misstatements, whether due to fraud or error. Auditor’s responsibility Our responsibility is to obtain reasonable assurance whether the Esef report is in all material respects pre- pared in a format that meets the requirements of Chap- ter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), based on the procedures performed. RevR 18 require us to plan and execute procedures to achieve reasonable assurance that the Esef report is pre- pared in a format that meets these requirements. Reasonable assurance is a high level of assurance, but it is not a guarantee that an engagement carried out according to RevR 18 and generally accepted auditing standards in Sweden will always detect a material mis- statement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Esef report. The audit firm applies International Standards on Quality Management 1, which requires the firm to design, implement and operate a system of quality manage- ment, including documented policies and procedures regarding compliance with professional ethical require- ments, professional standards, and legal and regulatory requirements. The examination involves obtaining evidence, through various procedures, that the Esef report has been pre- pared in a format that enables uniform electronic report- ing of the annual accounts and consolidated accounts. The procedures selected depend on the auditor’s judg- ment, including the assessment of the risks of material misstatement in the report, whether due to fraud or error. In carrying out this risk assessment, and in order to design audit procedures that are appropriate in the circumstances, the auditor considers those elements of internal control that are relevant to the preparation of the Esef report by the Board of Directors and the Managing Director, but not for the purpose of express- ing an opinion on the effectiveness of those internal controls. The examination also includes an evaluation of the appropriateness and reasonableness of assump- tions made by the Board of Directors and the Managing Director. The procedures mainly include a validation that the Esef report has been prepared in a valid XTHML format and a reconciliation of the Esef report with the audited annual accounts and consolidated accounts. Furthermore, the procedures also include an assess- ment of whether the consolidated statement of financial performance, financial position, changes in equity, cash flow and disclosures in the Esef report has been marked with iXBRL in accordance with what follows from the Esef regulation. BDO Mälardalen AB was appointed auditor of Stendörren Fastigheter AB by the general meeting of the shareholders on 22 May 2025 and has been the com- pany’s auditor since 2022. Stockholm, date and signature on the Swedish original BDO Mälardalen AB Johan Pharmanson Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall pre- vail.
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CORPORATE GOVERNANCE Corporate governance statement 79 Board of Directors 86 Management team 88 Auditor’s statement on the corporate governance statement 90 5 78STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT
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Corporate governance refers to the rules and structure by which a limited liability company is directed and con- trolled. Good corporate governance enables Stendörren to assure its shareholders that the company is managed in a responsible, efficient and sustainable manner. Articles of Association Stendörren Fastigheter AB (publ) is a Swedish public lim- ited liability company, and the company’s Class B shares are listed on Nasdaq Stockholm, Mid Cap The Board has its registered office in Stockholm. The company shall directly or through subsidiaries own, manage and trade in real estate, and conduct any other activities compatible therewith. Stendörren’s Articles of Association do not contain any specific provisions on the appointment and dismissal of Board members, or on amendments to the Articles of Association. The entire Articles of Association can be found on the company’s website, stendorren.se. Swedish Corporate Governance Code The Swedish Corporate Governance Code (the “Code”) is based on the “comply or explain” approach, which means that the Code is not a rigid set of rules and that compa- nies may choose other solutions if they can be justified in particular circumstances. However, companies that decide to deviate from individual rules, shall report each devia- tion, describe their own solution and explain their deci- sion. The Code is available at https:/ /www.bolagsstyrning. se/current-code where the Swedish model for Swedish corporate governance is also presented. This Corporate Governance Statement presents Stendörren’s corporate governance in 2025 and has been prepared in accordance with the Swedish Annual Accounts Act and the Code. Stendörren did not report any deviations from the Code for 2025. Shares and ownership At fiscal year-end, Stendörren’s share capital amounted to SEK 19,585,840, comprising 2,500,000 Class A shares and 30,143,066 Class B shares. Class A shares in Stendör- ren entitle the holder to ten votes at a General Meeting, and Class B shares to one vote at a General Meeting. All shares carry the same right to shares in the company’s assets and profits. At December 31, 2025, the number of shareholders was 3,550 and the quota value per share was SEK 0.60. For more information about the ownership structure at the end of 2025, refer to page 92. General Meeting The General Meeting is the company’s highest govern- ing body. The AGM shall be held in Stockholm within six months of fiscal year-end. At the AGM, the shareholders exercise their voting rights on issues that are import- ant to the company such as dividends, the adoption of Annual and Sustainability Report, discharge from liability for Board members and the CEO, the election of Board members, the Chairman of the Board and auditor, as well as the fees paid to Board members and the auditor. In addition to the AGM, the company may also convene an Extraordinary General Meeting (EGM). Resolutions are normally passed at General Meetings by a simple majority vote. However, under the Swedish Companies Act, some resolutions, such as an amendment of the Articles of Association, must be passed by a quali- fied majority vote. Stendörren’s Articles of Association do not contain any restrictions on the number of votes that each shareholder may cast at a General Meeting. According to the Articles of Association, notice of a General Meeting shall be given by advertising in Post- och Inrikes tidningar and by publishing the notice on the company’s website. Information that the notice has been given shall be advertised in Svenska Dagbladet. CORPORATE GOVERNANCE STATEMENT Key external regulations • Swedish Companies Act • Nordic Main Market Rulebook for Issuers of Shares • Swedish Corporate Governance Code (“Code”) • Accounting legislation and recommendations • IFRS Key internal regulations • Articles of Association • Rules of Procedure for the Board and Board committees • Delegation of Authority • Rules of Procedure for the CEO and the instructions for financial reporting. • Internally adopted rules, policy documents and procedures, such as Stendörren’s insider policy, information policy, finance policy, related party transaction policy, Code of Conduct, Supplier Code of Conduct, personal data policy, and health and safety manual. • Internal control and risk assessment processes. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 79 Introduction Business description Sustainability report Financial reports Other information Corporate governance General Meeting Shareholders Board of Directors Nomination Committee Remuneration Committee Auditor Audit Committee CEO Company management Stendörren’s corporate governance structure
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2025 AGM The 2025 AGM was held on May 22, 2025 in Stockholm. At the AGM, a total 93.13 percent of the company’s votes and 88 percent of the company’s capital was represented. The AGM resolved on the following: • Allocation of the company’s profits. • Discharge from liability for the Board members and CEO. • Resolution on the number of Board members and auditors. • Re-election of Roniek Bannink, Helena Levander, Carl Mörk, Andreas Philipson and Joakim Rubin as Board members, and election of Tom Livelli as a new Board member. • Re-election of Andreas Philipson as Chairman of the Board. • Re-election of BDO Mälardalen AB as the company’s auditor with Johan Pharmanson as the Auditor-in- Charge. • Adoption of fees for Board members and auditors. • Adoption of principles for appointment of the Nomination Committee ahead of AGMs. • Approval of the remuneration report. • Adoption of remuneration guidelines for senior executives. • Resolution on long-term incentive program in the form of warrants. • Resolution on authorization for the Board of Directors to resolve on new issues of Class B common shares, Class B convertible bonds and/or Class B common share warrants, and preference shares. If the Board of Directors resolves on an issue without preferential rights for shareholders, the reason must be to broaden the ownership base, acquire or facilitate the acquisition of working capital, increase the liquidity of the share, carry out company acquisitions or acquire or facilitate the acquisition of capital for company acquisitions. The minutes from the 2025 AGM as well as the related meeting documents are available on the company’s website. 