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Interim Report January – September 2026 MIKAEL ÅSLUND, GROUP PRESIDENT & CEO TOBIAS BJURLING, GROUP CFO OCTOBER 21, 2026
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Improved profit and increased sales to consumers Balanced risk in the residential portfolio Positive development in Swedish housing market despite geopolitical uncertainty Continued development of the building rights portfolio More housing starts and increased sales to consumers Shorter lead times and lower costs Improved operating profit and strengthened cash flow 10/21/2026 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 2
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JULY – S EPTEMBER 2026 • Number of residential units sold decreased to 462 (562). • Number of housing starts increased to 440 (296). • Number of residential units in production increased to 5,054 (4,341). • Residential building rights portfolio amounted to 35,300 (36,600). Sweden 1) 65 % Norway 1) 23 % Finland 1) 12 % No. of employees 3 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Group Summary 1,822 1) Group revenue over a 12 - month period
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Rising prices in Stockholm and Gothenburg 0 2000 4000 6000 8000 10000 0 20 000 40 000 60 000 80 000 100 000 120 000 140 000 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Stockholm inner city Stockholm nearby suburbs Gothenburg Malmö Oslo Municipality (NOK) Capital region of Helsinki (EUR) SEK, NOK/ sq.m . Source: Mäklarstatistik and WSP EUR/ sq.m . 4 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 PRICES ON THE EXISTING HOME MARKET
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162 348 214 281 129 153 165 46 43 41 39 52 649 562 462 0 200 400 600 800 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland SOLD RESIDENTIAL UNITS | JULY – SEPTEMBER Number of units 5 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Decreased sales in the quarter, no sales to investors As of the first quarter of 2026, the two former business segments JM Residential Stockholm and JM Property Development are in clu ded in JM Stockholm. All historical information has been restated in this presentation.
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SOLD RESIDENTIAL UNITS | JULY – SEPTEMBER Number of units 6 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Increased sales to consumers 234 236 415 326 462 649 562 462 0 200 400 600 800 2024 2025 2026 Investors Consumers
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831 727 880 631 374 627 370 266 248 372 183 411 2,204 0 500 1 000 1 500 2 000 2 500 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland 1,550 2,166 SOLD RESIDENTIAL UNITS | JANUARY – SEPTEMBER Number of units 7 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Increased sales driven by Swedish and Finnish business segments
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SOLD RESIDENTIAL UNITS | JANUARY – SEPTEMBER Number of units 8 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Increased sales to both consumers and investors 804 307 544 1,622 2,204 2,166 0 500 1 000 1 500 2 000 2 500 2024 2025 2026 Investors Consumers 1,550 1,243 1,400
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144 211 295 306 82 187 25 34 60 29 637 296 440 0 200 400 600 800 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland Number of units 9 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 HOUSING STARTS | JULY – SEPTEMBER Increased number of housing starts in the quarter, primarily in Stockholm
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Sold/reserved ratio – c ontinued high ratio driven by increased sales 0% 20% 40% 60% 80% 100% 0 3 000 6 000 9 000 12 000 15 000 Q4 Q1 2022 Q2 Q3 2022 Q4 Q1 2023 Q2 Q3 2023 Q4 Q1 2024 Q2 Q3 2024 Q4 Q1 2025 Q2 Q3 2025 Q4 Q1 2026 Q2 Q3 2026 64% Number Sold/reserved ratio in production, Group (%) Normal level sold/reserved % JM Stockholm JM Sweden JM Norway JM Finland 10 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 GROUP
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JULY – SEPTEMBER 2026 • Revenue increased to SEK 2,509m (2,137). • Operating profit increased to SEK 107m (59), and operating margin increased to 4.3 percent (2.8). • Profit before tax increased to SEK 63m (14). • Earnings per share amounted to SEK 0.57 ( – 0.10). • Return on equity amounted to 1.9 percent ( 1.7 ). • Cash flow from operational activities increased to SEK 548m (323). • According to IFRS, revenue increased to SEK 2,830m (2,309) and earnings per share to SEK 0.26 ( – 0.51). According to segment reporting. 11 10/21/2026 Improved operating profit in the quarter JM INTERIM REPORT JANUARY – SEPTEMBER 2026 0 4 8 12 16 20 0 500 1 000 1 500 2 000 2 500 2022 2023 2024 2025 Oct/Sep 2025/2026 % SEK m Operating profit Operating margin
