Heimstaden AB · OMXSTO:HEIM_PREF
Heimstaden AB — Q1 2026 Earnings Presentation
58 slides from Heimstaden AB's earnings presentation, Jun 1, 2026
Slide 1: Company Presentation Heimstaden AB Q1 2026
Company Presentation Heimstaden AB Q1 2026 Cover photo: Vester Voldgade 6-8, Copenhagen, Denmark Credit: Heimstaden Bostad
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 49.9 bn management quarter), approximately 36.5%
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 92,729 46,501 28,147 329 80,474 29,741 40,249 SEK billion 70,362 19,469 36,696 30,160 39,923 12,196 28,000 10,900 32,614 14,351 3,293 80,257
Slide 4: HSTB performance at record highs with fundamentals supporting further potential
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% 98.7% 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% 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% -3.9% Q1’23 Q2
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 significant NAV growth potential
The strong HSTB performance translates into significant 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 5.4 64.2 Divestment of 6.5 Divestment of Icelandic Danish a
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 658 m p.a.1 – Paid quarterly HSTB’s d
Slide 11: HSTB dividends is 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 will support liquidity
Sale of assets will support liquidity Danish development asset Else Sørensens Vej (“ESV”) Expected sale of Swedish assets Figures in SEK million Q1 ’26 Q4 ’25 Asset type Office building School Accumulated cost spend 388 303 Drawn building credit 63 - Picture Remaining investment obligation 342 419 F
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/ Bought back Currency Fixed/Float Issue date outstanding spread rate3 call date (SEK m) 4,704 4,375 Outstanding senio
Slide 14: 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 15: Appendix Heimstaden AB
Appendix Heimstaden AB
Slide 16: Income development
Income development HST standalone quarterly income Operating income Other profit1 Dividends received 670 Jan’25 divestment of certain Danish development projects 489 182 175 179 166 180 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 1) Captures one-off profit distributions (net proceeds from sale of assets and/or sa
Slide 17: 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 2024 and January 2025, respectively. 269 260 255 • These measures protect the cash positi
Slide 18: Heimstaden's relevant asset values
Heimstaden’s relevant asset values Assets’ development (SEK million) 51,987 2,262 50,228 (518) 15 Q4 2025 Change in cash Change in investment Change in value Q1 2026 properties1 of HSTB shares 1) Change from realised and unrealised changes in fair value, disposals and investments. 18
Slide 19: Standalone earnings
Standalone earnings Rolling 12-months Figures in SEK million Q1 ’26 Q4 ’25 Q3 ‘25 Q2 ‘25 Q1 ‘25 Q4 ‘24 Operating income1 702 717 729 741 750 747 Operating cost -347 -354 -399 -439 -478 -499 Operating profit/loss 356 363 330 302 272 248 Pref A dividend - - - - - - Common dividend - - - - - - Pref B d
Slide 20: Standalone balance sheet
Standalone balance sheet Debt and relevant assets Figures in SEK million Q1 ‘26 Q4 ‘25 Q3 ‘25 Q2 ‘25 Q1 ‘25 Interest bearing secured liabilities 338 275 275 275 276 Interest bearing unsecured liabilities 9,829 9,728 9,922 10,003 9,763 Interest bearing liabilities 10,167 10,003 10,197 10,278 10,039 C
Slide 21: 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 22: 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 10.2 bn 76.8 75.3 73.6 70.8 60.8 Driven by sale of country 57.3 management organisation to H
Slide 23: Appendix Heimstaden Bostad
Appendix Heimstaden Bostad
Slide 24: Fixed Income Investor Presentation Q1 2026
Q1 2026 Fixed Income Investor Presentation
Slide 25: Q1 2026 Highlights: Resilient by Design
Q1 2026 Highlights: Resilient by Design 1 Operational performance continues w/ like-for-like rental income growth of 4.2% 2 NOI margin new record high at 72.6% (LTM) driven by like-for-like rental growth, occupancy, and OPEX reduction 3 Predictable ICR pathway as we maintain year-end guidance of 1.8
Slide 26: A Leading European Residential Company
