Interim report
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Interim Report JANUARY 1–SEPTEMBER 30, 2025 JANUARY 1–SEPTEMBER 30, 2025 • The equity/assets ratio amounted to 43 percent (45) and the loan-to-value ratio was 48 percent (46). • Investment in new construction and reconstruction of proper - ties amounted to SEK 1,539 million compared to SEK 1,556 million in the corresponding period last year. • On closing day, 1,077 apartments were under construction. • Rental income amounted to SEK 2,321 million (2,187). • Income from property management amounted to SEK 1,002 million (880). • Changes in value of investment properties amounted to SEK 714 million (-44). • Changes in value of financial instruments amounted to SEK -275 million (-341). • Profit before tax amounted to SEK 1,397 million (278) and profit after tax amounted to SEK 1,240 million (139), equiva- lent to SEK 1.9 per share (0.2). • Net asset value per share amounted to SEK 59.70, compared to SEK 57.50 on December 31, 2024. ”The business is performing strongly and delivering – income from property management rose by almost 14 percent compared to the previous year and the net asset value increased by SEK 2.20 per share since year-end. The net asset value is now SEK 59.70 per share and we are working purposefully towards our goal of SEK 80 per share through 2030. The equity/assets ratio is 43 percent, which provides us with a stable foundation for continued development.” ”During the quarter, we started the construction of another residential project in Älta in Nacka, something I am very happy about. To be able to start new projects in the current market climate is not a given, but it is important – both for us and for society. Each construction start is a step towards more homes, and we have the financial muscle required to drive our new construction projects forward.” HANS WALLENSTAM, CEO Comparisons in brackets refer to the corresponding period of the previous year for performance measures, and the latest year-end for balance sheet measures, unless other - wise stated.. JULY 1–SEPTEMBER 30, 2025 • Rental income amounted to SEK 759 million (730). • Income from property management amounted to SEK 344 million (316). • Changes in value of investment properties amounted to SEK 377 million (-22). • Changes in value of financial instruments amounted to SEK 159 million (-432). • Profit after tax amounted to SEK 682 million (-269), equiva- lent to SEK 1.1 per share (-0.4).
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 2 43 percent 48 percent SEK 1,788 million EQUITY/ASSETS RATIO LOAN-TO-VALUE RATIO NET OPERATING INCOME JAN—SEP 210 INVESTMENT PROPERTIES SEK 70 billion VALUE OF INVESTMENT PROPERTIES SEK 29 billion MARKET CAPITALIZATION 96% OCCUPANCY RATE, LETTABLE AREA 1.4 million sq m LETTABLE AREA 1,077 APARTMENTS UNDER CONSTRUCTION 53 WIND TURBINES Events third quarter During the quarter, Wallenstam completed and let 139 apart - ments in the Kv. 6 project in Kallebäcks Terrasser, Gothenburg. The project comprises a total of 299 apartments and is now fully completed and fully occupied. In addition, construction has star - ted of 178 apartments in the Kv. 6 project in Älta Torg, Nacka. We have also taken possession of land in the Forsåker urban development area in Mölndal where we will construct about 240 apartments, which was announced in a press release on June 9, 2025. On July 3, it was announced that Wallenstam is selling Nacka Grace (the property Nacka Sicklaön 134:36) for an agreed proper- ty value of SEK 822 million. The buyer, Folksam Group and KPA Pension, will take possession of the property on October 31, 2025. During the quarter, 5 million own shares were repurchased. Business plan 2030, goal: Net asset value of SEK 80/share In September, Wallenstam’s goal was revised to SEK 80/share in net asset value, as a consequence of the changed external condi - tions that have occurred since the goal was set in 2022. During the business plan 2030, Wallenstam has a goal of increasing its net asset value through a continued productive, cost-efficient and service-oriented business in the growth regions of Gothenburg, Stockholm and Uppsala. Successful letting, efficient management, value-creating investments, profitable new construction and profi - table transactions will contribute to this net asset value growth. During the business plan, the equity/assets ratio should be at least approximately 40 percent. On September 30, 2025, the net asset value per share amount- ed to SEK 59.70 (57.50). Älta Torg kv. 6, Nacka. Wallenstam in brief WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 3 T he business is performing strongly and delivering – income from property management rose by almost 14 percent compared to the previous year and the net asset value increased by SEK 2.20 per share since year-end. The net asset value is now SEK 59.70 per share and we are working purposefully towards our goal of SEK 80 per share through 2030. The equity/assets ratio is 43 percent, which provides us with a stable foundation for continued development. When the numbers point in the right direction, it is also gratifying to state that demand in our business remains strong. There has been some talk during the year about vacancies in residential buildings in various parts of Sweden, but the picture looks different for Wallen - stam. Stable demand and strong position For a long time, Wallenstam’s focus has been on quality housing in attractive areas in Sweden’s two metropolitan regions. We have no vacancies in our residential holdings, and more than 300,000 people are now registered in our housing queue. In addition, we have a low tenant turnover rate, with an average residential period of around seven years. All in all, this shows that demand is strong, that our tenants are happy and that we offer something that people want to retain over time. Demand is also stable on the commercial side. Decision-making times are certainly longer – it is noticeable that companies are affected by the turbulent external environment – but the location and quality in our offering means that we see a continued good occupan - cy rate in Gothenburg CBD. New projects underway During the quarter, we started the construction of another residential project in Älta in Nacka, something I am very happy about. To be able to start new projects in the current market climate is not a given, but it is important – both for us and for society. Each construction start is a step towards more homes, and we have the financial muscle required to drive our new construction projects forward. Meanwhile, we are continuing our preparations for the façade re - novation of the Sergel’s scraper. The building permit is ready, and we expect to be able to commence the work as soon as the evacuation of the existing tenants is complete. It will be an extensive renovation, both technically and aesthetically, and an important step in transfor - ming this unique building into a modern and welcoming place right in the heart of Stockholm city. Quality that stands out It is great that two of our properties – Nacka Grace and Kochska hu- set – have been nominated for the Façade of the Year 2025 award, in the new construction and renovation/restoration categories. Both customers and investors appreciate quality, and the nomina - tions are a nice recognition of the work that our employees and part - ners put in every day. Creating something enduring, with attention to both detail and the bigger picture, is something we do not wish to compromise on. Strong balance sheet and a functioning capital market During the year, we have continued the buybacks of our own shares. We have now repurchased a total of 19 million shares at an average price of SEK 46.09. We see this as a wise way to use capital in a situation where our share is trading at a discount – an investment in our own company that clearly demonstrates our long-term belief in Wallenstam. It is also positive that interest rates have now slowly but surely moved downwards. The Riksbank’s rate cuts have had an impact, which has contributed to a lower average interest rate for Wallen - stam. Meanwhile, long-term interest rates have risen somewhat, which has resulted in positive changes in value in our interest rate de - rivatives. The capital market is functioning well – during the quarter, we issued bonds on favorable terms – and our access to financing is still very good. Efficiency improvements and value creation