Slides
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Interim Report January–September 2025 MIKAEL ÅSLUND, PRESIDENT AND CEO TOBIAS BJURLING, CFO OCTOBER 22, 2025
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Summary Emerging market optimism Conditions for recovery have strengthened Decreased number of completed unsold residential units Continued geopolitical uncertainty affects customers Streamlining and cost reductions Fewer sold residential units and housing starts in the quarter 10/22/2025JM INTERIM REPORT JANUARY – SEPTEMBER 20252
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JULY – SEPTEMBER 2025 • Number of residential units sold decreased to 562 (649). • Number of housing starts decreased to 296 (637). • Number of residential units in production decreased to 4,341 (4,978). • Residential building rights portfolio amounted to 36,600 (37,000). Sweden 1) 69% Norway 1) 16 % Finland 1) 15 % No. of employees 3 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Group Summary 1,845 1) Group revenue over a 12-month period
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JULY – SEPTEMBER 2025 • Revenue amounted to SEK 2,137m (2,515). • Operating profit decreased to SEK 59m (95) and operating margin decreased to 2.8 percent (3.8). • Profit before tax decreased to SEK 14m (71). • Earnings per share amounted to SEK –0.10 (0.55). • Return on equity amounted to 1.7 percent (0.6). • Cash flow from operations amounted to SEK 323m (418). • According to IFRS, revenue amounted to SEK 2,309m (2,839) and earnings per share to SEK –0.51 (0.61). 1) According to segment reporting. 4 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Group Summary 1) 0 4 8 12 16 20 0 500 1 000 1 500 2 000 2 500 2021 2022 2023 2024 Oct/Sep 2024/2025 %SEK m Operating profit Operating margin
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Stable prices in JM’s markets 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 0 20 000 40 000 60 000 80 000 100 000 120 000 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Stockholm inner city Stockholm nearby suburbs Gothenburg Malmö Oslo Municipality (NOK) Capital region of Helsinki (EUR) Prices on the existing home market for tenant-owners associations apartment in major cities in Sweden and freehold units in Oslo Municipality and Helsinki capital region SEK, NOK/sq.m. Source: Mäklarstatistik and WSP, Q3 2025 Oslo Eiendom Norge and Helsinki Finnish Statistikcentralen EUR/sq.m. 5 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025
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74 162 143 139 281 129 71 165 462 41 39 205 286 562 0 200 400 600 800 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 649 JULY – SEPTEMBER Number of units 6 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Decreased sales during the quarter
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JULY – SEPTEMBER Number of units 7 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Sales to investors on par with previous year 234 236286 415 326 286 562 0 200 400 600 800 2023 2024 2025 Investors Consumers 649
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JANUARY – SEPTEMBER Number of units 8 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Decreased number of sold units in 2025 191 553 522 392 631 374292 370 26635 372 183 218 278 205 1,128 1,550 0 300 600 900 1 200 1 500 1 800 2 100 2 400 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 2,204
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133 144 211 306 68 187 25 60201 637 296 0 100 200 300 400 500 600 700 800 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development Number of units 9 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 JULY – SEPTEMBER Decreased number of housing starts during the quarter
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Number of units 10 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 JANUARY – SEPTEMBER Number of housing starts on par with previous year 133 542 414 298 380 531 249 375 227 34 207 183 155 165 869 1,504 0 200 400 600 800 1 000 1 200 1 400 1 600 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 1,520
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Sales rate increased during the third quarter. Residential units in production continued to decrease 0% 20% 40% 60% 80% 100% 0 3 000 6 000 9 000 12 000 15 000 Q3 2019 Q4 Q1 2020 Q2 Q3 2020 Q4 Q1 2021 Q2 Q3 2021 Q4 Q1 2022 Q2 Q3 2022 Q4 Q1 2023 Q2 Q3 2023 Q4 Q1 2024 Q2 Q3 2024 Q4 Q1 2025 Q2 Q3 2025 53% Number Percentage of sold/reserved in production, Group (%)Normal level sold/reserved % JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 11 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 NUMBER OF RESIDENTIAL UNITS IN PRODUCTION AND PERCENTAGE SOLD/RE SERVED
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NO. OF BUILDING RIGHTS 1) REGION 09/30/2025 09/30/2024 Stockholm 2) 12,400 13,500 Malmö/Lund 3) 3,500 3,500 Gothenburg 3) 3,000 3,500 Uppsala 3) 4,200 4,100 Norway 5,600 6,000 Finland 7,900 6,400 T otal 36,600 37,000 1) Rounded to the nearest hundred 2) Of which 1,400 and 1,700 building rights for rental units and residential care units 3) Refers to JM Residential Sweden regions South, West and East 12 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Attractive building rights portfolio
