Platzer Fastigheter Holding AB (publ)

I'm Johanna Hultrensch, and with me is my well-organized CFO, Ulrika Dannisson. Welcome! Thank you, it's great to be here. I thought we would start today with an infusion of places. For those of you who don't know us well, I'll say that we only exist in Gothenburg. And if it's good for Gothenburg, it's good for places. This city is in the middle of a strategic crossroads with a transatlantic harbor and with three main cities in three different directions. We are the hub for the industrial transformation that Sweden stands for. and also have a very solid history with industrialization. Today, we actually have more employees in knowledge-related industries than just industry. And our most common occupation in this city is civil engineer. A little bit about places like that. Today, we have a property value of almost 29 billion kronor. And 22 of them consist of offices and seven of industrial logistics. And we think one of our strengths is, of course, to know our market very well and with that also to be able to live close to our customers. So that's our focus. We have a large construction portfolio of 350,000 square meters that we intend to develop over time. So it's a short influx. runt vilka vi är på platser. If we look at the results of this quarter, I would like to summarize it as a very nice result. It is a whole organization that works for an increased net of operations and for an increased administrative result. Our net of operations has increased in the quarter by a whole 8% in the comparable amount. As I said, it is a lot of effort to achieve that. In addition, there are our projects that also deliver. What I am especially happy about is that even though we are in a low-income situation, we have a good rental development. During this quarter, it is 12% and 15% during the whole period. And that is very exciting. We have broken the trend that we have had under many quarters with positive net exposure. It is minus 42 and the largest part of it, 32 million, is due to the decrease in the number of people in healthcare that we have known since the spring of 2022 and that has also been communicated. So for us it is of course not a surprise, but it is also something that makes us want to restore this property and fill it up with other concepts and other tenants in the future. The rental market, if we stop at that, is somewhat watchful from the summer onwards. We notice a little less activity. If there is a follow-up at the office to this weaker conjecture that has held on, or if this is a trend that will continue, we'll have to see. To sum up the period, it looks like this. I'm not going to go into too much detail on this. Fredrik Sjödin has left us, or will leave us, as announced. I have support here from Ulrika who will take over in a moment. Vi har färdigställt två stycken projekt i det här kvartalet inom industrilogistik. Ett projekt på 13 000 kvadratmeter och internationella engelska skolan som ligger i Södra Engården. Ett stort stadsutvecklingsprojekt där vi har varit den drivande parten och utvecklat en stor detaljplan. Det är 2 000 bostäder, arbetsplatser, skola, parkeringshus och väldigt mycket stadsnära city life that we are developing here, and the school is the first with its 900 children who came in here when the fall opened. The market situation in Gothenburg, to go into it a little more in depth, looks like this. We have a normal weak economy in Gothenburg for the third quarter in a row. It is not a purely low-cost conjecture, except in construction, but in the rest, trade has recovered and it is in a normal conjecture, while the growth industry and business-oriented services are in a normal weak conjecture. And Gothenburg has done well in terms of growth, a whole lot better than Sweden in general. We have continued to have the lowest unemployment rate, even if it rises, as in the rest of Sweden. And we have had an growth rate that has fallen almost on Chinese levels, if you remember my previous reports. Of course, we feel that the connection has been weaker for a longer period of time. We do this mainly within the office segment, while industrial logistics continues. We are very happy about that, so it is good to have these two segments. If we look at what drives our conjecture, we have a very strong export history in Gothenburg. We have an export value that is more than double than Sweden in general. The major export products in Sweden are of course vehicles, but also petrochemicals and medicine. All three industries are led