Good day, everyone, and welcome to Nyfosa's investor meeting. Today, part of Nyfosa's management team will hold a presentation summarizing 2025, provide an update on Nyfosa's current position, and outline the company's priorities and opportunities going forward.

My name is Victor Dahlberg, and I will moderate this event and Q&A session. Welcome to all of you here in the Stockholm studio, and also welcome to all of our viewers online.

Following the presentation, we will hold a Q&A session, we kindly ask you to save all your questions until then. For our online viewers, you have the possibility to write down your questions during the whole presentation, but we will address those once the presentation is finished.

After the event, a lighter lunch will be served here on site, and you are most welcome to stay for further discussions and socializing. Without further ado, please welcome Carl-Johan Hugner, CEO of Nyfosa.

Thank you, Victor. Thank you all for being here, and thanks for listening in to this presentation of Nyfosa.

We have a full agenda today. We'll start off by reviewing the full year 2025 and the fourth quarter.

Moving on, we'll talk a bit more about how we see Nyfosa today, our platform, and current status of our business. Then lastly, but not least, we're looking a bit ahead, talking about our strategy and key priorities going forward.

Aside from myself, I'll be joined here on stage today by my colleagues Kristian Pamp, who is COO at Nyfosa, and Thomas Käll, who is Head of Transactions. To start things off, Nyfosa is a cash flow-centric commercial property company.

We manage properties in three Nordic countries and properties in various commercial segments. Our aim is to create long-term value for our tenants and growing cash flow for our shareholders.

Looking at the year in review, 2025 has been an active year where focus has been put on positioning Nyfosa for future value creation. Development in 2025 was fairly flat, both top line and NOI.

However, profit from property management increased to 1.427 billion SEK after paid interest on hybrid bonds of 33 million. This corresponds to 6.86 krona per share, which is up 7% year-on-year, and is primarily driven by lower interest costs in our portfolio.

This is also in spite of non-recurring costs of 45 million SEK for the full year 2025. We have adjusted our financial targets and also dividend policy to better correlate with the earnings forecast that we publish as part of our quarterly reporting.

For 2025, the board has proposed a dividend of 3 krona per share, which is up from 2.8 krona per share last year. This corresponds to 43% of profit from property management per share in 2025.

Taking a look at leasing and vacancy developments, occupancy rate currently stands at 89.2%, which is down over the year, and vacancy amount has increased. Occupancy rate has fluctuated a bit over the year.

Taking a closer look at this, we've actually seen higher volumes of new leasing in the Swedish markets. However, where the Finnish market has performed weakly, and vacancy amount is up 48 million in the year as a whole.

I'll get back to this actually later on in the presentation as well. We've also been active on the transaction side.

We've carried out 20 transactions in total with an aggregate transaction value of 2.1 billion, roughly 1 billion in each direction, meaning acquiring assets for just over a billion and divesting assets in just below a billion. This is, however, no zero-sum game, but rather, we have through these transactions started to reshape our portfolio where we strengthen cash flow and increase efficiency in our day-to-day operations.

We'll speak a bit more about this later on in the presentation as well. We've also been active on managing our debt portfolio.

During the course of 2025, loan-to-value has decreased from 50.7% to 49.7%. Average interest rate has come down from 5.0% to 4.2%.

We have during the course of 2025 refinanced more than a third of our debt portfolio. These refinancings, in addition to actually lowering average interest rate in our portfolio, is also providing additional room for us to maneuver when we move into 2026.

Looking at the balance sheet, our capital structure is fairly straightforward, I would say. At the end of year, we report an equity to total assets ratio of 41.7%.

I would say we're quite comfortable with the financial position of the company, and we're quite pleased with the trust put in us by our lenders. Also, following up on our financial targets.

In 2025, operating cash flow amounted to 1.319 million SEK, this equivalent to 6.34 krona per share. Operating cash flow is down year-on-year as a result of primarily lower received dividends from our joint venture, Söderport.

The proposed dividend here of 3 krona per share that I just mentioned, that corresponds to 47% of operating cash flow in 2025. Also taking a closer look at the sustainability targets that we set out in 2020 with an aim to reduce energy consumption in our portfolio by 10% at the end of 2025.

