Hemnet Group Aktie

Welcome to Hemnet's Q2 Conference Call. [Operator Instructions] Now I will hand the conference over to the speakers. Please go ahead.

Good morning, everyone, and a warm welcome to this 2026 Q2 release call for Hemnet Group. My name is Jonas Gustafsson, and I'm the Group CEO of Hemnet. We are a slightly bigger group than usual today given the extended agenda. Today, I'm joined here at our Stockholm headquarters by our Chief Financial Officer, Anders Ornulf; our Chief Operating Officer, Lisa Farrar; our Chief Technology Officer, Hanna Lindqvist; and our Head of Investor Relations, Ludvig Segelmark. Today, we have called for an extended session to cover an update on some important strategic and commercial topics and will, therefore, have a slightly longer presentation than usual.

With that, let's have a brief look at the agenda and what we have ahead of us for the coming 120 minutes. Please move to Slide #2. Firstly, we will start with a normal quarterly presentation where we will go through the financials and a business update from Q2. After that, we will follow up with a deep dive on Hemnet's market position, followed by a deep dive on both the commercial and product side as well on the technical and AI side. As always, there will be opportunities to ask questions at the end of the presentation. We will combine the Q2 Q&A with a deep dive Q&A into one session in the end of the presentation. Today's presentation will be moderated by our operator, so please follow the operator's instructions to ask questions through the provided dial-in details.

So with that, let's get started, and let's move on to Slide #5, please. During the quarter, net sales decreased by 23%, driven by lower listing volumes paired with a timing shift in revenue recognition from Sell First, Pay Later. The financial results reflect an expected transitional phase following the nationwide rollout of Sell First, Pay Later. Anders will explain this revenue recognition effect in more detail further on in the presentation. Published listings declined by 14% and amounted to 43,300. Paid listings came in at a total of 32,900 with a difference between paid and published listings being explained by the Sell First, Pay Later listings that were published but not yet sold in the quarter. ARPU, average revenue per listing grew by 12.4% in Q2, driven by higher demand for Hemnet value-added services. The EBITDA margin amounted to 46.4% in Q2. The lower margin year-on-year is explained by lower revenues driving lower fixed cost leverage. As volumes improve and our Sell First, Pay Later listings continue to convert into sold listings, we will see a stronger margin development going forward.

Now let's turn to Slide 6 for a quick look at the financial performance. Net sales amounted to SEK 372 million, down 23% compared to Q2 last year, driven by a combination of a timing effect on revenue recognition from the introduction of Sell First, Pay Later and a decline in listing volumes during the quarter. As a result of the lower net sales, EBITDA decreased by 33.9% to SEK 172 million. Lower revenues leads to lower fixed cost leverage, which explains the lower margin in the quarter. The EBITDA margin amounted to 46.4%. As per usual, Anders will break down these profitability dynamics in more detail as we move on in the presentation.

Now let's turn to Page 6 for a look at the underlying property market and the listing volumes development during the second quarter. In Q2, we saw a sequential improvement of listing volumes compared to the previous quarter. On the right-hand side of this slide, you will see a combined chart showing published listings per quarter and yearly published listings as well as the year-on-year change between quarters. Published listings decreased by 14.3% year-on-year in the second quarter. The trend improvement in number of listings versus the previous quarter is driven by a number of factors. Number one, the launch and the rollout of Sell First, Pay Later; number two, the introduction of strategic partnerships; number three, new regulations implemented by the beginning of the quarter; number four, more healthy underlying market transaction dynamics. However, the market remains soft and the slow market also continues to be negatively impacted by longer selling times. And the average listing duration on Hemnet has increased by 33% year-on-year to 64 days compared to 48 days in the same period during the last year.

Please remember that this is an LTM figure. This number is also impacted by the higher number of transactions that we saw in April and onwards, where more old inventory was sold, which pushed up the age of the sold listings on the platform. I will break this down in more detail on the next slide. All in all, a broader market recovery is progressing slightly slower than anticipated at the start of the year, but we do see clear signs of gradual improvement during Q2.

So with that, let's turn to the next slide and have a closer look on the historically high supply levels going into 2026 and how that impacts the market recovery. From the spring of 2022 up until the fall of 2025, we had a gradual and steady buildup of supply of listings on Hemnet. That means that during this 3-year period, more listings were published on Hemnet and in the market that were sold. You can see this quite clearly on the graph on the left-hand side of the slide, where the supply graph is higher every single year from 2021 to 2025, leading up to the record levels that we saw during last year in 2025.

During the second half of 2025, this trend started to reverse. And during the first half of 2026, we've seen a declining year-on-year trend for the first time since 2022, which you can see in the graph in the middle of the slide. This follows a pattern that we've seen historically, where a period of oversupply is followed by a correction where the number of transactions outweighed the number of new listings on the platform.

From a short-term perspective, this has negative impact on Hemnet, but from an overarching level, this positively impacts the market dynamics in the quarters to come. In the last graph on this slide, you can see the age distribution of sold listings in 2026 and how that compares to sold listings in 2021. In 2021, almost 80% of sold listings were less than 30 days old. In 2026, the same number is 44%.

On the same note, in 2021, only 5% of sold properties have been on the platform for longer than 90 days, whereas today, that number is almost 30%. As the property market is showing signs of improvement and recovery, more sellers and buyers are able to meet, which is driving more transactions and more of the existing supply being sold. This has a short-term effect on the listing days development, but it's very positive going forward as it opens up for new listings to come to the market and onto the platform.

Let's move on to the next slide and break down why we expect to see a continued improvement in the Swedish property market for the second half of the year. The Swedish property market is showing signs of improvement going into the second half of this year. In Q2, transactions on the property market increased by 11% compared to the same period last year, driven by the eased credit restrictions that were put into play by 1st of April. A more active market where sellers and buyers are able to meet is very positive for Hemnet and tends to drive more listings to the platform over time. After several years of higher interest rate environment, rates have stabilized into 2026. A stable interest rate environment creates predictability for buyers and sellers, which is a good sign for the period to come. We have also seen a strong price development in Q2 2026.

During the quarter, prices increased by 6.2% for apartments year-on-year, while the development for detached houses was plus 4.5%. In addition to the strong price performance, we're also seeing a continued positive market sentiment on price expectations in our monthly buyer barometer, where a significant share of prospective buyers expect prices to continue to increase in the coming 6 months, whereas the share expecting prices to come down continue to be below historical averages. All in all, there are a number of positive signs that indicate that the market will be stronger during the second half of next year and next year, which will help listing volumes on the platform as well.

And with that, I will hand over to Anders for a financial update, starting with Page 9. Anders, over to you.

Thank you, Jonas. Let's turn to Page 11 and the financial summary. As Jonas mentioned earlier, we are seeing a gradually improving market environment. While the volume of new published listings fell by 14% year-on-year, this represents a significant recovery compared to the steeper declines we experienced in the first quarter. The underlying volume trend, combined with the deferred revenue effect from our Sell First, Pay Later model resulted in a 23% decline in net sales, landing at SEK 372 million. While paid listings fell by 35%, the widening gap between published and paid listings is driven by the SFPL listing that remained unsold at the end of the quarter. I want to emphasize that Q2 is the peak quarter for absorbing the financial impact of this transition.

Following our nationwide rollout in April, where the service was offered to all property sellers for the first time, we naturally saw a high volume of initial listings under the new model, but with a relatively low share of listings actually sold and invoiced during the period. The vast majority of the revenue decline stems directly from this timing effect. In Q2, 40% to 45% of all published listings were under the SFPL model. At the same time, we are building a clear pipeline of around 10,000 unsold listings, which will be realized as revenue -- as these properties are sold going forward. Also on a positive note, we continue to see strong underlying performance in our paid ARPA, growing 12.4%, once again proving the sustained and increasing demand for our value-added services.

Another noteworthy point is the average listing time, which on a rolling 12-month basis increased from 48 days in Q2 '25 to 57 days in Q1 '26 and now 64 days in Q2 2026. The year-on-year effect of the longer listing duration time is negative SEK 13 million in revenue and the sequential effect of the 7 additional days from Q1 to Q2 is negative SEK 5.5 million. The development of listing duration time is important even at the time when parts of the revenue are recognized in full upon invoicing. Listings sold as pay now and pay when listing is removed are recognized over the advertising period.

EBITDA for the quarter amounted to SEK 172 million, corresponding to a margin of 46.4%. The margin contraction is primarily explained by the lower net sales as we maintain a large portion of fixed costs that cannot be fully adjusted in the short term to offset the drop in listings. One important component in the EBITDA margin is compensation to real estate agreements. When expressed as a percentage of property seller revenue, this ratio increased year-on-year from 30% to 31.4% in Q2 '26, driven by a further improvement in both recommendation rates and actual conversion. The higher commission reflects a substantially stronger underlying improvement in our value-added products. I will walk you through the specific cost dynamics in more detail on the following slides.

The increase in leverage to 1.1x is primarily an effect of our active capital allocation, combined with a drop in paid listings during the period affecting rolling 12 months EBITDA. Notably, we expanded our share buyback program from SEK 450 million to SEK 600 million at the '25 AGM and the current mandate from '26 remains at SEK 600 million. We ended the quarter with a headcount of 184, representing a strategic increase of 19 employees compared to the same period last year. This growth was primarily driven by reinforcements within product and tech as well as new resources within the sales team to enhance engagement with the agent community. Additionally, we have strengthened our marketing capabilities.

With that overview, let's turn to Page 12 to our revenues by segment to take a closer look at the Q2 figures. Our largest segment, Property sellers, which we have previously covered, generated revenue of SEK 318 million. Revenue from real estate agents decreased by 8%. While this was impacted by the weak market volumes, it was partially offset by the continued growth in our sold by product. Revenue from property developers increased by 1%. This reflects lower display revenue on reduced listings volumes, offset by our new annual subscription package launched in January '26. Revenue from other advertisers increased by 7% to SEK 17 million from continued growth from bank integration and also demonstrating our ability to improve performance with price. The B2B segment is performing well despite the fact that the lower volume of listings reduces impressions, which negatively impacted the stay sales across the B2B business, continued optimization and focus on Hemnet unique products are making a significant difference, keeping B2B revenue broadly flat, down 1.6% year-on-year.

Turning to Page 13 and our EBITDA bridge. We can clearly see the dynamics at play this quarter. We start with EBITDA of SEK 261 million for the second quarter of last year. The primary impact and by far the largest, of course, comes from net sales, which had a negative effect of SEK 112 million. Once again, a majority of that negative revenue is from SFPL, where revenue is recognized only when the property is sold. Compensation to agents decreased in line with the decline in revenue from property sellers, resulting in a positive impact. Other external expenses increased by SEK 6 million, largely due to overall marketing spend. This was aimed at capturing earlier traffic and listings leading up to and alongside the launch of SFPL.

Personnel costs increased by SEK 3.2 million, driven by headcount expansion and salary inflation. However, cost growth is not pacing directly with the headcount as our average FTE count remains below our total headcount. Finally, other items had a positive impact of SEK 3 million, driven by higher year-over-year capitalized development costs for our own staff, underscoring our intensified focus on product development. In total, this results in an EBITDA for the quarter of SEK 173 million.

Finally, let's move to Page 14 for an update on our cash flow and financial position. Our rolling 12-month free cash flow amounted to SEK 621 million. While our lower EBITDA is reflected in this figure, we maintain a highly robust cash conversion rate. This cash generation, combined with a strong balance sheet, enabled us to consistently return capital to our shareholders. As illustrated, we repurchased shares for SEK 147 million during the second quarter, representing approximately 1.5 million shares. At the current valuation, we view the share buyback program as an exceptionally attractive capital allocation tool that allow us to deliver significant value to our shareholders alongside our dividend.

Turning to the chart on the right, you can see our net debt and leverage ratio. Net debt stood at SEK 689 million, representing a leverage ratio of 1.1x. While this represents an increase compared to previous quarters, we remain comfortably below our long-term financial target of under 2x, ensuring we retain substantial financial flexibility. In line with maintaining this flexibility, we've secured a SEK 50 million extension of our revolving credit facility, bringing our total credit facility to SEK 900 million. This extension was driven by a one-off effect related to the implementation of SFPL, coupled with our ongoing commitment to our attractive share buyback program.

With that, I will hand the call back to Jonas to summarize the quarter.

Thank you, Anders, and thanks for this part of the presentation. And given that today's presentation represents the last update to the market from your perspective, I wanted to take the opportunity, both from a personal but also from a Hemnet perspective to thank you for a great collaboration and strong contributions over the last 3.5 years. You've been a great colleague, a good friend and a true professional. Best of luck in your future endeavors, and we'll stay in touch.

With that, let's move on to the summary page on Page #16. To sum up the second quarter, we do see an improvement listing performance in a continued hesitant market, and we do see a continued strong ARPU development. So the main highlights. The decline in net revenues and EBITDA reflects an accepted transitional phase following the nationwide rollout of Sell First, Pay Later. Paid ARPU growth of 12% in Q2, driven by continued high demand for Hemnet value-added services. Sign of gradual improvement in the Swedish property market in Q2, transactions are increasing and supply is coming down. Despite launching a number of new strategic initiatives such as Sell First, Pay Later and bringing live features to the strategic partnerships such as the below the radar feature, we are not satisfied with the quarter, and we're working with an accelerated pace to announce and to deliver the next wave of strategic initiatives.

That sums up the first part of the presentation, and we now progress into the second part around our strategic priority areas. In this second part of the presentation, we wanted to take the opportunity to provide a deep dive on Hemnet's business. Firstly, I will go through and present Hemnet's current market position, how we -- how the market is evolving and what our main focus areas are going forward. Secondly, our Chief Operating Officer, Lisa Farrar, will provide an update on our key product initiatives and the commercial road map. Thirdly, our CTO, Hanna Lindqvist, will provide a deep dive on how we work with AI across the organization.

With that, let's get started with the second leg of this presentation, and let's move on to Slide #19, please. Let me start with the backdrop. The Swedish property market looks different today than it did just a few years ago from quite a few different perspectives. Consumer behavior has changed. A slower market has driven a new kind of behavior and the way people buy and sell homes today isn't the same as before. Secondly, increased competition and an evolving industry value chain. We're seeing new players entering our space, but mostly, we're seeing new dynamics between agents, portals and sellers. Thirdly, new technology that's shifting user expectations and at the same time, enabling much faster product development on our side. I will walk through each of these in turn because understanding them is essential and crucial to understanding our strategic priorities and how we plan ahead.

Next slide, please. Selling and buying a property in Sweden follows a different logic today compared to a few years ago. The 3 data sets that we showcased on this slide illustrate this clearly. Firstly, sales cycles are getting longer. Average listing days on our platform have risen steadily in the past 4 years from 20 days in Q1 2022 to 64 days in Q2 2026. The longer sales cycles is impacting how properties are being listed from a strategic perspective. Secondly, more sellers are selling before they buy. Back in March 2022, 65% of people bought their next home before selling their current one. Today, that has slipped, and we see a reverse pattern, around 64% sell first. That is a meaningful shift in how people approach and move and driving the intent level to sell throughout the extended sales cycle. Thirdly, property prices development has been weak. Both nominal and real Swedish apartment prices have been essentially flat to negative since 2022, with real prices being meaningfully below where they started. This weak price development is creating lock-in effects, especially in the high-volume apartment segment, which has impacted listing volumes negatively. All in all, and as a sum, these trends have driven a shift in market dynamics and consumer behavior, an increasingly prominent premarket characterized by lower seller intent, longer sales processes and a changed way of working among real estate agents.

With that, let's move on to the next slide, please. This premarket has had a direct measurable effect on Hemnet. Sold properties published on Hemnet decreased by 5% in 2025, while total market transactions increased slightly year-on-year. That combination lowered our share of sold properties by 7 percentage points in 2025 compared to 2024. The reason is straightforward. As more of the sales cycle happens on the premarket, more properties are being sold before they reach Hemnet. This is a trend that we're clearly not happy with, and we're 100% committed to address this challenge. We will, during today's presentation, come back on this and how we attack the premarket challenge.

Let's move on to Slide 22, please. These evolving market dynamics are shifting both consumer expectations and agent behavior. Premarket listings, that is properties being marketed before they are formally for sale are becoming increasingly relevant as listings are being published earlier and transactions are happening earlier in the sales cycle. The longer sales cycles and the sell before buy dynamics have [ emphasized ] this trend. At the same time, we're seeing new market entrants popping up that scrape content from real estate agents own website. These new platforms get access to a lot of supply, but they lack the traffic and reach to actually convert that supply into transactions. As a response to that, sellers and agents want to regain control of their own sales cycle, which is a strength of the Hemnet platform. That's led to more early phase under-the-radar listings being placed behind login, which has added effect on the limiting the ability of scraping sites to republish that content without consent. We've seen this trend clearly materializing during the last month and during the second quarter with the Hemnet S. Faster Mailing collaboration, Bono launching Snekit, which would be Sneakpek in English and Fasiun launching , which would be priority lane in English.

Let's move on to the next slide, please. Despite changing market dynamics and a competitive dynamic, Hemnet's core position remains extremely strong. Hemnet has almost 40 million sessions per month, about 2.5x more than our closest competitor. On a per listing basis, we have roughly 4x more sessions per published listing than our nearest competitor had in 2025. So while the competitive landscape is evolving, our audience advantages remain substantial.

Let's move on to the next slide, please. Hemnet's core model is strong, but changing market dynamics require adoption and change to cater for the new circumstances. Our overarching strategic ambition is simple to state. Hemnet every step of the journey for every property transaction. That ambition rests on 6 pillars that reinforce each other. Number one, we should have all the relevant listings. Number wo, we're the #1 partner for agents, property developers and banks. We are top of mind with the largest property audience in Sweden. Number four, we know our users and give them a superior experience. Number five, we hold the most comprehensive and valuable data set in the market. Number six, all of this has been built on more than 25 years of relationship with the real estate agent industry. That foundation is strong. But just as I've shown you, changing market dynamics mean that we cannot stand still. We need to actively adapt each of these pillars for where the market is heading to ensure that we continue to win, and we will win.

With that, can we please move to the next slide, please? At our Q4 presentation and business update that we conducted in end of January earlier this year, we outlined 4 strategic priorities for the first part of the year. Number one, launching Sell First, Pay Later nationwide to address the emerging free market and lower the barriers to use Hemnet. Number two, building out strategic partnerships with agents and franchises to strengthen collaboration with key players in the industry. Number three, leveraging AI and product innovation to accelerate what we build and get better return on investments from our products and tech teams. Number four, increase our sales and marketing efforts. On an overall and on a summary level, we have executed and implemented all of these. Over the next few slides, I will go through each of these in more detail.

Let's now move to Slide 26, please. Sell First, Pay Later launched countrywide in April after a gradual geographical rollout, and it had a strong uptake from day 1. The share of sellers choosing this payment option has been stable at 40% to 45% since the nationwide rollout, an adoption rate we are quite pleased with and which is very much in line with our expectations going into the launch. The new model has been well received among both sellers and agents and has successfully lowered the barriers to list on Hemnet, while generating increasing customer satisfaction. In Q2, seller NPS for Sell First, Pay Later was 7 percentage points higher than for our payment option -- other payment options. Sell First, Pay Later is also contributing to ARPU growth. The BOS conversion, the uptake of our value-added services was more than 5 percentage points higher among sellers using this option compared to other payment methods in the quarter. We're also seeing that the number of listings with Sell First, Pay Later that are sold and the time it takes for those properties to sell are very much in line with our expectations.

If we then could move on to the second strategic initiative and our partnership model on the next slide, please. We launched our strategic partnerships in Q1 2026 with onboarded partners receiving increased branding and more exposure on the platform. We've seen a strong interest from across the market. More than 100 strategic partnerships were signed during the first half of 2026, representing more than 30% of the market, and we have signed 9 out of the largest 20 franchises into the partnership agreements. After being live with the partnership for a few months, we're now very happy to see how some of our largest partners are really leaning into the model, proving the value that they see in the Hemnet platform. Svensk Fastighetsformedling went live with under-the-radar or Underhand in June with full countrywide rollout from 1st of July. Lisa will provide more details on this in her section later on in the presentation, but we're very happy with the initial feedback and the data and the number of additional strategic partners are set to join below the radar or Underhand within a short period of time.

Please move to the next slide, please. Beyond these 2 strategic initiatives, AI has enabled us to significantly accelerate our product development in 2026. In the first half of the year, we've added more features than ever to the platform, including Hemnet Home Potential, which shows sellers the development potential for their property. Under-the-radar listings, which enables agents and sellers to publish properties earlier while still maintaining control in the cycle. In our Home segment, a way for sellers to initially get an early introduction indications from buyers' interest before committing to a full sales process, conversational search, which I know Hanna will cover more in detail and a reimagination feature that lets users visualize a property restyle. These are just a few examples of the new features we've added to Hemnet in the past couple of months, and Lisa will go through more in detail of some of these later on in the presentation.

With that, let's move on in the presentation, and let's head to Slide #29, please. So with AI changing product development and features on the platform, does that mean that AI is also changing the way Sites are searching for their next property? The honest answer, based on data is not in any material way. AI services have become part of everyday life, and the majority of Sites are now using AI services on a weekly basis. But despite that widespread usage, traffic from LLMs to Hemnet remains very low, still significantly below 0.1% of our total sessions. What AI is doing is changing what product features users expect from us. It is not, at this point, meaningful change how users find their way to Hemnet or how they search for properties once they're there. Still a very low part of our traffic comes from the LLMs.

Let's move on to next slide, Slide #30, please. Over the last 18 months, we've done a lot. We've done a lot of things. Firstly, we have transformed our culture where more focus has been put on accelerating operational efficiency and output generation across the organization. We have implemented a clear strategic road map where supply and traffic are our top priorities. We have increased our sales efforts and are working more closely with agents than ever before. And we put a stronger focus on marketing and brand, which is already showing visible and tangible results in our brand metrics. This has led to increased productivity. We've launched significant strategic initiatives over the last 6 months, including Sell First, Pay Later and the strategic partnerships, and we're deploying more product updates and features than ever before, enabled by the new culture and fueled by AI adoption. But there is more to come. We are not satisfied with the development, and we're working harder than ever to bring more supply to the platform. We are and we have accelerated our development pace, and we will continue rolling out new improvements to make Hemnet as value creating as a platform possibly can be for sellers, buyers and real estate agents.

With that, let's move to Slide #31, please. Despite the changing market environment that I've described, Hemnet maintains a uniquely strong market position. Number one, we have superior traffic. We have superior reach. Number two, we have an industry-leading brand built and nurtured over more than 25 years of market leadership. Number three, we have the scale to win through continued marketing and technology investments. We hold a structured and proprietary data collection that we collected over the last 25 years, which is now enabling a whole new suite of AI products for buyers, sellers and agents. We have deeply integrated industry relationships supported by an active and more frequent sales force. And we have a proven platform that significantly increases the chance of a successful outcome for sellers, meaning getting better bidding premiums, selling your properties in a shorter period of time.

With that, let's move to the next slide, please, and let's move on to Slide #32. Looking ahead, we will continue to build from our strong market position. With nearly 40 million monthly sessions and exceptional brand awareness, Hemnet remains the engine for Swedish property search. Our core value proposition relies on gathering all buyers and sellers in one place, providing a complete overview for the market. We are deploying new product features that solidifies Hemnet's role throughout the homeownership journey, creating more value for all our stakeholders and further strengthening Hemnet's network effects. The strategic initiatives that we have launched during the year have helped to capture more listings at an earlier stage in the selling process, but it's also very clear for us that they are not enough. It's very clear for us that we need to do more. Securing all listings from the beginning of the transaction life cycle is our highest priority from a strategic perspective going forward, and we are working with an accelerated pace to announce and deliver the next wave of the strategic initiatives as we approach the cyclical listing peak of the autumn.

With those words, I will hand over to our Chief Operating Officer, Lisa Farrar, who will take on a journey and talk a bit about some of the products that we've already taken to the market. With that, over to you, Lisa.

Thank you, Jonas. Let's move to Slide 34, please. Before I take you through our product strategy, latest product launches and how I view our future direction, I wanted to start off with the very foundation of how we build our product strategy, why we do what we do. Hemnet's business is built on network effects and everything we build and are building is designed to make that flywheel turn faster. It starts with the key to the network effects, which is supply. The more listings we have on the platform, the more users we attract and the more often they come back. A larger, more engaged audience makes Hemnet a more attractive place for sellers, agents and partners, which drives value for all of our stakeholders and therefore, more opportunities to drive growth. Supply attracts demand, demand attracts supply and the loop reinforces itself. We believe everything we build should make these network effects stronger for agents, sellers and buyers alike.

Let's go to the next slide, please. Our ambition holds firm and our execution at the start of 2026 has been centered on delivering against it. As Jonas covered, we've communicated several key strategic initiatives so far this year. And just as importantly, we've delivered on them. Self First, Pay Later went from announcement to full nationwide rollout within a quarter. Strategic partnerships went from 0 to 100-plus agreements, including 9 of the 20 largest franchise firms. And under-the-radar, bringing the invisible market on to Hemnet is live with our first strategic partner with others in active discussion to join. Together, these initiatives are how we hit the ground running in 2026. We're shipping more value and better products than ever before. They've laid the foundation on which we continue to build from when forming the next chapter of Hemnet.

Let's move to Slide 36. Three main forces are structurally reshaping property search. And together, they're forming a new era for us, as Jonas previously referenced. First, we're operating in a market that demands more from Hemnet. Buyers are demanding to see more properties as possible and more information than ever before. Sales cycles are longer with more emphasis on the premarket stage. And given the sell before you buy shift, sellers only transact if all criteria are met, significantly impacting seller intent. Secondly, our users expect more. Users demand new ways of discovering property beyond the static list. They expect personalized, interactive and extensive property information and decision support. AI enables us to provide that elevated personalized experience, which we showcased in several of our latest product releases. Hanna, our CTO, will dive deeper into our user-centric approach to AI in a moment. Thirdly, we have been present earlier -- we have to be present earlier in the property journey. We're evolving from a platform that serves high-intent sellers at the point of selling into a lifelong customer relationship, one that partners with homeowners through every stage of the property and sales journey. With an efficient platform, rich user data, a superior product and an unmatched brand and reach, we stand prepared to build for a new era from a position of strength.

