Slides
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Welcome to the presentation of Neobo’s Interim report January-September 2026 Stockholm October 21, 2026 Q3
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2 Ylva Sarby Westman CEO
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3 Homes foreveryone
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Norrtull 5 STRÄNGNÄS 704 m Rental income +3% Like-for-like
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386 m Net operating income +/-0% Like-for-like Gredelby 7:85 KNIVSTA
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156 m Profit from property management -3% Svetsaren 8 NYKÖPING
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1.13 Profit from property management, SEK per share +2% Dubbelkrut 1 SKELLEFTEÅ
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Number of properties 254 Number of apartments 8,100 Lettable area (sq.m.) 671,000 Share of residential properties 94% Property value (SEK) 13.6 bn Residential focused portfolio 8
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NEOBO Rental value SEK 1,026 m Total rental value Residential 78% Commercial 15% Community service 3% Other 4%
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NEOBO 4.4% Residential vacancy since the start of Neobo 6.6%
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Residential vacancy at an all-time low 92.0% 93.9% 93.4% 95.6% Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total occupancy rate Residential occupancy rate
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Welcoming jewellery designer Emma Israelsson to one of our properties in Strängnäs
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Welcoming S & T Restaurang to one of our properties in Falköping
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Yggdrasil 1 & 2 SKARA Strategic divestment enables operational efficiency and value-creating capital allocation
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480 m ● Mariestad ● Skara ● Skövde Operational efficiency and accretive share buybacks drive shareholder value
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Divestment of commercial property in Helsingborg
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Share residential, %Other segmentsResidential Source: Savills Transaction volumes up 40% year-on-year 32% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1–Q3 SEK m
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Creating safe and attractive living environments Sustainable living environments Attractive and sustainable living environments where people can thrive and feel secure Corporate social responsibility Consideration and respect for employees, tenants, investors and the society in which we operate Safe homes and neigh- borhoods Climate change adaptation Energy efficiency and renewable energy GHG emissions Material use and waste Water use Working conditions Diversity and equality Human rights and terms of employment in the value chain Risk of corruption and conflicts of interest
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Result January–September 2026 Amounts in SEK m 2026 2025 Jan-Sep Jan-Sep Rental income 704 702 Property management costs -318 -307 Net operating income 386 395 Central administration -46 -49 Profit before financial items 340 346 Net financial items -184 -185 Profit from property management 156 161 Profit from property management per share, SEK/share 1.13 1.11 +/-0% Like-for-like Tranan 1 VÄNERSBORG +3% Like-for-like +2%
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2,5 3,0 3,5 4,0 4,5 5,0 10 000 11 000 12 000 13 000 14 000 15 000 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 SEK m Valuation yield: • Q3 2026: 5.1% • Q4 2022: 4.1% 3.50% 5.00% 4.50% 4.00% Changes in property value 2022-2026 3.00% 2.50% Valuation yieldMarket value
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Earnings capacity SEK m 1 October 2026 1 July 2026 1 April 2026 1 January 2026 1 October 2025 Rental value 1,026 1,034 1,030 1,019 1,036 Vacancy -62 -67 -62 -65 -72 Rental income 964 967 968 954 965 Property costs -418 -420 -420 -420 -420 Net operating income 546 547 548 534 545 Central administration -63 -63 -63 -63 -62 Net financial items -256 -229 -235 -230 -239 Profit from property management 226 255 251 241 244 Profit from property management per share, SEK 1.63 1.82 1.79 1.68 1.68 Net initial yield, % 4.1 4.0 4.1 4.0 4.0 Letten 5 KARLSTAD
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2.4y Average debt duration 50.0% Loan-to-value 2.4y Average fixed rate period 83% Hedge ratio 3.8% Average interest rate 1.8x Interest coverage ratio Key debt highlights as of September 2026 Debt maturity overview SEK m Neobo has a strong financial position 39% 17% 40% 3% 1% 0 500 1 000 1 500 2 000 2 500 3 000 0 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
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Maturity structure and average interest rate SEK 5.7 bn Aggregated nominal value Interest rate swaps, forward started Start Maturity Nominal amount, SEK m Interest rate, % 2027 2029 646 2.78 2027 2030 323 2.72 2.35% Average interest rate SEK m Interest rate derivatives 1.96% 2.32% 2.43% 2.51% 2.74% 0 200 400 600 800 1000 1200 1400 1600 1800 2000 0 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5-
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Our largest shareholders Shareholder No. of shares Percentage of share capital and voting right ICA-handlarnas Förbund 16,000,000 11.4 Jan Ståhlberg 14,088,000 10.0 Björn Danckwardt-Lillieström 13,824,477 9.8 Martin Larsén 9,040,858 6.4 Länsförsäkringar Fonder 7,007,566 5.0 Avanza Pension 5,394,108 3.8 Swedbank Försäkring 4,767,378 3.4 Futur Pension 3,477,801 2.5 Handelsbanken Fonder 3,238,814 2.3 Handelsbanken Liv Försäkring AB 2,828,909 2.0 Total 10 largest 79,667,911 56.6 Other 58,893,201 41.8 Total shares outstanding 138,561,112 98.4 Repurchased own shares 2,318,954 1.6 Total shares registered 140,880,066 100.0 Source: Modular Finance AB As of September 30, 2026
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Thank you for joining us today
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Questions are welcome! Norrtull 5 STRÄNGNÄS