Slides
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Company Presentation October 2025
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2 Heimstaden (“HST”) is a residential investment company with a management platform 1) Based on external appraisals updated on a quarterly basis. 2) Attractive ongoing residential development project in Copenh agen. Intended to be divested in the medium term. 3) Based on Q3’25 GAV in HSTB. 4) See page 11 for further details of dividend mechanics The HSTB management agreement is valid until 31.12.2047 Management fee: 0.2% of HSTB’s GAV p.a., paid quarterly (0.05% per quarter), approximately SEK ~655 m p.a.3 Large team (~130 FTEs) with highly skilled residential experts within areas such as investment, financing, capital raising, asset management and operations Investment in Heimstaden Bostad (“HSTB”) SEK 49.6 bn 36.7% of NAV and 50.1% of votes in HSTB Combination of A, B, C and Common shares Investments1 Management platform Income streams Dividends from HSTB4: • A Shares: 0.2% of HSTB’s GAV p.a. (accrued SEK ~1.8 bn as of Q3’25) • Shareholder agreement stipulates that all profits shall be distributed to B and Common shares as baseline Direct holdings School in Eskilstuna (SWE) Office building in Malmö (SWE) Development in Copenhagen (DK)2
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3 HST invested in and manages HSTB’s unique pan-European portfolio diversified across nine markets 1) Fair Value of Investment Properties, Investment Properties under construction, Land and building rights & Land leases from RoU assets. Fair value (SEK m)1 # of Homes Fair value / sqm (SEK) 91,321 46,382 27,971 80,985 29,672 40,572 68,115 19,686 35,435 30,160 40,677 31,174 28,894 11,820 12,160 14,586 3,505 79,210 4,947 1,415 54,795 4,589 2,016 44,926 3,854 3,144 20,742 Total 327,451 158,317 29,381 Fair Value 327 SEK billion
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4 61.6% 61.6% 62.6% 62.6% 62.3% 62.8% 63.9% 64.1% 65.1% 66.0% 66.2% 67.4% 67.7% 68.4% 69.3% 70.4% 71.0% 71.6% 72.1% Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 0 1 2 3 4 5 6 7 60 80 100 120 140 160 180 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 3.2 3.3 3.5 3.9 4.4 4.9 5.3 5.8 Q1’21 6.3 6.6 6.6 6.7 6.6 6.1 6.4 6.4 6.4 Q3’25 6.46.5 2.4% 2.1% 1.6% 2.1% 3.0% 3.3% 5.6% 5.2% 5.5% 5.4% 4.8% 5.6% 5.6% 5.6% 5.1% 6.3% 5.3% 5.4% 5.2% 4.5% 1.6% 7.5% 8.0% 7.4% 6.3% 5.1% Q4’21 4.0% Q1’22 6.0% Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 3.6% Q4’23 2.9% 1.3% Q1’24 2.3% Q3’20 Q2’24 2.1% 1.1% Q3’24 2.2% Q4’20 Q1’21 2.5% Q2’21 Q1’25 2.3% 1.6% Q4’24 Q3’21 4.2% Q3’25 2.7%2.4% Q2’25 97.6% 97.6% 98.1% 98.3% 98.5% 98.5% 98.4% 98.2% 98.2% 98.1% 98.1% 98.4% 98.3% 98.3% 98.7% 98.6% 98.3% 98.5% 98.6% Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’241 Q1’251 Q2’25 Q3’25 HSTB performance at record highs with fundamentals supporting further potential Record high occupancy levels... …without compromising on rental growth Disciplined cost control… …resulting in continued growing NOI margin (LTM) 1) Occupancy adjusted for large receivable of newbuild project in the UK. Real Economic Occupancy Like for like rental income growth, year-on-year Core CPI, year-on-year # Units, rhs Property expenses (SEK bn), 12 month rolling, lhs 98.9% and 99.0% in Q4 and Q1, when adj. for newbuild delivery completed in Q4
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5 NOI growth is driving increasing HSTB valuations… HSTB quarterly value change HSTB yield development ● Value declines driven by yield expansion, as underlying asset base continue to show strong operational performance ● All properties are externally valued by renowned appraisers on a quarterly basis -1.9% -3.3% -3.9% -2.1% -1.5% -1.6% 0.7% 0.4% 0.8% 0.7% 1.0% 1.2% 0.2% Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Fair value, % Valuation yield, % Fair value change in % from Q3’22 – Q3‘25 3.02% 3.17% 3.29% 3.41% 3.49% 3.54% 3.63% 3.67% 3.69% 3.66% 3.71% 3.70% 3.71% Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 ● Year-to-date value growth of 2.4% as of Q3’25 Valuation yield in % from Q3’22 – Q3’25
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6 …benefitting from residential fundamentals tailwinds… Household index and projected growth Sources: Oxford Economics (LHS) and National statistical institutes of Denmark, Sweden, Norway, Finland, Germany, Czechia, Poland, the Netherlands, and the UK (R HS). Note: Weighted by HSTB GAV in corresponding market/region as of Q3’25. Housing permits in HSTB‘s markets have fallen by 44% since Q2‘21 98 100 102 104 106 108 110 112 114 116 118 120 122 124 2015 2020 2025 2030 2035 2040 HSTB regional weighted HSTB country weighted EU X% CAGR 2024-2040 Forecast 0.5% 0.3% 0.3% 2017 2018 2019 2020 2021 2022 2023 2024 30 60 90 120 2025 -44% Issued permits (HSTB GAV weighted by market)
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7 …with institutional residential exposure falling short of target – investor demand set to increase Source: INREV Investment Intentions Survey (2025) and INREV Quarterly Index, all funds (Q4 2018 and Q4 2024). 1) European inv estors Real estate allocations have shifted towards residential… …but still significantly below target1 23.4% 12.7% 16.4% 24.6% 23.2% 21.4% 16.5% 24.5% 20.5% Q4 2018 16.8% Q4 2024 33.0% 11.0% 40.0% 5.0% 11.0% Target deployment 2025 Residential Office Industrials & logistics Retail Other
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8 Net premium1: 12.8% Gross Premium1: 27.2% Net proceeds: SEK 9.5 bn HSTB’s Privatisation Programme continues to drive value creation and support deleveraging… Cumulative privatisation sales value (since inception)… …with high net liquidity release and attractive profits 1) Difference in gross versus net premium relates to capital gains tax and transaction costs. H1’23 H2’23 H1’24 H2’24 H1’25 H2’25 0.1 1.2 4.0 8.4 8.8 14.2 13.7 19.9 16.6 Ramp up plan Achieved sales value Sales value 0.3 Transaction costs 5.2 Secured debt repayment 16.6 Estimated tax Net proceeds 9.51.6 Representing a book value of SEK 13.0 bn SEK billion Privatisation (SEK billion)
