Slide 1: Fabege Interim report Jan-Jun 2026
∑ Fabege Interim report Jan-Jun 2026 Bent Oustad, CEO Åsa Bergström, CFO
Slide 2: A modern portfolio with focus on Stockholm
2 A modern portfolio with focus on Stockholm - occupied by high quality tenants Rental value per category Sqm per category Property value, per area We own, develop and manage properties with focus on attractive SEK 4.4bn 1,300,000 sqm SEK 79.0bn working places and good living in superb locations in
Slide 3: Our strengths
3 Our strengths – Our customers – High CSI, highlighted by strong track record in serving our customers needs – 95% of our tenants say they would recommend Fabege as a landlord – Long-term lease contracts as a foundation – Own employees across the entire value chain – Clusters give us advantages – E
Slide 4: Summary Q2-2026
4 Summary Q2-2026 – Rental income: +5,9% – Improved occupancy rate from 86 to 87% – Surplus ratio Q2: 74% – New leases in Solna Business Park – Profit residential development: +39m, margin 21% – Acquisition of “Gadden 1”, Sveaplan, SEK 202m – Net letting: SEK -86m – Signed construction contract for
Slide 5: Condensed income statement
5 SEKm 2026 Jan-Jun 2025 Jan-Jun Rental income 1 794 1,717 Sales residential projects 392 128 Condensed income Net sales Property expenses 2 186 -484 1,845 -484 statement Residential projects expenses Gross profit -313 1 389 -105 1,256 of which net operating income property management 1 310 1 233 –
Slide 6: SEK 70.2bn SEK 79.0 bn
6 Unrealized changes in value (SEKm) Q1 2008 to Q2 2026 4000 3000 2000 Property valuation Q2, 2026: 1000 0 Q1-2010 Q3-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014 Q1-2015 Q1-2018 Q3-2011 Q3-2012 Q3-2013 Q3-2014 Q3-2015 Q1-2016 Q3-2016 Q1-2017 Q3-2017 Q3-2018 Q1-2019 Q3-2019 Q1-2020 Q3-2020 Q1-2021 Q1-2022 Q
Slide 7: Property valuation Q2 2026
Property valuation Q2 2026 Changes in property values, SEKm Comment Opening fair value 78,460 Disposals -190 Paradiset 31 Acquisitions 211 Gadden 1, Sveaplan Investments 877 Value changes -139 Reclassifications -199 Haga Norra, block 4 Closing fair value 79,019 – Value changes per area (SEKm) Invest
Slide 8: Key ratios, 30 June 2026
8 Key ratios, 30 June 2026 2026 Jan-Jun 2025 Jan-Jun Target Equity per share, SEK 119 119 EPRA NRV, SEK per share 145 147 Total return properties, % 1.5 0.7 Surplus ratio, % 73 72 75 Equity/assets ratio , % 45 45 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 12.9 14.1 <13 Interest covera
Slide 9: Financing
9 Financing Financing market Our financing 2026-06-30 – Continued strong access to financing from banks and capital market Total debt SEK 34.6bn – Finalized refinancing of bank facilities maturing Undrawn credit SEK 6.0bn* in 2026 facilities Loan-to-value 43% – Ongoing refinancing of commercial pape
Slide 10: Fixed-rate period 30 June 2026
10 Fixed-rate period 30 June 2026 Average interest rate Maturity Swaps Callable Extendable FXD MTN & Total swaps* swaps** Loan 5,0% 4,0% 2026 700 7,000 300 8,030 3,0% 2027 2,800 500 450 3,750 2,0% 2028 2,300 976 3,276 1,0% 2029 2,400 200 2,600 0,0% 2030 1,650 250 1,900 2031 3,200 3,200 2032 500 500
Slide 11: Occupancy rate in management portfolio
11 Occupancy rate in management 100 90 portfolio 2023-06-30 80 70 – Management portfolio 87 % – Including remaining vacancies in previous 60 project properties 50 – Improvement portfolio – Properties partly or fully vacated for potential 40 project development – Short-term lease contracts without a
Slide 12: Net letting and renegotiations Jan-Jun 2026
12 Net letting and renegotiations Jan–Jun 2026 Net letting 2015–Q2 2026 (SEKm) 275 244 250 Net letting SEK -62m 225 200 – New lettings SEK +132m 166 165 175 – Terminations SEK -193m 159 150 – Large terminations Max Mathiessen and Telenor (Q3-2028) 127 125 86 100 74 75 Renegotiations 36 50 – Total re
Slide 13: Renegotiations and new leases in Q2-2026
