Wihlborgs Fastigheter

Quarterly Report • Feb 11, 2025

Year-end report January – December

2024

Strong end to the year

Rental income increased 8 percent to SEK 4,174 million (3,881)

Operating surplus increased 8 percent to SEK 2,996 million (2,763)

Income from property management increased 2 percent to SEK 1,781 million (1,747)

Profit for the period amounted to SEK 1,706 million (-27), corresponding to earnings per share* of SEK 5.55 (-0.09)

The Board of Directors proposes a dividend of SEK 3.20 (3.15) per share

In 12 months EPRA NRV per share has increased by 8 procent to 93.58 kr (89.17) adjusted for dividend of SEK 3.15 per share

*) Earnings per share are the same before and after dilution.

Pulpeten 5 (Kvartetten), Malmö

This is Wihlborgs

Wihlborgs is the leading property company in the Öresund region. Over 50,000 people have their workplace at one of our premises.

People in Malmö, Lund, Helsingborg and Copenhagen all meet in city spaces designed by us. We are also present in associations, social forums and board rooms to be part of the development of the Öresund region. We are a region-builder and a relations-builder.

The book value of the company's properties totals SEK 59 billion, representing an annual rental value of SEK 4.6 billion. Wihlborgs' shares are listed on the Large Cap List of Nasdaq Stockholm.

Our vision

In the meeting with us, ambitions become reality.

Our business concept

Wihlborgs specialises in efficient sub-markets in the Öresund region, where we own, manage in-house and develop commercial properties, thereby enabling tenants to grow and develop.

Our business model

We work continuously to improve our property portfolio by refining and developing existing properties, implementing new projects and acquiring and selling properties. With good results, we enable value growth and dividends to shareholders.

Our sustainability framework

Wihlborgs is to ensure the company's and region's long-term sustainable development. Our focus is on committed employees, responsible business, sustainable properties and commitment to the region and its community.

Property value, SEK billion

59.2

Rental income, SEK million Jan-Dec

Operating surplus, SEK million Jan-Dec

2,996

Income property, SEK million Jan-Dec

1,781

January - December 2024

Group key figures, SEK m	2024	2023	2024	2023
	Oct-Dec	Oct-Dec	Jan–Dec	Jan–Dec
Rental income	1,059	969	4,174	3,881
Operating surplus	752	659	2,996	2,763
Income property management	452	366	1,781	1,747
Changes in value of properties	514	-297	585	-1,212
Changes in value of derivatives	125	-506	-136	-559
Result for the period	860	-350	1,706	-27
Earnings per share, SEK*	2.80	-1.14	5.55	-0.09
Surplus ratio, %	71	68	72	71
Equity/assets ratio, %	38.1	39.0	38.1	39.0
Occupancy rate, %**	91	93	91	93
EPRA NRV per share, SEK	93.58	89.17	93.58	89.17
Environmental certifications, % of floor area, office Sweden	90	71	90	71
Energy use, kwh/m2 Atemp weather normalized	26.1	26.6	80.0	83.3

*) Earnings per share are the same before and after dilution.

**) At the end of the period, excluding projects and land.

Financial targets

Target		Outcome January-December 2024
	A return on equity that exceeds the risk-free interest rate* by not less than six percentage points, which for the beginning of 2024 corresponds to 8.00 percent	7.5
	An equity/assets ratio of no less than 30 percent	38.1
	An interest coverage ratio of no less than 2.0 times	2.5
	The loan-to-value ratio is not to exceed 60 percent	50.9

*) Risk-free interest rate is defined as the interest rate for a 5-year Swedish government bond.

Wihlborgs year-end report January-December 2024 3

Content

CEO's comments	4
Market comments	5
Income, expenses and profit	6
Assets	8
Sustainable business	14
Liabilities and equity	16
Financial reports	19
Key figures	24
Definitions	26
Calendar	27
Contact	28

Strong end to 2024

Rental income for the fourth quarter amounted to SEK 1.059 million, up 9 percent year-on-year and a new record high for income in a single quarter. Operating surplus increased 14 percent to SEK 752 million during the quarter, corresponding to a surplus ratio of 71 percent, a strong figure for a fourth quarter. Income from property management increased a full 23 percent to SEK 452 million now that we are seeing the effects of falling market interest rates. These figures once again demonstrate Wihlborgs' capacity to generate a strong cash flow.

We could also post positive net lettings of SEK 13 million for the most recent quarter. Out of 135 newly signed agreements, I would especially like to mention:

• BPC Instruments signed a 15-year lease for a new 3,600 square metre warehouse, production and office building in Lund.
• Thule has chosen to move their headquarters to Dockan in Malmö, where they will lease 3,400 square metres at Dockporten 1 in an eight-year agreement.
• Smurfit Westrock OnWell signed a five-year lease for 5,200 square metres at Värjan 13 in Helsingborg, a location that was vacated quite suddenly last summer following a bankruptcy.

In my opinion, these examples demonstrate the scope of our business and how we can meet very different needs when it comes to workplaces in our region. This is one of our strengths.

Strong financial position

While we are pleased about our thirty-ninth consecutive quarter of positive net lettings, the occupancy rate has fallen slightly. As is evident in our newly-signed and terminated leases in recent quarters, our tenants are undergoing some major transitions. This can lead to a temporary gap between

terminations and move-ins. Many of the major leases we signed in the past year will not generate full income in 2025. Instead, occupancy will take place gradually throughout 2025 and into 2026. We were also impacted somewhat by more bankruptcies than normal, which did not lead to major rent losses but did lead to vacant premises. While we are expecting a lower occupancy rate than usual in the first half of the year, it should recover towards the end of the year.

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

"This means being aware of our operating environment, being prepared for the transition and otherwise focusing on what we can influence. "

We had all of our properties externally valued at the end of the year, as usual, the valutation resulted in positive changes in value of SEK 514 million for the quarter. The changes in the yield requirement were minor, but it is gratifying to see that our projects are once again making positive contributions.

The strength of our earnings improved our financial position and the net debt in relation to EBITDA is now at a multiple of 9.9, which is its strongest level since 2012. EPRA NRV (long-term net asset value) amounted to SEK 93.58 per share at the end of the year, up 8.5 percent year-on-year, adjusted for dividends paid. In light of healthy earnings and strong balance sheet, the Board proposes a dividend of SEK 3.20 per share.

Certification target achieved by margin

Progress was made during the year in terms of our energy consumption and CO2 emissions, which declined thanks to initiatives like operating optimisation, energy savings projects and transitioning to energy sources with lower climate impact. I am also pleased to note that we achieved our certification

target of 90 percent one year early. Nonetheless, the certification work will continue apace, for example by certifying additional existing properties in various segments in Sweden as well as Denmark according to Miljöbyggnad iDrift and DGNB Bygninger I drift, and by having Miljöbyggnad Gold as the standard for all of our new production.

Patience a few more quarters

One look at the news and it is clear that we are living in uncertain, changing times of great political turbulence. But not everything in our operating environment is negative, and opportunities arise even in times of change. Market interest rates fell significantly during the year and access to capital is good, from banks as well as the bond market. At the same time, the economic recovery is weak and we need to have patience for a few more quarters before we can expect a boost from a stronger economic growth.

This means being aware of our operating environment, being prepared for the transition and otherwise focusing on what we can influence. Through diligent work with lettings and continued project investments we will give our tenants the conditions to grow. This strengthens our region and builds Wihlborgs for the future.

Of course, the occasional transaction helps. At the time of writing this report, we have just signed an agreement to acquire eight properties from Granitor, which strengthens our clusters in Malmö, Lund and Helsingborg. Good locations, good content in the management portfolio and development properties right next to some of our latest successful projects.

We look forward to an even stronger 2025!

Ulrika Hallengren, vd

Market comments

According to the Swedish Economy Report (December 2024) from the Swedish National Institute of Economic Research, the Swedish economy will remain in recession throughout 2025 and into 2026. Household consumption is slowly recovering after a period of high inflation and reduced purchasing power. Predictions point to households becoming less cautious in 2025, but considerable uncertainty prevails regarding how they will prioritise between savings and consumption. The service sector is showing a solid recovery, primarily in business-related services, while export-dependent industries are impacted by weak demand in Europe. While sentiment remains gloomy in the construction sector, a turnaround in housing construction is expected in the second quarter of 2025.

The demographic change, with declining population growth in Sweden, is also impacting Skåne according to the Skånsk Konjunktur economic report (November 2024). The population increase in Skåne until 2033 is expected to be one third of the last decade's level of approximately 15,000 people/year. Malmö and Lund, however, remain strong and are expected to contribute half of the growth. In Lund, housing construction is already increasing and accounted for more than 40 percent of all new construction in the county in the first half of 2024. Lund is unique, with employment growth and Skåne's lowest unemployment rate. There are challenges in northwest Skåne, where the labour market is under pressure as a result from cutbacks in the construction and transportation sectors.

