Slide 1: Fabege's interim report Jan–Sep 2025
∑ Fabeges interim report Jan–Sep 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 78.5bn Lettable area 1.300.000 sqm Rental value SEK 4.2bn
Slide 3: Summary Q3
3 Summary Q3 Jul-Sep 2025 Gradual improvement and positive market outlook – Rental income SEK 864m (847) – Profit from property management SEK 393m (353) – Net lettings SEK +9m (-11) – Surplus ratio 78% (77) – Value changes SEK -338m 224) – Earnings after tax SEK 99m (14)
Slide 4: Condensed income statement
SEKm 2025 Jan-Sep 2024 Jan-Sep Rental income 2,581 2,577 Sales residential projects 128 230 Condensed income Net sales 2,709 2,807 statement Property expenses -675 -653 Residential projects expenses -108 -247 Gross profit 1,926 1,907 Central administration -78 -80 – Rental growth in identical portfo
Slide 5: Property valuation Q3 2025 and unrealized value changes
Unrealized changes in value (SEKm) Q3 2007 to Q3 2025 4000 3000 2000 Property valuation Q3, 2025: 1000 0 Q1-2014 Q1-2010 Q3-2010 Q3-2014 Q1-2015 Q1-2011 Q3-2011 Q1-2012 Q3-2012 Q1-2013 Q1-2016 Q1-2017 Q3-2017 Q1-2019 Q3-2013 Q3-2015 Q3-2016 Q1-2018 Q3-2018 Q3-2019 Q1-2022 Q3-2027 Q1-2020 Q3-2020 Q1-
Slide 6: Key ratios, 30 September 2025
Key ratios, 30 September 2025 2025 Jan-Sep 2024 Jan-Sep Target Equity per share, SEK 120 121 EPRA NRV, SEK per share 146 147 Total return properties, % 1.1 0.9 Surplus ratio, % 74 75 75 Equity/assets ratio , % 45 46 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 14.0 13.9 <13 Interest cov
Slide 7: Financing
Financing Financing market Our financing 2025-09-30 – Continued strong access to financing Total debt SEK 34.5bn – Strong capital market Undrawn credit SEK 6.0bn* facilities – Ongoing refinancing of commercial papers and bonds Loan-to-value 43% – Bond issuance of SEK 1.25bn, margin 100bp during the
Slide 8: Fixed-rate period 30 September 2025
Fixed-rate period 30 September 2025 Average interest rate Maturity Swaps Callable swaps* Extendable FXD MTN & Total 4 swaps** Loan 2025 800 7,000 7,800 3 2026 2,700 400 3,100 2 2027 2,800 500 450 3,750 2028 2,300 976 3,276 1 2029 2,400 200 2,600 2030 1,650 1,650 0 2031 1,300 1,300 2032 500 500 – Ave
Slide 9: Sustainability
9 Sustainability – Travel habits survey conducted in Arenastaden with 6,500 respondents. Public transport has increased and climate impact due to work travel has decreased by 45% in the last three years. –Separatorn 1 (Alfa Laval), Flemingsberg certified according to BREEAM-SE, excellent – During th
Slide 10: Transactions on our market Jan-Sep 2025
10 Transactions on our market Jan-Sep 2025 Tygeln 2, Arenastaden, 34,000 sqm office, seller DWS,, buyer Vasakronan, price aprrox. SEK 2,200m Blekholmen 1, CBD, 34,000 sqm office/residential, seller M&G Real Estate, buyer Alecta, price SEK 2,890m. Tranhuvudet 8, CBD, 6,600 sqm, office, seller SEB Try
Slide 11: Stockholm office market
Stockholm office market Source: CityMark
Slide 12: 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 13: Occupancy rate in management portfolio 2025-09-30
Occupancy rate in 100 90 management 80 portfolio 2025-09-30 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 14: Net letting and renegotiations Jan-Sep 2025
Net letting and renegotiations Net letting 2015–2025, Q3 (SEKm) Jan-Sep 2025 275 250 225 200 175 – Net lettings SEK 3m 150 – New lettings SEK 155m 125 100 – Terminations SEK -152m 75 50 – Renegotiations 25 – SEK 232m extended on unchanged terms 0 2024 2020 2021 2022 2023 2015 2018 2016 2017 2019 Q3
Slide 15: Rental development existing lease portfolio 2025-09-30
SEKm 1000 900 890 886 877 880 861 865 864 852 800 Rental development existing lease 700 portfolio 2025-09-30 600 500 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. Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q
Slide 16: 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 46% Convendum Stockholm City 3.7 2034 of rental value ICA Fastigheter Sverige 3.0 2030 – Average contract length 5.1 years Telia
Slide 17: Completed projects
17 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 18: Our ongoing projects
Our ongoing projects Nöten 4, Solna strand Investments Jan-Sep 2025: Management properties SEK 603m Improvements properties SEK 99m Project properties SEK 813m Total investments SEK 1,515m Farao/Kairo, Arenastaden Wenner-Gren center (Ormträsket 10), Hagastaden
Slide 19: Birger Bostad
19 Birger Bostad – Project Haga Nora progressing according to plan – Brf Alma completed and final accounts settled. 20 out of 23 apartments sold and occupied – 78 rental apartments being completed for occupancy Q4 2025 – 52 apartments reserved in upcoming phases – of 34 owner-occupied apartments sol
Slide 20: Our building rights, 2025-09-30
20 Our building rights, 2025-09-30 Commercial building rights – 684,000 sqm – Approx. 46% legal binding – Booked value: SEK 6,700 per sqm Residentials building rights – 523,900 sqm – Approx. 37% legal binding – Booked value: SEK 7,600 per sqm
Slide 21: Project opportunities in the near term
Uppdatera 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 22: 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 premises (of which land allocation approx. 40% of area, the re
Slide 23: 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 24: We believe in Stockholm
24 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 25: We believe in offices
25 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 26: A growing, vibrant and sustainable Stockholm region. Q&A
∑ A growing, vibrant and sustainable Stockholm region. Q&A