Wallenstam — Audit Report / Information 2024

Feb 6, 2025

Year-end Report

JANUARY 1–DECEMBER 31,2024

"An exciting, challenging and brighter year – those were my hopes ahead of 2024. Now that we are closing the books for the year, I can state that my hopes were realized. 2024 was the year when we could see that the numbers turned upwards again. The year when we could increase our new construction, complete key property transactions and where we also took a big step forward as a company when we entered the office market in Stockholm CBD."

"Our business is functioning well and we see a continued good earnings trend where rental income is increasing and operating expenses are decreasing. Income from property management increased by just over 10 percent compared to the previous year. In the fall, we hedged a further large proportion of our interest rates with interest rate derivatives, which has led to a lower average interest rate, which on closing day was 2.54 percent, and a longer fixed interest term, 52 months."

HANS WALLENSTAM, CEO

JANUARY 1–DECEMBER 31, 2024

• The equity/assets ratio amounted to 45 percent (46) and the loan-to-value ratio was 46 percent (46).
• Investment in new construction and reconstruction of properties amounted to SEK 2,113 million (2,379).
• On closing day, 1,304 apartments were under construction.
• Rental income amounted to SEK 2,922 million (2,730).
• Income from property management amounted to SEK 1,150 million (1,039).
• Changes in value of investment properties amounted to SEK 388 million (-787).
• Changes in value of financial instruments amounted to SEK 102 million (-916).
• Profit before tax amounted to SEK 1,185 million (-582) and profit after tax amounted to SEK 774 million (-450), equivalent to SEK 1.2 per share (-0.7).
• Net asset value per share amounted to SEK 57.50, compared to SEK 56.20 on December 31, 2023.
• The Board of Directors will propose a dividend of SEK 0.50 per share (0.50), spread between two payments of SEK 0.25 each per share.

OCTOBER 1–DECEMBER 31, 2024

• Rental income amounted to SEK 736 million (694).
• Income from property management amounted to SEK 270 million (211).
• Changes in value of investment properties amounted to SEK 431 million (7).
• Changes in value of financial instruments amounted to SEK 443 million (-904).
• Profit after tax amounted to SEK 635 million (-492), equivalent to SEK 1.0 per share (-0.7).

Comparisons in brackets refer to the corresponding period of the previous year.

Wallenstam in brief

210 INVESTMENT PROPERTIES

SEK 66 billion VALUE OF INVESTMENT PROPERTIES

SEK 32 billion MARKET CAPITALIZATION

96% OCCUPANCY RATE, LETTABLE AREA

1.4 million sq m LETTABLE AREA

1,304 APARTMENTS UNDER CONSTRUCTION

53 WIND TURBINES

Events fourth quarter

During the quarter, we completed and let a further 75 apartments in the Nacka Grace project in Nacka.

On October 10, it was announced that we will start a new commercial segment venture in Stockholm CBD and that we had signed an agreement to acquire the Sergel's scraper, with taking of possession on January 31, 2025. In addition, we have signed an agreement for the sale of four commercial properties in Gothenburg, with vacation of the properties on February 3, 2025.

During the quarter, 1.2 million shares were repurchased.

Business plan 2030, goal: Net asset value of SEK 100/share

During the business plan 2030, Wallenstam has a goal of increasing the net asset value through a continued productive, cost-efficient and service-oriented business in the growth regions of Gothenburg, Stockholm and Uppsala. Successful letting, efficient management, value-creating investments, profitable new construction and profitable transactions will contribute to this net asset value growth.

During the business plan, the equity/assets ratio shall not be less than 35 percent.

On December 31, 2024, the net asset value per share amounted to SEK 57.50 (56.20).

45 percent 46 percent SEK 2,222 million EQUITY/ASSETS RATIO LOAN-TO-VALUE RATIO N E T O PER ATI N G I N CO M E

Comments by the CEO

An exciting, challenging and brighter year – those were my hopes ahead of 2024. Now that we are closing the books for the year, I can state that my hopes were realized. 2024 was the year when we could see that the numbers turned upwards again. The year when we could increase our new construction, complete key property transactions and where we also took a big step forward as a company when we entered the office market in Stockholm CBD.

The development of the Sergel's scraper

We managed to acquire a fantastic property – the Sergel's scraper – in central Stockholm and with that, the fourth leaf of our four-leaf clover became a reality. Our business now includes attractive residential properties in Stockholm and Gothenburg and commercial premises in the CBD of both cities.

Now when we have taken possession of the property in January, we will apply for all the necessary permits for renovation and refurbishment, both internally and externally. Our goal is to create really modern, exclusive premises, and we will also work to improve the urban environment around the property in order to create a more vibrant and attractive place for all those who spend time there. We will make full use of our long experience in developing properties, new areas and existing locations when we transform this uncut gemstone into a sparkling diamond!

Increased income from property management and lower average interest

Our business is functioning well and we see a continued good earnings trend where rental income is increasing and operating expenses are decreasing. Income from property management increased by just over 10 percent compared to the previous year.

During the fall, we hedged a large proportion of our interest rates with interest rate derivatives, which has led to a lower average interest rate, which on closing day was 2.54 percent, and a longer fixed

interest term, 52 months. We entered into the interest rate hedges at a time when the long-term interest rates were favorable. Now, my assessment is that the long-term interest rates are on the way up, while short-term interest rates will fall, which would further improve our already positive earnings trend.

We are reporting a positive change in value of our properties due to improvements in net operating income, and no adjustments to yield requirements have been made.

With regard to Convendum, which is a market leader in coworking, we believe in their business concept and that the business is viable over time. As a consequence of the ongoing reconstruction of Convendum in Stockholm, we have chosen to write down our entire investment as a precautionary measure.

Stable occupancy rate and satisfied customers

We have low vacancies in our holdings with a stable occupancy rate of 96 percent, a result of both new lettings and many extensions of existing contracts. Our skilled letting agents have rented out all newly constructed apartments during the year and on the commercial side many important new lets have been made, including in our properties at Rosenlund, Engelbrektsgatan, Kaserntorget and the Victoria Block in Gothenburg. In UMAMI in Sundbyberg, we have also made lettings which means that we are getting up the occupancy rate, slowly but surely.

It is also gratifying to see that good customer care pays off – we have satisfied tenants and nine out of ten commercial tenants choose to stay with us when their lease term expires.

Starting construction where people want to live

In 2024, we started the construction of almost 600 apartments in three projects in Stockholm, Nacka and Mölndal, which I am very proud and happy about. In some parts of Sweden, despite an overall housing shortage, there are newly constructed apartments that are empty and difficult to rent out. It is extremely important to build in the right locations, and we are always careful to build in areas where

people want to live. One example is our Nacka Grace project, which now after year-end is fully let, where there has been huge demand despite a high price level. Even the commercial premises that are located in the ground floors in Nacka Grace are very attractive.

Confidence and enthusiasm ahead of 2025

I look back on the past year with great gratitude and pride and I am looking forward with just as much confidence and enthusiasm to new opportunities and challenges for Wallenstam in 2025. Hopefully, 2025 will also be the start of a more peaceful world.

Our business concept and strategy of attractive residential properties in sought-after locations and commercial premises in the CBD of the growth regions Stockholm and Gothenburg has proved to be successful. Combined with a strong financial position, this provides me and my dedicated employees with a good basis for creating value both for Wallenstam and our shareholders!

