Interim report
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Interim Report January–September 2026 Q3
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Summary of the period JULY–SEPTEMBER 2026 • Revenue increased to SEK 2,509m (2,137). • Operating profit increased to SEK 107m (59). The operating margin increased to 4.3 percent (2.8). • Profit before tax increased to SEK 63m (14). Profit after tax increased to SEK 36m (–6). • Earnings per share amounted to SEK 0.57 (–0.10). • Consolidated cash flow from operating activities increased to SEK 548m (323). • The number of residential units sold decreased to 462 (562), and housing starts increased to 440 (296). • According to IFRS, revenue increased to SEK 2,830m (2,309), and earnings per share to SEK 0.26 (–0.51). JANUARY–SEPTEMBER 2026 • Revenue increased to SEK 8,305m (7,216). • Operating profit increased to SEK 390m (305). The operating margin increased to 4.7 percent (4.2). • Profit before tax increased to SEK 250m (173). Profit after tax increased to SEK 178m (83). • Return on equity for the past twelve months amounted to 1.9 percent (1.7). • Earnings per share amounted to SEK 2.77 (1.29). • Consolidated cash flow from operating activities increased to SEK 1,275m (–391). • The number of residential units sold increased to 2,166 (1,550), and housing starts increased to 1,544 (1,520). • According to IFRS, revenue amounted to SEK 7,273m (7,836) and earnings per share to SEK –0.62 (1.22). 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 residential 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/ financial data Unless otherwise specified, amounts are presented in SEK million (SEK m). There may be rounding differences in all tables. This content is a translation of the Swedish orginal text, which is the official version. Cover photo: Safjället in Mölndal. GROUP KEY FIGURES JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 2026 2025 2025/2026 2025 Revenue 2,509 2,137 8,305 7,216 11,071 9,981 Operating profit 1) 107 59 390 305 382 297 Operating margin, % 4.3 2.8 4.7 4.2 3.5 3.0 Profit before tax 63 14 250 173 214 136 Cash flow from operating activities 548 323 1,275 –391 1,740 74 Return on capital employed, % 3.4 2.8 Return on equity, % 1.9 0.8 Equity/assets ratio, % 55 56 57 Earnings per share, SEK 0.57 –0.10 2.77 1.29 2.45 0.97 Number of residential units sold 462 562 2,166 1,550 2,644 2,028 Number of housing starts 440 296 1,544 1,520 2,294 2,270 ACCORDING TO IFRS, SEK M Revenue according to IFRS 2,830 2,309 7,273 7,836 10,128 10,691 Operating profit according to IFRS 90 35 139 327 138 326 Earnings per share according to IFRS, SEK 0.26 –0.51 –0.62 1.22 –0.97 0.87 1) Of which impairment in development properties – – – – –105 –105 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 2
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Also in Uppsala, transfer of legal title to the build- ing rights at Östra Ågatan took place, with housing start planned in the near future. The National Lead Time Index shows that aver- age lead times in Swedish local planning processes are continuing to increase, which risks hampering growth in the housing market if the trend contin- ues. At the same time, competition for develop- ment-ready land has increased in several markets, especially in the Stockholm region. Strong cash flow and improved profit Cash flow from operating activities continued to strengthen and amounted to SEK 548m (323), primarily due to the high production activity in current projects. The positive cash flow contrib- uted to a decrease in net debt to SEK 2.6bn (3.1) despite investments made during the year. Revenue increased to SEK 2,509m (2,137) as a result of a higher number of residential units in current production. Operating profit amounted to SEK 107m (59), corresponding to an operating margin of 4.3 percent (2.8). The improved margin was primarily attributable to stronger underlying profit in the Swedish residential projects. JM Fin- land’s profit was negatively impacted by a low rate of completion and price adjustments on completed residential units. Strengthened sales to consumers, high production activity, and improved operating profit provide a stable foundation for continued profitable growth Sustainability work that strengthens the business Sustainability work is an integral part of JM’s busi- ness model and contributes to strengthening both the customer offering and competitiveness. During the quarter, the implementation of the fourth generation of the Nordic Swan Ecolabel criteria continued in all of JM’s markets. The sup- plier evaluation process was further developed through automated and risk-based selection, which increases transparency and the work to identify, prevent and manage risks in the supply chain. JM is well-positioned The global situation remains uncertain, and recent developments with higher market rates and expec- tations of increased energy costs could have a dampening effect on the housing market. At the same time, market conditions vary across JM’s markets. Demand in the Swedish housing market has strengthened during the year as household purchasing power has improved, while near-term conditions are deemed to be weaker in Norway and Finland. Overall, the long-term need for new housing is assessed to remain strong in all of JM’s JM’s sales to consumers continued to develop positively in the quarter, especially in the Swedish operations. At the same time, both the comple- tion rate and margin in current projects improved, which contributed to a higher operating profit than in the corresponding period the previous year. Demand in the Swedish housing market increased during the quarter. Consumer purchasing power strengthened compared to the previous year, which had an impact on the housing market and contributed to increased sales. However, devel- opments vary across cities and microlocations. In Norway, the housing market in Oslo remained cautious, while price trends in Bergen were strong over the past year. In Finland, consumers’ expectations of rising housing prices increased during the quarter, but higher interest rates and persistently high unemployment con- strained market activity. Sales to consumers increased to 462 (326) residential units, primarily driven by the Swedish business segments but also by increased sales in Finland. Sales in Norway were at the same level as in the previous year. Interest in rental housing projects in Sweden remains high even though no projects were sold during the third quarter. Balanced risk in the residential portfolio The number of housing starts for the consumer market amounted to 440 (265), with the increase mainly driven by new starts within JM Stockholm. The third quarter has a seasonally lower number of starts than other quarters due to the holiday period. No residential units for investors were subject to housing starts during the quarter (31). The sales enabled the proportion of sold and reserved residential units in current production to remain at the high level of 64 percent (53). All rental housing projects in production have been sold. The number of completed unsold residen- tial units decreased to 429 (532) from 489 at the beginning of the quarter. The inventory of repurchased residential units in the balance sheet increased slightly to 257 (455) from 234 at the beginning of the quarter, which remains at a nor- malized level. The number of repurchased residen- tial units in the balance sheet has thus decreased significantly compared to the previous year, and sales of completed residential units remained strong during the quarter. A large number of residential units are planned for housing starts in the fourth quarter, and it continues to be our intention to start production on more residential units in 2026 than in the previous year. Development of the building rights portfolio JM continues to work actively to optimize the building rights portfolio. During the quarter, trans- fer of legal title to the building rights for the Bella project in Stockholm took place, where production could begin already in the same quarter. Improved profit and higher sales to consumers markets, while household purchasing power is expected to strengthen. In uncertain times, JM continues to focus on factors within our control. We strive to maintain the market’s most satisfied customers while devel- oping productivity, lead times and cost-efficiency in production. Our strong financial position also gives us the freedom to act when attractive investment opportunities arise. Overall, JM is well-equipped for continued profitable growth. Mikael Åslund, Group President & CEO JM INTERIM REPORT JANUARY – SEPTEMBER 2026 3
