Interim report
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Interim Report January–March 2025 Q1
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Summary of the period JANUARY–MARCH 2025 • Revenue amounted to SEK 2,539m (3,034). • Operating profit decreased to SEK 130m (160). The operating margin decreased to 5.1 percent (5.3). • Profit before tax decreased to SEK 90m (128). Profit after tax decreased to SEK 52m (79). • Return on equity for the past twelve months amounted to 2.6 percent (2.3). • Earnings per share amounted to SEK 0.80 (1.23). • Consolidated cash flow from operating activities amounted to SEK –509m (–949). • The number of residential units sold increased to 555 (480), and housing starts increased to 577 (145). • According to IFRS, revenue amounted to SEK 2,279m (2,765), and earnings per share to SEK 0.55 (0.74). Unless otherwise specified, amounts and comments in this interim report are based on JM’s segment reporting. The Group has different accounting principles in its segment reporting than it has in its reporting in accordance with IFRS for housing development and project financing as well as for IFRS 16. For more information about accounting principles and differences between segment reporting and reporting in accordance with IFRS, see Notes 1 and 3. For definitions of key financial figures, see “Definitions Key Financial Figures” at jm.se/en/about-us/investors Unless otherwise specified, amounts are presented in SEK million. There may be rounding differences in all tables. The content is a transaltion of the Swedish original text, which is the official version. Cover photo: Kvarnholmen, Nacka GROUP KEY FIGURES JAN–MAR APR–MAR FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024/2025 2024 Revenue 2,539 3,034 12,012 12,507 Operating profit 1) 130 160 501 531 Operating margin, % 5.1 5.3 4.2 4.2 Profit before tax 90 128 365 403 Cash flow from operating activities –509 –949 171 –268 Return on capital employed, % 4.5 4.8 Return on equity, % 2.6 2.9 Equity/assets ratio, % 56 52 57 Earnings per share, SEK 0.80 1.23 3.37 3.83 Number of residential units sold 555 480 2,853 2,778 Number of housing starts 577 145 2,669 2,237 ACCORDING TO IFRS, SEK M Revenue according to IFRS 2,279 2,765 13,787 14,272 Operating profit according to IFRS 119 126 685 692 Earnings per share according to IFRS, SEK 0.55 0.74 5.29 5.48 1) Of which impairment on development properties – – –72 –72 JM INTERIM REPORT JANUARY – MARCH 2025 2
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JM started the year with an increase in the num- ber of units sold and housing starts in the quarter, despite increased geopolitical uncertainty having a dampening effect on the housing market. After the end of the quarter, the geopolitical uncertainty has increased, resulting in large fluctuations in the world’s stock markets, and it is currently difficult to assess the effects on the housing market. Continued good underlying market conditions Even though the need for new housing in Sweden has been revised downward by Boverket, the Swedish National Board of Housing, Building and Planning, the underlying need continues to be larger than the annual number of housing starts in all of the Group’s submarkets. Market rates were lowered in both Sweden and Finland, and further interest rate deductions could be an effect of elevated tariffs on the global trade market. The need for new homes is most obvious in Norway, and the price trend has been increasing during the first quarter. In Sweden, the geopolitical situation has made customers more cautious, and the supply on the existing home market is at very high levels. However, reduced tax burden, real wage increases, and potentially lower amortization requirements, continue to provide good underlying conditions for the Swedish housing market. In Finland, production of new homes has been at a very low level in recent years, and the accumu- lated supply deficit creates conditions to start new housing projects even on a weaker market. Increased sales and more housing starts JM Residential Stockholm increased its sales sharply compared to the same quarter last year, despite the large supply on the existing home market. Housing prices in Stockholm were stable and JM Residential Stockholm was able to start production on 86 (145) residential units in the quarter. The market in the rest of Sweden was cautious during the quarter, and JM Residential Sweden had slightly lower sales compared to the previous year. The supply on the existing home market in JM Residential Sweden’s submarkets was also large and sales times were very long. However, we are seeing strong interest from potential customers, and pro- duction began during the quarter on three projects with a total of 166 (0) residential units. In Norway, prices and transaction volume in- creased on the existing home market and JM’s sales more than doubled in the quarter, allowing for 202 (0) housing starts in the first quarter. Activity on the housing market in Finland in- creased during the first quarter, but despite this the market continues to be cautious, and JM Finland decrease sales to both consumers and investors compared to the previous year. Production began on 123 (0) residential units during the quarter. There is great interest in our rental projects in Fin- land and JM started a project of 71 rental units for investors on its own balance sheet in the quarter. JM increased the number of residential units sold in an uncertain market Overall, sales increased to 555 (480) residential units and the number of housing starts increased to 577 (145). The trend of a larger share of sales occurring in conjunction with completion persisted, which contributed to the number of unsold units in completed production decreasing from 750 at year-end to 692 (397) at the end of the quarter. At the same time, the percentage of sold and reserved residential units in production decreased from 59 per cent at the end of the year to 56 (55) percent at the end of the quarter. Net sales of repurchased residential units in the balance sheet continued to be good. Fewer residential units in production led to lower revenue and operating profit Revenue in the first quarter was lower than in the previous year due to fewer residential units in production and amounted to SEK 2,539m (3,034). The operating profit amounted to SEK 130m (160), where the decrease was primarily attributable to lower profit in JM Norway while profit improved in JM Residential Stockholm. JM Residential Stockholm’s revenue was lower than the previous year due to fewer residential units in production, while operating profit improved, mainly due to the absence of negative price adjustments. Revenue and operating profit in JM Residential Sweden were in line with the previous year. Revenue and operating profit in JM Norway were lower than in the comparison quarter, which was attributable to JM Norway in the previous year selling developed land for residential projects. Revenue and operating profit in JM Finland decreased due to lower recognition and sales. JM Property Development settled the office project K1 Karlbergs Strand during the quarter with a positive outcome. Revenue and operating profit were lower than in the previous year due to fewer projects in current production. Improved cash flow Cash flow in the first quarter was better than in the previous year thanks to lower working capital in current projects, in part offset by an increase in the number of repurchased residential units in the balance sheet. Cash flow was also positively impacted by investments in development properties and project properties being lower than in the previous year. Reduced climate emissions During the first quarter, JM’s annual and sustain- ability report for 2024 was published. I am very pleased to be able to show that we have reduced our climate emissions by 17 percent, which also exceeded the Group's target. To further increase JM started the year with an increase in the number of units sold and housing starts in the quarter, despite increased geopolitical uncertainty having a dampening effect on the housing market. JM INTERIM REPORT JANUARY – MARCH 2025 3
