Wallenstam Ab Class B · OMXSTO:WALL_B
Wallenstam Ab Class B — Q3 2025 Earnings Presentation
21 slides from Wallenstam Ab Class B's earnings presentation, Oct 21, 2025
Slide 1: Third quarter 2025 Wallenstam
Third quarter 2025 Wallenstam
Slide 2: Events during quarter 3
Events during quarter 3 • Acquired land in the urban development area Forsåker, Mölndal • Agreement on the sale of Nacka Grace • Repurchase of 5,000,000 shares during the period
Slide 3: The net asset value shall amount to SEK 80/share in 2030
GOAL The net asset value shall amount to SEK 80/share in 2030 Defined key ratio: The equity/assets ratio should be at least approximately 40 %
Slide 4: Wallenstam today
Wallenstam today 210 properties Residential 52% Office 26% 1.4 million sq m Retail 7% Education/care 4% SEK 70 billion in property value Restaurant 4% Garage 2% 96% in occupancy rate Industry/warehouse 3% 1,077 apartments Cinema 1% under construction Distribution Other 1% Rental value 53 wind turbin
Slide 5: Energy classes distributed by rental value
Energy classes distributed by rental value F-G 2% (4) A-C 65% (62) Shows the energy classes of Wallen- D-E 33% (34) stam's properties distributed by rental value. The ratio at year-end is given in brackets.
Slide 6: Net operating income, properties
Net operating income, properties SEK million 2025 2024 2025 2024 2024 Jan-Sep Jan-Sep Jul-Sep Jul-Sep Jan-Dec Rental income 2,321 2,187 759 730 2,922 Operating expenses investment properties -533 -501 -156 -153 -701 Net operating income, properties 1,788 1,686 603 576 2,222 Surplus ratio: 77.0%
Slide 7: Net operating income change, +6%
Net operating income change, +6% Rental income +134 MSEK New construction Acquisitions One-time Total Comparable holdings compensations Re-invoicing & large projects /sales rental income +68 -7 +27 +38 +8 MSEK MSEK MSEK MSEK MSEK Net operating income +102 MSEK Operating expenses New construction Acq
Slide 8: Q3 2025 apartments completed and let
Q3 2025 139 apartments completed and let
Slide 9: Kallebäcks Terrasser kv. 6, Gothenburg, 139 apts.
Kallebäcks Terrasser kv. 6, Gothenburg, 139 apts. The project includes a total of 299 apts, now fully completed and let.
Slide 10: Income from property management
Income from property management SEK million 2025 2024 2025 2024 2024 Jan-Sep Jan-Sep Jul-Sep Jul-Sep Jan-Dec Rental income 2,321 2,187 759 730 2,922 Operating expenses investment properties -533 -501 -156 -153 -701 Net operating income, properties 1,788 1,686 603 576 2,222 Management costs and admin
Slide 11: Average fixed interest rate term, 41 months
Average fixed interest rate term, 41 months SEK million 2,500 Interest coverage ratio Interest 2,000 during the coverage ratio, quarter: rolling 2.7 times 12 months: 1,500 2.4 times 62% of the loan volume 1,000 has fixed interest. 500 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Maturity
Slide 12: Profit/loss after tax
Profit/loss after tax SEK million 2025 2024 2025 2024 2024 Jan-Sep Jan-Sep Jul-Sep Jul-Sep Jan-Dec Profit/loss before changes in value and 944 676 315 186 742 impairment losses Change in value, investment properties 714 -44 377 -22 388 Change in value, financial instruments -275 -341 159 -432 102 Ch
Slide 13: Balance sheet – Assets
Balance sheet – Assets Assets, 25-09-30 24-12-31 SEK million Investment properties 69,667 65,588 INVESTMENT PROPERTIES, SEK MILLION Development properties 54 64 Investment properties in operation 62,154 Wind turbines 771 831 Projects in progress 5,427 Cash and cash equivalents 213 46 Land and projec
Slide 14: 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 1,539 Commercial Sales -1,262 properties, 43% Unrealized change in value 642 Investm
Slide 15: Investments in construction
Investments in construction SEK million 4, 000 3,500 3, 000 2,500 2,000 1,539 MSEK 1,500 1,000 500 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025
Slide 16: Q3 2025 Construction started of apartments
Q3 2025 Construction started of 178 apartments
Slide 17: Älta Torg kv. 6, Nacka – apartments
Älta Torg kv. 6, Nacka – 178 apartments
Slide 18: 1,077 apartments in ongoing new construction
Occupation starts 2027 Occupation started 2025 Åbybergsgatan Ädellövet Kvarter C 106 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 kröni
Slide 19: Balance sheet – Liabilities and equity
Balance sheet – Liabilities and equity Liabilities and equity, 25-09-30 24-12-31 SEK million Equity/assets ratio: Equity 31,277 30,844 43% Interest-bearing liabilities 33,600 30,399 Loan-to-value Financial derivative instruments 10 21 ratio: Lease liability 645 633 48% Other 7,161 7,025 Net asset To
Slide 20: Questions?
Questions? Susann Linde, Vice CEO and CFO susann.linde@wallenstam.se
Slide 21: Slide 21