Hi, and very welcome to Catena's presentation for the Q2 report. The agenda is as always: first, a summary; then a business overview; some updates from the business; some sustainability numbers; the financial update; a takeaway from today; and then we end up with some Q&A, hopefully.

A summary of the Q2 report. We report a 17% increase in rental income, ended up at 1 billion 510 million SEK, driven mostly by acquisitions, but also by our CPI-linked contracts.

Profit from property management increased by 14% in total, and per share, it was up 5.2%. Isolated for the second quarter, the increase per share was up 10.9%.

Our NRV came in at 461.28 SEK. The balance sheet is still solid, with an LTV at 44.5%, and the 1st of July, we disposed a portfolio to Emilshus, which leads to 43.9% in LTV as we speak.

The occupancy rate has dropped to 94.6%, even though we have some tenants moving out during the quarter. We are positive to come back to the levels at 95% or above in the coming quarters.

Our WAULT is now at 7.1 years, which means that we have a very strong cash flow secured for many years ahead. After closing the deal with Urban Partners at the 1st of April, we can confirm that we have established a Nordic platform with a strong offering to the market.

Next slide, please, and the business overview on next slide. In the market update, preliminary figures shows that the transaction volume in the industrial segment amounted to 23.5 billion SEK during the first half of the year.

This indicates strong interest in the segment, and the high volume is primarily attributable to the major transaction that Catena carried out with Urban Partners. We have a sense that there will continue to be more transaction opportunities in the second half of the year, based on what brokers are currently working on.

Regarding e-commerce, there was a clear growth in the first quarter of 2026, up 7%, which speaks in favor for our segment and for more demand in the future. We sense a slightly more positive atmosphere regarding discussions with potential customers and existing customers to start new projects.

That said, we still see it as a bonus if we can sign any new contracts in the near future regarding our land bank. Next slide, please.

Regarding our customer portfolio, we can see some clear changes after the 1st of April. DSV has moved from 18% to 15%, and Dahl Sverige has entered the list with a 2% share.

Next slide. The total value of the portfolio is 55.8 billion SEK.

This is the first quarter where we have Finland as a new region. The value there is 3.6 billion SEK, and we see more opportunities to grow there going forward.

The average lettable square meter has a value of 13,559 SEK. The total value will decline with 600 million at the 1st of July due to the divestment to Emilshus that I mentioned before.

Next slide, a business update. As I said before, now we are in Finland.

Except from the portfolio we acquired from Urban Partners, we have made two additional acquisitions recently, more about them later on. Henrik Eskolin is appointed as a regional manager and comments in August after the summer.

We are, as we speak, looking into more opportunities in Finland and are, overall, optimistic to grow more there going forward. Next slide, please.

At the end of May, we have acquired a modern logistic property in direct proximity to Helsinki Airport in Aviapolis, Vantaa. The property serves the Cramo Finland's headquarters, as well as the company's main logistic and service hub in the region, and the investment amounts to approximately 575 million SEK, with an initial yield estimated to 6%.

Next slide, please. At the same week, actually, we also acquired a strategic, well-located logistic property in Vantaa, adjacent to the Helsinki Airport.

The property serves as DHL's principal logistic hub in Finland, and the estimated yield is also here around 6%. Next slide, please.

As we mentioned before, we have closed the deal with Emilshus at the 1st of July, bringing down the LTV to 43.9%. The agreed price was 8% above our booked values.

The properties Vålasjö 15 in Kungsbacka and Glasblåsaren 14 in Linköping have also been sold during the period, comprising a total lettable area of approximately 35,000 square meters, and the two properties have been divested at the combined property value of approximately 430 million SEK. Annual rental value amounts to approximately 33 million, and the agreed purchase price was 9% above booked value.

Next slide, please. This table presents Catena earnings capacity on a 12-month basis.

Note that the increase in earnings capacity per share at almost 29 SEK per share, compared to 26.25 SEK 1 year ago, an increase with more than 10%. Next slide, please.

Our ongoing project portfolio totals to around 359 million SEK, where 125 million is remaining investments. When all is completed, we will add 18,000 square meters to the portfolio.

Next slide, please. Regarding our land bank, we are still waiting for decision from the Land and Environment Court regarding the plan outside Ängelholm.

