Kvartalsrapport Q3 2025

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

Q3
The quarter: 1 July–30 September 2025
Profit for the period: SEK 37 .4m (14.7),  
corresponding to SEK 0.23 (0.09) per share. 
Income from property management: SEK 60.1m (55.9). 
Rental income: SEK 151.4m (141.8). 
Net operating income (NOI): SEK 113.8.8m (105.2). 
Unrealised changes in the value of properties:  
SEK –20.8m (18.8). 
Heba has repurchased an additional 4.9 million Class B 
 treasury shares. The company’s total holding of treasury 
shares now corresponds to 6% of total shares outstanding. 
Heba has signed a 15-year carbon removal contract with 
Stockholm Exergi. The contract covers carbon removal of 
1,000 tonnes a year. 
The period: 1 January–30 September 2025
Profit for the period: SEK 153.0m (–7 .9),  
corresponding to SEK 0.94 (–0.05) per share. 
Income from property management: SEK 174.9m (168.6). 
Rental income: SEK 454.5m (418.0). 
Net operating income (NOI): SEK 338.0m (302.9). 
Unrealised changes in the value of properties:  
SEK 67 .0m (–32.6). 
Energy use: 69 kWh/m2 (79)
Confirmed rating: BBB with stable outlook.
Heba equity turns green and Heba is included in the EPRA 
index.
Agreed acquisition: elderly care facility in Norrtälje, planned 
closing autumn 2026. JV agreement with Peab: elderly care 
facility on Lilla Essingen, Stockholm, planned closing 2028.
Interim Report  
1 January – 30 September 
2025
Opalen, Täby
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Intro

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

Key figures
2025
Jul–Sep
2024
Jul–Sep
2025
Jan–Sep
2024
Jan–Sep
2024/2025
Oct–Sep 
2024
Jan–Dec 
Property-related key figures
Rental income, SEKm  151.4 141.8  454.5 418.0  598.3 561.8
Lettable time-weighted area, 000s m2  263.3 258.1  263.3 257 .2  262.5 2 57.5
Property yield, %  3.3 3.1  3.3 3.1  3.1 3.0
Carrying amount per m2, SEK  52,664 51,166  52,664 51,001  52,664 51,599
Financial key figures
Cash flow, SEKm 110.8 41.0 205.6 135.4 284.4 214.2
Investments, SEKm  72.9 262.9  217 .9 652.1  465.3 899.5
Average interest rate, %  2.69 2.95  2.69 2.95  2.69 2.81
Property management margin, %  39.7 39.4  38.5 40.3  37.1  38.4
Loan-to-value (L TV) ratio, %  46.8 44.2  46.8 44.2  46.8 44.7
Net L TV, %  46.5 43.9  46.5 43.9  46.5 44.5
NOI margin, %  75.1 74.2  74.4 72.5  73.4 71.9
Per share data
Profit or loss before tax, SEK  0.33 –0.01  1.28 –0.03  2.18 0.86
Profit or loss after tax, SEK  0.23 0.09  0.94 –0.05  1.59 0.60
Dividend, SEK  0.52 0.52 0.52
Share price as at 30 September, SEK 31.65 37.1 5 31.65 37.1 5 31.65 32.75
EPRA NRV (Net Reinstatement Value, long-term NAV metric), SEK 49.02 46.42 49.02 46.42 49.02 47.02
EPRA EPS, SEK 0.37 0.34 1.07 1.02 1.35 1.29
See the statement of  
comprehensive income for 
more information.
2 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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Intro

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

Sadly, we are now seeing less attention paid to climate and 
ESG matters in public discourse. This worries me deeply. 
The need for a green transition is urgent and we cannot afford 
to let short-sighted populism or political shifts get in the way 
of what must be done. Neither a capricious president, the 
revamp of the EU climate package nor Swedish domestic 
 policy moves can change the fact that climate efforts must 
continue – full force.
The market lock-up has loosened 
and we are seeing signs of forward 
progress. Interest rates are falling, 
inflation has stalled at a low level 
and we have seen unusually large 
rent increases in recent years. 
The transactions market is moving 
a bit faster and especially among 
foreign investors, while Swedish 
investors remain hesitant. In paral-
lel, Heba continues to deliver stable 
long-term performance with razor-
sharp focus on ESG. Our strategy 
holds firm: Sustainable growth is 
the only way forward.
Sustainable growth – Heba 
delivers stable performance Patrik Emanuelsson CEO Heba Fastighets AB
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Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 20253
CEO’s message

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

Heba is demonstrating that it is possible to combine the high-
est ESG ambitions with robust financial metrics. Our income 
from property management went from strength to strength in 
the first three quarters and amounts to SEK 174.9m (168.6), 
up 4% year-over-year, and the NOI margin tops 74% (72). The 
residential vacancy rate is still minuscule – clear proof of the 
stability that is the hallmark of our business. With a property 
portfolio that is virtually fully renovated, our current mainte-
nance cost per square metre is only about SEK 10, 50% lower 
than it was in 2017 (and 70% lower than the average for the 
last 15 years). We accomplished this while setting a new 
energy performance record: Heba’s energy use is now down 
to 69 kWh/m2. We are thus ahead of schedule for achieving 
the target of 40 kWh/m2 and climate-neutral property man-
agement by 2030.
This autumn we are taking the next step in our ESG journey. 
All properties in the portfolio will be sustainability-certified, 
which is a significant stride towards greater transparency and 
long-term quality assurance. We have also signed a pioneer-
ing contract with Stockholm Exergi to buy 1,000 tonnes of 
carbon removal every year for 15 years. That makes Heba the 
first property company in the world to actively contribute to 
carbon negativity, and we are in it for the long haul. Lest we 
forget, Heba stock was designated as Green Equity by 
 Nasdaq in June. 
Sustainability has to do with more than the environment. 
It is also about social responsibility and overcoming social 
challenges. We recently broke ground for Villa Primus – our 
biggest elderly care facility to date – on Lilla Essingen in 
Stockholm. We are creating 160 apartments here, along with a 
service housing unit and common areas to enhance residents’ 
quality of life. The need for this type of housing is growing fast 
– within five to ten years, the 80+ population in Sweden is 
going to increase by 50%. With Villa Primus and our previous 
projects, we will soon reach the milestone of 1,000+ elderly 
care places. In very short order, Heba has established itself as 
a player to be reckoned with in this segment.
In parallel, we have continued to strengthen our financial 
position. We bought back another 3% of our Class B shares 
during the quarter, meaning that we now own 6% of total 
shares outstanding. This gives us greater scope for action – 
both for future strategic transactions and as a potential 
means of payment for acquisitions. At the current low valua-
tion, the buybacks are a wise investment.
The housing market is showing the first signs of recovery. 
This is creating the conditions for new initiatives and strength-
ening our faith in the future. Heba is more than ready, willing 
and able to meet that future, with a strong balance sheet, 
 stable cash flows and a portfolio that meets very real needs. 
Sustainable growth is not just a strategy – it is our identity. We 
are growing in pace with our values while taking responsibility 
for people, the environment and sound finances. 
Patrik Emanuelsson
CEO Heba Fastighets AB
Outcome Q3 2025
Energy use
69 kWh/m2 (79)
Skidföret, Västertorp
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CEO’s message

