John Mattson Fastighetsföretagen AB (publ)

Tack så mycket och välkomna hit idag. Mitt namn är Per Nilsson och jag är vd på Ematson. Jag ser fram emot att tillsammans med våran CFO Ebba Pilokart presentera vår bokslutskommuniqué för perioden januari till december 2024. Det är mycket glädjande att vi kunnat sammanfatta 2024 där Ematson fortsatt att utvecklas positivt. Våra finansiella nyckeltal har fortsatt att stärkas där vi haft en tillväxt i förvaltningsresultat på hela 46% och en tillväxt i långsiktig substansvärde på 8,7% jämfört med föregående år. Vi har fortsatt att utveckla vårt hållbarhetsarbete där vårt fokus på energieffektivisering har gett mycket resultat under året. Under året har vi kunnat konstatera att en omställning av bolaget till nya makroekonomiska förutsättningar som initierades under 2022 varit framgångsrik, där vi både stärkt bolagets kassaflöden och balansräkning för att skapa ett starkare bolag. Under året har även de makroekonomiska förutsättningarna förbättrats där både inflation och räntor fallit tillbaka kraftigt, något som gynnar lågavkastande fastigheter som bostäder i attraktiva lägen. Our successful transformation of the company in combination with the improved market conditions makes that we have entered a new phase with increased focus on growth and sustainability during the year. We are very happy that our work to make our properties more efficient continues to give results. During the year, we managed to maintain a record high rate of surplus for the company at a total of 72%. Det är en stor bedrift givet årets förutsättningar med rekordhöga prisökningar på taxibundna kostnader som fjärrvärme och avfallshantering samtidigt som elstöd som delades ut under 2023 uteblev under 2024. Vi har lyckats hålla emot prisökningarna genom vårt arbete med att effektivisera våra fastigheter i kombination med högre hyresnivåer i vårt bestånd. Ett område vi har varit framgångsrika med är vårt arbete med att minska energianvändningen i våra fastigheter Här har vi lyckats reducera energianvändningen med drygt 10% under det fjärde kvartalet jämfört med samma period föregående år. Vi har även stärkt intäkterna under året där ett framgångsrikt uthyrningsarbete i kombination med våra fastigheters bra lägen gjort att vi under året ökat den ekonomiska uthyrningsgraden som nu uppgår till 97,6%. And above all, it is the maintenance work in our commercial stock that has been successful, where the economic maintenance rate has increased by as much as 8 percent and is now up to 95.6 percent. Our work to make our properties more efficient in combination with less interest-bearing debt, as a result of sales and implemented prerequisite emissions, makes the administrative result increase by as much as 46 percent for 2024 compared to 2023. Management results per share decreased by 8% due to a larger number of shares that followed the previous emission that was carried out at the end of 2023. If we move on to the development of the long-term value of substance, we can see that market conditions have changed over the years. Since the second half of 2022, we have seen increasing demand for dispensing in the market. In total, since the third quarter of 2022, we have adjusted the drop-off requirements in our values with about 70 points on average. This has led to a negative value development in our property stock, despite the fact that the net of properties has increased during the same period, as a result of rising rents and our work to make our properties more efficient. During 2024, we have experienced a trend shift in the market. Since the second quarter, the cost requirements in our values have been stable, which has led to the positive rental development and our work to make our properties more efficient is now visible in the value development. Value development in our stock rose to a total of 2.3% for the whole year and 0.8% for the fourth quarter. Den positiva värdeutvecklingen under året medför att det långsiktiga substansvärdet totalt och per aktie ökar med 8,7% för 2024 jämfört med 2023. Under 2024 har vi fortsatt att utveckla vårt hållbarhetsarbete där vi framförallt tagit stora steg i att reducera klimatavtrycket för uppvärmning av våra fastigheter. Our sustainability work comes from our four focus areas, which are based on the company's key sustainability issues, which are identified through an interesting dialogue. If we start with the outfall of our focus area, a living and safe local community, we can unfortunately note that we have had a negative development during the year, both in terms of safety and attractiveness. The widespread insecurity in society also affects our housing