Heimstaden AB · OMXSTO:HEIM_PREF
Heimstaden AB — Q2 2026 Earnings Presentation
43 slides from Heimstaden AB's earnings presentation, Jul 21, 2026
Slide 1: Q2 2026
Q2 2026 Fleimstaden
Slide 2: Contents
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Contents Heimstaden AB is a Public Company domiciled in Malmö, Sweden, with corporate identification number 556670-0455. This report contains forward-looking inf
Slide 3: Q2 Highlights
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Key Figures Q2 Highlights Q2 2026 YTD 2026 LTM Q2 2025 YTD 2025 LTM-1 Financials Figures in brackets refer to the corresponding period the year before, unless ot
Slide 4: Quarterly Review
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Quarterly Review Fair Value Sweden Country Fair Value, SEK million Homes, units¹ Fair Value/sqm, SEK¹ Residential², % Regulated Income³, % Real Economic Occupanc
Slide 5: Operational Review
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Operational Review Rental Income Development for the Quarter SEK million Rental Income Rental income, for the quarter, increased by 0.6% to SEK 3,983 million (3,
Slide 6: Rental Income Development by Country by Quarter
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Acquisitions Rental Income Development by Country by Quarter³ Assets acquired contributed an additional SEK 4 million versus Q2 2025. SEK million Divestments Imp
Slide 7: Like-for-like Development
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Like-for-like Development Like-for-Like Rental Growth for the Quarter For the quarter, like-for-like rental income growth amounted to 4.1% (5.2%) and the compara
Slide 8: Real Economic Occupancy
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Real Economic Occupancy Real Economic Residential Occupancy for the Quarter For the quarter, real economic occupancy improved to 98.8% (98.5%). The increase refl
Slide 9: Property Expenses
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Property Expenses Property Expenses Development by Category for the Quarter On a quarterly basis, property expenses decreased by 8% to SEK 946 million (1,017). T
Slide 10: Net Operating Income
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Net Operating Income Net Operating Income per Country for the Quarter¹ Net operating income, for the quarter, improved to SEK 3,016 million (2,930), result- SEK
Slide 11: Asset Management
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Asset Management Four Pillars of Capital Expenditure SEK million Q2 2026 YTD 2026 Q2 2025 YTD 2025 Maintenance 469 843 418 720 Efficient Capital Allocation Susta
Slide 12: Outstanding Commitments
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Outstanding Commitments Deliveries in the Quarter For the quarter, Heimstaden’s subsidiary Heimstaden Bostad has entered into no new Homes Value at completion To
Slide 13: Realised Gains/Losses from Divestment of Properties
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Realised Gains/Losses from Divestment of Properties Premiums to Book Value from Privatisations For the quarter, Heimstaden privatised 538 (507) residential units
Slide 14: Investment Properties
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Investment Properties Fair Value Development for the Quarter SEK million 3,305 697 331,333 Change in Fair Value of Investment Properties 328,969 -125 -1,970 -550
Slide 15: Denmark, Netherlands and Poland valuation commentary
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Denmark Netherlands opolitical and domestic politics. This contributed upward pressure on Quarterly fair values grew by SEK 1,382 million (2,432) or 2% (3.5%). Q
Slide 16: Funding
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Funding Interest Bearing Debt Maturity Schedule SEK million 34,737 35,775 Liability Management 28,865 29,791 26,454 Heimstaden benefits from a well-established p
Slide 17: Cash Flow
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Interest Rate Hedge Ratio Interest Expenses and Hedging % For the quarter, interest expenses amounted to SEK 1,568 million (1,616). The average interest rate inc
Slide 18: Alternative Performance Measures
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Alternative Performance Measures For more information, definitions, and methodology refer to our homepage. Financial Metrics Net Loan-to-Value Interest Coverage
Slide 19: Relevant Operational & Credit Metrics
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Relevant Operational & Credit Metrics All figures in SEK million unless otherwise specified. Residential Share of Investment Properties, % Economic Occupancy, Re
Slide 20: Heimstaden AB Standalone
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Heimstaden AB Standalone In this section the Heimstaden financials are included standalone to present the performance of the entity on an isolated basis. Standal
Slide 21: Heimstaden AB Standalone
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Heimstaden AB Standalone Explanation of Standalone Earnings Standalone Earnings Operating income captures the group management agreement that includes 0.2% p.a.
