Q1 2026 Wihlborgs Fastigheter AB Earnings Call Transcript
Key Points
- Wihlborgs Fastigheter AB (LTS:0A0I) achieved a record rental income of SEK1.150 billion, marking the fourth consecutive quarter of record rental income.
- The company's operating surplus increased by 9% to SEK800 million, despite higher costs for snow removal and heating.
- Income from property management rose by 12% to SEK520 million compared to the same quarter in the previous year.
- The EPRA NAV increased by 10% to SEK101.14 per share, adjusted for paid dividends.
- Wihlborgs Fastigheter AB (LTS:0A0I) has good access to financing, with ongoing positive discussions with banking relationships and a stable Danish real mortgage system.
- Net debt to EBITDA stands at a high 10.5 times, indicating significant leverage.
- The company experienced a negative net letting of minus SEK35 million, the first negative quarter after four consecutive positive quarters.
- Over 50% of lease terminations occurred in Denmark, and the volume of new leases in Q1 was too low to offset these terminations.
- The occupancy rate is relatively flat, with no significant improvement expected in the short term due to ongoing terminations and project completions.
- Tenant bankruptcies in Sweden affected the results negatively, contributing to a decrease in net letting figures.
Welcome to the presentation of Wihlborgs first three months report 2026. Growth, cash flow and our core business is our mission. And even if the world gives us some challenges, our region continues to deliver not only (technical difficulty) quarter in 11 years, but I see no new trend in this. Just a reminder that a quarter is a short period.
Net debt to EBITDA at 10.5 times. Good access to financing continues, and we have acquired our first premises Carlsberg in Copenhagen. And with some figures on that, the rental income was SEK1.150 billion a new record, the operating surplus SEK800 million and income for property management SEK520 million. The result for the period increased to SEK548 million, corresponding to SEK1.78 per share, and EPRA NAV has increased by 10% to SEK101.14 per share adjusted for paid dividend.
A comparison of the rental income Q1'25 and Q1'26, indexation plus SEK13 million acquisition plus SEK46 million currency effect minus SEK12 million, additional charges plus SEK23 million and completed
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