Atrium Ljungberg AB (publ)

Då slår klockan nio. Vi säger godmorgon när vi inleder rapportsäsongen här på Investor Studios tillsammans med fastighetsbolaget Atrium Ljungberg som har publicerat sin Q3-rapport här under morgonen. Med oss här i studion för att ge oss en presentation för kvartalet och också svara på våra frågor är finanschef Anna Jeppsson tillsammans med Annika Åhnes. Du är ju vd för bolaget som ska inleda den här presentationen. Så jag säger varsågod.

Tack så mycket. Yes, this time the column of the report is careful optimism on the IRA market, but a challenging interest rate. And to start by commenting a little on the figures, so the net income fell to plus two million in the quarter. And that means that we have plus nine million from the first three quarters. Vi landar på ett driftöverskott på 538 miljoner som är en minskning med 2,3 procent och vi landar på ett förvaltningsresultat på 328 miljoner som är en minskning med 6,8 procent. Anna kommer att prata lite mer kring siffrorna och anledningen, bakgrunden till hur det ser ut. Fastighetsvärdet uppgick till 62 miljarder. Vi har positiva värdeförändringar i kvartalet med 136 miljoner. Det motsvarar 0,2 procent. Det är framförallt till följd av positiva kassaflödesjusteringar. Investments in their own properties rose to SEK 654 million during the quarter. In addition, we have added a real estate building right that we call Stanford for SEK 656 million. The acquisition is part of the deal that we previously did with Beskav. Vi har sex pågående projekt just nu med en total investeringsvolym på 9,2 miljarder. Det återstår 5,7 miljarder att investera i dem. Tittar vi på vår övergripande portfölj, som jag nämnde, ett fastighetsvärde på 62 miljarder. Vi har ett hyresvärde på 3,1 miljarder och 917 000 kvadratmeter. Vi ser att Stockholm har ökat lite under kvartalet, från 81 till 82 procent. Och det beror på både projektinvesteringar, att vi då har förvärvat den här delen av Stanford byggrätten, och också relativa förändringar i avkastningskraven mellan våra marknader. A-portföljen är 66 procent kontor, 20 procent handel och så har vi en del bostäder och byggrätter. Den ekonomiska uthyrningsgraden landade på 85,7 procent och det är en liten minskning från förra kvartalet och som vi har nämnt tidigare så vet ni att det är H&M som har avflyttat ifrån Liljeholmen och det är det som är den största påverkan i kvartalet. The loan rate fell to 44.5%, an increase from 43.8%. This is also temporary, given that we have applied for this right in Hagastaden. Adjusted for that acquisition, we have a decrease in the loan rate in the quarter. If we go a little further to the market, Yes, then we see that the market is going carefully in the right direction. It feels very nice, even if the recovery is not yet really visible to our figures and we do not really get a full overview yet on the rental market. But the positive thing is also that I think that all analysis companies are quite unanimous now that the BNP development will be positive next year, around 3%. And the labor market is really pointing in the right direction. With more temporary employees, more positive recruitment plans, but also still very few vacancies. So this combination is still very good. And we know historically that there is a strong correlation between BNP-development and the net worth. Dock att den laggar något så det dröjer några kvartal men vi tror verkligen på en återhämtning på kontors efterfrågan och vi ser att förutsättningarna successivt förbättras. We can also see it in absolute numbers. If we look at the searches that were out in August-September, both for the number and the number of square meters, we see an increase there. Both the number of searches increased by almost 30% and the number of square meters by a total of 38%. That, together with the fact that the amount of new offices will not be particularly large in the coming years, quite limited. And