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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.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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