Slides
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Company Presentation Heimstaden AB Q2 2026 Utrecht, Netherlands
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Heimstaden (“HST”) is a residential investment company with a management platform 2 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 ~660 m p.a. Large team (~80 FTEs) with highly skilled residential experts within areas such as investment, financing, asset mgmt, operations, and privatisation Investment in Heimstaden Bostad (“HSTB”) SEK 50 billion 36.5% of NAV and 50.1% of votes in HSTB Combination of A, B, C and Common shares Investments1 Management platform Income streams Dividends from HSTB3: • A Shares: 0.2% of HSTB’s GAV p.a. (accrued SEK ~2.3 bn as of Q2’26, first priority) • Shareholder agreement stipulates that all profits shall be distributed to B and Common shares as baseline Direct holdings2 Office building in Malmö (SE) Danish Development Asset (DK) 1) Based on external appraisals updated on a quarterly basis 2) See later slide for current status on direct holdings 3) See later slide for further details of dividend mechanics
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HST invested in and manages HSTB’s unique pan- European portfolio diversified across nine markets 3 Fair value (SEK m)1 # of Homes Fair value SEK/sqm 92,437 46,583 28,308 80,634 29,770 40,304 71,710 19,391 37,819 31,960 39,872 12,959 27,643 10,631 33,078 13,808 3,235 79,655 4,884 1,415 54,949 4,155 1,788 45,202 3,849 2,920 22,248 Total 331,079 155,605 30,134 Fair Value 331 SEK billion 1) Fair Value of Investment Properties, Investment Properties under construction, Land and building rights & Land leases from RoU assets
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HSTB performance at record highs with fundamentals supporting further potential 4 Record high occupancy levels... Disciplined cost control… …resulting in continued growing NOI margin …without compromising on rental growth 97.6% 98.5% 98.2% 98.3% 98.3% 98.8% 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 1 Q1’251 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Real Economic Occupancy 1.6% 5.6% 4.8% 5.6% 5.4% 4.1% 7.4% Q1’21 Q2’21 Q3’21 Q4’21 4.0% Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 2.9% Q1’24 Q2’24 Q3’24 Q4’24 2.5% Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 2.1% Q2’26 Like for like rental income growth, year-on-year Core CPI, year-on-year 0 2 4 6 8 10 60 80 100 120 140 160 Q1’21 Q2’21 Q3’21 Q4’21 149 Q1’22 Q2’22 Q3’22 Q4’22 159 6.1 Q1’23 Q2’23 Q3’23 Q4’23 162 6.7 Q1’24 Q2’24 Q3’24 Q4’24 114 6.4 Q1’25 Q2’25 Q3’25 Q4’25 161 156 Q2’26 3.2 4.4 6.4 Q1’26 # Units, (’000s) rhs Property expenses (SEK bn), 12 month rolling, lhs 61.6% 62.3% 65.1% 67.7% 71.0% 73.1% 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 Q4’25 Q1’26 Q2’26 1) Occupancy adjusted for large receivable of newbuild project in the UK Net operation income margin, 12 months rolling
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NOI growth is driving increasing HSTB valuations… 5 HSTB quarterly value change HSTB yield development ● Continued NOI growth supports values in an environment where rate volatility is causing upward pressure on yields in selected markets ● All properties are externally valued by renowned appraisers on a quarterly basis -3.9% -2.1% -1.5% -1.6% 0.7% 0.4% 0.8% 0.7% 1.0% 1.2% 0.2% 0.5% 0.8% 0.2% Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 3.29% 3.41% 3.49% 3.54% 3.63% 3.67% 3.69% 3.66% 3.71% 3.70% 3.71% 3.69% 3.72% 3.78% Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 ● Fair value increases driven by continued rental growth and strong ownership housing market Fair value change in % Valuation yield in %
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Forecast 2010 2015 2020 2025 2030 2035 2040 100 105 110 115 120 125 HSTB regional weighted - Household index HSTB country weighted - Household index EU - Household index …benefitting from residential fundamentals tailwinds… 6 Household index and projected growth Housing permits in HSTB‘s markets have fallen by 42% since Q2‘21 1) Weighted by HSTB GAV as of Q1 ’26 in the corresponding country/region. CAGR between 2025-2040 Sources: Oxford Economics (LHS) and National statistical institutes CAGR 0.40% CAGR 0.25% CAGR 0.26% 40 60 80 100 120 140 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 -42% Issued permits (HSTB GAV weighted by market)
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...with increasing investor demand in residential Source: CBRE Research 7 EMEA real estate investment volumes (EUR bn, LHS) & residential share of total investment volume (%, RHS) 0 50 100 150 200 250 300 350 400 0% 5% 10% 15% 20% 25% 30% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 242 254 125 82 120 132 2006 181 240 308 274 312 323 143 285 367 307 168 213 245 330 Residential Office Retail Industrial Hotel Healthcare Other Residential Share (RHS)
