Catena AB (publ)

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Welcome to the conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead.

Hi, and very welcome to Katia's presentation for the Q1 report 2026. My name is Jörgen Eriksson, CEO of the company. And here is the agenda for today. A summary, a business overview and an update, followed by sustainability, finance and a short takeaway before ending up with Q&A. So starting with the summary of Q1. We report a 9% increase in rental income, ended up at 701 million SEK, driven mostly by acquisitions, but also by our CPI-linked contracts. Profit from property management increased by 7% in total, and per share, it was down 1%. The temporary decrease in income from property management per share relates to the equity rates we did in January to be prepared for the closing of the Nordic portfolio at the 1st of April. We expect to report an increase in this measure from Q2 and forward wise. Our NRV came into 454 SEC and the balance sheet is very solid with the LTV at 33.6%. The occupancy rate has dropped to 95.1%, which is due to two factors. We have taken over the project Køge in Denmark. This new construction project located in a prime location was acquired vacant, and we are currently working on leasing it out and are hopeful that we will be able to secure a lease agreement there in due course. The second reason is one of the buildings in the Ramlösa project, which was completed in Q1. and where Nowaiz is currently leasing only half of the space. As I mentioned earlier, in Q1, we have positioned ourselves for the continued growth backed by a very stable balance sheet. And with the new acquisition now in place as we speak, our cash flow will be stronger than ever. And next slide, please. And going to the business overview, we have seen in the market quite high activity in the transaction market in the beginning of Q1. But what we see as we speak is a bit more caution due to the Iran crisis and so forth. Some planned divestments from various players have been on pause, and that is what we have heard from the brokers. But we are all the time looking for new opportunities, and we are convinced that they will arise sooner or later. Regarding some e-commerce statistic, more Swedes shopped online in January and e-commerce got off to a cautious but promising start to the year. In January, sales rose by 1% compared with last year, while a record number of consumers choose to shop online. Regarding new projects, we are involved in dialogues with customers regarding new projects. as we speak, but it takes time. And I think it's the same story and the same conservative view as we had in last quarter. And we don't think that's strange regarding the uncertainty in the market right now. It's easier for customers to put projects on hold or take big decisions. Next slide. Regarding our customer portfolio, there has not been any major changes since last quarter, and it's the same with the segment table on the right hand side. But in the next quarter, we expect that the DSV percentage to decrease as we add on the new Nordic portfolio. Next slide. The total value of the portfolio is nearly 45.2 billion SEK. And it's worth noting now that in some quarters we report, as we do in the presentation here, we break down the values not only by region, but also by investment properties, projects, building rights and land values. And the average lettable square meter has now a value of 12,931 SEK. Earlier this week, we announced the divestment of 10 properties to Emilshus of around 600 million SEK, and the value was about 8% above our booked value. We saw this as a good opportunity to recycle a bit of the Swedish portfolio. And at the same time, we look into more deals in Finland. Since we entered the Finnish market, there has already shown up some interesting cases. Next slide. A business update. During this quarter, we completed an expansion for Boost, and they now lease a total of 88,000 square meters from us. The facility is located along the Essex Highway between Helsingborg and Engelholm and serves all of the Boost e-commerce customers throughout the Nordic region. And the lease agreement runs until 2037. In this table here, we show the earnings capacity as we do in the report as well. Worth mentioning now is that the Nordic property portfolio that was completed at the 1st of April is included in this earnings capacity, as well as the divestment of the 10 properties to AMLCs. And that deal will be effected on the 1st of July. Next slide. Current development, now we have only one project left, so of course we are keen to find new ones. We are struggling, but as I said before, we are conservative in the coming six months. But the total portfolio value of ongoing projects, 675 million SEK, where 250 million is remaining investments. When it's all completed, we will add another 35,000 square meters to the portfolio. Next slide, please. Regarding future development and regarding our land bank and our zoning plan processes, there is no major update since last quarter. Still waiting for decision from the Land and Environment Court regarding the plan outside Engelholm and as neighbor land to boost facilities. We expect to have some decisions during the summer, hopefully. In Örebro, the municipality is about to decide on the zoning plan during Q2 26. Next slide, please. Looking at our leasing operations, our net leasing in terms of moving in and moving out during the quarter is plus one million. Our whale is at 6.3 years and the letting ratio is at 95.1%. As I mentioned before, the lower letting ratio is fully explained by Denmark and Ramlösa. Next slide, please. Some sustainability. The environmentally certified area is at the end of Q1 is 78%, Scoop Tree. is continuing to decrease on a 12-month rolling basis, of course, due to less projects. We continue to maintain a high level of EU taxonomy alignment. For example, our turnover came in at 77%. Total installed solar panels outputs on our roofs are now above 76 megawatt. And now over to Magnus for some financial update and next slide.