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Final Step in Strategy Delivered SBB now holds the market leader in three different segments November 2025 Skellefteå Perseus 6 – Municipal property Gävle Söder 66:9 – Elderly care Ullensaker Ragnar Strøms Veg 4, 6, 8 – Hospital property
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| 1 EXECUTIVE SUMMARY | THE TRANSACTION RATIONALE FOR SBB Final step in strategy • Selling SocialCo marks last step of SBB’s transformational journey • Ownership in market leading brands with IG rating in each segment • Simplification of business model, reducing administration costs Eliminate near-term financial risk • Generates net proceeds of SEK 11bn after SEK 15bn in debt repayments • Significantly reduces financing costs Debt runway for value creating leverage • Maturity runway gives time for equity creation • Low coupon and long maturities Shifting focus to grow core holdings • Majority of assets in three core holdings • Specialised management team for each asset class, focused on growing their segments
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| 2 SBB’S TRANSFORMATION STRATEGY DELIVERED Strategy What was delivered Where we are now Distinct segmentation Establish large and effective companies with strong brand names Investment grade level funding SocialEducation Residential IG Rating Current SBB SocialCo SEK 35bn GAVSEK 15bn GAV 49.8% 62% 50.2% IG Rating IG Rating Other 38% ✓ ✓ ✓ Unrated 34% 100% Ownership % - Pre transaction for SBB SocialCo and PPI Formation of a single platform
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| 3 TRANSACTION STRUCTURE WHAT ARE WE DOING NOW SBB SocialCo Post transaction structure Other Shareholders 39.99% ownership 60.01% ownership Properties SBB Social Facilities AB SBB Infrastructure AB SEK 9.5bn SEK 5.5bn Consolidated Properties SEK 19.9bn Ownership in PPI + Cash Gross Asset Value SEK 35bn Debt SEK 15bn Gross Asset Value SEK 50bn Debt SEK 26bn NAV SEK 24bn NAV SEK 20bn
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| 4 SBB’S CORE HOLDINGS POST TRANSACTION COMPLETION All businesses ready to grow with sustainable capital structures SEK 20bn SBB’s share of Total Property Exposure SEK 29bn SBB’s share of Total Property Exposure SEK 20bn SBB’s share of Total Property Exposure SEK 5bn SBB’s share of Total Property Exposure Social Residential Education Development 39.99% ownership 62% ownership(1) 50% ownership Supporting growth of the core segments 100% ownership Note(s): (1) The ownership refers to SBB’s share in Sveafastigheter. Residential segment also includes SBB Residential Property AB and Other Holdings. #1 Listed Social Infrastructure Owner in Europe #1 Listed Pure Residential Owner in Sweden #1 Education Property Platform in Europe
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| 5 Norway Sweden Finland Denmark # 1 Market leader position achieved by New PPI whilst moving from smallest to largest peer in the group PPI (New) ✓ Peer 1 × SBB SocialCo n.m. Peer 2 ✓ PPI (Current) ✓ ListedCompany 50 42 35 26 15 NEW PPI MARKET LEADER WITH A DIVERSIFIED ASSET AND GEOGRAPHIC MIX GAV (SEKbn) 88% 12%1% 5% 75% 18% 2% SBB SocialCo country exposurePPI country exposure 15 SEKbn 35 SEKbn 3.4x 53% 29% 16% 2% 50 SEKbn New PPI country exposure
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| 6 NEW PPI KEY METRICS AND STRATEGIC ALIGNMENT SocialCo SEK ~49.6bn 2 219 000 m2 SEK 22,342 5.7% 6.9 years 95 % GAV (SEK) Lettable area Value/sqm NOI yield WAULT (years) Occupancy SEK ~14.7bn 635 000 m2 SEK 23,131 6.1% 7.5 years 98 % SEK ~34.9bn 1 584 000 m2 SEK 22,012 5.5% 6.7 years 94 % Current SBB SocialCo Combined portfolios As of Q3 2025
