Samhallsbyggnadsbolaget I Norden Ab Class B · OMXSTO:SBB_B
Samhallsbyggnadsbolaget I Norden Ab Class B — Q2 2026 Earnings Presentation
25 slides from Samhallsbyggnadsbolaget I Norden Ab Class B's earnings presentation, Jul 16, 2026
Slide 1: A Nordic Social Infrastructure Investment Company
A Nordic Social Infrastructure Investment Company Interim Report – Q2 2026 16 July 2026
Slide 2: Today’s presenter and agenda
Today’s presenter and agenda 1 Quarterly highlights – Key developments 2 Assets and strategy – Asset overview and long-term value drivers Leiv Synnes CEO 3 Financials – NAV development, Liquidity and Income Statement 4 Key investment highlight – Executive summary 5 Appendix – Strategic transformatio
Slide 3: High-quality core asset base, where we reduce non-core assets
High-quality core asset base, where we reduce non-core assets Core assets Non-core assets Listed Non-listed Non-listed Listed & non-listed SBB Residential Other assets SEK 29.4bn SEK 51.3bn SEK 42.1bn SEK 6.0bn SEK 5.9bn SEK 3.3bn Property value Property value Property value Property value Property
Slide 4: Strong second quarter for our holdings and non-core assets
Strong second quarter for our holdings and non-core assets • Divests for SEK 438m — in line with the latest • Fully integrated SBB Social portfolio and • Reinforces long-term funding platform • SBB Development signs 10-year lease with external valuation — corresponding to a 24 organization through r
Slide 5: Structural transaction with Sveafastigheter and KlaraBo strengthens SBB's core holdings
Structural transaction with Sveafastigheter and KlaraBo strengthens SBB's core holdings Sveafastigheter, KlaraBo and SBB Residential combine – a clear step in SBB's active ownership strategy SEK 47bn SEK 120m +20% 81% Combined property value (+60%) Annual synergies Earning capacity growth Core asset
Slide 6: After SBB/Sveafastigheter/KlaraBo transaction
After SBB/Sveafastigheter/KlaraBo transaction Core assets Non-core assets Listed Non-listed Non-listed Listed & non-listed Other assets SEK 47.0bn SEK 51.3bn SEK 42.1bn SEK 5.0bn SEK 3.0bn Estimated property value Property value Property value Property value Carrying amount BBB- rating BBB+ Investme
Slide 7: High share of NAV derived from ownership in listed companies
High share of NAV derived from ownership in listed companies Core holdings represent the majority of GAV Capital structure SEKm GAV SBB’s share of nominal GAV at Q2 2026 Non-core holdings of SEK 12,364m GAV / NAV at Q2 2026 8) Debt 7) 482 Core holdings of SEK 33,641m 3,084 4) 3,322 SEK 48.3bn 6) 5,9
Slide 8: Resilient property valuations
Resilient property valuations SEK m Sveafastigheter Public Property Invest Nordiqus SBB Development Opening fair value, 1 January 2026 29,007 49,488 39,593 5,928 Acquisitions 1,072 446 1,509 220 Capex 603 371 88 118 Divestments -1,501 – – -205 Unrealised value changes 185 -312 -96 -133 Translation d
Slide 9: Financials of the quarter
Financials of the quarter Condensed Income Statement, Continuing Operations Amounts in SEKm Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Net operating income 582 591 1,173 Other property management income 53 51 114 Admin & Restructuring expenses -203 -324 -622 Profit before financial items, value changes
Slide 10: Liquidity position provides coverage of near-term maturities
Liquidity position provides coverage of near-term maturities Clear path for debt service going forward SBB’s bond maturities Bond maturities [excl. Sveafastigheter], SEKm Liquidity position Cash position at end of Q2 Available/incoming liquidity at end of Q2 Senior unsecured bonds SEK 5,986m Includi
Slide 11: Financial summary for the period
Financial summary for the period Results negatively impacted by currency effects Net Asset Value, SEK 14.0bn Net Asset Value per Share, SEK 7.94 Property exposure, SEK 78.6bn -2.5% (-SEK 337m) -2.5% (-SEK 0.20) +3.7% (+SEK 2.8bn) 14.4 8.14 78.6 14.0 7.94 75.8 Q4 2025 Q2 2026 Q4 2025 Q2 2026 Q4 2025
