Slides
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Interim report January - March 2025 Ulrika Hallengren, CEO and Arvid Liepe, CFO 28 April 2025
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• • Rental income amounted to SEK 1,045 m in the quarter • Income from property management up 9 percent to SEK 463 m • Net letting positive at SEK 35 m continued high activity • Net debt/ebitda at 10 times • Completion of SEK 2.4 bn acquisition (1 April) • Demand remains for good quality in good locations • Project investments continue to give good potential for growth Summary Q1 2025 22
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• Rental income increased to SEK 1,045 million (1,040) • Operating surplus increased to SEK 731 million (718) • Income from property management increased by 9% to SEK 463 million (424) • Result for the period amounted to SEK 431 million (348), corresponding to earnings per share of SEK 1.40 (1.13) • EPRA NRV increased by 9% to SEK 95.08 (90.39) per share, adjusted for paid dividend, vs 12 months previously Results Jan- Mar 2025 3
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Rental income development Rental income Jan-Mar 2024, SEKm 1,040 Index 10 Termination fees -21 Acquisitions 3 Currency effect -1 Additional charges 7 Completed projects, new leases and renegotiations etc. 7 Rental income Jan-Mar 2025 1,045 4
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Net letting SEKm Q1 2025 Q1 2024 New leases 134 177 Terminations -99 -148 Net letting 35 29 5
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New leases Q1 2025 – a selection 6
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Net letting quarterly 7 -150 -100 -50 0 50 100 150 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 New leases Terminations Net
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City of Helsingborg City of Malmö Danish Building and Property Agency Lund University Malmö University Novo Nordisk Skåne Regional Council Swedish Social Insurance Agency Swedish Tax Agency Trygg Hansa Insurance Solid customers Revenues from top ten tenants 20% Revenues from public tenants 23% 8
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Rubrik upp till 2 rader Rental growth entire property stock* Rental growth like-for-like* 01-04-2025 SEK m 01-04 2024 SEK m Percent Rental value 4,596 4,458 +3.1 Rental income 4,102 4,088 +0.3 01-04-2025 SEK m 01-04-2024 SEK m Percent Rental value 3,603 3,520 +2.4 Rental income 3,230 3,255 -0.8 *Excluding project & land and additional charges and parking income 9 *Excluding properties acquired as of April 1 2025
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Changes in market value properties SEK m Carrying amount 1 January 2025 59,168 Acquisitions - Investments 638 Properties sold -13 Changes in value 69 Currency translations -736 Carrying amount 31 March 2025 59,126 10
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Increased value in the portfolio 0 10 000 20 000 30 000 40 000 50 000 60 000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 SEK m 11
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• Portfolio – the entire property stock* ** Excluding property admin Market value SEK m Op. Surplus** SEK m Occupancy rate, % Running yield, % Running yield fully let, % Total excl. projects and land 55,453 3,114 90 5.6 6.4 Total Wihlborgs 59,126 3,147 89 5.3 6.2 1 April, 2025 12 * Excluding properties acquired 1 April 2025
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Portfolio – Office properties Market value SEK m Op. Surplus** SEK m Occupancy rate, % Running yield, % Running yield fully let, % Malmö 19,443 1,010 92 5.2 5.8 Helsingborg 8,265 466 87 5.6 6.7 Lund 8,801 516 91 5.9 6.6 Copenhagen 10,591 581 92 5.5 6.1 Total 47,100 2,572 91 5.5 6.2 1 April, 2025 13 ** Excluding property admin * Excluding properties acquired 1 April 2025
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Portfolio – Logistics/Production Market value SEK m Op. Surplus** SEK m Occupancy rate, % Running yield, % Running yield fully let, % Malmö 2,226 151 96 6.8 7.1 Helsingborg 4,672 302 82 6.5 8.2 Lund 583 39 99 6.7 6.8 Copenhagen 872 50 95 5.8 6.2 Total 8,353 542 88 6.5 7.6 1 April, 2025 14 ** Excluding property admin * Excluding properties acquired 1 April 2025
