KlaraBo Sverige AB (publ)

Hello and a warm welcome to Klarbo's quarter presentation for the first quarter of 2026. Together with the company's CEO and CFO Magnus Nordholm, we will go through the quarter that has just ended. And just like in previous presentations, we will deal with questions such as the financial development of the company. In a summary of the portfolio, we highlight our values ​​in practice and conclude with a brief preview. After the presentation, there will be, as usual, the opportunity to ask questions via trade calculation in Teams. All presentation material will then be available on our website immediately after the session. The first quarter has been an eventful period where we have taken further steps operationally with the implementation of the exchange deal we announced at the end of 2025. We have also made a new transaction where we intend to leave non-strategic access. Vi har även refinansierat väsentliga delar av låneportföljen till attraktiva villkor, med innebär att vi under 2026 inte har några ytterligare låneförfall. Samt så har värdeskapandet i bolaget fortsatt med rotrenovering till avkastningsnivåer som är högre än tidigare. Parallellt med detta så fortsätter The noted real estate shares on the stock exchange are valued at large interest rates, which means that it has been attractive to buy more Klarabo shares. We have now reached a level where we have a total of 4.8% of the capital in our balance sheet. At the same time, we leave a quarter that has been significantly colder and snowier than the last few years, which negatively affects the operating net, since we as property owners and tenants stand for more of these operating costs in the properties, as well as for snow removal. More costs that the company cannot be compensated for in the short term, and thus the heavy result of this quarter. In addition, geopolitical uncertainty has increased further in the environment, which has had a direct effect on interest rates and energy prices. However, this has a long-term effect to be seen. Looking back at the operational, we note that we continue to maintain a stable root level with about 40 renovations carried out during the quarter. to an average yield cost of 9.3%, a level that is among the highest we have had so far. At the same time, the high demand for this product is maintained, as we see that the real purchase level is stable. This positively affects the net worth of our valuations and thus gives a good effect on the order of valuations in the result calculation, which then also increases our substance value. Increase in substance value is one of the key factors in the business when we look at the development of shareholder value and has increased by an entire 8% during the period. Additionally, we see advantages in short-term consideration of additional return on purchase when the share is dealing with a significant discount. We want to maintain the pace of the number of renovations when the drop-off levels are in the high 8%. as well as analyze and evaluate further opportunities to consolidate and optimize the portfolio as we have done in the last six months.

Despite a quarter with both colder climates than 2025 and significantly increased tax-rewarded costs such as heat and electricity, the operating results increased by about 2.6%. The rents increased by 7.6% compared to the previous year due to a larger property portfolio and rent increases from both renovations and general rental deals. The costs have been affected by the cold start of the year and the increase in tax-related costs. They increased by a total of about 12% compared to the previous year. Financiella kostnader som förväntades stiga under kvartalet mot bakgrund av att utökningen av portföljen delvis har finansierats av skulder har ökat något. I tillägg har, som tidigare nämnts, löptiden på förmånliga fasträntelån samt ett antal derivat med lägre ränta förfallit, vilket har påverkat räntekostnaden negativt. På den positiva sidan så har interbankräntan under perioden sjunkit och marginalerna har reducerats genom refinansiering och nyfinansiering. Marginalen som nu är lägre kommer att ha en positiv effekt under resten av året. Räntetäckningsgraden är stabil på 1,8 gånger. The administrative result decreased somewhat, again primarily due to the cold start of the year and the higher tax-related costs. The administrative result per share goes up to 0.13 kronor compared to 0.16 kronor the same quarter a year later. The value of property has continued to increase and the driving force is net net growth and investments. Bytestransaktionen som avslutades under första kvartalet gjordes med en nettoförlust på cirka 3,5 miljoner kronor. Den redovisas tekniskt som en realiserad förlust på 35,4 miljoner under värdeförändringar och 31,9 miljoner som ett positivt resultat under skattekostnader. Direktavkastningen i våra värderingar var mer eller mindre oförändrad under kvartalet. Med högre marknadsräntor har bolaget fått en positiv