Wihlborgs Fastigheter AB (publ)

Strong operating momentum (good): revenue & earnings at record levels - Q3’26 rental income +5% YoY to SEK 1.16bn; operating surplus +7% to SEK 848m; income from property management +6% to SEK 527m. - First 9 months’26: rental income +7% to SEK 3.484bn (record); operating surplus +8% to SEK 2.530bn (record); property management income +8% to SEK 1.604bn (record). - Profit and NAV: Q3 period result SEK 689m; for 9 months result SEK 1.539bn (SEK 5.01/share). EPRA NRV up 9% to SEK 101.59/share (adjusted for paid dividend), also a record.

Liquidity + acquisition closes; financing remains solid (good/surprising): Castellum deal integrated smoothly early - Castellum acquisition (95 properties) closed 1 Oct 2026, agreed value SEK 13.3bn, 635k sqm, offices+industrial, with planned impact from day 1 and initial running yield ~5.3%. - Company sees “unbeatable” market position in its hubs (Malmo/Lund/Helsingborg/Copenhagen footprint strengthened). - Financing access good despite market/geopolitical uncertainty: net debt/EBITDA 10.6x, interest coverage 2.9x, average interest rate 3.37%; available funds SEK 17bn (inflated by payment facility; normalized ~SEK 4bn). - Integration: organization downsized ~30% already; estimated one-off integration cost ~SEK 10m in Q4 and ~SEK 20m annual savings. Management expects operations aligned “by mid-November”.

Vacancy & net letting remain a key negative (bad): Q3 net letting -SEK 27m; vacancy expected to linger - Net letting Q3: -SEK 27m (new lettings SEK 60m, but higher terminations). - Management notes Q3 normally starts slow, but signings were postponed by a couple of months, and a large Danish termination hit earlier than expected (Schneider, single-tenant). - Outlook on vacancy: vacancy expected to increase for at least one more year once Castellum is included, mainly due to portfolio consolidation timing—not expected to keep worsening throughout that period.