Platzer Fastigheter Holding AB (publ)

Tack så mycket och varmt välkomna till 2025 års bokslutskommuniqué. Jakob och jag kommer växeldra den här presentationen idag och idag har vi också en liten ny kostym med ett nytt utseende hos oss på platser, även om vi är samma plats som förut. Vi börjar litegrann här och tittar på det här året som har varit. Det har preglats av ett intensivt arbete med uthyrning och med omförhandlingar. Vi ser också att våra två segment samverkar väldigt väl. Det är logiskt i en industri- och kunskapsstad som Göteborg hur våra segment samspelar. Industrilogistik har haft en marknad som har haft en god efterfrågan medans kontorsmarknaden har haft det lite mer tufft. Våra marknadsvakanser har gått upp under året som har varit. Det är vår största utmaning men också vår största möjlighet. Vi arbetar väldigt målfokuserat med våra kunder, med våra vakanser och att hålla takt under vår uthyrning. Vi känner också att marknaden kom igång lite bättre här mot slutet av året och vi gjorde flera stora uthyrningar och faktiskt dubbelt så många omförhandlingar i år. än förra året innan vilket är ett stort jobb av förvaltningen. Vi landade det sista kvartalet här i en positiv nettutgivning och jag kommer att gå in lite grann på och djupdyka detta lite senare. Vår nyligen inköpta fastighet Mimo, som vi ser här på bilden, har arbetat jättefint för oss i år. Det ger oss en extra skjuts i tillväxten. Vi har haft ett högt affärstempo, både när det gäller transaktioner på både köp- och säljsidan, men också, såklart, med arbetet med våra finanser och vår finansfunktion. Vi har fått en bättre hävstång, vi har förflyttat vårt portfölj, vi har stärkt vår finansiella position och skapat oss bättre förutsättningar för att göra fler affärer. Despite this year, which has been characterized by fraud and insecurity, we can still deliver a strong administrative result of 11% this year, and I am pleased with that. This delivery from the industrial logistics segment is excellent. It has been our drawback. Many nice project starts, transactions and nice announcements. And it is a business that we want to continue to grow even forward. Tittar vi på kvartalet om de större händelser som har skett så har vi gjort en fin kontorsutvinning, faktiskt årets största kontorsutvinning i befintligt bestånd till SHT i Arendal här. Vi har också tillprätt Tuve som är den fastighet som vi kontakterade här i somras. Det är en industrifasthet på Hisingen och vi har projektstartat och hytt ut till Arendal Port View, den första etappen av den här udden som vi bygger. Vi har också fått bygglov här under kvartalet. Here we can see where Örendal Portview is located. It is located in the middle of the largest port in Scandinavia, Göteborgs hamn. And we can also see where Stena Lines future color areas will be located. It will give a nice shot here in this area as such. Here we have a potential for development of about 70,000 square meters, which is in the relevant detailed plan. So here we can continue to deepen. If we look at the summary of the year, we increased both revenue and turnover by 5%. The administrative result, as I mentioned, by 11%. As I said, this is a strong result given the environment we are in. The net output for the whole year fell to minus 14%. If we then look at the individual quarter, the growth goes down somewhat in the administrative results. This is expected and the growth is driven by the acquisition of MIMO and ITUVE, together of course with an improved financial net and completed projects. We will break down a little more in this in Jacob's presentation later. What happened after the end of the quarter? We put a nice view here in Gamlestaden, in Möllike Healthcare's old premises in Turritshuset. And there we have a move in December this year, 3,300 square meters, an eight-year rental contract and 73 million in rental value. Idag har vi också gått ut med en pressrelease på den avsiktsförklaring som vi har tecknat med Göteborgs stad om en central byggrätt, byte mot mark i södra engården. Det område i staden som vi har varit stadsutvecklare i flera år. Där har staden ett strategiskt behov utav olika typer av bostäder, skolor och så vidare. Vi har hittat ett sätt att till en möjlig framtida markanvisning här precis intill centralstationen i Göteborg. Det är vi väldigt glada för. Det visar också på vår förmåga att agera som stadsutvecklare i den här stan. Jag lovade att vi skulle bryta lite mer i nätutsynningen. If we look at the quarter, we have done business in both segments. We got started a little better, we hit 15 million plus here in the quarter. We have had a rental development in the negotiations we have done at 4% up. That's a good conclusion. And as I mentioned, we have also done a lot of negotiations throughout the year. But we have also made the strongest renewal in the existing stock since 2023. If we look at the whole year, we have had a rent development in the negotiations that is at minus 2%. The reason, if you remember, is the big negotiation that we did with Folktandvården on Medicinaberg. It was 15,500 square meters that we negotiated here last quarter. We extended the contract with six and a half years and in exchange we had to put in a rent discount and it was periodized and passed through the rent development for the entire year on the portfolio. Industry and