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July–September 2026 The number of housing starts increased to 440 (296) compared to the corresponding quarter the previous year. JM Stockholm started production on 295 (211) residential units, JM Sweden on 82 (0), JM Norway on 34 (25), and JM Finland on 29 (60). Sales of residential units decreased compared to the corresponding quarter the previous year, as there were no sales to investors during the quarter. The number of residential units sold in the form of signed contracts amounted to 462 (562). JM Stockholm sold 214 (348) residential units, JM Sweden sold 153 (129), JM Norway sold 43 (46), and JM Finland sold 52 (39). January–September 2026 The number of available residential building rights at the end of the third quarter amounted to 35,300 Group residential development and sales (36,600), of which 22,900 (21,300) are recognized in the balance sheet as development properties. The carrying amount of development properties increased and amounted at the end of the period to SEK 8,515m (7,580). The number of housing starts increased to 1,544 (1,520). JM Stockholm started production on 707 (579) residential units, JM Sweden on 383 (531), JM Norway on 148 (227), and JM Finland on 306 (183). Sales of residential units increased compared to the previous year, and the number of residential units sold in the form of signed contracts amounted to 2,166 (1,550). The percentage of sold and reserved residential units in current production amounted to 64 (53). The interval 55–60 percent is considered normal. JM Stockholm sold 880 (727) residential units, JM Sweden sold 627 (374), JM Norway sold 248 (266), and JM Finland sold 411 (183). The number of residential units in production increased to 5,054 (4,341). The number of unsold residential units in the balance sheet according to segment reporting amounted to 257 (455), which corresponded to a value of SEK 1,148m (1,843). In addition to the unsold residential units in the balance sheet, 46 (96) residential units at a value of SEK 204m (410) were sold but not yet handed over to the customer, which is why the units were not recognized under IFRS. During the year, development properties of SEK 1,979m (348) were acquired, of which SEK 218m (80) refers to JM Stockholm, SEK 725m (72) to JM Sweden, SEK 722m (0) to JM Norway, and SEK 287m (196) to JM Finland. HOUSING STARTS RESIDENTIAL UNITS IN PRODUCTION Housing starts per quarter 12-month rolling JM Stockholm JM Sweden JM Norway JM Finland Total Percentage sold/reserved, Group (%) Normal level sold/reserved (55– 60 %) 0 300 600 900 1,200 1,500 Q3 2026 Q1Q3 2025 Q1Q3 2024 Q1Q3 2023 Q1Q3 2022 Q1Q3 2021 0 1,000 2,000 3,000 4,000 5,000 NUMBERNUMBER 0 2,000 4,000 6,000 8,000 10,000 Q3 2026 Q1Q3 2025 Q1Q3 2024 Q1Q3 2023 Q1Q3 2022 Q1Q3 2021 0 20 40 60 80 100 NUMBER % JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR GROUP RESIDENTIAL DEVELOPMENT 2026 2025 2026 2025 2025/2026 2025 FOR CONSUMERS Number of housing starts during the period 440 265 1,230 1,253 1,876 1,899 Number of residential units sold during the period 462 326 1,622 1,243 2,061 1,682 Number of residential units in production 4,010 3,235 3,675 Sold residential units in production 1,945 1,134 1,277 Number of revenue-recognized residential units according to IFRS 480 384 1,229 1,253 1,750 1,774 FOR INVESTORS Number of housing starts during the period – 31 314 267 418 371 Number of residential units sold during the period – 236 544 307 583 346 Number of residential units in production 1,044 1,106 1,154 Sold residential units in production 1,044 941 924 UNSOLD RESIDENTIAL UNITS Number of unsold residential units in completed production 429 532 442 Of which, number of unsold residential units reported in the balance sheet under segment reporting 257 455 393 RESIDENTIAL UNITS IN PRODUCTION Total number of residential units in production 5,054 4,341 4,829 Percentage sold and reserved residential units in production, % 1) 64 53 51 1) Of which percentage reserved residential units in production, % 5 5 5 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 4
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July–September 2026 Consolidated revenue according to segment reporting increased to SEK 2,509m (2,137). This increase was mainly attributable to more residen- tial units in production. Operating profit according to segment report- ing increased to SEK 107m (59), and the operating margin increased to 4.3 percent (2.8). The increase is primarily attributable to higher activity and improved margins in the residential development business. The previous year’s results were also strengthened by gains from property sales. Revenue according to IFRS increased to SEK 2,830m (2,309), operating profit to SEK 90m (35), and the operating margin to 3.2 percent (1.5). The development is mainly attributable to an increase in the number of residential units handed over to consumers compared to the corresponding quar- ter the previous year. January–September 2026 Consolidated revenue according to segment reporting increased to SEK 8,305m (7,216). This increase was mainly attributable to more residen- tial units in production. Operating profit according to segment reporting increased to SEK 390m (305), and the operating margin increased to 4.7 percent (4.2). The improvement is mainly due to a property sale completed in the first quarter, higher sales and improved project margins. Revenue according to IFRS decreased to SEK 7,273m (7,836), operating profit to SEK 139m (327) and the operating margin to 1.9 percent (4.2). The decrease is mainly due to a lower aver- age price and average margin in residential units handed over to consumers compared to the pre- vious year, lower profit from commercial projects, and non-recurring costs. 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 Q3 2026 Q1Q3 2025 Q1Q3 2024 Q1Q3 2023 Q1Q3 2022 Q1Q3 2021 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 Q3 2026 Q1Q3 2025 Q1Q3 2024 Q1Q3 2023 Q1Q3 2022 Q1Q3 2021 –4 0 4 8 12 16 20 1) According to segment reporting JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR OPERATING MARGIN 1) BY BUSINESS SEGMENT , % 2026 2025 2026 2025 2025/2026 2025 JM Stockholm 5.4 2.3 7.5 5.9 4.7 3.2 JM Sweden 5.0 3.2 4.3 3.2 2.9 2.0 JM Norway 7.6 5.8 6.6 6.2 6.4 6.1 JM Finland –2.6 4.9 1.9 6.4 3.0 6.3 T otal 4.3 2.8 4.7 4.2 3.5 3.0 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 5
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Cash flow July–September 2026 Cash flow from operating activities according to segment reporting amounted to SEK 548m (323). The improvement is due to primarily the change in other operating receivables and liabilities, which generated positive cash flow of SEK 391m (–81), mainly due to changes in working capital related to more residential units in current production. The Group’s net investments in development properties resulted in a negative cash flow of SEK –151m (146), mainly due to larger investments and the absence of property sales during the quarter. The change in completed residential units on the balance sheet generated positive cash flow of SEK 318m (244), as the residential units repur- chased during the period mainly comprised free- hold units, which do not affect cash flow. Cash flow January–September 2026 Cash flow from operating activities according to segment reporting amounted to SEK 1,275m (–391). The improvement is explained by higher sales of residential units recognized in the balance sheet, as the number of unsold residential units continued to decrease during the period, which generated positive cash flow of SEK 1,121m (–19). The sale of two rental projects during the first quarter that were previously recognized in JM’s own balance sheet reduced consolidated net investments in project properties and resulted in positive cash flow of SEK 203m (14). The Group’s net investments in development properties resulted in a negative cash flow of SEK –30m (120), mainly due to larger investments. Cash flow and financial position Financial position Net financial items according to segment report- ing was in line with the corresponding period the previous year and amounted to SEK –140m (–133). Total interest-bearing liabilities according to segment reporting were SEK 3,636m (3,540), of which the pension liability comprised SEK 1,522m (1,539). At the end of the period, the average interest rate for the total interest-bearing debt including the pension liability was 4.9 percent (4.1). The average term for fixed-rate loans, excluding the pension liability, was 0.2 years (0.2). Consolidated available liquidity according to segment reporting amounted to SEK 4,707m (3,099). Aside from cash and cash equivalents of SEK 1,013m (449), this included unutilized over- draft facilities and credit lines totaling SEK 3,694m (2,650) out of a total of SEK 4,600m (3,200), where the credit agreement for SEK 4,200m (2,800) had a remaining maturity of 2.5 years (2.6). Interest-bearing net liabilities including the pension liability, according to segment reporting, amounted at the end of the period to SEK 2,612m (3,080). Interest-bearing liabilities for property acquisitions amounted to SEK 538m (39), of which SEK 121m (19) were current. Non-interest-bearing liabilities for property acquisitions amounted to SEK 536m (163), of which SEK 386m (151) were current. Capital employed on September 30, 2026, amounted to SEK 12,155m (11,779), and return on capital employed for the past twelve months amounted to 3.4 percent (3.9). 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 29 percent (52). INTEREST -BEARING NET LIABILITIES (–)/RECEIVABLES (+) 1) Interest-bearing net liabilities(–)/receivables(+) Debt/equity ratio SEK m MULTIPLE –4,000 –3,000 –2,000 –1,000 0 1,000 2,000 3,000 4,000 20262025202420232022 –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 Q3 2026 Q1Q3 2025 Q1Q3 2024 Q1Q3 2023 Q1Q3 2022 Q1Q3 2021 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 6