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9 …supported by increasing house prices – a catalyst for continued outperformance Source: National statistical institutes of Denmark, Finland, Poland, the Netherlands, and Norway . 1) Blended house price index is calculated by weighting the change over time in the national house price index by the corresp onding country GAV HSTB GAV weighted house price index1 for primary privatisation markets, year-on-year change -5% 0% 5% 10% 15% Q1 ’21 Q2 ’21 Q3 ’21 Q4 ’21 Q1 ’22 Q2 ’22 Q3 ’22 Q4 ’22 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25
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10 The strong HSTB performance translates into significant NAV growth potential Q4’21 2.8 5.4 65.4 Q1’22 2.46.2 68.2 Q2’22 2.7 6.5 0.2 65.9 Q3’22 1.9 6.5 62.3 Q4’22 4.2 6.7 -1.2 51.0 3.4 Q1’23 1.4 6.9 49.0 Q2’23 0.6 7.0 45.0 Q3’23 1.2 1.1 40.8 Q4’23 0.5 6.4 1.3 43.6 Q1’24 0.94.7 1.4 44.0 Q2’24 0.9 43.4 1.5 44.9 Q3’24 0.9 Q3’21 1.7 46.8 Q4’24 1.4 0.8 1.0 46.1 Q1’25 1.6 5.1 12.2 49.2 Q2’25 54.4 66.7 73.6 76.8 75.3 70.8 64.2 57.3 52.6 0.945.4 46.4 47.3 49.4 48.3 51.7 Q3’25 52.1 1.01.5 48.4 49.6 43.1 Cash Investment properties HST injects or sell equity in HSTB HSTB shareholding Dividends from HSTB Invested SEK 12.2 bn in HSTB Divested shares of SEK 1.15 bn in HSTB and received SEK 3.4bn in dividends from HSTB Invested SEK 250 m as part of bond buyback in HSTB Divestment of Icelandic portfolio with upfront cash payment of SEK 1.5 bn Divestment of Danish assets for SEK 937m SEK billion 5.2% ROE in Q1’25 on a like-for-like FX basis (equivalent to SEK 51 bn)
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11 Sources of core liquidity generation in HST Cash flow from HSTB 1) Calculated based on Q3’25 fair value of investment properties in HSTB. Cash flows (payment order) Income (Fee/Return) and Payment Management fee (1st) – HST receives an annual management fee of 0.2% (plus VAT) of the market value of HSTB’s properties, approximately SEK 660 m p.a.1 – Paid quarterly Dividends HSTB’s dividend policy is regulated in the shareholder agreement and stipulates that all profits are to be distributed as a baseline A share dividend (2nd) – Quarterly return of 0.05% of the market value of HSTB’s properties – Dividend paid annually – In case dividends are not paid, dividend accrues until the company pays dividend (accrued dividends estimated at SEK ~1.8bn as of Q3’25) B share dividend (3rd) – Annual return between 3.5% and 4.5% depending on LTV, plus an ROE kicker – Dividend can be paid out in cash or as new B shares Common share dividend (4th) – Entitled to all profits after A and B share dividends – Dividend formally decided at the AGM
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12 HST expects strong cash flow generation in the medium term from accrued A share dividend and normalised dividends HSTB dividends is a key driver of HST’s long-term liquidity (SEK m) 1) Calculated as cash dividend for the year divided by weighted average NAV for the previous year Expected sale of Swedish assets ● Dividends received from HSTB shareholding ● No dividend paid in 2024 or 2025, focus on regaining rating in HSTB 434 673123 400 2020 1,636 2021 1,809 2022 1,648 1,063 2023 2024 2025 707 1,913 2,243 3,384 0 0184 277 Common Class B Class A 3.7% 6.6% 4.9% 5.2% Cash dividend yield1 ● Expect to sell the Swedish assets during the next 9-15 months ● Sale reduces the debt with SEK 275 m and release equity 2022 1,500 2023 2024 2025 2,654 Asset type Office building School Picture Location Malmo Eskilstuna HST ownership 100% 80% Building year 1965 1974 Other Office with permit to convert to student apartments, land plot on parking lot besides main building waiting for zoning approval Lease agreements running until 2029 and 2031
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13 Standalone interest-bearing liabilities as of Q3’25 Maturity Profile (SEK m) Note: Includes both capital markets unsecured debt and secured asset -backed financing. EUR amounts use Q3 ’25 closing EUR/SEK of 11.05. 1) All bonds are listed on Euronext Dublin. 2) Based on the current redemption price of SEK 33 per share. 3) Original issue date, with supplemental issuance 15/06/2021. Outstanding listed instruments 275 750 4,752 4,420 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2034 Bank loan Senior bonds Currency SEK million outstanding Fixed/Float Coupon/ spread Interest rate Issue date Maturity/ call date Bought back (SEK m) Outstanding senior unsecured bonds1 SEK 750 Floating Stibor 3m + 600bps 8.41% 29/01/2025 29/07/2028 - EUR 4,752 Fixed 837.5 bps 8.375% 29/01/2025 29/01/2030 - EUR 4,420 Fixed 736.1 bps 7.361% 24/07/2025 24/01/2031 - Outstanding perpetual hybrid bonds SEK 4,460 Floating Stibor 3m +590bps 8.38% 11/04/2019 - 40 EUR 3,315 Fixed 675bps 6.75% 15/10/2021 15/01/2027 - Outstanding preference share SEK 1,9342 Fixed 5.3% n.a. 11/06/20153 - - Ongoing refinancing process
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14 Well-positioned through resilient residential exposure and high margin, capital light management platform 1 HSTB consistently outperform operationally with HST benefitting from long-term contractual and growing management income 2 Residential values in HSTB are increasing, driven by robust NOI growth and residential fundamentals 3 HSTB’s Privatisation Programme, together with selective disposals at attractive pricing, supports improving credit metrics and sets a clear path for credit rating recovery 4 HST expects accelerated NAV growth, reflecting continued value creation in HSTB, and is firmly committed to deleveraging through reinstatement of dividends from HSTB 5 Following the refinancing exercise in July 2025, HST has a long maturity profile with majority of maturities in 2030 and 2031
