Slide 1: Fabege year-end report 2025
∑ Fabege year-end report 2025 Bent Oustad, CEO Åsa Bergström, CFO
Slide 2: A modern portfolio with focus on Stockholm
2 A modern portfolio with focus on Stockholm Rental value per category Sqm per category Market value, per area We own, develop and manage properties with a focus on attractive working places and good living in superb locations in Stockholm SEK 4.3bn 1,300,000 sqm SEK 78.5bn – Sweden's largest growth
Slide 3: Summary Q4-2025
3 Summary Q4-2025 – Rental income SEK 899m (861) – Net lettings SEK +33m (-23) – Increased activity in the leasing market – Profit from property management SEK 371m (333) – Surplus ratio: 75% for the quarter – Large projects entered the management portfolio – Profit residential development SEK 35m (
Slide 4: Condensed income statement
4 SEKm 2025 Jan-Dec 2024 Jan-Dec Rental income 3 480 3,438 Sales residential projects 280 233 Condensed income Net sales 3 760 3,671 statement Property expenses -897 -885 Residential projects expenses -225 -254 Gross profit 2 638 2,532 Central administration -106 -93 – Rental growth +1.2% Net intere
Slide 5: SEK 78.5 bn property value and unrealized changes in value
5 Unrealized changes in value (SEKm) Q4 2007 to Q4 2025 4000 3000 2000 Property valuation Q4, 2025: 1000 0 Q2-2009 Q2-2013 Q2-2016 Q2-2019 Q4-2019 Q4-2014 Q2-2008 Q4-2010 Q4-2013 Q4-2015 Q4-2016 Q4-2017 Q2-2010 Q4-2011 Q4-2012 Q2-2015 Q4-2018 Q2-2011 Q2-2012 Q2-2014 Q2-2017 Q2-2018 Q4-2022 Q4-2009 Q
Slide 6: Unrealised value changes 2025
6 Unrealised value changes 2025 Q1 value changes SEK -565m Q3 value changes SEK -338m – Property management SEK -369m – Property management SEK -324m – Equally divided by increased yield and lower – Increased yield expected cash flows – Development properties SEK -53m – Development properties SEK -6
Slide 7: Key ratios, 31 December 2025
7 Key ratios, 31 December 2025 2025 Jan-Dec 2024 Jan-Dec Target Equity per share, SEK 119 122 EPRA NRV, SEK per share 145 148 Total return properties, % 1.1 1.7 Surplus ratio, % 74 74 75 Equity/assets ratio , % 45 46 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 13.6 14.1 <13 Interest co
Slide 8: Financing
8 Financing Financing market Our financing 2025-12-31 – Continued strong access to financing from banks and capital market Total debt SEK 34.4bn – Ongoing refinancing of bank facilities maturing Undrawn credit SEK 6.0bn* in 2026, credit decision and terms agreed facilities Loan-to-value 43% – Bond i
Slide 9: Fixed-rate period 31 December 2025
9 Fixed-rate period 31 December 2025 Average interest rate Maturity Swaps Callable swaps* Extendable FXD MTN & Total 4 swaps** Loan 2026 2,700 7,000 400 3,100 3 2027 2,800 500 450 3,750 2 2028 2,300 976 3,276 2029 2,400 200 2,600 1 2030 1,650 1,650 2031 1,300 1,300 0 2032 500 500 Total 13,650 7,000
Slide 10: Earnings 2016 – 2025
10 Earnings 2016 – 2025 Rental income Gross profit property management Profit property management SEKm SEKmr SEKm 3,500 3,500 1,600 3,000 3,000 1,400 2,500 1,200 2,500 1,000 2,000 2,000 800 1,500 1,500 600 1,000 1,000 400 500 500 200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2
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 – significantly lower than our target of 70 kWh/sqm and 160 Swedish office average of 124 kWh/sqm 140 124 –We also achieved the goal to reduce CO2, scope 3
Slide 12: Occupancy rate in management portfolio 2025-12-31
12 Occupancy rate in management 100 portfolio 2025-12-31 90 80 70 – Management portfolio 86 % – Including previous project properties Ackordet 1 60 (64%) and Påsen 1 (73%) 50 – Improvement portfolio – Properties partly or fully vacated for potential 40 project development – Short-term lease contract
Slide 13: Net letting and renegotiations Jan–Dec 2025