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Housing starts in the quarter During the third quarter, production started on 440 residential units (296). All housing starts are announced on the Group’s website: www.jm.se/en/about-us/investors/jm-housing-starts Finland | T esomajärven T esma The Tesomajärven Tesma project in Tampere comprises 29 residen- tial units ranging from studios to three-bedroom units. The project is JM’s third in the Tesomajärviarea, which is approximately 9 km from downtown Tampere. The units are being built in an attractive location by Lake Tesomajärvi, close to the area’s extensive recreation and outdoor areas. Information about the project Norway | T amburparken Tamburparken is located close to the Ski town center and has good public transport connections to Oslo. The project is the second phase in Tamburparken and comprises 34 of a total of 128 space- efficient residential units ranging from studios to three-bedroom units. The area is designed with a focus on green outdoor environ- ments, practical floor plans, and a quiet living environment with good access to public transport. Information about the project Sweden | Bella The Bella project is a new residential block at the heart of Telefonplan and includes 100 residential units ranging from studios to five-bedroom units. Bella is located in a vibrant residential area surrounded by nature and older single-family homes, with close access to public transport. The new neighborhood will have apart - ments of different sizes and a number of townhouses positioned around a private courtyard with play areas and landscaping. Information about the project Sweden | Skölsta Äng In an area close to nature outside of Uppsala, production is starting on the Skölsta Äng single-family home project, which comprises 33 detached single-family homes. The homes are beautifully located in an area surrounded by forests, farmland and open fields and are offered in three different sizes. They come with five bedrooms and are designed to include functional spaces for both everyday life and socializing. Information about the project JM INTERIM REPORT JANUARY – SEPTEMBER 2026 7
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More sustainable residential development Sustainability work is an integral part of JM’s residential and urban development. It is an important component in how the operations are planned, implemented and followed up. Reduced climate emissions, quality-assured supply chains and resource efficiency, together with structured work on the work environment, are central to JM’s strategic direction and sustainability work throughout the entire value chain. JM continues its work to integrate sustainability aspects into purchasing and product development processes. Important measures in the projects to reduce greenhouse gas emissions are the contin- ued use of concrete with a lower climate impact, the choice of materials with a lower climate foot- print, and increased use of fossil-free transport solutions. The implementation of the fourth generation of the Nordic Swan Ecolabel criteria continues in all of JM’s markets. In Finland, the first project built according to the new generation of criteria was completed in September. The project used, among other things, an ecological report, climate risk assessment and concrete with a lower climate impact. With the aim of increasing circularity in con- struction, JM Norway is running a pilot project for compacting construction waste using a method that enables the sorting of additional material frac- tions for separate handling. The goal is for materi- als to be able to be returned to manufacturers as raw inputs in new products, thereby reducing the use of virgin resources. The possibilities to fully implement the solution are currently limited by current regulations. JM Norway is therefore collab- orating with relevant industry organizations to find a solution in the long term. JM is joining AtechX, a European accelerator program for the construction and real estate sector. Every year, startup companies participate with innovations in areas such as circular materials, energy systems and automation. For JM, participa- tion in this program presents another opportunity to identify and invest early in new technologies and innovative solutions that are relevant to the Group’s value chain and that could ultimately con- tribute to more efficient production processes. JM’s supplier evaluation process was updated during the quarter with an automated selection that strengthens monitoring of suppliers. Suppliers are selected for self-evaluation based on a risk assessment that takes into account, among other things, geography and industry. The self-evaluation is based on JM’s code of conduct for suppliers and subcontractors and is then reviewed by JM. The work is part of JM’s efforts to increase transpar- ency and identify, prevent and manage risks in the supply chain. During the quarter, two accidents were reported that resulted in hand and finger injuries. Both are classified as serious accidents according to JM’s definition. The lessons learned from the events are being used through targeted measures to reduce the risk of similar accidents in the future. OBJECTIVE OPERATIONAL TARGETS 2026 JAN–SEPT 2026 JAN–SEPT 2025 OCT–SEPT 2025/2026 FY 2025 The industry’s best work environment and zero workplace accidents No serious accidents 2 (S) 1 (N) 0 (F) 1 (S) 0 (N) 1 (F) 2 (S) 1 (N) 0 (F) 1 (S) 0 (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 6.7 6.8 6.8 6.9 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 26 (S) 23 (N) 35 (F) 28 (S) 28 (N) 34 (F) 27 (S) 22 (N) 37 (F) 29 (S) 24 (N) 36 (F) Contribute to greater resource efficiency and reduced environmental impact in society Buildings designed by JM are to have a calculated energy intensity that is lower than the respective national regulatory requirements, measured as a percentage point reduction compared with applicable regulations 26 (S) 12 (N) 19 (F) 22 (S) 17 (N) 19 (F) 24 (S) 12 (N) 19 (F) 21 (S) 15 (N) 19 (F) Sweden (S), Norway (N), Finland (F) JM INTERIM REPORT JANUARY – SEPTEMBER 2026 8
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The business segment develops residential projects in the Greater Stockholm area. Operations include acquisitions of develop- ment properties, planning, pre-construction, production and sales of residential units. Market development The average prices on the existing home market were stable during the third quarter. The total supply of residential units was high, while the sup- ply of newly produced residential units was low. Customers’ willingness to sign contracts early was at a normal level, and the business segment’s sales to consumers were higher than in the corre- sponding period the previous year. The market for newly produced rental units has stabilised, with yield requirements at a higher level. Positive signs were noted in the form of increased transaction activity, while the business segment’s sales to investors was slightly lower compared to the previous year. JM Stockholm Revenue and operating profit July–Sept 2026 Revenue for the third quarter increased compared to the corresponding quarter the previous year, mainly due to a higher number of residential units in current production. Operating profit was higher and had a signifi- cantly improved underlying result in residential development since the previous year’s operating profit was strengthened by property sales. Sales partly occurred in projects with a low rate of com- pletion or completed projects with a low margin. Revenue and operating profit Jan–Sept 2026 Revenue for the first nine-month period increased compared to the corresponding period the previ- ous year, mainly