===== SIDA 1 ===== R • Strong net lettings and large number of new leases • Sustainable financial model and daily improvements provide stability in an uncertain market • Reduced energy consumption and steps to increase reuse • Merkurhuset wins Kasper Salin Prize for best building in Sweden • First building in Sörred Logistikpark completed and tenants move in. The building has an area of 30,000 sq. m. • Rental income increased to SEK 350 million (311) • Income from property management amounted to SEK 161 million (173) • Profit for the period amounted to SEK 78 million (1,382) • Value of property portfolio amounted to SEK 27 ,387 million (26,994) • Earnings per share totalled SEK 0.65 (11.53) Key Performance Indicators Q1 2023 Q1 2022 Net Reinstatement Value (EPRA NRV) per share 132.25 117.30 Interest coverage ratio (multiple) 2.6 4.1 Loan-to-value ratio, % 45 45 Investment yield, % 3.9 3.6 Surplus ratio, % 76 75 Economic occupancy rate, % 92 92 Increase in rental income mitigates the consequence of higher financing costs Interim report 1 January – 31 March 2023Q1 ===== SIDA 2 ===== 2 Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2023CEO’s comment Increase in rental income mitigates the consequence of higher financing costs Merkur scooped the most prestigious prize an architect can win — the Kasper Salin Prize Turbulence in the external environment, high electricity prices and inflation contin - ued to dominate the global markets in the first quarter of 2023. Riksbanken, the Swed - ish Central Bank, raised the policy rate by a further 0.5 percentage points to 3.0% and announced that further increases would be necessary unless the rate of inflation starts to fall. In both the USA and Europe there are signs of inflation starting to slow down and of central banks considering if and when they will be able to cut their key bank rates. At the same time, higher interest rates and high inflation are adversely impacting the economy. Gothenburg, with its low unemployment rate, the largest port in the Nordic region and many planned industrial investments, is estimated to be relatively well placed to ride out an economic downturn. Business Region Göteborg’s latest economic indicator shows that the Gothenburg economy is in a recession, however. Ever higher key rates are impacting all property companies that have taken out loans as financing costs increase. This particularly affects companies with short fixed interest term, high loan-to-value ratios and revenue streams not protected against inflation. At the same time, non-A-rated property companies are struggling with liquidity in the capital markets, which has meant that the number of property transac - tions has dropped sharply and investments in new projects have been cancelled or postponed. Some actors have had to turn to their owners for fresh capita , undertake structured deals and sell properties. Several listed property companies have also chose to either suspend or reduce their dividends to shareholders in order to shore up financial key ratios. We too are affected when market yield requirements increase, property values fall and property investments become harder to finance. We are also affected when the economy slumps and demand for our premises drops. Although there is nothing we can do about the external situation, there is much we can do to mitigate the effects. Platzer’s sustainable financial model At Platzer we take a proactive approach to financing of our operations based on our three-year business plan, which is updated on a continuous basis. Platzer’s starting point is profitable growth without new issues. On a few occasions when the need for additional equity has arisen, for example with the IPO in 2013 and acquisitions from Volvo 2016, we have carried out new issues. We have used the same method of working since the company was formed 15 years ago and it has proved a successful formula for our gradual growth into a listed Large Cap property company. In the last year, developments in our external environment has meant that financing of our operations has become more uncertain and difficult to manage. Having posted our strongest key ratios to date, having 75% bank loans and having a clear model for how to safeguard future financing were factors in our favour as the external environ - ment became more uncertain. In addition, we have strong owners, no cross ownership, long-term relationships with lenders and a high-quality property portfolio. A large number of new leases improved our earning capacity and partially offset increased financial expenses. Our sustainable financial model and daily improvements provide stability and create opportunities for the future. ===== SIDA 3 ===== 3 CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2023 Improved operating surplus but net financial expenses also increase The fact that many of our projects, such as Kineum, have been completed or are close to completion, will gradually impact the income statement over the year. Together with the index-linked increase for 2023 this meant that the operating surplus rose by SEK 32 million to SEK 266 million in the first quarter, compared with the same period in the previous year. Unfortunately, the improvement is not enough to compensate for the increased financial net, which during the period amounted to SEK -97m, a deterioration of SEK 44m compared to the corresponding period in 2022. Consequently, income from property management fell to SEK 161 million (173), which at the same time shows that we are able to maintain a strong cash flow despite the sharp rise in interest rates. Positive net lettings In addition to project completions and index-linked rent increases, high net lettings in the first quarter contributed to a rise in earning capacity of SEK 20 million to SEK 1,142 million. It was particularly pleasing that growth in lettings mostly took place in our existing office properties, which generates an injection of cash flow more rapidly than for project properties. This is because the time until occupancy is normally shorter. Strong letting activity also shows that the recession has not yet had an impact on potential tenants’ need for premises in our office properties. Yields and property values unchanged in first quarter Against the background of the work carried out in the previous quarter on assessing property values in the portfolio, the start to 2023 has been more sedate. In actual fact, the Gothenburg transaction market has seen almost no activity at all. Random checks with external valuation experts also show that yields were largely unhanged. This assessment is backed up by discussions held in connection with refinancing of bank loans and bond issues. Compared with the first quarter of 2022, this means that we have raised yields in our valuations by an average of 0.25 percentage points in whol - ly-owned properties and by 0.4 percentage points in associates. Occupancy in Sörred Logistikpark and prize for Merkur Many of our ongoing logistics projects are nearing occupancy. In the second quarter, the projects Sörred 7:21, Sörred 8:12 building V1 and Sörred 8:12 building V2 and Aren - dals Kulle will be ready for occupancy. In addition, on the last day of the first quarter we were able to hand over the premises at Sörred 8:12 V1 to Schenker Logistics. As well as being profitable investments, our office projects add to the urban land - scape. Gårda Vesta, Merkur and Kineum have all been nominated for prestigious awards. Gårda Vesta and Kineum were left empty-handed, but Merkur scooped the most prestigious prize an architect can win — the Kasper Salin Prize. Congratulations to Olsson Lyckefors and of course to us and Bygg-Göta. The prize shows that we live up to our vision: “We aim to make Gothenburg the best city in Europe to work in”. All sustainability parameters are green Green light for green work sums up Platzer’s performance in the first quarter of 2023, when nearly all measured parameters improved. The focus on energy consumption continued in the first quarter of the year. Our total energy consumption decreased by just over 5% compared with the same period in the previous year. We also intensified our efforts to increase the proportion of reuse in our projects. Business uncertainty until inflation peaks On the 15th of every month, the property sector, investors and Riksbanken pore over inflation figures, looking for signs indicating that inflation has peaked, which would enable Riksbanken to stop raising the policy rate. I hope that I will be able to savour that moment as the CEO of Platzer before I hand over the reins to our CEO-designate, Johanna Hult Rentsch, on 14 August. The situation now resembles the financial crisis of 2008/2009, when I also was CEO. After the tough years we came out stronger and were able to use the situation to grow the business to the company Platzer is today. During the time I remain with the company I want to contribute in guiding Platzer in an environment with higher inflation by seiz - ing and utilizing the opportunities we can create. P-G Persson, CEO Earning capacity, quarterly 0 200 400 600 800 1,000 1,200 Q1-23Q4-22Q3-22Q2-22Q1-22Q4-21Q3-21Q2-21 Earning capacity, quarterly SEK, million Net reinstatement value per share, SEK Q1/2022 117. 