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NO. OF BUILDING RIGHTS BUSINESS SEGMENT 09/30/2026 09/30/2025 JM Stockholm 11,300 12,400 JM Sweden 9,600 10,700 JM Norway 6,700 5,600 JM Finland 7,700 7,900 Group 35,300 36,600 12 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Capital - efficient acquisitions in the quarter
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09/30/2026 SEK m IN BALANCE SHEET NO. IN BALANCE SHEET HOUSING STARTS 1) AVERAGE PERIOD, YEARS 2 ) JM Stockholm 2,811 6,400 930 6.9 JM Sweden 2,362 7,900 598 13.2 JM Norway 1,562 3,400 304 11.2 JM Finland 1,754 5,200 462 11.3 Group 8,515 22,900 2,294 10.0 BUILDING RIGHTS Building rights lead time stable 1) 12 - month rolling 2) Guideline value 5 - 6 years 13 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026
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429 257 1,148 0 300 600 900 1 200 1 500 1 800 2 100 2 400 0 100 200 300 400 500 600 700 800 Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 2025 Q1 2026 Q3 2026 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 m Number 14 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Decreased number of unsold residential units in completed production
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Continued strengthened cash flow -2 000 -1 500 -1 000 -500 0 500 1 000 1 500 2 000 Q4 Q1 2024 Q2 Q3 2024 Q4 Q1 2025 Q2 Q3 2025 Q4 Q1 2026 Q2 Q3 2026 Quarterly cash flow from operating activities 12-month rolling SEK m 15 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 GROUP CASH FLOW According to segment reporting JULY – SEPTEMBER SEK m 2026 2025 Cash flow from operating activities before change in working capital and taxes 29 – 16 Tax paid – 42 – 53 Change in development properties – 151 146 Change in residential units in the balance sheet 318 244 Change in project properties 2 83 Change in current liabilities/receivables 391 – 81 Cash flow from operating activities 548 323
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Strong financial position -0,50 -0,30 -0,10 0,10 0,30 0,50 -5 000 -3 000 -1 000 1 000 3 000 5 000 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 Net interest-bearing liability(-)/receivable(+) Avalible liquidity Debt/equity ratio • Equity/Assets ratio 55 percent ( 56 ). • Available liquidity SEK 4,707m (3,099) of which cash and cash equivalents SEK 1,013 m (449). • Unutilized overdraft facilities and credit lines SEK 3,694 m (2,650). • Credit agreement of SEK 4,200m has a remaining maturity of 2.5 years (2.6). SEK m 1) According to segment reporting 2) Interest - b earing liabilities for completed property acquisitions amounted to SEK 538m (39) and non - interest - bearing liabilities for completed property acquisitions amounted to SEK 536m (163) 16 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Times - 2,612 NET INTEREST - BEARING LIABILITY( - )/RECEIVABLE(+) 1) 2)
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Increased production and positive revaluations improved the profit + + = Cost - based effect SEK 180m (105) Recognized expenses x contribution margin (for the current period). Always positive Revaluation effect SEK 104m (40) Gross profit in residential development business SEK 313m (178) 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 29m (33) 17 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 PERCENTAGE OF COMPLETION METHOD (GROSS) Q3 2026 (Q3 2025)
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Improved project forecasts from all business segments SEK m Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Group 40 181 199 86 104 BUSINESS SEGMENT Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 JM Stockholm – 45 70 28 – 12 17 JM Sweden 43 60 72 39 37 JM Norway 27 31 76 37 48 JM Finland 15 20 23 22 2 18 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 REVALUATION EFFECT – HOUSING BUSINESS
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Increased production and positive revaluations improved the profit + + = Cost - based effect SEK 180m (105) Recognized expenses x contribution margin (for the current period). Always positive Revaluation effect SEK 104m (40) Gross profit in residential development business SEK 313m (178) 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 29m (33) 19 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 PERCENTAGE OF COMPLETION METHOD (GROSS) Q3 202 6 (Q3 2025)
