Cibus Nordic Real Estate AB (publ)

Christian Fredricksen here, CEO of Sebus. We're speaking to you from a sunny, but wintry Stockholm today. I'm joined here by

Fyja-Lena Olofsson, Sebus.

So good morning everyone. And thank you for joining us on this conference call to present the Q4 2024 year end report. So diving into the presentation. This, as some of you know, is my favorite slide, because it says exactly what we do with our slogan. I think it really hits the nail on the head with what Sebus does, converting food into yield. So that's exactly what we do, and we aim to do and do every day. So we are a real estate company focused purely in daily goods properties. We aim to create stable cash flows, and that's why we've selected the grocery store and daily goods business as the underlying business that we buy real estate assets in. We've been listed since March 2018. Our market cap is approximately 1.1 billion euros as of yesterday. We're the only listed pure daily goods real estate vehicle in the Nordics. And as you are aware of our announcement from the 18th of December last year and going forward, we have now started to create a pan-European pure grocery player with a pan-European foothold. So we've updated the map, as you can see here on the right, to include parts of Northern Europe as well through our acquisitions of the portfolio and company Forum Estates in the Benelux, which was closed earlier this year in 2025. We pay a monthly dividend to our shareholders. So what do we mean when we say these stable cash flows? Just briefly reminding everyone and ourselves about this, we focus purely in daily goods properties, stable underlying business, stable tenants with the large multi-national organizations and then the non-cyclical daily goods business underlying. People buy food, whatever the weather. What you'll see throughout the presentation is the word performer. That's because we carried out a large number of transactions at the end of the year, which some of them closed earlier this year. So when we use the word performer throughout the presentation, we mean the Q4 2024 reported figures and then added on the acquisitions we've closed so far in 2025. Those acquisitions being the Forum Estates, Benelux acquisition. Part two of the Danish portfolio we bought, also announced on the 18th of December and the Norwegian acquisition of a single asset outside of Stavanger. So that's what we say when we mean performer throughout the presentation. So looking at some performer figures already here, 81% of our rental income is from daily goods tenants and 94% of our 642 properties are anchored by daily goods tenants and then 99% of our rents are linked to CPI development. A steady world and a steady store location stability through the stickiness of the underlying business. What we have done with the acquisitions is that we have continued to diversify our business. We now have assets in seven countries. We have more than 640 assets. The largest one still being below, this used to be 1.7%, this is now 1.3%. This is still one asset in Finland, a Kesko hypermarket. And we have now also diversified among our tenants. We now have more than 15 of the major European grocery chains as our tenants as we'll show you a bit later on. Still over 90% of our leases are net or triple net, sheltering us from property costs. And then we still have and will continue to have a high share of our debt hedged, 96% interest rate hedged. So looking back on 2024, it was an exciting and fruitful year for CEBUS. We started off the year, this time last year by refinancing the whole bond portfolio. In some cases, we halved the bond spreads from 700 basis points down to 350 in the beginning of the year there. And we also pushed out the maturity of the first bond to mature to February, 2027. That made us come back in acquisition mode. We acquired a portfolio in Sweden and then backed by a feeling of strong support from our investors, we started to strengthen again our cash earnings for share accretive acquisition pipeline in both the Nordics and also in mainland Europe. When the pipeline was strong and solid, we raised a 82 million euro capital raise in a directed share issue, which allowed us to carry out those larger transactions, which we had identified. And within three months, we deployed that raised capital by doing acquisitions in Denmark, Finland, Sweden, and Norway. And of course, all of these transactions are according to our strategy, cash earnings per share accretive. And then a larger and transformative transaction was carried out and announced on the 18th of December, which was the acquisition of forum estates in Benelux. It's not only a fantastic portfolio, which matches our portfolio very, very well. They also convert food into yield as their strategy, but it's also a great platform for further growth in the area. And this has also elevated us to a pan-European platform, which already now is giving us some interesting new dialogues on a kind of pan-European basis. So very happy about that. So summarizing 2024, we carried out 11 acquisitions, total value of about 680 million euros that increased our property value portfolio pro forma by about 35%. All of the transactions, cash earnings per share accretive as they were, they