3 0 Q1/2023 132.25 ===== SIDA 4 ===== 4 Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2023SustainabilityCEO’s comment Our sustainability work We actively drive development in the areas where we operate Energy efficiency is part of our daily work. Our long-term focus on the energy issue has resulted in energy-efficient and cli - mate-smart solutions that have generated both environmental gains and cost savings. At the end of 2022, our average energy consumption was 78.5 kWh/sq. m. of area heated to a minimum of 10 °C. The long-term goal is for energy performance in our investment properties to be lower than 70 kWh/sq. m. of area heated to a minimum of 10 °C by 2025 at the latest. We are also looking to increase the proportion of energy we produce our - selves by means of more photovoltaic systems. The target for the year is to install 16 new photovoltaic system with a total effect of just over 2,500 kW. One of wich came on stream in the first quarter. Continued focus on climate efficiency Our ambition is for our property management to be carbon-neu - tral (Scope 1 and Scope 2) by 2025. We are actively working to reduce the emissions we ourselves are able to control and we are also conducting dialogues with, for example, energy provid - ers to reduce emissions. Mapping of our indirect emissions in Scope 3 show that a significant percentage stem from our con - struction projects. All projects should therefore include a signif - icant proportion of materials reuse. We are now accelerating this work by introducing systematic monitoring and calculation of the emission savings that reuse will bring. It is important to realise that input is required from a number of stakeholder groups. It is also crucial that the issue is identified and taken into consideration at an early stage. A lighting project in which all existing lighting in public areas is replaced with new LED sources is an example of action that combines energy efficiency with reuse. This is estimated to gen - erate annual energy savings of around 80 MWh. Because the existing luminaires are retained, this measure also achieves emission savings. Platzer in the community Securing competence in our industry is an important part of our social sustainability work. We participate in organisations such as Fastighetsbranschens kompetensråd, we are one of the own - ers of the higher vocational educational establishment Fastighet - sakademin and we are the main sponsor of the construction industry business development and entrepreneur programme at Chalmers University of Technology. We offer a large number of internships, student placements and summer jobs every year. In 2022, we welcomed 17 of these workers, which corresponds to approx. 20% of the total workforce. Two students are doing their thesis placements with us in the spring term 2023. Platzer’s sustainability reporting In our quarterly reports we account for the outcome of a few prioritised sustainability issues and sustainability goals, and provide information on current events linked to our sustainability work during the quarter. An overall picture of our sustainability work is published once a year in our sustainability report, which is prepared in accordance with the Swedish Annual Accounts Act, GRI Standards and EPRA Sustainability Best Practice Recommendations (sBPR). The Sustainability report for 2022 is available on our website integrated into our 2022 Annual Report. Sustainability metrics measured on a quarterly basis Unit 2023 Jan–Mar 2022 Jan–Mar Change, % 2022 Jan–Dec Energy consumption in comparable property kWh/sq. m. of area heated to a mini- mum of 10 °C 29.2 31.2 -6.6 78.5 Total energy (electricity consumption in our buildings, district heating and district cooling) MWh 27,881 29,483 -5.4 74,161 Carbon dioxide emissions (Scope 1* and Scope 2**) tonnes CO2e 120 222 -45.9 570 Carbon dioxide emissions (Scope 1* and Scope 2**) per lettable area kg CO2e/sq. m. 0.14 0.25 -44.1 0.67 Green leases Percentage of lettable area 53.7 52.0 3.3 53.5 Environmentally certified properties percentage of investment properties, % 91.7 91.3 0.4 91.7 Green finance % 67 68 -1.5 67 *Scope 1 carbon dioxide emission from company cars and refrigerant leaks. **Scope 2 carbon dioxide emissions from district heating, from 2023 only emissions from incineration are included in Scope 2. Emissions from district heating related to production and transport are included in Scope 3, which are reported on an annual basis. Sustainability metrics measured on an annual basis 2022 2021 Collaboration in our 10 selected areas number of collaboration projects 10 of 10 9 of 10 One of the best workplaces in the industry trust index >90 according to GPTW 79 78 Contribute to competence in the industry number of students offered internship, thesis placement or summer job 17 15 Distribution of women and men should be between 40% and 60% at all levels of the organisation Management team percentage women/men 43/57 38/62 Managers percentage women/men 44/56 40/60 Employees percentage women/men 47/53 46/54 Platzer wants to actively contribute to positive community development by having a carbon footprint that is as small as possible. We take responsibility for Gothenburg by developing sustainable, vibrant and safe areas that put people first. ===== SIDA 5 ===== 5 CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations Our total property portfolio comprised 73 properties as at 31 March 2023. The property portfolio includes 23 project proper - ties, of which two are jointly owned. There are another three jointly owned properties in the overall portfolio, which means a total of five jointly owned properties are accounted for as asso - ciates. In the quarter we acquired part of the property Högsbo 757:50. See page 8 for more information. The total lettable area, including associates, is 845,000 sq. m. The fair value of the properties totalled SEK 27,387 million, excluding associates. The economic occupancy rate in the period was 92% (92). Net lettings and renegotiated leases Lettings operations continued to show positive development in the first quarter, in both the office and logistics sectors. In the quarter we signed several large leases in our investment prop - erties, primarily in the Offices business area, and we had only one larger terminated lease, in the Industry/logistics business area. Our acquisitions of the properties at Medicinareberget in 2021, tenants taking possession in Kineum and completed lease renegotiations have resulted in the average remaining lease term increasing to 51 months in the first quarter of this year from 42 months in the same period in the previous year. In total, we have 692 (699) leases for office space generating total rental income of SEK 1,397 million (1,217) on an annual basis, excluding garage and parking agreements. The 20 largest leases accounted for 37% (35) of rental value. Industrial/logistics We are the leading player in Arendal in industrial/logistics. Major clients include DFDS, DHL, Plasman, SSAB and Sveafjord (AB Volvo). In total, we have 59 (74) commercial leases for indus - trial/logistics generating total rental income of SEK 283 million (285) on an annual basis. The number of contracts decreased as a result of completion of the sale of part of the property Arendal 764:720 in the second quarter of 2022. Letting and property management Net lettings Offices Industrial/Logistics Total SEK m Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Investment properties – lettings 44 19 3 6 47 25 Investment properties – terminations -21 -9 -6 -10 -27 -19 Project properties – lettings - 4 - 12 - 16 Project properties – terminations - -4 - - - -4 Associates – lettings 2 - - 36 2 36 Associates – terminations -1 - - - -1 - Total net lettings 24 10 -3 44 21 54 -40 -30 -20 -10 0 10 20 30 40 50 60 70 80 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net lettings, by quarter SEK, million Investment properties, terminated Investment properties, lettings 2018 2019 2020 2021 2022 2023 Terminated projectNew project Net per quarter 0 20 40 60 80 100 120 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Renegotiated leases and rent increases, by quarter SEK, million Rent increases (%)Volume of rent 2018 2019 2020 2021 2022 % 0 10 20 30 40 50 Renegotiated leases Offices Industrial/ Logistics Total Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Investment property Rental value after renegotiation, SEK m 12 0 32 16 44 16 Investment property Change in rent, % 9 0 12 2 11 2 Associates Rental value after renegotiation, SEK m - - - - - - Associates Change in rent, % - - - - - - Lettings operations continued to show positive development in the first quarter, in both the office and logistics sectors. With only one major termination, we have a positive net lettings of SEK 21 million for the period. ===== SIDA 6 ===== 6 CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations 0 50 100 150 200 250 300 350 400 2028 -20272026202520242023 Maturity structure leases, per business area SEK, million Rental income, business area Office Number of contracts, business area Office Number of contracts, business area Industrial/logistics Rental income, business area Industrial/logistics 50 100 150 200 250 0 Number Area distribution per category Office Industrial/logistics 60%28% 3% 3% Restaurant Project Retail Other Care Hotel 1%1%2%2% Property value per segment Office Central Gothenburg Office North East Gothenburg 58% 4% 16% 17% 5% Industrial/ Logistics Project Office South West Gothenburg Offices In the offices segment we are the leading player in Lilla Bommen, Gårda and Gamlestaden. Major clients include the Swedish Social Insurance Agency, the City of Gothenburg, ESS Group, the Swedish Migration Agency, Nordea, NCC, Region Västra Götaland and Swedish Public Dental Care (Folktandvården). In total, we have 633 (625) commercial leases for offices, generating total rental income of SEK 1,114 million (932) on an annual basis.  