Welcome to the Cibus Q2 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers 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 the speakers. Please go ahead. Thank you. This is Stina Lindh Hök. I'm CEO at Cibus, and with me, I have Pia-Lena Olofsson. It's been a stable quarter for Cibus, with increasing earning capacity per share linked to the transactions we made during the quarter. Before I present the result further, I just give you a short Cibus presentation for those of you who don't know Cibus before. Cibus focus on grocery properties, we have now business in seven countries, Finland, Sweden, Norway, Denmark, and the Benelux countries. We are the sole listed daily goods real estate company in the Nordics. The aim is to create stable and over time growing cash flows. We distribute monthly dividend to our shareholders. Why grocery focus? Daily good tenants are characteristics by the non-cyclical underlying business. Food is essential for everyone, regardless of the wallet and regardless of the economy, the grocery store often stick to the location over a longer period, depending on the customer habits. At the map shown, every plot, more or less, representing a grocery store, a place where people every day come and buy food. This is the fundament for our stable business. This portfolio is a good start to continue growth in existing market and investigate new markets in Europe. The financial summary for the quarter, Pia-Lena will get deeper into that soon, but I would like to highlight that profit from property management per share increased with 7% since last quarter. A few more thing I would like to highlight. We had a stable underlying business and increasing occupancy rate. The net operating income has increased with 15%, the occupancy rate is now up to 96.1 from 95.3, depending on both new lettings, mainly better occupancy rate in newly bought properties and divestment of some vacant properties. We still have focus on letting, especially in Finland, where we have hired three people who will focus on leasing and management. This is also a step from outsourced to insourced management, it's a way both to come closer to the tenants, this will also give us some cost savings. We have had continued growth during the quarter. 24 properties were closed at a value of EUR 107 million. As a consequence of those transactions, the earning capacity increased since last quarter up to 1.11 per share, which is an increase of 3% since last quarter. We see a strong capital market, as all of you probably are aware of, we still have a volatile interest rate market linked on unpredictable environment with a continued risk of increased inflation. But on the positive side, the banking and capital markets remain stable and are willing to support the business in Cibus. We also, in Q2, saw positive market value. During the quarter, property values increased by EUR 2.3 million, so small increased value change. All markets have stable and/or increasing valuation. We have sold five properties, bought 24 properties, that means that the portfolio now consists of 690 properties. The value is EUR 2.8 billion. Net operating income from earnings capacity totals of EUR 176 million, giving a yield of 6.4%, in line with last quarter. The grocery market in Nordic are dominated by a small number of well-established grocery chains, which makes most of the tenants stable and professional. Our tenant mix is intact, with Kesko as the biggest tenant, followed by Tokmanni. Worth mention is that Tokmanni continues to convert the Tokmanni stores to EUROSPAR, which means more focus on grocery than they had before. This is a slide I come back to every quarter, it is important, so I repeat. Stable cash flow is the key for our strategy. Today, 82% of rental income is coming from daily good tenants. 94% of the properties are anchored by those grocery tenants, furthermore, 98% of the leases are CPI linked. The average contract length is 5.9 years, more than 90% have net or triple net leases, which make us less sensitive for energy prices and cost increases. The average property is 2,100, which means that the exposure each property per store is relatively small. In addition, we protect the cash flow with a hedge ratio of 96%. As mentioned, we closed 24 properties at an acquisition price of EUR 107 million this quarter, those properties are located in Finland, Norway, Sweden and Denmark, with an occupancy rate of 99.5%. The anchor tenants are Tokmanni, Lidl in Finland, REMA 1000 in Norway and Denmark, ICA in Sweden. Those properties are generally in a very good standard and are located in established areas where the underlying operations perform well. This acquisition both strengthened the quality and increased earnings per share, as shown in the Q2 figures. We have also divested five non-strategic properties with high vacancy, three of which are in Finland and two in Sweden, at values in line with book value, EUR 5.5 million. Those divestments only reduce the net operating income by EUR 92,000 a share basis. Basically, that's 1.7% on initial yield, we see that we can invest those money on better ways. Just some example of new lettings during the quarter. We proactively developed a K-Supermarket together with our tenant Kesko in