Heba Fastighets (HEBA) Q4 2025 earnings summary

Executive summary

• Profit for 2025 rose to SEK 288.5m (98.7), with EPS at SEK 1.80 (0.60), driven by higher rental income and property value gains.

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

• Record-low vacancy rates: 0.06% for residential, 0.31% for commercial; demand for residential and elderly care properties remains strong.

• Ongoing expansion with new care and residential projects, including partnerships, joint ventures, and strategic acquisitions.

• Board proposes a dividend of SEK 0.55 (0.52) per share.

Financial highlights

• Management result improved to SEK 221.6m (215.5m) for Jan-Dec 2025.

• Total result increased to SEK 288.5m (98.7m) year-over-year.

• Rental income increased 8% year-over-year to SEK 605.4m (561.8), mainly from acquisitions.

• NOI improved 9% to SEK 439.4m (403.8), with a robust NOI margin of 72.6%.

• Surplus ratio rose to 72.6% (71.9%).

Outlook and guidance

• Targeting average 5% annual management result growth through 2030.

• Surplus ratio goal above 70%; Q4-25 outcome 72.6%.

• At least 20% of net operating income from community properties; Q4-25 outcome 30%.

• Strategic review of objectives planned for spring 2026 to drive growth and operational efficiency.

• Targeting energy use of 40 kWh/m² by 2030; achieved 67 kWh/m² in 2025.