Slide 1: Interim Report January–June 2025
Interim Report January–June 2025 M I K A E L Å S L U N D, P R E S I D E N T A N D C E O TO B I A S B J U R L I N G , C F O J U LY 1 1 , 2 0 2 5
Slide 2: Summary
Summary Better Increased geopolitical Housing market underlying market uncertainty recovery delayed conditions Increased number of Streamlining and Attractive acquisition unsold residential units cost reductions opportunities 2 JM INTERIM REPORT JANUARY – JUNE 2025 7/11/2025
Slide 3: Group Summary
Group Summary APRIL–JUNE 2025 • Number of residential units sold decreased to 433 (1,075). • Number of housing starts decreased to 647 (722). • Number of residential units in current production decreased to 4,557 (4,914). • Residential building rights portfolio amounted to 36,800 (37,200). 16 % 70%
Slide 4: Group Summary
Group Summary 1) APRIL–JUNE 2025 • Revenue decreased to SEK 2,540m (3,583). SEK m % 2 500 20 • Operating profit decreased to SEK 116m (169) and operating margin decreased to 4.6 percent (4.7). 2 000 16 • Profit before tax decreased to SEK 69m (123). 1 500 12 • Earnings per share amounted to SEK 0.58
Slide 5: Marginally increased housing prices
Marginally increased housing prices Tenant-owners associations apartment prices in major cities in Sweden, and freehold units in Oslo Municipality and Helsinki capital region SEK, NOK/sq.m. EUR/sq.m. 120 000 10 000 9 000 100 000 8 000 7 000 80 000 6 000 60 000 5 000 4 000 40 000 3 000 2 000 20 000 1
Slide 6: Decreased sales
Decreased sales APRIL – JUNE Number of units 1,075 1 000 278 800 253 600 143 433 400 363 13 119 178 60 144 200 99 140 223 155 0 66 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 6 JM INTERIM REPORT JANUARY – JUNE 2025 7 / 1 1/ 2025
Slide 7: Decreased sales to investors
Decreased sales to investors APRIL – JUNE Number of units 1,075 1 000 800 555 600 433 400 363 520 362 200 363 0 71 2023 2024 2025 Investors Consumers 7 JM INTERIM REPORT JANUARY – JUNE 2025 7 / 1 1/ 2025
Slide 8: Decreased number of sold units in 2025
Decreased number of sold units in 2025 J A N U A RY – J U N E Number of units 1,555 1 500 278 1 200 331 988 900 842 144 205 218 220 600 33 350 221 245 300 253 391 379 117 0 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 8 JM INTERIM REPORT
Slide 9: Decreased number of housing starts
Decreased number of housing starts APRIL – JUNE Number of units 800 722 700 647 600 207 165 500 454 400 188 155 300 74 365 140 200 253 100 159 117 0 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 9 JM INTERIM REPORT JANUARY – JUNE 2025 7 /
Slide 10: Increased number of housing starts in 2025
Increased number of housing starts in 2025 J A N U A RY – J U N E Number of units 1 200 165 1 000 123 867 800 202 207 668 600 155 188 34 531 400 74 181 200 398 298 203 0 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 10 JM INTERIM REPORT JA
Slide 11: 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 RO D U C T I O N A N D P E RC E N TA G E S O L D / R E S E RV E D Number 15 000 100% 12 000 80% 9 000 60% 51% 6 000 40% 3 000 20% 0 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 12: Attractive building rights portfolio
Attractive building rights portfolio NO. OF BUILDING RIGHTS 1) REGION 06/30/2025 06/30/2024 Stockholm 2) 12,500 13,400 Malmö/Lund 3) 3,500 3,600 Gothenburg 3) 3,100 3,600 Uppsala 3) 4,100 4,300 Norway 5,700 5,900 Finland 7,900 6,400 Total 36,800 37,200 1) Rounded to the nearest hundred 2) Of which 1
Slide 13: Building rights lead time stable
Building rights lead time stable BUILDING RIGHTS 06/30/2025 SEK m IN BALANCE NO. IN BALANCE AVERAGE PERIOD, SHEET SHEET HOUSING STARTS 1) YEARS 2) JM Residential Stockholm 3,338 6,300 563 11.2 JM Residential Sweden 1,894 7,800 995 7.8 JM Norway 971 2,700 389 6.9 JM Finland 1,275 4,300 277 15.5 JM Pr
Slide 14: Decreased number of unsold residential units in completed production
Decreased number of unsold residential units in completed production Number SEK m 800 2 400 2062 700 2 100 600 6161 800 509 500 1 500 400 1 200 300 900 200 600 100 300 0 0 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 Number of unsold units in BS SEK m Number of uns
