Slides
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INTERIM REPORT Q 3 Jan - Sep 2026
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Per Nilsson CEO Lars Ingman Interim c fo Presentation Q 3 23 October 2026 1
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Summary Q3 2 • The underlying business continues to perform well • Income from property management per share +14.6% • Net reinstatement value per share +9.4%, adjusted for a dividend of SEK 0.25 per share • Active capital allocation with share buy - backs complementing our growth plan • Share buy - backs offer an attractive return of value to shareholders • Share buy - backs of SEK 129 million since 2025, including SEK 77 million in 2026 • Strong operational performance enables higher growth • We are raising the growth target for net reinstatement value per share from 7% to 10% • The 10% growth target for income from property management per share remains unchanged
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Goal fulfilment Q3 2026 compared with Q3 2025 Growth in NRV Outcome: +9.4 per cent per share adjusted for a dividend of SEK 0.25 per share Target : +10.0 per cent per share 3 • Revenue increased by 5.7 per cent • Property expenses increased by 4.2 per cent • Net operating income increased by 6.2 per cent • Surplus ratio of 76.6 per cent for the quarter and 72.7per cent on a rolling twelve - month basis (R12) G rowth in income from property management Outcome: +14.6 per cent per share Target: +10. 0 per cent per share • Value creation within project operations • Continued stable yield requirements and improved net operating income • Value growth of 0.7% for the quarter
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Strong performance 4 -1,0% -0,5% 0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 60 70 80 90 100 110 120 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Change in value by quarter NRV per share Net reinstatement value per share and change in value by quarter Q1 2024 to Q3 2026 - SEK per share / percent - +26% Net reinstatement value per share Change in value CAGR: 9.35% from an opening value of 86.53 to 109.25
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Growth target raised to 10% Value drivers supporting the net reinstatement value per share target 1 - percent - 10% growth in net reinstatement value per share 1. Assumes a long - term average interest rate of 3.2%, a loan - to - value ratio of 45 – 50% and stable yield requirements. Contributions from each value driver are indicative and may vary over time depending on company - specific and external conditions. 5 0 1 2 3 4 5 6 7 8 9 10 Growth in net reinstatement value New construction of tenant-owned apartments New construction of rental apartments Apartment upgrades Energy efficiency improvements Higher average property yield Property yield from current portfolio Long-term inflation Long - term inflation of 2 per cent Average property yield for current properties of 3.5 percent Average property yield increases from 3.5 to 3.7 percent through active portfolio management and value - creating apartment upgrades 7% annual improvement in energy efficiency Value - creating apartment upgrades of 300 apartments per year Construction starts for 250 rental apartments per year in own projects Construction starts for 100 tenant - owned apartments per year in joint ventures Base scenario Active measures
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Property portfolio 6 4,573 apartments 83 % of the lettable area is housing 354 thousand sq m lettable area 5 property management areas
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Development projects 1) Number of apartments. lettable area and estimated production start are all preliminary estimates. Changes may arise over the course of the project. . 2) Status: A: Planning approval B: Consultation C: Review 7 Project Area Number of apartments 1) Status 2) Estimated plan date 1) 1. Geografiboken/ Abrahamsberg City/Bromma 100 Detailed Devel. plan in force 2026 2. Bladverket fd Ekporten Larsberg Lidingö 90 Detailed Devel. plan in force 2027 3. Juno. Käppala Lidingö 50 Detailed Devel. plan in force 2028 4. Hjälpslaktaren. Slakthusområdet City/Bromma 210 Detailed Devel. plan in progress (C) 2028 5 .Pincetten. Örnsberg Söderort/Nacka 210 Detailed Devel. plan in progress (C) 2029 6. Sjöjungfrun Lidingö 106 Detailed Devel. plan in progress (A) 2029 7. Lansetten. Örnsberg Söderort/Nacka 50 Detailed Devel. plan in progress (C) 2030 8. Koltrasten Solna 250 Detailed Devel. plan in progress (A) 2030 9. Radhus Rotebro Norrort 23 Detailed Devel. plan in progress (A) 2030 10. Hjälpslaktaren. Slakthusområdet Kommersiella lokaler City/Bromma 990 sqm Detailed Devel. plan in progress (C) 2030 Total development portfolio 1089
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Next uppgrading project - Rotsunda 8
