Interim report
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JOHN MATTSON FASTIGHETSFÖRETAGEN AB (PUBL) January–September 2026 ■ Rental revenue totalled SEK 533.2 million (504.4), up 5.7%. ■ Net operating income was SEK 395.1 million (372.0), up 6.2%. ■ Income from property management was SEK 200.5 million (177.9), corresponding to SEK 2.69 per share (2.35). This corresponded to growth in income from property management per share of 14.6%. ■ Changes in property values amounted to an increase of SEK 338.5 million (265.8). Changes in the value of interest-rate derivatives amounted to SEK 105.0 million (negative: 58.9). ■ Earnings after tax for the period totalled SEK 557.1 million (301.1), corresponding to SEK 7.47 per share (3.95). ■ The aggregate property value was SEK 15,819.4 million (14,539.5 as of 31 December 2025). ■ Investments equalled SEK 1,040.8 million (180.4), of which SEK 791.1 million (0.0) pertained to property acquisitions. ■ Net Reinstatement Value (NRV) totalled SEK 8,060.0 million (7,593.3), corresponding to SEK 109.31 per share (100.18), up 9.4% after adjustment for the dividend of SEK 0.25 per share. July–September 2026 ■ Rental revenue totalled SEK 183.8 million (168.7), corresponding to an increase of 8.9%. ■ Net operating income was SEK 140.7 million (129.4), up 8.7%. ■ Income from property management was SEK 61.5 million (69.8), corresponding to SEK 0.83 per share (0.92). ■ Changes in property values amounted to an increase of SEK 103.1 million (94.5). Changes in the value of interest-rate derivatives amounted to SEK 95.3 million (negative: 4.1). ■ Earnings after tax for the period amounted to SEK 241.8 million (128.0), corresponding to SEK 3.27 per share (1.68). INTERIM REPORT Q3 Jan–Sep 2026 Great neighbourhoods across generations
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Q3 – 2026 Key metrics Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Oct 2025– Sep 2026 Jan–Dec 2025 Property-related key metrics Economic occupancy rate at the end of the period, % 97.1 97.6 97.1 97.6 97.1 97.6 Surplus ratio, % 76.6 76.7 74.1 73.7 72.7 72.4 Property value at the end of the period, SEK m 15,819.4 14,543.9 15,819.4 14,543.9 15,819.4 14,539.5 No. of upgraded apartments during the period 27 34 150 72 208 130 Key financial metrics Rental revenue, SEK m 183.8 168.7 533.2 504.4 701.8 673.0 Net operating income, SEK m 140.7 129.4 395.1 372.0 510.2 487.0 Income from property management, SEK m 1) 61.5 69.8 200.5 177.9 246.0 223.3 Average interest rate at the end of the period, % 3.26 2.97 3.26 2.97 3.26 3.04 LTV ratio at the end of the period, % 47.6 46.1 47.6 46.1 47.6 45.8 Interest coverage ratio during the period, multiple 2.0 2.6 2.1 2.2 2.1 2.1 Share-related key metrics Income from property management, SEK/share 1) 0.83 0.92 2.69 2.35 3.29 2.95 Growth in income from property management, SEK/share, % 1) -9.64 18.05 14.65 21.02 26.07 14.61 Profit after tax attributable to Parent Company shareholders, SEK/share 3.27 1.68 7.47 3.95 8.73 5.22 Growth in NRV, SEK/share, including distributions to shareholders, % 9.4 8.4 9.4 8.4 9.4 7.4 Net tangible assets (NTA), SEK/share 99.53 91.30 99.53 91.30 99.53 92.83 Net Reinstatement Value (NRV), SEK/share 109.31 100.18 109.31 100.18 109.31 101.71 1) Income from property management for the period includes dividends from the shareholding in T urako of SEK 0.4 million in Q1 and SEK 23.2 million in Q2. Definitions of key metrics are provided on page 33. Key metrics Q3 2026 versus Q3 2025 Significant events during the third quarter ■ Ebba Pilo Karth, CFO of John Mattson Fastighetsföretagen AB (publ) and member of the company’s Group management, resigned from her position in July at her own request. John Mattson has appointed Lars Ingman, the former interim CFO of John Mattson, to take over as interim CFO. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 2 THE PERIOD IN BRIEF
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Strong operational perfor- mance enables higher growth John Mattson continues to demonstrate operational strength, with positive value growth in its property portfolio, whilst higher market interest rates impacted income from property management in the quarter. We are now accelerating the implementation of our growth plan and raising our financial target for long-term growth in NRV per share. Operational strength The underlying business continued to perform well in the third quarter. Rental revenue increased 6% year-on-year, primarily driven by annual rent adjustments for residential properties, the acquisition in Uppsala, ongoing upgrade projects and successful lettings in our commercial portfolio. Cost control remained a focus: despite a cold and snowy start to the year, significant price increases for tariff-based costs and the Uppsala acquisition, the increase in property expenses was limited to 4%. T ogether, higher rental revenue and cost control resulted in a record-high surplus ratio of 74.1% for the company for the period. Market interest rates have risen recently, reflecting the recov- ery in the Swedish economy and increased inflation risks from geopolitical tensions, trade conflicts and extensive government investment. John Mattson is well-positioned to manage interest rate risk since a large portion of its interest-bearing liabilities is hedged through interest-rate derivatives. Higher market interest rates are nevertheless increasing our interest expense and, consequently, reducing income from property management. Income from property management per share increased 14.6% for the period year-on-year. Adjusted for the dividend from Turako, growth amounted to 1.2%. In 2026, we took the next step in our growth plan by focusing on all of the company’s value drivers. This contributed to con- tinued positive value growth in the property portfolio for the quarter. Value growth in the third quarter amounted to 0.7%, driven by value creation in our project operations, stable yield requirements and a rising surplus ratio in our property portfolio. T ogether, they resulted in a year-on-year increase in our net reinstatement value per share, adjusted for dividend of 9.4%. Active capital allocation We actively manage capital allocation to create long-term value for our shareholders. Property company shares continue to trade at significant discounts to net asset value, and John Mattson is no exception. Against this backdrop, we believe share buybacks are an attractive way to return value to shareholders and an important complement to our growth plan. Our residential property portfolio in attractive locations in the Stockholm region and Uppsala offers good opportunities to divest properties by converting rental units into tenant-owner apartments at prices above book value, as previous transactions have demonstrated. These divestments allow us to realise value from some of the company’s lowest-yielding assets and free up capital for share buybacks and higher-returning investments. Reflecting the positive performance of the business and the opportunities ahead, the Board has decided to raise the financial target for long-term growth in Net Reinstatement Value (NRV) per share from 7% to 10%. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 3 COMMENTS FROM THE CEO
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We do not rule out further tenant-owner conversions in the future. Since the share buy-back programme began in 2025, we have bought back shares for a total of SEK 129 million, of which SEK 77 million in 2026. Higher growth Since 2024, following a few challenging years for the property sector, John Mattson has refocused on growth. In line with our plan, we first prioritised investments in the existing portfolio through energy efficiency improvements and value-creating apartment upgrades. During the year, we achieved a production rate in line with our goal of completing 200 apartments per year, and we see potential to renovate approximately 1,500 apart- ments in the portfolio. Our residential properties are located in attractive areas of the Stockholm region and Uppsala, where housing demand is high and buyers are willing to pay a good price. This supports profitable apartment upgrades, whilst the risk of vacancies in the portfolio remains low. We are now pre- paring for our next major upgrade project. After the end of the period, we entered into a construction contract for the upgrade of 243 apartments in Sollentuna, which is planned to launch at the turn of the year. Over the past year, we have taken the next step in our growth plan, extending our focus from the existing portfolio to new production and selective acquisitions of investment properties. T ogether with our partners, we were delighted that we broke ground this quarter on Villa Västerled, a nursing and care home in Bromma, an important milestone marking our return to new production. Our growth plan has been successful, and our investments have contributed to positive quarterly value growth in the property portfolio ever since yield requirements stabilised in the second quarter of 2024. The net reinstatement value (NRV) per share has increased a full 26% since the first quarter of 2024. We now see opportunities to increase our growth rate further by accelerating our value-adding apartment upgrades and by realising more of the value in our attractive locations. This includes working with development rights on, or adjacent to, our properties as well as conducting tenant-owner projects in joint ventures with developers. Our partnership with Besqab is an important platform in this endeavour. Reflecting the positive performance of the business and the opportunities ahead, the Board has decided to raise the financial target for long-term NRV growth from 7% to 10%. The target of 10% annual growth in income from property manage- ment per share is unchanged. Strong operational capabilities, solid growth opportunities in our property portfolio and active capital allocation mean that we see favourable conditions for creating additional shareholder value in the years ahead. Per Nilsson, CEO of John Mattson Fastighetsföretagen AB A groundbreaking ceremony marked the start of construction on Villa Västerled. In the photo, from left to right: Jan Valeskog, Vice Mayor for City Planning and Sports; Per Nilsson, CEO of John Mattson; Annika Grönberg, Deputy Business Area Manager for RO-Gruppen; and Susanne Sjöberg, Managing Director of Vardaga. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 4 COMMENTS FROM THE CEO
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Business idea, goals and strategies Our business idea revolves around the long-term ownership, management and development of residential property and attractive local communities in the Stockholm region and Uppsala. We make daily life easier for everyone by offering well-managed, attractive homes and safe neighbourhoods. Dividend policy – Over the long term, dividends are to amount to 30% of annual income from property management following deductions for the standard tax rate, taking into consideration the company’s investment plans, consolida- tion needs, liquidity and overall financial position. Dividends may be less than the long-term target or be fully absent. Financial risk mitigation – John Mattson aims for low financial risk. This means that: ■ the long-term net loan-to-value ratio should not exceed 50%; and ■ the long-term interest coverage ratio should not be less than 1.5. Strategies John Mattson’s strategy is based on four cornerstones, in which sustainability efforts are integrated in every part. Property management – Our approach to property management is integrated and near-at-hand. We know our properties and understand our customers. We apply an overall approach taking responsibility for the portfolio and activity in the outdoor areas. We work proactively with property management and continuously make efficiency enhance- ments and value-generating investments with the aim of achieving more sustainable property operations, extending the properties’ life and increasing net operating income. Focus is on optimising property consumption and thereby reducing operating expenses with the goal of achieving a 45% reduction in energy consumption by 2030. Adding value – We add value to our buildings to secure the buildings’ technical longevity and to generate increased net operating income. Value is added by upgrading, extending and converting space to hous- ing or commercial operations. We have a well-established two-step model for housing upgrades, the Larsberg model. First, the initial base upgrade, conducted with tenants in place, secures the building’s techni- cal status. The following step, the total upgrade, brings the apartments up to contemporary standards, to meet demand from existing and new tenants. T otal upgrades are performed when apartments are vacant or in certain neighbourhoods when tenants so wish. All upgrades take place in dialogue with the tenants and focus on close communication. Nor- mally, the rent is also negotiated with the Hyresgästföreningen (Swedish Union of T enants). The goal is to upgrade some 200 apartments per year. Potential has been identified in the existing portfolio for some 600 apartments to receive base and total upgrades and for some 900 apartments that have already received base upgrades to be given total upgrades. The yield on both base and total upgrades is approximately 5% with an investment of about SEK 1.25 million per apartment. The yield on total upgrades from a base upgraded apartment is approxi- mately 6.5% with an investment of about SEK 0.4 million per apartment. Densification – We are increasing the housing density of our own land or adjacent to existing properties, often on already paved land. In addition to new construction, infill development is also taking place in the form of extensions to existing properties. In this way, we are expanding the residential and commercial offering, and meeting the tenants’ various needs. The local community is being provided with new attributes, and diversity and variation is increasing, contributing to great neighbour- hoods. The aim is to generate growth through value adding construction that concurrently makes the neighbourhoods more attractive. Devel- opment is conducted in close collaboration with the municipalities where we operate. Our long-term objective is to commence production of 250 apartments per year, starting at limited volumes and scaling up progressively. Acquisitions – We strive to acquire properties and development rights with development potential in attractive market locations in the Stockholm region, close to efficient infrastructure. All acquisitions are approached using a long-term ownership and management perspective, and areas with potential for adding value and infill development are particularly attractive. We also regularly evaluate the composition of the property portfolio through selective divestments. Financial targets An average annual growth in NAV per share of not less than 10%, including distributions to shareholders, over a business cycle. Outcome for the period: 9.4% An average annual growth in income from property manage- ment per share of not less than 10% over a business cycle. Outcome for the period: 14.6% 2) NET REINSTATEMENT VALUE (NRV) PER SHARE 1) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 %SEK -50 -40 -30 -20 -10 0 10 20 30 40 50 SEK/share Growth T arget INCOME FROM PROPERTY MANAGEMENT, PER SHARE 1) 0 50 100 150 200 Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 %SEK -60 -50 -40 -30 -20 -10 0 10 20 30 40 SEK/share Growth T arget 2) 1) John Mattson completed a rights issue in Q4 2023, which resulted in an increase of 37,896,965 in the number of shares. The cancellation of 785,301 shares held in treasury in Q2 2026 resulted in a decrease in the number of shares outstanding. The change in the number of shares outstanding, means that key metrics are not entirely comparable between periods. 2) On 22 October 2026, the Board decided to revise the target from 7% to 10%. 1) John Mattson completed a rights issue in Q4 2023, which resulted in an increase of 37,896,965 in the number of shares. The cancellation of 785,301 shares held in treasury in Q2 2026 resulted in a decrease in the number of shares outstanding. The change in the number of shares outstanding, means that key metrics are not entirely comparable between periods. 2) Excluding the dividend from T urako of SEK 23.6 million, growth was 1.2% for the period. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 5 BUSINESS IDEA, GOALS AND STRATEGIES