by us in Western Sweden. So there are many things to look out for. There are 750 industries that run this economy, and 75% of the local and regional products are run by private businesses. And that's a difference compared to other markets in Sweden, which may have more authorities and that type of business that helps to run. Vi har ju en hamn som går väldigt bra. Den här gången är det de nya rekorden inom importen som har ökat med 5%. Det är ju över 50% av all container-trafik som går till Sverige, som går genom vår hamn. Det sker ju väldigt stora investeringar i den här hamnen. It's an electrification of tanks, it's hydrogen production, it's danger deepening, so big infrastructural investments. And our stock in industrial logistics is in the harbor, so we have a lot of good about it. Vi ser också att vår region satsar väldigt hårt på forskning och utveckling och har det i särklass högsta bidraget från det privata näringslivet när det gäller satsningar inom forskning och utveckling. Just de här faktorerna gör att den här staden klarar sig lite bättre än på andra ställen. Om jag då ska gå in på kontor och den marknad som vi befinner oss i där. So it looks like this, that we have a vacancy rate that is at a little over 11%. It is at the same level as it was a year ago. It has actually gone down somewhat in the last quarter. It is a result of the large office volume that came out on the market in newly produced 2021 and 2022, which we are still working on. But I would also like to mention that, given that we are now having a planned out vacancy, you should also remember that 90,000 square meters have been added, that is 3% of the stock this year, and yet we have a planned out vacancy. This means that the office market and office employment are actually growing, and I think it is important to remember that. We have not had any transactions at all in this market. However, if we go back to the rental market, we see that the rents are stable. They increased at some top levels in central locations. But in general, the rental market seems to be the most stable in Sweden, according to JLL's latest report that came out last week. So it did well. Here we have a picture that shows what the exchange rate looks like in the future. You can also see the high exchange rate that came in 2021-2022. We can also see that the exchange rate in the future is very limited. I mentioned that about 3% has been raised in the past year, but on a normal market, we usually talk about 1.5% being the level that The rate of vacancy is not that high when it comes out so much on the market as it has historically been. But if we look ahead, there are a lot of limitations in how much new production on the office comes out on the market. And that means that in the long run, the rate of vacancy will go down. If we then look at industrial logistics, which is our second leg, then that market looks like this. We have a vacancy rate that is low, it is at 4%. It has been a volume of transactions that is actually good, both in this market in Gothenburg, but also in Sweden. It is estimated that it will be back at levels of about 2015. In Gothenburg, the land is quite limited, which means that the opportunity to get new projects is quite limited for many. We have a nice offer here of 110,000 square meters of buildable land that we can use in our portfolio. The rental levels are also good and constant. The e-commerce is increasing slightly. Networking, which is perhaps the weakest part of our report this quarter. As I mentioned earlier, we have Mölleke Healthcare, which has set up its site and is going to move to Mölndal, to the municipality where we are going to invest in MIMO in the near future. And yes, it's nothing new for us, so to speak, but of course it gives us the opportunity to switch this property to something that can generate a project in the near future. If we look at our customer structure, we have succeeded in our negotiations. We have an average contract length of 4.3 years or 52 months, which is the same as four years ago. This means that we have succeeded in our negotiations, that we can keep this. If we look at the transfer structure, we have quite a few transfers within the nearest year. Most of it is 29 and onwards, so it is also a way to reduce risk. We have also improved our economic growth rate from 92 to 93 percent, which we are happy about. Ulrika, I thought I would hand it over to you now, so you can tell us a little more about the financial development in the isolated quarter. Thank you very much.

