Kvartalsrapport Q1 2025

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===== SIDA 1 =====

Q1
The quarter  
1 January – 31 March 2025
Profit for the period: SEK 53.5m (–40.1),  
corresponding to SEK 0.32 (–0.24) per share. 
Income from property management: SEK 55.0m (54.6). 
Rental income: SEK 150.9m (135.9). 
Net operating income (NOI): SEK 108.2m (93.8). 
Unrealised changes in the value of properties:   
SEK 18.1m (–52.8). 
Energy use: 73 (80 ) kWh/m2.
Confirmed rating: BBB with stable outlook.
Green bond issue: SEK 350m.
Agreed acquisition after the end of the interim period: elderly 
care facility in Norrtälje, planned closing autumn 2026.  
Interim Report  
1 January – 31 March 2025
Capella 2, Tullinge

===== SIDA 2 =====

Key figures
2025
Jan–Mar
2024
Jan–Mar
2024/2025
Apr–Mar 
2024
Jan–Dec 
Property-related key figures
Rental income, SEKm 150.9 135.9 576.8 561.8
Lettable time-weighted area, 000s m2 263.3 258.2 259.9 2 57.5
Property yield, % 3.2 2.9 3.1 3.0
Carrying amount per m2, SEK 51,882 50,689 51,882 51,599
Financial key figures
Cash flow, SEKm 42.4 39.8 216.8 214.2
Investments, SEKm 57.0 366.9 589.6 899.5
Average interest rate, % 2.69 2.52 2.69 2.81
Property management margin, % 36.4 40.2 37.4 38.4
Loan-to-value (L TV) ratio, % 44.6 44.1 44.6 44.7
Net L TV, % 44.4 43.8 44.4 44.5
NOI margin, % 71.7 69.1 72.5 71.9
Per share data
Profit or loss before tax, SEK 0.45 -0.20 1.51 0.86
Profit or loss after tax, SEK 0.32 -0.24 1.16 0.60
Dividend, SEK 0.52 0.52 0.52 0.52
Share price as at 31 March, SEK 26.50 34.70 26.50 32.75
NAV, SEK 47.43 46.13 47.43 47.02
Statement of comprehensive income
2HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 3 =====

We have successfully grasped the opportunities that have 
arisen in a volatile market. Heba has made several strategic 
acquisitions and bolstered its position in the elderly care seg-
ment. In April, we closed an agreement to acquire yet another 
elderly care facility, a new build located in Norrtälje. Commu-
nity service properties are now generating 30% of NOI – a key 
strategic milestone. Heba is now a force to be reckoned with 
in the social care segment.
Lingering geopolitical and eco-
nomic uncertainty were the defin-
ing characteristics as 2025 began. 
The recovery has not progressed as 
swiftly as many of us hoped, and 
property values have remained rel-
atively stagnant. Nevertheless, 
Heba continues to deliver strong 
key figures. Income from property 
management totalled SEK 55.0m 
(54.6) for the quarter. The occu-
pancy rate remained high, above 
99.9%, and the NOI margin was 72%. 
Stable in an unstable world Patrik Emanuelsson CEO Heba Fastighets AB
3Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025HEBA FASTIGHETS AB

===== SIDA 4 =====

Strength in the capital market
We issued a new green bond of SEK 350m during the quarter. 
We retained our rating of BBB with stable outlook in the 
annual review of our credit score – a confirmation of our 
strength in a time when numerous industry players are con-
fronting difficult financing conditions.
The green transition is continuing full force
In the absence of a widespread recovery, we have steadily 
focused on what we can actually affect. Our green transition 
is continuing full force – regardless if we are talking about the 
EU Taxonomy, CSRD, Omnibus or Trump – nothing is going to 
stop us from fulfilling our responsibility. We have cut emis-
sions from energy use in half since 2018 and our energy use in 
Q1 was a record low of 73 kWh/m2 (80.0). We are progressing 
on our journey towards energy use of 40 kWh/m2 and climate-
neutral property management by 2030.
We have also explored opportunities for Heba to be desig-
nated a green equity on Nasdaq. A preliminary opinion from a 
third-party reviewer indicates that we meet the criteria – a key 
step in our ambition to be an ESG leader among property 
companies.
Digitalisation for smart property management
Our digitalisation project has moved into a new phase. We 
have been preparing for several years by developing technical 
solutions that give us the support we need in real time. Pow-
ered by digital twins, structured case management and access 
to real-time data for energy, finances and operations-critical 
products – such as lifts, washing machines and ventilation – 
we can analyse and manage our properties remotely from the 
office. This is smart property management in practice. It also 
improves customer satisfaction, the work environment and 
our capacity to meet standards including CSRD sustainability 
reporting requirements. We will have documented control 
over our properties - in real time.
Attractive properties in an attractive market
Even as we recognise the continued uncertainty external to 
Heba, we are looking ahead with a keen sense of optimism. 
Our modern portfolio in the Stockholm and Mälaren regions 
is robust. The regional population grew by 18,500 people in 
2024. In another key metric, the property value of Heba’s resi-
dential rental portfolio is about SEK 52,000/m2 – as opposed 
to that for commonhold apartments in the resale market, 
which was SEK 68,000/m2 on average during the same 
period. This illustrates the potential of our holdings and 
strengthens the market valuation. In addition, the population 
of people aged 80+ in Stockholm is expected to increase sig-
nificantly within five years, which is intensifying the need for 
the housing we offer.
With a strong financial position, low L TV and NAV of SEK 
47 .43 per share, along with a distinct ESG profile, Heba is 
primed to create long-term value – for our tenants, for society 
and for our shareholders.
Muscular organisation
On the strength of an outstanding organisation whose people 
deliver every single day with impressive expertise and genuine 
commitment, Heba remains stable in turbulent times.  
Together,  we are not just building properties – we are also 
building trust, the future and sustainability.
Patrik Emanuelsson
CEO Heba Fastighets AB
Q1 outcomes
Energy use
73 kWh/m2 (80.0)
Opalen, Täby
4HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 5 =====

New financial targets 
2025–2030
Annual growth in income from property  
management of 5% or better on average
(March 2025: + 1% compared to Q1 2024) 5% or better
LT V   
below 45% on average and never above 50% 
(March 2025: 44.6%) 45–50%
NOI margin  
above 70% 
(March 2025: 71.7 %) >70%
Market value of properties  
exceeding SEK 20bn.by 2030 
(March 2025: SEK 13.7bn) >SEK 20bn
At least 20% of NOI from community  
service properties
(March 2025: 30%) 20% or better
Shareholder dividend: 
of at least 50% of income from property  
management, adjusted for tax
(Proposal to AGM 2025: 50%)
50% or better
5HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025 5HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 6 =====

