Fabege Ab · OMXSTO:FABG
Fabege Ab — H1 2025 Earnings Presentation
25 slides from Fabege Ab's earnings presentation, July 2025
Slide 1: Fabege's interim report Jan–Jun 2025
∑ Fabeges interim report Jan–Jun 2025 Stefan Dahlbo, CEO Åsa Bergström, CFO
Slide 2: A modern portfolio with focus on Stockholm
A modern portfolio with focus on Stockholm Number of properties 99 Property value SEK 78.3bn Lettable area 1.300.000 sqm Rental value SEK 4.1bn
Slide 3: Condensed income statement
SEKm 2025 Jan-Jun 2024 Jan-Jun Rental income 1,717 1,731 Sales residential projects 128 142 Condensed income Net sales Property expenses 1,845 -484 1,873 -462 statement Residential projects expenses Gross profit -105 1,256 -147 1,264 Central administration -59 -60 – Rental growth in identical portfo
Slide 4: Property valuation Q2 2025 and unrealized changes in value
Unrealized changes in value (SEKm) Q1 2007 to Q2 2025 4000 3000 2000 Property valuation Q2, 2025: 1000 0 Q2-2008 Q2-2009 Q4-2010 Q4-2012 Q4-2013 Q4-2014 Q4-2015 Q2-2010 Q4-2011 Q4-2016 Q4-2017 Q2-2011 Q2-2012 Q2-2013 Q2-2014 Q2-2015 Q4-2018 Q4-2019 Q2-2016 Q2-2017 Q2-2018 Q2-2019 Q1-2007 Q4-2020 Q4-
Slide 5: Key ratios, 30 June 2025
Key ratios, 30 June 2025 2025 Jan-Jun 2024 Jan-Jun Target Equity per share, SEK 119 121 EPRA NRV, SEK per share 147 146 Total return properties, % 0.7 -0.2 Surplus ratio, % 72 73 75 Equity/assets ratio , % 45 46 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 14.1 13.9 <13 Interest coverag
Slide 6: Financing
Financing Financing market Our financing 2025-06-30 – Continued strong access to financing Total debt SEK 34.2bn – Refinanced a bank facility of SEK 1.5 billion Undrawn credit SEK 6.0bn* facilities – Ongoing refinancing of commercial papers Loan-to-value 43% – Bond issuance of SEK 700m during the se
Slide 7: Fixed-rate period 30 June 2025
Fixed-rate period 30 June 2025 Average interest rate Maturity Swaps Callable swaps FXD MTN & Loan Total 4 2025 1,000 7,000 394 8,394 3 2026 2,700 400 3,100 2027 2,800 450 3,250 2 2028 2,300 976 3,276 2029 2,400 200 2,600 1 2030 1,400 1,400 2031 1,300 1,300 0 2032 500 500 Total 14,400 7,000 2,420 23,
Slide 8: Sustainability
8 Sustainability –Updated green framework with a second opinion from S&P (medium green) ensures continued access to green financing –Initiated collaboration with Myrspoven with the aim of taking the next step in improving energy efficiency in our properties –Dismantling and recycling of at least 80%
Slide 9: Transactions on our market Jan-Jun 2025
9 Transactions on our market Jan-Jun 2025 Blekholmen 1, CBD, 34,000 sqm office,residential, seller M&G Real Estate, buyer Alecta, Price SEK 2,890m. Skravelberget Större 19, CBD, 3,300 sqm, office, seller Alecta, buyer M&G Real Estate, price not public. Tranhuvudet 8, CBD, 6,600 sqm, office, seller S
Slide 10: Stockholm office market
Stockholm office market Source: CityMark
Slide 11: Total office space Stockholm
11,000,000 10,000,000 Total office 9,000,000 space 8,000,000 Stockholm 7,000,000 6,000,000 (sqm)* 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 Stockholm, innercity, North of Sthlm 1+2, South of Sthlm 1+2 Source: CityMark
Slide 12: Occupancy rate in management portfolio 2025-06-30
Occupancy rate in 100 90 management 80 portfolio 2025-06-30 70 60 50 – Management portfolio 87 % 40 – Improvement portfolio 30 – Relates to properties that are partly or fully vacated for project development, 20 lettings are made for short-term contracts without a right of possession 10 – In total a
Slide 13: Net letting and renegotiations Jan-Jun 2025
