Fastighets AB Balder (publ)

Welcome to Balder Q4 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 I.R. Jonas Erickson. Please go ahead.

Morning everyone. Welcome to this call for Valder's Q4 and full year results 2025. With me in the room I have Erik Selin, CEO and Eva Vassberg, CFO. We will run through some slides as usual and then open up for questions.

hi eric celine here if we look at balder at the glance by year end we have a portfolio value of 229 billion and the composition is 54 percent resi and 46 percent commercial occupancy rate at 95 percent we have a good liquidity 24 billion Debt to assets 48.1% and NAV is 94 in this quarter. looking at the q4 numbers specifically we have rental income and noi up four percent and it's important to bear in mind that this is in swedish chroma that has been pretty strong lately profits from property management in earnings capacity goes down seven percent and that is connected or explained by our proposed distribution of norion share as a dividend to the shareholders and also important to just bear in mind that if we look at year-end figures the dividend is roughly 525 per balder share but nav will decrease four kroner per share And like for like rental growth is in the positive territory of 2.7%. And here we have the earnings capacity then updated in more detail. And there you can see Norion effect is on profit from associated companies that goes down. But that is totally explained by the Norion distribution that we will, Most likely due after the AGM. So now it's in the balance sheet booked as another asset that will be distributed. And that's why it will not be included in earnings from this year. So with that, we end up with 6 billion and 506 per share X Norion. The portfolio is 80% in larger city and capital, as always, and we have the usual one, Helsinki, Stockholm, Gothenburg, Copenhagen. And you can see the split also, residential 54, as I mentioned, and then you have office 15, retail 12, and logistics 7%. The longer-term trend is that we have been having quite a good increase over the long time period in profit from property management. This curve is only 10 years, but if we look back another 11 years, we have a long, good trend. The latest year has been sort of flattish, and that is, of course, interest rates moving from zero and upwards. And in our case, we more or less compensated higher income and we also had a lot of fixed interest rates so the effect came gradually. But then having said that if interest rates are flat then the long-term trend will be that this curve will start to go upwards again. And here you can also see development for property value and LTV and occupancy. So LTV 48.1 and occupancy now is 95. It's rough. It's almost always 96, but every now and then it happens with 95. And this is whole percentage point. behind that is actually some tents that move up or down and then we round it up to a percent. So we think this is a okay result and thanks to our organization for achieving this stable development year after year after year after year.