The increase in value of the properties came from improvements in net operating income and completed new construction projects. We are continually working to improve our cost efficiency. One example is our ongoing energy optimization project in our residential holdings in Råcksta, work that both reduces operating expenses and strengthens the sustainability of the holdings. Stable foundation for continued development Our business is performing well, demand is strong and we are conti - nuing to create value through long-term and responsible work. With a strong balance sheet, attractive properties and a dedicated organiza - tion, we are well-equipped to meet the future. HANS WALLENSTAM, CEO Comments by the CEO WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 4 Other comprehensive income corresponds to Profit/loss after tax. NOTE 1. INCOME FROM PROPERTY MANAGEMENT SEK million 2025 Jan-Sep 2024 Jan-Sep 2025 Jul-Sep 2024 Jul-Sep 2024/25 Oct-Sep 2024 Jan-Dec Rental income 2,321 2,187 759 730 3,056 2,922 Operating expenses investment properties -533 -501 -156 -153 -733 -701 Net operating income, properties 1,788 1,686 603 576 2,323 2,222 Management costs and administrative expenses investment properties -265 -221 -80 -69 -357 -314 Net financial items investment properties -521 -585 -178 -191 -694 -757 Income from property management 1,002 880 344 316 1,272 1,150 Surplus ratio, % 77.0 77.1 79.4 79.0 76.0 76.0 SEK million Note 2025 Jan-Sep 2024 Jan-Sep 2025 Jul-Sep 2024 Jul-Sep 2024/25 Oct-Sep 2024 Jan-Dec Rental income 1 2,321 2,187 759 730 3,056 2,922 Other income 2 119 180 33 39 189 250 T otal revenue 2,439 2,367 792 768 3,245 3,172 Operating expenses investment properties 1 -533 -501 -156 -153 -733 -701 Central management and administration 1 -273 -238 -82 -71 -367 -332 Participation in profits/losses of associated companies 0 -152 - -100 -184 -336 Financial income 1 7 6 2 2 9 7 Financial expenses 1 -564 -639 -192 -208 -752 -826 Other expenses 3 -133 -168 -49 -52 -207 -243 Profit/loss before changes in value and impairment losses 944 676 315 186 1,010 742 Change in value, investment properties 714 -44 377 -22 1,145 388 Change in value, financial instruments -275 -341 159 -432 168 102 Change in value, synthetic options 14 -14 15 -23 43 15 Impairment loss/reversal impairment loss wind turbines - - - - -62 -62 Profit/loss before tax 1,397 278 866 -292 2,305 1,185 Current tax 0 0 0 0 0 0 Deferred tax -157 -139 -183 23 -430 -411 Profit/loss after tax 1,240 139 682 -269 1,875 774 DISTRIBUTION OF PROFIT AFTER TAX Profit/loss attributable to shareholders in the parent company 1,240 139 682 -269 1,875 774 Average number of outstanding shares, thousands 648,185 656,848 643,248 656,548 650,151 656,631 Profit/loss after tax per share (SEK), dilution does not occur 1.9 0.2 1.1 -0.4 2.9 1.2 Consolidated income statement WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 5 JULY 1–SEPTEMBER 30 Rental income during the third quarter amounted to SEK 759 million (730), an increase of 4 percent or SEK 30 million. Increases in comparable holdings amounted to SEK 7 million. Newly construct- ed properties and completed larger projects added SEK 27 million comparatively, and acquisitions and divestments amounted to SEK -4 million net. Operating expenses amounted to SEK 156 million (153), an increase of SEK 3 million, which was mainly a result of added new construction and completed larger projects. Net operating income in - creased by 5 percent and amounted to SEK 603 million (576), which corresponds to a surplus ratio in the quarter of 79.4 percent (79.0). Net financial items investment properties amounted to SEK -178 million (-191). The average interest rate in the quarter was 61 points lower than the same quarter of the previous year and amounted to 2.47 percent (3.08). The average interest rate on closing day was 2.44 percent (2.95). The change in value of properties amounted to SEK 377 million (-22) and was mainly a result of capitalization of net operating income. No changes to yield requirements have been made during the quarter. The value of interest rate derivatives developed positively during the period, SEK 156 million (-420), due to higher long-term interest rates. JANUARY 1–SEPTEMBER 30 Income from property management amounted to SEK 1,002 million (880). Profit after tax for the period amounted to SEK 1,240 million (139), which corresponds to earnings per share of SEK 1.9 (0.2). Rental income Rental income increased by SEK 134 million, 6 percent, compared to the year-earlier period and amounted to SEK 2,321 million (2,187). Of the SEK 134 million, SEK 38 million consisted of a non-recurring payment for early relocation. Excluding this non-recurring payment, the increase in rental income amounted to SEK 96 million. Most of the increase, SEK 51 million, was generated in comparable holdings, primarily through rent increases from indexations and rent negoti - ations. The remainder, SEK 53 million, came from properties added mainly through new construction and completed larger projects. Acquisitions and divestments amounted to SEK -8 million net. Wallen - stam’s revenue is evenly distributed between residential properties and commercial premises, with a slight preponderance of residential. Agreed adjustments for commercial premises in 2025 mean average increases of 1.6 percent and apply from January 1. For residential, the agreed rent negotiations correspond to an average rent increase for 2025 of approximately 4.0 percent. Operating expenses and net operating income Seasonal effects at Wallenstam consist mainly of variable operating expenses, which are usually highest during quarters one and four when expenses for heating and property maintenance are generally higher. Operating expenses for the period amounted to SEK 533 million (501) and were SEK 32 million higher than the previous year. In comparable holdings, operating expenses increased by SEK 22 million net, which was mainly explained by higher planned repair 1,400 1,600 1,800 2,000 2,200 2,400 25*24232221 70 72 74 76 78 80 Surplus ratio, % Net operating income, SEK million NET OPERATING INCOME AND SURPLUS RATIO Surplus ratio *Latest rolling twelve-month period Net operating income 1,500 2,000 2,500 3,000 3,500 25*24232221 500 1,000 1,500 2,000 2,500 RENTAL INCOME AND INCOME FROM PROPERTY MANAGEMENT Rental income, SEK million Income from property management, SEK million Income from property managementRental income *Latest rolling twelve-month period Comments on the consolidated income statement WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 6 and maintenance costs as well as rates and charges for water and sanitation, cleaning and district heating. Electricity costs are going in the opposite direction and fell by SEK 14 million, which is a result of lower electricity prices as well as the effects of implemented energy savings. Weather-related expenses were SEK 4 million lower during the year compared to the previous year. The remaining increase in operating expenses of SEK 8 million, related to properties added mainly through new construction and completed larger projects. Acquisitions and divestments amounted to SEK 2 million net. Net operating income increased by SEK 102 million. The surplus ratio amounted to 77.0 percent (77.1). Central management and administration Central management and administration amounted to SEK 273 million (238). The increase in the period was due to higher costs for IT system implementations, increased salary costs as well as security and surveillance costs. Central management and administration mostly related to property management and amounted to SEK 265 million (221). Participation in profits/losses of associated companies In the first quarter, the entire holding in Colive was divested. Colive is thus no longer an associated company. Financial income and expenses Financial income amounted to SEK 7 million (6) and financial expenses totaled SEK -564 million (-639). Net financial items are distributed among investment properties in operation SEK -521 million (-585), expensed project-related interest SEK -13 million (-19) and other SEK -23 million (-29), which mainly related to wind power and financial investments. Capitalized interest amounted to SEK 66 million (92). The average debt was SEK 2.9 billion higher than the year-earlier period. The average interest rate for the period was 2.51 percent, compared to 3.20 percent in the same period last year. Other income and