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Fabege
Quarterly Report • Oct 21, 2025
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Quarterly Report
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2025/Q3
Jul–Sep 20251
- Net lettings for the quarter totalled SEK 9m (-11).
- Leases totalling SEK 78m (6) were renegotiated, with an average rise in rental value of 4.2 per cent (-0.2). Leases worth SEK 70m (54) were also extended on unchanged terms.
- Rental income amounted to SEK 864m (847). In a like-for-like property portfolio, income fell by -2.9 per cent compared with the previous year (2.0).
- Net operating income amounted to SEK 673m (656). In a like-for-like property portfolio, net operating income declined by -3.0 per cent (4.2).
- Revenue from residential development amounted to SEK 0m (88) and gross earnings totalled SEK -3m (-12).
- The surplus ratio was 78 per cent (77).
- Net interest items amounted to SEK -236m (-242).
- Profit from property management amounted to SEK 393m (353).
- Realised and unrealised changes in the value of properties amounted to SEK -338m (224).
- Impairment of developable properties amounted to SEK -m (-34).
- Unrealised changes in the value of fixedincome derivatives totalled SEK 113m (-472).
- Earnings before tax for the period amounted to SEK 168m (71).
- Earnings after tax for the period amounted to SEK 99m (14), corresponding to earnings per share of SEK 0.32 (0.04).
Jan–Sep 2025 Summary, SEKm
- Net lettings for the period totalled SEK 3m (-85).
- Leases totalling SEK 191m (62) were renegotiated, with an average decline in rental value of -0.1 per cent (-2.0). Leases worth SEK 233m (199) were also extended on unchanged terms.
- Rental income totalled SEK 2,581m (2,577). In a like-for-like property portfolio, income fell by -3.2 per cent compared with the previous year (5.3).
- Net operating income amounted to SEK 1,906m (1,924). In a like-for-like property portfolio, net operating income declined by -4.8 per cent (4.0).
- Revenue from residential development amounted to SEK 128m (230) and gross earnings totalled SEK 20m (-17).
- The surplus ratio was 74 per cent (75).
- Net interest items amounted to SEK -718m (-727).
- Profit from property management totalled SEK 1,050m (1,012).
- Realised and unrealised changes in the value of properties amounted to SEK -1,025 (-1,232).
- Impairment of developable properties amounted to SEK -21m (-34).
- Unrealised changes in the value of fixedincome derivatives totalled SEK -216m (-444).
- Earnings before tax for the period amounted to SEK -215m (-698).
- Earnings after tax for the period amounted to SEK -168m (-668), corresponding to earnings per share of SEK -0.53 (-2.12).
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | |
| Rental income | 864 | 847 | 2,581 | 2,577 |
| Residential development revenue | - | 88 | 128 | 230 |
| Net revenue, total | 864 | 935 | 2,709 | 2,807 |
| Net operating income from property managment | 673 | 656 | 1,906 | 1,924 |
| Gross profit residential development | -3 | -12 | 20 | -17 |
| Gross profit | 670 | 644 | 1,926 | 1,907 |
| Profit/loss from property management | 393 | 353 | 1,050 | 1,012 |
| Profit/loss before tax | 168 | 71 | -215 | -698 |
| Profit/loss after tax | 99 | 14 | -168 | -668 |
| Net lettings | 9 | -11 | 3 | -85 |
| Surplus ratio, % | 78 | 77 | 74 | 75 |
| Loan-to-value ratio, % | 43 | 43 | ||
| Equity/assets ratio,% | 45 | 46 | ||
| EPRA NRV, SEK per share | 146 | 147 |
Rental income (SEKm) (Jan–Sep)
2,581
Loan-to-value ratio (%) (30 Sep 2025)
43
EPRA NRV/share (30 Sep 2025)
146
Net lettings (SEKm) (Jan–Sep)
+3
1 The comparison figures for income and expense items relate to values for the Jul–Sep and Jan–Sep 2024 periods, and for balance sheet items at 31 December 2024. See page 32 for key performance indicator definitions.
Gradual improvement and positive market outlook
We are seeing an improvement in the market, and in the third quarter we reported growth in rental income, strong earnings of SEK 393m from property management and positive net lettings of SEK 9m. The surplus ratio was an impressive 78 per cent. Falling interest rates and margins paved the way for slightly lower net interest income.
Market
We have been noticing signs of a cautious recovery since the end of the summer. Enquiries are up and the number of viewings has risen – both modest, but significant indications that the market is slowly starting to shift. The quarter saw growth in rental income, net operating income and profit from property management, while net lettings were positive at SEK 9 m. We are experiencing a cautious but noticeable increase in market activity, particularly in Stockholm inner city.
Macro
Geopolitics continues to dominate the agenda, with wars in several parts of the world and issues around trade policy and tariffs affecting companies' investment appetite. This is causing reluctance among both companies and households, and making it difficult to identify clear economic signals. Nevertheless, there are indications that the Swedish economy is entering a gradual recovery phase.
The Riksbank's interest rate cuts in June and September were significant initial steps. Meanwhile, the krona has rallied during the year, which may contribute to a more balanced cost structure for both households and companies.
Our domestic market of Stockholm is not without its challenges, but it has strong foundations, including a high proportion of successful knowledge intensive companies in sectors where an office presence plays an important role. The general opinion is that employment in office -related professions in Stockholm is expected to be relatively stable or to slightly increase in 2026 –2027 following a few years of decline, which could boost demand for offices. We expect the market to remain selective in terms of location, flexibility and functionality.
Projects
One of the highlights of the quarter was the handover of the first keys to Saab for the Nöten 4 property in Solna Strand – a very exciting and important step forward for us. One third of Saab's staff took up residence in September, and the remaining employees will move in during the fourth quarter. The lease is a triple net lease, and it expires in 2045.
The renovation of the Wenner-Gren Center – an iconic building on the border between Stockholm inner city and Solna that opened in 1962 – is proceeding according to plan. In addition to replacing the facade and upgrading the technical standard, we are making further investments to strengthen the property's service offering, which we anticipate will yield good returns.
Work is progressing on the development of Dalvägen in Arenastaden. In the first phase, the infrastructure is being developed to prepare for the opening of the underground railway in 2028. We are laying the foundations for future investment in new offices, the street environment and meeting places. We aim to reuse or recycle 80 per cent of all materials in the project. One example is the 500 tonnes of bricks dismantled after the summer, of which as much as 60–70 per cent are expected to be reused in future projects either as whole or half bricks. This is a specific example of Fabege integrating sustainability into every stage of its operations, and a key part of achieving our 2030 climate targets.
Valuations and financing
The banking and capital markets have continued to enjoy a strong trend, resulting in increased credit appetite and declining credit margins. We have
refinanced bank debt and been successfully active in the capital markets. The average interest rate declined further during the period, amounting to 2.83 per cent at the end of the quarter.
This quarter, we have also continued to externally value a large portion of our properties. During the quarter, we wrote down the property value by SEK -338m, primarily due to higher yield requirements in Arenastaden, which was primarily a consequence of Vasakronan's acquisition of Tygeln 2 (Solna United). I expect that yield requirements in Stockholm will move sideways in the near future.
At the end of September, we agreed to sell 7,800 sqm of building rights on Västra Kungsholmen for SEK 200m with planned withdrawal in May next year. We have one of the largest building rights portfolios in both residential and commercial properties. Much of this has been created through our development in our areas. In recent years, we have had full focus on completing ongoing projects and have chosen not to initiate as many new projects. In that context, it is logical that we sell some of our building rights when opportunities arise and when we believe it is a right priority. In the long term, however, the building rights represent great opportunities for continued development.
Summary
At best, the third quarter marks a cautious break in the trend. The question is no longer whether the glass is half empty or half full, but rather how quickly it can be filled. We are seeing signs of heightened market activity, a burgeoning optimism and more companies starting to look to the future.
At the same time, the global uncertainty that has affected the past year remains. If we have learned anything, it is that conditions can change quickly and that adaptability is key.
That's why we focus on what we can influence: high-quality property management, cost control, strong customer relationships and long-term value creation in our neighbourhoods. Naturally the vacancies in our portfolio are a priority. With a strong portfolio, a clear position and dedicated employees, we are well equipped for the autumn and able to identify opportunities even in a challenging situation.
We believe in Stockholm, we believe in offices, and we believe in our neighbourhoods and their potential – both now and for the future.
Stefan Dahlbo
Target: SEK 2.5bn per year over a business cycle Cumulative outcome Q3 2025: SEK 1,515m
Target: SEK 80m per year Cumulative outcome Q3 2025: SEK 3m
Target: 75% Cumulative outcome Q3 2025: 74% 2021 2022 2023 2024 2025, kv3
Target: 95% by 2030 Cumulative outcome Q3 2025: 87%
Earnings Jan–Sep 20251
Earnings after tax for the period amounted to SEK -168m (-668), corresponding to earnings per share of SEK -0.53 (-2.12). Earnings before tax amounted to SEK -215m (-698). Net operating income declined slightly, while residential development made a positive contribution. Interest expenses were slightly lower than last year. Unrealised changes in the value of the property portfolio were negative during the period.
Rental income and net operating income
Rental income amounted to SEK 2,581m (2,577) and net operating income to SEK 1,906m (1,924). In a like-for-like portfolio, income decreased by SEK 74m, corresponding to approximately -3.2 per cent (5), which was mainly attributable to vacancies as a result of the previous year's negative net lettings. This was offset by increased income of SEK 103m related to occupancy of completed project properties and reduced income of SEK -25m resulting from the sale of properties. Property expenses amounted to SEK -675m (-653). The amount included non-recurring costs of SEK -7m. Furthermore, the new property tax assessment meant that property tax increased by roughly SEK 15m. Net operating income in a like-for-like portfolio decreased by 4.8 per cent (increase 4 per cent). The surplus ratio was 74 per cent (75).
Profit from residential development
Income recognition takes place on project completion. No revenue was recognised in the first and third quarters. The second quarter saw completion of the first phase of Haga Norra, comprising 23 apartments, resulting in residential development revenue of SEK 128m (230). Costs relating to residential development amounted to SEK -108m (-247). Gross earnings totalled SEK 20m (-17).
Central administration
Central administration costs amounted to SEK -78m (-80).
Net financial items
Net interest items amounted to SEK -718m (-727). The average rate at 30 September 2025 was 2.83 per cent (2.98). A slightly higher average debt was offset by lower average interest rates over the period. Ground rent amounted to SEK -31m (-31).
Share in profit/loss of associated companies
The share in profit/loss of associated companies amounted to SEK -49m (-57), of which SEK -50m (-71) related to Arenabolaget. The share of the profits from Urban Services and part-owned projects at Birger Bostad amounted to small sums.
Changes in the value of properties
The property portfolio is valued using a wellestablished process. The entire property portfolio is independently valued at least once a year. Due to the market situation, a larger proportion has been independently valued each quarter for the last few years. Just over 40 per cent of the portfolio was valued independently in the third quarter of 2025, while the remaining properties were valued internally based on the most recent independent valuations. The total market value at the end of the period was SEK 78.5bn (78.9). Unrealised changes in value totalled SEK -988m (-1,236). The average yield requirement was 4.60 per cent (4.54). In the first quarter, the negative changes in value of SEK -565m were mainly due to the valuers assuming longer vacancy periods and slightly lower rent levels, mainly in Solna, while in Flemingsberg we assumed a longer implementation period for future project opportunities, and have therefore written down the values of the older properties including existing building rights. In the second quarter, changes in value totalled SEK -85m; a net figure of slight value adjustments up and down to individual properties. The third quarter's changes in value of SEK -338m were mainly affected by higher yield requirements in Solna.
The sale and vacating of Ynglingen 10 resulted in a realised change in value of SEK -37m attributable to deductions for deferred tax.
Impairment of developable properties amounted to SEK -21m (34) and was attributable to future project opportunities within Birger Bostad.
Financial targets
Fabege's Board of Directors has adopted the following financial targets:
- Loan-to-value ratio of max. 50 per cent.
- Interest coverage ratio of at least 2.2x.
- Debt ratio of max. 13.0x.
- Equity/assets ratio of 35 per cent min.
Outcome 30/09/2025
- Loan-to-value ratio of 43 per cent
- Interest coverage ratio of 2.5x
- Debt ratio of 14.0x
- Equity/assets ratio of 45 per cent
1 The comparison figures for income and expense items relate to values for the Jan–Sep 2024 period and for balance sheet items at 31 December 2024.
Changes in value, derivatives
Due to higher long-term interest rates, the surplus value of the derivative portfolio decreased by SEK -216m (-444) during the period.
Tax
The tax expense for the period totalled SEK 47m (30) and related to deferred tax. Tax was calculated at a rate of 20.6 per cent on taxable earnings. The sale of Ynglingen 10 resulted in a reversal of deferred tax of SEK 128m. The interest deduction limitations are not expected to have a material effect on taxes paid over the next few years.
