Q1 2026 Wihlborgs Fastigheter AB Earnings Call

Speaker #1: Your line is muted

Speaker #2: Welcome to the presentation of Abel'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 not only in faith but also in numbers. Let's go to our report, and we'll start with the summary of Q1 26. Rental income up 10% compared to a year ago, operating surplus plus 9%.

Ulrika Hallengren: Welcome to the presentation of Wihlborgs Q1 2026 report. Growth, cash flow, and core business is our mission. Even if the world gives us some challenges, our region continues to deliver not only in faith but also in numbers. Let's go to our report. We start with the summary of Q1 2026. Rental income up 10% compared to a year ago. Operating surplus +9%. Income from property management +12%. Net letting negative at SEK -35 million. First time for a quarter in 11 years, but I see no new trend in this, just a reminder that a quarter is a short period. Net debt to EBITDA at 10.5x. Good access to financing continues, and we have acquired our first premises in Carlsberg Byen in Copenhagen. With some figures on that, the rental income was SEK 1,150,000,000, a new record.

Speaker #2: Income from property management, plus 12% net lending, negative at minus 35 million. First time for a quarter in 11 years, but I see no new trend in this.

Speaker #2: Just a reminder that a quarter is a short period. Net debt to EBITDA is at 10.5 times. Good access to financing continues, and we have acquired our first premises in Karlsplatz in Copenhagen.

Speaker #2: And with some figures on that, the rental income was SEK 1,150,000,000—a new record. The operating surplus was SEK 800 million, and income from property management was SEK 520 million.

Ulrika Hallengren: The operating surplus, SEK 800 million. Income for property management, SEK 520 million. The results for the period increased to SEK 548 million, corresponding to SEK 1.78 per share, and EPRA NRV has increased by 10% to SEK 101.14 per share, adjusted for paid dividend. A comparison of the rental income Q1 2025 and Q1 2026. Indexation, +SEK 13 million. Acquisition, +SEK 46 million. Currency effect, -SEK 12 million. Additional charges, +SEK 23 million. Completed projects, new leases, and renegotiation, +SEK 35 million. The net letting was negative with -SEK 35 million, the first negative quarter after 43 quarters in a row with positive numbers. New leases of SEK 49 million and terminations of SEK 84 million. 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.

Speaker #2: The result for the period increased to 548 million, corresponding to 17.18 kronor per share, and NAV has increased by 10% to 101.14 kronor per share, adjusted for paid dividend.

Speaker #2: A comparison of the rental income Q1 25 and Q1 26: indexation, plus SEK 13 million acquisition, plus SEK 46 million currency effect, minus SEK 12 million additional charges, plus SEK 23 million and completed projects.

Speaker #2: New leases and renegotiation, plus SEK 35 million. And the net letting was negative with -SEK 35 million. The first negative quarter after 43 quarters in a row with positive numbers—new leases of SEK 49 million and terminations of SEK 84 million.

Speaker #2: Even if every single termination is a loss, the volume of terminations as such is close to last year, and there is no drama in that.

Speaker #2: 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 termination was in Denmark , and we know that the market there is quite strong .

Ulrika Hallengren: 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 SEK 8 million in Sweden from bankruptcies that affected the result with -SEK 1 million, but terminations had a yearly rental value of SEK 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 lettings the coming 43 quarters, but at least we have a number of good discussions ongoing.

Speaker #2: So I expect that we will see a pickup. We also had SEK 8 million in Sweden from bankruptcies that affected the result with minus SEK 1 million.

Speaker #2: But terminations had a yearly rental value of SEK 8 million. Now, in April, things have changed, and I think the list of possibilities and the ongoing discussions actually are quite good.

Speaker #2: That doesn't mean that things will be easy ahead, and I cannot promise positive net listings the coming quarter, 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.

Ulrika Hallengren: 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, is a growing sector. We also see some examples of interesting and growing tech companies like InterMail and the tech hub HETCH in Helsingborg, also continues to attract innovative AI companies. Here we have the net letting in historical perspective. Lettings in green, terminations in light blue, and dark blue stacks are the net letting. 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. The list of our 10 largest tenants in alphabetic order, strong customers, and they contribute with 90% of rental income. Seven out of 10 are governmental tenants, and the public sector contributes with 22% of rental income.

Speaker #2: The defense industry , which for example , the new and expanded lease with Mil Def is 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 .

Speaker #2: Here we have the net letting in historical perspective , lettings in green terminations in light blue and dark blue stacks are the net letting We don't win a release opportunity , which is annoying , but the hit rate over time is good .

Speaker #2: And let's see how we can develop this further on. And the list of our ten largest tenants, in alphabetic order. Strong customers.

Speaker #2: And they contribute with 90% of rental income , seven out of ten of governmental tenants . And the public sector contributes with 22% of rental income The rental value as of 1st of April 26 is 5,157,000,000 per year .

Ulrika Hallengren: The rental value as of 1 April 2026 is SEK 5.157 billion per year, first time over SEK 5 billion, +11.6%, and rental income, SEK 4.542 billion, +10.3%. Strong figures, 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 owned 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 investment will continue to be important, especially in times of higher vacancy. Changes in the market value of our properties.

Speaker #2: First time over 5 billion plus 11.6% and rental income 4,000,000,540 23 million 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 .

Speaker #2: 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% .

Speaker #2: Like for like does not include the large acquisition we did 1st of April 25 . I 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 .

Speaker #2: 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 million in investments, 562 million in divestments, minus 4 million in changes in valuation, plus 19 million, and together with currency translations of 170 million, that’s summarized to a value of 65,642,000,000.