Net letting and renegotiations Net letting 2015–2025, Q2 (SEKm) Jan-Jun 2025 275 250 225 200 175 – Net lettings SEK -6m 150 – New lettings SEK 124m 125 100 – Terminations SEK -130m 75 50 – Renegotiations 25 – SEK 161m extended on unchanged terms 0 2021 2020 2022 2023 2024 Q2 2025 2015 2016 2017 2018
Slide 14: Rental development existing lease portfolio 2025-06-30
SEKm 1000 900 882 890 876 861 865 863 846 852 800 Rental development existing lease 700 portfolio 2025-06-30 600 500 The graph is not a forecast,but instead aims to show the rental trend for the existing lease 400 portfolio on the balance sheet date. Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q
Slide 15: Stable customers with long agreements
Stable customers with long agreements Customer ¹Share of Year of total rent, % expiry SEB 6.8 2037 – Approx. 700 customers Saab² 4.7 2045 – 25 largest customers represents 45% Convendum Stockholm City 3.7 2034 of rental value ICA Fastigheter Sverige 3.0 2030 – Average contract length 4.8 years Telia
Slide 16: Completed projects
16 Completed projects Kvarter 1, (Ackordet 1) Haga Norra Alfa Laval (Separatorn 1), Flemingsberg – In May, Alfa Laval took occupancy of the premises in Separaorn1. – In the two remaining projects, tenants have gradually moved in. – The rental value of the remaining unleased and unoccupied space amou
Slide 17: Our ongoing projects
Our ongoing projects Nöten 4, Solna strand Wenner-Gren center (Ormträsket 10), Investments Jan-Jun 2025: Hagastaden Management properties SEK 408m Improvements properties SEK 26m Project properties SEK 610m Total investments SEK 1,044m Farao/Kairo, Arenastaden
Slide 18: Birger Bostad
18 Birger Bostad – Project Haga Nora progressing according to plan – Brf Alma completed and final accounts settled. 20 out of 23 apartments sold and occupied – 50 owner apartments of which 40 sold, access in December – 78 rental apartments being completed for occupancy autumn 2025 – 57 apartments re
Slide 19: Our building rights, 2025-06-30
19 Our building rights, 2025-06-30 Commercial building rights – 701,000 sqm – Approx. 45% legal binding – Booked value: SEK 6,800 per sqm Residentials building rights – 523,400 sqm – Approx. 37% legal binding – Booked value: SEK 7,600 per sqm
Slide 20: Project opportunities in the near term
Project opportunities 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 – Approx. 14,000 sqm
Slide 21: Project opportunities in the near term
Project opportunities in the near term Tegelterassen/Paradiset 27, Västra Kungsholmen – 36,000 sqm office Parkhuset/Yrket, Solna Business Park – Parkhuset: 22,100 sqm office (Land allocation) – Yrket: 20,900 sqm residential and 2,200 sqm office (of which land allocation approx. 40% of area, the rema
Slide 22: Long-term growth
Long-term growth Growth will be achieved by: Target: – Complete existing projects – Growth of management profit – Increasing the occupancy rate to 95% – Best total return in the property – Investments in new projects portfolio – Transactions – Cost effectiveness
Slide 23: We believe in Stockholm
23 Best place to visit 30 percent of One of the most 2025 Sweden’s GDP is innovative regions in created here the EU CNN Region Stockholm EU Commission We believe in Employment rate and ”Unicorn Factory” Best city in the Nordic gross regional Most unicorns per region in terms of the Stockholm product
Slide 24: We believe in offices
24 We believe in offices – The office is crucial for successful businesses – Over time, the number of people employed in office-intensive sectors in Stockholm is increasing – Clear trend – we are heading back to the office – Natural to improve efficiency over time – Location and transport links impo
Slide 25: A growing, vibrant and sustainable Stockholm region. Q&A
∑ A growing, vibrant and sustainable Stockholm region. Q&A