Fastighets AB Balder (publ)

Welcome to the Balder Q3 Report 2025. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound five on their telephone keypad. Now I will hand the conference over to IR Jonas Erickson. Please go ahead.

Good morning, everyone, and welcome to the run through of Baldur's Q3 results for 2025. With me in the room, I have Erik Selin, CEO, and Eva Vassberg, CFO. I'll hand over to Erik and Eva to run through some slides, and then we'll open up for questions.

Thank you, Jonas. Looking at the big picture of Balder, this is kind of similar to how it looked last year. We have 54% RECI of the total portfolio value. That stands now, the portfolio value right now stands at 229 billion, rating SDPB flat from S&P, 95% occupancy and a very good liquidity position of 24 billion. Looking in more specifically to the Q3 numbers you can see a rental income increase as well as NOI increase of 7%. Profit from property management per share only 2% up but looking at earnings capacity it's 8% better than the same period last year. And net debt to asset is slightly down as 48.3. And like for like rental growth now is 2.9. And NAV per share is right now 93 kronor. Looking at the earnings capacity compared to last quarter, basically no changes. On the bottom line, exactly the same. We have a bit higher NOI and slightly higher financial costs. And that comes from some new financing, a lot of liquidity and also old fixed instruments that expired. The portfolio, as I mentioned many times before, very well diversified if you look at the geographies, property categories and so on. And you can see that the majority is capital and larger cities. And we have Helsinki, Stockholm, Gothenburg, Copenhagen dominating this. And on categories, as I mentioned in the beginning, resi 54% and then we have office, retail, other properties and logistics. Office is 15% of the total. and looking a bit longer back in time we had since the inception 20 years ago focused on cash earnings basically that over time increased earnings capacity and cash flow and with that follows nav increases over time also We have had now a couple of years with a flat earning and as you all know that is because of rising interest rates but hopefully we can see a bit better trend when interest rates now seem to be stabilizing at the current level. And also if you look at the longer term and look at property value, debt to asset or occupancy, you can see a very stable development in occupancy and debt to asset. Even if we look back 10 years and property portfolio value has been increasing gradually since we are normally investing the cash flow.