Heimstaden AB · OMXSTO:HEIM_PREF
Heimstaden AB — Investor Presentation (September 2026)
54 slides from Heimstaden AB's investor presentation, September 2026
Slide 1: Company Presentation
Company Presentation Heimstaden AB Q2 2026 Utrecht, Netherlands
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 50 billion management quarter), approximately 36.
Slide 3: Pan-European portfolio diversified 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 92,437 46,583 28,308 331 80,634 29,770 40,304 SEK billion 71,710 19,391 37,819 31,960 39,872 12,959 27,643 10,631 33,078 13,808 3,235 79,655
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 98.5% 98.8% 98.2% 98.3% 98.3% 97.6% 7.4% 5.6% 5.6% 5.
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% 0.8% 0.4% 0.5% 3.78% 0.2% 0.2% 3.71% 3.70% 3.71% 3.69% 3.72% 3.67% 3.69% 3.66% 3.63% 3.54% 3.49% 3.41% 3.29% -1.5% -1.6% -2.1% -3.
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: Increasing house prices – a catalyst for continued outperformance
…supported by increasing house prices – a catalyst for continued outperformance HSTB GAV weighted house price index1 for primary privatisation markets2, 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
Slide 9: Strong HSTB performance translates into NAV growth potential
The strong HSTB performance translates into NAV growth potential Invested SEK 250 m as part of bond buyback in HSTB Divested shares of SEK 1.15 bn in HSTB and received SEK 3.4bn in dividends from HSTB 76.8 75.3 73.6 70.8 6.2 6.5 Divestment of 5.4 64.2 Divestment of Icelandic Danish assets 6.5 portfo
Slide 10: 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 660 million p.a. – Paid quarterly HST
Slide 11: 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 received from HSTB shareholding (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 0 184 277 2020 2021 2022 2023 2024 2025 2026
Slide 12: Sale of assets support liquidity
Sale of assets support liquidity Danish development asset Else Sørensens Vej (“ESV”) Expected sale of Swedish assets Figures in SEK million Q2 ’26 Q1 ’26 Asset type Office building School Accumulated cost spend 441 388 Drawn building credit 140 63 Picture Remaining investment obligation 298 342 Fair
Slide 13: Standalone interest-bearing liabilities
Standalone interest-bearing liabilities Maturity Profile (SEK m) Outstanding listed instruments Bank loan Construction facility ESV Senior bonds SEK million Coupon/ Interest Maturity/ Deferred Bought back Rating Currency Fixed/Float Issue date outstanding spread rate3 call date amounts (SEK m) (S&P/
Slide 14: Appendix Heimstaden AB
Appendix Heimstaden AB
Slide 15: Income development
Income development HST standalone quarterly income Operating income Other profit1 Dividends received 670 Jan’25 divestment of certain Danish development projects 489 267 182 175 179 166 104 180 163 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 1) Captures one-off profit distributions (net proceeds from sale o
Slide 16: 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 286 281 280 2024 and January 2025, respectively. 269 260 255 • These measures protect the cash po
Slide 17: Standalone earnings
Standalone earnings Rolling 12-months Figures in SEK million Q2 ’26 Q1 ’26 Q4 ’25 Q3 ‘25 Q2 ‘25 Operating income1 679 702 717 729 741 Operating cost -338 -347 -354 -399 -439 Operating profit/loss 341 356 363 330 302 Pref A dividend - - - - - Common dividend - - - - - Pref B dividend - - - - - Divide
Slide 18: Standalone balance sheet
Standalone balance sheet Debt and relevant assets Figures in SEK million Q2 ‘26 Q1 ‘26 Q4 ‘25 Q3 ‘25 Q2 ‘25 Interest bearing secured liabilities 270 338 275 275 275 Interest bearing unsecured liabilities 9,947 9,829 9,728 9,922 10,003 Interest bearing liabilities 10,218 10,167 10,003 10,197 10,278 C
Slide 19: 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: – No event of default – No dividends on common shares allowed 2.0x 1.6x 1.6x – No increase of net debt 1.2x 1.
