Kvartalsrapport Q1 2026

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Fulltext

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

Q1
The quarter: 1 January–31 March 2026
Profit for the period: 108.5 (SEK 53.5m), corresponding to SEK 0.70 per share (0.32). 
Income from property management: SEK 57 .6m (55.0). 
Rental income: SEK 157 .0m (150.9). 
Net operating income (NOI): SEK 111.9m (108.2). 
Unrealised changes in the value of properties: SEK 50.0m (18.1). 
Energy use: 65 kWh/m2 (73)
Ownership of Viggholmen 1, a residential property of 171 rental apartments in Vårberg 
 transferred to Heba.
Green bond issue, SEK 300m.
Confirmed rating: BBB with stable outlook.
Capella 2, Youth Housing, Tullinge.
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 1
Intro

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

Key figures
2026  
Jan–Mar
2025  
Jan–Mar
2025/2026 
Apr–Mar
2025  
Jan–Dec
Property-related key figures
Rental income, SEKm 157.0 150.9 611.5 605.4
Lettable time-weighted area, 000s m2 268.5 263.3 264.1 263.3
Property yield, % 3.1 3.2 3.0 3.2
Carrying amount per m2, SEK 54,187 51,882 54,187 53,458
Financial key figures
Cash flow, SEKm 62.5 42.4 236.6 216.5
Investments, SEKm 533.5 57.0 761.5 285.0
Average interest rate, % 2.83 2.69 2.83 2.67
Property management margin, % 36.7 36.4 36.7 36.6
Loan-to-value (L TV) ratio, % 47. 2 44.6 47. 2 46.2
Net L TV, % 47.0 44.4 47.0 46.1
NOI margin, % 71.3 71.7 72.5 72.6
Per share data
Profit or loss before tax, SEK 0.91 0.45 2.81 2.35
Profit or loss after tax, SEK 0.70 0.32 2.17 1.80
Dividend, SEK 0.55 0.52 0.55
Share price as at 31 March, SEK 27.80 26.50 27.80 30.70
EPRA NRV (Net Reinstatement Value, a long-term NAV metric), SEK 50.72 47.43 50.72 50.05
EPRA EPS, SEK 0.34 0.33 1.38 1.37
See the statement of 
 comprehensive income for 
more information.
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 2
Intro

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

Stability is a critical factor in rebuilding optimism in the prop-
erty market. There were signs of a trend break early in the year 
when we saw commonhold apartment prices rising in both the 
new build and resale markets. But after the latest outbreak of 
war in the Middle East, it is too early to tell if the trend will 
hold. Our property valuations remain stable, with a modestly 
positive trajectory.
Against this backdrop, I sincerely hope that world leaders 
choose cooperation over conflict. Threats, war and violence 
do not produce long-term solutions – but working together 
and taking responsible global action do.
Despite the unsettled business environment, I can confi-
dently state that Heba is stable and Heba is strong. We are 
maintaining our good performance as we begin 2026 as our 
long-term strategy and consistent efforts with sustainability, 
efficient property management and value-add investments 
are yielding obvious results. Income from property manage-
ment grew by 4.8% in Q1 to SEK 57 .6m (55.0)..
We reinforced our property portfolio during the period 
when we took ownership of Viggholmen in Vårberg, compris-
ing 171 apartments. The property is an important addition that 
further solidifies our position in the persistently strong hous-
ing market in Stockholm. In parallel, we began letting of the 
first phase in Källberga Nynäshamn, marking a significant step 
in development of the area.
Although the winter was unusually long, cold and snowy, our 
business has demonstrated strong resilience. The NOI margin 
of 71.3% (71.7) clearly reflects efficient property management 
and stable demand.
As always, ESG was a central component of operations. 
Heba produced and published its first CSRD-compliant report 
this quarter – even though we are not yet subject to the regu-
lations. We took this purposeful step to remain on the leading 
Six years defined by global crises are now behind us. We have rarely experienced 
such a long period of instability and uncertainty in modern times. War continues to 
rage in Europe and the Middle East, making outlooks difficult to assess.  Forecasts 
are seemingly revised almost as soon as they are made, and it is a  challenge to 
maintain a long-term approach in a changing global environment. The domestic 
political landscape is rife with uncertainty as we head towards the election this 
autumn, as the political blocs have yet to deliver any clear-cut messages.
Prime position for 
continued value growth
Patrik Emanuelsson CEO Heba Fastighets AB
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 3
CEO’s message

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

edge and ensure high transparency and quality in our sustain-
ability reporting.
We are also continuing to deliver strong outcomes in energy 
optimisation. Heba achieved a new record-low in energy use 
of 65 (73 ) kWh/m2 in Q1, further reinforcing our position as a 
leader in sustainable property management.
The work towards climate-neutral property management is 
one of our top priorities. Our target is climate neutrality by 
2030 and we have already come a long way. We have reduced 
our carbon emissions in property management by a full 91% 
since the base year of 2018. That is the result of goal-oriented 
investments, technical advances and unwavering commit-
ment across the organisation.
Further development of our project portfolio continues. In 
partnership with Settler, Heba obtained its first land allocation 
in Solna, Bergshamra, for about 100 apartments, and we have 
received an approved detailed development plan for our 
major collaborative project in Stora Sköndal that involves 
about 600 apartments.
In our existing portfolio, we have begun renovating Höken, 
one of the last of our properties needing significant refurbish-
ment and full system repiping. In parallel, we are continuing 
our new build projects at speed, including a residential project 
in Västertorp and elderly care facilities in Norrtälje and on Lilla 
Essingen in Stockholm. As planned, Höken and the elderly 
care facility in Norrtälje will be completed this year.
Heba successfully issued green bonds for SEK 350m in Q1, 
and we still have 100% green commercial paper totalling 
SEK 1,050m.
We also completed the first version of our Smart Manage-
ment digitalisation project this quarter. Smart Management 
is our approach to integrating digitalisation, data and AI 
throughout the property management process. We are 
deploying structured property information, digital twins and 
data-driven analysis to create a shared and up-to-the-mo-
ment picture of every Heba property, which enables more 
proactive operation, better decision input and greater preci-
sion in planning and investments. Supported by sensors and 
intelligent systems, we can also identify anomalies at an early 
stage and take preventative action. On the whole, this 
enhances the quality of property management and promotes 
a more sustainable, value-creating property portfolio.
All in all, Heba is in prime position to grasp future opportuni-
ties and overcome challenges. With a modern and growing 
property portfolio, a stable financial position and laser focus 
on sustainability and digitalisation, we continue to create 
value for our tenants, partners and shareholders.
Heba – a safer landlord!
Patrik Emanuelsson
CEO Heba Fastighets AB
Outcome Q1 2026
Energy use
65 kWh/m2 (73)
Höken 30, Södermalm
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 4
CEO’s message

