Q4/FY 2025: Significant growth and solid shareholder returns

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.