other expenses Other income and other expenses mainly includes the Group’s profit from electricity generation from our wind turbines, see Notes 2 and 3. Other income amounted to SEK 1 19 million (180) and other ex- penses totaled SEK -133 million (-168). The decrease in income was due to lower electricity prices as well as reduced sales of co-op units during the period compared to the previous year. Since the Group is a net producer of electricity, the lower income was also offset by lower electricity costs within operating expenses for our investment properties. Electricity generated amounted to 203 GWh (208). Changes in value, investment properties The change in value during the year amounted to SEK 714 million (-44). The change in value is primarily a result of capitalization of net operating income. No changes have been made to the properties’ yield requirements. The average effective yield requirements on closing day, which refer to the properties owned on each closing day, have been marginally affected compared to the previous quarter by changes in the hold- ings and amounted to 4.5 percent for the commercial holdings and to 3.7 percent for residential properties in operation. Change in value, financial instruments The change in value of financial instruments includes changes in value of interest rate derivatives and holdings of listed and unlisted shares that constitute financial investments. The value of interest rate derivatives developed negatively during the period, SEK -270 million (-336), and was affected by interest rate developments. On closing day, the 10-year swap rate amounted to 2.70 percent, which is the same as the start of the year. Change in value, synthetic options Wallenstam has an ongoing synthetic options scheme which is direct- ed to all permanent employees. Change in value synthetic options amounted to SEK 14 million (-14) including expenses related to the option scheme. The number of outstanding options on closing day amounted to 6,003,000. Tax Recognized tax for the period amounted to SEK -157 million (-139) net, of which SEK -157 million (-139) was deferred tax and SEK 0 million (0) was current tax. NOTE 3. OTHER EXPENSESNOTE 2. OTHER INCOME SEK million 2025 Jan-Sep 2024 Jan-Sep 2025 Jul-Sep 2024 Jul-Sep 2024/25 Oct-Sep 2024 Jan-Dec Revenue, development property sales 28 68 10 21 59 98 Revenue, electricity generation 88 110 22 18 127 149 Other income 2 2 1 0 3 3 Other income 119 180 33 39 189 250 SEK million 2025 Jan-Sep 2024 Jan-Sep 2025 Jul-Sep 2024 Jul-Sep 2024/25 Oct-Sep 2024 Jan-Dec Expenses, development property sales -18 -49 -12 -16 -50 -81 Expenses, electricity generation -48 -48 -14 -12 -65 -65 Depreciation wind turbines -65 -70 -22 -23 -88 -93 Other expenses -2 -1 -1 -0 -4 -3 Other expenses -133 -168 -49 -52 -207 -243 WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 7 NOTE 4. INVESTMENT PROPERTIES SEK million Note Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 ASSETS NON-CURRENT ASSETS Investment properties 4 69,667 64,602 65,588 Site leasehold rights 636 587 623 Wind turbines 771 916 831 Land leases 8 9 8 Participations in associated companies - 184 - Financial assets 201 227 220 Financial derivative instruments 847 672 1,136 Other non-current assets 89 89 88 T otal non-current assets 72,218 67,285 68,495 CURRENT ASSETS Development properties 54 74 64 Financial derivative instruments 9 - - Other current assets 199 394 317 Cash and cash equivalents 213 143 46 T otal current assets 475 610 427 T otal assets 72,693 67,895 68,922 SEK million Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 EQUITY AND LIABILITIES EQUITY Equity 31,277 30,431 30,844 T otal equity 31,277 30,431 30,844 NON-CURRENT LIABILITIES Deferred tax liability 6,395 5,970 6,242 Provisions 44 106 74 Interest-bearing liabilities 3,276 3,535 3,336 Financial derivative instruments 10 6 21 Lease liability 644 596 632 Other non-current liabilities 11 14 13 T otal non-current liabilities 10,380 10,227 10,318 CURRENT LIABILITIES Interest-bearing liabilities 30,324 26,481 27,062 Financial derivative instruments - 1 0 Lease liability 1 1 1 Current tax liability - - - Other current liabilities 711 754 697 T otal current liabilities 31,036 27,237 27,760 T otal equity and liabilities 72,693 67,895 68,922 SEK million Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Investment properties in operation 62,154 59,339 60,610 Projects in progress 5,427 2,838 2,905 Land and projects for future new construction 2,086 2,425 2,073 T otal investment properties 69,667 64,602 65,588 Consolidated balance sheet, condensed WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 8 Wind power On closing day, the consolidated book value of wind turbines amount- ed to SEK 771 million (831). Estimated value in use of land leases, based on minimum rents, amounted on closing day to SEK 8 million (8). Depreciation for the period amounted to SEK 65 million (70). Financial derivative instruments Financial derivative instruments, which consist of interest rate derivatives amounted to a net receivable of SEK 846 million (1,1 15) on closing day. Deferred tax A net deferred tax liability of SEK 6,395 million (6,242) is recognized in the balance sheet, which consists of a deferred tax asset of SEK 1,136 million (1,172) and a deferred tax liability of SEK 7,532 million (7,414) where SEK 7,005 million (6,838) is property-related and SEK 527 million (577) relates to derivative instruments, site leasehold rights and wind turbines. Equity and net asset value Shareholders’ equity amounted to SEK 31,277 million (30,844), which is equivalent to SEK 48.80 per share (47.10). The equity/ assets ratio was 43 percent (45). During the period, share buybacks involving a total of 14 million shares were carried out, equivalent to SEK 644 million. The net asset value has increased by SEK 2.20 per share during the period and amounted to SEK 59.70 (57.50). During the second quarter, a dividend of SEK 0.25 per share was disbursed, SEK 162 million in total. Interest-bearing liabilities On closing day, total interest-bearing liabilities amounted to SEK 33,600 million (30,399). The average fixed interest term is 41 months (52). Of the loan portfolio, 62 percent (72) of the loans have fixed interest terms longer than one year. CHANGE DURING THE YEAR, INVESTMENT PROPERTIES 4.5 percent 3.7 percent 48 percent AVERAGE EFFECTIVE YIELD REQUIREMENT, COMMERCIAL AVERAGE EFFECTIVE YIELD REQUIREMENT, RESIDENTIAL LOAN-TO-VALUE RATIO Korsgatan, Gothenburg. Book value, SEK million Investment properties, January 1, 2025 65,588 + Acquisitions 3,159 + Construction 1,539 - Sales -1,262 + Unrealized change in value 642 Investment properties, September 30, 2025 69,667 Comments on the consolidated balance sheet WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 9 Development during the period During the quarter, we completed and let 139 apartments in the Kv. 6 project in Kallebäcks Terrasser, Gothenburg. New construction projects in progress on closing day involve 1,077 apartments. Investment during the period totaled SEK 4,699 million (1,700), of which SEK 4,698 million (1,699) in investment properties and SEK 1 million (1) in development properties. Of the investment in invest- ment properties, acquisitions amounted to SEK 3,159 million, which mainly related to the acquisition of the Sergel’s scraper and land in Stora Sköndal. The total value of projects in progress, including land and projects for future new construction, amounted to SEK 7.6 billion (5.0) on closing day. The right of use value for land granted with site lease - hold rights has been estimated at SEK 636 million (623). Development properties The book value of Development properties amounted to SEK 54 million (64) at the end of the period and includes Pixbo Sjöterrass in Mölnlycke as well as Söra radhus in Österåker. As of September 30, five of the terraced houses in Mölnlycke remain as well as three of the terraced houses in Österåker. Valuation INVESTMENT PROPERTIES Wallenstam measures all of its investment properties internally at fair value on a quarterly basis. As an active actor in the property market, with long experience, we enjoy good market and property in - telligence, which provides us with a firm basis for performing internal valuations of our property holdings. However, we must emphasize that the real value of properties only becomes a reality when they are sold, and therefore a valuation is always an estimation. In our assessments of