Heba Fastighets (HEBA) investor relations material

Executive summary

• 9M property-management income rose 7% to SEK 186.6m; rental income increased 4% to SEK 474.7m and NOI rose 5% to SEK 356.2m.

• Q3 profit after tax was SEK 95.3m, supported by SEK 64.1m in unrealised derivative gains despite an SEK 8.5m unrealised property-value decline.

Financial highlights

• 9M profit after tax rose to SEK 289.4m from SEK 153.0m; earnings per share were SEK 1.87 versus SEK 0.94.

• 9M unrealised gains were SEK 141.5m on properties and SEK 57.0m on interest derivatives; net financial expenses increased to SEK 137.5m from SEK 126.2m.

• Q3 rental income was SEK 158.5m (SEK 151.4m), NOI SEK 122.4m (SEK 113.8m), and property-management income SEK 64.0m (SEK 60.1m).

• 9M operating cash flow after working-capital changes was SEK 197.3m (SEK 205.6m); investments totaled SEK 741.4m (SEK 217.9m).

• Management result per share increased 11% to SEK 1.20 from SEK 1.08.

Outlook and guidance

• 2026–2030 targets include at least 10% annual growth in property-management income per share, 80% NOI margin, LTV no higher than 50% and interest coverage of at least 2.2x.

• September outcomes: 11% annualized per-share growth, 75% NOI margin, 47.8% LTV and 2.3x interest coverage; community-service share of NOI was 28% against a 30% target.

• Dividend target is at least 50% of management result adjusted for tax; outcome was 52%.

• Energy-use target is 40 kWh/m² by 2030; September usage was 62.9 kWh/m², down from 69 kWh/m² YoY.

• Project portfolio targets are 5% return and 15% surplus value; projects in production are scheduled for occupancy during 2026–2028.