increased our earnings capacity per share by 9% pro forma. And our earnings capacity, and NOI measured as earnings capacity by 37%. And then looking at our expansion pipeline, or timeline, sorry, then as you saw, we had steady growth between 2018 and then 2022. We had a period of plateauing between 2022 and then to 2024 when we've now taken off and we're firmly back on the cash earnings per share accretive growth track. Looking more at the quarter itself. So transformative acquisitions announced, seven acquisitions in seven countries in Q4, 185 properties acquired, as mentioned, euro 650 million, moving the property pro forma value up 35%. And as mentioned, NOI increased by 37% year on year, measured as earnings capacity. And then earnings capacity per share in the quarter itself, without the transactions which weren't closed at the end of the quarter, we increased our earnings capacity by 4% year on year. That was the sixth consecutive quarter where we increased our earnings capacity. And then pro forma, the earnings capacity per share will increase to 1.04 per forma, 9% year on year. We also during the period carried out refinancing of our bank loans. We refinanced about 40% of our bank loans that was at lower margins than bank loans were before and about the same levels as the Sebus average bank margins as reported. We've also raised about 57 million of acquisition financing for the transactions we've carried out. And those have been at margins below with the average margin within Sebus. I'm also happy that we've continued to have a high share of hedging. And we carried out some in hindsight great hedging in Q4 2024 at what now look like very attractive levels at 1.90 and 2.06 were the different levels when for the hedging we did. So compared to the yield curve or the interest rate curve right now, very, very happy the team carried out those transactions. In the quarter, we also prepaid the last bond which matured in 2025. That's what we did one year ago when we raised the new bonds to be able to repay the bonds maturing in 2024, 2025. We did that and repaid that on the 2nd of December. And then at the end of the period or in this year, what we did, we have raised the new four year Euro bond at a .5% spread, which is of course, 1.5 percentage points lower than one year ago the four year Euro bond we did in March. So that's an impressive move and happy to see that as well. Regarding dividends during the quarter, we paid out monthly 0.22 euros per share. And as you've read in today's press release, the board has proposed an unchanged dividend of 0.9 euros per share to the AGM in April. So that's a stable dividend level, but it also gives the company an enhanced opportunity for internal deployment of capital in a creative investments. And then moving to the next slide. This is what our property portfolio looked like at the end of Q4. This is a bit of old news, of course, when Forum Estates and the second part of the Danish portfolio and the Norwegian acquisition are coming in. So let's move directly to the pro forma figures instead. So this is our property portfolio pro forma today. 642 assets, 2.4 billion euros of property value, almost 176 million euros of NOI earnings capacity, a 1.3 million square meters of lettable area. And when looking on the tenants share of NOI, I think it's interesting to see how the diversification and the tenants mix has changed, adding a number of European players as seen, both on the picture on this slide, but also I see the names you see there, Kachur, Jumbo, Colerite, et cetera, and Arholt Deleuze, which is Albert Hein in the Benelux. That's one of their brands. But interesting to see that, for example, our two previous largest tenants and still largest Kesko and Tokmami in Finland, they used to account for over 50% of our NOI, and now that's dropped to just above one third. So very many household names of our tenants in the seven countries. So happy to see that as well. And then a bit more on Sebus Performa, what we look like, as you see, the map has been extended. The red dots are assets which have been closed upon during 2025. The blue dots are closed in Q4 2024. And then looking at the pie chart, how the portfolio has transformed, one can see starting to the top left, the properties per country. You can see that it's a good, a well-divided, a divisive property portfolio going forward as well. There will be probably more diversification to come. When we look at the property value by country, it's the same thing there. Denmark and Belgium are fighting for second spot as our largest countries by property value. And then when it comes to NOI income, then you can see that Belgium and Denmark, both are about 15%. Looking at our tenants and how the tenant structure is built up, there are two ways of looking at it. One is the pie down to the left, which is called rental income by tenants. So that's line by line, showing that 81% of our rental income is from daily goods tenants. And then the pie chart to the right is then by anchor tenant, i.e. which is the anchor tenant in each property. So that's 94% of our properties shown that they're anchored by daily goods tenants. And what's also interesting is comparing these two, you can see that the division is pretty much the same, which