We can now conclude that we managed to meet this target, but no less are we continuing to focus on energy efficiency also going forward. We've set out a couple of new sustainability targets for the period 2026 to 2030 that I will come back to later on.

Leaving 2025 a bit behind, and instead moving on to looking at Nyfosa and our platform as we move into 2026. I believe we have a solid and unique platform that we intend to build from when we now move into 2026.

Nyfosa are active in three Nordic markets and manage properties of in total 39 billion SEK. We're doing so through our more than 100 employees located in 15 regional offices across all three markets.

In addition to this wholly owned portfolio, we also have a substantial holding through our long-standing joint venture, Söderport. The share of our property value in that joint venture amounts to 7.3 billion as of 31 December, 2025.

Taking a closer look at the property portfolio, what stands out is diversification, both in terms of geography and in terms of segments. Taking a closer look at the property segments, we can also conclude that we're fairly simplistic in the way we categorize our properties, dividing these into five main categories.

I would say diversification is also the keyword for our tenant base. Nyfosa manage 3,300 unique tenants and over 4,000 leases.

No single tenant represents more than 2% of total rental income in our portfolio, and this builds resilience and strength in our day-to-day operations and in our cash flow. We have a fairly evenly spread lease maturity with an average lease term of 3.5 years.

I think this is fairly as expected, or actually quite strong, given that in many of the commercial property segments that we own and manage, typical lease lengths are between 3 and 5 years. We also offer an affordable product to our tenants.

We have rent levels that are well below new production and an average property value that is well below replacement cost. This also allows us, together with our tenants or in cooperation with new tenants, to invest in our properties and adjust rent levels in order to be able to do so, i.e., make those investments.

Coming back to the occupancy rates, I touched upon this earlier, but there are two things that I would like to emphasize. Firstly, the leasing market in Sweden, where we've seen a gradually increasing activity during 2025.

This has not only resulted in higher gross leasing for the year, but also a positive net leasing for the full year 2025. Secondly, looking at the occupancy rate, this has decreased during the year as the vacancy amount has increased.

Looking at the totality of vacancy amount, including the future lease changes where we have terminated leases that are not yet vacated, this number is actually in balance or actually decreasing slightly year-on-year. I believe these two indicators show that, or makes us confident that we believe the occupancy rate in the portfolio will gradually stabilize during 2026.

Also, last thing I want to point out is that if we are able to turn this negative trend in vacancy development around, this vacancy amount represents a substantial opportunity to drive organic growth in our portfolio going forward. Moving on to our joint venture, Söderport.

Söderport is a Swedish property company in which Nyfosa has a 50% shareholding. The company manages a clustered portfolio of mainly industrial, warehouse, and office properties, where 75% of the rental income stems from properties in the Stockholm region.

Söderport is reported as a joint venture holding in our books, meaning the carrying amount represents the equity portion of our holding, and that amounts to 2.6 billion as of 31 December, 2025. I would like to point out the cash contribution that we have from Söderport, and have had over the years.

Söderport represents 16 krona per share in NAV of Nyfosa's total NAV, but we also receive cash dividends on a regular basis. Over the past 5 years, average cash dividend yield for Nyfosa amounts to 11% of that carrying amount.

Coming back also to our debt portfolio and debt management portfolio. We aim to be proactive in all parts of our business, including debt management.

We have a well-diversified funding mix with nine bilateral lenders in our portfolio, as well as additional financing from the Nordic bond market. As a result of this active management during 2025, we enter into 2026 with a well-balanced debt maturity structure, and this allows us to invest our available liquidity more freely moving forward.

Also taking a closer look at some key financial metrics. I believe we're in comfortable distance within our risk policy limits on these key metrics.

In addition, we also have close to 1.9 billion in available liquidity from committed revolving credit facilities. Together with the forecasted profit from property management of 1.5 billion in 2026, we have ample firepower to invest when and if opportunities arise.

Then moving on to the third section of this presentation. We'll go into a bit more detail on our strategy and our plan for coming years, coming 5 years to be more exact, and provide some more color on our key priorities going forward.

We did revise our strategy. Why did we do so?

First off, the key reason is that we're not completely content with the development in 2025. We believe we need to continue to develop for changing market conditions.

I often describe Nyfosa as, or describe the evolution of Nyfosa in three distinct phases. From inception in 2018 and a few years ahead, it was the initial buildup phase.