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

Events in Q1 2026 Heba produced a CSRD report for the first time.
Heba produced its first CSRD-compliant sustainability report. 
The report is a mechanism for maintaining control and achiev-
ing ESG targets. 
Carbon emissions in property management cut  
by 91%.
Heba has reduced Scope 1 and 2 carbon emissions in property 
management by 91% since 2018. If we had been able to take 
advantage of the agreement with Stockholm Exergi and had 
already had access to carbon removal (coming in 2029), we 
would have had climate-neutral property management in 
2025 while simultaneously meeting the criteria for SBTi, the 
Science Based Target initiative. 
Energy use still dropping: 65 kWh/m2
Heba is continuing its efforts to slash energy use. At the end 
of Q1 2026, the record-low outcome was 65 kWh/m2. The 
 target is 40 kWh/m2 by 2030.
Heba now owns the Stockholm Viggholmen 1 
property in Vårberg.
Heba has taken possession of Stockholm Viggholmen 1 adja-
cent to Vårbergstoppen near the shore of Lake Mälaren. The 
apartments are fully let and the annual rental value is approxi-
mately SEK 25m. 
Land allocation for 100 rental apartments in 
Bergshamra, Solna.
In partnership with Settler, Heba has been issued a land 
 allocation for about 100 rental apartments in Bergshamra. 
Construction is planned for 2026–2029.
Construction of 48 rental apartments in Skridskon, 
Västertorp, is in progress.
The new build of 48 rental apartments in the Skridskon block 
of Västertorp continued in Q1 when the foundation was 
poured. The building frame and façades will be raised this 
summer. As planned, the building will be ready for occupancy 
in 2027 .
Letting of the terraced houses in Smedjan 
 Källberga has begun.
Construction of 128 rental apartments in Smedjan, Källberga 
Nynäshamn, is progressing. Letting of the 13 rental terraced 
houses began in Q1 and tenants will move in this autumn. 
 Letting of the apartments in phase two will start in April. 
Skridskon block in Västertorp (rendering).
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 5
CEO’s message

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

5
11
1
1
1
2
2
3
2
37
Norrtälje
Nynäshamn
Enköping
Uppsala
Stockholm
3
Modern properties 
in attractive 
 locations in  
Stockholm  
and Mälaren
Heba owns and manages a modern property portfolio 
comprised of residential properties and community ser-
vice properties housing 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 central Stockholm. Most of the 
properties are located in the City of Stockholm and 
surrounding municipalities.
The majority of the properties are new builds or reno-
vated. Only two properties, with a total of 98 apartments, 
remain outstanding in Heba’s renovation programme, of 
which 20 apartments will be renovated in 2026.
Read more, external link
The vacancy rate for residential and non-residential units 
remains very low at 0.29% for residential and 0.63% for 
non-residential at the end of the reporting period.
Property holdings and market 
The Heba Group’s property holdings at the end of the Q1 2026 
interim period (Q1 2025 in brackets)
Properties in the 
 Stockholm and Mälaren 
regions
58 (58)
Residential properties
43 (43)
Community service 
properties 14 (14)
Project properties:
1 (1)
Lettable space
269,100 (263,300)
Rental apartments
3,263 (3,110)
Apartments in 
elderly care 825 (825)
Non-residential units
119 (119)
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 6
The Heba investment case

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

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. As part 
of its growth strategy, 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. 
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 71.3% (March 2026) and nearly non-existent 
vacancies make Heba an eminently stable property company 
in the market. Long-term leases for community service 
 properties and rents that are consistently 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 been reduced to 65 kWh/m2 (March 
2026). 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 
manage ment will generate dividends when property values 
rise again.
Definitive growth strategy
Heba will continue to grow through renovations, strategic 
acquisitions of community service properties and new builds 
of residential properties. Heba has forged a strong position in 
the social infrastructure sector (community service proper-
ties), 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 
 position to respond effectively to trends such as an ageing 
population and rising demand for elderly care facilities. The 
modern, sustainable property portfolio in attractive locations 
meets tenant demands.
Efficiency through digitalisation and AI
Heba is building a digital infrastructure by which the buildings 
are not only managed, but also monitored, analysed and learn 
independently. Digitalisation produces modern and efficient 
property management.
The Heba  
investment case
Smart Management is our 
approach to integrating 
digitalisation, data and AI 
throughout the property 
management process.
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 7
The Heba investment case

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

Financial targets  
2026–2030
Target Outcome March 2026
Income from property management
– average annual growth
5% 
or better
+4.8%
LTV ratio
– below 45% on average 
– never above 50% 45% 47.2%
NOI margin
>70% 71.3%
Market value 
of properties
>20 SEK bn 14.6 SEK bn
Community service properties
– Share of NOI
20%
or better
29%
Dividend
– Share of income from property management 
adjusted for tax, 50%
or better
50%
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 8
Targets & outcomes

