Wihlborgs Fastigheter AB (publ)

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So, welcome to the presentation of Viborg's nine-month report 2026. Even if many uncertainties in the world continue, the glimpses and ray of light we have seen from time to time start shining brighter and brighter in our region. It was many years since a portfolio of ongoing discussion was as long and good as it is today. Even if the vacancy will continue up at least one more year as a result from acquisition and adding on new areas, the operating surplus and income from property management continue to increase in a way that I'm proud of. We will not be the only one deciding the time schedule of necessary decisions on new leases, but my best estimate is that we have passed the apex on the board challenge in time. The buzz of what's going on definitely gives that as a fact. And if not, we are prepared for that as well. Let's start with the Q3 report and in the end we will also give some notifications about what we see ahead with the benefits from a larger portfolio. Let's remember that it might look like we have acquired 95 properties, 400 tenants and 48 employees. In fact, we have acquired a market position that is unbeatable. We start with the summary of Q3 26. Rental income up 5% compared to a year ago, operating surplus plus 7%, income for property management plus 6%, net letting negative at minus 27 million, but also important that the number of discussions and possibilities ahead are higher than we have seen in many years. And market rents as well as rental income in like-for-like portfolio continue to develop positively. Net debt to EBITDA at 10.6 times, good access to financing, and the acquisition of 95 properties from Castellum at a value of 13.3 billion was completed in 1st of October. With some more figures on that for the full period, and here we also find some records. The rental income up 7% to 3 billion 484 million, a new record. The operating surplus plus 8% to 2 billion 530 million, also a record. An income for property management plus 8% to 1,604,000,000 and a new record. The result for the period was 1,539,000,000 corresponding to 501,000,000 kronor per share and EPRA NRV has increased by 9% to 101,059,000 kronor per share adjusted for paid dividend. Another record. A comparison of the rental income, first nine months 25 and first nine months 26, indexation plus 33 million, acquisition plus 68 million, currency effect minus 60 million, additional charges plus 27 and completed project, new leases and renegotiations plus 130 million, which means that our core business is working well and worth pointing out these days. The things we do best, we will have the opportunity and obligation to do more of ahead of us. So positive numbers for rental growth, but negative net letting for the quarter, minus 27 million. New lettings for 60 million and a higher level of termination than last year. Q3 normally starts slow and then picks up. We started quite okay, had a normal quiet period during vacation, and then the number of discussion has turned into a really good level. But several expected signings have been postponed a couple of months, and most of our large termination was signed a few weeks earlier than we expected. So everything is not slower, sometimes also quicker than necessary. Worth mentioning regarding the large termination in Denmark is that it was expected in Q4 and we are prepared with two different possible tenants in discussion for the whole building. And as mentioned, we have actually a longer list with higher volume discussion than we have seen in many years. And that is before we add on the prospect from the Castellum portfolio. So I was positive in Q2 for the fall and I'm more positive now. The conclusion is that the fall has just started. Here are some of the tenants that we have signed new leases with during Q3. I especially want to mention Fort Knox, who adds on a good volume to our project at Skrovet 6, as well as Jassen. Enas Vea at Hermes in Helsingborg is also very interesting. All of them are examples of higher standard, higher rent per square meter, and project possibilities in existing buildings. 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. A decent volume of new lettings for Q3, but higher terminations for the quarter. And the list of our 10 largest tenants in alphabetic order. Strong customers and they contribute with 90% of our total rental income. 7 out of 10 are governmental tenants and the public sector contributes with 22% of total rental income. Rental value as of 1 October 2016 excluding the large transaction is 5,260,000,000 per year plus 6.7% and rental income 4,597,000,000 plus 5%. Wrong figures and this is an effect from a combination of different things but the largest parts are new and renegotiated leases as I mentioned earlier. Looking at the like-for-like figures, all the properties we owned a year ago excluding projects compared with outdated figures, we can see that rental value is up 2.5% and rental income is up 0.6%. For the full portfolio, this is another example of the fact that if we work with our properties, we can perform well above index, here with examples from existing portfolios as Börshuset in Malmö and Vätet in Lund, as well as new builds like Posthornet in Lund. Changes in the market value of our properties. We started the year with 64 billion 440 million in accordance with the external valuation of 100% of our portfolio. We have made acquisitions which adds on 534 million, investments 1 billion 458 million, divestment minus 4, changes in valuation plus 49 and together with currency translations of 657 million. That's summarized to a value of 67 billion 108 million Swedish krona. 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 to 67 billion in 20 years time and growth every year. These figures, the running yield, show how we actually perform in relation to the valuation. So this is not the valuation yield. And this is also figures excluding properties acquired 1st of October. So overall, an occupancy rate of 89% excluding project and land with an operating surplus of 3 billion 403 million, which 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 53,655,000,000 with an occupancy rate of 89%, 88% in Malmö, 89% in Helsingborg, 88% in Lund and 92% in Copenhagen. The operating surplus from offices summarized to 2,831,000,000 and a running yield of 5.3%, 6.1% fully let, just small changes since last quarter. In Q2, these figures were affected by moving our projects Blekhornet and Posthornet from being classified as projects to the running portfolio. In Helsingborg, the occupancy overall for offices are slightly down, but not in the city center where the figures continue to pick up. And that is actually the fact also for Hylje in Malmö, if we look at the like-for-like portfolio. Higher occupancy today than a year ago, but not at levels that we are satisfied with, of course. The logistic production portfolio has a value of 9,460,093% occupancy in Malmö, 79% in Helsingborg, 94% in Lund and 99% in Copenhagen. In all, 86% occupancy with a running yield of 6%, 7.3% fully let. Parts of the portfolio in Helsingborg continues to be challenging in a shorter perspective when it comes to occupancy. It's the southern parts in the city, and they will be in time be transformed to more housing, the harbour will move, etc., which affects our portfolio in the area. But in time, the city will continue to develop well. The development of our total portfolio surrounding yield, 5.4%, still brings stability, not least since the portfolio overall has a high quality and good location. 