Wihlborgs Fastigheter Ab · OMXSTO:WIHL
Wihlborgs Fastigheter Ab — Q3 2025 Earnings Presentation
45 slides from Wihlborgs Fastigheter Ab's earnings presentation, Oct 23, 2025
Slide 1: Interim report January - September 2025
Interim report January - September 2025 Ulrika Hallengren, CEO and Arvid Liepe, CFO 23 October 2025
Slide 2: Summary Q3 2025
• Summary Q3 2025 • Rental income up 6% • Income from property management +11% • Net letting positive at SEK 6 m • Net debt/ebitda at 10.3 times • Good access to financing • Demand remains for good quality in good locations • Project investments continue to give good potential for growth 2
Slide 3: Results Jan-Sep 2025
Results Jan- Sep 2025 • Rental income increased by 4 percent to SEK 3,243 m (3,115) • Operating surplus increased by 4 percent to SEK 2,334 m (2,244) • Income from property management increased by 12% to SEK 1,482 m (1,329) • Result for the period increased to SEK 1,370 m (846), corresponding to ear
Slide 4: Rental income development
Rental income development Rental income Jan-Sep 2024, SEKm 3,115 Index 30 Acquisitions 90 Currency effect -21 Additional charges 21 Completed projects, new leases and renegotiations etc. 8 Rental income Jan-Sep 2025 3,243 4
Slide 5: Net letting
Net letting Jan- Jan- Q3 Q3 SEKm Sep Sep 2025 2024 2025 2024 New leases 66 96 300 367 Terminations -60 -69 -235 -289 Net letting 6 28 65 78 5
Slide 6: New leases Q3 – a selection
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Slide 7: Net letting quarterly
Net letting quarterly 150 100 50 0 -50 -100 -150 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 New leases Terminations Net 7
Slide 8: Solid customers
Solid customers Choice Hotels 20% City of Helsingborg City of Malmö Revenues from top ten tenants Danish Building and Property Agency 23% Lund University Malmö University Revenues from Novo Nordisk public tenants Skåne Regional Council Swedish Social Insurance Agency Trygg Hansa Insurance 8
Slide 9: Rental growth
Rental growth Rental Rubrikgrowthupp entire property stock till 2 rader like-for-like* 01-10-2025 01-10 2024 01-10-2025 01-10-2024 SEK m SEK m Percent SEK m SEK m Percent Rental value 4,889 4,562 +7.2 Rental value 3,703 3,617 +2.4 Rental income 4,379 4,186 +4.6 Rental income 3,310 3,337 -0.8 *Exclud
Slide 10: Changes in market value properties
Changes in market value properties SEK m Carrying amount 1 January 2025 59,168 Acquisitions 2,557 Investments 1,911 Properties sold -114 Changes in value 415 Currency translations -500 Carrying amount 30 September 2025 63,457 10
Slide 11: Portfolio – the entire property stock
• Portfolio – the entire property stock 1 October, 2025 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. 59,382 3,326 90 5.6 6.4 projects and land Total Wihlborgs 63,457 3,350 90 5.3 6.1 * Excluding property admin 11
Slide 12: Portfolio – Office properties
Portfolio – Office properties 1 October, 2025 Market value Op. Surplus* Occupancy rate, Running Running yield SEK m SEK m % yield, % fully let, % Malmö 20,564 1,091 92 5.3 5.9 Helsingborg 9,774 560 90 5.7 6.6 Lund 9,132 524 90 5.7 6.6 Copenhagen 10,925 580 92 5.3 6.0 Total 50,394 2,755 91 5.5 6.2 *
Slide 13: Portfolio – Logistics/Production
Portfolio – Logistics/Production 1 October, 2025 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Malmö 2,800 183 93 6.5 7.1 Helsingborg 4,707 301 83 6.4 8.1 Lund 581 34 91 5.9 6.6 Copenhagen 900 53 96 5.9 6.3 Total 8,988 571 87 6.4 7.5 * Excluding
Slide 14: Portfolio running yield
