Wallenstam (WALL) Q3 2025 earnings summary

Executive summary

• Took possession of land in Forsåker, Mölndal, and started construction of 178 new apartments; completed 139 apartments in Q3.

• Sold Nacka Grace property for SEK 1,822 million, with transfer to Folksam Group and KPA Pension.

• Repurchased 5 million shares in Q3, with a total of 19 million own shares held during the period.

• Revised 2030 business plan, lowering net asset value per share target from SEK 100 to SEK 80 due to changed external conditions.

• Demand for both residential and commercial properties remains strong, with full residential occupancy and high commercial occupancy.

Financial highlights

• Net operating income for Jan–Sep 2025 was SEK 1,788 million, up 6% year-over-year.

• Rental income for Jan–Sep 2025 was SEK 2,321 million, up from SEK 2,187 million year-over-year.

• Income from property management rose nearly 14% to SEK 1,002 million, a record for the period.

• Profit after tax for Jan–Sep 2025 was SEK 1,240 million, up from SEK 139 million year-over-year.

• Surplus ratio for the period was 77%.

Outlook and guidance

• Business plan targets net asset value of SEK 80 per share by 2030, with a minimum equity/assets ratio of 40%.

• Continued strong demand is expected for both residential and commercial properties, with stable occupancy rates.

• The capital market is functioning well, with favorable bond issuances and good access to financing.