Welcome to the presentations of Videvo Voice Q1 2025. A world with new conditions almost every day. Things have to be done. Videvo's keyword since many years is handling staff. Best translated to act. We continue to act where we find possibilities and we are prepared for new actions whenever the time is right. During 2024, we had record high volume of new leases and that strong trend has continued during 2024. High quality, good locations in region with new assets also ahead and strong cash flow gives opportunities for action. Let's go to our report and the summary of Q4. Rental income 1,045 million. Income for property management 9% to 400 million. Net letting positive with 35 million. Activity debt to EBITDA at 10 times. Agreed and acquisition of 2.4 billion from Genentor completed in the 1st of April. Good quality and good location continues to be attractive. and we continue with our project investments with good results. The results for the period, small increase of rental income to 1,045 million. But let's remember that the comparison period, 2024, had one-offs over 20 million. The operating surplus increased to 731 million, and income from property management, as mentioned, increased by 9% to 463 million. The result for the period amounts to 431 million, corresponding to 1.40 share, and EBITDA 3.2 to 9508 Krona per share adjusted for paid dividends. A comparison of the rental income Q1 24 and Q1 24. Indexation gives 10 million termination fees plus and then no minus 21 million acquisition plus 3 million currency effect minus 1 million additional 7 and completed projects, new leases and re-negotiated plus 7 million. Q1 24 was a record level on new leases. And I then got questions if we and the market could keep that tempo volume. The market can shape. I'm very confident that our skilled team will keep both focus and tempo. And now the numbers also give proof that the market is there. Q1 25 is the third highest volume of new leases ever, 134 million and net letting of plus 35 million. You never know ahead what will affect each quarter. but seen over time, 40 positive quarters in a row is our new record. Very grateful to the whole organization for this. It's interesting to see how we can sign new leases in both existing premises and in the new build projects. The is a strength. Without new areas, we wouldn't be able to have positive net netting in all these quarters. But on a yearly basis, the net letting is positive also in the existing portfolio, both for 2023 and 2024. And 2025 also looks positive so far, including April. Here are some of the tenants that we have signed during Q1. The largest lease is for Malmö University. But as always, we see a mix of different businesses. It's companies in IT, construction, civil engineering, recruitment and more governmental tenants as Mind the YET and Föreningen för Tillgänglighet och Lärande Medier. The Y diversity is always a strength. Here we have the net letting in the historical perspective. Lettings in green, termination in light blue and dark blue stacks are the net letting. Now 40% positive quarters in a row and the high volume with new and higher demands seems to continue. And Q2 has also started well with a new lease with Per Aaslev in Copenhagen of 24,000 square meters at AB Industribyen. So good potential also ahead. Happy with 40 quarters. So next goal is to beat that. and the list of our 10 largest apothecary orders, strong customers, and they contribute with 20% of our rental income. Eight out of 10 are governmental tenants, and the public sector contributes with 23% of total rental income. Rental value as a percentage of our acquisition is 4,596 million per year. plus 3.1% rental income, 1 billion the rental. But we also see a bit higher vacancy in line with the rest of the market. Looking at the like for like figures, all the properties we own 4% and rental income is down 0.8%. The growth in rental value is supported by indexation of 1.6% in Sweden and approximately 1% in Denmark. Lower rental income as an effect of higher vacancy and that comes both from a timing effect with many new leases, where we can see a gap between moving out and new signed tenants moving in. That means that will improve in end 25 and continues good effect 2026. But we also see higher vacancy in the market in some areas, as in the industrial portfolio in Helsingborg. I think that higher vacancy will follow us for a bit longer time and in other areas as offices in Malmö, occupancy will pick up quite quickly when the market turns. We see every very few new projects from competitors and my best estimate is that we can continue to take advantage of that. Let's look at changes in market value of our properties. We started the year with 59 billion 168 million in accordance with our external valuation and we let them evaluate 100% of the portfolio every year end. No acquisition during the period. Investment 638 million, divestment minus 13, changes in valuation plus 69 million. And together with currency translation of minus 736 million, that's summarized to a value of 59,126 million Swedish krona. The value of the portfolio has developed, as you can see on this slide, since 2005. without raising any new equity. With investments, new leases and a few transactions we have also during the last bit more than 10 years been able to increase the value bit by bit. For 25, the transaction made 1st of April will contribute in a good way, but we will see that in the next report. 