Slide 1: Year-end Report 2024
Year-end Report 2024 M I K A E L Å S L U N D, C E O A N D P R E S I D E N T TO B I A S B J U R L I N G , C F O J A N U A RY 3 1 , 2 0 2 5
Slide 2: Summary
Summary • Gradual recovery in all markets • Strong building rights portfolio, attractive projects and competitive production costs • Lower housing prices and high costs put pressure on margins, also in 2025 • Underlying market conditions good in the long term 2 Year-end Report 2024 01/31/2025
Slide 3: Group Summary
Group Summary 1) J A N U A RY – D E C E M B E R 2 0 2 4 SEK m % • Revenue decreased to SEK 12,507 m (13,851). 2 500 20 • Operating profit amounted to SEK 531m (732), and operating margin decreased to 4.2 percent (5.3). 2 000 16 • Profit before tax decreased to SEK 403m (632). 1 500 12 • Earnings per
Slide 4: Group Summary
Group Summary J A N U A RY – D E C E M B E R 2 0 2 4 • Number of residential units sold increased to 2,778 (1,901). • Number of housing starts increased to 2,237 (1,609). • Number of residential units in current 16 % 13 % production decreased to 4,558 (6,033). 71 % • Residential building rights port
Slide 5: Housing prices have turned up
Housing prices have turned up Tenant-owners associations apartment prices in major cities in Sweden, and SEK, NOK/sq.m. freehold units in Oslo Municipality and Helsinki capital region EUR/sq.m 120 000 6 000 100 000 5 000 80 000 4 000 60 000 3 000 40 000 2 000 20 000 1 000 0 0 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4
Slide 6: Lower sales to investors in the quarter
Lower sales to investors in the quarter Number O C TO B E R – D E C E M B E R of units 800 773 700 600 311 574 500 462 96 70 100 400 196 46 139 300 100 200 100 142 100 92 232 124 61 0 2022 2023 2024 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property Development 6 Year-end
Slide 7: Significantly increased number of sold residential units in 2024
Significantly increased number of sold residential units in 2024 Number J A N U A RY – D E C E M B E R of units 3 000 2,778 2,659 70 2 700 374 2 400 459 2 100 1,901 472 1 800 527 218 416 1 500 346 1 200 946 731 488 900 600 534 300 657 785 315 0 2022 2023 2024 JM Residential Stockholm JM Residential
Slide 8: Number of housing starts in the quarter in line with previous year
Number of housing starts in the quarter in line with previous year Number O C TO B E R – D E C E M B E R of units 1 000 898 900 70 800 740 733 700 226 600 205 341 500 189 400 154 148 156 300 158 200 145 265 216 100 98 0 2022 2023 2024 JM Residential Stockholm JM Residential Riks JM Norway JM Finland
Slide 9: Increased number of housing starts for the full year
Increased number of housing starts for the full year Number J A N U A RY – D E C E M B E R of units 3 200 3,113 166 2 800 599 2 400 2,237 605 205 2 000 1,609 361 1 600 155 375 1 200 1 022 375 538 800 405 400 721 443 758 231 0 2022 2023 2024 JM Residential Stockholm JM Residential Riks JM Norway JM F
Slide 10: Fewer residential units in production
Fewer residential units in production N U M B E R O F R E S I D E N T I A L U N I T S I N P R O D U C T I O N A N D P E R C E N TA G E S O L D / R E S E RV E D Number 12 000 80% 9 000 60% 59 6 000 40% 3 000 20% 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2019
Slide 11: JM Residential Stockholm
JM Residential Stockholm Oct – Dec Jan – Dec SEK m 2024 2023 2024 2023 Revenue 1,255 1,022 4,200 4,248 Operating profit 1) -58 -118 -103 112 Operating margin, % -4.7 -11.5 -2.5 2.6 Number of residential units sold 232 124 785 315 Number of housing starts 216 98 758 231 1) Of which impairment in deve
Slide 12: JM Residential Sweden
JM Residential Sweden Oct – Dec Jan – Dec SEK m 2024 2023 2024 2023 Revenue 641 726 2,382 3,476 Operating profit 1) 21 -71 76 139 Operating margin, % 3.2 -9.7 3.2 4.0 Number of residential units sold 2) 100 142 731 534 Number of housing starts 2) 158 145 538 443 1) Of which impairment in development
Slide 13: JM Norway
JM Norway Oct – Dec Jan – Dec SEK m 2024 2023 2024 2023 Revenue 511 751 2,024 2,589 Operating profit 1) 21 34 142 149 Operating margin, % 4.1 4.5 7.0 5.7 Number of residential units sold 2) 46 196 416 488 Number of housing starts 2) - 156 375 405 1) Of which impairment in development properties - -1
