We expect Fabege to maintain an energy-efficient real estate portfolio through 2030. Its properties are mainly commercial premises in the Stockholm region and currently 87% of Fabege's revenue comes from buildings that we assign a green shade. Fabege has set a target of achieving climate-neutral property management and a 50% reduction in scope 3 emissions by 2030 but lacks long-term targets beyond 2030. We assign a Future Shade of Medium green based on the portfolio's expected performance and revenue in 2030.