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

ESG  
targets 
Our focus areas
Environment 
Social sustainability 
Organisation
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 
objectives in alignment with the UN Global Sustainable 
Development Goals (SDGs).Future-proofing the busi-
ness is intertwined with successful enterprise.
Target Outcome March 2026
Climate-neutral property management by
2030
In progress
Entire organisation climate-neutral by
2045
In progress
Reduced energy use
– by 2030
40 kWh/m2 65 kWh/m2
All properties environmentally certified 
– HållFast certification of properties in operation
in
2025
Achieved
Heba’s equity 100% green from
2030
Achieved
Heba’s financing  
100% green.
from
2030 69%
All tenants to have  
sustainable leases
by
2030 53%
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 9
Targets & outcomes

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

Revenue and profit
Rental income increased to SEK 157 .0m (150.9), mainly due 
to acquisitions and rent uplifts in 2026. Property costs 
amounted to SEK 45.1m (42.7). NOI improved by 3% year-
over-year to SEK 111.9m (108.2). Income from property 
 management in Q1 was SEK 57 .6m (55.0). The growth is 
mainly due to higher rental income and improvement in profit 
or loss from interests in jointly controlled entities. Net financial 
expenses for the quarter were SEK −44.3m (–41.7). Unreal-
ised changes in the value of investment properties amounted 
to SEK 50.0m (18.1) and unrealised changes in the value of 
interest derivatives amounted to SEK 34.0m (5.8). Profit 
before tax was SEK 141.6m (74.5), corresponding to SEK 0.91 
(0.45) per share, and profit after tax was SEK 108.5m (53.5), 
 cor responding to SEK 0.70 per share (0.32) per share.
Interim Report 
1 January–31 March 2026
Showing of terraced houses in Källberga, Nynäshamn.
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 10
Report

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

Investments and disposals
Rental apartments in Vårberg Stockholm
Heba signed an agreement in 2025 with VBT Utvecklings AB, 
a company within the partnership between Heba and Åke 
Sundvall Byggnads AB, on the acquisition of rental apart-
ments in Vårberg, Stockholm. The property, completed in 
2025, comprises 171 apartments. Ownership was transferred 
in January 2026 when Heba acquired the shares in the com-
pany. The agreed property value corresponds to SEK 420m. 
Elderly care facility in Norrtälje
Heba closed an agreement in April 2025 with Credential 
 Exploatering 7 AB, a company in the Credentia Group, to 
acquire an elderly care facility in Norrtälje. The facility com-
prises 60 apartments. Transfer of ownership is planned for 
autumn 2026 when Heba will acquire all shares in the com-
pany. The agreed property value corresponds to SEK 230m 
and production began in Q2 2025. 
Residential rental property in Källberga, Nynäshamn 
Heba closed an agreement in October 2021 with a company 
controlled by MAMA Management AB to acquire rental 
apartments 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 comprise 
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 and 2027 . Costs 
incurred amount to SEK 354.5m, including SEK 71.7m in Q1 
2026. The estimated investment has risen to SEK 450m due 
to the increase in lettable space for the project and generally 
higher costs since 2021. 
Rental apartments in Hägersten Stockholm
Heba started production of a project in Hägersten comprising 
48 rental apartments in late 2025, with estimated completion 
in 2027 . Costs incurred amount to SEK 31.0m, including 
SEK 13.7m in Q1 2026. The investment is estimated at about 
SEK 160m. 
Investments
Property Location No. of apts Property type Transfer of ownership Construction start Completion year
Cumulative 
investment (SEKm)
Estimated 
investment (SEKm)
Estimated 
NOI (SEKm)
Viggholmen 1 Vårberg 171 Residential rental units Acquired January 2026 420 420 23.1
Sparven 3–5 Norrtälje 60 Elderly care facility Autumn 2026 2025 2026 0 230 11.2
Källberga (Sittesta 2:48, 2:49 and 2:53) Nynäshamn 128 Residential rental units Nov 2022 2024 2026 & 2027 355 450 1 7.1
Skridskon Hägersten 48 Residential rental units 2025 2027 31 160 7.6
Spöksonaten Axelsberg 49 Residential rental units 2026 2028 0 170 8.1
Villa Primus Lilla Essingen 166 Elderly care facility 2025 2028 0 830 37.3
Stora Sköndal Sköndal 150 Residential rental units 2027 2029 0 550 25.5
Tärnö Farsta 139 Residential rental units 2028 2029 0 430 19.0
Total 911 806 3,240 148.9
Other projects
Additional projects in Heba’s own project portfolio are pre-
sented in the following table. As these projects are in various 
phases, completion years, estimated investments and NOI 
may be subsequently updated. 
Other investments
Other new investments amount to SEK 2.8m (2.2). 
SEK 21.5m was invested in value-add measures in other 
properties during the period. (17 .4). The total investment 
in investment properties in Q1 was SEK 529.7m (54.1). 
SEK3.8m was invested in other non-current assets during 
the period. (2.9).
Disposals
There were no disposals of assets in Q1 2026. 
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 11
Report