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 3,140 million that gives a running yield of 5.6%. Fully let, the portfolio would give a running yield of 6.4%. Good earnings capacity in relation to the value of the portfolio and good cash flow generation is the foundation for further expansion. If we look in the office portfolio, the market value is 47.1 billion and overall the occupancy rate is 91%. 92 in Malmö, 87 in Helsingborg, 91 in Lund and 92 in Copenhagen. Same numbers as year end. A bit higher vacancy than last year, mostly affected by the gap between moving out and new coming in. These figures will improve later this year. but the largest effect from many new leases will come 2026. Occupancy for offices and Helsingborg is estimated to increase 2% in October, for example, from new leases we have signed so far. The operating surplus from offices summarized to 2,572 million and a running yield of 5.5%, 6.2% fully let. The demand for logistic production continues to be good in Malmo with an occupancy of 96% in Malmo, lower in Helsingborg at 82%, 99 in Lund and 96 in Copenhagen, 88% rate as a whole with a running yield of 6.5%, 7.6% fully let and total value of 8,383 million. For us, the combination of businesses with production development and logistics will be the best tenant in the industry portfolio. We continue to see hard competition in the third part logistic segment. Quick changes in needs, a higher vacancy as an effect of a lot new build facilities. Worth mentioning is that our portfolio in Helsinki still gives a decent running yield of 6.5%, even with a higher vacancy. Also good that tenants in our best segment continue with good demand. The development of our total portfolio running yields 5.6% brings stability, not least since the portfolio overall has a high quality and good locations. As noticed before, a high increase of the running yield since 2020. ESG results from Q1 certification in Swedish offices are now at 91% and Denmark have started the process in a good way. Energy consumption continues to decrease and we have a new target of maximum 75 kilowatt hours per square meter. We continue our the value is limited. But for the most of the areas, we have found a way where reporting actually can contribute the lowest possible carbon footprint. We have reached a goal of reducing climate impact with more than 50% construction of office buildings the last five years. But even further balancing system will be necessary. And to be able to work with that in a local way also contributes I guess that will be the best way for us. Impressing materials as much as possible that will continue the most fundamental way of working. We have to kind of collaboration. Here's a catalogue of our value and properties in our four cities in Q1, 40% of the value in Malmö, 22 in Helsingborg, 17 in Lund and 21 in Copenhagen. As mentioned before, the diversity of different businesses in the region is a strength, but also the diversity in volume is interesting. Both in Q1 and Q2, we have signed leases, single leases of more than 20,000 square meters each in the office segment. and especially in the Copenhagen area, we see more potential of interesting volume also ahead. The combination of small and larger tenants, this will also contribute to our strength. In total, contributing with 51,000 area, 8,000 square meters land for industrial development alone and 12,000 square meters building rights for offices also in London. This portfolio will contribute with an estimated yearly operating surplus of 130 million Swedish krona at the start. And here's the land areas included in the portfolio. At the British Columbia, we estimate that we can build between 40 and 50,000 square meters industrial building. And we'll see when the time for that will be right. And time for finances. Over to you, Arvid. Thank you very much, Ulrika, and good morning everyone. Looking at the, as Ulrika noted earlier in the presentation, rental income amounted to 1 billion 45 million Swedish kronor, up half a percentage point versus the same quarter 2024. Q1 24 we had termination fees of 21 million Swedish kronor, so that you shall bear that in mind in the comparison between the quarters. And that income, of course, fed through downwards in the P&L during Q1 24. The operating surplus in Q1 25 amounted to 731 million, 2% up versus the previous year. Happy to note that the operating surplus margin thereby was 1 percentage point higher than the corresponding quarter previous year. And income from property management amounted to 463 million, up 9% as financial costs have improved during the quarter. But positive value changes in the quarter plus 69 million Swedish kronor, Also, a slight positive effect from change of valuation of our derivatives portfolio plus 38 and all in all, a profit for the period of 431 million. Looking at the balance sheets, investment properties