2026 AGM The AGM of Stendörren Fastigheter AB (publ) will be held on May 26, 2026 at 2:00 p.m. in Garnisonen Konferens, K-märkt, conference room “Chambre Separée” in Stock- holm, Sweden. Nomination Committee To ensure that elections and the determination of fees to Board members and the auditor are prepared in a structured, clearly stated, shareholder-governed process, every company that applies the Code must have a Nomi- nation Committee. The role of the Nomination Committee is to make recommendations regarding the Chairman of General Meetings, the Board, the Chairman of the Board, the auditor, fees and other remuneration of Board assignments for each Board member, remuneration for committee work and fees to the company’s auditor and, to the extent deemed necessary, recommendations on changed principles for appointments to the Nomination Committee. Shareholders have the opportunity to submit nomina- tion proposals to the Nomination Committee. The Nomi- nation Committee’s proposals are published in connection with the notice of the AGM. The composition of Stendörren’s Nomination Committee ahead of the 2026 Annual General Metting was as follows: • James Golunski, representing Stendörren Real Estate AB and Chairman of the Nomination Committee. • Oscar Christensson, representing Altira AB. • Patrik Jönsson, representing SEB Investment Management AB. Stendörren’s Chairman Andreas Philipson is a co-opted member of the Nomination Committee The Board of Directors The role of the Board of Directors The Board assumes overall responsibility for the adminis- tration and organization of Stendörren. The Board follows written Rules of Procedure adopted at the inaugural Board meeting each year. The Rules of Procedure for the Board regulate the Board’s duties and the division of responsibilities between the Board and the company’s CEO. The Rules of Procedure for the Board include the Rules of Procedure for the CEO and the instructions for financial reporting. The Board sets the overall objectives and strategies for the company and the Group to which the company belongs, and adopts the company’s budget and policies. The Board monitors financial developments and reviews and approves interim reports and the annual accounts. The Board also monitors compliance with laws, regula- tions and internal governing documents, assesses and manages the company’s risks and ensures a high level of internal control. In addition, the Board resolves on matters such as major investments and organizational and operational changes in the company and ensures that the company conducts adequate sustainability activities. The role of the Chairman The Chairman of the Board organizes and leads the Board’s work and is responsible for ensuring that the Board carries out its work effectively and fulfills its obli- gations. The Chairman is also to ensure that, if necessary, new Board members complete the exchange’s training for Board members of listed companies and any other train- ing courses deemed appropriate. The Chairman consults with the company’s CEO on strategic matters and ensures that the Board members receive the necessary infor- mation and documentation to perform their duties. The Chairman is also responsible for contact with the share- holders on matters of shareholder concern and ensures that the Board’s performance is evaluated annually. Composition of the Board until the AGM on May 22, 2025 Name Position Board member since Independent of the company and company management Independent of the company’s largest shareholders Andreas Philipson Chairman of the Board 2016 Yes Yes Roniek Bannink Board member 2024 Yes No Seth Lieberman Board member 2014 Yes No Helena Levander Board member 2017 Yes Yes Carl Mörk Board member 2016 Yes No Joakim Rubin Board member 2024 Yes No Composition of the Board from the AGM on May 22, 2025 Name Position Board member since Independent of the company and company management Independent of the company’s largest shareholders Andreas Philipson Chairman of the Board 2016 Yes Yes Roniek Bannink Board member 2024 Yes No Helena Levander Board member 2017 Yes Yes Tom Livelli Board member 2025 Yes No Carl Mörk Board member 2016 Yes No Joakim Rubin Board member 2024 Yes No STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 80 Corporate governance statement Introduction Business description Sustainability report Financial reports Other information Corporate governance
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THE BOARD’S WORK IN 2025 JAN FEB M A R A PR MAY JUN JUL AUG SEP O CT NOV DEC . 2025 FEBRUARY • Adoption of annual accounts • Discussion of the auditor’s report • Report from the Audit Committee • Proposed allocation of profit • Matters related to the AGM • Internal control • Remuneration matters – Report from Remuneration Committee JULY • Adoption of the interim report for the second quarter of the year • Report from the Audit Committee SEPTEMBER • Adoption of the compa- ny’s operational targets and strategies • Internal control OCTOBER • Adoption of the interim report for the third quarter of the year • Discussion of the audi- tors’ review of the third quarter interim report • Report from the Audit Committee • Review and evaluation of the company’s risk assessment and internal control • Decision on third party insurance for the Board and CEO DECEMBER • Adoption of the budget for the coming year • Evaluation of the Board (including committees) and the CEO • Remuneration matters – Report from Remuner- ation Committee APRIL • Annual and Sustainability Report • Matters related to the AGM MAY (TWO BOARD MEETINGS) • Adoption of the interim report for the first quarter of the year • Report from the Audit Committee • Election of Board committees • Adoption of relevant governance documents and policies • Adoption of the Board’s annual cycle • Decisions on delegation of authority Composition of the Board According to the Articles of Association, Stendörren’s Board shall consist of at least three and no more than eight members, with no deputies. The 2025 AGM resolved that the Board shall consist of six members with no deputies for the period until the next AGM. The Meeting resolved to re-elect Roniek Bannink, Helena Levander, Carl Mörk, Andreas Philipson and Joakim Rubin, and elect Tom Livelli as a new Board member. Andreas Philipson was re-elected Chairman of the Board. Information about the Board members’ experience and background, their shareholdings and other financial instruments in the company and their significant assignments outside the company is provided in the “Board of Directors” section on pages 86–87. The Nomination Committee ahead of the 2025 AGM placed great emphasis on the Board having a diver- sity and breadth of qualifications, experience, skills and background to ensure that the composition of the Board meets the requirements made on the Board given its operations, phase of development and other relevant cir- cumstances. The Nomination Committee believed that it is essential that the Board has solid knowledge and experience in areas of importance to the company, such as property development, property management, trans- actions, financing issues, corporate governance issues, Board assignments in a listed environment and relevant sustainability issues. It was also considered desirable that the Board retain its international character, in compari- son with the Boards of other Swedish property compa- nies, and thus have the ability to quickly identify trends in other property markets. The Nomination Committee applied Rule 4.1 of the Code as its diversity policy. The importance of having a gender balance was discussed specifically and it was noted that the proportion of women on the proposed Board is two out of six members. According to the Code, a majority of the elected Board members must be independent of the company and its company management. At least two of these mem- bers must also be independent of the company’s largest shareholders. The company’s Board meets the provisions of the Code regarding independence. As shown in the table below, all six elected members are independent of the company and company management. Of these, two members are independent of the company’s largest shareholders. Board fees The 2025 AGM resolved that, for the period until the conclusion of the next AGM, a Board fee of SEK 540,000 would be paid to the Chairman of the Board, and Board fees and attendance in 2025 Name Position Attendance at Board meetings in 2025 Board fees, SEK1) 2) Andreas Philipson Chairman of the Board 20 of 20 600,000 Roniek Bannink Board member 19 of 20 03) Seth Lieberman4) Board member 6 of 6 N/A Helena Levander Board member 20 of 20 360,000 Tom Livelli5) Board member 14 of 14 03) Carl Mörk Board member 18 of 20 290,000 Joakim Rubin Board member 20 of 20 03) Total 1,250,000 1) The fee stated was paid for the period between the 2025 AGM and 2026 AGM. The amount stated includes committee fees. 2) From, and as resolved by, the 2025 AGM. 3) The Board member declined Board fees for the period between the 2025 AGM and 2026 AGM. 4) The Board member stepped down on May 22, 2025. 5) The Board member took office on May 22, 2025. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 81 Corporate governance statement Introduction Business description Sustainability report Financial reports Other information Corporate governance
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SEK 270,000 to each of the other members. The AGM also resolved that a fee of SEK 90,000 would be paid to the Chairman of the Audit Committee and SEK 35,000 to each of the other members of the Audit Committee, and that a fee of SEK 60,000 would be paid to the Chairman of the Remuneration Committee and SEK 20,000 to each of the other members of the Remuneration Committee. The table on page 80 shows the fee that will be paid to each Board member for the period between the 2025 AGM and the 2026 AGM. The Board’s work in 2025 In 2025, the Board held 20 minuted Board meetings, including six original Board meetings, one inaugural Board meeting and 13 extraordinary Board meetings. Eight of the extraordinary Board meetings were held per capsulam. The company’s CEO and the company’s Chief Legal Counsel, who is also the Board secretary, were also present at the Board meetings. In addition, other members of company management served as rapporteur and attended those parts of the Board’s meetings that affected their specific area of responsibility. According to the Rules of Procedure for the Board, the Board must hold at least five scheduled meetings a year in addition to the inaugural Board meeting. Board meetings follow a meeting schedule, which is broadly an annual cycle established by the Board that is reviewed and determined at each inaugural Board meeting. A brief description of the annual cycle is presented on page 81. In addition to the information in the table, the Board has a number of standard items of business that are generally addressed at each scheduled Board meeting. For exam- ple, the company’s CEO presents a financial report at each meeting and provides information about the business situation and outlook. When necessary, issues regarding acquisitions and divestments, other investments, financing decisions and decisions regarding structural and orga- nizational matters are discussed. Matters regarding the company’s sustainability activities, IT security and person- nel-related matters are also regularly addressed by the Board. Since the Board approves the financial statements, each financial report is preceded by a Board meeting where the relevant report is approved. At these meetings, the Audit Committee presents an account of its work. In addition to original Board meetings, extra Board meetings are held when required, such as when a business decision requires the Board’s approval. Board evaluation The Board evaluates the performance of its members and the CEO every year to ensure that the Board has fulfilled its role effectively and that the performance of Board members and the CEO is continuously developed. This takes the form of a systematic and structured process. The performance of the Board and the CEO in 2025 was evaluated