Segment reporting
The Property Management segment generated net operating income of SEK 1,773m (1,829), representing a surplus ratio of 76 per cent (77). The occupancy rate was 87 per cent (89). Profit from property management amounted to SEK 1,029m (1,087). Unrealised changes in the value of properties amounted to SEK -925m (-961).
The Property Development segment generated net operating income of SEK 91m (106), resulting in a surplus ratio of 59 per cent (55). Profit from property management amounted to SEK 42m (32). Unrealised changes in the value of properties amounted to SEK -112m (-384).
The Projects segment reported unrealised changes in value of SEK 49m (124). Project gains were offset to some extent by impairment due to increased yield requirements when assessing the final value of the project properties and impairment of the value of building rights.
The Residential segment generated a gross profit of SEK 29m (-11). Profit from property management amounted to SEK 26m (-17). Unrealised changes in value totalled SEK 0m (-15). Impairment of developable properties amounted to SEK -21m (-34). Further information about the breakdown by segment is provided in the segment report on pages 12–13.
Goodwill
Recognised goodwill of SEK 205m (205) is entirely attributable to the acquisition of Birger Bostad AB.
Properties
Recognised property value relates to Fabege's investment property portfolio, including project and land properties. At the end of the quarter, the property value totalled SEK 78.5bn (78.9).
Developable properties
This refers to ongoing in-house projects and developable properties for future production within Birger Bostad. The value at the end of the quarter totalled SEK 1,009m (754), SEK 811m (550) of which relates to ongoing construction and SEK 198m (204) to developable properties for future development.
Financial position and net asset value
Shareholders' equity amounted to SEK 37,648m (38,445) at the end of the period, and the equity/assets ratio was 45 per cent (46). Equity per share attributable to parent company shareholders amounted to SEK 120 (122). EPRA NRV amounted to SEK 146 per share (148).
Cash flow
Cash flow from operating activities before changes in working capital amounted to SEK 1,059m (995). Changes in working capital had an impact on cash flow of SEK -177m (472). Investing activities had an impact of SEK -617m (-1,764) on cash flow, while cash flow from financing activities amounted to SEK -314m (243). In investing activities, cash flow is driven by property transactions and projects. During the period, investments in new construction and refurbishment totalled SEK -1,481m (-1,662), of which SEK 960m related to the sale and vacating of Ynglingen 10. Cash and cash equivalents declined by a total of SEK -49m (-54) during the period.
Changes in property values, Jan–Sep 2025 Average yield requirement, 2025-09-30
Changes in property values, SEKm
| Opening fair value, 2025-01-01 | 78,904 |
|---|---|
| Property acquisitions | - |
| Sales, disposals | -960 |
| Investments in new builds, extensions and conversions |
1,515 |
| Unrealised changes in value | -988 |
| Reclassifications | -21 |
| Closing fair value, 2025-09-30 | 78,450 |
| Area | 2025-09-30 | 2024-12-31 |
|---|---|---|
| Stockholm city | 4.15% | 4.12% |
| Solna | 4.84% | 4.73% |
| Arenastaden | 4.78% | 4.77% |
| Flemingsberg | 5.32% | 5.37% |
| Other markets | 5.42% | 5.42% |
| Average yield | 4.60% | 4.54% |
Financing
Fabege's goal is to be an attractive borrower, with the aim of supporting Fabege's long-term strategic development. Financing is mainly provided through long-term credit lines with fixed conditions and the lenders are mainly major Nordic banks and capital market investors.
Our sources of financing
Fabege strives to achieve a balance between different forms of financing on both the capital and banking markets, with long-term relationships with major financial backers having a high priority. Fabege's bankfacilities are complemented by an MTN programme of SEK 18bn, a commercial paper programme of SEK 5bn and the possibility of borrowing a maximum of SEK 6bn via SFF's secured MTN programme. In early June, a new green framework was launched to help develop sustainability work across the organisation.
Developments during the period
As in the previous quarter, economic growth and the labour market continued to be weak in Sweden. Along with a conviction that increased inflationary pressure was only temporary, the Riksbank cut its policy rate to 1.75 per cent at the end of September, causing short-term market rates to fall to their lowest levels in three years. Meanwhile, the outlook for government finances has changed and with it the belief in increased borrowing needs, which has contributed to rising long-term interest rates.
Nevertheless, expectations regarding Sweden's economic prospects are more positive, with hopes of accelerating GDP growth in 2026 and the belief that we are near the bottom of the Riksbank's interest rate cycle.
The banking and capital markets have continued to enjoy a strong trend, resulting in increased credit appetite and declining credit margins. During the period, Fabege refinanced bank debt of SEK 1.5bn, issued bonds totalling SEK 2.4bn and simultaneously repaid SEK 2.2bn and reduced outstanding commercial paper by SEK 0.1bn. Overall, the total loan volume amounted to SEK 34.5bn, of which SEK 15.8bn was via the capital market and SEK 18.7bn was via the banking market. The average interest rate declined further during the period, amounting to 2.83 per cent at the end of the quarter.
Financing, 2025-09-30
| 2025-09-30 | 2024-12-31 | |
|---|---|---|
| Interest-bearing liabilities, SEKm | 34,542 | 34,400 |
| of which outstanding MTN, SEKm | 11,800 | 11,610 |
| of which outstanding SFF, SEKm | 738 | 738 |
| of which outstanding commercial paper, SEKm | 3,311 | 3,215 |
| Undrawn facilities, SEKm ¹ | 5,960 | 5,960 |
| Fixed-term maturity, years | 3.0 | 3.5 |
| Fixed-rate period, years ² | 1.5 | 1.8 |
| Fixed-rate period, percentage of portfolio, % | 49 | 52 |
| Derivatives, market value, SEKm | 327 | 543 |
| Average interest expenses, incl. committed credit facilities, % | 2.83 | 2.98 |
| Average interest expenses, excl. committed credit facilities, % | 2.75 | 2.89 |
| Unpledged assets, % | 41 | 41 |
| Loan-to-value ratio, % | 43 | 43 |
¹ Including credit facilities for commercial paper
Breakdown of sources of financing
- 1 RCF* & overdraft facility
- 2 Bond financing, Green MTN
- 3 Bond financing, SFF
- 4 Commercial paper
- 5 Bank loans (inclu. Eib & NIB)
- Facilities/programmes Drawn 2025-09-30
- * RCF = Revolving Credit Facilities
Moody's Rating
Baa2
stable outlook
Confirmed in December 2024
Supply of capital Breakdown of collateral
- Equity, 45%
- Interestbearing liabilities, 41%
- Other liabilities, 14%
- Pledged assets, 59%
- Unpledged assets, 41%
2 The fixed interest rate period adjusted by the estimated maturity of callable swaps amounted to 2.1 years (2.6)
Financing, 30/09/2025
Committed lines of credit and undrawn credit facilities, including the backup facility for the commercial paper programme, amounted to SEK 6.0bn at the end of the quarter.
The capital commitment period was 3.0 years (3.5) and the fixed-rate period was 1.5 years (1.8). At the end of the period, traditional interest rate swaps, the primary purpose of which is to contribute to fixed-rate periods, totalled SEK 14.5bn. These swaps mature in 2032 and carry fixed annual interest of between 0.11 and 2.18 per cent. During the quarter, the interest rate option portfolio was expanded to include both callable and extendable swaps, aimed primarily at improving cash flow but also at fixed-rate periods. These swaps amounted to a total of SEK 7.5bn.
The fixed-rate period would be adjusted upwards to 2.1 years (2.6) if the estimated maturity of the callable swaps was included.
Net financial items included other financial expenses of SEK 22m (29), which mainly related to accrued opening charges for credit agreements and costs relating to bond and commercial paper programmes. During the period, interest totalling SEK 48m (69) relating to project properties was capitalised.
Green financing
99 per cent of Fabege's loan portfolio is classed as being green. Green financing offers Fabege better terms and access to more financing alternatives. Fabege's green financing framework was updated in June 2025. The framework has been designed to give Fabege broad opportunities for green
financing, and is based on third party-certified properties and ambitious energy consumption targets. It is based on the green bond principles, adapted to the EU Taxonomy and linked to Fabege's ambition to contribute to the goals of Agenda 2030. S&P has issued a second opinion with a medium green rating regarding the green terms and conditions.
Find out more about Fabege's green financing at www.fabege.se/en/investors/financing/greenfinancing/, where you will also find the investor reports.
99%
Green financing 30 June 2025
| Outstanding | ||
|---|---|---|
| Credit | loans and | |
| SEKm | facilities | bonds |
| Green MTN bonds | 11,800 | 11,800 |
| Green SFF bonds | 738 | 738 |
| Green commercial paper | 3,311 | 3,311 |
| Green loans, other | 24,238 | 18,278 |
| Total green financing | 40,087 | 34,127 |
| Green financing, % | 99 | 99 |
| Total green available borrowing | 45,658 | |
| of which unrestricted available | 12,675 |
*In accordance with Fabege's green framework.
Interest maturity structure, 2025-09-30
| SEKm | Amount, SEKm | rate,% | Percentage, % |
|---|---|---|---|
| < 1 year | 20,967 | 3.74 | 61 |
| 1-2 years | 3,250 | 1.16 | 9 |
| 2-3 years | 3,676 | 1.53 | 11 |
| 3-4 years | 2,500 | 1.02 | 7 |
| 4-5 years | 2,350 | 1.38 | 7 |
| 5-6 years | 800 | 1.03 | 2 |
| 6-7 years | 700 | 1.16 | 2 |
| 7-8 years | 300 | 0.88 | 1 |
| 8-9 years | - | - | - |
| Total | 34,542 | 2.75 | 100 |
* The average interest rate for the period <1 year includes the margin for the variable portion of the debt portfolio. This also includes the variable part of the interest rate swaps, which, however, do not include any credit margin as they are traded without a margin. The average interest rate excludes the cost of committed credit facilities.
Loan maturity structure, 2025-09-30
| SEKm | Credit agreements | Outstanding bank | Outstanding capital markets |
|---|---|---|---|
| < 1 year | 3,311 | - | 3,311 |
| 1-2 years | 5,979 | 831 | 3,838 |
| 2-3 years | 12,600 | 4,700 | 4,750 |
| 3-4 years | 8,541 | 4,541 | 2,500 |
| 4-5 years | 2,530 | 1,080 | 1,450 |
| 5-6 years | - | - | - |
| 6-7 years | 7,541 | 7,541 | - |
| Total | 40,502 | 18,693 | 15,849 |
Operations Jan–Sep 20251
Property portfolio and property management
Fabege's property management and urban and property development activities are concentrated on a few selected submarkets in and around Stockholm: Stockholm inner city, Solna, Hammarby Sjöstad and Flemingsberg. On 30 September 2025, Fabege owned 99 properties with a total rental value of SEK 4.2bn, lettable floor space of 1.3m sqm and a carrying amount of SEK 78.5bn, of which development and project properties accounted for SEK 12.5bn.
Occupancy rate
The investment property portfolio's financial occupancy rate was 87 per cent (89) at the end of the period. The change was largely attributable to previously announced vacating of the Barnhusväderkvarn and Ormträsket properties. Other significant vacancies mainly relate to three properties in Solna Business Park and vacancies in Arenastaden due to ICA and Telia vacating part of the space. The former project properties Ackordet 1 and Påsen 1, which have been transferred to property management, are included to the extent that the space is ready to let. The financial occupancy rate for development properties is not measured, as most of these properties are vacant, or have been partially let on short-term leases pending demolition or redevelopment. These cover an area of 157,000 sqm, of which 129,000 sqm are being let for a current annual rent of SEK 236m. The project portfolio's occupancy rate was 92 per cent (85) at the end of the quarter.
Net lettings
During the period, 127 (92) new leases were signed with a combined rental value of SEK 155m (116), with 100 per cent (98) of the space being connected to green leases. Lease terminations amounted to SEK -152m (-201). Net lettings amounted to SEK 3m (-85). Leases worth SEK 232m (199) were extended on unchanged terms. Moreover, leases totalling SEK 191m (62) were renegotiated, with an average decline in rental value of -0.1 per cent (-3.0). The retention rate during the period was 77 per cent (57).
Changes in the property portfolio
During the first quarter, the Ynglingen 10 property was sold and vacated. The purchase price was SEK 960m before deduction of deferred tax.
Projects and investments
The aim of Fabege's project investments in the investment property portfolio is to reduce vacancy rates and increase rents in the property portfolio, thereby improving cash flows and values. During the period, investments in existing properties and projects totalled SEK 1,515m (1,732), of which SEK 912m (1,188) related to investments in project and development properties. Capital invested in the investment property portfolio amounted to SEK 603m (544), a significant proportion of which related to tenant customisations.
