Wihlborgs Fastigheter AB (publ)

Thank you and welcome to the presentation of Vibros Q3-23. For many years it was said that bumblebees technically could not fly, but they flew anyway. It is now known that bumblebees can fly despite their weight and small wings, thanks to extremely high intensity and a special technique in how they angle their wings. In the same way, we can hear experienced people talk about a lot of things they say are impossible. We don't listen to that. Instead, we focus on what we can do every day, and then we fly on. I would say that hard work is our intensity, and our special technique is to be really close to our tenants. And exactly as the bumblebees, we stay close to the area we are familiar with, the Öresund region. We don't know better than anyone else how long it will be windy or what the next storm will be like. But we are prepared, focused and ready for what may come. Strong cash flow continue to be our insurance. Financial costs continue up, but at the same time, I think we have never had such large amount of new tenant offers under negotiation. I continue to see the light in the tunnel as something positive. And this opinion is based on our results and the activity in our markets. Let's go to our report. And a summary of Q3. Rental income up 19%, operating surplus up 22%. That means that we also continue to be more efficient in our operation. Higher financial cost by 12 months ICR at 3.2%. positive net letting, 34 quarters in a row, and quite high level of signed leases for a Q3 period. Stable balance sheet, continued access to liquid founts, and by that we can also continue with our investments. Result for the first nine months, 23, rental income increased by 90% to 2,912,000,000. Operating surplus increased by 22% to 2,104,000,000, meaning that our focus on cash flow continues to work. And income from property management amounted to 1,381,000,000 affected by higher financial costs. The result for the period amounts to 323 million, which corresponds to 105 Swedish kronor per share. EFRA NRE is now 8907 per share, plus 3% compared with one year ago adjusted for paid dividend. Lower property value of minus 1.5% affected these figures. A comparison of the rental income first nine months 22 and nine months 23. acquisition plus 190 million currency effect plus 47 million indexation plus 176 million supplementary billing increased by 53 million and other increase from completed project new leases and re-negotiation plus 91 million the canteens in denmark were outsourced from the 1st of march 23 and that gives lower income but also lower costs We have signed new leases for the last quarter of 62 million, 260 million for the period, and the positive net for the quarter is 15 million. High activity rather than the opposite, but we have to work for it and be really active and listen to our customers. Q3 is a shorter active period due to vacant vacations and normally fewer possible deals. But as said, the activity has been quite high. And when I look ahead of us, many things look positive. There are many sectors with continued needs. Defense industry, security, public tenants, education, accountants, lawyers, tech sector and life science are examples of sectors with higher needs. We will also see a few larger changes some years ahead of us. Saab leaving Malmö for Lund, and we expect Danske Bank to reduce in Höjetorstorp. But other needs will cover for this, and we already have discussions ongoing regarding these areas, even if we haven't seen determinations yet. High security and close to railway and good infrastructure are interesting factors for several future tenants. Here are some of our new tenants that we have signed during Q3. As usual, a mix of different segments, toys, defense industry, infrastructure competence and lawyers for example and here we have the net letting in a historical perspective letting in light green termination in light blue and dark blue stacks are the nets letting as mentioned 34 positive quarters in a row and only one quarter with a negative number for over 14 years We will do everything we can to continue like this, but as always, let's keep in mind that a quarter is quite a short period. Here's the list of our 10 largest tenants in alphabetic order. All these tenants are strong customers and they contribute with 20% of our rental income. 7 out of 10 are governmental tenants and the rental income from public tenants is 24% in total. They of course contribute to long-term stability in our cash flow. Rental value as of 1st of October 4 billion 272 million per year and rental income 3 billion 920 million plus 13.6%. A good part is, of course, indexation and acquisitions, but it's still a good signal of growth. Growth both in volume, but also in high quality that our tenants are willing to pay for. Let's point out that Sweden have the indexation is made once a year with October CPI as base. But in Denmark, the indexation is made all year around, depending on when the lease was signed. That means that we now see in these figures that Denmark already has lower inflation, which is good. But that also contributes a bit less to higher rents. So looking at like for like figures, comparing all the properties we owned a year ago with updated figures, we can see that the rental value is up plus 9% and rental income is up 10.2%. That is strong, especially if you consider the lower indexation in Denmark. If we just look at offices in Sweden, rental income is up 12.4%. Occupancy for the whole portfolio is up 1%, also a good number. Let's look at changes in market value of our properties. We started the year with 55 billion, 179 million in accordance with our external valuation. we have acquisitions of 104 million invested 1 billion 288 million a small divestment minus 80 million changes in valuation amount to minus 950 million and together with currency translations of 358 million that summarize to 56 billion 36 million swedish krona As an extra assurance, we have this quarter done a total valuation of all our properties by external appraisers, one appraiser in Denmark and one appraiser in Sweden. And we will do that again at year end. We are confident that our valuation and our methods for that continues to be stable. We started to raise the valuation yield in Q2 last year, and that has continued bit

by bits since then. The value of the portfolio has developed, as you can see on this slide.

since 2005 without raising any new capital and last year also despite higher yield requirements. We have not built our portfolio on the assumption that money is for free. But as always, valuation is a kind of calculation method with several assessment parameters. Therefore, it's interesting to measure how well we actually perform in relation to these values on the following slides. These figures, the running yield, show how we actually perform in relation to the valuation, so not the valuation yield. For the whole portfolio, the occupancy rate is 93%, excluding project and land, and with an operating surplus of 2,993,000,000, that gives a running yield of 5.6%. In a 12-month perspective, the running yield has grown from 5.1% to 5.6%.

Fully let will give a running yield of 6.2%. good earnings capacity in relation

to the to the value of the portfolio in the office portfolio the market value is now 46 billion 475 million and overall the occupancy rate is 93 percent 96 in malmo 91 in helsingborg and london and 94 percent in copenhagen this is improved numbers compared a year ago except from lund where we have added two new projects rafnaderiet and kunskaper one which are not fully occupied yet. The operating surplus from offices summarized to 2,536,000,000 Swedish krona and a running yield of 5.5%.

and resilience when interest rates goes up. The demand for logistic and Production continues to be good.

Occupancy 96% in Malmö, 89% in Helsingborg, 98% in Lund and 96% in Copenhagen. 92% occupancy rate as a whole with a running yield of 6.8% and a total value of 6,696,000,000. And this is a catalogue of our value and properties in our four cities. 40% of the value in Malmö. 22 in Helsingborg and Copenhagen and 16% in Lund. The labour market in our region continues to be strong, even if unemployment in certain segments has increased slightly and unemployment in Malmö is higher than in Sweden.

Sweden as a whole. Let's remember that this is low in historical perspective.

Except from April this year, we have to go back to 2009 to find numbers like this. And it's still an untapped asset for the Danish market, which has hardly any unemployment at all. Denmark continue its massive infrastructure investments, and I guess an awakening must come in Sweden soon. Denmark has chosen to take the entire investment of the Färnvall tunnel themselves, but they have included in the calculation that the Swedes will pay 40% of the investment thanks to tunnel fees.

If Sweden doesn't start our investment in infrastructure

on the Swedish side, we will pay much more than the tunnel fees for this new connection to Germany. The southern part of Sweden will benefit anyway. Acquisitions, as announced before, we have acquired a small property in Copenhagen on the same block as we already have properties, Klædermalet. fully led to a school and with a property value of 71.5 million Danish kronor. We have also divested Revolversvarven 11 in Malmö to Sandberg Development for their further expansion.

And time. Time for financials. Over to you, Arvid. Thank you very much, Ulrika.