John Mattson Fastighetsföretagen AB (publ)

Welcome here today. My name is Per Nilsson and I am the CEO of Jomatsom. I look forward to presenting our part-time report for the period from January to March 2025 together with our CFO Ebba Pilokart. We have had a good start to the year with continued growth in administrative results and positive value development in the real estate portfolio. The administrative result increased by 44% compared to the same period last year and we had a positive value development in the property portfolio of 0.7% for the quarter. During 2024, we communicated that the company entered a new phase with increased focus on growth and sustainability. To strengthen the conditions for growth and sustainability, we have made major changes in the management of the company, where Ludmilla Brandt is recruited to the service as project development manager, with a responsibility for our new production, and Louise Wall is recruited as sustainability manager, with the overall responsibility for the sustainability of the company. We have, at the beginning of the year, continued to deliver on our growth strategy with investments in existing assets. Under the first quarter, we have started to renovate our apartments in Rotebro, where we have a larger upgrade project of a total of 282 apartments. And our work to energy-efficientify our properties throughout the portfolio is ongoing according to plan. During the first quarter, we have completed a large mountain heating facility and we have also started two larger energy projects in our commercial facilities, where we recover surplus heat from the properties. In total, we save about three gigawatt hours of energy per year, which corresponds to about 7% of our total energy consumption. We move on to the follow-up of our financial goals, where it is very happy that we both fulfill the goal of growth in management results per share of 10% and the goal of growth in long-term value per share of 7%. We start with growth in the administrative results, where our work to make our properties more efficient is clearly visible in the results. Income has increased by 5% for the first quarter compared to the same quarter last year. This mainly depends on our annual rental negotiations, but also on the improved degree of rental within our commercial stock. At the same time, our work to make the operation of our facilities more efficient has resulted in the fact that the cost of housing has decreased by 5%. It is worth mentioning that the tax-related costs have decreased, despite strong price increases on, among other things, remote heating. Our work to reduce energy use in our facilities has, in combination with the partnership with our remote heating supplier Stockholm XEG, played an important role in being able to counteract price increases. Högre intäkter och lägre fastighetskostnader gör att driftoverskottet för kvartalet har ökat med 11 %. Tillväxten i driftnätet i kombination med lägre genomsnittlig ränta gör att förvaltningsresultatet som helhet och per aktie ökar med hela 43,6 % jämfört med samma period föregående år. We move on to the development of the long-term substance value, where we can see that the trend of positive value development for our properties that started in 2024 remains. We continue to experience stable decommissioning requirements for our property portfolio, which in combination with increased fuel consumption from mainly rental increases and energy efficiency has had a positive effect on the value development of our properties. Together with the value of our project business, this results in a positive value development of 0.7% for the quarter. The long-term substance value as a whole and per share has increased by 11.5% compared to the first quarter of 2024. Vårt fastighetsbestånd är i stort oförändrat sen det fjärde kvartalet 2024. Antalet lägenheter har minskat med en lägenhet och vårt totala uthyrbara yta är fortsatt 345 000 kvadratmeter och där 82 procent av den uthyrbara ytan utgörs av bostäder. Vi går över till vår utvecklingsprojekt där vi haft en bra framdrift i våra projekt i tidiga skeden. Arbetet med detaljplanen för Ekporten löper på enligt plan och vi håller på att förbereda underlag för att detaljplanen ska gå ut på samråd efter sommaren. Jag kommer berätta mer om det här projektet senare. I projektpinsetten och landsätten i Örnsberg håller vi på att förbereda de sista inlämningarna inför granskning av detaljplanen. The survey is planned for the autumn, but the Stockholm City's Exploitation Office has a ongoing negotiation about the cost of exploitation with other builders in the area. This needs to be done before the plan can go out on the survey. In the project Hjälpslakten in the Slakthusområdet, we are prepared to submit our material for the survey in the summer, and the survey and detailed plan is planned for November and December this year. From this report, we have changed how we prepare our projects in previous stages. And this is to better be able to follow the values in our projects. And by doing this, we now determine what phase the project is in at an earlier stage, and also when we assess that the project can be started. Here I would like to emphasize that the estimated time for the start of production follows our plan for new production, where we plan to restart new production projects by 2026. First in smaller volumes and that we will gradually increase volumes towards the long-term goal of production start and 250 apartments per year. On the picture you can see our project airport in Lidingö. As mentioned earlier, we are working with the detailed plan according to plan and we are prepared for the plan to go out for consultation. As part of these preparations, the project has been reworked in dialogue with Lidingö stad. This is to better meet the needs we see in the intended target groups. As part of this revision, the average size of the apartments has increased from 66 to 79 square meters and the total living space in the project has increased by over 10%. We are very pleased with the design of the project and we think it is a good way to complete the existing development in Larsberg. The goal for this project is that the detailed plan will continue to gain momentum during the first half of next year. In the picture you can see photographs from our exhibition apartment in Rotebro, where we started renovating the first apartments during March. Upgrading of the apartments takes place in two steps, a base upgrade that covers all apartments and a total upgrade that is carried out when we move or when our tenants wish to upgrade their apartment. In the base upgrade, the technical status of the property is secured and the sustainability performance is improved. In this step, we look at the entire technical system of the property, where a joint renovation is carried out, which means that the bathrooms of the apartments are renovated. In the second step, other parts of the apartment are renovated, where the apartments of all floors and kitchens are renovated. You can see the end result in the pictures, which is that we lift the apartments to a standard level with new production. Uppgradering är lönsamma där hyran typiskt kan höjas med cirka 50% och fastighetskostnader sänkas med cirka 20% för lägenheter som både bas- och totaluppgraderas. Uppgraderingsprojektet i Rotebro omfattar totalt 282 lägenheter som kommer färdigställas i etapper. Den första etappen flyttas in under andra kvartalet i år och den sista etappen flyttas in under första kvartalet 2027. Rotebro is one of our focus areas for security-creating measures. For two years now, we have been the chairman of the Rotebro City Council, and it is in this council that we collaborate with Sollentuna Municipality, the police and other property owners to strengthen the security and attractiveness of the area. The work has been successful, and the security experienced by our tenants has increased by more than 5% over the past year. Through this improvement project that we are now starting, we are now taking further steps to increase the attractiveness and safety in the area. With that, I would like to hand over to Ebba.

