<a id="bm-comp-7d4146e0-0631-451d-9078-142e044fa56a" name="bm-comp-7d4146e0-0631-451d-9078-142e044fa56a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="7d4146e0-0631-451d-9078-142e044fa56a" style="vertical-align: top; width:100.000000%;"><ul><li>Rec. PTP -7% vs ABGSCe</li><li>Vacancies up slightly, property value down -0.6%</li><li>Slight underperformance justified</li></ul></td></tr></table><a id="bm-comp-25a3f0a4-25dd-4afe-b101-4222479c6183" name="bm-comp-25a3f0a4-25dd-4afe-b101-4222479c6183" class="BMCustomAnchor"></a><table><tr><td bm-component-id="25a3f0a4-25dd-4afe-b101-4222479c6183" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Rec PTP -7% vs ABGSCe</h3><p>Fastpartner delivered a Q2 report with rental income of SEK 561m (-2.1% vs ABGSCe of SEK 573m and -2.4% y-o-y), while NOI amounted to SEK 417m (-2.2% vs ABGSCe of SEK 426m and -1.4% y-o-y). The NOI margin amounted to 74.4% vs ABGSCe at 74.5% and 73.6% in Q2'24. Rec. PTP amounted to SEK 226m (-7.2% vs ABGSCe of SEK 243m and +20.2% y-o-y). Occupancy was down q-o-q at 91.3% (91.7% in Q1), and 91.8% (92.0% in Q1) adjusted for projects.</p><h3 class="bm-h3">Property values -0.6%</h3><p>Property value changes amounted to SEK -196m (-0.6%), compared to our estimate of SEK 94m (+0.3%). The average valuation yield was unchanged at 5.2% (5.2% in Q1'25). The adj. EPRA NRV (ABGSC calculation) amounted to SEK 92.4 per share, down 1.8% q-o-q and -3.0% vs ABGSCe. Net LTV was up q-o-q from 47.0% in Q1 to 47.5%. The average interest rate was down by 0.1pp q-o-q to 3.8% by the end of Q2.</p><h3 class="bm-h3">Conclusion</h3><p>Guidance for IFPM NTM of SEK 880m, vs Q1 of SEK 890m, compared to our estimate of SEK 886m for 2025e and SEK 909m NTM. Rec. PTP miss of 7%, was mainly driven by a weaker top-line, and we expect negative estimate revisions (rec. PTP) of ~2-4% on the back of this report. On a more positive note, the CEO commented that discussions are ongoing regarding the letting of the Nasdaq premises in Frihamnen, which extends to year-end. We estimate the contract at SEK 85m (3.5% of rental value), hence this could potentially have a significant positive impact on rental income. The company is planning a larger investment in the premises and expects to achieve a doubling of the rental value, the company aims to have a contract signed in September/October this year. While estimate revisions will be negative we expect news regarding potential tenant in the Nasdaq premises is a significant positive. In summary, we expect the share to slightly below the sector today.</p></td></tr></table><a id="bm-comp-8863d3ae-96fa-4493-ab80-0a18f429670f" name="bm-comp-8863d3ae-96fa-4493-ab80-0a18f429670f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8863d3ae-96fa-4493-ab80-0a18f429670f" style="vertical-align: top; width:100.000000%;"><table id="bm-img-09e96fe9-943c-4b7c-8de1-bd01c1e7d1a5" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td><img bm-img-encrypt="09e96fe9-943c-4b7c-8de1-bd01c1e7d1a5" bm-img-original-height="368" bm-img-original-width="571" bm-img-svg="image:image_upload/88523_03420bc1-13cd-4b8d-88ad-2dd84c20c2c8.svg" bm-img-width-hint="78.54%" id="bm-id-09e96fe9-943c-4b7c-8de1-bd01c1e7d1a5" src="https://abgsc.bluematrix.com/images/image_upload/88523_03420bc1-13cd-4b8d-88ad-2dd84c20c2c8_571.png" svg="/nas/web/clients/abgsc/images/image_upload/88523_03420bc1-13cd-4b8d-88ad-2dd84c20c2c8.svg" width="571" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>