Wallenstam delårsrapport 2, 2025

WALLENSTAM INTERIM REPORT 1 JAN – 30 JUN 2025. Welcome to this presentation of Wallenstam's first six months of 2025. We're on location at Kallebäcks Terrasser, our biggest urban development project, where we've now completed this property, which includes the main square in Kallebäck. We have a lovely big square which will be buzzing with people and restaurants. It will be a central part of Kallebäcks Terrasser. We have a tradition at Wallenstam where each time we complete a new construction, one of our colleagues will be patron of that construction. We go by years of employment and for this property, the patron will be Susann.

The design in particular makes the building and this block a focal point of Kallebäcks Terrasser. But all the blocks are very nice. A lot has happened during the quarter. We've started construction of another block just around the corner. It's block one of Kallebäcks Terrasser and we have two more blocks to start. We've also started a central construction at Sten Sturegatan, where we have three properties. We've done the first one and we're now starting the second renovation and adding apartments to Gothenburg city centre which desperately needs more residential properties. Gothenburg has the lowest percentage of residential properties in its city centre. And speaking of central locations, we have a very central property in Stockholm, namely the Sergel's scraper at Sergels Torg square. We've worked a lot on it over the past six months. And we've now been granted building permit for the façade renovations. The façade will be copper-coloured and we're just waiting for it to become legally binding which takes a few weeks. Then we can start the actual renovation of the façade. Let's now move upstairs in the building to find out more about the results for the first six months of the year.

I feel that location, location, location… I say that every time, but in these unsettled times it's more important than ever and in actual terms it means that we have no empty apartments. All our new constructions get fully let because we build in attractive locations. Commercially we're seeing strong demand. But we have to understand that our customers take a bit longer to decide. It's a big decision for them moving to new premises or extending their contracts but that side also feels stable. The things we can influence ourselves, I think we're managing very well. If we look at income from property management and include our biggest expense which is interest expenses, we can see that it's coming down. We've been working a lot with interest in the first six months of this year and the end of last year. It feels like we've been doing well in that respect and we've hedged interest rates at very good levels and we can see that interest expenses have come down. STIBOR has also come down which helps and that will probably continue through the autumn. So in terms of interest rates, things feel reassuring and we've done very well with the things we are able to influence. Our business is delivering value and we are doing things well, but even so, looking at profit after tax this quarter, Q2, we see a negative result, not a big one though.