Wihlborgs Fastigheter AB (publ)

Welcome to the presentation of Billboard's first three-month report 2026. Growth, cash flow, and core business is our mission. And even if the world gives us some challenges, our religion continues to deliver. Net debt to every DA at 10.5 times, good access to financing continues, and we have acquired our first premises in Karlsruhe in Copenhagen. And with some figures on that, the rental income was 1,150,000,000, a new repper. The operating surplus, 800,000,000. And income for property management, 520,000,000. The results for the period increased to 548,000,000 corresponding to 1,78,000,000 per share. And EFRA NRV has increased by 10% to 101,14,000,000 per share adjusted for paid dividends. A comparison of the rental income Q1-25 and Q1-26, indexation plus 13 million, acquisition plus 46 million, currency effect minus 12, additional charges plus 23, and completed projects, new leases, and renegotiation plus 35 million. And the net lending was negative with minus 35 million. the first negative quarter after 43 quarters in a row with positive numbers. New leases of 49 million and terminations of 84. Even if every single termination is a loss, the volume of termination as such is close to last year and no drama in that, but the amount of new leases in Q1 are too low to meet that. The year started quite slowly, picked up a bit, but then When the war in the Middle East was a fact, all discussions were pushed forward. Over 50% of the terminations was in Denmark, and we know that the market there is quite strong, so I expect that we will see a pickup. We also had 8 million in Sweden from bankruptcies that affected the result with minus 1 million, but terminations had a yearly rental value of 8 million. Now, in April, things have changed, and I think the list of possibilities and the ongoing discussions actually are quite good. That doesn't mean that things will be easy ahead, and I cannot promise positive net listings the coming four to three quarters, but at least we have a number of good discussions ongoing. Here are some of the tenants that we have signed during Q1. The defense industry, which, for example, the new and expanded lease with Mildef, It's a growing sector, and we also see some examples of interesting and growing tech companies like Intermail, and the tech hub Hedge in Helsingborg also continues to attract innovative AI companies. Here we have the net letting in a historical perspective. Lettings in green, terminations in light blue, and dark blue stacks are the net lettings. We don't win every lease opportunity, which is annoying, but the hit rate over time is good, and let's see how we can develop this further on. And the list of our 10 largest tenants in alphabetic order, strong customers, and they contribute with 90% of rental income, 7 out of 10 of governmental tenants, and the public sector contributes with 22% of rental income. The rental value at the first of April 26 is 5,157,000,000 per year, first time over 5,000,000,000, plus 11.6%, and rental income 4,543,000,000 plus 10.3%. Strong figures, and this is an effect of acquisitions, indexation, investments, and of course tenants willing to pay for the right quality. Looking at the like-for-like figures, the properties were only a year ago, excluding projects compared with updated figures, we can see that rental value is up 2.2% and rental income is up 1.1%. Like-for-like does not include the large acquisition we did 1 April 2025. As said last report, It's good with the growth also in the like-for-like stock, but to get the growth we aim for, acquisition and investments will continue to be important, especially in times of higher vacancy. Changes in the market value of our properties. We started the year with $64,440,000,000 in accordance with the external valuation of 100% of our portfolio. We have made acquisitions, which add on $534,000,000, investments $562,000,000, divestment minus 4 million, changes in valuation plus 19 million, and together with currency inflations of 170 million, that's summarized to a value of 65,642,000,000 Swedish krona. Valuation parameters haven't changed since year end, and that includes assumed indexation of 1%. So very small changes in valuations. The growth comes mainly from investments and the transaction we made in Copenhagen. There's a long-term trend for portfolio growth from $7 billion to $65.6 billion in 21 years and growth every year without taking in any new equity from our shareholders. These figures, the running yield, show how we actually perform in relation to the valuation. So this is not the valuation yield. For the whole portfolio, the occupancy rate is 90%, excluding project and land, and with an operating surplus of 3,356,000,000 that gives a running yield of 5.5%. For the next, the portfolio would give a running yield of 6.3%. Good earnings capacity in relation to the value of the portfolio and good cash flow generation is the foundation also ahead. The occupancy has improved in some areas and lost a bit in others. What we know is that of the total vacancy, approximately 40% are already signed but not entered yet. And for additional 6% of the vacancy, we have ongoing discussion with possible tenants. So a lot of positive work in that. But we will also add on vacancy from terminations. Additional new-built projects will move from the project line to the running portfolio line. and possible transaction may also affect vacancy. So no exact guiding ahead. But I expect occupancy numbers for the portfolio to be relatively flat next quarter, but with somewhat increased income for the base rent figure. Parking and additional charges may vary. In the office portfolio, the market value is 51,451,000,000 with an occupancy rate of 90%, 90% in Malmö, continue with small improvements in Helsingborg to 91%, 89% in Lund and 91% in Copenhagen. The operating surplus for offices summarized to 2,781,000,000 and a running yield of 5.4%, 6.2% for the desk. The logistic production portfolio has a value of 9,315,092% occupancy in Malmö, 83% in Helsingborg, 95% in Lund and 97% in Copenhagen. In all, 88% occupancy with a running yield of 6.2%, 7.3% all elect. The development of our total portfolio's running yield, 5.5%, brings stability, not least, since the portfolio overall has a high quality and good location. As noted before, a good increase of the running yield since 2021. Some sustainability highlights. We have improved from zero to 35% certified area in our Copenhagen portfolio within one year, and there is more to come. We have also new sustainability targets from 1st of January, and will report on a wider spectrum with focus on energy efficiency, carbon dioxide emissions and permit adaptation, as well as important social and governance measurements. More on that topic in the report, but I'll show you some figures here. It was a cold start of the year, but to be able to compare how we improve our energy use, we also present figures normal year corrected, and of course also in kilowatt hours per square meters. You can see the improvements quarter by quarter and year by year. We present the carbon dioxide emissions from Scope 1 and 2 in the same way. We have higher emissions in Q1 according to more gas used in Denmark during this period of energy uncertainty in the world. We also compare energy production from solar cells, and not at least we have a new goal till 2020 to replace refrigerants in our cooling systems to more environmental neutral gases, and this work continues. The catalogue of our value and properties in our four cities and Q1-26, 38% of the value is in Malmö, 23% in Helsingborg, 17% in Lund and 22% in Copenhagen. Commuting across the Eurozone straits continues to increase and the entire region benefits from the fact that Sweden and Denmark complement each other's economic cycles. The increased focus on defence and resilience also contributes to investments in the region, not only correlated to industries such as Saab and Mildef, but also due to the fact that 90% of imported food to Sweden passes through our region. That means that Sweden depends on the infrastructure in the region, and harbors, highways, railways, and of course the Öresund Bridge must be in good condition and well protected. The region as such benefits from that also in a long-term perspective. During the first quarter, we have acquired 10,300 square meters office and retail in Karolinehus in Karlsbergsbyn. Property value of 370 million Danish kroner and location that is attractive both for living and working. A high density close to the city center, interesting mix of older refurbished building and new built. And as we see it, potential for growth rent in the area. and time for financials. Over to you, Arvid.