by engaging an external service. The Board evaluation covered topics including the company’s objectives and strategy, Board meetings, the composition of the Board, the work of the Board Commit- tees, communication, reporting and risk management. The results of the evaluation were presented to the Board at a Board meeting and were followed by a discussion on how the Board’s work methods can be further developed to optimize the work of the Board. No members of company management were present at this meeting. The results were also presented to the Nomination Committee. Audit Committee Stendörren has an Audit Committee that in 2025 com- prised Helena Levander (Chairman) and Joakim Rubin. The role and powers of the Audit Committee are regu- lated in the Rules of Procedure for the Audit Commit- tee, which is an appendix to the Rules of Procedure for the Board. The tasks of the Audit Committee, acting on behalf of the Board, include: • Monitoring the application of the company’s accounting policies. • Monitoring the company’s financial reporting and submitting recommendations and suggestions to ensure the reliability of the reporting. • Monitoring the effectiveness of the company’s internal control with respect to financial reporting and risk management. • Being informed about the audit of the Annual Report and consolidated financial statements as well as the conclusions of the quality control of the audit. • Reviewing and monitoring the auditor’s impartiality and independence. • Assisting in preparing proposals for the AGM’s resolu- tion on the election of auditors. The Audit Committee is to hold at least five committee meetings each fiscal year. Members of the committee must not be employed by the company and at least one member must have competence in accounting or auditing. In 2025, the Audit Committee held five minuted meet- ings. The matters addressed at the meetings included the company’s financial statements, valuations, sustainability reporting, the external audit, the company’s risk assess- ment and internal controls, reviews of any material dis- putes, the company’s external whistleblower function and the company’s policies. Remuneration Committee Stendörren has a Remuneration Committee whose purpose is to ensure a detailed, thorough and well-founded remu- neration model for the company’s employees, focusing on the remuneration of the CEO and other members of com- pany management. In 2025, the Remuneration Committee consisted of Andreas Philipson (Chairman), Carl Mörk and Joakim Rubin. The main tasks of the committee include: • Preparing the Board’s decisions on remuneration princi- ples, remuneration and other terms of employment for company management. • Monitoring and evaluating ongoing and completed variable remuneration programs during the year for company management • Monitoring and evaluating the application of the remu- neration guidelines for senior executives to be resolved by the AGM, and monitoring and evaluating the compa- ny’s remuneration structures and remuneration levels. • Preparing an annual remuneration report to be presented to the AGM. The role and discretionary powers of the Remuneration Committee are regulated in the Rules of Procedure and an instruction for the Remuneration Committee, which are an appendix to the Rules of Procedure for the Board. In 2025, the Remuneration Committee held three min- uted meetings where matters such as guidelines for the remuneration of senior executives, outcomes and propos- als regarding new incentive programs, targets for senior executives, remuneration outcomes for senior executives and the company’s remuneration report were discussed. CEO and company management The company’s CEO is responsible for managing the com- pany, overseeing the day-to-day operations and leading the company in accordance with the Board’s instructions. The CEO’s responsibilities and relationship with the Board are regulated by the Rules of Procedure for the CEO as adopted by the Board. The CEO is responsible for the company’s financial reporting and must ensure that the Board receives suffi- cient information to enable a continuous evaluation of the company’s financial position. The company’s CEO shall keep the Board up-to-date with the company’s develop- ment and the Group’s operations, sales, the company’s earnings and financial position, liquidity and credit sit- uation, major company events, as well as the outcomes of any events, circumstances or conditions of material importance to the company’s shareholders. The Board has instructed the company’s CEO to ensure that the company complies with applicable rules and reg- ulations, including the company’s obligations to disclose inside information and to maintain an insider list record- ing all people with access to inside information about the company. Stendörren’s company management consists of the following people: • Erik Ranje, CEO • Anders Nilsson, Head of Asset Management and Deputy CEO • Per-Henrik Karlsson, CFO • Johan Malmberg, CIO and Head of Business Development • Maria Jonsson, Head of Development • Caroline Gebauer, Legal Counsel • Åsa Thorell, Head of HR • Linda Schuur, Head of Sustainability For more information about company management, refer to pages 88–89. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 82 Corporate governance statement Introduction Business description Sustainability report Financial reports Other information Corporate governance
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Auditor The role of the auditor is to examine the company’s Annual and Sustainability Report, and to evaluate whether the Board and the CEO have fulfilled their roles effectively. After each fiscal year, the auditor shall present an auditor’s report on the consolidated financial state- ments to the AGM. At the AGM on May 22, 2025, account- ing firm BDO Mälardalen AB was re-elected as the auditor with Authorized Public Accountant Johan Pharmanson as Auditor-in-Charge. The auditor’s term of office expires at the end of the AGM to be held on May 26, 2026. In 2025, the company did not engage BDO Mälardalen AB for any non-audit services. INTERNAL CONTROL The Board assumes overall responsibility for ensuring that Stendörren has an adequate and effective risk assessment and internal control system, which aims to ensure that the company’s operations are conducted efficiently and effectively and that its financial reporting and sustainabil- ity reporting are reliable and prepared in accordance with the law, applicable accounting and reporting standards and other requirements for listed companies. Internal control also ensures that the company complies with internally adopted policies and guidelines. Stendörren’s risk assessment and internal controls are based on the company’s overall strategy, targets and busi- ness plans. Effective risk assessment and a high level of internal control mean that any events that could impact the company’s ability to achieve its targets can be iden- tified and managed within the company’s risk appetite. A description of Stendörren’s risk assessment and internal control system, primarily related to financial reporting and sustainability reporting, is presented below. Control environment Stendörren’s control environment, meaning the culture in which the Board and company management operate, is determined by the company’s internal governance and control structure. The internal allocation and delegation of responsibilities in Stendörren are set out in documents such as the rules of procedure for the Board, the rules of procedure for the CEO, the instructions for financial reporting, the financial policy, the code of conduct and the company’s delegation of signing authority. To ensure appropriate risk management and effective internal con- trol, the company has adopted a risk assessment policy and a number of other governing documents. All internal governing documents are regularly updated. These for- malized procedures ensure compliance with established principles for financial reporting, sustainability reporting and internal control. Risk assessment Risk management is an important activity for Stendörren. It is fundamentally important for Stendörren’s long-term survival, profitability and stability that the company maintains a sound risk culture and effective risk manage- ment. Risk is closely related to the company’s targets and development, which means that the company’s custom- ers, stakeholders and employees are affected by its risk management. The ability to manage risks is directly linked to the company’s ability to assess and handle unforeseen events. According to Stendörren’s risk assessment policy, com- pany management is to identify, assess and manage the company’s risks and report them to the Board. This takes place by company management performing an extensive risk assessment, continuously and at least once every autumn, that identifies and evaluates the company’s risks. The risk assessment takes into account the company’s own assessments and external audit reports. Risks are identified in order to highlight Stendörren’s most material risks. The risks are categorized into the following five cat- egories: strategic risks, operational risks, compliance risks, financial risks and sustainability risks. For each individual risk, the probability of an occur- rence and the impact of an occurrence are estimated. The product of the two parameters comprises the total risk value of the individual risk and is described in a risk assessment report. In this report, company management also presents the risks that, according to the risk assess- ment, are to deemed to be material risks for the company. For more information about Stendörren’s risks and risk management, refer to pages 46–47. Control activities Based on the outcome of the risk assessment, company management ensures that the company has adequate and effective control activities in place to minimize the proba- bility that the risks deemed to be material will occur. A person from the organization is appointed to be responsible for each material risk, and is tasked with presenting an action plan (control activity) for that spe- cific risk. The individuals responsible for each material risk and the relevant control activity are presented in the risk assessment report. The company’s key controls are described in process descriptions and, where appropri- ate, in checklists with step-by-step instructions for the controls that must be carried out. The controls are docu- mented systematically. The aims of the control activities related to financial reporting are to prevent, detect and correct errors and irregularities. This includes, for example: • Account reconciliations • Reviewing and authorizing journal vouchers • Checklists for quarterly reports and annual accounts • Delegation of authority • Monitoring and reconciliation of