Wihlborgs Fastigheter Ab · OMXSTO:WIHL
Wihlborgs Fastigheter Ab — Q2 2026 Earnings Presentation
49 slides from Wihlborgs Fastigheter Ab's earnings presentation, Jul 6, 2026
Slide 1: Interim report January - June 2026
Interim report January - June 2026 Ulrika Hallengren, CEO and Arvid Liepe, CFO 6 July 2026
Slide 2: Agreement with Castellum on acquisition
• on Agreement with Castellum on aquisition • Castellum’s south Sweden portfolio • Underlying property value of SEK 13.3 billion • 635,000 sqm • 43 percent office space, 41 percent industrial, 9 percent retail • Areas with existing well-estabilshed property management • Completion planned for 1 Octo
Slide 3: Malmö - City center
Malmo - City center |_| Wihlborgs
Slide 4: Malmö - Centrum
Malmö - Centrum City center 11 properties 86,000 m²
Slide 5: Malmö - Fosie
Malmo - Fosie BB Wihlborgs
Slide 6: Malmö - Fosie properties
Malmö - Fosie 17 properties 97 000 m²
Slide 7: Lund - Ideon
Lund - Ideon E22 BRUNNSHOG HB Wihlborgs
Slide 8: Lund - Ideon properties
Lund - Ideon Ideon 4 properties 29 000 m²
Slide 9: Helsingborg - City
Helsingborg - City HB Wihlborgs
Slide 10: Helsingborg - City properties
Helsingborg - City 14 properties 84 000 m²
Slide 11: Helsingborg - Berga
Helsingborg - Berga Kulan 3
Slide 12: Helsingborg - Berga properties
Helsingborg - Berga 10 fastigheter 65 000 m² Kulan 3
Slide 13: Agreement with Castellum on acquisition
• on Agreement with Castellum on aquisition • Castellum’s south Sweden portfolio • Underlying property value of SEK 13.3 billion • 635,000 sqm • 43 percent office space, 41 percent industrial, 9 percent retail • Areas with existing well-estabilshed property management • Completion planned for 1 Octo
Slide 14: Summary Q2 2026
• Summary Q2 2026 • Rental income up 7%, new record level • Operating surplus up 6%, new record level • Income from property management up 6%, equalling the record level • Net letting positive at SEK +5 m • Net debt/ebitda at 10.7 times • Still good access to financing • Acquisition of 95 properties
Slide 15: Results Jan-June 2026
Results Jan- June 2026 • Rental income increased by 8 percent to SEK 2,324 m (2,142) • Operating surplus increased by 8 percent to SEK 1,664 m (1,544) • Income from property management increased by 9 percent to SEK 1,077 m (987) • Result for the period SEK 850 m (883), corresponding to earnings per
Slide 16: Rental income development
Rental income development Rental income Jan-Jun 2025, SEKm 2,142 Index 22 Acquisitions 59 Currency effect -16 Additional charges 26 Completed projects, new leases and renegotiations etc. 91 Rental income Jan-Jun 2026 2,324 16
Slide 17: Net letting
Net letting Q2 Q2 Jan-Jun Jan-Jun SEKm 2026 2025 2026 2025 New leases 60 100 120 234 Terminations -55 -76 -150 -175 Net letting 5 24 -30 59 17
Slide 18: New leases Q2 – a selection
New leases Q2 — a selection a conan TITAS’ @vScope KONE woo vce Nyméilat @antargia J BIL gents. DOPPLER RADARS
Slide 19: 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 2026 New leases Terminations Net 19
Slide 20: Solid customers
Solid customers Choice Hotels 19% City of Helsingborg City of Malmö Revenues from top ten tenants Danish Building and Property Agency 22% Lund University Malmö University Revenues from Novo Nordisk public tenants Skåne Regional Council Swedish Social Insurance Agency Trygg Hansa Insurance 20
Slide 21: Rental growth
Rental growth Rental Rubrikgrowthupp entire property stock till 2 rader like-for-like* 01-07-2026 01-07-2025 01-07-2026 01-07-2025 SEK m SEK m Percent SEK m SEK m Percent Rental value 5,167 4,810 +7.4 Rental value 3,793 3,696 +2.6 Rental income 4,562 4,303 +6.0 Rental income 3,365 3,315 +1.5 *Exclud
Slide 22: Changes in market value properties
Changes in market value properties SEK m Carrying amount 1 January 2026 64,414 Acquisitions 534 Investments 1,042 Properties sold -4 Change in value 28 Currency translations 212 Carrying amount 30 June 2026 66,226 22
Slide 23: Increased value in the portfolio
Increased value in the portfolio 66.2 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 2026 Q2 23
Slide 24: Portfolio – the entire property stock
• Portfolio – the entire property stock 1 July, 2026 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. 62,619 3,389 89 5.4 6.3 projects and land Total Wihlborgs 66,226 3,458 88 5.2 6.1 * Excluding property admin 24
Slide 25: Portfolio – Office properties
Portfolio – Office properties 1 July, 2026 Market value Op. Surplus* Occupancy rate, Running Running yield SEK m SEK m % yield, % fully let, % Malmö 21,139 1,053 88 5.0 5.8 Helsingborg 9,947 569 90 5.7 6.5 Lund 9,848 553 88 5.6 6.6 Copenhagen 12,307 634 91 5.1 5.9 Total 53,241 2,809 89 5.3 6.1 * Exc