HANS WALLENSTAM, CEO

Consolidated income statement

Mkr Not

FÖRDELNING AV RESULTAT EFTER SKATT

2024 jan-sep

Hyresintäkter 1 2 187 2 036 730 697 2 880 2 730 Övriga intäkter 2 180 229 39 50 572 621 Summa intäkter 2 367 2 265 768 748 3 452 3 351

Driftkostnader förvaltningsfastigheter 1 -501 -518 -153 -151 -713 -730 Central förvaltning och administration 1 -238 -237 -71 -74 -353 -352 Resultatandel intresseföretag -152 -2 -100 -1 -153 -3 Finansiella intäkter 1 6 3 2 2 10 7 Finansiella kostnader 1 -639 -510 -208 -200 -856 -726 Övriga kostnader 3 -168 -132 -52 -35 -453 -416 Resultat före värdeförändringar och nedskrivningar 676 870 186 289 935 1 129

Värdeförändring förvaltningsfastigheter -44 -793 -22 -188 -37 -787 Värdeförändring finansiella instrument -341 -12 -432 112 -1 245 -916 Värdeförändring syntetiska optioner -14 -29 -23 0 -53 -68 Återläggning nedskrivning anläggningstillgångar - 59 - - - 59 Resultat före skatt 278 95 -292 214 -399 -582

Aktuell skatt 0 0 0 0 -2 -2 Uppskjuten skatt -139 -53 23 -2 48 134 Resultat efter skatt 139 42 -269 212 -353 -450

Resultat hänförligt till innehavare av aktier i moderbolaget 139 42 -269 212 -353 -450 Genomsnittligt antal utestående aktier, tusental 656 848 658 645 656 548 658 500 657 104 658 449 Resultat efter skatt per aktie (kr), utspädning förekommer ej 0,2 0,1 -0,4 0,3 -0,5 -0,7

2023 jan-sep

2024 jul-sep

2023 jul-sep 2023/24 okt-sep

2023 jan-dec

SEK million	Note	2024 Jan-Dec	2023 Jan-Dec	2024 Oct-Dec	2023 Oct-Dec
Rental income	1	2,922	2,730	736	694
Other income	2	250	621	70	392
Total revenue		3,172	3,351	806	1,086
Operating expenses investment properties	1	-701	-730	-200	-212
Central management and administration	1	-332	-352	-95	-115
Participation in profits/losses of associated companies		-336	-3	-184	-1
Financial income	1	7	7	1	4
Financial expenses	1	-826	-726	-187	-217
Other expenses	3	-243	-416	-74	-285
Profit/loss before changes in value and
impairment losses		742	1,129	66	261
Change in value, investment properties		388	-787	431	7
Change in value, financial instruments		102	-916	443	-904
Change in value, synthetic options		15	-68	29	-39
Impairment loss/reversal impairment loss wind turbines		-62	59	-62	-
Profit/loss before tax		1,185	-582	907	-677
Current tax		0	-2	0	-2
Deferred tax
		-411	134	-272	187
Profit/loss after tax		774	-450	635	-492
DISTRIBUTION OF PROFIT AFTER TAX
Profit/loss attributable to shareholders in the parent company		774	-450	635	-492
Average number of outstanding shares, thousands			656,631 658,449 655,985 657,867
Profit/loss after tax per share (SEK), dilution does not occur		1.2	-0.7	1.0	-0.7

NOTE 1. INCOME FROM PROPERTY MANAGEMENT

	2024	2023	2024	2023
SEK million	Jan-Dec	Jan-Dec	Oct-Dec	Oct-Dec
Rental income	2,922	2,730	736	694
Operating expenses investment properties	-701	-730	-200	-212
Net operating income, properties	2,222	1,999	536	482
Management costs and administrative expenses investment
properties	-314	-293	-93	-75
Net financial items investment properties	-757	-668	-173	-196
Income från property management	1,150	1,039	270	211
Surplus ratio, %	76.0	73.2	72.8	69.5

Other comprehensive income corresponds to Profit/loss after tax.

Comments on the consolidated income statement

OCTOBER 1–DECEMBER 31

Rental income in the fourth quarter amounted to SEK 736 million (694), an increase of 6 percent or SEK 41 million, of which SEK 28 million came from increases in comparable holdings. Newly constructed properties and completed larger projects added SEK 16 million comparatively and divestments reduced rental income by SEK 1 million.

Operating expenses amounted to SEK 200 million (212), a decrease of SEK 12 million. The largest difference came from lower electricity prices in 2024, which were around SEK 9 million lower than 2023. However, rates for water and sanitation and cleaning have increased, as have property maintenance expenses. Seasonal costs were SEK 10 million lower than the previous year, mainly due to less snow. Net operating income increased by just over 11 percent and amounted to SEK 536 million (482), which corresponds to a surplus ratio in the quarter of 72.8 percent (69.5).

Net financial items investment properties amounted to SEK -173 million (-196). The average interest rate in the quarter was 54 points lower than the same quarter of the previous year and amounted to 2.75 percent (3.29). The average interest rate on closing day was 2.54 percent (3.24). The average interest rate was positively affected by falling Stibor and by new swap agreements entered into during the quarter totaling SEK 4.6 billion.

Changes in value of properties amounted to SEK 431 million (7). No changes to yield requirements have been made during the quarter.

The value of interest rate derivatives developed positively during the period, SEK 450 million (-903), as a result of higher long-term interest rates.

JANUARY 1–DECEMBER 31

Income from property management amounted to SEK 1,150 million (1,039). Profit after tax for the period amounted to SEK 774 million (-450), which corresponds to earnings per share of SEK 1.2 (-0.7).

Rental income

Rental income has increased by SEK 193 million, 7 percent, compared to the previous year and amounted to SEK 2,922 million (2,730). Most of the increase, SEK 107 million, was generated in comparable holdings, primarily through rent increases from indexations and rent negotiations. Almost as large a proportion, SEK 99 million, came from properties added mainly through new construction and completed larger projects. Divestments reduced rental income by SEK 13 million. Wallenstam's revenue is evenly distributed between residential properties and commercial premises, where there is a slight preponderance of residential.

Agreed adjustments for commercial premises in 2024 have meant average increases of 6 percent and apply from January 1. For residential, the agreed rent negotiations correspond to an average rent increase for 2024 of approximately 4.5 percent.

Operating expenses and net operating income

Seasonal effects at Wallenstam consist mainly of variable operating expenses, which are usually highest during quarters one and four when expenses for heating and property maintenance are generally higher.

Operating expenses for 2024 amounted to SEK 701 million (730) and were lower than the previous year despite more properties under management. This was mainly explained by lower electricity expenses, which were 38 percent or SEK 63 million lower in comparable holdings compared to the previous year when the electricity prices were comparatively high in 2023. However, rates and charges

RENTAL INCOME AND INCOME FROM PROPERTY MANAGEMENT

Rental income Income from property management

NET OPERATING INCOME AND SURPLUS RATIO

*Latest rolling twelve-month period

Net operating income Surplus ratio

*Latest rolling twelve-month period

for water and sanitation and cleaning, are higher. Weather-related expenses were SEK 4 million lower during 2024 compared to the previous year.

Net operating income increased by SEK 223 million. The surplus ratio amounted to 76.0 percent (73.2).

Central management and administration

Central management and administration amounted to SEK 332 million (352), which mostly related to property management of SEK 314 million (293).

Participation in profits/losses of associated companies

Participation in profits/losses of associated companies consist of participations in profits/losses and value adjustments, and totaled SEK -336 million (-3), of which impairment losses amounted to SEK -334 million (-). The impairments related to the holdings in Convendum and Colive, and are a consequence of the current market situation for coworking in Stockholm and coliving in Sweden. With the period's write-downs, both holdings are valued at SEK 0 million at year-end.