The Silf Purchasing Managers' Index for the service sector increased from 51.0 in November to 51.4 in December. The index indicates a higher level of activity in the service sector, with an improvement in order intake, but the recovery is dragging its heels without picking up speed despite lower interest and inflation.

The Swedish Central Bank lowered the policy rate to 2.25 percent in January 2025 and Danmarks Nationalbank lowered the rate to 2.35 percent in the wake of the ECB's interest-rate cut.

The rental and property market

According to SEPREF's (the Swedish Property Research Forum) consensus forecast for the fourth quarter of 2024, the prime rent in Malmö increased SEK 75/m² from the third quarter to SEK 3,375/m². The yield requirement in prime locations remained unchanged at 5.0 percent.

In the Greater Copenhagen area south/west (Hvidovre, Glostrup, Herlev and Ballerup), Colliers reported increased office rents of DKK 1,300/m² (+50) for the fourth quarter. The vacancy rate increased from 6.2 to 6.8 percent, while the investment yield remained unchanged at 5.75 percent.

Turnover in the Swedish real estate market amounted to SEK 134 billion for 2024 (Colliers), up 52 percent year-on-year. In Denmark, the transaction volume amounted to DKK 52 billion, up 37 percent year-on-year.

Several structural transactions were completed in Skåne in the end of 2024, with Balder acquiring commercial investment properties in Hyllie from Doxa for SEK 2.4 billion and Brinova also purchasing housing from K-fastigheter for SEK 10.8 billion. In Varvsstaden, Peab acquired four commercial investment properties of 15,000 m² for approximately SEK 52,000/ m² from Centur, its joint venture with Balder.

Uppsägningsbart hyresvärde, Mkr

Mkr

160

80

1067 789 664 279 130 66 108

Löptider för Wihlborgs hyreskontrakt per 31 december 2024

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

0 100 2025 2026 2027 2028 2029 2030 >2030 Antal kontrakt per år, exkl. bostads- och parkeringsavtal: 100 120 140 Income, expenses and profits

January–December 2024

Comparative figures for income statement items relate to values for the corresponding period 2023 and balance sheet items as of 2023-12-31

Rental income

Rental income amounted to SEK 4,174 million (3,881) corresponding to an increase by 8 procent. During the first quarter, termination fees had a positive impact on income by SEK 31 million.The index calculations in the Swedish stock are made as of 1 January, while those in the Danish stock take place at various times during the year.

Of the rental income, service income accounted for SEK 431 million (432). The service revenue from the Danish canteen operations has decreased as this is run by an external party from 1 March 2023. A compilation of the change in rental income compared to the previous year appears in the table below.

Rental income January-December 2023	3,881
Index	180
Termination fees	31
Acquisitions	12
Property tax Denmark, revaluation	15
Currency effect	-5
Additional charges	7
Danish canteen operation	-8
Completed projects, new leases and renego	61
tiations
Rental income January-December 2024	4,174

At the end of the period, the occupancy rate for the investment properties, excluding projects and land, is 91 percent (93).

During the period, new signing of leases on a full-year basis amounted to SEK 453 million (371). Lease terminations for the period amounted to SEK 362 Mkr (318). This represents a net letting of SEK 91 million (53).

Terms of Wihlborgs' contracts per 31 December 2024 40 60

Ten largest tenants per 31 December 2024

• City of Helsingborg
• City of Malmö
• Danish building and Property Agency
• Lund university
• Malmö university
• Novo Nordisk
• Swedish Tax Agency
• Skåne regional council
• Swedish Social Insurance Agency
• Trygg-Hansa

Property expenses

Total property costs increased by SEK 60 million to SEK 1,178 million (1,118). Operating costs increased by SEK 24 million, a large part of which is due to the received electricity subsidy of SEK 20 million last year. In addition, costs for snow removal and more properties in operation have increased operating costs, while costs for canteen operations have decreased by SEK 11 million. Rental losses during the period amounted to SEK 8 million (6). Changes in property taxation in Denmark has increased property tax by SEK 18 million. The historical summary at the bottom of page 21 illustrates how costs vary over the different quarters of the year.

Operating surplus

The operating surplus amounted to SEK 2,996 million (2,763), representing a surplus ratio of 72 percent (71). Currency effects affected by SEK -3 million (33).

Central administration

The costs for central administration were 94 million (92).

Financial income and expense

Net interest amounted to SEK -1 129 million (-958), of which interest income amounted to SEK 29 million (19). Interest expense for the period, including realized effects of interest derivatives, amounted to SEK 1,158 million (977). The leasehold rent amounted to SEK 4 million (5). During the period, the net flow relating to the interest derivatives were positive by SEK 261 million (262). At the end of the period, the average interest rate including the cost of credit agreements was 3.45 percent, compared to 3.98 percent at the beginning of the year.

Income from property management

Profit participation in joint ventures amounted to SEK 12 million (39). In the previous year, the result was positively affected by a property sale in an associated company. Income from property management amounted to SEK 1,781 million (1,747).

Wihlborgs continues to strengthen its presence in the Hasslanda business district in Lund. At the Tomaten 1 property, the Lund company BPC Instruments will have a new 3,600 square metre warehouse, production and office building. The technology company will become a neighbour to the contract manufacturer Inpac, whose facility was completed in 2024. At the nearby property, Stora Råby 32:22, Wihlborgs is building a new facility for the electronics company NOTE Lund.

Pre-tax profit

The pre-tax profit, i.e. after value changes on properties and derivatives, was SEK 2,230 million (-24). Value changes on properties during the period amounted to SEK 585 million (-1 212). Changed market interest rates have entailed value changes on derivatives of SEK -136 million (-559), of which SEK -125 million (-547) are attributable to interest derivatives and SEK -11 million (-12) to other financial items.

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

Profit after taxes

Profit after taxes was SEK 1,706 million (-27). Total tax amounted to SEK -524 million (-3), of which current tax SEK -50 million (-32) and deferred tax SEK -474 million (+29).

Assets

Property portfolio as of 31 December 2024

The summaries below are based on Wihlborgs' property portfolio as of 31 December 2024 Rental income relates to contracted rental income on an annual basis as of 1 January 2025.

The operating surplus is based on the properties' earning capacity on an annual basis based on rental income for January 2025, operating and maintenance costs, property administration on a rolling twelve-month basis and property tax.

Wihlborgs' property portfolio consists of commercial properties in the Öresund region, located in Malmö, Helsingborg, Lund and Copenhagen. The property portfolio 31 December 2024 consisted of 307 properties (305) with a lettable area of 2,325,000 m2 (2,279,000). 6 of the properties (6) are leasehold rights.

The properties' carrying amount was SEK 59,168 million (55,872), which corresponds to the estimated market value. The total rental value was SEK 4,646 million (4,408) and the contracted rental income on annual basis SEK 4,157 million (4,043). The like-for-like increase in rental value, excluding additional charges and parking income, was 2.7 percent while contracted rental income decreased by 0.2 percent compared to 12 months previously.

The economic occupancy rate for Office/Retail properties was 91 percent (93) and for Logistics/Production properties 88 percent (91). The rental value for Office/Retail properties represented 81 percent and Logistics/Production properties 17 percent of the total rental value. Hyresvärde per fastighetskategori Hyresvärde per område Hyresvärde per fastighetskategori Hyresvärde per område

Operating surplus from investment properties, excluding property administration and Projects/Land is SEK 3,140 million (3,081) which with a carrying amount of SEK 55,822 million (53,078) corresponds to a running yield of 5.6 percent (5.8). Broken down by property category, this is 5.5 percent (5.6) for Office/Retail and 6.5 percent (6.9) for Logistics/Production Projekt/Mark 2% Logistik/Produktion 17 % 35% Köpenhamn 24 % Projekt/Mark 2% Logistik/Produktion 17 % Köpenhamn 24 %

Redovisat värde per fastighetskategori

14 %

Logistik/Produktion

81 % Kontor/Butik 17 % Lund

81 % Kontor/Butik

Köpenhamn 22 %

Projekt/Mark 6 % Redovisat värde per område

Köpenhamn 22 %

16 % Lund

17 % Lund

16 % Lund

80 % Kontor/Butik

Projekt/Mark 6 %

Redovisat värde per fastighetskategori

80 % Kontor/Butik

24 % Helsingborg

Redovisat värde per område

Malmö 40 %

22 % Helsingborg

22 % Helsingborg

Malmö

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

Rental growth

Entire property stock
	2025-01-01, SEK m	2024-01-01, SEK m	Percent
Rental value	4,646	4,408	+5.4
Rental income	4,157	4,043	+2.8

Like-for-like*
	2025-01-01, SEK m	2024-01-01, SEK m	Percent
Rental value	3,644	3,547	+2.7
Rental income	3,276	3,282	-0.2

*Excluding projekt & land and excluding additional charges and parking income.

