Slide 1: Fabege Interim Report January-September 2024
Fabe e FABEGE INTERIM REPORT g JANUARY-SEPTEMBER 2024 Stefan Dahlbo, CEO Asa Bergstrém, CFO
Slide 2: Fabege in brief
FABEGE IN BRIEF Arenastaden / Haga Norra © Soina Business Park © Stockholm inner city © Hammarby sjéstad Me ma \ ALAS " s : : ‘ ‘ 5 I | jee le 100 SEK 78.2 bn O Flemingsberg PROPERTIES PROPERTY VALUE A modern portfolio 13m sqm SEK 4.1 bn with focus on Stockholm LETTABLE AREA RENTAL VALUE
Slide 3: Summary Jul-Sep 2024
Summary Jun-Sep 2024 ● Rental income amounted to SEK 847m (854) ● Gross profit amounted to SEK 644m (654) ● Surplus ratio 77 per cent (76) ● Value changes in the property portfolio SEK 224m (-1,591) ● Profit/loss after tax 14 (-992) ● Net letting SEK -11m (-25) 3
Slide 4: Condensed income statement
Condensed income statement SEKm 2024 Jan-Sep 2023 Jan-Sep Rental income 2,577 2,539 Sales residential projects 230 486 Other income - 11 Net sales 2,807 3,036 Property expenses -653 -650 Residential projects expenses -247 -463 Gross profit -1,907 1,923 • Rental growth in identical Central administra
Slide 5: Property valuation Q3 2024
PROPERTY VALUATION Q3, 2024: Propery value SEK 78.2bn of which management portfolio SEK 64-llbn Q3 2024 Q2 2024 Qi 2024 @4 2023 Externally valued, share 45% 53% 70% 70% Value change, SEKm 224 -80 -1381 -2,415 Yield 454% 454% 451% 443% Unrealized changes in value (SEKm) Q1 2007 to Q2 2024 2007 2008 2
Slide 6: Key ratios, 30 September 2024
Key ratios, 30 September 2024 2024 2023 Jan-Sep Jan-Sep Target Equity per share, SEK 121 131 EPRA NRV, SEK per share 147 157 Total return properties, % 0.9 -4.0 Surplus ratio, % 75 75 75 Equity/assets ratio , % 46 47 >35 Loan-to-value ratio, % 43 42 <50 Debt ratio, multiple 13.9 14.5 <13 Interest co
Slide 7: Financing
Financing Overview Capital market Total debt SEK 33.7bn Very good access to financing – both bank and capital market Undrawn credit facilities , SEK 8.5bn* Lower margins Loan-to-value 43% Falling market rates Sustainability 99% Green financing High activity on the capital market with issues
Slide 8: Fixed-rate period 30/09/2024
Fixed-rate period 30/09/2024 FXD MTN & Toal Average interest rate Maturity Swaps Callable swaps Loan 4 % 2024 450 7,000 285 7,735 3 2025 2,200 400 2,600 2 2026 2,700 400 3,100 1 2027 2,800 450 3,250 0 2028 2,300 976 3,276 2029 2,200 200 2,400 Approx 54 percent of the portfolio fixed (excl. derivat
Slide 9: Transactions on our market Q3 2024
Transactions on our market Q3 2024 Stigbygeln 5, (5:e Hötorgsskrapan) Office, CBD ▪16,000 sqm, seller AMF, buyer Wallenstam, price aprrox. SEK 2.8 bn Mentorn 1, Office, CBD ▪18,000 sqm, seller AMF, buyer KPA Pension, price aprrox. SEK 3.0 bn Hilton 4, Office, Frösunda (Solna) ▪9,000 sqm, selle
Slide 10: Total office space Stockholm (sqm)
Total office space Stockholm (sqm)* 12,000,000 EE 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 fo}
Slide 11: Stockholm office market
Stockholm office market Source: CityMark Rental development last ten years, SEK ce ee 2013 2014 2015 2016 2017 2018 2019 2020 202% 2022 2023 — CBD —Innercity —= North of Stim 1 —South of Sthim 182 Number of employees in office-intensive industries Stockholm, Solna, Sundbyberg, Nacka 00100 48000 2509
Slide 12: Stable customers with long agreements
Stable customers with long agreements Approx 700 customers Share of Year of Customer total rent expiry 25 largest customers represents 42% SEB 6.8% 2037 of rental value Convendum 3.7% 2034 Average contract length 4.7 years ICA Fastigheter Sverige 3.3% 2031 Telia Company AB 2.9% 2030 Share of
Slide 13: Net letting Jan-Sep 2024
Net letting jan-sep 2024 Net letting 2012-2023 SEKm SEKm Jan-Sep Jan-Sep 275 2024 2023 250 225 200 175 150 New lettings 116 160 125 100 Terminations -201 -163 75 50 25 Net letting -85 -3 0 -25 -50 -75
Slide 14: Renegotiations Jan-Sep 2024
Renegotiations Jan-Sep 2024 Lease maturity structure Renegotiations Annual rent, Maturity, year No. of leases SEKm Percentage, % • SEK 199m extended on 2024 251 180 5% unchanged terms 2025 428 595 18% • SEK 62m -2.3% 2026 305 577 17% 2027 212 506 15% SEK 244m has already been 2028 96 189 6% rene
Slide 15: Occupancy rate 30/09/2024
Occupancy rate 30/09/2024 100 Development portfolio 90 • Relates to properties that are partly or fully vacated for 80 project development, lettings are made for short-term contracts without a right of possession 70 • In total approximately 228,000 sqm, of which 140,000 is let 60 50 40 30 20 10 0
Slide 16: Rental development existing lease portfolio
Rental development existing lease portfolio 30/09/2024 SEKm 900 867 864 855 855 847 850 848 850 827 800 750 700 650 600 550 500 450 400 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025
Slide 17: Investments
Investments Investments 2014-2023 SEKm uppdateras Capex 2023 Jan-Sep2024 2024E 3,500 SEKm 3,000 Project- & improment 2,094 1,118 properties 2,500 Management 2,000 1,007 544 properties 1,500 Total 3,101 1,732 2,800 1,000 500 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 17
Slide 18: Project portfolio 30/06/2024
Project portfolio 30/06/2024 Estimated capex: SEK 4,376m Of which spent: SEK 2,997m Occupancy rate: 85% 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 No
Slide 19: Birger Bostad
Birger Bostad Currently ongoing residential project in Haga Norra • 288 apartments, of which 78 rental apartments. • Estimated investment excluding initial value SEK 867m. • Sales started 9 of 23 sold Planning work continues for future projects 19
Slide 20: GRESB 2024
GRESB 2024 GRESB – Global Real Estate Sustainability Benchmark All time high for Fabege • Property management result 95/100 • Project portfolio result 98/100 We are ranked number 1 in category office in Northern Europe We are ranked number 2 in the categories offices in Europe and Listed com
Slide 21: Sustainability in everything we do
Sustainability in everything we do Our main targets: Climate-neutral property management in 2030 Halved CO2 in project until 2030 Reduced energy consumption Green leases Green financing Committed employees who are doing well High demands on suppliers; code of conduct, sustainability re
Slide 22: Fabege's recycling hub
Fabege's recycling hub Strategic work with recycling Well developed recycling strategy The hubs storage place for materials that can be reused Circularity target: at least 20% recycled material in all projects Prerequisite for meeting CO2 targets 22
Slide 23: Trust & Education
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Slide 24: SUA WS
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Slide 25: Questions
Questions Our vision The success factor for a new era 25