Interim report
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Fabege Interim Report 2026/Q3 Fabege is one of Sweden’s largest property companies. We manage, own and develop commercial properties in Stockholm, which is Sweden’s biggest growth region. ∑
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Fabege 2026/Q3 2 – Net lettings for the quarter totalled SEK 55m (9). – Leases totalling SEK 59m (78) were renegotiated, with an average rise in rental value of 3.0 per cent (4.2). Leases worth SEK 31m (70) were also extended on unchanged terms. – Rental income amounted to SEK 884m (864). – Net operating income amounted to SEK 676m (673). – Revenue from residential development amounted to SEK 401m (0), while gross earnings totalled SEK 33m (-3). – The surplus ratio stood at 76 per cent (78). – Net interest items amounted to SEK -246m (-236). – Profit from property management totalled SEK 393m (393). – Realised and unrealised changes in the value of properties amounted to SEK 259m (-338). – Unrealised changes in the value of fixed-income derivatives totalled SEK 264m (113). – Pre-tax earnings for the quarter amounted to SEK 916m (168). – Post-tax earnings for the quarter totalled SEK 700m (99), corresponding to earnings per share of SEK 2.23 (0.32). – Net lettings for the period totalled SEK -7m (3). – Leases totalling SEK 168m (191) were renegotiated, with an average decline in rental value of -1.1 per cent (-0.1). Leases worth SEK 152m (233) were also extended on unchanged terms. – Rental income amounted to SEK 2,678m (2,581). In a like-for-like property portfolio, income decreased by -1.2 per cent compared with the previous year (-3.2). – Net operating income amounted to SEK 1,986m (1,906). In a like-for-like property portfolio, net operating income fell by -3.1 per cent compared with the previous year (-4.8). – Revenue from residential development amounted to SEK 793m (128), while gross earnings totalled SEK 112m (20). – The surplus ratio was 74 per cent (74). – Net interest items amounted to SEK -741m (-718). – Profit from property management totalled SEK 1,166m (1,050). – Realised and unrealised changes in the value of properties amounted to SEK 120m (-1,025). – Unrealised changes in the value of fixed-income derivatives totalled SEK 149m (-216). – Earnings before tax for the period amounted to SEK 1,437m (-215). – Earnings after tax for the period amounted to SEK 1,212m (-168), corresponding to earnings per share of SEK 3.85 (-0.53). 2026/Q3 Jul–Sep 20261 Jan–Sep 20261 Summary Rental income (SEKm) (Jan–Sep) 2,678 EPRA NRV/share (30 Sep 2026) 147 Loan-to-value ratio (%) (30 Sep 2026) 43 Net lettings (SEKm) (Jan–Sep) -7 2026 2025 2026 2025 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Rental income, SEKm 884 864 2,678 2,581 Residential development revenue, SEKm 401 - 793 128 Net revenue, total, SEKm 1,285 864 3,471 2,709 Gross profit, total, SEKm 709 670 2,098 1,926 of which net operating income from property managment, 676 673 1,986 1,906 of which gross profit residential development, SEKm 33 -3 112 20 Profit/loss from property management, SEKm 393 393 1,166 1,050 Profit/loss before tax, SEKm 916 168 1,437 -215 Profit/loss after tax, SEKm 700 99 1,212 -168 Profit/loss after tax, SEK/share 2:23 0:32 3:85 -0:53 Net lettings 55 9 -7 3 Surplus ratio, % 76 78 74 74 Loan-to-value ratio, % 43 43 Equity/assets ratio,% 45 45 EPRA NRV, SEK/share 147 146 1 The comparison figures for income and expense items relate to values for the Jan–Sep 2025 period and for balance sheet items at 31 December 2025. See page 31 for key performance indicator definitions.
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Fabege 2026/Q3 3 The third quarter brought an encouraging improvement in our letting activities, alongside continued growth in earnings for the first nine months. Net letting reached SEK 55m in the quarter, compared with SEK 9m a year earlier. Following the larger terminations in the second quarter, this takes us close to balance for the year. It is a welcome step forward, although we still have work to do before we become satisfied with our occupancy rate. But the fourth quarter has also kicked off well and our ambition for the full year is still high. Rental income for increased to SEK 2,678m up from SEK 2,581m, while net operating income rose to SEK 1,986m from SEK 1,906m. Profit from property management increased by 11 per cent to SEK 1,166m, compared with SEK 1,050m. Completed projects last year contributed to increase in rental income, and residential development delivered a substantially stronger result. In the third quarter alone, profit from property management was unchanged at SEK 393m, with higher net interest expenses continuing to weigh on earnings. The distinction between growth in the total portfolio and performance in existing properties remains important. On a like-for-like basis, rental income declined by 1.2 per cent and net operating income by 3.1 per cent during the first nine months, mainly reflecting earlier negative net letting. Lease out of vacant space remains our clearest opportunity to improve our cash flow. Letting activity has increased after the summer, with more ongoing discussions and property visits with potential tenants. During the first nine months, we signed new leases with an annual rental value of SEK 226m, compared with SEK 155m last year. Lease renegotiations in the quarter resulted in an average increase in rental value of 2.4 per cent, although the outcome for the year to date remains slightly negative. In total we renegotiated and prolonged leases for SEK 90m in the quarter. Year to date we have prolonged and renegotiated lease contracts for SEK 320m at a minor negative adjustment of 0.6 per cent. Overall, this demonstrates our ability to work closely with our clients and deliver customized solutions. It is always gratifying when existing clients choose to expand their operations within our properties. The agreement expanded during the quarter with DNB Carnegie and DNB Sverige is not only a significant development, but also a clear example of the importance of working closely with our clients—ensuring we understand their needs and can provide solutions as their businesses and workspace requirements evolve. Preparations for the adaptation of the premises are underway, with completion planned for August 2027 . The wider letting market remains selective, and decisions still take time. Well-located premises with nearby public transport alternatives, flexibility and high technical standards continue to attract interest. Against this background, I assess that our portfolio is both well-positioned and attractive to all types of tenants. All our core areas embody the concept of the "15-minute city," which means we are well- placed to capture our share of current and future demand for premises. Our task is to convert this demand into new lease agreements. In addition to focusing on leasing, we want to keep control over our costs. Part of our DNA is to achieve satisfied customers that see us as their preferred partner. This work has continued through the quarter. Letter from the CEO A stronger letting quarter, with more work ahead
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Fabege 2026/Q3 4 I also made some changes to our executive management, and it is as always encouraging to see younger employees step up and take more responsibility when opportunities arise The economic occupancy rate in our investment property portfolio remained at 87 per cent, unchanged from the previous quarter. Our team continues to work on both retaining and attracting new customers, while maintaining a strong focus on cost control for tenant improvements. Residential development continues to make a meaningful contribution. Gross profit from the business reached SEK 112m for the first nine months, including SEK 33m in the third quarter. Birger Bostad’s efficient organization is delivering a healthy contribution to the Group. The two last residential phases in Haga Norra are also progressing, supporting our ambition to create neighborhoods where workplaces, homes and services support each other. Our development work continues with the same focus on demand and disciplined investment. The first phase of the Mimer 5 refurbishment was ready for the start of the school year in August. AcadeMedia, listed on Nasdaq Stockholm, is our customer on a long lease. During the third quarter they launched their ambition for the new upper secondary school “Campus in central Stockholm” in our building. The school will host approx. 2 000 students and will open in August 2027 . At Wenner- Gren Center, the façade and technical upgrades are progressing towards completion in the first half of 2027 , leaving lease out our key priority alongside finalizing the construction work. In July 2026, the Swedish court ruled that the ground rent interest rate in Stockholm is to be reduced to 2 percent. Among different factors, this also reflected the valuation of our property portfolio. We ended the quarter with an increase of SEK 259m, taking the cumulative increase for the year to SEK 120m. The portfolio value stood at SEK 79.7bn at the end of September. Profit before tax improved to SEK 1,437m, supported by the higher operating result and positive valuation movements in both properties and interest rate derivatives. Value changes are always welcome, but our day-to-day focus is on occupancy rates and cash flow Our financial position remains solid. The equity ratio was 45 per cent, the loan-to-value ratio 43 per cent, interest coverage 2.7 times and the debt ratio was 12.8 times, all within our financial targets. Access to funding remains good, but higher and more volatile market interest rates underline the need for continued capital discipline. We entered the final quarter with better leasing momentum and stronger earnings year to date. The priorities are clear: conclude customer discussions, increase occupancy and make decisions that strengthen our future cash flow. There is reason for confidence in Fabege’s long-term position. Our progress this quarter is encouraging, and we intend to build on it through the everyday work of understanding our customers and delivering places where they want to come, stay, grow and live. CEO, Bent Oustad New lease with DNB Carnegie The lease covers a total of just over 17 ,000 sqm and runs for five years. The investment is estimated at SEK 210m. The new premises are expected to be ready for occupancy on 1 August 2027 . Investment volume, investment property portfolio, SEKm Target: SEK 2.5bn per year over a business cycle Outcome: Accumulated Q3 2026, SEK 1,276m Net lettings, SEKm Target: SEK 50m per year in investment property portfolio. Outcome: Accumulated Q3 2026, SEK -7m Surplus ratio, % Target: 75 per cent Outcome: Q3 2026, 74 per cent Occupancy rate, % Target: 95 per cent by 2030 Outcome: Q3 2026, 87 per cent 0 1 000 2 000 3 000 4 000 2022 2023 2024 2025 2026, Q3 -110 -50 10 70 130 190 2022 2023 2024 2025 2026, Q3 50 55 60 65 70 75 80 2022 2023 2024 2025 2026, Q3 80 85 90 95 2022 2023 2024 2025 2026, Q3