The company was successful in building a resilient and diversified platform of scale during these years. Later on, we moved into a more turbulent macroeconomic environment, inflationary environment and tougher overall economic climate in 2022 and 2023 and onwards.

The company naturally turned inwards and went into what I would call safeguarding mode. Making sure to protect and preserve the inherent value that had been built during this first phase of the company's lifetime.

Now we're entering into 2026 and what I see as a distinct third phase in the evolution of Nyfosa. We're still navigating an environment with increased macroeconomic turbulence, but I believe we've left the worst behind us.

Overall growth in Nordics is looking to improve substantially, and market rates have stabilized. This allows us to be a bit more forward-looking and looking closer at new investments rather than focusing on safeguarding the platform.

These are the five key pillars of our revised strategy. First one, Nyfosa is a company where growth is.

We invest in commercial properties in cities and regions with strong fundamentals for long-term growth. We mainly operate in regional hubs that drives growth and attracts investments and create new job opportunities.

Secondly, we are an active company. We strive to combine the strength of our scale with a commercial mindset in all parts of our organization.

By combining structure with clear local mandates, we can deliver both creative solutions and manage a higher ability to actually do deals. Thirdly, our regionally anchored property management allows us to be an active property owner, an active partner to our tenants.

This is at the core of our business and also the reason why we strive to maintain key roles in our organization in-house, such as client relations and leasing. Fourth, proactive.

We strive to be proactive in our way of work. We create our own luck by seeking up business opportunities and acting on those.

We also by this approach are able to act swiftly when an opportunity arise. Lastly, efficient capital allocation.

I believe this is the key to being profitable over time. We carefully consider all our alternatives when we're making new investments in our business.

Coming back also to the adjusted financial targets for 2026 to 2030. This is essentially an adjustment of the previous financial targets, and it is made in order to correlate better with the way we forecast our earnings.

In similar manner, we've also adjusted then our dividend policy to correlate this. I should underline that the revised dividend policy still aims to maintain a healthy cash yield for our shareholders going forward.

Cash flow still reigns at Nyfosa. We consider this metric to be a strong indicator of long-term profitability.

We have a few challenging years behind us, but as we now are doing this sort of fresh start, we're looking ahead with quite strong conviction and clear goal to deliver on our newly revised financial targets. You may note that the forecast for profit from property management in 2026 indicate a growth of 5% year-on-year.

This is of course nothing we're content with, but it should be said that the forecast is a best guess estimate based on what we know today. We in no way intend to stand still during 2026, but rather stay active in order to drive profitability during the year.

We also set new sustainability targets. We maintain our focus on energy efficiency.

We will work actively to make a tangible impact to our portfolio and improve EPC ratings throughout our portfolio in all three markets. We also continue our efforts to lower emission intensity and climate footprint of the company.

These are our three key priorities that we focus on in order to achieve our profitability targets in the years to come. These priorities will guide all business decisions that we make in all parts of our organization.

We want to improve operational efficiency by continuing to develop our internal processes and ways of working. We want to reduce complexity in the overall property portfolio by reshaping this, continuing with the portfolio rotation that I mentioned earlier.

We're also looking to reduce complexity in their overall day-to-day property management by, not least, doing this portfolio rotation and reshaping the portfolio. Thirdly, optimized capital allocation.

I've been through this a bit, but I think the key is to keep to a disciplined investment process and continuously evaluate where we allocate capital. I will now hand over the word to my colleague Kristian Pamp, who is COO at Nyfosa, and we'll hear him talk a bit more on how we apply these principles into our property management part of the business.

Stage is yours, Kristian.

Yes. Thank you, Carl-Johan.

Now, property management. For Nyfosa to take the next step in property management and become even more business-minded, we must reduce the complexity of our daily operations and streamline our way of working.

In this way, we can build on our strengths, such as our regional teams, which are a great asset. By supporting them with uniform and well-defined roles, KPIs, and other tools, we can simplify day-to-day tasks and free up their capacity to focus on tenant relations, leasing, and cost efficiency.

This harmonization of our regional teams will also build a structural capital that allows for more consistent execution, faster decisions, and better execution over time. When we standardize daily operations to a higher extent, we can also use the scale of Nyfosa to our advantage and act as one unified and commercially driven property management platform in Sweden.

