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1 Interim Report Q3 2026 Atrium Ljungberg Interim Report / 2026
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2 Interim Report Q3 2026 Overview Cautious optimism in the rental market, but a challenging interest rate environment. PROPERTY PORTFOLIO SEKm +136, 0.2% Changes in value Q3 SEK 62 billion Property value RENTAL MARKET SEKm +2 Net letting Q3 PROJECTS SEKm 654* Investments Q3 SEKb 9.2 In ongoing projects EARNINGS SEKm 538, -2.3% Profit from property management Q3 SEKm 328, -6.8% Net operating income Q3 1 2 3 4 * Excluding acquisitions of SEK 656 million.
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3 Interim Report Q3 2026 Atrium Ljungberg in brief. Property value SEK 62 billion Rental income R12 SEK 3.1 billion Letting area 917,000 sq.m. Letting rate 85.7% Loan-to-value ratio 44.5% 4% Uppsala Stockholm Gothenburg Malmö Offices Retail Residentials Projects and land 66% 20% 3% 12% 4% 82% 10%
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4 Interim Report Q3 2026 OFFICES Quality and location – more important than ever − GDP is growing, and labor market trends are moving in the right direction. − There is a strong historical correlation between GDP and net absorption, albeit with a time lag. − A wait-and-see attitude persists, yet activity in the rental market has increased. − Economic recovery, stronger office-based employment, and limited additions of new office space point to continued improvement. − The "flight to quality" trend continues—demand is concentrated on modern offices in attractive urban locations. Rental and residential market The trend is moving in the right direction in all markets. RETAIL Strengthened consumption and continued positive performance at our retail destinations − Household consumption has continued to strengthen during the third quarter. − The retail sector shows continued growth, with particularly strong performance in the non-daily goods segment. − The first-half increase in both visitor numbers and turnover at our retail locations has persisted through the summer. − There is strong confidence in the future among retail companies, and household sentiment has also improved significantly following the summer.RESIDENTIALS Increased activity and strengthened demand − A strong start to the autumn housing market, with well-attended viewings and increased activity. − Low supply and strong demand in central Stockholm; the Greater Stockholm market is more balanced but trending positively. − Price trends are positive on a year-on-year basis, despite volatility during the quarter. − Household confidence has strengthened, supported by lower interest rates, higher real incomes, and improved personal finances.
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5 Interim Report Q3 2026 Office letting Söderhallarna, Medborgarplatsen 1,958 sq.m. LETTING Chingu Mälarterrassen, Slussen 680 sq.m. LETTING Prosavio Stora Katrineberg, Liljeholmen 668 sq.m. LETTING Designtorget Forumkvarteret, Uppsala 630 sq.m. LETTING Most significant lettings The four most significant lettings in this quarter were in Södermalm, Liljeholmen and Uppsala.
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6 Interim Report Q3 2026 2026 2027 2028 2029 2030 2031 + SEK m 1 328 545 422 353 1 348 Share% 0% 11% 18% 14% 12% 45% 0 250 500 750 1 000 1 250SEK m Stable and diversified customer base ─ Diversified customer base – risk diversification regarding business type, customer, and lease expiry ─ The ten largest customers account for 20% ─ 1,400 commercial leases ─ Only five leases exceed 10,000 sq. m., two of which are for office space ─ Average remaining lease term of 4.8 years Offices 53% Retail 20% Culture/education 10% Restaurants 6% Healthcare 6% Residentials 2% Other 3% Maturity structure (based on time of expiry) Contracted annual rent per premises type Contracted annual rent per customer Other; 80% 10 largest clients; 20% SKH 3% Atlas Copco 3% Ericsson 3% Stockholms Kommun 2% Ekobrottsmyndigheten 2% ICA Sverige 2% Academic Work 2% Domstolsverket 2% Nacka Kommun 1% Region Stockholm 1%