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Fabege 2026/Q3 5 Earnings after tax for the period amounted to SEK 1,212m (-168), corresponding to earnings per share of SEK 3.85 (-0.53). Earnings before tax amounted to SEK 1,437m (-215). Net operating income, gross profit from residential development and profit from property management increased compared with the previous year. Unrealised changes in value in the property portfolio totalled SEK 120m (-988). Rental income and net operating income Rental income amounted to SEK 2,678m (2,581) and net operating income to SEK 1,986m (1,906). In a like-for-like property portfolio, income decreased by SEK 29m, corresponding to approximately -1.2 per cent (-3.2), which was mainly attributable to the previous year’s negative net lettings. Furthermore, income attributable to completed project properties rose by SEK 132m. Last year’s divestment of Ynglingen 10 resulted in a SEK 7m reduction in income. Property expenses amounted to SEK -692m (-675). The increase mainly related to higher property administration costs. Net operating income rose to SEK 1,986m (1,906). In a like-for-like property portfolio, net operating income declined by -3.1 per cent (-4.8). The surplus ratio was 74 per cent (74). Profit from residential development Income is recognised on project completion. During the period, 164 sold and accessed apartments were settled, resulting in residential development sales totalling SEK 793m (128). Of the project’s 288 apartments, a total of 268 have been completed and final settlements made. Remaining apartments will be settled in the fourth quarter. Costs relating to residential development amounted to SEK -681m (- 108). Gross earnings totalled SEK 112m (20). Central administration Central administration costs amounted to SEK -78m (-78). Net financial items Net interest items amounted to SEK -741m (-718). The average interest rate at 30 September 2026 was 2.91 per cent (2.83). Ground rent amounted to SEK -31m (-31). Share in profit/loss of associated companies Share of profit of associated companies totalled SEK -82m (-49), of which SEK -74m (-50) related to Arenabolaget and SEK -9m to the divestment of a building right in an associated company within Birger Bostad. Share of profit in Urban Services totalled SEK 1m. Changes in the value of properties The property portfolio is valued using a well- established process. The entire property portfolio is independently valued at least once a year. Due to the market situation, a larger proportion has been independently valued each quarter for the last few years. Just over 45 per cent of the portfolio was valued independently in the third quarter of 2026, while the remaining properties were valued internally based on the most recent independent valuations. The total market value at the end of the period was SEK 79.7bn (78.5). Unrealised changes in value totalled SEK -120m (-988), of which SEK +259m occurred in the third quarter. Negative changes in value were mainly attributable to increased yield requirements in properties with slightly higher vacancies. For the City, Flemingsberg and residential portfolio, the overall change in value was positive. Leaseholds in the City were positively affected following a ruling in the Land and Environment Court regarding ground rent interest. The average yield requirement in the portfolio declined to 4.55 per cent (4.59). Changes in value, derivatives Due to higher long-term interest rates, the surplus value of the derivative portfolio increased by SEK 149m (-216) during the period. T ax The tax expense for the period totalled SEK -225m (47), of which SEK -222m (47) related to deferred tax. T ax was calculated at a rate of 20.6 per cent on taxable earnings. The sale of Paradiset 31 resulted in a reversal of deferred tax of SEK 24m. In addition, loss carry-forwards of just over SEK 550m have been recognised for valuation, which resulted in a positive tax effect of SEK 114m. The interest deduction limitations are not expected to have a material effect on taxes paid over the next few years. Financial targets Fabege’s Board of Directors has adopted the following financial targets: – Loan-to-value ratio of max. 50 per cent. – Interest coverage ratio of at least 2.2x. – Debt ratio of max. 13.0x. – Equity/assets ratio of 35 per cent min. Outcome 30/09/2026 – Loan-to-value ratio of 43 per cent – Interest coverage ratio of 2.7x – Debt ratio of 12.8x – Equity/assets ratio of 45 per cent Earnings Jan–Sep 20261
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Fabege 2026/Q3 6 Segment reporting The Property Management segment generated net operating income of SEK 1,907m (1,773), representing a surplus ratio of 75 per cent (76). The occupancy rate was 87 per cent (87). Profit from property management totalled SEK 1,080m (1,029). Unrealised changes in the value of properties amounted to SEK 150m (-925). The Property Development segment generated net operating income of SEK 45m (91), resulting in a surplus ratio of 50 per cent (59). Profit from property management totalled SEK 3m (42). Unrealised changes in the value of properties amounted to SEK -17m (-112). The Projects segment reported unrealised changes in value of SEK -32m (49). Project gains were offset to some extent by impairment due to increased yield requirements when assessing the final value of the project properties, as well as impairment of the value of building rights. The Birger Bostad segment generated a gross profit of SEK 127m (29), of which SEK 15m (9) related to net operating income and SEK 112m (20) to profit from residential development. Profit from property management totalled SEK 112m (26). Unrealised changes in value totalled SEK 19m (0). Further information about the breakdown by segment is provided in the segment report on page 12. Goodwill Recognised goodwill of SEK 205m (205) is entirely attributable to the acquisition of Birger Bostad AB. Investment properties Recognised property value relates to Fabege’s investment property portfolio, including project and land properties. At the end of the quarter, the property value totalled SEK 79.7bn (78.5). Developable properties The carrying amount refers to ongoing projects managed by the company itself and developable properties for future construction within Birger Bostad. During the third quarter, SEK 199m relating to residential building rights in Haga Norra was reclassified as developable properties. The value at the end of the quarter totalled SEK 646m (933), SEK 370m (743) of which relates to ongoing construction and SEK 276m (190) to developable properties for future development. Financial position and net asset value Shareholders’ equity amounted to SEK 37 ,995m (37 ,475) at the end of the period, and the equity/assets ratio was 45 per cent (45). Equity per share attributable to Parent Company shareholders amounted to SEK 121 (119). EPRA NRV amounted to SEK 147 per share (145). Cash flow Cash flow from operating activities before changes in working capital amounted to SEK 1,217m (1,059). Changes in working capital had an impact on cash flow of SEK 672m (-177). Investing activities had an impact of SEK -1,400m (-617) on cash flow, while cash flow from financing activities amounted to SEK -338m (-314). In investing activities, cash flow is driven by property transactions and projects. During the period, investments in new construction, extensions and refurbishment totalled SEK -1,262m (-1,481), SEK 190m related to the sale and vacating of Paradiset 31 and SEK -202m related to the acquisition of Gadden 1. Overall, cash and cash equivalents increased by SEK 151m (-49) during the period. Changes in property values, Jan–Sep 2026 Average yield requirement, 30/09/2026 Changes in property values, SEKm Opening fair value, 01/01/2026 78,460 Property acquisitions 211 Sales, disposals -190 Investments in new builds, extensions and conversions 1,275 Unrealised changes in value 120 Reclassifications -199 Closing fair value, 30/09/2026 79,677 Area 30/09/2026 31/12/2025 Stockholm city 4.06% 4.13% Solna 4.83% 4.84% Arenastaden 4.81% 4.80% Flemingsberg 5.33% 5.30% Other markets 5.44% 5.41% Average yield 4.55% 4.59% 1The comparison figures for income and expense items relate to values for the Jan–Sep 2025 period and for balance sheet items at 31 December 2025.
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Fabege 2026/Q3 7 Fabege’s goal is to be an attractive borrower, with the aim of supporting Fabege’s long-term strategic development. Financing is mainly provided through long-term credit lines with fixed conditions and the lenders are mainly major Nordic banks and capital market investors. Our sources of financing Fabege strives to achieve a balance between different forms of financing on both the capital and banking markets, with long-term relationships with major financial backers having a high priority. Fabege’s bank facilities are complemented by an MTN programme of SEK 18bn, a commercial paper programme of SEK 5bn and the possibility of borrowing a maximum of SEK 6bn via SFF’s secured MTN programme. In June 2025, an updated green framework was launched that is part of the sustainability work being pursued across the organisation. Developments during the period The period has been characterised by the Swedish economy’s transition from weak economic activity, to an economic upturn. However, performance has been uneven, with a weak labour market and growing inflationary pressure. The Riksbank is indicating that the policy rate will be raised before the end of the year, and very likely further during 2027 . Short-term interest rates have remained stable, while long-term interest rates have continued to rise since the summer. The short 3-month STIBOR remained just above 2.0 per cent, while the 5-year swap rate has rose to around 3.3 per cent, an increase of approximately 0.7 percentage points since the turn of the year. The bank and capital market in Sweden has remained robust, with a strong willingness to lend and improved credit margins. During the year, Fabege has opted to exploit market conditions, exchanging some shorter-term financing for longer- term financing. During the period, debt increased by SEK 0.2bn to SEK 34.6bn through a reduction in short-term commercial paper of approximately SEK 0.9bn and an increase in bank and bond loans of approximately SEK 1.1bn. The average interest rate increased slightly to 2.91 per cent. Breakdown of sources of financing * RCF = Revolving Credit Facilities Moody’s Rating Baa2 stable outlook Confirmed in November 2025 Supply of capital Breakdown of collateral Financing Financing, 30/09/2026 ¹ Including credit facilities for commercial paper 2 The fixed interest rate period adjusted by the estimated maturity of callable swaps amounted to 1.6 years (2.1) 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 20 000 1 2 3 4 5 Facilities/programmes Drawn, 30/09/2026 1 RCF* & overdraft facility 2 Bond financing, Green MTN 3 Bond financing, SFF 4 Commercial paper 5 Bank loans (inclu. Eib & NIB) Equity, 45% Interestbearing liabilities, 41% Other liabilities, 14% 30/09/2026 31/12/2025 Interest-bearing liabilities, SEKm 34,588 34,424 of which outstanding MTN, SEKm 12,794 11,800 of which outstanding SFF, SEKm 672 574 of which outstanding commercial paper, SEKm 1,915 2,795 Undrawn facilities, SEKm ¹ 5,950 5,960 Fixed-term maturity, years 3.0 3.0 Fixed-rate period, years ² 1.3 1.5 Fixed-rate period, percentage of portfolio, % 45 47 Derivatives, market value, SEKm 526 377 Average interest expenses, incl. committed credit facilities, % 2.91 2.82 Average interest expenses, excl. committed credit facilities, % 2.84 2.74 Unpledged assets, % 40 42 Loan-to-value ratio, % 43 43 Pledged assets, 60% Unpledged assets, 40%
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Fabege 2026/Q3 8 Financing, 30/09/2026 Committed lines of credit and undrawn credit facilities, including the backup facility for the commercial paper programme, amounted to SEK 6.0bn at the end of the quarter. The fixed-term maturity was 3.0 years (3.0) and the fixed-rate period was 1.3 years (1.5). At the end of the period, traditional interest rate swaps, the primary purpose of which is to contribute to fixed- rate periods, totalled SEK 13bn. These swaps mature in 2032 and carry fixed annual interest of between 0.11 and 2.58 per cent. In addition to traditional swaps, the derivatives portfolio also includes both callable and extendable swaps, which are primarily aimed at improving cash flow and to a certain extent fixed-rate periods. These swaps amounted to a total of SEK 8.5bn. The fixed-rate period would be adjusted upwards to 1.6 years (2.1) if the effect of the estimated maturity of the callable swaps was included. Net financial items included other financial expenses of SEK 19m (22), which mainly related to accrued opening charges for credit agreements and costs relating to bond and commercial paper programmes. During the period, interest totalling SEK 26m (48) relating to project properties was capitalised. Green financing 97 per cent of Fabege’s loan portfolio is classified as green. The decrease from the previous 99 per cent is due to the fact that a property undergoing major renovation during the project period is not classified for green financing. Green financing offers Fabege better terms and access to more financing alternatives. Fabege’s green financing framework was updated in June 2025. The framework has been designed to give Fabege broad opportunities for green financing, and is based on third party-certified properties and ambitious energy performance targets. The framework is based on the Green Bond Principles, adapted to the EU T axonomy and linked to Fabege’s ambition to contribute to the goals of Agenda 2030. S&P has issued a second opinion with a medium green rating regarding the green terms and conditions. Find out more about Fabege’s green financing at www.fabege.se/en/investors/financing/green- financing/, where you will also find the investor reports. 97% Green financing 30 September 2026 Interest maturity structure, 30/09/2026 Loan maturity structure, 30/09/2026 * The average interest rate for the period <1 year includes the margin for the variable portion of the debt portfolio. This also includes the variable part of the interest rate swaps, which, however, do not include any credit margin as they are traded without a margin. The average interest rate excludes the cost of committed credit facilities. SEKm Credit facilities Outstanding loans and bonds Green MTN bonds 12,794 12,794 Green commercial paper 1,915 1,915 Green loans, other 24,739 18,789 Total green financing 39,448 33,498 Green financing, % 97 97 Total green available borrowing facility* 33,795 of which unrestricted available borrowing 17,970 SEKm Amount, SEKm Rate, % Percentage, % < 1 year* 22,613 3.53 65 1-2 years 3,676 1.53 11 2-3 years 2,500 1.02 7 3-4 years 2,100 1.64 6 4-5 years 2,700 2.09 8 5-6 years 700 1.16 2 6-7 years 300 0.88 1 7-8 years - - - 8-9 years - - - Total 34,588 2.84 100 SEKm Credit agreements Outstanding bank Outstanding capital markets Commercial Paper 1,915 - 1,915 < 1 years 6,870 1,676 4,544 1-2 years 12,563 5,813 3,250 2-3 years 8,130 3,530 2,800 3-4 years 3,250 2,000 1,250 4-5 years 1,397 447 950 5-10 years 6,414 6,414 - Total 40,538 19,879 14,709 *In accordance with Fabege’s green framework
