Welcome to Logistea Q2 earnings call 2026. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to CEO Niklas Zuckerman and CFO Philip Löfgren. Please go ahead. Good morning and welcome to the presentation of Logistea's first half of 2026. As always, to present, myself, Niklas Zuckerman, and Philip Löfgren. Also as always, we are happy to take any questions after the presentation. We have, during the first half of 2026, continued to deliver on our strategy to build a portfolio of long leased properties within logistics and light industrial. We today own 170 properties at a value of SEK 17.6 billion. The occupancy stands high at 97%, and we are reporting a net initial yield of 6.8%. Focus for the growth has been the Nordics and will continue to be the Nordics, we will come back to the transactions undertaken during the first quarter of this year. Highlights for the first six months include that we are reporting income of SEK 622 million, representing a 22% increase compared to last year. The NOI stands at SEK 559 million, the income from property management is up 27% to SEK 313 million. The income for property management per share is up 20% to SEK 0.61 per share. We have so far during this period acquired properties at a value of SEK 1.4 billion. We have had a high net letting of SEK 22 million, following a very active first quarter of this year, and the income from property management per share in the run rate is up 13% year to date. We still have a large cash balance of more than SEK 500 million, and thus that gives us room to continue to expand when and if we find interesting investment opportunities. As said, we have reached a portfolio of almost SEK 18 billion, reporting a stable yield and a stable yield gap of, as you can see, 2.4%. The transactions during the second quarter includes two properties in Finland. The first one is located in Helsinki- Vantaa. It is located close to the airport and built in 2023. The property is fully leased to a strong Finnish tenant within the food industry on a 12-year lease. We are expecting closing end of August, the property is valued at SEK 142 million, representing a net initial yield of 7.5%. The next one is located actually on the airport of Turku, leased to tenants like FedEx and DHL. Slightly shorter leases, three years on average, but the tenants have been in the premises or in the properties for 25 years. Turku has a large exposure to air freight due to many companies within the pharmacy business in the region. Property value SEK 114 million, representing a net initial yield of 8.5%. The next one is the most recent transactions that we have done in July. It's two properties located in Tampere and Oulu. Both properties are leased to Vianor on seven-year leases. Vianor is owned by Nokian Tyres. Both properties are built to suit for the tenants in 2008 and 2012 respectively. Here we're talking SEK 145 million and a net initial yield of 8%. On this one, we're also expecting closing in mid-August. Adding the properties that I just mentioned on the previous slide, we have now reached SEK 1 billion worth of properties in Finland. Finland is an important market, as you can see on this slide with the flags. Not only have we reached SEK 1 billion worth of properties, we also just recently hired an asset manager that will start after the summer. If we summarize what we've done the first half of this year, and the property just presented on the previous slide, we are up at SEK 1.7 billion at an average yield of 7.3%. These acquisitions are in total adding SEK 0.17 per share in terms of income from property management. As we mentioned on the previous call, we're continuing to work with the site in Lockryd, outside of Borås. It covers some 730,000 sq m of land, which equals some 470 sq m of building rights. As we've said before, we also have an agreement with Vattenfall for delivery of 150 MW of power. We are in ongoing discussions with potential tenants for development. Obviously we'll come back when and if anything is signed and reported to the market. The NOI in the run rate amounts to almost SEK 1.3 billion. Income for property management amounts to SEK 678 million. We have added CAGR, as you can see for the past two and a half years it's been 28%. The increase for the past year is 19%. The portfolio composition has obviously changed slightly over the past year. We are now up at 94% of the property value located in the Nordic countries. As I just said, we've now reached SEK 1 billion worth of properties in Finland. Hardly any changes in the leasing portfolio during the second quarter, but we had a very strong first quarter as you can see. For the first half year, we're reporting SEK 22 million of positive net lettings. It's worth mentioning that SEK 18 million of that number is not yet included in the occupancy rate, nor in the run rate since the tenants have not moved in yet. With that, I hand over to Philip. Thank you, Niklas. Looking on the outcomes on the financial side, I can confirm a stable growth on all of the lines on the P&L. The revenue for the quarter increased to SEK 321 million compared to the same quarter last year of SEK 263 million, and the last quarter of SEK 301 million. The increase is mainly due to acquisitions and leasing activities during the period, but also a 4% increase in the like-for-like portfolio from the quarter. Revenues for the period amounted to SEK 622 million, which is an increase of 22% from the same period last year. The net operating income came out at SEK 293 million for the quarter, also increased by 22% from the same quarter last year. The contributors to that increase are acquisitions and increases in the like-for-like portfolio. For the period, the NOI increased 23% to SEK 559 million. Operating margin and the adjusted operating margin on a last 12-month basis have been stable compared to the beginning of the year on