compliance with the internal regulations stipulated in the financial policy, the instructions for financial reporting, the accounting manual and other internal policies. The finance department holds regular discussions and follow-ups with the company’s auditor regarding the company’s internal control. To further strengthen the company’s internal control, the Board has adopted an internal control plan. The inter- nal control plan lists the company’s key controls together with a specification of how the company’s internal testing of these processes is carried out. The internal control plan states the identified risk that each control is intended to address, the person responsible for testing whether the control activity has worked, and the design and fre- quency of the testing. The internal control plan is regu- larly updated, at least once annually. Information and communication The Board has adopted an information policy that sets out the guidelines for all internal and external communi- cation. The aim of the information policy is to clarify how the responsibility for information has been delegated, and to help create internally and externally standardized communication. In addition, Stendörren’s communication also aims to achieve effective and accurate disclosures of information in relation to financial reporting and other company events. The company’s information policy ensures that disclosures of the company’s information are accurate and that the information is communicated at the appropriate time. Information deemed to be price- sensitive is disclosed to the market by press release. Company management regularly receives financial information about the company at its minuted meetings and the CEO ensures that the Board regularly receives the information it needs in order to continuously assess the company’s financial performance, liquidity and perfor- mance and fulfill its other obligations. Information regard- ing the company’s accounting, financial reporting, internal control, financial risk exposure and risk management is also reported to the company’s Audit Committee for dis- cussion. The results of company management’s risk assessment and evaluation of the company’s internal controls are reported to the Audit Committee and then to the Board, which, according to its Rules of Procedure, is required to assess the company’s risks and internal controls every year. At the relevant Board meeting, which takes place in the autumn, company management also presents a pro- posal for an updated internal control plan for the Board to approve. The auditor also presents the results of the audit of the company’s internal control. In addition, com- pany management reports to the Board on a semi-annual basis on the outcome of the self-assessment carried out in accordance with the internal control plan. The company’s policies and other internal guidelines are reviewed regularly, at least once a year in the spring. The company ensures that all employees have the nec- essary knowledge of internal policies, guidelines and instructions and provides training for its employees when appropriate. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 83 Corporate governance statement Introduction Business description Sustainability report Financial reports Other information Corporate governance
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Stendörren’s whistleblower service can be accessed via the company’s website and intranet. The whistleblower service is an early warning system and serves as an important component in promoting good corporate gov- ernance and maintaining customer and public confidence in the company. The whistleblower service can be used to warn about serious risks of irregularities that could impact people, our organization, society or the environ- ment. Reports may contain information about a crime, irregularities and violations or other acts in breach of EU or national law in a work-related context. The service is managed by an external party so as to ensure anonymity. The communication channel is encrypted and has pass- word protection. All reports are handled confidentially. Reports received via the whistleblower service are passed on to the designated executive at Stendörren. Monitoring The Board has ultimate responsibility for monitoring inter- nal control. Activities and results are monitored regularly at several levels of the company, at both property and Group level. The results are analyzed by the responsible people within the organization and reported to company management, the Board and the auditor. The compa- ny’s auditor reports their observations from the audit of the company’s internal control over financial reporting directly to the Audit Committee. The Board monitors the financial performance in connection with the audit and the adoption of each interim report. Evaluation of the need for a separate internal audit function Stendörren has no need for an internal audit function at present. The Board has evaluated the issue and concluded that the company’s internal control system is appropriate and effective for an organization of the company’s size. The need to establish an internal audit function has not therefore been considered. The Board reviews this deci- sion annually. PRINCIPLES FOR APPOINTING NOMINATION COMMITTEE FOR ANNUAL GENERAL MEETINGS These principles shall apply until a resolution regarding a change of the principles for appointing the nomination committee is resolved by the general meeting. Prior to each annual general meeting the nomination committee shall consist of representatives for each of the three largest shareholders in terms of voting rights as of 31 August the preceding year based on the share register kept by Euroclear Sweden AB, whereby a group of shareholders grouped in the Euroclear Sweden system in this context is considered as one shareholder. Should one or several of these three shareholders choose to refrain from appointing a representative to the nomination committee, such right shall transfer to the shareholder(s) who in turn after these three share- holders has the largest shareholding in the company. The chairman of the board of directors shall be a co-opted member of the nomination committee. The chairman of the board of directors shall convene the first meeting of the nomination committee. The nomi- nation committee shall appoint one of its members as chairman, which shall not be a member of the board of directors. If one or more of the shareholders that have appointed representatives to the nomination committee no longer are among the three largest shareholders at a time of more than two months prior to the relevant annual general meeting, representatives appointed by these shareholders shall resign and new representatives shall be appointed by the new shareholders who are then among the three largest shareholders. Should a member resign from the nomination committee before the work of the nomination committee is completed, and if consid- ered necessary, the same shareholder who appointed the resigned representative has the right to appoint a new member. However, if this shareholder is no longer one of the three largest shareholders, a new member shall be appointed by the largest shareholder in turn. Changes to the nomination committee shall be disclosed immediately. The composition of the nomi- nation committee for annual general meetings must be disclosed no later than six months prior to the general meeting. Remuneration shall not to be paid to the members of the nomination committee. The company shall pay any necessary expenses that the nomination committee may incur in the course of its work. The term of office for the nomination committee ends when a new nomination committee has been disclosed. GUIDELINES FOR REMUNERATION TO THE SENIOR EXECUTIVES These remuneration guidelines apply to Stendörren Fastighter AB’s (publ) CEO and other members of the management. The guidelines are forward-looking, i.e. they are applicable to remuneration agreed, and amend- ments to remuneration already agreed, after adoption of the guidelines by the annual shareholders’ meeting 2025. These guidelines do not apply to any remunera- tion decided or approved by the annual shareholders’ meeting. It is noted that since the company’s members of the board of directors only receive remuneration resolved upon by the annual shareholders’ meeting, these guide- lines do not include the members of board of directors. The guidelines’ promotion of the company’s business strategy, long-term interests and sustainability In short, the company’s business strategy is the following. Stendörren Fastigheter AB (publ) is an expansive property company in logistics, warehouse and light industrial in Nordic growth regions. The business concept is to create profitable growth in net asset value. This is achieved through value-creating acquisitions, capitalising on the positive rental growth that follows the urbanisa- tion of metropolitan regions and by developing existing assets, including the company’s extensive and unique building rights portfolio. By offering our customers suitable facilities tailored to support their businesses, we create, though sustainable work, long-term relationships aimed at generating a high and risk adjusted return to our shareholders. For more information regarding the company’s busi- ness strategy, please see https:/ /www.stendorren.se/. A prerequisite for the successful implementation of the company’s business strategy and safeguarding of its long-term interests, including its sustainability work, is that the company can recruit and retain qualified personnel. To this end, it is necessary that the company offers competitive remuneration. These guidelines enable the company to offer the senior executive management a competitive total remuneration. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 84 Corporate governance statement Introduction Business description Sustainability report Financial reports Other information Corporate governance