I will try my best to present the Q3 and the delivery in a fair way. Platser levererar ett väldigt bra isolerat kvartal och jag kommer fokusera på det isolerade kvartalet för det är ju det som är nytt så att säga. Vi har en tillväxt i driftnätet och förvaltningsresultatet om 21 respektive 35 procent och det är ju otroligt starka siffror. Men då ska vi komma ihåg att för ett år sedan i Q3 så fick vi in about 19 million in costs that would not have been there. This corrected the company in Q4 last year. This means that the second half of the year is justifiable, but we have a gap between the quarters. We should remember that in this analysis, but above all we should remember it when we are in Q4. If you adjust for these 19 million, we have an increase of 13, respectively 19%. That is still very strong. We have come back to how it has managed to be created. The real estate portfolio is up to about 29 billion SEK, as Johanna said, we directly own. It changes quite marginally in the third quarter. We also have capital allocation to Jivo and interest companies of about 660 million SEK. And in them lies a underlying property value of about 3 billion, which has had positive value changes in the third quarter, driven by two things, I would roughly say. It is both project profits and the logistics industry that has improved the cash flow in the other offices. Our credit-related key figures, yes, this strong cash flow makes our financial position improve. We have a debt rate that goes from 2.1 in Q2 to 2.2. We have a debt rate or net debt through EBITDA that drops to 11.4. I actually think that it is the best since the place in the stock market was noted in 2013 and we are now starting to be on quite reasonable and good levels. för det här bolaget. Vi har en belåningsgrad som taktar ner något 49.7% compared to 50% in Q2. But as I said, we also have capital allocations to given interest companies. We also have a budget of about 200 million kronor. Instead, we would place interest-bearing debts in relation to total assets, which may be more justifiable. And then we are down to a loan rate of around 47.6%. So there is actually a 2% difference. But if we focus on how, then I would like to share it in the three business units. We have administration, we have projects and we have transactions. And then there is a number of other people who support this delivery, of course, not least the publishing house. If we start with the administration, we have given an example of the comparable stock, that is, those who have been in the administration for two years. That increases its net profit. The third quarter is isolated at 18 million kronor. That is 8% growth. In that part of the portfolio, it is really strong. We also have the project that contributes even more, with 24 million SEK. Last year, we have a series of completed projects that came in this year. Johanna mentioned two of them this quarter. These two increase the growth rate in Q3. And then we have acquisitions, 17 million plus, and this is where the 19 million that I flagged initially lies in the acquisition of previous years. So it's not plus 17 if you were to adjust, but it would be minus 2. And that means that if you adjust for this, you can say that half of the growth comes from very good work in the administration and half of the growth comes from very good work in the project. If we then go to our valuations, I said that it was a very marginal adjustment. We invested about 200 million kronor this quarter. It is about the same pace as the previous quarter. We wrote down 100 million kronor, which is 0.4%, so there are no dramatic movements. And that is the cash flow driven on the vacancy side. And this means that we have very marginal movements. We are going up with an average yield of 509 against 508, but don't see it as big changes. It's more that we are on this decline margin that makes us tip over. And if you want to keep up with the property, generally speaking, and try to zoom out a little, then it is as if we experience that the yields are stable. We see that there is a lot of capital allocation to the sector, both from the obligation market and also from the stock market. There have been quite a few new emissions since spring in our sector. And of course, all this capital has to come from employment. What it means for the real estate market remains to be seen, but it does not start to be negative. And then we come in on, above all, the strong movements of the real estate market, both this year and with a little perspective on time. We have borrowed a graph from one of our banks that will give an expression for this. I think it is a good reflection. The graph consists of an index of a number of companies in the BBB world. It is a five-year obligation. The average price is now around 140 points. There are of course companies that have both lower and higher prices. And we see that it has moved about 100 points since the change of year in huge movements. We are back on levels that were early in 2022. If we want to stretch out in the direction of the trend, we are actually back already to 2019, that is before Covid. Of course, there have been changes in between, but there are powerful movements, which is positive for us as borrowers. Den korta delen av startmarknaden är också väldigt pigg. Vi har nu ungefär en miljard i utställd volym mot 700 i Q2. Vi printar nu på ungefär 70 punkter för tre månader. Det var 80 punkter i Q2. Det var 85 punkter i årsskiftet. Så även här så är det gynnsamt för oss som behöver låna pengar. If we go to the other important market, the interest market, it has also been beneficial for us borrowers. Short-term, it has fallen due to the actions of the Riksbank by both lowering the interest rate, but also by creating an expectation of further interest adjustments. And you can see the black line, there are a lot of lines in this graph that show the price of the market in the future. Here are some of the banks. The Riksbank has a more cautious view on the timing. Here are also some banks. There is no full consensus on how fast the cuts will come, but there is consensus that they will go down. If you look at the long-term interest rate, which I find interesting, it's a red line with a slightly longer line, which measures out a five-year-old and a ten-year-old, and the pricing of the market here and now, you can actually reflect on the difference between short- and long-term interest rates. Is the gap large enough? Or is the long-term interest rate going up? And the long-term interest rate has actually moved. We have about 235 points in ISH, at least yesterday. And of course, in September, early October, it got a five-year rate of 200 points. And that can be related to this stable development that you think. So of course, it's up to you to take positions if you think you should do that. And we have actually acted in this market. We have extended the duration despite the fact that time has passed during the quarter. This has meant that our average income has decreased by 10 points. We also have a 20-point drawback, based on the fact that Stibor has decreased. We have also done some derivative positions that came into force on the first day of October. If we didn't include them, we would have an average rate of 5 points or something like that. So we have a very good position when we enter Q4. In summary, we have a strengthened financial position, as I have said. Improved interest rate, improved debt rate, improved loan rate. At the same time, we have extended the duration compared to Q2, despite the fact that the time has passed. We have the same capital binding time, despite the fact that the time has passed. So what we have repurchased and what we have added to new has been mitigated by the time factor itself. We have another important key statement, which is the amount of secured financing against the value of the property. According to our rating, it should be over 40, and we are now down to 38 percent. So that is also in the right direction. I would probably like to say that we have a much stronger financial position. And we need that for the coming quarter and for the entry of MIMO, which is actually a fairly large piece of space and which will affect all of our capital and also credit related. And we are committed to having a strong financial position, have a strong balance sheet, maintain our rating, and of course, As the company has previously communicated, we certainly need to mitigate this intake with some strategic real estate sales. We are really waiting for the real estate market in Gothenburg to start.