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Sustainability targets John Mattson has adopted long-term sustainability targets for each of the company’s four focus areas in sustainability. Our science-based climate target has been reviewed and approved by the Science Based Targets initiative (SBTi). The targets are to steer the company’s operations toward more sustainable development and contribute to achieving the vision of “Great neighbourhoods across generations.” Results for sustainability targets are presented in the interim report for Q4. Responsible material and waste management Responsible material choices, reusing materials and efficient waste management reduce climate impact and increase the recycling rate. Energy-efficient and fossil-free solutions The energy consumption during the lifes- pan of a property is considerable. Energy classifications, choosing fossil-free energy types and efficient management of the properties reduce their climate impact. T argets ■ By 2030, John Mattson will have reduced its Scope 1 and Scope 2 GHG emissions by at least 40% compared with the base year of 2021. ■ John Mattson will reduce its GHG emissions from new builds and redevelopments on a per square metre basis to match or better the prop- erty sector average. Dynamic and safe local communities Commitment for social matters creates value for tenants and local communities. T argets ■ Safe neighbourhoods as assessed by residents: to outperform the sector average for comparable properties. ■ Attractive areas according to the residents: above the sector average. Healthy and inspiring workplaces Proactive efforts for a healthy, safe and stimulating work environment for employees and suppliers are a prerequisite for well-being and commitment. T argets ■ Engaged employees and an efficient organisa- tion: above the average results of comparable companies. ■ John Mattson has an inclusive culture that enables the company to attract and retain employees with various backgrounds and perspectives. The recruitment process is skills- based and free from discrimination. ■ The proportion of women or men is not to exceed two thirds within the company, management and the Board of Directors. ■ Absenteeism among John Mattson’s employees: not exceeding 3%. ■ John Mattson aims to have zero accidents lead- ing to absenteeism of over one day at our work- places. This applies both for John Mattson’s own personnel and for contracted personnel working for John Mattson. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 6 BUSINESS IDEA, GOALS AND STRATEGIES
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Area T arget Outcome for the quarter Comments Dynamic and safe local communities Safe residential areas. Safety index: higher than the industry average. (Measured using the AktivBo tool) Rolling 12-month safety index outcome: 82.6% Comparison: 81.3% industry wide, 2025 Safety is assessed continuously during the year and followed up in quarterly reports in rolling 12-month values, compared against the industry average for the full-year 2025. Since the outcome for John Mattson is measured continuously, it can rise and fall across the entire year. Dynamic and safe local communities Attractive residential areas. Attractiveness index: higher than the industry average. (Measured using the AktivBo tool) Rolling 12-month attractive- ness index outcome: 87.4% Comparison: 84.7% industry wide, 2025 Same as above. Responsible material and waste management GHG emissions from new builds and redevelopments on a per square metre basis reduced to match or better the sector average. Outcome reported on an annual basis Outcome reported on an annual basis Energy-efficient and fossil-free solutions Reduce Scope 1 and 2 GHG emissions 40% by 2030. Scope 1 and 2 are reported on an annual basis. Y ear-on-year, energy consumption decreased 6.7% (1 Jan to 30 Aug). Rolling 12-month energy consumption was 97.0 kWh/ sq m per year. The reduction in total energy consumption for the period is reported in % compared with the year-earlier period (1 Jan to 30 Aug) in the like-for-like portfolio as well as in energy consumption, kWh/sq m. Healthy and inspiring workplaces Engaged employees above the average results of comparable companies. T otal temperature – higher than the industry average (8.3). (Measured using the Winning- temp tool) Accumulated until 30 Sep 2026: T otal temperature: 8.2 The area includes several subcategories. Other subcategories are followed up in the Annual Report. T otal temperature is an aggregate of the temperature in ten different categories of questions. Sustainability during the quarter Several energy efficiency initiatives were implemented in the third quarter, and new projects were approved and launched. Solar panel projects at six properties have been completed, five on Lidingö and one in Bromma, including the ICA property Radiofyren 1 in Larsberg. T ogether, the facilities are expected to generate a total annual output of approximately 200,000 kWh. During the quarter, investments were also approved for water-saving measures in just over 400 apartments. At the same time, the geothermal heating project in Häggvik and the exhaust air recovery project at Gullmarsplan are underway, with the latter due to be commissioned in early October and expected to deliver annual energy savings of approximately 400,000 kWh. These are examples of projects that support our target of lower- ing Scope 1 and 2 GHG emissions 40% by 2030. During the quarter, we continued to conduct social sus- tainability initiatives in our residential neighbourhoods, with a focus on dialogue, collaboration and safety. These included a pilot survival garden project in Käppala and summer jobs in our property management operations for four young people from the municipality of Lidingö Stad and the municipality of Sollentuna. In Lidingö, John Mattson took part in the MOA (Modern Career Orientation) project with the municipality of Lidingö Stad this spring, hosting field trips for Years 2, 5 and 7 at Bodal- skolan, and concluded it at the MOA fair in late September, which was open to school classes from across Lidingö. In Sollentuna, we partnered with BID Rotebro on “Rotebio,” an outdoor cinema organised by the municipality of Sollentuna on four occasions in late August. John Mattson also participated in the neighbourhood event in Rotebro together with BID Rotebro in Sollentuna. Also during the quarter, we finalised our long-term transition plan for project development (new production and RMI) and property management. The plan has focused on specifying con- crete actions and developing roadmaps to achieve the climate goals by 2030 and 2045. Business value and risk reduction drove continued progress towards our sustainability targets during the quarter. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 7 BUSINESS IDEA, GOALS AND STRATEGIES
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Property portfolio Property portfolio on 30 September 2026 January–September 2026 1) Apartments Lettable area Property value Rental value2) Economic occupancy rate Rental revenue Property expenses Net operating income No. thousand sq m SEK m SEK/sq m SEK m SEK/ sq m % SEK m SEK m SEK m Lidingö 2,059 157 7,788 49,475 333 2,115 98.7 246.5 54.6 191.9 North Stockholm 1,070 80 2,123 26,595 129 1,613 91.2 87.5 35.1 52.3 City/Bromma 402 44 2,125 48,321 99 2,262 95.6 72.7 21.4 51.3 South Stockholm/ Nacka 724 59 2,980 50,659 151 2,563 99.5 113.2 24.6 88.6 Uppsala 318 14 803 57,923 42 2,998 98.6 13.3 2.5 10.9 T otal properties 4,573 354 15,819 44,698 754 2,129 97.1 533.2 138.2 395.1 1) Net operating income is consistent with the income statement for the period; that is, Uppsala is included as of the effective date of 1 June 2026. 2) From Q3 2026, the rental value includes variable revenue of approximately SEK 2.3 million, such as compensation based on hot water consumption and revenue from garages that are let and administered by an external party. John Mattson is a property company with operations in the Stockholm region and Uppsala. The company is listed on Nasdaq Stockholm, Mid Cap. Our neighbourhoods The portfolio has been divided into five property man- agement areas: Lidingö, North Stockholm, City/Bromma, South Stockholm/Nacka and Uppsala. The property port- folio comprises 4,573 rental apartments. The total lettable area amounted to 353,900 square metres, where residentials comprised 83% and commercial property 17% of lettings. The majority of the buildings were constructed in the 1950s to 1970s, and have good preconditions for adding value. Growth will be through acquisitions and infill development in attractive market locations in the Stockholm region and Uppsala. On 30 September 2026 Rental value Vacancies and discounts1) Contract value Occupancy rate Object No.2) Lettable area, thousand sq m Rental value, SEK m2) No. Lettable area, thousand sq m Vacancies and discounts, SEK m No. Let area, thousand sq m Contract value, SEK m Economic occupancy rate, % Housing 4,573 293 581 82 5 8 4,491 288 573 98.7 Commercial 61 146 8 9 53 136 93.5 Parking places 27 4 23 83.5 T otal 4,573 354 754 82 13 22 4,491 341 732 97.1 1 Vacancies primarily pertain to properties with upgrade projects that are either ongoing or that have a planned start. Of the vacant apartments, 72 are part of ongoing projects, representing a rental value of SEK 5.7 million. 2) Of the apartments, 69 comprise care homes, including LSS, senior and other forms of support housing, which are included in the lettable commercial area and rental value. 4,573 apartments 83% of total lettable area is housing 354 thousand sq m of lettable area /F.smcp/Y.smcp/R.smcp/I.smcp/S.smcp/Aring.smcp/N.smcp 255 55 TÅG 55 Stockholm Stockholm Gävle Uppsala JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 8 PROPERTY PORTFOLIO
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North Stockholm North Stockholm comprises John Mattson’s residential management portfolio in the municipality of Sollentuna, in the areas of Rotebro, Rotsunda, Häggvik and Ture- berg. The portfolio comprises residential properties, with commercial spaces on some ground floors. The largest share of properties was built in the 1970s, but some are also older (built in the 1940s and 1950s) and newer (built in the 1990s or later). A project to upgrade slightly more than 280 apartments in Rotebro started in the first quarter of 2025. The project will extend for approximately two years and will be com- pleted in phases. During the period, 125 (31) apartments were upgraded. In December 2025, planning approval was received for the investigation of 20–25 terraced houses along Sturevägen in Rotebro. The project is at an early stage. Planning for the renovation of the buildings in Rotsunda is underway, with the project tentatively scheduled to start at the end of 2026. Due to apartments being renovated, the properties in Rotebro and Rotsunda temporarily have a slightly higher vacancy rate. In Vilunda in Upplands Väsby, John Mattson owns a new build apartment block with some seventy rental apartments as well as commercial operations on the ground floor. The building is equipped with various mobility solutions to enable sustainable living and travel for residents. Key metrics, North Stockholm Q3 20261) Area, residentials, thousand sq m 80 Rental value, residentials, SEK/sq m 1,613 Economic occupancy rate, residentials, % 91.2 Property value, residentials, SEK/sq m 26,597 Surplus ratio, residentials, % 58 Upgrade potential, % of apartments 80 SHARE OF LETTABLE AREA Residential properties, 100% Commercial properties, 0% Development properties, 0% City/Bromma John Mattson’s property portfolio in City/ Bromma is located in Slakthusområdet, Hammarby Sjöstad, Johanneshov, Abraha- msberg and Gullmarsplan. The buildings were constructed from the early 1900s to 2017, with the majority dating back to the 1940s. Residential properties account for 65% of the total lettable area. The commer- cial properties contain premises for local services, offices and community services. During the period, one (0) rental property was upgraded. The development properties are in Slakthusområdet. John Mattson has received a construc- tion permit and started construction for an infill development project in the form of the Villa Västerled nursing and care home at the Geografiboken 2 property in Bromma. The lease is for 15 years, and production is in progress. The planning process for the expansive Slakthusområdet in Söderstaden is ongoing for the construction of new housing and