JANUARY–MARCH 2026

• Rental income increased to SEK 233 m (230). For the like-for-like portfolio, rental income increased by 4.7 percent.
• Net operating income fell to SEK 103 m (107) due to the absence of net operating income from divested properties and the fact that the year’s first quarter was colder and snowier compared to the preceding year. For the like-for-like portfolio, net operating income rose slightly, as rental income increased more than property management costs.
• Profit from property management fell to SEK 26 m (28) due to the absence of net operating income from divested properties.
• Profit from property management per share outstanding on the balance sheet date was unchanged between the years at SEK 0.19 (0.19).
• The property portfolio’s value at the end of the period amounted to SEK 13,599 m (13,562) and the change in value of the properties amounted to SEK 0 m (9) for the period.
• Net profit for the period increased to SEK 61 m (28).
• The net asset value amounted to SEK 47.92 per share (47.19).

SIGNIFICANT EVENTS DURING AND AFTER THE FIRST QUARTER

• During the quarter, two share buyback programs were completed, under which a total of 5.2 million shares were repurchased at a value of approximately SEK 100 m in accordance with the company’s mandate from the 2025 Annual General Meeting.
• Kristian Hallin was recruited as Head of Real Estate and member of the Group Management Team. Kristian will assume the position in June.
• During the quarter, the divestment of the industrial property Fiskeby 4:123 in Norrköping was closed.

CEO-STATEMENT

Higher rental income and significantly reduced vacancy rate
The beginning of the year was marked by geopolitical uncertainty on account of the conflict in the Middle East and the precarious trade policy situation. The turbulent macro-environment dampened international growth, while the Swedish economy showed signs of stabilization with lower inflation and slightly more robust domestic demand.

Despite the turbulent external conditions, our business continued to perform positively. Our rental income for the like-for-like portfolio increased by 4.7 percents, among other factors, driven by rent increases of 3.4% in the residential portfolio, completed apartment renovations, and a lower vacancy rate.

Profit from property management for the quarter fell to SEK 26 m (28) due to divested properties, as well as the fact that the first quarter of the year was significantly colder and snowier compared with the previous year. Earnings from property management per share are unchanged compared with the previous year as a result of share buybacks.

Significantly reduced vacancy rate
We have continued to work very hard with leasing and it is therefore particularly gratifying to see that our efforts are yielding results and that we can again report a sharp drop in the vacancy rate. During the last quarter, residential vacancies declined by 0.5 percentage points and since the formation of Neobo just over three years ago, we have reduced the vacancy rate in the residential portfolio from 6.6 percent to 4.6 percent. The quarter’s figure for vacancies also includes 24 apartments that are undergoing renovation and which we expect to rent out immediately on completion.

The improvement has been the result of a number of targeted measures, such as more efficient marketing, renovation of vacated apartments and a focused effort from our committed employees. An important contributing factor was also the structured work with insights from the autumn customer survey. This aimed to increase the attractiveness of our residential areas and tenant satisfaction, thereby further reducing the vacancy rate.

Profitable investments
We are continuing to refine our properties and since the start of the year we have invested SEK 55 m in value-creating measures that have helped to increase our revenues and reduce our costs. This includes our renovation of 39 apartments and a number of sustainability investments.

Our property portfolio has significant refinement potential, where value-generating investments combined with continued portfolio optimization create the conditions for attractive returns and steady growth in profitability over time.

-Our main mission is to create longterm value for our shareholders. We achieve this through smart capital allocation, customer-centric property management, and value creating refinement and portfolio optimization.

Strong financial position
Our financial position is strong with stable cash flows and good prospects for positive growth in net operating income over time.

The value of the property portfolio is SEK 13.6 billion and the loan-tovalue ratio has decreased to 49.8 percent. Our financial strength provides us with the flexibility to address changing market conditions and to continue implementing our strategy for long-term value creation.

Over the past six months, we have also repurchased treasury shares totalling SEK 100 million, which has improved our key metrics on a per‑share basis and demonstrated our confidence in Neobo’s long-term potential.

Our main mission is to create long-term value for our shareholders. We achieve this through smart capital allocation, customer-centric property management, and value-creating refinement and portfolio optimization.

You are welcome to join us on our journey ahead!

Stockholm, April 22, 2026

Ylva Sarby Westman, CEO