===== SIDA 1 ===== Q3 2024 Interim report January-September ===== SIDA 2 ===== About NP3 NP3’s business concept is to, with tenants in focus, acquire, own and manage high-yielding commercial properties, primarily in northern Sweden. NP3 owns and manages properties in the industrial, logistics, retail, office and other categories. The property portfolio is spread across eight business areas: Sundsvall, Gävle, Dalarna, Östersund, Umeå, Luleå and Middle Sweden. The company has its domicile and head office in Sundsvall. Major events in the third quarter • In July 2024, NP3 acquired a 49 percent of the shares in With You Sweden AB, for a joint venture ownership in this company. The With You group owns ten properties primarily for industrial and commercial purposes with a property value of MSEK 420. The majority of the property portfolio is located in Sundsvall, Umeå and Timrå. • In mid-September, the company carried out a directed new issue of 4,000,000 common shares at a price of SEK 250 per share, leading to that the company received proceeds of MSEK 1,000 after transaction costs. • In mid-September, the company entered into an agreement to acquire properties in Frösön in Östersund for an agreed property value of MSEK 755. As the acquisition constitutes a so-called related-party transaction, the transaction is subject to an approval by an extraordinary general meeting to be held on 31 October. • In addition to the above the company entered into an agreement in mid- September to acquire 29.6 percent of the shares in Cibola Holding AB, the parent company of a hotel property group in which NP3 already owns 31.6 percent of the shares. The agreed purchase price for 29.6 percent of the shares amounts to MSEK 68. After the acquisition, NP3 will own 61.2 percent of the shares in Cibola, making it to a subsidiary of NP3. • At the end of September, under its existing MTN programme, the company issued senior unsecured green bonds for MSEK 300 with a tenor of 3.25 years and a variable interest rate of 3M Stibor + 245 basis points. In connection with the share issue, the company nominally repurchased MSEK 92 of bonds with maturity in September 2025 and April 2026. Events after the end of the period • In early October, the company accessed a property in Östersund for MSEK 65. The property has a lettable area of 13,100 sqm and an annual rental value of MSEK 8.1. • As part of the bond issue in September, the company has announced the redemption of all bonds maturing in September 2025 at a price corresponding to 101.95 percent of the nominal amount. Redemption will occur on 21 October 2024. The nominal amount for the early redemption amounts to MSEK 317. • The company has convened an extraordinary general meeting (EGM) on 31 October to decide on the Board’s proposal to acquire all shares in Frösö Park Fastighets AB and to acquire 29.6 percent of the shares in Cibola Holding AB. In addition, the EGM will decide on a new issue of 4,000,000 preference shares that form part of the payment for the acquisition of Frösö Park and Cibola. Provided that a decision by the authorities is obtained and that the EGM resolves the acquisitions, closing is expected to occur in early November 2024. Forecast for 2024 For 2024, profit from property management, i.e. profit before changes in value and tax expense, based on the current property portfolio and announced acquisitions and divestments of properties, is estimated at MSEK 850. The previously disclosed forecast was MSEK 830 and was communicated in the company's interim report for January-June 2024. Roundings in the report can result in columns and rows do not foot. This Interim Report is an in-house translation of NP3s Swedish Interim Report. In the event of discrepancies, the Swedish original will supersede the translation. Profit from property management per common share SEK 9.88 +9 % Rental income was MSEK 1,469 +10 % 2 Acquisitions acceessed The net operating income amounted to MSEK 1,105 189 MSEK +10 % ===== SIDA 3 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 3 Key ratios 2024 Jul-Sep 2023 Jul-Sep 2024 Jan-Sep 2023 Jan-Sep 2023 Jan-Dec Result, MSEK Rental income 491 444 1,469 1,333 1,797 Net operating income 404 365 1,105 1,007 1,353 Surplus ratio, % 82 82 75 76 75 Profit from property management 253 206 629 569 745 Change in value of properties 45 -165 202 -406 -372 Net profit 110 39 549 78 -61 Market value of properties 21,127 19,985 21,127 19,985 20,276 Yield , % 7.1 6.6 7.1 6.6 6.8 Properties accessed - 19 189 317 408 Result, SEK/common share Profit after tax 1.54 0.33 8.49 0.31 -2.43 Profit from property management 4.00 3.25 9.88 9.06 11.76 Long-term net asset value 149.71 132.02 149.71 132.02 135.58 January - September • Rental income increased by 10% to MSEK 1,469 (1,333). • The net operating income increased by 10% to MSEK 1,105 (1,007). • The profit from property management increased by 11% to MSEK 629 (569). Profit from property management per common share increased by 9% to SEK 9.88 (9.06). • Changes in the value of properties amounted to MSEK 202 (-406). • Net profit after tax for the period amounted to MSEK 549 (78), equivalent to SEK 8.49 per common share (0.31). • Net investments for the period amounted to MSEK 718 (568), of which MSEK 189 (317) related to acquisitions of properties, MSEK -33 (0) related to divested properties and MSEK 70 (-19) related to investments in associated companies and joint ventures. Investments in existing properties and new construction for the period amounted to MSEK 492 (270). July - September • Rental income increased by 10% to MSEK 491 (444). • The net operating income increased by 11% to MSEK 404 (365). • The profit from property management increased by 23% to MSEK 253 (206). Profit from property management per common share increased by 23% to SEK 4.00 (3.25). • Changes in the value of properties amounted to MSEK 45 (-165). • Net profit after tax for the period amounted to MSEK 110 (39), equivalent to SEK 1.54/common share (0.33). • Net investments for the quarter amounted to MSEK 265 (106), of which MSEK 0 (19) related to acquisitions of properties and MSEK 56 (-2) to investments in associated companies and joint ventures. Investments in existing properties and new construction during the quarter totalled MSEK 210 (89). Interim report January - September 2024 ===== SIDA 4 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 4 Financial targets and dividend targets Below are the company's financial targets and outcome, 30 September 2024, LTM, for the last five years set out. The exception is the dividend target which are shown per full calender year. Growth in profit from property management per common share The growth in profit from property management per common share shall amount to at least 12 percent per year over a five-year period. Interest coverage ratio The interest coverage ratio shall be no less than 2 times. Loan-to-value ratio The long-term loan-to-value ratio shall amount to 55-65 percent. Dividend The company aims to pay dividends of around 50 percent of the profit from property management after current tax to holders of common and preference shares. Proportion of preference share dividend The preference share dividend shall be less than 20 percent of the profit from property management after current tax. Return on equity before tax Return on equity before tax shall amount to at least 15 percent annually over a five-year period. T arget at least 2 times T arget 55-65% T arget approx. 50% 2019 2020 2021 2022 2023 % 60 50 40 30 20 10 0 54% 53% 50% 50% 58% Max 20% % 25 20 15 10 5 0 11% 15% 12% 10% 11% x 1) Part of the common share dividend decided at the Annual General Meeting in May relates to the distribution of Class B shares in Emilshus. For more information, see page 22. 1) Q3 -20 Q3 -21 Q3 -22 Q3 -23 Q3 -24 Q3 -20 Q3 -21 Q3 -22 Q3 -23 Q3 -24 % 70 60 50 40 30 20 10 0 58% 54% 57% 55% 49% 4 3 2 1 0 3.3 3.3 3.2 2.2 2.2 2019 2020 2021 2022 2023 Profit from property management per common share, SEK Average annual growth, 5 years, % T arget 12% SEK 14 12 10 8 6 4 2 0 % Q3 -20 Q3 -21 Q3 -22 Q3 -23 Q3 -24 20 18 16 14 12 10 8 6 4 2 00% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 2 4 6 8 10 12 14 Q3-20 Q3-21 Q3-22 Q3-23 Q3-24 Tillväxt Serie1 Serie2 Return on equity before tax, % Average return on equity before tax, 5 years, % Target 15% Q3 -20 Q3 -21 Q3 -22 Q3 -23 Q3 -24 % 50 40 30 20 10 00 10 20 30 40 50 Q3-20 Q3-21 Q3-22 Q3-23 Q3-24 Avkastning på eget kapital Serie1 Serie2 ===== SIDA 5 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 5 Comments by the CEO Comparisons in brackets relate to the corresponding period of the previous year. Profit from property management for the quarter amounted to MSEK 253 (206) and for the period to MSEK 629 (569), an increase of 23 and 11 percent, respectively, compared with the previous year. The increase is attributable to a higher net operating income from our property portfolio and lower financial costs. Profit from property management per average number of common shares for the period amounted to SEK 9.88 (9.06), an increase of 9 percent. For the quarter, profit from property management per common share increased by 23 percent to SEK 4.00 (3.25). Our forecast for profit from property management in 2024 amounts to MSEK 850, up from MSEK 830 in the previous quarter. New share issue At the end of the third quarter, NP3 carried out a directed new issue of 4 million common shares, raising MSEK 1,000. The share issue was carried out for three main reasons: 1. Financing the acquisition of a property portfolio in Östersund for MSEK 755. 2 Creating the conditions to be able to act on acquisition opportunities. 3. Strengthening the company's key financial ratios and broadening the shareholder base. The acquisition, which requires a resolution by an extraordinary general meeting, means that we will complete the purchase of a large property portfolio in Frösön in Östersund in November. The properties previously housed "F4", air flotilla of the Swedish Air Force and is directly adjacent to Östersund Åre Airport. This provides the conditions for continued positive development of the property, as interest in national security and defence have increased significantly. After the access of the properties, the Swedish Fortifications Agency will become NP3's single largest tenant. The share issue provides the conditions to make further investments, and we see solid opportunities to be able to act in the transaction market in the near future. The risk-adjusted return is considered attractive on new acquisitions, as price expectations from sellers have softened and current interest rates mean that the yield gap has increased to 250–350 bps, depending on the debt maturity. The share issue will strengthen NP3's key financial ratios and broaden the shareholder base, improving the liquidity of the share which will benefit our shareholders in the long term. The key financial ratios at the reporting date are affected by the fact that the acquisition of the property portfolio has not yet been completed, meaning lower net debt. At the same time, for example, the interest coverage ratio will continue to strengthen as our financial costs decrease and income strengthens. Overall, the share issue will create the conditions to increase earnings per common share with a lower financial risk, which is in line with our overall long-term objective. Business and the economy There are concerns about the economy in general and specifically regarding the so-called "green investments". In this respect, I can safely say that the diversification that has been a key focus for NP3 since its inception mitigates the extent to which the company can be affected by developments in any one tenant, industry or location. During the third quarter, we were involved in three restructurings of tenants to NP3. Although these have resulted in tenant losses and negative net letting, they do not affect the overall net letting of NP3. Net letting amounted to MSEK 14 for the quarter, which includes a negative impact from the above- mentioned restructurings of more than MSEK 5. We read about failing ventures in northern Sweden, but as the trend in terms of net lettings shows, this does not affect NP3 significantly. The primary reason for this is that NP3 started its operations before any of these initiatives were even considered. The company is therefore not built on the basis of these investments, which can only be linked to a small proportion of our leases. However, I would like to emphasise that my view is that northern Sweden will continue to benefit from a strong access to green energy. Green energy will be an important component in the transition to a more sustainable society. As to whether the green energy will be used for battery, hydrogen or steel production or something else entirely, I naturally cannot say, nor do I know when this will happen. But I am confident about the long-term trend for northern Sweden, and NP3 will continue to focus its efforts on the development of a more sustainable society