Thank you very much. We have looked at the results for the first quarter of 2025 and it shows an increased administrative result and a positive result. Let's start with the blue column, the first one, where we see the result for quarter one, 2025. The revenues for the period went up to 165.4 million SEK, which is 7.9 million SEK higher than in previous years. This difference is mainly related to the rent increases for the housing sector, but also increased commercial revenues compared to last year. We now have an economic growth rate of 97.6% at the start of the quarter, which is an increase from the previous year, when it was only 97.0%. Compared to Q1 last year, the growth rate in the commercial stock has increased a lot. On the cost side, we have the property costs, which during the year are 3.0 million less than the previous year, where most of it is related to the operating costs. And then I will say that quarter 1 of 2024 was a snow-rich and cold quarter, and this has not been the case this year. But that the fuel costs have decreased so much is of course driven by the energy projects carried out, since the prices on the tax fund have increased so much, even this year. The fuel net for the first quarter goes up to 112.5 million kronor, which is an increase of 10.9 million compared to the same period in 2024. De central administrationskostnaderna uppgår till 14,7 miljoner, vilket är högre än föregående år då de var 11,8. Inom centraladministrationen har vi högre personalkostnader i Q1 i år på grund av att medarbetarbonusen var högre och också annorlunda periodiserad än förra året. There is also a periodization effect for the revision period of about 0.8 million kronor, and in total these periodization effects were about 2 million kronor compared to Q1 last year. The financial net worth for the quarter is minus 51.0 million kronor, which has been improved by 6.1 million compared to last year, especially as a result of a lower average interest rate in the portfolio. At the bottom of the table, we see that the average revenue has decreased from 3.4% in the previous year to now 2.8% at the start of Q1. The management result for Q1 2025 was 46.8 million SEK compared to 32.6% at the start of Q1 last year. This is an increase of a total of 44%. For the quarter, the interest rate went up to 2.0 times and the surplus rate to 68%. These are also happy improvements compared to Q1 last year. Yes, then we can move on to the property value for the quarter. At the beginning of the year, we had a property value of 14.1 billion kronor, and that value has been affected during the year, partly by investments, mainly upgrades, the ROTE project in Rotebro, as Per mentioned, and energy projects. The total investment was 51 million kronor. And then we have unrealized value changes, which total 103 million kronor. The decommissioning requirement for the entire portfolio, 3.4%, has been unchanged since Q1 2024. However, some objects have received increased decommissioning requirements this time, and this value change amounts to minus 32 million. The net profit in the portfolio has increased, mainly due to the rents for the housing and the effectiveness of the property costs. In addition, we have value development for our project properties. It has been positive in the quarter, so in total these changes have had an effect on value development with a total of 135 million kronor, or plus 1% for the period. These changes have resulted in that the property value is now 14.2 billion kronor at the time of the period. The balance calculation. In the blue column we see the starting balances per March 31, 2025. As we just went through in the previous picture, the property value per March 31 was 14.2 billion kronor. At the beginning of Q1 last year, the property value was 13.6 billion. Kassan är 40,1 miljoner vid utgången av kvartalet. Förra året vid samma tidpunkt så var den 391 miljoner. Det var ju då relativt nyligen som en företrädelsemission hade genomförts. On the debt side, we see outstanding interest-bearing debts that go up to SEK 6.8 billion. This is a decrease compared to the previous year at SEK 427 million. During the last quarter of 2024, about SEK 300 million was used from the treasury to amortize