Let's move to Slide 37. A new era demands a new relationship with our users. We are moving from an on-sale listing platform, one that meets users only when they've already decided to buy or sell to a lifelong property ecosystem present at every stage of the homeownership journey, as we summarize it, Hemnet Hllaergen or Hemnet all the way. That ecosystem has 3 stages: buy, own and sell, all fueled by a close partnership with real estate agents and a clear focus on marketing and sales. When we provide value in every part of that ecosystem and build relationships with Swedish property buyers, owners and sellers, we manage to strengthen all aspects that contribute to our network effects while providing more value for real estate agents. In the buy stage, we're building an interactive and personalized experience for people searching for the next home. In the own stage, we're partnering with homeowners to seek information, decision support and guidance through the largest investment of their lives while also taking position where homeowners are taking the very first step towards selling their property through leaning into the off-market, the period before a property is formally listed. In the sales stage, we're securing supply by bringing the invisible market on to Hemnet and continuously lowering the barriers to this. Underpinning all of these stages is a true partnership with real estate agents, where we are uniquely positioned to deliver value to agents through data, through leads, through intent tracking and partnering with them at every step of their journey. All of this is fueled by an increased sales and marketing focus to keep building relationships side-by-side with the industry and making sure we are top of mind for all things property related.

Let's move to Slide 38, please. We're actively building and strengthening this ecosystem, continuously launching new features and services for real estate agents and our millions of weekly active users across the buy, own and sell stages. This momentum strengthened our relationships across the board, which in turn reinforces our strongest moat and unmatched position and brand. On the agent relationship side, we've expanded our strategic partnerships with under-the-radar listings that I will talk more about in a minute. A core focus has been also to elevate agency branding and generate more leads to agents. This has been done through opening up more lead generation sources and ensuring lead generation for agents sits at the very core of our products. Let me share an example of the impact of our seller lead features. We know Hemnet is a primary catalyst for an agent's next listing. In fact, half of all sellers who connect with an agent through our platform list their property with that specific same agent. And for our strategic partners, we elevate this advantage even further by ensuring premium visibility across our seller touch points. Proceeding to the buy stage, we're powering our supply with more intelligent discovery for our buyers. During H1, we delivered on this by giving our buyers property X-ray vision with Hemnet Home Potential, which is now live as a beta, whilst also launching and scaling conversational search. Earlier this year, we launched an AI-enabled personalized starting page. We're also live inside ChatGPT, and we have property sold price history live. In the own stage, we're engaging homeowners earlier. Focusing on homeowners through My Home allows us to cultivate deeper relationships with our most frequent visitors across their entire property journey. This is a key to scaling Hemnet ecosystem and driving stronger network effects. And for the sell stage, we're launching new products to secure more supply on Hemnet. By launching under-the-radar listings, we are now bringing a previously invisible market to Hemnet. And together with our launch of First Sell, Pay Later, we're continuously lowering barriers to this. Each of these products reinforces our most important and long-standing moat, an unrivaled position and brand at the very center of the Swedish property ecosystem.

Let's take a closer look at a few of these releases, starting with Hemnet's Home Potential on Slide 39. For the buying stage, we're completing Swedish property market with a new product called Home Potential. Traditionally, finding out if you can invest in a property through rebuilding and expanding and knowing if it's a good investment requires weeks, if not months, of work and bureaucracy. This product using AI to ingest 240 fragmented data sources, including 30 analog sources, gives buyers those answers instantly, Digitizing 15 years of building permits, development plans, risk maps and renovation history and connecting all of it directly to a Hemnet listing creates a unique data asset that is difficult to replicate. What that means in practice? Well, buyers get immediate AI-identified answers about building rights, risks and development potential, things like lucrative investment potential or necessary renovations right inside the listing in real time. Sellers get all the relevant documentation assembled upfront and agents will they get a head start going into every intake meeting. We are launching Home Potential together with a partner. It has been live as a pilot since July 1 and scale-up is now ongoing. We see this as a way to strongly increase the value we provide in segments where we have additional room to monetize.

Let's move to Slide 40 and the owning pillar. For the owning stage, we're engaging the 3.5 million homeowners in Sweden beyond registering a home through an evolution of My Home, where homeowners get more data, insights and can initiate their selling journey. Our most engaged users of Hemnet are those that have registered their own home on the platform. They generate 75% more sessions than the average user, which makes them a highly prioritized segment for us to leverage and grow. With My Home growth being a priority for us, we have driven a 73% increase in registered My Homes in the last 12 months, and we continue to see good traction. Capitalizing on data that shows that more than 1/3 of Swedish homeowners are open to selling under the right pricing and conditions, our next evolution of My Home is to provide our users the ability to understand the value of the property and potential interest. We see this working in 3 simple steps. First, activate. For My Home, a homeowner indicates that they are interested in selling. They are prompted to contact an agent to receive a valuation. Secondly, signal, a pin appears on the map and buyers can show real interest and demand that the homeowner can see building up in real time. Thirdly, agent handoff. When the homeowner is ready, they contact an agent, and that agent receives a seller lead that is already comes with a tested price and real demonstrated buyer demand attached. With this, we see the potential to increase mobility on the Swedish property market by allowing homeowners to assess real demand before they commit to a sale. Agents gain access to more and earlier and warmer leads and buyers will they get access to unique properties of Hemnet that they wouldn't otherwise see. This is a genuine win-win across the ecosystem.

Let's move to Slide 41 and the sell stage. For the selling stage, we're continuing to lower the barriers to list and bringing the invisible market on to Hemnet through our newly launched product under-the-radar or in Swedish Underhand. Since going live on July 1, under-the-radar gives our strategic partners the ability to publish upcoming listings behind log-in in the upcoming result list at no cost. Under-the-radar is designed to target early listings that are in the very beginning of their sales cycle. For partners who have chosen to use Hemnet for a controlled behind log-in launch, the listing is available on Hemnet before reaching the broader market. And for buyers, it means a first look at homes that would otherwise be entirely invisible to the market. We've had a very promising start for under-the-radar listings. In the first half of July, we already saw more than 1,000 published listings. Our strategic partner, Svensk Fastighetsformedling has been our launch partner in this new initiative. Their new way of working means that all of their new listings are automatically published as under-the-radar listings at Hemnet. Together with Sell First, Pay Later, we're lowering the barriers to list to secure more supply on Hemnet and are fully committed to continuously evolving our platform to ensure that Hemnet remains the comprehensive, engaging and commercially powerful marketplace it has always been. We're continuing to have relentless focus on products that drive supply to Hemnet, and we will keep developing products in the short term designed to do just that.

Now let's turn to Slide 42, where I want to zoom in on the sales and marketing engine behind everything I've just walked you through. We keep leveraging our presence to keep our flywheel running faster through our side-by-side presence with the real estate industry and continuing efforts to strengthen our brand. Our sales team continues to be a strategic pillar of how we go to market. We're in the next wave of sales transformation, ensuring our sales organization serves as genuine trusted advisers for every real estate agent in Sweden. We've strengthened the team itself with dedicated sales representatives, customer success managers and customer support agents. And we've continued to deepen our proximity to the industry, more boots on the ground, meeting agents face-to-face where they are. That proximity showed up directly in the Sell First, Pay Later rollout. Our sales team contacted more than 7,000 agents, held 700 in-person sales meetings and met with more than 2,000 agents. That's the kind of hands-on execution that turns a real launch into adoption. On the brand side, we ran a nationwide campaign earlier this year under the theme more eyes on your ad, and it moved the numbers that matter. We saw improvements across the board, awareness, top of mind, consideration and preference. And once again, we hit the top score on brand awareness amongst property sellers at 97%. Together, this is what strengthened sales and marketing engine looks like in practice. More agents met, more trust built and a brand that keeps leading.

Now let's move to the next slide, please. To close, I want to bring this back to the big picture. This year, we've done more and moved faster than at any point in Hemnet's history. And where it made sense, we've been willing to take bigger and bolder steps, too. Sell First, Pay Later, strategic partnerships under-the-radar, these weren't incremental tweaks. They were structural changes to how sellers, agents and buyers use our platform. And that's really the point. We're moving from a platform that connects a buyer and a seller once to an ecosystem that stays relevant across someone's entire relationship with a property before they sell, while they own and long after they bought. That shift means more engagement with Hemnet at every stage. In practice, it means 3 things: a data advantage that deepens with every transaction, seller, buyer and agent intelligence, all in one place. It moves us closer to the actual transaction, not just the moment of discovery, and it opens up monetization opportunities that go well beyond a single listing. And none of this works without supply. Supply is still the foundation everything else here is built on. It's what makes our flywheel turn, and it's what we're focused on most. We've made real progress this year, but we're not done, and there's more to come on this front very soon. And of course, AI, both in our products and in how we work has an instrumental part to play in all of this, which Hanna will talk you through next.

So with that, I will hand you over to our CTO, Hanna Lindqvist.

Thank you, Lisa. So my name is Hanna. And for the past 18 months, I have served as Chief Technology Officer at Hemnet. I've spent 25 years in tech. I lived through the dot-com boom and crash, the mobile revolution, and I worked in TV during the shift to streaming. Most recently, I spent 5 years building and scaling marketplaces and here at Hemnet. And I mentioned this not to list credentials, but to give you a perspective. I've seen several moments where technology genuinely rewrote the roots of an industry, where the question wasn't if things would change, but how fast and who will be ready. And I can tell you with conviction, 2026 is the most exciting moment I've seen in my career. What's happening with AI isn't incremental, it's transformational, and it will likely exceed what streaming did to media. But here is what those past transitions has also taught me. Excitement without discipline is how companies get hurt. The winners weren't the fastest movers. They were the ones who moved with clarity, who knew what they were building and why. And that's the lens I lead Hemnet's technology organization through, and that's what I want to share with you today.

Next slide, please. So let me start with how our technology organization actually works. We are a team of around 60 engineers running the technology for the entire business. And that compact size keep us nimble and able to adapt quickly. We don't sit as a separate tech department next to the business. Instead, our engineers, designers, product managers and UX specialists work together in cross-functional teams covering mobile, dev and back end. That means that the people buying -- building the product are the same people that talk to users and our own outcomes. We also have a dedicated data and machine learning teams that have been doing serious machine learning work for nearly 10 years. They haven't just been experimenting. They have actually been building production-grade models and pipelines that run every day for millions of users. That depth of experience is a real underappreciated asset, and it puts us in a strong position for what's coming with AI.

So next slide, please. Our tech platform rests on 3 pillars. First of all, we had a modular architecture. We have gradually moved away from monolithic systems to a modular setup using RAQL federation. This means that teams can build and deploy independently and the platform scales without becoming more complex. Secondly, we use a standardized and proven tech stack. We are a thoughtful follower, not a bleeding age chaser. We use well-established, widely adopted technologies, and that lets us move fast while it also makes it easier to hire great engineers. Thirdly, our decisions are data-driven. Every core decision is backed by analytics, experimentation and engineering judgment and not cut fee. And underpinning all of this, we are 100% cloud-based, no legacy infrastructure holding us back, and we have full flexibility to scale whatever we build next. And this is the foundation everything else is built on.

Next slide, please. We approach AI with a focus on concrete user benefits rather than for technology's sake. I want to pause on this because it's the principle that guides everything we do when it comes to AI at Hemnet. We don't chase AI because it's fashionable. Every investment we make has to translate into something concrete. Could be a better decision for a homebuyer, could be a faster workflow for our teams or a stronger product. And with that principle in mind, let me show you how our AI capability has actually evolved and where we are today.

Next slide. Our engagement with AI in property valuation spans a decade, and it has evolved in 3 distinct waves. So Wave 1, 2016 to 2024, that was all about prediction and valuation. This is when we built our first statistical models to understand the Swedish housing market. And over time, we developed this into what is called an automated valuation model, essentially our own algorithm for estimating what a home is worth. It retrains continuously on more than 1.4 million historical listings and powers our My Home feature with a price estimate, a price range and a confidence level. Wave 2, 2024 to 2025 was about visualization and tagging. We built computer vision pipelines that automatically read and classify listing images and text. This created the data structures that are now the critical infrastructure underneath both our valuation models and our newer AI features. Wave 3, 2025 to today is generative AI, natural language, conversational interfaces and personalization. This is the way everyone is talking about now. But unlike many other companies, we didn't start from 0. We were building on almost 10 years of data infrastructure.

Next slide, please. So as I mentioned earlier, our approach to AI centers on concrete user benefits. Those who follow us closely may recognize this slide from 6 months ago when Lisa talked -- walked through how we work with AI. While much has changed since then, our core approach hasn't. Over the past 6 months, we have focused on building a solid AI foundation, one that position us to roll out new products and features that sharpen the user experience and help people make better and more informed decisions. That foundation comes down to 3 things: automated tagging across every listing, predictive personalized recommendations powered by historical and active listing data and AI-enabled workflows that make our own teams more efficient. With this foundation in place, we are now able to build on it, delivering continuous improvements and new features for our users. This includes intent-based search that complements our existing filters, richer and more interactive property information, better qualified leads for agents and deeper personalization throughout the experience, among other things.

Next slide, please. And AI is also transforming how we work, significantly increasing operational efficiency and output. Let me give you 3 numbers that show what this means for us. We now ship more than 100 deployments a week. This is up 24% quarter-on-quarter with a very low failure rate. That means that our teams can move fast, take smaller bets and course correct quickly if needed. Nearly 70% of the code we write today is written with the help of AI. This is up 190% since January. And each developer saves an average of 6 hours a week using AI tools. This is a 40% increase since January, and the trend is continuing. These numbers are the result of a deliberate decision to become an AI-first organization, not just in our product, but in how we work day-to-day. We invested in training, built internal communities and made it safe for people to experiment. I do want to be honest, though, when you increase output this much, you create new bottlenecks. The constraint is no longer how fast we can write code, it moves upstream to how fast we can align, decide, review and test. And we are actively working on each of those. So this transformation is still very much underway, and we will continue to reap the benefits over time.

Next slide, please. So let me take this opportunity and walk you through a concrete example because it provides a good illustration of how we actually work with AI. So the problem we wanted to solve in this example was that when someone looks for a home, they don't necessarily think in filters and drop-downs. They might think, I want a house near a good school with a fire place somewhere my kids can play outside. Translating that into check boxes can be difficult and sometimes even impossible. The solution for this was conversational search. You type what you want in plain Swedish, the way you say it to a friend and Hemnet does the rest. And here is the important part. Taking the easy approach of pointing a large general purpose AI model at your data wouldn't work particularly well at our scale. We have millions of searches and running a large frontier model on every single search would be both expensive and slow. So instead, we made a deliberate engineering choice to run a small and fast general model on our own infrastructure and put our efforts into closing the capability gaps ourselves. So we did this in 3 ways. First, we don't let the model guess at geography. We built our own database of almost 8,000 Swedish places, adapted to how places are categorized by the Swedish people. For example, if someone said SoHo, the model should know what a person normally defines as SoHo. And this is resolved through data and coordinates rather than through AI guesswork. Secondly, we tag every listing in advance offline and not in the live search. An AI model reads each listing text and images and assigns structured tags like features, proximity, conditions and so on. This means that we get speedy answers and that nothing is invented. If we have unclear tags, they are simply dropped. Third, we constrained what the model is allowed to say. It cannot invent the price and address or account. Every fact in the answer comes from our own search index and not from the model's imagination. This resulted in a system that is exact where exactness matters and intelligent where intelligence genuinely helps. So where are we today? We are live for users on the web behind log-in and the product compares favorably with early releases we've seen from international peers. Getting a small model to respond reliably in a structured format was our hardest engineering problem. We moved from about 70% reliability to above 95%, and that hard work is largely behind us now. So why does this matter beyond this one feature? Yes, because the infrastructure underneath it, the geo database, the tagging pipeline and the intent detection is a platform. The same tags that power a conversational query can now also be used to improve search ranking, sales alerts, recommendations and area pages and much more across the whole product. This technology is built to compound. And one last point on philosophy. AI attendance is there to support people in making informed decision not to make those decisions for them. Buying or selling a home is one of the biggest moments in a person's life, and our role is to make that process more transparent and trustworthy and not to replace human judgment.

Let's wrap it up on the next slide. So let me close with where we're taking this. Deeper personalization. We hold the richest data set in the Swedish housing market, historical, behavioral, geographical and transactional. And that data lets us build an experience that feels built for you and not for everyone, and that is a competitive advantage that only gets stronger with scale and usage over time. Traditional search along intent-based discovery. As Jonas mentioned, filters and traditional search aren't going away. They are core to how people find homes and will likely continue to be for a long time still. But expectations are evolving alongside it, and we are building the infrastructure to understand intent and layer richer discovery on top of search rather than replacing it. AI as an operating model. The productivity gains we're seeing are still in the early days. As AI become embedded in how every team works, we expect those efficiency gains to multiply. And the principle I keep coming back to is simple. let AI do what AI is genuinely good at and keep every exact factual decision grounded in data we control. I believe that this is the right way to build AI into a product that people trust with the biggest financial decision of the lives. So I started by saying that the winners in major technology transitions aren't necessarily the fastest movers. They are the ones who move with clarity. At Hemnet, I want to say that we have both. We have built a small and agile team of engineers shipping over 100 deployments per week and accelerating. But we also have a platform built on nearly a decade of deliberate architecture decisions and an AI foundation that is difficult to match.

And with that, I want to say thank you and hand over the floor to Jonas again.

Many thanks, Hanna, and also a big thank you to Linda for these presentations. With that, let's move on to the wrap-up of today's presentation and a quick overview of the main highlights. So if we could please move on to Slide 24. Financial performance in Q2 2026 was characterized by the Sell First, Pay Later rollout negatively impacting net sales and profitability. Q2 absorbs the peak financial impact of this timing shift before the platform will benefit from a maturing pipeline of completions. Number two, market recovery has been slower than anticipated, but there are clear signs of gradual improvement in Q2 and promising signals for the coming year. Transactions are increasing, pushing down supply from historical high levels. With prices pointing up, we're in a better position to see more supply coming to the market for the second half of the year and next year. We continue to build from a position of strength. With nearly 40 million monthly sessions and exceptional brand awareness, Hemnet has a unique opportunity in an evolving market environment. Number four, our ambition is for people to use Hemnet on every step of the journey for every property transaction. Therefore, securing all listings from the beginning of the transaction life cycle is our highest priority going forward. We have announced a number of things today, but that's not going to be enough. We're working with an accelerated pace to announce and to deliver the next wave of strategic initiatives as we approach the cyclical listing peak of the autumn.

With that, that concludes today's presentation, and we will open up for the Q&A.

[Operator Instructions] The next question comes from Will Packer from BNPP.

Three from me, please. Firstly, do you mind spending a bit of time talking about how you will monetize under-the-radar listings? I think it's a really interesting idea, and thanks for the presentation, but I didn't take away the precise mechanics. Will it eventually -- will they pay a typical fee if those under-the-radar listings turn on to sale? How do you stop sort of adverse selection where people take them off, et cetera? Secondly, you provided lots of interesting updates on how you plan to close the inventory gap with your peers and some of those actions have been in place for a little while now. If I do a very basic piece of analysis, which is compare the absolute number of listings on Hemnet versus Buy, the gap has actually increased in the last 12 months. So buy gone from 1.8x to 1.9x. Is that a methodological floor? Is that not a representative underlying? Or will these actions take time? And then final question for me. Consensus expects double-digit ARPU growth for 2027 and 2028. You look well set to deliver that for this year. Is that a reasonable assumption in the context of today's update?

So I'll take the first 2 questions and then hand over to Anders. So when it comes to below the radar and those listings, it's important to take one step back and think about sort of why we're doing this. And the key priority is obviously to get more listings at an earlier stage and also talking about the relative ratio that you mentioned on your second question is an important dimension. The way this model work is that this is a period of time in the very early listing stage, meaning the absolute sort of beginning. And the plan that we do have, these under-the-radar listings are not monetized from a Hemnet perspective, but they will, as they move on to the premarket or to the on sale segment, that's where we basically will monetize them in the same way. And this is sort of traditional upsell where we get a clear relationship with delisting and something that we will work on.

Obviously, this is a new model, but I think we have a number of different tools to ensure that we steer this and not cannibalize on the on sales segment, which is most importantly from a monetization perspective. So early stage, but we will ensure to have business rule to ensure this becomes also very attractive from a monetization perspective. Number two, in terms of the supply, we're working on this on a number of different actions and a number of different areas. And to your point, we have launched a quite large set with both the Sell First, Pay Later. And then most recently, we have the strategic partnerships with the below the radar that obviously went live sort of in full-blown mode in the early Q3. So I don't think we've seen the full upside potential coming from this, but we also need to ensure that we continue to do more. Working on supply is absolutely a top priority, and we will have more actions to ensure that we continue to work on that dimension.

Important to say as well is obviously, when you look at that and you look at the totality on the number and the 1.8 to 1.9, please keep in mind that the relationship and the development of the free market has been slightly stronger during this period of time where Hemnet has a lower listing market share. So that trend shift is also impacting it. But going back to our top priority, this is something that we are addressing across a number of different levels. Then in terms of the ARPU growth for 2027, Anders, I'll just hand over to you.

Thank you for that. So we would say that we are well equipped for double-digit growth going forward. Some of the parameters for the time being are against us, such as the very slow housing market in Sweden when it comes to new published listings for the time being. That will get better over time. So -- and we also know that we have the products and services in place to be able to deliver better when the listings come back, such as the B2B division that will also, of course, benefit from a better -- we will be better positioned with the growth in published listings on the platform. So yes.

Just to quickly come back on the first question. So a listing is under-the-radar listing. And if it sells in that initial period because the market goes back to being quite hot, Hemnet would not monetize. But in the event that it transitions to be a typical listing, you'd monetize it in the usual way. Is that a fair summary?

That is a fair summary. And in a case where we would see that -- where we see that too many listings would get sold in a very, very early phase. That's obviously something that we would steer to ensure that you don't get a too high share being sold under the -- or below the radar. So I think we have various tools, and we just went live. And based on the early indications that we have, we don't have any sort of concerns around that. But if that would materialize, we have various tools to ensure that we can convert them.

The next question comes from Georg Attling from Pareto Securities.

I also have one on the under-the-radar. So I mean, when I think of this and the impact on paid listings, it's penetration of under-the-radar, then conversion of those listings to paid listings and then the volume uplift, call it, the market share regain that we might get from it. So I'm just thinking -- or just wondering how you think of these different factors all impacting what is going to lead to in terms of paid listings...

So just one thing to clarify and also going back a bit to Will's question before. I think important to say that these very early-stage listings that we would have from below the radar are listings that typically don't come to Hemnet today. So this means an incremental volume uplift coming from this. And we think from a strategic perspective, that it is very important, and it's a clear upside for Hemnet from a -- both from a short but also from a long-term perspective to get these listings. So it has a big strategic importance.

When it comes to working with partners, the sort of the concepts that the various partners have that you see out in the market, they differ a bit. So if you would compare how Svensk Fastighetsformedling are running their sales processes, that would be different to Pastiskhlson. So right now, we've launched a big partnership together with Svensk Fastighetsformedling. When we roll out the other below the radar or Underhand partnership, there might be certain tweaks. But I think it's very important for us that we continue to ensure that we monetize. It goes without saying. And I think this opens up a great opportunity to increase our market share among those listings also in the paid segment, given the fact that we do get a relationship, we do get a relationship with the agent. We do get a relationship with the seller, and we could showcase and convert these into paid listings given the strength of our paid products.

Okay. And just a follow-up on that. If a listing is under-the-radar, then removed and then sold outside of Hemnet, is there an obligation from the seller to pay you? And what would they pay you then essentially?

No, there is no such an obligation. But we definitely have the ambition to convert 100% of those into paid listings.

Okay. Second question because if I understand it correctly, you have to have the strategic partnership to be able to offer this feature or product how have the discussions evolved with additional strategic partners since you launched this under-the-radar with?

I think to answer the first part of the question, Georg, the -- you're absolutely right. This is a part of the strategic partnership slate and the strategic partnership proposition that we do have. I think there's a lot of interest from many of our other partners, and it's also a gate opener for additional discussions. I think there is a clear trend in the market that having a controlled start-up of the sales process is becoming increasingly important. And as you could imagine, this requires some technical adoption and integration. And so the tech team is -- and Hanna's team and Lisa's team are working very intensively to also tag on new partners.

Okay. Just a final question. You said sell-through on SFPL is in line with expectations. If you could just quantify that. Is that the same sort of sell-through as you see on regular listings on pay when sold? Or does it differ a lot to the sell-through of normal listings?

I think on an overall level, the sort of -- it's a very fair comparison comparing Sell First, Pay Later and Pay Later if removed. You see similar levels. Then you have when it comes to the Pay now, that is -- we expected to see some differences there given the fact that there is a different sales dynamic in those, but it's very much in line with our expectations and actually slightly better.

The next question comes from Yulia Kazakovtseva from UBS.

Firstly, Anders, I wanted to say thank you and I wish you all the very best in your future. With regards to my questions, I have 2, that's okay. So my first question is about Max package penetration. So have you seen any consistent and sustainable improvements in penetration rates in 1H and in 2Q specifically? It would be helpful if you could provide some numbers and update on where the penetration stands today? And my second question would be about the 2-day listing rule for Sell First, Pay Later. So you recently announced that you will not reintroduce the rule following the investigation by the Swedish Competition Authority. Could you please elaborate a little bit on this? How you view the medium- to long-term impact of this decision compared to your initial plans? Do you think this may somewhat limit the Sell First, Pay Later this generation in the future?

Thank you, Yulia. And I see Anders just across the table and he's very grateful for your words. To go into the specific questions, so number one, in terms of the Max penetration, we don't comment or disclose specific penetration numbers on our individual packages. But what I can say is that -- we've seen slight and gradual improvement throughout the year, both in Q1 and Q2, but we're still at low levels. We've done a few product changes over the last 2 quarters that we have seen is having a positive impact on the penetration levels, clearly sort of clearly interlinked to the new feature coming in. We've seen a slight uplift. I think also the market is now becoming a bit warmer and as we've spoken about the outlook for 2026, the remainder of 2026 and also into 2027, it looks like the underlying property market is more healthy. And I think that would also benefit the Max penetration as we move ahead.

