Welcome to the Cibus Q4 2025 Report Presentation. For the first part of the presentation, participants will be in listen-only mode. During the question- and- answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. If you are listening to the presentation via webcast, you can ask written questions using the form below. Now, I will hand the conference over to CEO Stina Lindh Hök, and CFO Pia-Lena Olofsson. Please go ahead. Hello, and welcome to Cibus Q4 presentation. My name is Stina Lindh Hök, CEO of Cibus, and with me, I have Pia-Lena Olofsson, CFO. To start with here, I just want to say that I'm glad that I have got the opportunity to continue to develop Cibus further. I have followed Cibus for several years, and I've been on the board for the past year, and I do believe that the company has a very interesting business idea, and also is in a very exciting phase. For those who don't know me, I have most recently been CEO of Nyfosa Fastigheter, listed on Large Cap. During my time at Nyfosa, we had a strong focus on growth and constantly building stronger cash flows. During the time I was there, we grew from EUR 15 million -EUR 40 million, with focus on increasing cash flow per share. Cibus has a unique business concept, converting food into yield, which means that the company mainly focuses on grocery properties and are the sole listed daily goods real estate company in the Nordics. The aim is to create stable cash flows and monthly dividend to our shareholders. The company has been listed since 2018 and has grown from owning food properties only in Finland, to having operations now in seven countries: Sweden, Norway, Finland, Denmark, and the three Benelux countries. This platform is a good start to continue growth in existing markets, and we will also look into new markets in Europe, and my ambition is to continue this growth journey. In Q4, we see increasing income and operating income for 2025, but what I like to highlight is the profit from property management. That has increased to EUR 0.25 per share, an increase of 25% compared to 2024. Another thing to point out is that we have a positive unrealized value change of EUR 7 million, with an unchanged yield of 6.4%. Pia-Lena will continue to go through the result more in detail. Some key facts, as I said, strengthened profit from property management, increased by 25% compared to Q4 2024. That improved profit from property management is partly a result of lower interest rate and better margins in the credit market, but primarily a result of the earnings, accretive transaction that have been made over the year. So it's basically that the work from the team over the last year is now shown in the results. During the fourth quarter, we also bought 36 properties, acquired in Sweden, Finland, Denmark, and Belgium, at a value of EUR 136.2 million. And I will give you some more flavor on that later on. We also had an increased earning capacity, increased up to EUR 1.8 per share, and the step into Benelux, that has been a significant part of that growth, but also the acquisitions in our existing market have been and are important part of the work and to grow, earning capacity. Increased local presence. Cibus have properties in seven countries now, as I said, and we continue to grow. We also would like to build up new, build up new offices in each market. We are kind of replacing consultants step by step. During this year, the office in Denmark opened, and we have now our own employees in all markets except Norway. I believe with presence, we can become even more proactive in helping our tenants, and we can get closer to the market, and when you get closer to the market, more opportunities also arise. Worth mentioning is also the bond issue. We continue to see a strong credit market, which has also been demonstrated after the quarter by Cibus, by Cibus, both refinancing and issuing new bonds, totally of EUR 85 million. The margin was 2.1%, and actually, the lowest Cibus has received so far on our four-year bond. Finally, the board proposes an unchanged dividend of 0.9 per share with a monthly dividend as before. This means that we continue to distribute a high part of our cash flow, but also keep some money for the future investment. Last year at this time, or in Q3 2024, Cibus had a portfolio of 483 properties. Today, the number is 672, with a value of EUR 2.6 billion. And here you also see on the slide that Cibus tenants mainly consist of well-known and established grocery players in our different countries. Stable cash flow is the key for our strategy. Even though the portfolio has grown during the year, still, 81% of our rental income comes from daily good tenants, and still, 95% of the properties are anchored by grocery tenants. Furthermore, 99% of the leases are CPI linked, and the average contract length has increased to six years in Q4. More than 90% have net or triple net leases. Also worth mentioning is that the average property is 2,100 square meters, which means that the exposure to each property or each store