Welcome to the presentation of Wihlborgs first three-month report 2026. Growth, cash flow, and our core business is our mission.

Even if the world gives us some challenges, our region continues to deliver not only quarter in 11 years, but I see no new trend in this, just a reminder that a quarter is a short period. Net debt to EBITDA at 10.5 times, good access to financing continues, and we have acquired our first premises in Carlsberg Byen in Copenhagen.

With some figures on that, the rental income was 1 billion 150 million, a new record; the operating surplus, 800 million; and income for property management, 520 million. The result for the period increased to 548 million, corresponding to 1.70 and 1—s—1.78 kronor per share; and EPRA NRV has increased by 10% to 101.14 kronor per share, adjusted for paid dividend.

A comparison of the rental income Q1 '25 and Q1 '26: indexation, +13 million; acquisition, +46 million; currency effect, -12; additional charges, +23; and completed projects, new leases, and renegotiation, +35 million. The net letting was negative, with -35 million, the first negative quarter after 43 quarters in a row with positive numbers.

New leases of 49 million, and terminations of 84. Even if every single termination is a loss, the volume of termination as such is close to last year, and no drama in that, but the amount of new leases in Q1 are too low to meet that.

The year started quite slowly, picked up a bit, but then when the war in the Middle East was a fact, all discussions were pushed forward. Over 50% of the termination was in Denmark, and we know that the market there is quite strong, I expect that we will see a pickup.

We also had 8 million in Sweden from bankruptcies that affected the result with -1 million, but terminations had a yearly rental value of 8 million. Now in April, things have changed, and I think the list of possibilities and the ongoing discussions actually are quite good.

That doesn't mean that things will be easy ahead, and I cannot promise positive net lettings the coming 43 quarters, but at least we have a number of good discussions ongoing. Here are some of the tenants that we have signed during Q1.

The defense industry, which, for example, the new and expanded lease with MilDef, is a growing sector. We also see some examples of interesting and growing tech companies like Intermail, and the tech hub Hetch in Helsingborg also continues to attract innovative AI companies.

Here we have the net letting in a historical perspective: lettings in green, terminations in light blue, and dark blue stacks are the net letting. We don't win every lease opportunity, which is annoying, but the hit rate over time is good, and let's see how we can develop this further on.

The list of our 10 largest tenants in alphabetic order: strong customers, and they contribute with 19% of rental income. 7 out of 10 of governmental tenants, and the public sector contributes with 22% of rental income.

The rental value as of 1st of April '26 is 5 billion 157 million per year, first time over 5 billion, +11.6%; and rental income, 4 billion 540 23 million, +10.3%. Strong figures, and this is an effect of acquisitions, indexation, investments, and, of course, tenants willing to pay for the right quality.

Looking at the like-for-like figures, the properties we owned a year ago, excluding projects compared with updated figures, we can see that rental value is up 2.2%, and rental income is up 1.1%. Like-for-like does not include the large acquisition we did 1st of April '25.

As said last report, it's good with the growth also in the like-for-like stock, but to get the growth we aim for, acquisition and investments will continue to be important, especially in times of higher vacancy. Changes in the market value of our properties: we started the year with 64 billion 440 million in accordance with the external valuation of 100% of our portfolio.

We have made acquisitions, which add on 534 million; investments, 562; divestment, -4 million; changes in valuation, +19 million; and together with currency translations of 117 million, that summarized to a value of 65 billion 642 million Swedish kronor. Valuation parameters haven't changed since year-end, and that includes assumed indexation of 1%.

Very small changes in valuations, the growth comes mainly from investments and the transaction we made in Copenhagen. Here's a long-term trend for portfolio growth, from 7 billion to 65.6 billion in 21 years, and growth every year without taking in any new equity from our shareholders.

These figures, the running yield show how we actually perform in relation to the valuation, this is not the valuation yield. For the whole portfolio, the occupancy rate is 90%, excluding project and land, and with an operating surplus of 3 billion 500 356 million, that gives a running yield of 5.5%.

Fully let, the portfolio would give a running yield of 6.3%. Good earnings capacity in relation to the value of the portfolio and good cash flow generation is the foundation also ahead.

The occupancy has improved in some areas and lost a bit in others. What we know is that of the total vacancy, approximately 14% are already signed but not entered yet, and for additional 6% of the vacancy, we have ongoing discussions with possible tenants.