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Building rights lead time stable 09/30/2025 SEK m IN BALANCE SHEET NO. IN BALANCE SHEET HOUSING STARTS 1) AVERAGE PERIOD, YEARS 2) JM Residential Stockholm 3,239 6,100 630 9.7 JM Residential Sweden 1,877 7,800 689 11.3 JM Norway 958 2,600 227 11.5 JM Finland 1,264 4,200 337 12.5 JM Property Development 237 600 370 1.6 Group 7,575 21,300 2,253 9.5 BUILDING RIGHTS 1) 12-month rolling 2) Guideline value 5 years 13 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025
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1 843 455 532 0 500 1 000 1 500 2 000 2 500 0 100 200 300 400 500 600 700 800 Q1 2021 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 2025 Unsold units in balance sheet SEK m Number of unsold units in balance sheet Number of unsold units in completed production According to segment reporting. SEK mNumber 14 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Decreased number of unsold residential units in completed production
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Reduced inventory of unsold residential units in the balance sheet generated positive cash flow -2 000 -1 500 -1 000 -500 0 500 1 000 1 500 2 000 Q4 Q1 2023 Q2 Q3 2023 Q4 Q1 2024 Q2 Q3 2024 Q4 Q1 2025 Q2 Q3 2025 Quarterly cash flow from operating activities 12-month rolling SEK m JULY – SEP YEAR SEK m 2025 2024 R12 2024 Operating activities 323 418 –791 –268 Investing activities –3 –1 –55 –69 Financing activities –26 –364 834 –827 Period cash flow 294 53 –12 –1,164 15 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 GROUP CASH FLOW According to segment reporting
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Maintained strong liquidity -0,40 -0,20 0,00 0,20 0,40 0,60 -4 000 -2 000 0 2 000 4 000 6 000 2021 2022 2023 2024 Q1 2025 Q2 Q3 2025 Net interest-bearing liability(-)/receivable(+) Avalible liquidity Debt/equity ratio • Equity/Assets ratio 56 percent (55). • Available liquidity SEK 3,099m (3,615) of which cash and cash equivalents SEK 449m (465). • Unutilized overdraft facilities and credit lines SEK 2,650m (3,150). • Credit lines of SEK 2,800m have an average maturity of 2.6 years (2.2). SEK m 1) According to segment reporting 2) Non-interest-bearing liabilities for completed property acquisitions amounted to SEK 163 m (644) 16 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Times -3,080 NET INTEREST - BEARING LIABILITY( - )/RECEIVABLE(+) 1) 2)
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Low revenue recognition combined with price adjustments impacted earnings + + = Cost-based effect SEK 105m (117) Recognized expenses x contribution margin (for the current period). Always positive Revaluation effect SEK 40m (97) Profit/loss for the period SEK 178m (215) Changed assessment about forecast total contribution margin and/or total cost of a project that involves revaluation of recognized profit/loss from earlier periods. Usually positive Change in the relationship between stage of completion and sales rate in a period (incoming – outgoing) (Adjustment of accumulated profit for unsold residential units). Positive / negative Sales effect SEK 33m (1) 17 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 PERCENTAGE OF COMPLETION METHOD (GROSS) Q3 2025 (Q3 2024)
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Price adjustments in JM Residential Stockholm held back the revaluation effect SEK m Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Group 97 117 87 202 40 BUSINESS SEGMENT Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 JM Residential Stockholm 9 30 7 59 –45 JM Residential Sweden 47 64 46 79 43 JM Norway 26 31 22 36 27 JM Finland 15 –8 12 29 15 18 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 REVALUATION EFFECT – HOUSING BUSINESS
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JM Residential Stockholm • Consumers’ willingness to sign a contract early remained below normal levels. • Increased number of housing starts but fewer sold units in the third quarter. • Lower level of revenue and slightly lower operating profit and margin in the quarter compared to the previous year. • Return on operating capital for the past twelve months improved compared to the previous year . • Production was started in the third quarter on a total of 211 residential units in apartment buildings in Nacka and Stockholm. • Two properties in Nacka and Nynäshamn were sold and the legal titles transferred during the third quarter. The transactions amounted in total to approximately SEK 80m with gains from the sale of property of approximately SEK 42m . JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 619 783 2,232 2,945 Operating profit –11 –2 –9 –45 Operating margin, % –1.7 –0.2 –0.4 –1.5 Number of residential units sold 143 162 522 553 Number of housing starts 211 144 414 542 Akva, Centrala Nacka, 83 freehold units 19 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025
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JM Residential Sweden JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 533 557 1,785 1,741 Operating profit 17 23 58 55 Operating margin, % 3.2 4.2 3.2 3.2 Number of residential units sold 1) 129 281 374 631 Number of housing starts 1) – 306 531 380 1) Of which residential units to investors – 134 – 134 20 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Verkstan at Västerbro, Lund, 133 residential units • The willingness to sign a contract was below normal with exceptions from new projects. • Decreased number of sold residential units and no housing starts in the third quarter. • Revenue and operating margin slightly lower than the previous year. • Return on operating capital for the past twelve months was higher than in the previous year .