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Portfolio running yield, excl. property admin. 6,3 6,2 5,8 5,4 5,4 5,4 5,3 5,1 5,1 5,7 5,8 5,6 5,6 4,5 4,7 4,9 5,1 5,3 5,5 5,7 5,9 6,1 6,3 6,5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 Percent Excl. project and land 15
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0 10 20 30 40 50 60 70 80 90 100 Evaluation of suppliers (% approved) 0 0,2 0,4 0,6 0,8 1 1,2 1,4 1,6 CO2 emissions (kg/sqm, scope 1 & 2) 0 20 40 60 80 100 120 Energy use (kWh/sqm) Sustainability results Q1 16 Target 2025: < 1.0 Target 2025: < 85 Target 2025: 100 0 10 20 30 40 50 60 70 80 90 100 Environmental certifications (% of floor area, office Sw)Target 2025: 90
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• Q2 • Carbon reduction certificate agreement with energy company Öresundskraft o Access to a local balancing method to achieve climate targets o Facilitation of climate-neutral district heating in Helsingborg • Reuse hub o Reduce material consumption o Access to recycled building materials o Wihlborgs own employees Sustainability highlights Q1 17
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Malmö Helsingborg Lund Copenhagen 22 % of property value 705,000 m2 106 properties 13,022 SEK m property value 40 % of property value 634,000 m2 95 properties 23,605 SEK m property value 17 % of property value 279,000 m2 43 properties 9,920 SEK m property value 21 % of property value 708,000 m2 63 properties 12,578 SEK m property value 18
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• T 8 properties in Malmö, Lund and Helsingborg 51,000 sqm lettable area 82,000 sqm land + 12,000 sqm building rights Total property value SEK 2,425 m Est. yearly operating surplus SEK 130 m Closing 1 April Aquisition 19 Sjömannen 1 and 2 Kajutan 1 Jöns Petter Borg 16 Perrongen 1 (Leasehold) Regula 1
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• Brysselkålen 1, Lund 82,000 sqm land 40-50,000 sqm industrial • Jöns Petter Borg 15, Lund 12,000 sqm building rights for offices Project properties 20 Brysselkålen 1 Jöns Petter Borg 15
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Financials 21
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Income statement SEK m Q1 2025 Q1 2024 Rental income 1,045 1,040 +0.5% Operating surplus 731 718 +2% Income property management 463 424 +9% Change in value of properties 69 -59 Change in value of derivatives 38 103 Pre-tax profit 570 468 Profit for the period 431 348 22
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Consolidated balance sheet, SEK m 31-03-2025 31-03-2024 Investment properties 59,126 56,750 Right-of-use assets 142 135 Other fixed assets 475 454 Derivatives 247 389 Current receivables 544 425 Liquid assets 129 478 Total assets 60,663 58,631 Equity 23,521 22,770 Deferred tax liability 5,773 5,273 Borrowings 29,277 28,652 Lease liability 142 135 Derivatives 182 135 Other long-term liabilities 65 70 Current liabilities 1,703 1,596 Total equity and liabilities 60,663 58,631 23
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Key figures 31-03-2025 31-03-2024 Equity/assets ratio, percent 38.8 38.8 Leverage properties, percent 49.5 50.5 Interest coverage ratio, multiple 2.8 2.5 Per share, SEK EPRA net disposal value 76.51 74.07 EPRA net reinstatement value 95.08 90.39 Earnings per share 1.40 1.13 EPRA EPS 1.34 1.24 24
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EPRA NRV 0 10 20 30 40 50 60 70 80 90 100 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 SEK Per share Average annual growth: 15 percent adjusted for dividend 25
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Stable financial position Financial targets • Max. loan-to-value 60% • Min. equity/assets 30% • Min. interest coverage 2.0 multiple 40,0 45,0 50,0 55,0 60,0 65,0 Loan-to-value % 25,0 30,0 35,0 40,0 45,0 Equity/Assets % 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 dec-11 jul-12 feb-13 sep-13 apr-14 nov-14 jun-15 jan-16 aug-16 mar-17 okt-17 maj-18 dec-18 jul-19 feb-20 sep-20 apr-21 nov-21 jun-22 jan-23 aug-23 mar-24 okt-24 Interest cover ratio, rolling 12 months 26
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Strong earnings relative to borrowings 0,0 2,0 4,0 6,0 8,0 10,0 12,0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 Multiple Net debt/EBITDA 27