In Örebro, the municipality decided on the zoning plan during Q2, and the decision was positive, but the minority had the right to postpone the decision for another month or so, we have to be patient and wait again. In Järna, we have found a lot of challenges regarding nature values, and we expect a delay of 2 to 3 years before we can intensify the zoning job.

Next slide, please. Looking at our leasing operations, our net leasing in terms of net moving in and moving out during the quarter came in negative with 42 million SEK.

Our WAULT has increased to 7.1 years, and the letting ratio is at 94.6%. As I just said, we have had a negative quarter in terms of tenants that moved out, and that had led to a lower letting ratio.

This is no dramatic, and we have already signed some new contracts on the vacancies, and we believe that we soon can come up to at least 95% again. The overall feeling is that there is a higher activity in the letting market as we speak, with more ongoing discussions compared to last year.

Next slide, some sustainability. The Scope 3 is continuing to decrease on a 12-month rolling basis due to less projects.

We continue to maintain a high level of EU Taxonomy alignment. For example, our turnover came in at 79%.

Total installed solar panels output on our roofs is now about 89 MWh. Now over to Magnus for some financial update, and next slide, please.

Thank you, Jörgen. This slide shows the strength in our underlying earnings, with solid year-on-year growth across all key metrics.

Rental income is up 17%, mainly driven by acquisitions. Net operating surplus increased by 17%, and profit from property management rose by 14%.

Profit from property management per share is up 5.2% to 13.96 Swedish krona per share, underlining our ability to translate top-line growth into shareholder value. The Catena model continues to deliver predictable, resilient earnings with strong profitability.

Next slide, please. This slide highlights the composition of our rental income growth in Q2 2026.

As just mentioned, total rental income increased by 17% year-over-year. The largest contributor was acquisitions, accounting for 13.2 percentage points of the growth.

Our completed development projects added 2.5 percentage points, consisting mainly of new facilities in Ramlösa, Helsingborg, Malmö, and Gothenburg, all leased to strong and well-known tenants. Like-for-like rental income rose by 2.1%, built up by CPI-linked indexation, renegotiated rental agreements, as well as increased property tax and media costs, which are reinvoiced to our tenants.

All in all, this underlines our ability to grow through multiple channels: strategic acquisitions, value-adding development, and strong day-to-day operations. Next slide, please.

Let's turn to our capital structure. The second quarter of 2026 has been characterized by geopolitical uncertainty that has increased the volatility on the financial markets.

Despite this, there has been a pick-up in real estate transactions and increased activity in the credit markets that are now back at levels seen before the outbreak of the war in Iran. However, global long-term and structural uncertainties still remain to some extent, and it's important that we keep being prepared in case of increased volatility.

At the end of Q2, our equity ratio stood at 47%, a balanced level that we consider supports our strategic flexibility. EPRA NRV per share increased to 461 SEK, excluding dividends, an increase of 7.7% compared to a year ago.

This shows our ability to create shareholder value over time, even as shareholder returns are being realized. Passing on to next slide.

Let's move on to our financial position. We continue to demonstrate strong financial control, with all key metrics within policy levels, even immediately after the large acquisition.

This is a sign of that we continue to maintain a prudent leverage profile. Net debt to EBITDA came in at 8.9 times, interest coverage at 3.7 times, and loan-to-value at 44.5%.

These figures reflect both a solid capital structure and strong underlying cash flows that ensures continued access to capital on competitive terms, if needed, when opportunities arise. Next slide, please.

Let's have a look at our debt and liquidity management. We continue to remain focused on maintaining and securing funding on competitive terms.

In connection with the acquisition on April the 1st, we drew down a 12 plus 6 months term loan bridge facility that, in combination with the proceeds from the directed equity raise we did in January, was utilized for the short-term funding of the acquisition. We immediately started the process of replacing the bridge facility with long-term funding, and the first takeout was done via the issuance of 3.25 billion SEK in unsecured green bonds.

The takeout for the remaining part will be done via the bank market. The process is well-progressed, and we aim to have the bridge facility closed in the coming days.

Our average debt maturity is 3.5 years, currently compressed by the short-term bridge facility. Liquidity is strong, and a liquidity ratio above 1, excluding the effect of the short-term bridge facility.

Next slide, please. Let's move on to our interest rate management.

