Nivika Fastigheter AB (publ)

Hej och välkomna till dagens presentation. Det var med oss Nivika Fastigheter med vd Sverker Källgården och SIFO Kristina Karlsson. Om ni ska ställa frågor så går det bra att göra det från lärare till höger om sändningen så tar vi upp det under frågestunden. Och med det så lämnar jag ordet till er. Varsågoda!

Thank you very much, and once again, a warm welcome to the Q1 presentation for Nivica Fastigheter. My name is Sverker Kjellgården, and with me is Kristina Karlsson, the company's CFO. And since we also have company votes this afternoon, we have as speakers in the room also the company's chairman, Elisabeth Norman, and hopefully soon elected new board member, Knut Rost. In short, we are a small-scale real estate company and have as our business idea to long-term own, manage and develop high-end commercial properties and housing, and thereby to create slow, profitable and sustainable value growth over time. The business idea is to be local. We believe in the local presence that it creates the best business for the company. Apart from the main office in Värnamo, we also have offices in Värnamo, Jönköping, Växjö and Varberg. We have a property portfolio worth about 12 billion kronor per report day, each of which accounts for 63% of commercial properties. We have a contract value of SEK 782 million. We have 217 properties and a rental rate of 95%. Our property is concentrated in Småland with Omnej. We have Småland and the west coast. Vi har lagt om vår strategi lite grann och växer numera ut med den västsvenska triangeln. Det är en triangel som utgörs av vägarna E4, Riksväg 40 och E6. Varför de här vägarna är så viktiga är att vi har vårt lätt industrifokus och vi vet att våra hyresgäster och kunder efterfrågar lönn. the situation with these roads to enable fast and simple transports and in the future also sustainable transports when a charging network is built up of electric chargers for long journeys along these roads. Vi ligger också mitt i Gnosjöregionen, vilket innebär att vi är i Sveriges industrivagga och den industrimetropolen i södra Sverige, där det finns en enorm massa duktiga företag, men framför allt också arbetskraft, där en stor del av invånarna i den här regionen jobbar just i industrin. Vi fokuserar på industri, lätt industri, lager och har också lite grann kontor och samhällsfastigheter. If you look at the portfolio, it has a steady growth and we have stable finances and a good profitability. The property value was, as I said, over 12 billion and it is divided into 217 properties, which makes it a diversified property portfolio and we are not falling with a single property. Vi har en nettobelåningsgrad som ligger markant under vad som tillåts i vår finanspolicy. Vi har en finanspolicy som säger upp till 55% och vi har idag en nettobelåningsgrad på 48,1%. Tittar vi på tillväxten i långsiktigt substansvärdet så har den också ökat stadigt över tiden och ligger nu på 6,3 miljarder. Nivica is in an growth phase and we have a stable financial result and a high profitability. We have a rent value of 712 million and we have an excess rate of 68%. And there we have to consider that we come from our toughest months with the highest drift costs. We are normally around 70%. Under 2024, we have acquired 27 properties that together have a yearly rent value of 51 million and 47 thousand square meters. During the first quarter of the year, we have added 16 properties with a yearly rent value of 25 million and 25 thousand square meters. Moving on to sustainability, it has been in focus since Nivica was founded in the year 2000. Det här är just fastigheter på småländska och man ser över alla möjligheter för att få en bra och hållbar affär för både fastighetsbolaget och för våra hyresgäster. Därför har merparten av våra fastigheter solceller och elbilsladdning och haft så sedan de förvärvades eller byggdes. If you look at the listed real estate companies of the stock market today, we are in the top 10 among the companies considering produced solar energy. If you put that in parity with how big the portfolio is, we are in the price range. If you also look at what energy classes our properties have, and this is the same scale as if you buy a refrigerator or any other white marble A to G. And if you look down to the right, we have a broader axis than what we have in Rumpa, which is very unusual in a real estate company that focuses on commercial high-end properties. 50% of our properties have energy classes A, B or C when it comes to real estate value. And over 50% of our housing is modern and developed by Nivica. Under 2025, we will also join the Science Based Target Initiative. We are now working on setting the goals to report there. 45% of our real estate portfolio is green, according to Nivica's Green Framework, which is in agreement with EU taxonomy. Now we move on to the quarterly report. If we look at the summary, we have rental revenues of 189 million, which is an increase of 15% compared to the corresponding quarter last year. The operating net increased even more with 17% to 128 million and the administrative result increased with 32% to 52 million. Den ekonomiska utnyttjningsgraden är fortsatt hög, den ligger på 95% över hela beståndet, fördelat på 95% på de kommersiella fastigheterna och 96% på våra bostäder. Snitträntan i låneportföljen har fortsatt sjunka och ligger nu på 4,3%. Vi har i bolaget ett pågående aktieåterköpsprogram om 50 miljoner kronor som löper fram till och med idag, i och med att vi har en årsstämma. Under perioden har återköp genomförts till ett belott om drygt 22 miljoner. Och bolaget ägde per den 31 mars dryga en miljoner aktier av serie B. And for the first time since we went to the stock exchange, the board proposes a share of 0.64 SEK per share, divided into four payments. If we look at our targets on the right side, we have achieved one of them, which is that we are below the net loan rate, where we have a little over 48%. Vi har 12,2 miljarder i fastighetsvärde och målsättningen är 15 miljarder vid utgången av 2028. Då ska också två tredjedelar av fastighetsvärdet bestå av kommersiella fastigheter, vilket vi är på god väg med nu, i och med att tillväxten sker på högavkastande kommersiella fastigheter. Vi har en räntetäckningsgrad för kvartalet som ligger något under målet på två gånger. Det beror på att vi emitterade en obligation under hösten och ränteeffekten slår in omedelbart men i och med att vi förvärvar fastigheter kontinuerligt så har inte den effekten kommit in på intäktssidan på samma sätt. Så det här är ett måltal som kommer gå framöver. Förhoppningsvis så även tillväxten i förvaltningsresultatet i och med att förvaltningsresultatet ökar över tid också. Let's move on to the figures, and I'll hand over the floor to Kristina.

