Neobo Fastigheter AB (publ): Interim report January-June 2026

JANUARY–JUNE 2026

• Rental income increased to SEK 469 m (466). For the like-for-like portfolio, rental income increased by 3.8 percent.
• Net operating income fell to SEK 244 m (260) 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.
• Profit from property management decreased to SEK 87 m (102), primarily attributable to divested properties and increased costs in the like-for-like portfolio.
• Profit from property management per share outstanding on the balance sheet date amounted to SEK 0.62 (0.70).
• The property portfolio’s value at the end of the period increased to SEK 13,601 m (13,562) and the change in value of the properties amounted to SEK -39 m (11) for the period.
• Net profit for the period decreased to SEK -2 m (-1).
• The net asset value increased to SEK 48.02 per share (47.19).

APRIL-JUNE 2026

• Rental income was unchanged year-on-year, totaling SEK 236 m (236) as a net effect of divestments and increased rental income in the like-for-like portfolio.
• Net operating income decreased to SEK 142 m (152), attributable to the divestment of properties and higher costs in the like-for-like portfolio.
• Profit from property management for the second quarter totaled SEK 61 m (74). This decrease is attributable to divestments, increased costs in the like-for-like portfolio and SEK 2 m in items affecting comparability in central administration.

SIGNIFICANT EVENTS DURING AND AFTER THE SECOND QUARTER

• Two loan agreements totaling SEK 1.2 billion were extended during the quarter. Both of the refinanced loans have lower margins than the average margin for Neobo’s loan portfolio.
• The 2023/2026 series warrant program has been terminated. The program participants – the CEO, CFO and General Counsel and Head of Sustainability – have exercised all of their outstanding warrants by subscribing for 630,066 shares.
• During the quarter, 645,000 own shares were repurchased in an amount of SEK 11 m. In total, Neobo now holds approximately 5.8 million shares, corresponding to 4 percent of the total number of registered shares.
• In June, the Prästkragen 5 property in Helsingborg was divested at an underlying property value of SEK 27.5 m.
• The Örnholmen 3 and 4 leasehold properties in Vårberg were divested in June at an underlying property value of SEK 104 m, which was 18 percent above the book value as of March 31, 2026.

CEO-COMMENT

Repurchase of own shares to strengthen long-term shareholder value
A turbulent business environment and subdued economic growth dominated the first half of the year. The Swedish economy is recovering, but growth was initially modest and the labor market remains weak. At the same time, inflation has eased and household purchasing power has improved, which lays the groundwork for a gradually stronger economy going forward.

Neobo’s rental income in its like-for-like portfolio increased 3.8 percent, as a result of factors including the completion of value-generating apartment renovations and a lower vacancy rate.

Profit from property management decreased to SEK 87 m (102) due to the absence of net operating income from divested properties and the fact that the first quarter of the year was significantly colder and snowier than the previous year.

Divestments enable improved capital allocation
Two divestments of low-yielding properties were completed in June with the aim of maximizing shareholder value and optimizing the property portfolio.

Prästkragen 5 in Helsingborg was divested at an underlying property value of SEK 27.5 m, which was 3 percent above the book value as of March 31, 2026. Closing will take place in September. The Örnholmen 3 and 4 leasehold properties in Vårberg were divested at an underlying property value of SEK 104 m, which was 18 percent above the book value as of March 31, 2026. Closing will take place during October.

These transactions release capital that will be used for investments with higher returns, with the aim of increasing Neobo’s net asset value and earnings per share. In the current market, we regard the repurchase of own shares as an attractive use of our capital that creates value, and an efficient way to strengthen long-term shareholder value.

Since last autumn, we have repurchased own shares for SEK 111 m, improving our financial key metrics per share and demonstrating our confidence in Neobo’s long-term potential. In total, we now hold approximately 5.8 million shares, corresponding to 4 percent of the total number of registered shares.

In the current market, we regard the repurchase of own shares as an attractive use our capital that creates value, and an efficient way to strengthen long-term shareholder value.

Refinancing on attractive terms
Our financial position is strong, with stable cash flows and good prospects for positive growth in net operating income going forward. The value of the property portfolio is SEK 13.6 billion and the loan-to-value ratio remained below 50 percent. Our financial strength creates scope for action in changing market conditions and enables the continued implementation of our strategy for long-term value creation.

Two loan agreements totaling SEK 1.2 billion were extended on attractive terms during the quarter. Good access to capital in combination with Neobo’s financial stability have led to the successful refinancing at margins below the average margin of our loan agreements.

In closing, I would like to extend my warmest thanks to our employees and shareholders for your dedication, and I wish you all a wonderful summer. I am full of expectations ahead of the autumn, and I look forward to the continued development of Neobo, with a focus on long-term value creation.

Stockholm, July 8, 2026
 
Ylva Sarby Westman, CEO