Slides
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Norrbodahöjden , Upplands - Bro , Sweden January - September 2026 Peter Wallin, President and CEO Jon Johnsson, Deputy CEO and CFO
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Continued higher long - term interest rates impacting investor and consumer segment in Germany • Positive development in the Baltic and Swedish markets • High activity in the Swedish investor segment • Subdued consumer and investor markets in Germany - impacted by higher long - term interest rates and political uncertainty • Construction costs overall stable MARKET HIGHLIGHTS Q3
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Improved profitability and sold units doubled • EBIT amounted to SEK 168 M (148). Turn around in Sweden clearly visible • Improved EBIT margin of 7.6 (6.8) per cent in the period. R12 increases to 7.8 per cent • Sold units more than doubled in the quarter compared to LY and a good sales rate of 64 (57) per cent in ongoing production • Updated outlook for 2026: o EBIT margin to reach approx. 7 per cent (8 - 9), excl. potential Q4 restructuring costs o Net sales to grow by approx. 1 0 per cent (20 - 25) over full year 2025 at constant FX Q3 FIGURES IN BRIEF All figures are based on Percentage of Completion unless otherwise stated
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NEIGHBOURHOODS Examples of projects started during the quarter Turun Silmu Turku, Finland 67 units for consumers Explora (JV with OBOS) Gothenburg, Sweden 62 units for consumers Paulshöfe Düsseldorf, Germany 95 units for consumer Ēvalda Valtera phase 5 Riga, Latvia 60 units for consumers
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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 % 59% Q4’24 66% Q1’25 60% Q2’25 57% Q3’25 56% Q4’25 60% Q1’26 59% Q2’26 64% Q3’26 Sold units in ongoing production, % Ongoing production B2C, # Ongoing production B2B, # Ongoing production B2M, # Growing number of units in ongoing production with good sales rate
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Bonava Group – higher EBIT and improving margins SEK M 2026 Q3 2025 Q3 R12 2025 FY Net sales 2,216 2,167 8,629 8,218 Gross profit 313 299 1,281 1,173 Gross margin, % 14.1 13.8 14.8 14.3 Selling & admin expense - 144 - 151 - 606 - 625 EBIT 168 148 674 548 EBIT margin, % 7.6 6.8 7.8 6.7 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 2,167 2,603 1,720 2,090 2,216 5.9 6.7 6.8 7.6 7.8 EBIT margin, % EBIT margin, R12, % Net sales, SEK M All figures are based on Percentage of Completion unless otherwise stated
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8 EBIT (SEK M) EBIT % 26’Q3 25’Q3 R12 25’FY 26’Q3 25’Q3 R12 25’FY Germany 112 142 519 547 7.9 9.8 9.6 10.0 Sweden 24 10 122 32 6.7 3.0 7.5 2.7 Finland 16 - 4 4 3 17.1 - 3.2 1.0 0.5 Baltics 62 33 198 123 18.1 13.7 16.9 13.1 Other - 46 - 34 - 169 - 157 Total 168 148 674 548 7.6 6.8 7.8 6.7 Performance in the segments Waldpanorama , Berlin , Germany
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Germany • Net sales in line with PY • Price adjustments impacting result • Higher long - term interest rates impacting customers • Cost reduction actions initiated SEK M 2026 Q3 2025 Q3 R12 2025 FY Net sales 1,420 1,451 5,392 5,480 Gross profit 176 203 746 773 Gross margin, % 12.4 14.0 13.8 14.1 Selling & admin expense - 64 - 61 - 228 - 226 EBIT 112 142 519 547 EBIT margin, % 7.9 9.8 9.6 10.0 BUSINESS UNITS 164 150 227 158 972 968 Started units Sold units 1,275 1,101 - 28% - 5% Q3 ’26 Q3 ’25 R12 FY ’25 Ahrensfelder Obstwiesen , Berlin
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Sweden • Strong growth in net sales and EBIT • Operating margins reflects turnaround • Increase in sold and started units • Strong sales rate of 75 (62) per cent BUSINESS UNITS SEK M 2026 Q3 2025 Q3 R12 2025 FY Net sales 357 342 1,631 1,188 Gross profit 46 36 222 149 Gross margin, % 12.9 10.4 13.6 12.5 Selling & admin expense - 22 - 25 - 101 - 116 EBIT 24 10 122 32 EBIT margin, % 6.7 3.0 7.5 2.7 568 575 153 69 998 895 782 536 Started units Sold units 271% +733% Q3 ’26 Q3 ’25 R12 FY ’25 Norrboda , Upplands - Bro