we also strongly believe that this hybrid work has stabilized a lot and on average you work at the office now 3.7 days a week. In summary, we are quite positive that the market is improving successively. And as we have also pointed out earlier, Fly to Quality is a very clear trend where good markets from places, but also high-quality offices are where the demand is. So quality and location are really more important than ever. To say something about trade, household consumption has continued to strengthen during the quarter. Detail trade shows growth and the development has been particularly strong in the source purchase trade. We see a revenue development on all our trading places and what we can see for the figures of July and August, the revenue on our trading places has increased by a whole 6% exclusively in Moms and that is a really strong figure. På bostadsmarknaden så har hösten inlätts med välbesökta visningar och ökad aktivitet och vi ser en gradvis ökade priser framförallt naturligtvis Stockholms innerstad men också i andra bättre lägen så att säga. And we think that with the future faith of households, increased real income and an improved private economy, it gives support to the housing rights market forward. And we have seen a good interest in our housing rights and in the project we have started, we have sold a whole 93 percent. If we then go over to our exports this quarter, we can see that it was Södermalm that was winning on the export side this quarter. Den största affären är en kontorsuthyrning i Söderhallarna där vi ännu inte kan kommunicera vilken aktör det är. Men det är nästan 2000 kvadratmeter. Det känns väldigt bra. I Mälarterrassen har vi tecknat avtal med Shingu som kommer att öppna en koreansk barbecue med öppning i mars 2027. I Stora Katrineberg i Lilleholmen har Prosavio hyrt 668 kvadratmeter också med tillträde i mars 2027. And in the Forum quarter in Uppsala, it is the Design Tower that has rented an area and they have already moved in there. I will then complete that in Söderhallen, the move-in time is June 2027. Vi tittar på vår kundbas som är fortsatt stabil och väl diversifierad med en god riskspridning mellan olika verksamheter och även kunder och kontraktsförfall och där 53% av den kontrakterade årshyran står för EU-kontor och vi har handel då 20% och kultur och utbildning 10%. Likt förra kvartalet så står de tio största kunderna för 20% av det kontrakterade hyresvärdet. Jag vill bara påminna om att den stora uthyrningen vi gjorde tidigare till Ericsson finns inte med i de här siffrorna. Vi har omkring 1400 kommersiella hyresavtal. and the only five that are more than 10,000 square meters and where two of them are offices. The average remaining contract time is up to 4.8 years. I also think the fall structure is well-balanced and we have a very large proportion that falls later than 2031. A few words about our trading places then. Ja, vi har ju en bred och motståndskraftig sammansättning och liksom tidigare så är ju väldigt stor andel av omsättningen på handelsplatsen som står för livsmedel, systembolag och apotek. Och samtliga handelsplatser har ju som jag nämnde då en väldigt, väldigt positiv omsättningsutveckling. Men det som är roligt, det är att det även är de konjunkturkänsliga delarna som också har tagit fart, som kläder, skor och heminredning, som då visar också en väldigt positiv utveckling. Under juli-augusti ökade besöksantalet med 3,3% jämför med motsvarande period föregående år och hittills under hela året så är det en hel ökning på 4,4%. Och som jag nämnde så har ju då omsättningen på våra platser ökat med hela 6% om man tittar exklusive moms för juli och augusti. Så jag tycker att det här verkligen bekräftar bilden av en gradvis starkare konsumtion och en fortsatt positiv utveckling på våra handelsplatser. Och med det så tänkte jag lämna över till Anna som ska kommentera både vårt resultat och vår finansiella ställning.