areas, and is reflected in the safety experienced by our housing agents. Since the experience of security in our stock increased during 2023, the variations in the stock have unfortunately fallen back during 2024. Unfortunately, the development does not meet our goals in terms of security and attractiveness. In our most prioritized areas, where we have carried out the most security measures, the experience of security has significantly increased. Vi får aldrig acceptera otrygghet i samhället och vi på Johan Madsson fortsätter att systematiskt arbeta med social hållbarhet för att skapa trygga och attraktiva bostadsområden. Vi är inte nöjda med årets utveckling och kommer därför att ytterligare öka våra insatser framåt. Under året har vi färdigställt sista etappen om 81 lägenheter i nyproduktionsprojektet Gengasen i Örby och uppgraderat 83 lägenheter. Based on the system choices we made in these projects with available technology to reduce climate impact, we assess that we are in line with the industry for scope 3 and thus fulfill our goal. We are also taking big steps to reduce climate impact in the heating of our facilities, both through energy efficiencies and through the partnership agreement we made with the energy company Stockholm XEG. As I said earlier, we have an energy use during the fourth quarter that was about 10% lower than for the same period the previous year. For the whole year, the reduction is 5% and that is in comparable stock and with adjustment for outdoor temperatures. The total reduction in emissions of carbon dioxide equivalent within scope 1 and 2 is 7.5% compared to the previous year. On average, we have reduced the emissions of greenhouse gases for Scope 1 and 2 by 9.5% per year during the period 2022-2024. This means that we are fulfilling our goal, with a good margin for the average reduction of 5.5%, which on average is needed per year to achieve our science-based climate goals for 2030. Om vi fortsätter med fokusområdet hälsosamma inspirerande arbetsplats är det mycket glädje att se att vi fortsätter att förbättra vårt resultat i de löpande medarbetarundersökningarna. Vi har ökat resultatet från 7,9 år 2023 till 8,0 2024. Branschen hade ett genomsnittligt utfall om 7,8 vilket innebär att vi uppfyller vårt mål om att ha ett högre utfall än branschen. Vi uppfäller även båda våra mål när det kommer till mångfald, som består av ett kvalitativt mål för mångfald och ett kvantitativt mål avseende jämställdhet. Här är också kul att se att vårt arbete med att jämställdhet i organisationen bekräftas av Albright, där vi nu är med i deras lista över Sveriges mest jämställda bolag. Vi klarar tyvärr inte vårt mål avseende sjukfrånvaro, där sjukfrånvaron stigit från 1,9 % år 2023 till 5,2 % år 2024 where the reason for the increase is long-term sick leave during the year. Adjusted for long-term sick leave, the number of sick leave was 3% during the year. And finally, it is a great pleasure to note that we have survived from serious failures in our workplaces. We are pleased that we have continued to develop our work during the year by reducing our climate impact and strengthening the social sustainability of our employees. But as I mentioned earlier, we are not satisfied with the development in the experience of security and attractiveness in our residential areas and will therefore further increase our efforts within social from sustainability in the future. Since the macroeconomic conditions have changed rapidly during 2022 with rising inflation and interest rates, we have focused our work on replacing the company with the new conditions. We are very pleased to note that we have been able to summarize a work that has been successful throughout the year, where we have both managed to increase cash flows from the running business, while the balance sheet is strengthened. We have established a new level for the effectiveness of the company, where the turnover has increased from 61 to 72 percent and the turnover margin from 47 to 64 percent from 2021 to 2024. It is worth noting that this change was made at the same time as the cost pressure has been historically high and where housing properties have not yet been compensated for the high inflation in the annual rental negotiations. The interest rate debt has been reduced by 2.6 billion kronor between 2021 and 2024, as a result of the sales that were made and the percentage reduction that was made at the end of 2023. Den lägre räntebärande skulden i kombination med den positiva värdeutvecklingen för våra fastigheter under året har medfört att belåningsgraden fallit tillbaka från 58% till 47,6% vid utgången av 2024. Vi kan konstatera