<a id="bm-comp-69fdd9f3-9a5b-4186-8e8c-78e7f8be873a" name="bm-comp-69fdd9f3-9a5b-4186-8e8c-78e7f8be873a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="69fdd9f3-9a5b-4186-8e8c-78e7f8be873a" style="vertical-align: top; width:100.000000%;"><ul><li>NOI 2% y-o-y, 2.4% vs ABGSCe, 1.5% vs cons.</li><li>Value changes of -0.47% vs ABGSCe of 0.13%</li><li>Hard to call estimate revisions, share to underperform</li></ul></td></tr></table><a id="bm-comp-5f110e98-ec0d-4eb5-b197-f3873e255482" name="bm-comp-5f110e98-ec0d-4eb5-b197-f3873e255482" class="BMCustomAnchor"></a><table><tr><td bm-component-id="5f110e98-ec0d-4eb5-b197-f3873e255482" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3"><font color="#00204E">Rec. PTP 1.1% vs ABGSCe, 17.5% y-o-y</font></h3><p><font color="#000000">Fastpartner delivered Q4 results with rental income of SEK 571m (0.2% vs ABGSCe, -0.1% vs cons.), with an NOI margin of 68.9% (1.1pp y-o-y) driving NOI of SEK 393m (2.4% vs ABGSCe, 1.5% vs cons.), rec. PTP of SEK 206m (1.1% vs ABGSCe, 17.5% y-o-y), adj. EPRA NRV p.s. of SEK 92 (-0.3% vs ABGSCe, 0.9% y-o-y). The economic occupancy flat q-o-q at 91.3% (92.4%), occupancy adj. for projects was down -0.1pp q-o-q to 91.6% (92.4%). Dividend proposal of SEK 1.15 per share (1.10), 4.5% vs ABGSCe at SEK 1.10, -4.2% vs cons at SEK 1.20, 4.5% y-o-y.</font></p><h3 class="bm-h3"><font color="#00204E">adj. EPRA NRV p.s. of SEK 92 (-0.3% vs ABGSCe, 0.9% y-o-y.)</font></h3><p><font color="#000000">Realised and unrealised value changes amounted to SEK -160m or -0.47%, we expected SEK 43m or 0.13%, and the average valuation yield amounted to 5.10%, -0.1pp q-o-q. Net LTV (ABGSC definition) amounted to 48.1% (47.4%), 0.8pp q-o-q, vs ABGSCe at 47.6%. The average paid interest rate decreased by -0.1pp q-o-q to 3.60%.</font></p><h3 class="bm-h3"><font color="#00204E">Conclusion</font></h3><p>Guidance for IFPM NTM of SEK 790m, vs SEK 860m in Q3'25, compared to our estimate NTM of SEK 862m, i.e. guidance is down 8.1% q-o-q. The current run-rate IFPM amounts to SEK 790m, and FPAR targets to grow this figure to SEK 1.2bn by YE28, which implies a ~15% CAGR. SOJ says that there are small signs of demand improvements, but geopolitical uncertainty delay actions. In addition, office supply is too high in relation to demand in the top 4 cities (Stockholm, Gothenburg, Malmö, Uppsala). Hard to call estimates on the large negative revision of the run-rate IFPM. Share could easily underperform the sector by ~3-5%.</p></td></tr></table><a id="bm-comp-a76e8bfa-64c8-4f98-9cd0-bd7ce30bd598" name="bm-comp-a76e8bfa-64c8-4f98-9cd0-bd7ce30bd598" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a76e8bfa-64c8-4f98-9cd0-bd7ce30bd598" style="vertical-align: top; width:100.000000%;"><table id="bm-img-91f7af2b-4e48-48a4-b51c-fe6f61de4db4" 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="91f7af2b-4e48-48a4-b51c-fe6f61de4db4" bm-img-original-height="263" bm-img-original-width="690" bm-img-svg="image:image_upload/93985_35a49775-d4f5-4e17-bb1b-d7ba4e08f7ba.svg" bm-img-width-hint="94.91%" id="bm-id-91f7af2b-4e48-48a4-b51c-fe6f61de4db4" src="https://abgsc.bluematrix.com/images/image_upload/93985_35a49775-d4f5-4e17-bb1b-d7ba4e08f7ba_690.png" svg="/nas/web/clients/abgsc/images/image_upload/93985_35a49775-d4f5-4e17-bb1b-d7ba4e08f7ba.svg" width="690" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data, Factset</td></tr></table></td></tr></table>