Thank you. This is Stina Lindh Hök, I'm CEO at Cibus, and with me, I have Pia-Lena Olofsson.

It's been a stable quarter for Cibus with increasing earning capacity per share linked to the transactions we made during the quarter. Before I present the results further, I'll just give you a short Cibus presentation for those of you who don't know Cibus before.

Cibus focus on grocery properties, and we have now business in 7 countries: Finland, Sweden, Norway, Denmark, and the Benelux countries. We are the sole listed daily goods real estate company in the Nordics.

The aim is to create stable and over-time growing cash flows. We distribute monthly dividend to our shareholders.

Why grocery focus? Daily goods tenants are characterized by the non-cyclical underlying business.

Food is essential for everyone regardless of the wallet and regardless of the economy, and a grocery store often stick to the location over a longer period depending on the customer habits. At the map shown, every blot more or less representing a grocery store, a place where people everyday come and buy food, and this is the fundament for our stable business.

This portfolio is a good start to continue growth in existing market and investigate new markets in Europe. The financial summary for the quarter, Pia-Lena will get deeper into that soon, but I would like to highlight that profit from property management per share increased with 7% since last quarter.

A few more things I would like to highlight: we had a stable underlying business and increasing occupancy rate. The net operating income has increased with 15%, and the occupancy rate is now up to 96.1% from 95.3% depending on both new lettings, but mainly better occupancy rate in newly bought properties and divestment of some vacant properties.

We still have focus on letting, especially in Finland where we have hired 3 people who will focus on leasing and management, and this is also a step from outsourced to in-sourced management, and it's a way both to become closer to the tenants, but this will also give us some cost savings. We have had continued growth during the quarter.

24 properties were closed at a value of €107 million, and as a consequence of those transactions, the earning capacity increased since last quarter up to €1.11 per share, which is an increase of 3% since last quarter. We see a strong capital market, and as all of you probably are aware of, we still have a volatile interest rate market linked on unpredictable environment with a continued risk of increased inflation, but on the positive side, the banking and capital market remain stable and are willing to support the business in Cibus.

We also in Q2 saw positive market value. During the quarter, property values increased by €2.3 million, small increased value change.

All market had stable and or increasing valuation. We have sold 5 properties and bought 24 properties, and that means that the portfolio now consists of 619 properties.

The value is €2.8 billion, and net operating income from earning capacity totals of €176 million, giving a yield of 6.4% in line with last quarter. The grocery market in Nordic are dominated by a small number of well-established grocery chains, which makes most of the tenants stable and professional.

Our tenant mix is intact with Kesko as the biggest tenant, followed by Tokmanni. Worth mention is that Tokmanni continues to convert the Tokmanni stores to SPAR, which means more focus on grocery than they had before.

This is a slide I say I come back to every quarter, but it is important, I repeat. Stable cash flow is the key for our strategy, and today, 82% of rental income is coming from daily good tenants.

94% of the properties are anchored by those grocery tenants, and furthermore, 98% of the leases are CPI-linked. The average contract length is 5.9 years, and more than 90% have net or triple net leases, which make us less sensitive for energy prices and cost increases.

The average property is 2,100, which means that exposure each property or store is relatively small. In addition, we protect the cash flow with a hedging ratio of 96%.

As mentioned, we close 24 properties at an acquisition price of €107 million this quarter, and those properties are located in Finland, Norway, Sweden, and Denmark with an occupancy rate of 99.5%. The anchor tenants are Tokmanni, Lidl in Finland; REMA 1000 in Norway and Denmark; and ICA in Sweden.

Those properties are generally in very good standard and are located in established areas where the underlying operations perform well. This acquisition both strengthen the quality and increase earnings per share as shown in the Q2 figures.

We have also divested 5 non-strategic properties with high vacancy, 3 of which are in Finland and 2 in Sweden, at values in line with book value, €5.5 million. Those divestments only reduce the net operating income by €92,000 at year basis.

Basically, that's 1.7% on initial yield, and we see that we can invest those money on better ways. Just some example of new lettings during the quarter: we proactively develop the K-Supermarket together with our tenant Kesko in Kouvola, and at the same time, we also signed a long lease agreement with that tenant.

