Arlandastad Group AB (publ)

Thank you very much. Thank you.

But before we start, I would like to remind you that you can also ask questions in the chat. We will take them in a joint Q&A session after the presentation. And with that, we are interested to hear what is happening with Arlanda Start Group.

Thank you very much. Thank you. If we start with Arlanda Start Group, what kind of animal are we? Yes, we are a property development company. We develop places where the state invests billions in infrastructure. Vi äger två väldigt stora områden. Det ena är kopplat till Arlanda flygplats och det andra är kopplat till Skavsta flygplats nere i Nyköping. Båda platserna är fantastiska infrastrukturen av och gigantiska utvecklingsprojekt. Totalt sett så har vi en projektportfölj på närmare 45-50 miljarder. And when we develop such large projects, then it is necessary that we do it in close cooperation with both the state and the municipality. We have a business model that builds on the fact that we purchase areas for advantageous prices. We try to see development opportunities with potential before others see it. Så vi förvärvar råmark, vi driver detaljplaner, vi bygger, utvecklar och förvaltar. Men inte nog med det, vi gör det gärna i samarbete med andra bolag i form av joint ventures eller bjuder in företag som vill utveckla områdena med oss genom försäljning av mark. Antingen färdigutvecklad mark eller mark som ligger i detaljplanerskedet. If we look at Q1 2026, we have under 2025 and 2024 done a lot of structural measures that we still see the effect of. We reduce our costs, we successfully work on building our income portfolio in the form of rent income and operating income. And if we look at the value development of our land areas that have building rights, it also grows continuously, if not slowly, in this quarter. We have liquid funds at 113 million at the beginning of March 2026. A year and a half to two years ago, beslutade vi att öka utvecklingstakten på våra områden. Vi har historiskt utvecklat allting i egen regi, byggt, förvaltat, ägt, och då har vi utvecklat cirka 15 000-20 000 kvadratmeter per år. Då vi har sådana enormt stora områden så har vi de senaste åren fokuserat på att öka utvecklingstakten. Och den här ökade utvecklingstakten har inneburit också att vi har upplagt upp mer för partnerskap och försäljning av områden. Under 2026, we activated over 100,000 square meters of building rights. And when we talk about activated, it is to start projects for building rights, either through sales, development in partnership or self-development. So we have doubled our development pace by five to ten. Många av de affärerna som vi gjorde under 2026 har vi också jobbat med i uppstarten av 2026. And the fourth window on this picture shows increased flexibility. What we also did, we focused a little extra on cost savings and chose to work more with consultants in the development of our projects and have a slightly smaller, tighter organization with a focus on being able to adapt the strength we need to work with based on how many projects we actually start up and run. Under the Q1, we have made an overview of Fortum in Skavsta. Skavsta, an area of 4.8 million square meters, has an airport in the area. Fortum is now working together with us to establish sustainable energy solutions, hydrogen production and, above all, to manufacture sustainable air fuel. After the start of the quarter, the annual budget has stipulated that Arlanda City will have a share of 98 million kronor, equivalent to 1.55 kronor per share, for 2025. And we have also negotiated our loans for 1.29 billion kronor and extended them. We have two loans. One loan is extended with three and the other loan is extended with four years. Which we think is a good amount on our good relations with banks. This is the absolute lion's share of our loan volume. Tittar vi på några av de praktiska projekt som fysiskt är igång så håller vi uppe i Arlanda på att bygga upp en av Sveriges största snabbladdningsstationer med upp mot 100 snabbladdare och upp mot ett par hundra laddplatser i området. Det här tillsammans med att vi öppnar en restaurang för Pontus Fritjof i direkta anslutning till de här snabbladdarna är vi övertygade om. Det kommer att göra att området blir absolut mycket mer attraktivt och välbesökt. Vi har precis färdigställt byggnation av 1300 uppställningsplatser och en rekonditioneringsanläggning för Vi köper din bil eller Autohero. De har varit hos oss mellan 2015 och 2017 och successivt vuxit för att nu ha ett antal tusen kvadratmeter fasta etableringar och 1300 parkeringsplatser för de fordon de köper och säljer. Tittar vi ner i Skavsta så håller vi på att bygga en skola åt Nyköpings kommun. Nyköpings kommun har valt att flytta ut alla praktiska yrkesutbildningar till Skavsta flygplats. Så vi bygger ett gymnasium för bygg- och anläggning, transport, flyg ute vid flygplatsen. Det här kommer att färdigställas i etapper med första inflyttning i början av 2027. We also run a number of projects in joint venture constellations. We have a project up in Arlanda, which is about developing 125,000 square meters of land. We run it together with Swiss Life, which is the world's largest property fund, and Cavandium. We have just started stage two, which includes building a property for, among other things, Ramirent and Emil Lundgren as tenants. I Skavsta driver vi en detaljplan som vi kallar Västra terminalområdet, ett utvecklingsprojekt tillsammans med BRA Bygg. Det är ett område som är en halv miljon kvadratmeter i direkt anslutning till landningsbanor och lyftbanor på flygplatsen. Detaljplanen beräknas vara antagen under fjärde kvartalet 2026 alternativt första kvartalet 2027 och kommer innehålla mellan 200 000 till 250 000 kvadratmeter nya outnyttjade byggrätter. Skavstalund, another project that we run together with a joint venture partner down in Skavsta, is a business park with four houses of 2,500 square meters each and 40,000 square meters of exhibition spaces. A fantastic project considering that Ostlänken, Sweden's largest infrastructure project ever, has started and the main place of establishment for Ostlänken is Skavsta. There will be craftsmen down in the Skavsta area for thousands of years, until 2032 at least. When we own such large areas, we also have the fantastic opportunity to work with energy and energy optimization solutions. I have told you about the energy business that we are looking at together with Fortum. I have told you about Sweden's largest fast charging station in Välanda. We have invested in both solar and battery projects during previous years, which makes it possible to store renewable energy, which of course makes it possible for us to be self-sufficient in energy. And we also have, because we have such large facilities for cars in both of our development areas, a project called Vehicle to Grid, where it is about using the capacity of electric cars while they are set up to extract energy from parked cars, while those who use the cars are away to refuel them when there is low energy. And in such a way, make these areas more independent of the energy solution of the environment. We'll hand it over to you, Henrik.

