Arctic: PPI - First report following the Stockholm listing

Research evidence excerpt

Arctic: PPI - First report following the Stockholm listing

PPI Buy Hold

PUBLI NO EQUITY | Real Estate | Equity Company Update | 07 July 2026 | 07:30 Sell

First report following the Stockholm listing Financials and estimates changes Target NOK 26.00

Public Property Invest will publish its Q2/26 report on 15 July, marking the company's Key Figures (NOKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

first quarterly report following its primary listing on Nasdaq Stockholm in May. Ahead Recommendation Buy

Revenue 665.0 1,093.0 3,572.2 3,747.9 3,862.2 Target Price 26.00

of the report, we make only modest changes to our estimates, primarily reflecting the

Net operating income 599.0 978.0 2,890.6 3,048.8 3,141.8 Share Price NOK 19.7

refinancing of the remaining bridge facility together with two announced acquisitions in EBITDA 533.0 878.0 2,577.6 2,756.1 2,840.2 Upside (%) 32.0

Finland. Overall, the changes have only a limited impact on our valuation, and we reiterate IFPM 272.0 468.0 1,508.9 1,692.2 1,768.9 Market cap (NOKm) 18,611

our BUY recommendation and NOK 26 target price Cash 968.0 1,057.0 1,879.7 1,414.0 1,837.5 Number of shares (m) 945

Total equity 5,714.0 21,392.0 21,463.9 22,374.9 23,365.7

Refinancing completed and acquisition pace continues 12 months share price performance:

Net interest bearing debt 4,995.0 27,325.0 27,908.3 27,765.7 27,431.9

The main change to our forecasts reflects the refinancing of the remaining bridge facility related

to the SocialCo transaction. During the quarter, PPI secured SEK 3.6bn of new five-year bank Adj. IFPM (NOK per share) 1.3 1.5 1.6 1.8 1.9

financing at a margin of approximately 3mS+135bps, replacing the remaining acquisition financing. Adj. FFO (NOK per share) 0.8 1.9 1.3 1.5 1.6