Slide 1: Fabege interim report Jan-Mar 2026
∑ Fabege interim report Jan-Mar 2026 Bent Oustad, CEO Åsa Bergström, CFO
Slide 2: A modern portfolio with focus on Stockholm
2 A modern portfolio with focus on Stockholm - occupied by high quality tenants Rental value per category Sqm per category Property value, per area We own, develop and manage properties with focus on attractive SEK 4.4bn 1,300,000 sqm SEK 78.6bn working places and good living in superb locations in
Slide 3: Our strengths
3 Our strengths – Our customers – High CSI, highlighted by strong track record in serving our customers needs – 95% of our tenants say they would recommend Fabege as a landlord – Long-term lease contracts as a foundation – Own staff across the entire value chain – Clusters give us advantages – Econo
Slide 4: Summary Q1-2026
4 Summary Q1-2026 – Rental income: +3,1% – Signed lease contract with Stockholms Sjukhem for an Elderly care facility in Haga Norra, – Surplus ratio Q1: 72% Arenastaden – Profit residential development: +40m, margin 23% – Permobil has moved into Arenastaden – Consolidates all its operations from Gre
Slide 5: Condensed income statement
5 SEKm 2026 Jan-Mar 2025 Jan-Mar Rental income 892 865 Sales residential projects 172 0 Condensed income Net sales 1,064 865 statement Property expenses -253 -265 Residential projects expenses -132 -6 Gross profit 679 594 Central administration -35 -33 – Rental growth +3,1% Net interest expense -243
Slide 6: Unrealized changes in value, Q1 2008 to Q1 2026
6 Unrealized changes in value (SEKm) Q1 2008 to Q1 2026 4000 3000 2000 Property valuation Q1, 2026: 1000 0 Q1-2010 Q3-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014 Q1-2015 Q1-2016 Q1-2018 Q3-2011 Q3-2012 Q3-2013 Q3-2014 Q3-2015 Q3-2016 Q1-2017 Q3-2017 Q3-2018 Q1-2019 Q3-2019 Q1-2020 Q3-2020 Q1-2021 Q1-2022 Q
Slide 7: Property valuation Q1 2026
Property valuation Q1 2026 Changes in property values, SEKm Investments, SEKm Opening fair value 78 460 Management properties 192 Investments 399 Improvement properties 90 Value changes -259 Project properties 117 Closing fair value 78 600 Sum investments 399 – Value changes property management port
Slide 8: Key ratios, 31 March 2026
8 Key ratios, 31 March 2026 2026 Jan-Mar 2025 Jan-Mar Target Equity per share, SEK 120 122 EPRA NRV, SEK per share 145 146 Total return properties, % 0.5 0.0 Surplus ratio, % 72 69 75 Equity/assets ratio , % 45 46 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 13.1 14.0 <13 Interest cover
Slide 9: Financing
9 Financing Financing market Our financing 2026-03-31 – Continued strong access to financing from banks and capital market Total debt SEK 34.3bn – Ongoing refinancing of commercial papers and Undrawn credit SEK 6.0bn* bonds facilities Loan-to-value 43% – Bond issuance in April of SEK 0.5bn, margin 9
Slide 10: Fixed-rate period 31 March 2026
10 Fixed-rate period 31 March 2026 Average interest rate Maturity Swaps Callable swaps* Extendable FXD MTN & Total swaps** Loan 2026 2,700 7,000 400 3,100 2027 2,800 500 450 3,750 2028 2,300 976 3,276 2029 2,400 200 2,600 2030 1,650 1,650 2031 1,300 1,300 2032 500 500 Total 13,650 7,000 500 2,026 23
Slide 11: Sustainability
11 Sustainability Energy performance – Energy consumption remains in focus 200 193 – In 2025, the average energy consumption was 65 kWh/sqm 180 – Q1 2026 in line with previous year 160 140 124 – In April the Recycling hub was sold to Ragnsells 120 109 106 113 110 98 kWh/sqm 100 – The hub was establi
Slide 12: Occupancy rate in management portfolio
12 Occupancy rate in management 100 90 portfolio 2023-03-31 80 70 – Management portfolio 86 % – Including previous project properties Ackordet 1 60 (64%) and Påsen 1 (86%) 50 – Improvement portfolio – Properties partly or fully vacated for potential 40 project development – Short-term lease contract
Slide 13: Net letting and renegotiations Jan–Mar 2026