Major clients Percentage1) Sveafjord (AB Volvo) 7% Swedish Migration Agency 5% Hotellet i Höghuset AB (ESS Group) 5% DFDS Logistics Contracts AB 3% University of Gothenburg 3% Swedish Public Dental Care (Folktandvården) in Västra Götaland 3% Region Västra Götaland 2% City of Gothenburg 3% Mölnlycke Health Care AB 2% Nordea Bank Abp, Sweden branch 2% Total 33% 1) Percentage of agreed rental income Together with customers such as AGREAT and Mindpark, we are creating a meeting place ARIA at Lilla Bommen. ===== SIDA 7 ===== 7 CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023OperationsCEO’s comment Number of properties Lettable area, sq. m. Fair value, SEK m Rental value, SEK m Economic occupancy rate, % Rental income, SEK m Operating surplus, SEK m Surplus ratio, % Investment properties Central Business District (CBD) 8 74,938 4,831 238 81 194 157 81 City centre excl. CBD 18 224,887 11,026 608 95 577 456 79 Central Gothenburg 26 299,825 15,857 846 91 770 613 80 East Gothenburg 7 119,478 3,002 219 95 209 159 76 Norra Älvstranden/Backaplan 4 38,684 1,510 97 98 95 73 77 North/East Gothenburg 11 158,162 4,512 316 96 304 232 77 West Gothenburg 4 21,946 279 29 88 25 17 68 Mölndal 4 28,794 845 62 100 62 50 81 South/West Gothenburg 8 50,740 1,124 91 96 87 67 77 Industrial/logistics 2 268,979 4,553 300 96 287 226 79 Total investment properties 47 777,706 26,046 1,552 93 1,448 1,139 79 Project properties 21 19,597 1,341 12 53 7 3 - Total Platzer excl. associates 68 797,303 27,387 1,564 93 1,455 1,142 79 Associates offices 100% 3 47,318 2,734 153 96 147 121 - Associates industrial/logistics 100% 2 0 1,230 67 100 67 66 - Rental income, SEK m Leases agreed for occupancy as of 1 October 2023: Offices Industrial/ logistics Platzer total Current and future new build projects, including associates 24 27 51 Investment properties, including associates 29 0 29 Rental income, SEK m Terminated leases with vacation as of 1 April 2023: Offices Industrial/ logistics Platzer total Current and future new build projects, including associates 3 0 3 Investment properties, including associates 21 8 29 The summary is based on the property portfolio as at 31 March 2023 and is based on com - pleted lease agreements. It provides a snapshot of our earning capacity for 2023 but it is not a forecast. The table is not an assessment of any changes in leases. The breakdown of office property is in line with the general geographical breakdown used by the property industry in Gothenburg with the exception of our property at Backaplan, which we account for as Norra Älvstranden. We report our industrial/logistics properties and project properties separately. Project properties include all our properties in Södra Äng - gården, for example. Below the line Total Platzer excl. associates we report the figures for our associates at 100% of the value, irrespective of our holding, which is usually 50%. Leases that have been concluded for future occupancy in six months or later and future vacancies from terminated leases are reported in a separate table. By rental value we mean rental income plus the estimated market rent for vacant prem - ises in their existing condition. The results-related columns include current leases in exist - ing properties, including for future occupancy in the next six months. Leases for later occu - pancy or in properties currently under construction are not included. Rental income refers to contracted rental income, including agreed supplements such as payments for heating and property taxes, and excluding limited period discounts of approximately SEK 38 million. For project properties where the project has not yet started or where projects are underway, the information relating to rental value, rental income and operating surplus refers to existing leases and costs in the property. For project properties where occupancy is due to take place in the next six months, the figures include rental value, rental income and operating surplus attributable to these leases. The operating surplus shows the properties’ earning potential on an annual basis, defined as contracted rental income as at 1 April 2023. Deductions are made for estimated property costs, including property administration, for a normal year. Earning capacity as at 31 March 2023 ===== SIDA 8 ===== 8 CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations Property transactions Acquisitions In the period, Platzer acquired part of the property Högsbo 757:50 as part of the continued development of Södra Änggården. Disposals No disposals were carried out or agreed in the period. List of property acquisitions and disposals Agreement signed Year/quarter Property designation Area Segment Inv. /Project property Lettable area, sq. m. Completion Agreed property value, SEK million Acquisitions 2021/Q3 Kungsfisken 7 (MIMO) Mölndal Offices Investment property 32,000 2024/Q4 (prel) 1,500 2022/Q3 part of Högsbo 757:50 Södra Änggården School Project properties - 2023/Q1 17 Acquisitions, total 32,000 1,517 Agreement signed Year/quarter Property designation Area Segment Inv. /Project property Lettable area, sq. m. Completion Agreed property value, SEK million Disposals 2017/Q3 Remaining phase 2 Södra Änggården Residential property Project properties 21,050 2023/Q3 (prel) 211 2017/Q3–Q4 Phase 3 Södra Änggården Residential property Project properties 46,900 prel 2024–2025 (prel) 537 Disposals, total 67,950 748 * Area refers to GFA The table shows property transactions completed in the period and future agreed but not yet completed transactions. AREA: SÖDRA ÄNGGÅRDEN ===== SIDA 9 ===== 9 CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations We currently manage major projects comprising a total lettable area of 185,000 sq. m., including joint ventures and associates. In addition to these, we have potential development projects of 365,000 sq. m. gross floor area (GFA), of which residential building rights of around 80,000 sq. m. in Södra Änggården have been sold. The portfolio comprises projects in all stages, from detailed development plan to buildings ready for occupancy. Development in the quarter Property development City centre The projects Aria at Lilla Bommen and Merkur at Skeppsbron are proceed - ing to place and are expected to be completed during the third quarter of 2023. In the quarter we concluded a lease with Capio, which will be a new tenant in Aria, taking the economic occupancy rate to 65%. The corre - sponding figure for Merkur is 71%. Project development City centre In Lilla Bommen, directly adjacent to the new Hisingsbron, we have an option to acquire two building rights in total 43,000 sqm BTA. The design work continues and construction starts may take place in 2023. Arendal The project Arendals kulle (part of Arendal 764:720) is in the final phase and is fully let. Occupancy will begin in April this year. Torslanda Development of the joint venture owned by us and Bockasjö, Sörred Logis - tikpark (Sörred 7:21 and Sörred 8:12), is continuing. Schenker Logistics has now moved into 30,000 sq. m of the logistics building, the total area of which is 43,000 sq. m. In Syrhåla 3:1, phase 1 is fully let with planned occupancy during the third quarter 2023, while stage 2 is slightly later and expected to be com - pleted during the fourth quarter. The occupancy rate here is 59%. Södra Änggården In Södra Änggården, work is continuing on Internationella Engelska Skolan’s (IES) new premises, for occupancy in autumn 2024. We have also began planning for a parking garage in the area. Urban development Gamlestaden In Gamlestadens Fabriker (Olskroken 18:7, etc.) we are working on develop - ment of our building rights and letting, and infrastructure works are also underway. Södra Änggården At the same time as the school in Södra Änggården is being built, property developers are gradually taking possession of their building rights. The last sale of building rights will be completed in 2026. Almedal Work on preparing a new detailed development plan for Almedals Fabriker (Skår 57:14) is continuing. Property, project and urban development AREA: TORSLANDA PROPERTY: SÖRRED LOGISTIKPARK P-G Persson, CEO of Platzer, Håkan Nydén, CEO Schenker Logistics AB & Head of Contract Logistics Cluster Nordics and Adam Ekdahl, Business Development Manager at Bockasjö, formally open Sörred Logistikpark. ===== SIDA 10 ===== 10 CEO’s comment Sustainability Results & Financial position Financing & Share Market & Platzer Platzer Q1 2023Operations Major projects underway Property Segment Converted area, lettable area, sq. m. New area, lettable area, sq. m. Total invest- ment incl. land, SEK m1) Outstanding investment, SEK m Fair value, SEK m Rental value, SEK million 2) Economic occupancy rate, % Completed Arendal 764:720, Arendals Kulle Industrial/Logistics - 7,000 143 4 161 8 100 Q2 2023 Syrhåla 3:1, phase 1 Industrial/Logistics - 21,500 279 64 227 16 100 Q3 2023 Syrhåla 3:1, phase 2 Industrial/Logistics - 22,000 292 187 121 18 59 Q4 2023 Gullbergsvass 1:1, Aria Offices/Central Busi- ness District (CBD) 15,761 - 1,234 240 984 61 65 Q3 2023 Högsbo 55:13, School Södra Änggården Offices/Southwest