A lot of positive work in that, but we will also add on vacancy from terminations, additional new build projects will move from the project line to the running portfolio line, and possible transaction may also affect vacancy. No exact guiding ahead, but I expect occupancy numbers for the portfolio to be relative flat next quarter, but with somewhat increased income for the base rent figure.

Parking and additional charges may vary. In the office portfolio, the market value is 51 billion 451 million, with an occupancy rate of 90%: 90% in Malmö, continue with small improvements in Helsingborg to 91%, 89 in Lund, and 91 in Copenhagen.

The operating surplus for offices summarized to 2 billion 781 million and a running yield of 5.4%, 6.2% fully let. The logistic/production portfolio have a value of 9 billion 315 million, 92% occupancy in Malmö, 83 in Helsingborg, 95 in Lund, and 97 in Copenhagen; in all, 88% occupancy with a running yield of 6.2%, 7.3% fully let.

The development of our total portfolio, running yield, 5.5%, brings stability, not least since the portfolio overall has a high quality and good location. As noticed before, a good increase of the running yield since 2021.

Some sustainability highlights: we have improved from 0 to 35% certified area in our Copenhagen portfolio within one year, and there is more to come. We have also new sustainability targets from 1st of January, and will report on a wider spectrum, with focus on energy efficiency, carbon dioxide emissions, and climate adaptation, as well as important social and governance measurements.

More on that topic in the report, but I'll show you some figures here. It was a cold start of the year, but to be able to compare how we improve our energy use, we also present figures normal year corrected, and, of course, also in kilowatt-hours per square meters.

Here you can see the improvements quarter by quarter and year by year. We present the carbon dioxide emissions from Scope 1 and 2 in the same way.

Here we have higher emissions in Q1 according to more gas used in Denmark during this period of energy uncertainty in the world. We also compare energy production from solar cells, and not at least, we have a new goal till 2020 to replace refrigerant in our cooling systems to more environmental-neutral gases, and this work continues.

A catalog of our value and properties in our four cities, and Q1 '26: 38% of the value is in Malmö, 23% in Helsingborg, 17% in Lund, and 22% in Copenhagen. Commuting across the Öresund Strait continues to increase, and the entire region benefits from the fact that Sweden and Denmark complement each other's economic cycles.

The increased focus on defense and resilience also contributes to investments in the region, not only correlated to industries such as Saab and MilDef, but also due to the fact that 90% of the imported food to Sweden passes through our region. That means that Sweden depends on the infrastructure in the region, and harbors, highways, railways, and, of course, the Öresund Bridge must be in good condition and well protected.

The region as such benefits from that, also in a long-term perspective. During the first quarter, we have acquired 10,300 square meters office and retail in Caroline Hus in Carlsberg Byen, property value of 370 million Danish kroner, and location that is attractive both for living and working; a high density close to the city center, interesting mix of older, refurbished building and new-built, and as we see it, potential for growth rent in the area.

Time for financials. Over to you, Arvid.

Thank you very much, Ulrika, and good morning, everyone. If we look at the income statement for the quarter, Ulrika has touched upon the figures already, but I would like to highlight that the rental income of 1 billion 150 million is actually a record for the fourth quarter in a row when it comes to rental income in an individual quarter, up 10% versus the same quarter 2025.

As we write in the report, we had a positive one-off effect of 15 million coming from a terminated lease in the Danish portfolio which was settled with a so-called termination fee, but nevertheless, we had a good growth of 10% of the rental income. The operating surplus amounted to 800 million, up 9%, and that is despite, as you can imagine, having higher costs for snow removal and for heating during Q1.

For those of you living in Sweden, you know that the winter was colder and longer than most winters, not least so here in southern Sweden. Income from property management amounted to 520 million, which is up 12% versus the same quarter previous year.

Value changes in the property portfolio were basically flat, +19 million, no big changes at all. The underlying assumptions, as Ulrika mentioned, was also basically the same as at year-end.

We had positive value changes in our interest rate derivatives portfolio, +191 million, and in total a profit for the period of 548 million. On the next slide, looking at the balance sheet, investment properties versus 12 months previously went up by 6.5 billion Swedish kronor and stood at 65.6 billion in total.

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Equity, end of March, stood at 24.9 billion Swedish kronor, up 1.4 billion versus 12 months previously. Then we've, of course, during that period, paid almost 1 billion Swedish kronor in dividends.

