Nivika Fastigheter AB (publ)

Hej och välkomna till dagens FinnWire webcast med Vika Fastigheter. Det var med oss vd Sverker Källegården och CFO Daniel Karlsson. Vi kommer att börja med en presentation följt av Q&A så om ni har några frågor så går det bra att anna formuläret till höger om sändningen. Med det släpper vi ordet till er. Varsågoda!

Thank you for that. Welcome to the presentation of the quarter for the third quarter of 2025. My name is Sverker Kjellgården and I am the CEO of the company Daniel Karlsson. Let's start with some slides about Nivica as a company. We are a small real estate company with the purpose of long-term ownership, managing and developing high-end commercial properties and housing. Vi tror på en lokal närvaro och finns lokalt förankrade i alla våra marknader där vi är efter den västsvenska triangeln och även i Växjö. I Kalmar har vi också personal på plats och den här närheten att det ska skapa och göra oss till en attraktiv, trygg och långsiktig fastighetsägare. Vi har en diversifierad fastighetsportfölj, idag värd 12,7 miljarder, varav 37% består av lätt industri och lager, 9% består av kontor, 8% consists of trade, hotels and restaurants, 7% of public housing and 36% of housing. We have a contract value of approximately 800 million SEK. We own 222 properties. We have a rent of 96% and almost 670,000 square meters to rent. Our real estate portfolio is growing and happily enough, which I am extremely proud of, there is a positive direction on most key figures, if not all. We have a real estate portfolio of 12.7 billion, as I said, a net reward rate of just under 50%. We have a value of 6.4 billion. A 5% drop in our own capital. We have rental revenues for the period of SEK 765 million. And the surplus has increased to 73%. We have three branches within Nyvika that I was going to describe in the following slides. The first branch is our commercial branch, which is our largest. And that is, as I mentioned earlier, mainly light industry and storage. We have two very good examples in the pictures here. The first is Svepack, which is located after E4 in Ljungby. No, the upper picture and the lower one is Götessan Industries, which is located after Riksväg 40 in Ulricehamn. During the quarter, we have acquired three more properties of a total of 7,7200 square meters. A rental value of over 7 million SEK and it adds over 91 million SEK in property value. We have a positive net rental of 8 million SEK. We have an average valuation of 6.7% in the commercial portfolio. An average remaining rental time of 5.4 years. We still see a very good demand for our premises and we can continue to purchase properties for a very good discount. Our own self-storage concept called Mitt Lager is also part of the commercial branch. We have a property value of SEK 7.5 billion, a contract value of SEK 535 million, we have an exit rate of 94% and approximately SEK 520,000 per square meter to rent. We go on and look at our housing. We own about 2,800 apartments today. About half of them are built by ourselves, so they are very modern and green properties. During the period, we have expanded a building right in Jönköping to a value that exceeds the existing value. We have an average valuation of the housing stock at 4.5%. And we have a very good demand for housing in all of our cities. Within the housing sector, we focus on operation optimization and effective management to increase the cost. We have a property value of 4.5 billion SEK. We have a contract value of 279 million SEK. The exchange rate is 99% higher and it is almost 160,000 square meters to rent out. The third leg is our project business, which has been very successful over the years. During this period, we have completed two projects. The first is a new building on Breda Sten in Värnamo, at Rudhäll Industri, which is a Bufab company, and they are grocers for another industry. We have built a new main building for them at almost 2,600 square meters, with a rent value of 2.7 million. And in Habbo, a very prosperous and growing municipality north of Jönköping, we have built a new facility for Hjem & Fix on about 1,100 square meters with a rent value of 1.4 million. We have ongoing buildings in Gislaved and Alvesta that will add up to 40.6 million in rent value and 22,000 square meters in area. This will be completed during Q4 2025 and 2026. After the end of the quarter, we have also started a new construction project for the IT company NetMind in Breda Sten in Värnamo. I will now talk a bit about sustainability. We have had it in focus since Erika started and was founded in 2000. What was good for the tenants and what was good for Nivica was something we invested in, because these are properties in Småländska. Solar energy is an example where solar cells on the roof are very suitable when you have industrial properties, because when the sun shines, the production is full. And then you get direct working electricity right down in the business and we don't have to invest in expensive battery solutions. And more parts of our properties have solar cells and the possibility of electric car charging today. If you look at the stock exchange on noted properties, we place ourselves in the top 10. when you see in absolute numbers how much solar energy we produce. If you look at it in relation to the size of the portfolio, we are on top. We have an energy consumption of an average of 82 kilowatt hours per square meter and we have 43% of our property portfolio is green according to our green framework. which aligns with the EU taxonomy. We have also received our climate targets approved by the Size-Based Target Initiative, according to the new global standards for the construction and housing sector. If you look to the right, you can see our energy class on the properties, which we are extremely proud of. We have a very green portfolio. 56% of the portfolio has energy classes A to C. Only 6% have energy classes F and G. This means that Nivica has no sustainability debt built into our portfolio. It will continue to be a very green and nice portfolio in the future. I'll pass it over to Daniel for some figures.