att Jo Mattsson tagit sig igenom några utmanande år för branschen och där vi genom de åtgärder vi vidtagit skapat ett starkare bolag. The successful transformation of the company, in combination with better market conditions, makes the company be able to enter a new phase with an increased focus on growth and sustainability. As I just mentioned, we are now increasing our focus on growth. We are working from our growth strategy, which is based on the strategic guidelines of administration, change, compensation and acquisition. Since 2022, we have focused on strengthening our existing cash flows through strategic cornerstones and administration. We will continue to focus on making our properties more efficient, but will gradually expand our work to cover all strategic cornerstones. Initially, the focus will be on investing in our existing stock through energy efficiency and value-generating apartment upgrades, where we have the best profitability and great potential in our stock. För energioptimering är vårt mål att reducera inköpt energi med 45 procent nästkommande femårsperiod jämfört med 2021 årsnivå. Vi har framarbetat en plan för att uppnå målet som vi följer och som gett förväntat resultat. Även inom den strategiska hörnpelarna förädling har vi stor potential där vi i befintligt bestånd kan uppgradera totalt 1500 lägenheter. Målet är att vi ska uppgradera 200 lägenheter per år och i dagarna produktionsstartar vi ett större uppgraderingsprojekt i Rotebro om hela 283 lägenheter. När marknadsförutsättningarna förändras under 2022 beslutar vi att inte starta några nya nyproduktionsprojekt men att slutföra de som var pågående. Vi planerar nu för att återstarta nyproduktionsprojekt under 2026, först i mindre volym men där vi successivt ökar mot långsiktiga mål om att produktionsstarta 250 lägenheter per år. Vi arbetar även med att utöka vår projektportfölj för att kunna möta våra långsiktiga volymmål för ny produktion framåt. Sedan 2022 har vi varit nettosäljare av fastigheter i syfte att renovera portföljen och stärka vår balansräkning. Vi kommer framöver att löpande utvärdera vår fastighetsportfölj för selektiva avyttringar och kompletterande förvärv, men där vi successivt växlar över mot att återbli en nettoköpare. När vi nu ökar vårt fokus på tillväxt kommer det att ske med bibehåll i geografi med fokus på Stockholmsregionen där vi söker goda marknadslägen med välfungerande infrastruktur. Våra geografiskt sammanhängande bestånd och närhet skapar förutsättningar för en effektiv förvaltning, god lokalkännedom och att vi kan utveckla värdefulla relationer med kommuner och andra aktörer på våra delmarknader. Vi kommer fortsatt ha en renodlad portfölj med fokus på bostäder, men eftersom vi arbetar utifrån en helhetssyn inom områden där vi finns, vill vi fortsatt komplettera våra bostäder med samhällsfastigheter och andra kommersiella fastigheter. Skolor, äldreboenden, handel och närservice bidrar till att skapa attraktiva bostadsområden. Vår fastighetsportfölj kommer att ha ungefär samma sammansättning som idag, det vill säga 70-80% bostäder och 20-30% samhällsfastigheter och andra kommersiella fastigheter. Due to the fact that we prioritize investment in growth, the board does not propose a division for the fiscal year 2024. We have followed our plan during the year, where we have been able to summarize a successful transformation of the company to new macroeconomic conditions, while we have entered a new phase with increased focus on growth and sustainability. Vi inledde året med att hälsa hyresgäster välkomna till sina nya lägenheter i vårt projekt Gengasen i Arby som består av en nyproduktionsdel med 129 lägenheter och en renoveringsdel där vi totaluppgraderar 76 befintliga lägenheter. I nyproduktionsdelen är samtliga lägenheter inflyttade och i uppgraderingsdelen kvarstår endast 11 lägenheter som planerar att flyttas in under sommaren i år. Under inledning av året var utvecklingen av marknadsförutsättningarna för bolaget fortsatt osäkra och vi valde att avyttra en bostadsfastighet i Alvik för att ytterligare stärka vår balansräkning. Försäljningen skedde till ett underliggande fastighetsvärde om 93 miljoner kronor vilket var cirka 5 procent över bokfartvärdet per det fjärde kvartalet 2023. Fastigheten frånträddes under inledningen av det andra kvartalet. Under året gått in en ny fas med ökat fokus på tillväxt och som jag nämnde tidigare kommer vi initialt att prioritera att investera i vårt befintliga bestånd. Vi har följt den här planen där vi under året ökat takten i vårt energiarbete. Under det första kvartalet beslutade vi om energinvesteringar om totalt 20 miljoner kronor som bland annat