Stenhus Fastigheter i Norden AB (publ)

Hello and welcome to today's broadcast with Stenhus Fastigheter. We will start with a presentation followed by Q&A. If you want to ask a question, press star 9, raise your hand and star 6 to turn on the sound when you hear the word. With that, I would like to hear from you. Please. Thank you.

Welcome to today's presentation of Stenhus Fastigheter's quarterly report for the first quarter of 2026. My name is Thomas Gullgradis, CEO of the company and one of the heads of the company. And I'm here with Havre.

Micke Nikander, Vice President of the company.

With that we can start. with some key takeaways for the first quarter of 2026. Above all, the company has delivered one of the best results for quarter one ever, and one of the highest in the previous quarter, very good results. 111 million in administrative results, 24% better than the previous year's quarter one. For the sixth quarter, we also have positive value changes that go up to 35 million. The ICR, which is an important parameter, has gone up to 2.43 times, which is a good bit over our financial goals for 2025. Mer har vi när vi pratar avkastningen en bra bit över 12% vilket också är i linje med vårt finansiella mål att hålla oss över 12%. And in connection with the fact that we resolved 10% of the shares, we have also increased our proposal to share from 0.28, which was the original proposal, to 0.31. More significant events during the quarter. We proposed a share of 28, then it became 31. that will be decided by the court next week. Furthermore, Stenås Fastigheter has entered a joint venture in a company called Krona Bitco, which made a bid on the company Krona Public Real Estate, which went through and we own together in the company 85% of the total. In Q1, we managed to get 21 million shares in the resale program, which means that we got 10% of the total in the company during Q1. And at the end of the quarter, we did a tap feature, as it is called. We filled in our obligation with 100 million kronor on significantly better conditions than we did in September. After the quarter, we had an annual vote, an extra company vote, which stamped away the 10% of the repurchased shares. So today we have 334 million shares out of 371 that were before. And the vote also decided to renew the purchase program and give mandate to the management to buy an additional 10%. Over to you, Micke.