Financial income and expenses

Financial income amounted to SEK 7 million (7) and financial expenses totaled SEK -826 million (-726). Net financial items are distributed among investment properties in operation SEK -757 million (-668), expensed project-related interest SEK -25 million (-13) and other SEK -37 million (-38), which mainly related to wind power and financial investments. Capitalized interest amounted to SEK 121 million (129).

	2024	2023	2024	2023
SEK million	Jan-Dec	Jan-Dec	Oct-Dec	Oct-Dec
Revenue, development property sales	98	348	31	324
Revenue, electricity generation	149	258	39	65
Other income	3	14	1	3
Other income	250	621	70	392

The average debt was SEK 1.1 billion higher than the previous year. The average interest rate in 2024 was higher than the previous year and amounted to 3.08 percent, compared to 2.89 percent in the same period last year.

Other income and other expenses

Other income and other expenses mainly includes the Group's profit from electricity generation from our wind turbines, see Notes 2 and 3.

Other income amounted to SEK 250 million (621) and other expenses totaled SEK -243 million (-416). The decrease in income relates to the fact that the Kvarngärdet 71:1 development property was sold in 2023, as well as a significantly lower electricity price during the year, as the electricity price was comparatively high in 2023. Since the Group is a net producer of electricity, the lower income was also offset by lower electricity costs within operating expenses for our investment properties. Electricity generated has increased during 2024 and amounted to 298 GWh (292).

Changes in value, investment properties

The change in value during the year amounted to SEK 388 million (-787).

No changes have been made to the properties' yield requirements. The average yield requirements on closing day, which refer to the properties owned on each closing day, have been marginally affected compared to the previous quarter by changes in the holdings and amounted to 4.5 percent for the commercial holdings and to 3.7 percent for residential properties in operation.

Change in value, financial instruments

The change in value of financial instruments includes changes in value of interest rate derivatives and holdings of listed and unlisted shares that constitute financial investments.

The value of interest rate derivatives developed positively during the year, SEK 115 million (-874), and is affected by swap agreements entered into during the year and the interest rate trend. On closing day, the 10-year swap rate amounted to 2.70 percent, compared to 2.34 percent at the start of the year.

Change in value synthetic options

Wallenstam has an ongoing synthetic options scheme, which is directed to all permanent employees. Change in value synthetic options amounted to SEK 15 million (-68) due to a negative development of Wallenstam's share price in 2024 and expenses related to the option scheme. The number of outstanding options on closing day amounted to 5,986,000.

Impairment of non-current assets

Projected lower electricity prices have resulted in an impairment of the book value of wind turbines of SEK -62 million (59) in total.

Tax

Recognized tax for the period amounted to SEK -411 million (132) net, of which SEK -411 million (134) was deferred tax and SEK 0 million (-2) was current tax.

NOTE 2. OTHER INCOME NOTE 3. OTHER EXPENSES

	2024	2023	2024	2023
SEK million	Jan-Dec	Jan-Dec	Oct-Dec	Oct-Dec
Expenses, development property sales	-81	-251	-32	-238
Expenses, electricity generation	-65	-72	-17	-23
Depreciation wind turbines	-93	-91	-23	-23
Other expenses	-3	-2	-2	-0
Other expenses	-243	-416	-74	-285

Consolidated balance sheet, condensed

SEK million	Note	Dec 31, 2024	Dec 31, 2023
ASSETS
NON-CURRENT ASSETS
Investment properties	4	65,588	63,090
Site leasehold rights		623	534
Wind turbines		831	985
Land leases		8	9
Participations in associated companies		-	285
Financial assets		220	276
Financial derivative instruments		1,136	1,018
Other non-current assets		88	96
Total non-current assets		68,495	66,293
CURRENT ASSETS
Development properties		64	77
Other current assets		317	421
Cash and cash equivalents		46	50
Total current assets		427	548
Total assets		68,922	66,841

SEK million	Dec 31, 2024	Dec 31, 2023
EQUITY AND LIABILITIES
EQUITY
Equity	30,844	30,500
Total equity	30,844	30,500
NON-CURRENT LIABILITIES
Deferred tax liability	6,242	5,830
Provisions	74	94
Interest-bearing liabilities	3,336	4,058
Financial derivative instruments	21	18
Lease liability	632	543
Other non-current liabilities	13	16
Total non-current liabilities	10,318	10,559
CURRENT LIABILITIES
Interest-bearing liabilities	27,062	25,017
Financial derivative instruments	0	0
Lease liability	1	1
Current tax liability	-	2
Other current liabilities	697	762
Total current liabilities	27,760	25,782
Total equity and liabilities	68,922	66,841

NOTE 4. INVESTMENT PROPERTIES

SEK million	Dec 31, 2024	Dec 31, 2023
Investment properties in operation	60,610	58,103
Projects in progress, rental apartments	2,905	2,014
Land and projects for future new construction	2,073	2,973
Total investment properties	65,588	63,090

Comments on the consolidated balance sheet

CHANGE DURING THE YEAR, INVESTMENT PROPERTIES

		Book value, SEK million
	Investment properties, January 1, 2024	63,090
+	Acquisitions	143
	+ Construction	2,112
-	Sales	-148
+	Unrealized change in value	392
	Investment properties, December 31, 2024	65,588

Wind power

On closing day, the consolidated book value of wind turbines amounted to SEK 831 million (985). Estimated value in use of land leases, based on minimum rents, amounted on closing day to SEK 8 million (9). Depreciation for the year amounted to SEK 93 million (91).

Financial derivative instruments

Financial derivative instruments, which consist of interest rate derivatives amounted to a net receivable of SEK 1,115 million (1,000) on closing day.

Deferred tax

A net deferred tax liability of SEK 6,242 million (5,830) is recognized in the balance sheet, which consists of a deferred tax asset of SEK 1,172 million (1,088) and a deferred tax liability of SEK 7,414 million (6,918) where SEK 6,838 million (6,430) is property-related and SEK 577 million (488) relates to derivative instruments, site leasehold rights and wind turbines.

Equity and net asset value

Shareholders' equity amounted to SEK 30,844 million (30,500), which is equivalent to SEK 47.10 per share (46.40). The equity/assets ratio was 45 percent (46). In 2024, share buybacks have been carried out totaling SEK 102 million.

The net asset value has increased by SEK 1.30 per share during the year and amounted to SEK 57.50 (56.20). During the year, a dividend of SEK 0.50 per share was disbursed.

Interest-bearing liabilities

On closing day, total interest-bearing liabilities amounted to SEK 30,399 million (29,075). The average fixed interest term is 52 months (40). Of the loan portfolio, 72 percent (57) of the loans have fixed interest terms longer than one year.

Kungsportsavenyen 1, Gothenburg.

Y I EL D R EQ U I R EM EN T O N AV ER AG E , CO M M ERCI A L

4.5 percent 3.7 percent 46 percent Y I EL D R EQ U I R EM EN T

ON AVERAGE, RESIDENTIAL

LOAN-TO-VALUE RATIO

Investment properties

Development during the period

During the fourth quarter, Wallenstam completed and let a further 75 apartments in the Nacka Grace project in Nacka. New construction projects in progress on closing day involve 1,304 apartments.

Investments during the year totaled SEK 2,256 million (2,399), of which SEK 2,255 million (2,313) in investment properties and SEK 1 million (86) in development properties. The total value of rental apartment and development projects in progress, including land and projects for future new construction, amounted to SEK 5.0 billion (5.1) on closing day. The right of use value for land granted with site leasehold rights has been estimated at SEK 623 million (534).

Development properties

The book value of Development properties amounted to SEK 64 million (77) at the end of the period and includes Pixbo Sjöterrass in Mölnlycke as well as Söra radhus in Österåker. As of December 31, two of the terraced houses in Mölnlycke and eight of the terraced houses in Österåker have been taken into possession.