The borrowings stood at 34.2 billion, up 5 billion versus 12 months previously. As you remember, we have made acquisitions of approximately 3 billion during that period, and also we've had a high investment level in our project portfolio.

Moving to the next slide, looking at our key numbers, the equity-assets ratio now stands at 36.8%. The LTV has gone up slightly to 52.1%, and the interest coverage ratio continues to be at a strong level at 2.9 times.

Looking at per-share numbers, the EPRA NRV stands at 101.14 kronor per share, which, adjusted for paid dividend, is up 10% versus 12 months previously. Looking at the next slide, the long-term development of EPRA NRV is visible in this graph, and the average annual growth still stands at 15%, adjusted for dividend, a strong long-term growth trend in EPRA NRV.

On the next slide, you see the long-term trend for the other financial ratios that we continuously monitor. On the left-hand side, you see the interest coverage ratio, and as you remember, it was on extremely high levels during the zero-interest-rate period, 2019, 2020, 2021, but the 2.9 times level where we are currently is well above the goal that we have of a minimum of 2.0 times.

On the right-hand side, you can see the equity-assets ratio well above our threshold of 30%, stands at 36.8% currently, and the loan-to-value is well below our limit of 60% at 52.1%. On the next slide, you can see our net debt in relation to EBITDA.

Also there, we have a long-term stable development. This ratio now stands at 10.5 times, and we think it's a very relevant number since it reflects the cash flow that we actually generate in our core business.

On the next slide, you can see our sources of funding as of end March: half of our funding comes from bilateral bank agreements with Nordic banks, 16% from the bond market, 34% from the Danish real mortgage system. The bond market is, of course, more sensitive to the geopolitical developments than the bank market is, but I would still claim that the bond market works in a quite okay way, also over the past month or so.

The beginning of the year, the bond market was actually quite strong, and we issued some new bonds end January, beginning February, on attractive levels, I would claim. Our ongoing discussions with our banking relationships tells us that the banks are continuously willing to lend money, a positive sentiment from that front.

The Danish real mortgage system, I would claim, has a stable, positive development as always. On the next slide, you can see the structure of our loan portfolio with lots of details.

The average interest rate that we're paying currently is 3.21%, 3.24% if you include the cost of committed credit agreements. This means that our marginal cost of debt is actually pretty close to the average cost of that debt that we're paying currently.

On the next slide, you can see the development of the fixed-interest period, which now stands at 2.6 years, and the average loan maturity, which stands at 4.8 years. No drama in the development of these numbers, and we continue to work according to our financial risk management policy.

On the next slide, you can see the development since 2019 of available funds, currently 2.6 billion Swedish kronor, which gives us day-to-day flexibility to manage our operations in a good way. With that, I hand the word back to you, Ulrika.

Thank you. I'll give you an update on our investments and progress and a quick overview of our largest projects.

During Q1, we have invested 562 million, and it remains 1 billion 738 million to invest in approved projects. We continue to expect yield on cost at 6% or a bit over 6% for new-build offices, and 7% or a bit above for industrial, and a good mix of refurbishments and new-build in the portfolio.

Let's start with projects soon to be completed. In Malmö and Hyllie, we continue with Bläckhornet 1, Vista, an 884 million investment.

The mobility hub was completed end '24, and now the first tenants are in place. One new lease signed in Q1, but we work hard for the next ones.

Yield on cost 6.2% and approximately 40% pre-let. From 1st of January, the total area and the building are included in Malmö offices, thus classified as project, and during Q2, we will count the project as completed, even if adaptations for tenants will continue, of course.

In Lund, Posthornet Phase 2, a new modern office right beside the central station, will also be completed in Q2, but moving in continues rest of '26, 10,100 square meters, 448 million, yield on cost 6.5%, a very successful project. In the southern part of Lund, we continue the development of Tomaten.

This project is for BPC, will also be completed in Q2 '26, and we invest 79 million, 3,600 square meters, and yield on cost 7%. Next to that, at Syret 1, Nöt have started to move in, and Lund University will move in in Q4.

Well-used land area and long leases, in total 14,500 square meters, investment 260 million, and yield on cost 9.2%. The large project at Amfitriten 1 in Malmö for Malmö University is running well, in accordance with plan, a bit above 20,000 square meters for Malmö University at a 10-year lease, investment 1 billion 130 million, and completion is planned to late Q4 '27.