Thank you, Annika. Let's take a closer look at our figures for this quarter. Let's start with the results. We can see that the rent has fallen to SEK 761 million for the quarter. That's an increase of 3.4%. Just like before, this is primarily driven by the six commercial projects that we have completed over the past 15 months. They contribute a total of SEK 34 million to the rent in the quarter. We also have a positive addition from our now fully-owned coworking company A-House, which contributes 13 million net to the rents. The rents in A-House is larger than that, but after the elimination of corporate internal rents, the effect is net 13 million on the rents. And on the other hand, the fact that we have higher vacancies in the portfolio during this quarter than in the corresponding quarter last year. And if we look at the sales rate in the quarter, it has dropped with 0.8% to 85.7%. As Annika mentioned, we have several move-ins during a quarter, but there is one major tenant who has moved out this quarter and who explains this movement, and that is H&M who has moved out from Liljeholmen. De hyrde initialt 8000 kvm och de har redan avflyttat från 2900 kvm och där vi har nya hyresgäster som redan har flyttat in. Men nu här 31 juli så lämnade de de resterande 5100 kvm. Men glädjande är ju också precis som Annika var inne på så har vi ju faktiskt under kvartalet satt ytterligare en hyresgäst som tar yta av det här som H&M lämnar. Så att tillsammans med de som redan inflyttade så har vi nästan hyrt ut halva ytan som H&M lämnar. And if we look a little forward, during the fourth quarter we do not have any displacement of this size. But we still see that we have larger displacements even in the fourth quarter than we will have inflows during the quarter. So we see that the degree of expansion will continue to drop somewhat even in Q4. If we look at the turnover, it fell to 538 million, which is a decrease of 2.3%. Here we get a negative contribution from EIAOS of minus 7 million in the quarter. And they are, as we have previously talked about, in an establishment phase and show negative figures. We hope that we will successfully be able to improve the figures in EIAOS to achieve profitability towards the end of 2027, but we still assess that we will come under another couple of quarters Ljungberg ABICEOVERpublittee If you clean up for the effects of e-house and customer losses, the turnover is basically still. It drops by one million compared to the same period last year. And then there is a third effect that is very important to remember. And that is the fact that when you get a space that becomes vacant, the costs do not really drop at the same rate as the revenues. Faktum är att egentligen så får man ingen jättestor effekt på kostnaden överhuvudtaget utan majoriteten kostnader kopplat till den lokalen har man kvar ändå. Och det i sin tur gör naturligtvis att överskottsgraden sjunker när man får ytterligare vakanta ytor. Och det ser vi i det här kvartalet att den har gått rullande 12 från 71,4% till 71%. Finansnettot uppgår till 183 miljoner i kvartalet. Det är en ökning med 12 % om man jämför med fjolåret. Den stora skillnaden är de här sex färdigställda projekten som vi tidigare har aktiverat ränta kopplat till de projekten. –så dyker de räntekostnaderna upp i vår resultaträkning och det förklarar majoriteten av skillnaden. Det är också för att vi har en större portfölj i förvaltningen än vad vi hade för ett år sedan. Thereby we have a small effect of a slightly higher average interest rate. On the contrary, we have changed the principle a little bit for the activation of interest, as we have communicated earlier. It affects on the other hand about 5 million, where we activate a little more interest than we would have done without that change. In total, the administration result for the quarter landed at 328 million, a decrease of 6.8% compared to Q3 2025. If we move a little further down in the results, we find value changes of 143 million. If you want to try to explain what they depend on, you can look to the right in the table. We see that it is primarily cash flows that drive this, plus 259 million from cash flow effects from the values. When it comes to withdrawal requirements, it is still at 4.7%, just like you have done for a number of quarters, but there we have made some adjustments to the yields in between in the portfolio. And we see a clear flight to quality trend on the rental market. And it also reflects on the transaction market, where there is a very large interest for attractive conditions and products of good quality, while Ljungberg ABICEOVERpublic in Gothenburg, and in Uppsala, and also in the areas in Stockholm that are not in our four major development areas. And then I should say that it is primarily in the office segment where we have made these adjustments. We have project profits in the quarter of 13 million in total, 10 it says there, and that is the part that covers the commercial part, and we also have 3 million in our BRF business. och fastighetstransaktioner där har vi ju sålt fastigheten Malmö 12 i Malmö och som bidrar med 8 miljoner. in a realized value change. In addition, which is not shown in this picture, we have also added and subtracted parts, not subtracted, but we have sold parts of the Stanford property. This shows up on