Welcome to Fabege's presentation for the first half of 2022. Our CFO, Åsa Bergström, and I will present the development in our results and operations. After that, we will open the floor for questions. Please go to Slide 2. The first six months of this year has been very turbulent. Despite a turbulent external environment with effects of the war in Ukraine, rising interest rates, and inflation that grew stronger during the spring, we delivered another strong report which I'm very satisfied with. We also see that the Stockholm market remains stable with good demand for offices and our new lettings and the renegotiations are being completed at good rental levels. The net lettings and the renegotiations during the quarter confirmed that. A number of transactions in our market during the spring show that the property market so far has still have been strong with stable or even lower yield requirements and continue positive changes which we continue positive changes in the values. Also we'll get back to us get back with more info with details about the valuations, for example. With that, I will hand over to Åsa, who will go through more of the figures. Please, Åsa. Thanks, Stefan, and please turn to page 4. As Stefan just mentioned, all of the turbulence we see in the world around us and in the capital market is not seen in our numbers. Once again, we are reporting a good quarter and thus also strong half-year numbers. Overall, higher income, better net operating income and profit from property management and positive changes in value. Rental income came in at SEK 1.5 billion. In an identical portfolio, income increased by 4%. The increase mainly related to rental income from the completed project properties, Nationalarenan 3, House of Choice in Arenastaden, and Poolen 1, also in Arenastaden. Positive effects from indexation, new lettings, and renegotiations were offset by reduced income after the Swedish Tax Agency's relocation from Nöten 4. Increased operating expenses were mainly due to higher property tax and higher electricity costs. Meanwhile, other winter-related expenses decreased compared to the previous year, and the surplus ratio came in at 73%. SHH's gross profit amounted to SEK 5 million, of which SEK -14 million related to costs for central administration. Income recognition takes place in connection with the completion of projects, and final recognition of one project occurred during this period. Central administration costs came in at SEK -55 million, and the previous year's expense included non-recurring costs for Fabege's new head office. Interest expenses increased slightly compared to previous year, which was due to an increased loan volume and slightly higher average interest rate. The average interest rate on June 30 was 1.79% compared to 1.71% at the same period of the previous year and also at the year-end. The result in associated companies amounted to -SEK 18 million and primarily related to the period's capital contribution to Arenabolaget. We therefore reported profit from property management of SEK 729 million, an increase of approximately 2% compared to the previous year. Unrealized changes in value amounted to almost SEK 3.2 billion, and I will come back to this very soon. The surplus ratio in the derivatives portfolio increased during the second quarter. The central bank's interest rate increases and market expectations of higher market rates of interest have affected the valuation. Today, essentially all interest rate swaps in our portfolio are reporting surplus value. Overall, we reported a positive change in value of just over SEK 1.5 billion during the first half year. Finally, the tax expense amounted to -SEK 1.1 billion and related to deferred tax only. Please turn to next page. In the property market, no effects are currently being noted of the financial turbulence. Before the quarter, 30% of the portfolio was independently valued. Both Cushman & Wakefield and Newsec have confirmed that yield requirements in our markets are stable. In other words, no movement either upwards or downwards during the quarter. The yield levels at which transactions were carried out late last year and early this year had an effect during the first quarter with a time lag on the average yield requirement, which then declined by 6 points. Our reported yield adjustment during the second quarter of 1 point relates to this time lag. The average yield requirement came in at 3.69%. Total unrealized changes in value during the quarter amounted to almost SEK 3.2 billion. The changes in value have been driven by the following factors. Project SEK 570 million, including valuation, properties in the property management portfolio, and in the project portfolio, especially one project, Poolen 1, stands for a substantial part. The remaining part is split by yield 60% and cash flow 40%. In the second quarter alone, this split was yield only 15% and cash flow then 85%. Now please turn to the next page. Reported equity increased by SEK 10 per share to SEK 151 per share, and the long-term asset value, the EPRA NRV, amounted to SEK 183 per share. A significant portion of the increase related to positive changes in value in the property and in the derivative portfolio. The approved but unpaid share of the dividend of around SEK 1 billion has been entered as a liability. The only key ratio that does not currently meet our target level is the debt ratio, which amounted to 15.1%. Otherwise, the key ratios are in line with our goals