Heimstaden (HEIM) Company presentation summary

Investment structure and management platform

• Holds a SEK 49.2bn investment in Heimstaden Bostad, representing 36.7% of NAV and 50.1% of votes, with a management agreement valid until 2047.

• Generates recurring management fees of 0.2% of HSTB's GAV annually, about SEK 660m, and receives dividends from multiple share classes.

• Operates a large, skilled team across investment, financing, capital raising, asset management, and operations.

Portfolio and operational performance

• Manages a pan-European residential portfolio valued at SEK 330bn, diversified across nine markets and 329,682 homes.

• Maintains high economic occupancy above 98% for 16 consecutive quarters, with record NOI margins reaching 74.1%.

• Like-for-like rental growth consistently outpaces inflation, with Q2'25 net rental growth at 5.2%.

Value creation and privatisation

• Portfolio value increased by 4.8% since Q4'23, driven by NOI growth and moderate yield expansion.

• Privatisation programme has generated SEK 13.7bn in sales, with a 29.9% gross premium and 14.6% net premium in Q2'25.

• Net liquidity release from privatisation totals SEK 7.9bn, supporting deleveraging and credit metrics.