Wihlborgs Fastigheter AB (publ) (WIHL) Earnings Call Transcripts

Wihlborgs Fastigheter AB (publ)'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Wihlborgs Fastigheter AB reported a record rental income of SEK 1.150 billion, marking a 10% increase year-over-year. The company's profit for the period was SEK 548 million, or SEK 1.78 per share, with EPRA NAV rising 10% to SEK 101.14 per share. However, net lettings were negative at SEK -35 million, the first decline in 43 quarters, raising concerns about future occupancy and rental growth. Management maintained a cautious outlook, indicating flat occupancy rates in the near term but expressing optimism about ongoing discussions with potential tenants.

Reported metrics

Guidance from management

Management expects occupancy rates to remain flat in the near term, with ongoing discussions indicating potential for future growth. They did not provide specific numerical guidance for net lettings or occupancy improvements.

What management said

Let me think if I have that number off the top of my head. It relates to [ Sotera ] where ATP have less the building. So it is vacant currently. I don't have the annual rental income off the top of my head, But giving a bit more flavor of what -- the way it works in the Danish market is that when when a tenant terminated a lease, they're obliged to restore the premises to the shape the premises were when they moved i...

You should not expect that, it's too early to say that because we also have terminations, of course. So what I see now is that we will be quite flat until Q2. And then it depends on what will happen with project completions and terminations ahead. But I definitely see, as we have also give some notice before, that the rental income continues to increase.

What analysts pressed on

Analysts expressed concerns over the negative net lettings and the potential impact on future occupancy rates. Questions were raised about the sustainability of rental income growth and the implications of geopolitical uncertainties on tenant negotiations.

Main topics on the call

• Record Rental Income — Wihlborgs achieved a record rental income of SEK 1.150 billion, up 10% from the same quarter last year. Management noted, 'This is the fourth quarter in a row when it comes to rental income in an individual quarter.'
• Negative Net Lettings — The company reported negative net lettings of SEK -35 million, attributed to 84 million in terminations against 49 million in new leases. Management stated, 'The amount of new leases in Q1 are too low to meet that.'
• Strong Financial Metrics — Operating surplus increased by 9% to SEK 800 million, despite higher winter costs. The interest cover ratio remains strong at 2.9x, indicating solid cash flow generation.
• Cautious Outlook on Occupancy — Management expects occupancy rates to remain flat in the near term, stating, 'I cannot promise positive net lettings the coming 43 quarters.' However, they noted ongoing discussions with potential tenants.

Read the full Wihlborgs Fastigheter AB (publ) transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 25 Wihlborgs Fastigheter AB (publ) earnings call transcripts on record, spanning February 11, 2020 to July 6, 2026. Based on this history, Wihlborgs Fastigheter AB (publ) reports quarterly. The most recent call on file is dated July 6, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

WIHL

Exchange

OM

Country

SE

Sector

Real Estate

Industry

Real Estate Management and Development

Calls on record

25

First call

February 11, 2020

Most recent

July 6, 2026

Reporting cadence

quarterly