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

Events in Q3 2025
New position filled: Head of IT and 
Digital Transformation 
As a natural part of the company’s smart management initia-
tive, wherein digitalisation is critical to a consistently efficient 
and stable business, Heba has appointed Ulrika Thorildsson 
Head of IT and Digital Transformation. 
Heba and Peab JV agreement:  
Construction start for elderly care 
facility on Lilla Essingen 
Ground has been broken and building is in progress. The new 
build comprises 160 elderly care apartments, a six-bed service 
housing unit and a small commercial unit on the ground floor. 
A lease has been signed with the Ambea Group. Planned 
 closing in 2028. 
Building permission set for Skridskon
Building permission was granted for the new build of 48 rental 
apartments in the Skridskon neighbourhood in Västertorp, 
Stockholm. The project is a densification of Heba’s existing 
property. A construction start decision is expected in Q4 2025.
Energy use still dropping: 69 kWh/m2 
Heba is continuing the effort to slash energy use. At the end 
of Q3, the record-low outcome was 69 kWh/m2. The target is 
40 kWh/m2 by 2030. 
Heba signs a 15-year carbon removal 
contract with Stockholm Exergi
As the first property company in the world to do so, Heba signs a 
carbon removal contract that entails carbon removals or “nega-
tive emissions” aimed at mitigating climate impact. The 15-year 
contract covers carbon removal of 1,000 tonnes annually. 
Commercial paper programme now 
includes green commercial paper
Green commercial paper is a logical step in Heba’s ESG work 
to achieve the target of 100% green financing by 2030. At the 
end of Q3, 88% of the outstanding commercial paper volume 
was green.
Heba included in the EPRA index 
The EPRA index is a hallmark of quality with high standards 
for transparency and quality in reporting, paving the way for 
foreign investors. As of Q3, Heba reports EPRA NRV – Net 
 Reinstatement Value (a long-term NAV metric) and EPRA 
EPS (an earnings per share metric that measures underlying 
operational performance).
Heba buys back an additional 
4,902,200 Class B treasury shares. 
The buyback is intended to reinforce the company’s capital 
structure and give the board of directors greater scope for 
potential acquisitions and to cover the L TI programmes 2022–
2025. Heba bought back 5,000,000 Class B shares earlier 
this year.
Visionsbild Stockholm Exergis Beccs Anläggning I Värtan
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Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 20255
CEO’s message

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

5
11
1
1
1
2
2
3
2
36
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 Stockholm. Most of the properties 
are located in the City of Stockholm and surrounding 
municipalities.
The majority of the properties are new builds or 
renovated. Only two properties comprising a total of 
98 apartments are yet to be completed in the Heba 
renovation programme.
Property holdings and market 
The Heba Group’s property holdings at the end of the Q3 
2025 interim period (Q3 2024 in brackets)
The vacancy rate for residential and non-residential units 
remains very low at 0.06% for residential and 0.31% for 
non-residential at the end of the reporting period.
1) As of Q3 2024, storage spaces are not reported as non-residential units.
Properties in the 
 Stockholm and Mälaren 
regions
58 (57)
Residential properties
43 (43)
Community service 
properties 14 (13)
Project properties
1 (1)
Lettable space
263,300 (259,200)
Rental apartments
3,110 (3,108)
Apartments in 
elderly care 825 (656)
Non-residential units1)
118 (117)
6 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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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 74% (September 2025) and nearly non-existent 
vacancies make Heba an eminently stable property company 
in the market. Long-term leases for community service prop-
erties and rents that are consistently trending upward pro-
mote 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 69 kWh/m2 
 (September 2025). The climate targets are clear-cut: 
climate- neutral property management by 2030 and full 
 climate neutrality by 2045. 
Strong financial position 
Low average interest, carefully balanced financing and strong 
key figures combined with efficient in-house property man-
agement will generate dividends when property values rise 
again.
Definitive growth strategy
Heba has delivered growth through renovations, strategic 
acquisitions of community service properties and new builds 
of residential properties. The most recent acquisitions of 
elderly care facilities are strengthening the company’s posi-
tion in community service properties, a sector characterised 
by stable demand and secure income. The project portfolio, 
including residential property in Källberga, is an aspect of the 
long-term ambition to grow sustainably.
Stable dividend producer for shareholders
Our strong financial position means that we can prioritise 
 dividends to our shareholders, who make an essential contri-
bution to running our business. 
Positioning for the needs of the future
With its community service properties, Heba is in prime 
 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.
The Heba  
investment case
Sonfjället, Norra Djurgårdsstaden
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Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 20257
The Heba investment case

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

Financial targets  
2025– 2030
Target Outcome September 2025
Average annual growth in income  
from property management  
 5% or better +4%
LT V   
below 45% on average  
and never above 50% 45–50% 46.8%
NOI margin  
>70% 74.4%
Market value of properties  
by 2030
>20 SEK bn 13.9 SEK bn
NOI from community service 
properties
20% or better 30%
Shareholder dividend  
on income from property  management,  
adjusted for tax 50% or better 50% (May 2025)
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Targets & outcomes