Secondly, when it comes to the 2-day rule, I just wanted to clarify there, Yulia, that the main rationale and the main decision was not driven by the competition authority initial investigation. The main rationale was that we looked at this from a holistic perspective, including a few different dimensions. I mean, first of all, one of the rationales for having a 2-day rule when it comes to Sell First, Pay Later was linked to the fact that, as you know, this had quite some effect on our short-term financials, and we wanted to ensure that we have a viable and sustainable model. And given the findings from the first 4 months or the first 5 months since we launched Sell First, Pay Later in early February in Stockholm, we do see that the model is sustainable.

Second to that, and maybe that's where you're coming from, Yulia, as part of the SCA investigation, it was pretty clear that there is -- there were concerns from the agent industry around especially the 2-day rule. And this feedback, obviously, we think that this is a fantastic product. We don't only think we know it's a fantastic product, and we want to have the sort of the positive reception from that specific product. So that's also baked in. But then obviously, a discussion with FCA, there's one component, but it was definitely not that one being the needle mover. I think from an overall level, this will actually have a positive impact on Sell First, Pay Later because if we remove the rule where we basically had quite some negative feedback, that negative feedback is obviously being removed. And anecdotally, we've heard from a few of the chains that this is sort of improving the likelihood of them using Sell First, Pay Later. And if we take a step back, what's most important with Sell First, Pay Later, it is to get more listings. And with that from the industry, I think that's definitely helpful. Hopefully, that clarifies, Yulia.

The next question comes from Ed Young from Morgan Stanley.

I've got 2 as well, please. First is on package, a bit of a follow-up on the Max question, I guess. To us, it looks like it's a very stable and low level. And I guess with sell now pay later increasing VAS by 5 points, premium listings already representing the majority of inventory. Just sort of wondering, does that not strengthen the case for you to revisit the product structure, particularly that it wasn't really talked about today? Or is it not the right time from a market context perspective? Or is it not the right time for the business when you've got a focus on a lot of different areas? So that's the first question. And the second is on development of the homeowner services on My Home. Just wondering if you could give us an idea of the proportion of homeowners that are on the platform right now. And you made it clear that this is under development with input from agents. Just wonder if you could talk about the tensions there or what are the areas that are key to get right in that respect?

So first, when it comes to Hemnet Max, I think we've seen improvement, as I also indicated based on Yulia's questions before. But per your point, we're still at a low level. I think going back to one important thing that's been hindering the penetration of Max has also been the underlying market conditions where we do expect to see an improvement going forward. When in terms of the package structure that we do have, I think it is something that we are very much working on as we speak. We currently have 3 packages right with -- or 4 packages with BOSS, with Plus, with Premium and with Max.

And the relative feature differences is something that we -- that's a lever to pull. And I think, I mean, the most obvious one is obviously the relative price difference between premium and Max, but also the relative feature difference between premium and Max. And I think one of the key strengths that we do have with Hemnet Premium is obviously the renewal where it gets renewed every 30th day. You could think about exploring alternatives with Hemnet Max being renewed more frequently. And in terms of the increased BOSS penetration coming from Sell First, Pay Later, I think that would also benefit Max as we move ahead. On the second question, Lisa, do you want to take that one and just elaborate a bit?

Sure. Thank you for the question. We don't disclose the absolute numbers for My Home registrations. But as I mentioned on the call, we are very focused on it. We see they are incredibly engaged on the platform. So I think I mentioned 75% more sessions than our average user. And so we've spent a lot of focus these past 12 months just to increase the number of My Homes registered, but also increasing the features that we make available to them. This specific one around putting your home on the market and the My Home is a feature we are developing together with the reagent industry. And our focus is to increase the mobility on the market. So actually seeing this early supply grow. And there, we're very focused on how can we make that mobility into specific leads for agents, so more business for our agents. And that's what we meant by working together with agents to launch this feature.

The next question comes from Andrew Ross from Barclays.

I've got 2, please. First one is back to on the radar. Can you give us a sense as to how many listings you may expect from that product if you fast forward, a year or 18 months to try and understand how differentiated this may be in terms of your presale content versus Booli, first question. And then second one builds on that and also on your comments you announced in the opening remarks about your biggest priority being securing all listings from the beginning of the transaction life cycle. So I guess, philosophically, why not go much harder in terms of unmonetized content and have some kind of free tier or presale inventory to get it all on your platform? And when you think about the balance between inventory and monetization and network effects, can you just give us a glimpse in terms of how you as a management team think about it? And why not go much harder in initiatives to get inventory on your platform even if it means sacrificing ARPU growth into '27?

So on the first one, in terms of below the radar, I think right now, we're going live with Svensk Fastighetsformedling. They represent some 12% to 14% of the overall market volumes. I think as they are really leaning in and have the ambition to start every single sales process with this below the radar, this would have an impact on the overall numbers. I don't want to sort of put any overall number out there given the fact that we're in discussions with so many other partners and how they roll out and when they roll up would obviously impact the numbers.

But I think it is a very strong future from a strategic perspective to ensure that you get all early listings for a certain partner in a certain way. In terms of looking at our overall strategic priority of ensuring all listings, that is something that we are actively working on. There's many different levers and many different ways of getting there, and we look forward to sort of revert back on how specifically we plan to do that. But that's definitely something that we are working on. I think that's all we can say on that specific topic right now.

And maybe just to follow up on that. Is it right to think that, that could involve a move into more unmonetized content in the presale market? Or is that not something you're considering as part of the suite of options?

I mean we're looking at all various options. Commenting on specific ones, we don't want to do at this point in time, unfortunately.

The next question comes from Eirik Rafdal from DNB Carnegie.

I've got a few. I'll try to do them one by one. Kind of beyond SFPL under-the-radar and better lead generation, what do you guys think are the kind of 1 to 2 most important moves you can make to make sure that the kind of default choice on the individual agent base is going first with Hemnet. I mean you clearly have a franchise level or HP relationship in place. But kind of how do you work more closely with the individual agents? That's my first question.

Not a small first question. That's a quite big one. But I think -- I mean, at the end of the day, I think if you look at a daily life on an individual agent, what matters? It's essentially 2 things. selling your property that you are responsible for as quickly as possible to the highest maximum price. We know that Hemnet delivers those dimensions. We have the largest reach and with the largest reach by default, you would get the highest likelihood of a successful sale and a successful outcome. So that's one dimension. The most important thing, secondly, for an individual agent is not the existing property that they're selling. It is the next property that they're selling and getting that lead generation. And I think -- I mean, given the way the market is structured and given the way that Hemnet is operating per your point, you have relationships on HQ level, you have both a transactional and contractual relationship with individual franchise owners.

For the individual agents, I think helping them with branding, helping them with lead generation. And if we have a compensation model that is bringing money to the franchise owners, that would not be an opportunity from a regulatory perspective in Sweden to have that relationship with individual agents. But there's a lot of sort of nonmonetary incentives that you can work on. And that's something that we are actively working on as we speak. So a bit of some broad strokes there, Eirik, but hopefully, that sort of indicates how we're thinking about it.

Absolutely, and I appreciate it. But if I can kind of phrase maybe the question a bit of a different way. Is there anything you feel that you have in the toolbox on a more individual agent basis that you haven't tapped into or haven't used or -- because I feel like this is kind of the same answer as always, and that's not a criticism, it's just a kind of reflection. Is there any kind of new thinking on the product side, if we can be a bit more firm on kind of explicitly what you're doing on the individual agent basis? Is that possible at this point in time?

So 2 examples. So especially for the agents that belongs to our strategic partners, we're working much more with branding and contact generation for the individual agents. So if you would go to a listing, that's part of one of our strategic partnerships, you would see a material difference there. So that's one way of attracting the individual agents. But then I think -- I mean, I hear what you're saying, Eirik. Then I think maybe the largest lever that we do have, I mean, all of you know it and you know it, Eirik, that it is sort of like a flywheel of using the leading property platform as Hemnet, where if you use Hemnet for one listing, the likelihood of getting a new listing or a new lead is much higher. I think in all fairness, we have an improvement potential for our sales team to be out there and spread the goal to a larger extent and help to educate individual agents to understand the flywheel dynamics in a better sense. And that's something that we are working on intensively.

I just had one more, which we haven't really touched upon that much then. That's if you could help us understand your kind of bigger picture thinking around cost in the context of, one, more need for marketing and maybe touch point with -- or touch points with agents; two, efficiencies from AI; three, potential alterations to the commission model; and four, maybe the midterm guidance of above 55% EBITDA margin, which we haven't really talked about for some time.

So the way we -- obviously, if you look at our cost base, I think it's a few things that really matters, and you laid them out well. We have the compensation model. You have OpEx primarily including personnel, but also marketing. In terms of the overall sort of cost picture, this is something that we are working on and especially where we've now seen a softer market impacting our revenues. So the compensation model, as you know, is one of the most powerful steering tools that we do have. So that's something that we are looking into actively and all the time. We've increased our marketing investment to some extent. And I think -- I mean, what Hanna presented before, I think AI is enabling us to be much more efficient. Right now or up until now, we've taken a cautious decision that we think it's important to get out more products, get out more features, but it's obvious that also from a cost perspective, this can be a lever going forward. Anders, I'm not sure you want to add anything there.

Maybe a quick comment on the long-term EBITDA margin of north of 55%. I do -- I also see -- we can all see that the EBITDA margin is 46.4% in Q2, but we also have a situation we have with the paid listing, not only a soft market, but also the onetime effect of SFPL. So we believe that we absolutely can deliver that over time at least.

The next question comes from Annabel Hames from Deutsche Bank.

Just 2 questions from me. The first one is when you start to see the market meaningfully recover and time to sell reduces, do you see a risk to premium package uptake as the value of the listing refresh feature declines? Or are there other standout features within premium that you would point out would benefit in a better market? And then the second is, you said that the Sell First, Pay Later initiative increased your NPS score by 7 versus the other packages offered. Can you give the actual NPS score for each package?

So I think when the market recovers, -- and I understand where the question is coming from. I think another way of phrasing it would be, has premium had a significant uplift just driven by a slower market. And I think, obviously, it's a theoretical question. But I think if we look at Hemnet Premium, Hemnet Premium was launched back in 2019. Hemnet Premium has been through a normal year in 2019, a red hot market in 2020 and 2021, a market that completely changed and being ice cold in the latter part of 2022 and also in 2023, a recovery in '24 and '25 and a hesitation in 2026. The only constant across all these market dynamics have been that Hemnet Premium has increased. And I think it goes back to the textbook and the logic of being a marketplace and have a tiered product structure. So I don't see a major risk on that in all fairness. And then in terms of the specific NPS score, we don't disclose NPS for various packages, and we haven't done that in the past. So all we can say at this point in time is that we've seen a significant uplift on the NPS or the seller NPS when it comes to Sell First, Pay Later.

The next question comes from Rasmus Engberg from Kepler Cheuvreux.

Can I ask a really stupid question. Given SFPL, what happens with the real estate that's not sold? And do you see a risk that you have things that are always for sale, but not at the right price?

So I mean we -- one of the reasons for us to making the move and actually launching Sell First, Pay Later and one part that was critical in the overall assessment was that we know that Hemnet is working and properties are selling. There's obviously a part of the market that is not selling. But the way we sort of designed the entire business case, we expect on the upside to get more lettings. That's an upside from an overall Hemnet perspective. Sell First, Pay Later is priced roughly 15% higher. And then there's a share of those that would not get sold, but we feel confident that this will be an overall positive business case. But you're absolutely right, there are a few listings that will not sell. And that's also why we have certain business rules. So if you remove it from Hemnet and you would sell it outside Hemnet. So 6 months after removal down from Hemnet, you would also need to pay. So that's part of the contract that we now rolled out with individual sellers. Hopefully, that's helpful, Rasmus.

Yes. Just wondering whether you can have certain markets where things are apparently for sale, but at the wrong price all the time. I was just wondering about that. And you presented a lot of things to sort of increase or stabilize your market share in terms of listings. How should we see that? I mean you released a couple of weeks ago, I believe, your share was down to 83% of properties sold. What you have presented now, is that enough to stabilize or reverse or slow the decline? Basically, how should we think about those you presented today?

The way you should think about it is that -- we saw this during 2025. The reason for us to launching Sell First, Pay Later, launching the strategic partnerships, launching Underhand was to address the challenge. We know and what we're seeing today is that these have moved the needle, but we need to do more. So we're 100% committed, 100% convinced that we have a lot more levers to pull, and we will ensure to continue to prioritize the listing development. We're not happy with the development that we saw, but we're 100% convinced and committed that we will address them.

But do you think you can reverse that drop that you had? Or can you stabilize it?

Absolutely.

Okay. And just a final question, I don't know if you're willing to answer that. But given all the moving parts that we see in Q2, Q1, and we'll also see some of it in Q3, when do you think it's realistic to assume organic sales growth again?

It's very technical. I mean if the market is very much market driven, right? So we see positive signs for the outlook of the second half of 2026 and also into 2027. Our sales is very much driven by the market, but we think the underlying fundamentals look healthy.

The next question comes from Giles Thorne from Jefferies.

My first question was back on the 2-day rule. And can I push you to quantify the impact that you think that, that could have on your SFPL listings and overall listing trends? And if you're not comfortable doing that, then maybe just some commentary about whether the 2-day rule resulted in -- since launch resulted in a listing not happening or whether the listing did happen but became the traditional kind of on listing or pay on removal.

Second question is back on the radar. Because you put this content behind the log on the agent's website, it's obviously not going to be available to Booli. So I'd be interested in any -- which I guess is the whole point. But I'd be interested in any feedback or negative feedback you're getting from agents about their loss of exposure to Booli's audience. And then finally, a question for Anders. -- and it's a bit of an oversimplification really, but it would be useful to know the sequential impact on EBITDA in the second half from the SFPL listing revenue that was effectively deferred in the first half of the year.

Just taking a step back and looking at the launch of Sell First, Pay Later, it's very clear when we did the geographical rollout that Sell First, Pay Later boosted listing volumes and had a positive impact on the overall volumes. I think that if you look at it, right, it's not like if you didn't put it on Hemnet over the first 2 days, you could not use any of our other products. We've always had the pay upfront alternative. So I wouldn't say that it has been a material sort of downside or upside. We know for a fact that Sell First, Pay Later has had a positive impact. I mean part of the reason as well is that during the month of May and June, we ran a summer campaign where we had the 2-day rule removed, and we saw positive impact from that. So that was also part of the business case decision that we took.

On the second question on under-the-radar, you're absolutely right. I think the logic, as you lay out, is that it's become nonscrapable. And that is obviously not impacting Booli, but also the other ones that are scraping out there nowadays. I think the entire concept that we're running with Svensk Fastighetsformedling is -- I mean, that's a new way of working for them and changing way of working that could trigger some negative feedback. But in overall, very sort of positive response from the team. And again, coming back to what I sort of read from a few of the other questions, the thinking is not that you would sell during this below-e-raadar time period, right? This will come up to the public market as well. So you would get sort of full market exposure.

Then the final question to me around SFPL and the EBITDA effect in the second half year. I understand why you asked. We do our own simulation of that. And the way to do it is to look at the unsold listings for the second quarter and then run simulation on because it's a theoretical number because you don't know how many will be sold -- end up being sold. So it's -- we cannot give you an exact number because we don't know, but you have some data at least in the not sold SFPL listing in Q2 and then you can simulate on sell-through rates in different months and quarters.

The next question comes from Nikola Kalanoski from ABG Sundal Collier.

So I think, firstly, could you please give us some more color on what sort of engagement you've seen so far from the under-the-radar feature or product with Svensk Fastighetsformedling? Has engagement been above, below, in line with your own expectations?

Nikola, I think -- I mean, first of all, it is really 2 weeks down the line. So it is too early to draw any conclusions. And also, what I think is important to keep in mind, everyone is based in Sweden knows this. But Sweden is in early July and up until where we are now, it is empty, right? And the agents are not working. They typically go for summer break as part of the mid-summer being around 20th of June. So I don't want to draw too large conclusions because you also have the sort of the seasonality effect and especially impacted by the vacation period. There's no agents working now as we speak. So I think that's impacting it. So it's too early. So a bit of a boring answer, but sorry, Nikola.

No, no, that's completely fair. That's just how it is. And I guess the second one is, and I guess I can't talk but ask and of course, I understand if it's too early to say, but what types of strategic initiatives are you working on into the autumn selling season, which is pretty big? And if it's too early to announce, which I understand from this conference call, could you at least hint as to whether these initiatives are more tilted towards the buying, owning or selling phase?

I mean it is too early to tell. I think what we said is that ensuring that we get all relevant listings is an absolute top priority. And I think that's impacting buyers. It's impacting sellers, but it's also impacting agents. So I have to be a bit later.

The next question comes from Yulia Kazakovtseva from UBS.

I have one follow-up question about the mechanics of the under-the-radar listings, if that's okay. And apologies if I missed it, I just wanted to clarify and confirm some details. So on the website, in the upcoming section, I can see like your usual like regular upcoming listings and this new under-the-radar listings, which do not show a package. I guess given you said that at that stage, you don't monetize, it means that under-the-radar listing, someone advertised without the package. Is this correct? And then as the next stage, if the seller decides to take the listing off, then they don't have obligation to pay. But then if they decide to convert this into your usual upcoming or available for sale listing, at that stage, the package gets assigned. And yes, that's the second question. And like I presume that all the plus premium base max packages, they also apply in this case, right?

Correct. I mean I think you laid it out well. We're not monetizing this. If you would take it out we cannot monetize them. But I think most importantly, from our upsell perspective and our ability to convert them into paid listings, that's a top priority. But please keep in mind that in this early stage, many of those listings that we would never get to Hemnet. So this is actually a big upside for us because we can work on upsell and converting them with all the various tools that we do have. But then you're absolutely right. I think the under below the radar listings will be able to convert into BOSS plus Premium and a Max package.

Yes. Very helpful. And maybe one quick follow-up. Is there a time limit over which this listing can stay in the under-the-radar section or not?

It is not as we speak. But again, if we would see that this would potentially become a concern, that's something that we would put into play.

There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

So with that a big thank you for everyone who tuned in over the last 120 minutes. And we will conclude today's session. Have a great day, and have a great summer.

Good morning, everyone, and a warm welcome to this 2026 Q1 release call for Hemnet Group. My name is Jonas Gustafsson, and I'm the Group CEO of Hemnet.

With me here on my side today at our headquarters in Stockholm, I have our Chief Financial Officer, Anders Ornulf; and our Head of Investor Relations, Ludvig Segelmark.

As usual, we will go through the presentation that was published on our website earlier this morning during today's session. I will kick it off with a summary of the main highlights during the first quarter. Thereafter, Anders Ornulf will cover the financial details before I come back in the end to wrap up today's session.

As always, there will be opportunities to ask questions at the end of the presentation. Today's session will be moderated by our operator, so please follow the operator's instructions to ask questions through the provided dial-in details.

So with that, let's get started, and let's move on to the next slide, please. Net sales declined by 24.7% in Q1, driven by weak listing volumes throughout the first quarter. Sales were also negatively impacted by a timing shift in revenue recognition related to the rollout in the new commercial proposition and payment model -- Sell First, Pay Later -- in which we recognize revenues first when properties are sold.

2026 financials will be impacted by Sell First, Pay Later as the new proposition has gradually been introduced, complicating year-on-year comparisons. Published listings declined by 30.7% and amounted to 28,600 listings. Paid listings amounted to 25,400 with the difference between paid and published listings being explained by some 3,200 Sell First, Pay Later listings that were published but not yet sold in the quarter.

ARPL, average revenue per listing grew by 12.2% in Q1, driven by higher demand for Hemnet's value-added services paired with some price adjustments. The EBITDA margin amounted to 36.1% in Q1, down significantly from last year. The 11.8 percentage point decline is explained by lower listing volumes and revenues, which drives lower fixed cost leverage.

As volumes starting to pick up again, as we've seen during April, we expect both net sales and profitability to follow accordingly.

During Q1, we rolled out Sell First, Pay Later across Sweden, starting off with Stockholm on the 2nd of February, Vastra Gotaland on the 2nd of March, and the rest of Sweden by 30th of March. So far, the launch has been very successful, driving more and earlier listings to Hemnet. In addition to the successful launch, we've also seen a much stronger property market in April, which is promising for Q2 and onwards.

Now let's turn to Slide 3 for a quick look at the financial performance. Net sales amounted to SEK 247.2 million, down by 24.7% compared to the same period last year, driven by the significant decline in listing volumes during the quarter and the introduction of Sell First, Pay Later.

EBITDA decreased by 43.3% to SEK 89.3 million. The decrease was driven by the lower listing volumes, which show lower net sales and reduced fixed cost leverage. The EBITDA margin amounted to 36.1%. As per usual, Anders will break down these profitability dynamics in more detail as we move on in the presentation.

Now let's turn to Page 4 for a look at the property market and the list volumes. On the left-hand side of this slide, you'll see a combined chart showing published listings per quarter and yearly published listings as well as the year-on-year change between quarters. Published listings decreased by almost 31% year-on-year in the first quarter.

Listing volumes were negatively impacted by a weak underlying property market in the beginning of the year and the anticipation effects leading up to the east credit restrictions that went live on 1st of April. The slow market also continues to be negatively impacted by longer selling times and the average listing duration on Hemnet has increased by 21% year-on-year to 57 days compared to 47 days in the same period last year. However, we see clear indications of a market rebound during April.

In the first week of April, we experienced the largest week-on-week increase in new published listings that we've seen over the last decade, thanks to a combination of the nationwide rollout of Sell First, Pay Later. And secondly, there is credit restrictions coming live. And thirdly, some calendar effect related to Easter. After the initial week, we've seen continued strong market in April compared to the last couple of months.

Let's look a bit at the volume development in the first week of April on the next slide. So let's turn to next slide, please. As I just pointed out, we clearly saw that anticipation effects ahead of eased credit restrictions and the Sell First, Pay Later negatively impacting the listing volumes in March. However, starting in April, we've seen a clear momentum shift with a much higher new listing activity trend compared to the previous month.

New published listings in the last 4 weeks grew by 34% compared to the previous 4-week period. That is roughly 25 percentage points higher compared to what we've seen during the same period in the last 3 years -- and the last 3 years being 2023, 2024, and 2025. When comparing the last 4 weeks with the same average period the last 3 years, 2026 is around 7% to 8% below the average volumes. However, compared to 2025, which had a very strong April, volumes are down approximately 14%. Stockholm continues to stand out with a particularly strong market development, leading the market recovery in April with higher volumes, lower lead times, and accelerating price levels.

With that, let's move on to the next slide on Slide 6, please. ARPL grew by 12.2% in the first quarter. The ARPL growth was again driven by a strong demand for our value-added services paired with slight price adjustments in January. The conversion rate to higher tier packages continued to increase during the first quarter. The successful rollout of Sell First, Pay Later had a small positive effect on ARPL growth in the quarter and will continue to be a growth driver going forward, driving further increased uptake in value-added services like Hemnet Premium and Hemnet Max.

Now let's move to Slide 7 and focus a bit on our different strategic focus areas for Q1, starting with marketing. In mid-March, we launched our new brand campaign, More Eyes on Your Listing. The campaign went live nationwide, but with a clear focus on the metropolitan areas in Stockholm, Gothenburg, and Malmo to meet market demands in these high-growth regions.

The campaign highlights Hemnet's superior audience and the importance of using the marketplace with the largest audience if you want to increase the probability of a successful sale and the best possible price. As we've stated previously, Hemnet will continue to invest in marketing and sales in 2026 to further highlight the strength of Hemnet's offering and reaffirm our strong market position.

Now let's turn to Slide 8 to look a bit more into the value Hemnet delivers to customers through our platform. In mid-March, we published data quantifying the financial effect a Hemnet listing can potentially have on our property transactions.

Data show Hemnet that properties in Stockholm inner city advertised on Hemnet during the first 2 weeks of March, on average, saw a 5.1 percentage point higher bidding premium compared to properties not listed on Hemnet. For an average Stockholm property price of SEK 6 million as an example, this in theory would translate to approximately SEK 300,000 more in final price relative to the asking price.

Stockholm inner city often serves as a bellwether for the rest of the country and has seen particularly strong activity and price trends in the last month. The data highlights the importance of choosing the correct sales strategy in this kind of market environment, where visibility is key to maximizing the chances of a successful outcome and bidding dynamics.

Now let's move to Slide 9, please. In March this year, Orvesto published their full year 2025 reach numbers for the largest commercial website in Sweden. Reach is essentially a metric that show how many actual people that engage with a website like Hemnet on a weekly basis.

The numbers from 2025 shows that Hemnet continues to have a stable market reach of about 1.8 million people on a weekly basis despite the slow property market that we experienced. The reach is particularly strong in metropolitan areas like Stockholm, where an even larger share of the population uses Hemnet on a regular basis.

Now let's move on to the next slide, please. During Q1, Sell First, Pay Later was rolled out across the country with the final phase taking place on the 30th of March. The launch of the new model where sellers can choose to pay for the listing when or if the property is sold has been very well received among both sellers and agents. We see both more listings and earlier listings coming to Hemnet, which is fully in line with our strategic ambition. The model has effectively lowered the barriers to list on Hemnet while also stimulating market activity.

When comparing geographies where the model was rolled out compared to other geographies, we saw that growth of new listings in SFPL counties outperformed the rest of Sweden by roughly 15 percentage points year-on-year in February and March, whilst also driving a higher conversion to value-added services. Sell First, Pay Later conversion has so far ranged between 35% to 45% of all listings in geographies where it's been made available.

The conversion has fluctuated between weeks and geographies, and we're quite pleased and satisfied with the adoption rates that we are seeing. The sell-through rate for February cohort in Stockholm was 45%, meaning that 45% of all Sell First, Pay Later listings published in February were sold either in February or in March.

With that, let's move on to Slide 11, please. In addition to Sell First, Pay Later, we also started rolling out our strategic partnership with Swedish real estate agents on an HQ and brand owner level. The partnerships are still in its early phase, but so far, we've seen a strong demand from many of the leading agencies across Sweden to sign up and commit to integrating Hemnet across the full sales journey.