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Current financing, Mar 2025 45% 38% 17% Bank loans Danish mortgage loans Bonds Total debt: SEK 29.3 bn 28
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Structure of interest and loan maturities * Excluding costs for credit agreements Matures year Loan amount SEK m Average interest rate % Credit agreement SEK m Utilised SEK m 2025 14,612 3.51 840 840 2026 2,102 2.67 11,655 9,038 2027 2,224 3.61 8,828 7,828 2028 2,624 3.66 1,596 1,596 2029 2,372 3.34 2,698 1,817 >2029 5,341 3.08 8,158 8,158 Total 29,277 3.38* 33,775 29,277 Interest maturity Loan maturity Average fixed interest period: 2.3 years (2.6) Average loan maturity: 5.3 years (5.5) 29
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Fixed interest period and loan maturity Loan maturity, yearsFixed interest period, years 0 1 2 3 4 5 6 7 jun-20 dec-20 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 0 1 2 3 4 5 6 7 jun-20 dec-20 jun-21 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 30
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Available funds - 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Unutilized credit facilities plus liquid funds, SEK mn 31
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Investments in progress 32
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Projects investments March 2025 SEK m Investments 638 Projects in progress 5,331 Invested by period end -1,868 Remains to invest 3,463 33
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Copenhagen 24,000 m2 Completion Q1 2026 SEK 231 mPer Aarsleff Ejby Industrivej 41 34
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City, Malmö 20,000 m2 Completion Q4 2027 TBDMalmö University Amphitrite 35
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Vätet 1 Lund, City 10,100 m2 Completion Q1, 2026 SEK 448 m Posthornet, phase 2 Lund, Ideon Lund, Ideon 5,700 m2 Completion Q1, 2026 SEK 145 m Vätet 1 Arm 36
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Malmö, City Hyllie, Malmö 15,000 m2 mobility hub 16,600 m2 office Completion Q4 2024 / Q1 2026 SEK 884 m Bläckhornet 1 VISTA Completion Q4 2025 Malmö, City 6,000 m2 Completion Q4 2025 SEK 289 m Börshuset 1 37
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Malmö, City Malmö, Dockan 4,900 m2 Completion Q3 2025 SEK 884 m Dockan Completion Q4 2025 Malmö, Dockan 3,400 m2 Completion Q3 2025 SEK 31 m Dockporten 1 Thule Malmö university 38
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Lund Lund 3,600 m2 Completion Q2, 2026 SEK 79 m Tomaten 1 BPC Instruments 11,900 m2 Lund 11,900 m2 Completion Q3, 2026 SEK 263 m Stora Råby 32:22 Note 39
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Malmö Fosie, Malmö 10,000 m2 Completion Q3, 2025 SEK 264 m Galoppen 1 Caldic 17,000 m2 Malmö 17,000 m2 Completion Q4, 2025 SEK 280 m Sunnanå 12:54 40
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Lund Copenhagen, Hörsholm 11,600 m2 Completion Q4, 2025 SEK 390 m Christianshusvej 11 NGG 11,900 m2 Höje Taastrup, Copenhagen SEK 423 m Completion Q4 2025Giroströget 1 Novo 41 62 000 m2
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Future projects 42
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• Vetskapen 1 Science Village, Spektra Ideontorget, Zenit Polisen 7 Västerbro Lund 4,700 m2 GFA TBD TBD Lund, Ideon 16,000 m2 GFA TBD TBD Helsingborg 6,000 m2 GFA TBD TBD Lund 70,000 m2 GFA TBD TBD 43
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• Hamnen 16:xx- Smörkajen Hamnen 16:xx- Smörkajen Kranen 15 Dockan Naboland 3 Malmö, Nyhamnen 13,000 m2 GFA TBD Miljöbyggnad Guld Malmö, Dockan TBD TBD Miljöbyggnad Guld Malmö, Dockan 13,000 m2 GFA TBD Miljöbyggnad Guld Malmö, Dockan 8,000 m2 GFA TBD Miljöbyggnad Guld 44
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• • Rental income amounted to SEK 1,045 m in the quarter • Income from property management up 9 percent to SEK 463 m • Net letting positive at SEK 35 m continued high activity • Net debt/ebitda at 10 times • Completion of SEK 2.4 bn acquisition (1 April) • Demand remains for good quality in good locations • Project investments continue to give good potential for growth Summary Q1 2025 4545