Wihlborgs Fastigheter (WIHL) Q3 2026 earnings summary

Executive summary

• Jan–Sep rental income rose 7% to SEK 3,484m, operating surplus 8% to SEK 2,513m and income from property management 8% to SEK 1,604m.

• Q3 rental income increased 5% to SEK 1,160m, operating surplus 7% to SEK 848m and income from property management 6% to SEK 527m.

• The 1 October acquisition of 95 Castellum properties for SEK 13.3bn added 635,000 sq m and strengthened positions in Skåne; integration and leasing are priorities.

Financial highlights

• Jan–Sep profit was SEK 1,539m and EPS SEK 5.01, versus SEK 1,370m and SEK 4.46 a year earlier.

• Q3 profit for the period was SEK 689m versus SEK 487m; positive derivative valuations contributed to quarterly earnings.

• Nine-month rental income growth reflected indexation SEK 33m, acquisitions SEK 67m, additional charges SEK 27m, and projects, leases and renegotiations SEK 130m.

• Q3 surplus margin was 73.1%; property valuations increased SEK 21m in the quarter.

Outlook and guidance

• Leasing discussions strengthened entering Q4, though elevated vacancies are expected after the acquisition; acquired vacancy is not expected to keep rising throughout the next 12 months.

• LTV is expected to rise from 52.5% to 59% after the acquisition, with a goal of reducing it to ~55% by end-2028, primarily through stronger cash flow.

• Yield on cost expectations for new projects are 6% or slightly higher for offices and 7% or slightly higher for industrial projects.

• Approved ongoing projects totalled SEK 2,642m, with SEK 1,154m invested and SEK 1,488m remaining at period-end.