KlaraBo Sverige AB (publ)

Hej allihopa och tack för att ni lyssnar på vår rapportprestation för tredje kvartalet 2004. Idag så är det då min kollega och CFO Per Holmqvist och jag själv Andreas Morfodakis som ska dra igenom hur kvartalet har utvecklats. And initially, we can say that we see that the corporate climate has continued to develop somewhat positively during the third quarter, where, among other things, the transaction market for housing properties opens up even more. And we continue to be active in identifying potential procurement opportunities that give a stable running withdrawal. The housing facilities that we are looking for have the possibility to add value through active administration and management. And it is clear that the reduction of the state interest rate of the Riksbank contributes to the fact that we see increasingly attractive acquisition calculations and improved opportunities for continued value creation by upgrading existing apartments. Detta skapar värde både för våra hyresgäster men även såklart våra aktieägare. Vi anser att Klarbo är väl positionerat för tillväxt och ser stordriftsfördelar med ett större fastighetsbestånd. Vi ser även ett större intresse på aktiemarknaden för oss som bostadsbolag, såväl i Sverige som internationellt, vilket då är ett kvitto på att vår affärsmodell levererar. Tittar vi på den finansiella utvecklingen under kvartalet så visar vi att Klarbo fortsätter att växa organiskt. Vi har en väl fungerande affärsmodell och verksamhet samt att vi gör rätt saker. Det råder en god efterfrågan på våra hyreslägenheter. Vi har ett fastighetsbestånd i utvalda lägen med förädlingspotential och en attraktiv hyresnivå. Under kvartalet har vi ökat intäkter och driftnett med 7% jämfört med motsvarande period föregående år. Vilket till stor del kommer från att vi har blivit kompenserade för det senaste årens kraftiga kostnadsökningar men även att vi under hela den finansiellt utmanande perioden som vi har gått igenom fortsatt med att successivt arbeta med förädling av beståndet som då genererat högre intäkter och lägre kostnader. If we look at the administration result, it increases by 5% compared to last year, which of course is satisfactory. During the quarter, we have partly seen declining market rates, while we have had a number of very beneficial swaps that have declined and then affected the financial costs negatively. Since all forecasts show another decline in the interest rate, probably already during tomorrow's Riksbank report, there is reason to believe that the interest rate has peaked this time. During yesterday we presented both new and updated financial goals. There, among other things, interest rate of 1.75 times was included. Over the 12 months that the key number is measured, the explanation is made at the end of the period to 1.75, that is, we fulfill the goal. The key number is already in line with our financial goal over time, but above all a good bit over the conveniences that we have in relation to our loan givers. And as we see increased revenues, a stagnant inflation and interest rates, there are good opportunities to expand this gap further forward. Den organiska tillväxten fortsätter också enligt plan och under kvartalet uppgick antal renoverade lägenheter till 37 stycken. Där vi precis som tidigare bibehåller en hög reell uthyrningsskad om hela 97,5%. Som vi har sagt många gånger innan är det viktigt att vi måna om att bibehålla en hög uthyrningsgrad parallellt som vi renoverar lägenheterna då kassaflödet inte får bli lidande i vår IVR att renovera lägenheter. Under det sista åren i en finansiellt utmanande period har vi lyckats manövrera detta på ett väldigt tillfredsställande sätt. At the end of the quarter, we have also completed the transaction with Diös, where we sold two non-strategic commercial properties in Borlänge, and we entered a clean-fired housing property in Falun with root potential. A property that is managed by our existing staff in the area. If we look at the portfolio, we see that, through the transaction mentioned just now, the share of housing has increased to 88% of the entire portfolio, with almost 6,700 apartments in administration and some adjacent premises. In total, the property value is at approximately 9 billion, divided mainly by three strong NAVs in Trelleborg, Östersund and Visby. Moreover, we are on a number of sites that mainly have positive population growth on respective central sites, which is an important aspect for the implementation of our road program, as well as when the demand for housing has stopped somewhat due to the financial uncertainty that affects the country's citizens. The key to success in the processing work is that the entry fee in the portfolio is low, In our case, it is 1,136 SEK per square meter and year. So there is a significant increase when renovation is carried out. Since the investment is usually between 4,000 to 450,000 SEK per apartment, we need to increase the rent by about 30 to 40 percent to create an economy in the project and get a discount on levels of around 6 to 8 percent. This increases in turn the company's cash flow and the value of the property, etc. The return on investment will be in relation to the property's direct return, which on average is just under 5% for the quarter. And this contributes to a continued good value growth. The next