Good morning, and welcome to the KlaraBo Q2 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing Star and 0 on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then 1 on your telephone keypad. To withdraw your question, please press Star then 2. Please note this event is being recorded. I would now like to hand over the conference to Andreas Morfiadakis, CEO. Please go ahead, sir. Okay, thank you very much, and warm welcome to the Q2 presentation for KlaraBo. Today, my colleague, Jenny, and I are presenting the quarter that has just passed. We look forward to present the numbers that we have in front of us. If we go into KlaraBo in brief, on slide 4 and just briefly about KlaraBo. KlaraBo KlaraBo is a pure residential property manager and developer throughout all of Sweden. We have three areas in our growth strategy. The first area is that we go through with a renovation and investment in existing investment properties. We do this by increasing the standard through refurbishment inside the apartments, where we have the opportunity to both increase rents and decrease costs, which creates shareholder value. KlaraBo has today approximately 5,600 apartments under property management, whereas we estimate that 66% or 3,500 apartments have a renovation potential of at least 20% or more when it comes to increasing the rental value. The second area of growth is new construction of rental apartments. Sweden has a deficit of rental apartments with reasonable rent. To meet this demand, KlaraBo has developed functional and cost-efficient apartments, mainly by using industrial methods. We have close to 1,800 apartments under our project portfolio. Of these, we have 150 under construction at the moment. Lastly, we do want the company to continue growing, and we see opportunities when it comes to growing by acquisition of investment properties and building rights. By having stable finances and SEK 2 billion in available funds, KlaraBo has the flexibility that we want to have going forward. If we go to the slide Q2 results in brief. We have revenues, NOI and income for property management that is all up 100% year-on-year. This increase is driven by value-added measures, completed new construction and acquisitions. Profit for the quarter amounted to 38.4 million SEK, which corresponds to 0.29 krona per share. The quarter is characterized by rising inflation and interest rates, and at this time, finances are increasingly important. Therefore, it's satisfying that KlaraBo only has bank financing throughout the debt portfolio of SEK 4.2 billion, and that the LTV level is at a very low level at 43%. We do believe that refinancing discussions in future will be easier with only by bank financing, and that will also keep our average interest rates at a lower level than if we were financed, for instance, with bonds at some level. If we switch the slide, please. Some highlights during the quarter is of course the large refinancing KlaraBo did in April, where credits totaling of SEK 1.5 billion was prolonged with a tenure of 3-5 years, increasing the credit maturity. At the same time, we received an average loan margin that was lower than we had before. We also secured another SEK 1.3 billion used for investments in existing portfolio for upcoming acquisitions, which in total gives us approximately SEK 2 billion in available funds. The company also announced a share buyback program during the quarter, and we have spent approximately SEK 2.2 million so far in this area. We are expecting that we're gonna continue this buyback going forward. Another big news during the quarter was of course the land allocation we received together with OBOS that will include 300 apartments that will be a mix of rental and condos. This is in the center of Malmö, and we do plan to commence construction in 2024. Lastly, we made a small acquisition of 37 rental apartments in the city of Österbymo. That is a good complement to our existing portfolio in Österbymo, and that will be handled by the local property management. If we go over to the next slide and financials, and I'm gonna hand over to Jenny Appenrodt, our CFO. Good morning, everyone. We have continued our work with value-added renovations on the existing portfolio, and we have, during the quarter, carried out 73 renovation projects. The run rate is now at approximately 200 renovation projects per year, and this increases revenue, net operating income, cash flow, and property value. Residentials account for 80%-85% of our property portfolio, and residential properties bring stability in terms of revenue and cash flow. The real occupancy rate is at 98.6%, which means that our portfolio is fully let and the vacancy rate is low. Revenue amounted to SEK 120.3 million for the quarter and is up by 98% from Q1 last year as a result mainly of acquisitions and renovations and new construction. The cost of electricity has significantly increased versus Q1 last year. However, electricity accounts for only approximately 7% of total annual property costs. Also, it is only 65% of our property portfolio which is based in regions which have had the highest peaks in electricity price. Other utility costs, i.e., heating, water, and waste, are all mainly in line with quarter one last year on a like-for-like basis. Surplus ratio ended at 55.2% compared to 50.2% quarter one last year. Financial costs have increased during the quarter. There are four explanations. The first one is that we have accounted for SEK 11 million as a one-off financial cost which was paid in connection with the refinancing process. This number is included in the SEK 34 million total financial expenses for the quarter. Secondly, we decided to increase the average interest rate tenor, and therefore we entered into new interest rate swap, where we used the positive mark to market of an existing four-year swap to go ten years out in time, and at the same time, we increased the amount from SEK 500 million- SEK 700 million. The average interest rate tenor was increased by 1.2 years as a result. The fixed rate of the swap