Stendörren Fastigheter AB (publ) (STEF_B) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you very much. And before we go into the bookkeeping communication, I just wanted to remind you a little bit about what kind of company we are. We are a real estate company operating within the logistics industry, located in major regions, especially Mälardalen, almost a third of Stockholm, but also Oslo, Köpenhamn and Helsingfors. In a growth macro, but preferably an urban micro situation, or at least situations that benefit from urbanization. It is important that this approach to these situations has a good rental growth, and it is one of our growth generators in the company, namely rental growth. We see it in the right corner, where we show growth during the last three years. We have had a nice development in administrative results per share at 16% in recent years. So it is important that this approach in these geographical locations gives growth. We have another growth factor in the company. Our building rights portfolio, which is large at about 630,000 square meters compared to the available area at about 900,000 square meters. We take our building rights portfolio into account in our projects, so it's another growth generator in the company. Then we have acquisitions, of course, which also generate growth. Vi har nu uppnått en fastighetsportfölj på 16 miljarder ungefär, till en hög direktavkastning på 6,4% med långa avtal. Det ger en väldigt fin stabilitet, den höga avkastningen, de långa avtalen, med en balanserad, i vår värld, eller i vår uppfattning, belåningsgrad på 53%. Before we talk about what we have done this year and this quarter, I would like to talk a little bit about the market. We have had a weak economy and a weak market for almost the whole of 2025. It is possible that during Q4 there have been much more positive macro signals and then I'm...