commercial development. The detailed development plan is expected to enter legal force in Q2 2027. John Mattson’s leasehold properties have a prime location by the neighbourhood’s future Metro station entrance, and while waiting for the project to start, the existing premises are being let to businesses that help develop the site. Key metrics, City/Bromma Q3 20261) Area, residentials, thousand sq m 28 Rental value, residentials, SEK/sq m 2,265 Economic occupancy rate, residentials, % 96.7 Property value, residentials, SEK/sq m 49,624 Surplus ratio, residentials, % 67 Upgrade potential, % of apartments 29 SHARE OF LETTABLE AREA Residential properties, 65% Commercial properties, 22% Development properties, 13% Lidingö John Mattson’s largest property management area is in Lidingö, both in terms of number of apartments and property value. Residentials account for 95% of the total lettable area, and all of the properties are located in the Lars- berg area and in Käppala. Commercial prem- ises pertain to retail, local services, gyms and education provided by local businesses as well as higher education organisations. The majority of the buildings were constructed in the 1960s, but also include new buildings from the turn of the century. The housing is of a generally high stan- dard. Of the apartments, 67% has received total upgrades or is newly built. All apart- ments have received base upgrades. T otal upgrades are ongoing both in Larsberg and in Käppala. During the period, 24 (30) apartments were upgraded. The portfolio also includes a develop- ment property, Fyrtornet 5 in Larsberg under the project name of Bladverket, where the detailed development plan for new housing has entered force. During the period, planning approval was granted for a nursing and care home for 100 residents and LSS housing in Larsberg and the planning process is ongoing. Possibilities are being investigated in Käppala regarding the construction of loft apartments at existing residential properties. SHARE OF LETTABLE AREA Residential properties, 95% Commercial properties, 4% Development properties, 1% Key metrics, Lidingö Q3 20261) Area, residentials, thousand sq m 149 Rental value, residentials, SEK/sq m 2,041 Economic occupancy rate, residentials, % 99.4 Property value, residentials, SEK/sq m 48,343 Surplus ratio, residentials, % 77 Upgrade potential, % of apartments 33 1) The key metric corresponds to the status at the end of the period. The surplus ratio for residential properties pertains to rolling 12-month outcomes, whereby acquired and transferred properties and completed projects have been restated at the full-year rate, and divested and transferred properties excluded from the period. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 9 PROPERTY PORTFOLIO
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South Stockholm/Nacka John Mattson’s portfolio in South Stockholm and Nacka is mainly located in Hägerstensåsen, Västberga and Örby. Residential properties account for 83% of the total lettable area and largely comprise properties built in the 1990s. Commercial properties account for 17% of the total lettable area. The area has two development projects in different phases. John Mattson has received a land allocation in Örnsberg for the Pincetten and Lansetten projects, where work is ongoing with the detailed develop- ment plan for the new construction of over 260 rental and tenant-owner apartments, commercial premises and a preschool. The detailed development plan is expected to enter legal force in Q1 2027. Uppsala John Mattson’s newly acquired Uppsala portfolio consists of properties in the Senapsfabriken area in Kungsängen, one of Uppsala’s most attractive areas. The portfolio comprises 318 rental apartments, three commercial premises and a garage. The majority of the lettable area is housing, which is supplemented by commercial premises that contribute to the range of services in the area. The buildings, which were completed in 2021, offer modern housing in a variety of sizes, from space-efficient studios to larger family homes. The past few decades have seen Kungsängen transform from an industrial area to a dynamic and attractive neighbourhood with housing, services, restaurants and meeting places. The properties are centrally located, walking distance from Uppsala Travel Center and the city centre, with public transportation links to Stockholm, Arlanda and the rest of the Mälardalen region. Proximity to the city’s central park Stadsparken and the Årummet area straddling the river also help boost the area’s appeal. The portfolio is of a high technical stan- dard and has limited maintenance needs due to its relatively youth. The housing has a high economic occupancy rate and gen- erates a stable cash flow. Uppsala comple- ments John Mattson’s geographic presence in the Stockholm region with exposure to one of Sweden’s fastest-growing university and regional cities. No upgrade or development projects have currently been identified in the portfolio. SHARE OF LETTABLE AREA Residential properties, 83% Commercial properties, 17% Development properties, 0% SHARE OF LETTABLE AREA Residential properties, 100% Commercial properties, 0% Development properties, 0% Key metrics, South Stockholm/Nacka Q3 20261) Area, residentials, thousand sq m 49 Rental value, residentials, SEK/sq m 2,390 Economic occupancy rate, residentials, % 99.3 Property value, residentials, SEK/sq m 52,031 Surplus ratio, residentials, % 77 Upgrade potential, % of apartments 3 Key metrics, Uppsala Q3 20261) Area, residentials, thousand sq m 14 Rental value, residentials, SEK/sq m 2,999 Economic occupancy rate, residentials, % 98.6 Property value, residentials, SEK/sq m 57,923 Surplus ratio, residentials, % 78 Upgrade potential, % of apartments 0 1) The key metric corresponds to the status at the end of the period. The surplus ratio for residential properties pertains to rolling 12-month outcomes, whereby acquired and transferred properties and completed projects have been restated at the full-year rate, and divested and transferred properties excluded from the period. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 10 PROPERTY PORTFOLIO
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New production projects as of 30 Sep 2026 Project Area Category Type No. of Apts.1) Living/ premises area1) Status2) Estimated production start1) 1 Villa Västerled, Abrahamsberg City/Bromma Own management Nursing and care home 100 6,600 Detailed development plan entered force 2026 2 Bladverket, Larsberg3) Lidingö Joint Venture T enant-owner apartments 90 7,100 Detailed development plan entered force 2027 3 Juno, Käppala Lidingö Own management Rental apartments 50 1,800 Detailed development plan entered force 2028 4 Hjälpslaktaren, Slakthusområdet City/Bromma Own management Rental apartments 210 12,000 Detailed development plan in progress (C) 2028 5 Pincetten, Örnsberg South Stockholm/ Nacka Own management Rental apartments 210 10,700 Detailed development plan in progress (C) 2029 6 Sjöjungfrun , Larsberg Lidingö Own management Nursing and care home 106 7,100 Detailed development plan in progress (A) 2029 7 Lansetten, Örnsberg South Stockholm/ Nacka Own management T enant-owner apartments 50 3,800 Detailed development plan in progress (C) 2030 8 Koltrasten3) Solna Joint venture T enant-owner and rental apartments 250 20,000 Detailed development plan in progress (A) 2030 9 T erraced houses, Rotebro North Stockholm Own management T enant-owner apartments 23 3,200 Detailed development plan in progress (A) 2030 10 Hjälpslaktaren, Slakthusområdet City/Bromma Own management Commercial 0 1,000 Detailed development plan in progress (C) 2030 T otal development portfolio 1,089 73,300 1) Number of apartments, lettable area and estimated production start are all preliminary estimates. Changes may arise over the course of the project. 2) Status: A: Planning approval B: Consultation C: Review 3) Projects are conducted within a joint venture (JV) with Besqab and the property is sold into the JV once the detailed development plan has entered force. John Mattson works actively with property development to identify undeveloped land where infill development is possible to enable long-term value growth. These efforts are conducted either on our own land or through land acquisition or allocation. We add value to our existing buildings to secure the buildings’ technical longevity and to generate increased net operating income and value growth. Project starts were paused from 2022 to 2024 due to uncertain market conditions. A major upgrade project was restarted in 2025 in Rotebro and a new production project, Villa Västerled, started in Q2 2026. Production volume will gradually increase toward our long-term target to start production of approximately 250 apartments per year. Development projects JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 11 PROPERTY PORTFOLIO
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Upgrade and new production projects in progress: Coming upgrade and new production projects: Rotebro, Sollentuna Upgrades Apartments in Rotebro in the municipality of Sollentuna. Type: Rental apartments Living/premises area (BOA/LOA) 18,600/700 sq m Number of apartments 282 Production start Q1 2025 Occupancy 79 in 2025, 182 in 2026, 21 in 2027 Estimated total investment SEK 290 million Incurred investment SEK 214 million Ongoing projects Villa Västerled, Bromma/Stockholm New production New production of nursing and care home in Bromma, City of Stockholm. Type: Nursing and care home Living/premises area (BOA/LOA) 6,600 sq m Number of apartments 100 Production start Q2 2026 Occupancy 2028 Estimated total investment SEK 400 million Incurred investment SEK 51 million Bladverket (previously: Ekporten), Larsberg/Lidingö New production New production of tenant-owner apartments on our own land on Lidingö in a joint venture with Besqab. Detailed development plan in place. Type: T enant-owner apartments Living/premises area (BOA/LOA) 7,100 sq m Number of apartments 90 Estimated production start 2027 Perspektiv från norr 2025-03-11EKPORTEN A206 Juno, Käppala/Lidingö New production New production of rental apartments in Käppala on Lidingö. Detailed development plan in place. Type: Rental apartments Living/premises area (BOA/LOA) 1,800 sq m Number of apartments 50 Estimated production start 2028 New production projects: Hjälpslaktaren, Slakthusområdet/Stockholm New production New production of rental apartments and premises in Slakthusområdet in Stockholm. Detailed develop- ment plan in progress. Type: Rental apartments Living/premises area (BOA/LOA) 12,000 sq m Number of apartments 210 Estimated production start 2028 JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 12 PROPERTY PORTFOLIO
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Lansetten, Örnsberg/Stockholm New production New production of tenant-owner apartments in Örnsberg in southern Stockholm. Detailed develop- ment plan in progress. Type: T enant-owner apartments Living/premises area (BOA/LOA) 3,800 sq m Number of apartments 50 Estimated production start 2030 T erraced houses, Rotebro, Sollentuna New production New production of tenant-owner housing in Rotebro in the municipality of Sollentuna. Detailed develop- ment plan in progress. Type: T enant-owner apartments Living/premises area (BOA/LOA) 3,200 sq m Number of apartments 23 Estimated production start 2030 Koltrasten, Örnsberg New production New production of rental and tenant-owner apart- ments in Solna in a joint venture with Besqab. Detailed development plan in progress. Type: T enant-owner and rental apartments Living/premises area (BOA/LOA) 20,000 sq m Number of apartments 250 Estimated production start 2030 Sjöjungfrun, Larsberg/Lidingö New production New production of a nursing and care home on our own land on Lidingö. Detailed development plan in progress. Type: Nursing and care home Living/premises area (BOA/LOA) 7,100 sq m Number of apartments 106 Estimated production start 2029 Hjälpslaktaren, Slakthusområdet/Stockholm New production New production and remodelling of commercial premises in Slakthusområdet in Stockholm. Detailed development plan in progress. Type: Commercial premises Living/premises area (BOA/LOA) 1,000 sq m Estimated production start 2030 Pincetten, Örnsberg/Stockholm New production New production of rental apartments, premises and preschool in Örnsberg in southern Stockholm. Detailed development plan in progress. Type: Rental apartments, preschool, commercial premises Living/premises area (BOA/LOA) 10,700 sq m Number of apartments 210 Estimated production start 2029 JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 13 PROPERTY PORTFOLIO
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Other Sollentuna Upgrades Upgrade of apartments and commercial premises in the municipality of Sollentuna. Type: Rental apartments, commercial premises Living/premises area (BOA/LOA) 29,000/8,000 sq m Number of apartments approx. 450 Estimated production start 2028 City/South Stockholm/Bromma Upgrades Upgrade of apartments and commercial premises in City of Stockholm. Type: Rental apartments, commercial premises Living/premises area (BOA/LOA) 3,500/1,500 sq m Number of apartments approx. 100 Estimated production start 2028 Upgrade projects: Rotsunda, Sollentuna Upgrades Upgrade of apartments and commercial premises in Rotsunda in the municipality of Sollentuna. Type: Rental apartments, commercial premises Living/premises area (BOA/LOA) 14,500/2,200 sq m Number of apartments 243 Estimated production start Q4 2026 JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 14 PROPERTY PORTFOLIO