have on a 12-month basis increased in value to 59.1 billion. At the same time, equity increased by 0.8 billion Swedish kronor, approximately, to 23.5 billion. And borrowings increased by 0.6 billion Swedish kronor to 29.3 billion. Translating these numbers into key ratios on the next slide, the equity assets ratio now stands at 38.8%, unchanged versus 12 months previously. Our LTV stands at 49.5%, slightly lower than 12 months previously. And the interest cover ratio in the quarter has improved to 2.8. times 0.5 Q1 2024. And the EBIT, and you see the per share numbers on the lower part of the slide. EBIT, EBITDA, EBITDA margin now stands at 95.08, which is an increase of 9% if you pay dividends. twice previously. And on the next slide, the long-term development of the EBIT and RV. And despite the some past few years, the long-term trend is actually still very strong with an average growth of 15% adjusted for paid dividends. On the next slide, we'll show the long-term revenue growth versus the previous few quarters. Past few quarters, loans come down a bit. And just looking at the LTV, bear in mind that we made, as Rika said, from Granito, which is debt financed. So momentarily that, of course, affects the LTV upwards. in relation to EBITDA. And this ratio now stands at 10.0 times, which is a comfortable level. In the Veilborg's history. On the Our sources of financing as of end March 25. The Danish real mortgage system, 7% market. I think it's worthwhile noting that during Q1, The track activity was reasonably high and over the past note that the bond market is volatile and sensitive to both financial economic political issues around the globe. you can see the D/E ratio with the average interest rate of 38%. That is fairly close to where the marginal cost of debt would be for us with the current cyber of about 2.3%. And on the next slide, you can see how the development of our fixed interest periods and our loan maturities have evolved over the past five years. Fixed interest period now is on average 2.3 years, and the average loan maturity is 5.3 years. slightly less than the previous quarter. This slide shows you our available funds, unutilized credit facilities plus liquid funds as of end March. The number is high, it's at 4.6 billion Swedish kronor. But as you're all aware, on the 1st of April we acquired properties from Granitor for an amount of approximately 2.4 billion. It's of course good for us to have a preparedness to be able to conclude such a transaction without any major activities having to take place on the financing side. So obviously the 4.6 will decrease also with the expected dividend payment of approximately 1 billion, which will come in about a week's time. And with that, I hand back the word to you, Ulrike. Thank you. I'll give you an update on our investments in progress and a quick overview of our largest project. During Q1, we have invested 638 million, and it remains 3.463 billion to invest in approved projects. A good volume also ahead. A quick improvement of the yield on cost continues and the ongoing portfolio secures also decent gain from projects. As always, a good mixture of refurbishment and new build. Let's start with the latest announcement made now in April, a 15-year lease with Per Aarsleff in Copenhagen about the project that they've been surveying started earlier this year and will give a total refurbishment of one of the buildings that Danske Bank years ago, 24 000 square meters now fully let, investment 231 million Swedish krona and yield on cost a bit above six percent, completion in Q1 26. Another announcement is the lease with Malmö University at Arbetarritter in Malmö. Arbetarritter is the name of the goddess of the sea, but the building will be located right between the Central Station and the city. So it's the best possible location in Malmö. A bit above 20,000 square meters for Malmö University. And we won a competition a few years ago for developing this project together with the university and the municipality. Now the final agreement for construction and a 10 years lease is signed. Completion in Q4 27 and procurement of contractor is ongoing. In Lund, we are building a new modern office right beside the central station, postponed at phase two, 10,100 square meters, completion Q126, approximately 40% pre-let, and yield on cost 6.5%. And at Väster, that one also in Lund, we will refurbish and add on areas for our new tenant arm, 5,700 square meters and a seven years lease, investment 145 million. €3.4 million, excluding value of the land and yield on cost a bit over 10% and over 6.6% yield on cost, including in-going property value. A new modern facility and we also improved the impression and the attractiveness of the whole Ideon area. In Malmö and Helsingborg we have Blackstone One, Vista, €884 million investment, the mobility has already been completed and has a good occupancy. The offices will be completed and 25 and during 26. Yield on cost 6.2% and 25% pre-let for the office part. A bit lower than we aim for, but the product is the best with great flexibility and the competition from new built in the area is low. An example of This is an almost iconic building