Welcome to Prisma Properties' Q1 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 CEO Fredrik Mässing and CFO Martin Lindqvist. Please go ahead. Good morning, everyone, and thank you for joining today's presentation of our Q1 report. We have entered the year with continued strong momentum, maintaining the pace from the final quarter of last year. Our strategy continues to deliver results, and we are growing in both size and profitability. During the quarter, we passed the SEK 10 billion mark, up from SEK 6.5 billion when we listed the company in June 2024, and we remain on track to reach SEK 16 billion by the end of 2028. Let's go through the key highlights. This quarter, we have focused on activating our building rights. We have signed several new long lease agreements with leading QSR tenants in both Sweden and Denmark, with these developments expected to be completed during the year and in 2027. We continue to focus on the remaining building rights in our portfolio with the ambition that all of them will be activated and generate income before the end of 2028. As for our largest building right in Kungens Kurva, the zoning process is underway, and we expect it to be finalized in Q1 2027. We aim to communicate our plans and future tenants in the near future. In Finland, we have continued to acquire modern Discount Retail during the quarter. Since entering the Finnish market, we have completed acquisitions of almost EUR 160 million. We will continue to grow through new acquisitions with a target of reaching over EUR 200 million in the coming quarters, focusing primarily on grocery assets, while also making progress on our development projects in Sweden and Denmark. This quarter, we've also entered into an agreement to sell our two properties in Norway, and we exited the Norwegian market in early April this year. This was a strategic decision as we continue to focus on Sweden, Denmark, and Finland, markets where we see the best opportunities ahead. In Sweden, we were pleased to see our first ICA Maxi store completed during the quarter. Our second ICA Maxi store in Mariestad is currently under construction and is scheduled to open in March next year. I'm also pleased to share that our earnings per share have doubled compared with Q1 2025, reflecting strong operational performance and efficient capital allocation. In Q1, we continued to see strong rental income growth, up 33% year-over-year. Rental income reached SEK 151 million, compared to SEK 113 million last year. This growth was driven by acquisitions, completed projects, and CPI-adjusted leases. Net operating income increased by 41%, reaching SEK 132 million, compared to SEK 94 million in Q1 2025. Our profit from property management increased to SEK 69 million, up 52% year-over-year. Our property yield remained relatively unchanged, but we continue to see increased interest and improved sentiment for our segment. This quarter, we also signed several new long lease agreements. Net letting in the quarter amounted to SEK 15 million, and Prisma has now delivered positive net letting for 13 consecutive quarters. We have also successfully completed a SEK 250 million bond tap issue. There was a strong interest from credit investors confirming confidence in Prisma, our business model, and our strategy. In the quarter, there were no major changes in our WALT or occupancy rate compared with the previous quarter. Our property management team continued to focus on letting the few remaining vacancies we have in the portfolio. With our latest acquisitions, the share of groceries and daily goods in the portfolio has increased slightly to 45%. Through planned acquisitions and development projects, we expect to continue increasing the share of grocery and daily goods in our portfolio in the coming quarters, with the ambition of exceeding 50%. This quarter, ICA has entered our top 10 list, and we also continue to grow with Rusta, two tenants we aim to expand further with over time. Our WALT remains stable this quarter, and our property management team continues to defend and extend our long and stable cash flows by focusing on renegotiating all contracts expiring before the end of 2029. As Fredrik mentioned, we passed the SEK 10 billion mark in Q1. Also noteworthy is that the project investments in Q1 are in line with our target pace of SEK 250 million per quarter. Valuation changes of 1%, mainly driven by project profits and NOI improvements, as well as a small effect from a slight yield compression. Our Norwegian assets were still in the books on the 31st of March, but as we mentioned, since then they have been divested. Currently, we have eight ongoing projects with an expected average yield on cost of 7.5%. This quarter, we have completed three projects. In Mora, where we completed our project with Lidl, T. Hansen, JYSK, and Blomsterlandet. In Lyksele, we have completed our construction of a Willys store. In Haderslev, Denmark, where we have finalized a Netto grocery store and a Sunset Boulevard restaurant. During the quarter, we have started two new projects. In Torsvik, outside Jönköping, we have started the construction of ShopShop and Burger King. In Värnamo, where we have started construction of a KFC restaurant. Both projects will also include fast charging for electric vehicles. Our project in Tierp, which was scheduled to start in late Q1, has been delayed by a couple of weeks into Q2. The delay is due to a pending building permit, which we expect to receive before the end of April. Our project in Tierp is already fully let, and we have signed construction contract in place, so we are all ready to begin the construction. Here we are planning to extend our existing retail park with Grocery and Discount Retail. One other project that was scheduled to start in Q1 was our battery project in Kungens Kurva. This project has been postponed by one quarter due to that we have not yet received notice from the grid owner, Vattenfall. We have also added one new project in Stege, Denmark, where we are planning to develop a new grocery store scheduled for completion in Q4 2026. One project has been brought forward, our QSR project in Umeå, where we now plan to start the construction earlier than expected. Our project in Ronneby, which we planned to start in Q1 2027, has been moved forward to Q3 2027. This project will be added back to the list once we have more information regarding the timeline of the zoning process. Here, we have signed a 10-year lease agreement with a leading grocery chain. We continue ramping up our development activity and expect to add several new projects in the coming quarters. No major change in the owner structure as per quarter end. However, since then, we have noted that NP3 have exited their holding. We do not yet have any information on who bought that share. 