If we look at some key figures, we look forward, we expect to have more than one billion in rental income, with an administration result of just under 460 million, and an operating net of 820. The existing stock is today at just under 13.8 billion kronor. We have an interest rate of 94.6% and just under 900,000 square meters. The average duration in the portfolio is 6.3 years and we have an epranav when we exit Q1 at 18.65 kronor. We still have our BBB flat rating from NCR. We have a rolling 12 on the ICR at 2.32. We have net LTV just above our long-term goals at 55.2. 138 properties. The management result in the quarter per share is 0.32 kronor. And we had a net of 196. If we look at the diagram on the far left, we can see that we are continuing on the same track. We have run a take-off on income per share and we believe that it will continue to rise, not as rapidly as it has, but we are in a very positive trend. I also want us to focus a few seconds on the diagram on the far right, where we see a drop in our own capital, according to the definition that you found in our report. As Thomas said, we had a positive value change in the portfolio of about 35 million kronor. And I think we'll jump to the next page. You who have heard us say this have heard it many times, but we have four business areas. Lager, light industry is our largest. We have trade, we have public facilities and offices. Within the respective areas, we work strategically. And if we look at offices, for example, the majority of our rental guests are those who Arbetsförmedlingen, Skatteförvaltning, Kommunhus etc. are public rental guests. But we call it an office because it is a generic office. We also have a part where we work with development. We work with development with our existing properties. We do not buy development properties if we do not have a rental guest for at least 10 years in a rental agreement. There we can see that we have, after a lot of time and effort, actually kicked off the detailed plan work on the Samaritan out in Tumba after many years of waiting. If we look at a number of key figures in our stock, we can start by saying that we are going to earn 12% over a conjecture cycle. Today we are above that. We are going to have a net LTV or an LTV below 60. We are at 57. We are going to have a net LTV long-term below 55. We are just at the limit. The ICR is over. The solidity is over, so you can say that it is a very strong quarter. If we look at how the housing stock is divided, we can say that in Stockholm, Mälardalen, where we have the largest part, we also have a large part in Western Sweden. The diagram on the left shows the development of the property value. As you can see, it is a relatively straight line. We have sold a lot, but we have also bought a lot, and it is part of the sales work that we are working with, and we will continue with that sales work. To the right is a completely new presentation. Here we try to show what type of economic value remains for our shareholders. In this case, the revenue is both rental revenue, value change and results from interest companies. Where we see the stack that is to the far right in respective parts, you can see, for example, how hard the value change hits as we look at 2023. The yellow curve is the casting that we have delivered rolling, measured on the Epra MTA. Sustainability work continues. We work continuously with our tenants. From insect hotels to flower beds to help pollinators. Reuse, which we have done a lot on our project in Södertälje. But we also work to certify our kooks according to BREEAM. En snabb blick på delarna i portföljen. Marknadsvärdet för lagerlätt industri är 57%, handelsdelen är 14%, offentliga fastigheter är 20% och residualen är kontor på 9%. Vi kan också titta lite grann på hur vakansgraden ser ut för de olika segmenten, vilket vi hittar längst till höger i bild. If you want to comment on something, it is for us, as for many others, the office stands out a bit. We have higher vacancies there. What is visible in the vacancy picture for public facilities is an empty nursing home out in Vallentuna. If we look at our largest tenants, it has not changed at all since we last met. It is still the same stable list that we have. If we look down to the left, we see the net rent, which unfortunately in the quarter became a little minus. This is only due to the fact that we had a furniture company in Norrköping that went bankrupt, which hit us with 3.6 million, which then makes us get a negative net rent. A selection of our properties. We know nine of them since earlier, or maybe not nine, we have replaced a few. But we have the highest up to the left, Tyresö Municipal House, a typical office property with us at Stenhus, where Tyresö Municipality will enter a new 15-year Tyresö agreement when it is finished. In the middle, or not in the middle, is the next house, Ivalo, a large car facility in Stockholm, Akalla. This is for Mercedes and most of it is for their FD market. Here I would also like to mention something that we think is extra fun. If you look at Bilea, you can see that they are very good at the FD market and it is also something that is visible in the main part of all of our car facilities. FD markets are the ones with the largest area and that is also where you create the largest values. Bodkyrka Samariten was the one I mentioned. Here we have a large area. We have a potential of up to 33,000 square meters BTA. We are currently working through and see what we should do with these building rights in the most effective and best way. To the right we see Fanfaren 5. In Fanfaren 5 we have a state-owned business. I don't think I can say exactly which one it is because it is secret, but they basically rent the whole house. To the left, in the middle, we see our big trading area in Norrtälje. A trading area that we like. It is a little outside the city, but with a very, very strong customer base. Our stores are Villus, Normal, Rusta, Jysk and Blomsterlandet. On this trading area is among other things Lidl and in close connection are basically all other low-price companies. There are less than six in our largest Kåk, and there we also find one of our largest tenants, Alstom, who rents a large part of that property. Page 4 is in Skövde. This was the Kåk that IAC rented, which went into competition, which now Tata has taken over the entire facility. There we wrote a new 15-year rental agreement under Q4 last year, so that business is rolling on just as usual. MOGA 133 is one of our assets that we bought last year. It is Star Trading, a large international company that works with lighting armatures, among other things. And the rental contract on that Kåken runs for 20 years. Down to the left we have Tibro Hammar, Sweden's largest non-IKEA transport logistics company for furniture. Personbilen 1 in Skövde, we have Humble Group, which is a food company. We have another food company in Kungsbacka, Santa Maria, which we all know. You're going to eat tacos on Friday. And on the far right, one of the latest completed projects that we have, where we renovated an old shopping center in Hälla for external trade, which is, among other things, Dollar Store and Motornet. The average duration of that cake is almost 13 years. We have completed a project in Uppsala with a guest rental where you are not allowed to enter during Q1. To the right we see our co-op in Södertälje where we have worked with recycling. Here we have completed the office to the employment committee and we are about to complete the office to Södertälje municipality and they will be ready here during Q2.