is relatively small. Also, in addition to protect cash flow, we also have a hedging ratio of 98%. Earnings capacity increased, as I said, up to EUR [1.08] per share, and the aim is to continue accretive growth. It's about constantly trying to find opportunities, and we will continue to work close to the market and search for right deals. This is how we will, we will and shall continue to grow in form of increased earnings per share, but also in form of increased profit from property management per share over time. We've seen activity in the leasing work over the year, and grocery tenants rarely move, but there is always some ongoing new and relocation work, and in 2025, 20 leases were signed for a value of EUR 3.3 million. There are always also a number of ongoing projects linked to reconstruction, conversion of premises, or energy savings, and normally, we also sign new agreements in connection with this project. The lease length has increased to six years, and the occupancy rate was 95.7% in Q4. You also see here just an example of this, where we proactively replaced K- Supermarket with a Tokmanni in Oulu, Finland, and at the same time, increased the length lease with eight years. And just some information about the new acquisition that we made since my start. We have acquired 11 properties through five transactions in four of our existing markets, Sweden, Finland, Denmark, and Belgium, and each of those deals has been funded with contacts in each country. So that also shows the importance of being present. As you also see here, there are some nice add-on properties on the portfolio. We have ICA in Sweden and Axfood in Sweden. We have Netto in Denmark and, Jumbo and Delhaize in Belgium. And we also include a new construction with Tokmanni. And all these properties has double net lease structure, and the average contract length is 11.6 years, and this is actually an example of how I hope, and I believe that we can continue with transactions going forward. Use our existing platform to find the right opportunities. Okay, over to you, Pia-Lena. Thank you. So let's start off with some key events during the fourth quarter. We made two taps on bond loan 108 at a margin of 210 basis points for our 3.3-year bond, which was the lowest margin to date. Cibus then acquired the remaining shares in the joint venture OnePlus and became the sole owner. At the same time, we established a new 50/50 joint venture with a developer, securing the right of first refusal on Belgian retail projects. And then, as we know, Stina was appointed CEO of Cibus. The 19th of December, we acquired 11 properties, as, as Stina mentioned just now, across four countries. After the period, we have refinanced bond loan 105 at a lower margin of 210 basis points from 400 basis points, and at a longer maturity of four years. The nomination committee has proposed that Louise Richnau and Stefan Dahlbo becomes new board members at Cibus. All other board members are proposed to be re-elected, except Nils Styf, who has declined. Looking at the P&L in more detail, the net operating income amounted to EUR 41.7 million. Administration costs include a non-recurring agreed remuneration to the former CEO of EUR -0.8 million. Exchange rate changes amounted to EUR -0.4 million. So profit from property management, excluding non-recurring items and exchange rate effects, was EUR 20.5 million. Unrealized changes in value on properties was plus EUR 7 million. During the quarter, all the countries, except Finland, recorded stable or increasing property values. The value uplift was mainly due from completed acquisitions and lower vacancy assumptions. In Finland, values declined due to expectations of longer lease cycles and the low CPI index adjustments, driven by low inflation. Current tax includes a one-off of minus EUR 0.3 million related to exit tax in Belgium, in connection with a merger. Earnings for the quarter was EUR 27.3 million or EUR 0.33 per share. The current earnings capacity shows a net operating income of EUR 167.7 million, an increase of +37% compared to the first of January 2025. This is mainly due to acquisitions, but also CPI index increases. Administration cost increases mainly due to new acquisitions, but also due to continued investments in building Cibus. Profit from property management cash was EUR 88.3 million or 1.08 EUR per share, an increase with +9% compared to a year ago. Looking at the net operating income in a comparable portfolio, the increase in vacancy during the fourth quarter was primarily attributed to a previous communicated property in Lahti, Finland, where Kesko has vacated. Leasing activity is high, as Stina mentioned, with more than 50 new retail leases signed during 2025, of which EUR 1.9 million will commence after the first of January 2026, and is not yet included in the like for like. Index increases was EUR +1.2 million. We have low inflation and thus, low CPI index increases, especially in Finland. Like-for-like, NOI decreased -2.1% to EUR 119.6 million. The NOI grew +39% due to