logistics have been a very strong draw during the year. Speed, Arendal Portview, as I just mentioned, have been the big businesses. But if we also look at the office segment, we have had a negative development on Nordea, which decided to move away from us. But we have also signed SHT, the IT company in Arendal, and done quite a lot of business in MIMO. I want to stay with MIMO for a while. Det här är ju en ganska stor pjäs och vi har nu då släppt de här garantihyrorna som vi hade med oss in i köpet. Det gör att vår uthyrningsgrad påverkas med en hel procentenhet till följd av MIMO. De garantihyror som släppte ifrån köpet har legat faktiskt på en lägre nivå än de nya uthyrningar som vi har gjort. Så vi har lyckats hålla intäkterna on a good level in what we have drawn ourselves. We also have a retention rate, which is an expression of how well we manage to keep our customers in our negotiations, and we are at 85%, which I think is really nice in this tough competition that we have on the office market above all. Jag skulle också faktiskt vilja gå in på hur vi jobbar med våra vakanser och med vårt kundfokus. Det gör vi ju på lite olika sätt såklart, men några konkreta arbetssätt för att hålla ett högt tempo och ett högt affärsdriv i våra affärer är att vi har We have a multi-functional meeting forum throughout the company, from me to the CEO and all the way out to the customer, which makes it possible to make decisions quickly. It is a way of working that we have implemented over the years. We have launched here and now concepts, which means that we can quickly get cash flows in ready-made premises. Vårt koncept SIV, alltså självklar inredningsval, som är väldigt färdigpaketerade och tydliga koncept runt hur vi hyresgästen passar, vilket också gör att vi klarar av att hålla ner klimatavtrycket, vilket Jacob kommer att berätta lite mer om senare. Våra tio största kunder reflekterar hur Göteborgsmarknaden ser ut som helhet. Det är en blandning av hotell, industriaktörer, kontor, myndigheter. Det speglar faktiskt väldigt mycket om hur hela Göteborg ser ut. Det gör också att vi får en resiliens och en bredd i vår hyresgästbas- And it is worth mentioning that 65% of the transactions with tenants that have taken place over the years have actually been within the public sector. Let's take a look at the office market. We have a 13% vacancy rate in Gothenburg today. It is a 1% increase since last year at this time. Houses are stable. I have shown this picture a few times before, but we can see the effect of the vacancies. It comes from the large number of locations that came here in 2021, 2022 and 2023. Och det påverkar marknaden. Det kommer ta några år innan den går ner. Man brukar säga att ungefär en halv procent någonstans brukar marknaden i normalkonjunktur klara av och reglera. Så att vi har nog lite höga vakansen här ett tag till, men vi har heller inga nya projektstarter här under året på totalen. What drives growth is, of course, how the conjecture moves. This is the latest conjecture indicator in Gothenburg. We are now at a normal conjecture curve, a normal level of 100. And if you look at the types of drivers in this conjecture indicator, it is housing and trade. It has gone up 10 units since the last measurement, so we feel that the household really drives this conjecture. It has previously been very export driven in Gothenburg, but now it is the household. and the trade that drives. We see that the service sector is also up on a neutral, normal level. The parts that have it tougher are first and foremost the construction industry, which is low and the manufacturing industry has not really recovered yet. But I still want to mention exports, because we are an export-intensive region, the hub in Sweden for exports. And what I find interesting when looking at this graph is that exports, despite all this chaos that has been going on in the past year, have actually gone well. Den har varit mycket starkare än vad man kanske får intrycket av. 10 % av exporten går till USA. 70 % går till Europa. Nu har vi lite nya avtal med Indien, Mercosur och så vidare som kanske gör att vi skiftar om lite mer på vart vi exporterar. The vehicle industry that we have in Gothenburg has a big transformation to do, and is doing so, I would say. The confidence indicator looks stronger now than it did a year and a half ago. And that's still something to look forward to, even if we understand that it's a big transformation to go through. Our business life in Gothenburg is driven by innovation and an incredible breadth in business life. We have We have an investment of around 60 billion SEK. That is the highest in Sweden. One of the reasons is the focus on science and engineering that this region has. Every tenth person is a civil engineer. That is the most common force in Gothenburg. Vi har också en kraftexpansion som är kopplat till försvarsindustrin såklart. Det är ju ändå lite coolt att att vi klarar av att utveckla och producera och bygga en sådan här bil som i X60 som precis är släppt på marknaden. Så ser innovation och bredden i näringslivet ut idag. Det är väldigt roligt att se. Tittar vi på arbetslösheten så har den gått ner något. Den ligger på 6,3, fortsatt lägst i landet. Med de orden tänker jag att vi tar oss ifrån helikopterperspektivet och in i siffrorna. Jag ska lämna över till Jacob.