means that every single asset is more or less anchored by the same tenant. There's only one tenant in most of our assets. That's what the comparison of these charts show when putting them side by side. And then just moving on briefly to talk about the acquisitions announced in Q4. Won't dive too much into the former states deal and the transaction, because if you want to read more about that, then there was a extensive presentation on that delivered on the 18th of December last year. So there's a presentation and webcast on that on our website for those of you who want to dive more into that. But an update on the situation is that the transaction closed at the end of January, 2025. It's a great converting food into yield portfolio is mentioned much like ours, great strategic fit, 149 assets, just over 500 million of asset value. A local team in place, which we are working now integrating and getting to know our colleagues better. So you're having great fun with them. It's a -for-share creative transaction from day one, and it's helping us in creating a leading pan-European daily goods real estate platform. In the end, almost 88% of the shareholders or the subalternated loan holders of foreign estates offered to convert their loans into CBUS shares. And that meant we issued 13.3 million new shares. We'd taken room to make issues of 14.2 million new shares as if we did not know if 100% would convert. But we're very happy with the 88% that the shareholders converted and happy to welcome these about 200 shareholders and subalternated loan shareholders as new shareholders in CBUS. So the integration process is ongoing. The first time the foreign estates figures will be in our results is of course in our Q1 2025 figures where part of that quarter will include the foreign estates figures as they closed at the end of January. So together we're looking for more -for-share growth opportunities in the balance. And then moving on to talk a bit more about the Danish acquisition we announced on the 18th of December. It's a great portfolio. In my view, got lost a bit in the attention of the foreign estates transaction which came out the same day. But this is a great supermarket portfolio which we managed to acquire in Denmark. It was bought from ATP, which is a Danish pension fund who had put this portfolio together over a number of years. So very happy to get our hands on this. So 31 properties, it's a modern portfolio. It's 99% daily goods tenants. So it's individual supermarkets spread out over Denmark. The acquisition price for the underlying property value was 180 million euros, which is about 3,260 euros per square meter. Lease length, almost seven years. The tenants are Gehmat 1000, or the tenants and the brands are Gehmat 1000, the Netto Group, Netto Stores, and KUPE Denmark. Modern assets, EPC ranking 100% are A or B ranked and it's taxonomy aligned. And then it's 65% of the assets were built after 2014 and only 5% were built before 2010. So it's a real modern portfolio. The first part was closed in December last year. And then the second part was closed in February this year. Moving on then to the transactions in Sweden and Norway in Q4, then there were three single asset acquisitions, which I think is great that we can show that we're active in all of our markets that we can do very nice cash earnings per share, accretive deals also in all of our markets. In Norway, we bought the asset, which is on the picture on the right, which is a newly built Bunnpris asset. So it's just the bottom floor of the market. We bought the asset at the very end of the floor there in the residential building. We bought that for about 2,400 euros per square meter. In Sweden, we bought two assets, one Ikea and one Willys at a low square meter price of 1,105 euros per square meter. And then during the quarter, we also sold one asset in Engelholm. And this is a smaller asset of course, it's an ex-KUPE store, used to be Netto Store, then it was a KUPE store. And now we've sold it to a local investor who is planning to have his own business in the store, not grocery, but still paid a good price for the asset. So 2,200 euros per square meter. So as one investor put it to me, who read the press release said, so you managed to sell an empty grocery asset for double the price of fully let grocery assets in the rest of Sweden. And the answer is yes. So happy to do that. And it kind of also shows how we trim up a portfolio work with assets which are no longer grocery. Our most important metric that we follow is the earnings capacity per share. And as mentioned for the sixth consecutive quarter, we have now managed to grow our earnings capacity per share. So 4% year on year, just looking at the Q4 figures and then the performer figures, we have managed to raise it 9% year on year to 1.04 euros per share. So happy to see this continued growth. And now handing over to P. Elena for the financial overview. I'd just like to remind everyone that the acquisitions which we've now announced in December, they've only partly or not at all affected the results that P. Elena will be showing of course, for the fourth quarter, and only partly affected the balance sheet at year end. So please keep that in mind when we've carried out so many transactions.