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Share-related incentive plans have previously been implemented in the company. Such plans have been resolved by the annual shareholders’ meeting and are there- fore excluded from these guidelines. For more information regarding previously implemented incentive plans, including the criteria which the outcome depends on, please see link www.stendorren.se/investor-re- lations/bolagsstyrning/incitamentsprogram/. Any potential future share-related incentive plan will be resolved by the annual shareholders’ meeting. Variable cash remuneration covered by these guidelines shall aim at promoting the company’s business strategy and long-term interests, including its sustainability work. Types of remuneration, etc. The remuneration shall be on market terms and may consist of the following components: fixed cash salary, variable cash remuneration, pension benefits and other benefits. Additionally, the annual shareholders’ meeting may – irrespective of these guidelines – resolve on, among other things, share-related or share price-related remuneration. The board of directors has a discretionary right to resolve upon variable cash remuneration in accordance with these guidelines. The variable cash remuneration may amount to not more than 200 percent of the fixed annual cash salary. The assessment of to what extent the criteria for awarding variable cash remuneration have been fulfilled shall be conducted annually and over a period of one year. For the CEO, pension benefits, including health insurance (Sw: sjukförsäkring), shall be premium defined. Variable cash remuneration shall not qualify for pension benefits. The pension premiums for premium defined pension shall amount to not more than 30 percent of the fixed annual cash salary. The other senior executive’s pension benefits, includ- ing health insurance, shall be premium defined unless the individual concerned is subject to defined benefit pension under mandatory collective agreement provisions. Variable cash remuneration shall not qualify for pension benefits unless variable cash remuneration qualifies for pension benefits under mandatory collective agreement provisions. The pension premiums for premium defined pension shall amount to not more than 30 percent of the fixed annual cash salary. Other benefits may include, for example, life insurance, medical insurance (Sw: sjukvårdsförsäkring) and company cars. Such benefits may amount to not more than 20 per- cent of the fixed annual cash salary. Termination of employment In the event of termination by the company, the notice period may not exceed six months. Fixed cash salary during the notice period and severance pay may together not exceed an amount corresponding to the fixed cash salary for two years for the CEO and one year for other senior executives. In the event of termination by the executive, the notice period may be a maximum of six months. Criteria for awarding variable cash remuneration, etc. The variable cash remuneration shall be linked to prede- termined and measurable criteria which can be financial or non-financial. The criteria may be general and/or individu- alized quantitative or qualitative objectives that take into account, among other things, the internal controls within the company, budgetary controls, quality and timeliness of reporting, implementation of new and improved IT systems, the interaction between the various teams of the company as well as the development of leadership abilities of the various team leaders and the overall sustainability work of the company. The criteria shall be designed so that they contribute to the company’s business strategy and long- term interests, including its sustainability work, by for exam- ple being clearly linked to the business strategy or promote the senior executive’s long-term performance. The board of directors shall have the possibility, under applicable law or contractual provisions, subject to the restrictions that may apply under law or contract, to in whole or in part reclaim variable remuneration paid on incorrect ground. The remuneration committee is responsible for the evalu- ation so far as it concerns variable remuneration to the CEO. For variable cash remuneration to other senior executives, the remuneration committee together with the CEO is responsible for the evaluation. The remuneration committee then submits the proposed remuneration to the board of directors for decision. Salary and employment conditions for employees In the preparation of the board of directors’ proposal for these remuneration guidelines, salary and employment con- ditions for employees of the company have been taken into account by providing information on the employees’ total remuneration, the components of the remuneration and increase and growth rate over time as part of the remunera- tion committee’s and the board of directors’ decision-mak- ing basis when evaluating whether the guidelines and the limitations set out herein are reasonable. The decision-making process to determine, review and implement the guidelines The board of directors has established a remuneration committee. The committee’s tasks include preparing the board of directors’ decision to propose guidelines for senior executive remuneration. The board of directors shall prepare a proposal for new guidelines at least every fourth year and submit it to the annual shareholders’ meeting. The guidelines shall be in force until new guidelines are adopted by the annual shareholders’ meeting. The remuneration committee shall also monitor and evaluate programs for variable remuneration for the senior executive management, the application of the guidelines for senior executive remu- neration as well as the current remuneration structures and compensation levels in the company. The members of the remuneration committee are independent of the company and its senior executives. The CEO and senior executives do not participate in the board of directors’ processing of and resolutions regarding remuneration-related matters in so far as they are affected by such matters. Derogation from the guidelines The board of directors may temporarily resolve to derogate from the guidelines, in whole or in part, if in a specific case there is special cause for the derogation and a derogation is necessary to serve the company’s long-term interests, including its sustainability work, or to ensure the compa- ny’s financial viability. As set out above, the remuneration committee’s tasks include preparing the board of directors’ resolutions in remuneration-related matters. This includes any resolutions to derogate from the guidelines. Description of significant amendments to the guidelines The remuneration committee and the board of directors have decided to propose adjustments to the company’s remuneration guidelines, with the effect that non-financial criteria for the variable remuneration shall be measurable. The remuneration committee and the board of directors have assessed that it is no longer appropriate for the com- pany that the senior executives may be evaluated on the basis of, and the variable remuneration may be linked to, such non-financial criteria that are not measurable. This is due to the fact that the extensive and necessary long-term strategic and organisational changes, which were difficult to measure in the short term and which were deemed neces- sary at the time of the adoption of the previous remunera- tion guidelines, have now essentially been implemented. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 85 Corporate governance statement Introduction Business description Sustainability report Financial reports Other information Corporate governance
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BOARD OF DIRECTORS ANDREAS PHILIPSON Chairman of the Board of Stendörren since February 4, 2022. Chairman of the Remuneration Committee. Board member 2016–2022. Born in 1958. Education Civil engineering, road and water, Chalmers University of Technology. Other current positions Founder and a Board member of TAM Group AB, and a Board member of Besqab AB and subsidiaries of TAM Group. Professional experience Over 30 years of experience in senior positions in the construction and real estate industry. Has previously, among other positions, been CEO and a Board member of Catena AB, CEO of Temaplan AB and Property Direc- tor at Näckebro AB. During his career, has participated in several major projects with international real estate investors who have successfully elected to make real estate investments in Sweden. Independence Independent in relation to Stendörren Fastigheter and its management and to major shareholders. Holding1) 4,497 Class B shares. RONIEK BANNINK Board member since 2024. Born in 1979. Education BA (Hons) in Business Administration from Greenwich University, London. Other current positions Senior Director at EQT Exeter, based in Amsterdam, the Netherlands. Professional experience 20 years of experience in the real estate sector, special- izing in investment and portfolio management across private equity and listed markets for global institutional investors. Joined EQT Real Estate in 2016 and previously held positions at SEGRO in Düsseldorf, Germany, where she focused on Northern European investments. Before that, involved in private equity fund placements at Cush- man & Wakefield in London. Independence Independent of Stendörren and its company manage- ment, but not the largest shareholders. Holding1) None. HELENA LEVANDER Board member since 2017. Chairman of the Audit Committee. Born in 1957. Education Bachelor of Economics from Stockholm School of Economics. Other current positions Chairman of the board in Factoringgruppen AB and board member in Occlutech AG and Cinclus Pharma AB. Professional experience Several years of experience from various operational roles in finance and stock market, as well as board expe- rience from several listed, state and private companies and financial companies. Founder of Nordic Investor Services AB, which in 2021 was acquired by Institutional Shareholder Services (ISS). Previously also active within Neonet AB, Odin Förvaltning, Nordea Asset Management and SEB Asset Management. Independence Independent in relation to Stendörren Fastigheter and its management and to major shareholders. Holding1) 5,000 Class B shares. TOM LIVELLI Board member since 2025. Born in 1977. Education MBA from Stanford Graduate School of Business and BA from Harvard University. Other current positions Partner and Head of Living Strategies, Europe, at EQT Real Estate. Based in Madrid. Professional experience Tom Livelli has been a partner at EQT Real Estate since 2023 and, as Head of Living Strategies, Europe, leads the expansion of the firm’s pan-Euro- pean residential platform. He has over 20 years of experience investing in, developing, and managing real estate projects across multiple countries, primarily within the residential sector. Prior to joining EQT Real Estate, Tom Livelli was a Senior Managing Director at Greystar, where he led their South American business and, scaled the platform from $30 million to $1 billion in AUM. His previous roles include senior positions at Boston Andes Capital and Clark Realty Capital. He is also an active participant in industry associations such as GRI and the Urban Land Institute. Tom does not currently have any other significant board assignments. Independence Independent in relation to Stendörren and its management, but not to major shareholders. Holding1) None.1) The holding stated includes the holding of shares or other financial instruments held by both the individual and any related parties as of March 31, 2026. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 86 Introduction Business description Sustainability report Financial reports Other information Corporate governance