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

ESG targets  
2025–2030
Our focus areas
Environment 
Social sustainability 
Organisation
Sustainability is reflected in everything Heba does, 
today and in the future, proceeding from our responsi-
bility as an employer, our social responsibility and our 
environmental responsibility. The ESG programme is 
meant to ensure that the company meets its long-term 
ESG objectives in alignment with the UN Global 
S ustainable Development Goals (SDGs). Future- 
proofing the business is intertwined with successful 
enterprise.
Target Outcome September 2025
Climate-neutral property management 
by 2030
 In progress
Entire organisation climate-neutral 
by 2045
 In progress
Reduce energy use by 2030 to
40 kWh/m2 69 kWh/m2
All properties environmentally certified  
(HållFast certification of properties in operation)
in 2025 24 out of 58
Heba’s equity and financing 100% green
from 2030
May 2025 green equity designation  
June 2025 green commercial paper programme
All bonds outstanding are green
All tenants to have  
sustainable leases
by 2030 53%
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Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 20259
Targets & outcomes

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

Revenue and profit
Third quarter
Rental income increased to SEK 151.4m (141.8) mainly due to 
acquisitions closed in 2024. Property costs amounted to SEK 
37 .6m (36.6). Net operating income improved by 8% year-
over-year to SEK 113.8m (105.2). Income from property man-
agement grew in Q3 by 8% to SEK 60.1m (55.9). Net financial 
expenses for the period amounted to SEK –43.4m (–36.7) 
Unrealised changes in the value of investment properties 
amounted to SEK –20.8m (18.8) and unrealised changes in 
the value of interest rate derivatives amounted to SEK 14.5m 
(–75.6). Profit before tax was SEK 53.2m (–1.3), correspond-
ing to SEK 0.33 per share (–0.01) and profit after tax was 
SEK 37 .4m (14.7) or SEK 0.23 per share (0.09).
The first three quarters
Rental income increased to SEK 454.5m (418.0) mainly due to 
acquisitions closed in 2024. Property costs amounted to SEK 
116.5m (115.1). Net operating income improved by 12% year-
over-year to SEK 338.0m (302.9). Income from property 
management increased in Q3 by 4% to SEK 174.9m (168.6). 
Net financial expenses for the period were SEK –126.2m 
(–97 .8) Unrealised changes in the value of investment proper-
ties amounted to SEK 67 .0m (–32.6) and unrealised changes 
in the value of interest rate derivatives amounted to SEK 
–34.6m (–91.4). Profit before tax was SEK 207 .2m (–4.9), 
 corresponding to SEK 1.28 per share (–0.03) and profit after 
tax was SEK 153.0m (–7 .9) or SEK 0.94 per share (–0.05).
Interim Report  
1 January–30 September 2025
Employee satisfaction, 2025
eNPS, scale of 1–5 (measured every other year) 
4.2 (4.1)
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Report

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

Investments and disposals
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 
comprises 60 apartments. Transfer of ownership is planned 
for autumn 2026 when Heba will acquire all shares in the 
company. 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 production began in Q3 for completion in 2026. Costs 
incurred amount to SEK 234.2m including SEK 143.6m during 
the first three quarters of 2025. The estimated investment 
has risen to SEK 400m due to the increase in lettable space 
for the project and the increase in costs since 2021. 
Other 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 8,1m (15.2). SEK 59.7m 
(58.2) was invested in value-add measures in other properties 
during the period. The total investment in investment prop-
erties during the first three quarters of 2025 was SEK 211.4m 
(647 .8). SEK 6.5m (4.3) was invested in other non-current 
assets during the period.
Investments
Property Location No. of apts Property type Transfer of ownership Construction start Completion year
Cumulative 
investment (SEKm)
Estimated 
investment (SEKm)
Estimated 
NOI (SEKm)
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 234 450 1 7.1
Skridskon Hägersten 48 Residential rental units 2025 2027 0 160 7.6
Spöksonaten Axelsberg 49 Residential rental units 2026 2028 0 170 8.1
Stora Sköndal Sköndal 150 Residential rental units 2027 2028 0 550 25.5
Villa Primus Lilla Essingen 166 Elderly care facility Dec 2025 2025 2028 0 830 37.3
Tärnö Farsta 139 Residential rental units 2028 2029 0 430 19.0
Total 740 234 2,820 125.8
Disposals
There were no disposals of assets in Q3 2025. 
11 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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===== SIDA 12 =====

Partnerships
Vårbergstoppen
Heba and Åke Sundvall Byggnads AB are running a rental 
property project in Vårbergstoppen through a partnership 
agreement. The rental property project comprising 300 
apartments is distributed between two buildings. Construc-
tion of the project began in Q2 2021. Under the agreement, 
the parties each own 50% of the project. The total investment 
is estimated at about SEK 800m and the buildings will be 
completed in 2024 and 2025. A contract with Svenska 
Bostäder on the sale of these two properties was signed in 
February 2024. The deal was executed as a corporate trans-
action in which Svenska Bostäder acquires the shares and 
thus, indirectly, the properties. Heba exited the first building 
in September 2024. Regarding the second building, the 
buyer has chosen to exercise its contractual right to cancel 
the purchase. Ownership and management of the property, 
which is now completed and occupied, will continue within the 
partnership with Åke Sundvall. 
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 is currently in the process of detailed development 
planning and the total investment is estimated at about 
SEK 2bn.
Skärgårdsskogen Skarpnäck
Heba and Åke Sundvall Byggnads AB are running a common-
hold apartment project of approximately 100 apartments in 
Skärgårdsskogen, Skarpnäck, through a partnership agree-
ment. Under the agreement, the parties each own 50% of 
the project. The project is currently in the process of detailed 
development planning and the total investment is estimated 
at about SEK 250m.
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 plans to take ownership of its share in 
late autumn 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)
Vårbergstoppen Vårberg 300 Rental apartments Oct 2020 Q2 2021 2024/2025 800
Stora Sköndal Sköndal 260 
340
Rental apartments 
Commonhold apartments
Nov 2020 2,000
Skärgårdsskogen Skarpnäck 100 Commonhold apartments Sep 2021 250
Stockholm Primus 2 Lilla Essingen 166 Elderly care facility Dec 2025 Q3 2025 2028 830
Total 1,166 3,880
1) Heba’s share is 50%.
Stora Sköndal
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===== SIDA 13 =====

