Skanska (OTCPK:SKBS.Y) 2025 Capital Markets Day November 18, 2025 11:00 AM ET Company ParticipantsClaes Larsson - EVPNone - Video NarratorAnders Danielsson - President and CEOAntonia Junelind - SVP of Investor RelationsRichard Kennedy - EVPLena Hök - EVPJonas Rickberg - EVP and CFOStåle Rød - EVPConference Call ParticipantsNone - AnalystErik Granström - AnalystGraham Hunt - Managing Director and Equity AnalystKeivan Shirvanpour - Equity Research AnalystNone - AnalystAntonia JunelindA warm welcome to Skanska ...

Vi e w p o i n t | 14 Nov 2025 02:31:20 ET │ 15 pages China Property Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsistent with the author ...

Financial Data and Key Metrics Changes - For Q3 2025, the company reported flat revenues of $37.7 million compared to $37.6 million in the previous year, with a decrease in NOI from $21.8 million to $20.8 million and a decline in AFFO from $7.8 million to $5.6 million [10][11][12] Business Line Data and Key Metrics Changes - Residential properties are performing well, with overall occupancy at 99% and new rental rates exceeding previous rents by over 14% [4][7] - The newly completed Prospect House is currently 60% leased with pre-market rents at $88 per sq ft [5][8] - The Clover House property achieved 100% occupancy with average rents at $88 per sq ft and new leases at $95 per sq ft [7][8] Market Data and Key Metrics Changes - The overall collection rate for residential properties was approximately 95%, with Clover Gardens at 92% [9] - The demand for residential leasing is expected to remain strong due to constrained rental housing supply in New York City [7] Company Strategy and Development Direction - The company is focused on optimizing capacity, pricing, and expenses to position itself for growth [9] - Future plans include full lease-up of Prospect House and finalizing negotiations for properties at 141 and 250 Livingston [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance of residential properties and anticipated continued high demand for rentals [4][7] - The company is actively working to bring office properties back to a cash flow position [5] Other Important Information - The company announced a dividend of $0.095 per share for Q3 2025, consistent with the previous quarter [14] - The balance sheet shows $26.1 million in unrestricted cash and $30.6 million in restricted cash, with 88% of operating debt fixed at an average rate of 3.87% [13] Q&A Session Summary - There were no questions from participants during the Q&A session [17]

Summary of Conference Call on China Property Market Industry Overview - **Industry**: China Property - **Key Focus**: Potential lifting of home purchase restrictions (HPRs) in tier-1 cities such as Beijing, Shanghai, Shenzhen, and Sanya due to deteriorating market conditions [1][3][4] Core Insights and Arguments - **Policy Speculation**: Commentary from state media on accelerating the removal of unreasonable real estate policies has led to speculation about lifting HPRs [1][3] - **Market Sentiment**: Even if HPRs are removed, the positive impact on market sentiment is expected to be short-lived, categorized as a "Level 1" measure in the policy matrix [1][4] - **Price Trends**: Secondary home prices in tier-1 cities have fallen 38% from their peak, with a 9% decline year-to-date. Monthly average price drops are around 1.6% [3][4][10] - **Gradual Easing**: Any relaxation of HPRs is anticipated to be gradual rather than a one-off event, allowing policymakers to adjust as needed [4] - **Need for Stronger Measures**: A mere removal of HPRs is deemed insufficient to sustain market recovery; stronger measures are necessary to stabilize or recover home prices [4][15] Important but Overlooked Content - **Historical Context**: The narrative of removing unreasonable policies is not new, having been mentioned in the 15th Five-Year Plan [3] - **Current Market Conditions**: Despite calls for the housing market to stabilize, actual support measures have been minimal, indicating a need for more robust policy support [4] - **Comparative Analysis**: In cities like Guangzhou and Hangzhou, where HPRs have been eliminated, no significant recovery was observed post-initial volume increase [4] - **Investment Recommendations**: Top picks for investment include China Resources Land, China Resources Mixc, and Jinmao, with Longfor seen as offering the best risk-reward in a policy-induced rally [1][21] Conclusion - The China property market is facing significant challenges, with declining prices and sales volumes prompting speculation about policy changes. However, the effectiveness of potential measures remains uncertain, and stronger actions are needed to ensure a sustainable recovery.

10 November 2025 | 2:10PM CST Equity Research CHINA PROPERTY Trip Takeaways: A Diverging Mosaic We toured around Shenzhen and Guangzhou last week to pulse-check on local property and broader consumer markets by visiting several developers and frontline residential projects sites, high-end mall operators, financial institutions, property managers, property agents and property/consumption-related divisions of tech companies. In general, we observed contrasting trends between high-end segment and the broader m ...

November 7, 2025 11:44 AM GMT China Property | Asia Pacific AlphaWise China Property Survey, Oct-25: Sentiment Worsened More in Tier 1 Cities M Our recent AlphaWise survey of >2,000 residents shows a weaker home price outlook, in particular in higher-tier cities. Homeowners' disposal plans remain urgent; home purchase plans remain weak. Weaker buyer sentiment, reactive policy, and a high base may keep sales drops deep in coming months. Key Takeaways Housing price outlook worsened further: In our October sur ...