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…supported by increasing house prices – a catalyst for continued outperformance 8 HSTB GAV weighted house price index1 for primary privatisation markets2, year-on-year change Source: National statistical institutes of the Netherlands, Denmark, Norway, Finland and Poland. 1) Blended house price index is calculated by weighting the change over time in the national house price index by the corresponding country Q1 2026 GAV. 2) Heimstaden Bostad’s primary privatisation markets are the Netherlands, Denmark, Norway, Finland and Poland. -8% -4% 0% 4% 8% 12% 16% 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 Q4’25 Q1’26
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The strong HSTB performance translates into NAV growth potential 9 Q1’22 6.2 68.2 Q2’22 6.5 65.9 Q3’22 6.5 62.3 Q4’22 6.7 -1.2 51.0 Q1’23 6.9 49.0 Q2’23 7.0 45.0 Q3’23 40.8 Q4’23 43.6 Q1’24 44.0 Q2’24 44.9 Q3’24 46.8 Q4’24 46.1 Q1’25 49.2 Q2’25 49.6 Q3’25 47.6 Q4’25 49.9 Q1’26 73.6 76.8 75.3 70.8 64.2 57.3 5.4 43.1 45.4 46.4 47.3 49.4 48.3 51.752.6 50.2 52.0 Q2’26 51.1 49.1 65.4 52.1 Cash Investment properties HST injects or sell equity in HSTB HSTB shareholding Dividends from HSTBInventory properties 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
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Sources of core liquidity generation in HST 10 Cash flow from 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 million p.a. – 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 at SEK ~2.3bn as of Q2’26) 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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HSTB dividends is a key driver of HST’s long-term liquidity HSTB historical dividends received from HSTB shareholding (SEK m) 1) Calculated as cash dividend for the year divided by weighted average NAV for the previous year ● No dividend paid in 2024, 2025 or 2026. Focus remains on strengthening credit metrics and achieving additional headroom to the financial policy in HSTB 277 434 673123 1,636 1,809 1,063 400 1,648 184 2020 2021 2022 2023 2024 2025 707 1,913 2,243 3,384 0 0 2026 0 Common Class B Class A 3.7% 6.6% 4.9% 5.2% Cash dividend yield1
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Sale of assets support liquidity 12 Danish development asset Else Sørensens Vej (“ESV”) Expected sale of Swedish assets ● The land plot on Else Sørensens Vej was acquired in Q4 ’24, based on an earlier purchase obligation subject to planning. In Q1 ’25, the projecting/construction started ● Beginning of April, HST signed forward-sale upon completion of ESV to Tishman Speyer in order to strengthen the cash position. Further, this marks another step in the ongoing deleveraging efforts ● Expect to complete the sale of all Swedish assets in 2026, the school is divested and cash in account ● Total sales expected to reduce debt by SEK 275m and release equity Asset type Office building School Picture Location Malmo Eskilstuna HST ownership 100% 80% Building year 1965 1974 Other Asset was previously corporate office, was vacated in Q2 2026 to prepare for redevelopment Divested Figures in SEK million Q2 ’26 Q1 ’26 Accumulated cost spend 441 388 Drawn building credit 140 63 Remaining investment obligation 298 342 Fair value at balance sheet date 638 627 Est. Completion date ~Q2 ’27 Location Rødovre Size, residential 16,870 sqm / 186 units Financing structure Forward purchase
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Currency SEK million outstanding Fixed/Float Coupon/ spread Interest rate3 Issue date Maturity/ call date Deferred amounts Bought back (SEK m) Rating (S&P/Fitch) Outstanding senior unsecured bonds1 SEK 750 Floating Stibor 3m + 600bps 8.19% 29/01/2025 29/07/2028 -- 0 B / B EUR 4,765 Fixed 837.5 bps 8.375% 29/01/2025 29/01/2030 -- 0 B / B EUR 4,432 Fixed 736.1 bps 7.361% 24/07/2025 24/01/2031 -- 0 B / B Outstanding perpetual hybrid bonds SEK 4,460 Floating Stibor 3m +590bps 8.09% 11/04/2019 - 1,070 40 D / CCC EUR 3,324 Fixed 675bps 6.75% 15/10/2021 15/01/2027 581 0 D / CCC Outstanding preference share SEK 1,9342 Fixed 6.0% n.a. 11/06/2015 4 - 260 0 NR Standalone interest-bearing liabilities Note: Includes both capital markets unsecured debt and secured asset-backed financing 1) All bonds are listed on Euronext Dublin 2) Based on the current redemption price of SEK 33 per share 3) Floating loans adjusted with STIBOR 3m @ 219bps as of 31/03/2026 4) Original issue date, with supplemental issuance 15/06/2021 13 Maturity Profile (SEK m) Outstanding listed instruments 129 4,765 4,432 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2035 891 750 141 Bank loan Senior bonds Construction facility ESV
