PRELIMINARY FINANCIAL RESULTS 2025

27 Feb 2026 16:05 CET

Steen & Strøm’s shopping center portfolio continued delivering growing results
in 2025, posting a 4.8% growth in net rental income.
Steen & Strøm has continued to strengthen the financial position during 2025,
incl. a loan-to-value ratio of 19.8% end of the year, confirmed by an A- rating
from S&P.

OPERATING PERFORMANCE
Retailer sales has increased +1.9% during 2025, with the best performance posted
by Emporia and Field’s at +3.1% and +2.9%. On the other hand, Oslo city and
Bruun’s were negatively impacted by the works on metro station (Oslo City) and
train station (Bruuns) directly connected to the shopping centers. Works in Oslo
city finished in Q2 2025, however the works in Bruuns will continue until Q2
2026.

Net rental income on a like-for-like basis increased by +2.8% in 2025 (Norway
+7.6%, Denmark +2.3% and Sweden +1.1%), driven by indexation, higher parking and
specialty leasing revenues. For the Group as a whole, the index-linked effect on
net rental income was +1.6%, and occupancy was 96.1% on average for the year.

Profit before tax amounted to NOK 1,643.6 million (profit of NOK 1,617.6 million
in
2024). Adjusted for fair value changes related to the investment property
portfolio and income from disposals, the pre-tax profit equals NOK 1,025.1
million.

ESG
GRESB, the leading Environmental, Social and Governance (ESG) benchmark for Real
Estate, awarded Steen & Strøm a five-star rating in 2025 and for the second
executive year in a row, Steen & Strøm has been ranked no.1 in the peer group
(Non-Listed: Core: Northern Europe: Retail: Retail Centers: Shopping Center).
By this, Steen & Strøm is being recognized as a global sector leader within
retail, which means the Group is
in the top of the most sustainable shopping center operators in Northern Europe.
This confirms the relevance of our Group impact strategy, “Act4Good”.

INVESTMENT PROPERTIES
Steen & Strøm portfolio consists of nine shopping centers, located in major
regional cities' catchment areas. The centers had 59.3 million visitors in 2025
(+0.3%). The portfolio comprises resilient, large, and attractive assets,
adapted to consumer needs and expectations. The largest centers are Field’s
(Copenhagen), Emporia (Malmö), Oslo City (Oslo) and Bruuns Galleri (Aarhus).
There has been one divestment of a development plot in Denmark during 2025.

Total change in fair value of investment properties amounted to NOK 677.5
million in 2025 (NOK 21.7 million in Norway, NOK 425.6 million in Sweden and
NOK 230.2 million in Denmark). The valuations reflect an average
net initial yield of 5.1% (5.1% in Norway, 5.5% in Sweden and 4.8% in Denmark),
9 basis points below 2024. The positive trend is widely spread across the
portfolio, mainly driven by an overall +3.2% cash-flow effect, carried by the
Swedish (+5.1%) and Danish assets (+2.9%). The market effect, on the other hand,
remains limited at Scandinavian level (+0.1%), but rather supportive for the
Norwegian portfolio (+2.3%).

DEBT & FINANCING
Total assets for the Group as of 31 December 2025 amounted to NOK 31.8 billion
(NOK 30.7 billion), of which investment properties amounted to NOK 28.3 billion
(NOK 26.7 billion). Booked equity amounted to NOK 19.7 billion at year-end 2025,
corresponding to a book equity ratio of 61.8% (59.1%). Net interest-bearing debt
(not including lease liabilities) decreased by NOK 360.4 million to NOK 5,958.0
million 31 December 2025 and is reflected in the Group’s Loan-to-Value of 19.8%
(22.2%). The average cost of debt was 2.4% in 2025 vs. 2.2% in 2024, primarily
attributable to a decrease in net interest income from swaps, due to a decrease
in floating interests received compared to the fixed interests paid.

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667162_S&S 2025 Preliminary Financials.pdf