Wallenstam (WALL) Q3 2026 earnings summary

Executive summary

• 9M rental income was SEK 2,346m (SEK 2,321m); property-management income reached SEK 1,012m (SEK 1,002m).

• 9M profit after tax rose to SEK 1,615m (SEK 1,240m), or SEK 2.5 per share (SEK 1.9); Q3 profit after tax was SEK 963m (SEK 682m).

• Economic occupancy was 97%; equity/assets ratio was 44% and loan-to-value ratio 47% at September 30, 2026.

Financial highlights

• Q3 rental income was SEK 788m (SEK 759m), net operating income SEK 634m (SEK 603m), and property-management income SEK 381m (SEK 344m).

• 9M total revenue was SEK 2,579m (SEK 2,439m); other income was SEK 233m (SEK 119m), including SEK 98m gain on wind-power asset sales.

• 9M profit before tax was SEK 1,951m (SEK 1,397m); changes in property values were SEK 512m (SEK 714m) and financial-instrument values SEK 362m (negative SEK 275m).

• Excluding SEK 38m of prior-year non-recurring early-relocation payments, rental income increased SEK 63m; comparable holdings contributed SEK 45m of growth.

• 9M operating cash flow was SEK 1,064m (SEK 1,050m); investment in properties and individual co-op apartments was SEK 2,282m (SEK 4,694m).

Outlook and guidance

• Business Plan 2030 targets net asset value of SEK 80 per share and an equity/assets ratio of at least ~40%; NAV was SEK 65.00 per share at September 30, 2026.

• 1,078 apartments were under construction at quarter-end; investment in new construction and reconstruction was SEK 1,988m for 9M.

• Sergelskrapan’s first tenants are planned to move into six floors around the turn of 2027/2028; 122 Årstaberg co-op apartments are planned for occupancy after summer 2027.