Interim report
Page 1
Interim Report, January–September 2026 Careful optimism on the rental market with a challenging interest rate situation
Page 2
2 Q3. 2026 Interim report Overview January–September 2026 July–September Rental income amounted to SEK 761 million (SEK 736 m), an increase corresponding to 3.4% (–0.7%) – of which a comparable portfolio decreased by –2.5% (2.2%). Net operating income amounted to SEK 538 million (SEK 550 m), a decrease corresponding to –2.3% (1.0%) – of which a comparable portfolio decreased by –5.0% (4.3%). Net sales, project and construction work amounted to SEK 154 million (SEK 109 m), while gross profit totalled SEK 5 million (SEK 2 m). Income from property management amounted to SEK 328 million (SEK 352 m), corresponding to SEK 0.52 per share (SEK 0.56 per share). Unrealised changes in the value of properties amounted to SEK 136 million (SEK 79 m), which included project returns of SEK 10 million (SEK 57 m). Unrealised changes in the value of derivatives amounted to SEK 113 million (SEK –9 m) related to lower market interest rates. Net profit/loss for the period amounted to SEK 353 million (SEK 324 m), corresponding to SEK 0.56/share (SEK 0.51). Net letting for the period amounted to SEK 2 million (SEK 3 m). Investments for the period amounted to SEK 1,310 million (SEK 652 m), of which SEK 656 million (SEK 0 m) refers to acquired properties. NET LETTING +2 SEK M RENTAL INCOME +3.4% CHANGE INCOME FROM PROPERTY MANAGEMENT –6.8% CHANGE INVESTMENTS 1,310 SEK M Overview 1) 2026 July–Sept 2025 July–Sept 2026 Jan–Sept 2025 Jan–Sept 2025/2026 Oct–Sept 2025 Jan–Dec Rental income, SEK m 761 736 2,290 2,197 3,051 2,957 Net sales, project and construction work, SEK m 154 109 429 294 624 488 Net sales, SEK m 915 846 2,720 2,491 3,675 3,446 Gross profit, SEK m 543 552 1,585 1,599 2,113 2,126 Income from property management, SEK m 328 352 964 997 1,274 1,307 Ditto SEK/share 0.52 0.56 1.53 1.58 2.02 2.07 Profit after tax, SEK m 353 324 617 840 600 823 Ditto SEK/share 0.56 0.51 0.98 1.33 0.95 1.31 Property value, SEK m 62,468 60,577 62,468 60,577 62,468 60,965 Investments in properties including acquisitions, SEK m 1,310 652 2,552 2,077 3,370 2,895 Net letting, excl. own terminations, SEK m 2 9 9 23 –3 12 Net letting, incl. own terminations, SEK m 2 3 9 16 –3 5 Loan-to-value ratio, % 44.5 42.0 44.5 42.0 44.5 42.5 Interest coverage ratio 2.8 3.2 3.0 3.1 2.9 3.0 Average closing interest rate excl. underwriting, % 2.9 3.0 2.9 3.0 2.9 3.0 Long-term net asset value, SEK/share 54.68 55.21 54.68 55.21 54.68 54.89 Share price, SEK/share 24.10 31.67 24.10 31.67 24.10 33.22 Climate impact property management kg CO2e/m2 6.6 9.5 6.6 9.5 6.6 10.3 Climate impact projects (Stage A–C) kg CO2e/m2 260 305 260 305 260 265 1) For the complete table of key performance indicators, see page 21 and for definitions, see pages 29–30. January–September Rental income amounted to SEK 2,290 million (SEK 2,197 m), an increase corresponding to 4.3% (–2.3%) – of which a comparable portfolio decreased by –1.3% (2.2%). Net operating income amounted to SEK 1,587 million (SEK 1,594 m), a decrease corresponding to –0.4% (–2.5%) – of which a comparable portfolio decreased by –2.9% (2.6%). Net sales, project and construction work amounted to SEK 429 million (SEK 294 m), while gross profit totalled SEK –2 million (SEK 5 m). Income from property management amounted to SEK 964 million (SEK 997 m), corresponding to SEK 1.53 per share (SEK 1.58 per share). Unrealised changes in the value of properties amounted to SEK –159 million (SEK 280 m), which included project returns of SEK 88 million (SEK 105 m). Unrealised changes in the value of derivatives amounted to SEK 116 million (SEK –223 m). Net profit/loss for the period amounted to SEK 617 million (SEK 840 m), corresponding to SEK 0.98/share (SEK 1.33). Net letting for the period amounted to SEK 9 million (SEK 16 m). Investments for the period amounted to SEK 2,552 million (SEK 2,077 m), of which SEK 656 million (SEK 86 m) refers to acquired properties. KPIs in the quarter
Page 3
3 Q3. 2026 Interim report In a market where the difference between the most attractive locations and the rest of the market is becoming increasingly clear, we continue to see demand for modern offices in quality locations. As firms use their offices in new ways, environments that strengthen culture, cooperation and innovation and con- tribute to attracting both businesses and talents become more important. Quality and location — more important than ever Despite continued geopolitical risks, disruptions on the energy market and strained public finances in several countries, the Swedish economy shows resilience and there was broad GDP growth during the year thanks to investments in defence, infrastructure and AI, strong exports, and households’ improved purchasing power. Sentiment among businesses and households has gradually strengthened and is now above the histori- cal average, and GDP growth is expected to continue to be strong during the rest of the year and next year. The recovery of the Swedish economy is noticeable in particular at our retail hubs, where both the number of visitors and turnover have increased by 4% during the year. It is also worth noting that cyclical categories such as clothes, shoes and interiors show a positive trend. Even the labour market, which usually is late-cycle, has shown signs in recent months that it is starting to move. As of yet there are no clear effects on the labour market for commercial premises, but more tempo- rary employees, more positive recruitment plans, and few redundancy notices are important signals of employment growth and increased demand for office space in the long run. The correlation between GDP and net letting has been strong historically, but with a slight lag. Despite the uncertainties, this is creating optimism about the future. Profit and financial position Rental income continues to increase thanks to our completed projects, at the same time as higher vacancies in the investment property portfo- lio are countering this movement. Despite rental growth, operating net is decreasing slightly since additional vacancies are not reducing costs at the same rate as income. Access to financing in both the banking market and the capital market continues to be very good and the terms advantageous. As a result, we were able to conduct a larger bond issue at the end of August totalling SEK 1.7 billion at the lowest credit margins we have issued since 2021. At the same time, long-term rates have increased sharply during the quarter in the wake of higher energy and commodity prices, large debt-financed investments in defence, infrastructure and AI, and an upswing in the interest rate on US government bonds. No effect is visible on our average interest rate yet, but current market rates make it challenging to maintain a good interest rate duration without interest expenses increasing. Maintaining a well-balanced interest rate maturity profile is the focus, with a particular emphasis on a high degree of
Page 4
4 Q3. 2026 Interim report We also see signs of a market that is gradually strengthening. Turnover on the rental market increased in 2026 and is judged for the full year to amount to 585,000 m2 compared to 470,000 m2 in 2025. The adjustment to home/hybrid work is largely completed and is not expected to have a dampening effect on demand. For 2026–2028, the net addition of new office space is also judged to be very limited at the same time as parts of older portfolios are being converted to other use. Overall, a gradual economic recovery, gradually improving office employment, and a limited addition of new office space implies that the market may continue to improve in coming years. Net letting for the quarter amounted to SEK 2 million and SEK 9 million so far this year. Södermalm has distinguished itself as the quarter's winner. We completed a major office letting of almost 2,000 m2 at Söderhallarna. At the same time, letting development at Mälarterrassen continues to progress favourably. During the quarter, we signed an agreement with Chingu, which plans to open a Korean BBQ in the spring of 2027, which means that there is now only one smaller premise that remains to be let. At Liljeholmen we also rented out almost 700 m2 to the entrepreneur-driven owner company Prosavio, which will take possession in March 2027. Project portfolio During the quarter, Nacka Municipality adopted the detailed develop- ment plans for Norra Nobelberget, Industrikvarteren and Fanny Udde in Sickla totalling just over 100,000 m2 of development rights, which are expected to become legally binding in October. The decision strength- ens the conditions for continued development of Sickla into one of Sweden’s most attractive and sustainable urban environments. During the quarter, Slakthusområdet received international recogni- tion when the magazine Time Out named the area “one of the world's coolest neighbourhoods”. This shows the value of actively developing a location with a clear vision and identity, where life may be established long before construction of the area is completed. Annica Ånäs, CEO During the quarter we completed a major office letting of almost 2,000 m2 at Söderhallarna. The letting is yet another important milestone in the development of Söderhallarna and strengthens the attractiveness of the location as a meeting place for culture, enter- tainment and creative businesses. On 23 October, Söderhallarna will once again open its doors after a major reconstruction. hedging 1–2 years forward to limit the impact of short-term changes to interest rate changes on earnings and cash flow. The average yield requirement in our valuations is unchanged in the quarter. The flight-to-quality trend on the rental market, however, is reflected even in the transaction market, where properties of high quality in attractive locations are sold at high prices while less attractive properties attract low interest from investors. In collaboration with our valuers, we have adjusted the yield requirement down slightly for a few properties in our more central locations in Stockholm, while adjust- ments were made in the opposite direction where the rental market is weaker. Overall, we are reporting positive value changes to properties of approximately 0.2% in the quarter, primarily driven by positive effects from the cash flows in the valuations. Despite positive value changes, the loan-to-value ratio is increasing 0.7 percentage points to 44.5% at the end of the quarter. The increase is temporary and the result of us taking possession of the residential development right in Hagastaden that we reached an agreement to sell to Besqab one year ago. The western part will be vacated in December this year and the eastern part in August 2027. In terms of transactions, we also vacated during the quarter a smaller office property in Malmö that at the end of June we entered into an agreement to sell. In July, Moody’s confirmed our rating, Baa2, with a stable outlook. The rating is based on the strength of our property and project portfolio, our broad customer base, and our strong financial position. For us, well-di- versified financing at beneficial terms is crucial, and the confirmed rating continues to provide good conditions for developing our areas and creating long-term value for customers, society and shareholders. Rental market The third quarter has been influenced by a market that continues to be cautious and where the differences between locations and quali- ties become increasingly clear. Demand is concentrated to a greater degree to modern workplaces in attractive urban environments, where accessibility, service, culture and an urban pulse create values that extend far from the office itself. At the same time as total vacancies on Stockholm's office market have increased, the rental levels continued to increase on the most attractive submarkets, in particular in Hagastaden.