debt. The net debt is SEK 6.7 billion at the beginning of the period. At the bottom of the table, we see that the reward rate at the start of the quarter goes up to 47.2%. This can be compared to 50.1% at the start of Q1 last year. This is mainly due to the fact that the property value has increased during the year. This is why the reward rate has improved during the period. Långsiktigt substansvärde uppgår till 96,48 kr per aktie, jämfört med 86,53 kr per aktie vid utgången av förra året. En tillväxt på 11,5 % under året, vilket är glädjande. Denna gång vill jag även nämna att vi har gjort en korrigering av ett fel från föregående år, hemföljt till räntederivat, som påverkat det egna kapitalet med 83 miljoner kronor positivt, motsvarande 1,10 kr per aktie. The balance sheet per year 2024-2031 contains the corrected figures. Yes, let's move on to the financing picture. Here we can start at the bottom left corner with the interest. All 80% of our loans have a repayment period that is longer than one year, and our average repayment period increased per balance day to 3.3 years. Jon Mattsson has as a strategy to have a high proportion of interest savings in the portfolio in order to reduce the exposure to volatility in the interest market, and create predictability for the interest rates. Due to our low interest rates, it is extremely important for us to be prepared for situations when the interest rate market can go up. This is a long-term strategy that applies both in stable times and also in times of great uncertainty. To clarify the interest rates, we now have the stack diagram to the right, which shows the actively insured volume. It is high, it is 81% of the stable loans. The green line shows the rate level for the secured volume, exclusively credit margin, every quarter. And it is, in other words, not a forecast for the average rate in the total loan portfolio. During the quarter, the average rate dropped from 2.84% on December 31 to 2.78% now on March 31. The stack diagram to the top left shows the capital bindings in the portfolio, including unused loan bonds. The credit balance period is on average 2.9 years at the end of the period. And then we have income capacity. The blue column in the table illustrates Jörn Mattssons current recognition capacity on a 12-month basis per March 31, 2025, in accordance with the entire property stock per balance day. The recognition capacity calculates the administrative result without calculation for content without specific influence, and this should not be equated with a forecast. The rent income is based on the contracted income per balance day. It amounts to SEK 671.7 million, an increase of SEK 28.7 million since last quarter. This is the rent adjustment for 2025, which per balance day was made for housing in all properties, with an exception for two properties with a pretentious rent, where the rent starts on the first of April. But in general, it has been made for all properties. The turnover is 490.6 million SEK, an increase of 31.2 million SEK in the previous quarter. It is mainly reduced costs related to energy efficiency, which means that the turnover increases more than the rental revenues. The cost of maintenance and also the cost for the property administration is based on a rolling 12-month outfall. The central administration is estimated at 52.3 million SEK, The increase from the previous quarter is linked to more employees and a higher employee bonus than in previous years. The financial net has been calculated based on the average interest rate on the net debt per balance day, in addition to the annual interest rate, and from and with this quarter we have also made an addition to the periodized deposit here. Detta utgör inte en prognos för framtida räntekostnader. Eventuell ränta på likvida medel har ej beaktats. Finansnettot var i den här minus 210,1 miljoner kronor. Sammanfattningsvis har förvaltningsresultatet i intjäningsförmågan förbättrats och uppgår nu till 228,2 miljoner kronor vid utgången av kvartalet. Trenden är att hyresintäkterna ökar och driftkostnaderna minskar medan underhållskostnaderna nu har ökat till att vara på en mer långsiktig nivå, vilket är glädjande. Och med det vill jag lämna över tillbaka till dig, Per.