Heba is the long-term choice
Heba runs a responsible business on the 
leading edge. Our hallmarks are modern 
properties in attractive locations, financial 
stability and focus on sustainability.  
The company is in prime position to meet 
future needs for housing and elderly 
care facilities. 
Modern property portfolio in attractive regions 
Heba owns and manages a modern portfolio of residential 
properties and elderly care facilities that are in high demand. 
The properties are in attractive locations, primarily in the 
Stockholm region along with a few in Mälaren, where strong 
population growth and low vacancy rates generate stable 
income.
Low risk, high stability 
NOI margin of 72% (Mar 2025) and nearly non-existent 
vacancies make Heba an eminently stable property company 
in the market. Long-term leases for community service prop-
erties and rents that are constantly trending upward promote 
predictable and secure cash flows.
Ambitious ESG targets
Heba is a clear ESG leader with a green financing framework 
that received top marks from Sustainalytics. Energy use in the 
property portfolio has decreased to 73 kWh/m2 (Mar 2025). 
The climate targets are clear-cut: climate-neutral property 
management by 2030 and full climate neutrality by 2045. 
Strong financial position 
Low average interest, carefully balanced financing and 
strong  key figures combined with efficient in-house property 
 management will generate dividends when property values 
rise again.
Definitive growth strategy
Heba has delivered growth through renovations, strategic 
acquisitions of community service properties and new builds 
of residential properties. The most recent acquisitions of 
elderly care facilities are strengthening the company’s posi-
tion in community service property, a sector characterised 
by stable demand and secure income. The project portfolio, 
including residential property in Källberga, is an aspect of the 
long-term ambition to grow sustainably.
Stable dividend producer for shareholders
Our strong financial position means that we can prioritise 
 dividends to our shareholders, who make an essential contri-
bution to running our business. 
Positioning for the needs of the future
With its community service properties, Heba is in prime posi-
tion to respond effectively to trends such as an ageing popu-
lation and rising demand for elderly care facilities. The mod-
ern, sustainable property portfolio in attractive locations 
meets tenant demands.
The Heba  
investment case
6HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025HEBA FASTIGHETS AB

===== SIDA 7 =====

5
11
1
1
1
2
2
3
2
36
Norrtälje
Nynäshamn
Enköping
Uppsala
Stockholm
3
Property holdings and market 
The Heba Group’s property holdings at the end of the Q1 2025 
interim period (Q1 2024 in brackets)
The vacancy rate for residential and non-residential units 
remains very low at 0.06% for residential and 0.66 % for 
non-residential at the end of the reporting period.
1) As of Q3 2024, storage spaces are not reported as non-residential units.
Properties in the  
Stockholm and  
Mälaren regions
58 (58)
Residential properties
43 (45)
Community service 
properties 14 (12)
Project properties:
1 (1)
Lettable space, m2
263,300 (258,200)
Rental apartments
3,110 (3,148)
Apartments in 
elderly care 825 (602)
Non-residential units1)
119 (116)
Modern properties in 
attractive locations 
in Stockholm 
and Mälaren
Heba owns and manages a modern property portfolio 
comprised of residential properties and community 
 service properties used for elderly care facilities in 
attractive locations in the Stockholm and Mälaren 
regions. The properties are mainly located near rail-
bound  public transportation links.
We operate in 13 municipalities from Nynäshamn in the 
south to Uppsala in the north and Enköping in the west, 
all within one hour from Stockholm. Most of the proper-
ties are located in the City of Stockholm and neigh-
bouring municipalities.
The majority of the properties are new builds or reno-
vated. Only two properties comprising a total of 98 
apartments are yet to be completed in the Heba 
 renovation programme.
Read more, external link
7HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025 7Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 8 =====

Climate-neutral property management 
by 2030
Entire organisation climate-neutral 
by 2045
Reduce energy use to: 
(March 2025: 73 kWh/m2 
40 kWh/m2 
All properties environmentally certified  
(HållFast certification of properties in operation)
in 2025
Heba’s stock and financing shall be entirely green.
as of 2030
All tenants to have sustainable leases 
(March 2025: about 50%)
by 2030
ESG targets  
2025–2030
Our focus areas
Environment
We are working towards climate-neutral property management by 2030
Social sustainability
We contribute to an ethical and socially sustainable society
Organisation
Our employees are our most important resource
Sustainability is reflected in everything Heba does, today 
and in the future, proceeding from our responsibility as 
an employer, our social responsibility and our environ-
mental responsibility. The ESG programme is meant to 
ensure that the company meets its long-term ESG objec-
tives in alignment with the UN Global Sustainable Devel-
opment Goals (SDGs). Future-proofing the business is 
intertwined with successful enterprise.
8HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025 8HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 9 =====

Sustainability events  
Q1 2025
Preparations for CSRD  
reporting continue
Heba’s preparations for CSRD reporting are ongoing. We 
intend to forge ahead with this even if Europe passes the pro-
posal to reduce the scope of reporting requirements and 
which companies are affected. Heba already has a structured 
approach to ESG and CSRD requirements are helping priori-
tise our roadmap moving forward. We need knowledge and 
digitalisation to succeed.  
Significant suppliers have  
submitted self-assessments
Heba’s significant suppliers have signed the Code of Con-
duct and thus committed to adhering to Heba’s core values 
and ESG standards. The suppliers completed and submit-
ted self-assessments in Q1 as an aspect of monitoring com-
pliance, which we will follow up with an audit in Q2.
Audit of management systems 
with zero non-conformances
Heba has been quality and environmentally certified 
according to ISO 14001 and 9001 for several years. Heba 
passed the annual audit of its management systems with 
zero non-conformances. The management systems are an 
important foundation for continuous improvements and 
completing the digitalisation that will be required to achieve 
our targets going forward. 
Training programme 
The Heba internal training programme, where we gather to 
learn more about a specific topic, is ongoing. Trainings may 
be led by one of our expert employees or an external spe-
cialist. The first training of the year dealt with IT security 
and how we as individuals should think and act to protect 
ourselves.
Energy use
At then end of Q1 2025, Heba’s energy use was 73 
kWh/m2. The work to reach the target of 40 kWh/m2 
by 2030 is progressing. To achieve the target, the 
properties must qualify for energy class C or better.
All parking spaces must be EV-equipped by 2030
Share of EV parking spaces, 31 March 2025
26%
9HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 10 =====

Revenue and profit
Rental income increased to SEK 150.9m (135.9) mainly due to 
acquisitions closed in 2024. Property costs amounted to SEK 
42.7m (42.0). Net operating income improved by 15% year-
over-year to SEK 108,2m (93,8). Income from property man-
agement increased in Q1 by 0.6% to SEK 55.0m (54.6). Net 
financial expenses for the quarter amounted to SEK -40.7m 
(-27 .0) in Q1. Unrealised changes in the value of investment 
properties and interest rate derivatives amounted to SEK 
23.8m (-38.0). Profit before tax was SEK 74.5m (-32.5), cor-
responding to SEK 0.45 per share (-0.20) and profit after tax 
was SEK 53.5m (-40.1) or SEK 0.32 per share (-0.24).
Interim Report 
1 January– 
31 March 2025
Bonden, Södermalm
10Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025HEBA FASTIGHETS AB

