Interim report
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Sjömannen 1, Malmö Interim report January – September 2026 ––––––––––––––––––––––––––––––––––– Ready for next gear –––––––––––––––––––––––––––––––––––
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Content Contact 28 Calendar 27 Definitions 26 Key figures 23 Financial reports 19 Liabilities and equity 16 Miscellaneous 17 Sustainability 14 Assets 8 Income, expenses and profit 6 Market overview 5 CEO’s comments 4 This is Wihlborgs Wihlborgs is the leading commercial real estate company in the Öresund region. Our operations are concentrated in Malmö, Lund, Helsingborg and Copenhagen, with a focus on selected submar- kets in each city. More than 50,000 people work in our properties every day. Our property portfolio has a reported value of approximately SEK 67 billion and generates an annual rental value of SEK 5.2 billion. Wihlborgs is listed on the Nasdaq Stockholm Large Cap. Property value, SEK billion 67.1 Rental income, SEK million Jan-Sep 3,484 Operating surplus, SEK million Jan-Sep 2,513 Income property management, SEK million Jan-Jun 1,604 Interim Report January – September 2026 Our vision In the meeting with us, ambitions become reality. Our business concept Wihlborgs specialises in efficient sub-markets in the Öresund region, where we own, manage in-house and develop commercial properties, thereby enabling tenants to grow and develop. Our business model Our business model consists of two core areas: leasing and property management, and project and urban development. By enhancing and developing existing properties, delivering new projects, and acquiring and divesting properties, we continuously strengthen both our property portfolio and our offering. Long-term sustainable growth A key part of Wihlborgs’ strategy is to operate a business model that enables sustainable long-term growth. This means integrating environmental, social and financial considerations into every decision we make. Photography: Kasper Dudzik, Josefin Widell Hultgren, Henrik Mill, Pixprovider, Ola Hansson, Kelly Bedmyr
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3 Wihlborgs interim report January–September 2026 Financial targets Target Outcome January-September 2026 A return on equity that exceeds the risk-free interest rate* by not less than six percentage points, which for the beginning of 2026 corresponds to 8.27 percent 8.3 An equity/assets ratio of no less than 30 percent 36.2 An interest coverage ratio of no less than 2.0 times 2.9 The loan-to-value ratio is not to exceed 60 percent 52.5 *) Risk-free interest rate is defined as the interest rate for a 5-year Swedish government bond. Group key figures, SEK m 2026 Jan-Sep 2025 Jan-Sep 2025/2026 Oct–Sep 2025 Jan–Dec Rental income 3,484 3,243 4,595 4,354 Operating surplus 2,513 2,334 3,286 3,107 Income property management 1,604 1,482 2,160 2,038 Changes in value of properties 49 415 493 859 Changes in value of derivatives 383 -87 471 1 Result for the period 1,539 1,370 2,389 2,220 Earnings per share, SEK* 5.01 4.46 7.77 7.22 Surplus ratio, % 72 72 71 71 Equity/assets ratio, % 36.2 36.2 36.2 36.9 Occupancy rate, %** 89 90 89 90 EPRA NRV per share, SEK 101.59 96.23 101.59 99.36 Environmental certifications, % of floor area, office Sweden 95 94 95 94 Energy use, kwh/m2 Atemp weather normalized 53.1 51.3 75.2 76.0 *) Earnings per share are the same before and after dilution. **) At the end of the period, excluding projects and land. January – September 2026 Summary Period highlights • Rental income increased 7 percent to SEK 3,484 Mkr (3,243) • Operating surplus increased 8 percent to SEK 2,513 million (2,334) • Income from property management increased 8 percent to SEK 1,604 million (1,482) • Profit for the period amounted to SEK 1,539 million (1,370), corresponding to earnings per share* of SEK 5.01 kr (4.46) • In 12 months EPRA NRV per share has increased by 9 percent to 101.59 SEK (96.23) adjusted for dividend of SEK 3.30 per share. *Earnings per share are the same before and after dillution Events during the quarter • Wihlborgs’ acquisition of Castellum’s property portfolio in southern Sweden was approved by the Swedish Competition Authority. • Charlotte Norell was appointed as the new Regional Manager in Helsingborg. • Fortnox signed a new lease agreement for 3,700 square metres in Werket (Skrovet 6) in Malmö. • Net letting negative at SEK -27 million.
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4 Wihlborgs interim report January–September 2026 Higher earnings and a stronger foundation for future profit growth Wihlborgs is in the midst of a highly active period. At the end of July, the Swedish Competition Authority approved our acqui- sition of 95 properties in Skåne, by far the largest acquisition in our history. This meant that preparations for taking possession on 1 October gathered pace, allowing completion to take place at the earliest possible date permitted under the agreement. By the time this is being written, we have already identified what we believe to be the optimal size of the organisation going forward. Negotiations have been completed, and our aim is to have all employees working together by early November, following a common approach across the Wihl- borgs Group. We now want to quickly start making full use of our expanded market position in the locations where we have already established a strong presence. The expanded portfolio has already created new opportunities for existing tenants, and we look forward to signing the first lease agreements across the former borders. At the same time, we have retained our focus on our existing portfolio, and on current and potential tenants. As a result, rental income rose 5 percent to SEK 1,160 million for the third quarter. Most of the increase stems from renegotiations, leases and projects – our core business. Operating surplus increased 7 percent to SEK 848 million, meaning that the surplus ratio strengthened slightly to 73.1 percent. Income from property management increased 6 percent to SEK 527 million. Interest expenses rose slightly on the back of a marginally higher level of debt and rising market interest rates, primarily CIBOR. Increased activity after a slower start Net lettings for the quarter totalled minus SEK 27 million, held back mainly by a late lease termination in the Danish portfo- lio. The termination was expected in the fourth quarter, when we have the opportunity to offset it through one of the two ongoing negotiations for the entire property. Going into the fourth quarter, both the number and the volume of ongoing discussions are higher than they have been for many years. It is always difficult to determine when challenging times will turn, but the glimmers of light we have increasingly seen in recent months are definitely growing brighter. Growth is beginning to pick up, the region has the right conditions in place, and we have never been better positioned to realise that potential. We also have several good examples of successful product development and lettings. One such property is Skrovet 6, which stood vacant following Saab’s departure at the beginning of the year and which is now 90 percent let. Tenant move-ins have already begun. We are also continuing to support MilDef’s growth by expanding its premises by 3,500 sqm at Musköten 20 in Helsingborg, now complemented by several new leases in existing properties in the surrounding area. While vacancy rates at the end of the third quarter remain higher than we would like, new builds in the market are limited and economic growth is accelerating. In several submarkets, including offices in central Helsingborg and Hyllie, vacancy rates are falling in the like-for-like portfolio compared with the same period last year. This shows that existing properties in good locations continue to attract new tenants and tenants looking to expand. The expanded portfolio has already created new opportunities for existing tenants, and we look forward to signing the first lease agreements across the former borders. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s commentsCEO´s comments
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5 Wihlborgs interim report January–September 20265 Rising inflation expectations and higher market interest rates in the US have dominated recent interest rate trends. Long-term interest rates have also risen in Sweden. The Riksbank (the Swedish Central Bank) left the policy rate unchanged at 1.75 percent in September, while signalling that interest rate hikes could follow later in the year if the outlook for inflation and the economy holds. Overall, these developments have created increa- sed uncertainty regarding financing costs and how they could directly impact the property market. According to the latest forecast from the Swedish National Institute of Economic Research, the recovery in Sweden’s economy has come a long way and the reces- sion is beginning to fade. The GDP is expected to grow 3 percent in 2026, but higher energy prices, interest rates and inflation are expected to impact household purchas- ing power and GDP growth in 2027 has been forecast at 2.4 percent. Despite robust GDP growth in 2026, employ- ment rose slowly due to the recovery being driven by gains in productivity. However, companies’ labour needs are expected to increase in 2027 and a larger upturn is expected in the service sectors. The Silf Purchasing Managers’ Index for the private service sector increased to 57.4 in September, signalling higher activity in the service sector. New orders accoun- ted for the largest positive contribution to the index uptick. The industry index rose to 58.1 and has now been above its historical average for fifteen consecutive months. The increase was broad and supported by a brightening outlook for the global economy, though with a risk of increased cost pressure. The lettings and property markets According to the Swedish Property Research Forum’s (SEPREF) consensus forecast for the third quarter of 2026, both the prime rent and the yield requirement in Malmö Satisfied customers and strong sustainability performance In light of the global turbulence, both political and economic, I would like to highlight a few aspects of our daily work, which are the areas we can most directly influence. We have just received the results of this year’s customer survey, which measures our customer satisfaction index (CSI). From an already strong score of 79, our score has risen to 80. I am particularly pleased that our tenants so clearly value the personal service our employees provide. Wihlborgs has also improved its performance in the global ESG assessment GRESB, where we scored 90.7 points in the Standing Investment area, compared with an industry average of 80.9. Increased value and