Tackar. I vd-ordet till bokslutskommuniken 2024 took up the added geopolitical uncertainty in the world. Unfortunately, we can see that the uncertainty has increased since then. From one day to another, the US has introduced historically high tariffs, which in some cases were later withdrawn. China, together with several other countries, has already responded with countermeasures. The increased protectionism, the uncertainty about the conditions for global trade, will affect economic development globally. We have had long-term interest rates that have moved strongly and falling stock exchanges around the world during the quarter. It is important to be prepared for the fact that macroeconomic conditions can change and we are following the development carefully. Our stable revenues from homes in attractive locations, long interest rate bonds and strong balance accounts contribute to stability in an uncertain environment. Unfortunately, there is a trend where countries and companies around the world are lowering their ambitions for sustainability. It is a worrying development. Sustainability issues are one of the greatest challenges of our time, and we need to act now and together to be able to turn the development around. In this context, I want to be clear that our focus on E-matson, on sustainability, stands firm, both as a part of our long-term responsibility for future generations and as an important part of our business. To further increase our focus on sustainability, we have assigned the new role of sustainability manager to the management of the company. It is now with great joy that our new sustainability manager, Louise Wall, is on site to lead the sustainability work forward. To summarize the first quarter, we can state that we have had a good start to the year. We have had an increase in the management result and the long-term value of the substance per share that exceeds the company's long-term goals. Vi har levererat på vår tillväxtstrategi där vi startat en större uppgraderingsprojekt och följer vår plan för energioptimeringar. Under inledningen av året har vi haft en tilltagande osäkerhet i omvärlden, men där gör Matsson med stabila intäkter från bostäder i attraktiva lägen, långa räntemänningstid och starka balansräkning stå tryggt i en osäker omvärld. Och med det vill vi öppna upp för frågor.

