Heimstaden AB · OMXSTO:HEIM_PREF
Heimstaden AB — Q4 2025 Earnings Presentation
62 slides from Heimstaden AB's earnings presentation, March 2026
Slide 1: Company presentation Q4 2025
Company presentation Q4 2025
Slide 2: Heimstaden is a residential investment company with a management platform
Heimstaden (“HST”) is a residential investment company with a management platform Investments1 Management platform Income streams Investment in Heimstaden Management fee: 0.2% of Bostad (“HSTB”) HSTB’s GAV p.a., paid The HSTB quarterly (0.05% per SEK 47.6 bn management quarter), approximately 36.0%
Slide 3: HST invested in and manages HSTB's pan-European portfolio across nine markets
HST invested in and manages HSTB’s unique pan- European portfolio diversified across nine markets Fair value (SEK m)1 # of Homes Fair value SEK/sqm Fair Value 92,211 46,444 27,999 324 79,540 29,751 39,736 SEK billion 68,748 19,566 35,662 29,652 40,009 11,954 27,607 11,194 31,347 13,539 3,382 74,190
Slide 4: HSTB performance at record highs
HSTB performance at record highs with fundamentals supporting further potential Record high occupancy levels... …without compromising on rental growth Real Economic Occupancy Like for like rental income growth, year-on-year Core CPI, year-on-year 98.4% 98.6% 98.7% 98.3% 98.2% 8.0% 5.4% 5.6% 5.3% 4.6
Slide 5: NOI growth is driving increasing HSTB valuations
NOI growth is driving increasing HSTB valuations… HSTB quarterly value change HSTB yield development Fair value change in % Valuation yield in % 1.2% 1.0% 0.7% 0.8% 0.7% 0.4% 0.5% 0.2% 3.71% 3.70% 3.71% 3.69% 3.67% 3.69% 3.66% 3.63% 3.54% 3.49% 3.41% 3.29% -1.5% 3.17% -1.6% -2.1% -3.3% -3.9% Q4’22 Q
Slide 6: Benefitting from residential fundamentals tailwinds
…benefitting from residential fundamentals tailwinds… Household index and projected growth Housing permits in HSTB‘s markets have fallen by 42% since Q2‘21 HSTB regional weighted - Household index EU - Household index Issued permits (HSTB GAV weighted by market) HSTB country weighted - Household ind
Slide 7: Increasing investor demand in residential
...with increasing investor demand in residential EMEA real estate investment volumes (EUR bn, LHS) & residential share of total investment volume (%, RHS) Residential Office Retail Industrial Hotel Healthcare Other Residential Share (RHS) 400 30% 367 350 323 330 308 312 307 25% 300 285 274 254 245
Slide 8: HSTB's Privatisation Programme continues to drive value creation
HSTB’s Privatisation Programme continues to drive value creation and support deleveraging… Acc. sales1 since inception as of Q4‘25, SEK m Net Profit as of Q4’25 vs Plan, SEK m Selected KPIs (for Q4 ’25 sales) Forecast Q4‘25 Sales Forecast Q4‘25 Net Profit Gross premium4 Previous Sales Act. Per Q3’25
Slide 9: Increasing house prices – a catalyst for outperformance
…supported by increasing house prices – a catalyst for continued outperformance HSTB GAV weighted house price index1 for primary privatisation markets, year-on-year change 16% 12% 8% 4% 0% -4% -8% Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q
Slide 10: Strong HSTB performance translates into NAV growth potential
The strong HSTB performance translates into significant NAV growth potential Invested SEK 250 m as Invested SEK 12.2 part of bond buyback in bn in HSTB HSTB Divested shares of SEK 1.15 bn in HSTB and received SEK 3.4bn in dividends from 76.8 75.3 HSTB 73.6 70.8 Divestment of 66.7 6.2 6.5 Divestment
Slide 11: Sources of core liquidity generation in HST
Sources of core liquidity generation in HST Cash flow from HSTB Cash flows Income (Fee/Return) and Payment (payment order) – HST receives an annual management fee of 0.2% (plus VAT) of the market value of HSTB’s properties, approximately Management fee (1st) SEK 650m p.a.1 – Paid quarterly HSTB’s di
