Slides
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CONFERENCE CALL Q3 2026
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Active property and portfolio management ensures strong financial performance and provides excellent opportunities for a continuation to execute value-added transactions Strong property development platform enabling continued growth regardless of the situation on the transaction market The Balder share have yielded significant shareholder returns over time with NAV growth per share of +24% per year since 2005 Solid fundamentals and benign demographics with 80% of the portfolio in capitals and larger cities supported by structural need for housing and offices One of the largest and most well diversified property companies in the Nordic region both in terms of asset and location BALDER AT A GLANCE PORTFOLIO VALUE AVAILABLE LIQUIDITY INTEREST COVERAGE RATIO OFFICIAL RATING AVG. LEASE DURATION 10 LARGEST LEASES OCCUPANCY RATE NAV PER SHARE NET DEBT TO TOTAL ASSETS NAV GROWTH PER YEAR SINCE 2005 S&P RATINGS BBB % 95 YEARS 13.2 SEK BILLION % 50.2 TIMES 2.4 SEK BILLION 25 SEK 9 7. 0 3 % 24 PORTFOLIO CARRYING VALUE 246 2 53% 47% Residential Commercial
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3 FASTIGHETS AB BALDER Q3 2026 • Rental income SEK 3,642m, increase 6% • Net operating income SEK 2,836m, increase 6% • Profit from property management per share adjusted for the effect of the distribution of Norion in the comparative figures corresponds to an increase of 11%. Without adjustment Profit from property management decreased by 2%, to 1.34 SEK/share • Profit from property management in current earnings capacity amounted to 5.27 SEK/share, a decrease of 5% compared to the same period last year. Excluding the effect of the Norion dividend it corresponds to an increase of 11% • Net debt to total assets 50.2% • Like for like rental growth 1.2% • NAV 97.03 SEK/share SKÅR 40:5 GOTHENBURG COMMERCIAL
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CURRENT EARNINGS CAPACITY 2026 2026 2026 2025 2025 2025 2025 2024 2024 SEKm 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep Rental income 14,700 14,500 14,200 13,800 13,800 13,700 13,500 13,800 13,000 Property costs -3,500 -3,500 -3,400 -3,300 -3,300 -3,300 -3,200 -3,400 -3,200 Net operating income 11,200 11,000 10,800 10,500 10,500 10,400 10,300 10,400 9,800 Surplus ratio 76% 76% 76% 76% 76% 76% 76% 75% 75% Management and administrative costs -1,200 -1,200 -1,200 -1,100 -1,100 -1,100 -1,100 -1,100 -1,100 Profit from property management from associated companies 1,200 1,200 1,200 1,200 1,900 1,900 1,900 1,900 2,000 Operating profit 11,200 11,000 10,800 10,600 11,300 11,200 11,100 11,200 10,700 Net financial items, incl. ground rent -4,600 -4,400 -4,300 -4,200 -4,200 -4,100 -4,200 -4,200 -4,200 Non-controlling interests -500 -500 -400 -400 -500 -500 -500 -500 -450 Profit from property management Parent Company 6,100 6,100 6,100 6,000 6,600 6,600 6,400 6,500 6,050 Tax -1,200 -1,200 -1,200 -1,200 -1,300 -1,300 -1,300 -1,300 -1,250 Profit after tax 4,900 4,900 4,900 4,800 5,300 5,300 5,100 5,200 4,800 Profit from property management, per share, SEK 5.27 5.21 5.17 5.06 5.55 5.55 5.38 5.46 5.16 4
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A WELL-DIVERSIFIED PORTFOLIO CARRYING AMOUNT DISTRIBUTED BY REGION Total real estate portfolio, % Helsinki 24% Gothenburg 20% Stockholm 14% East 13% Copenhagen 12% North 9% South 8% CARRYING AMOUNT DISTRIBUTED BY PROPERTY CATEGORY Total real estate portfolio, % Residential 53% Office 15% Other 13% Retail 11% Industrial/Logistics 7% 5 80% Of the property portfolio located in capitals and larger cities TORIHOTELLI ULEÅBORG HOTEL
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LONG TRACK-RECORD OF DELIVERING VALUE 2 804 3 304 4 023 4 244 5 543 6 139 6 135 6 011 6 389 5 936 5,04 0,00 1,00 2,00 3,00 4,00 5,00 6,00 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025/2026 Oct-Sep Profit from property management (SEKm) Profit from property management (SEK/Share) 6