===== SIDA 11 =====

Investments and disposals
Elderly care facility in Enköping
Heba closed an agreement in November 2024 with Krusleden 
Fastighets AB, a company in the Hemsö Group, to acquire an 
elderly care facility in Romberga, Enköping. The facility com-
prises 54 apartments. Ownership was transferred in Decem-
ber 2024 when Heba acquired the shares in the company. 
The agreed property value corresponds to SEK 206m. Costs 
incurred amount to SEK 199.0m in consideration of received 
rebates, including SEK 0.2m in Q1 2025. The investment is 
estimated at about SEK 200 million. 
Residential rental property in Källberga, Nynäshamn 
Heba closed an agreement in October 2021 with a company 
controlled by MAMA Management AB to acquire rental apart-
ments in Källberga Nynäshamn. The deal was executed as a 
forward funding transaction in which Heba acquired the 
shares in the company, which entered into a turnkey contract. 
Ownership was transferred in November 2022. The parties 
agreed in Q2 2024 that Heba would take over and execute 
the project under its own management. The properties com-
prise 128 rental apartments, 13 of which are located in terraced 
houses. A general contract was signed in Q2 2024 and pro-
duction began in Q3 for completion in 2026. Costs incurred 
amount to SEK 124.9m, including SEK 34.3m in Q1 2025. The 
estimated investment has risen to SEK 400m due to the 
increase in lettable space for the project and the increase in 
costs since 2021. 
Other investments
Other new investments amount to SEK 2.2m (7 .5). 
SEK 17 .4m (23.4) was invested in value-add measures in 
other properties during the period. 
The total investment in investment properties in Q1 was 
 SEK 54.1m (367 .0).  
SEK 2.9m (-0.1) was invested in other non-current assets 
during the period.
Disposals
There were no disposals of assets in Q1 2025. 
Investments
Property Location No. of apts Property type
Transfer of 
ownership Construction start Completion year
Cumulative 
investment (SEKm)
Estimated 
investment (SEKm)
Estimated 
NOI (SEKm)
Romberga 23:54 Enköping 54 Elderly care facility Dec 2024 199 200 10.4
Källberga (Sittesta 2:48, 2:49 and 2:53) Nynäshamn 128 Residential rental units Nov 2022 2024 2026 125 400 16.25
T otal 182 324 600 26.65
Källberga Nynäshamn
11HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 12 =====

Partnerships
Vårbergstoppen
Heba and Åke Sundvall Byggnads AB are running a rental 
property project in Vårbergstoppen through a partnership 
agreement. The rental property project comprising 300 
apartments is distributed between two buildings. Construc-
tion of the project began in Q2 2021. Under the agreement, 
the parties each own 50% of the project. The total investment 
is estimated at about SEK 800m and the buildings be com-
pleted in 2024 and 2025. A contract with Svenska Bostäder 
on the sale of these two properties was signed in February 
2024. The deal was executed as a corporate transaction in 
which Svenska Bostäder acquires the shares and thus, indi-
rectly, the properties. Heba exited the first building in Sep-
tember 2024 and exit from the second building is planned 
for June 2025. 
Framtidens Stora Sköndal
Heba and Åke Sundvall Byggnads AB are building 600 homes 
in Framtidens Stora Sköndal, phase 2a, through a partnership 
agreement. The housing project is divided among 260 rental 
apartments and 340 commonhold apartments. Under the 
agreement, the parties each own 50% of the project. The pro-
ject is currently in the process of detailed development plan-
ning and the total investment is estimated at about SEK 2bn.
Skärgårdsskogen Skarpnäck
Heba and Åke Sundvall Byggnads AB are running a common-
hold apartment project of approximately 100 apartments in 
Skärgårdsskogen Skarpnäck, through a partnership agree-
ment. Under the agreement, the parties each own 50% of the 
project. The project is currently in the process of detailed 
development planning and the total investment is estimated 
at about SEK 250m.
Partnerships
Property Location No. of apts Property type Acquisitions Construction start Completion year
Estimated investment, 
SEKm1)
Vårbergstoppen Vårberg 300 Rental apartments Oct 2020 Q2 2021 2024/2025 800
Stora Sköndal Sköndal 260 
340
Rental apartments 
Commonhold apartments
Nov 2020 2,000
Skärgårdsskogen Skarpnäck 100 Commonhold apartments Sep 2021 250
T otal 1,000 3,050
1) Heba’s share is 50%.
Vårbergstoppen, Vårberg
12HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 13 =====

Property valuation
The market value of the properties was SEK 13,661.3m as at 
31 March 2025 according to valuations performed, as com-
pared to SEK 13,589.2m at the end of 2024. One third of all 
of the Group's properties, excluding project properties in 
early phases, were valued externally, half by Savills Sweden 
AB and half by Novier Real Estate AB. Other properties 
including project properties in earlier phases have been val-
ued internally. These properties are categorised at Level 3 
of the fair value hierarchy according to IFRS 13, meaning that 
the value is based on analysis of each property’s status and 
rental/market situation. 
Approach
Heba has decided to perform internal valuation of two thirds 
of the property portfolio and external valuation of one third 
of the portfolio in conjunction with the end of each quarterly 
reporting period. In conjunction with the end of the annual 
reporting period, all properties owned by the Group will be 
externally valued apart from the exceptions mentioned above. 
As of the reporting date, one of the properties had been val-
ued by both external and independent valuation firms and the 
recognised fair value of the property is the average of the 
aforementioned valuations. Discounted cash flow (DCF) is 
the principal valuation method applied, where an estimated 
future net operating income is calculated over an estimation 
period of five to ten years that takes into account the present 
value of an assessed market value at the end of the estimation 
period. Yield requirements are individual per property 
depending on analysis of executed transactions and the mar-
ket position of the properties. Comparison and analysis of 
completed real estate transactions in each sub-market were 
also performed. The average yield requirements were 4.5% 
(4.2) for externally valued community service property and 
3.3% (3.1) for residential property. The total average yield 
requirement for externally valued properties is 3.6% (3.4). 
The  total valuation uplift was 0.1% (-0.4) during the period of 
January-March. There were no transactions for the types of 
properties owned by Heba in the most recent quarter that 
Changes in the carrying amount of investment properties: 
Investment properties (SEKm)
2025  
Jan–Mar
2024  
Jan–Mar
2024  
Jan–Dec
Carrying amount at the beginning of the 
period 13,589.2 12,773.2 12,773.2
Acquisitions and new builds 36.6 344.3 809.3
Investments in existing properties 1 7.4 22.8 78.8
Disposals - – -110.0
Change in value 18.1 -52.8 37.9
Carrying amount at the end of the period 13,661.3 13,087.5 13,589.2
indicate a change in yield requirements. Yield requirements 
for community service properties used for elderly care facili-
ties have been assessed as unchanged. Consequently, value 
growth was unchanged or slightly positive for this category in 
the most recent quarter.  Value growth for residential proper-
ties has also generally assessed as slightly positive or 
unchanged in the most recent quarter. The value growth has 
been determined as driven by rental growth and not by 
changed yield requirements.
Financial position 
Cash and cash equivalents amounted to SEK 19.1m (40.0). 
Equity amounted to SEK 6,504.0m (6,397 .4), corresponding 
to an equity ratio of 45.6% (46.6). The L TV ratio was 44.6% 
(44.1) and the base L TV ratio was 44.4% (43.8). 
Cash flow from operating activities after changes in working 
capital amounted to SEK 42.4m (39.8). Interest-bearing liabil-
ities increased to SEK 6,090.3m (5,777 .8). Of that amount, 
SEK 0.0m (0.0) consists of the used portion of overdraft facili-
ties of SEK 140.0m (132.0) and SEK 1,831.1m (546.2) accrues 
interest at a variable rate. 
Heba has a commercial paper programme with a distributa-
ble amount framework of SEK 4,000m. Heba had outstanding 
commercial paper of SEK 623m (150) at the end of the interim 
reporting period. Heba always has liquidity or unused credit 
commitments that cover outstanding commercial paper upon 
maturity. 
At the end of the reporting period, the average interest rate 
was 2.69% (2.52). Unused credit commitments amount to SEK 
2,040.0m (2,032.0), including the unused portion of the over-
draft facility. 
There are no liabilities denominated in foreign currencies. 
LTV and average interest  
rate on property loans (%)
0
10
20
30
40
50
2025202420232022202120202019201820172016
Jan–Mar
0
1
2
3
4
5
 LTV (%) 
 Average interest rate on property loans (%)
13HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 14 =====

