Fastighetsbolaget Emilshus AB (publ)

Hej och välkomna till dagens sändning med Emilshus som kommer presentera bokslutskommunikeringen för 2025. Med oss att presentera har vi vd Jakob Fyrberg och SIFO Emil Jansbo. Efter presentationen kommer det hållas en Q&A som ni ringer in och vill ställa en fråga trycker ni stjärna 9 för att räcka upp handen och sedan stjärna 6 för att anjuta er när ni får ordet. Det går även bra att skicka in frågor i formulär till höger och med det sagt så lämnar jag över ordet till dig Jakob.

Tack så mycket. Då ska Emil och jag presentera resultatet för helår, januari, december 2025. Om vi ska börja med en liten sammanfattning av året så säger vi ett tillväxtår för Emils hus. Stark tillväxt i vår fastighetsportfölj. Det är en geografisk utbreddning, det är en väldigt stark tillväxt på transaktionssidan, vi har byggt en starkare organisation, vi har etablerat fler förvaltningskontor och vi har framförallt byggt ett starkare förvaltningsresultat och bättre kassaflöden. If we look at our administrative results, it has increased by 39% compared to previous years. The cash flow has also increased significantly. It has increased by 41%. If we look at the administrative results per stock share, which is so important for us, it has increased by 25%. And set over five years, we are at 16%. And you know that our goal is, and this is a very important goal, is that we will always cast 15% of the stock market share annually. So that we can create shareholder value. Then, when it comes to the withdrawal of private capital, it is at 13%. But, in summary, for the result of the administration, in a total way, but also as a joint action, we have delivered in a very satisfactory way. Yes, when it comes to our geography, where we have our houses, we have expanded a lot. We grow in Östergötland. We grow in Skåne. We have talked about this during the year we did our Aklinova acquisition and got a very nice platform to operate from. We have actually done a number of smaller businesses there. Några stycken paketaffärer och några styckehus, men det här bör också bli ett bra förvaltningsområde för oss. Samtidigt har vi också under året vuxit väldigt mycket i Halmstadområdet och därtill gjort lite kompletteringsförvärv i Småland. Aktar som finns numera i södra Sverige, tittar vi då på uthyrningsgraden så ligger den kvar på 95%. And we will always have a high degree of retirement in Emel's house. And that gives a very good flow for the company and generates cash flow. In addition, we will always have a good contract time on our contracts. It is also still over five years. So you can say that it looks good based on our geographical coverage in combination with that we have a high degree of retirement. och en väldigt bra kontraktstid på våra avtal. Ja, bolaget växer kraftigt. Vi står på 12,3 miljarder och vi har vuxit med hela 38% i vårt fastighetsvärde och det är väldigt många affärer som har gjorts och byggt till ett ännu starkare bolag. Vi kommer till transaktionssidan lite senare. Målet är självklart att växa, det vet ni. Men vi ska alltid göra det med rätt affärer. Vi har ju inget volymmål i bolaget utan vi har ju väldigt starkt kopplat till förvaltningsresultatet. Utan vi växer genom att göra de affärer som är rätt för bolaget. Och det är väldigt starkt kopplat också till vår direktavkastning. Och den ligger också på stabila 6,6%. And if you look at the high return on what you borrow today, on the margins that have a huge advantage for the company, both on the bank side and on the obligation side, and Emil will come to that later, but it also gives a very good yield spread. And that creates, as I said, very nice cash flows for the company. So it's up 41%. There is a high pressure on the transaction side. A total of 22 businesses are working hard on the transaction side. 78 properties have been acquired worth 3.2 billion. Och då är det som vi alltid säger, vi tycker om att göra de mindre affärerna, stickaffärerna, alltid från 20-30 miljoner upp till större paket. Och där har vi lyckats med väldigt väl under året. Sen är det så att varje affär ska utvärderas på rätt sätt. Vi ska alltid göra den selektivt. Is it the right location? Is it the right tenant? Is it the right type of property? So there is always a consideration of what fits right for Emil's house. And there we have mainly acquired in Halmstad, in the Skåne area and connected to Östergötland. If we make a guess for 2026, we will focus on these markets, but also do a lot of completions in Småland. Our appetite on the acquisition side is still strong. We have shown that with the latest communication, where we went out with a business of SEK 336 million in Skåne and Östergötland. If we look at our real estate, there is no big change there, and that is very obvious from our side. We will always be on 50% light industry, until we have industrial service and a certain share of trade. What is worth noting is that we have placed 1 billion in rent value. And we have 899 tenants. And we think that's good. We think it's good with many tenants. It gives us a risk spread. And there is a goal, but it's a choice from our side to not acquire or own large facilities. But we stick to the more city-close industry and trade. Och det är väldigt viktigt att hålla nyckeltalen med rätt typ av hyresvärde, rätt typ av kontraktstider och att vi har bra betalande hyresgäster. Men som sagt, vi tycker om den här riskspridningen och där har vi gjort en bitvis förflyttning att gå från stora enheter till lite mindre citynära fastigheter som det också finns en bra efterfrågan på lokalmässigt. Yes, how is it with our rental guests? Yes, it's good. And above all, it's a very good job by our administration, which is in constant contact with our rental guests. We actually have a positive net worth of 25 plus 2 million, and that's the hat off to a hard-working administration team. Thank you very much. It's a lot of work, but it's about negotiating the agreements that exist, keeping the board members happy that they extend their agreements, but also to work hard with the vacancies that exist. Now the vacancy is not big in the company, but we would like to keep around these 95%. We also have to mention that there are very few contests and poor payers, so there is a high moral of payment among our tenants and we appreciate that very much. It should also be said that we are constantly striving to The rents should not be a large part of the revenue of our tenants. It should only be a few percent. It is not that it should be a concern when it is a large part of a company's revenue. It should be a small part so that you are not vulnerable either from the tenant's side. Yes, here comes an example of small businesses that we have done in the near future. We went out last week with a press release of 336 million kronor. Where we again strengthen ourselves in the administration at Landskrona and Linköping. Good properties with good tenants. The contract period is seven and a half years, which of course gives stability for the company. With this type of property that we really like, sitting close to industry and warehouse business. Should we continue to acquire during the year? This is also an example of a house we acquired at the end of the year. Again, 8 businesses. A total of 14 properties and that's a lot of work with this, but we still think it's worth it for Emil's house and it also gives very nice discounts. We buy for Någonstans mellan 6,5-7,5% avkastning beroende på var huset ligger och vad för typ av hyresgäster. Så snittet blir lite under 7%, vilket vi visar också i våra böcker. Så det är också en typ av affär som vi verkligen tycker om att göra. Här är ett förvärv vi gick ut med under hösten där vi köpte fem fastigheter i Norrköping. Bra moderna enheter med bra hyresgäster och väldigt fina lägen som tillför någonting för Emils hus fastighetsportfölj. If we look at our operation optimization, you know that energy efficiency is so important. It has improved by 6%. This is a long-term work that we are constantly working on, house by house. The decrease will always be 2% yearly until 2030. We are far below that because we are reducing costs on this side. So that's good. Then it comes to our project portfolio. It has also increased during the year. The project portfolio is also a bit connected to the rental side. It takes a little longer time. There are a lot of discussions before the project starts. Then it's good delivery on the project itself. We always stick to the existing frameworks. Men det tar lite längre till kopplat mot framförallt konjunkturen skulle jag vilja säga. Det här är starkt kopplat till att det är om- och tillbyggnationer som vi håller på med i Yngveshus. Här är ett exempel som vi skrev ett avtal på för någon månad sedan. Det är en fastighet i Halmstad där vi ska bygga om en stor lokal åt ASSA. och vi har tecknat ett långt avtal och vi ska anpassa den här på ett sätt som gör att ASSA kan sitta där under en lång tid. Det här är typexemplet på vad Emilshus gör, bygger om, bygger till på befintliga fastigheter, får där till långa bra avtal med bra hyresbetalare också.