Thank you. Let's look at the figures for the quarter and our funding. As Johanna said, we continue to deliver a good growth in our administrative results. During the quarter, a growth of 5% and a total of 11% throughout the year. If we look at our rent revenues during the first quarter, they are somewhat lower than they were in quarter 4 of 2024. There are two things that cause this. One is changes in our portfolio, where we have some higher vacancies, which affects the revenues, but also under, if we look at quarter four previous year, there were high additional invoices during that year. So there was high revenue during that quarter. The joy is that we continue to maintain our costs in a very good way, so that we can continue to show an increase in turnover, now at 1% in the quarter. And as I said, an increase in the administrative result of 5%. Let's go down to the middle row and look at our real estate values and our investments. We have stable real estate values during the quarter. We have increased them somewhat, 107 million kronor in unrealized value change. It is driven most by, we have come back to that, but it is driven most by cash flow change and the total is roughly 30 billion in our real estate portfolio today. Net investment during the quarter was 285 million. Includes a contribution we had during the quarter in Östergärdets Head, an industrial property of 167 million kronor and the remaining part is then available to the state. If we look at the whole year of our net investment, we have worked during this year to look at our capital structure after the big intake we had Q4 2024 with the property Mimo in Mandal. So throughout the year we have a negative net investment of minus 148, that is, we have sold more than what we have bought in total during the year. And of course, that has affected our financial incentives that have been strengthened throughout the year. We are now at an interest rate of 2.5. Våran nett- och räntebärande skuld genom rörelseresultatet ligger nu på 11, registrerat på hela året och under kvartalet. Och våran belåningsgrad har sänkts under året till 47% om vi räknar den på totala tillgångar. Och räknar vi den på våra fastigheter så är den nu på 49%. So, to sum up, we have continued to have good growth, if not at a slightly lower pace than expected. We have stable real estate values and also stable financial key figures that have improved over the years. I'm going to look a little more at our revenues during the quarter, and I'm going to start with the income capacity that we present in our reports. And the income, if you look at our Q3-rapport, så redovisar ju där vår intjäning framåt och det är baserat på en ögonblicksbild på ställningen 1 oktober och vi tittar på vad gäller intäktssidan då, vad vi har för hyresavtal, vad är det vi aviserar då första dagen. Sen under kvartalet händer det ju A number of things that are not caught up in that momentary picture. For example, we have periodized rental deposits or other deposits that can come during the quarter. We also have short revenues that can come during the quarter. And if we look at this quarter, the fourth quarter, This indicated our recognition capacity at the moment, an income of 423 million SEK under Q4. Then we have had periodized rents during the quarter at 6 million SEK. Then, as I mentioned, we also contributed to a property under the quarter, and that has also contributed to the income we have been able to calculate after the acquisition. And then we have other revenues that have come under the quarter at 7 million SEK. which is a mixture of insurance payments, short-term parking, conference income, and so on, which is summed up to SEK 7 million. And that ends up to our SEK 438 million in the quarter. And these add-ons are summed up to about SEK 15 million, and it's about the same level as we had in Q3. Let's take a look at the reason for the development we've had in the quarter and look at it divided into our three so-called legs, with our comparable stock, our project and project development, as well as our transaction legs. And when we look at the rental income, we reduce our income compared to Q4 2024, both in comparable stock and in project. And as I said earlier, high additional revenues in the comparison quarter, but also affected by the lower rate of rent we currently have. Among other things, we had a large outflow in the summer on Männliche Healthcare. In the summer, we are happy that we have made a share of those rents. We released the other day that we have made a share of the rents. already. What drives the housing income on the plus side is the transaction and the mentioned MIMO property above all, but also the latest estimate of 20. So we ended up with 438 million SEK in the quarter, which is a reduction of 1% on the quarterly basis, but plus when we look at the whole year, we have increased our housing income by 5%. As I said, we are happy that we still keep our focus on costs very good and reduce our costs in the comparable stock during the quarter by 8 million. There are several reasons for this decrease in different positions. It is media costs, among other things, we have a refunded property tax, lower maintenance costs and so on. So there are several different things. Projekt och Transaktion, plus minus noll och vi landar då på en sänkning av avkostnader till 95 miljoner under kvartalet. Och faktiskt tittar man på jämförbart bestånd så har vi på helåret faktiskt sänkt våra kostnader också. The turnover is where the comparable stock and part of the project has a minus 2% growth, while the transaction base gets a 5% increase and a total of 1% for the quarter and plus 5% for the whole year. And as I said, we have a large cost focus, just as we have a large focus on our revenue