right beside the train station, 6,000 square meters restaurant and absolute Malmö perspective. This is 2020 and continue during 2026. for University of M and invest 106 100 pre-land yield on eight years lease completion in Q2. I have been able to to continue this project for BPC completion Q2 26 and investment 79 000 000 3600 square meters and yield on cost seven percent next to that at 32 22 11 900 square meters for note completion in Q3 26 investment 263 million and yield on cost also here is seven percent At Galofen Imalma we build a facility for Kaldic completion in Q325, approximately 10,000 square meter production, logistic and office. Total investment 264 million and yield on cost 7%. And at Sun Nanoha 1254 we build 70,000 square meters logistic, 100% pre-let, a 15-year lease, with completion in Q425, 280 million invested and yield on cost improved close to 7%. In Copenhagen, we invest in a new school for Engiga, 25 years lease, 11,600 square meter and investment 290 million. Completion is expected at end 25. And at the end of the refurbishment for Novo Nordisk, continues 62,000 square meters. Our investment is limited to 423 million and completion is expected in Q425. But Norbo pays rent also during the refurbishment period. That was some of the ongoing projects. Let's also mention something about future investment. Here we have four possible projects in Lund and Helsingborg. We can develop some 70,000 square meters in the future. Zoning plans are approved and on-going in Vestabro, in London. And here is some of the office possibilities in Malmö in the area of Nöteborg. It continues to have high attention, of course. And our summary of Q1 again: rental income 1,045 million, income from property management up 9% to 463 million, Letting positive with 25 million and continued high activity. EBITDA at 10 times. The acquisition of 2.4 billion from Genentor will be completed now 1st of April. Good quality and good location continues to be attractive and we continue with our product investment with good results. So by that we are open for questions. If you wish to ask a question, please dial pound key 5. To ask your question, please dial pound key 6 on your telephone keypad. The next question comes from John Vong from Van Lanschot Kempen. Please go ahead. Hi, good morning team. Thank you for taking my questions. You mentioned that occupancy is set to improve over 2020 and well into 2026. What's a more normalized occupancy rate in your view once all these. lag between terminations and movements settles. I think if you look at the long-term development and looking at our whole portfolio, which now excluding projects and land, which now is at 90%, I mean, long-term being at 92 is probably close to the long-term average. 93 is good, 94 is rare. So, we're a touch below where we would like to be, but see good potential for improving the occupancy end-25 and during-26. And let's also keep in mind that 2%. Let's also keep in mind that as long as the rents are continuing picking up, That's, I mean, the demand is there for, and our tenants are willing to pay for good quality and good location. So if we have some vacancy for some time. Okay, that's clear. And would 92% be a reasonable number for 2026? It depends on many things. So I think it's to... but also cost. We buy vacancy because we want to develop things over time. So we project. Isn't the only thing that points the possible for growth? Sorry. The net letting side, you mentioned high activity. Is that both on positive and the negative side or how should we read this? and maybe also on the rack. How long can you feasible Target? I think that at the moment we, we know that we would have a large termination now in q1 from Saab. Now when we have that I think a number of large 10% is slower. But we see good new leases. to these numbers. It's, I mean, it takes years to, to before you very important for our business as a whole. So the answer to your question, how many quarters in a row that What do you say about it would be to have this type of track record if properties with vacancies gradually can fill up. But our ambition or our strategy on continuing to grow remains. So, I mean, we, as a portfolio, we, we continue to develop new properties, and, and occasionally we acquire properties with vacancies as well. So, so, from that perspective, we, we obviously aim to continue this trend as long as possible. And I know that I have mentioned this before, but The most important thing with net letting measured by quarterly basis is actually for our own organization so that we have the tempo and the awareness that it's very important for us. But for the total business, looking at a longer period should be more relevant maybe. But for us, we like the net letting measurement quarterly. because it's, I mean, we like the tempo. Okay, clear. Thank you. The next question comes from Kavan Shervanpour from SEB. Please go ahead. Okay, thank you. It's rather Los Norby here from SEB. But the line was provided by a colleague of mine, so thank you for that. Some details on the SOAB termination. Those were in fact weren't those four different contracts and were all those terminated as expected and what was the value of that? I think the total value was 31 or 34. 