Wihlborgs Fastigheter (WHIL) Q4 2025 earnings summary

Executive summary

• Rental income rose 4% year-over-year to SEK 4,354 million, with operating surplus up 4% to SEK 3,107 million and income from property management up 14% to SEK 2,038 million; net profit for the period increased 30% to SEK 2,220 million, EPS of SEK 7.22.

• Q4 rental income reached SEK 1,111 million, a 5% increase; Q4 income from property management up 23%.

• Net letting was positive for the 43rd consecutive quarter, totaling SEK 77 million for the year.

• The Board proposes a dividend of SEK 3.30 per share, a 3% increase.

• EPRA NRV per share increased 10% to SEK 99.36, adjusted for dividend.

Financial highlights

• Operating surplus for the year was SEK 3,107 million, up 4%; Q4 operating surplus was SEK 773 million, up 3%.

• Profit for the period: SEK 2,220 million, EPS of SEK 7.22 (up from SEK 5.55).

• Property value at year-end: SEK 64.4 billion; equity at SEK 24.3 billion; borrowings at SEK 33.2 billion.

• Net debt/EBITDA at 10.4x; LTV at 51.6%; equity/assets ratio at 36.9%; interest coverage ratio at 2.9x.

• Surplus ratio: 71%.

Outlook and guidance

• Rental income growth expected from signed leases in 2026; strong project pipeline and positive market signals.

• Investment pace in 2026 will be strong but below 2025's record SEK 2.7 billion.

• Slight improvement in occupancy expected as new projects complete and tenants move in.

• Board proposes authorizations for share buybacks and new share issues.