13 Net letting and renegotiations Jan–Dec 2025 Net letting 2015–2025 (SEKm) 275 244 250 – Net lettings SEK 36m 225 200 – New lettings SEK +236m 166 165 – Terminations SEK -200m 159 175 150 127 – Renegotiations 125 86 100 – SEK 618m in total 74 75 – Decline in rents: -0.3% 36 50 – SEK 316m of the mat
Slide 14: Renegotiations (Jan-Dec 2025)
14 Renegotiations (Jan-Dec 2025) – Total renegotiated: SEK 618m, rents -0.3% – SEK 341m extended on unchanged terms – SEK 277m with -0.7% decline in rent – Dominated by several small and medium-large tenants – Renegotiated 6 tenants with yearly base rent above SEK 10m – 2 of these 6 were concluded i
Slide 15: Rental development existing lease portfolio 2025-12-31
15 SEKm 1000 899 901 894 895 900 887 865 864 852 Rental development 800 existing lease 700 portfolio 2025-12-31 600 500 The graph is not a forecast but instead aims to 400 show the rental trend for the existing lease Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Q4-2026 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 6.8 2037 – Approx. 700 customers Saab 4.7 2045 – Average lease contract length 5.1 years Convendum Stockholm City 3.7 2034 – Top 10 largest customers represent 30% of total contracted rent ICA Fastigheter Sv
Slide 17: Fabege's parking business
17 Fabege's parking business – Total 12,500 parking spaces - of which 2,700 with EV charging – Key factor for larger customers – Increased demand for day-permits instead of monthly agreement - Flexibility in parking agreements 220 200 180 Revenues, SEKm 160 140 120 100 80 2020 2021 2022 2023 2024 20
Slide 18: Completed projects in 2025
18 Completed projects in 2025 – In May, Alfa Laval took occupancy of the premises in Separatorn 1 – In September and November, Saab Ackordet 1, Haga Norra Separatorn 1, Flemingsberg took occupancy of the premises in Nöten 4 – In Ackordet 1 and Påsen 1 tenants have gradually moved in – more tenants w
Slide 19: Ongoing projects
19 Ongoing projects – Farao/Kairo – Investment SEK 613m – Dismantling of the existing buildings, ground and foundation work, preparation of construction documents and construction of the building up to ground floor level. – Ormträsket 10 – Investment SEK 609m – Rental value SEK 58M – Pre let 20% – M
Slide 20: Completed and ongoing projects in Birger Bostad, Haga Norra
20 Completed and ongoing projects in Birger Bostad, Haga Norra Haga Norra, block 5, is progressing according to plan (288 units) – Completed in 2025 – Brf Alma: 23 apartments, of which 20 are sold – 78 rental apartments – To be completed in 2026 – 50 owner-occupied apartments, of which 44 are sold,
Slide 21: Building rights, 2025-12-31
21 Building rights, 2025-12-31 Commercial building rights – 551,400 sqm – Approx. 59% legal binding – Booked value: SEK 7,000 per sqm Residentials building rights – 499,800 sqm – Approx. 37% legal binding – Booked value: SEK 7,400 per sqm Reduction in number of building rights due to termination of
Slide 22: Land allocation at Sveaplan (Stockholm inner city)
22 Land allocation at Sveaplan (Stockholm inner city) – Land allocation agreement signed in August 2020 – Zoning legally binding January 2026 – Preliminary possession date: April 2026 – Building rights approx. 8,800 sqm (GFA) – Purchase price: SEK 208m (index-linked) – Planned move-in during 2029 –
Slide 23: Project opportunities in the near term
23 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 24: Project opportunities in the near term (cont’d)
24 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 25: Main short-term priorities
25 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 26: A growing, vibrant and sustainable Fabege. Q&A
∑ A growing, vibrant and sustainable Fabege. Q&A