Thank you, operator. Hello, and welcome to Diös interim report presentation for the first half of 2026, with a particular focus on the second quarter.

The quarter once again confirms Diös's ability to deliver stable performance in an uncertain market. David will start with a brief summary of the quarter, followed by Rolf, who will cover operational development and the portfolio.

David will then conclude with our outlook before we move into the Q&A session. Instructions how to submit a question will be provided at the end.

I will now hand it over to David.

Thank you, Johan, and hi, everyone. Let me start by saying that this quarter has, once again, been strong and stable.

We operate in a market that continues to be affected by geopolitical uncertainty and financial market volatility. Despite that, our performance is stable and in line with our strategy.

Our focus remains very clear: drive cash flow, maintain high leasing activity, and allocate capital where we create the best shareholder value in the long term. In this quarter, we deliver on all of that.

Let me now take you through the key highlights. Operationally, this is a solid result.

We deliver positive net letting of 10 million, which reflects continued strong activity and confirms that our active way of working continues to generate results. At the same time, our occupancy remains stable at 90%, which we consider to be at a good level in today's market.

Looking at earnings, income is in line with last year at 667 million despite a reduction of approximately 100,000 square meters in leasable area. Like-for-like rental income growth was 0.8%, and the surplus ratio improves to 74%, which shows that we continue to manage both revenues and costs in a disciplined way.

This also reflects the impact of our transaction activity where we have divested assets with lower operational efficiency. We also see clear value creation from what we do operationally.

During the quarter, we report positive unrealized value changes of 109 million, driven only by new lettings and value-creating investments. This is important.

It shows that our model works. Leasing activity and investments translate directly into higher property values.

On the financing side, conditions remain good. Our average interest rate decreases to 3.8%, supported by refinancing at attractive margins.

The yield gap continues to improve and now stands at 2.3 percentage points compared with the valuation yield, while the yield gap on new debt is close to 3%. To summarize: strong net letting, stable occupancy, high activity across the portfolio, and positive value creation from our core business.

All in all, this is another quarter where we deliver stable performance and continue to create value in a volatile market. Over time, our portfolio has shown resilience in both occupancy and property values.

Valuation yields have remained stable over the past 4 years, while our portfolio has continued to grow through profitable investments. This is particularly important given that we have been a net seller of assets during the same period.

Vacancy remains around historical levels, and recent movements mainly reflect strategic divestments of fully let assets and completed projects, not weaker underlying demand. I will now hand over to Rolf.

Thank you, David. Let's take a closer look at the earnings performance for the current quarter.

Rental income was in line with the previous year with an economic occupancy rate of 90%. Several new leases were signed during the quarter, and we expect the rental market to gradually improve.

There is still good demand for modern, centrally located premises where our portfolio is well-positioned. It's important to note that it usually takes 6 to 12 months from lease signing before it generates rental income.

Property costs were slightly lower during the quarter, primarily due to reduced expenses for electricity and heating, and somewhat lower maintenance cost. Energy consumption for the first half year, on a climate-adjusted like-for-like basis, decreased by 1.6%.

Overall, this resulted in an operating surplus of 485 million, corresponding to a surplus ratio of 74%. Net financial items improved by 4 million compared to Q2 last year, driven by improved refinancing margins and lower Stibor rates.

Income from property management increased by 4% year-on-year. We've had positive value changes with valuation yield 1 basis point lower than last quarter, and I will come back to this later.

Our well-diversified portfolio continues to strengthen the resilience of our top line. On a like-for-like basis, rental income increased by 0.8% compared with Q2 last year.

With 33% of rental income derived from public sector tenants, we have a solid foundation for passing on CPI adjustments. This supports our ability to defend and increase rental levels in connection with both renegotiations and new lettings.

In total, 98% of our commercial lease agreements include indexation clauses, of which 95% are linked to CPI. We see clear potential for further rental growth through rent reversions, improved occupancy, and by developing modern and efficient office space in prime locations.

As the market leader in our core cities, with strong local management and solid cash flow, we hold a competitive advantage compared with many other real estate companies in our markets. Net lettings during the quarter were positive, totaling 10 million.

Tenant concentration risk remains low. Our 10 largest tenants account for 20% of total rental income with a WAULT of 4.8 years, and the WAULT for the total portfolio remains stable at 3.6 years.

We continue to see a clear trend where tenants prioritize attractive locations and demonstrate a strong willingness to pay for modern and efficient premises. Vacancy levels are significantly lower in central urban locations where we have a strong presence.

This contributes to the high resilience of our portfolio. At present, several discussions are ongoing with both existing and prospective tenants at good rental levels.

The market value of our property portfolio amounted to 32.8 billion. 96% of our properties were externally valued during the second quarter.

The inflation assumption for the first year remains at 1% and then increases to 2%. The average valuation yield amounted to 6.08%, representing a decrease of 1 basis point compared with the previous quarter.