Property valuation
The market value of the properties was SEK 13,867 .5m as at 
30 September 2025 according to valuations performed, as 
compared to SEK 13,589.2m at the end of 2024. One third of 
the Group's properties, excluding project properties in early 
phases, was valued externally, half of which by Savills Sweden 
AB and half by Novier Real Estate AB. Other properties, 
including 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. 
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 external and independent valuation firms 
and the recognised fair value of the property is the average of 
the aforementioned valuations. Discounted cash flow (DCF) 
is the principal valuation method applied, where an estimated 
future net operating income is calculated over an estimation 
period of five to ten years that takes into account the present 
value of an assessed market value at the end of the estimation 
period. Yield requirements are individual per property 
depending on analysis of executed transactions and the 
market position of the properties. Comparison and analysis 
of completed real estate transactions in each sub-market 
were also performed. The average yield requirements for 
externally valued properties were 4.6% (4.4) for community 
service properties and 3.2% (3.2) for residential properties. 
The total average yield requirement for all externally valued 
Changes in the carrying amount of investment properties: 
Investment properties (SEKm)
2025  
Jan–Sep
2024  
Jan–Sep
2024  
Jan–Dec
Carrying amount at the beginning of the 
period 13,589.2 12,773.2 12,773.2
Acquisitions and new builds 152.4 590.4 809.3
Investments in existing properties 58.9 57.5 78.8
Disposals – –110.0 –110.0
Change in value 67.0 –32.6 37.9
Carrying amount at the end of the period 13,867.5 13,278.5 13,589.2
properties is 3.6% (3.5). The total valuation uplift for the 
period of January–September was 0.5% (–0.3). Real estate 
market transaction activity is increasing gradually but yield 
requirements have been assessed as virtually unchanged in 
the most recent quarter. The general consensus is that value 
growth for residential properties was unchanged in the most 
recent quarter. Yield requirements for community service 
properties housing elderly care facilities have also been 
assessed as unchanged and that value growth in this category 
was unchanged or slightly positive in the most recent quarter.
Financial position 
Cash and cash equivalents amounted to SEK 40.4m (40.5). 
Shareholders’ equity amounted to SEK 6,208.0m (6,343.7) 
corresponding to an equity ratio of 43.2% (46.1). The L TV ratio 
was 46.8% (44.2) and the base L TV ratio was 46.5% (43.9). 
Cash flow from operating activities after changes in working 
capital amounted to SEK 205.6m (135.4). Interest-bearing 
liabilities increased to SEK 6,484.2m (5,869.6). Of that 
amount, SEK 0.0m (0.0) consists of the utilized portion of 
an overdraft facility of SEK 140.0m (132.0) and SEK 1,926.4m 
(1,439.1) accrues interest at a variable rate. 
Heba has a commercial paper programme with a distributable 
amount framework of SEK 4,000m. Heba had outstanding 
commercial paper of SEK 949m (315) at the end of the interim 
reporting period. Heba always has liquidity or unused credit 
commitments that cover outstanding commercial paper upon 
maturity. 
At the end of the reporting period, the average interest rate 
was 2.69% (2.95). Unused credit commitments amount to 
SEK 1,920.0m (2,032.0), including the unused portion of the 
overdraft facility of SEK 140.0m (132.0). 
There are no liabilities denominated in foreign currencies. 
LTV and average interest rate on property loans (%)
0
10
20
30
40
50
2025202420232022202120202019201820172016
Jan–Sep
0
1
2
3
4
5
 LTV (%) 
 Average interest rate on property loans (%)
13 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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===== SIDA 14 =====

Pledged collateral and guarantee commitments
Collateral pledged for interest-bearing liabilities amounted 
to SEK 3,974.6m (4,302.3). The parent company has issued 
guarantee commitments for credit facilities of SEK 277m in 
relation to a residential project in Vårbergstoppen
Fixed interest rate structure
The fixed interest rate structure and average interest rates as 
at 30 September 2025 are shown on the following table. 
Fixed interest rate structure 30 September 2025
Maturity
Volume 
(SEKm)
Average interest 
rate(%)
Share 
(%)
< 1 year 2,376.4 4.20 37
1–2 years 500.0 1.66 8
2–3 years 700.0 1.85 11
3–4 years 1,350.0 1.99 21
4–5 years 530.0 1.62 8
5–6 years 430.0 1.60 6 
6–7 years 597.9 2.48 9
7–8 years – – –
8–9 years – – –
9–10 years – – –
Total 6,484.2 2.75 100
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 contracted interest rate swaps 
totalling SEK 3,500.0m (3,500.0) at the end of the reporting 
period, which mature between 2025 and 2031, of which SEK 
200m are swap futures with start dates in 2025 and 2026.
Interest rate derivatives are recognised at fair value at each 
quarterly reporting period and the change is recognised in the 
statement of comprehensive income. As at 30 September, the 
fair value of the derivatives amounted to SEK 20.4 million (8.0). 
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 34.6m. 
Cash conversion cycle structure
The cash conversion cycle structure for Heba’s property loans 
as at 30 September 2025 is shown on the following table.
Cash conversion cycle structure 30 September 2025
Maturity
Credit agreement 
(SEKm)
Used 
(SEKm)
Commercial paper programme 4,000.0 949.0
< 1 year 1,290.0 1,150.0
1–2 years 1,240.0 760.0
2–3 years 2,339.3 1,239.3
3–4 years 586.4 386.4
4–5 years 1,038.0 1,038.0
5–6 years 430.0 430.0
6–7 years 347.9 347.9
7–8 years 183.8 183.8
8–9 years – –
9–10 years – –
Total 11,455.2 6,484.2
The average cash conversion cycle of the loan portfolio, 
including loan commitments, was 3.0 years (3.5) and the 
average fixed interest duration was 2.4 years (3.4). 
Rating
Heba was given a long-term issuer credit rating of BBB, 
Stable Outlook, by Nordic Credit Rating in Q1 2025. 
MTN programme for issuance of bonds 
Heba established an MTN (Medium Term Notes) programme 
in January 2021 with an amount framework of SEK 2,000m. 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”.
14 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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===== 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 143.9m (127 .4) as at 30 September 2025. 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 73% of Heba’s total rental income is derived 
from residential tenants. The vacancy rate is very low and 
rents are relatively certain and predictable. All 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. Eight 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 
normalised net operating income (NOI) of the valuation falls 
by 0.5%, the market value rises by more than SEK 2.3bn. If the 
property yield requirement rises by 0.50%, the market value 
will fall by more than SEK 1.7bn. 
Finance policy
Heba’s finance policy governs how financial risks must be 
managed and sets limits, as well as determines which financial 
instruments can be used. Heba has a relatively low L TV ratio. 
However, the Group is exposed to risks including interest 
rate risk due to interest-bearing borrowings. Interest rate risk 
refers to the risk of adverse impact on the Group's financial 
performance and cash flows due to changes in the market 
interest rate. How quickly a persistent change in interest 
levels affects consolidated net financial income depends on 
the fixed interest duration of borrowings. In order to limit the 
effect of changes in interest rates, about 63% 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 2,099m 
comprise commercial paper of SEK 949m, bonds of SEK 
750m and bank loans of SEK 400m. The company intends to 
redeem the bonds at maturity and refinance the remaining 
debt. As needed, the debt can be secured against the com-
pany’s loan commitments of SEK 1.9bn.
Accounting Policies 
Heba complies with International Financial Reporting 
Standards (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 
company coincide with the accounting policies applied when 
preparing 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.
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 Advokatfirman Lindahl, in which the board chair, 
Jan Berg, is a partner, in the amount of SEK 3.9m including 
VAT. 
15 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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===== SIDA 16 =====

