Wihlborgs Fastigheter AB (publ)

and welcome to the presentation of Hlbor's first half report 2026.

So let's start with the future and the acquisition of 95 properties in Malmö, Lund and Helsingborg. 635,000 square meters, initial yield including property management costs at 5%, just in line with the Swedish portfolio. And this is before we have done any efficiency improvement that we expect from ourselves. Additional upside is 50% vacancy to give development possibilities ahead. The total portfolio suits us almost like a tailor-made glove. The location is right into our most appreciated areas. The mix with both offices and industrial logistics is perfect. If we look at the location of our properties in Malmö City, including part of Dokkan and Nyhandeln, Vilborg owns the black colored buildings in this map, And here we can add on 11 properties in the same area, located as the red dots. In the area of Fosie in Malmö, we can add on Valentine's properties. In Lund, at the Ideal site, here is four properties from Castellum. Two of them are land for development. In the city center of Helsingborg, we have several large properties. And here is the location of 14 additional properties. And in the various locations in Helsingborg, we can add on 10 properties. So, almost like yin and yang for these portfolios. Now we can work with a larger portfolio for our tenants, but also to make room for the other investors that might be a better owner for some of the areas or properties. The interest for investments in the region is high. This is a way to create possibilities for future growth of income and growth of operating surplus for our shareholders. If we can choose, we are totally convinced that if you can get growth in the market you already know very well, you can perform better. And if you combine a large acquisition with both higher operating surplus immediately and larger possibilities for future development, it's a perfect match. We have done things like this several times before. The acquisition of Ideon from Econo 2013 increased the LTV to 63% initially, and the acquisition of Nya Vattentornet 2019 gave us a quite large additional vacancy in an area where the vacancy in our own portfolio was already high. Now the Ideon area is very successful and filled with tenants in different sectors. Our plan is to do the same thing with the Castellum portfolio and it will demand hard work and some time. But for us, this is a very well-known business in a very well-known market. The price of the portfolio is agreed to 13.3 billion, 5% under Castellum's valuation. And let's remember that Castellum from 2022 and ahead decreased the valuations of the property significantly. We think that Castellum's valuation can be fair. The price should be a bit lower than a valuation property by property, just in accordance with the agreement. And what about timing? Is summer 2026 not the time for cautiousness? Our call is that business is best done when a shop is open, and it's better to be ahead of the queue. Running a property portfolio means to look far ahead. We put some plants in the soil and be prepared to harvest in the long run. We think the opportunities for velroids improve significantly with this inspection, and there is no opportunistic thought behind that, just a dry, data-driven investment model. Let's go to our report, and we start with a summary of Q2 26. Rental income up 7% compared to a year ago, a new record level. Operating surplus plus 6%, also a new record. Income for property management plus 6%, net lasting positive of 5 million, but most important that the number of discussions and possibilities ahead have improved after the frosty start of the year. Market rents as well as rental income in like-for-like portfolio continue to develop positive. Net debt to ABTA at 10.7 times. And of course, we signed the agreement with Castellum, as I just mentioned, but high focus on daily business, which continues to be our strong core. With some more figures on that for the full period, rental income up 8% to 2,324,000,000. The operating surplus plus 8%, 1,664,000,000. And income from property management plus 9% to 1,077,000,000. New record for all of them. The result for the period was 850 million, corresponding to 2.76 kronor per share, and EFRA NRV has increased by 9% to 99.66 kronor per share adjusted for paid dividend. A comparison of the rental income, first halves 35 and first halves 26. Indexation, plus 22 million. Acquisition, plus 59 million. Currency effect, minus 16. Additional charges, plus 26. And, not at least, Completed project, new leases and renegotiation plus 91 million, which means that our investments and activities pays off. And a net lasting positive with 5 million, lower activity on both new leases and termination than a year ago, but most important, much better activity now than in the beginning of the year. So, positive signals for the fall, but us, as usual, no promises ahead. The number of discussion is higher and the volume of possible new areas per tenant has also increased. Now we also see signs of tenants who decreased their areas a few years ago. They're coming back and ask for additional areas. An upgrade that we like. And to comment on something that happens on other markets, the large Ericsson agreements in Stockholm which I see as a clear sign that the trend we have seen among small attendants for quite a long time also is in line with how larger companies make their decisions. Location, yes, attractiveness for the employees matters. Design, all the projects in Hagastaden have in common that they focus on human needs. And what about time? The leases signs clearly that airs on things that they would need off their spaces also in 20 years' time. And all of us understand that the Ericsson employees will do totally different