Neobo Fastigheter AB (publ) (NEOBO) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Neobo Q1 Report 2025. 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 CEO Ilva Sarbi-Westman. Please go ahead. Thank you very much. Good morning, everyone, and welcome to the presentation of NioBo's interim report, January to March 2025. My name is Ylva Saarby-Vestman, and I'm joined here today by our CFO, Maria Stanberg. Despite a turbulent global environment, we have remained focused on our core business, creating attractive, sustainable living environments where people can thrive and feel secure. And we have had a strong start to the year and operations continue to perform well. Rental income in the Like4Like portfolio increased by 4.3%, driven by rent adjustments and lower vacancies. We continue to create value through active asset management, resulting in a 19% increase in net operating income in the Like4Like portfolio. Profit from property management more than doubled, despite the divestment of seven properties in the previous year. For the first time since Neobu was founded, we are reporting positive unrealized value changes in the property portfolio as a result of stabilized yields and increased net operating income. The property portfolio now has a value of 13.8 billion with 8,300 apartments and residential properties account for 95% of the total property value. The rental value is steadily increasing and this year's lease negotiations have now been fully completed, resulting in an average uplift of 4.8%. Slightly more than half of the agreed rent increases took full effect in January, with the remainder taking effect in April. We continue...