due to more residential units in current production. The operating profit increased, mainly driven by a completed property sale. The underlying operat- ing profit in the residential development business was also better than the corresponding period the previous year since the previous year’s operating profit was strengthened by a one-time compen- sation received and the release of cost reserves in completed and settled commercial projects. Return on operating capital for the past twelve months amounted to 4.2 percent (4.5) due to a lower operating profit in relation to operating capital. Housing starts and acquired residential building rights In the third quarter, production started on 295 residential units in apartment buildings in Sollentuna, Solna and Stockholm. During the third quarter, the transfer of the legal title was completed for 100 previously acquired building rights in Hägersten after the building permit became legally binding. The project also started production during the quarter. JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR SEK M 2026 2025* 2026 2025* 2025/2026 2025* Revenue 1,024 773 3,127 2,656 4,115 3,644 Operating profit 1) 2) 55 18 236 157 194 116 Operating margin, % 5.4 2.3 7.5 5.9 4.7 3.2 Average operating capital 4,684 5,556 Return on operating capital, % 4.2 2.1 Operating cash flow 706 378 1,681 267 2,010 596 Number of residential units sold to consumers 214 143 715 522 913 720 Number of residential units sold to investors – 205 165 205 165 205 Number of housing starts for consumers 295 211 707 414 930 637 Number of housing starts for investors – – – 165 – 165 Number of residential units in current production 2,177 1,661 1,839 Number of unsold residential units reported in the balance sheet 59 244 204 1) Of which impairment in development properties – – – – –65 –65 2) Of which property sales – 55 106 55 106 55 RESIDENTIAL PRODUCTION NUMBERNUMBER 0 600 1,200 1,800 2,400 3,000 Q3 2026 Q2Q1Q4Q3 2025 Q2Q1Q4Q3 2024 0 300 600 900 1,200 1,500 Residential units in current production Residential units sold, rolling 12 months Housing starts in production, 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 Q3 2026 Q2Q1Q4Q3 2025 Q2Q1Q4Q3 2024 –15 –10 –5 0 5 10 15 * The table presents historical restated information that includes the two former business segments JM Residential Stockholm and JM 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. JM INTERIM REPORT JANUARY – SEPTEMBER 2026 9
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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 Average prices on the existing home market increased or remained unchanged during the third quarter. The total supply of residential units remained large, especially in Gothenburg, while the supply of newly produced residential units was low except for in Gothenburg. Customers’ willingness to sign contracts early was at a normal level, and business segment sales were higher than in the corresponding period the previous year. The housing market in the business segment’s submarkets continued to develop posi- tively, and sales levels were higher during the third quarter. JM Sweden Revenue and operating profit July–Sept 2026 Revenue and operating profit for the third quarter increased compared to the corresponding quar- ter the previous year primarily due to increased sales and higher activity in both current and newly launched projects as well as improved project exe- cution and increased efficiency in the business. Revenue and operating profit Jan–Sept 2026 Revenue and operating profit for the first nine months increased compared to the corresponding period the previous year, mainly due to increased sales of residential units. Current production was at a clearly higher level than in the previous year. Return on operating capital for the past twelve months was in line with the previous year and amounted to 2.8 percent (2.9). RESIDENTIAL PRODUCTION NUMBER NUMBER 0 400 800 1,200 1,600 2,000 2,400 Q3 2026 Q2Q1Q4Q3 2025 Q2Q1Q4Q3 2024 0 200 400 600 800 1,000 1,200 Residential units in current production Residential units sold, rolling 12 months Housing starts in production, rolling 12 months OPERATING PROFIT AND OPERATING MARGIN Operating profit per quarter (SEK m) Operating margin rolling (%) SEK m –100 –50 0 50 100 Q3 2026 Q2Q1Q4Q3 2025 Q2Q1Q4Q3 2024 % –10 –5 0 5 10 Tölö Glänta, Kungsbacka JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR SEK M 2026 2025 2026 2025 2025/2026 2025 Revenue 563 533 1,932 1,785 2,620 2,472 Operating profit 1) 28 17 84 58 76 50 Operating margin, % 5.0 3.2 4.3 3.2 2.9 2.0 Average operating capital 2,750 2,831 Return on operating capital, % 2.8 1.8 Operating cash flow –147 78 –61 –102 24 –17 Number of residential units sold to consumers 153 129 556 374 668 486 Number of residential units sold to investors – – 71 – 71 – Number of housing starts for consumers 82 – 312 531 527 746 Number of housing starts for investors – – 71 – 71 – Number of residential units in current production 1,384 1,255 1,443 Number of unsold residential units reported in the balance sheet 61 96 78 1) Of which impairment in development properties – – – – –30 –30 Housing starts and acquired residential building rights Production started in the third quarter on 82 resi- dential units, all of which were single-family homes in two projects in Kungsbacka and Uppsala. During the quarter, approximately 340 building rights were acquired in Uppsala. JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10
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Housing starts and acquired residential building rights Production started in the third quarter on 34 residential units in apartment buildings in Ås, south of Oslo. No building rights were acquired in the quarter. The business segment develops housing projects in growth regions in Norway. Operations include the acquisition of development properties, planning processes, pre-construction, and the production and sale of residential units. Market development Norway’s central bank raised the policy rate during the third quarter. The housing market in Bergen remained strong with good demand and limited supply, which contributed to rising prices and high activity. The housing market in Oslo was essentially unchanged during the quarter, with prices for both the existing home market and newly produced res- idential units declining slightly. Supply in the existing home market was well above normal levels due to changes in tax regulations, while transaction activity remained high. Sales of newly produced residential units remained low, and the business segment’s sales were in line with the previous year. JM Norway Revenue and operating profit July–Sept 2026 Revenue for the third quarter increased compared to the corresponding quarter the previous year, mainly due to more residential units in production. Operating profit improved due to a higher rate of completion in projects with a high sales rate. The operating margin improved compared to the corre- sponding quarter the previous year. Revenue and operating profit Jan–Sept 2026 Revenue for the first nine months of the year increased compared to the corresponding period the previous year, which is attributable to the large acquisition of building rights and project portfolios that was completed during the first quarter and the increase in residential units in production. Operat- ing profit improved primarily due to a higher rate of completion in projects with a high sales rate. The operating margin improved compared to the corresponding period the previous year. Return on operating capital for the past twelve months amounted to 7.7 percent (4.9) mainly due to improved operating profit. RESIDENTIAL PRODUCTION NUMBERNUMBER 0 200 400 600 800 1,000 1,200 Q3 2026 Q2Q1Q4Q3 2025 Q2Q1Q4Q3 2024 0 100 200 300 400 500 600 Residential units in current production Residential units sold, rolling 12 months Housing starts in production, rolling 12 months OPERATING PROFIT AND OPERATING MARGIN Operating profit per quarter (SEK m) Operating margin rolling (%) SEK m 0 20 40 60 80 Q3 2026 Q2Q1Q4Q3 2025 Q2Q1Q4Q3 2024 % 0 2 4 6 8 Ørnafjellet, Askøy JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR SEK M 2026 2025 2026 2025 2025/2026 2025 Revenue 585 395 1,999 1,236 2,576 1,814 Operating profit 1) 2) 44 23 131 76 165 110 Operating margin, % 7.6 5.8 6.6 6.2 6.4 6.1 Average operating capital 2,137 1,929 Return on operating capital, % 7.7 5.7 Operating cash flow –45 72 –389 125 –151 363 Number of residential units sold to consumers 43 46 248 266 351 369 Number of housing starts for consumers 34 25 148 227 304 383 Number of residential units in current production 1,031 881 903 Number of unsold residential units reported in the balance sheet 47 39 39 1) Of which impairment in development properties – – – – –10 –10 2) Of which property sales – – – – 19 19 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 11
