HEIM-PREFNasdaq StockholmReal Estate ServicesIFRS · SEK

Heimstaden

Heimstaden is a Swedish residential real estate company that owns, develops, and manages rental apartments across Northern Europe. Its business centers on operating standing residential properties and providing housing services to tenants through a geographically diversified portfolio.

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Revenue15.9m SEK
−84.1 %y/y
Operating profit (EBIT)22.5m SEK
+14.7 %y/y
EBIT margin141.3%
+121.7 ppy/y
Net income13.1bn SEK
+71.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-100102030bn SEK2021: 9.7 bn SEK2021: EBIT 25.1 bn SEK20212022: 14.4 bn SEK2022: EBIT 4.4 bn SEK20222023: 17.0 bn SEK2023: EBIT -2.9 bn SEK20232024: 0.10 bn SEK2024: EBIT 0.02 bn SEK20242025: 0.02 bn SEK2025: EBIT 0.02 bn SEK20250.020.02
RevenueOperating profit (EBIT)
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Business

Share of revenue
Residential rental income85 %

Long-term rent from owned apartment buildings and homes.

Service charges and utilities10 %

Charges billed to tenants for utilities and related services.

Property management and ancillary services3 %

Management, leasing, and other services tied to the portfolio.

Development and value-add activities2 %

Capital projects, tenant improvements, and portfolio upgrades.

Customers

Heimstaden serves residential tenants who rent apartments in its owned housing portfolio. Its customer base includes households seeking stable, well-maintained, and affordable homes in regulated European markets, with service quality and tenant experience central to retention. The company also works with contractors, utilities, and suppliers that support property operations and maintenance.

Residential tenants

Households renting apartments for long-term housing and service quality.

Affordable and inclusive housing tenants

Tenants in housing programs or inclusive contracts supported by the portfolio.

Institutional and local market counterparties

Local service and utility counterparties that enable property operations.

Strategy

Heimstaden focuses on active asset management, using maintenance, sustainability, tenant improvements, and value-add projects to preserve and enhance its residential portfolio. It also emphasizes sustainability integration, digital tenant engagement, and disciplined capital allocation to support long-term property quality and operating performance.

Active asset managementShort term

Helps preserve asset quality and direct capital to the highest-return projects.

Sustainability-led property upgradesMedium term

Supports lower emissions, resilience, and long-term portfolio competitiveness.

Tenant experience and digitalizationMedium term

Improves retention and service quality in a regulated rental market.

Geography

Heimstaden operates across nine reportable countries: Sweden, Germany, Denmark, Czechia, the Netherlands, Norway, the United Kingdom, Poland, and Finland. Its portfolio is concentrated in Northern and Central Europe, where residential regulation, tenant protections, and local housing demand shape operations and asset management.

Risks

Heimstaden’s main risks come from residential property valuation, regulation, and operating costs across multiple European markets. Physical climate risks, tenant service expectations, supplier conduct, and financing conditions can all affect property performance, cash generation, and capital allocation decisions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Property damage from extreme weather1Interest-rate and valuation sensitivity2Regulatory and tenant-rights pressure3Supplier and contractor conduct4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Property damage from extreme weatherImpact: HighLikelihood: Medium

    Flooding, heavy precipitation, and heat can raise repair costs and reduce asset quality.

    Exposure: Residential properties in multiple Northern European markets

  2. Interest-rate and valuation sensitivityImpact: HighLikelihood: Medium

    Residential property values and financing costs are sensitive to market yields and capital costs.

    Exposure: Investment properties and forward funding commitments

  3. Regulatory and tenant-rights pressureImpact: HighLikelihood: Low

    Residential landlords operate under local rent and tenant protection rules that affect pricing and operations.

    ExposureSwedenGermanyDenmarkCzechiaNetherlandsNorwayUKPolandFinland
  4. Supplier and contractor conductImpact: MediumLikelihood: Low

    Maintenance and upgrades depend on third parties, creating quality, compliance, and labor risks.

    ExposureUpstream contractorsUtilitiesProduct suppliers
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Accounting

Judgemental items
Fair value of investment properties

Property revaluations can materially change reported profit and balance sheet values.

Impact: Core driver of non-cash earnings volatility

Derivative financial instruments

Interest-rate and other hedges are marked to market through profit or loss.

Impact: Can create large quarterly swings

Service charges and utilities presentation

Country-by-country presentation affects revenue and expense comparability.

Impact: Important for segment analysis

Forward funding and forward purchase commitments

These contracts involve future property acquisition and development obligations.

Impact: Affects capital commitments and valuation estimates

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Last updated: 24/09/2026

Heimstaden (XSTO) – Real Estate Services | Financial Analysis – Clarifo