strong resilience Over the 12-month period, Wihlborgs’ long-term net reinsta- tement value (EPRA NRV) per share increased 9 percent after adjustment for paid dividends of SEK 3.30 per share. At the end of the quarter, the loan-to-value ratio was 52.5 percent and net debt in relation to operating profit amounted to a multiple of 10.6. Following the acquisition completed in October, the loan- to-value ratio will rise to about 59 percent in the fourth quarter. A milestone along the way is to reduce the loan-to-value ratio to approximately 55 percent by the end of 2028. Our primary tool for achieving this is to continue strengthening our already strong cash flow. We will, of course, also continue to review the composition of our portfolio to focus our efforts where our cluster strategy creates the greatest value. Our profitable core business provides resilience to manage somewhat higher debt than in recent years, as well as fluctuations in interest rates. Finally, I want to reiterate that our large transaction is fully aligned with the strategy that has served Wihlborgs well for the last two decades. We are strengthening our market position in exactly the segments we want to focus on and in exactly the locations we have identified as our core areas. As we integrate the new portfolio, we are also laying the groundwork for conti- nued earnings growth in the years ahead. Ulrika Hallengren, CEO remained unchanged at SEK 3,500/m² and 5.0 percent, respectively. Most of those surveyed now believe that over the next year, rent levels and the yield requirement will be unchanged. JLL puts the vacancy rate in Malmö at 17 percent, while rents in prime locations remained unchanged. Little new space is being added from ongoing projects and no office projects were started in 2026, which is expected to support rent levels. JLL also notes that Lund’s office market sticks out as more stable, with positive net absorption keeping vacancies in check. In the Greater Copenhagen area west, Colliers reported an unchanged office rents of DKK 1,250/m² and a slightly higher yield requirement, up from 6.0 percent to 6.1 percent. Transaction volumes in Sweden for the first nine months of the year totalled SEK 139 billion, up 25 percent year-on-year (Colliers). Öresunds Industrihus sold five pro- perties in Helsingborg, totalling 12,600 m², and acquired two in Malmö, totalling 7,500 m². Revelop continued to strengthen its position in Malmö and acquired the 7,500 m² public property Malmen 12 from Atrium Ljungberg. In September, SLP acquired the logistics property Stenål- dern 5 in Fosie for SEK 73 million (SEK 17,500/m²). Built in 1997, it has a lettable area of 4,159 m², a rental value of SEK 5.3 million and a lease term of 2.5 years. The seller was DSV . Transaction volumes in Denmark for the first nine months of the year amounted to DKK 42 billion, up 9 percent year-on-year (Colliers). In September, Areim acquired six warehouse and industrial properties with a lettable area of 44,000 m² in Skovlunde, Brøndby, Rødovre and Avedøre Holme from funds managed by Blackstone/Mileway. CapMan and AP Pension, through a joint venture, acquired Hotel Scandic Webers in central Copenhagen from Jeudan. The hotel has 152 rooms and an area of 7,400 m². Market overview Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Market overview
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6 Wihlborgs interim report January–September 2026 Net letting, quarterly Netto Nyuthyrning Uppsägning Mkr Net New leases Termination SEK m -140 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 120 140 160 -26-25-24-23-22-21-20-19-18-17-16-15-14-13-12-11-10-09-08 -140 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 120 140 160 -26-25-24-23-22-21-20-19-18-17-16-15-14-13-12-11-10-09-08 -140 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 120 140 160 -140 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 120 140 160 -140 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 120 140 160 -140 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 120 140 160 19 % Rental income from ten largest tenants 22 % Rental income from governmental tenants Comparative figures for income statement items relate to values for the corresponding period 2025 and balance sheet items as of 2025-12-31. Rental income Rental income amounted to SEK 3,484 million (3,243) corres- ponding to an increase by 7 percent. The index calculations in the Swedish stock are made as of 1 January, while those in the Danish stock take place at various times during the year. Of the rental income, service income accounted for SEK 385 million (343). A compilation of the change in rental income compared to the previous year appears in the table below. Rental income January-September 2025 3,243 Index 33 Acquisitions 67 Currency effect -16 Additional charges 27 Completed projects, new leases and renegotiations etc. 130 Rental income January-September 2026 3,484 At the end of the period, the occupancy rate for the investment properties, excluding projects and land, is 89 percent (90). The slightly lower occupany is largely caused by the properties Bläckhornet 1 in Malmö and Posthornet 1 in Lund now being included in the running portfolio. During the period, new signing of leases on a full-year basis amounted to SEK 179 million (300). Lease terminations for the period amounted to SEK 236 Mkr (235). This represents a net letting of SEK -57 million (65). Choice Hotels City of Helsingborg City of Malmö Danish building and Property Agency Lund university Malmö university Novo Nordisk Skåne regional council Swedish Social Insurance Agency Trygg-Hansa Income, expenses and profits January–September 2026 T en largest tenants per 30 September 2026 0 200 400 600 800 1000 1200 >2031203120302029202820272026 0 200 400 600 800 1000 1200 >2031203120302029202820272026 Löptider för Wihlborgs hyreskontrakt per 30 september 2026 Uppsägningsbart hyresvärde, Mkr Antal kontrakt per år, exkl. bostads- och parkeringsavtal: Terms of Wihlborgs’ contracts per 30 September 2026 Cancellable rental value, SEK m Number of contracts, excluding housing and parking contracts, per year: 682 1 124 546 489 262 143 185 682 1,124 546 489 262 143 185 Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Income, expenses and profit
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7 Wihlborgs interim report January–September 2026 Property expenses Total property costs increased by SEK 62 million to SEK 971 million (909). Among operating costs, the costs for snow removal and heating have increased due to the unusually cold winter. The remaining increase in property costs is mostly attri- butable to acquired and newly built properties. Rental losses amounted to SEK 5 million (7) during the period. The historical summary at the bottom of page 21 illustrates how costs vary over the different quarters of the year. Operating surplus The operating surplus amounted to SEK 2,513 million (2,334), representing a surplus ratio of 72 percent (72). Currency effects affected by SEK -10 million (-13). Central administration The costs for central administration were 75 million (65). The majority of the increase is attributable to transaction costs asso- ciated with acquisitions. Financial income and expense Net interest amounted to SEK -842 million (-801), of which interest income amounted to SEK 19 million (17). Interest expense for the period, including realized effects of interest derivatives, amounted to SEK 861 million (818). The leasehold rent amounted to SEK 4 million (3). During the period, the net flow relating to the interest derivatives amounted to SEK -35 million (+23). At the end of the period, the average interest rate including the cost of credit agreements was 3.45 percent (3.29). Income from property management Profit participation in joint ventures amounted to SEK 12 million (17). Income from property management amounted to SEK 1,604 million (1,482). Profit after taxes Profit after taxes was SEK 1,539 million (1,370). Total tax amounted to SEK -497 million (-440), of which current tax SEK -46 million (-46) and deferred tax SEK -451 million (-394). Pre-tax profit The pre-tax profit, i.e. after value changes on properties and derivatives, was SEK 2,036 million (1,810). Value changes on properties during the period amounted to SEK 49 million (415). Changed market interest rates have entailed value changes on derivatives of SEK 383 million (-87), of which SEK 390 million (-72) are attributable to interest derivatives and SEK -7 million (-15) to other financial items. The first earth was recently turned for MilDef’s new extension in Helsingborg. About 2,300 square metres of the neighbouring property will be renovated and adapted, and 3,500 square metres of new build will link the two buildings. Together with MilDef’s existing premises, the result will be cohesive facilities of about 10,000 square metres. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Income, expenses and profit
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8 Wihlborgs interim report January–September 2026 Rental growth Entire property stock 2026-10-01, SEK m 2025-10-01, SEK m Percent Rental value 5,216 4,889 +6.7 Rental income 4,597 4,379 +5.0 Like-for-like* 2026-10-01, SEK m 2025-10-01, SEK m Percent Rental value 3,955 3,858 +2.5 Rental income 3,488 3,466 +0.6 *Excluding projects & land and excluding additional charges and parking income. Analysis of lettable space per area and category of use Area Office, m2 Retail, m2 Logistics/Production, m2 Education/Health care, m2 Misc., m2 Total, m2 Share, % Malmö1 391,383 39,307 189,742 53,727 19,512 693,670 28 Helsingborg2 221,733 75,838 350,307 44,014 37,736 729,628 30 Lund3 225,390 13,451 55,609 6,170 9,429 310,049 12 Copenhagen4 517,330 8,410 138,893 23,947 42,208 730,788 30 Total 1,355,835 137,006 734,551 127,858 108,885 2,464,135 100 Share, % 55 6 30 5 4 1) Miscellaneous area in Malmö includes 10,275 m2 hotel. 3) Miscellaneous area in Lund includes 8,215 m2 hotel. 2) Miscellaneous area in Helsingborg includes 1,819 m2 residential and 24,286 m2 hotel. 4) Miscellaneous area in Copenhagen includes 5,600 m2 hotel. Assets Property portfolio as of 30 September 2026 The summaries below are based on Wihlborgs’ property portfolio as of 30 September 2026. Rental income relates to contracted rental income on an annual basis as of 1 October 2026. The operating surplus is based on the properties’ earning capacity on an annual basis based on rental income for October 2026, operating and maintenance costs, property administration on a rolling twelve-month basis and property tax. Wihlborgs’ property portfolio consists of commercial properties in the Öresund region, located in Malmö, Helsingborg, Lund and Copenhagen. The property portfolio 30 September 2026 consisted of 316 properties (316) with a lettable area of 2,464,000 m2 (2,429,000). 