from an economic, social and environmental perspective. The occupancy rate is 93%, which is in line with previous periods. The occupancy rate remains stable despite the fact that the vacancy has increased due to some larger acquisitions that we made in 2021, knowing that they would become vacant. We continue to see strong demand for commercial premises in our regions. Our project volume continues to increase slightly and we do not see any major slowdown in the near term. But the economic cycle is challenging, which means that things can take a turn very quickly, for the better or the worse. In closing The valuation yield was 7.14 percent. The property value increased by MSEK 255 in the quarter and amounted to a total of MSEK 21,127, which is equivalent to SEK 10,392 per square metre. I do not foresee any dramatic near-term change in valuation yields. Our tenants' ability to pay rent remains in line with historical figures with regards to the proportion of rents that are paid on time no later than their due date. We will continue to steer in the direction we have set out; to boost our profit from property management per common share while maintaining or reducing operational and financial risks. We will continue to focus on diversifying our risks across tenants, locations, business categories and properties. Those of you who follow NP3 have probably read it before, and you will most likely read it again: NP3 will quite simply continue to do more of what we've been doing for a long time. Andreas Wahlén ===== SIDA 6 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 6 Consolidated statement of comprehensive income Summary report, MSEK 2024 Jul-Sep 2023 Jul-Sep 2024 Jan-Sep 2023 Jan-Sep 2023 Jan-Dec Sep 2024 LTM Rental income 491 444 1,469 1,333 1,797 1,933 Property costs -74 -68 -328 -291 -397 -434 Property tax -12 -12 -36 -35 -46 -48 Net operating income 404 365 1,105 1,007 1,353 1,451 Central administration -15 -15 -53 -49 -74 -77 Result from associated companies and joint ventures 8 10 9 -11 -20 0 - of which profit from property management 9 18 25 60 76 41 - of which changes in value of properties 2 -6 -4 -66 -93 -31 - of which changes in value of financial instruments - 2 - -3 -3 - - of which tax -3 -4 -12 -2 0 -10 Financial income 3 1 8 3 6 10 Financial expenses -148 -163 -456 -451 -617 -621 Profit/loss after financial items 252 198 613 498 648 763 - of which profit from property management 253 206 629 569 745 804 Change in value of properties 45 -165 202 -406 -372 236 Changes in value of financial instruments -158 15 -126 6 -279 -411 Profit before tax 139 48 689 98 -3 589 Current tax -20 -24 -50 -40 -68 -78 Deferred tax -9 14 -90 20 9 -101 Net profit 110 39 549 78 -61 410 Other comprehensive income - - - - - - Comprehensive income for the period 110 39 549 78 -61 410 Comprehensive income relating to the parent company’s shareholders 109 38 548 75 -62 412 Comprehensive income relating to non-controlling interest 1 1 1 3 1 -2 Earnings per common share, SEK 1.54 0.33 8.49 0.31 -2.43 5.76 Number of common shares at the end of the period, thousands 61,562 57,497 61,562 57,497 57,497 61,562 Weighted average number of common shares, thousands 58,562 57,428 57,923 56,575 56,864 58,323 Rental income, MSEK Profit from property management, MSEK * LTM 2,000 1,600 1,200 800 400 0 2020 2021 2022 2023 2024 Q3* 2020 2021 2022 2023 2024 Q3* 2020 2021 2022 2023 2024 Q3* 1,000 800 600 400 200 0 Net operating income, MSEK 1,500 1,200 900 600 300 0 ===== SIDA 7 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 7 Income, expenses and result January - September Earnings The profit from property management increased by 11 percent compared to the previous year and amounted to MSEK 629 (569). The increase in profit from property management was due to higher rental income via indexation, lettings and acquisitions. The profit from property management per common share was equivalent to SEK 9.88 (9.06). The net operating income for the period amounted to MSEK 1,105 (1,007), which corresponds to a surplus ratio of 75 percent (76). Changes in value of properties affected the result by MSEK 202 (-406), of which MSEK 201 (-406) related to unrealised changes in value and MSEK 1 (0) related to realised changes in value. Changes in the value of financial instruments amounted to MSEK -126 (6). Net profit after tax relating to the parent company’s shareholders amounted to MSEK 548 (75), which was equivalent to SEK 8.49 per common share (0.31). Holders’ of preference shares preferential right to dividend for the period amounted to MSEK 57 (57). Income and expenses Rental income increased by 10 percent to MSEK 1,469 (1,333). Income has increased mainly as a result of indexation, property acquisitions, lettings and completed investments. In the comparable portfolio, revenue increased by 9 percent. Revenue consisted of rental income of MSEK 1,340 (1,226) and service revenue of MSEK 128 (107). Service revenue consisted primarily of costs passed on for heating, electricity and water as well as snow. Property costs for the period amounted to MSEK -328 (-291). The costs were distributed between operating expenses MSEK -290 (-253), repairs and maintenance MSEK -29 (-32) as well as anticipated and confirmed rental losses of MSEK -9 (-6). The increase in operating expenses is largely attributable to winter-related costs. Property tax amounted to MSEK -36 (-35). Central administration costs amounted to MSEK -53 (-49) and consisted mainly of group-wide costs. NP3’s investments in associated companies and joint ventures contributed positively to the company’s profit from property management with MSEK 25 (60). The total share of profit for the period amounted to MSEK 9 (-11). Since December 2023, Emilshus is no longer classified as an associated company of NP3, resulting in a lower profit from property management compared to the comparative period. For more information on the company's investments in associated companies and joint ventures, see page 15. Financial income amounted to MSEK 8 (3). Financial expenses increased to MSEK -456 (-451) due to a higher average interest-bearing debt during the period. Apart from interest expenses, financial expenses also included MSEK -18 (-19) in accrued borrowing expenses. For more information regarding the company’s funding, see pages 16 and 17. Seasonal variations The surplus ratio varies during the year depending on seasonal variations. During the winter months, profit is affected mainly by costs relating to electricity, heating and snow being high. The lease contract structure is designed so that tenants are charged an evenly distributed preliminary fee continuously throughout the year, while the fee for consumption is expensed in step with the outcome which yields a lower surplus ratio during the winter months and higher level during the summer months. Tax Current tax amounted to MSEK -50 (-40) and was calculated based on the period’s taxable profit. The taxable profit for real estate companies is usually lower than the profit from property management as the taxable profit is reduced by tax depreciation, provisions to the tax allocation reserve and other adjustments for tax purposes. Deferred tax amounted to MSEK -90 (20) and consisted mainly of changes in temporary differences between market value and tax base on properties and changes in market value of financial instruments. July - September Profit from property management for the third quarter amounted to MSEK 253 (206). The net operating income amounted to MSEK 404 (365), which corresponds to a surplus ratio of 82 percent (82). Rental income was MSEK 491 (444). Revenue consisted of rental income of MSEK 452 (410) and service revenue of MSEK 38 (34). Property costs amounted to MSEK -74 (-68), property tax MSEK -12 (-12) and central administration MSEK -15 (-15). NP3's share of associated companies' profit from property management amounted to MSEK 9 (18) for the quarter and the total share of profit amounted to MSEK 8 (10). The financial costs decreased to MSEK -148 (-163) as a result of a lower interest rate during the quarter. Profit before tax amounted to MSEK 139 (48) and was affected by unrealised changes in the value of properties of MSEK 45 (-165) and unrealised changes in the value of financial instruments amounting to MSEK -158 (15). Current tax affected profit for the quarter with MSEK -20 (-24) and deferred tax with MSEK -9 (14). Comparisons in brackets refer to the corresponding period of the previous year for income statement items and the previous year-end for balance sheet items. ===== SIDA 8 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 8 Current earnings capacity Definition of earnings capacity Current earnings capacity is not a forecast but to be regarded only as a snapshot, the aim of which is to present revenue and costs on an annual basis, given the property portfolio, interest expenses and organisation at a particular point in time, being the end of the accounting period. Earning capacity is based on the coming 12-month period, on the basis of the property portfolio the company owned as of 30 September 2024. The earning capacity is based on an contracted annual rent and shows what profit the company would generate under the terms and conditions stated in this section. The earnings capacity does not include an assessment of the development of rents, vacancy rate, property expenses, interest, changes in value or other factors affecting income. The estimated earning capacity is based on the following information. • Property costs consist of an estimate of the operating expenses and repair and maintenance measures during a normal year. Operating expenses include property management. • Financial income and expenses have been calculated based on the company's closing average interest rate level and debt portfolio as of 30 September 2024, and have not been adjusted for effects relating to the accrual of borrowing expenses amounting to MSEK 19. Comment on earning capacity Compared to the current rental value of MSEK 2,108, the forward-looking adjusted rental value amounted to MSEK 2,095. The major adjustment items were primarily discounts of MSEK -13. Since the beginning of the year, the company’s net operating income in the earning capacity has increased by 2 percent to MSEK 1,456. The yield in earnings capacity was 6.9 percent (7.0) based on the properties’ market value of MSEK 21,127. Profit from property management and profit from property management per common share in the earning capacity both increased by 13 percent and 7 percent, respectively, compared to the beginning of the year. Acquisitions and divestments Contracted acquisition not accessed of as of 30 September relates to a property in Östersund. The annual rental value amounts to just over MSEK 8 and the annual profit from property management is just under MSEK 3. There were no contracted divestment not completed as of 30 September. The acquisitions of Frösö Park and Cibola are subject to decisions by the company's Extraordinary General Meeting on 31 October 2024, for details see transactions on page 14. Profit from property management according to earning capacity, MSEK 900 800 700 600 500 400 300 200 100 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 5 year, CAGR 12% Current earnings capacity, MSEK 1 Oct 2024 1 Jan 2024 1 Oct 2023 9 months Adjusted rental value 2,095 2,043 1,927 Vacancy -156 -137 -133 Rental income 1,938 1,906 1,794 2% Property costs -436 -433 -402 Property tax -47 -46 -46 Net operating income 1,456 1,426 1,347 2% Central administration -71 -68 -65 Net financial income -531 -608 -619 Profit from property management from associated companies and joint ventures 44 42 76 Profit from property management 899 792 739 13% Profit from property management after preference share dividend 823 716 663 15% Profit from property management, SEK/common share 13.36 12.48 11.56 7% Change ===== SIDA 9 ===== For more details on the company's sustainability work and sustainability reporting, please refer to the sustainability report included in NP3's annual report. 