Slide 12: HSTB dividends a key driver of HST's long-term liquidity
HSTB dividends is a key driver of HST’s long-term liquidity HSTB historical dividends (SEK m) Common Class B Class A Cash dividend yield1 6.6% 4.9% 5.2% 3.7% 3,384 2,243 1,648 1,913 1,809 1,063 1,636 707 400 123 434 673 0 0 184 277 2020 2021 2022 2023 2024 2025 ● Dividends received from HSTB shareho
Slide 13: Expected sale of assets will support liquidity
Expected sale of assets will support liquidity Danish development asset Else Sørensens Vej (“ESV”) Expected sale of Swedish assets Figures in SEK million Q4 ’25 Q3 ’25 Asset type Office building School Accumulated cost spend 303 177 Drawn building credit - - Picture Remaining investment obligation 4
Slide 14: Standalone interest-bearing liabilities as of Q4'25
Standalone interest-bearing liabilities as of Q4’25 Maturity Profile (SEK m) Outstanding listed instruments Bank loan Senior bonds Deferred SEK million Coupon/ Interest Maturity/ Bought back Currency Fixed/Float Issue date amount outstanding spread rate3 call date (SEKm) (SEKm)5 4,651 4,327 Outstand
Slide 15: Well-positioned through resilient resi exposure and capital light platform
Well-positioned through resilient resi exposure and high margin, capital light mgmt. platform HSTB consistently outperform operationally with HST benefitting from long-term contractual and growing 1 management income 2 Residential values in HSTB are increasing, driven by robust NOI growth and reside
Slide 16: Appendix Heimstaden AB
Appendix Heimstaden AB
Slide 17: Income development
Income development HST standalone quarterly income Operating income Other profit1 Dividends received 670 Jan’25 divestment of certain Danish development projects Income of SEK 175 489 million from management of HSTB 191 182 175 179 180 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1) Captures one-off profit distrib
Slide 18: Operating costs development
Operating costs development HST standalone quarterly costs Comments Operating cost Interest expense Payments on hybrids • The coupons on both the SEK hybrid and EUR hybrid have been deferred since April 280 286 2024 and January 2025, respectively. 269 260 255 • These measures protect the cash positi
Slide 19: Heimstaden's relevant asset values
Heimstaden’s relevant asset values Assets’ development (SEK million) 50,227 770 600 (578) 49,435 2024 Change in cash Change in investment Change in value 2025 properties1 of HSTB shares 1) Change from realised and unrealised changes in fair value, disposals and investments. 20
Slide 20: Standalone earnings
Standalone earnings Rolling 12-months Figures in SEK million Q4 ’25 Q3 ‘25 Q2 ‘25 Q1 ‘25 Q4 ‘24 Q3 ‘24 Operating income1 717 729 741 750 747 730 Operating cost -354 -399 -439 -478 -499 -534 Operating profit/loss 363 330 302 272 248 196 Pref A dividend - - - - - - Common dividend - - - - - - Pref B d
Slide 21: Standalone balance sheet
Standalone balance sheet Debt and relevant assets Figures in SEK million Q4 ‘25 Q3 ‘25 Q2 ‘25 Q1 ‘25 Q4 ‘24 Interest bearing secured liabilities 275 275 275 276 828 Interest bearing unsecured liabilities 9,728 9,922 10,003 9,763 9,847 Interest bearing liabilities 10,003 10,197 10,278 10,039 10,676 C
Slide 22: Overview of Heimstaden AB standalone financial metrics
Overview of Heimstaden AB standalone financial metrics ICR1 and Net LTV2 Current covenant package Incurrence covenant (2x) Standalone ICR Incurrence-based covenants 4.1x 3.8x ● If breached: 3.0x – No event of default – No dividends on common shares allowed 2.0x 1.6x 1.6x – No increase of net debt 1.
