Slides
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Fabegesinterim report Jan–Jun 2025 ∑ Stefan Dahlbo, CEO Åsa Bergström, CFO
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A modern portfolio with focus on Stockholm Number of properties 99 Property value SEK 78.3bn Lettable area 1.300.000 sqm Rental value SEK 4.1bn
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SEKm 2025 Jan-Jun 2024 Jan-Jun Rental income 1,717 1,731 Sales residential projects 128 142 Net sales 1,845 1,873 Property expenses -484 -462 Residential projects expenses -105 -147 Gross profit 1,256 1,264 Central administration -59 -60 Net interest expense -482 -486 Ground rents -21 -21 Share in profits of associated companies -37 -38 Profit from property management 657 659 Realized changes in value, properties -37 4 Unrealized changes in value, properties -671 1,461 Changes in value, derivatives and equities -332 29 Profit/loss before tax -383 -769 Ta x 166 87 Profit/loss for the period -267 -862 Condensed income statement – Rental growth in identical portfolio: approx. -3% (8) – Surplus ratio: 72% (73) – Value changes SEK -650 (-1,461), equal to -0.8% – Earnings per share: SEK -0.85 (-2:17)
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Property valuation Q2, 2025: Propery value: SEK 78.3 bn of which management portfolio: SEK 67.1bn Q2, 2025 Q1,2025 Q4, 2024 Q3, 2024 Externally valued, share 40% 50% 55% 45% Value change, SEKm -85 -565 18 224 Yield 4.56% 4.55% 4.54% 4.54% -5000 -4000 -3000 -2000 -1000 0 1000 2000 3000 4000 Q1-2007 Q4-2007 Q2-2008 Q4-2008 Q2-2009 Q4-2009 Q2-2010 Q4-2010 Q2-2011 Q4-2011 Q2-2012 Q4-2012 Q2-2013 Q4-2013 Q2-2014 Q4-2014 Q2-2015 Q4-2015 Q2-2016 Q4-2016 Q2-2017 Q4-2017 Q2-2018 Q4-2018 Q2-2019 Q4-2019 Q2-2020 Q4-2020 Q2-2021 Q4-2021 Q2-2022 Q4-2022 Q2-2023 Q4-2023 Q2-2024 Q4-2024 Q2-2025 Unrealized changes in value (SEKm) Q1 2007 to Q2 2025
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2025 Jan-Jun 2024 Jan-Jun T arget Equity per share, SEK 119 121 EPRA NRV, SEK per share 147 146 T otal return properties, % 0.7 -0.2 Surplus ratio, % 72 73 75 Equity/assets ratio , % 45 46 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 14.1 13.9 <13 Interest coverage ratio, multiple 2.4 2.4 >2.2 Key ratios, 30 June 2025
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Financing T otal debt SEK 34.2bn Undrawn credit facilities SEK 6.0bn* Loan-to-value 43% Sustainability 99% Green financing Fixed-term maturity 3.2 years Fixed-interest term 1.5 years (2.4 years cancellable swaps) Interest coverage ratio, 12m 2.5 Rating Baa2 stable outlook (Moody’s) Financing market Our financing 2025-06-30 – Continued strong access to financing – Refinanced a bank facility of SEK 1.5 billion – Ongoing refinancing of commercial papers – Bond issuance of SEK 700m during the second quarter – Annual update of the MTN prospectus completed – Launched updated Green Framework with a second opinion from S&P – Undrawn credit facilities SEK 6bn – The Riksbank has lowered the policy rate to 2% *Of which SEK 2bn back-up for CP
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Fixed-rate period 30 June 2025 0 1 2 3 4 Maturity Swaps Callable swaps FXD MTN & Loan To t a l 2025 1,000 7,000 394 8,394 2026 2,700 400 3,100 2027 2,800 450 3,250 2028 2,300 976 3,276 2029 2,400 200 2,600 2030 1,400 1,400 2031 1,300 1,300 2032 500 500 To t a l 14,400 7,000 2,420 23, 820 * The callable swaps have a term of 10 years with an option for the bank to close the swaps in 2025. – Average interest cost per year end 2.89% (2.98) – Approx 49 percent of the portfolio fixed – Average interest rate fixation period 1.5 years (2.4 years adjusted closeable swaps) – Fixed interest derivatives between 0.11% and 2.18% – Cancellable derivatives fixed interest between 1.82% and 2.50% Average interest rate
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8 Sustainability –Updated green framework with a second opinion from S&P (medium green) ensures continued access to green financing –Initiated collaboration with Myrspoven with the aim of taking the next step in improving energy efficiency in our properties –Dismantling and recycling of at least 80% of materials during the demolition of Farao/Kairo in Arenastaden
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Transactions on our market Jan-Jun 2025 Blekholmen 1, CBD, 34,000 sqm office,residential, seller M&G Real Estate, buyer Alecta, Price SEK 2,890m. Skravelberget Större 19, CBD, 3,300 sqm, office, seller Alecta, buyer M&G Real Estate, price not public. Tranhuvudet 8, CBD, 6,600 sqm, office, seller SEB Trygg Liv, buyer Axfast, price SEK 976m. Generatorn 4+5, Flemingsberg, 12,500 sqm, retail, seller Niam, buyer Delcore (ICA,AMF), price not public. Grinden 16, Fridhemsplan, 6,100 sqm, office, seller SEB Trygg Liv, buyer Olov Lindgren, price not public. Stora Katrineberg 8, Liljeholmen, 4,050 sqm, office, seller SEB Trygg Liv, buyer Revelop, price not public. Bleckholmen 1 9
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Stockholm office market Source: CityMark
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T otal office space Stockholm (sqm)* 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 11,000,000 Stockholm, innercity, North of Sthlm 1+2, South of Sthlm 1+2 Source: CityMark
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Occupancy rate in management portfolio 2025-06-30 0 10 20 30 40 50 60 70 80 90 100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 – Management portfolio 87 % – Improvement portfolio – Relates to properties that are partly or fully vacated for project development, lettings are made for short-term contracts without a right of possession – In total approximately 137,000 sqm, of which 119,000 is let
