Slides
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Bent Oustad, CEO Åsa Bergström, CFO Fabege Interim report Jan-Sep 2026 ∑
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We own, develop and manage properties with focus on attractive working places and good living in superb locations in Stockholm A modern portfolio with focus on Stockholm - occupied by high-quality tenants 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 Property value, per area Inner city, 38% Solna, 48% Hammarby Sjöstad, 10% Flemingsberg, 4% Other, 1% SEK 79.7bn 2
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3 Our strengths – Our customers – High CSI, highlighted by strong track record in serving our customers needs – 95% of our tenants say they would recommend Fabege as a landlord – Long-term lease contracts as a foundation – Own employees across the entire value chain – Clusters give us advantages – Economies of scale – Create engaging meeting places – “The 15-minutes city” – Excellent capabilities to deliver large and complex projects from start to finish – Done it and will do it – Strong capabilities and best in class practice within ESG initiatives and environmental results
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Summary Q3-2026 – Net letting: SEK +55m – Rental income: +2,3% – Surplus ratio in Q3: 76% – Profit residential development: SEK +33m – YTD: SEK 112m – Value changes: SEK 259m – Stable occupancy rate 87% – Changes in the executive management team 4
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SEKm 2026 Jan-Sep 2025 Jan-Sep Rental income 2,678 2,581 Sales residential projects 793 128 Net sales 3,471 2,709 Property expenses -692 -675 Residential projects expenses -681 -108 Gross profit 2,098 1,926 of which net operating income property management 1,986 1,906 of which gross profit residential development 112 20 Central administration -78 -78 Net interest expense -741 -718 Ground rents -31 -31 Share in profits of associated companies -82 -49 Profit from property management 1,166 1,050 Impairment development properties - -21 Realized changes in value, properties - -37 Unrealized changes in value, properties 120 -988 Changes in value, derivatives and equities 151 -219 Profit/loss before tax 1,437 -215 Ta x -225 47 Profit/loss for the period 1,212 -168 Condensed income statement – Rental growth 3.8% – Rental growth in identical portfolio –1.2% (-3.2) – Surplus ratio: 74% (74) – Growth profit property management +11% – Value changes SEK 120m (-988), equal to 0.15% (-1.3) – Earnings per share SEK 3:85 (-0:53) 5
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Property valuation Q3, 2026: Property value: SEK 79.7 bn of which management portfolio: SEK 70.6bn Q3, 2026 Q2, 2026 Q1,2026 Q4, 2025 Externally valued, share 45% 43% 44% 52% Value change, SEKm 259 120 -259 -712 Yield 4.55% 4.57% 4.59% 4.59% -5000 -4000 -3000 -2000 -1000 0 1000 2000 3000 4000 Q1-2008 Q3-2008 Q1-2009 Q3-2009 Q1-2010 Q3-2010 Q1-2011 Q3-2011 Q1-2012 Q3-2012 Q1-2013 Q3-2013 Q1-2014 Q3-2014 Q1-2015 Q3-2015 Q1-2016 Q3-2016 Q1-2017 Q3-2017 Q1-2018 Q3-2018 Q1-2019 Q3-2019 Q1-2020 Q3-2020 Q1-2021 Q3-2021 Q1-2022 Q3-2022 Q1-2023 Q3-2023 Q1-2024 Q3-2024 Q1-2025 Q3-2025 Q1-2026 Q3-2026 Unrealized changes in value (SEKm) Q2 2008 to Q3 2026 6
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Property valuation Q3 2026 Investments, SEKm Management properties 519 Improvement properties 341 Project properties 416 Development properties 189 Sum investments 1,465 Changes in property values, SEKm Comment Opening fair value 78,460 1st of January 2026 Disposals -190 Paradiset 31, residential Acquisitions, June 2026 211 Gadden 1, Sveaplan Investments 1 275 Value changes 120 Reclassifications -199 Haga Norra, block 4 Closing fair value 79,677 Value changes per area SEKm City +500 Solna -202 Hammarby Sjöstad -188 Flemingsberg -9 Residential +19 Sum +120
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2026 Jan-Sep 2025 Jan-Sep T arget Equity per share, SEK 121 120 EPRA NRV, SEK per share 147 146 T otal return properties, % 2,7 1.1 Surplus ratio, % 74 74 75 Equity/assets ratio , % 45 45 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 12.8 14.0 <13 Interest coverage ratio, multiple 2.7 2.5 >2.2 Key ratios, 30 September2026 8
