Wihlborgs Fastigheter (WIHL) Q2 2026 earnings summary

Executive summary

• Rental income and operating surplus reached record highs in Q2 and H1 2026, with rental income up 8% year-over-year to SEK 2,324 million and operating surplus up 8% to SEK 1,664 million.

• Income from property management increased 9% to SEK 1,077 million, while profit for the period was SEK 850 million.

• Major acquisition of 95 properties in Malmö, Lund, and Helsingborg from Castellum for SEK 13.3 billion, adding 635,000 sqm, with completion planned for October 2026.

• Acquisition initial yield at 5% with 15% vacancy, offering significant development potential and future upside.

• Positive net letting of SEK 5 million in Q2 2026, with notable new leases in Copenhagen and Lund.

Financial highlights

• Q2 2026 rental income up 7% year-over-year to SEK 1,174 million; operating surplus up 6% to SEK 864 million.

• First half 2026 rental income up 8% to SEK 2,324 million; operating surplus up 8% to SEK 1,664 million.

• Income from property management up 9% to SEK 1,077 million; profit for the period at SEK 850 million.

• EPRA NRV per share increased 9% to SEK 99.66, adjusted for dividend.

• Net debt-to-EBITDA at 10.7x; equity/assets ratio at 35.4%; loan-to-value ratio at 53.9%.

Outlook and guidance

• Castellum acquisition expected to close in October 2026, with an initial yield of 5.0% and 85% occupancy.

• Expectation to improve acquisition yield and reduce vacancy from 15% to normalized 7-8% as market conditions improve.

• Continued focus on earnings growth, operational efficiency, and gradual reduction of loan-to-value ratio.

• Market activity and demand for office space in western Skåne expected to increase as the regional economy recovers.

• Still good access to financing, supporting ongoing investments and acquisitions.