Slide 1: Interim Report January–September 2025
Interim Report January–September 2025 MIKAEL ÅSLUND, PRESIDENT AND CEO TOBIAS BJURLING, CFO OCTOBER 22, 2025
Slide 2: Summary
Summary Conditions for Continued geopolitical Fewer sold residential recovery have uncertainty affects units and housing strengthened customers starts in the quarter Decreased number of Emerging market Streamlining and completed unsold optimism cost reductions residential units 2 JM INTERIM REPORT J
Slide 3: Group Summary
Group Summary JULY–SEPTEMBER 2025 • Number of residential units sold decreased to 562 (649). • Number of housing starts decreased to 296 (637). • Number of residential units in production decreased to 4,341 (4,978). • Residential building rights portfolio amounted to 36,600 (37,000). 16 % 69% 15 % 1
Slide 4: Group Summary
Group Summary 1) JULY–SEPTEMBER 2025 • Revenue amounted to SEK 2,137m (2,515). SEK m % 2 500 20 • Operating profit decreased to SEK 59m (95) and operating margin decreased to 2.8 percent (3.8). 2 000 16 • Profit before tax decreased to SEK 14m (71). 1 500 12 • Earnings per share amounted to SEK –0.1
Slide 5: Stable prices in JM's markets
Stable prices in JM’s markets Prices on the existing home market for tenant-owners associations apartment 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
Slide 6: Decreased sales during the quarter
Decreased sales during the quarter J U LY – S E P T E M B E R Number of units 800 649 41 562 600 165 205 400 286 39 2 281 46 71 200 129 139 162 143 74 0 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 6 JM INTERIM REPORT JANUARY – SEPTEMBER
Slide 7: Sales to investors on par with previous year
Sales to investors on par with previous year J U LY – S E P T E M B E R Number of units 800 649 562 600 415 400 326 286 200 286 234 236 0 2023 2024 2025 Investors Consumers 7 JM INTERIM REPORT JANUARY – SEPTEMBER 2025 1 0 / 22/ 2025
Slide 8: Decreased number of sold units in 2025
Decreased number of sold units in 2025 J A N U A RY – S E P T E M B E R Number of units 2 400 2,204 2 100 278 1 800 372 1,550 1 500 205 370 1 200 1,128 183 218 266 900 35 631 292 374 600 392 300 553 522 191 0 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Prope
Slide 9: Decreased number of housing starts during the quarter
Decreased number of housing starts during the quarter J U LY – S E P T E M B E R Number of units 800 700 637 600 187 500 400 296 300 306 60 201 200 25 68 100 211 133 144 0 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 9 JM INTERIM REPORT J
Slide 10: Number of housing starts on par with previous year
Number of housing starts on par with previous year J A N U A RY – S E P T E M B E R Number of units 1 600 1,504 1,520 1 400 207 165 183 1 200 375 227 1 000 869 800 155 34 380 531 600 249 400 298 542 200 414 133 0 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM P
Slide 11: Sales rate increased during the third quarter. Residential units in production continued to decrease
Sales rate increased during the third quarter. Residential units in production continued to decrease 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% 53% 6 000 40% 3 000 20% 0 0% Q3 Q4 Q1 Q
Slide 12: Attractive building rights portfolio
Attractive building rights portfolio NO. OF BUILDING RIGHTS 1) REGION 09/30/2025 09/30/2024 Stockholm 2) 12,400 13,500 Malmö/Lund 3) 3,500 3,500 Gothenburg 3) 3,000 3,500 Uppsala 3) 4,200 4,100 Norway 5,600 6,000 Finland 7,900 6,400 Total 36,600 37,000 1) Rounded to the nearest hundred 2) Of which 1
Slide 13: Building rights lead time stable
Building rights lead time stable BUILDING RIGHTS 09/30/2025 SEK m IN NO. IN HOUSING AVERAGE PERIOD, BALANCE SHEET BALANCE SHEET STARTS 1) YEARS 2) JM Residential Stockholm 3,239 6,100 630 9.7 JM Residential Sweden 1,877 7,800 689 11.3 JM Norway 958 2,600 227 11.5 JM Finland 1,264 4,200 337 12.5 JM P
Slide 14: Decreased number of unsold residential units in completed production