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Fabege 2026/Q3 9 Property portfolio and property management Fabege’s property management and urban and property development activities are concentrated on a few selected submarkets in and around Stockholm: Stockholm inner city, Solna, Hammarby Sjöstad and Flemingsberg. On 30 September 2026, Fabege owned 99 properties with a total rental value of SEK 4.3bn, lettable floor space of 1.3m sqm and a carrying amount of SEK 79.7bn, of which development and project properties accounted for SEK 9.1bn. Occupancy rate The investment property portfolio’s financial occupancy rate was 87 per cent (87) at the end of the period, which is unchanged compared with the previous quarter. Significant vacancies mainly relate to three properties in Solna Business Park and vacancies in Arenastaden due to ICA and T elia vacating part of the space. The financial occupancy rate for development properties is not measured, as most of these properties are vacant, or have been partially let on short-term leases pending demolition or redevelopment. These cover an area of 128,000 sqm, of which 73,000 sqm are being let for a current annual rent of SEK 171m. Net lettings During the period, 289 (127) new leases were signed with a combined rental value of SEK 226m (155), with 99 per cent (100) of the space relating to green leases. Lease terminations amounted to SEK -233m (-152). Net lettings amounted to SEK -7m (3). Leases worth SEK 152m (232) were extended on unchanged terms. Moreover, leases totalling SEK 168m (191) were renegotiated, with an average decline in rental value of -1.1 per cent (-0.1). The retention rate during the period was 70 per cent (77). Changes in the property portfolio In May, the Paradiset 31 residential building right was vacated. The purchase price was SEK 200m. Gadden 1, a commercial land allocation at Sveaplan, was taken over in June. The purchase price was SEK 202m. Furthermore, the residential building rights Kvinten 3 and 9, Haga Norra, were reclassified from investment to developable properties. Projects and investments The aim of Fabege’s project investments in the investment property portfolio is to reduce vacancy rates, thereby improving cash flows. Investments in existing properties and projects during the period totalled SEK 1,276m (1,515), of which SEK 757m (912) related to investments in project and development properties. Invested capital in the investment property portfolio amounted to SEK 519m (603), of which a significant portion related to tenant customisations and delayed investments in previous project properties that were transferred to the investment property portfolio on completion. Major ongoing projects The investment to replace the facade and upgrade technical installations at Ormträsket 10 (Wenner-Gren Center) is continuing. Ongoing work involves the erection of a new facade and internal work on installations, etc. The investment is estimated at around SEK 609m. The works are expected to be completed in the first quarter of 2027 . Several of the tenants that temporarily vacated the property have signed leases to move back in. The occupancy rate for the high-rise section was 30 per cent at the end of the quarter. When fully let, the rental value will be SEK 58m. The redevelopment of Mimer 5 is progressing, with phase 2 continuing until summer 2027 . Phase 1 was completed in time for the start of the school year in August 2026. The property is let to Academedia, which is creating its future campus in the inner city. Fabeges total investment is estimated to be just over SEK 250m. In the Bocken block, Lästmakargatan, preparations are underway for tenant customisations for DNB Carnegie’s extended lease. The investment is estimated at SEK 210m, with completion scheduled for August 2027 . Preparatory development of western Arenastaden In November 2023, the local development plan for the properties Farao 15, 16, 17 and Kairo 1 was granted legal approval. The upcoming project includes a commercial building right of 77 ,000 sqm and a residential building right of 15,000 sqm, and the creation of a new road running alongside the railway. The project has started with the dismantling of the existing buildings and the relocation of infrastructure, which needs to be completed before the buildings along Dalvägen can be developed. In December 2025, a decision was taken on the next phase, which includes groundwork and foundations, re-routing of utilities, preparation of construction documents and construction of the building up to ground level. In total, the approved investment amounts to just over SEK 600m. Building rights Following a review of the feasibility of building rights on land owned by Fabege in Flemingsberg, the volume has been reduced, which is reflected in the table since the first quarter of 2026. Furthermore, the residential building rights have decreased by the volume utilised for projects in Haga Norra. Operations Jan–Sep 20261 T otal property value, SEKbn Investment properties, SEKbn Project properties, SEKbn Improvment properties, SEKbn Inner city, 37% Solna , 48% Hammarby Sjöstad , 10% Flemingsberg, 4% Other markets, 1% 79.7 Inner city, 37% Solna , 48% Hammarby Sjöstad , 10% Flemingsberg, 4% Other markets, 1% 70.6 Inner city, 29% Solna , 66% Hammarby Sjöstad , 1% Flemingsberg, 3% Other markets, 1% 4.8 Inner city, 52% Solna , 35% Hammarby Sjöstad , 12% Flemingsberg, 1% Other markets, 0% 4.3 1The comparison figures for income and expense items relate to values for the Jan–Sep 2025 period and for balance sheet items at 31 December 2025.
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Fabege 2026/Q3 10 Birger Bostad Birger Bostad’s project portfolio comprises three projects currently in production, relating to the final phase in Haga Norra block 5 (Brf Ingetora) and the start-up of 133 tenant-owner apartments in block 4. In addition, there are a number of future project opportunities, including in Haga Norra and Arenastaden. Investments during the period totalled SEK 189m. Income from apartments sold totalled SEK 793m. Haga Norra, block 5 The project comprises a total of 288 apartments, including 78 rental apartments. The project is in its final phase, and as at 30 September 2026, 268 of 288 apartments had been recognised in profit. The sales rate is 82 per cent. Unsold apartments have been taken possession of by Birger Bostad and are being sold on the secondary market. Haga Norra, block 4 In December 2025, a decision was made to develop the next stages in Haga Norra, and in the second quarter, the Kvinten 3 and Kvinten 9 properties were transferred to the development portfolio. The project comprises a total of 133 tenant-owner apartments in Brf Selma and Brf Beata, respectively. The investment is estimated to be just under SEK 600m, including land. Design and procurement of construction services are currently under way. The project will be completed for occupancy in Q4 2028 and Q1 2029, respectively. Haga Norra, block 3 A decision was also made in December 2025 to develop block 3, which includes a retirement complex, rental apartments and a preschool. The investment is estimated to be approximately SEK 860m, excluding land. Design and planning are under way ahead of the start of production at the turn of the year. A lease has been signed with Stockholm Sjukhem regarding the operation of the retirement complex. Farao 15, Dalvägen, Arenastaden In addition to approximately 200 homes, the project also includes parking and commercial premises on the ground floor. The total investment is estimated at SEK 960m, excluding land. Design is currently under way, and production could start at the beginning of next year. Property portfolio, 30/09/2026 Property listing No. of properties Lettable area, '000 sqm Market value SEKm Rental value² Financial occupancy rate % Management properties¹ 68 1,135 70,551 4,028 87 Improvement properties¹ 11 99 4,356 191 Land and project properties¹ 20 28 4,770 109 Total 99 1,262 79,677 4,328 Of which, Inner city 26 291 29,890 1,499 91 Of which, Solna 50 687 37,880 2,100 85 Of which, Hammarby Sjöstad 10 140 7,830 484 80 Of which, Flemingsberg 9 104 3,101 179 95 Of which, Other 4 40 976 66 90 Total 99 1,262 79,677 4,328 87 ¹See definitions. ²In the rental value, time limited deductions of about SEK 246m (in rolling annual rental value at 30 September) have not been deducted. T otal investments, Jan–Sep 2026 Change in the value of developable properties Jan–Sep 2026 Property sales, Jan–Sep 2026 Property acquisitions Jan–Sep 2026 Total investments, SEKm Managment properties 519 Improvement properties 341 Project properties 416 Delopment properties 189 Total investments 1465 SEKm Opening balance, 01/01/2026 933 Reclassifications 199 Disposals -6 Project investments 189 Projects recognized -669 Closing balance, 30/09/2026 646 Property Area Category Lettable area, sqm Q1 No sales Q2 Paradiset 31 Stadshagen Land - Q3 No sales Total - Property Area Category Lettable area, sqm Q1 No sales Q2 Gadden 1 Inner city Land - Q3 No sales Total -
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Fabege 2026/Q3 11 Ongoing projects >SEK 100m, 30/09/2026 ¹Operational occupancy rate at 30/09/2026. ²Rental value including supplements. The annual rent for the projects in progress could increase to SEK 107m (fully let) from SEK 20m in annualised current rent at 30 Sep 2026. Birger Bostad ongoing projects, 30/09/2026 *Carrying amount and estimated investment, of which accrued refers to the remaining share that has not been recognised in profit. Building rights, 30/09/2026 Property listing Category Area Completed Lettable area, sqm Occupancy rate, % space¹ Rental value² Completed Est. investment, SEKm of which spent, SEKm Farao 15-16, Kairo 1 Offices/Residentials Arenastaden - - - 1,609 613 466 Ormträsket 10 (part of) Offices Sveaplan Q1-2027 11,900 30% 58 771 609 360 Mimer 5 School Norrmalm Q3-2027 12,000 100% 49 942 252 83 Total 23,900 65% 107 3,322 1,474 909 Project Area GFA, sqm RFA, sqm No. of resi. properties Selling grade, % Completion Book value, SEKm Est. Investment, SEKm Of which spent, SEKm Haga Norra tenant-owned, Ingetora* Solna 4,647 3,499 43 72 Q3-Q4 2026 148 115 98 Haga Norra tenant-owned, Selma Solna 5,286 3,991 59 - Q3-2028 105 243 52 Haga Norra tenant-owned, Beata Solna 5,005 3,784 74 - Q1 2029 100 251 49 Total 14,938 11,274 176 353 609 199 Commercial Gross floor area, sqm Legal binding, % Book value, SEK/sqm Residential building rights Gross floor area, sqm Legal binding, % Book value, SEK/sqm Inner city 29,900 78 20,300 Inner city - - - Solna 300,100 60 9,800 Solna 155,600 62 10,100 Hammarby Sjöstad 37,500 100 3,700 Hammarby Sjöstad 20,700 21 16,600 Flemingsberg 107,800 62 4,800 Flemingsberg 175,000 - 4,900 Birger Bostad - - Birger Bostad 69,300 94 6,600 Other 20,000 100 1,700 Other - - - Total 495,300 66 8,600 Total 420,600 39 7,700 Changes in ongoing projects Additional projects during the period include the redevelopment of Mimer 5. The project is being carried out in two phases, the first of which was completed in time for the start of the school year in August 2026. Birger Bostad ongoing projects During the period, a total of 164 apartments were completed and final accounts settled. The table shows 20 remaining apartments in Brf Ingetora that have not yet been recognised in profit, as well as the two additional stages in the development of Haga Norra block 4, which are in the start-up phase with estimated completion in Q4 2028 and Q1 2029, respectively. Building right changes during the period Following a review of the feasibility of building rights on land owned by Fabege in Flemingsberg, the volume has been reduced by around 100,000 sqm, which is reflected in the table. In Birger Bostad, the building rights volume has decreased by just over 10,000 sqm regarding building rights in Haga Norra, which have been utilised for projects and are now reported as projects in progress; see the table above. Space and carrying amounts relate to additional building rights space. Development will in some cases require the demolition of existing areas, which will impact project calculations. The volumes are not maximised. The ongoing planning work aims to increase the volume of future building rights. All agreed land allocations have been included. The carrying amount also includes future, unpaid purchase prices for agreed land allocations.