This is also a scalable model that allows us to efficiently adjust our resources in response to portfolio growth or other shifting needs, such as, for instance, strengthening the leasing function in a prioritized region. Another key factor is close integration and cooperation with the transaction team so that we can shorten the value creation timeline after an acquisition and also quickly identify suitable objects for investment or divestment.

All of this is the foundation of proactive property management, a business model that drives tenant retention, higher occupancy, and cost efficiency over time. To leverage this approach fully, it is helpful to also work towards a higher density in our portfolio and to staff our teams with in-house personnel in key functions.

Now, the combination of scale and local presence is a key strength for Nyfosa in property management. Our scale allows us to build a functional structure so we can relieve our regional teams of organizational and management questions and let them focus on proactive property management.

With regional density, we make the most of our local presence and can capture development opportunities, find new submarkets, and remain a relevant market player in each area. With high local density, we take it one step further.

It allows us to become more cost-effective in daily operations, seize business opportunities with existing tenants. By being able to offer them relocation options in the same microlocation, changing needs does not force them to move to a competitor.

Thus, we aim to reach a critical mass in each submarket and become experts in our buildings and our tenants. We can then use this expertise in conjunction with the transaction team to quickly analyze or evaluate acquisitions and divestments.

Another important factor is to have in-house personnel in key roles and functions and located in or close to our local markets. This allows us to build long-term and strong relationships with tenants, municipalities, and other relevant actors, and also to better understand our tenants' evolving needs.

When needed, we can build on this further and establish specialist teams or functions to capture additional business opportunities regionally or locally. Then when it comes to vacancies, we can combine the proactive property management with our local market knowledge for a quicker turnaround.

If we apply a systematic and repeatable approach. This begins by realizing that not all vacancies are created equal.

If we categorize them and set a appropriate business plan in motion, we can shorten the time to revenue and ensure optimal resource allocation. There are three main categories.

Category one: re-let. These are vacancies that are located in well-functioning microlocations and which require only minor tenant improvements or capex to find a new tenant.

When supported by a structured leasing process, as described earlier, these should transition quickly to a new tenant. Category two: reposition or refurbish.

These vacancies are located in areas where there is a fundamental market demand, but they may require larger investments, such as refurbishment or tenant improvements. Here, a proactive marketing engagement is key to quickly identify a relevant tenant profile and move efficiently towards a new lease.

The third category is large projects. These may entail conversions, large-scale refurbishments, or even new zoning plans.

These projects are usually time-consuming and require dedicated specialist resources. As such, we may find in cooperation with the transaction team that it is more suitable for Nyfosa to divest rather than develop these projects ourselves.

With this framework, we can ensure consistency, we can reduce our ramp-up time, and we are positioned to act quickly whenever a new possibility or challenge arises. To conclude my presentation, I would like to show some examples of how we apply this method today.

First, we have an example of a large-scale refurbishment being executed by Team Bratsberg in Norway. Kunnskapsverkstedet is a comprehensive refurbishment and reposition of an office property in Skien, just south of Oslo.

This initiative was launched in response to low technical standards, high operating costs, and a significant vacancy due to a product no longer competitive in the market. The initial concept was for a light upgrade of the three-story building, and we conducted a feasibility study together with a prospective anchor tenant, Gjensidige Forsikring, before proceeding.

Then, as the project went along, market interest strengthened and the scope has evolved, adding a fourth floor and a more significant interior upgrade aimed at repositioning the property within the regional office market. The project has since generated significant positive attention in the region, attracting several well-known tenants such as Cegal, BDO, and RTC Offshore, which we think highlights the appeal of this new concept.

In addition, both of our original tenants have expanded their leased areas compared to their original plans. The project is on schedule, and we look forward to welcoming our tenants in 2026.

Another example of a large project comes from Team Kielo in Finland, who have worked proactively and in close collaboration with Ata Gears to find a long-term solution for them in our property in Tampere. Ata Gears is a globally recognized manufacturer of power transmission components who have recently strengthened their market position due to diversifying away from the oil industry, as well as thanks to a competitor's exit from the market.

Thus, they needed more space for their operations. To house their growing needs, we are developing an extension comprising mainly of industrial space, but also a small office component to house Ata Gears' headquarters going forward.

