Heba Fastighets (HEBA) investor relations material

Executive summary

• Profit after tax for H1 2026 rose to SEK 194.1m (115.6m), with EPS at SEK 1.25 (0.71/0.72), driven by higher rental income and property value gains.

• Achieved profitable and sustainable growth in Stockholm and Mälardalen, focusing on rental housing and community properties, especially care and nursing homes.

• Management result improved to SEK 122.6m (114.8m), and surplus/NOI margin remained strong at 74%.

• Maintained BBB credit rating with stable outlook and issued a SEK 300m green bond.

• 84% of revenue is from green buildings, with Green Equity classification retained.

Financial highlights

• Rental income increased by 4% to SEK 316.1m (303.1m) year-over-year.

• Operating surplus/NOI rose by 4% to SEK 233.8m (224.3m).

• Property value change was SEK 150.0m (87.8m), a 1.1% (0.6%) increase.

• Cash flow from operating activities after working capital changes was SEK 113.4m (94.7m).

• Investments in H1 totaled SEK 632.7m (145.0m), mainly in new builds and acquisitions.

Outlook and guidance

• Targeting average annual management result/property management income growth of 5% (achieved 6.7–7% in Q2/H1 2026).

• Aims for a surplus/NOI margin above 70% (achieved 74%).

• Plans for property market value to exceed SEK 20bn by 2030 (current SEK 14.8bn).

• At least 20% of net operating income to come from community properties (currently 29%).

• Ambitious ESG targets: climate-neutral property management by 2030 and full climate neutrality by 2045.