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Appendix Heimstaden AB
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Income development 15 HST standalone quarterly income 1) Captures one-off profit distributions (net proceeds from sale of assets and/or sale of shares). E.g. Q1 2025 includes sale of Danish development assets and Q2 2026 sale of school in Sweden 180 182 175 179 166 163 489 104 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 670 Q2’26 267 Operating income Other profit1 Dividends received Jan’25 divestment of certain Danish development projects
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Operating costs development 16 HST standalone quarterly costs 105 94 87 68 98 74 164 161 199 192 183 206 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 269 255 286 260 281 Q2’26 280 Operating cost Interest expense Payments on hybrids Comments • 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)
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Standalone earnings 1) Revenue R12 is composed of GAV-fee (SEK 655 m), and management services (totalling SEK 24 m) 2) Other profit distribution represents divestment of shares and other assets. Q2’26 includes the net proceeds from divestment of the Swedish school 3) Total accumulated coupon on deferred hybrid securities, not recognised in the balance sheet as Heimstaden is entitled to defer payments for an indefinite period 4) Dividend on preference shares not paid out shall not be recognised on the balance sheet before declared by AGM, included 10% interest p.a. 17 Figures in SEK million Q2 ’26 Q1 ’26 Q4 ’25 Q3 ‘25 Q2 ‘25 Operating income1 679 702 717 729 741 Operating cost -338 -347 -354 -399 -439 Operating profit/loss 341 356 363 330 302 Pref A dividend - - - - - Common dividend - - - - - Pref B dividend - - - - - Dividends from Heimstaden Bostad - - - - - Other profit distribution2 104 - 489 489 500 Adjusted earnings 445 356 852 820 802 Interest expense -785 -753 -716 -683 -629 Adjusted earnings after interest expense -340 -398 136 136 174 Payments on hybrid securities - - - - - Adjusted earnings after debt and hybrids -340 -398 136 136 174 Net non-paid hybrid coupon3 -1,651 -1,333 -986 -883 -781 Non-paid preference share dividend4 -260 -225 -190 -157 -124 Rolling 12-months
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Standalone balance sheet 1) Danish development asset (ESV) reclassified to inventory properties in Q2’26 18 Debt and relevant assets Figures in SEK million Q2 ‘26 Q1 ‘26 Q4 ‘25 Q3 ‘25 Q2 ‘25 Interest bearing secured liabilities 270 338 275 275 275 Interest bearing unsecured liabilities 9,947 9,829 9,728 9,922 10,003 Interest bearing liabilities 10,218 10,167 10,003 10,197 10,278 Cash and cash equivalents -1,142 -982 -1,500 -1,470 -1,589 Net interest-bearing debt 9,076 9,185 8,502 8,726 8,689 Heimstaden Bostad’s net asset value 177,393 177,886 171,867 173,696 172,358 Equity attributed to Heimstaden Bostad’s hybrid securities and non- controlling interests -41,892 -41,401 -39,675 -38,343 -38,038 Heimstaden Bostad’s adjusted net asset value 135,501 136,787 132,192 135,353 134,321 Heimstaden’s share of capital, % 36.2 36.5 36.0 36.7 36.7 Heimstaden’s share of capital 49,104 49,873 47,611 49,625 49,241 Investment properties 236 1,132 1,117 976 903 Inventory properties1 639 - - - - Relevant assets 49,979 51,005 48,728 50,601 50,144
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Overview of Heimstaden AB standalone financial metrics 19 ICR1 and Net LTV2 Current covenant package 1) Rolling 12 months, defined as per the EMTN 2024 programmes as (Operating profit + Dividends (paid or made) from HSTB + other profit distributions) / Interest expense 2) Net interest bearing debt (IFRS) / (HSTB shareholding + investment properties) 3.8x 4.1x 2.0x 1.2x 1.2x 0.5x 0.6x Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 1.6x 1.6x Incurrence covenant (2x) Standalone ICR 22.0% 20.6% 20.7% 20.1% 18.5% 17.3% 17.2% 17.4% 18.0% 18.2% Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 30% Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Incurrence covenant (30%) 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
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Appendix Heimstaden Bostad
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Fixed Income Investor Presentation Q2 2026
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23 A Leading European Residential Company Amounts in SEK as of Q2 2026 1) LTM 2) IFRS Net LTV / S&P method assuming 50% of hybrid capital as debt 3) IFRS ICR / S&P method incl. 50% of hybrid dividends 23 331 bn Investment properties 155,605 Homes 11.6 bn Net operating income1 73.1% Net operating income margin1 98.8% Real economic occupancy ratio BBB- / BBB- S&P and Fitch 2.3x / 1.8x Interest coverage ratio3 47.9% / 53.2% LTV2
