Wihlborgs earnings increased in the first nine months of 2026, with income from property management rising 8% to SEK 1,604 million. The commercial property company’s October 21 results showed continued rental growth, but negative third-quarter net lettings and an expected further rise in vacancies tempered management’s optimism about stronger leasing discussions.
Key Takeaways
- Third-quarter income from property management rose 6% to SEK 527 million.
- Net lettings were negative SEK 27 million, mainly because of a late lease termination in Denmark.
- Management reported stronger leasing discussions but expected vacancies to keep rising for at least another year.
Table of Contents
- Wihlborgs earnings grow as existing properties contribute
- Leasing discussions strengthen after a negative quarter
- Vacancy outlook remains cautious despite improving activity
- Conclusion
Wihlborgs earnings grow as existing properties contribute
Third-quarter rental income increased 5% from a year earlier to SEK 1,160 million. Chief Executive Ulrika Hallengren said most of the increase came from renegotiations, leases and projects, even as the company had recently completed the largest acquisition in its history.
Wihlborgs’ January–September 2026 results announcement showed quarterly operating surplus rising 7% to SEK 848 million. The surplus ratio strengthened slightly to 73.1%, meaning operating surplus grew faster than rental income.
The quarterly gains extended the company’s growth over the first nine months. Income from property management reached SEK 1,604 million, compared with SEK 1,482 million a year earlier. That measure is distinct from profit for the period, which reached SEK 1,539 million.
| Item | Details |
|---|---|
| January–September rental income | SEK 3,484 million, versus SEK 3,243 million a year earlier; up 7%. |
| January–September operating surplus | SEK 2,513 million, versus SEK 2,334 million; up 8%. |
| January–September profit | SEK 1,539 million, versus SEK 1,370 million. |
| January–September earnings per share | SEK 5.01, versus SEK 4.46. |
Leasing discussions strengthen after a negative quarter
Third-quarter net lettings totalled negative SEK 27 million. Hallengren attributed the shortfall mainly to a late lease termination in the Danish portfolio, where the company already had two negotiations under way.
Leasing activity started the quarter slowly before picking up significantly toward its end. Heading into the fourth quarter, Hallengren said both the number and volume of ongoing discussions were higher than they had been for many years.
The distinction matters: a larger pipeline of discussions is not the same as signed leases. The negative net-lettings result shows that the stronger activity had not yet translated into a positive quarterly outcome.
Vacancy outlook remains cautious despite improving activity
In the October 21 earnings call, Hallengren said vacancies would continue rising for at least another year because of acquisitions and the addition of new areas. She nevertheless expressed the view that the most challenging period had passed, while acknowledging that the timing of new leasing decisions was not entirely within Wihlborgs’ control.
Wihlborgs focuses on commercial properties in the Öresund region, with a portfolio in Malmö, Helsingborg, Lund and Copenhagen. Its growing earnings and stronger tenant discussions therefore sit alongside a continuing vacancy challenge, rather than establishing that occupancy has already turned.
Conclusion
The next test for Wihlborgs earnings is whether the stronger leasing discussions entering the fourth quarter produce signed agreements. Management’s improving assessment of demand has not yet removed its expectation of further vacancy increases.
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