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the pace of climate transition, JM has, among other things, entered into a strategic collaboration with Cemvision, whose innovative technology can decrease the climate impact of cement by up to 95 percent. JM 80 years – and this is just the beginning JM celebrated its 80th anniversary on April 6, 2025. Our long history in housing development and work to always deliver high-quality homes has given us satisfied customers and brought us to a market- leading position. Our factors of success have been that we have not been passive, but always curious and willing to change, and we have had the desire to develop. JM has developed effective processes over a period of many years, with gradual standard- ization of methods and techniques. Our efforts to strive for constant improvement create conditions that will enable us to be a market leader even 80 years from now. T arget regarding number of housing starts remains JM continues to assess that a gradual recovery on the market is likely, even if there is a risk that the recent negative geopolitical developments could cause the recovery to take longer than previously expected. We expect the high cost situation to persist, which means that margins will be under pressure throughout the year. Recent developments and uncertain market situations are strengthening our belief that we should focus on what we can impact: our own costs and processes. We are working systematically and untiringly, with sustainability in focus, to consistently reduce our costs and shorten lead times in our development and production processes while maintaining cus- tomer value. We can thus continue to be competi- tive regardless of the market conditions. Furthermore, we are monitoring the market situation carefully to maintain a good balance in current production and unsold residential units, and to gradually increase the number of housing starts toward our target of 3,800 starts per year. The macroeconomic determine how fast this will occur. Mikael Åslund, President and Chief Executive Officer We should focus on what we can impact: our own costs and processes. JM INTERIM REPORT JANUARY – MARCH 2025 4
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January–March 2025 The number of available building rights at the end of the first quarter amounted to 37,100 (38,300), of which 21,600 (22,700) are recognized as development properties in the balance sheet. The carrying amount of development properties decreased and amounted at the end of the first quarter to SEK 7,602m (8,849). The number of housing starts increased to 577 (145). JM Residential Stockholm started production on 86 residential units (145), JM Residential Sweden on 166 (0), JM Norway on 202 (0), JM Finland on 123 (0), and JM Property Development on 0 (0). Sales increased compared to the corresponding period in the previous year, and the number of sold Group residential development and sales residential units in the form of signed contracts amounted to 555 (480). The percentage of sold and reserved residential units in relation to current production amounted to 56 percent (55). The interval 60–65 percent is considered a normal level. JM Residential Stockholm sold 224 residential units (168), JM Residential Sweden sold 146 (172), JM Norway sold 160 (62), JM Finland sold 25 (78), and JM Property Development sold 0 (0). The number of residential units in current production decreased to 4,511 (5,068). The number of unsold residential units in the balance sheet according to segment reporting amounted to 328 (145), which corresponded to a value of SEK 1,278m (566). In addition to the 328 (145) unsold residential units in the balance sheet, 135 residential units (132) at a value of SEK 555m (356) were sold but not yet handed over to the customer, which is why the units were not recognized under IFRS and thus increase the value of unsold residential units in the balance sheet to SEK 1,833m (922). During the first quarter, residential develop- ment properties of SEK 79m (157) were acquired, of which SEK 34m (122) refers to JM Residential Stockholm, SEK 0 m (6) to JM Residential Sweden, SEK 0m (3) to JM Norway, SEK 45m (26) to JM Finland, and SEK 0m (0) to JM Property Develop- ment. HOUSING STARTS RESIDENTIAL UNITS IN CURRENT PRODUCTION Housing starts per quarter 12-month rolling JM Residential Stockholm JM Residential Sweden JM Norway JM Finland Total 1) Percentage sold/reserved, Group (%) Normal level sold/reserved (60– 65 %) 1) Of which 360 rental units in the business segment JM Property Development. 0 300 600 900 1,200 1,500 Q1 2025 Q3Q1 2024 Q3Q1 2023 Q3Q1 2022 Q3Q1 2021 Q3Q1 2020 0 1,000 2,000 3,000 4,000 5,000 NUMBERNUMBER 0 2,000 4,000 6,000 8,000 10,000 Q1 2025 Q3Q1 2024 Q3Q1 2023 Q3Q1 2022 Q3Q1 2021 Q3Q1 2020 0 20 40 60 80 100 NUMBER % JAN–MAR FULL-YEAR GROUP RESIDENTIAL DEVELOPMENT 2025 2024 2024 FOR CONSUMERS Number of housing starts during the period 506 145 1,554 Number of residential units sold during the period 555 430 1,841 Number of residential units in production 3,214 4,120 3,204 Sold residential units in production 1,332 1,569 1,319 Number of revenue-recognized residential units according to IFRS 369 524 2,439 FOR INVESTORS Number of housing starts during the period 71 – 683 Number of residential units sold during the period – 50 937 Number of residential units in production 1,297 948 1,354 Sold residential units in production 1,021 792 1,149 UNSOLD RESIDENTIAL UNITS Number of unsold residential units in completed production 692 397 750 Of which, number of unsold residential units reported in the balance sheet under segment reporting 328 145 233 RESIDENTIAL UNITS IN PRODUCTION IN TOTAL Total number of residential units in production 4,511 5,068 4,558 Percentage sold and reserved residential units in production, % 1) 56 55 59 1) Of which percentage reserved residential units in production, % 4 4 5 JM INTERIM REPORT JANUARY – MARCH 2025 5
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January–March 2025 Consolidated revenue according to segment reporting amounted to SEK 2,539m (3,034). The decreased revenue was primarily attributable to a lower level of residential units and commercial projects in current production. Operating profit according to segment reporting amounted to SEK 130m (160), and the operating margin, in line with the previous period prior year, amounted to 5.1 percent (5.3). Revenue according to IFRS decreased to SEK 2,279m (2,765) and the operating profit to SEK 119mk (126), primarily due to a decreased number of residential units handed over compared to the previous year and a lower number of commercial projects in production. During the period, 369 residential units (524) were handed over to con- sumers and revenue recognized. At the same time, 1,021 residential units (792) were sold to inves- tors, for which profit and revenue are recognized gradually during construction. The operating margin in accordance with IFRS increased to 5.2 percent (4.6), primarily due to a higher margin in the business segment JM Property Development. Revenue, operating profit and operating margin REVENUE 1) OPERATING PROFIT AND OPERATING MARGIN 1) Revenue per quarter 12-month rolling Profit per quarter (SEK m) 12-month rolling margin (%) 12-month rolling profit (SEK m) 0 1,000 2,000 3,000 4,000 5,000 6,000 Q1 2025 Q3Q1 2024 Q3Q1 2023 Q3Q1 2022 Q3Q1 2021 Q3Q1 2020 0 3,000 6,000 9,000 12,000 15,000 18,000 SEK M SEK M SEK M % –500 0 500 1,000 1,500 2,000 2,500 Q1 2025 Q3Q1 2024 Q3Q1 2023 Q3Q1 2022 Q3Q1 2021 Q3Q1 2020 –4 0 4 8 12 16 20 1) According to segment reporting JAN–MAR APR–MAR FULL-YEAR OPERATING MARGIN 1) BY BUSINESS SEGMENT , % 2025 2024 2024/2025 2024 JM Residential Stockholm 0.1 –5.3 –1.3 –2.5 JM Residential Sweden 3.1 2.9 3.2 3.2 JM Norway 5.7 10.1 5.5 7.0 JM Finland 6.0 6.7 5.6 5.8 JM Property Development 47.5 28.4 24.4 23.0 T otal 5.1 5.3 4.2 4.2 JM INTERIM REPORT JANUARY – MARCH 2025 6
