Heba Fastighets (HEBA) investor relations material

Executive summary

• Profit from property management increased to SEK 57.6 million from SEK 55.0 million year-over-year, and profit after tax rose to SEK 108.5 million from SEK 53.5 million, with EPS at SEK 0.70 (0.32).

• Rental income grew by 4% to SEK 157.0 million, and NOI rose to SEK 111.9 million, reflecting stable demand and efficient management.

• Maintained low vacancy rates: 0.29% for residential and 0.63% for commercial/non-residential properties.

• Property portfolio expanded with the acquisition of Viggholmen 1 (171 apartments), new land allocation in Bergshamra, and ongoing projects in Källberga and Västertorp.

• ESG leadership reinforced by a 91% reduction in CO2 emissions since 2018, energy use reduced to 65 kWh/sqm, and publication of the first CSRD sustainability report.

Financial highlights

• Operating surplus/NOI increased by 3% to SEK 111.9 million year-over-year, with a margin of 71.3% (71.7).

• Earnings per share rose to SEK 0.70 from SEK 0.32 year-over-year.

• Property value change was SEK 50.0 million, representing a 0.4% increase; unrealised derivative value changes were SEK 34.0 million.

• Profit before tax reached SEK 141.6 million (74.5), and cash flow from operating activities was SEK 62.5 million (42.4).

• Market value of properties rose to SEK 14,583.0 million from SEK 14,003.2 million at year-end 2025.

Outlook and guidance

• Targeting average annual growth in profit from property management of 5% for 2025–2030 and property market value to exceed SEK 20 billion by 2030.

• Surplus ratio target above 70%; Q1-26 outcome was 71.3%.

• Dividend policy: at least 50% of profit from property management after tax, with a proposal of SEK 0.55 per share for 2025.

• Targeting climate-neutral property management by 2030 and full climate neutrality by 2045.

• Maintains a stable outlook with a BBB credit rating, focusing on sustainability, digitalisation, and value-creating investments.