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| 7 FINAL TRANSFORMATION FOR SHAREHOLDER VALUE OPTIMIZATION Note(s): (1) Shares to SBB calculated as 268mn shares multiplied with the share price of NOK 23 (SEK 22). (2) Assumed net pro ceeds used to pay down bonds. ✓ SBB receive net liquidity of ~SEK11bn to be deployed in the most accretive manner ✓ Maturity runway gives time for equity creation …which can be used to address upcoming bond maturities… …giving time for underlying assets and holdings to grow Book value 2025 (post-transaction) Equity Hybrid bonds Other liabilities Bonds(2) Bank loans SEKbn Transaction generates ~SEK11bn net proceeds for SBB… Share issue to SBB(1) 11.0 0.1 11.0 5.7 8.5 18.4 21.8 Net proceeds 2025 2026 2027 >2027 Sum Debt Bond maturities Net proceeds from transaction vs. bond maturities Assets vs. capital structure post transaction and illustrative amortisation Transaction 19.2 47.5 17.6 5.9 4.8 2.3 21.8 1.2 8.6 13.7 Liquid inv. Other shares Inv. properties Other assets Total assets Financing Shares SBB receives but subsequently sells to APG 32.1 12.6 11.0 3.9 6.5 15.3 5.8 3.3 3.9 Property disposal price Shares in PPI Cash Collective debt related to the perimeter Net proceeds Bridge loan Cash on PPI Balance Sheet Private Placement
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| 8 ASSET GROWTH WILL ALLOW FAVOURABLE REFINANCING OVER TIME SEKbn ✓ Highly resilient assets growing at inflation plus, allowing for favourable refinancing at the end of the new maturity profile 2025E (Post-transaction) 2028E SEKbn Core holdings to grow Used for debt repayment Book value 2025 Book value 2025 Growth by inflation of 2.0% yearly Equity Hybrid bonds Other liabilities Bonds Bank loans Non-core holdings Note(s): (1) Nominal value. (2) Assumed net proceeds used to pay down bonds. Amortised bonds(2) 0.8 47.9 9.2 9.5 8.7 5.9 5.3 3.6 4.8 2.3 21.8 1.2 8.6 14.1 Cash Svea PPI Nordiqus Inv. holdings Loan to Nordiqus Resi. JV Other assets Total assets Financing 0.8 53.3 9.2 9.5 8.7 5.9 5.3 3.6 4.8 1.3 1.9 1.8 0.4 2.3 13.7 8.1 1.2 8.6 19.6 Cash Svea PPI Nordiqus Inv. holdings Loan to Nordiqus Resi. JV Other assets Total assets Financing SEK 13.7bn (1)
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| 9 - - 78 332 56 199 2025 2026 2027 2028 >2028 Total Build-up to visualize the total annual coupon payable for the remaining bonds under each maturity year EFFECTIVELY COVERING LOW COST OF FUNDING WITH CASH FLOWS ✓ Significantly higher cash flows than coupons in the next three years ✓ Debt maturity runway created with net proceeds from the transaction ✓ High return on equity with low cost of debt The remaining bonds of SBB after net proceeds… …have significantly lower funding costs than the current average Illustrative bond maturities assuming ~SEK 11bn repayment, SEKbn Illustrative coupons assuming ~SEK 11bn repayment, SEKmn 2.3% 0.8% 1.8% 1.7% - - 3.3 21.8 7.4 11.0 2025 2026 2027 2028 >2028 Total
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| 10 SBB STAKEHOLDERS POSITIVELY IMPACTED STRATEGIC AND OPERATIONAL BENEFITS DRIVING VALUE CREATION Leverage reduction Enhanced liquidity • PF LTV of SBB will be reduced by 200bps (as of Q3 2025) despite the removal of goodwill of SEK 1.2bn • The remaining debt in SBB has a significantly lower average cost of debt vs. current yield, with a current weighted average interest of c. 2% on SBB bonds • SEK 11bn of net proceeds after SEK 15bn of debt repayment in the SBB group already • Use of proceeds in the most value accretive way, including liability management, other debt measures and growth capital Direct impact in SBB Simplified corporate structure • SBB’s new simplified and transparent corporate structure allows to lower annual administrative burden of c. SEK 100mn • Administrative cost reduction via staff reduction and external costs Indirect SBB impact as a 39.99% shareholder of PPI Financial synergies • SEK ~390mn financial synergies p.a., assuming 255bps lower pro forma cost of debt upon refinancing vs. current SBB SocialCo cost of debt Growth synergies • Becoming market leader and ability to source most profitable transactions • Enhancing ability to access favourable terms on funding ~SEK 100mn p.a. Administration cost savings 59% 57% LTV pre-transaction LTV post-transaction ~SEK 11bn Enhanced liquidity ~SEK 390mn p.a. Financial synergies SEK 50bn GAV
