Wihlborgs Fastigheter Ab · OMXSTO:WIHL

Wihlborgs Fastigheter Ab — Q3 2026 Earnings Presentation

56 slides from Wihlborgs Fastigheter Ab's earnings presentation, Oct 21, 2026

1. Slide 1: Interim report January - September 2026

   Interim report January - September 2026 Ulrika Hallengren, CEO and Arvid Liepe, CFO 21 October 2026

2. Slide 2: Summary Q3 2026

   • Summary Q3 2026 • Rental income up 5% • Operating surplus up 7% • Income from property management up 6% • Net letting negative at SEK -27 m • High volume of ongoing discussions with possible tenants • Net debt/ebitda at 10.6 times • Still good access to financing • Acquisition of 95 properties fro

3. Slide 3: Results Jan-Sep 2026

   Results Jan- Sep 2026 • Rental income increased by 7 percent to SEK 3,484 m (3,243) • Operating surplus increased by 8 percent to SEK 2,513 m (2,334) • Income from property management increased by 8 percent to SEK 1,604 m (1,482) • Result for the period SEK 1,539 m (1,370), corresponding to earnings

4. Slide 4: Rental income development

   Rental income development Rental income Jan-Sep 2025, SEKm 3,243 Index 33 Acquisitions 67 Currency effect -16 Additional charges 27 Completed projects, new leases and renegotiations etc. 130 Rental income Jan-Sep 2026 3,484 4

5. Slide 5: Net letting

   Net letting Jan- Jan- Q3 Q3 SEKm Sep Sep 2026 2025 2026 2025 New leases 60 66 179 300 Terminations -87 -60 -236 -235 Net letting -27 6 -57 65 5

6. Slide 6: New leases Q3 – a selection

   Nya leases Q3 — a selection Alutoexperten =X AVARN —- Fortnox YYazen VICI: BRANDEYE BOSCH SONY SALES & PARTNER City ASW CARGLASS

7. Slide 7: Net letting quarterly

   Net letting quarterly 150 100 50 0 -50 -100 -150 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 New leases Terminations Net 7

8. Slide 8: Solid customers

   Solid customers Choice Hotels 19% City of Helsingborg City of Malmö Revenues from top ten tenants Danish Building and Property Agency 22% Lund University Malmö University Revenues from Novo Nordisk public tenants Skåne Regional Council Swedish Social Insurance Agency Trygg Hansa Insurance 8

9. Slide 9: Rental growth

   Rental growth Rental Rubrikgrowthupp entire property stock till 2 rader like-for-like* 01-10-2026 01-10-2025 01-10-2026 01-10-2025 SEK m SEK m Percent SEK m SEK m Percent Rental value 5,216 4,889 +6.7 Rental value 3,955 3,858 +2.5 Rental income 4,597 4,379 +5.0 Rental income 3,488 3,466 +0.6 *Exclud

10. Slide 10: Changes in market value properties

    Changes in market value properties SEK m Carrying amount 1 January 2026 64,414 Acquisitions 534 Investments 1,458 Properties sold -4 Change in value 49 Currency translations 657 Carrying amount 30 September 2026 67,108 10

11. Slide 11: Increased value in the portfolio

    Increased value in the portfolio 67.1 SEK bn 60 000 50 000 40 000 SEK m 30 000 20 000 7 SEK bn 10 000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 11

12. Slide 12: Portfolio – the entire property stock

    • Portfolio – the entire property stock* 1 October, 2026 Market value Op. Surplus** Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. 63,115 3,403 89 5.4 6.3 projects and land Total Wihlborgs 67,108 3,491 88 5.2 6.1 * Excluding properties acquired 1 October 2026 *

13. Slide 13: Portfolio – Office properties

    Portfolio – Office properties 1 October, 2026 Market value Op. Surplus** Occupancy rate, Running Running yield SEK m SEK m % yield, % fully let, % Malmö 21,150 1,053 88 5.0 5.9 Helsingborg 9,993 565 89 5.7 6.5 Lund 9,896 554 88 5.7 6.6 Copenhagen 12,616 659 92 5.2 5.9 Total 53,655 2,831 89 5.3 6.1 *

14. Slide 14: Portfolio – Logistics/Production

    Portfolio – Logistics/Production 1 October, 2026 Market value Op. Surplus** Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Malmö 2,834 180 93 6.3 7.0 Helsingborg 4,936 288 79 5.8 7.9 Lund 683 44 94 6.4 6.9 Copenhagen 1,006 61 99 6.0 6.2 Total 9,460 572 86 6.0 7.3 * Excludi