13 Net letting and renegotiations Jan–Mar 2026 Net letting 2015–Q1 2026 (SEKm) 275 244 250 Net lettings SEK 24m 225 200 – New lettings SEK +69m 166 165 175 – Terminations SEK -45m 159 150 – Excluding anticipated termination Max Mathiessen 127 125 86 100 74 75 Renegotiations 36 50 24 – Total renegoti
Slide 14: Renegotiations Jan-Mar 2026
14 Renegotiations Jan-Mar 2026 A healthy mix of renegotiations and new customers – Total renegotiated: SEK 100m, rents -0.4% – SEK 65m extended on unchanged terms – SEK 35m with -1.1% decline in rent – Reduces yearly rent with SEK 375k – Renegotiated rents still above estimated rent level in externa
Slide 15: Rental development existing lease portfolio 2026-03-31
15 SEKm 1000 898 892 896 892 901 900 890 864 852 Rental development 800 existing lease 700 portfolio 2026-03-31 600 500 The graph is not a forecast but instead aims to 400 show the rental trend for the existing lease Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Q4-2026 Q1-2027 portfolio on the ba
Slide 16: Stable customers with long agreements
16 Stable customers with long agreements Customer ¹Share of total rent, % Year of expiry SEB 6.6 2037 – Approx. 700 customers Saab 4.6 2045 – Average lease contract length 5.2 years Convendum Stockholm City 3.7 2034 – Top 10 largest customers represent 30% of total contracted rent ICA Fastigheter Sv
Slide 17: Ongoing projects
17 Ongoing projects – Farao/Kairo – Investment SEK 613m – Dismantling of the existing buildings – Ground and foundation work – Preparation of construction documents – Construction work up to ground floor level – Wenner-Gren Center – Investment SEK 609m Farao 15-16, Kairo 1, Arenastaden – Rental valu
Slide 18: Completed and ongoing projects in Birger Bostad
18 Completed and ongoing projects in Birger Bostad Haga Norra - Block 5, progressing according to plan (288 units) – Completed in 2025 and Q1 2026 – Brf Alma: 23 apartments, of which 20 are sold – 78 rental apartments – 50 owner-occupied apartments, of which 47 are sold – Possession during Q1: 42 un
Slide 19: Land allocation at Sveaplan
19 Land allocation at Sveaplan -Stockholm inner city – Possession date: June 2026 – Building rights approx. 8,800 sqm (GFA) – Purchase price: SEK 210m (index-linked) – Planned move-in during 2029 – One of Fabege’s core areas, entrance to Stockholm inner city Sveaplan at a glance for Fabege: – 55,000
Slide 20: Building rights, 2026-03-31
20 Building rights, 2026-03-31 Commercial building rights – 501,500 sqm – Approx. 65% legal binding – Booked value: SEK 8,100 per sqm Residentials building rights – 444,300 sqm – Approx. 43% legal binding – Booked value: SEK 8,100 per sqm Reduction in number of building rights due to termination of
Slide 21: Project opportunities in the near term
21 Project opportunities in the near term Farao-Kairo, Arenastaden – 77,000 sqm office (GLA) – Development started end of 2025 with dismantling and infrastructure investments – Estimated number of residential units in Arenastaden approx. 500 – 185 apartments in Phase 1 Haga Norra – Already produced
Slide 22: Project opportunities in the near term (cont'd)
22 Project opportunities in the near term (cont’d) Västra Kungsholmen – Paradiset 27 / Tegelterassen, 36,000 sqm office – Partly demolition started in January 2026 Solna Business Park – Parkhuset: 22,100 sqm office (Land allocation) – Yrket: 320 residential units and 2,200 sqm premises (of which lan
Slide 23: Main short-term priorities
23 Main short-term priorities – Decrease vacancies – Continue to be the preferred partner for our customers – Always available, accessible and solution-orientated – Secure value creation in ongoing projects – Analyse value creation in our landbank – Both commercial and residential – Continue to be a
Slide 24: A growing, vibrant and sustainable Fabege. Q&A
∑ A growing, vibrant and sustainable Fabege. Q&A