Thank you very much, Ulrika, and good morning, everyone. If we look at the income statement for the quarter, Ulrika has touched upon the figures already, but I would like to highlight that the rental income of 1,150,000,000 is actually a record for the fourth quarter in a row when it comes to rental income in an individual quarter. up 10% versus the same quarter, 2025. And as we write in the reports, we had a positive one-off effect of 15 million coming from a terminated lease in the Danish portfolio, which was settled with a so-called termination fee. But nevertheless, we had a good growth of 10% of the rental income. The operating surplus amounted to 800 million, up 9%, and that is despite, as you can imagine, having higher costs for snow removal and for heating during Q1. For those of you living in Sweden, you know that the winter was colder and longer than most winters, not least so here in southern Sweden. Income from property management amounted to 520 million, which is up 12% versus the same quarter previous year. Value changes in the property portfolio were basically flat, plus 19 million. so no big changes at all, and the underlying assumptions, as Ulrika mentioned, was also basically the same as at year end. We had positive value changes in our interest rate derivatives portfolio, plus 191 million, and in total, a profit for the period of 548 million. On the next slide, looking at the balance sheet, investment properties versus 12 months previously went up by 6.5 billion Swedish kroner and stood at 65.6 billion in total. Is the presentation of the slides working or not?

Not sure.