Slide 20: Appendix Heimstaden Bostad
Appendix Heimstaden Bostad
Slide 21: Fixed Income Investor Presentation Q2 2026
Q2 2026 Fixed Income Investor Presentation
Slide 22: A Leading European Residential Company
A Leading European Residential Company Amounts in SEK as of Q2 2026 331 bn 11.6 bn 73.1% 98.8% Investment properties Net operating income1 Net operating income margin1 Real economic occupancy ratio 155,605 BBB- / BBB- 47.9% / 53.2% 2.3x / 1.8x Homes S&P and Fitch LTV 2 Interest coverage ratio3 1) LT
Slide 23: 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 92,437 46,583 28,308 89.8% 100.0% 99.6% Fair value 80,634 29,770 40,304 91.6% 100.0% 99.6% 331 SEK billion 92 71,71
Slide 24: Q2 2026 Highlights: Proven Platform, Quality Earnings
Q2 2026 Highlights: Proven Platform, Quality Earnings 1 Operational performance continues to trend above core inflation w/ like-for-like rental income growth of 4.1% 2 NOI margin record high at 73.1% (LTM) driven by like-for-like rental growth, strong occupancy, and OPEX reduction 3 Reaffirming 2026
Slide 25: Q2 2026: Affirming guidance for 2026
Q2 2026: Affirming guidance for 2026 Real Economic Occupancy S&P ICR Full year Year end 1 1 98.5% - 99% 1.8x LfL Rental Income Average Interest Cost Full year Full year 2 2 4% - 4.5% 3.1% - 3.3% NOI Margin S&P LTV Full year Year end 3 3 73.5% - 74.5% 50% - 52% Privatisation Programme Total Sales Sec
Slide 26: Real economic occupancy improves to 98.8%
Real economic occupancy improves to 98.8% Development in real economic occupancy Real economic occupancy by country Non-market vacancy adj.1 Q1 ’26 Q2 ’26 Δ Economic occupancy2 99.7% 99.6% -0.1% 98.5% 98.6% 98.7% 98.7% 98.8% 99.8% 99.6% -0.2% 1.4% 1.2% 1.1% 1.3% 1.3% 99.3% 99.3% 0.0% 96.7% 96.9% 0.2
Slide 27: Like-for-like rental growth consistently above inflation
Like-for-like (LfL) rental growth consistently above inflation Like-for-like rental growth1 vs. core inflation2 Like-for-like rental growth by country Core CPI Like-for-like rental income growth Q1 ’26 Q2 ’26 Δ 3.8% 3.3% -0.5% 5.2% 3.6% 4.0% 0.4% 4.5% 4.6% 4.2% 2.6% 2.8% 0.2% 4.1% 7.3% 6.5% -0.8% 5.
Slide 28: Rental income growth offsetting privatisation effect
Rental income growth offsetting privatisation effect Development in rental income (SEK m) Rental income by country (SEK m) Q1 ’26 Stand. Net acq. FX Q2 ’26 +0.2% 1,294 -5 1 - 1,291 15,892 15,793 15,819 702 13 1 13 729 822 1 -4 15 834 472 10 -5 9 486 299 - -7 6 299 +1.5% 149 3 -3 8 157 3,939 3,919 3,
Slide 29: LTM NOI margin again reaches record high of 73.1%
LTM NOI margin again reaches record high of 73.1% Paid by tenants Paid by landlord, reimbursed 1:1 Paid by Development in net operating income NOI margin by country1 directly via service charge landlord Net operating income (SEK m) NOI margin Q1 ’26 Q2 ’26 Δ H&W2 55.1 % 66.9 % 11.8 pp 0.0% 11,467 11
Slide 30: Privatisation in line with year-end guidance
Privatisation in line with year-end guidance Quarterly sales development Selected KPIs (for Q2 ‘26 sales isolated) Sales value Gross premium 2,865 2,890 2,609 Total sales Units sold (Resi only) 2,238 SEK 2,238 m 538 Gross premium 32.5% 30.4% 30.1% 30.1% 28.2% Q3 25 Q4 25 Q1 26 Q2 26 31
Slide 31: AFFO supporting cash generation
AFFO supporting cash generation Adjusted Funds from Operations Development (SEK m), Last 12 months 6,863 14,195 11,653 1,955 2,046 7,652 320 Net Operating Income Value Preserving Value Increasing AFFO Investment properties Privatisation & Portfolio AFFO LTM Capex Capex Standing Assets under construc