A Leading European Residential Company Amounts in SEK as of Q1 2026 328 bn 11.5 bn 72.6% 98.7% Investment properties Net operating income1 Net operating income margin1 Real economic occupancy ratio 156,042 BBB- / BBB- 48.6% / 53.2% 2.3x / 1.7x Homes S&P and Fitch LTV 2 Interest coverage ratio3 1) LT
Slide 27: A pan-European residential rental portfolio diversified 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 92,206 46,501 28,219 90.2% 100.0% 99.7% Fair value 80,474 29,741 40,249 92.7% 100.0% 99.8% 328 SEK billion 92 69,73
Slide 28: Real economic occupancy steady at 98.7%
Real economic occupancy steady at 98.7% Development in real economic occupancy Real economic occupancy by country Non-market vacancy adj.1 Q4 ’25 Q1 ’26 Δ Economic occupancy2 99.7% 99.7% 0.0% 98.5% 98.6% 98.7% 98.7% 99.7% 99.8% 0.1% 98.3% 1.4% 1.2% 1.1% 1.3% 1.5% 99.4% 99.3% -0.1% 96.5% 96.7% 0.2% 9
Slide 29: 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 Q4 ’25 Q1 ’26 Δ 5.7% 3.8% -1.9 pp 5.4% 5.2% 4.1% 3.6% -0.5 pp 4.5% 4.6% 4.2% 1.9% 2.6% 0.8 pp 6.8% 7.3% 0
Slide 30: Rental income slightly impacted by FX and privatisations
Rental income slightly impacted by FX and effects from privatisations Development in rental income (SEK m) Rental income by country (SEK m) Q4 ’25 Stand. Net acq. FX Q1 ’26 -0.6% 1,275 17 2 - 1,294 16,029 15,892 15,793 712 6 1 - 16 702 828 17 -5 - 19 822 474 11 -2 - 12 472 312 2 -8 -7 299 -0.5% 150
Slide 31: LTM NOI margin again reaches record high of 72.6%
LTM NOI margin again reaches record high of 72.6% 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 Q4 ’25 Q1 ’26 Δ H&W2 58.7% 55.1 % -3.6 pp 0.0% 11,564 11,
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 327,819 % SEK m Q4 ’25 Q1 ’26 46 0.3 273 3.67% 3.74% 86 780 2,866 -0.2 -155 3.12% 3.16% 1,883 1.9 1,298 3.80% 3.73% 31 2,643 1.7 513 4.99% 5.16% 323,312 2.6 706 3.45% 3.37% 1.1 163
Slide 33: Privatisation programme sales on schedule with guidance
Privatisation programme sales on schedule with guidance Quarterly sales development, SEK m Selected KPIs (for Q1 26 sales isolated) Sales value Gross premium 2,865 2,890 2,609 Total sales Units sold (Resi only) 2,268 SEK 2,609 m 634 Gross premium 29.9% 32.5% 30.4% 30.4% 28.2% Q2 25 Q3 25 Q4 25 Q1 26
Slide 34: Privatisation programme net proceeds of SEK 12.9 bn since inception
Privatisation programme at net proceeds of SEK 12.9 bn since inception Privatisation programme net proceeds since inception, SEK m -381 4,855 17,205 -6,691 -2,133 22,060 14,987 12,854 Total GAV Privatised Gross Premium Total Sales Value Transaction cost Secured Asset Level Proceeds Estimated Tax Est
Slide 35: AFFO supporting strong cash generation
AFFO supporting strong cash generation Adjusted Funds from Operations Development (SEK m), Last 12 months 8,210 15,476 11,472 1,863 1,987 7,623 357 Net Operating Income Value Preserving Value Increasing AFFO Investment properties Privatisation & Portfolio AFFO LTM Capex Capex Standing Assets under c
Slide 36: Key funding metrics (1/2)
Key funding metrics (1/2) Diversified funding sources Long average tenor and stable interest rate SEK billion Avg. interest rate Avg. loan tenor (yrs) 190.5 163.7 26.8 3.2% 3.2% 3.2% 21 20 2.9% 4 19 18 59.9 1.9% 1.7% 1.8% 3 17 16 1.0% 15 14 2 13 12 69.7 34.1 11 10 9 1 8 7 0 10.5 10.5 6 8.9 8.3 5 4 3
Slide 37: 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%) 31.8% 30.7% 19% 19% 18% 18% 19% 18% 19% 18% 18% 28.6% 28.5% 28.0% 36% 37% 39% 38% 36% 35% 37% 40% 39% 32% 31% 34% 34% 31% 33% 32% 29% 30% 13% 12% 11% 13%
Slide 38: 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%) 2.3x 56.0% 55.1% 2.2x
Slide 39: Maturity profile
Maturity profile SEK billion Next 8 quarters Hybrid bonds Interest Bearing debt maturity Hybrid bonds first reset date 8.5 6.8 5.3 5.5 5.5 3.8 3.5 2.9 2.4 1.1 1.4 1.0 0.0 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q1 27 Q2 27 Q1 28 Q1 30 Q2 31 Long term Interest Bearing debt maturity 35.6 30.5
Slide 40: Appendix
Appendix 42
Slide 41: Sweden
Portfolio Sweden Fair Value Key metrics Q1 26 LTM Q1 25 FY 25 92 Nordbotton County SEK billion Rental income SEK m 1,294 5,093 1,280 5,078 Net operating income SEK m 713 3,166 736 3,190 Västerbotten County Net operating income margin % 55.1 62.2 57.5 62.8 Like-for-like rental income growth % 3.8 5.3
