Fabege (FABG) investor relations material

Executive summary

• Jan–Sep profit after tax was SEK 1,212m versus a SEK 168m loss a year earlier; property-management profit rose 11% to SEK 1,166m.

• Q3 net lettings were SEK 55m, up from SEK 9m year on year; occupancy remained 87%, and Jan–Sep net lettings were SEK -7m.

• Q3 rental income increased 2.3%; management priorities include reducing vacancy, leasing space and improving returns on tenant investments.

Financial highlights

• Jan–Sep rental income was SEK 2,678m versus SEK 2,581m; like-for-like rental growth was -1.2% and like-for-like NOI declined 3.1%.

• Jan–Sep NOI was SEK 1,986m versus SEK 1,906m; net interest expense rose to SEK 741m from SEK 718m, mainly reflecting higher STIBOR.

• Jan–Sep profit before tax was SEK 1,437m versus a SEK 215m loss; EPS was SEK 3.85 versus negative SEK 0.53.

• Jan–Sep property value changes were SEK 120m versus negative SEK 988m; derivative and equity value changes were SEK 151m versus negative SEK 219m.

• Residential development gross profit was SEK 112m for Jan–Sep versus SEK 20m; Q3 property-portfolio value change was SEK 259m.

Outlook and guidance

• Priorities include reducing vacancies, completing leasing initiatives, creating value in projects and the land bank, and remaining active in financing markets.

• Management reported a strong start to Q4 and a high full-year leasing ambition; the occupancy target is 95% by 2030 versus 87% at Q3.

• Annual investment target is SEK 2.5bn over a business cycle; SEK 1,276m was invested through Q3 2026, and the annual net-lettings target is SEK 50m versus Jan–Sep SEK -7m.

• Completed projects are expected to support rental growth; Mimer 5 is fully let to AcadeMedia, and Wenner-Gren Center is 30% pre-let.

• A renegotiated lease creates a one-off accounting reduction in reported Q4 2026 rent; the replacement lease is expected to increase annual rent and cash flow.