Heimstaden (HEIM) Q3 2026 earnings summary

Executive summary

• Q3 rental income rose 1.2% YoY to SEK 4,036m; NOI increased to SEK 3,112m and margin improved to 77.1%. Occupancy reached 99.3%, while property values declined 0.3%.

• Quarterly net loss was SEK 719m, including a SEK 1,071m fair-value decline in investment properties and SEK 1,626m of FX losses.

Financial highlights

• YTD rental income was SEK 11,944m, down 0.2% YoY; YTD NOI rose to SEK 8,907m from SEK 8,704m.

• Q3 property expenses fell 6.4% YoY to SEK 901m, supported by cost controls and divestments; direct property costs declined 12.7%.

• Q3 realised gains from property divestments were SEK 400m, versus SEK 641m a year earlier; realised privatisation gains were supported by a 24.3% premium to book value.

• Net cash from operating activities was SEK 1,625m in Q3, versus SEK 747m; closing cash was SEK 3,972m.

Outlook and guidance

• Like-for-like rental growth is expected to continue exceeding core inflation by more than 1%.

• Development pipeline totals 1,755 units across five markets, with estimated completion value of SEK 6,763m and annual NOI of SEK 225m.

• Capital expenditure will remain selective, targeting projects that support sustainable rents, lower operating costs and protect asset quality.