Good morning everyone, and thank you for joining us today. We are pleased to present another quarter of strong operational and financial performance.

Prisma continues to deliver according to plan as we execute our strategy. We are growing through acquisitions and creating value through developments, while maintaining a portfolio with a very high occupancy with long and stable cash flows.

We continue to build one of the strongest and most modern portfolios in the Nordics within our segment. Our portfolio has now reached almost 11 billion, and we continue to see attractive opportunities across all our markets.

With strong tenant demand and growing project portfolio and a solid financial position, Prisma is well-positioned to continue delivering profitable growth. Looking at the highlights of the quarter, this has been another active quarter for Prisma.

We have strengthened our position in Finland through additional acquisitions, where we continue to see attractive opportunities within grocery and discount retail. During the quarter we, during the quarter we have also signed an LOI with a tenant for Segmentet 1 in Kungens Kurva.

Segmentet 1 is our largest building right, and we look forward to providing more detailed information once the lease agreement is in place. What we can say already is that this project will have a positive impact on both our WAULT and the share of grocery and daily goods in our portfolio.

With an agreement in place in Kungens Kurva, we will have activated the majority of our building rights, and we're making good progress on the few remaining ones. Our ambition remains unchanged.

All building rights shall generate cash flows before the end of 2028. This quarter we completed our exit from the Norwegian market, allowing us to focus entirely on Sweden, Finland, and Denmark, where we see the strongest long-term growth opportunities.

Development continues to be one of the most important value drivers. During the quarter, we have started projects of almost 300 million, and today we have 10 ongoing development projects.

Financially, we have delivered another strong quarter. Rental income increased by 35% to 159 million.

Net operating income increased by 40% to 141 million. Profit from property management increased by 46% to 71 million.

The growth continues to be driven by acquisitions, completed projects, and CPI indexation. Property yields remain stable compared with the previous quarter.

At the same time, we continue to see strong and increasing investor interest in our segments, supported by recent transactions in the market. Demand from tenants also remains strong.

Net letting amounted to 18 million during the quarter, while our occupancy rate remained high at 98.6%. Although WAULT declined slightly during the quarter due to calendar effect, it remains strong at 7.7 years.

Our announced acquisitions and ongoing projects will have a positive impact on our WAULT going forward. This quarter, we further strengthened our acquisitions capacity by issuing a 500 million bond, followed by a 150 million tap issue after the quarter end.

I'm happy to share that investors continue to confirm their confidence in Prisma, our business model, and our strategy. Finally, we launched our first share buyback program, reflecting our confidence in the company's long-term value creation.

One of Prisma's greatest strengths is in the quality of our tenant base. We continue to increase our exposure to the grocery and daily goods segment, and based on announced acquisitions that we have not yet closed, approximately half of our rental income will come from grocery and daily goods.

Our 10 largest tenants represent almost 60% of rental income and consist of leading Nordic retailers with strong market positions. Through acquisitions and developments, both Kesko and Axfood are expected to increase their share of rental income the coming quarters.

Perhaps most importantly, around 86% of all leases expires in 2030 or later, providing a very good earnings visibility for many years ahead.

Finland is closing in on Denmark sizewise, and it will pass Denmark in Q3 in terms of property value, and Finland is approaching 3 billion, including signed projects and acquisitions in the coming quarters. Project investments are now at a level we have targeted, with 573 million invested in the first half year and 294 million started during Q2.

Developments remains one of Prisma's core strengths. We currently have 10 ongoing development projects with an average expected yield on cost of approximately 7.3%.

As these projects are completed over the coming quarters, they will strengthen our WAULT while contributing to rental income and earnings growth. Development will remain one of Prisma's most important growth engines in the years ahead.

This quarter, we have started four projects, in Umeå and Karlskrona, where we're developing QSR, and in Tierp and Uppsala, where we're developing grocery and discount retail. We have made some smaller adjustments this quarter.

Our battery project in Kungens Kurva has been moved to Q3, as we're still waiting for approval from the grid owner Vattenfall. Sandviken has been moved to Q3.

Here, we already have a signed lease agreement and a building permit, and construction will now start in August. Our project in Stege, Denmark has been moved to Q4, as we need to wait for the municipality to finalize the access arrangements.

Looking ahead, we continue to have a very attractive project pipeline, where we also will have many new grocery development projects. During the coming quarters, we expect to start additional projects that will activate our few remaining building rights.

Shareholders, as of June 30th, no major changes, apart from that AP3 exited since 31st of March. Capital Group is slightly up, and Keva is slightly down.

Rental income, as Fredrik mentioned, up 35% versus last year. If we look sequentially versus quarter one, we see an increase of 8 million.

Approximately half of that is a full Q2 effect from projects and acquisitions that were finalized in Q1, and half of it is an effect from projects and acquisitions that are made during Q2. NOI is up 40% versus last year, and here we show a 90% surplus ratio in line with our targets in Q2, if adjusting for the property Segmentet 1 in Huddinge, but the reported figure is 89%.

Profit from property management is up 46%. Central administration with a slight uptick mainly from variable compensation, but also minor effect from legal fees of one-time nature.

Interest cost is up with the increased borrowing of 672 million, of which 500 is the bond issued, which we see here on the capital structure. Bonds are now 22% of the debt.

Net LTV is still below 50, and the average interest is up slightly, and that's due to the higher margins in the bond volumes. Interest coverage still at a comfortable 2.4x.