amounts to 2.2%. Finally, interest expenses have also increased due to the SEK 250 million loan that was raised during the quarter with one of our banks, and also as a result of rising STIBOR three-month rate, which affects the part of the debt portfolio which has not been fixed. The inflation assumptions have been adjusted by the external valuation firms this quarter, whereby the discount rate and the inflation regarding property expenses for 2022 have been increased by 3 percentage points. Whereas the general rental increase has been assumed to 3% for 2022 and beyond. The inflation regarding property expenses and discount rates, however, have been lowered to the levels we had last quarter for 2023 going forward. The increased discount rates have had a negative effect on our property values, but that effect has been offset by a positive effect as a result of increased rental income from value-add investments. The net effect is SEK 21.5 million, where the final valuation of our completed new construction project in Perstorp accounts for approximately 50%. If we look at the right-hand side of the slide, the current earnings capacity, which is based on contracted rents as of first of July this year and on budgeted costs, the net operating income is on a like-for-like basis, up by close to 2 percentage points over previous quarter. This is mainly a result of continuous renovation. The surplus ratio is at 59.9%, up from 57.5% in quarter one last year. The increase is mainly explained by the gradual rise in cash flows coming from the implementation of value enhancement measures. It is also an effect from reduced maintenance costs of our renovated properties and the fact that we have a higher surplus ratio of our construction projects compared to our existing investment properties. Financial expenses have increased by roughly SEK 20 million compared to previous quarter. Approximately 50% of the increase is explained by interest costs on the interest rate swaps that we entered into. The rest is explained by the additional borrowing and a higher floating rate compared to previous quarter. As a result, the interest cover ratio ended at 2.71 times. If we turn to the next slide, please. Investment properties amount to close to SEK 8.4 billion at the end of June. All our investment properties are valued by external valuation firms on a quarterly basis, where the valuations are based on 10-year cash flows discounted to present value. The investment properties have, in addition to the changes in value, increased by the investment in investment properties and new construction projects. Approximately SEK 125 million out of the SEK 8.4 billion are attributable to new construction. Hence, there is close to no risk in the balance sheet relating to new construction and project development. The refinancing of existing credits have led to a shift in the balance sheet between short-term and long-term interest-bearing liabilities. We have, during the quarter, started to buy back shares as you've heard, and we have at the end of June repurchased approximately 87,000 shares. This has been accounted for as a decrease of equity, and the number of repurchased shares have also reduced both the number of outstanding and the weighted average number of shares used in the calculation of our financial ratio. We have a stable cash position of close to SEK 605 million at the end of the quarter, with a loan-to-value ratio of 43.1%. In addition, and as you've heard, we have SEK 1.3 billion of agreed and signed credit facilities to be used for future acquisition investment. In total, this adds up to SEK 2 billion of available funds, which makes us very well capitalized and gives a lot of flexibility and room to maneuver. We will be able to act quickly if and when opportunities arise. The available credit facilities are made up of three tranches, which two are secured and the third is unsecured. The unsecured part is the three-year SEK 400 million RCF facility, which can be used for 12 months and thereafter cleaned down if required, shortages can be utilized again. The secured tranches add up to SEK 920 million. million. SEK 520 million out of that can be borrowed for three years at a margin of 1.55% with existing security, properties as security. The headroom can be utilized within a few days of notice. The remaining SEK 400 million are to be pledged by future assets, and hence is to be used mainly for future acquisitions. If we then go to the next slide, please. Our interest-bearing financial liabilities amount to just over SEK 4.2 billion. We are financing exclusively from banks, no bond financing. The interest rate hedging during the quarter has extended the average interest rate tenor to 2.5 years, while the refinancing of existing credits has increased the average credit maturity to close to three years. The average interest rate margin now amounts to close to 2.3% and up from 1.9% previous quarter. The increase is explained by the extension of the interest rate maturities and the increased floating rates, and then offset by the lower margin of the refinanced credit. According to our finance policy, a maximum of 60% of our interest rate maturities are allowed within the next 12 months, where our current interest rate hedging level is close to 46%, i.e., 54% is below 12 months. On the credit side, a maximum of 30% of the loan stock may expire within a rolling 12-month period, and at the end of June, we are now at 2%. As I said, approximately 54% of the portfolio will be affected by floating rate interest rates. This translates into an amount of roughly SEK 20 million if STIBOR is raised by 1%. Now I hand over to you, Andreas Morfiadakis. Okay. Thank you very much. Then we take the next slide, please. We're gonna talk a little bit about the property portfolio renovation. Our proven renovation model is for third quarter in a row amounting to around 70 refurbishment. We are expecting that on a 12-month basis, we're close to 280 apartments, which is all-time high. We still calculate to have 3,500 apartments with renovation