Slide 1: Interim Report January-June 2024
Fabe e INTERIM REPORT g JANUARY-JUNE 2024 Stefan Dahlbo, CEO Asa Bergstrom, CFO
Slide 2: Summary Jan-Jun 2024
Summary Jan-Jun 2024 ● Increased rental income SEK 1,731m (1,685) ● Almost unchanged gross profit SEK 1,264m (1,268) ● Surplus ratio 73 per cent (74) ● Negative value changes in the property portfolio SEK -1,461m (-3,824) ● Result after tax -682 (-2,535) ● Net letting SEK -74m (22) 2
Slide 3: Condensed income statement
Condensed income statement SEKm 2024 Jan-Jun 2023 Jan-Jun Rental income 1,731 1,685 Sales residential projects 142 308 Other income - - Net sales 1,873 1,993 Property expenses -462 -444 Residential projects expenses -147 -281 Gross profit 1,264 1,268 • Rental growth in identical Central administrati
Slide 4: Property valuation Q2 2024
Property valuation Q2 2024 Property value SEK 77.6bn of which management portfolio SEK 63.8bn Q2 2024 Q1 2024 Q3 2023 Q3 2023 Externally 53% 70% 70% 55% valued Value change SEK -80m SEK -1,381m SEK -2,415m SEK -1,591m Yield 4.54% 4.51% 4.43% 4.25% Breakdown of Q2 Q1 value changes 2024 Projects, SEKb
Slide 5: Sensitivity analysis – Property values
Sensitivity analysis – Property values Chane in value Impact on Equity per Equity/ratio Loan-to-value earnings after tax share 30/06/2024 SEK 121 46% 43% 5% SEK -3,080m SEK 108 44% 46% 10% SEK -6,160m SEK 99 42% 48% 15% SEK -9,240m SEK 89 40% 51% 20% SEK -12,320m SEK 80 38% 54% Based on property val
Slide 6: Key ratios, 30 June 2024
Key ratios, 30 June 2024 2024 2023 Jan-Jun Jan-Jun Target Equity per share, SEK 121 134 EPRA NRV, SEK per share 146 161 Total return properties, % -0,2 -3,0 Surplus ratio, % 73 74 75 Equity/assets ratio , % 46 47 >35 Loan-to-value ratio, % 43 40 <50 Debt ratio, multiple 13.9 14.6 <13 Interest covera
Slide 7: Financing
Financing Overview Activities during Jan-Jun 2024 Total debt SEK 33.7bn Issued bonds totaling SEK 3.7bn Of which SEK 1.2bn to be settled in early July , • Undrawn credit facilities SEK 6.0bn* • Gradually improved margins Loan-to-value 43% Repaid bond maturities of approx. SEK 3.1bn Sustainabilit
Slide 8: Fixed-rate period 30/06/2024
Fixed-rate period 30/06/2024 FXD MTN & Toal Average interest rate Maturity Swaps Callable swaps Loan % 2024 1,900 7,000 285 9,185 4 2025 2,200 400 2,600 3 2026 2,700 400 3,100 2 2027 2,800 450 3,250 1 2028 2,300 976 3,276 0 2029 2,000 2,000 2030 800 800 55 per cent of the portfolio fixed 2031 900
Slide 9: Transactions on our market
Mentorn 1, CBD Transactions on our 18,000 smg office, seller AMF, buyer KPA Pension, price aprrox. SEK 3,000m, SEK 170,000/sqm market Uggleborg 14, CBD 5,900 sqm office, seller Union, buyer Vasakronan, price aprrox. SEK 715m, SEK 120,000/sqm Skravelberget Större 14, CBD 2,800 sqm office, selle
Slide 10: Stockholm office market
Stockholm office market Source: CityMark Rental development last ten years, SEK 2000 7000 6000 5000 4000 3,000 aa 1 000 2013 2014 2016 2016 2017 2018 2019 2020 2021 2022 2023 CBD — Inner city —= North of Sthim 1 —=South of Sthim 182 Number of employees in office-intensive industries Stockholm, Solna
Slide 11: Stable customers with long agreements
Stable customers with long agreements Approx 700 customers Customer Share of Year of total rent expiry 25 largest customers represents 42% SEB 6.7% 2037 of rental value ICA Fastigheter Sverige 3.9% 2030 Average contract length 4.7 years Convendum 3.7% 2034 Telia Company 3.6% 2031 Share of to