32, I believe. 32 between. So yes, the termination came in as we expected. They had the possibility to add on some areas, but that is not definitely yet. So I think they will stay with AB in Malmö as well. Just so I understand correctly, that was the effect, but are they going to stay for a while on some areas or did I catch that wrong way? All these leases, they will move in the early 2026 something. And I think that they will stay with one hub in Malmö as well. But the largest portion of employees will move to Lund. Okay, good. And then Malmö University In that press release that you put out, I think you mentioned a basic rent of some 69 million. What about that other lease that was signed in early April in Denmark with, if I pronounce it correctly, Ørsholm. What's the basic rent of that one? Per Ørsholm. And that is not included in the report numbers because that was signed in April. So remember that the rest of the volume in signed leases for Q1 is without Purosa. Absolutely, but what's the basic rent of the office space, the 24,000 square meters in Denmark? Let's see if I can find it here. I think I will. In Swedish Kroner, it's just above 30 million. Okay, thank you. And this is just a final question, quick one on transactions. You obviously made a big transaction. that portfolio of some 2.4 billion coming on board on the first of April. So are you done for 25 or what do you expect for the rest of the year? I never know. On transactions. No, you never know. We continue to look at different kind of interesting things. So let's be open-minded. Okay, thank you. The next question comes from Marcus Henrickson from ABG Sundal Collier. Please go ahead. Thank you, good morning. First, the question on you have your table with the rental income MS of 1st of April, the one excluding projects. It's at 4,050 million and it declined 1.3% Q1Q. And your occupancy rate declined 30 basis points Q1Q. The question is, is this all FX driven or also driven by renegotiations? I mean, you have quite a large, I don't have the exact number in my head, but you have quite a large FX effect in this table. because the Swedish krona to the Danish krona was, I believe, 154 at the end of December and 145 at the end of March. So that makes out the bulk of, I mean, if you look at the Copenhagen portfolio in this table, you will see quite large differences driven by FX. Yes, I see a decline there. So it's not driven by renegotiations, mainly FX. No. Clear. Clear. Then a follow up on the pair or Schleff, just curious on the whole project. It used to be listed out, as you mentioned, to Danske Bank and the rent was 29 million back then. And then you rent it out to beginning Stora Enso and now Per Arosleff, and you mentioned a rent of around 30 million or just above 30 million in Swedish krona. And my, of course, 29 million is in Danish krona. What type of total refurbishments will you do for the remaining part? You have around 36,000 square meters at least out now. And how can you see such a horror huge lift. What type of investments are you doing there since the rent per square meter used to be very low? I think that this moment we're in today when that area has really developed well and the attractiveness has raised, we started this project late 2019. for early 25 aiming for made it to a multi-tenant building. So this is just one of the buildings that Danske Bank left. And sometimes after a few months in that project, Per Oluf decided to be interested in the whole area. And I think that the possibility for the rest of the property will be approximately the same. You just have to do it in the same, in the, in a good tempo. So in total, we get a good yield on cost for, for the refurbishment cost we, we put in there, just around six, six percent, a bit above. And I think I'll be happy with that also for the rest of the property. And in the same time, we are working further with the possibility to give a higher density to the area as a whole, with more building opportunities at the land that we own. But also that thing has to go in in the temple that fits the municipality and the surroundings, of course. But we have had help from the Letbanan with a new station just right beside this property. And, you know, things are moving. And when investments come to an area, things happen there. So I don't have any prognosis on timing effects for the last buildings there, but Good interest. Thank you for the color. Was just very interested in fairly good development there. Then on investments, you invested 638 million here in Q1. That's a very high level for a Q1 in a historical perspective. Can you usually share guidance for us? What do you expect for 2025? Should we expect similar seasonal patterns as historically? Any help? Yeah, I think we will continue with investments and if it's high in Q1 or Q4, that is not, I mean, it's more in the tempo in the process on the ongoing project. So I expect the volume to continue approximately at this level. All right. Thank you for that. Then a bit of update from you, Avid, on what is the latest news from the banks, the Danish mortgage system and the