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24 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 from RoU assets 2) Standing assets 3) Based on fair value 4) Residential income 92 14 80 72 28 30 5 4 4 Fair value 331 SEK billion Fair value (SEK m)1 Homes, units2 Fair value SEK/sqm2 Residential3 Regulated income4 Real economic occupancy 92,437 46,583 28,308 89.8% 100.0% 99.6% 80,634 29,770 40,304 91.6% 100.0% 99.6% 71,710 19,391 37,819 94.1% 17.9% 99.3% 31,960 39,872 12,959 96.7% 14.9% 96.9% 27,643 10,631 33,078 98.2% 58.8% 99.9% 13,808 3,235 79,655 85.6% 0.0% 98.8% 4,884 1,415 54,949 97.6% 6.1% 87.0% 4,155 1,788 45,202 94.5% 0.0% 96.1% 3,849 2,920 22,248 96.1% 0.0% 95.7% Total 331,079 155,605 30,134 92.6% 60.1% 98.8%
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25 Q2 2026 Highlights: Proven Platform, Quality Earnings 1 Operational performance continues to trend above core inflation w/ like-for-like rental income growth of 4.1% 2 NOI margin record high at 73.1% (LTM) driven by like-for-like rental growth, strong occupancy, and OPEX reduction 3 Reaffirming 2026 guidance including financial and operational projections
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26 Q2 2026: Affirming guidance for 2026 Real Economic Occupancy Full year 98.5% - 99% 1 2 3 4 Privatisation Programme Total Sales Full year SEK 8 - 12 billion LfL Rental Income Full year 4% - 4.5% NOI Margin Full year 73.5% - 74.5% S&P ICR Year end 1.8x 1 2 3 4 Secured LTV Year end 25% - 27% Average Interest Cost Full year 3.1% - 3.3% S&P LTV Year end 50% - 52%
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27 Real economic occupancy improves to 98.8% 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 are 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 reflects the share of income-producing units that generate rental income. Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 98.5% 98.6% 98.7% 98.7% 98.8% 1.4% 97.1% 1.2% 97.4% 1.1% 97.6% 1.3% 97.4% 1.3% 97.5% Non-market vacancy adj.1 Economic occupancy2 Q1 ’26 Q2 ’26 Δ 99.7% 99.6% -0.1% 99.8% 99.6% -0.2% 99.3% 99.3% 0.0% 96.7% 96.9% 0.2% 99.9% 99.9% 0.0% 98.2% 98.8% 0.6% 83.4% 87.0% 3.6% 96.2% 96.1% -0.1% 95.4% 95.7% 0.3% Total 98.7% 98.8% 0.1% Real economic occupancy by country
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28 Q1 ’26 Q2 ’26 Δ 3.8% 3.3% -0.5% 3.6% 4.0% 0.4% 2.6% 2.8% 0.2% 7.3% 6.5% -0.8% 5.0% 5.3% 0.3% 1.4% 3.0% 1.6% 33.0% 30.9% -2.1% 4.6% 3.8% -0.8% 0.4% 0.0% -0.4% Total 4.2% 4.1% -0.1% Like-for-like rental growth1 vs. core inflation2 1) Rental growth on same assets/units versus same period last year 2) Average monthly reported country core inflation in the quarter, weighted by the ending rent roll of the previous year Like-for-like rental growth by country Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 2.5% 5.2% 2.7% 4.5% 2.5% 4.6% 2.1% 4.2% 2.1% 4.1% Core CPI Like-for-like rental income growth Like-for-like (LfL) rental growth consistently above inflation
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29 Rental income growth offsetting privatisation effect Development in rental income (SEK m) Q1 ’26 Stand. Net acq. FX Q2 ’26 1,294 - 5 1 - 1,291 702 13 1 13 729 822 1 - 4 15 834 472 10 - 5 9 486 299 - - 7 6 299 149 3 - 3 8 157 61 3 - 1 66 52 - - 3 1 49 68 - 1 - 1 69 Total 3,919 25 - 18 54 3,979 3,939 3,919 3,979 LTM Q4 ’25 LTM Q1 ’26 LTM Q2 ’26 Q4 ’25 Q1 ’26 Q2 ’26 15,892 15,793 15,819 +0.2% +1.5% Rental income by country (SEK m)
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30 LTM NOI margin again reaches record high of 73.1% 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 invoiced to 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) 72.2% LTM Q4 ’25 72.6% LTM Q1 ’26 73.1% LTM Q2 ’26 70.8% Q1 ’26 75.9% Q2 ’26 11,467 11,472 11,562 2,773 3,018 0.0% Net operating income (SEK m) NOI margin Q1 ’26 Q2 ’26 Δ H&W2 55.1 % 66.9 % 11.8 pp 81.7 % 84.8 % 3.1 pp 75.1 % 76.7 % 1.6 pp 82.6 % 82.5 % -0.1 pp 79.9 % 79.9 % 0.0 pp 74.5 % 76.8 % 2.3 pp 71.4 % 72.8 % 1.4 pp 97.2 % 94.9 % -2.3 pp 49.9 % 57.6 % 7.7 pp Total 70.8 % 75.9 % 5.1 pp Paid by landlord, reimbursed 1:1 via service charge Paid by tenants directly Paid by landlord NOI margin by country1
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31 Privatisation in line with year-end guidance Quarterly sales development Selected KPIs (for Q2 ‘26 sales isolated) Total sales SEK 2,238 m Gross premium 30.1% Units sold (Resi only) 538 28.2% Q3 25 32.5% Q4 25 30.4% Q1 26 30.1% Q2 26 2,865 2,890 2,609 2,238 Sales value Gross premium