things in 20 years, but they still think that they will have people working in common areas. And something about the price. Yes, they are willing to pay. It will be very interesting to see where this trend continues. Here are some of the tenants that we have signed new leases with during Q2. The defense industry continues to be interesting with the lease with Babel Scientific at Solte Mosevej for the full property and the medtech sector are represented by Campaglia. Here we have the net letting in a historical perspective. Lettings in green, terminations in light blue and dark blue stacks are the net letting. We know that we have attractive products to offer and when the market grows, which I will come back to. We will be a part of that growth on both the Swedish and Danish side of Öresund. And the list of 10 largest tenants in Hobartic order, strong customers and they contribute with 90% of rental income. 7 out of 10 are governmental tenants and the public sector contributes with 22% of rental income. Rental value as of 1st of July 26 is 5,167,000,000 and Rental Income 4,562,000,000 plus 6%. Strong figures, and this is an effect from acquisitions, indexation, but not the least new projects and tenants willing to pay for the right quality. Looking for like-for-like figures, all the properties we owned a year ago excluding projects compared with updated figures, we can see that rental value is up 2.6% and rental income is up 1.5%. Better than indexation of 0.9 and still with a high vacancy. That means that rents continue up. 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 made acquisition, which adds on 534 million. Investment, 1,042,000,000. Divestment, minus 4. Changes in valuation, plus 28. And together with currency and foundations of 212 million. That's summarized to a value of 66,226,000,000 Swedish kronor. Valuation parameters are without changes since year-end, including assumed indexation of 1%. So very small changes in valuation. The growth comes mainly from investments and the transaction we made in Copenhagen. Here's the long-term trend for portfolio growth from 7 billion to 66.2 billion in 21 years' time and growth every year. These figures, the running yield, show how we actually perform in relation to the valuation, so not the valuation yield. Some of the projects, like HomeNet 1 in Malmö and PostHomeNet in Lund, have moved from project line to the running portfolio. So even if they're not fully completed and occupied, that's the main reason for occupancy dropping one percentage point to 89% excluding project and land. With an operating surplus of 3,389,000,000, that gives a running yield of 5.4%. Fully let, the portfolio would give a running yield of 6.3%. In the office portfolio, the market value is 53,241,000,000 with an occupancy rate of 89%, 88% in Malmö, 90% in Helsingborg, 88% in Lund, and 91% in Copenhagen. The operating surplus from offices summarized to 2,809,000,000 and a running yield of 5.3%, 6.1% fully left. And as mentioned, the occupancy in Malmö and Lund are affected by moving the project, Project line to the running portfolio. In Helsingborg, the occupancy has strengthened, and most of all, the ongoing discussion in the office market have improved. The logistic production portfolio has a value of 9,378,092% occupancy in Malmö, 82% in Helsingborg, 96% in Lund, and 99% in Copenhagen. In all, 87% occupancy with a running yield of 6.2%, 7.3% full of it. Development of total portfolios running yield 5.4% still brings stability, not least since the portfolio overall has a high quality and good locations, an increase of the running yield since 2021, but the vacancy has a negative impact and we aim to turn that around in line with improvements of the market. So, what about the market? In the last report from Öresundsinstitutet, we can once again remind us of Malmö as the driving city of employment growth in the Öresund region, Malmö in yellow, Stockholm as the ruled grey line, and also interesting to see the pickup in Lund the last years, the green line. We can also see that the number of unemployed decreases quicker, from a higher level though, and the number of newly started companies is also higher than elsewhere. As usual, it's most important to be in the right places. Almost all of the development in Skåne is in the western part, so Lund, Malmö, Landskrona and Helsingborg continue to be the places to invest for us in Sweden. On the Danish side, we note the record high GDP growth for the first quarter of 6.2% compared to the same quarter last year. And it's also worth mentioning that the infrastructure investments continue with, for example, these three completed projects. Kyrgyz Station, a new bridge across Storslöman, and now four tracks with new platforms passes through Copenhagen Airport. A catalogue of our value and properties in our four cities and Q2 2026. 39% of the value is in Malmö, 22% in Helsingborg, 17% in Lund, and 22% in Copenhagen. The region continues to attract attention from investments, for example SAAB and SAS. It will continue to be positive for the region, for Lilleborgs and for Sweden. Some sustainability highlights. We continue to improve our figures and have also got some international sustainability recognition, for example being one of three Swedish property companies on Time's list of world's most sustainable companies, which also includes business models and financial performance. We also got the approval for our updated science-based target. And some figures showing improvement here. Maybe I'm most proud of the figure for low climate impact from our latest completed projects. 202 kilograms per square meter carbon dioxide equivalents. Really low levels from successful projects, but more on that topic in the report. And time for finances. Over to you, Arvid. Thank you.