värdeförändring på sin derivatportfölj på cirka 41 miljoner kronor under kvartalet. Sammantaget uppgick vinsten per aktie till 0,8 kronor, ner från 1,49 kronor drivet av en lägre värdeförändring än föregående period förra året. Long-term substance value per share has increased by about 2.4% from 34.2 kronor at the end of last year to 35 kronor per share. This is due to the period's profit, but also due to the repurchase of shares that we have implemented during the quarter. These go up to about 2.2 million shares at a cost of 36 million kronor. The property value is now up to about 10.8 billion SEK after an increase of 472 million SEK, and despite our increased debt, the loan rate has decreased from about 51% to 49%. Concernen har en trygg likviditetsposition på cirka 104 miljoner kronor vilket i kombination med tillgängliga kreditfaciliteter på 150 miljoner kronor och den relativt låga skuldsättningen skapar trygghet för verksamheten, framtida investeringar och framtida refinansieringar. Efter kvartalets genomförda refinansieringar och nyfinansiering har bolaget endast less loss of interest-bearing debts over the next 12 months. The payment capabilities we present include the now completed exchange transaction, but do not include the waived transaction with EpiSurf. All rental negotiations are now over and the average increase was 3.3%, which improved the rental revenues by another 10 million kronor compared to the latest presented income, when not all rental negotiations were finished. Rörelsemarginalen ligger kvar på ungefär samma nivå som förra versionen, vilket förbättrar driftsresultatet från 429 miljoner kronor till 434. De finansiella kostnaderna ökar något på grund av ökad skuldsättning samt högre interbankräntor. Lägre marginaler från refinansieringarna är inkluderade i dessa belopp. Förvaltningsresultatet per aktie kvarstår enligt intjäningsförmågan på 1,19 kronor per aktie. Enomsnittlig räntebindning oförändrad på 2,8 år efter justering för räntesäkringar. Hedgeskaden ligger på cirka 61%. The average income, including the effects of these derivatives, was 3.6% at the end of the quarter, which is a decrease of 3.7% during the previous quarter. This, however, did not increase interest rates during the period. We can thank this reduction for the lower margins that we have received through the refinances that we previously carried out with the banks during the quarter. Kapitalbindningen har ökat till 2,5 år i Q1 från 2,2 år i fjärde kvartalet, återigen mot bakgrund av våra starka relationer med bankerna. Totalt sett så har koncernen även tillgång till numera 250 miljoner kronor i revolverande kreditfaciliteter, varav 100 miljoner har utnyttjats och 150 miljoner är tillgängliga. All in all så mottas vår affärsmodell väldigt bra i bankmarknaden och vi upplever att våra relationer med bankerna ger oss bättre och bättre villkor över tid. i geopolitiskt skakiga tider känns det lyxigt och förmånligt att ägaren så eftertraktad tillgång och har så bra tillgång till lånekapital till förmånliga villkor. Vi befinner oss med andra ord i en väldigt bra position för framtiden.

Thank you, Magnus.

And I think it's time that we once again highlight Klarbos business model, where apartment renovations are a key factor in this. Vi har som målsättning att förvärva fastigheter, äldre bestånd i många fall och hus då byggda under perioden 60-70-talet, där det invändiga underhållet oftast är i behov av uppgradering då det nått sin tekniska livslängd. In many cases, this segment consists of well-off households in blocks, combined with larger areas where administration can be handled effectively, since the volume tends to be in such an extent that we can have our own staff. The rental model, the regulated market, which Sweden has, allows a property owner to get a discount on investments that increase the standard in an apartment, then the feeling after renovation is to be regarded as a new feeling. The level of upgrade can vary depending on the level of the apartment, But when and if Klarbo performs a total renovation, it includes, as often, a new floor, a new kitchen, a new bathroom, new electricity, handling of existing pipes, etc. With our industrial thinking of this process, har vi arbetat fram en modell som i snitt över de lägenheter vi renoverat har vi arbetat fram en modell som i snitt över de lägenheter vi renoverat har vi arbetat fram en modell som i snitt över de lägenheter vi renoverat kostar 6300 kronor per kvadratmeter kostar 6300 kronor per kvadratmeter kostar 6300 kronor per kvadratmeter inklusive MOPS. inklusive MOPS. appliserar vi denna kostnad på våra appliserar vi denna kostnad på våra appliserar vi denna kostnad på våra huvudsakliga klusterområden där vi huvudsakliga klusterområden där vi huvudsakliga klusterområden där vi utför merpart av våra uppgraderingar utför merpart av våra uppgraderingar utför merpart av våra uppgraderingar i Trelleborg, Helsingborg, Vis Where the agreed rent increases after renovation go up