Arctic: Fabege - Location, location... allocation

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Arctic: Fabege - Location, location... allocation

Fabege Buy Hold

FABG SS | Real Estate | Equity Company Update | 07 July 2026 | 07:38 Sell

Location, location... allocation Financials and estimates changes Target SEK 100.00

Q2/26 came in ahead of consensus and broadly in line with our estimates. While the Key Figures (SEKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

office letting market continues to recover gradually, the residential business is developing Recommendation Buy

Revenue 3,439.0 3,480.0 3,601.9 3,789.6 3,935.9 Target Price 100.00

more favourably and supports higher earnings going forward. We make only limited

Net operating income 2,553.0 2,583.0 2,700.7 2,838.2 2,946.8 Share Price SEK 77.6

estimate changes and reiterate BUY and our SEK 100 target price. The key missing piece EBITDA 2,440.0 2,532.0 2,694.7 2,708.9 2,853.2 Upside (%) 28.9

remains capital allocation, with share buybacks still the clearest near-term catalyst for the IFPM 1,378.0 1,484.0 1,578.5 1,534.8 1,590.9 Market cap (SEKm) 24,413

sharesIFPM ahead of consensus, while net letting was driven by larger terminations EPS (SEK) (0.7) (1.1) 5.2 6.9 6.1 Enterprise Value (SEKm) 65,850

IFPM close to us, ahead of consensus Number of shares (SEKm) 315

Cash 64.0 30.0 54.7 71.1 231.9

Fabege reported a broadly in-line Q2/26, with revenues of SEK 902m, +0.2% versus both ARCe 12 months share price performance: Total equity 38,445.0 37,475.0 38,081.0 39,470.7 40,585.0

and consensus, and IFPM of SEK 403m, +0.7%/+3.9% versus ARCe/consensus. Residential

Net interest bearing debt 34,336.0 34,394.0 34,574.8 34,499.7 34,251.2 119.67 PerformanceFABG SS (%) 2.5%3M -2.2%6M -5.6%1Y

OMX 1.8% -3.4% -8.0%development contributed SEK 39m, ahead of ARCe at SEK 15m, and Fabege announced the start 116.00