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Cash flow January–March 2025 Cash flow from operating activities according to segment reporting amounted to SEK –509m (–949). The improvement was primarily explained by a change in non-cash provisions and a decrease in other working capital due to lower operating receivables and project balances. Net investments in development properties decreased compared to the corresponding period the previous year and resulted in a positive cash flow of SEK 107m (–16). Unsold residential units in the balance sheet increased in the first quarter, which resulted in a negative cash flow of SEK –322m (169). The Group’s project properties decreased due to fewer projects with lower recognition and resulted in a positive change of SEK 104m in the first quarter. Cash flow and financial position Financial position Net financial items according to segment reporting amounted ton SEK -41m (-32) and was at the same level as last period. Total interest-bearing liabilities according to segment reporting amounted to SEK 3,310m (3,307), of which the pension liability comprised SEK 1,545m (1,528). At the end of the first quarter, the average interest rate for the total interest-bearing loan stock including pension liabilities was 4.3 percent (4.8). The average term for fixed-rate loans, excluding the pension liability, was 0.1 year (0.2). Consolidated available liquidity according to segment reporting amounted to SEK 2,929m (3,132). Aside from cash and cash equivalents of SEK 361m (566), this included unutilized overdraft facilities and credit lines totaling SEK 2,568m (2,567) out of a total of SEK 3,200m (2,800), where credit agreements for SEK 2,800m (2,400) had an average maturity of 2.3 years (2.4). Interest-bearing net liabilities including the pension liability according to segment reporting amounted at the end of the period to SEK 2,944m (2,731). Non-interest-bearing liabilities for completed prop- erty acquisitions amounted to SEK 272m (750), of which SEK 188m (387) were current. Capital employed on March 31, 2025, amount- ed to SEK 11,689m (11,798), and return on capital employed for the past twelve months amounted to 1.2 percent (1.4), which was in line with the previous year. The valuation of financial assets and liabilities showed no significant difference between carrying amount and fair value. The effective tax rate according to segment reporting amounted to 42 percent (38) and was impacted negatively mainly by limitations on interest deduction restrictions. INTEREST -BEARING NET LIABILITIES (–)/RECEIVABLES (+) 1) Interest-bearing net liabilities(–)/receivables(+) Debt/equity ratio SEK M NUMBER –4,000 –3,000 –2,000 –1,000 0 1,000 2,000 3,000 4,000 March 31 2025 2024202320222021 –0.4 –0.3 –0.2 –0.1 0.0 0.1 0.2 0.3 0.4 1) According to segment reporting CASH FLOW 1) Cash flow per quarter (SEK m) 12-month rolling (SEK m) SEK M –3,000 –2,000 –1,000 0 1,000 2,000 3,000 Q1 2025 Q3Q1 2024 Q3Q1 2023 Q3Q1 2022 Q3Q1 2021 Q3Q1 2020 JM INTERIM REPORT JANUARY – MARCH 2025 7
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Housing starts in the quarter During the first quarter, production started on 577 residential units (145). All housing starts are presented on the Group’s website: www.jm.se/en/about-us/investors/jm-housing-starts Sweden | Utblicken Utblicken is part of a larger block and consists of 86 tenant- owned units ranging from studio to five-bedroom apartments in a low rise building with a varying height profile next to Bällstaviken, a lush part of Solna. The block will have a shared courtyard that faces granite boulders and hilly forest terrain. The entire block will consist of around 480 residential units. Information about the project Finland | Fillaristi Fillaristi consists of 34 residential units ranging from studio to three-bedroom apartments that have a spacious and functional lay- out. The project is located in a new block next to Centralparken in Helsinki with direct connections to excellent public transportation options and the outdoors. Information about the project Sweden | Silveraxet Silveraxet is located along the Göta Älv river in the heart of the Eriksberg district of Hisingen in Gothenburg and features a unique combination of a maritime atmosphere, modern architecture and proximity to the city center. The first phase consists of 67 tenant- owned units of ranging from studio to three-bedroom apartments. Information about the project Norway | Langhus Gård Langhus Gård is located in Norde Follo, approximately 20 km from downtown Oslo next to the Langhus train station, and is close to the forest, nature, childcare and shopping. The fourth phase consists of 83 residential units ranging from studio to three-bedroom apartments in three apartment buildings, and the entire area will consist of around 370 residential units. Information about the project JM INTERIM REPORT JANUARY – MARCH 2025 8
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Sustainable residential development Sustainability is an integrated part of JM’s residential and urban development, Structured work environment efforts with initiatives to prevent accidents, along with proactive efforts to decrease climate emis- sions, quality-assured delivery chains, and increased gender equality and diversity, are key parts of JM’s sustainability work. The construction industry is facing a necessary transition, where innovation and circular methods will be crucial. JM plays an active role in this transition by challenging traditional processes and collaborating on innovative solutions. A standard- ized project development process enables fast and effective implementation of new solutions, which leads the way for more sustainable construction. JM is taking the next step toward achieving its climate goals by using climate-improved concrete with lower emissions in its projects in Sweden, Norway and Finland. To further increase the pace 1) Atemp is an abbreviation of area and temperate. Atemp means a heated area and is used within the construction and real estate sector to describe the total floor area in a building that is heated to more than 10°C. This includes all heated parts of the building, such as residential spaces, but excludes uninsulated areas such as garages, storage areas and unheated stairwells. of the transition, during the first quarter JM en- tered into a collaboration with Cemvision, whose technology could decrease the climate impact of cement by up to 95 percent. Tests with this cement are planned to begin in 2025. By investing in circular and innovative solutions and collabo- rations, JM is contributing to a more sustainable construction industry. JM maintains its sustainability ambitions despite the geopolitical uncertainty, with scientifically based sustainability targets. During the first quarter, JM published its annual and sustainability report for 2024, which presents, among other things, how JM • has decreased its climate emissions by 17 per- cent and is exceeding its targets, • is introducing climate-improved concrete that entails an improvement of at least 20 percent in Sweden and Norway and at least 15 percent in Finland, • has received the basic license for Nordic Swan Ecolabel Generation 4 for the Group, • is investing in circular solutions and innovative technology, including climate-improved concrete and other building materials. During the first quarter, using the Finnish calcu- lation standard, JM has established a baseline for verification of targets with regard to JM’s climate emissions in Finland. JM’s baseline will be used to follow up on JM’s climate roadmap and the ambitious intensity targets that JM has established for reducing the company’s climate impact. JM’s in- tensity targets are defined as kg CO2 in relation to GFA during a given year. The baseline for Finland is 8.3 kg CO2e/Atemp1)/year (corresponding to 325 CO2e/m2 GFA) and is calculated based on 12 projects. Sweden’s baseline is 336 CO2e/m2 GFA, and Norway’s baseline will be determined during Q2 2025. OBJECTIVE OPERATIONAL TARGET 2026 JAN–MAR 2025 JAN–MAR 2024 APR–MAR 2024/2025 FY 2024 The industry’s best work environment and zero workplace accidents No serious accidents Sweden (S), Norway (N), Finland (F) – (S) – (N) 1 (F) 1 (S) 1 (N) – (F) 2 (S) – (N) 2 (F) 3 (S) 1 (N) 1 (F) At least 20 percent of skilled workers should be women The share of skilled workers that are women increases to at least 15 percent 6.8% 6.6% 6.7% 6.6% Total amount of construction waste should be max 15 kg/GFA (gross floor area) Total amount of construction waste decreases to max 25 kg/GFA 30 (S) 30 (N) 45 (F) 41 (S) 34 (N) 30 (F) 32 (S) 29 (N) 39 (F) 36 (S) 31 (N) 32 (F) All properties must receive Swan Ecolabel certification All completed projects in our own operations during the period must receive Nordic Swan Ecolabel certification 100% 80% 100% 95% Contribute to greater resource efficiency and reduced environmental impact in society Newly produced homes’ estimated energy consumption. kWh/A-temp or GFA 64 (S) 55 (N) 73 (F) 65 (S) 53 (N) 75 (F) 58 (S) 50 (N) 73 (F) 58 (S) 50 (N) 74 (F) WASTE Sweden Norway Finland 0 10 20 30 40 50 60 70 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 kg/GFA JM INTERIM REPORT JANUARY – MARCH 2025 9
