Slides
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Fabege year-end report 2025 ∑ Bent Oustad, CEO Åsa Bergström, CFO
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We own, develop and manage properties with a focus on attractive working places and good living in superb locations in Stockholm – Sweden's largest growth region. A modern portfolio with focus on Stockholm Rental value per category Office, 84% Industry/logistics, 4% Retail, 4% Hotel, 4% Other, 4% SEK 4.3bn Sqm per category Office, 72% Industri/logistics, 9% Retail, 4% Hotel, 4% Other, 11% 1,300,000 sqm Market value, per area Inner city, 37% Solna, 48% Hammarby Sjöstad, 10% Flemingsberg, 4% Other, 1% SEK 78.5bn
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Summary Q4-2025 – Rental income SEK 899m (861) – Profit from property management SEK 371m (333) – Surplus ratio: 75% for the quarter – Profit residential development SEK 35m (-3) – 23% margin in the quarter – Value changes SEK -711m (18) – Earnings before tax SEK -293m (609) – Net lettings SEK +33m (-23) – Increased activity in the leasing market – Large projects entered the management portfolio – Large refurbishments ongoing – Securing future value creation – Proven our capability to capitalize on Birger Bostad business model, to convert residential landbank into shareholder return
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SEKm 2025 Jan-Dec 2024 Jan-Dec Rental income 3 480 3,438 Sales residential projects 280 233 Net sales 3 760 3,671 Property expenses -897 -885 Residential projects expenses -225 -254 Gross profit 2 638 2,532 Central administration -106 -93 Net interest expense -940 -962 Ground rents -41 -41 Share in profits of associated companies -130 -91 Profit from property management 1,421 1,345 Impairment development properties -24 -73 Realized changes in value, properties -36 3 Unrealized changes in value, properties -1,700 -1,218 Changes in value, derivatives and equities -169 -146 Profit/loss before tax -508 -89 Ta x 160 -124 Profit/loss for the period -348 -213 Condensed income statement – Rental growth +1.2% – Rental growth in identical portfolio -3.2% (4,5) – Surplus ratio: 74% (74) – Growth profit property management +5,6% – Value changes SEK -1,700m (-1,218), equal to –2,2% – Earnings per share SEK -1.11 (-0:68)
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Property valuation Q4, 2025: Propery value: SEK 78.5 bn of which management portfolio: SEK 69.1bn Q4, 2025 Q3, 2025 Q2,2025 Q1, 2021 Externally valued, share 52% 40% 40% 50% Value change, SEKm -712 -338 -85 -565 Yield 4.59% 4.60% 4.56% 4.55% -5000 -4000 -3000 -2000 -1000 0 1000 2000 3000 4000 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 Q4-2025 Unrealized changes in value (SEKm) Q4 2007 to Q4 2025
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Q1 value changes SEK -565m – Property management SEK -369m – Equally divided by increased yield and lower expected cash flows – Development properties SEK -67m – Projects SEK +60m – Building rights SEK -189m (Flemingsberg and Solna) Q3 value changes SEK -338m – Property management SEK -324m – Increased yield – Development properties SEK -53m – Projects SEK +39m Unrealised value changes 2025 Q2 value changes SEK -85m – Property management SEK -70m – Increased yield – Development properties SEK -41m – Projects SEK +26m Q4 value changes SEK -712m – Property management SEK -306m – lower expected cash flows – Development properties SEK -70m – Building rights SEK -336m (mainly Flemingsberg)
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2025 Jan-Dec 2024 Jan-Dec T arget Equity per share, SEK 119 122 EPRA NRV, SEK per share 145 148 T otal return properties, % 1.1 1.7 Surplus ratio, % 74 74 75 Equity/assets ratio , % 45 46 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 13.6 14.1 <13 Interest coverage ratio, multiple 2.6 2.5 >2.2 Key ratios, 31 December 2025
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Financing T otal debt SEK 34.4bn Undrawn credit facilities SEK 6.0bn* Loan-to-value 43% Sustainability 99% Green financing Fixed-term maturity 3.0 years Fixed-interest term 1.5 years (2.1 years incl cancellable swaps) Interest coverage ratio, 12m, multiple 2.6 (Q4: 3.0) Rating Baa2 stable outlook (Moody’s) Financing market Our financing 2025-12-31 – Continued strong access to financing from banks and capital market – Ongoing refinancing of bank facilities maturing in 2026, credit decision and terms agreed – Bond issuance in January of SEK 0.85bn, margin 89/84bp, maturity November 2028 – Ongoing refinancing of commercial papers and bonds – Bond maturities in February already refinanced – Undrawn credit facilities SEK 6bn *Of which SEK 2bn back-up for CP
