Fastighets AB Balder (publ) (BALD_B) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to this, conference call for BALDEX q two twenty twenty six results. With me in the room, I have, Sharon and Eva, our CEO and CFO, who will take you through some slides initially, and then we will open up for questions. Thanks, Jonas. Yes. Most of you have seen this picture before, but I think it's good to show it again. Our portfolio is roughly half residential and half commercial. We have a portfolio value of $241,000,000,000 and occupancy rate of 95 and net debt of 50. We have a good liquidity of 23,000,000,000 SEK. NAV per share stands now at 94.3 SEK, and that's a growth comparing rate of 24 since the start of Balder. Our credit rating from S and P remains at BBB with stable outlook. If you look at the figures for the second quarter, rental income is up 5%. Profit from property management is down 10%. But if you adjust the comparative figures for the effect of distribution of Neurion, we instead have an increase of 3%. Our funding cost increased from last year, but at a lower pace than our portfolio has grown. We have also a bit higher central admin expenses, and that is partly because of a slightly higher activity in new development and partly because of because we are investing a bit in digitalization and making our central functions more streamlined. The effect should be that we can scale the business more efficiently in the coming years. And on the income side, we also need to work even harder with our occupancy. We have an amazing team, and they always do well even in the challenging market conditions. In current earning capacity, we see an increase of 10% adjusted for Neurion's contribution in the comparative figures, which means that we see an underlying healthy growth. Like for like rental growth, 1.2%, and NAV per sha...