I would like to comment in detail on the development of the results under 2025. It is, as Jacob has pointed out, largely influenced by the growth that the company has gone through this year. This means that we can show rent revenues of 896 million kronor, which corresponds to a growth of 33% compared to 2024. The growth is largely driven by the acquisitions that have been made, and also indexing and renewing has contributed positively. The net profit increased to SEK 713 million with 32%. The cost for central administration increased to SEK 43 million and the increase compared to previous years is explained by a more extensive business as a result of the acquisitions carried out. We have, among other things, opened new administrative offices in Skåne and Östergötland during the year and employed new employees in both administration, economy and transactions. Räknat som andel av hyresintäkterna så har centraladministrationskostnaden minskat något. Finansnettot uppgick till 256 miljoner. Ökningen förklarades av en större skuldvolym som följde tillväxten. Men den här har till viss del motverkats av en lägre genomsnittlig upplåningskostnad under året som följde av de refinansieringar vi har gjort till bättre kreditvillkor. Sammantaget så innebär det här att förvaltningsresultatet under 2025 which is equivalent to an increase of 39% compared to 2024. If we look at our most important financial goals, namely the administrative results of the stock market and the growth in this, it increased by 25% during the year, which means an increase well above our financial goal of 15% per year. Vi redovisar orealiserade värdeförändringar på förvaltningsfastigheter om 262 miljoner, vilket motsvarar 3% av fastighetsvärdet. Därtill redovisar vi realiserade värdeförändringar om 8 miljoner på fastigheter, och det är hemföljt till två försäljningar som skett till en nivå över bokfört värde. Value changes on financial instruments went up to minus 28 million, and that is in and of itself related to a lower market rate. This is due to a generally lower interest rate. If you look at the operating cash flow, it went up to 379 million, and that corresponds to an increase of 41% compared to 2024. If we look at the quarter individually, the fourth quarter, the rental income increased by 40% to 253 million SEK. The net profit increased by 35% and an administration result of 110 million SEK was provided. An increase of 30% compared to the fourth quarter of 2024. And if you look at the administration result of stock stocks, it means an increase of 16%. When it comes to income and prognosis, the income means a contracted annual salary of just over 1 billion SEK, a drift net of 806 million SEK and an administrative result of 473 million SEK. This means that the administrative result according to the income has increased by 31% compared to a year ago. Per stammaktie motsvarade ett förvaltningsresultat om 3,27 kronor. Det motsvarar en tillväxt om 16 % de senaste 12 månaderna. Ökningen i intjäningsförmåga är givetvis i väldigt hög utsträckning driven av förvärv, men även av en mer optimerad kostnadsstruktur, både inom fastighetsförvaltningen och på finansieringssidan. Direktavkastningen i intjäningsförmågan uppgår till 6,6 %, och det är helt i linje med Both what we have reported in the past 12 months and also in line with the rejection requirement in the valuations. As for the forecast for 2026, we estimate an administration result of 480 million. This includes the result effects of public acquisitions and associated financing. If you look a little more in detail at the property Värdeförändringar på våra fastigheter så vi värderar ju hela vårt bestånd externt varje kvartal och som sagt vi hade värdejusteringar på 270 miljoner i resultaträkningen motsvarar 3% av fastighetsvärdet. De här värdeförändringarna förklaras av mindre justeringar i direkta avkastningskraven och kassaflöde samt en del förvärvsrelaterade effekter i form av erhållna rabatter för latent skatt. and it was 6.6% in line with the report. On the financing side, we have been quite active. We have taken in money earlier this year in order to finance new acquisitions. We have raised two shares and we have made a new obligation. We have also refinanced a significant portion of the debt portfolio of the bank loan during the year. We have also started a relationship with a fifth bank and achieved a more even distribution between different creditors, which we think is important. On December 31, 2025, we have a capital-based time of 2.8 years and only a small amount of loans that fall during 2026. We have a insurance rate of 68% and an average interest rate of 2.0 years. We have an average interest rate of 4.1%, i.e. in line with the previous quarter, and a loan rate of 53%. And that means that the existing capital structure gives more room for investment in existing assets and new acquisitions now during 2026.

