Fabege
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Fabege (FABG) investor relations material

Fabege Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Modern property portfolio focused on Stockholm, with 84% of rental value from office and education segments; market value of SEK 78.5 billion, and major projects completed and ongoing in key locations.

  • Rental income for 2025 was SEK 3,480m, up from SEK 3,438m, with Q4 at SEK 899m; profit from property management for Q4 was SEK 371m, full-year SEK 1,421m.

  • Net lettings for the year totaled SEK 36m, with increased leasing activity and ongoing refurbishments to secure future value creation.

  • Board proposes a dividend of SEK 2.20 per share, to be paid quarterly.

  • Sustainability achievements include energy consumption well below targets and significant CO2 reductions.

Financial highlights

  • Full-year rental income reached SEK 3,480m, with surplus ratio stable at 74% and loan-to-value at 43%.

  • Profit from property management up 5.5% to SEK 1.4bn; value changes for the year were SEK -1,700m.

  • Earnings before tax for the year were SEK -508m, with earnings per share at SEK -1.11.

  • Net interest expense improved; average interest rate declined to 2.82%.

  • EPRA NRV per share was SEK 145; equity/assets ratio at 45%.

Outlook and guidance

  • Net letting target for 2026 is SEK 50m in the management portfolio.

  • NOI margin target of 75% expected in 2026, contingent on improved letting performance.

  • Indexation for 2026 is expected at 1.5%, with 2% onwards.

  • CapEx for 2026 projected at around SEK 2bn, with a downward trend.

  • Main short-term priorities include decreasing vacancies, securing value creation in ongoing projects, and remaining active in financing markets.

Flemingsberg building rights: new agreement status?
Birger Bostad's residential model performance?
Vacancy rates: impact on valuations and plans?
Strategy to hit SEK 50M net letting target 2026
Required return for new project starts
Key drivers for 2026 property valuation changes?
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Frequently asked questions

Fabege is a property company in Sweden. Fabege develops, invests and manages commercial premises of all kinds primarily in Sweden. The company also owns real estate for investment purposes throughout the Nordic region, including Denmark and Norway.

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