these rows that are called acquisition and sale of exploitative properties in our result calculation. This is a bit complicated, this business. We describe it in reports, but I thought I would still take you through it. We communicated a year ago that we have sold the building Stamford in Hagastaden to Beskab for 818 million SEK and then it is the land itself and then also a foundation. We have built an underground garage there that these houses are supposed to be built on. And in the beginning of July, we took over this land for SEK 656 million from the city of Stockholm. And then this business with Beskab is divided into two parts, a western part and an eastern part. We will leave the western part in December this year, but that business is now illegal, which means that we will provide the results from that business in the third quarter. But as I said, the departure takes place in December. The eastern part, however, departs first in August next year. But there we already know the sales price and we also know what the input value is on it. And that has led to the fact that we have written down the value on that property in our books. So, in summary, this means that we are preparing in this quarter the whole result effect from this sale in both stages. And it goes up to minus 73 million in total. And at the same time, we know that we have liquid regulation of the business partly in December, the first half, and then in August in 2027, the second part. Yes, a few words about the development in comparable stock. In comparison, the rent revenues for the first three quarters fell by 1.3 percent. The turnover fell by 2.9 percent. To try to explain this, it is basically the same explanation factors that we have had throughout this year. If we start with the rent revenues, we got an increase from the index at 0.9 percent. On the other hand, we have a higher rate of vacancy in the portfolio, which seems to be in the opposite direction. In addition, we signed a new contract with Ericsson in Gothenburg that came into force on April 1 this year. It also has a small effect on these figures. We talked about it in Q2, but I want to remind you of it since it affects the numbers in between. It is the fact that Ericsson previously rented the entire house and then paid all media costs directly. Now they no longer rent the entire house, but we have more tenants and that means that we take the costs for the media consumption and then we continue to debit operating expenses to the tenants. Per quarter, it is about 6 million in increased rental income, but also increased costs. This is the new contract with 3D-Kraft. On April 1, it is 12 million that has affected both rental revenues and costs. However, of course, no effect on the net turnover. If we look at the cost side instead, then we have the effect I just mentioned of these 12 million. And then we also have an effect of increased customer losses in the first three quarters. And they rose to 17 million in customer losses during the first three quarters, while they were only 3 million last year. So there we have a gap of 14 million in total. And then we also have with us, as you remember, we started the year with a first quarter that was very cold and snowy, so we also have with us 8 million in increased costs for snow removal and heating from the beginning of the year. But these are a bit of a one-off character, all these costs, so if you clean for them, you actually see that the costs decrease, so what is more of a running character decreases and we still have a very good cost control. Tittar vi på de olika segmenten så kan vi precis som tidigare konstatera att det är i kontorsegmentet som vi ser minskade intäkter medans i handelssegmentet är det där vi har egentligen kostnadsökningar. If we start with the office segment, the rents decrease by 2.5%. This is of course a result of having higher vacancies in the office segment. As I mentioned earlier, when the vacancies increase, the costs do not decrease in the corresponding amount. This is what makes the turnover decrease by more than what the rents do. If we look at the trade segment, we find cost increases. When we have customer losses, it often happens in the trade segment. In this case as well. Until then, we also had a higher proportion of the high ironing costs and heating costs from Q1. They were also a large part of the trade segment. However, what is very exciting here, as Annika was talking about, is that the trade is going very well and it is also visible on the income side in the trade segment in our portfolio, where we have an increase of 1.6%. Isolated quarter, we see that the interest income in comparable stocks decreases by 2.5%, the net profit by 5%. And again, the same effect here, it is rising vacancies, but where the costs do not follow, as is the explanation for the difference, together with the 4 million higher customer losses that we have in Q3. If we look at our projects, we have had rents from our projects and project properties of 108 million SEK so far this year. 86 of that is returned to these six projects that we have completed in the last five quarters. And there we see, we guided before the year that we would land somewhere around 120 million in rent from these projects. And I would say that's a pretty good approximation. I think we might land a few