Heimstaden (HEIM) Investor presentation summary

Portfolio and operating performance

• Pan-European portfolio across nine markets: SEK 335.8bn fair value and 155,134 homes at Q3’26.

• Real economic occupancy reached 99.3%; like-for-like rental income growth was 4.0% in Q3’26, above core inflation of 2.1%.

• LTM NOI margin set a record at 73.6%, supported by like-for-like rental growth, higher occupancy and lower operating expenses.

• Q3’26 rental income was SEK 4,036m; property expenses were down 6.3% YoY.

• Q3’26 privatisation sales totalled SEK 2,054m across 563 residential units, with a 24.3% gross premium; LTM gross premium was 29.6%.

Valuation and portfolio changes

• Fair value decreased 0.3% QoQ to SEK 335,801m; the average valuation yield requirement increased to 3.82% from 3.78%.

• Danish assets recorded a SEK 385m fair-value increase in Q3’26, while Sweden decreased SEK 765m and Germany decreased SEK 300m.

• Sale of the Danish development asset Else Sørensens Vej was agreed with Tishman Speyer for completion after construction; all Swedish assets were expected to be sold in 2026.

Funding and liquidity

• The investment in the residential portfolio was SEK 50.4bn, representing 36.5% of NAV and 50.1% of voting rights; the management agreement runs through 31 December 2047.

• The management fee is 0.2% of portfolio GAV annually, or approximately SEK 660m, paid quarterly; accrued Class A dividends were approximately SEK 2.5bn at Q3’26.

• No dividends were paid in 2024, 2025 or 2026 as focus remained on strengthening credit metrics and financial-policy headroom.

• Q3’26 funding metrics included 46.2% S&P-method LTV, 27.7% secured LTV and 1.8x S&P ICR; ratings were BBB- from S&P and BBB- from Fitch.

• Standalone net interest-bearing debt was SEK 9,327m, with SEK 1,199m cash and SEK 50,419m investment in the residential portfolio.