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Fabege 2026/Q3 12 Segment reporting, Jan–Sep 2026¹ 2026 2026 2026 2026 2026 2025 2025 2025 2025 2025 Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep SEKm Management Improvement Projects Birger Bostad Total ManagmentImprovement Projects Birger Bostad Total Rental income 2,536 90 35 17 2,678 2,344 155 72 10 2,581 Contract sales, residential - - - 793 793 - - - 128 128 Total net sales 2,536 90 35 810 3,471 2,344 155 72 138 2,709 Property expenses -629 -45 -16 -2 -692 -571 -64 -39 -1 -675 Contract costs. residential development - - - -681 -681 - - - -108 -108 Gross profit 1,907 45 19 127 2,098 1,773 91 33 29 1,926 Of which net operating income property management 1,907 45 19 15 1,986 1,773 91 33 9 1,906 Surplus ratio, prorety management 75% 50% 54% 88% 74% 76% 59% 46% 90% 74% Of which gross profit residential development - - - 112 112 - - - 20 20 Central administration -70 -4 -4 - -78 -66 -4 -8 - -78 Net interest income/expense -651 -38 -44 -8 -741 -598 -45 -72 -3 -718 Ground rent -31 - - - -31 -31 - - - -31 Share in profits of associated companies -75 - - -7 -82 -49 - - - -49 Profit from property management 1,080 3 -29 112 1,166 1,029 42 -47 26 1,050 Impairment development properties - - - - - - - -21 -21 Realised changes in value properties - - - - - -37 - - - -37 Unrealised changes in value properties 150 -17 -32 19 120 -925 -112 49 - -988 Profit before tax per segment 1,230 -14 -61 131 1,286 67 -70 2 5 4 Changes in value interest rate derivatives & shares 151 -219 Profit before tax 1,437 -215 Market value investment properties 70,126 4,356 4,770 425 79,677 65,688 5,305 7,226 231 78,450 Developmentproperties - - - 646 646 - - - 1,009 1,009 Occupancy rate, % 87 87 - ¹ For more information see note 4 Segmentreport on page 30. Breakdown of segments The segments are presented using the management perspective, broken down into: – Property Management – properties under ongoing, long-term management. – Property Development – properties awaiting a redevelopment or extension that will have a significant impact on ongoing property management and net operating income. – Projects – land and properties undergoing new construction/ complete redevelopment. – Birger Bostad – development and management of residential properties. Reclassifications during the period – During the period, two properties with extended management horizons were reclassified from development properties to investment properties. The Mimer 5 property, which is undergoing a major refurbishment, has been reclassified from an investment property to a development property. Furthermore, the residential building rights Kvinten 3 and 9, Haga Norra, were reclassified from investment to developable properties.
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Fabege 2026/Q3 13 Segment reporting, Jul-Sep 2026¹ 2026 2026 2026 2026 2026 2025 2025 2025 2025 2025 Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep Jul-Sep SEKm Management Improvement Projects Birger Bostad Total ManagmentImprovement Projects Birger Bostad Total Rental income 836 30 12 6 884 778 52 30 4 864 Contract sales, residential - - - 401 401 - - - - - Total net sales 836 30 12 407 1,285 778 52 30 4 864 Property expenses -188 -15 -5 - -208 -167 -18 -5 -1 -191 Contract costs. residential development - - - -368 -368 - - - -3 -3 Gross profit 648 15 7 39 709 611 34 25 - 670 Of which net operating income property management 648 15 7 6 676 611 34 25 3 673 Sur plus ratio, prorety management 78% 50% 58% 100% 76% 79% 65% 83% 75% 78% Of which gross profit residential development - - - 33 33 - - - -3 -3 Central administration -18 -1 -1 - -20 -16 -1 -2 - -19 Net interest income/expense -216 -13 -15 -2 -246 -197 -16 -22 -1 -236 Ground rent -10 - - - -10 -10 - - - -10 Share in profits of associated companies -33 - - -7 -40 -12 - - - -12 Profit from property management 371 1 -9 30 393 376 17 1 -1 393 Impairment development properties - - - - - - - - - - Realised changes in value properties - - - - - - - - - - Unrealised changes in value properties 231 14 14 - 259 -324 -50 36 - -338 Profit before tax per segment 602 15 5 30 652 52 -33 37 -1 55 Changes in value interest rate derivatives & shares 264 113 Profit before tax 916 168 Market value investment properties 70,126 4,356 4,770 425 79,677 65,688 5,305 7,226 231 78,450 Development properties - - - 646 646 - - - 1,009 1,009 Occupancy rate, % 87 87 - ¹ For more information see note 4 Segmentreport on page 30.
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Fabege 2026/Q3 14 Fabege’s sustainability strategy shall contribute to the company’s attractiveness, create value and ensure long-term competitiveness. This involves responsibly managing and developing city districts, properties, premises and services, in turn leading to increased growth. Management Sustainability issues are an integral part of Fabege’s business concept, business model and corporate culture. Sustainability data and social aspects play a key role in decision-making at management level. Every year, management establishes policies, sustainability objectives and governing documents. The management team and the Board of Directors have been involved in the preparation and approval of a double materiality analysis. Environmental certifications are an important tool in Fabege’s property development and management for creating a structured approach and enabling the monitoring and development of the properties’ performance in areas such as energy, indoor environment, climate impact and resource efficiency. Our goal is for all investment properties and new builds to be certified according to one of the certification systems applied by Fabege (see the table on page 15). During the quarter, we received our first Nordic Swan Ecolabel for Kvarter 5, a residential building in Haga Norra. Material sustainability topics – Climate change – Resource usage and the circular economy – Fabege’s workforce – Workers in the value chain – Responsible business conduct Climate change Fabege works to contribute to pleasant, safe and well-functioning districts and neighbourhoods for people and businesses. The areas should offer a balanced mix of offices, retail, services and housing, with good transport links and a focus on reducing environmental impact. Green leases are a key aspect of our sustainability work with customers, featuring defined conditions for energy, waste and collaboration with the aim of reducing the environmental impact associated with the use of the properties. T o reduce our climate impact, we work with: – Implementing and monitoring climate targets that have been validated by the Science Based T argets initiative (SBTi). – Energy efficiency and power level reduction. – Purchase of origin-labelled renewable electricity. – Local production of renewable energy and energy storage. – Increased focus on circularity and conservation/reuse of resources and materials. – Climate requirements for large and small projects. – Climate adaptation in accordance with the EU taxonomy. Green financing of environmentally certified properties is an integral aspect of Fabege’s sustainability work, and is offered by the company’s capital providers in both the banking and capital markets. Fabege was issued a Green Equity Designation in November 2023. Fabege has taken account of the EU taxonomy and analysed relevant environmental objectives and economic activities. The ambition is to align the eligible green assets with the taxonomy, including the ‘do no significant harm’ (DNSH) criteria and minimum safeguards. The outcome of the sustainability key performance indicators is presented in the table on page 15. Resource usage and the circular economy In April we took the next step in our work on circular construction by handing over the recycling hub in Solna Business Park to Ragn-Sells. The transfer aims to enable larger volumes and more efficient resource utilisation, in response to growing demand for circular solutions. In connection with the handover, Fabege joined Ragn-Sell’s Reboost, an initiative for large-scale construction reuse. During the quarter, the focus has been on preparing the system for use in Fabege’s projects and implementing Reboost throughout operations. Fabege’s workforce Having a committed and motivated workforce is a key success factor, and Fabege is keen to be an attractive place to work. The working environment must be safe and free from the risk of Fabege employees, or those working at Fabege, being injured or falling ill at work. All our employees have undergone basic health and safety training, and new staff are offered the same opportunity. This year’s Great Place to Work survey was sent out to all employees at the end of the quarter. The survey is conducted to follow up on employees’ experiences of the workplace, leadership and Fabege’s sustainability work T argets for 2030 – Climate-neutral property management. – Halving of the climate impact of project development per GFA. – Energy consumption, 62 kWh/sqm. Continued strong performance in GRESB The final GRESB results for 2026 have been released, and Fabege achieved 94.7 points and was once again awarded the highest rating of five stars. The result placed Fabege in third place within the categories of listed property companies in Europe and listed office companies globally. In the Performance Score sub-area, Fabege ranked first within the same categories. Science Based T argets Our climate target was approved by SBTi in 2020. *The target involves reducing emissions linked to property management by 90 per cent compared with the 2018 base year. Emissions that cannot be eliminated are intended to be managed through investments in technologies that reduce carbon dioxide in the atmosphere.
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Fabege 2026/Q3 15 corporate culture, and to identify areas for continued development. Workers in the value chain Fabege works with requirements and follow-up in the supplier chain in areas such as working conditions, human rights, business ethics and climate impact, to create long-term profitability, reduce risks and strengthen Fabege’s brand. The work includes responsible purchasing and the requirement that suppliers adhere to Fabege’s Code of Conduct for framework agreement suppliers. The Code of Conduct is based on international guidelines, including the UN’s fundamental human rights conventions, the ILO’s fundamental principles and rights at work, and the UN Global Compact’s ten principles. Suppliers covered by the Code of Conduct are expected to follow these requirements in their operations and in relevant parts of the supply chain. Fabege’s aim is for all framework agreement suppliers to undergo sustainability screening, while also strengthening risk management and work on social inclusion. At the end of the quarter, 97 per cent of suppliers underwent sustainability screening and were approved, and 100 per cent had signed the Supplier Code of Conduct. Affected communities Fabege takes a customer-centred approach to create attractive premises with a healthy working environment and services that empower their employees and bolster their operations and business. Continuous dialogue with Fabege’s approximately 700 customers contributes to long- term cooperation in and around our properties. In Haga Norra, we are developing a district with housing, workplaces, services and meeting places with good communications and proximity to expansive green spaces. Through our subsidiary Birger Bostad, we are also now building about 5,200 sqm of retirement accommodation for Stockholms Sjukhem, consisting of 80 apartments at Mathildatorget. The project will begin at the end of the year, and we expect to be able to welcome the first residents in May 2030. Responsible business conduct Fabege applies commonly accepted good business practice and international human rights, labour and environmental standards in accordance with the Global Compact and the ILO’s fundamental conventions on human rights at work. The Code of Conduct is the basis for the conduct of all staff, and has been signed by all employees. About the Sustainability Report The quarterly report is not prepared according to the same guidelines as Fabege’s annual sustainability report and therefore does not address certain issues. An overall picture of the company’s sustainability work is published once a year in the Sustainability Certified properties* *The properties for which certification has not yet started include land and development properties for future project development. ** BREEAM-SE now also includes the properties certified according to BREEAM Bespoke, as BREEAM Bespoke is a customised manual based on BREEAM-SE. Sustainability performance measures * Atemp is the total internal area for each floor, loft and basement that is heated to more than 10°C. Areas occupied by internal walls, openings for stairs, shafts and the like are included. The area of a garage, within the building, in a residential building or a commercial building other than a garage, is not included. ** The properties for which certification has not yet begun include land and development properties for future project development. *** Lease with defined conditions regarding energy, waste, material selection during renovation, and collaboration, with the aim of reducing specified environmental impact. EU T axonomy Fabege reports voluntarily according to the EU’s Non-Financial Reporting Directive. Reporting of the extent to which the Group’s activities are eligible for, and aligned with, the EU T axonomy can be found in Note 1 EU T axonomy, page 30. The full tables in accordance with EU T axonomy objective 1, including DNSH criteria and minimum safeguards, are presented in our 2025 Annual and Sustainability Report. Nasdaq Green Equity Designation since 2023 Fabege meets the requirements for Nasdaq Green Equity Designation. At least 50% of revenue and 50% of investments must be classified as green in order to qualify. In the most recent assessment, 86% of revenue and 85% of investments were classified as green. The purpose of the classification is to increase transparency for investors requesting sustainability-related information. Examples of social sustainability initiatives – Collaboration in Huddinge/BID Flemingsberg – T alangAkademin – The Läxhjälpen foundation – Young Opera/Young Dramatic Theatre – Flemingsberg Science – Pep Parks – Street Gallery – Support for Stockholm City Mission System Quantity Sqm, GLA Percentage of certified area, % BREEAM In-Use 47 743,917 68% BREEAM-SE** 15 346,421 32% Miljöbyggnad 1 5,482 0% Svarnen 1 2,334 0% Total certified properties 64 1,098,153 100% 2026,Q3 2025 2024 Target Energy performance, KWh/sqm Atemp* 45 65 70 Max 68 Proportion of renewable energy, % 93 93 90 100 Environmental certification, number of properties** 64 63 62 - Environmental certification, % of total area 87 87 82 100 Green leases, % of newly signed space 99 100 98 100 Green leases, % of total space 95 93 92 100 Green financing, % 97 99 99 100 Satisfied employees, confidence rating, % n/a 88 88 90 GRESB, points 95 94 95 >91
