Slide 1: Fourth quarter 2025
Fourth quarter 2025 Wallenstam
Slide 2: Space – an arena for events
Space – an arena for events
Slide 3: Summary 2025
Summary 2025 Completed Investment in new Transaction construction: construction: volume: SEK 2.2 686 apts. SEK 5.4 billion billion New people New in the construction Repurchased housing starts: shares: queue: 394 apts. 17 million 77,000
Slide 4: Events during quarter 4
Events during quarter 4 • Divested the property Nacka Grace • Repurchase of 3,000,000 shares during the period
Slide 5: Wallenstam today
Wallenstam today 210 properties Residential 51% Office 26% SEK 70 billion in property value Retail 7% Education/care 4% 97% in economic occupancy rate Restaurant 4% Garage 2% 1,013 apts. under construction Industry/warehouse 2% 53 wind turbines Cinema 1% Distribution Other 2% Rental value 247 perman
Slide 6: Wallenstam's climate goals extend to 2030
Wallenstam's climate goals extend to 2030 -50% SCOPE 1 -50% SCOPE 2 -55% SCOPE 3 Direct emissions Indirect emissions Other indirect emissions Combustion of fuel and Purchased energy Purchasing of refrigerant leakage construction materials Outcome 2025: –39% (–31) Outcome 2025*: –45% (–40) Outcome 20
Slide 7: Taxonomy-aligned turnover and energy classes
Energy classes Taxonomy-aligned distributed by rental value turnover F-G 1% (4) Electricity generation D-E 32% (34) A-C 67% (62) from wind power 100 % (100) Acquisition and ownership of buildings 51% (45) 49% (55) Total 53% (48) 47% (52) 0 50 100 Taxonomy-aligned Not taxonomy-aligned The diagram sho
Slide 8: Net operating income, properties
Net operating income, properties SEK million 2025 2024 2025 2024 Jan-Dec Jan-Dec Oct-Dec Oct-Dec Rental income 3,077 2,922 756 736 Operating expenses investment properties -743 -701 -210 -200 Net operating income, properties 2,334 2,222 546 536 Surplus ratio: 75.9%
Slide 9: Net operating income change, +5%
Net operating income change, +5% Rental income +155 MSEK New construction Acquisitions One-time Total Comparable holdings compensations Re-invoicing & large projects /sales rental income +58 +10 +43 +38 +6 MSEK MSEK MSEK MSEK MSEK Net operating income +112 MSEK Operating expenses New construction Ac
Slide 10: Q4 2025 apartments completed and let
Q4 2025 64 apartments completed and let
Slide 11: Ädellövet, Farsta, Stockholm, 64 apts.
Ädellövet, Farsta, Stockholm, 64 apts. The project includes a total of 172 apts.
Slide 12: Good demand for commercial premises
Good demand for commercial premises • Commercial occupancy rate (area): 90% • Commercial occupancy rate (area): Gothenburg: 94% Morris Law, 1 400 sq m • Surrender rate: 90% • Stable demand for commercial premises in Gothenburg city, longer processes. Excitec, 1 300 sq m Kantar Gothenburg Media, Matc
Slide 13: Income from property management
Income from property management SEK million 2025 2024 2025 2024 Jan-Dec Jan-Dec Oct-Dec Oct-Dec Rental income 3,077 2,922 756 736 Operating expenses investment properties -743 -701 -210 -200 Net operating income, properties 2,334 2,222 546 536 Management costs and administrative -362 -314 -98 -93 ex
Slide 14: Average fixed interest rate term, 42 months
Average fixed interest rate term, 42 months SEK million 3,000 Interest coverage ratio 2,500 Interest during the coverage ratio, quarter: rolling 2,000 2.3 times 12 months: 2.6 times 1,500 62% of the loan volume has fixed 1 000 interest. 500 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Maturit
Slide 15: Profit/loss after tax
Profit/loss after tax SEK million 2025 2024 2025 2024 Jan-Dec Jan-Dec Oct-Dec Oct-Dec Profit/loss before changes in value and 1,187 742 243 66 impairment losses Change in value, investment properties 1,699 388 985 431 Change in value, financial instruments -148 102 127 443 Change in value, synthetic
Slide 16: Balance sheet – Assets
Balance sheet – Assets Assets, 25-12-31 24-12-31 SEK million Investment properties 70,441 65,588 INVESTMENT PROPERTIES, SEK MILLION Development properties 33 64 Investment properties in operation 63,780 Wind turbines 746 831 Projects in progress 4,689 Cash and cash equivalents 189 46 Land and projec
Slide 17: The value of the properties
The value of the properties Distribution Property value CHANGE DURING THE YEAR, INVESTMENT PROPERTIES SEK million Investment properties, Jan 1, 2025 65,588 Residential properties, 57% Acquisitions 3,159 Construction 2,155 Commercial Sales -2,065 properties, 43% Unrealized change in value 1,603 Inves
Slide 18: Investments in construction
Investments in construction SEK million 4, 000 3 ,500 3,000 2,500 2,155 MSEK 2,000 1,500 1,000 500 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 19: 1,013 apartments in ongoing new construction
Occupation starts 2027 Occupation started 2025 Åbybergsgatan Ädellövet Kvarter C 42 apts. 119 apts. Stockholm Mölndal Kallebäcks Terrasser Occupation starts 2026 Occupation starts 2028 Kvarter 1 177 apts. Gothenburg Älta Torg Årstaberg Kvarter 6 408 apts. 178 apts. Stockholm Nacka Sten Stures krönin
Slide 20: Balance sheet – Liabilities and equity
Balance sheet – Liabilities and equity Liabilities and equity, 25-12-31 24-12-31 SEK million Equity/assets ratio: Equity 32,313 30,844 44% Interest-bearing liabilities 33,276 30,399 Loan-to-value Financial derivative instruments 7 21 ratio: Lease liability 657 633 47% Other 7,240 7,025 Net asset Tot
Slide 21: Change conference call
Change conference call You are welcome to watch our financial statements film and contact Susann by phone or email with any questions +46 705-17 11 34 susann.linde@wallenstam.se
Slide 22: Questions?
Questions? Susann Linde, Vice CEO and CFO susann.linde@wallenstam.se
Slide 23: Slide 23