Wallenstam AB (publ)

Hej och välkomna till dagens webcast med Wallenstam där vd Hans Wallenstam och CFO Susanne Linde kommer att presentera det första kvartalet för 2025. Efter presentationen kommer det hållas en Q&A så om ni ringer in och vill ställa en fråga trycker ni stjärna 9 för att dräcka upp handen och sedan stjärna 6 för att aktivera ert ljud. Det går även bra att skicka in frågor i formulär till höger. Och med det sagt så lämnar jag över ordet till dig Susanne.

Thank you very much. Welcome to the first quarter of 2025 for Wallenstam. Susanne Linde here, CFO and IR-responsible. Hans will also be present at the Q&A session, just as you said. So, what has happened in this first quarter? Well, we have added the seal scraper on the last of January this year. Vi fråntrända också fyra kommersiella fastigheter som vi sålde till Salfjället. Det är Gårda och Huxbo i Göteborg per den tredje februari. Vi har också förvärvat en mark för framtida nyproduktion i Stora Sköndal i Stockholm vid Drevbiken. We have also continued to buy back shares during the quarter. In total, we have bought back 5 million shares during this quarter. So now we have a total of 10 million bought back shares in our own storage. We have purchased them for an average of 46 and 17 kronor per share. Vi har också vunnit ett pris för vårt Nacka Grace, vår nyproduktion, som har vunnit pris för Sveriges finaste nyproduktion 2024. Det tycker vi är väldigt kul att det uppmärksammas av marknaden. Vi kommer komma in mer på Nacka Grace sen. Hur ser vi ut då per bokslutsdagen? Totalt sett har det inte mycket förändrats mot föregående kvartal även om vi har haft en del försäljningar och förvärv och även inflyttad nyproduktion så är det fortfarande så att hälften av hyresvärdet består av bostäder och andra hälften av kommersiellt. We also have a continued good output with 100% output in our housing stock and 91% in our commercial stock and the economic output rate is 97% and the area is 96%. So we see a continued demand for our product. A bit of sustainability. I thought that we should start to prepare our energy classes. We started this last quarter and if you look at A to C properties, we are almost at 60%. The difference from the previous period is the sales we have had and also the acquisitions we have had that stand for this change. D and E you see 40% versus 34% and FTG 1% versus 4%. And we are working all the time to improve these energy classes. And a project that we have started now is in Rockstad where we have about 900 apartments where we are going to get up the energy classes here in this older stock. And that also helps our scope 2 that we have as our climate goal even 2030. So, let's go into the result calculation and start with our net profit. As I started with, our business is doing well and we have a good demand for our product. Our net profit goes up by 7% and ends at 570 million, and we have an excess rate of almost 74%. But we move on to the next page to see more in detail. It is a total of 35 million in increase, equivalent to 7%. And if we start with the rental income, they increase by 52 million, which is equivalent to an increase of 7% on rents compared to the previous quarter, or the previous quarter 1, 2024. And the comparable stock and new production contribute with about half of what it was. We also have a one-off payment. to 12 million SEK due to damage to premature displacement. If you look at the comparable stock, the housing rents have increased by an average of 4% and the commercial stock by 1.6%. The operating costs increase by almost 10%, which corresponds to 18 million SEK where 3 million comes from a larger property because of the finished new production. Then when it comes to maintaining water and remote heating, it is both tariff increases, but also that we have maintained more this quarter of 2025 compared to what we did in quarter 1 of 2024. So in total, Driftnettot will increase by 35 million and Uppgård by 570 million. As I said, we have also completed a number of apartments and projects this quarter. A total of 343 apartments in a quarter, and that is not so bad. And they are also completely empty, these apartments. We start with this pearl that has won the prize for Sweden's finest new production in 2024, and that is the quarter Nacka Grace in Nacka. Vi har färdigställt helt det här nu projektet med 66 lägenheter var det nu totalt kvar för kvartal 1 och fastigheten har totalt 169 lägenheter. Det vi har kvar är att färdigställa de kommersiella våningarna eller den kommersiella våningen på entréplan. Det var också i den här fastigheten som vi spelade in vår bokslutsfilm i det här kvartalet som ni gärna kan gå in och titta på. Få se den trevliga miljön inte minst. Vi befinner oss fortfarande i Nacka, men nu har vi förflyttat oss till Älta, där vi har påbörjat inflyttningen i vårt kvarter 1 Ältatorg. 