Gothenburg - 8,964 441 218 267 27 100 Q3 2024 Total 15,761 59,464 2,389 713 1,789 131 Jointly owned properties accounted for as associates Property Segment Converted area, lettable area, sq. m. New area, lettable area, sq. m. Total investment incl. land, SEK m1) Outstanding investment, SEK m Fair value, SEK m Rental value, SEK million 2) Economic occupancy rate, % Completed Sörred 7:21, Sörred Logistikpark Industrial/ Logistics - 22,680 299 61 304 19 100 Q2 2023 Sörred 8:12, Building V1, Sörred Logistikpark Industrial/ Logistics - 43,300 475 65 518 30 100 Q2 2023 Sörred 8:12, Building V2, Sörred Logistikpark Industrial/ Logistics - 24,300 337 84 284 19 100 Q2 2023 Inom Vallgraven 49:1 4), Merkur Offices/ Central Busi- ness District (CBD) 4,850 - 347 65 222 16 71 Q3 2023 Sörred 8:12, Building V4, Sörred Logistikpark Industrial/ Logistics - 14,900 218 165 53 15 0 Q2 2024 Total 4,850 105,180 1,676 440 1,409 99 Property Segment Type of property New area GFA sq. m. Project phase Possible construction start5) Syrhåla 2:3 Industrial/Logistics industrial/ logistics 14,600 detailed development plan adopted 2023 Sörred 8:12, Buildings V3 and V4, Sörred Logistikpark Industrial/Logistics industrial/ logistics 45,000 detailed development plan adopted 2023 Olskroken 18:13, Gamlestadens Fabriker Offices/East Gothenburg offices/retail 19,900 detailed development plan adopted 2023 Olskroken 18:14, Gamlestadens Fabriker Offices/East Gothenburg offices 10,200 detailed development plan adopted 2023 Högsbo 55:11, Södra Änggården Offices/West Gothenburg multi-storey car park 17,000 detailed development plan adopted 2023 Högsbo 55:10, Södra Änggården Offices/West Gothenburg preschool 1,800 detailed development plan adopted 2023 Gullbergsvass 6) Offices/Central Business District (CBD) offices 43,000 detailed development plan adopted 2023 Olskroken 18:7, Gamlestadens Fabriker Offices/East Gothenburg offices 2,300 detailed development plan adopted 2024 Högsbo 3:6 7), Södra Änggården Offices/West Gothenburg residential 21,050 detailed development plan adopted 2024 Högsbo 55:97), Södra Änggården Offices/West Gothenburg residential 17,600 detailed development plan adopted 2024 Skår 57:14, Almedals Fabriker Offices/City centre excl. CBD offices 25,000 detailed development plan in progress 2024 Olskroken 18:10, Gamlestadens Fabriker Offices/East Gothenburg offices 29,000 detailed development plan adopted 2025 Högsbo 34:13, Södra Änggården Offices/West Gothenburg residential 7,150 detailed development plan adopted 2025 Högsbo 2:2, Södra Änggården Offices/West Gothenburg residential 6,850 detailed development plan adopted 2025 Bagaregården 17:26 Offices/East Gothenburg mixed use development 60,000 detailed development plan in progress 2025 Olskroken 18:11, Gamlestadens Fabriker Offices/East Gothenburg offices 9,000 detailed development plan adopted 2026 Högsbo 3:11 7), Södra Änggården Offices/West Gothenburg residential 15,350 detailed development plan adopted 2026 Högsbo 3:127), Södra Änggården Offices/West Gothenburg residential 13,950 detailed development plan adopted 2026 Olskroken 18:12, Gamlestadens Fabriker Offices/East Gothenburg offices 6,000 detailed development plan adopted 2027 Total 364,750 1) T he total investment including land value also includes the value on acquisition of existing building and planned investment. 2) Refers to estimated rental value when the building is finished and fully let. 3) T he occupancy rate also includes existing building. 4) The information refers to refurbishment of the old part of the building. 5) Possible construction start means when it is estimated the project could start, provided that planning work proceeds as expected and pre-letting has reached a satisfactory level. 6) Platzer does not currently own the land but has an option to acquire the land together with building rights at the market rate. 7) The property has been sold but completion has not yet taken place. Potential development projects ===== SIDA 11 ===== 11 CEO’s comment Sustainability Operations Financing & Share Market & Platzer Platzer Q1 2023Results & Financial position CONSOLIDATED Results and comments on results SEK m 2023 Jan–Mar 2022 Jan–Mar 2022 Jan–Dec 2022/2023 Apr–Mar Rental income 350 311 1,229 1,268 Property costs -84 -77 -290 -297 Operating surplus 266 234 939 971 Central administration -15 -15 -58 -58 Share of profit of joint ventures and associates 15 187 319 147 – of which income from property management 7 7 32 35 – of which changes in value 24 237 415 202 – of which tax -5 -49 -86 -42 – of which sundry expenses -11 -9 -42 -47 Net financial income/expense1) -97 -53 -245 -289 Profit including share of profit of joint ventures and associates 169 352 955 771 – of which income from property management 2) 161 173 668 659 Change in value, investment properties 0 937 2,562 1,625 Change in value, financial instruments -87 340 671 244 Change in value, financing arrangements - 3 -220 -223 Profit before tax 82 1,632 3,968 2,418 Tax on profit for the period -4 -250 -773 -527 Profit for the period 3) 78 1,382 3,195 1,891 Total profit for the period Parent company’s shareholders 78 1,382 3,195 1,891 Earnings per share 4) 0.65 11.53 26.67 15.79 1) N et financial income/expense includes ground lease costs totalling SEK 0.2 million (0.2) for the year. 2) R efers to income from property management excluding changes in value, tax and sundry expenses in joint ventures and associates. 3) The Group had no other comprehensive income and therefore the consolidated profit for the period is the same as comprehensive income for the period. 4) T here is no dilution effect because there are no potential shares. Results Income from property management for the period amounted to SEK 161 million (173), of which SEK 7 million (7) came from joint ventures and associates. The decline is due to increased utility costs and interest expenses. Profit for the period amounted to SEK 78 million (1,382). Changes in the value of wholly-owned properties had an effect on profits of SEK 0 million (937) and revaluations of financial instruments and financing arrangements impacted results by SEK -87 million (343). Rental income Rental income in the period increased to SEK 350 million (311), an increase of 12.5%. The increase was primarily due to the fact that tenants have moved into our newly built property Kineum (Gårda 16:17) and to index-linked increases. Annualised rental income from existing leases (as at 31 March 2023) is estimated at SEK 1,455 million (1,265), see earning capacity on page 7. The economic occupancy rate for the year was 92% (92). Q1 2023 SEK m Q1 2022 SEK m Change, % Comparable properties 344 272 26.5 Property development 5 6 Project properties 1 10 Property transactions - 23 Rental income 350 311 12.5 Property costs Property costs for the period amounted to SEK -84 million (-77).  The increase of SEK 7 million (6) was primarily due to increased electricity costs due to higher electricity prices. The mild weather in the first quarter of the year and energy optimisation measures contributed to reducing utility consumption. Costs in the first and fourth quarters are normally higher than in the other two quarters, primarily because of higher utility costs and snow removal and anti-icing costs. Q1 2023 SEK m Q1 2022 SEK m Change, % Comparable properties 80 67 19 Property development 2 2 Project properties 2 3 Property transactions - 5 Property costs 84 77 9.1 Operating surplus The operating surplus in the period increased by 13.7% (5.4) to SEK 266 million (234). The operating surplus for comparable properties rose by 28.8% (1.0), primarily as a result of occupancy in Kineum and index-linked increases. The surplus ratio was 76% (75). The investment yield for wholly-owned properties was 3.9% (3.6). ===== SIDA 12 ===== 12 CEO’s comment Sustainability Operations Financing & Share Market & Platzer Platzer Q1 2023Results & Financial position CONSOLIDATED Central administration and staff Central administration costs for the period amounted to SEK -15 million (-15). The number of staff at the end of the period was 86 (91). Share of profit of joint ventures and associates Share of profit of joint ventures and associates for the period amounted to SEK 15 million (187), most of which comprised pro - ject development in properties. See page 81 of the 2022 Annual Report for a description of investments in associates and joint ventures. Net financial income/expense Net financial income/expense for the period amounted to SEK -97 million (-53). Net financial items were primarily adversely affected by higher interest rates. Borrowings were, on average, around SEK 100 million down on the same period in the previous year. In addition to current cash flow, the reason for the decrease was the net effect of dis - posals and financing of acquisitions and project investments. Average interest rate for the period, including the effects of derivative instruments, was 3.4% (1.9). Changes in value Changes in the value of wholly-owned properties in the period amounted to SEK 0 million (937). In the second half of 2022 we assessed that yield requirements had increased, we adjusted our valuations in line with the forthcoming Consumer Price Index increase and we adjusted our inflation assumptions for the coming year. In the first quarter of 2023 we assessed that yield requirements were unchanged compared with the begin- ning of the year. See page 13 for more information. Changes