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

Partnerships
Vårbergstoppen
Heba and Åke Sundvall Byggnads AB have run a rental prop-
erty project in Vårbergstoppen through a partnership agree-
ment. The rental property project comprising 300 apartments 
was distributed between two buildings. Construction of 
the project began in Q2 2021. Under the agreement, the 
parties each owned 50% of the project. The total investment 
amounted to about SEK 800m and the buildings were com-
pleted in 2024 and 2025. A contract with Svenska Bostäder 
on the sale of the first property was signed in February 2024. 
The deal was executed as a corporate transaction in which 
Svenska Bostäder acquired the shares and thus, indirectly, 
the property, in September 2024. As regards the second 
property, a contract of sale was signed with a company in the 
Heba Group in December 2025. This deal was also executed 
as a corporate transaction in which Heba sold the shares and 
thus, indirectly, the property. The exit took place at the end of 
January 2026. 
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 
 project was issued an approved detailed development plan in 
late March, 2026. 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.
Villa Primus Lilla Essingen
Heba and Peab closed an agreement in June 2025 to build 
an elderly care facility of 166 apartments on Lilla Essingen, 
Stockholm. Under the agreement, the parties each own 50% 
of the project and Heba took ownership of its share of the 
company in December 2025. The project began production 
in Q3 2025 and the total investment is estimated at about 
SEK 830m.
Partnerships
Property Location No. of apts Property type Acquisitions Construction start Completion year
Estimated investment, 
SEKm1)
Stora Sköndal Sköndal 260 
340
Rental apartments 
Commonhold apartments
Nov 2020 2,000
Skärgårdsskogen Skarpnäck 100 Commonhold apartments Sep 2021 250
Stockholm Primus 2 Lilla Essingen 166 Elderly care facility Dec 2025 Q3 2025 2028 830
Total 866 3,080
1) Heba’s share is 50%.Villa Primus Lilla Essingen (rendering).
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 12
Report

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

Property valuation
The market value of the properties was SEK 14,583.0m as 
at 31 March 2026 according to valuations performed, as 
compared to SEK 14,003.2m as at year-end 2025. One third 
of all properties owned by the Group, excluding properties 
currently undergoing renovation and project properties in 
early phases, were valued externally, half by Savills Sweden 
AB and half by Novier Real Estate AB. Properties undergoing 
renovation and project properties in early phases have been 
valued internally. All 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. 
Changes in the carrying amount of investment properties: 
Investment properties (SEKm)
2026  
Jan–Mar
2025  
Jan–Mar
2025  
Jan–Dec
Carrying amount at the beginning  
of the period 14,003.2 13,589.2 13,589.2
Acquisitions and new builds 508.5 36.6 2 07.4
Investments in existing properties 21.2 1 7.4 69.6
Disposals - - –53.0
Change in value 50.0 18.1 190.0
Carrying amount at the end of the period 14,583.0 13,661.3 14,003.2
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 project properties in early 
phases. As of the reporting date, one of the properties had 
been valued by both valuation firms. The recognised fair value 
is the average of the two 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 market position of the properties. Comparison and analy-
sis of completed real estate transactions in each sub-market 
were also performed. The average yield requirements were 
4.4% (4.5) for externally valued community service property 
and 3.4% (3.3) for residential property. The total average yield 
requirement for all externally valued properties is 3.6% (3.6). 
The total valuation uplift was 0.4% (0.1) during the period of 
January-March. Value growth has been assessed in the most 
recent quarter as unchanged or slightly improved for elderly 
care facilities, residential new builds and older, centrally 
located residential properties. 
Financial position 
Cash and cash equivalents amounted to SEK 40.3m (19.1). 
Shareholders’ equity amounted to SEK 6,452.2m (6,504.0) 
corresponding to an equity ratio of 42.7% (45.6). The L TV 
ratio was 47 .2% (44.6) and the net L TV ratio was 47% (44.4). 
Cash flow from operating activities after changes in working 
capital amounted to SEK 62.5m (42.4). Interest-bearing 
liabilities increased to SEK 6,890.2m (6,090.3, of which 0,0 
(0.0) consists of the utilised portion of an overdraft facility of 
SEK 140m (140) and SEK 2,283.7m (1,831.1) accrues interest at 
a variable rate. 
Heba has a commercial paper programme with a distri-
butable amount framework of SEK 4,000m . Heba had 
outstanding commercial paper of SEK 1,050m (623) 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 interim reporting period, the average 
interest rate was 2.83% (2.69). Unused credit commitments 
amount to SEK 2,040.0m (2,040.0), including the unused 
portion of the overdraft facility of SEK 140m (140). 
There are no liabilities denominated in foreign currencies. 
Pledged collateral and guarantee commitments
Collateral pledged for interest-bearing liabilities amounted to 
SEK 4,031.3m (3,850.3).
LTV and average interest rate on property loans (%)
0
10
20
30
40
50
2026202520242023202220212020201920182017
Jan–Mar
0
1
2
3
4
5
 LTV (%) 
 Average interest rate on property loans (%)
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 13
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===== SIDA 14 =====

Fixed interest rate structure
The fixed interest rate structure and average interest rates as 
at 31 March 2026 are shown on the following table. 
Fixed interest rate structure 31 Mar 2026
Maturity
Volume 
(SEKm)
Average interest 
 rate (%)
Share 
(%)
< 1 year 2,483.6 4.31 36
1–2 years 750.0 1.76 11
2–3 years 1,250.0  2.18 18
3–4 years 1,130.0  1.73 17
4–5 years 350.0 2.19 5
5–6 years 926.6 2.20 13
6–7 years - - -
7–8 years - - -
8–9 years - - -
9–10 years - - -
Total 6,890.2 2.83 100
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- 
bearing liabilities, Heba had contracted interest rate swaps 
totalling SEK 3,550.0m (3,400.0) that mature between 2026 
and 2031.
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, the fair 
value of the derivatives amounted to SEK 63.3m (60.7). 
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 
receivables 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 18.8m . 
Cash conversion cycle structure
The cash conversion cycle structure for Heba’s property loans 
as at 31 March 2026 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 1,050.0
< 1 year 630.0 490.0
1–2 years 2,198.5 1,098.5
2–3 years 1,540.0 740.0
3–4 years 1,851.4 1,851.4
4–5 years 800.0 800.0
5–6 years 676.6 676.6
6–7 years 183 ,8 183.8
7–8 years - -
8–9 years - -
9–10 years - -
Total 11,880.2 6,890.2
The average cash conversion cycle of the loan portfolio, 
including loan commitments, was 3.2 years (3.3) and the 
average fixed interest duration was 2.3 years (2.9). 
Rating
Heba was given a long-term issuer credit rating of BBB, 
Stable Outlook, by Nordic Credit Rating in Q1 2026. 
MTN programme for issuance of bonds 
Heba established an MTN (Medium Term Notes) programme 
in January 2021 with an amount framework of SEK 2,000m. In 
January 2022, Heba expanded the existing MTN programme 
to a total amount framework of SEK 5,000m. The MTN pro-
gramme 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 
previous green financing framework prepared in 2021. With 
this framework, Heba’s aim is to reinforce the link between 
financing and ESG strategies and objectives. The framework 
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”.
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 14
Report

