John Mattson Fastighetsföretagen AB (publ)

My name is Per Nilsson, and I am the CEO of Jönatsson. I look forward to presenting our report for the period from January to September. If we start with a summary of the third quarter, we can see that we are providing a strong result for the period, while increasing our focus on growth. It is with great joy that our focus on strengthening the cash flow continues to give results. The revenue results for the period increased by 43% compared to the same period last year. The economic output rate has improved, while we keep up with the cost increase from a cold and snowy winter in combination with a strong price increase in tax-based costs under 2024. This resulted in a total increase in revenue by 73% for the period. The previous quarter was the first time we experienced rising values since the beginning of 2022. Den utvecklingen fortsätter i det tredje kvartalet där vi ser en positiv värdeutveckling i vårt fastighetsbestånd om 1,6 %. Att fastighetsvärdena fortsätter att stiga är viktigt för att frigöra investeringsutrymme för vår tillväxt framåt. Som vi berättade om i den senaste rapporten ingick vi under början av kvartalet i ett partnerskap med Stockholm XEGI som ger oss tillgång till kostnadseffektiv och hållbar fjärrvärme samtidigt som vi stödjer omställningen av Stockholms energisystem till netto nollutsläpp. Genom avtalet sänker vi våra årliga kostnader för uppvärmningen med 6 miljoner kronor samtidigt som det ger en positiv effekt på fastigheternas värdeutveckling. Sedan 2022 har vi fokuserat på att anpassa bolaget till nya makroekonomiska förutsättningar, arbetet har varit framgångsrikt och vi kan återinvestera i långsiktigt värdeskapande. Det är därför mycket glädje att vi under tredje kvartalet har tagit beslut om att 280 apartments in Rotebro in Sollentuna municipality. As previously communicated, the winter starters see new new production projects for early 2026. It is said that new production is important for the company's future growth, so we continue to work to increase the volume of our building portfolio to meet our long-term goal of starting production of 250 apartments per year. Det är därför mycket positivt att vi under kvartalet har tecknat markanvisningsavtal med Stockholms stad för 50 lägenheter i ett attraktivt läge in vid tunnelbanestationen i Södra Stockholm. Under tredje kvartalet har den långa räntan fallit tillbaka kraftigt som följd av att inflationen sjunkit under Riksbankens inflationsmål i kombination med signaler om en svag utveckling av ekonomin. Even the conditions for bank financing have improved, where the banks' appetite to finance housing has increased, while the margin has fallen back. It is therefore clear that we can now secure a profit, including margin, in line with our current gross profit. As I mentioned earlier, our focus on growth is increasing. In the near future, I will focus our investments on existing assets, The reason for this is that we currently consider that we have better profitability in energy investments and housing upgrades than investing in new production of rental rights or affordable housing. Energy investments and housing upgrades are also investments where we have a great potential in our property. In the picture you can see a diagram of the indicative profitability in different categories of investments, where profitability varies for individual investments In the horizontal axis, you can see the direct return of the investment, and on the vertical axis, the estimated margin of the investment. The investment consists of energy investments and renovations marked in blue, and investments in new deposits through new production projects and the acquisition of administrative facilities, marked in green. In the diagram, it appears that investments are more profitable with both higher returns The reason for this is that we will soon prioritize investments in existing assets. We evaluate our investment alternatives, which means that the priorities may change in the future. As we just went through, we will soon prioritize investments in existing assets where the improvement of housing is possible. Investments in value-generating apartment upgrades are profitable, and we have the potential to upgrade about 1,500 apartments in our current state. We upgrade the apartments according to a model in two steps, where the first step, which we call base upgrade, ensures the technical status of the building. Here we change the technical system and installations and renovate the bathrooms and apartments. In the second step, which we call total upgrade, we renovate the kitchen and collect new layers of apartments. Av de 1500 lägenheterna som vi bedömer att vi kan uppgradera i vårt bestånd kan 600 lägenheter både bas- och totaluppgraderas och 900 lägenheter är redan basuppgraderade och kan totaluppgraderas. På bilden ser ni en redogörelse av den typiska finansiella påverkan för lägenheter som både bas- och totaluppgraderas. Lägenheter som inte uppgraderas har normalt både lägre hyresnivå och högre fastighetskostnader. En typisk uppgraderingsprojekt som omfattar både bas- och totaluppgradering kan hyran höjas Främst omföljda både bättre energiprestanda och lägre kostnader för reparationer och underhåll efter uppgraderingen är färdigt. Uppgraderingen ger en väsentlig ökning av fastigheternas driftnät, som i det här exemplet går från 550 kronor per kvadratmeter till 1 300 kronor per kvadratmeter. Investeringen i både bas- och totaluppgradering uppgår till It is very exciting that we are now restarting our upgrade project. First out is our property in Rotebro in Sollentuna, which consists of 283 apartments. The project is planned to start in Q1 2025 and will take place in about two years. The facilities consist of two three-room houses with apartments and are located in the same area, with good access to green light in direct connection to service in Rotorvås centrum and to Pendelåk station. In the projects, the technical status of the facilities will be ensured, and we will change the energy system to mountain heating. Together with other energy requirements, the energy use in the facilities is determined from, in the current situation, about 140 kWh per square meter to almost 60 kWh per square meter. At the same time, bathrooms will be changed, and in the rooms that are upgraded, the rooms will have the same floor, including the kitchen. Through the project, the living environment will be strengthened, while the level of excess in the affected properties will increase significantly, and the energy performance of the properties will be improved. No changes have occurred to our housing demand compared to the previous quarter. The market for commercial premises is strengthened by the fact that about 75% of the company's rent comes from housing in attractive areas with low risk of vacancies. In addition, income from the rental and parking of a housing estate increases the percentage to almost 60%. In our commercial stock, about half of the income comes from household expenses with tax-financed operations or with operations in the food industry, which in a smaller extent affects the social and economic situation. Yamatsuna therefore has stable income with low risk vacancies, which is a strength in an uncertain economic situation. Det är mycket glädje att vårt arbete med ökat antalet byggrätt ger resultat. Vårt långsiktiga mål är att starta produktion av 250 lägenheter per år och vi arbetar nu med att utöka vår byggrättsportfölj för att uppnå det. Det är därför mycket glädje att vi blivit tilldelade av markanvisning om 50 lägenheter i Öresberg. Markanvisning i Öresberg medför att vår projektportfölj nu uppgår till 730 lägenheter. Övriga detaljplaneprocesser löper på enligt plan och inga förändringar gjorts till vår bedömning av när detaljplanerna förväntas. In the picture, you can see an illustration of the project in Örnsberg that Stockholmsstal has given us a landmark for. The project is part of a larger city development project where Örnsberg's industrial area will be converted to a functioning city with about 1,400 homes, preschools and businesses. In the conversion, the previously closed area will be opened up with new connections between Örnsberg and Örnsberg. We have a detailed plan for 210 apartments in the area and we are very happy The area is very attractive and is directly connected to the tunnel station in Arnsberg. We are very pleased that together with Stockholm City and other actors in the area, we are making plans for the development of the area. With that I would like to hand over to Pappa.