around 91.1% and 96.3%. Moving over and looking at the profit from property management. During the quarter, the market interest rates have moved quite a lot in all currencies, especially in the NIBOR, which has increased about 30 basis points from the last interest fixing date. I do have some more information about loans and interest fixing on the next page, but these market interest rates have affected the net financial income in the quarter, which probably explains the difference from the consensus estimate. Profit from property management per share increased by 19% for the quarter and 20% for the period. Looking at the last 12 months basis, the increase was 24%. Following the increase of the net financials in the quarter, you can see that the interest hedging ratio for the whole group was about 75%. Looking at the loans in the NOK, Norwegian kroner, the interest hedge rate was around 44%, which is the reason why the NIBOR interest change had an instant effect on the quarter's net financials. We've chosen not to hedge the NOK loans as high as the SEK loans, since we don't believe that the price for longer interest fixing in NOK was worth the price. We do monitor the interest market for opportunities daily. As for so, we have fixed interest rates in SEK through derivatives amounting to a nominal value of SEK 1 billion at the average interest rate of 2.4%, with maturities of almost five and a half years, bringing the average interest maturity up to 2.3 years at the end of Q2. The loan-to-value ratio has decreased a bit in the quarter since the transaction was acquired by available cash. No loans on that, together with the ongoing amortizations. In relations, the net debt to EBITDA ratio decreased to 8.1x. Going forward, as I've said in previous calls, we will aim to increase the loan-to-value ratio a bit up to 55% to maximize the return on equity. We still see great appetite from the senior banks regarding lending terms relating both to current but also new lenders. This has resulted in a decreased average margin on bank loans from 1.7% to 1.5%. During the period, we've refinanced or renegotiated around SEK 2.1 billion of bank loans, resulting in a drop of 66 basis points on the margin on those loans. We also continue to focus on the amortization rate to free up cash flow for value-adding acquisitions and investments. During 2026, we've succeeded in lowering the rate from 3% down to 2.5%. Last but not least, looking at the financial targets and risk limitations, the curve is starting to flat out at 20%-25%. Looking at the annual growth of the profit from property management per share, well above the target of 15%. NRV per share increased 11% on a year-to-year basis, and excluding the paid dividend, the increase was 13%. The five-year figure is largely affected by the bigger share issue Logistea did back in Q3 of 2023 when we chose to issue new shares in order to buy back bond loans to solidify the balance sheet. The NRV per share dropped from SEK 16.5 down to SEK 13.3 following that share issuance. The loan-to-value ratio and the interest cover ratio are both on the well safe side and in line with our strategy. With that, I will hand back to Niklas for some closing remarks. Thank you very much. As we have said, stable and good quarter, both when it comes to adding new acquisition, but also taking care of the existing portfolio. We're reporting good numbers basically throughout. What to expect in the future, we still have a bit more than SEK 500 million worth of cash. More of the same, more creative acquisitions, investments into our own portfolio that will drive the increase in income from property management per share. With that, I think we're done for now and open up for any 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 Fredrik Skjerven from ABG Sundal Collier. Please go ahead. Thank you very much. Morning, Niklas. Morning, Philip. A couple of questions. The first one on the Lockryd industrial area. You mentioned that you sort of have ongoing discussions and dialogues with potential tenants. At the same time, I don't think I'm the only one thinking about data centers when you say you have 150 MW of power. Maybe can you talk a little bit more about this and the discussions you have? Are those for industrial areas? If you were to build something in the data center space, would that be yourself or with a partner, or would you sell that land? Do you have any thoughts about potential investment volumes for this area? Thank you, Fredrik. Taking a step back, obviously, it's a big site. When saying that we're in discussion with potential tenants, it could be both call it logistics like industrial and for a potential data center. Looking at the potential data center, it's a bit too early to communicate. One should also bear in mind that we're a logistics company and not the data center expert. With that said, we've spent now, what is it, four years on this site, and together with Vattenfall, obviously we will make sure that we will take care of that power that will be brought to this site. A bit boring answer is that a bit too early, but obviously we will communicate as soon as we have something in writing. This is a site that we're spending a lot of time on, both when it comes to potential data centers, also normal logistics warehousing. Yeah, that's fair. Thanks. Secondly, on acquisitions, the most recent ones have been very much tilted towards Finland. You now have local staff joining after the summer I know you evaluate M&A on a deal-by-deal basis, you look at several countries and so on. Would you say that you think Finland is the market where you will continue to find the best deals? Should that country likely be where you do material M&A also going forward? I would say no. What we've done so far this year, the majority has been in Sweden and second market has been Finland. We are looking