Completed projects
The project relating to Separatorn 1, Flemingsberg, was completed, and Alfa Laval took possession of its premises as planned on 30 April. The loan-tovalue ratio at the end of the quarter was 97 per cent. Furthermore, the projects in Påsen 1 (Hammarby Sjöstad) and Ackordet 1 (Haga Norra) have been completed. The occupancy rates in both properties were 84 per cent and 71 per cent respectively. Additional rental value relating to unoccupied premises and remaining vacancies amounted to SEK 44m, and remaining investments are estimated approximate to SEK 250m.
Major ongoing projects
The redevelopment of Nöten 4, Solna Strand, is proceeding according to plan. The entire property is leased by Saab, which took possession of parts of the premises on 1 September and will take over the
rest of the property on 1 November. The estimated investment totals just under SEK 1.2bn. The property is being certified to BREEAM In-Use standard, Outstanding.
The investment to replace the facade and upgrade technical installations at Ormträsket 10 (Wenner-Gren Center) is ongoing. The high-rise section was vacated in the spring and work has begun on the facade. The investment has been increased and is estimated to total around SEK 609m. The works are expected to be completed in the first quarter of 2027. Several of the tenants that temporarily vacated the property have signed leases to move back in. The occupancy rate for the high-rise section was 36 per cent at the end of the quarter. When fully let, both project properties will provide an additional annual rental value of SEK 149m.
Preparatory development of western Arenastaden
In November 2023, the local development plan for the Farao 15, 16, 17 and Kairo 1 properties in Arenastaden was granted legal approval. The upcoming project includes a commercial building right of 77,000 sqm and a residential building right of 15,000 sqm, as well as the creation of a new road running alongside the railway. The project has started with the dismantling of the existing buildings. The investment relating to the dismantling of the existing buildings and the realignment of infrastructure is estimated at SEK 245m and is a prerequisite for the future development of the buildings along Dalvägen.
1 The comparison figures for income and expense items relate to values for the Jan–Sep 2024 period and for balance sheet items at 31 December 2024.
Total property value; SEKbn
- Stockholm inner city, 37%
- Solna , 48%
- Hammarby Sjöstad , 10%
- Flemingsberg, 4%
- Other markets, 1%
Investment properties, SEKbn
- Stockholm inner city, 39%
- Solna , 46%
- Hammarby Sjöstad , 11%
- Flemingsberg, 3%
Project properties, SEKbn Other markets, 1%
- Stockholm inner city, 15%
- Solna , 82%
- Hammarby Sjöstad , 1%
- Flemingsberg, 2% Other markets, 0%
Development properties, SEKbn
- Stockholm inner city, 35%
- Solna , 28%
.
- Hammarby Sjöstad , 19%
- Flemingsberg, 18%
- Other markets, 0%
Birger Bostad
Birger Bostad's project portfolio comprises 15 projects, four of which (all the phases in Haga Norra) are currently in ongoing production. The estimated investment volume in ongoing projects amounts to just short of SEK 800m, of which SEK 626m has been generated. The project in Haga Norra comprises a total of 288 apartments, of which 78 are rental apartments. The construction is proceeding according to schedule. The first phase, Brf Alma with 23 apartments, was completed and finalised in the second quarter.
The rental apartments will be ready for occupancy in the fourth quarter of 2025 and the owneroccupied apartments will be ready for occupancy in the first quarter of 2026. Brf Mathilda and Brf Ingetora will be completed in 2026. Of Brf Alma's 23 apartments, 20 have been sold and occupied. In addition, 46 apartments in Haga Norra's future phases have been sold via binding preliminary contracts, and a further 6 apartments via nonbinding booking agreements.
Property portfolio, 2025-09-30
| Market | Rental | Financial | |||
|---|---|---|---|---|---|
| Property listing | No. of properties | Lettable area, '000 sqm | value SEKm | value² | occupancy rate % |
| Management properties¹ | 64 | 1,019 | 65,919 | 3,749 | 87 |
| Improvement properties¹ | 13 | 157 | 5,305 | 268 | |
| Land and project properties¹ | 22 | 89 | 7,226 | 160 | |
| Total | 99 | 1,265 | 78,450 | 4,177 | |
| Of which, Inner city | 25 | 299 | 28,600 | 1,511 | 88 |
| Of which, Solna | 51 | 681 | 37,559 | 1,943 | 86 |
| Of which, Hammarby Sjöstad | 10 | 140 | 7,995 | 473 | 80 |
| Of which, Flemingsberg | 9 | 104 | 3,283 | 183 | 91 |
| Of which, Other | 4 | 41 | 1,013 | 67 | 94 |
| Total | 99 | 1,265 | 78,450 | 4,177 | 87 |
¹See definitions.
Total investments, Jan–Sep 2025 Changes in property values, SEKm
| and conversions | 1,515 |
|---|---|
| Investments in new builds, extensions | |
| Sales, disposals and other | 813 |
| Property acquisitions | 99 |
| Opening fair value, 2025-01-01 | 603 |
Property sales 2025
| Lettable area, | |||
|---|---|---|---|
| Property | Area | Category | sqm |
| Q1 | |||
| Ynglingen 10 | Östermalm | Office | 11,654 |
| Q2 | |||
| No sales | |||
| Q3 | |||
| No sales | |||
| Total | 11,654 | ||
Property acquisitions 2025
No acquisitions were made during the period.
²In the rental value, time limited deductions of about SEK 215m (in rolling annual rental value at 30 September 2025) have not been deducted.
Ongoing projects > SEK 100m, 2025-09-30
| Lettable | Occupancy rate, | Est. investment, | of which spent, | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Property listing | Category | Area | Completed | area, sqm | % space¹ | Rental value² | Completed | SEKm | SEKm |
| Nöten 4 | Offices Solna Strand | Q3-2025 | 66,000 | 100% | 157 | 2,935 | 1,196 | 1,161 | |
| Farao 15-17, Kairo 1 | Offices/Residentials Arenastaden | - | - | - | 1,286 | 245 | 117 | ||
| Ormträsket 10 (part of) | Offices | Sveaplan | Q1-2027 | 9,800 | 35% | 58 | 488 | 609 | 84 |
| Total | 75,800 | 92% | 215 | 4,709 | 2,050 | 1,362 | |||
| Other land and project properties | 3,805 | ||||||||
| Other improvement properties | 4,104 | ||||||||
| Total project, land and improvement properties | 12,618 |
Birger Bostad ongoing projects, 2025-09-30
| No. of resi. | Book value, | Est. Investment, | Of which spent, | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Project | Area | GFA, sqm | RFA, sqm | properties | Selling grade, % | Completion | SEKm | SEKm | SEKm |
| Haga Norra rentel | Solna | 3,227 | 2,338 | 78 | - | Q4-2025 | 142 | 125 | 125 |
| Haga Norra owner-occupied | Solna | 3,124 | 2,246 | 50 | 68 | Q1-2026 | 158 | 123 | 121 |
| Haga Norra tenant-owned | Solna | 7,750 | 6,036 | 94 | 19 | Q1-Q2 2026 | 350 | 350 | 252 |
| Haga Norra tenant-owned | Solna | 4,530 | 3,500 | 43 | 2 | Q2-Q3 2026 | 162 | 202 | 108 |
| Total Haga Norra | 18,631 | 14,120 | 265 | 810 | 800 | 606 | |||
| Fyrklövern, tenant-owned | |||||||||
| Total | 810 | 800 | 606 |
Building rights, 2025-09-30
| Book value, | Book value, | ||||||
|---|---|---|---|---|---|---|---|
| Commercial | SEK/sqm | Legal binding, % | Gross floor area, sqm | Residential | SEK/sqm | Legal binding, % | Gross floor area, sqm |
| Inner city | 30,200 | 53 | 15,200 | Inner city | 7,800 | 100 | 25,800 |
| Solna | 296,000 | 59 | 8,800 | Solna | 165,400 | 63 | 10,100 |
| Hammarby Sjöstad | 49,000 | 75 | 5,400 | Hammarby Sjöstad | 24,600 | 17 | 16,000 |
| Flemingsberg | 288,800 | 23 | 4,300 | Flemingsberg | 243,800 | - | 5,000 |
| Birger Bostad | - | - | Birger Bostad | 82,300 | 95 | 6,100 | |
| Other | 20,000 | 100 | 1,500 | Other | - | - | - |
| Total | 684,000 | 46 | 6,700 | Total | 523,900 | 37 | 7,600 |
Areas and carrying amounts relate to additional building rights space. Development will in some cases require the demolition of existing areas, which will impact project calculations. The volumes are not maximised. The ongoing planning work aims to increase the volume of future building rights. All agreed land allocations have been included. The carrying amount also includes future, unpaid purchase prices for agreed land allocations.
Changes in ongoing projects
During the second quarter, the Ackordet 1, Påsen 1 and Separatorn 1 projects were finalised. The properties were then transferred from the Projects segment to Property Management. Additional projects include the redevelopment of part of Ormträsket 10 and the dismantling and infrastructure project at the Kairo/Farao properties in Arenastaden.
Birger Bostad ongoing projects
The sub-projects in Haga Norra have been divided across the various phases. The first subphase, Brf Alma comprising 23 apartments, was completed and finalised in the second quarter.
Building right changes during the period
Previously included building rights along the Mälarbanan rail line have been excluded since the expiration of a land allocation agreement with Solna. Furthermore, building rights in Flemingsberg have been redistributed between residential and commercial usage, in accordance with the current local development plan.
¹ Operational occupancy rate at 30 Sep 2025.
² Rental value including additions. The annual rent for the projects in progress could increase to SEK 215m (fully let) from SEK 66m in annualised current rent at 30 Sep 2025.
| Segment reporting, Jan –Sep 2025¹ |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| Jan-sep | Jan-sep | Jan-sep | Jan-sep | Jan-sep | Jan-sep | Jan-sep | Jan-sep | Jan-sep | Jan-sep | |
| Belopp i Mkr | Förvaltning | Förädling | Projekt | Birger Bostad | Totalt | Förvaltning | Förädling | Projekt | Birger Bostad | Totalt |
| Hyresintäkter | 2 344 | 155 | 72 | 10 | 2 581 | 2 365 | 191 | 12 | 9 | 2 577 |
| Omsättning bostadsuteckling | - | - | - | 128 | 128 | - | - | - | 230 | 230 |
| Övriga intäkter |
- | - | - | - | - | - | ||||
| Summa nettoomsättning | 2 344 | 155 | 72 | 138 | 2 709 | 2 365 | 191 | 12 | 239 | 2 807 |
| Fastighetskostnader | -571 | -64 | -39 | -1 | -675 | -536 | -85 | -29 | -3 | -653 |
| Kostnader bostadsutveckling | - | - | - | -108 | -108 | - | - | - | -247 | -247 |
| Bruttoresultat | 1 773 | 91 | 33 | 29 | 1 926 | 1 829 | 106 | -17 | -11 | 1 907 |
| Varav driftöverskott fastighetsförvaltning | 1 773 | 91 | 33 | 9 | 1 906 | 1 829 | 106 | -17 | 6 | 1 924 |
| Överskottsgrad, % |
76% | 59% | 46% | 90% | 74% | 77% | 55% | -142% | 67% | 75% |
| varav bruttoresultat bostadsutveckling | - | - | - | 20 | 20 | - | - | - | -17 | -17 |
| Central administration | -66 | -4 | -8 | - | -78 | -64 | -8 | -8 | - | -80 |
| Räntenetto | -598 | -45 | -72 | -3 | -718 | -588 | -66 | -67 | -6 | -727 |
| Tomträttsavgäld | -31 | - | - | - | -31 | -31 | - | - | - | -31 |
| Resultatandelar i intressebolag | -49 | - | - | - | -49 | -59 | - | 2 | - | -57 |
| Förvaltningsresultat | 1 029 | 42 | -47 | 26 | 1 050 | 1 087 | 32 | -90 | -17 | 1 012 |
| Nedskrivning exploateringsfastigheter | - | - | - | -21 | -21 | - | - | - | -34 | -34 |
| Realiserade värdeförändr. fastigheter | -37 | - | - | - | -37 | 4 | - | - | - | 4 |
| Orealiserade värdeförändr. fastigheter | -925 | -112 | 49 | - | -988 | -961 | -384 | 124 | -15 | -1 236 |
| Resultat före skatt per segment | 67 | -70 | 2 | 5 | 4 | 130 | -352 | 34 | -66 | -254 |
| Värdeförändr. räntederivat & aktier | -219 | -444 | ||||||||
| Resultat före skatt | -215 | -698 | ||||||||
| Marknadsvärde fastigheter | 65 688 | 5 305 | 7 226 | 231 | 78 450 | 63 878 | 6 939 | 7 196 | 228 | 78 241 |
| Exploateringsfastigheter | - | - | - | 1 009 | 1 009 | - | - | - | 722 | 722 |
| Uthyrningsgrad, % | 87 | - | - | 89 | - | - | - | - |
¹ För mer information se not 4 Segmentrapportering på sid 30.