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7 Interim Report Q3 2026 450 500 550 600 650 700 750 800 850 900 950 1000 1050 jan-21 apr-21 jul-21 oct-21 jan-22 apr-22 jul-22 oct-22 jan-23 apr-23 jul-23 oct-23 jan-24 apr-24 jul-24 oct-24 jan-25 apr-25 jul-25 oct-25 jan-26 apr-26 jul-26 SEK m Comparable Total (non-comparable) Trend (Jämförbart) Trend (Totalt) Retail Continued increase in visitor numbers and turnover at our retail locations during the third quarter. Sales per month 2021 January – 2026 AugustOur retail hubs – overview Visitors per month to our retail hubs 40% Food, 29% Alcohol stores, 7% Pharmacies, 4% Clothes and shoes, 13% Electronics, 9% Bulk/low prices, 9% Restaurants/cafes, 7% Service, 6% Home furnishings, 6% Other, 10% Linear (Comparable) Linear (Total, non comparable) 2 000 000 2 250 000 2 500 000 2 750 000 3 000 000 3 250 000 jan feb mar apr may jun jul aug sep oct nov dec 2021 2022 2023 2024 2025 2026
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8 Interim Report Q3 2026 Results Rising rental income driven by completed projects, but lower net operating income due to higher vacancy rates. LETTING RATE 85.7% OPERATING SURPLUS MARGIN 71.0% AVERAGE YIELD REQUIREMENTS 4.7% Changes in the third quarter — Rental income is rising, primarily due to contributions from completed projects. – Six commercial projects have been completed over the past 15 months. — The operating surplus is decreasing due to the acquisition of the coworking company A House, higher credit losses, and increased vacancies — where costs do not decrease at the same rate as revenues. — Interest expenses are rising due to completed projects (where interest capitalization ceases) and a slightly higher average interest rate. — Positive value adjustments driven by cash flow. The average yield remains unchanged, though yields have decreased in certain inner-city locations and increased in less attractive areas. — Earnings/share Q3 2026 SEK 0.56 (SEK 0.51). PROFIT FROM PROPERTY MANAGEMENT CHANGES IN VALUE PROPERTIES RENTAL INCOME OPERATING SURPLUS NET FINANCIAL ITEMS SEKm 761, +3% SEKm 538, -2% SEKm -183, +12% SEKm 328, -7% SEKm 143 Q3 2026 SEKm 2,290, +4% SEKm 1,587, 0% SEKm -513, +5% SEKm 964, -3% SEKm -151 Q1-Q3 2026 Change in value of properties, SEKm Q3 2026 Q1-Q3 2026 Yield requirements -133 -223 Cash flow 259 -24 Project returns 10 88 Acquisitions 8 8 Changes in value 143 -151
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9 Interim Report Q3 2026 Comparable portfolio -1.3%/-2.9% (rental income/operating surplus) Reduced rental income due to a lower occupancy rate. Increased costs driven by higher heating and snow-clearing expenses in Q1, as well as higher credit losses. Other costs are decreasing. The decline in revenue is attributable to the office segment, while the cost increase relates primarily to the retail segment. For Q3 in isolation, rental income decreased by 2.5% and net operating income by 5.0%. OFFICES -2.5%/-3.9% RETAIL +1.6%/-0.6% Operating surplus comparable portfolio Development of rental income and operating surplus in comparable portfolio, Q1-Q3 2026. STORA KATRINEBERG, LILJEHOLMEN
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10 Interim Report Q3 2026 Project operating surplus The project portfolio contributes to rental growth – a total of six commercial projects have been completed in 2025–2026. Hus 49 Stora Marknadshallen, Slakthusområdet. Completed Q1 2026. Q1-Q3 2026 Rental income from projects: Impact of projects, SEK million Q1-Q3 2026 Q1-Q3 2025 Rental income 108 21 Property costs -41 -23 Operating surplus 66 -2 SEKm 1 SEKm 18 SEKm 48 SEKm 22 SEKm 38 SEKm 1 Q1-Q3 2025 Completed 2026 Completed 2025 Ongoing and future
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11 Interim Report Q3 2026 Operating surplus transactions In February, the remaining 50% of the shares in the coworking company A House were acquired. The acquisition represents a strategically important complement to our existing office offering. A HOUSE Acquisition of the remaining 50% in February 2026. MALMEN 12 7,500 sq. m. Sale in July 2026. Impact from transactions, SEKm Q1-Q3 2026 Q1-Q3 2025 Rental income* 42 10 Property costs* 60 3 Operating surplus -18 7 Q1-Q3 2026 Rental income from acquired and sold properties/operations: SEKm 10 SEKm 35 SEKm 7 Q1-Q3 2025 Acquisition Sales * Includes the net effect for the coworking company A House after the elimination of internal rent. Gross revenue from coworking amounts to SEKm 79, and gross costs to SEKm -100.
