Atrium Ljungberg AB (publ) (ATRLJ_B) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to this report presentation for the second quarter of 2025 by real estate company Atrium Ljungberg. Presenters are CEO Annika Ånäs and CFO Anna Jeppsson. And by that, please welcome Annika Ånäs, CEO, go ahead with your presentation. Thank you very much. The headline for this report is increased net operating income in the comparable portfolio, a sign of strength. I would like to begin by summarizing the main content of this report. Overall, it is a quarter in line with our own expectations, and I think it's a strong report considering the market conditions. Our net letting amounted to negative 9 million in the second quarter, but the first half of the year, positive 14 million. I will come back to this in more detail later. Our net operating income, like for like, increased by 1% in the quarter and 2% during the first half of the year. A good number in the current market condition. Profit from property management decreased by 13%. The biggest effects are that we last year sold properties to strengthen our balance sheet and that our interest costs have increased. We see unchanged yields in the market and we have invested 1.4 billion during the first half of the year and the property value adds up to 60 billion in the end of the quarter. We have ongoing projects with an investment of 9.6 billion of which 5.6 billion remains to be invested. Our focus is primarily Stockholm with 80% of the property value. If we look at the portfolio composition, it consists of 65% of the value of offices and 20% retail. Vacancy was stable 9% from last quarter and our LTV was 42%. Economic and geopolitical uncertainty continues to impact companies' willingness to invest and their ability to plan. While there are no clear signs of an economic turnaround, there is increased activity...