Some financial figures as well. If you look to the far left, we have a part of our result calculation when it comes to revenues and EBITDA. Stably upwards, as we have shown before. A large part of our revenues come from the rental guest list as mentioned earlier. Large companies, stable revenues. Basically everything is copy-adjusted. On the balance side, we have our assets at 13.7 billion. Everything is valued externally every quarter. And in principle, we have no building rights value there. Even the Samaritan with its potential building rights is taken up by very small figures there. So everything is cash generating. When we look at the cash flow, the graph to the right, down from 550 million to 300 million, a large part of it is the purchase program that we carried out during Q1, where we bought back a share of 250 million, approximately 5% of the total. Next, the ICR. You can see a little historical development of it, where it is up to 2.4 now in the quarter and up to a stable and good level. We would like to see it go up a little more, but you can also see that the interest rates have stabilized there and now. If you look at the graph on the right, you can see our depreciation structure. Refinancing is the most difficult issue to deal with. real estate companies, the money we borrow is very large and cannot be handled by the cash flows. But we have made sure that our refinancing is far ahead in time. So basically what we have that is short, that is, 0 to 1 year, is our CERT program, which is short by definition, but guaranteed with long credits behind it. and a small loan of SEK 50 million that will be financed during the year. Otherwise, everything is further away. If you look at the distribution of our loans, we see that approximately 90% is bank-financed on the Swedish banks, where we have three-year and longer loans. We have the obligation that we issued last year in September and filled a little bit in quarter one with 100 million. As well as our CERT program that contains liquidity both to increase liquidity but also to reduce liquidity in the company when we need it. The LTV is stable and the net LTV is nothing special for now. When we look at the income capacity, we see that we are at 459 million when it comes to the administrative result. The table on the left shows the sensitivity analysis, whether Stibor or Driftnettot has changed. Yes, that's where we deliver in style with it. With that, maybe we should hand over to some questions.

Thank you for that and you have opened up for a question time. If you call in and want to ask a question, press star 9 to raise your hand and star 6 to keep the light there for the word. The first person to call, whose phone number ends with 2551, please have the floor.

Hi, Roskilde, ABG. I was going to ask you how you would look at reported rent income and other income in relation to the ability to earn income. You are How should we think about that?

There have been calculations. In the income capacity, we make a assessment of what we think the outcome will be. And what you see in Q1, where you have some differences, is that we have made calculations on, for example, media for last year, where you may have consumed more money than what the account invoicing is. And it looks like that in many real estate companies, that we work out an account invoicing, and then we do a calculation once a year. And that can sometimes be a bit tricky. Then we have also adjusted both for Q4, but there has been a certain delay on new fixed tax, where we have invoiced out to customers.

Will it continue at the same pace as the current level after this year, or how do you see the expansion?

No, it will probably be a little lower. It will be more even, above all, is the basic idea. Now we have made all the calculations and then we put new accounts to our customers, which means that it should look more even. But then it's always like that. Sometimes we do things and things to customers that both exist on the cost side and on the income side. And then it ends up as the rest of the income.

Good, thank you. Then I was thinking about KRONA. Should it be consolidated in the future or will it remain as an interest company?

We have chosen the path of an interest company for a few different reasons. As it looks now, we will continue to work with it as an interest company. Part of this is purely based on the principle of verification. We see that Krona is an access acquisition, but it should also remain an access acquisition all the way if we are to consolidate it. A cryptic answer, but that is roughly the answer.

Och så har ni ju fortsatt rätt aggressivt här med återköp under kvartalet. Hur ser ni på kapitalallokering här om vi jämför med vad ni hittar på transaktionssidan? Ett resonemang kring det tack.

We have a liquidity that allows us to grow in the company and we have made some small acquisitions during the last 12 months and at the same time we have repurchased. I think it's a balance. between them and where we think it is most appropriate to place the money. And right now, when the rate is about 12 kronor, it is probably appropriate for a fixed company to buy back the shares when they can. At the same time, you don't want to take care of the free float in the company, so you have to be a little careful there.

Then you can say that when we buy, it's always a bit stochastic. We made two big acquisitions last year, about at the same time. And in general, we didn't make so many acquisitions last year. But I think that you will see in the future that it will be a bit stochastic. We will continue to sell things that we don't prioritize. And we will buy things that we think are right for the company. Then when exactly it falls in time, the future will tell. Men i grund och botten så kommer vi att öka fastighetsbestånd i storlek även i år, precis som vi gjorde i fjol.