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32 AFFO supporting cash generation Adjusted Funds from Operations Development (SEK m), Last 12 months Net Operating Income Value Preserving Capex Value Increasing Capex AFFO Standing Assets 320 Investment properties under construction Privatisation & Portfolio Sales Net Proceeds AFFO LTM 11,653 7,652 14,195 1,955 2,046 6,863
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33 Fair values supported by operating fundamentals GAV Development (SEK m) 1) Average valuation yield. QoQ ▲ NOI yield1 % SEK m Q1 ’26 Q2 ’26 -0.1 -77 3.74% 3.80% -1.4 -1,142 3.16% 3.25% 2.1 1,457 3.73% 3.69% 3.0 940 5.16% 5.21% -0.3 -71 3.37% 3.48% -1.7 -235 3.31% 3.44% -1.0 -50 3.79% 4.33% 0.2 8 5.53% 5.62% -1.5 -58 5.51% 5.57% Total 0.2 772 3.72% 3.78% 772 935 Inv. Prop Q1 25 Fair value change Capex standing assets 71 Capex investment properties under construction 125 Land leases 1,615 Privatisation sales 86 Other sales 3,308 FX effects Inv. Prop Q1 26 327,819 331,079 Fair value development by country
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34 Key funding metrics (1/2) Diversified funding sources EMTN (bond) programme compliance 1) Only senior debt, i.e., excludes hybrids Loan average tenor and stable interest rate Bank loans 34.3 Mortgages 60.6 Bonds Total debt 27.2 Hybrid capital Total debt & Hybrid capital 67.8 162.6 189.8 SEK bn 63% 37% 18% 36% 32% 14% Mortgages (Realkredit) Bank loans Bonds Hybrid capital SEK 189.8 bn SEK 162.6 bn By instrument By security level1 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 2019 2020 2021 2022 2023 2024 2025 Q2 2026 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% 7.6 3.2% 7.5 Avg. interest rate Avg. loan tenor (yrs) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 46.6% 30.7% 46.0% 28.6% 45.6% 28.0% 44.6% 28.5% 43.4% 28.2% Net Debt / Total Assets (covenant < 65%) Secured Debt / Total Assets (covenant < 45%) 2.0x 2.1x 2.2x 2.3x 2.3x ICR (> 1.5x)
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35 Key funding metrics (2/2) Funding sources over time Secured loan-to-value 37% 33% 12% Q2 24 18% 39% 32% 11% Q3 24 18% 40% 29% 13% Q4 24 19% 39% 30% 12% Q1 25 18% 38% 31% 13% Q2 25 19% 36% 34% 12% Q3 25 18% 35% 34% 13% Q4 25 19% 37% 31% 14% Q1 26 18% 14% 32% 36% 18% Q2 26 Mortgage debt Bank debt Bonds Hybrid bonds 30.7% 28.6% 28.0% 28.5% 28.2% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Secured LTV (covenant < 45%)
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36 S&P ICR has achieved 1.8x in compliance with policy 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 2.1x 2.2x 2.3x 2.3x 1.6x 1.6x 1.7x 1.7x 1.8x Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 ICR, IFRS ICR, S&P method (downgrade if sustainably below 1.5x) 51.7% 50.8% 49.8% 48.6% 47.9% 55.1% 54.1% 54.0% 53.2% 53.2% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net LTV, IFRS Net Debt / Net Debt + Equity, S&P method (downgrade if well above 60%)
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37 Maturity profile SEK billion Next 8 quarters Long term Interest Bearing debt maturity Hybrid bonds first reset date Hybrid bonds Interest Bearing debt maturity Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 1.4 8.6 0.9 3.5 3.1 2.9 11.4 Bank loans Bonds Mortgages 5.3 6.8 3.8 5.5 5.5 Q1 27 Q2 27 Q1 28 Q1 30 Q2 31 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ 1.4 14.3 28.0 26.5 25.0 30.3 0.6 0.8 0.2 35.8
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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 92 SEK billion 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 Key metrics Q2 26 YTD 26 LTM Q2 25 Rental income SEK m 1,291 2,585 5,110 1,274 Net operating income SEK m 864 1,577 3,184 846 Net operating income margin % 66.9 61.0 62.3 66.4 Like-for-like rental income growth % 3.3 3.6 4.6 5.9 Real economic occupancy % 99.6 99.6 99.7 99.7 Fair value of investment properties SEK m 92,437 92,437 92,437 91,071 Fair value change SEK m -77 196 257 16 Fair value change % -0.1 0.2 0.3 - Homes Units 46,583 46,583 46,583 46,739 Capital expenditures SEK m 353 653 1,147 225 Average valuation yield requirement1 % 3.8 3.8 3.8 3.7 Acquisitions SEK m – – – – Total sales value SEK m 45 45 60 1,497
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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 Q2 26 YTD 26 LTM Q2 25 Rental income SEK m 729 1,431 2,868 709 Net operating income SEK m 618 1,192 2,273 556 Net operating income margin % 85 83 79 78 Like-for-like rental income growth % 4 4 4 6 Real economic occupancy % 100 100 100 100 Fair value of investment properties SEK m 80,634 80,634 80,634 81,329 Fair value change SEK m -1,142 -1,297 -1,425 14 Fair value change % -1 -2 -2 0 Homes Units 29,770 29,770 29,770 29,674 Capital expenditures SEK m 271 469 1,240 317 Average valuation yield requirement1 % 3 3 3 3 Acquisitions SEK m 0 0 0 0 Total sales value SEK m 9 13 30 5