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The table illustrates John Mattson’s current earnings capacity on a 12-month basis as per 30 September 2026, after taking the entire property portfolio on the balance-sheet date into consideration. Properties acquired and taken possession of, and projects completed during the period are restated on an annual basis. Deductions are made for divested and transferred properties, but none are made for properties where a sales agreement has been reached but the transfer has not yet been made. Current earnings capacity is reported in conjunction with interim and year-end reports. The aim is to highlight the compa- ny’s underlying earning capacity. It is important to note that the current earnings capacity is not the same as a projection for the forthcoming 12 months. The earnings capacity includes no assessments of rental, vacancy or interest-rate changes. Moreover, John Mattson’s earnings are impacted by changes in the values of properties and derivatives. None of the above was taken into consideration when assessing current earnings capacity. Rental revenue is based on contractual revenue on the balance-sheet date. The vacancy level shown in the earnings capacity primarily pertains to upgrade projects. Property expenses, excluding property administration, are based on LTM property expenses. Property administration costs are based on estimated costs on a rolling 12-month basis with the current property management organi- sation on the balance-sheet date. Central administration costs are based on estimated costs on a rolling 12-month basis using their scope and extent at the balance-sheet date. For more information about these costs, refer to Note 4, Central administration costs. Net financial items have been calculated based on average interest expense for net debt on the balance-sheet date, with supplements for arrangement fees and ground rent, and is not a forecast of future interest costs. Any interest on cash and cash equivalents has not been taken into account. The earnings capacity calculates income from property management with no deduction for non-controlling interests. Current earnings capacity Amounts in SEK m 30 Sep 2026 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Sep 2025 Rental value1) 753.5 748.0 703.3 688.4 689.4 Vacancies and discounts2) -21.8 -18.2 -18.9 -16.6 -16.3 Rental revenue 731.7 729.8 684.4 671.7 673.1 Operating expenses -140.5 -140.6 -130.9 -130.4 -130.3 Maintenance expenses -24.2 -23.0 -23.3 -23.1 -22.9 Property tax -13.9 -14.2 -13.7 -13.5 -13.2 Property administration -17.5 -17.5 -17.2 -17.6 -18.1 Net operating income 535.6 534.6 499.3 487.1 488.6 Central administration costs -53.0 -52.5 -52.5 -52.5 -52.0 Net financial items -269.3 -258.6 -227.1 -227.0 -221.8 Of which ground rent -14.9 -14.9 -14.9 -14.8 -14.9 Income from property management 214.6 223.5 219.7 207.6 214.8 1) From Q3 2026, the rental value includes variable revenue of approximately SEK 2.3 million, such as compensation based on hot water consumption and revenue from garages that are let and administered by an external party. The comparative years have not been adjusted. 2) Vacancies primarily pertain to properties with upgrade projects that are either ongoing or that have a planned start. Of the vacant apartments, 72 are part of ongoing projects, representing a rental value of SEK 5.7 million. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 15 FINANCIAL INFORMATION
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Financial inFormation Condensed consolidated income statement Amounts in SEK m Note Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Oct 2025– Sep 2026 Jan–Dec 2025 rental revenue 2 183.8 168.7 533.2 504.4 701.8 673.0 operating expenses 3 -28.5 -27.0 -98.9 -94.5 -135.7 -131.3 maintenance 3 -6.2 -5.3 -16.4 -15.8 -23.9 -23.3 Property tax 3 -3.4 -3.6 -10.2 -10.0 -13.9 -13.7 Property administration 3 -4.9 -3.3 -12.5 -12.1 -18.2 -17.8 Net operating income 140.7 129.4 395.1 372.0 510.2 487.0 central administration costs 4 -13.6 -11.0 -40.5 -39.3 -54.1 -53.0 net financial items 5 -65.5 -48.6 -154.1 -154.8 -210.1 -210.8 Income from property management 1 61.5 69.8 200.5 177.9 246.0 223.3 changes in property values 6 103.1 94.5 338.5 265.8 394.2 321.5 change in the value of interest-rate derivatives 6 95.3 -4.1 105.0 -58.9 126.5 -37.4 EBT 260.0 160.2 644.0 384.7 766.7 507.4 current tax 7 -4.8 -5.3 -11.7 -23.1 -24.1 -35.4 Deferred tax 7 -13.4 -26.9 -75.2 -60.5 -89.5 -74.7 Profit for the period 241.8 128.0 557.1 301.1 653.1 397.2 Earnings per share (SEK/share) 3.27 1.68 7.47 3.95 8.74 5.25 Parent company shareholders 241.5 127.1 555.8 299.3 652.5 394.8 non-controlling interests 0.2 0.9 1.3 1.8 0.6 2.4 STATEMENT OF COMPREHENSIVE INCOME comprehensive income for the period Profit for the period 241.8 128.0 557.1 301.1 653.1 397.2 other comprehensive income – – – – – – Comprehensive income for the period 241.8 128.0 557.1 301.1 653.1 397.2 Profit for the period attributable to Parent company shareholders, weighted av. no. of shares (SEK/share) 3.27 1.68 7.47 3.95 8.73 5.22 comprehensive income for the period attributable to: Parent company shareholders 241.5 127.1 555.8 299.3 652.5 394.8 non-controlling interests 0.2 0.9 1.3 1.8 0.6 2.4 average no. of shares, thousand 73,917.8 75,793.9 74,544.1 75,793.9 74,754.9 75,691.9 JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 16
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Financial inFormation The comparative figures pertain to the year-earlier period. Some amounts have been rounded off, which means that tables and calculations do not always tally correctly. The stated SEK per square metre figures pertain to rolling 12-month outcomes, whereby acquired and transferred properties and completed projects have been restated at the full-year rate, and divested and transferred properties excluded from the period. Note 1 Income from property management Income from property management (that is, profit excluding value changes and tax) for the period was SEK 200.5 million (177.9), corresponding to SEK 2.69 per share (2.35). This cor- responded to annual growth in income from property manage- ment per share of 14.6%. Excluding the dividend from Turako, growth in income from property management per share was 1.2% compared with the year-earlier period. Net operating income for the period totalled SEK 395.1 million (372.0), corresponding to SEK 1,510 per sq m (1,415) over the rolling 12-month period. This corresponded to annual growth in net operating income per sq m of 6.7%. Note 2 Revenue The Group’s revenue for the period amounted to SEK 533.2 million (504.4), corresponding to SEK 2,067 per sq m (1,950) over the rolling 12-month period. Rental revenues for residential properties totalled SEK 411.3 million (390.0), corresponding to SEK 1,931 per sq m (1,814) over the rolling 12-month period. The general annual housing rent negotiations for 2026 resulted in average increases of 3.2–3.6% for utility value-based rents. Revenue Jan–Sep 2026, SEK m 30 Sep 2026 SEK/sq m Jan–Sep 2025, SEK m 30 Sep 2025 SEK/sq m lidingö 246.5 2,086 238.3 2,013 north Stockholm 87.5 1,471 81.6 1,379 city/Bromma 72.7 2,160 71.7 2,147 South Stockholm/nacka 113.2 2,549 112.9 2,373 Uppsala 13.3 2,938 – – T otal 533.2 2,067 504.4 1,950 Note 3 Property expenses Property expenses totalled SEK 138.1 million (132.4). Property expenses amounted to SEK 557 per sq m (534) over a rolling 12-month period, which was a cost increase of SEK 23 per sq m or 4.2% primarily driven by price increases for tariff-based costs in combination with a cold and snowy start to the year as well as by additional costs related to the Uppsala acquisition. Operating expenses amounted to SEK 98.9 million (94.5). Maintenance expenses amounted to SEK 16.4 million (15.8). Property administration expenses amounted to SEK 12.5 million (12.1). Property expenses Jan–Sep 2026, SEK m 30 Sep 2026 SEK/sq m Jan–Sep 2025, SEK m 30 Sep 2025 SEK/sq m lidingö 54.6 482 52.9 459 north Stockholm 35.1 612 34.0 601 city/Bromma 21.4 675 20.5 663 South Stockholm/nacka 24.6 570 25.0 546 Uppsala 2.5 658 – – T otal 138.1 557 132.4 534 Property expenses, SEK/sq m Lidingö North Stock- holm City/ Bromma South Stock- holm/ Nacka Uppsala T otal operating expenses 327 462 473 402 552 397 maintenance 68 62 81 76 36 68 Property tax 38 35 54 45 13 39 Property administration 49 53 67 48 57 52 T otal 482 612 675 570 658 557 Property expenses in Uppsala include costs for externally let garage spaces totalling approximately SEK 1.8 million, which contribute to a higher reported cost level. Note 4 Central administration costs Central administration costs comprise costs for company man- agement, business development and central support functions. During the period, the costs amounted to SEK 40.5 million (39.3). The period was charged with a non-recurring cost of SEK 1.7 million pertaining to organisational changes. Note 5 Net financial items Net financial items amounted to an expense of SEK 154.1 million (expense: 154.8). Net financial items included a dividend of SEK 23.6 million from the holding in Turako. The dividend’s positive effect was offset by a higher average borrowing rate and higher interest expenses resulting from higher borrowings following the Uppsala acquisition. The average interest rate, including the effects of interest-rate derivatives, was 3.26% (2.97) at the end of the period. Capitalised financial expenses for ongoing projects amounted to SEK 3.5 million (4.0). The interest coverage ratio for the period was a multiple of 2.1 (2.2). January to September 2026 period JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 17
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Financial inFormation Note 6 Changes in value Changes in property values amounted to a gain of SEK 338.5 million (265.8). Realised changes in the value of divested proper- ties in the period amounted to SEK 3.3 million (0.0). Unrealised changes in property values amounted to a gain of SEK 335.2 million (265.8). The change was mainly driven by the increases in the value of ongoing projects. In addition, the improvement in net operating income also had a positive impact. The average valuation yield for the Group was 3.5% (3.4% on 31 December 2025). Change in value, SEK m Jul–Sep 2026 Jul–Sep 2025 Jan– Sep 2026 Jan– Sep 2025 Jan– Dec 2025 change in net operating income 23.7 69.3 93.1 255.5 380.5 ongoing new production/develop- ment rights 40.5 -10.7 147.1 18.0 30.9 ongoing upgrades 38.0 25.2 53.0 11.0 15.7 Yield requirement 2.4 10.6 30.0 -18.7 -109.0 acquired properties – – 11.9 – – Divested properties -1.4 – 3.3 – 3.4 T otal 103.1 94.5 338.5 265.8 321.5 Unrealised changes in the value of interest-rate derivatives in the period amounted to a gain of SEK 105.0 million (loss: 58.9). The change was mainly due to movements in the underlying market interest rates during the period. Note 7 T ax Current tax for the period was an expense of SEK 11.7 million (expense: 23.1). Deferred tax amounted to an expense of SEK 75.2 million (expense: 60.5). Deferred tax is calculated on tem- porary differences between the carrying amounts and tax bases of properties and derivatives. These temporary differences are affected by realised and unrealised changes in fair values during the holding period and upon realisation to the extent that assets are disposed of or otherwise recovered. Net changes in property and derivative values amounted to SEK 443.5 million (206.8) during the period. Where value increases correspond to previous value decreases for which deferred tax has not been recognised, the increases in value do not result in any deferred tax expense. Other fiscal adjustments do not include non-de- ductible interest expenses of SEK 126.3 million (107.2), for which the tax value has not been capitalised since the opportunities to utilise these adjustments in the future is deemed uncertain. The deferred tax liability pertains primarily to temporary differences between the fair values and the fiscal residual values of proper- ties. The properties’ fair values exceed their fiscal values by SEK 11,666.8 million (11,051.8 on 31 December 2025). The full nom- inal tax rate of 20.6% is recognised as deferred tax liabilities, less deferred tax pertaining to historical asset acquisitions. In addition, deferred tax pertaining to certain declines in value for properties acquired as asset acquisitions is not reported. SEK m T ax base, current tax T ax base, deferred tax income from property management 200.5 T ax deductible Depreciation -231.5 231.5 other fiscal adjustments 93.3 -315.2 Profit/loss before unrealised changes in value 62.3 -83.7 changes in property values 338.5 changes in derivative values 105.0 T axable earnings before loss carryforwards 62.3 359.7 loss carryforwards, opening balance 0.0 0.0 loss carryforwards, closing balance -5.4 5.4 T axable profit 56.9 365.2 T ax for the period -11.7 -75.2 SEK m T ax base Nominal tax liability Actual tax liability/asset Properties -11,666.8 -2,403.4 -700.0 Derivatives -118.7 -24.4 -22.5 loss carryforwards 5.4 1.1 0.9 T otal -11,780.0 -2,426.7 -721.6 Property, asset acquisitions 5,231.3 1077.7 T otal -6,548.7 -1,349.0 -721.6 According to balance sheet 1,349.0 The nominal tax liability recognised in the balance sheet was a net amount of SEK 1,349.0 million (1,273.8 on 31 December 2025). However, the actual net tax liability was calculated at SEK 721.6 million (665.7 on 31 December 2025). A tax rate of 6% has been assumed for the estimated, actual deferred tax on the Group’s properties, based on a discount interest rate of 3%. This estimation was conducted with regard to the applicable tax legislation, which means that properties can be sold in a corporate wrapper with no tax consequences. The assumption underlying this assessment is that the properties will be divested on an ongoing basis over a 50-year period and where 90% of the properties will be sold using a corporate wrapper and 10% will be divested through direct property transfers. Tax deductions for the indirect transactions have been estimated at 5.15%. In respect of loss carryforwards and derivatives, the estimated actual tax liability was calculated based on a discount interest rate of 3%, whereby the assessment is that the loss carryfor- wards will be realised over a ten-year period and the derivatives will be realised over an eight-year period. This means that the estimated actual tax is 17% for loss carryforwards and 19% for derivatives. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 18
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Financial inFormation Condensed consolidated balance sheet Amounts in SEK m Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets investment properties 8 15,819.4 14,543.9 14,539.5 right-of-use assets, leaseholds 9 487.7 457.6 455.7 other non-current assets 10 6.8 8.8 8.3 Financial assets Participations in associated companies and joint ventures 1.5 – – interest-rate derivatives 120.4 18.0 32.9 T otal non-current assets 16,435.9 15,028.3 15,036.4 current receivables 145.7 106.5 125.4 interest-rate derivatives 10 0.7 6.5 3.6 cash and cash equivalents 0 49.1 70.7 T otal current assets 146.4 162.1 199.7 T otal assets 16,582.3 15,190.3 15,236.0 Equity and liabilities Equity attributable to Parent company shareholders 10 6,829.8 6,326.1 6,369.2 non-controlling interests 87.8 85.8 86.5 T otal equity 6,917.5 6,411.9 6,455.7 Provisions 0.9 0.7 0.7 lease liability, leaseholds 9 487.7 457.6 455.7 non-current interest-bearing liabilities 10 5,753.2 6,170.8 4,827.3 other non-current liabilities 4.0 5.6 4.7 Deferred tax liabilities 7 1,349.0 1,259.6 1,273.8 interest-rate derivatives 0.3 32.1 22.6 T otal non-current liabilities 7,595.2 7,926.4 6,584.8 current interest-bearing liabilities 10 1,768.1 587.5 1,897.9 overdraft facility 3.1 – – interest-rate derivatives 2.0 – – other current liabilities 296.3 264.5 297.7 T otal current liabilities 2,069.5 852.0 2,195.6 T otal liabilities 9,664.7 8,778.4 8,780.4 T otal equity and liabilities 16,582.3 15,190.3 15,236.0 JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 19