Perfect, thank you, Christian. So here are some key figures for the fourth quarter. Rental income was 31 million euros. Net operating income grew with 2% to 28.7 million euros. Profit from property management was 11.1 million euros, but excluding non-recurring items and exchange rate effects, it was 12.5 million euros. Earnings after tax amounted to 2.6 million euros. Unrealized changes in value was included in the earnings and amounted to 7.7 million euros on properties, which is equivalent to minus .4% of property value. And we also had unrealized changes in interest rate derivatives of minus 0.5 million euros. So we had significant events during the period. We have been active with several acquisitions during the fourth quarter. The 23rd of October, we announced that we have acquired three grocery stores in Finland at a value of 14.8 million euros. The 29th of October, we acquired one grocery stores in Sweden at 75 million CERC. The 6th of November, we announced that we redeemed the last bond that materials in 2025. So all refinancing of all bonds have been finalized. The 11th of December, the nomination committee announced that Stefan Gattberg have been proposed as the new chairman of the board. Patrick Yerling declined reelection as chairman, but is available to serve as ordinary board member. All other board members are proposed for reelection. The 18th of December, we announced that we were considering to acquire foreign states in Benelux. The same day, the 18th of December, we also announced that we had acquired 31 grocery stores in Denmark, of which 22 was taken into possession the same day, and nine had arrived to first refusal options, and was acquired on nine properties the 5th of February, 25. The 20th of December, we acquired three grocery stores and two in Sweden, and one in Norway, and a sold one, as Christian said. So we also have been active after the period. So the 10th of January, we announced that we issued a new unsecured green bond of 50 million euro. It had a margin of 250 basis points, with a four year tenor, which is the lowest margin to date. The 10th of January also, the nomination committee announced that Stina Lindhök has been proposed as new board member at Zeebus. The 14th of January, we had an extraordinary general meeting at which the board of directors were mandated to acquire foreign states, which we did the 27th of January, and we approved the new issue of 13 million shares as consideration for the acquisition. And as mentioned, we took possession of the nine previous communicated properties in Denmark. So if we go into more details, we had high activity regarding acquisition, as mentioned during the quarter. We do have a non-recurring expense of minus 0.6 million euro due to an advanced acquisition process where the transaction has not been completed, it was not completed. Next financial items include a non-recurring item for the early redemption of minus 0.6 million euros for the last bond that matured 2025, as well as an exchange rate change of minus 0.2 million euros. Next financial items also include interest costs for the called bond of minus 0.4 million euros for the fourth quarter. And this is not classified as a non-recurring cost. And now all the old bonds have been repaid and we will not have additional costs for them. Unreleased changes in value on properties affected earnings with minus 0.7 million euros. Property values rose in all Nordic markets except in Finland. And a negative change in Finland is in the fourth quarter, mainly due to a building in the center of Helsinki with only minor grocery components. And will probably in the long term be more suitable to be developed to a residential property. Looking at the earnings capacity, the first of January shows a net operating income of 122.3 million euros, which is an increase of plus 7% since first of January 2024. And if we add the earnings capacity from the acquisitions made up until today, Performa, the NOI amounts to 155.7 million euros, which is an increase of plus 37%. Profit for property management minus the expense for the hybrid bond and adding back non-cash items amounted to 62.3 million euros or 0.99 euros per share. Adding the acquisitions made, profit for property management cash for Performa amounts to 79 million euros or 1.04 euros per share, an increase with plus 9% since January 2024. Looking at the net operating income in a comparable portfolio, effects of changes in occupancy was unchanged since Q3 2024 at minus 0.9%. Indexation is lower due to low inflation in the Nordic countries. The index increase in Sweden and Norway is from the first of January every year, while in Finland and Denmark, it's on the anniversary of when the agreements was signed. Sebus segments of countries, Finland is the largest for 68% of NOI in the fourth quarter. Looking at the Performa figures, including acquisitions, Finland's part of NOI will be 51% and Denmark and Belgium will have 15% each of NOI. Looking at the balance sheet, at the end of the fourth quarter, property value was slightly below 1.9 billion euros. Secure debt was 947 million euros, giving a loan to value on secure debt of 50.6%. Unsecured bonds were 191 million euros, giving a net loan to value of 58.1%. Net asset value, if NOI was 735 million euros or 11.7 euros per share. The weighted average remaining lease term, VOT, is continuing to be very stable at around five years and was 4.9 years at the end of the fourth quarter. Regarding funding, closing average interest rates was .2% compared to .5% last year. Bank financing continues to be the largest part of CIPAS external funding with more than 80% of funding. The average credit margin was .6% and a weighted average capital maturity of 2.3 years. 383 million euros has been refinanced during the quarter at the lower credit margin in line with the average credit margin. All current bank loans of 121 million euros are expected to be refinanced at the end of the second quarter, 2025. Regarding bonds, we now have called and we paid the last bond maturing 2025. And after the period, we have issued a new 50 million euro green bond with a four-year tenner at euro bar plus 250 basis bonds which is the lowest margin to date. For CIPAS, stable cash flows are very important. CIPAS has a high degree of hedging and during the fourth quarter, we have done additional hedging of 176 million euros at levels between 192.06%. Based on the earnest capacity and taking all the interest rates hedging into consideration, an increase of the market interest rates with one percentage point would affect profit with minus 1.1 million euros annually. A decrease of one percentage point of the market interest rate would affect profit with plus 1.6 million euros annually. Looking at the key credit matrix, NetLTV has increased to .1% since the funds raised through the directed share issue has been deployed. Combinance in the MTM program is 70% on the NetLTV. Interest coverage ratio is stable at 2.2 times and well above the common amount of 1.5 times. The net debt to EBITDA has increased in the fourth quarter due to that acquisition has increased debt while the EBITDA is built over time. CIPAS generates stable cash flows so we can pay out dividend on a monthly basis for shareholders and the board proposes an unchanged dividend of 0.90 euros per share divided between 12 payment attentions. CIPAS share price was 176.2 SEK per share at the end of the fourth quarter. Dividend yield for the full year was 7.7%. Total yield including the share price increase was 39% for 2024. And with dividend reinvested, the total yield was 41%. CIPAS is a very liquid share. During 2024, CIPAS market cap was traded 1.6 times which is more than double the liquidity of the average of all other real estate companies with a market cap of more than 10 billion SEK at Mastax.com. Looking at the shareholder list, the 15 largest shareholders own 42% of the shares. We have continuous strong support from the Nordic institution specialists and real estate funds. Many has been shareholders for several years. CIPAS has at the end of the fourth quarter 55,000 shareholders. Over to you,