omfattar vårt hittills största solcellsprojekt. Anläggningen som har installerats i Larsberg har en årlig elproduktion om cirka 350 megawattimmar. During the year, we have invested a total of SEK 80 million in energy investments, which both helps to reduce heating costs and reduces our climate impact. In addition to investing in energy optimization of our facilities, we also cooperate with our suppliers to reduce our climate impact from heating our facilities. In the beginning of the third quarter, we entered into a partnership with the energy supplier Stockholm XTG, Through the partnership, we get access to sustainable and cost-effective district heating, while also helping to restore the energy system in Stockholm to net zero emissions. As a way of reinvesting in growth, we restarted our work with larger upgrade projects during the year. During the second half of the year, we have decided to sign an entrepreneurial agreement for a larger upgrade project in Rotebron, a total of 283 apartments. Projektet startar nu i dagarna och kommer att pågå i cirka två år. Under året har vi arbetat med att öka vår projektportfölj för att förbereda vårt långsiktiga mål om produktionsstart om 250 lägenheter per år. Det var därför mycket glädjande att vi under det andra kvartalet tecknade planavtal för 90 lägenheter på Lidingö och att vi under det tredje kvartalet erhöll en markanvisning om 50 lägenheter i Öresberg. After the start of the period, we communicate that we will carry out an organizational change that also affects the management of the company. The purpose of this change is to adapt the organization to our increased focus on growth and sustainability. In this change, we divide the current department for business and project development into two separate departments, both to free up time for business development, but also to adapt the organization for a larger project volume in the future. And in this change, we add the two new roles, project development manager and sustainability manager, which will both be included in the company management. The annual rental negotiations for our homes were completed after the end of the period, where we entered the year in the collective rental negotiations under the leadership of the property owners of Stockholm. When the property owners of Stockholm and the rental association stranded the negotiations, the year's rental negotiations were decided separately. Hyresökningen för våra bostäder träder i kraft från och med 1 januari till 1 februari i år och uppgår till mellan 5,2 och 5,3 procent beroende av geografi. Historically, housing assets have been compensated for inflation, even if it has decreased before the rent has been adjusted. And in the presentation of the report for the second quarter, we provide an analysis that shows that the annual rent adjustment on average needs to be 3.9 percent during the years 2025 to 2027 to cover the inflation debt that was built up since 2022. The failure in the annual rental negotiations supports this analysis. If the relationship between inflation and annual rental adjustments for housing continues to apply, we will likely experience rental adjustments also for 2026 and 2027 over inflation. During the year, we have moved 27 apartments in Alvik and completed 81 apartments in our new production project Örby, as well as converted one premises to two apartments in Sollentuna. Sammantaget innebär att antalet lägenheter under året ökat med 56 lägenheter och nu uppgår till 4 326 lägenheter. 82 procent av den uthyrbara ytan om 345 000 kvadratmeter utgörs av bostäder. Under the year, we have had good progress in our projects in the earlier stages. Several projects have detailed plans that have been approved and the other detailed plans are considered to be approved under 2026. We are therefore ready to restart new production projects and plan to get started with them under 2026. In total, our project portfolio goes up to 730 apartments, which is slightly lower than at the beginning of 2023. This is mainly explained by the fact that we have completed our new production project in Örby when the decrease in the number of apartments is partially counteracted by increased volumes in other projects in combination with the market share we got in Örnsberg during the year. Our projects are in very attractive positions with high demand and willingness to pay for housing, which creates good conditions for the implementation of the project. We will continue to work to increase our project portfolio and adjust the number of building rights to our long-term goal of production starting at 250 apartments per year. In the picture, you can see our