The 1st of July number now is including the nine acquisitions in Finland that were closed on the day after the quarter end, but those are not included in the balance sheet, of course, but in the earnings capacity. The forward-looking earnings capacity has increased in Q1, in line with started projects in Umeå and Karlskrona, and the Finnish acquisitions that we have communicated during Q2.

As we are growing, we're also growing the base for index adjustments in Q4, so that is slightly higher now, and this is offset by the higher average interest assumption. Tierp and Uppsala were also started during the quarter, but those will be visible in the Q3 2027 bar in the next quarter, to say, as they are outside the picture.

With that, we hand to Q&A.

Hi. I have a question on the forward-looking earnings capacity.

If we look at the Q4 figure for '26, it's 2.5, it was 2.14 the last quarter. In sort of relative and absolute terms, that increase is larger than what we see for the following quarter.

Is there a delay of any project, or has any projects been moved up, or what is the driver behind this?

Lassabacka has been put forward one quarter, but the major effect there is the index effect.

How has that changed? The base,

with the acquisitions in Finland mainly that were communicated since the previous quarter report, where the large acquisitions in Finland now are included.

Okay. Thank you.

Then with sort of all announced transactions taken into consideration, what sort of investment headroom do you see going ahead near term?

We have 49% LTV, and we can go up to 60 short term. That where we're targeting.

If the project profits are there according to plan, and if the standing base is increasing with the inflation as it should, we see sort of opportunity to land on the 16 billion property value within the 60% LTV sort of policy.

That's going to be a mix of developments and acquisitions on all markets.

Yeah.

Looking at acquisitions, has there been increased competition during the quarter, or where do you see net initial yields in acquisitions going ahead?

We see a very high competition on the Swedish market, and that's the benefit of us being a developer, that based on the competition, some markets we can put in more acquisitions, some other markets we can do more developments. In this case, the biggest competition today is in the Swedish market.

With that, do you see an increased focus on projects going ahead, or?

It depends. It's going to be a mix.

We're going to see continued good acquisitions in Finland, where we can buy modern buildings, long cash flows, in combination with developments mainly in grocery and grocery-anchored retail in Sweden and Denmark.

Okay. Thank you very much.

That's all for me.

Thank you.

Yes, hello. Good morning.

A few questions from me. I wonder if you could elaborate a little bit on the exit yield changes that's happening during the quarter?

Is it more general, or is it driven by any specific asset region?

Could you repeat, Albin? A bit difficult

to hear you.

Do you hear me now?

Your sound is not so good.

I'll try like this instead. Is this better?

Now it's much better.

Yes,

thank you. Yeah.

Okay. No,

I wondered about the changes in exit yields during the quarter, whether it has been driven by certain specific assets or regions?

I would say it's general.

It's general.

You had a little bit stronger property value uplift in Q1 versus Q2. Sometimes Q2 tend to be a bit stronger, but maybe there were some specific impact in Q1?

I think that project profits might have been a bit higher in Q1.

Yeah. We continue to see strong demand in our segments, and we see good comps on the transaction market, we are very positive the coming quarters.

Yeah. Great.

Then on Segmentet 1, assuming that everything goes as you hope for, when would you expect the project start, and when would it be completed to start generating earnings in your books?

We are planning to sign a lease agreement in Q3, Q4, and we expect the current zoning to be approved by latest Q3 next year, and after that, we are going to start the construction immediately. Our end goal is that it's going to generate cash flow before end of 2028.

Great. Thank you.

Then on the buybacks, I noticed that you're continuing here, I guess first week of July. Is it fair to assume a similar run rate as we saw in Q2, or will it be a bit dependent on the rest of your project starts and M&A?

No, we have allocated the amounts mentioned in the press release when we started the buyback, and I think we're trailing that rate so far. Unless we say something else, you should expect the same rate going forward.

Yeah. Okay.

That's clear. My final question is just also on the earnings capacity and the central administration run rate.

I know you refer to the fact that it does not include, let's say, extraordinary charges and stuff like that, and maybe you've had it, but it seems like your current run rate is a bit higher, and also taking in a slightly larger portfolio. You still think that central administration figure in the earnings capacity should be relevant?

I'm thinking maybe there will always be a few one-offs given the size of the operations, and you're opening new stuff and things like that.

Exact. The earnings capacity is the organization that is built and the agreements that we have in place and the processes that we have in place.

Like we saw in Q1, for instance, we had a charge of 2 million extra. I would say the full deviation in Q1 was related to tax advisory, where we also had a positive effect on the tax returns, to say, where we had a positive current tax.

If I look back three quarters, and I exclude those advisory costs in Q1, if I take Q3, Q4, Q1, we had actually 11 per quarter if we adjust for the tax. Now we have increased it a bit.

We are increasing slightly with one more person, and we will see increased auditing costs as we go into more countries and grow in other countries. Also, we have implemented a variable compensation model for further persons than not only the management, but for further persons, I need to accrue for that also.

That is the increase in the earnings capacity based on decisions taken during the quarter, to say. I would caution to say this is here and now, and we will from time to time have sort of initiatives and other costs that will come on top that are not decided here and now.

It's not the budget, it's the balance sheet, to say.

Then my final question, as you pointed out there, Martin, your current tax is actually positive for the first half year. Since previously I had made a note that you expect to have close to zero paid or actual tax, is that correct, and is that still valid looking out maybe also into next year?

The positive effects you see now is related to the big sort of run-through that we are making, and that is making some adjustment of previous paid taxes. You should not expect that to continue forever, of course.

The guidance here and now is zero, zero.

Yeah. Great.

Thank you. That was all for me.

Thank you very much for listening, and we wish you all a wonderful summer.

Thank you so much.