KlaraBo Sverige AB (publ)

Welcome to Klarabos Q2 report for 2025. During the first part of the conference meeting, the participants will be in a listening mode. During the question time, the participants can ask questions by pressing the square followed by the number 5 on their phone. Now I leave the floor to VD Andreas Morfiadakis and CFO Per Holmqvist. You're welcome.

Thank you very much, hello everyone and welcome to the presentation of the second quarter of 2025. As the vote just said, it is Sifo Per Holmqvist and myself Andreas Morfiadakis who are going to take over. This is the first quarter and we will talk about the essential events and the financial situation. And when we have done that, we thought we would open up for some questions. Initially, I can say that we are satisfied with the quarter. där vi igen redovisar positiva finansiella nyckeltal rakt igenom, samtidigt som vi i detta kvartal även redovisar en ökad uthyrningsgrad. Kvartalet som har gått så har vi haft konsolidering utav det här stora förvärvet i Helsingborg som vi annonserade i slutet av förra året. Det har vi haft fullt ut under hela kvartalet. Vi kan notera att det redan har bidragit positivt till vår resultatutveckling. Under the second quarter, we note that the management results per share increased by 7% compared to the corresponding period last year. It is satisfactory that we already see these positive effects in the business from this acquisition. The acquisition has, as we have previously mentioned, a determined initial direct discount of 5%, where we hope to be able to increase the discount in succession, partly through the annual rental adjustments, of course, Men även med den förädlingspotential som vi identifierat i beståndet i samband med förvärvet. Det var nästan 65% av lägenheterna som vi bedömer har en renoveringspotential. Förädlingspotential i hela vårt portfölj fortsätter att visa styrka då vi nu under andra kvartalet har renoverat ytterligare 42 lägenheter Det innebär att vi bara under första halvåret har genomfört 100 lägenhetsrenoveringar. Detta samtidigt som vi under kvartalet ökar vår reella uthyrningsgrad till 97,2%. Det är en markering på att efterfrågan på den produkten som vi levererar fortsatt står stabilt över hela landet och att vi använder den på rätt sätt. Ökningen i reell uthyrningsgrad för kvartalet var 0,4 procentenheter högre än vad vi hade under första kvartalet i år. At the same time as we see this increase, it has been reported in mass media about increased vacancies for housing around the country. And very rightly, Klara Bo has also noticed that the number of applicants has decreased compared to previous years. But we still think it is quite important to try to nuance this picture somewhat. Dels för att vi kommer från extremt låga nivåer när det gäller vakanser runt om i landet, men även då så visar ju vår reella uthyrningsgrad på att vi håller en hög uthyrningsgrad. Samtidigt som man faktiskt behöver se var bostäderna finns ju. Det kan vara stora lokala skillnader mellan kommuner och tätorter, men även inom tätorter, så det vill säga mikrolägen. Vår bedömning är att våra bostäder fortsatt befinner sig i geografiska lägen där efterfrågan finns och att de finns även efter att vi har renoverat lägenheten och på så sätt fått ett ökat hyresvärde. Since we have a fairly low entrance rent, even after the apartments have been renovated, we consider that we have a reasonable and attractive rent compared to other alternatives in the same word. Finally, also during the quarter, we have continued to work with our loan portfolio. och vi har refinansierat drygt 20% av den totala volymen under kvartalet. Det medför då att vi både minskar den genomsnittliga lånemarginalen på våra rörliga lån, men vi ökar även kreditbindningstiden till 2,5 år när lånen läggs om under nästa kvartal. If we take the figures a little short, Per will of course talk more about this very soon, but a little short then it is clear that we are delivering a new strong quarter, where all positions are better than a comparable period. Both if you look, of course, including the acquisition, but also if you look at comparable stock. And as I mentioned earlier, it is extra satisfying that the management results per share increased by 7% for the quarter and then went up to 0.3 SEK per share. If we look at the value associations, the values go up by the number of properties and that is i praktiken uteslutande till vårt rotprogram det vill säga ju fler lägenheter vi renoverar desto högre hyresvärde får vi och ett högre fastighetsvärde allt annat like At the same time as the value of the property has gone up, the market value of the derivatives has decreased. This is due to the fact that the market interest during the quarter has gone down, which for the quarter means a loss in terms of bookkeeping. Koncernets belåningsgrad den landar på strax över 50% och det kan man ju då jämföra med vårt långsiktiga finansiella mål som är på 60%. Belåningsgraden har ju då legat stabilt under merparten av det kvartalen som har befinnt sig under den finansiella oro, vilket innebär att vi successivt ser nu då förbättrade transaktionsmöjligheter och lägre räntenivåer och då anser att vi faktiskt kan använda vår balansräkning för att utvärdera nya förvärv i framtiden. And finally, we can also note that our interest rate has continued to improve somewhat. And now on a 12-month rolling basis, it is at 1.83 times. And that should be compared with the covenants against the bank, which are at 1.5. Then I thought I would hand over to Per.