Breakdown of segments
The segments are presented using the management's perspective, broken down into:
- Property Management properties under ongoing, long -term management.
- Property Development – properties awaiting a redevelopment or extension that will have a significant impact on ongoing property management and net operating income.
- Projects – land and properties undergoing new construction/complete redevelopment.
- Birger Bostad – development and management of residential properties.
Changes during the period
The Bocken 47 property, which has been vacated and is being prepared for a renovation project, was transferred in Q1 from the Property Management segment to the Projects segment.
During the second quarter, the Ackordet 1, Påsen 1 and Separatorn 1 projects were finalised. The properties were then transferred from the Projects segment to Property Management. Furthermore, Paradiset 27 was transferred from Property Development to Projects.
During the third quarter, Ormträsket 10 was reclassified from investment to development property.
| Segment reporting Jul-Sep 2025¹ | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| Jul-Sep | Jul-Sep | Jul-Sep | Jul-Sep | Jul-Sep | Jul-Sep | Jul-Sep | Jul-Sep | Jul-Sep | Jul-Sep | |
| SEKm | ManagementImprovement | Projects | Birger Bostad | Total | ManagementImprovement | Projects | Birger Bostad | Total | ||
| Rental income | 778 | 52 | 30 | 4 | 864 | 771 | 67 | 6 | 3 | 847 |
| Contract sales, residential | - | - | - | - | - | - | - | - | 88 | 88 |
| Total net sales | 778 | 52 | 30 | 4 | 864 | 771 | 67 | 6 | 91 | 935 |
| Property expenses | -167 | -18 | -5 | -1 | -191 | -159 | -26 | -6 | - | -191 |
| Contract costs. residential development | - | - | - | -3 | -3 | - | - | - | -100 | -100 |
| Gross profit | 611 | 34 | 25 | - | 670 | 612 | 41 | - | -9 | 644 |
| Of which net operating income property management |
611 | 34 | 25 | 3 | 673 | 612 | 41 | - | 3 | 656 |
| Sur plus ratio, prorety management | 79% | 65% | 83% | 75% | 78% | 79% | 61% | 0% | 100% | 77% |
| Of which gross profit residential development |
- | - | - | -3 | -3 | - | - | - | -12 | -12 |
| Central administration | -16 | -1 | -2 | - | -19 | -16 | -2 | -2 | - | -20 |
| Net interest income/expense | -197 | -16 | -22 | -1 | -236 | -197 | -21 | -22 | -2 | -242 |
| Ground rent | -10 | - | - | - | -10 | -10 | - | - | - | -10 |
| Share in profits of associated companies | -12 | - | - | - | -12 | -20 | - | 1 | - | -19 |
| Profit from property management | 376 | 17 | 1 | -1 | 393 | 369 | 18 | -23 | -11 | 353 |
| Impairment development properties | - | - | - | - | - | - | - | - | -34 | -34 |
| Realised changes in value properties | - | - | - | - | - | - | - | - | - | - |
| Unrealised changes in value properties | -324 | -50 | 36 | - | -338 | 163 | 16 | 46 | - | 225 |
| Profit before tax per segment | 52 | -33 | 37 | -1 | 55 | 532 | 34 | 23 | -45 | 544 |
| Changes in value interest rate derivatives | ||||||||||
| & shares | 113 | -472 | ||||||||
| Profit before tax | 168 | 72 | ||||||||
| Market value properties | 65,688 | 5,305 | 7,226 | 231 | 78,450 | 63,878 | 6,939 | 7,196 | 228 | 78,241 |
| Developmentproperties | - | - | - | 1,009 | 1,009 | - | - | - | 722 | 722 |
| Occupancy rate, % | 87 | - | - | 89 | - | - | - | - |
¹ For more information see note 4 Segmentreport on page 28.
Fabege's sustainability work
Fabege's sustainability strategy shall contribute to the company's attractiveness, create value and ensure long-term competitiveness. This involves responsibly managing and developing sustainable city districts, properties, premises and services, in turn leading to increased growth.
Management
Sustainability issues are an integral part of Fabege's business concept, business model and corporate culture. Sustainability data and social aspects play a key role in decision-making at management level. Every year, management establishes policies, sustainability objectives and governing documents. In 2024, the management team and the Board of Directors were involved in the preparation and approval of a double materiality analysis.
Material sustainability topics
- Climate change
- Resource usage and the circular economy
- Own workforce
- Workers in the value chain
- Responsible business conduct
Our focus areas
City districts
Fabege strives to make the best possible contribution to creating sustainable and appealing cities and urban districts that attract both people and businesses. We aim for our areas to be characterised by a good mix of offices, retail, service and residential units, and good transport links and environmental engagement.
The results of the Arenastaden travel habits survey have been reported. Over 6,500 of our clients' employees took part. The climate impact of commuting in Arenastaden has been reduced by 45 per cent over the past three years. The main reasons for this trend are:
-
- More public transport, less car use
-
- Rapid electrification of the car fleet
-
- Employees are moving closer to Arenastaden
-
- Persistently high proportion of bicycle/electric bike journeys
-
- Improved infrastructure for sustainable mobility
The response data will be used to further develop public transport links and cycling infrastructure for the neighbourhoods and for Fabege's climate report.
Properties
The ambition is to create pleasant working environments that encourage customers to want to go to the office. For sustainability key performance indicators, see the table on page 15. Fabege's Science Based Targets initiative (SBTi) target means that Fabege aims to halve its Scope 1 and Scope 2 emissions by 2030 at the latest and measure and reduce its Scope 3 emissions compared with 2018 levels. Fabege's own climate targets go beyond the above-mentioned SBTi targets. Fabege aims to achieve climate-neutral property management by
2030, with a halving of Scope 3 per GFA and a reduction in Scopes 1 and 2 of at least 90 per cent.
During the quarter, Fabege operated according to the following environmental objectives:
- <70 kWh/sqm Atemp in energy use per year
- 100% renewable energy
- 100% environmental certification of investment properties and new builds
- 20% circularity index for renovations
- 35% lower CO2 footprint for new builds compared with 2018 level (Scope 3)
Alfa Laval's offices and innovation centre have now obtained final certification to BREEAM-SE, Excellent. The result is robust properties built to last, with geothermal energy and solar panels supplying the energy, which means energy consumption that is 60 per cent lower than the Swedish National Board of Housing, Building and Planning's building regulations.
Employees
Having a committed and motivated workforce is a key success factor, and Fabege wants to be an attractive place to work. Organisations with a strong identity often perform better than others. The working environment must be safe and free from the risk of Fabege employees, or those working at Fabege, being injured or falling ill at work. All our employees have undergone basic health and safety training, and new staff are offered the same opportunity.
Employees completed mandatory training in Fabege's Code of Conduct during the quarter.
Supply chain
A sustainable supply chain is essential for creating long-term profitability, reducing our risks and boosting Fabege's brand. Fabege endeavours to operate according to the principles of responsible business conduct, safeguard human rights at all
Targets for 2030
- Climate-neutral property management.
- Halving of the climate impact of project development per GFA.
Average energy use in 2024
70kWh/sqm
Fabege rated no 1 of all listed property companies with offices in GRESB 2025
With a rating of 94 in the assessment relating to property management and 99 in project development, Fabege has received the highest rating, 5 stars, and is ranked number 1 of all listed property companies with offices globally, and number 3 of all listed companies in Europe.
Science Based Targets
Our ambitious climate target has been SBTiapproved since 2020.
levels and reduce its climate footprint. Fabege supports several international guidelines, such as the UN's fundamental human rights conventions, the ILO's fundamental principles and rights at work, and the UN Global Compact's ten principles. Fabege's Code of Conduct for framework agreement suppliers includes these guidelines and they must be complied with in all areas.
Renegotiations in purchasing operations continue, and 17 new framework agreement suppliers underwent a sustainability inspection during the quarter.
Financing
Fabage's green financing is a natural extension of the sustainability efforts that are conducted throughout the organisation. All Fabege's capital providers, including banks and capital markets, offer green financing of environmentally-certified
properties. Since November 2023, Fabege has been listed as a green share, known as Green Equity Designation. Fabege has taken into account the EU Taxonomy and mapped the applicable categories to the EU environmental objectives and to economic activities. Fabege endeavours to align the qualifying green assets with the EU Taxonomy to the best of its ability, including the 'do no significant harm' criteria (DNSH) and minimum safeguards.
Customers
Customers are at the centre of Fabege's work. Good relationships and cooperation with customers are prerequisites for enabling Fabege to create sustainable offices, services and urban environments. Continuous dialogues with Fabege's 700 customers ensure long-term cooperation in and around our properties.
The basis for the strategic sustainability work with customers is the green leases. Fabege has also drawn up a guide to climate-efficient tenant customisations, which customers can take into account to increase the sustainability performance of their premises and contribute to the property's environmental certification.
We monitor our work with customers and carry out Customer Satisfaction (CSI) surveys every two years to help us improve. We have just sent out the 2025 survey.
Business ethics
Good business ethics, continuous dialogue and responsiveness are fundamental to Fabege's relationships with its employees and customers, as well as suppliers and lenders. Fabege applies commonly accepted good business practice and international human rights, labour and environmental standards in accordance with the Global Compact and the ILO's fundamental conventions on human rights at work. The Code of Conduct is the basis for the conduct of all staff, and has been signed by all employees.
About the Sustainability Report
The quarterly report is not prepared according to the same guidelines as Fabege's annual sustainability report and therefore does not address certain issues.
An overall picture of the company's sustainability work is published once a year in the Sustainability Report; find out more at https://www.fabege.se/en/sustainability.
Certified properties*
| System | Quantity | Sqm, GLA | Percentage of certified area, % |
|---|---|---|---|
| BREEAM In-Use | 47 | 728,954 | 67% |
| BREEAM-SE** | 15 | 349,580 | 32% |
| Miljöbyggnad | 1 | 5,593 | 1% |
| Total certified properties | 63 | 1,084,127 | 100% |
* The properties for which certification has not yet begun include land and development properties for future project development.
Sustainability performance measures
| 2025, Q3 | 2024 | 2023 | Target | |
|---|---|---|---|---|
| Energy performance, KWh/sqm Atemp* | 46 | 70 | 71 | Max 70 * |
| Proportion of renewable energy, % | 90 | 90 | 90 | 100 |
| Environmental certification, number of properties** | 63 | 62 | 63 | - |
| Environmental certification, % of total area | 87 | 82 | 82 | 100 |
| Green leases, % of newly signed space | 100 | 98 | 96 | 100 |
| Green leases, % of total space | 93 | 92 | 91 | 100 |
| Green financing, % | 99 | 99 | 100 | 100 |
| Satisfied employees, confidence rating, % | n/a | 88 | 88 | 2025 >88 |
| GRESB, points | n/a | 95 | 93 | >91 |
* Atemp is the total internal area for each floor, loft and basement that is heated to more than 10°C. Areas occupied by internal walls, openings for stairs, shafts and the like are included. The area of a garage, within the building, in a residential building or a commercial building other than a garage, is not included.
EU Taxonomy
Fabege is subject to the EU's Non-Financial Reporting Directive. Reporting of the extent to which the Group's activities are eligible for, and aligned with, the EU Taxonomy can be found in Note 1 EU Taxonomy, page 30.
The full tables in accordance with EU Taxonomy objective 1, including DNSH criteria and minimum safeguards, are presented in the 2024 Annual Report.
Small Cap 30 ESG Responsible Index
Fabege is included in the OMX Sweden Small Cap 30 ESG Responsible Index (OMXSS30ESGGI) on Nasdaq Stockholm, which highlights companies on the Swedish stock market that show leadership in environmental, social and governance (ESG) issues.
Examples of social sustainability initiatives
- Collaboration in Huddinge/BID Flemingsberg
- TalangAkademin
- The Läxhjälpen foundation
- Young Opera/Young Dramatic Theatre
- Flemingsberg Science
- Innovation Station
- Stockholm Talent
- Pep Parks
- Street Gallery
- Support for Stockholm City Mission
**BREEAM-SE now also includes the properties certified according to BREEAM Bespoke, as BREEAM Bespoke is a customised manual based on BREEAM-SE.
**The properties for which certification has not yet begun include land and development properties for future project development.
$0^{-1}$
16
Other financial information
Sensitivity analysis – property values
| Impact on earnings | Equity/assets | Loan-to-value | |
|---|---|---|---|
| System | after tax, SEKm | ratio, % | ratio, % |
| +1 | 623 | 45.26% | 43.81% |
| 0 | - | 44.94% | 44.03% |
| -1 | -623 | 44.61% | 44.25% |
Earnings and key performance indicators are affected by realised and unrealised changes in the value of properties. The table shows the effect of a 1 percentage-point change in value after deferred tax deduction.