at all of the four Nordic markets. It could well be that we do something in Denmark or Norway also. Obviously, depending on the pricing and what type of bank financing we can achieve. We like all of the four markets. Finland has been, together with Sweden, the most attractive ones the past 12 months. It could well be, as I said, that Denmark looks more interesting in the autumn. We'll continue to look at all four. Yeah, that's clear. Last one, just to confirm, I'm sure you mentioned this in the past. In terms of lending margins, given the answer you just gave in Finland, are they now similar to what you get in Sweden or more expensive? They're actually similar, is a fair answer. Almost tipping over to be even lower than Sweden. Interesting. Thank you. That's it from me. Thank you. The next question comes from Niklas Wetterling from SB1 Markets. Please go ahead. Good morning. I have one question, that's several of your peers have been active in the quarter issuing equity-like instruments, like at the end of [audio distortion] issued D shares and then preference shares. What's your view on these financing alternatives, and could they become relevant for Logistea going forward? As you know, we have maybe not gone the other direction, but now we only got one share being the B share to simplify it for the future. Obviously, we have looked at it in the past as well, as long as it makes sense, we could do it. As of today, we have taken the view that provided that the bank margins are low, we have a small portion of, call it normal bonds. I think it's now at 6%, that market is functional and quite well-priced. We have taken the view that we will stick to those two for now. We haven't closed any doors. Provided that we have a LTV of 50%, we still see or give ourselves room to continue to expand for, call it, the coming six to 18 months, without issuing any other instruments, so to say. Okay. Thank you. The next question comes from Erik Granström from DNB Carnegie. Please go ahead. Thank you. Good morning, everyone. I have a few questions. The first one regarding transactions, you mentioned it before, but could you say something about the hit rate that you have had so far in H1 and perhaps what you see in terms of pipeline to look at for H2? By that, I mean how many deals have you actively looked at in H1 versus what you, in the end, ended up buying? I don't have that number in front of me. I think when we last spoke to you and your colleagues, we said that we had analyzed roughly SEK 100 billion worth of properties. At that time, we probably did some SEK 2 billion-SEK 3 billion worth of transactions at Logistea. I think it's a similar type of pattern that we have seen during the first half of this year. What we do see, and I think I had a line on that one in the CEO statement, is that we have seen a couple of examples in both actually Sweden and Finland, where pricing has moved. Lower yields driven by other or similar peers to us, in some cases, international buyers in some others. The feeling is that it has started to tighten up in both Sweden and Finland. Norway has been tight for long, Denmark is a bit more volatile, a lot of PE funds. Pipeline still looks good. The number of properties or transactions that we, call it, are overbid by someone else is, it's not less, it's probably more. We still believe that we can find good and attractive investments in several of the Nordic markets. Okay, a follow-up on that. Given that you're seeing tightening in terms of pricing in some of the markets, and I assume some of the assets, do you feel that that could open up for an opportunity for you to divest something in order to reallocate that capital elsewhere? It could well be. We have now reached the, call it the critical mass. We're almost at SEK 18 billion and looking to use the SEK 500 million that we have in cash. Everything equal, we're facing SEK 20 billion fairly soon. As I said, with the critical mass, one could look at opportunities where you sell SEK 500 million in one market, and you buy SEK 500 million in another market. Absolutely, that could well be the case. Okay, thank you. Finally, my final question is, could you say something about what you know in terms of potential terminations or new leases coming in, let's say in the next two quarters? Are there anything major in terms of the contract structure that you feel that we should be aware of? No. As we mentioned, the large positive net lettings that we saw in Q1, SEK 22 million, out of the SEK 22 million, SEK 18 million, had they not moved in, so to say. That would come during the third and the fourth quarter. Yes. Other than that, no terminations that neither we or you are aware of. No significance. Yeah, no. Okay, perfect. Thank you. Those were my questions. There are no more questions from teleconference lines at this time. I hand the conference back to the speakers for any written questions and closing comments. We've got one or two actually, but from same people. The first one is, could you please confirm that the transactions to be closed in Q3 are not reflected in the earnings capacity, please? That's correct. The properties that we have closed during the second quarter, they are included. In addition, the 150 MW is a lot of power. Could you please share whether you are exploring alternative opportunities there such as data center? That we can also confirm. As this person is saying, 150 MW is a lot. We have come far. We've spent now four years, and it's not that far until we got the power at hand, so to say. Obviously, with 150 MW, the data center is obviously something that is being explored. Good. Nothing more in writing. Seems that we don't have anything on the phone as well. With that, if any follow-up questions, let Philip or myself know, otherwise we wish you all a great summer break, speak in August again. Thank you so much. Thank you.