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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 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 72 SEK billion Copenhagen North Zealand South Jutland Fyn West and South Zealand East Jutland North Jutland Jutland East Zealand West Jutland Portfolio Key metrics Q2 26 YTD 26 LTM Q2 25 Rental income SEK m 834 1,656 3,341 850 Net operating income SEK m 640 1,257 2,577 643 Net operating income margin % 77 76 77 76 Like-for-like rental income growth % 3 3 2 3 Real economic occupancy % 99 99 99 99 Fair value of investment properties SEK m 71,710 71,710 71,710 69,954 Fair value change SEK m 1,457 2,755 4,613 2,385 Fair value change % 2 4 7 4 Homes Units 19,391 19,391 19,391 19,844 Capital expenditures SEK m 124 230 546 103 Average valuation yield requirement1 % 4 4 4 4 Acquisitions SEK m 0 0 0 0 Total sales value SEK m 719 1,617 3,939 1,483
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41 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 32 SEK billion Pilsen Ostrava Prague Portfolio Key metrics Q2 26 YTD 26 LTM Q2 25 Rental income SEK m 486 958 1,906 459 Net operating income SEK m 401 791 1,561 359 Net operating income margin % 83 83 82 78 Like-for-like rental income growth % 7 7 7 8 Real economic occupancy % 97 97 97 96 Fair value of investment properties SEK m 31,960 31,960 31,960 29,139 Fair value change SEK m 940 1,453 2,076 755 Fair value change % 3 5 7 3 Homes Units 39,872 39,872 39,872 40,753 Capital expenditures SEK m 153 270 846 158 Average valuation yield requirement1 % 5 5 5 5 Acquisitions SEK m 0 0 0 0 Total sales value SEK m 142 245 843 182
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42 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 28 SEK billion Groningen Alkmaar Amsterdam Utrecht ArnhemDen Haag Schiedam Rotterdam Heerlen Portfolio Key metrics Q2 26 YTD 26 LTM Q2 25 Rental income SEK m 299 598 1,240 321 Net operating income SEK m 239 478 980 262 Net operating income margin % 80 80 79 82 Like-for-like rental income growth % 5 5 5 5 Real economic occupancy % 100 100 100 99 Fair value of investment properties SEK m 27,643 27,643 27,643 29,422 Fair value change SEK m -71 634 1,090 561 Fair value change % 0 2 4 2 Homes Units 10,631 10,631 10,631 11,962 Capital expenditures SEK m 67 126 331 84 Average valuation yield requirement1 % 4 4 4 3 Acquisitions SEK m 0 0 0 0 Total sales value SEK m 938 1,910 4,141 896
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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 14 SEK billion Oslo Portfolio Key metrics Q2 26 YTD 26 LTM Q2 25 Rental income SEK m 157 305 611 158 Net operating income SEK m 120 231 459 122 Net operating income margin % 77 76 75 77 Like-for-like rental income growth % 3 2 2 3 Real economic occupancy % 99 99 99 99 Fair value of investment properties SEK m 13,808 13,808 13,808 15,093 Fair value change SEK m -235 -72 -627 -65 Fair value change % -2 -1 -4 0 Homes Units 3,235 3,235 3,235 3,619 Capital expenditures SEK m 2 62 153 51 Average valuation yield requirement1 % 3 3 3 3 Acquisitions SEK m 0 0 0 0 Total sales value SEK m 268 690 1,424 359
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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 Q2 26 YTD 26 LTM Q2 25 Rental income SEK m 66 127 249 51 Net operating income SEK m 48 92 168 31 Net operating income margin % 73 72 68 61 Like-for-like rental income growth % 31 32 24 1 Real economic occupancy % 87 87 83 71 Fair value of investment properties SEK m 4,884 4,884 4,884 5,102 Fair value change SEK m -50 -106 -205 56 Fair value change % -1 -2 -4 1 Homes Units 1,415 1,415 1,415 1,413 Capital expenditures SEK m 2 12 38 3 Average valuation yield requirement1 % 4 4 4 3 Acquisitions SEK m 0 0 0 0 Total sales value SEK m 0 0 0 0
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45 Poland Fair Value 4 SEK billion Krakow Warsaw 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 Portfolio Key metrics Q2 26 YTD 26 LTM Q2 25 Rental income SEK m 49 101 216 62 Net operating income SEK m 47 97 202 58 Net operating income margin % 95 96 94 92 Like-for-like rental income growth % 4 4 8 6 Real economic occupancy % 96 96 97 99 Fair value of investment properties SEK m 4,155 4,155 4,155 4,690 Fair value change SEK m 8 39 130 65 Fair value change % 0 1 3 1 Homes Units 1,788 1,788 1,788 2,052 Capital expenditures SEK m 1 -1 -5 1 Average valuation yield requirement1 % 6 6 6 6 Acquisitions SEK m 0 0 0 0 Total sales value SEK m 227 466 831 33
