Fabege AB (FABG.ST): 1H26 results: Profit from prop. mgt 3% above, NRVps 1% below consensus

Research evidence excerpt

Fabege AB (FABG.ST): 1H26 results: Profit from prop. mgt 3% above, NRVps 1% below consensus

Equity Research

6 July 2026 | 7:42AM BST

Fabege AB (FABG.ST): 1H26 results: Profit from prop. mgt 3% above,

NRVps 1% below consensus

Fabege has released 1H26 results. 1H26 profit from property management was 1% Jonathan Kownator

+44(20)7051-2974 |

below GSe and 3% above Visible Alpha Consensus Data while EPRA NRVps was 1% jonathan.kownator@gs.com

Goldman Sachs International

below GSe and Visible Alpha Consensus Data.

Kuber Sood, CFA

+1(332)245-7812 | kuber.sood@gs.com

Operationally, vacancy decreased 100bp vs March 2026 to 13%. Net lettings were Goldman Sachs India SPL

negative Skr86mn for the quarter, reflecting a few larger terminations, including the Rebecca Parker

previously flagged Max Matthiessen exit and a Skr40mn lease termination from +44(20)7051-6646rebecca.x.parker@gs.com|

Telenor, which does not expire until 3Q28. Management highlighted that discussions Goldman Sachs International

with potential replacement tenants have already begun. Leases worth Skr109mn

were renegotiated on rental values 3.3% lower in 1H26 (1.1% lower at 1Q26), while

leases worth Skr121mn were extended on unchanged terms as retention rate

declined to 55% vs 74% in 1H25.

From a balance sheet perspective, LTV remained flat qoq at 43%. The value of

Fabege’s portfolio increased by Skr120mn over the quarter as yield declined 2bp to

4.57%. The average interest rate on the company’s debt increased 3bp to 4.57% over

the quarter, whilst the average fixed maturity increased to 3.1 years. The ICR was

2.6x at 2Q26 flat vs 2.6x at 1Q26.

Management commented the market is improving but still selective, with leasing

demand focused on high-quality offices while decision-making remains slow. Solna