Annehem Fastigheter AB

Annehem fastigheter har på morgonen släppt sin rapport för det tredje kvartalet 2025. Jag vill påminna er om att ni kan ställa frågor till Annehem via live chatten här intill. Vi föräras besök idag av Annehem fastigheters vd Monica Falenius och CFO Adela Tjolakovic. Varmt välkomna till studion. Tack ska du ha.

Tack Mattias.

Yes, you are a relatively young company, but you have set some nice records this quarter. How was the feeling to deliver?

Of course it is really fun to deliver a good result and a strong delivery. And of course I am super proud.

Now you will first be presented, then we will take a Q&A immediately afterwards. Yes, thank you very much.

Welcome to Anne Hems quarterly report for Q3 2025. The agenda for today is a summary of the quarter. Adella will tell you more about the financial development for the quarter period. Vi kommer avsluta med Q&A precis som Mattias sa och i den här gången så har vi valt att göra den lite längre. But before I draw our nice numbers, I thought I'd zoom out a little bit. And if we look at the outside world, we still have an uneasy geopolitical environment. And I think everyone knows that. But listen a little bit about the questions and discussions I have with companies here in Sweden. then you start to realize that it is worrying, not because you accept it, but because you relate to it and want to find ways forward to continue to develop your companies. And if we look at Sweden, there are really good basic fundamentals here as well. We have low We have got the rent down quite well, so it is good conditions. And now we have also heard that the policy comes with good stimulus to households, which probably and hopefully will benefit the consumption. And with this combined, I see ahead of me that we will have a stronger economy the coming year. And then you can also think about how we relate to all this at Annehem. And from our perspective, it's great that we have an eye on what's happening around us. But the most important thing for me and my team is to focus on what we can influence. That is to say, we work close to our rental guests, work with our premises, rent them out, make sure that they stay rented, work with drift optimization to optimize profitability And I think that we deliver that. We have done that work and with that we deliver a strong quarter. And I am, as I said earlier, very proud and happy with this delivery. For the quarter, we have increased rental income by 7.8%. And it is mainly due to the new acquisition that we did in the first quarter of Bryggan, a property in Malmö. Vi levererar ett förvaltningsresultat exklusive valutakurseffekter per aktie som ökar med 31% och det är också givet av nyförvärvet men också av lägre räntekostnader. We show a positive net spending of 2.4 million SEK and this builds a number of smaller spending. If we look at the period from January to September, we deliver 6.2 million SEK and we have had a positive net spending for each quarter, which is very strong. We have an expiry rate of 90% for this quarter. And if we look at the 10% that are vacant, the largest part belongs to our property in Finland, but also a large vacancy we have in Solna. We have a stable contract portfolio with stable tenants and quite long rental payments, where our average contract period is 4.8 years, which also gives us stability. We have also been able to take part in our NKI result, where we have improved ourselves with two units from 1979 to 1981. And that is also a proof that we work close to our tenants, where we have good relationships and where we also see that it is of course profitable. And it is extra fun that it is also in a time, if we look back, that has been quite exhausting for Sweden. I think I will stop there for the quarter and hand over to Adela for more financial figures for the period. Thank you Monica. As Monica mentioned, we have had a strong quarter. The rental income for the period, however, fell to 225.5 million, an increase of 9.2%. The biggest reason for that is the acquisition that we did in February this year. The bridge that Monica mentioned, a property in Malmö, stands for 15 million of the increased rental income. The rental income, like for like, has also increased by 2% this time, and that leads to new rents and index adjustments. However, the overall property income has decreased, and this has to do with a lower issuance of media due to a warmer climate, among other things, but also lower income from rental guarantees, where we have both had a guarantee that fell last year, but also where we have rented out the premises and the income instead ended up in a row of rental income this year. All in all, the total revenue has increased by 5.7%. Drift net has also increased by almost 5%. The contributing factor to that is of course the new acquisition of the bridge, but we have been burdened with slightly increased administrative costs due to restructuring within the administrative staff, so that increase in costs stands for about 70%. The administrative result, exclusive currency rate effects, fell to 85.3 million for the period, which is an increase of almost 14% and something we are very happy about. And in addition to the newly arrived property, is also that we have lower interest rates that have contributed to higher administrative results. The interest rates have actually decreased compared to previous years, despite the fact that our loan portfolio has increased by 16% compared to the same period previous years. And that has to do with the refinancing we did last fall. The value of the property has increased by almost 8% compared to the start of 2024. That is much thanks to the bridge. We have also done a lot of investments in existing assets, but we have also made some deductions of the portfolio on a total of SEK 74 million for the period. They are transferred to the properties in Solna and the properties in Finland. The yield has been quite stable during the year since Q4, but ticked up three points to 5.34%. If we take a closer look at the financing and how it looks on that side, starting with the diagram at the top left, we can see that the net reward rate has been stable at 44% throughout the year, but increased by about 3% from Q4 2024 and that has to do with the upcoming acquisition and the reward of that, which we also put on 60% for the specific property. We still have a relatively low reward rate, which also gives us a lot of space and flexibility for upcoming acquisitions. The development of the current average rate can be seen in the same diagram. It has dropped a bit since last quarter with 0.1% and that has to do with the lower interest rate. But if we look back one year to Q3 last year, the average interest rate has decreased by 0.6%. And in addition to the fact that the interest rate has dropped, we have also made a savings of 0.39 points related to the refinancing and the margin savings we could make in the refinanced portfolio. We are still only bank-financed and at the top right we can look at the capital structure. The next capital decline will take place during Q2 next year and we will soon start working on refinancing that decline. We will also make sure to refinance the fall in Q4 2026 in advance together with what falls in Q2 and in total it is a volume of 574 million. The capital binding period is up to 2.3 years per Q3. Per Q3 we also have 85% of our loan portfolio that meets the requirements for green financing. At the bottom right, we can see the interest structure and we continue to work actively to look over and secure both the interest costs and the interest risk related to volatility. We have now insured about 73% of the loan portfolio and the average interest in the private portfolio rose to 1.8%. Rentebindningstiden, inklusive derivat, uppgick till 2,4 år. Vi har också ett långsiktigt mål om att inte hamna på under 2,2 gånger i långsiktig räntetäckningsgrad, och det här kvartalet kan vi glädjande nog säga att vi landade i prick på det målet, och att vi har god marginal till våra lånekovenant på 1,7 gånger. Tänkte jag att Monika ville summera lite grann. Yes, gladly. As you heard in the beginning, I am positive for a stronger economy in the future, which will benefit both Sweden and us. We have the majority of our property portfolio, about 85%, here in Sweden. I would also like to emphasize that it is going well, as we can see in the figures. We have continued to focus on customer relations, on our operation optimization work, on our cost control and to create more profitability and value for our shareholders. And in the future, we want to grow further and we see that there is a lot of commercial objects out there. We have a transaction market that has started. We have a financing market that has a good foundation. So that's really our plan. So a good quarter and good future prospects. I can sum this up with.

