Market conditions are essentially unchanged. Vacancies remain high and demand is clearly polarised based on location and quality.

For Vasakronan, this means maintaining customer focus and being highly active. The new lettings volume amounts to SEK 390 million to date this year and is concentrated in the most central areas of Stockholm.

This type of green bond clearly showcases the strong sustainability performance of our operations and demonstrates that we have good control over energy consumption across our portfolio. Our very high share of assets that meet the EU Taxonomy requirements reduces risk in our borrowing and enables us to reach new investors and broaden our investor base.

We report a stable first quarter and a year-on-year increase in rental revenue in the total property portfolio. Since the start of the year we have signed leases for a total of SEK 218 million and we continue to focus on our customers and on lettings,

In April, Moody’s affirmed Vasakronan’s strong credit rating of A3 with a stable outlook. Overall, I consider us well positioned to continue creating value, even in uncertain times, when we can’t be assured of a rapid economic recovery.

While 2025 has been an intense year with many customer dialogues, our operating activities have delivered stable earnings. This clearly showcases the robustness of Vasakronan’s business model, our cost discipline and ability to prioritise correctly.

Our entire focus is now on increasing lettings, both by attracting new customers and by strengthening relationships with our existing customers.

Demand for offices has increased after the summer and net lettings for the quarter were positive. It is too early to tell if this represents a turning point in the market and the company’s primary focus remains on increasing the occupancy rate.

Financially we remain strong and posted improved income from property management for the quarter. Our strong balance sheet and good access to capital in the banking and capital markets mean that we have all the conditions in place to continue to develop our operations, to seize opportunities that arise and to create value,

We posted a positive change in income from property management in a challenging lettings market, thereby confirming our strength and stability,

Financially, we remain strong. The interest coverage ratio improved to a multiple of 3.7 and the loan-to-value ratio amounted to 40%. Our strong balance sheet means we have the capacity to act on opportunities that arise. For example, the acquisition of Solna United in Arenastaden and the project start for Hjärta in Södra city in Uppsala.

Our key metrics for the quarter were robust and in line with expectations. The office market is still challenging, but stable trends were posted for operating surplus and income from property management when items affecting comparability are excluded,

Access to financing is good and we continue to borrow on favourable terms. It is natural during uncertain times for investors to become more cautious and selective in their investments. This benefits a stable company like Vasakronan and bond investors continue to demonstrate strong interest in us.

In the quarter our Grev Tureplan property was rewarded two awards, the Building of the Year 2025 award and the 2025 Health & Safety award from Håll Nollan. To carry through a project like this in central Stockholm is challenging, and I therefore feel immense pride that the work the team has done is being recognized.

We are delivering stable income from property management and a higher operating surplus despite a challenging economy,

The year was characterised by high activity with many customer dialogues – companies who are looking for new premises have a lot to choose from. Many of them are inclined to optimise floorspace in favour of higher quality and efficiency as well as better locations. This benefits Vasakronan and helps us maintain a high rate of new lettings, which amounted to SEK half a billion for the period.

Rental revenue continued to increase over the quarter and we continue to report strong income from property management

Activity in the quarter was characterised by a large number of customer dialogues and renegotiations as well as by a high volume of new lettings. At the same time, the lettings market is discerning and we know that many tenants are reviewing their needs in terms of premises, as well as streamlining their floorspace, which is visible in our net lettings. While my assessment is that this trend will continue for several quarters going forward, I remain confident in our position. The combination of our financial strength together with our locations and the strength of our offering means that we have good preconditions to continue generating high returns

Despite a more challenging lettings market, our revenue increased and we reported improved income from property management compared with the year-earlier period

We completed the quarter’s largest transaction together with Nasdaq, who are leasing a total of 8,300 square metres at Klara Zenit in Stockholm. Nasdaq is an excellent example of the trend we’re noting in the market, namely that location has always been important, but today it is a central factor. People also want high-quality premises in a larger context, ideally in city centre locations. This is favourable to a company such as Vasakronan

Our underlying operations continue to deliver stable figures and our income from property management grew 8%. Demand for high-quality premises in prime locations remains strong. This favours a company such as Vasakronan and was confirmed by the key metrics for the past year, in which we have once again reported strong trends both for rental revenue and for the operating surplus.

Despite a turbulent market, we continue to increase our cash flow and posted a positive performance in income from property management. This was due to increased rental revenue in combination with relatively stable net interest. Moreover, we have a correctly positioned property portfolio. There is considerable demand for environmentally certified properties with top-notch premises located close to public transport links and demand is highest in our city centre locations.

We reported strong income from property management for the first half of the year. Activity has increased in the lettings market but demand for high-quality products in our locations remains strong. My understanding is that we have never before seen such a large difference in willingness to pay when it comes the difference in quality not only of premises but also locations. The macroeconomic signals are difficult to interpret, but it is clear that we are heading towards more uncertainty in the market. Nonetheless, I remain confident, given the high quality of our properties and their prime locations as well as our strong financial position.

We reported increased income from property management for the first quarter of the year. There is a great deal of activity in the market but demand for high-quality products in our locations remains strong. The greatest pressure remains on the best premises in Central Stockholm. The macroeconomic signals are difficult to interpret, but it is clear that we are heading towards more uncertainty in the market. Nonetheless, I remain confident. We have excellent properties in prime locations and strong financial metrics. Moody’s also confirmed this and we have retained our high rating of A3, stable outlook.

We are reporting stable results for the underlying operations. The uncertain market conditions have resulted in a decline in property values during the second half of the year. At the same time, we have managed to maintain a high letting rate and to bring several large projects into property management during the year, which has positively impacted cash flow. This, combined with the fact that we have properties in in-demand locations, strong finances and dedicated employees, means that we are well-positioned even in a more challenging market.

The GRESB outcome is fantastic proof of the quality of our work. We have worked systematically with sustainability topics for a long time and our employees are incredibly committed to the issue. This drives development and means that we are always raising our ambitions. Digitalisation has facilitated following up on and reporting quality-assured sustainability data at property level across the entire portfolio. We can also see that our efforts to achieve an even higher level of circularity and reduced climate impact in our projects contributed to our top ranking in project development.

There is a rising interest in social issues such as safety, security and the working environment as well as conditions in the supplier chain, issues easily overlooked in the built environment sector. There is substantial work to be done here, so it is gratifying to see that these issues are also being pushed.

We posted a strong performance for the first six months. Operationally, we focus strongly on what we are actually able to affect – our projects and our offering. Active management and close dialogues with our customers enable us to continue to increase earnings. We are maintaining a high rate for new lettings and our net lettings for the first half of the year were SEK 187 million. Demand is clearly greatest for the best products in the most central parts of Stockholm.