Fastighets AB Balder (publ) (BALD_B) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Welcome to this presentation for BALDERS first quarter results 2026. My name is Jonas Eriksson, investor relations. And with me in the room, I have Erik Selin, CEO and Eva Wassberg, CFO. So I'll hand over to Erik and Eva for some opening slides, and then we'll open for questions after that. Thanks, Jonas. Looking at Balder at a glance, the overall picture, you can see that it's a Nordic real estate exposure. Roughly half is residential and half is commercial. By this quarter, we had a portfolio value of SEK $237,000,000,000, occupancy rate 95%, Net debt, 49%. The portfolio value of SEK $237,000,000,000. Occupancy rate, 95%. Net debt, 49%. We have good liquidity of 22,000,000,000. NAV per share stands now at 96.6, and that's a growth compounding rate of 25% since inception. And also worth to mention, we have a rating from S and P BBB flat, and that was recently confirmed, that was in April. Moving on to the first quarter, rental income is up only 1%. That is quite a low figure, we think. We have some explanations for that. And we have a currency effect that is a headwind for us because of the Swedish krona strengthening. So there you have a couple of percent if you have constant currency. And also in the NOI increasing 1%, you have the same effect and also that it was colder climate than normally this quarter. So adjusted for that, I think we will be rather 5%, 6% improvement. Profit from property management is down 12%. And there you have the explanation in the name of Norion that we will most likely decide to distribute later today in the AGM. So if you adjust for that, the Norwegian shares will be as a dividend for all the shareholders. So adjusted for that, we have a 3% increase as is. And of course, if you wouldn't have the currency headwi...