Copenhagen 22 %

Project/Land 6 % Book value per area

Copenhagen 22 %

16 % Lund

16 % Lund

80 % Ofce/Retail

Project/Land 6 %

Book value per property category

80 % Ofce/Retail

22 % Helsingborg

22 % Helsingborg

Malmö 40 %

Malmö 40 %

Book value per area

Logistics/Production

Book value per property category

14 %

Logistics/Production

14 %

Malmö 40 %

Logistik/Produktion

14 %

Analysis per property category in each management area
Area/	Number of	Area. m2	Carrying	Rental value.	Rental value.	Economic	Rental	Operating surplus	Surplus	Operating surplus	Yield excl
property category	properties	thousand	amount. SEK m	SEK m	SEK/m2	occupancy rate. %	income. SEK m	incl.property admin SEK m	ratio. %	excl.property admin SEK m	property admin %
Malmö
Office/Retail	51	466	19,382	1,390	2,984	92	1,276	974	76	1,014	5.2
Logistics/Production	31	146	2,206	189	1,296	95	179	140	78	149	6.8
Project & Land	22	22	1,880	30	1,337	-	8	-7	-	0
Total Malmö	104	634	23,468	1,608	2,538	91	1,463	1,106	76	1,163	5.0
Helsingborg
Office/Retail	37	277	8,253	676	2,442	87	591	451	76	468	5.7
Logistics/Production	61	429	4,626	467	1,090	83	388	279	72	300	6.5
Project & Land	8	-	66	0	-	-	0	0	-	0
Total Helsingborg	106	705	12,945	1,143	1,621	86	979	730	75	768	5.9
Lund
Office/Retail	27	243	8,910	737	3,027	91	674	487	72	528	5.9
Logistics/Production	5	29	457	35	1,199	99	35	28	80	30	6.5
Project & Land	2	7	348	17	2,432	-	2	-2	-	-1
Total Lund	34	279	9,715	788	2,822	90	710	513	72	557	5.7
Copenhagen
Office/Retail	50	577	11,065	960	1,664	92	886	561	63	596	5.4
Logistics/Production	9	60	923	78	1,291	96	75	53	70	55	6.0
Project & Land	4	69	1,051	68	984	-	43	20	-	20
Total Copenhagen	63	707	13,040	1,106	1,565	91	1,004	634	63	672	5.2
Total Wihlborgs	307	2,325	59,168	4,646	1,998	89	4,157	2,983	72	3,160	5.3
Total excluding projects and land	271	2,227	55,822	4,531	2,035	91	4,103	2,972	72	3,140	5.6

Analysis of lettable space per area and category of use
Area	Office, m2	Retail, m2	Logistics/Production, m2	Education/Health care, m2	Misc., m2	Total, m2	Share, %
Malmö1	359,518	39,755	166,212	49,768	18,502	633,754	27
Helsingborg2	220,104	73,926	355,030	44,265	12,095	705,420	31
Lund3	208,361	13,404	42,450	5,554	9,664	279,433	12
Copenhagen4	507,747	6,057	135,659	13,930	43,309	706,703	30
Total	1,295,730	133,142	699,351	113,517	83,570	2,325,310	100
Share, %	56	6	30	5	3

1) Miscellaneous area in Malmö includes 10,275 m2 hotel.

2) Miscellaneous area in Helsingborg includes 1,819 m2 residential.

3) Miscellaneous area in Lund includes 8,215 m2 hotel.

4) Miscellaneous area in Copenhagen includes 5,600 m2 hotel. Changes in values of properties

Projekt/Mark 2%

Hyresvärde per fastighetskategori

Köpenhamn 24 %

Projekt/Mark 2% Hyresvärde per område

Köpenhamn 24 %

Redovisat värde per område

Köpenhamn 22 %

16 % Lund

17 % Lund

17 % Lund

81 % Kontor/Butik

Projekt/Mark 6 %

Köpenhamn 22 %

16 % Lund

80 % Kontor/Butik

81 % Kontor/Butik

Projekt/Mark 6 %

Redovisat värde per fastighetskategori

80 % Kontor/Butik

24 % Helsingborg

Redovisat värde per område

24 % Helsingborg

Malmö 40 %

Malmö 40 %

22 % Helsingborg

22 % Helsingborg

Malmö 35%

Hyresvärde per område

Logistik/Produktion

17 %

Logistik/Produktion

14 %

Redovisat värde per fastighetskategori

Logistik/Produktion

14 %

Hyresvärde per fastighetskategori

Logistik/Produktion

17 %

Rental value per property category Rental value per area Rental value per property category Rental value per area In the valuation as of 31 December 2024, all properties have been valued externally. The valuation has meant that the property value has increased by SEK 585 million (-1,212). Since the turn of the previous year, the assumptions about future indexation, market rent development, long-term vacancy, operating cost development and yield requirements have been largely unchanged. Positive net leasing and completion of projects have had a positive impact on valuations, while maintenance investments and certain relocation risks have had a negative impact.

Project/Land 2% Logistics/Production 17 % Malmö 35% Copenhagen 24 % Malmö 35% Project/Land 2% Logistics/Production 17 % Malmö 35% Copenhagen 24 % When valuing at fair value, a combination of yield-based method and local price method is applied, where analyzes of completed transactions in affected sub-markets are used to calibrate the parameters in the yield-based method. The value is deemed to correspond to the yield value calculated from, normally five-year, cash flow analyses. Ongoing new construction is valued as if the project had been completed reduced by the budgeted remaining project cost. Undeveloped land and other development objects are valued according to the local price method. The valuation methodology is unchanged compared to before. In the Annual Report for 2023 pages 82-83 and 106-107 there is a detailed description of the valuation of the investment properties.

17 % Lund

17 % Lund

24 % Helsingborg

24 % Helsingborg

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

Malmö 40 %

22 %

As of 31 December 2024, the reported value of the properties amounts to SEK 59,168 million (55,872).

81 % Ofce/Retail

81 % Ofce/Retail

Changes in carrying amount of properties
Changes	Group total, SEK m
Carrying amount 1 January 2024	55,872
Acquisitions	201
Investments	2,204
Properties sold	-117
Change in value	585
Currency translations	423
Carrying amount 31 December 2024	59,168

The global sports and outdoor company Thule Group will move its headquarters to Dockan (Dockporten 1) in central Malmö in summer 2025. Dockan has developed into an area with a high portion of head offices – an attractive place for brands to be exposed thanks to its concentrated mix of housing and workplaces.

Just as in 2023, Wihlborgs won double at the Sweden Green Building Awards 2024 in November. Vista (Bläckhornet 1) was named the Miljöbyggnad of the Year and Boplatsen 3 the Miljöbyggnad iDrift of the Year.

Investments and current projects

Investments in the property portfolio totalled SEK 2,204 million (1,862). Approved investments in ongoing projects amount to SEK 4,721 of which 1,693 million had been invested at the end of period.

Liquid assets

The Groups liquid assets totalled SEK 412 million (346) at the end of the year. At the end of the period unutilized credit facilities, including unutilized overdraft facilities of SEK 454 million (341) amounted to SEK 3,335 million (2,832).

Property	Category of use	Municipality	Completion date	Rentable area, m2	Occupancy rate, %	Estimated investment, SEK m	Expended 2024-12-31, Mkr
Galoppen 1	Logistics/Production	Malmö	Q3 2025	10,000	100	264	107
Kranen 4	Office/Retail	Malmö	Q3 2025	4,900	100	106	17
Sunnanå 12:54	Logistics/Production	Malmö	Q4 2025	17,000	100	280	90
Börshuset 1	Office/Retail	Malmö	Q4 2025	6,000	90	289*	55
Christianhusvej 11	Office/Retail	Copenhagen	Q4 2025	11,600	100	390	197
Giroströget 1	Office/Retail	Copenhagen	Q4 2025	62,000	100	423	6
Bläckhornet 1	Office/Retail	Malmö	Q1 2026	16,600	15	884	559
Posthornet 1	Office/Retail	Lund	Q1 2026	10,100	40	448	101
Vätet 1	Office/Retail	Lund	Q1 2026	5,700	100	145*	7
Tomaten 1	Logistics/Production	Lund	Q2 2026	3,600	100	79	1
Stora Råby 32:22	Logistics/Production	Lund	Q3 2026	11,900	100	263	2

*Excluding land

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Posthornet 1, phase 2 (illustration) Vätet 1 (illustration)

Property transactions

On May 31, Wihlborgs acquired the office property Värdshuset 2 in Hyllie, Malmö. The property covers 3,900 square meter. During the second quarter, the property Galoppen 1 in Malmö was also acquired. This property comprises 14,000 square meters of land where a facility for Caldic Ingredients Nordic is being built. In addition, part of the property Vätet 1 in Lund was sold during the second quarter. In the third quarter, parts of the properties Borgeby 15:14 and Borgeby 15:38 were sold. In the fourth quarter, the property Christianshusvej 195 in Hörsholm, where a school is being built for NGG, was acquired. During the quarter, residential building rights at Vasekaer 7 in Herlev were also sold.