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The business segment develops housing projects in growth regions in Finland. Operations include the acquisition of development properties, planning processes, pre-construction, and the production and sale of residential units. Market development The European Central Bank raised key interest rates in the third quarter. Supply in the housing market remained high at the same time as there were some signs of stabilization. Activity in the Helsinki region was lower than in the correspond- ing period the previous year. Market rates increased slightly during the quarter, leading to higher housing costs. The price level on the existing home market at the end of the quarter was lower than in the corresponding period the previous year. Consumer confidence in Finland improved during the quarter and reached in August its highest level in over four years. Despite the improvement, higher interest rates and persistent high unemployment continued to dampen activity in the housing market. JM Finland The market for newly produced rental units remained subdued due to high direct yield require- ments. In the Helsinki region, the vacancy rate decreased, indicating some stabilization. The business segment’s sales increased com- pared to the corresponding period the previous year, mainly due to increased sales to consumers. Sales of rental housing projects to investors were lower than in the previous year, partly as a result of the gradual tightening of conditions for govern- ment subsidies for residential production, which has made sales to investors more difficult. Revenue and operating profit July–Sept 2026 Revenue and the operating profit decreased in the third quarter compared to the corresponding quarter the previous year. The development is mainly due to fewer residential units in current production and a larger percentage of projects in the early stages, where the rate of completion has not yet generated results that compensate for price adjustments made. The operating margin also decreased as a result of these factors. RESIDENTIAL PRODUCTION NUMBERNUMBER 0 300 600 900 1,200 1,500 Q3 2026 Q2Q1Q4Q3 2025 Q2Q1Q4Q3 2024 0 150 300 450 600 750 Residential units in current production Residential units sold, rolling 12 months Housing starts in production, rolling 12 months OPERATING PROFIT AND OPERATING MARGIN Operating profit per quarter (SEK m) Operating margin rolling (%) SEK m –10 0 10 20 30 40 Q3 2026 Q2Q1Q4Q3 2025 Q2Q1Q4Q3 2024 % –5 0 5 10 15 20 Revenue and operating profit Jan–Sept 2026 Revenue, operating profit and operating margin decreased during the nine-month period compared to the corresponding period the previous year. The development is mainly due to fewer residential units in current production and a larger percentage of projects in the early stages, where the rate of completion has not yet generated results that com- pensate for price adjustments made. The operating margin also decreased as a result of these factors. Return on operating capital for the past twelve months amounted to 1.4 percent (4.3), attributable to a lower operating profit in relation to operating capital. Housing starts and acquired residential building rights Production was started in the third quarter on 29 residential units in apartment buildings in Tampere. During the quarter, preliminary agree- ments were entered into to acquire approximately 500 residential building rights in Helsinki and Tampere, conditional on the adoption of detailed development plans. JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR SEK M 2026 2025 2026 2025 2025/2026 2025 Revenue 257 336 900 1,165 1,261 1,527 Operating profit1) –7 17 17 75 38 97 Operating margin, % –2.6 4.9 1.9 6.4 3.0 6.3 Average operating capital 2,658 2,116 Return on operating capital, % 1.4 4.6 Operating cash flow 7 71 –337 –162 –587 –411 Number of residential units sold to consumers 52 8 103 81 129 107 Number of residential units sold to investors – 31 308 102 347 141 Number of housing starts for consumers 29 29 63 81 115 133 Number of housing starts for investors – 31 243 102 347 206 Number of residential units in current production 462 544 644 Number of unsold residential units reported in the balance sheet 90 76 72 1) Of which property sales – – 10 – 10 – JM INTERIM REPORT JANUARY – SEPTEMBER 2026 12
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Condensed consolidated income statement JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 2026 2025 2025/2026 2025 Revenue 2,509 2,137 8,305 7,216 11,071 9,981 Production and operating costs –2,191 –1,931 –7,324 –6,305 –9,783 –8,764 Gross profit 318 205 981 910 1,288 1,217 Selling and administrative expenses –213 –204 –710 –666 –945 –901 Gains/losses on the sale of property, etc. 1) 2 57 119 61 39 –20 Operating profit 107 59 390 305 382 297 Financial income 10 1 20 9 27 16 Financial expenses –55 –46 –160 –142 –195 –177 Profit before tax 63 14 250 173 214 136 Taxes –26 –20 –72 –90 –56 –74 Profit for the period 36 –6 178 83 158 63 Other comprehensive income 172 –10 278 –57 250 –85 Comprehensive income for the period 208 –17 457 26 408 –23 Earnings per share 2), diluted, SEK 0.57 –0.10 2.77 1.29 2.45 0.97 Average number of shares, diluted 64,504,840 64,504,840 64,504,840 64,504,840 64,504,840 64,504,840 1) Of which impairment in development properties – – – – –105 –105 2) Net profit/loss for the period Group – segment reporting Condensed consolidated balance sheet ACCORDING TO SEGMENT REPORTING, SEK M 09/30/2026 09/30/2025 12/31/2025 ASSETS Non-current assets Intangible assets 263 221 215 Participations in joint operations and joint venture 138 134 138 Other non-current assets 134 117 113 T otal non-current assets 535 471 466 Current assets Project properties – 111 207 Development properties 8,515 7,580 7,323 Participations in tenant-owners associations, etc. 1,148 1,843 1,711 Other current receivables 4,263 4,268 4,041 Cash and cash equivalents 1,013 449 532 T otal current assets 14,938 14,251 13,814 T otal assets 15,473 14,722 14,281 EQUITY AND LIABILITIES Equity 8,519 8,240 8,191 Liabilities Non-current liabilities Non-current interest-bearing liabilities 495 45 128 Other non-current liabilities 150 12 11 Non-current provisions 2,128 2,272 2,148 T otal non-current liabilities 2,774 2,329 2,287 Current liabilities Current interest-bearing liabilities 1,619 1,956 1,533 Other current liabilities 2,440 2,056 2,135 Current provisions 122 142 135 T otal current liabilities 4,181 4,153 3,802 T otal liabilities 6,954 6,483 6,090 T otal equity and liabilities 15,473 14,722 14,281 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 13
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Condensed consolidated statement of changes in equity JAN–SEPT FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 2025 Opening balance at beginning of the period 8,191 8,424 8,424 Total comprehensive income for the period 457 26 –23 Dividends –129 –210 –210 Closing balance at end of the period 8,519 8,240 8,191 Condensed consolidated statement of cash flows JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 2026 2025 2025/2026 2025 Cash flow from operating activities before change in working capital and taxes 29 –16 123 204 127 208 Tax paid –42 –53 –166 –281 –218 –334 Increase/decrease development properties –151 146 –30 120 173 323 Increase/decrease in residential units in the balance sheet 318 244 1,121 –19 1,178 38 Increase/decrease project properties 2 83 203 14 99 –89 Change in current liabilities/receivables 391 –81 24 –428 382 –70 Cash flow from operating activities 548 323 1,275 –391 1,740 74 Investments in subsidiaries –4 – –231 – –231 – Divested subsidiaries – – 7 – 7 – Other investments –12 –3 –7 –30 –5 –28 Cash flow from investing activities –15 –3 –231 –30 –229 –28 Loans raised 116 680 1,277 2,064 1,891 2,678 Amortization of liabilities –505 –705 –1,731 –1,410 –2,720 –2,399 Dividends – – –129 –210 –129 –210 Cash flow from financing activities –388 –26 –583 445 –959 69 Cash flow for the period 144 294 461 24 554 115 Exchange rate difference, cash and cash equivalents 5 –2 20 –6 11 –15 Cash and cash equivalents at end of the period 1,013 449 1,013 449 1,013 532 Group Key Figures JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO SEGMENT REPORTING, % 2026 2025 2026 2025 2025/2026 2025 Operating margin 4.3 2.8 4.7 4.2 3.5 3.0 Return on equity 1.9 0.8 Return on capital employed 3.4 2.8 Debt/equity ratio, multiple 0.3 0.4 0.3 Equity/assets ratio 55 56 57 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 14
