Doxa AB (publ)

Welcome to the beginning of the year. I am the CEO of Doxa. My name is Christian Lingen and I am the CEO of Doxa. I joined the company in the beginning of the fall as CEO. I started as CEO and now I am the CEO of Doxa. I recently joined the company from Agarta, the owner of Gregdinget. I was CEO for 5 years and I have now retired. I have worked in the business of properties and financing. I started my career at Gooptik, a real estate company in Malmö in the mid-90s. I worked as an analyst and then I went on to become CEO at Active Capital. A small conglomerate that was registered on Stockholm Sports at the time. After that I have worked as an administrative chief at Malmö. I also work at the south bank in Ystad. I have a long experience of properties and financing. I would like to

introduce you to Patrik. Hi, my name is Patrik Lindström. I work as manager for our project development activity in Doxa. I have done this for about 10 years and had a corresponding role during the period we worked in Särnäcke. Before that I have worked for 15 years with the main government project and business development in Piga.

Hi, I am Patrik Lindström. I would like to remind you that there is a possibility to ask questions to us, so we will answer at the end of the presentation.

I would like to start by talking about

the essential assets that were found in Q4 and in the beginning of this year. In November we sold Särnäcke to Motaris, the seller of the company, Särnäcke Group AB. Motaris paid through a reverse of 1,1 billion, which was in return for a debt that Särnäcke Group AB had to its subsidiary Särnäcke Sweden. The idea was simply that these would be faked to each other in the future and that there would not be any results or liquidity effect. On January 8, it was decided that Särnäcke would be a competition. We were not happy with how the company was handled. I also think that it is very sad for all the customers who were affected by this competition. The company has supported this company with very high capital costs during its ownership period. We can not do anything about that now. In comparison to Motaris, this is a closed chapter. Särnäcke Group AB, which has a sales company, is sold. We are no longer part of the debt and capital conditions that exist between Särnäcke Group AB, Motaris and Särnäcke Sweden.

The

competition has negative effects on us. We will have to cancel the guarantee and stock exchange for Särnäcke Sweden's account. We have in our book, The End of the Year, estimated that to 255 million kronor and there is more than our debt and our balance account. It will take two or three years before we have the final result. It is such a time that it takes to clear the plans that we have guaranteed. And thus also see what more costs the funds are affected by. It can always be better or worse. We will be able to update our reviews when we have more information. This is very sad, but we are handling the effects of the competition. In the end, we carried out two major deals. One was that we sold several property projects and also the Särnäcke brand and the Särnäcke Group AB. We sold Särnäcke through a company. The projects we sold are not in our long-term strategy to develop ourselves. It is a side project of the ladies who are the main goal. We see this as the beginning of the cleaning of the project and the follow-up of the work on the project that we consider to be the most interesting to develop. The payment for this business is only in cash and we have in the book the final plan to reserve about half of it. It is this part of the reverse that was based on the future development of the successful company. We have in this way, by reserving the entire revenue, removed the uncertainty in the balance account. And the same day we also carried out a large property profit for Bander. We sold off all the administrative properties that you also owned. We also sold off all unsold properties in the Carlatron. And in this business, we have reduced our balance account significantly and we have also reduced our debt. So now I feel that we have a strong financial position and we have also received a liquidity that is sufficient for a continuous drift and also ready to handle the effects

of the competition.

Now

I would

like to talk a little about the results and balance account. We start with the results account for 2024. It was set up as the next business, which is the reserve principles that we have had for 2024. In the future, we will have a reserve that is traditionally solid, so then that setup will look different. And it is of course a very big minus result and it can be explained in its entirety by the investment in Särmäki. And also the effects that arise in relation to the competition. And I would now like to point out that we have a fairly clear balance account. And if we look at the right side, we have taken out a pro forma balance account. And that is the balance account and how it looks after we have carried out these transactions in the year. One of the transactions that we did with bonds, it was closed in January and therefore it is still in the outgoing figures for 2024. So to facilitate the understanding of the future, we will also put forward a form on what I intend to comment. And if we start at the top, we have in the material application process and the material application process. The two posts show the garage, observation deck and media facility in Kala. It is distributed on the in-material and material basis because the movement is being carried out there. And if we go further down, we have 26.7 million kronor that shows an investment in CFO and long-term savings of 160 million. The big post that we can get to is Project and Exploitation Services, which shows 2.2 billion kronor of the Kala project. 388 million of the Bonds and Social Services, which we are building and which we will be able to do here in the first half of the year. So then they will go out of our balance account and then we have our other project development portfolio of 193 million kronor. And we can then state that our supply mass is a significant part of our investment in the Kala city. And in the context of the business, we have also received liquid material and 447 million. I have stated that this is good and enough to handle the effects of the concussion. And furthermore, we have put in the supply during the decommissioning of 426 million and 426 million of the shares in the real estate in Halmstad AB. The board has decided that we will sell it and we will return to how that sales are going here during the spring. So we have a total supply of 5.2 billion kronor. And after our minus result, we have an own capital left at 2.457 million. And a transition of the debt side, which is then left, which is also changing strongly in the context of the general fundings, Which is too bad now, we are selling then we prince. With the financial situation as it is right now, it is more expensive to do so which we do with the current fundings. And then we have a 2 million per share in the housing Lord, a three percent limit on the transfer ofominous people, Bank loans in the Housing Registry have been paid in the amount of SEK 2.6 million. And in the context that the Housing Registry is now ready and left behind, then they will be repaid. And then there is a rental loan debt of SEK 515 million in the future. And that is the solution to the option that remains to be done. And if we look at the reverse loan at SEK 740 million, then half of the reverse loans are inherited to the Housing Registry in Hampstead and will be solved in the context that the Housing Registry in Hampstead sells. And this was a short review of the balance and result calculation. The results are the introduction of 2025. And I was able to see the change on the 3rd of January. And there have also been changes in DOXA's choice arrangement for the reasons of the changes in ownership that have happened. And we are doing a review of the business. This means that we have developed new rescue principles from the 1st of January 2025. We go from investment to the pastime plan. And this is an increase in transparency and understanding of DOXA figures. And we, considering the big business we did at the end of the year, we are doing an efficiency and cost reduction to adapt to the new costume that we will take forward, which is essentially different from the previous