in the value of financial instruments totalled SEK -87 million (340). Tax Tax expense for the period amounted to SEK -4 million (-250), of which SEK -11 million (-16) comprised current tax and SEK 7 million (-233) deferred tax. Deferred tax was above all impacted by changes in the value of derivatives. Segment reporting We report our operations in three geographical office segments as well as industrial/logistics: • Offices Central Gothenburg (Almedal, City Centre, Gårda, Lilla Bommen, Masthugget and Medicinareberget). • Offices North/East Gothenburg (Backaplan, Gamlestaden, Lindholmen and Mölnlycke). • Offices South/West Gothenburg (Högsbo and Mölndal) • Industrial and logistics (Arendal and Torslanda) Project properties are included in the segment to which they belong. The total operating surplus in segment reporting for wholly-owned properties corresponds to the operating surplus reported in the income statement and the total value of property and investments, etc., corresponds to the balance sheet. The properties we own through associates are reported in a separate segment table, as these are not included in the total amounts in segment reporting. The amounts below relating to associates increased as a result of our holdings in the companies that own Gårda 2:12 (Gårda Vesta) being classified as associates with effect from 3 February 2022. Our properties owned through associates in Industrial/Logistics are under construction. Segment reporting, wholly-owned properties Offices Industrial/ Logistics Total Period refers to Q1 Central Gothenburg South/West Gothenburg North/East Gothenburg SEK m 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Rental income 185 154 22 20 74 64 69 73 350 311 Property costs -44 -37 -7 -6 -19 -17 -14 -17 -84 -77 Operating surplus 141 117 15 14 55 47 55 56 266 234 Fair value, properties 15,937 15,262 2,249 1,486 4,555 4,335 4,646 4,446 27,387 25,529 Of which investments/acquisitions/disposals/ changes in value over the year 96 -943 80 22 75 131 142 288 393 -502 Segment reporting, associates Offices Industrial/ Logistics Total Period refers to Q1 Central Gothenburg South/West Gothenburg North/East Gothenburg SEK m 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Rental income 33 21 - - - - 1 - 34 21 Property costs -7 -5 - - - - 0 - -7 -5 Operating surplus 27 16 - - - - 1 - 27 16 Fair value, properties 2,734 2,825 - - - - 1,230 735 3,964 3,560 Of which investments/acquisitions/disposals/ changes in value over the year 3 1,856 - - - - 44 483 47 2,339 0 20 40 60 80 100 120 140 160 180 200 Q1-23Q4-22Q3-22Q2-22Q1-22Q4-21Q3-21Q2-21 Income from property management, quarterly SEK, million 0 50 100 150 200 250 300 350 400 20232022202120202019 SEK, million Rental income per business area, Jan-Mar Office Industrial/logistics ===== SIDA 13 ===== 13 CEO’s comment Sustainability Operations Financing & Share Market & Platzer Platzer Q1 2023Results & Financial position CONSOLIDATED Platzer’s cash flow is strong and its financial position is also strong. Our projects are proceeding according to plan, with secured financing and a high occupancy rate. Value of properties and property valuation The properties were recognised at fair value of SEK 27,387 million (26,994), which was based on an internal valuation as at the bal - ance sheet date.  All properties are valued internally at the end of each quarter, using a ten-year cash flow model. Additionally, at each year-end we carry out an external valuation of a few sample properties that form a cross section of the property portfolio. The external valuation covers at least 30% of the value of the property portfolio at year-end and is performed as quality assurance of the internal valuation. In 2022 we carried out external valuation of properties corresponding to 2/3 of the value of the property port - folio. Historically, the difference between our internal valuation and the external valuation has been marginal, and this was also the case at 31 December 2022. The investment properties are val - ued within level 3 in the IFRS 13 fair value hierarchy. The internal property valuation for the period showed a change in the value of wholly-owned investment properties of SEK 0 million (937). The change in value consisted of SEK 126 mil - lion (94) in increased cashflow, SEK -126 million (375) in urban, project and property development, and SEK 0 million (468) in adjustment of yield requirements in the portfolio. Each property is valued individually and therefore any portfolio premiums have not been taken into account. The average yield requirement in the valuation as at the balance sheet date was 4.7%, unchanged compared with 31 December 2022. As a result of the changing market situation, yield requirements for offices and industrial/ logistics properties in our portfolio were deemed to have increased in the second half of 2022, but were assessed as being unchanged in the first quarter of 2023. Also see page 12. Transactions in the period In the period, we took possession of land in Södra Änggården. Investments in existing properties in the period amounted to SEK 376 million (426), with the largest investments involving the new build project Kineum (Gårda 16:17). Large investments were also made in our properties in Arendal, Torslanda and in area development of Södra Änggården. Financial assets In connection with the increases in value of our jointly owned properties, this item also increased with regard to our invest - ments in associates and joint ventures. Financial position Balance Sheet, condensed SEK m 31 Mar 2023 31 Mar 2022 31 Dec 2022 Assets Investment properties 27,387 25,529 26,994 Right of use assets, leasehold 30 30 30 Other non-current assets 27 19 19 Financial assets 1,721 932 1,790 Current assets 375 223 415 Cash and cash equivalents 275 185 217 Total assets 29,815 26,918 29,465 Equity and liabilities Equity 13,802 12,186 13,999 Deferred tax liability 2,568 2,147 2,503 Non-current interest-bearing liabilities 9,407 9,212 7,466 Lease liability 30 30 30 Other non-current liabilities 226 186 240 Current interest-bearing liabilities 2,962 2,239 4,357 Other current liabilities 820 918 870 Total equity and liabilities 29,815 26,918 29,465 Pledged assets as at 31 March 2023 amounted to SEK 11,906 million (SEK 11,275). Contingent liabilities as at 31 March 2023 amounted to SEK 1,575 million (1,572). Comparative amounts for balance sheet items refer to 31 December 2022. SEK m 2023 Jan–Mar 2022 Jan–Mar 2022 Jan–Dec Value of properties, opening balance 26,994 26,031 26,031 Investments in existing properties 376 426 1,412 Property acquisitions 17 - - Property sales and reclassifications - -1,865 -3,011 Changes in value 0 937 2,562 Value of properties, closing balance 27,387 25,529 26,994 Changes in the value of properties ===== SIDA 14 ===== 14 CEO’s comment Sustainability Operations Financing & Share Market & Platzer Platzer Q1 2023Results & Financial position CONSOLIDATED SEK m 2023 Jan–Mar 2022 Jan–Mar 2022 Jan–Dec Equity attributable to the Parent Company's shareholders At the beginning of the period 13,999 11,068 11,068 Comprehensive income for the period 78 1,382 3,195 Dividend -275 -264 -264 At the end of the period 13,802 12,186 13,999 Total equity 13,802 12,186 13,999 Statement of changes in equity, condensed Equity The Group’s equity amounted to SEK 13,802 million (13,999) as at 31 March 2023.  The equity/assets ratio on the same date was 46% (48), well above the financial target of 30%. Equity per share as at 31 March stood at SEK 115.19 (116.84), while the net reinvestment value, EPRA NRV, was SEK 132.25 (132.63) per share. We take a proactive approach to financing of our operations based on our three-year business plan, which is updated regularly. AREA: GAMLESTADEN PROPERTY: GAMLESTADS TORG ===== SIDA 15 ===== 15 CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share CONSOLIDATED Interest-bearing liabilities As at 31 March 2023, interest-bearing liabilities amounted to SEK 12,369 million (11,823), which corresponded to a loan-to- value ratio of 45% (44). The average loan maturity term was 2.3 years (2.1). Current interest-bearing liabilities on the balance sheet refer to loans that should be renegotiated within the next twelve months and repayments according to plan. Interest-bearing liabilities primarily comprised bank loans of SEK 9,400 million (8,792), secured through property mortgage deeds. Platzer is also borrowing SEK 1,344 million (1,456) in the form of secured green bonds via Svensk FastighetsFinansiering (SFF).  