Slides
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Cecilien - Carré, Berlin , Germany January - December 2025 Peter Wallin, President and CEO Jon Johnsson, Deputy CEO and CFO
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10 years as a brand and 100 years of creating Happy Neighbourhoods
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Stable sales but general uncertainty remains • Our markets are supported by stable base interest rates, higher disposable income and a pent - up demand for housing • Higher sales speed in the Baltics • Increasing demand from customers but still long time to convert to binding contracts • Increasing activity in the investor segment • General uncertainty creates a head - wind for a broader and faster market improvement MARKET HIGHLIGHTS Q4
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Higher margins, stronger result and growth in started units • Improved operating EBIT margin of 9.9 (7.6) per cent, 6.7 (3.9) per cent full year • Net sales growth +15 per cent adjusted for currency effects • 36 per cent increase in started units 2,775 (2,035) • 4,081 (3,177) units in ongoing production with a stable sales rate of 56 (59) per cent • Solid financial position with a lower net debt of SEK 2.8 Bn, decrease from SEK 3.1 Bn in Q3 Q4 FIGURES IN BRIEF All figures are based on Percentage of Completion unless otherwise stated
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NEIGHBOURHOODS Started projects during the quarter Visthuset Sigtuna , Sweden 91 units for investors Šampēteris phase 2 Riga, Latvia 66 units for consumers Bremer Strasse Leipzig, Germany 78 units for investors Logementet 2 Gothenburg, Sweden 80 units for consumers • Five B2B deals closed in December • This year’s investor transactions amounts to around SEK 2 Bn, an increase with 11 per cent compared to 2024
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Financial Development Jon Johnsson, Deputy CEO and CFO
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0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 0 1,000 2,000 3,000 4,000 5,000 Number of units % 54% Q1’24 51% Q2’24 54% Q3’24 59% Q4’24 66% Q1’25 60% Q2’25 57% Q3’25 56% Q4’25 Sold units in ongoing production, % Ongoing production B2C, # Ongoing production B2B, # Growing number of units in ongoing production with good sales rate
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Number of completed unsold units at a low level 274 188 212 757 Completed unsold units Sep - 2025 - 86 Sold units, previously unsold Sum Completed units Q4 - 733 Of which sold Completed unsold units Dec - 2025 - 31%
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Bonava Group – growth in net sales and margins improving SEK M 2025 Q4 2024 Q4 2025 FY 2024 FY Net sales 2,603 2,403 8,218 8,312 Operating gross profit 412 356 1,173 984 Operating gross margin, % 15.8 14.8 14.3 11.8 Selling & admin expense - 155 - 173 - 625 - 658 Operating EBIT 257 183 548 326 Operating EBIT margin, % 9.9 7.6 6.7 3.9 7.6 3.9 Q4 ’24 4.0 4.4 Q1 ’25 4.3 4.9 Q2 ’25 6.8 5.9 Q3 ’25 9.9 6.7 Q4 ’25 2,403 1,608 1,839 2,167 2,603 Operating EBIT margin, % Operating EBIT margin, R12, % Net sales, SEK Bn All figures are based on Percentage of Completion unless otherwise stated
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10 Operating EBIT (SEK M) Operating EBIT % 25’Q4 24’Q4 25’FY 24’FY 25’Q4 24’Q4 25’FY 24’FY Germany 195 152 547 439 11.7 8.6 10.0 7.6 Sweden 43 3 32 - 62 9.6 1.1 2.7 - 5.6 Finland - 2 31 3 16 - 1.4 15.3 0.5 2.1 Baltics 65 21 123 56 18.4 9.9 13.1 8.0 Other - 44 - 23 - 157 - 123 Total 257 183 548 326 9.9 7.6 6.7 3.9 Performance in the markets Eigener Feldblick , Bottrop , Germany
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Germany • Growth in net sales (adjusted for currency effects) and improved operating margins • Investor market improving – four investor deals sold and started • Growth in started units • Sales rate on a good level 64 (69) per cent SEK M 2025 Q4 2024 Q4 2025 FY 2024 FY Net sales 1,673 1,766 5,480 5,757 Operating gross profit 250 225 773 702 Operating gross margin, % 15.0 12.8 14.1 12.2 Selling & admin expense - 55 - 73 - 226 - 263 Operating EBIT 195 152 547 439 Operating EBIT margin, % 11.7 8.6 10.0 7.6 BUSINESS UNITS 629 556 556 689 Started units Sold units 1,275 1,131 1,101 1,384 +13% - 19% Q4 ’25 Q4 ’24 FY ’25 FY ’24 Stadtquartier Lichtenrade , Berlin
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Sweden • Achieved turnaround in net sales and operating margins • Positive operating EBIT in the quarter and full year • Investor market improving – one investor deal sold and started • Sold and started units increasing from low levels BUSINESS UNITS SEK M 2025 Q4 2024 Q4 2025 FY 2024 FY Net sales 451 227 1,188 1,101 Operating gross profit 72 34 149 56 Operating gross margin, % 15.9 14.8 12.5 5.1 Selling & admin expense - 29 - 31 - 117 - 118 Operating EBIT 43 3 32 - 62 Operating EBIT margin, % 9.6 1.1 2.7 - 5.6 269 157 27 94 782 536 116 233 Started units Sold units +896% +67% Q4 ’25 Q4 ’24 FY ’25 FY ’24 Logementet 2, Gothenburg