Thank you, Andreas. The revenues in the quarter increased by 15%, driven by acquisitions above all, but we have also completed the rental adjustment for 2025 to an average rental increase of 4.9%. In the quarter, it is worth mentioning that the revenues in comparable stock increased by 4%. If we then look at the net profit in the result calculation, it increased by 13%, also driven by acquisitions, and 4% in comparable stock. Financial costs increased by 5%. It was mainly driven by acquisitions, where we partially financed acquisitions in Helsingborg with SEK 510 million in new debt. In addition to the increased loan volume, we have also had a number of rent savings that have run out, which has also affected financial costs. Tittar vi sen på det som jag tycker är den mest intressanta raden i resultatet, förvaltningsresultatet, så ökar det med 25%, vilket för anses vara ett styrke i vårt skäl. Och förvaltningsresultatet per aktie ökar med 7,1%. Vi tar nästa bild där nere. If we look at the balance sheet, we have a real estate value of 10.4 billion SEK with an average drop in values of 4.9%. The liquid funds went up to 116 million SEK on June 30th. Worth mentioning is that we also have 200 million SEK in unused credit facilities. Vi har även en ökning i eget kapital som delvis är driven av nyemission men givetvis också resultat. Det man kan nämna i kvartalet är att de negativa värdeförändringarna på derivaten höll tillbaka periodens resultat något. And that was driven by lower market rates. But then it is worth reminding ourselves that lower market rates are something positive for us in the first place. If we had done a market rating of our debt portfolio, we would have seen a positive effect and not a negative one. It is a bit contradictory that when the market rates go down, we get a negative effect on the result. Men den är ju rent redovisningsteknisk. Tittar vi på belåningsgraden så har Andreas nämnt att vi har lite utrymme i vår balansräkning. Vi har en belåningsgrad på 51% och vi har uteslutande bankfinansiering. Där finansieringen ligger i fyra nordiska välkända banker. Finally, if we look at our long-term substance value, it went up to 5.1 billion per 30th of June. We have two diagrams here in front of us, one that shows the fallout structure for the interest bond and one that shows the fallout structure for the credit bond. If we start with the interest rate, we have an interest rate time that in average goes up to 3.3 years and 60% of the portfolio runs with fixed interest on June 30th. We have an average interest rate that goes up to 3.4%. The reason that the credit blind has decreased compared to the last quarter is because we have a fixed income credit that runs out during the third quarter, which has run with fixed income that has risen to about 1 billion. The refinancing of this credit is communicated in the market and it is actually transferred to the right picture here. If we look at the fall structure, we have per Q2 reported that we have short-term profits of about 20% of the portfolio. These are then largely completely refinanced per Q3. And when we report in the next quarter, this stack will move to the left and show a run time of about four years. The refinancing of the credits that fall in Q3 increases the credit return period by about 0.8 years. The credit return period for June 30 was increased to 1.7 years. To these, 0.8 years will then be set, everything else is the same when we refinance. Snittmarginalen i portföljen den minskar också genom refinansieringen. Den går från 1,43% till 1,39%. Den överordet till Andreas igen.