As said, the first half of the year has been characterized by geopolitical uncertainty, which has led to volatile energy prices and disturbances in the energy distribution system. This has had an effect on the concerns for increased inflation, and interest rates initially rose, particularly at the short end of the curve, but have since then gradually normalized.

Today, short-term rates are largely in line with the levels seen at the start of the year, while longer-term rates are slightly lower. Catena closely monitor the rate volatility and continue to navigate in line with the framework set out in our finance policy.

As of the balance date, 51% of the outstanding debt carried fixed interest, and our current average interest cost is at 3.3%. Next slide, and handing over to you, Jörgen.

Thank you, Magnus. Our capital deployment is for the period divided into acquisitions, 10 billion 175 million SEK; development, 698 million SEK; and divestments of 403 million SEK.

Next slide, please. Property value stayed stable and ended up the period with a positive value change of 612 million SEK, which correlates to 1.1% of the total portfolio before adjustments.

The average weighted valuation yield, so-called exit yield, for the portfolio is at 5.8% by the end of the period. The EPRA net initial yield came in to 5.4%.

Next slide, and then we have some takeaways from today, and they can be summed up into three points. For the first, Catena has now established a Nordic platform.

Secondly, we have a positive view on the second half of 2026, where we hope to sign some new leases to increase the letting ratio, and also good opportunities, especially in the Finnish market, to keep up growing. The third, with a WAULT of more than 7 years, the long-term financing in place, as Magnus said, and we expect to have it in a couple of days at very attractive conditions, we have absolutely the fundamental to deliver strong earnings going forward and to keep up the growth journey.

With that said, we will open up for Q&A.

Good morning. Just if you could go into some more detail on the increased vacancy in the quarter.

Is it linked to anything specific, or is it just smaller general terminations? You also mention on move-ins that you think you can reach 95% or above in the short term, and that you have signed leases.

Could you give us an indication of timing on those move-ins, please?

Hi Oscar. There were some terminated lease agreements, which led to that the tenants moved out at the 1st of April, and that was on various places in Sweden.

There is no structural pattern, I would say. We had during the notice period been successful to find new tenants, but the net moving out, as I said, was 42 million, and of course, that has an impact in the earnings for the Q2, which we had included in the earnings capacity in the last report.

Now we have signed some lease agreements that will kick in during Q3 and Q4, and that's included in the earnings capacity that we report today. We cannot be more detailed than that, but we can also add and just confirm once again that we sense more activity.

We have more positive discussions ongoing, and what we hear within the teams, hopefully, we sign some more square meters before we go for the summer break. All in all, we are positive to report higher numbers going forward than we have in this report.

Thank you. Then on [Kilen?]

, completed last quarter, we haven't heard anything on letting there. Can you give us any indication of how discussions are going?

We can sense that that's also one of the buildings that we have positive discussions. Hopefully, we can sign something in this quarter, or the latest in Q4, we hope to sign.

We'll have to come back with that one once it's done. Positive on that one.

Perfect. Then, you mentioned a slight improvement in tenant discussions.

Is that mainly for sort of existing properties, or do you see a increased propensity to sign leases for new space as well?

I think, mostly the positive discussions has been to find new tenants on the vacated premises, but also a bit more positive on looking into new projects as well. That takes more time than to achieve some new signed square meters on the existing vacancies.

Still a bonus if we can sign a new project in near time.

Okay. Thank you.

That's all for me.

Thank you.

Good morning. I could maybe start with a follow-up question on the leasing figures.

You had minus 42 million in the quarter, and it was mentioned that you have signed some new agreements since. Could you maybe give some type of indication of how much of this 42 million has already been re-let?

No specific details, but as I said before, we are positive, and some of the square meters will kick in during the second half year. We will not guide specifically on how many of the millions or square meters, but more on the positive note.

Okay. Then my second question is related to the central administration.

In the earnings capacity, you have 56 million, and then annualized based on Q2 is about 60 million, and then you also hired a new regional manager in Finland since then. What would you say that sort of a annualized run rate in central administration would be onwards, given that?

I think that what we guide in the earnings capacity is most likely. We have had some quarters with some higher cost that's due to some structural changes, and also some higher costs related to the huge transaction we have made.

