Heimstaden (HEIM) investor relations material

Investment structure and income streams

• Holds a SEK 50 billion investment in Heimstaden Bostad, representing 36.5% of NAV and 50.1% of votes, with a management agreement valid until 2047.

• Generates income from management fees (0.2% of HSTB's GAV, ~SEK 660m p.a.) and dividends, with accrued A share dividends of SEK ~2.3bn as of Q2 2026.

• Direct holdings include an office building in Malmö and a Danish development asset, with ongoing asset sales to support liquidity.

Portfolio and operational performance

• Manages a pan-European residential portfolio valued at SEK 331 billion, diversified across nine markets and 155,605 homes.

• Achieved record high real economic occupancy of 98.8% and NOI margin of 73.1% in Q2 2026.

• Like-for-like rental income growth consistently outpaces core inflation, reaching 4.1% in Q2 2026.

Financial performance and liquidity

• Received SEK 3.4bn in dividends from HSTB and divested SEK 1.15bn in shares, with additional liquidity from asset sales.

• Deferred hybrid coupon payments since April 2024 to protect cash position, ensuring debt service until dividend resumption.

• Maintains a net LTV of 17.2% and ICR of 1.2x as of Q2 2026, with incurrence-based covenants restricting dividends if breached.