It was a nice bridge here for MIMO. And to remind you a little bit about what this business looks like, it was built in 2017 in a slightly different market than today. It was part of the Kinéum-affair. We will buy this property from NCC. Preliminary income is Q4, when the property is 80% rented. It's doing well. At the start of this quarter, we had a rate of rent of 70%. The rents were successively increased between 2026 and 2027. And as I said, it was at 80% that seats were added. Möndal is a very exciting city, and the municipality has mentioned Möndal a few times. But as I said, it is here that Mölyke moves, and it is also here that the AstraZeneca and GoCo initiative takes place. In September, after many years of negotiations, we were able to finish the financing of the new railway line between Gothenburg and Borås. We have a station there in Mölndal, which means that the hub, which is today Gothenburg's second largest hub, is even stronger. a stop in Landvetter with the airport. So it feels incredibly positive and makes these 75 meters that we have at the station from this facility even stronger. These track-bound locations are in the long run very positive for the value of the facility, we know. A little bit about what we are focusing on. We are focused on the development of the area. This is one of the areas we have chosen as strategic. Möndal is an area where we want to grow and continue to grow. We have a lot of properties there today. If we then look at the area around Arendal, around the harbor, we have growth potential with 110,000 square meters of building rights that are ready. It has been a very good project to run in this market, because it is a fast project and it quickly creates a cash flow for us. They are also fairly large with some risk, so we can keep going. I think you will see more of this in the near future. When it comes to Lilla Bommen, we have our own headquarters down here. It is an area in Gothenburg that is coming very strongly. It is part of the central city, out of the connection to the central station and the water. So there is no distance at all between. Here we have a building opportunity or an option for one from the city of about 40,000 square meters that we will develop over time when the office market has come back for us. And then we have Gamlestaden, which is a very exciting area. It's the Wagon of Gothenburg. Gamlestaden, or Lödlösa as it was called, was founded 550 years ago. In this area, for many years, we have worked out beautiful worlds with a travel center and with Gamlestadens fabriker, which is a food tech center, but also a destination for food and pleasure. And here we have a project today, a root project. It's very positive to be able to run these root projects, because they also generate a bit of cash flow over time. So we're running the director right now, a remodeling of Bingo Lotto's old premises. So it feels very positive. In the same area we also have Piccadilly, which has just joined its new premises, a major investment in on the whole foodtech industry. It's a part of that, but there's also a lot of reuse in this project, and the offices are nominated for the most beautiful offices in Sweden. So, of course, we're happy to be able to show some of these. Finally, this is what we define as our success factors. We are experts in Gothenburg, we can be close to our customers, extra important in a slightly weaker conjecture. We can understand what they need, we understand what the city needs and in this way we can develop our portfolio. We focus on our customers, and we see the increase in rents, which is 15% in the period, but 12% in the quarter. This is a proof of how our organization really succeeds in this, and I am very proud of that. Our employees are one of our largest sources of income, and they are both committed and very passionate. We have a profitable growth plan that is based on three B's. It is our administration, strategic transactions and our projects. We work with all these three parts and time them in the right market conditions. We have a diversified portfolio between industrial logistics and offices. It is a very good complement to each other in an industry and knowledge city as Gothenburg is. It is very logical and they complement each other in these markets, which we see right now. We have a stable income in this company over time, which we also show in this quarter. I think that is our absolute strongest whisper, as they say in English. And with that, I would like to end the presentation and open up for questions.

