Platzer Fastigheter Holding AB (publ)

Welcome to Platser's Q1 report. My name is Johanna Hult-Rentsch, CEO. And I'm here with me.

Fredrik Sjölin, CFO.

We'll start by summarizing this quarter. Our strategic investment a few years ago on logistics and industry gives us a change, and it's a great contribution to our business this quarter. We've made a big investment in Volvo Cars, on 15,000 square meters, which is the majority of the 22,000 that we have rented out. Industrial logistics also contributes strongly to our net sales, which we will come back to a little later. We have a positive net sales of 3,000. This quarter is also the 14th quarter in a row. And we have also secured nice project opportunities in our current portfolio and been able to make them a little more concrete, which we will also come back to in industrial logistics. If we look at the business as a whole, we deliver a nice income increase of 15%. It is an increase of about 47 million per quarter compared to the quarter last year at this time. We also have an increased turnover of 18%. It is, of course, the result of a solid and sustainable work from our organisation and we are very proud of this. We also have a higher administrative result despite a higher debt volume and higher interest rates, so we are in favor of this in a good way. Then the capital market has climbed up for us and also reached our segment BBB- and we took the opportunity to take advantage of that situation and have emitted 350 million SEK in a green obligation during the quarter. A little bit about the market situation in Gothenburg. We are, as you know, in a low-income situation as the rest of Sweden. Our region has held up quite well in this low-income situation. And a little better, I would say, than the rest of Sweden. The purchase manager index is now showing a little more positive and it feels good for the future. We are of course humble because there are industries that are struggling. Construction and trade are some of them, but there are also industries that are doing very well. We are a city of knowledge and an industrial city and the manufacturing industry has gone well. Sweden's export capital, with the US as the largest export country, was 23 times better than the rest of Sweden. Container volumes in Gothenburg's port increased by 3%, for example. And the city is growing. It is growing regardless of how the economy looks. We are now over one million people in Greater Gothenburg. Arbetslösheten när vi gick ut 23 låg på 5,7 men nu ligger den på 5,8 så den har stigit något. Den ligger en dryg procentenhet bättre än landet i övrigt dock. Sysselsättningsgraden den är också svagare än vad den har varit tidigare men den är fortsatt positiv. I Göteborg så kan man säga som så att You expect 24% to become 1.4% when you look at the most important markets when it comes to the regional BNP growth. And 25% you expect from the Konjunkturinstitutet that this will increase to 1.9%. So a little weaker, but still better than many other parts of the country. In the last ten years, we have had a very strong regional growth in the region. We have been at 72 percent. It is almost the level of China. The EU is at 17 percent. So we have a fairly high, we come from a fairly high level. But with that said, we should be humble in that the longer a low-income community remains in itself, the more it affects our tenants. We are hopeful, but also because it varies quite a lot between the industries. But what is it that makes Gothenburg stand up to a little better than many other parts of Sweden? Well, something fundamental is happening here right now. We have very large investments coming in. We have taken an example here, which is the Novo battery factory at 30 billion, where the stoma is being moved right now. And this factory is right up to our stock in Arendal, Torslanda. We have also been assigned to the most attractive city for future workers through the Talent City Index, which is held every year. And it is quite unusual that another city, so to speak, takes over the capital, but it is obviously the case that many opportunities are created here in our city. We have a lot of research resources, 34% is the highest in the country, that goes to the Göteborgsregion. And that of course helps in this innovative environment. And we also have a lot of focus on cluster building, where we connect some of the 750 companies that are represented in the city. And it becomes magic. And I think this is the background to why we stand strong. I will now go into the industry logistics segment. Vårt affärsområde som har bidragit väldigt fint till vårt resultat under det här första kvartalet som jag var inne på. Göteborgsregionen toppar ju listan 22 år utav 23 om man tittar sedan mätningen startade här 2001 när det gäller Sveriges bästa logistiklägen. Och det är klart att med hamnen, tåganslutningen och flygplats så är det svårt att slå det här läget. Och vårt bestånd ligger i det allra bästa läget inom Sverige. with connection to the port. Here we have a map of where it is located. For those of you who want a little insight into Gothenburg, it is the grey dots here that are our assets. We have both existing administrative facilities and a lot of projects. If we look at the Gothenburg market and industrial logistics, we have very low vacancy rates. They are below 3% today on the entire market. This is a strong demand. This demand has never really gone out of the market. And now we see that e-commerce has picked up a little more. The transaction market has actually been the one that has worked in the real estate industry all the way. It exceeded about 25% in the last measurement we got here at Transaktion from JLL. And it is actually the largest volume of transactions during the quarter. There is a lack of demand on the market, or rather there is a lack on the market, but there is a strong demand, I would say. And that is what we are aware of and can benefit from. In Gothenburg, the industry and the logistics market is very logical. how that market completes our office stock. Today we have 402,000 sqm out of our 960,000 sqm which is actually industrial logistics. That's about 25% of our total value. And in this quarter, industrial logistics contributed with 60% of the operating net increase, which is exciting. I was talking about this with our development opportunities. We have 100,000 square meters that are ready to be built. And of course, these are fast projects that quickly generate a cash flow and a low risk of failure when we start them. So we are happy to see that we are growing in this segment. If we look at our largest segment and business area, which is offices, which is 75% of our value, we can summarize that with the fact that Gothenburg's office market shows a stabilization. We have had quite high volumes of newly produced offices that have come out in recent years and we are at a vacancy rate just under 11% now. It has dropped somewhat in the last quarter. It has not been made any transactions at the office since the spring of 2022, and of course we are all waiting for that to happen. The rents are unchanged or weakly increasing. This is the picture I have shown a few times before, but here you can see the office volumes that came out in 2021-2022. And we can see that not much has come out in 2023-2024, not even in 2025-2026, especially not in the rest of the city and in CBD. But of course, we have had a flight to quality, as we usually say, where we have moved to the new stock. The good news is that in 2023, when we went through that, we see that the issuance in the B segment actually goes around the A segment. So now we're starting to see that we get a positive net issuance in total in the market, even when it comes to our existing stock. And here we see the vacancy rates. Out of seven sub-markets, there are six sub-markets on a downward vacancy trend, which is exciting. And of course, it is a city that is growing. As I said, we grow with about 11,000 jobs here per year. Let's take a closer look at the net sales. Last quarter, most of our sales almost ended up in the office. This quarter, we mainly receive our net sales from industrial logistics. And here you can see very clearly how they complement each other, these two legs. This, I should say, despite the fact that we have had a large supply from Volvo Sveafjord of almost 12 million, which has been known to us for a long time since we actually bought this stock in 2016 and that it would happen then. But we have a positive net supply in total of 3 million kronor and out of that, industrial logistics stands for 11. Vi har också gjort fina omförhandlingar i kvartalet, framförallt en del större kontrakt. Omförhandlat värde är 39 miljoner. Det innebär att vi också har kunnat förlänga vår återstående kontraktstid från 51 månader till 53, vilket är ett sätt att minska risk för oss. Let's see what I mention. We have gone from 51 months to 54. With that, I'll hand it over to you, Fredrik. You'll talk a bit about the turnover.