property values, we use different yield requirements for different properties. The yield requirements reflect market conditions and differ based on where the property is located and what type of property it is (residential or commercial). A valuation is calculated based on each property’s net operating income including site leasehold rent, set in relation to the yield re- quirement for each property. As our properties are valued separately, no consideration is given to the portfolio premium that may exist in the property market. New constructions of rental properties are measured at fair value, which is determined as cost plus the estimated surplus on the com - pletion date in relation to the degree of completion of the construc - tion. This is in turn based on expenses incurred. The surplus value on new construction is gradually recognized during the construction period. Given the uncertainty that still exists in the market, no gradu- al value growth is currently recognized for new construction. Land rights and building rights for future new construction are measured at fair value and are partly externally valued by an inde - pendent valuer. Of the total property value of SEK 69,667 million, SEK 1,269 million, equivalent to 1.8 percent, was externally valued. DEVELOPMENT PROPERTIES Development properties are properties that we intend to construct in order to divest on completion, for example co-op apartment pro - perties. Development properties are recognized at the lower of cost (investments incurred) and the estimated net realizable value. The profit/loss is recognized when the property or apartment is complet- ed and handed over to the buyer. Årstaberg, Stockholm. Investment properties WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 10 Project No. of apts. Occupation* Sq m** Of which completed apts. to date STOCKHOLM Ädellövet, Farsta 172 Q1 2025 8,500 66 Årstaberg 408 Q3 2026 28,500 Älta T org Kv. 2, Nacka 50 Q2 2026 4,000 Älta T org Kv. 6, Nacka*** 178 2028 15,000 GOTHENBURG Åbybergsgatan Kv. C, Mölndal 119 2027 8,000 Kallebäcks T errasser Kv. 1 177 2027 11,500 Sten Stures kröningar, phase 2**** 39 2027 3,000 T otal apartments in projects 1,143 63,500 66 of which in progress on September 30 1,077 * Refers to estimated start of occupation. Occupation will occur gradually, often over several quarters. ** Number of sq m includes garage, and is rounded off to the nearest 500. *** Started during quarter 3. **** Extension existing property. NEW CONSTRUCTION IN PROGRESS, SEPTEMBER 30, 2025 No. of apts. July 1, 2025 1,038 - Completed -139 Kallebäcks Terrasser Kv. 6 (139) + Started +178 September 30, 2025 1,077 CHANGE, CONSTRUCTION IN PROGRESS, APARTMENTS 0 500 1,000 1,500 2,000 Q3Q2Q1 2025 Q4Q3Q2Q1 2024 Q4Q3 2023 APARTMENTS, CONSTRUCTION IN PROGRESS T otal Stockholm business area Gothenburg business area No. of apts. FULL Y COMPLETED NEW CONSTRUCTION Name of property Address Year of con- struc- tion Resi- dential sq m Office sq m Retail/ Restaurant/ Cinema sq m Industry/ warehou- sing sq m Education/ Care sq m Garage sq m Other sq m T otal sq m No. of apts. STOCKHOLM Sicklaön 134:36 (Project: Nacka Grace) Nya gatan 13, 17, 21 / Nacka- backen 5B-7B / Värmdövägen 165 C-169 C / Östra Granit- trappan 4-10 2025 8,937 639 202 23 - 3,234 - 13,035 169 Älta 25:107 (Project: Älta Torg Kv.1) Morellvägen 1, 3, 4, 5, 6, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25 2025 9,700 309 3,513 - 1,088 5,706 - 20,316 191 GOTHENBURG Kallebäck18:14 (Project: Kallebäcks Terrasser Kv.6) Kallebäcks T org 1-4, Kallebäcks T orggata 2-10, Skummjölksgatan 1-5 2025 15,261 - 710 - - 1,236 - 17,207 299 T otal 33,898 948 4,425 23 1,088 10,176 - 50,558 659 WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 11 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 2524232221 ACQUISITION, CONSTRUCTION AND SALES OF INVESTMENT PROPERTIES SEK million Acquisition New constructions and conversions Divested Reclassification development properties Commercial properties, 43% Residential properties, 57% DISTRIBUTION, MARKET VALUE INVESTMENT PROPERTIES IN OPERATION PROPERTY ACQUISITIONS Name of property Address Year of con- struc- tion Resi- dential sq m Office sq m Retail/ Restaurant/ Cinema sq m Industry/ warehou- sing sq m Education/ Care sq m Garage sq m Other sq m T otal sq m No. of apts. GOTHENBURG Mölndal Trädgårdsmästeriet 1* STOCKHOLM Stigbygeln 5 Sergelgatan 2-4 / Sergels torg 12/ Mäster Samuelsgatan 45 1959/ 1969 - 12,306 3,399 348 - - 70 16,123 - T otal - 12,306 3,399 348 - - 70 16,123 - * Land PROPERTY SALES Name of property Address Year of con- struc- tion Resi- dential sq m Office sq m Retail/ Restaurant/ Cinema sq m Industry/ warehou- sing sq m Education/ Care sq m Garage sq m Other sq m T otal sq m No. of apts. GOTHENBURG Gårda 22:24 Fabriksgatan 26 / Vädurs- gatan 5 1989/ 2008 - 5,138 820 434 2,471 1,713 - 10,576 - Gårda 18:22 Drakegatan 5 & 7 1989 - 9,335 - 252 - 2,850 101 12,538 - Gårda 20:1 Fabriksgatan 15 / Gårda- vägen 1 1986/ 2007 - 4,431 93 129 - 204 - 4,857 - Högsbo 5:7 A Odhners gata 6 / Olof Asklunds gata 25 1967 - - 1,369 1,872 - - - 3,241 - Mölnlycke 1:167* STOCKHOLM Tyresö Kringlan 1, 2, 4, 11, 12* Tyresö Strand 1:18* T otal - 18,904 2,282 2,687 2,471 4,767 101 31,212 - * Land Lettable area, sq m Residential sq m Office sq m Retail/ Restaurant/ Cinema sq m Industry/ warehou- sing sq m Education/ Care sq m Garage sq m Other sq m T otal Distribu- tion, place No. of apts. Stockholm 363,483 39,251 21,308 8,518 6,541 69,756 4,053 512,910 36% 6,175 Uppsala 29,994 63 788 - 724 2,584 - 34,153 2% 627 Gothenburg 355,678 209,249 92,957 88,694 48,089 97,133 7,061 898,861 62% 6,032 T otal 749,155 248,563 115,053 97,212 55,354 169,473 11,114 1,445,924 100% 12,834 Distribution by type of premises 52% 17% 8% 7% 4% 11% 1% 100% PROPERTY HOLDING STRUCTURE AS OF SEPTEMBER 30, 2025 WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 12 Equity Shareholders’ equity amounted to SEK 31,277 million (30,844), which is equivalent to SEK 48.80 per share (47.10). The equity/as- sets ratio was 43 percent (45). Interest-bearing liabilities Wallenstam has approximately 89 percent of its financing in the form of traditional loans from Swedish banks. The remainder of the financing consists of commercial paper, bond loans and a loan from the European Investment Bank. On closing day, total interest-bearing liabilities amounted to SEK 33,600 million (30,399). Of the liability, outstanding bond loans amounted to SEK 1,500 million (1,000), the EIB loan to SEK 1,333 million (1,800) and the book volume of commercial paper, with a frame- work amount of SEK 4,000 million, amounted to SEK 989 million (808). Total interest-bearing liabilities consist of SEK 17,321 million (13,706) in green financing. SEK 15,821 million (12,706) are green loans and SEK 1,500 million (1,000) are green bonds according to the terms of Wallenstam’s green framework and were issued within Wallenstam’s MTN program (Medium Term Notes). During the quarter, bond loans of SEK 400 million were issued at an interest rate of 3M Stibor + 0.75 percent. The bond loans are listed on Nas - daq Stockholm. The average fixed interest term is 41 months (52). Of the loan portfolio, 62 percent (72) of the loans have fixed interest terms long- er than one year. The average interest rate on closing day amounted to 2.44 percent compared to the previous quarter, when it was 2.51 percent. Financing of the loan portfolio is mainly secured by mortgage deeds for properties. The bond loans, commercial paper and the loan from the EIB are unsecured. The commercial paper program has underlying credit commitments in the form of overdraft facilities. Covenants are issued for the loan from the EIB for the loan to be unsecured. Lease liability The recognized lease liability corresponds to the rights of use for land leases and site leasehold rights. The liability on closing day totaled SEK 644 million (633). Derivative instruments Wallenstam’s financial derivative instruments consist of interest rate derivatives. On closing day, Wallenstam had a net receivable in res - pect of derivative instruments of SEK 846 million, compared to SEK 1,1 15 million as of December 31, 2024. The total volume of outstanding interest rate derivatives, where Wallenstam pays fixed interest, amounts to SEK 22.0 billion (22.0). The first maturity is in 2026. Interest rate derivatives are used to obtain a desired interest maturity profile in a flexible, cost-efficient way. They are measured through discounting future cash flows at present value. Arising deficit or surplus values for interest rate derivatives, which reflect how the Group’s hedged interest rates relate to the market rate of interest on closing day, are recognized in the balance sheet and as changes in value, financial instruments in the income statement. Available liquid assets Available liquid assets, including available bank overdraft facilities, amounted to SEK 2,013 million (1,805), of which SEK 1,000 million is reserved for back up for issued outstanding commercial paper. Approved overdraft facilities amounted to SEK 1,800 million (1,800), where no portion (42) was used on closing day. FIXED TERMS, AVERAGE INTEREST RATES *Includes effects of swap agreements. 