Fastighets Balder (BALD) investor relations material

Executive summary

• Portfolio value stands at SEK 241 billion, with 80% located in capitals and larger cities, supporting stable demand and a 95% occupancy rate.

• Rental income increased 5% year-over-year to SEK 3,570m in Q2 2026, with net operating income up 4% to SEK 2,697m.

• Profit from property management per share, adjusted for Norion distribution, rose 3% year-over-year; unadjusted, it declined 10–11%.

• NAV per share is SEK 94.3, up 24% since inception, supported by share buybacks of nearly 16 million shares.

• The company repurchased 15.75 million shares for SEK 896m, now holding 1.7% of its own shares.

Financial highlights

• Rental income and net operating income both increased year-over-year; like-for-like rental growth was 1.2%.

• Net debt-to-total assets was 50.4%; equity/assets ratio was 37.0%.

• Interest coverage ratio was 2.5x; net debt-to-EBITDA (rolling 12 months) was 12.8x, down 0.3x sequentially.

• Surplus ratio remained stable at 74–76%.

• Available liquidity including confirmed loan commitments was SEK 23.3bn.

Outlook and guidance

• Expectation for gradual reduction in net debt-to-EBITDA, targeting 11x, with no urgency on pace.

• Continued focus on balanced capital allocation, cost efficiency, and digitalisation.

• Plans to increase presence in SEK bond market and reduce maturity concentrations.

• Commercial market, especially smaller offices in Stockholm and Gothenburg, showing early signs of recovery.