property in Gengasen 4 in Örby, where we completed the last stage of our new production project during the first quarter. In the same quarter, an upgrade project is also underway, where the only last stage is left. The new production project and the ongoing upgrade project mean both a big lift for the quarter and the neighborhood, where home shopping stores and other services in Markplan facilitate everyday logistics for residents in the neighborhood. This project also has a strong sustainability profile, where the new production is certified according to Miljöbyggnad Silver and where we have installed solar cells and mountain heating for sustainable and cost-effective energy supply to the property. During the year, there has been information that the vacancies increase in newly produced rental apartments in less attractive locations around them in Sweden. This is a sign that the price of these locations is rising in terms of payment and thus also in terms of market price. The rental of the newly produced apartments in our project in Örby went very well and all apartments were rented when the project was completed. This despite the average rent of about 2,850 SEK per square meter for the project, which can be compared to our average rent for housing in our entire stock, which is approximately 1,700 SEK per square meter. Projekt E-gasen i Örby och våra övriga projekt i projektportföljen ligger i attraktiva områden med hög efterfrågan och betalningsvilja för bostäder. Det gör att projektet har hög genomförbarhet med låg risk för vakanser trots höga presumtionshyror. Överst på bilden ser ni vårt projekt Ekporten på Lidingö som omfattar 90 lägenheter och som vi tecknade planavtal för under det andra kvartalet. Arbetet med detaljplanen pågår och detaljplanen bedöms finna laga kraft under 2026. Nederst på bilden ser ni vårt projekt Landsätten i Örnsberg om 50 lägenheter som vi fick en markanvisning för under det tredje kvartalet. Projektet är en del av en större stadsutvecklingsprojekt där Örnsbergs industriområde ska omvandlas till en funktionsblandad levande stadsmiljö med cirka 1400 bostäder, förskolor och verksamheter. Planarbetet pågår och detaljplanen bedöms även den vinnarlaga kraft under 2026. Med det vill jag lämna över till Ebba. Sverige har under senare år upplevt en kraftig befolkningstillväxt som i stor utsträckning drivits av invandring. Den kraftiga befolkningstillväxten har varit gynnsam för bostadsbolag där befolkningstillväxten ökat efterfrågan på befintliga och nya bostäder. Vi upplever nu ett trendskifte där Sverige bedöms gå in i en period med lägre befolkningstillväxt som följd av minskad invandring och lägre barnafödande. On the picture you can see a graph of the historical and forecast population growth, where the blue line is the indexed population with the base year 2024, and the stacks show the annual growth in percentage. From the fact that the population between 2014 and 2019 increased by over 1% per year, it is expected to fall back to an annual growth of only 0.2 to 0.3%, which will affect the demand for housing in the future. Utvecklingen bedöms av ser väldigt olika ut i landet där skillnader i befolkningsutväxt mellan starkare och svagare delmarknader kommer vara stor. Den ljusblå linjen visar den bedömda befolkningstillväxten hos de kommuner som står för den kvartil av befolkningen som bedöms växa snabbast. Den rosa linjen visar de kommuner som står för den kvartil av befolkningen som bedöms ha lägst befolkningstillväxt framöver. Medan kommunerna med starkast tillväxt kommer fortsätta ha en tillväxt i linje med den som hjälpt för Sverige som helhet fram till 2022, kommer de kommuner med svagast tillväxt sannolikt uppleva en krympande befolkning. Om den här utvecklingen blir verklighet kommer vi uppleva en bostadsmarknad i Sverige som får allt större skillnader när det kommer till utveckling av vakanser och hyror. We will probably see rising vacancies, uncertain rental development in weaker sub-markets and continued low vacancies and the possibility of building new homes in stronger sub-markets. The municipalities that are considered to grow fastest in the future are well in agreement with the country's major regions. The urbanization of the country is therefore considered to continue. Johan Mattsson's housing in attractive locations in the development municipalities in the Stockholm region means that we will continue to experience a high demand for our housing with low risk of vacancies and the possibility to expand our stock through the new production of housing. This is important now when we increase our focus on growth in the future. I will hand it over to Ebba.