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Condensed consolidated income statement JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO IFRS, SEK M 2026 2025 2026 2025 2025/2026 2025 Revenue 2,830 2,309 7,273 7,836 10,128 10,691 Production and operating costs –2,527 –2,124 –6,533 –6,893 –9,070 –9,430 Gross profit 304 185 740 943 1,057 1,261 Selling and administrative expenses –216 –207 –719 –676 –958 –915 Gains/losses on the sale of property, etc. 1) 2 57 119 61 39 –20 Operating profit 90 35 139 327 138 326 Financial income 10 1 20 9 27 16 Financial expenses –63 –56 –185 –169 –229 –214 Profit before tax 37 –20 –26 167 –64 129 Taxes –21 –13 –14 –88 2 –72 Profit for the period 17 –33 –40 79 –62 56 Other comprehensive income Items that will be reclassified as income Translation differences from the translation of foreign operations 124 –9 277 –100 197 –180 Items that will not be reclassified as income Restatement of defined-benefit pensions 54 –2 –9 57 57 123 Tax attributable to other comprehensive income –11 – 2 –12 –12 –25 Comprehensive income for the period 184 –43 230 24 180 –26 Net profit for the period attributable to shareholders of the Parent Company 17 –33 –40 79 –62 56 Comprehensive income for the period attributable to shareholders of the Parent Company 184 –43 230 24 180 –26 Earnings per share 2), basic, attributable to shareholders of the Parent Company, SEK 0.26 –0.51 –0.62 1.22 –0.97 0.87 Earnings per share 2), diluted, attributable to shareholders of the Parent Company, SEK 0.26 –0.51 –0.62 1.22 –0.97 0.87 Number of outstanding shares at end of the period 64,504,840 64,504,840 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 64,504,840 64,504,840 Average number of shares, diluted 64,504,840 64,504,840 64,504,840 64,504,840 64,504,840 64,504,840 1) Of which impairment in development properties – – – – –105 –105 2) Net profit/loss for the period Group – IFRS JM INTERIM REPORT JANUARY – SEPTEMBER 2026 15
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Condensed consolidated balance sheet ACCORDING TO IFRS, SEK M 09/30/2026 09/30/2025 12/31/2025 ASSETS Non-current assets Intangible assets 263 221 215 Tangible assets 253 313 301 Participations in joint operations and joint venture 138 134 138 Other non-current assets 78 51 47 T otal non-current assets 731 718 702 Current assets Project properties – 111 207 Development properties 8,515 7,580 7,323 Rights-of-use site leasehold rights 295 337 331 Participations in tenant-owners associations, etc. 1,352 2,253 2,046 Work in progress 13,275 10,758 11,154 Other current receivables 1,941 1,842 1,372 Cash and cash equivalents 1,098 498 580 T otal current assets 26,475 23,380 23,013 T otal assets 27,206 24,098 23,715 EQUITY AND LIABILITIES Equity 8,036 7,985 7,935 Liabilities Non-current liabilities Non-current interest-bearing liabilities 899 536 602 Other non-current liabilities 150 12 11 Non-current provisions 2,008 2,212 2,088 T otal non-current liabilities 3,057 2,759 2,701 Current liabilities Current interest-bearing liabilities 13,301 10,143 10,181 Other current liabilities 2,691 3,069 2,763 Current provisions 122 142 135 T otal current liabilities 16,114 13,354 13,079 T otal liabilities 19,171 16,113 15,780 T otal equity and liabilities 27,206 24,098 23,715 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 16
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Condensed consolidated statement of changes in equity ACCORDING TO IFRS, SEK M 09/30/2026 09/30/2025 12/31/2025 Opening balance at beginning of the period 7,935 8,170 8,170 Total comprehensive income for the period 230 24 –26 Dividends –129 –210 –210 Closing balance at end of the period 8,036 7,985 7,935 Condensed consolidated statement of cash flows JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO IFRS, SEK M 2026 2025 2026 2025 2025/2026 2025 Cash flow from operating activities before change in working capital and taxes 341 100 794 812 1,186 1,204 Tax paid –42 –53 –166 –281 –218 –334 Increase/decrease development properties –466 19 –909 –423 –1,072 –586 Increase/decrease in residential units in the balance sheet 318 244 1,121 –19 1,178 38 Increase/decrease project properties 2 83 203 14 99 –89 Change in current liabilities/receivables 307 –135 –1,850 1,333 –2,021 1,162 Cash flow from operating activities 462 260 –806 1,436 –847 1,395 Investments in subsidiaries –4 – –231 – –231 – Divested subsidiaries – – 7 – 7 – Other investments –12 –3 –7 –30 –5 –28 Cash flow from investing activities –15 –3 –231 –30 –229 –28 Loans raised 2,238 2,108 8,814 6,915 11,600 9,701 Amortization of liabilities –2,586 –2,141 –7,149 –8,114 –9,805 –10,770 Dividends – – –129 –210 –129 –210 Cash flow from financing activities –349 –34 1,535 –1,409 1,666 –1,278 Cash flow for the period 97 223 498 –2 589 89 Exchange rate difference, cash and cash equivalents 5 –2 20 –6 11 –15 Cash and cash equivalents at end of the period 1,098 498 1,098 498 1,098 580 Group Key Figures JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO IFRS, % 2026 2025 2026 2025 2025/2026 2025 Operating margin 3.2 1.5 1.9 4.2 1.4 3.0 Return on equity –0.8 0.7 Return on capital employed 0.7 1.6 Debt/equity ratio, multiple 1.8 1.5 1.5 Equity/assets ratio 30 33 33 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 17
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Condensed income statement, parent company JAN–SEPT FULL-YEAR SEK M 2026 2025 2025 Revenue 4,620 3,984 6,127 Production and operating costs –4,118 –3,599 –5,525 Gross profit 502 385 602 Selling and administrative expenses –490 –463 –654 Gains/losses on sale of property and impairment – 58 26 Operating profit 12 –21 –27 Financial income and expenses –99 –19 641 Profit before appropriations and tax –87 –40 614 Appropriations – – 311 Profit before tax –87 –40 925 Taxes –28 –33 –99 Profit for the period –115 –72 826 Condensed balance sheet, parent company SEK M 09/30/2026 09/30/2025 12/31/2025 Assets Non-current assets 2,569 2,702 2,557 Current assets 11,255 10,491 10,921 T otal assets 13,825 13,192 13,478 Equity and liabilities Equity 3,832 3,154 4,076 Untaxed reserves 1,290 1,600 1,290 Provisions 1,626 1,503 1,661 Non-current liabilities – – – Current liabilities 7,076 6,935 6,450 T otal equity and liabilities 13,825 13,192 13,478 Pledged assets 100 100 – Contingent liabilities 6,898 5,123 5,272 Parent Company JM INTERIM REPORT JANUARY – SEPTEMBER 2026 18
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This interim report for the first nine months of 2026 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. The accounting principles and methods of calculation for the Group have not changed com- pared to the description in Note 1 in the 2025 Annual and Sustainability Report. Amended standards as of 2026 No amendments to standards and interpretations that entered into force on January 1, 2026, have had a material impact on this financial statement. Segment reporting JM’s segment reporting primarily differs from IFRS in three respects: • In the segment reporting, revenue from the Group’s residential development is recognized gradually over time. • In addition, project financing within JM Norway and JM Finland and parts of the project financing in JM Stockholm and JM Sweden are recorded as a deduction item to “Revenue less progress billings” or “Progress billings in excess of recog- nized revenue” and raised/repaid project financ- ing 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 Other information Other activities Other activities comprise primarily external con- tracting work that is conducted by JM AB. Revenue for the period amounted to SEK 315 m (354) and operating profit to SEK –6m (–12). Risks and uncertainty factors Global geopolitical uncertainty continued to be higher than normal in 2026 and impacted global capital markets. This could result in financial and operational consequences for the housing mar- ket. 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 2025 annual and sustainability report on page 37. The risk assessment, other than that mentioned above, has not changed in relation to what is presented there. Employees At the end of the third quarter, JM had 1,822 (1,845) employees. There were 613 (639) wage-earners and 1,209 (1,206) salaried employees. 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 the third quarter, JM has no trea- sury shares. The number of outstanding shares on September 30, 2026, amounted to 64,504,840. Significant events during and after the end of the period • On January 1, 2026, the business segments JM Property Development and JM Residential Stockholm merged. The business segments JM Residential Stockholm and JM Residential Sweden simultaneously changed their names to JM Stockholm and JM Sweden. From January 1, 2026, the Group’s operations are reported in four business segments: JM Stockholm, JM Sweden, JM Norway and JM Finland. • In January 2026, JM recruited Henrik Brinck Landelius as the new head of the JM Stockholm business segment. He took over in the first quarter of 2026 and is part of JM’s executive management. • During the first quarter, JM acquired approxi- mately 1,300 building rights for residential devel- opment and four ongoing residential projects in Oslo and Bergen. The purchase price amounted to approximately SEK 1,100m. • In March 2026, JM signed a three-year syndicated credit facility with five Nordic banks totaling SEK 4.2bn. The facility will be used to refinance exist- ing credit agreements while strengthening the conditions for long-term and sustainable growth. The agreement includes an extension option and is supplemented by an existing overdraft facility and ongoing project-related financing. • During the second quarter, JM completed the transfer of the previously divested contracting operations. The contracting operations will continue to generate revenue in the JM Group in 2026. This revenue will gradually decrease as projects in their final stages are completed and handed over. JM INTERIM REPORT JANUARY – SEPTEMBER 2026 19