acquisitions, so the earnings capacity strengthened significantly, with total NOI up +37% to EUR 167.7 million. Cibus segments are countries. Finland remains our largest market, accounting for 48% of NOI, although it's lower than the 68% reported in Q4 last year. Belgium is now the next largest market, with 16% of NOI, followed by Denmark with 14% of NOI. Moving on to the balance sheet. The property value amounted to EUR 2.6 billion. Secured debt totaled EUR 1.3 billion, resulting in a loan-to-value on secured debt of 49.9%. In addition to this, Cibus has unsecured bonds of EUR 275 million. The net loan-to-value was 58.2%. The EPRA NAV was EUR 13 per share, up EUR 1.3 per share since Q4 last year. The WAULT increased to six years at the end of the fourth quarter. Cibus is an active landlord that continuously extend lease agreements with its tenants. The WAULT has been very stable, as you can see in the graph below. Over to funding. Average interest rate was at 4%, down 0.2 percentage points from last year's, supported by low margins on refinanced bank loans and bonds. For the fourth quarter, however, it was an increase of 0.1 percentage points on the average interest rates due to a maturing low-rate interest cap that was replaced with a higher interest rate cap. At the end of the quarter, we have a record low average credit margin of 1.7%, and we have extended our average interest fixing to 2.7 years. We've also been active on the bond side, as I mentioned before, doing two taps on the loan 108, and after the period, refinancing a bond of EUR 50 million with a new EUR 85 million bond at a lower margin, which went from 400 to 210 basis points at the longer maturity. For Cibus, stable cash flows are very important, and 98% of our external loans are hedged. Interest rate sensitivity shows that, reduction on market interest rates have a greater impact on earnings than increased market interest rates, since a large part of Cibus hedges are interest rate caps. An increase of market interest rates with one percentage point would affect earnings by -EUR 0.8 million annually, while a decrease with one percentage point would affect positively with EUR +4.7, 4.5 million annually. Looking at our credit, key credit metrics, the net loan to value, the net LTV was stable at 58.2%. Net debt, EBITDA increased to 10.9 x, reflecting that debt is added on day one, while EBITDA is built over time during an acquisition-intensive period. On a forward-looking basis, the net debt to EBITDA was 10.1 times. The interest coverage ratio strengthened to 2.4 x. For Cibus, as I mentioned before, stable cash flows are essential as they enable us to deliver monthly dividends to our shareholders, something that we have done consistently since September 2020. The board proposes to the annual general meeting an unchanged dividend of EUR 0.90 per share, paid out in 12 installments. The Cibus share is a liquid share, trading at 1.7 x its market cap annually, which is more than 112% above the average liquidity of other large real estate companies listed at Nasdaq Stockholm. During the quarter, Cibus continues its sustainability work by deepening tenant collaboration, expanding green lease clauses, and installing additional solar panels, now on 80 properties. Cibus progresses on climate-related investments, such as roof insulation and ventilation, and is phasing out natural gas in Finnish properties to strengthen long-term portfolio resilience. We've also continued with community-orientated initiatives to support local social sustainability. Over to you, Stina. Okay, the strategy will stay firm. Cibus will continue to invest in food and grocery properties with stable cash flow, and which also means limited exposure to economic cycles. Cibus will continue to grow. We see opportunities in existing markets, and in parallel, we are evaluating new markets in continental Europe. We will continue to work with refinancing and hedging to keep stable cash flow. We will build up offices in all markets. It's with presence, we continue to create business, both with our tenants and also transactions in the market. We should focus on property management per share, profitable growth with accretive transactions, which will increase both earning capacity per share, but also, in longer perspective, profit from property management per share. So all in all, continue to grow and develop Cibus in line with the motto, "Converting food into yield." Thank you, and now we open up for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Oscar Lindquist from ABG Sundal Collier. Please go ahead. Hi, good morning. Good morning. So I was wondering, could you give some more detail on what's the driver behind the increased vacancy? It seems to be the Finnish portfolio, mainly. Should I... Yeah? Yeah. We can do that. That's mainly a property that we have announced earlier this year, Lahti, which will be, which was vacated in Q4. Yeah, I just wanted to point out that the economic occupancy rate has actually increased to 95.7% end of the second