Yes, thank you very much. Now we move on to the result calculation for the year 2024, which shows an increased administrative result and a positive result for the year. If we look at the blue column, we see the result for the year 2024. The rental revenues go up to 642.7 million, which is 32.3 million higher than the previous year. The difference is mainly related to the rental increases in the housing sector, but also increased commercial growth that contributes positively to the revenues. We have an economic growth rate of 97.6% at the beginning of 2024, which is an increase from 96.1% at the beginning of 2023. Preparations for the upgrade project in Rotebro and Rotsunda contribute to a slightly lower growth rate on the housing stock, while the growth rate in the commercial stock has, however, increased a lot during the year. On the cost side, we see the property costs, which during the year are 9.9 million higher than the previous year. But about half of that is related to an increase in repairs and maintenance to a more normal level. And the fuel costs are higher in 2024 as well, but 5.4 million kronor higher compared to previous years. But during 2023, the fuel costs decreased by 4.9 million kronor, and during 2024 there was no electricity support. So apart from the effects of electricity support, the fuel costs have only increased marginally. Despite the fact that tax-based costs have been burdened by large price increases in 2024, for example 12% up on the district heating price and 22% up for waste management. But this has been counteracted by the fact that the use of energy has decreased significantly due to energy-efficiencies that have been carried out and have begun to have an effect, which is very pleasing. Drift net for 2024 will go up to 459.7 million SEK, which is an increase of 22.4 million SEK compared to 2023. The central administration costs will go up to 50.4 million SEK, which is somewhat lower than the previous year. Finansnettot för år 2024 är minus 214,3 miljoner. Det har förbättrats med hela 39 miljoner jämfört med förra året. Det är en följd av lägre skuld som i sin tur är en följd av genomförda försäljningar och den företrädesemission som genomfördes i slutet av 2023. Längst ner i tabellen ser vi den genomsnittliga räntan som har minskat från 3,4 % föregående år till 2,8 % vid 2024 års utgång. Förvaltningsresultatet för helåret blev 195,1 miljoner jämfört med 133,2 vid utgången av föregående år, en ökning med hela 46 procent. Och räntetäckningsgraden uppgår för 2024 till 2,0 gånger och överskottsgraden till 71,5 procent. Then we move on to the change in the real estate value for the quarter. At the beginning of the year, we had a real estate value of 13.6 billion kronor and this value has been affected by investments during the year to a total amount of 209.6 million. It is mainly new buildings, upgrades and energy projects, including an entry agreement with Stockholm Exergy, as Per has already mentioned. We have deductions to a total value of 94.6 million som has skett under året. Och så har vi orealiserade värdeförändringar som uppgår till totalt plus 415,2 miljoner. Och det är några olika delar. Under Q1 2024 så justerades ju avkastningskravet upp med åtta punkter, vilket motsvarar en negativ värdeförändring på minus 2,4 procent. But since then, the demand has been stable, so the figure from Q1 is still around minus 322 million. The negative effect from the demand under Q1 has been counteracted by increased net profit, mainly due to the rents for housing and positive net profit for commercial premises, and the effectiveness of property costs, and this included agreement with Stockholm XEG has also had a positive impact. At the same time, our project density has decreased somewhat in the values due to a slightly higher final cost prognosis in the ongoing project. In total, these changes have had an effect on value development with a total of plus 737 million or plus 5.4% for the period. These changes have resulted in the property value being 14.1 billion SEK at the beginning of the year. In the blue column, we see the balance sheet for December 31, 2024. The top row is the real estate value, at 14.1 billion SEK. In the cash register, we also see 61.0 million SEK at the beginning of the year. That was 433.6 million SEK at the beginning of 2023, when a corporate emission had just been implemented. On the debt side, we see interest-bearing debt that goes up to 6.8 billion SEK, which is a decrease compared to last year at 427 million SEK. During the last quarter of 2024, about 300 million SEK was used from the treasury to amortize debt. So the net debt also decreases somewhat from 6759 million SEK at the beginning of 2023 to now only 6705 million SEK at the beginning of 2024. Below the table, we see that the loan rate at the start of 2024 goes up to 47.6%, which can be compared to 49.8% at the start of 2023. Thanks to the fact that the property value has increased over the years, this has improved somewhat. Långsiktigt sustansvärde uppgår till 94,66 kr per aktie, jämfört med 87,09 vid utgångarna förra året. Det är en tillväxt på 8,7 % under året, vilket är glädjande att jämföra med bolagets mål om att genomsnittligt årlig tillväxt i långsiktigt sustansvärde per aktie ska vara minst 7 % över en konjunkturcykel. Då kan vi ta finansieringssidan. Här kan vi börja längst ner i vänstra hörnet med räntebindningen. All 83% of our loans have a repayment period that is longer than one year, and our total repayment period increases per balance day to 3.5 years. During the year, John Mattsson has been active with interest savings and used it when the long-term interest rate has fallen back. The first time was in January, and then a few times just after the summer, and even around the month shift in November and December. In these cases, we have secured interest rates to a previously set level for the company. To have such a large proportion of interest savings in the loan portfolio reduces the exposure to volatility in the interest market in the future. During the last quarter of the year, the average interest rate dropped from 3.18% on September 30 to 2.84% on December 31. That Stibor has gone down during this period has of course contributed to this, but also that we in the beginning of December implemented a restructuring in a large part of the loan portfolio to favorable conditions and refinanced two properties. The credit training time increased in this to 3.2 years compared to 2.4 years for the regular quarter. In the context of the restructuring, loans were also amortized completely on prominent properties in Rotebro and Rotsunda, and they now constitute a security to NRCF of about 300 million, which is reserved for investments in, among other things, ROT-projects. The proportion of sustainability-linked loans also increased due to this restructuring, from 37% in Q3 to 56% in the portfolio at the start of 2024, which is exciting. Yes, let's look at the income capacity. This table illustrates John Mattsson's current income capacity on a 12-month basis on December 31, 2024, taking into account the entire property stock per balance day. It should not be equated with a prognosis. The interest income is based on contracted income per balance day, up to SEK 643 million, which is slightly more than last quarter, thanks to a lower vacancy rate. The turnover is in line with the previous quarter's income of SEK 459.3 million, and the turnover costs and also the costs for the property administration and central administration are based on the 12-month increase. The financial net has been calculated from the average to the cost of net debt per balance day. In addition, it is not a prognosis for future interest rates. Potential interest on liquid funds is not considered. The financial net was here minus 204.7 million, which is an improvement from minus 226.1 million last quarter, thanks to an amortization of the interest rate and lower average interest rate in Q4. Sammanfattningsvis har förvaltningsresultatet i intjänningsförmågan förbättrats under året. Den går från 143,6 miljoner vid 2023 års utgång till 208,8 miljoner nu vid utgången av 2024. Främst drivet av det förbättrade finansnettot, men även att driftoverskottet i intjänningsförmågan har ökat. Med det vill jag lämna över tillbaka till dig, Per.