If you want to ask a question, press square five on your phone. If you want to return your question, press square six. The next question comes from Lars Norby.

Thank you very much and hello Johanna and hello Ulrika.

Hi Lars.

Hi Lars. Hi Lars. Hur tänker ni med angående finansiering av det här? Är finansieringen helt klar? Och för den delen, vilket ni även tar upp då, så kan ju en del av det där ske genom att ni avyttrar fastigheter. I så fall, hur mycket och var någonstans? Kan ni prata lite om det?

I'll start. I'll start and then we can talk about the finances. Of course, today we have a buffer that could be used immediately if MIMO were to come here and stand in front of the door. But we don't want to use it, so of course there is a discussion about financing. And that is as usual. We have also emitted a little more obligation marks with this. This is one of the reasons to fill in, so to speak. So that will probably not be the case in this process. If we are going to be mathematical, if we think that nothing else is happening in our environment, we are at 49.7 and we want to be at 49.7 after the intake, then the same volume will go out technically, but of course we have other things in the portfolio. We have both projects and other things that can help from a loan perspective and then we also need time, everything cannot happen at the moment.

And this is, as I said in the presentation, to work with strategies and transactions all the time over portfolios. Rotate in and out things. That's something we do all the time. We're waiting for the control market to get started a little bit here. Transactions are not really going on there.

We have a plan. Yes, and I don't think you should expect it to be one-on-one. One-on-one, but less out than in.

Okej men targeten gäller LTVL, för den definitionen av den, den ligger fast. Det är 50 som gäller. Men det kan bli så över tid igen, så det kan bli en period när den ändå ligger högre.

Ja men då behöver man ju ha, det betyder ju att du ska skapa dig tid att i lugn och ro komma tillbaks från det varna som du tycker är din comfort zone.

And then there was one last complication that still comes with this when it comes to the CAPEX level, since in 2023 you were at almost 1.4. Now you are below En miljard på rörande tolva. Var ska den ligga där framåt?

Den är ju länkad till samma fråga Lars som du ställde. Det är ju också strategiskt val och ett marknadsval att inte starta stora kontorsprojekt på spekulation just nu. Det har vi inte heller gjort. De har ju varit otroligt bra tajmade, det som vi har utvecklat. We are working for Kassaflöre right now. Looking forward, we will have the capacity to run projects between 1 and 1.5 billion SEK on our own machine. utan att påverka skuldsättningen. Det kräver ju såklart att kunden och marknaden är med oss annars så kör man ju inte igång det så att säga. Just nu är ju kunden och marknaden med oss på Industrilogistik fullt ut och på Rotprojekt där vi inte behöver gå in i spekulation.

The next question is from Johan Edberg from Handelsbanken.

Thank you. Good morning, Johanna Ulrika. It's nice to have you here, too. The context and the environment. Obviously, it's a bit of an easy path. I was going to ask a few questions about Mimone's modularity. Obviously, there hasn't been much expansion, at least not what we can see in the numbers from Q2 to Q3. They still don't meet the levels for you to be forced to or need to buy MIMO. If we just go back to the valuation, my understanding, based on what I've seen, is that there have been 5% stipulated for the initial valuation of 1.5% and then the 1.5% has increased to 1.8% and I understand that indexing and preferred interest rates have meant that If you look at the market data for Mölndal Prime, it's more than 6.5%. Now I understand that the numbers are very small, depending on who does them, and I understand that this house has a lot of Prime and is doing very well. My question is, Delta is at 300+, and the price indicates 1.8%. Does that include any kind of yield expansion, or is it still around 5%? Is that reasonable?

Yes, you can say that the business is done as it is. However, you are right about the change in yield and significantly higher rental levels, but the combination of them so far, because of course it will take into account external values ​​on this kåken, inte minst för att finansiera den. Då är det inte så stora slag nättomåt vad du ser än så länge vad vi ser i det som är publikt vad gäller själva fastighetspriset.

Priset 1,8 om det står så, det känns som att ni är ganska komfortabla med att det är någonstans där.

Ja, om det hamnar runt den här, just nu har vi inga indikationer överhuvudtaget på något på dramatiska avvikelser åt något håll?

