Wihlborgs Fastigheter Ab · OMXSTO:WIHL
Wihlborgs Fastigheter Ab — Q2 2025 Earnings Presentation
54 slides from Wihlborgs Fastigheter Ab's earnings presentation, Jul 7, 2025
Slide 1: Interim report January - June 2025
Interim report January - June 2025 Ulrika Hallengren, CEO and Arvid Liepe, CFO 7 July 2025
Slide 2: 2
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Slide 3: Increased value in the portfolio
Increased value in the portfolio 63 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 Q2 3
Slide 4: Investments and profit, net acquisitions
20 14 SEK bn, investments SEK bn, net acquisitions + 5 SEK bn profit
Slide 5: Increased dividend per share
Increased dividend per share (SEK, adjusted for splits) 3,50 3,00 9 SEK bn CAGR 10,4 % 2,50 2,00 1,50 1,00 0,50 0,00
Slide 6: Stable earnings growth
Stable earnings growth 4 500 CAGR: 9,6 % 4 000 3 500 3 000 CAGR: 9,9 % 2 500 2 000 CAGR: 9,6 % 1 500 1 000 500 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Hyresintäkter, mkr Rental income, SEK m Driftsöverskott, Operating surplus,mkr SEK m Fö
Slide 7: Total return Wihlborgs share - 20 years
1 000 1 200 1 400 1 600 1 800 2 000 0 200 400 600 800 2005-05-01 2005-10-01 2006-03-01 2006-08-01 2007-01-01 2007-06-01 2007-11-01 2008-04-01 2008-09-01 2009-02-01 2009-07-01 2009-12-01 2010-05-01 2010-10-01 2011-03-01 SIXRX 2011-08-01 Wihlborgs 2012-01-01 Wihlborgs’ 2012-06-01 2012-11-01 2013-04-01
Slide 8: Summary Q2 2025
• Summary Q2 2025 • A record quarter for o Rental income o Operating surplus o Income from property management o Property value o Acquisition o Dividend • Net letting positive at SEK 24 m • Net debt/ebitda at 10.1 times • Demand remains for good quality in good locations • Project investments contin
Slide 9: Results Jan-Jun 2025
Results Jan- Jun 2025 • Rental income increased by 3 percent to SEK 2,142 m (2,072) • Operating surplus increased by 4 percent to SEK 1,544 m (1,482) • Income from property management increased by 12% to SEK 987 m (884) • Result for the period amounted to SEK 883 m (698), corresponding to earnings p
Slide 10: Rental income development
Rental income development Rental income Jan-Jun 2024, SEKm 2,072 Index 21 Acquisitions 47 Currency effect -14 Additional charges 11 Completed projects, new leases and renegotiations etc. 5 Rental income Jan-Jun 2025 2,142 10
Slide 11: Net letting
Net letting Q2 Q2 Jan-Jun Jan-Jun SEKm 2025 2024 2025 2024 New leases 100 94 234 271 Terminations -76 -73 -175 -221 Net letting 24 21 59 50 11
Slide 12: New leases Q2 2025 – a selection
New leases Q2 2025 – a selection 12
Slide 13: 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 13
Slide 14: 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 14
Slide 15: Rental growth
Rental growth Rental Rubrikgrowthupp entire property stock till 2 rader like-for-like* 01-07-2025 01-07 2024 01-07-2025 01-07-2024 SEK m SEK m Percent SEK m SEK m Percent Rental value 4,810 4,490 +7.1 Rental value 3,667 3,593 +2.1 Rental income 4,303 4,102 +4.9 Rental income 3,284 3,302 -0.5 *Exclud
Slide 16: Changes in market value properties
Changes in market value properties SEK m Carrying amount 1 January 2025 59,168 Acquisitions 2,552 Investments 1,265 Properties sold -90 Changes in value 312 Currency translations -476 Carrying amount 30 June 2025 62,731 16
Slide 17: Portfolio – the entire property stock
• Portfolio – the entire property stock 1 July, 2025 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. 58,590 3,273 90 5.6 6.4 projects and land Total Wihlborgs 62,731 3,296 89 5.3 6.1 * Excluding property admin 17
Slide 18: Portfolio – Office properties
Portfolio – Office properties 1 July, 2025 Market value Op. Surplus* Occupancy rate, Running Running yield SEK m SEK m % yield, % fully let, % Malmö 20,467 1,074 92 5.2 5.9 Helsingborg 9,720 547 89 5.6 6.5 Lund 9,070 524 90 5.8 6.6 Copenhagen 10,857 585 92 5.4 6.1 Total 50,115 2,730 91 5.4 6.2 * Exc
Slide 19: Portfolio – Logistics/Production
Portfolio – Logistics/Production 1 July, 2025 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Malmö 2,300 150 95 6.5 6.9 Helsingborg 4,689 302 83 6.4 8.2 Lund 583 39 99 6.7 6.7 Copenhagen 902 52 95 5.8 6.2 Total 8,474 543 88 6.4 7.5 * Excluding pro
Slide 20: 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 Q2 Excl. project and land 20
Slide 21: Sustainability results Q2
Sustainability results Q2 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 1,4 100 Target
Slide 22: Sustainability highlights Q2
Sustainability highlights Q2 • Wihlborgs named one of “Europe’s Climate Leaders” by the Financial Times. • One year with Värdshuset 2 – energy consumption reduced by 22 percent. • Renewed climate contract with the City of Malmö. • Supplier forum focusing on business ethics and fostering strong busin
Slide 23: Refinement of existing property portfolio
Refinement of existing property portfolio • Targeted development efforts in acquired properties deliver results Amager Strandvej 390 Värdshuset 2 o Renovation and energy optimization o Updated product o Workplace consulting o Outreach activities ✓ Increased leasing ✓ Reduced energy consumption Hedeg
