Samhallsbyggnadsbolaget I Norden Ab Class B · OMXSTO:SBB_B
Samhallsbyggnadsbolaget I Norden Ab Class B — Merger or Acquisition (November 2025)
21 slides from Samhallsbyggnadsbolaget I Norden Ab Class B's merger presentation, Nov 11, 2025
Slide 1: Final Step in Strategy Delivered
Final Step in Strategy Delivered SBB now holds the market leader in three different segments November 2025 Skellefteå Perseus 6 – Municipal property Gävle Söder 66:9 – Elderly care Ullensaker Ragnar Strøms Veg 4, 6, 8 – Hospital property
Slide 2: Executive Summary: The Transaction Rationale for SBB
EXECUTIVE SUMMARY | THE TRANSACTION RATIONALE FOR SBB • Selling SocialCo marks last step of SBB’s transformational journey Final step in strategy • Ownership in market leading brands with IG rating in each segment • Simplification of business model, reducing administration costs Eliminate near-term
Slide 3: SBB's Transformation: Strategy Delivered
SBB’S TRANSFORMATION STRATEGY DELIVERED Strategy What was delivered Where we are now Distinct segmentation Education Residential Social Current SBB SocialCo Establish large and SEK 15bn GAV SEK 35bn GAV effective companies with strong brand names 49.8% 50.2% 62% 38% 34% 100% Other Investment grade l
Slide 4: Transaction Structure: What Are We Doing Now
TRANSACTION STRUCTURE WHAT ARE WE DOING NOW SBB SocialCo Ownership in PPI + Cash Consolidated SBB SBB Properties Social Facilities AB Infrastructure AB Gross Asset Value SEK 19.9bn SEK 9.5bn SEK 5.5bn SEK 50bn Properties Gross Asset Value Debt NAV SEK 35bn SEK 26bn SEK 24bn Debt NAV SEK 15bn SEK 20b
Slide 5: SBB's Core Holdings Post Transaction Completion
SBB’S CORE HOLDINGS POST TRANSACTION COMPLETION All businesses ready to grow with sustainable capital structures 39.99% ownership 62% ownership(1) 50% ownership 100% ownership Social Residential Education Development SEK 20bn SEK 29bn SEK 20bn SEK 5bn SBB’s share of SBB’s share of SBB’s share of SBB
Slide 6: New PPI: Market Leader with a Diversified Asset and Geographic Mix
NEW PPI MARKET LEADER WITH A DIVERSIFIED ASSET AND GEOGRAPHIC MIX # 1 Market leader Norway position achieved by New PPI whilst moving from smallest to largest peer in the group Sweden Company Listed GAV (SEKbn) Finland 50 Denmark PPI (New) ✓ Peer 1 × 42 SBB SocialCo n.m. 35 3.4x Peer 2 ✓ 26 PPI (Cur
Slide 7: New PPI: Key Metrics and Strategic Alignment
NEW PPI KEY METRICS AND STRATEGIC ALIGNMENT SocialCo As of Q3 2025 Current SBB SocialCo Combined portfolios GAV (SEK) SEK ~14.7bn SEK ~34.9bn SEK ~49.6bn Lettable area 635 000 m2 1 584 000 m2 2 219 000 m2 Value/sqm SEK 23,131 SEK 22,012 SEK 22,342 NOI yield 6.1% 5.5% 5.7% WAULT (years) 7.5 years 6.7
Slide 8: Final Transformation for Shareholder Value Optimization
FINAL TRANSFORMATION FOR SHAREHOLDER VALUE OPTIMIZATION Transaction generates ~SEK11bn net …which can be used to address upcoming …giving time for underlying assets and proceeds for SBB… bond maturities… holdings to grow SEKbn Bond maturities Book value 2025 (post-transaction) Share issue to SBB(1)
Slide 9: Asset Growth Will Allow Favourable Refinancing Over Time
ASSET GROWTH WILL ALLOW FAVOURABLE REFINANCING OVER TIME 2025E 2028E (Post-transaction) SEKbn SEKbn Non-core holdings Used for debt repayment Book value 2025 Book value 2025 Growth by inflation of 2.0% yearly Equity SEK 13.7bn 4.8 Hybrid bonds 4.8 Core holdings to grow Other liabilities 3.6 14.1 Bon
Slide 10: Effectively Covering Low Cost of Funding with Cash Flows
EFFECTIVELY COVERING LOW COST OF FUNDING WITH CASH FLOWS The remaining bonds of SBB after net proceeds… …have significantly lower funding costs than the current average Illustrative bond maturities assuming ~SEK 11bn repayment, SEKbn Illustrative coupons assuming ~SEK 11bn repayment, SEKmn 2.3% 0.8%