Slide 15: Fewer housing starts resulted in weaker cash flow
Fewer housing starts resulted in weaker cash flow G RO U P C A S H F L O W APRIL – JUNE YEAR SEK m SEK m 2025 2024 R12 2024 2 000 Operating activities –204 663 –697 –268 1 500 1 000 Investing activities –10 –32 –53 –69 500 Financing activities 6 –785 496 –827 0 -500 Period cash flow –208 –154 –253 –
Slide 16: Continued good liquidity
Continued good liquidity Net interest-bearing liability(-)/receivable(+) 1) 2) • Equity/Assets ratio 55 percent (55). SEK m Times • Available liquidity SEK 2,721m (3,267) of which cash and cash equivalents SEK 157m (417). 6 000 0,6 • Unutilized overdraft facilities and credit 4 000 0,4 lines SEK 2,5
Slide 17: Increased revaluation effect in the quarter
Increased revaluation effect in the quarter P E RC E N TA G E O F C O M P L E T I O N M E T H O D ( G RO S S ) Q 2 2 0 2 5 ( Q 2 2 0 2 4 ) Cost-based effect SEK 109m (160) + Revaluation effect SEK 202m (85) + Sales effect SEK -25m (32) Always positive Usually positive Positive / negative Recognized
Slide 18: Positive forecasts changes contributed to the result
Positive forecasts changes contributed to the result R E VA L U AT I O N E F F E C T – H O U S I N G B U S I N E S S SEK m Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Group 85 97 117 87 202 BUSINESS SEGMENT Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 JM Residential Stockholm –12 9 30 7 59 JM Residential Swe
Slide 19: JM Residential Stockholm
JM Residential Stockholm APRIL – JUNE JANUARY – JUNE SEK M 2025 2024 2025 2024 Revenue 764 1,280 1,613 2,162 Operating profit 1 4 2 –43 Operating margin, % 0.1 0.3 0.1 –2.0 Number of residential units sold 155 223 379 391 Number of housing starts 117 253 203 398 • Consumers’ willingness to sign a co
Slide 20: JM Residential Sweden
JM Residential Sweden APRIL – JUNE JANUARY – JUNE SEK M 2025 2024 2025 2024 Revenue 654 584 1,252 1,184 Operating profit 22 15 41 32 Operating margin, % 3.4 2.5 3.3 2.7 Number of residential units sold 99 178 245 350 Number of housing starts 365 74 531 74 • The willingness to sign a contract was bel
Slide 21: JM Norway
JM Norway APRIL – JUNE JANUARY – JUNE SEK M 2025 2024 2025 2024 Revenue 380 457 841 1,147 Operating profit 27 28 53 97 Operating margin, % 7.2 6.0 6.4 8.5 Number of residential units sold 60 143 220 205 Number of housing starts – 188 202 188 • Norges Bank, Norway’s central bank, cut its key • Decrea
Slide 22: JM Finland
JM Finland APRIL – JUNE JANUARY – JUNE SEK M 2025 2024 2025 2024 Revenue 498 494 830 882 Operating profit 39 38 58 64 Operating margin, % 7.8 7.7 7.0 7.3 Number of residential units sold 1) 119 253 144 331 Number of housing starts 2) – 207 123 207 1) Of which residential units to investors 71 242 71
Slide 23: JM Property Development
JM Property Development APRIL – JUNE JANUARY – JUNE SEK M 2025 2024 2025 2024 Revenue 127 609 296 976 Operating profit 51 97 132 202 Operating margin, % 40.6 16.0 44.5 20.7 Number of residential units sold – 278 – 278 Number of housing starts 165 – 165 – • The number of transactions in the housing •
Slide 24: A more sustainable housing development
A more sustainable housing development • Pilot study on Level 4 climate-improved concrete. o 40% reduced CO2 emissions compared to Swedish reference concrete. • For the fifth consecutive year, JM is one of “Europe’s Climate Leaders”. o European companies that achieved the largest reduction in their
Slide 25: Good long-term conditions
Good long-term conditions Satisfied customers 36,800 building rights Competitive – strong brand in attractive locations production costs Continuously cautious 80 years of urban Well-balanced housing market affects development risk profile profitability – leading in the Nordics 25 JM INTERIM REPORT J
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Slide 27: We are laying the foundation for a better life.
We are laying the foundation for a better life.