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15 Appendix: Heimstaden AB
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16 Income development HST standalone quarterly income 1) Captures one-off profit distributions (net proceeds from sale of assets and/or sale of shares). E.g. Q1 and Q2 2024 includes part of the sale of the Icelandic portfolio and Q1 2025 includes sale of Danish development assets. 187 191 180 182 175 489 11 Q3’24 Q4’24 Q1’25 Q2’25 198 670 Q3’25 Operating income Other profit1 Dividends received Jan’25 divestment of certain Danish development projects Income of SEK 175 million from management of HSTB
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17 Operating costs development HST standalone quarterly costs Commentary • The coupons on both the SEK hybrid and EUR hybrid have been deferred since April 2024 and January 2025, respectively. • These measures protect the cash position and ensure visibility for payments on secured and unsecured debt (until dividends from Heimstaden Bostad is reinstated) 108 132 105 94 94 155 148 164 161 199 Q3’24 Q4’24 Q1’25 Q2’25 263 280 269 255 Q3’25 293 Operating cost Interest expense Payments on hybrids
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18 Heimstaden’s relevant asset values Assets’ development (SEK million) 1) Change from realised and unrealised changes in fair value, disposals and investments. Comments 73 384 Q2’25 Change in cash Change in investment properties1 Change in value of HSTB shares Q3’25 51,733 52,071 (119) • Total operating profit in HSTB was SEK 4,033 million. A drop from SEK 6,865 m in Q2’25, driven by a more modest fair value increase in Q3’25 of SEK 642 m vs. SEK 3,793 m in Q2’25 • Total comprehensive income of HSTB amounted to SEK 2,764 m • HST’s share value in HSTB was positively impacted by FX movements in the quarter
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19 Standalone earnings Rolling 12-months 1) Other profit distribution represents divestment of shares and other assets. Figures in SEK million Q3 ‘25 Q2 ‘25 Q1 ‘25 Q4 ‘24 Q3 ‘24 Q2 ‘24 Operating income1 729 741 750 747 730 743 Operating cost -399 -439 -478 -499 -534 -582 Operating profit/loss 330 302 272 248 196 161 Class A dividends - - - - - - Common dividends - - - - - - Class B dividends - - - - - - Dividends from Heimstaden Bostad - - - - - - Other profit distribution2 489 500 933 693 2,185 2,174 Adjusted earnings 820 802 1,205 940 2,381 2,335 Interest expense -683 -629 -611 -591 -577 -612 Adjusted earnings after interest expense 136 174 594 349 1,804 1,723 Payments on hybrid securities - - - -343 -454 -656 Adjusted earnings after debt and hybrids 136 174 523 7 1,350 1,067 Net non-paid hybrid coupon3 -883 -781 -674 -342 -227 -113 Non-paid preference share dividend4 -157 -124 -92 -61 -30 -
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20 Standalone balance sheet Debt and relevant assets Figures in SEK million Q3 ‘25 Q2 ‘25 Q1 ‘25 Q4 ‘24 Q3 ‘24 Interest bearing secured liabilities 275 275 276 828 745 Interest bearing unsecured liabilities 9,922 10,003 9,763 9,847 9,737 Interest bearing liabilities 10,197 10,278 10,039 10,676 10,482 Cash and cash equivalents -1,470 -1,589 -1,359 -900 -864 Net interest-bearing debt 8,726 8,689 8,680 9,776 9,618 Heimstaden Bostad’s net asset value 173,696 172,358 166,431 168,324 163,590 Equity attributed to Heimstaden Bostad’s hybrid securities and non- controlling interests 38,520 38,038 37,901 38,907 38,250 Heimstaden Bostad’s adjusted net asset value 135,176 134,321 128,530 129,417 125,340 Heimstaden’s share of capital, % 36.7 36.7 35.9 36.2 35.7 Heimstaden’s share of capital 49,625 49,241 46,142 46,841 44,912 Investment properties 976 903 830 1,695 1,539 Relevant assets 50,601 50,144 46,972 48,535 46,451
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21 Overview of Heimstaden AB standalone financial metrics ICR1 and Net LTV2 1) Rolling 12 months, defined as per the EMTN 2024 programmes as (Operating profit + Dividends (paid or made) from HSTB + oth er profit distributions) / Interest expense; 2) Net interest bearing debt (IFRS) / (HSTB shareholding + investment properties). Current covenant package 5.6x 5.6x 9.0x 3.0x 3.8x 4.1x 2.0x Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 1.6x 1.6x Q3’25 1.2x Incurrence covenant Standalone ICR 24.3% 26.2% 21.6% 22.0% 20.6% 20.7% 20.1% 18.5% 17.3% 17.2% Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Inccurence covenant Net LTV Incurrence-based covenants ● If breached: – No event of default – No dividends on common shares allowed – No increase of net debt Liquidity maintenance covenant ● HST has a maintenance covenant that states that cash at hand together with RCF capacity (if applicable) should cover minimum 12 months forward looking interest expense 2.0x
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22 54.4 66.7 73.6 76.8 75.3 70.8 57.3 52.6 43.1 45.4 46.4 47.3 49.4 48.3 51.7 60.8 52.1 Reduced debt with SEK ~9bn since Q2’22 1) IFRS, excluding hybrid capital and preference shares. 12.7 Q4’21 1.7 4.0 12.8 Q1’22 2.0 3.5 13.7 Q2’22 2.0 1.5 13.9 Q3’22 2.0 1.5 13.4 Q4’22 2.2 13.3 Q1’23 2.2 12.8 Q2’23 2.1 12.1 Q3’23 0.00.3 10.0 Q4’23 0.20.3 9.9 Q1’24 0.3 0.3 1.5 9.7 Q2’24 0.5 0.3 12.6 9.7 Q3’24 0.6 0.3 Q3’21 9.8 Q4’24 0.0 1.6 0.3 9.8 Q1’25 0.3 10.0 Q2’25 4.014.1 18.3 18.5 19.2 17.4 16.9 15.5 15.0 14.2 Q3’25 10.4 10.3 10.5 10.7 10.0 10.3 10.2 9.9 0.3 10.3 Construction facilities Bank & mortgage financing Senior unsecured bridge facility (Akelius related) Senior unsecured bonds From peak: Reduction of debt from SEK 19.2 bn to SEK 10.2 bn Driven by sale of country management organisation to HSTB Driven by dividends and sale of shares in HSTB Driven by divestment of Icelandic portfolio Gross asset value and debt portfolio1 development (SEK bn) Growth phase: HST raised debt to inject equity into HSTB Value in HSTB + Investment properties + cash