and our turnover, Johanna talked about. There is a lot of work behind this, but in this market, it is a necessity to be around each other. I think it is a big advantage for the entire business. I think the percentage we show this year, at 79%, is a very good proof that it gives results. It is one of the higher percentage we have had. Några ord om fastighetsvärderingen och hur den har utvecklats under kvartalet. Som varje kvartal har vi gjort interna värderingar av alla våra fastigheter. Under det här kvartalet har vi gjort externa värderingar på 60 % av vår portfölj. Jämför man de fastigheter vi har externa värderat med våra interna värderingar så överstiger våra interna värderingar de externa med 1,4 %. Förra året var det 1,7 %. I said earlier that the unrealized value change that we are reducing during the quarter is driven by cash flow change. And as you can see down here, we had a yield last quarter at 5.08. It's a little higher than 5.09, but it actually depends on the property we have taken in. It is on a higher requirement than the portfolio in general. So compared to our stock, the yield is unchanged. We have invested 118 million in existing stock during the quarter, 167 in acquisitions, no sales, and as I said, an unrealized value change of 107, which is cash flow driven. And if we look at our financing, we have worked a lot with our financing and financing structure during the year. We feel that we have a strong support from our banks and the bank relations we have that want to grow with us. We have also been a strong capital market here, not least during the second half of the year. Under kvartalet har vi också varit aktiva genom att emittera en obligation, en femåring på 300 miljoner till bra nivåer. På banksidan har vi varit väldigt aktiva vad gäller refinansiering och refinansierat 2,4 miljarder i banklån. Resultatet av det här har blivit att vi Minus our starting average income, which is now at 3.45, including the promises, and that is eight points lower than the previous quarter's exit. But it has also meant that we have extended our capital or credit dropout structure to 2.7 years. Last quarter, it was 2.2 years, so a pretty good shift there. So in the table, or in the diagram, down to the right, you can see that now there is 22% on the first coming 12 months in dropout. Last quarter, the figure was 35%, so we have moved further out to the right in the credit dropout structure. If we look at our interest rates, we have not made any new derivatives during the quarter. On the other hand, we had 500 million that fell, and the interest rate time has decreased from 3 years, 3 years ago we were in the quarter end, to 2.8. All in all, we have improved our credit-related keys during the year. We have also increased the flexibility in our financing, and that, together with the strong growth in the cash flow and the stable real estate market, makes it a completely different opportunity to be able to work with our capital and seize opportunities. The loan rate is at a reassuring level, we think, where we want to be, will continue to have opportunities and want to be active in the transaction market in the future. And that can be both on the purchase and sales side in order to optimize the portfolio as much as possible. Growth. Platsa has a long history of growth. Since the fiscal year 2013, So if we look at the blue line, it is the administration result that has grown by 13% on average since the stock market. The bottom line, and this is per share. Under the line is the share history of growth per share, which is 12%. And not only here, but also if we look at the substance value growth, it has been very good, actually with an average of 15% over this period since the notation. And this is what we are working on. Johanna also talked about it, that we are working on continuing this growth forward, and we are doing it in our three tre olika ben, med förvaltning, med projekt och projektutveckling och med våra transaktioner. Platseraktien. Under kvartalet så utnyttjades styrelsen det bemyndigandet som man hade från föregående årsdämma om återköpet av aktier till ett belopp upp till 100 miljoner kronor. Man gjorde det i syfte att Both to increase the value of the shares and to make sure that we are satisfied with the incentive programs that exist. So far, until the change of year, we have repurchased the share at a value of about 40 million kronor. Styrelsens utdelningsförslag till stämman är 2,20 kronor per aktie att delas ut vid två tillfällen under 2026 och föregående års 2025 var 2,10 kronor per aktie. Så en ökning jämfört med föregående år. Hållbar anställning. Vår hållbar omställning fortsätter och är integrerad i vår affärsverksamhet och i vår organisation. Väldigt kul att se fortsatt hur vi förbättrar vår energiprestanda. Vi förbättrar den med 4% under det gångna året, vilket är över det målet vi har satt på 3%. And if you look at the history again from 2013, we have reduced our energy consumption by 40%, which is incredibly good, I think. And this is good for the environment, it is good for our customers and it is good for our results at the end of the day. Johanna mentioned, of course, the selection of facilities. And that's part of the focus we have now, on reducing our climate emissions. And our biggest indirect climate emissions are in our renovations, that we have, and our climate change adjustments. And this is a way how we can systematically measure, we measure all our climate change adjustments, what climate impact we have, but also to control to reuse, or not reuse, choose the right materials, which reduces our climate emissions. Hållbar finansiering, vi har 73 % hållbar finansiering i dagsläget. För ett år sen var den 6 %-enheter lägre. Det har vi ökat under året. Johanna.