and expectations. Our balance sheet is still very strong, with high equity asset ratio and a low loan-to-value ratio. Now please turn to page financing. Financing is, of course, a very topical question in the current market situation. Today's review of how we are doing and what we are working with will therefore be a little extra detailed. We were finished with the year's refinancing of bank loans already before the year end. In February, we issued bonds of SEK 400 million with a 3-year maturity at a spread of 100 basis points. Furthermore, we issued SEK 600 million via SFF in a 2-year bond at a spread of 69 basis points. As recently as in April, we issued a further SEK 550 million in a 2-year bond at a spread of 110 basis points. Since the end of February, the Ukraine War has created turbulence and has led to rising spreads in the bond and capital market. During the latter part of the spring, the spreads for property bonds have risen sharply. There has also been decreasing demand, and it is clear that it is now both difficult and expensive to refinance bond maturities. In the light of high prices, we chose not to try to refinance the two bond maturities we had in June with new bonds. We have instead used the revolving credit facilities that we have in banks just for this purpose. The commercial paper market has functioned better, although with a demand that we perceive as more ad hoc. Some days there is no interest, and other days it is possible to issue. We have been able to roll over our ongoing commercial paper maturities, and we have also increased the volume somewhat. At June 30, we maintained reserve of undrawn facilities in form of revolving credit lines of SEK 1.9 billion. Now in July, we will soon sign a new ten-year bank facility of SEK 1.2 billion. This strengthens our readiness and further increases the fixed term maturity. We also have an ongoing process with additional bank financings where we have received proposals with terms but where formal credit decisions and agreements will be taken after the holidays. Please turn to page financing sources. As the slide shows, we are working with several different financing sources. Among other lenders, apart from the Nordic banks, we also see the European Investment Bank and Brunswick. The additional bank facility which we will sign now in July is not included in this chart. During the second quarter, we have updated our MTN prospectus with an increase in the framework amount to SEK 18 billion. Of course, this is something that we hope that we can use going forward. We have also updated the green framework with a partial adjustment to the EU taxonomy requirements. CICERO has issued a second opinion with the rating medium green for the green terms and excellent with regard to governance. Please turn to slide maturity structure. We have worked for many years to spread our loan maturities. The slide here shows how the maturity profile looks. The strategy of long-term fixed-rate periods is unchanged, and we aim for distribution of our loan stock among several sources of financing. When it comes to short-term commercial paper, the red bar in the chart, then we have a full backup. During the autumn, we have bond maturities coming up of SEK 1.2 billion, which will most likely be refinanced with bank debt unless the market improves. We intend to refinance the bank facilities that mature in 2023 with each bank. With the ongoing dialogues we have with the banks, we also see an opportunity to plan for the bond maturities in 2023. Now please turn to next page. We have not entered into any new fixed rate period since the year end. Of the loan portfolio, 71% is now fixed, mainly based on long-term maturities and mostly through straightforward interest rate swaps, supplemented by some fixed rate bonds. In the longer term, the plan is to replace maturities with new long-term fixed rate periods. The high proportion of fixed rate terms today gives us protection against rising market interest rates. In particular, this is reflected of course, in the derivatives valuation. In the short term, the higher market interest rates will thus only have a limited effect on our interest expenses. For a period rolling 12 months going forward, an increase in the market interest rate generates an increased interest expense of SEK 88 million, all else unchanged. Now please turn to page buybacks. During the second quarter, we continued to repurchase shares, approximately 1.6 million shares in total. Our holdings of treasury shares now amount to SEK 13.4 million, equivalent to 4% of the total number of registered shares. The shares have been repurchased at an average price of SEK 124.95 per share, and we will retain these treasury shares until further notice. Now I leave it over to you again, Stefan. Thank you, Åsa. Of course, the financing issues and the cost of finance has been a lot of discussion during the quarter and the last months, and it probably will continue to be so also for the rest of the year. As you can see, we have a very strong position and good discussions going on. If we go to Slide 14, please. In the portfolio, we have today a little bit more than 100 properties and a value that has grown to almost SEK 90 billion. Since Q4 last year, we have made a clearer breakdown in the segments, which I will also come back to when I talk about the occupancy rates, the vacancies, and the potential. In investment properties, the investment property portfolio constitutes 60 properties of the