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Finland • Low level of ongoing production but good control and margins in projects • Unsold completed housing units maintained on a low level • One consumer project started BUSINESS UNITS SEK M 2026 Q3 2025 Q3 R12 2025 FY Net sales 94 131 431 606 Gross profit 30 17 82 88 Gross margin, % 32.3 12.8 19.1 14.5 Selling & admin expense - 14 - 21 - 78 - 85 EBIT 16 - 4 4 3 EBIT margin, % 17.1 - 3.2 1.0 0.5 67 35 92 11 166 141 92 53 Started units Sold units - 27% +218% Q3 ’26 Q3 ’25 R12 FY ’25 Turun Silmu , Turku
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Baltics • Strong growth in net sales and EBIT • Operating margins reflects good operating performance and volume • SEK 11 M in fair value adjustment • B2M projects maintain high occupancy rates BUSINESS UNITS SEK M 2026 Q3 2025 Q3 R12 2025 FY Net sales 344 243 1,174 943 Gross profit 64 46 242 175 Gross margin, % 18.8 18.9 20.6 18.6 Selling & admin expense - 13 - 12 - 44 - 52 EBIT 62* 33 198 123 EBIT margin, % 18.1 13.7 16.9 13.1 148 199 236 218 778 835 626 703 Started units ** Sold units - 37% - 9% Q3 ’26 Q3 ’25 R12 FY ’25 Mäepealse phase 2, Tallinn **Started units excluding BTM *EBIT includes SEK 11 M in fair value adjustment
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30% 33% 13% 24% Germany Sweden Finland Baltics 30% 33% 13% 24% 24,200 (24,800) 14% 19% 67% Options Conditional agreements On - balance 12% 16% 72% 24,200 (24,800) 21% 26% 53% 2026 - 2027 2028 - 2029 Later Geographical split Potential start period On - /Off - balance 24,200 Off - balance ratio increasing - reducing capital tied up in land bank BUILDING RIGHT PORTFOLIO
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Net financial items impacted by non - recurring items SEK M 2026 Q3 2025 Q3 R12 2025 FY EBIT 168 148 674 548 EBIT margin, % 7.6 6.8 7.8 6.7 Net financial items - 123 - 87 - 445 - 428 Tax - 9 - 44 - 67 - 68 Net profit/loss 36 16 163 52 • Non - recurring items of SEK - 29 M related to re - financing • Average interest rates on central debt decreasing 5.83 (6.86) per cent • Improved net profit in the quarter compared to LY P&L
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Debt increasing due do higher volume in ongoing production Net debt (SEK Bn) 2.5 0.2 Q4 ’24 0.5 2.4 0.1 Q1 ’25 0.4 2.6 0.1 Q2 ’25 0.5 2.4 0.1 Q3 ’25 0.7 2.0 0.1 Q4 ’25 0.4 2.3 0.2 Q1 ’26 1.2 2.7 0.2 Q2 ’26 1.4 3.3 0.2 Q3 ’26 3.1 3.1 3.1 3.1 2.8 3.4 4.0 4.8 0.9 Net debt project financing Net debt - central financing Leasing • Large number of handovers in Q4 will entail lower Net Debt next quarter • Available liquidity SEK 1.9 Bn NET DEBT
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As we increase ongoing projects working capital will also grow IFRS SEK M 2026 2025 R12 2025 Q3 Q3 FY EBITDA 105 - 7 541 448 Change in working capital - 629 108 - 1,444 - 92 Net investments (CAPEX) - 12 - 6 - 21 - 16 Cash flow before financing and tax - 536 95 - 926 337 694 - 177 - 91 95 508 - 201 - 390 - 536 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 CASH FLOW BEFORE FINANCING AND TAX PER QUARTER ( SEK M) CASH FLOW
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42% Q4 ’24 41% Q1 ’25 43% Q2 ’25 41% Q3 ’25 44% Q4 ’25 41% Q1 ’26 38% Q2’26 38% Q3’26 Strong balance sheet and ratios EQUITY RATIO ROBUST BALANCE SHEET AND CAPITAL STRUCTURE (SEK M) Financial framework 30% 508 Properties held for future development 9,446 Project assets Interest - bearing assets 1,274 Other Total assets 6,568 17,796 Total shareholders’ equity 5,295 Interest - bearing liabilities 159 Leasing 3,404 Advance payments 2,117 Other liabilities Total shareholders’ equity and liabilities 6,821 17,796 Net project assets Net debt excl. leasing NET PROJECT ASSET VALUE/ NET DEBT 1.6 Q4 ’24 1.4 Q1 ’25 1.5 Q2 ’25 1.6 Q3 ’25 1.8 Q4 ’25 1.5 Q1 ’26 1.4 Q2 ’26 1.3 Q3 ’26 Financial framework >1x BALANCE SHEET & RATIOS
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Concluding remarks
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Decisive actions to build a more resilient Bonava • Continuously improved operating performance • Turnaround in Sweden visible and will gradually build momentum • Solid financial position – focus on reducing capital tied up in land • Updated outlook and cost reduction actions initiated • We remain focused on reaching our financial targets SUMMARY
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Q&A Mäepealse phase 2, Tallinn, Estonia