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Consolidated income statement 9 2026 2025 2026 2025 Rolling 12 months 2025 Amounts in SEK m Jul – Sep Jul – Sep Jan – Sep Jan – Sep Oct 2025 – Sep 2026 Jan – Dec Rental revenue 183.8 168.7 533.2 504.4 701.8 673.0 Property expenses - 43.1 - 39.3 - 138.1 - 132.4 - 191.7 - 186.0 Net operating income 140.7 129.4 395.1 372.0 510.2 487.0 Central administration costs - 13.6 - 11.0 - 40.5 - 39.3 - 54.1 - 53.0 Net financial items - 65.5 - 48.6 - 154.1 - 154.8 - 210.1 - 210.8 Income from property management 61.5 69.8 200.5 177.9 246.0 223.3 Change in property values 103.1 94.5 338.5 265.8 394.2 321.5 Change in the value of interest - rate derivatives 95.3 - 4.1 105.0 - 58.9 126.5 - 37.4 EBT 260.0 160.2 644.0 384.7 766.7 507.4 Current tax - 4.8 - 5.3 - 11.7 - 23.1 - 24.1 - 35.4 Deferred tax - 13.4 - 26.9 - 75.2 - 60.5 - 89.5 - 74.7 Profit for the period 241.8 128.0 557.1 301.1 653.1 397.2 Interest coverage ratio for the period, times 2.0 2.6 2.1 2.2 2.1 2.1 Surplus ratio for the period, % 76.6 76.7 74.1 73.7 72.7 72.4 Average interest rate at period - end, % 3.26 2.97 3.26 2.97 3.26 3.04 97.1% economic occupancy rate 74.1% surplus ratio
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2026 2026 2025 Amounts in SEK m % of opening property value Jul – Sep % of opening property value Jan – Sep % of opening property value Jan – Dec Opening property value 15,598.8 14,539.5 14,097.7 + Acquisitions 0.0% 0.0 5.4% 791.1 0.0% 0.0 + Investments in new builds 0.2% 27.9 0.3% 42.9 0.2% 31.9 + Investments in upgrades 0.2% 27.7 0.7% 99.3 1.1% 150.8 + Other investments 0.4% 60.4 0.7% 107.6 0.6% 79.0 − Divestments 0.0% 0.0 - 0.7% - 96.1 - 1.0% - 138.0 Unrealised changes in value 0.7% 104.6 2.3% 335.2 2.3% 318.1 of which: change in net operating income 0.2% 23.7 0.6% 93.1 2.7% 380.5 of which: ongoing projects/development rights 0.5% 78.5 1.4% 200.1 0.3% 46.6 of which: acquired properties 0.0% 0.0 0.1% 11.9 0.0% 0.0 of which: yield requirements 0.0% 2.4 0.2% 30.0 - 0.8% - 109.0 Closing property value 15,819.4 15,819.4 14,539.5 Change in property value 1 0 SEK bn Development of property value Q4 2025 Investments Divestments Changes in value - Required rate of return Changes in value - Other Q3 2026 14.54 1.04 - 0.10 0.03 0.31 15.82
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Amounts in SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Investment properties 15,819.4 14,543.9 14,539.5 Derivatives 121.1 24.5 36.5 Other assets 641.7 572.9 589.4 Cash and cash equivalents 0.0 49.1 70.7 TOTAL ASSETS 16,582.3 15,190.3 15,236.0 EQUITY AND LIABILITIES Equity attributable to parent company shareholders 6,829.8 6,326.1 6,369.2 Non - controlling interests 87.8 85.8 86.5 Total equity 6,917.5 6,411.9 6,455.7 Interest - bearing liabilities 7,524.4 6,758.3 6,725.2 Deferred tax liabilities 1,349.0 1,259.6 1,273.8 Other liabilities 791.2 760.5 781.3 Total liabilities 9,664.7 8,778.4 8,780.4 TOTAL EQUITY AND LIABILITIES 16,582.3 15,190.3 15,236.0 Net interest - bearing liabilities at period - end, SEK m 7,524.4 6,709.3 6,654.6 LTV ratio at period - end, % 47.6 46.1 45.8 Net reinstatement value (NRV), SEK/share 109.31 100.18 101.71 Number of shares at period - end, millions 73.732 75.794 75.009 Net reinstatement value (NRV), SEK m 8,060.0 7,593.3 7,629.1 Consolidated balance sheet 1 1 7.5 Net interest - bearing liabilities, SEK bn 109.31 NRV, SEK / share
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Financing 1 2 Loan maturity Interest - rate hedges at quarter - end 2.1 years average loan maturity 2.5 years average fixed - interest tenor Fixed - interest period 0 500 1 000 1 500 2 000 2 500 3 000 0–1 year 1–2 years 2–3 years 3–4 years 4–5 years >5 years Utilised Undrawn 0 500 1 000 1 500 2 000 2 500 3 000 0–1 year 1–2 years 2–3 years 3–4 years 4–5 years >5 years 0,0 0,5 1,0 1,5 2,0 2,5 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 5,5 6,0 6,5 7,0 7,5 8,0 SEK bn % Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030 Q2 2030 Q3 2030 Q1 2031 Q4 2030 3.3% average interest rate at quarter - end Q2 2031 Average hedged interest rate, excluding margin Hedged volume, SEK bn
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Earnings capacity 12 Amounts in SEK m 30 Sep 2026 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Sep 2025 Rental value 753.5 748.0 703.3 688.4 689.4 Vacancies and discounts - 21.6 - 18.2 - 18.9 - 16.6 - 16.3 Rental revenue 731.9 729.8 684.4 671.7 673.1 Operating expenses - 140.5 - 140.6 - 130.9 - 130.4 - 130.3 Maintenance expenses - 24.2 - 23.0 - 23.3 - 23.1 - 22.9 Property tax - 13.9 - 14.2 - 13.7 - 13.5 - 13.2 Property administration - 17.5 - 17.5 - 17.2 - 17.6 - 18.1 Net operating income 535.9 534.6 499.3 487.1 488.6 Central administration costs - 53.0 - 52.5 - 52.5 - 52.5 - 52.0 Net financial items - 268.2 - 258.6 - 227.1 - 227.0 - 221.8 Of which: ground rent - 14.9 - 14.9 - 14.9 - 14.8 - 14.9 Income from property management 214.6 223.5 219.7 207.6 214.8 1 3
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Summary • Property values increased • Higher market interest rates affect income from property management for the quarter • Active capital allocation, with share buy - backs complementing our growth plan • Strong operational performance enables higher growth 1 4
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