Wihlborgs Fastigheter Ab · OMXSTO:WIHL
Wihlborgs Fastigheter Ab — Q1 2026 Earnings Presentation
46 slides from Wihlborgs Fastigheter Ab's earnings presentation, Apr 21, 2026
Slide 1: Interim report January - March 2026
Interim report January - March 2026 Ulrika Hallengren, CEO and Arvid Liepe, CFO 21 April 2026
Slide 2: Summary Q1 2026
• Summary Q1 2026 • Rental income up 10% • Operating surplus up 9% • Income from property management up 12% • Net letting negative at SEK -35 m • Net debt/ebitda at 10.5 times • Still good access to financing • Acquisition in Carlsberg Byen 2
Slide 3: Results Jan-Mar 2026
Results Jan- Mar 2026 • Rental income increased by 10 percent to SEK 1,150 m (1,045) • Operating surplus increased by 9 percent to SEK 800 m (731) • Income from property management increased by 12 percent to SEK 520 m (463) • Result for the period increased to SEK 548 m (431), corresponding to earni
Slide 4: Rental income development
Rental income development Rental income Jan-Mar 2025, SEKm 1,045 Index 13 Acquisitions 46 Currency effect -12 Additional charges 23 Completed projects, new leases and renegotiations etc. 35 Rental income Jan-Mar 2026 1,150 4
Slide 5: Net letting
Net letting Q1 Q1 Apr 2025- SEKm 2026 2025 Mar 2026 New leases 49 134 314 Terminations -84 -99 -307 Net letting -35 35 7 5
Slide 6: New leases Q1 – a selection
New leases Q1 — a selection ec) ge (UL Sveriges ( avonova AAMILDEF fara BROBERGS ANOKI Qocc | utech | n terMa I ] a Mutning & stil sedan 188% => A Femin skandia: © SKAPLAND SMARTISTEN KIO|K|S (Zee
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 2026 New leases Terminations Net 7
Slide 8: 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 8
Slide 9: Rental growth
Rental growth Rental Rubrikgrowthupp entire property stock till 2 rader like-for-like* 01-04-2026 01-04 2025 01-04-2026 01-04-2025 SEK m SEK m Percent SEK m SEK m Percent Rental value 5,127 4,596 +11.6 Rental value 3,637 3,558 +2.2 Rental income 4,523 4,102 +10.3 Rental income 3,223 3,188 +1.1 *Excl
Slide 10: Changes in market value properties
Changes in market value properties SEK m Carrying amount 1 January 2026 64,414 Acquisitions 534 Investments 562 Properties sold -4 Change in value 19 Currency translations 117 Carrying amount 31 March 2026 65,642 10
Slide 11: Increased value in the portfolio
Increased value in the portfolio 65.6 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 Q1 11
Slide 12: Portfolio – the entire property stock
• Portfolio – the entire property stock 1 April, 2026 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. 60,766 3,356 90 5.5 6.3 projects and land Total Wihlborgs 65,642 3,443 88 5.2 6.2 * Excluding property admin 12
Slide 13: Portfolio – Office properties
Portfolio – Office properties 1 April, 2026 Market value Op. Surplus* Occupancy rate, Running Running yield SEK m SEK m % yield, % fully let, % Malmö 20,143 1,038 90 5.2 5.9 Helsingborg 9,925 576 91 5.8 6.6 Lund 9,273 535 89 5.8 6.7 Copenhagen 12,110 632 91 5.2 6.0 Total 51,451 2,781 90 5.4 6.2 * Ex
Slide 14: Portfolio – Logistics/Production
Portfolio – Logistics/Production 1 April, 2026 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Malmö 2,810 177 92 6.3 7.0 Helsingborg 4,898 305 83 6.2 7.8 Lund 654 39 95 6.0 6.4 Copenhagen 953 55 97 5.8 6.0 Total 9,315 576 88 6.2 7.3 * Excluding pr
Slide 15: 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 5,5 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 2026 Q1 Excl. project and land 15
Slide 16: Sustainability highlights
Sustainability highlights • From 0 to 35 percent certified area in the Danish portfolio within one year • New sustainability targets effective from 1 January 2026 o Strengthened alignment with CSRD and ESRS o New targets in areas including climate adaptation, circular material use, refrigerant manag
Slide 17: Sustainability results Q1
Sustainability results Q1 17
Slide 18: Malmö Helsingborg Lund Copenhagen
