Fastighets Ab Balder Class B · OMXSTO:BALD_B
Fastighets Ab Balder Class B — Q3 2025 Earnings Presentation
19 slides from Fastighets Ab Balder Class B's earnings presentation, Oct 28, 2025
Slide 1: Conference Call Q3 2025
CONFERENCE CALL Q3 2025 O| BAL DER
Slide 2: Balder at a Glance
BALDER AT A GLANCE Residential Commercial SEK BILLION S&P RATINGS % YEARS 229 BBB 95 14.2 46% PORTFOLIO CARRYING VALUE 54% PORTFOLIO OFFICIAL OCCUPANCY AVG. LEASE DURATION VALUE RATING RATE 10 LARGEST LEASES % TIMES SEK BILLION SEK % 48.3 2.7 24 93.0 25 NET DEBT TO INTEREST AVAILABLE NAV PER NAV GRO
Slide 3: Fastighets AB Balder Q3 2025
FASTIGHETS AB BALDER Q3 2025 • Rental income SEK 3,444m, increase 7% • Net operating income SEK 2,678m, increase 7% • Profit from property management per share increase of 2%, to 1.38 SEK/share • Profit from property management in current earnings capacity 5.55 SEK/share, increase 8% compared to sam
Slide 4: Current Earnings Capacity
CURRENT EARNINGS CAPACITY 2025 2025 2025 2024 2024 2024 2024 2023 2023 SEKm 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep Rental income 13,800 13,700 13,500 13,800 13,000 12,800 12,700 12,400 12,100 Property costs -3,300 -3,300 -3,200 -3,400 -3,200 -3,150 -3,100 -3,050 -2,950 Net op
Slide 5: A Well-Diversified Portfolio
A WELL-DIVERSIFIED 80% PORTFOLIO Of the property portfolio located in capitals and larger cities CARRYING AMOUNT DISTRIBUTED BY REGION Total real estate portfolio, % Helsinki 25% Gothenburg 21% Stockholm 15% East 12% Copenhagen 11% North 9% South 8% CARRYING AMOUNT DISTRIBUTED BY PROPERTY CATEGORY T
Slide 6: Long Track-Record of Delivering Value
LONG TRACK-RECORD OF DELIVERING VALUE Profit from property management (SEKm) 7 000 6,00 Profit from property management (SEK/Share) 6 139 6 324 6 135 6 011 5,33 6 000 5 543 5,00 5 000 4 244 4,00 4 023 4 000 3 304 3,00 3 000 2 804 2 265 2,00 2 000 1,00 1 000 0 0,00 2016 2017 2018 2019 2020 2021 2022
Slide 7: …While Improving Operational Stability and Reducing Leverage
…WHILE IMPROVING OPERATIONAL STABILITY AND REDUCING LEVERAGE Portfolio value, (SEKm) Net debt to total assets, % Occupancy rate, % 229 474 200 000 95% 60% 48,3% 40% 90% 100 000 20% 0 0% 80% Long track record of value creation through strong Strong population growth and urbanisation Continuous levera
Slide 8: Financing
FINANCING INTEREST FIXING STRUCTURE 7% 1% Year SEKm Interest, % Proportion, % 2025 30,089 3.3* 21 64 227 2026 15,051 2.9 10 49% 80 980 2027 15,955 2.0 11 44% 2028 21,922 3.0 15 2029 16,156 2.0 11 2030 12,640 2.2 9 2031 7,391 2.2 5 Unsecured loans, 56% 2032 8,333 3.5 6 Secured loans, 44% 2033 5,528 4
Slide 9: Financing
FINANCING Portfolio Value (SEKm) and Net Debt to Total Assets (%) Portfolio value (SEKm) Net debt to total assets, % Secured debt to total assets, % 229 474 80% Secured debt to total assets 23.1% 70% 200 000 60% 150 000 50% 48,3% Approximately 80% of 100 000 40% debt is hedged with interest swaps an
Slide 10: Financing
FINANCING MATURITY STRUCTURE BANK LOANS MATURITY STRUCTURE BONDS AND COMMERCIAL PAPER 25 000 25 000 20 000 20 000 15 000 15 000 10 000 10 000 5 000 5 000 0 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035- 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035- Bank loans Bonds Commercial pa
Slide 11: Asset Liability Management
ASSET LIABILITY MANAGEMENT Leverage & capital allocation Funding strategy • Continued balanced capital allocation until reaching 11 • Long term bond issuer in both SEK and EUR – probably times Net Debt/EBITDA on a reported rolling 12 months a 50/50 split bonds vs bank financing is reasonable basis,
Slide 12: The Share
THE SHARE Share price development over time Share price development in relation to NAV and Profit from property management Share price, Net asset value (NAV) Profit from property management Share price/Net asset value (NAV), % Share price/Profit from property SEK/share SEK/share management, times 12
Slide 13: Consolidated Statement of Comprehensive Income
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 2025 2024 SEKm July-Sep July-Sep Deviation, Δ % Rental income 3,444 3,228 7 Property costs –766 –726 Net operating income 2,678 2,503 7 Management and administrative costs –271 –237 Participation in the profits of associated companies/joint ventures 472
Slide 14: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2025 2024 SEKm 30 September 30 September Assets Investment properties 225,927 213,442 Development properties 3,547 1,824 Lease contract; Right-of-use assets 2,570 2,130 Other fixed assets 311 351 Participations in associated companies/joint ventures 28,41
Slide 15: Shareholders as of 30 September 2025
SHAREHOLDERS AS OF 30 SEPTEMBER 2025 Owner A shares B shares Total no shares Capital, % Votes, % Erik Selin via company 49,855,968 343,265,400 393,121,368 33.0 46.9 Arvid Svensson Invest AB 17,495,352 73,799,819 91,295,171 7.7 13.8 Swedbank Robur Fonder - 63,586,946 63,586,946 5.3 3.5 AMF Fonder & P
Slide 16: Associated Companies
ASSOCIATED COMPANIES Unique competence Financially strong co-owners segment or competence CAPITAL ALLOCATION Entrepreneurial capacity to build Sinoma portfolio Increased owning over time 16
Slide 17: ESG Update
HELSINKI, FINLAND RESIDENTIALS ESG ESG UPDATE RATING • ESG rating MSCI; BBB • ESG rating Sustainalytics; 14.7 • Green and Social Financing Framework updated during 2025 • Record high summer jobs in Sweden with 330 young people 17 5
Slide 18: Balder's Sustainability Framework
BALDER’S SUSTAINABILITY FRAMEWORK E ENVIRONMENTAL S SOCIAL G GOVERNANCE Climate change Own employees Water Workers in the value chain Business conduct Biodiversity Customers and social area Resource use and circular economy development Targets Targets Targets • 50% reduction in emissions from own op
Slide 19: Q&A
Q&A