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The business segment develops residential projects in Greater Stockholm. Operations include acquisitions of development proper- ties, planning, pre-construction, production and sales of residential units. Market development The average prices on the existing home market were stable during the first quarter. The total supply of residential units was large, but the supply of newly produced residential units was still at a low level. The housing market in Stockholm was cautious but continued to be stable. Customer interest in JM’s project and the willingness to sign a contract early have gradually increased in the past year, and sales increased compared to the previous year. The absence of necessary authority decisions had a negative impact on the business segment’s housing starts, which in the first quarter related to one project of 46 residential units. JM Residential Stockholm Revenue and operating profit Jan–Mar 2025 Revenue for the first quarter decreased slightly compared to the corresponding period the previ- ous year due to lower current production. Operat- ing profit improved primarily due to increased sales and lower price adjustments in current projects. Return on operating capital for the past twelve months amounted to –1.1 percent, due to low operating profit in relation to working capital. Housing starts and acquired residential building rights Production was started in the first quarter on a total of 86 residential units in apartment buildings in Solna. No building rights were acquired in the first quarter; only adjustments were made to the pur- chase price of previously acquired building rights. JAN–MAR APR–MAR FULL-YEAR SEK M 2025 2024 2024/2025 2024 Revenue 849 882 4,167 4,200 Operating profit 1) 2) 1 –47 –55 –103 Operating margin, % 0.1 –5.3 –1.3 –2.5 Average operating capital 4,980 5,083 Return on operating capital, % –1.1 –2.0 Operating cash flow –444 –312 –744 –612 Number of residential units sold to consumers 224 168 841 785 Number of housing starts for consumers 86 145 699 758 Number of residential units in current production 1,285 1,680 1,449 1) Of which impairment on development properties – – –62 –62 2) Of which property sales – – 17 17 HOUSING PRODUCTION NUMBERNUMBER 0 500 1,000 1,500 2,000 2,500 3,000 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 0 150 300 450 600 750 900 Residential units in current production Residential units sold, rolling 12 months Housing starts, rolling 12 months OPERATING PROFIT AND OPERATING MARGIN Operating profit per quarter (SEK m) Operating margin rolling (%) SEK M % –150 –100 –50 0 50 100 150 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 –15 –10 –5 0 5 10 15 Utblicken, Solna JM INTERIM REPORT JANUARY – MARCH 2025 10
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The business segment develops residential projects in growth areas in Sweden, exclud- ing Greater Stockholm. Operations include acquisitions of development properties, planning, pre-construction, production and sales of residential units. Market development The average prices on the existing home market were stable on the business segment’s submar- kets during the first quarter. The total supply of residential units was large, but the supply of newly produced residential units was at a low level. The housing market on the business segment’s submarkets continued to be cautious during the first quarter with lower sales than in the corre- sponding period the previous year. The willingness to sign a contract was below normal, with the exception of some of the business segment’s sub- markets and a number of projects in early phases. JM Residential Sweden Revenue and operating profit Jan–Mar 2025 Revenue for the first quarter was in line with the corresponding period the previous year. The operating profit improved slightly thanks to an in- creased number of housing starts and lower price adjustments in projects. Return on operating capital for the past twelve months amounted to 3.0 percent and was in line with the previous year. The level was attributable to low operating profit in relation to working capital. Housing starts and acquired residential building rights Production was started in the first quarter on a total of 166 residential units in apartment buildings in Gothenburg, Västerås and Uppsala. No building rights were acquired in the first quarter. JAN–MAR APR–MAR FULL-YEAR SEK M 2025 2024 2024/2025 2024 Revenue 598 600 2,380 2,382 Operating profit 18 17 77 76 Operating margin, % 3.1 2.9 3.2 3.2 Average operating capital 2,600 2,616 Return on operating capital, % 3.0 2.9 Operating cash flow –148 –135 –234 –221 Number of residential units sold to consumers 146 172 571 597 Number of residential units sold to investors – – 134 134 Number of housing starts for consumers 166 – 570 404 Number of housing starts for investors – – 134 134 Number of residential units in current production 1,100 1,060 1,055 HOUSING PRODUCTION NUMBER NUMBER 0 400 800 1,200 1,600 2,000 2,400 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 0 150 300 450 600 750 900 Residential units in current production Residential units sold, rolling 12 months Housing starts, rolling 12 months OPERATING PROFIT AND OPERATING MARGIN Operating profit per quarter (SEK m) Operating margin rolling (%) SEK M –150 –100 –50 0 50 100 150 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 % –15 –10 –5 0 5 10 15 Mälarvyn, Västerås JM INTERIM REPORT JANUARY – MARCH 2025 11
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The business segment develops residential projects in Norway. Operations include acquisitions of development properties, planning, pre-construction, production and sales of residential units. Market development Norway’s central bank continued to leave the key rate unchanged, and it adjusted its assessment that the first interest rate cuts will occur in the fall of 2025. Despite this, activity increased on the exist- ing home market and prices increased during the first quarter. However, the sale of newly produced residential units was lower than in the correspond- ing period the previous year. Housing starts during the past twelve months were at record-low levels, and the number of ex- pected completed residential units in the next two years is significantly lower than demand. Revenue and operating profit Jan–Mar 2025 Both revenue and operating profit decreased com- pared to the corresponding period the previous JM Norway year, primarily due to the sale of land in 2024. Return on operating capital for the past twelve months amounted to 4.8 percent, primarily due to the lower operating profit in relation to working capital. Adjusted for the sale of land in 2024, the return on operating capital was in line with the previous year. Housing starts and acquired residential building rights Production was started in the first quarter on a total of 202 residential units in apartment buildings in Trondheim, Asker and Nordre Follo outside Oslo. No building rights were acquired in the first quarter but but the business segment has entered into a joint arrangement whereby an agreement has been signed to acquire approximately 100 building rights in Nydalen outside Oslo. The agree- ment is conditional on authority decisions. JAN–MAR APR–MAR FULL-YEAR SEK M 2025 2024 2024/2025 2024 Revenue 460 690 1,794 2,024 Operating profit 1) 26 70 99 142 Operating margin, % 5.7 10.1 5.5 7.0 Average operating capital 2,070 2,155 Return on operating capital, % 4.8 6.6 Operating cash flow 40 –246 398 112 Number of residential units sold to consumers 160 62 414 316 Number of residential units sold to investors – – 100 100 Number of housing starts for consumers 202 – 477 275 Number of housing starts for investors – – 100 100 Number of residential units in current production 941 852 864 1) Of which property sales – – 7 7 HOUSING PRODUCTION NUMBERNUMBER 0 200 400 600 800 1,000 1,200 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 0 100 200 300 400 500 600 Residential units in current production Residential units sold, rolling 12 months Housing starts, rolling 12 months OPERATING PROFIT AND OPERATING MARGIN Operating profit per quarter (SEK m) Operating margin rolling (%) SEK M 0 20 40 60 80 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 % 0 2 4 6 8 Bergerløkka, Asker JM INTERIM REPORT JANUARY – MARCH 2025 12