The picture shows the fulfillment of our financial goals in Q3 2024 compared to Q3 2023. The top picture shows the first goal parameter, which is the growth in revenue results per share. The goal is that it will increase by at least 10% per year in the course of the financial cycle. The growth in revenue results in the period is 43.5% compared to Q3 2023, and per share an increase of minus 21.3% per share, due to the fact that the number of shares has increased in relation to the previous recession in December 2023. It is especially exciting that our focus on strengthening the existing cash flow continues to give results. The interest rate increased by 4% compared to the same period last year, and if you look at the electricity support, which can be considered as a one-off effect of 4.9 million under 2023, it corresponds to an increase of 6%. Det här beror på både intäkter och löpande fastighetskostnader som har förbättrats. Intäkterna fortsätter att utvecklas positivt och är i Q3 3,5% högre än samma period föregående år. Det är effekterna från årets hyresförhandlingar och ökat kommersiell livstidning som bidrar till det. Vi har under perioden ökat takten i arbetet med att energiestilisera våra fastigheter och börjat se positiva effekter på driftskostnaderna från flera energier initiativ. The new thing for this quarter is that the agreement with Stockholm Exegi on remote heating and remote heating costs will start on July 1st. It has started to show some effects, but that effect will have a greater impact when the heating season starts. The financial net increase for the period has improved by 16% compared to the previous year. The decrease in the rental costs is due to the fact that the rental tax has been reduced. of real estate sales and new investments. The second goal parameter, which is below the picture, is the growth of the stock value. The goal is that it will increase by at least 7% per year through the conjecture cycle. The growth in the stock value period is 22.8% compared to Q3 2023, and per share it will increase by minus 38.6% per share. It turned out that the number of shares has increased in the course of the year 2023. The volume of transactions on the real estate market is still at a low level, but we are experiencing a rapid improvement in the sentiment of the real estate market sector during the last quarter. The interest rates have fallen back to the level that is expected for financing low-cost assets, which should create conditions for more transactions and housing safety in the future. Avkastningskraven har stabiliserats. Under tredje kvartalet förblir avkastningskraven i de massor av fastighetsvärderingar oförändrat jämfört med både Q2 och Q1 i år. Värdeförändringen i de massor av fastighetsbestånd uppgick under perioden till 1,6 procent som bäst resultat av ökade styrelseintäkter och fortsatt effektivisering av vår fastighetskostnader. Där effekten av det ingående avtalet med Stockholm Exegi är en ny parametre detta kvartal. In addition, the long-term assistance value increased by 4% compared to the previous quarter. The company's results calculation. If you look at the Mellerstad blue column, you can see the results for the period from January to September 2024. The rental income for the period rose to 480.2 million, which is 16.1 million higher compared to the previous year's estimated period. The difference is that the rent is reduced for housing, but there is also increased commercial exposure that contributes to positive income. We have an economic exposure rate of 97.4%, which is somewhat higher than in the previous quarter, where it was 97.1%. Preparations for the upgrade project in Österblom and Oksunda contribute to a somewhat lower exposure rate in the housing system. Then we go to the cost side here, and as mentioned earlier, we still have focus on strengthening the existing cash flow. And despite the high focus on cost, the cost of housing in this period is 2.6 million kronor higher than the same period last year. This is due to both a cold and snowy Q1 2024, which led to the fact that the cost of housing increased by 3.1 million kronor in Q1, but also a certain increase in repairs and maintenance now in Q3 2024. The operating net for the period from January to September is up to SEK 349.3 million, which is an increase of SEK 13.6 million compared to Q3 2023. The central administration cost is up to SEK 37.8 million, which is in line with the previous year. The financial net for the period is SEK 164.5 million, which has improved to SEK 132 million compared to Q3 last year. and it is a field of lower debt that in turn is an effect of completed sales and the new emission that was carried out at the end of 2023. Below in the table we see that the net interest rates have increased from 3.1% in the previous year to 3.2% in Q3's exit this year. The financial result for Q3 was 147.0 million kronor compared to 102.4 in Q3's previous year, an increase of 43%. For the period, the interest rate increased to 2.0 times and the surplus rate to 72.7%. It is worth mentioning that the interest rate in the third quarter is isolated at 2.2 times and that the surplus rate in Q3 is isolated at 77.2%, compared to the company's high figure for a single quarter, which is exciting. Then we move on to the change in the real estate market for the quarter. This year's income was worth 13,568 million kronor, or 13.6 billion kronor. This value has