Wihlborgs Fastigheter Ab · OMXSTO:WIHL
Wihlborgs Fastigheter Ab — Q1 2025 Earnings Presentation
46 slides from Wihlborgs Fastigheter Ab's earnings presentation, Apr 28, 2025
Slide 1: Interim report January - March 2025
Interim report January - March 2025 Ulrika Hallengren, CEO and Arvid Liepe, CFO 28 April 2025
Slide 2: Summary Q1 2025
• Summary Q1 2025 • Rental income amounted to SEK 1,045 m in the quarter • Income from property management up 9 percent to SEK 463 m • Net letting positive at SEK 35 m continued high activity • Net debt/ebitda at 10 times • Completion of SEK 2.4 bn acquisition (1 April) • Demand remains for good qua
Slide 3: Results Jan-Mar 2025
Results Jan- Mar 2025 • Rental income increased to SEK 1,045 million (1,040) • Operating surplus increased to SEK 731 million (718) • Income from property management increased by 9% to SEK 463 million (424) • Result for the period amounted to SEK 431 million (348), corresponding to earnings per shar
Slide 4: Rental income development
Rental income development Rental income Jan-Mar 2024, SEKm 1,040 Index 10 Termination fees -21 Acquisitions 3 Currency effect -1 Additional charges 7 Completed projects, new leases and renegotiations etc. 7 Rental income Jan-Mar 2025 1,045 4
Slide 5: Net letting
Net letting Q1 Q1 SEKm 2025 2024 New leases 134 177 Terminations -99 -148 Net letting 35 29 5
Slide 6: New leases Q1 2025 – a selection
New leases Q1 2025 – 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 2025 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* 01-04-2025 01-04 2024 01-04-2025 01-04-2024 SEK m SEK m Percent SEK m SEK m Percent Rental value 4,596 4,458 +3.1 Rental value 3,603 3,520 +2.4 Rental income 4,102 4,088 +0.3 Rental income 3,230 3,255 -0.8 *Exclu
Slide 10: Changes in market value properties
Changes in market value properties SEK m Carrying amount 1 January 2025 59,168 Acquisitions - Investments 638 Properties sold -13 Changes in value 69 Currency translations -736 Carrying amount 31 March 2025 59,126 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 2025 Q1 11
Slide 12: Portfolio – the entire property stock
• Portfolio – the entire property stock* 1 April, 2025 Market value Op. Surplus** Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. 55,453 3,114 90 5.6 6.4 projects and land Total Wihlborgs 59,126 3,147 89 5.3 6.2 * Excluding properties acquired 1 April 2025 ** Ex
Slide 13: Portfolio – Office properties
Portfolio – Office properties 1 April, 2025 Market value Op. Surplus** Occupancy rate, Running Running yield SEK m SEK m % yield, % fully let, % Malmö 19,443 1,010 92 5.2 5.8 Helsingborg 8,265 466 87 5.6 6.7 Lund 8,801 516 91 5.9 6.6 Copenhagen 10,591 581 92 5.5 6.1 Total 47,100 2,572 91 5.5 6.2 * E
Slide 14: Portfolio – Logistics/Production
Portfolio – Logistics/Production 1 April, 2025 Market value Op. Surplus** Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Malmö 2,226 151 96 6.8 7.1 Helsingborg 4,672 302 82 6.5 8.2 Lund 583 39 99 6.7 6.8 Copenhagen 872 50 95 5.8 6.2 Total 8,353 542 88 6.5 7.6 * Excluding p
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 5,6 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 Q1 Excl. project and land 15
Slide 16: Sustainability results Q1
Sustainability results Q1 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 17: Sustainability highlights Q1
• Q2 Sustainability highlights Q1 • Carbon reduction certificate agreement with energy company Öresundskraft o Access to a local balancing method to achieve climate targets o Facilitation of climate-neutral district heating in Helsingborg • Reuse hub o Reduce material consumption o Access to recycle
Slide 18: Malmö Helsingborg Lund Copenhagen
Malmö Helsingborg Lund Copenhagen 40 % of property value 22 % of property value 17 % of property value 21 % of property value 634,000 m2 705,000 m2 279,000 m2 708,000 m2 95 properties 106 properties 43 properties 63 properties 23,605 SEK m property value 13,022 SEK m property value 9,920 SEK m prope
