Wihlborgs Fastigheter Ab · OMXSTO:WIHL
Wihlborgs Fastigheter Ab — Q4 2024 Earnings Presentation
51 slides from Wihlborgs Fastigheter Ab's earnings presentation, Feb 11, 2025
Slide 1: Year-end report January - December 2024
Year-end report January - December 2024 Ulrika Hallengren, CEO and Arvid Liepe, CFO 11 February 2025
Slide 2: Summary Q4 2024
• Summary Q4 2024 • Record rental income of SEK 1,059 m in the quarter • Net letting positive at SEK 13 m • Income from property management up 23 percent to SEK 452 m • Net debt/ebitda below 10 times • Demand remains for good quality in good locations • Project investments continue to give good pote
Slide 3: Results Jan-Dec 2024
Results Jan- Dec 2024 • Rental income increased by 8% to SEK 4,174 million (3,881) • Operating surplus increased by 8% to SEK 2,996 million (2,763) • Income from property management increased by 2% to SEK 1,781 million (1,747) • Result for the period amounted to SEK 1,706 million (-27), correspondin
Slide 4: Rental income development
Rental income development Rental income Jan-Dec 2023, SEKm 3,881 Index 180 Termination fees 31 Acquisitions 12 Property tax, Denmark 15 Currency effect -5 Additional charges 7 Canteens -8 Completed projects, new leases and renegotiations etc. 61 Rental income Jan-Dec 2024 4,174 4
Slide 5: Net letting
Net letting Q4 Q4 Jan-Dec Jan-Dec SEKm 2024 2023 2024 2023 New leases 86 146 453 371 Terminations -72 -128 -362 -318 Net letting 13 18 91 53 5
Slide 6: New leases Q4 2024 – a selection
New leases Q4 2024 – a selection 6
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 New leases Terminations Net 7
Slide 8: Solid customers
Solid customers 20% City of Helsingborg City of Malmö Revenues from Danish Building and Property top ten tenants Agency Lund University 23% Malmö University Revenues from Novo Nordisk public tenants Skåne Regional Council Swedish Social Insurance Agency Swedish Tax Agency Trygg Hansa Insurance 8
Slide 9: Rental growth
Rental growth Rental Rubrikgrowthupp entire property stock till 2 rader like-for-like* 01-01-2025 01-01 2024 01-01-2025 01-01-2024 SEK m SEK m Percent SEK m SEK m Percent Rental value 4,646 4,408 +5.4 Rental value 3,644 3,547 +2.7 Rental income 4,157 4,043 +2.8 Rental income 3,276 3,282 -0.2 *Exclud
Slide 10: Changes in market value properties
Changes in market value properties SEK m Carrying amount 1 January 2024 55,872 Acquisitions 201 Investments 2,204 Properties sold -117 Changes in value 585 Currency translations 423 Carrying amount 31 December 2024 59,168 10
Slide 11: Increased value in the portfolio
Increased value in the portfolio 60 000 50 000 40 000 30 000 SEK m 20 000 10 000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 11
Slide 12: Portfolio – the entire property stock
• Portfolio – the entire property stock 1 January, 2025 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. 55,822 3,140 91 5.6 6.4 projects and land Total Wihlborgs 59,168 3,160 89 5.3 6.2 * Excluding property admin 12
Slide 13: Portfolio – Office properties
Portfolio – Office properties 1 January, 2025 Market value Op. Surplus* Occupancy rate, Running Running yield SEK m SEK m % yield, % fully let, % Malmö 19,382 1,014 92 5.2 5.8 Helsingborg 8,253 468 87 5.7 6.7 Lund 8,910 528 91 5.9 6.6 Copenhagen 11,065 596 92 5.4 6.1 Total 47,610 2,606 91 5.5 6.2 *
Slide 14: Portfolio – Logistics/Production
Portfolio – Logistics/Production 1 January, 2025 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Malmö 2,206 149 95 6.8 7.2 Helsingborg 4,626 300 83 6.5 8.2 Lund 457 30 99 6.5 6.6 Copenhagen 923 55 96 6.0 6.3 Total 8,212 534 88 6.5 7.6 * Excluding
Slide 15: Portfolio running yield, excl. property admin
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 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 Excl. project and land 15
Slide 16: Sustainability results Q4
Sustainability results Q4 Environmental certifications (% of floor area, office, Sw) Target Target Evaluation of suppliers (% approved) 100 2025: 2025: 90 100 100 90 90 80 70 80 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 Q1, Q2, Q3, Q4, 2021 Q1, Q2, Q3, Q4, 2022 Q1, Q2, Q3, Q4, 2023 Q1, Q2, Q3, Q4,
Slide 17: Sustainability highlights Q4
• Q2 Sustainability highlights Q4 • Certification target achieved with a one-year margin • Awards o “Det Grønne Fyrtårn” (The Green Lighthouse). o Miljöbyggnad of the Year and Miljöbyggnad iDrift of the Year at Sweden Green Building Awards. • Extended workplace inspections for better transparency in
Slide 18: Malmö Helsingborg Lund Copenhagen
Malmö Helsingborg Lund Copenhagen 40 % of property value 22 % of property value 16 % of property value 22 % of property value 634,000 m2 705,000 m2 279,000 m2 707,000 m2 104 properties 106 properties 34 properties 63 properties 23,468 SEK m property value 12,945 SEK m property value 9,715 SEK m prop
Slide 19: Cities continue to attract