been affected by investments this year, mainly in new buildings, upgrades and energy projects, including the incoming agreement with Stockholm SEGI. The total investment in the period is 167.9 million kronor. Decreases to a total value of 94.6 million kronor occurred in the period, Epril var ju en fastighet i Alby som avgiftades till ett underliggande fastighetsvärde som var knappt 5 procent högre än det bokförda värdet vid utgången av 2020. Och så har vi orealiserande värdeförändringar som uppgår till totalt plus 299,7 miljoner. Under Q1 2024 så justerade vi avkastningskravet med åtta punkter vilket motsvarade en negativ värdeförändring om hela minus 325 miljoner eller minus 2.4 percent. And since these requirements have not been changed, the figure from Q1 remains. The negative effect of the requirements under Q1 has been counteracted by an increased drift net, mainly due to the rents for homes and commercial premises, as well as the effectiveness of the property costs and the included agreement with Stockholm Energy. This has had a positive effect on value development with a total of plus 624 million kronor, Plus 4.6% for the period. These changes in total have resulted in a property value of 13.9 billion kronor per quarter. 13,941 million kronor. Then we move on to the company's balance sheet. In the left blue column you can see the balance sheet for September 13, 2024. As we just looked at in the previous picture, the estimated value of property per 13 September was 13,941 million kronor. On the debt side, we have the estimated interest rate debt, which amounts to 7,069.5 million, or 7.1 billion, which is a decrease compared to the previous year by a total of 1.3 billion. The allocation of the loan with liquidity from real estate sales, which was deducted during the 12-month period, as well as from capital gains from a pre-definition that was carried out during April 4, 2023. And the cash has also increased, which has the effect that the net cost decreases by 1.7 billion kronor, from 8.3 billion kronor in Q3 last year to 6.7 billion kronor in Q3 this year. Below the table, we see that the loan rate at the time of Q3 up to 47.8%, which can be compared to 58.6% at the expense of Q3 2023 and 49.8% if you compare with Q4 2023. In addition to real estate sales and amortization, the fact that the real estate value has increased has also contributed to the improvement of the loan rate. The real estate value goes up to 92.45 kronor per share The number of shares last year increased from 37.9 million to 75.8 million shares in the fourth quarter of 2023. Compared to the previous quarter, the long-term investment value per share has increased by 4%. And then we have financing. In this picture, you can see the left corner of the loan link. A total of 79% of our loans have a repayment period of more than one year, and our average repayment period increased by 3.4 years. During this period, we have been very active with interest rates and used them when long-term interest rates fell sharply. The first case was in January, and then in some cases just after the summer. In these cases, we have secured interest rates for the company at an advantageous level. The net income has therefore increased from 2.7 years at the beginning of last quarter to now only 3.4 years. To have such a large amount of net savings in loans and deposits reduces the risk of volatility in the market in the future. The diagram above shows the capital bond. The credit bond time decreases from 2.7 per 30 June to 2.4 years per 30 September. In the graph, you can see that the revenue dropped from 3.20% on June 13 to 3.18% on September 13. The budget has been allocated for 133.2 million kronor, and in connection with the completion of Örby's construction initiative, the budget was raised to 59.1 million kronor. This table shows our current income on a 12-month basis, on September 30, 2024, with the consideration of the total assets per balance day. This should not be equated with a prognosis. The interest rates based on the contracted income per balance day go up to 640.9 million kronor, which is roughly the same as last quarter. The debt surplus has decreased somewhat compared to the previous quarter in the income, from 462.0 million to 459.3 million kronor. Debt maintenance costs are based on a rolling 12-month decline, where debt costs have decreased but maintenance has increased somewhat since the previous quarter due to more maintenance work in Q3 2024 than in the same period in 2023. Kostnader för fattighetsadministrationen och centraladministrationen baseras på bedömda kostnader på tolv månaders basis. Administrationskostnaderna motsvarar utfallet för de senaste tolv månaderna, men den justeringen gjorts för fastighetsadministrationen i sålda fastigheter samt de engångskostnader i centraladministrationen om en miljon kronor som vi hade under 2023. Finansnettot har beräknats utifrån snitten det kostnat på nettoskulden här var landsdagen med tillägg för tomträttsavgäld. och utgör inte en prognos för framtida räntekostnader. Eventuell ränta på likvida medel har inte beaktats. Finansnettet var här minus 226,1 miljoner, vilket är en förbättring, från minus 228,5 i förra kvartalet. Sammanfattningsvis ligger förvaltningsresultatet i inkändningsmågen ungefär i linje med föregående kvartal. Det går från 186,6 miljoner i föregående kvartal per Q3 2024. And with that, can we give the floor back to Per.

