KlaraBo Sverige AB (publ)

Welcome to Clarabo Q4 Report for 2024. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to CEO Andreas Morfiadakis and CFO Per Holmqvist. Please go ahead.

Välkomna till Klara Bo's rapportpresentation, bokslutskommunikering 2024. Idag är då Sifo och Per Omqvist och jag själv Andreas Morfedakis som ska dra er igenom vår rapport som vi då släppte här under morgonen. Det finns ju en hel del positiva saker att gå igenom idag. Bland annat så levererar vi ett resultat som är väldigt tillfredsställande. Där vi har ett ökat förvaltningsresultat och vi har även en a very good and positive value association for properties, thanks to the fact that this year's rent increases for 2025 have come out higher than what we previously assumed in the valuations. We also have a more normalized year than last year. and lower interest rates, which then means that both the management results and the results per share land much higher than what we had in 2023. In addition, we have carried out a large acquisition We have had a heavily overtaxed performance emission, we have loan refinanced a large part of our portfolio to favorable conditions. And we have also taken further steps to increase the energy classes of our facilities. But if we take one thing at a time. We started the quarter by refinancing 1.8 billion out of our portfolio in advance. We had a lot of big declines here during 2025 that we chose to deal with quite early in the fall. And that corresponds to 35% of the portfolio. The collaboration we have with our banks has been Very constructive during this more challenging period. And somewhere we notice that it has brought fruit during this process. And we, following this refinancing, then also sunk our entire average income at the time with a total of 15 points. So a good sign that we have confidence in the banks. And at the same time, of course, a sign that the market also has opened up, a little anxiety has disappeared as it has been before, and it is now quite obvious that there is more room to actually become active in growth. After that, we worked quite hard during the fall to try to implement one of our largest acquisitions so far. At the end of November, we announced that we had chosen to greatly increase our stock in Helsingborg with a total of 740 apartments. In connection with that acquisition, we chose to make a sales emission of 390 million. where we then asked our shareholders for assistance. And it followed well during the later part of December and the beginning of January, which then was greatly overshadowed. In addition, we have actually also taken up some new bank loans during the January month for the remaining part of the financing of the acquisition of the entire 510 million. And also in that transaction we have experienced that the loan margin has dropped compared to what we have so far in our books in our average margin. So a very good market anyway. Then we also have during the quarter arbetat ganska aktivt med att gå igenom alla fastigheter. Det kommer ju en del nya direktiv när det gäller energiklassningarna på fastigheterna. De behöver då vara uppfyllda till 2030. Att F&G energiklasser då behöver förflyttas upp ett antal snäpp. Vi har gjort en djupdykning i Among our facilities, we have found that only 14% currently have an energy load that is outside of what will be the directive. We have also identified what measures to take to move these facilities. Our assessment here and now is that it will mean an investment that will go up to 25 million SEK by 2030, which we will also be able to see that there is a fairly good discount of up to 10%. Many of these investments are taken running under our planned maintenance, so there are no unforeseen expenses in this way, but we see it more as an access. And then we have also talked during the quarter, or of course had a full list of rents for 2025. Under this process, we felt that the whole process started much earlier than it had done in previous years, and we felt that there had been a A more structured process, and it has gone much faster than it has done in previous years, which is positive both for us and for tenants, of course, and the market in general. And in the current situation, we have almost 75% of our entire portfolio ready for negotiation now that will start ticking. in the beginning of 2025 and most of it will be available in the quarter for Q1. The indication right now is that the weighted average will then land at about 5% which will be compared with KPI at about 1.6% if I remember correctly. So it is positive, which means that we are actually improving on what has been lost, connected to the higher inflation in recent years. Finally, during the quarter, the Board also chose to update our financial and operational goals, and they are in practice The only new goal we have come up with is that we have made it clear that our interest rate should not be below 1.75 times and that we should have an LTV level that does not exceed 60%. Så ett väldigt aktivt kvartal som vi då summerar egentligen med ett antal siffror. We are very pleased with the financial development of the company. In practice, all key figures have been strengthened during the quarter. Income has gone up, the power grid has gone up and the administrative results have gone up. The administrative results go up by 31% compared to the previous year's corresponding period. And it is clear that there is a lot of explanation for this here, of course, and Per will go through it very soon. But that means that we are very pleased with the development of the quarter and it gives us a continued financial stability for the future. In addition, in previous assessments on properties, we have underestimated how how big the rent will actually be. This quarter has meant that we will get a pretty big positive value change on the whole net, the whole 132 million kronor, which of course means that the result per share will be very good compared to the previous year. ICR, interest rate 1.8 and an LTV level of a stable 51%. And then Per will go through some figures.

