Wallenstam (WALL) Q4 2025 earnings summary

Executive summary

• Net asset value per share increased by 8% year-over-year to SEK 62.10, progressing toward the long-term goal of SEK 80 per share.

• Profit after tax surged to SEK 2,564 million from SEK 774 million year-over-year, with earnings per share at SEK 4.0.

• Income from property management rose 11% to SEK 1,277 million compared to the previous year.

• 1,013 apartments were under construction at year-end, with significant new projects started and completed.

• 17 million shares repurchased during the year, with 3 million in Q4.

Financial highlights

• Rental income increased by 5% to SEK 3,077 million, including a SEK 38 million non-recurring payment.

• Net operating income rose to SEK 2,334 million, with a surplus ratio of 75.9%.

• Changes in value of investment properties amounted to SEK 1,699 million, up from SEK 388 million last year.

• Dividend proposed at SEK 0.55 per share, a 10% increase, to be paid in two installments.

• Loan-to-value ratio stood at 47%, and equity/assets ratio at 44%.

Outlook and guidance

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

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

• High demand for rental apartments in metropolitan areas, with a housing queue of 330,000 people.

• Commercial leasing market in Gothenburg remains stable and has strengthened.

• New communication format: no Q1 2026 conference call, but quarterly results videos will continue.