0 500 1,000 1,500 2,000 2,500 3534333231302928272625 Fasträntelån MATURITY STRUCTURE INTEREST RATE DERIVATIVES Räntederivat SEK million Sep 30, 2025 Dec 31, 2024 Year Amount, SEK million Average interest rate, % Amount, SEK million Average interest rate, % 100 2025 10,991 4.48 * 8,399 5.49 * 4,48 2026 2,809 1.26 2,200 0.89 1,26 2027 2,200 1.14 2,200 1.14 1,14 2028 2,200 1.23 2,200 1.23 1,23 2029 2,200 1.03 2,200 1.03 1,03 2030 2,200 1.07 2,200 1.07 1,07 2031 2,200 0.82 2,200 0.82 0,82 2032 2,200 1.40 2,200 1.40 1,40 2033 2,200 2.04 2,200 2.04 2,04 2034 2,200 2.28 2,200 2.28 2,28 2035 2,200 2.28 2,200 2.28 2,28 T otal 33,600 2.44 30,399 2.54 2,44 Financing WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 13 The cities in which we do business are characterized by growth and good demand for housing and commercial premises. We build mainly rental apartments, but also cooperative apartments, when there is a need for mixed forms of tenure. The residential property holdings are fully let. Only a minor proportion of our rental apartments become available for rent due to relocation, and demand for finished, newly constructed rental apartments is high. The average agreed rent increase for residential properties for the Group amounts to approximately 4.0 percent in total for 2025. We see that demand for commercial floor space in central Gothenburg is still stable. Some sluggishness in the market can be seen in the form of, for instance longer decision-making times among existing and potential tenants. The commercial properties are mainly situated in central locations in Gothenburg, with offices as the largest type of commercial premises. We have also entered the commercial market segment in central Stockholm during the first quarter of 2025 by taking possession of the Sergel’s scraper, which is currently a project property. The surrender rate for commercial in Gothenburg, which reflects how large a proportion of the cancellable leases are extended, amounted to 89 percent, the same as the previous quarter. The occupancy rate for commercial in terms of lettable area amount- ed to 90 percent on closing day and was unchanged compared to the previous quarter. In Gothenburg, where the majority of the commer - cial floor space is located, the occupancy rate is 93 percent, which is also unchanged from the previous quarter. For commercial premises, agreed adjustments have meant average increases of 1.6 percent that apply from January 1. THE TEN LARGEST COMMERCIAL TENANTS BY FLOOR SPACE T enant Floor space, sq m City of Gothenburg 18,994 Essity Hygiene and Health AB 15,639 Filmstaden AB 14,508 Västra Götaland County Council 12,835 The National Archives of Sweden 11,000 Convendum AB 9,733 Fridaskolorna AB 8,088 Dagab Inköp & Logistik AB 7,233 Ica Fastigheter AB 6,906 Frisk Service i Göteborg AB 5,854 T otal 110,790 Our total commercial floor space is approximately 525,000 sq m. Residential, 52%Office, 26% DISTRIBUTION, RENTAL VALUE INVESTMENT PROPERTIES IN OPERATION Other,1% Cinema, 1% Industry/warehouse, 3% Garage, 2% Restaurant, 4% Education/care, 4% Retail, 7% The Makaregården building, Gothenburg. Customer and market WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 14 SEK million Opening equity, January 1 Profit/loss after tax TRANSACTIONS WITH SHAREHOLDERS Dividend Repurchase of own shares Closing equity, September 30 SEK million Gothenburg business area Stockholm business area Elimination T otal 2025 — Equity attributable to parent company shareholders — Share capital Other capital contributed Profit brought forward T otal equity 165 359 30,320 30,844 - - 1,240 1,240 - - -162 -162 - - -644 -644 165 359 30,753 31,277 2024 — Equity attributable to parent company shareholders — Share capital Other capital contributed Profit brought forward T otal equity 165 359 29,976 30,500 - - 139 139 - - -164 -164 - - -44 -44 165 359 29,907 30,431 Sep 30, 2025 Rental income Net operating income Investment properties of which, investments during the year Number sq m (thousands) 1,508 1,182 42,480 837 899 834 628 27,187 3,862 547 -22 -22 - - - 2,321 1,788 69,667 4,698 1,446 Sep 30, 2024 Rental income Net operating income Investment properties of which, investments during the year Number sq m (thousands) 1,485 1,170 42,065 755 914 722 536 22,538 945 498 -20 -20 - - - 2,187 1,686 64,602 1,700 1,411 Consolidated statement of changes in equity Segments report WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 15 * Includes interest paid and received, including gross flows from interest rate swap contracts, of SEK -632 million (-746) and SEK 7 million (6) respectively, of which SEK 66 million (92) was capitalized as a non-current asset. SEK million 2025 Jan-Sep 2024 Jan-Sep 2025 Jul-Sep 2024 Jul-Sep 2024/25 Oct-Sep 2024 Jan-Dec Profit before changes in value and impairment losses* 944 676 315 186 1,010 742 Adjustment for items not included in cash flow 72 211 26 122 279 418 Change provisions -7 -1 -6 -0 -7 -1 T axes paid -0 -0 -0 -0 -0 -0 Cash flow before change in working capital 1,010 886 334 308 1,282 1,159 Change in working capital 40 97 -35 79 12 69 Cash flow from operating activities 1,050 983 299 387 1,294 1,228 INVESTMENTS/DIVESTMENTS Investment in properties and individual co-op apartments -4,694 -1,658 -577 -417 -5,249 -2,213 Investments in intangible assets and property, plant and equipment -15 -6 -10 -3 -19 -10 Investments in financial assets -18 -7 0 -7 -18 -7 Amortization of financial assets 101 6 0 -0 127 32 Investments in associated companies - -50 - -17 -0 -50 Divestment of properties, development properties and property, plant and equipment 1,348 91 10 31 1,380 124 Cash flow from investing activities -3,278 -1,624 -579 -412 -3,780 -2,125 FINANCING Raised interest-bearing liabilities 24,334 19,047 9,194 3,549 32,543 27,257 Amortization of interest-bearing liabilities -21,091 -18,016 -8,536 -3,555 -28,960 -25,885 Net change in overdraft facilities -42 -90 - - - -48 Dividends paid -162 -164 - - -327 -328 Repurchase of own shares -644 -44 -225 -44 -702 -102 Cash flow from financing activities 2,395 734 434 -50 2,555 894 Changes to liquid assets 167 93 155 -76 72 -4 Cash and cash equivalents at beginning of the period 46 50 58 218 143 50 Cash flow for the period 167 93 155 -76 71 -4 Cash and cash equivalents at the end of the period 213 142 213 142 214 46 Unutilized overdraft facilities at the end of the period 1,800 1,800 1,800 1,800 1,800 1,758 Available liquid assets 2,013 1,942 2,013 1,942 2,014 1,805 Consolidated statement of cash flows, condensed WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 16 Energy classes The diagram shows Wallenstam’s rental value distributed by en - ergy classes (the situation at year-end is shown in brackets). The distribution is based on current energy performance certificates. The proportion in energy classes A—C has increased slightly, as a result of our continuous work on energy optimization of our properties. This in turn has led to a decrease in the proportions in energy classes D—E and F—G. A–C, 65% (62)D–E, 33% (34) EPC CLASSES DISTRIBUTED BY RENTAL VALUE F–G, 2% (4) Kaserntorget 6 is certified During 2024, a sustainable investment was carried out in the form of full-service offices at Kaserntorget in Gothenburg. The initiative included reuse during the renovation of the offices as well as green leases. This initiative continues to be a successful venture. During the quarter, the property was certified according to the Miljöbyggnad iDrift 2.0 (Environmental Building In-Use) rating system at gold level. This means that the property meets high environmental standards and shows that the sustainability work is both structured and successful. Achieving gold level