Page 5
5 Q3. 2026 Interim report This is Atrium Ljungberg PROPERTIES BY CATEGORY ● Offices 66% SEK 40.8 b ● Retail 20% SEK 12.2 b ● Residentials 3% SEK 1.7 b ● Projects and land 12% SEK 7.7 b 82% STOCKHOLM 4% GOTHENBURG 4% MALMÖ 10% UPPSALA Atrium Ljungberg is one of Sweden’s biggest property companies. Our business is based on long-term ownership, active property manage- ment and structured project development in some of the country's most attractive growth regions: Stockholm, Uppsala, Gothenburg and Malmö. Our strategy is based on owning and develop- ing large contiguous areas where we take a holistic approach and implement the vision "Our city – where everyone thrives". The development is concentrated to four areas in Stockholm – Sickla, Slakthusområdet, Hagastaden and Slussen. Financial model and goal Goal Atrium Ljungberg will deliver a minimum 10% return on equity over time. Financial risk limitations The loan-to-value ratio can be a maximum of 45%, while the interest coverage ratio will be a minimum of 2.0. Dividend policy Around one-third of the income from property management will be distributed as long as invest- ments or the company's financial position do not justify otherwise. In addition, the Board of Directors can propose that profits that are non-re- curring in nature be distributed to the owners. Investments The company can invest approximately 5% of its size annually without this having a major impact on the loan-to-value ratio. Atrium Ljungberg in brief Number of properties 89 Property value SEK 62 billion Total letting area 917,000 m2 Contracted annual rent SEK 3.1 billion Number of employees 340 Largest owners The Ljungberg family, Coop Östra, the Holmström family Marketplace Nasdaq Stockholm Large Cap Geographic markets Overall sustainability goals Project development Our project development comprises both new builds and reconstruc- tions/extensions for properties in attractive locations in metropolitan regions linked to our existing portfolio. Project management is per- formed by our own staff – from the original concept to the time people move in. Project yields should provide better profitability than acquiring properties with an existing cash flow, and thereby contribute to both operating net growth and value growth. Property management We develop and manage properties with the aim of long-term owner- ship. We have our own management organisation that works closely with the customers to satisfy their needs in the best way possible, while staying open to new business opportunities. Cash flow from our invest- ment properties forms the foundation of our business. ENVIRONMENTAL SUSTAINABILITY — Climate impact Net zero emissions by 2040 and 50% reduction by 2030 — Resource efficiency At least 20% circular material use by 2030 — Biodiversity Positive environmental impact from the company's land use by 2030 — Social impact 90% in the Human City Index by 2030 — Responsible employer 80 out of 100 in employee satisfaction — Human rights No human rights violations in the value chain — Value chain responsibility 100% of significant suppliers sustainability-assessed — Business ethics 100% of employees trained in business ethics — Attractive investment 100% climate-adapted properties by 2030 SOCIAL SUSTAINABILITY SUSTAINABLE CORPORATE GOVERNANCE
Page 6
6 Q3. 2026 Interim report Social sustainability During the summer, we arranged Sommarlovsskoj (Summer Break Fun) in Gränbystaden and Mobilia, offering free activities for children and families. Over a period of three weeks, over 150 children participated each day in Gränbystaden. Mobilia had more than 200 children attending each day, with the initiative in its third consecutive year. The activities contribute to more life and movement at the locations at the same time as they create pos- sibilities for more people to interact via summer activities. Sommarlovsskoj is an example of activities that are included in the Human City Index, where participation, inclusion and the possibility for inter- action, among other things, are key components in the development of socially sustainable urban environments. Sustainable corporate governance During the third quarter, the proportion of evaluated significant suppliers amounted to 89% (100%). The decrease is due to higher inflows of new suppliers that have not been evaluated yet. Atrium Ljungberg works continuously with follow-up, dialogue and improvement efforts with the aim of gradually strengthening suppliers' sustainability performance and maturity. The EU Taxonomy In accordance with the EU Taxonomy, Atrium Ljungberg measures and reports the share of its turnover, capital expenditure and operating expenses that consist of taxonomy-aligned activities. The percentage of aligned turnover was 20% (21%). The decrease of 1 percentage point is a result of increased non-taxonomy-aligned income from TL bygg. Aligned capital expenditure increased to 56% (51%), primarily due to increased project investments in taxonomy-aligned properties. The percentage of aligned operating expenses was 18% (15%). The increase is due to higher operating expenses in aligned properties. Atrium Ljungberg’s sustainability work We develop sustainable places and properties where people will want to live and work for many years. Places that are capable of handling urbanisation, climate change and social transformation. Atrium Ljungberg's sustainability work is governed by goals, utilising clear short- and long-term targets that are followed up through selected key performance indicators. The work covers the environment, social sustainability and sustainable corporate governance. Environmental sustainability During the quarter, Sickla Central underwent its final certification in accordance with BREEAM and achieved the highest rating: Outstanding. The result of 91% is Atrium Ljungberg's highest to date. Climate impact has been central part of the project with a focus on low climate-impact materials, including low carbon steel. Flexibility and dismantlability have also been prioritised through, for example, inner walls that can be dismantled and reused for altered floor plans and future tenant adaptations. The emissions from property management amounted to 6.6 kg CO₂e/m2 (9.5 kg CO₂e/m2), a decrease with 31%. The reduction is primarily attributable to a more detailed calculation of energy-related emissions, which clarifies the effect of district heating, which has a lower climate footprint, and lower emissions from tenant adaptations. At the beginning of the third quarter, Atrium Ljungberg switched to a district heating choice with a lower climate impact for the entire Stockholm port- folio. The switch is an important measure in Atrium Ljungberg’s climate transition plan and contributes to a decrease in the energy-related emissions in Scope 2. The effect is expected to become more evident in the fourth quarter, as the use of district heating increases, and will achieve its full impact in 2027. KPIs Unit Change compared to prev. year 30/9/2026 31/12/2025 31/12/2024 31/12/2023 Goal Climate footprint project, the building's life cycle (Stages A–C) kg CO2e/m2 GFA –2% 260 265 322 331 114.5 by 2030 Climate footprint project, con- struction stage (Stages A1–A5) kg CO2e/m2 GFA –3% 216 223 209 - Certified area % +2 %-point 87 85 72 76 Ambition 100% Proportion of green contracts % +2 %-point 84 82 79 75 Ambition 100% Sustainability-assessed suppliers % –11 %-points 89 100 32 20 100% annually KPI property management1) Unit Change compared to prev. period 2025/2026 Sept–Aug 2024/2025 Sept–Aug 2023/2024 Sept–Aug 2022/2023 Sept–Aug Goal Climate impact property management kg CO2e/m2 Atemp –31% 6.6 9.5 11 9.3 9.3 by 2030 Scope 2 emissions 2) Tonne CO2e 1,648 - - - Net zero by 2040 Scope 2 emissions 2) kg CO2e/m2 Atemp 1.30 - - - Net zero by 2040 Total purchased energy kWh/m2 Atemp –4% 134 139 148 144 Share of renewable energy % 92 - - - Property energy 3) kWh/m2 Atemp –4% 67 70 78 78 49 by 2030 - of which property electricity kWh/m2 Atemp –11% 24 27 31 33 - of which district heating kWh/m2 Atemp 38 38 40 40 - of which district cooling kWh/m2 Atemp –17% 5 6 6 5 Energy used in operations kWh/m2 Atemp –8% 72 78 78 76 Water consumption m3/m2 –11% 0.33 0.37 0.50 0.42 0.33 by 2030 The EU Taxonomy Unit Change compared to prev. period 2026 Jan–Sept 2025 Jan–Sept 2024 Jan–Sept 2023 Jan–Sept Activities for Goal 1 Taxonomy-aligned turnover % –1 %-point 20 21 18 21 7.1, 7.2, 7.7 Property management portfolio % +5 %-point 28 23 19 25 7.7 Taxonomy-aligned capital expenditure % +4 %-points 56 51 34 23 7.1, 7.2, 7.7 Property management portfolio4) % +2 %-points 7 5 7 6 7.7 Taxonomy-aligned operating expenses % +3 %-point 18 15 15 15 7.7 Property management portfolio % +3 %-point 18 15 15 15 7.7 1) KPIs have been reviewed since the previous year, which resulted in additional KPIs and some updates to methodology. Therefore, comparative figures are missing for some KPIs. 2) Climate footprint from purchased electricity, district heating and district cooling. Market-based method is reported. 3) Weighted to an average year. 4) Historical numbers were corrected in Q3 2026 as a result of improved calculation methodology. Sustainable enterprise
Page 7
7 Q3. 2026 Interim report Property portfolio Logistics, warehousing and industrial accounted for 18%, followed by retail at 14%. Social infrastructure properties accounted for 12%, office for 7% and other segments, including hotels, for 5%. Property portfolio Our property portfolio is concentrated in central locations in the growth regions of Stockholm, Uppsala, Gothenburg and Malmö, with Stockholm accounting for 82% (80%) of the market value. At the end of the period, our property portfolio comprised a total of 89 properties (88), with a total letting area of 917,000 m² (901,000 m²). Investments and sales During the period, SEK 1,896 million (SEK 1,991 m) was invested in existing properties. Of this amount, SEK 1,756 million (SEK 1,720 m) related to properties being developed for ownership and SEK 140 mil- lion (SEK 271 m) to tenant-owned dwellings. Of the investments in properties being developed for own- ership, SEK 408 million (SEK 371 m) related to invest- ment properties and SEK 1,348 million (SEK 1,349 m) to project properties. Property acquisitions during the period amounted to SEK 656 million (SEK 86 m). Property market The transaction volume amounted to SEK 19.2 billion in the third quarter, across 76 transactions. This was lower than in the corresponding quarter of the pre- vious year. Property funds accounted for the largest share of the volume, closely followed by private property companies and institutions. Foreign inves- tors accounted for 17% of the volume, corresponding to SEK 3.3 billion. Geographically, the Stockholm area accounted for the largest share of transaction volume at 43%, corre- sponding to SEK 8.2 billion. Gothenburg accounted for 20%, corresponding to SEK 3.9 billion, which was the region’s highest share in several years. Regional cities accounted for 21%, the rest of Sweden for 11% and Malmö for 6%. Residentials were the largest segment on the trans- action market during the quarter, accounting for 44% of the total transaction volume. The volume was driven primarily by transactions in Stockholm, Gothenburg and Uppsala, and several of the quarter’s largest transactions involved residential properties. Property portfolio 30/9/2026 Letting area, ‘000 m² 1) Property value, SEK m Property value, SEK/m2 Rental value, SEK m 2) Rental value, SEK/m2 Economic letting rate, % Office properties 593 40,819 68,005 2,426 4,091 83.4 Retail properties 250 12,235 48,993 924 3,702 91.0 Residential properties 45 1,669 37,016 115 2,546 91.6 Business Area Property 888 54,723 61,140 3,465 3,903 85.7 -of which Stockholm 586 43,508 74,363 2,554 4,363 86.2 -of which Uppsala 125 5,942 47,506 442 3,537 89.1 -of which Gothenburg 75 2,480 33,520 195 2,621 71.3 -of which Malmö 103 2,793 25,179 274 2,660 86.0 Project properties 23 5,365 - 53 - 73 Land and development rights – 898 - - - - Total Investment properties 911 60,986 - 3,518 - - Development properties 6 - 8 - - Property portfolio, total 917 60,986 - 3,527 - - 1) Letting area, excluding garages. 2) Annual discount of SEK 96 million has been excluded. Dividend yield per region,% Interval 30/9/2026 Average 30/09/2025 Average Stockholm 3.8–6.8 4.5 4.5 Uppsala 4.3–5.9 5.6 5.6 Malmö 4.1–6.3 5.8 5.6 Gothenburg 5.3–6.0 5.3 4.9 Total 3.8–6.8 4.7 4.7 Dividend yield per property category,% Interval 30/9/2026 Average 30/09/2025 Average Offices 3.8–6.8 4.5 4.5 Retail 4.0–6.3 5.5 5.5 Residentials 4.1–5.0 4.7 4.7 Total 3.8–6.8 4.7 4.7 Change in the property portfolio, SEK m 2026 Jan–Sept 2025 Jan–Sept Investment properties Fair value, opening value 59,385 56,749 Reclassifications 88 215 Acquisitions - 86 Sales –84 - Investments in held properties 1,756 1,720 Unrealised changes in value –159 280 Fair value, closing value 60,986 59,051 Development properties Book value, opening value 1,580 1,613 Reclassifications –88 –215 Acquisition development 656 - Sale development –451 - Sale tenant-owned apartments –355 –142 Investments in tenant-owned dwelling projects 140 271 Book value, closing value 1,482 1,527 Property portfolio, closing value 62,468 60,577 Property sales Property Area Category Letting area, m² Date vacated Underlying price property, SEK m Malmen 12 Malmö Offices 7,511 8/7/2026 84 * The table does not include sales of tenant-owned dwellings. Properties acquired and taken into possession Property Area Category Light GFA, m2 Possession Cost, SEK m Stanford 1 and 2 Hagastaden Development right BRF 21,263 1/7/2026 656
Page 8
Q3. 2026 Interim report Sickla Central and its 25 floors has become a new landmark in the area. It is an important part of the development of future Sickla. The building brings together modern workplaces, coworking and conference spaces at the heart of one of the Stockholm region’s most important public transportation hubs, where the cross-town light rail link, Saltsjöbanan rail line, buses and the coming underground train will meet. The period’s property acquisitions relate to the resi- dential development right Kv Stanford in Hagastaden, for which an agreement for sale was signed at the end of the third quarter of 2025. The development right will be vacated in two stages, the first in December 2026 and the second in August 2027. During the second quarter of the year, an agreement was signed for the sale of Malmen 12 in Malmö at an underlying property value of SEK 84 million. The property primarily comprises health care operations and was vacated in July. Property valuation In the third quarter of 2026, an internal valuation was carried out on all properties. The market valuation is based on a cash flow model that includes an individ- ual assessment of each property, taking into account both its future earning capacity and the market’s yield requirements. Assumed rental levels in connec- tion with contract expirations correspond to assessed long-term market rent levels, while operat- ing costs are based on the company’s actual costs. The inflation assumption for 2026 remained unchanged during the quarter at 1%. Thereafter, the assumption is 2% per year. Project properties are valued in the same way as investment properties, but with deductions for the remaining investment. A risk premium is added to the yield requirement based on the current phase of the project. Development rights are valued based on an assessed market value per m² GFA for established development rights with an approved detailed devel- opment plan, or where the detailed development plan is expected to become legally binding in the near future. The average value of development rights in the valuation is approximately SEK 1,500/m² GFA (SEK 1,500). The valuation yield amounted to 4.7% (4.7%) at the end of the period. During the period, changes in value amounted to –0.3% (0.5%). The changes in value were attributable in part to differentiated adjustments to yield requirements, with an increased focus on modern offices in attractive locations con- tributing to lower yield requirements in some inner- city locations and higher yield requirements in less central locations. Changes in cash flows also affected property values, while project returns had a positive effect. In the third quarter alone, changes in value were positive at 0.2%, primarily due to positive cash flow adjustments. Development properties Development properties are reported at the lower of investments made and estimated net realisable value. The book value at the end of the period amounted to SEK 1,482 million (SEK 1,527 m). At the same date, the market value was assessed at SEK 1,710 million (SEK 1,860 m), primarily relating to the tenant-owned dwelling development in Sickla. The decrease in value is due to profit recognition for Brf Kulturarvet, while the acquisitions of the properties Stanford 1 and 2 had a positive impact on value. 8
Page 9
9 Q3. 2026 Interim report Customer CONTRACTED ANNUAL RENT PER PREMISES TYPE ● Offices 53% SEK 1,665 m ● Retail 20% SEK 616 m ● Culture/ Education 10% SEK 320 m ● Restaurant 6% SEK 182 m ● Healthcare 6% SEK 179 m ● Residentials 2% SEK 72 m ● Other 3% SEK 103 m NET LETTING ● Investment properties, SEK m ● Project properties, SEK m Net letting, SEK m 2022 2023 2024 2025 –75 –50 –25 0 25 50 75 100 Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4 SEKm 2026 Contracted annual rent and letting rate On 01 October 2026, contracted annual rent amounted to SEK 3,136 million (SEK 3,143 m), of which SEK 173 million (SEK 256 m) refers to unoccu- pied properties. The economic letting rate excluding project properties amounted to 85.7% (89.0%) on the same date. Average remaining term for contracted rent (excluding residentials and garage/parking) was 4.8 years (5.0 years). Atrium Ljungberg has a broad risk spread in its con- tract portfolio in terms of sector, customer and matu- rity. The ten largest customers account for 20% (21%) of the annual contract value and include municipali- ties, Stockholm University of the Arts, Ericsson, Atlas Copco, ICA, and Academic Work. Atrium Ljungberg also has many smaller office agreements, with only five lease contracts greater than 10,000 m2, of which two are for offices. Net letting Net letting, i.e. new contracted annual rent with deductions for annual rents lost due to terminated contracts, amounted to SEK 9 million (SEK 16 m) during the period, of which SEK 44 million (SEK 110 m) was for project properties. It was mostly offices in the Stockholm area that accounted for both the newly signed and terminated contracts. New letting amounted to SEK 103 million (SEK 270 m), while terminations from customers amounted to SEK 94 million (SEK 246 m). The time lag between net letting and its effect on profit is assessed to be 3–12 months for investment properties and 12–24 months for projects. Contract distribution size as per 1/10/2026 Annual contract value, SEK m Proportion of value, % Number of contracts Proportion of contracts, % Commercial, contract size SEK m <0.25 35 1% 550 25% 0.25–0.5 37 1% 101 5% 0.5–1.0 138 4% 184 8% 1.0–3.0 583 19% 328 15% >3.0 2,204 70% 244 11% Total 2,997 96% 1,407 64% Residentials 72 2% 614 28% Garage/parking 67 2% 177 8% Total 3,136 100% 2,198 100% Maturity structure as per 1/10/2026 1) Annual contract value, SEK m Proportion of value, % Letting area, ‘000 m² Number of contracts Commercial, maturity 2026 1 0% 2 21 2027 328 10% 91 390 2028 545 17% 122 297 2029 422 13% 97 281 2030 353 11% 79 183 2031 or later 1,348 43% 327 235 Total 2,997 96% 717 1,407 Residentials 72 2% 32 614 Garage/parking 67 2% 184 177 Total 3,136 100% 934 2,198 1) Refers to the termination date of the contracts.