To date, we've signed almost 90 strategic partnerships covering some half of the top 30 agents in Sweden. Since our last update, we have added a number of the largest real estate agent brands in Sweden, including names like MOHV, Courtier Group, and Properties & Partners. We also continue to have positive discussions with several of the biggest brands in Sweden.

One exciting feature that will be included in the strategic partnerships is what we call under-the-radar listings or underhand in Swedish. Under-the-radar will be an opportunity to highlight listings on Hemnet in a very early stage, whilst the agent and seller will still be able to maintain full control of the sales process by publishing behind a log-in on their agent website. In the first iteration, the properties will be visible on the listing pages of the agents and not be searchable or viewable in the result list. Hemnet will then continue to co-develop the feature together with our partners to launch the next iteration during the summer.

Now let's move on to the next slide, please. In Q1, Hemnet has continued to use AI to enhance product innovation and operational efficiency. During the past months, Hemnet has, as the first Swedish property platform, launched a ChatGPT integration where users are given new tools in how to search for properties. The app delivers relevant listings directly in the chat and seamlessly guides the user to Hemnet to view the full listing, book a viewing or contact an agent.

This week, we're also rolling out our reimagination feature, which will enable our users to visualize what a property can look like in another style or without furniture. We're quite excited about this new feature and think this is something that our users will truly appreciate.

We're also continuing with our conversational search data, which we talked about during the Q4 presentation in January. As the next step, we're scaling up the features to around 30% of our web users and enhancing the user experience significantly by more advanced tagging of properties.

In addition to the consumer-facing product launches that we are able to do with the help of AI, we are seeing quite significant results on the operational side. Today, more than 50% of our code is written by using AI copilots. That 50% was roughly 20% in December, and we expect to continue to see a growth and development in this area.

Our internal surveys show that current engineers are reporting large efficiency gains, and we are able to deliver a lot more product news today compared to just a year ago. We're still in the early days of this development, and we are very excited about the rate of change we're currently seeing and what possibilities that this will open up for us going forward.

So now let's move Slide #13 to wrap this up. In the business update we provided in connection with the Q4 report presentation, we highlighted 4 strategic focus areas for Hemnet in the first quarter, and I wanted to take this opportunity to briefly touch upon these topics.

In Q1, we successfully rolled out both Sell First, Pay Later and the strategic partnerships. It is still early, but we're seeing strong initial results and that both these initiatives are driving a changed user behavior among both sellers and agents with more listings coming to Hemnet in an earlier phase.

In addition to these 2 strategic launches, we've continued to leverage AI to further enhance the user experience on our platform. We are rolling out new AI-enabled features at a high rate, and we're able to do so in part, thanks to the productivity benefits we're seeing across the organization. This development is further underpinned by a continued strong focus on sales and marketing with the rollout of our new brand campaign during the quarter.

All in all, we continue to deliver on our strategic focus areas in the first quarter, while we look ahead and plan to launch much more additional initiatives to further accelerate customer and partner value creation.

With that, I will hand over to Anders for the financial update, starting with Page 4. Anders, over to you.

Thank you, Jonas. Let's turn to Page 15 and the financial summary. As Jonas mentioned earlier, we are navigating a challenging market environment with the volume of new published listings fell by 31% during the quarter. That development, in combination with the revenue recognition effects following the launch of Sell First, Pay Later, resulted in a net sales decline of 25% to SEK 247 million.

Paid listings declined by 38%, with the difference between paid versus published listings being SFPL listings not yet sold by the end of the quarter. On a positive note, we continue to see very strong underlying performance in our paid ARPL, growing 12%, once again proving the sustained and increasing demand for our value-added services.

Another noteworthy point is average listing time, which on a rolling 12-month basis increased from 47 days in Q1 '25 to 55 days in Q4 '25, and now 57 days in Q1 2026. The year-on-year effect of the longer listing time is negative SEK 7 million in revenue and the sequential effect of the 2 additional days from Q4 to Q1 is negatively minus SEK 3 million.

The development of listing duration is important even at a time when parts of the revenue are recognized in full upon invoicing. Listings sold as pay now and the pay when listing is removed are recognized over the advertising period. And remember that in Q1, we have a gradual rollout of SFPL and the number of sold SFPL listings in paid listings are therefore quite limited.

EBITDA for the quarter amounted to SEK 89.3 million, corresponding to a margin of 36.1%. The margin contraction is primarily explained by the lower net sales as we maintain a large portion of fixed costs that cannot be fully adjusted in the short term to compensate for the drop in listings.

One important component in the EBITDA margin is the compensation to real estate agents. When expressed as a percentage of property seller revenue, this ratio increases year-on-year from 29.7% to 30.5% in Q1 2026, driven by further improvement in both recommendation rates and actual conversion, higher commission reflecting a substantially stronger underlying improvement of our value-added products. I will walk you through the specific cost dynamics in more detail on the following slides.

The increase in leverage to 0.9 is primarily an effect of our active capital allocation combined with the low listing volumes during the period. Notably, during the previous year, we expanded our share buyback program from 450 to 600, following the mandate approved at the AGM last year.

We ended the quarter with a headcount of 179, representing a strategic increase of 23 employees compared to the same period last year. This growth was primarily driven by reinforcements within product and tech, as well as new resources within the sales team to enhance engagement with the agent community. Additionally, we strengthened our marketing capabilities with a particular focus on CRM.

With that overview, let's turn to Page 16, to our revenues by segment, to take a closer look at the Q1 figures. Our largest segment, Property sellers, which we have previously covered, generated revenue of SEK 198 million. Revenue from real estate agents decreased by 7% to SEK 23.5 million. While this was impacted by the weak market volumes, it was partially offset by continued growth in our sold by us product.

Revenue from property developers increased by 10% to SEK 12 million. This is a strong performance driven by the new annual subscription packages launched in January 2026. Revenue from other advertisers also increased by 5% to SEK 14 million, demonstrating the ability to improve performance with price.

The B2B segment is performing well despite the fact that the lower volume of listings reduces the number of impressions, which, of course, negatively impacted display sales across the B2B division. Continued optimization and focus on Hemnet's unique products are making a significant difference, keeping the revenue on par year-over-year.

Turning to Page 17 and our EBITDA bridge. We can clearly see the dynamics at play this quarter. We start with an EBITDA of SEK 157 million from the first quarter of last year. Primary impact and by far, the largest comes, of course, from net sales, which had a negative effect of SEK 81 million due to the lower listings. Compensation to agents decreased in line with the decline in revenue from property sellers, resulting in a positive impact of close to SEK 23 million.

Other external expenses increased by a little bit more than SEK 7 million, largely due to a higher overall marketing spend and the strategic front-loading of a major national brand campaign Jonas mentioned earlier. This was aimed at capturing earlier traffic and listings leading up to and alongside the launch of Sell First, Pay Later.

Personnel costs decreased slightly year-on-year, primarily due to cost items related to organizational changes in Q1 2025. Excluding these cost items, personnel costs increased by 5.4%, driven by salary inflation and higher number of employees, which better reflects the underlying personnel cost development.

Finally, other items had a marginal negative impact of SEK 2.4 million related to lower capitalized development expenditure for our own staff in a year-over-year context. In total, this results in EBITDA for the quarter of SEK 89 million mentioned earlier.

Finally, let's move to Page 18 for an update on our cash flow and financial position. Our rolling 12-month free cash flow amounted to SEK 690 million. Although the lower EBITDA level is reflected in the cash flow, we maintained a very strong cash conversion rate of 99%, underscoring the quality of our business model.

Our stable cash generation and strong balance sheet allow us to continue returning capital to shareholders. As shown in the middle chart, we repurchased shares for SEK 155 million during the first quarter, totaling just over 1.2 million shares of the 1.2 million. A small portion of 43,000 were repurchased on a separate mandate in order to enable delivery of shares to the participants in the performance share programs.

With our current valuation, the share buyback program remains a very attractive tool for capital allocation, allowing us to deliver significant value back to our shareholders together with the dividend, of course.

On the right, you can see the net debt and leverage ratio. Net debt amounted to SEK 613 million, corresponding to a leverage of 0.09. While this represents an increase from previous quarters, we remain well below our long-term financial target of below 2x, ensuring that we retain a high degree of financial flexibility.

With that, I will hand over the call back to Jonas to summarize the quarter.

Thank you, Anders. Let's move on to the summary slide and Slide #20, please. So to summarize the first quarter, new published listings in Q1 remained suppressed, but April signaled a clear market pivot, putting us in a much better position going forward. Paid ARPL grew by 12.2% in Q1, driven by a continued high demand for Hemnet's value-added services and SFPL is expected to help to drive this going forward as well.

A very successful launch of Sell First, Pay Later in Q1, we're already seeing how the new model effectively lowers the barriers to list on Hemnet while stimulating overall market activity. All in all, we continue to deliver on our strategic focus areas in the first quarter, while we look ahead and plan to launch additional initiatives to further accelerate customer and partner value creation.

With that, let's open up for Q&A, please.

Welcome to Hemnet's Q1 2026 Conference Call. [Operator Instructions] Now I will hand the conference over to the speakers.

[Operator Instructions] The next question comes from Eirik Rafdal from DNB Carnegie.

So if we start on the ARPL growth of 12.2%, that's a bit of a step-up from the 11.1% you reported for January, February. What's the reason for the acceleration in March? And also, I think, Jonas, you mentioned that SFPL, but are you able to split kind of the effect from more VAS and SFPL? That's my first question.

I think, Anders, you're better suited to cover the questions from Eirik.

It's a step-up, but it's not that big. So of course, gradually rolling out SFPL will in theory also with the SFPL listing being a little bit more expensive will have an impact on ARPL. But it's a step-up that we like, but it's not huge. So an effect of more and more listings -- SFPL listings out there, I would say, is a major explanation around that.

Perfect. And that kind of trickles into my next question because Jonas again, I think you said 35% to 45% adoption rate already on SFPL. Just for our understanding, the people that aren't opting for this, why are they not opting for it? Maybe it's just a personal preference, but kind of in my book, you're paying quite low insurance premium. And do you also see any counties asking prices, property types, age brackets, et cetera, that have kind of a significantly higher or lower uptake of SFPL?

So on the first question and your personal reflection, I think my personal reflection going into this was very much in line with that. I think that if you take one step back, Eirik, Hemnet has had a sort of a paid listing opportunity out there since 2013. So that's a quite long period of time.

If you take a step back in those 35% to 45% after the first initial months, I think that's a very strong adoption. And I think over time, as both real estate agents, but also sellers become even more aware about this strong product, I think there's a chance that we can see higher levels. But it takes time, right? And it's 7,500 different agents out in Sweden, and it's essentially 7,500 different type of sales strategies.

I think one thing that is important, Eirik, is and we've spoken about this in the past, there is a dynamic related to whether you buy first or whether you sell first. In cases where you buy first your -- sort of your new property and you need to sell your existing one, that's typically a period of time where you are stressed and you're to 100% a committed seller, meaning that you know that you need to sell and you know that you're going to sell. For them, the sort of the standard opportunity still remains a highly attractive option. So I think that's a category of consumers that will have a continued preference for our standard listing. So I think that's a very sort of strong stereotype.

Then also, I think what we hear from some of the agents is that they want to have committed sellers, right? Because at the end of the day, agents, they make their margins and they make their provisions based on the fact that the property is selling. And if you paid for Hemnet upfront, that also could indicate that the seller would be a bit more sort of leaning into the sales process.

In terms of specific areas or specific segment, I think the adoption is so high, 35% to 45%, that it's difficult to draw out any specific areas or specific regions where this Sell First, Pay Later would be much stronger. At least that's not what we've seen in the initial data. So I think that's difficult to draw conclusions. But I think as we also indicated and as I mentioned as part of my presentation, we've seen a slightly higher BOSS penetration for the Sell First, Pay Later. So that's a difference that we do see. But hopefully, that covers it.

Just kind of final one for me on SFPL. The 45% sell-through rate in kind of month T plus 2, how does that compare to historical averages in Stockholm? And also how does it kind of compare to the same duration now but on pay now pay later?

Eirik, so a little bit too early to draw any definite conclusions, but we've seen the sell-through rate, as you said, on 45% in Stockholm for the February cohort. We should, however, keep in mind that the turnover in Stockholm is a bit higher than other parts of Sweden. So it's not -- that is not entirely representative.

Now coming back to your question maybe is that -- we know that the average duration time is 67%. And we said in the Q4 launch that within 24 months, the sell-through rate is 82% to 92%. So in our world, it's pretty much expected, but I also want to say that it's too early to draw any conclusion. But a good start when comes to sell-through. It's very early on.

Perfect. And just I'll sneak in one final one, and that's on kind of traffic sourcing and any updates there kind of from LLMs pre and post integration of ChatGPT? Are you seeing any meaningful step-up in your traffic from GPT in particular or just LLMs in more general?

I'll take that one, Eirik. So I think as part of the business update that we had in connection with Q4, we indicated that the LLM traffic was below 0.1%. It is increasing, but it's increasing from a very small level and not with an exponential pace either. So traffic remains very low from the LLMs. When it comes to this new app, I think given the fact that traffic is low, this is a way for us to experiment and to learn and to be sort of in the forefront of what's happening in terms of consumer shift. But again, levels are very, very low and tiny.

The next question comes from Georg Attling from Pareto Securities.

I only have 2. So the first one is the time to Hemnet improvement that you mentioned. Could you quantify that, how that has improved?

So it's looking at the listings that we're seeing, what we're seeing is that right now, as part of the SFPL rollout, we've also had a great period, meaning that we've allowed both agents and sellers to also use or list earlier -- or sorry, listings that are older than the 2 days. So it's a bit too early to draw any sort of conclusions and come with a specific number, but we're definitely seeing a trend that we get earlier listings, but we can't really quantify it at this point in time. But when we sort of move over the first period where we have had this great period, I think we would be able to come back.

Second question, looking at the listings coming to market as a whole, it appears like you still have some leakage in the listings here in here in April, even though the market is recovering somewhat. What more tools do you have at your disposal to sort of stop that leakage?

I think there's a lot of seasonality in the numbers now and especially in April. What we see is that we've seen a strong market recovery and a rebound. In terms of more areas and more things, I mean, we're continuously looking at various alternatives to drive more and earlier listings at Hemnet. We've just rolled out Sell First, Pay Later, and we're happy with the initial results, but there's definitely more to come, but we would revert back to those specific things that we are doing, but we're not sitting still.

The next question comes from Andrew Ross from Barclays.

I've got two, if that's okay. First one is just to come back to the Sell First, Pay Later attach rate. In the March update, you spoke about around 50% of property sellers choosing Sell First, Pay Later in Stockholm. And I think they're now talking about 35% to 40% of all listings in geographies where it's been made available. So could you just square the circle about how those numbers compare with the kind of Sell First, Pay Later attach in Stockholm is still going up and how to kind of think about those? That's the first question.

Andrew, so as you pointed out, in the February revenue report, we said that roughly 50%. And what stated in the February revenue report was that 50% of eligible listings choose SFPL. But if you look at who's eligible to getting a SFPL listing, that is obviously changing given the fact that we've had this grace period. So given the fact that we had the grace period upfront, we also expected that to come down a bit, and that's what we've seen.

The 35% to 45% penetration is related to total listing. So there's one explanation given the fact that the first 50% was in relation to eligible listings, whilst the 35% to 45% is related to total listing. And then you also have the grace period adding some complexity over the first month given our launch offer.

Second one is about OpEx growth. So it grew around 11% year-on-year in Q1. How are you thinking about OpEx growth for the rest of the year?

I'll have Anders -- you want to take that one, please?

Sure. If you look at OpEx -- if you look at fixed OpEx, if you take away the variable cost, it actually grew 7%, which is lower than the last year's 40%. And for us, it makes sense given the commitment to continue to invest in product, marketing and sales, referring to Jonas's business update earlier. But we're also comparing ourselves to a year 2025 that was also characterized by quite high activity. So these are the figures I have with me, so to say.

The fixed OpEx growth is 40% in 2025, 7% in Q1. And even though quarterly comparisons can be a bit volatile, that is run rate that at least give you some guidance, even though it's not a full guidance for 2025.

Okay. So that year-on-year growth in OpEx for Q1 is a sensible ballpark to be thinking about for the rest of the year roughly?

You should also take the last year's 40% review as a reference. So somewhere there.

Somewhere between 7% and 14%. That's helpful.

The next question comes from Giles Thorne from Jefferies.

The first question was for Jonas, and it was on Hemnet Max, which is quite noticeable by its absence from many of the prepared materials today. So it's a very high-level question, but does the Hemnet Max need to be reconstructed to reflect that we are now in an era where premarket is a much larger feature of the overall housing market?

The second question, it was a follow-up on the premarket or the upcoming listings question that was asked earlier. From a different angle, the strategic partnership agreements appear to now be reaching critical mass, but we're still not really seeing any sequential uptick in your upcoming listings on site. So perhaps you could give a bit more color around why that is and why we shouldn't be expecting it yet?

Then the final question was for Anders. It was in October last year that I asked you, Anders, whether you would be willing to increase the cadence or the quantum of the buyback in response to some of the pressure you were getting from GCQ, and you were very clear at the time that you wouldn't be changing. But of course, the share price is now half what it was back in October. So the latest thinking here from you, Anders, on how you can use your balance sheet to optimize cost of capital would be great.

So I'll take the first two ones. On the first one, when it comes to Hemnet Max, so what we've seen over the last months, and we've done some feature changes is an increasing adoption to Hemnet Max. It's been higher in Q1, and we've seen that continue in the early parts of Q2. If we take one step back, I think Hemnet Max penetration is still at low levels. And I think from just an overall perspective, there's essentially two dimensions for us to work on. And it is, first of all, it's the relative price difference between Hemnet Max and Hemnet Premium, and that's something that we have been elaborating on and closing that gap, and that's driving a slight increase of adoption.

When it comes to -- the second dimension, it is essentially related to the relative feature difference between Hemnet Max and especially Hemnet Premium. And with the introduction of some additional opportunities to get Raketen or this rocket feature that we do have, that's one thing that we introduced, and we've seen that helping and supporting. But as for all products and especially Max, given where we are and given the fact that it's just a 1-year old feature, something that we continuously work on.

Number two, related to the premarket, it's per your point, more and more agents are joining us in the strategic partnerships. I think also what I mentioned as part of the as part of the presentation, we're very excited that we will be able to launch this below the radar feature coming up pretty soon. And we have reasons to believe that, that definitely would help us to get a larger share and a larger part of the premarket.

One thing to keep in mind is obviously what we've seen in Stockholm, where the sales cycles have come down quite significantly. And in inner city Stockholm in March, we saw that the sales cycles were back sort of at 2022 levels, coming down significantly from the period of '23, '24, and '25. That is also reducing the importance of the premarket. So also the fact that we see earlier listings coming to Hemnet as we spoke about also upon Georg's question.

The third question, Anders, I will hand over to you.

Of course. And as I also said in October, this is a question that we discussed with the Board from time to time. And our buyback program is very powerful. And at today's valuation, it becomes highly attractive. But of course, we have to make sure to balance this with the earnings and the cash flow, so it remains sustainable over time, just as we've done since the IPO in 2021. And right now, we are dealing with a onetime impact from the introduction of SFPL. I knew that in October, but you didn't, combined with a soft market for new listings, which, of course, act as a headwind.

But going forward, in the notice to the AGM at the end of next week, you see a proposal to renew the mandate. We will first await the shareholders' decisions and then subsequently the Board's decision on the execution. However, Hemnet has historically been characterized by continuity when it comes to returning excess cash. So that is the order for that.

That's all very clear. And as a follow-up, please, you're still only at 0 -- so I appreciate your point on visibility into the accounting impact and the cash flow impact of SFPL, but you're still less than half of the way towards your overall leverage target. So there's plenty of room to be much more aggressive. Is that something you recognize and would be willing to accommodate into your thinking?

This is, of course, the financial target is a very important one that we are one of the many dimensions that we discuss. But of course, we want to have sustainable decisions around that. So we might do something at a onetime deal. But for the time being, we only live with the mandate we have and the program we have, and we're satisfied with that. But of course, we discuss it with many dimensions.

The next question comes from Will Packer from BNP Paribas.

I had a few around the competitive backdrop. So I'll just list them and it would be great if you could go through them in turn. So firstly, when I look at Sensor Tower, the daily active user lead of Hemnet versus Booli has shrunk precipitously from, let's say, 5x in 2023 to sub 1.5x today. If we look at time spent, it's now roughly equal. Would you characterize that as a fair overview of market dynamics? Or is there distortions such as app versus desktop mix, different levels of genuine in-market buyers on the apps? Just to help us understand how you see the traffic competitive backdrop.

Secondly, a big area of focus of shifting to the Sell First, Pay Later was to erode the inventory advantage of peers like Booli and Boneo. Could you update us from the data you see on April, how that inventory advantage is developing? Are you curtailing the inventory advantage with the new product offering?

Then finally, you've talked in the past about potential regulatory scrutiny on Booli and their funding in the context of sort of quasi government funding against the private enterprise. Could you update us as to where that stands and whether there's been any progress on that front?

I will take them one by one, and I think I'll ask Ludvig for some comments on the first one. I think the overall reflection when it comes to third-party data in terms of traffic is challenging. I mean, the Sense Tower and also other sources, we've seen those sources deviate quite a lot compared to what I see in our internal numbers. So it's a bit difficult to draw conclusions just based on the quality there. But Ludvig, I'm not sure whether you have any specific reflections on the Sense Tower.

No, but I will, I think as Jonas correctly points out, the third-party sources tend to be quite problematic. I don't want to highlight any specific sources here. But I think we gave some active user numbers in connection with the Q4 report. You can see it's very stable. If you look at some of these external sources, neither the absolute numbers nor the trends make any sense compared to what we are seeing on our side. So therefore, we tend to not use them because historically, they've been very inaccurate when it comes to -- when we compare it to our own data. So therefore, it's difficult for us to comment on what they're showing because historically, it's not been a reliable picture.

Thanks, Ludvig. On the Sell First, Pay Later, in terms of the rollout that we did across the full country by the 30th of March, I think what we've seen is a pickup in terms of how large share of new listings and how large share of the total market that we capture. But I think this is also -- I mean, it's a timing aspect of it, right? If you take one step back in our strategic ambition with Sell First, Pay Later, what we've communicated is to get more listings and earlier listings to Hemnet, drawing full conclusions given the fact that we're still in the grace period and the grace period will end on Thursday for the rest of the country. It's difficult to come with any specific numbers, but we're definitely seeing the trends moving in the right direction.

Thirdly -- Will, can you just take the third question again, please?

Well, you talked previously about sort of potential regulatory scrutiny on funding. It's loss-making, it's got government support quite government support. Just any developments there?

Yes. So in terms of the -- your point, so it's absolutely correct that we turned to SCA or the Swedish Competition Authority regarding SBAB and the subsidiary Booli. There's an ongoing process with SCA. And I think it's fair to say that they're doing a very diligent job looking into this matter in quite some detail.

So SCA, we've been in contact with them a number of times, having a dialogue, and they've also done a reach out to the market, essentially meaning competitors to Hemnet like Boneo and others, the new entrant of Ingolstadt has been asked, and they've also done a reach out to the larger agency firms. So we hope to get clarity around this in the near future, but time line is a bit unclear also past. But it's -- I think one important takeaway and communication is that they're looking into this in quite some detail.

The next question comes from Yulia Kazakovtseva from UBS.

You actually answered pretty much all of them. So I only have one. You mentioned about how you use AI on your OpEx side as well. If possible, could you please quantify the level of savings you can extract from AI usage in Q1? And also in your commentary about OpEx progression for the rest of the year, do you think that there could be potentially more savings to come from AI development? Or it's already within these numbers, which you talked about?

Yulia, a bit of a difficult question. So let me elaborate a bit. I think in terms of the AI that we're seeing and the results in terms of operational efficiency, what we are doing right now is that instead of trying to reduce OpEx, we're trying to produce more. We think that pace on innovation and launching more products is the right strategic priority and the right area. With that said, we will become even more efficient driven by AI. I mentioned 50% adoption in Q1. And that was roughly 20% during Q4.

So I think there is definitely more room for improvement. over time, I think this could -- if you decide to go down that route, this could also come with cost reductions. But right now, our priority is to get more products out, innovate more and strengthen our proposition towards sellers, buyers, and agents. Anders, do you want to add anything there?

No.

The next question comes from Eirik Rafdal from DNB Carnegie.

Back on line. Just one final question for me, and it's on the Orvesto reach numbers. Do you have any more granular understanding of what those numbers look like underneath the hood? I'm thinking urban versus rural areas, younger versus older parts of the population, et cetera, and kind of how that's evolved over the last 2 to 3 years on those types of underlying KPIs.

So not having all the nitty-gritty details ahead of me right now. But I think just some of the main takeaways is that I know that we're especially strong in the metropolitan areas. And I think we also mentioned that the Stockholm area is an area where we see a specific strength.

Number two is that if we look at the sort of the -- I shouldn't say average, but the most stereotype user of Hemnet, we tend to be a bit overrepresented for females in the age between 30 and 40. But I think if you like, we can come back to that at a different point in time. But those are some of the main takeaways I remember from that piece of analysis.

Yes, that's great. I think it would be good to have an understanding of how that's evolved over time because I think that's also an investor concern around how potential preferences are shifting kind of within the larger number.

Sure. But I think -- and then one important takeaway that's also what we mentioned is that despite the sort of the lower listing activity that we saw during 2025, the reach numbers remain very stable, which I think is something that is important to bring with you. But let's get back to that, Eirik.

The next question comes from Andrew Ross from Barclays.

I just wanted to double-click a bit on the under-the-radar listings. I'm hoping you can give us a bit more color as to how meaningful you think those could be as part of your overall listing volumes and differentiating the Hemnet platform versus Booli. And I guess a follow-up to that, I appreciate there's a lot of scenarios in terms of how your presale content may play out over the next few months. But what is your thinking potentially on taking unmonetized pre-listings in presale market on your platform if that gap versus Booli continues?