Financial Data and Key Metrics Changes - Funds from Operations (FFO) per share for Q3 2025 was $1.74, which is $0.04 above the forecast and $0.02 above market consensus [4][37] - The midpoint of the earnings guidance for the full year 2025 was raised by $0.03, now projected at $6.89 to $6.92 per share [4][39] - Occupancy in the same property pool increased by 20 basis points from the previous quarter, reaching 86.6% [20][37] Business Line Data and Key Metrics Changes - Over 1.5 million square feet of leasing was completed in Q3 2025, a 39% increase compared to Q3 2024 and 130% of the last five-year average for the same quarter [5][4] - Year-to-date leasing activity reached 3.8 million square feet, which is 14% greater than the first three quarters of 2024 [5] - The overall mark-to-market on leases signed this quarter increased by almost 7%, with notable increases in Boston (12%) and New York (7%) [23] Market Data and Key Metrics Changes - Office transaction volume in private markets improved, with significant office sales reaching $12.9 billion in Q3 2025, up 6% from Q2 2025 and 55% from Q3 2024 [8] - Office utilization data showed a 13% increase over the last year, with September 2025 utilization at 26.3% below 2019 levels [6] - Direct vacancy for premier workplaces in key markets is 11.7%, significantly lower than the broader market [10] Company Strategy and Development Direction - The company aims to sell 27 non-strategic assets for approximately $1.9 billion by year-end 2027, with 23 transactions closed or underway totaling roughly $1.25 billion in net proceeds [7][8] - Focus on increasing portfolio concentration in premier workplace assets located in core gateway markets, which are outperforming the broader office market [10][11] - Plans to grow FFO through selective new developments, particularly in multifamily projects, with a financial partner [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are growing and utilizing their spaces more intensively, leading to positive leasing market conditions [16] - The company expects to achieve a 200 basis point increase in occupancy by the end of 2026, supported by a strong leasing pipeline [49][66] - The debt and equity markets are becoming more constructive on the office sector, improving capital availability and pricing [16][36] Other Important Information - The company recorded $212 million in impairments related to assets part of the strategic sales program [38] - The company is actively pursuing high-quality development opportunities with expected cash yields over 8% [12] Q&A Session Summary Question: Thoughts on reallocating capital into premier locations and smaller markets like Seattle and LA - Management acknowledged that LA and Seattle are weaker markets with no current development opportunities, but would consider acquisitions if they arise [44][45] Question: Confidence level regarding occupancy increases in 2026 - Management expressed confidence in renewing leases and maintaining leasing velocity, projecting a 200 basis point increase in occupancy by the end of 2026 [47][49] Question: Recovery in San Francisco and Salesforce's commitment - Management noted that AI demand is focused on low-rise buildings south of Mission Street, and Salesforce's commitment is seen as positive for job growth and office demand [50][55] Question: Percentage of pre-pandemic leases still to be addressed - Management indicated that most growth is coming from existing clients expanding their space, with limited rollover risk [58][63]

杭州10月份的首场土拍由滨江区浦沿杨家墩地块开场，唯一的一宗地块引来13家房企竞拍，足见其激烈程度。10月15日出让的最终被杭州本土房企大家房 产竞得，楼面价25317元/㎡。 时隔两周，10月的最后一场的土拍同样由浦沿收场，就在大家浦沿地块的南侧一路之隔，其姊妹地块（浦沿单元BJ040301-02地块）今日开拍。 值得一提的是，大家浦沿地块竞得楼面价25317元/㎡，今日英冠拿下其姊妹地块25108元/㎡，由于春来晴翠为商住地块，因此在价格上参考性较小。此前 限价时期，浦沿板块新房均价普遍在3.8-4万/㎡左右，其中备受关注的栖棠誉湾如今已是现房，2018年出让时地价为2.18万/㎡。如今的地价也较几年前普 遍上涨了4000元/㎡，地价涨幅约18%，那么，接下来大家浦沿项目、英冠浦沿项目相继入市的价格是不是已经可以看到上涨的幅度和方向了。 和浦沿一样，下沙同样是钱塘区在新增土地中的供应主力。 浦沿单元BJ040301-02地块，容积率2.5，可建面积6.9万㎡，起拍总价14.5亿元，起拍楼面价21040元/㎡。开拍不到10分钟，房企们火力很猛，溢价率直接 突破8%。最终，经过29轮竞价，由英冠以总价约17. ...