Kuopio, at the same time, we also signed a long lease agreement with that tenant. We also made a new letting where Alma in Denmark has signed a new lease agreement on a vacant area, in one of our properties there. We have much focus on letting go forward. Well, let me start off by highlighting some key events during the quarter. As Stina has already mentioned, during the quarter, Cibus has acquired 24 properties, the majority of which were announced on the 28th of April. During the second quarter, Cibus also updated its Green Financing Framework, which is in line with the ICMA Green Bond Principles and the EU taxonomy. At the AGM, Cibus removed Nordic from its company name and also appointed Louise Richnau and Stefan Dahlbo as new Board Members. At the EGM in June, Cibus increased its share capital to EUR 15 million through a transfer from unrestricted equity. Over to the P&L. net operating income amounted to EUR 45.1 million and include a one-off settlement income of EUR 1.3 million related to our tenants early vacating a property in Denmark. Administration costs include -EUR 0.3 million relating to the EGM's approved warrant program. During the quarter, we have recruited four employees to strengthen in-house letting and property management, increasing short-term costs, but is expected to generate long-term savings by bringing services in-house that are now outsourced. Net financial items include exchange rate changes of - EUR 0.8 million. profit from property management, excluding non-recurring items and FX effects, was EUR 22.6 million. Property values were slightly higher or stable, with the portfolio yield remaining at 6.4%. Interest rate derivatives contributed negatively due to market rate movements. Looking at the current earnings capacity, rental income primarily increased through acquisitions, with additional support from indexation. Net financial items increased following acquisitions financing. The new higher hybrid bond cost is fully reflected in the quarter as the bond financed acquisition completed during the quarter. profit from property management, excluding non-cash items and hybrid bonds expenses, increases by 6% year-over-year to EUR 1.11 per share. Looking at the net operating income in a comparable portfolio, the impact from changes in vacancy amounted to -EUR 2.3 million, primarily attributed to the previous announced vacancy in Finland. Rental income from grocery and daily goods segment was positive in the Q2. The impact from tenant transition was -EUR 0.7 million, reflecting proactive asset management initiatives that are expected to support future earnings. Indexation contributed with +EUR 2.1 million. net operating income in the like-for-like earnings capacity decreased by - 1.1%, EUR 254.6 million, while acquisitions contributed growth of 13.3%, resulting in a total growth of 12.7% to EUR 176.2 million. Cibus reports its segments by country, with Finland remaining the largest market, accounting for 47% of the NOI. Denmark was second largest market in the Q2 at 17%. This includes the non-recurring settlement income of EUR 1.3 million relating to a tenant early vacating a property. Excluding this item, Denmark and Belgium each account for approximately 16% of the NOI. Turning to the property value amounted to EUR 2.8 billion at quarter end. Secured debt amounted to EUR 1.4 billion, corresponding to a secured loan-to-value ratio of 49.8%. Including unsecured bonds of EUR 308 million, the net loan-to-value ratio was 59.1%. The EPRA NAV remains stable at EUR 13 per share. Regarding the average remaining lease term, it also continues to be very stable and was unchanged at 5.9 years at quarter end. Regarding funding, the increase in bank loans were primarily driven by the acquisition completed during the quarter, and we continue to see strong support from our banking partners. On the bond side, we updated our Green Financing Framework to align with the latest ICMA Green Bond Principles, reaffirming our commitment to sustainable financing. Regarding hybrid bond, we completed the repayment of the remaining outstanding portion of the previous call bond in April, thereby finalizing the refinancing process. Cibus is 96% hedged against interest rate risk through a combination of interest rate cap swaps and fixed-rate loans. As part of the hedging consists of caps, the negative impact of higher market interest rate is limited, while lower market interest rates have a greater positive effect on earnings, as illustrated in the sensitivity analysis. Looking at our key credit metrics, they all remain within our internal targets and covenant levels, providing solid headroom. Net debt to EBITDA increased slightly to 10.8x during the quarter. This is typical during acquisition-intensive periods, as debt increase immediately while EBITDA is built over time. On a forward-looking basis, net debt to EBITDA was 10.1x. Cibus continues to advance its energy transition, with an increasing number of properties being converted to renewable heating solutions, resulting in lower emissions. At quarter end, the value of Cibus taxonomy-aligned assets amounted to slightly more than EUR 1.1 billion. Before I hand over to Stina for closing remarks, I would like to say a heartfelt thank you. During