Arctic: Nivika - Neutral Q1; acquisitions support earnings outlook

Research evidence excerpt

Arctic: Nivika - Neutral Q1; acquisitions support earnings outlook

Nivika SPONSORED RESEARCH Buy Hold

NIVIB SS | Real Estate | Equity Company Update | 11 May 2026 | 07:40 Sell

Neutral Q1; acquisitions support earnings outlook Financials and estimates changes Target NA

Nivika reported a Q1 largely in line with expectations at the revenue level, while NOI and Key Figures (SEKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

IFPM came in below our estimates, primarily driven by temporary margin pressure from Recommendation Not Rated

Revenue 923.2 788.0 892.5 949.5 972.1 Target Price NA

colder winter months. The company continues to execute on its strategy of acquiring high-

Net operating income 655.1 577.0 658.2 713.2 740.4 Share Price SEK 39.25

yielding assets while optimizing the portfolio through divestments. Overall, we view the EBITDA 578.3 523.0 602.3 654.2 679.9 Market cap (SEKm) 3,764

report as neutral. Following our estimate revisions, we update our valuation range to SEK IFPM 266.4 256.0 322.6 364.2 375.0 Number of shares (SEKm) 96

39–60 per share (SEK 42–60), implying 26% upside at the midpoint EPS (SEK) 2.1 2.7 4.8 4.2 4.3

12 months share price performance:

Temporary margin pressure; acquisitions lift estimates

Cash 365.3 208.0 424.9 232.9 249.8 58.67 Performance (%) 3M 6M 1Y

Revenue came in broadly in line with expectations, while NOI was 5.2% below our estimates NIVIB SS -11.7% -5.8% 1.4% Total equity 5,556.2 5,754.0 6,159.0 6,485.4 6,820.6 57.00 OMX -12.0% -6.5% -0.1%

55.33due to a lower NOI margin (-2.3pp), driven by higher operating costs in a colder-than-usual Net interest bearing debt 5,531.6 6,893.0 6,705.1 6,547.2 6,377.6

winter. We therefore lower our NOI margin assumptions by 0.5–1.0pp over the forecast period. 53.6752.00