Parent company 
Rental income in the parent company amounted to SEK 
183.2m (177 .7) and profit before appropriations and tax was 
SEK 23.0m (–50.4). 
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.
Murklan, Sollentuna
Stockholm, 22 October 2025
Heba Fastighets AB (publ)
Patrik Emanuelsson
Chief Executive Officer
16 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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===== SIDA 17 =====

Current earnings capacity
Heba’s current earnings capacity is presented below on a 
twelve-month basis as at 30 September 2025, including the 
entire property portfolio as of the reporting date.
Current earnings capacity is disclosed in connection with 
interim reports and year-end reports. It is important to under-
stand that the presentation is a snapshot, and not a forecast 
for the next twelve months. Earnings capacity does not 
include any assessment of any changes in rentals, vacancies, 
costs or interest rates. Heba’s consolidated statement of 
comprehensive income is also affected by the value trend for 
the property holdings and by derivatives. These factors are 
not considered in current earnings capacity.
Properties acquired and exited and projects completed 
during the period are extrapolated at an annual rate. 
Deductions are made for disposals of properties that have 
been exited, on a full-year basis. No deductions are made for 
properties 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 2025. Residential rents for 2025 
had been set for all properties as at the reporting date. 
Vacancy is assumed according to the current vacancy rate 
SEKm 30 Sep 2025
Rental value 606
Vacancy, discounts and other income –
Rental income 606
Operating costs –157
Maintenance costs –3
Property tax –5
Net operating income (NOI) 441
Central administration –41
Profit or loss from investments in jointly controlled entities, current1) –4
Net financial income (-expenses) –169
Income from property management 227
1)  This does not include commonhold apartment income and other items affecting 
profit or loss per disposals within Investments in jointly controlled entities.
Fregatten, Lidingö
and contracted discounts. Other income and operating and 
maintenance costs are assumed, based on budgeted costs 
for a normal year. Property tax is calculated based on current 
assessed values for tax purposes.
Central administration and profit or loss from investments 
in jointly controlled entities are calculated based on outcomes 
and extrapolated for the full year. 
Financial income is calculated based on outcomes and 
extrapolated for the full year, less non-recurring items. 
The costs of interest-bearing liabilities were based on the 
average interest level for the Group, including the effect of 
derivative instruments. Ground rent is calculated based on 
current ground leases and is included in net financial income 
or expense.
17 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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===== 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 rela-
tions website, ir.hebafast.se.
Dividend
A dividend of SEK 0.52 per share was distributed in May 2025 
for the 2024 financial year. The dividend corresponded to a 
dividend yield of about 1.6% based on the share price as at 
31 December 2024. 
Share buyback
The 2025 AGM mandated the board of directors to acquire a 
maximum of 10% of the shares in the company during the 
period until the next AGM. Heba Fastighets AB repurchased 
5,000,000 Class B treasury shares in May and an additional 
4,902,200 Class B shares in September. The company’s total 
holding of treasury shares was 9,907 ,200 as at 30 September 
2025, corresponding to 6.00% of registered shares out-
standing. 
Ownership structure, 30 September 2025
Name
Total number 
of Class A 
shares
Total number 
of Class B 
shares
Equity  
(%)
Votes 
(%)
IC Industricentralen Holding AB 17 ,214,183 10.43 5.64
Ericsson, Charlotte 1,998,320 8,661,897 6.46 9.39
Vogel, Johan 1,866,240 8,340,978 6.18 8.85
Vogel, Anna 1,886,240 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 6,521,836 5.06 8.13
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 81,883,630 56.92 66.5
Other shareholders 3,455,962 67,671,648 43.08 33.5
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
2025202420232022202120202019201820172016
Jan–Sep
13 %
11 %
10 %
6 %
12 %
20 %
5 %
–13 % –1 %
6 %
Share price performance 2017–2025 (SEK)
0
10
20
30
40
50
60
70
202520242023202220212020201920182017
Jan–Sep
18 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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The Heba share