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Fixed-rate period 31 December 2025 0 1 2 3 4 Maturity Swaps Callable swaps* Extendable swaps** FXD MTN & Loan To t a l 2026 2,700 7,000 400 3,100 2027 2,800 500 450 3,750 2028 2,300 976 3,276 2029 2,400 200 2,600 2030 1,650 1,650 2031 1,300 1,300 2032 500 500 To t a l 13,650 7,000 500 2,026 23,175 *The callable swaps have a term of 10 years with an option for the bank to close the swaps in 2026. **The extendable swaps have a term of 2 years with an option for the bank to extend for a further 3 years – Average interest cost per year end 2.82% (2.98) – Approx 47% (52) of the portfolio fixed – Average interest rate fixation period 1.5 years (2.1 years adjusted for closeable swaps) – Fixed interest derivatives between 0.11% and 2.2% – Cancellable derivatives fixed interest between 1.82% and 2.50% – Extendable derivatives fixed interest between 1.66% and 1.72% Average interest rate
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Earnings 2016 – 2025 500 1,000 1,500 2,000 2,500 3,000 3,500 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Rental income 500 1,000 1,500 2,000 2,500 3,000 3,500 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gross profit property management 200 400 600 800 1,000 1,200 1,400 1,600 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Profit property management 0 1 2 3 4 5 6 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Profit property management/share 40 45 50 55 60 65 70 75 80 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Surplus rate 82 84 86 88 90 92 94 96 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Occupancy rate SEKm SEKmr SEKm SEK % %
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Sustainability – Energy consumption remains in focus. – In 2025, the average energy consumption was 65 kWh/sqm – significantly lower than our target of 70 kWh/sqm and Swedish office average of 124 kWh/sqm –We also achieved the goal to reduce CO2, scope 3 by 35% compared to our base year 2018. –Nöten 4 (Saab), Solna, certified according to BREEAM-SE, outstanding – Fabege share confirmed green on Nasdaq Stockholm, after S&P Global Ratings conducted its annual and independent analysis of the company's sustainability work. 193 109 106 113 110 98 81 74 77 73 71 70 65 124 0 20 40 60 80 100 120 140 160 180 200 *Average office in Sweden according to the Swedish Energy Agencys study ”STIL 3”, 2025. kWh/sqm Energy performance
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Occupancy rate in management portfolio 2025-12-31 0 10 20 30 40 50 60 70 80 90 100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 – Management portfolio 86 % – Including previous project properties Ackordet 1 (64%) and Påsen 1 (73%) – Improvement portfolio – Properties partly or fully vacated for potential project development – Short-term lease contracts without a right of possession – In total approximately 156,000 sqm, of which 127,000 is let
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Net letting and renegotiations Jan–Dec 2025 – Net lettings SEK 36m – New lettings SEK +236m – T erminations SEK -200m – Renegotiations – SEK 618m in total – Decline in rents: -0.3% – SEK 316m of the maturities in 2026 and onwards has already been renegotiated when the current agreement expires 36 -108 165 86 166 -45-37 159 244 127 74 -150 -125 -100 -75 -50 -25 0 25 50 75 100 125 150 175 200 225 250 275 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net letting 2015–2025 (SEKm)
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Renegotiations (Jan-Dec 2025) – T otal renegotiated: SEK 618m, rents -0.3% – SEK 341m extended on unchanged terms – SEK 277m with -0.7% decline in rent – Dominated by several small and medium-large tenants – Renegotiated 6 tenants with yearly base rent above SEK 10m – 2 of these 6 were concluded in Q4, both with unchanged rent level – Arenastaden and City Renegotiated leases above SEK 10 m Office, 45% Edu./health, 35% Hotel, 20% Renegotiations per area Inner city, 72% Solna, 25% Hammarby Sjöstad, 2% Flemingsberg,1%
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Rental development existing lease portfolio 2025-12-31 The graph is not a forecast but instead aims to show the rental trend for the existing lease portfolio on the balance sheet date. 865 852 864 899 887 901 894 895 400 500 600 700 800 900 1000 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Q4-2026 SEKm
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Stable customers with long agreements Customer ¹Share of total rent, % Ye arof expiry SEB 6.8 2037 Saab 4.7 2045 Convendum Stockholm City 3.7 2034 ICA Fastigheter Sverige 3.0 2030 T elia Sverige AB 3.0 2031 DNB 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 WAULT top 10 tenants 9.2 year – Approx. 700 customers – Average lease contract length 5.1 years – T op 10 largest customers represent 30% of total contracted rent – 25 largest customers represents 46% of rental value Share of total rent Office, 84% Retail, 4% Industry/logistics, 4% Hotel, 4% Other, 4% ¹ Share of contracted rent.