7 of the properties (7) are leasehold rights. The properties’ carrying amount was SEK 67,108 million (64,414), which corresponds to the estimated market value. The total rental value was SEK 5,216 million (4,990) and the contracted rental income on annual basis SEK 4,597 million (4,405). The like-for-like increase in rental value, excluding additional charges and parking income, was 2.5 percent while contracted rental income increased by 0.6 percent compared to 12 months previously. The economic occupancy rate for Office/Retail properties was 89 percent (91) and for Logistics/Production properties 86 percent (88). The rental value for Office/Retail properties represented 80 percent and Logistics/Production properties 17 percent of the total rental value. Operating surplus from investment properties, excluding property administration and Projects/Land is SEK 3,403 million (3,304) which with a carrying amount of SEK 63,115 million (59,581) corresponds to a running yield of 5.4 percent (5.5). Broken down by property category, this is 5.3 percent (5.4) for Office/Retail and 6.0 percent (6.2) for Logistics/Production. Projekt/Mark 3% Logistik/Produktion 17 % 80 % Kontor/Butik 24 % Helsingborg Malmö 35% Projekt/Mark 6 % Logistik/Produktion 14 % 80 % Kontor/Butik Köpenhamn 24 % 17 % Lund 22 % Helsingborg Malmö 39 % Köpenhamn 22 % 17 % Lund Project/Land 3% Logistics/Production 17 % 80 % Of/f_ice/Retail 24 % Helsingborg Malmö 35% Project/Land 6 % Logistics/Production 14 % 80 % Of/f_ice/Retail Copenhagen 24 % 17 % Lund 22 % Helsingborg Malmö 39 % Copenhagen 22 % 17 % Lund Hyresvärde per fastighetskategori Redovisat värde per fastighetskategori Redovisat värde per område Book value per property category Book value per area Rental value per property category Rental value per area Hyresvärde per område Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Assets
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9 Wihlborgs interim report January–September 2026 Analysis per property category in each management area Area/ property category Number of properties Area. m2 thousand Carrying amount. SEK m Rental value. SEK m Rental value. SEK/m2 Economic occupancy rate, % Rental income. SEK m Operating surplus incl.property admin., SEK m Surplus ratio. % Operating surplus excl.property admin., SEK m Yield excl property admin., % Malmö Office/Retail 56 497 21,150 1,538 3,097 88 1,353 997 74 1,053 5.0 Logistics/Production 32 173 2,834 241 1,391 93 223 169 75 180 6.3 Project & Land 11 24 1,882 48 2,009 - 23 13 - 15 - Total Malmö 99 694 25,866 1,827 2,634 88 1,599 1,179 74 1,248 4.8 Helsingborg Office/Retail 39 305 9,993 788 2,582 89 702 542 77 565 5.7 Logistics/Production 59 424 4,936 486 1,146 79 385 266 69 288 5.8 Project & Land 8 - 46 0 - - 0 0 - 0 - Total Helsingborg 106 730 14,975 1,275 1,747 85 1,088 809 74 852 5.7 Lund Office/Retail 27 260 9,896 819 3,149 88 720 514 71 554 5.7 Logistics/Production 6 41 683 57 1,384 94 53 41 77 44 6.4 Project & Land 14 9 778 18 1,999 - 18 16 - 17 - Total Lund 47 310 11,357 894 2,883 89 791 572 72 614 5.4 Copenhagen Office/Retail 51 587 12,616 1,040 1,772 92 957 620 65 659 5.2 Logistics/Production 9 61 1,006 78 1,276 99 77 59 77 61 6.0 Project & Land 4 83 1,287 103 1,240 - 86 54 - 57 - Total Copenhagen 64 731 14,910 1,221 1,670 92 1,119 733 66 777 5.2 Total Wihlborgs 316 2,464 67,108 5,216 2,117 88 4,597 3,292 72 3,491 5.2 Total excluding projects and land 279 2,348 63,115 5,047 2,149 89 4,470 3,208 72 3,403 5.4 The 95 properties acquired on 1 October are formally not included in the report for the period January to September 2026. To illustrate the impact of this significant acquisition, the table above is supplemented with the description of the acquired portfolio below. Rental income is based on rental notices for the fourth quarter, while costs are estimated based on historical data. Portfolio pro forma per 1 October Aquired properties, 1 October 95 635 13,320 1,125 1,773 83 930 649 70 700 5.3 Total Wihlborgs per 1 October 411 3,099 80,428 6,341 2,046 87 5,527 3,941 71 4,191 5.2 Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Assets
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10 Wihlborgs interim report January–September 2026 Changes in carrying amount of properties Changes Group total, SEK m Carrying amount 1 January 2026 64 414 Investments 1 458 Aquisitions 534 Properties sold -4 Change in value 49 Currency translations 657 Carrying amount 30 September 2026 67 108 Changes in values of properties In the valuation as of 30 September 2026, all properties are valued internally. The valuation has meant that the property value has increased by SEK 49 million (415). Since the turn of the year, the assumptions about future indexation, market rent development, long-term vacancy and opera- ting cost development have been largely unchanged. The yield requirements have also been largely unchanged during the period. Completion of projects have had a positive impact on valuations, while maintenance investments and certain relocation risks have had a negative impact. When valuing at fair value, a combination of yield-based method and local price method is applied, where analyzes of completed transactions in affected sub-markets are used to calibrate the parameters in the yield-based method. The value is deemed to correspond to the yield value calcu- lated from, normally five-year, cash flow analyses. Ongoing new construction is valued as if the project had been completed reduced by the budgeted remaining project cost. Undeveloped land and other development objects are valued according to the local price method. The valuation methodology is unchanged compared to before. In the Annual Report for 2025 pages 82-83 and 106-108 there is a detailed description of the valuation of the investment properties. As of 30 September 2026, the reported value of the properties amounts to SEK 67,108 million (64,414). Projekt/Mark 3% Logistik/Produktion 17 % 80 % Kontor/Butik 24 % Helsingborg Malmö 35% Projekt/Mark 6 % Logistik/Produktion 14 % 80 % Kontor/Butik Köpenhamn 24 % 17 % Lund 22 % Helsingborg Malmö 39 % Köpenhamn 22 % 17 % Lund Project/Land 3% Logistics/Production 17 % 80 % Of/f_ice/Retail 24 % Helsingborg Malmö 35% Project/Land 6 % Logistics/Production 14 % 80 % Of/f_ice/Retail Copenhagen 24 % 17 % Lund 22 % Helsingborg Malmö 39 % Copenhagen 22 % 17 % Lund Hyresvärde per fastighetskategori Redovisat värde per fastighetskategori Redovisat värde per område Book value per property category Book value per area Rental value per property category Rental value per area Hyresvärde per område “Werket” (Skrovet 6) has been extensively renovated following Saab’s departure from the property and has, nine months after the vacancy, an occupancy rate of 90 percent. In August, Fortnox signed a seven-year lease for 3,700 square metres, an expansion of some 2,300 square metres compared with the company’s existing premises. Media Evolution, Cloetta, the Vici law firm and Garba AI are also moving into the building starting in the autumn. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Assets
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11 Wihlborgs interim report January–September 2026 The Swedish Competition Authority approved Wihlborgs’ acquisition of Castelllum’s South Sweden portfolio in July, and ownership was transferred on 1 October. Mässhallen 1 & 2 Sjustjärnan 1 Jöns Petter Borg 9Löpöglan 2 Jeppe 1 Gustav Adolf 13 Smygmaskan 1 Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Assets
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12 Wihlborgs interim report January–September 2026 Investments and current projects Investments in the property portfolio totalled SEK 1,458 million (1,911). Approved investments in ongoing projects amount to SEK 2,642 of which 1,154 million had been invested at the end of period. Liquid assets The Groups liquid assets totalled SEK 122 million (263) at the end of the year. At the end of the period unutilized credit faci- lities, including unutilized overdraft facilities of SEK 496 million (276) amounted to SEK 16,953 million (2,903). Investments in progress >SEK 50 million, selection 30 September 2026 Property Category of use Municipality Completion date Rentable area, m2 Occupancy rate, % Estimated investment, SEK m Expended 2026-09-30, Mkr Surkålen 1 Logistics/Production Lund Q4 2026 14,500 100 260 202 Vätet 1 Office/Retail Lund Q1 2027 2,300 40 82 8 Skrovet 6 Office/Retail Malmö Q2 2027 11,000 90 149* 73 Kranen 7 Office/Retail Malmö Q3 2027 2,900 100 136 26 Musköten 20 Logistics/Production Helsingborg Q3 2027 10,200 100 97 8 Amphitrite 1 Office/Retail Malmö Q4 2027 20,000 100 1,130 390 Sunnanå 12:26 Logistics/Production Malmö Q4 2027 4,000 30 87 7 *Excluding land Kranen 7, Malmö (illustration) Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Assets
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13 Wihlborgs interim report January–September 2026 Property transactions January–September 2026 Quarter Property Municipality Category Area, m2 Price, SEK m Operating surplus 2026, SEK m 1 Aquisitions 1 Caroline Hus Copenhagen Office/Retail 10,300 Aquisitions total 2026 534 16 Sales 1 Part of Kranen 5 Malmö Project/Land - Total sales 2026 4 0 1) Operating surplus that are included in the results for the period. Property transactions During the first quarter, Wihlborgs acquired all commercal parts of the Caroline Hus project in Carlsberg Byen in Copenhagen for a purchase price of DKK 370 million. In October, Wihlborgs completed the acquisition of Castel- lum’s property portfolio in Skåne, comprising 635,000 square metres across 95 properties, with a property value of SEK 13.3 billion. The preliminary purchase price amounts to SEK 9.4 billion, after deducting 25 percent for latent tax, corresponding to a preliminary amount of SEK 371 million. Acquired net assets preliminarily amount to SEK 8.3 billion. As the acquisition comprises a functioning organization with employees and operational processes, it is classified as a business combi- nation; this results in estimated goodwill of SEK 1.1 billion, which mainly corresponds to deferred tax. The final goodwill figure may be affected by the valuation to be performed at closing. Transaction costs associated with the acquisition have impacted the earnings until September 30 by SEK 6 million. The properties are expected to initially generate an annual rental value of SEK 1,125 million and a net operating income before property administration of SEK 700 million from the date of possession, with an occupancy rate of 83 per cent. This corresponds to an initial yield of 5.3 per cent, in line with Wihlborgs’ existing portfolio in the same market. The average lease term is 3.6 years. Wihlborgs has secured financing for the acquisition through bank loans. The acqui- sition is expected to result in an initial loan-to-value ratio of 59 percent. The transaction involves 48 employees from Castellum. A list of all properties included in the acquisition is attached to the press release dated June 25. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Assets