Slide 11: SBB Stakeholders Positively Impacted
SBB STAKEHOLDERS POSITIVELY IMPACTED STRATEGIC AND OPERATIONAL BENEFITS DRIVING VALUE CREATION Direct impact in SBB • SBB’s new simplified and transparent corporate structure allows to lower annual ~SEK 100mn p.a. Simplified corporate administrative burden of c. SEK 100mn Administration cost structu
Slide 12: Visualising the Offer Value
VISUALISING THE OFFER VALUE Delta Shareholder Value Visualised SEKmn SEKbn, unless otherwise stated Book Value of Properties 34.9 Annual Cost Saving Agreed Property Value 32.1 Admin: SEK 100mn at SBB level, valued at 15.0x Delta vs. Book Value (%) (8.0%) Financing: c.SEK 390mn at PPI level of which
Slide 13: SBB Equity Story
SBB EQUITY STORY LEADING AND RESILIENT BUSINESS POSITIONED FOR FUTURE GROWTH • Benefitting form very resilient regulated market with good demographic trends 1 Unique positioning • Tenant base dominated by AAA-rated public sector entities • Sveafastigheter is the largest pure player residential liste
Slide 14: Appendix
APPENDIX 13
Slide 15: Transaction Timeline
TRANSACTION TIMELINE 3-4 weeks Within 5 weeks Signing Closing After closing from signing from signing Announcement Extraordinary Liability Extraordinary Approvals from Repayment of Payment of of general management meeting FDI and SBB loans incl. debt in liability bookbuilding meetings in PPI conditi
Slide 16: Unique Positioning: AAA Tenants and Demographic Tailwinds
UNIQUE POSITIONING AAA TENANTS AND DEMOGRAPHIC TAILWINDS Fully government-backed rental income to Social Infrastructure Sovereign credit risk exposure in social infrastructure 99.75% rent collection since 2020 Government Local municipality SBB’s cash flows originates from 3 of the world’s 10 AAA
Slide 17: Improving Capital Structure
IMPROVING CAPITAL STRUCTURE ENHANCED CREDIT PROFILE TO PROVIDE FLEXIBLE FINANCING OPTIONS Towards sustainable capital structure Bridge funding to be repaid, SBB cost of capital to be reduced SBB LTV Evolution (%) Average interest rate (%), as of Q3 2025 61% Debt leaving SBB in connection to the tran
Slide 18: Superior Track Record and Proven Leadership
SUPERIOR TRACK RECORD AND PROVEN LEADERSHIP ABILITY TO NAVIGATE MARKET SHIFTS AND DELIVER ON STRATEGY SBB has demonstrated a strong ability to adapt to changing market conditions, including interest rate movements and regulatory shifts. Through active portfolio management, capital allocation, and op
Slide 19: High Growth Potential
HIGH GROWTH POTENTIAL ESTABLISHED PLATFORMS WITH HEADROOM TO GROW Nordic Social Infrastructure Nordic Education Infrastructure Residential in Sweden ✓ Largest listed platform for Social infrastructure in ✓ Largest education property platform in Europe ✓ Largest listed pure residential real estate Eu
Slide 20: SBB to Assess Most Value Accretive Way for Capital Allocation
SBB TO ASSESS MOST VALUE ACCRETIVE WAY FOR CAPITAL ALLOCATION SEKbn 1 2 3 Options Pay down Capital Bond repayment pref. shares expenditures Bond Maturities by Year 11.0 10.7 8.5 7.4 5.7 2.6 Net proceeds 2026 2027 2028 2029 SBB Residential Property Growth AB preference shares ✓ SBB to assess most val
Slide 21: Strong Demographics Driving Future Growth
STRONG DEMOGRAPHICS DRIVING FUTURE GROWTH Nordics population growth outpacing EU-27 Significant growth and consolidation potential Total Population in SBB countries (#) SEKbn Elderly Population as % of Total ~30mn ~28mn c. 38x ~3,400bn ~90bn 26% 20% // 2025 2050 Total Social Market Size SBB benefits
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