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The business segment develops residential projects in Finland. Operations include acquisitions of development properties, planning, pre-construction, production and sales of residential units. Market development Activity on the housing market in the Helsinki region continued to increase during the first quarter at the same time as the European central bank made two further cuts to the interest rate. Despite lower accommodation costs, the low consumer confidence continued to limit custom- ers’ willingness to buy a home. The price level on the existing home market at the end of the first quarter was at a slightly lower level than in the previous year. Revenue and operating profit Jan–Mar 2025 The business unit’s revenue and operating profit decreased compared to the corresponding period the previous year, primarily due to more projects with low recognition and lower sales. JM Finland Return on operating capital for the past twelve months decreased to 5.2 percent, which was pri- marily due to an increase in the number of unsold residential units in the balance sheet and high carrying amounts for development properties. Housing starts and acquired residential building rights During the first quarter, production was started on a total of 123 residential units, of which 18 were single-family homes and 105 apartment buildings, in Helsinki and Tampere, of which 71 in JM’s own balance sheet. During the first quarter, approximately 50 building rights were acquired in Helsinki. The business segment also signed an agreement to acquire approximately 450 building rights in Espoo, where the agreement is conditional on authority decisions. JAN–MAR APR–MAR FULL-YEAR SEK M 2025 2024 2024/2025 2024 Revenue 332 388 1,552 1,608 Operating profit1) 20 26 86 93 Operating margin, % 6.0 6.7 5.6 5.8 Average operating capital 1,672 1,836 Return on operating capital, % 5.2 5.0 Operating cash flow 89 85 151 147 Number of residential units sold to consumers 25 28 140 143 Number of residential units sold to investors – 50 279 329 Number of housing starts for consumers 52 – 169 117 Number of housing starts for investors 71 – 315 244 Number of residential units in current production 825 814 830 1) Of which impairment on development properties – – –5 –5 HOUSING PRODUCTION NUMBERNUMBER 0 300 600 900 1,200 1,500 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 0 150 300 450 600 750 Residential units in current production Residential units sold, rolling 12 months Housing starts, rolling 12 months OPERATING PROFIT AND OPERATING MARGIN Operating profit per quarter (SEK m) Operating margin rolling (%) SEK M 0 10 20 30 40 50 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 % 0 2 4 6 8 10 Tesomajärven Ruoko, Tammerfors JM INTERIM REPORT JANUARY – MARCH 2025 13
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The business segment primarily develops rental units, residential care units and com- mercial properties in Greater Stockholm. The operations include JM@home, which offers economic and technical management services to tenant-owners associations as well as housing services. Market development During the first quarter, the transaction market was cautious, with few transactions in the housing segment. The market for newly produced rental units continued to be impacted by high direct yield requirements, driven by increased global uncer- tainty and uncertainty related to market rates and inflation. Revenue and operating profit Jan–Mar 2025 Revenue and operating profit for the first quarter decreased compared to the corresponding period the previous year, primarily due to fewer projects in current production. JM Property Development During the quarter, the closed commercial projects K1 Karlbergs Strand and Pilhamns Gårdar were settled. The return on operating capital for the past twelve months amounted to 42.9 percent, where the improvement was primarily attributable to the settlement of the above-mentioned projects and few new projects added to current production reported in JM’s own balance sheet. Current production The business segment has two projects in current production: the rental project Flora, for which profit and revenue have been recognized gradually during construction, with estimated completion in the third quarter of 2025, and the rental project Bovetet, which is recognized in JM’s own balance sheet and for which completion is estimated for the fourth quarter of 2027. JAN–MAR APR–MAR FULL-YEAR SEK M 2025 2024 2024/2025 2024 Revenue 169 367 1,544 1,742 Operating profit 1) 2) 3) 80 104 377 401 Operating margin, % 47.5 28.4 24.4 23.0 Average operating capital 878 1,048 Return on operating capital, % 42.9 38.2 Operating cash flow 258 –84 1,381 1,038 Number of residential units sold to investors – – 374 374 Number of housing starts for investors – – 205 205 Number of residential units in current production 360 662 360 1) Of which impairment on development properties – – –5 –5 2) Of which property sales – – 25 25 3) Of which income from joint venture –1 1 14 15 OPERATING PROFIT Operating profit per quarter (SEK m) SEK M 0 30 60 90 120 150 180 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 HOUSING PRODUCTION NUMBER 0 200 400 600 800 Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 Residential units in current production Dyrvers Kulle, Sundbyberg JM INTERIM REPORT JANUARY – MARCH 2025 14
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Other information Other activities Other activities includes primarily external contracting work that is conducted by JM AB’s subsidiary JM Entreprenad AB. Net sales for the first quarter amounted to SEK 135m (118) and operating profit to SEK 0m (1). Risks and uncertainty factors Global geopolitical uncertainty has increased in the first quarter of 2025, negatiely impacting global capital markets. This could in turn result in finan- cial and operational consequences for the housing market. Risk management occurs primarily through monitoring and evaluating macroeconomic events that could impact the Group’s operations and, by extension, also its customer offer. JM’s other risks and risk management are pre- sented in the 2024 annual and sustainability report on pages 71–72. The risk assessment, other than that mentioned above, has not changed in relation to what is presented there. Employees At the end of the first quarter, there were 1,860 (2,131) employees. There were 637 (807) wage-earners and 1,223 (1,324) salaried employ- ees. Related parties No significant transactions with related parties occurred during the period other than the normal transactions between JM’s Group companies and joint arrangements. The transactions occurred at market terms. Holdings of own shares As at the end of Q1 2025, JM holds no own shares. The number of outstanding shares on March 31, 2025, amounted to 64,504,840. Dividends The Annual General Meeting held on April 9, 2025, resolved on a dividend of SEK 3.25 (3.00) per share, for a total of SEK 210m (194). The dividend was distributed on Wednesday, April 16, 2025. Significant events during and after the end of the quarter No significant events that impact the financial reporting occurred during or after the end of the quarter. JM INTERIM REPORT JANUARY – MARCH 2025 15
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Condensed consolidated income statement JAN–MAR APR–MAR FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024/2025 2024 Revenue 2,539 3,034 12,012 12,507 Production and operating costs –2,179 –2,653 –10,567 –11,040 Gross profit 360 381 1,445 1,467 Selling and administrative expenses –227 –222 –932 –927 Gains/losses on the sale of property, etc. 1) –3 1 –12 –8 Operating profit 130 160 501 531 Financial income 6 5 25 24 Financial expenses –47 –37 –161 –151 Profit before tax 90 128 365 403 Taxes –38 –49 –146 –157 Profit for the period 52 79 218 246 Other comprehensive income –96 80 –137 39 Comprehensive income for the period –45 159 82 285 Earnings per share 2), diluted, SEK 0.80 1.23 3.37 3.83 Average number of shares, diluted 64,504,840 64,504,840 64,504,840 64,504,840 1) Of which impairment losses – – –72 –72 2) Net profit/loss for the period Group – segment reporting Condensed consolidated balance sheet ACCORDING TO SEGMENT REPORTING, SEK M 3/31/2025 3/31/2024 12/31/2024 ASSETS Non-current assets Intangible assets 218 218 221 Participations in joint operations and joint venture 130 111 133 Other non-current assets 75 48 64 T otal non-current assets 422 377 418 Current assets Project properties 168 818 123 Development properties 7,602 8,849 7,897 Participations in tenant-owners associations, etc. 1,278 566 1,111 Other current receivables 5,044 5,172 4,721 Cash and cash equivalents 361 566 431 T otal current assets 14,453 15,970 14,283 T otal assets 14,876 16,347 14,701 EQUITY AND LIABILITIES Equity 8,379 8,491 8,424 Liabilities Non-current liabilities Non-current interest-bearing liabilities 66 280 109 Other non-current liabilities 84 364 84 Non-current provisions 2,208 2,398 2,246 T otal non-current liabilities 2,358 3,042 2,439 Current liabilities Current interest-bearing liabilities 1,699 1,499 1,111 Other current liabilities 2,313 3,206 2,597 Current provisions 127 109 130 T otal current liabilities 4,139 4,814 3,838 T otal liabilities 6,497 7,856 6,278 T otal equity and liabilities 14,876 16,347 14,701 JM INTERIM REPORT JANUARY – MARCH 2025 16