Det kommer inte att vara några hundra procent upp som det var förr i tiden. Tack.

Our goal is 55% long-term. At the same time, we don't have any other financial instruments in the balance sheet that fill the cash flow. All our financing is also in our balance sheet, our interest rates. So even if we are just over 55% in net LTV, we see it as very... It also makes it more comfortable.

Do you want to add anything? No, if we are at 55.2 or 56 or 54, it doesn't really matter from the company's point of view. It all depends on how we allocate the capital we have. And just like Thomas said, it's important to remember that we don't have D-currencies, we don't have preffs, we don't have hybrids. There is no leakage anywhere else in our market. balance or result calculation where money disappears.

And the most expensive thing we have in financing is our obligation, which is still on very good levels. But everything else is bank financing and Z-programs that are much lower cost.

To be honest, when you look at the income, when we peaked, Stibor was at 2.09. We thought 2.10 was enough to put it on. Yesterday, Stibor was down to 2.00. You can see that the mortgage market is an understatement. It's very volatile.

Yes. Good. Thank you. One last question from me. and the level of investment is very high. Where do you think you will be around 2026?

We have prepared it as it looks in the current situation. Then we never know if we get a new customer and we make a tenant adjustment. Yes, of course, then it goes away. It will be a momentary play that too. We always have a lot of ongoing dialogues. And then you can say that the largest project that is there is Tyresö Municipal House. And that will not happen at a good time before we start to start that project. It is probably a couple of years away in time. In our assessment in the current situation.

Man skulle kunna anta att investeringsnivån kommer, så som den såg ut vid Q1, eller den är talande för resterande året, så som det ser ut just nu.

Ja, jag skulle snarare säga att den kanske är lite dalande.

Ja, tack.

Då lämnar vi över till nästa frågeställare, vars telefonnummer slutar på 2843. Varsågod, du har ordet.

Good morning, this is Keivan Shirvanpour here at SCB. I have a few questions. I think the first is a follow-up question on the rental revenues. You mentioned that there are some types of one-time revenues there. Could you quantify how much it was in the quarter?

Rough estimate, 3 million.

Okay. And then the second question is related to the financial net. You have 103 million in financial costs in the quarter. And if you look at the income capacity, it implies somewhere around 80 million per quarter. Can you say something about the deviation and if there are any types of one-off positions in the quarter?

We calculate the net payout on interest income capacity. We do not divide it up into two rows as we do in the rest of the result calculation. Because there you have, I do not remember, but then we have 20-22 million revenue and 103 costs or something like that, so it ends up at 78 or whatever it was.

I'm not really interested in the questions.

In the results, we have 78.8% net income.

If I go into the results, the financial costs are 103.7 million.

And what's your income? 22. 24. And you end up with 78. And that's what you see in the income capacity. It's netted. Simply put, we're counting on our average income going forward. And then we try to make some kind of assessment on the swaps that are coming out. According to best guess, which is not the world's simplest right now,

Okay, but then it's like the paid interest rate is more than your interest rate, so that the math will go together.

Yes, the paid interest rate is higher, and then you get back on the swaps, so then it becomes net on type 3.9.

Okay, then I think I had a final question, and that has to do with the management result from the interest companies, who had more than 9 million revenues in the quarter. Income will be around SEK 6 million per quarter. Do you expect a similar trend in the coming quarter, given that there will be a significant increase in income?

We expect that it will be lower than what we had in QE. There were some initial positions in the interest company that had to do with currency changes. Therefore, it became a little higher than what we consider long-term. In the long term, we are looking at clean management results.

Okay, good. Thank you very much.

That was my questions. Thank you. And with that, we end today's question time. Thank you very much, Thomas and Mikael, for your presentation and answers to all of our questions. And thank you very much to everyone who has followed today's broadcast with Stenhus Fastigheter. Thank you. Thank you very much. Thank you all. You're used to doing this now, so it feels okay. Even bigger. Yes, but it's great that you say that. It really takes with us.