Arctic FLASH: Stenhus - Close to expectations

Research evidence excerpt

Arctic FLASH: Stenhus - Close to expectations

Stenhus Please note that Arctic Securities AS issues Buy sponsored equity research on Stenhus Fastigheter i Hold

SFAST SS | Real Estate | Equity Company Flash | 12 May 2026 | 08:20 Norden AB Sell

Close to expectations Financials Target NA

● IFPM -1.5% vs. ARCe Key Figures (SEKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

● Topline miss relates to how the holding in Krona is accounted for. Adjusted for this, Recommendation Not Rated

Revenue 1,011.8 1,036.0 1,146.8 1,220.8 1,294.9 Target Price NA

underlying result (as shown by IFPM) is close to our expectations

Net operating income 783.5 800.5 903.0 969.1 1,027.8 Share Price NA

● The share buybacks completed in Q1/26 has driven result/share, NAV growth +10.7% y- EBITDA 703.8 732.0 831.9 893.4 947.5 Enterprise Value (SEKm) 11,536

o-y IFPM 329.6 413.4 502.7 528.8 517.5 Number of shares (SEKm) 356

● Report in line with expectations, the share still looks very cheap on cash flow EPS (SEK) 0.2 1.0 1.5 1.6 1.5

● Traded at a 38% discount to NAV 12 months share price performance:

Cash 224.9 542.8 500.2 490.1 493.7

IFPM -1.5% vs. ARCe Total equity 5,922.3 5,966.2 6,494.2 6,870.1 7,205.2

Stenhus reported revenues of SEK 263m (SEK 257m in Q1/25), -4.1% vs. ARCe while the NOI- Net interest bearing debt 7,161.6 7,432.0 8,784.7 9,076.5 9,322.2

margin of 74.7% (73.2%) can be compared to us at 76.1%. EBIT of SEK 181m (SEK 171m) vs.

ARCe at SEK 192m, while net financials of SEK 79m (SEK 85m) was right in line with our SEK Adj. IFPM (SEK per share) 0.9 1.1 1.3 1.4 1.4

79m forecasted. All together, IFPM was reported at SEK 111m (SEK 89m) vs. our expectations at Adj. FFO (SEK per share) 0.8 0.9 1.2 1.3 1.3

SEK 113m (associated companies contributed with SEK 8.6m in IFPM).