Upon completion of the project, Ata Gears will enter into a 15-year double-net lease, effectively extending their commitment by 8.5 years and securing their presence on site until 2041. Without the extension, Ata would most likely have needed to vacate the premises at the end of the current lease term, increasing our vacancy risk and possibly disrupting our cash flow.

The final outcome instead will be a 15-year lease for 12,000 square meters of modern industrial space with a strong and growing Finnish tenant, all thanks to proactive work from Team Kielo. My final example is an ongoing reposition of an office property in Rosengård, just outside central Malmö, Byrådirektören 3.

We acquired this property in 2020 with the knowledge that a large tenant would vacate around 5,000 square meters of office space in the coming years. Rosengård is a structurally weaker office submarket, and as such, this vacancy posed a risk of becoming both long-term and value-eroding for the property.

By initiating early pre-leasing activities and finding a suitable tenant segment in community services, we have reduced that risk and increased our chances of a stable cash flow over time. Multiple leases have since been signed in the targeted segment, which validates our leasing strategy.

With the final vacant space now in advanced negotiations, we are nearing full occupancy, but with a more stable tenant mix than before. This proactive approach not only preserved value, but also created upside, significantly reducing our exposure to a large single-tenant risk in the future.

With this, I would like to hand over to my colleague Thomas to tell us more about operations in the transaction team.

Thank you, Kristian. I would now like to talk a little bit about the transaction part of Nyfosa.

Buying and selling properties has always been at the heart of Nyfosa. As most of the transaction market has been more challenging in the last year, or in the last years.

Despite this, we have not stood still. We've been active both on the acquisition and the divestment side.

Our focus has been on continued portfolio rotation with the goal of improving average yield and cash flow. In 2025, the transaction market improved somewhat, and as Carl-Johan mentioned, we completed 20 transactions last year: approximately 1 billion in acquisitions and 1 billion in sale.

The average yield from acquired the average running yield from acquired properties was 7.3%, and the average yield of the properties that were sold was 5.3%. Our key success factors are, of course, our extensive network of brokers and real estate investors, but also our broad and flexible investment mandate, our strong local market knowledge, especially where we have a physical presence, and last, but not least, a fast and efficient transaction process that allows us to act quickly and decisively when needed.

Looking ahead, Nyfosa will continue to be very active in the transaction market. Our focus is growing where we have a physical presence.

As shown on the map, our regional offices covers Stockholm Mälardalen, the coast of Norrland, Southern Sweden, the West Coast, Småland, and Värmland. In Finland, we operate in Helsinki and major university cities.

In Norway, you find us in the Grenland region. This is all markets which show good potential for future growth, and this is where we want to expand our presence.

As we continue to grow, we may consider opening more regional offices in, for example, Linköping, Norrköping, and Umeå in Sweden, or Oulu in the north of Finland, and Turku in the southwest. We apply a broad investment approach, and we look at opportunities across most commercial real estate sectors, including office, warehouse logistics, industrial, and retail.

We aim to identify the best opportunities in each market, and focus on properties that are future-proof, meaning that they're suitable for several different tenants and in locations which remain attractive over time. In each of our prioritized geography geographies, we look for the most attractive submarkets.

Cash flow and yield are, of course, important to us, but we also look how we can add value through active asset management to generate a high returns on equity over time. This is why all our acquisitions are done in close cooperation with our local property management team, who have deep knowledge of their respective markets.

On this slide, you see some examples of acquisitions we completed last year. For example, a newly built light industrial property in Kuopio, a modern office property in Karlskrona, and newly refurbished office property in Skien in Norway.

Over the coming years, Nyfosa will continue its portfolio rotation through both acquisitions and divestment. The goal is to increase efficiency and reduce complexity for our property management team.

We analyzed our portfolio and identified properties with a value of roughly 5 billion SEK that we intend to divest over the coming 5 years. For each property, we looked at our ability to execute the individual business plans, the capital requirements, and the geographical distribution.

The properties that we selected for divestments are such that they require significant operational and financial resources, and we believe we can use both our time and capital more wisely to create value in other parts of the group. At the same time as we divest properties, we will continue to acquire properties to improve yield, quality, and the density of our portfolio.

Together, these actions will improve operational efficiency and reduce complexity across the portfolio. To make this a little bit more concrete, now I would like to share a couple of example of transactions that we completed in 2025 a bit in more detail, one acquisition and one divestment.

