Stenhus Fastigheter i Norden AB (publ)-Strong IFPM delivery and continued balance sheet robustness-05/12/2026

Research evidence excerpt

Stenhus Fastigheter i Norden AB (publ)-Strong IFPM delivery and continued balance sheet robustness-05/12/2026

Stenhus Fastigheter i Norden AB (publ)

CREDIT NEWSFLASH | 12 MAY 2026

Strong IFPM delivery and continued balance sheet robustness

Stenhus reported strong IFPM growth y/y, with IFPM amounting to SEK 111m compared to SEK 89m in Q1’25. Strong IFPM

growth is mainly related to lower average interest costs following refinancings in 2025. Coupled with stable occupancy at

95%, we look favorably on continued earnings capacity in 2026. We estimate Net LTV at 57%, a small increase q/q, however

the LTV and the movement of the LTV is in line with names such as Stendörren and Cibus, positioning Stenhus alongside

other top names in our coverage. Bonds are quoted at prices of 101.8% (yield of 4.2%), which we consider relevant in relation

to similar bonds. At these yields, given the strong balance sheet and operational performance, we find the bonds a good

entry point for investors looking for their first HY real estate exposure

Strong operational performance with the main highlight of 24% y/y IFPM growth

• Stenhus reported another strong quarter with rental income of SEK 263m (SEK 1,042m on an LTM basis), corresponding to a 2% y/y

growth. NOI stood at SEK 196m, an increase of 5% compared to Q1’25, largely following the growth in rental income

• The main highlight in the quarter was the strong y/y IFPM improvement, with Q1’26 IFPM reaching SEK 111m versus SEK 89m in Q1’25,

up 24% y/y. The increase was driven by lower financial costs following several debt refinancings during 2025, including the Group’s

bonds, where spreads were reduced from 600bps to 297.5bps. The IFPM margin improved to 42% from 35% in Q1’25, further reflecting

Stenhus’ strengthened operating profile