Sensitivity analysis – cash flow and earnings
| SEKm | Change | Effect, SEKm |
|---|---|---|
| Skandinaviska Enskilda Banken AB | 1% | +/- 34,6 |
| Saab 2 | 1% | +/- 33,4 |
| Convendum Stockholm City AB | percentage point | +/- 38,2 |
| Ica Fastigheter AB | 1% | +/- 9,1 |
| Telia Sverige AB | percentage point | -101 / +159 |
The sensitivity analysis shows the effects on the Group's cash flow and earnings, on an annualised basis, after taking into account the full effect of each parameter.
Rental income – trend for the next four quarters
The chart above shows the trend in contracted rental income, including announced occupancies and vacancies and renegotiations, but excluding letting targets. The chart is not a forecast, but instead aims to illustrate the rental trend for the existing lease portfolio on the balance sheet date.
Human resources
At the end of the period, 227 people (229) were employed by the Group.
Parent Company
Revenue during the period amounted to SEK 305m (335) and earnings before appropriations and tax totalled SEK 675m (1,098). Net financial items include dividends from subsidiaries of SEK 1,005m (1,750). Net investments in property, equipment and shares totalled SEK Im (1).
Events after the balance sheet date
There are no events to report after the balance sheet date.
Lease maturity structure
| No. of leases | SEKm | % | |
|---|---|---|---|
| 20251 | 291 | 173 | 5% |
| 20261 | 425 | 628 | 17% |
| 2027 | 247 | 569 | 16% |
| 2028 | 182 | 363 | 10% |
| 2029 | 124 | 384 | 10% |
| 2030+ | 159 | 1,313 | 37% |
| Commercial | 1,428 | 3,430 | 96% |
| Housing leases | 167 | 23 | 1% |
| Indoor and outdoor parking | 456 | 138 | 4% |
| Total | 2,051 | 3,591 | 100% |
1Of which just over SEK 110m has already been renegotiated.
Largest customers
| 1 Percentage, % | Year of expiry | |
|---|---|---|
| Skandinaviska Enskilda Banken AB | 6.8% | 2037 |
| Saab 2 | 4.7% | 2045 |
| Convendum Stockholm City AB | 3.7% | 2034 |
| Ica Fastigheter AB | 3.3% | 2030 |
| Telia Sverige AB | 3.0% | 2031 |
| Carnegie Investment Bank AB | 2.3% | 2027 |
| Svea Bank AB | 1.8% | 2029 |
| Bilia AB | 1.8% | 2041 |
| Alfa Laval Technologies AB | 1.7% | 2047 |
| The North Alliance Sverige AB | 1.2% | 2027 |
| Total | 30.4% | |
<sup>1Percentage of contracted rent. 2 Occupancy of part of the premises 2025-11-01.
Rental value per category
Opportunities and risks
Risks and uncertainties relating to cash flow from operations relate primarily to changes in rents, vacancies and interest rates. Risks and opportunities in the Parent Company are linked to the ownership of subsidiaries. The effect of the changes on consolidated profit, including a sensitivity analysis, and a more detailed description of risks and opportunities, are presented in the section on Risks and opportunities in the 2024 Annual Report (pages 56–65).
Properties are recognised at fair value and changes in value are recognised in profit or loss. The effects of changes in value on consolidated profit, the equity/assets ratio and the loan-to-value ratio are also presented in the section on Risks and opportunities and the sensitivity analysis in the 2024 Annual Report. Financial risk, defined as the risk of insufficient access to long-term funding via loans, and Fabege's management of this risk, are also described in the Risks and opportunities section of the 2024 Annual Report (pages 56–65).
Fabege's aims for its capital structure are to have an equity/assets ratio of at least 35 per cent and an interest coverage ratio of at least 2.2x. The target for the loan-to-value ratio is a maximum of 50 per cent. The long-term debt ratio shall amount to a maximum of 13x.
No material changes in the company's assessment of risks have arisen, aside from the above, since the publication of the 2024 Annual Report.
Seasonal variations
Expenses for the running and maintenance of properties are subject to seasonal variations. For example, cold and snowy winters give rise to higher costs for heating and snow clearance, while hot summers result in higher cooling costs. Activity in the rental market is seasonal.
Normally, more business transactions are completed in the second and fourth quarters, which means that net lettings in these quarters are often higher.
Market outlook
The office rental market in Stockholm weakened last year. Global concerns and a weaker economy have given rise to increased uncertainty in the rental market. Letting processes are taking longer, as companies consider their options. We note that activity in the rental market in Stockholm has been more cautious, but rent levels generally remain stable. Lettings continue to be agreed at good levels, but indexlinked increases in the last two years have limited future potential for renegotiations. Vacancies have generally increased over the past year.
Access to capital market financing improved significantly last year, with continued good access to capital and lower margins. Market interest rates have fallen in line with the Riksbank's cuts in the policy rate, which following the cut in September is now at 1.75 per cent. Approximately 49 per cent of Fabege's loan portfolio is fixed, which provides good predictability for the next few years.
Rising interest rates in recent years impacted yield requirements in property valuations. Yield requirements, which had increased since the second half of 2022, have stabilised and even decreased slightly in the most central parts of Stockholm. Completed transactions in Fabege's submarkets confirm that the decline in values has levelled out and that long-term investors are willing to pay well for quality in Stockholm.
Fabege enjoys a consistently strong financial position. We have created good investment opportunities in our areas via the acquisitions completed in recent years. With the acquisition of Birger Bostad in the autumn of 2021, we took a step towards more comprehensive urban
development by also including residential units. Fabege's hallmark is stability – we have a portfolio of modern properties in attractive locations, stable customers and committed employees. We are well prepared to take on the challenges and opportunities open to us on the market over the coming year.
Accounting policies
This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
Disclosures in accordance with IAS 34.16A Interim Financial Reporting are submitted both in the notes and in other sections of the Interim Report.
The Group has applied the same accounting policies and valuation methods as in the most recent annual report.
New or revised IFRS accounting standards or other IFRIC interpretations that came into effect after 1 January 2025 have not had any material impact on the consolidated financial statements. The Parent Company prepares its financial statements in accordance with RFR 2 Accounting for Legal Entities and the Swedish Annual Accounts Act, and has applied the same accounting policies and valuation methods as in the most recent annual report.
Stockholm, 21 October 2025
Stefan Dahlbo, CEO
Review report
We have carried out a limited assurance review of the interim financial information in summary (the interim report) for Fabege AB as of 30 September 2025 and the nine-month period ending on that date. The Board of Directors and Chief Executive Officer are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited assurance review.
Scope and focus of the limited assurance review
We conducted our limited assurance review in accordance with the International Standard on Review Engagements ISRE 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. A limited assurance review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other limited assurance procedures. The procedures performed in a limited assurance review vary in nature from, and are considerably less in scope than for a reasonable assurance engagement conducted in accordance with the ISA and other generally accepted auditing standards in Sweden. The procedures performed consequently do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement. Accordingly, we do not express a reasonable assurance conclusion.
Conclusion
Based on our limited assurance review, no circumstances have come to light that give us reason to consider that the interim report has not, in all material respects, been prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the parent company in accordance with the Annual Accounts Act.
Stockholm, 21 October 2025 KPMG AB
Mattias Johansson Authorised Public Accountant
Share information
Shareholders
Fabege had a total of 42,917 known shareholders at 30 September 2025, including 57.8 per cent Swedish ownership. The 12 largest shareholders control 59.99 per cent of the capital.
Share capital
At 30 September 2025, the company's share capital totalled SEK 5,097m, represented by 330,783,144 shares. All shares carry the same voting rights and entitle the holder to the same share of the company's capital. The quotient value is SEK 15.41 per share.
Dividend policy
Fabege aims to pay a dividend to its shareholders comprising the part of the company's profit that is not required for consolidation or development of the business. Under current market conditions, this means
that the dividend is expected to amount, on an longterm basis, to at least 50 per cent of the profit from ongoing property management and the gains realised on the sale of properties after tax. The 2025 AGM approved a dividend of SEK 2.00 per share.
Acquisition and transfer of treasury shares
The 2025 AGM passed a resolution authorising the Board, for the period until the next AGM, to acquire and transfer shares in the company. Share buybacks are subject to a limit of 10 per cent of the total number of shares outstanding at any time. The company held 16,206,048 treasury shares on 30 September 2025. Repurchases have been made at an average price of SEK 120.23 per share. The holding represents 4.9 per cent of the total number of registered shares. There were no repurchases during the period.
Green Equity Designation
Fabege's share is green according to the Nasdaq Green Equity Designation. The criteria are that at least 50 per cent of turnover and 50 per cent of investments must be considered to be green, and less than 5 per cent of turnover linked to fossil fuels.
Share distribution 2025-09-30 2024-09-30 Number of owners, no. 42,917 43,992 Number of foregin owners, no. 1,132 993 Foregin owners, % 42.2 41.8
Fund ownership, % 16.0 25.9
Largest shareholders, 2025-09-30
| Number of shares* | Capital % votes, % | |
|---|---|---|
| Geveran Trading Co | 70,375,309 | 22.37 |
| Backahill AB | 52,608,718 | 16.72 |
| Vanguard | 9,514,456 | 3.02 |
| BlackRock | 8,441,077 | 2.68 |
| Nordea funds | 8,282,705 | 2.63 |
| Handelsbanken Funds | 7,969,095 | 2.53 |
| Folksam | 7,966,488 | 2.53 |
| Swedbank Robur Funds | 6,497,271 | 2.07 |
| Länsförsäkringar Funds | 4,876,764 | 1.55 |
| Norges Bank Investment Management | 4,449,222 | 1.41 |
| AFA Försäkring | 3,986,953 | 1.27 |
| Alcur Funds | 3,795,552 | 1.21 |
| Total 12 largest shareholders | 188,738,356 | 59.99 |
| Treasury shares | 16,206,048 | 4.90 |
| Total no. of outstandning shares | 314,577,096 | |
| Total no. of registered shares | 330,783,144 |
Country distribution, 2025-09-30
Source: Holdings of Modular Finance AB. Data compiled and processed from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen).
Financial data
Group – Consolidated condensed statement of comprehensive income
| 2025 | 2024 | 2025 | 2024 | 2024 | R12 mån | |
|---|---|---|---|---|---|---|
| SEKm | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full-year | Oct-Sep |
| Rental income¹ | 864 | 847 | 2,581 | 2,577 | 3,438 | 3,442 |
| Sales residential projects | - | 88 | 128 | 230 | 233 | 131 |
| Net Sales | 864 | 935 | 2,709 | 2,807 | 3,671 | 3,573 |
| Property expenses | -191 | -191 | -675 | -653 | -885 | -907 |
| Residential projects expenses | -3 | -100 | -108 | -247 | -254 | -115 |
| Gross profit | 670 | 644 | 1,926 | 1,907 | 2,532 | 2,551 |
| of wich gross profit property managment | 673 | 656 | 1,906 | 1,924 | 2,553 | 2,535 |
| Surplus ratio, % | 78% | 77% | 74% | 75% | 74% | 74% |
| of wich gross profit property projects | -3 | -12 | 20 | -17 | -21 | 16 |
| Central administration | -19 | -20 | -78 | -80 | -93 | -91 |
| Net interest expense | -236 | -242 | -718 | -727 | -962 | -953 |
| Ground rent | -10 | -10 | -31 | -31 | -41 | -41 |
| Share in profit of associated companies | -12 | -19 | -49 | -57 | -91 | -83 |
| Profit/loss from property management | 393 | 353 | 1,050 | 1,012 | 1,345 | 1,383 |
| Impairment development properties | - | -34 | -21 | -34 | -73 | -60 |
| Realised changes in value of properties | - | - | -37 | 4 | 3 | -38 |
| Unrealised changes in value of properties | -338 | 224 | -988 | -1,236 | -1,218 | -970 |
| Unrealised changes in value, fixed-income derivatives | 113 | -472 | -216 | -444 | -143 | 85 |
| Changes in value of shares | - | - | -3 | - | -3 | -6 |
| Profit/loss before tax | 168 | 71 | -215 | -698 | -89 | 394 |
| Current tax | 0 | - | 0 | - | - | 0 |
| Deferred tax | -69 | -57 | 47 | 30 | -124 | -107 |
| Profit/loss for period/year | 99 | 14 | -168 | -668 | -213 | 287 |
| Items that will not be restated in profit or loss | - | - | - | - | - | - |
| Revaluation of defined-benefit pensions | - | - | - | - | -19 | -19 |
| Comprehensive income for the period/year | 99 | 14 | -168 | -668 | -232 | 268 |
| Of which attributable to non-controlling interests | - | - | - | - | - | - |
| Total comprehensive income attributable to Parent Company shareholders | 99 | 14 | -168 | -668 | -232 | 268 |
| Earnings per share, SEK | 0:32 | 0:04 | -0:53 | -2:12 | -0:68 | 0:91 |
| No. of shares outstanding at period end, thousands | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 |
| Average no. of shares, thousands | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 |
¹ On-charging, service and other income amounts to SEK 95m (89) for Jan-Sep 2025 and 31m (32) for Jul-Sep 2025. ² Earnings/share are the same before and after dilution.