13 Renegotiations and new leases in Q2-2026 A healthy mix of renegotiations and new customers • Renegotiations represent a healthy mix among all market areas and segments • Six contracts above 1,000 sqm during Q2 • New leases a mix of all categories • One contract above SEK 10m in yearly rent Renego
Slide 14: Rental development existing lease portfolio
14 SEKm 1000 902 Rental development 898 892 889 890 892 896 900 864 existing lease 800 portfolio 2026-06-30 700 600 500 The graph is not a forecast but instead aims to 400 show the rental trend for the existing lease Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Q4-2026 Q1-2027 Q2-2027 portfolio on the ba
Slide 15: Stable customers with long agreements
15 Stable customers with long agreements Customer ¹Share of total rent, % Year of expiry SEB 6.5 Q4-2037 – Approx. 700 customers Saab AB 4.9 Q4-2045 – Average lease contract length 5.5 years Convendum Stockholm City AB 3.6 Q4-2034 – Top 10 largest customers represent 29% of total contracted rent ICA
Slide 16: Market trends
16 Market trends Rental market - Strong and continued activity in CBD, especially for larger leases - Rent levels slightly started to increase in areas with less alternatives for new production and low vacancy - Stabel rent levels in Greater Stockholm - Still a hand full of tenants that reduces sqm
Slide 17: Ongoing projects
17 Ongoing projects Farao/Kairo – Investment SEK 613m – Ground and foundation work – Construction work up to ground floor level Wenner-Gren Center – Investment SEK 609m Farao 16, Kairo 1, Arenastaden – Rental value SEK 58M – Pre let 30% – Marketing to start Q3-26 Mimer 5 – Investment SEK 217m – Rent
Slide 18: Completed and ongoing projects in Birger Bostad
18 Completed and ongoing projects in Birger Bostad Haga Norra - Block 5, progressing according to plan – Total of 288 units – Completed 193 units – To be completed in 2026: 95 units – Unsold units: 59, 20% Preparations underway for project start of the next phase Block 4: 132 cooperative apartments
Slide 19: Block 2 Potential office project Ackordet 1
19 Block 2 Ackordet 1 Potential office project Completed 2025 Block 6 - residentials Completed Block 4 - residentials Project start 2026 Block 5 - residentials Will be completed 2026 Block 7 - residentials Block 3 Completed Residentials, Elderly care and Pre-school
Slide 20: Project Gadden 1, Sveaplan
20 Project Gadden 1, Sveaplan -Stockholm inner city – Possession date: June 2026 – Building rights approx. 8,800 sqm (GFA) – Purchase price: SEK 202m – Planned move-in during 2029 – One of Fabege’s core areas, entrance to Stockholm inner city Sveaplan at a glance for Fabege: – Approx. 90,000 sqm gro
Slide 21: Hagastaden incl. Ericssons hus
Rendering: Stockholm Stad & White Arkitekter 7 2 3 12 4 10 11 5 1 6 9 8 Hagastaden inkl. Ericssons hus • 1–6 Future properties to be rented by Ericsson • 7 Mimer • 8-9 WGC • 10 Gadden (to be constructed) • 11-12 Gjetingene
Slide 22: Building rights, 2026-06-30
22 Building rights, 2026-06-30 Commercial building rights – 499,900 sqm – Approx. 65% legal binding – Booked value: SEK 8,200 per sqm Residentials building rights – 435,100 sqm – Approx. 40% legal binding – Booked value: SEK 7,800 per sqm
Slide 23: Project opportunities in the near term
23 Project opportunities in the near term Tegelterassen, Västra Kungsholmen – 36,000 sqm leasable area – Partly demolition started in January 2026 – Leasing activities ongoing Haga Norra – Already produced 611 units – In production 95 units – Decided to produce another 390 units + elderly home and a
Slide 24: Main short-term priorities
24 Main short-term priorities – Conclude different leasing initiatives and decrease vacancy – 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 comm
Slide 25: A growing, vibrant and sustainable Fabege. Q&A
∑ A growing, vibrant and sustainable Fabege. Q&A