Wallenstam (WALL) Q1 2025 earnings summary

Significant events and developments

• Acquisition of Sergelskrapan in Stockholm for SEK 3,061 million and land in Stora Sköndal for future development of over 1,000 apartments.

• Sale of commercial properties in Gårda and Högsbo, and four commercial properties in Gothenburg.

• 5 million shares repurchased during the quarter, totaling 10 million in treasury.

• Award received for Nacka Grace project as "Sweden's finest new development 2024."

• EM acquired Naka Grays from EMP and formalized the transaction with a contract.

Executive summary

• Q1 2025 saw the acquisition of Sergelskrapan in Stockholm and the sale of commercial properties in Gårda and Högsbo, Gothenburg.

• 343 apartments were completed and leased during the quarter, with 216 new apartments started.

• 5 million shares were repurchased during the period.

• Strong start to 2025 with rising property management income and net operating income, and a lower average interest rate of 2.50%.

• New projects launched: 177 apartments in Kallebäcks Terrasser and a major renovation/expansion in central Gothenburg adding 39 new homes.

Financial highlights

• Rental income increased to SEK 772 million from SEK 719 million year-over-year for Q1.

• Net operating income rose to SEK 570 million from SEK 535 million year-over-year.

• Profit after tax was SEK 573 million, up from SEK 333 million year-over-year.

• Property value increased to SEK 68,062 million from SEK 65,588 million at year-end.

• Substansvärde (EPRA NRV) per share increased to SEK 58.40 (57.50 at year-end 2024).