potential, which corresponds to approximately 66% of the total portfolio. What is important to highlight is that no renovation is forced on existing tenants since renovation is only done when tenants have moved out, moved out by natural causes. Our unrenovated apartments are often in a neglected condition, so a renovation is only done when we believe that the apartment has reached its technical life. By the end of the quarter, the real occupancy rate was close to 99%, which means that the portfolio is fully let even after we have done the 70 apartments with a refurbishment during the quarter. This signals that the demand for our apartments is continually high. During last month, we did receive notice that contractors in our central region will increase prices with regard to refurbishment. This is due to the increased material costs, and the increase is approximately 12%-13%. Our central region is, however, our smallest region and of our portfolio, and it only corresponds to 14% of our total stock. No other region has up until now had any cost increase during the quarter. Go to the next slide, please. This is the most important graph that we show each quarter. This is also an operational target where we want to show that the rental value development is higher than the general market increase. Last quarter, the increase is one percentage point higher, which gives us an annual rate that is 4% much higher than the general rent increase. We will continue investing in our properties, which will increase the rental value, increase cash flow, and also decrease the maintenance costs due to that we are resetting the technical standard so they meet today's standards. The gap in the graph will therefore continue to widen for each quarter going forward. Go to the next slide, please. Looking at the graph in the middle will illustrate the rental value potential that KlaraBo has within the existing portfolio. This potential corresponds to an increase of 18% of rental value compared to today's level. This organic growth is with the low vacancy risk, what sets KlaraBo apart from its peers. If we take the next slide, page 17, project portfolio. As I mentioned before, we do have approximately 1,800 apartments under either construction or in planning stages. During the quarter, we did finish our fifth project, this time in Härlöv, and added 41 apartments to our portfolio. All apartments are fully let now. The potential rental value when the entire portfolio is constructed amounts to SEK 713 million, which is an increase from SEK 523 million from today. The estimated market value sums up to approximately SEK 4 billion at completion, which implies that KlaraBo's property value would reach well over SEK 12 billion after the investment in construction. As we have mentioned in earlier reports and, as you're probably, well aware of, new construction in the market has been challenging for the first six months of this year due to the increasing material costs, delays in production, and general uncertainty in the market, which of course also has affected KlaraBo by an increased production cost in planned projects, but also with an unwillingness of the contractors to leave fixed prices. As a consequence, KlaraBo has not yet commenced construction in any new projects this year. However, we are seeing some glimpse that the market and prices are stabilizing, which gives us hope that we can commence construction during the second half of this year of around 200 apartments. We have enough building permits in place to achieve this target. If we during the fall continue to see a more stable market, we can expect KlaraBo to deliver new rental apartments with reasonable rents to the market. Our return on investment will be lower than we have earlier expected, but still at some level that will create shareholder value. Worth mentioning is that our project portfolio is valued closer to zero in our balance sheet, which minimize risk in this area, and we don't have any binding obligations to commence construction if we don't believe that the shareholder value can be reached in each project. If we turn to the next slide. The ongoing project has not been affected by any cost increases. At the moment, we do have two ongoing projects, one in Borlänge and one in Trelleborg. We estimate that these projects will have new tenants at sometime around the year-end. Both existing projects has production costs to our fixed prices and at a currency rate that has been fixed when we commenced construction. Which means that the production all has a very low risk of not delivering according to estimation. All ongoing and completed projects have up until now had a yield on cost of 5.7% on average. Finally, if we go over to the summary slide on page 20. To sum up, we have new times ahead of us both in the world around us, but also within the real estate market with high inflation and increasing interest rates. During these times, it is important to have stable finances. KlaraBo has taken responsible measures of meeting these times by increasing credit lock-in to 2.9 years. Keeping an LTV level well below our financial target of 65% and making sure that we have the strongest financial position ever by having SEK 2 billion in available funds. Funds that will be used to continue to build long-term value by increasing the organic growth of the 3,500 apartments with renovation potential, but also for acquisition if opportunities turn up. With that, I would open up for any Q&A. We will now begin the question and answer session. To ask a question, you may press star and then 1 on your telephone keypad. If you are using a speakerphone, please pick up your headset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star followed by 2. At this time, we will pause momentarily to assemble our roster. Once again, to ask a question, please press star followed by 1. So far there are no questions, sir. Okay. Jenny and I would like to wish everybody a great summer, and thank you for listening, and see you in the fall again. Thank you very much. Bye-bye. Bye-bye.