We have also had some IT costs and investments, our goal is absolutely to come back to what we say in the earnings capacity going forward.

Good. Then also just a final question, and that is related to the transactions.

You have made quite a few divestments recently, and would you say that there is anything that remains to be divested in the current portfolio?

It's not planned, but on the same way as we have made during the two first quarters, there are peers in the market that are very eager to acquire and to grow, and they have identified some assets, and perhaps there could be something like that going forward to do a bit of recycling, but nothing that is planned. We'll see what happened.

With that said, if there were some more divestments, it's likely that we take that money, the proceeds, and find new investments, especially in Finland, to build a bigger portfolio over there.

Okay. Thank you.

Those were all of my questions.

Thank you.

Thank you. I had a few questions regarding the transactions market.

You mentioned that you're looking into additional acquisitions in Finland. What kind of yield levels are you looking for now that you are expanding into Finland?

That's the first part of the question. The second part is, what's the critical size that you're looking for in Finland, sort of in terms of actually having an organization there in place now?

Morning, Erik. Very relevant questions.

We have presented two two deals in May. They were both around 6% in net initial yield.

It's likely to think that it's around those levels that we are looking into going forward. About the critical mass, absolutely more than we have today.

To compare with Denmark, we are about 8 billion, I think that could be a very rough number to motivate to build up an organization. That's also, as depends on what kind of opportunities that will arise going forward.

We cannot say whether it takes 1 year or 3 years. That we don't know.

Okay. Could you say something about the situation for transactions in Finland?

What's the competition like? Because if you look at your exit yield of the portfolio now, it's quite close to 6%.

Usually, Finland carries higher yields than Sweden, which is the majority of your portfolio. What's the reasoning for not sort of getting higher yields on your acquisitions in Finland?

Is it competition, or is it quality of the assets, if you could just talk a little bit about that?

Those two we acquired at 6% were around the airport, and we think we did very good deals, actually. We have seen lower yields as well.

Perhaps there could be a bit above 6% as well, but then it's also important to make the difference between the exit yield we have in the valuation. You cannot compare that with the net initial yield.

Look at our portfolio net initial yield, EPRA is 5.4%. There is also a delta there.

Of course, there is higher yields in Finland compared to Sweden.

Understood. Good.

Then finally, you mentioned that you're in discussions with finalizing long-term financing for the large portfolio you acquired. I believe you said in a few days.

Could you say something about sort of the terms of the bank financing, and sort of how many banks have you been talking to in terms of finalizing that financing?

Yes, we have been discussing with three three different banks in that, and the terms, we see that on average, we probably will land at around our average cost in total when all of the hedging is done and the entire package is put into place. Okay.

We should expect then that by the time we're moving in now in Q3 and Q4, that will be taken care of, and the overall effect is fairly close to what you're having right now.

That is correct, yes.

Okay. Good.

Those were my questions. Thank you.

Thank you.

Yes, thank you. Thank you for taking my question.

Actually, I have a quick follow-up question on the upcoming vacancies. I understand that you are planning to improve vacancy towards the end of the year, but how should we think the occupancy over the next 12 months, as you will have 14% of your rent roll to renegotiate in 2027?

Did you already receive no reports coming from tenants that will vacate some assets? How do we see 2027 going forward?

Hello. Good question.

Overall goal for us is to be around 95% at least in the letting ratio. As we said before, we think we will be around 95% or a bit above in 6 to 12 months' time.

I think on a daily basis, some tenants move out and some other moves in. There could be some lagging in between.

We haven't seen any dramatic things regarding terminations from tenants going forward. Best guess around 95%.

No dramatic change expected in 2027?

No dramatic.

Perfect. Then a quick also follow-up question on the re-leases that you are currently renegotiating.

What is the level of reversion that you are achieving on those re-lettings?

You could expect that it's more aligned with the existing rents. There we have said before to the market that in this environment, there is no potential upside.

It's flattish. In some case, we have received a bit higher rent; in some cases, a bit lower; in some case, we have to do some CapEx.

Overall in our portfolio, we are on the market rent level.

That's clear. That's all for me.

Thank you very much.

Thank you very much. With that said, I think that was the last question.

We want to wish you all a great summer, and thank you for listening, and see you after the summer. Take care.

Thanks a lot.

Thank you.