Ulrika Hallengren: We started the year with SEK 64.44 billion in accordance with the external valuation of 100% of our portfolio. We have made acquisitions which add on SEK 534 million, investments of SEK 562 million, divestment minus SEK 4 million, changes in valuation plus SEK 19 million, and together with currency translations of SEK 170 million, that summarized to a value of SEK 65.642 billion. Valuation parameters haven't changed since year-end, and that includes assumed indexation of 1%. Very small changes in valuations. The growth comes mainly from investments and the transaction we made in Copenhagen. Here'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. This is not the valuation yield.

Speaker #2: Swedish krona . Valuation parameters wouldn't haven't changed since the last . Since year end up , and that includes assumed indexation of 1% .

Speaker #2: So, very small changes in valuations. The growth comes mainly from investments and the transaction we made in Copenhagen. Here is a long-term trend for portfolio growth: from SEK 7 billion to SEK 65.6 billion in 21 years, and growth every year without taking in any new equity from our shareholders.

Speaker #2: These figures , the running yield , show how we actually perform in relation to the valuation . So this is not the valuation yield , but the whole portfolio .

Ulrika Hallengren: For the whole portfolio, the occupancy rate is 90%, excluding project and land, and with an operating surplus of SEK 3,356,000,000, that gives a running yield of 5.5%. Fully let, 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 14% are already signed but not entered yet. For additional 6% of the vacancy, we have ongoing discussions with possible tenants. A lot of positive work in that. We will also add on vacancy from terminations. Additional new build projects will move from the project line to the running portfolio line, and possible transaction may also affect vacancy. No exact guidance ahead.

Speaker #2: The occupancy is 90%, excluding project and land. And with an operating surplus of 3,000,000,500—356 million—that gives a running yield of 5.5% for the portfolio, and would give a running yield of 6.3%.

Speaker #2: 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.

Speaker #2: What we know is that, of the total vacancy, approximately 14% is already signed, but not entered yet, and for an additional 6% of the vacancy, we have ongoing discussions with possible tenants.

Speaker #2: So, a lot of positive work in that. But we will also add on vacancy from terminations; additional new build projects will move from the project line to the running portfolio line, and possible transactions may also affect vacancy.

Speaker #2: 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% .

Ulrika Hallengren: 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 SEK 51,451 million with an occupancy rate of 90%, 90% in Malmö, continuing with small improvements in Helsingborg to 91%, 89% in Lund, and 91% in Copenhagen. The operating surplus from offices summarized to SEK 2,781 million and a running yield of 5.4%, 6.2% fully let. The logistics production portfolio have a value of SEK 9,315 million, 92% 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% fully let. 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.

Speaker #2: In Malmö, continue with small improvements in Helsingborg to 91%, 89% in Lund, and 91% in Copenhagen. The operating surplus for offices summarized to SEK 2,781,000,000 and a running yield of 5.4%, 6.2%.

Speaker #2: Fully let, the district production portfolio has a value of 9,315,000,092, with percent occupancy in Malmö at 92%, 83% in Helsingborg, 95% in Lund, and 97% in Copenhagen.

Speaker #2: In all, 88% occupancy with a running yield of 6.2%, and 7.3% for Lilette. The development of our total portfolio is showing a yield of 5.5%, bringing stability, not least since the portfolio overall has high quality and a good location.

Speaker #2: As noted before , a good increase of the running yield . Since 2021 . Some sustainability highlights we have improved from 0 to 35% .

Ulrika Hallengren: As noted before, a good increase of the running yield since 2021. Some sustainability highlights. We have improved from 0% to 35% certified area in our Copenhagen portfolio within one year, and there is more to come. We have also new sustainability targets from 1 January and will report on a wider spectrum with focus on energy efficiency, carbon dioxide emissions, and climate 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 normalized, year-corrected, and of course, also in kWh per square meter. Here you can see the improvements quarter by quarter and year by year.

Speaker #2: Certified area in our Copenhagen portfolio within one year , and there is more to come . We have also new sustainability targets from 1st January and will report on a wider spectrum , with focus on energy efficiency , carbon dioxide emissions and climate adaptation , as well as important social and governance measurements .

Speaker #2: 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 , collated , corrected and of course also in kilowatt hours per square meters .

Speaker #2: Here you can see the improvements quarter by quarter and year by year. We present the carbon dioxide emissions from Scope One and Two in the same way.

Ulrika Hallengren: We present the carbon dioxide emissions from Scope 1 and Scope 2 in the same way. Here 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 least, we have a new goal till 2020 to replace refrigerants in our cooling systems to more environmentally neutral gases, and this work continues. A catalog of our value and properties in our four cities. End Q1, 26. 38% of the value is in Malmö, 23% in Helsingborg, 17% in Lund, and 22% in Copenhagen. Commuting across the Öresund Strait continues to increase, and the entire region benefits from the fact that Sweden and Denmark complement each other's economic cycles.

Speaker #2: Here we have higher emissions in Q1, according to more gas used in Denmark. During this period of energy uncertainty in the world.

Speaker #2: We also compare energy production from solar cells. And last but not least, we have a new goal until 2020 to replace refrigerants in our cooling systems with more environmentally neutral gases.

Speaker #2: And this work continues. Catalogue of our value and properties. And as for cities and Q1, 26% of the value is in Malmö, 23% in Helsingborg, 17% in Lund, and 22% in Copenhagen.

Speaker #2: Commuting across their zones rate continues to increase, and the entire Øresund region benefits from the fact that Sweden and Denmark complement each other's economic cycles.

Speaker #2: The increased focus on defense and resilience also contributes to investments in the region, not only correlated to industries such as Saab and defense, but also due to the fact that 90% of the important food to Sweden passes through our region.

Ulrika Hallengren: The increased focus on defense 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 important 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 Q1, we have acquired 10,300 sq m office and retail in Caroline Hus in Carlsberg Byen. Property value of DKK 370 million, 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 build. As we see it, potential for rent growth in the area. Time for financials.

Speaker #2: 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.