9 Sustainability For NP3, sustainability and long-term financial performance go hand in hand. As a long- term player in property management and development, the company has a responsibility, for our future and that of future generations, to do this in an environmentally sustainable way. From the company's perspective, pleasant and safe workplaces are just as important for NP3's tenants and suppliers as they are for the company's employees, just as it goes without saying that all people are treated equally regardless of gender and ethnicity. However, the area where NP3 as a company can make the biggest difference is by integrating environmental issues into its daily work and running the business in a resource-efficient way. The company does this mainly by continuously improving the energy efficiency of its property portfolio and limiting emissions. The interim report provides follow-up of energy performance financing improvements and growth within the green framework. Other prioritised sustainability targets are reported on an annual basis. Status CSRD During the quarter, NP3 initiated a preliminary review of the company’s double materiality assessment and performed a GAP analysis in comparison with ESRS data points. During the remainder of the year, the company will continue to add to its sustainability work by closing identified GAPs, finalising the preliminary review simultaneously as continuing stakeholder dialogues are conducted. Property value green portfolio In 2023, the company updated its green framework to align with the EU taxonomy. The green financing framework has thereby changed its focus from energy classes to primary energy values and to primarily cover the "top 15" properties. NP3 has an annual target of increasing the green property portfolio by 25 percent. In 2024, the green property portfolio increased its property value of MSEK 4,286 from the beginning of the year to MSEK 5,520 at the end of the quarter, which is equal to 29 percent. ENERGY NP3’s total energy consumption shall be reduced by 20% by the year 2025 compared to 2017. CLIMATE- IMPACT Net-zero by 2045. By 2030*, reduce scope 1 and 2 GHG emissions by 42%, and scope 3 emissions by 25% IMPROVED ENERGY PERFORMANCE Upgrade the energy class from E/F/G of at least ten properties per year until 2030 Examples of energy projects Vivstamon 1:27, Timrå Ongoing project involving the replacement of the building's heating system by conversion from pellet and electric boiler to geothermal heat pumps. With new heating and related optimisation, the energy performance of the building is improved. Expected upgrade of the property energy class G -> C. Investment cost is TSEK 2,500. 2022 2023 2024 Q3 2024 Target 3,413 4,286 5,520 5,3596,000 5,000 4,000 3,000 2,000 1,000 0 Prioritised sustainability goals GREEN PORTFOLIO NP3’s green property portfolio shall grow by 25% per year Improved energy performance Increasing the number of energy-efficient and sustainable properties is one of NP3's overall goals, and in 2023 the company intensified this work by adding an additional environmental goal, to improve and upgrade the company's properties with the lowest energy-efficiency. The company's goal is to improve ten of the properties with the lowest energy-efficiency every year. In 2024, seven buildings have so far received an improved energy class following the implementation of measures, where all buildings have been upgraded from the previous energy class E, F or G. Property/building Location Energy class 31/12/2023 Energy class 30/09/2024 New primary energy rating Hemlingby 20:16 Gävle E C 70 Näringen 5:15 Gävle E C 86 Fältjägaren 11 Östersund E C 73 Lugnet 7 By 34 Östersund E D 111 Lugnet 11 Östersund E B 66 Huggormen 1 Umeå E C 70 Hyttberget 3 Falun E C 62/68 NP3 Fastigheter AB (publ) Interim report - Q2 2024 *Base year 2022. Targets are validated by SBTi. ===== SIDA 10 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 10 Property portfolio At the end of the period, NP3 owned 515 (507) properties with a total lettable area of 2,033,000 square metres (1,998,000) spread across eight geographic business areas. Of the eight business areas, the majority of the property portfolio is in the Sundsvall business area, with 21 percent (21) of the market value and 21 percent (20) of the rental value. The market value of the properties on the balance sheet date amounted to MSEK 21,127 (20,276). NP3's property portfolio is divided into the categories industrial, retail, offices, logistics and other. The category other includes properties for public use such as schools. At the end of the period, industrial was the largest property category, accounting for 51 percent (51) of rental value. Retail was the second largest property category with 23 percent (23) of the rental value, including the two subcategories B2C and B2B. B2C includes properties leased to, for example, discount chains such as Dollar-Store, ÖoB and Rusta. B2B includes large tenants such as Mekonomen, Ahlsell and Swedol. Risk diversification NP3 works continuously to diversify risks through diversi- fication of both the property category and the tenants industry affiliation. The company's total property portfolio is well diversified in terms of both property category and industry exposure. Property category shows the nature of the property, while industry exposure shows which industry the company’s rental income is allocated to. The difference is that tenants in a certain industry can rent premises in a number of different categories. This is exemplified by state and municipality, which together accounted for 10 percent (10) of rental income; state and municipality administration premises are rented in the categories office, other and industrial. A big difference can also be seen in the grocery store industry, which in the categorisation amounted to 1.1 percent (1.1) of total rental value and to 4 percent (4) with regard to industry exposure of the total rental income. This difference is explained by grocery store companies also renting in the category logistics and industrial. The exposure of the rental income is distributed between several industries, with manufacturing and light industrial being the largest one. Rental agreement structure On the balance sheet date, NP3 had 2,500 rental agreements (2,450). The average remaining lease term for all rental agreements was 3.9 years (3.9). The ten largest tenants in relation to rental value were distributed across 85 agreements with a remaining term of 4.7 years (5.4) and accounting for 11 percent (11) of the rental value. The number of rental agreements and their duration mean that NP3’s exposure to individual tenants is limited. The largest rental agreement corresponds to 0.7 percent of the rental value. Rental value amounted to MSEK 2,108 (2,065) and the contracted annual rent was MSEK 1,951 (1,929) at the end of the period. This corresponded to a occupancy rate of 93 percent (93). Properties Distribution within the retail category, % Rental value by property category, % Industry exposure, % Industrial 51 (51) Retail 23 (23) Offices 11 (11) Logistics 6 (6) Other 9 (9) Business-to-consumer 60 (60) Business-to-business (B2B) 25 (26) Vehicle dealerships, workshops and inspection facilities 10 (9) Grocery store 5 (5) Manufacturing and light industrial 16 (16) Industrial and construction supplies 12 (12) Consumer discretionary goods 10 (11) State and municipality 10 (10) Construction and production 10 (10) Real estate and finance 9 (9) Vehicles and workshops 9 (9) Food and leisure 7 (7) Grocery store 4 (4) Other 13 (12) Comparisons within brackets relate to the beginning of the year. Property value per business area, % Property value per property category, % Rental value per business area, (%) Industrial 47 (46) Retail 24 (25) Offices 10 (10) Logistics 9 (9) Other 10 (10) Sundsvall 21 (21) Gävle 14 (14) Dalarna 13 (13) Luleå 12 (12) Skellefteå 12 (12) Umeå 10 (11) Östersund 10 (10) Middle Sweden 8 (7) Sundsvall 21 (20) Dalarna 13 (14) Gävle 13 (13) Luleå 13 (13) Skellefteå 11 (11) Umeå 11 (11) Östersund 10 (10) Middle Sweden 8 (8) ===== SIDA 11 ===== 11NP3 Fastigheter AB (publ) Interim report - Q2 2024 Properties NP3's largest tenants by rental value As of 30 Sep 2024 Number of rental agreements Postnord Sverige AB 9 Dagab Inköp & Logistik AB (Axfood) 6 Ahlberg-Dollarstore AB 7 Plantagen Sverige AB 5 Assemblin El AB 12 Swedol AB 9 Granngården AB 13 The Swedish Fortifications Agency 12 LEAX Falun AB 5 Swedish Police Authority 7 Total 85 Total rental value of the ten largest tenants MSEK 226 Average remaining lease term for the ten largest tenants 4.7 years Average remaining lease term for the total contract portfolio 3.9 years Vacating year terminated rental agreements Number Rental value, MSEK 2024 53 38 2025 58 21 2026- 21 7 Total 132 67 Value of vacancies per business area as of 30 Sep 2024 Business area Rental value, MSEK Value of vacancies, MSEK Financial occupancy rate, % Sundsvall 436 51 12 Dalarna 287 18 6 Gävle 277 20 7 Luleå 267 11 4 Skellefteå 241 17 7 Umeå 233 15 6 Östersund 204 7 4 Middle Sweden 162 17 10 Total 2,108 156 7 Vacancy At the end of the third quarter, the value of vacancies compared to the beginning of the year increased as a result of the net change in tenants moving in and out of MSEK 17 and acquired vacancies amounting to MSEK 3. The financial occupancy rate amounted to 93 percent (93). As of 30 September, there were rental agreements, not yet accessed, with a rental value of MSEK 60. The rental value for terminated rental agreements not yet vacated amounted to MSEK 67, of which MSEK 38 take place during 2024. Net letting, MSEK 2024 Jan-Sep 2023 Jan-Sep 2023 Jan-Dec Signed rental agreements 143 175 244 Terminated rental agreements incl. bankruptcies -115 -145 -210 Net 28 30 34 Change in the value of vacancies, MSEK 2024 Jan-Sep 2023 Jan-Sep 2023 Full year Opening value of vacancies 1 Jan 137 122 122 Net change in moving in/out 17 9 13 Value of vacancies, acquired properties 3 2 2 Value of vacancies, divested properties - - - Closing value of vacancies 156 133 137 Occupancy rate, % 93 93 93 Net letting The value of signed rental agreements for the period amounted to MSEK 143 and included all newly signed rental agreements and existing agreements that have been renegotiated. The value of terminated rental agreements including bankruptcies amounted to MSEK -115 for the period. The amount includes all agreements that were terminated for vacating premises during the period, those agreements that were terminated as a result of bankruptcies and those rental agreements that were renegotiated during the current period of contracts where the new agreement is recorded under “signed rental agreements”. Net letting for the period amounted to MSEK 28 (30), of which MSEK 2 related to renegotiations. Net letting for the third quarter amounted to MSEK 14 (1). Maturity structure rental agreements Rental value future changes to agreements, MSEK 2024 Jan-Sep 2023 Jan-Sep 2023 Full year Terminated agreements not vacated 67 80 88 -of which acquired - - - New rentals agreements not accessed -60 -71 -73 Number of rental agreementsRental value Number of rental agreements Rental value, MSEK 800 700 600 500 400 300 200 100 0 450 400 350 300 250 200 150 100 50 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034- 0 100 200 300 400 500 600 700 800 0 50 100 150 200 250 300 350 400 450 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034- Antal Hyreskontrakt Hyresvärde mkr Förfallostruktur hyresavtal Hyresvärde Antal kontrakt ===== SIDA 12 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 12 Properties Property valuation The company’s properties are valued at an assessed market value every quarter. The valuation policy states that at least 90 percent of the total property portfolio be valued externally during the second and fourth quarters and that other properties are valued internally. In the third quarter of 2024, 21 percent of the property portfolio was valued externally. The remaining 79 percent of the property portfolio has been valued internally. The weighted valuation yield has been adjusted upwards to 7.14 percent (7.12) during the period. Method Assessment of fair value is done using a combination of local price comparison method and yield-based method in form of discounting future estimated cash flows. The cash flow is based on actual rents and normalised operating and maintenance cost, on the basis of an assessment in line with market conditions. At the end of the lease term of the respective contract, rents that deviate from the assessed market rent are adjusted to correspond to market levels. The net operating income is calculated at present value together with the residual value to calculate the property’s market value. The market value, which shall reflect an estimated price when selling on the open property market, is compared with prices of known and comparable transactions. Cost of capital and valuation yield, for calculating the present value of the cashflow and calculating the property’s residual value, shall reflect the property’s location and market development. Outcome The total market value of the company's property portfolio on the balance sheet date was MSEK 21,127. The change in value during the period was MSEK 202, of which MSEK 1 related to realised changes in value. Of the unrealised changes in value of MSEK 201 in total, MSEK 219 related to cash flow-related changes, while assumptions regarding changes to valuation yields negatively affected the valuations by MSEK -17. The valuation yield used on the balance sheet date ranged from 5.60 to 9.25 percent. The weighted valuation yield amounted to 7.14 percent (7.12) and the weighted discount rate was 9.28 percent (9.27). Change in the property portfolio During the period, NP3 accessed 11 acquired properties for MSEK 189. In addition, MSEK 492 were invested in existing properties and new construction projects. Of these, MSEK 406 consisted of investments in existing properties in form of tenant adaptations and