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23 Appendix: Heimstaden Bostad
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24 Q3 2025: Record quarter for NOI and privatization sales 24 LTM NOI margin again at new record high at 72.1% with a quarterly margin of 75.4%1 Portfolio metrics squarely in line with guidance range w/like-for-like growth at 4.5%2 Privatisation volumes surged forward w/ SEK 2.9 billion sold at a 28.2% premium to book value3
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25 A Leading European Residential Company Amounts in SEK as of Q3 2025 1) LTM; 2) IFRS Net LTV / S&P method incl. 50% of hybrid capital as debt ; 3) IFRS ICR / S&P method incl. 50% of hybrid dividends 25 327 bn Investment Properties 11.6 bn Net operating income1 158,317 Homes 72.1% Net Operating Income Margin1 98.6% Real Economic Occupancy Ratio BBB- / BBB- S&P and Fitch 50.8% / 54.1% LTV2 2.1x / 1.6x Interest Coverage Ratio3
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26 A pan-European residential rental portfolio diversified across nine markets 1) Fair Value of Investment Properties, Investment Properties under construction, Land and building rights & Land leases fromRoU assets; 2) Standing assets; 3) Based on fair value; 4) Residential income 91 15 81 68 29 30 5 4 5 Fair value 327 SEK billion Fair Value (SEK m)1 Homes, units2 Fair Value/ sqm, SEK2 Residential3, % Regulated Income4, % Real Economic Occupancy, % 91,321 46,382 27,971 90.6% 100.0% 99.7% 80,985 29,672 40,572 92.6% 100.0% 99.7% 68,115 19,686 35,435 94.1% 17.4% 99.4% 30,160 40,677 31,174 98.4% 57.8% 99.6% 28,894 11,820 12,160 96.8% 16.7% 96.1% 14,586 3,505 79,210 86.0% 0.0% 98.8% 4,947 1,415 54,795 97.7% 10.7% 80.3% 4,589 2,016 44,926 94.9% 0.0% 97.2% 3,854 3,144 20,742 96.1% 0.0% 94.6% Total 327,451 158,317 29,381 93.1% 60.0% 98.6%
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27 Q2’25 Q3’25 Δ 5.9% 5.7% -0.2%pp 5.9% 3.8% -2.1%pp 3.0% 2.5% -0.6%pp 4.7% 4.4% -0.3%pp 8.2% 8.2% -1.5%pp 2.5% 2.5% 0.1%pp 0.6% 6.7% 6.0%pp 6.2% 15.9% 9.7%pp 3.6% 0.0% -3.6%pp Total 5.2% 4.5% -0.7%pp Like-for-like rental growth stays consistently above inflation Development in like for like growth1 vs. core CPI2 1) Rental growth on same assets/units versus same period previous year; 2) Average monthly reported country core inflation in the quarter weighted by Like-for-Like gross rent LfL net rental growth by country 4.9% 4.2% 4.3% 4.4% 4.0% 2.1% 2.2% 2.5% 2.5% 2.7% 6.3% 5.3% 5.4% 5.2% 4.5% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Core CPI Gross Like-for-like growth Net Like-for-Like
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28 Q2’25 Stand. Net Acq. FX Q3’25 1,274 -5 -18 - 1,250 709 5 - 11 725 850 5 -11 13 856 321 1 -1 15 474 459 11 -6 5 331 158 3 -7 1 156 51 8 - - 59 62 - -4 1 60 69 -1 - 1 70 Total2 3,954 28 -46 46 3,982 Rental income development Development in rental income (SEK m) 1) Markets with fixed date indexation: SE, DK, NL, part of CZ. Markets with indexation 12 months after contract signing: partof CZ, NO, DE, FI, UK, and PL. 2) Total includes group eliminations related to intercompany rental lease agreements that included on a country basis but excluded from income on a group level Rental income by country (SEK m)1 3,954 3,982 LTM Q1’25 LTM Q2’25 LTM Q3’25 Q2’25 Q3’25 16,044 16,059 16,029 -0.2% 0.7%
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29 Q2’25 Q3’25 Δ 99.7% 99.7% 0.0% 99.9% 99.7% -0.1% 99.4% 99.4% 0.0% 99.3% 99.6% 0.2% 96.4% 96.1% -0.3% 99.2% 98.8% -0.5% 71.1% 80.3% 9.2% 98.5% 97.2% -1.2% 95.1% 94.6% -0.5% Total 98.5% 98.6% 0.1% Real economic occupancy Development in real economic occupancy 1) The non-market vacancy adj. represents the effect of units that either cannot be let (under renovation or already have a contract with a future start-date) or is taken off the market (units that are to be renovated or demolished). Units subject to privatisation are excluded from the occupancy metric; 2) Economic occupancy represents units let, i.e. the income received Real economic occupancy by country 97.1% 97.1% 96.8% 97.1% 97.4% 1.5% 1.5% 1.5% 1.4% 1.2% Q3’24 Q4’24 Q1’25 Q2’25 98.7% 98.6% 98.3% 98.5% Q3’25 98.6% Non-market vacancy adj.1 Economic occupancy2
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30 Q2’25 Q3’25 Δpp H&W2 66.4% 68.7% 2.3pp 78.5% 78.7% 0.4pp 75.6% 78.4% 2.8pp 81.7% 79.4% -2.3pp 78.3% 81.9% 3.6pp 77.1% 75.3% -1.7pp 61.0% 52.9% -8.1pp 92.2% 91.8% -0.4pp 54.5% 60.6% 6.2pp Total 74.1% 75.4 % 1.3pp NOI margin reaching record high at 75.4% Development in net operating income 1) Excluding group adjustments by country but included in the total; 2) Cost carrier of heating and water. In Norway, 75-80% of heating and electricity is invoiced to tenants (water cannot be invoicedto tenants). In Finland, heating and water are paid by landlord, but the tenants pay a fixed monthly water fee to cover the water usage (updated yearly). NOI margin by country1 Paid by tenants directly Paid by landlord, reimbursed 1:1 via service charge Paid by landlord 11,384 11,497 11,564 2,928 3,001 71.0% 71.6% 72.1% 74.1% 75.4% LTM Q1’25 LTM Q2’25 LTM Q3’25 Q2’25 Q3’25 0.6% 2.5% Net operating income (SEK m) NOI margin
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31 Q-o-Q ▲ NOI yield2 % SEK m Q2’25 Q3’25 0.1 121 3.69% 3.67% 0.0 20 3.21% 3.23% -0.5 -358 3.81% 3.76% 1.3 371 3.73% 3.37% 2.3 684 5.02% 5.02% -0.8 -117 3.22% 3.22% -0.9 -43 3.00% 3.00% 0.8 34 5.53% 5.53% -0.5 -21 5.50% 5.50% Total 0.2 692 3.70% 3.71%2 Fair value development GAV Development (SEK bn)1 1) Divestments refer to properties transferred during the quarter, while assets held for sale are units that have been sold but not yet transferred; 2) Average valuation yield Fair value development by country 692 922 9 2,180 91 1,626 Fair value change Capex standing assets 61 Capex investment properties under construction Land leases Inv. Prop Q2’25 FX effectsTransferred to inventory properties Other sales 329,682 327,451 0 Privatisation sales Inv. Prop Q1’25
