Prisma Properties AB (publ)

Welcome to Prisma Properties Q3 2025 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now, I will hand the conference over to CEO Frederick Masing and CFO Martin Lindquist. Please go ahead.

Good morning everyone and thank you for joining today's presentation of our Q3 report where Mårten and I will take you through the key events and financial highlights. This quarter we continue to have strong momentum. Our strategy keeps delivering results and we're growing in both in size and profitability. Let's go through the key highlights. Yesterday, we communicated updated financial targets where we have adjusted our net LTV target to 55%. The decision is part of our strategy to increase investment capacity and create long-term shareholder value, which reflects our transition from a build-up phase to a more capital optimized growth phase. Our goal is to double our portfolio from 8 to 16 billion by the end of 2028, driven by profitable development projects, acquisitions and asset contribution deals, while still maintaining financial stability. I'm proud to share that our earnings capacity is up 46% compared to last year, a result of strong operational performance and disciplined capital allocation. During and after the quarter, we have communicated several acquisitions in both Sweden and Finland. So far this year, we have signed and closed acquisitions of a total amount of approximately 1.3 billion SEK. I would like to highlight the recent acquisitions of two new Ecomaxi stores, properties that will align very well with our modern portfolio and further increase our exposure to the grocery segment. Since the IPO, we've shown that we can not only deliver profitable development projects, but also identify and execute on attractive acquisitions. In Q3, we continue to see strong rental income growth, up 25% year over year. Rental income reached 123 million compared to 98 million last year. This growth was driven by acquisitions, completed projects, and CPI adjusted leases. Net operating income increased by 24%, reaching 109 million compared to 88 million in Q3 24. Profit from property management increased to 61 million, up 32% year over year. The property valuation yield remained fairly unchanged, but we're seeing an increased interest and improved sentiment for our segment, which makes us confident that we will see improvements in the coming quarters. This quarter, we continue to sign several new long lease agreements. Net lefting this quarter amounted to 19 million, which was driven by many new signed leases in Denmark. Prisma has delivered positive net lifting every quarter since the metric was introduced in the beginning of 2023. This quarter our world decreased from 8.3 to 7.8 years and our occupancy rate declined slightly to 98.3, an effect of the recent acquisitions we have made in the quarter. Martin, would you like to make a comment on the cash position?

Yeah, it's important to note that the cash position is affected by the temporary depositions that we've made. They are booked as a receivable in the balance sheet. They relate to the acquisition we closed on October 1st for Jakobstad and Seinejokke, but also to projects in Aarhus and also in Denmark. Aarhus will start in Q4. So adjusted for the deposition,