Q2 2025 Wallenstam AB Earnings Call Transcript
Key Points
- Wallenstam AB (STU:WAE) sold building rights to OBOS, enhancing the Molnlycke Fabriker project with approximately 120 co-hubs.
- The company repurchased 4 million of its own shares, indicating confidence in its undervalued stock.
- Wallenstam AB (STU:WAE) received a building permit for the Sergelskrapan facade, marking a significant milestone in its development projects.
- The Nacka Grace property won the 2024 Urban Design Award and was sold to Folksam Group for SEK822 million, reflecting strong market interest.
- The company maintains a high occupancy rate of 96% overall, with 100% occupancy in residential units, indicating strong demand for its properties.
- Commercial tenants are taking longer to sign new leases due to uncertain market conditions, affecting commercial occupancy rates.
- Operating expenses increased by almost 8%, driven by higher property management costs and tariff increases.
- Administrative expenses rose by SEK24 million, attributed to new IT systems and increased personnel and security expenses.
- The value changes in financial instruments resulted in a negative impact of SEK534 million for the second quarter.
- No new construction projects were started in the second quarter, potentially impacting future growth opportunities.
Hello, and welcome to Wallenstam's conference call for the second quarter and first half of 2025. I'm Susann Linde, CFO and Head of Investor Relations.
Here on this page, you can see our property in Kallebacks Block 6, where I have also become a property ambassador. We have a tradition where employees with long period of employment get to become ambassadors of a property. So now it was my turn after 24 years in the company. So I'm very proud, and I also think it's a very nice property.
So what have we done during this second quarter? We sold building rights to OBOS in our urban development project Molnlycke Fabriker in an area where we have already built around 500 rental apartments. OBOS will now complement the neighborhood with approximately 120 co-hubs, something we see as a positive addition.
During the quarter, we repurchased a total of 4 million of our own shares. We believe the share is trading at the discount and have therefore chosen to allocate some of our capital to this. We also
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