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Revenue by country JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 2026 2025 2025/2026 2025 Sweden 1,667 1,406 5,407 4,814 7,233 6,641 Norway 585 395 1,999 1,236 2,576 1,814 Finland 257 336 900 1,165 1,261 1,527 T otal 2,509 2,137 8,305 7,216 11,071 9,981 Revenue by business segment JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 2026 2025 2025/2026 2025 JM Stockholm* 1,024 773 3,127 2,656 4,115 3,644 JM Sweden 563 533 1,932 1,785 2,620 2,472 JM Norway 585 395 1,999 1,236 2,576 1,814 JM Finland 257 336 900 1,165 1,261 1,527 Other 80 100 348 374 498 524 T otal 2,509 2,137 8,305 7,216 11,071 9,981 Operating profit by business segment JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 2026 2025 2025/2026 2025 JM Stockholm* 55 18 236 157 194 116 JM Sweden 28 17 84 58 76 50 JM Norway 44 23 131 76 165 110 JM Finland –7 17 17 75 38 97 Other –14 –16 –77 –61 –92 –76 T otal 107 59 390 305 382 297 Of which impairment in development properties – – – – –105 –105 Of which property sales – 55 115 55 135 75 Of which result from joint venture 2 2 4 8 9 12 * The table presents historical restated information that includes the two former business segments JM Residential Stockholm and JM 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. Profit/loss components, housing business, percentage of completion method (gross profit) JULY–SEPT APR–JUNE JAN–MAR OCT–DEC JULY–SEPT ACCORDING TO SEGMENT REPORTING, SEK M 2026 2026 2026 2025 2025 Cost-based effect 180 180 125 138 105 Revaluation effect 104 86 199 181 40 Sales effect 29 57 6 –33 33 T otal 313 323 330 286 178 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 JULY–SEPT APR–JUNE JAN–MAR OCT–DEC JULY–SEPT ACCORDING TO SEGMENT REPORTING, SEK M 2026 2026 2026 2025 2025 JM Stockholm 17 –12 28 70 –45 JM Sweden 37 39 72 60 43 JM Norway 48 37 76 31 27 JM Finland 2 22 23 20 15 T otal 104 86 199 181 40 Note 2 Breakdown of revenue and operating profit JM INTERIM REPORT JANUARY – SEPTEMBER 2026 20
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Consolidated Income Statement JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR SEK M 2026 2025 2026 2025 2025/2026 2025 Revenue for the period (segment reporting) 2,509 2,137 8,305 7,216 11,071 9,981 Recalculation to the completed contract method 321 172 –1,032 620 –943 709 Revenue for the period (IFRS) 2,830 2,309 7,273 7,836 10,128 10,691 Operating profit/loss for the period (segment reporting) 107 59 390 305 382 297 Recalculation to the completed contract method –25 –33 –276 –4 –277 –5 Leases according to IFRS 16 8 9 24 26 34 35 Operating profit/loss for the period (IFRS) 90 35 139 327 138 326 Profit/loss for the period (segment reporting) 36 –6 178 83 158 63 Recalculation to the completed contract method –20 –26 –218 –3 –220 –5 Leases according to IFRS 16 – – – –2 –1 –2 Profit/loss for the period (IFRS) 17 –33 –40 79 –62 56 Consolidated Balance Sheet SEK M 09/30/2026 09/30/2025 12/31/2025 Balance sheet total (segment reporting) 15,473 14,722 14,281 Recalculation to the completed contract method –1,050 –617 –720 Reclassification project financing, interest-bearing 7,406 5,795 5,966 Additional project financing Swedish tenant-owners associations 4,199 2,311 2,601 Reclassification project financing, non-interest-bearing 706 1,322 1,039 Leases according to IFRS 16 472 564 547 Balance sheet total (IFRS) 27,206 24,098 23,715 Consolidated equity SEK M 09/30/2026 09/30/2025 12/31/2025 Equity (segment reporting) 8,519 8,240 8,191 Recalculation to the completed contract method –475 –248 –248 Leases according to IFRS 16 –8 –7 –8 Equity (IFRS) 8,036 7,985 7,935 Consolidated cash flow JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 2026 2025 2025/2026 2025 Cash flow from operating activities (segment reporting) 548 323 1,275 –391 1,740 74 Reclassification project financing –226 –973 –588 –435 –828 –675 Reclassification Swedish tenant-owners associations 117 886 –1,561 2,193 –1,852 1,902 Leases according to IFRS 16 22 23 67 69 91 93 Cash flow from operating activities according to IFRS 462 260 –806 1,436 –847 1,395 Consolidated interest-bearing net liabilities/receivables SEK M 09/30/2026 09/30/2025 12/31/2025 Interest-bearing net liabilities (+)/receivables (–) at end of period (segment reporting) 2,612 3,080 2,615 Reclassification project financing 7,406 5,795 5,966 Additional project financing Swedish tenant-owners associations 4,114 2,262 2,553 Leases according to IFRS 16 480 571 555 Interest-bearing net liabilities (+)/receivables (–) at end of period (IFRS) 14,612 11,709 11,689 Note 3 Reconciliation between segment reporting and IFRS JM INTERIM REPORT JANUARY – SEPTEMBER 2026 21
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Development properties by business segment CARRYING AMOUNT , SEK M 09/30/2026 09/30/2025 12/31/2025 JM Stockholm* 2,811 3,476 3,185 JM Sweden 2,363 1,877 1,888 JM Norway 1,562 958 749 JM Finland 1,754 1,264 1,496 Other 26 5 5 T otal 8,515 7,580 7,323 Development properties, Group JULY–SEPT JAN–SEPT OCT–SEPT FULL-YEAR CARRYING AMOUNT , SEK M 2026 2025 2026 2025 2025/2026 2025 Carrying amount at beginning of the period 8,054 7,721 7,323 7,897 7,580 7,897 New acquisitions 695 31 1,979 348 2,433 802 Transferred to production –327 –127 –879 –544 –1,243 –908 Other 1) 93 –46 91 –120 –256 –467 Carrying amount at end of the period 8,515 7,580 8,515 7,580 8,515 7,323 1) Of which impairment losses – – – – –105 –105 Available residential building rights per business segment NUMBER 09/30/2026 09/30/2025 12/31/2025 JM Stockholm* 11,300 12,400 11,700 JM Sweden 9,600 10,700 10,100 JM Norway 6,700 5,600 5,300 JM Finland 7,700 7,900 8,300 T otal 35,300 36,600 35,400 Including recognized in the balance sheet as development properties JM Stockholm* 6,400 6,700 6,400 JM Sweden 7,900 7,800 7,500 JM Norway 3,400 2,600 2,400 JM Finland 5,200 4,200 5,200 T otal 22,900 21,300 21,500 * The table presents historical restated information that includes the two former business segments JM Residential Stockholm and JM 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. Note 4 Development properties Stockholm, October 21, 2026 JM AB (publ) Mikael Åslund Group President & CEO JM INTERIM REPORT JANUARY – SEPTEMBER 2026 22
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Auditor’s Report JM AB, corporate identity number 556045-2103 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for JM AB as of September 30, 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accor- dance with the International Standard on Review Engagements ISRE 2410, “Review of Interim Finan- cial Information Performed by the Independent Auditor of the Entity.” A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review proce- dures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, pre- pared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent com- pany in accordance with the Annual Accounts Act. Stockholm, October 21, 2026 Öhrlings PricewaterhouseCoopers AB Magnus Thorling Sebastian Månsson Authorized Public Authorized Public Accountant Accountant Auditor in charge JM INTERIM REPORT JANUARY – SEPTEMBER 2026 23
