Wallenstam (WALL) Q4 2024 earnings summary

Executive summary

• 2024 marked a turnaround with improved financials, increased new production, and entry into the Stockholm CBD office market.

• Investment in construction reached SEK 2.1 billion in 2024, with 354 new units completed and 577 started.

• Net property income increased by 11% year-over-year, driven by new production and project completions.

• Portfolio value rose to SEK 65.6 billion, with a 96% occupancy rate and 1,304 residential units under construction.

• Result after tax for 2024 was SEK 774 million, a turnaround from SEK -450 million in 2023.

Financial highlights

• Rental income for 2024 was SEK 2,922 million, up from SEK 2,730 million in 2023.

• Net property income reached SEK 2,222 million, up from SEK 1,999 million year-over-year.

• Net profit after tax was SEK 774 million (–450), or SEK 1.2 per share (–0.7).

• Value changes in investment properties and financial instruments contributed positively, reversing prior year losses.

• Board proposes a dividend of SEK 0.50 per share, unchanged from last year.

Outlook and guidance

• 1,304 residential units are in ongoing production, with several major projects scheduled for completion between 2024 and 2027.

• The 2030 business plan targets a net asset value of SEK 100 per share.

• Management expects continued positive results, with stable demand in core regions and further rental increases agreed for 2025.

• Solidarity ratio to remain above 35% as per long-term targets.

• Commercial leasing activity remains strong, with 25,000 sqm of new contracts signed.