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Heimstaden (HEIM) investor relations material

Heimstaden Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary28 Oct, 2025

Executive summary

  • Like-for-like rental growth reached 4.5% year-over-year, with rental income at SEK 3,989 million, slightly down due to privatisation and portfolio sales.

  • Net operating income margin improved to 75.3% from 73.0% year-over-year, driven by cost control and strong rental growth.

  • Privatisation sales totaled SEK 2,865 million for 615 units, sold at a 28.2% premium to book value.

  • Real economic occupancy remained high at 98.6%.

  • Property values were stable, with a 0.2% increase in fair value.

Financial highlights

  • Rental income decreased 0.7% year-over-year to SEK 3,989 million.

  • Net operating income for the quarter was SEK 3,005 million, up from SEK 2,934 million a year ago.

  • Net loan-to-value (LTV) improved to 53.3% from 57.4% year-over-year.

  • Interest coverage ratio (ICR) remained stable at 1.9x.

  • Cash flow from operating activities was SEK 747 million, up from SEK 293 million in Q3 2024.

Outlook and guidance

  • No new development commitments in the quarter; 986 units expected to be delivered from Q4 2025 through 2027.

  • Continued focus on value-accretive capital expenditures and portfolio optimisation.

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Frequently asked questions

Heimstaden is a prominent European residential real estate investor and manager, focusing on the acquisition, development, and management of properties with a commitment to creating "Friendly Homes." The company operates with an evergreen perspective, emphasizing long-term sustainability in its business practices. It manages its properties through an in-house management system and an integrated platform, ensuring a consistent Heimstaden experience across all markets. This approach covers the entire property life cycle, benefiting customers, employees, and partners alike. The company is headquartered in Malmö, Sweden, and its shares are listed on the Nasdaq Stockholm.

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