Fastighets AB Balder (publ) (BALD_B) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Welcome to Baldur's conference call for the second quarter 2025. Today will be Eric Schelin, CEO, presenting and myself, Jonas Eriksson, Head of Investor Relations. And I'll hand the word to Eric to show us a few slides and then we will open up for questions. Thank you, Jonas. Balder at a glance. We are a Nordic property company to 226 billion of portfolio value. So it will be flat rating. We have 95% occupancy and NAV per share right now is at 91.2 kronor. and that is an interesting figure and from the beginning 20 years ago we have managed to compound at an annual rate of 25%. The portfolio is a bit over 50% resi and slightly below 50% commercial and the commercial is very diversified. Looking at the Q2 figures we have a rental income increase of 7% and the NOI increase of 9% and profit from property management 6% better than Q2 last year. Maybe more interesting is to look at the earnings capacity that is now 10% better than one year ago per share. So hopefully we are on the way to a bit stronger increase in the earnings trend. And like for like rental growth on the whole company is 2.9 percent. Looking at current earnings capacity, it is up 200 million from the last quarter. And you can see two components. We have a slightly higher NOI and we have slightly lower net financial cost. And financial cost is, of course, a bit lower interest rates from the central banks that will have an effect on us. And you can see at the bottom of this slide earnings per share that is now 555 and actually the best figure we had so far. As I said previously, the very diversified portfolio. If you look at geography, it's dominated by the largest cities in the Nordics, Helsinki, Stockholm, Gothenburg and Copenhagen. And if you look at property types, Resi 53% and...