Speaker #2: The region . As such , benefits from that . Also in the long term perspective During the first quarter , we have acquired 10,300m² of office and retail in Catalinas in Carlsbad , Spain .

Speaker #2: Property value of DKK 370 million and a location that is attractive both for living and working. A high density close to the city center.

Speaker #2: Interesting mix of older, refurbished buildings and new builds. And as we see it, there is potential for rental growth in the area, and it's time for financials.

Speaker #2: Over to you, Arvid.

Ulrika Hallengren: Over to you, Arvid.

Speaker #3: Thank you very much , Ulrika , and good morning everyone . And if we look at the income statement for the quarter , Ulrika has a 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 .

Arvid Liepe: 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. I would like to highlight that the rental income of SEK 1,150 million 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. As we write in the reports, we had a positive one-off effect of +SEK 15 million coming from a terminated lease in the Danish portfolio, which was settled with a so-called termination fee. Nevertheless, we had a good growth of 10% of the rental income. The operating surplus amounted to SEK 800 million, up 9%, and that is despite, as you can imagine, having higher costs for snow removal and for heating during Q1.

Speaker #3: When it comes to rental income , in 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 a terminated lease in the Danish portfolio , which was was settled with a so-called termination fee , but nevertheless , we had a good growth of 10% of , of the rental income , the operating surplus amounted to 800 million , up 9% .

Speaker #3: And that is despite , as you can imagine , having higher costs for snow removal and for for heating during Q1 . For those of you living in Sweden , you know that the winter was was colder and longer than most winters , not least .

Arvid Liepe: 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 SEK 520 million, which is up 12% versus the same quarter previous year. Value changes in the property portfolio were basically flat, +SEK 19 million. No big changes at all. 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, +SEK 191 million, and in total, a profit for the period of SEK 548 million. On the next slide, looking at the balance sheet, investment properties versus 12 months previously went up by SEK 6.5 billion and stood at SEK 65.6 billion in total.

Speaker #3: So here in southern Sweden, income from property management amounted to SEK 520 million, which is up 12% versus the same quarter previous year.

Speaker #3: Value changes in the property portfolio were basically flat plus 19 million . So no , no big changes at all . And the the underlying assumptions , as Ulrika , are mentioned , was also basically the same as at year end .

Speaker #3: We had positive value changes in our interest rates derivatives portfolio, plus SEK 191 million. And in total, a profit for the period of SEK 548 million.

Speaker #3: On the slide, looking at the balance sheet, investment properties versus 12 months previously went up by six and a half billion Swedish kronor, and stood at 65.6 billion in total.

Speaker #2: I think .

Speaker #3: Do we have the presentation of slides working or not?

Ulrika Hallengren: I think we have.

Arvid Liepe: Is the presentation of the slides working or not?

Speaker #2: I'm not sure. Let's see again.

Ulrika Hallengren: Not sure. Let's see again.

Speaker #3: Let's see if we can get a signal from somebody. If the slides are visible...

Arvid Liepe: See if we can get a signal from somebody if the slides are visible.

Ulrika Hallengren: Sorry for this.

Speaker #2: Sorry .

Arvid Liepe: Looks okay over there?

Speaker #3: Looks okay over there .

Speaker #2: Yes, it is so, so.

Ulrika Hallengren: Yes, it is.

Arvid Liepe: Okay.

Speaker #3: We'll carry on. Yeah. Equity at the end of March stood at SEK 24.9 billion, up SEK 1.4 billion versus 12 months previously.

Ulrika Hallengren: Please continue.

Arvid Liepe: We'll carry on.

Ulrika Hallengren: Yep.

Arvid Liepe: Equity end of March stood at SEK 24.9 billion, up SEK 1.4 billion versus 12 months previously. We've, of course, during that period, paid almost SEK 1 billion in dividends. The borrowings stood at SEK 34.2 billion, up SEK 5 billion versus 12 months previously. As you remember, we have made acquisitions of approximately SEK 3 billion during that period, and also we've had a high investment level in our project portfolio. Moving to the next slide, looking at our key numbers, the equity to assets ratio now stands at 36.8%. The LTV has gone up slightly to 52.1%, and the interest coverage ratio continues to be at a strong level of 2.9 times. Looking at per share numbers, the EPRA NRV stands at SEK 101.14 per share, which, adjusted for paid dividend, is up 10% versus 12 months previously.

Speaker #3: And then we've, of course, during that period paid almost a billion Swedish kronor in dividends. The borrowings stood at SEK 34.2 billion, up SEK 5 billion versus 12 months previously.

Speaker #3: And as you remember , we have made acquisitions of approximately 3 billion during that period . And also we've had a high investment level in our project portfolio Moving to the next slide , looking at our key numbers , the equity assets ratio now stands at 36.8% .

Speaker #3: The LTV , it's gone up slightly to 52.1 . And the interest cover ratio is continues to be at a at a strong level at 2.9 times looking at per share numbers , the Send us 101.4 kronor per share , which adjusted for .

Speaker #3: Pay dividend , is up 10% versus 12 months previously Looking at the next slide , the long term development of Is visible on this .

Arvid Liepe: Looking at the next slide, the long-term development of EPRA NRV is visible in this graph. The average annual growth still stands at 15%, adjusted for dividends, so a strong long-term growth trend in EPRA NRV. On the next slide, you see the long-term trend for the other financial ratios that we continuously monitor. On the left-hand side, you see the interest coverage ratio. As you remember, it was on extremely high levels during the zero interest rate period, 2019, 2020, 2021. The 2.9 times level where we are currently is well above the long-term goal that we have of a minimum of 2.0 times. On the right-hand side, you can see the equity to assets ratio well above our threshold of 30%. Stands at 36.8% currently. The loan-to-value is well below our limit of 60% at 52.1%.

Speaker #3: In this graph and the average annual growth still stands at 15% , adjusted for dividends . So a strong long term growth trend in Epra and On the next slide you see the long term trend for the other financial ratios that we continuously monitor on the left hand side , you see the interest cover ratio .