Thank you very much. We're going to focus on a few key points related to this first quarter. First, our market value on our property portfolio, which has risen further. And I just want to point out that this has not happened because of a new lease contract or a new business. It has not happened because of a yield compression or anything like that. We are looking at revenues and costs. Revenues are up a little bit and costs are down. This is something that we have talked about for a long time, that we want to increase the revenues and reduce the costs at the same time. And in that way get a result effect. We see that during the first quarter. It is still a negative result, but it is on a better level than before at least. If we take a look at the boxes on the right, we can see that our net asset value per share is up by almost 4%. It's fun to create those values and tax collectors. Another box we have with us, which is new for those of you who have followed us before, is this one, which shows the underlying housing values we have in our JVs. Dieter talked about it earlier, the importance of working in our development of our areas, not only for our own machines, but also together with others. Vi har gjort det under en period och idag har vi faktiskt underliggande hyresvärden i de här JV-erna som är mer än 10% av vad vi har i vår egen bok. Den utvecklingen fortsätter. Den är viktig att bära med sig när vi tittar på hur vi bygger värden i områdena. En sista som jag vill beröra är bara avkastning på eget kapital. Det är låg men den är positiv. Det känns kul. We talked about value creation for the property portfolio. This is an image that we have adjusted a little bit, partly with the market value and interest companies, to show again which values we create over time. This development shows a little over five years of change in our supply portfolio. And then you can see that we have created about 1.2 billion. That's a little over 20% in these five years. It may not be much in annual percentage change, but it is quite a lot in kronor and ören, which is still interesting for the shareholders. We create value in JV companies, which is also present in this report. Finally, I would like to point out that it is a bit funny to see that the values that we have built up in the administrative facilities and JV companies are higher than the value we have in our building rights. We have talked about this earlier, and you have talked about it, Mattias, that we have a lot of value in our building rights, which can be difficult to build an understanding of for an investor. But that distribution changes successively as we develop our areas. We have in this quarter and from and with now, in 2026, chosen to change a little bit how we present. We have previously presented in segments. For those of you who have followed us, you probably know that. Vi tycker att en verksamhetsredovisning, redovisning av verksamhetsområden, bättre speglar hur vi jobbar och hur vi styr och hur vi fokuserar på den här utvecklingen i våra två områden, Arlanda stad respektive Skavsta. Vi tycker att det ger en rättvisande bild av bolagsstyrning och utveckling. And the information that has been there before exists now as well. But this shows more how we distribute resources and how we work in this development. So it's a little news that I wanted to bring up for you who follow us. And it will also be easier, we think, to follow up in the future when we talk about these areas. The financing side is with us, as we announced last March. Now, Dieter mentioned earlier that we have just recently negotiated the main part of our loans. We have almost 1.7 billion and 1.3 of them we have negotiated now. ...with an extension of three, respectively four years. So this average loan period of 1.1 years, which could be a bit low in the report, we can move away from now. You will get a new average loan period when we release our Q2 report. In principle, the amount of loans, which means that the loan rate is still low... I can also mention two more things. The margin of this loan is lower than what we had before. And we will insure our loans in the future. In any case, these loans that we have mentioned in the future up to about 60% of our interest rate. Which hopefully creates greater security and predictability for how our financial costs are developed in the future. With that, I'll leave it back to you, Dieter.