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Financial inFormation Condensed consolidated statement of changes in equity Amounts in SEK m No. of shares, thousand1, 2) Share capital Other contributed capital Retained earnings Equity attributable to Parent Company shareholders Non-controlling interests T otal equity Equity on 1 Jan 2025 75,794.0 25.3 2,257.4 3,744.2 6,026.8 85.0 6,111.8 acquired from non-controlling interests -0.9 comprehensive income for the period 299.3 299.3 1.8 301.1 Equity on 30 Sep 2025 75,793.9 25.3 2,257.4 4,043.5 6,326.0 85.9 6,411.9 comprehensive income for the period 95.5 95.5 0.6 96.1 Share buy-backs -52.6 -52.6 Equity on 31 Dec 2025 75,794.0 25.3 2,257.4 4,086.5 6,369.1 86.5 6,455.7 comprehensive income for the period 555.8 555.8 1.3 557.1 Bonus issue 0.3 -0.3 0.0 0.0 reduction of share capital through cancellation of treasury shares -785.4 -0.3 0.3 0.0 0.0 Share buy-backs -76.4 -76.4 -76.4 Dividend -18.8 -18.8 -18.8 Equity on 30 Sep 2026 75,008.6 25.3 2,257.4 4,547.2 6,829.7 87.8 6,917.5 1) the quotient value of the shares was SEK 0.34 per share (0.33) at the end of the period. 2) of the 75,008,629 shares, 1,276,725 are held as treasury shares. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 20
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Financial inFormation Year-on-year comparison of income statement and cash flow items. The balance sheet is compared with the end of the previ- ous financial year (31 December). Investment and change anal- yses are based on comparisons with the corresponding period last year. Some amounts have been rounded off, which means that tables and calculations do not always tally with amounts in the running text. Note 8 Investment properties John Mattson’s property portfolio is located across six munici- palities – in Lidingö, Sollentuna, the City of Stockholm, Nacka, Upplands Väsby and Uppsala. At the end of the period, the property value was SEK 15,819.4 million (14,539.5). The property value increased SEK 1,279.9 million compared with the end of last year, which was primarily due to the acquisition of 318 apartments in Uppsala. Residential properties accounted for 89% of the portfolio’s value, commer- cial properties for 8% and development properties for 3%. The total lettable area amounted to 353,900 square metres (345,000), where residentials comprised about 83%. The rental value as of 30 September 2026 amounted to SEK 754 million (689). The portfolio comprises 4,573 apart- ments (4,325). Investments and sales During the period, total investments amounted to SEK 1,040.8 million (180.4), of which SEK 791.1 million (0.0) pertained to acquisitions. Investments in new builds amounted to SEK 42.9 million (20.7). Investments in upgrades amounted to SEK 99.3 million (111.8). During the period, 150 apartments (72) were upgraded. Other investments included items such as energy projects and tenant improvements in the commercial portfolio as well as capitalised maintenance. During the period, prop- erties were divested with an underlying property value of SEK 96.1 million (0.0). Change in property value, SEK m Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Jan–Dec 2025 Opening property value 15,598.8 14,381.0 14,539.5 14,097.7 14,097.7 + acquisitions – – 791.1 – – + investments in new builds 27.9 10.7 42.9 20.7 31.9 + investments in base upgrades 27.7 32.2 99.3 111.8 150.8 + other investments 60.4 25.6 107.6 47.9 79.0 - Sales – – -96.1 0.0 -138.0 +/- Unrealised changes in value 104.6 94.5 335.2 265.8 318.1 Closing property value 15,819.4 14,543.9 15,819.4 14,543.9 14,539.5 Property value The Group’s properties are recognised at fair value in line with level 3 under IFRS. A quarterly valuation is conducted of the property portfolio according to a rolling model, whereby external valuations are performed for a quarter of the properties by either Cushman & Wakefield or Novier. All other properties are valued internally. As a result, an external valuation is con- ducted for each property at least once each year. These valuations utilise a cash flow approach, whereby projections are made of future net operating income that is then discounted to present value using a discount rate. Generally, a five-year calculation horizon is applied and adjusted as needed based on the specific conditions for each property. Internal valuations of existing properties are based on a ten-year calcula- tion horizon. Assessment of residual value takes into account net operating income for the year following the end of the calculation horizon, as it forms the basis for valuing the property’s long-term yield capacity. New production and larger redevelopments are valued at their value on completion less deductions for any remaining investments and assessed project risks. In cases where projects are subject to time-limited tax benefits, such as an exemption from property tax, this is taken into account by adjusting the calculation horizon. Development rights are valued using the residual approach, which is based on the market value of the fully developed prop- erty after deduction of costs for construction and development, financing and the developer’s risk and profit requirements. The scale of the risk deduction is proportionate to the phase of the planning process, with larger deductions in early phases. The value of development rights linked to a leasehold is adjusted to reflect the fact that the land is not owned. This entails taking into account factors such as future ground rent and uncertainty regarding development conditions. Land allocations without binding ownership transfer or development agreements do not constitute a right that can be valued and as such are not included in valuations until any such binding contract is in place. Property-related key metrics Jan–Sep 2026 Jan–Sep 2025 Jan–Dec 2025 rental value SEK/sq m 2,129 1,997 2,010 Economic occupancy rate, % 97.1 97.6 97.6 Property expenses, SEK/sq m 557 534 539 net operating income, SEK/sq m 1,510 1,415 1,423 Property value, SEK/sq m 44,698 42,129 42,465 lettable area at the end of the period, thousand sq m 354 345 342 average valuation yield, % 3.5 3.4 3.4 Note 9 Right-of-use assets and lease liabilities In accordance with IFRS 16 – Leases, the value of leaseholds is recognised as a right-of-use asset together with a correspond- ing lease liability. As of 30 September 2026, the estimated total value of the right-of-use assets and the liability was SEK 487.7 million (457.6). Balance sheet on 30 September 2026 JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 21
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Financial inFormation Note 10 Financing John Mattson strives to keep financial risk low with a long-term LTV ratio that is not permitted to exceed 50% and a long-term interest coverage ratio of not less than 1.5. At the end of the period, the interest coverage ratio was 2.1 and the loan-to-value ratio was 47.6%. The LTV ratio increase was primarily attribut- able to the acquisition in Uppsala. The company continues to meet its long-term financial targets. Equity As of 30 September 2026, equity attributable to Parent Company shareholders totalled SEK 6,829.8 million (6,369.2), which corresponds to SEK 92.63 (83.46) per share. During the period, equity attributable to Parent Company shareholders increased with profit for the period of SEK 555.8 million (299.3). Interest-bearing liabilities John Mattson conducts its borrowing through banks. Debt increased during the year, largely in connection with the acquisi- tion of the Senapsfabriken area in Uppsala. Information on interest-bearing liabilities at the end of the period Jan–Sep 2026 Jan–Sep 2025 Jan–Dec 2025 credit agreements, SEK m 7,930.8 7,167.9 7,134.7 Utilised credit volume, SEK m 7,524.4 6,758.4 6,725.2 of which current, SEK m 1,771.3 831.4 1,897.9 of which non-current, SEK m 5,753.2 5,927.0 4,827.3 External borrowing in the period, SEK m 1,006.5 0.0 0.0 loan repayments in the period, SEK m 771.8 7.4 40.6 net interest-bearing liabilities, SEK m 7,524.4 6,709.3 6,654.6 Fair value, interest-bearing liabilities, SEK m 7,486.4 6,700.9 6,673.7 loan-to-value ratio, % 47.6 46.1 45.8 Disposable liquidity (undrawn credit commitments & cash), SEK m 406.3 458.6 480.1 average loan-to-maturity, incl. credit commitments, years 2.1 2.4 2.2 interest coverage ratio, multiple 2.1 2.2 2.1 Fixed interest and interest-rate derivatives The interest-rate maturity structure is allocated over time to ensure the stability of net financial items. John Mattson utilises derivatives in the form of interest-rate swaps to limit interest-rate risk for floating-rate loans. Interest-rate swaps are measured at fair value using market interest rates at the end of the month. John Mattson uses interest-rate derivatives for the purpose of managing interest-rate risk and for achieving the desired fixed-interest structure. Over time, this strategy entails value changes arising in the interest-rate derivatives, primarily as a result of changed market interest rates. John Mattson’s derivatives are primarily affected by changes in long-term mar- ket interest rates. The fair value of interest-rate derivatives is calculated by discounting future cash flows based on each maturity’s quoted market interest rate on the balance-sheet date. Future cash flows are calculated as the difference between the agreed fixed interest rate under the respective interest-rate derivative agreement and the Stibor for the respective period. Accordingly, future interest flows that arise in this manner are calculated at present value using the Stibor curve. John Mattson does not apply hedge accounting for derivative instruments. Assets and liabilities in these categories are measured continuously at fair value pursu- ant to IFRS 13 Level 2 with changes in value recognised in the consolidated income statement. Information on Fixed interest and interest-rate derivatives at the end of the period Jan–Sep 2026 Jan–Sep 2025 Jan–Dec 2025 contracted interest-rate swaps, nominal value, SEK m 6,800.0 7,650.0 7,450.0 of which, forward swaps, nominal value, SEK m 2,050.0 3,500.0 2,250.0 contracted interest-rate swaps, nominal value, as share of floating rate debt, % 68.5 69.5 87.1 market value of interest-rate derivatives, SEK m 118.8 -7.7 13.8 average fixed-interest tenor, years 2.5 3.2 3.0 average interest rate for total interest-bearing liabilities, incl. effect of interest-rate swaps, % 3.3 3.0 3.0 Financing 0 1 2 3 4 5 6 7 8 203120302029202820272026 0,0 0,5 1,0 1,5 2,0 2,5 3,0 Mdr % Hedged volume average interest rate, hedged volume the chart shows the volume of hedged borrowings in SEK billion per quarter as well as the average interest rate for the hedged volume over the same period, and excludes credit margins. Unhedged borrowings are exposed to fluctuations in Stibor. in other words, the average interest rate shown in the chart does not comprise a forecast of the average interest rate for the total loan portfolio. INTEREST RATE HEDGES JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 22
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Financial inFormation Fixed-interest and loan-to-maturity periods on 30 September 2026 Fixed-interest period loan-to-maturity interest-rate swaps Maturity Volume (SEK m) Average interest rate (%)1) Share (%) Credit agree- ments volume (SEK m) Utilised, SEK m Share (%) Volume (SEK m) Average interest rate (%)2) 0–1 year 2,074.4 5.81% 28% 2,177.6 1,771.3 24% 1,650 – 1–2 years 900.0 2.07% 12% 2,637.2 2,637.2 35% 600 – 2–3 years 1,150.0 2.37% 15% 683.3 683.3 9% 1,150 – 3–4 years 2,500.0 2.28% 33% 1,188.0 1,188.0 16% 2,500 – 4–5 years 600.0 2.39% 8% 1,244.7 1,244.7 17% 600 – >5 years 300.0 2.51% 4% 0.0 0.0 0% 300 – T otal 7,524.4 3.26% 100% 7,930.8 7,524.4 100% 6,800 0.28% 1) average interest rate at the end of the period including derivatives. the average interest rate for the period until the end of the first year includes the credit margin for all floating rate loans and, accordingly, the average interest rate does not reflect the actual interest rate on borrowing. 2) Volume-weighted average interest for interest-rate derivatives. Note 11 Transactions with related parties John Mattson’s related parties can be found in Note 25 on page 128 of John Mattson’s 2025 Annual Report. All transactions with related parties are conducted on commercial terms. During the period, the company has engaged consulting services from a company related to a Board member for SEK 0.29 million. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 23