total of about 100. It's and it's also 80% of the value, which here we refer to the properties in ongoing and active management. Development properties are properties that are facing a planned conversion or extension and where the cash flow is significantly affected by vacancy or more temporary lettings. This includes 18 of our properties. Examples are existing properties in Flemingsberg, the vacant properties in Arenastaden called Kairo and Farao, for example, and the properties at 23 and 27 on Kungsholmen. Finally, we have land and project properties here. Besides new construction projects, we also include larger conversion projects such as, for example, Nöten at Solna Strand and Påsen in Hammarby Sjöstad. Finally, or as Åsa mentioned, the increase in value during the first 6 months amounted to a little bit more than SEK 3 billion-SEK 3.2 billion. Next slide, please. As you know, our stability lies also in the long-term agreements with large and very stable customers. A lot of them are the Swedish largest and most stable companies. Among those that are the 10 largest, all apart from one, continues also to run for at least 5 more years. On the whole, we have very low rental losses, very low, as we say, vacancy and low, very low risk for rental losses. The hotels, which have had tough times during the pandemic, almost the 2 years of the pandemic, have now recovered with operations and are now performing well. Next Slide 16, please. After a long number of years with rent increases in the Stockholm market, the development has gone into a little bit more stable. We haven't seen any downturn, but it's stable rents on very good levels. During the last months, we even so can see some upticks in some of the new lease agreements that have been announced in Sweden, in Stockholm, city of Stockholm. There have been very good levels for good, big volume. We can hear that some of the leases are at record levels. Average rents in the various Stockholm markets mainly remain stable but at good levels. We also can see if you see the longer term, the development for rents, for example, from 2010. In the CBD, we have today about SEK 8,000. We were at that time a little bit about SEK 4,500. The only area that has been poorer development is Kista. We, as you know, have not working with Kista in our portfolio today. Also, the vacancies, only see on Slide 17, has stabilized. However, it looks different in different markets. Even here you can see that in Solna. We can. If we looked at Kista separately, for example, Kista has much higher vacancy. But in the inner city, the CBD, and also in Solna, we have stable levels. Please go to Slide 18. We have had a high level of activity during the second quarter and the first six months of the year, with a lot of viewings, negotiations, and conclusion of contracts. The net lettings in the second quarter came in at SEK 36 million, and in total, we have SEK 44 million for the first six months. Our target for this year of more than SEK 80 million feels within reach. In the graph on the right, you can see that net lettings during the past 10 years, where the peak year was 2014, 2017, 2021. There were also where we had a large contract with, for example, SCB and so. Last year was the third best year in history with the net lettings of, for example, Alfa Laval and Convendum. Please go to Slide 19. Leases of just over SEK 80 million have been renegotiated with an average increase in the rental value of about 10%. In addition, there is a volume of almost SEK 70 million which refers to agreements extending on existing terms. The indexation and the increased property taxes has limited effects on the renegotiation. Here we have to remember that we started a year with index uptick of 2.8%, which of course is, as we said, limited the effect of the renegotiation, but it's positive because it was on the whole portfolio. Please Slide 20. Occupancy rate and potential risk in the vacancies are questions we often get at the present times. Here, we now want to be extra clear with how things look. The occupancy rate in the chart on the left shows the development in the management portfolio. In other words, those portfolio that at each time are classified as investment properties. Of course, we make reclassifications in line with the properties being vacated for projects or when projects properties are completed. In a management portfolio, the occupancy rate today is 89%. With known occupations and relocation, it will increase to 90% in the coming quarters. Larger vacancy spaces in the investment portfolio include a couple of properties, especially in Solna Business Park. The vacancies in [Luma and Hjorthagen] at Fleminggatan in the inner city, that are mentioned here, are already rented out, but the contracts have still not started to run. In [Hjorthagen], for example, the premises are being completed for Convendum's occupation during Q2 2023. We are, this is, it is important to say that especially we have vacancy in Solna Business Park, as we also have discussed and mentioned before. The properties in the development portfolio is almost 230,000 square meters, of which, about 140,000 sq m are rented with current annual rent of SEK 200 million. Here, we have aim to optimize the cash flow in the existing properties pending the change in, pending to a change in the projects. The project portfolio will have added potential in line with the completions and lettings. Besides the new production projects, this includes the