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Condensed consolidated statement of changes in equity JAN–MAR FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024 Opening balance at beginning of the period 8,424 8,332 8,332 Total comprehensive income for the period –45 159 285 Dividends – – –194 Closing balance at end of the period 8,379 8,491 8,424 Condensed consolidated statement of cash flows JAN–MAR APR–MAR FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024/2025 2024 Cash flow from operating activities before change in working capital and taxes 99 –86 268 83 Tax paid –163 –159 –317 –314 Increase/decrease development properties 107 –16 459 335 Increase/decrease in residential units in the balance sheet –322 169 –334 158 Increase/decrease project properties –4 –108 672 568 Change in current liabilities/receivables –227 –749 –578 –1,100 Cash flow from operating activities –509 –949 171 –268 Cash flow from investing activities –16 –11 –74 –69 Loans raised 592 421 3,139 2,968 Amortization of liabilities –127 –488 –3,241 –3,602 Dividends – – –194 –194 Cash flow from financing activities 464 –67 –295 –827 Cash flow for the period –61 –1,027 –198 –1,164 Exchange rate difference, cash and cash equivalents –8 11 –6 13 Cash and cash equivalents at end of the period 361 566 361 431 Group Key Figures JAN–MAR APR–MAR FULL-YEAR ACCORDING TO SEGMENT REPORTING, % 2025 2024 2024/2025 2024 Operating margin 5.1 5.3 4.2 4.2 Return on equity 2.6 2.9 Return on capital employed 4.5 4.8 Debt/equity ratio, multiple 0.4 0.3 0.3 Equity/assets ratio 56 52 57 JM INTERIM REPORT JANUARY – MARCH 2025 17
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Condensed consolidated income statement JAN–MAR APR–MAR FULL-YEAR ACCORDING TO IFRS, SEK M 2025 2024 2024/2025 2024 Revenue 2,279 2,765 13,787 14,272 Production and operating costs –1,928 –2,414 –12,154 –12,640 Gross profit 352 350 1,633 1,632 Selling and administrative expenses –230 –225 –948 –943 Gains/losses on the sale of property, etc. 1) –3 1 – 4 Operating profit 119 126 685 692 Financial income 6 5 25 24 Financial expenses –56 –42 –191 –177 Profit before tax 69 89 519 538 Taxes –33 –41 –178 –185 Profit for the period 35 48 341 353 Other comprehensive income Items that will be reclassified as income Translation differences from the translation of foreign operations –117 51 –146 22 Items that will not be reclassified as income Restatement of defined-benefit pensions 29 35 15 21 Tax attributable to other comprehensive income –6 –7 –3 –4 Comprehensive income for the period –59 127 207 392 Net profit for the period attributable to shareholders of the Parent Company 35 48 341 353 Comprehensive income for the period attributable to shareholders of the Parent Company –59 127 207 392 Earnings per share 2), basic, attributable to shareholders of the Parent Company, SEK 0.55 0.74 5.28 5.47 Earnings per share 2), diluted, attributable to shareholders of the Parent Company, SEK 0.55 0.74 5.29 5.48 Number of outstanding shares at end of the period 64,504,840 64,504,840 64,504,840 64,504,840 Average number of shares, basic 64,504,840 64,504,840 64,504,840 64,504,840 Average number of shares, diluted 64,504,840 64,504,840 64,504,840 64,504,840 1) Of which impairment losses – – –72 –72 2) Net profit/loss for the period Group – IFRS JM INTERIM REPORT JANUARY – MARCH 2025 18
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Condensed consolidated balance sheet ACCORDING TO IFRS, SEK M 3/31/2025 3/31/2024 12/31/2024 ASSETS Non-current assets Intangible assets 218 218 221 Tangible assets 303 170 314 Participations in joint operations and joint venture 129 111 133 Other non-current assets 49 40 39 T otal non-current assets 699 539 707 Current assets Project properties 168 818 123 Development properties 7,602 8,849 7,897 Rights-of-use site leasehold rights 272 340 273 Participations in tenant-owners associations, etc. 1,833 922 1,457 Work in progress 11,987 13,565 12,083 Other current receivables 1,481 4,190 2,117 Cash and cash equivalents 468 673 506 T otal current assets 23,810 29,356 24,456 T otal assets 24,509 29,895 25,163 EQUITY AND LIABILITIES Equity 8,112 8,098 8,170 Liabilities Non-current liabilities Non-current interest-bearing liabilities 520 687 574 Other non-current liabilities 84 364 84 Non-current provisions 2,144 2,301 2,186 T otal non-current liabilities 2,748 3,351 2,845 Current liabilities Current interest-bearing liabilities 10,620 15,098 11,164 Other current liabilities 2,903 3,239 2,854 Current provisions 127 109 130 T otal current liabilities 13,650 18,446 14,148 T otal liabilities 16,398 21,797 16,993 T otal equity and liabilities 24,509 29,895 25,163 JM INTERIM REPORT JANUARY – MARCH 2025 19
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Condensed consolidated statement of changes in equity ACCORDING TO IFRS, SEK M 3/31/2025 3/31/2024 12/31/2024 Opening balance at beginning of the period 8,170 7,972 7,972 Total comprehensive income for the period –59 127 392 Dividends – – –194 Closing balance at end of the period 8,112 8,098 8,170 Condensed consolidated statement of cash flows JAN–MAR APR–MAR FULL-YEAR ACCORDING TO IFRS, SEK M 2025 2024 2024/2025 2024 Cash flow from operating activities before change in working capital and taxes 359 –20 2,004 1,625 Tax paid –163 –159 –317 –314 Increase/decrease development properties –150 –95 –1,025 –971 Increase/decrease in residential units in the balance sheet –322 169 –334 158 Increase/decrease project properties –4 –108 684 580 Change in current liabilities/receivables 886 –700 3,976 2,391 Cash flow from operating activities 606 –912 4,989 3,471 Cash flow from investing activities –16 –11 –74 –69 Loans raised 2,214 2,487 11,598 11,872 Amortization of liabilities –2,834 –2,575 –16,519 –16,260 Dividends – – –194 –194 Cash flow from financing activities –620 –88 –5,115 –4,582 Cash flow for the period –30 –1,011 –199 –1,180 Exchange rate difference, cash and cash equivalents –8 11 –6 13 Cash and cash equivalents at end of the period 468 673 468 506 Group Key Figures JAN–MAR APR–MAR FULL-YEAR ACCORDING TO IFRS, % 2025 2024 2024/2025 2024 Operating margin 5.2 4.6 5.0 4.8 Return on equity 4.2 4.4 Return on capital employed 3.1 3.0 Debt/equity ratio, multiple 1.5 2.1 1.6 Equity/assets ratio 33 27 32 JM INTERIM REPORT JANUARY – MARCH 2025 20
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Condensed income statement, parent company JAN–MAR FULL-YEAR SEK M 2025 2024 2024 Revenue 1,361 1,741 7,260 Production and operating costs –1,199 –1,648 –6,717 Gross profit 162 93 543 Selling and administrative expenses –156 –189 –686 Gains/losses on sale of property and impairment – – –56 Operating profit 5 –97 –198 Financial income and expenses 45 –24 –84 Profit before appropriations and tax 50 –121 –282 Appropriations – – 426 Profit before tax 50 –121 143 Taxes –12 – –129 Profit for the period 38 –121 14 Condensed balance sheet, parent company SEK M 3/31/2025 3/31/2024 12/31/2024 Assets Non-current assets 2,648 2,646 2,604 Current assets 10,235 9,960 9,995 T otal assets 12,883 12,606 12,599 Equity and liabilities Equity 3,464 3,485 3,426 Untaxed reserves 1,600 1,900 1,600 Provisions 1,450 1,431 1,453 Non-current liabilities 72 352 72 Current liabilities 6,298 5,438 6,048 T otal equity and liabilities 12,883 12,606 12,599 Pledged assets 100 100 100 Contingent liabilities 5,607 10,072 6,476 Parent Company JM INTERIM REPORT JANUARY – MARCH 2025 21