Page 10
Q3. 2026 Interim report 10 Atrium Ljungberg’s business model involves us owning, managing and developing properties and city districts responsibly and sustainably. Project development occurs in connection with the existing property portfolio, which creates good conditions for gradual development, where new projects can be added over time and contribute to project returns, new cash flows and increased earning capacity in the existing portfolio. Our project portfolio corresponds to an investment volume of approximately SEK 40 billion in land already owned or land allocations obtained. Our target is to invest almost SEK 3 billion a year with a project return of at least 20%. On 30 September 2026, our project portfolio included, with estimated start no later than 2033, 380,000 m2 GFA, of which 63% comprises com- mercial development rights with a concentration in offices and 37% residential development rights. Most of the development portfolio is located in Stockholm, focusing on Slakthusområdet, Sickla, Hagastaden and Slussen. 94% of the total project portfolio is located at existing or future underground stations in Stockholm. On 30 September 2026, Atrium Ljungberg had six ongoing projects with a total investment volume of SEK 9.2 billion, which includes SEK 5.7 billion that still has to be invested. All ongoing projects consist of properties that are being developed for ownership with an assessed project return of 19%, correspond- ing to SEK 1.7 billion; SEK 0.0 billion of this has already been recognised. Project portfolio Developed for ownership Area Investment type Completed Letting area, m² Total investment including land, SEK m of which remains, SEK m Market value upon completion, SEK m Rental value at completion, SEK million 1) Economic letting rate, % Completed projects during the year - Hus 49 Stora Marknadshallen Slakthusområdet Reconstruction Q1 2026 4,300 330 20 21 100 - Sickla Central Sickla New build Q2 2026 17,100 1,110 110 70 38 - Upper-secondary school Slakthusområdet New build Q2 2026 6,200 340 10 17 100 - Mälarterrassen Slussen New build Q2 2026 4,200 450 50 33 92 Completed projects 31,800 2,230 190 2,550 140 67 Ongoing projects - Hus 48 Lilla Marknadshallen Slakthusområdet Reconstruction Q4 2026 1,900 170 50 10 72 - Hus 43 Gamla & Nya Magasinet Slakthusområdet Reconstruction, extension Q1 2027 9,000 710 140 40 40 – Söderhallarna Södermalm Reconstruction Q2 2027 26,100 1,870 520 155 51 - Hus 6 Stationen Slakthusområdet New build Q2 2028 17,400 1,640 800 89 - - University block Slakthusområdet New build Q2 2030 27,200 2,210 1,950 134 71 - Ekeblad Hagastaden New build Q3 2031 23,400 2,560 2,220 149 94 3) Ongoing projects 105,000 9,160 5,680 10,860 577 59 Tenant-owned dwellings Area Investment type Completed RA, m2 Total investment including land, SEK m of which remains, SEK m Market value upon completion, SEK m Booking rate,% 2) Sales rate,% 2) Completed projects during the year - Brf Kulturarvet Sickla New build Q1 2026 5,800 490 10 93 Completed projects 5,800 490 10 1) Excluding surcharges and calculated using an index until completion 2) Proportion of apartments sold (no.) 3) The lease contract with Ericsson is conditional on land allocation agreements and development agreements for the Wave and Trinity projects Ongoing projects
Page 11
11 Q3. 2026 Interim report PROJECT PORTFOLIO BY PROPERTY TYPE Residentials and offices account for more than 90% of the area ● Offices, 55% ● Residentials, 37% ● Retail, 5% ● Other, 3% The information about ongoing projects and planned projects in this interim report is based on assessments of the size, goals and scope of these projects, and the dates when they are assessed to start and be completed. The information is also based on assessments of future project costs and rental value up to the year 2033. The assess- ments and assumptions should not be seen as a forecast. There are uncertainties surrounding these assessments and assumptions, in relation to the projects’ implemen- tation, design and size, schedules, project costs, yields and future rental value. The information about ongoing construction work and planned projects are reassessed on a regular basis, and assessments and assumptions are adjusted as ongoing construction work is completed or added, and the conditions change. PROJECT PORTFOLIO BY AREA 94% of the area is attributable to Stockholm ● Sickla, 39% ● Slakthusområdet, 35% ● Hagastaden, 14% ● Slussen, 6% ● Uppsala, 3% ● Gothenburg, 3% PROJECT PORTFOLIO BY DETAILED DEVELOPMENT PLAN There is a detailed development plan for one-third of the of the area ● Change in detailed development plan required, 68% ● Detailed development plan in place, 32% Our development areas Atrium Ljungberg is developing some of Stockholm's most strategic city districts in locations where the metro and other strong public transport already exist or are being built. These development areas form the core of the company's long-term growth. The combination of accessibility, urban qualities and long-term ownership creates good conditions for value growth over time. — Slakthusområdet Slakthusområdet is one of Stockholm's largest urban development projects where we are the largest property owner. When the area is fully developed, we will own approximately one-third of the entire area. Throughout its hundred-year history, the area has been influ- enced by entrepreneurship; this is something we are building on as we develop it for the future. New forms of workplaces and housing will emerge here, complemented by a wide range of food, culture and experiences. Together, this will create a unique and creative city district in Stockholm that proudly builds on its culinary heritage. — Sickla We own the majority of the area and thus have a great opportunity to take overall responsibility for the development. In 2024, ground was broken for the Stockholm Wood City project, which will be the world's largest wood-based urban development project and the Nordic hub for sustainability, innovation and well-being, a key step in achieving the company's ambitious sustainability goals. In total Stockholm Wood City comprises 250,000 m2, which corresponds to 25 blocks, 7,000 workplaces and 2,000 residentials, with restaurants and shops creating vibrant street life. — Hagastaden Atrium Ljungberg is one of the largest property owners in Hagastaden and has been actively involved in the development of the area for more than 30 years. The aim is for Hagastaden to become one of the world’s leading life science and tech clusters. Given the transaction with Ericsson, the rental income in all our current projects in the area is assured. Planned projects starting by 2033 Developed for ownership No. of apartments GFA, m² of which legally binding detailed devel- opment plan Assessed investment, SEK m of which remains, SEK m Market value, SEK m Operating net, SEK m Stockholm - Hagastaden – 34,000 20,000 4,000 4,000 5,300 220 - Sickla – 64,000 1,000 5,100 4,600 7,000 340 - Slakthusområdet - 97,000 9,000 6,400 4,800 8,600 440 - Slussen – 23,000 23,000 1,600 1,400 1,900 90 Uppsala - 12,000 12,000 600 600 700 40 Gothenburg - 10,000 10,000 500 400 500 20 Total - 240,000 75,000 18,200 15,800 24,000 1,150 Less current operating net, SEK m –45 Newly created operating net, SEK m 1,105 Tenant-owned dwellings Stockholm - Hagastaden 215 19,000 19,000 1,800 1,700 2,300 - Sickla 980 85,000 26,000 6,000 6,600 8,500 - Slakthusområdet 405 36,000 - 3,300 2,700 4,000 Total 1,600 140,000 45,000 11,100 11,000 14,800 Project portfolios starting by 2033 1,600 380,000 120,000 29,300 26,800 38,800 Planned projects — Slussen Atrium Ljungberg is the largest property owner at Slussen and actively contributes as the City of Stockholm develops one of the city's most iconic places, which is currently undergoing its biggest transformation in 80 years. When the area is completed, it will be both an important communications hub and a vibrant meeting place with restaurants, walkways along the water, new squares and the city's first park in the area. Traffic is moved underground, providing more space for people, cyclists and public transport – and creating an urban environment that focuses on the people. → Read more about our development areas.