Valuation

INVESTMENT PROPERTIES

Wallenstam measures all of its investment properties internally at fair value on a quarterly basis. As an active actor in the property market, with long experience, we enjoy good market and property intelligence, which provides us with a firm basis for performing internal valuations of our property holdings. However, we must emphasize that the real value of properties only becomes a reality when they are sold, and therefore a valuation is always an estimation.

In our assessments of property values, we use different yield requirements for different properties. The yield requirements reflect market conditions and differ based on where the property is located and what type of property it is (housing or offices, etc.).

A valuation is calculated based on each property's net operating income including site leasehold rent, set in relation to the yield requirement for each property.

As our properties are valued separately, no consideration is given to the portfolio premium that may exist in the property market.

New constructions of rental properties are measured at fair value, which is determined as cost plus the estimated surplus on the completion date in relation to the degree of completion of the construction. This is in turn based on expenses incurred. The surplus value on new construction is gradually recognized during the construction period. In view of the increased uncertainty that exists in the market, no gradual value growth is currently recognized for new construction.

Land rights and building rights for future new construction are measured at market value, where the majority are externally valued.

DEVELOPMENT PROPERTIES

Development properties are properties that we intend to construct in order to divest on completion, for example co-op apartment properties. Development properties are recognized at the lower of cost (investments incurred) and the estimated net realizable value. The profit/loss is recognized when the property or apartment is completed and handed over to the buyer.

NEW CONSTRUCTION IN PROGRESS, DECEMBER 31, 2024

* Refers to estimated start of occupation. Occupation will occur gradually, often over several quarters.

** Number of sq m includes garage, and is rounded off to the nearest 500.

Project	No. of apts.	Occupation*	Sq m**	Of which completed apts. to date
STOCKHOLM
Nacka Grace	169	Q3 2024	13,000	103
Älta Torg Kv. 1, Nacka	191	Q1 2025	21,000
Ädellövet, Farsta	172	Q1 2025	8,500
Årstaberg	408	2026	28,500
Älta Torg Kv. 2, Nacka	50	2026	4,000
GOTHENBURG
Kallebäcks Terrasser Kv. 6	298	Q1 2025	17,000
Åbybergsgatan Kv. C, Mölndal	119	2027	8,000
Total apartments in projects	1,407		100,000
of which in progress on December 31	1,304

CHANGE, CONSTRUCTION IN PROGRESS, APARTMENTS

	No. of apts.
October 1, 2024	1,379
- Completed	-75
Nacka Grace (75)
December 31, 2024	1,304

APARTMENTS, CONSTRUCTION IN PROGRESS

			Retail/		Industry/
Lettable area, sq m	Residential sq m	Office sq m	Restaurant/ Cinema sq m		warehou sing sq m	Education/ Care sq m		Garage sq m	Other sq m	Total		Distribtion, place	No. of apts.
Stockholm	344,628	28,730	12,895		8,319	5,453		60,816	2,496	463,337		33%	5,813
Uppsala	30,004	63	788		0	724		2,584	0	34,163		2%	627
Gothenburg	340,417	230,295	94,375		91,636	48,727		100,673	7,143	913,266		65%	5,733
Total	715,049	259,088	108,058		99,955	54,904		164,073	9,639	1,410,766		100%	12,173
Distribution by type of premises	51%	18%		8%	7%	4%		11%	1%	100%
FULLY COMPLETED NEW CONSTRUCTION
			Year of	Resi			Retail/	Industry/
Name of property	Address		con struction	dential sq m	Office sq m		Restaurant/	warehou	Education/ Care sq m	Garage sq m	Other sq m	Total sq m	No. of apts.
GOTHENBURG							Cinema sq m	sing sq m
Kallebäck 18:13 (Procekt: Kallebäcks Terrasser Kv. 5, Närheten)	/ Skummjölksgatan 7-11	Kallebäcks Torggata 12-30	2023	9,827		-	599	-		- 1,442		- 11,868	182
Stampen 5:6* (Extension)	Stampgatan 12-18/ Polhemsplatsen 1		2023		- 1,559		-	17		- -		- 1,576	0
UPPSALA
Kåbo 78:1 (Project: Kompositören)	Sidenbigatan 56 / Honungsgatan 21		2023	8,435		-	404	-	192	-		- 9,031	185
Total				18,262	1,559		1,003	17	192	1,442		- 22,475	367
* Extension existing property
PROPERTY ACQUISITIONS
			Year of	Resi			Retail/	Industry/
Name of property	Address		con struction	dential sq m	Office sq m		Restaurant/ Cinema sq m	warehou sing sq m	Education/ Care sq m	Garage sq m	Other sq m	Total sq m	No. of apts.
STOCKHOLM
Nacka Älta 69:4*
Total
* Land
PROPERTY SALES
			Year of con	Resi dential	Office		Retail/ Restaurant/	Industry/ warehou	Education/	Garage	Other	Total	No. of
Name of property	Address		struction	sq m	sq m	Cinema sq m		sing sq m	Care sq m	sq m	sq m	sq m	apts.
STOCKHOLM Sundbyberg Freden Större 15, 21 and 22*
Total
* Land

ACQUISITION, CONSTRUCTION AND SALES OF INVESTMENT PROPERTIES

Financing

Equity

Shareholders' equity amounted to SEK 30,844 million (30,500), which is equivalent to SEK 47.10 per share (46.40). The equity/assets ratio was 45 percent (46).

Interest-bearing liabilities

Wallenstam has approximately 94 percent of its financing in the form of traditional loans from Swedish banks and the European Investment Bank. The remainder of the financing consists of commercial paper and bond loans.

On closing day, total interest-bearing liabilities amounted to SEK 30,399 million (29,075). Of the liability, outstanding bond loans amounted to SEK 1,000 million (334), which were issued in the first half of 2024, and the book volume of commercial paper, with a framework amount of SEK 4,000 million, amounted to SEK 808 million (373). Total interest-bearing liabilities consist of SEK 13.7 billion (10.8) green financing, of which SEK 12.7 billion (10.5) of green loans and SEK 1.0 billion (0.3) of green bonds.

All the bond loans of SEK 1,000 million (334) are green bonds according to the terms of Wallenstam's green framework and were issued within Wallenstam's MTN program (Medium Term Notes). The bond loans are listed on Nasdaq Stockholm.

The average fixed interest term is 52 months (40). Of the loan portfolio, 72 percent (57) of the loans have fixed interest terms longer than one year. The average interest rate on closing day amounted to 2.54 percent compared to the previous quarter, when it was 2.95 percent.

Financing of the loan portfolio is mainly secured by mortgage deeds for properties. The bond loans, commercial paper and the loan from the EIB are unsecured. The commercial paper program has underlying credit commitments in the form of overdraft facilities. Covenants are issued for the loan from the EIB for the loan to be unsecured.

Lease liability

The recognized lease liability corresponds to the rights of use for land leases and site leasehold rights. The liability on closing day totaled SEK 633 million (544).

Derivative instruments

Wallenstam's financial derivative instruments consist of interest rate derivatives. On closing day, Wallenstam had a net receivable in respect of derivative instruments of SEK 1,115 million compared to SEK 1,000 million as of December 31, 2023.

In 2024, new swap agreements of SEK 6.0 billion were entered into, of which SEK 4.6 billion in the fourth quarter. The average maturity of the swaps entered into during the year was about 9 years. The total volume of outstanding interest rate derivatives, where Wallenstam pays fixed interest, subsequently amounts to SEK 22.0 billion (16.0). The first maturity is in 2026.