33% growth on rental income. Of course, our entry into the Finnish market, that's the main source of growth. Also, we had a minor effect from the currency headwind versus the currency rates of last year. NOI is up by 41%, and the surplus ratio is up by 5 percentage points, despite higher than normal cost for snow handling. The Q1 2025 comps were not the toughest to beat. Profit from property management at SEK 69 million, with central admin on the high side related to tax advisory, which is offset by regained historical tax payment on the tax row in the income statement. Average interest, basically flat, and ICR at a comfortable 2.5. Net LTV of 48%, leaving headroom for further growth. As you know, we have a long-term target of 55% and a short-term roof of 60% LTV. You may note a new name in among the banks there, Nykredit. That is due to the acquisition by Nykredit of Spar Nord. It's not a new relation, it's just an acquisition in Denmark. The earnings capacity is including our April 1st acquisition of the assets in Southwest Finland. Also we have tweaked the model slightly. The forward-looking earnings capacity model, we have tweaked it slightly, because the exact number will always vary with the exact capital structure on the balance day of each quarter. The long-term trend is still the same as last. With that, we go into Q&A. 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 Albin Sandberg from SB1 Markets. Please go ahead. Yes. Hello? Can you hear me? Yeah, we hear you, Albin. Hello, Albin. Yeah. Okay. Perfect. Thank you. Yeah. Three questions from me. Martin, you mentioned the winter-related costs. How much did they actually hit your PNL in Q1 extra this year versus a normal year, you would say? Sorry, once more. The winter-related costs, given that the weather was a bit tougher. You mentioned that there were some challenges regarding the development center, I guess- Yeah. I would say. -in that lease in terms of how much. A couple of medium versus what we normally expect. Okay. Yeah. I read that low to mid-single. Is that fine? Your sound is not great, Albin. Okay. Let's see. Can you hear me. Yeah, we hear you. Okay, good. Okay, thank you. The Kungens Kurva project that we've spoken for quite some time. What are the remaining risks for you to be able to come up with some new plans for this in the very near term? We have a high known interest from several retailers to establish a store in Kungens Kurva. Currently, the current zoning approves Discount Retail, but we're now aiming to do a rezoning so we can also include groceries. The risk with the project as all other projects is the zoning process. We have started the process. The municipality is very positive, so we expect to receive a new zoning in Q1 2027. We have several options here. Yeah. We aim to have a finalized zoning Q1 2027, and we aim to communicate which tenants that we are planning to sign contract with in the near future. Yep. Obviously, your target is to activate the building rights. At the same time, you're being quite active in Finland. Going into the next, let's say, six to 12 months, will you be able to continue to do both, or should I read it that now you've established a foothold in Finland, so it's time to do more, let's say, development, or are you planning to do both going forward? We are planning to do acquisitions in Finland. We do not have a development capacity in Finland as of now, and we will not have that in the foreseeable future. The focus would be acquisitions in Finland, projects and acquisitions in Sweden, and mainly projects in Denmark. That's the basic structure. Yep, great. Just my final question, just any feel on the market, I'm thinking both from tenants and then maybe also from the financing side, given this recent turmoil. Anything you've seen in your portfolio, or is it more business as usual? From the tenant's perspective, they continue to show strong interest in establishing new stores on all our markets. Sometimes it can be locations where they already have a store where they want to relocate, but there are also some cases where in cities where they are not at the moment. The biggest interest is from the grocery chains across Sweden, and we also target the biggest cities when it comes to the discount stores, especially Stockholm, Gothenburg at the moment. On the financing side, we still see good appetite from the banks. No change there. Great. Thank you very much. Those were all my questions. 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 Philip Hallberg from Nordea. Please go ahead. Thank you and good morning. Good morning. Just have a couple of questions here. You have a very impressive feat here that over the last two years, you have added some SEK 230 million of NOI, while central admin is only up by SEK 6 million, according to your earnings capacity. My question is, are you able to continue to grow at the current pace without adding more to your cost base, or do you need to add more on the central admin line going forward? I'm not saying we're going to add zero to that. There will always be inflation, et cetera. The central admin costs, as we talked about when we made the IPO, et cetera, has been sort of a big cost item for us when we were a smaller company because we needed that structure in order to qualify for being a listed company. There are sort of functions. A fixed cost base that is independent of the size of the company in the central admin. Of course, going forward, if we add further countries, et cetera, we will have to review that one, but it will be nowhere near the growth of the top line. I don't promise exactly 44 forevermore. Sounds very good. Thank you. Yeah. Also, just to follow up maybe on the yield on cost. I think you stated here that you have an average of 7.5 on your ongoing projects. Yeah. For your planned projects, are you seeing sort of similar yield on cost levels, or what is your view there? We're going to see that it depends on if you look at our planned projects, we are planning to include more grocery projects. The yield on cost will or can go down the coming quarters, but we still get the project margins that we set. Minimum 15% for grocery and minimum 20% for QSR and Discount Retail. Yeah. Okay. Thank you. Also, I guess this will probably be a very minor effect, but what will be the effect on rental income from the region divestment? I don't think you communicated that, but can you give some color on that? The property value is around SEK 50 million. Yeah. You can make your calculation. It's negligible. Yeah. Hard word. Hard word. Yes. Yeah. Thank you. Thank you. Thank you very much. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you for joining today's presentation. We wish you all a great weekend. Thank you so much. Thank you.