bond market for Vilbords? A quick run through of those markets. I'd say that the bank market is favorable. The banks are willing to lend and margins versus six months ago is a bit tighter, a bit lower bank margins than six months ago. The Danish mortgage system continues to work, stable margins over a six month period. And the bond market I touched a bit upon in my presentation. And I think it, I mean, the bond market is volatile. Something happens somewhere else in the world and suddenly everybody gets worried and spreads go wider. But generally, the bond market versus a year ago, of course, works a lot better and is also an attractive financing option for us, the way markets work today. and for the Danish system that was similar as for the banks? Yes. I mean, the system works well with stable margins over the past few months. Okay. Okay. Then last question, you highlight the increased vacancies you're seeing in experiencing in Helsinki, if I go back a few years ago, you used to be above 90% on both offices and logistics. So first, what has happened? What is the current status? And are you initiating any type of measures more personnel for leasing or is competition just high because of new construction? Or what's going on? And what's your type of measures? I think on the logistics side, the competition is high because of new constructions. We have been able to raise the quality in some areas of some properties, as we did for near the months, for example. Very good investment. And I think that we will see more of that transforming areas into a higher level of quality and suiting different kind of businesses in that. We also see transforming parts of the portfolio, areas that will be something else in the future, maybe more housing in former industrial areas. So we can just keep that going for a couple of more years until that development can start. So it's a bit of this and that. The Barria area continues to be very good. And we will continue to work both with improvement and fittings for new tenants in the vacancies we have. today. And regarding vacancies in the office portfolio in Helsingborg, you should bear in mind that there has been some new construction in Öresund Hamnen over the past few years, which has affected that. We have also been affected consciously by acquiring a few years back the Hermas property, which is a large property where we have some vacancies which we're working with, but at the same time, we're confident that we are the right owners of such a property and that we over time can develop that for the benefit both of ourselves and the market as a whole. And we have been quite successful filling that Helmes up with new tenants after especially Ikea, have moved out from that building. So I think that transforming is working well, but of course everything takes time. Okay, and just a quick follow-up there. So if I get this correctly, if we split it up in kind of structural problem with demand versus that we have been in a recession. We see it in different markets where it's either supply driven or demand driven. And then maybe you have a structural tilt towards the demand as well. Is that something you experience in Helsinki, or is it mainly in accordance with normal cyclicality? I think in a very small local perspective, Some properties, of course, could be in a more maybe you could call that a structural problem when you're going taking an area into a new development phase. But otherwise, I think it's a if you look at the whole city, it's a part of a normal transforming But of course, if you look into the total needs of especially storage, Helsingborg will continue to be attractive. No end to that. But there has also been a quite large volume added to the market. And maybe the time for picking that up takes some time. Thank you for that. Those were my questions. Thank you. Thank you. The next question comes from Frederik Sion from Carnegie. Please go ahead. Good morning, I only have two questions for you this morning. So starting off with the guarantee acquisition, will that in any meaningful way impact your average cost of debt? I don't know, new loans, will that have the done at higher or lower than the 3.45 that you have at the end of the quarter? It will not impact the average cost of debt materially. In any direction? In any direction. That's clear. Okay. And then the second question relates to income from dividends. It was fairly high for being a Q1. Were there any impacts from properly revaluations in the quarter? No, it was slightly higher profits in in one of our RJs. But it's not a huge amount, I would claim. I agree. That's all for me. Thank you. There are no more questions at this time. So I hand the conference back to the speakers for any closing comments. So thank you for questions and your attention. Does we have any written questions in any form? No, I have not received anything via email. Good. So then just got a message that there was some problem with the sound, but the version that will be presented on the website afterwards will be corrected with a good sign sound. So sorry for that. But thank you for attention and wish you a continuously sunny day. Thank you very much.