January - December

• Rental income increased by 14% to MSEK 2,274 (1,992).
• Net operating income increased by 15% to MSEK 1,725 (1,503).
• Profit from property management increased by 26% to MSEK 1,104 (879). Profit from property management per common share increased by 20% to SEK 16.33 (13.57).
• Changes in the value of properties totalled MSEK 528 (323).
• Net profit after tax for the year totalled MSEK 1,287 (914), which is equivalent to SEK 19.12/common share (14.17).
• Net investments for the year amounted to MSEK 2,293 (2,806), of which MSEK 1,942 (2,087) related to acquisitions of properties, MSEK 781 (731) to investments in existing properties and new construction, MSEK 18 (21) to investments in associated companies and joint ventures, as well as MSEK -549 (-33) to divested properties. MSEK 100 related to the acquisition of a minority shares in subsidiaries.
• The board of directors proposes a dividend of SEK 6.40 per common share (5.20), an increase of 23%, to be paid on four occasions at SEK 1.60 each and a dividend of SEK 2.00/preference share (2.00) to be paid on four occasions at SEK 0.50 each. The total proposed dividend amounts to MSEK 506, which is an increase of 17% and in accordance with the dividend policy.

October - December

• Rental income increased by 12% to MSEK 588 (523).
• Net operating income increased by 9% to MSEK 432 (398).
• Profit from property management increased by 9% to MSEK 272 (250). Profit from property management per common share increased by 6% to SEK 3.96 (3.75).
• Changes in the value of properties totalled MSEK 271 (121).
• Net profit after tax totalled MSEK 471 (364), equivalent to SEK 7.08/common share (5.63).
• Net investments for the period amounted to MSEK 970 (2,088), of which MSEK 703 (1,897) related to acquisitions of properties, MSEK 252 (240) to investments in existing properties and new construction, MSEK 17 (-49) to investments in associated companies and joint ventures, and MSEK -4 (-) to divested properties.

Comments by the CEO

Profit from property management in 2025 amounted to MSEK 1,104 (879) and for the fourth quarter to MSEK 272 (250). This profit represents an increase of 26 and 9 percent, respectively, compared with the previous year. Profit from property management per common share for the year amounted to SEK 16.33 (13.57), equivalent to an increase of 20 percent.

Net operating income increased by 15 percent for the year and is mainly explained by an increase in rental income of 14 percent, driven by a larger property portfolio, one-off payments for vacated premises, indexation and investments in tenant improvements. Rental income in the comparable portfolio increased by 2 percent compared with the previous year. For the fourth quarter, rental income increased by 12 percent and net operating income by 9 percent. The weaker operating surplus ratio in the last quarter is attributable to higher property tax and a prioritised increase in maintenance in our properties. During the last quarter 2025 we have consciously invested in primarily roofs, asphalt surfaces and civil defence shelters.

The Board of Directors proposes a dividend of SEK 6.40 per common share (5.20) and SEK 2 per preference share (2), to be paid on four occasions. The total dividend corresponds to MSEK 506, which corresponds to 50 percent of the profit from property management after current tax, in accordance with the dividend policy.

Business and the economy
Net letting for the quarter amounted to MSEK 22 and for the whole year to MSEK 52. Although net letting often includes compensation for investments, some correlation with tenant demand in our markets can be seen over time. I believe that the rental market is slowly improving and that demand has increased.

Property valuations for the year and quarter were positive in terms of both realised and unrealised changes in value. The vast majority of the changes in value are driven by increased cash flow. In all locations and in all segments, the changes in value were positive in terms of cash flow and we are directing our efforts and focus on NP3's cash flow.

In terms of the economic situation, I note that the demand in the Swedish economy grew across the board towards the end of 2025 and that the recession looks set to ebb away in the relatively near future. Extensive investments in total defence, not least in northern Sweden, together with previously implemented interest rate cuts, are driving domestic demand.

2026
We live in a time when the world, in many respects is characterized, by instability and disorder. Extreme weather is becoming more common, both globally and in Sweden, which has costly effects. We see geopolitics taking new turns and manifestations from one day to the next. If I am to try to see any positive effect of the uncertainty this leads to, it is that in these times we are coming even closer to those we hold dear. If there is something that can bring about change and give energy, it is when people unite and strive in the same direction. Despite the international situation, I want to believe in a positive future.

I do not see any dramatic changes for NP3 or our market in the near future. However, we should be extremely humble as this can change quickly. NP3's ambition for 2026 is, once again, to continue to strengthen profit from property management per common share while maintaining or reducing operational and financial risk. We will focus on our cash flow in the long term and dare to make long-term and sustainable decisions. In other words, going forward we will not allow ourselves to be guided by an interest in short-term profits. The target of 12 percent annual growth in profit from property management per common share remains unchanged and I see good conditions for achieving that target for 2026.

The forecast for 2026’s profit from property management, with the current property portfolio and announced acquisitions and divestments amounts to MSEK 1,180, which represents an increase of 7 percent compared to the outcome for 2025.

As always, I would like to take this opportunity to thank all our staff who are committed to working every day to continue on the course set. I would also like to thank all stakeholders, especially shareholders and lenders. Together, we will continue to develop NP3 in a favourable direction!

Andreas Wahlén

Link to presentation of Year-end report 2025, 6th February 2026 at 13.00:

https://www.finwire.tv/webcast/np3-fastigheter/bokslutskommunike-2025/