Page 12
12 Q3. 2026 Interim report Financing The financial and capital markets were characterised in the third quarter by rising interest rates and increased competition for capital. Stronger economic activity, rising inflation and increased investment in defence, infrastructure and AI contributed to this development. The Swedish five-year swap rate increased from approx- imately 2.5% at the beginning of July to around 3.2% at the end of September. Access to capital was good during most of the quarter, but conditions deteriorated in September as risk premiums increased. Increased government borrowing and quantitative tightening by central banks also contributed to this development. Atrium Ljungberg meets its financing needs through the capital markets and banks, with a focus on green and sustainability-linked financing, which as of 30 September accounted for 85% of interest-bearing liabil- ities. In mid-August, Atrium Ljungberg issued green bonds in several tranches totalling SEK 1.7 billion, with maturities of two to five years. The two-year tranche was issued at a margin of 60 bp and the five-year tranche at 105 bp, the company’s lowest margins since 2021. At the same time, the commercial paper market showed good liquidity and stable margins of around 33 bp for three-month maturities. Interest-bearing liabilities increased by SEK 820 million to SEK 27.8 billion during the quarter, driven by invest- ments and financed through bond issuance on the capital market. The average time-to-maturity was 3.2 years (3.6 years), and the average interest rate duration was 2.2 years (2.7 years). The average closing interest rate amounted to 2.9% (3.0%), excluding, and 3.1% (3.2%) including underwriting. Atrium Ljungberg uses interest rate hedging instru- ments with embedded options, such as cancellable or extendable swaps. These involve a range of possible outcomes, as it is not predetermined whether or when an option will be exercised. Accordingly, the company LOAN-TO-VALUE RATIO AND INTEREST COVERAGE RATIO Stable loan-to-value ratio and interest coverage ratio above target level. INTEREST-BEARING LIABILITIES SEK 27,820 million in interest-bearing liabilities, including 85% green and sustainability-linked financing ● Bank loans 1% SEK 215 m ● Green bank loans 6% SEK 1,782 m ● Sustainability-linked bank loans 14% SEK 4,002 m ● Direct loans 5% SEK 1,455 m ● Unsecured green bank loans 10% SEK 2,778 m ● Bonds 2% SEK 519 m ● Green bonds 51% SEK 14,188 m ● Sustainability-linked bonds 3% SEK 764 m ● Commercial paper 8% SEK 2,117 m Secured loans reports both the shortest and longest possible maturi- ties. These reflect extreme outcomes rather than the most likely scenarios. To provide a fair representation of interest rate duration, a delta-adjusted maturity is there- fore used, based on option pricing and market volatility, thus reflecting the most likely maturity. During the third quarter, Atrium Ljungberg lowered the minimum average interest rate duration from 2.0 to 1.5 years. The change provides greater flexibility in interest rate risk manage- ment and supports a low risk-adjusted financing cost. At the same time, interest rate maturities must be spread so that the impact of interest rate changes on profit and cash flow is limited over the next two years. Finance policy, mandate and outcome Group interest coverage ratio (R12) Minimum of 2 2.9 Group’s loan-to-value ratio Max 45% 44.5% Time-to-maturity Minimum of 2.0 years 3.2 Liquidity buffer for 12 months At least 100% More than 100% Interest rate duration 1.5–5.0 years 2.2 Proportion with an interest adjust- ment within 12 months Max 45% 31% Currency risk in financing Must not occur Does not occur Percentage of unutilised credit facil- ity from an individual counterparty Max 70% 38% Time-to-ma- turity, SEK m Bank loans Capital market Total liabili- ties Per- cent- age, % Unutilised credit facilities 2026 0 2,497 2,497 9% 0 2027 920 3,843 4,763 17% 0 2028 3,812 4,172 7,983 29% 640 2029 1,860 3,207 5,067 18% 5,850 2030 1,000 2,299 3,299 12% 2,250 >2030 2,640 1,571 4,211 15% 0 Total 10,232 17,588 27,820 100% 8,740 KPI interest-bearing financing 30/9/2026 30/09/2025 31/12/2025 Interest-bearing liabilities, SEK m 27,820 25,742 26,179 Cash and cash equivalents, SEK m 50 320 262 Available liquidity, SEK m 9,240 9,510 9,452 Share of unencumbered assets, % 69% 70% 69% Share of secured borrowing/property value, % 12% 12% 12% Share of secured borrowing/total assets, % 12% 12% 12% Loan-to-value ratio, % 44.5% 42.0% 42.5% Interest coverage ratio (R12), multiple 2.9 3.1 3.0 Debt ratio (Net debt/EBITDA), (R12), multiple 13.9 12.6 12.9 Average time-to-maturity, years 3.2 3.4 3.6 Average interest rate duration, years 2.2 3.0 2.7 Credit rating (Moody's) Baa2, stab. Baa2, stab. Baa2, stab. Average closing interest rate excl. underwriting, % 2.9% 3.0% 3.0% Average closing interest rate incl. underwriting, % 3.1% 3.2% 3.2% Market value interest rate derivatives, SEK m 381 172 275 Market value cross currency swaps, SEK m 55 –257 –360 Delta-adjusted maturity Shortest possible maturity Longest possible maturity Interest rate duration1), SEK m Volume Average interest, % Volume Average interest, % Volume Average interest, % 2026 2,742 1.6% 5,942 2.5% 2,242 1.3% 2027 5,803 3.0% 5,803 3.0% 4,103 2.9% 2028 6,766 2.9% 4,566 2.6% 4,566 2.6% 2029 5,060 2.9% 4,360 2.9% 4,060 2.8% 2030 4,950 3.5% 4,650 3.5% 5,650 3.4% >2030 2,500 3.6% 2,500 3.6% 7,200 3.4% Total 27,820 2.9% 27,820 2.9% 27,820 2.9% 1) The average credit margin for variable loans is distributed over the maturity duration of the interest derivatives. Average interest is recognised excluding the cost of unutilised credit facilities. The interest rate maturity profile includes SEK 5,700 million in swaps that are cancellable or extendable by the counterparty and are reported separately with their shortest, longest and delta-adjusted maturities. Of the 2026 delta-adjusted maturities, 64% were at a variable interest rate as of the closing date. ● Loan-to-value ratio, % Interest coverage ratio, rolling 12-month period Policy loan-to-value ratio <45.0% Policy interest coverage ratio > 2.0 (multiple) % multiple 0 10 20 30 40 50 60 Belåningsgrad, % Räntetäckningsgrad, ggr Policy belåningsgrad <45,0 % Policy räntetäckningsgrad >2,0 ggr 0 1 2 3 4 5 6 20222021 3 4 2 3 41 2023 2 3 41 2024 2 3 41 2025 2 3 34 1 21 2026
Page 13
13 Q3. 2026 Interim report Consolidated statement of comprehensive income Time Out’s recognition of Slakthusområdet as “one of the world’s coolest neighbourhoods” shows the value in developing a location with a clear vision, strong identity and vibrant content. Amounts in SEK m 2026 July–Sept 2025 July–Sept 2026 Jan–Sept 2025 Jan–Sept 2025/2026 Oct–Sept 2025 Jan–Dec Rental income 761 736 2,290 2,197 3,051 2,957 Net sales, project and construction work 154 109 429 294 624 488 Net sales 915 846 2,720 2,491 3,675 3,446 Property management costs Service charge-related costs –46 –37 –154 –128 –202 –176 Other operating costs –45 –43 –150 –136 –205 –192 Management costs –64 –41 –191 –132 –253 –193 Repairs –8 –9 –26 –26 –38 –38 Property tax –58 –52 –173 –171 –222 –221 Non-deductible VAT –2 –3 –9 –10 –12 –13 Total –223 –186 –703 –603 –933 –833 Project and construction work costs –149 –108 –432 –289 –629 –486 Gross profit/loss 543 552 1,585 1,599 2,113 2,126 – property management (net operating income) 538 550 1,587 1,594 2,118 2,124 – project and construction work 5 2 –2 5 –5 2 Central administration –21 –22 –72 –73 –102 –102 – property management –19 –20 –65 –65 –91 –92 – project and construction work –2 –2 –8 –7 –11 –10 Profit from associated companies and joint ventures 0 –2 1 –7 –2 –10 Net interest income –183 –163 –513 –486 –685 –658 Leasehold fees –11 –13 –38 –36 –50 –49 Income from property management 328 352 964 997 1,274 1,307 Changes in value Properties, unrealised 136 79 –159 280 –528 –89 Properties, realised 8 0 8 0 8 0 Income from sales of development properties 410 27 781 187 836 242 Costs from sales of development properties –480 –23 –812 –147 –874 –209 Derivatives, unrealised 113 –9 116 –223 200 –138 Profit/loss before tax 514 426 897 1,094 917 1,114 Current tax –11 –14 –27 –37 –20 –29 Deferred tax –151 –88 –253 –217 –297 –262 Net profit/loss for the period 353 324 617 840 600 823 Total comprehensive income for the period 353 324 617 840 600 823 The net profit/loss for the period and the comprehensive income for the period are entirely attributable to the parent company’s shareholders. Average number of shares 630,529 630,529 630,529 630,529 630,529 630,529 Earnings per share before and after dilution, SEK 0.56 0.51 0.98 1.33 0.95 1.31
Page 14
14 Q3. 2026 Interim report Segment reporting 2026 Jan–Sept Amounts in SEK m Manage- ment Cow- orking Elimina- tions 1) Proper- ties Project develop- ment 2) Con- struc- tion Elimina- tions Project and construc- tion work Non-al- located items The Group Rental income 2,271 79 –60 2,290 - - - - - 2,290 Net sales, project and construction work - - - - 4 548 –123 429 - 429 Net sales 2,271 79 –60 2,290 4 548 –123 429 - 2,720 Property management costs –655 –100 52 –703 - - - - - –703 Project and construction work costs - - - - –6 –549 123 –432 - –432 Gross profit/loss 1,615 –21 –7 1,587 –1 –1 0 –2 - 1,585 Central administration –66 - 2 –65 –8 0 0 –8 - –72 Profit from associated companies - - - - - - - - 1 1 Net interest income - - - - - 3 –3 - –513 –513 Leasehold fees –38 - - –38 - - - - - –38 Income from property management 1,511 –21 –6 1,485 –9 2 –3 –10 –512 964 Changes in value 3) –151 - - –151 –31 - - –31 116 –67 Tax - - - - - - - - –280 –280 Net profit/loss for the period 1,361 –21 –6 1,335 –40 2 –3 –41 –676 617 Investments and acquisitions 1,756 1,756 796 796 2,552 Assets, at the end of the period 63,378 63,378 1,482 260 1,742 1,605 66,725 1) Of which SEK 44.3 million refers to intra-Group rent regarding coworking. 2) The profit within project development mainly refers to costs of investigations at early project stages and ongoing development projects. 3) Properties, unrealised SEK –159 million (SEK 280 m). Properties, realised SEK 8 million (SEK 0 m). Earnings sales development properties SEK 41 million (SEK 40 m). Earnings sales development right development SEK –73 million (SEK 0 m). Unrealised change in value, derivatives SEK 116 million (SEK –223 m). 2025 Jan–Sept Amounts in SEK m Manage- ment Cow- orking Elimina- tions Proper- ties Project develop- ment 1) Con- struc- tion Elimina- tions Project and construc- tion work Non-al- located items The Group Rental income 2,242 - –45 2,197 - - - - - 2,197 Net sales, project and construction work - - - - - 673 –379 294 - 294 Net sales 2,242 - –45 2,197 - 673 –379 294 - 2,491 Property management costs –638 - 35 –603 - - - - –603 Project and construction work costs - - - - –4 –652 367 –289 - –289 Gross profit/loss 1,604 - –10 1,594 –4 21 –12 5 - 1,599 Central administration –67 - 2 –65 –7 - 0 –7 - –73 Profit from associated companies - - - - - - - - –7 –7 Net interest income - - - - - 3 –3 0 –486 –486 Leasehold fees –36 - - –36 - - - - - –36 Profit before changes in value 1,500 - –8 1,493 –11 23 –15 –2 –493 997 Changes in value 280 - - 280 40 - - 40 –223 98 Tax - - - - - - - - –254 –254 Net profit/loss for the period 1,781 - –8 1,773 29 23 –15 38 –970 840 Investments and acquisitions 1,806 1,806 271 271 2,077 Assets, at the end of the period 60,671 60,671 1,527 229 1,755 1,327 63,753
Page 15
15 Q3. 2026 Interim report Changes in property portfolio and operations The profit for the period and the comparative period was impacted by the following previous property transactions: Stanford 1 and Stanford 2 were taken into possession on 1 July, the sale of Stanford 2 was reported in Q3, and Stanford 2 will be vacated in Q4 2026. Malmen 12 in Malmö was vacated on 8 July 2026, and Sandviksvassen 12, 13 and 19 in Uppsala were taken into possession on 19 June 2025. On 6 February 2026, all remaining ownership inter- ests in A house were acquired, which through the acquisition became a wholly owned subsidiary. Rental income Rental income amounted to SEK 2,290 million (SEK 2,197 m) and includes both rebates of SEK –78 mil- lion (SEK –69 m) as well as a non-recurring payment of SEK 8 million (SEK 5 m) for the early termination of lease contracts. Rental income increased mainly due to growth from completed project properties and additional coworking income from A House. Rental income in a comparable portfolio, excluding non-recurring payments, decreased by 1.3%. This is mainly due to several major tenants moving out in 2025 and 2026 that were not offset by new lettings, mainly in offices. Income from surcharges increased due to the take-over of the media cost agreement for a major tenant as of 1 April 2026, which is re-in- voiced to the tenant. Comments on consolidated earnings January–September 2026 Rental income, SEK m 2026 Jan–Sept 2025 Jan–Sept Change, % Comparable portfolio 2,149 2,177 –1.3% Non-recurring payments 8 5 Project properties 108 21 Properties acquired - - Properties sold 7 10 Coworking 79 0 Group eliminations –60 –16 Total 2,290 2,197 4.3% Rental income trend in a comparable portfolio, SEK m 2026 Jan–Sept 2025 Jan–Sept Change, % Office properties 1,449 1,485 –2.5% Retail properties 623 613 1.6% Residential properties 77 79 –1.9% Comparable portfolio 2,149 2,177 –1.3% Property costs Property costs amounted to SEK 703 million (SEK 603 m). Property costs increased mainly due to addi- tional coworking costs from A House and higher costs related to completed project properties. For a comparable portfolio, property costs increased by 2.9%, which is primarily explained by increased costs for anticipated bad debt, heating and snow clearance. Service charge-related costs increased in part due to the take-over of the media cost agree- ment for a major tenant as of 1 April 2026, which is re-invoiced to the tenant. One-off cost refers to a retroactive electricity cost for the years 2023–2025. During the quarter, Stockholm’s first newly constructed upper-secondary school in 40 years opened. With the first students on site, Slakthusområdet is strengthened as a city district where education, trade and industry, culture and an urban pulse intersect and develop together.
