Slide 1: Year-End Report January-December 2024
YEAR-END REPORT JANUARY-DECEMBER 2024 Stefan Dahlbo, CEO Asa Bergstrom, CFO
Slide 2: Fabege in Brief
FABEGE IN BRIEF © Arenastaden / Haga Norra © Solna Business Park © Stockholm inner city © Hammarby Sjéstad © Flemingsberg A modern portfolio with focus on Stockholm 100 PROPERTIES 1.3msqm SEK 4.2 bn LETTABLE AREA RENTAL VALUE SEK 78.9 bn PROPERTY VALUE
Slide 3: Summary Year-end report 2024
Summary Year-end report 2024 Property value SEK 78.9bn • Stable property values since Q3 2024 Growth in rental income and operating surplus in identical portfolio Negative net letting SEK -108m and lower occupancy rate Stabil financial position Additional rental value of SEK 307m in projec
Slide 4: Summary Oct-Dec 2024
Summary Oct-Dec 2024 ● Rental income amounted to SEK 861m (827) ● Gross profit amounted to SEK 645m (605) ● Surplus ratio 73 per cent (76) ● Value changes in the property portfolio SEK 18m (-1,218) ● Profit/loss after tax SEK 455m (-1,991) ● Net letting SEK -23m (168) 4
Slide 5: Condensed income statement
Condensed income statement SEKm 2024 Jan-Dec 2023 Jan-Dec Rental income 3,438 3,336 Sales residential projects 233 553 Other income - 11 Net sales 3,671 3,930 Property expenses -885 -853 Residential projects expenses -962 -962 Gross profit -1,907 1,923 • Rental growth in identical Central administra
Slide 6: Property Valuation Q4, 2024
PROPERTY VALUATION Q4, 2024: Propery value SEK 78.9 bn of which management portfolio SEK 64.8 bn Q4 2024 Q3 2024 Q2 2024 Qi 2024 Externally valued, share 55% 45% 53% Value change, SEKm 1s 224 -80 Yield 454% 454% 454% Unrealized changes in value (SEKm) Q12007 to Q4 2024 2007 2008 2009 2010 20" 2012 2
Slide 7: Key ratios, December 2024
Key ratios, 31 December 2024 2024 2023 Jan-Dec Jan-Dec Target Equity per share, SEK 122 125 EPRA NRV, SEK per share 148 150 Total return properties, % 1.7 -6.2 Surplus ratio, % 74 75 75 Equity/assets ratio , % 46 47 >35 Loan-to-value ratio, % 43 42 <50 Debt ratio, multiple 14.1 13.5 <13 Interest cov
Slide 8: Financing
Financing Overview Capital market Total debt SEK 34.4bn Very good access to financing – both bank and capital market Undrawn credit facilities SEK 6.0bn* • Lower margins Loan-to-value 43% • Falling market rates Sustainability 99% Green financing • Average interest cost per year end 2.98% Fixed-ter
Slide 9: Fixed-rate period 31/12/2024
Fixed-rate period 31/12/2024 FXD MTN & Toal Average interest rate Maturity Swaps Callable swaps Loan % 2025 2,200 7,000 400 9,600 4 2026 2,700 400 3,100 3 2027 2,800 450 3,250 2 2028 2,300 976 3,276 1 2029 2,400 200 2,600 0 2030 1,400 1,400 2031 1,300 1,300 2032 500 500 Average interest cost per y
Slide 10: Sustainability 2024
Sustainability 2024 • Reduced energy consumption from 71 to 70 kWh/sqm • Top position in GRESB • 95 out of 100 in the management portfolio • 98 out of 100 in the procject portfolio • 99% green financing • Maintained or improved ratings at BREEAM re-certifications • Nasdaq Green Equity Designation co
Slide 11: Transactions on our market
Transactions on our market Skålen 30, Office, Hagastaden 18,000 sqm, seller Invesco, buyer Humlegården, price unknow Stigbygeln 5, (5:e Hötorgsskrapan) Office, CBD 16,000 sqm, seller AMF, buyer Wallenstam, price aprrox. SEK 2.8 bn Mentorn 1, Office, CBD 18,000 sqm, seller AMF, buyer KPA Pensio
Slide 12: Disposal of Ynglingen 10, Östermalm
Disposal of Ynglingen 10, Östermalm The sale was made via companies for an underlying property value of SEK 960m Result before tax SEK -36.8m after reduction of deferred tax and sales costs Result after tax SEK 91.5m after reversal of deferred tax. Recognition on the completion date March 4
Slide 13: Stockholm office market
Stockholm office market ‘Source: CityMark Rental development last ten years, SEK 4500 ae = ae 4500 ° 2018 2014 2016 2016 2017 2018 2019 2020 2021 2022 2023 2024 CBD — Inner city —= North of Sthim 1 —=South of Sthim 1&2. * Pretiminary Number of employees in office-intensive industries Stockholm, Soln
Slide 14: Total office space Stockholm (sqm)
Total office space Stockholm (sqm)* 12,000,000 EE 40,000,000 8,000,000 6,000,000 4,000,000 2,000,000 ; : 2008 2009 2010 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 15: Stable customers with long agreements
Stable customers with long agreements Approx 700 customers Customer Share of Year of total rent expiry 25 largest customers represents 42% SEB 6.8% 2037 of rental value Convendum Stockholm City AB 3.7% 2034 Average contract length 4.8 years ICA Fastigheter Sverige 3.0% 2030 Telia Sverige AB 2.