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Fabege 2026/Q3 16 Sensitivity analysis – property values Earnings and key performance indicators are affected by realised and unrealised changes in the value of properties. The table shows the effect of a 1 percentage-point change in value after deferred tax deduction. Sensitivity analysis – cash flow and earnings The sensitivity analysis shows the effects on the Group’s cash flow and earnings, on an annualised basis, after taking into account the full effect of each parameter. Rental income – trend for the next four quarters The chart above shows the trend in contracted rental income, including announced occupancies and vacancies and renegotiations, but excluding letting targets. The chart is not a forecast, but instead aims to illustrate the rental trend for the existing lease portfolio on the balance sheet date. The decrease in the fourth quarter of 2026 relates to a non-recurring. Human resources At the end of the period, 213 people (227) were employed by the Group. Parent Company, Jan–Sep 2026 Revenue during the period amounted to SEK 341m (305) and earnings before appropriations and tax totalled SEK 2,184m (675). Net financial items include dividends from subsidiaries of SEK 2,110m (1,005). Net investments in property, equipment and shares totalled SEK 0m (1). Events after the balance sheet date There are no events to report after the balance sheet date. Rental value per category Lease maturity structure Largest customers Value change Impact on earnings after tax, SEKm Equity/assets ratio, % Loan-to-value ratio, % +1 633 45.30% 43.20% 0 - 44.97% 43.41% -1 -633 44.65% 43.63% Change Effect, SEKm Rental income, total 1% +/- 35,4 Rental level, commercial income 1% +/- 32,1 Financial occupancy rate 1 percentage point +/- 40,4 Property expensive 1% +/- 9,1 Interest expensive, LTM ±1 percentage point -101 / +171 898 892 902 884 860 883 885 906 400 500 600 700 800 900 1 000 Kv4-2025 Kv1-2026 Kv2-2026 Kv3-2026 Kv4-2026 Kv1-2027 Kv2-2027 Kv3 2027 SEKm Offices, 84% Retail, 4% Industrial/warehouse, 4% Hotel, 4% Other, 4% No. of leases Annual rent, SEKm Percentage, % 2026¹ 285 102 3% 2027¹ 443 543 15% 2028 229 410 11% 2029 251 581 16% 2030 131 567 15% 2031+ 159 1,302 36% Commercial 1,498 3,505 96% Housing leases 242 31 1% Indoor and outdoor parking 467 132 3% Total 2,207 3,668 100% ¹Of which just over SEK 136m has already been renegotiated. Percentage¹, % Year of expiry Skandinaviska Enskilda Banken AB 6.6% Q4-2037 Saab AB 4.9% Q4-2045 Convendum Stockholm City AB 3.6% Q4-2034 Ica Fastigheter AB 3.1% Q4-2030 Telia Sverige AB 2.7% Q1-2032 DNB Carnegie 2.2% Q3-2027 Svea Bank AB 1.7% Q4-2029 Alfa Laval Technologies AB 1.7% Q2-2047 Bilia AB 1.7% Q1-2041 Coop Sverige AB 0.8% Q3-2029 Total 29.2% Other financial information ¹Percentage of contracted rent. ² Extended and expand the lease to 2032. The new agreement takes in effect Q3 2032.
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Fabege 2026/Q3 17 Opportunities and risks Risks and uncertainties relating to cash flow from operations relate primarily to changes in rents, vacancies and interest rates. Risks and opportunities in the Parent Company are linked to the ownership of subsidiaries. The effect of the changes on consolidated profit, including a sensitivity analysis, and a more detailed description of risks and opportunities, are presented in the section on Risks and opportunities in the 2025 Annual Report (pages 76–85). Properties are recognised at fair value and changes in value are recognised in profit or loss. The effects of changes in value on consolidated profit, the equity/assets ratio and the loan-to-value ratio are also presented in the section on Risks and opportunities and the sensitivity analysis in the 2025 Annual Report. Financial risk, defined as the risk of insufficient access to long-term funding via loans, and Fabege’s management of this risk, are also described in the Risks and opportunities section of the 2025 Annual Report (pages 76–85). Fabege’s aims for its capital structure are to have an equity/assets ratio of at least 35 per cent and an interest coverage ratio of at least 2.2x. The target for the loan-to-value ratio is a maximum of 50 per cent. The long-term debt ratio shall amount to a maximum of 13x. No material changes in the company’s assessment of risks have arisen, aside from the above, since the publication of the 2025 Annual Report. Seasonal variations Expenses for the running and maintenance of properties are subject to seasonal variations. For example, cold and snowy winters give rise to higher costs for heating and snow clearance, while hot summers result in higher cooling costs. Activity in the rental market is seasonal. Normally, more business transactions are completed in the second and fourth quarters, which means that net lettings in these quarters are often higher. Market outlook Major leasing processes in the Greater Stockholm area continue to take time. Vacancies have generally increased over the past year. We have experienced an increase in activity in the Stockholm rental market since the summer, with more ongoing dialogues and viewings, although the processes continue to take a time. Rental levels in central locations are generally stable or slightly increasing and lettings remain at healthy levels. In other locations, rental levels have in some cases reached above current market rent due to historically high inflation. Generally rent levels in Fabege’s properties remain unchanged. The financial market is strong, and we are seeing continued good access to capital both via the bond market and the banks’ own lending. Market interest rates, both short-term and long-term, have risen and are also more volatile in light of global uncertainty. Approximately 45 per cent of Fabege’s loan portfolio is fixed, which provides relatively good predictability for the next few years. Rising market rates in recent years impacted yield requirements in property valuations. However, since the beginning of the year, yield requirements in central Stockholm have once again seen a slight drop, while they are largely unchanged or slightly higher in Fabege’s other submarkets. Valuations are also influenced by anticipated vacancy rates and assumptions regarding market rent levels. There is still a lot of interest from long-term investors who are willing to pay well for quality in Stockholm. Fabege enjoys a strong financial position. We have created good opportunities to invest in our areas through acquisitions made in recent years, including the acquisition of Birger Bostad, which enables more comprehensive urban development that also includes housing. Fabege’s hallmark is stability – we have a portfolio of modern properties in attractive locations, stable customers and committed employees. We are well prepared to take on the challenges and opportunities available to us on the market over the coming year. Accounting policies This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. Disclosures in accordance with IAS 34.16A Interim Financial Reporting are submitted both in the notes and in other sections of the Interim Report. The Group has applied the same accounting policies and valuation methods as in the most recent annual report. New or revised IFRS accounting standards or other IFRIC interpretations that came into effect after 1 January 2026 have not had any material impact on the consolidated financial statements IFRS 18 Presentation and Disclosure in Financial Statements, which takes effect in January 2027 , primarily changes three key areas: the structure of the income statement; the introduction of disclosures regarding performance measures reported outside of a company’s financial statements—referred to as "management-defined performance measures" (MPMs); and improved aggregation and disaggregation of information within the primary financial statements and the notes. The income statement will be divided into three categories: operating, investing, and financing. The analysis of the impacts of IFRS 18 has not yet been fully completed. The Parent Company prepares its financial statements in accordance with RFR 2 Accounting for Legal Entities and the Swedish Annual Accounts Act, and has applied the same accounting policies and valuation methods as in the most recent annual report. Stockholm, 21 October 2026 Bent Oustad, CEO
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Fabege 2026/Q3 18 Review report We have conducted a limited assurance review of the condensed interim financial information (interim report) for Fabege AB as of 30 September 2026 and the nine-month period that ended on this date. The Board of Directors and the Chief Executive Officer are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited assurance review. Scope and focus of the limited assurance review We conducted our limited assurance review in accordance with the International Standard on Review Engagements ISRE 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’. A limited assurance review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other limited assurance procedures. The procedures performed in a limited assurance review vary in nature from, and are considerably less in scope than for a reasonable assurance engagement conducted in accordance with the ISA and other generally accepted auditing standards in Sweden. The procedures performed consequently do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement. Accordingly, we do not express a reasonable assurance conclusion. Conclusion Based on the limited assurance procedures we have performed, nothing has come to our attention that causes us to believe that this interim report has not been prepared for the Group, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, and for the Parent Company in accordance with the Swedish Annual Accounts Act. Stockholm, 21 October 2026 KPMG AB Mattias Johansson Authorised Public Accountant
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Fabege 2026/Q3 19 Shareholders* Fabege had a total of 39,699 known shareholders at 30 September 2026, including 55 per cent Swedish ownership. The 12 largest shareholders control 60 per cent of the capital. Share capital, 30/09/2026 The company’s share capital totalled SEK 5,099m, represented by 314,577 096 shares. All shares carry the same voting rights and entitle the holder to the same share of the company’s capital. The quotient value is SEK 16.21 per share. Dividend policy Fabege aims to pay a dividend to its shareholders comprising the part of the company’s profit that is not required for consolidation or development of the business. Under current market conditions, this means that, on an long-term basis, the dividend is expected to amount to at least 50 per cent of the profit from ongoing property management and gains realised on the sale of properties after tax. Acquisition and transfer of treasury shares The 2026 AGM passed a resolution authorising the Board, for the period until the next AGM, to acquire and transfer shares in the company. Share buybacks are subject to a limit of 10 per cent of the total number of shares outstanding at any time. Following the decision to cancel repurchased shares at the 2026 AGM, the company has no holdings of treasury shares. There were no repurchases during the period. Green Equity Designation Fabege’s share is green according to the Nasdaq Green Equity Designation. The criteria are that at least 50 per cent of turnover and 50 per cent of investments must be considered to be green, and less than 5 per cent of turnover linked to fossil fuels. Share distribution, 30/09/2026* Country distribution, 30/09/2026* Largest shareholders*, 30/09/2026 30/09/2026 31/12/2025 Numbers of owners 39,699 42,376 Number of foregin owners 1,008 1,100 Foregin ownership, % 45 25 Fund ownership, % 22 25 Number of shares Capital % votes, % Norwegian Property ASA 71,973,181 22.9 Backahill AB 52,608,718 16.7 Swedbank Robur Funds 8,754,250 2.8 Vanguard 8,682,426 2.8 Folksam 8,127,678 2.6 BlackRock 7,545,256 2.4 Nordea funds 6,394,069 2.0 Länsförsäkringar funds 5,803,055 1.8 E.N.A City Aktiebolag 5,606,350 1.8 Geveran Trading co. Limited 5,038,295 1.6 Handelsbanken funds 4,398,438 1.4 Alcur funds 3,782,398 1.2 Total 12 largest shareholders 188,714,114 60.0 Treasury shares 16,206,048 4.9 Total no. of outstandning shares 314,577,096 Total no. of registered shares 314,577,096 Share information *Source: Holdings of Modular Finance AB. Data compiled and processed from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen). Data for 30/06/2026 was not available at the time of publication of the report. Sweden, 55% Norway, 27% USA, 8% Finland, 2% Others 8%
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Fabege 2026/Q3 20 Consolidated condensed statement of comprehensive income 2026 2025 2026 2025 2025 R12 mon SEKm Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-dec Oct-Sep Rental income¹ 884 864 2,678 2,581 3,480 3,577 Sales residential projects 401 - 793 128 280 945 Net Sales 1,285 864 3,471 2,709 3,760 4,522 Property expenses -208 -191 -692 -675 -897 -914 Residential projects expenses -368 -3 -681 -108 -225 -798 Gross profit 709 670 2,098 1,926 2,638 2,810 of wich gross profit property managment 676 673 1,986 1,906 2,583 2,663 Surplus ratio, % 76% 78% 74% 74% 74% 74% of wich gross profit property projects 33 -3 112 20 55 147 Central administration -20 -19 -78 -78 -106 -106 Net interest expense -246 -236 -741 -718 -940 -963 Ground rent -10 -10 -31 -31 -41 -41 Share in profit of associated companies -40 -12 -82 -49 -130 -163 Profit/loss from property management 393 393 1,166 1,050 1,421 1,537 Impairment development properties - - - -21 -24 -3 Realised changes in value of properties - - - -37 -36 1 Unrealised changes in value of properties 259 -338 120 -988 -1,700 -592 Unrealised changes in value, fixed-income derivatives 264 113 149 -216 -166 199 Changes in value of shares - - 2 -3 -3 2 Profit/loss before tax 916 168 1,437 -215 -508 1,144 Current tax -2 - -3 0 - -3 Deferred tax -214 -69 -222 47 160 -109 Profit/loss for period/year 700 99 1,212 -168 -348 1,032 Items that will not be restated in profit or loss - - - - - Revaluation of defined-benefit pensions - - - - 7 7 Comprehensive income for the period/year 700 99 1,212 -168 -341 1,039 Of which attributable to non-controlling interests - - - - - - Total comprehensive income attributable to Parent Company shareholders 700 99 1,212 -168 -341 1,039 Earnings per share, SEK 2:23 0:32 3:85 -0:53 -1:11 3:28 No. of shares outstanding at period end, thousands 314,577 314,577 314,577 314,577 314,577 314,577 Average no. of shares, thousands 314,577 314,577 314,577 314,577 314,577 314,577 Financial data ¹On-charging, service and other income amount to SEK 99m (94) for the Jan–Sep 2026 period. ²Earnings per share are the same before and after dilution.