vacant properties Nöten in Solna Strand and Påsen in Hammarby Sjöstad, which I mentioned earlier. Please go to Slide 21. Here, we have the graph that we normally show you, that you can see the development of contracted rental income for the next quarters, including known occupations, relocations, and renegotiations, but excluding lettings, targets, and ex-indexing. Next slide, please. Now, I will tell you a little bit about the transaction market and what had been done in the market during the last months. We start at Slide 23. There have been some very big transactions have been done in the market during Q2. Here you see a list of them. I especially like to mention the Blästern 15, the first one in Hagastaden, more than 20,000 sq m. It was acquired at a price of about by Atrium Ljungberg at a very good yield or low yield level. It has been good for the market. Next slide. We acquired also a property at the end of Q1, and it's in our portfolio from the beginning of Q2. It's Karlabacken in Älvsjö, which you see here in the middle of the picture. We think it's a perfect fit, as we said before, a good fit for our portfolio. The property is fully let. It generates a good cash flow. We have a yield of a little bit more than 4.5%. We acquired it for, I think it was SEK 37,000 per sq m, and also potential for further building rights. I think I'm really happy that we could add this property to our portfolio. In Flemingsberg, on the next page 25, you know, as you know, we have during also acquired some more land from Skanska. This also was another important piece for us to control the development of almost the whole Flemingsbergsdalen, as we see here. I will come back to that. Next slide, please. How does it look on the project side? Now, of course, another question that has been a lot of discussions about is the building costs and the cost for building, and also how to get the delivery of some materials. How can we look at this for the future, and how will it. A lot of the value for our future value will be created from or in our project portfolio. Next slide. We have completed during the quarter two projects, and three new ones are now in the project table. We now have a total project area of about a little bit more than 150,000 square meters, and this also includes, as I said before, Nöten in Solna Strand, and Påsen in Hammarby Sjöstad. These two projects are even more at the planning and design stage, but we have chosen to include them anyway. Next slide. The total investments during the first half on the portfolio is a little bit more than SEK 1 billion. We have, as said before, we were aiming for almost SEK 2.4 billion for the whole year, 2022. In the investments of SEK 1 billion, almost SEK 700 million was in projects and development projects. The change in value was also related to the major projects, and in particular to the recently completed Poolen project in Arenastaden, where we also welcomed the [theater] during the quarter. That's an important part of the value creation has been in that project during this year. Next slide, please. The two projects that has been completed is Poolen, as I said, and it's also Bocken at Kungsgatan, where we, Convendum, now are moving in and open up the whole co-working area in August. In Poolen, well, maybe I should also say that we have got some new tenants and sign some new contracts. It's now almost 94% occupied as of from the beginning of 2023. It's very positive, and we see a good demand for the small part of it that we, the smaller spaces we have left. Next slide, page, please. We have launched. As you know, in the beginning of 2019, we got negative letting from the Swedish Tax Agency that they will move out in 2022 from the 50,000 sq m property Nöten in Solna Strand. We have now started a project to rebuild it for the future. It will be adapted for several tenants. It will multi-tenant house. We currently do not have an agreement signed, but we have very good initial dialogues with potential tenants. So far, very good response on the feedback on what we have presented. We believe strongly in the location where we have potential, long-term potential, and there are very good and genuine qualities of the property. I hope we can come back with some good news about this property in the future. Next page, please. In Hammarby Sjöstad and Påsen, as I said before, it's an older property. It's had an industrial character, and we acquired it in 2020, and we now will be converting it, and we will extend it into more modern office space but continue to keep the character. It has a little bit of same spirit as the neighbor Trikåfabriken we also own, and we revealed some years ago. We in Hammarby Sjöstad there we see a very good demand and interest for modern offices. This, I think, we will invest a little bit more than SEK 300 million. It will be finished in Q4 2024, but I think this can be also a very good value creation project. In Flemingsberg, on the next slide, we continue to, of course, develop the area. We have, as you know, started to construct the building for Opera and Dramaten. We will in August also start to construct with the Alpha Laval, who will move in 2025. Opera and Dramaten will move in 2024. We are continuing with the planning process, and a lot of things are now happening in Flemingsberg. We will come back, of course, with more on it in the future, but it's a lot of going on. Next slide. We were talking about the building costs. The turbulence in the world, the high