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

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 
equipment. The lease liability for ground leases amounted 
to SEK 152.7m as at 31 March 2026. (143.9). The amount was 
calculated at an average incremental 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 74% 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 Heba proper-
ties 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. A total of 13 properties are heated mainly 
with geothermal 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 
0.50%, the market value rises by more than SEK 2.4bn. If the 
property yield requirement rises by 0.50%, the market value 
will fall by more than SEK 1.8bn. 
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 64% of the total 
loan principal has been interest hedged for more than one 
year. Heba works continuously with the maturity structure of 
borrowings 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 1,540m 
comprise commercial paper of SEK 1,050m and bank loans of 
SEK 490m. The company intends to refinance the entire debt. 
As needed, the debt can be secured against the company’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
IFRS 18, which supersedes IAS 1, becomes mandatorily 
effective on 1 January 2027 and includes new requirements 
for presentation of the income statement. At the same date, 
amendments to IAS 7 will be implemented by which several of 
the options currently permitted in the presentation of the 
cash flow statements will be eliminated. Heba began the 
implementation of IFRS 18 in 2025 to ensure full compliance 
with the new accounting standards. Other new and amended 
standards approved by the EU, as well as interpretations, are 
not currently expected to have a material impact on Heba’s 
financial position or results of operations.
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 15
Report

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

Related party transactions
Services bought and sold between Group companies and 
related parties are charged at market rates on an arm’s-length 
basis. The Heba Group purchased legal services during the 
year from Foyen Advokatfirma, in which the board chair, Jan 
Berg, is a partner, in the amount of SEK 0.3m including VAT. 
Parent company 
Rental income in the parent company amounted to SEK 61.6m 
(60.2) and loss before appropriations and tax was SEK –3.4m 
(23.9). 
Events after the end of the  
reporting period 
There are no events after the end of the interim period to 
report.
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. 
Interior of terraced house in Källberga, Nynäshamn.
Stockholm, 22 April 2026
Heba Fastighets AB (publ)
Patrik Emanuelsson
Chief Executive Officer
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 16
Report

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

Current earnings capacity
Heba’s current earnings capacity is presented below on a 
twelve-month basis as at 31 March 2026, 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 rent increases and index 
adjustments for 2026. Residential rents for 2026 have been 
set for all properties. Vacancy is assumed according to the 
current vacancy rate and contracted discounts. Other income 
SEKm 31 Mar 2026
Rental value 640
Vacancy, discounts and other income –3
Rental income 637
Operating costs –153
Maintenance costs –3
Property tax –5
Net operating income (NOI) 476
Central administration –42
Profit or loss from investments in jointly controlled entities, current1) –4
Net finance income/expenses –189
Income from property management 241
1)  This does not include commonhold apartment income and other items affecting 
profit or loss per disposals within Investments in jointly controlled entities.
Balcony from Smedjan apartment in Källberga, Nynäshamn (rendering).
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 were based on the average 
interest level for the Group, including the effect of derivative 
instruments and forthcoming acquisitions in 2026. Capitalised 
interest attributable to projects is not factored into earnings 
capacity. Ground rent is calculated based on current ground 
leases and is included in net financial income or expense.
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 17
Report

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

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 
 relations website, ir.hebafast.se.
Dividend
The board of directors is proposing a divided of SEK 0.55 per 
share for the 2025 financial year. The dividend corresponds to 
a dividend yield of about 1.8% based on the share price as at 
31 December 2025. If the annual general meeting endorses 
the board proposal, the dividend is expected to be paid on 
30 April 2026 based on the record date of 27 April 2026. 
Share buyback
The 2025 AGM mandated the board of directors to acquire a 
maximum 10% of the shares in the company. Heba Fastighets 
AB repurchased Class B treasury shares in 2025. The com-
pany’s total holding treasury shares was 9,907 ,200 as at 
31 March 2026, corresponding to 6.00% of registered shares 
outstanding. 
Ownership structure, 31 March 2026
Name
Total number 
of Class A 
shares
Total number 
of Class B 
shares
Equity  
(%)
Votes 
(%)
IC Industricentralen Holding AB 16,499,990 9.99 5.41
Ericsson, Charlotte 1,998,320 8,767,049 6.52 9.42
Vogel, Johan 1,866,240 8,358,130 6.19 8.85
Vogel, Anna 1,886,240 8,180,992 6.08 8.80
Heba Fastighets AB 9,907 ,200 6.00 3.25
Holmbergh, Christina 1,848,320 7 ,819,608 5.86 8.62
Eriksson, Anders 1,828,320 6,626,988 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
Sundström, Maria 635,680 2,887 ,000 2.13 3.03
Total, largest shareholders 12,108,760 81,396,893 56.63 66.34
Other shareholders 3,455,962 68,158,385 43.37 33.66
Total 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
202420232022202120202019201820172016
 