Group – Consolidated condensed statement of financial position
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEKm | 30 Sep | 30 Sep | 31 Dec |
| Assets | |||
| Goodwill | 205 | 205 | 205 |
| Properties | 78,450 | 78,241 | 78,904 |
| Right-of-use asset | 1,371 | 949 | 1,371 |
| Other property, plant and equipment | 35 | 32 | 34 |
| Derivatives | 472 | 551 | 702 |
| Non-current financial assets | 763 | 1,378 | 728 |
| Development properties | 1,009 | 722 | 754 |
| Current assets | 1,361 | 753 | 1,247 |
| Short-term investments | 100 | 99 | 100 |
| Cash and cash equivalents | 15 | 31 | 64 |
| Total assets | 83,781 | 82,961 | 84,109 |
| Equity and liabilities | |||
| Shareholders' equity | 37,648 | 38,010 | 38,445 |
| Deferred tax | 8,376 | 8,275 | 8,424 |
| Other provisions | 172 | 155 | 175 |
| Interest-bearing liabilities¹ | 34,542 | 33,696 | 34,400 |
| Lease liability | 1,371 | 949 | 1,371 |
| Derivatives | 145 | 309 | 159 |
| Non-interest-bearing liabilities | 1,527 | 1,567 | 1,135 |
| Total equity and liabilities | 83,781 | 82,961 | 84,109 |
Group – Consolidated condensed statement of changes in equity
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEKm | 30 Sep | 30 Sep | 31 Dec |
| Shareholders' equity at beginning of period | 38,445 | 39,244 | 39,244 |
| Shareholders' equity, | |||
| Opening amount | 38,445 | 39,244 | 39,244 |
| Share buybacks | - | - | - |
| Approved but unpaid dividend | -314 | -283 | -142 |
| Cash dividend | -315 | -283 | -425 |
| Profit/loss for the period | -168 | -668 | -213 |
| Other comprehensive income | - | - | -19 |
| Total Shareholders' equity at end of period¹ | 37,648 | 38,010 | 38,445 |
¹ There is no non-controlling interests
Group – Consolidated statement of cash flows
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEKm | Jan-Sep | Jan-Sep | Jan-Dec |
| Operations | |||
| Net operating income | 1,926 | 1,907 | 2,532 |
| Central administration | -78 | -80 | -93 |
| Reversal of depreciation and impairment | 8 | 9 | 13 |
| Interest received | 14 | 15 | 21 |
| Interest paid¹ | -811 | -856 | -1,121 |
| Income tax paid | - | - | - |
| Total | 1,059 | 995 | 1,352 |
| Change in working capital | -244 | 110 | 74 |
| Change in development properties | -124 | 244 | 473 |
| Change in current receivables | 191 | 118 | -264 |
| Change in current liabilities | -177 | 472 | 283 |
| Total change in working capital | 882 | ||
| Cash flow from operating activities | 1,467 | 1,635 | |
| Investing activities | |||
| Investments in new-builds, extensions and conversions | -1,481 | -1,662 | -2,282 |
| Acquisition of properties | - | - | - |
| Divestment of properties via company | 960 | - | - |
| Other non-current financial assets | -96 | -102 | -179 |
| Cash flow from investing activities | -617 | -1,764 | -2,461 |
| Financing activities | |||
| Dividend to shareholders | -456 | -472 | -613 |
| Treasury share buybacks | - | - | - |
| Borrowings | 15,618 | 17,845 | 24,759 |
| Repayment of debt | -15,476 | -17,130 | -23,341 |
| Cash flow from financing activities | -314 | 243 | 805 |
| Cash flow for the period | -49 | -54 | -21 |
| Cash and cash equivalents at beginning of period | 64 | 85 | 85 |
| Cash and cash equivalents at end of period | 15 | 31 | 64 |
¹Of which other financial costs , SEK -22m (-29).
Group – key performance indicators
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| Financial¹ | Jan-Sep | Jan-Sep | Jan-Dec |
| Return on equity, % | -0.6 | -2.3 | -0.5 |
| Interest coverage ratio, multiple | 2.5 | 2.5 | 2.5 |
| Equity/assets ratio, % | 45 | 46 | 46 |
| Loan-to-value ratio, properties, % | 43 | 43 | 43 |
| Debt ratio, multiple | 14.0 | 13.9 | 14.1 |
| Debt/equity ratio, multiple | 0.9 | 0.9 | 0.9 |
| Share-based¹ | |||
| Earnings per share, SEK² | -0:53 | -2:12 | -0:68 |
| Equity per share, SEK | 120 | 121 | 122 |
| Cash flow from operating activities per share, SEK | 2:80 | 4:66 | 5:20 |
| No. of shares outstanding at end of period, thousands | 314,577 | 314,577 | 314,577 |
| Average no. of shares, thousands | 314,577 | 314,577 | 314,577 |
| Property-related | |||
| No. of properties | 99 | 100 | 100 |
| Carrying amount, properties, SEKm | 78,450 | 78,241 | 78,904 |
| Lettable area, sqm | 1,265,000 | 1,260,000 | 1,271,174 |
| Development properties, SEKm | 1,009 | 722 | 754 |
| Financial occupancy rate, % | 87 | 89 | 88 |
| Total return on properties, % | 1.1 | 0.9 | 1.7 |
| Surplus ratio, % | 74 | 75 | 74 |
| Average remaining contract period(property managment), year | 5.1 | 4.3 | 4.8 |
¹Unless otherwise stated, the key performance indicator is not defined under IFRS. See definitions.
Group – EPRA key performance indicators
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| EPRA Key performance indicator | Jan-Sep | Jan-Sep | Jan-Dec |
| EPRA Earnings (income from property mgmt after tax), SEKm | 952 | 1,012 | 1,227 |
| EPRA Earnings (EPS), SEK/share | 3:03 | 2:93 | 3:90 |
| EPRA NRV (long-term net asset value), SEKm | 46,012 | 46,326 | 46,468 |
| EPRA NRV, SEK/share | 146 | 147 | 148 |
| EPRA NTA (net asset value), SEKm | 43,019 | 43,300 | 43,514 |
| EPRA NTA, SEK/share | 137 | 138 | 138 |
| EPRA NDV (net asset value), SEKm | 37,758 | 38,088 | 38,382 |
| EPRA NDV, SEK/share | 120 | 121 | 122 |
| EPRA Vacancy rate, % | 13 | 11 | 12 |
| EPRA Rental growth identical portfolio | -3 | 5 | 5 |
| EPRA Investments | 1,515 | 1,732 | 2,376 |
²Definition according to IFRS.
Group – deferred tax
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| Deferred tax attributable to: | 30 Sep | 30 Sep | 31 Dec |
| - tax loss carryforwards, SEKm | -190 | -94 | -309 |
| - difference between carrying amount and tax value of properties, SEKm | 8,510 | 8,341 | 8,632 |
| - derivatives, SEKm | 67 | 50 | 112 |
| - other, SEKm | -11 | -22 | -11 |
| Net debt, deferred tax, SEKm | 8,376 | 8,275 | 8,424 |
Group – Consolidated condensed income statement, quarterly overview
| 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Rental income | 864 | 852 | 865 | 861 | 847 | 864 | 867 | 827 |
| Sales property projects | - | 128 | - | 3 | 88 | - | 141 | 67 |
| Net sales | 864 | 980 | 865 | 864 | 935 | 864 | 1,008 | 894 |
| Property expenses | -191 | -219 | -265 | -233 | -191 | -214 | -248 | -203 |
| Costs property projects | -3 | -99 | -6 | -6 | -100 | -6 | -140 | -86 |
| Gross profit | 670 | 662 | 594 | 625 | 644 | 644 | 620 | 605 |
| of which gross profit property management | 673 | 633 | 600 | 628 | 656 | 650 | 619 | 624 |
| Surplus ratio | 78% | 74% | 69% | 73% | 77% | 75% | 71% | 76% |
| of which gross profit property projects | -3 | 29 | -6 | -3 | -12 | -6 | 1 | -19 |
| Central administration | -19 | -26 | -33 | -13 | -20 | -31 | -29 | -16 |
| Net interest expense | -236 | -240 | -242 | -235 | -242 | -245 | -240 | -237 |
| Ground rent | -10 | -10 | -10 | -10 | -10 | -10 | -11 | -10 |
| Share in profit of associated companies | -12 | -14 | -24 | -34 | -19 | -27 | -11 | 3 |
| Profit/loss from property management | 393 | 372 | 285 | 333 | 353 | 331 | 329 | 345 |
| Impairment development properties | - | -21 | - | -40 | -34 | - | - | - |
| Realised changes in value of properties | - | - | -37 | - | - | - | 3 | - |
| Unrealised changes in value of properties | -338 | -85 | -565 | 18 | 224 | -80 | -1,381 | -2,415 |
| Unrealised changes in value, fixed-income derivatives | 113 | -356 | 27 | 301 | -472 | -184 | 213 | -888 |
| Changes in value, equities | - | -1 | -2 | -3 | - | - | - | -3 |
| Profit/loss before tax | 168 | -91 | -292 | 609 | 71 | 67 | -836 | -2,961 |
| Current tax | 0 | - | - | - | - | - | - | -1 |
| Deferred tax | -69 | -26 | 141 | -154 | -57 | -50 | 137 | 971 |
| Profit/loss for the period | 99 | -117 | -151 | 455 | 14 | 17 | -699 | -1,991 |
Group – Consolidated condensed statement of financial position, quarterly overview
| 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Assets | ||||||||
| Goodwill | 205 | 205 | 205 | 205 | 205 | 205 | 205 | 205 |
| Properties | 78,450 | 78,317 | 77,805 | 78,904 | 78,241 | 77,584 | 77,358 | 78,093 |
| Right-of-use asset, leasehold | 1,371 | 1,371 | 1,371 | 1,371 | 949 | 949 | 949 | 949 |
| Other property, plant and equipment | 35 | 35 | 34 | 34 | 32 | 31 | 30 | 30 |
| Derivatives | 472 | 442 | 697 | 702 | 551 | 881 | 1,029 | 925 |
| Non-current financial assets | 763 | 748 | 736 | 728 | 1,378 | 1,356 | 1,343 | 1,319 |
| Development properties | 1,009 | 935 | 860 | 754 | 722 | 795 | 395 | 519 |
| Current assets | 1,361 | 1,461 | 1,482 | 1,247 | 753 | 857 | 1,247 | 997 |
| Short-term investments | 100 | 100 | 99 | 100 | 99 | 98 | 98 | 98 |
| Cash and cash equivalents | 15 | 22 | 57 | 64 | 31 | 10 | 31 | 85 |
| Total assets | 83,781 | 83,636 | 83,346 | 84,109 | 82,961 | 82,766 | 82,685 | 83,220 |
| Equity and liabilities | ||||||||
| Shareholders' equity | 37,648 | 37,548 | 38,294 | 38,445 | 38,010 | 37,996 | 38,545 | 39,244 |
| Deferred tax | 8,376 | 8,308 | 8,282 | 8,424 | 8,275 | 8,218 | 8,168 | 8,305 |
| Other provisions | 172 | 173 | 175 | 175 | 155 | 153 | 154 | 158 |
| Interest-bearing liabilities | 34,542 | 34,203 | 33,633 | 34,400 | 33,696 | 33,715 | 33,579 | 32,982 |
| Lease liability | 1,371 | 1,371 | 1,371 | 1,371 | 949 | 949 | 949 | 949 |
| Derivatives | 145 | 228 | 128 | 159 | 309 | 166 | 130 | 240 |
| Non-interest-bearing liabilities | 1,527 | 1,805 | 1,463 | 1,135 | 1,567 | 1,569 | 1,160 | 1,342 |
| Total equity and liabilities | 83,781 | 83,636 | 83,346 | 84,109 | 82,961 | 82,766 | 82,685 | 83,220 |
| Group – key performance indicators in summary, quarterly overview |
||||||||
| 2025 | 2024 | 2023 | ||||||
| SEKm | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Financial¹ | ||||||||
| Return on equity, % | 1.1 | -1.2 | -1.6 | 4.8 | 0.1 | 0.2 | -7.2 | -19.8 |
| Interest coverage ratio, multiple² | 2.7 | 2.6 | 2.3 | 2.6 | 2.5 | 2.5 | 2.4 | 2.4 |
| Equity/assets ratio, % | 45 | 45 | 46 | 46 | 46 | 46 | 47 | 47 |
| Loan-to-value ratio, properties, % | 43 | 43 | 43 | 43 | 43 | 43 | 43 | 42 |
| Debt ratio, multiple | 14.0 | 14.1 | 14.0 | 14.1 | 13.9 | 13.9 | 13.8 | 13.5 |
| Debt/equity raio, multiple | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.8 |
| Share-based¹ | ||||||||
| Earnings per share for the period, SEK² | 0:32 | -0:37 | -0:48 | 1:45 | 0:04 | 0:05 | -2:22 | -6:33 |
| Equity per share, SEK | 120 | 119 | 122 | 122 | 121 | 121 | 123 | 125 |
| Cash flow from operating activities per share, SEK | 0:96 | 0:54 | 1:30 | 0:53 | 1:99 | 2:07 | 0:60 | 1:15 |
| No. of shares outstanding at the end of the period, thousands | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 |
| Average no. of shares, thousands | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 | 314,577 |
| Property-related | ||||||||
| 87 | 87 | 87 | 88 | 88 | 90 | 90 | 91 | |
| Financial occupancy rate, % | 1.1 | 0.7 | 0.0 | 0.8 | 1.1 | 0.7 | -1.0 | -2.2 |
| Total return on properties, % | 78 | 74 | 69 | 73 | 77 | 75 | 71 | 76 |
| Surplus ratio, % |
¹Unless otherwise stated, the key performance indicator is not defined under IFRS. Please refer to definitions. ²Definition according to IFRS.