Speaker #3: And as you remember it was on extremely high levels during the zero interest rate period 2019 , 2020 , 2021 . But the 2.9 times level where we where are currently is well above the long term Goal of the goal that we have of a minimum of 2.0 times on the right hand side , you can see the equity assets ratio well above our threshold of of 30% stands at 36.8% .

Speaker #3: Currently . And the loan to value is well below our limit of 60% at 52.1 . On the next slide , you can see our net debt in relation to EBITDA .

Arvid Liepe: On the next slide, you can see our net debt in relation to EBITDA. Also there, we have a long-term stable development. This ratio now stands at 10.5 times. We think it's a very relevant number since it reflects the cash flow that we actually generate in our core business. On the next slide, you can see our sources of funding as of end of March. Half of our funding comes from bilateral bank agreements with Nordic banks, 16% from the bond market, 34% from the Danish realkredit system. The bond market is of course more sensitive to the geopolitical development than the bank market is. I would still claim that the bond market works in a quite okay way. Also over the past month or so, the beginning of the year, the bond market was actually quite strong.

Speaker #3: A . Also there we have a long term stable development . This ratio now stands at 10.5 times , and we think it's a very relevant number since it reflects the cash flow that we actually generate in our core business On the next slide , you can see our sources of funding as of end March , half of our funding comes from bilateral bank agreements with Nordic banks , 16% from the bond market , 34% from the Danish real Mortgage system .

Speaker #3: The bond market is , of course , more sensitive to the geopolitical development than the bank market is . But I would still claim that the bond market works in a quite okay way .

Speaker #3: Also, over the past month or so, the beginning of the year, the bond market was actually quite strong and we...

Arvid Liepe: We issued some new bonds end January, beginning February, on attractive levels, I would claim. Our ongoing discussions with our banking relationships tell us that the banks are continuously willing to lend money. A positive sentiment from that front. The Danish realkredit system, I would claim, has a stable, positive development as always. On the next slide, you can see the structure of our loan portfolio with lots of details. The average interest rate that we're paying currently is 3.21%, 3.24% if you include the cost of committed credit agreements. This means that our marginal cost of debt is actually pretty close to the average cost of debt that we're paying currently. On the next slide, you can see the development of the fixed interest period, which now stands at 2.6 years, and the average loan maturity, which stands at 4.8 years.

Speaker #3: Is it some new bonds in January, beginning February, on attractive levels, I would claim? Our ongoing discussions with our banking relationships tell us that the banks are continuously willing to lend money.

Speaker #3: So a positive sentiment from that front. And the Danish real mortgage system, I would claim, has a stable, positive development.

Speaker #3: As always On the next slide , you can see the structure of our loan portfolio with lots of details . The average interest rate that we're paying currently is a 3.21% , 3.24 .

Speaker #3: If you include the cost of of of committed credit agreements . And this means that our marginal cost of debt is actually pretty close to the average cost of that debt that we're paying currently On the next slide , you can see the development of the fixed interest period , which now stands at 2.6 years .

Speaker #3: And the average loan maturity , which stands at 4.8 years , no drama in the development of these numbers . And we continue to work according to our financial risk management policy On the next slide , you can see the the developments since 2019 of available funds .

Arvid Liepe: No drama in the development of these numbers, and we continue to work according to our financial risk management policy. On the next slide, you can see the development since 2019 of available funds, currently SEK 2.6 billion which gives us day-to-day flexibility to manage our operations in a good way. With that, I hand the word back to you, Ulrika.

Speaker #3: Currently 2.6 billion Swedish kronor , which gives us a day to day flexibility to to , to , to manage our operations in a good way .

Speaker #3: And with that, I hand the word back to you, Ulrika.

Speaker #2: Thank you. And I'll give you an update on our investments in progress, and a quick overview of our largest project during Q1.

Ulrika Hallengren: Thank you. I'll give you an update on our investments and progress, and a quick overview of our largest project. During Q1, we have invested SEK 562 million, and it remains SEK 1,738 million to invest in approved projects. We continue to expect yield on cost at 6% or a bit over 6% for new build offices and 7% or a bit above for industrial, and a good mix both of refurbishment and new build in the portfolio. Let's start with projects soon to be completed. In Malmö and Hyllie, we continue with Bläckhornet 1, Vista, an SEK 884 million investment. The Mobility Hub was completed March 2024, and now the first tenants are in place. One new lease signed in Q1, but we work hard for the next ones. Yield on cost 6.2% and approximately 40% pre-let.

Speaker #2: We have invested SEK 562 million, and it remains SEK 1,738 million to invest in approved projects. We continue to expect yield on costs at 6% or a bit over for new-build offices, and 7% or a bit above for industrial, and a good mix of refurbishment and new build in the portfolio.

Speaker #2: Let's start with projects soon to be completed in Malmö, and we continue with Black Hole at One Vista, an SEK 884 million investment.

Speaker #2: The Mobility Hub was completed in 2024, and now the first tenants are in place. One new lease was signed in Q1, but we are working hard for the next ones.

Speaker #2: Yield on costs is 6.2% and approximately 40% pre-let from the 1st of January. The total area in the building is included in Malmö Office's best classified as project, and during Q2, we will count the project as completed, even if adaptations for tenants will continue.

Ulrika Hallengren: From 1 January, the total area and the building are included in Malmö Offices, thus classified as project. During Q2, we will count the project as completed, even if adaptations for tenants will continue, of course. In Lund, Posthornet Phase Two, a new modern office right beside the central station, will also be completed in Q2, but moving in continues rest of 2026. 10,100 square meters, SEK 448 million. Yield on cost 6.5%, a very successful project. In the southern part of Lund, we continue the development of Tomaten. This project is for BBC. Will also be completed in Q2 2026, and we invest SEK 79 million. 3,600 square meters and yield on cost 7%. Next to that, at Söderkullen One, NOTE have started to move in, and Lund University will move in in Q4. Well-used land area and long leases. In total, 14,500 square meters.