Thank you. This year, I am involved in the collective rental negotiations with the rental association led by the property owners of Stockholm. The year's rental negotiations will start in June, with the ambition that the 20-25 year rental level will be set for the change of year, even if the rental adjustment needs to be determined by the scheme. The property owners and the rental association have not been able to come to an agreement, which means that the negotiations have been postponed to the schedule, which is decided to come with its release at the end of November, which is good for avoiding retroactive rental increases for our rental guests. Historically, housing properties have been compensated for inflation, even if it has been delayed before the rents have been adjusted, which gives the rental guests the opportunity to adjust to higher rental levels over time. Much is said that even the rental adjustments for 2025 will be based on historical In the presentation of the report for the previous quarter, we provided an analysis that showed that the annual rent adjustment on average needs to be 3.9 percent during a three-year period to cover the inflation debt that was built up since 2022. There has now been a decline in the annual rent negotiations that support this analysis. The rent negotiations between the rental association and two of Stockholm's largest general-use housing companies were completed at the beginning of October, where the income was increased by The average increase includes a portfolio consisting of both succession homes and newly produced homes, where it is worth noting that newly produced homes typically have lower rent adjustments than succession homes. And yesterday also came the first difference, the outcome of the first difference in the case. Yesterday, the annual rent adjustment for 2025 was between 5.1 and 5.25 percent, depending on the municipality. As we presented earlier, the market conditions are lightening up for a long time, for housing companies and much in the right direction. That inflation and interest rates fall back reduces the cost pressure on the business. At the same time, a lot speaks for continued historically high rent increases, which affects income in the future. Even the sentiment in the transaction market has improved, which speaks for a recovery of the transaction market in the future. That said, it makes it uncertain in the geopolitical situation that we still need to be prepared for the macroeconomic conditions to worsen again. In summary, we are very happy that we continue to show strong results with positive value development in our facilities. We have since 2022 focused on adapting the company to new macroeconomic conditions and we thank all employees for your efforts in the development of our facilities. Jag ser det mycket fram emot att tillsammans med er öka vårt fokus på tillväxt framöver. Tillsammans utvecklar vi goda livsmiljöer över generationer. Med det vill vi öppna upp för frågor.