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14 Wihlborgs interim report January–September 2026 Sustainability Focus in the quarter The components of the ESG area – Environmental, Social and Governance – are to be integrated throughout Wihl- borgs’ business. Here we provide current examples of how we approach changes in our own operations and positively impact the value chain and the sector. Vätet 1 is the first to be certified for renovation under Miljöbyggnad 4.0 and ZeroCO2 Alongside new builds, developing and upgrading existing properties through redevelopment and extension is part of Wihlborgs’ business model, where a priority area is reducing the climate impact of project activities. Wihlborgs’ Vätet 1 redevelopment and extension project at Ideon in Lund is the first project in Sweden to achieve preliminary certification under both Miljöbyggnad Renovation 4.0 and NollCO2 for redevelopment and extension projects. These are two of SGBC’s most recently developed certifica- tions, with stringent standards for environmental performance and low climate impact. Vätet 1, built in the 1980s and 1990s, has been redevelo- ped to create modern office premises. Preserving the existing building, and especially its structural frame, cut resource use significantly compared with demolition and new construction. At the same time, technical systems, materials and features were upgraded to meet today’s standards for energy perfor- mance, comfort and working conditions. The NollCO2 certification focuses on a building’s climate impact from a lifecycle perspective. To obtain NollCO2 certi- fication for a redevelopment project, the renovated sections must have a climate impact at least 30 percent lower than a standard design and meet energy performance and other functional requirements. Any remaining climate impact must be offset by climate measures to reach net zero. Vätet 1 achieved Gold, the highest level, under Miljö- byggnad Renovation 4.0. This certification places stringent requirements on areas such as energy, climate impact, indoor environment and circularity. Top ranking in an international ESG assessment Wihlborgs is again among the top-performing companies in its category in the Global Real Estate Sustainability Benchmark (GRESB). In this year’s ranking, Wihlborgs ranked 3rd of 21 diversified listed property companies in Europe, improving its score compared with last year. GRESB is an international assessment of the sustainability work of real estate companies and funds, and is used by inve- stors to evaluate these entities’ sustainability work. The assess- ment covers how sustainability work is managed and integrated into operations, and the actual performance of the property portfolio in property management (“Standing Investment”) and project development (“Development”). In the Standing Investment area, Wihlborgs’ score was 90.7 (89.6), compared with an average of 80.9 points for all participa- ting companies. In Development, the score rose to 95.8 (93.0), compared with an average of 86.2. The results demonstrate a continued strong position while also providing a basis for tracking progress over time and identifying areas where the company’s sustainability efforts can be further strengthened. Outcomes for the quarter Energy consumption Wihlborgs strives to constantly improve its portfolio’s energy intensity performance through regular operational optimisation and targeted energy efficiency measures. While total energy consumption rose slightly in the quarter, energy intensity fell year-on-year, as newly added space has a lower energy consumption per square metre than the portfolio as a whole. During the quarter, a solar power system was commis- sioned at Tomaten 1 in Lund and another was installed at Vasekær 10–12 in Copenhagen. At the end of the period, total installed solar capacity amounted to 9,338 kWp (8,469). The solar facilities generated about 2,556 MWh in the quarter, covering 19 percent of our total landlord electricity needs. CO2 emissions Emissions from building operations for the quarter (Scope 1 and 2) totalled 0.10 kg CO2e/m2 (0.21). Emissions for the period amounted to 0.57 kg CO2e/m2 (0.78). This change was primarily due to year-on-year lower emissions from refrigerant leaks. The phase-out of high-GWP refrigerants continues, with conventional refrigerants removed from five facilities in the quarter. One example is Sufflören 4 in Malmö, where refri- gerants equivalent to 83.8 tonnes of CO2e were replaced with propane. Certifications At the end of the period, 68 percent (1,676,736 m²) of Wihl- borgs’ total property area was certified, up 20 percentage points year-on-year. In the Swedish portfolio, 95 percent of the office space was certified. The total number of certificates amounted to 179 (131). Eight new certificates were awarded in the quarter. Six relate to existing properties, one to the new build project Tomaten 1 Phase Two which has been certified to Miljöbyggnad Gold and one to the redevelopment of Vätet 1 in Lund. Scan the QR code to learn more about the refurbishment of Vätet 1 (Beta 1-2) at Ideon in Lund. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Sustainability
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15 Wihlborgs interim report January–September 2026 Acknowledgements related to ESG Key metrics - Environment 2026 Jul-Sep 2025 Jul-Sep 2025/26 Oct-Sep 2025 Jan-Dec Energy Energy intensity, normal year corrected, kWh/m2 Atemp 8.7 9.0 75.2 76.0 Total energy consumption, normal year corrected, MWh1 21,954 21,861 187,116 191,146 -of which heating 6,363 6,417 137,970 140,752 -of which cooling 4,907 5,415 10,547 10,945 -of which landlord electricity 10,685 10,029 38,599 39,449 Total actual energy consumption, MWh 22,351 22,914 193,329 181,145 Solar energy, produced, MWh 2,556 2,039 6,677 6,356 Solar energy, installed capacity, MWp 9.3 8.5 9.3 8.8 Emissions Scope 1 intensity, kg CO2e/m2 NFA 0.02 0.11 0.14 0.24 Scope 2 intensity, market-based, kg CO2e/m2 NFA 0.08 0.10 0.65 0.61 Scope 2 intensity, location-based, kg CO2e/m2 NFA 0.41 0.47 4.59 4.76 Scope 1 & 2 intensity, market-based, kg CO2e/m2 NFA 0.10 0.21 0.79 0.90 -of which Sweden 0.09 0.15 0.21 0.24 Refrigerants replaced, accumulated since 2020, tonnes CO2e 105 0.4 3,585 3,328 Scope 3 intensity, kg CO2e/m2 NFA - - - 14.0 Scope 3 intensity of new builds, kg CO2e/m2 GFA - 218 204 208 Other Water consumption m3/m2 NFA 0.05 0.06 0.22 0.21 Key metrics - Social Sick leave, long- and short-term absence, % - - - 2.1 Gender balance in the Group, % women/% men - - - 39/61 ESG assessment of strategic suppliers, % approved 91 89 91 88 Enhanced workplace inspections, number 3 0 12 19 Community-centric sponsorship (Sweden), % - - - 54 Employee trust index (GPTW, Sweden), % - - - 90 Customer satisfaction index (CSI, Sweden), % - - - 82 Key metrics - Governance Share of certifierad area, office, Sweden, % 94.8 94.0 94.8 93.7 Total certified area, m2 NFA 1,676,736 1,165,112 1,676,736 1,197,588 Share of certified area, % of total area 68.0 48.5 68.0 49.1 Sustainability certifications, number 179 131 179 141 Share of regional suppliers (Sweden), % 99 - 99 99 CDP , score - - - A- GRESB, score 90.7 - 90.7 89.6 Taxonomy-aligned turnover, % - - - 42 Taxonomy-aligned CapEx, % - - - 53 Taxonomy-aligned OpEx, % - - - 36 1) All heating, as well as district cooling in Sweden, has been normalised using national degree days data. 2) Based on spend volume from suppliers under framework agreements. 0 200 400 600 800 1000 2026 Q32025202420232022 0 20 40 60 80 100 2026 Q32025202420232022 0 20 40 60 80 100 2026 Q320252024202320220,0 0,5 1,0 1,5 2026 Q32025202420232022 0,0 0,5 1,0 1,5 2026 Q32025202420232022 0 10 20 30 40 50 60 70 2026 Q32025202420232022 Hållbarhetscerti/f_iering % av total lokalarea Hållbarhetscerti/f_iering % av lokalarea 0 2000 4000 6000 8000 20262025202420232022 0 2000 4000 6000 8000 20262025202420232022 Produktion av solenergi MWh Produktion av solenergi MWh 0 200 400 600 800 1000 2026 Q32025202420232022 Bortkonverterad konventionell köldmedia ton CO2e Energiintensitet kWh/m2 Atemp, år (normalårskorrigerad) Q1 Q2 Q3 Q4 Scope 1 och 2, intensitet kg CO2-ekv/m/two.superior Scope 3, intensitet kg CO2-ekv/m/two.superior 1,2893,8 81,4 81,7 76,0 53,1 93.8 81.4 81.7 76.0 53.1 22,7 33,3 43,0 49,1 68,03 506 4 152 4 943 6 356 6 423 3,506 4,152 4,943 6,356 6,423 1,28 1,02 0,90 0,57 1.28 1.28 1.02 0.90 0.57 0 5 10 15 20 20252024202320222021 12,2 10,6 14,1 15,8 14,0900 436 386 180 257 0 10 20 30 40 50 60 70 2026 Q32025202420232022 22.7 33.3 43.0 49.1 68.0 3 506 2022 4 152 2023 4 943 2024 6 356 2025 22,7% 2022 33,3% 2023 43% 2024 49,1% 2025 X% Q1 2026 X 2026 ÅR Share of sustainability-certi/f_ied area % of total area Solar energy produced MWh Conventional refrigerants replaced tonnes CO2e Energy intensity kWh/m2 Atemp, year (normal year corrected) Q1 Q2 Q3 Q4 Scope 1 och 2, intensity kg CO2e/m2 NFA Scope 3, intensity kg CO2e/m2 NFA 0 5 10 15 20 20252024202320222021 12.2 10.6 14.1 15.8 14.0900 436 386 180 257 22,7% 2022 33,3% 2023 43% 2024 49,1% 2025 X% Q1 2026 Year Ackumulerat sedan 2020: 3 585 ton CO2e Accumulated since 2020: 3,585 tonnes CO2e 0 200 400 600 800 1000 2026 Q32025202420232022 0 20 40 60 80 100 2026 Q32025202420232022 0 20 40 60 80 100 2026 Q320252024202320220,0 0,5 1,0 1,5 2026 Q32025202420232022 0,0 0,5 1,0 1,5 2026 Q32025202420232022 0 10 20 30 40 50 60 70 2026 Q32025202420232022 Hållbarhetscerti/f_iering % av total lokalarea Hållbarhetscerti/f_iering % av lokalarea 0 2000 4000 6000 8000 20262025202420232022 0 2000 4000 6000 8000 20262025202420232022 Produktion av solenergi MWh Produktion av solenergi MWh 0 200 400 600 800 1000 2026 Q32025202420232022 Bortkonverterad konventionell köldmedia ton CO2e Energiintensitet kWh/m2 Atemp, år (normalårskorrigerad) Q1 Q2 Q3 Q4 Scope 1 och 2, intensitet kg CO2-ekv/m/two.superior Scope 3, intensitet kg CO2-ekv/m/two.superior 1,2893,8 81,4 81,7 76,0 53,1 93.8 81.4 81.7 76.0 53.1 22,7 33,3 43,0 49,1 68,03 506 4 152 4 943 6 356 6 423 3,506 4,152 4,943 6,356 6,423 1,28 1,02 0,90 0,57 1.28 1.28 1.02 0.90 0.57 0 5 10 15 20 20252024202320222021 12,2 10,6 14,1 15,8 14,0900 436 386 180 257 0 10 20 30 40 50 60 70 2026 Q32025202420232022 22.7 33.3 43.0 49.1 68.0 3 506 2022 4 152 2023 4 943 2024 6 356 2025 22,7% 2022 33,3% 2023 43% 2024 49,1% 2025 X% Q1 2026 X 2026 ÅR Share of sustainability-certi/f_ied area % of total area Solar energy produced MWh Conventional refrigerants replaced tonnes CO2e Energy intensity kWh/m2 Atemp, year (normal year corrected) Q1 Q2 Q3 Q4 Scope 1 och 2, intensity kg CO2e/m2 NFA Scope 3, intensity kg CO2e/m2 NFA 0 5 10 15 20 20252024202320222021 12.2 10.6 14.1 15.8 14.0900 436 386 180 257 22,7% 2022 33,3% 2023 43% 2024 49,1% 2025 X% Q1 2026 Year Ackumulerat sedan 2020: 3 585 ton CO2e Accumulated since 2020: 3,585 tonnes CO2e Mål: <75 kWh/m2 (målår: 2030) Våra utsläppsrelaterade mål, vilka är SBTi-validerade, är inte direkt jämförbara med utfall i grafen. Mål: totalt 5 000 ton CO2e sedan 2020 (målår: 2030) Våra utsläppsrelaterade mål, vilka är SBTi-validerade, är inte direkt jämförbara med utfall i grafen. Mål: >80% (målår: 2030) Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Sustainability