Page 16
16 Q3. 2026 Interim report (SEK 105 m) refers to project returns from properties developed for ownership and SEK 41 million (SEK 40 m) to the sale of tenant-owned dwellings. Income and expenses sale development property includes the sale of the development right Stanford 2. Earnings from the sale of Stanford 2 amount to SEK –38 million. The property will be vacated in December 2026. Costs sale development properties also includes an impairment of SEK 35 million for the development right Stanford 1. The sale of Stanford 1 is expected to be reported in the fourth quarter after all conditions are met, and it will be vacated in Q3 2027. Realised changes in the value of investment proper- ties amounted to SEK 8 million (SEK 0 m). Unrealised changes in value of derivatives amounted to SEK 116 million (SEK –223 m), primarily due to higher market interest rates. Profit from associated companies and joint ventures The profit/loss from associated companies and joint ventures amounted to SEK 1 million (SEK –7 m). The change is explained by a negative share in profits of SEK –2 million and a positive revaluation effect of SEK 3 million attributable to the acquisition of the remaining ownership in the coworking company A House in February 2026. In connection with the acquisition, the company became a wholly owned subsidiary. Tax Tax amounted to SEK –280 million (SEK –254 m) with SEK –27 million (SEK –37 m) in current tax, while the rest refers to deferred tax. Tax has been calculated using a nominal tax rate of 20.6%. interest-bearing debt compared to the corresponding period the previous year. Average interest during the period, based on the average debt volume, amounted to 3.2% (3.1%), while the closing average interest rate at the end of the period amounted to 2.9% (3.0%) excluding underwriting and 3.1% (3.2%) including underwriting. In addition, costs for leasehold fees amounted to SEK –38 million (SEK –36 m). Changes in value During the third quarter of 2026, activity in the trans- action market was somewhat more subdued than in the first two quarters of the year. Completed transac- tions indicated greater differentiation in yield levels, while demand for modern properties in attractive locations remained strong. The valuation yield amounted to 4.7% (4.7%) at the end of the period. During the period, changes in value amounted to –0.3% (0.5%). The changes in value were attributable in part to differentiated adjustments to yield requirements, with an increased focus on modern offices in attractive locations con- tributing to lower yield requirements in some inner- city locations and higher yield requirements in less central locations. Changes in cash flows also affected property values, while project returns had a positive effect. In the third quarter alone, changes in value were positive at 0.2%, primarily due to positive cash flow adjustments. Earnings from the sale of tenant-owned dwellings are recognised as the tenant-owners take possession of the apartments. Earnings for the period amounted to SEK 41 million (SEK 40 m), which corresponds to 58 possessed apartments by external buyers. Assessed remaining profit to be recognised in a completed project amounted to SEK 15 million. The period's total project returns amounted to SEK 129 million (SEK 97 m), of which SEK 88 million Property costs, SEK m 2026 Jan–Sept 2025 Jan–Sept Change, % Comparable portfolio –604 –587 2.9% One-off cost –7 - Project properties –41 –23 Properties acquired 0 0 Properties sold –2 –3 Coworking –100 0 Group eliminations 52 10 Total –703 –603 16.6% Earnings for project and construction work Income from project and construction work is attrib- utable to TL Bygg AB. 31% (67%) of income is from ongoing agreements that are expensed on open account. The remaining income refers to fixed-price assignments, which are recognised using the per- centage of-completion method. Turnover in TL Bygg amounted to SEK 548 million (SEK 673 m), of which 22% (56%) refers to intra-Group turnover. TL Bygg’s gross profit/loss, including intra-Group transactions, amounted to SEK –1 million (SEK 21 m). The gross profit/loss for project and construction work amounted to SEK –2 million (SEK 5 m). Central administration Central administration covers the costs for executive management and central support functions. Central administration costs for property management amounted to SEK 65 million (SEK 65 m) and SEK 8 million (SEK 7 m) for project and construction work. Net financial items Reported net interest amounted to SEK –513 million (SEK –486 m) and was affected by capitalised inter- est of SEK 138 million (SEK 105 m). Net interest expense increased as a result of higher average Tax calculation Jan–Sept 2026, SEK million Basis current tax Basis deferred tax Income from property management 964 Non-deductible interest 257 Tax deductible – Depreciation/amortisation –818 818 – Reconstruction work –136 136 – Capitalised interest –138 138 Other fiscal adjustment –33 82 Taxable profit from property management 96 1,173 Current tax –20 Sale/acquisition of property 129 Properties acquired Changes in value, properties 35 –159 – Revenue recognition – Tenant- owned dwelling projects –31 Change in value of derivatives –101 116 – Of which non-deductible 101 Taxable profit/loss before loss carry-forwards 131 1,228 Loss carry-forwards – Opening balance 3 –3 – Closing balance 0 0 Taxable profit 133 1,226 Correction of tax from previous years 0 0 Reported tax expense –27 –253 Changes in the value of properties, SEK m 2026 Jan–Sept 2025 Jan–Sept Yield requirement –223 –83 Cash flow, etc. –24 258 Project returns 88 105 Acquisitions 0 0 Unrealised change in value –159 280 Ditto in % –0.3% 0.5% Realised change in value 8 0 Total changes in value –151 280 Ditto in % –0.3% 0.5%
Page 17
17 Q3. 2026 Interim report Consolidated balance sheet, summary Consolidated change in equity There are a total of 666,103,680 (666,103,680) shares, of which 20,000,000 (20,000,000) are class A shares and 646,103,680 (646,103,680) are class B shares. One class A share grants entitlement to ten votes and one class B share grants entitlement to one vote. At the end of the period the company owned 35,574,375 class B shares (35,574,375). As at 30 September 2026, the number of outstanding shares therefore amounted to 630,529,305 (630,529,305), while the average number of shares amounted to 630,529,305 (630,529,305) during the period. Amounts in SEK m 30/9/2026 30/09/2025 31/12/2025 ASSETS Investment properties 60,986 59,051 59,385 Right-of-use asset, leaseholds 2,185 1,480 1,629 Goodwill 207 140 140 Other non-current assets 146 395 454 Derivatives 501 230 313 Total non-current assets 64,024 61,296 61,922 Development properties 1,482 1,527 1,580 Derivatives, current component 17 23 3 Current assets 1,151 588 638 Cash and cash equivalents 50 320 262 Total current assets 2,700 2,457 2,483 Total assets 66,725 63,753 64,405 EQUITY AND LIABILITIES Equity 28,447 28,314 28,297 Deferred tax liability 6,609 6,323 6,368 Non-current interest-bearing liabilities 21,391 20,634 20,450 Non-current finance lease liability 2,185 1,480 1,629 Derivatives 82 240 231 Other non-current liabilities 372 334 348 Total non-current liabilities 30,639 29,011 29,027 Current interest-bearing liabilities 6,429 5,108 5,729 Derivative liability, current component 0 98 170 Other current liabilities 1,209 1,222 1,183 Total current liabilities 7,639 6,429 7,082 Total equity and liabilities 66,725 63,753 64,405 Attributable to the parent company shareholders Amounts in SEK m Share capital Other capital contributions Retained earnings Total equity Opening balance as per 1 January 2025 333 3,960 23,635 27,927 Net profit/loss for the period - - 840 840 Dividend, SEK 0.72/share - - –454 –454 Closing balance as of 30 Sep 2025 333 3,960 24,022 28,314 Net profit/loss for the period - - –17 –17 Closing balance as per 31 December 2025 333 3,960 24,005 28,297 Net profit/loss for the period - - 617 617 Dividend, SEK 0.74/share - - –467 –467 Closing balance as of 30 Sep 2026 333 3,960 24,155 28,447
Page 18
18 Q3. 2026 Interim report Properties At the end of the period the property portfolio amounted to SEK 62,468 million (SEK 60,965 m), broken down into SEK 60,986 million (SEK 59,385 m) for investment properties and SEK 1,482 million (SEK 1,580 m) for development properties. Investment properties have been valued at SEK 61,140/m2 (SEK 60,446/m2) with an average valuation yield of 4.7% (4.7%). For more information, see the section Property Portfolio on pages 7–8 and Project Portfolio on pages 10-11. Goodwill Goodwill amounted to SEK 207 million (SEK 140 m) at the end of the period. The increase in goodwill during the period is attributable to the Group's acqui- sition of the remaining shares in the coworking com- pany A House. Of the total goodwill item, SEK 140 million relates to deferred tax and arose when Atrium Fastigheter and the Ljungberg Group merged in 2006. Goodwill impairment testing is carried out annually, or more frequently if there are any indica- tions that the carrying amount might be higher than the recoverable amount. Leases Atrium Ljungberg has 20 leaseholds (19), which are considered to be leases for accounting purposes. The value of rent in kind is measured and recognised as an asset; as a right-of-use asset with a corre- sponding liability. As per the closing date, the value of our leases amounted to SEK 2,185 million (SEK 1,629 m). The increase in the period is attributable to a new right of occupancy for a leasehold in Slakthusområdet. Comments on the consolidated financial position at 30 September 2026 Associated companies and joint ventures Atrium Ljungberg acquired 50% of the shares in A House in March 2023. In February 2026, the remain- ing shares were acquired, and the company is thus a wholly owned subsidiary of the Group. The carrying amount of the shares in associated companies and joint ventures amounted to SEK 0 million (SEK 48 m) on 30 September 2026 and is reported within other non-current assets in the consolidated balance sheet. Equity and net asset value The Group’s equity attributable to the parent compa- ny’s shareholders amounted to SEK 28,447 million (SEK 28,297 m) at the end of the period, correspond- ing to SEK 45.12/share (SEK 44.88/share). The long-term net asset value amounted to SEK 34,480 million (SEK 34,609 m) at the end of the period, corresponding to SEK 54.68/share (SEK 54.89/share). The net asset value is the total capital that the com- pany manages for its owners. Based on this capital, to create yield and growth with low risk-taking. The net asset value can be calculated in different ways and it is mostly the time factor and the turnover rate in the property portfolio that have an impact. Deferred tax Deferred tax is in principle both interest-free and amortisation-free, which means that it can mostly be considered to be equity. The reason why effective tax is lower is due to the option to sell properties in a tax-efficient way, and the fact that the time factor enables the tax to be discounted. The assessed actual deferred tax liabilities have been calculated at approximately 6% net based on a dis- count rate of 3%. It has also been assumed that prop- erties are realised over a period of 50 years where 100% of the portfolio is sold indirectly via companies, with the purchasers and sellers splitting the tax. Interest-bearing liabilities and derivatives At the end of the period, interest-bearing liabilities amounted to SEK 27,820 million (SEK 26,179 m) with an average closing interest rate excl. underwriting of 2.9% (3.0%). The loan-to-value ratio amounted to 44.5% (42.5%) at the same point in time. The com- pany uses interest rate swaps to extend the interest rate duration and cross currency swaps to hedge Norwegian bonds. The value of the derivative portfo- lio amounted to SEK 436 million (SEK –85 m) at the end of the period. During the period, the Group's derivative receivables and derivative liabilities were divided into non-current and current components based on the remaining maturity as per the balance sheet date. Comparative figures were restated to ensure comparability between periods. The reclassification did not affect consolidated profit/loss or equity. For more informa- tion, see the Financing section on page 12. Deferred tax liability net 30/9/2026 Tax liabilities Amounts in SEK m Basis Nominal Assessed Loss carry-forwards –4 –1 –1 Untaxed reserves 223 46 45 Derivatives, etc. 427 88 85 Properties 38,444 7,919 2,038 Total 39,090 8,053 2,167 Properties, asset deals –7,008 –1,444 - According to the balance sheet 32,082 6,609 -
Page 19
