Heba Fastighets AB (publ)

Hej och välkommen till oss på HEBA. Vi har släppt vår bokslutskommuniqué för 2025 och vi kommer att presentera resultatet här. Med oss har vi Patrik Emanuelsson, vd, och vi har Hanna Fransén, CFO, och jag heter Eva Basve, kommunikationschef. Patrik, you should start by summarizing the result.

The result is according to the plan, stable according to the plan. We deliver an administration result of almost 3% growth. High surplus rate, continued high surplus rate, good efficiency in the organization. Very good result in energy use, new record, 67 kilowatt hours per square meter. And then we ended the year by acquiring a property, Vigholmen in Vårberg, which we are very happy about. So yes, it's stable according to plan. It's just the market that doesn't want to have the same pace as we do.

I think before you go in and we listen to more details about the result, I think in the report's CEO words, there you write that we have had a lot of conversion costs. What do we mean by that?

Well, we made a decision a year and a half ago to go more actively into digitalization. And we have done that quite intensively during the autumn. We have moved our property technicians to the office. We have hired an IT and digitalization manager, a new property manager, a new development manager. We have recruited 30% new technicians and 50% new managers who will now be on site during the spring. The sum of all these parts gives some rebate costs. But everything we do, we do to get out of this even more effective and better. So it's completely in line with our re-establishment work.

If we stay a little bit longer in the report's keynote, then you also write at some point there that we will evaluate the possibility of structural businesses. You also become a little curious about that.

Yes, but it's probably a little bit of what I said first here, that We can't sit here and wait for the market to give us a boost. So what we're doing now is that we're lifting all the stones. We're looking at how we can maybe raise the rate of surplus even more, from a very high level to an even higher one. We're looking at whether we can work more with the revenues. But, yes, acquisition in the general public and transactions a lot, but we're also looking at whether it's possible to find other types of business. We also have opportunity now that we have bought back a lot of shares, to maybe use it in acquisitions. We know that there are a lot of property owners out there who may be facing an age succession, so to speak. So we will work intensively here during the spring to see what opportunities there are. And that can be called a structural business. It can be much broader than that, but that's about how we think.

Okay. Johanna, from your perspective as CFO, Is there anything that you want to highlight when you look at what has happened so far?

I think we are strongly concluding on the capital market and also in this green transition that we are in. We introduced our green certificate program this summer and had as a goal to reach 100% green certificates before 2030. But we have already done it now, so it went much easier than we had thought. And in November, we also repurchased our obligations and new emissions, linked to a large decline that we had here in March at 750 million. And it also went a little better than expected, and above all to good prices. Heba's price curve is good now, and we could also make part of the new emissions over the course of four years, which is fun. We have done a lot of two- and three-year-olds and so on backwards, and we now see opportunities to go further. So in Heba's transition to 100% green financing, we now have only green bonds, only green assets and a whole lot of green bank loans, but that's what we're going to keep working on.

Great. But then, Patrik, you can start.

Yep. Yes, and this is the status right now with our 43 rental properties and 14 care and care homes. And there we have several projects in the air here. One that will be released now in 2026, among other things, which is Sparven in Norrtälje. And if you look at the result, you can see that we have delivered SEK 221.6 million compared to the previous period of SEK 215.5 million. The total result is SEK 288.5 million compared to almost SEK 100 million. You can see that there is a slight increase in value. It moves a little forward, but maybe a little slower than we want. As I said, the surplus rate is 72.6, compared to 71.9 last year. The degree of vacancy is still low. It looks good. We don't see any tendency to be different. I would say that it looks quite positive that we are going to get our last premises, so I think this will be even better. The maintenance costs are SEK 12 per square meter and we have seen a decrease there with 70% for 2010. Most of the people in the industry would probably say that we have missed a zero here, so we have very low maintenance costs, but at the same time very satisfied tenants, so we have a very well-preserved stock. And as I said, then we became members of EPRA in June last year, and now from quarter three we are reporting a number of key figures according to the EPRA standard. Yes, as I said before, we acquired a housing estate, 171 apartments in Vårberg, which will add about 25 million in rent, a good addition. And we have actually also recreated a smaller property with 18 apartments. And the important thing is that it was recreated to market value. So it shows that the values ​​of our properties are well maintained. The energy usage is 67 kWh as I said compared to 75 kWh as we had when we started this year. And then we have actually finally started our project that we have been working on for 8 years here. To start up our project Skridskon with 48 apartments in Västertorp. We have also certified all of our properties during the autumn, according to our system Hållfast. We know our properties on a much higher level than we had before, which means that we could show that we can be even more effective when all properties are lifted to a higher, lowest level. Re-purchased shares, or re-purchased obligations as Hanna said. And that can be summarized just as Hanna said that the financial market is really with us right now. There is not much to complain about that actually. It looks really good. Green certificate 100% as we said. And then we are preparing now with quite an offensive marketing and how we are going to work exactly to rent out our project in Smedjan in Källberga, which we start renting out in the middle of February with the first inflow after the summer.