MSEK 86 investments in new construction projects. During the period, two properties were divested of and sale completed for MSEK 33. The market value of the properties per square metre increased from the beginning of the year from SEK 10,148 to SEK 10,392 at the end of the period. Sensitivity analysis Change +/- Impact on earnings before tax, MSEK Market value of properties 5% +/-1,056 Valuation yield 0.25% -739/+795 Rental income SEK 80/sqm +/-163 Property costs SEK 20/sqm -/+41 Vacancy rate 1% -/+21 Breakdown of the property portfolio as of 30 Sep 2024 Business area Number of properties Area tsqm Rental value, MSEK Property value, MSEK Sundsvall 127 428 436 4,395 Dalarna 68 342 287 2,729 Gävle 73 276 277 2,917 Luleå 51 222 267 2,565 Skellefteå 53 238 241 2,542 Umeå 46 217 233 2,232 Östersund 42 164 204 2,064 Middle Sweden 55 147 162 1,683 Total 515 2,033 2,108 21,127 Properties, change in value MSEK 2024 Jan-Sep 2023 Jan-Sep 2023 Full year Opening value 20,276 19,805 19,805 Acquisitions of properties 189 317 408 Investments in existing properties 406 213 330 Investments in new construction projects 86 56 121 Divestments of properties -33 - -15 Realised changes in value 1 - 5 Unrealised changes in value 201 -406 -376 Closing value 21,127 19,985 20,276 Acquired not accessed properties 65 - - Comparisons within brackets relate to the beginning of the year. ===== SIDA 13 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 13 Properties Comparisons within brackets relate to the beginning of the year. Ongoing projects (>MSEK 10) Property Location Category Completion time Project budget, MSEK Lettable area, sqm Ingarvsmon 4 Falun Industrial Q4 -24 45 3,100 Högom 3:179 Sundsvall Industrial Q4 -24 32 1,930 Sörby Urfjäll 29:4 Gävle Logistics Q4 -24 26 6,680 Räfsan 4 Luleå Industrial Q4 -24 19 2,040 Räfsan 4 Luleå Industrial Q4 -24 11 10,110 Transistorn 6 Skellefteå Industrial Q1 -25 39 1,750 Banvakten 1 Borlänge Industrial Q1 -25 33 2,140 Öjebyn 3:497 Piteå Industrial Q2 -25 35 2,990 Skogvaktaren 3 Östersund Industrial Q4-25 140 4,780 Fiskja 15:2 Kramfors Industrial Q4-25 17 8,120 Merkurius 5 Skellefteå Other Q4 -26 88 4,100 Total 485 47,740 Additional annual rental value for the above projects amounts to MSEK 40. • Ingarvsmon 4, new construction of industrial premises. • Högom 3:179, new construction of industrial premises. • Sörby Urfjäll 29:4, extension of logistics premises for existing tenant. • Räfsan 4, conversion of office premises for existing tenants and conversion of a warehouse into complete premises for machine rental. • Transistorn 6, new construction of industrial premises for machine rental. • Banvakten 1, extension of industrial and warehouse premises. • Öjebyn 3:497, conversion of a padel centre to a car dealership. • Skogvaktaren 3, new construction of heavy vehicles workshop. • Fiskja 15:2, conversion of industrial premises. • Merkurius 5, conversion of office space. Projects NP3's project activities include new construction using the company's building rights as well as developing and adding value to existing properties to optimise space for tenants' activities. In addition, environmental and energy improvement measures are carried out. The aim of the project activity is to increase profitability and generate growth by reducing vacancy rates, increasing rental levels, streamlining property costs and creating additional lettable space. The risk related to new construction is mitigated by awaiting signed rental agreements before commencing construction. In light of stabilising real estate and capital market conditions, increased demand for new construction and falling construction costs, the company has resumed the project scope that has been limited since mid-2022 in favour of tenant adaptations. At the end of the period, NP3 had ongoing projects with a total project budget of MSEK 823 (430). The remaining investment amounted to MSEK 432 (184). ===== SIDA 14 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 1414 Transactions Transactions In light of a stabilising real estate and capital market situation, the company has resumed its acquisition agenda, which has been limited since mid-2022. During the third quarter, two transactions at a property value of MSEK 1,375 were signed. The transactions comprise a total of 16 properties which are located in Skellefteå, Östersund, Berg, Mora and Leksand and have an annual rental value of MSEK 121 and a lettable area of 103,000 square metres. The first transaction concerns Frösö Park Fastighets AB with three properties on Frösön outside Östersund with an annual rental value of MSEK 69 and a lettable area of 66,000 sqm. The second transaction concerns the acquisition of 29.6 percent of the shares in NP3’s associated company Cibola Holding AB with 13 properties and an annual rental value of MSEK 52 and a lettable area of 37,000 sqm. After accessing the properties, NP3 will own 61.2 percent of the shares and Cibola will be a subsidiary of NP3 and consolidated in the company’s consolidated accounts. The acquisition of Frösö Park constitutes a so-called related party transaction and is therefore subject to approval at an extraordinary general meeting on 31 October 2024. The acquisition of Frösö Park and Cibola is expected to take place in early November, provided regulatory approval and approval of the general meeting. During the third quarter, no properties were acquired or divested. Property Municipality Category Area, sqm Rental value, MSEK Occupancy rate *, % Total acquisitions accessed in Q3 - - Total acquisitions accessed in Q2 28,203 18.5 Total acquisitions accessed in Q1 0 0.3 Total acquisitions accessed in 2024 28,203 18.8 Properties to be accessed in Q4 2024 Sprinten 4 Östersund Industrial 13,112 8.1 91 Kungsgården 5:3, Glasätt 1:7 and Kungsgården 5:6 Östersund Industrial 66,028 68.6 89 Kungsgården 5:9 Östersund Other 9,895 16.0 91 Tällberg 4:13 + 4:26 Leksand Other 6,920 11.5 100 Klövsjö 1:55, 1:56, 1:187, 1:230, 6:318, 1:306, 1:305, 1:304, 1:303, 1:282, 13:24, 5:457 & 5:458 Berg Other 6,122 7.9 100 Stranden 37:3 Mora Other 8,779 10.1 97 Rondellen 1 Skellefteå Other 3,654 5.2 100 Klövsjö 5:647 Berg Other 1,698 1.7 100 Total 116,208 129.1 Total divestments completed in Q3 - - - Total divestments completed in Q2 - - - Total divestments completed in Q1 1,877 2.5 Total divestments completed in 2024 1,877 2.5 *On transaction day Properties ===== SIDA 15 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 15 Associated companies and joint ventures Comparisons in brackets relate to the corresponding period of the previous year. For the period January to September, NP3's associated companies and joint ventures contributed MSEK 25 (60) to NP3's profit from property management, and the share of profit for the period was MSEK 9 (-11). Fastighetsaktiebolaget Ess-Sierra NP3 owns 50 percent of Fastighetsaktiebolaget Ess-Sierra, the remaining 50 percent are owned by AB Sagax. Ess- Sierra's business consists of owning and managing real estate consisting of warehouses and building materials stores. The lettable area amounts to 184,000 sqm. More than 40 percent of the market value of the properties is in locations where NP3 is already established today. The purpose of the joint venture is, among other things, to be able to offer tenants local service. Rental income for the period January to September amounted to MSEK 74 (72) and the market value of the properties as of 30 September amounted to MSEK 1,486 (1,528). For the period January to September, Ess-Sierra contributed MSEK 17 (23) to NP3’s profit from property management and the total share in profits for the year amounted to MSEK 16 (-14). Cibola Holding AB NP3 owns 31.6 percent of the hotel property company Cibola Holding AB. Cibola owns five hotel and spa facilities. The properties are located in northern Sweden. As of 30 September, NP3’s equity share amounted to MSEK 93 (101) and for the period January to September Cibola contributed MSEK 4 (6) to NP3’s profit from property management, the total share in profits amounted to MSEK -11 (2). NP3's share in profits from Cibola is recorded with a lag of one quarter. In September, NP3 entered into an agreement to acquire an additional 29.6 percent stake in Cibola. The acquisition is subject to approval at an extraordinary general meeting to be held on October 31. Subject to approval by the EGM, NP3 will own 61.2 percent of the shares and Cibola will become a subsidiary of NP3. Acquisition of the shares is expected to be completed in early November. Fastighets AB Jämtjägaren NP3 Fastigheter AB and Jämtkraft AB have carried out a joint development project, which includes the construction of a head office and operations centre for Jämtkraft. The project has been carried out in the jointly owned company Fastighets AB Jämtjägaren in which the parties each own 50 percent of the company. The project represents an investment of approximately MSEK 400 and rental agreements have been signed for 15 and 20 years. The project, including the operations centre, has been completed in its entirety and has been in operation since 15 March of this year. The total rental value of the included properties amounts to MSEK 26. As of 30 September, NP3’s proportion of equity amounted to MSEK 94 (73). For the period January to September, Jämtjägarna contributed MSEK 2 (2) to NP3’s profit from property management and the total share in profits for the year amounted to MSEK 2. With You Sweden AB In July 2024, NP3 acquired 49 percent of the shares in With You Sweden AB. The With You Sweden group owns ten properties primarily for industrial and commercial purposes. The majority of the property portfolio is located in Sundsvall, Umeå and Timrå. The total rental value of the portfolio amounts to MSEK 37. As of 30 September, NP3‘s proportion of equity amounted to MSEK 51 and for the period January to September the With You group contributed MSEK 2 to NP3’s profit from property management. The share in profits was MSEK 2. Significant holdings in joint ventures NP3’s share of the profit from associated companies and JV, MSEK Total associated companies and joint ventures Fastighetsaktiebolaget Ess-Sierra 2024 Jan-Sep 2023 Jan-Sep 2023 Jan-Dec 2024 Jan-Sep 2023 Jan-Sep 2023 Jan-Dec NP3’s share capital, % 50.0 50.0 50.0 NP3's share of voting power, % 50.0 50.0 50.0 Proportion of equity 537 1,0211) 4681) 290 300 284 Profit from property management 25 60 76 17 23 31 Change in value of properties -4 -66 -93 6 -41 -68 Change in value of financial instruments - -3 -3 - - - Tax -12 -2 0 -6 4 8 Total share in profits 9 -11 -20 16 -14 -29 1) Fastighetsbolaget Emilshus AB was previously an associated company of NP3, but at the end of 2023 NP3 disposed all preference shares in Emilshus and the company was therefore no longer an associated company. Therefore, in December 2023, NP3's proportion of equity was reclassified as listed shares. ===== SIDA 16 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 16 Funding Comparisons within brackets relate to the beginning of the year. Overall financing structure The company's funding consists of a combination of debt to credit institutions, other interest-bearing liabilities and deferred tax liabilities and equity. NP3's creditors are mainly the major Nordic banks through bank loans including revolving credit facilities. Bonds are an additional source of funding and supplement the above funding. NP3 has a long-term credit rating of ”BB” with a negative outlook from Nordic Credit Rating as of 17 November 2023. The aim is that the rating will help to increase transparency and understanding of NP3's operations and creditworthiness. Interest-bearing liabilities A summary of the company's interest-bearing liabilities as of 30 September 2024 and 31 December 2023 is presented below. Secured loans made up 82 percent (85) and unsecured bonds, commercial paper and promissory note 18 percent (15) of total interest-bearing liabilities. The change in the company’s debt portfolio between 1 January and 30 September 2024 mainly relates to amortisation of the company’s secured credit facilities with capital of BSEK 1 from the company’s share issue at the end of the third quarter. Since June 2022, the company has had an MTN programme with a framework of BSEK 5 under which bonds can be issued on the capital market in Swedish kronor or euros with a term of at least one year. During the first half of the year, the company issued MSEK 450 in bonds under this programme on two occasions, while MSEK 506 was repurchased or repaid on existing bonds maturing in 2024 and 2025. At the end of September 2024, the company carried out an additional bond issue under the MTN programme amounting to MSEK 300 with a tenor of 3.25 years and a variable interest rate of 3 months Stibor plus 245 basis points. As part of the share issue, the company's bond loan maturing in September 2025 will be repurchased and repaid in full and MSEK 49 of the bond loan maturing in April 2026. The settlement date for the above share issue with related repurchases and repayments will take place in