19 Q3. 2026 Interim report Consolidated cash flow statement During the quarter we signed an agreement for another restaurant at Mälarterrassen – Chingu, which will open a Korean BBQ in the spring of 2027. Following this transaction, there is only one smaller premise remaining to let. Villa Valentina, Brasserie Astrid and the restaurant Liv have already been established. Desirée Jaks is launching a British pub concept in the autumn. Amounts in SEK m 2026 July–Sept 2025 July–Sept 2026 Jan–Sept 2025 Jan–Sept 2025/2026 Oct–Sept 2025 Jan–Dec OPERATING ACTIVITIES Income from property management 328 352 964 997 1,274 1,307 Reversal of depreciation, amortisation and impairment 6 2 30 8 35 13 Other items not included in the cash flow –104 8 –97 65 –127 36 Tax paid 0 –1 –27 –25 –15 –13 Cash flow from operating activities before changes in working capital 230 361 869 1,045 1,168 1,343 Net change in working capital 348 3 266 –249 362 –153 Cash flow from operating activities 578 364 1,135 796 1,529 1,190 INVESTMENT ACTIVITIES Acquisition of properties/subsidiaries –656 - –672 –86 –672 –86 Investments in held properties/tenant-owned dwelling projects –654 –652 –1,896 –1,991 –2,714 –2,809 Sale of investment properties 75 0 75 0 75 0 Sale of development properties and ten- ant-owned apartments −57 29 389 255 453 319 Investment in financial non-current assets 0 –3 0 –6 0 –6 Purchase/sale of equipment –5 –1 –24 –11 –30 –17 Cash flow from investment activities –1,297 –628 –2,127 –1,840 –2,886 –2,599 FINANCING ACTIVITIES Change in other non-current liabilities 9 –2 19 –2 30 9 Loans raised 5,116 2,154 11,816 10,068 15,707 13,960 Repayment of debts –4,400 –1,781 –10,587 –8,606 –13,954 –11,973 Dividends paid - - –467 –227 –694 –454 Cash flow from financing activities 725 371 780 1,234 1,088 1,542 Cash flow for the period 6 107 –213 190 –269 133 Cash and cash equivalents at the beginning of the period 44 213 262 129 320 129 Cash and cash equivalent at the end of the period 50 320 50 320 50 262
Page 20
20 Q3. 2026 Interim report Parent company The parent company’s operations comprise Group- wide functions and the organisation for the manage- ment of the properties owned by the subsidiaries. Net sales amounted to SEK 386 million (SEK 247 m), and the increase is attributable to higher investments in early stages that have been invoiced to the subsid- iaries. The operating profit/loss amounted to SEK –36 million (SEK –50 m). Profit after financial items amounted to SEK –223 million (SEK –49 m). The change is primarily attribut- able to the impact of changes in market interest rates on derivatives. Net financial expenses include an unrealised change in value attributable to derivatives that amounted to SEK 319 million (SEK –34 m). Interest-bearing liabilities amounted to SEK 22,140 million (SEK 20,526 m). These funds finance projects in early stages and are lent on to other Group companies. Financial non-current assets amounted to SEK 11,060 million (SEK 11,395 m), and current assets amounted to SEK 20,304 million (SEK 19,400 m). During the period, the parent company's derivative liabilities have been divided into non-current and current components based on the remaining maturity as at the closing date. Previously, the derivative liabil- ity was reported in its entirety as non-current. Comparative figures were restated to ensure comparability. Income Statement, Summary Amounts in SEK m 2026 July–Sept 2025 July–Sept 2026 Jan–Sept 2025 Jan–Sept 2025/2026 Oct–Sept 2025 Jan–Dec Rental income 0 0 0 1 0 1 Management income 230 74 385 245 470 330 Net sales 230 75 386 247 470 331 Management/administration costs –233 –90 –417 –295 –525 –403 Depreciation –2 –1 –5 –2 –6 –3 Operating profit –5 –16 –36 –50 –61 –74 Earnings from participations in Group companies 0 0 0 0 –37 –37 Interest income, etc. 306 268 953 706 1,280 1,033 Interest expenses, etc. –359 –268 –1,140 –704 –1,478 –1,043 Profit after financial items –58 –16 –223 –49 –295 –121 Appropriations 1 0 2 1 77 75 Profit/loss before tax –57 –16 –221 –48 –219 –46 Current tax 0 0 0 0 0 0 Deferred tax 0 –3 –2 7 –10 –1 Net profit/loss for the period –58 –19 –223 –41 –229 –46 Balance Sheet, Summary Amounts in SEK m 30/9/2026 30/09/2025 31/12/2025 ASSETS Property, plant and equipment 36 26 28 Financial non-current assets 11,060 11,345 11,395 Current assets 20,304 19,141 19,400 Total assets 31,400 30,511 30,823 EQUITY AND LIABILITIES Equity 8,998 9,693 9,688 Untaxed reserves 7 2 9 Provisions 35 29 31 Non-current liabilities 15,793 15,313 15,228 Current liabilities 6,567 5,474 5,867 Total equity and liabilities 31,400 30,511 30,823
Page 21
21 Q3. 2026 Interim report Key performance indicators1) Opening of A House in Life City broadens the offer in Hagastaden with coworking, event spaces and shared environments. The initiative meets an increasing demand for modern, flexible office solutions and strengthens the area's role as a leading life-science cluster. PROPERTY-RELATED KEY PERFORMANCE INDICATORS 2026 July–Sept 2025 July–Sept 2026 Jan–Sept 2025 Jan–Sept 2025/2026 Oct–Sept 2025 Jan–Dec Rental value, SEK/m2 3,903 3,834 3,903 3,834 3,903 3,876 Economic letting rate, % 85.7 89.7 85.7 89.7 85.7 89.0 Operating surplus margin, % 72.7 74.8 71.4 72.5 71.0 71.8 Property value, SEK/m2 61,140 60,223 61,140 60,223 61,140 60,446 Valuation yield, % 4.7 4.7 4.7 4.7 4.7 4.7 Letting area at the end of the period, ‘000 m² 917 883 917 883 917 901 Number of properties at the end of the period 89 89 89 89 89 88 FINANCIAL KEY RATIOS Loan-to-value ratio, % 44.5 42.0 44.5 42.0 44.5 42.5 Interest coverage ratio 2.8 3.2 3.0 3.1 2.9 3.0 Net debt/EBITDA 13.5 12.2 13.7 12.5 13.9 12.9 Return on equity (annual rate), % 5.0 4.6 2.9 4.0 2.1 2.9 Return on total assets (annual rate), % 3.5 3.8 2.6 3.8 2.1 3.0 Average closing interest rate excl. underwriting, % 2.9 3.0 2.9 3.0 2.9 3.0 Interest rate duration, years 2.2 3.0 2.2 3.0 2.2 2.7 Time-to-maturity, year 3.2 3.4 3.2 3.4 3.2 3.6 DATA PER SHARE Income from property management, SEK 0.52 0.56 1.53 1.58 2.02 2.07 Profit after tax, SEK 0.56 0.51 0.98 1.33 0.95 1.31 Long-term net asset value, SEK 54.68 55.21 54.68 55.21 54.68 54.89 Current net asset value 2), SEK 51.25 51.95 51.25 51.95 51.25 51.59 Disposal value, SEK 44.91 44.98 44.91 44.98 44.91 44.60 Dividend, SEK - 0.36 0.74 0.36 0.74 0.72 Share price, SEK 24.10 31.67 24.10 31.67 24.10 33.22 Average number of outstanding shares, ‘000 630,529 630,529 630,529 630,529 630,529 630,529 Number of outstanding shares at the end of the period, thousand 630,529 630,529 630,529 630,529 630,529 630,529 EMPLOYEES Average number of employees 340 285 334 284 325 287 1) See the definitions on pages 29–30; visit www.al.se for the reconciliation of KPIs. 2) For the calculation of the current net asset value, an estimated deferred tax of 6% has been used.
Page 22
22 Q3. 2026 Interim report Derivation of key performance indicators Atrium Ljungberg uses alternative KPIs that are not defined under IFRS, but are assessed as providing valuable, supplementary information when evaluating the financial development of the company. Reconciliation with the financial statements is pro- vided for the alternative KPIs that are not directly identifiable from the financial statements and have been assessed as being of material importance. See also definitions on pages 29–30. 2026 July–Sept 2025 July–Sept 2026 Jan–Sept 2025 Jan–Sept 2025/2026 Oct–Sept 2025 Jan–Dec NET ASSET VALUE Number of outstanding shares, ‘000 630,529 630,529 630,529 630,529 630,529 630,529 Equity 28,447 28,314 28,447 28,314 28,447 28,297 + Dividend declared, but not paid - 227 - 227 - - – Derivatives –436 85 –436 85 –436 85 – Goodwill –140 –140 –140 –140 –140 –140 – Deferred tax 6,609 6,323 6,609 6,323 6,609 6,368 Long-term net asset value 34,480 34,809 34,480 34,809 34,480 34,609 SEK/share 54.68 55.21 54.68 55.21 54.68 54.89 – Assessed actual deferred tax –2,167 –2,055 –2,167 –2,055 –2,167 –2,078 Current net asset value 32,313 32,754 32,313 32,754 32,313 32,531 SEK/share 51.25 51.95 51.25 51.95 51.25 51.59 + Derivatives 436 –85 436 –85 436 –85 – Deferred tax, net –4,442 –4,269 –4,442 –4,269 –4,442 –4,290 – Interest-bearing liabilities 27,820 25,742 27,820 25,742 27,820 26,179 – Fair value interest-bearing liabilities –27,809 –25,783 –27,809 –25,783 –27,809 –26,215 Disposal value 28,317 28,359 28,317 28,359 28,317 28,120 SEK/share 44.91 44.98 44.91 44.98 44.91 44.60 OPERATING SURPLUS MARGIN Net operating income 538 550 1,587 1,594 2,118 2,124 + Coworking 7 - 23 - 23 - Total net operating income property management 545 550 1,610 1,594 2,141 2,124 Rental income 761 736 2,290 2,197 3,051 2,957 – Coworking –30 - –79 - –79 - + Group eliminations internal rent 17 - 44 - 44 - Total rental income property management 749 736 2,256 2,197 3,016 2,957 Operating surplus margin, % 72.7 74.8 71.4 72.5 71.0 71.8 2026 July–Sept 2025 July–Sept 2026 Jan–Sept 2025 Jan–Sept 2025/2026 Oct–Sept 2025 Jan–Dec LOAN-TO-VALUE RATIO Investment properties 60,986 59,051 60,986 59,051 60,986 59,385 + Development properties 1,482 1,527 1,482 1,527 1,482 1,580 Total properties 62,468 60,577 62,468 60,577 62,468 60,965 Interest-bearing liabilities 27,820 25,742 27,820 25,742 27,820 26,179 – Cash and cash equivalents –50 –320 –50 –320 –50 –262 Net debt 27,770 25,422 27,770 25,422 27,770 25,917 Loan-to-value ratio, % 44.5 42.0 44.5 42.0 44.5 42.5 INTEREST COVERAGE RATIO Profit from property management according to the income statement 328 352 964 997 1,274 1,307 + Net interest income 183 163 513 486 685 658 + Income from sales of development properties 410 27 781 187 836 242 – Costs from sales of development properties –480 –23 –812 –147 –874 –209 + Reverse effect on profit sale development right development 73 - 73 - 73 - Total 513 519 1,518 1,523 1,994 1,999 Net interest income 183 163 513 486 685 658 Interest coverage ratio 2.8 3.2 3.0 3.1 2.9 3.0 NET DEBT/EBITDA (Debt ratio) Interest-bearing liabilities 27,820 25,742 27,820 25,742 27,820 26,179 – Cash and cash equivalents –50 –320 –50 –320 –50 –262 Net debt 27,770 25,422 27,770 25,422 27,770 25,917 Gross profit/loss 543 552 1,585 1,599 2,113 2,126 – Central administration –21 –22 –72 –73 –102 –102 – Leasehold fees –11 –13 –38 –36 –50 –49 + Income from sales of development properties 410 27 781 187 836 242 – Costs from sales of development properties –480 –23 –812 –147 –874 –209 + Reverse effect on profit sale development right development 73 - 73 - 73 - EBITDA 513 521 1,517 1,530 1,995 2,009 Net debt/EBITDA (annual rate) 13.5 12.2 13.7 12.5 13.9 12.9 YIELD MEASURES Net profit/loss for the period 353 324 617 840 600 823 Equity, average 28,271 28,152 28,372 28,121 28,380 28,112 Yield equity, % (annual rate) 5.0 4.6 2.9 4.0 2.1 2.9 Net profit/loss for the period before tax 514 426 897 1,094 917 1,114 + Net interest income 183 163 513 486 685 658 + Change in value of derivatives –113 9 –116 223 –200 138 Profit 584 598 1,294 1,803 1,402 1,911 Total assets, average 66,032 63,390 65,565 62,667 65,239 62,993 Return on total assets, % (annual rate) 3.5 3.8 2.6 3.8 2.1 3.0
Page 23
23 Q3. 2026 Interim report Amounts in SEK m 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 Rental income 761 770 759 760 736 725 735 740 Net sales, project and construction work 154 165 110 195 109 106 78 162 Net sales 915 936 870 955 846 832 814 902 Property management costs –223 –235 –245 –230 –186 –201 –216 –224 Project and construction work costs –149 –171 –112 –197 –108 –104 –77 –163 Gross profit/loss 543 530 512 528 552 526 520 514 – property management (net operating income) 538 535 514 530 550 524 519 516 - project and construction work 5 –5 –2 –3 2 2 1 –1 Central administration –21 –27 –24 –29 –22 –26 –24 –26 - property management –19 –24 –22 –26 –20 –24 –22 –24 - project and construction work –2 –3 –3 –3 –2 –3 –2 –2 Profit from associated companies 0 0 1 –3 –2 –2 –4 –4 Financial income and expenses –194 –183 –173 –185 –176 –182 –165 –170 Income from property management 328 320 316 311 352 317 328 315 Changes in value Properties, unrealised 136 –79 –215 –369 79 23 179 –301 Properties, realised 8 - - 0 0 - - –4 Income from sales of development properties 410 121 250 55 27 84 77 63 Costs from sales of development properties –480 –108 –224 –62 –23 –61 –64 –51 Derivatives, unrealised 113 –152 154 85 –9 –284 71 282 Profit/loss before tax 514 102 281 20 426 79 590 305 Tax –161 –39 –79 –36 –102 –16 –137 –69 Net profit/loss for the period 353 63 202 –17 324 63 453 235 Property-related key performance indicators 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 Rental value, SEK/m2 3,903 3,899 3,883 3,876 3,834 3,836 3,804 3,803 Economic letting rate, % 85.7 86.5 88.1 89.0 89.7 90.5 90.5 91.5 Operating surplus margin, % 72.7 71.9 69.3 69.8 74.8 72.2 70.6 69.7 Property value, SEK/m2 61,140 60,901 60,433 60,446 60,223 60,068 59,805 59,151 Valuation yield, % 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.7 Letting area at the end of the period, ‘000 m² 917 922 901 901 883 877 879 882 Number of properties at the end of the period 89 88 88 88 89 89 86 86 Financial key ratios Loan-to-value ratio, % 44.5 43.8 43.7 42.5 42.0 42.0 41.8 41.4 Interest coverage ratio R12 2.9 3.0 3.0 3.0 3.1 3.2 3.5 3.7 Net debt/EBITDA R12 13.9 13.5 13.3 12.9 12.6 12.4 11.8 11.5 Return on equity R12, % 2.1 2.0 2.0 2.9 3.8 2.5 3.3 3.1 Return on total assets R12, % 2.1 2.2 2.4 3.0 3.2 3.2 3.1 2.9 Average closing interest rate, % 2.9 3.0 2.9 3.0 3.0 3.1 2.9 2.9 Interest rate duration, years 2.2 2.5 2.6 2.7 3.0 3.0 3.0 3.0 Time-to-maturity, year 3.2 3.3 3.4 3.6 3.4 3.6 3.5 3.6 Data per share Income from property management, SEK 0.52 0.51 0.50 0.49 0.56 0.50 0.52 0.50 Earnings per share, SEK 0.56 0.10 0.32 –0.03 0.51 0.10 0.72 0.37 Long-term net asset value, SEK 54.68 54.25 53.90 54.89 55.21 54.53 53.94 53.45 Current net asset value 2), SEK 51.25 50.89 50.53 51.59 51.95 51.31 50.65 50.23 Disposal value, SEK 44.91 44.31 44.19 44.60 44.98 44.48 44.42 44.04 Share price, SEK 24.10 26.30 29.21 33.22 31.67 33.81 33.08 39.64 Average number of shares, ‘000 630,529 630,529 630,529 630,529 630,529 630,529 630,529 630,529 Number of outstanding shares at the end of the period, ‘000 630,529 630,529 630,529 630,529 630,529 630,529 630,529 630,529 1) See definitions on pages 29–30. For the reconciliation of KPIs, visit www.al.se. 2) For the calculation of the current net asset value, an estimated deferred tax of 6% has been used. INCOME STATEMENTS KEY PERFORMANCE INDICATORS 1) Quarterly summary
