Wihlborgs Fastigheter (WHIL) Q1 2026 earnings summary

Executive summary

• Rental income reached SEK 1,150 million, up 10% year-over-year, with operating surplus at SEK 800 million and income from property management at SEK 520 million, all setting new records.

• Net profit for the period was SEK 548 million, or SEK 1.78 per share, up from SEK 431 million and SEK 1.40 per share, with EPRA NRV per share increasing 10% to SEK 101.14, adjusted for dividend.

• Negative net letting of SEK -35 million, the first negative quarter after 43 positive quarters, mainly due to lower new leases, higher terminations, and prolonged decision-making amid geopolitical uncertainty.

• Acquisition of Caroline Hus in Carlsberg Byen, Copenhagen, for DKK 370 million, adding 10,300 sqm of modern office and retail space.

• Good access to financing, with ongoing project investments and new bond issuance.

Financial highlights

• Rental income up 10% year-over-year to SEK 1,150 million; operating surplus up 9% to SEK 800 million despite higher winter costs.

• Income from property management increased 12% year-over-year to SEK 520 million.

• Value changes in property portfolio were flat (+SEK 19 million); interest rate derivatives contributed +SEK 191 million.

• Equity at SEK 24.9 billion, up SEK 1.4 billion year-over-year; borrowings at SEK 34.2 billion, up SEK 5 billion.

• EPRA NRV per share at SEK 101.14, up 10% year-over-year.

Outlook and guidance

• Occupancy expected to remain flat into Q2, with some increase in base rent income and 14% of current vacancies already pre-let.

• Ongoing discussions and pre-leased space may support future occupancy, but terminations and project completions will impact figures.

• Continued focus on acquisitions, investments, and sustainability targets aligned with CSRD and ESRS frameworks.