15. Slide 15: Portfolio running yield

    Portfolio running yield, excl. property admin. 6,5 6,3 6,3 6,2 6,1 5,9 5,8 5,8 5,7 5,7 5,6 5,5 Percent 5,5 5,4 5,4 5,4 5,4 5,3 5,3 5,1 5,1 5,1 4,9 4,7 4,5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 Excl. project and land 15

16. Slide 16: Malmö Helsingborg Lund Copenhagen

    Malmö Helsingborg Lund Copenhagen 39 % of property value 22 % of property value 17 % of property value 22 % of property value 694,000 m2 730,000 m2 310,000 m2 731,000 m2 99 properties 106 properties 47 properties 64 properties 25,866 SEK m property value 14,975 SEK m property value 11,357 SEK m prop

17. Slide 17: Sustainability highlights

    • Slotsmarken 10-18, Hørsholm Sustainability highlights • Top ranking in GRESB (Global Real Estate Sustainability Benchmark) o Ranked 3rd out of 21 in the relevant peer group o Positive progress for both Wihlborgs and the industry • Vätet 1 first to achieve SGBC (Swedish Green Building Council) cert

18. Slide 18: Sustainability results Q3

    Sustainability results Q3 18

19. Slide 19: Financials

    Eg F i n a necia l S

20. Slide 20: Income statement

    Income statement SEK m Q3 2026 Q3 2025 Rental income 1,160 1,101 +5% Operating surplus 848 790 +7% Income property management 527 495 +6% Change in value of properties 21 103 Change in value of derivatives 350 35 Pre-tax profit 898 633 Profit for the period 689 487 20

21. Slide 21: Consolidated balance sheet

    Consolidated balance sheet, SEK m 30-09-2026 30-09-2025 Investment properties 67,108 63,457 Right-of-use assets 159 162 Other fixed assets 583 499 Derivatives 451 165 Current receivables 374 370 Liquid assets 122 260 Total assets 68,797 64,913 Equity 24,932 23,498 Deferred tax liability 6,731 6,037

22. Slide 22: Key figures

    Key figures 30-09-2026 30-09-2025 Equity/assets ratio, percent 36.2 36.2 Leverage properties, percent 52.5 52.3 Interest coverage ratio, multiple 2.9 2.8 Per share, SEK EPRA net disposal value 81.10 76.43 EPRA net reinstatement value 101.59 96.23 Earnings per share 5.01 4.46 EPRA EPS 4.78 4.35 22

23. Slide 23: EPRA NRV

    EPRA NRV Average annual growth: 14 percent adjusted for dividend Per share 100 90 80 70 60 SEK 50 40 30 20 10 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 23

24. Slide 24: Stable financial position

    Stable financial position Financial targets Equity/Assets % 45,0 • Max. loan-to-value 60% 40,0 • Min. equity/assets 30% 35,0 • Min. interest coverage 2.0 multiple 30,0 25,0 Interest cover ratio, rolling 12 months 8,0 7,0 Loan-to-value % 6,0 65,0 5,0 60,0 4,0 55,0 3,0 50,0 2,0 1,0 45,0 0,0 40,0 aug-1

25. Slide 25: Strong earnings relative to borrowings

    Strong earnings relative to borrowings Net debt/EBITDA 12,0 10,0 8,0 Multiple 6,0 4,0 2,0 0,0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 25

26. Slide 26: Current financing, Sept 2026

    Current financing, Sept 2026 Total debt: SEK 35.2 bn 23% 41% 36% Bank loans Danish mortgage loans Bonds 26

27. Slide 27: Structure of interest and loan maturities

    Structure of interest and loan maturities Interest maturity Loan maturity Loan amount Average Credit agreement Utilised Matures year SEK m interest rate % SEK m 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

28. Slide 28: Fixed interest period and loan maturity

    Fixed interest period and loan maturity Fixed interest period, years Loan maturity, years 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 jun-25 dec-25 jun-26 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 jun-25 dec-25 jun-26 28

29. Slide 29: Available funds

    Available funds Unutilized credit facilities plus liquid funds, SEK mn 18 000 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 - Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