quarter. But if you're referring to the like-for-like, as Stina mentioned, that is mainly attributed to that single property in Lahti that we have communicated earlier where Kesko has vacated during the quarter. That's okay. But sort of underlying in the Finnish market, based on what you know today in terms of lettings, how do you expect occupancy to develop? I do think... I mean, I've been over there and seen all the properties, the latest month, and, I mean, I'm positive for the market in Finland. Most of the tenants are, I mean, they are tenants which really well-functioning and happy. There will always be a few, I mean, discussions, and there are a few discussions which maybe a few tenants will leave, smaller ones, but then we also have new tenants coming in. But of course, there could be some kind of month between... but I expect it to be, to be honest, pretty stable over time. Okay, so expect underlying development and occupancy in Finland to be stable, is that- Yeah, that's what I expect. It will all-- I mean, of course, it's- Yeah ... really hard to, I mean, we don't know what has happened going forward, but it's, for me, it's like, there are always a few discussions, but I expect it to be pretty stable going forward. Okay. And then, just jumping over to values. You mentioned that lower vacancy assumptions drives values in a positive direction, and then, that value changes in Finland are negative. Could you give some sort of indication on volumes here? Yeah, and that's pretty not. I don't know if we can- I mean, it's not a huge difference in any market in that sense. I mean, the yield on the portfolio is still unchanged at 6.4%. But they're slightly or they're negative in Finland, as we said, due to longer expected lease cycles, and then positive in other markets. But it's not dramatically in any of the markets, so to say. No, it's a few properties that are valued lower. It's not the whole market. Yeah, we can say that. Lahti, as we said, is one of them- Yeah ... since it's been vacated. Okay. Just on the earnings capacity, firstly, is the softer NOI margin driven by the slightly higher vacancy, or what's driving that? What do you mean by softer? I'm not really sure I got your question. The NOI margin in the earnings capacity as of Q3 was 94.7%. It's now at 94.3%. Yeah, it's just a small change, and as we said, Yeah ... I mean, it's due to that we have some also investments in Cibus to building Cibus going forward. But as... It's fairly stable. It's not a large difference between the quarters. Okay. Then, just finally, on announced acquisitions and the earnings capacity, what effect could we expect from announced acquisitions that you have not yet taken possession of, January first? Yeah, I mean, we have the property in Finland that is being built, and of course, that is not in the earnings capacity yet. Otherwise, we have taken possession of them. Then, of course, many of them of the 11 properties that we acquired in December just slightly gave revenue during the quarter. But they are in the earnings capacity, of course, because then we have taken possession of them, and as you know, the current earnings capacity is a snapshot. And the property being built now, what rental income is expected from that? We haven't guided on that. No, I'm not. To be honest, we can look at it. I don't know that in my head exactly. Okay, thanks. The next question comes from Svante Krokfors from Nordea. Please go ahead. Yes, good morning, Stina and Pia-Lena. Thanks for the presentation. Couple of questions. First one, you're present in seven markets, and you're still looking at new markets. What should we expect there? What kind of markets are you looking at? Is it fair to assume it's northern parts of Germany, or is there something else that you have on your map? Well, when it comes to growth and new possibilities, we will, as I said, both go into our existing markets and look into Europe, and it's not about... I mean, for me, it's not about growing for the sake of growing. We should do it the best way we can. So if we find better opportunities in existing markets, and I would say that we start there, but we will and are looking into new markets in Europe, and it's not clear a specific market because we are really looking into, I would say, a few of them. And if something comes up there, which are interesting, we are absolutely there as well, but I will not give you a specific country because we don't know that yet. Okay, that's fair. Then do you have some comments on the transaction markets and yields in the countries you operate in, perhaps mainly Finland and Sweden? What kind of market activity do you see there? I think it's, I mean- Transaction wise. It's been more and more parties in the market wanting to buy grocery stores, no doubt about that. And you need to be close to the market, and I do also think that since we are a long-term owner, we've seen that it's been, I mean, profitable for us because they really want to have a long-term owner when they sell. So it's an