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This interim report for the first quarter of 2025 has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The consolidated accounts have been prepared in accordance with IFRS® Account- ing Standards as adopted by the EU. The Parent Company’s accounts were prepared in accordance with RFR 2 Accounting for Legal Entities. Amended standards as of 2025 No amendments to standards and interpretations that entered into force on January 1, 2025, have had a material impact on this financial statement. Change in accounting principle for project properties As of January 1, 2025, building rights that were previously classified as project properties will be classified as development properties. This means that project properties comprise properties and capitalized costs attributable to commercial property development where there is no binding agreement. Corresponding items from earlier periods have been reclassified. Other than this, the accounting principles and methods of calculation for the Group have not changed compared to the description on pages 79–81 in the 2024 Annual and Sustainability Report. Segment reporting JM’s segment reporting primarily differs from IFRS in three respects: • In the segment reporting, revenue from the Group’s housing development is recognized gradually over time. • In addition, project financing within JM Norway and JM Finland and parts of the project financing in JM Residential Stockholm, JM Residential Sweden and JM Property Development are recorded as a deduction item to “Revenue less progress billings” or “Progress billings in excess of recognized revenue” and raised/repaid project financing is reported in the cash flow from operating activities. • The reporting of leases in accordance with IFRS 16 is not applied in the segment reporting. JM makes the assessment that segment reporting most accurately reflects the economic implications of JM’s business at the same time as it correlates well with the Group’s internal governance, which is based on the Group’s cash flows, risk profile and capital allocation. Note 1 Accounting principles Notes JM INTERIM REPORT JANUARY – MARCH 2025 22
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Revenue by country JAN–MAR APR–MAR FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024/2025 2024 Sweden 1,747 1,955 8,666 8,875 Norway 460 690 1,794 2,024 Finland 332 388 1,552 1,608 T otal 2,539 3,034 12,012 12,507 Revenue by business segment JAN–MAR APR–MAR FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024/2025 2024 JM Residential Stockholm 849 882 4,167 4,200 JM Residential Sweden 598 600 2,380 2,382 JM Norway 460 690 1,794 2,024 JM Finland 332 388 1,552 1,608 JM Property Development 169 367 1,544 1,742 Other 131 107 575 551 T otal 2,539 3,034 12,012 12,507 Operating profit by business segment JAN–MAR APR–MAR FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024/2025 2024 JM Residential Stockholm 1 –47 –55 –103 JM Residential Sweden 18 17 77 76 JM Norway 26 70 99 142 JM Finland 20 26 86 93 JM Property Development 80 104 377 401 Other –15 –10 –83 –78 T otal 130 160 501 531 Of which impairment on development properties – – –72 –72 Of which property sales – – 50 50 Of which result from joint venture –3 1 10 14 Profit/loss components, housing business, percentage of completion method (gross profit) JAN–MAR OCT–DEC JUL–SEP APR–JUN JAN–MAR ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024 2024 2024 Cost-based effect 110 123 117 160 144 Revaluation effect 87 117 97 85 45 Sales effect 54 37 1 32 54 T otal 251 277 215 277 243 The percentage of completion method in JM and the accounting of gross profit for the housing business consists of three components: incurred costs (cost-based effect), assessment of expected margin (revaluation effect), and sales rate of projects (sales effect). Profit/loss components are reported quarterly and are not accumulated. The table starts with the business segments’ gross operating profit (excluding net rental income from project and development properties) for the housing business. For definitions of profit/loss components in the housing business, see the document entitled “Definitions key financial figures” at jm.se/en/about-us/investors Revaluation effects – housing business JAN–MAR OCT–DEC JUL–SEP APR–JUN JAN–MAR ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024 2024 2024 JM Residential Stockholm 7 30 9 –12 –54 JM Residential Sweden 46 64 47 38 13 JM Norway 22 31 26 26 65 JM Finland 12 –8 15 33 21 T otal 87 117 97 85 45 Note 2 Breakdown of revenue and operating profit JM INTERIM REPORT JANUARY – MARCH 2025 23
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Consolidated Income Statement JAN–MAR APR–MAR FULL-YEAR SEK M 2025 2024 2024/2025 2024 Revenue for the period (segment reporting) 2,539 3,034 12,012 12,507 Recalculation to the completed contract method –260 –270 1,154 1,145 Reclassification property sale – – 619 619 Revenue for the period (IFRS) 2,279 2,765 13,787 14,272 Operating profit for the period (segment reporting) 130 160 501 531 Recalculation to the completed contract method –20 –40 158 138 Leases according to IFRS 16 9 5 26 23 Operating profit for the period (IFRS) 119 126 685 692 Profit/loss for the period (segment reporting) 52 79 218 246 Recalculation to the completed contract method –16 –32 125 109 Leases according to IFRS 16 –1 – –3 –3 Profit/loss for the period (IFRS) 35 48 341 353 Consolidated Balance Sheet SEK M 3/31/2025 3/31/2024 12/31/2024 Balance sheet total (segment reporting) 14,876 16,347 14,701 Recalculation to the completed contract method –610 –909 –463 Reclassification project financing, interest-bearing 5,166 7,870 5,441 Additional project financing Swedish tenant-owners associations 3,673 5,652 4,530 Reclassification project financing, non-interest-bearing 875 455 413 Leases according to IFRS 16 529 479 542 Balance sheet total (IFRS) 24,509 29,895 25,163 Consolidated equity SEK M 3/31/2025 3/31/2024 12/31/2024 Equity (segment reporting) 8,379 8,491 8,424 Recalculation to the completed contract method –261 –389 –247 Leases according to IFRS 16 –6 –4 –6 Equity (IFRS) 8,112 8,098 8,170 Consolidated cash flow JAN–MAR APR–MAR FULL-YEAR SEK M 2025 2024 2024/2025 2024 Cash flow from operating activities (segment reporting) –509 –949 171 –268 Reclassification project financing 205 –533 2,737 1,999 Reclassification Swedish tenant-owners associations 888 542 1,979 1,633 Leases according to IFRS 16 22 27 103 108 Cash flow from operating activities according to IFRS 606 –912 4,989 3,471 Consolidated interest-bearing net liabilities/receivables SEK M 3/31/2025 3/31/2024 12/31/2024 Interest-bearing net liabilities (+)/receivables (–) at end of period (segment reporting) 2,944 2,731 2,343 Reclassification project financing 5,166 7,870 5,441 Additional project financing Swedish tenant-owners associations 3,567 5,545 4,455 Leases according to IFRS 16 535 483 548 Interest-bearing net liabilities (+)/receivables (–) at end of period (IFRS) 12,212 16,629 12,788 Note 3 Reconciliation between segment reporting and IFRS JM INTERIM REPORT JANUARY – MARCH 2025 24
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Stockholm, April 24, 2025 JM AB (publ) Mikael Åslund President This interim report has not been reviewed by the Company’s auditors. Development properties by business segment CARRYING AMOUNT , SEK M 3/31/2025 3/31/2024 12/31/2024 JM Residential Stockholm 3,366 4,160 3,447 JM Residential Sweden 1,871 1,917 1,925 JM Norway 981 1,231 1,081 JM Finland 1,142 1,181 1,200 JM Property Development 237 320 237 Other 5 40 7 T otal 7,602 8,849 7,897 Development properties, Group JAN–MAR APR–MAR FULL-YEAR CARRYING AMOUNT , SEK M 2025 2024 2024/2025 2024 Carrying amount at beginning of the period 7,897 8,504 8,849 8,504 New acquisitions 79 157 754 832 Transferred to production –259 –177 –1,387 –1,306 Other 1) –115 365 –613 –133 Carrying amount at end of the period 7,602 8,849 7,602 7,897 1) Of which impairment losses – – –72 –72 Available residential building rights per business segment NUMBER 3/31/2025 3/31/2024 12/31/2024 JM Residential Stockholm 11,100 12,000 11,500 JM Residential Sweden 10,800 11,700 10,700 JM Norway 5,700 6,200 5,900 JM Finland 7,900 6,700 7,600 JM Property Development 1,600 1,700 1,700 T otal 37,100 38,300 37,400 Including recognized in the balance sheet as development properties JM Residential Stockholm 6,400 7,300 6,500 JM Residential Sweden 8,100 8,000 7,800 JM Norway 2,700 3,400 2,900 JM Finland 3,800 3,400 3,900 JM Property Development 600 600 600 T otal 21,600 22,700 21,700 Note 4 Development properties JM INTERIM REPORT JANUARY – MARCH 2025 25