Speaker #2: Of course, in Lund, Post-donut phase two, a new modern office right beside the central station will also be completed in Q2, but moving in continues rest of '26. 10,100 m², SEK 448 million.

Speaker #2: Yield on cost is 6.5%. A very successful project in the southern part of Lund. We continue the development of Tomaten. This project is for BBC and will also be completed in Q2 2026. We invest in 79,003 square meters, and the yield on cost is 7%.

Speaker #2: And next to that , at circle in one note have started to move in and Lund University will move in in Q4 . Well used land area and long leases in total , 14,500m² investment , 260 million and yield on costs 9.2% .

Ulrika Hallengren: Investment SEK 260 million, and yield on cost 9.2%. The large project at Amfitrite 1 in Malmö for Malmö University is running well in accordance with plan. A bit above 20,000 sq m for Malmö University at a 10-year lease. Investment SEK 1,130,000,000, and completion is planned to late Q4 2027. Discussion is ongoing regarding a possible prolonging of the lease to 20 years. Both positive and possible. At Kranen 7 in Malmö, we will invest approximately SEK 136 million in a preschool for the municipality. 2,900 sq m. Zoning plan approved, and completion is expected to Q3 2027. Public Procurement Act for the contractor is still ongoing. At Skrovet 6 in Malmö, we refurbish 11,000 sq m. 50% is pre-let to Cloetta and Media Evolution, with completion starting Q3 2026.

Speaker #2: The large project at Amphitheater One in Malmö for Malmö University is running well, in accordance with plan, at a bit above 20,000 m² for Malmö.

Speaker #2: The university has a ten-year lease investment of SEK 1,130,000,000, and completion is planned for late Q4 2027. Discussion is ongoing regarding a possible prolonging of the lease to 20 years, which would be both positive and possible at Seven in Malmö.

Speaker #2: We will invest approximately SEK 106 million in a preschool for the municipality. A 2,900 m² zoning plan has been approved, and completion is expected in Q3 2027.

Speaker #2: Public Procurement Act for the contractor is still ongoing, and after school over six in Malmö. We refurbish 11,000 m², 50% is free, led to Cloetta, and the evolution with completion starting Q3 26.

Speaker #2: Investment of 149 million for a total technical shift in the building and a quick change from a quite closed building facade, and now open up to being the new entrance to the dock and area.

Ulrika Hallengren: Investment SEK 149 million for a total technical shift in the building, and a quick change from a quite closed building for Saab, and now open up to being the new entrance to the Dockan area. Good interest from tenants and several ongoing discussions. A new project in Helsingborg at Musköten 20, where we invest for our tenant Mildef. A combination of refurbishment of an existing vacant building of 2,400 sq m. We have new built 2,400 sq m and adding on the existing lease of 4,400 sq m. So in total, 10,200 sq m and SEK 97 million investment, including value of the land. Yield on cost 7.2% and completion in Q3 2027. A new project started at Sunnanå 12:26. It will be a mix of tenants and a flexible building for smaller industrial logistics. It's a good product, where we have very low vacancy in Malmö.

Speaker #2: Good interest from tenants and several ongoing discussions. A new project in Helsingborg at 20, where we invest for our tenant Matildaf, a combination of refurbishment of an existing vacant building of 2,400 m².

Speaker #2: We have new build , 3400m² and adding on the existing lease of 4400m² . So in total 10,200m² and 97 million investment , including value of the land yield on costs 7.2% and completion in Q3 27 .

Speaker #2: And a new project started at 12:26. It will be a mix of tenants and a flexible building for smaller industrial logistics. It's a good product where we have very low vacancy in Malmö. Pre-let 30% to one tenant. Investment is SEK 87 million, and completion is planned for Q4 2027.

Ulrika Hallengren: Pre-let 30% to one tenant. Investment SEK 87 million and completion is planned to Q4 2027. That was some of the ongoing project, and just to touch on future possibilities, just as a reminder that we always look for new opportunities and are ready to start when we think the timing is right. Here are some office possibilities in Malmö, in the area of Nordhamnen and Dockan, where we continue to work with the zoning plans. High interest for the future, of course. Even if the figures on gross floor area are estimates, the volume are interesting as a part of the other development in the area. Four other possibilities in Malmö. Industrial at Spillepengen, research and offices at Medeon Site, housing at Kranen 5, and offices at Malmöland 3. In Lund, we continue to develop the land at Brisselskolan in the southern part of Lund.

Speaker #2: That was some of the ongoing projects . And just to touch on future possibilities , just as a reminder that we always look for new opportunities and are ready to start when we think the timing is right , here are some office possibilities in Malmö , in the area of Hamnen and where we continue to work with the zoning plants .

Speaker #2: High interest for the future , of course , and even if the figures on gross floor area are estimates , the volume are interesting as a part of the other development in the area and for other possibilities in Malmö Industrial .

Speaker #2: As Pembroke land, research, and offices at Media on site, housing at Kronan 5, and offices at 3 in Lund. We continue to develop the land at Bristhol Colon in the southern part of Lund. On site, we have three project possibilities for offices and laboratories.

Ulrika Hallengren: At the Ideon Site, we have three project possibilities for offices and laboratories. Two of them, on these pictures, Ideon Torget and Delta Two. At Västerbro, the work with the zoning plan continues. In Helsingborg and Landskrona, we also have a mix of different possibilities, and the main part is in the logistics and industrial segment. Just a summary of Q1 again. Rental income up 10%. Operating surplus +9%. Income from property management +12%. Net letting -SEK 35 million. Net debt to EBITDA at 7.5x. We see good access to financing, and we continue to grow this quarter an acquisition in Karlsbysbyn. It goes without saying, we continue with our focus on cash earnings and our future growth. With that, we are open for questions.