image, a recurring image in our presentations, proves that the business model works, where we see that we have a continuous increase in the value of rent development, in parallel with the fact that we maintain the higher degree of utilization. The graph on the left shows that the money that is invested in companies is used to create shareholder value through the sale of properties. där vi då kan se att hyresvärdet under en femårsperiod kraftigt överstigit den generella hyresutvecklingen med hela 16,2 procentenheter då för att jämföra bestånd. Det är ett imponerande arbete av vår förvaltning och till dem vill jag rikta ett särskilt tack för detta. Utvecklingen av hyresvärdet kommande kvartal består i vilken takt vi kan fortsätta att renovera baseras på vilka lägenheter som blir tillgängliga samt kassaflödet som finns tillgängligt. Som vi har sett i våra senaste rapporter så har vi under ett antal kvartal sett något avtagande takt när det kommer till even if we then for the third quarter actually had a few more routes than what we had during the second quarter. We have mentioned this in previous presentations, but there are reasons to mention it again. That the good thing about our business model is that we largely and with short supply can actually increase or decrease the number of renovations as long as we have enough apartments in the base. This has meant that a collective assessment during the period that has been, and which continues to some extent, we have seen that it has been necessary to limit some of the investment in order to in this way maintain a satisfactory liquidity. Hantera osäkerheter med var avkastningskraven är på väg samt begränsa nyupptagna lån kopplat till att räntorna har stigit under en längre period. And not least to be able to ensure that we actually have a high demand for our products. All this in turn gives the pace is somewhat lower than before, but it is important to point out that we continue to see potential in organic growth in our portfolio. where we over time can create additional rent value of about 110 million kronor annually, which is visible in the right graph on the screen, which markedly increases the market value of the properties in all other ways. With that, I would like to hand over to Per to go through some financial figures.

Thank you Andreas. The rent revenues in the third quarter increased by 7% compared to the same quarter the previous year and went up to about 159 million kronor. And we now see how the rental indexes are starting to compensate for the increased operating and financial costs that we have had during a period. The operating net increased by 7% and the management result increased by 5% or 2 million kronor compared to the previous year. If we look a little further down in the result calculation, we see that we had a positive value change in the real estate position, but a negative effect that has been driven by value change on derivatives, up to 9 million kronor, and the change is driven by declining market rates. Det är viktigt att påpeka att den effekten inte har någon kassaflödespåverkan utan endast en omvärdering av marknadsvärden på derivaten. Vid ett derivats utgång så är effekten noll. Vi går vidare. Om vi tittar på vår balansräkning så har vi ett fastighetsvärde som ligger ganska still. Vi hade något lägre genomsnittligt avkastningskrav i det här kvartalet, cirka två punkter högre i genomsnitt. But we had a positive net value change in properties at around 13 million SEK. That was driven by rental indexing and renovations and expectations of future rental indexing. Just as Andreas and I have said here in the presentation, it looks like the rent indexations, even in the coming years, will continue to compensate for the cost savings that the property companies have had. If we look at the cash, it went up to 170 million kronor and we had a reward rate of 52%. If we look at our interest and debt portfolio, we have an interest rate that rises to 80%. We had a swap decline in Q3 of about SEK 500 million. And we have in the quarter also taken up new swaps of SEK 500 million to a rate corresponding to 2%. If we look at the loan decline, we have a large decline on September 30, 2025, around 2.9 billion SEK. But after the period, we have communicated that we have refinanced 1.8 billion SEK, that is, about 35% of the loan rate. And we have done that to a significantly lower margin. We have had a very positive dialogue with the banks. And we look forward to the refinancing of the last 1.1 billion that will fall by 2025. And we also believe that we will have a good dialogue. We have already received positive indications regarding these declines. Finally, regarding the financial, we have the ability to earn income. Our administrative results and our revenues decrease somewhat, and this is due to the fact that we have removed commercial properties in Borlänge. We have not either taken with the refinancing that took place in October, when the income capacity shows a momentary picture on September 30th. But you can also look back in time and see that the rental revenues have increased by about 33 million kronor compared to the income capacity in the same period last year. och vi ser också att vår räntetäckningsgrad har ökat under den här perioden i inköpingsförmåga. Då passar jag på, förlåt. Då ska jag lämna över ordet till dig, Andreas.