Cities continue to attract Population growth slows down in Sweden but the main cities in western part of Skåne continue to be attractive also for inhabitants from Sweden moving to Skåne. Source: Øresundsinstituttet 19
Slide 20: Financials
Eg F i n a necia l S
Slide 21: Income statement
Income statement SEK m Q4 2024 Q4 2023 Rental income 1,059 969 +9% Operating surplus 752 659 +14% Income property management 452 366 +23% Change in value of properties 514 -297 Change in value of derivatives 125 -506 Pre-tax profit 1,091 -437 Profit for the period 860 -350 21
Slide 22: Consolidated balance sheet
Consolidated balance sheet, SEK m 31-12-2024 31-12-2023 Investment properties 59,168 55,872 Right-of-use assets 137 136 Other fixed assets 469 438 Derivatives 252 369 Current receivables 313 211 Liquid assets 412 346 Total assets 60,751 57,372 Equity 23,156 22,391 Deferred tax liability 5,637 5,171
Slide 23: Key figures
Key figures 31-12-2024 31-12-2023 Equity/assets ratio, percent 38.1 39.0 Leverage properties, percent 50.9 50.0 Interest coverage ratio, multiple 2.5 2.8 Per share, SEK EPRA net disposal value 75.32 72.83 EPRA net reinstatement value 93.58 89.17 Earnings per share 5.55 -0.09 EPRA EPS 5.34 5.30 23
Slide 24: 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 24
Slide 25: 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 26: 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 26
Slide 27: Current financing, Dec 2024
Current financing, Dec 2024 Total debt: SEK 30.1 bn 13% 48% 39% Bank loans Danish mortgage loans Bonds 27
Slide 28: 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 15,158 3.67 842 842 2026 2,102 2.67 11,698 10,044 2027 2,276 3.19 8,895 8,095 2028 2,676 3.67 631 631 2029 2,424 2.95 2,760 1,87
Slide 29: Interest rate sensitivity
Interest rate sensitivity 6,00 The underlying rate can increase by 3.5 percentage points from the level end December and the ICR would still be at Average interest rate, % 5,00 4,00 our target level of 2.0 times. 3,00 2,00 1,00 The underlying rate can increase by 5.0 percentage points 0,00 0,0 0,5 1
Slide 30: 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 mar-20 sep-20 mar-21 sep-21 mar-22 sep-22 mar-23 sep-23 mar-24 sep-24 mar-20 sep-20 mar-21 sep-21 mar-22 sep-22 mar-23 sep-23 mar-24 sep-24 30
Slide 31: Available funds
Available funds Unutilized credit facilities plus liquid funds, SEK mn 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 - Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024 31
Slide 32: Investments in progress
Investments in progress 32
Slide 33: Projects investments December 2024
Projects investments December 2024 SEK m Investments 2,204 Projects in progress 4,721 Invested by period end -1,693 Remains to invest 3,028 33
Slide 34: Vätet 1
Vätet 1 Lund, Ideon Completion Q1 2026 Arm 5,700 m2 SEK 145 m 34
Slide 35: Posthornet 1, phase 2
Posthornet 1, phase 2 Lund, City Completion Q1, 2026 10,100 m2 SEK 448 m 35
Slide 36: Tomaten 1
Tomaten 1 Lund Completion Q2, 2026 BPC 3,600 m2 SEK 79 m 36
Slide 37: Stora Råby 32:22
Stora Råby 32:22 Lund Completion Q3, 2026 Note 11,900 m2 SEK 263 m 37
Slide 38: Bläckhornet 1 - VISTA
Bläckhornet 1 - VISTA Hyllie, Malmö Completion Q4 2024 / Q1 2026 15,000 m2 mobility hub SEK 884 m 16,600 m2 office 38
Slide 39: Börshuset 1
Börshuset 1 Malmö, City Completion Q4, 2025 6 000 m2 SEK 289 m 39
Slide 40: Dockan
Dockan Dockan, Malmö Completion Q3 2025 Malmö University 4,900 m2 SEK 106 m 40
Slide 41: Galoppen 1
Galoppen 1 Fosie, Malmö Completion Q3 2025 Caldic 10,000 m2 SEK 264 m 41
Slide 42: Sunnanå 12:54
Sunnanå 12:54 Malmö Completion Q4, 2025 17,000 m2 SEK 280 m 42
Slide 43: Christianhusvej 11
Christianhusvej 11 Copenhagen, Hörsholm Completion Q4, 2025 NGG 11 600 m2 SEK 390 m 43
Slide 44: Future projects
Future projects 44
Slide 45: Amphitrite
Amphitrite University of Malmö 45
Slide 46: Future projects: Lund and Helsingborg
• 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 46
Slide 47: Future projects: Malmö
• 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 47
Slide 48: Aquisition
• T Aquisition 8 properties in Malmö, Lund and Helsingborg. 51,000 sqm lettable area 82,000 sqm land + 12,000 sqm building rights Total property value SEK 2,425 m Sjömannen 1 and 2 Kajutan 1 Est. yearly operating surplus SEK 130 m Closing 1 April Jöns Petter Borg 16 Perrongen 1 (Leasehold) Regula 1
Slide 49: Project properties
Project properties • Brysselkålen 1 82,000 sqm land 40-50,000 sqm industrial • Jöns Petter Borg 15 Jöns Petter Borg 15 12,000 sqm building rights for offices Brysselkålen 1 49
Slide 50: Summary Q4 2024
• Summary Q4 2024 • Record rental income of SEK 1,059 m in the quarter • Net letting positive at SEK 13 m • Income from property management up 23 percent to SEK 452 m • Net debt/ebitda below 10 times • Demand remains for good quality in good locations • Project investments continue to give good pote
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