Tack, Eva. Under 2024, the conditions for J. Mattsson have been positively developed. Inflation has fallen back under the Riksbank's goals, which meant that the interest rates could be lowered. Access to financing has improved, so the transaction market has recovered, even if it is from a low level. That said, there is again higher uncertainty about the conditions for fascist companies in the future. We experience a continued uncertain geopolitical situation, where import tariffs can lead to rising inflation and rising interest rates. Och även om vi ser positivt på framtiden har vi beredskap om marknadsförutsättningarna åter skulle försämras. Våra stabila intäkter från bostäder i attraktiva lägen, långa räntebildningstid och starka balansräkning gör att vi står väl rustade inför framtiden och en fortsatt expansion av bolaget. Jag vill avsluta med att tacka alla medarbetare för ett fantastiskt arbete under året och ser mycket fram emot att tillsammans med er öka vårt fokus på tillväxt och hållbarhet framöver. With that, we will open up for questions.

Thank you very much.

Good morning, Per and Ebba. I had a few questions and I thought I might start with the investments in the future. You invested a little over 200 million under 2024. What are your views on investment volumes in 2025? Yes, hi Erik.

In the table with 209.6 for 2024, it is 53 million that has been invested in upgrades. This is the category that will mostly increase in 2025, due to the ROTE project that we have started in Rotebro. The project covers 283 apartments and the investment per apartment is about 1 million kronor. Projektet sträcker sig över två år, men en stor del av de här investeringarna kommer ju komma under 2025, vilket kommer öka volymen då i den uppgraderingskategorin, där de andra kategorierna ungefär förblir densamma.

Hoppas det var så. Som man ska räkna med egentligen att investeringsvolymen ökar med Rotebro och resten är ganska oförändrat helt enkelt. Exakt. Okay, great. Thank you very much. And then I was going to ask a little bit about the income capacity. I just want to clarify there so that I don't think wrong. When it comes to the rental income, then in the negotiations for 2025, not included in it, is that correct?

That is correct. It is the rental value that is on the balance sheet and then they were not clear, so that is correct.

Precisely. You should at least expect that it will increase with the negotiation levels when we are here after Q1.

Exactly.

Okay, great. Thank you. And then I was going to ask a little about... When you talk a little about new productions that you hope to be able to start in 2026, What are your requirements when you want to start a new project today, given what has happened on the project cost side, but also what pricing and what rental levels are required? What are your requirements for starting a new production project today?

The demand depends on what type of segment it is. Is it an elderly home or a rental apartment? And then also based on the situation that the project has. So we measure a lot from the project margin when you adjust for the market's demand in different situations. And there you can say that for rental projects, we should have a project margin of at least 10%.

Okay, and for commercial premises, for example, social housing, is it the same or do you want to have a higher one?

Yes, but social housing, if you think of care and care homes, is in parity with rental housing. However, when we look at other commercial projects, the project margin requirement is at least 20 percent.