October 2024. Loan-to-value ratio and loan maturity structure Over time, the company aims to have a loan-to-value ratio at the lower end of the range of 55 to 65 percent, where the sources of funding are a balance of bank, commercial paper and bonds. The loan-to-value ratio, calculated as net debt MSEK 10,707, in relation to the market value of properties of MSEK 21,127 and investments in associated companies of MSEK 537, totalling MSEK 21,664, amounted to 49.4 percent (56.6) as of 30 September. Available liquidity, consisting of liquid assets and unutilised credit facilities, amounted to MSEK 1,449 on 30 September. The net debt to EBITDA ratio, net debt in relation to forward-looking adjusted net operating income, was 7.7 x (8.6) on the balance sheet date. The main explanation for the improvement in the above key ratios is the company's new issue of common shares of BSEK 1 completed in September 2024. Interest-bearing liabilities maturing within twelve months amounted to MSEK 1,693 (1,408), consisting of bank loans of MSEK 1,043, bonds of MSEK 361, commercial paper of MSEK 280 and other liabilities of MSEK 9. Of the current bank loans of MSEK 1,043, a majority, MSEK 853, was due in the third quarter of 2025. At the end of the period, the average loan maturity period amounted to 2.1 years (2.2) with maturities distributed as shown in the table below. Average interest rate and interest maturity structure Average interest rate for the company’s interest-bearing liabilities amounted to 4.72 percent (5.07). The main explanation for the decrease in the average interest rate is a lower STIBOR 3-month rate between the interim financial periods . The graph on the following page shows changes in the various components that make up the company’s average interest rate, including the effects of the company's interest rate derivatives portfolio. The average fixed interest period was 2.6 years (2.1) and 55 percent (42) of the loan portfolio was interest-hedged with a maturity structure between one and ten years as shown in the table below. To limit interest rate risk, interest rate derivatives are preferentially used in the form of interest rate swaps. At the end of the period, the company's portfolio of interest rate derivatives amounted to MSEK 8,425. The derivative portfolio includes interest rate derivatives of MSEK 2,250, which are not included in the company's interest rate hedging portfolio and thus not in the calculation of the company's interest rate hedging ratio and average fixed interest period. These categories of interest rate derivatives either have a limitation on the upward protection of interest rates or all callable early by the counterparty and constitute a complement to the interest rate hedging portfolio in order to reduce the company's interest expenses in a volatile market. Summary - net debt 2024 30 Sept. 2023 31 Dec. MSEK Bank loans 9,177 10,140 Secured interest-bearing liabilities 9,177 10,140 Bond 1,711 1,768 Commercial paper 280 60 Other interest-bearing liabilities 15 15 Unsecured interest-bearing liabilities 2,006 1,842 Accrued borrowing expenses -34 -39 Total interest-bearing liabilities 11,149 11,943 Cash and cash equivalents, including current investments -442 -192 Net debt 10,707 11,751 Loan maturity profile and fixed interest rate (bank, commercial paper and bond loans) as of 30 Sep 2024 Loan maturity profile Fixed interest period Maturity Amount, MSEK Proportion, % Amount, MSEK Average interest rate, % Proportion % -12 months 1,684 15 5,193 8,44 47 1-2 years 3,769 34 750 1.50 7 2-3 years 4,314 39 400 0.42 4 3-4 years 514 5 975 2.12 9 4-5 years 852 7.6 300 1.26 3 5-10 years 35 0.3 3,550 1.47 32 Total/average 11,168 100 11,168 4.72 100 ===== SIDA 17 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 17 -3 -2 -1 0 1 2 3 4 5 6 7 8 4,725,07 Funding Comparisons within brackets relate to the beginning of the year. Listed bonds as of 30 Sep 2024 Term Financial framework, MSEK Amount outstanding, MSEK Interest, % Interest rate terms, % Interest rate floor Maturity date Green bonds 2022/2025 1) MTN programme 361 9.73 Stibor 3M + 6.50 No 23/09/2025 Yes 2023/2026 MTN programme 500 9.23 Stibor 3M + 5.50 No 12/04/2026 Yes 2023/2026 MTN programme 400 8.51 Stibor 3M + 5.25 No 14/12/2026 Yes 2024/2027 MTN programme 450 6.99 Stibor 3M + 3.75 2) No 21/08/2027 Yes 1) Repaid via repurchase in connection with the issue of a new bond on 3 October and the remainder via redemption on 21 October 2024. 2) Of which MSEK 150 issued at a price of 101.461%, corresponding to a variable interest rate of Stibor (3 months) plus 3.25 percentage points at the first possible redemption date. The table below shows a summary of the company's interest rate derivatives portfolio. NP3's interest rate derivatives portfolio amounted to MSEK 8,425, of which MSEK 6,175 related to interest rate hedging. Swap contracts (derivatives) are measured at fair value and are classified in level 2 in accordance with IFRS 13. Fair value is determined by using market interest rates for the respective term and are based on discounting of future cash flows. If the agreed interest rate differs from the market interest rate, this gives rise to an excess or deficit in value and the change in value is accounted over the income statement. Upon maturity, a derivative’s market value has been dissolved and the changes in value over time do not affect equity. The total market value of derivatives amounted to MSEK -128 (43) on the balance sheet date. Variations in the change in value of derivatives between quarters are mainly reflected by changes in differences between expectations of future interest rate levels and the fixed interest rate of the derivatives at the end of the quarters with the associated contract length. The net effect of changes in value for the period amounted to MSEK -172. The average net interest rate for the company's derivative portfolio, including its Stibor effect, was -1.66 percent (-2.50) as of 30 September, with a fixed interest rate for the interest rate hedging portfolio of 4.5 years. Funding 2024 30 Sept. 2023 31 Dec. Bank loans, MSEK 9,177 10,140 Commercial paper, MSEK 280 60 Bonds, MSEK 1,711 1,767 Interest coverage ratio, x 2.3 2.1 Interest coverage ratio, rolling 12, x 2.2 2.1 Average interest rate, % 4.72 5.07 Cash and cash equivalents, MSEK 287 183 Loan-to-value ratio, % 49.4 56.6 Equity/assets ratio, % 40.0 35.9 Average loan maturity period, years 2.1 2.2 Average fixed interest period, years 2.6 2.1 Proportion of interest-hedged loan portfolio,% 55.3 41.6 Net debt to EBITDA ratio, x 7.7 8.6 Average interest rate level 800 700 600 500 400 300 200 100 0 -100 -200 -300 BPS 30 Sep 2024 30 Sep 202431 Dec 202331 Dec 2023 472507 308405 130 405 -228 349 -256 243 249 Overview - interest rate derivatives portfolio MSEK Nominal amount Remaining term, years Average fixed interest rate, % Market value Interest hedging portfolio 1) 6,175 4.5 1.46 -30 Callable interest rate derivatives2) 1,500 9.2 2.17 -36 Performance swaps 3) 750 4.0 3.07 -62 Total derivative portfolio 8,425 5.3 1.73 -128 1) Includes a forward-started swap of BSEK 1 with term from March 2025 until 2030 at an interest rate of 2.99%, not taken into account in the average fixed interest rate as of 30 September 2024. 2) Callable swaps for the counterparty starting in the period 8 August to 5 December. 2024 and thereafter on quarterly closing in the period from 8 November 2033 to 5 March 2034. The remaining term above reflects the maximum term if no call option is exercised by the counterparty. 3) The average knock-in level is 4.43%. If this level is met or exceeded for Stibor 3M, the swap will mature without any flows, i.e. the net effect is SEK 0. Capital structure, % Equity 40 (36) Loans from credit institutes 41 (46) Commercial papers 1 (0) Bond loans 7 (8) Deferred tax 6 (6) Other liabilities 5 (4) 87 Closing Stibor 3M, end of period Interest rate derivatives’ Stibor effect Interest rate derivatives’ portfolio - fixed interest rate Stibor effect of the loans Loan margin ===== SIDA 18 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 18 Summary report, MSEK 30/09/2024 30/09/2023 31/12/2023 Assets Investment properties 21,127 19,985 20,276 Leasehold rights 145 132 150 Participations in associated companies and joint ventures 537 1,021 468 Derivatives - 390 43 Other fixed assets 53 79 54 Total fixed assets 21,861 21,606 20,991 Other current assets excluding cash and cash equivalents 329 102 711 Cash and cash equivalents 287 190 183 Total current assets 616 292 894 Total assets 22,477 21,899 21,885 Equity and liabilities Equity 8,990 7,994 7,849 Deferred tax 1,329 1,229 1,240 Long-term interest-bearing liabilities 9,244 9,855 10,319 Long-term interest-bearing lease liabilities 145 132 150 Derivatives 128 - - Total long-term liabilities and provisions 10,846 11,216 11,709 Current interest-bearing liabilities 1,906 1,983 1,624 Other current liabilities 736 706 704 Total current liabilities 2,641 2,689 2,328 Total equity and liabilities 22,477 21,899 21,885 Consolidated statement of financial position Consolidated changes in equity Summary report, MSEK Share capital Other contributed capital Retained earnings, incl. profit for the year Total equity attributable to parent company’s shareholders Non-controlling interest Total equity Opening equity 01/01/2023 324 2,339 4,954 7,617 46 7,663 Comprehensive income for the year Jan-Dec 2023 - - -62 -62 1 -61 Dividends paid - - -363 -363 -4 -367 New issue of common shares 10 607 - 617 - 617 Incentive plan - 3 - 3 - 3 Issue of common shares, incentive plan 0 0 - 0 - 0 Transactions with non-controlling interest - - 4 4 -9 -5 Total transactions with shareholders 10 610 -359 261 -13 247 Closing equity 31/12/2023 334 2,949 4,533 7,816 33 7,849 Comprehensive income for the period Jan-Sep 2024 - - 548 548 1 549 Dividend - - -395 -395 - -395 New issue of common shares 14 971 - 985 - 985 Issue of common shares, incentive plan 0 - - 0 - 0 Incentive plan - 3 - 3 - 3 Total transactions with shareholders 14 974 -395 593 - 593 Closing equity 30/09/2024 348 3,923 4,686 8,956 34 8,990 NP3’s share capital consists of 61,562,403 common shares and 38,000,000 preference shares. ===== SIDA 19 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 19 Summary report, MSEK 2024 3 months Jul-Sep 2023 3 months Jul-Sep 2024 9 months Jan-Sep 2023 9 months Jan-Sep 2023 12 months Jan-Dec Operating activities Profit from property management 253 206 629 569 745 Profit from property management from associated companies and joint ventures -9 -18 -25 -60 -76 Dividend from associated companies and joint ventures - 2 10 13 15 Other non-cash items 10 -7 -1 -4 -17 Tax paid 0 1 -28 -28 -50 Cash flow from operating activities before changes in working capital 254 184 585 490 617 Increase (+)/Decrease (-) in operating receivables 1 26 25 57 -37 Increase (+)/Decrease (-) in operating liabilities 2 18 127 -72 -17 Cash flow from operating activities 257 228 738 475 563 Investment activities Acquisitions of properties - -19 -186 -304 -395 Divested properties - - 31 - 15 Investments in existing properties and other fixed assets -147 -88 -407 -217 -334 Investments in new construction projects -64 -5 -86 -56 -121 Investments in financial assets -68 - -89 -7 -7 Divestment of financial assets 1 -35 298 81 210 Cash flow from investment activities -278 -147 -440 -504 -632 Financing activities New issue 987 3 987 620 620 Borrowings 402 462 1,166 2,481 4,371 Amortisation of borrowings -1,300 -518 -1,960 -2,881 -4,667 Dividend paid -48 -93 -158 -205 -276 Distribution in kind provided - - -229 - - Cash flow from financing activities 41 -146 -194 15 48 Cash flow for the period 20 -64 104 -13 -21 Cash and cash equivalents at the beginning of the period 267 254 183 204 204 Cash and cash equivalents at the end of the period 287 190 287 190 183 Financial position and cash flow Comparisons in brackets refer to balance sheet items at the beginning of the year. For cash flow items, the comparative figures refer to the corresponding period of the previous year. The market value of the properties at the end of the period was MSEK 21,127 (20,276), an increase of MSEK 851 since the beginning of the year, which is explained by project investments, property acquisitions, changes in value and property sales. Closing cash and cash equivalents were MSEK 287 (183). Equity has been affected by new share issue, net profit for the period and dividends paid, and amounted to MSEK 8,990 (7,849). Accrued borrowing expenses have reduced interest-bearing liabilities in the balance sheet by MSEK 34. Long-term interest- bearing liabilities after adjustment for accrued borrowing expenses amounted to MSEK 9,244 (10,319). Interest-bearing current liabilities after adjustment for accrued borrowing expenses amounted to MSEK 1,906 (1,624), MSEK 1,256 related to maturity and repayment of bank loans within 12 months, MSEK 361 bonds, MSEK 280 commercial papers and MSEK 9 for repayment of promissory notes. On the balance sheet date, the company's interest rate derivatives had a negative value