30. Slide 30: Investments in progress

    Investments in progress 30

31. Slide 31: Projects investments Jan-Sept 2026

    Projects investments Jan-Sept 2026 SEK m Investments 1,458 Projects in progress 2,642 Invested by period end -1,154 Remains to invest 1,488 31

32. Slide 32: Vätet 1

    - Completion Q1 Vätet 1 Lund 2027 2, 300 m2 SEK 82 m 32

33. Slide 33: Amphitrite 1

    Completion Amphitrite 1 City, Malmö Q4 2027 Malmö University 20,000 m2 SEK 1,130 m

34. Slide 34: Kranen 7 Skrovet 6

    Malmö 17,000 m2 Completion Completion Kranen 7 Dockan, Malmö Q3, 2027 Skrovet 6 Malmö Q2, 2027 Malmö stad preschool 2,900 m2 SEK 136 m Cloetta, MEC, Fortnox 11,000 m2 SEK 149 m 34

35. Slide 35: Musköten 20 Surkålen 1

    Lund 11,900 m2 Completion Completion Musköten 20 Helsingborg Q3, 2027 Surkålen 1 Lund Q2/Q4, 2026 MilDef Note + Lund University 10,200 m2 SEK 97 m 14,500 m2 SEK 260 m 35

36. Slide 36: Acquisition from Castellum

    • on Aquisition from Castellum • Castellum’s south Sweden portfolio • Underlying property value of SEK 13.3 billion • 635,000 sqm • 43 percent office space, 41 percent industrial, 9 percent retail • Areas with existing well-estabilshed property management • Completion October 1 • Initial running yie

37. Slide 37: Malmö

    Malmö

38. Slide 38: Commercial property owners in Malmö

    Commercial property owners in Malmö December 31 2025 October 1 2026 1 200 000 1 200 000 800 000 800 000 400 000 400 000 0 0 Offices Logistics/production Offices Logistics/production

39. Slide 39: Lund

    Lund

40. Slide 40: Commercial property owners in Lund

    Commercial property owners in Lund December 31 2025 October 1 2026 400 000 400 000 300 000 300 000 200 000 200 000 100 000 100 000 0 0 Wihlborgs Medicon Village Castellum Wihlborgs Medicon Village Castellum Offices Logistics/production Offices Logistics/production

41. Slide 41: Helsingborg

    Helsingborg

42. Slide 42: Commercial property owners in Helsingborg

    Commercial property owners in Helsingborg December 31 2025 October 1 2026 1 000 000 1 000 000 900 000 900 000 800 000 800 000 700 000 700 000 600 000 600 000 500 000 500 000 400 000 400 000 300 000 300 000 200 000 200 000 100 000 100 000 0 0 Wihlborgs Catena Castellum Mileway SLP Wihlborgs Catena Ca

43. Slide 43: Portfolio – the entire property stock

    • Portfolio – the entire property stock 1 October, 2026 Market value Op. Surplus* Occupancy Running Running yield SEK m SEK m rate, % yield, % fully let, % Total excl. projects 63,115 3,403 89 5.4 6.3 and land Total Wihlborgs Q3 67,108 3,491 88 5.2 6.1 Aquired properties 13,320 700 83 5.3 6,7 1 Oct

44. Slide 44: Malmö - overview

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45. Slide 45: Malmö - city

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46. Slide 46: Outer Malmö

    Outer Malmö

47. Slide 47: Malmö - Hyllie

    Malmö - Hyllie

48. Slide 48: Lund overview

    Lund overview t PROFESSORSSTADEN viPEHOUM GASTELYCKAN

49. Slide 49: Lund - Ideon

    NOBELPARKEN a ‘ DsruNNSHOG LUND UNIVERSITY ws OSTRATORNS BY 10 4 %

50. Slide 50: Lund – Gastelyckan/Hasslanda

    Lund – Gastelyckan/Hasslanda

51. Slide 51: Lund - West

    PAPEGOJELYCKAN

52. Slide 52: Helsingborg - overview

    Helsingborg - overview

53. Slide 53: Outer Helsingborg

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54. Slide 54: Helsingborg City

    Helsingborg City CENTRUM

55. Slide 55: Summary

    • Summary • Continued growth in revenues and profits • Still elevated vacancies but improving activity among potential tenants • Completion of SEK 13 bn acquisition on October 1 • Rapid integration in process • Excellent strategic fit gives immediate positive effect and long term potential 55

56. Slide 56: at

    at

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