Interest rate derivatives are used to obtain a desired interest maturity profile in a flexible, cost-efficient way. They are measured through discounting future cash flows at present value. Arising deficit or surplus values for interest rate derivatives, which reflect how the Group's hedged interest rates relate to the market rate of interest on closing day, are recognized in the balance sheet and as changes in value, financial instruments in the income statement.

Available liquid assets

Available liquid assets, including available bank overdraft facilities, amounted to SEK 1,805 million (1,285), of which SEK 815 million is reserved for back up for issued outstanding commercial paper. Approved overdraft facilities amounted to SEK 1,800 million (1,325), where SEK 42 million was used on closing day (90).

FIXED TERMS, AVERAGE INTEREST RATES

	Dec 31, 2024		Dec 31, 2023
	Amount,	Average	Amount,	Average
Year	SEK million	interest rate, %	SEK million	interest rate, %
2024			12,575	6.06 *
2025	8,399	5.49 *	500	0.52
2026	2,200	0.89	2,000	0.78
2027	2,200	1.14	2,000	1.05
2028	2,200	1.23	2,000	1.16
2029	2,200	1.03	2,000	0.93
2030	2,200	1.07	2,000	0.95
2031	2,200	0.82	2,000	0.67
2032	2,200	1.40	2,000	1.31
2033	2,200	2.04	2,000	2.02
2034	2,200	2.28	-	-
2035	2,200	2.28	-	-
Total	30,399	2.54	29,075	3.24

*Includes effects of swap agreements.

MATURITY STRUCTURE INTEREST RATE DERIVATIVES AND FIXED-RATE LOANS

Customer and market

The cities in which we do business are characterized by growth and heavy demand for housing and commercial premises. We build mainly rental apartments, but also cooperative apartments, when there is a need for mixed forms of tenure.

The residential property holdings are fully let. Only a minor proportion of our rental apartments become available for rent due to relocation, and demand for finished, newly constructed rental apartments is high.

The average agreed rent increase for residential properties for the Group amounted to approximately 4.5 percent in total for 2024. We have also agreed on the rent increases for 2025, which are on a par with 2024.

We see that demand for commercial floor space in central Gothenburg is still stable. Some sluggishness in the market can be seen in the form of, for instance longer decision-making times among existing and potential customers. The commercial properties are mainly situated in central locations in Gothenburg, with offices as the largest type of commercial premises. The surrender rate, which reflects how large a proportion of the cancellable leases are extended, amounted to 89 percent (90) for the quarter. The occupancy rate for commercial in terms of lettable area amounted to 92 percent (92) on closing day. In Gothenburg, where the majority of the commercial floor space is located, the occupancy rate is 95 percent (95).

For commercial premises, agreed adjustments have meant average increases of 6 percent that apply from January 1.

THE TEN LARGEST COMMERCIAL TENANTS BY FLOOR SPACE

Tenant	Floor space, sq m
City of Gothenburg	20,303
Essity Hygiene and Health AB	15,639
Convendum AB	14,757
Filmstaden AB	14,508
The National Archives of Sweden	11,000
Västra Götaland County Council	10,832
Fridaskolorna AB	8,088
Dagab Inköp & Logistik AB	7,233
Ica Fastigheter AB	6,906
Frisk Service i Göteborg AB	5,854
Total	115,120

Our total commercial floor space is approximately 530,000 sq m.

DISTRIBUTION, RENTAL VALUE

Consolidated statement of changes in equity

	2024				2023
	— Equity attributable to parent company shareholders —				— Equity attributable to parent company shareholders —
	Other capital Other Profit brought			Other capital Other Profit brought
SEK million	Share capital	contributed	reserves	forward	Total equity	Share capital	contributed	reserves	forward	Total equity
Opening equity, January 1	165	359	-3	29,979	30,500	165	359	-3	30,911	31,432
Profit after tax	-	-	-	774	774	-	-	-	-450	-450
TRANSACTIONS WITH SHAREHOLDERS
Dividend	-	-	-	-328	-328	-	-	-	-395	-395
Repurchase of own shares	-	-	-	-102	-102	-	-	-	-87	-87
Closing equity, December 31	165	359	-3	30,323	30,844	165	359	-3	29,979	30,500

Segments report

	Dec 31, 2024				Dec 31, 2023
SEK million	Rental income	Net operating income	Investment properties	of which, investments during the year	Number sq m (thousands)	Rental income	Net operating income	Investment properties	of which, investments during the year	Number sq m (thousands)
Gothenburg business area	1,987	1,548	42,620	1,015	913	1,854	1,375	41,077	1,479	899
Stockholm business area	963	701	22,941	1,237	498	902	652	21,991	813	489
Other	0	0	27	4	0	0	0	22	22	0
Elimination	-28	-28	-	-	-	-27	-27	-	-	-
Total	2,922	2,222	65,588	2,255	1,411	2,730	1,999	63,090	2,313	1,388

Consolidated statement of cash flows, condensed

SEK million	2024	2023	2024	2023
	Jan-Dec	Jan-Dec	Oct-Dec	Oct-Dec
Profit before changes in value and impairment losses*	742	1,129	66	261
Adjustment for items not included in cash flow	418	5	207	-64
Change provisions	-1	-7	0	-1
Taxes paid	-0	-5	-0	-
Cash flow before change in working capital	1,159	1,122	273	196
Change in working capital	69	172	-28	79
Cash flow from operating activities	1,228	1,294	244	275
INVESTMENTS/DIVESTMENTS
Investment in properties and individual co-op apartments	-2,213	-2,438	-555	-557
Investments in intangible assets and property, plant and equipment	-10	-11	-4	-5
Investments in financial assets	-7	-75	-0	-58
Divestment of financial assets	-	6	-	6
Amortization of financial assets	32	-	26	-
Investments in associated companies	-50	-33	-	-5
Divestment of properties, development properties and property, plant and equipment	124	817	32	493
Cash flow from investing activities	-2,125	-1,735	-501	-126
FINANCING
Raised interest-bearing liabilities	27,257	27,120	8,209	7,094
Amortization of interest-bearing liabilities	-25,885	-26,418	-7,869	-7,204
Net change in overdraft facilities	-48	90	42	-
Dividends paid	-328	-395	-164	-197
Repurchase of own shares	-102	-87	-58	-68
Cash flow from financing activities	894	309	160	-375
Changes to liquid assets	-4	-131	-97	-225
Cash and cash equivalents at beginning of the period	50	181	143	275
Cash flow for the period	-4	-131	-97	-225
Cash and cash equivalents at the end of the period	46	50	46	50
Unutilized overdraft facilities at the end of the period	1,758	1,235	1,758	1,235
Available liquid assets	1,805	1,285	1,805	1,285

* Includes interest paid and received, including gross flows from interest rate swap contracts, of SEK -960 million (-837) and SEK 7 million (7) respectively, of which SEK 121 million (129) was capitalized as a non-current asset.

Wallenstam's sustainability work

Climate targets 2023–2030

Wallenstam's scope 1 and 2 climate targets are adopted and validated by the climate action partnership - The Science Based Targets initiative and mean that we shall reduce our emissions by 50 percent through 2030, with base year 2018. The outcome of these targets is reported in absolute values. In scope 3, a voluntary target has been defined, according to the Science Based Targets initiative's methodology, which means that we shall measure and reduce the emissions from our construction operations by 55 percent through 2030, with 2019 as the base year. Scope 3 is reported as an intensity value, based on the year's new construction. Wallenstam reports reduced carbon dioxide emissions in all targeted areas, which is a result of structured and dedicated sustainability work in the business.