Pledged collateral and guarantee commitments
Collateral pledged for interest-bearing liabilities amounted 
to SEK 3,850.3m (4,632.3). The parent company has issued 
guarantee commitments for credit facilities of SEK 277m 
in relation to a residential project in Vårbergstoppen.
Fixed interest rate structure
The fixed interest rate structure and average interest rates 
as at 31 March 2025 are shown on the following table. 
Fixed interest rate structure 31 Mar 2025
Maturity
Volume 
(SEKm)
Average interest 
rate 
(%)
Share 
(%)
< 1 year 1,831.1 4.97 30
1–2 years 450.0 1.92 7
2-3 years 750.0 1.76 12
3-4 years 1,150.0 2.18 19
4-5 years 880.0 1.60 15
5-6 years 100.0 1.29 2
6-7 years 929.2 2.20 15
7-8 years - - -
8-9 years - - -
9-10 years - - -
T otal 6,090.3 2.85 100
 
The table shows all agreed rates for the respective maturities 
via loans and interest rate derivatives. The table includes 
interest rate derivatives with future start dates; consequently, 
the average interest rate may differ from the rate that Heba is 
currently paying. The average rate for period 1 includes the 
credit margin for all loans at variable rates. This also includes 
the variable component of interest rate swaps, which are 
traded at no margin. Consequently, the average rate in year 1 
does not reflect the current credit rate when borrowing. 
In order to interest-rate hedge variable rate interest-bear-
ing liabilities, Heba contracted interest rate swaps totalling 
SEK 3,400.0m (3,950.0) at the end of the reporting period, 
which mature between 2025 and 2031, of which SEK 400m 
are swap futures with start dates in 2025 and 2026.
Interest rate derivatives are recognised at fair value at each 
quarterly reporting period and the change is recognised in the 
statement of comprehensive income. As at 31 March 2025, 
the fair value of the derivatives was SEK 60.7m (114.2). 
All interest rate derivatives are measured based on quoted 
prices in official markets or according to generally accepted 
calculation methods. The derivatives are classified at Level 2 
according to IFRS 13. A netting provision is found in the ISDA 
Master Agreement that provides the right to set off receiva-
bles against payables to the same counterparty. Heba has 
determined that there are no material differences between 
the fair value and the carrying amount of financial instruments 
apart from interest-bearing liabilities, where fair value 
exceeds the carrying amount by SEK 31.7 million. 
Cash conversion cycle structure
The cash conversion cycle structure for Heba’s property loans 
as at 31 March 2025 is shown on the following table.
Cash conversion cycle structure 31 Mar 2025
Maturity
Credit agreement 
(SEKm)
Used 
(SEKm)
Commercial paper programme 4,000.0 623.0
< 1 year 1,505.0 1,365.0
1–2 years 1,090.0 490.0
2-3 years 2,150.0 850.0
3-4 years 440.0 440.0
4-5 years 959.4 959.4
5-6 years 500.0 500.0
6-7 years 679.2 679.2
7-8 years 183.8 183.8
8-9 years - -
9-10 years - -
T otal 11,507 .3 6,090.3
The average cash conversion cycle of the loan portfolio, 
including loan commitments, was 3.3 years (3.8) and the 
 aver age fixed interest duration was 2.9 years (3.8). 
Rating
Heba was given a long-term issuer credit rating of BBB, Stable 
Outlook, by Nordic Credit Rating in Q1 2025. 
MTN programme for issuance of bonds 
Heba established an MTN (Medium Term Notes) programme 
in January 2021 with an amount framework of SEK 2,000 mil-
lion. In January 2022, Heba expanded the existing MTN pro-
gramme to a total amount framework of SEK 5,000m. The 
MTN programme enables Heba to issue bonds in the capital 
market.
EU Green and Sustainability-Linked  
Financing  Framework
Heba launched an EU Green and Sustainability-Linked 
Financing Framework in February 2024. The framework was 
prepared in accordance with the current EU Taxonomy and 
the European Green Bond Standard and replaces Heba’s pre-
vious green financing framework prepared in 2021. With this 
framework, Heba’s aim is to reinforce the link between financ-
ing and sustainability strategies and objectives. The frame-
work was prepared in partnership with Handelsbanken and 
reviewed by Morningstar Sustainalytics, an independent 
organisation. They concluded that the framework will lead 
to positive environmental change, and assessed Heba’s key 
figures as “Very Strong” and the company’s sustainability 
 targets as “Highly Ambitious”.
14HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 15 =====

Read more, external link
Modern properties in attractive 
locations in Stockholm and Mälaren
At the end of Q1 2025 Heba owned 58 properties to a total 
value of SEK 13.7bn. The portfolio is comprised of residential 
properties and community service properties oriented 
towards elderly care facilities.  Heba’s hallmark is modern 
properties in attractive locations in the Stockholm and 
Mälaren regions.  Pictured here is Heba’s residential rental 
property in Älvdansen, Enköping (property designation 
Romberga 23.58).
15HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025 15