Slide 23: Reduced debt with SEK ~9bn since Q2'22
Reduced debt with SEK ~9bn since Q2’22 Gross asset value and debt portfolio1 development (SEK bn) Growth phase: HST raised debt to From peak: Reduction of debt from SEK inject equity into HSTB 19.2 bn to SEK 10.0 bn 76.8 75.3 73.6 70.8 66.7 60.8 Driven by sale of country 57.3 management organisation
Slide 24: Appendix Heimstaden Bostad
Appendix Heimstaden Bostad
Slide 25: Fixed Income Investor Presentation Q4 2025
Q4 2025 Fixed Income Investor Presentation
Slide 26: Q4 2025 Highlights: The Power of a Quality Platform
Q4 2025 Highlights: The Power of a Quality Platform 1 Nearly full occupancy - Real economic occupancy of 98.7%, marking 18th consecutive quarter of >98% 2 Record high privatisations - Total quarterly sales of SEK 2,890 million across 798 units at a 28% gross premium 3 Rental income momentum - Like-f
Slide 27: A Leading European Residential Company
A Leading European Residential Company Amounts in SEK as of Q4 2025 323 bn 11.6 bn 72.2% 98.7% Investment properties Net operating income1 Net operating income margin1 Real economic occupancy ratio 156,690 BBB- / BBB- 49.8% / 54.0% 2.2x / 1.7x Homes S&P and Fitch LTV 2 Interest coverage ratio3 1) LT
Slide 28: A pan-European residential rental portfolio across nine markets
A pan-European residential rental portfolio diversified across nine markets Real Fair value Homes, Fair value Regulated Residential3 economic (SEK m)1 units2 SEK/sqm2 income4 occupancy 91,633 46,444 28,052 89.9% 100.0% 99.7% Fair value 79,540 29,751 39,736 92.6% 100.0% 99.7% 323 SEK billion 92 68,20
Slide 29: Rental income slightly impacted by Privatisation Programme sales
Rental income slightly impacted by Privatisation Programme sales though offset by reversionary rent from standing assets Development in rental income (SEK m) Rental income by country (SEK m)1 Q3 ’25 Stand. Net acq.3 FX Q4 ’25 -0.9% 1,250 24 1 - 1,275 16,059 16,029 15,892 725 -2 - -11 712 856 -5 -9 -
Slide 30: Like-for-like rental growth consistently above inflation
Like-for-like (LfL) rental growth consistently above inflation LfL growth1 vs. core inflation2 LfL net3 rental growth by country Core CPI Gross like-for-like Net like-for-Like Q3 ’25 Q4 ’25 Δ 5.7% 5.7% 0.0 pp 5.3% 5.4% 5.2% 3.8% 4.1% 0.3 pp 4.5% 4.6% 2.5% 1.9% -0.6 pp 4.3% 4.4% 4.2% 4.1% 4.0% 6.8% 6
Slide 31: Real economic occupancy improved further to 98.7%
Real economic occupancy improved further to 98.7% Development in real economic occupancy Real economic occupancy by country Non-market vacancy adj.1 Q3 ’25 Q4 ’25 Δ Economic occupancy2 99.7% 99.7% 0.0% 98.6% 98.5% 98.6% 98.7% 99.7% 99.7% 0.0% 98.3% 1.5% 1.4% 1.2% 1.1% 1.5% 99.4% 99.4% 0.0% 96.1% 96.
