Slide 1: Fabege's interim report Jan–Mar 2025
∑ Fabeges interim report Jan–Mar 2025 Stefan Dahlbo, CEO Åsa Bergström, CFO
Slide 2: A modern portfolio with focus on Stockholm
A modern portfolio with focus on Stockholm 99 properties Property value: SEK 77.8 Lettable area: 1.3 bn sqm Rental Value: SEK 4.2 bn
Slide 3: We believe in Stockholm – Sweden's largest growth region
3 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 Flest unicorns per region in terms of the Stockholm product
Slide 4: We believe in offices
4 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 impor
Slide 5: Condensed income statement
SEKm 2025 Jan-Mar 2024 Jan-Mar Rental income 865 867 Sales residential projects 0 141 Condensed income Net sales Property expenses 865 -265 1,008 -248 statement Residential projects expenses Gross profit -6 594 -140 620 Central administration -33 -29 – Rental growth in identical portfolio: Net inter
Slide 6: Property valuation Q1 2025: SEK 77.8 bn
Unrealized changes in value (SEKm) Q1 2007 to Q1 2025 4000 3000 2000 Property valuation Q1, 2025: 1000 0 Q2-2008 Q2-2009 Q4-2010 Q4-2012 Q4-2013 Q4-2014 Q4-2015 Q2-2010 Q4-2011 Q4-2016 Q4-2017 Q4-2018 Q4-2019 Q2-2011 Q2-2012 Q2-2013 Q2-2014 Q2-2015 Q2-2016 Q2-2017 Q2-2018 Q2-2019 Q1-2007 Q4-2020 Q4-
Slide 7: Key ratios, 31 March 2025
Key ratios, 31 March 2025 2025 Jan-Mar 2024 Jan-Mar Target Equity per share, SEK 122 123 EPRA NRV, SEK per share 146 146 Total return properties, % 0.0 -1.0 Surplus ratio, % 69 71 75 Equity/assets ratio , % 46 47 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 14.0 13.8 <13 Interest covera
Slide 8: Financing
Financing Financing market Our financing 2025-03-31 – Continued good access to financing Total debt SEK 33.6bn – During the quarter, debt was amortized with Undrawn credit SEK 6.0bn* facilities proceeds from property sales Loan-to-value 43% – Refinancing of maturities in the fall has Sustainability
Slide 9: Fixed-rate period 31 March 2025
Fixed-rate period 31 March 2025 Average interest rate Maturity Swaps Callable swaps FXD MTN & Loan Total 4 2025 1,600 7,000 400 9,000 3 2026 2,700 400 3,100 2027 2,800 450 3,250 2 2028 2,300 976 3,276 2029 2,400 200 2,600 1 2030 1,400 1,400 2031 1,300 1,300 0 2032 500 500 Totalt 15,000 7,000 2,426 2
Slide 10: Sustainability
10 Sustainability –Key targets: –Energy consumption max 70 kWh/m2 –100 % renewable energy –20 % circularity index in renovations –35 % lower CO2 in new productions (new projects) –Maintained or improved ratings in BREEAM recertifications –Sustainability review of suppliers
Slide 11: Transactions on our market Jan-Mar 2025
11 Transactions on our market Jan-Mar 2025 Skålen 30, 18,000 sqm office, Hagastaden Seller Invesco, Buyer Humlegården, Price approx. SEK 2.2bn Lidingö Oden 20+21, 20,000 sqm retail, Lidingö Seller Grosvenor, Buyer CA Fastigheter, Price SEK 811m Aesculapius 1, 1,050 sqm residential/office, Old Town S
Slide 12: Disposal of Ynglingen 10, Östermalm
12 Disposal of Ynglingen 10, Östermalm – The sale was made via companies for an underlying property value of SEK 960m – Result before tax SEK -36.8m after reduction of deferred tax and sales costs – Result after tax SEK 91.5m after reversal of deferred tax. – Recognition on the completion date March
Slide 13: Letter of intent with the City of Solna for Hörnan 1
13 Letter of intent with the City of Solna for the sale of the property, Hörnan 1. – The sale is intended to be made at an underlying property value based on, and in line with, two independent valuations carried out in the third quarter of 2024 – Telenor has lease until August 31, 2028 – The rental
Slide 14: Stockholm office market
Stockholm office market Source: CityMark
Slide 15: 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 16: Occupancy rate in management portfolio 2025-03-31
Occupancy rate in 100 90 management 80 portfolio 2025-03-31 70 60 50 – Management portfolio 87 % 40 – Improvment 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 ap
Slide 17: Net letting and renegotiations Jan-Mar 2025
Net letting and renegotiations Net letting 2015–2025, Q1 (SEKm) Jan-Mar 2025 275 250 225 200 175 – Net lettings SEK 6m 150 – New lettings SEK 88m 125 100 – Terminations SEK -82m 75 50 – Renegotiations 25 – SEK 89m extended on unchanged terms 0 2021 2020 2022 2023 2024 2015 2016 2017 2018 2019 Q1 202
Slide 18: Rental development existing lease portfolio 2025-03-31
SEKm 1000 900 883 884 864 861 865 867 847 845 800 Rental development existing lease 700 portfolio 2025-03-31 600 500 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. Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025
Slide 19: Stable customers with long agreements
Stable customers with long agreements Customer Share of Year of total rent, % expiry SEB 7.0 2037 – Approx. 700 customers Convendum Stockholm City 3.8 2034 – 25 largest customers represents 41% ICA Fastigheter Sverige 3.4 2030 of rental value Telia Sverige AB 3.1 2031 – Average contract length 4.7 y
Slide 20: Our ongoing projects
Our on going projects Kvarter 1, (Ackordet 1) Haga Norra Nöten 4, Solna Strand Investments Jan-Mar 2025: Management properties SEK 151m Improvments properties SEK 13m Projects properties SEK 283m Total investments SEK 447m Textiltorget (Påsen 1) Hammarby Sjöstad Alfa Laval, (Separatorn 1) Flemingsbe
Slide 21: Birger Bostad
21 Birger Bostad – Project development according to plan – Estimated investment SEK 847m – First phase; 23 apartments of which 19 sold, access in April – 50 owner apartments of which 39 sold, access in December – 78 rental apartments being completed for occupancy autumn 2025 – 9 apartments sold in c
Slide 22: Our building rights, 2025-03-31
22 Our building rights, 2025-03-31 Commercial building rights – 702,000 sqm – Approx. 45% legal binding – Booked value: SEK 6,700 per sqm Residentials building rights – 523,400 sqm – Approx. 37% legal binding – Booked value: SEK 7,600 per sqm
Slide 23: Project opportunities in the near term
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 24: 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 resdidential and 2,200 sqm office (of which land allocation approx. 40% of area, the rem
Slide 25: Solna Business Park
Solna Business Park 1978 Today 2030 Fabege – number one in office space 230,000 sqm of office space and 300 apartments 140,000 sqm of office space and 0 apartments Approximately 90,000 sqm of new office space 300 new homes Sundbybergs Station is a regional transit hub for rail traffic NCC/Folksam, S
Slide 26: 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 27: A growing, vibrant and sustainable Stockholm region. Q&A
∑ A growing, vibrant and sustainable Stockholm region. Q&A