Slide 12: Executive Summary
Executive Summary • Creating and developing the Nordic market leaders in the social infrastructure segment with potential to outperform peers in profitability due to market 1 #1 market leader position, access to financing and streamlined organizations • Higher degree of specialization to further con
Slide 13: Appendix
Appendix
Slide 14: SBB is well positioned for long-term value creation
SBB is well positioned for long-term value creation ✓ Exposure to IG-rated companies ✓ Scalable platform ✓ Defensive assets with long- duration cash flows ✓ Single-ticket exposure to three sub-sectors ✓ Diversification ✓ Diversification across sectors Social within one investment Residential infra E
Slide 15: Strategic transformation complete, well positioned for long-term value
Strategic transformation complete, well positioned for long-term value Nov '22 Jul '23 Apr '24 Oct '24 Apr '25 Nov '25 exp. Sep ’26 Creation of SBB Creation of SBB Creation of Listing of Scaling up PPI Sveafastigheter– Residential Listing of PPI Development and Nordiqus Sveafastigheter with SBB Soci
Slide 16: Financials of the second quarter
Financials of the second quarter Condensed Balance Sheet Amounts in SEKm Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Investment properties 35,325 54,438 34,935 Participations in & receivables from JV/assoc. 27,535 23,979 26,922 Other fixed assets 1,119 3,329 1,464 Total fixed assets 63,978 81,746 63,321
Slide 17: Earnings capacity and cash generation
Earnings capacity and cash generation Underpinned by stable, recurring income streams across all underlying assets Earnings capacity Public Property SBB Residential Other holdings / Amounts in SEKm Sveafastigheter Invest Nordiqus SBB Development Property Group-wide(1) Total Rental income 1,664 3,509
Slide 18: Sveafastigheter
Sveafastigheter Key ratios according to Sveafastigheter Sveafastigheter is Sweden’s largest listed residential company with a housing portfolio Property portfolio valued at SEK 29bn. Jan-Jun Jan-Jun Jan-Dec Amounts in SEKm 2026 2025 2025 Sveafastigheter owns, manages and develops attractive rent-reg
Slide 19: Public Property Invest (PPI)
Public Property Invest (PPI) Key ratios according to Public Property Invest Leading Nordic operator in social infrastructure Jan-Jun Jan-Jun Jan-Dec Property portfolio Amounts in SEKm 2026 2025 2025 Public Property Invest (PPI) is a leading Nordic property company specializing in social infrastructu
Slide 20: Nordiqus
Nordiqus Key ratios according to Nordiqus Leading operator in education infrastructure in the Nordics Jan-Jun Jan-Jun Jan-Dec Property portfolio Amounts in SEKm 2026 2025 2025 Nordiqus is one of the largest operators in education infrastructure in the Nordics. The company owns, manages and develops
Slide 21: SBB Development
SBB Development Shaping and reinforcing tomorrow’s communities Key ratios Property portfolio SBB Development is driven by a clear and overarching vision: to transform potential into long-term value while helping to develop an attractive, functional and inclusive Amounts in SEKm 30 Jun 2026 30 Jun 20
Slide 22: Non-core assets
Non-core assets Non-core assets SBB Residential Property Other financial holdings SBB Residential Property AB owns rent-regulated residential properties in Sweden. The company was formed in July 2023 and has Shares issued preference shares in connection with the company entering into an agreement on
Slide 23: Change in NAV build-up
Change in NAV build-up First half of 2026 NAV, Q4 2025 to Q2 2026 SEKm 1,583 - 182 -2,463 420 180 29 143 157 - 23 - 122 - 59 14,386 14,049 Loan to | 23
Slide 24: Change in NAV build-up
Change in NAV build-up Second quarter of 2026 NAV, Q1 2026 to Q2 2026 SEKm 50 93 129 27 251 - 44 - 175 - 179 - 195 -336 - 99 14,528 14,049 Loan to | 24
Slide 25: Slide 25
Samhällsbyggnadsbolaget i Norden — Q2 2026 Earnings Presentation on 6ix