Wihlborgs Fastigheter (WHIL) Q3 2025 earnings summary

Executive summary

• Rental income for Q3 rose 6% to SEK 1,101 million, and for Jan–Sep 2025 increased 4% to SEK 3,243 million, with property management income up 12% to SEK 1,482 million and positive net letting of SEK 6 million.

• Net profit for the period was SEK 1,370 million (SEK 4.46/share), and EPRA NRV increased 10% to SEK 96.23/share, adjusted for dividends.

• Customer satisfaction index at 79 and loyalty score at 82.

• Project investments and a robust pipeline support future growth.

Financial highlights

• Operating surplus increased 4% to SEK 2,334 million for Jan–Sep 2025; property management income up 12% to SEK 1,482 million.

• Profit for the period was SEK 1,370 million (up from SEK 846 million), with EPS at SEK 4.46 (up from 2.75).

• EPRA NRV per share increased 10% to SEK 96.23, adjusted for dividend.

• Property portfolio value at SEK 63.5 billion, up SEK 5.6 billion year-over-year.

• Equity/assets ratio at 36.2%, LTV at 52.3%, and interest cover ratio at 2.8x.

Outlook and guidance

• Expectation of continued positive development in occupancy and rental levels, especially in 2026.

• Project completions, new leases, and robust project pipeline are expected to drive growth in coming quarters.

• Employment growth in the region outpaces others, supporting long-term office rent growth.

• Vacancy appears to have bottomed out, with gradual improvement anticipated.

• Combination of project development and selective acquisitions planned for future growth.