Fastighets Ab Balder Class B · OMXSTO:BALD_B
Fastighets Ab Balder Class B — Q2 2025 Earnings Presentation
19 slides from Fastighets Ab Balder Class B's earnings presentation, Jul 15, 2025
Slide 1: Conference Call Q2 2025
CONFERENCE CALL Q2 2025 O| BAL DER
Slide 2: Balder at a Glance
BALDER Ay A GLANCE s Residential * Commercial SEK BILLION ECT PORTFOLIO CARRYING VALUE 226 PORTFOLIO SEK BILLION 24 One of the largest and most well diversified property companies in the Nordic region both in terms of asset and location Active property and portfolio management ensures strong financi
Slide 3: Fastighets AB Balder Q2 2025
FASTIGHETS AB BALDER Q2 2025 * Rental income SEK 3,408m, increase 7% Net operating income SEK 2,593m, increase 9% * Profit from property management per share increase of 6%, to 1.36 SEK/share * Profit from property management in current earnings capacity 5.55 SEK/share, increase 10% compared to same
Slide 4: Current Earnings Capacity
CURRENT EARNINGS CAPACITY 2025 2025 2024 2024 2024 2024 2023 2023 2023 SEKm 30 Jun _31Mar__31Dec_ _30Sep 30 Jun _31Mar__31Dec _30Sep _30 Jun Rental income 13,700 13,500 13,800 13,000 12,800 12,700 12,400 12,100 12,000 Property costs -3,300 -3,200 -3,400 -3,200 -3,150 -3,100 -3,050 -2,950 -2,925 Net
Slide 5: A Well-Diversified Portfolio
AWELL-DIVERSIFIED PORTFOLIO 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 Total real estate portfolio, % Residential 53% Office 15% m Other 12
Slide 6: Long Track-Record of Delivering Value
LONG TRACK-RECORD OF DELIVERING VALUE 7000 6000 5 000 4000 3 000 2000 2265 2016 2804 2017 mmm Profit from property management (SEKm) 3304, 2018 Profit from property management (SEK/Share) 4023 2019 4244 2020 5 543. 2021 6139 2022 6135 2023 601 2024 6 272 2024/2025 July-June 6,00 5,00 4,00 3,00 2,00
Slide 7: ... While Improving Operational Stability and Reducing Leverage
... WHILE IMPROVING OPERATIONAL STABILITY AND REDUCING LEVERAGE Portfolio value (SEKm) 226 O57 200 000 100 000 Long track record of value creation through strong operational focus, as wellas investments in acquisitionsand new development 60% 40% 20% 0% Net debt to total assets, % Continuous leverage
Slide 8: ESG Update
ESG UPDATE * ESG rating MSCI; BBB (updated August 2024) * SG rating Sustainalytics; 14.9 (updated October 2024) * 4% decrease in energy use * 27% reduction in total greenhouse gas emissions since 2022 * 37% of the property portfolio has undergone climate risk screening * Taxonomy compliant share of
Slide 9: Target
Target 40% Target 50% Target 2.0 Target 11.0 n.a n.a. n.a
Slide 10: Financing
10 FINANCING Portfolio Value (SEKm) and Net Debt to Total Assets (%) ll Portfolio value (SEKm) Net debt to total assets, % —Secured debt to total assets, % 226057 80% 200 000 poe 60% 150 000 | | 50% 100 000 40% 30% 50 000 20% 0 10% (2016 2017 (2018 2019 2020 2021 (2022 (2023 (2024 2025 Secured debt
Slide 11: Financing
"1 FINANCING MATURITY STRUCTURE BANK LOANS. 25 000 20 000 15 000 10 000 5 000 Oo ln. -_ 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035- ™ Bank loans MATURITY STRUCTURE BONDS AND COMMERCIAL PAPER 25 000 20 000 15 000 10 000 ~ Litho » a_i 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035-
Slide 12: Asset Liability Management
12 ASSET LIABILITY MANAGEMENT Leverage & capital allocation * Operating profit in earnings capacity increased by 6.2% year over year, net debt by 2.5% + Net Debt/EBITDA in earnings capacity 11.8 times, down from 12.2 a year ago * Continued balanced capital allocation until reaching 11 times Net Debt
Slide 13: The Share
13 THE SHARE Share price development over time Share price, Net asset value (NAV) Profit from property management SEK/share SEK/share 120 8 105 7 90 6 A) 5 60 4 45 3 30 2 15 1 0) 0) 2016 © 2017-2 2018.= 2019» 2020-2021» 2022» 2028 «2024 ©2025 ‘Share price =—=Net asset valute (NAV) ——Profit from prop
Slide 14: Consolidated Statement of Comprehensive Income
14 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 2025 2024 SEKm AprikJune April-June Deviation, a% Rental income 3,408 3,186 7 Property costs -815 ~805 Net operating income 2,593 2,381 9 Management and administrative costs -294 -278 Participation in the profits of associated companies/joint venture
Slide 15: Consolidated Statement of Financial Position
15 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2025 2024 SEKm 30 June 30 June Assets Investment properties 222,610 212,941 Development properties 3,446 2,530 Lease contract; Right-of-use assets 2,551 2,106 Other fixed assets 321 365 Participations in associated companies/joint ventures 27,648 28,44
Slide 16: Shareholders as of June 2025
16 SHAREHOLDERS AS OF 30 JUNE 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 77 13.8 Swedbank Robur Fonder - 69,848,458 69,848,458 5.9 3.9 AMF Fonder & Pens
Slide 17: Associated Companies
7 ASSOCIATED COMPANIES Unique competence Financially strong co-owners segment or competence CAPITAL ALLOCATION Entrepreneurial capacity to build portfolio Increased owning over time ®|TULIA anthon Ol eiendom N@xXT ST@P
Slide 18: Balder's Sustainability Framework
BALDER’S SUSTAINABILITY FRAMEWORK E) ENVIRONMENTAL Climate change & Ownemployees Water ° Workers in the value chain Business ethics and Biodiversity Local communityimpactand corporate culture Resourceuse and circular economy social area development Target Target Target 50% reductic emissions from ow
Slide 19: Q&A