is a confirmation that the efforts relating to the environment and operation are of a high standard and provide added value for both tenants and the environment. International sustainability initiatives Wallenstam supports the UN’s Global Compact initiative and follows its ten principles in the areas of human rights, labor, the environment and anti-corruption. During the year, Wallenstam has reported its “Communication on Progress” (CoP), where information on how the principles are integrated into the business is available on the UN Global Compact’s website. Wallenstam reports sustainability data to CDP, S&P Global CSA and Morningstar Sustainalytics for greater transparency in the green transition. These organizations provide us with a sustainability rating and enable industry comparisons. Wallenstam’s sustainability work Climate targets 2023–2030 Wallenstam’s scope 1 and 2 climate targets are adopted and validated by the climate action partnership The Science Based Targets initiative and mean that we shall reduce our emissions by 50 percent through 2030, with base year 2018. The outcome of these targets is reported in absolute values. In scope 3, a voluntary target has been defined, according to the Science Based Targets initiative’s methodology, which means that we shall measure and reduce the emissions from our construction operations by 55 per - cent through 2030, with 2019 as the base year. Scope 3 is reported as an intensity value, based on the reporting year’s new construction. Wallenstam reports reduced carbon dioxide emissions in all targeted areas, which is a result of structured and dedicated sustainability work in the business. SCOPE 1 Direct emissions Combustion of fuel and refrigerant leakage SCOPE 2 Indirect emissions Purchased energy SCOPE 3 Other indirect emissions Purchasing of construction materials Target: –50% Outcome 2024: –31% Target: –50% Outcome 2024: –40% Target: –55% Outcome 2024: –31% WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 17 The Wallenstam B share is listed on Nasdaq Stockholm, Large Cap. During 2025, Wallenstam’s share price has decreased by 8.7 per- cent. The property index OMX Stockholm Real Estate PI fell by 9.9 percent and the OMX Stockholm PI index rose by 3.2 percent during the same period. At the end of the period, the Wallenstam share price was SEK 43.66 compared to SEK 47.80 at year-end 2024. The market capita- lization was SEK 28,816 million (31,548) based on the total number of registered A and B shares. Equity per share amounted to SEK 48.80 (47.10). Buyback Wallenstam has a mandate from the Annual General Meeting to carry out buybacks. During 2025, 14,000,000 shares have been repur- chased, of which 5,000,000 were repurchased during the third quarter. On closing day, the company held a total of 19,000,000 repurchased shares, acquired at an average price of SEK 46.09 per share, including brokerage. A shares B shares Equity, % Votes, % Hans Wallenstam and family, and company 69,000,000 98,744,000 25.42 62.50 AMF - Insurance and funds 73,192,479 11.09 5.80 Henric and Ulrika Wiman 23,955,504 3.63 1.90 Agneta Wallenstam 21,368,000 3.24 1.69 Anna-Carin B Wallenstam and Anders Berntsson 21,329,000 3.23 1.69 David Wallenstam 17,040,276 2.58 1.35 Swedbank Robur Fonder 16,709,790 2.53 1.32 Christian Wallenstam 16,000,000 2.42 1.27 Bengt Norman 12,500,000 1.89 0.99 Elin Wallenstam Sjögren 12,264,580 1.86 0.97 Other owners 258,896,371 39.23 20.51 T otal number of shares 69,000,000 572,000,000 Repurchased own shares* 19,000,000 2.88 T otal registered shares 660,000,000 100.00 100.00 T otal outstanding shares 641,000,000 The proportion of institutional ownership amounted to around 19 percent of equity and around 10 percent of the votes. Foreign ownership amounted to around 9 percent of equity and around 5 percent of the votes. *Refers to repurchased shares until closing day. Repurchased shares do not carry voting rights. Source: Euroclear Sweden AB SHAREHOLDINGS, SEPTEMBER 30, 2025 Dividend The AGM resolved on a dividend of SEK 0.50 per share (0.50) for the financial year 2024, spread over two payment dates of SEK 0.25 each per share. In May, SEK 162 million was disbursed to the share- holders. The next payment will be made in November. In 2024, a total of SEK 328 million was disbursed. Turnover During the period, the Wallenstam share had an average daily turn- over on Nasdaq Stockholm of SEK 28.5 million (27.4). SHARE PRICE TREND Q4 2020–Q3 2025 30 40 50 60 70 80 90 100 110 Wallenstam B share OMX Stockholm Real Estate PI SEK OMX Stockholm PI 2021 2022 2023 2024 2025 The Wallenstam share WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 18 The parent company’s operations are focused on managing all of the Group’s companies. In addition, the parent company owns a small number of properties. Total revenue for the period amounted to SEK 481 million (425), of which rental income amounted to SEK 1 16 million (1 18). The result was impacted by the item changes in value of derivative instruments, SEK -270 million (-336). Profit/loss after tax amounted to SEK -166 million (-161). Investments in intangible assets and property, plant and equip- ment during the period amounted to SEK 1 1 million (6). Parent company external loans amounted to SEK 16,924 million (13,381) on closing day. INCOME STATEMENT , PARENT COMPANY CONDENSED BALANCE SHEET , PARENT COMPANY Other comprehensive income corresponds to Profit/loss after tax. SEK million 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec Remuneration, management and project management 357 297 352 Rental income 116 118 157 Revenue, sales guarantees of origin 7 7 12 Other revenue 1 2 3 T otal revenue 481 425 524 Management costs and administrative expenses -349 -305 -427 Operating expenses -23 -26 -36 Depreciation and impairment losses properties -28 -28 -38 Expenses, sales guarantees of origin -2 -8 -10 Change in value, synthetic options scheme 14 -14 15 Other expenses -2 -2 -4 T otal expenses -390 -383 -499 Operating income 92 42 25 Profit/loss from participations in Group companies -0 -0 38 Interest income and similar profit/loss items 768 970 862 Interest expenses and similar profit/loss items -800 -873 -770 Changes in value, derivative instruments -270 -336 115 Net financial items -302 -239 245 Profit/loss after financial items -210 -196 271 Commissionaire’ contributions - - -911 Additional depreciation - - -3 Group contributions received - - 673 T ax on net profit/loss 44 36 -68 Profit/loss after tax -166 -161 -38 SEK million Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Assets Properties 1,308 1,344 1,334 Participations in Group companies 12,768 12,768 12,768 Financial derivative instruments 856 672 1,136 Receivables from Group companies 32,500 25,811 27,658 Other assets 189 304 183 Cash and cash equivalents 213 142 46 T otal assets 47,833 41,040 43,124 Equity and liabilities Equity 12,952 14,024 13,925 Untaxed reserves 30 27 30 Provisions 41 87 56 Interest-bearing external liabilities 16,924 13,388 13,381 Liabilities to Group companies 17,758 13,382 15,582 Financial derivative instruments 10 7 21 Other liabilities 120 125 130 T otal equity and liabilities 47,833 41,040 43,124 Parent Company WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 19 RISK MANAGEMENT Wallenstam’s risks, and how we manage them, are presented in the 2024 Annual Report on pages 13–15. No significant changes in the management of these risks have occurred during 2025. SENSITIVITY ANALYSIS As of September 30, 2025, the estimated market value of the properties amounted to around SEK 70 billion. A change in value of plus/minus 10 percent is thus equivalent to about plus/minus SEK 7.0 billion. A general change of plus/minus 0.25 percentage points in property yield requirements is equivalent to about SEK -3.9 billion to SEK +4.4 billion, while a general change in revenue of 5 percent is equivalent to about plus/minus SEK 3.9 billion. A change in the market interest rate of plus/minus 50 points is equivalent to about plus/minus SEK 58 million in interest expenses on a full-year basis. TRANSACTIONS WITH RELATED PARTIES Wallenstam’s related parties consist chiefly of Group companies. Board members, company management and their families and the companies they control are also related parties. Transactions with related parties mainly consist of administrative fees and the renting of premises between Group companies. Individuals related to Board members and Group Management rent apartments