Speaker #2: Two of them on these pictures. In the Ontology and Delta Two, and at Vesterbro, they work with the zoning plan. It continues in Helsingborg and Landskrona.

Speaker #2: We also have a mix of different possibilities, and the main part is in the logistics and industrial segment, and just the summary of Q1.

Speaker #2: Again, rental income up 10%. Operating surplus plus 9%. Income for property management plus 12%. Negative net lending, minus SEK 35 million. Net debt to EBITDA at 10.5 times.

Speaker #2: We see good access to financing, and we continue to grow this quarter. The acquisition in Carlsbad is still—and it goes without saying, we continue with our focus on cash earnings and our future growth.

Speaker #2: And with that, we are open for questions.

Speaker #1: If you wish to ask a question, please dial the pound key on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial the pound key on your telephone keypad.

Operator 2: The next question comes from Tobias Kaj from Nordea. Please go ahead.

Speaker #1: The next question comes from Tobias Khadj from Nordia. Please go ahead.

Speaker #4: Thank you, and good morning. First question regarding the EU income in Q1 in Denmark: how large was the annual rental income in that contract?

Tobias Kaj: Thank you, and good morning. First question regarding the new income in Q1 in Denmark. How large was the annual rental income in that contract, and did that already impact the occupancy rate in Q1, or will we see the effect first in Q2?

Speaker #4: And did that already impact the occupancy rate in Q1? Or will we see the effect first in Q2?

Speaker #3: Let me think if I have that number off the top of my head. It relates to Sotomayor's survey, where ATP have left the building.

Arvid Liepe: Let me think if I have that number off the top of my head. It relates to Södra Messarevägen, where ATP have left the building, so it is vacant currently. I don't have the annual rental income off the top of my head, but giving a bit more flavor of what the way it works in the Danish market is that when a tenant terminates a lease, they're obliged to restore the premises to the shape that the premises were when they moved in, which basically means that when a tenant leaves, you end up in a negotiating position to see how much should they actually pay to restore the premises to the original state. It's that type of payment that these SEK 50 million relate to in this quarter.

Speaker #3: So, it is vacant currently. I don't have the annual rental income off the top of my head, but I am giving a bit more flavor of what I'm...

Speaker #3: The way it works in the Danish market is that when a tenant terminates a lease, they are obliged to restore the premises to the shape they were in.

Speaker #3: The premises were . When they moved in , which basically means that when . When a tenant leaves , you end up in a negotiating position to , to , to , to see how much should they actually pay to , to restore the premises to , to the original shape .

Speaker #3: And it's that type of payment that these 50 million Swedish kronor relate to in this quarter.

Speaker #4: Okay , I understand . Thank you . Also regarding the general occupancy rate , I think you previously have said that you expect some improvement during this year and you're right in the report that 14% of the vacancy is already pre-leased .

Tobias Kaj: Okay, I understand. Thank you. Also regarding the general occupancy rate, I think you previously have said that you expect some improvement during this year, and you write in the report that 14% of the vacancy is already pre-leased. Does that indicate that we should expect roughly one percentage point increase in occupancy rates during the remainder of the year? Or will it take longer time to see that positive effect?

Speaker #4: Does that indicate that we should expect roughly a one-percentage-point increase in occupancy rates during the remainder of the year? Or will it take a longer time to see that positive effect?

Speaker #2: You should not expect that . It's too early to say . To say that , because we also have terminations . Of course .

Ulrika Hallengren: You should not expect that. It's too early to say that because we also have terminations, of course. What I see now is that we will do quite flat until Q2, and then it depends on what will happen with project completions and terminations ahead. I definitely see, as we have also given some notice before, that the rental income continues to increase.

Speaker #2: So what I see now is that we will be quite flat until Q2, and then it depends on what will happen with project completions and terminations ahead.

Speaker #2: But I definitely see, as we have also given some notice before, that the rental income continues to increase.

Speaker #4: Yeah . Okay . Thank you . Regarding your interest expenses , how much do you capitalize related to projects and should we expect a significant increase in coming quarters as you expect lots of projects , both in the first quarter and in the second quarter

Tobias Kaj: Yeah. Okay. Thank you. Regarding your interest expenses, how much do you capitalize related to project, and should we expect a significant increase in coming quarters as you expect lots of projects both in Q1 and in Q2?

Speaker #3: 9 million Swedish kronor were capitalized in interest in the first quarter . This year , and given that the project volume was very high during 2025 and it will still be be reasonably high in 2026 , but probably not as high , I wouldn't expect that number to go up

Arvid Liepe: 9 million were capitalized in interest in Q1 this year. Given that the project volume was very high during 2025, and it will still be reasonably high in 2026, but probably not as high, I wouldn't expect that number to go up.

Speaker #4: Okay, thank you. And one final question: I think you have a swap contract on SEK 1.25 billion with very low interest rates that matures during this year.

Tobias Kaj: Okay. Thank you. One final question. I think you have a swap contract of SEK 1.25 billion with very low interest rates that matures during this year. Is that one contract in one single quarter or will it be a gradual effect in-

Speaker #4: Is that like one contract in one single quarter, or will it be a gradual effect in the—

Speaker #3: Coming spread out over Q2, Q3, Q4. It's not one contract.

Arvid Liepe: No, it's spread out over Q2, Q3, Q4. It's not one contract.

Speaker #4: Okay, perfect. Thank you very much for taking my questions.

Tobias Kaj: Okay. Perfect. Thank you very much for taking my questions.

Speaker #3: Thank you .

Arvid Liepe: Thank you.

Speaker #2: Thank you .

Ulrika Hallengren: Thank you.

Speaker #1: The next question comes from Lars Norby from SEB. Please, go ahead.