of MSEK -128 (43). For more information on the company's interest-bearing liabilities, see pages 16 and 17. The loan-to- value ratio amounted to 49 percent (57) and the equity/assets ratio to 40 percent (36). The company’s net debt to EBITDA ratio on the balance sheet date was 7.7 x (8.6). Cash flow from operating activities amounted to MSEK 738 (475). Acquisitions of properties affected cash flow by MSEK -186 (-304), and divestments of properties contributed MSEK 31 (-). Investments in existing properties and new construction amounted to MSEK -493 (-273). The net change in financial assets contributed MSEK 209 (74) and includes, among other things, the sale of shares in Fastighetsbolaget Emilshus. Cash flow from financing activities amounted to MSEK -194 (15) and consists of net borrowing, dividend paid in cash and distribution paid in kind. Overall, cash and cash equivalents changed by MSEK 104 (-13) during the year. Consolidated statement of cash flows ===== SIDA 20 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 20 Income statement - parent company, MSEK 2024 3 months Jul-Sep 2023 3 months Jul-Sep 2024 9 months Jan-Sep 2023 9 months Jan-Sep 2023 12 months Jan-Dec Net sales 45 1 45 1 64 Operating expenses -25 -24 -78 -73 -104 Operating profit/loss 20 -23 -33 -72 -40 Net financial income 51 32 255 82 92 Profit/loss after financial items 71 9 222 10 52 Appropriations - - - - 39 Profit before tax 71 9 222 10 91 Tax on profit for the period -4 -2 -12 -2 - Net profit 67 7 210 8 91 Balance sheet - parent company, MSEK 30/09/2024 30/09/2023 31/12/2023 Intangible assets 6 6 6 Participations in group companies 677 667 677 Non-current receivables group companies 5,139 5,200 5,465 Participations in associated companies and joint ventures - 333 - Other financial assets 9 38 8 Total fixed assets 5,831 6,244 6,156 Current receivables group companies 3,247 2,701 2,566 Other current receivables 90 26 261 Cash and cash equivalents 243 151 157 Total current assets 3,580 2,877 2,984 Total assets 9,411 9,122 9,141 Restricted equity 348 334 334 Unrestricted equity 2,562 1,566 1,649 Total equity 2,910 1,900 1,983 Untaxed reserves 20 20 20 Long-term interest-bearing liabilities 5,522 6,540 6,319 Total long-term liabilities and provisions 5,542 6,560 6,339 Current interest-bearing liabilities 760 448 647 Other liabilities 199 214 173 Total current liabilities 959 662 820 Total equity and liabilities 9,411 9,122 9,141 Comment on the parent company The parent company’s revenue consists mainly of costs passed on to subsidiaries and financial revenue in the form of dividends and interest income. Costs consist of central administration costs and financial costs such as interest and accrued borrowing expenses. The parent company’s balance sheet consists mainly of participations in wholly-owned subsidiaries and receivables from those, as well as equity and interest-bearing liabilities. The parent company ´s reports ===== SIDA 21 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 2121 Segment reporting MSEK Sundsvall Gävle Dalarna Östersund Umeå Skellefteå Luleå Middle Sweden Not distributed costs Total group Jan-Sep 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Rental income and other revenue 327 298 205 191 212 198 151 141 180 161 179 162 200 182 120 99 -3 -2 1,571 1,430 Vacancy -29 -25 -10 -11 -14 -12 -6 -4 -12 -9 -10 -13 -9 -11 -13 -12 - - -103 -98 Repairs and maintenance -7 -10 -3 -4 -5 -5 -3 -2 -4 -3 -2 -2 -3 -4 -2 -2 0 0 -29 -32 Operating expenses -61 -53 -29 -27 -43 -39 -29 -26 -36 -37 -38 -29 -35 -32 -19 -13 0 3 -290 -253 Property tax -6 -6 -5 -5 -4 -4 -4 -4 -5 -5 -4 -4 -5 -5 -4 -3 - - -36 -35 Tenant losses -2 -1 0 0 -1 -1 0 0 -1 -1 -2 -2 -1 0 -1 -1 0 1 -9 -6 Net operating income 221 204 158 143 146 137 109 105 122 106 124 111 147 130 82 68 -3 3 1,105 1,007 Surplus ratio, % 74 75 81 80 73 74 75 77 73 70 73 75 77 76 76 78 75 76 Number of properties 127 123 73 72 68 67 42 41 46 45 53 53 51 50 55 53 515 504 Lettable area, sqm 428 409 276 265 342 339 164 159 217 213 238 235 222 220 147 142 2,033 1,982 Rental value 436 402 277 249 287 265 204 192 233 214 241 219 267 246 162 146 2,108 1,933 Occupancy rate, 1)% 88 91 93 93 94 94 96 96 94 94 93 94 96 94 90 90 93 93 Investment properties 4,395 4,184 2,917 2,709 2,729 2,575 2,064 1,948 2,232 2,158 2,542 2,428 2,565 2,410 1,683 1,575 21,127 19,985 1) Calculated on current rental value on the balance sheet date. Overall, the surplus ratio is at the same level as last year. The effect of higher winter-related and public utility costs have been offset by the indexation of rents effective from 1 January 2024. The Sundsvall business area is the company's largest area with continued stable demand for premises. The value of vacancies for the area is high in relation to other business areas, which nevertheless creates opportunities given the industrial investments that are expected to take place in the business area. During the quarter, a significant vacancy occurred as a property acquired in 2022, as anticipated by the company at the time of acquisition, became vacant. Gävle and Dalarna are the company's second largest areas after Sundsvall and have a positive letting trend that follows the market development that has taken place in these areas in recent years. Östersund has the highest average rental value, which is because the business area has the highest share of office premises within the company. The business area has the company's lowest vacancy rate and a continued strong rental market. Slightly higher winter costs for the period compared to the previous year affect the net operating income. Despite a slightly lower occupancy rate, Umeå is a stable market with good demand. As for the winter 2022/2023, the large amount of precipitation resulted in a higher than normal share of winter costs, which affected the surplus ratio. The business sector's investments in Skellefteå mean that the rental market remains strong, particularly for industrial premises. Winter-related costs in the first half of 2024 have negatively affected the surplus ratio. Major industrial investments are underway in the Luleå business area, which has resulted in increased demand for premises. The Middle Sweden business area comprises properties mainly around Karlstad, Örebro and Västerås. Properties in these cities account for 81% of the rental value. The area has the company's second-highest vacancy rate, primarily related to few large properties, although the economic occupancy rate has increased slightly compared with the previous year. In this area, Västerås was affected to a higher degree by winter-related costs compared to previous years. Segment reporting in summary ===== SIDA 22 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 22 NP3 has two classes of shares, common shares and preference shares, which are listed on Nasdaq Stockholm Large Cap. In September 2024, NP3’s Board of Directors, has based on the authorisation granted by the Annual general meeting on 7 May 2024, decided and resolved on a directed issue of 4,000,000 common shares at a subscription price of SEK 250 per common share, receive proceeds of MSEK 1,000 before transaction costs. In addition, warrants were exercised and 65,629 common shares were issued. This happened as a result of the decision on a three-year incentive programme taken at the company's Annual General Meeting in May 2021. The total number of shares outstanding at the end of the period after the completed issue of common shares amounted to 99,562,403 shares, of which 61,562,403 were common shares and 38,000,000 preference shares. The number of shareholders at the end of the period was 10,674 (10,922), of which 91 percent were Swedish investors, private individuals and institutional owners. The remaining 9 percent was related to foreign investors. The share price for common shares amounted to SEK 266.00 (153.46) on the balance sheet date, which is equivalent to a market capitalisation value of MSEK 16,376 (9,096). In addition, there are preference shares with a share price of SEK 31.40 (24.50) at year-end, which is equivalent to a market capitalisation value of MSEK 1,193 (931). Total market capitalisation value as of 30 September amounted to MSEK 17,569 (10,027). For the period 1 October 2023 to 30 September 2024, the highest price paid for the common share was SEK 287.50 and occured on 15 July. The lowest price paid for the twelve-month period occured on 25 October and amounted to SEK 137.72. The volume-weighted average price for the period was SEK 222.83 (198.82). Long-term net asset value reflecting long-term net asset value reduced by preference capital and holdings without controlling influence amounted to MSEK 7,796 (7,591), which is equivalent to SEK 149.71 per common share (132.02). The share price at the end of the period was 211 percent (135) of equity per common share and 178 percent (120) of the long-term net asset value per common share. Shares and owners Comparisons in brackets relate to the corresponding period of the previous year. Distribution of profit from property management after current tax NP3 volume 1000s/month (trading Nasdaq) NP3 closing price/total return OMX Stockholm GI OMX Real Estate GI NP3’s total return compared to Nasdaq Stockholm’s total return index1) Volume 1000s Volume 1000sClosing price, SEK Closing price, SEK 30/06/202431/07/202431/08/202430/09/202431/05/202430/04/202430/09/202331/10/202330/11/202331/12/202331/01/202429/02/202431/03/2024 30/06/202431/07/202431/08/202430/09/202431/05/202430/04/202430/09/202331/10/202330/11/202331/12/202331/01/202429/02/202431/03/2024 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 NP3 volume 1000s/month (trading Nasdaq) NP3 closing price Carnegie Fastighetsindex NP3's price development compared to Carnegie Real Estate Index 1) Stock price/profit from property management per common share Closing price common share Stock price/profit from property management per common share, L TM Jan-Dec, MSEK 2023 2022 2021 2020 2019 Profit from property management 745 785 661 558 487 Current tax -68 -55 -44 -49 -38 Profit from property management after current tax 677 730 617 509 449 Dividend 3911) 363 310 270 241 Distribution in percent of profit from property management after current tax 58% 50% 50% 53% 54% The company aims to pay dividends of around 50 percent of the profit from property management after current tax to holders of common and preference shares. 300 250 200 150 100 50 0 300 250 200 150 100 50 0 SEK x 400 350 300 250 200 150 100 50 0 35 30 25 20 15 10 5 0 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2016 Q1 2015 Q4 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2017 Q3 2018 Q3 2019 Q3 2017 Q4 2018 Q4 2019 Q4 2018 Q1 2019 Q1 2020 Q1 1) Includes a distribution in kind of Class B shares in Fastighetsbolaget Emilshus AB (publ), where eight common shares in NP3 gave one Class B share in Emilshus. The stock price of the Emilshus Class B share on 31 December 2023 was SEK 31.80. The value of the distribution in kind has been based on this stock price. In addition to the distribution in kind, a cash dividend of SEK 1.50 per common share and a cash dividend of SEK 2.00 per preference share will be distributed. 1) Source: Compiled and processed data from Monitor by Modular Finance AB. 0,00 50,00 100,00 150,00 200,00 250,00 300,00 0,00 200,00 400,00 600,00 800,00 1000,00 1200,00 1400,00 1600,00 1800,00 2000,00 2023-09-30 2023-10-31 2023-11-30 2023-12-31 2024-01-31 2024-02-29 2024-03-31 2024-04-30 2024-05-31 2024-06-30 2024-07-31 2024-08-31 2024-09-30 NP3 stängningskurs vs Carnegie Fastighetsindex NP3 volym / 1000 NP3 stängningskurs Carnegie Fastighetsindex 0,00 50,00 100,00 150,00 200,00 250,00 300,00 0,00 200,00 400,00 600,00 800,00 1000,00 1200,00 1400,00 1600,00 1800,00 2000,00 2023-09-30 2023-10-31 2023-11-30 2023-12-31 2024-01-31 2024-02-29 2024-03-31 2024-04-30 2024-05-31 2024-06-30 2024-07-31 2024-08-31 2024-09-30 NP3 stängningskurs/totalavkastning vs OMX Stockholm GI & OMX Real Estate GI1) NP3 volym / 1000 NP3 stängningskurs/totalavkastning OMX Stockholm GI OMX Real Estate GI 0 5 10 15 20 25 30 35 0 50 100 150 200 250 300 350 400 ggrkr ===== SIDA 23 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 23 The NP3-share Shareholder structure as of 30 Sep 2024 1) Size of holdings Number of shareholders Votes per share, % 1 – 500 7,478 0.7 501 – 1,000 1,011 0.5 1,001 – 2,000 757 0.6 2,001 – 5,000 668 0.8 5,001 – 10,000 343 1.0 10,001 – 50,000 311 3.3 50,001 – 106 90.5 Unknown size of holdings 2.6 Total 10,674 100 Shareholders as of 30 Sep 20241) Number of common shares Number of preference shares Participating interest, % Votes per share, % AB Sagax (Satrap Kapitalförvaltning AB) 12,783,806 2,583,697 15.4 (15.8) 20.0 (21.2) Bäckarvet Holding AB 7,429,863 570,437 8.0 (-) 11.4 (-) Inga Albertina Holding AB 7,429,863 570,437 8.0 (-) 11.4 (-) Länsförsäkringar Fondförvaltning AB 4,441,395 - 4.5 (4.8) 6.8 (7.5) Fourth AP fund 1,953,694 2,255,030 4.2 (4.9) 3.3 (4.3) PPB Holding AB - 4,166,666 4.2 (2.3) 0.6 (0.4) Försäkringsaktiebolaget Avanza Pension 702,463 2,576,180 3.3 (3.1) 1.5 (0.9) Lannebo Fonder 3,133,968 - 3.2 (2.9) 4.8 (4.5) Danske Invest 1,251,337 1,712,004 3.1 (3.3) 2.3 (2.5) SEB Fonder 1,936,745 - 2.0 (2.1) 3.0 (3.3) Handelsbanken Liv Försäkring AB 648,857 847,247 1.5 (1.6) 1.1 (1.2) J.A. Göthes AB 1,041,600 416,640 1.5 (1.5) 1.7 (1.8) Handelsbanken Fonder 1,456,301 - 1.5 (1.3) 2.2 (2.1) Vanguard 1,184,863 - 1.3 (1.3) 2.0 (2.0) Erik Selin - 1,180,000 1.2 (1.2) 0.2 (0.2) Bonnier Treasury S.A.R.L - 1,000,000 1.0 (3.1) 0.2 (0.5) Ulf Jönsson - 1,000,000 1 . 