Tack, Jakob. Några avslutande ord. Vårt fokus på tillväxt, som sagt var utgivning, vakanser, kund och det arbete som drivs på ett otroligt fint sätt i vår förvaltning. Vi har stora möjligheter att förstå våra kunder eftersom vi agerar på en väldigt specifik marknad i Göteborg. We will continue to keep the pace in both portfolio rotation to increase the return and for it to be adapted to what we are best at. So we will be both buyers and sellers and also continue. We will continue to keep the project going within industrial logistics. We have grown with 150,000 square meters since we bought the land from Volvo here ten years ago. Energy efficiency works well for both the environment and our results, as Jacob said, and also, of course, ensures the opportunities for our future growth. Vi arbetar intensivt med flera spännande affärsmöjligheter som vi hoppas kunna ge hävstång här på sikt. Vi har en lokal och gedigen marknadskunskap, vi har en stark drivkraft och ett tempo i organisationen och vi har en starkt affärsmannaskap även i ledningen där Anders, vår nya affärsområdeschef för kontor precis också har startat hos oss här. Vi har muskler nu att agera och vi har potential att växla upp. Den avsiktsförklaring som vi tecknade här idag är väl ett bra exempel på detta, eller hur Jakob?

Absolut.

Som bästa läger- och stadsutvecklare i Göteborg. De senaste åren har de varit oförutsägbara, men vi har lärt oss att inte ta någonting för givet. Affärer kan ta lite tid. It can be time to land, sometimes depending on what is happening in our environment. But we are persistent and we have shown that we can do this. So if you put these positive signals on the connection in, it is a bonus of course. But our business and customer focus, it exists regardless. And with that, I think we'll round off and open up for questions.

Under frågestunden kan deltagarna ställa frågor genom att trycka fyrkant 5 på sin telefon. Om du vill dra tillbaka din fråga, vänligen tryck fyrkant 6. Nästa fråga kommer ifrån Oskar Lindqvist från Absundal Collier. Varsågod.

Hej, hoppas ni kan höra mig. Jag tänker första frågan kring ekonomisk utsynningsgrad. där nämner ni att det delvis drivs av att hyresgarantier för MIMO har löpt ut. Då tänkte jag dels om ni kan kvantifiera ungefär hur mycket det är och så säger ni också att ni har tecknat nya hyresavtal delvis då för att täcka upp där och att de är på högre nivåer. Kan man säga lite kring nettot av det och timing när de nya hyresavtalen

In the quarter, we have signed a new agreement for about 2 million SEK in MIMO. If you look at the economic outlook for MIMO, as I said, the rental guarantees and what we ourselves have generated and the influence of the rental agencies that are coming here now contradict each other a little bit. On MIMO, our economic efficiency is affected by 1% in total. The rest is, of course, surveys and a number of contests that we have had that have shown these images.

1% for your total economic efficiency, according to the MIMO guarantee? Okay, thanks. And then I thought about, you talked a little about it, I may have missed some details, but the operating net margin is up by about 1.5% year over year. Is there anything special that stands out in this quarter compared to last year?

On what affects the turnover, if you look at quarter by quarter, as I said on the income side, where the comparison quarter was quite high on the income side. It's a bit like the comparison quarter.

Was it higher this quarter than last year? Excuse me? Was it higher this quarter than last year?

No, the previous one was higher.

Okay, yes. Okay. I also think, if you look at your recognition capacity, the net operating margin is up 70 points compared to Q3. I'm thinking, what are the specific drivers here, if that's something that stands out?

Yes, we have reduced our costs a bit. We had 8 million less costs during the quarter. So that's what stands out the most.

Yes. And then, when you press released this after the report, a trade exchange with Gothenburg City, where you trade a land in the central area towards Södra Engården, as I understood it. Can you elaborate a little on what the idea is there, and are there any financial implications that we see with us?

Jag kan försöka att brodera ut lite grann. När det gäller Södra Engården så är det fyra fastigheter som vi diskuterar. Vi har inte bestämt än vilka av dem som den här transaktionen kommer att beröra. Två av dem har ren mark och två av dem har fastigheter på sig eller har hus på sig med kassaflöde. När det gäller... When it comes to this future map, right by one of the entrances from Västlänken, according to the detailed plan, it is a fairly broad area of use. So that you have all the letters you can have in the plan, I would say. And the scope is somewhere around 75,000 square meters in the detailed plan. Then you never know exactly how much is buildable in itself, so to speak. But it's probably about the same size. And we think it's buildable somewhere around 2035, I think.