Slide 32: Fair values driven by operating fundamentals
Fair values driven by operating fundamentals GAV Development (SEK m) Fair value development by country QoQ ▲ NOI yield1 12 2,116 108 % SEK m Q3 ’25 Q4 ’25 1,447 -0.1 -60 3.67% 3.67% 351 4,899 1,684 -0.2 -148 3.23% 3.12% 327,451 3.4 2,216 3.76% 3.80% -0.2 -61 4.98% 4.99% 0.3 85 3.45% 3.45% 323,312 -3
Slide 33: Record high quarterly privatisation results for Q4
Record high quarterly privatisation results for Q4 Quarterly sales development FY 2025 Selected KPIs (for Q4 ’25 sales) Sales value Gross premium 2,865 2,890 Total sales Gross premium SEK 2,890 m 32.5% 2,641 2,268 Est. net proceeds 29.9% 32.5% Units sold 24.9% 28.2% (before debt repayment) 798 SEK 2
Slide 34: Sales expectations met, net profit nearly double
Sales expectations met, net profit nearly double Acc. sales since inception as of Q4‘25, SEK m Net Profit as of Q4’25 vs Plan, SEK m Forecast Q4‘25 Sales Forecast Q4‘25 Net Profit Previous Sales Act. Per Q3’25 -2.2% +80.8% 19,884 20,036 2,094 19,451 2,030 2,890 354 1,123 16,561 1,676 Sales estimate
Slide 35: Privatisation net proceeds of SEK 11.3 bn since inception
Privatisation net proceeds of SEK 11.3 bn since inception Privatisation programme net proceeds since inception, SEK m -333 4,246 15,205 -5,907 -1,883 19,451 13,211 11,328 Total GAV Privatised Gross Premium Total Sales Value Transaction cost Secured Asset Level Proceeds Estimated Tax Estimated Debt R
Slide 36: Tenant improvements continue to generate solid returns
Tenant improvements continue to generate solid returns Number and profitability of tenant improvement by quarter FY 2025 results of Value-add # TI YOI 2024 2025 1,133 994 969 +9% +29% 894 842 799 783 763 11.0% 10.8% 10.7% 11.1% 10.7% 10.0% 10.5% 9.9% 244 183.8% 223 143.0% Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
Slide 37: Measurable results from sustainability capex
Measurable results from sustainability capex Calculated Energy (kWh/sqm) & GHG intensity (kg CO2e/sqm) 2024 2025 +2% +25% -5% -10% 145 165 24.0 24.4 705 138 148 562 Energy intensity Weather corrected energy Intensity GHG Intensity (Scope 1, Sustainability Gross Value 2 and 3 - Category 13) Capex Cre
Slide 38: Limited development commitments, visible returns
Limited development commitments, visible returns Spend on projects delivered between 2025 and 2028, SEK m NOI & Proceeds from projects, SEK m Development Capex #Units Completed Delivered 2025 BTR NOI YOC 431 498 217 - 15 5.4% 37 4.1% Total 52 4.4% Pipeline 2026-27 BTR NOI YOC 48 4.9% 677 554 BTS Exp
Slide 39: AFFO growth supporting strong cash generation
AFFO growth supporting strong cash generation Adjusted Funds from Operations Development (SEKm) 2,089 15,676 1,083 12,693 280 333 136 AFFO Net Operating Value Preserving Value Increasing Development Capex Privatisation & AFFO FY 2024 Income Capex Capex Portfolio Sales FY 2025 Net Proceeds 40
Slide 40: Key funding metrics (1/2)
Key funding metrics (1/2) Diversified funding sources Loan tenor and average interest rate SEK billion Avg. interest rate Avg. loan tenor (yrs) 190.0 165.2 24.7 3.2% 21 2.9% 3.2% 4 20 19 1.9% 18 64.5 1.8% 1.7% 1.8% 3 17 16 1.0% 15 14 2 13 12 65.7 35.0 11 10 9 1 8 7 0 10.5 10.5 6 8.1 8.9 8.3 5 4 3 8.