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46 Finland Fair Value 4 SEK billion North Ostrobothnia North Savo Central Finland Päijät-Häme Helsinki-Uusimaa Pirkanmaa 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 Portfolio Key metrics Q2 26 YTD 26 LTM Q2 25 Rental income SEK m 69 137 275 69 Net operating income SEK m 40 74 150 38 Net operating income margin % 58 54 54 55 Like-for-like rental income growth % 0 0 0 4 Real economic occupancy % 96 96 95 95 Fair value of investment properties SEK m 3,849 3,849 3,849 3,882 Fair value change SEK m -58 -188 -119 6 Fair value change % -2 -5 -3 0 Homes Units 2,920 2,920 2,920 3,146 Capital expenditures SEK m 32 50 113 18 Average valuation yield requirement1 % 6 6 6 6 Acquisitions SEK m 0 0 0 0 Total sales value SEK m 0 2 12 4
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47 Profit & loss statement Figures in SEK million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 FY 2025 Rental income 3,979 3,919 3,939 3,982 3,954 15,892 Property expenses -941 -1,128 -1,151 -960 -1,014 -4,361 Net operating income before service charges 3,038 2,791 2,787 3,022 2,940 11,530 Service income 491 631 630 433 472 2,117 Service costs -511 -648 -647 -454 -484 -2,181 Net service income -20 -18 -17 -21 -12 -64 Net operating income 3,018 2,773 2,771 3,001 2,928 11,467 Corporate administrative expenses -200 -200 -192 -200 -156 -748 Other operating items -108 -72 28 -103 -105 -281 Gains/losses from divestment of properties 450 551 682 642 463 2,218 Profit before unrealised fair value adjustment 3,160 3,051 3,289 3,340 3,130 12,656 Fair value adjustment of investment properties 772 2,643 1,684 692 3,793 9,256 Value adjustment of inventory properties 30 -27 -26 1 -10 -32 Operating profit/loss 3,962 5,666 4,948 4,033 6,913 21,880 Share of net profit/loss of associated comp. and JVs -3,409 79 93 -36 -28 36 Impairment of intangible assets -87 -1,176 -3,707 - - -3,707 Interest income 10 18 29 6 30 108 Interest expenses -1,361 -1,352 -1,388 -1,462 -1,441 -5,811 Net currency translation gains/losses -485 -356 1,201 287 -2,015 3,526 Fair value adjustment of derivative financial instr. -142 410 61 147 -292 70 Other financial items -355 -14 -18 -334 -9 -427 Profit/loss before tax -1,867 3,276 1,219 2,641 3,158 15,673 Income tax expense -550 -1,209 -896 1,061 -1,007 -2,827 Profit/loss for the period -2,416 2,068 323 3,702 2,151 12,845 Other comprehensive income/loss 1,913 1,891 -3,351 -850 3,723 -8,795 Total comprehensive income/loss -504 3,959 -3,028 2,852 5,874 4,050 Financial statements
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48 Balance sheet - Assets Figures in SEK million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Assets Investment properties 331,079 327,819 323,312 327,451 329,682 Intangible assets 13,704 13,758 14,803 18,692 18,763 Machinery and equipment 278 283 293 303 308 Investments in associated companies and joint ventures 492 8,530 8,360 8,471 8,582 Derivative financial instruments 69 219 22 29 42 Deferred tax assets 374 361 339 299 518 Other financial assets 4,518 542 534 922 970 Total non-current assets 350,514 351,512 347,662 356,167 358,863 Inventory properties 807 782 820 877 892 Rent and trade receivables 206 240 282 201 263 Other financial assets 1,077 1,101 1,046 1,219 1,359 Derivative financial instruments 99 75 1 1 5 Prepayments 759 935 707 599 664 Cash and cash equivalents 2,640 2,741 2,679 3,052 4,115 Assets held for sale 1,582 2,127 1,522 1,424 1,797 Total current assets 7,170 8,002 7,057 7,373 9,096 Total assets 357,684 359,513 354,719 363,540 367,959 Financial statements
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49 Balance sheet - Assets Figures in SEK million Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Assets Investment properties 327,819 323,312 327,451 329,682 323,360 Intangible assets 13,758 14,803 18,692 18,763 18,485 Machinery and equipment 283 293 303 308 269 Investments in associated companies and joint ventures 8,530 8,360 8,471 8,582 8,395 Derivative financial instruments 219 22 29 42 84 Deferred tax assets 361 339 299 518 336 Other financial assets 542 534 922 970 957 Total non-current assets 351,512 347,662 356,167 358,863 351,885 Inventory properties 782 820 877 892 859 Rent and trade receivables 240 282 201 263 268 Other financial assets 1,101 1,046 1,219 1,359 1,481 Derivative financial instruments 75 1 1 5 18 Prepayments 935 707 599 664 1,055 Cash and cash equivalents 2,741 2,679 3,052 4,115 3,173 Assets held for sale 2,127 1,522 1,424 1,797 1,122 Total current assets 8,002 7,057 7,373 9,096 7,976 Total assets 359,513 354,719 363,540 367,959 359,862 Financial statements