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Fabege 2026/Q3 21 Consolidated condensed statement of financial position Consolidated condensed statement of changes in equity 2026 2025 2025 SEKm 30 Sep 30 Sep 31 Dec Assets Goodwill 205 205 205 Investment properties 79,677 78,450 78,460 Right-of-use asset 1,584 1,371 1,584 Other property, plant and equipment 29 35 32 Derivatives 588 472 487 Non-current financial assets 750 763 709 Development properties 646 1,009 933 Current assets 722 1,361 548 Short-term investments 101 100 101 Cash and cash equivalents 181 15 30 Total assets 84,483 83,781 83,089 Equity and liabilities Shareholders' equity 37,995 37,648 37,475 Deferred tax 8,487 8,376 8,265 Other provisions 170 172 163 Interest-bearing liabilities¹ 34,588 34,542 34,424 Lease liability 1,584 1,371 1,584 Derivatives 62 145 109 Non-interest-bearing liabilities 1,597 1,527 1,069 Total equity and liabilities 84,483 83,781 83,089 ¹Of which current, SEK 6,220m (9,117). 2026 2025 2025 SEKm 30 Sep 30 Sep 31 Dec Shareholders' equity at beginning of period 37,475 38,445 38,445 Shareholders' equity, Opening amount 37,475 38,455 38,445 Share buybacks - - - Approved but unpaid dividend -346 -314 -157 Cash dividend -346 -315 -472 Profit/loss for the period 1,212 -168 -348 Other comprehensive income - - 7 Total Shareholders' equity at end of period¹ 37,995 37,648 37,475 ¹ There is no non-controlling interests The 2026 Annual General Meeting resolved to cancel 16,206,048 treasury shares through a reduction of the share capital and a subsequent bonus issue. The transactions did not result in any change to the Group’s total equity.
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Fabege 2026/Q3 22 Consolidated statement of cash flows 2026 2025 2025 SEKm Jan-Sep Jan-Sep Jan-Dec Operations Net operating income 2,098 1,926 2,638 Central administration -78 -78 -106 Reversal of depreciation and impairment 9 8 11 Non -cash items - - -52 Interest received 14 14 79 Interest paid¹ -823 -811 -1,067 Income tax paid -3 - - Total 1,217 1,059 1,503 Change in working capital Change in development properties 499 -244 -339 Change in current receivables -175 -124 659 Change in current liabilities 348 191 -79 Total change in working capital 672 -177 241 Cash flow from operating activities 1,889 882 1,744 Investing activities Investments in new-builds, extensions and conversions -1,262 -1,481 -2,024 Acquisition of properties -202 - - Divestment of properties via company 190 960 960 Investment in equipments -6 - -11 Investments non-current financial assets -120 -96 -114 Cash flow from investing activities -1,400 -617 -1,189 Financing activities Dividend to shareholders -503 -456 -613 Treasury share buybacks - - - Borrowings 18,158 15,618 19,785 Repayment of debt -17,993 -15,476 -19,761 Cash flow from financing activities -338 -314 -589 Cash flow for the period 151 -49 -34 Cash and cash equivalents at beginning of period 30 64 64 Cash and cash equivalents at end of period 181 15 30 ¹Of which other financial costs , SEK -12m (-15).
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Fabege 2026/Q3 23 Group – key performance indicators Group – EPRA key performance indicators 2026 2025 2025 Financial¹ Jan-Sep Jan-Sep Jan-Dec Return on equity, % 4.3 -0.6 -0.9 Interest coverage ratio, multiple 2.7 2.5 2.6 Equity/assets ratio, % 45 45 45 Loan-to-value ratio, properties, % 43 43 43 Debt ratio, multiple 12.8 14.0 13.6 Debt/equity ratio, multiple 0.9 0.9 0.9 Share-based¹ Earnings/share, SEK² 3:85 -0:53 -1:11 Equity/share, SEK 121 120 119 Cash flow from operating activities/share, SEK 6:00 2:80 5:54 No. of shares outstanding at end of period, thousands 314,577 314,577 314,577 Average no. of shares, thousands 314,577 314,577 314,577 Property-related No. of properties 99 99 100 Management properties, SEKm 79,677 78,450 78,460 Lettable area, sqm 1,262,000 1,265,000 1,271,000 Development properties, SEKm 646 1,009 933 Financial occupancy rate, % 87 87 86 Total return on properties, % 2.7 1.1 1.1 Surplus ratio, % 74 74 74 Average remaining contract period(property managment), year 5.5 5.1 5.3 ²Definition according to IFRS. ¹Unless otherwise stated, the key performance indicator is not defined under IFRS. See definitions. 2026 2025 2025 EPRA Key performance indicator Jan-Sep Jan-Sep Jan-Dec EPRA Earnings (income from property mgmt after tax), SEKm 1,049 952 1,293 EPRA Earnings (EPS), SEK/share 3:33 3:03 4:11 EPRA NRV (long-term net asset value), SEKm 46,302 46,012 45,520 EPRA NRV, SEK/share 147 146 145 EPRA NTA (net asset value), SEKm 43,374 43,019 42,627 EPRA NTA, SEK/share 138 137 135 EPRA NDV (net asset value), SEKm 38,136 37,758 37,427 EPRA NDV, SEK/share 121 120 119 EPRA Vacancy rate, % 13 13 14 EPRA Rental growth identical portfolio -1.2 -3.2 -3.2 EPRA Investments 1,487 1,515 2,061
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Fabege 2026/Q3 24 Group – deferred tax Consolidated condensed income statement, quarterly overview 2026 2025 2025 Deferred tax attributable to: 30 Sep 30 Sep 31 Dec - tax loss carryforwards, SEKm -373 -190 -312 - difference between carrying amount and tax value of properties, SEKm 8,746 8,510 8,494 - derivatives, SEKm 108 67 78 - other, SEKm 6 -11 5 Net debt, deferred tax, SEKm 8,487 8,376 8,265 SEKm Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Rental income 884 902 892 899 864 852 865 861 Sales property projects 401 220 172 152 - 128 - 3 Net sales 1,285 1,122 1,064 1,051 864 980 865 864 Property expenses -208 -231 -253 -222 -191 -219 -265 -233 Costs property projects -368 -181 -132 -117 -3 -99 -6 -6 Gross profit 709 710 679 712 670 662 594 625 of which gross profit property management 676 671 639 677 673 633 600 628 Surplus ratio 76% 74% 72% 75% 78% 74% 69% 73% of which gross profit property projects 33 39 40 35 -3 29 -6 -3 Central administration -20 -23 -35 -28 -19 -26 -33 -13 Net interest expense -246 -252 -243 -222 -236 -240 -242 -235 Ground rent -10 -11 -10 -10 -10 -10 -10 -10 Share in profit of associated companies -40 -21 -21 -81 -12 -14 -24 -34 Profit/loss from property management 393 403 370 371 393 372 285 333 Impairment development properties - - - -3 - -21 - -40 Realised changes in value of properties - - - 1 - - -37 - Unrealised changes in value of properties 259 120 -259 -712 -338 -85 -565 18 Unrealised changes in value, fixed-income derivatives 264 -216 101 50 113 -356 27 301 Changes in value, equities - 2 - - - -1 -2 -3 Profit/loss before tax 916 309 212 -293 168 -91 -292 609 Current tax -2 - -1 -0 0 - - - Deferred tax -214 78 -86 113 -69 -26 141 -154 Profit/loss for the period 700 387 125 -180 99 -117 -151 455 202420252026 The Group’s total deficit as at 30 September 2026 amounted to SEK 2,763m, of which SEK 1,813m was recognised at valuation. Following a ruling by the Administrative Court of Appeal, deficits of just over SEK 550m have been transferred to the Group. These are included in the amount recognised at valuation.
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Fabege 2026/Q3 25 Consolidated condensed statement of financial position, quarterly overview Group – Key performance indicators, quarterly overview SEKm Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Assets Goodwill 205 205 205 205 205 205 205 205 Properties 79,677 79,019 78,600 78,460 78,450 78,317 77,805 78,904 Right-of-use asset, leasehold 1,584 1,584 1,584 1,584 1,371 1,371 1,371 1,371 Other property, plant and equipment 29 31 31 32 35 35 34 34 Derivatives 588 385 562 487 472 442 697 702 Non-current financial assets 750 736 723 709 763 748 736 728 Development properties 646 925 888 933 1,009 935 860 754 Current assets 722 789 785 548 1,361 1,461 1,482 1,247 Short-term investments 101 101 101 101 100 100 99 100 Cash and cash equivalents 181 28 22 30 15 22 57 64 Total assets 84,483 83,803 83,501 83,089 83,781 83,636 83,346 84,109 Equity and liabilities Shareholders' equity 37,995 37,295 37,600 37,475 37,648 37,548 38,294 38,445 Deferred tax 8,487 8,272 8,351 8,265 8,376 8,308 8,282 8,424 Other provisions 170 171 163 163 172 173 175 175 Interest-bearing liabilities 34,588 34,439 34,272 34,424 34,542 34,203 33,633 34,400 Lease liability 1,584 1,584 1,584 1,584 1,371 1,371 1,371 1,371 Derivatives 62 123 84 109 145 228 128 159 Non-interest-bearing liabilities 1,597 1,919 1,447 1,069 1,527 1,805 1,463 1,135 Total equity and liabilities 84,483 83,803 83,501 83,089 83,781 83,636 83,346 84,109 2026 2025 2024 SEKm Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Financial¹ Return on equity, % 7.4 4.1 1.3 -1.9 1.1 -1.2 -1.6 4.8 Interest coverage ratio, multiple² 2.8 2.7 2.6 3.0 2.7 2.6 2.3 2.6 Equity/assets ratio, % 45 45 45 45 45 45 46 46 Loan-to-value ratio, properties, % 43 43 43 43 43 43 43 43 Debt ratio, multiple 12.8 12.9 13.1 13.6 14.0 14.1 14.0 14.1 Debt/equity raio, multiple 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 Share-based¹ Earnings/share for the period, SEK² 2:23 1:23 0:40 -0:57 0:32 -0:37 -0:48 1:45 Equity/share, SEK 121 119 120 119 120 119 122 122 Cash flow from operating activities/share, SEK 1:98 1:69 2:33 2:78 0:96 0:54 1:30 0:53 No. of shares outstanding at the end of the period, thousands 314,577 314,577 314,577 314,577 314,577 314,577 314,577 314,577 Average no. of shares, thousands 314,577 314,577 314,577 314,577 314,577 314,577 314,577 314,577 Property-related Financial occupancy rate, % 87 87 86 86 87 87 87 88 Total return on properties, % 1.2 1.0 0.5 - 1.1 0.7 - 0.8 Surplus ratio, % 74 74 72 75 78 74 69 73 2026 2025 2024 ¹Unless otherwise stated, the key performance indicator is not defined under IFRS. Please refer to definitions. ²Definition according to IFRS.