	Property transactions January–December 2024
Quarter	Property	Municipality	Category	Area, m2	Price, Operating surplus
					SEK m	2024, SEK m1
Aquisitions
Q2	Galoppen 1	Malmö	Project/Land	-
Q2	Värdshuset 2	Malmö	Office/Retail	3,916
Q4	Christianshusvej 195	Hørsholm	Project/Land	-
Q4	Part of Filborna 32:1	Helsingborg	Project/Land	-
	Total aquisitions 2024			3,916	201	3
Sales
Q2	Part of Vätet 1	Lund	Project/Land	-
Q3	Part of Borgeby 15:38 och 15:14	Lomma	Project/Land	-
Q4	Vasekaer 7	Herlev	Project/Land	-
Total sales 2024				0	117	0

1) Operating surplus that are included in the results for the period.

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

Sunnanå 12:54 (illustration) Vasekaer 7 (illustration)

Sustainable business

Results for the quarter

Wihlborgs' sustainability targets concerning energy consumption, direct CO2 emissions, environmental certification and supplier evaluations are followed up and reported each quarter. Other sustainability targets are reported an annual basis.

Energy consumption

Wihlborgs' target is to reduce energy consumption so that by 2025 it amounts to less than 85 kWh/m² Atemp annually. In the long term, by 2030 the annual energy intensity is to be less than 75 kWh/m² Atemp. For comparisons to be relevant, actual consumption has been normalised using national degree days data for heating and, starting in 2024, for cooling in Sweden.

At the end of the year, the energy intensity was 80.0 kWh/ m², compared with 83.3 kWh/m² for the previous year. The decrease is due to reduced use of landlord electricity, district cooling and gas. Wihlborgs' absolute energy consumption decreased approximately one percent year-on-year. At the same time area has increased, primarily in properties with a relatively low energy intensity, which also positively impacted intensity values. Switching from standardised data to actual energy measurements from the properties during the year also led to a lower intensity value due to the conservative nature of the standardised figures applied.

Optimisations and energy savings projects led to lower energy consumption. For example, switching from direct electric heating to air source heat pumps at Grytan 3 reduced energy consumption with 40 percent. At Skrovet 6 and Torrdockan 6, Wihlborgs' own innovation "the Janne solution" reduced energy consumption 24 and 10 percent, respectively. Through adjustments and repairs to one of the heat pumps at Värdshuset 2, which was acquired in 2024, energy consumption decreased 23 percent.

CO2 emissions

Wihlborgs has set a target maximum value for Scope 1 and 2 emissions of 1 kg CO2e/m² NFA by 2025. These emissions declined to 1.02 kg CO2e/m² NFA by the end of the period.

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

The majority of Wihlborgs' Scope 1 and 2 emissions stems from energy consumption in the Danish portfolio. Emissions are reduced by lowering energy consumption and converting to energy sources with a lower climate impact. Converting the heating system at Slotsmarken 10–18 and Baldersbuen 5 from gas to district heating helped lower emissions.

Another reason for reduced CO2 emissions is that Wihlborgs' primary district heating supplier in the Danish portfolio

Wihlborgs hållbarhetsrapportering Wihlborgs sustainability reporting

Wihlborgs compiles an annual sustainability report prepared according to the Annual Accounts Act, GRI Standards, EPRA Sustainability Best Practice Recommendations (sBPR) and TCFD guidelines for reporting climate-related risks.

More information about our sustainability agenda: www.wihlborgs.se/en/about-us/sustainability/

adjusted its calculation method for emissions from own productions, leading to a significantly lower emissions factor. To further reduce emissions, Wihlborgs is dependent on energy suppliers reducing their emissions in addition to its own energy-saving initiatives.

Certifications

During the year, a total of 26 buildings on 24 existing properties were certified and the proportion of certified Swedish office space increased from 71 to 90 percent (read more about this on p. 15). All new Wihlborgs production is certified according to the Sweden Green Building Council's (SGBC) certification system, Miljöbyggnad. During the year, six new production projects were certified and three new production certifications were verified.

Supplier evaluations

To ensure that work performed by suppliers on behalf of Wihlborgs is aligned with the company's sustainability ambitions, we set requirements linked to areas such as environmental impact and social conditions. We are currently evaluating suppliers with whom the company has framework agreements and those believed to belong to industries that could involve greater risks. At the end of the period, 87 percent of these suppliers were approved on all ESG requirements. Another 3 percent were under assessment.

Key figures sustainability targets

		Target	2024	2023	2024	2023
	Measure	(per Dec 2025)	Oct-Dec, 3 months	Oct-Dec, 3 months	Jan-Dec, 12 months	Jan-Dec, 12 months
Environmental certifications1	% of floor area. office	> 90	90	71	90	71
Energy use2	kWh/m2	< 85/yr	26.1	26.6	80.0	83.3
CO2 emissions (scope 1 & 2)	kg CO2 e/m2	< 1,0/yr	0.33	0.43	1.02	1.27
- of which Sweden	e/m2 kg CO2		0.00	0.04	0.24	0.22
Evaluation of suppliers3	% approved	100	87	78	87	78
Customers' willingness to recommend1	% customers	> 75	84	83	84	83
Sponsorship with community orientation1 % sponsoring		> 50	56	51	56	51
Committed employees (Trust index)	% employees	> 85	90	90	90	90

1) Sweden

2) Energy use per sqm Atemp for 2024 and LOA for 2023, of which heat is normal year corrected

From 2024, project properties will be excluded from the measurement of energy intensity, as these have a lower and non-representative energy impact.

3) Strategic supplers (approx. 40% of total number of suppliers), who perform projects/work on our properties

Focus in the quarter

The components of the ESG area – Environmental, Social and Governance – are to be integrated throughout Wihlborgs' business. Here we provide current examples of how we approach changes in our own operations and positively impact the value chain and the sector.

Workplace controls for better insight in the value chain

The construction and property supply chain can be long and complex. Around 7,000 people are involved in Wihlborgs' projects annually and great emphasis is placed on good partnerships with contractors. Wihlborgs' supplier assessment means that all suppliers covered by framework agreements are evaluated for environmental impact and social conditions, and ensuring that suppliers meet legal requirements, and Wihlborgs' values and requirements as well as essential industry requirements.

To further strengthen this area, Wihlborgs introduced expanded workplace controls in 2024. The controls ensure that the parties comply with agreements and regulatory requirements. Examples are controls to ensure that those working on the site have logged in and provided identification, that they have the right protective equipment, that there is a work environment plan and that hazardous waste is correctly processed. The goal is to strengthen relationships with suppliers, acquire better insight into the entire chain and ensure that fair terms and conditions, and healthy competition prevails in projects.

Approximately 20 unannounced controls were carried out in 2024 through external parties. The outcome of the workplace controls indicates that deviations at the construction sites visited are few – below the national industry average. At Wihlborgs' collaboration forum for dialogues and experience exchange with suppliers, participants have received information about the process for workplace controls and their outcomes.

Certification target achieved

At the end of the period, over 90 percent of office space in Wihlborgs' Swedish portfolio was certified. The target of 90 percent was thus achieved one year early. A total of nearly

1,000,000 square metres net floor area was certified at the end of the period. This corresponds to 63 percent of the total space in the entire Swedish portfolio or 45 percent of the Group's entire floor area.

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

Wihlborgs is continuing its certification work by certifying additional existing properties in various segments according to Miljöbyggnad iDrift. In the fourth quarter, Wihlborgs certified its first logistics property according to Miljöbyggnad iDrift.

At the end of the period, certification of 36,000 square metres of existing buildings in the Swedish portfolio was ongoing. Of this, 70 percent was office space and 30 percent was logistics/production. Certification of 14 properties, or 271,000 square metres, of Wihlborgs' existing portfolio in Denmark was also ongoing. These properties will be certified according to the DGNB Bygninger i drift system.