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Group quarterly overview ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 INCOME STATEMENT Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 2,509 2,815 2,981 2,766 2,137 2,540 2,539 Production and operating costs –2,191 –2,492 –2,642 –2,459 –1,931 –2,194 –2,179 Gross profit 318 324 339 307 205 346 360 Selling and administrative expenses –213 –255 –242 –235 –204 –236 –227 Gains/losses on the sale of property, etc. 2 1 116 –80 57 6 –3 Operating profit 107 70 213 –8 59 116 130 Financial income and expenses –44 –54 –42 –28 –45 –47 –41 Profit before tax 63 16 172 –36 14 69 90 Taxes –26 –21 –25 16 –20 –32 –38 Profit for the period 36 –5 147 –20 –6 38 52 CONSOLIDATED BALANCE SHEET 12/31 09/30 06/30 03/31 12/31 09/30 06/30 03/31 ASSETS Non-current assets 535 489 483 466 471 467 422 Project properties – – – 207 111 199 168 Development properties 8,515 8,054 8,034 7,323 7,580 7,721 7,602 Participations in tenant-owners associations, etc. 1,148 1,134 1,387 1,711 1,843 2,062 1,278 Current receivables 4,263 4,681 5,081 4,041 4,268 4,470 5,044 Cash and cash equivalents 1,013 864 450 532 449 157 361 T otal current assets 14,938 14,733 14,953 13,814 14,251 14,609 14,453 T otal assets 15,473 15,222 15,436 14,281 14,722 15,077 14,876 EQUITY AND LIABILITIES Equity 8,519 8,311 8,400 8,191 8,240 8,257 8,379 Non-current interest-bearing liabilities 495 470 519 128 45 45 66 Other non-current liabilities 150 12 12 11 12 12 84 Non-current provisions 2,128 2,164 2,234 2,148 2,272 2,230 2,208 T otal non-current liabilities 2,774 2,646 2,766 2,287 2,329 2,286 2,358 Current interest-bearing liabilities 1,619 1,770 1,844 1,533 1,956 1,970 1,699 Other current liabilities 2,440 2,370 2,295 2,135 2,056 2,429 2,313 Current provisions 122 125 131 135 142 135 127 T otal current liabilities 4,181 4,266 4,270 3,802 4,153 4,534 4,139 T otal equity and liabilities 15,473 15,222 15,436 14,281 14,722 15,077 14,876 CASH FLOW STATEMENT Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Cash flow from operating activities 548 707 21 467 323 –204 –509 Cash flow from investing activities –15 –8 –208 2 –3 –10 –16 Cash flow from financing activities –388 –289 94 –376 –26 6 464 T otal cash flow for the period 144 410 –93 93 294 –208 –61 Cash and cash equivalents at end of the period 1,013 864 450 532 449 157 361 INTEREST -BEARING NET LIABILITIES/RECEIVABLES Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Interest-bearing net liabilities(+)/receivables(–) at beginning of period 2,923 3,462 2,615 3,080 3,377 2,944 2,343 Change in interest-bearing net liabilities/receivables –311 –539 847 –465 –297 433 601 Interest-bearing net liabilities(+)/receivables(–) at end of the period 2,612 2,923 3,462 2,615 3,080 3,377 2,944 DEVELOPMENT PROPERTIES Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Carrying amount at beginning of the period 8,054 8,034 7,323 7,580 7,721 7,602 7,897 New acquisitions 695 334 950 454 31 238 79 Transferred to production –327 –266 –286 –364 –127 –159 –259 Other 93 –48 46 –347 –46 40 122 Carrying amount at end of the period 8,515 8,054 8,034 7,323 7,580 7,721 7,602 KEY RATIOS Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Operating margin, % 4.3 2.5 7.2 –0.3 2.8 4.6 5.1 Debt/equity ratio, multiple 0.3 0.4 0.4 0.3 0.4 0.4 0.4 Equity/assets ratio, % 55 55 54 57 56 55 56 Earnings per share, SEK 0.57 –0.08 2.28 –0.32 –0.10 0.58 0.80 Number of available building rights 35,300 35,000 35,500 35,400 36,600 36,800 37,100 Number of residential units sold 462 784 920 478 562 433 555 Number of housing starts 440 679 425 750 296 647 577 Number of residential units in current production 5,054 5,116 4,936 4,829 4,341 4,557 4,511 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 24
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Business Segment Quarterly Overview ACCORDING TO SEGMENT REPORTING, SEK M 2026 2025 JM STOCKHOLM* Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 1,024 1,109 994 988 773 876 1,006 Operating profit 55 39 142 –41 18 54 86 Operating margin, % 5.4 3.5 14.3 –4.2 2.3 6.1 8.5 Average operating capital 4,684 5,136 5,466 5,556 5,668 5,753 5,859 Return on operating capital, % 1) 4.2 3.1 3.1 2.1 4.5 4.9 5.7 Operating cash flow 706 646 330 328 378 72 –182 Carrying amount, development properties 2,811 2,940 3,111 3,185 3,476 3,575 3,604 Number of available building rights 11,300 11,300 11,600 11,700 12,400 12,500 12,700 Number of residential units sold 214 275 391 198 348 155 224 Number of housing starts 295 294 118 223 211 282 86 Number of residential units in current production 2,177 2,006 1,763 1,839 1,661 1,625 1,645 JM SWEDEN Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 563 675 694 688 533 654 598 Operating profit 28 28 28 –8 17 22 18 Operating margin, % 5.0 4.1 4.0 –1.1 3.2 3.4 3.1 Average operating capital 2,750 2,772 2,817 2,831 2,736 2,671 2,600 Return on operating capital, % 1) 2.8 2.3 2.1 1.8 2.9 3.2 3.0 Operating cash flow –147 –72 158 85 78 –33 –148 Carrying amount, development properties 2,363 1,902 1,816 1,888 1,877 1,894 1,871 Number of available building rights 9,600 9,700 10,000 10,100 10,700 10,700 10,800 Number of residential units sold 153 305 169 112 129 99 146 Number of housing starts 82 236 65 215 – 365 166 Number of residential units in current production 1,384 1,485 1,508 1,443 1,255 1,433 1,100 JM NORWAY Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 585 584 829 578 395 380 460 Operating profit 44 40 47 34 23 27 26 Operating margin, % 7.6 6.9 5.6 5.8 5.8 7.2 5.7 Average operating capital 2,137 2,042 1,991 1,929 1,967 2,018 2,070 Return on operating capital, % 1) 7.7 7.0 6.6 5.7 4.9 4.9 4.8 Operating cash flow –45 34 –378 238 72 12 40 Carrying amount, development properties 1,562 1,482 1,418 749 958 971 981 Number of available building rights 6,700 6,800 6,600 5,300 5,600 5,700 5,700 Number of residential units sold 43 71 134 103 46 60 160 Number of housing starts 34 – 114 156 25 – 202 Number of residential units in current production 1,031 1,132 1,173 903 881 856 941 JM FINLAND Q 4 Q 3 Q 2 Q 1 Q 4 Q 3 Q 2 Q 1 Revenue 257 327 316 361 336 498 332 Operating profit –7 2 21 22 17 39 20 Operating margin, % –2.6 0.7 6.7 6.0 4.9 7.8 6.0 Average operating capital 2,658 2,519 2,309 2,116 1,922 1,784 1,672 Return on operating capital, % 1) 1.4 2.4 4.2 4.6 4.3 4.9 5.2 Operating cash flow 7 –5 –339 –250 71 –322 89 Carrying amount, development properties 1,754 1,715 1,682 1,496 1,264 1,275 1,142 Number of available building rights 7,700 7,200 7,300 8,300 7,900 7,900 7,900 Number of residential units sold 52 133 226 65 39 119 25 Number of housing starts 29 149 128 156 60 – 123 Number of residential units in current production 462 493 492 644 544 643 825 1) Calculated on 12-month rolling operating profit and average operating capital * The table presents historical restated information that includes the two former business segments JM Residential Stockholm and JM 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. JM INTERIM REPORT JANUARY – SEPTEMBER 2026 25
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Business concept With people in focus and through constant develop- ment, we create homes and future living environ- ments. Vision We are laying the foundation for a better life. Business JM is the leading developer of housing and res- idential areas in the Nordic region. Operations focus on new-build housing in attractive locations, with emphasis on metropolitan areas and growth regions in Sweden, Norway and Finland. JM operates with a long-term perspective, with sustainability issues integrated into the business. Annual sales total approximately SEK 11bn, and the company has about 1,800 employees. JM is a public limited company listed on Nasdaq Stock- holm, Large Cap segment. Financial targets, benchmarks for capital structure and dividend policy The operating margin should on average amount to 12 percent over a business cycle. Return on capital employed should average more than 20 percent over a business cycle. Long-term growth with an average increase of 4 percent a year in the number of housing starts, with a baseline of 3,800 housing starts. Benchmark for capital structure where the debt/ equity ratio should not exceed 0.5. 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 https://www.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 October 21, 2026. For more information please contact: Tobias Bjurling, Group CFO Email: cfo@jm.se, tel. (swbrd): +46 (0)8 782 87 00 Financial calendar February 3, 2027 Y ear-end Report January-December Week 11, 2027 JM’s annual report is published April 13, 2027 Annual General Meeting April 23, 2027 Interim Report January–March July 13, 2027 Interim Report January–June October 27, 2027 Interim Report January–September Press Releases, Q3 2026 July 10 JM Interim Report January–June 2026 Sept 21 JM starting production of housing in Solna Sept 23 JM starting production of housing in Hägersten, Stockholm Sept 25 JM starting production of housing in Sollentuna Sept 30 Invitation to the presentation of JM AB’s interim report for January–September 2026 JM in brief JM INTERIM REPORT JANUARY – SEPTEMBER 2026 26
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JM AB (publ) MAILING ADDRESS SE-169 82 Stockholm VISITING ADDRESS Mathildatorget 9, Solna TELEPHONE +46 (0)8 782 87 00 COMP . REG. NO. 556045-2103 WEBSITE www.jm.se