Slide 1: January-March 2025
January-March 2025 Peter Wallin, President and CEO Jon Johnsson, Deputy CEO and CFO 09/05/2025
Slide 2: Market Highlights Q1
MARKET HIGHLIGHTS Q1 Rising demand for newly built homes * Current market conditions driven by lower interest rates, higher disposable incomes and a pent-up demand for housing * So far no visible impact on consumer demand stemming from short-term volatility in global markets * Steady investor intere
Slide 3: Q1 Figures in Brief
Q1 FIGURES IN BRIEF Stable quarter according to plan * Increased number of sold 589 (302) and started 481 (281) units * Higher sales rate in ongoing production - 66 per cent compared to 59 per cent in Q4 * Improved operating margin - EBIT margin of 4.0 (1.4) per cent * Positive impact of lower costs
Slide 4: Started projects during the quarter
Started projects during the quarter Schénefeld Arsta Park Quartier am Alten Schlosspark Hartmana Kvartals Berlin, Germany Uppsala, Sweden Berlin, Germany Riga, Latvia 10 units for consumers 231 units sold to an investor 22 apartments for consumers 76 apartments started for consumers
Slide 5: Upcoming projects
Upcoming projects Fredman, Stockholm, Sweden Renata, Helsinki, Finland Neuseengarten, Saxony, Germany In Stockholm, the development of 120 In the maritime landscape of Haakon Bay in By Lake Stérmthal, just outside Leipzig, homes certified with the Nordic Swan Helsinki, 77 new apartments are being Bo
Slide 6: Financial Development
Financial Development Jon Johnsson, Deputy CEO and CFO
Slide 7: Number of units in ongoing production and ratio of sold units
Number of units in ongoing production and ratio of sold units Numbe % 5000 5 r 70 + 60 4000 4 L gs Sold units in ongoing production % Ongoing production B2C Ongoing production B2B 36% J Hl ongoing pi - 40 + 30 2000 4 - 20 1000 4 L L L| L a i ) 0 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 93/24 aQa’25 Qi’25
Slide 8: Number of completed unsold units
Number of completed unsold units -208 Completed unsold Sold units, Sum Completed units Q1 Of which sold Completed unsold units Dec-2024 previously unsold units Mar-2025
Slide 9: Bonava Group segment performance
Bonava Group segment performance == Operating EBIT margin, % Operating EBIT margin, R12, % Net sales, SEK Bn 2.403 2025 | 2024 =A 2024 delet Qi Qi FY 1978 Net sales 1,608 1,650 8,271 8,312 1650 1608 Operating gross profit 223 179 1,028 984 Operating gross margin, % 13.8 10.9 12.4 11.8 Selling & admi
Slide 10: Business Units performance
Business Units performance Operating EBIT (SEK M) Operating EBIT % 25'Q1 24'Q1 R12 24'FY | 25'Q1 24'Q1 R12 24'FY Germany 72 54 457 439 7.3 ws 8.0 76 Sweden 3 -19 -40 -62 1.3 -8.7 3.5 5.6 Finland 17 15 19 16 7.9 5.4 2.7 21 Baltics ‘lf, ) 62 56 7.0 4.3 8.4 8.0 Other -39 -32 -130 -123 Total 65 24 367 3
Slide 11: Germany
Germany + Stable business performance + Improved gross margin in the most important market + Land acquisitions made in * Increased number of sold and Stuttgart started units Wurmtaigatt@A Aechen SEK M R12 024 Q1'25 R12 au MQ '24 ry '24 Net sales 991 1,044 5,704 5,757 Operating gross profit 132 114 7
Slide 12: Sweden
Sweden * The market is gradually * Strong pipeline expecting to improving from low levels launch 16 sales starts * A major B2B project sold and during 2025 started, amounting to SEK 0.5 Bn SEK M age roi R12 Bes) Q1'25 MBR12 WM Qi'24 MFY '24 Net sales 238 213 1,125 1,101 Operating gross profit 30 10
Slide 13: Finland
Finland * Still challenging market + Strong pipeline expecting to conditions launch 8 sales starts during 2025 * Strong margins driven by progress of completion and revenue recognition SEKM we roi riz 2028 Net sales 219 279 701 762 Operating gross profit 38 39 121 121 Operating gross margin, % 17.5
Slide 14: Baltics
BUSINESS UNITS Baltics + Market conditions continue to * Continued stable operating gradually improve margin * Solid sales pace - Riga and + B2M projects maintain high Vilnius being the most active leasing rate and improving markets returns = ii =, Net sales 161 Operating gross profit 24 660 Operati
Slide 15: Building rights portfolio
Building rights portfolio Geographical split 30% 32% 25 800 (28 500) Germany [ll Finland Hi Sweden [i Baltics Potential production start 2025-2026 Wl 2027-2028 i Later On-/Off-balance 25 800 (28 500) 73% 75% 1) Options and conditional agreements On-balance 15
Slide 16: Net financial items and tax - segment reporting
Net financial items and tax - segment reporting Operating EBIT Operating EBIT margin, % Net financial items Tax Net profit/loss 2025 2024 Qi 24 14 -111 -13 -100 R12 367 44 -553 -120 -306 2024 140 130 120 110 100 90 80 70 60 50 40 30 20 10 Interest cost per quarter (SEK M) Qu'22 Q1'23 Interest cost e
Slide 17: Good operating cash flow
Good operating cash flow Operating cash flow per quarter (SEK M) 1,008 2025 2024 2024 Qi Qi R12 FY oo EBITDA -53 5 74 132 4s9 023 Net investments 527 -357 42,770 1,886 280 Change in working capital -193 146 -833 -494 188 Operating cash flow 280 -207 2,011 1,524 L a “ LI -207 Q2'23 Q3'23 Q4'23. Q1'24
Slide 18: Flat net debt
Flat net debt Net debt (SEK Bn) Net debt project financing [lll Leasing Hl Other net debt * Successful refinancing of Bonava's Green Bond has prolonged the loan tenor and will contribute to lower net financial items going forward + Market conditions for project financing has improved 8.1 + Investmen
Slide 19: High available liquidity
High available liquidity Financing facilities per Q1 2025 (SEK Bn) 4.8 48 _ + Available liquidity of SEK 1.6 Bn 13 2.9 16 0.4 Q1 2025 Facilities Q1 2025 utilisation Q1 2025 Cash Unutilised Syndicate RCF Bond Ml Term loans Cash 19
Slide 20: Financial framework
Financial framework metrics within set range Equity/assets ratio 41.4% (38.7) Net project asset value/net debt 1.4 (1.4) Balance sheet per Q1 2025 (SEK Bn) Land bank 71 6.8 Equity Interest-bearing Debt Ongoing projects Advances Interest-bearing Assets Other Other Balance sheet total: SEK 16.5 Bn
Slide 21: Q1 - good start on our way to meet our targets
Q1 - good start on our way to meet our targets * Increasing portfolio of ongoing projects * Improving profitability and maintaining financial strength + Well positioned to meet guidance of operating EBIT margin of 5-6 per cent in 2025 and 10 per cent for full year 2026 * Strong, decentralised and co
Slide 22: Bonava
QA 8 BONAVA