Heimstaden (HEIM) Company presentation summary

Investment structure and management platform

• Holds a 36.7% NAV stake and 50.1% voting rights in a large pan-European residential portfolio valued at SEK 327 billion as of Q3 2025.

• Management agreement for the platform runs until 2047, generating stable fee income of ~SEK 655 million annually.

• Additional direct holdings include assets in Sweden and Denmark, with ongoing development projects.

• Large, skilled team supports investment, financing, and operations across nine European markets.

Operational performance and portfolio metrics

• Achieved record-high occupancy rates, consistently above 98%, with Q3 2025 at 98.6%.

• Like-for-like rental income growth remains above inflation, with Q3 2025 at 4.5%.

• Net operating income (NOI) margin reached a record 75.4% in Q3 2025, with LTM margin at 72.1%.

• Portfolio is diversified across nine countries, with 158,317 homes and strong regional performance.

Value creation, privatisation, and liquidity

• Privatisation programme generated SEK 2.9 billion in Q3 2025 sales at a 28.2% gross premium to book value.

• Cumulative privatisation net proceeds since inception reached SEK 9.5 billion, supporting deleveraging.

• Year-to-date property value growth of 2.4% as of Q3 2025, despite yield expansion pressures.

• Strong cash flow expected from accrued dividends and asset sales, with focus on debt reduction.