Slide 41: Key funding metrics (2/2)
Key funding metrics (2/2) Funding sources over time Secured loan-to-value Mortgage debt Bank debt Bonds Hybrid bonds Secured LTV (covenant < 45%) 32.6% 31.8% 30.7% 19% 19% 19% 18% 18% 19% 18% 19% 18% 28.6% 28.0% 36% 36% 37% 39% 38% 36% 35% 40% 39% 34% 32% 31% 34% 34% 33% 32% 29% 30% 12% 13% 12% 11%
Slide 42: S&P ICR at 1.7x and within the rating thresholds
S&P ICR at 1.7x and within the rating thresholds ICR, IFRS and S&P method1 Net LTV and Net debt / Net Debt + Equity, S&P method2 ICR, IFRS Net LTV, IFRS ICR, S&P method (downgrade if sustainably below 1.5x) Net Debt / Net Debt + Equity, S&P method (downgrade if well above 60%) 2.2x 56.9% 56.0% 2.1x
Slide 43: Maturity profile
Maturity profile SEK billion Next 8 quarters Hybrid bonds Interest Bearing debt maturity Hybrid bonds first reset date Replacing Q2’26 hybrid 12.9 Repaid mid 6.8 January 2026 5.2 5.4 5.4 3.6 3.7 5.2 4.0 1.4 2.2 1.1 1.2 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Q3’27 Q4’27 Q2’26 Q1’27 Q2’27 Q1’28 Q1’30 Q2’
Slide 44: Appendix
Appendix 45
Slide 45: Sweden
Portfolio Sweden Fair Value Key metrics Q4 ‘25 Q3 ‘25 FY ‘25 Q4 ‘24 FY ‘24 92 Nordbotton County SEK billion Rental income SEKm 1,275 1,250 5,078 1,261 4,873 Net operating income SEKm 748 859 3,190 734 2,921 Västerbotten County Net operating income margin % 58.7 68.7 62.8 57.2 59.9 Like-for-like rent
Slide 46: Germany
Portfolio Germany Fair Value Key metrics Q4 ‘25 Q3 ‘25 FY ‘25 Q4 ‘24 FY ‘24 80 SEK billion Rental income SEKm 712 725 2,862 734 2,840 Rostock Hamburg Net operating income SEKm 510 571 2,151 538 2,200 Net operating income margin % 71.6 78.7 75.2 73.3 77.5 Berlin Like-for-like rental income growth % 4
Slide 47: Denmark
Portfolio Denmark Fair Value Key metrics Q4 ‘25 Q3 ‘25 FY ‘25 Q4 ‘24 FY ‘24 68 SEK billion Rental income SEKm 828 856 3,412 898 3,595 Net operating income SEKm 648 672 2,609 701 2,643 North Jutland Net operating income margin % 78.3 78.4 76.5 78.1 73.5 Like-for-like rental income growth % 1.9 2.5 2.
Slide 48: Czechia
Portfolio Czechia Fair Value Key metrics Q4 ‘25 Q3 ‘25 FY ‘25 Q4 ‘24 FY ‘24 30 SEK billion Rental income SEKm 474 474 1,868 463 1,797 Net operating income SEKm 382 388 1,483 346 1,344 Net operating income margin % 80.6 81.9 79.4 74.6 74.8 Like-for-like rental income growth % 6.8 6.8 7.7 9.3 8.4 Real
Slide 49: Netherlands
Portfolio Netherlands Fair Value Key metrics Q4 ‘25 Q3 ‘25 FY ‘25 Q4 ‘24 FY ‘24 28 SEK billion Groningen Rental income SEKm 312 331 1,298 354 1,405 Net operating income SEKm 240 263 1,023 267 1,080 Net operating income margin % 76.9 79.4 78.9 75.4 76.9 Like-for-like rental income growth % 4.5 4.4 5.