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…WHILE IMPROVING OPERATIONAL STABILITY AND REDUCING LEVERAGE Long track record of value creation through strong operational focus, as well as investments in acquisitions and new development Continuous leverage reduction and commitment to investment grade rating Strong population growth and urbanisation offer strong structural support for occupancy rates. Our diversified portfolio shows that it creates stability over cycles. 246 060 0 100 000 200 000 Portfolio value, (SEKm) 50,2% 0% 20% 40% 60% Net debt to total assets, % 95% 80% 90% Occupancy rate, % 7
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FINANCING Equity / Assets Ratio 37.3% Target > 40% Net Debt to Total Assets 50.2% Target < 50% Interest-Coverage Ratio 2.4 Target > 2.0 Net Debt to EBITDA, rolling 12 months 13.0 Target < 11.0 Fixed Credit Term 4.8 years n.a Average Fixed-Rate Period 2.4 years n.a. Available Liquidity, SEKm 24,935 n.a INTEREST FIXING STRUCTURE Year SEKm Interest, % Proportion, % 2026 42,667 3.1* 28 2027 21,757 2.4 14 2028 21,578 3.0 14 2029 17,709 2.2 11 2030 13,576 2.2 9 2031 17,594 3.0 11 2032 9,603 3.8 6 2033 5,666 4.1 4 2034 1,239 2.8 1 2035 - - - 2036- 3,690 3.7 2 Total 155,079 3.0 100 48% 45% 6%0% Unsecured bonds, 48% Secured bank loans, 45% Unsecured bank loans, 6% Commercial paper, 0% 85 599 69 479 Unsecured loans, 55% Secured loans, 45% 8 *The average interest rate for the current year includes the margin for the variable part of the debt portfolio
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FINANCING Portfolio Value (SEKm) and Net Debt to Total Assets (%) Secured debt to total assets 24.1% 75% of the debt is hedged with interest swaps and fixed-rate loans 246 060 50,2% 24,1% 10% 20% 30% 40% 50% 60% 70% 80% 0 50 000 100 000 150 000 200 000 250 000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Portfolio value (SEKm) Net debt to total assets, % Secured debt to total assets, % 9
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FINANCING 0 5 000 10 000 15 000 20 000 25 000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036- MATURITY STRUCTURE BANK LOANS Bank loans 0 5 000 10 000 15 000 20 000 25 000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036- MATURITY STRUCTURE BONDS AND COMMERCIAL PAPER Commercial paper Bonds Convertible bond 10
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ASSET LIABILITY MANAGEMENT Leverage & capital allocation • Continued balanced capital allocation until reaching 11 times Net Debt/EBITDA on a reported rolling 12 months basis, limited project development investments in the near term • A conversion of the convertible bond today would reduce Net Debt by SEK 5.4bn, and Net Debt/Total Assets by around 3%, with a marginal decrease of NAV/Share. Net Debt/EBITDA would decrease by 0.5 Funding strategy • Long term bond issuer in both SEK and EUR – probably a 50/50 split bonds vs bank financing is reasonable • Already well placed in EUR bond market – benchmarks each year until 2033 (total outstanding EUR bonds of SEK 60bn, approximately 40% of interest-bearing liabilities) • Will increase presence in SEK bond market over time – establish a liquid curve out to 5 years • Will over time decrease maturity concentrations in a given quarter or year to improve the cost efficiency of our liquidity management 11
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THE SHARE 0 1 2 3 4 5 6 7 8 0 15 30 45 60 75 90 105 120 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Share price Net asset valute (NAV) Profit from property management Profit from property management SEK/share 0 4 8 12 16 20 24 28 32 0% 20% 40% 60% 80% 100% 120% 140% 160% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Share price/Net asset value (NAV) Share price/Profit from property management Share price/Profit from property management, times Share price/Net asset value (NAV), %Share price, Net asset value (NAV) SEK/share Share price development over time Share price development in relation to NAV and Profit from property management 12
