Atrium Ljungberg AB (publ)

Hello and welcome to Atrium Ljungberg's presentation of Q2 2026. The headline for this report is Stable quarter and a historic transaction. We are reporting a stable second quarter with growth in rental income, net operating income and income from property management. In a market characterized by rising vacancies and interest rates, this is a sign of resilience. A key contributing factor is our project portfolio, where six commercial projects and one tenant-owned dwelling project have been completed over the past 12 months. Net letting amounted to SEK 15 million during the second quarter and SEK 7 million for the first half of the year. Of the quarterly figure, SEK 13 million relates to project properties and SEK 2 million to the investment property portfolio. Rental income increased by 6.2% and net operating income by 2.1%, despite a non-recurring cost of SEK 7 million related to electricity charges that had not been invoiced for several years. Income from property management amounted to SEK 320 million, an increase of 1.1%. We continue to generate project returns amounting to SEK 41 million during the quarter and SEK 117 million year to date. Yield requirements remain largely unchanged and have been stable for the past two years. Minor adjustments were made to a small number of properties in the management portfolio resulting in a total value decline of 0.1% during the quarter. Investments during the quarter totaled SEK 674 million and the property value amounted to SEK 62 billion. We currently have ongoing projects representing investments of SEK 9.2 billion, of which SEK 6.2 billion remains to be invested. Three projects were completed during the quarter, Sickla Central, the Upper Secondary School in Slaktosområdet and Mälarterrassen. I will return to these projects shortly. Our primary focus remains Stockholm, which now accounts for 81% of the total property value. The portfolio consists of 66% offices and 20% retail, with an economic letting rate of 86.5%. It should be noted, however, that recently completed projects have entered the management portfolio. In addition, the vacancy rate is measured as of July 1, 2026, and does not include premises that have been leased but not yet occupied. The loan-to-value ratio amounted to 43.8%, stable compared with the previous quarter, We continue to see cautious demand in the wake of the economic slowdown and an uncertain global environment. The market is becoming increasingly polarized with positive developments in the A segment while challenges remain in the B and C segments. There are, however, encouraging signs. New office supply in Stockholm remains at record low levels, several major tenant search assignments have been announced, and employment continues to recover. Household consumption, which represents a significant share of GDP, continues to develop positively. Between March and May, we recorded a clear increase in both visitor numbers and sales across our retail destinations. Performance was strong in March and May, while April was weaker, both in our retail portfolio and in Sweden overall.

We are also seeing increased activity in the residential market.

Households expect rising housing prices, bidding activity is increasing and price development remains positive, although at a somewhat slower pace. The sales rate in our tenant-owned dwelling project increased from 71% to 83% during the quarter. During the quarter, we signed the largest office leasing transaction in Swedish history, 58,000 square meters on a 15-year lease with an annual rental value of SEK 360 million. The agreement is conditional upon the execution of a land allocation agreement and the development agreement which are expected to be completed during autumn 2027. Consequently, the letting is not yet included in net letting. The buildings are highly efficient. with a net operating income margin of approximately 85%. This transaction is expected to generate a significant contribution to both future net operating income and project returns, comfortably exceeding our project return target of 20%. Other examples of lettings during the quarter include Stadium Outlet leasing almost 1,300 m2 in Gränbystaden, Uppsala, Kuroflow Technology, a provider of digital healthcare platforms leasing 530 m2 at Slussen and an additional restaurant and club operator leasing 460 m2 at Mellarterrassen. Office tenants account for 53% of contracted annual rent, retail tenants for 20% and culture and education tenants for 10%. Our 10 largest customers account for 20% of total contracted annual rent. Including Ericsson's new agreement, that figure would increase to 28%, while Ericsson's share of total contracted annual rent would increase from 3% to 13%. Of the 20% represented by the 10 largest customers, 11 percentage points relate to public sector tenants. The average remaining lease term is close to 5 years. We have only five lease contracts exceeding 10,000 square meters, of which two are office contracts. Our retail portfolio benefits from broad diversification, both in terms of tenant categories and the number of operators. Fashion accounts for 13% of retail sales, while grocery stores, alcohol, retail and pharmacies together account for 40% of total turnover in our shopping centers. We continue to see a positive trend in both visitor numbers and tenant sales. With that, I hand over to our CFO, Anna. Thank you, Annika.