Arctic FLASH: Sveafastigheter - Proposed merge with KlaraBo

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Arctic FLASH: Sveafastigheter - Proposed merge with KlaraBo

Sveafastigheter Buy Hold

SVEAF SS | Real Estate | Equity Company Flash | 18 May 2026 | 09:16 Sell

Proposed merge with KlaraBo Financials Target SEK 50.00

● SBB divests assets to KlaraBo, dissolving the MS JV Key Figures (SEKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

● Sveafastigheter to merge with KlaraBo, creating a SEK 47bn residential company Recommendation Buy

Revenue 1,361.0 1,536.0 1,614.0 1,713.7 1,863.0 Target Price SEK 50.00

● The company has been placed on Rating Watch Positive by Fitch

Net operating income 860.0 1,010.0 996.0 1,103.3 1,202.3 Share Price SEK 33.1

● Approval of the transaction likely given voting undertaking EBITDA 601.0 777.0 903.0 1,007.6 1,094.0 Upside (%) 51.1

● We like the move from a Sveafatsigehter perspective as the transaction should increase IFPM 160.0 375.0 460.9 536.4 598.9 Market cap (SEKm) 6,620

earnings per share and financial flexibility EPS (SEK) (8.1) 0.4 4.1 4.0 3.3 Enterprise Value (SEKm) 18,822

Number of shares (SEKm) 200

Transaction 1 - SBB divests assets to KlaraBo Cash 308.0 501.0 185.0 44.6 234.7

SBB has today entered into an agreement with KlaraBo under which SBB divests SBB Residential Total equity 14,844.0 14,929.0 15,633.7 16,413.3 17,056.2 12 months share price performance:

Property AB (agreed value SEK 5,860m, book value as of Q1/26 of SEK 5,874m), as well as Net interest bearing debt 11,796.0 12,220.0 12,854.4 13,709.9 13,820.0 61.50 Performance (%) 3M 6M 1Y

OSEBX -12.2% -16.5% -5.3%residential properties within SBB Development with an underlying value of SEK 973m, to KlaraBo 58.33 SVEAF SS -12.2% -16.5% -5.3%

(a mix of completed properties as well as properties under management). As payment, KlaraBo Adj.