Kristian. Thank you, P. Helena. So moving forward and looking at the future. Our overall strategies of course to continue to grow earnings capacity per share as mentioned. So that's what we will aim to do, trying to do by increasing income but also by reducing costs where possible. So we're looking across the business to see how can we continue to increase the earnings capacity per share. We're working with integrating the Forum Estates platform as mentioned, it's a platform for growth in the Benelux and together with our colleagues there both managing the portfolio and also looking for new opportunities in mainland Europe. We want to carry out cash earnings per share creative transactions going forward as well. Of course, we see interesting opportunities in all of our existing markets, liquid markets as written in the report and in my CEO comments, we see that there is a buoyant market and very interesting opportunities that are arising in many markets. And we're also actively evaluating opportunities in mainland Europe. We'll continue with a balance sheet optimization, refinancing and as hedging to the form as we've done last year. We have competent and experienced employees now with our employees in the Benelux as well who together we're working on taking action and increasing cash earnings per share. And we committed to deliver shareholder value by converting food into yield. So no surprises there either. A bit of a commercial break here. So, but let's move on to the Q&A then please.

If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Svante Krokfors from Nordia. Please go ahead.

Thank you. Thank you, Christian and Pielena for the presentation. The first question is about the dividend. I know it's a question for the board. Not very surprising that you have an unchanged dividend, but in the CEO comments, you mentioned that you're looking for enhanced opportunities for creation of shareholder value through internal deployment of capital investment opportunities. So how should we weigh, I mean, you also on your web pages in your earlier communication say that you aim for a growing dividend. So how should we look at the capital allocation between dividends and M&A going forward?