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Financial inFormation Condensed consolidated cash-flow statement Amounts in SEK m Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Oct 2025– Sep 2026 Jan–Dec 2025 Operating activities EBT 260.0 160.2 644.0 384.7 766.7 507.4 Adjustment for non-cash items change in property values -106.3 -94.5 -340.1 -265.8 -392.4 -318.1 change in value of interest-rate derivatives -95.3 4.1 -105.0 58.9 -126.5 37.4 Depreciation and disposals 0.6 0.8 1.9 2.1 2.8 3.0 other non-cash items, etc. – 0.2 – -1.3 1.3 – taxes paid -27.5 – -27.5 – -27.5 – Cash flow from operating activities before changes in working capital 31.6 70.8 173.3 178.6 224.4 229.7 Cash flow from changes in working capital change in operating receivables 12.2 16.1 -16.7 25.3 -35.6 6.4 change in operating liabilities 23.0 11.9 8.3 -26.6 29.2 -5.7 Cash flow from operating activities 66.7 98.8 164.9 177.3 218.0 230.4 Investing activities investments in equipment -0.3 -0.4 -0.4 -0.4 -2.1 -2.1 net acquisition of investment properties 0.0 – -227.2 – -227.2 – acquisition of joint ventures -1.0 – -1.5 – -1.5 – investments in investment properties -116.1 -68.5 -249.8 -180.4 -331.1 -261.7 Divestments of non-current assets 1.7 – 101.1 – 238.2 137.1 Cash flow from investing activities -115.6 -68.9 -377.8 -180.8 -323.7 -126.7 Financing activities Dividend – – -18.8 – -18.8 – change in other provisions 0.1 – -0.4 – -0.4 – acquisition of minority holdings – -1.0 0.0 -1.0 0.1 -0.9 Borrowings 0.6 – 1,006.5 – 1,006.5 – repayments of borrowings -6.3 -2.6 -771.8 -7.4 -805.0 -40.6 Share buy-backs -21.0 – -76.4 – -129.0 -52.6 Cash flow from financing activities -26.7 -3.6 139.1 -8.4 53.4 -94.1 Cash flow for the period -75.6 26.3 -73.8 -11.9 -52.3 9.6 opening balance, cash and cash equivalents 72.4 22.8 70.7 61.0 49.1 61.0 closing balance, cash and cash equivalents -3.2 49.1 -3.2 49.1 -3.1 70.7 Acquisition of investment properties in corporate wrappers Amounts in SEK m Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Oct 2025– Sep 2026 Jan–Dec 2025 investment properties – – 791.1 – 791.1 – operating receivables – – 3.5 – 3.5 – cash and cash equivalents – – 1.2 – 1.2 – assumed operating liabilities – – -6.0 – -6.0 – assumed interest-bearing liabilities – – -561.4 – -561.4 – net assets acquired – – 228.4 – 228.4 – Purchase price paid – – 228.4 – 228.4 – less: cash and cash equivalents in acquired operations – – -1.2 – -1.2 – net impact on cash and cash equivalents (positive = decrease) – – 227.2 – 227.2 – acquisition of investment properties in corporate wrappers amounts in SEK m investment properties – – 96.1 – 96.1 – operating liabilities transferred – – 1.7 – 1.7 – Gain/loss on sale of real property – – 3.3 – 3.3 – net assets transferred – – 101.1 – 101.1 – Purchase price received – – 101.1 – 101.1 – net impact on cash and cash equivalents – – 101.1 – 101.1 – JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 24
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Financial inFormation Condensed Parent Company income statement Amounts in SEK m Jan–Sep 2026 Jan–Sep 2025 Jan–Dec 2025 revenue 31.7 7.6 11.9 central administration costs -28.9 -25.3 -34.4 EBIT 2.8 -17.7 -22.5 result from participations in Group companies -1.1 – -197.1 change in the value of interest-rate derivatives 76.0 -16.1 -1.6 net interest -38.3 -42.6 -58.3 Profit/loss after financial items 39.5 -76.4 -279.6 appropriations – -2.2 39.5 EBT 39.5 -78.6 -240.1 ta x -11.6 – 0.3 Deferred tax -21.0 Profit to principal1) 155.4 – – Profit for the period 162.4 -78.6 -239.7 1) the Parent company acts as the principal from a fiscal standpoint for a selection of its subsidiaries, the majority of which are also included in a group for V at. Condensed Parent Company balance sheet Amounts in SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Plant and equipment 4.0 4.4 4.1 Participations in Group companies 6,388.7 5,258.2 6,382.6 non-current receivables from Group companies 1,424.3 1,267.9 1,277.3 other non-current receivables 1.9 – 1.0 interest-rate derivatives 105.9 16.5 30.3 Deferred tax assets 2.1 – – current receivables from Group companies 1,399.6 758.2 804.6 other current receivables 7.0 2.4 4.1 Prepaid expenses and accrued income 4.0 – – cash at bank and in hand – 49.2 70.7 T otal assets 9,337.5 7,356.8 8,574.6 Equity and liabilities Equity 2,063.4 2,210.0 1,996.2 Provisions 2.4 1.0 1.3 Deferred tax liability 29.2 8.7 6.2 non-current liabilities to Group companies 2,991.9 2,884.4 2,902.3 interest-rate derivatives 0.0 1.1 0.3 overdraft facility 3.5 – – current liabilities to Group companies 4,223.1 2,245.2 3,657.3 other current liabilities 24.0 6.4 11.1 T otal equity and liabilities 9,337.5 7,356.8 8,574.6 Parent Company The operations of the Parent Company, John Mattson Fastighetsföretagen AB (publ) with corporate identification number 556802-2858, primarily encompass shared Group services pertaining to strategy, communication, business development and accounting/finance. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 25
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otHEr inFormation Opportunities and risks in the Group and Parent Company John Mattson has a stable cash flow from operating activities with 83% of the lettable area comprising residential properties in attractive locations in the Stockholm region and Uppsala. It is the company’s assessment that demand for rental properties in these locations will remain high. Opportunities and risks in cash flow John Mattson’s properties are located in attractive areas with high demand in the Stockholm region and Uppsala. The vacancy rate is low and rents are relatively secure and predictable. Of John Mattson’s total rental revenue, around 77% is generated by residential tenants. The main operating expenses for John Mattson are for media, which include electricity, heat, water and waste. Electricity costs have been more volatile compared with previous periods. At the same time, water and sewerage costs have risen sharply in recent years and are expected to continue to rise in the years ahead. John Mattson has stable cash flow from operating activities before changes in working capital. Interest expenses are one of John Mattson’s single largest expenses and are impacted by changes in market interest rates, whereby rising market interest rates over time are normally an effect of economic growth and rising inflation. Accordingly, the interest-bearing borrowing means that John Mattson is exposed to interest-rate risk, among other risks. Change in income from property management Full-year effect, next 12 months, SEK m Change +/- Impact on income from property manage- ment rental value 5% +/-37.7 Economic occupancy rate 1 percentage point +/-7.5 Property expenses 5% +/-9.8 Underlying market interest rate 1 percentage point +22.1/-41.3 Opportunities and risks with property values John Mattson initially recognises its properties at fair value with changes in value recognised in profit or loss. This entails increased volatility, primarily for earnings, but also for the financial position. The market value of properties is determined by market supply and demand. The properties’ values are based on their expected future net operating income and yield requirements. A higher net operating income or lower yield requirement has a positive impact on the value. A lower net operating income or higher yield requirement has a negative impact on the value. The impact of a percentage change in property value on the LTV ratio is illustrated below. Change in property value -20% -10% 0% +10% +20% change in value, SEK m -3,164 -1,582 – 1,582 3,164 loan-to-value ratio, % 59.5% 52.8% 47.6% 43.2% 39.6% The effect of a change in different input data in a valuation model on the calculated fair value of the properties is illustrated below. Sensitivity analysis, fair value, SEK m 30 Sep 2026 30 Sep 2025 rent/market rent +/-1.0% 220.0 201.8 Housing 205.5 185.5 commercial 14.5 16.3 Property expenses +/-SEK 50 sqm 538.6 521.7 Housing 509.7 490.6 commercial 28.9 31.1 long-term vacancy rate +/-2.0% 438.0 407.2 Housing1) 408.8 373.4 commercial 29.2 33.8 Yield requirement, exit -0.5% 2,398.6 1,998.1 Housing 2,312.0 1,904.7 commercial 86.6 93.4 Yield requirement, exit +0.5% -1,825.7 -1,445.5 Housing -1,755.3 -1,370.2 commercial -70.3 -75.3 1) the sensitivity analysis for the housing vacancy rate is hypothetical since the eco - nomic occupancy rate for housing was 98.7% at the end of the year and thus cannot increase 2%. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 26
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otHEr inFormation Financial risk John Mattson aims for low financial risk. The risk is limited with a long-term net LTV ratio that is not permitted to exceed 50% and a long-term interest coverage ratio of not less than 1.5. At the end of the period, the loan-to-value ratio was 47.6% (46.1). The interest coverage ratio for the period was a multiple of 2.1 (2.2). Access to external funding is a key risk parameter for the company and is managed through sufficient liquidity reserves and a low LTV ratio. Disposable liquidity, which comprises unutilised overdraft facilities, secured RCFs and cash balances, amounted to SEK 406.3 million (458.6) at the end of the period. The company’s volume-weighted average loan-to-maturity amounted to 2.1 years (2.4) at the end of the period. T o limit the company’s exposure to increasing interest rates, agreements concerning interest-rate swaps have been concluded with banks for a nomi- nal amount of SEK 6,800 million (7,650.0). Sustainability risks John Mattson’s sustainability agenda is integrated into the company’s business model. Sustainability-related risks that are deemed the most material for the company’s development are social conditions, negative environmental impact and climate change as well as issues related to the company’s code of con- duct and employees. John Mattson works pursuant to long-term sustainability targets, including science-based climate targets, for each of the company’s four focus areas in sustainability. The sustainability targets are to steer the company’s operations toward more sustainable development and contribute to achieving the vision of “Great neighbourhoods across generations.” John Mattson takes an overall approach towards buildings as well as outdoor areas to create safe, attractive and sustainable neighbourhoods and local communities. The company is com- mitted to engaging in social matters and to working together with municipalities, the police, other property owners and organisations on safety issues and works systematically to prevent improper rental conditions. With the aim of reducing negative impacts on the environ- ment across all components of the properties’ life cycle, and increasing positive ones, John Mattson focuses strongly on responsible material and waste management as well as ener- gy-efficient and fossil-free solutions. The company is commit- ted to reducing carbon dioxide emissions in line with the Paris Agreement and has conducted climate mapping as well as drawn up a roadmap to achieve the science-based climate targets. John Mattson works proactively to promote a healthy, safe and stimulating work environment for employees and suppliers. The code of conduct and supplemental policies implemented for all employees are reviewed annually, moreover, the company’s core values are continuously reinforced with the involvement of all employees. John Mattson has a clear process for performance appraisals and works systematically to prevent accidents and work-related ill health. Uncertainties – T urbulent operating environment Global uncertainty continues to affect the property market, and changes in interest rates, credit margins, yield requirements and macroeconomic conditions may affect the Group’s earnings, cash flow and property values. The company works continu- ously to mitigate these risks. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 27
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othEr inFormation Accounting policies Lidingö, October 22 2026 Per-Gunnar (P-G) Persson Johan Ljungberg Chairman of the Board Vice chairman Håkan Blixt Ingela Lindh Board Member Board Member Katarina Wallin Åsa Bergström Board Member Board Member Per Nilsson, CEO Chief Executive Officer Significant events after the end of the period ■ On 22 October, the Board decided to raise the financial target for long-term growth in NRV per share from 7% to 10%, reflecting the positive performance of the business and the opportunities we see ahead. The target of 10% annual growth in income from property management per share is unchanged. ■ After the end of the period, on 20 October, John Mattson entered a contract with Jiben to start an upgrade project involving 243 apartments in Rotsunda, in Sollentuna. The project is scheduled to launch at the turn of the year. This condensed interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting together with the appropriate provisions of the Annual Accounts Act. The accounting and measurement policies applied remain unchanged from the annual report. John Mattson monitors the business as a single unit whose earnings in their entirety are reported to and evaluated by the CODM. Accordingly, the Group only reports one segment. New standards and interpretations IFRS 18, which replaces IAS 1 with effect from 1 January 2027, will change how financial statements are presented and which disclosures are provided. John Mattson is monitoring the devel- opment of the standard and analysing its potential impact on the company’s financial reporting. We are currently considering introducing a management-defined performance measure (MPM) corresponding to what is currently reported as Income from property management. Other new and amended standards approved by the EU and interpretations are currently not con- sidered to have a significant impact on John Mattson’s earnings or financial position. Parent Company The Parent Company’s accounting policies adhere to the Annual Accounts Act and the Swedish Corporate Reporting Board Rec- ommendation RFR 2 Accounting for Legal Entities. With effect from 1 January 2026, the Parent Company acts as the principal from a fiscal standpoint for a selection of its subsidiaries. This means that the Parent Company will be recognised as the prin- cipal in its accounting in connection with the financial perfor- mance of the subsidiaries included. For further information on the accounting policies, please refer to the Group’s 2025 Annual Report, which is available on John Mattson’s website. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 28
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othEr inFormation Auditor’s review report T o the Board of Directors of John Mattson Fastighetsföretagen AB (publ), Corp. Reg. No. 556802–2858 Stockholm, October 22 2026 Ernst & Young AB Katrine Söderberg Authorised Public Accountant Introduction We have reviewed the condensed interim report for John Mattson Fastighetsföretagen AB (publ) as of September 30, 2026, and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accor- dance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. JOHN MATTSON – INTERIM REPORT JANUARY–SEPTEMBER 2026 29