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

Consolidated statement of comprehensive income
SEKm
2025  
Jul–Sep
2024  
Jul–Sep
2025  
Jan–Sep
2024  
Jan–Sep
2024/2025
Oct–Sep
2024  
Jan–Dec
Rental income 151.4 141.8 454.5 418.0 598.3 561.8
Property costs
Operating costs –35.6 –34.6 –110.5 –109.3 –151.8 –150.6
Maintenance costs –0.8 –0.7 –2.1 –1.8 –2.6 –2.3
Property tax –1.2 –1.3 –3.9 –4.0 –5.0 –5.1
Net operating income (NOI) 113.8 105.2 338.0 302.9 438.9 403.8
Central administration –9.6 –8.6 –31.7 –29.1 –41.5 –38.9
Profit or loss from investments in jointly controlled entities –1.2 1.9 –5.3 –41.3 –14.0 –49.9
Financial income 3.5 7. 2 11.8 21.4 15.6 25.2
Interest expenses –45.8 –42.9 –134.8 –116.3 –180.5 –162.1
Interest expenses, leases –1.1 –1.0 –3.2 –2.9 –4.2 –3.8
Profit including changes in value in jointly controlled entities 59.5 61.9 174.8 134.6 214.3 174.2
Of which Income from property management 1) 60.1 55.9 174.9 168.6 221.8 215.5
Impairments of financial assets – – – –9.0 –9.0 –18.0
Gain or loss from disposals of property – –6.3 – –6.5 –0.7 –7. 2
Change in value, investment properties –20.8 18.8 67.0 –32.6 1 37.5 37.9
Change in value, interest rate derivatives 14.5 –75.6 –34.6 –91.4 12.4 –44.5
Profit or loss before tax 53.2 –1.3 207 .2 –4.9 354.5 142.4
Current tax –1.1 – –1.1 –1.0 –2.6 –2.5
Deferred tax –14.8 16.1 –53.1 –2.0 –92.5 –41.3
Profit or loss for the period 37.4 14.7 153.0 –7.9 259.5 98.7
Other comprehensive income – – – – – –
Comprehensive income for the period 37.4 14.7 153.0 –7.9 259.5 98.7
Per share data 
Profit or loss after tax, SEK2) 0.23 0.09 0.94 –0.05 1.59 0.60
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
2025
30 Sep
2024
30 Sep
2024
31 Dec
ASSETS
Intangible assets 8.9 4.8 9.8
Investment properties 13,867.5 13,278.5 13,589.2
Right-of-use assets 143.9 1 27.4 143.9
Property, plant and equipment 13.4 9.6 10.4
Investments in jointly controlled entities 66.4 0.7 1.0
Financial non-current assets 174.0 239.6 276.0
Other non-current securities holdings 0.1 9.1 0.1
Interest rate derivatives 20.4 8.0 55.0
Current assets 38.7 48.0 44.6
Cash and cash equivalents 40.4 40.5 36.5
Total assets 14,373.7 13,766.2 14,166.4
EQUITY AND LIABILITIES
Shareholders’ equity 6,208.0 6,343.7 6,450.5
Non-current interest-bearing liabilities 4,385.3 4,553.6 4,352.9
Deferred tax liabilities 1,420.7 1,328.2 1,367.6
Lease liabilities 143.9 1 27.4 143.9
Other non-current liabilities – – 8.3
Tax liability – 0.7 3.1
Current interest-bearing liabilities 2,099.0 1,316.0 1,724.0
Other current liabilities 116.9 96.6 116.2
Total liabilities 8,165.7 7 ,422.5 7,7 1 5.9
Total equity and liabilities 14,373.7 13,766.2 14,166.4
19 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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===== 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 2024 34.4 6.9 6,396.2 6,437.5
Comprehensive income or loss for the period –7.9 –7.9
Transactions with owners
Dividend –85.9 –85.9
Closing balance, 30 Sep 2024 34.4 6.9 6,302.4 6,343.7
Opening balance, 1 Oct 2024 34.4 6.9 6,302.4 6,343.7
Comprehensive income or loss for the period 106.7 106.7
Transactions with owners
Share reissuance 0.2 0.2
Closing balance, 31 Dec 2024 34.4 6.9 6,409.3 6,450.5
Opening balance, 1 Jan 2025 34.4 6.9 6,409.3 6,450.5
Comprehensive income or loss for the period 153.0 153.0
Transactions with owners
Share buyback –309.6 –309.6
Dividend –85.9 –85.9
Closing balance, 30 Sep 2025 34.4 6.9 6,166.8 6,208.0
Condensed consolidated cash flow statement
SEKm
2025  
Jul–Sep
2024  
Jul–Sep
2025  
Jan–Sep
2024  
Jan–Sep
2024  
Jan–Dec
OPERA TING ACTIVITIES
Profit or loss before tax 53.2 –1.3 207 .2 –4.9 142.5
Adjustment for non-cash items
Less share of profit or loss in jointly controlled entities 1.2 –1.9 5.3 41.3 49.9
Amortisation, depreciation and impairments of assets 1.2 0.9 3.2 11.4 21.8
Change in value, investment properties 20.8 –18.8 –67.0 32.6 –37.9
Change in value of derivative instruments –14.5 75.6 34.6 91.4 44.5
Other profit and loss items not affecting liquidity –2.4 –5.0 –13.0 –10.5 –3.2
Tax paid – – –2.1 –0.5 –0.5
Cash flow from operating activities  
before changes in working capital 59.5 49.4 168.2 160.9 217 .1
Change in working capital 51.3 –8.4 37.4 –25.5 –2.9
Cash flow from operating activities 110.8 41.0 205.6 135.4 214.2
INVESTING ACTIVITIES
Investments in investment properties –70.0 –262.1 –210.6 –656.8 –900.5
Investments in financial assets – – –0.2 – –0.4
Other investments –2.6 –0.8 –6.5 –4.3 –9.0
Investments in associates – – 0.1 – –
Dividends received from associates – 5.8 0.0 13.5 13.5
Change in non-current receivables 59.9 1 07.6 2.0 43.0 3.4
Sales of investment properties – 105.9 0.0 106.8 104.8
Disposals of other non-current assets – 0.5 1.7 0.5 0.6
Cash flow from (–used in) investing activities –12.6 –43.1 –213.5 – 497.3 –787.5
FINANCING ACTIVITIES
Borrowings 2 97.0 400.0 1,997.0 885.0 1,093.0
Repayment of loans –252.0 –390.6 –1,589.7 –643.9 –644.6
Share buyback –154.6 – –309.6 – –
Dividend paid – – –85.9 –85.9 –85.9
Cash flow from (–used in) financing activities –109.6 9.4 11.8 155.2 362.6
Cash flow for the period –11.4 7. 2 3.9 –206.7 –210.7
Cash and cash equivalents at the beginning of the period 51.8 33.3 36.5 247. 2 247. 2
Closing balance cash and cash equivalents  
for the period 40.4 40.5 40.4 40.5 36.5
20 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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===== SIDA 21 =====