* As data for actual emissions from certain district heating providers for 2024 was not available during preparation of this report, the values are based to a lesser extent on emission data for 2023.

EU taxonomy

Wallenstam is not yet covered by the EU's taxonomy regulation but the company has voluntarily chosen to report how large a share of its assets are defined as sustainable under the EU taxonomy. Wallenstam is reporting this year according to the regulation's technical screening criteria with regard to articles 4.3 Electricity generation from wind power and 7.7 Acquisition and ownership of buildings.

KEY PERFORMANCE INDICATORS, EU TAXONOMY

2024	SEK million	Share Taxonomy-aligned, %
Turnover	1,466 (1 255)	46 (38)
CapEx	1,187 (1 263)	54 (52)
OpEx	111 (95)	34 (25)

Lower carbon footprint through reuse

At Kaserntorget 6 in Gothenburg, Wallenstam has created popular turnkey offices. Instead of traditional adaptation of premises, the ambition was to reuse existing materials and layouts. For example, doors, glass partitions, kitchenettes as well as walls, ceilings and floors have been retained, repainted, cleaned and polished. The follow-up showed a carbon footprint of only 30 percent of what a more traditional adaptation of premises would have entailed. In addition, a full 90 percent less waste was generated than in an average reconstruction project. The property is now fully let.

Social responsibility

Wallenstam strives to be an engaged corporate citizen. Our social sustainability work is primarily directed towards the geographical areas where we operate and the initiatives can be divided into four focus areas:

• Work proactively against social exclusion and promote equal life chances.
• Promote wellbeing, security and participation
  • for people who live and work in our properties
  • for our employees
  • for our suppliers and contractors.
• Contribute to a positive development of society through urban development.
• Business ethics and anti-corruption.

We also focus on increasing security for residential and commercial tenants. Our security department and management department work with the Secure properties concept where the properties are inventoried from a security perspective and any deficiencies are rectified according to planned actions. Collaboration with tenants, other property owners and authorities also occurs on appropriate occasions.

The Wallenstam share

The Wallenstam B share is listed on Nasdaq Stockholm, Large Cap. During 2024, Wallenstam's share price decreased by 12.6 percent. The property index OMX Stockholm Real Estate PI fell by 3.5 percent and the OMX Stockholm PI index rose by 5.7 percent during the same period.

At year-end, the Wallenstam share price was SEK 47.80 compared to SEK 54.70 at year-end 2023. The market capitalization was SEK 31,548 million (36,102) based on the total number of registered A and B shares. Equity per share amounted to SEK 47.10 (46.40).

Buyback

Wallenstam has a mandate from the Annual General Meeting to carry out buybacks. During 2024, 2,000,000 shares were repurchased. On closing day, the company held a total of 5,000,000 repurchased shares, acquired at an average price of SEK 46.30 per share including brokerage.

Dividend

In May and November, SEK 164 million was disbursed to the shareholders on each occasion, a total of SEK 328 million (395). The Board of Directors will propose a dividend of SEK 0.50 per

share (0.50) to the Annual General Meeting for the 2024 financial year, spread over two payment dates of SEK 0.25 each per share. The record day for the first payment is proposed to be May 2, 2025, and November 3, 2025, for the second payment.

The proposed dividend is equivalent to a yield of 1.0 percent (0.9), based on the share price at the end of the period. The share's total yield in 2024, calculated on the distributed dividend, was -12 percent (26).

Turnover

During the year, the Wallenstam share had an average daily turnover on Nasdaq Stockholm of about SEK 27.4 million (27.3).

SHAREHOLDINGS, DECEMBER 31, 2024

	A shares	B shares	Equity, %	Votes, %
Hans Wallenstam and family, and company	69,000,000	99,418,900	25.52	61.87
AMF - Insurance and funds		71,608,690	10.85	5.61
Henric and Ulrika Wiman		23,955,504	3.63	1.88
Agneta Wallenstam		21,368,000	3.24	1.67
Anna-Carin B Wallenstam and Anders Berntsson		21,300,000	3.23	1.67
David Wallenstam		17,040,276	2.58	1.34
Swedbank Robur Fonder		16,047,544	2.43	1.26
Christian Wallenstam		16,000,000	2.42	1.25
Bengt Norman		12,440,000	1.88	0.97
Monica and Jonas Brandström		12,439,604	1.88	0.97
Other owners		274,381,482	41.57	21.50
Total number of shares	69,000,000	586,000,000
Repurchased own shares*		5,000,000	0.76
Total registered shares	660,000,000		100.00	100.00
Total outstanding shares	655,000,000

The proportion of institutional ownership amounted to around 21 percent of equity and around 11 percent of the votes. Foreign ownership amounted to around 10 percent of equity and around 5 percent of the votes.

* Refers to repurchased shares up to closing day. Repurchased shares do not carry voting rights. Source: Euroclear Sweden AB.

SHARE PRICE TREND Q1 2020–Q4 2024

Wallenstam B share OMX Stockholm Real Estate PI OMX Stockholm PI

Parent Company

The parent company's operations are focused on managing all of the Group's companies. In addition, the parent company owns a small number of properties.

Total revenue during the year amounted to SEK 524 million (481), of which rental income amounted to SEK 157 million (146).

The result was impacted by the item changes in value of derivative instruments, SEK 115 million (-874). Profit/loss after tax amounted to SEK -38 million (424).

Investments in intangible assets and property, plant and equipment during the period amounted to SEK 6 million (33). Parent company external loans amounted to SEK 13,381 million (11,060) on closing day.

	2024	2023
SEK million	Jan-Dec	Jan-Dec
Remuneration, management and project management	352	319
Rental income	157	146
Revenue, sales guarantees of origin	12	11
Other revenue	3	4
Total revenue	524	481
Management costs and administrative expenses	-427	-423
Operating expenses	-36	-46
Depreciation and impairment losses properties	-38	-36
Expenses, sales guarantees of origin	-10	-15
Change in value, synthetic options scheme	15	-68
Other expenses	-4	-4
Total expenses	-499	-591
Operating income	25	-110
Profit/loss from participations in Group companies	38	47
Interest income and similar profit/loss items	862	830
Interest expenses and similar profit/loss items	-770	-634
Changes in value, derivative instruments	115	-874
Net financial items	245	-630
Profit/loss after financial items	271	-741
Commissionaire' contributions	-911	1,072
Additional depreciation	-3	-22
Group contributions received	673	-
Tax on net profit/loss	-68	115
Profit/loss after tax	-38	424

Other comprehensive income corresponds to Profit/loss after tax.

INCOME STATEMENT, PARENT COMPANY CONDENSED BALANCE SHEET, PARENT COMPANY

SEK million	Dec 31, 2024	Dec 31, 2023
Assets
Properties	1,334	1,372
Participations in Group companies	12,768	4,067
Financial derivative instruments	1,136	1,018
Receivables from Group companies	27,658	34,490
Other assets	183	284
Cash and cash equivalents	46	49
Total assets	43,124	41,280
Equity and liabilities
Equity	13,925	14,393
Untaxed reserves	30	27
Provisions	56	73
Interest-bearing external liabilities	13,381	11,060
Liabilities to Group companies	15,582	15,572
Financial derivative instruments	21	18
Other liabilities	130	138
Total equity and liabilities

Other information

RISK MANAGEMENT

Wallenstam's risks, and how we manage them, are presented in the 2023 Annual Report on pages 22–24. No significant changes in the management of these risks have occurred during 2024.