It is Wihlborgs' own employees who are the driving force behind certifying existing properties. This helps raise internal competence and know-how about the properties' sustainability performance. It is also an advantage when properties need to be recertified after five years.

In addition to the existing portfolio, all of Wihlborgs' new production is certified according to the Miljöbyggnad Gold standard. A portion of the properties are also certified according to the supplementary certification NollCO2, meaning the building is to have a net-zero CO2 impact throughout its lifecycle. During the year, five properties were certified according to Miljöbyggnad. One of these, Bläckhornet 1, was also certified according to NollCO2 and WELL (a certification for health and well-being). A new build at Rausgård 21, Nederman's facility, was also certified according to the UK certification system BREEAM, at the Very Good level.

Wihlborgs will report in accordance with the Corporate Sustainability Reporting Directive (CSRD) for the 2025 financial year. Work is ongoing with preparing the business to meet the reporting requirement. Wihlborgs' double materiality assessment has been completed and the sustainability aspects that are material for operations have been defined.

A gap analysis of the datapoints is ongoing. Skiffern 2 in Lund and Svea 7 in Helsingborg are two of Wihlborg's properties that have been certified according to Miljöbyggnad iDrift.

Liabilities and equity 48%

Obligationer 13 %

Svenska banker

As of 31 december 2024 equity totalled SEK 23,156 million (22,391) after SEK 968 million was paid as dividend during the second quarter. The equity/assets ratio stood at 38.1 percent (39.0). 39 % Danska banker

Current financing, December 2024

Total debt: 30.1 SEK bn

Interest-bearing liabilities

The group's borrowings as of 31 December amounted to SEK 30,091 million (27,949) ) with an average interest rate including costs for credit agreements of 3.45 percent (3.98).

With consideration to the company's debt of SEK 30.1 billion, the loan-to-value ratio is 50.9 percent (50.0) as a percentage of property values.

The loans' average fixed interest period, including effects of derivatives, on 31 December 2024 amounted to 2.6 years (2.8) The average loan maturity, including committed credit facilities, amounted to 5.5 years (6.0). 13 percent of outstanding borrowings come from the bond market.

Structure of interest and loan maturities as of 31 December 2024 Interest maturity Loan maturity Matures, year Loan amount, SEK m Av. interest rate, %* Credit ag., SEK m Utilised, SEK m 2025 15,158 3.67 842 842 2026 2,102 2.67 11,698 10,044 2027 2,276 3.19 8,895 8,095 2028 2,676 3.67 631 631 2029 2,424 2.95 2,760 1,879 >2029 5,456 3.06 8,600 8,600 Total 30,091 3.40 33,426 30,091

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

*) Excluding costs for credit agreements.

Wihlborgs use interest rate derivatives in order to reduce the risk level in the loan portfolio. A summary of the terms is shown in the table below. The interest stated refers to fixed interest paid, in all agreements variable 3-month interest is received.

Interest rate derivatives portfolio 31 December 2024

Interest rate swaps
---------------------	--	--	--

Maturity	Amount, SEK m	Interest, %
2025	1,788	0.42
2026	2,102	1.53
2027	2,276	2.48
2028	2,676	2.52
2029	2,424	2.21
>2029	3,924	2.46
Total	15,190	2.07

Changing market interest rates have meant an increased value in Wihlborgs' interest rate derivative portfolio, which at the end of the period amounted to SEK 24 million (148).

Interest-rate derivatives are recognised at fair value in accordance with IFRS 9. All derivatives are classified in level 2 in accordance with IFRS 13. For information on the valuation approach for interest rate derivatives, see page 100 of the 2023 Annual Report.

Average net debt relative to rolling 12-month operating income amounted to 9.9 times (10.3).

Net debt/EBITDA

During the year, Wihlborgs held several seminars on how to create an attractive and pleasant workplace that takes into account different needs. The picture is from a breakfast event in December when we invited some of the companies from the Great Place to Work's list of Skåne's best workplaces to participate in a discussion of "Paths to job satisfaction."

Miscellaneous

Employees

At the end of the period, the number of FTEs at Wihlborgs was 228 (218) of which 68 (61) were in property service.

Of the total number of FTEs 85 (81) were in Malmö, 33 (35) in Helsingborg, 31 (31) in Lund och 79 (71) in Copenhagen. The average age of employees is 44 years and women make up 38 percent (39)

Parent company

The parent company owns no properties, but deals with questions relating to the stock market and joint Group functions for administration, management and borrowing. The parent company's turnover is mostly related to the billing of services to Group companies.

The parent company has invested SEK 49 million (26), including shareholder contribution, in shares in subsidiaries and shares in joint ventures. The parent company's income statement and balance sheet are found on page 21.

Participation in other companies

A description of all participations in joint ventures and holdings in joint operations held by Wihlborgs will be found on pages 108–109 in the Company's 2023 Annual Report.

Largest shareholders

The largest shareholder in Wihlborgs is Backahill, representing the Paulsson family, with 11.1 percent of the shares outstanding. Shares held by owners registered abroad account for 32 percent. The number of shareholders is approximately 32,000.

Largest shareholders in Wihlborgs 31 December 2024
----------------------------------------------------	--	--	--	--	--

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

120

	Number of shares, thousands	Proportion of equity and votes, %
90 Backahill	34,077	30000 11.1
Swedbank Robur funds	17,534	5.7
SEB Investment Management	16,884	5.5
60 Länsförsäkringar funds	15,695	20000 5.1
SHB funds	9,774	3.2
Nordea funds	6,987	2.3
Fjärde AP-fonden	5,840	1.9
30 Bank of Norway	5,082	10000 1.7
Livförsäkringsbolaget Skandia	4,263	1.4
Lannebo funds	4,115	1.3
0 Other shareholders reg. in Sweden	92,364	0 30.0
jan feb mar apr maj jun jul aug sep Other shareholders reg. abroad 2023	okt nov dec jan feb mar apr maj jun jul 94,811	aug sep okt nov dec 30.8
Total outstanding shares	2024 307,427	100.0

SEK Omsättning antal, '000

Omsättning, antal per månad

Nasdaq Stockholm

Development in share price 2023-01-01 – 2024-12-31 OMX Stockholm PI

SX8600 OMX Stockholm Real Estate PI

Wihlborgs

40000

Significant risks and uncertainty factors

Wihlborgs' future development and ability to reach its operational goals are influenced by numerous risks and uncertainties. By systematically reviewing, analysing and managing these risks and uncertainties, it is possible to limit them and concurrently create the prerequisites for continued growth.

The risks assessed as having a significant influence on the Group's earnings trend and cash flow are the variations in rental income, property costs and interest-rates. The properties are measured at fair value with changes in value in the income statement resulting in positive and negative impacts on earnings during the year. Property valuation also impacts Wihlborgs' financial position and key metrics. The extent of changes in value is partly determined by Wihlborgs' own capacity, through alteration and upgrading of properties, as well as by leases and client structures, to increase the properties' market value, and partly by external factors that affect supply and demand in the property markets where the company is active. Property valuation should take in to account an interval of uncertainty, which in a functioning market, typically consists of +/-5–10% to reflect the inherent uncertainty of assumptions and estimates.

In addition to the above, risks also include financing risks. Wihlborgs is dependent on external loans to meet its undertakings and complete transactions. Risks are managed using Wihlborgs' financial policy, which stipulates objectives, guidelines and risk limits for Wihlborgs' financial activities.In pages 84–89 and 101–102 in the Company's 2023 Annual Report there is a comprehensive description of the risks facing the Group, how these are handled and a grading with regard to the assessed impact on the business and the probability that the risk will occur.

No significant changes to the company's risk assessment are made compared with what is described in the annual report for 2023.

Accounting policies

Wihlborgs follows the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as well as interpretations issued by the IFRS Interpretations Committee (IFRIC) as endorsed by the European Union. The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. Information under IAS 34 p.16A is submitted in the notes and elsewhere in the interim report.

The Group applies the same accounting policies and valuation methods as in the most recent annual report. Wihlborgs assesses that none of the new or amended standards approved by the EU, or interpretations from the IFRS Interpretations Committee, that entered force after 1 January 2024, affect its results or financial position in any material sense. The Group applies the Swedish Financial Reporting Board's recommendation RFR 1, Supplementary Accounting Rules for Corporate Groups and the Parent Company applies RFR 2.

Events after the accounting period

On February 10, Wihlborgs signed an agreement to acquire properties in Malmö, Lund and Helsingborg from Granitor. The six investment properties comprise a total of 51,000 square metres and the two development properties 82,000 square metres of land for businesses and 12,000 square metres GFA for offices. The underlying property value was SEK 2,425 million in total.

