Arctic: SBN - Refinancing supports stability; limited estimate changes

Research evidence excerpt

Arctic: SBN - Refinancing supports stability; limited estimate changes

SBN Buy Hold

STUDBO SS | Real Estate | Equity Company Update | 11 May 2026 | 07:50 Sell

Refinancing supports stability; limited estimate changes Financials and estimates changes Target SEK 1.65

SBS reported a Q1 with a solid operational performance, with NOI coming in above Key Figures (SEKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

expectations, while adjusted IFPM was below due to one-offs in both SG&A and Recommendation Hold

Revenue 456.4 485.0 503.0 519.9 545.9 Target Price 1.65

net financials. During the quarter, the company significantly reduced refinancing risk

Net operating income 288.2 304.3 317.1 327.8 344.1 Share Price SEK 1.505

through a successful bond refinancing and new credit approvals, supporting earnings EBITDA 243.7 272.2 288.7 294.1 308.7 Upside (%) 9.6

predictability going forward. Overall, we view the report as neutral. We reiterate our HOLD IFPM 18.8 38.2 71.4 79.3 80.9 Market cap (SEKm) 1,044

recommendation and target price of SEK 1.65 per share, implying 9% upside EPS (SEK) 0.0 0.3 0.2 0.2 0.2 Number of shares (m) 694

Operational strength offset by one-offs; limited estimate revisions 12 months share price performance:

Cash 26.4 127.3 74.3 88.8 108.8

Revenues came in broadly in line with expectations, while NOI was 3% above our estimates, Total equity 2,103.5 2,423.5 2,559.1 2,684.0 2,809.9 Performance (%) 3M 6M 1Y

supported by a stronger-than-expected NOI margin (+1.3pp). SG&A was better than expected, 2.32 STUDBOOMX SS -12.8%-12.8% -11.5%-11.5% 15.3%15.3% Net interest bearing debt 5,518.0 5,437.7 5,460.8 5,438.2 5,384.1 2.21

although driven by one-offs, and remains broadly unchanged on an underlying basis. Adjusted for

2.11