Page 24
24 Q3. 2026 Interim report Accounting policies Atrium Ljungberg’s consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS). The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Interim Report is on pages 1–31, and pages 1-11 thus constitute an integral part of this financial statement. The parent company applies Swedish Financial Reporting Board’s recommenda- tion, RFR2 Accounting for Legal Entities, and the Swedish Annual Accounts Act. The accounting poli- cies applied conform to those described in the 2025 Annual Report. Recognising earnings from residential developments Earnings from the sale of properties that are intended for sale, such as tenant-owned associations after completion, are recognised when the property has been completed and as the tenant-owners take possession of the apartments. Earnings are recog- nised gross in Changes in value in the income state- ment in the rows Income from sales of development properties and Costs from sales of development properties. Parent company’s accounting policies The parent company applies the same accounting policies as the Group with the exceptions and addi- tions regulated in RFR2, Accounting for Legal Entities. Instead of applying IFRS 16, the parent company applies RFR 2 (IFRS 16 pp. 2–12); as the parent company is the lessee, it means that lease payments are expensed on a straight-line basis over the term of the lease. Other information The parent company recognises derivatives at the lower of cost and fair value. There are negative fair values as at 30 September 2026, which means that a liability of SEK 82 million (SEK 401 m) has been rec- ognised in the balance sheet. A change in value of SEK 319 million (SEK –34 m) was recognised in the income statement in net financial expenses. Valuation method for investment properties Investment properties are valued at fair value in the Balance Sheet. The valuation took place in accord- ance with level 3 in the IFRS valuation hierarchy. Valuation method for derivatives Derivatives are valued at fair value in the balance sheet. Pursuant to the IFRS valuation hierarchy, the fair value of derivatives has been valued in accord- ance with level 2. This level means that the valuation is based on input data other than the listed prices, and which are observable for the asset or the liability, either directly or indirectly. The derivative agree- ments (ISDA agreements) include an option to net obligations in respect of the same counterpart. Fair value interest-bearing liabilities The Group’s reported interest-bearing liabilities total SEK 27,820 million (SEK 26,179 m) and their fair value totals SEK 27,809 million (SEK 26,215 m). The calcu- lation of fair value for listed bonds is based on the market value of the debt instrument. The valuation is hereby conducted with IFRS valuation hierarchy level 2. Atrium Ljungberg is of the opinion, with regard to other financial assets and liabilities recognised at amortised cost, that the differences between book values and fair values are insignificant. Transactions with related parties No transactions with related parties occurred during the period. Seasonal effects The net operating income is impacted by seasonal variations in operating costs. Generally, costs are higher during the first and last quarter of the year, primarily caused by higher costs of heating and prop- erty maintenance. Alternative key performance indicators Atrium Ljungberg applies the guidelines of the European Securities and Markets Authority (ESMA) on Alternative Performance Measures (APMs). According to these guidelines, an APM is a financial measure of historical or future profit performance, financial position, financial results or cash flows which are not defined or stated in applicable rules for financial reporting; IFRS and the Swedish Annual Accounts Act. Rounding off Due to the effects of rounding off, figures presented in this report may not exactly match the totals in certain cases, and percentages may differ from the exact percentages. Comparison figures Comparative figures within parentheses refer to the corresponding period the previous year. For infor- mation regarding financial position and financial key ratios measured as per the closing date, refer to the comparisons at the end of the previous financial year. K3 figures Atrium Ljungberg prepares its consolidated accounts in compliance with IFRS. If the company had pre- pared its consolidated accounts in compliance with K3, the following significant adjustments would have been made: Income statement: There would have been depreciation/amortisation adjustments of SEK –289 million; the unrealised change in the value of properties would have been adjusted by SEK 159 million and the realized change in value of properties would be adjusted by SEK 25 million. The change in value of derivatives would have been adjusted by SEK –202 million, and deferred tax would have been adjusted by SEK 63 million. All of this combined would have resulted in a change in profit of SEK –244 million. Balance sheet: Properties would not have been recognised at their fair value, in compliance with K3, which would have resulted in an adjustment of SEK -20,061 million for investment properties and SEK –377 million for development properties. Right-of-use assets and leasing liabilities for leaseholds would not have applied and both would therefore have been adjusted by the same amount, SEK –2,185 million/SEK 2,185 million. Goodwill would have decreased by SEK -149 million. Derivatives would have been valued using the lowest value principle and would therefore have been adjusted for surplus values, corresponding to SEK –518 million. Because of the adjustments to the income statement and balance sheet, deferred tax would have been impacted by SEK –3,565 million and equity by SEK –17,540 million.
Page 25
25 Q3. 2026 Interim report MARKET DEVELOPMENT, RISKS AND UNCERTAINTIES Atrium Ljungberg’s property portfolio, with office, retail and full-service environments, is located in strong subsidiary markets in the growth regions of Stockholm, Uppsala, Gothenburg and Malmö. The primary prioritised risk management areas, in light of both their complexity and size of the amounts involved, are letting, property valuation, project activ- ities and financing. The company has good proce- dures for managing these risks and a strong financial position with strong KPIs. At the end of the period, the loan-to-value ratio was 44.5% and the interest rate duration and time-to-ma- turity was 2.2 years and 3.2 years, respectively. There was also a liquidity buffer at same point in time of SEK 9.2 billion. No significant changes were made to the company’s risk assessment after the publication of the 2025 annual report in the section “Risks and risk manage- ment” on pages 17–20. Change in value, % Effect on profit after tax, SEK m Loan-to-value ratio, % –10% –4,842 49.3% –5% –2,421 46.8% 0% 0 44.5% +5% 2,421 42.4% +10% 4,842 40.5% Profit after tax, SEK m Factor +/– 1 %–point Rental level/index +27/-27 Letting rate +31/-31 Property costs –7/+7 Interest rate –34/+34 Valuation: yield requirement –7,687/+11,634 Forecasts Atrium Ljungberg is well-equipped for the future. As the company has a diversified property portfolio, a project portfolio focusing on very strong locations, and a solid financial base, it is well-equipped to tackle the challenges that could be presented by various scenarios. Events after the closing date No significant events have occurred. Report signatures This interim report has been subject to a limited assurance engagement by the company's auditors. The CEO hereby attests that the interim report pro- vides an accurate overview of the operations, posi- tion and performance of the company and the Group and that it describes significant risks and uncertain- ties faced by the company and the companies that make up the corporate Group. Nacka, 09 October 2026 Annica Ånäs CEO This information is of the type that Atrium Ljungberg AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The informa- tion was submitted for publication, through the agency of the contact person set out above, at 7:30 a.m. CET on 09 October 2026.
Page 26
26 Q3. 2026 Interim report Review Report Conclusion Based on our review, nothing has come to our atten- tion that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, signature and date on Swedish version of the Review Report Deloitte AB Hans Warén Authorized Public Accountant Introduction We have reviewed the interim report for Atrium Ljungberg AB for the period January 1 - September 30, 2026. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accep- ted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all signifi- cant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Page 27
27 Q3. 2026 Interim report Atrium Ljungberg’s share is listed on NASDAQ Stockholm Large Cap and had approximately 8,700 shareholders (7,700) at the end of August. The ten largest individual owners as of 31 August 2026 are presented in the table below. Annual General Meeting The Annual General Meeting in March 2026 author- ised the Board of Directors until the next AGM on one or more occasions to decide on a new issue of class B shares corresponding to at the most 10% of the share capital, with or without a preferential right. The issue may be granted against cash payment, by set-off or by contribution in kind at market terms. The Board of Directors was also authorised until the next AGM to be able to decide on the acquisition of a total of as many class B shares as to ensure that the company’s holdings do not exceed 10% of all the shares in the company at any given time. It also resolved to authorise the Board of Directors to be able to make a decision to transfer its own class B shares during the period until the next AGM. On 30 September 2026, the company owned 35,574,375 Series B shares. No acquisitions (SEK 0 million) or transfers (SEK 0 million) were made during the first quarter. Dividend yield and total yield The Annual General Meeting in March 2026 set the dividend at SEK 0.74/share. The record date for the payment was set at 23 March 2026. This corresponds to a dividend yield of 3.1% (2.3%), calculated on the share price at the end of the period. The share LONG-TERM NET ASSET VALUE, CURRENT NET ASSET VALUE AND SHARE PRICE SEK/share 20 30 40 50 60 2020 2 3 4 2021 1 2 3 4 2022 1 2 3 4 2023 2024 2025 1 2 3 3 4 4 4 1 2 1 2026 1 2 3 ● Share price, SEK/share ● Long-term net asset value, SEK/share ● Current net asset value, SEK/share ● Disposal value, SEK/share THE ATRIUM LJUNGBERG SHARE ● Nasdaq Stockholm Real Estate PI ● NASDAQ Stockholm PI ● ATRLJ B ● Turnover on Nasdaq Stockholm Source: NASDAQ 30 15 75 45 60 0 0 75 150 225 300 375 1615 17 18 19 20 21 22 23 24 25 index Turnover, million shares per month 26 Major shareholders as at 31/8/2026 Class A shares, ’000 Class B shares, ’000 Share of votes, % Share of capital, % The Ljungberg sphere 10,950 131,791 29.8 22.6 The Holmström sphere 9,050 82,048 21.3 14.4 Coop Östra - 161,803 20.0 25.7 Carnegie Fonder - 49,063 6.1 7.8 Vanguard - 10,843 1.3 1.7 AFA Försäkring - 9,115 1.1 1.4 BlackRock - 7,518 0.9 1.2 The estate of Margareta af Ugglas - 7,223 0.9 1.1 Länsförsäkringar - 6,436 0.8 1.0 Norges Bank Investment Management - 5,654 0.7 0.9 Other - 139,036 17.2 22.05 Total outstanding shares 20,000 610,529 100.0 100.0 Shares bought back1) 0 35,574 Total number of shares issued 20,000 646,104 1) Bought-back shares have no voting rights and do not receive dividends. Share data 2026 Jan–Sept 2025 Jan–Sept Share price, SEK -Lowest 23.7 27.5 -Highest 35.3 41.3 -Closing price 24.1 31.7 Market capitalisation, SEK b 15.2 20.0 Share price/Long-term net asset value 44.1% 57.3% P/E 25.3 18.6 Share's dividend yield 3.1% 2.3% Over the past 12-month period, the share’s total yield, including dividend, was –22% (–34%).