Segment reporting, Group
January–September 2025
SEKm Central city
Stockholm 
Immediate  suburbs Northwest Northeast Southwest Southeast Group
Rental income 46.6 119.7 36.8 155.5 81.2 14.8 454.5
Property costs –13.4 –34.1 –8.8 –36.1 –21.2 –2.9 –116.5
Net operating income (NOI) 33.2 85.6 27.9 119.4 60.1 11.8 338.0
Investment properties, carrying amount 1,781.4 3,704.1 1,020.0 4,491.1 2,270.6 600.4 13,867.5
January–September 2024
SEKm Central city
Stockholm 
Immediate  suburbs Northwest Northeast Southwest Southeast Group
Rental income 44.5 117 .6 26.5 141.8 76.8 10.8 418.0
Property costs –13.4 –34.9 –7. 2 –35.4 –22.0 –2.2 –115.1
Net operating income (NOI) 31.1 82.7 19.3 106.4 54.7 8.6 302.9
Investment properties, carrying amount 1,743.0 3,615.9 790.6 4,464.1 2,216.6 448.3 13,278.5
Consolidated net operating income (NOI) as above coincides 
with recognised NOI in the statement of comprehensive 
income. The difference between NOI of SEK 338.0m (302.9) 
and profit before tax of SEK 207 .2m (–4.9) consists of: central 
administration, SEK –31.7m (–29.1); interest expenses, leasing, 
SEK –3.2m (–2.9); net financial expense, SEK –123.0m 
(–95.0); loss from investments in associates, SEK –5.3m 
(–41.3); impairments of financial assets, –0.0m (–9.0); and 
profit or loss from disposals of property, SEK –0.0m (–6.5); 
and change in value, SEK 32.4m (–124.0). 
Heba’s business includes management of a homogeneous 
property portfolio. No material differences in terms of risks 
and opportunities are deemed to exist. The Group’s internal 
reporting system is structured to track geographical areas. 
Segment reporting as above is consistent with internal report-
ing to management. 
The distribution per property category is as follows: 
January–September 2025  
SEKm
Residential 
properties
Community service 
properties Group
Rental income 333.9 120.6 454.5
Property costs –95.7 –20.7 –116.5
Net operating income 
(NOI) 238.1 99.9 338.0
Investment properties, 
 carrying amount 10,679.7 3,187.9 13,867.5
January–September 2024  
SEKm
Residential 
properties
Community service 
properties Group
Rental income 320.4 97.6 418.0
Property costs –97.1 –18.0 –115.1
Net operating income 
(NOI) 223.3 79.6 302.9
Investment properties, 
 carrying amount 10,263.8 3,014.7 13,278.5
21 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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===== SIDA 22 =====

Parent company income statement
SEKm
2025  
Jan–Sep
2024  
Jan–Sep
2024  
Jan–Dec
Rental income 183.2 1 7 7.7 2 37.1
Property costs
Operating costs – 67.1 –65.9 –90.3
Maintenance costs –2.6 –2.1 –3.2
Property tax –2.5 –2.7 –3.4
Ground lease payments –2.3 –1.9 –2.5
Net operating income (NOI) 108.7 105.0 1 37.8
Depreciation of properties –19.5 –19.8 –26.2
Gross profit 89.1 85.3 111.5
Central administration –31.5 –28.7 –38.4
Gain or loss from disposals of property – –8.8 –8.8
Profit or loss from investments in Group companies – –39.0 36.0
Financial income 83.4 70.6 96.0
Interest expenses –83.5 –38.4 –60.4
Change in value of derivative instruments –34.6 –91.4 –44.5
Profit or loss after net financial income/expenses 23.0 –50.4 91.5
Appropriations – – 43.1
Current tax – – –
Deferred tax 8.2 12.8 –13.3
Profit or loss for the period 31.2 –37.6 121.2
Condensed parent company balance sheet
SEKm
2025
30 Sep
2024
30 Sep
2024
31 Dec
ASSETS
Intangible assets 8.9 4.8 9.8
Property, plant and equipment 2,392.6 2,365.0 2,365.9
Financial non-current assets 4,119.7 3,434.3 3,685.0
Derivatives 20.4 8.0 55.0
Current receivables 18.9 18.7 136.5
Cash and cash equivalents 39.8 33.6 30.1
Total assets 6,600.5 5,864.5 6,282.3
EQUITY AND LIABILITIES
Shareholders’ equity 1,840.4 2,045.7 2,204.7
Untaxed reserves 2.5 2.7 2.5
Provisions 209.5 191.5 217 .7
Non-current liabilities 2,685.7 2,854.5 2,874.1
Current liabilities 1,862.3 770.0 983.3
Total liabilities 4,760.0 3,818.8 4,077.6
Total equity and liabilities 6,600.5 5,864.5 6,282.3
22 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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Financial statements