7%
13%
22%
9%
23%
–44%
0%16%
8%
NAV (Net Asset Value) per share (SEK)
0
10
20
30
40
50
60
2026202520242023202220212020201920182017
Jan–Mar
7%
9%
11%
10%
12%
21%
–9%
–11% 3%
7%
Share price performance 2017–2025 (SEK)
0
10
20
30
40
50
60
70
80
2026202520242023202220212020201920182017
Jan–Mar
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 18
The Heba share

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

Consolidated statement of comprehensive income
SEKm
2026  
Jan–Mar
2025  
Jan–Mar
2025/2026 
Apr–Mar
2025  
Jan–Dec
Rental income 1 57.0 150.9 611.5 605.4
Property costs
Operating costs –43.5 –40.7 –160.3 –157.6
Maintenance costs –0.5 –0.6 –3.1 –3.1
Property tax –1.1 –1.4 –5.1 –5.3
Net operating income (NOI) 111.9 108.2 443.1 439.4
Central administration –10.8 –10.1 –42.9 –42.2
Profit or loss from investments in jointly controlled entities 0.8 –5.7 –8.8 –15.4
Financial income 2.5 3.9 12.8 14.1
Interest expenses –45.7 –44.5 –180.0 –178.8
Interest expenses, leases –1.1 –1.1 –4.4 –4.3
Profit including changes in value in jointly controlled entities 57.6 50.6 219.8 212.8
Of which Income from property management 1) 57.6 55.0 224.2 221.6
Gain or loss from disposals of property - - –0.2 –0.2
Change in value, investment properties 50.0 18.1 222.0 190.0
Change in value, interest rate derivatives 34.0 5.8 2.6 –25.7
Profit or loss before tax 141.6 74.5 444.0 376.9
Current tax –5.4 - –6.7 –1.4
Deferred tax –27.7 –21.0 –93.8 –87.0
Profit or loss for the period 108.5 53.5 343.5 288.5
Other comprehensive income - - -
Comprehensive income for the period 108.5 53.5 343.5 288.5
Per share data 
Profit or loss after tax, SEK2) 0.70 0.32 2.17 1.80
Dividend (2025 proposal), SEK 0.55 0.52 0.55
Total dividend (2025 proposal), SEK 000s 85,367 85,858 85,367
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.
3) Totals may not be exact due to the rounding of figures in the financial statements.
Condensed consolidated statement of financial position
SEKm
2026 
31 Mar
2025 
31 Mar
2025  
31 Dec
Assets
Intangible assets 8.7 9.6 8.4
Investment properties 14,583.0 13,661.3 14,003.2
Right-of-use assets 152.7 143.9 152.7
Property, plant and equipment 15.8 11.6 13.7
Investments in jointly controlled entities 52.1 0.9 101.0
Financial non-current assets 151.6 261.7 175.6
Other non-current securities holdings 0.1 0.1 0.1
Interest rate derivatives 63.3 60.7 29.3
Current assets 48.4 85.0 40.8
Cash and cash equivalents 40.3 19.1 17 .2
Total assets 15,116.0 14,253.9 14,541.9
EQUITY AND LIABILITIES
Shareholders’ equity 6,452.2 6,504.0 6,343.7
Non-current interest-bearing liabilities 5,350.2 4,102.3 4,984.3
Deferred tax liabilities 1,483.2 1,388.5 1,454.5
Lease liability 152.7 143.9 152.7
Other non-current liabilities - 13.3 -
Tax liability 7.5 3.0 -
Current interest-bearing liabilities 1,540.0 1,988.0 1,490.0
Other current liabilities 130.0 110.9 116.7
Total liabilities 8,663.7 7,749.9 8,198.2
Total equity and liabilities 15,116.0 14,253.9 14,541.9
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 19
Financial statements

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

Consolidates statement of changes in equity
SEKm Share capital
Other  
capital contributions
Retained  
earnings
Total equity attributable 
to shareholders in the parent
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
Opening balance, 1 Apr 2025 34.4 6.9 6,462.8 6,504.0
Comprehensive income or loss for the period 235.0 235.0
Transactions with owners
Share buyback –309.6 –309.6
Share reissuance 0.1 0.1
Dividend –85.9 –85.9
Closing balance, 31 Dec 2025 34.4 6.9 6,302.5 6,343.7
Opening balance, 1 Jan 2026 34.4 6.9 6,302.5 6,343.7
Comprehensive income for the period 108.5 108.5
Closing balance, 31 Mar 2026 34.4 6.9 6,411.0 6,452.2
Condensed consolidated cash flow statement
SEKm
2026  
Jan–Mar
2025  
Jan–Mar
2025  
Jan–Dec
OPERA TING ACTIVITIES
Profit or loss before tax 141.6 74.5 376.9
Adjustment for non-cash items
Less share of profit or loss in jointly controlled entities –0.8 5.7 15.4
Amortisation, depreciation and impairments of assets 1.3 1.0 4.7
Change in value, investment properties –50.0 –18.1 –190.0
Change in value, derivative instruments –34.0 –5.8 25.7
Other profit and loss items not affecting liquidity –5.2 –4.7 –19.1
Tax paid - –2.1 –2.1
Cash flow from operating activities before changes in working capital 52.9 50.6 211.4
Change in working capital 9.6 –8.2 5.0
Cash flow from operating activities 62.5 42.4 216.5
INVESTMENT ACTIVITIES
Investments in investment properties – 527.7 –53.9 –295.9
Investments in financial assets - –0.2 –0.2
Other investments –3.8 –2.9 –8.0
Investments in associates –7.8 - –43.9
Dividends received from associates 58.0 - -
Change in non-current receivables 25.8 –1 7.4 25.0
Sales of investment properties - - 83.0
Disposals of other non-current assets 0.1 1.1 2.3
Cash flow from (-used in) investing activities –455.4 –73.1 –237.6
FINANCING ACTIVITIES
Borrowings 737.0 600.0 2,698.0
Repayment of loans –321.0 –586.6 –2,300.7
Share buyback - - –309.6
Dividend paid - - –85.9
Cash flow from (-used in) financing activities 416.0 13.4 1.8
Cash flow for the period 23.1 –1 7.4 –19.2
Cash and cash equivalents at the beginning of the period 17 .2 36.5 36.5
Cash and cash equivalents at the end of the period 40.3 19.1 17 .2
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 20
Financial statements

