Wallenstam (WALL) Q3 2025 earnings summary

Executive summary

• 139 apartments completed and leased in Q3 2025, with 178 new apartments started; 1,077 apartments in ongoing production, with major projects in Gothenburg, Stockholm, and Nacka.

• Operating profit from property management rose nearly 14% year-over-year for the nine-month period, with net asset value per share increasing by SEK 2.20 since year-end, now at SEK 59.70 per share.

• Demand for both residential and commercial properties remains strong, with no vacancies in the residential portfolio and high occupancy in commercial properties.

• Acquired land in Forsåker, Mölndal, and Stora Sköndal, and signed agreement to sell Nacka Grace.

• Repurchased 5,000,000 shares during the period; total 19 million shares repurchased YTD.

Financial highlights

• Rental income for Jan–Sep 2025 was SEK 2,321m, up 6% year-over-year; Q3 rental income was SEK 759m, up 4%.

• Net operating income for Jan–Sep 2025 was SEK 1,788m, up from SEK 1,686m; Q3 net operating income was SEK 603m, up from SEK 576m.

• Property management result for Jan–Sep 2025 was SEK 1,002m, up from SEK 880m; Q3 result was SEK 344m, up from SEK 316m.

• Profit after tax for Jan–Sep 2025 was SEK 1,240m, up from SEK 139m; Q3 profit after tax was SEK 682m, compared to a loss of SEK 269m.

• Net asset value per share at period end was SEK 59.70 (up from SEK 57.50 at year-end 2024).

Outlook and guidance

• Target to reach a net asset value of SEK 80 per share by 2030, with a minimum equity ratio of about 40%.

• Continued focus on productive, cost-efficient, and service-oriented operations in growth regions.

• Stable demand expected for both residential and commercial properties, with ongoing investments in new projects.