my seven years as CFO at Cibus, I've had the pleasure of meeting and working with many of you throughout transactions, financing activities, quarter reports, and countless analyst and investor meetings. What I will remember most is the open dialogue and insightful discussions that we've had. I'm grateful for your engagement and support. It has been a privilege to share this journey with you. Thank you, and over to Stina. Thanks. Thank you, Pia-Lena. On behalf of Cibus, I would like to thank you for a really good and important job and great commitment until the last day. Thank you and good luck. Focus forward. We will still have focus on profitable growth and increasing profit from property management per share. We will continue to work with the refinancing and hedging to keep stable cash flow. We will continue to work to build offices in our market. It is with presence close to the tenants in the market we continue to create business. We will continue to develop our business and evaluate business with ambition to grow further in a both sustainable and profitable way. Thank you. Now time for questions. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Oscar Lindquist from ABG Sundal Collier. Please go ahead. Good morning. Firstly, on the early termination in Denmark, what can you tell us about the reason behind the early termination and what prospects do you see for reletting the premises? The reason that's just that they wanted to move, it's a discussion between us and the tenant. For us, we see it as good in a way, since we got the whole contract length with rents right at once. We also see we have a good possibility to let those areas going forward. We've already started that work. You could never know, but we have a good feeling about that. Okay. What is the current rental value of the property? I don't have that figure exactly in mind. If you want, you can send an email, and I can have a check on that. Okay, sure. On the NOI margin, very strong development Q- on- Q. What can you say about this? Is there some one-off effects here, or how should we think about this going forward? Well, as we said, we do have the one-off EUR 1.3 million for the vacating in Denmark, which is affecting the NOI, of course. Yes, I think even adjusting for that, the margin is quite strong Q on Q, is it not? Yeah. You need to adjust for that as well. It's fairly in line if you adjust. Okay. The final question on M&A. You have EUR 50 million on the balance sheet in cash now. How should we think about the deployment of this over the coming quarters? Yeah, let's start there. Well, we will try to deploy it as good as we can, as always. I cannot really say more than that. Okay. Firstly maybe, the LTV is 59% now, 59.1%. You have a target range of 60%-65%, I believe. Where do you want to be in the midterm? Yeah. If you looked to the slide where we show the LTV now and backward, you see it's been just beneath 60, and I think that's where we should stay going forward as well. If you are thinking of how should we grow going forward, I will say that there are different possibilities where we are now. We could sell properties and employ capital with new profitable transaction. We could through emissions and profitable transactions and/or payment in kind. That's the way I see going forward. There is always possibilities. Sometimes it's not that easy, but if you continue the work and dig deep, you will sooner or later find a path forward. Okay. I think that's all from me. Good luck, Pia-Lena. Thank you. The next question comes from Véronique Meertens from Van Lanschot Kempen. Please go ahead. Hey, good morning, all. Thank you for taking my questions. First of all, Pia-Lena, I wish you all the best on your next endeavors. Thank you. I was coming back to the lease termination. This is already included in the current vacancy number, or will this still go up? Maybe on top of that is, do you expect any other larger terminations in the coming 12 months? It was vacated during the quarter. In the economically vacancy, of course, it's only a little bit there, so to say, because we received rents most of the quarter. Then, Stina, would you like to comment on? Yeah. Going forward, no, we don't. We have always discussions with our tenant about what's going on and so on. It's not like if there were any major things going on, we need to, of course, say something about that, and it's not. Okay. That's clear. Thank you. Maybe on the investment market. There's quite some activity or different markets, but could you provide some color to what extent specific assets portfolios are actually of interest for Cibus in terms of location and pricing? Is there enough opportunities for Cibus out there? Yes, there are definitely opportunities. As I said before, if you work hard and dig deep, you always find good opportunities. We have so many countries, so many smaller markets and bigger markets in those countries. We have a lot of people out there looking. We have a pipeline that we are comfortable with and we always have. Of course, you never know where you could be able to buy or you never know about that. As long as you keep on trying and be in the market and so on, you'll sooner or later find something that strengthen our portfolio. Are there any