In order to obtain direct financing in the capital markets, Platzer has launched an MTN programme and associated green debt framework for unsecured green bonds of SEK 5 billion, as well as a SEK 2 billion commercial paper programme. Outstand - ing unsecured green bonds amounted to SEK 1,300 million (1,300) and commercial paper amounted to SEK 325 million (275). The first unsecured bond will mature in November 2024. Interest-bearing liabilities increased by SEK 546 million in the quarter. Secured bank loans of SEK 1,412 million matured and SEK 2,032 million were paid out, including net use of revolving credit facilities. Bonds via SFF of SEK 360 million matured and bonds of SEK 248 million were issued. The volume of commercial paper increased by SEK 50 million. Loan repayments and other payments by instalments amounted to SEK -12 million. Green finance Green bonds and green loans accounted for 67% (67) of our out - standing liabilities. Pledged assets Unsecured financing accounted for 13% (13) of interest-bearing liabilities. Of interest-bearing liabilities, SEK 10,744 million (9,461) were secured against mortgage deeds, corresponding to 39% (37) of the property value. Fixed interest term and derivatives The average fixed interest term, including the effect of derivatives contracts, was 2.8 years (2.8) as at 31 March. As at 31 March, the average interest rate, including the effects of derivative instru- ments, was 3.54% (3.15), excluding unused credit commitments, and 3.66% (3.30) including unused credit commitments. The inter- est coverage ratio over a rolling 12-month period was 3.2 (4.1). The total volume of derivatives as at 31 March was SEK 6,270 million (5,570). In the quarter, Platzer entered into new interest rate swaps of SEK 700 million in order to manage the interest coverage ratio and extend the fixed interest period. Interest rate swaps are used as interest rate hedges for loans at variable rates and to achieve the desired term structure of interest rates. The market value of the derivatives portfolio as at 31 March 2023 was SEK 524 million (611) and the unrealised change in value was SEK -87 million. Only realised changes in value affect cash flow and the market value will be resolved through changes in value during the remaining maturity of the deriva - tives. Credit rating The company has a BBB- (Stable) credit rating, awarded by the credit rating institution Nordic Credit Rating. The rating was last confirmed in June 2022. Interest-bearing liabilities Green MTN, SEK 1,300 million Green bank loanes, SEK 5,185 million Green bonds SFF, SEK 1,456 million Bank loans, SEK 3,607 million 45% 11% 10% 31% 3% 67% GREEN FINANCING Commercial paper, SEK 275 million Interest maturity Loan maturity Year Interest- bearing liabilities SEK m Average interest, % Credit agree- ments, SEK m Used, SEK m of which bank, SEK m of which MTN/CP, SEK m 0–1 years 6,199 5.941) 3,637 3,287 2,962 325 1–2 years 970 1.07 3,259 2,909 1,761 1,148 2–3 years 500 1.72 5,470 3,880 3,280 600 3–4 years 400 0.94 1,175 1,175 279 896 4–5 years 730 1.14 - - - - 5–6 years 1,000 1.14 1,129 629 629 - 6–7 years 800 0.68 - - - - 7–8 years 850 0.95 489 489 490 - 8–9 years 720 1.15 - - - - 9–10 years 200 2.83 - - - - Total 12,369 3.54 15,159 11,823 9,400 2,969 Target/mandate Outcome 31 March 2023 Equity/assets ratio > 30% 46% Loans with one bank < 35% 30% Percentage of loans maturing within one year* 35% 22% Average loan maturity term > 2 years 2.3 years Average fixed interest term 2–5 years 2.8 years Fixed interest term due to mature within 12 months, percentage 20–60% 54% *excl. commercial paper Financing Financing policy 1) Net volume of interest-bearing loans and derivatives results in a high average interest rate. Average interest rate excluding derivatives 4.65%. ===== SIDA 16 ===== 16 CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share The Platzer share The company’s share price at 31 March 2023 was SEK 80.40 per share, corresponding to a market capitalisation of SEK 9,633 million based on the number of outstanding shares. A total of 4.4 million (9.7) shares, worth a total of SEK 390 million (1,034), changed hands in the quarter. Average daily turnover was 68,000 (153,500) shares. The number of shareholders amounted to March 31 to 6,151 (6,126). The foreign ownership amounted to 14.5% (14.1) of the share capital. Dividend policy and dividend The long-term policy is to pay a dividend of 50% of adjusted income from property management after tax (20.6% flat-rate tax in 2021). Adjusted income from property management is income from property management attributable to the Parent Compa- ny’s shareholders. The Annual General Meeting on 23 March approved a dividend of SEK 2.30 per share (2.20), to be paid in two instalments of SEK 1.15 each. The record dates are 27 March and 25 September. The dividend corresponds to an investment yield of 2.9% (1.9), based on the share price at the end of the period. Share capital At 31 March 2023, the share capital in Platzer was distributed among 20 million Class A shares with 10 votes per share, and 99,934,292 Class B shares carrying one (1) vote per share.   Platzer owns 118,429 of its Class B-shares (118,429).  Each share has a quotient value of SEK 0.10. The net reinvestment value, EPRA NRV, was SEK 132.25 (117.30) per share at the end of the period. The Platzer share is listed on Nasdaq Stockholm, in the Large Cap segment. During the last 12-month period the share’s total yield including dividend has been negative 29%. The real estate index (Real Estate GI) during the same period has had a negative yield of 39%. The Platzer share 2023 Jan–Mar 2022 Jan–Mar 2022 Jan–Dec 2022/2023 Jan–Mar Share price at the end of the period 80.40 116.4 82.30 80.40 Net reinstatement value (EPRA NRV) 132.25 117.3 132.63 132.25 Net tangible assets (EPRA NTA) 127.36 113.08 127.75 127.36 Net disposal value (EPRA NDV) 115.19 101.71 116.84 115.11 Income from property management less nominal tax (EPRA EPS) 1.17 2.37 4.74 4.72 EPRA Loan-to-Value ratio property, % (EPRA LTV) 44 46 43 44 Profit after tax 1) 0.65 11.53 26.67 15.79 Adjusted income from property management after tax 2) 0.91 1.36 4.35 4.18 Cash flow from operating activities 0.53 1.04 5.14 3.71 Dividend - - 2.30 - Number of shares as at the balance sheet date, thousand 119,816 119,816 119,816 119,816 Average number of shares, thousand 119,816 119,816 119,816 119,816 For definitions and calculations of key ratios, see platzer.se 1) There is no dilution effect as there are no potential shares. Refers to result attributable to Parent Company’s shareholders. 2) Calculated in accordance with dividend policy, see description on page 16. Name Number of Class A shares Number of Class B shares Number of shares Share of votes, % Share of equity, % Neudi & C:o (formerly Ernström) 11,000,000 6,500,000 17,500,000 38.9 14.6 Länsförsäkringar Göteborg och Bohuslän 5,000,000 11,375,112 16,375,112 20.5 13.7 Länsförsäkringar Skaraborg 4,000,000 2,468,000 6,468,000 14.2 5.4 Family Hielte/Hobohm 18,007,601 18,007,601 6.0 15.0 Fourth Swedish National Pension Fund 9,008,393 9,008,393 3.0 7.5 Länsförsäkringar fondförvaltning AB 8,128,453 8,128,453 2.7 6.8 Handelsbanken funds 6,306,087 6,306,087 2.1 5.3 SEB Investment Management 4,286,708 4,286,708 1.4 3.6 Lesley Invest (incl. private holdings) 4,030,562 4,030,562 1.3 3.4 State Street Bank and Trust Co 3,917,377 3,917,377 1.3 3.3 Other shareholders 25,787,570 25,787,570 8.6 21.5 Total number of shares outstanding 20,000,000 99,815,863 119,815,863 100.0 100.0 Buyback of own shares 118,429 118,429 Total number of registered shares 20,000,000 99,934,292 119,934,292 Major shareholders in Platzer Fastigheter Holding AB (publ) as at 31 March 2023Key ratios per share, SEK ===== SIDA 17 ===== 17 CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share CONSOLIDATED Cash flow statement SEK million 2023 Jan–Mar 2022 Jan–Mar 2022 Jan–Dec 2022/2023 Apr–Mar Operating activities Operating surplus 266 234 939 971 Central administration -15 -15 -56 -56 Net financial income/expense -97 -53 -289 -274 Tax paid -14 -25 -72 -61 Cash flow from operating activities before changes in working capital 140 141 566 565 Change in current receivables 35 -23 -216 -158 Change in current liabilities -111 118 266 37 Cash flow from operating activities 64 236 616 444 Investing activities Investments in existing investment properties -376 -426 -1,412 -1,362 Acquisitions of investment properties -17 - - -17 Disposal and reclassification of investment properties - 1,865 3,011 1,146 Acquisition/disposal of shares in associates - - -357 -357 Other investments -9 0 -2 -11 Cash flow from investing activities -402 1,439 1,240 -601 Financing activities Changes in non-current receivables 0 21 -217 -238 Change in interest-bearing liabilities 545 -1,288 -916 917 Change in non-current liabilities -11 -262 -413 -162 Dividend -138 -132 -264 -270 Cash flow from financing activities 396 -1,661 -1,810 247 Cash flow for the period 58 14 46 90 Cash and cash equivalents at the beginning of the period 217 171 171 185 Cash and cash equivalents at the end of the period 275 185 217 275 Cash flow from operating activities for the period amounted to SEK 64 million (236).  Changes in working capital impacted cash flow by SEK -76 million (95).  See page 11 for further comments on operating activities. Investments in existing properties in the period amounted to SEK 376 million (426). No properties were sold in the period. The company acquired part of a property in Södra Änggården. Cash flow from investing activities amounted to SEK -402 million (1,439).  Cash flow from financing activities amounted to SEK 396 million (-1,661).  Cash and cash equivalents increased by SEK 58 million (14) in the period and totalled SEK 275 million (185) as at the balance sheet date.   