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Finland • Low level of ongoing production but good control in projects • Low level of unsold completed housing units • Main priority is to start new projects BUSINESS UNITS SEK M 2025 Q4 2024 Q4 2025 FY 2024 FY Net sales 127 203 606 762 Operating gross profit 18 61 88 121 Operating gross margin, % 14.4 30.1 14.5 15.9 Selling & admin expense - 20 - 30 - 85 - 105 Operating EBIT - 2 31 3 16 Operating EBIT margin, % - 1.4 15.3 0.5 2.1 16 99 118 92 53 128 172 Started units Sold units 0 - 86% Q4 ’25 Q4 ’24 FY ’25 FY ’24 Turun Akselintie 6a & 6b , Turku
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Baltics • Growth in net sales • Operating margins reflects good operating performance and volume • Higher sales pace - Riga and Vilnius being the most active markets • B2M projects maintain high occupancy rates BUSINESS UNITS SEK M 2025 Q4 2024 Q4 2025 FY 2024 FY Net sales 352 207 943 692 Operating gross profit 78 34 175 103 Operating gross margin, % 22.3 16.4 18.6 14.9 Selling & admin expense - 13 - 13 - 52 - 47 Operating EBIT 65 21 123 56 Operating EBIT margin, % 18.4 9.9 13.1 8.0 104 187 319 173 626 703 660 511 Started units Sold units - 67% +8% Q4 ’25 Q4 ’24 FY ’25 FY ’24 Green Wave 2, Vilnius
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30% 33% 13% 24% Germany Sweden Finland Baltics 29% 34% 12% 25% 23,800 (25,900) 13% 14% 73% Options Conditional agreements On - balance 12% 12% 76% 23,800 (25,900) 32% 27% 41% 2026 - 2027 2028 - 2029 Later Geographical split Potential start period On - /Off - balance 23,800 Building rights portfolio – new starts reducing number of building rights
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Net financial items decreasing and positive net profit SEK M 2025 Q4 2024 Q4 2025 FY 2024 FY Operating EBIT 257 183 548 326 Operating EBIT margin, % 9.9 7.6 6.7 3.9 Net financial items - 99 - 123 - 428 - 524 Tax 10 19 - 68 - 90 Net profit/loss 168 79 52 - 288 • Lower net financial items: Average interest rates decreasing 6.91 (7.58) per cent and lower debt volume • Positive net profit for the quarter and full year
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Positive operating cash flow – as we increase ongoing projects working capital will also grow SEK M 2025 2024 2025 2024 Q4 Q4 FY FY EBITDA - IFRS 358 314 448 132 Net investments 842 806 1,111 1,886 Change in working capital - 831 - 597 - 736 - 494 Operating cash flow 369 523 823 1,524 - 207 720 489 523 280 34 140 369 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 OPERATING CASH FLOW PER QUARTER ( SEK M)
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Decreased net debt despite the growth in ongoing production Net debt (SEK Bn) 3.6 0.2 Q1 ’24 0.3 3.3 0.2 Q2 ’24 0.3 3.0 0.2 Q3 ’24 0.4 2.5 0.2 Q4 ’24 0.5 2.4 0.1 Q1 ’25 0.5 2.6 0.1 Q2 ’25 0.5 2.4 0.1 Q3 ’25 0.7 2.0 0.1 Q4 ’25 4.3 3.8 3.5 3.1 3.1 3.1 3.1 2.8 0.4 Net debt project financing Other net debt Leasing • Market conditions for project financing have improved • Investments in project starts will likely increase net debt going forward • Available liquidity SEK 1.4 Bn
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39% Q1 ’24 38% Q2 ’24 38% Q3 ’24 42% Q4 ’24 41% Q1 ’25 43% Q2 ’25 41% Q3 ’25 44% Q4 ’25 Strong balance sheet and ratios EQUITY RATIO ROBUST BALANCE SHEET AND CAPITAL STRUCTURE (SEK M) Financial framework 30% 822 931 Properties held for future development 7,563 Project assets Interest - bearing assets Other Total assets 6,331 15,647 Total shareholders’ equity 3,541 Interest - bearing liabilities 98 Leasing 2,707 Advance payments 2,351 Other liabilities Total shareholders’ equity and liabilities 6,950 15,647 Net project assets Net debt excl. leasing NET PROJECT ASSET VALUE/ NET DEBT 1.4 Q1 ’24 1.4 Q2 ’24 1.4 Q3 ’24 1.6 Q4 ’24 1.4 Q1 ’25 1.5 Q2 ’25 1.6 Q3 ’25 1.8 Q4 ’25 Financial framework >1x
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Concluding remarks
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Outlook 2026 Updated guidance for 2026: ➢ Growth in net sales of 20 - 25 per cent compared with 2025 ➢ Operating EBIT margin of 8 - 9 per cent The controlled growth of ongoing projects creates a basis for a significant increase in operating profit in 2026. The muted market improvement during 2025 will lead to a protracted revenue recognition and hence we have lowered the operating margin outlook somewhat OUTLOOK
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A strong finish to the year • Net sales growth accelerating on the back of the controlled growth • Continuously improved operating performance • Outcome exceeded our outlook with an operating EBIT margin of 6.7 per cent for the full year • With increased volumes in ongoing production, we see opportunities to significantly increase operating profit in 2026 SUMMARY
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Q&A