Welcome to Neobo Q2 Report 2026. For the first part of the conference call, the 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. Now I will hand the conference over to CEO Ylva Sarby Westman. Please go ahead. Thank you very much. Good morning, everyone, and welcome to the presentation of Neobo's interim report for the first half of 2026. My name is Ylva Sarby Westman, and with me today is our CFO, Maria Strandberg. Despite an uncertain market environment, we have stayed focused on what we can influence and continued to improve our residential areas. Our rental income in the like-for-like portfolio increased by 4%, driven in part by completed apartment renovations and lower vacancy rates. Net operating income decreased to SEK 244 million, mainly due to divestments and colder weather in the first quarter. Profit from property management decreased to SEK 87 million, driven by the same factors. Due to share buybacks, profit from property management per share decreased slightly less by 11%. The value of our property portfolio remained stable at SEK 13.6 billion. It comprises approximately 8,100 apartments, with residential properties accounting for 95% of the total portfolio value. Rental value continues to increase, as previously communicated, the annual rent negotiations for our residential portfolio have been concluded, resulting in an average uplift of 3.4%. The increase has also been supported by lower vacancies and apartment upgrades. The economic occupancy rate has improved by one percentage point over the past 12 months. During the second quarter, however, it declined slightly to 93.5%, following the departure of some commercial tenants. Two divestments of low-yielding properties were completed in June as part of our strategy to optimize the property portfolio and maximize shareholder value. Prästkragen 5 in Helsingborg was divested at an underlying property value of SEK 27.5 million, representing a premium of 3% to the book value. Two leasehold properties in Varberg were divested at an underlying property value of SEK 104 million, which was 18% above the book value as of Q1. Closing will take place during the third quarter. These transactions release capital that will be used for higher return investments with the aim of increasing Neobo's net asset value and earnings per share. It is positive to note that activity in the transaction market has picked up significantly, with volumes up 65% year on year. The increased liquidity creates new opportunities for us. We will continue to actively optimize our portfolio. We continue to create value through strategic improvements. During the period, we invested SEK 96 million in initiatives that strengthen NOI, including the renovation of 88 apartments and several sustainability projects. Among other initiatives, we completed fiber installation in 20 properties, achieving a yield on cost of 25%. We have also renovated a number of apartments in the Stockholm area, generating rental increases of 45% and a yield on cost exceeding 9%. To accelerate our sustainability efforts, improve operational efficiency, and support NOI growth, we have established a new Chief Technology Officer position responsible for leading Neobo's technical organization and advancing our operational and sustainability agenda. Some additional comments on our first half results. We have remained focused on increasing rental income and improving cost efficiency. As mentioned earlier, the first quarter was significantly colder and snowier than last year, resulting in higher property costs. At the same time, our efficiency initiatives reduced central administration expenses by SEK 1 million. The value of the property portfolio remains stable at SEK 13.6 billion, and the average weighted yield requirement is unchanged at 5.1%. An overview of Neobo's earnings capacity. Net operating income decreased by SEK 1 million, reflecting the net effect of higher rental income from renovations and higher vacancy rate. Net financial items improved by SEK 6 million, mainly driven by lower lending margins. Profit from property management increased by SEK 4 million. Our financial position remains strong with a loan-to-value ratio below 50%, an interest coverage ratio of 1.8 times, and an average interest rate of 3.4%. We continue to benefit from a solid and resilient capital structure. During the quarter, we extended two loan agreements totaling SEK 1.2 billion on attractive terms. Thanks to strong access to capital and confidence in Neobo's financial profile, we secured financing at margins below the average margin of our existing loan portfolio. Interest rate derivatives are used to improve cash flow predictability and reduce financial risk. At period end, the aggregated nominal value of active swaps amounted to SEK 5.9 billion. Creating long-term shareholder value remains at the core of our strategy. In the current market environment, we view share buybacks as an attractive capital allocation opportunity and an effective way to increase long-term value for our shareholders. During the second quarter, we initiated our third share buyback program, and we now hold 5.8 million shares, representing approximately 4% of the total number of shares. At the end of May, Neobo had around 74,000 shareholders. Finally, I would like to thank our shareholders and investors for your continued support of Neobo. I wish you all a great summer and look forward to an exciting and productive second half of the year. Thank you for your attention, and we are now happy to take 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. There are no telephone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. Yes, we have two written questions. The first one, commercial tenants seem to be developing weakly. Do you see more tenants leaving the coming quarters? No, we don't see this as a trend. During this period, we have had two commercial tenants in Karlskoga and one in Enköping vacated their premises. We are now actively working to secure new tenants for these spaces. I don't consider this to be a trend. Can you give an estimate how much of your portfolio is for sale and how much are core holdings? Very good question. As we have said several times before, the optimization is a very important part of our strategy. We really would like to make it much more efficient in fewer municipalities with a higher concentration in strategic areas and good markets. I think I have mentioned before that maybe 20 municipalities in the long perspective going forward. We are today represented in 38 municipalities. We are working with a lot of discussions all the time, I would say. It's an important part of our strategy. We don't have a figure like SEK 3 million is up for sale or something like that. We will for sure continue to make it more efficient and to be able in the next step to grow the property portfolio in strategic markets. Yes. The next question, what are the biggest obstacles to closing the gap between the actual property and property management and maximizing the earning capacity? Sorry, one more time, please. The actual property and property management cost, I guess. Maximizing its earning capacity. The gap between the earning capacity and the actual costs. The actual costs. I think we have a lot of things to do to really increase the return. We can see now that on the cost side; we really think that we are on the right level in the earnings capacity. For sure, there are some differences between the run rate in the long-term earnings capacity and the actual results when it comes to income. It's rental discounts and figures affecting more on a short-term basis that's affecting the earnings capacity. On the cost side, we have I think a lot of wins to make to once again make the property portfolio more efficient, more concentrated. The organization is spread, as we would like to really be able to make a more efficient property management organization, so to say. I also think that we have a lot of things left to do when it comes to using the synergies in Neobo when it comes to lowering costs, using our size in all different markets. Still a good potential, I would say, also to lower our costs going forward. Yes. The last question, who decides on the size of ongoing repurchases? Is it correct that SEK 39 million remains under the current program? Yes. Starting with the last question, SEK 39 million approximately remains on the third program, it's the board of directors in Neobo that decide. Of course, we have a discussion in the board meetings regarding the liquidity, the capacity, and the possibilities to do share buybacks. The decision is the board's, but we discuss it very closely, of course. Now we have succeeded in two successful divestments in June, releasing more than SEK 80 million in capital. We haven't closed the deals yet. That will be done during the third quarter, we will have a liquidity effect that's very positive. Of course, I think the board will take that under consideration when they thinking about share buybacks going forward. Yes, that was the last one. Okay. Thank you very much for your attention and have a great summer.