Proposal to the AGM

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

The Board of Directors will propose that the Annual General Meeting approves the following resolutions:

• a dividend of SEK 3.20 (3.15) per share, making a total payment of SEK 984 million. The proposal represents an increase of 2 percent compared to the previous year,
• authorization to the Board, in the period until the next AGM, to acquire and transfer Wihlborgs shares corresponding to no more than 10 percent of the shares outstanding.
• authorization to the Board, in the period until the next AGM, to approve a new share issue corresponding to a maximum of 10 percent of the shares outstanding.

The AGM will be held on 29 April 2025.

Malmö 11 February 2025 Wihlborgs Fastigheter AB (publ)

Ulrika Hallengren

This interim report has not been subject to review by the company's auditors.

Financial reports

CONSOLIDATED INCOME STATEMENT summary

SEK m	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
	2024	2023	2024	2023
Rental income	1,059	969	4,174	3,881
Operating costs	−156	−161	−596	−572
Repairs and maintenance	−35	−41	−137	−134
Property tax	−70	−62	−276	−247
Property administration	−46	−46	−169	−165
Total property costs	−307	−310	−1,178	−1,118
Operating surplus	752	659	2,996	2,763
Central administration	−26	−25	−94	−92
Interest income	7	7	29	19
Interest expenses	−284	−280	−1,158	−977
Leasehold rent	−1	−2	−4	−5
Share in results of joint ventures	4	7	12	39
Income of property management	452	366	1,781	1,747
Change in value of properties	514	−297	585	−1,212
Change in value of derivatives	125	−506	−136	−559
Pre-tax result	1,091	−437	2,230	−24
Current tax	−17	−12	−50	−32
Deferred tax	−214	99	−474	29
Result for the period1	860	−350	1,706	−27
OTHER TOTAL PROFIT LOSS 2)
Items that will be reclassified to profit or loss for the year:
Translation differences on recalculation of foreign operations	84	−178	174	−33
Hedging of currency risk in foreign operations	−83	175	−173	29
Tax attributable to items that will be reclassified to profit or loss for the year	13	−27	26	−5
Other comprehensive income for the period/year	14	−30	27	−9
Total comprehensive income for the year1	874	−380	1,733	−36
Earnings per share2	2,80	−1,14	5,55	−0,09
No. of shares at end of the period, thousands	307,427	307,427	307,427	307,427
Average no. of shares, thousands	307,427	307,427	307,427	307,427

1) The entire profit/comprehensive income is attributable to the parent company's shareholders.

2) Key ratios per share have been calculated based on a weighted average number of shares during the period. There are no outstanding subscription options, convertibles or other potential ordinary shares and accordingly, no dilution effects to take into consideration.

CONSOLIDATED BALANCE SHEET summary
------------------------------------

SEK m	2024−12−31	2023−12−31
ASSETS
Investment properties	59,168	55,872
Right-of-use assets	137	136
Other fixed assets	469	438
Derivatives	252	369
Current receivables	313	211
Liquid assets	412	346
Total assets	60,751	57,372
EQUITY AND LIABILITIES
Equity	23,156	22,391
Deferred tax liability	5,637	5,171
Borrowings	30,091	27,949
Lease liability	137	135
Derivatives	228	221
Other long-term liabilities	65	54
Current liabilities	1,437	1,451
Total equity & liabilities	60,751	57,372

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

SEK m	Jan-Dec 2024	Jan-Dec 2023
Total equity at beginning of period	22,391	23,380
Equity attributable to parent company's shareholders
Opening amount	22,391	23,380
Dividend paid*	−968	−953
Profit for the period	1,706	−27
Other comprehensive income	27	−9
Total equity at end of period	23,156	22,391

*Samtliga aktier är stamaktier

SEK m	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
	2024	2023	2024	2023
Operating activities
Operating surplus	752	659	2,996	2,763
Central administration	−26	−25	−94	−92
Non-cash items	−2	8	5	15
Interest recieved	12	7	28	19
Interest paid	−323	−231	−1,220	−905
Income tax paid	8	−10	−37	−40
Change in operating receivables	−72	−4	−87	27
Change in operating liabilities	107	303	26	143
Cash flow from operating activities	456	707	1,617	1,930
Investment activities
Acquisitions of properties	0	0	−201	−134
Investments in existing properties	−666	−564	−2,204	−1,862
Sales of properties	112	0	113	18
Change in other non-current assets	−15	−1	−28	−18
Cash flow from investment activities	−569	−565	−2,320	−1,996
Financing activities
Dividends paid	0	0	−968	−953
Change in borrowing	2,393	1,223	14,293	5,207
Loan repayments	−2,134	−1,193	−12,558	−4,010
Change in other long-term liabilities	−1	12	−1	9
Cash flow from financing activities	258	42	766	253
Cash flow for the period	145	184	63	187
Opening cash flow	266	162	346	159
Currency effect liquid assets	1	0	3	0
Closing cash flow	412	346	412	346

HISTORICAL SUMMARY OF THE LAST EIGHT QUARTERS
SEK m	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Rental income	1,059	1,043	1,032	1,040	969	977	964	971
Operating costs	−156	−136	−125	−179	−161	−126	−111	−174
Repairs and maintenance	−35	−37	−31	−34	−41	−33	−30	−30
Property tax	−70	−70	−68	−68	−62	−63	−61	−61
Property administration	−46	−38	−44	−41	−46	−40	−40	−39
Operating surplus	752	762	764	718	659	715	722	667
Income from property management	452	445	460	424	366	433	491	457
Profit for the period	860	148	350	348	−350	−302	370	255
Surplus ratio, %	71.0	73.1	74.0	69.0	68.0	73.2	74.9	68.7
Investment yield, %	5.2	5.3	5.4	5.1	4.7	5.2	5.2	4.8
Equity/assets ratio, %	38.1	37.6	37.6	38.8	39.0	39.4	39.6	41.1
Return on equity, %	15.1	2.7	6.3	6.2	−6.1	−5.3	6.4	4.4
Earnings per share, SEK	2.80	0.48	1.14	1.13	−1.14	−0.98	1.20	0.83
Income property management per share, SEK	1.47	1.45	1.50	1.38	1.19	1.41	1.60	1.49
Cash flow fr operating activities per share, SEK	1.48	1.57	1.07	1.14	2.30	1.38	1.31	1.29
EPRA NRV per share, SEK	93.58	90.47	88.74	90.39	89.17	89.07	90.41	92.08
Share price as % of EPRA NRV	112.0	129.5	110.3	109.7	105.7	85.8	86.3	86.2
Carrying amount of properties	59,168	57,898	57,159	56,750	55,872	56,036	56,629	55,701
Equity	23,156	22,282	22,128	22,770	22,391	22,771	23,086	23,642
Total assets	60,751	59,240	58,824	58,631	57,372	57,738	58,351	57,474

Definitions of key ratios are available on page 26.

PARENT COMPANY´S INCOME STATEMENT summary
SEK m	Jan-Dec 2024	Jan-Dec 2023
Income	241	233
Expenses	-232	−228
Operating profits	9	5
Financial income	1,559	1,105
Financial expenses	-1,272	−1,305
Pre-tax profit	296	−195
Appropriations	154	−30
Tax	38	124
Profit for the period	488	−101

PARENT COMPANY´S BALANCE SHEET summary
SEK m	2024-12-31	2023−12−31
Participations in Group companies	10,700	10,652
Receivables fr Group companies	19,816	18,141
Derivatives	252	369
Other assets	325	300
Cash and bank balances	332	168
Total assets	31,425	29,630
Equity	6,236	6,717
Liabilities to credit institutions	22,937	20,816
Derivatives	228	221
Liabilities to Group companies	1,917	1,689
Other liabilities	107	187
Total equity and liabilities	31,425	29,630

Consolidated segment reporting January-December
Property management	Malmö			Helsingborg		Lund		Copenhagen		Total
SEK m	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Rental income, excl. additional charges	1,352	1,257	901	834	610	558	879	801	3,743	3,449
Service income	126	123	79	74	84	81	142	154	431	432
Rental income	1,478	1,380	980	908	695	638	1,022	955	4,174	3,881
Property costs	−355	−335	−255	−241	−202	−192	−366	−350	−1,178	−1,118
Operating surplus	1,123	1,045	725	667	493	446	655	605	2,996	2,763
Leashold rent	0	0	−4	−5	0	0	0	0	−4	−5
Changes in values of properties	254	−480	−93	−496	305	−71	120	−164	585	−1,212
Total	1,377	565	628	165	797	375	775	441	3,577	1,546
Items not classified by segment
Central administration	-	-	-	-	-	-	-	-	−94	−92
Net interest, exl. leasehold rent	-	-	-	-	-	-	-	-	−1,129	−958
Results of Joint Ventures	-	-	-	-	-	-	-	-	12	39
Change in value derivatives	-	-	-	-	-	-	-	-	−136	−559
Pre-tax result									2,230	−24
Market value properties	23,468	22,146	12,945	12,490	9,715	9,154	13,040	12,082	59,168	55,872

In the group's internal reporting, operations are divided into the market areas of Malmö, Helsingborg, Lund and Copenhagen. Each market area corresponds to an operating segment whose revenues and costs are followed up regularly by reporting to the CEO, who is the group's top executive decision maker. Group management follows up the operating profit and value changes in properties, other profit items are not distributed by market area. On the asset side, the real value of the properties is monitored. For a more detailed description of the segments, see the annual report for 2023 pages 45-67. Rental income includes customary charges for rent including indexation, extra charges for investments and property taxes. Service income includes all other supplementary charges like for example electricity, heating, water and other services to tenants.