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Fabege'sparking business – T otal 12,500 parking spaces - of which 2,700 with EV charging – Key factor for larger customers – Increased demand for day-permits instead of monthly agreement - Flexibility in parking agreements 80 100 120 140 160 180 200 220 2020 2021 2022 2023 2024 2025 Revenues, SEKm
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Completed projects in 2025 Ackordet 1, Haga Norra Påsen 1, Hammarby Sjöstad Separatorn 1, Flemingsberg – In May, Alfa Laval took occupancy of the premises in Separatorn 1 – In September and November, Saab took occupancy of the premises in Nöten 4 – In Ackordet 1 and Påsen 1 tenants have gradually moved in – more tenants will move in during spring 2026
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Ongoingprojects Wenner-Gren center (Ormträsket 10), HagastadenFarao 15-16/Kairo 1, Arenastaden – Farao/Kairo – Investment SEK 613m – Dismantling of the existing buildings, ground and foundation work, preparation of construction documents and construction of the building up to ground floor level. – Ormträsket 10 – Investment SEK 609m – Rental value SEK 58M – Pre let 20% – Marketing to start end of Q2-26
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Completed and ongoing projects in Birger Bostad, Haga Norra Haga Norra, block 5, is progressing according to plan (288 units) – Completed in 2025 – Brf Alma: 23 apartments, of which 20 are sold – 78 rental apartments – T o be completed in 2026 – 50 owner-occupied apartments, of which 44 are sold, possession during Q1 – Brf Mathilda and Ingetora: 137 apartments, of which 35 are sold Preparations underway for project start of the next phase – 132 cooperative apartments in block 4 – Remaining investment approx. SEK 315m – 260 rental apartments and senior housing + a preschool, total approx. 19,500 GLA in block 3 – Remaining investment approx. SEK 860m – Estimated completion in 2028/2029
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Buildingrights, 2025-12-31 Commercial building rights – 551,400 sqm – Approx. 59% legal binding – Booked value: SEK 7,000 per sqm Residentials building rights – 499,800 sqm – Approx. 37% legal binding – Booked value: SEK 7,400 per sqm Reduction in number of building rights due to termination of land allocation in Flemingsberg. Ongoing negotiation with Huddinge municipality.
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– Land allocation agreement signed in August 2020 – Zoning legally binding January 2026 – Preliminary possession date: April 2026 – Building rights approx. 8,800 sqm (GFA) – Purchase price: SEK 208m (index-linked) – Planned move-in during 2029 – One of Fabege’s core areas, entrance to Stockholm inner city Sveaplan at a glance for Fabege: – Approx. 55,000 sqm GLA with; – Office and co-working – Ground floor activity incl. F&B – High class, conference centre – Parking and other services Land allocation at Sveaplan (Stockholm inner city) Existing Fabege properties in the area
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Project opportunities in the near term Farao-Kairo, Arenastaden – 77,000 sqm office (GLA) – Development started end of 2025 with dismantling and infrastructure investments – Estimated number of residential units in Arenastaden approx. 500 – 185 apartments in Phase 1 Haga Norra – Already produced 519 units – In production 187 units – Decided to produce another 390 units
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Project opportunities in the near term (cont’d) Västra Kungsholmen – Paradiset 27 / T egelterassen, 36 000 sqm office – Partly demolition started in January 2026 Solna Business Park – Parkhuset: 22,100 sqm office (Land allocation) – Yrket: 320 residential units and 2,200 sqm premises (of which land allocation approx. 40% of area, the remaining part on own land) Yrket: Birger BostadParkhuset
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Main short-term priorities – Decrease vacancies – Continue to be the preferred partner for our customers – Always available, accessible and solution-orientated – Secure value creation in ongoing projects – Analyse value creation in our landbank – Both commercial and residential – Continue to be active in the financing markets – Search for opportunities
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A growing, vibrant and sustainable Fabege. Q&A ∑