Wallenstam (WALL) Q1 2025 earnings summary

Executive summary

• Q1 2025 featured the acquisition of Sergelskrapan in Stockholm and land in Stora Sköndal, plus the sale of commercial properties in Gårda and Högsbo, Gothenburg.

• 343 apartments were completed and leased, with 216 new apartments started and 1,177 under construction at quarter-end.

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

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

• The quarter was marked by strong property management income, a robust business model, and high demand for both residential and commercial properties.

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).

Outlook and guidance

• 1,177 apartments are under construction, with several major projects scheduled for completion in 2025–2027.

• Ongoing investments in new construction, with SEK 524 million invested in Q1 2025 and SEK 3,586 million in total property investments including acquisitions.

• Continued strong demand for both residential and commercial properties, especially in city centers.

• The 2030 business plan targets a substansvärde of SEK 100 per share and a minimum equity ratio of 35%.

• Management expresses confidence in the business model and financial stability despite global uncertainties.