one. Yes, and DOXA 2025.

Yes, it has been turbulent. There have been big business that have been done, that have changed the business. And we want to replace it with a stability and a work with value-making activities through the development of our project portfolio. We go from being an investment company to a real estate company. We have a strong competence and broad experience in project development. And we also have the capacity and experience of a real estate investment. And as I said earlier, we are a much smaller organization. But we have a large management and we have experience in creating the world. And we have learned from this project and when you are in the same balance, then the Kala-state is in focus. That's where we have a larger part of our balance focused. And of course, we will work with FURS to increase the transparency in our financial reporting and we hope that we have taken a step forward in this report. And here I would like to invite Patrick who will go through our project development portfolio.

Thank you very much. We have an exciting project portfolio that includes a large number of projects around the country. In the pictures here we have taken several examples from Gärfällan, Trelleborg, from Kungsbacka and from Lund. But the project contains much more than just those projects. As we said earlier, the project is mainly in the major regions. In total, the portfolio includes about 600,000 square meters of buildings. It is a mix of housing, commercial buildings, we have buildings for education, for the garden and for various types of businesses. So a wide mix in the portfolio. We have everything from large projects like the Kala-state, which we will look at shortly, to smaller projects and on a completely different scale. So there are many different types of projects. The projects are also in different phases. We have projects where we have a finished details plan and finished building and construction. And it is a project that should be able to start in the near future, as long as the market is in progress, in a different way than it has been in recent years. We also have a project that is in planning, design phase. We have a number of projects where we do planning. It is always from early planning, early planning phase, to projects that have recently become assumed. We got a positive decision from the Trelleborg municipality about the first stage in the western archipelago in Trelleborg, as late as a few days ago. We run several projects ourselves, but the portfolio also includes part-owned projects that are run together with other parts in Lund Ventures. We have a project where we have acquired land, which is a low-speed, or we have marked land over the dams, but we also have a project where we work with land administration with different municipalities or options. And a large part of the portfolio is housing properties, almost 60% of which are housing properties. We will take the opportunity to talk a little more about Karlastaden, which is our largest development area, and as Christian mentioned earlier. The project is located in Älvstad, which is the city of Gothenburg, and Karlastaden is one of the major development areas for the central parts of the river Elven. Karlastaden is one of the attractive projects that are developed in the central parts of Gothenburg. If we zoom in one step, we see that Karlastaden is on Lindholm, and is part of the city. Lindholm is an exciting part of the city. For many years, different businesses have been developed there, and more and more housing properties are now being completed, which makes it a very lively and exciting part of Gothenburg. It is said to be one of Gothenburg's most knowledge-intensive and expansive areas, and many of the companies there focus on AI, media and mobility. Today, about 30,000 people are spending their time here every day, and the number is growing as more companies, businesses and housing are being restored. Students, researchers, high school students, and residents are being brought here on a daily basis. There are about 400 companies that have business out here, and there is a mix between small local companies and large international companies and

national authorities.