Overall, this means that we report positive unrealized value changes of 109 million for the quarter, driven by strong leasing activity and by deals such as converting vacant retail space into fully let offices. We note that our divestments are made at or above book value, supporting our assessment that the reported property values reflect fair value.

During the quarter, investments totaled just over 300 million, primarily related to tenant adaptations and new developments. Risk in our project portfolio remains low as pre-letting is a requirement and most of the rental income is generated from tax-financed operations.

All ongoing projects are progressing according to plan, both in terms of costs and timelines. Currently, 10,000 square meters are under construction, corresponding to a total investment volume of 320 million, where remaining investments amount to 100 million.

In addition, we hold 310,000 square meters of existing and potential building rights, representing significant opportunities for further value creation. Around 50% relates to commercial premises, with the remainder allocated to residential properties.

Going forward, our focus will be on tenant adaptations and, selectively, new builds secured by stable tenants and long-term lease agreements. In May, we issued a 3-year bond totaling 600 million, while at the same time redeeming 300 million of bonds maturing in October.

As a result, our average debt maturity stood at 2.8 years at the end of the period. Over the next 12 months, we will have additional loan maturities, excluding commercial papers, of 2.9 billion, corresponding to 17% of interest-bearing liabilities.

We continue to actively work towards a more prudent maturity profile with longer debt maturities. The average interest rate decreased from 3.9% at year-end to 3.8%, driven by lower margins upon refinancing.

In mid-June, we entered a new 3-year interest rate swap, extending our fixed-rate maturity to 2.4 years. Bank financing is, and will continue to be, our most important source of funding.

Currently, 62% of our outstanding loans are financed through banks. We maintain a very constructive dialogue with all our lending banks, who have demonstrated a clear willingness to support our growth ambitions and offer competitive terms.

The margin on a 3-year bank loan is currently around 115 basis points. With 3-month Stibor at 2%, this implies an all-in interest rate of 3.15%.

Compared with our average property yield of 6.08%, this corresponds to a yield gap of close to 3 percentage points, supporting strong and resilient cash flow generation. For comparison, the margin on a 3-year bond is currently around 135 basis points.

In total, 62% of our financing is bank-based. In addition, we have 2.4 billion in undrawn credit facilities and a secured loan-to-value ratio of 36%.

Further borrowing capacity will also be added through completed development projects. Taken together, this, combined with our strong banking relationships, makes us feel confident regarding our future refinancing needs.

We continue to apply a conservative balance sheet approach, reflecting our strong commitment to financial discipline and effective risk management. Over the past 2 years, we have reduced financial risk and improved our key financial metrics through divestments and a more cautious approach to larger new development projects.

The balance sheet has also been reinforced through strategic transactions, while cash flow is developing positively. Loan-to-value currently amounts to 52.6%, and net debt to EBITDA stands at 9.9 times.

A strong cash flow, combined with a solid balance sheet, provides us with the financial capacity to pursue both new investments and acquisitions. I'm comfortable with our current financial position and actions taken to date.

Our robust cash flow is sufficient to cover the approved dividend, operating expenses, committed capex, and to support continued growth. With that, I will now hand over to David again.

Thank you, Rolf. Let me take a step back and talk about the bigger picture.

We operate in a region with very strong structural tailwinds. Historically, this has been driven by energy, industry, and infrastructure.

Increasingly, we also see growth being fueled by digital infrastructure. A very clear example is the interest in data center investments in Sundsvall, where global players—Google, in this case—are exploring opportunities to establish new capacity.

This is not just another investment. It is a signal that our region is becoming part of the European digital backbone, built on access to renewable energy, available land, and a stable society.

What is important to understand is that investments like this have a much bigger impact than what you see initially. One investment does not just create one job; it creates an entire ecosystem.

To put this into perspective, consider a city with 100,000 inhabitants. The workforce would typically number around 50,000.

An establishment creating 500 direct jobs and 1,000 indirect jobs would therefore have a very significant impact. It is not marginal; it is transformational.

Because those jobs do not exist in isolation. You get suppliers and subcontractors, service companies, increased demand for housing, more retail and restaurants, and ultimately, more demand for offices and central locations.

Over time, this drives activity in the city, population growth, and a stronger local economy. That is directly linked to our business, because when cities grow, demand for our type of properties grows with them, and rents tend to grow fastest in the center of the city where we have our properties.

During the quarter, we continued to deliver high activity and a large number of new agreements. Let me give you a few concrete examples of what drives our leasing and value creation.

First, we continue to deliver large, complex agreements with public sector tenants. During the quarter, we signed an agreement with the County Administrative Board of Norrbotten, covering approximately 7,000 square meters in central Luleå.

The agreement includes modernization and significant technical upgrades with an investment of around 111 million at a yield on cost of 7.6%. In Umeå, we have signed a lease with Hansen's in MVG Galleria, a 1,600 square meter retail space across 2 floors, contributing to a more attractive city center offering.

