Fastighets AB Balder (publ)

Welcome to the Balder Q3 Report 2026. 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 key 5 on their telephone keypad. Now I will hand the conference over to IR Jonas Erickson. Please go ahead.

Hi everyone and welcome to this presentation of Balder's Q3 results 2026. With me in the room I have Charam and Eva, CEO and CFO of Balder and I will first hand the word to them for run through of some of the slides and then we will open up for questions.

Thanks, Jonas. As usual, we start with this picture. Our portfolio is roughly half residential and half commercial. We have a portfolio value of 246 billion Swedish kronor and an occupancy rate of 95 and net debt of 50.2%. We have a good liquidity of 25 billion SEK and NAV per share now stands at 97 SEK. That's a growth compelling rate of 24% since the start of Balder. Our credit rating from S&P remains at BBB with a stable outlook. If you look at the figures for this quarter, rental income is up 6%. Profit from the property management is down 2%. If you adjust the comparative figures for the effect of distribution of Nurion means that have an increase of 11%. Our fast founding cost increased from last year, but at a slower pace than our portfolio has grown. In current earning capacity, we've seen an increase in profit per share of 11%, adjusted for Norion's contribution in the comparative figures, which means that we've seen an underlying healthy growth. Like for like, rental growth is 1.2% and NAV per share is now SEK 97, as I said before. Looking at the earning capacity, you can see that the rental income is up and the net financial items is up as well. All in all, SEK 6.1 billion, which is unchanged from the last quarter and SEK 5.2 per share. You can also see that the improvement per share is a bit better than the profit improvement. The reason is that we bought back roughly 13 million shares in this quarter. Here is an overview of the portfolio, which is very well diversified. Helsinki is the single largest region, followed by Gothenburg, Stockholm, and Copenhagen. The residential side of the portfolio is a little bit more than 50% of the portfolio. Office stands for 15%, retail 11%, industry logistics 7%, and other stands for 13%. And the hotel are the majority of that. Looking at the whole portfolio you can see that 80% is located in capitals and largest cities. We have always had a long-term view on the business which of course we will continue. If you take a longer time horizon we have a really good improvement over the years. The latest three, four years has been a flattish obviously because of the interest rates going from zero and upwards and because of the distribution of Nurion. Here you can see the development of property values net debt to total assets and occupancy. We have over time increased the portfolio and the net debt has been around 50% for some time. We would like to decrease our leverage a bit over the coming years. Occupancy rate is now 95% and as you can see it has been very stable which is an effect of our diversified portfolio. The explanation for a bit weaker occupancy compared to earlier 96% is primarily due to some weakness in the office segment occupancy. Yes, that was all for me and now I will hand over to Eva to comment a little bit more about the financing.