Group – reconciliation of key performance indicators
Reconciliation of the financial key performance indicators that Fabege reports is presented below.
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| Equity/assets ratio | 30 Sep | 30 Sep | 31 Dec |
| Shareholders' equity, SEKm | 37,648 | 38,010 | 38,445 |
| Total assets, SEKm | 83,781 | 82,961 | 84,109 |
| Equity/assets ratio, % | 45 | 46 | 46 |
| 2025 | 2024 | 2024 | |
| Loan-to-value ratio, properties | 30 Sep | 30 Sep | 31 Dec |
| Interest-bearing liabilities, SEKm | 34,542 | 33,696 | 34,400 |
| Carrying amount, properties, SEKm | 78,450 | 78,241 | 78,904 |
| Carrying amount, development properties, SEKm | 1,009 | 722 | 754 |
| Loan-to-value ratio, properties, % | 43 | 43 | 43 |
| 2025 | 2024 | 2024 | |
| Debt ratio | 30 Sep | 30 Sep | 31 Dec |
| Gross profit, SEKm | 2,551 | 2,513 | 2,532 |
| Central administration, SEKm | -91 | -96 | -93 |
| Total, SEKm | 2,460 | 2,417 | 2,439 |
| Interest-bearing liabilities, SEKm | 34,542 | 33,696 | 34,400 |
| Debt ratio, multiple | 14 | 14 | 14 |
| 2025 | 2024 | 2024 | |
| Interest coverage ratio, multiple | 30 Sep | 30 Sep | 31 Dec |
| Gross profit, SEKm | 1,926 | 1,907 | 2,532 |
| Ground rent, SEKm | -31 | -31 | -41 |
| Central administration, SEKm | -78 | -80 | -93 |
| Total, SEKm | 1,817 | 1,796 | 2,398 |
| Net interest expense, SEKm | -718 | -727 | -962 |
| Interest coverage ratio, multiple | 2.5 | 2.5 | 2.5 |
Group – reconciliation of KPIs, cont .
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| Return on equity | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full-year |
| Profit/loss for the period, SEKm | 99 | 14 | -168 | -668 | -213 |
| Average equity, SEKm | 37,598 | 38,003 | 38,047 | 38,627 | 38,845 |
| Return on equity, % | 1.1 | 0.1 | -0.6 | -2.3 | -0.5 |
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| Total return on properties | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full-year |
| Net operating income, SEKm | 673 | 656 | 1,906 | 1,924 | 2,553 |
| Unrealised and realised changes in the value of properties, SEKm | -338 | 224 | -1,025 | -1,232 | -1,218 |
| Market value including investments for the period, SEKm | 78,803 | 78,016 | 78,709 | 79,473 | 80,118 |
| Total return on properties, % | 0.4 | 1.1 | 1.1 | 0.9 | 1.7 |
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| Total return on properties | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full-year |
| Net operating income, SEKm | 34,542 | 33,696 | 34,542 | 33,696 | 34,400 |
| Unrealised and realised changes in the value of properties, SEKm | 37,648 | 38,010 | 37,648 | 38,010 | 38,445 |
| Total return on properties, % | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| Equity per share | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full-year |
| Shareholders' equity, SEKm | 37,648 | 38,010 | 37,648 | 38,010 | 38,445 |
| No. of shares outstanding at end of period, million | 315 | 315 | 315 | 315 | 315 |
| Equity, SEK per share | 120 | 121 | 120 | 121 | 122 |
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| Cash flow per share | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full-year |
| Cash flow from operating activities, SEKm | 302 | 628 | 882 | 1,467 | 1,635 |
| Avergae number of shares, million | 315 | 315 | 315 | 315 | 315 |
| Cash flow, SEK per share | 0:96 | 1:99 | 2:80 | 4:67 | 5:19 |
Group – reconciliation of EPRA key performance indicators
| 2025 | 2024 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Jan-Sep | Jan-Sep | Jan-Dec | |||||||
| EPRA NRV, EPRA NTA & EPRA NDV | NRV | NTA | NDV | NRV | NTA | NDV | NRV | NTA | NDV |
| Shareholders' equity, SEKm | 37,648 | 37,648 | 37,648 | 38,010 | 38,010 | 38,010 | 38,445 | 38,445 | 38,445 |
| Reversal of approved but unpaid dividend, SEKm | 315 | 315 | 315 | 283 | 283 | 283 | 142 | 142 | 142 |
| Reversal of fixed-income derivatives according to balance sheet, | |||||||||
| SEKm | -327 | -327 | -327 | -242 | -242 | -242 | -543 | -543 | -543 |
| Reversal of deferred tax according to balance sheet, SEKm | 8,376 | 8,376 | 8,376 | 8,275 | 8,275 | 8,275 | 8,424 | 8,424 | 8,424 |
| Reversal of goodwill according to balance sheet, SEKm | - | -205 | -205 | - | -205 | -205 | - | -205 | -205 |
| Deduction of actual deferred tax, SEKm | - | -2,788 | -2,788 | - | -2,821 | -2,821 | - | -2,749 | -2,749 |
| Deduction of fixed-income derivatives according to balance sheet, SEKm |
- | - | 327 | - | 242 | - | 543 | ||
| Deduction of deferred tax according to balance sheet after | |||||||||
| adjustment of estimated actual deferred tax, SEKm | - | - | -5,588 | - | - | -5,454 | - | - | -5,675 |
| NAV, SEKm | 46,012 | 43,019 | 37,758 | 46,326 | 43,300 | 38,088 | 46,468 | 43,514 | 38,382 |
| Number of shares outstanding, millions | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 | 314.6 |
| NAV, SEK per share | 146 | 137 | 120 | 147 | 138 | 121 | 148 | 138 | 122 |
| 2025 | 2024 | 2024 | |||||||
| EPRA EPS | Jan-Sep | Jan-Sep | Jan-Dec | ||||||
| Profit/loss from property management, SEKm | 1,050 | 1,012 | 1,345 | ||||||
| Deduction for tax depreciation, SEKm | -578 | -570 | -770 | ||||||
| Total, SEKm | 472 | 442 | 575 | ||||||
| Nominal tax (20.6%), SEKm | 97 | 92 | 118 | ||||||
| EPRA earnings in total (profit/loss from property management less | |||||||||
| nominal tax), SEKm | 953 | 920 | 1,227 | ||||||
| Number of shares, millions | 314.6 | 314.6 | 314.6 | ||||||
| EPRA EPS, SEK per share | 3:03 | 2:93 | 3:90 | ||||||
| 2025 | 2024 | 2024 | |||||||
| EPRA Vacancy rate | Jan-Sep | Jan-Sep | Jan-Dec | ||||||
| Estimated market value of vacant property rents, SEKm | 513 | 385 | 445 | ||||||
| Annual rental value, entire portfolio, SEKm | 3,815 | 3,602 | 3,587 | ||||||
| EPRA Vacancy rate, % | 13 | 11 | 12 | ||||||
| 2025 | 2024 | 2024 | |||||||
| EPRA rental growth identical portfolio | Jan-Sep | Jan-Sep | Jan-Dec | ||||||
| Change, % | -3.2 | 5.0 | 4.5 | ||||||
| Change,SEKm | -91 | 120 | 139 | ||||||
| Rental income identical portfolio current period, SEKm | 2,321 | 2,408 | 3,196 | ||||||
| Rental income identical portfolio previous period, SEKm | 2,397 | 2,288 | 3,057 | ||||||
| 2025 | 2024 | 2024 | |||||||
| EPRA investments | Jan-Sep | Jan-Sep | Jan-Dec | ||||||
| Acquisitions, SEKm | - | - | - | ||||||
| Investment in development and project properties, SEKm | 912 | 1,188 | 1,606 | ||||||
| Investment in investment properties | 603 | 544 | 770 | ||||||
| Whereof capitalised interest | 33 | 69 | 93 | ||||||
| Total EPRA investments | 1,515 | 1,732 | 2,376 |
Parent Company – condensed income statement
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEKm | Jan-Sep | Jan-Sep | Jan-Dec |
| Income | 305 | 335 | 428 |
| Expenses | -352 | -461 | -462 |
| Net financial items | 941 | 1,668 | 1,569 |
| Share in profit of associated companies | - | - | - |
| Changes in value, fixed-income derivatives | -216 | -444 | -143 |
| Changes in value, equities | -3 | - | -3 |
| Appropriation | - | - | -6 |
| Profit/loss before tax | 675 | 1,098 | 1,383 |
| Current tax | - | - | - |
| Deferred tax | 63 | 130 | 29 |
| Profit/loss for the period | 738 | 1,228 | 1,412 |
| 2025 | 2024 | 2024 | |
| SEKm | Jan-Sep | Jan-Sep | Jan-Dec |
| Investments in Group companies | 13,400 | 13,400 | 13,400 |
| Other non-current assets | 51,704 | 50,224 | 50,711 |
| of which, receivables from Group companies | 51,199 | 49,616 | 49,992 |
| Current assets | 148 | 80 | 152 |
| Cash and cash equivalents | 2 | 1 | 43 |
| Total assets | 65,254 | 63,705 | 64,306 |
| Shareholders' equity | 12,464 | 12,171 | 12,355 |
| Provisions | 147 | 132 | 194 |
| Non-current liabilities | 48,176 | 46,275 | 48,930 |
| of which, liabilities to Group companies | 17,657 | 17,189 | 17,619 |
| Current liabilities | 4,467 | 5,127 | 2,827 |
Total equity and liabilities 65,254 63,705 64,306
О-п Fabege 2025/Q3
Notes
Note 1 EU Taxonomy
| Key ratios | Total, SEKm | Activities eligible for | Percentage of activities not eligible for the taxonomy |
not eligible for the |
|---|---|---|---|---|
| Revenue | 2,581 | 100 | 71 | |
| Operating | 96 | 100 | 61 | |
| Capital | 1,515 | 100 | 67 |
Percentage of activities eligible for the taxonomy
Fabege owns and manages properties, with a primary focus on commercial properties in the Stockholm area. The vast majority of the property portfolio falls within the scope of the taxonomy and the economic activities applied are
CCM 7.1 Construction of new buildings CCM 7.7 Acquisition and ownership of buildings
The proportion of economic activities that are environmentally sustainable according to the EU Taxonomy Regulation is reported based on three financial indicators: turnover, operating expenditure and capital expenditure.
Recognition of turnover:
All turnover relating to the properties included in the economic activities above is recognised. This relates to rental income including customary supplements and the turnover attributable to Birger Bostad's sale of completed homes. No material income that should be excluded has been identified
Recognition of operating expenditure:
Operating expenditure includes property
management costs, ongoing repairs, maintenance
and expensed tenant customisations. Birger
Bostad's production costs for residential
development are recorded as operating expenses
but are not included here, as they do not fall within
the definition of operating expenses according to
the taxonomy.
Recognition of capital expenditure:
Relates to capital expenditure for acquisitions and capitalised investment expenditure relating to the properties included in the economic activities.
Percentage of activities
Percentage of activities aligned with the taxonomy
Fabege contributes significantly to objective 1, i.e. climate change mitigation, including the Do No Significant Harm criteria. The existing properties assessed as being aligned with objective 1 have an EPC-A level energy performance certificate or are in the top 15 per cent in terms of primary energy use in Sweden (in accordance with the definition applied by the Swedish Property Federation for existing buildings). The properties have undergone a climate resilience analysis.