Page 28
28 Q3. 2026 Interim report 1234 DIVIDEND AND THE SHARE’S DIVIDEND YIELD The development of profit is key to our success. This is the basis of our yield, along with value growth from investments. SHARE’S TOTAL YIELD A total yield averaging 4% over the past five years. LOAN-TO-VALUE RATIO AND INTEREST COVERAGE RATIO Good loan-to-value ratio and good interest coverage ratio. SUSTAINABLE URBAN DEVELOPMENT — To secure the value of the investment over time, Atrium Ljungberg focuses on developing long- term sustainable urban environments. This creates value for people, society and the environ- ment for a long time to come. — Sustainability permeates our urban development, material choices and resource utilisation with the aim of reducing our climate impact and strength- ening long-term resilience. — Social sustainability is monitored through our own analysis tool, the Human City Index, which measures how places are experienced and develop over time. 1) A new definition from Q2 2023, using net rather than gross interest-bear- ing liabilities. The KPIs have been recalculated accordingly. Four reasons to own shares in Atrium Ljungberg Stable dividend Atrium Ljungberg adopted in 2023 a new dividend policy under which approximately one-third of the income from property management will be distrib- uted. In addition, the Board of Directors can propose that profits that are non-recurring in nature be dis- tributed to the owners. Potential for good value growth With the possibility of investing approximately SEK 40 billion in own land or land allocations obtained, Atrium Ljungberg has excellent potential to report healthy value growth over time. In our urban development areas, we add new pro- jects that contribute to project returns, new cash flows and increased earning capacity in the existing portfolio. Low financial risk We are in a strong financial position, with a good loan-to-value ratio and a good interest coverage ratio. Our access to capital is good, and our financ- ing sources are well diversified. We have an invest- ment grade rating of Baa2 from Moody’s with a stable outlook. Long-term sustainable investment Sustainability work is integrated in the business model where we continuously develop our areas in a sustainable direction. In this way, we create value both today and in the long term. 0 10 20 30 40 50 20252024202320222021 % multiple 0 1 2 3 4 5 6 41.7 42.3 42.541.4 38.5 20252024202320222021 % –30 –20 –10 0 10 20 30 40 50 60 2.6 3.1 1.5 1.8 18.5 –11.8 –12.8 2.2 –14.4 38.4 0.0 0.3 0.6 0.9 1.2 1.5 20252024202320222021 kr/aktie % 0 1 2 3 4 5 1.04 1.06 0.70 0.72 0.74 ● Dividend, SEK/share Dividend yield, % ● Share’s total yield, % Share’s dividend yield, % ● Loan-to-value ratio, % 1) Interest coverage ratio
Page 29
Definitions Q3. 2026 Interim report Definitions Disposal value per share, SEK The carrying amount of equity with a rever- sal of declared but not paid dividend, good- will, and adjusted for the difference to fair value of interest-bearing liabilities. Disposal value per share is used to provide stakeholders with information on Atrium Ljungberg’s value per share for a disposal scenario calculated in a uniform manner for publicly listed property companies. Loan-to-value ratio, % Interest-bearing liabilities less cash and cash equivalents, excluding the liability for finance leasing for leaseholds, as a percentage of the sum of the properties’ fair value at the end of the period. The loan-to-value ratio is used to illustrate Atrium Ljungberg’s financial risk. Gross profit/loss property management Rental income less property management costs. Gross profit/loss project and construction work Net sales, project and construction work minus project and construction costs. Delta-adjusted maturity The maturity is adjusted to take into account option elements in the financial instrument. The adjustment is based on the market's valuation of the probability that closing or extension options will be exercised. The delta-adjusted maturity thus constitutes the best estimate of the instrument's future actual maturity. Equity per share, SEK Reported equity divided by the number of outstanding shares at the end of the period. Equity per share is used to illustrate the owners’ share of the company’s total assets per share. Property costs Total property management costs, which exclude central administration. Average time-to-maturity, years Average remaining term until final maturity of all credits in the liabilities portfolio. The average time-to-maturity is used to illustrate Atrium Ljungberg’s financial risk. Average interest rate duration, years Weighted average remaining term until inter- est settlement date of all credits in the liabil- ities portfolio. The average interest rate duration is used to illustrate Atrium Ljungberg’s financial risk. Average closing interest rate, % Weighted average contracted interest for all credits in the liabilities portfolio excluding unutilised credit facilities. The average closing interest rate is used to illustrate Atrium Ljungberg’s financial risk. Long-term net asset value per share, SEK Reported equity with a reversal for declared but not paid dividend, goodwill for proper- ties, derivatives and deferred tax, divided by the number of outstanding shares at the end of the period. Long-term net asset value per share is used to provide stakeholders with informa- tion on Atrium Ljungberg’s long-term net asset value per share calculated in a uniform manner for publicly listed property companies. Average number of outstanding shares Weighted average number of outstanding shares calculated in accordance with IAS 33. Net debt/EBITDA (debt ratio) Interest-bearing liabilities less cash and cash equivalents divided by gross profit/loss adjusted for central administration, lease- hold fees and profit from the sale of devel- opment properties. Net debt/EBITDA is used to highlight earnings in relation to indebtedness. Earnings per share, SEK Net profit/loss for the period divided by the average number of outstanding shares. Interest coverage ratio Income from property management plus net interest income and profit from the sale of development properties divided by net inter- est income (excluding leasehold fees, which have been reclassified to interest expense in accordance with IFRS 16). FINANCIAL DEFINITIONS Share’s dividend yield, % The proposed or distributed share dividend as a percentage of the share price at the end of the financial year. The share’s dividend yield is used to illus- trate which current yield shareholders are expected to receive. Share’s total yield, % The year’s change in the share price plus the distributed dividend during the year as a percentage of the share price at the end of the financial year. The share’s total yield is used to illustrate the shareholders’ total yield on their owner- ship in Atrium Ljungberg. Current net asset value per share, SEK The carrying amount of equity with a rever- sal for declared but not paid dividend, deriv- atives and goodwill adjusted with estimated actual deferred tax, divided by the number of outstanding shares at the end of the period. Current net asset value per share is used to provide stakeholders with information on Atrium Ljungberg’s current net asset value per share calculated in a uniform manner for publicly listed property companies. Number of outstanding shares Number of registered shares at the end of the period less bought-back shares, which do not provide entitlement to dividend or voting rights. The interest coverage ratio is used to illustrate how sensitive the company’s results are to interest rate changes. Dividend pay-out ratio, % Dividend per share as % of property man- agement earnings per share. Dividend pay-out ratio is used to illustrate what proportion of the earnings is shifted out to the Group’s owners and reinvested in the operations respectively. PROPERTY-RELATED DEFINITIONS RA, m2 Residential area (RA) refers to the letting area of a building for residential use. GFA, m² Gross floor area (GFA) refers to the build- ing’s total area, incl. outer walls. Net operating income Refers to rental income less property man- agement costs. Development properties Development properties are properties that are built or unbuilt that the Group owns in order to develop and sell them as ten- ant-owned dwellings. These properties are recognised as current assets, even though some of the properties are managed and generate rental income while they are waiting to be developed. They are reported as the lower of their accumulated cost and their net realisable value. Property type The premises type which comprises the predominant share of the rental value of a register property or profit area determines the property type. The market value and development of rental income in a comparable portfolio rec- ognised per property type. Rental value Contracted annual rents including rent sur- charges (e.g., for property tax, heating and electricity) and estimated market rents for vacant space in existing condition. Rental value is used to illustrate the Group’s income potential. Comparable portfolio Comparable portfolio refers to the proper- ties which were not classified as project properties and were owned throughout the period and entire comparison period. Comparable portfolio is used to illustrate the trend of rental income excluding non-re- current effects for premature vacating of premises and property costs uninfluenced by project properties as well as acquired and sold properties. NRA, m2 Non-residential area refers to the letting area of a building for non-residential purposes. 29
Page 30
30 Q3. 2026 Interim report Definitions Premises type The operations managed in the individual premises determine the premises type: offices, retail, residential, other or garage. Other includes education, culture, service and storage. The letting rate and dividend yield are reported per premises type. Net letting Total contracted annual rent for new lettings with deductions for annual rents due to ter- minated contracts for the period. Net letting is used to illustrate the letting situation. Project property An individual property or a clearly delimited part of a property that has been or is about to be vacated in order to permit the renova- tion and upgrading of the property. The term, project property, also refers to build- ings under construction and to undeveloped land and development rights. Reclassification from project property to completed property occurs at the time of completion. Project return, % Market value after completed project minus total investment as a percentage of total investment. Project return is used to illustrate value creation in the project operations. Leaseholds The right of use for building plots. In compli- ance with IFRS 16, leaseholds are recog- nised as a right-of-use asset in the balance sheet. Leasehold fee The fee paid for the utilisation of leaseholds. Regarded according to IFRS 16 as an inter- est expense in the income statement. Letting area, m² Total area available for letting. Garage is included in letting area but excluded when calculating the rental value per m2 and fair value per m2. Letting rate, % Contracted annual rents as a percentage of the rental value in conjunction with full letting. Reported figures are based on the immediately subsequent quarter. The letting rate is used to illustrate the Group’s efficiency in the use of its invest- ment properties. Vacancy rate, % The rental value of unlet premises divided by the rental value of the entire property portfo- lio. Project properties are excluded. Operating surplus margin, % Gross profit property management, exclud- ing coworking, as a % of rental income, excluding coworking. Operating surplus margin is used to illus- trate what proportion of the Group’s rental income remains after property costs. Sustainability-related definitions Net zero The goal of balancing emissions and capture of greenhouse gases so that the total impact on the climate is zero. Entails that emissions are first minimised throughout the entire value chain and remaining emissions are compensated through permanent carbon sinks. A maximum of 10% of the emissions may be handled through carbon capture. Scope 2 Scope 2 refers to indirect greenhouse gas emissions that arise from the energy an organisation purchases and uses, such as electricity, heating or cooling. The emissions occur during the production of the energy but are still attributed to the organisation because they are caused by its energy consumption. Market-based method The market-based method for Scope 2 means that emissions from purchased energy are calculated based on the specific electricity contracts and energy sources that the company has chosen, for example through guarantees of origin or electricity contracts with renewable energy. The method thus reflects the emissions linked to the company's actual energy purchases on the market rather than an average for the electricity grid. Carbon dioxide equivalents (CO₂e) Unit of measurement used to compare emis- sions of different greenhouse gases by con- verting them to the equivalent amount of carbon dioxide based on their global warming potential. Climate impact from property management Climate impact from property management includes greenhouse gas emissions from the property management's purchased energy according to the market-based method, waste management, material use in tenant adaptations, and visitors to our retail hubs by car. This indicator is based on both measured data and standard calculations in the absence of measured data. Climate impact from Project Stages A–C Climate impact from Project Stages A–C refers to Atrium Ljungberg's greenhouse gas emissions from the projects' entire life cycle, which includes the construction stage, the use stage (assuming 60 years) and the final stage. The reported KPI includes Atrium Ljungberg's ongoing projects and is meas- ured in kg CO₂e/m2 GFA. This indicator is measured twice a year and is based on life cycle analyses. Climate impact from Project Stage A Climate impact from Project Stage A refers to Atrium Ljungberg's greenhouse gas emis- sions from the early phases of its projects, which includes material production, trans- port and construction processes up to the completed building. The reported KPI includes ongoing projects at this stage and is measured in kg CO₂e/m2 GFA. This indica- tor is based on life cycle analyses. Renewable energy Atrium Ljungberg measures the share of renewable energy based on its total pur- chased energy, which includes electricity, district heating and district cooling. All pur- chased electricity is origin-labelled as renewable. For district heating and district cooling, special climate choices are made in some cases. The indicators are based on environmental values from energy suppliers and are updated annually. Energy intensity, kWh per m2 Total energy consumption from heating, cooling, tenant electricity and property elec- tricity divided by the average estimated total letting area that is heated, excluding garages. Weighted to an average year A calculation method for handling the effect of the weather, to correct for deviant weather effects that are warmer or colder than what is considered normal during a period. Thus, key ratios are more compara- ble between periods and years. Green lease contracts Contracted annual rent for commercial premises excluding the garage and storage for lease contracts with green rent supple- ment as a percentage of contracted annual rent for commercial premises excluding the garage and storage. Green rent supplement is a supplement to the agreement from the Swedish Property Federation in which the tenant and landlord jointly undertake to reduce the environmental impact and covers, for example, energy, waste and transport. Reported figures are based on the immediately subsequent quarter. Significant suppliers Suppliers who are deemed to be of particu- lar importance based on purchasing volume, agreements, risk level or strategic impor- tance and therefore are subject to in-depth monitoring regarding sustainability and busi- ness ethics. Human City Index Index developed in-house to follow up on the work with creating socially sustainable locations. Comprises five aspects: Safety, Accessibility, Urban Ecosystems, Placemaking and Participation, with a total of 21 indicators that are measured at least annually. Total sales This relates to Net sales as set out in the consolidated income statement. Total capital expenditure The acquisition of properties and invest- ments in new and existing properties. The ‘Change in the property portfolio’ table therefore includes the following rows: ‘Acquisitions’ and ‘Investments in held prop- erties’. This also includes investments in other property, plant and equipment. Total operating expenses Costs for property maintenance, ongoing repairs and maintenance.
Page 31
31 Q3. 2026 Interim report al.se Info Information from Atrium Ljungberg The Annual Report and interim reports are published on our website. Interim reports and the year-end report are translated into English and all language versions are published simultaneously on our website. The annual reports are translated into English shortly after the publication of the Swedish language version. Interested parties can subscribe to both financial statements and press releases via our website: al.se. The site also provides updated informa- tion on our operations, our properties and projects, financial key ratios, the share, and much more besides. The information on the website is also available in English. IR contact Anna Jepson, CFO Tel: +46 (0)72 565 85 23 Email: anna.jepson@al.se Production: Narva Communications. Publication of financial information 27 /1/2027 Year-End Report 2026 25/2/2027 2026 Annual Report 9/4/2027 Interim Report, January–March 2027 9/7 /2027 Interim Report, January–June 2027 8/10/2027 Interim Report, January–September 2027 Press releases during the quarter 16/7 /2026 Moody’s Confirms Atrium Ljungberg’s Baa2 Rating with Stable Outlook 17 /9/2026 Söderhallarna Opens 23 October – and Fills with New Tenants 21/9/2026 Chingu Opens Korean BBQ at Mälarterrassen, Slussen linkedin.com/company/atrium-ljungberg facebook.com/atriumljungberg instagram.com/atriumljungberg This report has been prepared in Swedish and translated into English. In the event of any discrepancies between the Swedish and the translation, the former shall have precedence. Box 4200, SE-131 04 Nacka, Sweden Street address: Smedjegatan 2C Tel: +46 (0)8 615 89 00 info@al.se Registered office: Nacka CIN: 556175-7047