Slide 19: 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 1
Slide 20: 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 20
Slide 21: Financials
Eg F i n a necia l S
Slide 22: Income statement
Income statement SEK m Q1 2025 Q1 2024 Rental income 1,045 1,040 +0.5% Operating surplus 731 718 +2% Income property management 463 424 +9% Change in value of properties 69 -59 Change in value of derivatives 38 103 Pre-tax profit 570 468 Profit for the period 431 348 22
Slide 23: Consolidated balance sheet
Consolidated balance sheet, SEK m 31-03-2025 31-03-2024 Investment properties 59,126 56,750 Right-of-use assets 142 135 Other fixed assets 475 454 Derivatives 247 389 Current receivables 544 425 Liquid assets 129 478 Total assets 60,663 58,631 Equity 23,521 22,770 Deferred tax liability 5,773 5,273
Slide 24: Key figures
Key figures 31-03-2025 31-03-2024 Equity/assets ratio, percent 38.8 38.8 Leverage properties, percent 49.5 50.5 Interest coverage ratio, multiple 2.8 2.5 Per share, SEK EPRA net disposal value 76.51 74.07 EPRA net reinstatement value 95.08 90.39 Earnings per share 1.40 1.13 EPRA EPS 1.34 1.24 24
Slide 25: 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 Q1 25
Slide 26: 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 27: 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 Q1 27
Slide 28: Current financing, Mar 2025
Current financing, Mar 2025 Total debt: SEK 29.3 bn 17% 45% 38% Bank loans Danish mortgage loans Bonds 28
Slide 29: 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 14,612 3.51 840 840 2026 2,102 2.67 11,655 9,038 2027 2,224 3.61 8,828 7,828 2028 2,624 3.66 1,596 1,596 2029 2,372 3.34 2,698 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 jun-20 dec-20 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 jun-20 dec-20 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 30
Slide 31: 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 - 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 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023
Slide 32: Investments in progress
Investments in progress 32
Slide 33: Projects investments March 2025
Projects investments March 2025 SEK m Investments 638 Projects in progress 5,331 Invested by period end -1,868 Remains to invest 3,463 33
Slide 34: Ejby Industrivej 41
Ejby Industrivej 41 Copenhagen Completion Q1 2026 Per Aarsleff 24,000 m2 SEK 231 m 34
Slide 35: Amphitrite
Amphitrite City, Malmö Completion Q4 2027 Malmö University 20,000 m2 TBD 35
Slide 36: Posthornet, phase 2 Vätet 1
Vätet 1 Lund, Ideon Completion Completion Posthornet, Lund, City Q1, 2026 Vätet 1 Lund, Ideon Q1, 2026 phase 2 10,100 m2 SEK 448 m Arm 5,700 m2 SEK 145 m 36
Slide 37: 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 37
Slide 38: 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 884 m Thule 3,400 m2 SEK 31 m 38
Slide 39: Tomaten 1 Stora Råby 32:22
Lund 11,900 m2 Completion Completion Tomaten 1 Lund Q2, 2026 Stora Råby 32:22 Lund Q3, 2026 BPC Instruments Note 3,600 m2 SEK 79 m 11,900 m2 SEK 263 m 39
Slide 40: 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 40
Slide 41: Giroströget 1
Lund 11,900 m2 Copenhagen, Completion Höje Taastrup, Completion Christianshusvej 11 Hörsholm Q4, 2025 Giroströget 1 Copenhagen Q4 2025 NGG 11,600 m2 SEK 390 m Novo 62 000 m2 SEK 423 m 41
Slide 42: Future projects
Future projects 42
Slide 43: 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 43
Slide 44: 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 44
Slide 45: Summary Q1 2025
• Summary Q1 2025 • Rental income amounted to SEK 1,045 m in the quarter • Income from property management up 9 percent to SEK 463 m • Net letting positive at SEK 35 m continued high activity • Net debt/ebitda at 10 times • Completion of SEK 2.4 bn acquisition (1 April) • Demand remains for good qua
Slide 46: s Re & | a B| [1] Wihlborgs
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