106 lägenheter och på totalt 191 lägenheter. Så vi har 85 lägenheter kvar att flytta in där. Här är alla kommersiella lokaler i entrévåningen fullt uthyrda. Then we turn to Farsta, to our project Ädelövet. It comprises a total of 172 apartments and there we have finished and moved into 12 apartments. It is located nicely by Drevviken and on the other side of Drevviken is Marken in Stora Sköndal, which we talked about initially, which we have acquired. And then we go to Gothenburg to our city development project in Kallebäck, where we continue to complete and build. This is block 6, which is the entrance to Kallebäck itself, where we have completed 159 apartments and there we have 139 apartments left. Then we look at the entire administrative result and add administration costs and financial net, which means an improvement of 16%, 44 million SEK and ends at 314 million SEK. In total, the administration costs have increased by 10 million SEK compared to last year. And this increase is mainly due to IT systems that we then cost successively instead of activating IT systems now, since most IT systems are in the cloud. And we have replaced our CRM system, among other things. We also have some increased wage costs and staff costs. Then, if you look here at the administrative results, the increase is higher than 10 million compared to previous years. and that is due to the fact that last year we had a rebooking of project costs as a one-time investment of SEK 7 million. The financial net shows an improvement of 14%, despite the fact that the average debt is actually SEK 2.3 billion higher than the corresponding period last year. The average interest rate during the period has been 2.54%, which corresponds to 70 points lower than the corresponding period last year. When we go out of the quarter, we have an average interest rate of 2.5%. We have not made any additional insurances and neither have any insurances run out, but we have 22 billion like the previous quarter and that means that we have 68% of the loan volume insured. We have an average interest rate of 47 months. If you look at the quarter's interest rate, it goes up to 2.8 times. If we go over to results including value changes and start with value changes on our properties, they go up in total to 123 million. and this is primarily due to the effect of a higher operating net. We have not adjusted any direct investment requirements during quarter one. Value changes on our financial instruments mainly include interest derivatives, where the long-term interest rate has risen during the quarter, which gives us a higher value on our financial instruments with 100 million. This means that we have a total of 573 million SEK, which is 240 million SEK more than the previous year. Let's move on to the balance sheet and start with our assets. We have a stable balance sheet with a solidity of 44% and a loan rate of 47%. But to go back to the properties, they have an estimated value of 68 billion, a little over, where properties in operation or under project go up to 5 billion, which means that it is 63 billion that are properties that are in operation and gives us a cash flow. Vad har hänt med fastigheternas värde? Som jag sa så har vi inte justerat några direktavkastningskrav. Det effektiva direktavkastningskravet uppgår till 4,6 % på det kommersiella och 3,6 % på bostäder. Det som har hänt under kvartalet är att det har blivit en procentenhet förändring men det avser på grund av de här Nyproduktionen som har kommit i drift men också de försäljningarna och köpen som vi haft under perioden. 56% av vårt marknadsvärde är bostadsfastigheter och resten kommersiellt. Netto har våra fastighetsaffärer påverkat fastigheternas värde med 1,8 miljarder positivt. De investeringar vi gjort i ny och ombyggnation uppgått till 524 miljoner och det är faktiskt exakt på miljoner lika mycket som vi hade Q1 2024. Men då tänkte jag visa det vi har under produktion just nu. Vi har 1177 lägenheter under produktion och ni ser fördelningen här. Vi har också faktiskt startat två projekt under det här första kvartalet. Det uppgår till 216 lägenheter totalt. Där ser ni Hans, han tar första spartaget här i detta projekt. Kvarteret 1 i Kallebäck. Det är totalt 177 lägenheter som vi startade nu med planerad inflytt 2027. Then we have Stensturegatan, which is a very central location here in Gothenburg. You see Ullevi, and in front of this house there is also Skandinavium, so you know where we are. There we have done stage 1, you see the first house there. Now it's time for property number 2 there, you see the pillar. There we will renovate the existing house. But also to build on with four floors, so that we add at least 39 rooms to this central space. We will also build these facilities together, as you can see, as it is between the first and second floors. But it feels great fun to add more rooms to such a central space, and they are planned to be completed by 2027. Then we move on to our own capital and debt side. We have increased our interest-bearing debts by approximately 2 billion SEK during the quarter. Now the interest-bearing debts rise to 32.5 billion SEK. And as I said, we have continued to have a stable balance sheet and the return on solidity is 44% and the loan rate is 47%. Our substance value when we leave this quarter ends at 58 and 40 SEK. So this was what I was going to tell you about the quarter. And now both Hans and I are ready if you have any questions.

Yes, thank you so much for the question time. And as I mentioned in the beginning, you call in and ask a question, press star 9 to raise your hand and then star 6 to unmute you when you get the word. And the first question we have here is Erik Granström from Carnegie. Welcome.