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| 11 SEKbn, unless otherwise stated Book Value of Properties 34.9 Agreed Property Value 32.1 Delta vs. Book Value (%) (8.0%) Cash Component 26.3 Shares Component (Issued to SBB at Subscription Price) 5.8 Total Payment 32.1 New shares Delta Subscription price vs. NRV post transaction (SBB’s share) 1.0 Old shares Delta NRV before vs. NRV post transaction (SBB’s share) 0.2 Delta retrieved Through Ownership in PPI 1.2 Implied Property Value 33.2 Delta vs. Book Value (%) (4.7%) Number of Shares Held by Before Transaction (mn) 115.4 Number of Shares Issued in the Transaction (mn) 268.4 Subscription Price (NOK) 23.0 NRV in PPI pre-Transaction (NOK) 24.9 NRV in PPI post Transaction (NOK) 26.8 VISUALISING THE OFFER VALUE Delta Note(s): NOK/SEK 0.9370. Shareholder Value Visualised Annual Cost Saving Admin: SEK 100mn at SBB level, valued at 15.0x Financing: c.SEK 390mn at PPI level of which 39.99% retrieved, valued at 15.0x Value Created SEKmn 2,790 2,790 956 206 1,500 2,337 2,208 Implied Delta (8.0%) Delta Retrieved (New Shares in PPI) Delta Retrieved (Old Shares in PPI) Admin Financial Total Shareholder Value
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| 12 SBB EQUITY STORY LEADING AND RESILIENT BUSINESS POSITIONED FOR FUTURE GROWTH Unique positioning Significant scale with leading brand names Diversified corporate structure Optimal capital structure 1 2 3 4 • Benefitting form very resilient regulated market with good demographic trends • Tenant base dominated by AAA-rated public sector entities • Sveafastigheter is the largest pure player residential listed player in Sweden, Nordiqus the largest education player in Europe and PPI is now the largest listed social infrastructure player in Europe • Business spans Social, Residential, and Education segments, across multiple Nordic countries • Transparent and simplified business model structure, reducing central admin costs • Long maturities with low cost of debt expected to generate high ROE in a moderate growth environment • Commitment towards an Investment-Grade rating and reducing LTV with the proven track record of executing the set plans Proven management leadership5 • SBB has demonstrated a strong ability to adapt to changing market conditions, including interest rate movements and under management’s leadership • Specialised team for each asset class High growth potential • Well-positioned with superior growth fundamentals and a sustainable capital structure, enabling high returns and resilience6
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APPENDIX 13
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| 14 TRANSACTION TIMELINE Announcement of bookbuilding results and signing SPA Extraordinary general meetings in PPI and SBB including notice period Extraordinary meeting Approvals from FDI and Norwegian competition authorities expected Repayment of SBB loans incl. Castlelake in connection to closing Liability management conditional upon closing of transaction Signing 3-4 weeks from signing Within 5 weeks from signing Closing 11 November Year-end 2025 Payment of debt in liability management After closing
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| 15 UNIQUE POSITIONING AAA TENANTS AND DEMOGRAPHIC TAILWINDS Sovereign credit rating AAA (Stable) AAA (Stable) Aaa (Stable) AA+ (Stable) AA+ (Stable) Aa1 (Stable) AAA (Stable) AAA (Stable) Aaa (Stable) AAA (Stable) AAA (Stable) Aaa (Stable) 99.75% rent collection since 2020 SBB’s cash flows originates from 3 of the world’s 10 AAA-rated economies Highly predictable and uniquely stable income stream Sovereign credit risk exposure in social infrastructure Government Grants Local municipality Education / Health care Provider Public tenants or public funded welfare operators Lease payments Fully government-backed rental income to Social Infrastructure Nordics lead Europe – exceptional public finances and demographic tailwinds are driving strong demand for SBB assets Sources: S&P Global, FirchRatings, Moodys, Eurostat. Note(s): (1) Analysis presents long -term population projections across Sweden, the Nordics, and the EU, segmented by region, age group, and sex. It includes baseline forecasts. The Nordics’ population growth to outperform Europe’s over time Population, mn(1) 28 30 33 2025 2050 2100 431 424 395 2025 2050 2100 +19% -9%