Portfolio running yield, excl. property admin. 6,5 6,3 6,3 6,2 6,1 5,9 5,8 5,8 5,7 5,7 5,6 5,6 Percent 5,5 5,4 5,4 5,4 5,3 5,3 5,1 5,1 5,1 4,9 4,7 4,5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 Excl. project and land 14
Slide 15: Sustainability highlights
Sustainability highlights • GRESB Global Sector Leader • CDP Supplier Engagement Assessment (SEA) A-list • Reduced energy use in all regions • Halved electricity use for heating and cooling at Syret 3 (Gateway) o More efficient cooling technology o The “Janne solution” • Newly signed sustainability-
Slide 16: Satisfied and loyal customers
Satisfied and loyal customers • Customer Satisfaction Index (CSI): 79 • Loyalty Score: 82 • Staff and personal service have the greatest impact on customer satisfaction o Customer service: 88 o Competence: 86 o Accessibility: 85 16
Slide 17: Malmö Helsingborg Lund Copenhagen
Malmö Helsingborg Lund Copenhagen 39 % of property value 23 % of property value 17 % of property value 21 % of property value 677,000 m2 733,000 m2 286,000 m2 707,000 m2 99 properties 108 properties 47 properties 63 properties 25,122 SEK m property value 14,531 SEK m property value 10,665 SEK m prop
Slide 18: Financials
Eg F i n a necia l S
Slide 19: Income statement
Income statement SEK m Q3 2025 Q3 2024 Rental income 1,101 1,043 +6% Operating surplus 790 762 +4% Income property management 495 445 +11% Change in value of properties 103 102 Change in value of derivatives 35 -335 Pre-tax profit 633 212 Profit for the period 487 148 19
Slide 20: Consolidated balance sheet, SEK m
Consolidated balance sheet, SEK m 30-09-2025 30-09-2024 Investment properties 63,457 57,898 Right-of-use assets 162 136 Other fixed assets 499 449 Derivatives 165 205 Current receivables 370 286 Liquid assets 260 266 Total assets 64,913 59,240 Equity 23,498 22,282 Deferred tax liability 6,037 5,427
Slide 21: Key figures
Key figures 30-09-2025 30-09-2024 Equity/assets ratio, percent 36.2 37.6 Leverage properties, percent 52.3 51.2 Interest coverage ratio, multiple 2.8 2.5 Per share, SEK EPRA net disposal value 76.43 72.48 EPRA net reinstatement value 96.23 90.47 Earnings per share 4.46 2.75 EPRA EPS 4.35 3.95 21
Slide 22: EPRA NRV
EPRA NRV Average annual growth: 15 percent adjusted for dividend Per share 100 90 80 70 60 SEK 50 40 30 20 10 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 22
Slide 23: Stable financial position
Stable financial position Financial targets Equity/Assets % 45,0 • Max. loan-to-value 60% 40,0 • Min. equity/assets 30% 35,0 • Min. interest coverage 2.0 multiple 30,0 25,0 Interest cover ratio, rolling 12 months 8,0 7,0 Loan-to-value % 6,0 65,0 5,0 60,0 4,0 55,0 3,0 50,0 2,0 1,0 45,0 0,0 40,0 jul-1
Slide 24: Strong earnings relative to borrowings
Strong earnings relative to borrowings Net debt/EBITDA 12,0 10,0 8,0 Multiple 6,0 4,0 2,0 0,0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 24
Slide 25: Current financing, Sep 2025
Current financing, Sep 2025 Total debt: SEK 33.2 bn 17% 49% 34% Bank loans Danish mortgage loans Bonds 25
Slide 26: Structure of interest and loan maturities
Structure of interest and loan maturities Interest maturity Loan maturity Loan amount Average Credit agreement Utilised Matures year SEK m interest rate % SEK m SEK m 2025 9,192 3.62 0 0 2026 6,802 2.88 6,222 5,089 2027 2,741 3.43 9,502 8,852 2028 3,141 3.52 8,862 8,700 2029 2,889 3.24 2,957 2,276 >
Slide 27: Fixed interest period and loan maturity
Fixed interest period and loan maturity Fixed interest period, years Loan maturity, years 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 dec-20 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 jun-25 dec-20 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 jun-25 27