===== SIDA 16 =====

Lease liability 
Heba’s ground lease agreements are the most important 
lease agreements where Heba is the lessee. There are also a 
few leases of minor value that refer primarily to office equip-
ment. The lease liability for ground leases amounted to SEK 
143.9m (127 .4) as at 31 March 2025. The amount was calcu-
lated at an average marginal interest rate of 3%. The cost of 
ground lease payments is recognised as a financial expense 
because the ground lease agreements are perpetual and thus 
the entire payment consists of interest only because there is 
no amortisation of the lease liability. The cost in legal entities 
is treated as ground lease payments and is included in NOI.
Significant risks and uncertainties 
Rental income
Approximately 73% of Heba’s total rental income is derived 
from residential tenants. The vacancy rate is very low and 
rents are relatively certain and predictable. All of Heba’s prop-
erties are located in the Stockholm and Mälaren regions and 
are in desirable locations where demand is high. 
Operating costs
Heating costs are Heba’s largest operating cost item. The 
majority of the property portfolio is connected to the district 
heating network. Eight properties are heated mainly with geo-
thermal heat pumps. Heba is actively engaged in reducing 
energy use in the property portfolio but heating costs can 
vary from year to year depending on weather conditions and 
energy prices. 
Market value
The market value of the total property portfolio varies 
depending on the current economy and interest rate situation. 
When the property yield requirement in relation to the nor-
malised net operating income (NOI) of the valuation falls by 
0.5%, the market value rises by more than SEK 2.2bn. If the 
property yield rises by 0.5%, the market value will fall by more 
than SEK 1.7bn. 
Finance policy
Heba’s finance policy governs how financial risks must be 
managed and sets limits, as well as determines which financial 
instruments can be used. Heba has a relatively low L TV ratio. 
However, the Group is exposed to risks including interest rate 
risk due to interest-bearing borrowings. Interest rate risk 
refers to the risk of adverse impact on the Group's financial 
performance and cash flows due to changes in the market 
interest rate. How quickly a persistent change in interest levels 
affects consolidated net financial income depends on the 
fixed interest duration of borrowings. In order to limit the 
effect of changes in interest rates, about 70% of the total loan 
principal has been interest hedged for more than one year. 
Heba works continuously with the maturity structure of bor-
rowings to optimise fixed interest terms and purchases of 
interest rate derivatives with regard to expected interest rate 
changes to ensure that favourable loan terms are achieved. 
Heba’s current interest-bearing liabilities of SEK 1,988m 
 comprise commercial paper of SEK 623m, bonds of SEK 
1,100m and bank loans of SEK 265m. The company intends to 
redeem the bonds at maturity and refinance the remaining 
debt. As needed, the debt can be secured against the compa-
ny’s loan commitments of SEK 1.9bn.
Accounting policies 
Heba complies with International Financial Reporting Stand-
ards (IFRS) adopted by the EU and interpretations of the 
same (IFRIC). 
This interim report was prepared in accordance with IAS 34 
Interim Reporting and the Swedish Annual Accounts Act. The 
accounting policies applied to the Group and the parent com-
pany coincide with the accounting policies applied when pre-
paring the most recent annual report. 
Heba follows ESMA Guidelines on Alternative Performance 
Measures of 3 July 2016 (APMs). The guidelines cover finan-
cial performance measures that are not defined under IFRS. 
The principle behind APMs is that they should be used by 
management to assess the financial performance of the com-
pany and are thus deemed to provide valuable information to 
analysts and other stakeholders. Calculations of APMs are 
available on Heba’s investor relations website, ir.hebafast.se
16HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 17 =====

The Heba share
Heba’s Class B share is listed on Nasdaq Stockholm AB, Mid 
Cap. Information about the number of shareholders and the 
ten largest shareholders is available on Heba’s investor rela-
tions website, ir.hebafast.se
Dividend
The board of directors is proposing a divided of SEK 0.52 per 
share for the 2024 financial year. The dividend corresponded 
to a dividend yield of about 1.6% based on the share price as at 
31 December 2024. If the annual general meeting endorses 
the board proposal, the dividend is expected to be paid on 
2 May based on the record date of 28 April 2025.
Share buyback
The 2024 AGM mandated the board of directors to 
acquire  a maximum of 10,000 shares during the period until 
the next AGM. The company held 9,400 treasury shares as at 
31 March, corresponding to  0.01% of registered shares 
 outstanding.  
Ownership structure, 31 Mar 2025
Name
T otal number 
of Class A 
shares
T otal number 
of Class B 
shares
Equity  
(%)
Votes 
(%)
IC Industricentralen Holding AB 21,020,618 12.73 6.89
Ericsson, Charlotte 1,998,320 8,661,897 6.46 9.39
Vogel, Johan 1,866,240 8,340,978 6.18 8.85
Vogel, Anna 1,866,240 8,180,992 6.08 8.80
Holmbergh, Christina 1,848,320 7 ,819,608 5.86 8.62
Eriksson, Anders 1,828,320 6,621,836 5.12 8.16
Härnblad, Birgitta Maria 2,065,640 6,059,936 4.92 8.75
Ericsson, Ulf 6,290,000 3.81 2.06
Spiltan Aktiefond Stabil 4,903,671 2.97 1.61
Sundström, Maria 635,680 2,890,000 2.14 3.03
T otal, largest shareholders 12,108,760 80,789,536 56.26 66.15
Other shareholders 3,455,962 68,765,742 43.74 33.85
T otal 15,564,722 149,555,278 100.00 100.00
Dividend (SEK/share)
0.0
0.2
0.4
0.6
0.8
1.0
20232022202120202019201820172016
 
7%
13%
22%
9%
23%
–44%
16%
8%
NAV (Net Asset Value) per share (SEK)
0
10
20
30
40
50
60
2025202420232022202120202019201820172016
Jan–Mar
7%
9%
11%
10%
12%
21%
27%
–9%
–11% 3%
Share price performance 2017-2025 (SEK)
0
10
20
30
40
50
60
70
80
202520242023202220212020201920182017
Jan–Mar
17HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 18 =====

Parent company 
Rental income in the parent company amounted to SEK 
60.2m (58.5) and profit before appropriations and tax was 
SEK 23.9m (10.7). 
Events after the end of the  
reporting period 
Heba signed an agreement with Credentia after the end 
of the interim period regarding acquisition of an elderly care 
facility in Norrtälje. The deal was executed as a corporate 
transaction in which Heba will take ownership of the shares 
and thus, indirectly, the properties, in conjunction with 
 completion of the project in autumn 2026. 
Information 
The information in this interim report is such that Heba 
 Fastighets AB is required to publish according to the Swedish 
Securities Market Act. The information was released for 
 publication on this date.
Stockholm, 23 April 2025
Heba Fastighets AB (publ)
Patrik Emanuelsson
Chief Executive Officer
Styrmannen 1, Lidingö
18HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 19 =====

