Heimstaden (HEIM) Q2 2026 earnings summary

Executive summary

• Like-for-like rental income grew 4.1% year-over-year, with total rental income at SEK 3,983 million, up 0.6% from Q2 2025.

• Net operating income (NOI) margin improved to 75.7% from 74.0% in Q2 2025, with NOI at SEK 3,016 million.

• Real economic occupancy reached 98.8%, up from 98.5% year-over-year.

• Privatisation sales totaled SEK 2,238 million, with 538 units sold at a 30.1% premium to book value.

• Investment in Lumo Homes reclassified, resulting in an accounting loss of SEK 3,471 million.

Financial highlights

• Rental income: SEK 3,983 million (Q2 2026), up 0.6% year-over-year.

• NOI: SEK 3,016 million, margin 75.7% (up from 74.0%).

• Property expenses decreased by 8% to SEK 946 million, driven by cost control and privatisations.

• Net LTV improved to 50.5% from 54.2% year-over-year.

• Interest coverage ratio (ICR) increased to 2.1x from 1.9x.

• Fair value of investment properties: SEK 331,333 million, with a 0.2% increase in value.

• Realised gains from property divestments: SEK 452 million.

• Net cash flow from operating activities: SEK 980 million (Q2 2026).

Outlook and guidance

• Like-for-like rental growth expected to continue outperforming core CPI by over 1%.

• 782 units expected to be delivered through 2026, with estimated fair value of SEK 2,273 million and annual NOI of SEK 41 million.

• Continued focus on capital allocation to projects that lift sustainable rents and reduce costs.