Interim report
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Intro
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Intro
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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 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 20253 CEO’s message
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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 4 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other CEO’s message
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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 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 20255 CEO’s message
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other The Heba investment case
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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 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 20257 The Heba investment case
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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) 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 20258 Targets & outcomes
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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% 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 20259 Targets & outcomes
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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) 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 202510 Report
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Report
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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 12 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Report
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Report
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Report
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Report
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Report
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Report
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other The Heba share
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Financial statements
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Financial statements
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Financial statements
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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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other 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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other 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 24 Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2025 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Financial statements
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Our core business is to own, manage and develop residential rental properties and community service properties in the Stockholm and Mälaren regions. Our vision We shall be the best in Sweden at creating secure and attractive homes and communities. Our business concept Heba is a long-term and experienced property owner that develops, owns and manages residential properties and community service properties in the Stockholm and Mälaren regions. On the strength of our expertise and commitment, we offer safe, secure and sustainable homes for people throughout various phases of their lives. We create value for shareholders and society through satisfied tenants, safer and more attractive 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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Our properties
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Residential properties You will find our properties in prime locations with good public transportation links and no more than a one-hour commute to Stockholm. We rebuild, we build anew and we adapt our total offering to ensure that we are always a good, present and sus- tainable landlord. It is a real struggle for young people nowadays to enter the housing market. To make things easier, Heba offers youth housing for people aged 18–25. Our residential properties are in the following locations in the Stockholm and Mälaren regions. Residential rental properties Enköping Huddinge Lidingö Norrtälje Nynäshamn Salem Sollentuna Stockholm Täby Uppsala Vallentuna 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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Our properties
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Our community service properties Tärnö 1, Farsta Årstadalsskolan 5, Liljeholmen Krusmyntan 1, Tyresö. Krusmyntan 2, Tyresö. Vinfatet 6, Sollentuna Fuxen 2, Täby Parken 6, Salem Svänghjulet 4, Täby Österåker Näs 7:7 , Österåker Vallentuna Åby 1:167 , Vallentuna Alen 3 Vårdboende, Norrtälje Äppelträdgården 1, Täby Gränby 10:6, Uppsala Enköping Romberga, Enköping Community service properties oriented towards elderly care facilities Heba is investing in new-build elderly care facilities to meet the growing demand and to offer modern amenity standards for senior housing. We own 14 community service properties, all of which were built after 2010, and an additional two are in production. The community service properties have been leased for 15–20 years to 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 Intro CEO’s message The Heba investment case Targets & outcomes Report The Heba share Financial statements Our properties Other Our properties
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Heba is a long-term and experienced property owner that develops, owns and manages residential properties and community service properties centrally located in the Stockholm ad Mälaren regions. On the strength of our expertise and commitment, we offer safe, secure and sustainable homes with high amenity standards for people to enjoy living in through- out various phases of their lives. We create value for shareholders and society through satisfied tenants, safer and more attractive communities and trustful partnerships. The Heba Group owns 58 properties, including 14 community service 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