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otHEr inFormation The John Mattson share John Mattson’s shares are listed on Nasdaq Stockholm, Mid Cap. As of 30 September 2026, the market capitalisation was SEK 4.1 billion. John Mattson’s share was listed on Nasdaq Stockholm, Mid Cap as of 5 June 2019. The share price in conjunction with the listing was SEK 90 and the closing price on 30 September 2026 was SEK 54.80. The lowest closing price in the quarter was SEK 54.80, recorded on 30 September. The highest closing price in the quarter was SEK 60.60, recorded on 6 July. Over the quarter, stock turnover amounted to 1,841,740 shares with a combined value of SEK 108.1 million, representing an annu- alised stock turnover of 9.8%. Nasdaq Stockholm accounted for 73.5% of all trading in John Mattson shares. John Mattson has one class of share and each share entitles the holder to one vote. Buy back of shares The 2026 AGM resolved to cancel the shares held in treasury and authorised the Board anew to acquire the company’s own shares. In May 2026, the Board decided to initiate share repurchases of up to a total amount of SEK 100 million during the period until the 2027 AGM. On the balance-sheet date, the company holds 1,276,725 shares, approximately 1.7% of the shares outstanding, in treasury. Dividend policy Over the long term, dividends are to amount to 30% of annual income from property management following deductions for the standard tax rate, taking into consideration the company’s invest- ment plans, consolidation needs, liquidity and overall financial position. Dividends may be less than the long-term target or be fully absent. The AGM 2026 resolved to distribute a dividend of SEK 0.25 per share, SEK 18.75 million in total, for the 2025 financial year. Net reinstatement value As of 30 September 2026, the net reinstatement value (NRV) totalled SEK 8,060.0 million (7,593.3). By the end of the period, NRV amounted to SEK 109.31 per share (100.18). Net tangible assets (NTA) amounted to SEK 7,338.4 million (6,920.0) or SEK 99.53 per share (91.30) at the end of the period, following deductions for the estimated actual deferred tax liability of 6%. 30 Sep 2026 30 Sep 2025 31 Dec 2025 SEK m SEK/ share SEK m SEK/ share SEK m SEK/ share Equity according to balance sheet 6,829.8 92.63 6,326.1 83.46 6,369.2 84.91 Add back Derivatives according to balance sheet -118.8 -1.61 7.7 0.10 -13.8 -0.18 Deferred tax liability in balance sheet 1,349.0 18.30 1,259.6 16.62 1,273.8 16.98 Net reinstatement value (NRV) 8,060.0 109.31 7,593.3 100.18 7,629.1 101.71 Less Estimated actual deferred tax liability, 6% -721.6 -9.79 -673.4 -8.88 -665.7 -8.88 Net tangible assets (NTA) 7,338.4 99.53 6,920.0 91.30 6,963.4 92.83 Less 0.00 Derivatives according to balance sheet 118.8 1.61 -7.7 -0.10 13.8 0.18 Deferred tax, net -627.4 -8.51 -586.2 -7.73 -608.1 -8.11 interest-bearing liabilities 7,521.3 102.01 6,758.4 89.17 6,725.2 89.66 Fair value, interest-bearing liabilities -7,486.4 -101.54 -6,700.9 -88.41 -6,673.7 -88.97 Net disposal value (NDV) 6,864.7 93.10 6,383.7 84.22 6,420.7 85.60 Main shareholders on 30 September 2026 The table below presents the owners with a shareholding in John Mattson that exceeds 3% together with other shareholders. No. of shares Percentage aB Borudan Ett 28,702,110 38.27% tagehus Holding aB 10,273,564 13.70% carnegie Fonder 7,000,000 9.33% Fidelity investments (Fmr) 3,413,850 4.55% Bergamotträdet 9 Holding aB 3,064,276 4.09% other shareholders 22,554,829 30.07% T otal 75,008,629 100.0% of which, foreign shareholders 7,328,343 9.77% of which, treasury shares 1,276,725 1.70% T otal number of shares outstanding, not held in treasury 73,731,904 98.30% Source: consolidated and compiled data from Euroclear/m odular Finance Share-related key metrics Jan–Sep 2026 Jan–Sep 2025 Jan–Dec 2025 income from property management, SEK/ share 2.69 2.35 2.95 Growth in income from property manage- ment, SEK/share, % 14.6 21.0 14.6 Profit after tax attributable to Parent company shareholders, SEK/share 7.47 3.95 5.22 net reinstatement value (nrV), SEK/share 109.31 100.18 101.71 Growth in nrV, SEK/share, including distribu- tions to shareholders, % 9.4 8.4 7.4 net tangible assets (nta), SEK/share 99.53 91.30 92.83 Equity attributable to Parent company shareholders, SEK/share 92.63 83.46 84.91 market capitalisation at the end of the period, SEK/share 54.80 60.60 70.00 market capitalisation (SEK/share)/nrV, SEK/ share at the end of the period 0.50 0.60 0.69 average no. of shares during the period 74,544,063 75,793,930 75,691,931 no. of shares outstanding at the end of period 73,731,904 75,793,930 75,008,629 Development of share capital Y ear Event Change in No. of shares1, 2) T otal No. of shares Change in share capital (SEK) Share capital (SEK) Quo- tient value (SEK) 2010 Founded 1,000 1,000 100,000 100,000 100 2011 Bonus issue 1,000 9,900,000 10,000,000 10,000 2018 Share split 10,000:1 9,999,000 10,000,000 10,000,000 1 2018 new share issue 1,223,344 11,223,344 1,223,344 11,223,344 1 2019 Share split 3:1 22,446,688 33,670,032 11,223,344 0.33 2021 non-cash issue 2,694,795 36,364,827 898,265 12,121,609 0.33 2022 non-cash issue 672,208 37,037,035 224,069 12,345,678 0.33 2022 non-cash issue 859,930 37,896,965 286,643 12,632,321 0.33 2023 new share issue 37,896,965 75,793,930 12,632,321 25,264,642 0.33 2026 reduction of share capital -785,301 75,008,629 -261,767 25,002,876 0.33 2026 Bonus issue 75,008,629 261,767 25,264,642 0.34 1) t wo non-cash issues, of 672,208 and 859,930 shares respectively, were decided in February 2022 in conjunction with the acquisition of properties. the shares were registered on 3 February and 5 may 2022. 1) in December 2023, a private placement was completed for a total of 37,896,965 shares, which were registered on 15 December (37,783,415) and 21 December (113,550). in 2026, 785,301 shares held in treasury were cancelled, and in conjunction therewith a bonus issue made for SEK 261,767, to restore the share capital. the number of shares outstanding at the end of the period was 75,008,629. 2) the quotient value of the shares was SEK 0.34 per share (0.33) at the end of the period. 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otHEr inFormation Key metrics Key metrics Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Oct 2025– Sep 2026 Jan–Dec 2025 Property-related key metrics Surplus ratio during the period, % 76.6 76.7 74.1 73.7 72.7 72.4 Economic occupancy rate at the end of the period, % 97.1 97.6 97.1 97.6 97.1 97.6 rental value at the end of the period, SEK m 753.5 689.4 753.5 689.4 753.5 688.4 rental value, apartments, at the end of the period, SEK/sq m 1,983 1,848 1,983 1,848 1,983 1,855 lettable area at the end of the period, thousand sq m 353.9 345.2 353.9 345.2 353.9 342.4 investments in new builds, extensions and redevelopments, SEK m 116.1 68.5 249.8 180.4 331.1 261.7 investments – acquisitions, SEK m 0.0 – 791.1 – 791.1 – Property value at the end of the period, SEK m 15,819.4 14,543.9 15,819.4 14,543.9 15,819.4 14,539.5 Property value, at the end of the period, SEK/sq m 44,698 42,129 44,698 42,129 44,698 42,465 total number of apartments 4,573 4,325 4,573 4,325 4,573 4,302 no. of apartments that received base upgrades in the period 0 0 40 12 63 35 no. of apartments that received base and total upgrades in the period 16 21 77 30 102 55 no. of apartments that received total upgrades in the period 1) 11 13 33 30 43 40 no. of upgraded apartments during the period 27 34 150 72 208 130 Key financial metrics rental revenue, SEK m 183.8 168.7 533.2 504.4 701.8 673.0 net operating income, SEK m 140.7 129.4 395.1 372.0 510.2 487.0 income from property management, SEK m 2) 61.5 69.8 200.5 177.9 246.0 223.3 Earnings after tax for the period 241.8 128.0 557.1 301.1 653.1 397.2 average interest rate at the end of the period, % 3.26 2.97 3.26 2.97 3.26 3.04 ltV ratio at the end of the period, % 47.6 46.1 47.6 46.1 47.6 45.8 interest coverage ratio during the period, multiple 2.0 2.6 2.1 2.2 2.1 2.1 Fixed-interest tenor, at the end of the period, years 2.5 3.2 2.5 3.2 2.5 3.0 loan-to-maturity at the end of the period, years 2.1 2.4 2.1 2.4 2.1 2.2 net reinstatement value (nrV), SEK m 8,060.0 7,593.3 8,060.0 7,593.3 8,060.0 7,629.1 net tangible assets (nta), SEK m 7,338.4 6,920.0 7,338.4 6,920.0 7,338.4 6,963.4 Share-related key metrics income from property management, SEK/share 2) 0.83 0.92 2.69 2.35 3.29 2.95 Growth in income from property management, SEK/share, % 2) -9.6 18.0 14.6 21.0 26.1 14.6 Profit after tax attributable to Parent company shareholders, SEK/share 3.27 1.68 7.47 3.95 8.73 5.22 net reinstatement value (nrV), SEK/share 109.31 100.18 109.31 100.18 109.31 101.71 Growth in nrV, including distributions to shareholders, SEK/share, % 9.4 8.4 9.4 8.4 9.4 7.4 net tangible assets (nta), SEK/share 99.53 91.30 99.53 91.30 99.53 92.83 Equity attributable to Parent company shareholders, SEK/share 92.63 83.46 92.63 83.46 92.63 84.91 market capitalisation at the end of the period, SEK/share 54.80 60.60 54.80 60.60 54.80 70.00 average no. of shares during the period 73,917,765 75,793,930 74,544,063 75,793,930 74,754,947 75,691,931 no. of shares outstanding at the end of period 73,731,904 75,793,930 73,731,904 75,793,930 73,731,904 75,008,629 1) apartments receiving total upgrades have received base upgrades in previous years. 2) income from property management for the period includes dividends from the shareholding in turako of SEK 0.4 million in Q1 and SEK 23.2 million in Q2. During the year, the company continued to buy back its own shares. the buybacks reduce the number of shares outstanding, which affects per-share key metrics, including nr V and income from property management per share. Definitions of key metrics are provided on page 33. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 31
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otHEr inFormation Multi-quarter review 2026 2026 2026 2025 2025 2025 2025 2024 Quarterly review – Group Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Property-related key metrics Surplus ratio, % 76.6 76.3 69.2 68.2 76.7 76.4 68.0 68.0 Economic occupancy rate at the end of the period, % 97.1 97.6 97.3 97.6 97.6 97.2 97.6 97.6 rental value at the end of the period, SEK m 753.5 748.0 703.3 688.4 689.4 688.2 688.5 658.9 rental value, apartments, at the end of the period, SEK/sq m 1,983 1,972 1,920 1,855 1,848 1,847 1,824 1,736 lettable area at the end of the period, thousand sq m 353.9 353.9 340.1 342.4 345.2 344.8 345.0 345.2 investments in new builds, extensions and redevelopments, SEK m 116.1 70.5 63.2 81.3 68.5 61.2 50.7 41.6 investments – acquisitions, SEK m 0.0 791.1 0.0 0.0 0.0 0.0 0.0 0.0 Property value at the end of the period, SEK m 15,819.4 15,598.8 14,569.5 14,539.5 14,543.9 14,381.0 14,251.3 14,097.7 Property value, at the end of the period, SEK/sq m 44,698 44,073 42,836 42,465 42,129 41,708 41,311 40,837 total number of apartments 4,573 4,573 4,255 4,302 4,325 4,325 4,325 4,326 no. of apartments that received base upgrades in the period 0 18 22 23 0 12 0 0 no. of apartments that received base and total upgrades in the period 16 37 24 25 21 9 0 0 no. of apartments that received total upgrades in the period 1) 11 15 7 10 13 7 10 7 no. of upgraded apartments during the period 27 70 53 58 34 28 10 7 Key financial metrics rental revenue, SEK m 183.8 177.3 172.2 168.6 168.7 170.3 165.4 162.5 net operating income, SEK m 140.7 135.3 119.2 115.0 129.4 130.1 112.5 110.4 income from property management, SEK m 2) 61.5 88.1 50.9 45.4 69.8 61.2 46.8 48.1 Earnings after tax for the period, SEK m 241.8 163.0 152.2 96.1 128.0 39.1 134.0 70.4 average interest rate at the end of the period, % 3.26 3.17 3.10 3.04 2.97 2.83 2.78 2.84 ltV ratio at the end of the period, % 47.6 47.8 45.3 45.8 46.1 46.9 47.2 47.6 interest coverage ratio during the period, multiple 2.0 2.1 2.0 1.9 2.6 2.2 2.0 2.0 Fixed-interest tenor, at the end of the period, years 2.5 2.7 3.1 3.0 3.2 3.3 3.3 3.5 loan-to-maturity at the end of the period, years 2.1 2.4 1.9 2.2 2.4 2.7 2.9 3.2 net reinstatement value (nrV), SEK m 8,060.0 7,921.4 7,747.8 7,629.1 7,593.3 7,435.2 7,312.3 7,174.7 net tangible assets (nta), SEK m 7,338.4 7,217.5 7,069.5 6,963.4 6,920.0 6,772.0 6,645.7 6,513.0 Share-related key metrics (in SEK) income from property management, SEK/share 2) 0.83 1.18 0.68 0.60 0.92 0.81 0.62 0.63 income from property management, SEK/share, growth, %2) -9.6 46.1 9.8 -5.1 18.0 11.1 43.6 -8.0 Profit after tax attributable to Parent com- pany shareholders, SEK/share 3.27 2.17 2.02 1.27 1.68 0.50 1.77 0.91 net reinstatement value (nrV), SEK/share 109.31 106.92 103.29 101.71 100.18 98.10 96.48 94.66 Growth in nrV, including distributions to shareholders, SEK/share, % 9.4 9.2 7.1 7.4 8.4 10.2 11.5 8.7 net tangible assets (nta), SEK/share 99.53 97.42 94.25 92.83 91.30 89.35 87.68 85.93 Equity, SEK/share 92.63 89.21 86.94 84.91 83.46 81.79 81.29 79.52 market capitalisation at the end of the period, SEK/share 54.80 57.70 58.60 70.00 60.60 65.00 58.20 61.20 average no. of shares during the period 73,917,765 74,717,781 75,008,629 75,384,812 75,793,930 75,793,930 75,793,930 75,793,930 no. of shares outstanding at the end of period 73,731,904 74,089,363 75,008,629 75,008,629 75,793,930 75,793,930 75,793,930 75,793,930 1) apartments receiving total upgrades have received base upgrades in previous years. 2) income from property management for the period includes dividends from the shareholding in turako of SEK 0.4 million in Q1 and SEK 23.2 million in Q2. During the year, the company continued to buy back its own shares. the buybacks reduce the number of shares outstanding, which affects per-share key metrics, including nr V and income from property management per share. Definitions of key metrics are provided on page 33. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 32