The first example is a larger property we acquired in Karlstad. It includes an office part and a state-of-the-art concert and convention center.

The office part is let to Swedish Consumer Agency and the municipality, and the concert and and convention center is operated by a company which is partly owned by the municipality. It's a landmark building in the city center, and it's one of the most well-known buildings in the whole of Karlstad.

Why did we acquire this property? We consider Karlstad to be a very attractive investment location.

It's the regional hub of Värmland, and it's the growth driver for the entire region. We have several large and well-performing companies here, including Valmet and Tietoevry, and the city benefits from defense-related investments with both BAE Systems and Saab present.

The city has a university of some 17,000 students. We already have a strong presence in Karlstad, and we have a very good local property team in place.

In fact, the Karlstad portfolio has the highest letting ratio in the whole of Nyfosa. The asset was acquired at a running yield of 7%, with a average lease term of 8.8 years.

Through this acquisition, we increase our density in the region, improve yield, and quality of our portfolio. The final example is a property that we sold last year.

It's what Kristian talked about, a category three property, meaning a large project. It's a warehouse and office property located in Akalla in North Stockholm.

It was previously fully leased to Schneider, who vacated the property in 2021. It's a quality building, but the share of office space is too high in comparison to the warehouse space.

Since mostly warehouse space is is demanded in this area, leasing tended to be difficult and costly. Since the property had a negative net operating income and required a high level of management effort, we decided, together with the property management team, that we can use our resources better by divesting the property, and and use those resources for other investments.

Through this transaction, we further reduce the complexity for, in this case, our Stockholm property management team.

All right. Thank you for that, Thomas.

This walkthrough of our transaction business. For the final part of this presentation, I will now circle back to the financial target that we set out and talk a bit more about how we intend to make sure we meet this ambitious target in the years to come.

To reach the set-out financial targets, all while being able to uphold the dividend policy and cash distribution to our shareholders, it is instrumental that we keep an active approach in all aspects of our business. The target will be reached by a combination of a few things: investing in new and existing cash flow-producing properties; leveraging our regionally anchored property management team, which is a key factor to also drive organic growth in the business; maintain active, also managing our balance sheet; and not least, making sure that we allocate capital in the right places; lastly also, to maintain this cash flow-accretive portfolio rotation that we've set out on and that Thomas spoke more about.

To be successful, it will be imperative for us to at all times weigh all available investment alternatives against each other in order to actually achieve an efficient capital allocation. By using 2025 as an example, Nyfosa delivered a profit from property management of 1.4 billion SEK.

After paid tax and the proposed cash dividend, roughly half of that remains to be reinvested in our business. We optimize then our capital allocation by, again, weighing these available alternatives against each other, some that are exemplified on the lower right-hand side of this slide.

When we're evaluating new investment opportunities, not only do we take into consideration the, of course, fundamentals of the asset and portfolio that we're looking at, but also taking into account the market-implied valuation of our company. These are, of course, all assets that we know by heart and are quite confident in.

As you may have seen this morning, we also press released our ambition to acquire own shares as part of our capital allocation here during the first half of 2026. Lastly, to summarize, I believe Nyfosa, through the organization's hard and diligent work in 2025, has managed to position the company well to create value ahead.

We have a unique Nordic platform, high-yielding assets, and good capacity to continue to invest for sustainable and profitable growth. By improving our operational efficiency, reducing our overall complexity, and optimizing our capital allocation, we will make sure to create value for our tenants and shareholders going forward.

This concludes the presentation, and I now believe we are moving on to a Q&A session, looking forward to your questions.

Yes, thank you for that presentation. Thank you, Carl-Johan, Kristian, and Thomas.

We will now open up the floor for questions, and we will start doing so here in the Stockholm studio, and after that moving on to any online questions that have been sent in. Yep, we have a question maybe in the back.

Please do also speak into the mic so that our online viewers also can hear the question.

Okay. Thank you.

Lars Norrby, SEB. Question about Finland, the Finnish problem, to speak.

It's roughly 20% of your portfolio, but I think it accounted for some 90% of the negative value changes in '25. What is the problem?

Is it the economy, or is it something more? Is it working from home bigger effect in Finland, or is it something about your composition of the portfolio in Finland?