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Key figures, Group
2025
Jan–Sep
2024
Jan–Sep
2024
Jan–Dec
2023
Jan–Sep
2022
Jan–Sep
2021
Jan–Sep
Property-related key figures
Lettable time-weighted area, 000s m2 21) 263 257 257 294 282 259
Property yield, % 1) 3.3 3.1 3.0 3.0 2.3 2.3
Rental income per m2, SEK 2,301 2,167 2,182 1,979 1,762 1,690
Property costs per m2, SEK 590 597 614 551 507 496
Property costs per m2, SEK 20) 11 9 9 11 12 16
Carrying amount per m2, SEK 52,664 51,001 51,599 48,935 52,114 50,,922
Financial key figures
Cash flow, SEKm 2) 205.6 135.4 214.2 152.7 1 57.1 165.5
Investments, SEKm 217 .9 652.1 899.5 271.2 1,098.6 896.2
NOI margin, % 3) 22) 74.4 72.5 71.9 72.2 71.2 70.6
Property management margin, % 4) 22) 38.5 40.3 38.4 51.0 49.7 51.8
Interest coverage ratio, multiple 5) 22) 2.3 2.4 2.3 2.6 3.8 4.8
Average interest rate for property loans, % 6) 22) 2.69 2.95 2.81 2.57 1.85 0.94
Debt/equity ratio, multiple 7) 22) 1.0 0.9 0.9 1.1 1.0 0.9
LT V,  % 8) 22) 46.8 44.2 44.7 48.1 47. 2 45.4
Net L TV, % 9) 22) 46.5 43.9 44.5 48.1 45.0 40.7
Equity ratio, % 10) 22) 43.2 46.1 45.5 43.0 44.4 46.2
Return on equity, % 11) 22) 3.2 –0.2 1.5 –12.7 1.0 1 7.6
Return on total assets, % 12) 22) 3.2 1.1 2.2 –6.0 1.2 10.3
Per share data
Profit or loss after tax, SEK13) 22) 0.94 –0.05 0.60 –3.96 0.33 5.21
Cash flow, SEK 14) 22) 1.27 0.82 1.30 0.92 0.95 1.00
Shareholders’ equity, SEK 15) 22) 40.00 38.42 39.07 39.34 44.90 41.65
EPRA NRV (Net Reinstatement Value), SEK 16)  22) 49.02 46.42 47.02 47.05 54.00 51.27
EPRA EPS, SEK 17) 22) 1.07 1.02 1.29 1.35 1.12 1.03
Share price, SEK 18) 31.65 37.1 5 32.75 23.95 31.50 63.80
Carrying amount, properties, SEK 19) 22) 89.35 80.42 82.30 86.80 93.44 81.76
Shares outstanding at the end of the period, 000s 155,213 165,104 165,111 165,116 165,120 165,120
Average shares outstanding, 000s 162,239 165,104 165,104 165,120 165,120 165,120
Definitions
1) Net operating income in relation to the carrying amount of properties at 
the end of the period. 
2) Income from property management less tax paid, adjusted for net inter-
est paid and non-cash items and after changes in working capital. 
3) NOI in relation to rental income. 
4) Income from property management in relation to rental income. 
5) Income from property management plus interest expenses in relation to 
interest expenses. 
6) Average interest rate for property loans on the reporting date. 
7) Interest-bearing liabilities in relation to visible equity at the end of the 
period. 
8) Interest-bearing liabilities in relation to the carrying amount of properties 
at the end of the period.
9) Interest-bearing liabilities and declared dividend less cash and cash 
equivalents in relation to the carrying amount of properties at the end of 
the period.
10) Visible equity in relation to total assets at the end of the period. 
11) Profit after tax in relation to average visible equity. 
12) Profit or loss before tax excluding items affecting comparability plus 
interest expenses in relation to average total assets. 
13) Profit or loss for the period in relation to average shares outstanding 
 during the period. 
14) Cash flow from operating activities in relation to average shares out-
standing during the period. 
15) Shareholders’ equity in relation to shares outstanding at the end of the 
period. 
16) Shareholders’ equity 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.
23 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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Financial statements

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Auditor’s review report
Heba Fastighets AB (publ) CRN 5560573981 
Introduction
We have reviewed the condensed interim financial information 
(the interim report) for Heba Fastighets AB (publ) as of 
30 September 2025 and the nine-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 October 2025 
Ernst & Young AB 
Katrine Söderberg 
Authorised Public Accountant
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Our core business is to own, manage and 
develop residential rental properties and 
community service properties in the 
Stockholm and Mälaren regions.
Our vision 
We shall be the best in Sweden at creating secure and attractive 
homes and communities.
Our business concept
Heba is a long-term and experienced property owner that develops, 
owns and manages residential properties and community service 
properties in the Stockholm and Mälaren regions. On the strength of 
our expertise and commitment, we offer safe, secure and sustainable 
homes for people throughout various phases of their lives. We create 
value for shareholders and society through satisfied tenants, safer and 
more attractive communities and trustful partnerships. 
Heba Fastighets AB Our value-creating business model
Acquisitions
New builds 
Built properties
Product development
Focus on the sharing 
economy and  
digitalisation
New builds
Land allocations
Property development
Densification, upgrading and 
renewal (ROT)
Long-term and efficient management of 58 
properties in the Stockholm-Mälaren Region.
44 residential rental properties and  
14 community service properties
Input values • Borrowed and internal capital
• Expertise, experience
• Resources – energy, water, building materials 
• Buildings and building rights
• Tenant relationships
• Partner relationships
• Operate coworking 
under own management
Sustainability
Income from property management Value generated
25 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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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
Österåker
New build
Axelsberg
Farsta
Hägersten
Nynäshamn
Skarpnäck
Skärholmen
Youth housing
Hökarängen
Tullinge
Skridskon, Västertorp
Read more, external link
26 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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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 reputable private providers and local 
authorities, such as Attendo Care, Vardaga, Frösunda omsorg, 
the Municipality of Salem and the City of Stockholm.
Tärnö, Farsta
Read more, external link
27 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025
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Heba is a long-term and experienced property owner that develops, owns 
and manages residential properties and community service properties 
centrally located in the Stockholm 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 prop-
erties. These comprise 3,110 rental apartments, 825 apartments in elderly 
care facilities and 118 non-residential units. Heba was founded in 1952 and 
has been listed on Nasdaq Stockholm AB Nordic Mid Cap since 1994. 
www.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
Year-end Report 2025
4 FEB 2026
Annual Report 2025
MAR 2026
Interim Report January–March 2026
22 APR 2026
Annual General Meeting
23 APR 2026
Interim Report January–June 2026
9 JUL 2026
Interim Report January–September 2026
21 OCT 2026
Financial 
calendar
Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other
Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 202528
Other