Fabege AB (publ) (FABG) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the FOBI GQ2 2025 report presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers. CEO Stephan Dalbo and CFO Asa Bergstrom, please go ahead. Good morning and welcome to our presentation for the first half of 2025, including the second quarter, of course. With me here in the room, I have CFO Åsa Bergström and also Peter Kengert, IR. And as usual, we will end with a Q&A session. Next slide, please. Our strategy will focus on Stockholm. is of course still there. We believe at Stockholm, we believe on offices. I know we come back to that later in the presentation also why. So please also let us talk about the figures first. Thanks, Stefan. Yes, rental income for the first half year amounted to 1.7 billion, just below the same period last year. On a like-for-like basis, income decreased by 53 million, equivalent to minus 3.3%, which mainly related to relocation due to the previous year's negative net lettings. Occupations in completed projects were offset by reduced income related to divested properties net plus 40 million. Net operating income decreased to 1.233 billion. Property expenses include a non-recurring item of 7 million, other deviations mainly related to high maintenance costs and property tax, and the surplus ratio thus amounted to 72%. During the second quarter, the first phase was completed in the housing project in Haga Norra with the completion of 23 apartments. This meant that Bebostad reported sales of 128 million and the gross profit of 23 million. Central administration costs amounted to minus 59 million. Net intere...