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32 Privatisation profits continue to outperform business plan Acc. sales1 since inception as at Q3 ‘25, SEK m Sold as of Q3 2025 vs Q4 2025 target Selected KPIs (for Q3 2025 sales) 1) Sold refers to signed purchasing contracts and post-cancellation period (no transaction risk). Includes both residential and non-residential. 2) [Sales Price – Reported Value]/ [Reported Value] with the reported value based on the previous quarter prior to sale. 3) [Sales price – Transaction costs – Sales Capex – Estimated Tax - Reported value]/ Reported value, with the reported value based on the previous quarter prior to sale. 4) Calculated based on the estimated NOI prior to tenant churn and the actual realised sales price at the time of sale. Note: FX rate of previous quarter closing applied to transaction price at time of transfer date. SEK 20 billion Gross premium2[%] 28.2% Net premium3 [%] 13.2% Avg. Sales Price, SEK per sqm 64,301 Implied Yield [%]4 2.7% (Valuation yield 3.5%) 17,033 13,696 2,865 Sales estimate (AR2023) Actual Sales 16,561 Forecast Previous Sales Q3‘25 Sales 16.6 (83.3%) Sold 3.3 (16.7%)
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33 Key funding metrics (1/2) Diversified funding sources Loan tenor and average interest rate EMTN (bond) program compliance 1) Accounting value of hybrids. 2) Only senior debt, i.e., excludes hybrids. Bank loans Mortgages Bonds Total debt 23.71 Hybrid capital Total debt & Hybrid capital 69.1 36.3 65.8 171.1 194.7SEK billion 61% 39% 19% 36% 34% 12% Mortgages (Realkredit) Bank loans Bonds Hybrid capital SEK 194.7 billion SEK 171.1 billion By instrument By security level2 Secured Unsecured -2 -1 0 1 2 3 4 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 2018 2019 2020 2021 2022 2023 2024 Q3’25 1.8% 8.1 1.9% 10.5 1.7% 10.5 1.0% 8.9 1.8% 8.3 2.9% 8.0 3.2% 7.9 3.2% 7.7 Avg. interest rate Avg. loan tenor (yrs) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 47.9% 33.1% 48.4% 32.6% 47.6% 31.8% 46.6% 30.7% 46.0% 28.6% Net Debt / Total Assets (covenant < 65%) Secured Debt / Total Assets (covenant < 45%) 2.0x 2.0x 2.0x 2.0x 2.1x ICR (> 1.5x)
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34 Key funding metrics (2/2) Funding sources over time Secured loan-to-value 32% 36% 13% Q3’23 19% 36% 34% 12% Q4’23 19% 36% 32% 13% Q1’24 19% 37% 33% 12% Q2’24 18% 39% 32% 11% Q3’24 18% 40% 29% 13% Q4’24 19% 39% 1% 30% 12% 19% 18% 37% 1% 31% 13% Q1’25 19% 36% 34% 12% Q3’25Q2’25 Mortgage debt Bank debt Commercial paper Bonds Hybrid bonds 33.1% 32.6% 31.8% 30.7% 28.6% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Secured LTV (covenant < 45%)
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35 S&P ICR at 1.6x and within the rating thresholds ICR, IFRS and S&P method1 1) S&P method, including 50% of hybrid coupon; 2) S&P method, treating 50% of hybrid capital as debt and 50% as equity Net LTV and Net debt / Net Debt + Equity, S&P method2 2.0x 2.0x 2.0x 2.0x 2.1x 1.6x 1.6x 1.6x 1.6x 1.6x Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 ICR, IFRS ICR, S&P method (downgrade if sustainably below 1.5x) 54.8% 53.8% 52.7% 51.7% 50.8% 57.7% 56.9% 56.0% 55.1% 54.1% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Net LTV, IFRS Net Debt / Net Debt + Equity, S&P method (downgrade if well above 60%)
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36 Maturity profile SEK billion Next 8 quarters Long term 3.5 5.0 6.4 3.6 5.2 Q2’26 Q1’27 Q2’27 Q1’28 Q1’30 Interest Bearing debt maturity Hybrid bonds first reset date Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 4.4 Q1 27 2.8 Q2 27 3.1 Q3 27 5.4 0.1 1.1 3.8 14.0 3.3 4.2 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 10.4 23.7 25.9 22.0 25.5 25.6 0.1 0.8 37.2 Hybrid bonds Interest Bearing debt maturity Bonds Mortgages Bank loans
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37 Debt repayment amounts to SEK 5,155 m since inception Privatisation programme net proceeds 24-25, SEK m 13,024 16,561 11,123 9,545 3,537 Total GAV Privatised Gross Premium Total Sales Value -283 Transaction cost -5,155 Secured Asset Level Debt Repayment Proceeds -1,578 Estimated Tax Estimated Net Proceeds Privatisations
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38 Sweden 1) The valuation yield corresponds to the passing net operating income on a normalised basis as assessed by the valuer relative to the valuation of said property. Accordingly, the valuation yield may differ materially from stabilised yield due to rent reversion and can be volatile for markets with a higher volume of new builds and associated lease-up vacancy Fair Value 91 SEK billion Key metrics Q3 2025 Q2 2025 YTD 2025 Q3 2024 YTD 2024 Rental income SEKm 1,250 1,274 3,803 1,213 3,612 Net operating income SEKm 859 846 2,441 802 2,187 Net operating income margin % 68.7 66.4 64.2 66.1 60.5 Like-for-like rental income growth % 5.7 5.9 5.7 5.9 5.9 Real economic occupancy % 99.7 99.7 99.7 99.2 99.0 Fair value of investment properties SEKm 91,321 91,071 91,321 91,084 91,084 Fair value change SEKm 121 16 765 740 760 Fair value change % 0.1 0.0 0.8 0.8 0.8 Homes Units 46,382 46,739 46,382 47,206 47,206 Capital expenditures SEKm 123 225 503 226 848 Average valuation yield requirement1 % 3.7 3.7 3.7 3.5 3.5 Acquisitions SEKm - - - - 238 Sales value SEKm 15 1,497 1,558 - - Stockholm County Södermanland County Östergötland County Skåne County Västra Götaland County Västerbotten County Nordbotton County Gävleborg County Kronoberg County Blekinge County Jönköping County Uppsala County Portfolio
