Operator

Welcome to the Balder Q1 Report 2026. [Operator Instructions]

Now I will hand the conference over to IR Jonas Erikson. Please go ahead.

Jonas Erikson
Investor Relations Executive

Good morning, everyone. Welcome to this presentation for Balder's First Quarter Results 2026. My name is Jonas Erikson, Investor Relations. And with me in the room, I have Erik Selin, CEO; and Ewa Wassberg, CFO.

I'll hand over to Erik and Ewa for some opening slides, and then we'll open for questions after that.

Erik Selin
CEO & Director

Thanks, Jonas. Looking at Balder at a glance, the overall picture, you can see that it's a Nordic real estate exposure, roughly half is residential and half is commercial. By this quarter, we had a portfolio value of SEK 237 billion, occupancy rate 95%, net debt SEK 49 million. We have a good liquidity of SEK 22 billion. NAV per share stands now at SEK 96.6, and that's a growth compounding rate of 25% since inception. And also worth to mention, we have a rating from S&P, BBB flat, and that was recently confirmed, that was in April.

Moving on to the first quarter. Rental income is up only 1%. That is quite a low figure, we think. We have some explanations for that. And we have a currency effect that is headwind for