Wihlborgs Fastigheter Ab · OMXSTO:WIHL
Wihlborgs Fastigheter Ab — Q4 2025 Earnings Presentation
45 slides from Wihlborgs Fastigheter Ab's earnings presentation, Feb 10, 2026
Slide 1: Year-end report January - December 2025
Year-end report January - December 2025 Ulrika Hallengren, CEO and Arvid Liepe, CFO 10 February 2026
Slide 2: Summary Q4 2025
• Summary Q4 2025 • Rental income up 5% • Income from property management +23%, excl. JV revaluations +8% • Net letting positive at SEK 12 m • Net debt/ebitda at 10.4 times • Good access to financing • Demand remains for good quality in good locations • Project investments continue to give good pote
Slide 3: Results Jan-Dec 2025
Results Jan- Dec 2025 • Rental income increased by 4 percent to SEK 4,354 m (4,174) • Operating surplus increased by 4 percent to SEK 3,107 m (2,996) • Income from property management increased by 14% to SEK 2,038 m (1,781), excl. JV revaluations +11% • Result for the period increased to SEK 2,220 m
Slide 4: Rental income development
Rental income development Rental income Jan-Dec 2024, SEKm 4,174 Index 41 Acquisitions 132 Currency effect -33 Additional charges 37 Completed projects, new leases and renegotiations etc. 3 Rental income Jan-Dec 2025 4,354 4
Slide 5: Net letting
Net letting Jan- Jan- Q4 Q4 SEKm Dec Dec 2025 2024 2025 2024 New leases 92 86 399 453 Terminations -80 -72 -322 -362 Net letting 12 13 77 91 5
Slide 6: New leases Q4 – a selection
New leases Q4 — a selection Qvickly Cheeffa mor BE Varo & ERICSSON Glaslindberg HEDN » § One TRAFIKVERKET C) ONE A, nowaste CAPITAL W
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 22% 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* 01-01-2026 01-01 2025 01-01-2026 01-01-2025 SEK m SEK m Percent SEK m SEK m Percent Rental value 4,990 4,646 +7.4 Rental value 3,654 3,581 +2.0 Rental income 4,405 4,157 +6.0 Rental income 3,258 3,232 +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 2,604 Investments 2,738 Properties sold -156 Changes in value 859 Currency translations -799 Carrying amount 31 December 2025 64,414 10
Slide 11: Increased value in the portfolio
Increased value in the portfolio 64,4 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 11
Slide 12: Portfolio – the entire property stock
• Portfolio – the entire property stock 1 January, 2026 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. 59,581 3,304 90 5.5 6.3 projects and land Total Wihlborgs 64,414 3,336 88 5.2 6.1 * Excluding property admin 12
Slide 13: Portfolio – Office properties
Portfolio – Office properties 1 January, 2026 Market value Op. Surplus* Occupancy rate, Running Running yield SEK m SEK m % yield, % fully let, % Malmö 19,750 1,041 91 5.3 5.9 Helsingborg 9,881 573 90 5.8 6.6 Lund 9,446 539 90 5.7 6.6 Copenhagen 11,324 579 91 5.1 5.9 Total 50,401 2,731 91 5.4 6.2 *
Slide 14: Portfolio – Logistics/Production
Portfolio – Logistics/Production 1 January, 2026 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Malmö 2,772 182 94 6.6 7.0 Helsingborg 4,863 304 83 6.3 7.9 Lund 603 35 91 5.8 6.5 Copenhagen 943 52 96 5.5 5.8 Total 9,181 573 88 6.2 7.3 * 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 5,5 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 Excl. project and land 15
Slide 16: Sustainability results Q4
Sustainability results Q4 Environmental certifications Target (% of floor area, office Sw) 2025: Evaluation of suppliers (% approved) Target 100 2025: 100 100 90 90 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 CO2 emissions (kg/sqm, scope 1 & 2) Energy use (kWh/sqm) 1,6 120 1,4 Target Targ
Slide 17: Sustainability highlights
Sustainability highlights • Vätet 1 Sweden's first project to be certified according to Miljöbyggnad 4.0 Renovation • Installation of charging infrastructure for heavy-duty traffic • Energy efficiency improvements o Syret 3, Lund: Energy use -50% through Wihlborgs’ heating and cooling recovery conce
Slide 18: Malmö Helsingborg Lund Copenhagen
Malmö Helsingborg Lund Copenhagen 39 % of property value 23 % of property value 17 % of property value 21 % of property value 693,000 m2 729,000 m2 287,000 m2 720,000 m2 99 properties 107 properties 47 properties 63 properties 25,208 SEK m property value 14,813 SEK m property value 11,053 SEK m prop
Slide 19: Financials
Eg F i n a necia l S
Slide 20: Income statement