Operator 2: The next question comes from Lars Norrby from SEB. Please go ahead.

Speaker #5: Good morning . I'm looking at that not letting chart page seven . Looking at the termination volumes , which is , as I think you pointed out , it's quite similar to the past few quarters .

Lars Norrby: Good morning. I'm looking at that net letting chart, page seven. Looking at the termination volumes, which is, as I think you pointed out, it's quite similar to the past few quarters. It's more an issue of, I guess, the amount of leases signed during the quarters that haven't been high enough to get a positive figure. If just on the termination figures, can you mention, are there any individual contracts of size that you can mention? And if so, in that case, where geographically?

Speaker #5: It's more an issue of , I guess , the amount of leases signed during the quarters that haven't been high enough to get a positive figure , but just on the termination figures , can you mention other any individual contracts of size that you can mention ?

Speaker #5: And if so, far in that case, where geographically?

Speaker #2: We have two leases with PostNord, one in Sweden of 2.5 million and one in Denmark of, I think the damage was 7 million or something.

Ulrika Hallengren: We have two leases with PostNord, one in Sweden of SEK 2.5 million and one in Denmark of, I think it was DKK 7 million or something.

Speaker #3: Six, seven million Swedish kronor.

Arvid Liepe: SEK 6.7 million.

Speaker #2: In Denmark . No , 4 million in Denmark . So . So in total , six seven . And we have here in Almere with minus 7 million .

Ulrika Hallengren: In Denmark. No, SEK 4 million in Denmark. In total, 6, 7. We have Ahlsell here in Malmö, with SEK -7 million. Then just a few on SEK -2 million. Nothing really large or something like that. What we see is that the large portion of these smaller leases that always is a great motor in the business. During Q1, the cautiousness was very, everybody was very worried about what will happen, and we really saw that in the discussion. We missed that volume in the new leases.

Speaker #2: And then just a few on minus 2 million . So nothing really large or or something like like that But what we see is , is , is that the , the large portion of these smaller leases that we , owe that always is a , a great motor in , in , in the business during Q1 , the cautiousness was very everybody was very , very worried about what will happen .

Speaker #2: And we really saw that in the discussions. So we, we, we missed that volume in the new leases.

Speaker #3: And on , on the termination side also mentioned it during the presentation . But we had tenant bankruptcies a few different not , not one big one , but those bankruptcies have a annual rental value affecting the net lettings of between 7 and 8 million Swedish kronor in in the quarter .

Arvid Liepe: On the termination side, Ulrika also mentioned it during the presentation, but we had tenant bankruptcies, a few different, not one big one. Those bankruptcies have an annual rental value affecting the net lettings of between SEK 7 million and 8 million in the quarter. That does not mean that we have credit losses of that amount. But in the net letting figure, it affects the numbers negatively.

Speaker #3: And that does not mean that we have credit losses of that amount. But, but, but it's— but in the net letting figure, it affects the numbers negatively.

Speaker #5: One one more question . You mentioned here earlier on the call , I think something along the line that after what happened in the Middle East lease discussions ongoing for prolonged or delayed , have you had cases where they've been the discussions have actually been terminated , terminated without having a signed contract related to what's happened geopolitically

Lars Norrby: One more question. You mentioned here earlier on the call, I think, something along the line that after what happened in the Middle East, lease discussions ongoing were prolonged or delayed. Have you had cases where the discussions have actually been terminated without having a signed contract related to what's happened geopolitically?

Speaker #2: No, not what I can. No, so and.

Ulrika Hallengren: No. No.

Lars Norrby: Hopefully it-

Speaker #5: Actually .

Speaker #2: I think the list of ongoing discussions has increased significantly since February and March. So April and onward looks quite decent.

Ulrika Hallengren: As I mentioned, I think that the list of ongoing discussion have increased significantly since February, March. April and ahead looks quite decent, I would say.

Speaker #2: I would say

Speaker #5: Okay . Thank you

Lars Norrby: Okay, thank you.

Speaker #1: The next question comes from Frederic Stanford from AB Sundial Collier. Please go ahead.

Operator 2: The next question comes from Fredrik Stensved from ABG Sundal Collier. Please go ahead.

Speaker #6: Thank you very much . Good morning . I have three questions , if I may . First one is a follow up to to one of the earlier questions about the the non-recurring item in Denmark is , is the , the way I understand the , the , the answer .

Fredrik Stensved: Thank you very much. Good morning. I have three questions, if I may. First one is a follow-up to one of the earlier questions about the non-recurring item in Denmark. The way I understand the answer, Arvid, was that they moved out in Q1, but is this a large material lease, in terms of annual rent? And if so, did they contribute fully throughout Q1 and then moved out in late March? I'm just trying to-

Speaker #6: Was that they moved out in Q1 , but but is is this a large material list in terms of , you know , annual rent and , and , and if so , did they contribute fully throughout Q1 ?

Speaker #6: And then moved out in, in late March? I'm just trying to

Speaker #2: They moved out earlier . I think in , in . Q four or something . So this was just the negotiation about the termination fee that were decided during Q1 .

Ulrika Hallengren: They moved out earlier, I think in Q4 or something.

Fredrik Stensved: Yes.

Ulrika Hallengren: This was just a negotiation about the termination fee that were decided during Q1.

Speaker #6: Okay . Very good , very clear . Perfect . Second answer . Also , I think pretty straightforward . I would you talked about the bond market and the bank banking relationships and they , they were still sort of eager to lend , etc.

Fredrik Stensved: Okay. Very good. Very clear. Perfect. Second answer also, I think, pretty straightforward. Arvid, you talked about the bond market and the banking relationships, and that they were still sort of eager to lend, et cetera. Have you seen any moves in terms of margins with bank discussions during these, call it, two months of geopolitical uncertainty and the general uncertainty in the market?