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16 Wihlborgs interim report January–September 2026 Liabilities and equity As of 30 September 2026 equity totalled SEK 24,932 million (24,311) after a dividend payment of SEK 1,015 million was made during the second quarter. The equity/assets ratio stood at 36,2 percent (36.9). Interest-bearing liabilities The group’s borrowings as of 30 September amounted to SEK 35,231 million (33,250) ) with an average interest rate including costs for credit agreements of 3.45 percent (3.29). With consideration to the company’s debt of SEK 35.2 billion, the loan-to-value ratio is 52.5 percent (51.6) as a percentage of property values. The loans’ average fixed interest period, including effects of derivatives, on 30 September 2026 amounted to 2.5 years (2.7) The average loan maturity, including committed credit facilities, amounted to 4.9 years (4.7). 23 percent of outstan- ding borrowings come from the bond market. Structure of interest and loan maturities as of 30 September 2026 Interest maturity Loan maturity Matures, year Loan amount, SEK m Av. interest rate, %* Credit ag., SEK m Utilised, SEK m 2026 7,530 3,37 450 450 2027 8,803 3,41 20,488 7,890 2028 4,161 3,61 14,342 11,442 2029 4,409 3,36 5,233 3,778 2030 3,308 3,29 2,027 2,027 >2030 7,019 3,23 9,643 9,643 Total 35,231 3,37 52,184 35,231 *) Excluding costs for credit agreements. Wihlborgs use interest rate derivatives in order to reduce the risk level in the loan portfolio. A summary of the terms is shown in the table below. The interest stated refers to fixed interest paid, in all agreements variable 3-month interest is received. Interest rate derivatives portfolio 30 September 2026 Interest rate swaps Maturity Amount, SEK m Interest, % 2026 376 1.00 2027 2,761 2.38 2028 3,661 2.54 2029 4,409 2.32 2030 3,409 2.25 >2030 5,409 2.56 Total 20,027 2.40 Changing market interest rates have meant an unchanged value in Wihlborgs’ interest rate derivative portfolio, which at the end of the period amounted to SEK 432 million (42). Interest-rate derivatives are recognised at fair value in accordance with IFRS 9. All derivatives are classified in level 2 in accordance with IFRS 13. For information on the valuation approach for interest rate derivatives, see page 100 of the 2025 Annual Report. Average net debt relative to rolling 12-month operating income amounted to 10.6 times (10.4). Current financing, September 2026 Total debt: 35,2 SEK bn Svenska banker 41 % Obligationer 23 % 36 % Danska banker Bank loans 41 % Bonds 23 % 36 % Danish mortgage loans Net debt/EBITDA 0 2 4 6 8 10 12 Q3 2026202520242023202220212020201920182017 On 1 October, Charlotte Norell assumed her new role as Regional Director in Helsingborg and as a member of Wihlborgs Group Management. She brings a background in valuation, analysis, transactions and strategy from companies including Croisette and Castellum. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Liabilities and equity
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17 Wihlborgs interim report January–September 2026 Development in share price 2025-01-01 – 2026-09-30 Largest shareholders in Wihlborgs 30 September 2026 Number of shares, thousands Proportion of equity and votes, % Backahill 34,008 11.1% Swedbank Robur funds 18,583 6.0% SEB Investment Management 15,102 4.9% Länsförsäkringar funds 14,051 4.6% Tredje AP-fonden 6,975 2.3% Handelsbanken funds 6,768 2.2% Fjärde AP-fonden 6,010 2.0% Nordea funds 4,939 1.6% Lannebo funds 4,790 1.6% Livförsäkringsbolaget Skandia 4,707 1.5% Other shareholders reg. in Sweden 93,747 30.5% Other shareholders reg. abroad 97,747 31.8% Total outstanding shares 307,427 100.0% Miscellaneous Employees At the end of the period, the number of FTEs at Wihlborgs was 227 (225) of which 62 (63) were in property service. Of the total number of FTEs 90 (89) were in Malmö, 33 (34) in Helsingborg, 31 (31) in Lund och 73 (71) in Copenhagen. The average age of employees is 45 years and women make up 39 percent (39). Parent company The parent company owns no properties, but deals with ques- tions relating to the stock market and joint Group functions for administration, management and borrowing. The parent company’s turnover is mostly related to the billing of services to Group companies. The parent company has invested SEK 0 million (0), including shareholder contribution, in shares in subsidiaries and shares in joint ventures. The parent company’s income statement and balance sheet are found on page 21. Participation in other companies A description of all participations in joint ventures and holdings in joint operations held by Wihlborgs will be found on pages 108–109 in the Company’s 2025 Annual Report. Largest shareholders The largest shareholder in Wihlborgs is Backahill, representing the Paulsson family, with 11.1 percent of the shares outstanding. Shares held by owners registered abroad account for 32 percent. The number of shareholders is approximately 34,000. Wihlborgs SX8600 OMX Stockholm Real Estate PI OMX Stockholm PI Omsättning, antal per månad Nasdaq Stockholm SEK Omsättning antal, ’000 2025 2026 0 10000 20000 30000 sepaugjuljunmajaprmarfebjandecnovoktsepaugjuljunmajaprmarfebjan0 50 100 150 0 10000 20000 30000 sepaugjuljunmajaprmarfebjandecnovoktsepaugjuljunmajaprmarfebjan0 50 100 150 2025 2026 SEK Wihlborgs SX8600 OMX Stockholm Real Estate PI OMX Stockholm PI Traded shares, no. per month Nasdaq Stockholm Number of traded shares, ’000 Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Miscellaneous
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18 Wihlborgs interim report January–September 2026 Significant risks and uncertainty factors Wihlborgs’ future development and ability to reach its opera- tional goals are influenced by numerous risks and uncertainties. By systematically reviewing, analysing and managing these risks and uncertainties, it is possible to limit them and concurrently create the prerequisites for continued growth. The risks assessed as having a significant influence on the Group’s earnings trend and cash flow are the variations in rental income, property costs and interest-rates. The proper- ties are measured at fair value with changes in value in the income statement resulting in positive and negative impacts on earnings during the year. Property valuation also impacts Wihlborgs’ financial position and key metrics. The extent of changes in value is partly determined by Wihlborgs’ own capacity, through alteration and upgrading of properties, as well as by leases and client structures, to increase the properties’ market value, and partly by external factors that affect supply and demand in the property markets where the company is active. Property valuation should take in to account an interval of uncertainty, which in a functioning market, typically consists of +/-5–10% to reflect the inherent uncertainty of assumptions and estimates. In addition to the above, risks also include financing risks. Wihlborgs is dependent on external loans to meet its undertakings and complete transactions. Risks are managed using Wihlborgs’ financial policy, which stipulates objectives, guidelines and risk limits for Wihlborgs’ financial activities. In pages 84–89 and 101–102 in the Company’s 2025 Annual Report there is a comprehensive description of the risks facing the Group, how these are handled and a grading with regard to the assessed impact on the business and the probability that the risk will occur. No significant changes to the company’s risk assessment are made compared with what is described in the annual report for 2025. Accounting policies Wihlborgs follows the International Financial Reporting Stan- dards (IFRS) issued by the International Accounting Standards Board (IASB), as well as interpretations issued by the IFRS Inter- pretations Committee (IFRIC) as endorsed by the European Union. The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. Information under IAS 34 p.16A is submitted in the notes and elsewhere in the interim report. The Group applies the same accounting policies and valuation methods as in the most recent annual report. Wihl- borgs assesses that none of the new or amended standards approved by the EU, or interpretations from the IFRS Interpre- tations Committee, that entered force after 1 January 2026, affect its results or financial position in any material sense. The Group applies the Swedish Corporate Reporting Board’s recommendation RFR 1, Supplementary Accounting Rules for Corporate Groups and the Parent Company applies RFR 2. Events after the accounting period On 1 October, Wihlborgs completed the acquisition of Castel- lum’s property portfolio in Skåne, comprising 635,000 square metres across 95 properties, with a property value of SEK 13.3 billion. Malmö 21 October 2026 Wihlborgs Fastigheter AB (publ) Ulrika Hallengren, CEO This interim report has been subject to review by the compa- ny’s auditors. Auditors report Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Wihlborgs Fastigheter AB (publ) as of September 30, 2026, and the nine-month period ending on that date, and which can be found on pages 1-13 and 16-25 of this document. The Board of Directors and the Managing Director are responsible for preparing and pre- senting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Inde- pendent Auditor of the Entity. A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our atten- tion that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Malmö 21 October 2026 Öhrlings PricewaterhouseCoopers AB Eva Carlsvi Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Miscellaneous