Okay, perfect, thank you. I have a question about the possibility of acquisition. You talk a little more positively about becoming a net acquisition. What would that mean, do you think? Is it in the first place that you would like to acquire in the areas that already exist today, i.e. make additional acquisitions? Or would you perhaps already in the first step think about looking at new areas in Stockholm?

The highest priority is to build further on the administrative areas that we already have. We have established a very good administrative platform now where we have organizations on site, both north, west, east and south of the absolute central Stockholm. And of course, if we find the possibility of acquisition within the framework of those geographies, it will be easiest to integrate into the administration, so that is the highest priority forward. Sen får vi se över allt eftersom bolaget växer om det så att vi ska expandera geografin.

Okay, thank you. Then I only had one last question, and it was perhaps what you started with, Per, when you described a little what the outbreak of 2024 was about, actually when it comes to security and attractiveness in the portfolio. You mention that there are efforts that you want to focus on to increase the sense of security with your tenants. Can you describe a little what kind of efforts that you see that property owners can do?

It is a job that we need to do both individually and together with others. To handle the challenges of security in society is not something that we as property companies can do individually. That said, we have tools in our portfolio to use to do what we can to contribute in this larger context. And then it's a lot about cleanliness in our areas. We're going to work with different rental conditions so we know who lives in our areas. We're going to work with information so that our rental guests are safe about what's going on in our areas and so on. So it's an increased presence and working a lot with what is the basis of the administration. And then we also engage in cooperation where we work with local police, municipalities where we are present to also use their tools when it comes to security issues. And in the long run, we can also work with project development, of course, and build away some of the problems we have in certain areas, areas that are perceived as unsafe, where we need to get people who know how to move to increase safety. So it's like a palette of many different measures, and no solution is the same depending on the areas we are in, but we need to be situational adapted and make plans for respective areas.

Okay, thank you. That was a very comprehensive answer. I thank you for today. Those were my questions.

Thank you very much, Erik.

The next question comes from Albin Sandberg from Kepler. Welcome.

Hello, and thank you for that. I will continue with the investments there. I just wanted to remind you of the Rotebro project. Do you lose any rents during this project, or are people still living there?

It's quite marginal, and that has to do with the fact that we will have evacuation shelters for the residents that we have in these areas. So that means that they will continue to pay rent during the project.

And then the comments to start 2026 a little more. What is it that remains? I see on your development project that you have a number of detailed plans. What is the uncertainty that you will not start anything in 2026?

No, the reason why we chose to wait until 2026 is partly because we are preparing the organization to start new production projects. We have a project development manager who will start here in March, who will prepare us to restart new production projects. But the most important thing is that, as we have communicated earlier, We prioritize investments in our existing stock, so it's more about our available investment space, that we see that we have the best profitability in energy activizations and root projects. So that's why we now, when we start with growth again, prioritize them, and then as a step two, start a new production project in 2026. So it's nothing that hinders detail plans or anything like that, that we could have started earlier.

I have a question about the energy capitalization investments. You said that you had done 80 million by 2024. Should you link it to the 200 you write about on page 4 until 2030, or are there different types of investments? Should you say 200 minus 80 is what you have left in this goal? Now we'll see.

Yes, exactly. No, but they are a lot of it. These 200. Yes.

Okay, perfect. And then the last question I had on the financial side, and I know that you have been guiding us a little earlier this year as well, is the fact that there are paid taxes as a part of the administrative result. It goes up in a year. I'm just thinking that the interest rate is going down. I don't know if there are any day-to-day restrictions that will affect it, and if the investment will go up. Is there a reason to believe that the metal tax policy will fall from now on, or is 2024 reasonable to move away from it?

No, but it's probably reasonable to think that it will fall back somewhat. Under 2025, we will make bigger investments, which gives the possibility for more tax-related deductions, mainly from that. But not in such a large extent that new subsidies are created or so, because in the future, the development result is determined to exceed the possibilities of direct deductions. But I'll stop there. We still think lower than 2024.

Thank you.

As a reminder, if you want to ask a question, press square five on your phone. Det finns inga fler frågor just nu så jag lämnar över ordet till talarna för eventuella avslutande kommentarer.

Då vill jag avsluta med att tacka alla för deltagandet i dagens presentation av vår bokslutskommuniqué och att vi då ses igen den 24 april när vi presenterar vår delårsrapport för första kvartalet 2025. Tack för oss!