Fabege Ab · OMXSTO:FABG
Fabege Ab — Q3 2026 Earnings Presentation
24 slides from Fabege Ab's earnings presentation, Oct 21, 2026
Slide 1: Fabege Interim report Jan-Sep 2026
∑ Fabege Interim report Jan-Sep 2026 Bent Oustad, CEO Åsa Bergström, CFO
Slide 2: A modern portfolio with focus on Stockholm
2 A modern portfolio with focus on Stockholm - occupied by high-quality tenants Rental value per category Sqm per category Property value, per area We own, develop and manage properties with focus on attractive SEK 4.3bn 1,300,000 sqm SEK 79.7bn working places and good living in superb locations in
Slide 3: Our strengths
3 Our strengths – Our customers – High CSI, highlighted by strong track record in serving our customers needs – 95% of our tenants say they would recommend Fabege as a landlord – Long-term lease contracts as a foundation – Own employees across the entire value chain – Clusters give us advantages – E
Slide 4: Summary Q3-2026
4 Summary Q3-2026 – Net letting: SEK +55m – Value changes: SEK 259m – Rental income: +2,3% – Stable occupancy rate 87% – Surplus ratio in Q3: 76% – Changes in the executive management team – Profit residential development: SEK +33m – YTD: SEK 112m
Slide 5: Condensed income statement
5 SEKm 2026 Jan-Sep 2025 Jan-Sep Rental income 2,678 2,581 Sales residential projects 793 128 Condensed income Net sales Property expenses 3,471 -692 2,709 -675 statement Residential projects expenses Gross profit -681 2,098 -108 1,926 of which net operating income property management 1,986 1,906 –
Slide 6: Property value and unrealized changes in value
6 Unrealized changes in value (SEKm) Q2 2008 to Q3 2026 4000 3000 2000 Property valuation Q3, 2026: 1000 Property value: 0 Q1-2010 Q1-2014 Q1-2016 Q1-2017 Q3-2010 Q1-2011 Q1-2012 Q3-2011 Q3-2012 Q1-2013 Q3-2013 Q3-2014 Q1-2015 Q3-2015 Q3-2016 Q3-2017 Q1-2018 Q3-2018 Q1-2019 Q3-2019 Q1-2020 Q1-2025 Q
Slide 7: Property valuation Q3 2026
Property valuation Q3 2026 Changes in property values, SEKm Comment Opening fair value 78,460 1st of January 2026 Disposals -190 Paradiset 31, residential Acquisitions, June 2026 211 Gadden 1, Sveaplan Investments 1 275 Value changes 120 Reclassifications -199 Haga Norra, block 4 Closing fair value
Slide 8: Key ratios, September 2026
8 Key ratios, 30 September 2026 2026 Jan-Sep 2025 Jan-Sep Target Equity per share, SEK 121 120 EPRA NRV, SEK per share 147 146 Total return properties, % 2,7 1.1 Surplus ratio, % 74 74 75 Equity/assets ratio , % 45 45 >35 Loan-to-value ratio, % 43 43 <50 Debt ratio, multiple 12.8 14.0 <13 Interest c
Slide 9: Financing
9 Financing Financing market Our financing 2026-09-30 – Continued strong access to financing from banks and capital market Total debt SEK 34.6bn – Initiated refinancing of bank facilities maturing Undrawn credit SEK 6.0bn* in 2027 facilities Loan-to-value 43% – Ongoing refinancing of commercial pape
Slide 10: Fixed-rate period September 2026
10 Fixed-rate period 30 September 2026 Average interest rate Maturity Swaps Callable Extendable FXD MTN & Total swaps* swaps** Loan 5.0% 4.0% 2026 100 8,000 330 8,430 3.0% 2027 2,800 500 450 3,750 2.0% 2028 2,300 976 3,276 1.0% 2029 2,400 200 2,600 0.0% 2030 1,650 250 1,900 2031 3,200 3,200 2032 500
Slide 11: Occupancy rate in management portfolio
11 Occupancy rate in management 100 90 portfolio 2023-09-30 80 70 – Management portfolio 87 % – Including remaining vacancies in previous 60 project properties 50 – Improvement portfolio – Properties partly or fully vacated for potential 40 project development – Short-term lease contracts without a
Slide 12: Net letting and renegotiations
12 Net letting and renegotiations Net letting 2015–Q3 2026 (SEKm) 275 Net letting in the quarter: SEK 55m 244 250 – New lettings SEK +93m 225 – Large new letting: DNB Carnegie 200 166 165 – Terminations SEK 38m 159 175 150 – Large termination: SOS Alarm 127 125 86 100 Renegotiations: 74 75 – For Q3:
Slide 13: Renegotiations and new leases in Q3-2026
13 Renegotiations and new leases A healthy mix of renegotiations and new customers in Q3-2026 • Renegotiations represent a healthy mix among all market areas and segments • Two contracts above 1,000 sqm during Q3 • New leases a mix of all categories • One contract above SEK 10m in yearly rent Renego
Slide 14: Rental development existing lease portfolio
14 SEKm 1000 902 906 Rental development 898 892 900 884 883 885 860 existing lease 800 portfolio 2026-09-30 700 The fourth-quarter 2026 decrease mainly 600 reflects a one-off effect. 500 The graph is not a forecast but instead aims to 400 show the rental trend for the existing lease Q4-2025 Q1-2026
Slide 15: Stable customers with long agreements
15 Stable customers with long agreements Customer ¹Share of total rent, % Year of expiry SEB 6.6 Q4-2037 – Approx. 700 customers Saab AB 4.9 Q4-2045 – Average lease contract length 5.5 years Convendum Stockholm City AB 3.6 Q4-2034 – Top 10 largest customers represent 29% of total contracted rent ICA
Slide 16: Market trends
16 Market trends Rental market - Stronger and continued activity in CBD - Rent levels slightly started to increase in areas with low vacancy and less alternatives for new production - Stabel rent levels in Greater Stockholm - More mix of tenants behavior - Still a hand full of tenants that reduces s
Slide 17: Ongoing projects will contribute to topline growth
17 Ongoing projects will contribute to topline growth Wenner-Gren Center – Investment SEK 609m – Rental value SEK 58M – Pre let 30% – Marketing to start Q3-26 – Completion Q2-2027 Mimer 5 – Investment SEK 252m – Rental value SEK 49M – 100% let to AcadeMedia on a long lease – Completion Q3-2027 New C
Slide 18: Project start Gadden 1, Sveaplan
18 Project start Gadden 1, Sveaplan – One of Fabege’ s core areas, entrance to Stockholm inner city – Building rights approx. 8,800 sqm (GFA) – Estimated investment SEK 370m including accumulated cost – Planned move-in 2028/2029 Sveaplan at a glance for Fabege: – Approx. 90,000 sqm gross area – Work
Slide 19: Hagastaden inkl. Ericssons hus
Rendering: Stockholm Stad & White Arkitekter 7 2 3 12 4 10 11 5 1 6 9 8 Hagastaden inkl. Ericssons hus • 1–6 Future properties to be rented by Ericsson • 7 Mimer • 8-9 WGC • 10 Gadden (to be constructed) • 11-12 Gjetingene
Slide 20: Block Ackordet
20 Block 2 Ackordet 1 Potential office project Office completed 2025 Block 6 - residentials Completed 2021 Block 4 - residentials Project start 2026 Block 5 - residentials Completed 2026 Block 7 - residentials Block 3 Completed 2022 Residentials, Elderly care and Pre-school
Slide 21: Haga Norra
21 Haga Norra Block 4 – 133 apartments – Project started in Q3 2026 – Estimated investment SEK 600m including land – Completion Q4 2028/Q1 2029 Next phase Block 3 – Preparations underway for project start Block 3 – 260 rental apartments, elderly care facility and a preschool, total approx. 19,500 GL
Slide 22: Farao 15, Arenastaden
22 Farao 15, Arenastaden – Residential buildings with approx. 200 apartments – On the doorstep to the new metro station in Arenastaden – Commercial premises on the ground floor, civil defence shelters and garage parking – Investment approx. SEK 960m excluding land
Slide 23: Main short-term priorities
23 Main short-term priorities – Conclude ongoing leasing initiatives and reduce vacancy – Continue to be the preferred partner for our customers – Always available, accessible and solution-orientated – Secure value creation in ongoing projects and our landbank – Both commercial and residential – Con
Slide 24: A growing, vibrant and sustainable Fabege. Q&A
∑ A growing, vibrant and sustainable Fabege. Q&A