Thank you very much, Ulrika. If we look at the income statement for the second quarter isolated, we had rental income of 1 billion 174 million. That's up 7%, corresponding to 77 million increase quarter on the second quarter 2025. I think it's important to highlight also that after the increase of 77, The operating surplus amounted to $864 million, up 6%, representing a surplus ratio of 74%. The income from property management amounted to $556 million, up 6%, and that includes transaction costs of about 5 million stemming from the acquisition from Casellum which Ulrika talked about earlier. But rental income and operating surplus and income from property management actually show record levels historically for Hvillborgs which also of course is very satisfying. With positive value changes in the quarter of plus 10 million, so very small, but still on the positive side. Negative value changes of the derivatives, but all in all, a profit for the period of 301 million. Looking at the balance sheet, investment properties amounted to 66.2 billion Swedish kronor, up 3.5 billion versus 12 months previously. Equity amounted to 24.2 billion, up 1.2 billion. And loans or borrowings amounted to 35.7 billion, up 2.4 billion versus 12 months previously. On the next slide, we can see how that translates into key figures. The equity ratio now stands at 35.4%. Leverage is at 53.9, worth noting that the dividend that we paid in Q2 affects the LTV by approximately 1.5 percentage points. And the interest cover ratio stands at 2.9 times. We had with these ratios a strong enough balance sheet to finance the acquisition from Castellum with debt. Thank you very much. versus 12 months previously adjusted for paid dividend. On the next slide, you can see the historic developments of EPRA NRV over this long time period since 2009. We can actually still show an average growth of 15% on a yearly basis adjusted for paid dividends. On the next slide, you can see our key financial ratios in the long-term perspective. The graph starts year end 2011. Equity ratio well above the 30% threshold that we set for ourselves. LTB still before the acquisition, of course, well below the 60% threshold. I think it's also worthwhile noting that although The interest cover ratio has varied a lot over this period. 2.9 times is a strong ratio, and I think it's also worth remembering that in 2022-2023, when interest rates went up sharply, we still had a low point of the interest cover ratio of 2.5 times, which I think is still a very healthy level. Looking at the next slide, you can see the historic developments of the net debt to EBITDA, which now stands at 10.7 times, a level where we're quite comfortable. Looking at our sources of financing as of end June, we have increased the portion of bond financing slightly over the quarter, now representing 20% of our borrowings. About a third comes from the Danish real mortgage system, and a bit less than half of the borrowings from bilateral bank agreements. And I think it's worthwhile repeating that the access to capital on attractive terms is still good, both from the banking system and from the bond market. Look at the structure of our loan portfolio. You can see the details on this slide. The average interest rate excluding costs for credit agreements is 3.25%. It's a very small change over the quarter. The average fixed interest period is now 2.5 years, and the average loan maturity is 4.9 years. And on the next slide, you can see the development over a five-year period of the fixed interest period and loan maturities. And it's no drama in those two graphs, I would claim. And on the next slide, you can see our available funds. That is unutilized credit facilities as of end June plus liquid funds. And we now have access to a bit over 4 billion Swedish kronor in unutilized facilities as of end June. And that also, of course, is a good starting point for the second half of the year. And with that, I hand the word back to you, Ulrika.