Fastighets AB Balder (publ) (BALD_B) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Welcome to Balder's call for the first quarter of 2025. We'll have some introductory remarks from Erik and Eva, and then open up for questions. And with that, I'll leave the word to Erik Selin, CEO of Balder. Thank you, Jonas, and good morning, everyone. Balder is a real estate company with the Nordic exposure. We are one of the largest and most diversified real estate companies in the Nordic region. We've been active for 20 years, more or less now, and we have a mixed portfolio with residentials and commercial property, roughly half of each. We manage our assets ourselves. That is one of our fundamentals. Even normally we buy and hold, but we can also develop and build and hold, and obviously also build and sell. And we have had an average NAV growth of 26% per year since inception 20 years ago. We have a S&P rating, BBB flat, and net debt to asset of 49%. So that's a baller at the glance looking at the first quarter rental income increased 9% and the NOI net operating income increased 10%. If we then look at the profit per share, you can see an increase of 7% and the missing piece is that we issued some shares during the year. So that's the difference from 10 to 7. Looking at earnings capacity, which will be next slide, it's now at 538. So that's 8% better than this quarter last year. Net debt to asset, as I said, 49%. And like for like rental growth on average in the whole company, 2.9%. And NAV stands at 89.55 right now. Earnings capacity is a slide that we show every quarter and it's just more or less the figures on that particular date so it's not a forecast but it gives you a big picture of the overall figures in the company. And if you compare now year end to quarter one you can see a small decrease in rental income and further down al...