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12 Interim Report Q3 2026 Financial position Strong balance sheet with a high investment rate in ongoing projects. PROJECTS SEKb 9.2 in ongoing projects SEKb 5.7 remains to be invested KEY PERFORMANCE INDICATORS INTEREST-BEARING LIABILITIES SEKb 27.8 in interest-bearaing liabilities SEKb 0.8 increase during Q3 2026 INTEREST COVERAGE RATIO R12 NET DEBT TO EBITDA R12 LOAN-TO-VALUE RATIO 2.9 times 44.5% 13.9 times — Property value increased by SEK 886 million in Q3. — Acquired building rights for Stanford, Hagastaden (SEK 656 million). Sold with handover of the western section in Q4 2026 (recognized as sold in Q3) and the eastern section in Q3 2027. — Sales totaling SEK 560 million: Stanford West, the Malmen 12 property in Malmö, and tenant-owner apartments at Nobelberget, Sickla. — Project investments of SEK 654 million. — Interest-bearing debt increased by SEK 820 million, primarily due to the Stanford acquisition. — Financial ratios temporarily weakened in Q3 due to the Stanford acquisition. — Net asset value: SEK 54.68 per share. Changes in property value, SEK billion Q3 2026 Q1-Q3 2026 Opening balance property value 61,6 61,0 Acquisitions 0,7 0,7 Sales -0,6 -0,9 Investments in held properties 0,7 1,9 Unrealised changes in value 0,1 -0,2 Closing balance property value 62,5 62,5
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13 Interim Report Q3 2026 Financing Secure financing portfolio and good access to capital on favorable terms. Interest rate duration Credit maturities including unutilised facilities, SEK m CAPITAL DURATION INTEREST RATE DURATION PROPORTION AT FIXED RATE (swap/fixed rate loan) AVAILABLE LIQUIDITY RATING, Moody´s stable outlook 3.2 yrs 2.2 yrs 94% SEKb 9.2 Baa2 — Continued good access to financing on favorable terms. — SEK 1.7 billion bond transaction in August at the lowest level since 2021. — Challenging interest rate environment with sharply rising long-term rates during the quarter. — Focus on a balanced interest rate maturity profile and a high hedging ratio for the 1–2 year horizon. — Portfolio with low exposure to rapid short-term interest rate fluctuations – high proportion of fixed interest rates. — Secure financing position – favorable capital maturity and maturity profile, as well as substantial available liquidity. Duration Volume, SEK m Percentage, % Avrage interest rate, % 2026 2,742 10 1.6 2027 5,803 21 3.0 2028 6,766 24 2.9 2029 5,060 18 2.9 2030 4,950 18 3.5 >2030 2,500 9 3.6 Total 27,820 100 2.9 Total incl unutilised credit facilities 3.1 0 2 000 4 000 6 000 8 000 10 000 12 000 2026 2027 2028 2029 2030 >2030 Bond Certificate Bank/direct loans RCF (not drawn)
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14 Interim Report Q3 2026 13 Ongoing projects Ongoing project portfolio amounts to SEKb 9.2; SEKb 5.7 thereof remains to be invested. The projects are currently primarily concentrated in three of our four development areas in Stockholm – Slakthusområdet, Hagastaden and Södermalm.
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15 Interim Report Q3 2026 Above-ground BTA: 21,300 sq.m. Closing (acquisition): Q3 2026 Closing (disposal): Q4 2026 and Q3 2027 Ekeblad Cambridge Stanford Acquisition and sale, Kv Stanford, Hagastaden.
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16 Interim Report Q3 2026 Sale of Malmen 12, Malmö. Lettable area: 7,500 sq.m. Closing: Q3 2026
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17 Interim Report Q3 2026 Photo: Svenska Brasserier HAGASTADEN Ultra-urban city with an international metropolitan vibe. Area: 80,000 sq.m. Investment: SEKb 8 SLUSSEN Where the whole city meets. From road junction to meeting place. Area: 20,000 sq.m. Investment: SEKb 2 SICKLA The Nordic hub for sustainability, innovation, and well-being. Area: 150,000 sq.m. Investment: SEKb 11 Our largest development projects We are developing the City of Our Dreams – potential future investments of just over SEK 40 billion in land already owned or land allocations obtained, with project start no later than 2033. SLAKTHUSOMRÅDET Stockholm’s new meeting place for food, culture and experiences. Area: 200,000 sq.m. Investment: SEKb 14
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Q3 2026