Decreased number of unsold residential units in completed production Number SEK m 800 2 500 700 1 843 2 000 600 532 500 455 1 500 400 300 1 000 200 500 100 0 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 Unsold units in balance sheet SEK m Number of unsold units i
Slide 15: Reduced inventory of unsold residential units generated positive cash flow
Reduced inventory of unsold residential units in the balance sheet generated positive cash flow G RO U P C A S H F L O W JULY – SEP YEAR SEK m SEK m 2025 2024 R12 2024 2 000 Operating activities 323 418 –791 –268 1 500 1 000 Investing activities –3 –1 –55 –69 500 Financing activities –26 –364 834 –8
Slide 16: Maintained strong liquidity
Maintained strong liquidity N E T I N T E R E S T- B E A R I N G L I A B I L I T Y ( - ) / R E C E I VA B L E ( + ) 1 ) 2 ) • Equity/Assets ratio 56 percent (55). Times SEK m • Available liquidity SEK 3,099m (3,615) of 6 000 0,60 which cash and cash equivalents SEK 449m (465). 4 000 0,40 • Unutilize
Slide 17: Low revenue recognition combined with price adjustments impacted earnings
Low revenue recognition combined with price adjustments impacted earnings 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 3 2 0 2 5 ( Q 3 2 0 2 4 ) Cost-based effect SEK 105m (117) + Revaluation effect SEK 40m (97) + Sales effect SEK 33m (1) Always positive Usually positive Posi
Slide 18: Price adjustments in JM Residential Stockholm held back the revaluation effect
Price adjustments in JM Residential Stockholm held back the revaluation effect 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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Group 97 117 87 202 40 BUSINESS SEGMENT Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 JM Residential Stockholm 9 30 7
Slide 19: JM Residential Stockholm
JM Residential Stockholm JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 619 783 2,232 2,945 Operating profit –11 –2 –9 –45 Operating margin, % –1.7 –0.2 –0.4 –1.5 Number of residential units sold 143 162 522 553 Number of housing starts 211 144 414 542 • Consumers’ willingnes
Slide 20: JM Residential Sweden
JM Residential Sweden JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 533 557 1,785 1,741 Operating profit 17 23 58 55 Operating margin, % 3.2 4.2 3.2 3.2 Number of residential units sold 1) 129 281 374 631 Number of housing starts 1) – 306 531 380 1) Of which residential unit
Slide 21: JM Norway
JM Norway JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 395 366 1,236 1,513 Operating profit 23 24 76 121 Operating margin, % 5.8 6.6 6.2 8.0 Number of residential units sold 1) 46 165 266 370 Number of housing starts 1) 25 187 227 375 1) Of which residential units to invest
Slide 22: JM Finland
JM Finland JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 336 345 1,165 1,227 Operating profit 17 21 75 85 Operating margin, % 4.9 6.0 6.4 6.9 Number of residential units sold 1) 39 41 183 372 Number of housing starts 2) 60 – 183 207 1) Of which residential units to investors
Slide 23: JM Property Development
JM Property Development JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2025 2024 2025 2024 Revenue 166 313 462 1,288 Operating profit 28 42 159 243 Operating margin, % 16.6 13.4 34.5 18.9 Number of residential units sold 205 – 205 278 Number of housing starts – – 165 – • The market for newly produced re
Slide 24: A more sustainable housing development
A more sustainable housing development • A new working method has been introduced to improve analysis and planning of climate improvement measures within the project portfolio. • By breaking down the climate roadmap into building components, better conditions are created for fact-based decisions and
Slide 25: Good long-term conditions
Good long-term conditions Satisfied customers 36,600 building rights Competitive – strong brand in attractive locations production costs 80 years of urban Well-balanced Emerging optimism in development risk profile the housing market – leading in the Nordics 25 JM INTERIM REPORT JANUARY – SEPTEMBER
Slide 26: Slide 26
Slide 27: We are laying the foundation for a better life.
We are laying the foundation for a better life.