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Group quarterly overview ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 INCOME STATEMENT Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 2,539 3,375 2,515 3,583 3,034 Production and operating costs –2,179 –2,971 –2,221 –3,196 –2,653 Gross profit 360 405 294 387 381 Selling and administrative expenses –227 –264 –215 –227 –222 Gains/losses on the sale of property, etc. –3 –34 15 9 1 Operating profit 130 107 95 169 160 Financial income and expenses –41 –26 –24 –46 –32 Profit before tax 90 81 71 123 128 Taxes –38 –26 –35 –48 –49 Profit for the period 52 55 36 75 79 CONSOLIDATED BALANCE SHEET 3/31 12/31 09/30 06/30 03/31 ASSETS Non-current assets 422 418 389 388 377 Project properties 168 123 327 260 818 Development properties 7,602 7,897 8,225 8,438 8,849 Participations in tenant-owners associations, etc. 1,278 1,111 948 648 566 Current receivables 5,044 4,721 4,515 5,034 5,172 Cash and cash equivalents 361 431 465 417 566 T otal current assets 14,453 14,283 14,480 14,796 15,970 T otal assets 14,876 14,701 14,869 15,184 16,347 EQUITY AND LIABILITIES Equity 8,379 8,424 8,215 8,376 8,491 Non-current interest-bearing liabilities 66 109 199 264 280 Other non-current liabilities 84 84 239 240 364 Non-current provisions 2,208 2,246 2,503 2,382 2,398 T otal non-current liabilities 2,358 2,439 2,941 2,886 3,042 Current interest-bearing liabilities 1,699 1,111 459 785 1,499 Other current liabilities 2,313 2,597 3,148 3,029 3,206 Current provisions 127 130 106 109 109 T otal current liabilities 4,139 3,838 3,714 3,923 4,814 T otal equity and liabilities 14,876 14,701 14,869 15,184 16,347 CASH FLOW STATEMENT Q 1 Q 4 Q 3 Q 2 Q 1 Cash flow from operating activities –509 –401 418 663 –949 Cash flow from investing activities –16 –24 –1 –32 –11 Cash flow from financing activities 464 389 –364 –785 –67 T otal cash flow for the period –61 –36 53 –154 –1,027 Cash and cash equivalents at end of the period 361 431 465 417 566 INTEREST -BEARING NET LIABILITIES/RECEIVABLES Q 1 Q 4 Q 3 Q 2 Q 1 Interest-bearing net liabilities(+)/receivables(–) at beginning of period 2,343 1,856 2,151 2,731 1,877 Change in interest-bearing net liabilities/receivables 601 487 –295 –580 854 Interest-bearing net liabilities(+)/receivables(–) at end of the period 2,944 2,343 1,856 2,151 2,731 DEVELOPMENT PROPERTIES Q 1 Q 4 Q 3 Q 2 Q 1 Carrying amount at beginning of the period 7,897 8,225 8,438 8,849 8,504 New acquisitions 79 257 223 195 157 Transferred to production –259 –492 –208 –429 –177 Other 122 –93 –227 –177 365 Carrying amount at end of the period 7,602 7,897 8,225 8,438 8,849 KEY RATIOS Q 1 Q 4 Q 3 Q 2 Q 1 Operating margin, % 5.1 3.2 3.8 4.7 5.3 Debt/equity ratio, multiple 0.4 0.3 0.2 0.3 0.3 Equity/assets ratio, % 56 57 55 55 52 Earnings per share, SEK 0.80 0.86 0.55 1.18 1.23 Number of available building rights 37,100 37,400 37,000 37,200 38,300 Number of residential units sold 555 574 649 1,075 480 Number of housing starts 577 733 637 722 145 Number of residential units in current production 4,511 4,558 4,978 4,914 5,068 JM INTERIM REPORT JANUARY – MARCH 2025 26
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Business Segment Quarterly Overview ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 JM RESIDENTIAL STOCKHOLM Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 849 1,255 783 1,280 882 Operating profit 1 –58 –2 4 –47 Operating margin, % 0.1 –4.7 –0.2 0.3 –5.3 Average operating capital 4,980 5,083 5,117 5,230 5,140 Return on operating capital, % 1) –1.1 –2.0 –3.2 –2.6 –1.0 Operating cash flow –444 –385 115 –30 –312 Carrying amount, development properties 3,366 3,447 3,751 3,926 4,160 Number of available building rights 11,100 11,500 11,800 11,700 12,000 Number of residential units sold 224 232 162 223 168 Number of housing starts 86 216 144 253 145 Number of residential units in current production 1,285 1,449 1,657 1,834 1,680 JM RESIDENTIAL SWEDEN Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 598 641 557 584 600 Operating profit 18 21 23 15 17 Operating margin, % 3.1 3.2 4.2 2.5 2.9 Average operating capital 2,600 2,616 2,585 2,606 2,550 Return on operating capital, % 1) 3.0 2.9 –0.6 –0.3 1.2 Operating cash flow –148 –369 267 16 –135 Carrying amount, development properties 1,871 1,925 1,902 1,903 1,917 Number of available building rights 10,800 10,700 11,100 11,500 11,700 Number of residential units sold 146 100 281 178 172 Number of housing starts 166 158 306 74 – Number of residential units in current production 1,100 1,055 1,266 960 1,060 JM NORWAY Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 460 511 366 457 690 Operating profit 26 21 24 28 70 Operating margin, % 5.7 4.1 6.6 6.0 10.1 Average operating capital 2,070 2,155 2,215 1,706 2,140 Return on operating capital, % 1) 4.8 6.6 7.0 9.4 8.2 Operating cash flow 40 81 76 200 –246 Carrying amount, development properties 981 1,081 1,089 1,189 1,231 Number of available building rights 5,700 5,900 6,000 5,900 6,200 Number of residential units sold 160 46 165 143 62 Number of housing starts 202 – 187 188 – Number of residential units in current production 941 864 1,012 825 852 JM FINLAND Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 332 381 345 494 388 Operating profit 20 8 21 38 26 Operating margin, % 6.0 2.1 6.0 7.7 6.7 Average operating capital 1,672 1,836 1,718 1,767 1,769 Return on operating capital, % 1) 5.2 5.0 7.3 7.8 7.3 Operating cash flow 89 –185 44 203 85 Carrying amount, development properties 1,142 1,200 1,225 1,093 1,181 Number of available building rights 7,900 7,600 6,400 6,400 6,700 Number of residential units sold 25 100 41 253 78 Number of housing starts 123 154 – 207 – Number of residential units in current production 825 830 818 852 814 JM PROPERTY DEVELOPMENT Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 169 454 313 609 367 Operating profit 80 158 42 97 104 Operating margin, % 47.5 34.7 13.4 16.0 28.4 Average operating capital 878 1,048 1,238 1,291 1,294 Return on operating capital, % 1) 42.9 38.2 23.4 22.2 19.2 Operating cash flow 258 463 128 531 –84 Carrying amount, development properties 237 237 250 320 320 Carrying amount, project properties 131 123 327 260 818 Number of available building rights 1,600 1,700 1,700 1,700 1,700 Number of residential units sold – 96 – 278 – Number of housing starts – 205 – – – Number of residential units in current production 360 360 225 443 662 1)Calculated on 12-month rolling result and average capital. JM INTERIM REPORT JANUARY – MARCH 2025 27
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Business concept With people in focus and through constant devel- opment, we create homes and sustainable living environments. Vision We are laying the foundations for a better life. Business JM is one of the leading developers of housing and residential areas in the Nordic region. Operations focus on new production of homes in attractive locations, with the main focus on expanding metropolitan areas and university towns in Sweden, Norway and Finland. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM should promote long-term sustainability work in all its operations. Annual sales total approximately SEK 12 billion, and the Group has approximately 1,900 employees. JM AB is a public limited company listed on NASDAQ Stockholm, Large Cap segment. Financial targets, benchmarks for capital structure and dividend policy The operating margin should amount to on average 12 percent, including gains/losses from property sales. Return on equity should be 25 percent on average over time. Long-term growth should amount to 4 percent a year on average for the number of housing starts, where the baseline is an annual rate of 3,800 housing starts. Benchmark for capital structure where the visible equity/assets ratio should amount to at least 35 percent over a business cycle. Dividend policy where the average dividend should be 50 percent of the Group’s profit after tax over a business cycle. JM’s financial targets, benchmarks for capital structure and dividend policy are based on the segment reporting. JM’s annual reports, interim reports and other financial information are available at jm.se/en/about-us/investors Text: JM. Photo: Sandra Birgersdotter Ek, Valobello, 3Destate, Marco Caruso, Therese A. Svensson, Gustav Kaiser, Sten Jansin. Disclosures This information is information that JM AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 8:00 a.m. CEST on April 24, 2025. For more information please contact: Tobias Bjurling, CFO, Head of IR Email: cfo@jm.se, tel. (swbrd): +46 (0)8 782 87 00 Financial calendar July 11, 2025 Interim Report January–June Oct 22, 2025 Interim Report January–September Dec 3, 2025 Capital Markets Day Press Releases, Q1 2025 January 8 Maria Branestam new Director of Human Resources in JM January 31 JM Y ear-end Report January–December 2024 February 10 Motion to 2025 Annual General Meeting in JM AB (publ) regarding Chair and Board Members March 3 JM starting production of housing for the private market in Helsinki March 6 Notice of JM AB’s Annual General Meeting on April 9, 2025 March 17 JM’s Annual and Sustainability Report 2024 March 28 JM starting production of rental project in Helsinki March 28 JM starting production of housing in Huvudsta, Solna March 31 JM starting production of housing in Gothenburg JM in brief JM INTERIM REPORT JANUARY – MARCH 2025 28
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JM AB (publ) MAILING ADDRESS SE-169 82 Stockholm Sweden VISITING ADDRESS Mathildatorget 9, Solna Sweden TELEPHONE +46(0)8-782 87 00 COMP . REG. NO. 556045-2103 WEBSITE www.jm.se/en