Yes, and the way forward is to continue as we have done in recent years. We have increased the pace, we are reducing costs, we have a lot of pressure and a lot of interest that wants to be part of and develop these fantastic areas. And what you can say if you look at the market view and macro-factors, what that has meant for us is that this quarter we have had a somewhat lower number of end of business, but there are as many interested parties and as many business projects that we work with and have had full focus on actually starting all the projects that we generated and started last year. So we continue on the same path, quite simply.

Thank you very much, Henrik. Let's move on to the Q&A. Let's start with the quarterly figures. You show somewhat higher revenues, improved brutto results compared to previous years, and also a lower loss compared to last year. If we look at that together, what do you think is the most important factor, purely operational, as a signal in the quarter?

As Dieter mentioned, one and a half years ago, there has been a lot of focus on costs. And that was a useful exercise. I think all companies need to do that in between to see what the cost mass looks like. And that has led to that we have... Better flexibility, better control of costs today, and that's something we're working very much with also in the future. That, I would say, is an important part. That we build revenue, it will come successively as we develop our areas. It can be a little tricky. It's not always that there's such a big development from one quarter to the next. But it's something we're working on in the long run. But just the fact that we're working hard to control our costs, it feels good to see that it gives a positive effect.

I would like to highlight something that is not visible in the figures. When we generate cash flows and realize value through sales, remember that when we sell a land area, it is a decoupling process, a land metering process. It takes between 9 and 12 months to get liquidity into the accounts from which we do our business. Many of the businesses we did last year will see the color of the money of this year.

I think the most important thing

What you should follow is that we will come to new business conclusions at the same time as the business conclusions we made last year land through termination processes so that these companies that have bought land with us, for example, actually also join. So it's a series, it's a series of business events that you have to understand from start to finish. And one, yes, it's going to roll in new ones. Two, we have to land those we have started. So follow that we keep what we promise.

Yes, and you mentioned that you have not received the liquidity for the businesses that you closed in 2025. How much capital have you received and how much do you expect in 2026 from these already closed businesses?

Yes, we have received about 10% of what we actually finished last year. And the remaining 90% we will receive either this year or at the end of the year when we have a detailed plan in Västra Terminalområdet in Skavsta. So that is a significant amount that is on its way.

How much?

The businesses we have communicated with are about 160 to 200 million.

And if you look at the pipeline in terms of land sales, joint ventures, project development and outsourcing-driven businesses, what do you see as the biggest potential for more concrete businesses in 2026?

One more time, what was the question?

If you have this pipeline in terms of land sales, joint ventures or project development, what... Tror ni att de nästa affärerna kommer?

Vi har ju ett utdelningsmål som du känner till. Vi ska dela ut 98 miljoner här nu i år. Det kommer också styra lite hur vi tänker kring försäljning av mark, starta igång saker tillsammans med andra bolag och egenutveckling. För oss handlar det om en balansering av alla de intressenter vi har. Hur mycket kan vi gå på försäljning av mark? Hur mycket kan vi starta upp själv så att vi får It's a liquid flow that is required to make these payments.

In addition, since we have such large areas, it is a mixture of small, very interesting, concrete transactions. With F60, for example, a lot of exciting things happen that we think can materialize. And then it can be an agency that wants to build 6,000, 7,000, 8,000 square meters. Very interesting, exciting agency that can create interests that follow each other. Men vi har ju också de här jättestora områdena. Och vi har ju pratat lite grann om vad vi gör nere i Skavsta, inte minst Västra terminalområdet, det är ju ett exempel på det. Vi har ju pratat om det vi kallar för Training Academy, där vi har då en option på att förvärva. Och det är ju områden där vi pratar om flera hundratusen kvadratmeter. Båda de här utvecklingen är lika intressanta för oss, men det som skapar... Maybe the most concrete value from a very short perspective is the statements we make, which we work hard with. We have a lot of interest in Skavsta. There are a lot of interesting questions and discussions about Skavsta and the development of that area. And when you start building Ostlänken, it becomes more concrete, what will happen down there. And then it attracts interest. It is those who want to build and develop, but also those who want to establish themselves there.

And a JV like F60, which I have talked about, which is an area of 125,000 square meters. There it is to build and develop and then sell off in the part stage. So there you have several components. We are building and developing now in stage 2. When we have stage 1 and stage 2, we can package it and sell it. to start a new stage 3. It will be a combination of sales and self-development.

If we stay with the cash flow, because it's very important now, given that you have changed your extension policy. You're talking about 98 million a year that will be paid out. If you follow your extension policy, you will have 5% of your own capital, which is around 220-230 million. So that also means that in order to meet that payment in a year, Then we should also think that you have to work up that cash flow as well.

