Q4 2024 Wihlborgs Fastigheter AB Earnings Call Transcript
Key Points
- Wihlborgs Fastigheter AB (FRA:1EJ) achieved a new record in rental income for Q4 2024, amounting to SEK1.059 billion.
- Income from property management increased by 23% to SEK452 million in Q4 2024.
- The company reported a positive net letting of SEK30 million for Q4 2024.
- The Board proposes a dividend of SEK3.20 per share, reflecting confidence in financial stability.
- Wihlborgs Fastigheter AB (FRA:1EJ) has maintained a strong occupancy rate of 91% across its portfolio, excluding projects and land.
- The macroeconomic backdrop remains weak, with expectations of improvement over the coming quarters.
- Higher vacancy rates have been noted, attributed to the gap between tenant move-outs and move-ins.
- The company anticipates terminations in Q1 2025, including a significant termination from SAAB, impacting rental income.
- The net debt to EBITDA ratio is close to 10 times, which could be a concern if it increases further.
- The acquisition of properties from Granitor will temporarily increase the loan-to-value (LTV) ratio by approximately 2%.
Welcome to the presentation of Wihlborgs full year report 2024. Another year has come to its end and a pretty active start of '25. So at the same time, as we summarize '24, we have our full focus on '25 and knowing there is more to harvest in '26. It is special times, a lot of changes and challenges around us, and we must adapt and find new ways. If we put human tragedies aside, change and challenges is nothing new. Time always seems to be special.
And that means that what's new is how well and how quickly we adapt and how fast we can find the new opportunities in every day of change. And if anything can summarize the times of today, we claim that it's a time of action. We have been quite successful to adapt and achieve results in challenging times so far, and that ability is the only thing we refuse to change.
Let's go to our report, and we'll start with a summary of Q4. We have a new record in rental income for one quarter, SEK1.059 billion, net letting positive with SEK30 million, income from property management,
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