We also made a new letting where Alma in Denmark has signed a new lease agreement on a vacant area in one of our properties there. We have much focus on letting going forward.

Let me start off by highlighting some key events during the quarter. As Stina has already mentioned, during the quarter, Cibus has acquired 24 properties, the majority of which were announced on the 28th of April.

During the second quarter, Cibus also updated its green financing framework, which is in line with the ICMA Green Bond Principles and the EU taxonomy. At the AGM, Cibus removed Nordic from its company name, and also appointed Louise Richnau and Stefan Dahlbo as new board members.

At the EGM in June, Cibus increased its share capital to €15 million through a transfer from unrestricted equity. Over to the P&L, net operating income amounted to €45.1 million, and include a one-off settlement income of €1.3 million relating to a tenant's early vacating a property in Denmark.

Administration cost include -€0.3 million relating to the EGM's approved warrant program. During the quarter, we have recruited 4 employees to strengthen in-house letting and property management, increasing short-term cost, but is expected to generate long-term savings by bringing services in-house that are now outsourced.

Net financial items include exchange rate changes of -€0.8 million. Profit from property management, excluding non-recurring items and FX effects, was €22.6 million.

Property values were slightly higher or stable, with the portfolio yield remaining at 6.4%. Interest rate derivatives contributed negatively due to market rate movements.

Looking at the current earnings capacity, rental income primarily increased through acquisitions, with additional support from indexation. Net financial items increased following acquisitions financing.

The new higher hybrid bond cost is fully reflected in the quarter, as the bond-financed acquisition completed during the quarter. Profit from property management, excluding non-cash items and hybrid bonds expenses, increases by 6% year-on-year to €1.11 per share.

Looking at the net operating income in a comparable portfolio, the impact from changes in vacancy amounted to -€2.3 million, primarily attributed to the previous announced vacancy in Finland. Rental income from grocery and daily goods segment was positive in the second quarter.

The impact from tenant transition was -€0.7 million, reflecting proactive asset management initiatives that are expected to support future earnings. Indexation contributed with +€2.1 million.

Net operating income in the like-for-like earnings capacity decreased by -1.1% to €154.6 million, while acquisitions contributed growth of 13.3%, resulting in a total growth of 12.7% to €176.2 million. Cibus reports its segments by country, with Finland remaining the largest market, accounting for 47% of the NOI.

Denmark was second-largest market in the second quarter at 17%. However, this includes the non-recurring settlement income of €1.3 million relating to a tenant early vacating a property.

Excluding this item, Denmark and Belgium each account for approximately 16% of the NOI. Turning to the balance sheet, the property value amounted to €2.8 billion at quarter-end.

Secured debt amounted to €1.4 billion, corresponding to a secured loan-to-value ratio of 49.8%. Including unsecured bonds of €308 million, the net loan-to-value was 59.1%.

The EPRA NRV remained stable at €13 per share. Regarding the average remaining lease term, also continues to be very stable and was unchanged at 5.9 years at quarter-end.

Regarding funding, the increase in bank loans were primarily driven by the acquisition completed during the quarter, and we continue to see strong support from our banking partners. On the bond side, we updated our green financing framework to align with the latest ICMA Green Bond Principle, reaffirming our commitment to sustainable financing.

Regarding hybrid bond, we completed the repayment of the remaining outstanding portion of the previous called bond in April, and thereby finalizing the refinancing process. Cibus is 96% hedged against interest rate risk through a combination of interest rate caps, swaps, and fixed-rate loans.

As part of the hedging consists of caps, the negative impact of higher market interest rates is limited, while lower market interest rates have a greater positive effect on earnings, as illustrated in the sensitivity analysis. Looking at our key credit metrics, they all remain within our internal targets and covenant levels, providing solid headroom.

Net debt to EBITDA increased slightly to 10.8 times during the quarter, and this is typical during acquisition-intensive periods, as debt increase immediately while EBITDA is built over time. On a forward-looking basis, net debt to EBITDA was 10.1 times.

Cibus continues to advance its energy transition, with an increasing number of properties being converted to renewable heating solutions, resulting in lower emissions. At quarter-end, the value of Cibus' taxonomy-aligned assets amounted to slightly more than €1.1 billion.