And just so you understand, if we sell 40,000 square meters of building rights in all other cities, it's 200 million. 40,000 square meters of building rights is not many percent of the potential 1.2 million square meters of building rights we have. So it's a very, very small part we need to sell to provide 200 million. Yes.

That's a good perspective, so that you understand the size of this.

Otherwise it sounds like 200 million is a lot.

Yes, it does. Okay, we can continue with the cash flow when we're still doing it. We have seen that operating cash flow before, i.e. capital movement, is still negative. And that can be explained, of course, by Skavstads airport business. But there it is necessary to continue with a negative cash flow in order to develop the business around Skavsta, in order to crystallize the value.

But it's a bit like what we've done in Arlanda. We are a property developer. We develop the areas. And in those areas, there are businesses. Some businesses don't own us. Some businesses own us. We see that there is an interest in creating traffic, creating flows into the area. In Ålandastad, we have training partners and XPO. It's the same thing as in the airport in Skavsta. It's an important hub to create the values we create. In terms of cash flow, it's negative. In terms of value creation, it's very positive. The challenge is to make sure that we have the cash flows that flow out in that business during the construction phase. So, of course, this is something that we look at a lot, all the time, how we manage our cash flows. Operative operations are part of our accumulated cash flows. Transactions are another. Finances are a third. So we work with that all the time. And that's why it was also very fun with this financing that we did now, to see that there is an interest from financiers to be involved and continue to support us in our development.

And you have to remember, to understand our basic idea, to get into areas that are large, where other companies have not obviously seen the potential. And turn the market's perception of the area. You have to be eloquent, you have to have a long-term perspective. And dare to work just as Henrik says.

And with regard to Skavstad, it will be very important with Ostlänken when it comes into place. Have there been any changes in terms of timing? Do we know anything more concrete? 2032, I've heard.

We know nothing more concrete. What we know is that Linköping will not get a station. But nothing else. It's being built. It's being built to the fullest. And we are being contacted by entrepreneurs who need a place to put their things, establish, live. So Ostlänken is full now.

I think that what Ostlänken also shows is the strategic value of Skavstan for the whole region. As you get this pulse order through the region, as a complement to E4 and for that part of Djupavnen in Oxelösund, you have a wave of flows and transports that are very important for the whole region. It is something that we of course discuss a lot with

We're talking about 39 or 41 minutes from Stockholm Station. Both are pretty fast. On average 40.

And above all, it's like 15 minutes from Norrköping.

It ties into the area. Exactly. And then you also talk about the report that... Maybe the market is a bit difficult to interpret now, and we can understand why. But how do you see it yourself, a little more concretely, what is it that investors are more restrictive about, that they wait a little longer?

I would say that foreign investors tend to be a little worried about, one, rent, or two, the same thing that happened during Covid, that the construction costs, or the Ukraine war, that the construction costs, as a consequence of rent increases, or as a consequence of us not being able to buy equipment from the affected countries, or material from the affected countries, that the construction costs will rise. So there is still a high interest, but you wait. Because it can be one message on Monday, another on Thursday, and a new message on Monday again. Right now, in the Middle East war above all.

You can make a reflection during the last five years. If we take this period that we showed earlier on the world development in the property portfolio, we have had quite a lot. But the goal for 2026 is at least to keep the same pace as you did in 2025. That's what we're going to do.

Okay, that sounded confident. Good. Okay, I'm just going to stay with this. I think from an investment perspective, it's important that you have a goal, and that's this division, 5% of your own capital. And now you're sharing about half of it this year, and a little bit less. But how confident can you be as an investor that this goal of sharing is maintained on a continuous basis? Or can it be that it will fluctuate depending on the business you execute on?

For all companies, it's a goal that they want to achieve. At the same time, companies want to avoid fluctuations in the division. A third parameter is that there's no board that puts companies on the line by distributing the money. There might be, but there aren't many. Our board isn't like that. They're very long-term. It's the decision of the board, what you recommend to the board and what the board then decides. But it's not unreasonable to assume that there will be a stability in that section and an increase in that section in line with the goals that have been communicated. I don't know exactly what that journey looks like. I don't know if anyone really knows. We are very aware of the fact that the goal is set there for a reason and after careful analysis. There are good odds of continuing to deliver on that.

Yes, and as you mentioned earlier, 40,000 square meters of building rights, 2 million. 200. Yes, 200 million. And compared to the total amount of building rights, it feels a little safer. Yes, but we have to understand that proportion in some way.

Yes, but good.

Thank you very much for this discussion and presentation. Very good.

Thank you very much.

And thank you to all of you who listened. Have a good day.