Slide 22: Debt and Relevant Assets, Net Loan-to-Value, Liquidity Reserves
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Debt and Relevant Assets Net Loan-to-Value SEK million Q2 2026 Q1 2026 SEK million Q2 2026 Q1 2026 Interest-bearing secured liabilities 1 270 338 Net interest-be
Slide 23: Standalone Funding Overview
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Standalone Funding Overview As at 30 June 2026, Heimstaden had outstanding senior unsecured bonds amounting to SEK 9,947 million, listed Maturity Profile Hybrid
Slide 24: Financial Information
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Financial Information Consolidated Financial Statements Parent Company Financial Statements Condensed Consolidated Statement of Comprehensive Income 25 Notes to
Slide 25: Condensed Consolidated Statement of Comprehensive Income
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Condensed Consolidated Statement of Comprehensive Income SEK million Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 SEK million Note Q2 2026 Q2 2025 YTD 2026 YTD
Slide 26: Condensed Consolidated Statement of Financial Position
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Condensed Consolidated Statement of Financial Position SEK million Note 30 June 2026 31 December 2025 30 June 2025 SEK million Note 30 June 2026 31 December 2025
Slide 27: Condensed Consolidated Statement of Changes in Equity
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Condensed Consolidated Statement of Changes in Equity Other capital Attributable to Parent Non-controlling SEK million Share capital contributions Currency trans
Slide 28: Condensed Consolidated Statement of Cash Flows
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Condensed Consolidated Statement of Cash Flows SEK million Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 SEK million Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2
Slide 29: Notes to the Condensed Consolidated Financial Statements
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Notes to the Condensed Consolidated Financial Statements Note 1 Accounting Policies Note 2 Segment Reporting Corporate Information The Group organises its operat
Slide 30: Segment Reporting Q2 2026
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Q2 2026 Corporate/ SEK million Sweden Germany Denmark Czechia Netherlands Norway United Kingdom Poland Finland Eliminations Group in total Rental income 1,294 72
Slide 31: Segment Reporting YTD 2026
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information YTD 2026 Corporate/ SEK million Sweden Germany Denmark Czechia Netherlands Norway United Kingdom Poland Finland Eliminations Group in total Rental income 2,595 1
Slide 32: Note 3 Rental Income, Note 4 Other Operating Items
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Note 3 Rental Income Note 4 Other Operating Items Rental Income Distributed by Category SEK million Q2 2026 Q2 2025 YTD 2026 YTD 2025 SEK million Q2 2026 Q2 2025
Slide 33: Note 5 Realised Gains/Losses, Note 7 Income Tax Expense
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Note 5 Realised Gains/Losses from Divestment of Properties Note 7 Income Tax Expense Effective Tax Rate SEK million Q2 2026 Q2 2025 YTD 2026 YTD 2025 SEK million
Slide 34: Note 8 Investment Properties
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Note 8 Investment Properties Property Value per Segment The fair value of investment properties is based on external valuation, and there have been no changes in
Slide 35: Note 9 Goodwill and Intangible Assets
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Breakdown by Category SEK million Sweden Germany Denmark Czechia Netherlands Norway United Kingdom Poland Finland Total Investment properties, residential 82,320
Slide 36: Note 10 Investments in Associated Companies and Joint Ventures
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Note 10 Investments in Associated Companies and Joint Ventures On 1 April 2026, Lumo Homes plc acquired a housing portfolio to be settled by issuing new shares.
Slide 37: Reconciliation of liabilities attributable to financing activities
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Loan maturity Unutilised credit commitment Reconciliation of liabilities attributable to financing activities Years SEK million Share, % SEK million Share, % Mor
Slide 38: Note 12 Equity
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Note 12 Equity Other comprehensive income is related to foreign currency translation differences that may be reclassified to profit or loss in subsequent periods
Slide 39: Note 13 Commitments and Contingencies, Note 14 Other adjustments
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Note 13 Commitments and Contingencies Note 14 Other adjustments in Statement of Cash Flow Investment Obligations and Capital Expenditures SEK million Q2 2026 Q2
Slide 40: Parent Company Income Statement
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Parent Company Income Statement SEK million Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Management service income 167 23 329 54 82 Other operating items – – 3 – -4
Slide 41: Parent Company Statement of Financial Position
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Parent Company Statement of Financial Position SEK million 30 June 2026 31 December 2025 30 June 2025 SEK million 30 June 2026 31 December 2025 30 June 2025 ASSE
Slide 42: Parent Company Statement of Changes in Equity
Heimstaden Second Quarter 2026 Highlights Quarterly Review Alternative Performance Measures Heimstaden AB Standalone Financial Information Parent Company Statement of Changes in Equity Share premium The Board of Directors and the CEO provide their assurance that this interim re- SEK million Share ca
Slide 43: Financial Calendar and Contacts
Financial Calendar Q3 2026 Report 27 October 2026 Q4 & 2026 Annual Report 24 February 2027 Q1 2027 Report 27 April 2027 Q2 2027 Report 22 July 2027 Q3 2027 Report 26 October 2027 Q4 & 2027 Annual Report 23 February 2028 Contacts Thomas Alexander Hansen, CFO +47 90 06 30 54, thomas.hansen@heimstaden.