Thank you. As Svartge said, the revenues went up by 15% and our turnover by 17%, and this is a clear proof that the investment in high-impact properties and acquisitions that are made, will make it through in our results calculation. This despite the fact that we are looking at the quarter that accounts for the most administrative costs during the year. Tittar vi på finansnettot så är det 63 miljoner i fjol hade vi 58. Det är ju i princip i paritet och då ska man ha med sig att räntebärande skuld då är 17% högre nu jämfört med tidigare period och här får vi genomslag av den sänkta genomsnittliga räntan som nu då uppgår till 4,3%. The interest rate is 1.9, we had 2.0 at the end of the year and it is, as Sverker said, the obligation that gives the impression so far and we expect it to turn back to 2. We have a result per share for the period of 59 years. We have a value of interest rate of 15 and can have assets of 4, so it is very small movements at all. Tittar vi på fastighetspostföljen så är den värd 12,2 miljarder. 95 procent av fastigheterna är med kassaflöde på. Våra pågående byggnationer är värderade till dryga 200 miljoner. Vi har obebyggda mark, tomt och byggrätter för 300. Under kvartalet har vi tillträtt 15 kommersiella fastigheter, nio på västkusten, fyra som tillhör Värnamoområdet och en i Habo, som tillhör Jönköping. I Habbo har vi också startat upp ett nytt projekt, Geomo Fix, och håller på att bygga en bygghandel som ska vara klar i höst. Våra pågående byggnationer fortgår enligt plan och kommer tillföra 35 miljoner i årsinkomst. Från huvudsak detta året så har vi gissat det som kommer sommaren 2026. Tittar vi på finansieringssidan så har vi We have a capital bond time of 3.3 years. We have a interest bond of 2.6 years. And we have total swaps of about 3 billion and 400 million kronor in fixed interest loans. It gives a net balance rate of 48% and we have a 57% bond interest. We had 200 million kronor in the cash when we left the quarter. A net income rate of 48% and a net income rate of 1.9% and a solidity of 45%. The long-term interest rate per share is 65.83 compared to 63.12 last year. This increase is actually larger in crowns and ears, but since we have expanded the share to a new version in 2023, it does not go through fully.

Tack för det, Kristina. Om vi ska summera och komma med lite nyheter. Igår kväll tecknade vi avtal med Rostig GP, avslöjande uppförande av deras nya produktionsanläggning i Gislaved. Det är någonting som vi har pressmeddelat tidigare, att vi hade ett LOI. Men idag är det här ett faktum. And we will now build a production warehouse and office facility of a total of 14,000 square meters with the possibility of emigration to 19,000 square meters. And this will be completed during the second half of the year 2026. We have also signed an acquisition of a property with E4 in southern Jönköping. It is an industrial property with a triple net agreement and it will strengthen our results per share as well as the operational cash flow. And there are also several interesting commercial objects, especially in light industry, within our geography that we evaluate. We also have several inquiries from tenants about adjustment and expansion of spaces. And on May 19, Kristina will be replaced by another Karlsson when Daniel Karlsson starts as the new CFO at Nivica. Det var allt vi hade så då tar vi gärna emot frågor och svarar på dem.

Thank you very much Sverker and Kristina for that presentation. We have received a lot of questions and we will take the first question that sounds like this. The rent in Q1 was largely unchanged compared to Q4, despite the fact that you reached properties with a total annual rent value of 36 million kronor under Q4 and Q1, as well as a positive net rent of 7 million kronor in Q1. Could you explain this development and what has happened with the rents during the first quarter of 2025?