Slide 12: Net letting H1 2024
Net letting H1 2024 Net letting 2012-2023 SEKm H1, 2024 H1, 2023 SEKm 275 250 225 200 New lettings 83 136 175 150 125 Terminations -157 -114 100 75 Net letting -74 22 50 25 0 -25 Target 2024 > SEK 80m -50 -75
Slide 13: Renegotiations Jan-Jun 2024
Renegotiations Jan-Jun 2024 Lease maturity structure Renegotiations Annual rent, Maturity, year No. of leases SEKm Percentage, % • SEK 145m extended on 2024 333 417 12% unchanged terms 2025 407 569 17% • SEK 59m -2.3% 2026 294 581 17% 2027 212 499 15% SEK 416m has already been 2028 79 209 6% ren
Slide 14: Occupancy rate 30/06/2024
Occupancy rate 30/06/2024 96 Development portfolio 94 • Relates to properties that are partly or fully vacated for project development, lettings are made for short-term 92 contracts without a right of possession 90 • In total approximately 228,000 sqm, of which 148,000 is let 88 86 84 82 80 14
Slide 15: Rental development existing lease portfolio 30/06/2024
Rental development existing lease portfolio 30/06/2024 SEKm 900 865 867 864 844 842 846 845 850 827 800 750 700 650 600 550 500 450 400 Q33-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 The graph is not a forecast, but instead aims to show the rental trend for the existing lease portf
Slide 16: Investments
Investments Investments 2014-2023 SEKm Capex 3 500 2023 2024, Q1 2024E SEKm 3 000 Project- & developments 2,094 922 properties 2 500 Management 1,007 377 2 000 properties 1 500 Total 3,101 1,299 2,800 1 000 500 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 16
Slide 17: Project portfolio 30/06/2024
Project portfolio 30/06/2024 Estimated capex: SEK 4,376m Of which spent: SEK 2,748m Estimated Lettable Occupancy rate, Book value, investment, of which Property listing Category Area Completed area, sqm % space¹ Rental value² SEKm SEKm spent, SEKm Ackordet 1 Offices Haga Norra Q3-2024 27,000 66%
Slide 18: Birger Bostad
Birger Bostad Start of the next residential stage in Haga Norra • 288 apartments, of which 78 rental apartments. • Estimated investment excluding initial value SEK 855m. In Upplands Väsby, 18 terraced houses are under production • Income recognition in Q3 Several construction starts 18 are mov
Slide 19: Sustainability in everything we do
Sustainability in everything we do Key ratios 2024, kv2 2023 2022 Target Energy performance, KWh/sqm Atemp* 39.5 71 73 Max. 70 kWh/sqm* Proportion of renewable energy, % 90 90 94 100 Environmental certification, number of 63 63 63 - properties** Environmental certification, % of total area 82 82 84
Slide 20: Questions
Questions Our vision The success factor for a new era 20
Slide 21: Maturity profile March 2024
Maturity profile 31 March 2024 SEKm 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 CP MTN Credit Facilities 2023: 2025: Maturity: CP SEK 2,0bn (extended on average 3 months) Q1: MTNs SEK 0.7bn Maturity: MTNs SEK 1.9bn Q3: MTNs SEK 1.6bn Bank facilities SEK 3.0bn Q3: MTNs SEK
Slide 22: Priorities 2024
Priorities 2024 1. Increase the occupancy rate in the management portfolio 2. Cost control 3. Enable future projects 4. Refinance bond maturities and secure access to capital 5. Continue to be at the forefront of ESG 22