Discussion is ongoing regarding a possible prolonging of the lease to 20 years, both positive and possible. At Kranen 7 in Malmö, we will invest approximately 136 million in a preschool for the municipality, 2,900 square meters, zoning plan approved, and completion is expected to Q3 '27.

Public Procurement Act for the contractor is still ongoing. At Skrovet 6 in Malmö, we refurbish 11,000 square meters, 50% is pre-let to Cloetta and Media Evolution, with completion starting Q3 '26, investment 149 million for a total technical shift in the building, and a quick change from a quite closed building for Saab, and now open up to being the new entrance to the Dockan area.

Good interest from tenants and several ongoing discussions. A new project in Helsingborg at Musköten 20, where we invest for our tenant MilDef, a combination of refurbishment of an existing vacant building of 2,400 square meters, we have new-build 3,400 square meters, and adding on the existing lease of 4,400 square meters; so in total, 10,200 square meters and 97 million investment, including value of the land, yield on cost 7.2%, and completion in Q3 '27.

A new project started at Sunnanå 12:26, it will be a mix of tenants and a flexible building for smaller industries, logistics. It's a good product where we have very low vacancy in Malmö.

Pre-let 30% to one tenant, investment 87 million, and completion is planned to Q4 '27. That was some of the ongoing projects, and just to touch on future possibilities, just as a reminder that we always look for new opportunities and are ready to start when we think the timing is right.

Here are some office possibilities in Malmö, in the area of Nyhamnen and Dockan, where we continue to work with the zoning plans. High interest for the future, of course, and even if the figures on gross floor area are estimates, the volume are interesting as a part of the other development in the area.

Four other possibilities in Malmö: industrial at Spännbucklan, research and offices at Medeon site, housing at Kranen 5, and offices at Navbåten 3. In Lund, we continue to develop the land at Byssekran in the southern part of Lund.

At Ideon site, we have three project possibilities for offices and laboratories, two of them on these pictures, Ideontorget and Delta 2, and at Västerbro, the work with the zoning plan continues. In Helsingborg and Landskrona, we also have a mix of different possibilities, and the main part is in the logistic and industrial segment.

Just a summary of Q1 again: rental income up 10%, operating surplus +9%, income for property management +12%, negative net letting -35 million, net debt to EBITDA at 10.5 times. We see good access to financing, and we continue to grow this quarter, an acquisition in Carlsberg Byen.

It goes without saying, we continue with our focus on cash earnings and our future growth. With that, we are open for questions.

If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad.

Thank you, and good morning. First question regarding the EU income in Q1 in Denmark: how large was the annual rental income in that contract, and did that already impact the occupancy rate in Q1, or will we see the effect first in Q2?

Let me think if I have that number off the top of my head. It relates to Sortemosevej, where ATP have left the building, it is vacant currently.

I don't have the annual rental income off the top of my head. The way it works in the Danish market is that when a tenant terminates a lease, they're obliged to restore the premises to the shape that the premises were when they moved in, which basically means that when a tenant leaves, you end up in a negotiating position to see how much should they actually pay to restore the premises to the original shape.

It's that type of payment that these 15 million Swedish kronor relates to in this quarter.

I understand. Thank you.

Also regarding the general occupancy rate, I think you previously have said that you expect some improvement during this year, and you write in the report that 14% of the vacancy is already pre-leased. Does that indicate that we should expect roughly 1 percentage point increase in occupancy rate during the remainder of the year, or will it take longer time to see that positive effect?

You should not expect that. It's too early to say that because we also have terminations, of course.

What I see now is that we will be quite flat until Q2, and then it depends on what will happen with project completions and terminations ahead. I definitely see, as we have also give some notice before, that the rental income continues to increase.

Yeah. Thank you.

Regarding your interest expenses, how much do you capitalize related to project, and should we expect a significant increase in coming quarters as you expect lots of projects both in the first quarter and in the second quarter?

9 million Swedish kronor were capitalized in interest in the first quarter this year. Given that the project volume was very high during 2025, and it will still be reasonably high in 2026, but probably not as high, I wouldn't expect that number to go up.

Thank you. A final question: I think you have swap contract of 1.25 billion with very low interest rates that matures during this year.

Is that one contract in one single quarter, or will it be a gradual effect in...? No,

it's spread out over Q2, Q3, Q4. It's not one contract.

Okay. Perfect.

Thank you very much for taking my questions.

Thank you.