Yes, that's right. The acquisitions do not occur... They come in succession and there is not a quarter effect on all of them. But it is not that we have lowered the rent somewhere, but it is... I don't know if you have a better explanation for that.

Yes, but the bottom line is also that the net rent is when you have signed the contract. So the obligations when we sign the contract, because they go through in the net rent. And that means that we don't have them in the results, but we have them in the online magazine. So that's the big explanation there, that a whole lot of the positive things are newly signed houses. Among other things, as we said, Gem & Fix, which we build here in Jönköping, for example. It goes through the figures first in September.

Thank you for your answer. How would you say that the interest is in Nybro and Gislaved for your safe housing as well as the vacancies at Breda Sten?

In Gislaved, it is not yet completed, it will be completed in the second half of the year 2026. But we have interest in inquiries from both regular apartments and safe housing there. Nybro has been slow to rent out. There we will do so that one of the properties becomes a regular apartment and the other a safe home. We hope that the vacancies that we have will go down there as well.

And how much do you expect to get down in the average income in the coming quarter?

Vi lämnar ju inga prognoser och det handlar ju också om att marknadsräntan tar vägen. Vi har ju inte 100% underränta så det är klart att tre månaders stiv får en påverkan på oss. Att säga om den räntan i dagens omvärld är det jag inte är rätt person att göra.

Jag förstår. Hur skulle ni säga att möjligheterna ser ut att växa längs med E6-benet som det kallas? Just då tänker du att konkurrensen där är ganska tuff ändå.

We have a great opportunity to grow after ESX as well. It is a prioritized market for us. As I wrote in the report, the more business we do, the bigger our network and our brand will be known on that market. So we see an increase in demand. We do many of our business off-market since we are a strong local actor. And the more business we do, the more eyes we open for Nibica. So we have a number of questions that we evaluate. So we see good opportunities to grow with ES6.

And you have bought and added a large number of properties already this year. A helicopter perspective question then. How do you see the transaction market right now? Would you say that it is easier or harder to find each other as buyers and sellers?

No, we have never really seen that there has been, from a transaction perspective, a limitation for growth for Nevica, even in tough times. Since we are a local actor and we have a local organization on the markets where we are present, we are the natural target for many of these types of properties, especially when it comes to Salem-Lisbac businesses. It has been the access to capital and that the interest rate has been so high that it has been a little harder to grow during periods. But we put the obligation to very good conditions for Nivica during the autumn and since then it has been tough. We see positive both on the market we are in today and the market forward.

Har ni realiserat några hyreshyrningar under Q1 och i så fall hur mycket procentuellt indexering och bostadshyra?

Avtalet gav för bostäder knapp 5 % för 2025. De kommer att falla in här framöver.

De är ju utfaktorerade från januarihyran. De är med redan in i Q1.

Kommersiella fastigheter gav väl runt 1-1,5 %. Det är det som vi får med oss.

I understand. And you mention strong net inflation. How sustainable would you say that this trend is given the macroeconomic situation and potentially increased vacancy rates in the industry?

Since we have a relatively high inflation rate, we have 95% inflation, so of course it is difficult to lie with positive net inflation every quarter. But we see positive in this and we have no... We are in the Gnosjö region, which is a very sustainable region. It has shown sustainability and sustainability over time, no matter what the conjecture is. Without having any theoretical evidence for it, I think that this region is more sustainable than many others when it comes to the number of competitions. Vi ser positivt på det och vi siktar på att hålla vår målsättning när det gäller utbildningsgrad och ligga runt de nivåerna där vi är idag.

Ni beskriver ett gott renommé och goda affärsrelationer. Hur arbetar ni lite konkret och strategiskt för att bibehålla men även vidareutveckla de här i en ganska tuff marknad?

I have the privilege of having the founder of the company left in the company, Niklas Bergman. He works with business development and on foot and out in our regions and looking for acquisitions and also for dealerships. This is in parallel with the fact that we are building strong local organizations in Värnamo, Växjö, Jönköping and on the west coast. Our goal and strategy is to have an increased presence in the market and in the local business life. If you don't see it, you don't exist, but you have to be present and meet a lot of people.

And then we take a final question here. What effect do you expect upcoming projects such as the electric car mack and the new head office to have on revenue but also cash flow?

Yes, we saw that in the picture when we showed the project, how they are going to enter. Let's see if we can get to that picture. There we have it, where we have the refuge. It will contribute 3 million together with the motel and we are also building the hotel that is next to the office in the same project. So 3 million it will contribute.

Bra. Det var alla frågor vi hade här, Sverker och Kristina. Jag får tacka er för att det tog er tid att presentera rapport här hos oss idag. Och jag önskar alla ett riktat stort tack som har följt dagens presentation. Tack så mycket!