Before I hand over to Stina for closing remarks, I would like to say a heartfelt thank you. During my 7 years as CFO at Cibus, I've had the pleasure of meeting and working with many of you throughout transactions, financing activities, quarterly reports, and countless analysts and investor meetings.

What I will remember most is the open dialogue and insightful discussions that we've had. I'm grateful for your engagement and support.

It has been a privilege to share this journey with you. Thank you, and over to Stina.

Thanks, and thank you, Pia-Lena. On behalf of Cibus, I would like to thank you for a really good and important job and great commitment until the last day.

Thank you, and good luck. Focus forward, we will still have focus on profitable growth and increasing profit from property management per share.

We will continue to work with the refinancing and hedging to keep stable cash flow. We will continue to work to build offices in our market.

It is with presence close to the tenants and the market we continue to create business. We will continue to develop our business and evaluate business with ambition to grow further in a both sustainable and profitable way.

Thank you. Now time for questions.

Good morning. Firstly, on the early termination in Denmark, what can you tell us about the sort of reason behind the early termination and what prospects do you see for re-letting the premises?

The reason, that's just that they wanted to move. It's a discussion between us and the tenant.

For us, we see it as a good in a way since we got the whole contract length in with rents right at once. We also see we have a good possibility to let those areas going forward, we have already started that work and as you could never know, but we have a good feeling about that.

Okay. What is the current rental value of the property?

I don't have that figure exactly in mind. If you want to, you can send an email, and I can double-check on that.

Sure. Then on the NOI margin, very strong development Q-on-Q.

What can you say about this? Is there some one-off effects here or how should we think about this going forward?

As we said, we do have the one-off €1.3 million for the vacating in Denmark, which is affecting the NOI, of course.

Yes, but I think even adjusting for that, the margin is quite strong Q-on-Q, is it not?

You need to adjust for that as well. It's fairly in line if you adjust.

Okay. Then a final question on M&A.

You have €50 million on the balance sheet in cash now. How should we think about the deployment of this over the coming quarters and, yeah, let's start there.

We will try to deploy it as good as we can as always. I cannot really kind of say more than that.

Okay. Or phrased maybe: the LTV is 59% now, 59.1%.

You have a target range of 60% to 65%, I believe. Where do you want to be sort of in the midterm?

If you looked to the slide where we showed the LTV now and backward, you see it's been just beneath 60%, and I think that's where we should stay going forward as well. If you are kind of thinking of how should we grow going forward, I will say that there are different possibilities where we are now.

We could kind of sell properties and employ capital with new profitable transaction. We could through emissions and profitable transactions and or payment in kind or so that's the way I see going forward, and there is always possibilities.

Sometimes it's not that easy, but if you continue the work and dig deep, you will, sooner or later, find a path forward.

Okay. I think that's all from me, and good luck, Pia-Lena.

Thank you.

Hey, good morning, all. Thank you for taking my questions.

Pia-Lena, I wish you all the best on your next endeavors.

Thank you.

I was coming back to the lease termination. Is this already included in the current vacancy number, or will this still go up?

Maybe on top of that, do you expect any other larger terminations in the coming 12 months?

It was vacated during the quarter, in the economically vacancy, of course, it's only a little bit there, to say, because we received rents most of the quarter. Then, Stina, would you like to comment on

Yeah. Going forward, no, we have always discussions with our tenant about what's going on and so on, but it's not like if there were any major things going on, we need to, of course, say something about that, and it's not.

That's clear. Thank you.

Then, Miss Lindh, maybe on the investment market, there's quite some activity in your different markets, but could you provide some color to what extent specific asset portfolios are actually of interest for Cibus in terms of location and pricing? Is there enough opportunities for Cibus out there?

Yes, there are definitely opportunities. As I said before, if you work hard and dig deep, you always find good opportunities, and we have so many countries, so many smaller markets and bigger markets in those countries, and we have a lot of people out there looking.

We have a pipeline that we are comfortable with, and we always had. Then of course, you never know where you could be able to buy or you never know about that, but as long as you keep on trying and be in the market and so on, you sooner or later find something that strengthen our portfolio.

