Diös Fastigheter AB (publ)

Good morning or good afternoon all, and welcome to the DIOS Year-End Report. My name is Adam and I'll be your operator today. If you'd like to ask a question during the Q&A portion of today's call, you may do so by pressing star followed by one on your telephone keypad if you'd join us via the phone. Text questions will be able to be submitted by the webcast. And I will now hand the floor to Johan Dönmar to begin. So, Johan, please go ahead when you're ready.

Good morning, everyone, and welcome to the DIOS Year-End Report presentation for 2025. My name is Johan Darmar. I'm Chief Investor Relations Officer and I'm joined today by our CEO, David Karlsson and CFO, Rolf Larsson. Today, we will walk you through our performance for the fourth quarter 2025 and highlight the strategic process that we made during the year. With that, I'll leave the word to David.

Hello everyone. Let me begin with the most important highlights of the quarter. We delivered strong and profitable growth in income from property management, and we see increased leasing activity in our core portfolio. During Q4, IFPM increased by 16% quarter on quarter and 10% year to date, all in line with our new financial targets, underscoring the strength of our operating model and the resilience of our market. This growth is driven by higher earnings from completed projects, continued demand in central locations and strong performance all across our portfolio. In addition, we took an important strategic step to further support long-term shareholder value. As announced recently, our board has initiated a share buyback program based on our strong and stable cash flows, a solid financial position and the fact the earth's share is currently trading at low levels relative to underlying value this strengthens our capital structures while fully maintaining our long-term growth ambitions operationally the quarter was solid income reached 669 million supported by finalized projects and transactions net letting was slightly negative at minus one for the quarter Despite two major terminations totaling minus 18 millions, leasing activity remained robust overall, ending the full year positively of 3 million. The surplus ratio remained stable at 67%, normal level for fourth quarter. Reported 120 million in positive value changes, thanks to strong new lettings. The divestment of the order portfolio for 660 million at book value, again confirmed liquidity and robustness in our markets. In total, we divested 1.6 billion during 2025 at or above book value. Financing conditions also improved, with our average interest rate declining to 3.9% down from 4.3% last year. Altogether, Q4 confirms our trajectory of profitable growth, strengthened fundamentals and disciplined capital management. Our occupancy remains at 90%, fully in line with the long-term historical average. Fluctuations are explained by strategic divestments of fully left residential assets affecting by one to two percentage points and temporarily higher vacancies fully correlated with newly completed projects. Property values remain resilient. Across our cities, valuation yields have consistently been around 6% for more than a decade. Despite changing market conditions, the yield gap remains positive, supported by rental growth. Higher yield requirements in some parts of the market have largely been offset by higher rent levels in our portfolio. Currently, we are refinancing debt at 3.5% which compared to evaluation yield on 6% gives an attractive yield gap and a strong cash flow. Overall, this slide illustrates the stable operational and financial platform that underpins our strong growth in income from property management. And then over to Rolf. Thank you, David.