Heba Fastighets (HEBA) Q2 2025 earnings summary

Executive summary

• Achieved record profit for H1 2025 at SEK 115.6 million, with EPS of SEK 0.71, driven by high occupancy and rental growth in Stockholm and Mälardalen, specializing in rental housing and care properties.

• Recognized as a green equity by Nasdaq, with 80% green revenues, 81% green investments, and new green bond and commercial paper programs.

• Tenant satisfaction scores reached record highs: Security 87.9, Service 85.3, Product 81.4; employee eNPS at 4.2/5.

• Strategic acquisitions and JV agreements in elderly care facilities support long-term growth.

• Project portfolio includes 400+ rental units and several care properties under development.

Financial highlights

• Net profit after tax for Jan–Jun 2025: SEK 115.6 million, up from SEK -22.6 million year-over-year; EPS SEK 0.71, up from SEK -0.14.

• Rental income increased 10% to SEK 303.1 million for H1, with Q2 at SEK 152.2 million.

• Operating surplus (NOI) up 13% to SEK 224.3 million for H1; NOI margin reached 74.0%.

• Management result improved to SEK 114.8 million from SEK 112.8 million year-over-year.

• Property value change: SEK 87.8 million (0.6% vs. -0.4% last year).

Outlook and guidance

• New financial targets for 2025–2030: average management result growth of 5% per year, loan-to-value not exceeding 45% on average, surplus/NOI ratio above 70%.

• Target for property market value to exceed SEK 20 billion by 2030.

• At least 20% of net operating income to come from community properties; currently at 30%.

• Targeting 100% green financing by 2030.

• Dividend policy: at least 50% of management result after tax.