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39 Germany 1) The valuation yield corresponds to the passing net operating income on a normalised basis as assessed by the valuer relative to the valuation of said property. Accordingly, the valuation yield may differ materially from stabilised yield due to rent reversion and can be volatile for markets with a higher volume of new builds and associated lease -up vacancy Fair Value 81 SEK billion Hamburg Berlin Munich Garching Stuttgart Dusseldorf Bonn Erfurt Dresden Magdeburg Halle Rostock Portfolio Key metrics Q3 2025 Q2 2025 YTD 2025 Q3 2024 YTD 2024 Rental income SEKm 725 709 2,150 716 2,107 Net operating income SEKm 571 556 1,641 570 1,662 Net operating income margin % 78.7 78.4 76.3 79.6 78.9 Like-for-like rental income growth % 3.8 5.9 4.8 7.0 6.0 Real economic occupancy % 99.7 99.9 99.8 99.8 99.7 Fair value of investment properties SEKm 80,985 81,329 80,985 80,663 80,663 Fair value change SEKm 20 14 1,075 -71 -669 Fair value change % 0.0 0.0 1.3 -0.1 -0.8 Homes Units 29,672 29,674 29,672 29,712 29,712 Capital expenditures SEKm 353 317 951 271 744 Average valuation yield requirement1 % 3.2 3.2 3.2 2.9 2.9 Acquisitions SEKm - - - - - Divestments SEKm 3 5 34 55 93
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40 Denmark 1) The valuation yield corresponds to the passing net operating income on a normalised basis as assessed by the valuer relative to the valuation of said property. Accordingly, the valuation yield may differ mater ially from stabilised yield due to rent reversion and can be volatile for markets with a higher volume of new builds and associated lease-up vacancy Fair Value 68 SEK billion Copenhagen North Zealand South Jutland Fyn West and South Zealand East Jutland North Jutland Jutland East Zealand West Jutland Portfolio Key metrics Q3 2025 Q2 2025 YTD 2025 Q3 2024 YTD 2024 Rental income SEKm 856 850 2,584 910 2,697 Net operating income SEKm 672 643 1,961 681 1,942 Net operating income margin % 78.4 75.6 75.9 74.9 72 Like-for-like rental income growth % 2.5 3 3.3 2.7 3 Real economic occupancy % 99.4 99.4 99.3 98.8 98.1 Fair value of investment properties SEKm 68,115 69,954 68,115 71,485 71,485 Fair value change SEKm -358 2,385 2,198 202 240 Fair value change % -0.5 3.5 3.3 0.3 0.3 Homes Units 19,686 19,844 19,686 20,663 20,663 Capital expenditures SEKm 1151 103 339 122 279 Average valuation yield requirement1 % 3.7 3.8 3.7 4.2 4.2 Acquisitions SEKm - - - - 547 Divestments SEKm 1,253 1,483 3,796 1,106 2,616
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41 Netherlands 1) The valuation yield corresponds to the passing net operating income on a normalised basis as assessed by the valuer relative to the valuation of said property. Accordingly, the valuation yield may differ materially from stabilised yield due to rent reversion and can be volatile for markets with a higher volume of new builds and associated lease -up vacancy Fair Value 29 SEK billion Groningen Alkmaar Amsterdam Utrecht ArnhemDen Haag Schiedam Rotterdam Heerlen Portfolio Key metrics Q3 2025 Q2 2025 YTD 2025 Q3 2024 YTD 2024 Rental income SEKm 331 321 986 356 1,051 Net operating income SEKm 263 262 783 270 813 Net operating income margin % 79.4 81.7 79.5 75.8 77.3 Like-for-like rental income growth % 4.4 4.7 5.2 7.7 6.7 Real economic occupancy % 99.6 99.3 99.4 99.6 99.7 Fair value of investment properties SEKm 28,894 29,422 28,894 29703 29,703 Fair value change SEKm 371 561 1,338 1,404 3,575 Fair value change % 1.3 1.9 4.9 4.9 13.7 Homes Units 11,820 11,962 11,820 12,785 12,785 Capital expenditures SEKm 72 84 210 29 134 Average valuation yield requirement1 % 3.5 3.4 3.5 3.6 3.6 Acquisitions SEKm - - - - - Divestments SEKm 986 896 2,618 838 2,094
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42 Czechia 1) The valuation yield corresponds to the passing net operating income on a normalised basis as assessed by the valuer relative to the valuation of said property. Accordingly, the valuation yield may differ materially from stabilised yield due to rent reversion and can be volatile for markets with a higher volume of new builds and associated lease -up vacancy Fair Value 30 SEK billion Pilsen Ostrava Prague Portfolio Key metrics Q3 2025 Q2 2025 YTD 2025 Q3 2024 YTD 2024 Rental income SEKm 474 459 1,394 453 1,334 Net operating income SEKm 388 359 1,102 354 998 Net operating income margin % 81.9 78.3 79 78.1 74.8 Like-for-like rental income growth % 6.8 8.2 7.7 10.5 8.1 Real economic occupancy % 96.1 96.4 96.4 96.6 96.2 Fair value of investment properties SEKm 30,160 29,139 30,160 27,326 27,326 Fair value change SEKm 684 755 1,917 -58 1,240 Fair value change % 2.3 2.7 6.8 -0.2 4.8 Homes Units 40,677 40,753 40,677 42,232 42,232 Capital expenditures SEKm 217 158 483 250 589 Average valuation yield requirement1 % 5 5 5 4.8 4.8 Acquisitions SEKm - - - - 491 Divestments SEKm 138 182 686 - -
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43 Norway 1) The valuation yield corresponds to the passing net operating income on a normalised basis as assessed by the valuer relative to the valuation of said property. Accordingly, the valuation yield may differ materially from stabilised yield due to rent reversion and can be volatile for markets with a higher volume of new builds and associated lease -up vacancy Fair Value 15 SEK billion Oslo Portfolio Key metrics Q3 2025 Q2 2025 YTD 2025 Q3 2024 YTD 2024 Rental income SEKm 156 158 482 179 545 Net operating income SEKm 117 122 368 127 410 Net operating income margin % 75.3 77.1 76.2 71.1 75.3 Like-for-like rental income growth % 2.5 2.5 3.2 4.8 5.6 Real economic occupancy % 98.8 99.2 98.9 99.3 99.1 Fair value of investment properties SEKm 14,585 15,093 14,585 16,739 16,739 Fair value change SEKm -117 -65 56 -91 368 Fair value change % -0.8 -0.4 0.4 -0.5 2.2 Homes Units 3,505 3,619 3,505 3,934 3,934 Capital expenditures SEKm 26 51 140 9 52 Average valuation yield requirement1 % 3.3 3.2 3.3 3.2 3.2 Acquisitions SEKm - - - - - Divestments SEKm 473 359 1,595 404 405