I mean, we're in very early stage. And given the fact that this is a part of the strategic partnerships, this is something that is jointly evolving based on our discussions and especially the preferences that we do see. It's all about creating a win-win in these partnerships. We think that we can bring clear value to our partners by ensuring that they could have a controlled start-up process. And we think that getting the listings earlier to Hemnet, that has an important strategic vision from our perspective. As I said, it's still early days, and we are elaborating and testing. And if this turns out to be successful, that might be one of something that we want to scale up in addition. Is that okay, Andrew?

That's helpful. I mean, I guess as a follow-up on the idea of maybe having free listings over time. Is that something that you would consider?

We're looking at all various options and alternatives. I think this is a very controlled way of ensuring that we get more listings. But we're looking at all various alternatives that could be attractive for Hemnet, but that's nothing that is decided at this point.

[Operator Instructions] There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

With that, a big thank you to everyone for joining the call today and for all the great questions that we had in the back end as part of the Q&A. That is all from us, and this will conclude today's session. Have a great day, everyone.

Good morning, everyone, and a warm welcome to this 2025 Q4 release call and full year review for Hemnet Group. My name is Jonas Gustafsson and I'm the Group CEO of Hemnet. With me, near my side today at our headquarters in Stockholm, I have our Chief Financial Officer, Anders Ornulf; our Chief Operating Officer, Lisa Farrar; and our Head of Investor Relations, Ludwig Segelmark.

To date, we've called for an extended session to cover an update on some important strategic and commercial topics and will, therefore, have a slightly longer presentation than usual. Firstly, we will start with a normal quarterly presentation where we go through the financials from Q4 and the full year of 2025. After that, we will follow up with a deep dive on Hemnet's market position as well as our strategic and commercial focus areas going into the first part of '26.

Anders will also quickly break down what this means for our financial reporting going into this new year. As always, there will be opportunities to ask questions at the end of the presentation, and we will combine the Q4 Q&A and the deep dive Q&A into 1 session. Today's presentation will be moderated by our operator, so please follow the operator's instructions to ask questions through the provided dial-in details.

So with that, let's get started, and let's move on to the next slide, please. Despite a very difficult market backdrop, Hemnet demonstrated strong performance and resilience in the fourth quarter. Net sales decreased by 4.4% in Q4 and driven by a continued weak market with low published listing volumes. New listings were down with 26.4% in the quarter. Around 5 percentage points of the volume decline during the quarter was attributed to a new business rule introduced in February 2025, impacting the year-on-year comparison. This new business rule is allowing sellers to change agents without buying a new listing.

ARPO, average revenue per listing grew by an impressive 29.2% in the fourth quarter driven by a continued increasing demand for Hemnet's value-added services fueled by a continued conversion towards Hemnet premium. EBITDA declined with minus 12.8% to SEK 154 million as the low listing volumes lead to lower net sales and lower fixed cost leverage. For the full year of 2025, the results demonstrated strong resilience with net sales increasing by 9% to [ 15,000 in SEK 26 million ] and EBITDA increasing by 7% to SEK 768 million, corresponding to an EBITDA margin of 50.3%.

This was driven by yet again strong ARPO development of 28% for the full year, and this underscores our ability to maintain strong underlying value creation even in a challenging and unpredictable market. Going into this new year, we have several exciting product launches planned for the first half in 2026. This includes the rollout of Sell First, Pay Later, which will start on Monday next week in Stockholm. We will talk more about why we're so excited about the new product launch later on in the presentation, but the pilot results have indicated a fantastic opportunity to drive both more and earlier listings to Hemnet.

Now let's turn to Page 3 for a quick look at the financial performance. Net sales amounted to SEK 348 million, down by 4.4% compared to the same period last year. driven by the significant decline in listing volumes during the quarter. EBITDA decreased by 12.8% to SEK 154 million. The decrease was driven by the lower listing volumes, which drove lower net sales and reduced fixed cost leverage. The EBITDA margin amounted to 44.2%. As per usual, Anders will break down these profitability dynamics in more detail as we move further on into the presentation.

Now let's turn to Page 4 for a look at the property market and the listing volumes. On the left-hand side of this slide, you'll see a combined chart showing published listings per quarter and the early as well as the year-on-year change between quarters. Published listings decreased by 26% year-on-year in the fourth quarter and by 13% for the full year. The slow market continues by negatively impacted by longer selling times and the average listing duration on Hemnet has increased by 20% year-on-year to 55 days in Q4 compared to 46 days in the same period last year. In addition, a sell first mentality is continuing to impact the value chain and the industry dynamics.

The volume decline was partly attributed to the change business terms in February 2025 -- for centric agents, which explained approximately 5% for the new listing decline compared to last year. While the overall picture remains bleak, there have been some positive signs of renewed activity during 2025 and with rising prices, record bill a sales and a supply that started to decrease towards the latter part of this year. With that said, the inflow of new homes remains constrained going into the new year as the market positions itself for a stronger expected market from the second quarter and onwards.

Let's move on to the next slide to look a bit closer on the strong ARPO development. ARPO, average revenue per listing grew by 29% in the fourth quarter the ARPO growth was again mostly driven by a strong demand for value-added services. The conversion rate to higher-tier packages continued to increase during the quarter and is at all-time high levels.

Hemnet-premium which was launched in late 2019 is the main driver of our ARPO growth in the fourth quarter. When looking back on its history, it's important to keep in mind, and it's important to remember the Hemnet premium was initially met with some skeptics from both agents and buyers, and it took more than 2.5 years after the launch before hamlet premium was able to reach double-digit conversion.

With that in mind, Hemnet Max is well positioned to capture the next level of demand for customers seeking to maximize their chances of a successful sale and become a key growth drivers for many years to come. The initial results and the product performance of Hemnet Max has been stellar.

Before moving into the financial section, let's have a look at what has happened during 2025 -- decline from an overall reminder from a product perspective. While 2025 was characterized by resilience it was above all a year in which we geared up for the future. Through an increased pace where AI tools have notably helped us to become more efficient, we entered the new year with a significantly strengthened product portfolio and an organization ready to drive the market forward.

In 2025, we made significant progress in developing our consumer-facing proposition and we've taken actions to strengthen our relationship with the industry, and we're well prepared for our large strategic product initiatives being brought to the market in early 2026. With these elements in place, we do look forward to 2026 with great pride and confidence ready to deliver more value to our users, to our customers and to the real estate agents than ever before.

And with that, I will hand over to Anders for the financial update, starting with Page 7. Anders, please take it away.

Thank you, Jonas. Let's turn to Page 8 and the financial summary. As Jonas alluded to, we ended the year in a property market that remains challenging, characterized by continued hesitation to list new properties. This resulted in a decline in published listing of 26% for the quarter. However, despite the significant headwind in volumes, our financial model demonstrated resilience.

Net sales for the quarter amounted to SEK 348 million, a decrease of only 4.4%. Another noteworthy point is the average listing time, which on a rolling 12-month basis increased from 46 days in '24 to 52 days in [ Q2 ] 2025 and now 55 days in 2025. The year-on-year effect of the longer listing time is a positive SEK 12 million in revenue for the quarter, and the sequential effect of the 3 additional days from Q3 to Q4 is negatively minus SEK 2 million.

To smooth out system variation, we recommend tracking ARPU growth on a rolling 12-month basis, as shown on Page 4 of the presentation. The big between the volume drop and the revenue performance is once again the ARPU, you can see that it grew by 29% to [ SEK 10,900 ], historic high for a single quarter and was driven by continued strong demand for our value-added services, specifically Hemnet.

Looking at profitability on the top right, EBITDA for the quarter came in at SEK 154 million. The EBITDA margin was 44.2%, margin contraction compared to last year is primarily a function of lower listing volumes. Since a large portion of our cost base is fixed, lower volumes naturally lead to lower coverage of these fixed costs. I will walk you through the specific cost dynamics in more detail on the following slides.

One important component in the margin development is, of course, the compensation to real estate agents. When expressed as a percentage of property seller revenue, this ratio increases year-on-year from 31.5 to 32.3 in Q4 '25 driven by a further improvement in both recommendation rates and actual conversion. Higher commission reflecting a substantially stronger underlying improvement of our VAS products. And as always, the effective commission is a variable component and tends to fluctuate somewhat between quarters, making what suitable to measure over longer periods.

Free cash flow. Free cash flow was SEK 745 million, a 7% increase year-over-year. This robust cash generation underscores both the scalability of our business model and our strong profitability even in a very soft housing market. Our operations continue to convert a high portion of revenues into cash, highlighting the quality of our earnings. We continue to uphold a strong financial position. Net debt leverage ended the quarter at 0.7. The increase in leverage is primarily an effect of our active capital allocation strategy, combined with the low listing volumes during the period. Notably, during this year, we expanded our share buyback program from SEK 450 million to SEK 600 million following the mandate approved at the AGM 2025.

We have continued to return capital to shareholders, while at the same time, maintaining a conservative balance sheet. Importantly, this demonstrates the strength of our position, we're able to execute the capital returns and still retain a very high degree of financial flexibility going forward. Headcount increase of 15 largely reflects the organization has been selectively strengthened, primarily within taking product as well as new leadership within marketing. However, regarding the total number, it's important to take into account that we had an usually high number of vacancy growth at the end of '24, which impacts the year-on-year comparison.

With that overview, let's turn to Page 9, the revenues by segment to take a closer look at the Q4 figures. Starting with our largest segment, property sellers revenue amounted to 298 which again, very modest relative to the drop in listing volumes.

Turning to the B2B segment, net sales decreased slightly by 0.8% to SEK 50 million -- SEK 51 million. Within this segment, revenue from real estate agents grew by 3% to SEK 24 million. This growth was driven by strong performance in our Sobeys product and other value-added services for agents, which effectively offset the impact of fuel published listings.

Revenue from property developers decreased by 40%, sector remains under pressure, fewer project starts and the general cautiousness regarding marketing spend from these customers. Finally, revenue from advertisers grew by 4% to SEK 16 million. This is a positive deviation from the trend we've seen in the recent quarters despite the challenging macro environment for the -- advertising, we managed to grow this line item due to strong sales to banks and other appliances.

Let's go deeper into the profitability dynamics on Slide 10, showing the EBITDA bridge for the fourth quarter. First bar shows the net sales impact, which then, of course, had a negative effect of SEK 16 million. Next, we have compensation to real estate agents, costs decreased by 2.5 since commission is largely linked to cellular revenue, the decrease in set revenue naturally leads to lower absolute commission payments.

Moving to other external expenses. They are flat year-on-year. We have maintained cost discipline with slightly higher cost but licenses were balanced off by lower spend on consultants and marketing compared to the same period last year. Personnel costs increased by SEK 10 million, representing a 17.7% increase in the quarter and is driven mainly by increase in number of FTEs and annual salary inflation. We ended the year again in the headcount with 167 employees. Finally, other costs had a minimal positive impact brings us to Q4 EBITDA of SEK 154 million.

Now let's zoom out and look at the full year '25 on Slide 11. While Q4 was impacted by specific volume headwinds, the full year picture demonstrates the robust growth profile of Hemnet over time. For the full year '25, net sales grew by 9.5% to SEK 1.5 billion. This was achieved despite a full year decline in published listing of 13%. Driver again is -- are full year ARPU increased by 28% to 8.1 -- 8,200. This consistent ability to grow ARPU faster than volume is, of course, core.

EBITDA for the full year increased by 7% to SEK 768 million, corresponding to a margin of 50.3%. The effective commission is a significant component of the P&L, again, and it's increased from 30.4% in full year 24% to 30.7%, driven by the strong conversion to our value-added services in the compensation model launched in July '24.

Turning to Slide 12 for the full year revenue breakdown. Property Service revenue grew by 11% to SEK 1.3 billion. This segment now accounts for 86% of the total revenue in the year. And again, it really underscores the strength of our business model. B2B revenue for the full year was essentially flat, declining 0.7% from lower display sales partly as a result of lower number of published listing in later part of the year.

Real estate agents revenue grew by 3%. The highlight here is our bias product, which grew by more than 2x compared to 2024. This product, as an example, is becoming a big part of the agent marketing mix. But it's also a further proof that we are able to launch new products that create real value for the customers, even if it may take some time before it's fully the interaction.

Property Developers revenue was flat year-on-year, which we consider a stable result given the severe headwinds in new construction markets. Advertisers revenue declined by 7% for the full year, reflecting the broader weakness in the digital advertising market and lower traffic resulting -- listings.

All in all, very encouraging that we are able to maintain revenues in our B2B segment despite the low level of listings, which negatively impact impressions. We have carefully offset -- we have successfully offset this to growth in our hemogenic products, which creates value for the priority customers, real estate agents, property developers and banks.

On Slide 13, we see the EBITDA bridge for the full year '25. Starting from SEK 720 million in '24, the primary positive driver was, of course, the net sales growth, which contributed SEK 132 million to EBITDA. Compensation to real estate agents increased by SEK 44 million. The increase is the direct result of the higher revenue from property sellers and the successful launch of the new competition model, which rewards agents for high recommendation rates of our premium products.

Other external expenses labeled C increased by SEK 24 million, reflecting the decision to normalized investment levels in marketing and product development after a more cautious 2024. Personnel costs increased by SEK 20 billion, driven by mainly the salary inflation in headcount investments I mentioned earlier. All in all, this resulted in an EBITDA growth of SEK 48 million for the year, landing at SEK768 million.

Finally, let's turn to Slide 14 to review the cash flow and financial position. On the left, you see our free cash flow on a rolling 12-month basis, generating SEK 745 million of free cash flow over the last year, increase of 7%.

I would like to briefly comment on the operating cash flow for the isolated fourth quarter. In addition to the impact on weaker listing volumes, we also saw a more technical effect of negative change in working capital driven by the timing of settlements for our payment service providers. This is a temporary timing effect and does not affect any underlying change in the cash generation. Our strong cash flow allows us to continue returning capital to shareholders. And as you can see in the middle of the chart, we have been very active with the share buybacks. In Q4, we repurchased share for SEK 160 million.

Looking at the right-hand chart, our leverage is increasing, but putting perspective very low. Net debt-to-EBITDA ended the year at 7.7 slightly up in as I commented earlier, but also remaining well below our financial target of 2.

Reflecting our strong financial position and confidence in the future, the Board of Directors has composed a dividend of $1.90 per share. This represents an increase of 12% compared to last year and corresponds to approximately 1/3 of our earnings per share, in line with our policy.

With that, I will hand the call back to Jonas to wrap up the first section.

Thank you, Anders. And let's move on to the summary slide on Page #16. To summarize the fourth quarter, the full year of 2025 and the news we announced today. First of all, we saw a continued pressure on new listings published in Q4, negatively impacting both net sales and EBITDA in the quarter. A strong ARPU growth of 28% for the full year offset the negative impact from lower listing volumes, leading to a total net sales growth of 9.5% in 2025.

Going forward, we have a clear focus on addressing market friction and being a partner throughout the entire property journey. We have everything in place to start rollout Sell First, Pay Later on Monday next week on the second of February. We look forward to 2026 with our focus set on delivering more value to our customers and the Swedish property market than ever before.

With that, let's move on to the second part of today's presentation, a deep dive into Hemnet's business update on Slide 17. In this second part of the presentation, we wanted to take the opportunity to do a deep dive on Hemnet's strategic initiatives going into 2026. Some updated related to our financial reporting as well as some additional color to the market dynamics.

So let's move on to the agenda on Slide 18. So for today's agenda on the Hemnet business update, Firstly, I will go through and discuss Hamlet's current market position and what the Swedish property market looks like today and how it has changed over the last years.

Secondly, our Chief Operating Officer, Lisa Farrar, will provide an update on our key product initiatives and commercial road map. Thirdly, Anders, our Chief Financial Officer, will cover how we structure our financial reporting in 2026. Lastly, I will provide a summary and a wrap up before we move into the Q&A session.

With that, let's start by looking at Hemnet's market position on Slide 19. To start it off, Hamlets the #1 property portal in Sweden. Hemnet continues to have a fantastic market position. Over 95% of property sellers in Sweden know our brand and close to 90% consider him that the first choice when selling a property. If you look at our weekly active users, we've had an average of 2.7 million weekly users in 2025. Despite the soft Swedish property market during especially the second half of the year when market activity and interest went down, we see that our users to a very large extent, continue to come back to our platform on a weekly basis.

This is also shown in the reach that we have. When comparing Hemnet with other websites in Sweden, regardless of industry, Hemnet is the third largest commercial website after the 2 largest Swedish tabloids and newspapers being Aftonbladet and Express. Hemnet is a strong brand and engagement are also evident from the share of direct traffic that comes to our website. Between 70% and 75% from our traffic comes directly to us, either by typing Hemnet straight into the browser or going straight to our app.

The high share of direct traffic shows that Hemnet is top of mind for users, and we have limited dependency on external traffic sources. Lastly, Hemnet has more than 25 years as the #1 property platform in Sweden. Our platform is deeply integrated into the working base of the entire real estate industry. With that, let's move on to our role in the ecosystem on the next slide, please.

The Swedish property market has a long history of being efficient and attractive and Hemnet has played an instrumental role in creating that ecosystem over the past 25 years. The market has been characterized by short sales cycles, a buy before sell mentality ease of transacting and strong underlying price development. The attractiveness of the market has further been aided by highly professional of well-respected real estate agents coming from a professional educational background. In addition to these dynamics, the market demand is spurred by high-income ownership limited buy-to-let segment and the dysfunctional rental market. This has led to a highly attractive market over time. Hemnet platform is at the center and the heart of this market and serves as the natural meeting point where agents were sellers and where buyers meet.

As you can see here on the next slide, Hemnet has been able to build an impressive business based on the strong market position. Hemnet has shown strong revenue and EBITDA growth in the past couple of years. The lion's share of the growth development has come through growing ARPU, average revenue per listing over time. This has been achieved through adding and growing new packages and products to our proposition. In late 2019, when Hemnet launched Hemnet Plus and Hemnet Premium, and these packages have grown in popularity steadily every single year and single quarter since then. In late '25, Hemnet Plus, Hemnet Premium and newly launched Hemnet Max together announced accounted for more than 75% of all listings, more than 3x compared to the end of 2020.

The product-driven growth paired with price increases and payment alternatives, have been a key driver of financial success and has fueled investments into the platform, which has helped him maintain its strong position as the largest property platform in Sweden. If we then move on to the next slide, please. Hemnet is the undisputed #1 property platform in Sweden in terms of traffic and reach. Our traffic has been stable over time with the exception of the outlying years during the pandemic. When most digital platforms saw a significant surge in peak in traffic and activity as people spend more time at home and spend more time on digital platforms.

When looking at Hemnet's traffic over time, it is important to understand the relationship between market activity and traffic. When market activity goes up, and more properties are listed for sale, so does activity and engagement on the platform. As seen on the graph on the right-hand side, there is a clear correlation between the number of newly published properties on the platform and the user behavior.

In 2025, we saw a slight decrease in the average vehicle users, especially during the second half of the year as the number of new listings on the market decreased. Today, between 40% and 50% of Hemnet session come from the Hemnet app on iOS or Android. Hemnet's platform is mobile first, and the user on the app are typically much more sticky and much more engaged than the average browser user.

With that, let's move on to the next slide, please, to elaborate a bit on our overarching ambition going forward. Our ambition is simple. We want to create value across the entire property journey. But both does that mean for us in practice. First of all, we want to have all relevant listings. If a property is for sale in Sweden, you should find that property listing on Hemnet. We know our uses and provide them with a superior experience. searching for a property on Hemnet should be a great user experience that is personalized to your needs and to your preferences. We are the #1 partner for agents, property developers and banks.

And as a partner, it is clear that Hemnet generates superior value. We have the most comprehensive and valuable data. We can leverage more than 25 years of data on search behavior to further enhance the consumer experience and customer proposition. We are top of mind and have the largest property audience in Sweden, and we can never take our possession for granted. This is all enabled by the strong relationship that we've built with the real estate agent industry over the past 25 years.

So let's move on to the next slide to take a closer look at what happened with the market in the past few years. Looking at the data, it's clear that the Swedish property market has gone through a few difficult years since 2022. The post pandemic era has brought changes to the Swedish property market dynamic. As you can see in these 3 graphs below, multiple trends have changed the industry dynamic. First of all, we've seen selling times increasing by almost 3x since 2022, driving a less efficient and less transparent market.

Secondly, we have also seen a shift in buy behavior where 2/3 now sell before they buy a new property. Compared to the imbursed ratio in early '22 and the years before. This has impacted the way of working for agent and has been driving a less efficient market.

Thirdly, price development has been very weak since the pandemic years compared to historical levels, both real price development and nominal price development. The price development has led to lock-in effects impacting the overall market, especially in the apartment segment, which is a high-volume segment. This new dynamic has led to a more prominent premarket that is characterized by lower seller intent, longer sales processes and a changed way of working among real estate agents.

Let's continue on this topic on Slide 25. The role of the pre market has become increasingly important over the last years. Lower seller intent, lower sales -- longer sales cycles and a changed way of working from agent has fueled a larger so-called pre-market. The pre-market is commonly defined as the stage of the market where a property is not outright listed for sale, and this part of the sales cycle has become longer and more pronounced.

This has become problematic for buyers, for agents and for sellers as the pre-market is characterized by lower efficiency and a high variation when it comes to actual seller intent. Today, large proportion of the so-called Swedish premarket is actually old content with low seller intent.

Approximately 50% of premarketing listings in Sweden today are older than 6 months. From a Hemnet perspective, that means that not all of the pre-market is relevant. But there is an active part of the market that hamlet historically has not addressed in a satisfactory manner. This is now something that we are clearly and actively looking to change and will address with our strategic initiatives that we will elaborate further on in the presentation today.

Next slide, please. Hemnet's value proposition has predominantly in the past, focus on the own sales segment. The core strength of Hemnet model aligned very well with traditional for-sale segment. When the goal is to sell the property as quickly as possible at the highest price as possible, Hemnet has a very strong and undisputed customer proposition. With Hemnet, you maximize the number of eyes on the listing, increasing the chances of attracting more potential buyers to open house and maximizing the bidding process, which hopefully will lead to a successful sale at the highest possible price. The core model of Hemnet remains strong, which is important as it addresses the needs of the absolute majority of the market but we also need to ensure that we adapt our value proposition to cater for the current market environment that has changed over the last years.

With a larger share of sales cycles taking place on the premarket, we see that some more properties are being sold before reaching Hemnet. Looking at 2025, transactions on Hemnet decreased by approximately 5% compared to the overall market that was stable year-on-year. We're now addressing this. We're now executing on several strategic actions, including strategic partnership and the launch of Sell First, Pay Later, to ensure that we better serve the full market spectrum and have the strongest possible customer proposition in all different types of markets.

Let's quickly look at this on Slide 27. We're now moving into execution on significant strategic actions to address the full market. Our key strategic actions in the first half of 2026 are Seel First, Pay Later, which will be rolled out in Stockholm from Monday and onwards. Thereafter, it will follow with a Western Sweden launch, a rest of Sweden launched in March and April. We will speak more about the findings that we've seen from the pilot and why we're so excited about the launch.

Secondly, we are going into a number of different strategic partnerships, and this will also start to be rolled out in February. Already today and what we have announced today with more than 60 strategic partnerships in the early days. leveraging AI and product innovation will ensure that we consistently update and improve our customer experience. And lastly, an increased sales and marketing focus continuing to build on the increased focus that we implemented during 2025. We will need more agents that we've ever done in the past. We work closely with the industry, and we invest in marketing with relevant returns.

With that, I wanted to wrap up this initial session and hand over to Lisa to do it deeply in all these exciting product initiatives and product launches that we have ahead of us. So with that, over to you, Lisa.

Thank you, Jonas. Let's move over to Slide 29, please. As Jonas has pointed out in his section, we are now launching 2 key strategic initiatives under the umbrella Hemnet or Hemnet All The Way. The first initiative is Sell First, Pay Later. This is a new model where sellers pay only if they successfully sell their property. We're also rolling out strategic partnerships our next step in our 25-year collaboration with the Swedish real estate agent industry.

As the premarket place has become increasingly important, Hemnet is now accelerating our role earlier in the housing journey. By lowering the threshold for early publication and strengthening our collaboration with agent industry, we are reducing fragmentation, improving transparency and creating better conditions for sellers, buyers and agents to fully leverage the value of our platform. Today, we will also elaborate on how we work with AI at Hemnet.

As the leading and most trusted property platform in Sweden Hemnet has a fantastic position to leverage AI to further strengthen our position and significantly elevate our user experience. I will spend some time today describing our general approach to AI and but also disclosed a number of exciting customer-facing AI product features that we are rolling out on the platform as we speak. These 3 areas will be accelerated through our existing marketing and sales engine built over the past 2 years.

By continuing to target brand investments and fully leveraging our strength in CRM and digital marketing capabilities, we can drive traffic and engagement efficiently ensuring strong execution of our strategic initiatives without adding material cost. Our sales team remains a strategic pillar of our go-to-market execution and a key competitive advantage through our close collaboration with the real estate agent community. In '26, we will continue to strengthen this pit by meeting more customers and engaging on the full Hemnet value proposition, including the supply side of the Hemnet platform.

Now let's dive into some of the different initiatives on the next slide. With Sell First, Pay Later, we are expanding Hemnet present throughout the sales journey and driving more volume to the platform by significantly lowering the threshold to list your property on Hemnet. As we announced in the Q4 report, we ran a pilot between the first of October and 31st of December last year across 10 real estate agent offices in Sweden.

The data and feedback from the pilot has been very supportive and exceeded our expectations. Volumes in the pilot were significantly stronger compared to the nonpilot population with the pilot offices having almost 40% higher year-on-year listing volume change compared to the nonpilot offices. That means that in a soft market, where listings on Hemnet were down by 26%. The pilot offices increased their number of listings on Hemnet year-on-year with 4%.

In addition to the very strong volume effects, we also saw a larger willingness from both agents to recommend and from sellers to choose our value-added services and to use the Hemnet premarket product. Moreover, when asking the participants in the pilots, more than half of the sellers stated that Sell First, Pay Later played a role in their decision to list on Hemnet, showcasing the strong value proposition of the new model for sellers.