SENSITIVITY ANALYSIS

As of December 31, 2024, the estimated market value of the properties amounted to around SEK 66 billion. A change in value of plus/minus 10 percent is thus equivalent to about plus/minus SEK 6.6 billion. A general change of plus/minus 0.25 percentage points in property yield requirements is equivalent to about SEK -3.8 billion to SEK +4.3 billion, while a general change in revenue of 5 percent is equivalent to about plus/minus SEK 3.8 billion.

A change in the market interest rate of plus/minus 50 points is equivalent to about plus/minus SEK 39 million in interest expenses.

TRANSACTIONS WITH RELATED PARTIES

Wallenstam's related parties consist chiefly of Group companies. Board members, company management and their families and the companies they control are also related parties. Transactions with related parties mainly consist of administrative fees and the renting of premises between Group companies. Individuals related to Board members and Group Management rent apartments and premises. Insurance services are purchased from companies where a member of Wallenstam's Board of Directors is a Board member, for a total equivalent to about SEK 5 million in net expenditure for the year. The CEO is a joint owner (50 percent) of Aranea Holding AB. Aranea is a tenant of Wallenstam with an annual rental value equivalent to SEK 0.9 million.

A member of Wallenstam's Board, through his own consulting company, sold consulting hours to Wallenstam for SEK 0.1 million.

The Convendum and Colive groups, where Wallenstam's Chairman is a board member of each parent company, have an agreed rent for the year 2024 totaling SEK 53 million and SEK 11 million, respectively. In addition to the tenancy, there is an outstanding promissory note receivable of SEK 58 million in relation to the Convendum group. During the year, Wallenstam has participated in two new issues in Convendum totaling SEK 50 million.

Ferroamp AB and Mertzig Asset Management AB, where Wallenstam's Chairman is a board member, have agreed rents for the year 2024 of SEK 5.3 million and SEK 1.0 million, respectively. During the year, Wallenstam has participated in a new issue in Ferroamp of SEK 6 million.

Wallenstam's involvement in environmental and social responsibility issues is described in more detail on pages 15–21 of the 2023 Annual Report. As part of its social responsibility work, the Wallenstam Group not only contributes financially to a number of organizations but also gives its time in the form of e.g. board work. As a result of such board positions, related party status arises in the case of the Rescue Mission in Gothenburg and Barn i Nöd (Swedish International Help for Children). During the year, the Rescue Mission in Gothenburg and Barn i Nöd received contributions and discounts equivalent to SEK 3.5 million and SEK 1.7 million, respectively. The Rescue Mission in Gothenburg and Barn i Nöd rent premises and apartments from Wallenstam equivalent to annual rental income of SEK 8.0 million and SEK 0.1 million, respectively.

All transactions take place on market-related terms.

ACCOUNTING PRINCIPLES

This report was prepared in accordance with IAS 34. The accounting principles are unchanged compared to the 2023 Annual Report. The Parent Company's accounting principles comply with the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board's recommendation RFR 2.

New and amended standards and principles that entered into force on January 1, 2024, or subsequently are not expected to have any material impact on the Wallenstam Group's financial statements.

ROUNDING OFF

As a result of rounding off, figures presented in this report do not, in some cases, sum up exactly to the total and percentages may differ in order for them to correspond to the actual numerical data.

EVENTS AFTER THE END OF THE REPORTING PERIOD

No events of material importance for the company's position have occurred after the end of the reporting period.

Key ratios – multi-year summary

Accumulated during period	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022
PROPERTY-RELATED KEY RATIOS
Net operating income, properties, SEK million	2,222	1,686	1,110	535	1,999	1,518	972	462	1,888
Surplus ratio, property management, %	76.0	77.1	76.2	74.4	73.2	74.6	72.6	70.1	75.8
Income from property management, SEK million	1,150	880	563	270	1,039	828	532	265	1,252
Changes in value, investment properties, SEK million	388	-44	-21	-15	-787	-793	-606	5	-2,608
Value of investment properties, SEK million	65,588	64,602	64,208	63,583	63,090	62,777	62,671	62,712	62,092
Area, sq m (thousand)	1,411	1,411	1,411	1,411	1,388	1,396	1,386	1,356	1,356
Occupancy rate – lettable area, %	96	96	96	97	97	96	96	96	97
FINANCIAL KEY RATIOS
Profit after tax, SEK million	774	139	408	333	-450	42	-170	48	1,103
Return on equity, %	2.5	-1.1	0.4	-0.5	-1.4	-5.5	-3.8	-0.2	3.4
Return on total assets, %	3.0	0.7	1.4	0.9	0.2	-3.0	-2.1	-0.1	1.6
Interest coverage ratio, times (rolling 12 months)*	1.9	2.1	2.2	2.3	2.6	2.8	3.3	4.0	4.6
Loan-to-value ratio, %	46	46	46	46	46	46	46	45	45
Average interest rate on closing day, %	2.54	2.95	3.17	3.27	3.24	3.14	2.98	2.61	2.21
Average fixed interest term, months	52	38	35	37	40	37	38	41	44
Equity/assets ratio, %	45	45	45	45	46	46	46	47	47
Equity, SEK million	30,844	30,431	30,743	30,833	30,500	31,257	31,045	31,461	31,432
Net asset value, SEK million	37,682	37,029	37,284	37,312	36,930	37,660	37,473	37,908	37,825
Market capitalization, SEK million	31,548	38,907	33,231	34,551	36,102	24,169	24,103	25,912	28,974
PER SHARE DATA
Profit after tax, SEK	1.2	0.2	0.6	0.5	-0.7	0.1	-0.3	0.1	1.7
P/E ratio, times	40.6	Neg.	258.9	Neg.	Neg.	Neg.	Neg.	Neg.	26.3
Cash flow from operating activities, SEK	1.9	1.5	0.9	0.6	2.0	1.5	1.2	0.8	1.8
Equity, SEK	47.1	46.4	46.8	46.9	46.4	47.5	47.1	47.8	47.7
Net asset value per share, SEK	57.5	56.4	56.7	56.8	56.2	57.2	56.9	57.6	57.4
Share price, SEK	47.80	58.95	50.35	52.35	54.70	36.62	36.52	39.26	43.90
Repurchased shares at end of period, thousands	5,000	3,800	3,000	3,000	3,000	1,500	1,500	1,500	1,000
Shares outstanding, average, thousands	656,631	656,848	657,000	657,000	658,449	658,645	658,719	658,875	659,904
Shares outstanding at end of period, thousands	655,000	656,200	657,000	657,000	657,000	658,500	658,500	658,500	659,000

* Includes impairment of associated companies.

Key ratios – quarterly overview

	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022
Rental income, SEK million	736	730	737	719	694	697	679	660	627
Net operating income, properties, SEK million	536	576	574	535	481	546	510	462	448
Surplus ratio, property management, %	72.8	79.0	77.9	74.4	69.4	78.3	75.0	70.1	71.4
Income from property management, SEK million	270	316	294	270	211	296	267	265	259
Interest coverage ratio, times*	1.4	1.9	2.3	2.0	2.2	2.5	2.6	3.3	3.3
Earnings per share after tax, SEK Cash flow per share from operating activities, SEK	1.0 0.4	-0.4 0.6	0.1 0.3	0.5 0.6	-0.7 0.4	0.3 0.4	-0.3 0.4	0.1 0.8	-2.7 0.1

* Includes impairment of associated companies.

Report signatures

The Board and CEO certify that the year-end report provides a fair view of the Parent Company's and Group's operations, financial position and results and describes the significant risks and uncertainties to which the Parent Company and Group Companies are exposed.

