Slides
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Third quarter 2025 Wallenstam
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Events during quarter 3 • Acquired land in the urban development area Forsåker, Mölndal • Agreement on the sale of Nacka Grace • Repurchase of 5,000,000 shares during the period
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The net asset value shall amount to SEK 80/share in 2030 GOAL Defined key ratio: The equity/assets ratio should be at least approximately 40 %
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Wallenstam today Distribution Rental value 210 properties 1.4 million sq m 1,077 apartments under construction SEK 70 billion in property value 96% in occupancy rate 53 wind turbines Residential 52% Office 26% Retail 7% Industry/warehouse 3% Garage 2% Education/care 4% Other 1% Restaurant 4% Cinema 1%
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Energy classes distributed by rental value A-C 65% (62) D-E 33% (34) F-G 2% (4) Shows the energy classes of Wallen- stam's properties distributed by rental value. The ratio at year-end is given in brackets.
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Net operating income, properties SEK million 2025 Jan-Sep 2024 Jan-Sep 2025 Jul-Sep 2024 Jul-Sep 2024 Jan-Dec Rental income 2,321 2,187 759 730 2,922 Operating expenses investment properties -533 -501 -156 -153 -701 Net operating income, properties 1,788 1,686 603 576 2,222 Surplus ratio: 77.0%
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Net operating income change, +6% New construction & large projects +68 MSEK -7 MSEK Acquisitions /sales Comparable holdings +27 MSEK Rental income Operating expenses New construction & large projects Acquisitions /sales Weather -2 MSEK Comparable holdings -9 MSEK +4 MSEK -18 MSEK Total rental income Total operating expenses Net operating income +102 MSEK -32 MSEK +134 MSEK One-time compensations +38 MSEK +8 MSEK Re-invoicing -8 MSEK Re-invoicing
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139 apartments completed and let Q3 2025
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Kallebäcks Terrasser kv. 6, Gothenburg, 139 apts. The project includes a total of 299 apts, now fully completed and let.
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Income from property management SEK million 2025 Jan-Sep 2024 Jan-Sep 2025 Jul-Sep 2024 Jul-Sep 2024 Jan-Dec Rental income 2,321 2,187 759 730 2,922 Operating expenses investment properties -533 -501 -156 -153 -701 Net operating income, properties 1,788 1,686 603 576 2,222 Management costs and administrative expenses investment properties -265 -221 -80 -69 -314 Net financial items investment properties -521 -585 -178 -191 -757 Income from property management 1,002 880 344 316 1,150 Average interest rate on closing day: 2.44%
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Average fixed interest rate term, 41 months 62% of the loan volume has fixed interest. 0 500 1 000 1 500 2 000 2 500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Maturity interest rate derivatives SEK million Interest coverage ratio, rolling 12 months: 2.4 times Interest coverage ratio during the quarter: 2.7 times , , , ,
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Profit/loss after tax SEK million 2025 Jan-Sep 2024 Jan-Sep 2025 Jul-Sep 2024 Jul-Sep 2024 Jan-Dec Profit/loss before changes in value and impairment losses 944 676 315 186 742 Change in value, investment properties 714 -44 377 -22 388 Change in value, financial instruments -275 -341 159 -432 102 Change in value, synthetic options 14 -14 15 -23 15 Impairment loss/reversal impairment loss wind turbines - - - - -62 Profit/loss before tax 1,397 278 866 -292 1,185 Current tax 0 0 0 0 0 Deferred tax -157 -139 -183 23 -411 Profit/loss after tax 1,240 139 682 -269 774
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Balance sheet – Assets Assets, SEK million 25-09-30 24-12-31 Investment properties 69,667 65,588 Development properties 54 64 Wind turbines 771 831 Cash and cash equivalents 213 46 Financial derivative instruments 856 1,136 Other 1,132 1,257 Total 72,693 68,922 INVESTMENT PROPERTIES, SEK MILLION Investment properties in operation 62,154 Projects in progress 5,427 Land and projects for future new construction 2,086 Total investment properties 69,667
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The value of the properties CHANGE DURING THE YEAR, INVESTMENT PROPERTIES SEK million Investment properties, Jan 1, 2025 65,588 Acquisitions 3,159 Construction 1,539 Sales -1,262 Unrealized change in value 642 Investment properties, Sep 30, 2025 69,667 Effective yield requirement commercial: 4.5% on average Effective yield requirement residential: 3.7% on average Residential properties, 57% Commercial properties, 43% Distribution Property value
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Investments in construction 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 1,539 MSEK SEK million , , , , , , ,
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Construction started of 178 apartments Q3 2025
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Älta Torg kv. 6, Nacka – 178 apartments
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1,077 apartments in ongoing new construction Occupation starts 2027 Åbybergsgatan Kvarter C 119 apts. Mölndal Occupation started 2025 Ädellövet 106 apts. Stockholm Occupation starts 2026 Älta Torg Kvarter 2 50 apts. Nacka Årstaberg 408 apts. Stockholm Kallebäcks Terrasser Kvarter 1 177 apts. Gothenburg Sten Stures kröningar Phase 2 (reconstruction) 39 apts. Gothenburg Occupation starts 2028 Älta Torg Kvarter 6 178 apts. Nacka
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Balance sheet – Liabilities and equity Liabilities and equity, SEK million 25-09-30 24-12-31 Equity 31,277 30,844 Interest-bearing liabilities 33,600 30,399 Financial derivative instruments 10 21 Lease liability 645 633 Other 7,161 7,025 Total 72,693 68,922 Loan-to-value ratio: 48% Equity/assets ratio: 43% Net asset value per share: SEK 59.70
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Questions? Susann Linde, Vice CEO and CFO susann.linde@wallenstam.se