Doxa AB (publ)

Hello and welcome to Doxa's presentation of the quarterly report for Q2. My name is Christian Lindgren and I am the CEO of Doxa. And on my side I have Patrik Lindström who is the head of our project development. Efter en intensivt avslut av föregående år och början på detta året med försäljningen av Scenic i Sverige till Motares, sedan försäljning av Doxas förvaltningsfastigheter till Balder vid årsskiftet och sedan konkursen i Scenic i Sverige i början på januari så har andra kvartalet har vi börjat fokusera på våra målsättningar. Målsättningen som är att skapa världen genom fastighetsutveckling. to reduce access that we do not intend to maintain in the long term, and to have a sustainable financial position. And yesterday we told you that we had sold the property in the city of Halmstad for 426 million SEK, which corresponds to our book value, so there will not be any result of this deal. And we use the purchase liquid from there, to pay off loans with 371 million kronor. And we put 55 million kronor in the cash register. During the quarter, we have also continued to develop other parts of our business, such as the parts of our previous construction movement. This means that we have developed six housing rights associations. The four housing rights associations in Karlatornet have been transferred to the housing rights associations. and also Velocity in Helsingborg, and Teaterterrassen in Landskrona. The work to reduce access that does not allow long-term maintenance continues during the second half of the year. And as a result of the essential sales we have done, the business has decreased in size, which means that fewer employees and after the summer we will have seven people left in the company, which is significantly less than we have been before. And that will also mean lower central costs successively during the year. We started the second quarter by receiving a message that our supplier Moms in Karlatornet had been cancelled, which means that we got We announced that we would pay 150 million kronor in Moms, which we carried out in June this month and affected our cash negative. And at the company level, We also received a new board and we had the choice of Greg Dingetsjang as the chairman and Lena Grinsbusslett as the board member. The new board members were Magnus Kock, Lars Kongstad and Anders Höttersson. If we then go over and look at the results of the calculation for the company, we can see that we, with the fact that we have sold off most of, or all of our rental properties in general, by the change of year, the only remaining rental property is a garage. A garage in Karlastaden with a limited negative net profit of SEK 0.5 million. The rest of the movable income and movable costs are followed by Karlastaden Media, which is a company under start-up and is starting its debut here during the winter. The percentage of administration costs is up to 10 million kronor under Q1 or under Q2, which is a decrease compared to Q1. And in terms of deductions, 53 million kronor is attributed to deductions in our project property portfolio. In the result calculation, we can see that there are 18 million kronor in financial costs 42 million kronor in cost of handling for the development of operations. In total, a minus of 122 million kronor, which corresponds to 10 million 10 euros per share. And if we look at Doxa's assets, they consist of Karlastaden Byggrätter with a total value of approximately 2.3 billion kronor, Gothenburg View 650 million kronor, Kalastaden Media, 354 million kronor, and Övrig Projektportfölj, 144 million kronor, after subscriptions that took place in the quarter. and furnished apartments that we have previously produced for SEK 134 million. In total, we have access to approximately SEK 3.6 billion. If we look at our balance sheet, these SEK 3.6 billion will be distributed over a number of balance sheet posters. If we look at the construction resources and the hosting projects, we have approximately SEK 3.6 billion. And the big change that has happened since the beginning of the year was that we have consolidated two budget associations under Q1, which is the reduction in project assets. And in access that is included for sales and development, we have mainly excluded in Q3, the sale of the housing estate in Halmstad will be 426 million kronor, which will disappear from that position. In terms of our deductions, it has mainly been affected by the fact that we have paid the mortgage of 148 million kronor in June, which is a decrease. The remaining positions are in line with the competition in Sweden, where we have carried out individual assessments of all engagements. And we can see that these assessments fit within the previous juggling assessments that have been made and why we have chosen to keep them. We have also paid out 9 million kronor during in the first half of the year, and we can see that the processes will take longer than we had previously expected. And if we look at our financial accounts, we can see that we have interest-based debts of about SEK 1.7 billion, including bank loans of SEK 360 million, reverse loans 700 million, and where we then, in connection with the sale of the property in Halmstad, amortize approximately 370 million of the short-term reverse loans. The option solution includes the option we will pay to the building rights of Karlastaden for 550 million kronor. And if we look at our own capital, it amounts to approximately 2.1 billion SEK per share. And with that, we are done with the economic report and I hand it over to Patrik.

