Wallenstam (WALL) Q2 2024 earnings summary

Executive summary

• Acquired land in Nacka and sold building rights in Umami Park, Sundbyberg.

• 1,238 residential units under construction, with major projects in Stockholm and Gothenburg.

• All key financial figures improved year-over-year, with higher management results, increased net operating income, and a return to pre-energy crisis surplus levels.

• Demand for residential units remains strong, reflecting ongoing housing shortages in core markets.

• Sustainability initiatives include joining REbygg and planting 1,130 trees in Umami Park.

Financial highlights

• Rental income for Jan–Jun 2024 was SEK 1,457 million, up 9% year-over-year.

• Operating surplus (driftnetto) for Jan–Jun 2024 reached SEK 1,110 million, up from SEK 972 million year-over-year.

• Profit after tax for Jan–Jun 2024 was SEK 408 million.

• Management result for properties was SEK 563 million for H1.

• Value change in investment properties was SEK -21 million for H1.

Outlook and guidance

• Ongoing residential projects with planned completions in 2024–2026, including Årstaberg (408 units) and Kallebäcks Terrasser (298 units).

• Management expects further interest rate cuts in autumn, supporting positive economic development.

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