Okay. De fastigheterna som är i fråga i Södra Engården, vad pratar vi om för kassaflöde från dem?

Det är någonstans ett kassaflöde på mellan 6,5 och 7 miljoner per år.

Okay. Thank you very much. And then I thought I would ask about investment volume for 2026. Do you have any guidance on what you think you will be on?

Detaljer är min siffra i huvudet. Det som kan väl ta lite i så fall vad som skiljer sig här jämfört med 2025. Vi har ju annonserat en projektstart i ett industri- och logistikprojekt. Det projektet kommer att löpa under 2026, så det tillkommer. Det finns inga stora förändringar vad gäller vårt... We want to be active on the transaction market, but there is nothing that we know about there, and it can be both on the buying and selling side, so it will also be able to hit.

It varies from year to year, but over time we have been at 300 million per year.

On the transaction market, the reward rate is 49%, if I'm not mistaken. Yes, that's right. And we are below 50%. according to financial goals. Partly what you think about net acquisitions and what you see on the transaction market and if I connect that to repurchase as well How do you see that the GILDs you can get on the transaction market are against the implicit GILDs that you are dealing with?

There are three types of GILDs. Project investments, repurchase of stocks and transactions. There are different ways to use our cash flow. And you need to evaluate them all the time and stand against each other. This is the first time we have made a repurchase or used the commissioning that we have received many times from the council. And we have bought for 40 million so far. And it's a bit like I said, we have a lot of business discussions going on. Then you don't really know exactly how they land and when they land. But we, we, and we put them here all the time against each other. And it's both on the buy and sell side. So that's where our daily business is to control it. A little early to tell who they are right here and now, but I hope to be able to make it happen. Very interesting to be able to announce what we did today, for example.

Thank you very much. That's all from me. Thank you.

Thank you. Next question comes from Emil Ekholm from Pareto Securities. Please go ahead.

Hi Anna and Jacob. I hope you can hear me well. Hi Emil. I'd like to start by saying that on page 9 you have an overview of the coverage of the financial statements, including 26, about 44 million, and then you have a statement about 27 million. Can you just say something about how big these are that are coming here in Q1?

Om jag uppfattar din fråga var rätt så var det av de avtal som vi har som inflytt 2026 respektive utflytt 2026 och hur mycket som kommer in i första kvartalet. Var det rätt uppfattat? Ja, var bra. Jag kommer säga att vi både både på inflyttningar som kommer där och på avflytten så är det ungefär 40%, runt 40% som kommer i Q1 och resterande av de här kommer lite mer utspritt sedan under året. Den stora inflytten då som kommer det är ju den the issuance that we did in Arendal here, which moves in April 1st. And then that cash flow will come there with a full cash flow from April 1st. So it's the big inflow during that quarter, or it will be April 1st. So then the income will be in April 1st.

Very good. MIMA is 88% rented. How much of that is moved in per crisis?

I don't have that in my head. Kappahl has just moved in. Yes, they moved in on January 1st. We can come back to that. We have that figure.

I don't have it in front of me. Yes, please do. I'm thinking about, we are a third part into Q1, 26 already, and the other day, the announcement, a bigger exposure in Gamlestaden. Can you say anything about the net exposure this far, whether it's positive or negative, or around zero?

I don't want to speculate. I think it's a bigger activity, and that's very positive. There's more to work with than there was in the first half of last year. So I think it's increased significantly during the end of the year. But let's... It's positive that we've communicated what we've done. We're starting on a plus, but there's a lot of progress this year. I don't make any predictions.

That's good. At least let me promise. I'm thinking of checking the ongoing project in Givet with Catena. I can see that it's finished Q2 this year. You have the option to purchase it. First of all, how long does that option last? And then I'm thinking of checking if you're going to try to sell the property directly or if you could stay in Givet and give it away.

Den kan ligga kvar, givet. Vi har ingen bortre gräns på när det ska släppas. Men vi har en plan. Just nu ser den planen ut som så att vi vill göra det här i Q3. Den här transaktionen, då.

Okej, så ni har för avsikt att förvärva den?

Vi har för avsikt att förvärva den.

Ja, det är jättebra. Tackar, tackar. And then I also thought, we saw in another property report that came here this morning, that they are adjusting their property values, among other things, because they have lowered the inflation rate to 1.5% for 2026. You mentioned in this report that you are at 2% for 2027 and forward. But can you say what you and your valuers are at for 2026?

Ja, vi har ju, när vi har gjort externvärderingen här under kvartalet så har vi använt ett antal olika värderare och det kanske skiljer sig lite mellan dem och vi har ju synkat våra egna antaganden så att de ska stämma överens med den bilden som de externa värderarna har. Sen kanske det kan skilja sig lite mellan olika.