Slide 14: JM Finland
JM Finland Oct – Dec Jan – Dec SEK m 2024 2023 2024 2023 Revenue 381 437 1,608 1,591 Operating profit 1) 8 46 93 140 Operating margin, % 2.1 10.5 5.8 8.8 Number of residential units sold 2) 100 311 472 346 Number of housing starts 3) 154 341 361 375 1) Of which impairment in development properties -
Slide 15: JM Property Development
JM Property Development Oct – Dec Jan – Dec SEK m 2024 2023 2024 2023 Revenue 454 336 1,742 1,458 Operating profit 1) 158 46 401 248 Operating margin, % 34.7 13.7 23.0 17.0 Number of residential units sold 96 - 374 218 Number of housing starts 205 - 205 155 1) Of which impairment in development prop
Slide 16: Attractive building rights portfolio
Attractive building rights portfolio No. of building rights 1) Region 12/31/2024 12/31/2023 Stockholm 2) 13,200 13,900 Malmö/Lund 3) 3,500 3,800 Gothenburg 3) 3,100 3,600 Uppsala 3) 4,100 4,500 Norway 5,900 6,400 Finland 7,600 6,900 Total 37,400 39,100 1) Rounded to the nearest hundred 2) Of which 1
Slide 17: Decreasing lead time
Decreasing lead time BUILDING RIGHTS Sek m in No. in Balance Housing Average period, 12/31/2024 Balance Sheet Sheet starts 1) years 2) JM Residential Stockholm 3,447 6,500 758 8.6 JM Residential Sweden 1,925 7,800 538 14.5 JM Norway 1,081 2,900 375 7.7 JM Finland 1,200 3,900 361 10.8 JM Property Dev
Slide 18: Continued large surplus value in development properties
Continued large surplus value in development properties V A L U AT I O N D E V E L O P M E N T P R O P E RT I E S 12/31/2024 12/31/2023 Market Carrying Surplus Market Carrying Surplus SEK billion value amount value value amount value JM Residential Stockholm 6,. 3.4 3.2 7.8 4.1 3.7 JM Residential Sw
Slide 19: High level of unsold residential units in Balance Sheet, but with high turnover rate
High level of unsold residential units in Balance Sheet, but with high turnover rate Number SEK m 400 1200 1,111 350 1000 300 800 250 233 200 600 150 400 100 200 50 0 0 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 Number of unsold units in BS Participations in tena
Slide 20: Increased working capital tied up resulted in lower cash flow
Increased working capital tied up resulted in lower cash flow G RO U P C A S H F LOW Mkr Year Year 3 000 SEK m Q4 2024 Q4 2023 2024 2023 2 500 Operating activities -401 404 -268 -48 2 000 1 500 Investing activities -24 -2 -69 -2 1 000 Financing activities 389 466 -827 -172 500 Period cash flow -36 8
Slide 21: Financial freedom of action
Financial freedom of action Net interest-bearing liability(+)/receivable(−) 1) SEK m Times 2 500 2,343 0,5 • Equity/Assets ratio 57 percent (50). 2 000 0,4 • Available liquidity SEK 3,281m (4,382) of 1 500 0,3 which cash and cash equivalents SEK 1 000 0,2 431m (1,582). 500 0,1 0 0 • Unutilized overd
Slide 22: Positive sales effect in the quarter
Positive sales effect in the quarter P E R C E N TA G E O F C O M P L E T I O N M E T H O D ( G R O S S ) Q 4 2 0 2 4 ( Q 3 2 0 2 4 ) Cost-based effect SEK 123m (117) + Revaluation effect SEK 117m (97) + Sales effect SEK 37m (1) Always positive Usually positive Positive / negative Recognized expense
Slide 23: Revaluation effects – housing business
Revaluation effects – housing business SEK m Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Group -22 45 85 97 117 Business segment Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 JM Residential Stockholm -60 -54 -12 9 30 JM Residential Sweden 12 13 38 47 64 JM Norway 35 65 26 26 31 JM Finland -9 21 33 15 -8 23 Ye
Slide 24: Continuous work for reduced climate emissions
Continuous work for reduced climate emissions • Basic license for Nordic Swan Ecolabel Generation 4 in Sweden, Norway and Finland. • In Finland, JM is introducing concrete with 15 percent reduced climate impact compared to Finnish benchmark concrete. • In Norway, JM has conducted a pilot study with
Slide 25: JM well positioned
JM well positioned • Customer focused – strong brand. • 37,400 building rights in attractive locations. • Competitive production costs. • Continuously cautious housing market and high cost level affects profitability. • Well-balanced risk profile. • 80 years of urban development. • Good long-term co
Slide 26: 80 years 1945-2025 JM