Fastighets Balder (BALD) investor relations material

Executive summary

• Portfolio value reached SEK 237 billion, with 95% occupancy and 80% of assets in capitals and large cities.

• Rental income rose 1% year-over-year to SEK 3,460m, with net operating income also up 1%.

• Profit from property management declined 12% due to Norion Bank, but adjusted figures show a 3% increase per share.

• Net profit for Q1 2026 was SEK 2,198m, down from SEK 2,781m in Q1 2025.

• SEK 5 billion in acquisitions, including a major London office asset, closed late in the quarter.

Financial highlights

• Like-for-like rental growth was 1.3% year-over-year.

• Net operating income: SEK 2,514m (up from SEK 2,496m prior year).

• Net debt to total assets stood at 49.2%; available liquidity SEK 22.4 billion.

• Net debt to EBITDA increased to 13.6x, mainly due to Norion and late-quarter acquisitions.

• NAV per share was SEK 96.62.

Outlook and guidance

• Balanced capital allocation strategy maintained, targeting 11x net debt to EBITDA.

• Investment in project development will remain low, with some new projects possible in 2026.

• Lower acquisition activity expected in Q2.

• Plans to increase presence in SEK bond market and reduce maturity concentrations.