Malmö Helsingborg Lund Copenhagen 38 % of property value 23 % of property value 17 % of property value 22 % of property value 694,000 m2 730,000 m2 307,000 m2 730,000 m2 99 properties 107 properties 47 properties 64 properties 25,367 SEK m property value 14,868 SEK m property value 11,184 SEK m prop
Slide 19: Acquisition
Aquisition • Commercial parts of Caroline Hus in Carlsberg District, Copenhagen • Purchase price of 370 MDKK • 10,300 sqm, completed 2022 • Modern office and retail premises, more central parts of the city • Close to metro and S-train • Neighbourhood with high density, mixed uses, urban environment
Slide 20: Financials
Eg F i n a necia l S
Slide 21: Income statement
Income statement SEK m Q1 2026 Q1 2025 Rental income 1,150 1,045 +10% Operating surplus 800 731 +9% Income property management 520 463 +12% Change in value of properties 19 69 Change in value of derivatives 191 38 Pre-tax profit 730 570 Profit for the period 548 431 21
Slide 22: Consolidated balance sheet, SEK m
Consolidated balance sheet, SEK m 31-03-2026 31-03-2025 Investment properties 65,642 59,126 Right-of-use assets 160 142 Other fixed assets 567 475 Derivatives 305 247 Current receivables 623 544 Liquid assets 290 129 Total assets 67,587 60,663 Equity 24,883 23,521 Deferred tax liability 6,444 5,773
Slide 23: Key figures
Key figures 31-03-2026 31-03-2025 Equity/assets ratio, percent 36.8 38.8 Leverage properties, percent 52.1 49.5 Interest coverage ratio, multiple 2.9 2.8 Per share, SEK EPRA net disposal value 80.94 76.51 EPRA net reinstatement value 101.14 95.08 Earnings per share 1.78 1.40 EPRA EPS 1.53 1.34 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 2025 2026 Q1 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 aug-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 2025 2026 Q1 26
Slide 27: Current financing, March 2026
Current financing, March 2026 Total debt: SEK 34.2 bn 16% 50% 34% 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 2026 15,681 3.11 1,231 1,231 2027 2,728 3.42 9,132 8,496 2028 3,128 3.51 12,642 11,842 2029 3,376 3.23 4,419 3,514 2030 3,355 3.29 1,
Slide 29: 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 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 jun-25 dec-25 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 jun-25 dec-25 29
Slide 30: 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 Q1 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023
Slide 31: Investments in progress
Investments in progress 31
Slide 32: Projects investments March 2026
Projects investments March 2026 SEK m Investments 562 Projects in progress 3,549 Invested by period end -1,811 Remains to invest 1,738 32
Slide 33: Bläckhornet 1, VISTA
11,900 m2 Completion Bläckhornet 1, Hyllie, Malmö Q4 2024/Q2 2026 VISTA 15 000 m2 mobility hub SEK 884 m 16 600 m2 office 33
Slide 34: Posthornet 1, phase 2
Posthornet 1, Lund, City Completion Q2, 2026 phase 2 10,100 m2 SEK 448 m
Slide 35: 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 35
Slide 36: Amphitrite 1
Completion Amphitrite 1 City, Malmö Q4 2027 Malmö University 20,000 m2 SEK 1,130 m
Slide 37: 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 37
Slide 38: Musköten 20
Completion Q3 Musköten 20 Helsingborg 2027 MilDef 10,200 m2 SEK 97 m 38
Slide 39: Sunnanå 12:26
Completion Q4 Sunnanå 12:26 Malmö 2027 4, 000 m2 SEK 87 m 39
Slide 40: Future projects
Future projects 40
Slide 41: 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 42: 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 42
Slide 43: 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 43
Slide 44: Polisen 7, View, Snårskogen 5, Flintyxan
• Vetskapen 1 • Sn Polisen 7, View Snårskogen 5 Flintyxan Örja 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 44
Slide 45: Summary Q1 2026
• Summary Q1 2026 • Rental income up 10% • Operating surplus up 9% • Income from property management up 12% • Net letting negative at SEK -35 m • Net debt/ebitda at 10.5 times • Still good access to financing • Acquisition in Carlsberg Byen 45
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