Slide 42: Germany
Portfolio Germany Fair Value Key metrics Q1 26 LTM Q1 25 FY 25 80 SEK billion Rental income SEK m 702 2,848 716 2,862 Rostock Hamburg Net operating income SEK m 574 2,210 515 2,151 Net operating income margin % 81.7 77.6 71.9 75.2 Berlin Like-for-like rental income growth % 3.6 4.3 4.6 4.6 Magdeburg
Slide 43: Denmark
Portfolio Denmark Fair Value Key metrics Q1 26 LTM Q1 25 FY 25 70 SEK billion Rental income SEK m 822 3,356 878 3,412 Net operating income SEK m 617 2,579 646 2,609 North Jutland Net operating income margin % 75.1 76.9 73.6 76.5 Like-for-like rental income growth % 2.6 2.5 4.2 2.9 Real economic occu
Slide 44: Czechia
Portfolio Czechia Fair Value Key metrics Q1 26 LTM Q1 25 FY 25 30 SEK billion Rental income SEK m 472 1,879 461 1,868 Net operating income SEK m 389 1,519 354 1,483 Net operating income margin % 82.6 80.8 76.9 79.4 Like-for-like rental income growth % 7.3 7.3 9.0 7.7 Real economic occupancy % 96.7 9
Slide 45: Netherlands
Portfolio Netherlands Fair Value Key metrics Q1 26 LTM Q1 25 FY 25 28 SEK billion Groningen Rental income SEK m 299 1,263 334 1,298 Net operating income SEK m 239 1,004 258 1,023 Net operating income margin % 79.9 79.5 77.3 78.9 Like-for-like rental income growth % 5.0 4.6 6.5 5.0 Alkmaar Real econo
Slide 46: Norway
Portfolio Norway Fair Value Key metrics Q1 26 LTM Q1 25 FY 25 14 SEK billion Rental income SEK m 149 612 169 632 Net operating income SEK m 111 460 129 478 Net operating income margin % 74.5 75.2 76.3 75.6 Like-for-like rental income growth % 1.4 2.1 4.4 2.9 Real economic occupancy % 98.2 95.5 98.8
Slide 47: United Kingdom
Portfolio United Kingdom Fair Value Key metrics Q1 26 LTM Q1 25 FY 25 5 SEK billion Rental income SEK m 61 235 50 223 Net operating income SEK m 44 152 31 139 Net operating income margin % 71.4 64.7 62.4 62.4 Like-for-like rental income growth % 33.0 16.0 2.1 8.2 Real economic occupancy % 83.4 79.3
Slide 48: Poland
Portfolio Poland Fair Value Key metrics Q1 26 LTM Q1 25 FY 25 4 SEK billion Rental income SEK m 52 229 64 242 Net operating income SEK m 50 213 58 221 Net operating income margin % 97.2 92.9 90.6 91.4 Like-for-like rental income growth % 4.6 8.6 2.3 8.9 Warsaw Real economic occupancy % 96.2 97.3 98.
Slide 49: Finland
Portfolio Finland Fair Value Key metrics Q1 26 LTM Q1 25 FY 25 4 SEK billion Rental income SEK m 68 276 72 280 Net operating income SEK m 34 148 35 149 Net operating income margin % 49.9 53.7 48.7 53.3 Like-for-like rental income growth % 0.4 0.5 4.1 1.5 North Ostrobothnia Real economic occupancy %
Slide 50: Profit & loss statement
Financial statements Profit & loss statement Figures in SEK million Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2025 Rental income 3,919 3,939 3,982 3,954 4,018 15,892 Property expenses -1,128 -1,151 -960 -1,014 -1,235 -4,361 Net operating income before service charges 2,791 2,787 3,022 2,940 2,783 1
Slide 51: 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 52: Balance sheet – Equity and Liabilities
Financial statements Balance sheet – Equity and Liabilities Figures in SEK million Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Shareholder equity1 126,141 123,188 125,689 122,678 117,918 Hybrid bonds1 26,811 24,743 25,277 25,501 24,840 Non-controlling interests 14,288 14,159 14,143 14,072 13,879 Equity
Slide 53: Real Economic occupancy – breakdown per country
Occupancy Real Economic occupancy – breakdown per country 99.7% 99.7% 99.7% 99.7% 99.7% 98.8% 99.2% 98.8% 97.9% 98.2% 100% 100% SE 90% NO 90% 80% 80% Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 99.7% 99.9% 99.7% 99.7% 99.8% 100% 100% 80.3% 82.5% 83.4% DE 90% UK 80% 64.9% 71
Slide 54: 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 71.6% 72.1% 72.2% 72.6% 70.4% 71.0% 68.4% 69.3% 67.4% 67.7% 65.1% 66.0% 66.2% 64.1% 11.5 11.5 11.4 11.5 345 11.2 11.4 340 335 332 331 330 330 334 330 10.9 3
Slide 55: 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 36.5% 63.5% Capital1 Group management agree
Slide 56: 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 57: Heimstaden Bostad
Heimstaden BOSTAD
Slide 58: heimstadenab.com
Feimstaden heimstadenab.com