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Net letting and renegotiations Jan-Jun 2025 – Net lettings SEK -6m – New lettings SEK 124m – T erminations SEK -130m – Renegotiations – SEK 161m extended on unchanged terms – SEK 103m -3.1% – SEK 98m of the maturities in 2025/2026 has already been renegotiated when the current agreement expires -150 -125 -100 -75 -50 -25 0 25 50 75 100 125 150 175 200 225 250 275 Q2 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net letting 2015–2025, Q2 (SEKm)
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Rental development existing lease portfolio 2025-06-30 The graph is not a forecast,but instead aims to show the rental trend for the existing lease portfolio on the balance sheet date. 846 861 865 852 863 882 876 890 400 500 600 700 800 900 1000 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 SEKm
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Stable customers with long agreements Customer ¹Share of total rent, % Ye arof expiry SEB 6.8 2037 Saab² 4.7 2045 Convendum Stockholm City 3.7 2034 ICA Fastigheter Sverige 3.0 2030 T elia Sverige AB 3.0 2031 Carnegie Investment Bank 2.3 2027 Svea Bank AB 1.8 2029 Bilia AB 1.8 2041 Alfa Laval technologies AB 1.7 2047 The North Alliance Sverige AB 1,2 2027 T otal 30.4 – Approx. 700 customers – 25 largest customers represents 45% of rental value – Average contract length 4.8 years – Share of total rent Office, 84% Retail, 4% Industry/logistics, 4% Other, 8% ¹ Share of contracted rent. ² Possession of the premises on 2025-09-01 and 2025-11-01 respectively.
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Completed projects Kvarter 1, (Ackordet 1) Haga Norra T extiltorget(Påsen 1) Hammarby Sjöstad Alfa Laval (Separatorn 1), Flemingsberg 16 – In May, Alfa Laval took occupancy of the premises in Separaorn1. – In the two remaining projects, tenants have gradually moved in. – The rental value of the remaining unleased and unoccupied space amounts to SEK 44m.
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Our ongoing projects Investments Jan-Jun 2025: Management properties SEK 408m Improvements properties SEK 26m Project properties SEK 610m T otal investments SEK 1,044m Nöten 4, Solna strand Wenner-Gren center (Ormträsket 10), Hagastaden Farao/Kairo, Arenastaden
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Birger Bostad – Project Haga Nora progressing according to plan – Brf Alma completed and final accounts settled. 20 out of 23 apartments sold and occupied – 50 owner apartments of which 40 sold, access in December – 78 rental apartments being completed for occupancy autumn 2025 – 57 apartments reserved in upcoming phases 18
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Our building rights, 2025-06-30 Commercial building rights – 701,000 sqm – Approx. 45% legal binding – Booked value: SEK 6,800 per sqm Residentials building rights – 523,400 sqm – Approx. 37% legal binding – Booked value: SEK 7,600 per sqm 19
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Project opportunities in the near term Farao-Kairo, Arenastaden – 77,000 sqm office – 185 apartments – Development will begin 2025 – with demolition and infrastucture investments Haga Norra, kvarter 4 – Flexible design of 130 apartments – Approx. 14,000 sqm
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Project opportunities in the near term T egelterassen/Paradiset 27, Västra Kungsholmen – 36,000 sqm office Parkhuset/Yrket, Solna Business Park – Parkhuset: 22,100 sqm office (Land allocation) – Yrket: 20,900 sqm residential and 2,200 sqm office (of which land allocation approx. 40% of area, the remaining part on own land)
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Long-term growth Growth will be achieved by: – Complete existing projects – Increasing the occupancy rate to 95% – Investments in new projects – Transactions – Cost effectiveness T arget: – Growth of management profit – Best total return in the property portfolio
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We believe in Stockholm – Sweden’s largest growth region Best place to visit 2025 CNN Region Stockholm EU Commission 30 percent of Sweden’s GDP is created here One of the most innovative regions in the EU Lower unemployment than in the country as a whole Stockholm Chamber of Commerce Stockholm Chamber of Commerce Sustainable Cities Index Strong business clusters within finance, life science and tech The world’s most sustainable city – two years in a row Employment rate and gross regional product per capita among the highest in the world. City of Stockholm Wharton Oxford Economics ”Unicorn Factory” Most unicorns per capita after Silicon Valley Best city in the Nordic region in terms of the economy, human capital, quality of life, the environment and governance. 23
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We believe in offices – The office is crucial for successful businesses – Over time, the number of people employed in office-intensive sectors in Stockholm is increasing – Clear trend – we are heading back to the office – Natural to improve efficiency over time – Location and transport links important – Fabege well positioned – The changes in the market present opportunities 24
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A growing, vibrant and sustainable Stockholm region. Q&A ∑