In Sundsvall, we have signed a 10-year lease with Gastrobistrot Group, covering approximately 3,500 square meters with a yield on cost over 10%, strengthening the city's restaurants and experience offering. During the quarter, we completed the redevelopment of Älvsbacka 9 and 10 in Umeå, delivering a modern and purpose-built facility for the Swedish Defence Conscription and Assessment Agency, Plikt- och prövningsverket.

The project, involving an investment of 122 million, further strengthens both the earnings capacity and long-term attractiveness of our portfolio, and with a project profit exceeding 30%. If you step back, the common denominator in all these deals is active asset management, close dialogue with our tenants, and creating the right mix in our city centers.

That is what drives both demand, occupancy, and property values over time. Let me summarize the quarter.

We deliver positive net letting, stable occupancy, high activity across the portfolio, and positive value creation driven by our business. This confirms that our business model works well also in an uncertain macro environment.

At the same time, we have a strong balance sheet, stable cash flows, and the capacity to continue investing profitably. Overall, we are a company with high yield, low risk, and clear opportunities for continued growth.

It is important to highlight that this is ultimately driven by the work being done across the organization, very, very close to our tenants: high activity, strong execution, and a clear focus on creating value. With that, thank you for listening, and I wish you all a very nice summer.

Do you hear me?

Yes, we hear you.

Good. One question from me on if you could comment anything on sort of how letting activity has progressed throughout the quarter and if you see yourselves to continue in positive territory for remainder of '26?

Yes, David here. We have had good leasing activity in this quarter as well as the first quarter.

We had a couple of terminations at the end that affected the net letting, but it was still positive by 10 10 10 millions, so that was good. We see that it will continue on this level in the coming 2 quarters as you asked about.

You never know, but the leasing activity is on a good pace now. We are continuously tracking and seeing what the risks are on the downside, and we see that it's more on the upside than the downside.

Perfect. Then a question on the earnings capacity.

The reported figure is 3% ahead of the earnings capacity in Q1 on rental income, and it's now 4% ahead of the earnings capacity now in Q2. Is there something timing-related to the net letting or is there some other explanation to this deviation?

Yes,

just on a rolling 12-month basis, you mean?

Just if I divide the earnings capacity rental income by 4.

Okay. There is some seasonal effects, of course, in there, and also we've been net sellers maybe has some effect.

Net letting is, of course, coming into effect later on, but that's only included in the earnings capacity when we have design leases as stated. I don't have any direct answer on the effect there, but we could dig into that and maybe come back to you later.

Sure. That's good.

That's all from me. Thank you.

Thank you.

Yes, hi. Thank you.

I had a question on the net finance. I think you refer to the year-on-year change.

If I look at the quarter-on-quarter change, it's quite a massive downwards. Could you explain what's happening there?

Rolf here. It's mainly due to lower Stibor fixings in the second quarter compared to the first quarter, and then also a bit lower margins when refinancing.

Mainly on Stibor fixings. Right.

Okay. We did see some positive margin impact in Q2 isolated as well?

Yeah.

Yep. Then on the payable tax rate, which was a bit higher in this quarter, what would you say is the underlying tax rate for the year assuming normal operations, of course?

Normally we pay around 10% in tax. We had some one-off effects in connection with the divestments, withdrawal taxation of 26 million in the second quarter.

Clear. My final question is David, you referred to tenant adaptations as a way to drive growth, of course.

If you look out the next 1, 2, or 3 years, is sort of the run rate that you are doing now, is that sustainable, or has there been any specific reasons why you have been able to perform as you have over the last 12 months, let's say?

It was a bit blurry. Can you take that question again, please?

No, I just wondered about the outlook for tenant adaptations because you referred to that as a driver for growth.

Is

the rolling 12-month basis a good way to look at the next 12 months, or is there any reason that you are running at slightly higher levels now than maybe what you see just on paper about that?

We have tenant adaptations is around 6 600, 650 million today. We think that pace is what we expect as well.

We see that there are quite a few bigger adaptations, but they have a good yield on cost and good value changes as we saw the last 2 2 quarters. It's on that level.

In total, we are on the investment pace of 1 1 billion around. Do you have a comment on that, Johan, or...?

What you can say is that the demand today is a lot of it is driven by public tenants that's requested higher standards and also a lot around the security these days, which drives a lot of capex. It's, as David said, good returns, but also the investment on each adaptation has become a bit larger today than it was 5 years ago.

We expect that trend to continue, and we also see that the demand for central premises is continuing. The higher rents, but also main higher capex per each adaptation.

We expect to invest around 1 billion in the portfolio each year, whereas 650 million on tenant adaptations. I think that run rate will continue from here.

We see that the willingness to pay for modern and secure premises is still there and is growing.

Great. Thank you.

Thanks so much for listening in and for good questions. I will say it again as I did 5 minutes ago.

I wish you all a very, very good summer, and it's going to be fun. We are in Båstad now for Capital Market Days, and it's going to be fun to meet some of you investors that was in the call today.

Looking forward to good 2 days here, and have a real nice summer. Thanks.