Summary of Conference Call on China Property Sector Industry Overview - The conference call focuses on the **China Property Sector**, highlighting the current market conditions and future expectations for developers and policies affecting the industry. Key Points and Arguments Market Conditions - The sector is expected to trade within a range due to sluggish fundamentals and potential policy support, with a current P/E ratio of **8.5x FY27E**, aligning with historical averages [1][2] - National inventory is projected to remain high at **24 months** through **2027**, but Tier 1 and top 15 cities may see inventory decrease to **15 months** by **2026/27** [3][4] - New home sales volume/value is forecasted to decline by **5%-7%** and **8%-10%** in **2025**, with further mid-single-digit declines in **2026** [3][4] Developer Performance - Top developers are focusing on major cities, acquiring land only in the **10-20 largest cities** since **2024**, despite generating sales from **60 cities** [4][5] - Developers with younger land banks (acquired after **2022**) tend to have higher returns on invested capital (ROIC), with **Binjiang, C&D, and COLI** having the youngest land banks [5][6] - The earnings estimates for the sector have been trimmed by single-digit percentages, reflecting minor changes in contracted sales forecasts [5][6] Policy Outlook - Policymakers are expected to emphasize quality housing in the upcoming **15th Five-Year Plan**, with no major new policy support anticipated until **March 2026** [2][24] - Potential policy tools include tax deductibility for mortgage interest, lower transaction taxes, direct subsidies to home buyers, and relaxation of urban redevelopment restrictions [2][29] - The **Fourth Plenary Session** is expected to provide preliminary guidelines for property policy over the next five years, focusing on balancing growth and risk control [24][27] Risks and Challenges - Secondary home prices have declined by **1.6% MoM** in September, nearing the steepest decline observed in the second half of **2023** [21][22] - Real estate investment fell by **20% YoY** in September, worsening from a **10%** decline in the first half of **2025** [22][23] - Home prices are expected to face significant downside risks, with estimates suggesting a potential **20%** correction for entry-level buyers in Tier 1 cities [56][58] Developer Ratings and Forecasts - Price objectives for several developers have been revised, with **Binjiang** seeing an increase from **12.8 billion** to **13.5 billion**, while **Poly** was cut from **8.0 billion** to **7.5 billion** [8][9] - The contracted sales forecast for key developers has been adjusted, with **CMSK** seeing an increase due to better-than-expected performance, while **COLI** and **Poly** have been trimmed due to deteriorating market conditions [76][79] Conclusion - The China Property Sector is currently facing a challenging environment with sluggish sales, high inventory levels, and declining prices. However, top developers are strategically focusing on major cities and improving their land bank quality, which may position them better for future recovery as policy support is anticipated in the coming years.

Summary of Conference Call Notes on China Property Market Industry Overview - The conference call focuses on the **China Property** market, highlighting ongoing weaknesses in the housing sector as of September 2025 and expectations for further declines in October due to a high base effect [1][4]. Key Points and Arguments 1. **Market Weakness**: - The housing market continues to show weakness, with home prices and real estate investment declining. National sales value fell by **12% year-over-year (Y/Y)** in September, despite a **3% Y/Y increase** in sales from the top 100 developers [1][3]. - The discrepancy between national sales and top developers' sales is noted, likely due to differences in sales registration timing [3]. 2. **Future Expectations**: - A higher likelihood of new policy support from policymakers is anticipated, especially as the market conditions worsen. The phrase "the worse, the better" is used to describe the potential for policy intervention [1]. - The forecast for **4Q25** indicates a **15% Y/Y decline** in national sales value, with top 100 developers potentially facing a **>30% Y/Y decline** [3][4]. 3. **Home Prices**: - The **70-city home price index** showed a month-over-month (M/M) decline of **-0.41%** in September, worsening from **-0.30%** in August. Secondary home prices also declined, with tier-1 cities experiencing a slight improvement [3][4]. 4. **New Starts and Completions**: - New construction starts dropped **14% Y/Y** in September, an improvement from **-20% Y/Y** in August. However, completions rose **1% Y/Y**, primarily driven by strong growth in office and commercial properties [3][4]. 5. **Real Estate Investment (REI)**: - REI saw a significant decline of **21% Y/Y** in September, marking the worst decline in recent years. The full-year forecast for REI has been revised down to **-14% Y/Y** [3][4]. 6. **Sales Forecasts**: - The full-year sales value forecast is a **10% Y/Y drop**, widening from an **8% Y/Y decline** year-to-date. The anticipated decline in October is expected to be exacerbated by a high base effect [1][3]. 7. **Investment Recommendations**: - The fundamental top picks for investment include **CR Land**, **CR Mixc**, and **China Jinmao**. In a potential policy-induced rally, **Longfor** is expected to have more upside among non-state-owned enterprises (non-SOEs), while **COLI** and **COPL** are seen as laggards among state-owned enterprises (SOEs) [1]. Additional Important Insights - The analysis indicates that while the overall market metrics may not yet appear "bad enough" to trigger stronger policy support, specific metrics, particularly in tier-1 cities and REI, are already at concerning levels [4]. - The conference call emphasizes the importance of monitoring upcoming data releases, particularly for October, which is expected to reflect the impact of the high base from the previous year [4]. This summary encapsulates the critical insights and data points discussed during the conference call regarding the current state and future outlook of the China property market.