Slide 32: Fair values supported by operating fundamentals
Fair values supported by operating fundamentals GAV Development (SEK m) Fair value development by country QoQ ▲ NOI yield1 331,079 % SEK m Q1 ’26 Q2 ’26 -0.1 -77 3.74% 3.80% -1.4 -1,142 3.16% 3.25% 71 125 3,308 2.1 1,457 3.73% 3.69% 935 1,615 3.0 940 5.16% 5.21% 772 327,819 -0.3 -71 3.37% 3.48% 86 -
Slide 33: Key funding metrics (1/2)
Key funding metrics (1/2) Diversified funding sources Loan average tenor and stable interest rate SEK bn Avg. interest rate Avg. loan tenor (yrs) 189.8 162.6 27.2 3.2% 3.2% 3.2% 21 20 2.9% 4 19 18 60.6 1.9% 1.7% 1.8% 3 17 16 15 14 13 1.0% 2 12 67.8 34.3 11 10 1 9 8 7 0 10.5 10.5 6 8.9 8.3 5 4 3 8.0
Slide 34: 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%) 30.7% 19% 18% 18% 19% 18% 19% 18% 18% 18% 28.6% 28.0% 28.5% 28.2% 37% 39% 38% 36% 35% 37% 36% 40% 39% 31% 34% 34% 31% 32% 33% 32% 29% 30% 12% 11% 13% 12%
Slide 35: S&P ICR has achieved 1.8x in compliance with policy
S&P ICR has achieved 1.8x in compliance with policy 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%) 2.3x 2.3x 55.1% 54.
Slide 36: Maturity profile
Maturity profile SEK billion Next 8 quarters Hybrid bonds Interest Bearing debt maturity Hybrid bonds first reset date 11.4 6.8 5.3 5.5 5.5 8.6 3.8 3.5 3.1 2.9 1.4 0.9 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 Q1 27 Q2 27 Q1 28 Q1 30 Q2 31 Long term Interest Bearing debt maturity 35.8 30.3 28.
Slide 37: Sweden
Portfolio Sweden Fair Value Key metrics Q2 26 YTD 26 LTM Q2 25 92 Nordbotton County SEK billion Rental income SEK m 1,291 2,585 5,110 1,274 Net operating income SEK m 864 1,577 3,184 846 Västerbotten County Net operating income margin % 66.9 61.0 62.3 66.4 Like-for-like rental income growth % 3.3 3.
Slide 38: Germany
Portfolio Germany Fair Value Key metrics Q2 26 YTD 26 LTM Q2 25 81 SEK billion Rental income SEK m 729 1,431 2,868 709 Rostock Hamburg Net operating income SEK m 618 1,192 2,273 556 Net operating income margin % 85 83 79 78 Berlin Like-for-like rental income growth % 4 4 4 6 Magdeburg Real economic
Slide 39: Denmark
Portfolio Denmark Fair Value Key metrics Q2 26 YTD 26 LTM Q2 25 72 SEK billion Rental income SEK m 834 1,656 3,341 850 Net operating income SEK m 640 1,257 2,577 643 North Jutland Net operating income margin % 77 76 77 76 Like-for-like rental income growth % 3 3 2 3 Real economic occupancy % 99 99 9
Slide 40: Czechia
Portfolio Czechia Fair Value Key metrics Q2 26 YTD 26 LTM Q2 25 32 SEK billion Rental income SEK m 486 958 1,906 459 Net operating income SEK m 401 791 1,561 359 Net operating income margin % 83 83 82 78 Like-for-like rental income growth % 7 7 7 8 Real economic occupancy % 97 97 97 96 Ostrava Pragu
Slide 41: Netherlands
Portfolio Netherlands Fair Value Key metrics Q2 26 YTD 26 LTM Q2 25 28 SEK billion Groningen Rental income SEK m 299 598 1,240 321 Net operating income SEK m 239 478 980 262 Net operating income margin % 80 80 79 82 Like-for-like rental income growth % 5 5 5 5 Alkmaar Real economic occupancy % 100 1
Slide 42: Norway
Portfolio Norway Fair Value Key metrics Q2 26 YTD 26 LTM Q2 25 14 SEK billion Rental income SEK m 157 305 611 158 Net operating income SEK m 120 231 459 122 Net operating income margin % 77 76 75 77 Like-for-like rental income growth % 3 2 2 3 Real economic occupancy % 99 99 99 99 Fair value of inve
