===== 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 ===== SIDA 26 ===== 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 ===== SIDA 27 ===== 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