Speaker #6: . Have you seen any moves in terms of margins with with bank discussions during this ? Call it two months of , of geopolitical uncertainty and , and , and , and and the uncertainty in the market .

Speaker #3: We , we haven't had any , any refinancings or new financings . So we don't have any sort of speak hard evidence of the prices .

Arvid Liepe: We haven't had any refinancings or new financings, so we don't have any, so to speak, hard evidence of the prices. My take is that the bank margins, during March, April, have basically been stable. I have not gotten the impression that they have moved much over the past couple of months.

Speaker #3: But my take is that the bank margins during March and April have basically been stable. I have not gotten the impression that they have moved much over the past couple of months.

Speaker #6: Very good , very good . Thank you . Then last question on the project completions that you talked a little bit during the presentation , like black owned it and now completed in Q2 .

Fredrik Stensved: Very good. Thank you. Last question on the project completions that you talked a little bit during the presentation, Ulrika. Bläckhornet and Posthornet now completed in Q2. The way I understand it, at least Bläckhornet, probably some move-ins already in Q1 and then some Q2 and then maybe Q3. How should we think about sort of the contribution in Q1, Q2? Will the tenants start paying in Q2 or later? And did they contribute anything to Q1 at all?

Speaker #6: But the way I understand it , at least , lacuna will probably some movements already in Q1 . And then some Q2 and then then , then maybe Q3 .

Speaker #6: How should we think about sort of the contribution in Q one , Q two will , will , will , will , will the tenant start paying in Q2 or or later ?

Speaker #6: And did they contribute anything to Q1 at all?

Speaker #2: Yes, we had contribution during Q1, and we will see contribution during the autumn as well, but at a slower pace.

Ulrika Hallengren: Yes, we had contribution during Q1, and we will see contribution during the autumn as well. In a slower pace. No large significant moment where things suddenly will contribute in a more smooth, I would say.

Speaker #2: No, no large significant moment where things suddenly will contribute in a, in a more smooth, I would say.

Speaker #6: Okay , okay . And , and . most of all Is it similar for Postnet or is that more binary ?

Fredrik Stensved: Okay.

Ulrika Hallengren: But most of all of-

Fredrik Stensved: Is it similar for Posthornet or is that more binary?

Speaker #2: Postnet has the largest contribution during Q2, but also continues during the autumn.

Ulrika Hallengren: Posthornet has the largest contribution during Q2. Also during the autumn, continued.

Speaker #6: Okay. A little bit in Q2, and then fully, or, you know, at least 70% given the occupancy rate from Q3 and onwards. Okay.

Fredrik Stensved: Okay. A little bit in Q2 and then fully or 70% at least, given the occupancy rate from Q3 and onwards.

Ulrika Hallengren: Yeah.

Fredrik Stensved: Okay. Thank you.

Speaker #6: Thank you. That's that.

Ulrika Hallengren: We have something assigned for moving in in Q4 as well in Posthornet, but most of it now in Q2.

Speaker #2: We have something assigned for moving in , in Q4 as well . In , in post-donut . But most of it now in Q2 .

Speaker #6: Thank you. That's all for me.

Fredrik Stensved: Thank you. That's all for me.

Operator 2: The next question comes from James Cattell from Green Street. Please go ahead.

Speaker #1: The next question comes from James Cattle from Green Street. Please go ahead.

Speaker #7: Good morning. I had a question on the CapEx table on page 25 of the report. I noticed that tenant incentives have increased quite significantly.

James Cattell: Good morning. I had a question on the EPRA CapEx table on page 25 of the report. I noticed that tenant incentives have increased quite significantly by almost SEK 100 million, versus Q1 last year, and also on the annualized basis was higher than full year 2025. Is this going to be the run rate going forward for the whole of 2026, or is this just due to some one-off items?

Speaker #7: By almost SEK 200 million versus the first quarter last year. And also on the analyze basis, was higher than for year 2025.

Speaker #7: Is this going to be the run going forward for the whole of '26, or is this just due to some one-off items?

Speaker #3: To to to be to be open , open and frank with you , James predicting the split of of CapEx into these different categories is not extremely easy So , so the , the , the tenant adaptations or the tenant or what calls the tenant incentives , it will continue to be an important part of our CapEx because it that , that , that in that category falls a number of measures .

Arvid Liepe: To be open and frank with you, James, predicting the split of CapEx into these different categories is not extremely easy. The tenant adaptations, or what EPRA calls the tenant incentives, will continue to be an important part of our CapEx because into that category falls a number of measures when we adapt premises to new tenants, and that will continue to be an important part of our ongoing business. Predicting the magnitude of these different parts of our CapEx is still tricky.

Speaker #3: When we , when we adapt premises to , to new tenants . And that will continue to be an important part of our , our ongoing business .

Speaker #3: But predicting the magnitude of these , these different parts of , of our CapEx is , is still tricky .

Speaker #7: Okay . Thank you

James Cattell: Okay. Thank you.

Speaker #1: As a reminder, if you wish to ask a question, please dial star five on your telephone keypad.

Operator 2: As a reminder, if you wish to ask a question, please dial star five on your telephone keypad.

Speaker #2: When written questions .

Ulrika Hallengren: Are there any written questions?

Speaker #3: I have seen nothing. Arriving digitally. Okay.

Arvid Liepe: I have seen nothing arriving digitally. Okay.

Speaker #1: There are no more phone questions at this time, so I hand the conference back to the speakers for any closing comments.

Operator 2: There are no more phone questions at this time, so I hand the conference back to the speakers for any closing comments.

Speaker #2: Okay . Thank you for this . And of course , if you have further questions , you know , just reach out to us and we'll answer .

Ulrika Hallengren: Okay. Thank you for this. Of course, if you have further questions, just reach out to us and we'll answer. Thank you for today.

Speaker #2: So, thank you for today.

Arvid Liepe: Yep. Thank you everyone for listening in.