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JM Norway JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 395 366 1,236 1,513 Operating profit 23 24 76 121 Operating margin, % 5.8 6.6 6.2 8.0 Number of residential units sold 1) 46 165 266 370 Number of housing starts 1) 25 187 227 375 1) Of which residential units to investors – 100 – 100 21 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Ørnafjellet phase 2, Askøy, 25 residential units • During the third quarter, sales stagnated on the Norwegian housing market and were in line with the corresponding period last year. • Decreased number of sold residential units and housing starts in the third quarter. • Slightly higher level of revenue and operating profit in line with the previous year, thus theoperating margin decrease slightly in the quarter. • Return on operating capital for the past twelve months was lower than the previous year . • Production was started in the third quarter on a total of 25 residential units in apartment buildings in Ørnafjellet in Askøy municipality.
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JM Finland JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 336 345 1,165 1,227 Operating profit 17 21 75 85 Operating margin, % 4.9 6.0 6.4 6.9 Number of residential units sold 1) 39 41 183 372 Number of housing starts 2) 60 – 183 207 1) Of which residential units to investors 31 – 102 292 2) Of which residential units to investors 31 – 102 207 22 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Kartanonrannan Kuunlilja, Nokia, 29 freehold units • Activity on the existing home market in Finland increased during the third quarter . • Increased number of housing starts to both investors and consumers in the quarter. Number of sold residential units in line with the previous year. • Revenue and operating margin in the quarter decrease slightly compared to the previous year. • Return on operating capital for the past twelve months was lower than the previous year . • Production was started in the third quarter on a total of 60 residential units in apartment buildings where of 29 residential units in Nokia and 31 in Helsinki. • During the third quarter, an agreement was signed to acquire approximately 60 building rights in Helsinki.
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JM Property Development JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 166 313 462 1,288 Operating profit 28 42 159 243 Operating margin, % 16.6 13.4 34.5 18.9 Number of residential units sold 205 – 205 278 Number of housing starts – – 165 – 23 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025 Väsjö Port, Sollentuna, 165 rental units • The market for newly produced rental units continues to be impacted by high direct yield requirements. • More positive signs starting to emerge, resulting in a gradual increase in transaction activity. • Lower level of revenue and operating profit. • Return on operating capital for the past twelve months improved compared to the previous year . • During the third quarter the Bovetet project in Söderdalen, comprising 205 rental units, was sold to investors. Completion and handover is planned for the fourth quarter of 2027.
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A more sustainable housing development • A new working method has been introduced to improve analysis and planning of climate improvement measures within the project portfolio. • By breaking down the climate roadmap into building components, better conditions are created for fact-based decisions and prioritizations. • Increased understanding and learning within the organization regarding climate impact in the construction process. • Full-scale testing with climate-improved concrete are on-going, with results indicating strong potential for further reductions in the climate impact of buildings. • All completed projects in own operations have received Nordic Swan Ecolabel certification. 24 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 10/22/2025
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Good long-term conditions Well-balanced risk profile Satisfied customers – strong brand Emerging optimism in the housing market 36,600 building rights in attractive locations 80 years of urban development – leading in the Nordics Competitive production costs 10/22/2025JM INTERIM REPORT JANUARY – SEPTEMBER 202525
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We are laying the foundation for a better life.