Wihlborgs-Growing the cluster-07/06/2026

研报英文原文证据摘录

Wihlborgs-Growing the cluster-07/06/2026

Wihlborgs

QUARTERLY REVIEW | 6 JUL 2026

Growing the cluster Target price (SEK) 106

Wihlborgs reported a solid Q2 with a rental income and NOI beat while Share price (SEK) 78

higher-than-expected CA weighed on IFPM. Net letting was positive in

Q2, although the economic occupancy rate decreased slightly due to

partly vacant project completions being recognized as investment

properties. The recently announced acquisition results in some positive

estimate revisions going forward and we +nd the current valuation

attractive. We reiterate Buy and increase TP to SEK 106 (102). Forecast changes

% 2026e 2027e 2028e

Solid quarter, although slight vacancy increase Sales 5 17 18

Rental income came in 2/3% above cons/PASe, contributing to a 2% NOI beat vs. NOI 6 18 18

cons/PAS expectations. SEK 10m higher CA related to the recently announced CEPS 8 9 10

Castellum transaction weighed on IFPM, which was broadly in line with cons/PAS EPRA NAV ps (0) 0 1

estimates, although IFPM grew by a solid 6% y/y. Net letting was positive at SEK

DPS - - -5m where management highlights a more optimistic view on the market with more

Source: Pareto Securitiesongoing discussions than before. The economic occupancy rate decreased by

1pp q/q to 89%. However, this was mechanical following the transfer of newly

completed, partly vacant projects into investment properties. Ticker WIHL.ST, WIHL SS

Sector Real Estate

Expansion incoming Property sector Office

Wihlborgs has agreed to acquire a portfolio with 95 properties for an underlying Credit rating None

property value of SEK 13.3bn, expected to generate an annual rental value of SEK Shares fully diluted (m) 307.4

1.13bn at a 5% NIY. The current occupancy rate in the portfolio amounts to 85%, Market cap (SEKm) 23,872