Om du vill ställa en fråga, tryck fyrkant 5 på din telefon för att ställa dig i kön. Om du vill dra tillbaka din fråga, vänligen tryck fyrkant 6. Nästa fråga kommer från Erik Granström från Carnegie. Varsågod.

Tack så mycket. God förmiddag allihopa. Jag hade några frågor så jag tänkte jag kanske skulle börja med hur ni ser på investeringsvolymer kanske framförallt nästa år i befintligt Given the plans you have and the start-up in Rotebro, can you say something about how much you think you will invest in the current stock during next year?

Given the information we have delivered in the reports, we can say that we are planning to start the recovery project in Q1 next year. This is a project of 283 apartments, where the investment for both the base and the total upgrade is somewhere around 1.2 million per apartment. Now we will not upgrade all apartments initially, because there will be a lower average investment per apartment. This project will take place during a two-year period, so you can calculate roughly that half will meet. And then we will continue with our energy investments, where we of course look at the composition of what we want to do, a little depending on how the analysis of respective initiatives proceeds. Indicatively, you can say somewhere around 60 million kronor for the coming year when it comes to energy.

Okej, så att ni skulle kunna landa på kanske någonstans 200 miljoner, är det ingen omöjlighet egentligen?

Nej, inte om man tittar på de här två kategorierna. Vi har jobbat ganska intensivt med att investera i anpassning av de kommersiella lokaler som följd av den positiva nettutgivningen vi har haft, men nu ligger vi på ungefär 95 % ekonomisk utgivningsgrad, så det kommer vi att avta framöver. and then we will have some maintenance projects.

Okay, thank you very much. I was also going to ask a question about the investments that you report in Q3. You report 62 million in other investments for Q3 alone. And there you write that Stockholm Exegiär en del utav det. Kan ni säga hur mycket som är den investeringen och kan ni också beskriva vad för typ av investering det de facto är?

Majoriteten är Stockholm XI avtalet i den investeringen. Det är en investering i en licens för Because we invest in their production, we don't invest in our own properties. So it becomes a balance account in some companies, like a license investment, which is then reflected in our concern return as a change in the property value.

Okay, and does that mean that the investment you are making now in Q3 Is that the amount that you then see in the drift net change, which is at 253 million in the quarter, or is there something more there as well that the valuers have taken into account?

A part of it is the exegesis amount, even if the full effect of it will first come to be met probably in in the end of Q3 next year. There are other aspects as well, since we are currently doing other optimizations of our properties, plus that we also value and have a more positive view on the value development, or on the rental development in the future for the property. So we are also doing other energy initiatives that are taking place here. It's not just the XEGI agreement, but there are many other things we are doing that strengthen the values of our properties.

Men man kan i alla fall säga att de man har tagit hänsyn värderare har tagit hänsyn till den lägre kostnaden som ni erhåller de här 6 miljonerna i värderingen och det är det som är den stora skillnaden om man till exempel tittar på intjäningsförmågans rullande avkastning jämfört med avkastningskravet så tar inte intjäningsförmågan hänsyn till lägre

It's true, because the cost of real estate in the income is looking at a rolling 12. The agreement had an effect from July 1st, but we don't use as much remote heating during quarter three because it's hot outside, so the effect of that will be visible in the income here. framöver, allt eftersom vi får en helårseffekt som också dyker ut av intjäningen, eftersom man tittar 12 månader bakåt.