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Financing T otal debt SEK 34.6bn Undrawn credit facilities SEK 6.0bn* Loan-to-value 43% Sustainability 97% Green financing Fixed-term maturity 3.0 years Fixed-interest term 1.3 years (1.6 years incl cancellable swaps) Interest coverage ratio, 12m, multiple 2.8 Rating Baa2 stable outlook (Moody’s) Financing market Our financing 2026-09-30 – Continued strong access to financing from banks and capital market – Initiated refinancing of bank facilities maturing in 2027 – Ongoing refinancing of commercial papers and bonds – Latest bond issuance in August of SEK 600m, margin 103bp, maturity August 2031 – Entered new callable interest rate swaps of SEK 1.5bn, 1.79-1.95% – Undrawn credit facilities SEK 6bn – Moodys Baa2, stable outlook *Of which SEK 2bn back-up for CP 9
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Fixed-rate period 30 September2026 Maturity Swaps Callable swaps* Extendable swaps** FXD MTN & Loan To t a l 2026 100 8,000 330 8,430 2027 2,800 500 450 3,750 2028 2,300 976 3,276 2029 2,400 200 2,600 2030 1,650 250 1,900 2031 3,200 3,200 2032 500 500 To t a l 12,950 8,000 500 2,206 23,256 *The callable swaps have a term of 7-8 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 in July 2027 – Average interest cost 2.91% (2.82) – Approx 44% of the portfolio fixed – Average interest rate fixation period 1.3 years (1.6 years adjusted for closeable swaps) – Fixed interest derivatives between 0.11% and 2.6% – Cancellable derivatives fixed interest between 1.85% and 2.50% – Extendable derivatives fixed interest between 1.66% and 1.72% Average interest rate 10 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%
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Occupancy rate in management portfolio 2023-09-30 0 10 20 30 40 50 60 70 80 90 100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 – Management portfolio 87 % – Including remaining vacancies in previous project properties – Improvement portfolio – Properties partly or fully vacated for potential project development – Short-term lease contracts without a right of possession – In total approximately 128,000 sqm, of which 71,000 is let 11
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Net letting and renegotiations Net letting in the quarter: SEK 55m – New lettings SEK +93m – Large new letting: DNB Carnegie – T erminations SEK 38m – Large termination: SOS Alarm Renegotiations: – For Q3: T otal renegotiated: SEK 90m, +1.9% – Renegotiated: SEK 60.4m (+3.0%) – Prolonged on existing terms: SEK 31m – YTD: T otal renegotiated: SEK 320m, -0.6% – Renegotiated: SEK 165.7m – Prolonged on existing terms: SEK 152m – SEK 136m of the maturities in 2026 and onwards has already been renegotiated -7 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 Q3, 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net letting 2015–Q3 2026 (SEKm) 12
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Renegotiations and new leases in Q3-2026 • Renegotiations represent a healthy mix among all market areas and segments • Two contracts above 1,000 sqm during Q3 • New leases a mix of all categories • One contract above SEK 10m in yearly rent 13 A healthy mix of renegotiations and new customers SEK 60m SEK 93m Renegotiations by area during Q3 Stockholm inner city, 82% Solna, 6% Hammarby Sjöstad, 10% Arenastaden, 6% New leases by area during Q3 Stockholm inner city, 82% Solna, 8% Hammarby Sjöstad, 5% Flemingsberg, 3% Arenastaden, 2%
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Rental development existing lease portfolio 2026-09-30 The graph is not a forecast but instead aims to show the rental trend for the existing lease portfolio on the balance sheet date. 898 892 902 884 860 883 885 906 400 500 600 700 800 900 1000 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Q4-2026 Q1-2027 Q2-2027 Q3-2027 SEKm 14 The fourth-quarter 2026 decrease mainly reflects a one-off effect.