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19 Wihlborgs interim report January–September 2026 Financial reports Consolidated income statement summary SEK m Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec 2026 2025 2026 2025 2025/2026 2025 Rental income 1,160 1,101 3,484 3,243 4,595 4,354 Operating costs -142 -141 -477 -447 -646 -616 Repairs and maintenance -37 -35 -104 -98 -151 -145 Property tax -86 -92 -245 -233 -316 -304 Property administration -47 -43 -145 -131 -196 -182 Total property costs -312 -311 -971 -909 -1,309 -1,247 Operating surplus 848 790 2,513 2,334 3,286 3,107 Central administration -25 -23 -75 -65 -97 -87 Interest income 5 6 19 17 24 22 Interest expenses -307 -283 -861 -818 -1,133 -1,090 Leasehold rent -2 -1 -4 -3 -5 -4 Share in results of joint ventures 7 6 12 17 85 90 Income of property management 527 495 1,604 1,482 2,160 2,038 Change in value of properties 21 103 49 415 493 859 Change in value of derivatives 350 35 383 -87 471 1 Pre-tax result 898 633 2,036 1,810 3,124 2,898 Current tax -15 -10 -46 -46 -44 -44 Deferred tax -194 -136 -451 -394 -691 -634 Result for the period1 689 487 1,539 1,370 2,389 2,220 OTHER TOTAL PROFIT LOSS 2) Items that will be reclassified to profit or loss for the year: Translation differences on recalculation of foreign operations 193 -11 292 -212 162 -342 Hedging of currency risk in foreign operations -154 9 -225 197 -117 305 Tax attributable to items that will be reclassified to profit or loss for the year 22 -1 30 -29 15 -44 Other comprehensive income for the period/year 61 -3 97 -44 60 -82 Total comprehensive income for the year1 750 484 1,636 1,326 2,449 2,138 Earnings per share2 2.24 1.58 5.01 4.46 7.77 7.22 No. of shares at end of the period, thousands 307,427 307,427 307,427 307,427 307,427 307,427 Average no. of shares, thousands 307,427 307,427 307,427 307,427 307,427 307,427 1) The entire profit/comprehensive income is attributable to the parent company’s shareholders. 2) Key ratios per share have been calculated based on a weighted average number of shares during the period. There are no outstanding subscription options, convertibles or other potential ordinary shares and accordingly, no dilution effects to take into consideration. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Financial reports
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20 Wihlborgs interim report January–September 2026 Consolidated cash flow statement summary SEK m Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec 2026 2025 2026 2025 2025 Operating activities Operating surplus 849 790 2,513 2,334 3,107 Central administration -25 -23 -75 -65 -87 Non-cash items 0 3 4 6 7 Interest recieved 3 4 18 12 22 Interest paid -304 -328 -894 -811 -1,052 Income tax paid 0 -1 -34 -47 -43 Change in operating receivables 20 -40 37 22 10 Change in operating liabilities 9 278 -175 241 217 Cash flow from operating activities 552 683 1,394 1,692 2,181 Investment activities Acquisitions of properties 0 -25 -534 -2,577 -2,604 Investments in existing properties -416 -646 -1,458 -1,911 -2,738 Sales of properties 0 100 4 114 156 Change in other non-current assets -3 20 -8 -15 -10 Cash flow from investment activities -419 -551 -1,996 -4,389 -5,196 Financing activities Dividends paid 0 0 -1,015 -984 -984 New loans 1,130 8,523 7,309 13,939 14,693 Loan repayments -1,985 -8,605 -5,873 -10,420 -10,855 Change in other long-term liabilities 18 -22 40 10 12 Cash flow from financing activities -837 -104 461 2,545 2,866 Cash flow for the period -704 28 -141 -152 -149 Opening cash flow 828 232 263 412 412 Currency effect liquid assets -2 0 0 0 0 Closing cash flow 122 260 122 260 263 Consolidated balance sheet summary SEK m 2026-09-30 2025-09-30 2025-12-31 ASSETS Investment properties 67,108 63,457 64,414 Right-of-use assets 159 162 161 Other fixed assets 583 499 564 Derivatives 451 165 196 Current receivables 374 370 299 Liquid assets 122 260 263 Total assets 68,797 64,913 65,897 EQUITY AND LIABILITIES Equity 24,932 23,498 24,311 Deferred tax liability 6,731 6,037 6,276 Borrowings 35,231 33,179 33,250 Lease liability 159 162 161 Derivatives 19 213 154 Other long-term liabilities 119 79 80 Current liabilities 1,606 1,745 1,665 Total equity & liabilities 68,797 64,913 65,897 Consolidated statement of changes in equity SEK m Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Total equity at beginning of period 24,311 23,156 23,156 Equity attributable to parent company’s shareholders Opening amount 24,311 23,156 23,156 Dividend paid* -1,015 -984 -984 Profit for the period 1,539 1,370 2,220 Other comprehensive income 97 -44 -82 Total equity at end of period 24,932 23,498 24,311 *) All shares are ordinary shares Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Financial reports
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21 Wihlborgs interim report January–September 2026 Historical summary of last eight quarters SEK m Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Rental income 1,160 1,174 1,150 1,111 1,101 1,097 1,045 1,059 Operating costs -142 -143 -192 -169 -141 -136 -170 -156 Repairs and maintenance -37 -35 -32 -47 -35 -30 -33 -35 Property tax -86 -80 -79 -71 -92 -74 -67 -70 Property administration -47 -51 -47 -51 -43 -44 -44 -46 Operating surplus 848 864 800 773 790 813 731 752 Income from property management 527 556 520 556 495 524 463 452 Profit for the period 689 301 548 850 487 452 431 860 Surplus ratio, % 73.1 73.6 69.6 69.6 71.8 74.1 70.0 71.0 Investment yield, % 5.2 5.4 5.1 5.0 5.2 5.4 5.0 5.2 Equity/assets ratio, % 36.2 35.4 36.8 36.9 36.2 35.8 38.8 38.1 Return on equity, % 11.4 5.1 9.1 14.3 8.5 8.0 7.4 15.1 Earnings per share, SEK 2.24 0.98 1.78 2.76 1.58 1.47 1.40 2.80 Income property management per share, SEK 1.71 1.81 1.69 1.81 1.61 1.70 1.51 1.47 Cash flow fr operating activities per share, SEK 1.79 2.00 0.74 1.59 2.22 1.63 1.65 1.48 EPRA NRV per share, SEK 101.59 99.66 101.14 99.36 96.23 94.35 95.08 93.58 Share price as % of EPRA NRV 69.5 75.5 85.1 91.8 95.7 108.4 103.9 112.0 Carrying amount of properties 67,108 66,226 65,642 64,414 63,457 62,731 59,126 59,168 Equity 24,932 24,182 24,883 24,311 23,498 23,014 23,521 23,156 Total assets 68,797 68,405 67,587 65,897 64,913 64,333 60,663 60,751 Definitions of key ratios are available on page 26. Parent company’s income statement summary SEK m Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Income 198 183 249 Expenses -192 -179 -243 Operating profits 6 4 6 Financial income 2,036 1,640 1,920 Financial expenses -916 -799 -973 Pre-tax profit 1,126 845 953 Appropriations – – -215 Tax -80 10 -31 Profit for the period 1,046 855 707 Parent company’s balance sheet summary SEK m 2026-09-30 2025-09-30 2025-12-31 Participations in Group companies 10,757 10,700 10,757 Receivables fr Group companies 24,048 22,888 23,182 Derivatives 451 165 196 Other assets 313 344 302 Cash and bank balances 6 114 142 Total assets 35,575 34,211 34,579 Equity 5,992 6,107 5,960 Liabilities to credit institutions 26,500 25,505 25,702 Derivatives 19 213 154 Liabilities to Group companies 2,859 2,271 2,607 Other liabilities 205 115 156 Total equity and liabilities 35,575 34,211 34,579 Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Financial reports
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22 Wihlborgs interim report January–September 2026 In the group’s internal reporting, operations are divided into the market areas of Malmö, Helsingborg, Lund and Copenhagen. Each market area corresponds to an operating segment whose revenues and costs are followed up regularly by reporting to the CEO, who is the group’s top executive decision maker. Group management follows up the operating profit and value changes in properties, other profit items are not distributed by market area. On the asset side, the real value of the properties is monitored. For a more detailed description of the segments, see the annual report for 2025 pages 45-67. Rental income includes customary charges for rent including indexation, extra charges for investments and property taxes. Service income includes all other supplementary charges like for example electricity, heating, water and other services to tenants. Consolidated segment reporting January-September Property management Malmö Helsingborg Lund Copenhagen Total SEK m 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Rental income, excl. additional charges 1,089 1,035 774 730 528 486 708 649 3,099 2,900 Service income 115 104 67 57 65 62 138 120 385 343 Rental income 1,204 1,139 841 787 593 548 846 769 3,484 3,243 Property costs -304 -278 -208 -193 -166 -160 -294 -278 -971 -909 Operating surplus 900 861 634 594 427 388 552 491 2,513 2,334 Leashold rent 0 0 -4 -3 0 0 0 0 -4 -3 Changes in values of properties 63 137 25 162 12 9 -52 106 48 415 Total 964 998 655 753 438 397 501 598 2,557 2,746 Items not classified by segment Central administration - - - - - - - - -75 -65 Net interest, exl. leasehold rent - - - - - - - - -842 -801 Results of Joint Ventures - - - - - - - - 12 17 Change in value derivatives - - - - - - - - 383 -87 Pre-tax result 2,035 1,810 Market value properties 25,866 25,122 14,975 14,531 11,357 10,665 14,910 13,139 67,108 63,457 Posthornet 1 in central Lund has been nominated for NollCO2 Project of the Year (Miljöbyggnad Plus) at the Sweden Green Building Awards 2026, to be held on 25 November. The awards are presented by SGBC (Sweden Green Building Council) to recognise projects, individuals and organisations that are pioneering and leading the way in sustainable urban development. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Financial reports
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23 Wihlborgs interim report January–September 2026 Key figures for the group SEK m Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Financial Return on equity, % 8.3 7.8 9.9 9.4 Return on total capital, % 5.7 6.5 6.5 7.2 Equity/assets ratio, % 36.2 36.2 36.2 36.9 Interest coverage ratio, multiple 2.9 2.8 2.9 2.9 Loan-to-value ratio, properties, % 52.5 52.3 52.5 51.6 Debt/equity ratio, multiple 1.4 1.4 1.4 1.4 Share-related Earnings per share, SEK 5.01 4.46 7.77 7.22 Earnings per share before tax, SEK 6.62 5.89 10.16 9.43 P/E-ratio I, multiple 10.6 15.5 9.1 12.6 P/E-ratio II, multiple 11.1 15.9 11.1 15.5 Cash flow from operations per share, SEK 4.53 5.50 6.12 7.09 Market value per share, SEK 70.60 92.05 70.60 91.25 Proposed dividend per share, SEK - - - 3.30 Dividend yield, % - - - 3.6 Total return from share, % - - - -9.9 Number of shares at the end of period, thousands 307,427 307,427 307,427 307,427 Average number of shares, thousands 307,427 307,427 307,427 307,427 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Property-related Number of properties 316 317 316 316 Carrying amount of properties, SEK m 67,108 63,457 67,108 64,414 Estimated investment yield, % – all properties 4.9 5.0 4.9 4.9 Estimated investment yield, % – excl project prop. 5.1 5.3 5.1 5.2 Lettable area, m2 2,464,294 2,403,832 2,464,294 2,428,634 Rental income, SEK per m2 2,117 2,034 2,117 2,055 Operating surplus, SEK per m2 1,336 1,316 1,336 1,296 Financial occupancy rate, % – all properties 88 90 88 88 Financial occupancy rate, % – excl project properties 89 90 89 90 Estimated surplus ratio, % 72 72 72 71 EPRA EPRA EPS, SEK 4.78 4.35 6.31 5.89 EPRA NDV (net disposal value) per share, SEK 81.10 76.43 81.10 79.08 EPRA NRV (net reinstatement value) per share, SEK 101.59 96.23 101.59 99.36 EPRA LTV, % 54.1 54.2 54.1 53.3 EPRA NIY 5.0 5.3 5.0 5.2 EPRA Topped-up NIY 5.1 5.4 5.1 5.3 EPRA Vacancy rate, % 11.2 9.3 11.2 9.5 EPRA Rental growth, like-for-like, % 0.7 -0.9 0.7 0.8 EPRA Capital Expenditure 1,992 4,488 2,845 5,342 Employees Number of FTEs at period end 227 225 227 225 Like Almedalen, Skåne’s Ystad Summit in early September brings together the business community, the public sector and academia. Wihlborgs hosted a discussion about what success factors it takes to turn innovations into reality, together with the innovation platforms Media Evolution and Medeon in Malmö, Amyna at Ideon Science Park in Lund and HETCH in Helsingborg. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Financial reports
