Q2 2025 Wihlborgs Fastigheter AB Earnings Call Transcript
Key Points
- Wihlborgs Fastigheter AB (LTS:0A0I) reported record figures for rental income, operating surplus, and income from property management in Q2 2025.
- The company achieved a compound annual growth rate of almost 10% over 20 years in rental income, operating surplus, and income from property management.
- Wihlborgs Fastigheter AB has maintained a positive net letting streak for 41 quarters, with SEK24 million in net letting for Q2 2025.
- The company has a strong tenant base, with 7 out of its 10 largest tenants being governmental entities, contributing 22% of rental income.
- Wihlborgs Fastigheter AB has been recognized as one of Europe's climate leaders by the Financial Times, highlighting its commitment to sustainability.
- The company is experiencing higher vacancy rates compared to the previous year, which is affecting rental income.
- There is a noted decrease in rental income by 0.5% on a like-for-like basis due to higher vacancy rates.
- The loan-to-value (LTV) ratio has increased to 53%, which the company aims to reduce to around 50%.
- The current tax for the quarter was higher than expected due to the divestment of residential building rights in Copenhagen.
- The average interest rate on the company's debt is expected to rise slightly due to expiring interest rate swaps.
You are now in the main conference.
Welcome to the presentation of Wihlborgs Q2 2025. This report, we have some records, some repetition and, of course, some news. But as a part of that, we start with the celebration. Last year, we celebrated 100 years as the company Wihlborgs. And this quarter, we have celebrated 20 years as a listed company, and that might be worth some reflections.
We often talk about focusing on growth and earnings capacity. What have we actually achieved? We started the May 23, 2005 with a property value of SEK7 billion and 20 years later, we have grown to SEK63 billion without raising any new equity from our shareholders. During these 20 years, we have invested SEK20 billion in our project portfolio and gained an extra SEK5 billion in profit from these investments. We have also made acquisitions at a value of SEK14 billion.
We have 19 years in a row with increased dividend, a compound annual growth rate at 10.4% and in total, SEK9 billion have been
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