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Fabege 2026/Q3 26 Group – Reconciliation of key performance indicators Reconciliation of the financial key performance indicators that Fabege reports is presented below. 2026 2025 2025 Equity/assets ratio 30 Sep 30 Sep 31 Dec Shareholders' equity, SEKm 37,995 37,648 37,475 Total assets, SEKm 84,483 83,781 83,089 Equity/assets ratio, % 45 45 45 2026 2025 2025 Loan-to-value ratio, properties 30 Sep 30 Sep 31 Dec Interest-bearing liabilities, SEKm 34,588 34,542 34,424 Carrying amount, investment properties, SEKm 79,677 78,450 78,460 Carrying amount, development properties, SEKm 646 1,009 933 Loan-to-value ratio, properties, % 43 43 43 2026 2025 2025 Debt ratio 30 Sep 30 Sep 31 Dec Gross profit, SEKm 2,810 2,551 2,638 Central administration, SEKm -106 -91 -106 Total, SEKm 2,704 2,460 2,532 Interest-bearing liabilities, SEKm 34,588 34,542 34,424 Debt ratio, multiple 12.8 14.0 14.0 2026 2025 2025 Interest coverage ratio, multiple 30 Sep 30 Sep 31 Dec Gross profit, SEKm 2,098 1,926 2,638 Ground rent, SEKm -31 -31 -41 Central administration, SEKm -78 -78 -106 Total, SEKm 1,989 1,817 2,491 Net interest expense, SEKm -741 -718 -940 Interest coverage ratio, multiple 2.7 2.5 2.6
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Fabege 2026/Q3 27 Group – reconciliation of KPIs cont. 2026 2025 2026 2025 2025 Return on equity Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Profit/loss for the period, SEKm 700 99 1,212 -168 -348 Average equity, SEKm 37,645 37,598 37,735 38,047 37,960 Return on equity, % 7.4 1.1 4.3 -0.6 -0.9 2026 2025 2026 2025 2025 Total return on properties Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-dec Net operating income, SEKm 676 673 1,986 1,906 2,583 Unrealised and realised changes in the value of properties, SEKm 259 -338 120 -1,025 -1,736 Market value including investments for the period, SEKm 78,281 78,803 78,281 78,709 82,257 Total return on properties, % 1.2 0.4 2.7 1.1 1.1 2026 2025 2026 2025 2025 Debt/equity ratio Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-dec Net operating income, SEKm 34,588 34,542 34,588 34,542 34,424 Unrealised and realised changes in the value of properties, SEKm 37,995 37,648 37,995 37,648 37,475 Debt/equity ratio, multiple 0.9 0.9 0.9 0.9 0.9 2026 2025 2026 2025 2025 Equity per share Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-dec Shareholders' equity, SEKm 37,995 37,648 37,995 37,648 37,475 No. of shares outstanding at end of period, million 315 315 315 315 315 Equity, SEK per share 121 120 121 120 119 2026 2025 2026 2025 2025 Cash flow per share Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-dec Cash flow from operating activities, SEKm 622 320 1,889 882 1,744 Avergae number of shares, million 315 315 315 315 315 Cash flow, SEK per share 1:98 0:96 6:00 2:80 5:54
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Fabege 2026/Q3 28 Group – reconciliation of EPRA key performance indicators EPRA NRV, EPRA NTA & EPRA NDV NRV NTA NDV NRV NTA NDV NRV NTA NDV Shareholders' equity, SEKm 37,995 37,995 37,995 37,648 37,648 37,648 37,475 37,475 37,475 Reversal of approved but unpaid dividend, SEKm 346 346 346 - 315 315 315 157 157 157 Reversal of fixed-income derivatives according to balance sheet, SEKm -526 -526 -526 -327 -327 -327 -377 -377 -377 Reversal of deferred tax according to balance sheet, SEKm 8,487 8,487 8,487 8,376 8,376 8,376 8,265 8,265 8,265 Reversal of goodwill according to balance sheet, SEKm - -205 -205 - -205 -205 - -205 -205 Deduction of actual deferred tax, SEKm - -2,723 -2,723 - -2,788 -2,788 - -2,688 -2,688 Deduction of fixed-income derivatives according to balance sheet, SEKm - - 526 - - 327 - - 377 Deduction of deferred tax according to balance sheet after adjustment of estimated actual deferred tax, SEKm - - -5,764 - - -5,588 - - -5,577 NAV, SEKm 46,302 43,374 38,136 46,012 43,019 37,758 45,520 42,627 37,427 Number of shares outstanding, millions 314.6 314.6 314.6 314.6 314.6 314.6 314.6 314.6 314.6 NAV, SEK per share 147 138 121 146 137 120 145 135 119 Jan-Sep 2025 Jan-Sep 2026 Jan-Dec 2025 2026 2025 2025 EPRA EPS Jan-Sep Jan-Sep Jan-Dec Profit/loss from property management, SEKm 1,166 1,050 1,421 Deduction for tax depreciation, SEKm -600 -578 -800 Total, SEKm 566 472 621 Nominal tax (20.6%), SEKm 117 97 128 EPRA earnings in total (profit/loss from property management less nominal tax), SEKm 1,049 953 1,293 Number of shares, millions 314.6 314.6 314.6 EPRA EPS, SEK per share 3:33 3:03 4:11 2026 2025 2025 EPRA Vacancy rate Jan-Sep Jan-Sep Jan-Dec Estimated market value of vacant property rents, SEKm 534 513 556 Annual rental value, entire portfolio, SEKm 4,037 3,815 3,922 EPRA Vacancy rate, % 13 13 14 2026 2025 2025 EPRA rental growth identical portfolio Jan-Sep Jan-Sep Jan-Dec Change, % -1.2 -3.2 -3.2 Change,SEKm -29 -91 -99 Rental income identical portfolio current period, SEKm 2,333 2,321 3,044 Rental income identical portfolio previous period, SEKm 2,362 2,397 3,143 2026 2025 2025 EPRA investments Jan-Sep Jan-Sep Jan-Dec Acquisitions, SEKm 211 - - Investment in development and project properties, SEKm 757 912 1,427 Investment in investment properties 519 603 634 Whereof capitalised interest 13 33 37 Total EPRA investments 1,487 1,515 2,061
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Fabege 2026/Q3 29 Parent Company – condensed income statement Parent Company – condensed balance sheet 2026 2025 2026 2025 2025 SEKm Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Income 97 103 341 305 396 Expenses -97 -97 -367 -352 -475 Net financial items -8 -13 2,059 941 600 Share in profit of associated companies - - - - - Changes in value, fixed-income derivatives 264 113 149 -216 -167 Changes in value, equities - - 2 -3 -3 Appropriation - - - - 58 Profit/loss before tax 256 106 2,184 675 409 Current tax - - - - - Deferred tax -53 45 -18 63 34 Profit/loss for the period 203 151 2,166 738 443 2026 2025 2025 SEKm 30 Sep 30 Sep 31 Dec Investments in Group companies 13,400 13,400 13,400 Other non-current assets 50,758 51,704 51,211 of which, receivables from Group companies 50,141 51,199 50,710 Current assets 124 148 125 Cash and cash equivalents 152 2 - Total assets 64,434 65,254 64,736 Shareholders' equity 13,644 12,464 12,169 Provisions 187 147 157 Non-current liabilities 43,793 48,176 43,508 of which, liabilities to Group companies 15,485 17,657 18,091 Current liabilities 6,810 4,467 8,902 Total equity and liabilities 64,434 65,254 64,736
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Fabege 2026/Q3 30 Percentage of activities eligible for the taxonomy Fabege owns and manages properties, with a primary focus on commercial properties in the Stockholm area. The vast majority of the property portfolio falls within the scope of the taxonomy and the economic activity applied is: CCM 7 .7 Acquisition and ownership of buildings. The proportion of economic activities that are environmentally sustainable according to the EU T axonomy Regulation is reported based on three financial indicators: turnover, operating expenditure and capital expenditure. Recognition of turnover: All turnover relating to the properties included in the economic activities above is recognised. This relates to rental income including customary supplements and the turnover attributable to Birger Bostad’s sale of completed homes. No material income that should be excluded has been identified. Recognition of operating expenditure: Operating expenditure includes property management costs, ongoing repairs, maintenance and expensed tenant customisations. Birger Bostad’s production costs for residential development are recorded as operating expenses but are not included here, as they do not fall within the definition of operating expenses according to the taxonomy. Recognition of capital expenditure: Relates to capital expenditure for acquisitions and capitalised investment expenditure relating to the properties included in the economic activities. Percentage of activities aligned with the taxonomy Fabege contributes significantly to objective 1, i.e. climate change mitigation, including the Do No Significant Harm criteria. The existing properties assessed as being aligned with objective 1 have an EPC-A level energy performance certificate or are in the top 15 per cent in terms of primary energy use in Sweden (in accordance with the definition applied by the Swedish Property Federation for existing buildings). Buildings constructed after 31 December 2020 have a primary energy use that is at least 10 per cent below the Nearly Zero Energy Building standard (NZEB). The properties have undergone a climate resilience analysis. Fabege’s assessment is that 60 per cent of its turnover, 68 per cent of its operating expenditure and 59 per cent of its capital expenditure are aligned with the taxonomy, based on fulfilment of objective 1 (CCM), including the DNSH criteria. The outcome for the primary energy rating is taken from the currently-valid energy performance certificate. Fabege also meets the taxonomy’s requirements for minimum safeguards relating to human rights, anti-corruption, transparency regarding tax burdens and fair competition. For more information, see Fabege’s forthcoming Annual and Sustainability Report 2025. Note 2 Fair value of financial instruments Derivative instruments are measured on an ongoing basis at fair value in accordance with Level 2 in the statement of financial position. The derivative portfolio is measured at the present value of future cash flows. Changes in value are recognized in the statement of comprehensive income.Changes in value are recognised in profit or loss. Changes in value are recognised for accounting purposes and have no impact on cash flow. At maturity, the market value of derivative instruments is always zero. The valuation assumptions have not changed significantly compared with the most recent annual report. For all other financial assets and liabilities, the carrying amount is deemed to be a good approximation of fair value. Note 3 Contingent liabilities Contingent liabilities at the balance sheet date consisted of guarantees and commitments given by the Parent Company in favour of associated companies amounting to SEK 325m (324), and by subsidiaries in favour of other Group companies amounting to SEK 8m (13), and other 0 (0). Note 4 Segment reporting Rental income and property expenses, as well as realised and unrealised changes in the value of properties, are directly attributable to properties in the respective segments (direct income and expenses). If a property changes type during the year, the earnings attributable to that property are allocated to the respective segments based on the period of time for which the property belonged to each segment. Central administration costs and net financial items have been allocated to segments on a standardised basis according to each segment’s share of the total property value (indirect income and expenses). Property assets are directly attributed to the respective segments and recognised on the balance sheet date. All revenue and expenses attributable to Birger Bostad’s operations are recognised in the Birger Bostad segment. Note 5 Transactions with related parties Backahill AB has a controlling interest in Hansan AB. Consulting services totalling SEK 0.7m (0.7) were procured during the period. Contributions and loans of SEK 127m (95) have been made to Arenabolaget i Solna KB. Nya Svensk Fastighets Finansiering AB (SFF) is a finance company with a covered MTN programme. The company is owned by Catena AB, Diös Fastigheter AB, Fabege AB, Platzer Fastigheter Holding AB and Wihlborgs Fastigheter AB, each owning 20 per cent. The bonds are secured by property mortgage deeds and share pledges. The MTN framework amounts to SEK 12,000m (12,000). As of 30 September 2026, Fabege had outstanding bonds totalling SEK 672m (574). All transactions are conducted based on market terms and conditions. Notes Note 1 EU T axonomy Key ratios Total, SEKm Activities eligible for the taxonomy, % Percentage of activities not eligible for the taxonomy, % Percentage of activities not eligible for the taxonomy Revenue 3,471 100 60 Operating expenditure 97 100 68 Capital expenditure 1,273 100 59