Slide 26: Portfolio – Logistics/Production
Portfolio – Logistics/Production 1 July, 2026 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Malmö 2,830 177 92 6.2 6.9 Helsingborg 4,902 300 82 6.1 7.9 Lund 679 45 96 6.6 7.0 Copenhagen 967 59 99 6.1 6.2 Total 9,378 580 87 6.2 7.3 * Excluding pro
Slide 27: 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 5,5 Percent 5,5 5,4 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 2026 Q2 Excl. project and land 27
Slide 28: Malmö driving employment growth in Skåne
Malmö driving employment growth in Skåne Employment growth in Skåne (daytime population), ages 15–74 Index (1 January 2020 = 100), seasonally adjusted Employment growth in Skåne since 112 January 2020 110 Skåne 5% 108 Greater Malmö 7,3% 106 Malmö 9,8% Lund 6,3% 104 102 National average 3,8% 100 Desp
Slide 29: Denmark builds infrastructure for the Öresund – Fehmarn Bält link
Denmark builds infrastructure for the Öresund – Fehmarn Bält link Køge Nord station New bridge across Storströmen Expanded railway station at CPH New railway 250/kmh Dronning Margrethe II:s bridge and expanded railway and highway Copenhagen – Ringsted Done for railway to Fehmarn Bält Done to the Öre
Slide 30: Malmö Helsingborg Lund Copenhagen
Malmö Helsingborg Lund Copenhagen 39 % of property value 22 % of property value 17 % of property value 22 % of property value 694,000 m2 730,000 m2 310,000 m2 731,000 m2 99 properties 106 properties 47 properties 64 properties 25,667 SEK m property value 14,894 SEK m property value 11,285 SEK m prop
Slide 31: Sustainability highlights
Sustainability highlights • International sustainability recognition o TIME World's Most Sustainable Companies 2026 o CDP Supplier Engagement A List • Updated SBTi climate targets Buildings Criteria validated o Sector-specific targets o Lower emissions intensity over time Slotsmarken 10-18, Hørsholm
Slide 32: Sustainability results Q2
Sustainability results Q2 32
Slide 33: Financials
Eg F i n a necia l S
Slide 34: Income statement
Income statement SEK m Q2 2026 Q2 2025 Rental income 1,174 1,097 +7% Operating surplus 864 813 +6% Income property management 556 524 +6% Change in value of properties 10 243 Change in value of derivatives -158 -160 Pre-tax profit 408 607 Profit for the period 301 452 34
Slide 35: Consolidated balance sheet, SEK m
Consolidated balance sheet, SEK m 30-06-2026 30-06-2025 Investment properties 66,226 62,731 Right-of-use assets 159 161 Other fixed assets 574 507 Derivatives 174 164 Current receivables 444 538 Liquid assets 828 232 Total assets 68,405 64,333 Equity 24,182 23,014 Deferred tax liability 6,536 5,901
Slide 36: Key figures
Key figures 30-06-2026 30-06-2025 Equity/assets ratio, percent 35.4 35.8 Leverage properties, percent 53.9 53.0 Interest coverage ratio, multiple 2.9 2.8 Per share, SEK EPRA net disposal value 78.66 74.86 EPRA net reinstatement value 99.66 94.35 Earnings per share 2.76 2.87 EPRA EPS 3.16 2.83 36
Slide 37: 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 2026 Q2 37
Slide 38: 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 aug-1
Slide 39: 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 2026 Q2 39
Slide 40: Current financing, June 2026
Current financing, June 2026 Total debt: SEK 35.7 bn 20% 46% 34% Bank loans Danish mortgage loans Bonds 40
Slide 41: 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 2026 16,227 3.17 1,235 1,235 2027 2,734 3.42 9,081 8,693 2028 3,134 3.51 13,146 11,641 2029 3,882 3.27 5,034 3,678 2030 3,280 3.30 1,
Slide 42: 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 sep-21 mar-22 sep-22 mar-23 sep-23 mar-24 sep-24 mar-25 sep-25 mar-26 sep-21 mar-22 sep-22 mar-23 sep-23 mar-24 sep-24 mar-25 sep-25 mar-26 42
Slide 43: 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 - Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 43
Slide 44: Investments in progress
Investments in progress 44
Slide 45: Projects investments Jan-June 2026
Projects investments Jan-June 2026 SEK m Investments 1,042 Projects in progress 2,598 Invested by period end -910 Remains to invest 1,688 45
Slide 46: Vätet 1
- Completion Q1 Vätet 1 Lund 2027 xxx 2, 300 m2 SEK 82 m 46
Slide 47: Amphitrite 1
Completion Amphitrite 1 City, Malmö Q4 2027 Malmö University 20,000 m2 SEK 1,130 m
Slide 48: Summary Q2 2026
• Summary Q2 2026 • Rental income up 7%, new record level • Operating surplus up 6%, new record level • Income from property management up 6%, equalling the record level • Net letting positive at SEK +5 m • Net debt/ebitda at 10.7 times • Still good access to financing • Acquisition of 95 properties
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Wihlborgs Fastigheter — Q2 2026 Earnings Presentation on 6ix