million over that. In the fourth quarter, we have a couple of tenants who will move into Mälarterrassen. We will also finish up house 48, Lilla Marknashallen in the Slakthusområdet, where Haglöfs will move in as well. So we get a small addition to the rental revenues from the project, also in the next quarter. In total, we have a turnover from the project of 66 million SEK this year. And netto, if you compare with last year, it will be 68 million SEK that we get in addition from the project. If we take a look at our transactions, we can start with A-House. I would like to emphasize that with the acquisition of A-House, we consolidate A-House. This means that A-House rental revenues appear on the list of rental revenues in our result calculation and on the list of administrative costs, A-House costs appear. That is, A-House is included in the net from the property administration in our result calculation. Under året har vi haft en nettoeffekt om 35 miljoner på hyresintäkterna från coworking-verksamheten och vi har en nettoeffekt på resultatet på driftöverskottet om minus 23 miljoner från e-house. In addition, we have, as I have already mentioned during the quarter, also left the property Malmö 12 in Malmö. It has contributed with 10 million last year and 7 million this year, so there is a difference per quarter of about 3 million in rental revenues and about 2 million in turnover. This is the difference that can be calculated for the fourth quarter. Then we go over to the balance sheet and there we can see that the real estate value in the quarter has increased with 886 million and is now at 62.5 billion. And there are a few different things that have happened during the quarter, among other things, as I have been talking about several times, we have increased this building right by 656 million. There we have also provided sales of the western part, as well as the sales of Malmö, and then we have also had a number of apartment buyers who have assigned their apartments. So sales-wise, 560 million in total. We have also continued to invest in our projects, and there we have invested 654 million so far in the quarter. And together with these value changes of 136 million that we have, the unrealized value changes of 136 million that we have in the quarter, it makes the property value go up to 62.5 billion by the end of the quarter. Also, interest-bearing debts have increased. They have increased by 820 million and are now going up to 27.8 billion, and the main driving force there is of course the contribution of this building right. If we look at what this has to do with our financial key figures, we can see that the interest rate is now 2.9, which is 0.1 times lower than in the previous quarter. This movement is of course in line with the fact that we have an increased interest rate in the quarter compared to the previous quarter last year. If we look at the debt rate, it has gone from 13.5 to 13.9 and the loan rate from 43.8 to 44.5. Annika was aware that if you clean up the business with Stanford, the loan rate would have dropped to 43.6 instead, and the debt rate would have been 13.6. So it is a temporary effect, given that we will leave that property, even if it happens a little over time. Substansvärdet uppgår till 54,68 kr per aktie. On the financing side, we have continued to have a very good access to financing on good terms, both in the bank and on the capital market. We had a very strong summer on the capital market where the spreads tightened, and that meant that in August we were able to make a larger obligation transaction of 1.7 billion on very favorable terms, basically the best terms we have had since 2021. So we printed two-year-olds at 60 points and five-year-olds at 105 points. Since then, the spreads on the capital market have gone a little bit apart, but they are still at very attractive levels with historical measures met. And access to capital, as I said, very good. What has also happened during the quarter is that the long-term interest rates have increased dramatically. This has not had any effect in our portfolio yet. Our starting average rate, including the promise provision, is still 3.1% in the quarter, just as it was in the previous quarter. Men det är klart att det här är ju väldigt utmanande för oss och alla andra fastighetsbolag och det blir ju utmanande att upprätthålla en bra räntebindning utan att man får en ökning av räntekostnader med den här typen av räntenivåer. Vi har under kvartalet gjort en justering av vår finanspolicy när det gäller räntebindning som tidigare tillät ett spann om en räntebindning på två till fem år. Nu har vi justerat ner den till ett och ett halvt år till fem år för att erbjuda lite mer flexibilitet. Our focus in the future will be to maintain a stable interest rate profile and also to have a high level of insurance in the first to second year. In this way, we limit the effects of rapid interest rates and even if the interest rates were to increase for a longer period of time, it would take longer to get into the portfolio. But I would like to emphasize that we have a very safe financing situation with a good capital binding on an average of 3.2 years, a portfolio profile that is very nice and also one of our great strengths, our great liquidity of 9.2 billion. And with that, I leave the floor back to Annika.