Heba Fastighets AB (publ)

Hej och välkommen till oss på HEBA. Vi har släppt rapporten för första delåret 2026 och vi kommer presentera resultatet. With us we have Patrik Morundsson, VD and Hanna Fransdén, CFO. And my name is Eva Vaas, I work as a communications manager. Patrik, you can start by summarizing the results for the quarter.

It is a very strong result, not least considering that it was a cold and long and with a lot of snow. It usually affects quite a lot, but we keep the pace up well and have delivered a good result, a strong excess rate. But in general, it has been a very active quarter. Our sustainability work has fallen very well. We have record low energy consumption. If you also look at how it has affected our CO emissions, we have reduced them by 91% towards the base year 2018. And that means that if we had access to this carbon dioxide removal product that Stockholm XCG has and we have bought, which will come in 2029, we would actually have been climate neutral already in 2025, which is fantastic. And I can continue to spin on that area. This has also been done by Standard & Poor's, who have made an independent external review of our sustainability work in favor of us being recognized as a green share of Nasdaq even this year. So they found that with this high, so to speak, green turnover in our properties, we are one of the world's leading property companies in the area of sustainability. And we feel very proud and happy about that.

I think that we continue to focus on sustainability, but it is a rather vague interest on the market for sustainability, we notice. Why do we continue to invest?

Yes, we do it because the climate threat has not disappeared, on the contrary, it shows everything that it is going in the wrong direction. And then it is so that in the long term this will be the right way to go and when the market comes back or the interest comes back, then we will have prepared and done everything necessary to make this work. We will see that we get reward on our values, we will get better financing and we will get better insurance. And that work we have done. We have put seven, eight years now with incredibly intensive work, but you can also see that it has been very successful.

So the market interest comes back?

It will come back, guaranteed.

We also have a focus on growth. Yes. How do we build on HEPA growth?

Yes, and one good thing that we will show in the report is also that we have a lot of new production in the air, including a renovation project that is in full swing. And we have a very nice project portfolio that we will work with. And of course we will continue to work with transactions, both buy and sell, and we can also think of looking at structural affairs. So we will be active in that area to create as good growth as possible for Heba's conditions.

Hanna, I'm thinking from your financial perspective, how would you like to summarize the results for the quarter?

Good quarter, a lot of events and activities. We have both issued new green obligations, 300 million, and solved some obligations. We have taken up some new swaps and worked with insurance. And then we have had the annual review with our rating company, NCR, and got our rating confirmed. It is still BBB with stable views, which is also very important and we value that, to work with our rating and that it should be stable.

Then we start the presentation.

And here we have our summary picture of the situation, the housing situation. And here we can see that we are now up to 58 properties, where we have gotten to Vigholmen, which we attended here in January, which is also one of the things that makes us get a positive growth here, extra positive during 2026 and will affect the whole year. And we are at just under 3,300 apartments and 825 health and care facilities. Yes, if we look at the result, the administrative result compared to the same period last year has improved to 57.6 million, comparable to 55 million. The total result is 108.5 million versus 53.5 million, which can look like a fantastic improvement, but it is still a very careful value development, and that is what you see on this line, that it is not really coming along. A lot points to the fact that the mid-eastern crisis plays its role on this side, which makes you be careful. We will see how the continuation looks here. A high degree of overspread, not least with regard to the conditions that have been with cold, cold for a long time and a lot of snow. And then we still have a record low rate of vacancy, 0.29% on housing and 0.63% on premises. And as Hanna said, we have issued green obligations. 300 million SEK and our maintenance costs are record low, 8 SEK per square meter, which is a decrease of 79% since 2010. So from a very low level to an extreme low level, we have to summarize it. And the rating, as I said, confirmed, BBB with stable outlooks. I didn't say that when we started this, but another thing that we are very pleased about is that we have actually made our first CSRD report. Something that we didn't have to do, as the EU in a late stage decided to remove companies of a certain size. We had worked so hard for a couple of years that we said that we would run this. It is the same thing there. We believe that this is also important because it is a standardization in the industry that will be important so that we are compared with the same conditions. Energy consumption down to 65 kilowatt hours per square meter compared to 73 the corresponding period last year. And as I said, this with this strong decline, I will show you a picture of it, means that the carbon dioxide emissions have decreased in the administration by 91% compared to the base year. And if you look at science-based targets, you allow you to compensate for somewhere between 10 and 15 percent. And that's what makes it possible for us to be climate-neutral by 2025. Vigholmen, 171 apartments, new land display in Bergshamna Solna, which we are very happy about. And we are starting with our new production Skrisco, where we had a casting for a week ago as a first spade. And then the auction in Smedjan in Källberga is in full swing, which will also be an important project for our growth. And then we have landed in our first version of the digitalization project we have, which we call smart administration. So now we can start to get the whole effect of digitalization. Yes, here we see our fine graph, where you can see how much we have reduced our energy use, all the way back to 2015. Why not some numbers?