and premises. Insurance services are purchased from companies where a member of Wallenstam’s Board of Directors is a board member. The CEO is a joint owner (50 percent) of Aranea Holding AB, which is a tenant of Wallenstam. The Convendum company groups, where Wallenstam’s Chairman is a board member of the parent company, have an agreed rent for the year 2025 totaling SEK 52 million. In addition to the tenancy, there is an outstanding promissory note receivable of SEK 57 million in relation to the Convendum group. Ferroamp AB, where Wallenstam’s Chairman was a board member until May 2025, is a tenant of Wallenstam. Wallenstam has participated in Ferroamp AB’s rights issue during the year of SEK 4.2 million in total. Wallenstam’s Chairman is also a board member of Mertzig Asset Management AB, which is a tenant of Wallenstam. Wallenstam’s involvement in environmental and social responsibi - lity issues is described in more detail on pages 8–12 of the 2024 An- nual Report. As part of its social responsibility work, the Wallenstam Group not only contributes financially to a number of organizations but also gives its time in the form of e.g. board work. As a result of such board positions, related party status arises in the case of Barn i Nöd. Barn i Nöd has rented premises from Wallenstam during the year. All transactions take place on market-related terms. Accounting policies This report was prepared in accordance with IAS 34. The accounting principles are unchanged compared to the 2024 Annual Report. The Parent Company’s accounting principles comply with the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board’s recommendation RFR 2. New and amended standards and principles that entered into force on January 1, 2025 or subsequently are not expected to have any material impact on the Wallenstam Group’s financial statements, apart from what has been commented on in the 2024 Annual Report. ROUNDING OFF As a result of rounding off, figures presented in this report do not, in some cases, sum up exactly to the total and percentages may differ in order for them to correspond to the actual numerical data. EVENTS AFTER THE END OF THE REPORTING PERIOD No events of material importance for the company’s position have occurred after the end of the reporting period. Other information WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 20 Accumulated during period Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 PROPERTY-RELATED KEY RATIOS Net operating income, properties, SEK million 1,788 1,185 570 2,222 1,686 1,110 535 1,999 1,518 Surplus ratio, property management, % 77.0 75.9 73.8 76.0 77.1 76.2 74.4 73.2 74.6 Income from property management, SEK million 1,002 658 314 1,150 880 563 270 1,039 828 Changes in value, investment properties, SEK million 714 337 123 388 -44 -21 -15 -787 -793 Value of investment properties, SEK million 69,667 68,709 68,062 65,588 64,602 64,208 63,583 63,090 62,777 Area, sq m (thousand) 1,446 1,429 1,408 1,411 1,411 1,411 1,411 1,388 1,396 Occupancy rate – lettable area, % 96 96 96 96 96 96 97 97 96 Occupancy rate – economic, % 96 96 97 97 97 97 97 97 96 FINANCIAL KEY RATIOS Profit after tax, SEK million 1,240 557 573 774 139 408 333 -450 42 Return on equity, % 6.1 3.0 3.3 2.5 -1.1 0.4 -0.5 -1.4 -5.5 Return on total assets, % 4.3 2.8 3.0 3.0 0.7 1.4 0.9 0.2 -3.0 Interest coverage ratio, times (rolling 12 months)* 2.4 2.2 2.1 1.9 2.1 2.2 2.3 2.6 2.8 Loan-to-value ratio, % 48 48 47 46 46 46 46 46 46 Average interest rate on closing day, % 2.44 2.51 2.50 2.54 2.95 3.17 3.27 3.24 3.14 Average fixed interest term, months 41 44 47 52 38 35 37 40 37 Equity/ assets ratio, % 43 43 44 45 45 45 45 46 46 Equity, SEK million 31,277 30,819 31,187 30,844 30,431 30,743 30,833 30,500 31,257 Net asset value, SEK million 38,282 37,681 37,957 37,682 37,029 37,284 37,312 36,930 37,660 Market capitalization, SEK million 28,816 31,825 28,433 31,548 38,907 33,231 34,551 36,102 24,169 PER SHARE DATA Profit after tax, SEK 1.9 0.9 0.9 1.2 0.2 0.6 0.5 -0.7 0.1 P /E ratio, times 15.1 34.1 27.9 40.6 Neg. 258.9 Neg. Neg. Neg. Cash flow from operating activities, SEK 1.6 1.2 0.7 1.9 1.5 0.9 0.6 2.0 1.5 Equity, SEK 48.8 47.7 48.0 47.1 46.4 46.8 46.9 46.4 47.5 Net asset value per share, SEK 59.7 58.3 58.4 57.5 56.4 56.7 56.8 56.2 57.2 Share price, SEK 43.66 48.22 43.08 47.80 58.95 50.35 52.35 54.70 36.62 Repurchased shares at end of period, thousands 19,000 14,000 10,000 5,000 3,800 3,000 3,000 3,000 1,500 Shares outstanding, average, thousands 648,185 650,694 653,377 656,631 656,848 657,000 657,000 658,449 658,645 Shares outstanding at end of period, thousands 641,000 646,000 650,000 655,000 656,200 657,000 657,000 657,000 658,500 * Includes participation in profits/losses of associated companies. Key ratios – multi-year summary WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 21 The Kochska huset building, Gothenburg. Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Rental income, SEK million 759 790 772 736 730 737 719 694 697 Net operating income, properties, SEK million 603 615 570 536 576 574 535 481 546 Surplus ratio, property management, % 79.4 77.9 73.8 72.8 79.0 77.9 74.4 69.4 78.3 Income from property management, SEK million 344 344 314 270 316 294 270 211 296 Interest coverage ratio, times* 2.7 2.7 2.8 1.4 1.9 2.3 2.0 2.2 2.5 Earnings per share after tax, SEK 1.1 -0.0 0.9 1.0 -0.4 0.1 0.5 -0.7 0.3 Cash flow per share from operating activities, SEK 0.5 0.4 0.7 0.4 0.6 0.3 0.6 0.4 0.4 * Includes participation in profits/losses of associated companies. Key ratios – quarterly overview WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 22 Report signatures The Board and CEO certify that the interim report provides a fair view of the Parent Company’s and Group’s operations, financial position and results and describes the significant risks and uncertainties to which the Parent Company and Group Companies are exposed. Gothenburg, October 21, 2025 Karin Mattsson Vice chairman of the Board Mikael Söderlund Board member Karl Engelbrektson Board member Lars-Åke Bokenberger Chairman of the Board Agneta Wallenstam Board member Rebecka Wallenstam Board member Hans Wallenstam CEO WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 23 Translation from the Swedish original To the Board of Directors of Wallenstam AB (publ) Corp. id. 556072-1523 Introduction We have reviewed the condensed interim financial information (interim report) of Wallenstam AB (publ) as of 30 September 2025 and the nine-month period then ended. The Board of Directors and the Mana - ging Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity . A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Ac - counts Act, and for the Parent Company in accordance with the Annual Accounts Act. Gothenburg 21 October 2025 KPMG AB Mathias Arvidsson Authorized Public Accountant Review report WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 24 For average values, add the latest five periods and divide by five. * Bridge alternative performance measures Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Equity, SEK million 31,277 30,819 31,187 30,844 30,431 30,743 30,833 30,500 31,257 Average equity, SEK million 30,912 30,805 30,808 30,670 30,753 30,876 31,019 31,139 31,734 T otal assets, SEK million 72,693 71,504 71,541 68,922 67,895 68,192 68,008 66,841 67,743 Average total assets, SEK million 70,511 69,611 68,912 67,972 67,736 67,689 67,482 67,290 67,849 Definitions **Operational key ratios, are not considered alternative key ratios according to ESMA’s guidelines. Share yield The proposed dividend as a percentage of the share price at the end of the period. Share total yield The share price trend during the year including distributed divi - dend as a percentage of the share price at the start of the period. Alternative performance measures (APM) Wallenstam presents a number of financial measures that are outside IFRS definitions (Alternative performance measures, according to ESMA’s guidelines) with the aim of enabling effective evaluation of the company’s financial position and performance for investors and for the company’s management. This means that these measures are not always comparable with measures used by other companies and shall therefore be considered as a complement to measures defined according to IFRS. Wallenstam applies these alternative key ratios consistently over time. The definitions describe how Wallenstam’s key ratios are calculated. The key ratios are