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24 Wihlborgs interim report January–September 2026 Basis for key figures Below is a derivation of the financial key figures that Wihlborgs presents on page 23. The following financial targets have been established by the Board: • A return on equity that exceeds the risk-free interest rate* by not less than six percentage points, which for the beginning of 2026 corresponds to 8.27 percent. • An equity/assets ratio of no less than 30 percent • An interest coverage ratio of no less than 2.0 • The loan-to-value ratio is not to exceed 60 percent *) Risk-free interest rate is defined as the rate on a 5-year Swedish government bond Unless otherwise stated, amounts are in SEK million 2026-09-30 2025-09-30 2025-12-31 Return on equity Profit for the period 1,539 1,370 2,220 Converted to full-year figures 2,052 1,827 2,220 Equity, opening balance 24,311 23,156 23,156 Equity, closing balance 24,932 23,498 24,311 Average equity 24,622 23,327 23,734 Return on equity, % 8.3 7.8 9.4 Return on capital employed Profit before tax 2,036 1,810 2,898 Interest expense (incl value changes interest derivatives) 478 905 1,089 Total 2,514 2,715 3,987 Converted to full-year figures 3,352 3,620 3,987 Total assets, opening balance 65,897 60,751 60,751 Total assets, closing balance 68,797 64,913 65,897 Non-interest bearing debt, opening balance -8,021 -7,139 -7,139 Non-interest bearing debt, closing balance -8,456 -7,861 -8,021 Average capital employed 59,109 55,332 55,744 Return on capital employed, % 5.7 6.5 7.2 Equity/assets ratio Equity 24,932 23,498 24,311 Total assets 68,797 64,913 65,897 Equity/assets ratio, % 36.2 36.2 36.9 Interest coverage ratio Income from property management 1,604 1,482 2,038 Interest expense 864 821 1094 Total 2,469 2,303 3,132 Interest expense 864 821 1,094 Interest coverage ratio, multiple 2.9 2.8 2.9 2026-09-30 2025-09-30 2025-12-31 Leverage properties Borrowings 35,231 33,179 33,250 Net value investement properties 67,108 63,457 64,414 Leverage properties, % 52.5 52.3 51.6 Debt/equity ratio Interest-bearing liabilities 35,390 33,341 33,411 Equity 24,932 23,498 24,311 Debt/equity ratio, multiple 1.4 1.4 1.4 Earnings per share Profit for the period 1,539 1,370 2,220 Average number of shares, thousands 307,427 307,427 307,427 Earnings per share, SEK 5.01 4.46 7.22 Earnings per share before tax Profit before tax 2,036 1,810 2,898 Average number of shares, thousands 307,427 307,427 307,427 Earnings per share before tax, SEK 6.62 5.89 9.43 Dividend yield per share Proposed dividend, SEK - - 3.30 Market price per share at year end, SEK - - 91.25 Dividend yield per share, % - - 3.6 Total share yield Market price per share at year start, SEK - - 104.80 Market price per share at year end, SEK - - 91.25 Change in market price during the year, SEK - - -13.55 Dividend paid during the year, SEK - - 3.20 Total return per share, % - - -9.9 P/E ratio I Market price per share, SEK 70.60 92.05 91.25 Earnings per share, SEK 5.01 4.46 7.22 Converted to full-year figures 6.67 5.94 7.22 P/E ratio I, multiple 10.6 15.5 12.6 P/E ratio II Market price per share, SEK 70.60 92.05 91.25 EPRA EPS, SEK 4.78 4.35 5.89 Converted to full-year figures 6.37 5.80 5.89 P/E tal II, multiple 11.1 15.9 15.5 Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Key figures
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25 Wihlborgs interim report January–September 2026 2026-09-30 2025-09-30 2025-12-31 Operating cash flow per share Operating cash flow 1,394 1,692 2,181 Average number of shares, thousands 307,427 307,427 307,427 Operating cash flow per share, SEK 4.53 5.50 7.09 EPRA EPS Income from property management (excl. property valuation in JV) 1,604 1,482 1,970 Tax depreciation, direct tax deductions etc -958 -789 -1,344 Taxable income from property management 646 693 626 Current tax on the above -136 -145 -160 Income from property management after deduction of current tax 1,468 1,337 1,810 Average number of shares, thousands 307,427 307,427 307,427 EPRA EPS, SEK 4.78 4.35 5.89 EPRA NDV per share Equity 24,932 23,498 24,311 Number of shares at year end, thousands 307,427 307,427 307,427 EPRA NDV per share, SEK 81.10 76.43 79.08 EPRA NRV per share Equity 24,932 23,498 24,311 Deferred tax liability 6,731 6,037 6,276 Derivatives -432 48 -42 Total 31,231 29,583 30,545 Average number of shares, thousands 307,427 307,427 307,427 EPRA NRV per share, SEK 101.59 96.23 99.36 EPRA LTV Borrowings*, group 35,287 33,236 33,340 Borrowings*, share of joint ventures 966 976 1,002 Net payables, group 1,181 1,283 1,250 Net recivables, share of joint ventures -232 -89 -218 Total 37,202 35,407 35,375 Exclude: Liquid assets, group -122 -260 -263 Liquid assets, share of joint ventures -63 -68 -65 Net Debt 37,017 35,078 35,047 Investments properties, group 67,108 63,457 64,414 Investment properties, share of joint ventures 1,339 1,289 1,364 Total investment properties 68,447 64,747 65,777 EPRA LTV, % 54.1 54.2 53.3 2026-09-30 2025-09-30 2025-12-31 EPRA NYI and ”topped-up” NIY Investments properties wholly owned 67,108 63,457 64,414 Investment properties, share of joint ventures 1,339 1,289 1,364 Excluding project developments and land -3,993 -4,076 -4,832 Completed property portfolio 64,454 60,670 60,946 Annualised cash passing rental income, excl. additional charges 3,810 3,780 3,764 Property outgoings -577 -539 -578 Annualised net rents 3,233 3,241 3,186 EPRA NIY 5.0 5.3 5.2 Added rent free periods 49 53 67 Annualised net rents after rent-free periods 3,282 3,294 3,253 EPRA "topped-up" NIY 5.1 5.4 5.3 EPRA Vacancy rate Estimated rental value of vacant space, including JV 577 457 469 Estimated rental value of the whole portfolio, including JV 5,162 4,894 4,917 EPRA vakancy rate, % 11.2 9.3 9.5 EPRA Rental growth, like-for-like Rental income like-for-like current period 3,604 3,424 3,372 Rental income like-for-like previous period 3,580 3,454 3,347 Change 24 -30 25 Change, % 0.7 -0.9 0.8 EPRA Capital Expenditure Acquisitions 534 2,577 2,604 Development 557 766 1,115 Investment Properties 878 1,120 1,589 - Of which incremental lettable space 20 1 5 - Of which no incremental lettable space 419 445 672 - Of which tenant incentives 424 569 802 - Of which other non-allocated types of expenditures 15 106 109 Capitalized interest 23 26 34 Total investments 1,992 4,488 5,342 * including accrued interest Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Key figures
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26 Wihlborgs interim report January–September 2026 *) These key figures are operational and are not regarded as alternative key ratios according to ESMA’s guidelines. These key figures are based on the property table on page 9. the table shows the estimated rental value, rental income and property expenses on an annualised basis with an unchanged property portfolio, based on the contract stock on the first day after the end of the period. Definitions Wihlborgs presents certain financial measures that are not defined in accordance with IFRS, as a complement to facilitate the evalua- tion of the company’s performance. These measures are not always comparable with those of other companies and should not be considered a substitute for IFRS measures. Definitions are presented on this page. Key financial ratios Return on equity Profit for the period as a percentage of average equity, excluding non-controlling interests. In interim reports, the return is converted to its annualised value without taking account of seasonal variations. The ratio comprises a measure of the profitability in relation to shareholders’ equity. Return on capital employed (ROCE) Earnings before interest expense, derivatives and taxes (EBIT) as a percentage of average capital employed. Capital employed is defined as total assets less non-interest-be- aring liabilities and provisions. +In interim reports, the return is converted to its annuali- sed value without taking account of seasonal variations. The metric shows the return on the capital provided by shareholders and lenders without regard to interest. Equity/assets ratio Equity as a percentage of total assets at the end of the period. The ratio provides a measure of the financial strength of the company. Interest coverage ratio Income from property management, plus interest expense, divided by interest expense. The ratio measures the degree to which earnings can decline without jeopardi- sing interest payments or, alternatively, how much interest expense can increase before income from property management becomes negative. Loan-to-value ratio, properties Borrowings as a percentage of the properties’ carrying amounts. The ratio shows the degree of borrowing on the property portfolio. Debt/equity ratio Interest-bearing liabilitites relative to equity. Interest-bearing liabilities include borrowings, lease liabilities and any other interest-bearing liabilities.The ratio illustrates the relationship between borrowings and equity and, thereby, the gearing and financial strength. Surplus ratio The operating surplus, shown as a percen- tage of rental income. The ratio illustrates the proportion of rental income that remains after deducting property management costs. Investment yield The operating surplus shown as a percentage of the properties’ average carrying amount. In interim reports, the yield is converted to its annualised value without taking account of seasonal variations. The ratio illustrates the yield on the property portfolio without taking account of its financing costs. Net Debt / EBITDA Borrowings minus liquid assets in the financial statements, measured at five measurement occasions (quarterly) in the last twelve months, divided by operating surplus minus central administration, rolling twelve months. The key figure shows the company’s earning capacity relative to borrowings, net. Exchange rate changes