Heba Fastighets (HEBA) Q3 2025 earnings summary

Executive summary

• Focus on profitable and sustainable growth in Stockholm and Mälardalen, specializing in rental housing and care properties.

• Net profit for Jan–Sep 2025 was SEK 153.0 million, up from SEK -7.9 million year-over-year, with Q3 profit at SEK 37.4 million.

• Rental income rose to SEK 454.5 million for Jan–Sep, mainly due to acquisitions.

• Record-low residential vacancy rate at 0.06%.

• Ongoing expansion of care and residential property portfolio, with several projects in production and planning.

Financial highlights

• Net profit after tax for Jan–Sep 2025: SEK 153.0 million, up from SEK -7.9 million year-over-year.

• NOI margin reached 74.4% (72.5%) for Jan–Sep.

• Rental income up 9% to SEK 454.5 million; operating surplus up 12% to SEK 338.0 million.

• Property value change: SEK 67.0 million (0.5%), compared to SEK -32.6 million (-0.3%) last year.

• Cash flow from operating activities was SEK 205.6 million for Jan–Sep.

Outlook and guidance

• New financial targets for 2025–2030: average 5% annual management result growth, loan-to-value not exceeding 45% on average, surplus 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 service properties.

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

• Market conditions are improving with falling interest rates and stable inflation.