Yeah, did you have several questions? Should we start with our Svante? Thank you for calling in by the way.

Yes, please.

Yeah, no, as mentioned, the dividend is proposed to be unchanged, but over time, the strategy is to grow the dividend going forward as well. So that is also unchanged. The company wants and the world... On the weighing between... Sorry?

Yes, and going forward, how should we look at the weight between, weighting between growing dividend and deploying capital into growth investments?

And that is of course a question for the board and ultimately the AGM. But from a management perspective, what we see now is there's two ways we can invest and it creates cash earnings for share growth. One is of course raising new capital to carry out transactions and investments. The other is to deploy capital which is preserved internally. So I think that you can read that as that is a mix of both those two. I think it's fair to say that if we're doing larger transactions, then we will be coming to the market to raise capital as we have done in the past since inception and listing. But we are also looking at other internal ways to deploy capital in investments in our current portfolio and also in transactions. And I guess that the dividends be keeping it unchanged as the board is proposing is one way to do that.

And is your target still to pay an increasing dividend over time?

Over time, yes.

The dividend is both these are changed.

And looking at the transaction market in different countries, what do you see there going on?

Yes, I'd say looking at the data and the Nordics, Finland is an attractive market, very attractive yield spreads for assets coming to the market in Finland. I mean, international investors in general kind of retracted from the Finnish market since 2022. And that's not uncommon. That's my experience from over 20 years in Nordic real estate is that then when real estate markets become a bit wobbly, then international investors tend to withdraw from Finland quite early on. So that kind of puts a bit more domestic interest in Finland and also less international competition. I think that's what we're seeing still in Finland. But we see interesting opportunities there. In Sweden, there is a lot of competition for our daily goods back to real estate transactions. There are several, both institutional players, there's a number of private players who kind of were out of the market or at least not on the buy side during 2022, 2023, and the beginning of 2024, we now see coming back to the market having raised money. So, and continued support for financing and for banks in all of our countries, that kind of creates competition in Sweden where we see like institutional investors like the third AP fund and a couple of private investors or private groups looking to invest as well. Denmark, we want to grow in Sweden as well, of course. It would be great to be able to grow in Sweden and let's see what we can do during 2025 there. And when it comes to Norway, yields are about the same as in Sweden, but the financing costs are about 200 basis points higher. So you need to find really those individual cherry or russinikakkan transactions where you actually can find every now and then some of the transactions, which is cash earnings per share, are creative enough for us to be of interest. So we found one transaction last year there outside Stavanger. But Denmark is a very liquid market with lots of things happening last year and hopefully also this year. And across all of the markets, we see a lot of sale and lease back activity as well, where the grocers themselves who've been building up portfolios are now coming to the market to lighten their balance sheets by carrying out sale and lease backs. When it comes to the Benelux, Belgium is much more of a private to private market, so individual assets being sold and bought. So we're hoping to tap into that market as well, of course, now with our colleagues in the Benelux. The Netherlands is a very interesting market for us. Plenty of room to grow for us there. Four of the states started buying assets there in 2021. It's a professional supermarket market with both private investors, but also private groups and then kind of funds working there and selling and buying smaller portfolios. So an interesting market as well there. And then we're looking at the parts of mainland Europe as well to see what other opportunities there may be out there.

Thank you. That gives good color on the situation. Perhaps a last question to Pia-Leena regarding the debt outlook for the acquired debt from Benelux and Denmark going forward.

Yeah, as we said in the presentation, when we announced the acquisition of four states, that we have received waivers from the banks and we will roll over that debt as mentioned earlier. And the average cost on debt was 3.8%. When it comes to the acquisition of the Danish portfolio, as Christian said also, we have raised additional bank financing at lower margin than the average margin that we have. Today, or end of the correct.

Okay, thank you. That is all from me.

Thank

you.

Thank you.

The next question comes from Vensi Iljev from Kempen. Please go ahead.

Good morning, Christian and Pia-Leena. Thank you for taking my questions. First one, a clarification question on the Danish portfolio. Did you buy that with available cash or did you draw on Danish mortgages?