Thank you very much Monica and Adela. Let's move on to a Q&A. Let's start with the market. You were talking about low-conjuncture. There is war, there is a lot of worry in the world that puts its emphasis on the market. It is also a long-term low-conjuncture that we are in, even if it seems to turn now. You tell us that you at Hannehem do and influence what you can, so to speak. What exactly is it? Could you go into more detail?

Yes, but unfortunately, the world as it is and we have lived with it for a long time, we would have wished that it could look different right now. But what I also signal to the company is that yes, it is as it is. Now we focus on what we can influence, that is to say, put the power on what actually gives us value back. And since we work with properties, we have tenants who build the property values ​​at our place. So it's tenants, make sure that we have long rental contracts, make sure that the tenants stay and above all rent out what we have vacant and focus on that. That's kind of what I mean by this.

There are different conditions in different segments. Here we have an area with increased demand for buildings and land that can support total defense. Can you tell us how this can affect parts of your portfolio?

Yes, I mentioned that a little bit in the CEO speech, and I would like to go deeper. What I refer to then is Ljungbyhed Park. It is a business park located in Klippans kommun. You can say that it is a cluster of research, education and development that takes place on the spot. We have businesses here, such as Lunds University, which operates pilot education at a higher level, as well as drone education. There is also research on fossil fuel for flying on this site. The municipality here, Klippans kommun, has a junior high school education for a flight mechanic workshop. So all this is connected and we have an airport on this site, I should also say to those who do not know. And we also have very large land areas where we also have a motorway. And the total area in Ljungbyhed is 500 hectares. So there is more to be developed beyond the airport and the runway. And what I see here is to build on the educational theme that exists. We also have blue light operations on the site. So there are very good conditions to build on the theme that has already been started.

This is not just going to be doubled, it will probably be doubled a hundred times. Yes, absolutely.

Yes, how exciting. And what I can also add with drones is that what is interesting about this place is that we have a combination of airspace that makes it possible to really test, educate and I know that universities research a lot on this as well.

Thank you. We move on to the development in the quarter and the period. You deliver record growth in the administrative results, exclusive currency effects per share, which during the third quarter increased by 31.2% compared to the same period the corresponding year. What does this have to do with what development can we expect in Anaheim in the future?

Yes, tricky questions here. No, but most of all, as both Adele and I said, the fine development refers a lot to the acquisition that we did, but also many smaller parts of the business. We have had a positive net sales. We also see the results from that forward. So I see absolutely that we have a steady development. And just the management result per share is one of our most important key figures. And we have as a goal to deliver an annual growth of 20% on that. And we will not get all the way to the goal this year. We see that ahead of us, but we are on a really good path. So much I can still say about that.

Thank you. You talked a bit about the net sales during the presentation when it increased by 2.4 million in the quarter. You also say that there has been a larger number of smaller customers. Is that due to the fact that the stores are more suitable for small customers or that they are more active?

I would probably say the first in the largest part, and that is mainly to the parks, plus that we have had a lot of smaller premises in the other properties, which we then call the modern property, the quality properties we have. But in the parks there is a pretty big movement, and it is not just premises, but it is also a part connected to land conservation, for example. So we are also dependent on and we want there to be movement in the parks to be able to do this puzzle all the time. And then it is very happy that we have the smaller locations where we have had vacancies in the houses that have been emptied and filled. So it's very fun.