Thank you so much, Christian. Then I will have the opportunity to tell you a little bit about what opportunities we have in our portfolio, starting with Kalastaden. A fantastic development project, Doxa's largest development project in the portfolio. Located ten minutes from the central station in Gothenburg. A large, exciting and beautiful project in the central parts of Gothenburg. Målsättningen med utvecklingen är att skapa en tät livfull blandstad som kompletterar naturligtvis Lindholmen som det är beläget på, men Göteborg i övrigt också. Några korta ord om Lindholmen, där Karlastaden ligger. Det är ett område där det idag verkar någonstans mellan 350 och 400 bolag. Det finns flera skolor i olika stadier. Det finns bostäder, restauranger, kaféer och kultur. Lindholmen Innovation District, som området kallas från och med nu, är en av de kanske mest kunskapsintensiva områdena i Göteborg och en motor för Göteborg och Västsveriges tillväxt. En väldigt spännande miljö och expansiv, inte bara i form av byggnaller och byggnation, utan också utifrån de oerhört namnkunniga bolagen som finns i området. Väldigt spännande plats att vara på. Karlastaden, en ny stadsdel, en modern tät stadsdel och med naturligtvis Karlatornet som ikonbyggnad och någonting som blir i förgrunden för hela staden. med sina 74 avordningar och som syns över hela Göteborg. Området består av åtta stycken kvarter där två stycken av kvarteren färdigställdes under förra året. Det ena kvarteret, Kapella, och Karlatornet färdigställdes under föregående år. Övriga sex kvarter finns kvar för utveckling. Alla kvarteren har lite different shape and height and character, but what is common for all quarters is that there are very flexible conditions for the content. You can vary the content according to the current market situation if you choose a project with a lot of buildings and commercial areas, or vice versa, or a mix. Karlastaden expands to approximately 30,000 square meters. On these 30,000 square meters, we will be able to build a total of 270,000 square meters of housing and offices and other activities on land, including the two that are already finished. So we are building a city with an extremely high density. Much higher than in many other places in the world. And I don't know if there is anything in Sweden that has a similar high density. What the high density means is that we get a lot of people who exist and move and live and work in the same place. That is, we create a critical mass that together with already existing businesses in the area gives great conditions to operate bra kommersiell verksamhet i form av restauranger och kaféer, service kommer att kunna ha en väldigt hög kvalitet och hög relevans här i området tack vare den höga densiteten. Det skapar också en spännande stadsmiljö som vi inte har på många andra ställen. Trots storskaligheten och Den höga densiteten så har vi genom hela planeringen haft människan i centrum, det mänskliga perspektivet, för att skapa en miljö som är attraktiv att vara i. Det är oerhört viktigt att människor och verksamheter och så vill vara här, för det är det som skapar attraktivitet och det är det som skapar folkmyllret och den livfulla staden vi fyller den med. dense street rooms, large open glazed surfaces in the ground floor into the businesses there, create conditions to give a welcoming and open, transparent place to be in. The exhibition in a city hall is of course important. Offices, hotels, schools, hotels, restaurants are already in place in the two quarters we have developed. Sen har vi draghjälp av angränsande befintliga kvarter runt omkring med det utbudet som finns där. Men kommande kvarter som kommer att byggas ut ger möjlighet till att komplettera utbudet ytterligare för att skapa en attraktiv stadskärna som skapar intresse och drar till sig både boende, verksamheter och besökare. Kalastaden ger också lite nya perspektiv på Göteborg. Det mest uppenbara är väl naturligtvis att åka upp i tornet och åka upp högre än övriga byggnader som finns runt omkring. Exempelvis på vår utsiktsplats på våning 69. Det är en fantastisk upplevelse att gå och följa fasaden 360 grader varvet runt och se Göteborg från all different angles and you get a new picture of what Gothenburg with Omnade is. The high density and city core that we build up with the district is also a new perspective and a new density that we did not have in Gothenburg before. If we move from the area, it also gives Kala-staden, och framför allt Kala-tornet, som i stort sett syns från hela Göteborg, en ny geografisk referens och en ny stadssiluett. Kala-staden bidrar till så mycket mer än bara kvalitativa lokaler och bostäder lokalt. Vi bygger ett garage för att tillgodose parkeringsbehovet som uppstår för bilar och cyklar. When the garage is fully built, it will be able to meet the parking requirement, which is around 1,000 cars and 4,000 bicycles. The garage is built out step by step. Per day, we have built it out in one floor under the chapel and in one floor under the Kala tower. The rest of the block will be built with a garage in two floors. And the garage is built according to the construction of the ground floor and is built step by step. A joint garage solution that we have here gives effective use and you can make use of places between different interests in the area over a day's time. Karlastaden Media supplies the city with all technical operating media. It consists of a property that covers most of the area. And through this property, we supply the quarter and the properties above ground with technical supply in the form of electricity, heat, cooling, water, joint sprinkler solutions, fiber and also the handling of soaps. In the coming stages, we see the possibility of creating alternative solutions for energy and we plan in the next stage for a geo-energy facility that will make it possible to