Samhallsbyggnadsbolaget I Norden Ab Class B · OMXSTO:SBB_B
Samhallsbyggnadsbolaget I Norden Ab Class B — Q4 2025 Earnings Presentation
16 slides from Samhallsbyggnadsbolaget I Norden Ab Class B's earnings presentation, Feb 25, 2026
Slide 1: A Nordic Social Infrastructure Investment Company
A Nordic Social Infrastructure Investment Company Year-End 2025 Presentation February 2026 Skellefteå Perseus 6 – Municipal property Gävle Söder 66:9 – Elderly care Ullensaker Ragnar Strøms Veg 4, 6, 8 – Hospital property
Slide 2: Today's Presenter and Agenda
TODAY’S PRESENTER AND AGENDA Overview LEIV SYNNES CEO 1 This is SBB – Quick overview of corporate structure 2 Quarterly highlights 3 Core holdings – Main focus the coming years 4 Financing – Attractive interest and debt maturities covered short-term 5 Capital structure – Favorable financing and orga
Slide 3: Transformed, De-levered, Transparent Structure
TRANSFORMED, DE-LEVERED, TRANSPARENT STRUCTURE 1 Leading social infrastructure investor in the Nordics Quarterly highlights SEK 75.8bn 50% SEK 14.4bn 2 Support the core holdings' growth in an IG-rated environment Property Reported LTV Net asset value exposure(1) 3 Radically reduce the cost of centra
Slide 4: Highlights of the Period
HIGHLIGHTS OF THE PERIOD 1 Group LTV decreased to 50% 2 Profit from property management increased to SEK 744m (611) 3 SBB completes the multi-year strategic plan with the PPI transaction – Transformation complete Ownership in PPI + Cash Properties Divestment to transform, reduce debt, and Transforme
Slide 5: Core Holdings | SEK 124bn Combined Property Values
CORE HOLDINGS | SEK 124BN COMBINED PROPERTY VALUES Social Residential Education Development 40.63% ownership 62.15% ownership 49.84% ownership 100% ownership Supporting growth of the core segments SEK 49.5bn SEK 29.0bn SEK 39.6bn SEK 5.9bn Property value Property value Property value Property value
Slide 6: Core Holdings | Public Property Invest
CORE HOLDINGS | PUBLIC PROPERTY INVEST Public Property Invest SBB ownership: 40.63% Geographical distribution (Gross asset value) 2% 2% Public Property Invest in brief 15% 28% Norway Finland ▪ A leading listed social infrastructure platform in Europe SEK Sweden Denmark with 84% government-backed lea
Slide 7: Core Holdings | Sveafastigheter
CORE HOLDINGS | SVEAFASTIGHETER Sveafastigheter SBB ownership: 62.15% Geographical distribution (Gross asset value) Sveafastigheter in brief 6% 5% Stockholm metropolitan region 33% ▪ Sweden’s largest listed pure-play multi-family 18% SEK University cities residential company, focused on high-demand
Slide 8: Core Holdings | Nordiqus
CORE HOLDINGS | NORDIQUS Nordiqus SBB ownership: 49.84% Geographical distribution (Gross asset value) 2% 5% Nordiqus in brief Sweden ▪ A dedicated specialist in educational infrastructure, SEK Norway 34% spanning the entire learning chain from pre schools to 39.6bn 59% Finland universities Denmark ▪
Slide 9: Core Holdings | SBB Development
CORE HOLDINGS | SBB DEVELOPMENT SBB Development SBB ownership: 100.0% Geographical distribution (Gross asset value) SBB development in brief 3% 13% Sweden ▪ An innovative and cash flow driven project SEK Finland development company that acquire, develop, and divest 5.9bn Norway properties and projec
Slide 10: Non-Core Holdings
NON-CORE HOLDINGS Non-core holdings SBB Residential Property AB Other liquid holdings SEK 3.5bn SBB’s share of nominal NAV SEK 5.2bn(1) Liquidity reserves dedicated to manage the 2026 debt Cash position maturities Multi-family Housing co-owned with Morgan Stanley managed by Sveafastigheter SEK 5.3bn
Slide 11: NAV Build-up and Capital Structure Overview
NAV BUILD-UP AND CAPITAL STRUCTURE OVERVIEW Capital structure SEKbn Non-core holdings of SEK 12.6bn for SBB’s share of nominal NAV at Q4 2025 financial flexibility NAV Equity Hybrid equity 1,8 Other liabilities SEK 14.4bn 2,4 Unsecured debt 3,5 14,8(2) Core holdings of SEK 33.5bn to grow Reported NA
Slide 12: Cash and Liquid Assets
CASH AND LIQUID ASSETS Overview Cash position Interest bearing assets Liquid assets SEK 5.2bn(1) SEK 5.8bn SEK 14.1bn Total cash proceeds Nominal volume Market value SBB’s share of SEKm Total SEKm Nominal Book value Interest SEKm market cap at Q4 Cash on balance 4,294 Shareholder loan(2) 5,267 4,409
Slide 13: Financing Above Core Holdings
FINANCING ABOVE CORE HOLDINGS SBB’s bond maturities Cash position Bond maturities excl. Sveafastigheter, SEKbn Bond maturities excl. Sveafastigheter, SEKbn Unsecured debt Undrawn credit facilities at end of Q4 Cash position at end of Q4(1) SEK 5.2bn(1) 9,3 Unsecured debt 27,5 Total cash proceeds Uns
Slide 14: Growing Core Holdings with Low Cost of Capital
GROWING CORE HOLDINGS WITH LOW COST OF CAPITAL Non-core holdings and cash provides …and the core holdings will continue to grow flexibility over upcoming debt maturities … Bond maturities covered by non-core holdings Illustrative shareholder NAV 2028E Underlying growth by inflation of 2.0% annually
Slide 15: SBB's Corporate Structure Simplified
SBB’S CORPORATE STRUCTURE SIMPLIFIED Shareholder NAV NAV per share SEK 14.4bn(1)Parent Company SEK 8.14 Hybrid equity Avg. coupon rate Corporate structure leads to: SEK 8.4bn 3.8% • Lower risk due to diversification • Multiple roads to access equity and debt markets • Low average cost of capital Uns
Slide 16: Executive Summary
EXECUTIVE SUMMARY 1 • Creating and developing the Nordic market leaders in the social infrastructure segment with potential to outperform peers in profitability due to market #1 market leader position, access to financing and stream-lined organizations • Higher degree of specialization to further co
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