Thank you Andreas. Yes, if we sum up the results for the fourth quarter, we have positive value changes, which is a big plus in the result calculation. And a little more broadly, I can say that we continue to compensate for the high cost inflation that has been the last few years. In the quarter, the rental revenues increase by 5% compared to the same quarter last year. In the comparable stock, the revenues increase by approximately 6%. This is mainly due to the general rent increase, but also that we invest in renovations, which also generate revenues increases. If we look at the cost side of the property, then our property costs decrease by 4% compared to the same quarter last year. This is partly due to the cold weather in 2023, when we had quite high costs for snow removal that we have not had this year. If we look a little further down in the result calculation on financial costs, we have a slightly higher average loan volume and we have also had some drop in possible interest rates, which means that financial costs have increased somewhat. This is partly due to the fact that the market interest rates have dropped a good bit. If we then look at the administrative result, it increases by 31% in the quarter, which is very, very strong, we think. We have already touched on value changes a little bit, but 132 million kronor in the real estate and 73 million kronor in the derivative portfolio. When it comes to the derivative portfolio, this is explained by these declining Sorry, we have had some rising expectations related to the interest rates that have made the derivatives have increased in value. Yes, if we are going to try to summarize 2024 a little more clearly, then the clear housing management result per share increases by more than 9%. The profit for the whole year is improved by 569 million kronor compared to last year. And that corresponds to 1.44 kronor per share. Vi berörde värdeförändringar i fastighetsbeståndet i resultaträkningen. Det får också en effekt i balansräkningen där fastighetsvärdet ökar. I kvartalet så ökade exit yield in the valuation with three points. Underlying would have meant a negative value change with SEK 70 million, but just as Andreas mentioned, we have received higher rent increases than the assumptions we have had in our valuations, which has meant that we get a positive net effect of SEK 132 million. The remarkable thing we can see in our balance sheet is that interest increases by 400 million kronor. This is connected to our performance emission that is now implemented. From 31 to 12 it was still ongoing, which is why we had increased interest but also an increase in our own capital on the corresponding amount. Finally, it is worth mentioning that our loan rate is still at a good level, at 51% and we have a debt portfolio that ultimately consists of secured bank financing. If we then look a little deeper at the debt portfolio, then 80% runs to fixed interest. We have an average interest rate of 3.3% on the balance sheet. It is then somewhat lower than it has been during the year. It has fluctuated between 3.5-3.6% and is now falling back. This is due to the fact that we have refinanced 35% of the debt portfolio to significantly better conditions. But it also depends on the fact that the market interest rates have gone down. The total nominal amount of the debt portfolio went up from the balance sheet to 4.9 billion. The interest bond time went up to 3.3 years. We have a debt portfolio with high predictability, a high rate of return, and the fact that we work with final insured bank debt also means that the risk can be relatively low. If we look at the interest rate, it is per 31-12 2.1 years. Vi har en ökning i kortfristiga skulder som då uppgår till cirka en miljard på balansdagen. Diskussionen om refinansiering är påbörjad med våra banker och vi har fått positiva signaler. Förfallen skedde i Q3 2025 och vi har gott hopp om att kunna genomföra den här refinansieringen till förmånliga och konkurrenskraftiga villkor. Finally, I would like to sum up with the ability to earn income. Before I hand over the floor to Andreas again. On January 1, 2025, we have a momentary picture of the group. It is no prognosis, but it is as it looked on January 1. As of January 1, we had concluded rental negotiations that correspond to 66% of the rental value to the portfolio. The rental increases ended up at 4.9%, which you can see on the income side here, which increased by 21 million kronor. When it comes to property costs, we see that they are fully indexed for 2025 in this summary. So it is a somewhat halting income, one might say, where 34% of the rent value remains to be indexed. And the indication there is, as I said, that it will land on about 5%, that rent indexing. Financiella kostnader minskade med 6 miljoner kronor jämfört med föregående år. Det är framförallt på grund av de refinansieringar som är genomförda men också då lägre marknadsräntor. The rent technical rate went up to 2% in this moment. And since last quarter, the management result has increased by 5%. And that is mainly due to rental negotiations and lower financial costs. Thank you for me and I hand over the floor to Andreas again.