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| 16 61% 60% 59% 59% 57% Q4'24 Q1'25 Q2'25 Q3'25 PF LTV post- transaction IMPROVING CAPITAL STRUCTURE ENHANCED CREDIT PROFILE TO PROVIDE FLEXIBLE FINANCING OPTIONS Towards sustainable capital structure Bridge funding to be repaid, SBB cost of capital to be reduced Average interest rate (%), as of Q3 2025SBB LTV Evolution (%) Debt leaving SBB in connection to the transaction 5.8% 7.0% 9.0% 5.4% 1.8% SBB Social Facilities JV SBB Infrastructure JV Hybrid SocialCo Other SocialCo Debt Wtd. Average interest on SBB Bonds
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| 17 SUPERIOR TRACK RECORD AND PROVEN LEADERSHIP ABILITY TO NAVIGATE MARKET SHIFTS AND DELIVER ON STRATEGY Sale of 51% stake(1) in its Social Infra Portfolio for Public Education to ✓ Second JV with Castlelake generated proceeds of SEK 5.7bn in May 2024 ✓ First JV with Castlelake generated proceeds of SEK 5.2bn in February 2024 ✓ SBB established a residential property subsidiary and issued SEK 2.4bn in preference shares to MSREI in 2023 JVs created with & Re-structured core holdings ✓ Brookfield acquired a 51%(1) stake in EduCo from SBB ✓ SBB contributed its entire SEK 44.9bn social infrastructure portfolio for public education to a newly formed subsidiary ✓ Completed in 2023 ✓ Listed Sveafastigheter in October 2024 ✓ Proceeds of SEK 3.1bn IPO of ✓ Announced the sale of its social infrastructure portfolio to PPI in 2025, generating net proceeds of ~SEK 11bn ✓ SBB to have a 39.99% ownership in PPI post- transaction Sale of SBB SocialCo to SBB has demonstrated a strong ability to adapt to changing market conditions, including interest rate movements and regulatory shifts. Through active portfolio management, capital allocation, and operational efficiency. SBB continues to deliver on its long-term strategy. Note(s): (1) Sold in two steps.
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| 18 HIGH GROWTH POTENTIAL ESTABLISHED PLATFORMS WITH HEADROOM TO GROW ✓ Largest listed platform for Social infrastructure in Europe ✓ Diversified exposure across elderly care, LSS housing and public services ✓ Backed by long-term, CPI linked leases to AAA tenants Residential in Sweden ✓ Largest listed pure residential real estate company in Sweden ✓ Strong tenant diversification and local operating scale ✓ Portfolio anchored in regulated housing with high occupancy 1% 44%56% Privately Owned Publicly Owned SEK ~3,000bn Market Size(2) SBB platforms is currently only c. 1% of the total market size (1) Sources: SCB, Statista. Note(s): (1) SBB Residential, managed by Sveafastigheter. (2) Defined as number of apartments multiplied by average apartment value. Nordic Social Infrastructure Nordic Education Infrastructure ✓ Largest education property platform in Europe ✓ Government-backed income, high lease renewal rate and close to 100% CPI-linked ✓ High asset quality with predictable earnings has enabled refinancing with an investment grade rating SBB platforms make up only c.3% of the total market size 1% 1% 63% 37% PPI Nordiqus Privately Owned Publicly Owned SEK ~3,400bn Market Size
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| 19 SBB TO ASSESS MOST VALUE ACCRETIVE WAY FOR CAPITAL ALLOCATION ✓ SBB to assess most value accretive way to use proceeds via several alternatives that includes liability management, other debt measures and growth capital Bond Maturities by Year Note(s): (1) Excluding Sveafastigheter’s debt repayments. Bond repayment Pay down pref. shares Capital expenditures Options 1 32 SEKbn 11.0 2.6 5.7 8.5 7.4 10.7 Net proceeds 2026 2027 2028 2029 SBB Residential Property AB preference shares Growth
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| 20 STRONG DEMOGRAPHICS DRIVING FUTURE GROWTH SBB benefits from demographic trends, especially aging populations and has headroom to consolidate the market 2025 2050 ~28mn ~30mn Nordics population growth outpacing EU-27 20% 26% Elderly Population as % of Total Significant growth and consolidation potential ~90bn ~3,400bn Total Social Market Size Total Population in SBB countries (#) SEKbn c. 38x // Sources: Eurostat. Statista.