Yes, exactly. Our goals for this period, from 2025 to 2030, is that the administrative result on average will be improved by 5% per year. And now we are doing that, this quarter compared to Q1 last year, which feels really good. The reward rate will then on average be 45% on average during these years and we are not really able to do that right now. It is this weak value growth that has been behind for many quarters and also this quarter. And that we have borrowed some money last year to buy back our own shares. So it is 47.2, but we are working on it and looking positively forward. The surplus level is very nice and very stable now, over 70 all the time. And there we see that there is also the possibility to improve this further if you look a little further ahead. The market value is 14.6 billion SEK. And when it comes to the operating net from social housing, it has been 30% there for a long time. But now that we have acquired some rental housing, it is now 29%. And clearly above the goal, which is to be at least 20% generated from social housing. 50% of the administrative results adjusted for tax. And that is the proposal that is also going up now to the annual vote, which is on Thursday this week, and which we assume will also take place. The period then, as Patrik said, we close on the last row 108.8. And it is this nice management result, of course, but also value growth, 50 million, and positive value change also on the derivatives. So 5% better than the year before is the administrative result, as you can see in the middle. And the rental income, there we get the Vigholmen with us. Now we have owned it for two months and we also have the general rental increases, so that's what generates these 4%. And really good and fun is that the fuel consumption also increased by 3%. That's fantastic considering that the snow removal costs were significantly higher Q1 this year compared to the year before. And also much colder, so there we saw that both heat and electricity also had higher emissions than the year before. The value change in percent then became 0.4 and that was probably not what we thought in the fall when we were going into 2026, then we thought it would be better. but the effects and other things make it still weak, but still better than the year before when it was 0.1. On the loan side, we have increased a little during the quarter on property loans. This acquisition had a bank loan with it. On green bonds, we have also increased a little. We emitted 300, but we had 170 million left to solve. and a very good price picture on this 300 million SEK green obligation that we did. We wanted to extend it a little, we wanted to have it for a period of 4 or 5 years. We got it for 5 years and on a margin of 1.15, which was successful and of course better than what the situation is today. Green certificates continued 100% To be around 1 billion is a reasonable level for us, if we are manageable. And that is the best source for Heba to borrow money from. It is the cheapest way. The average interest rate has gone up a bit since the year change, 2.83, and that is mainly linked to the fact that Stivor has gone up since then. We have talked about the rating and in the graph we see how both the reward rate and the average interest rate have changed ten years back. On the interest rate side, we had 60% interest rate per year shift. It was a little lower than the target, which is to be around 65%. So during the quarter, we have made two swaps. One for five years, one for four years. 250 million each. Also successfully in terms of prize money before it went up. One was in January, one was in February. So now we are more on a level that we think is good. The repayment period is absolutely lower than before, but also something that we focus on. On the capital repayment side, there is not much decline now within 12 months. The CERT is always there. Then we have a property loan of 490 million, and that is at the end of this year. The capital repayment period is quite unchanged, 3.2 years, and we have our loan promises to fall back on and we can also take up more loans on our properties so that we only have 28% of the entire market value.

Yes, and then we thought we would show a little bit of this growth portfolio that we have and the ongoing project. So the first picture here shows a picture of how our project that we had a spot on as I said here a few weeks ago in Skridskon will be a fantastically nice project with also the unique that it will be almost half of all apartments will be four, which is important and very in demand. The demolition in Smedjan, Kjellberga outside Nynäshamn is in full swing. The first stage is to move out our rental house, which will also be fully moved in during 2027. And then our new landmark that illustrates the new house in the area with about 100 apartments close to the tunnel. And if you look at the status of the project portfolio, you can see that the big thing here is that we have actually got a approved detailed plan for Stora Sjöndal, one of our larger strategic projects that we run together with Åke Sundvall. And with these with the nice extra rents and with an improved surplus rate that we work hard with, this will contribute in a very good way to our growth forward. And these are the ones we call our own projects that we are going to include in the organization. And these are, in addition, those that we also work together with our cooperation partners, mainly PIAV and Åke Sundvall. So a good portfolio and with a good surplus rate will give you good growth. And how the growth is predicted this year, you will show.

Exactly. Current recognition ability. We have had this table in the report several quarters ago, but we usually do not show it in this context. But now we thought it was good to take with us. And it is important to say that this is a momentary picture today, as is, twelve months ahead. So we are not taking a step forward for any upcoming rent increases, rent changes, vacancies or anything else, but it is really as it is today. And with that said, if you look at contracted rents today, and vacancies, overall income and property costs are based on the normal year budget, On central admin and interest income, you look at expenses calculated for the whole year. On the interest rate side, you take the average interest rate today, 2.83 times our total interest-bearing debt. And when it comes to results from shares in jointly managed companies, our collaborations with JVN, you also look forward and do not increase the positive positions that you have had in transactions, acquisitions or deductions. Which we have a positive effect now in Q1, but you do not see it here. So then we end up with an administrative result of 241 in current income capacity. to be compared with the decline of last year, which was just under 222. So that is a positive growth. You see it significantly better.

Yes, absolutely. Good. And if you have any questions or questions, you are always welcome to contact us. And with that we say thank you and goodbye.