We

zoom in one

step further and look at Karlastaden, the city itself that we work in. Karlastaden consists of eight quarters. The Karlaton and the Kapella quarter were completed in 2024. In 2024, we also made an offer with the future, the future concern, where we, among other things, acquired the Lingx and VEGO quarters to 100%. The remaining four quarters, Karlisto, Kasopeja, Aries and Auriga, we co-own today with the future, and there we have a one-sided commitment to buy back the future portion until September 2027. If we look at the respective quarters and the possibilities we have in the quarters, we have a detailed plan that naturally regulates the size of the buildings and the number of rooms, and many other things. It also regulates that we have the opportunity to fill these houses with a large and varied interior. We have the opportunity both to commercial premises, we have the opportunity to offices, housing, education, in certain quarters, hotels, bars and schools. For the Karlisto quarter, we have primarily thought about commercial premises, offices and certain amounts of housing. The quarter is built up to seven floors. If we look a little closer at Kasopeja, it is the quarter and the building, Karlisto's next block with 43 floors. There we have planned for commercial premises in Markplan, office premises in the podium and housing in the tower. In that, we will also be able to get our offices and housing with a fantastic view over Gothenburg and its vicinity. One of the smaller quarters, Aries, where we plan primarily for a renovated housing project, of course with commercial three-row plan, which will contribute to the fact that all the quarters have it to create an exciting street environment and an interesting city center. The fourth of the four projects, or the quarter in Karlisto, that we are lifting out today is Auriga, a large podium that makes a larger office establishment possible. We have looked at different alternatives and there is also the possibility of both education and preschool in that quarter. The tower is similar to the other quarters, also planned for residential areas. But as I said, the detailed plan contains great opportunities and what we look at is one of all possible scenarios, but what we currently judge as the most likely scenario. Karlisto will be a central, equipped city, solid in construction, attractive and we have the opportunity to create a very high degree of variation and complete the Lindholm in a very good way. The high density in the city building that we plan for and work with will give us the conditions for attractive service, good cafes and restaurants and simply a very good place to work, live and live on. Karlistan is our first project and also the project that we really think is an exciting and fun project to continue to develop forward. And with that little drag of our project and Karlistan, I hand over to Christian.

Thank you and to do a summary, I would just like to go through our goals in the short term here and that is to create the world, to make a sustainable development and that is not least, at least part of what Patrik Perra has gone through. We will also continue to change the approaches, which is not a long-term strategy, we started at the end of the year and will continue this work in the coming year. And we will also have six more long-term financing for the company. These projects will come to the capital and we will

need

new funding for that. And with that we have gone through our presentation and left up for questions.

We have received some written questions here that I will read up. The first is about the remaining uncertainty around the travel. How much can you say can remain in the worst case scenario? On departures

or travel?

Yes, actually the travel that is planned to cover the conditions that can be raised before the conclusion. Absolutely.

We have done our best assessment so far. We have seen that we live so fast at the different levels of travel that can come in. We feel safe with the assessment we have done, but it is not possible to know how much will be in the future, depending on how the project of the customers is presented, when they are done and how much is available to the organization of the competition. We have made some assessments with the help of both advisors and other experts in the field. And we feel that this is a reasonable assessment. It is a assessment and the final result will be released in the first two to three years. It will come successively.

An shareholder has expressed concern about the communication and says that the travel is not yet there. Can you work on that, the question of trust?

Yes, absolutely. We have taken advantage of the criticism we have received. We have had a resource shortage during the autumn with it. We have been very focused on the questions. We have got Anders who is here in the room who is in charge of our communication. We have changed the procedures of communication to get more transparent communication. I will continue to make it more accessible to shareholders as well. We will continue to work with it and we will listen to what the shareholders have to say.

There is a question about the Karlatorn and the collaboration partner Balder. Is there any risk in that relationship in any way? As I interpret the question that there will be a sale, that the agreement with Balder will use their option right. I interpret it as if it were about the future AB. I turn to Patrik who answers the question.

If we talk about the Karlatorn, the question is raised. Balder had an option to acquire the office and hotel in that project and in relation to the completion. It was something that Balder did during the spring of 2024. The office and hotel are part of Balder's administration today. Then we did the further sales to Balder. As Christian told earlier, with the unsold apartments that Dockstad had recently bought in. With that we have the conditions for the tower and the tower's implementation in relation to Balder.

So

to speak, it is explained what the tower

is about. I also refer to politicians in Gothenburg who have made a statement about to lift the transaction and the option that exists. Do we have any comments on that?

It is a very boring after-play after the deal and something that we think is a very good deal for all involved parties. But in general, we have difficulty commenting on the internal question between the different parties within Gothenburg.

But we do not always decide on the scope of the deal.

I have a question about the cash and investments in the future. What was the plan for the nearest time to use the money that is in the cash today and after the sales that have been made?

We have a running stock in our business. It goes from having a large amount of support to a small amount of support. There will be no time to adapt to the first half of the year. We will use a part of the cash there. We have also taken up the option to remount the payment that has been made after the course in Sweden. We also have running project development with the money. But we will start to build large developments throughout Karlstad and we will deliver a new balance of

financing. And now we have a last question here so that we can keep the time plan. It is an open question. Would you say that Gothenburg is north and that we shareholders can look forward?

I feel safe with the information that we have presented today. I hope that the shareholders will appreciate the decision.

Thank you for listening to the presentation. If you have more questions, you can email us. We will answer them. The email address is .docsa.se