supply the city with heat and cooling for large parts of the year. Both the garage and media The technical media infrastructure that we build and build on a common basis makes us get a very effective resource utilization. And also one of the advantages of building with this high density is that we get a high level of use on the investments that are made. Karlastaden as a whole also creates a very good utilization of the infrastructure and the communications that society has invested in around the city. So there are many advantages to building and planning in the way we do here. The eight quarters, Tosito and Hemsö, completed their quarter last year. It includes schools, it includes hotels, gyms, pizzerias and other businesses that contribute well to the area. Kalatornet genomförde vi tillsammans med Balder Eat Your Adventure. Utöver de 611 bostäderna i tornet och observationsteg så innehåller det också hotell och kontor. Både hotellet och kontoret ägs och förvaltas av Balder idag. Framtiden har förvärvat två stycken kvarter för bostadsproduktion i deras verksamhet. And of the four quarters remaining, Calistio, Casopeia, Aries and Auriga, Doxa has the upper hand. Also the four quarters are like the others, with different characters and heights, but the content is flexible and we can contribute to, when our projects are carried out, to reach the vision of Karlastaden as a mixed, lively city. We could build up to 1,000 apartments in these four quarters, combined with commercial floors and, above all, central business in the ground floor. But we could also build a few quarters towards a more commercial and perhaps more office. We could be able to manage an office establishment of up to 20,000 square meters as a component of one of the quarters. But it can also create natural disasters. mindre och mer mångfacetterade kontorslösningar om vi skulle vilja det. Eller en skola eller vård. Så att vi har stora möjligheter i den framtida utvecklingen av de här kvarteren. In addition to the building rights, garage and media, the Observationsdäcket, or Gothenburg View, also owns a view point on floor 69. It is a fantastic place to be. High ceilings, high windows from floor to ceiling and a view that is magical, both early mornings, sunny days, rainy days, days when the clouds go down. på en lägre nivå än de 220 meterna som Observation Deck ligger på. Verksamheten där kommer att startas upp och vi planerar för en uppstart här under sommaren nästa år. I samband med att vi har den här bilden så vill jag också ta tillfället i akt att lyfta fram att vi har blivit internationellt uppmärksammade för vårt fantastiska torn. Council on Tall Buildings and Urban Habitat, or CTBUH. It's an organization, an international organization, that focuses on tall buildings and urban insulation together with vertical growth. Their thesis is to build high and dense, create sustainable, healthy cities in the future. And that is what drives both development and research. De utser varje år ett antal hus runt om i världen som de tycker på olika sätt behöver uppmärksammas. Vi har för 2025 blivit tilldelade pris i kategorin bästa högsta byggnad mellan 200 och 299 meters höjd. Det är då i en konkurrens över hela världen. Vi har också i kategorin bästa europeiska högsta byggnad för 2025. Så det är otroligt roligt att vi får den här uppmärksamheten. And for all of you who have been involved in the project in some way, in some role, be proud and happy and enjoy that attention. It is a receipt of the quality that we have worked with in the project from early planning and choice of strategies to the design and implementation of a large and extremely complex project. Stort tack till alla som varit delaktiga i projektet och tar till er av de här utmärkelserna. Utmärkelser som tornet och Karlatornet förtjänar. Vi lämnar Karlastaden och går över till vår projektutvecklingsportfölj. Den består av ett stort antal projekt, fördelade över, framförallt koncentrerade i de tre storstadsregionerna Stockholm, Göteborg och Malmö. Varied content and various types of projects, but with a focus on housing. We have, as Christian mentioned earlier, we work with to show the portfolio to see if we have parts that may be replaced and we have identified some that do not really fit into Doxa's long-term strategy, so that some projects are out for sale per day. What can be mentioned from the second quarter, we have completed the last stage in a project in Örebro, Tamarinden, a rental project of 139 apartments that we sold to Capman just before the start of construction. So there we completed the final design and left the last stage, which is now moved in. Vi har också lämnat över sex stycken bostadsrättsföreningar till boendestyrelser. Det är ju ett av de absolut sista stegen i en bostadsutvecklingscykel. Det känns också väldigt bra att både VRF Villa City 2 i Helsingborg, VRF Teaterterrassen i Landskrona och de fyra bostadsrättsföreningarna i tornet nu förvaltas av de som bor och äger huset. We also feel that it is worth mentioning a small lightening in the market. Partly based on our own sales, which I have tried to illustrate with the stacks in the graphic here. This represents a signed contract. If you read Christian's pages, there we show abandoned apartments when they leave the balance. This is a signed contract, and on the contracts we have signed now during the second quarter, they will be added by the residents during the autumn at different times. But as I said, a little lightening in the market. We could have shot a similar lightening earlier in late 2024. Then it came off a little bit at the beginning of the year, but we still think that we see a little lightening around the corner that we hope will be permanent and give the opportunity to start many of the nice projects that we have in our portfolio. With that, I would like to return to Christian.