I want to point out that the business rules of the pilot differed from those that will apply when the actual rollout. And therefore, these results should be treated with some caution. But with that said, we're extremely encouraged by the pilot results, and we look forward to rolling it out in Stockholm County next week.

Let's move on to some of the feedback that we have received. The feedback that we have received from both sellers and partners have been very positive throughout the pilot. For sellers, the Sell First, Pay Later model helped lower the barrier to list what has been an uncertain market with longer sales cycles and weaker price development. As seen in one of the seller quotes from the surveys sellers said, no reason not to list on Hemnet when the payment becomes success-based. For agents, removing the upfront risk made it easier for them to pitch Hemnet already in the intake meeting ensuring that the listing received maximum reach during the full sales process. And for buyers, more high-quality listings were made available from committed sellers. And with that, let's move on to some of the technicalities of the new model on the next slide.

Self first, Pay Later will be available to all agents who choose to go with Hemnet all the way and published a listing on Hemnet within 2 days from the time the listing is published on the agency website. That means that all real estate agents in Sweden will get access to the model, and it will be available regardless of what package you recommend. Self First, Pay Later will be added as an additional alternative to pay now and pay when listings removed. It will also be priced at a premium to pay when listing is removed.

The way the payment to Hemnet works is that once the listing is sold, the agent is liable to market the listing is sold and the invoice will be sent to the seller. The seller is liable to pay for the Hemnet listing as long as the property is sold during the time the listing is live on Hemnet or within 6 months of deactivating the listing of Hemnet. And the agent commission is paid once the property has been marked as sold.

This model will be rolled out in Stockholm County from the second of February, which is Monday next week, followed by [ Vestor Yatelan County ] on the second of March and the rest of Sweden on the 30th of March. In connection with the launch, there will be a growth period when agents will be allowed to publish all the listings on Hemnet, similar to what was done in the pilot.

Let's move on to the next slide, please. Let's talk about the strategic partnerships that we announced in the Q4 call and that we are rolling out from February. We're incredibly excited to be able to roll out what is the next step in our 25-year win-win partnership with the Swedish real estate agent industry.

With this partnership model, we are taking a more holistic approach to how we interact with the entire industry. Historically, Hemnet has focused a lot on engaging with franchise owners as this is where we have the existing commission model that incentivizes agents to make a tailored recommendation of the best product fit for each property seller.

Now we are addressing both the HQs and brand owners as well as the actual agents to a much larger degree. The strategic partnerships at HQ and -- level are built around our brand concept, Hemnet -- or Hemnet All The Way. The changed market dynamics of recent years where behavior has shifted towards selling first and buying later has led to more homes being published later on Hemnet. This means that sellers risk missing out on important product values, including upcoming, which is included in all listing packages and which has recently been enhanced to strengthen the value of early exposure on Hemnet.

We are continuing to develop Hemnet to maximize the value for sellers, buyers and agents across the full sales journey. Our data shows that earlier listings on Hemnet drives higher interest and create stronger conditions for a successful sale. These strategic partnerships create a clear win-win for both real estate agent brands and Hemnet.

Partners integrate Hemnet across the full sales journey, including the premarket phase, driving earlier and increased supply on the platform. In return, partners gain enhanced brand visibility, increased lead generation, access to under the radar listings and monetary compensation linked to successful use of Hemnet premarket offering.

The desired outcome is this collaboration around the premarket with shared incentives to use Hemnet as a marketing channel throughout the entire sales journey. Initial market reception, as Jonas mentioned, has been very strong with agreements signed with more than 60 real estate agent brands across Sweden, including major agencies such as steadfast -- Nota, Ericson and corset, this represents 1/4 of the market and 5 of the top 15 brands in Sweden. Additional discussions are ongoing, and we expect to onboard further partners in the coming months.

Let's move to the next slide, please. As part of the strategic partnerships, we are introducing performance-based compensation to further incentivize agents to use Hemnet across the full sales journey and fully leverage the value of the platform. Compensation is linked to the share of premarket listings published on Hemnet relative to the total number of premarket listings available on the agent's own website. To qualify, an agency must increase its share of premarket listings on Hemnet compared to its baseline level at the time of entering the partnership. Partners have successfully increased their premarket listing share and exceed defined thresholds are eligible for compensation ranging from 1% to 5% of revenues, net of agent commission. The different tiers and thresholds are illustrated on the right-hand side of the slide. This performance-based model is similarly structured to our existing compensation model, creating a clear win-win for agents, sellers and helmets, while supporting growth in both top line and EBITDA.

Let's move on to Slide 35 to see some examples of what the strategic partnerships look like in practice. As I outlined, the strategic partnerships include a set of new features and added values for agents. These include enhanced branding on listing pages, increased agent exposure in the -- my Home tab and the ability to surface under the radar listings on Hemnet. Several of these branding features are already live on the platform with additional functionality and partner onboarding planning for the coming months.

With that, let's move to the next slide. As the leading and most trusted property platform in Sweden, Hemnet is uniquely positioned to leverage AI to further strengthen our market leadership and materially enhance the user experience. We operate in 1 country, 1 vertical and 1 market-leading platform with fully right clear data, resulting in a level of data quality and depth that is unmatched in Sweden. This allows us to move faster, go deeper and deploy AI in ways that is compliant, scalable and sustainable over time.

The combination of historical behavioral, geographic and transactional data is difficult to replicate and provides Hemnet with a durable competitive advantage. We are currently executing along 3 parallel AI tracks. Each designed to embed AI deeply into the core of our product and operations while leveraging our key strengths.

Our first focus is to build a strong and reusable AI foundation. We have completed large-scale semantic tagging of more than 1.4 million listings and historical content. This capability underpins multiple AI-driven features across the platform and provide high operational leverage through a shared foundation. We continue to develop AI-enhanced models across the business, including the property valuations, where AI-driven image recognition feeds directly into our automated valuation models. Internally, we're also increasing efficiency through an AI-enabled operating model. This includes AI-assisted product and technology development as well as conversational analytics directly connected to our data warehouse. The result is shorter lead times, higher output and tangible efficiency gains, allowing us to execute our AI strategy at pace while maintaining disciplined cost control.

Our second track focuses on delivering a materially improved user experience. We are using AI to personalize discovery, recommendations and insights. Enabled by our unique behavioral data and deep understanding of listing contents. We are rolling out conversational search on our platform to complement, not replace our existing search experience. This improves intense understanding and makes discovery more relevant and intuitive. We're also deploying AI-generated summaries that help users quickly understand complex information and make more confident decisions. These summaries are tailored to user intent and behavior while also preserving the full access to the underlying data.

Our third track focuses on exploring new AI-driven frontiers and products. We are present with selected AI ecosystems and we'll expand our presence where it is strategically beneficial for Hemnet. From a risk perspective, we view AI-driven discovery as a potential shift in distribution rather than a disintimidation.

While traffic from large language models currently accounts for less than 0.1% of our total traffic, we want to ensure that Hemnet is present where users are and where they will be in the future. Our approach is to treat large language models as distribution channels, not platforms. We integrate selectively and on the strict data governance and control principles. This ensures that traffic, trust and user relationships remain anchored with Hemnet while still allowing us to benefit from innovation across multiple AI ecosystems.

Finally, we continue to roll out consumer-facing products built on increased personalization, using our data to meet user needs with high accuracy, create partner value and unlock new revenue streams for Hemnet. Let's move to the next slide to see some product examples. We're shipping several AI-enabled products to meet emerging user needs and to accelerate how people discover and engage with homes on Hemnet. This week, we launched a conversational search beta that bridges human language and housing data. It improves discovery today while shaping how users will search and interact with Hemnet over time.

We have also submitted a Hemnet in ChatGPT app for an integrated experience with in ChatGPT. As I outlined earlier, we view large language models as distribution channels rather than competitors. By integrating early, we ensure Hemnet is present, where users are beginning to experiment with new ways of discovering properties rather than reacting to distribution shifts after they occur. Go line is subject to open AI's approval. And as with all LLM integrations, this will be done selectively and on the strict data governance and control, ensuring that traffic, trust and user relationships remain anchored with Hemnet.

On Monday, we are rolling out a personalized starting page built on AI. It introduces a pest like searches and recommendations, creating clearer and higher relevancy entry points into property discovery. And next week also marks the go live of all properties. This feature allows users to explore approximately 1.6 million homes directly in the map view followed multiple properties and engage more broadly with the housing market beyond listings that are currently for sale. So to summarize the product and commercial update today.

We are being more ambitious than ever in our product development. We're moving faster, being bolder, catering for a more dynamic market and deploying products that solve real user pain points. By deepening our connection with customers and leveraging AI at scale, we are strengthening the Hemnet experience today while building the foundation for long-term growth.

And with that, I'll hand you over to Anders on Slide 38.

Thank you, Lisa. Let's move on to the next slide. So as you know by now, we are rolling out a number of changes to our business this year with the start on Monday next week with the launch of -- these changes come with a few implications for how we structure our financial report in 2026. Revenues from sales with a Sell First, Pay Later option are recognized at a point in time when the invoice is issued i.e., listed object market sold on Hemnet.

The reason for the difference in revenue recognition compared to our existing payment models has to do with factors that need to be met in order for revenue to be recognized under IFRS 15. This means that the launch of SFPL will have a timing impact on reported revenues when launched. How big that timing effect will be is highly dependent on the uptake on SFPL and how that changes over time. In addition to the revenue recognition effect, the rollout of SFPL will also have a short-term cash flow impact, which will impact our working capital. This will be financed through a temporary increase in our existing revolving credit facility.

Let's move to the next slide to see an example of what the revenue recognition effect could look like in practice. On this slide, you see an example on how different level of FPL adoption will impact reported revenues in a highly hypothetical scenario. Please note that this example is based on certain assumptions and should, under no circumstances seen as guidance from the company. For the sake of simplicity and to be able to understand the timing effect, we have assumed a scenario where 100% of properties on Hemnet is sold within 15 months. In this case, we assume no volume or price upside, which is obviously different from what we will see when we roll this out next week as the price for SFPL will be higher than the current payment options. We believe that it's easy to understand the timing effect in all else being equal scenario, not lending in too many assumptions.

In this scenario, a 30% SFPL adoption will negatively impact the amount of recognized revenue in Q1 after launch by minus 11%. Similarly, a 50% SFPL adoption will negatively impact the amount of readiness revenue by 18%. As time goes and more properties are sold, the revenue recognition effect goes away. On average, approximately 50% of Hemnet listings are sold within the first 2 months and 70% are sold within the 6 -- the first 6 months. Very few listings are sold after the first 15 months.

Moving on to the next slide, we will look a bit more on how long it takes for properties to be sold on Hemnet. As Jonas has pointed out in his section, the steep market downturn in the spring of 2022 had a negative impact on the market as a whole and on how long it takes to sell a property. However, even though sales duration times have increased significantly, there has not been a large movement in how many properties that are eventually getting sold.

Historically, between 82% and 92% of listed properties on event have been sold depending on the state of the market. In a strong market, like we had in '16, '17 or 2021, properties tend to transact very quickly, as you can see in the graph on this page. As stated on the previous slide, in the current market, approximately 50% of the properties are sold in the first 2 months and approximately 70% are sold within the first 6 months. After the first 12 months, roughly 81% are sold and roughly 85% are sold within the first 24 months after 24 months, 2 years, very few objects transact.

Let's move on to Slide 42. To be able to monitor the performance better going forward, we will update the definition of our ARPU alternative performance measure -- the reason behind this change is to increase transparency and provide a better snapshot of the actual ARPU generated in the quarter. as the sales duration times have increased in the past 3 years, the ARPU metric has become more and more volatile on a quarterly basis.

Therefore, we will start in 2026, we will change the ARPU definition from average revenue per published listing to average revenue per paid listing. As you can see in the graph on the left, this will decrease quarterly volatility in the performance measure, but will have more or less no impact on the LTM numbers.

We are -- that this definition change will make it easier for the capital markets to understand our business performance on. The 9-quarter historical disclosure as seen in this graph has also been made available over the Q4 release this morning.

Let's move to my last slide. We do recognize that the new launches we are doing this year makes it slightly more difficult to track and predict the short-term performance of our business. Therefore, we want to ensure that we are as transparent as we can when it comes to disclosure. And as a result, we will report preliminary sales figures on a monthly basis in 2026. Please note that our ambition is to only do this during 2026 and then go back to our normal reporting calendar in 2027. This means that starting in early March, Hemnet will report preliminary sales figures for February. The reporting will be issued in the press release 2 times per quarter, but only one time in Q1 as SFPL was not lost in January. Moreover, monthly volumes will continue to be published on the first working day of each month. The monthly volumes will include the breakdown of both paid and published listings from February onwards. That sums up the changes to our financial reporting.

And with that, I will leave it over to Jonas to summarize today's session.

Thanks, Anders, and thanks, Lisa. So we have now covered an update on our very exciting market position, the very exciting opportunities that lie ahead of us and how excited we are to bring our new initiatives and products to our consumers over the coming months. Looking more long term, we do see multiple growth levers for Hemnet to elaborate a bit further on this.

Let's move on to Slide 45. The very confident and eager to deliver strategic actions, but we're equally excited about the growth prospects that lay ahead. it has a unique market position and a great step of growth levers to pull to continue our success growth journey. We will start looking at value-added services. Value-added services have been the main driver of our RPL expansion over the last years, and we see room for additional growth in this area. Please keep in mind that Hemnet Plus and Hemnet Premium were introduced back in 2019 and continued expansion of these packages has been the main driver of the 28% year-on-year ARPU expansion that we saw in 2025, 6 years after the launch.

We need to enhance our customer proposition and the features that are included in our existing packages to optimize the packages and the overall package composition. During 2025, we launched Hemnet Max that will allow us to continue to grow ARPU over the years to come. Max penetration is still at low levels, but the product performance has been stellar. We see that Hemnet Max gets more engagement, more visitors and has a positive effect on the bidding price to justify a premium price level.

Pricing. Pricing represents an important component for our value creation toolbox. We will continue to invest into our proposition to increase exposure on the platform and the value we deliver to sellers, to our agents and to our buyers. Our data shows that the estimated value of 1 additional bid in an auction process is worth around SEK 80,000. And even in a small increase in the number of interested buyers can have a significant impact on the financial outcome for a seller. That is a healthy investment if you compare the 800 upside compared to our ARPU. In addition, with our dynamic pricing model, we see significant opportunities to add more granularity and work with data-driven pricing to better reflect market demand.

Payments. Payments is the third lever to continue to drive article expansion. With the launch of self first pay later, we're taking the next natural step in our customer journey to improve the value proposition for sellers, buyers and agents. By lowering the threshold to list on Hemnet and tying the payment to a successful transaction, we make it easier for sellers to list on Hemnet and increase their chances for a successful sale. Going forward, we will continue to work closely with our real estate agent partners to further enhance our different payment options to ensure that we have a smooth and flexible payment options that are well aligned with traditional payment flows of a property transaction. And there is more to come in this area.

Our B2B offering today has been strengthened over the last years despite being highly exposed towards cyclical underlying markets like new property development and more traditional display ads. We've taken significant steps ahead and are now launching a new package tractor towards property developers as well as our bank customers. Going forward, this area offers significant opportunities ahead. Hemnet is a powerhouse in terms of traffic and engagement. At the same time, we are very close to the actual property transaction, meaning while we have high-quality data, if we combine high-quality data with a high quantity of traffic that we do have, you have a currency. That data and that currency is currently under monetized, and we will capitalize more on this going forward. was a tough year for the overall market, but we do see positive underlying fundamentals moving into 2026.

If we please move to the next slide, please. There are several metrics that point towards an improved 2026 underlying market trajectory with increased levels of supply. Projecting the market development depends on numerous factor and easily turns into active crystal ball gazing. However, there are a number of key indicators that are pointing in the right direction.

First of all, ease of credit restrictions will be implemented by first of April. Historically, we've seen that these rules and regulations have had a large impact on the margin activity and Hemnet's listings volumes. We expect that the easing proposed for first of April will stimulate mobility and have a positive effect on both prices and activity. Secondly, improved market conditions.

Looking at the overall market situation, there are also positive signs in terms of macroeconomics. We see healthy interest rate levels in Sweden paired with an expected uptick in GDP growth. We also expect to see higher disposable incomes on the back of proposed tax release and an expansive budget. Rising price expectations. Signs of optimists are already returning among prospective buyers. 43% of those planning to buy a home believe in rising prices over the coming 6 months according to our Hemnet buyers barometer for January. That represents an increase by 10 percentage points compared to the December levels. We also see that several banks and financial institutes are predicting a stronger property market on the back of the strong price development.

After a tough 2025, we look forward to 2026 with confidence and look forward to a year that has installed for sellers, buyers and agents on the Swedish property market. So let's now move on to the next slide for a brief summary of today's session.

To summarize today's session. First of all, Heme is the #1 property portal in Sweden with a large and stable audience, reaching almost 3 million active users on a weekly basis. We're highly integrated to the ecosystem with plus 25 years of experience and have a unique set of data. Secondly, Sweden's property market dynamics have changed post pandemic which has favored the pre market. This has been visible through longer sales cycles, sell before you buy dynamics and a very weak price development.

Thirdly, building on our strong core business, we are now implementing significant strategic initiatives to cater for the changed market conditions. Sell First, Pay Later. The pilot has shown very strong results, both in terms of getting earlier listings to Hemnet and more listings on Hemnet, as Lisa elaborated on, given the 40% difference. I'm now very excited to start launching this in Stockholm next week.

We've launched strategic partnerships, and we are in the early days but we've seen a strong initial response with more than 60 brands joining in the initial phase, including some of the biggest agent brands in the country. Last but not least, Hemnet has an unmatched position to leverage AI and significantly elevate our user experience. AI has changed the way we operate our business internally and created significant efficiency gains across our organization. We're now moving faster. We are acting more broadly, and we're happy to be able to announce a number of product news, including conversational search, an AI-enabled personalized starting page all properties and the Hemnet ChatGPT chat for approval.

Finally, before we open up for the Q&A, we wanted to take today's opportunity to invite you all to the Capital Market Day ahead of the summer. If we kindly could move over to Slide 48, please. We're happy to announce that we will arrange a Capital Markets Day in June this year. The exact date is yet to be confirmed and we will be able to share more details within a short period of time. The event will feature a presentation from Hemnet's management team on a number of various topics, including Hamlet's business strategy, our financials, our product and commercial road map but also our AI strategy.

So with that, we very much look forward to seeing you all in Stockholm in June. So that was it. Let's now open up for the Q&A.

[Operator Instructions]. The next question comes from Thomas Nilsson from Nordea.

I'd like to ask how you intend to price the pay only upon sale offer for Sell First, Pay Later. And exactly how was it priced in the trials you ran with 10 real estate engine first? And second, what are your expectations in terms of volume in 2 years' time. How large share of your total volume do you think will be connected with the Sell First, Pay Later payment option?

Good morning, Thomas. So 3 different topics. So on the first one, as we mentioned as part of the presentation, what we communicate now is that the Sell First, Pay Later will be priced at the premium compared to the payment alternative pay later if removed. We are rolling this out on Monday, and we will have various price points. And please keep in mind that if you look at the overall price dynamic of Hemnet, we have more than 70,000 price points per day, but you'll see it on Monday.

When it comes to the actual pilot, we elaborated on different price points. And obviously, the outcome of that trial and elaboration both from a qualitative perspective, but also from a competitive perspective, led to the price point that we're now launching.

The last question in terms of volume, it's too early to tell. We are excited about the results that we've seen from the pilot, but we don't know exactly in 6 months' time, 12 months' time or in 24 months' time.

The next question comes from Georg Attling from Pareto Securities.

So just the first one on the transactions. You said down 5% on Hemnet versus, say, a flat market. So just wondering if you have any more color on this, where you're missing out? Is it at that only reach the premarket? Is it under the radar listings or even those that actually come all the way to for sale?

The simple answer is that the exact details, we don't know. What we've seen is that number of transactions or number of properties that have been marked as sold and taken down from Hemnet was down with 5% compared to the year before. As you know, Georg, we have -- we've had a strategy in the past where we use 1 source of data to provide our market share, and that comes from the SCB, the Swedish statistical bureau.

And also for 2025, this will be published in mid-2026. Please keep in mind and also, I mean, if you look at our historical market share development, it's been fluctuating between 19% and 86%, depending on what market we're in.

Yes. That's clear. Second question, you say that 25% of the markets have signed up for these commercial partnerships, 60 agent brands I mean, to me, that sounds like quite a low number. I understand this is a ramp up, but are there any agent brands that have said no? And what's the pushback in those cases?

I think -- and I would disagree with you. I'm quite happy with the results that we are already now at a sort of adoption rate of a 1/4 of the total market. I think, please keep in mind that this is a completely new way of working for Hemnet, but it's also a completely new way of working for the agents. And it takes time to change a way of working. And there is many positive ongoing dialogues, and we haven't received a single no but there's ongoing discussions. And I think many people are waiting to see sort of what this means and how many other that go.

But I would disagree with you, Georg, to say that it's quite low, given the fact that we're now sort of in end of January, and we announced this just a few months back, it takes time and as you could imagine, signing 60 deals takes also quite some time. So it's a quite sort of operational work included into this as well.

Understood. Understood. And I'm just thinking of how you view the net effect of this fee sold. I mean you say that 8% to 18% of listings are in sold within 2 years. And this is -- I mean, you mentioned the other day that this will be priced at a 7% premium to pay later. So it sounds like this will have a net negative effect on sales and is that correctly understood?

I think when it comes to -- I can start and then Anders can jump in. When it comes to the Self First, Pay Later business case, it's pretty simple and straightforward, I would argue. It's 3 components. I mean the first one is, will we get more volumes? Will we get more listings and implicitly more revenue. Our hypothesis is that we will get that Secondly, per your point, and as you referred to, there are a share of the listings that will not get sold. So that's a downside compared to where we are today. Thirdly, we have a price component per your point, and that will have an upside to this. We do like positive business cases at Hemnet. And I think -- I mean, if the first 2 parameters, how large share of volumes we will get an increase of and how large share is on. So those are unclear, but price is something that we can steer on a direct basis. And we always have that tool to play with to ensure this is an attractive and positive business is.

I can just add that the price point you referred to is versus the pay later option. And we are quite certain we know that we will have customers, property sellers coming from the pay now option as well. So you can -- you can do that 7% and tech into a model. Also commenting on price, we're launching on Monday. And as Jonas said, it's not a fixed price forever. We will launch in Monday. We will monitor in Stockholm, and we will learn from that. And we will follow conversion uptake and outcomes in real time. So if adjustments are needed, we will make them.

And you had a comment on the volumes Jonas, but also there was an upgrade in the conversion. We will see what happens with that as well. It's a positive sign from the pilot, as Lisa stated. So yes, we're in a good shape.

Yes. That's clear. Just a final question for me. I mean, when you think of the phasing of this year's price increases, would that look sort of similar to the last few years. We see what you did here in January, of course. But how should we think of price adjustments for the remainder of the year?

It's hard to say. Look, we did last year because it has been very different '22, '23, '24, '25. So you should not take anything into account. We didn't -- we did look at the prices first of January and did some adjustment there. We look at it all the time. Now it focuses very much on SFPL but like-for-like pricing is always up for debate and discussion. But yes, that's what the focus is at the time being at least and then we'll see how the year evolves.

And I think just to add one final thing there. I think also what we spoke about when we look at future ARPU growth from a more long-term perspective at Hemnet payments was one of the options or levers that we mentioned as part of that toolbox. And I mean the most concrete example that we're launching today is obviously Sell First, Pay Later. We do see this as a long-term art growth driver as well.

The next question comes from Eric Rafdal from DNB Carnegie.

The next question comes from Will Packer from BNPP.

Darren, if I may. So firstly, thanks for sharing the update on the progress of the testing. And it sounds pretty encouraging with a kind of healthy rebound in listings. Could you just help me think through where that rebound comes from? I suppose you framed that you haven't really been losing market share to the likes of -- so is the right way to think of that, that is a phasing of listings that would have come to you eventually, or is there kind of more substantive underlying market share gain, which you're getting back from your peers from the pre inventory? Secondly, could you help us think through the cost outlook for 2026. In the context of the presentation, I mean it's very fair to say the revenue visibility is low and perhaps the commission visibility is low. But in terms of personnel costs, in terms of marketing spend. Is there anything you could share for the year ahead and help us think through the scenarios in which margin expands or contracts, depending on the revenue growth?

And then finally, there's been some noise around regulator. So my understanding from the trade press is that you complained regarding the SBAB's involvement with -- and how that was distorting the market. What's been the response there? On the other hand, there's been some press speculation that you've had to separate out your partnership from your prelisting product. Is that fair? Or is that accurate? Any visibility on the sort of the regulatory response to those items would be helpful.

So I think we'll be a bit back and forth the in Anders on the various topics. So firstly, if we go to the uptake on the pilot. And I think, I mean, it's a mix. What we allowed as part of the pilot and what we also will allow go live now next week in Stockholm is that we allowed the agents to also take old listings that they have in their premarket inventory. And so that is obviously a sort of a catch-up effect and I mean eventually, they would most likely have ended up at Hemnet, but it's a phasing effect because we get the listings earlier at Hemnet, which is also -- I mean at the end of the day, that's the strategic ambition that we do have with this product launch, get more listings and get earlier listings on Hemnet. So there is definitely a catch-up effect.

Whether that's sort of -- it's difficult to say whether there are listings that would not have ended up at Hemnet. But part of the sort of the qualitative assessment, the analysis of the pilot indicates that the threshold is definitely lower to use Hemnet that's really what we wanted to achieve.

Secondly, there was a question around the cost outlook. So if you could take that I can.

Regarding the cost development in Q4, yes, the actual question, Will, fixed OpEx, excluding admin and commission were up 11%, driven by the cost increases I went through in the call earlier. Very much related to personnel, but also marketing and sales. We don't do guidance. You know that and you comment on that yourself. And looking ahead to 2026, that strategy remains.

We will continue to invest. We believe it makes a significant difference for the long-term position, particularly coming back to sales and marketing efforts and the examples supporting the rollout of SFPL and the new strategic partnerships. I also want to say that one of the reasons we don't guide on cost is we believe that agility is core that we have to make sure that we have to be prepared. And whatever happens with the market or whatnot.