Jag förstår. Ni var inne på det lite grann. Det är möjligt att jag har missat er tidigare kommunikation. Går det att vara lite tydligare med er förväntansbild på intjäningsprofilen, alltså intäktsprofilen på MIMO? Ponerat att ni tar in den i era böcker i Q4? Jag tänker primärt på 25-26. How will it play out in the future?

As I started with, it is a gradual increase in the number of guests. Kappahl, which is the one that communicates publicly, was added in January 2006. And then it varies a little bit. The rent will be adjusted and made clear, of course, before you can apply. So it's a little gradual when they apply. Some have already applied, so we were there at the opening here during the week, and there was good speed in the premises.

Very, very nice project. So how much of... Nu ska vi trycka på totala intäkter eller potentialen i fastigheten genererade intäkter under 2025. Roughly.

Ska vi återkomma med den eller? Vi kan väl återkomma mer specifikt men skulle jag säga nu så skulle du, du kan se det att det är liksom, du hade 5% förut sa du som någon fingervisning och då skulle jag väl kunna säga Now you have a rent guarantee at the top, which you also have to pay attention to in these figures, which is also to our advantage from the fact that we are participating, if I have understood it correctly. Should you pay attention to it, then I would say that it may yield directly into the results calculation, around 3% in 2025, to successfully improve in 2026. Men det är utifrån snapshot här och nu grovt i mitt huvud.

Det funkar rätt utmärkt. Tack snälla. Sista frågan bakom är också lite om belåningsgrad. Den här förutsättningen, eller den möjligheten i er själva att ligga över 50 % under en viss period, är det ingenting som NCR har problem med heller utan det är annorlunda?

Det får man nästan fråga dem om de har problem med det. Jag skulle kunna tänka mig, jag har ju inte haft dialog med dem än, men den info jag har här och min erfarenhet från andra, det är ju att The rating company usually accepts it if you at the same time show an action plan and how you are going to treat your situation. We are clear with our message that we will be active to have some portfolio retention, which is quite healthy maybe. We have pre-developed cookies that may be long-term We are not going to develop more and they are fully developed with us. Then we should let that capital be used in another way. It remains to be seen, but we have a plan. Then I would like to replicate that on total access, we are below 48% in LTV. So we don't just have capital linked to properties, but also to interest companies.

And then just a few questions. I understand, Johanna, that you're more careful, or you express it more carefully in the market now, compared to what you did in the second quarter. Question number one is, is that how I'm going to interpret it? And number two, what is it really? Can you say something more about what happened? Or if you could give a little more context between Q2 and Q3, if it's the discussions that have disappeared a little bit, or if there are any questions. If there is a difference, how do you express it?

I would say that in industrial logistics, there is no change. There is a good pipeline and good demand. In the office market, we see that it is a bit slow. I can't say anything other than that, especially after the summer. We see that, too. We have closed fewer newspapers. The negotiations are going according to plan, but there are fewer new reports, both in volume and in number. It's hard to predict the future. I've been waiting for this to happen. We've been doing really well. It might be that the third quarter with a low economy doesn't make sense. Or maybe this is just a seasonal change. It's hard to speculate. Vi får väl se hur det ser ut nästa kvartal. Vi fokuserar stenhårt på det vi kan påverka. Med andra ord, att ligga nära våra kunder, se till att fylla på- och fokusera väldigt mycket hela organisationen mot det. Mycket av vår kraft går mot uthyrning och omförhandlingar.

Det låter bra.

Tack snälla, Lena.

Stort tack. Tack. The next question comes from Marcus Henriksson from ABG Sundag.

Thank you very much. Good morning. First a question about the logistics market. You point out that it is still stable or strong. I see that you have moved possible start-ups in Arendal from 2025 to 2024. So then I assume that nothing happens here during the last quarter. And then ongoing discussions about how they are in future development projects. And then when you think you're starting the next logistics project in Arendal, more specifically in 2025.

We have an e-commerce that has somewhat recovered, which is positive, but we have quite a lot of our customers that are a mixture between logistics and light industry, one would say. There is a lot that is tied to the entire industry environment and the proximity to the port, of course. This is a project that we can start, you can choose to do it on speculation, we have done it a number of times, but we also have the opportunity to do it and wait for our tenants. I think we have the opportunity to start a project here in the coming year, I am quite convinced of that. Because we are so well built, but rather wait for these tenants who are the last ones.