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Fabege 2026/Q3 31 This is Fabege Fabege is one of Sweden’s leading property companies. We develop attractive city districts, with a primary focus on commercial properties within a number of well- located submarkets in the Stockholm region. We are one of the largest property owners in Stockholm and have a clear strategy for our property holdings, with a portfolio grouped into clusters. The Group also includes Birger Bostad, which is a property development company focused on residential and public-services property. The large number of residential building rights that we hold means that together we have a great opportunity to create mixed-use developments in our city districts. The concentration of our properties in well-contained clusters ensures greater customer proximity and, when coupled with Fabege’s thorough knowledge of the market, creates a solid foundation for efficient property management and high occupancy rates. At the end of the quarter, Fabege owned 99 properties, with a combined rental value of SEK 4.3bn, lettable floor space of 1.3m sqm and a carrying amount of SEK 79.7bn, of which development and project properties accounted for SEK 9.1bn. The value of developable properties in Birger Bostad totalled SEK 0.6bn. Business concept Fabege develops attractive city districts, with a primary focus on commercial properties within a number of well-located submarkets in the Stockholm region. Value is created via property management, property development, project development and transactions. We are keen to be a supportive partner that puts people front and centre and enables companies, locations and our city to develop. Business model Fabege is active in three business areas: Property Management, Property Development and Transactions. Strategy for growth Fabege’s strategy is to create value by managing, improving and developing its property portfolio and, through transactions, acquiring and divesting properties with the aim of increasing the property portfolio’s potential. Fabege’s properties are located in the most liquid market in Sweden. Modern properties in attractive locations and customer- oriented operation and management by our own staff ensure low vacancy rates and high cost- efficiency in the investment portfolio. Concentrated portfolios and a significant portfolio of building rights provide opportunities for value-adding project development on land owned by the company. Value drivers Fabege’s operations are affected by a number of external factors, such as the pricing of and demand for premises, the transaction market’s yield requirements, and changes in market interest rates, which create the conditions for the company’s success. The Stockholm market Stockholm is one of the five metropolitan areas in Western Europe with the highest rate of population growth. The population of Stockholm County is forecast to continue to grow over the next 20 years. However, growth in the number of office employees has levelled off and, in general, vacancies have increased over the last two years. Changing demand New technology and new working methods are fuelling demand for flexible, space-efficient premises in prime locations. Peripheral services and effective communication links in the form of public transport are in increasing demand, as are environmentally-certified offices and green leases. Economic trends The property market is impacted by trends in both the Swedish and the global economy. Demand for premises is closely linked to GDP growth and companies’ need for premises. Changes in market interest rates affect required rates of return. Sustainable urban development Sustainability issues are becoming increasingly important in terms of both individual properties and entire areas. Interest in environmental considerations relating to the choice of materials and energy-saving measures is on the rise. Demand is increasing for premises in areas with a good mix of offices, retail, service and residential units, and good transport links and environmental engagement. Business model Property Management The essence of Fabege’s operations is finding the right premises for a customer’s specific requirements and ensuring that the customer is content. This is accomplished through long-term engagement based on close dialogue with the customer, building mutual trust and loyalty. Property Development High-quality property development is the second key cornerstone of our business. Fabege has long-standing expertise in pursuing extensive property development projects, with the aim of attracting long-term tenants to properties that have not yet been fully developed and can be redesigned based on the customer’s specific requirements. Transactions Property transactions are an integral part of Fabege’s business model and make a significant contribution to the company’s earnings. The company continuously analyses its property portfolio in order to harness opportunities to generate capital growth through acquisitions and divestments.
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Fabege 2026/Q3 32 Actual deferred tax Estimated actual deferred tax has been calculated as approximately 4 per cent based on a 3 per cent discount rate. Furthermore, it has been assumed that loss carryforwards are realised over four years with a nominal tax rate of 20.6 per cent, which results in a net present value for deferred tax assets of 19.7 per cent. The calculation is also based on the property portfolio being realised over 50 years, 10 per cent being sold directly with a nominal tax rate of 20.6 per cent, and the remaining 90 per cent being sold indirectly via companies with a nominal tax rate of 6 per cent, which results in a net present value for deferred tax liabilities of 4 per cent. Average interest rate² Weighted average current interest rate for all loans in the debt portfolio, excluding unutilised credit facilities. Cash flow from operating activities per share Cash flow from operating activities (after changes in working capital) divided by the average number of shares outstanding. Debt ratio Interest-bearing liabilities divided by rolling twelve-month gross earnings less central administration costs. Debt/ equity ratio Interest-bearing liabilities divided by shareholders’ equity. Developable properties² Properties held for the purpose of developing and disposing of housing, including rental and tenant-owner apartments and public-services property. Earnings per share Parent Company shareholders’ share of earnings after tax for the period, divided by the average number of shares outstanding during the period. Definition according to IFRS. EPRA EPS Profit from property management less tax at the nominal rate attributable to profit from property management, divided by the average number of shares. T axable profit from property management is defined as the profit from property management less such items as tax-deductible depreciation and amortisation and renovations. EPRA NDV – NET disposal value Equity according to the balance sheet with reversal of goodwill according to the balance sheet. Reversal of approved, unpaid dividends. EPRA NDV per share EPRA NDV divided by the number of shares at the end of the period. EPRA NRV – NET reinstatement value Shareholders’ equity according to the balance sheet following the reversal of fixed-income derivatives and deferred tax according to the balance sheet. Reversal of approved, unpaid dividends. EPRA NRV per share EPRA NRV divided by the number of shares at the end of the period. EPRA NT A – NET tangible assets Shareholders’ equity according to the balance sheet following the reversal of fixed-income derivatives, goodwill and deferred tax according to the balance sheet. Adjusted for actual deferred tax instead of nominal deferred tax. Reversal of approved, unpaid dividends. EPRA NT A per share EPRA NT A divided by the number of shares at the end of the period. EPRA Rental income change like-for-like portfolio The difference between rental income like-for-like portfolio in the current period and rental income like-for-like portfolio in the previous period, divided by rental income like-for-like portfolio in the previous period. EPRA vacancy rate Estimated market vacant rents divided by the annual rental value for the entire property portfolio. Equity per share Parent Company shareholders’ share of equity according to the balance sheet, divided by the number of shares outstanding at the end of the period. Equity/assets ratio Shareholders’ equity including non-controlling interests divided by total assets. Financial occupancy rate² Lease value divided by rental value at the end of the period. Green lease Lease with defined conditions regarding energy, waste, material selection during renovation, and collaboration, with the aim of reducing specified environmental impact. Interest coverage ratio Ratio of gross earnings, including ground rent less central administration costs, to net interest items (interest expenses less interest income). Investment properties Investment properties² Properties that are being actively managed on an ongoing basis. Development properties² Properties for which a redevelopment or extension is in progress or planned that has a significant impact on the property’s net operating income. Net operating income is affected by limitations on lettings prior to imminent development work. Land and project properties² Land and developable properties, and properties undergoing new construction/ complete redevelopment. Lease value² Stated as an annual value. Index-adjusted basic rent under the lease plus rent supplements. Like-for-like² The properties not classified as project properties and that are owned by Fabege throughout the financial period and during the corresponding financial period in the previous year. Loan-to-value ratio, properties Interest-bearing liabilities divided by the carrying amount of the properties at the end of the period. Net lettings² New lettings signed during the period less notices of termination received. Rental value² Lease value plus the estimated annual rent for unutilised premises after a reasonable general renovation. Retention rate² Proportion of leases that are extended in relation to the proportion of cancellable leases. Return on equity Profit for the period/year divided by the average shareholders’ equity including non-controlling interests. In interim reports, the return is converted into its annualised value without taking seasonal variations into account. Return on invested capital in the project portfolio² The change in the value of project and development properties, divided by the capital invested (excluding the initial value) in project and development properties during the period. Return, share Dividend for the year divided by the share price at year- end. Surplus ratio² Net operating income divided by rental income. T otal return on properties Net operating income for the period plus unrealised and realised changes in the value of properties, divided by the market value at the start of the period plus investments for the period. ¹ Fabege presents certain financial performance measures in the Interim Report that are not defined in IFRS. The company believes that these measures, which are more specific to the industry sector, provide valuable supplementary information for investors and the company’s management, as they enable an assessment and benchmarking of the company’s reporting. Since not all companies calculate financial performance measures in the same way, they are not always comparable with measures used by other companies. These financial performance measures should therefore not be regarded as substitutes for measures defined in IFRS. The key performance indicators are not defined in IFRS, unless otherwise stated. ² This key performance indicator is operational and is not regarded as an alternative performance measure according to ESMA’s guidelines. Definitions1
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Fabege 2026/Q3 33 Fabege AB (publ) Box 730, SE-169 27 Solna Visitors: Gårdsvägen 6, 7tr 169 70 Solna Phone: +46 (0) 8 555 148 00 Email: info@fabege.se Corporate registration number: 556049-1523 www.fabege.se/en There will also be a web presentation on the Group’s website on 21 October 2026, during which Bent Oustad and Åsa Bergström will present the report. Calendar 05/02/2027 Year-end Report 2026 08/04/2027 Annual General Meeting 2027 20/04/2027 Interim Report Jan–Mar 2027 05/07/2027 Interim Report Jan–Jun 2027 20/10/2027 Interim Report Jan–Sep 2027 08/02/2028 Year-end Report 2027 Press releases during the third quarter 2026 30/09/2026 Invitation to Fabege’s presentation of the Interim Report Jan–Sep 2026 21/09/2026 Fabege’s nominating committee for the 2027 AGM 26/08/2026 Changes to Fabege’s Executive Management T eam 20/07/2026 DNB Carnegie and DNB Sweden expand in the Bocken block 06/07/2026 Fabege starts construction of a further 132 residential properties in Haga Norra 06/07/2026 Interim Report Jan–Jun 2026 Bent Oustad, President and CEO +46 (0) 8 555 148 10 bent.oustad@fabege.se Åsa Bergström, Vice President and CFO +46 (0) 8 555 148 29 asa.bergstrom@fabege.se Peter Kangert, IR +46 (0) 8 555 148 40 peter.kangert@fabege.se