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

Segment reporting, Group
January-March 2026  
SEKm Central city
Stockholm  
Immediate sub-
urbs Northwest Northeast Southwest Southeast Group
Rental income 15.0 40.6 12.7 52.6 31.2 4.9 157.0
Property costs –5.4 –12.2 –3.4 –13.6 –9.3 –1.2 –45.0
Net operating income (NOI) 9.6 28.4 9.2 39.0 21.9 3.7 111.9
Investment properties, carrying amount 1,812.4 3,823.1 993.4 4,548.3 2,684.9 720.9 14,583.0
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
Consolidated net operating income (NOI) as above coincides 
with recognised NOI in the statement of comprehensive 
income. The difference between NOI of SEK SEK 111.9m 
(108.2) and profit before tax of SEK 141.6m (74.5) consists of: 
central administration, SEK −10.8m (–10.1); interest expenses, 
leasing, SEK −1.1m (–1.1); net financial expense, SEK −43.2m 
(–40.7); profit from investments in associates, SEK −0.8m 
(–5.7); and change in value, SEK 84.0m (23.8). 
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 is as follows: 
January-March 2026  
SEKm
Residential 
properties
Community service 
properties Group
Rental income 116.3 40.7 157.0
Property costs – 37.5 –7.7 –45.1
Net operating income 
(NOI) 78.9 33.0 111.9
Investment properties, 
carrying amount 11,358.5 3,224.6 14,583.0
January–March 2025  
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
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 21
Financial statements

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

Parent company income statement
SEKm
2026  
Jan–Mar
2025  
Jan–Mar
2025  
Jan–Dec
Rental income 61.6 60.2 246.1
Property costs
Operating costs –24.7 –23.7 –97.1
Maintenance costs –1.7 –0.9 –3.8
Property tax –0.6 –0.9 –3.3
Ground lease payments –0.8 –0.8 –3.1
Net operating income (NOI) 33.7 34.0 138.8
Depreciation of properties –6.7 –6.5 –26.1
Gross profit 27.0 27.5 112.7
Central administration –10.8 –10.0 –42.0
Gain or loss from disposals of property - - –16.5
Profit or loss from investments in Group companies –50.5 - 221.5
Financial income 30.2 26.2 111.4
Interest expenses –33.3 –25.5 –116.7
Change in value of derivative instruments 34.0 5.8 –25.7
Profit or loss after net financial income/expenses –3.4 23.9 244.6
Appropriations - - –48.9
Current tax - - -
Deferred tax –7.6 –2.8 5.0
Profit or loss for the period –11.0 21.2 200.7
Condensed parent company balance sheet
SEKm
2026 
31 Mar
2025 
31 Mar
2025  
31 Dec
ASSETS
Intangible assets 8.7 9.6 8.4
Property, plant and equipment 2,400.1 2,374.2 2,375.3
Financial non-current assets 4,359.8 3,996.3 4,265.5
Derivatives 63.3 60.7 29.3
Current receivables 242.2 141.3 239.5
Cash and cash equivalents 39.5 18.5 16.7
Total assets 7 ,113.6 6,600.6 6,934.8
EQUITY AND LIABILITIES
Shareholders’ equity 1,999.1 2,225.9 2,010.1
Untaxed reserves 3.5 2.5 3.5
Provisions 220.3 220.5 212.7
Non-current liabilities 3,605.3 2,313.5 3,264.0
Current liabilities 1,285.4 1,838.2 1,444.5
Total liabilities 5,114.5 4,374.7 4,924.7
Total equity and liabilities 7 ,113.6 6,600.6 6,934.8
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 22
Financial statements

