===== 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 Report ===== 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. 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 23 Financial statements ===== SIDA 24 ===== 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 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 24 Financial statements ===== SIDA 25 ===== 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 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 25 Our properties ===== SIDA 26 ===== 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 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 26 Our properties ===== SIDA 27 ===== 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 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 27 Our properties ===== SIDA 28 ===== 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