If we look at the owner side, there are no major changes here. It is worth noting that the last few days, the fourth AP fund has flagged up that they have received more than 5% of the capital in the company. That is, they have bought more shares in Emilshus. We get new shareholders all the time. It is very fun that the company gets a larger shareholder base in the company. But stable and good. Let's look at the future. Yes, as usual, the focus is on the local area, and it is the local administration that Emilshus works with. We have said that we have opened new administration offices, we have strengthened our organization, and it is so important that we as a company are close to our tenants, and we will continue to do so. So a lot of focus on our local administration. Then we will constantly work with profitable projects, and you know from earlier, on the energy side, what that means, but also these over- and construction nations that give very good investments. Together, we will continue to acquire high-impact properties. As I said, we did 22 CE businesses under 2025, and we have started the year 2016 well, so we will continue with that, but always selectively and do it in a balanced way. Then it's like this, it's full speed forward for the company, but under controlled forms. We should always prioritize stability, profitability and long-term success in Emilshus. I think that creates the best shareholder value for the company. Och med det så vill Emil och jag tacka för att ni har lyssnat på den här presentationen.

Thank you very much for the presentation. Now we will move on to a Q&A session. If you want to ask a question, press star 9 to raise your hand and then star 6 to unmute yourself. The first question we have here is from Albin Sandberg from SB1.

Hello and good morning. I had three questions and I wanted to take them one by one. Isolated Q4, if you look at the margin, then it is down a bit. Was there anything special that hit there?

Yes, partly we have done a lot of maintenance in Q4 where it has coincided that they have ended up in Q4. Then it's a cold quarter but it has already been observed if you compare with Q4 of the second year, so to speak. Then it is also the case that the mix of properties that we have in the portfolio has also changed a little during the year. We have made the big acquisition for 1.4 billion in Skåne and that acquisition also has a slightly lower rate of turnover than than what we had before, so to speak, due to the construction of the housing contract. So it's a combination of different effects, I would say.