alternative performance measures according to ESMA guidelines unless otherwise stated. The number of shares The number of registered shares at any given time. Number of shares outstanding: the number of registered shares less repurchased own shares at any given time. Average number of shares: weighted average number of shares outstanding at any given time. Return on equity* Profit after tax on a rolling 12-month basis in relation to average equity. Return on total assets* Profit before tax with reversal of interest expenses for the latest rolling 12-month period in relation to average total assets. Loan-to-value ratio Interest-bearing liabilities and lease liability less cash and cash equivalents in relation to the Group’s investments in properties, site leasehold rights, development properties, wind power and land leases at the end of the period. Residential property Property, which predominantly consists of residential space. Market capitalization Share price multiplied by the number of registered shares on the closing day. Net operating income Rental income less operating and maintenance expenses, and property tax. Development property A property that is constructed with the intention of being dive - sted, either in its entirety or per share, upon completion. Income from property management Rental income from investment properties less operating expen - ses, management costs and administrative expenses and net financial items attributable to investment properties. Average interest rate Interest expenses for the period in relation to interest-bearing average debt. Average yield requirement, effective Normalized net operating income in accordance with the valua - tion model in relation to the estimated market value of yielding investment properties. Rental value** Rental income and the estimated market rent for vacant space. Comparable holdings Refers to properties that were included in the holdings during the entire reporting period and during the entire comparative period. Properties that are acquired, sold or have been classified as project properties during the period or comparative period are not included. Cash flow per share Cash flow for the period in relation to the average number of shares outstanding. Cash flow from operating activities per share Cash flow from operating activities for the period in relation to the average number of shares outstanding. Commercial property Property, which predominantly consists of commercial space. P/E ratio Share price at the end of the period, in relation to profit after tax per average number of outstanding shares for the latest rolling 12-month period. Earnings per share after tax Profit after tax in relation to the average number of outstanding shares. Interest coverage ratio Profit or loss before changes in value and impairment losses with reversal of net financial items in relation to net financial items. Public use property Property, which is predominantly used by tax funded activities and is specifically adapted for community services. Equity/assets ratio Equity in relation to total capital employed at the end of the period. Net asset value Equity with the addition of deferred tax liabilities related to investment properties. Net asset value per share The Group’s net asset value in relation to the number of outstan - ding shares at the end of the period. Occupancy rate – economic Vacancy rent in relation to total base rent incl. vacancy rent. The vacancy rent is excluding garage, projects and voluntary vacation. Refers to annual rental value. Occupancy rate – floor space Let floor space in relation to total floor space, excluding garage, project properties and voluntary vacation. Changes in value, investment properties Profits or losses from sales of investment properties during the period less expenses and the assessed market value of the properties at the immediately preceding reporting period and profits or losses from the change in the assessed market value of investment properties compared to the immediately preceding reporting period. Surrender rate Proportion of commercial leases, which are extended in relation to the proportion of cancellable commercial leases. Surplus ratio Net operating income as a percentage of rental income. For further information, please refer to: www.wallenstam.se/glossary WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2025 | WALLENSTAM 25 This is Wallenstam BUSINESS PLAN 2030 Goal: The net asset value shall amount to SEK 80 per share. Focus areas • We shall improve the customer’s overall impression of Wallenstam every year through attractive apart - ments and premises as well as good service. • We shall strive to ensure increased security for our customers that live and work in our properties. • Through our strong corporate culture, we shall be an attractive employer and improve our Engage - ment Index score every year. Defined key ratio • The equity/assets ratio should be at least approximately 40 percent. VISION Wallenstam shall be the natural choice for housing and premises. BUSINESS CONCEPT We develop and manage people’s homes and workplaces based on a high level of service and long-term sustainability in selected metropolitan areas in Sweden. WALLENSTAM TODAY Wallenstam was founded in 1944 and its head office is located in Gothenburg. The company’s B share is listed on Nasdaq Stockholm, Large Cap and Wallenstam is one of the larger listed property companies in Sweden. Our residential properties are located in Stockholm, Uppsala and Gothenburg, while our commercial properties are concentrated towards inner city locations in Gothenburg and Stockholm. All in all, Wallen - stam has approximately 12,800 apartments and 1,000 commercial tenants. Wallenstam also builds rental apartments for its own management operations. Wallenstam produces renewable electrical energy through 53 of its own wind turbines in operation. The installed output amounted to 1 12 MW. As we produce at least as much electrical energy as our pro- perties consume, we are self-sufficient in renewable electricity. Operations are conducted in the Stockholm business area and the Gothenburg business area. Stockholm The majority of our apartments, around 6,800, are located in the Stockholm business area. Approxima - tely 600 of these apartments are located in Uppsala. On closing day, about 750 apartments were under construction in the Stockholm business area. Approximately 100 commercial tenants rent office and retail premises. Gothenburg Our property holdings in the Gothenburg business area consist of just over 6,000 apartments and about 900 commercial tenants that rent office and retail premises, mainly in inner city locations in Gothenburg. On closing day, the Gothenburg business area had about 350 apartments under construction. BUSINESS PROCESS Wallenstam builds, acquires, develops and manages properties and areas based on the needs of people and society, and according to wishes and requirements of customers. We create value growth through construction, development and management with a high level of service and long-term sustainability. Profits are reinvested and used to further develop the business. The shareholders receive a share of the value growth through these reinvest- ments and through dividends. M A N A G E A N D DEVELOP REINVEST D E M A N D D IV ID E N D B U ILD AND BUY WALLENSTAM IN BRIEF | COMMENTS BY THE CEO | INCOME STATEMENT | COMMENTS ON THE RESULTS | BALANCE SHEET | COMMENTS ON THE BALANCE SHEET | INVESTMENT PROPERTIES FINANCING | CUSTOMER AND MARKET | EQUITY & SEGMENTS | CASH FLOW | WALLENSTAM'S SUSTAINABILITY WORK | THE WALLENSTAM SHARE | PARENT COMPANY OTHER INFORMATION | KEY RATIOS – MULTI-YEAR SUMMARY | KEY RATIOS – QUARTERLY OVERVIEW | DEFINITIONS | THIS IS WALLENSTAM | CALENDAR & CONTACT
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Contact For further information, please contact Susann Linde, vice CEO and CFO tel: +46 705-17 1 1 34 e-mail: susann.linde@wallenstam.se Wallenstam AB ( publ ) SE-401 84 Gothenburg Visiting address : Kungsportsavenyen 2 Telephone +46 31 - 20 00 00 www.wallenstam.se Co reg. no. 556072 -1523 This is information that Wallenstam is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below at 08:00 CEST on October 21, 2025. Calendar Record day dividend no. 2 November 3, 2025 Exp. disbursment of dividend no. 2 November 6, 2025 Year-end report 2025 February 5, 2026 Interim report Q1, 2026 April 21, 2026 Annual General Meeting 2026 April 28, 2026