Unused overdraft facilities amounted to SEK 100 million (100) and unused credit facilities amounted to SEK 1,900 million (2,090). Comparative amounts for unused credit refer to 31 December 2022. Cash Flow Statement, condensed AREA: SKEPPSBRON PROPERTY: MERKUR ===== SIDA 18 ===== 18 CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share CONSOLIDATED Key Performance Indicators Quarterly Summary 2023 Jan–Mar 2022 Jan–Mar 2022 Jan–Dec 2022/2023 Apr–Mar Financial Debt/equity ratio (multiple) 0.9 0.9 0.8 0.9 Interest coverage ratio (multiple) 2.6 4.1 3.6 3.2 Loan-to-value ratio, % 45 45 44 45 Equity/assets ratio, % 46 45 48 46 Return on equity, % 3.4 18.3 25.5 14.6 Property-related Investment yield, % 3.9 3.6 3.5 3.7 Surplus ratio, % 76 75 76 77 Economic occupancy rate, % 92 92 92 92 Rental value, SEK/sq. m. 1,940 1,677 1,715 1,704 Lettable area, sq. m. (thousand) *) 797 826 797 797 2023 2022 2021 SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Rental income 350 308 308 302 311 304 307 296 Property costs -84 -78 -66 -69 -77 -76 -63 -68 Operating surplus 266 230 242 233 234 228 244 229 Central administration -15 -19 -9 -15 -15 -18 -11 -14 Share of profit of associates 15 -2 -3 137 187 33 26 35 Net financial income/expense -97 -78 -60 -54 -53 -54 -54 -52 Profit including share of profit of joint ventures and associates 169 131 169 302 352 189 204 198 - of which income from property management 161 139 184 174 173 159 177 163 Change in value, investment properties 0 -230 253 1,602 937 492 248 317 Change in value, financial instruments -87 -24 107 248248 340340 4141 4242 77 Change in value, financing arrangements - -146 -94 17 3 -140 52 1 Profit before tax 82 -268 435 2,169 1,632 582 546 523 Tax on profit for the period -4 17 -123 -417 -250 -111 -90 -107 Profit for the period 78 -251 312 1,752 1,382 472 456 416 Investment properties 27,387 26,994 27,002 26,955 25,529 26,031 24,574 24,386 Investment yield, % 3.9 3.4 3.6 3.5 3.6 3.6 4.0 3.9 Surplus ratio, % 76 75 79 77 75 75 79 77 Economic occupancy rate, % 92 92 91 92 92 91 91 91 Return on equity, % 3.4 0.8 6.0 20.3 18.3 8.6 8.9 8.8 EPRA Loan-to-Value ratio property, % (EPRA LTV) 44 43 41 40 46 50 49 50 Net reinstatement value per share, SEK (EPRA NRV) 132.25 132.63 135.20 133.12 117.30 109.74 105.35 101.38 Net tangible assets per share, SEK (EPRA NTA) 127.36 127.75 130.23 127.85 113.08 105.63 101.50 97.63 Net disposal value per share, SEK (EPRA NDV) 115.19 116.84 118.94 116.33 101.71 92.37 88.44 84.62 Income from property management less nominal tax per share, SEK (EPRA EPS) 1.17 1.01 1.32 1.22 1.18 1.18 1.23 1.17 Share price, SEK 80.40 82.30 67.00 66.20 116.40 135.60 132.00 129.80 Earnings after tax per share, SEK 0.65 -2.09 2.60 14.62 11.53 3.94 3.81 3.47 Operating cash flow per share, SEK 0.53 1.79 0.95 0.43 1.04 1.79 1.17 1.90 *) Lettable area inclusive of associates 845,000 sq. m. For definitions and calculations of key ratios, see Financial data on our website, platzer.se https://investors.platzer.se/en/calculation of key performance indicators ===== SIDA 19 ===== 19 CEO’s comment Sustainability Results & Financial positionOperations Market & Platzer Platzer Q1 2023Financing & Share PARENT COMPANY The Parent Company does not own any properties of its own, but instead manages certain groupwide functions relating to management, strategy and financing. Parent Company revenue consists entirely of invoicing for services to Group companies. Parent Company SEK m 2023 Jan–Mar 2022 Jan–Mar 2022 Jan–Dec Net sales 5 4 15 Operating expenses -5 -4 -15 Net financial income/expense 28 -5 990 Change in value, financial instruments -87 340 671 Profit/loss before tax and appropriations -60 334 1,661 Appropriations -287 - -22 Tax 82 -71 -134 Profit for the year 1) -265 264 1,505 SEK m 31 Mar 2023 31 Mar 2022 31 Dec 2022 Assets Participations in Group companies 1,962 1,886 1,962 Other non-current financial assets (primarily financing of Group companies) 4,599 4,076 4,684 Receivables from Group companies 7,440 5,844 6,368 Other current assets 52 8 29 Cash and cash equivalents 13 54 3 Total assets 14,066 11,868 13,046 Equity and liabilities Equity 4,268 3,568 4,809 Non-current liabilities 5,517 4,358 3,978 Liabilities to Group companies 3,096 3,756 3,257 Current liabilities 1,185 186 1,002 Total equity and liabilities 14,066 11,868 13,046 Parent Company, Balance Sheet, condensed 1) T he Parent Company has no items of other comprehensive income and total comprehensive income is therefore the same as profit for the year. Active urban development impacts both rent levels and the value of properties. AREA: LILLA BOMMEN PROPERTY: GULLBERGSVASS 1:17 ===== SIDA 20 ===== 20 Sustainability Results & Financial positionOperations Financing & Share Platzer Q1 2023CEO’s comment Market & Platzer MARKET OUTLOOK Sprawling market as Gothenburg enters recession 50 60 70 80 90 100 110 120 20222021202020192018201720162015201420132012201120102009200820072006 Financial crisis Trade and industry economic indicator in the Gothenburg region Source: National Institute of Economic Research /Business Region Gothenburg (BRG) Saab Automobile bankruptcy Covid-19 Pandemic 62,7 Economic peak Economic peak 89,0 The global economic downturn is expected to continue in 2023, which will affect both the overall Swedish economy and an export-oriented city like Gothenburg. Both infla- tion and interest rates are expected to remain relatively high for the rest of the year, even though there are signs suggesting that these are about to peak and that the vari - ous central banks will only raise key rates one or two more times. The Swedish National Institute of Economic Research (NCIR) wrote in its March fore - cast that the Swedish economy will enter a recession in which both private households and companies will feel the squeeze from inflation and constantly rising interest rates. Riksbanken is expected to continue to raise interest rates until July and to begin a series of interest rate reductions early next year. The recession is not expected to end until 2026. The economic downturn can be seen in the Purchasing Manager Index (PMI) for industry, which declined to 45.7 in March. This is the eighth consecutive month of the index being outside the so-called growth zone. For the service sector the index rose to 58.6, the second month in a row outside the growth zone. Gothenburg economy Gothenburg economic activity continued to decline in the fourth quarter and the index stood at 89.0. With an index value below the limit value of 90, it means that the region’s economy is now in recession. The downturn was broad, with the largest decline in the construction sector and industry. According to Business Region Göteborg, growth in Gothenburg’s 10 largest export markets is expected to amount to 0.9% in 2023 (2022: 2.5%), slightly down on the previ - ous forecast. The weak Swedish krona has so far bolstered the export industry, however, with all transport volumes at the Port of Gothenburg except roll on roll off (RoRo) increasing in the fourth quarter of 2022 compared with the same period in the previous year. In January, unemployment in the Gothenburg region was 5.6%, still well below the national unemployment rate of 6.6% and also lower than the 6.2% reported in the Stockholm region. Employment in the past year has grown sharply in the hotel and restaurant sector and in information and communication. Transport and warehousing, knowledge-intensive services and manufacturing also reported an increase in jobs. In recent months, a number of companies have also announced that they intend to employ more people in the region. In addition, a number of major development pro - jects are underway in the region, the largest of which is Northvolt’s and Volvo Cars’ investment in a battery plant and R&D centre at Hisingen, which is expected to result in the creation of more than 3,000 jobs. According to the visitor night statistics of Statistics Sweden and the Swedish Agency for Economic and Regional Growth, the number of visitor nights in Västra Götaland region rose by 28% in February compared with the same month in the previous year. Source: IMF World economic Outlook, April 2023 Global economy 2022 2023 2024 GDP growth 3.4 2.8 3.0 Inflation 8.7 7.0 4.9 Swedish economy 2022 2023 2024 2025 GDP growth 2.7 -0.4 1.3 3.3 Employment 2.7 0.4 -0.2 1.1 Unemployment 7.5 7.9 8.2 7.9 CPIF (Consumer price index with fixed interest rate) 7.7 6.1 1.7 1.8 Source: Swedish National Institute of Economic Research (NCIR) GOTHENBURG REGION ECONOMIC INDICATOR Source: National Institute of Economic Research/Business Region Gothenburg (BRG) ===== SIDA 21 ===== 21 Sustainability Results & Financial positionOperations Financing & Share Platzer Q1 2023CEO’s comment Market & Platzer MARKET OUTLOOK Industrial/Logistics RENTAL MARKET The logistics rental market is more subdued than before, but demand remains good in attractive locations. This is reflected in rent levels of approx. SEK 900 per sq. m. for new production in the best locations in the Gothenburg area. The earlier sharp rise in e-commerce came to a stop in 2022, which was the first year of decline in this sector, both in terms of volumes and in terms of share of total retail sales. Looked at from a long-term perspective, the Swedish e-commerce sector has doubled in just a few years, resulting in pent-up demand for logistics facilities. The market in the Gothenburg area is also driven by the needs of the manufacturing indus - try and the location close to the port. In the Gothenburg area the main logistics locations are on Hisingen, close to the Volvo companies’ factories, at the port and at the old airport site in Säve. Other impor - tant logistics locations include the area around Landvetter airport and Viared outside Borås. There were no official records of major leases in the first quarter. PROPERTY MARKET The market for industrial and logistics facilities is also subdues and no major transac - tions took place in the first quarter of 2023. This, in turn, mean that