John Mattson Fastighetsföretagen AB (publ)

Welcome to John Mattsons Q2 presentation 2025. During the Q&A, participants can ask questions by pressing square 5. I now hand over the floor to the CEO Per Nilsson. Please.

Thank you very much. My name is Per Nilsson and I am CEO of E-Matsson. I look forward to presenting our report for the period from January to June together with our CFO, Eva Pilo Kart. If we start by summarizing the quarter, we can see that the company has continued to develop positively. If we look at the whole period from January to June, we have a growth management result of 23% for the period compared to the same period the previous year. We also have a positive value development of .5% for the quarter. During the quarter, we have continued to deliver on our growth strategy, where we have had an initial focus on investments in our existing assets through energy efficiency and value-creating housing upgrades. If we start with our work with the effectiveness of our housing energy use, we can see that it has been a successful work. If we look at the total energy use during the first half of the year, it is a whole 9% lower than for the same period and previous year. This is normal year corrected numbers that also take into account the differences in the external temperature between the years. During the first half of the year, we have also made decisions on energy resources that are estimated to reduce our energy use by another 13%. We have also continued our work by scaling up the upgrades, where we have both completed the first stage in our upgrade project in Rotebro. We have also completed the last stage in our upgrade project in Örby. As I mentioned earlier, we have initially focused on creating growth through investments in existing assets. Now we take the next step in our growth plan by also preparing for new production, where we have after the period's output drawn a number of projects for a care home in Abramsberg and Bromman, 80 places. We have also made a decision with an operator, who is responsible for the rent and the operation of the home. This is the starting point for our return to new production, against our long-term goal of starting 250 apartments per year. If we continue to fulfill our financial goals, it is very pleasing to be able to state that we are fulfilling both our goal of increasing the growth in management results per share, which should be at least 10%, and also our goal of seeing growth in long-term value per share, which should also be at least 7%. If we start with the management result, we can see that the revenues increase by about 5% for the period, while the fixed costs decrease by about 1%. This then makes the drift surplus increase by 8% for the period. If we look at the underlying drives for the revenues to increase, it is partly the annual rent adjustments for housing, but also that we have worked on both the rent and vacancies in the commercial stock, where we have then also increased our rent and average rent in the commercial stock. If we look at the fixed costs, the isolated year has been a challenging period with high prices on tax-based costs, but through the effectiveness we have done, the drives of our properties have managed to keep up very well, which is positive. Here, of course, our work with optimizing our fixed energy use has played a large part. It is actually very pleasing to note that before the first half of the year, we have a surplus of 72.3%, which is record high for the company for this period. Then we have had quite stable rent costs, they have been stable for the second quarter, but lower during the first quarter, which then makes the management result increase by 23% compared with the same period before the year. If we go further to the long-term value of the substance, we can see that the positive development we have had in the value development of our properties since 2024 continues. During the second quarter, we have continued to experience stable demand for evasion of our property, which is followed by the fact that we have continued to make our properties more effective with increased cash flows, which means that we have a positive value development of .5% per quarter, and also that this contributes to the long-term value of the substance per share increased by .2% compared with the same period before the year. If we go further to our fixed value, then nothing has happened since the previous quarter. The number of apartments continues to increase to 4,325, and 82% of the now available area of ​​345,000 square meters is made up of properties. If we go further and look at our development projects, then our projects are running according to plan. As I just mentioned, we have signed a contract for design for our project geography book in Abramsberg. We estimate that we will be able to have a production start during the first half of the year, which is running according to plan. If we go further to the next project where things have happened, it is the EK-port in Lidingö, where Lidingö City has now decided to go out on a meeting with the details plan, and this is to be done after the summer semester. And then if we go further to the project landscape and the Pinsett in Abramsberg, then we have now completed all the documents, sent them in for inspection. The inspection here is estimated to take place during the autumn this year. And then the last project, the Helpslakta in the slaktus area, is status-related. Here we have also completed all the documents for inspection and sent them in, and the inspection is planned until November-December this year. So the total project portfolio continues to include 730 apartments. What you see on the screen is the care home that we have just signed a contract for design. The home is located in an attractive area in Abramsberg Bromma, with the big demand for care home sites. It is located in a good connection to public transport and the nature area. We already have a neighborhood in Bromma via rental housing, so this project develops for its own management. When it is completed, we will be able to integrate it in our existing management in the area. The project has been designed to make it possible to make an effective drive for care home. And we have done that by developing the home with two divisions per apartment plan. So in total, there are four apartments with the home. We are now investigating the possibility of possibly creating another apartment plan, so that the home would have 100 seats. We also have high environmental requirements in this project. We have previously adopted a science-based climate goal for John Madsson. Our goal is to reduce our climate impact from project to project, in line with or better than the industry. For this project, we have set a climate ceiling of 270 kg per bta. So that the project will be maximally raised to that level. Within the framework of design, we will also design the building and electricity with the settlement system and the environment. If you look at the housing and care home as a segment, it is an attractive segment from our perspective. We have a very high demand for this type of housing, and that has to do with the changed demographic. We see that the population of 80 years old will increase in power in Stockholm, which also increases the need for care homes. It is also a type of housing that completes our housing rights in our housing area, and it also helps to diversify our housing portfolio. Now I will hand over to Ebba.