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44 United Kingdom 1) The valuation yield corresponds to the passing net operating income on a normalised basis as assessed by the valuer relative to the valuation of said property. Accordingly, the valuation yield may differ materially from stabilised yield due to rent reversion and can be volatile for markets with a higher volume of new builds and associated lease -up vacancy Fair Value 5 SEK billion City of Edinburgh Birmingham Barnet Essex Portfolio Key metrics Q3 2025 Q2 2025 YTD 2025 Q3 2024 YTD 2024 Rental income SEKm 60 62 187 56 115 Net operating income SEKm 55 58 171 47 89 Net operating income margin % 91.8 92.2 91.5 82.9 77.5 Like-for-like rental income growth % 15.9 6.2 9.2 9.7 10 Real economic occupancy % 97.2 98.5 98.1 89.9 89.9 Fair value of investment properties SEKm 4,589 4,690 4,589 4,465 4,465 Fair value change SEKm 35 65 116 149 599 Fair value change % 0.8 1.4 2.6 3.4 15.5 Homes Units 2,016 2,052 2,016 1,980 1,980 Capital expenditures SEKm -1 1 1 73 299 Average valuation yield requirement1 % 5.5 5.5 5.5 4.5 4.5 Acquisitions SEKm - - - - 1,606 Divestments SEKm 125 33 158 - -
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45 Poland 1) The valuation yield corresponds to the passing net operating income on a normalised basis as assessed by the valuer relative to the valuation of said property. Accordingly, the valuation yield may differ materially from stabilised yield due to rent reversion and can be volatile for markets with a higher volume of new builds and associated lease -up vacancy Fair Value 5 SEK billion Krakow Warsaw Portfolio Key metrics Q3 2025 Q2 2025 YTD 2025 Q3 2024 YTD 2024 Rental income SEKm 60 62 187 56 115 Net operating income SEKm 55 58 171 47 89 Net operating income margin % 91.8 92.2 91.5 82.9 77.5 Like-for-like rental income growth % 15.9 6.2 9.2 9.7 10 Real economic occupancy % 97.2 98.5 98.1 89.9 89.9 Fair value of investment properties SEKm 4,589 4,690 4,589 4,465 4,465 Fair value change SEKm 35 65 116 149 599 Fair value change % 0.8 1.4 2.6 3.4 15.5 Homes Units 2,016 2,052 2,016 1,980 1,980 Capital expenditures SEKm -1 1 1 73 299 Average valuation yield requirement1 % 5.5 5.5 5.5 4.5 4.5 Acquisitions SEKm - - - - 1,606 Divestments SEKm 125 33 158 - -
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46 Finland 1) The valuation yield corresponds to the passing net operating income on a normalised basis as assessed by the valuer relative to the valuation of said property. Accordingly, the valuation yield may differ materially from stabilised yield due to rent reversion and can be volatile for markets with a higher volume of new builds and associated lease -up vacancy Fair Value 4 SEK billion North Ostrobothnia North Savo Central Finland Päijät-Häme Helsinki-Uusimaa Pirkanmaa Portfolio Key metrics Q3 2025 Q2 2025 YTD 2025 Q3 2024 YTD 2024 Rental income SEKm 70 69 211 72 212 Net operating income SEKm 42 38 115 42 111 Net operating income margin % 60.6 54.5 54.6 57.5 52.5 Like-for-like rental income growth % 0 3.6 2.6 8.3 7.3 Real economic occupancy % 94.6 95.1 95.1 96.3 94.4 Fair value of investment properties SEKm 3,854 3,882 3,854 3,770 3,770 Fair value change SEKm -21 6 72 26 10 Fair value change % -0.5 0.2 1.9 0.7 0.3 Homes Units 3,144 3,146 3,144 3,156 3,156 Capital expenditures SEKm 27 18 61 19 63 Average valuation yield requirement1 % 5.5 5.5 5.5 5.4 5.4 Acquisitions SEKm - - - - - Divestments SEKm 7 4 18 5 12
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47 Profit & loss statement Figures in SEK million Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 FY 2024 Rental income 3,982 3,954 4,018 4,076 4,012 15,898 Service charges paid by tenants 433 472 582 471 340 1,712 Property expenses -1,414 -1,498 -1,832 -1,679 -1,419 -6,423 Net operating income 3,001 2,928 2,767 2,868 2,933 11,187 Corporate administrative expenses -200 -156 -200 -257 -207 -874 Other operating items -103 -105 -101 -194 -119 -482 Gains/losses from divestment of properties 642 463 431 364 474 1,682 Profit before unrealised fair value adjustment 3,340 3,130 2,897 2,782 3,082 11,512 Fair value adjustment of investment properties 692 3,793 3,086 2,315 2,588 8,639 Value adjustment of inventory properties 1 -10 2 14 19 -707 Operating profit/loss 4,033 6,913 5,986 5,111 5,688 19,444 Share of net profit/loss of associated comp. and JVs -36 -28 7 21 -175 -58 Interest Income 6 30 42 30 56 207 Interest expenses -1,462 -1,441 -1,519 -1,576 -1,551 -6,023 Net currency translation gains/losses 287 -2,015 4,052 -621 310 -1,773 Fair value adjustment of derivative financial instr. 147 -292 153 368 -993 -615 Other financial items -334 -9 -66 -122 -13 -191 Profit/loss before tax 2,641 3,158 8,655 3,211 3,323 10,990 Income tax expense 1,061 -1,007 -1,986 -714 -901 -2,790 Profit/loss for the period 3,702 2,151 6,670 2,497 2,422 8,200 Other comprehensive income/loss -849 3,723 -8,318 1,852 -980 3,446 Total comprehensive income/loss 2,852 5,874 -1,648 4,349 1,442 11,647 Financial statements
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48 Balance sheet - Assets Figures in SEK million 30 Sep 2025 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 Assets Investment properties 327,451 329,682 323,360 333,728 330,400 Intangible assets 18,692 18,763 18,485 19,002 18,853 Machinery and equipment 303 308 269 293 310 Investments in associated companies and joint ventures 8,471 8,582 8,395 8,847 8,735 Derivative financial instruments 29 42 84 57 10 Deferred tax assets 299 518 336 819 831 Other financial assets 922 970 957 952 1,074 Total non-current assets 356,167 358,863 351,885 363,697 360,213 Inventory properties 877 892 859 896 501 Rent and trade receivables 201 263 268 238 385 Other financial assets 1,219 1,359 1,481 1,598 1,695 Derivative financial instruments 1 5 18 8 31 Prepayments 599 664 1,055 859 1,122 Cash and cash equivalents 3,052 4,115 3,173 3,647 14,419 Assets held for sale 1,424 1,797 1,122 2,163 1,371 Total current assets 7,373 9,096 7,976 9,409 19,523 Total assets 363,540 367,959 359,862 373,106 379,736 Financial statements
