<a id="bm-comp-cd305b82-591b-4fff-91c8-fd3fba0fc6b8" name="bm-comp-cd305b82-591b-4fff-91c8-fd3fba0fc6b8" class="BMCustomAnchor"></a><table><tr><td bm-component-id="cd305b82-591b-4fff-91c8-fd3fba0fc6b8" style="vertical-align: top; width:100.000000%;"><ul><li>Solid lettings in the wake of Nasdaq, but timing uncertain</li><li>Estimates hit by higher interest rate assumptions</li><li>2026e P/CEPS of 12x vs coverage average of 14x</li></ul></td></tr></table><a id="bm-comp-85d477ee-b7c1-45e2-9d51-07d026d145a5" name="bm-comp-85d477ee-b7c1-45e2-9d51-07d026d145a5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="85d477ee-b7c1-45e2-9d51-07d026d145a5" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 results very much in line with our expectations</h3><p>FastPartner delivered rental income, NOI and rec. PTP in line with our forecasts, while NOI was 3% below FactSet consensus. Occupancy deteriorated by 2.1pp q-o-q to 89.2% (89.7% adjusted for projects), driven by Nasdaq vacating its premises in Frihamnen. The NOI margin deteriorated by 0.9pp y-o-y to 64.5%, primarily driven by a softer top-line, where cost reductions have been counteracted by an increase in property taxation. We make negative CEPS revisions of 1-4%, driven primarily by higher rates in our forecast.</p><h3 class="bm-h3">A chunk of the Nasdaq vacancy is already off the market</h3><p>The 23,000 sqm let to Nasdaq in Frihamnen expired as of year-end 2025, which was the key driver behind the 2.1pp vacancy increase in Q1. In conjunction with the report, the company announced a 10-year lease of 15,000 sqm to MagasinX, i.e. ~60% of the lettable area, while a number of existing tenants in the property have also extended and expanded their leases. However, we have no information on move-in timing, capex or rental levels, which makes it difficult to access the impact; we have assumed the same rental level as for Nasdaq starting Q1'27e. We are ~1% below IFPM NTM guidance of SEK 780, likely pertaining to letting timing and our revised interest rate assumptions. Management highlights a continued challenging rental market, fuelled by both a weak economic cycle and AI reducing demand for office premises, and targets earnings returning to 'normalised' levels in 2027e.</p><h3 class="bm-h3" style="text-align:left;">2026e P/CEPS of 12x, coverage average of 14x</h3><p>The share is trading at 2026e P/CEPS of 12x, below the average in our coverage of 14x and the average for office peers in our coverage at 15x. On 2026e P/EPRA NRV, the share is trading at 0.4x compared to office peers at 0.6x.</p></td></tr></table>