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otHEr inFormation Definitions John Mattson Fastighetsföretagen AB (publ) applies the European Securities and Markets Authority’s (ESMA) Guidelines on Alternative Performance Measures (APMs). Under these Guidelines, an APM is a financial measure of historic or projected earnings trends, financial position, financial performance or cash flows that are neither defined nor specified in applicable rules for financial reporting, such as IFRS and the Swedish Annual Accounts Act. Key metrics Definition Objective Net tangible assets (NTA), SEK m net reinstatement value (nrV) excluding the estimated actual tax liability at the end of the period. net tangible assets (nta) is used to provide stakeholders with informa- tion about the net tangible assets calculated in a manner compatible with other listed property companies. Net disposal value (NDV), SEK m recognised equity attributable to Parent company sharehold- ers after adjustment for the difference compared with the fair value of interest-bearing liabilities. net disposal value (nDV) is used to provide stakeholders with informa- tion about the value under an orderly sale of business calculated in a manner compatible with other listed property companies. LTV ratio at the end of the period, % interest-bearing liabilities, excluding lease liabilities for leasehold properties, less cash and cash equivalents as a percentage of the carrying amount for the properties at the end of the period. Used to illustrate John mattson’s financial risk and shows how large a share of the operations is mortgaged with interest-bearing liabilities. this metric facilitates comparability with other property companies. Residential properties residential property pertains to property that primarily consists of housing, but where a portion of the lettable area may also include other premises and garages. not an alternative performance measure. Equity, SEK/share recognised equity attributable to Parent company share- holders divided by the number of shares outstanding on the balance-sheet date. this metric shows how large a share of John mattson’s recognised shareholders’ equity that each share represents. Economic occupancy rate at the end of the period, % annualised contracted rents in relation to contracted rents plus annualised discounts and vacancies at the end of the period. this metric facilitates assessment of John mattson’s efficiency at using the floor area in its investment properties. Property expenses, SEK m this item includes direct property expenses, such as costs for operations, maintenance and property taxes, as well as indirect property expenses in the form of lettings and property administration. not an alternative performance measure. Property value, at the end of the period, SEK/sq m the fair value of properties excluding ongoing projects divided by lettable area for properties owned at the end of the period. Used to illustrate John mattson’s average property value per sq m. Income from property management, SEK m Profit excluding value changes and tax. this metric facilitates increased understanding of John mattson’s profit generation. Income from property management, SEK/share Earnings excluding value changes and tax divided by the average number of shares outstanding during the period. this metric facilitates increased understanding of the trend in income from property management taking shares outstanding into account. Average economic occupancy rate, % rental revenue for the period in relation to the period’s gross rents. this metric is used to measure John mattson’s efficiency during the period at using the floor area in its investment properties. Average economic occupancy rate, apartments, % residential rental revenue for the period in relation to gross rents during the period. this metric is used to measure John mattson’s efficiency during the period at using the residential floor area in its investment proper- ties. Average interest rate at the end of the period, % Weighted average contractual interest rate for all credits in the debt portfolio, including interest-rate derivatives, excluding liabilities and interest rates pertaining to iFrS 16 leases. Used to illustrate John mattson’s financial risk. Rental value, apartments, at the end of the period, SEK/sq m annualised contractual residential floor area plus the value of vacancies and discounts at period-end divided by lettable resi- dential floor area for properties owned at the end of the period. Used to illustrate John mattson’s revenue potential in respect of housing, per square metre. Rental value at the end of the period, SEK m annualised contractual rent plus the annualised value of vacancies and discounts at the end of the period. Used to illustrate John mattson’s revenue potential. Contract value at the end of the period, SEK m this item pertains to contracted annual rents for properties owned at the end of the period. not an alternative performance measure. Net reinstatement value (NRV), SEK m recognised equity attributable to Parent company sharehold- ers, adding back interest-rate derivatives and deferred tax. net reinstatement value (nrV) per share is used to inform stakeholders on the net reinstatement value calculated in a manner compatible with other listed property companies. replaces naV. Net reinstatement value, SEK/share recognised equity attributable to Parent company share- holders, adding back interest-rate derivatives and deferred tax, and divided by the number of shares outstanding on the balance-sheet date. Used to illustrate John mattson’s net reinstatement value per share in a manner compatible with other listed companies. Net interest-bearing liabilities at the end of the period, SEK m interest-bearing liabilities, excluding lease liabilities for leasehold properties, less cash and cash equivalents at the end of the period. Used to illustrate John mattson’s level of debt. Interest coverage ratio during the period, multiple income from property management before value changes with the addition of interest expenses in relation to interest expenses excluding ground rents recognised as an interest expense under iFrS 16. this metric is used to illustrate how sensitive John mattson’s earnings are to changes in interest rates, i.e., it shows how many times the company could pay the interest it incurs using profit from business operations. Surplus ratio, % net operating income for the period as a percentage of recognised rental revenues. Used to illustrate the proportion of John mattson’s revenue that remains after deducting property expenses. this metric is an efficiency ratio that is comparable over time and also between property companies. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 33
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otHEr inFormation Reconciliation tables Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Oct 2025– Sep 2026 Jan–Dec 2025 Net tangible assets (NTA), SEK/share a net tangible assets at the end of the period, SEK m 7,338.4 6,920.0 7,338.4 6,920.0 7,338.4 6,963.4 B number of shares outstanding at the end of the period, thousand 73,732 75,794 73,732 75,794 73,732 75,009 A/B Net tangible assets (NTA), SEK/share 99.53 91.30 99.53 91.30 99.53 92.83 LTV ratio at the end of the period, % a interest-bearing liabilities, excluding lease liabilities for leasehold properties, at the end of the period according to balance sheet, SEK m 7,524.4 6,758.4 7,524.4 6,758.4 7,524.4 6,725.2 B cash and cash equivalents at the end of the period according to balance sheet, SEK m 0.0 49.1 0.0 49.1 0.0 70.7 c investment properties according to balance sheet at the end of the period, SEK m 15,819.4 14,543.9 15,819.4 14,543.9 15,819.4 14,539.5 (A-B)/C LTV ratio at the end of the period, % 47.6 46.1 47.6 46.1 47.6 45.8 Equity, SEK/share a Equity attributable to Parent company shareholders at the end of the period, SEK m 6,829.8 6,326.1 6,829.8 6,326.1 6,829.8 6,369.2 B number of shares outstanding at the end of the period, thousand 73,732 75,794 73,732 75,794 73,732 75,009 A/B Equity, SEK/share 92.63 83.46 92.63 83.46 92.63 84.91 Economic occupancy rate at the end of the period, % a annualised contract value at the end of the period, SEK m 731.9 673.1 731.9 673.1 731.9 671.7 B annualised vacancy value at the end of the period, SEK m 21.6 16.3 21.6 16.3 21.6 16.6 A/(A+B) Economic occupancy rate at the end of the period, % 97.1 97.6 97.1 97.6 97.1 97.6 Property value, at the end of the period, SEK/sq m a investment properties according to balance sheet at the end of the period, SEK m 15,819.4 14,543.9 15,819.4 14,543.9 15,819.4 14,539.5 B lettable area at the end of the period, thousand sq m 353.9 345.2 353.9 345.2 353.9 342.4 A/B Property value, at the end of the period, SEK/sq m 44,698 42,129 44,698 42,129 44,698 42,465 Income from property management, SEK/share 1) a income from property management during the period, SEK m 61.5 69.8 200.5 177.9 246.0 223.3 B average number of shares outstanding during the period, thousand 73,918 75,794 74,544 75,794 74,755 75,692 A/B Income from property management, SEK/share 0.83 0.92 2.69 2.35 3.29 2.95 Income from property management, SEK m 1) a Profit for the period 241.8 90.7 557.1 263.8 653.1 397.2 B current and deferred tax 18.2 69.5 87.0 120.9 113.6 110.1 c change in value of investment properties and interest-rate derivatives 198.4 90.3 443.5 206.8 520.7 284.1 A+B-C Income from property management, SEK m 61.6 69.8 200.5 177.9 246.0 223.3 Average interest rate at the end of the period, % a annualised interest expense, excluding interest under iFrS 16 leases, at the end of the period, SEK m 245.3 200.4 245.3 200.4 245.3 204.4 B interest-bearing liabilities, excluding lease liabilities under iFrS 16 leases, at the end of the period, SEK m 7,524.4 6,758.4 7,524.4 6,758.4 7,524.4 6,725.2 A/B Average interest rate at the end of the period, % 3.3 3.0 3.3 3.0 3.3 3.0 Rental value at the end of the period, SEK m a annualised contract value at the end of the period, SEK m 731.9 673.1 731.9 673.1 731.9 671.7 B annualised vacancy and discount value at the end of the period, SEK m 21.6 16.3 21.6 16.3 21.6 16.6 A+B Rental value at the end of the period, SEK m 753.5 689.4 753.5 689.4 753.5 688.4 Rental value, apartments, at the end of the period, SEK/sq m a annualised contract value, apartments, at the end of the period, SEK m 573.0 518.5 573.0 518.5 573.0 517.0 B annualised vacancy and discount value for apartments at the end of the period, SEK m 7.6 4.9 7.6 4.9 7.6 5.4 c lettable area of apartments at the end of the period, thousand sq m 292.7 283.3 292.7 283.3 292.7 281.6 (A+B)/C Rental value, apartments, at the end of the period, SEK/sq m 1,983 1,848 1,983 1,848 1,983 1,855 Net reinstatement value (NRV), SEK/share a nrV at the end of the period, SEK m 8,060.0 7,593.3 8,060.0 7,593.3 8,060.0 7,629.1 B number of shares outstanding at the end of the period, thousand 73,732 75,794 73,732 75,794 73,732 75,009 A/B Net reinstatement value, SEK/share 109.31 100.18 109.31 100.18 109.31 101.71 JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 34
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otHEr inFormation Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Oct 2025– Sep 2026 Jan–Dec 2025 NRV and NTA, SEK m a Equity attributable to Parent company shareholders at the end of the period, SEK m 6,829.8 6,326.1 6,829.8 6,326.1 6,829.8 6,369.2 B Derivatives according to the balance sheet at the end of the period, SEK m -118.8 7.7 -118.8 7.7 -118.8 -13.8 c Deferred tax liabilities according to the balance sheet at the end of the period, SEK m 1,349.0 1,259.6 1,349.0 1,259.6 1,349.0 1,273.8 A+B+C=D Net reinstatement value (NRV), SEK m 8,060.0 7,593.3 8,060.0 7,593.3 8,060.0 7,629.1 E Estimated actual deferred tax liability at the end of the period, SEK m -721.6 -673.4 -721.6 -673.4 -721.6 -665.7 D+E Net tangible assets (NTA), SEK m 7,338.4 6,920.0 7,338.4 6,920.0 7,338.4 6,963.4 -B Derivatives according to the balance sheet at the end of the period, SEK m 118.8 -7.7 118.8 -7.7 118.8 13.8 -C-E Deferred tax, net -627.4 -586.2 -627.4 -586.2 -627.4 -608.1 G Interest-bearing liabilities 7,521.3 6,758.4 7,521.3 6,758.4 7,521.3 6,725.2 H Fair value, interest-bearing liabilities -7,486.4 -6,700.9 -7,486.4 -6,700.9 -7,486.4 -6,673.7 F-B-C- E+G-H Net disposal value (NDV), SEK m 6,864.7 6,383.7 6,864.7 6,383.7 6,864.7 6,420.7 a annualised interest-bearing liabilities, excluding lease liabilities for leasehold properties, at the end of the period, SEK m 7,524.4 6,758.4 7,524.4 6,758.4 7,524.4 6,725.2 B cash and cash equivalents at the end of the period, SEK m 0.0 49.1 0.0 49.1 0.0 70.7 A-B Net interest-bearing liabilities at the end of the period, SEK m 7,524.4 6,709.3 7,524.4 6,709.3 7,524.4 6,654.6 Interest coverage ratio during the period, multiple a income from property management during the period according to income statement, SEK m 61.5 69.8 200.5 177.9 246.0 223.3 B Financial expenses during the period, excluding ground rents recognised as an interest expense under iFrS 16, SEK m 61.8 44.8 166.6 143.7 219.1 196.2 (A+B)/B Interest coverage ratio during the period, multiple 2) 2.0 2.6 2.1 2.2 2.1 2.1 Growth in income from property management, SEK/share, % 1) a income from property management, SEK/share during the period 0.83 0.92 2.69 2.35 3.29 2.95 B income from property management, SEK/share during the preceding period 0.92 0.78 2.35 1.94 2.61 2.57 (A-B)/B Growth in income from property management, SEK/share, % -9.6 18.0 14.6 21.0 26.1 14.6 Growth in net reinstatement value (NRV), SEK/share, % a net reinstatement value (nrV) at the end of the period, SEK/share 109.31 100.18 109.31 100.18 109.31 101.71 B net reinstatement value (nrV) at the end of preceding 12-month period, SEK/share 100.18 92.45 100.18 92.45 100.18 94.66 (A-B)/B Growth in net reinstatement value (NRV), SEK/share, % 9.1 8.4 9.1 8.4 9.1 7.4 Growth in NRV, SEK/share, including distributions to shareholders, % a net reinstatement value (nrV) at the end of the period, SEK/share 109.31 100.18 109.31 100.18 109.31 101.71 B Dividend for the 12-month period, SEK per share 0.25 0.00 0.25 0.00 0.25 0.00 c net reinstatement value (nrV) at the end of preceding 12-month period, SEK/share 100.18 92.45 100.18 92.45 100.18 94.66 D Dividend in the preceding twelve-month period, SEK/share 0.00 0.00 0.00 0.00 0.00 0.00 (A+B)/ (C+D)-1 Growth in NRV, SEK/share, including distributions to shareholders, % 9.4 8.4 9.4 8.4 9.4 7.4 Surplus ratio during the period, % a net operating income during the period according to income statement, SEK m 140.7 129.4 395.1 372.0 510.2 487.0 B rental revenue during the period according to income statement 183.8 168.7 533.2 504.4 701.8 673.0 A/B Surplus ratio during the period, % 76.6 76.7 74.1 73.7 72.7 72.4 1) income from property management for the period includes dividends from the shareholding in turako of SEK 0.4 million in Q1 and SEK 23.2 million in Q2. 2) the interest coverage ratio for the period has been calculated excluding the share dividend of SEK 23.6 million. For further information see n ote 5. JoHn mattSon – intErim rEPort JanUarY–SEPtEmBEr 2026 35
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Contact information and calendar John mattson Fastighetsföretagen aB (publ), corp. reg. no. 556802-2858 larsbergsvägen 10, BoX 10035, 181 10 lidingö, tel: +46 (0)8-613 35 00, info@johnmattson.se, www.johnmattson.se Financial calendar Y ear-end report 2026: 12 February 2027 2026 annual report: 25 Mar 2027 interim report January–march 2027: 21 April 2027 interim report January–June 2027: 9 July 2027 interim report January–September 2027: 29 October 2027 Information Y ou can download and subscribe to press releases and interim reports on John mattson’s website.corporate.johnmattson.se Per Nilsson, cEo per.nilsson@johnmattson.se tel: +46 (0)8-613 35 02 Lars Ingman, interim cFo lars.ingman@johnmattson.se tel: +46 (0)8-613 35 00