SEK m	Jan-Dec 2024	Jan-Dec 2023
Financial
Return on equity, %	7.5	−0.1
Return on total capital, %	6.8	3.0
Equity/assets ratio, %	38.1	39.0
Interest coverage ratio, multiple	2.5	2.8
Leverage properties, %	50.9	50.0
Debt/equity ratio, multiple	1.3	1.3
Share-related
Earnings per share, SEK	5.55	−0.09
Earnings per share before tax, SEK	7.25	−0.08
Cash flow from operations per share, SEK	5.26	6.28
Market value per share, SEK	104.80	94.25
Proposed dividend per share, SEK	3.20	3.15
Dividend yield, %	3.1	3.3
Total return from share, %	14.5	24.0
P/E-ratio I, multiple	18.9	neg.
P/E-ratio II, multiple	19.6	17.8
EPRA EPS, SEK	5.34	5.30
EPRA NDV (net disposal value) per share, SEK	75.32	72.83
EPRA NRV (net reinstatement value) per share, SEK	93.58	89.17
EPRA LTV, %	52.2	51.9
Number of shares at the end of period, thousands	307,427	307,427
Average number of shares, thousands	307,427	307,427
Property-related
Number of properties	307	305
Carrying amount of properties, SEK m	59,168	55,872
Estimated investment yield, % – all properties	5.0	5.2
Estimated direct return, % – excl project properties	5.3	5.5
Lettable area, m2	2,325,309	2,279,114
Rental income, SEK per m2	1,998	1,934
Operating surplus, SEK per m2	1,283	1,281
Financial occupancy rate, % – all properties	89	92
Financial occupancy rate, % – excl project properties	91	93
Estimated surplus ratio, %	72	72
Employees
Number of FTEs at period end	228	218

1) Calculated for calendar years only.

KEY FIGURES FOR THE GROUP

The keys to Bilrutan 5 in eastern Landskrona were recently handed over to the logistics company Dachser, ten months after the first earth was turned. The facility consists of a cross-dock terminal, a logistics warehouse and offices, and will be certified in accordance with SGBC Gold.

Key figures

Basis for key ratios

Below is a derivation of the financial key figures that Wihlborgs presents on page 23.

The following financial targets have been established by the Board:

• A return on equity that exceeds the risk-free interest rate* by not less than six percentage points, which for the beginning of 2024 corresponds to 8.00 percent.
• An equity/assets ratio of no less than 30 percent
• An interest coverage ratio of no less than 2.0
• The loan-to-value ratio is not to exceed 60 percent

*) Risk-free interest rate is defined as the rate on a 5-year Swedish government bond

Unless otherwise stated, amounts are in SEK million	2024−12−31	2023−12−31
Return on equity
Profit for the period	1 706	−27
Equity, opening balance	22,391	23,380
Equity, closing balance	23,156	22,391
Average equity	22,774	22,886
Return on equity, %	7.5	−0.1
Return on capital employed
Profit before tax	2,230	−24
Interest expense (incl value changes interest derivatives)	1,294	1,536
Total	3,524	1,512
Total assets, opening balance	57,372	56,809
Total assets, closing balance	60,751	57,372
Non-interest bearing debt, opening balance	−6,676	−6,465
Non-interest bearing debt, closing balance	−7,139	−6,676
Average capital employed	52,154	50,520
Return on capital employed, %	6.8	3.0

	2024−12−31	2023−12−31
Equity/assets ratio
Equity	23,156	22,391
Total assets	60,751	57,372
Equity/assets ratio, %	38.1	39.0
Interest coverage ratio
Income from property management	1,781	1,747
Interest expense	1,162	982
Total	2,943	2,729
Interest expense	1,162	982
Interest coverage ratio, multiple	2.5	2.8
Leverage properties
Borrowings	30,091	27,949
Net value investement properties	59,168	55,872
Leverage properties, %	50.9	50.0
Debt/equity ratio
Interest-bearing liabilities	30,228	28,084
Equity	23,156	22,391
Debt/equity ratio, multiple	1.3	1.3
Earnings per share
Profit for the period	1,706	−27
Average number of shares, thousands	307,427	307,427
Earnings per share, SEK	5.55	−0.09
Earnings per share before tax
Profit before tax	2,230	−24
Average number of shares, thousands	307,427	307,427
Earnings per share before tax, SEK	7.25	−0.08
Dividend yield per share
Proposed dividend, SEK	3.20	3.15
Market price per share at year end, SEK	104.80	94.25
Dividend yield per share, %	3.1	3.3

	2024−12−31	2023−12−31
Total yield per share
Market price per share at year start, SEK	94.25	78.50
Market price per share at year end, SEK	104.80	94.25
Change in market price during the year, SEK	10.55	15.75
Dividend paid during the year, SEK	3.15	3.10
Total return per share, %	14.5	24.0
P/E ratio I
Market price per share, SEK	104.80	94.25
Earnings per share, SEK	5.55	−0.09
P/E ratio I, multiple	18.9	neg
P/E ratio II
Market price per share, SEK	104.80	94.25
EPRA EPS, SEK	5.34	5.30
P/E tal II, multiple	19.6	17.8
Operating cash flow per share
Operating cash flow	1,617	1,930
Average number of shares, thousands	307,427	307,427
Operating cash flow per share, SEK	5.26	6.28
EPRA EPS
Income from property management	1,781	1,747
Tax depreciation, direct tax deductions etc	−1,115	−1,186
Taxable income from property management	666	561
Current tax on the above	−140	−118
Income from property management after deduction of current tax	1,641	1,629
Average number of shares, thousands	307,427	307,427
EPRA EPS, SEK	5.34	5.30
EPRA NDV per share
Equity	23,156	22,391
Number of shares at year end, thousands	307,427	307,427
EPRA NDV per share, SEK	75.32	72.83

	2024−12−31	2023−12−31
EPRA NRV per share
Equity	23,156	22,391
Deferred tax liability	5,637	5,171
Derivatives	−24	−148
Total	28,769	27,414
Average number of shares, thousands	307,427	307,427
EPRA NRV per share, SEK	93.58	89.17
EPRA LTV
Borrowings*, group	30,139	28,056
Borrowings*, share of joint ventures	1,057	1,109
Net payables, group	1,032	1,090
Net recivables, share of joint ventures	-193	-178
Total	32,035	30,077
Exclude:
Liquid assets, group	-412	-346
Liquid assets, share of joint ventures	-66	-59
Net Debt	31,557	29,672
Investments properties, group	59,168	55,872
Investment properties, share of joint ventures	1,298	1,334
Total investment properties	60,466	57,206
EPRA LTV, %	52.2	51.9

* including accrued interest

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

Definitions

Some of the financial metrics that Wihlborgs presents in the interim report are not defined in accordance with IFRS. Wihlborgs is of the opinion that these metrics provide valuable complementary information to investors and the company's management, since they enable evaluation of the company's performance.

As all companies do not apply the same approach to calculating these financial metrics, they are not always comparable to metrics used by other companies. Accordingly, these metrics should not be viewed as replacements for metrics defined under IFRS. On this page, definitions of metrics are presented that, with a few exceptions, are not defined in accordance with IFRS.

Key financial ratios

The key ratios are based on the statements of income, financial position, changes in equity and cash flow. Some of the historic data is compiled from the historical summary on page 21 in Wihlborgs' Interim Report.