to about 35-45% higher, we then get a discount, that is, a yield of cost in the span of a high 8%. This will in turn be compared to the fact that the properties that book value have a direct discount requirement of just under 5%. The difference is therefore the value change that is shown on the value changes in the series and creates shareholder value every quarter. This shareholder value is visible in the picture that is now shown, partly through the graph to the left, where we see how much the rental value development for comparable portfolios under the period 2019 to and with today. And then more of this is in the later years. To the right, we have a more financial perspective on the graph, which illustrates this in net value change. If we look at the graph to the left, we see that for comparable stock, the rent value has increased during the period that the graph shows, with a total of 48 million kronor. Which annually, on average, for six years, corresponds to a total of 8 million kronor. If you apply a discount on this at 4.7, This corresponds to an increased asset value brutto, ie pre-investment of about 170 million kronor annually, which in turn gives a result per share to the shareholders of 0.7 kronor. In addition, there is of course an annual rent increase and the usual income in the portfolio. This is thus the company's organic growth on assets that the company already owns today. If we jump over to the right part of the picture, we first see how the value creation has looked from the period 2019 onwards. Today, we can then see that we have increased the real estate value netto to the shareholders, that is, after investments for the completed upgrade of 590 million kronor. To the right, we see 12 months rolling, and there we can see that the rent has increased by 9.4 million, And if you take a discount requirement of 4.7, which is then for the housing, it gives a net property value increase of over 100 million kronor. This is a receipt that our business model works regardless of what the environment looks like. and that we manage to deliver very attractive sales levels to the company's shareholders. To this, it is of course important to point out that the company's real rate of rental, that is, the number of apartments that are rented and set up for renovation, remains at a very attractive level of about 97%. This is a key number that we continuously follow, and it is a receipt that the product is in demand over time. Our cluster focus continued to be a significant target during the year and has contributed to a number of transactions during 2025 and the beginning of 2026. Through the communicated businesses in Helsingborg, the exchange business as well as the sale of non-strategic assets, we have increased our cluster share from 44% to 59%, which is a significant shift. Then we add the dense areas with a population of over 70,000, such as Malmö, Sundsvall and Gävle, so of course the share increases even more. This means that we get an increased geographical concentration, where we have reduced the number of plots, while strengthening our size and operational scale in more prioritized plots. The conditions for effective management and the values ​​of the renovation have thus been significantly improved and give a clearer picture of the geographical orientation and goals of the company. With this as the basis, så gör det enklare att fortsätta tillväxten på utvalda platser och områden runt om i landet. Slutligen konstateras att under det första kvartalet så har verksamheten visat på en operativ utveckling med 38 färdigställda lägenhetsrenoveringar med en avkastning på 9,3 % för kvartalet. which is higher than both the long-term average of 8% and last year's average of just 9%. One positive trend is the direct result of extensive optimization work, where the portfolio is re-edited to create maximum value in line with the company's strategy and good cost control in value creation. Despite a more challenging economic climate, the degree of reduction has remained at a high level. The stable degree of vacancy is explained by a healthy portfolio structure and a clear geographical focus. At the same time, the rents have been strengthened through a combination of general rent adjustments, implemented renovations and strategic net use. On the financial side, the company has acted proactively during the quarter to reduce the financial risk. By extending the loan period, widening the financing sources and reducing the short drop days, we have managed to reduce the margins and improve the liquidity position, which contributes to us partly buying back shares, We have proposed annual allocation for the first time and we have maintained the same pace of investments in our own portfolio. In summary, the company delivers operational growth while an active management and financial optimization create a stable platform for continued value creation. Med det så är presentationen slut och vi öppnar upp för frågor genom handuppräckning.