Slide 43: United Kingdom
Portfolio United Kingdom Fair Value Key metrics Q2 26 YTD 26 LTM Q2 25 5 SEK billion Rental income SEK m 66 127 249 51 Net operating income SEK m 48 92 168 31 Net operating income margin % 73 72 68 61 Like-for-like rental income growth % 31 32 24 1 Real economic occupancy % 87 87 83 71 City of Edinb
Slide 44: Poland
Portfolio Poland Fair Value Key metrics Q2 26 YTD 26 LTM Q2 25 4 SEK billion Rental income SEK m 49 101 216 62 Net operating income SEK m 47 97 202 58 Net operating income margin % 95 96 94 92 Like-for-like rental income growth % 4 4 8 6 Warsaw Real economic occupancy % 96 96 97 99 Fair value of inv
Slide 45: Finland
Portfolio Finland Fair Value Key metrics Q2 26 YTD 26 LTM Q2 25 4 SEK billion Rental income SEK m 69 137 275 69 Net operating income SEK m 40 74 150 38 Net operating income margin % 58 54 54 55 Like-for-like rental income growth % 0 0 0 4 North Ostrobothnia Real economic occupancy % 96 96 95 95 Fair
Slide 46: Profit & loss statement
Financial statements Profit & loss statement Figures in SEK million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 FY 2025 Rental income 3,979 3,919 3,939 3,982 3,954 15,892 Property expenses -941 -1,128 -1,151 -960 -1,014 -4,361 Net operating income before service charges 3,038 2,791 2,787 3,022 2,940 11,
Slide 47: Balance sheet - Assets
Financial statements Balance sheet - Assets Figures in SEK million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Assets Investment properties 331,079 327,819 323,312 327,451 329,682 Intangible assets 13,704 13,758 14,803 18,692 18,763 Machinery and equipment 278 283 293 303 308 Investments in associated c
Slide 48: Balance sheet - Assets
Financial statements Balance sheet - Assets Figures in SEK million Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Assets Investment properties 327,819 323,312 327,451 329,682 323,360 Intangible assets 13,758 14,803 18,692 18,763 18,485 Machinery and equipment 283 293 303 308 269 Investments in associated c
Slide 49: Balance sheet – Equity and Liabilities
Financial statements Balance sheet – Equity and Liabilities Figures in SEK million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Shareholder equity1 124,810 126,141 123,188 125,689 122,678 Hybrid bonds1 27,160 26,811 24,743 25,277 25,501 Non-controlling interests 14,397 14,288 14,159 14,143 14,072 Equity
Slide 50: Real economic occupancy – breakdown per country
Occupancy Real economic occupancy – breakdown per country 99.7% 99.7% 99.7% 99.7% 99.6% 99.2% 98.8% 97.9% 98.2% 98.8% 100% 100% SE 90% NO 90% 80% 80% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 99.9% 99.7% 99.7% 99.8% 99.6% 100% 100% 82.5% 83.4% 87.0% 80.3% DE 90% UK 80% 71
Slide 51: 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 72.1% 72.2% 72.6% 73.1% 71.0% 71.6% 69.3% 70.4% 66.0% 66.2% 67.4% 67.7% 68.4% 64.1% 65.1% 11.5 11.5 11.6 345 11.4 11.4 11.5 340 11.2 335 332 331 330 330 334
Slide 52: 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 36.2% 63.8% Capital1 Group management agree
Slide 53: Sustainability targets
Sustainability Sustainability targets Sustainable Operations Achieve Net Zero emissions by 2050 at the latest E 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 Reduce the amount of purchased energy by, on average,
Slide 54: heimstadenab.com
Feimstaden heimstadenab.com