Fabege-IFPM beat and slight vacancy decrease, although negative net letting-07/06/2026

Research evidence excerpt

Fabege-IFPM beat and slight vacancy decrease, although negative net letting-07/06/2026

Fabege

NEWSFLASH | 6 JUL 2026

IFPM beat and slight vacancy decrease, although negative net letting

Fabege delivered a solid Q2 report with rental income and NOI broadly in line with cons/PASe. Net letting for the quarter

was negative of SEK 86m, mainly explained by the Max Mathiessen departure, resulting in negative net letting of SEK 20m

LTM. Average decline in rental value in renegotiations during the quarter of -2.5%. IFPM beat vs. cons/PASe of 4/7%,

corresponding to a y/y increase of 8%, driven by project completions and residential development. The economic occupancy

rate increased by 1pp q/q to 87%. The average yield requirement decreased slightly by 2bps q/q to 4.57%. We expect to

make some minor positive estimate changes on the back of the report and shares to trade slightly above the real estate

sector today. Hold, TP SEK 86.

Key takeaways

• Rental income and NOI broadly in line with cons/PASe

• Net letting of SEK -86m in Q2, mainly explained by the Max Mathiessen departure accounting for SEK -40m of the net letting during the

quarter

• Average decline in rental value in renegotiations in the quarter of -2.5%

• IFPM beat vs. cons/PASe of 4/7%, corresponding to a y/y increase of 8%, driven by project completions and residential development

• The economic occupancy rate increased by 1pp q/q to 87%

• The average yield requirement in Q2 decreased slightly by 2bps q/q to 4.57%

• Fabege announces the start of 132 residentials in Haga Norra with gradual occupancy from 2028

• Valuation based on PAS pre-report estimates for 2026/27E: 0.52/0.51x EPRA NRV and 16.8/16.8x IFPM per share

Conclusions for the share

• We have a Hold rating and a 12-month TP of SEK 86