active market. We saw a few transactions in Finland. We have also seen in Denmark, and there are also a lot of portfolios out there, and normally we see a lot of parties in that. So we need to continue to look and be there to find the best of those, so to say. But I won't... As we see now, we have opportunities in every countries. Yeah. Okay, thank you. And then regarding your loan to value, 58.2 in Q4 below the midpoint, at 58.2, how do you look at where you want to keep that LTV? I guess it also has to do with the fact that your share is now trading at a smaller EPRA NAV premium compared to where we were six months ago. So are you ready to increase the LTV further from the current levels? No, that hasn't changed. We still have the... I mean, we shouldn't go above 60. We, you know, you've seen the limitation between 55-65, but we still think that 60 is a good figure to be below. Okay, that's clear. And then in your earnings capacity, if we come back to that, the property expenses increased by 10% or EUR 0.9 million. That's quite a big increase compared to the top line increase, only with the new acquisition. So could you elaborate a bit on that increase? Yeah, sure. I mean, it's a little bit different, so combination, so to say. Some new properties have come in that, as Stina said, are double net and not triple net. So of course, it makes a difference in the property expenses as well, in that sense, that there's a little bit different composition in that sense. Okay, thank you. Then a question to Stina directly. Anything you want to... Obviously, you have been involved with the company for a long time, but anything you feel that you would like to change in your CEO role? No, as I said, the strategy stay firm, and we will continue the growth story. Of course, there are always, I mean, the team, I would say, is really forward-looking and, and really good. So it's not like something that. There are also always some smaller changes that you do when you come in, but, the strategy will stay firm, and the aim to growth and, and, is the same. So we shouldn't, there is no change there. Okay, thank you very much. That is all from me. The next question comes from John Vuong from Van Lanschot Kempen. Please go ahead. Hi, good morning. Just following up on the- Yeah ... question on the investment markets. Are there any specific regions that you are more excited about in going into 2026? Did you... It was a little bit low sound. Did you ask if we should increase in any specific market? Yes, indeed. Now, as I just also said, we are looking in all the markets that we are already in. It's easier to make transactions when you are in the market, you know them better. So if we find possibilities there, we will try to grow those markets. But we're also looking to new markets all the time, and we have a pipeline in Europe as well. But that's, of course, something that take some more time, and we always need to dig a little bit deeper when we take the next step. And it's all about having the best transactions, not growing for the growth's sake. So maybe to ask it differently: looking at your acquisition pipeline or the opportunities that you see, is the geographical split basically the same as, as how you are right now, or do you see, for example, more opportunities in Norway, going into 2026? I would say it's very spread. The opportunities, we see them in all markets. I can't really guide you on that because it's basically on every market. The good thing about it is that you can choose, we take the ones that are the best for the moment. Great. That's clear. Thank you. There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions or closing comments. Yeah, we have some questions from the web. How are you going to make Cibus a better company than now? I mean, a company should always develop, and I think what we should do is to build... What we can do better is to build up our own offices to be even more competitive, both for tenants and both for new transactions. That's what we will continue to do, as I said. Also, of course, being very, very close to the markets and, and always, I mean, it's about finding the right opportunities going forward. That's what I will focus on going forward. Yeah, and we have another question here. What will happen with the vacated Kesko asset in Finland? Do you expect this to be occupied again in 2026? Well, we have a lot of discussion on that one, but it's really, really hard to say if it will end. It's a bigger property, and you want to find the right solution. So I'm not... I don't know about that, to be honest. The discussions are on, but how it will end, I don't know. Yeah, and it was vacated mid this quarter also, so- Yeah, it's been vacated for just a month or two. So, yeah. I think we have covered the rest, so I think there's no more questions. Thank you for listening, and if you should take one thing away from this presentation, it is that Cibus has the highest ambition to continue to grow stable cash flow within the grocery sector. Thank you. Thank you!