Slide 16: Net letting and renegotiations 2024
Net letting and renegotiations 2024 Net lettings SEK -108m Net letting 2012-2024 275 • New lettings SEK 184m 250 225 • Terminations SEK -292m 200 175 150 Renegotiations 125 100 • SEK 329m extended on unchanged terms 75 50 25 • SEK 86m -5,0% 0 -25 • SEK 134m of the maturies in 2025/2026 -50 has a
Slide 17: Occupancy rate in management portfolio 31/12/2024
Occupancy rate in management portfolio 31/12/2024 % 100 90 Management portfolio 88 % 80 Development portfolio 70 • Relates to properties that are partly or fully vacated 60 for project development, lettings are made for short- 50 term contracts without a right of possession 40 • In total approxi
Slide 18: Rental development existing lease portfolio 31/12/2024
Rental development existing lease portfolio 31/12/2024 SEKm 900 867 864 855 855 847 850 848 850 827 800 750 700 650 600 550 500 450 400 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 The graph is not a forecast, but instead aims to show the rental trend for the existing lease portfo
Slide 19: Our on-going projects
OUR ON GOING PROJECTS KVARTER 1 (ACKORDET 1), HAG) .NGRRA UY Investments 2024 Project- and improvement properties: 1,606 SEKm Investments in investment properties: 770 SEKm On-going projects: 4183 SEKm estimated investment of which spent: 340 SEKm Occupancy rate: 87%
Slide 20: Birger Bostad
Birger Bostad Project development according to plan Estimated investment SEK 867m First phase; 23 apartments of which 18 sold. Access in April Second phase; 50 apartments of which 40 sold, access in December 78 rental apartments being completed for occupancy autumn 2025 6 apartments sold
Slide 21: We believe in Stockholm – Sweden's largest growth region
We believe in Stockholm – Sweden’s largest growth region Best city in the Nordic region in terms of the economy, human capital, quality of life, the environment and One of the most governance. Best place to visit innovative regions Oxford Economics 2025 in the EU. ” Unicorn Factory” Flest unicorns E
Slide 22: We believe in offices
We believe in offices • The office is crucial for successful Employed in office-intensive sectors in Stockholm, Solna, Sundbyberg, Nacka businesses • Over time, the number of people 500,000 employed in office-intensive sectors 450,000 in Stockholm is increasing 400,000 • Clear trend – we are heading
Slide 23: Long-term growth
Long-term growth We are to grow sustainably and without jeopardising our strong financial position. Growth will be achieved by: Target: • Complete existing projects Growth of management profit • Increasing the occupancy rate to 95 per cent • Investments in new projects Best total return in the prope
Slide 24: Our building rights
Our building rights 2024-12-31 Commercial — 706,300 sqm — Approx. 38% legal binding — Booked value: approx. SEK 7,000 per sqm Residentials — 573,300 sqm — Aprrox. 28 % legal binding — Booked value: approx. SEK 7,800 per sqm
Slide 25: Project opportunities in the near term
Project oppportunities in the near term Farao/Kairo, Arenastaden — 77,000 sqm office — 185 apartments — Development will begin 2025 with demolition and infrastucture investments Haga Norra, kvarter 4 — Flexible design of 130 apartments — Aprrox. 14,000 sqm
Slide 26: Project opportunities in the near term
Project oppportunities in the near term Tegelterassen/Paradiset 27, Vastra Kungsholmen — 36,000 sqm office Parkhuset/Yrket, Solna Business Park — Parkhuset: 22,100 sqm office (Land allocation) — Yrket: 20,900 sqm resdidences with 2,200 sqm office (Of which land allocation approx. 40% of area, the re
Slide 27: Questions?
Questions? . A growing, vibrant and sustainable Stockholm region.