Under frågestunden kan deltagarna ställa frågor genom att trycka fyrkant 5 på sin telefon. Om du vill dra tillbaka din fråga, vänligen tryck fyrkant 6. Den nästa frågan kommer från Erik Granström från Carnegie, varsågod.

Tack så mycket. God morgon och tack för en väl genomförd presentation. Jag hade några frågor. Jag tänkte kanske skulle börja lite med takten på uppgraderingarna i Rotebro. Kan ni beskriva lite hur ni ser The pace of the upgrades during the year, if I understand correctly, you started in practice towards the end of this quarter and then I guess it will accelerate successively, or how does the plan look?

From the fact that we will have the first moves that happen during the second quarter of the year, it will be quite linear, the completion until the first quarter of 2027.

Okay, so you're going to expect the pace to be about the same from now until it's finished?

Yes, exactly. And it's going to be quite small stages, so there will be new inflows almost every quarter during this period.

Okay, thank you very much. Then I thought I'd ask a little about... You describe the property costs, how they successfully come down, since you have a more efficient administration and lower, Maybe energy costs as well. Can you describe what the big difference is with Q4? When you went out of Q4 and now go into Q1 with the new agreements that you have made, where do you see the biggest effect? Is it mainly on the electricity side or are there other effects as well?

I would say that it is mainly district heating. In many of the energy optimizations we do now, we replace district heating with electricity, with air heat pumps, mountain heating facilities and so on. So the use of electricity actually increases somewhat, but where we see a greater and stronger decline in district heating use. Then, in addition to that, we developed this partnership with Stockholm XEG during the summer last year, which means that the annual effect for that came first when the whole cooling period has been consumed. So it's Q4 and Q1 where we use a lot of remote heating, so that's where the big effect comes in Q1. So you can actually see the whole year's effect of that agreement from the end of Q1.

Great. Then I would like to ask a little about the value changes in the quarter. You describe that it is above all, of course, higher rents, that it is higher NOI effect. And then we also have on the project side Kan du beskriva lite den positiva effekten på projekten i kvartalet? Är det här framför allt härnförligt till färdigställanden eller starter eller byggrätter med tanke på att If the figure is so substantial, it can be interesting to get a sense of what drives it.

When we evaluate our projects in the earlier stages, we make a assessment of what the building rights are worth when they win power. Depending on the phase in which the project or the detailed plan is located, we make a deduction on the end value. So, since the project moves forward in the detailed planning process, the value also increases, because the risk adjustment becomes less and less over time. So, the value development we see in our projects now is primarily projects in the earlier stages that have moved forward in the detailed planning process. And also, I mentioned specifically, the project report at Lidingö, as I mentioned, har omformat det projektet nu när vi ska in i samråd där också antalet byggrätter då eller kvadratmeter har ökat med drygt 10%.

Ja precis, det var lite den jag funderade också. Men jättebra, tack så mycket för svaret. Och sen hade jag egentligen bara två mindre detaljfrågor. Det ena, det gällde den korrigeringen som gjordes på räntederivaten. I note that the substance calculation was not affected by this adjustment, partly also because the tax debt was adjusted, so I cannot see any greater net effect. Is it the case that one should think that the net effect of the adjustment when it comes to substance calculation is in principle zero, on the other hand, your own capital is adjusted due to the fact that you make this adjustment on interest derivatives?

Yes, that's exactly right. The long-term substance value will not be changed with the correction, since the tax relief is also adjusted. However, the current substance value and your own capital are corrected with this.

Great, thank you. Finally, when it comes to the tax, You have described the fact that right now there are relatively small deductions that can be made. Is that what we see in the tax paid here in Q1? Or is there something of a one-time character in that figure as well?

No, there is nothing of a one-time character in it. However, we have previously communicated that Vi tror ju att det kan bli större avdragsmöjligheter i och med ROT-projektet i Rotebro under året 2025. Så nu i takt med att det kommer igång. Men inte till den grad då såklart att nya underskott uppstår.

Nej, precis. Men det bör successivt ha en effekt på vilka avdragsmöjligheter man kan göra under året.

Ja, precis. I takt med att investeringen i uppgraderingar ökar kvartal för kvartal.

Ja. Okay, that was my questions.

Thank you very much. Det finns inga fler frågor just nu, så jag lämnar över ordet till talarna för eventuella avslutande kommentarer.

Då får jag tacka för ert deltagande i dagens presentation och hälsa er tillbaka när vi ska presentera vår rapport för det andra kvartalet, vilket vi gör den 10 juli. Tack för oss!