Varsågod. Tack för det. Vi har under de sista två åren arbetat målmedvetet och metodiskt Keep the company safe and have a stable financial position through safe financing and predictable interest rates. Transactions with duos and with a small transaction was an important signal that the company feels safe with the financial position we have. And that there is now a reason to increase focus back to the transaction side. Even if the cranes are not completely open on the transaction market, we see that it is getting easier and easier to sell and buy one of the real value of the property. which then allows more businesses in the long run. The processes take quite a long time, but in general you can work more focused and methodically than what might have been the case during that year when there was something hysterical on the transaction side. Som vi nämnt tidigare så finns det uppenbara stordriftsfördelar för Klarbo varför tillväxt bör stå högt upp på vår dagordning framöver. In parallel with this, we will of course continue with our work related to renovations. We will also continue to successfully develop the beautiful building rights that we have in our portfolio, even if we will be a little late in the coming periods when it comes to new production. Men vi ska även fortsätta att tilldela likviditet till det beslutade återköpsprogrammet som vi har haft under en period. Så länge det är finansiellt motiverat så kommer det här programmet enligt tidigare kommunikation där målsättningen är att uppnå 30 miljoner kronor innan årets slut fortsätter enligt plan helt enkelt. One area that of course is highly interesting for everyone in our industry is of course the ongoing rental negotiations for 2025, where we are now starting to see some decisions in the market. Even if inflation seems to be under control and declining, så passar ju tyvärr marknadens monopolaktörer inom värmeenergi, VA och renhållning att höja avgifter och taxor markant även för 2025 på sina håll. Dessa höjningar som vi kanske då inte riktigt tycker får det utrymme som vi egentligen förtjänar i massmedia gör ju att det blir ju väldigt utmanande diskussioner med hyresgästföreningen kopplat till kommande year and the coming years, where we somehow need to be compensated for this. On the other hand, we see increases of up to 20% overnight, which of course affects us and our peers very negatively. The positive i årets hyresförhandlingar är att man har kommit igång mycket tidigare än man normalt sett brukar göra, och att flertalet av de fall som har hamnat hos skiljeman tenderar nu då på att landa på högre nivåer, alltså med en högre höjning för 2025 än vad vi tidigare hoppats och trott på, när man då har utgått ifrån den här trepartsöverenskommelsen. which is the basis for the decision. If this is the case, that is, rents will be higher than what we previously thought, then it will of course affect our cash flow positively and it will also affect the values positively during nästa år. För att poängtera det som Per var inne på lite grann kring den här refinansieringen som vi då gjorde efter kvartalets slut så tycker vi att det här var en väldigt stor grej för Klarabo Dels självklart att vi tar bort en hel del av den potentiella refinansieringsrisken som vi då hade under 2025. Men vi gör det framförallt i väldigt attraktiva nivåer. Vi har ju ett direktavkastningskrav som ligger nära 5% och det är ungefär där vi då avkastar idag ju. And it is clear that for every point that we can cut on the bank margin, there will be a larger cash flow. So the delta between the withdrawal requirements, the direct withdrawal for the properties and our Our all-in income, the more it increases, the more cash flow it becomes to other investments in the company. So we are extremely pleased and we also think it is a very clear receipt from our collaboration partners, our lenders. That they have been so patient to do this in advance and to do it in very attractive conditions. And it is also a clear signal that it means that we have done the right thing and that we have worked to maneuver this time that has been in the right way. This means that our average margin, if refinancing had been able to do it by the end of the quarter, drops from 1.61 to 1.47, which is a total of 14 base points. At the same time, we increase the credit binding time. med 0,9 år och landar då på 2,3 år och då har vi fortfarande ganska stort förfall under 2025. Så att det här känns ju Again, we are very happy that we can present these conditions and we are also very happy that we are gradually lifting these loans to become sustainability-linked loans, which in the end can actually generate a few more points of lower margin in the future. So an important part of what has happened in the company right now.