Are there any regions that stand out in terms of opportunities, or is it more widespread across the portfolio?

No, I wouldn't say so. I think we have all the market in mind, and it depends on so many things.

No, I shouldn't say that.

That's clear. Thank you.

Hello, good morning. I was just wondering about the impact on the occupancy rate you mentioned, of course, new lettings, disposals at high vacancy, and acquisition of low-vacancy assets.

I was just wondering if you could give more color on the new lettings and the rental uplifts if there are some, or those kind of metrics on the new lettings, and the volume, by the way, on that. That would be my first question, please.

What we have shown is the like-for-like that Pia-Lena showed before, and I think that's a figure, and otherwise, it's stable. We have not that much vacancies, and we are working with them very hard, but I think you should look at it as kind of stable.

As we said also in the report, the new acquisitions had an occupancy rate of 99.5%, of course, they are contributing positive to the occupancy rate. The properties that we sold, of course, had higher vacancies, so that has also had a positive effect.

Yes, sure. All right.

That's fair enough. I was just wondering about the kind of like-for-like portfolio.

Okay. What would be your expectations on the indexation for next year going forward?

The indexation next year? That's not

Yeah.

that's not clear yet about next year. That depends on inflation and so.

In Sweden and Norway, it's usually the October index, and of course, that is not finalized yet. Then we get indexation once a year, and then in the other countries, it's depending on when the agreement was signed.

Of course, that we don't have the whole year for either, it's not

It also follow inflation, it depends what's happening going forward, and that's wouldn't know, of course.

No.

All right. I have another question on the one-offs, non-recurring items.

I was wondering if you expect anything to pop up in H2 or do you forecast any one-off, non-recurring items in H2?

Sorry, I didn't get the question. If we have anything going forward?

If we expect any one-offs in

Yeah,

H2.

Do you have leasing challenges or No, we

Sorry. We report Q2, and we will report Q3 later on.

Sure, but I was wondering about the potential leasing challenges that you can face

No, that's nothing because I suspect you have we guide for.

Because I suspect when a tenant leaves, it needs to notify you well ahead of its departure, I was wondering about all those non-recurring items that you could expect.

For me, that was taken in Q1, and we don't guide on anything. We don't see anything that we can disclose now for going forward.

All right. Last one, maybe on the staff recruitment you did, how much cost increase does it imply?

We do have some double cost during the quarter, not huge amount. I don't know if we've guided on that, but I can say that we do have, but it's not a huge amount.

We do see that we will get cost benefits going forward already in Q3, but then a smaller number, and then more going forward when we then have more in-house and less outsourced, because the outsourcing part is of course more expensive than having your own personnel.

Thank you. Sorry, just one last from me, please.

On the acquisition opportunities, am I right saying that the preferred route for Cibus would be to finance by disposals rather than raise equity like you did in the past?

No, that we don't know yet. It depends on what's happening, both what kind of transaction it is, both what kind of possibilities we have on both sides.

That's nothing I can say something about.

All right. Thank you for that, and good luck and all the best for the next chapter, Pia-Lena.

Thank you. Thank you.

Hi, Stina and Pia-Lena, and just a follow-up question. Could you provide some color on yield requirements in your different markets, and also potential new European ones?

Could you please say that again? We heard you very bad.

Sorry. Could you provide some color on the yield requirements both in your existing portfolio and potential new deals that you see in your current and potential new markets?

I would say that it differs so much depending on so many things, depending on interest rate, depending on the different kind of competitors at the moment. I'm not really kind of comfortable.

Of course, you've seen in the transactions we made that Finland has been on higher yielded and maybe Denmark lower yielded, but that also comes with a lower interest rate and so on. Yield is one thing.

For example, you find higher yield in Norway as well, but then they have higher interest rates. It's about the whole package of everything when we comes to where we should do transactions and how and when.

Understand. Do you see the potential for Cibus security transaction more in the Nordics or outside of the Nordics?

Both. Definitely both.

That's good. Thank you very much, and good luck with everything, Pia-Lena.

Thank you.

There are nothing,

Pia-Lena Olofsson (CFO): We have no written questions.

Thank you for now.

Thank you.