regions that stand out in terms of opportunities, or is it more widespread across the portfolio? No, I wouldn't say so. I think we have all the market in minds, and it depends on so many things. No, I shouldn't say that. Okay, that's clear. Thank you. The next question comes from Stéphanie Dossmann from Jefferies. Please go ahead. Hello, good morning. I was just wondering about the impact on the occupancy rate. You mentioned, of course, new lettings, disposals at high vacancy, and acquisition of low-vacancy assets. I was just wondering if you could give more color on the new lettings and the rental uplift, if there are some, or those kind of metrics on the new lettings and the volume, by the way, on that? That would be my first question, please. What we have shown is the like-for-like that Pia-Lena showed before. I think that's the figure. Otherwise, it's stable. We have not that much vacancies, and we are working with them very hard, but I think you should look at it as kind of stable. Yeah. As we said also in the report, the new acquisitions had an occupancy rate of 99.5%. Of course, they are contributing positive to the occupancy rate. The properties that we sold, of course, had higher vacancies, so that has also had a positive effect. Yeah, sure. All right. That's fair enough. I was just wondering about the like-for-like portfolio. Yeah. Okay. What would be your expectations on the indexation for next year, going forward, I mean? The indexation next year? Well, that's. Yeah That's not clear yet about next year. That depends on inflation and so. Yeah. In Sweden and Norway, it's usually the October index. Of course, that is not finalized yet. We get indexation once a year. In the other countries, it's depending on when the agreement was signed. Of course, that we don't have the whole year for either. It's not finalized. It also follow inflation, so it depends on what's happening going forward, and that we don't know, of course. No. All right. I have another question on the one-off, so non-recurring items. I was wondering if you expect anything to pop up in H2, do you forecast any one-off non-recurring items in H2? Sorry, I didn't get the question. If we have anything going forward? If we expect any one-offs in- Yeah Not here. No, we don't. Do you have any leasing challenges? Sorry. We report Q2, we will report Q3 later on. Sure. I was wondering about the potential leasing challenges that you can face. No, that's nothing that we plan for. Okay. I suspect when a tenant leaves, he needs to notify you well ahead of his departure. I was wondering about all those non-recurring items that you could expect. Sorry. For me, that was taken in Q1. We don't guide on anything. We don't see anything that we can disclose now for going forward. All right. Last one, maybe on the staff recruitment you did. How much cost increase does it imply? We do have some double cost during the quarter, not huge amount. I don't know if we've guided on that, but I can say that we do have, but it's not a huge amount. We do see that we will get cost benefits going forward, already in Q3, but then a smaller number and then more going forward when we then have more in-house and less outsourced. The outsourcing part is of course more expensive than having your own personnel. Thank you. Sorry, just one last from me, please. On the acquisitions opportunities, am I right saying that the preferred route for Cibus would be to finance by disposals rather than raise equity like you did in the past? No, that we don't know yet. It depends on what's happening. Both what kind of transaction it is, both what kind of possibilities we have on both sides. That's nothing I can say something about. All right. Thank you for that, and good luck and all the best for the next chapter, Pia-Lena. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Viktor Hökenhammar from Danske Bank. Please go ahead. Hi, Stina and Pia-Lena. Just a follow-up question. Could you provide some color on yield requirements in your different markets and also potential new European ones? Could you please say that again? We heard you very bad. Okay. Sorry. Could you provide some color on the yield requirements, both in your existing portfolio and potential new deals that you see in your current and potential new markets? Well, I would say that it differs so much depending on so many things. Depending on interest rate, depending on the different kind of competitors at the moment. I'm not really comfortable. Of course, you've seen in the transactions we've made that Finland has been on higher yield and maybe Denmark lower yield. That also comes with a lower interest rate and so on. Yield is one thing. For example, you find higher yield in Norway as well. They have higher interest rates. It's about the whole package of everything, when it comes to where we should do transactions and how and when. Understand. Do you see the potential for such a creative transaction more in the Nordics or outside of the Nordics? Both. Definitely both. Both. Perfect. Sounds good. Thank you very much, and good luck with everything, Pia-Lena. Thank you. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. There are nothing. Yeah, we have no written questions. Thank you for now. Yeah. Thank you