on rental income When calculating the period’s revenue increase, comparable currencies are used. As each period is converted to current exchange rates, exchange rate differences arise on rental income in comparison between two periods. Average fixed interest period Time remaining until the interest on all interest bearing debts in average has been adjusted. Average loan maturity Time remaining until an average of all interest bearing debts has been refinanced. Share-related key ratios Earnings per share for the period Earnings for the period divided by the average number of shares outstanding. Earnings per share are the same before and after dilution. Definition according to IFRS. Earnings per share before tax Earnings per share before tax divided by the average number of shares outstanding. P/E ratio I, multiple Market price per share divided by earnings per share. In interim reports, the ratio is con- verted to its annualised value without taking account of seasonal variations. P/E ratio II, multiple Market price per share divided by EPRA RPS per share. In interim reports, the ratio is con- verted to its annualised value without taking account of seasonal variations. Cash flows from operating activites per share Cash flows from operating activities divided by average number of shares outstanding. Dividend yield per share Proposed dividend as a percentage of the year-end share price. Total yield per share Share price performance plus actual dividend relative to the share price at the start of the year. EPRA key ratios EPRA EPS Income from property management less the estimated tax payable on taxable income from property management divided by the average number of shares outstanding. Taxable income from property management is defined as income from property manage- ment less fiscal depreciation/amortisation, direct deductions and none deductible interest rates. The effect of loss carryforwards is not taken into consideration. EPRA NDV - Net disposal value, per share The closing balances for equity divided by the number of shares at the end of the period. EPRA NRV - Net reinstatement value, per share The closing balances for equity following the reversal of interest-rate derivatives and deferred tax according to the balance sheet, divided by the number of shares at the end of the period. EPRA LTV The group’s long- and short-term interest-be- aring liabilities plus net working capital (if negative) minus cash and cash equivalents, in relation to the properties’ reported value plus net working capital (if positive). With the addition of the group’s share of correspon- ding items in associated companies. EPRA NIY Annualised rental income (excluding addi- tional charges and including Joint ventures) based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the properties. EPRA Topped-up NIY This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of discounted rent periods. EPRA Vacancy rate Estimated rental value of vacant space divided by estimated rental value for proper- ties not classified as projects/land. Includes share of joint ventures. EPRA Like-for-like rental growth The difference between rental income, excluding additional charges and parking income, in like-for-like portfolio at the end of the period, compared to the same time a year earlier. Property-related key figures* Rental value Rental income plus estimated market-level rents for unlet space. Estimated investment yield Operating surplus as a percentage of the carrying amount for the properties at the end of the period. Rental income per m2 Rental income on an annualised basis divided by lettable area. Operating surplus per m2 Operating surplus divided by lettable area. Economic occupancy rate Rental income as a percentage of rental value. Estimated surplus ratio Operating surplus as a percentage of rental income. Net Lettings New lettings during the period less termina- tions to vacate. Like-for-like Excludes properties that both current and comparative period are classified as projects/ land, aquired or sold. Sustainability-related definitions Normal year corrected Energy consumption adjusted for climate variations according to the SMHI Energy Index and Cooling Index to reflect energy consumption over a normal year. Atemp The area of temperature-regulated spaces intended to be heated to more than 10 °C, bounded by the interior of the building envelope. Carbon dioxide equivalent (CO2e) A metric for measuring greenhouse gas (GHG) emissions that converts emissions of various GHGs to the equivalent quantity of carbon dioxide based on the global warming potential (GWP) of each GHG. Scope 1 Direct GHG emissions from own opera- tions, including emissions from refrigerant leaks, gas consumption and fuel used in service vehicles. Scope 2 Indirect GHG emissions from purchased energy in the form of landlord electricity as well as district heating and cooling. Scope 3 Other indirect emissions arising in the value chain outside of own operations, such as those from project activities, employee com- muting and tenants’ electricity consumption. Location-based Accounting method for Scope 2 emissions based on the average energy mix in the geographic grid to which the property is connected. Market-based Accounting method for Scope 2 emissions based on emissions associated with the energy mix purchased through contractual instruments, such as guarantee of origins. Scope 3 intensity, new builds GHG emissions from completed new-build projects, expressed in kg CO2e per square metre of gross floor area (GFA). Covers the construction phase (A1–A5) and is based on project-specific climate calculations. Strategic suppliers Contractors who perform work on and in Wihlborgs’ properties. This includes suppliers covered by framework agreements and, effec- tive 1 January 2026, suppliers working under separate project contracts. These suppliers are subject to enhanced monitoring with regard to ESG-related requirements. Expanded workplace inspections Independent third party inspections to supp- lement routine workplace inspections. These include an inspection of safety and working environment at the workplace and checks of the individuals working on site. Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Definitions
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27 Wihlborgs interim report January–September 2026 Calendar Year-end report 2026 ..................................................................................16 February 2027 Interim report Jan-Mar 2027 .............................................................................26 April 2027 AGM 2027 .........................................................................................................27 April 2027 Interim report Jan-Jun 2027 ..................................................................................6 July 2027 Wihlborgs’ interim reports and the Annual Report are distributed electronically at www.wihl- borgs.se. The Annual Report is printed in Swedish and sent to any shareholders notifying the Company that they wish to receive it in printed form. Press releases Q3 2026 Wihlborgs signs leases in Berga, Helsingborg, totalling 3,500 square metres............3 September 2026 Wihlborgs appoints new Regional Director for Helsingborg...........................................31 August 2026 Fortnox expands with Wihlborgs in Malmö.....................................................................27 August 2026 Wihlborgs’ acquisition of Castellum’s South Sweden portfolio approved............................28 July 2026 Wihlborgs leases 9,400 sqm to Weibel Scientific in the Greater Copenhagen area...............7 July 2026 Interim report Jan-Jun 2026: Record rental income and operating surplus............................6 July 2026 This interim report is information of such a kind that Wihlborgs Fastigheter AB (publ) is legally required to disclose pursuant to the EU’s Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication through the agency of the contact people on the next page on 21 October 07.00 CEST. Four reasons to invest in Wihlborgs A region with strong growth drivers Our home region of Öresund has strong population growth, a young and well-educated demographic, world-class technological development, good commuting possibilities and shrinking distances to the continent through, for example, the coming Fehmarn Belt connection. At the same time Copenhagen Airport strengthens its position. These are the factors that make businesses grow and attract global corporations to locate their regional headquarters here. Business model built on geographic concentration Wihlborgs’ properties are located in selected sub-markets that provide growth and development potential. We create dense clusters of properties, industries and networks that enable tenants to relocate, grow and develop within our portfolio. We know the market and the region well and can quickly identify new needs and trends. Wihlborgs is the leading property company in Malmö, Lund and Helsingborg. Long-term and responsible owner Wihlborgs is a long-term owner that develops and manages properties under its own auspices with a high level of service and local suppliers. We invest in flexible premises that can be adapted according to tenants’ changing needs, with stringent requirements for quality and sustainability, while also ensuring low operating costs. We take the economy, people and the environment into account in all our decisions, and have recognised low ESG risk. Our goal is to halve scopes 1, 2 and 3 emissions by 2030, and to have net zero CO2 emissions by 2045. Stable growth and financing Wihlborgs has grown robustly for many years and raised the dividend for 20 consecutive years. This was made possible by our focus on conti- nuously improving cash flow. Our strong operating profit relative to our borrowing creates good financial stability, which allows us to maintain an attractive portfolio of ongoing and planned projects, and to capture new business opportunities as they arise. 1 2 3 4 Market overview Income, expenses and profit Assets Sustainability Liabilities and equity Financial reportsMiscellaneous Key figures Definitions Calendar ContactCEO´s comments Calendar
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Malmö – Headquarters Wihlborgs Fastigheter AB Box 97, 201 20 Malmö Visits: Dockplatsen 16 Phone: +46 40 690 57 00 Helsingborg Wihlborgs Fastigheter AB Terminalgatan 1 252 78 Helsingborg Phone: +46 42 490 46 00 Lund Wihlborgs Fastigheter AB Ideon Science Park Scheelevägen 17 223 70 Lund Phone: +46 46 590 62 00 Copenhagen Wihlborgs A/S Vasekaer 12, 1. sal DK-2730 Herlev, Danmark Phone: +45 396 161 57 Contact Ulrika Hallengren, CEO +46 (0)40-690 57 95, ulrika.hallengren@wihlborgs.se Arvid Liepe, CFO +46 (0)40-690 57 31, arvid.liepe@wihlborgs.se