Full Year 2025 CLS Holdings PLC Earnings Call Transcript
Good morning to everyone, and welcome to CLS Holdings plc Full Year Results Presentation. I'm Fredrik Widlund, Chief Executive; and next to me here is our new CFO, Harry Stokes. Today, we will present to you the 2025 results and give you an update on the portfolio and how we are delivering on what we set out to do at the beginning of the year.
But first, to set the scene, let me start with our strategic priorities and how we are delivering against them. Firstly, increasing letting activity to reduce vacancy and improve earnings. We signed GBP17 million of leases during the year, the highest level in seven years, with particularly strong performance in the second half. Vacancy came in at 14.5%, which was higher than a year ago due to planned expiries and two unforeseen German insolvencies. However, the overall direction is positive, supported by large leases at Artesian in London and Gotic Haus in Dortmund.
Earnings were lower because we have a smaller portfolio and there were planned expiries, which
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