Okay, so you are somewhere between 1.5 and 2, can you interpret that?

Yes, we are at 2%.

Okay, perfect. And then finally, as you mentioned, you have repurchased shares for 40 million out of 100, roughly. Do you intend to exploit the entire amount until the right time?

Vi har för avsikt att utnyttja det. Sen handlar det om att det ska vara praktiskt möjligt och att vi inte ligger i tysta perioder. Avsikten är att göra det. Sen brukar tysta perioder vara någonting bra av andra skäl. Men vi jobbar på det. Och komma så högt vi kan.

Jättebra. Det var alla frågor. Tack så mycket.

The next question comes from Albin Sandberg from SB1 Markets.

Please go ahead. Yes, hello. I have a few follow-up questions from me, but in terms of valuation, I understand it. Is it the external or internal that is equal in value this last December?

It was the internal value. And then you said that we are 1.4% above the external values? Yes, exactly. Our property value is 1.4% above the external values on the properties that we have externally valued as a total of 60% of the value.

Just that, ok, use it for support. And then, positive net sales in quarterly rebates, you mentioned that it is a bit of a challenge. Do you experience that you give more rent discounts now to be able to rent out? And in that case, how does it reflect in the rental period?

It varies a lot between the two segments. Industrial logistics is a very functioning market, where rents have increased in recent years. On the office side, I would say that... It depends on which customer to which property. It's hard to give a guide. There are probably more discounts in the system now on the market than there were two or three years ago. I would say that it is due to higher competition. It's not like you're just throwing out discounts. It has to do with both rental levels and what local adaptations you make. You have to nuance it a little. It's not like we have as a strategy to get a lot of discounts. We don't work like that. Sometimes we have discounts. We have an example of that, where you have to weigh. The negotiation we had with Folktandvården last quarter was a typical one. We were opposed to extending an agreement with three years or six and a half years. We got a discount because we thought it was worth extending it to six and a half years. Every business is unique. There was no capex in that negotiation.

I can't answer that. I understand. And then, what's the name of it? It's also about recycling. You should say that recycling is different from distribution. I'm thinking, do you prefer to recycle than to distribute? Or do you want to have distribution that follows? underliggande förvaltningsresultatet, så som är det nu visade i en slide.

Det är lite svar i linna, men låt oss försöka förklara.

Kan man säga, som vi också kommunicerade i samband med återköpet, att den utdelningspolicy som vi har är oförändrad. Den påverkas inte av det här återköpet som vi gör nu, utan utdelningspolicy är oförändrad.

Yes, very good. And then I can add to Lina that you came up with 100 million in large purchases. How did you get that figure? And should you look back on what you said, that it is a little volatile when you might be able to get start-ups on new projects?

Nej, jag tycker inte det hänger ihop riktigt. Om jag ska försöka... De här 100 miljonerna är ju en bedömning som vi som ledning tillsammans med styrelsen har gjort. Den har kanske mer att göra med att du ska hinna återköpa på den tiden som du har ditt bemyndigande. Det var vår bedömning att det är ungefär det som vi klarar av att återköpa under den tiden. Sen får vi se om vi får ett nytt bemyndigande när vi har vårt stämma här i mars. Vi har vårt stämma ganska tidigt.

Jag tänker lite högt. Med tanke på den avsiffran ni rapporterar idag, vad aktien är, så känns det som att återköp måste vara väldigt fördelaktigt för er i givet att starta projekt. Eller ni vill också starta projekt snarare än att återköpa aktier här?

Yes, right now we have the financial space to do both. And of course, it's more relevant with a resale when the stock is down, of course. But it's something we have to evaluate all the time. What is the best exchange for our owners? Of course, there is also a Det finns ju också ett syfte i att driva verksamheten och det gör man ju inte med återköp utan för att långsiktigt skapa tillväxt så behöver vi ju jobba med både vår förvaltning med våra projekten och transaktioner för det är så vi skapar tillväxten i verksamheten så att det här behöver man ju hela tiden vägen mot varandra. Vad som är lämpligast.

Jättebra. Stort tack för svar. Det var vad jag hade. Tack. Tack.

The next question comes from Lars Norby from CEP.

Please go ahead.

Hello, Lars Norby from SEB. Hello. I have a question, and I'll boil it down to what I can say about the newspaper. When it comes to Q3, it was my view, as I interpret it, that you perhaps gave mixed signals about the market. Nu kan vi konstatera att ni har haft bra nätuttidning i kvartalet. Som vi alla sett har ni också annonserat ytterligare en nyttidning av ganska basajs i början på året. Hur är din bild av marknaden? Är den bättre nu än för några månader sedan? Koppla gärna ihop det du nämnde tidigare på kodet med tullsituationen.