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JM Stockholm | Increased revenue and improved operating profit • Customers’ willingness to sign contracts early was at normal level. • Significantly i ncreased number of sold residential units to consumers, more housing starts. • R evenue , operating profit and operating margin increased compared to the previous year . • Production was started on 295 residential units in apartment buildings i n Sollentuna , Solna and S tockholm . • During the quarter , the transfer of the legal title took place and production started for 100 previously acquired building rights in Hägersten . Bella, Hägersten , 100 residential units 20 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2026 2025* 2026 2025* Revenue 1,024 773 3,127 2,656 Operating profit 55 18 236 157 Operating margin, % 5.4 2.3 7.5 5.9 Number of residential units sold 1) 214 348 880 727 Number of housing starts 2) 295 211 707 579 1) Of which residential units to investors – 205 165 205 2) Of which residential units to investors – -- – 165 * The table presents historical restated information that includes the two former business segments JM Residential Stockholm an d J M Property Development. A multi - year overview is available on the Group’s website, jm.se/ en . The restated information has not been subject to review by the Company’s auditor.
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JM Sweden | Stable quarter with improved operating margin 21 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Skölsta äng, Uppsala, 33 residential units • Customers’ willingness to sign contracts early was at normal level. • Increased number of sold residential units and housing starts. • Revenue , operating profit and operating margin increased compared to the previous year. • Production started on a total of 82 residential units, all single - family homes in Kungsbacka and Uppsala. • Approximately 340 building rights were acquired in Uppsala during the quarter. JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2026 2025 2026 2025 Revenue 563 533 1,932 1,785 Operating profit 28 17 84 58 Operating margin, % 5.0 3.2 4.3 3.2 Number of residential units sold 1) 153 129 627 374 Number of housing starts 2) 82 – 383 531 1) Of which residential units to investors -- – 71 – 2) Of which residential units to investors -- – 71 –
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JM Norway | Increased revenue and improved operating profit 22 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Tamburparken, Ås, 34 residential units • S ales of newly produced residential units on the Norwegian market remained at historically low levels. • The number of sold residential units and housing starts remained at the same level as the previous year. • Revenue , operating profit and operating margin increased compared to the previous year. • Production was started on 34 residential units in apartment buildings in Ås , south of Oslo. JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2026 2025 2026 2025 Revenue 585 395 1,999 1,236 Operating profit 44 23 131 76 Operating margin, % 7.6 5.8 6.6 6.2 Number of residential units sold 43 46 248 266 Number of housing starts 34 25 148 227
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JM Finland | Increased sales to consumers 23 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026 Tesomajärven Tesma , Tampere , 29 residential units • Supply in the housing market continued to be high with negative price development. • Consumer confidence in Finland improved to its highest level in more than four years. • Increased number of sold residential units , fewer housing starts . • Revenue, operating profit and operating margin decreased due to lower levels of ongoing production and a higher proportion of projects in early stages. • Production was started on 29 residential units in apartment buildings in Tampere . JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2026 2025 2026 2025 Revenue 257 336 900 1,165 Operating profit - 7 17 17 75 Operating margin, % - 2.6 4.9 1.9 6.4 Number of residential units sold 1) 52 39 411 183 Number of housing starts 2) 29 60 306 183 1) Of which residential units to investors -- 31 308 102 2) Of which residential units to investors -- 31 243 102
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Leading housing developer in the Nordics Focus on productivity and building rights portfolio Most satisfied customers – strong brand We work safely – or not at all 35,300 building rights in attractive locations Positive trend in the Swedish housing market Well - balanced risk profile 10/21/2026 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 24
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We are laying the foundation for a better life .