Return on equity

Profit for the period as a percentage of average equity, excluding non-controlling interests. Average equity refers to the average of the opening and closing values for the respective period. In interim reports, the return is converted to its annualised value without taking account of seasonal variations. The ratio comprises a measure of the profitability in relation to shareholders' equity.

Return on capital employed (ROCE)

Earnings before interest expense, derivatives and taxes (EBIT) as a percentage of average capital employed. Capital employed is defined as total assets less non-interest-bearing liabilities and provisions. Average capital employed refers to the average of the opening and closing balances for each period. In interim reports, the return is converted to its annualised value without taking account of seasonal variations. The metric shows the return on the capital provided by shareholders and lenders without regard to interest.

Equity/assets ratio

Equity as a percentage of total assets at the end of the period. The ratio provides a measure of the financial strength of the company.

Interest coverage ratio

Income from property management, plus interest expense, divided by interest expense. The ratio measures the degree to which earnings can decline without jeopardising interest payments or, alternatively, how much interest expense can increase before income from property management becomes negative.

Loan-to-value ratio, properties

Borrowings as a percentage of the properties' carrying amounts. The ratio shows the degree of borrowing on the property portfolio.

Surplus ratio

The operating surplus, shown as a percentage of rental income. The ratio illustrates the proportion of rental income that remains after deducting property management costs.

Debt/equity ratio

Interest-bearing liabilitites relative to equity. Interest-bearing liabilities include borrowings, lease liabilities and any other interest-bearing liabilities.The ratio illustrates the relationship between borrowings and equity and, thereby, the gearing and financial strength.

Investment yield

The operating surplus shown as a percentage of the properties' average carrying amount. The average carrying amount refers to the average of the opening and closing values for the respective period. In interim reports, the yield is converted to its annualised value without taking account of seasonal variations. The ratio illustrates the yield on the property portfolio without taking account of its financing costs.

Net Debt / EBITDA

Borrowings minus liquid assets in the financial statements, measured at five measurement occasions (quarterly) in the last twelve months, divided by operating surplus minus central administration, rolling twelve months. The key figure shows the company's earning capacity relative to borrowings, net.

Exchange rate changes on rental income

When calculating the period's revenue increase, comparable currencies are used. As each period is converted to current exchange rates, exchange rate differences arise on rental income in comparison between two periods.

Share-related key ratios

Earnings per share for the period

Earnings for the period divided by the average number of shares outstanding. Earnings per share are the same before and after dilution. Definition according to IFRS.

Earnings per share before tax

Earnings per share before tax divided by the average number of shares outstanding.

EPRA EPS

Income from property management less the estimated tax payable on taxable income from property management divided by the average number of shares outstanding. Taxable income from property management is defined as income from property management less fiscal depreciation/amortisation, direct deductions and none deductible interest rates. The effect of loss carryforwards is not taken into consideration.

Cash flows from operating activities per share

Cash flows from operating activities divided by the average number of shares outstanding.

EPRA NDV - Net disposal value, per share

The closing balances for equity divided by the number of shares at the end of the period.

EPRA NRV - Net reinstatement value, per share

The closing balances for equity following the reversal of interest-rate derivatives and deferred tax according to the balance sheet, divided by the number of shares at the end of the period.

EPR LTV

The group's long- and short-term interest-bearing liabilities plus net working capital (if negative) minus cash and cash equivalents, in relation to the properties' reported value plus net working capital (if positive). With the addition of the group's share of corresponding items in associated companies.

Dividend yield per share

Proposed dividend as a percentage of the year-end share price.

Total yield per share

Share price performance plus actual dividend relative to the share price at the start of the year.

P/E ratio I, multiple

Market price per share divided by earnings per share. In interim reports, the ratio is converted to its annualised value without taking account of seasonal variations.

P/E ratio II, multiple

Market price per share divided by EPRA RPS per share. In interim reports, the ratio is converted to its annualised value without taking account of seasonal variations.

Average fixed interest period

Time remaining until the interest on all interest bearing debts in average has been adjusted.

Average loan maturity

Time remaining until an average of all interest bearing debts has been refinanced.

Property-related key figures*

These key figures are based on the property table on page 9. The table shows the estimated rental value, rental income and property expenses on an annualised basis with an unchanged property portfolio, based on the contract stock on the first day after the end of the period.

Rental value Rental income plus estimated market-level rents for unlet space.

Estimated investment yield

Operating surplus as a percentage of the carrying amount for the properties at the end of the period.

Rental income per m2 Rental income on an annualised basis divided by lettable area.

Operating surplus per m2 Operating surplus divided by lettable area.

Economic occupancy rate Rental income as a percentage of rental value.

Estimated surplus ratio Operating surplus as a percentage of rental income.

Net Lettings

New lettings during the period less terminations to vacate.

Like-for-like

Excludes properties that both current and comparative period are classified as projects/land, aquired or sold.

Four reasons to invest in Wihlborgs

Operating in an attractive region

Our home region of Öresund has strong population growth, a young and well-educated demographic, world-class technological development, good commuting possibilities and shrinking distances to the continent through, for example, the coming Fehmarn Belt connection. At the same time Copenhagen Airport strengthens its position. These are the factors that make businesses grow and attract global corporations to locate their regional headquarters here. 1

Building value-generating clusters Wihlborgs' properties are located in selected sub-markets that provide growth and development potential. We create dense clusters of properties, industries and networks that enable tenants to relocate, grow and develop within our portfolio. We know the market and the region well and can quickly identify new needs and trends. Wihlborgs is the leading property company in Malmö, Lund and Helsingborg. 2

Long-term and responsible owner

Wihlborgs is a long-term owner that develops and manages properties under its own auspices with a high level of service and local suppliers. We invest in flexible premises that can be adapted according to tenants' changing needs, with stringent requirements for quality and sustainability, while also ensuring low operating costs. We take the economy, people and the environment into account in all our decisions, and have recognised low ESG risk. Our goal is to halve scopes 1, 2 and 3 emissions by 2030, and to have net zero CO2 emissions by 2045. 3

Stable growth and financing

Wihlborgs has grown robustly for many years and raised the dividend for 18 consecutive years. This was made possible by our focus on continuously improving cash flow. Our strong operating profit relative to our borrowing creates good financial stability, which allows us to maintain an attractive portfolio of ongoing and planned projects, and to capture new business opportunities as they arise. 4

Calendar

CEO´s comments Market comments Income, expenses and profit Assets Sustainable business Liabilities and equity Financial reports Key figures Definitions Calendar Contact

Interim report Jan-Mar 202528 April 2025
Annual General Meeting29 April 2025
Interim report Jan-Jun7 July 2025
Interim report Jul-Sep23 October 2025

Wihlborgs' interim reports and the Annual Report are distributed electronically at www.wihlborgs.se. The Annual Report is printed in Swedish and sent to any shareholders notifying the Company that they wish to receive it in printed form.

Press releases Q4 2024

Winning architect named for Malmö University's new building	19 November 2024
Interim report Jan-Sep 2024: Growth in core operations24 October 2024
Wihlborgs sells housing development rights outside Copenhagen	23 October 2024
Thule Group moves to Wihlborgs in Dockan in Malmö22 October 2024
Wihlborgs' interim report for Jan-Sep 2024 will be presented on 24 October15 October 2024
Nomination Committee before Wihlborg's AGM 2025 is appointed11 October 2024
Wihlborgs retains first place in global sustainability rankings11 October 2024
Wihlborgs signs agreement with the Swedish Prosecution Authority in central Lund8 October 2024

This interim report is information of such a kind that Wihlborgs Fastigheter AB (publ) is legally required to disclose pursuant to the EU's Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication through the agency of the contact people on the next page on 11 February 2025 kl. 07.30 CET.

Welcome to us.

Being able to adapt to developments in society to remain relevant has always been our strength. Wihlborgs is growing and developing every day, especially during these challenging times. This is all so we can be the customer-centric, long-term and region-building company that we are.

Contact

Ulrika Hallengren, CEO +46 (0)40-690 57 95, ulrika.hallengren@wihlborgs.se

Arvid Liepe, CFO +46 (0)40-690 57 31, arvid.liepe@wihlborgs.se

Malmö – Headquarters

Wihlborgs Fastigheter AB Box 97, 201 20 Malmö Visits: Dockplatsen 16 Phone: +46 40 690 57 00

Helsingborg

Wihlborgs Fastigheter AB Terminalgatan 1 252 78 Helsingborg Phone: +46 42 490 46 00

Lund

Wihlborgs Fastigheter AB Ideon Science Park Scheelevägen 17 223 70 Lund Phone: +46 46 590 62 00

Copenhagen

Wihlborgs A/S Mileparken 22A DK-2740 Skovlunde, Danmark Phone: +45 396 161 57