And Min bedömning är att vi har haft en bättre fart i våra uthyrningar. Ibland är det här frågan om tajming. Jag upplever att det finns mer att jobba med. Och det är ju positivt. Som jag också sa, det är klart att man behöver ju på något sätt förhålla oss till vår omvärld, men vi kan liksom inte hålla på att styras av det bara heller, utan vi måste fokusera på det som vi which we are good at. And then there is a lot of customer focus, a lot of expansion, a lot of negotiations. That's what we're talking about on a daily basis in the organization. So I think it might be a combination of us actually making a change in our relationship to the customer, that it's really at the top of the agenda all the time. Jag kan ju liksom inte, som ingen kan råda i, vilka makrohändelser som händer. Men just här och nu så känns det som att det finns lite bättre snurr, skulle jag nog säga.

Okej, jag stannar där. Tack.

As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad. Nästa fråga kommer ifrån Johan Edberg från Handelsbanken. Varsågod.

Tack för det och god morgon Johanna och Jacob. Mycket av det jag funderat på har väl egentligen blivit besvarat. Jag har en liten fråga angående MIMO-detaljfrågan. Jag ser att ni hyr ut på högre nivå än det som har garantihyrorna. Would you like to ask if you would have rented out more if you had kept it at a guarantee rent? And a follow-up question to that, which is in the 15th picture, the real 15th picture, and maybe also in the values if it should be higher rent than the guarantee rent.

Guarantee... It's a bit vague, Johan, so I'll try to interpret. You may ask the question if I don't answer correctly. The guarantee is set from the moment of transaction, so to speak. It is what it is in the decision that was made in connection with the purchase. Men vad vi ser är att vi klarar av att teckna hyreskontrakt som ligger högre än den. Och det är ju positivt. Och sen har vi också lyckats faktiskt med en del uthyrningar som har snabba inflytt. Så vi behöver ju inte hyresgästanpassa de lokalerna riktigt på det sättet som man kanske behöver göra i befintliga kåkar. De är ju helt nyanpassade. De är ju färdiga att flytta in i. Vad var din andra fråga? Vad sa du mer?

I'm thinking about this. You're still not out of debt. You're at 88% out of debt. Would it have been faster to rent out to what was guaranteed rent, lower rent than what you get? You're happy that you managed to rent out to a level that is above the guaranteed level or the previous level. I'm thinking about if there is an effort to get more and that's why it takes longer.

I would rather say that when you're at the end, when you don't have so many empty premises left to rent out in a new project, you should rather match the exact question to what you have available. I think it's more of that. Det är inte hyrespress. Det är en ganska unik marknad också i Mölndal. Det finns inte den här typen av produkter på den marknaden. Det är Mimo som finns, som är precis vid stationen, nybyggt, jättesnyggt. Det finns liksom inte någonting annat egentligen att jämföra med i det läget. Så vi har inte så mycket konkurrens där.

Okej, tack. En annan fråga som är lite mer generell och kanske på gränsen till filosofiskt, men ni beskriver att vad det folk tar av vården, det är kontrakten som du nu tecknar på sex år, får ge lite hyresrabatter och det periodiseras ut över kontraktets löptid. Det är ju nästan tänker jag att du likställer med någon form av hyressänkning. Jag funderar lite på hur värderarna ser på det. Jag förstår att de tar hänsyn till den lägre hyresintäkten under kontraktets löptid, men blir det någon form av datapunkt i marknaden på liknande objekt om man nu väljer att tolka det som en snarare en hyresnivåsänkning än en rabatt, givet att den prioriteras ut under så pass lång tid?

Ja, en bra filosofisk fråga. Det är ju en fastighet som ligger i Salgrenska området också, så det är ju inte, i ärlighetens namn, inte så himla mycket kommersiella fastigheter som säljs och köps i det området. Det är ju ganska specifikt, det är väldigt life science inriktat. Ja,

There are no more questions right now, so I leave the floor to the speakers for written questions and possible closing comments.

We've got a written question. It's like this. How much do you estimate that the investments for 2025- -"mainly have been intended to energy-efficientify the portfolio?" And a follow-up question on that. How much do you estimate that the corresponding volume will be for 2026?

Jag måste erkänna att den siffran har inte jag i huvudet. Inte du heller Johanna.

Vi kan försöka göra en uppskattning på 2025 vad det har legat på.

Så får vi be att återkomma på den frågan.

Vad bra. Då har vi inga mer frågor och då tänker jag att då avslutar vi. Tack för bra ställda.

Tack så mycket.