Thank you very much Patrik. We have come to the end of this summary and we will continue to work with our goals to create value through sustainable development, continue to improve our activities that should not remain long-term and to ensure a long-term sustainable financing. With that, we will open up for questions. We have a few questions. I will read them out loud. One. Does the business areas Gothenburg View and Karlastaden Media mean profitable business? If so, in what context and what are the expectations that it could mean for Flamient?

So, if we start with Gaffer BlueView, we don't really start that business for the underlying first as we can see something there. Karlastaden Media is also in a state of emergency where we got full delivery on the stage that is active today in the fall. So we can say that both properties are under construction, but two extremely vital and good accesses that we have in Karlastaden.

I understand that you have sold four apartments during Q2.

What time do you expect to arrive? We have sold four apartments and the residents have arrived during the spring. Since we have sold more apartments during Q2, or signed more contracts during Q2, with more applications in the coming months. We hope that the trend with a greater interest in our projects and more signed contracts will continue even after the semester.

Är avsikten framför allt att initialt sälja byggeter för att sedan i alla fall kunna vara med och byggstarta med partners i framtiden eller hur resonerar ni?

Yes, we have identified some projects that we want to eliminate in order to be able to focus on the projects that are more in line with Doxa's long-term strategy. Several of the projects we have are, for example, Skadarstaden, as I mentioned earlier, quite large projects where welcome the collaboration partners for the implementation. And that's what we gather the strength for, to be able to carry out several of our projects. In some cases, perhaps on our own, but the slightly larger projects together with partners.

Ja, och så har vi även fått in en fråga av sig nu när det kan bli aktuellt med aktieåterköp och styrelsen fick ju mandatet från bolagsstämman och kommer att utvärdera det här efter semestrarna och avser att återkomma senast i samband med nästa delårsrapport när det kan bli aktuellt. Vi har inga fler frågor från er och jag vill bara passa på att tacka för ert intresse och önskar en god sommar. Tack så mycket. Trevlig sommar.