Current earnings capacity
Heba’s current earnings capacity is presented below on a 
twelve-month basis as at 31 March 2025, including the entire 
property portfolio as of the reporting date.
Current earnings capacity is disclosed in connection with 
interim reports and year-end reports. It is important to under-
stand that the presentation is a snapshot, and not a forecast 
for the next twelve months. Earnings capacity does not 
include any assessment of any changes in rentals, vacancies, 
costs or interest rates. Heba’s consolidated statement  of 
comprehensive income is also affected by the value trend for 
the property holdings and by derivatives. These factors are 
not considered in current earnings capacity.
Properties acquired and exited and projects completed 
during the period are extrapolated at an annual rate. Deduc-
tions are made for disposals of properties that have been 
exited, on a full-year basis. No deductions are made for prop-
erties for which sale agreements have been made but have 
not yet closed.
Assumptions for current earnings capacity
Rental value consists of contracted rental income for the 
entire property portfolio, including known rent increases and 
index adjustments for 2025. Negotiations for the majority of 
residential units in the property portfolio had been concluded 
and rents for 2025 set as of the reporting date. A rent uplift of 
1% corresponds to an increase of about SEK 3m in rental value. 
SEKm 31 Mar 2024
Rental value 604
Vacancy, discounts and other income -2
Rental income 602
Operating costs -159
Maintenance costs -4
Property tax -5
Net operating income (NOI) 434
Central administration -40
Profit or loss from investments in jointly controlled entities, current1) -4
Net financial income (- expenses) -160
Income from property management 230
1)  This does not include commonhold apartment income and other items affecting 
profit or loss per disposals within investments in jointly controlled entities.
Skridskon 1, Västertorp
Vacancy is assumed according to the current vacancy rate 
and  contracted discounts. Other income and operating and 
maintenance costs are assumed, based on budgeted costs for 
a normal year. Property tax is calculated based on current 
assessed values for tax purposes.
Central administration and profit or loss from investments in 
jointly controlled entities are calculated based on outcomes 
and extrapolated for the full year. 
Financial income is calculated based on outcomes and 
extrapolated for the full year, less non-recurring items. The 
costs of interest-bearing liabilities are based on the average 
interest level for the group, including the effect of derivative 
instruments. Ground rent is calculated based on current 
ground leases and is included in net financial income or 
expense.
19HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 20 =====

Consolidated statement of comprehensive income
SEKm
2025  
Jan–Mar
2024  
Jan–Mar
2024/2025
Apr–Mar
2024  
Jan–Dec
Rental income 150.9 135.9 576.8 561.8
Property costs
Operating costs -40.7 -40.1 -151.3 -150.6
Maintenance costs -0.6 -0.6 -2.3 -2.3
Property tax -1.4 -1.4 -5.1 -5.1
Net operating income (NOI) 108.2 93.8 418.1 403.8
Central administration -10.1 -10.7 -38.3 -38.9
Profit or loss from investments in jointly controlled entities -5.7 -40.5 -15.2 -49.9
Financial income 3.9 8.0 21.0 25.2
Interest expenses -44.5 -35.0 -171.6 -162.1
Interest expenses, leases -1.1 -0.9 -4.0 -3.8
Profit including changes in value in jointly controlled entities 50.6 14.6 210.2 174.2
Of which income from property management 1) 55.0 54.6 215.8 215.5
Impairments of financial assets - -9.0 -9.0 -18.0
Gain or loss from disposals of property - -0.1 -7.0 -7. 2
Change in value, investment properties 18.1 -52.8 108.7 37.9
Change in value, interest rate derivatives 5.8 14.8 -53.5 -44.5
Profit or loss before tax 74.5 -32.5 249.4 142.4
Current tax - -0.1 -2.4 -2.5
Deferred tax -21.0 -7.5 -54.7 -41.3
Profit or loss for the period 53.5 -40.1 -57.1 98.7
Other comprehensive income - – - –
Comprehensive income for the period 53.5 -40.1 192.3 98.7
Per share data 
Profit or loss after tax, SEK2) 0.32 -0.24 1.16 0.60
Dividend (2024 proposal), SEK 0.52 0.52 0.52
Total dividend (2024 proposal), SEK 000s 85,858 85,854 85,858
1) Income from property management does not include changes in value attributable to jointly controlled entities.
2) There is no dilutive effect as there are no potential ordinary shares. There are no non-controlling interests.
Condensed consolidated statement of financial position
SEKm
2025
31 Mar
2024
31 Mar
2024
31 Dec
ASSETS
Intangible assets 9.6 5.1 9.8
Investment properties 13,661.3 13,087.5 13,589.2
Right-of-use assets 143.9 1 27.4 143.9
Property, plant and equipment 11.6 6.8 10.4
Investments in jointly controlled entities 0.9 0.4 1.0
Financial non-current assets 261.7 310.7 276.0
Other non-current securities holdings 0.1 9.1 0.1
Interest rate derivatives 60.7 114.2 55.0
Current assets 85.0 40.2 44.6
Cash and cash equivalents 19.1 40.0 36.5
T otal assets 14,253.9 13,741.5 14,166.4
EQUITY AND LIABILITIES
Shareholders’ equity 6,504.0 6,397.4 6,450.5
Non-current interest-bearing liabilities 4,102.3 4,859.9 4,352.9
Deferred tax liabilities 1,388.5 1,333.8 1,367.6
Lease liabilities 143.9 1 27.4 143.9
Other non-current liabilities 13.3 - 8.3
Tax liability 3.0 0.2 3.1
Current interest-bearing liabilities 1,988.0 918.0 1,724.0
Other current liabilities 110.9 104.9 116.2
T otal liabilities 7,749.9 7,344.1 7,7 1 5.9
T otal equity and liabilities 14,253.9 13,741.5 14,166.4
20HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 21 =====

Consolidates statement of changes in equity
SEKm Share capital
Other  
capital contributions
Retained  
earnings
T otal equity attributable 
to shareholders in the parent
Opening balance, 1 Jan 2024 34.4 6.9 6,396.2 6,437.5
Comprehensive income for the period -40.1 -40.1
Closing balance, 31 Mar 2024 34.4 6.9 6,356.1 6,397.4
Opening balance, 1 Apr 2024 34.4 6.9 6,356.1 6,397.4
Comprehensive income for the period 138.8 138.8
Transactions with owners
Share reissuance 0.2 0.2
Dividend -85.9 -85.9
Closing balance, 31 Dec 2024 34.4 6.9 6,409.3 6,450.5
Opening balance, 1 Jan 2025 34.4 6.9 6,409.3 6,450.5
Comprehensive income for the period 53.5 53.5
Closing balance, 31 Mar 2025 34.4 6.9 6,462.8 6,504.0
Condensed consolidated cash flow statement
SEKm
2025  
Jan–Mar
2024  
Jan–Mar
2024  
Jan–Dec
OPERA TING ACTIVITIES
Profit or loss before tax 74.5 -32.5 142.5
Adjustment for non-cash items
Less share of profit or loss in jointly controlled entities 5.7 40.5 49.9
Amortisation, depreciation and impairments of assets 1.0 9.8 21.8
Change in value, investment properties -18.1 52.8 -37.9
Change in value, derivative instruments -5.8 -14.8 44.5
Other profit and loss items not affecting liquidity -4.7 -5.8 -3.2
Tax paid -2.1 -0.1 -0.5
Cash flow from operating activities before changes in working capital 50.6 49.9 217 .1
Change in working capital -8.2 -10.1 -2.9
Cash flow from operating activities 42.4 39.8 214.2
INVESTING ACTIVITIES
Investments in investment properties -53.9 -367.0 -900.5
Investments in financial assets -0.2 – -0.4
Other investments -2.9 0.1 -9.0
Investments in associates - – –
Dividends received from associates - 7.7 13.5
Change in non-current receivables -1 7.4 -38.0 3.4
Sales of investment properties - 0.9 104.8
Disposals of other non-current assets 1.1 – 0.6
Cash flow from (-used in) investing activities -73.1 -396.4 -787.5
FINANCING ACTIVITIES
Borrowings 600.0 310.0 1,093.0
Repayment of loans -586.6 -160.6 -644.6
Share buyback - – –
Dividend paid - – -85.9
Cash flow from financing activities 13.4 149.4 362.6
Cash flow for the period -1 7.4 -207 .2 -210.7
Cash and cash equivalents at the beginning of the period 36.5 247. 2 247. 2
Cash and cash equivalents at the end of the period 19.1 40.0 36.5
21HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 22 =====

