Diös Fastigheter AB (publ)

Ladies and gentlemen, thank you for joining us and welcome to the DIOS Fast Together AB Interim Report, January through March 2026. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand on your telephone keypad. I will now hand the conference over to Johan Demmer, Chief of Investor Relations at DIOS. Please go ahead.

Good morning and welcome to the US interim report for the first quarter of 2026. We're reporting on the period January through March. It was a quarter marked by continued geopolitical uncertainty and somewhat higher interest rates. Against that backdrop, our message is clear. The US continues to deliver stable operational performance, supported by strong leasing activity, resilient occupancy, and disciplined capital allocation. David will start briefly by summarizing the quarter, then Rolf will move on to the operational development and the portfolio before David closing with the outlook. The presentation will be followed by a Q&A session. Listen to the instruction at the end, how to register your questions. I now leave the word to David.

Operationally, the quarter was solid. We delivered positive net letting of 15 million, which confirms continued demand for premises, particularly in central locations. Net letting has now been positive in 26 of the last 29 quarters, underlining the consistency of our leasing performance over time. Our economic occupancy remained stable at 90%, unchanged compared with the same quarter last year. This level aligns with the Earth's historical average, despite the economic slowdown in Sweden, and demonstrates the portfolio's resilience. Income amounted to 663 million broadly unchanged year-on-year investments. And the surplus ratio was 65%. On the financial side, the average interest rate increased slightly to 4.1%, driven by hyper-stable fixing and longer interest rate maturity. Financing margins remained stable during the quarter. From a valuation perspective, property values were supported by a leasing activity. Unrealized value changes amounted to 13 million, where lower CPI assumptions and higher tariff-based property costs were offset by strong new letterings. Importantly, transactions completed at book value continue to confirm our property values. Overall, this was a quarter of stable earnings, solid leasing, and resilient values despite a more challenging macro environment. Looking at the portfolio over time, both occupancy and values have proven resilient. Vacancy levels are around historical averages, and recent fluctuations are largely explained by strategic divestments of fully let properties and newly completed projects, rather than any structural weakness in demand. Property values in our cities have demonstrated low volatility over a long period, with valuation yields consistently around 6% for more than a decade. In today's market environment, the marginal cost of new debt is approximately 3.2%, resulting in a yield gap of close to 3 percentage points versus our valuation yields. This is a position we actively embrace. It reflects a portfolio of high-yielding, low-risk assets combined with disciplined and efficient financing. The attractive cost of capital strengthens the earning capacity of the portfolio and ensures that the spread between returns and financing costs remain robust. This solid yield gap not only provides resilience and financial security in our operations, but also creates clear headroom to continue investing in development projects and selective growth initiatives over the long term. Taken together, stable property values, strong cash yields and competitive financing leave us well positioned for continuing stable growth and value creation, even in a challenging economic environment. I will now leave the word over to Rolf.