Good morning. Thank you. Hello, Vensi. Thank you for dialing in. Yeah, the money we raised in the September dividend, sorry, the directed share issue in September 2024, that was the equity component used for the transaction. And then we financed it with about 50% of local bank debt, which is then financed through the Danish real credit system, which is a very competitive and well-functioning debt market.

Yes, great. Can you elaborate a bit more on the spread or the interest rate for the loan component?

I mean, we haven't disclosed that to the market, but as you know, the real credit loans are attractive levels and lower margins than our average margin at the end of the quarter.

Okay, thank you. And then last one, I mean, you've already highlighted that you are still seeing a very attractive acquisition pipeline. If I look at your LTV and how it has developed over the years, you typically want to stay below 60, even though your policy allows you to go to 65. How should I look at this going forward?

Yeah, I think there's looking historically, we have been under the kind of the 60% level and the policy, as you mentioned, 55 to 65, and it makes sense financially as well in a slightly higher interest rate environment than 2015 to 2022, then that would be a kind of the low end of that or the lower end of that LTV policy. Hello, yes. I think we lost the next question. The next question comes

from Oscar Lindquist from ABG Sundal Kallier. Please go ahead.

Hi, can you hear me? Yes, yes, we can. Hello, hi, welcome.

That's perfect. Thank you, thank you. So most of my questions have been answered, but I have a couple of follow-ups. If we look at the sort of the new show, the shareholders coming from the forum acquisition, do you have any sense of sort of their long-term intentions or have the first tranches sold off or can you highlight anything here?

Yeah, sure. The first lockup window was on the 5th of February. And as if anyone is looking at the screens can see that it was a very low number of shares that were transacted as part of that, first lockup window. The lockup is being handled by Kenford, of course, who assisted us on the deal. And it was a very low number. So we're very happy to see that the shareholders of Forum Estate or the former shareholders of Forum Estate, now CBIS shareholders, seem to be staying on with us. So very happy to see that.

Okay, perfect. And just to follow up on the forum acquisition, I understand it will be consolidated by roughly 50% in Q1, is that correct?

Two thirds,

right? Consolidated

50%, did you mean time?

Yeah, the acquisition was made on 27th of January.

So from now on, the

Forum Estates will be part of CBIS.

The two thirds of the quarter of Q1 will include the Forum Estates figures.

Sorry, I have trouble hearing you.

The Forum Estates acquisition closed at the end of January on the 27th of January. So from that day on, the figures will be included and Forum Estates will be consolidated into CBIS results. So about two thirds, two out of three months of the first quarter this year. Perfect,

thanks. And then I'm not sure if I maybe missed it, but did you show a perform LCD?

Perform a?

No, I think, have we shown a perform LTV? No, we have not shown a perform LTV for CBIS plus the transactions we've done. We did communicate in the 18th of December 2024 presentation of the Forum Estates deal, there was an LTV neutral transaction. That's a standard transaction.

Yes, okay. And you presented a sort of earnings capacity adjusted for the completed acquisitions, central admin costs. Is that a representative figure for the coming 12 months? Or is it also adjusted for the timing of the contribution from the Forum acquisition?

No, the way we set up the earnings capacity, that's forward looking 12 months. So I think the answer to your question is, yes, it is a forward looking 12 month figure. It's a snapshot of the next 12 months coming. That's the earnings capacity, the way we use it.

Okay, thank you. That's all from me.

Great, thank you, Oskar.

There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions or closing comments.

So a couple of questions here. The first one I think we've already touched upon through the questions from Oskar at EVG. The first, it's about the Forum Estates form of shareholders. We've mentioned that already on the 5th of February. So please have a look at the screens there and you'll see it was a very, very low number of the potential 20% of the shares which could have been sold, the new shares, which could have been sold. So I think that's the answer to that question. And then the last question we have here, we've also answered, which is on the LTV pro forma for the Forum Estates transactions, which we also, I think, have answered. So, were there any further questions? Did Vensi want to come back? Was he cut off or was he happy? Okay. Well then, thank you everyone for listening. Great that you joined and I hope that you continue to follow Sebus and what we'll be doing in 2025. Thank you for listening.

Thank you so much.

Bye.