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Stable customers with long agreements Customer ¹Share of total rent, % Ye arof expiry SEB 6.6 Q4-2037 Saab AB 4.9 Q4-2045 Convendum Stockholm City AB 3.6 Q4-2034 ICA Fastigheter Sverige 3.1 Q4-2030 T elia Sverige AB 2.7 Q1-2032 DNB Carnegie² 2.2 Q3-2027 Svea Bank AB 1.7 Q4-2029 Bilia AB 1.7 Q2-2041 Alfa Laval technologies AB 1.7 Q2-2047 Coop Sverige AB 0.8 Q3-2029 To t a l 29.2 WAULT top 10 tenants 9.3 year – Approx. 700 customers – Average lease contract length 5.5 years – T op 10 largest customers represent 29% of total contracted rent – Our 40 largest customers represents ~50% of contracted rent – Duration: 7.4 years Share of total rent ¹ Share of contracted rent. ² Extended and expand the lease to 2032. The new agreement takes effect in Q3 2027 15
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Market trends Rental market - Stronger and continued activity in CBD - Rent levels slightly started to increase in areas with low vacancy and less alternatives for new production - Stabel rent levels in Greater Stockholm - More mix of tenants behavior - Still a hand full of tenants that reduces sqm in existing leases - More tenants changing their policy to be in office at least 4 days a week - Suppliers to growth industries, actively looking for future relocation opportunities - Growth in start ups and tech companies coming to the market Construction market - Free capacity among the construction companies - Good demand to compete for potential building contracts both in office and residentials Transaction market - Limited numbers of transactions during the quarter - Increased interest to investigate potential off market opportunities Financing market - Healthy activity and competition among investors in all financing markets 16
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Ongoingprojects will contribute to topline growth Wenner-Gren Center – Investment SEK 609m – Rental value SEK 58M – Pre let 30% – Marketing to start Q3-26 – Completion Q2-2027 Mimer 5 – Investment SEK 252m – Rental value SEK 49M – 100% let to AcadeMedia on a long lease – Completion Q3-2027 17 New Campus Odenplan in Mimer 5
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– One of Fabege’ s core areas, entrance to Stockholm inner city – Building rights approx. 8,800 sqm (GFA) – Estimated investment SEK 370m including accumulated cost – Planned move-in 2028/2029 Sveaplan at a glance for Fabege: – Approx. 90,000 sqm gross area – Working places incl. co-working – Ground floor activities incl. F&B – High class, conference centre – Training facilities and other services – Parking Project start Gadden1, Sveaplan Existing Fabege properties in the area 18
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Rendering: Stockholm Stad & White Arkitekter 1 2 3 4 5 6 Hagastaden inkl. Ericssons hus • 1–6 Future properties to be rented by Ericsson • 7 Mimer • 8-9 WGC • 10 Gadden (to be constructed) • 11-12 Gjetingene 7 8 9 10 11 12
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20 Block 2 Potential office project Ackordet 1 Office completed 2025 Block 6 - residentials Completed 2021 Block 7 - residentials Completed 2022 Block 5 - residentials Completed 2026 Block 4 - residentials Project start 2026 Block 3 Residentials, Elderly care and Pre-school
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Haga Norra Block 4 – 133 apartments – Project started in Q3 2026 – Estimated investment SEK 600m including land – Completion Q4 2028/Q1 2029 Next phase Block 3 – Preparations underway for project start Block 3 – 260 rental apartments, elderly care facility and a preschool, total approx. 19,500 GLA – Investment approx. SEK 860m excluding land – Estimated completion in 2028/2029 21
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– Residential buildings with approx. 200 apartments – On the doorstep to the new metro station in Arenastaden – Commercial premises on the ground floor, civil defence shelters and garage parking – Investment approx. SEK 960m excluding land 22 Farao 15, Arenastaden
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Main short-term priorities – Conclude ongoing leasing initiatives and reduce vacancy – Continue to be the preferred partner for our customers – Always available, accessible and solution-orientated – Secure value creation in ongoing projects and our landbank – Both commercial and residential – Continue to be active in the financing markets – Search for opportunities to create shareholder value 23
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A growing, vibrant and sustainable Fabege. Q&A ∑
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Project opportunities in the near term T egelterassen, Västra Kungsholmen – 36,000 sqm leasable area – Partly demolition started in January 2026 – Leasing activities ongoing Haga Norra – Already produced 611 units – Decided to produce another 390 units + elderly home and a pre-school facility – Production will start in Q4/Q1 26