Heimstaden (HEIM) Company presentation summary

Investment and management platform

• Holds a 36% NAV stake and 50.1% voting rights in a large pan-European residential portfolio valued at SEK 324 billion, diversified across nine markets.

• Management agreement with the main operating entity runs until 2047, generating stable annual management fees of approximately SEK 650 million.

• Receives dividends from shareholdings, with accrued dividends reaching SEK ~2 billion as of Q4 2025.

• Direct holdings include assets in Sweden and Denmark, with ongoing development projects intended for divestment.

Operational performance and portfolio fundamentals

• Achieved record high occupancy of 98.7% for 18 consecutive quarters, with like-for-like rental income growth of 4.6% and NOI margin at a record 72.2%.

• Portfolio comprises 156,690 homes, with strong diversification and high occupancy across all countries.

• Privatisation programme delivered SEK 2,890 million in quarterly sales at a 32.5% gross premium, supporting deleveraging and liquidity.

• Tenant improvements and sustainability capex continue to generate solid returns and measurable reductions in energy and GHG intensity.

Financial performance and liquidity

• Standalone operating income reached SEK 750 million in Q1 2025, with adjusted earnings after interest expense at SEK 136 million in Q4 2025.

• Net LTV reduced to 17.6% by Q4 2025, and debt reduced by SEK ~9 billion since Q2 2022 through asset sales and dividend receipts.

• No dividends paid in 2024 or 2025 as focus shifted to regaining credit rating; hybrid coupon payments deferred to protect liquidity.

• Long debt maturity profile, with most maturities in 2030 and 2031, and diversified funding sources.