Slide 28: Available funds
Available funds Unutilized credit facilities plus liquid funds, SEK mn 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 - Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2
Slide 29: Investments in progress
Investments in progress 29
Slide 30: Projects investments September 2025
Projects investments September 2025 SEK m Investments 1,911 Projects in progress 5,183 Invested by period end -2,453 Remains to invest 2,730 30
Slide 31: Ejby Industrivej 41
Completion Q1 Ejby Industrivej 41 Copenhagen 2026 Per Aarsleff 24,000 m2 SEK 231 m 31
Slide 32: Amphitrite 1
Completion Amphitrite 1 City, Malmö Q4 2027 Malmö University 20,000 m2 TBD
Slide 33: Bläckhornet 1, VISTA, Börshuset 1
Malmö, City Malmö, City Completion Completion Bläckhornet 1 Hyllie, Malmö Q4 2024 / Q1 2026 Börshuset 1 Malmö, City Q1 2026 VISTA 15,000 m2 mobility hub SEK 884 m 6,000 m2 SEK 289 m 16,600 m2 office 33
Slide 34: Kranen 7 and Sunnanå 12:54
Malmö 17,000 m2 Completion Completion Kranen 7 Dockan, Malmö Q3, 2027 Sunnanå 12:54 Malmö Q4, 2025 Malmö stad preschool 2,900 m2 SEK 136 m 17,000 m2 SEK 280 m 34
Slide 35: Posthornet, phase 2 and Vätet 1
Vätet 1 Lund, Ideon Completion Completion Posthornet, Lund, City Q2, 2026 Vätet 1 Lund, Ideon Q1, 2026 phase 2 10,100 m2 SEK 448 m Arm 5,700 m2 SEK 145 m 35
Slide 36: Tomaten 1 and Surkålen 1
Lund 11,900 m2 Completion Completion Tomaten 1 Lund Q2, 2026 Surkålen 1 Lund Q2/Q4, 2026 BPC Instruments Note + Lund University 3,600 m2 SEK 79 m 14,500 m2 SEK 260 m 36
Slide 37: Christianshusvej 11 and Giroströget 1
Lund 11,900 m2 Copenhagen, Completion Höje Taastrup, Completion Christianshusvej 11 Hörsholm Q1 2026 Giroströget 1 Copenhagen Q1 2026 NGG 11,600 m2 SEK 390 m Novo 62 000 m2 SEK 423 m 37
Slide 38: Future projects
Future projects 38
Slide 39: Science Village, Spektra, Ideontorget, Zenit, Polisen 7
• Vetskapen 1 Science Village, Spektra Ideontorget, Zenit Polisen 7 Västerbro Lund Lund, Ideon Helsingborg Lund 4,700 m2 GFA 16,000 m2 GFA 6,000 m2 GFA 70,000 m2 GFA TBD TBD TBD TBD TBD TBD TBD TBD 39
Slide 40: Hamnen 16:xx-Smörkajen, Kranen 15
• Hamnen 16:xx- Smörkajen Hamnen 16:xx- Smörkajen Kranen 15 Dockan Naboland 3 Malmö, Nyhamnen Malmö, Dockan Malmö, Dockan Malmö, Dockan 13,000 m2 GFA TBD 13,000 m2 GFA 8,000 m2 GFA TBD TBD TBD TBD Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad Guld 40
Slide 41: Summary Q3 2025
• Summary Q3 2025 • Rental income up 6% • Income from property management +11% • Net letting positive at SEK 6 m • Net debt/ebitda at 10.3 times • Good access to financing • Demand remains for good quality in good locations • Project investments continue to give good potential for growth 41
Slide 42: Increased value in the portfolio
Increased value in the portfolio 63,5 SEK bn 60 000 50 000 40 000 SEK m 30 000 20 000 7 SEK bn 10 000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 42
Slide 43: Investments and market rents
Investments and market rents (Malmö prime offices) SEK m Investments Market Rent SEPREF 700 3 600 kr 600 3 400 kr 3 200 kr 500 3 000 kr 400 2 800 kr 300 2 600 kr 200 2 400 kr 100 2 200 kr 0 2 000 kr 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2
Slide 44: Market outlook
• Market outlook • Employment growth in our region continues to outpace other regions • Office rents show long term growth • Wihlborgs project investments increase over time • Tenants on average stay in their premises for 14 years which supports the strong customer satisfaction score • We have signe
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