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CARL MÖRK Board member since 2016. Member of the Remuneration Committee. Born in 1969. Education Civil engineering from KTH and MSc in real estate finance from the London School of Economics. Other current positions Chairman of the board and active in Altira AB. Professional experience 35 years of experience in property transactions and property management in Sweden and in Europe. Previously active in, among other things Securum, as an analyst at Parkes & Co and as responsible for Nordic Asset Management at Doughty Hanson & Co. Founded Altira in 2003. Independence Independent in relation to Stendörren Fastigheter and its management but not to major shareholders. Holding1) Altira AB, a company related to Carl Mörk, owns 500,000 A shares and 2,860,098 B shares in Stendörren Fastigheter AB (publ). In addition, Carl Mörk, together with related parties, holds 10,000 B shares. JOAKIM RUBIN Board member since 2024. Member of the Audit Committee and Remuneration Committee. Born in 1960. Education Master of Science in Engineering from the Institute of Technology at Linköping University. Other current positions Partner at EQT Partners AB. Professional experience Extensive experience in the capital markets and of working in a listed environment. Previously a partner at Zeres Capital, which he founded in 2013. Prior to Zeres Capital, a Senior Partner at CapMan and Head of its Public Market Fund. During the period 1995–2008, held several managing positions at the Investment Banking division at Handelsbanken Capital Markets, most recently as Head of Corporate Finance. Previously a Board member of Storytel AB (publ), AFRY AB, Nobia, Intrum Justitia, Proffice, B&B Tools, Sanitec, Capio, Hoist Finance, Cramo and Adapteo. Independence Independent in relation to Stendörren and its management, but not to major shareholders. Holding1) 15,500 Class B shares. 1) The holding stated includes the holding of shares or other financial instruments held by both the individual and any related parties as of March 31, 2026. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 87 Board of Directors Introduction Business description Sustainability report Financial reports Other information Corporate governance
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MANAGEMENT TEAM ERIK RANJE CEO CEO since 2020. Born in 1972. Education MSc in Economics and Business Administration from Stockholm School of Economics. Other significant assignments None. Professional experience Former Head of Real Estate Investment Banking at Danske Bank, where he worked for more than two years with capital markets and bank finance, and real estate transaction advisory services. Worked at SEB for 20 years in Structured Real Estate Finance and Corporate Finance. Holding1) 20,044 Class B shares and 35,295 warrants. PER-HENRIK KARLSSON CFO CFO since 2020. Born in 1977. Education MSc in Economics and Business Administration from Växjö University. Other significant assignments None. Professional experience Former Chief Accountant at Stendörren for almost one year and previously Head of Nordic Accounting & Financial Control at NREP. Previously worked for Aberdeen Standard Investments, among others, and was employed at Ernst & Young as an authorized public accountant. Holding1) 525 Class B shares and 1,500 warrants. CAROLINE GEBAUER Legal Counsel Legal Counsel since 2017. Responsible for the company’s legal matters and is secretary of the Board. Born in 1980. Education Master of Laws from Uppsala University. Other significant assignments None. Professional experience Previously employed at Advokatfirman Vinge (2006–2017) and as a clerk at the Stockholm District Court (2005–2006). Holding1) 11,474 Class B shares. MARIA JONSSON Head of Development Head of Development since 2020. Born in 1974. Education MSc in Civil Engineering (Surveying Program) specialized in Real Estate Economics from the Royal Institute of Technology in Stockholm. Other significant assignments None. Professional experience Worked at the listed real estate company Castellum as Head of Project Development for Stockholm-North Region, Head of Property Development, Head of Property, Interim Head of Business Development and Interim Regional Managing Director. Over 25 years of experience in various roles including property develop- ment and new projects, property management, letting, property acquisitions and management team work. Holding1) 3,050 Class B shares and 3,700 warrants. JOHAN MALMBERG CIO and Head of Business Development CIO and Head of Business Development since February 2022. Previously Head of Transactions at Stendörren from 2020 to February 2022. Born in 1974. Education Economics graduate from the University of Gävle and qualified real estate broker. Other significant assignments None. Professional experience Most recently served as Head of Business Devel- opment at the real estate company Fastighets AB Förvaltaren (a real estate company). Prior to that, worked as an independent advisor for two listed real estate companies, Hemfosa and Diös. Advisor at the real estate consulting service providers Tenzing and Catella, and at Swedbank Corporate Finance. Has participated in a large number of real estate and capital market trans- actions for more than 25 years in the market. Holding 5,250 Class B shares and 3,000 warrants. 1) The holding stated includes the holding of shares or other financial instruments held by both the individual and any related parties as of March 31, 2026. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 88 Introduction Business description Sustainability report Financial reports Other information Corporate governance
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ANDERS NILSSON Head of Asset Management and Deputy CEO Head of Asset Management and Deputy CEO since 2020. Born in 1967. Education MSc in Civil Engineering (Surveying Program) specialized in Real Estate Economics and Management from the Royal Institute of Technology in Stockholm. Other significant assignments None. Professional experience Ran his own consulting business prior to joining Stendörren. Also served as Regional CEO at Castellum and member of the Executive Management Group. Other roles at Castellum included CEO of Fastighets AB Brostaden, and Business Area Manager. Has more than 25 years of experience in the real estate industry, mainly in senior positions. Holding1) 14,415 Class B shares and 25,000 warrants. LINDA SCHUUR Head of Sustainability Head of Sustainability since 2023. Born in 1978. Education Master of Sustainable Architecture from Chalmers Institute of Technology, Gothenburg. Studied international cooperation (for the real estate industry) at Stanford University, San Francisco, USA. Other significant assignments None. Professional experience Most recently Sustainability Manager at Intea Fastigheter AB (publ) for just over two years. Before that, ran her own consulting company with assignments from real estate and con- struction companies within sustainability. Also worked as a Sustainability Manager at Serneke Projektutveckling and Byggentreprenad for two years, and 12 years as an architect with a sustainability focus at various architectural firms both in Sweden, Gothenburg and Stockholm, and internationally in the USA, New York. Holding1) 58 Class B shares and 1,000 warrants. ÅSA THORELL Head of HR Head of HR since 2023. Responsible for all HR-related matters. Born in 1963. Education Bachelor’s degree in the program for Personnel and Labor Life Relations from Uppsala University. Other significant assignments None. Professional experience Previously served in various HR roles at Dustin AB (2015–2022) and was prior to that HR Business Partner at ÅF AB (2007–2015). Holding1) None. 1) The holding stated includes the holding of shares or other financial instruments held by both the individual and any related parties as of March 31, 2026. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 89 Management team Introduction Business description Sustainability report Financial reports Other information Corporate governance
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AUDITOR’S REPORT ON THE CORPORATE GOVERNANCE STATEMENT To the general meeting of the shareholders in Stendörren Fastigheter AB (publ), corporate identity number 556825-4741 Engagement and responsibility It is the board of directors who is responsible for the corporate governance statement for the year 2025 on pages 78-89 and that it has been prepared in accor- dance with the Annual Accounts Act. The scope of the audit Our examination has been conducted in accordance with FAR’s standard RevR 16 The auditor’s examination of the corporate governance statement. This means that our examination of the corporate governance statement is different and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has pro- vided us with sufficient basis for our opinions. Opinions A corporate governance statement has been prepared. Disclosures in accordance with chapter 6 section 6 the second paragraph points 2-6 the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are consistent with the annual accounts and the consolidated accounts and are in accordance with the Annual Accounts Act. BDO Mälardalen AB Date and signature on the Swedish original Johan Pharmanson Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 90 Introduction Business description Sustainability report Financial reports Other information Corporate governance
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OTHER INFORMATION Shares and ownership 92 Property portfolio 94 Multi-year overview and key ratios 97 Definitions 98 Financial calendar and AGM 99 6 91STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT
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Size of shareholders, December 31, 2025 Shareholding Number of shareholders % of number of shares Class A shares Class B shares Holding, % Votes, % Market value, SEK thousand 1–500 3,188 90 – 174,535 1 0 35,256 501–1,000 109 3 – 82,753 0 0 16,716 1,001–5,000 139 4 – 307,820 1 1 62,180 5,001–10,000 33 1 – 248,791 1 0 50,256 10,001–15,000 15 0 – 187,561 1 0 37,887 15,001–20,000 5 0 – 87,224 0 0 17,619 20,001– 61 2 2,500,000 29,054,382 97 98 5,868,985 Total 3,550 100 2,500,000 30,143,066 100 100 6,088,899 Largest shareholders as of December 31, 2025 Shareholders1) Holding Class A shares Class B shares Holding, % Votes, % Stendörren Real Estate AB 12,298,124 2,000,000 10,298,124 37.7 55.0 Altira AB 3,190,000 500,000 2,690,000 9.8 14.0 SEB Investment Management 4,220,451 0 4,220,451 12.9 7.7 Länsförsäkringar Fastighetsfond 2,331,643 0 2,331,643 7.2 4.2 Fourth Swedish National Pension Fund 2,279,056 0 2,279,056 7.0 4.1 Carnegie Fonder 1,162,682 0 1,162,682 3.6 2.1 Nordea Funds AB 960,233 0 960,233 2.9 1.7 Odin Fonder 593,897 0 593,897 1.8 1.1 Stiftelsen Riksbankens Jubileumsfond 408,775 0 408,775 1.3 0.7 Handelsbanken Fonder 378,212 0 378,212 1.2 0.7 Other shareholders 4,819,993 0 4,819,993 14.7 8.7 32,643,066 2,500,000 30,143,066 100.0 100.0 1) The total number of shareholders on the reporting date was 3,550. Source: Euroclear Sweden AB SHARES AND OWNERSHIP Share The share capital in Stendörren amounts to SEK 19,585,840, split between 2,500,000 Class A shares and 30,143,066 Class B shares. Each share has a quotient value of SEK 0.60. Class A shares in Stendörren carry entitlement to ten votes at a general meeting and Class B shares carry entitlement to one vote at a general meeting. Class A shares can be converted to Class B shares at a ratio of 1:1. All shares carry the same right to shares in the company’s assets and profits. According to the Articles of Association, the company also has the option of issuing preference shares Stock price trend and returns The stock price fell 4 percent during the year to SEK 202.00, and in the second quarter of 2025, a directed share issue was carried out that increased the number of shares in the company by 1,547,000. The real estate index on the Stockholm Stock Exchange fell 9 percent in the same period. The price on the final trading day of the year (December 30) was SEK 202.00. The lowest price paid for the share during the year was SEK 170.00. Stock exchange and turnover The Stendörren Class B share is traded on Nasdaq Stockholm Mid Cap. The company’s ticker is STEF B. The company’s ISIN is SE0006543344. One trading lot corresponds to one (1) share. In 2025, a total of 6.1 million shares were traded at a value of SEK 1,215 million (excluding shares traded out- side the stock exchange) Stendörren’s shareholders On May 22, 2025, the AGM resolved to authorize the Board of Directors to, up until the next AGM, with or without deviation from the shareholders’ preferential rights, with cash payment or payment through set-off or through capital contributed in kind, or otherwise with certain conditions, resolve to issue shares of Class A or B, convertibles for shares of Class A or B or warrants for shares of Class A or B, as well as preference shares. However, an issue without preferential rights for the shareholders may not result in an increase of the com- pany’s shares of more than a total of 20 percent calcu- lated at the date for the 2025 AGM. 0 2,500 5,000 7 ,500 10,000 202520242023202220212020 0 100 200 300 400 0 50 100 150 200 202520242023202220212020 Index % Stock price SEK million SEK Market capitalization, year-end Stock price, year-end Average price for the year Carnegie Real Estate Index (2015 = index 100) Average price for the year STEF-B (2015 = index 100) Stendörren is a property company with a market capitalization of approximately SEK 6,586 million at the end of 2025. The company’s Class B share is listed on Nasdaq Stockholm Mid Cap. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 92 Introduction Business description Sustainability report Financial reports Corporate governance Other information
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If the Board of Directors resolves on an issue without preferential rights for shareholders, the reason must be to broaden the ownership base, acquire or facilitate the acquisition of working capital, increase the liquidity of the share, carry out company acquisitions or acquire or facilitate the acquisition of capital for company acquisi- tions. An issue without preferential rights for sharehold- ers must be conducted on market terms. In the second quarter, a directed share issue was car- ried out that increased the number of shares in the com- pany by approximately 5 percent. Incentive programs for Stendörren employees Stendörren has two incentive programs that were resolved on at the 2023 and 2025 AGMs. Both programs were targeted toward the company’s employees and include issues of warrants, which the participants in the relevant program acquired for cash payment to the Parent Company. The warrants were acquired at market value calculated in accordance with the Black & Scholes valuation method performed by independent valuers. Under the incentive program 2023–2028, there were 50,060 warrants by the end of the period and each war- rant entitles the holder, during a period of two weeks from the date of publication of the interim financial report for the period January 1–March 31, 2028, to sub- scribe for one new Class B common share in the com- pany at a subscription price of SEK 285 per share. Under the incentive program 2025–2030, there were 32,995 warrants by the end of the period and each war- rant entitles the holder, during a period of two weeks from the date of publication of the interim financial report for the period January 1–March 31, 2030, to sub- scribe for one new Class B common share in the com- pany at a subscription price of SEK 264 per share. Upon full exercise of the warrants in the two outstand- ing programs, the share capital will increase by SEK 49,833 through the issuance of 83,055 Class B shares, each with a quotient value of SEK 0.6. The dilution on full utilization corresponds to approximately 0.3 percent of the capital and 0.2 percent of the number of votes based on the number of outstanding shares as of the reporting date. Dividend policy Stendörren’s assessment is that the best long-term total return is generated by reinvesting the profits in the busi- ness to create further profitable growth. The company will thus continue to grow by investing in existing assets, new acquisitions and the development of new assets. Accordingly, the dividend paid will be low or zero over the next few years. Information to the stock market Stendörren’s primary information channel is the compa- ny’s website, stendorren.se. All financial reports, com- pany presentations and press releases are published on the website. Stendörren’s financial calendar is presented on page 99. Stock price, long-term net asset value and trading volume SEK million SEK 0 100 200 300 400 202520242023202220212020 0 100 200 300 400 Share turnover, SEK million Stock price, SEK Long-term NAV per share, SEK STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 93 Share and owners Introduction Business description Sustainability report Financial reports Corporate governance Other information
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Name of property Municipalities Total area excl. land Building right GFA Almnäs 5-23 (4411) Södertälje 13,469 29,226 Almnäs 5-24 (4412) Södertälje 4,351 23,000 Arbetsledaren 1 (5581) Södertälje 2,060 0 Armaturen 5 (4131) Kungsör 9,492 3,000 Ateljén 1 (4961) Västerås 3,523 0 Avedöreholmen 51 (5196) Copenhagen 2,046 0 Bergklacken 5 & 6 (4311) Stockholm (Traneberg) 11,285 0 Biologen 10 (4361) Botkyrka 4,077 2,000 Björnerudveien 24 (5202) Oslo 4,808 0 Blixtlampan 1 (3461) Stockholm (Högdalen) 5,699 0 Blixtljuset 14 (4381) Stockholm (Högdalen) 932 0 Blästerugnen 2 (4841) Västerås 1,894 0 Bolmängen 1 (4111) Flen 7,771 0 Boländerna 35-4 (4471) Uppsala 1,885 0 Boländerna 35-5 (4472) Uppsala 994 0 Brånberget 2 (3451) Stockholm (Bromma) 2,464 0 Båglampan 25 (4591) Stockholm (Johannesfred) 2,547 0 Båglampan 35 (4031) Stockholm (Johannesfred) 8,088 0 Bårhult 1-121 (5571) Härryda 2,201 0 Bårhult 1-122 (5561) Härryda 4,143 0 Bällsta 5-133 (4351) Vallentuna 1,976 0 Centrum 26-7 (4051) Enköping 5,408 0 Danmarks-Kumla 8-22 (5531) Uppsala 6,538 0 Danmarks-Kumla 8-23 (5521) Uppsala 1,265 0 Danmarks-Kumla 8-25 (5541) Uppsala 15,444 0 Danmarks-Kumla 12-1 (5801) Uppsala 2,241 0 Danmarks-Säby 14-2 (4511) Uppsala 1,251 0 Degeln 1 (4901) Västerås 6,409 0 Diamantsliparen 2 (3491) Stockholm (Västberga) 1,405 0 Dragstiftet 3 (5731) Täby 1,960 0 Elementet 1 (4691) Stockholm (Bromma) 9,419 0 Fallhammaren 1 (4861) Västerås 4,459 0 Farum Gydevej 62 (5334) Copenhagen 1,473 0 Name of property Municipalities Total area excl. land Building right GFA Farverland 7 (5335) Copenhagen 2,694 0 Filmremsan 1 (3462) Stockholm (Högdalen) 3,790 0 Filmremsan 2 (3463) Stockholm (Högdalen) 3,599 0 Filmremsan 9 (3464) Stockholm (Högdalen) 8,024 0 Flygeleven 2 (4261) Stockholm (Skarpnäck) 10,664 0 Fotocellen 2 (3471) Stockholm (Högdalen) 4,418 0 Fotocellen 5 (3465) Stockholm (Högdalen) 0 3,575 Friledningen 10 (5612) Västerås 4,013 0 Friledningen 6 (5611) Västerås 300 0 Fyrislund 11-4 (5751) Uppsala 2,150 0 Fysikern 1 (4561) Botkyrka 2,930 750 Gjutjärnet 7 (4821) Västerås 2,451 0 Glädjen 1-56 (4801) Upplands Väsby 1,645 0 Grimsta 60-2 (3631) Upplands Väsby 2,955 0 Gräddö 2 (4181) Stockholm (Larsboda) 8,181 0 Gräddö 4 (4182) Stockholm (Larsboda) 5,622 0 Grönsta 2-55 (3781) Eskilstuna 19,526 5,000 Grönsta 2-65 (5351) Eskilstuna 4,999 0 Hangaren 1 (3481) Täby 3,245 0 Heiasvingen 33 (5201) Oslo 2,973 0 Hjulsmeden 1 (4881) Västerås 2,410 0 Hovmästaren 2 (5111) Västerås 8,629 0 Husbyborg 12-5 (4501) Uppsala 1,225 0 Husbyborg 12-6 (4502) Uppsala 1,236 0 Husbyborg 15-1 (4981) Uppsala 4,379 1,000 Hällsätra 1 (3791) Stockholm (Sätra) 9,384 0 Jakobsberg 18-30 (6201) Järfälla 1,296 0 Jursta 3-8 (4661) Upplands-Bro 6,300 1,900 Kalliotie 2 (5337) Tuusula 13,638 0 Kalvsvik 16-17 (4621) Haninge 3,804 0 Kalvsvik 16-23 (5001) Haninge 3,484 0 Kalvö 1-24 (4541) Nynäshamn 10,003 1,800 Kanalholmen 20 (5338) Hvidovre 3,650 0 PROPERTY PORTFOLIO STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 94 Introduction Business description Sustainability report Financial reports Corporate governance Other information