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49 Balance sheet – Equity and Liabilities Figures in SEK million 30 Sep 2025 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 Equity 165,108 162,251 156,636 159,485 155,340 Liabilities Interest-bearing liabilities 163,053 154,097 158,715 172,912 172,771 Lease liabilities 1,296 1,311 1,272 1,297 1,287 Derivative financial instruments 468 713 503 632 973 Deferred tax liabilities 20,683 22,278 21,268 20,668 20,035 Other financial liabilities 1,756 1,809 1,814 1,875 1,667 Total non-current liabilities 187,255 180,209 183,572 197,384 196,732 Interest-bearing liabilities 7,205 21,519 15,617 11,379 23,432 Lease liabilities 43 46 49 59 70 Trade payables 468 404 580 662 494 Other liabilities 1,286 1,513 1,312 1,803 1,383 Derivative financial instruments 29 56 19 28 28 Accrued expenses and prepaid income 2,146 1,961 2,076 2,304 2,257 Total current liabilities 11,177 25,499 19,653 16,237 27,664 Total equity and liabilities 363,540 367,959 359,862 373,106 379,736 Financial statements
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50 Real Economic occupancy – breakdown per country 96.8% 78.1% 64.9% 71.1% 80.3% 60% 80% 100% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 99.2% 99.5% 99.7% 99.7% 99.7% 80% 90% 100% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 SE 93.3% 96.3% 96.6% 95.5% 95.1% 94.6% 80% 90% 100% Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 DE DK CZ NL NO UK FI PL HS TB 89.9% 96.1% 98.5% 98.5% 97.2% 80% 90% 100% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 98.7% 98.6% 98.3% 98.5% 98.6% 80% 90% 100% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 99.8% 99.7% 99.7% 99.9% 99.7% 80% 90% 100% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 98.8% 98.9% 99.1% 99.4% 99.4% 80% 90% 100% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 99.3% 98.8% 98.8% 99.2% 98.8% 80% 90% 100% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 96.6% 96.7% 96.6% 96.4% 96.1% 80% 90% 100% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 99.6% 99.6% 99.5% 99.3% 99.6% 80% 90% 100% Q3’24 Q4’24 Q1’24 Q2’24 Q3’24 Occupancy
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51 Long-term development Net operating income and margin, 12-months rolling (SEK bn and %) 1) Excludes value of Assets held for sale. Fair value of Investment Properties (SEK bn)1 FI PL UK NO NL CZ DK DE SE NOI margin 62.8% 63.9% 64.1% 65.1% 66.0% 66.2% 67.4% 67.7% 68.4% 69.3% 70.4% 71.0% 71.6% 72.1% Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 6.7 7.5 8.1 8.7 9.2 9.6 10.1 10.3 10.6 10.9 11.2 11.4 11.5 11.5 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 336 337 345 335 340 332 319 331 330 330 334 323 330 327 FIPLUKDE NONLCZDKSE LT growth
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52 Ownership Structure 1) Net asset value excluding non-controlling interest and hybrid bonds with accrued interest; 2) Allianz, through a joint venture. Founder & Manager Shareholder agreement AB 70.8% 29.2% 96.0% 4.03% Votes Share capital HEIMPREF 50.1% 49.9% 36.7% 63.3% Votes Capital Selected Institutional Investors Institutional Partner Group management agreement Country Management 1 Alecta Folksam Group Ericsson Pension Fund Swedish Pensions Agency Other investors 2Allianz Structure
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53 Sustainability targets 1) Downstream leased assets cover energy purchased by tenants. The target boundary includes biogenic land related emissions a nd removals from bioenergy feedstocks. 2) Degree-day corrected value. 3) When we build on new land. 4) Where applicable. 5) Long -term target. 6) Includes both short and long-term sickness. 7) Approximately 15 big suppliers account for 27% of Heimstaden's spend and are covered by this target. Reduce absolute scope 1, 2, and 3 GHG emissions covering downstream leased assets 42% by 2030 from a 2020 base year (2020 base year)1 Employee survey: Top 25th percentile in Engagement score, Diversity & Inclusion score, and Health & Wellbeing score5 Ecosystem services shall be evaluated for all new builds and major projects3, at least the same amount of ecosystem services, or more, must be recreated Reduce the amount of purchased energy by, on average, 2% per sqm per year till 2025 (like for like basis, 2019 baseline) 2 At least 1% reduced water consumption per sqm and year until 2030 (like-for-like, baseline 2019) 0 work related injuries5 <5% sick leave5, 6 Include renewable energy generation in all newbuilds4 No incidents of confirmed discrimination Gender equality in Group Management Team (50%-50%)5 Annual customer survey: Total service: 80%, Take Customer Seriously: 86%, Security: 80 % (0-100%) by 2026 5 000 inclusive housing contracts by 2026 (Social contracts and Affordable housing contracts) 240 inclusive jobs by 2026 (far from labour market and young adults <25 years old) Sustainable Operations Employees Sustainable R&M and New Construction Society Customers Leadership & Supervision Fair, Transparent & Trustworthy No incidents of confirmed corruption 100% of employees have signed the Code of Conduct for Employees and have completed training by 2023 100% of contractors and suppliers have signed the Business Partner Principles Require that suppliers covering 27 % of our spend should set science-based targets by 20277 E S G Sustainability