Yes, exactly. A bit of a drop in our financial goals for the period from 2025 to 2030. We improved the administrative results by 3%, and as you know, we have said an average of 5% improvement during the goal period from 2025 to 2030. The loan rate is still a bit higher than the target. The target is 45, we are closing at 46.2. This is driven by the fact that we do not yet have such high value growth and that we have also made some loans during the year, among other things, to buy back our own shares. The surplus rate is very nice, much above the 70% that is the target. The real estate value is just over 14 billion. And the net profit from social housing is still 30%. We see that this can increase in the future when we add two social housing units, but at the same time decrease when we add housing units, as we did on Friday in this Vårbergsfastheten. And last year's allocation was 50% of the administrative results adjusted for tax. The figures then, we are closing the year on 288.5, which is significantly better than the year before. The biggest change is the value growth. We get 190 million in value growth, but it is still quite weak as we see it. 1.4 percent per year, but it was plus 0.9 percent on Q4 alone, which is better than the first three, but we still see it as a weak growth. The administrative result is just under 222, plus 3% from the year before. And then very nice growth figures on both rental income and turnover. So there we see a lot of pluses and a continued effective administration.

Yes, and here we can follow the development, the fantastic development we have had since 2015 and forward, where we are now down to 67 kilowatt hours. And it is clear that in addition to lowering the costs, we also reduce our carbon dioxide emissions in relation to this reduction. So there are only winners in reducing our energy consumption. And we have a very offensive goal that says that by 2030 we will reach 40 kilowatt hours.

Exactly. The debt is just under SEK 6.5 billion. And if you compare how it was the year before, then we have increased the debt somewhat, both to the fact that we have repurchased shares and a little connected to both new production projects and JV projects. As you can see, we have also increased exposure to the capital market, and that has been very self-evident for us to do. There, the margins have been significantly better, but we now see that the banks have also recovered and that the margins there are also very competitive. So we made a bank loan last Friday when we made this contribution, This does not mean that we can also make more bank loans in the future. At the same time, we could also have a little more bonds than what we have today. Revenue rate 2.67 and in this graph we also see how both that and the loan rate has developed in the past ten years. On the interest bond, we have secured 60% interest and that is a little lower than we have had before, because we have been up to 70, over 70. And the goal is to be at 65, so it is still important to mediate and we have made a swap here now during January and probably another one here in the short term. So the goal is to actually be a little higher than what we did during the year shift. And the reason is also what I mentioned earlier. We have chosen to make loans in shorter periods of time during these tougher years. But now we see that the market is different. It is possible to make bonds for 4-5 years and also bank loans. Within 12 months, we have about 1.5 billion to handle. Very little bank loan. All of these 280 million will fall in the fall. And on the obligation side, 170 million in short. And that's actually the rest of what was left. We had 750 million in decline and handled 580 of them in November. So these 170 will fall in the beginning of March and we will now handle that with a planned new emission. And on the certificate side, about 1 billion. And the loan agreement unchanged, 1.9 billion to fall back on if necessary. And even though you see quite low reward in the deposit on the properties, only 28% of the market value is deposited today.

Yes, and a little bit about the future growth. So here we have a picture of Vigholmen, which we attended on Friday. And it also belongs to history that it is we ourselves who have managed the administration of it now, during the past year, and we have also managed the auction ourselves. So this will be a fairly simple process for us to include it here in our remaining stock. And then, as I said before, we have now started the work of building this property in Västertorp, which we call Skrisco, 48 apartments. And it will also be a good addition where we also show our own capacity when we do our own developed project. And this is what the portfolio looks like in total. And this is our current plan. It can also be added that we actually received a market announcement in Solna as late as yesterday, which we will also follow up on this portfolio. So we are also very proud of that. But here there are projects that we run ourselves and projects that we run in in collaboration with Åke Sundvall and Peab, which in total will generate 125-126 million SEK. The project portfolio looks good, but it will also require that we make a number of acquisitions in order to reach the levels we want our growth to reach.

Yes. Thank you. Ja, är det någonting sådär, innan vi bara säger tack och hej, någonting ni vill lyfta?

No, it's more like this, as I say in my CEO-word, that we will... I really look forward to when we start to introduce a new way of working. It will have a great effect in our further improved efficiency. And then we will be more active in the future than we have been in the past year.

Good. If you have any questions, you are always very welcome to contact us. And with that, we thank you for this time. Thank you and goodbye.