Fabege's assessment is that 71 per cent of its turnover, 61 per cent of its operating expenditure and 67 per cent of its capital expenditure are aligned with the taxonomy, based on fulfilment of objective 1 (CCM), including the DNSH criteria. The outcome for the primary energy rating is taken from the currently-valid energy performance certificate. The reason for the percentage of capital expenditure that is green being reported as low is that Fabege has chosen to make a conservative assessment of ongoing new construction projects and interpret that they are covered by all DNSH requirements in 7.1. The same interpretation has been made regarding the turnover attributable to Birger Bostad's sale of completed homes. These are reported as non-compliant with the taxonomy, as
interpretations of the DNSH requirements and documentation of this to demonstrate compliance are not yet fully in place. Fabege's assessment is that, in the long term at least, parts of the capital expenditure and turnover attributable to residential development will be able to be classified as aligned with the taxonomy.
Fabege also meets the taxonomy's requirements for minimum safeguards relating to human rights, anti-corruption, transparency regarding tax burdens and fair competition.
For more information, see Fabege's Annual and Sustainability Report 2024 on pages 88–92.
Note 2 Fair value of financial instruments
Derivatives are measured continuously at fair value as Level 2 assets in the balance sheet. The derivatives portfolio is measured at the present value of future cash flows. Changes in value are recognised in profit or loss. Changes in value are recognised for accounting purposes and have no impact on cash flow. At maturity, the market value of derivative instruments is always zero. The valuation assumptions have not changed significantly compared with the most recent annual report. For all other financial assets and liabilities, the carrying amount is deemed to be a good approximation of fair value.
Note 3 Contingent liabilities
Contingent liabilities at the balance sheet date consisted of guarantees and commitments given by the Parent Company in favour of associated companies amounting to SEK 326m (327), and by subsidiaries in favour of other Group companies amounting to SEK 4m (6), and other 0 (0).
Note 4 Seament reporting
Rental income and property expenses, as well as realised and unrealised changes in the value of properties, are directly attributable to properties in the respective segments (direct income and
expenses). If a property changes type during the year, the earnings attributable to that property are allocated to the respective segments based on the period of time for which the property belonged to each segment. Central administration costs and net financial items have been allocated to segments on a standardised basis according to each segment's share of the total property value (indirect income and expenses). Property assets are directly attributed to the respective segments and recognised on the balance sheet date. All revenue and expenses attributable to Birger Bostad's operations are recognised in the Residential segment.
Note 5 Transactions with related parties
Backahill AB has a controlling interest in Hansan AB. Consulting services totalling SEK 0.7m (0.7) were procured during the period. During the period, consulting services totalling SEK 0.7m (1.1) were also purchased from Born Advokater, where Fabege's Chairperson Jan Litborn is a partner. Contributions and loans of SEK 95m (116) have been made to Arenabolaget i Solna KB. Nya Svensk Fastighets Finansiering AB (SFF) is a finance company with a covered MTN programme. The company is owned by Catena AB, Diös Fastigheter AB, Fabege AB, Platzer Fastigheter Holding AB and Wihlborgs Fastigheter AB, each owning 20 per cent. The bonds are secured by property mortgage deeds and share pledges. The MTN framework amounts to SEK 12.000m
(12,000). As of 30 September 2025, Fabege had outstanding bonds totalling SEK 738m (738). All transactions are conducted based on market terms and conditions
This is Fabege
Fabege is one of Sweden's leading property companies. We develop attractive and sustainable city districts, with a primary focus on commercial properties within a limited number of welllocated submarkets in the Stockholm region.
We are one of the largest property owners in Stockholm and have a clear strategy for our property holdings, with a portfolio grouped into clusters. The Group also includes Birger Bostad, which is a property development company focused on residential and public-services property. The large number of residential building rights that we hold means that together we have a great opportunity to create mixed-use developments in our city districts. The concentration of our properties in well-contained clusters ensures greater customer proximity and, when coupled with Fabege's thorough knowledge of the market, creates a solid foundation for efficient property management and high occupancy rates. At the end of the quarter, Fabege owned 99 properties, with a combined rental value of SEK 4.2bn, lettable floor space of 1.3m sqm and a carrying amount of SEK 78.5bn, of which development and project properties accounted for SEK 12.5bn. The value of developable properties in Birger Bostad totalled SEK 1.0bn.
Business concept
Fabege develops sustainable city districts, with a primary focus on commercial properties within a number of well-located submarkets in the Stockholm region.
Value is created via property management, property development, project development and transactions. We are keen to be a supportive partner that puts people front and centre and enables companies, locations and our city to develop.
Business model
Fabege is active in three business areas: Property Management, Property Development and Transactions.
Strategy for growth
Fabege's strategy is to create value by managing, improving and developing its property portfolio and, through transactions, acquiring and divesting properties with the aim of increasing the property portfolio's potential. Fabege's properties are located in the most liquid market in Sweden. Modern properties in attractive locations and customeroriented operation and management by our own staff ensure low vacancy rates and high costefficiency in the investment portfolio. Concentrated portfolios and a significant portfolio of building rights provide opportunities for value-adding project development on land owned by the company.
Value drivers
Fabege's operations are affected by a number of external factors, such as the pricing of and demand for premises, the transaction market's yield requirements, and changes in market interest rates, which create the conditions for the company's success.
The Stockholm market
Stockholm is one of the five metropolitan areas in Western Europe with the highest rate of population growth. The population of Stockholm County is forecast to continue to grow over the next 20 years. However, the growth in the number of people employed in office activities has levelled off and, in general, vacancies have increased over the last two years.
Changing demand
New technology and new working methods are fuelling demand for flexible, space-efficient premises in prime locations. Peripheral services and effective communication links in the form of public transport are in increasing demand, as are environmentally-certified offices and green leases.
Economic trends
The property market is impacted by trends in both the Swedish and the global economy. Demand for premises is closely linked to GDP growth and companies' need for premises. Changes in market interest rates affect required rates of return.
Sustainable urban development
Sustainability issues are becoming increasingly important in terms of both individual properties and entire areas. Interest in environmental considerations relating to the choice of materials and energy-saving measures is on the rise. Demand is increasing for premises in areas with a good mix of offices, retail, service and residential units, and good transport links and environmental engagement.
Business model
Property Management
The essence of Fabege's operations is finding the right premises for a customer's specific requirements and ensuring that the customer is content. This is accomplished through long-term engagement based on close dialogue with the customer, building mutual trust and loyalty.
Property Development
High-quality property development is the second key cornerstone of our business. Fabege has long-standing expertise in pursuing extensive property development projects, with the aim of attracting long-term tenants to properties that have not yet been fully developed and can be redesigned based on the customer's specific requirements.
Transactions
Property transactions are an integral part of Fabege's business model and make a significant contribution to the company's earnings. The company continuously analyses its property portfolio in order to utilise opportunities to generate capital growth through acquisitions and divestments.
Definitions1
Actual deferred tax - Estimated actual deferred tax has been calculated as approximately 4 per cent based on a 3 per cent discount rate. Furthermore, it has been assumed that loss carryforwards are realised over four years with a nominal tax rate of 20.6 per cent, which results in a net present value for deferred tax assets of 19.7 per cent. The calculation is also based on the property portfolio being realised over 50 years, 10 per cent being sold directly with a nominal tax rate of 20.6 per cent, and the remaining 90 per cent being sold indirectly via companies with a nominal tax rate of 6 per cent, which results in a net present value for deferred tax liabilities of 4 per cent.
Cash flow from operating activities per share - Cash flow from operating activities (after changes in working capital) divided by the average number of shares outstanding.
Debt/equity ratio - Interest-bearing liabilities divided by shareholders' equity.
Debt ratio - Interest-bearing liabilities divided by rolling twelve-month gross earnings less central administration costs.
Developable properties² - Properties held for the purpose of developing and disposing of housing, including rental and tenant-owner apartments and public-services property.
Earnings per share - Parent Company shareholders' share of earnings after tax for the period, divided by the average number of shares outstanding during the period. Definition according to IFRS.
EPRA EPS - Profit from property management less tax at the nominal rate attributable to profit from property management, divided by the average number of shares. Taxable profit from property management is defined as the profit from property management less such items as tax-deductible depreciation and amortisation and renovations.
EPRA NDV – NET disposal value - Equity according to the balance sheet with reversal of goodwill according to the balance sheet. Reversal of approved, unpaid dividends.
EPRA NDV per share - EPRA NDV divided by the number of shares at the end of the period
EPRA NTA – NET tangible assets - Shareholders' equity according to the balance sheet following the reversal of fixed-income derivatives, goodwill and deferred tax according to the balance sheet. Adjusted for actual deferred tax instead of nominal deferred tax. Reversal of approved, unpaid dividends.
EPRA NTA per share - EPRA NTA divided by the number of shares at the end of the period
EPRA NRV – NET REINSTATEMENT VALUE
Shareholders' equity according to the balance sheet following the reversal of fixed-income derivatives and deferred tax according to the balance sheet. Reversal of approved, unpaid dividends.
EPRA NRV per share - EPRA NRV divided by the number of shares at the end of the period
EPRA Rental income change like-for-like portfolio
The difference between rental income like-for-like portfolio in the current period and rental income likefor-like portfolio in the previous period, divided by rental income like-for-like portfolio in the previous period.
EPRA vacancy rate
Estimated market vacant rents divided by the annual rental value for the entire property portfolio.
Equity/assets ratio - Shareholders' equity including non-controlling interests divided by total assets.
Equity per share - Parent Company shareholders' share of equity according to the balance sheet, divided by the number of shares outstanding at the end of the period.
Financial occupancy rate² - Lease value divided by rental value at the end of the period.
Improvement properties² - Properties for which a redevelopment or extension is in progress or planned that has a significant impact on the property's net operating income. Net operating income is affected by limitations on lettings prior to imminent development work.
Interest coverage ratio - Ratio of gross earnings, including ground rent less central administration costs, to net interest items (interest expenses less interest income).
Land and project properties² - Land and developable properties, and properties undergoing new construction/complete redevelopment.
Lease value² - Stated as an annual value. Indexadjusted basic rent under the rental agreement plus rent supplements.
Like-for-like portfolio² - The properties not classified as project properties and that are owned by Fabege throughout the financial period and during the corresponding financial period in the previous year.
Loan-to-value ratio, properties - Interest-bearing liabilities divided by the carrying amount of the properties at the end of the period.
Management properties² - Properties that are being actively managed on an ongoing basis.
Net lettings² - New lettings signed during the period less notices of termination received.
Return on invested capital in the project portfolio²
The change in the value of project and development properties, divided by the capital invested (excluding the initial value) in project and development properties during the period.
Return on equity - Profit for the period/year divided by the average shareholders' equity including noncontrolling interests. In interim reports, the return is converted into its annualised value without taking seasonal variations into account.
Return, share - Dividend for the year divided by the share price at year-end.
Rental value²
Lease value plus the estimated annual rent for unutilised premises after a reasonable general renovation.
Retention rate² - Proportion of leases that are extended in relation to the proportion of cancellable leases.
Surplus ratio² - Net operating income divided by rental income.
Total return on properties - Net operating income for the period plus unrealised and realised changes in the value of properties, divided by market value at start of period plus investments for the period.
- ¹ Fabege presents certain financial performance measures in the Interim Report that are not defined in IFRS. The company believes that these measures, which are more specific to the industry sector, provide valuable supplementary information for investors and the company's management, as they enable an assessment and benchmarking of the company's reporting. Since not all companies calculate financial performance measures in the same way, they are not always comparable with measures used by other companies. These financial performance measures should therefore not be regarded as substitutes for measures defined in IFRS. The key performance indicators are not defined in IFRS, unless otherwise stated.
- ² This key ratio is operational and is not regarded as an alternative performance measure according to ESMA's guidelines.
О-п
Fabege 2025/Q3
33
Fabege AB (publ) Box 730, SE-169 27 Solna Visitors: Gårdsvägen 6, 7tr
169 70 Solna
Phone: +46 (0) 8 555 148 00 Email: [email protected]
Corporate registration number: 556049-1523
www.fabege.se/en
There will also be a web presentation on the Group's website on 21 October 2025, during which Stefan Dahlbo and Åsa Bergström will present the report.
Stefan Dahlbo, President and CEO +46 (0) 8 555 148 10 [email protected]
Calendar
2026-01-12 Record date for dividend 2026-02-05 Year-end Report 2025 2026-04-16 Annual General Meeting 2026 2026-04-23 Interim Report Jan–Mar 2026 2026-07-06 Interim Report Jan–Jun 2026 2026-10-21 Interim Report Jan–Sep 2026
Press releases during the third quarter 2025
2025-07-07 Interim Report Jan–Jun 2025 2025-09-25 Fabege sells residential building rights in Västra Kungsholmen.
Åsa Bergström, Vice President and CFO +46 (0) 8 555 148 29 [email protected]
Peter Kangert, IR +46 (0) 8 555 148 40 [email protected]