Slide 50: Norway
Portfolio Norway Fair Value Key metrics Q4 ‘25 Q3 ‘25 FY ‘25 Q4 ‘24 FY ‘24 15 SEK billion Rental income SEKm 156 158 632 175 720 Net operating income SEKm 117 122 478 147 557 Net operating income margin % 75.3 77.1 75.6 84.0 77.4 Like-for-like rental income growth % 2.5 2.5 2.9 3.4 5.0 Real economic
Slide 51: United Kingdom
Portfolio United Kingdom Fair Value Key metrics Q4 ‘25 Q3 ‘25 FY ‘25 Q4 ‘24 FY ‘24 5 SEK billion Rental income SEKm 63 59 223 62 211 Net operating income SEKm 45 31 139 48 152 Net operating income margin % 72.3 52.9 62.4 76.8 72.4 Like-for-like rental income growth % 23.4 6.7 8.2 7.1 20.2 Real econo
Slide 52: Poland
Portfolio Poland Fair Value Key metrics Q4 ‘25 Q3 ‘25 FY ‘25 Q4 ‘24 FY ‘24 4 SEK billion Rental income SEKm 55 60 242 55 170 Net operating income SEKm 50 55 221 49 139 Net operating income margin % 91.0 91.8 91.4 89.4 81.4 Like-for-like rental income growth % 8.5 15.9 8.9 3.1 7.3 Warsaw Real economi
Slide 53: Finland
Portfolio Finland Fair Value Key metrics Q4 ‘25 Q3 ‘25 FY ‘25 Q4 ‘24 FY ‘24 4 SEK billion Rental income SEKm 69 70 280 74 286 Net operating income SEKm 34 42 149 39 150 Net operating income margin % 49.6 60.6 53.3 52.7 52.5 Like-for-like rental income growth % -1.8 0.0 1.5 5.8 6.9 North Ostrobothnia
Slide 54: Profit & loss statement
Financial statements Profit & loss statement Figures in SEK million Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 Rental income 3,939 3,982 3,954 4,018 4,076 15,892 15,898 Property expenses -1,151 -960 -1,014 -1,235 -1,189 -4,361 -4,637 Net operating income before service charges 2,787 3,0
Slide 55: Balance sheet - Assets
Financial statements Balance sheet - Assets Figures in SEK million Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Assets Investment properties 323,312 327,451 329,682 323,360 333,728 Intangible assets 14,803 18,692 18,763 18,485 19,002 Machinery and equipment 293 303 308 269 293 Investments in associated c
Slide 56: Balance sheet – Equity and Liabilities
Financial statements Balance sheet – Equity and Liabilities Figures in SEK million Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Shareholder equity1 123,188 125,689 122,678 117,918 118,526 Hybrid bonds1 24,743 25,277 25,501 24,840 27,221 Non-controlling interests 14,159 14,143 14,072 13,879 13,738 Equity
Slide 57: Real Economic occupancy – breakdown per country
Occupancy Real Economic occupancy – breakdown per country 99.5% 99.7% 99.7% 99.7% 99.7% 98.8% 98.8% 99.2% 98.8% 97.9% 100% 100% SE 90% NO 90% 80% 80% Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 99.7% 99.7% 99.9% 99.7% 99.7% 100% 100% 78.1% 80.3% 82.5% DE 90% UK 80% 64.9% 71.1% 80% 60
Slide 58: Long-term development
LT growth Long-term development Net operating income and margin, 12-months rolling (SEK bn and %) Fair value of investment properties (SEK bn)1 71.0% 71.6% 72.1% 72.2% 69.3% 70.4% 67.4% 67.7% 68.4% 65.1% 66.0% 66.2% 63.9% 64.1% 11.5 11.5 345 11.4 11.4 340 11.2 337 335 332 331 334 10.9 330 330 330 32
Slide 59: Ownership Structure
Structure Ownership Structure HEIMPREF 96.0% 4.03% Votes 70.8% 29.2% Share capital Selected Institutional Investors Alecta Founder & Manager Folksam Group Shareholder Ericsson Pension Fund agreement Swedish Pensions Agency Other investors 50.1% 49.9% Votes 36.0% 64.0% Capital1 Group management agree
Slide 60: Sustainability targets
Sustainability Sustainability targets Sustainable Operations Reduce absolute scope 1, 2, and 3 GHG emissions covering downstream leased assets 42% by 2030 from a 2020 base year (2020 base year)1 E Reduce the amount of purchased energy by, on average, 2% per sqm per year till 2025 (like for like basi
Slide 61: Heimstaden Bostad
Heimstaden BOSTAD
Slide 62: heimstadenab.com
Feimstaden heimstadenab.com