Okej, tack. Och sen tänkte jag fråga lite om transaktionsmarknaden. Ni nämner ju att ni ser att det är mer positiva tongångar kring transaktioner för bostäder i Stockholmsområdet. What are the actual transactions that you note during Q3 and in which areas have you seen them? Does this mean that you yourself feel that there is a possibility to make transactions? How should we look at that?

The volume of transactions is still low. What we want to emphasize is that we see that the market sector is much more active than before. Especially the buyer side is much more active. And we know that there are more processes that have started here from the summer and forward. This is a way for us to show that we believe that we will also see increased volume of transactions in the real estate market and also for real estate. We see that the long-term interest rate has fallen back, the capital market has opened up, bank financing and bank margins have also fallen back, which means that it is possible to finance low-cost assets in a different way than before.

Okej, tack. Då hade jag två frågor kvar egentligen. Det ena, det gällde eventuella ränteintäkter. Ni har ju 400 miljoner nu i kassan. Jag gissar att det har bidragit med ränteintäkter under Q3. Har ni för avsikt att ligga kvar med den här typen av storlek på kassan eller tänkte ni att ni skulle använda den?

Vi kommer att använda kassan nu till att Okay, thank you. And my final question is about the current

What I can see is that in relation to the administrative result, it is at about 22% for the first nine months. And we can see that the undercut is zero now. What do you think should be calculated for the current tax rate this year and perhaps next year? What do you think? I noted that you wrote 17% in the report.

Yes, it is true that the subscription contract is used and that the company is in a tax position. Some investments that give the right to a direct contract will be made in the last quarter, but not in the scope of a new subscription being created. In the coming year, large investments will be made to enable large tax-related contracts to be implemented, for example in Råtebro. But it is not in such a large scope that a new subscription will be created, Next question is from Albin Sandberg from Kepler.

Varsågod. Varsågod. Varsågod. Varsågod. Varsågod.

What is happening between Q2 and now is a small change in what is rent value and what is a vacancy discount. You could say that there are some commercial agreements where it has changed, but in total it is roughly the same figure as in Q2, but just a small shift between the discount and the rent value on some commercial agreements.

Okej. Ja, bra. Och sen tänkte jag dra i det ordet här, så du skriver ju lite om kommersiell efterfrågan och så vidare, samtidigt som ni då har väldigt lite exponering mot den typen av verksamhet som är påverkad. Men så vill jag ändå nämna det, så jag bara, är det någonting som händer här mellan Q2 och Q3, bland era hyresgäster som ni känner av, både negativt och hållet, i kommersiellt då? What type of property they are, or what kind of tenants they are, and how do you deal with them? Is it a rent or what?

It's nothing unique for us, I would say. The situation we have on the commercial rental market, where we have had a period of strongly rising rents from the income cuts that have been in combination with the fact that we see a rather weak economy there. Several businesses and It's hard to get the business to go around, or at least harder to go around. Of course, it's important for us to be active in order to quickly find solutions. What we can see is that we have a somewhat higher rate of income loss, connected to the commercial stock. Now it's not at all at high levels. In the year in total, we are at around SEK 600,000 from January to September, which is somewhat higher than what we've had historically. But in the big picture, we don't have any big revenues. The reason for that is, as I said before, that it's only about 20% of commercial revenues, and most of them are made up of skattfinansierad verksamhet och resten är livsmedel som inte är så känsliga för konjunkturen. Så det är de här övriga 10 procenten av vårt hyresvärde som vi ser något försämrad förutsättningar för. Vi behöver vara aktiva för att inte en hyresförlust sköter.

Jag vet inte, jag kanske läste lite snabbt, men skrev ni någonting om nätuthöjningen i kvartalet, vad den blev?

I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, The third quarter is hard. You don't have that much time to work with it. You often try to set the release date before the semester, and then you start working on new processes after the summer and so on. So it's generally a quarter where there is a little less activity. Then there is also the fact that we have gone through an economic outlook on the commercial side. Thank you for that. My last question was also about Rotebro.

Are the rental customers still there during this time? Are you losing rental income during this upgrade?

Det finns inga fler frågor just nu så jag lämnar över ordet till talarna för eventuella avslutande kommentarer. Thank you very much for participating in today's analytical presentation. Thank you.