Thank you. I want to raise a question for Adela. We can read in the report that you are taking advantage of the positive effects of the refinancing you did. Could you tell us a little more and develop this?

Yes, we have talked about it a lot, but we are very happy with that work. Partly because it gave us a fairly large margin savings in the refinanced portfolio of 1.5 billion, which gave us 48 points in margin savings. On average, from year to year, from today to last year, there are 39 points on the entire portfolio. So of course it goes through. But it has also given us greater flexibility in our financing structure. We went from a bank consortium on three banks to to have four separate banks and four separate dialogues and relationships with them. So we see that it has absolutely both given profit, purely financially, but also in the future, for future acquisitions.

Speaking of which, what does the financial space look like in the future?

Yes, but first we have our cash register. Then we have identified some parts of the refinancing portfolio that we could expand and get a little more capital out of. So looking at the whole, we see that we could look at an object of 350 to 400 million in the future.

In the future with the customer car and out on the road.

If the CFO says that, I can't say anything else, right?

If we go further and look at business and strategy, you have a mix of commercial, social and housing properties. How do you see Anaheim's diversification today and which property segments do you see as the most interesting in the future?

Yes, diversification is part of our strategy. Today we have properties within offices, logistics, social housing and even housing. This is where we want to stay in order to deliver a good risk-adjusted return over time to our shareholders. We have mostly offices today, and in connection with the acquisition of Bryggan, for example, we increased the number of social housing units. And this is a segment that we think is particularly attractive. Either a social housing unit, or you could say that there are social actors in the housing sector. Often, you have quite safe tenants, for a certain amount of time, long contracts. Quite good to work with and extend as well. So in the portfolio structure, it would be beneficial.

One thing that you mentioned that you have worked a lot with is customer satisfaction. There is one called NKJ-studies, i.e. Satisfaction Customer Index. You improved that result. What is your success recipe to get more satisfied customers?

Continuity is a pretty good word. But we measure our customer service through the CFI property parameters and there are about 20 property companies that are there. So one thing is also to be able to compare yourself a little with your peers, but that's the smaller part. The most important thing for us is also that to get relevant information and feedback from our tenants. And we have measured the customer satisfaction during the five years that Annehem has been a company on the stock exchange. And we have also seen a little variation, but in the last few years we have ticked upwards. I think in the last two years we have gone up from 74 to 81, which is a huge step. And what we do here, partly we work very close to our rental guests. We have two words of value with us who are engaged and also facilitators. We have four in total, but there are two that I think are very close to the customer. And I would say that if you ask them, we get it back to us. When we have done an investigation, we also usually sit down and look and say, okay, it usually varies a little year from year which different areas you should work with. We take the focus areas, we set new goals and then we go. And that gives results, really fun.

Wonderful. We were talking about this with refinancing before, but more generally, how do you see other financing alternatives?

As I said earlier, we are still only bank-financed today. If you look outwards, there are several alternatives. What we have seen in the past year, especially in the last one, is that the obligation market has proved to be very favorable for many of our business colleagues. And that is of course an alternative that we have also worked on, which could be relevant for us. But what we see is perhaps above all in connection with a larger acquisition. Because as it is today, banking financing is still our first choice, since we are relatively low paid, so we can raise more compensation. And we also see that we have continued to have very good relations and can get good conditions through the banks. And then it has also been so that during this turbulent time that we hope is over now, it has been a security and stability for us to have the bank financing and to be low rewarded.

You have a goal for how indebted you can be. If the dream object would come out on the market, would you be able to use an emission? Oh, what a question.

But in the current situation, in connection with the fact that we did a review of our financial goals, we have also said that we will continue to work on the results that we ourselves as an enterprise generate. So you mentioned 350-400, and that's what we have in the cash register today, plus some refinancing techniques and so on. So that's what we see that we will use.

And we move on to sustainability. Unfortunately, sustainability issues have had to stand back now with war and unrest. You are a certified Nasdaq Green Designation company with Nasdaq, which perhaps gives the green obligations the opportunity. How important and why is this work important to you with the sustainability issue?

I would say that it is also an important strategic issue. This is an area for us. We have a red thread in sustainability. We will continue to work with that and we have no plans to change that. We have just had a meeting here this morning. We have gone through a little bit about how we should secure our climate plan, among other things. Then I can just comment that it feels quite nice in this. It is that CSR has not pushed as much as the plan was. But for us it does not mean that we lower the ambitions. But what we can do is to put energy on what actually makes the difference more than just the reporting. So I think that feels good.

Yes, this question will return to the agenda when everything calms down.

I still think that it is quite high up, and with the banks it is also very high up on the agenda. We focus on that.

And finally, what is your most important focus now?

The most important thing on the agenda is to find a good acquisition that completes our portfolio within the segments that we find attractive and also within the geography where we already exist in order to continue to deliver well on our administrative results.

Thank you. That was all my questions for you today. I didn't get any in the chat. Good luck and congratulations on this good report. We'll see you in three months.

We will.

Thank you very much. Thank you also to you who have watched. Thank you.