Thank you very much. We will look at the results for the second quarter of 2025, where we show an increased selection result and a positive result. In the middle blue column, we see the results for the second quarter of 2025. The rental income for the period was 335.7 million, which is 16.9 million higher than the previous year. This is mainly related to the rental payments for the housing, but also increased commercial income compared to last year. We have an economic output of .2% at the beginning of the quarter. The cost of the rental is in line with the previous year, when it was 97.1 in Q2. Compared to the rental in Q1 this year, it has decreased somewhat, depending on the fact that more apartments are upgraded now. If we exclude the apartments where upgrades are made, the economic rental will receive .6% of the housing. On the cost side, we have the housing costs during the period, which is 1.1 million lower than the previous year. The lower the cost of the rental, the lower the Q1, combined with the effects of the energy projects. In Q2, the housing costs are higher than last year. This is due to price increases on water and waste, and the maintenance has also increased at a more sustainable level. This was very low in Q2 2024. The rental budget for the first half of the year was 242.6 million, which corresponds to an increase of 18 million compared to the same period in 2024. During the period, the costs for central administration increased to 28.3 million compared to the previous year, 25.5 million. This is slightly higher personal costs now, including a higher employee bonus than earlier this year. The financial net for the period is minus 106.2 million, which is improved by 5.1 million compared to last year, which is a result of a lower average rental level. At the bottom of the table, we see the average rent, which has decreased from .2% the previous year to .8% during the period. The financial net for the period was 108.0 million compared to 87.8 million at the end of Q2, which is an increase of 23%. The rental budget for the period increased to 2.1 times, and the surplus to 72.3%. The rental budget for the period was 2.2 times, and the surplus to 76.4%, which is a very high level for a single-use Q2, which is a happy result. We can now move on to the change in the housing value, which is shown in the blue column in the table. The housing value for the period was 14.1 billion, and during the year we have had investments in upgrades and energy projects, and the total investment was 112 million. We have unrealized value changes that go up to 171 million. The demand for the whole portfolio is 3.4%, and that has actually remained unchanged since Q1 2024. Some objects have received increased demand for the period, and the value change has been summed up to minus 29 million. The net profit in the portfolio has increased, mainly due to the rental budget for the housing and the effectiveness of the housing costs. In total, these changes have had an effect on the value development, with 201 million kronor, plus .2% for the period. These changes have resulted in a housing value of 14.4 billion kronor at the end of the period. Let's move on to the balance. In the blue column, we see the balance for the period of June 30, 2025. As we just saw in the previous picture, the housing value for the period of June 30 was 14.4 billion, and the output of Q2 last year was 13.6 billion kronor. The cash balance is 22.7 million kronor at the beginning of Q2, compared to 371.2 million kronor at the same period of the previous year, when a previous emission had been carried out. On the debt side, we have rental debt, which has increased to 6.8 billion kronor. The net debt is 6.7 billion kronor at the beginning of the period, and that is in line with the previous year. At the bottom of the table, we see that the rental rate at the beginning of the year is 46.9%, which can be compared to .2% at the beginning of Q2. The improvement in the rental rate is due to the increased housing value. The long-term value of the substance is 98.10 kronor per share, compared to 89.04 kronor per share at the beginning of Q2 2024, an increase of 10.2%, which is of course pleasing. We can look at the financial picture. At the far left corner we have the rental bond. 85% of our loans have a rental bond period that is longer than one year, and our average rental bond period went up by balance day to 3.3 years. We have a strategy to have a high number of rental insurance in the portfolio to reduce the exposure to volatility in the rental market and create predictability for the rental costs. Due to our low The green line shows the rental level for a secured volume, but exclusive credit marginals every quarter, and is not a forecast for the average rent in the total loan portfolio. During the quarter, the average rent increased from .78% per 31 March to .83% at the beginning of Q2. The upper left corner shows the rental bond in the portfolio, including unused rental loans. The credit margin is 2.7 years at the beginning of the period. The next picture shows the income. This table shows the current income on a 12-month basis on 30 July 2025, with the entire household savings per balance day. The income is calculated without a calculation for the income without determining the influence. The rental costs are based on the contracted income on the balance day and goes up to 669 million. This is a reduction of 2.5 million since the previous quarter, and it is due to the fact that more apartments are upgraded, especially in the project in Rotebro, but also here in Larsberg Lidningö. The income is 485.9 million, a reduction of 4.7 million since the previous quarter. The cost of rent and the cost of housing are based on the rolling 12-months' expense. The Q1 was a mild quarter, with the cost of rent being lower than the previous Q1. The Q2 is a quarter where the heating is not as big of a part of the costs. The increase in the price of water and other things in 2025 contributes to the increase in the cost of rent compared to the previous year. In 2025, we have also reclassified a post with a -in-MOMS for the cost of rent. The cost of rent is lower than the previous year, but the cost of rent is now reclassified, which is a positive effect on the housing administration. We also have repairs and maintenance, which were very low in Q2 2024 and have now increased to a more long-term level in 2025. The central administration is estimated at 52.2 million, which is the line between the previous quarter's income. The financial net is estimated at the average rate of net debt per day, with an increase in the tax of the property and the increase in the tax of rent. The potential rent on the same property has not been paid. The financial net was minus 213.6 million, which is a bit higher than the previous quarter, because the average rate in the portfolio has increased by 5 points. In summary, the management result of the income has decreased by 220.1 million in the previous quarter. The work to make the housing costs effective and to carry out the development project to create value continues, and this is also seen in the long-term trends from the past 12 months. With that, I would like to hand over to Per.