Q4/FY 2025: Significant growth and solid shareholder returns

25 Feb 2026 07:00 CET

Rental income increased by 120% to NOK 389 million (NOK 177 million) in the
fourth quarter and by 64% to NOK 1,089 million (NOK 662 million) in 2025,
compared to the same period last year. Net income from property management
increased by 142% to NOK 147 million (NOK 61 million) in the fourth quarter
and by 73% to NOK 468 million (NOK 270 million) in 2025. Positive changes in
fair value of investment properties came in at NOK 43 million in the fourth
quarter and NOK 335 million in 2025 and profit before tax was NOK 89 million
(246 million) in the fourth quarter and NOK 648 million (73 million) in 2025.

"2025 has been transformative year for PPI. We have acquired a total of 778
properties and become a large pan-Nordic company with significant operations
in Sweden, Norway, Finland and Denmark. Going into 2026, PPI's portfolio and
run rate rental income is approximately 5x larger than in the beginning of
2025. Our capital allocation strategy is focused on maximizing shareholder
values while also maintaining a conservative balance sheet and we have
delivered total shareholder return of approximately 35% in 2025 and 70% since
the IPO in April 2024", says André Gaden, CEO.

As of 31.12.2025, PPI owned 850 properties, with a total market value of
approximately NOK 54.2 billion and an average net yield of 5.7%. The occupancy
in the management portfolio was 95% with an average lease term of 6.9 years
(7.3 years if including the project portfolio).

During the fourth quarter PPI completed a transformative acquisition of a NOK
38 billion Nordic social infrastructure property portfolio from
Samhällsbyggnadsbolaget i Norden AB. As a result, PPI has become the largest
European listed owner of social infrastructure, elderly care and healthcare
properties in a region which is characterized by population growth and an
ageing population, driving lasting demand for social care. The transaction was
financed by NOK 13.8 billion in new equity, SEK 12.7 billion in unsecured
bridge loan facility and cash on balance sheet. The bridge loan has been
partly repaid by SEK 9.2 bn in Q1 2026, following the two bond issues in
January 2026 totaling EUR 900 million.

PPI has maintained a disciplined capital structure with LTV below 50% since
the IPO, while also growing the company significantly. As of 31.12.25 the LTV
was 48.3% and Net debt/Run rate EBITDA (adjusted for ongoing development
projects) was 9.5.

In December, the Board announced an intention to propose a dividend of NOK 1
per share to the Annual General Meeting in 2006, split in quarterly
installments of NOK 0.25 per share from Q2 2026. If approved, PPI will pay out
total dividends of NOK 0.9 per share in 2026 vs NOK 0.35 per share in 2025
(+157%).

PPI has started preparations for re-domiciliation to Sweden and a primary
listing on Nasdaq Stockholm, which is expected to be concluded in the second
quarter of 2025.

Management will present the results in a webcast, followed by a Q&A session
today at 09.30 CET. The webcast may be followed from:
https://publicproperty.no/en/investor-relation. Questions may be submitted by
email to IR@publicproperty.no.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-02-25 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

666651_PPI Q4 2025 Presentation.pdf
666651_PPI Q4 2025 Report.pdf