inflation has also made it so difficult to know exactly what will it cost today. We have seen that the material, the steel prices, the wood prices, the concrete have been very volatile. From time to time, it has been up 50%, 60%, 70%, 80%. It has almost been very difficult to say exactly what it will cost. On average, we have had very little effect in our ongoing projects. We also had bought most of the material a while ago. The ongoing projects are progressing according to plan. But of course, it has been more difficult to find the prices for the new projects. It has so far. I think we have good discussions. It's better than we expected in the worst case we saw. We can maybe say today that some of the price is also coming down again. For example, the steel prices, wood price has been coming down. As you know, the material price is about one third of many projects. But we will not prevent us now from starting any new projects in the commercial. We are still continue working with the Haga Norra. We have to think outside the box. We have to have extra focus on the cost. We have to maybe also choose some other material than we would have done before. It's a lot of work, but it's still manageable. As we said, we're seeing it come down a little bit again. Of course it's a lot of focus and a lot of questions about it, but it's okay. Higher prices of course. Next slide, please. As you know, we have a lot of focus on the sustainability work. It's very important and it's a part of our daily work. Also, can you please tell us a little bit about what we are doing? Åsa. I will. Please turn to next page. For us, it's important to think sustainably in everything we do. As you see on the slide, we have made good progress even if there is a lot left to do. What is new on this slide is that we are back at 100% green financing, and that the proportion of green leases measured by floor space has increased to 88%. Next slide, please. We have a lot to focus on to reach our goals for climate neutral property management and the reduction by 50% of our carbon emissions in projects by 2030. We are not doing this by ourselves, but this requires many different forms of collaboration. Here are some examples of what we are doing or recently have done. The sustainability building in Haga Norra is a very good example. It is built with 70% recycled materials from Bilias old facility. It has attracted some attention, and we have also learned a lot for the future. Recycling materials will be one of the major benefits in relation to the reduction of CO2. By that we say thank you and we open up for questions. Thank you. If you wish to ask a question, please press zero one on the telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There will be a brief pause while questions are being registered. Our first question comes from John Vuong, Kempen. Please go ahead. Your line is now open. Hi. Yes, good morning. Thank you for taking my questions. Just one question on the Net Debt to EBITDA. It has been rising over the quarter and even over the two quarters. Now it's, I think, landing at 15x, which is well above your target of less than 13x. How do you see this develop over the coming quarters? I see it will probably most likely be stable over the coming quarters. We have increased the loan volume partly because of the repurchase of shares that we have been doing. That's in general the explanation to why this specific metric has increased. The target for the Net Debt EBITDA is just an internal target, so it's not linked to any financing agreements. It's more of an internal target. Okay. I suppose your what's it called? The financing targets are more based on. Sorry. The lending agreements are based on the LTV and ICR ratios. Yes. The covenants relate to equity ratio and ICR, and then on a property. Okay level LTV, but not on a corporate level. Okay. That's clear. Still then coming back to the debt ratio, how do you plan to reduce this towards more your internal target of 13x? There is no plan to reduce it at the moment. It's not that important. We know also the more projects we have, and of course it will invest first and the incomes will come later. A repurchase buyback of shares can affect it negative, and that's what we think is positive anyway. It's not no big plan for doing that in the short term. Okay. That's clear. Thank you. Perhaps one question on your reversion on the lettings you're doing. We're still capturing 11%, I think. At the beginning of this year you mentioned that this would trend back towards 5%. How do you see this going forward? The 11% relates to quite a small volume. It's only part of the volume which is up for renegotiation that is actually renegotiated. I think you could see from the documentation that the 11% refers to a volume of SEK 82 million. On the other hand, there's another volume of SEK 169 million, which is only prolonged at existing terms. Actually if you combine these two, the positive revision is a little bit less than 5%, taken into account the full volume that is being prolonged either through just prolonging it on existing terms or by renegotiations. I also think it's important to say that we have the indexation of +2.8% in the beginning of the year. Also, we're looking forward to uptick in the index for the first of January next year. Okay, that's very clear. Thank you. Thank you. A reminder, if you wish to ask a question, please press zero one on your telephone keypad. Our next question comes from Jonathan