So without giving a guidance full year, in '25, we grew by 14%. The year before, we grew by 30%. So as a CFO, I like 2025 more. But as always, with OpEx, we monitor, and we'll see what happens. -- when it comes to effective commissions, I think you've heard me say this many times before, I hope it increases because then again, we hope to see more recommendation and conversion to especially MAX but it would also be offset first of January because of the -- that the admin fee is fixed, right? So we saw that in '25, and we will see that in 2026 as well. That was a bit of color on the OpEx and outlook.

And if we go to the third question, Will, so we can confirm that we, as Hemnet has turned to the Swedish Competition Authority regarding SBAB and its subsidiary Booli. This concerns a fundamentally important issue of assuring that the state-owned companies comply with their specific competition rules designed to protect the market from competition being restricted by public actors. We note that emboli is a loss-making business that has built its position through extensive state support via SBAB and it's our assessment that these operations are conducted in violation of the specific rules governing anticompetitive activities by state actors and we've now referred this matter to the Swedish Competition Authority for investigation, and it's up to them to investigate this further, and we will not sort of comment that more in detail.

Then there was another topic on your question, William, that I'm -- maybe I misunderstood it, but was that the question? If not, please elaborate a bit further.

Just maybe just sort of moving on to one other topic I wanted to cover, I think you've covered the rest of the stuff. On Slide 34, you talked about monetary incentives of successful partnerships. Is the right way to think about that if the partnerships really scale, that becomes kind of a new cost outflow associated with incentivizing agents to help Hemnet product, which is an additional to the commission, I misunderstood.

No, we haven't misunderstood. It refers to the partnership program. It's a performance-based model where a partner signed up partner agrees to commit to Hemnet if they increase the share of premarket listing on Hemnet above very big baseline, we reward them with the share of net revenue. The revenue is, of course, based on the revenue after the ordinary compensation, admin and commission to offices. It only pays out for meaningful growth, and it's -- even then the payout is capped at 5%, as you can see on the slide you referred to. It will be included as a separate cost item in interim reports going on, and it will be rolled out gradually as part of the launch, so we will see how it evolves.

I think just to add there, Anders, I think it's definitely something that will drive revenue and it will drive EBITDA, right? So it is a self-financing approach.

Absolutely very similar, the structure, at least similar to the one we have already with the real estate offices.

The next question comes from Eric Rafdal from DNB Carnegie.

Yes. I got a couple. We can do them one by one. On the trial, you say 9 out of 10 SFPL sellers choose -- could you share some light on the relative share of Plus, Premium and Max within those 90% and also how that compares to the basin kind of similar regions? I know you said 75% of total, Jonas, but just good to know if that 90% to 75% number is comparable.

Eric, good to talk to you. So when it comes to the trial and when it comes to the vast penetration, you're right, we've seen roughly 9 out of 10 of the packages having a bus component. I think -- I mean if you look at just the stack by, I think this has been done in 10 different offices across Sweden. So I think there's not a specific geography that is overrepresented. So that's part of it. What we've seen is that no major differences in terms of sort of variation of the various packages compared to or sort of the underlying or the nonpilot offices. So it is no material differences in that area.

That's very clear. And also kind of on the same slide, you say 6 percentage points higher upcoming listing market share on head versus the pilot start? Would you be able to share the market share at the start and finish?

No, we wouldn't be able to do that. But sort of we saw a material movement of percentage point market share increase during 3 months and something that we're very happy with.

Perfect. That's very clear. I just wanted to follow up on some of the questions around the relative pricing of SFPL and our understanding based on channel taxes that around 7% to 8% higher price than pay later. And I think you mentioned that as well. Anders, which in turn is 7% to 8% higher than pay now, which means that the ultimate difference between pay now and Sell First pay later is 15%. Can you confirm this number? And also just on your being on relative pricing? In my opinion, at least, it seems like it's fairly small price to pay to significantly reduce your risk as a seller? Just your thoughts there would be great.

I think when it comes to -- I mean, it was pretty clear before that we didn't mention the exact price point. But I think what you're sort of getting to the 15% is ballpark right, and then we will have variations, given the fact that we have a quite complex and dynamic pricing model given the fact that we already today have more than 70,000 different price points. So that's one thing.

I think please keep in mind that when we're now rolling this out, there's -- we don't know what penetration and uptake it will have. From a strategic perspective, it is important that this should drive more listings and earlier listings to ham them. So we want to ensure that we get more volumes on this. But in terms of price, we can steer price. Price is something that we can move every single day. I was about to say, but sort of in real time. And we can change it, and we will make sure this becomes attractive. But we're very eager to also get a broad uptake on this, given the fact that I think this will also have a very positive effect in terms of how satisfied the agents are and also very positive for the seller and -- Hemnet.

And I can also, as a reminder, the price effect will also be very much dependent on the uptake from Pay Now and Pay Later listing is removed, right? So it's not really that easy to just say, 15% or 8% listing. It's that will be correct.

Very fair point. And just one final one, if I may. I know it's been a bit of an investor concern around how you handle quality for maybe particularly the coming for sale at like how would you deal with a for instance, like or asking price? How will you kind of structure the UX for the buyers? Just any thoughts there? And would be good.

Mean I think at the end of the day, we want to have more listings, and we're going to have more listings earlier. I think, I mean, Hemnet is today a quality property portal, and we will make sure it remains a quality property portal. Please keep in mind that, I mean, Sweden compared to many of our international sort of other geographies outside Sweden. Sweden has a highly functional property market. We have a highly professional, highly educated agents. It is -- if a listing is going to go on Hemnet, it always needs to go through an agent. And I have full trust in the agent's community that they will ensure that we sort of remain the high quality at Hemnet. Sweden is very different compared to other markets. And at the end of the day, I mean, what matters for an agent is to sell the property. That's where they make their money. That's quicker, they could sell the property, the more property they could sell, the more happy they would be. And using Hemnet and using the Sell First, Pay Later will be a perfect way to get there.

The next question comes from Ed Young from MS.

Two questions from me, please. First of all, on MAX. Could you talk a little bit about what the plans are there? You said that it's sort of the next leg of driving package improvement, but you've not really touched on what that might include today. And as part of that, could you perhaps comment on whether you expect sell first pay later initiative to influence the adoption of MAX relative to other listing tiers significantly? And then second one, on the pre-listing, you spoke about areas you're actively looking to address. Is that just essentially fresh pre-listings or are there certain segments like the higher volume impartment area that you were talking about sort of segments you're trying to attack. So any color on what it is you're looking for from previous things alternatively what you're not -- as you said, you've got a big jump on these targets, 30%, 40%, 50%. So I'd be interested to know what you're really trying to focus agents attention on.

Yes. So in terms of MAX, I think digging one step back, Max was launched back in April 2025. So it's been around now for more than -- slightly more than half a year. We've seen quite slow adoption. I think a large part of that has been driven by a very slow and challenging market. I think -- I mean, if we would have launched Hemnet Max during like a peak market like '20 or 2021, you would have seen a different development. But also keep in mind what we refer to as part of the presentation that Hemnet Plus and Hemnet Premium also had a very slow uptick in the initial phase.

In terms of Max, we're continuously working on -- I would say it's two-folded. I mean, first of all, the product performance that we do see with Hemnet Max the engagement, the number of listings or number of use per listing and also the speed that we can sell a property when you use Hemnet Max, those results are great. So it's a lot about spreading that cost but also in the agent community and ensuring that seller understands that this is if you pay for a Hemnet Max, it's a product that you get benefits from. We need to be better, and we need to communicate that in a clear way.

Second to that, I would say that Hemnet Max is still, if it's -- even though it's been around the block for 6 months, it's still a baby. We are continuing to develop the various product features and kicking in an open door, we're running a marketplace here with a tiered product structure. It's all about relative differences both in terms of relative price differences but also in terms of relative feature differences. So the team are testing various things now to see sort of what could catalyst further penetration when it comes to Max.

Then in terms of the pilot. It's clear that what we saw is that we said that in Q3, we had roughly 75% of all our packages having a vast component. And then we said that the poise pilot had a -- sorry, the Sell First, Pay Later pilot had a Bas conversion of 90%. So there's obviously an impact across the broad regardless if you talk about Hemnet, Hemnet Premium and Hemnet Max. But it's a bit too early to tell. I mean the Sell First, Pay Later pilot was a sample, and we're looking forward to continue to follow this.

In terms of the premarket. It's -- I mean, at the end of the day, the ultimate goal, which is embedded into our strategic ambition, is to get the properties that sell in Sweden that they should be on Hemnet. That obviously means that the sort of the higher the seller intent is the more attractive it is from our perspective. So we want to focus on ensuring that we get the premarket listings where there's an intent to sell. That's our primary goal with this. But we also want to have the broad volume.

The next question comes from Marcus Diebel from JPM.

Just 1 more question on the pricing of Sell First, Pay Later, again. Obviously, you talked about it in detail you said clearly, you can't give any more sort of data on pricing, we're going to see this very soon. But more conceptually, what has driven the decision to really price this as a premium. Is it not now the time to really get the listing sped relatively quickly, have a very strong sort of like current developments, why do you feel that this should, at this point, still deserve a premium? Second question will be on your comment on rolling out an app within ChatGPT. If you can just comment a bit more what has driven this? Why do you feel this is the right move to do. And also you talk about the terms here? Is it just a partnership? Or how free? Or how should we think about it?

Marcus, so in terms of the price point for self-fit pay later, I think that we've elaborated on the more sort of financial aspects of it more from a strategic level. I think that -- I mean, it's so clear to us that this comes with a fantastic customer value. The results from the pilot, both from a quality, but also from a quantity perspective comes out very, very clear. This is something that the consumers are willing to pay for. This is a threshold reduction parameter, and it is a component that sort of reduces the barriers to use Hemnet to a large extent.

And we've done a comprehensive pricing work looking at all those various parameters. And I think it's very clear to me that given the pilot test that we run, but this is a fantastic customer value and a fantastic proposition towards the consumer. Then if I sort of -- if we move over to the ChatGPT question, we have Lisa here who's the expert. So I'll hand over to Lisa to elaborate a bit on that.

Thanks, Jonas. Marcus, I would describe our app within the ChatGPT app as a move to learn, both for us but also for our users. We want to be where our bias and sellers are going to be both now but also in the future. So this is -- this is an early stage way for us to integrate with new technology, a new ecosystem and learn from that. In this app, you will still be circled back to Hemnet, so we're not losing our users. We're just seeing it as a distribution channel. And I would say this is the first move to learn and go from there.

Yes. Anything if you can just comment a bit more about the sort of like terms. I mean -- do you feel that this will be exclusive? Do you see others will follow and also sort of like how the dialogue with OpenAI has been, if you can share anything more would be very helpful.

I mean, I think it's difficult for us to comment any on our competitors if they would follow. I think we stand very strong in our foundation with more than 25 years of experience and more than 1.4 million homes of user tagging, which makes us feel that we have a benefit in also the AI world. In terms of the exact sort of details in the discussions with OpenAI, there's -- I mean, we don't want to comment on discussions in terms of details with our partners at this stage.

The next question comes from Nikola Kalanoski from ABG Sundal Collier.

So firstly, on the SFPL model. When these pilot offices tested the new model. They were, in essence, I guess, you could say, given a super power compared to some of the other offices in terms of being better able to win listings, if you will. As an agency, you're a little bit more attractive, of course, if you can offer this has this discrepancy recon helped drive new strategic partnership signings with more agencies and offices being eager to take part? And do you expect that this will drive additional signings going forward?

Nikola, I mean so just to clarify the background and the circumstances. I mean, this SFPL product will be available to all agents regardless if you have a strategic partnership or not. So this goes out to the full market, right? This is not part of the strategic partnership just to make that clear. However, if you look at -- you referred to it as a super power and just looking at the results, I think that that's a fair analogy. I think -- I mean, obviously, they had a benefit being part of the pilot during this 3-month period of time.

And we know for a fact that day 1 number of sort of competitive discussions with their competitors just because of the fact that they have this tool or the super power, as you referred to it, I think that given the fact that we will open up for the full market, you will still have a super power towards the consumers. If you're actively using Sell First, Pay Later. So I think this is something that will drive and accelerate the development of self first pay later.

Yes. That's very good. And I guess this is just technicality then, but I think in your slides, you referred to a disclaimer that says that the business rules of SFPL differed for -- from that of the pilot versus the actual role. Are there any big differences here that we should take into consideration qualitatively?

I think when it comes to -- I mean, we elaborated -- I mean there was a question before, I think -- we had a question before around how we price the SFPL. I mean, one thing that was an important part of the pilot was obviously to test different price points. and the price point that we now landed on and that we will go broad with starting off on Monday, it was not the same across all offices. Obviously, it was for 1 or 2 offices in that range. but we test the different price points. So that's one difference.

Also, I mean, what we allowed was that as part of the -- as part of the pilot. We also allow them to take old best things. Now when we go live, we will have a grace period of 30 days. And so that's the initial hypothesis when we rolled this out. So there are some differences. And that's why we don't want you to just take the number of 1 by 1, but this should give you a good indication. We're very happy with the results.

Yes. That's very good. And just a final one for me. And I believe there was a question before on the cost base, but this is more specifically with respect to the ChatGPT integration. Does this change in any way or your cost structure? Or is there any meaningful costs associated with doing this integration?

No, nothing there to add to our cost base today.

Yes. Perfect. That's all for me.

The next question comes from Annabel Hames from Deutsche Bank.

Just 1 for me. And is there a cost with monitoring the Sell First, Pay Later to ensure that it's not being abused?

No, no, it's not. We have many things in place, all from technical to agreements with the customers. So we sit very well on that front.

[Operator Instructions]. There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

So first of all, many thanks, everyone, for tuning in today for a bit of an extended session. And thanks, everyone, for joining the call. A lot of great questions that are, as always, truly appreciated from our side. So with that, that is all from us, make sure to have a good day, and thank you.

Welcome to the conference call. [Operator Instructions] Now I will hand the conference over to the speakers. Please go ahead.

Good morning, everyone, and a warm welcome to this 2025 Q3 release call for Hemnet Group. My name is Jonas Gustafsson, and I'm the Group CEO of Hemnet. With me here on my side today at our headquarters in Stockholm, I have our Chief Financial Officer, Anders Omulf; and our Head of Investor Relations, Ludvig Segelmark. As usual, we will go through the presentation that was published on our website this morning during today's session. I will kick it off with a summary of the main highlights during the third quarter and a few exciting updates regarding strategic initiatives and planned product launches soon to come. Thereafter, Anders Omulf will cover the financial details before I will come back in the end to wrap up this session. As always, there will be opportunities to ask questions at the end of the presentation. Today's session will be moderated by our operator, so please follow the operator's instructions to ask questions through the provided dial-in details. So with that, let's get started, and let's move on to the next slide, please.

Despite a continued challenging property market, Hemnet demonstrated strong ARPL growth and resilience in the third quarter. Net sales decreased by minus 1.5% on the back of low Q3 listing volumes. ARPL, average revenue per listing grew by 21% in the third quarter, driven by a continued increasing demand for Hemnet's value-added services, where conversion towards Hemnet premium continues to be the main driver. Paid published listings were down with minus 19.2% in Q3, reflecting a challenging Swedish property market with continued high supply levels, extended sales cycles and continued pressure on the housing prices. Around 4 percentage points of the volume decline was attributed to a new business rule introduced in Q1 2025, allowing sellers to change agents without buying a new listing that is impacting the year-on-year comparison negatively.

EBITDA declined by minus 5.9% to SEK 195.4 million as the low listing volumes lead to lower net sales and lower fixed cost leverage. Today, we announced new strategic product initiatives to strengthen Hemnet's role throughout the sales process. The aim with these new initiatives, which include a new commercial proposition where you pay only when you sell is to help sellers and agents to fully realize the value of Hemnet, which we think leads to a better chance of a successful property transaction. I will come back to these initiatives later on in the presentation.

Now let's turn to Page 3 for a quick look at the financial performance. Net sales amounted to SEK 367 million, down with minus 1.5% compared to the same period last year, driven by a significant decline in listing volumes during the quarter. EBITDA decreased by minus 5.9% to SEK 195 million. The decrease was driven by the lower listing volumes, which drove lower net sales and reduced fixed cost leverage. The EBITDA margin amounted to 53.3%. We are pleased that we're able to deliver a high margin despite low volumes. Anders will break down these profitability dynamics in more details as we move on in the presentation.

Now let's turn to Page 4 for a look at the property market and the listing volumes. On the left-hand side on this slide, you see a combined chart showing published listings per quarter and yearly as well as the year-on-year change between quarters. Published listings decreased 19% year-on-year in the third quarter, reflecting a property market with high supply, longer sales cycles and continued price pressure, leaving many customers hesitant to enter the market. The most recent buyer barometer from Hemnet gives further support to the sentiment, indicating that more consumers now expect prices to fall compared with last month. At the same time, lower interest rates, stabilizing inflation and the easing of mortgage regulations planned for April ‘26 could gradually help increase activity.

Listing duration, the average time it took for a property to sell on Hemnet during the last 12 months increased by 18% to 52 days compared to 44 days in Q3 last year. Anders will break down the financial effect of the longer listing duration later on in the presentation. Around 4 percentage points of the volume decline was attributed to a new business rule introduced by 1st February 2025. This new business rule allows sellers to change agents without buying a new listing. It's important to remember that our published listing number follows a specific definition and differs from general market numbers.

The negative listing development is challenging, but it's more important to remember that property market can be volatile, and we've been through the similar development in the past years. Just look at 2023.

Let's move on to the next slide and provide some additional color on the supply situation and how that impacts the current state of the market. We do get a lot of questions on the state of the property market and how new published listings relate to transactions and total supply. Therefore, I wanted to take this opportunity to provide some color on what we are seeing and visualize it in a few graphs to eliminate some misunderstandings.

We continue to see a high supply on Hemnet, but the growth rate has started to come down during the past few months. In September, in 2025, our supply grew by 2% year-on-year compared to 22% the same month last year. With that said, we're still at aggregated supply levels on the platform that is 50% higher compared to 3 years ago. The supply of Hemnet and how it moves is a function of a number of different factors. The supply increases with new listings as new listings are down the last 12 months compared to the previous year, that has a negative effect on the supply.

The supply decreases with transactions as transactions are up during the same time period, that also has a negative effect on the supply. The supply follows the sales duration as average days on the platform increases, so does total supply. Average listing days on a last 12 months basis in Q3 were 18% higher compared to last year, which obviously has a significant impact. In addition to these fairly straightforward effects, there are other factors like renewals, like relistings and where we are in the new property development cycles that also impacts the overall supply levels. Now let's look a bit on how this has looked over time on the next slide.

The number of new listings have exceeded the number of market transactions on Hemnet since 2022, which has built up a large supply of unsold properties during this time, which is visible on the top graph. As you also can tell clearly from the same graph, that trend has started to reverse during 2025. This is a natural correction after a few years of increasing supply. Looking at the history, we've seen the same similar patterns historically. You can also see from the bottom graph that listings and transactions over time follow the same seasonal patterns, but that the relationship between the 2 can differ quite a lot in the short term.

To summarize, supply coming down from aggregated levels is positive for the property market. Lower supply signals a more healthy market where more transactions are taking place, while it is also supportive for the price development.

Now turning to Page 7 to look at the ARPL development in the third quarter. ARPL grew by 21% in the third quarter. The ARPL growth was mostly driven by a strong demand for our value-added services. The conversion rate to higher tier packages continued to increase during the quarter and 3 out of 4 sellers on Hemnet now shows either Hemnet Plus, Hemnet Premium or Hemnet Max. This highlights the strength of our offering and that our customers see clear value in investing for increased visibility and impact.

Our newest package, Hemnet Max, introduced earlier this year is a natural step for sellers seeking maximum exposure. The product is showing strong performance per seller. So let's look a bit on the performance on Hemnet Max. So please move to Slide 8.

As mentioned, Hemnet Max continued to show strong product performance, while adoption is still at low levels. In Stockholm County, for example, homes advertised with Hemnet Max that were sold between April and August received more than 70% traffic compared to homes advertised with Hemnet Premium. Moreover, the Hemnet Max homes also got more engagement on the listing and on the average generated a much higher bid premium.

We have launched a number of key initiatives to drive Max adoption going forward, including further enhancement of product features and scaling up the marketing of Hemnet Max towards agents and property sellers. We continue to work with the product, and we look forward to it being an important growth driver for Hemnet in the coming quarters and years.

Now turning to Page 9 for some other exciting news. Today, we are very happy to be able to announce a set of new strategic product initiatives to help sellers and agents to fully leverage Hemnet's potential. Looking at property transactions in Sweden, we have a large opportunity as Hemnet to increase the value of the Hemnet investment for agents and sellers. We know that ensuring visibility throughout the entire home selling journey is an important part of achieving the best possible outcome.

For example, data shows that listings visible on Hemnet from the start of the sales process have a higher chance of a successful sale with homes published as upcoming on Hemnet on average, selling 5 days faster than those listed as directly for sale. To help sellers and agents fully leverage Hemnet's potential, we're announcing 2 strategic initiatives today. First of all, a new success-based product offering. Since 1st of October, we have had a live pilot where we are testing a new commercial model where sellers pay only when a property is sold. Second to that, we're also announcing new strategic partnership with franchisers and brand owners that want to recommend Hemnet as part throughout the entire sales process.

Now let's move to Slide 10 to talk a bit more about the ongoing pilot. So we're announcing a new commercial model to further lower the threshold for sellers to list on Hemnet. We launched a pilot test for a new commercial model on 1, October, where sellers pay only when the property is sold. The new model aims to lower the barrier for sellers to advertise on Hemnet from the start and will be a part of our strategic partnerships, and I'll elaborate a bit more on those on the next slide. This is a highly demanded model from both sellers and agents as it becomes a risk-free for the seller and easier for the broker to recommend the most suitable package for the client. We share the risk with the seller to maximize the chances of a successful sale. And we do this because we know that Hemnet works.

It is still early, but the initial response and the initial feedback and collected data from the pilot has been very supportive and very strong. with sellers showing increased willingness to list on Hemnet with the new model. We plan to roll out the new model as part of the strategic partnerships during 2026.

Now let's move on to Slide 11 to elaborate a bit more on the strategic partnerships. The second exciting announcement that we have to make today is our new strategic partnerships. Hemnet will offer all franchises and brand owners that want to recommend Hemnet as partner throughout the entire sales process, the opportunity to enter into a strategic partnership agreement. The aim of the strategic partnership is to help home sellers and agents to fully realize the value of Hemnet to enhance the chance of a successful property transaction. It is also a way for Hemnet to strengthen the relationship on an HQ level, meaning headquarters.

The new commercial model will form a part of this strategic partnership, along with increased visibility, increased brand exposure, increased traffic and increased lead generation and new product features. We very much look forward to being able to speak more about these news and what they will mean for Hemnet and our partners as they are being rolled out over the coming months.

Moving on to Slide 12 for some additional launches and product news. We continue to accelerate the pace of our product innovation. Within short, we're launching Hemnet Insights, a new AI-powered analytic tool providing agents with valuable market data as part of their Hemnet business subscription. We're confident that this will be a very useful tool, and extremely appreciated tool for agents across the country, and we're excited about the launch. During the quarter, we improved our CRM functionality, which makes it possible for us to strengthen communication and add more value to both homebuyers and home sellers on the platform.

Moreover, by the beginning of next year, we will also launch a new enhanced offering for property developers that is better suited to their needs. We have also launched a marketing partnership with hitta.se, where both our listings and valuation tools are now being integrated. Lastly, our increased marketing investment during the year have begun to show results. We are seeing positive development in key brand metrics with spontaneous brand awareness increasing 11 percentage points year-on-year in Q3. And according to Orvesto survey data covering May to August 2025, Hemnet remains Sweden's third largest commercial website, reaching close to 2 million unique visitors per week with a slight year-on-year increase of 0.4% compared to last year. This is particularly encouraging given the weaker market conditions.

All in all, we continue to accelerate product innovation, invest in marketing and build for the future, and it's yielding results. With that, I will hand over to Anders for the financial update, starting with Page 13. Anders, please take it away.

Thank you, Jonas. Let's turn to Page 14 directly and the financial summary. Let me begin with an overview of the third quarter of 2025. Net sales for the third quarter were SEK 367 million, a decrease of 1.5% year-over-year. This demonstrates strong resilience. We managed to maintain revenues despite published listings dropping by almost 20% in the quarter. It's a testament to our business model holding up across market conditions, much like we saw in the first half of the year 2023 before bouncing back the second half year.

Key driver, of course, sustaining revenue was ARPL growing 21% year-over-year. This was supported by continued strong demand for our value-added services for home sellers, Hemnet Plus, Premium and Max. This underlines the value our platform delivers to home sellers also in a challenging housing market.

In addition, our B2B segment had a strong quarter with a growth of 1.5%. We will discuss the B2B segment in more details on the next slide. Another noteworthy point is the average listing time, which on a rolling 12-month basis increased from 44 days in Q3 2024 to 48 days in Q2 2025 and now 52 days in Q3 2025. The year-on-year effect of a longer listing time is negative SEK 9 million in revenue and the sequential effect of 4 additional days from Q2 to Q3 is also SEK 9 million. To smooth out seasonal variations, we recommend tracking ARPL growth on a rolling 12-month basis as shown on Page 4 of the presentation. Turning to profitability. EBITDA came in at SEK 195 million, down 5.9% development in more detail later on. The EBITDA margin for the quarter was 53.3%, which is 2.5 percentage points lower than the margin in Q3 2024. This decline is mainly due to fixed costs that cannot be fully adjusted to offset the 9% drop in listing volumes.

One important component in the margin development is compensation to real estate agents. When expressed as a percentage of property seller revenue, this ratio increases quarter-on-quarter from 30.1% in Q2 to 30.9% in Q3, driven by further improvement in both recommendation rates and actual conversion to value-added products. Looking at the effective commission compared to Q3 2024, it rises from 29.4% to 30.9%, higher commission reflecting a substantially stronger underlying improvement of our [ VAS ] products. And as always, the effective commission is a variable component and tends to fluctuate somewhat between quarters, making it more suitable to measure over longer periods.

