Wihlborgs Fastigheter (WHIL) Q1 2025 earnings summary

Executive summary

• Rental income reached SEK 1,045 million in Q1 2025, a 0.5% increase year-over-year, with strong leasing activity and positive net letting of SEK 35 million for the 40th consecutive quarter.

• Income from property management rose 9% to SEK 463 million, and operating surplus increased to SEK 731 million.

• Profit for the period was SEK 431 million, with EPS at SEK 1.40 (1.13) and EPRA NRV per share up 9% to SEK 95.08.

• Major acquisition of eight properties from Granitor for SEK 2.4 billion completed in April, expanding the portfolio in Malmö, Lund, and Helsingborg.

• Demand remains strong for high-quality properties in prime locations, especially Malmö and Copenhagen.

Financial highlights

• Operating surplus margin improved by one percentage point year-over-year, reaching 70%.

• EPRA NRV per share increased 9% to SEK 95.08, adjusted for dividend.

• Investment properties valued at SEK 59.1 billion, up SEK 0.4 billion over 12 months.

• Pre-tax profit reached SEK 570 million, up from SEK 468 million year-over-year.

• Value changes in properties contributed SEK 69 million, compared to -SEK 59 million in Q1 2024.

Outlook and guidance

• Occupancy rate expected to improve by end 2025 and into 2026, with a normalized rate around 92%.

• Ongoing investments and acquisitions are expected to contribute to growth and reduce vacancies in coming years.

• Project pipeline remains robust, with several large leases signed for future delivery.

• The operating environment remains uncertain, with management focused on adaptability and long-term investments.