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50 Balance sheet – Equity and Liabilities 1) Comparables restated due to change in accounting policy of revaluing hybrid bonds to closing FX rate at period end. No cha nge to total equity, only impacts classification between shareholder equity and hybrid bonds . Figures in SEK million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Shareholder equity1 124,810 126,141 123,188 125,689 122,678 Hybrid bonds1 27,160 26,811 24,743 25,277 25,501 Non-controlling interests 14,397 14,288 14,159 14,143 14,072 Equity 166,367 167,240 162,090 165,108 162,251 Liabilities Interest-bearing liabilities 149,953 150,902 155,752 163,053 154,097 Lease liabilities 1,194 1,322 1,281 1,296 1,311 Derivative financial instruments 272 267 382 468 713 Deferred tax liabilities 22,386 21,971 21,080 20,683 22,278 Other financial liabilities 1,741 1,676 1,587 1,756 1,809 Total non-current liabilities 175,546 176,138 180,082 187,255 180,209 Interest-bearing liabilities 11,873 12,045 8,715 7,205 21,519 Lease liabilities 36 41 42 43 46 Trade payables 468 637 685 468 404 Other liabilities 1,386 1,411 1,163 1,286 1,513 Derivative financial instruments 26 15 42 29 56 Accrued expenses and prepaid income 1,982 1,985 1,901 2,146 1,961 Total current liabilities 15,771 16,135 12,547 11,177 25,499 Total equity and liabilities 357,684 359,513 354,719 363,540 367,959 Financial statements
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51 Real economic occupancy – breakdown per country 60% 80% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 71.1% 80.3% 82.5% 83.4% 87.0% 80% 90% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 99.7% 99.7% 99.7% 99.7% 99.6% 80% 90% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 95.1% 94.6% 94.8% 95.4% 95.7% 80% 90% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 98.5% 97.2% 97.8% 96.2% 96.1% 80% 90% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 98.5% 98.6% 98.7% 98.7% 98.8% 80% 90% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 99.9% 99.7% 99.7% 99.8% 99.6% 80% 90% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 99.4% 99.4% 99.4% 99.3% 99.3% 80% 90% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 99.2% 98.8% 97.9% 98.2% 98.8% 80% 90% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 96.4% 96.1% 96.5% 96.7% 96.9% 80% 90% 100% Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 99.3% 99.6% 99.8% 99.9% 99.9% SE DE DK CZ NL NO UK PL FI HS TB Occupancy
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52 Long-term development Net operating income and margin, 12-months rolling (SEK bn and %) 1) Excludes value of Assets held for sale. 2) SE includes Corp segment. Fair value of investment properties (SEK bn)1 FI PL UK NO NL CZ DK DE SE 2 NOI margin Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 8.1 8.7 9.2 9.6 10.1 10.3 10.6 10.9 11.2 11.4 11.5 11.5 11.4 11.5 11.664.1% 65.1% 66.0% 66.2% 67.4% Q4 ’22 68.4% 69.3% 70.4% 71.0% 67.7% 72.1% 72.2% 72.6% 73.1%71.6% Q4 ’22 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 345 335 340 332 319 331 330 330 334 323 330 327 323 328 331 FI PL UK NO NL CZ DK DE SE LT growth
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53 Allianz2 Ownership Structure 1) Net asset value excluding non-controlling interest and hybrid bonds with accrued interest 2) Partner through a joint venture Founder & Manager Shareholder agreement 70.8% 29.2% 96.0% 4.03% Votes Share capital HEIMPREF 50.1% 49.9% 36.2% 63.8% Votes Capital1 Selected Institutional Investors Institutional Partner Group management agreement Country Management Alecta Folksam Group Ericsson Pension Fund Swedish Pensions Agency Other investors Structure
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54 Sustainability targets 1) Downstream leased assets cover energy purchased by tenants. The target boundary includes biogenic land related emissions and removals from bioenergy feedstocks 2) Degree-day corrected value 3) With a building permit submission date after 1-1-2026 and where technically and physically feasible 4) Long-term target 5) Includes both short and long-term sickness 6) Does not have to be validated by SBTi Achieve Net Zero emissions by 2050 at the latest Employee survey: Top 25th percentile in Engagement score, Diversity & Inclusion score, and Health & Wellbeing score4 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 Reduce the amount of purchased energy by, on average, 2% per sqm per year till 2030 (like for like basis, 2019 baseline)2 0 work related injuries4 <5% sick leave4, 5 No incidents of confirmed discrimination Gender equality in Group Management Team (50%-50%)4 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) 10% of own workforce to be inclusive jobs by 2026 (far from labour market and young adults <25 years old) Sustainable Operations Employees 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 20276 E S G Sustainability At least 1% reduced water consumption per sqm and year until 2030 (like-for-like, baseline 2019) Increase the share of Green Buildings (EPC label A) in our portfolio, aligned with EU Taxonomy Sustainable Properties Achieve green building certification for all new builds3, include renewable energy generation in all new builds
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