Free cash flow last 12 months was SEK 808 million, a 36% increase year-over-year. This robust cash generation underscores both the scalability of our business model and our strong profitability even in a very soft housing market. Our operations continue to convert a high portion of revenues into cash, highlighting the quality of the earnings. We continue to uphold a strong financial position. Net debt leverage ended the quarter at 0.5, an improvement from 0.6 in Q3 last year. This low leverage provides us with flexibility going forward. The reduction is particularly encouraging given our active capital allocation strategy.

As you know by now, we expanded our share buyback program from SEK 450 million to SEK 600 million this year following the mandate approved at the AGM. We have been returning capital to shareholders while still maintaining a conservative balance sheet. At first glance, the headcount increase of 13 may appear notable. However, it is important to take into account the technical nuance that helps explain the development. A higher number of employees were on parental leave during Q3 '25 compared with the same period in 2024. In addition, the organization has been selectively strengthened primarily within product and tech. With that overview, let's turn to the revenues by segment and take a closer look at the Q3 figures.

Moving into Slide 15, which breaks down the revenues by customer group. Since we focus the seller -- very much on our seller revenue so far, let's turn the attention to our B2B segment, which grew by 1.5% despite the continued challenging and cautious market environment. Revenues from real estate agents increased by 2% to SEK 26 million and property developers contributed SEK 13 million, up 14% year-on-year. These gains reflect strong engagement for our prioritized customer segment, and it's particularly encouraging to see both an increase in listings and an uptake in VOS products for property developers, leading to a double-digit growth. However, advertising revenues from other advertisers declined by 8% to SEK 16 million, reflecting a softer display advertising market. This was again driven by broader macroeconomic headwinds and lower impressions as a result of reduced listings volumes on the platform. Overall, an uplift for the B2B segment, marking it the strongest quarter this year. With that, let's move to the EBITDA bridge to dive deeper into the Q3 figures.

On Slide 16, we show the year-on-year development of EBITDA. We have already covered what has driven the top line for the quarter, so let's turn to costs. As mentioned, EBITDA declined by 5.9% compared to the third quarter of 2024. Agent compensation increased in absolute terms, driven by strong recommendation and commercial levels despite net sales declining by 1.5%. And again, remember, ARPL grew 21% in the quarter. Looking at costs, expenses were higher than last year, mainly driven by increased marketing investments. We continue to raise our ambition in external brand building activities, and we have also increased tactical digital marketing efforts.

In addition, higher pace in product development resulted in higher consulting costs. In total, fixed OpEx, excluding personnel costs increased by SEK 9 million. Personnel expenses increased somewhat, reflecting wage inflation and larger headcount. However, this quarter was -- we also benefited from a reversal of a bonus provision, which explains why personnel costs as a total were slightly lower compared to last year. The other cost category remained fairly stable, although slightly higher capitalized development costs reflect the higher product development activity.

Overall, the minus SEK 19 million listing effect naturally mirrors our revenue and profit development and puts pressure on the margin. That said, taking a step back, it's encouraging to see the resilience of the underlying earnings capacity. We're not afraid to continue investing in marketing and product development, even though the total cost increase remained relatively modest at around 9%. In total, this adds up to an absolute EBITDA decline of minus SEK 12 million year-on-year.

Moving on to Page 17 and some spotlight on the cash flow. Starting on the left-hand side, our rolling 12-month free cash flow continued its upward trend and exceeded SEK 800 million. Cash conversion remains strong, supporting both reinvestments in the business and capital returns to shareholders. In the middle, you can see the development of our share buybacks. During the third quarter, we repurchased shares worth approximately SEK 149 million. In volume terms, we acquired 560,000 shares, reflecting the lower share price during the period. This is part again of the SEK 600 million mandate approved in May. And finally, on the right-hand side, our net debt stood at SEK 427 million, corresponding to 0.5 leverage, well below our target of 2x.

In summary, continue to accelerate investments in marketing, product development while delivering strong cash flow, gives us the flexibility to keep executing on our strategic priorities and maintain attractive shareholder returns.

With that, I want to hand over to Jonas for a summary on Page 18.

Thank you, Anders. Let's move to the summary slide on Slide #19. To summarize the third quarter and the news that we announced today. First of all, we saw continued pressure on new published listings in Q3. The weak volumes negatively impacted both net sales and EBITDA. Second to that, we had a strong ARPL growth of 21%, and we continue to show resilience in a difficult property market. Thirdly, we announced 2 new strategic product initiatives that will aim to help sellers and agents to fully leverage Hemnet's potential, and I'm extremely excited about the impact this will have on our business in 2026 and onwards. All in all, we continue to act decisively. We're working faster. We're working smarter, and we're working with a continued focus on innovation. By doing so, we're strengthening Hemnet's position for the benefit of buyers, sellers and agents alike. With that, let's open up for the Q&A.

[Operator Instructions] The next question comes from Will Packer from BNP Exane.

Three from me, please. Firstly, could you help us think through the strategic rationale of pivoting your revenue model now? You had a very strong track record over the last 5 years. Paying a bit later does bring in new risks such as arguably low inventory quality and revenue recognition headwinds. Can you just help us understand why now?

Secondly, thanks for the initial details on the agent partnerships. Would you consider listing exclusivity as a part of that partnership? Or do you think the regulator wouldn't allow it? And then finally, as has been well flagged, inventory is down significantly in the quarter, 19%. Could you help us understand what cyclical market dynamics versus inventory share loss? So for example, Boneo claimed Q3 listings and the market were down high single digit for Q3. What do you think market listings are down?

So we'll take them one by one. And on the split ship in, and I'll start. So with the sort of the new model from a commercial perspective that we now are piloting, I think this is, to a large extent, based on discussions and feedback that we've had with agents that we've had with sellers. And it's especially sort of important, the reason for testing this out right now is the fact that we have a -- the market dynamics have changed, and we've seen them gradually changing driven by a few different factors. I mean one is related to the high competitive situation that you see on supply.

Number two is driven by the fact that you have longer sales periods that we also spoke about. And I think it's one dynamic that is important and that has changed over the last 5 years is that you now see a pattern where a seller of a property typically sell before you buy. That is creating a different market dynamics. What we want to achieve is to ensure that you use the full value of Hemnet. And a way of ensuring this is that we're now testing this new model, and it's conditional to the fact that you would list directly on Hemnet. We know that we have a model that works. We know that we have an extremely efficient platform. We're the market leader. But at the same time, we need to adopt to the changing market conditions. And I think this is something that will be highly appreciated. It will help us to drive volumes. It will help us to strengthen the relationship with the agent industry that is so extremely important. So that's number one.

Number two, related to the agent partnerships. We elaborated a bit on the different components as part of these strategic partnerships. And as it goes, by definition, this is a partnership. So obvious when you go into a partnership is that you want to find mutually beneficial wins. So this is a win-win partnership where we see an upside, but we're also going to help our friends out there who wants to be a part of this agreement to help them to sell more properties and help them to gain market share. And when it comes to exclusive listings, I think having exclusive listings totally depends on how you would do it, but it's obviously something where you would need to look at the regulatory dimensions very closely. And that's something that we will explore going forward.

Thirdly, when it comes to volumes, so I think -- the sort of -- if you start with the minus 19%, which is our starting point, I think we clearly laid out both in the CEO letter in the presentation that we conducted earlier that parts of this 4% is driven by a business rule change that is impacting the year-on-year figures from a Hemnet perspective negatively in Q3. And it's important to remember that the numbers that was published by Boneo without knowing them in detail, I think if you look at the market and how it defines sort of the volume development, it is not like-for-like compared to Hemnet.

The business rule change, I'm pretty sure that the numbers from a market perspective would not capture the relistings and the effect that the 4% had on our numbers. So that is also explaining it. Then I think there's a number of different factors, right? And it is the low demand in general. It is the duration of the sales cycles that is impacting. And also, the way I understand those numbers is not taking into consideration impact from new property developments. So there's a lot of different factors. And the most important thing for Hemnet is to ensure that we remain as the #1 player in Sweden. We want to ensure that the listings end up on Hemnet. And eventually, they do.

We've seen that in 2024, and you know the numbers that we published in July, we had 89% market share in 2024. That has moved up and down. In 2023, it was 90%. In '22 and '21, it was 86%. In '20, it was 90%. So market shares tend to move with the market dynamics. So it's difficult to make a full assessment, and there are so many different type of market shares that you could define, whether it's content market share, whether it's new published listing market share, whether it's sold market share. For us, it's most important to ensure that the properties end up [ atonement ] eventually.

I can just -- maybe it was a good overview, Jonas. Maybe I can just add that of course, when it comes to our dominant position that we will -- we take that into a very deep consideration before signing any contracts. So as we have always said around that question, it's a very important question it has to be with the position we have.

The next question comes from Yulia Kazakovtseva from UBS.

This is Julia Kazakovtseva from UBS. I have 2 questions, if that's okay. So my first question would be about volumes. So you said that 4 percentage points of the 19% decrease in Q3 was driven by the change in the business terms. Could you please give us the estimate of this impact for Q2? And my second question would be about the new pilot scheme where sellers only pay once the property is sold. So just thinking about the process and the mechanics of this. So if a seller lists their property, but it remains unsold after, let's say, a few months, and they decide to eventually remove it from Hemnet, will they still be required to pay for this listing? And then in this situation, if this happens and then eventually if the property is transacted somewhere outside of Hemnet after this, what's your position here? Would they still need to pay for this or not?

I'll start off and then Anders, please fill in. So when it comes to the volumes, you're absolutely right, Julia. 4% is connected with the change in terms of the business rule. The 4% that we saw in Q3, if you look at Q2, that number was also 4%. So you should sort of consider the same levels in Q2 as in Q3. So hopefully, that covers the first question.

Second to that, when it looks -- when we look at the new product proposition, First of all, we're testing right now. So we don't know the exact scope, the exact terms and conditions of this pilot. We're extremely satisfied with the initial results that we've seen, the reception that we've had from both sellers and especially from agents, it's been very, very positive. When it comes to the specific case that you asked for, obviously, something that we need to detail out. But the current hypothesis and that hypothesis is very strong, is that if you take one listing as an example, you would use this new business opportunity, meaning that, first of all, you would list directly on Hemnet with this new proposition and just play with the thought that it would not be sold for 3 months or whatever period you decide, and it would be taken down. If it's then selling on off Hemnet, if the property has been taken down, you would still need to pay for it. So we will track individual properties and ensure that we get the money for it. The terms and conditions would be that you have used and you have leveraged the marketing power of Hemnet being the most or the leading and the strongest property platform in Sweden. So therefore, you should pay for it. So that's the hypothesis. With that said, it's one of the things that we're testing. But I think otherwise, it would be a way too large risk, and we don't want to cannibalize on our core business. That is a key component in deciding this new proposition.

The next question comes from Georg Attling from Pareto Securities.

I have a couple. So just starting with this new initiative with success-based product offering, how is that going to work with the other product that you have, which is pay when listing is removed because that doesn't seem to make much sense anymore if you go live fully with this.

Obviously, just repeating the same message that we said before, this is a pilot we're testing. And as part of this pilot and making the full assessment of this new product proposition, we would also look at the totality and the full scope of our portfolio. Current hypothesis is that the pay later if removed, that product would remain. However, and I'm sure there will be questions going forward around this as well, is obviously what price point we would price this new proposition at. And that's something that we're testing and you could expect potentially a differentiation from PL when it comes to the new product. Hopefully, that's helpful, Georg.

Yes, it is. And just second question on the ARPL slowdown here. It's 14 percentage points lower than Q2. if you could just help with the components to this. I mean the price effect should be similar, if not higher than Q2. So I guess mix is really the main reason for the delta helpful for -- with any details would be helpful.

Please take it.

The main explanation is actually tougher comps. So last year, 1st of July, we launched a new compensation model. So a very high uptick to [indiscernible] and now we are lapping and meeting those. So remember, ARPL growth is a growth figure year-on-year, right? So -- and we called out on the call that [indiscernible] is actually growing, continue to grow. So even though we continue to grow, the ARPL growth actually slowed down, as you called out here. So the main reason to answer your question is actually tougher comps.

Yes. And then tougher comps in terms of mix, right, because of the steep increase in premium in Q3 last year.

So the uptake between Q2 and Q3 last year was a lot higher than Q2 and Q3 this year.

The next question comes from Giles Thorne from Jefferies.

The first question was back on the PO sale new commercial model. And the elephant in the room for Hemnet for the past 6 months, maybe 12 months has been buy in the free-to-list model. So it'd be interesting, Jonas, to hear you talk on how the pay on the new commercial model will directly deal with that competitive threat. The second question was a bigger picture question, and it's on agent compensation. And I suppose, Jonas, it'd be useful to hear your case with this new partnership model as to why that amount of capital being allocated to the agency base is still the best thing for Hemnet's long-term interest. I appreciate that's a much bigger, harder question to answer, but it's certainly something on a lot of people's minds. And then the final question was on the open letter that we all saw over the summer from one of your largest shareholders, which called out many things, but in particular, how you're allocating capital your shareholder remuneration. So maybe Anders, some comments on any changes you intend to make on the back of that pressure.

Thanks, Giles. I'll start, and we'll take them one by one. And Anders, please help me, and I think you are the best one to ask the last question, but let's take it off. So when it comes to this pay on sale, I think the most important reason for us elaborating and testing this pilot now as we speak is that there are -- the market dynamics have changed. And I think I've been repeating this message over the last months since I've had the privilege to be the CEO of this company is that there's a few market dynamics right now where you have an all-time high supply where competition in the supply segment and in the own sales segment is tougher than it's ever been before.

Second to that, it takes much longer time to sell a property today than it used to do 3 years ago. If you just look at the average sales duration, that was hovering around 25 days 3 years ago. Now on the last 12-month basis, it is 52 days. That has changed the sales process, the way the agents work and the way the sellers think.

Thirdly, which is important is the fact that you now sell before you buy. So what we see right now with the data is that roughly 70% of all property transaction happens in sort of in a way where you sell before you buy. That used to be the opposite. So that used to be 30%. So the market dynamics have changed. This means that we want to ensure that we adopt our product proposition towards the market rather than the competitive situation to ensure that we become relevant, we remain relevant throughout the entire sales process. We know that we have a platform that works. We know that if you list on Hemnet from the beginning, the likelihood of a successful transaction and successful transaction covers everything from finding the right buyers, ensuring that you get reduced sales cycles and maximizing the bidding premium.

Those 3 factors are improved when you use Hemnet the entire way. So that is a way -- and that's our hypothesis of using this. And given sort of the market situation, we want to lower the entry barriers for the sellers. We want to help the agents from the beginning. And we think that this product is going to make the difference here. We think it's a very strong proposition that will get listings earlier on Hemnet, more listings and it will help sellers to make better transactions. I think that should cover the first question.

When it comes to the second question, it was a bit difficult for me to hear. But I think the question is around agent compensation and how that is related to the new strategic partnerships. But please clarify if I misunderstood it.

Yes. It was -- it's at heart, a very simple question, albeit probably quite a difficult answer, which is you pay away a lot of your value to this large pool of important stakeholders. And for a very long time, that served you very, very well. But now there are open questions about whether that is the best use of your capital. So it was a question for you, Jonas, to make the case of why this is still the best use of your capital and perhaps use the new strategic partnership as a way of illuminating that case. Hope that's clear.

Yes. Perfect. So I think when it comes to the agent compensation, I think that has served us well. I think it continues to serve us well. It's strengthening the relationship with our most important ambassadors in the market, and that's individual agents. I think it's fair. And I think I fully understand where you come from, it's a substantial part of our P&L on the cost side that is related to compensation, but it's also helping us to build very strong relationship and mutual beneficial opportunity for both Hemnet and for the agents. When it comes to the way you understand this, Giles, but I think -- I mean, the agent compensation and the compensation model, that is a contractual and transactional relationship between Hemnet and the franchise owners. We see large opportunities of also strengthening our relationship with the HQs, the ones that has a central role and in many cases, a very important influence. And creating opportunities also on HQ level is important. And what we haven't spoken too much today about is also the individual agents. I think Hemnet in the past has been very strong with the franchise owners. We need to remain strong there, but we should also strengthen the relationship with HQs, and we should become better friends and become more supportive to the individual agents. So it's the full slate that we're thinking about.

Then thirdly, the open letter from GCQ. Anders, would you like to elaborate around our view when it comes to the capital allocation?

Sure. Of course, we saw the letter and the shareholders' input is very important for us. It's one very important piece of the puzzle. But we stick to the current capital allocation strategy that we will continue to distribute excess cash through buybacks on an arm's length basis via Carnegie. On a personal view, I think not, I think it's a good success story for Hemnet since the IPO to be consistent with the buybacks and not taking bets on share price from time to another. So that's the answer.

So Anders, you won't change the cadence or the pace of buybacks depending on share price moves?

No.

The next question comes from Thomas Nilsson from Nordea.

What development do you expect for staff costs and other costs at Hemnet in 2026 and 2027?

Anders, would you like to take that?

Sure. We don't know since we haven't decided, but what we said in the beginning of the year is that we will continue to grow this company. We will invest in marketing and talent and the product, and we will continue with that. Last year, we had a fixed OpEx growth of 30%. We said then that you will not see that this year. And now after 9 months, we are at around 15%. So all else being equal, you should expect us to continue that. But to be fair, the details has not been decided and the best way to look at it is to look at the current run rates.

And I think just to kick in an open door, we like operational leverage, and that's what we're going to plan for also for the next year and after that.

Okay. And one second final question, if I may. Looking at your growth targets of 15% to 20%, how much do you think this will come from structural price raises and how much will come from promoting higher-priced packages?

We remain committed, and we think that the growth ambition of 15% to 20% is important. I think what we've said is that in the past, I think the largest price hikes days for Hemnet, those days are over, and we need to work on value-based pricing. And when I talk about value-based pricing, we need to ensure that we deliver products that the customers are willing to pay for. And I think this quarter, Q3, but also what we saw in Q2 and Q1 is a testimony of that. We do see that the product mix and the BOS penetration is the main driver. It is not prices.

The next question comes from Ed Young from Morgan Stanley.

Two questions, please. First of all, you've mentioned about further enhancements of Max. Should we read that as small sort of iterative additions to the Max package or perhaps a bit more of a rebalancing of the relative benefits across the package structure, so potentially including elements like free renewals? And then you've also talked about increased Max marketing. How receptive do you think agents have been able to be to these messages about the value of Max in a sort of difficult market backdrop? Or do you think their interest and ability to upsell packages will also be reliant on picking up when the macro also picks up?

So on the first one, I think when it comes to the enhancement of Max, I mean, Max is still a baby. It's been around for 6 months. So it's still young. We are continuously testing new features. We're elaborating with the price point. We've been running different campaigns. There are campaigns live now in the larger cities to just learn. So we're still in data collection mode. I think we need to look at a few maybe potentially bigger things as well going forward. And per your point, classifieds. So it's all a relative game comparing the features of Max also towards premium and others. But I think -- I mean, I don't think that you should continue to decrease the proposition of premium and Plus. This is all about ensuring that you improve features when it comes to Max. So that's something that we continuously work on. Anders Then I think, would you like to take the second one?

I didn't get that to be fair.

Sorry, can you take it again, Ed?

Sure. I was just saying you're talking about increased marketing behind Max. I was just wondering, do you think that agents have been receptive to those messages? Or do you think ultimately that in sort of in the difficult macro backdrop? Or do you think that you need macro to pick up for them to sort of have more space if they're under pressure? Is it really a priority for them to push that? Is the macro impact an important part of the backdrop there?

Thanks, Ed. I can take it, Anders, and then you can fill in sorry. So I think -- I mean, it's a very good question, Ed. I mean, I think if you look at the actual product performance, and we showed a few highlights with 70% more traffic, 50% higher premiums, 50% more lift, things and engagement up. So I think those are fantastic results. I think that when it comes to Max, obviously, it is priced at a 50% premium versus Hemnet premium. And I think that has been part of the challenge in getting a quick adoption given these current market conditions. The key -- the sort of -- the way this business works to a large extent, is the fact that conversion follows recommendations. So it's all about ensuring that the individual agents recommend Max to a larger extent. That's really the main lever that we have to pull. And I think these marketing investments that we refer to is to a very large extent, B2B marketing, so investing in communication, investing in roadshows, investing in getting the message out there. But I think the sort of the Max adoption to some extent, is held back given the current market conditions.

The next question comes from Eirik Rifdahl from DNB Carnegie.

I got a few at the end here. Just to start on the strategic partnership. Are you configuring or looking to configure the commission model as well to kind of drive more agents to push this offer with pay when sold?

Simple answer is no. We're not looking to adjust the compensation model. Obviously, kicking an open door, everything, you would understand this. But obviously, I mean, we would pay a commission towards the agent if the property is sold and only so. So that's the part of it. But that's also one thing that we're obviously testing.

That's very clear. And Jonas also you stated that the initial feedback and data from the pilot has been supportive and sellers showing increased willingness to list on Hemnet with the new payment option. Have you also seen increased willingness to jump on Max on the back of this?

What we've seen is that I wouldn't comment on Max specifically because the numbers are still quite low, but we see that there is a willingness to recommend higher tier products and higher than we have today. So that has been part of the reason why we see a very positive response. Perfect.

And just a final question for me, which is a bit more big picture. What's your overall thoughts right now on AI risk, particularly on the back of the Silo ChatGPT integration announced a couple of weeks back?

I mean if you look at AI, and I'll take the big picture answer. I mean we're actively looking at how to best integrate AI into our operations to enhance user experience and internal efficiency. Up until today, our efforts internally, we focused a lot on our valuation pool. But obviously, we follow and see what is happening. And I think the -- so and the ChatGPT integration last week are very relevant and interesting. So we continue to look at that, and that's something that the team is looking at it, and we're exploring those opportunities. We want to be part of this when this takes off and when it gets to Europe.

The next question comes from Annabel Hames from Deutsche Bank.

Just one from me. Can you give more color on why the Max package uptake hasn't accelerated given the data that you have on product performance and investment? Is it purely just a lack of understanding from sellers? Or is it something you eventually consider having part of the commission model for agents to help uplift that uptake?

I think I mean taking a step back, Hemnet Max is something that would help us in '26, '27 and '28 and will be an important component to continue to drive ARPL growth. We're still in the learning phase. Please remember the last time the Hemnet launched a new product was back in 2019. So this is not something that we do on a sort of on a quarterly basis. And I think -- I mean, sitting here today and being a part of this earnings call, the key driver of what is actually driving ARPL growth in Q3 2025 is Premium and Plus, and that was introduced in 2019. So this is a long-term bet. I think when it comes to why the adoption has not picked up faster, I think parts of it is sort of related to what Ed asked about before. There is tough market conditions right now that I think has been holding back the MAX penetration. That's just a fact. And second to that, I think the awareness, this is the numbers that we show to you guys today are very, very strong. Now it's -- we have a lot of things to be done at our communication department. We need to be out there and spread the dos.

The next question comes from Nicola Kalanoski from ABG Sundal Collier.

So firstly, interesting news regarding the new model. I appreciate that this is just in pilot mode so far, of course. But just to understand the mechanics of this. Will the cost of the listing ad be automatically deducted during the settlement with the banks when a home transaction closes? Or will the seller have to pay as they've done previously, that is just paying a regular invoice to Hemnet?

So the simple answer is that what we're testing right now is that the payment method and the payment flow would be very similar to our current products, meaning that would be a separate bill. However, I mean, if you look ahead, and that's a question about product development and integration towards our partners, I think sort of having the Hemnet cost being deducted in the overall settlement, that's also an interesting opportunity. But what we're piloting right now is the first stage.

Yes, that's crystal clear. And just another thing to clarify. I believe you mentioned earlier during this conference call, some changed market dynamics, which I'm sure we're all familiar with. But I reacted a little bit to you saying that competition in the supply segment and -- or sorry, competition in the on sale segment is tougher than it's ever been before. I just want to make sure, does this refer to there being competition among home sellers trying to sell their home or competition between Hemnet and other marketplaces, right?

Thanks for allowing me to clarify that if that was unclear. What I meant and clearly meant is that if you look at the on sale segment, supply levels are at record high levels, meaning that if you're a home seller, the competition to sell your property is very, very high. So it's a question about supply/demand to put it simple. Do you follow me, Nikola?

Yes, absolutely. I was just looking for a clarifying

The next question comes from Julia Kazakovtseva from UBS.

Just one small follow-up for me. What's the current penetration of the pay later feature at the moment? I mean, the number of new listings.

It tends to fluctuate a bit, and we've commented before that it's been around 40% to 50% since launch, and it might be -- I haven't looked at it today, but it might be a little bit lower today.

Hovering around 40% but it goes with seasonality. So around 40% to 50%.

The next question comes from Eirik Rifahl from DNB Carnegie.

It's Eirik again. Just a quick follow-up question because we've been kind of discussing the perception of the max value and the perception of the value you guys create overall. And one thing is the perception that the agents kind of know of your value. But do you have a feeling that they understand the relative value between you and for instance, [indiscernible], I mean, on the numbers we're tracking and looking at, you guys are reporting all-time high time on site today of 52 days, but [indiscernible], at least on our numbers, is north of 120 days, so more than 2x what you guys can deliver. Do you feel that the agents kind of understand this in this market that it doesn't really help them to go there and kind of try to avoid going on Hemnet?

I mean I think obviously, it's a mix. I think we have we have more work to be done and continue to educate the market around that. And you're absolutely right. I mean Hemnet is a much more efficient and much stronger property portal when it comes to ensuring that you sell your property quickly and fastly. With that said, I think this is something that we're continuously work on. And I think I've been talking a bit about how we invest in our sales force. The main reason for investing in our sales force is that we need boots on the ground to be out there, help the individual agent to understand the fantastic value that Hemnet is delivering. And also what we did in Q3 was to lift up Marcus to become my management team. And I think becoming closer to the agent, becoming closer to the industry is it's a strong rationale of why we're doing that and not only because Marcus is a fantastic salesperson.

There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Thank you, everyone, for joining the call today and for a lot of good questions. We ran slightly over time. But with that said, we'll conclude today's session, and I wish you a fantastic day. Thanks.