Thank you for that question. I think the answer to your question is a combination of a few things.

Most definitely, the Finnish market has been overall weaker than compared, for instance, the Swedish. We continue to work to develop our ways of working and internal processes, also as we talked about earlier, insourcing and assuming additional control over, not least, client relations and leasing.

It has been a challenging market, and I think we're working diligently to turn that around. It's obviously taking a bit more time compared to our other markets, but we're confident that we'll get there.

I think one part also, as we mentioned earlier, of course, we're working in various ways. We're also sort of including Finland in this whole portfolio rotation idea over the years to come, and we'll also look to try to concentrate and densify the overall composition of the portfolio.

Just when you talk about rotation and about concentrating that portfolio, would it also mean in Finland reducing the Finnish part in size as a share of the total, or are you happy with having some 20% in Finland?

I would say, our willingness to invest in a market is connected to the underlying sort of day-to-day operations and the progress in that part of the business. Currently, we're seeing sort of Sweden being a step ahead of Finland in terms of overall development.

As mentioned before, we had positive net leasing in Sweden for full year 2025. The negative sort of group-level figure was driven by weak performance in Finland.

That also affects our willingness to invest and sort of grow the various portfolios. I would say to expect more focus on sort of improving where we sort of stand in Finland near-term, while more likely growing in the Swedish market, so that effectively in the short term would rather sort of decrease the relative size of Finland in comparison to the total.

Thank you.

Yes, in the front here.

Thank you. Is it working?

Do you hear me? Perfect.

This is Fredrik from ABG. I have two questions, if I may.

Firstly, on the 5 billion SEK properties that you have sort of classified as up for sale, can you share anything more in terms of segment split, occupancy, geography, running yields, etc.?

Sure. No, I think I mentioned in the CEO comments in the Q4 report also that we have sort of prioritized this target portfolio, with the highest priority given to what we see as sort of resource- and capital-intensive type properties.

One example that Thomas made earlier with the Rosaborg property in Akalla, I think that's a good example. Second category is to, as I believe both Thomas and Kristian talked about, to also increase the density of our overall portfolio, meaning to divest certain assets based on geography, basically.

We don't necessarily see an imminent need to do so. It may be stable cash flow assets that are producing or delivering good cash flow to our overall business, but over time, I believe we're in a better position to actually create and develop value in our portfolio sort of closer to our home markets, to speak.

In terms of segments, it's a combination of different segments, also coming back to the sort of selection criteria there, partly sort of resource- and intensive assets, and partly geographical dispersity. We're not set out to achieve sort of a different composition necessarily of the segments that we include in our portfolio as of now, but rather to focus on reducing the overall complexity and increasing the efficiency in our day-to-day management.

Thank you. Then secondly, on sort of the three different classifications that Kristian was talking about, the re-let, the refurbish, and large projects, is it possible to quantify, or share the current 11% vacancy, how much approximately goes into each and one of those?

That's a split I don't think we've published. You could say take, for instance, the Rosaborg property is a fully vacant property standing ahead of a sort of a large investment, that of course drives also vacancy in a sort of relative way.

We haven't published that sort of specific figures. I would say if we manage to do what we set out to do here to reshape our portfolio by doing this portfolio rotation of 5 billion SEK, then I believe you will see a result in both sort of strengthened running yield, also reduced overall vacancy in the portfolio.

Thank you. Erik Granström with DNB Carnegie.

I had one question, and it's also related to the portfolio that you have identified of the 5 billion over the next 5 years. You mentioned that the highest priority seems to be ones like assets that were divested in 2025.

Does that mean that in terms of running yield, we could expect sort of similar levels as in '25? That's the first part of the question.

The second part of the question is, does it also mean, in terms of the highest priority, that it's most likely that the lowest running yields will be focused to be divested first in the 5-year period? Thank you.

Thank you for that question. You're very much focused on cash flow, and so are we.

Thanks for that. I would say we're also thinking in terms of what we just mentioned here, that is operational efficiency and reducing complexity.

Those often go hand in hand somewhat, but not always. We're not necessarily or strictly saying, okay, ranking assets by just running yield, but also adding the layer of sort of resource allocation to that.

