Wihlborgs-NOI beat and positive net letting, although slight vacancy increase-07/06/2026

Research evidence excerpt

Wihlborgs-NOI beat and positive net letting, although slight vacancy increase-07/06/2026

Wihlborgs

NEWSFLASH | 6 JUL 2026

NOI beat and positive net letting, although slight vacancy increase

Wihlborgs delivered a solid Q2 report with rental income 2/3% above cons/PASe, mainly driven by additional rental income

from completed projects. LFL rental income growth was up 2.6% y/y. NOI was +2% vs. cons/PASe (+6% y/y) and net letting

came in positive at SEK 5m. IFPM was broadly in line with cons/PASe, up 6% y/y, offset by SEK 10m higher CA than expected,

attributable to the recently announced Castellum transaction. The economic occupancy rate decreased q/q by 1pp to 89%,

explained by project completions now recognized in the investment portfolio. The average valuation yield decreased by

10bps q/q to 5.4% and unrealized change in property value amounted to SEK 10m. We expect some minor positive estimate

changes on the back of the report, and shares to trade slightly above the real estate sector today. Buy, TP SEK 102.

Key takeaways

• Rental income 2/3% above cons/PASe, corresponding to a 7% y/y increase, mainly driven by additional rental income from project

completions

• NOI came in +2% vs. cons/PASe (+6% y/y)

• Net letting for the quarter was positive and amounted to SEK 5m

• LFL rental income growth was up 2.6% y/y

• IFPM was broadly in line with cons/PASe, up 6% y/y, offset by SEK 10m higher CA than we expected, attributable to the recently

announced Castellum transaction

• The economic occupancy rate decreased by 1pp q/q to 89%, explained by project completions in Q2 now recognized in the investment

portfolio

• The average valuation yield decreased by 10bps q/q to 5.4% and unrealized change in property value amounted to SEK 10m