Yes, thank you for that. And then I think, as you answered Emil, the admission capacity or the prognosis for 2026, så tolkar jag som att ni säger det att det är baserat på hur räntesituationen och skuldsituationen ser ut i årets utgång. Men jag tänkte om du skulle kunna hjälpa och rationera lite kring den tabell ni också har på sidan 18 där både på kapitalbimming och räntebimming om man tittar på det som eventuellt kan hända 2026 om det skulle innebära någon potential neråt eller är det oförändrat eller uppåt?

Du tänker kopplat till snitträntans utveckling alltså relaterat till till exempel derivatförfall eller skuldvolym som sådant?

Ja precis, för det tänker jag att det beaktar vi inte i utsikterna för förvaltningsresultatet om jag har förstått det rätt.

In our forecast, we look at all known events, that is, how the derivative portfolio will fall during 2026. And we also look at all signed or committed debt changes. And there are some things that have happened to the debt portfolio since Income is a momentary picture based on the debt portfolio that precedes January 1st. If you compare income with the prognosis, of course the prognosis monitors things that happen, both related to derivation and related to new loans and new commitments, which the income does not do. Så absolutt beaktar vi allting vi vet och om det är också så att vi har till exempel då signat ett antal affärer vissa har till och med tillträtts Efter bokslutsdagen Då är den där tillkopplade finansieringen också Självklart speglad i prognosen Om det var svar på frågan Ja det var bara svar Min sista fråga var Ni är ju duktiga på att göra förvärv och så vidare och det känns som att

Ni tänker göra fler förvärv under 2026. Vi får besked om alla de förvärv som går igenom. Skulle ni kunna ge lite mer känsla för hur transaktionsmakten ser ut på era relevanta vaknader? Har likviditeten varit starkare nu än vad det var för 3-6 månader sedan? Prisförväntansbild hos säljare? Jag refererar fortfarande till, för vissa hyresgäster, lite tuff hyressituation och så vidare. Jag tänker att det allmänt går om lite bättre tider ekonomiskt och så vidare, men det kanske laggar lite. Kanske kortar ihop transaktionssidan lite med hyresgästen också.

Ja, först till transaktionssidan så upplever vi att genom att vi också blivit större och kända det som bolag och en större geografisk spridning så får vi också fler förfrågningar om att förvärva. Sen tror man också att vi är ju ständigt i marknaden och har ju liksom jobbat upp en bra... relation till väldigt många så att vi ser ju att vi får väldigt många förslag och det är inte liksom bara rådgivardrivet utan det är direkt från säljarna själva och även från brukare så att vi ser ingen avmattning där. But we sometimes think it's good that there's a little turn here and there because there's a tendency that as soon as you see a lightening of a market that the yield is going down drastically, that it's going to be fast processes and that we're not going to be able to think. We like to be able to operate in our own pace. And still, in our time, we bought for over 3 billion last year. And we don't see any offset in that way. But we can never say that we will do business for X million or billion kronor a year. But it is clear that we will still be very, very active. But as we say, in a selective way, that we should do business that fits the company. And in terms of sales, we are also where the company delivers. So we don't really see a trend difference there. That's good. Thank you.

That was my question.

Thank you so much for the questions. Then we move on to the next questioner, who has a phone number that ends with 8628. Please, you have the floor.

Kan ni höra mig? Yes, absolut.

Oskar Lindqvist, ABG. Jag hade bara en liten uppföljningsfråga på inköringsmågen och prognosen. Kan ni säga hur mycket Announced but not included in the contract, how much rent income on a yearly basis is not reflected but announced in the right of ownership?

So the right of ownership, just to make it clear, the right of ownership respects the properties that were included on January 1st, 26.

Exactly. But then you have the annonciation of the lease, but where all those properties are not added. I'm thinking if you can give an indication of how much annonciated rent value or rent income that remains beyond the income, i.e. what has been added per Q4.

Those figures will almost be returned in that case. We don't really have them in front of us right now, so I don't dare to argue with that in that way.

Ok, I understand. And then connected to the prognosis, the contract of 336 million SEK here in January, is that reflected in the prognosis for the whole year?

Yes, everything that is signed legally, and it is everything that we have press release, is reflected in the prognosis from the day of appearance, of course. Thank you very much!

Tack så mycket och det var den sista frågeställaren vi hade här idag så tack till Emil Jakob som har presenterat och tack till alla er som har tittat och ni får ha en fortsatt trevlig helgärd när det börjar.

Tack så mycket.