Jag tolkar det som att ni inte har några starka pågående diskussioner men att ni tycker ändå att marknaden är så pass stark och att ni är byggklara. Någon gång under 2025 men inga skarpa så vi kan förvänta oss någonting här under första halvåret.

Det får vara din tolkning men jag tycker att vi har bra dialoger igång.

Alright, then you have the net increase in the derivative volume with 750 million and then you highlight that you have forward start swaps with a start on the 1st of October. It is the entire amount of 800 million that you mention in U3, or are there several different ones?

It's one of the forward-started ones that came into force in October. It's not the whole sum. If I remember correctly, we have 400 million or something in this year that starts last January and replaces a existing swap. And we took five-year swaps on just around 200 points. So that's what we're happy with.

Jättebra. Minns du även vad den där svoppen som löper ut i januari, vad den ligger på?

Ja, jag tror att den är ju otroligt, den har vi lätt att ha kvar tror du. Jag tror att den ligger på 70 punkter eller någonting.

Jättebra, tack så mycket. Sen en fråga på De här projekten Internationella engelska skolan och Syrhål och Hamneviksvägen, har de bidragit hela kvartalet till Q3 eller är det även en viss positiv effekt att vänta under Q4?

Oh, I don't know exactly when he arrived. I can say that the two projects together generate an increased net profit against the quarter before, let's say, 8 million. Then I have to say, I don't have a feeling for you, is it three months or two months?

Do you know when they moved in? No, what I'm thinking about is whether there is a rent discount.

Nej, jag kan inte svara på den rakt av. Vi får återkomma. Vi kan återkomma när de tillträder. Jag hör inte det i huvudet. Men de är hundra procent utgivda, båda två.

All right, tack för det. Ni har ju nu 90 procent utgivningsgrad i centrala Göteborg. Har vi någon uppföljning på hur ARIA-projektet har, vad vi ligger där i utgivningsgrad, och sen vad ni har för övriga vakanser i centrala Göteborg, och hur intresset är just central Gothenburg now in your locations?

I can develop it a little bit. I experience that there is quite high activity in central Gothenburg. It's almost where the market... It has been a little higher in terms of vacancy, but it is also where demand is strongest. And we, in the ARIA project, we are somewhere around 70%. We have a lot that has happened in the area down by the little tree where we are sitting. We have a hotel with 180 rooms that will open here, as Scandic informed them this summer. And we have had a number of authorities, the Ministry of Equality and others who also sit in the same area. Jag upplever att det är en ganska aktiv marknad och jag tror att just området runt Lilla Bomen är faktiskt någonting som vi kommer se ganska mycket framöver om vi tittar kommande år. Det sker väldigt mycket utvecklingar och också påfyllning i befintliga bestånd.

Tack så mycket. Sen en uppföljning på MIMO, bara så att jag fick det som Johan frågade om innan, kring And as you said, Ulrika, we would expect a yield of about 3-3.5% by 2025, is that correct?

Yes, you can interpret it, but I remember that the yield there is around 3% in the result calculation, due to the fact that the customers move in successively even before, I think, the beginning of 2027, when the last customer who is signed takes part. But it's a rough memory I have in my head when I've been sitting and looking at the flyers.

Okay, and a follow-up on rental discounts, you mentioned that they run for one year, so it's like up to Q4 2025 then? Rent guarantee, rental guarantee.

No, there are no rebates or rent guarantees.

So to sell... Sorry, sorry, rent guarantee? Yes, to sell a guarantee for one year. A rent guarantee, and then it goes down? Yes, one year from the deadline. Is there a risk then that we have much lower rent income in Q4-25 before this cap, or was it the cap, moves in in January 2026?

It is obvious what self-confidence we will have in upcoming publications. I do not hope that this situation will arise. It is a very good product. There is good demand and good discussions as NCC does with a number of customers.

If I remember correctly, in a year you have moved 40% of the exposure. It was about 30% a year ago, and now it's about 70%. So they've had a fantastic journey. There's a demand in Möndal's start.

And we can see that. If you move in in 2027, I just want to follow up on one last thing.