Income statement SEK m Q4 2025 Q4 2024 Rental income 1,111 1,059 +5% Operating surplus 773 752 +3% Income property management 556 452 +23% Change in value of properties 444 514 Change in value of derivatives 88 125 Pre-tax profit 1,088 1,091 Profit for the period 850 860 20
Slide 21: Consolidated balance sheet, SEK m
Consolidated balance sheet, SEK m 31-12-2025 31-12-2024 Investment properties 64,414 59,168 Right-of-use assets 161 137 Other fixed assets 564 469 Derivatives 196 252 Current receivables 299 313 Liquid assets 263 412 Total assets 65,897 60,751 Equity 24,311 23,156 Deferred tax liability 6,276 5,637
Slide 22: Key figures
Key figures 31-12-2025 31-12-2024 Equity/assets ratio, percent 36.9 38.1 Leverage properties, percent 51.6 50.9 Interest coverage ratio, multiple 2.9 2.5 Per share, SEK EPRA net disposal value 79.08 75.32 EPRA net reinstatement value 99.36 93.58 Earnings per share 7.22 5.55 EPRA EPS 5.89 5.34 22
Slide 23: 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 23
Slide 24: 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 25: 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 25
Slide 26: Current financing, Dec 2025
Current financing, Dec 2025 Total debt: SEK 33.2 bn 17% 50% 33% Bank loans Danish mortgage loans Bonds 26
Slide 27: 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 14,563 3.24 2,457 2,457 2027 3,374 3.30 9,242 8,748 2028 3,121 3.51 13,239 11,261 2029 3,369 3.23 3,092 2,661 2030 3,369 3.29 67
Slide 28: 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-21 sep-21 mar-22 sep-22 mar-23 sep-23 mar-24 sep-24 mar-25 sep-25 mar-21 sep-21 mar-22 sep-22 mar-23 sep-23 mar-24 sep-24 mar-25 sep-25 28
Slide 29: 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 Q4 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 202
Slide 30: Investments in progress
Investments in progress 30
Slide 31: Projects investments December 2025
Projects investments December 2025 SEK m Investments 2,738 Projects in progress 4,733 Invested by period end -2,589 Remains to invest 2,144 31
Slide 32: Ejby Industrivej 41
Completion Q1 Ejby Industrivej 41 Copenhagen 2026 Per Aarsleff 24,000 m2 SEK 231 m 32
Slide 33: Amphitrite 1
Completion Amphitrite 1 City, Malmö Q4 2027 Malmö University 20 000 m2 SEK 1 130 m
Slide 34: Bläckhornet 1, VISTA, Börshuset 1
Malmö, City Malmö, City Completion Completion Bläckhornet 1 Hyllie, Malmö Q4 2024 / Q2 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 34
Slide 35: Kranen 7, Skrovet 6
Malmö 17,000 m2 Completion Completion Kranen 7 Dockan, Malmö Q3, 2027 Skrovet 6 Malmö Q1, 2027 Malmö stad preschool 2 900 m2 SEK 136 m Cloetta, Media Evolution 11 000 m2 SEK 149 m 35
Slide 36: Posthornet 1, phase 2
Posthornet 1, Lund, City Completion Q2, 2026 phase 2 10 100 m2 SEK 448 m
Slide 37: Tomaten 1, 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 37
Slide 38: Giroströget 1 and Christianshusvej 11
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 38
Slide 39: Future projects
Future projects 39
Slide 40: Hamnen 16:xx- Smörkajen, Kranen 15
• Hamnen 16:xx- Smörkajen Hamnen 16:xx- Smörkajen Kranen 15 Slagthuset 1 (fill-in) Polstjärnan 1 and 2 Malmö, Nyhamnen Malmö, Dockan Malmö, Nyhamnen Malmö, Nyhamnen TBD 7 000 m2 GFA 12 000-15 000 m2 GFA 40 000 m2 GFA TBD TBD TBD TBD Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad
Slide 41: Spännbucklan 9, Medeon, Kranen 5
• Hamnen 16:xx- Smörka Spännbucklan 9 Medeon Kranen 5 Naboland 3 Malmö, Fosie Malmö, Centrum Malmö, Dockan Malmö, Dockan 10 000 m2 land 9 000 m2 GFA 17 000 m2 GFA housing 9 500 m2 GFA TBD TBD TBD TBD Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad Guld Miljöbyggnad Guld 41
Slide 42: Brysselkålen, Ideontorget, Delta 2
• Vetskapen 1 Brysselkålen Ideontorget Delta 2 Västerbro Lund, Hasslanda Lund, Ideon Lund, Ideon Lund, Centrum 50 000 m2 GFA 39 000 m2 GFA 9 200 m2 GFA 70 000 m2 GFA TBD TBD TBD TBD TBD TBD TBD TBD 42
Slide 43: Polisen 7, View, Snårskogen 5, Flintyxan
• Vetskapen 1 • Sn Polisen 7, View Snårskogen 5 Flintyxan Örjan m.fl. Helsingborg, Centrum Helsingborg, Väla Norra Helsingborg, Ättekulla Helsingborg, Landskrona 7 000 m2 GFA Fill-in TBD 37 000 m2 land TBD TBD TBD TBD TBD TBD TBD TBD 43
Slide 44: Summary Q4 2025
• Summary Q4 2025 • Rental income up 5% • Income from property management +23%, excl. JV revaluations +8% • Net letting positive at SEK 12 m • Net debt/ebitda at 10.4 times • Good access to financing • Demand remains for good quality in good locations • Project investments continue to give good pote
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