0 (1.1) 0.2 (0.2) Third AP fund 947,065 - 1.0 (0.1) 1.4 (0.2) Futur Pension Försäkringsaktiebolag 56,740 762,483 0.8 (1.0) 0.2 (0.4) Odin Fonder 656,575 - 0.7 (0.7) 1.0 (1.1) Total 20 largest shareholders 47,055,135 19,640,820 67.2 (69.8) 75.3 (78.9) Other shareholders 14,507,268 18,359,180 32.8 (30.2) 24.7 (21.1) Total number of shares 61,562,403 38,000,000 100.0 100.0 Figures in brackets relate to holdings and votes at the beginning of 2024. Trading of the share at Nasdaq Stockholm Closing price, SEK Average number of transactions per trading day Turnover rate, % Average trading volume per trading day, MSEK 30 Sep 2024 30 Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 common share 266.00 153.46 364 358 20 18 10.8 7.5 Preference share 31.40 24.50 101 84 27 15 1.2 0.6 Swedish institutional owners 24 (23) Swedish private individuals 22 (22) Foreign institutional owners 9 (10) Unknown owner type 3 (2) Others 42 (43) Sweden 88 (88) USA 3 (4) Denmark 3 (3) Norway 2 (2) Others 4 (3) Owner categories 1), % Breakdown by country 1), % 1) Source: Monitor by Modular Finance AB. ===== SIDA 24 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 24 Income statement, MSEK 2024 3rd quarter Jul-Sep 2024 2nd quarter Apr-Jun 2024 1st quarter Jan-Mar 2023 4th quarter Oct-Dec 2023 3rd quarter Jul-Sep 2023 2nd quarter Apr-Jun 2023 1st quarter Jan-Mar 2022 4th quarter Oct-Dec 2022 3rd quarter Jul-Sep Rental income 491 486 492 464 444 443 445 408 397 Property costs -74 -101 -152 -106 -68 -93 -130 -91 -73 Property tax -12 -12 -12 -12 -12 -12 -11 -12 -10 Net operating income 404 373 328 346 365 338 304 306 315 Central administration -15 -20 -18 -25 -15 -17 -17 -21 -15 Result from associated companies and joint ventures 8 -8 8 -9 10 -11 -10 14 35 Net financial income -145 -153 -151 -162 -162 -149 -138 -119 -101 Profit/loss after financial items 252 193 168 150 198 161 139 180 234 - of which Profit from property management 253 209 168 175 206 195 169 184 220 Change in value of properties 45 155 2 34 -165 -176 -66 -84 5 Changes in value of financial instruments -158 -100 132 -285 15 60 -69 -8 53 Profit before tax 139 248 303 -101 48 46 4 88 293 Current tax -20 -13 -17 -28 -24 -5 -11 -8 -26 Deferred tax -9 -36 -45 -12 14 -4 10 -27 -38 Net profit1) 110 198 241 -140 39 36 3 53 228 Comprehensive income relating to the parent company’s shareholders 109 198 241 -138 38 35 2 44 219 Comprehensive income relating to non-controlling interest 1 0 0 -3 1 1 1 9 9 1) Net profit is consistent with the comprehensive net profit. Financial position, MSEK 2024 30 Sept. 2024 30 June 2024 31 March 2023 31 Dec. 2023 30 Sept. 2023 30 June 2023 31 March 2022 31 Dec. 2022 30 Sept. Investment properties 21,127 20,872 20,382 20,276 19,985 20,041 19,844 19,805 19,651 Leasehold rights 145 144 149 150 132 130 118 118 106 Participations in associated companies and joint ventures 537 473 467 468 1,021 1,015 1,052 1,064 1,020 Derivatives - 71 131 43 390 362 310 376 383 Other fixed assets 53 54 54 54 79 36 131 131 171 Other current assets excl. cash and cash equivalents 329 286 773 711 102 127 153 156 198 Cash and cash equivalents 287 267 198 183 190 254 110 204 143 Total assets 22,477 22,165 22,153 21,885 21,899 21,966 21,719 21,854 21,673 Equity 8,990 7,897 8,089 7,848 7,994 7,954 8,282 7,663 7,610 Deferred tax 1,329 1,320 1,284 1,241 1,229 1,243 1,238 1,248 1,221 Interest-bearing liabilities 11,149 12,047 11,988 11,943 11,838 11,894 11,535 12,235 12,000 Lease liabilities 145 144 149 150 132 130 118 118 106 Derivatives 128 - - - - - - - - Non-interest bearing liabilities 736 757 642 704 706 744 545 590 736 Total equity and liabilities 22,477 22,165 22,153 21,885 21,899 21,966 21,719 21,854 21,673 Quarterly summary Rental income by quarter Net operating income by quarter Profit from property management by quarter Profit from property management Profit from property management, % of rental income 1 2 3 4 1 2 3 1 2 3 4 1 2 3 4 Q 1 2 3 4 2020 2021 2023 20242022 % 300 250 200 150 100 50 0 70 60 50 40 30 20 10 0 MSEK 1 2 3 4 1 2 31 2 3 4 1 2 3 4 Q 1 2 3 4 2020 2021 2023 20242022 500 400 300 200 100 0 MSEK 0 100 200 300 400 500 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 mkr Hyresintäkter per kvartal Net operating income Surplus ratio, % 450 400 350 300 250 200 150 100 50 0 MSEK % 90 80 70 60 50 40 30 20 10 0 1 2 3 4 1 2 31 2 3 4 1 2 3 4 Q 1 2 3 4 2020 2021 2023 20242022 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 50 100 150 200 250 300 350 400 450 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 mkr Driftsöverskott per kvartal Driftsöverskott Överskottsgrad % 0% 10% 20% 30% 40% 50% 60% 70% 0 50 100 150 200 250 300 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 mkr Förvaltningsresultat Förvaltningsresultat % ===== SIDA 25 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 25 Key ratios 2024 3 months Jul-Sep 2023 3 months Jul-Sep 2024 9 months Jan-Sep 2023 9 months Jan-Sep 2023 Full year Jan-Dec Property-related key ratios Number of properties at the end of the period 515 504 515 504 507 The properties’ lettable area, tsqm 2,033 1,982 2,033 1,982 1,998 Investment properties, MSEK 21,127 19,985 21,127 19,985 20,276 Property value, SEK/sqm 10,392 10,083 10,392 10,083 10,148 Rental value, MSEK 2,108 1,933 2,108 1,933 2,065 Financial occupancy rate, % 93 93 93 93 93 Surplus ratio, % 82 82 75 76 75 Yield , % 7.1 6.6 7.1 6.6 6.8 Financial key ratios Return on equity, common share, % 4.8 0.6 4.8 0.6 -2.1 Return on equity, % 5.0 1.7 5.0 1.7 -0.8 Return on equity, before tax, % 7.2 2.3 7.2 2.3 0 Return on equity from the profit from property management, % 9.9 9.5 9.9 9.5 9.4 Debt/equity ratio, x 1.2 1.5 1.2 1.5 1.5 Net debt to EBITDA ratio, x 7.7 8.9 7.7 8.9 8.6 Interest coverage ratio, x 2.6 2.2 2.3 2.2 2.1 Interest coverage ratio, LTM, x 2.2 2.2 2.2 2.2 2.1 Loan-to-value ratio, % 49.4 55.4 49.4 55.4 56.6 Equity/assets ratio, % 40.0 36.5 40.0 36.5 35.9 Average interest rate, % 4.72 5.19 4.72 5.19 5.07 Average loan maturity period, years 2.1 2.2 2.1 2.2 2.2 Average fixed interest period, years 2.6 2.2 2.6 2.2 2.1 Proportion of interest-hedged loan portfolio,% 55.3 41.9 55.3 41.9 41.6 Key ratios per common share Number of shares at the end of the period, thousands 61,562 57,497 61,562 57,497 57,497 Weighted average number of shares, thousands 59,562 57,428 57,923 56,575 56,864 Equity, SEK 126.04 117.42 126.04 117.42 114.78 Long-term net asset value, SEK 149.71 132.02 149.71 132.02 135.58 Profit from property management, SEK 4.00 3.25 9.88 9.06 11.76 Profit after tax, SEK 1.54 0.33 8.49 0.31 -2.43 Dividend, SEK - - - - 5,475 Share price at the end of the period, SEK 266.00 158.20 266.00 158.20 229.20 Key ratios per preference share Number of shares at the end of the period, thousands 38,000 38,000 38,000 38,000 38,000 Equity, SEK 31.50 31.50 31.50 31.50 32.00 Earnings, SEK 0.50 0.50 1.50 1.50 2.00 Dividend, SEK - - - - 2.00 Share price at the end of the period, SEK 31.40 24.50 31.40 24.50 27.20 For reconciliation of key ratios and definitions, see pages 26-27. ===== SIDA 26 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 26 MSEK 2024 Jan-Sep 2023 Jan-Sep 2023 Jan-Dec Net debt 10,707 11,642 11,751 Net operating income, forward-looking 12 months acc. to earnings capacity 1,456 1,347 1,426 Central administration costs, LTM -77 -70 -74 Dividends from associated companies and joint ventures, LTM 12 29 15 Adjusted net operating income 1,391 1,306 1,367 Net debt to EBITDA ratio, x 7.7 8.9 8.6 Profit from property management 629 569 745 Add-back of profit from property management from associated companies and joint ventures -25 -60 -76 Dividends from associated companies and joint ventures 10 13 15 Financial expenses 456 451 617 Adjusted profit from property management 1,070 974 1,301 Interest coverage ratio, x 2.3 2.2 2.1 Net debt 10,707 11,642 11,751 Market value of properties 21,127 19,985 20,276 Participations in associated companies and joint ventures 537 1,021 468 Loan-to-value ratio, % 49.4 55.4 56.6 Equity according to financial position 8,990 7,994 7,849 Balance sheet total 22,477 21,899 21,885 Equity/assets ratio, % 40.0 36.5 35.9 Equity according to financial position 8,990 7,994 7,849 Deduction preference capital -1,197 -1,197 -1,216 Deduction non-controlling interest -34 -46 -33 Number of shares at the end of the period, thousands 61,562 57,497 57,497 Equity, SEK/common share 126.04 117.42 114.78 Equity according to financial position 8,990 7,994 7,849 Deduction preference capital -1,197 -1,197 -1,216 Deduction non-controlling interest -34 -46 -33 Add-back derivatives 128 -390 -43 Add-back deferred tax 1,329 1,229 1,240 Number of shares at the end of the period, thousands 61,562 57,497 57,497 Long-term net asset value, SEK/common share 149.71 132.02 135.58 Profit from property management 629 569 745 Deduction holders of preference shares’ preferential right to dividend -57 -57 -76 Average number of common shares, thousands 57,923 56,575 56,864 Profit from property management, SEK/common share 9.88 9.06 11.76 Reconciliation of key ratios MSEK 2024 Jan-Sep 2023 Jan-Sep 2023 Jan-Dec Interest-bearing liabilities 11,149 11,838 11,943 Current investments -155 -6 -9 Cash and cash equivalents -287 -190 -183 Net debt 10,707 11,642 11,751 Profit after tax, relating to the parent company’s shareholders 548 75 -62 Deduction holders of preference shares’ preferential right to dividend -57 -57 -76 Profit after tax reduced by holders of preference shares’ right to dividend 491 18 -138 Average number of common shares, thousands 57,923 56,575 56,864 Profit after tax, SEK/common share 8.49 0.31 -2.43 Rental income 1,469 1,333 1,797 Net operating income 1,105 1,007 1,353 Surplus ratio, % 75 76 75 Net operating income, LTM 1,451 1,312 1,353 Average market value of properties 20,528 19,865 19,990 Yield , % 7.1 6.6 6.8 Profit after tax, relating to the parent company’s shareholders, LTM 412 119 -62 Deduction holders of preference shares’ preferential right to dividend -76 -76 -76 Average equity after deducting preference capital and non-controlling interest 6,923 6,652 6,696 Return on equity, common share, % 4.8 0.6 -2.1 Profit after tax, LTM 410 131 -61 Average total equity 8,164 7,900 7,948 Return on equity, % 5.0 1.7 -0.8 Profit before tax, LTM 589 186 -3 Average total equity 8,164 7,900 7,948 Return on equity, before tax, % 7.2 2.3 0 Profit from property management, LTM 804 753 745 Average total equity 8,164 7,900 7,948 Return on equity from the profit from property management, % 9.9 9.5 9.4 Net debt 10,707 11,642 11,751 Equity according to financial position 8,990 7,994 7,849 Debt/equity ratio, x 1.2 1.5 1.5 NP3 applies the guidelines for alternative performance measures issued by ESMA. Alternative performance measures refer to financial measurements that are not defined or stated in the rules applicable to financial reporting, i.e. IFRS. The company reports certain financial measurements in the report that are not defined in accordance with IFRS. The alternative key ratios which NP3 presents are used by company management to assess the company’s financial development. Accordingly, they are also assessed to provide other stakeholders, such as analysts and investors, valuable information. As not all companies calculate financial measurements in the same way, and these financial measurements shall therefore not be seen as a replacement for measurements defined according to IFRS. Below a reconciliation of the alternative financial key ratios that are presented in this report. Definitions of the key ratios can be found on page 27. ===== SIDA 27 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 27 Definitions Return on equity Profit after tax for a LTM period, in percent of average equity. Return on equity, before tax Profit before tax for a LTM period, in percent of average equity. Return on equity, common share Profit after tax for a LTM period, reduced by the preference shares’ preferential right to dividend for the period and share in profits for non-controlling interest, in percent of average equity after settlement of preference capital and non-controlling interest. Return on equity from the profit from property management Profit from property management for a LTM period, in percent of average equity. Loan-to-value ratio Net debt in percent of the properties’ recorded value and investments in associated companies and joint ventures. CAGR (Compounded Annual Growth Rate) Average annual growth expressed as a percentage. Yield Net operating income for a LTM period as a percentage of the average market value