Kownator, Goldman Sachs. Please go ahead. Your line is now open. Thank you for taking my questions. Just wanted to come back to the bank environment. Obviously, someone had already been in the call, but obviously there's, you know, over the years a number of maturities in the bond market for the industry in general. I mean, from your conversations with the bank at this stage, are the banks going to support you and the industry in general? Do they have the appetite to replace the entire bond market at this stage? Do you think that this is going to be a selective game and at some point they may just say enough is enough in terms of refinancing since you're having a dialogue with them over more than just the upcoming maturities? Are you talking about the dialogue with the banks? It was very bad line. Correct. It was difficult to hear your question. Sorry. Yes. Apologies. Yes, the dialogue with the banks about not just the very upcoming maturities, but about really replacing the bond markets which are not very open today. We are not really discussing with the banks in what way they will you know refinance everything that is outstanding on the bond market among the Swedish real estate industry. We are discussing with the banks Fabege's possibilities to refinance bonds in the banks. I think as Stefan mentioned also during the call earlier that we are very happy today that we have kept the relationships with all the large Nordic banks and that we are an important customer to all the banks. We are actually today the banks contact us to let us know that they will be there for us in case we need it. We are running discussions with banks to increase the loan volume in the banks in order to be prepared to replace bond maturities during the autumn and maybe also during next year. It all depends on how pricing on the bond market will develop going forward. Of course. Perhaps one follow-up question. In terms of the terms that the banks are offering you, I mean, you mentioned obviously some credit spreads. Are they happy to use existing covenants that you have in your program? Do they want any changes to that? Or are they just happy to keep lending on the same terms? Yeah. They are happy to lend out money on the same terms as we are used to have. No changes in covenants, no changes in LTV levels. Of course, there's always a discussion of a margin in every renegotiation and in every new financing. In comparison with what we see on the bond market now, it's very good terms in the banks. Similar to what we What we have seen before. Yes. Very, very clear. Thank you very much. Good to hear. To follow up the previous question, I mean, why wouldn't you try to deleverage slightly or maybe stop doing your share buyback program, you know, given the current conditions and the focus of investors generally being on leverage? I didn't really understood it. It's a poor line. Sorry about that. What about the- The question is why continue on the share buyback and why not consider some deleveraging? Because we think it's more value creation to continue to buy back the shares. Hopefully, it's more value creation. Yeah. Hopefully. I mean, your stock price has been going down, and part of that is also because, you know, there's a focus on leverage generally. The thing is in. Which helps your share price, right? On the other hand, our leverage is today relatively. We think it's at a good level. We have 36% loan to value. We have good, as we said, a solid position. We think the buyback program can continue to add value, but the future will tell. Okay. Thank you very much. We don't see any leverage as a challenge, no. Thank you. Our next question come from [Alexander Tulsimano]. Please go ahead. Your line is now open. Good morning. Thank you for taking my question. I saw that your surplus ratio has gone down 1% from 74% to 73%. What's the driver behind this? Is it higher energy costs or maybe a marginally lower occupancy level? Do you think that the 75% full year target is achievable given this? No. We said in the beginning of this year or when we released the Q4 report that the surplus ratio will come down this year due to higher property tax and higher energy costs. The target for this year is 73%. Of course, the long-term target will be to go back towards 75%, which will be helped by increasing the occupancy rate as an example. Thanks. If I may ask one more question. Could you provide a breakdown of the drivers behind the 3% growth in the like-for-like net operating income? Indexation is at 2.8%, so is this the primary driver? I think I said that during the presentation. It's the growth in identical portfolio is around 4%. In absolute numbers, that corresponds to the rental income coming from two projects, Nationalarenan 3 and Poolen 1, both in Arenastaden, that have started to add income in comparison to last year. We have indexation plus, and we also have renegotiations and the new contract signed on the positive side, met by negative impact from the tax authorities moving out by the end of March. It's a mix of different things. Okay. Thank you very much. Thank you. If there are any additional questions, please press zero-one on your telephone keypad. There are no further questions at this time. I hand over to the speakers for any closing remarks. Okay. Thank you very much for joining us this morning. As you know, you're always welcome to call any of us also, or Peter Kangert or myself. Have a nice day, a nice weekend, and a nice summer. Thanks. See you soon.