Segment reporting, Group
January–March 2025
SEKm Central city
Stockholm 
Immediate sub-
urbs Northwest Northeast Southwest Southeast Group
Rental income 15.5 39.5 12.3 51.7 26.9 5.0 150.9
Property costs -4.9 -12.8 -3.3 -13.2 -7.5 -1.1 -42.7
Net operating income (NOI) 10.7 26.7 9.0 38.6 19.3 3.8 108.2
Investment properties, carrying amount 1,776.6 3,671.9 1,000.4 4,469.3 2,251.4 491.7 13,661.3
January–March 2024
SEKm Central city
Stockholm 
Immediate sub-
urbs Northwest Northeast Southwest Southeast Group
Rental income 14.4 39.1 8.8 47.7 24.5 1.3 135.9
Property costs -4.8 -13.4 -2.7 -13.4 -7.6 -0.1 -42.0
Net operating income (NOI) 9.6 25.7 6.1 34.3 16.9 1.2 93.9
Investment properties, carrying amount 1,742.2 3,695.7 795.4 4,219.2 2,216.3 418.7 13,087.5
Consolidated net operating income (NOI) as above coincides 
with recognised NOI in the statement of comprehensive 
income. The difference between NOI of SEK 108.2m (93.8)  
and profit before tax of SEK 74.5m (-32.5) consists of: central 
administration, SEK -10.1m (-10.7); interest expenses, leasing, 
SEK -1.1m (-0.9); net financial expense, SEK -40.6m (-27 .0); 
loss from investments in associates, SEK -5.7m (-40.5); 
impairments of financial assets, -0.0m (-9.0);  profit or loss 
from disposals of property, SEK -0.0m (-0.1); and change in 
value, SEK 23.8m (-38.0). 
Heba’s business includes management of a homogeneous 
property portfolio. No material differences in terms of risks 
and opportunities are deemed to exist. The Group’s internal 
reporting system is structured to track geographical areas. 
Segment reporting as above is consistent with internal report-
ing to management. 
The distribution per property category for January-March 
2025 is as follows: 
SEKm
Residential 
properties
Community 
service 
properties Group
Rental income 110.5 40.3 150.9
Property costs -35.3 -7.3 -42.7
Net operating income 
(NOI) 75.2 33.0 108.2
Investment properties, 
carrying amount 10,497.1 3,164.2 13,661.3
22HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 23 =====

Parent company income statement
SEKm
2025  
Jan–Mar
2024  
Jan–Mar
2024  
Jan–Dec
Rental income 60.2 58.5 2 37.1
Property costs
Operating costs -23.7 -24.1 -90.3
Maintenance costs -0.9 -0.7 -3.2
Property tax -0.9 -0.9 -3.4
Ground lease payments -0.8 -0.6 -2.5
Net operating income (NOI) 34.0 32.2 1 37.8
Depreciation of properties -6.5 -6.5 -26.2
Gross profit 27.5 25.7 111.5
Central administration -10.0 -10.7 -38.4
Gain or loss from disposals of property - – -8.8
Profit or loss from investments in Group companies - -29.0 36.0
Financial income 26.2 21.0 96.0
Interest expenses -25.5 -11.0 -60.4
Change in value, derivative instruments 5.8 14.8 -44.5
Profit or loss after net financial income or expenses 23.9 10.7 91.5
Appropriations - – 43.1
Current tax - – –
Deferred tax -2.8 -9.5 -13.3
Profit or loss for the period 21.2 1.3 121.2
Condensed parent company balance sheet
SEKm
2025
31 Mar
2024
31 Mar
2024
31 Dec
ASSETS
Intangible assets 9.6 5.1 9.8
Property, plant and equipment 2,374.2 2,387.1 2,365.9
Financial non-current assets 3,996.3 3,090.3 3,685.0
Derivative instruments 60.7 114.2 55.0
Current receivables 141.3 770.5 136.5
Cash and cash equivalents 18.5 39.3 30.1
T otal assets 6,600.6 6,406.6 6,282.3
EQUITY AND LIABILITIES
Shareholders’ equity 2,225.9 2,170.4 2,204.7
Untaxed reserves 2.5 2.7 2.5
Provisions 220.5 213.9 217 .7
Non-current liabilities 2,313.5 3,508.9 2,874.1
Current liabilities 1,838.2 510.7 983.2
T otal liabilities 4,374.7 4,236.2 4,077.6
T otal equity and liabilities 6,600.6 6,406.6 6,282.3
23HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 24 =====