Is there a possibility that... If you think that there's an added value... If we manage to meet in Q4, there will be an increase of 80%. So there are still 20% left to be rented out, but then they will also have to adapt to the tenants. So you get a little respect for having to do that too. So that's why Ulrika says that it's reasonable that a few tenants probably move in 27.

But I understand what you mean, that the warranty disappears and it is not issued. You get a bit of a gap in between, but then we are in 2026. That's what you think.

Partly that, and then it's really just my question I was going to ask. If there is a possibility for tenants to move in already under 2025, from the remaining 20 percent, if you include the tenant adjustment? Or is it the same as moving in 2026-2027?

It is possible for the customer, so it depends on what situation the customer comes from.

Yes, partly that and then what you have for requirements. It is quite logical, it is usually like this in a project. It is also like this, a house with this much space can not be filled in one day. It is actually quite logistically impossible to do that. So it's usually a bit of a challenge.

Alright, thanks a lot, have a good one.

As a reminder, press square five on your phone. The next question comes from Lars Norby from SEV, please.

It's a complicated question. There's one word I don't think I've heard before, and that's distance work, working from home, or remote working, or whatever you want to call it. Det är någonting som vi pratar en hel del om vad det gäller bolag med Stockholms exponering. Min fråga är hur är det i Göteborg? Vad är ert take vad det gäller den frågan? Är det en faktor eller är det bara ekonomin som är en faktor?

But I think it's very relevant, Lars. I know that this is a big issue, especially in Stockholm. We have a higher rate of use in the office in Gothenburg than in Stockholm. It's at 3.6 days a week. I think it's about 70%, a little over 70%. It was 90% before Covid, but I don't think it goes below these 70%. I wouldn't judge that. Many of the companies that we see today want to have their staff back in the office to be able to do both right, to be more creative and to be able to build their corporate culture and so on and so forth. But I think it actually differs a little bit. It also has to do with the size of the city. Gothenburg does not have such long walking distances, it is a little easier. att ta sig till kontoret. Jag tror att kanske svagare konjunktur snarare kan tala för att nyttjandegraden är högre. because you need to gather more. You also need to look at the structure of the market. If you compare Stockholm and Gothenburg, it differs quite a lot. Gothenburg has a lot of business-oriented services that serve the industry. We have less IT, for example. The IT industry is an industry where you work a lot at home. An anställningsförutsättning för de anställda. I de företagsnära tjänsterna ligger det mycket närmare kunderna och på det sättet industrin. Jag tror att min bedömning skiljer sig åt. Man kan väl alltid diskutera om själva omställningen har slått igenom helt. It's always like this, that in a low-income country you save money. But I don't think it's as clear as it is in Stockholm. I've listened to other calls and so on. I don't recognize it in our market. It can certainly differ a bit.

Okay, great. Thank you for that.

Vi har en fråga här som har kommit in.

Det finns inga fler frågor just nu. Så jag lämnar över ordet till talarna för eventuella skriftliga frågor.

Vi har en skriftlig fråga. Den kommer från Peter Norhammar. Frågan lyder så här. Givet pågående diskussioner med era befintliga och potentiella hyresgäster, vad tror ni om nettoutgivningen under de kommande två till tre kvartalen? Hyresmarknaden i Göteborg brukar, till skillnad från Stockholm, vara ganska stabil även i sämre konjunktur. Har vi någon anledning att tro att det skulle bli annorlunda denna gång? As I said before, it's quite difficult to say about this. We work very hard to fill our houses, to make sure that we are close to our customers so that we understand their needs. So yes, it's hard to see that crystal ball, I think, in the future. But we do our utmost to have a positive internet connection, of course. And as I said, there was no surprise It's a very surprising situation for us.

I've seen many people say that there are movements in the rental market, so it's more of a question of timing. And then on the compensation side, we have a fairly long duration and not as much as for cases of compensation. Then the customer can always do it if they have an injury or the company can lose the competition, but that's another question. Det finns inga alarmerande signaler om att det skulle vara någonting som skulle vara väldigt negativt där framme.

Vi har 13 procent som ska om 425, så det är inte heller en stor volym. Det var den frågan som kom in skriftligt och med det så tänker jag att vi avslutar. Om det inte finns några mer frågor så tackar vi för oss och tackar för er tid att ni har lyssnat in på oss och för bra frågor. Tack så mycket. Hej hej.