Yes, I would say if you compare to 2025, focus going forward is definitely more of the same, and I would expect sort of similar key metrics for divestments that we're looking forward to here in 2026. As time goes on and we sort of continue our portfolio rotation, as I mentioned also, part of it is concentrating the portfolio and sort of leaving perhaps some geographies.

There, sort of the running yields may be strong. We're not only divesting sort of vacant assets, but we're also, over time, reshaping the portfolio in order to achieve this improved operational efficiency in the portfolio as a whole.

In the mid row.

Staffan Bülow from SB1 Markets. A couple of questions starting with the share buyback program that you announced this morning.

How aggressive could you be? You mentioned that you have a cash flow to reinvest every annum.

Do you see a scenario where you would use all that cash flow to buy back shares?

Thank you for that question. First off, we have a mandate from the general meeting last year, and that mandate is effective until the next general annual meeting here in May.

That's the time period we operate in with this mandate. Secondly, as mentioned also, we're always sort of weighing alternatives against each other, investment alternatives.

We do currently feel that we have ample liquidity to invest, and as of today, we believe one sort of relevant investment opportunity is acquiring these shares. Second part of that is, of course, taking into account our financial standing and managing our balance sheet in a sort of diligent and sort of careful way.

That's also of course, something that we always take into consideration. Third thing is, of course, depth in the market and when and if some investors are willing to actually sell their shares.

We'll continuously evaluate during the sort of weeks to come here.

Thank you. A question on investment in properties.

I think that you've invested around 500 to 700 million per annum, and with this new strategy, will that number increase going forward?

I would say, hopefully, if the investments makes financial sense. They hopefully do if we achieve, or sort of are able to increase the rate of new lettings, making sort of cash flow-accretive tenant adaptations and investments to our portfolio.

It's always a bit difficult to sort of forecast, but again, going back to sort of weighing our alternatives against each other, we believe in our assets in our portfolio, and we would like to invest to sort of attract new tenants to our buildings. It sort of goes hand in hand with the underlying business.

I would not expect that to necessarily sort of slow down or diminish in any meaningful way, but rather hopefully actually being able to attract new tenants and or upgrading the space also if and when it makes financial sense to do so.

Okay. One final question from me, and that's on acquisitions.

Do you see any particular segments where you see the best return outlook?

Yeah. As Thomas mentioned also, we're fairly agnostic when it comes to property segments.

I believe this is a benefit to us. We're able to look, even though we're saying we're focusing on sort of where we stand or markets where we are present, there are quite a few.

We're active more or less throughout Sweden, locally in Norway, but have a very strong standing there, benefiting from that. Finland, as mentioned, also where we stand, but also referring to the earlier question, a bit more sort of focused on increasing sort of organic growth rather than massive new acquisitions.

Maybe focus is likely to be on the Swedish market when it comes to new acquisitions. I think we're seeing a market where the transaction market is sort of recovering or is becoming increasingly active.

That also comes with increased sort of competition. However, I think it's a fairly divided market at the moment where you see increasing competition in certain segments and perhaps in certain geographies, whereas some others are sort of a bit, what would you say, forgotten.

If we can identify what we believe is good business opportunities, then we act on them. I think, in general, to give you some sort of answer, I think still light industrial and warehouse are quite sort of in demand in the transaction market.

I think big-box retail has sort of made the turnaround and have become increasingly more attractive to buyers in the Swedish market over time, maybe seeing a bit more competition there.

Thank you.

Okay. Jan Ihrfelt, Kepler Cheuvreux.

That doesn't work here, I suppose, but I was thinking about the reshuffling of the portfolio, the 5 billion. How many cities are you active in right now, and what would a possible outcome be if you do the reshuffling?

Yep. Thank you for that.

An relevant question. I think we have assets in 113 municipalities in Sweden and Finland combined.

I mentioned this in the CEO comment as well that we foresee that as part of this portfolio rotation in the coming 5 years, we're looking to decrease that number, or actually we're looking to divest out of roughly 40 of those municipalities. That would take the total aggregate down some 35% or so.

Then you can also translate that into sort of very specific numbers, but that's I guess an overall guiding.

Thanks. Very clear.

Any other questions? Okay.

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As I said in the beginning, a lighter lunch will be served here on site, feel free to stay and eat lunch and drink coffee.

Thank you all for being here, and thank you for listening in.

Thank you.