Thank you.

Good morning. I'm looking at that net letting chart, page 7, looking at the termination volumes, which is, as I think you pointed out, quite similar to the past few quarters.

It's more an issue of, I guess, the amount of leases signed during the quarters that haven't been high enough to get a positive figure. Just on the termination figures, can you mention are there any individual contracts of size that you can mention in, and if so, in that case, where geographically?

We have two leases with PostNord, one in Sweden of 2.5 million and one in Denmark, I think the Denmark was 7 million or something...

6-7 million

Swedish kronor. 4 million in Denmark.

In total, 6-7. We have Ahlsell here in Malmö with -7 million, and then just a few on -2 million.

Nothing really large or something like that. What we see is that the large portion of these smaller leases that always is a great motor in the business during Q1, everybody was very worried about what will happen, and we really saw that in the discussion, we missed that volume in the new leases.

On the termination side, Ulrika also mentioned it during the presentation, but we had tenant bankruptcies, a few different, not one big one, but those bankruptcies have an annual rental value affecting the net lettings of between 7 and 8 million Swedish kronor in the quarter. That does not mean that we have credit losses of that amount, but in the net letting figure, it affects the numbers negatively.

One more question. You mentioned here earlier on the call, I think something along the line that after what happened in the Middle East, lease discussions ongoing were prolonged or delayed.

Have you had cases where the discussions have actually been terminated without having a signed contract related to what's happened geopolitically?

No. As I mentioned, I think that the list of ongoing discussion have increased significantly since February, March, April and ahead looks quite decent, I would say.

Okay. Thank you.

Thank you very much. Good morning.

I have three questions, if I may. First one is a follow-up to one of the earlier questions about the nonrecurring item in Denmark.

The way I understand the answer, Arvid, was that they moved out in Q1, but is this a large, material lease in terms of annual rent? If so, did they contribute fully throughout Q1 and then moved out in late March?

I'm just trying to...

They moved out earlier, I think in Q4 or something, this was just a negotiation about the termination fee that were decided during Q1.

Very good. Very clear.

Perfect. A second answer also, I think, pretty straightforward.

Arvid, you talked about the bond market and banking relationships and that they were still sort of eager to lend, etc. Have you seen any moves in terms of margins with bank discussions during this call it two months of geopolitical uncertainty and the general uncertainty in the market?

We haven't had any refinancings or new financings, we don't have any, to speak, hard evidence of the prices. My take is that the bank margins during March, April have basically been stable.

I have not gotten the impression that they have moved much over the past couple of months.

Very good. Very good.

Thank you. Then last question on the project completions that you talked a little bit during the presentation, Ulrika.

Bläckhornet and Posthornet now completed in Q2, but the way I understand it, at least Bläckhornet probably some move-ins already in Q1, and then some Q2, and then maybe Q3. How should we think about sort of the contribution in Q1, Q2?

Will the tenants start paying in Q2 or later, and did they contribute anything to Q1 at all?

Yes, we had contribution during Q1, and we will see contribution during the autumn as well, but in slower pace, no large, significant moment where things suddenly will contribute in a more smooth, I would say.

Okay. Okay.

And... And...

Is it similar for Posthornet, or is that more binary?

Posthornet has the largest contribution during Q2, but also during the autumn continue.

A little bit in Q2, and then fully, or 70% at least, given the occupancy rate from Q3 and onwards?

We have some thing signed for moving in in Q4 as well in Posthornet, but most of it now in Q2.

Thank you. That's all for me.

Good morning. I had a question on the EPRA CapEx table on page 25 of the report.

I noticed that tenant incentives have increased quite significantly, by almost 100 million SEK versus the first quarter last year. Also on the annualized basis, was higher than full year '25.

Is this going to be the run rate going forward for the whole of '26, or is this just due to some one-off items?

To be open and frank with you, James, predicting the split of CapEx into these different categories is not extremely easy. The tenant adaptations, or what EPRA calls tenant incentives, will continue to be an important part of our CapEx, because into that category falls a number of measures when we adapt premises to new tenants.

That will continue to be an important part of our ongoing business. Predicting the magnitude of these different parts of our CapEx is still tricky.

Thank you.

Are there any written questions?

I have seen nothing arriving digitally. Okay.

Thank you for this. Of course, if you have further questions, just reach out to us, and we'll answer.

Thank you for today.

Yep. Thank you, everyone, for listening in.