of the properties. The key ratio shows the return from the operating activities in relation to the properties’ market value. Net operating income Rental income for the period less property costs. Equity, SEK/common share Equity relating to the parent company’s shareholders after deduction of preference capital in relation to the number of common shares at the end of the period. Equity, SEK/preference share Equity per preference share corresponds to the share’s redemption price upon liquidation plus accrued dividend. Financial occupancy rate Rental income in percentage of rental value. Investment property Investment property refers to a property that is held in order to generate rental income and/or increase in value. All of NP3’s properties are assessed as constituting investment properties, so the term is thus consistently “property” in reports. LTM Last twelve months (LTM) refers to the timeframe of the immediately preceding 12 months. Profit from property management Net profit before tax and changes in value and tax in both group and associated companies as well as joint ventures. Profit from property management, SEK/common share Net profit before tax and changes in value reduced by the preference shares’ preferential right to dividend, in relation to the weighted average number of common shares. Average interest rate Weighted interest on interest-bearing liabilities (excluding liabilities rights of use) taking into account interest rate derivatives on the balance sheet date. Average remaining lease term The weighted average remaining term for the rental agreements. Rental income Invoiced and recognised rents and extra charges less rent discounts. Rental value Rental income on current agreements with addition for assessed market rent for unlet areas 12 months ahead from the balance sheet date. Long-term net asset value, SEK/common share Recorded equity, after taking into account the preference capital and non-controlling interest, with add-back of derivatives and deferred tax, in relation to the number of common shares at the end of the period. The key ratio shows the net assets’ fair value from a long-term perspective. Assets and liabilities not assessed as falling due, such as fair value on derivatives and deferred taxes, are thus excluded. Net investments The sum of acquired properties, as well as investments in projects and associated companies and joint ventures with deduction for sales price on properties that have been disposed of, directly and via companies, as well as with deduction for divested participations in associated companies and joint ventures. Net debt Interest-bearing liabilities, excluding liability rights of use, with deduction for liquid assets and current investments. Preference capital Number of preference shares multiplied by equity per preference share. Profit after tax, SEK/common share Net profit after tax relating to the parent company’s shareholders, reduced by the holders of preference shares’ preferential right to dividend for the period, in relation to the weighted average number of common shares. Interest coverage ratio Profit from property management, excluding administration result from associated companies and joint ventures but including dividends from associated companies and joint ventures, after adding back financial expenses in relation to financial expenses. Net debt to EBITDA ratio Net debt on the balance sheet date in relation to twelve months’ forward-looking net operating income less central administration expenses plus dividends received from associated companies and joint venture LTM. Debt/equity ratio Net debt in relation to equity on the balance sheet date. Equity/assets ratio Adjusted equity as a percentage of the balance sheet total. Properties accessed Agreed property value reduced by tax rebate for properties accessed of the during the period. Occupancy rate Let area as a percentage of lettable area. Surplus ratio Net operating income for the period as a percentage of rental income for the period. The key ratio is a measurement of effectivity comparable over time. ===== SIDA 28 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 28 Risks and uncertainties NP3 works actively to identify and minimise the significant risks that can affect the company’s financial position and performance. Significant risks for the company include property-related risks, financial risks and risks arising from events and changes in the world around us. For a detailed description of the company’s structured risk work, see pages 72-76 of the company’s annual report for 2023. Property-related risks NP3 works continuously to minimise its property-related risks. The company has good diversification in terms of both property categories and industry exposure. Rental income is distributed over a large number of rental agreements, with major tenants accounting for only a small proportion of the rental value. There is a risk that the valuation of properties may be affected by the assessments and assumptions made by management. In addition, the limited transaction volume may result in a higher risk for the property valuation. To minimise this risk, the market value of the company’s properties is assessed every quarter, where the company's valuation policy states that at least 90 percent of the total property portfolio is valued externally in quarters two and four and that other properties are valued internally. Market risk is another risk to consider, where high inflation has led to higher interest rates, which in turn leads to a higher required return with a risk of falling property values. During the current year, however, the rate of inflation has slowed down, which has also led to falling market interest rates. The risk is also mitigated by the company working continuously on maintaining or increasing the market value of the company's properties by letting vacant premises and adding value to and further developing existing properties. The risk of a strong negative effect due to declining property values in a specific location is reduced thanks to the properties’ geographical diversification. Financial risks Financing costs are the single largest cost item for NP3 and the uncertain market conditions and uncertainty in our operating environment have led to an increased refinancing risk and financing costs. However, this year we have seen falling interest rates following a decrease in inflation. NP3 uses interest rate hedging in order to limit interest rate risk and increase the predictability of the profit from property management. The company also works continuously to secure NP3's financial position and to maintain good relationships with banks and the capital markets in order to reduce financial risks. NP3 has also worked on and reduced refinancing risks that can be linked to the company's bond maturities. Risk of conflict of interest A risk of conflict of interest can arise when board members, persons in the strategic and operational management and other employees in the company take on certain board assignments, invest in companies in which NP3 has invested, invest in companies that are competitors to NP3, mortgage their shareholdings in NP3 or acquire or dispose of shares in NP3. The company has well-developed procedures and policies to manage risks relating to conflict of interest. Key policies include the company's code of conduct and insider policy. Matters regarding conflict of interest are discussed continuously in the company’s board meetings and in the company’s management group. For employees the company has a procedure for documentation and approval of sideline jobs. Other risks The uncertain and volatile market climate, combined with wars and conflicts in the world around us, is affecting the global economy, including Sweden and NP3 as a company. In 2024, however, we have seen a reduced rate of inflation. Increased costs for raw materials and energy have affected the company and its tenants, but where the cost increases for NP3 are largely offset by the company's rental agreement structure. NP3 is monitoring the continued development and continuously evaluating how the company's operations are affected. Other information Accounting policies and judgements This interim report for the group has been prepared in accordance with the IAS 34 Interim Financial Reporting and applicable parts of the Swedish Annual Accounts Act. Other disclosures in accordance with IAS 34 16A are provided elsewhere than in the notes in the interim report. The group and parent company apply the same accounting principles and valuation methods as in the annual report for 2023. Other amended and new IFRS accounting standards having become effective during the year or becoming effective in future periods are not expected to have a material impact on the group's financial reports. The parent company’s reports have been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and by applying the Sustainability- and Financial Reporting Board’s recommendation RFR 2, Accounting for Legal Entities. Staff and organisation The company has eight business areas: Sundsvall, Gävle, Dalarna, Östersund, Umeå, Luleå and Middle Sweden. The head office is located in Sundsvall, where most of the company's employees are based. In addition, there are employees in all the company’s eight business areas. At the end of the period the number of staff totalled 60. ===== SIDA 29 ===== NP3 Fastigheter AB (publ) Interim report - Q3 2024 29 Business idea With our tenants in focus, to acquire, own and manage high-yielding commercial properties, primarily in northern Sweden. Financial targets NP3’s objective is that the growth in profit from property management per common share shall amount to at least 12 percent per year over a five-year period. Return on equity before tax shall amount to at least 15 percent over a five- year period. The interest coverage ratio should be at least two times and the long-term loan- to-value ratio should be 55-65 percent. Vision Leveraging good business acumen and satisfied tenants, investors and stakeholders, to create Sweden’s long-term most profitable real estate company. Management Andreas Wahlén, CEO Tel: +46 60 777 03 01 andreas@np3fastigheter.se Håkan Wallin, CFO Tel: +46 60 777 03 07 hakan.wallin@np3fastigheter.se Mattias Lyxell, COO Tel: +46 60 777 03 17 mattias.lyxell@np3fastigheter.se Board of directors Chairman of the Board Nils Styf Tel: +46 73 350 60 39 Members of the Board of Directors Anders Nilsson Anders Palmgren Hans-Olov Blom Mia Bäckvall Juhlin Åsa Bergström Press releases in the third quarter 12/7 Interim report January - June 2024 27/8 Change in ownership of NP3 Properties 16/9 NP3 has entered into conditional acquisitions of properties with agreed value of MSEK 755 and 29.6 percent of Cibola and intends to carry out a targeted new issue of approximately 3.5 million common shares 16/9 NP3 completes a targeted new issue of 4.0 million common shares and thereby raises MSEK 1,000 23/9 Notice of Extraordinary General Meeting of NP3 24/9 NP3 is considering issuing green SEK bonds and announces a voluntary repurchase offer of certain outstanding bonds 25/9 NP3 announces conditional early redemption of outstanding bonds 2022/2025 26/9 NP3 issues MSEK 300 of unsecured green bonds 27/9 NP3 releases the results of the voluntary buy-back offering of certain outstanding bonds 30/9 Change in number of shares and votes All press releases are available on the company's website: www.np3fastigheter.se Calendar Interim reports Year-end report 2024: 7 February 2025 Q1 January - March: 7 May 2025 Q2 January - June: 11 July 2025 Q3 January - September: 17 October 2025 Annual report Annual report 2024 11 April 2025 Annual general meeting and general meeting Extraordinary general meeting 31 October 2025 Annual general meeting 7 May 2025 Record days for dividend on preference shares 31 October 2024 31 January 2025 30 April 2025 Proposed record days for dividend on common shares 31 October 2024 31 January 2025 Review report To the Board of Directors of NP3 Fastigheter AB Corp. id. 556749-1963 Introduction We have reviewed the condensed interim financial information (interim report) of NP3 Fastigheter AB as of 30 September 2024 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm 18 October 2024 KPMG AB Peter Dahllöf Authorized Public Accountant ===== SIDA 30 ===== www.np3fastigheter.se Head office NP3 Fastigheter AB (publ) Corp. ID no. 556749-1963 info@np3fastigheter.se Telephone switchboard +46 60 777 03 00 Gärdevägen 5A, 856 50 Sundsvall Postal address Box 12, 851 02 Sundsvall Branch offices Falun Främbyvägen 6, 791 52 Falun Gävle Snäppvägen 18, 803 09 Gävle Karlstad Tynäsgatan 10. 652 16 Karlstad Luleå Ödlegatan 1B, 973 34 Luleå Piteå Kunskapsallén 14, 941 63 Piteå Skellefteå Gymnasievägen 14, 931 57 Skellefteå Sollefteå Hågesta 7, 881 41 Sollefteå Stockholm Birger Jarlsgatan 34, 114 29 Stockholm Umeå Björnvägen 15E, 906 40 Umeå Västerås Ånghammargatan 6-8, 721 33 Västerås Örnsköldsvik Örnsköldsvik 41A, 891 41 Örnsköldsvik Östersund Infanterigatan 21, 831 32 Östersund