Gothenburg, February 6, 2025

Lars-Åke Bokenberger Chairman of the Board

Karin Mattsson Vice chairman of the Board

Agneta Wallenstam Board member

Mikael Söderlund Board member

Rebecka Wallenstam Board member

Hans Wallenstam CEO

Definitions

Share yield

The proposed dividend as a percentage of the share price at the end of the period.

Share total yield

The share price trend during the year including distributed dividend as a percentage of the share price at the start of the period.

Alternative performance measures (APM)

Wallenstam presents a number of financial measures that are outside IFRS definitions (Alternative performance measures, according to ESMA's guidelines) with the aim of enabling effective evaluation of the company's financial position and performance for investors and for the company's management. This means that these measures are not always comparable with measures used by other companies and shall therefore be considered as a complement to measures defined according to IFRS. Wallenstam applies these alternative key ratios consistently over time. The definitions describe how Wallenstam's key ratios are calculated. The key ratios are alternative performance measures according to ESMA guidelines unless otherwise stated.

The number of shares

The number of registered shares at any given time. Number of shares outstanding: the number of registered shares less repurchased own shares at any given time. Average number of shares: weighted average number of shares outstanding at any given time.

Return on equity*

Profit after tax on a rolling 12-month basis in relation to average equity.

Return on total assets*

Profit before tax with reversal of interest expenses for the latest rolling 12-month period in relation to average total assets.

Loan-to-value ratio

Interest-bearing liabilities and lease liability less cash and cash equivalents in relation to the Group's investments in properties, site leasehold rights, development properties, wind power and land leases at the end of the period.

Residential property

Property, which predominantly consists of residential space.

Market capitalization

Share price multiplied by the number of registered shares on the closing day.

Net operating income Rental income less operating and maintenance expenses, and property tax.

Development property

A property that is constructed with the intention of being divested, either in its entirety or per share, upon completion.

Income from property management

Rental income from investment properties less operating expenses, management costs and administrative expenses and net financial items attributable to investment properties.

Average interest rate

Interest expenses for the period in relation to interest-bearing average debt.

Average yield requirement

Normalized net operating income in accordance with the valuation model in relation to the estimated market value of yielding investment properties.

Rental value**

Rental income and the estimated market rent for vacant space.

Comparable holdings

Refers to properties that were included in the holdings during the entire reporting period and during the entire comparative period. Properties that are acquired, sold or have been classified as project properties during the period or comparative period are not included.

Cash flow per share Cash flow for the period in relation to the average number of shares outstanding.

Cash flow from operating activities per share Cash flow from operating activities for the period in relation to the average number of shares outstanding.

Commercial property Property, which predominantly consists of commercial space.

P/E ratio

Share price at the end of the period, in relation to profit after tax per average number of outstanding shares for the latest rolling 12-month period.

Earnings per share after tax

Profit after tax in relation to the average number of outstanding shares.

Interest coverage ratio

Profit or loss before changes in value and impairment losses with reversal of net financial items in relation to net financial items.

Public use property

Property, which is predominantly used by tax funded activities and is specifically adapted for community services.

Equity/assets ratio

Equity in relation to total capital employed at the end of the period.

Net asset value Equity with the addition of deferred tax liabilities related to investment properties.

Net asset value per share

The Group's net asset value in relation to the number of outstanding shares at the end of the period.

Occupancy rate – floor space

Let floor space in relation to total floor space, excluding garage, project properties and voluntary vacation.

Changes in value, investment properties

Profits or losses from sales of investment properties during the period less expenses and the assessed market value of the properties at the immediately preceding reporting period and profits or losses from the change in the assessed market value of investment properties compared to the immediately preceding reporting period.

Surrender rate

Proportion of commercial leases, which are extended in relation to the proportion of cancellable commercial leases.

Surplus ratio

Net operating income as a percentage of rental income.

For further information, please refer to: www.wallenstam.se/glossary

*	Dec 31,	Sep 30,	Jun 30,	Mar 31,	Dec 31,	Sep 30,	Jun 30,	Mar 31,	Dec 31,
Bridge alternative performance measures	2024	2024	2024	2024	2023	2023	2023	2023	2022
Equity, SEK million	30,844	30,431	30,743	30,833	30,500	31,257	31,045	31,461	31,432
Average equity, SEK million	30,670	30,753	30,876	31,019	31,139	31,734	32,026	32,212	32,074
Total assets, SEK million	68,922	67,895	68,192	68,008	66,841	67,743	67,659	67,157	67,049
Average total assets, SEK million	67,972	67,736	67,689	67,482	67,290	67,849	68,180	68,171	68,079

For average values, add the latest five periods and divide by five.

**Operational key ratios, are not considered alternative key ratios according to ESMA's guidelines.

This is Wallenstam

BUSINESS PLAN 2030

Goal: The net asset value shall amount to SEK 100 per share.

Focus areas

• We shall improve the customer's overall impression of Wallenstam every year through attractive apartments and premises as well as good service.
• We shall strive to ensure increased security for our customers that live and work in our properties.
• Through our strong corporate culture, we shall be an attractive employer and improve our Engagement Index score every year.

Defined key ratios

• The equity/assets ratio shall not be less than 35 percent.

VISION

Wallenstam shall be the natural choice for housing and premises.

BUSINESS CONCEPT

We develop and manage people's homes and workplaces based on a high level of service and long-term sustainability in selected metropolitan areas in Sweden.

WALLENSTAM TODAY

Wallenstam was founded in 1944 and its head office is located in Gothenburg. The company's B share is listed on Nasdaq Stockholm, Large Cap and Wallenstam is one of the larger listed property companies in Sweden.

Our residential properties are located in Stockholm, Uppsala and Gothenburg, while our commercial properties are concentrated towards inner city locations in Gothenburg. All in all, Wallenstam has approximately 12,200 apartments and 1,000 commercial tenants. Wallenstam also builds rental apartments for its own management operations.

Wallenstam produces renewable electrical energy through 53 of its own wind turbines in operation. The installed output amounted to 112 MW. As we produce at least as much electrical energy as our properties consume, we are self-sufficient in renewable electricity.

Operations are conducted in the Stockholm business area and the Gothenburg business area.

Stockholm

The majority of our apartments, approximately 6,400, are located in the Stockholm business area. Approximately 600 of these apartments are located in Uppsala. On closing day, we had about 900 apartments under construction in the Stockholm business area.

Gothenburg

Our property holdings in the Gothenburg business area consist of just over 5,700 apartments and about 900 commercial tenants that rent office and retail premises, mainly in inner city locations in Gothenburg. On closing day, the Gothenburg business area had about 400 apartments under construction.

BUSINESS PROCESS

Wallenstam builds, acquires, develops and manages properties and areas based on the needs of people and society, and according to wishes and requirements of customers. We create value growth through construction, development and management with a high level of service and long-term sustainability.

Profits are reinvested and used to further develop the business. The shareholders receive a share of the value growth through these reinvestments and through dividends.

REINVEST

DEMAND

DIVIDEND

MANAGE AND DEVELOP

BUILD AND BUY

Calendar

Publication of Annual Report week commencing

Interim report Q1, 2025 April 28, 2025 Annual General Meeting 2025 April 29, 2025 Interim report Q2, 2025 July 7, 2025 Interim report Q3, 2025 October 21, 2025 Year-end report 2025 February 5, 2026

March 17, 2025

This is information that Wallenstam is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 13:00 CET on February 6, 2025.

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

Contact

For further information, please contact Susann Linde, CFO and Head of IR tel: +46 705-17 11 34 e-mail: susann.linde@wallenstam.se

Wallenstam AB (publ) SE-401 84 Gothenburg Visiting address: Kungsportsavenyen 2 Telephone +46 31-20  00  00 www.wallenstam.se Co reg. no.  556072-1523