it was difficult to assess how the market has developed in terms of yield requirements and property val - uations. The previously high rate of new production has slowed down. In addition to the pro - jects Platzer is involved in, Catena is constructing stage 2 at Landvetter airport. Slightly further on along the motorway Riksväg 40, Logistic Contractor is building a facility in Viared, outside Borås. In Arendal, NCC & Barings is building a logistics facil - ity of 34,000 sq. m. Since most of the new production is built to order for tenants, the vacancy rate in the segment is low with regard to modern logistics premises. Prime Yield (%) Q1 2023 Q1 2022 CBD 4.25 3.50 City centre excl. CBD 4.90 3.90 Norra Älvstranden 5.50 4.25 Mölndal 6.00 5.00 West Gothenburg 6.50 6.00 East Gothenburg 6.00 4.75 Source: JLL Property market, offices Prime Yield (%) Q1 2023 Q1 2022 Stockholm Class A location 4.75 3.30 Gothenburg Class A location 4.75 3.50 Malmö Class A location 5.25 3.75 Source: Newsec Property market industrial/logistics Offices RENTAL MARKET Rent levels increased in all market segments compared with the same period in the previous year, but the rate of increase has slowed down recently. The largest increases were recorded in the City centre excl. CBD, where a large percentage of new production came on the market. Economic uncertainty was assessed as contributing to continued caution. The picture is not one-sided, however, and there is still demand for modern, environmentally certi- fied premises in good locations. In addition, the majority of leases are index-linked, which helps push up rent levels. At the same time, the earlier rise in vacancy levels has slowed down in recent quar - ters. No new figures are available for the first quarter, however. The inflow of new production of office space in Gothenburg peaked at the turn of the year 2022/2023. In 2022, around 170,000 sq. m. came on the market, compared with a nor- mal volume of 30,000–40,000 sq. m. per year.  According to JLL, levels will drop back down to just under 10,000 sq. m. in 2023, before rising again in 2024 to around 60,000 sq. m. So far, the market has been able to absorb the new inflow well. Most of the largest office buildings have high occupancy rates before coming on stream and contribute to a rise in market rents. In the quarter, new leases were agreed in Våghuset and Citygate in the City centre excl. CBD, in Regina in CBD and in Uni3 at Norra Älvstranden. PROPERTY MARKET The start to 2023 was marked by falling activity in the Swedish transaction market for office property. The main reason for this was increasing uncertainty and rising inter - est rates, as well as widely differing views on price levels between buyers and sellers. No major transactions took place in the Gothenburg area, which makes it harder to evaluate the market situation. The rate of new construction of office property in the Gothenburg area is currently low and no major projects were launched in the first quarter. Prime Rent (SEK/sq. m.) Q1 2023 Q1 2022 CBD 4,200 4,000 City centre excl. CBD 3,500 3,300 Norra Älvstranden 2,800 2,700 Mölndal 2,500 2,400 West Gothenburg 1,300 1,300 East Gothenburg 2,500 2,500 Rental market, office space Source: JLL Prime Rent (SEK/sq. m.) Q1 2023 Q1 2022 Stockholm Class A location 1,000 950 Gothenburg Class A location 900 775 Malmö Class A location 775 650 Rental market, industrial/logistics Source: Newsec ===== SIDA 22 ===== 22 Sustainability Results & Financial positionOperations Financing & Share Platzer Q1 2023CEO’s comment Market & Platzer OTHER COMMENTS Employees and organisation The number of employees stood at 86 as at 31 March. Our operations are divided into business areas based on segments: - Business area Offices – will build on its current position as the market leader to con - tinue to create profitable growth in office space. - Business area Industrial/Logistics – its goal is to make Platzer the leading commercial property company in Gothenburg in industrial and logistics property. Each business area has overall responsibility for the property operations within their respective business areas. Our Group management comprises managers respon- sible for the following functions: operations development/IT/purchasing, business development, finance/accounting/property analysis, communication/marketing/sus - tainability, HR, business area Offices and business area Industrial/Logistics. Significant risks and uncertainties Effects of the war in Ukraine The continuing war in Ukraine is impacting the property sector in general. We are con - tinuously carrying out analysis and risk assessment of our own and our tenants’ oper - ations in respect of the impact of the war in Ukraine. We are making adjustments to manage both rising prices and any delays in materials deliveries for our projects. We are taking measures to mitigate the impact of rising energy prices on the operation of our properties. Financial risks Risk and uncertainty in the financial markets is reflected in reduced access to capital and increased cost of credit as a measure to reduce inflation. We are closely following this development in order to mitigate the impact on Platzer. The largest financial risk is limited access to financing and increased credit margins. Platzer’s financial policy sets outs how these risks should be approached. Underlying strong key ratios together with a good financial position and property with lasting value reduce the risk. General risks The general risks and uncertainties that we are primarily exposed to are further exac - erbated by increased uncertainty around future inflation and increased costs in gen - eral, as well as a risk of a deteriorating rental market. We use in-depth continuous analyses and mitigating measures to reduce the impact. We are able to do this thanks to good internal control, well-functioning administrative systems and tried and tested procedures for related processes. Our general risk assessment is described in detail in the 2022 Annual Report on pages 46–50 and 62–63. No significant changes have occurred in our assessment of risks and uncertainties since the 2022 Annual Report. Related party transactions The company’s ongoing related party transactions are described on page 78 of the 2022 Annual Report. There are no significant transactions with related parties other than what is described here. Accounting principles Platzer prepares its consolidated financial statements in accordance with IFRS (Inter - national Financial Reporting Standards) as adopted by the EU. The same accounting policies and measurement principles have been applied as in the most recent Annual Report. The Interim Report has been prepared in accordance with IAS 34, Interim Financial Reporting. None of the new or revised IFRS standards or IFRIC interpreta- tions that have come into force in 2023 has had any effect on the Group's financial statements. The Parent Company’s financial statements are prepared according to the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s Recommendation RFR2 Accounting for Legal Entities. The Parent Company applies the same accounting policies and measurement principles as in the most recent annual accounts. Rounding Individual amounts and total amounts are rounded to the nearest whole number in SEK million. Rounding differences may result in tables not adding up. Other comments Significant events after the reporting period No significant events have taken place after the end of the period. Gothenburg, 19 April 2023 Platzer Fastigheter Holding AB (publ) P-G Persson CEO This interim report has not been reviewed by the company's auditors. ===== SIDA 23 ===== 23 Sustainability Results & Financial positionOperations Financing & Share Platzer Q1 2023Market & PlatzerCEO’s comment Platzer in brief We aim to make Gothenburg the best city in Europe to work in. OUR VISION OUR RESOURCES Employees Capital OUR OPERATIONS Letting and property management Property projects and urban development OUR VALUE CREATION Together we creating lasting sustainable values Property transactions Platzer is one of the largest and leading commercial property companies in Gothenburg. We are proud to be participating in the creation, preservation and regeneration of the best locations in Gothenburg. We own and develop 73 properties with a total lettable area of 845,000 sq. m., worth SEK 27 billion. How we create value We create value through management, development, acquisition and disposal of property. We aim to create attractive areas with good business opportunities for our clients. Business concept P latzer creates sustainable value through ownership and development of commercial property in Gothenburg. Financial targets Equity/assets ratio: > 30% Loan-to-value ratio: not to exceed 50% over time Annual increase in net asset value: >10% Interest coverage ratio: > 2 (multiple) Return on investment, project investments: >20% Calendar 2023 Interim Report January – June 5 J uly at 08:00 (CEST) Interim Report January – September 1 7 October at 08:00 (CEST) For further information, please visit platzer.se or contact P-G Persson, CEO, on +46 (0)734 11 12 22 – Fredrik Sjudin, CFO, on +46 (0)721 27 77 78 ===== SIDA 24 ===== Platzer Fastigheter Holding AB (publ) PO Box 211, SE-401 23 Gothenburg | Visiting address: Kämpegatan 7 +46 (0)31 63 12 00 | info@platzer.se | platzer.se Registered office of Board of Directors: Gothenburg | Corporate ID No: 556746–6437