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME SEKm 2026 Jul-Sep 2025 Jul-Sep Deviation, Δ % Rental income 3,642 3,444 6 Property costs –806 –766 Net operating income 2,836 2,678 6 Management and administrative costs –284 –271 Participation in the profits of associated companies/joint ventures –133 472 Other income/costs 7 7 Net financial items –1,161 –1,104 - Of which cost of leases/ground rent –24 –23 Non-controlling interest –128 –142 Profit from property management, Parent Company 1,562 1,640 –5 Changes in value Changes in value investment properties, realised –1 –11 Changes in value investment properties, unrealised 269 853 Profit from development properties –1 –9 Changes in value derivatives 755 469 Changes in value total 1,022 1,301 Profit before tax 2,288 3,083 Income tax –516 –569 Net profit for the period 1,772 2,514 Profit from property management per share, SEK 1.34 1.38 Profit after tax per share, SEK 1.44 2.01 13
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION SEKm 2026 30 September 2025 30 September Assets Investment properties 242,745 225,927 Development properties 3,315 3,547 Lease contract; Right-of-use assets 2,336 2,570 Goodwill 142 – Other fixed assets 284 311 Participations in associated companies/joint ventures 24,560 28,410 Derivatives 1,187 259 Other receivables 4,182 5,485 Cash and cash equivalents and financial investments 10,139 11,183 Assets held for distribution to owners – – Total assets 288,890 277,692 Equity and liabilities Equity 107,690 106,201 Deferred tax liability 19,113 17,846 Interest-bearing liabilities 155,079 145,206 Derivatives 100 883 Lease contract 2,337 2,570 Other liabilities 4,572 4,985 Total equity and liabilities 288,890 277,692 14
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SHAREHOLDERS AS OF 30 SEPTEMBER 2026 Owner A shares B shares Total no shares Capital, % Votes, % Erik Selin via company 49,855,968 343,385,400 393,241,368 33.0 46.9 Arvid Svensson Invest AB 17,495,352 73,799,819 91,295,171 7.7 13.8 AMF Fonder & Pension - 73,719,722 73,719,722 6.2 4.1 Swedbank Robur Fonder - 56,903,149 56,903,149 4.8 3.2 Länsförsäkringar Fondförvaltning - 41,441,084 41,441,084 3.5 2.3 Handelsbanken Fonder - 23,843,230 23,843,230 2.0 1.3 Alecta Tjänstepension Ömsesidigt - 19,800,000 19,800,000 1.7 1.1 Folksam - 19,660,524 19,660,524 1.7 1.1 Andra AP-fonden - 18,957,140 18,957,140 1.6 1.1 SEB Funds - 15,362,613 15,362,613 1.3 0.9 Other 25,272 402,750,727 402,775,999 33.8 22.4 Total outstanding shares 67,376,592 1,089,623,408 1,157,000,000 97.2 98.2 Shares held by Fastighets AB Balder - 33,000,000 33,000,000 2.8 1.8 Total number of registered shares 67,376,592 1,122,623,408 1,190,000,000 100 100 15
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ASSOCIATED COMPANIES Entrepreneurial capacity to build portfolio Increased owning over time Financially strong co-owners Unique competence segment or competence CAPITAL ALLOCATION Sinoma 16
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17 S SOCIAL G GOVERNANCE Climate change Water Resource use and circular economy Own employees Workers in the value chain Customers and social area development Business conduct Targets • 50% reduction in emissions from own operations by 2030 and achieve net zero emissions throughout the value chain by 2045 • Energy efficiency improvement 2% per sq.m. and year and increased volume of renewable energy production • Conduct climate risk analyses for the property portfolio • Provide customers and employees with good conditions for environment-friendly, fossil-free transport options • All newly produced properties must as a minimum fulfil Miljöbyggnad Silver or equivalent certification • Increase the proportion of environmentally certified buildings in Balder’s current property portfolio • Increase the proportion of green financing • Reduced water use 2% per sq.m. and year • Actively contribute to preserve and increase biodiversity in property management and in connection with property development • Reduce waste volumes, increase the level of sorting and strive to achieve increased reuse of materials • No incidents of discrimination or victimisation • Implement various social initiatives that contribute to the development of Balder’s five social pillars • Create jobs for young people in the property management organisation • No cases of corruption • All employees shall be trained in the company’s Code of Conduct Targets Targets E S G ENVIRONMENTAL BALDER’S SUSTAINABILITY FRAMEWORK E
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Q&A