Thank you. A few highlights and essential events during the third quarter. I'm going to start by talking about our financial goals, which you can find at the top of the slide. During the third quarter, Nyvikas board decided to introduce a new financial goal. That the average tax on your own capital should go up to at least 12% in the long term. At the same time, the previous financial goal was to achieve a property portfolio of at least 15 billion, where at least two-thirds would be commercial properties by the end of 2028. If you look at the decline in this new financial goal, we have reached 7% over the last five-year cycle. If you look at the last 12 months, we have reached 5%. So this is an ambitious and challenging goal, but also a very stimulating goal to work towards and focus the business towards. This change was made in order to further emphasize the focus of Nivica on growth in income and cash flow as well as transfer to our shareholders. Other financial goals. We will achieve an annual growth in the administrative result per share of at least 15%. There we reach 16% over the next 12 months. We also have a net loan rate that will go below 55%. We are just under 50% there, so that is also within the target. And finally, the interest rate, which is supposed to be 2.0 or higher over the next 12 months. And even there we are at our target. For the quarter, We had revenues that rose by 9%, our operating net rose by 11% and our administrative results by 14% year-over-year. We reached an excess rate of 79% in the quarter compared to 78% previous year. We have, as Sverker, been talking about a continued high rate of eviction. We put 96% of the entire stock, 94% commercially, respectively 99% on housing. And during the quarter we have acquired three properties that add up to a property value of 91 million kronor. It is partly a sale-and-lease back-office in Ljungby and then two properties in Varberg, where we also took over the existing self-storage business, which we are continuing under the brand name Nevika Mitt Lager. We have also expanded the building rights for housing in Jönköping to a underlying property value that has exceeded the value of approximately 10%. And as Sverker has mentioned, we have also completed two projects that total over 4 million in rent value. We have also been active in the capital market and made an emission of a non-secured green obligation, 400 million within a frame of 800, with a run time of approximately three years until January 2029. And it was done on a credit spread of 250 points. Which will be compared to our obligation issuance at the end of 2024, where we reached 325 points at the same time. It should also be mentioned that the obligation issuance we did in September was at the lowest credit spread the company has achieved. During this period, we have continued with stock repurchase. We have repurchased stocks for a total of 12 million. And if you look at the current stock repurchase program that has run under Q2 and Q3, we have repurchased stocks for a total of 19 million. We have a reminder from the board to buy back shares up to 100 million before the start of the first quarter of 2026. And these bought back shares have also been used as partial payment for the property acquisitions that we have carried out during the quarter to a rate that exceeds the current rate at respective business occasions. If you look at the first nine months of the year, our revenues have increased by 11%. At the same time, our property-related costs have only increased by 3%, which sums up to an increase in the operating net by 14%. We then reach an excess rate for the first nine months of 74% compared to 72% year-over-year. This effect is both a result of our strategy to grow with highly efficient facilities, but also of course an effect of the running and daily work that we do in our administration, including energy efficiency. The costs for central administration fall, or decrease, by about 7% compared to the previous year, which is also a joy to see. Our financial net has risen to minus 197 million, which is an increase of 19% year-over-year. This means that the debt during the same period has increased by about 25%. In summary, our administrative results are up 14%. We have positive value changes from properties at a total of 63 million, of which 4 million are realized value changes due to the cancellation of building rights in Jönköping. Den orealiserade värdeförändringen motsvarar cirka 0,5% av det viktade fastighetsvärdet för perioden, så det är modesta siffror. We also have value changes from derivatives that load the result with 25 million. It is important to note both when it comes to unrealized value changes in properties and value changes in interest derivatives in that they cause cash flow impact. We summarize the first nine months of the year to a total result of 196 million, which corresponds to approximately 2 kronor per share. We also report an ability to identify. And here I will, for the sake of clarity, say that we report our ability to identify on October 1st, which then includes the properties that have reached the same date. I will also, for the sake of clarity, say that the ability to identify is not a prognosis, but a momentary image based on certain given assumptions. But in terms of our income, we have a revenue of 291 million SEK in 12 months, which is approximately SEK 3 per share. Moving on to financing, at the beginning of the quarter we had interest-bearing debts of SEK 6.8 billion. This is an increase of 7% quarter over quarter and this increase is to the absolute majority due to the mandatory emissions that we carried out in September. The loan is mainly made up of banks with 87%, then bonds with 12% and then the rest of the loan is 1%. 33% of the financing is green. It is made up partly of our two green bonds of 800 million, but also of green bank loans of 1.4 billion. And we continue to work actively to increase the proportion of green loans further. We have also increased our share of interest savings somewhat during the quarter. Today, we have 66% of the portfolio in interest savings, but with a duration of 2.6 years. And interest savings occur mainly through interest swaps, but also to some extent with traditional fixed interest loans. We have an average interest rate at the end of the quarter of 4.2%. It is a decrease year over year, but on the other hand, it is at the same level as at the beginning of Q2. And this can only be commented on that we have had an interest rate drop during the third quarter, which has affected STIBs. But at the same time, we have also issued an obligation that runs with a The average income is higher than the average income. This has counteracted the reduction in the average income. Our net credit rate rose to just under 50%. I would like to comment that we continue to see a very positive financing climate, partly exemplified by the obligation emission that we carried out during the period, but we also see a very large appetite in our banks, including falling credit margins. We had a cash flow of 471 million SEK at the start of the quarter. In addition, we have unused Czech credits, revolving credit facilities and construction credits, which is why the total liquidity rose to almost 1.1 billion SEK. We are reporting our own capital at 5.7 billion SEK, corresponding solidity at 43%. And if you look at our long-term substance value, which is mainly made up of our own capital, but in addition to tax and interest-derivative debt, it amounts to approximately 6.4 billion SEK, correspondingly 67.2 SEK per share. And I can just briefly comment that we have a limited growth in our substance value per share for the quarter, despite the fact that we make a result of 110 million. And this is due to the fact that we have partly loaded our own capital with both the quarter's allocation and the coming two quarter's allocations after the announcement from our reviewers. Yes, then...