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. And our position in the market has strengthened significantly since 1st of October, but we will come back to that. So what about the market? The world outside the Nordics continue to be challenging in different ways, but in our own market, many things point in the right direction. The economic recovery in Western Skåne has gained significant momentum and the regional unemployment decrease at a faster rate than in other Swedish metropolitan areas. Supported also by higher needs in the Copenhagen area, of course. This is our catalogue of our value and properties in our four cities and Q3. 39% of the value in Malmö, 22% in Helsingborg, 17% in Lund and 22% in Copenhagen. And we are totally convinced that we have chosen the right places for our business. The region continues to attract attention investments from examples Saab, SAS and the logistics sector. It will continue to be positive for the region. for Vilborgs and for Sweden. Some sustainability highlights. We are now ranked number three out of 21 peers in GRESP and show positive progress both for measurement in property management as well as for project development. Our project at Vätet 1 for ARM is the first project in Sweden certificated with miljöbyggnad refurbishment 4.0 and zero carbon dioxide certification for refurbishment. Our impact from scope 1 and 2 have decreased in a very good way in Q3, and the largest impact from our less refrigerant loss from cooling machines. And that shows that our focus on reducing conventional refrigerants really makes a difference. And time for financials. Over to you, Arvid.

Thank you very much, Ulrika, and good morning, everyone. Looking at the P&L for the quarter separately, we can see that rental income increased by 5% to 1,160,000,000. The operating surplus increased by 7% to 848,000,000, which means that the surplus margin improved somewhat to 73.1% in the quarter. Income from property management increased by 6% to 527,000,000 Swedish kronor. As you can note, there was an increase in interest expense, and this was primarily due to an increase in kyber. As you may have noted, three-month kyber has increased from around 2.0% at the start of the year to almost 2.6% now, while three-month styber has basically been flat during the same period. Property valuations were more or less flat at plus 21 million in the quarter. The changes in market rates meant positive valuation changes in the derivatives portfolio of 350 million kronor. And that makes all in all a profit for the period of 689 million. The next slide shows the balance sheets and September in comparison with the status 12 months previously. Investment properties amounted to 67.1 billion, up 3.6 billion in 12 months, or 6%. Equities stood at 24.9 billion, up 1.4 billion, also an increase of 6%. And borrowings amounted to 35.2 billion, up 2 billion versus end Q3 2025. Translating the previous slides into key figures, you can see that the equity ratio was 36.2% end Q3, slightly stronger than end Q2, but the same number as end Q3 2025. LTV stood at 52.5%, roughly in line with last year, and also here a little bit stronger than end Q2. Interest cover ratio was strong at 2.9 times. The APRA NRV per share was 101.59 Swedish kronor, up 9% versus 12 months previously if you adjust for paid dividend. And the APRA EPS was up 10% to 4.78 Swedish kronor. This graph shows the EPRA NRV since 2009. And over that time period, the average annual growth of EPRA NRV has been 14% adjusted for paid dividend. We have set ourselves some financial targets relating to financial stability. The loan-to-value shall not exceed 60% and in the graph on the bottom right you can see the development since 2011. From the current level of 52.5% this number will increase to around 59% due to the completed acquisition in October. Reduction of the LTV to around 55% will primarily be driven by our cash flow generation, but we will of course also review the composition of our portfolio to focus on properties where our cluster strategy creates the greatest value. The equity assets ratio shall be no less than 30% and currently stands at 36.2%. and the interest cover ratio is now 2.9 times, which we think is a strong number, although not, of course, to be compared with the situation when interest rates were zero a few years back. Another relevant metric for describing financial stability is net debt to EBITDA. As you can see on the graph, Hlborgs has had a stable development for this number since 2006. and currently we are at 10.6 times. On this slide, you can see our sources of financing as of end September. Total borrowings of 35.2 billion Swedish kronor. 41% of our loans come from bilateral bank agreements with Nordic banks, 36% from Danish mortgage loans and 23% from the bond market. Despite the geopolitical turbulence and a shaky stock market for the real estate industry, we would claim that access to financing is still good, both from banks and from the bond market. Here you can see the details of our loan portfolio. The average interest rate is now 3.37%, up from 3.25% in the previous quarter. As mentioned when I commented on the P&L for the quarter, the largest part of that increase comes from an increase in Kybor. The average fixed interest period is 2.5 years unchanged from last quarter and in line with our risk management policy. And the average loan maturity is an unchanged 4.9 years. This slide shows the development of these numbers over the last five years. And as you can see, there's no drama in this development. A little bit more drama in the graph on this slide. It shows our available funds as of end September. The very large number, 17 billion Swedish kronor, is of course explained by the facility in place to pay for the 13 billion acquisition, which was completed on October 1st. Adjusted for that, the available funds were a more normal 4 billion Swedish kronor. And with that, I hand back the word to you, Ulrika.