Key figures, Group
2025
Jan–Mar
2024
Jan–Mar
2024
Jan–Dec
2023
Jan–Mar
2022
Jan–Mar
2021
Jan–Mar
Property-related key figures
Lettable time-weighted area, 000s m2 263 257 257 302 267 254
Property yield, % 1) 3.2 2.9 3.0 2.5 2.1 2.3
Rental income per m2, SEK 2,292 2,115 2,182 1,890 1,752 1, 679
Property costs per m2, SEK 648 655 614 633 601 572
Carrying amount per m2, SEK 51,882 50,689 51,599 51,279 55,232 47,906
Financial key figures
Cash flow, SEKm 2) 42.4 39.8 214.2 80.3 30.5 41.4
Investments, SEKm 57.0 367.0 899.5 86.3 118.4 121.4
NOI margin, % 3) 19) 71.7 69.1 71.9 66.5 65.7 65.9
Property management margin, % 4) 19) 36.4 40.2 38.4 51.7 47.7 45.6
Interest coverage ratio, multiple 5) 19) 2.2 2.6 2.3 2.6 4.6 4.3
Average interest rate for property loans, % 6) 19) 2.69 2.50 2.81 2.50 1.05 1.10
Debt/equity ratio, multiple 7) 19) 0.9 0.9 0.9 1.1 0.8 0.8
LT V,  % 8) 19) 44.6 44.1 44.7 48.0 43.0 42.3
Net L TV, % 9) 19) 44.4 43.8 44.5 47.8 40.0 40.7
Equity ratio, % 10) 19) 45.6 46.6 45.5 42.8 47.7 47.4
Return on equity, % 11) 19) 3.3 -2.5 1.5 -10.5 10.5 6.9
Return on total assets, % 12) 19) 3.3 0.1 2.2 -4.4 6.9 4.5
Per share data
Profit or loss after tax, SEK13) 0.32 -0.24 0.60 -1.14 1.21 0.64
Cash flow, SEK 14) 19) 0.26 0.24 1.30 0.49 0.19 0.25
Shareholders’ equity, SEK 15) 19) 39.39 38.75 39.07 42.62 46.59 37.74
NAV, SEK 16) 19) 47.43 46.13 47.02 51.55 56.61 46.60
Share price, SEK 17) 26.50 34.70 32.75 28.50 75.80 57.7 5
Carrying amount, properties, SEK 18) 19) 82.74 79.27 82.30 94.09 90.11 74.02
Shares outstanding at the end of the period, 000s 165,111 165,104 165,111 165,120 165,120 165,120
Average shares outstanding, 000s 165,111 165,104 165,104 165,120 165,120 165,120
Definitions
1) Net operating income in relation to the carrying amount of properties 
at the end of the period. 
2) Income from property management less tax paid, adjusted for net inter-
est paid and non-cash items and after changes in working capital. 
3) NOI in relation to rental income. 
4) Income from property management in relation to rental income. 
5) Income from property management plus interest expenses in relation 
to interest expenses. 
6) Average interest rate for property loans on the reporting date. 
7) Interest-bearing liabilities in relation to visible equity at the end of 
the period. 
8) Interest-bearing liabilities in relation to the carrying amount of properties 
at the end of the period.
9) Interest-bearing liabilities and declared dividend less cash and cash 
equivalents in relation to the carrying amount of properties at the end 
of the period.
10) Visible equity in relation to total assets at the end of the period. 
11) Profit after tax in relation to average visible equity. 
12) Profit or loss before tax excluding items affecting comparability plus 
interest expenses in relation to average total assets. 
13) Profit or loss for the period in relation to average shares outstanding 
 during the period. 
14) Cash flow from operating activities in relation to average shares out-
standing during the period. 
15) Shareholders’ equity in relation to shares outstanding at the end of 
the period. 
16) Shareholders’ equity plus interest rate derivatives and deferred tax 
 liabilities in relation to shares outstanding at the end of the period. 
17) Share price at the end of the period
18) Carrying amount of properties in relation to shares outstanding at the 
end of the period 
19) Calculations of APMs are available on Heba’s website, www.hebafast.se
24HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

===== SIDA 25 =====

Auditor's review report
Heba Fastighets AB (publ) CRN 556057-3981
Introduction
We have reviewed the condensed interim financial information 
for Heba Fastighets AB (publ) as of 31 March 2025 and the 
three-month period then ended. The Board of Directors and 
the Managing Director are responsible for the preparation and 
presentation of this interim financial information in accord-
ance with IAS 34 and the Annual Accounts Act. Our responsi-
bility is to express a conclusion on this interim report based on 
our review. 
Scope of review 
We conducted our review in accordance with the International 
Standard on Review Engagements ISRE 2410, Review of 
Interim Report Performed by the Independent Auditor of the 
Entity. A review consists of making inquiries, primarily of per-
sons responsible for financial and accounting matters, and 
applying analytical and other review procedures. The orienta-
tion of a review differs from and is substantially less in scope 
than an audit conducted in accordance with International 
Standards on Auditing and other generally accepted auditing 
standards. The procedures performed in a review do not ena-
ble us to obtain assurance that we would become aware of all 
significant matters that might be identified in an audit. The 
conclusion expressed on the basis of a review therefore does 
not provide the level of assurance of a conclusion based on an 
audit. 
Conclusion 
Based on our review, nothing has come to our attention that 
causes us to believe that the interim report was not prepared, 
in all material respects, in accordance with IAS 34 and the 
Swedish Annual Accounts Act regarding the Group, and in 
accordance with the Swedish Annual Accounts Act regarding 
the Parent Company. 
Stockholm, 23 April 2025 
Ernst & Young AB 
Fredric Hävrén 
Authorised Public Accountant
25HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

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Our core business is to own, manage and 
develop residential rental properties 
and community service properties in the 
Stockholm and Mälaren regions.
Our vision 
We shall be the best in Sweden at creating secure and attractive 
homes and communities.
Our business concept
Heba is a long-term and experienced property owner that develops, 
owns and manages residential properties and community service 
properties in the Stockholm and Mälaren regions. On the strength of 
our expertise and commitment, we offer safe, secure and sustainable 
homes for people throughout various phases of their lives. We create 
value for shareholders and society  through satisfied tenants, safer and 
more attractive communities and trustful partnerships. 
Heba Fastighets AB Our value-creating business model
Acquisitions
New builds 
Built properties
Product development
Focus on the sharing 
economy and 
digitalisation
New builds
Land allocations
Property development
Densification, upgrading and 
renewal (ROT)
Long-term and efficient management 
of  58  properties in the Stockholm and 
Mälaren regions.
44 residential rental properties and  
14 community service properties
Input values • Borrowed and internal capital
• Expertise, experience
• Resources - energy, water, building materials 
• Buildings and building rights
• Tenant relationships
• Partner relationships
• Investment in Colive
• Operate coworking 
under own management
Sustainability
Income from  
property  
management
Value generated
26HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025

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Heba is a long-term and experienced property owner that develops, owns 
and manages residential properties and community service properties 
centrally located in the Stockholm and Mälaren regions. On the strength 
of our expertise and commitment, we offer safe, secure and sustainable 
homes with high amenity standards for people to enjoy living in through-
out various phases of their lives. We create value for shareholders and 
society through satisfied tenants, safer and more attractive communities 
and trustful partnerships. 
The Heba Group owns 58 properties, including 14 community service prop-
erties. These comprise 3,110 rental apartments, 825 apartments in elderly 
care facilities and 119 non-residential units. Heba was founded in 1952 and 
has been listed on Nasdaq Stockholm AB Nordic Mid Cap since 1994.  
hebafast.se
Contact persons
Patrik Emanuelsson, CEO
+46 8-522 547 50, patrik.emanuelsson@hebafast.se 
Hanna Franzén, CFO
+46 8-442 44 59, hanna.franzen@hebafast.se
Annual General Meeting
24 APR 2025
Interim Report January–June 2025
9 JUL 2025
Interim Report January–September 2025
22 OCT 2025
Year-end Report 2025
FEB 2026
Annual Report 2025
MAR 2026
Financial 
calendar
27Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2025HEBA FASTIGHETS AB