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

Key figures, Group
2026 
31 Mar
2025 
31 Mar
2025  
31 Dec
2024 
31 Mar
2023 
31 Mar
2022 
31 Mar
Property-related key figures
Lettable time-weighted area, 000s m2 21) 269 263 263 257 302 267
Property yield, % 1) 3.1 3.2 3.2 2.9 2.5 2.1
Rental income per m2, SEK 2,339 2,292 2,300 2,115 1,890 1,752
Property costs per m2, SEK 672 648 631 655 633 601
Property costs per m2, SEK 20) 8 9 12 9 14 12
Carrying amount per m2, SEK 54,187 51,882 53,458 50,689 51,279 55,232
Financial key figures
Cash flow, SEKm 2) 62.5 42.4 216.5 39.8 80.3 30.5
Investments, SEKm 533.5 57.0 285.0 367.0 86.3 118.4
NOI margin, % 3) 22) 71.3 71.7 72.6 69.1 66.5 65.7
Property management margin, % 4) 22) 36.7 36.4 36.6 40.2 51.7 47.7
Interest coverage ratio, multiple 5) 22) 2.3 2.2 2.2 2.6 2.6 4.6
Average interest rate for property loans, % 6) 22) 2.83 2.69 2.67 2.52 2.46 1.05
Debt/equity ratio, multiple 7) 22) 1.1 0.9 1.0 0.9 1.1 0.8
LT V,  % 8) 22) 47. 2 44.6 46.2 44.1 48.0 43.0
Net L TV, % 9) 22) 47.0 44.4 46.1 43.8 47.8 40.0
Equity ratio, % 10) 22) 42.7 45.6 43.6 46.6 42.8 47.7
Return on equity, % 11) 22) 6.8 3.3 4.5 –2.5 –10.5 10.5
Return on total assets, % 12) 22) 5.1 3.3 3.9 0.1 –4.4 6.9
Per share data
Profit after tax, SEK 13) 22) 0.70 0.32 1.80 –0.24 –1.14 1.21
Cash flow, SEK 14) 22) 0.40 0.26 1.35 0.24 0.49 0.18
Shareholders’ equity, SEK 15) 22) 41.57 39.39 40.87 38.75 42.62 46.59
EPRA NRV (Net Reinstatement Value), SEK 16) 22) 50.72 47.43 50.05 46.13 51.55 56.61
EPRA EPS, SEK 17) 22) 0.34 0.33 1.37 0.33 0.45 0.34
Share price, SEK 18) 27.80 26.50 30.70 34.70 28.50 75.80
Carrying amount, properties, SEK 19) 22) 93.95 82.74 90.22 79.27 94.09 90.11
Shares outstanding at the end of the period, 000s 155,213 165,111 155,213 165,104 165,120 165,120
Average shares outstanding, 000s 155,213 165,111 160,468 165,104 165,120 165,120
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 
 interest 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 with re-entry of interest rate derivatives and 
deferred tax liabilities in relation to shares outstanding at the end of the 
period. 
17) Income from property management less current tax in relation to average 
number of shares outstanding during the period.
18) Share price at the end of the period
19) Carrying amount of properties in relation to shares outstanding at the 
end of the period 
20) Heba’s maintenance costs were SEK 39/m2 in 2010. Compared to the 
 current outcome, the company has reduced its maintenance costs by 
more than 70%.
21) Lettable space for the period held in relation to the total period.
22) Calculations of APMs are available on Heba’s website, www.hebafast.se.
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Financial statements

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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 2026 and the 
three-month period then ended. The Board of Directors and 
the Chief Executive Officer are responsible for the preparation 
and presentation of this interim report in accordance with IAS 
34 and the Annual Accounts Act. Our responsibility 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 
 enable us to obtain a level of assurance that would make us 
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 con-
clusion based on an audit. 
Conclusion 
Based on our review, nothing has come to our attention that 
causes us to believe that the interim report is not, in all mate-
rial respects, prepared for the group in accordance with IAS 
34 and the Annual Accounts Act, and for the parent company 
in accordance with the Annual Accounts Act. 
Stockholm, 22 April 2026 
Ernst & Young AB 
Katrine Söderberg
Authorised Public Accountant
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Financial statements

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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 commu-
nities and trustful partnerships.
Heba Fastighets AB
Our value-creating business model
Strategic framework
14 
Community service  
properties
44 
Residential rental  
properties
Long-term and efficient management of 58 properties 
in the Stockholm and Mälaren regions
Income from property management Sustainable growth
Acquisitions
New builds 
Built properties
Property management
In-house property 
manage ment
New builds
Land allocations
Property development
Densification, upgrading 
and renewal (ROT)
Product development
Digitalisation initiative
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Our properties

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Residential properties You will find our properties in prime locations with good public 
transportation links and no more than a one-hour commute to 
Stockholm. We rebuild, we build anew and we adapt our total 
offering to ensure that we are always a good, present and sus-
tainable landlord. 
It is a real struggle for young people nowadays to enter the 
housing market. To make things easier, Heba offers youth 
housing for people aged 18–25.
Our residential properties are in the following 
 locations in the Stockholm and Mälaren regions.
Residential rental 
properties 
Enköping
Huddinge
Lidingö
Norrtälje
Nynäshamn
Salem
Sollentuna
Stockholm
Täby
Uppsala
Vallentuna
Vårberg
Österåker
New builds
Axelsberg
Farsta
Hägersten
Nynäshamn
Skarpnäck
Skärholmen
Youth housing
Hökarängen
Tullinge
Opalen 2, Täby.
Read more, external link
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Our properties

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Our community service properties
Tärnö 1, Farsta
Årstadalsskolan 5, Liljeholmen
Krusmyntan 1, Tyresö.
Krusmyntan 2, Tyresö.
Vinfatet 6, Sollentuna
Fuxen 2, Täby
Parken 6, Salem
Svänghjulet 4, Täby
Österåker Näs 7:7 , Österåker
Vallentuna Åby 1:167 , Vallentuna
Alen 3 Vårdboende, Norrtälje
Äppelträdgården 1, Täby
Gränby 10:6, Uppsala
Enköping Romberga, Enköping
Community service properties 
 oriented towards elderly care 
 facilities
Heba is investing in new-build elderly care facilities to meet 
the growing demand and to offer modern amenity standards 
for senior housing. We own 14 community service properties, 
all of which were built after 2010, and an additional two are in 
production. The community service properties have been 
leased for 15–20 years to well-established private providers 
and local authorities, such as Attendo Care, Vardaga, Frösunda 
omsorg, the Municipality of Salem and the City of Stockholm.
Read more, external link
Österåker Näs 7:7, Österåker
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Our properties

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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 ad 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 
properties. These comprise 3,263 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
23 APR 2026
Interim Report January–June 2026
9 JUL 2026
Interim Report January–September 2026
21 OCT 2026
Year-end Report 2026
Feb 2027
Annual Report 2026
MAR 2027
Financial 
calendar
Q1 Interim Report 1 January – 31 March 2026 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other information 28
Other information