Slide 24: Acquisition
• 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 2
Slide 25: Project properties
Project properties • Brysselkålen 1, Lund 82,000 sqm land 40-50,000 sqm industrial • Jöns Petter Borg 15, Lund Jöns Petter Borg 15 12,000 sqm building rights for offices Brysselkålen 1 25
Slide 26: Malmö Helsingborg Lund Copenhagen
Malmö Helsingborg Lund Copenhagen 40 % of property value 23 % of property value 17 % of property value 20 % of property value 650,000 m2 732,000 m2 285,000 m2 708,000 m2 99 properties 108 properties 46 properties 63 properties 24,829 SEK m property value 14,482 SEK m property value 10,461 SEK m prop
Slide 27: Employment growth, Sweden
Employment growth, Sweden Rest of Sweden 27
Slide 28: Movement in the Øresund agenda
Movement in the Øresund agenda • Special investigator appointed for Swedish-Danish analysis • Study on capacity and redundancy initiated • Record traffic across the Øresund Bridge • 25th anniversary celebration
Slide 29: Financials
Eg F i n a necia l S
Slide 30: Income statement
Income statement SEK m Q2 2025 Q2 2024 Rental income 1,097 1,032 +6% Operating surplus 813 764 +6% Income property management 524 460 +14% Change in value of properties 243 28 Change in value of derivatives -160 -29 Pre-tax profit 607 459 Profit for the period 452 350 30
Slide 31: Consolidated balance sheet
Consolidated balance sheet, SEK m 30-06-2025 30-06-2024 Investment properties 62,731 57,159 Right-of-use assets 161 134 Other fixed assets 507 444 Derivatives 164 335 Current receivables 538 349 Liquid assets 232 403 Total assets 64,333 58,824 Equity 23,014 22,128 Deferred tax liability 5,901 5,383
Slide 32: Key figures
Key figures 30-06-2025 30-06-2024 Equity/assets ratio, percent 35.8 37.6 Leverage properties, percent 53.0 51.8 Interest coverage ratio, multiple 2.8 2.5 Per share, SEK EPRA net disposal value 74.86 71.98 EPRA net reinstatement value 94.35 88.74 Earnings per share 2.87 2.27 EPRA EPS 2.83 2.58 32
Slide 33: 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 Q2 33
Slide 34: 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 35: 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 Q2 35
Slide 36: Current financing, June 2025
Current financing, June 2025 Total debt: SEK 33.3 bn 16% 50% 34% Bank loans Danish mortgage loans Bonds 36
Slide 37: 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 16,077 3.28 840 840 2026 2,102 2.68 11,724 11,246 2027 2,242 3.62 9,251 8,551 2028 3,142 3.62 2,748 1,608 2029 2,390 3.36 2,708
Slide 38: 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-20 mar-21 sep-21 mar-22 sep-22 mar-23 sep-23 mar-24 sep-24 mar-25 sep-20 mar-21 sep-21 mar-22 sep-22 mar-23 sep-23 mar-24 sep-24 mar-25 38
Slide 39: 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 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023
Slide 40: Investments in progress
Investments in progress 40
Slide 41: Projects investments June 2025
Projects investments June 2025 SEK m Investments 1,265 Projects in progress 5,449 Invested by period end -2,319 Remains to invest 3,130 41
Slide 42: Ejby Industrivej 41
Ejby Industrivej 41 Copenhagen Completion Q1 2026 Per Aarsleff 24,000 m2 SEK 231 m 42
Slide 43: Amphitrite
Amphitrite City, Malmö Completion Q4 2027 Malmö University 20,000 m2 TBD 43
Slide 44: Posthornet, phase 2 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 44
Slide 45: Bläckhornet 1 VISTA Börshuset 1
Malmö, City Completion Q4 2025 Completion Completion Bläckhornet 1 Hyllie, Malmö Q4 2024 / Q1 2026 Börshuset 1 Malmö, City Q4 2025 VISTA 15,000 m2 mobility hub SEK 884 m 6,000 m2 SEK 289 m 16,600 m2 office 45
Slide 46: Dockan Dockporten 1
Malmö, City Completion Q4 2025 Completion Completion Dockan Malmö, Dockan Q3 2025 Dockporten 1 Malmö, Dockan Q3 2025 Malmö university 4,900 m2 SEK 106 m Thule 3,400 m2 SEK 31 m 46
Slide 47: Tomaten 1 Stora Råby 32:22
Lund 11,900 m2 Completion Completion Tomaten 1 Lund Q2, 2026 Stora Råby 32:22 Lund Q2, 2026 BPC Instruments Note + public tenant 3,600 m2 SEK 79 m 14,500 m2 SEK 260 m 47
Slide 48: Galoppen 1 Sunnanå 12:54
Malmö 17,000 m2 Completion Completion Galoppen 1 Fosie, Malmö Q3, 2025 Sunnanå 12:54 Malmö Q4, 2025 Caldic 10,000 m2 SEK 264 m 17,000 m2 SEK 280 m 48
Slide 49: 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 49
Slide 50: Future projects
Future projects 50
Slide 51: 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 51
Slide 52: 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 52
Slide 53: Summary Q2 2025
• Summary Q2 2025 • A record quarter for o Rental income o Operating surplus o Income from property management o Property value o Acquisition o Dividend • Net letting positive at SEK 24 m • Net debt/ebitda at 10.1 times • Demand remains for good quality in good locations • Project investments contin
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