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Name of property Municipalities Total area excl. land Building right GFA Kilonkartanontie 3 (5344) Espoo 3,600 0 Kirstinehøj 12 (5199) Copenhagen 1,716 0 Kirstinehøj 3 (5195) Copenhagen 4,772 0 Kokillen 1 (4921) Västerås 3,020 0 Korsräven 1 (4161) Stockholm (Spånga) 6,157 0 Kärra 72-37 (5221) Gothenburg (Tagene) 3,033 2,000 Lagersberg 1-6 (5121) Eskilstuna 6,298 0 Librobäck 18-1 (4581) Uppsala 2,300 800 Librobäck 21-3 (4991) Uppsala 6,601 1,300 Linjalen 63 (4341) Täby 2,338 0 Ljusbågen 7 (5101) Eskilstuna 7,925 0 Lommedalsveien 230 (5203) Bærum 12,638 0 Lufthammaren 1 (4931) Västerås 7,893 0 Luna 1 (4011) Huddinge 6,723 0 Lyftkranen 3 (5511) Södertälje 1,974 1,600 Magneten 12 (4711) Stockholm (Bromma) 6,864 0 Magneten 18 (4731) Stockholm (Bromma) 12,030 0 Magneten 30 (4751) Stockholm (Bromma) 8,293 0 Magneten 33 (4681) Stockholm (Bromma) 7,072 0 Malminkartanontie 1 (5345) Helsinki 6,836 0 Martinkyläntie 52 (5339) Vantaa 6,824 0 Mårkaervej 5 (5341) Høje-Taastrup 6,713 0 Mörtö 7 (4641) Stockholm (Bromma) 2,692 0 Nygård 2-14 (3711) Upplands-Bro 128,840 195,000 Nygård 2-17 (4531) Upplands-Bro 2,210 115,480 Nygård 2-19 (4631) Upplands-Bro 0 75,000 Olhamra 1-60 (4291) Vallentuna 2,095 0 Passaren 1 (4331) Täby 3,606 0 Passaren 2 (5721) Täby 1,729 0 Paul Bergsøes Vej 8 (5198) Copenhagen 2,664 0 Pedersholmparken 10 (5191) Copenhagen 7,924 0 Pedersholmparken 13 (5192) Copenhagen 1,487 0 Pyymosantie 4 (5331) Helsinki 2,990 0 Rapsbaggen 3 (3751) Västerås 7,739 0 Romberga 23-17 (4571) Enköping 0 2,700 Romberga 23-52 (5031) Enköping 3,048 0 Name of property Municipalities Total area excl. land Building right GFA Roskildevej 157A (5193) Copenhagen 0 5,864 Rugvaenget 35 (5340) Høje-Taastrup 8,228 0 Rymdhunden 1 (5021) Södertälje 5,214 0 Rønnevangsalle 8 (5197) Copenhagen 3,089 0 Sandvadsvej 7 (5194) Copenhagen 3,000 0 Sankt Ilian 23-4 (4052) Enköping 1,720 0 Servitrisen 3 (5181) Västerås 4,302 0 Sicklaön 107-3 (4241) Nacka 14,511 0 Sjöhjälten 2 (4021) Sollentuna 4,021 0 Skonerten 2 (5151) Västerås 4,649 0 Skrubba 1-2 (4221) Stockholm (Tyresö) 2,078 0 Skyttbrink 15 (5061) Botkyrka 6,519 0 Skyttbrink 46 (5491) Botkyrka 1,132 0 Skälby 2-2 (3681) Upplands Väsby 5,306 0 Sotaren 1 (4251) Täby 10,019 0 Stenskärven 4 (4171) Stockholm (Vinsta) 9,018 0 Stenskärven 5 (4172) Stockholm (Vinsta) 2,369 0 Stenvreten 5-68 (4371) Enköping 1,846 0 Stenvreten 6-1 (4061) Enköping 14,428 0 Stenvreten 7-51 (4071) Enköping 1,500 0 Stenvreten 7-60 (4791) Enköping 4,126 0 Stenvreten 7-70 (3761) Enköping 1,815 0 Stenvreten 7-74 (4971) Enköping 1,764 2,000 Stenvreten 7-94 (4041) Enköping 1,100 0 Stenvreten 8-37 (5481) Enköping 9,685 0 Stillbilden 6 (3466) Stockholm (Högdalen) 3,761 0 Strängnäs 2-34 (4091) Strängnäs 4,289 0 Strömbrytaren 1 (5601) Västerås 2,685 0 Svalehøjvej 17 (5336) Copenhagen 5,325 0 Sågaren 2 (4141) Flen 1,096 0 Säby 4-1 (3611) Järfälla 1,751 0 Söderbymalm 7-35 (4651) Haninge 4,107 0 Talja 1-36 (3771) Flen 13,281 55,000 Tegelbruket 1 (4421) Botkyrka 20,483 80,000 Tiilitie 10 (5332) Helsinki 1,760 0 Tiilitie 8 (5333) Helsinki 1,993 0 STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 95 Property portfolio Introduction Business description Sustainability report Financial reports Corporate governance Other information
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Name of property Municipalities Total area excl. land Building right GFA Traversen 14 (4522) Sollentuna 372 0 Traversen 15 (4521) Sollentuna 1,839 2,100 Tunaängen 10 (4431) Södertälje 1,999 0 Tunaängen 6 (4432) Södertälje 297 0 Vakten 15 (4671) Eskilstuna 6,492 0 Valseholmen 5 (5343) Hvidovre 1,105 0 Varvet 2 (4232) Botkyrka 0 3,700 Vattnet 6 (5141) Borås 3,700 1,000 Vattnet 7 (5131) Borås 5,740 1,300 Veddesta 2-53 (3521) Järfälla 11,287 2,800 Veddesta 2-54 (4281) Järfälla 1,382 0 Vesterlundvej 5 (5342) Herlev 2,896 0 Viby 19-13 (3651) Upplands-Bro 2,700 0 Viby 19-27 (4271) Upplands-Bro 2,890 0 Viby 19-28 (4272) Upplands-Bro 2,885 0 Viby 19-30 (4121) Upplands-Bro 3,370 1,300 Viby 19-66 (3501) Upplands-Bro 5,870 5,250 Vik 1:70 & 1:77 (5741) Upplands Väsby 1,028 0 Vindkraften 2 (3221) Stockholm (Tyresö) 6,710 1,870 Vitgröet 12 (4771) Stockholm (Spånga) 14,029 0 Yrittäjänkatu 4 (5346) Helsinki 5,450 0 Åkerkullan 2 (5591) Södertälje 2,005 0 Ånghammaren 2 (4941) Västerås 13,880 0 Årsta 37-1 (5811) Uppsala 5,547 0 Årsta 72-4 (4451) Uppsala 2,020 0 Årsta 72-5 (4461) Uppsala 1,304 0 Öja 1-65 (4112) Flen 8,391 0 Örnäs 1-14 (4551) Upplands-Bro 4,840 0 Östhamra 4-33 (3467) Knivsta 5,000 0 STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 96 Property portfolio Introduction Business description Sustainability report Financial reports Corporate governance Other information
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MULTI-YEAR OVERVIEW AND KEY RATIOS 2025 2024 2023 2022 2021 PROPERTY-RELATED Lettable area, thousand sqm 922 857 824 795 793 No. of properties 179 160 151 148 135 Fair value properties, SEK million 15,927 14,311 12,566 12,418 11,693 Letting ratio, by area, % 91 91 91 90 88 Economic occupancy rate, % 94 92 94 92 89 NOI yield, total portfolio, 12 month average, % 5.6 5.5 5.4 4.5 4.7 NOI yield, excl. projects & land, 12 month avg, % 6.4 6.4 6.5 5.5 5.6 Total return, 12 month average, % 5.9 7.3 2.5 3.3 16.5 Weighted avg unexpired lease term, years 4.2 4.4 4.3 3.8 3.7 Average annual rent, SEK/sqm 1,296 1,291 1,173 1,069 992 FINANCIAL Total income, SEK million 1,050 910 854 733 656 Net operating income, SEK million 841 718 672 548 488 Income from property management, SEK million 342 308 287 287 267 Surplus ratio, 12 month average, % 80 79 79 75 74 Total assets, SEK million 16,721 14,975 13,193 13,344 12,290 Average interest rate, total liabilities incl. derivatives, % 3.9 4.2 4.1 4.0 2.3 Average interest maturity at end of period, years 2.9 2.2 3.3 2.6 3.7 Average loan maturity at end of period, years 3.2 3.1 2.6 2.9 2.5 Interest coverage ratio, 12 month average, times 2.1 2.0 2.0 2.6 3.0 Loan-to-value ratio at end of period, % 53 52 50 47 46 Loan-to-value ratio, property level at end of period, % 45 45 44 40 37 Equity ratio at end of period, % 36 37 37 41 43 Return on equity, 12 month average, % 3 7 –5 5 26 2025 2024 2023 2022 2021 STOCK RELATED Market capitalization, SEK million 6,586 6,538 5,214 5,453 8,656 Stock price at end of period, SEK 202.00 210.50 183.40 191.80 304.50 Equity per share, SEK1) 169.82 164.19 152.68 163.35 155.84 Long-term net asset value, SEK million 6,651 6,103 5,192 5,377 5,310 Long-term NAV per share, SEK 203.97 196.50 182.62 189.14 186.80 Current NAV, SEK million 6,102 5,613 4,740 4,918 4,852 Current NAV per share, SEK 187.14 180.72 166.72 173.01 170.67 EPS before dilution, SEK 4.64 9.70 10.54 7.42 40.75 EPS after dilution, SEK 4.63 9.69 10.54 7.41 40.67 Cash flow from operating activities per share, SEK 11.43 7.52 10.79 13.02 7.87 No. of shares at end of period 32,643,066 31,058,473 28,428,265 28,428,265 28,428,265 Average no. of shares 32,041,771 28,888,192 28,428,265 28,428,265 28,385,141 OTHER No. of coworkers at end of period 56 55 54 54 55 No. of coworkers, average in period 56 54 54 54 54 1) Equity excluding hybrid capital per share. For definitions, please see page 98. Explanations of the key ratios used can also be found at stendorren.se. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 97 Introduction Business description Sustainability report Financial reports Corporate governance Other information
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DEFINITIONS The European Securities and Markets Authority (ESMA) has issued guidelines for the use of Alterna- tive Performance Measures, (APMs) related to com- panies with securities that are listed on a regulated market. The guidelines have been developed in order to increase the transparency and the comparability in APMs commonly used in prospectuses and other compulsory information submitted by listed compa- nies. Stendörren provides more detailed definitions and explanations of the APMs it uses. These defini- tions and explanations, along with a reconciliation table, are in accordance with the ESMA guidelines and can be found on www.stendorren.se, investor relations. CURRENT NET ASSET VALUE Book equity net of hybrid capital adjusted for actual deferred tax liability, calculated at an effective tax rate of 5.9 percent and adjusted for interest-rate derivatives. AREA WEIGHTED OCCUPANCY RATE Area contractually leased to tenants in relation to total lettable area. AVERAGE RETURN ON EQUITY Profit for the period in relation to average equity the last 12 months. LOAN-TO-VALUE RATIO Interest-bearing liabilities in relation to total assets. LOAN-TO-VALUE RATIO AT PROPERTY LEVEL Interest-bearing liabilities secured in properties in relation to the fair value of the properties. NOI YIELD Property NOI the last 12 months in relation to the fair value of the properties. NET OPERATING INCOME Total rental income from the properties reduced by property operating expenses. ECONOMIC OCCUPANCY RATE Contractual annual rent at the end of the period in relation to rental value at the end of the period. INCOME FROM PROPERTY MANAGEMENT Profit for the period before value changes and tax. NET FINANCIAL ITEMS Net financial items are the difference between interest income and interest expenses as well as leasing costs. AVERAGE INTEREST RATE The weighted average interest rate on all interest- bearing liabilities including interest-rate derivatives. WEIGHTED AVERAGE UNEXPIRED LEASE TERM The weighted average remaining lease term on all existing property leases. Expressed in terms of years remaining until expiry. LOAN MATURITY The weighted average remaining time to maturity for interest-bearing liabilities, expressed in years. CASH FLOW PER SHARE Cash flow from operating activities before changes in working capital according to the cash flow statement divided by the average number of shares outstanding before dilution. LONG-TERM NET ASSET VALUE Book equity net of hybrid capital adjusted for deferred tax and the derivatives value (+/–). NET LETTING Annual rent for new signed leases reduced by annual rent for terminations and annual rent for bankruptcies. EARNINGS PER SHARE Net profit after hybrid interest divided by the average number of shares outstanding, before and after dilution. AVERAGE INTEREST MATURITY INCLUDING DERIVATIVES The weighted average remaining time to interest adjust- ment on interest-bearing liabilities including the effect of interest derivatives. Expressed in years remaining. ICR Income from property management after adding back net financial expenses, in relation to net financial expenses for the most recent rolling 12-month period. EQUITY RATIO Equity in relation to total assets excluding leasing liabilities in accordance with IFRS 16. TOTAL RETURN Property NOI increased by change in value of invest- ment properties during the last 12 months divided by the average fair value of the properties during the same period. SURPLUS RATIO Properties’ NOI divided by total income during the same period. STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 98 Introduction Business description Sustainability report Financial reports Corporate governance Other information
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FINANCIAL CALENDAR AND AGM CALENDAR 2026 Interim Report January–March May 4, 2026 2026 AGM May 26, 2026 Interim Report April–June July 21, 2026 Interim Report July–Sep October 23, 2026 Year-end Report 2026 February 19, 2027 2026 AGM The Board has given notice to the company’s shareholders of the AGM to be held on Thursday, May 26, 2026 The Board proposes that no dividends be paid to the shareholders for the 2025 fiscal year and that the available capital be reinvested. For more information, please contact: Erik Ranje CEO erik.ranje@stendorren.se, +46 8 518 331 00 Per-Henrik Karlsson CFO per-henrik.karlsson@stendorren.se, +46 8 518 331 00 STENDÖRREN 2025 ANNUAL AND SUSTAINABILITY REPORT 99 Introduction Business description Sustainability report Financial reports Corporate governance Other information
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