Public Property Invest ASA (“PPI”) has delivered its first quarter fully integrating the large SocialCo portfolio acquired in December 2025, and the results reflect both solid operational performance and significant strategic progress. Rental income increased to NOK 916 million (NOK 205 million) compared to the same quarter last year. Net operating income was NOK 726 million (NOK 189 million), and net income from property management came in at NOK 354 million (NOK 92 million).

It should be noted that the significant appreciation of the Norwegian krone during the first quarter has adversely affected the reported balance sheet and run rate numbers. The underlying operational performance however remains strong, and adjusted for the currency effect, the annualized run rate rental income is up by 70 basis points above CPI since year-end 2025.

As of 31 March 2026, PPI owned 850 properties with a total market value of approximately NOK 52.1 billion and an average net yield of 5.7 %. During the quarter PPI signed new leases with a combined annual rent of NOK 45.8 million, underpinning strong operational performance. With an occupancy rate of 94 per cent and a weighted average unexpired lease term of 7.1 years, the portfolio generates stable and predictable cash flows, predominantly backed by government tenants. In Q1 2026, cash flow from operations came in at NOK 628 million (NOK 178 million).

The bridge facility established in connection with the SocialCo transaction is nearly fully refinanced. In January 2026, PPI issued two new social bonds totaling EUR 900 million at attractive terms and with fixed interest rates. PPI expects shortly to sign two new bank loans to refinance the remaining NOK 3.6 billion. That means that the temporary acquisition financing will be replaced by a robust, long-term capital structure ready for continued growth. As of quarter-end, PPI’s LTV was 48.5 per cent and 73 % of the interest rates was fixed, significantly reducing interest rate sensitivity.

Integrated operational platform established
During the first quarter, PPI established a fully integrated and scalable operational and administrative platform across the Nordic region. The organisation, systems and processes are now in place to manage the portfolio efficiently and professionally, providing the capacity to grow further without a corresponding increase in the administrative base.

Dual listing and redomiciliation to Sweden
On 30 April 2026, Nasdaq Stockholm and Euronext Oslo Børs approved a primary listing on Nasdaq Stockholm and a secondary listing on Euronext Oslo Børs. The merger of PPI ASA into PPI Public Property Invest AB (“ PPI AB”) is expected to complete on or about 15 May 2026, with all shares exchanged 1:1. First day of trading on Nasdaq Stockholm is expected on or around 20 May 2026, and on Oslo Børs on or around 21 May 2026.

With 52 per cent of the portfolio located in Sweden and Stockholm as the Nordic region's leading financial hub for listed real estate companies, the redomiciliation reflects a natural and logical alignment between PPI's geographic footprint and its capital markets platform. The dual listing broadens access to institutional investors with expertise in Nordic commercial real estate and social infrastructure.

Dividend
The Board of Directors has proposed a dividend of NOK 1 per share which is expected to be approved by an EGM in PPI AB in June 2026. The dividend will be split into quarterly instalments of NOK 0.25 per share to be paid out in July and October 2026 and in January and April 2027.

Webcast and Q&A
Management will present the results in a webcast followed by a Q&A session today at 10:00 CET. The webcast may be followed from: https://publicproperty.no/en/investor-relation. Questions may be submitted by email to IR@publicproperty.no.