Heimstaden (HEIM) Company presentation summary

Investment structure and income streams

• Holds a 36.5% NAV stake and 50.1% voting rights in Heimstaden Bostad, with a management agreement valid until 2047.

• Generates recurring management fees of 0.2% of HSTB's GAV, totaling about SEK 658 million annually.

• Receives dividends from HSTB, with accrued A-share dividends at SEK ~2.2 billion as of Q1 2026.

• Maintains direct holdings in select Swedish and Danish assets, with ongoing divestments to support liquidity.

Portfolio performance and fundamentals

• Pan-European residential portfolio spans nine markets, with 156,042 homes and SEK 328 billion in investment properties.

• Real economic occupancy reached a record 98.7% in Q1 2026, with disciplined cost control and strong rental growth.

• Like-for-like rental income growth consistently outpaces inflation, supporting NOI margin expansion to 72.6%.

• Fair value of properties increased by 0.8% in Q1 2026, driven by rental growth and stable yields.

Market trends and strategic positioning

• Residential fundamentals remain strong, with household growth and a 42% drop in new housing permits since 2021.

• Investor demand for residential assets is rising, with residential's share of EMEA real estate investment volumes increasing.

• House price indices in key markets show continued year-on-year growth, supporting asset values.