Slide 1: Interim Report January–March 2026
Interim Report January–March 2026 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 APRIL 23, 2026
Slide 2: Disciplined strategic work delivers results
Disciplined strategic work delivers results Geopolitical uncertainty creates an Rising housing prices in Increased sales and unpredictable market the Swedish market improved profit environment Fewer unsold Shorter lead times Optimization of the residential units in the and lower costs building right
Slide 3: Milestones in the quarter
Milestones in the quarter A C T I V I T I E S D U R I N G T H E F I R S T Q U A RT E R 2 0 2 6 • Sale and acquisition of development properties in Stockholm • Acquisition of 1,300 building rights and four projects in Norway • Cooperation with ICECAPITAL in Finland • New organization JM Stockholm est
Slide 4: The most satisfied customers
The most satisfied customers 4 JM INTERIM REPORT JANUARY – MARCH 2026 04/23/2026
Slide 5: Group Summary
Group Summary JANUARY–MARCH 2026 • Number of residential units sold increased to 920 (555). • Number of housing starts decreased to 425 (577). • Number of residential units in production increased to 4,936 (4,511). • Residential building rights portfolio amounted to 35,500 (37,100). 21% 65% 14 % 1,8
Slide 6: Group Summary
Group Summary 1) JANUARY–MARCH 2026 • Revenue amounted to SEK 2,981m (2,539). SEK m % 2 500 20 • Operating profit increased to SEK 213m (130), and operating margin increased to 7.2 percent (5.1). 2 000 16 • Profit before tax increased to SEK 172m (90). 1 500 12 • Earnings per share amounted to SEK 2
Slide 7: Rising prices across Sweden, stable in Norway and Finland
Rising prices across Sweden, stable in Norway and Finland P R I C E S O N T H E E X I S T I N G H O M E M A R K E T F O R T E N A N T- O W N E R A PA RT M E N T S I N M A J O R C I T I E S I N S W E D E N , A N D F R E E H O L D U N I T S I N O S L O M U N I C I PA L I T Y A N D H E L S I N I K I C
Slide 8: Increased sales in the quarter
Increased sales in the quarter J A N U A RY – M A RC H Number of units 1 000 920 800 226 600 555 134 480 25 78 160 169 400 62 146 172 200 391 168 224 0 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland As of the first quarter of 2026, the two former business segments JM Residential Stockhol
Slide 9: Sales increased to both consumers and investors
Sales increased to both consumers and investors J A N U A RY – M A RC H Number of units 1 000 920 800 562 600 555 480 400 430 555 200 358 0 50 2024 2025 2026 Investors Consumers 9 JM INTERIM REPORT JANUARY – MARCH 2026 04/23/2026
Slide 10: Temporarily lower number of housing starts in the quarter
Temporarily lower number of housing starts in the quarter J A N U A RY – M A RC H Number of units 800 700 600 577 500 123 425 400 202 128 300 114 200 145 166 65 100 145 118 86 0 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland 10 JM INTERIM REPORT JANUARY – MARCH 2026 04/23/2026
Slide 11: Sales of rental projects had a positive effect on sold/reserved ratio
Sales of rental projects had a positive effect on sold/reserved ratio. Residential units in production continue to increase. 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 S O L D / R E S E RV E D R AT I O Number 10 000 100% 8 000 80% 60% 6 000 60% 4 000 40% 2 000 20% 0
Slide 12: Attractive building rights portfolio
Attractive building rights portfolio NO. OF BUILDING RIGHTS BUSINESS SEGMENT 03/31/2026 03/31/2025 JM Stockholm 11,600 12,700 JM Sweden 10,000 10,800 JM Norway 6,600 5,700 JM Finland 7,300 7,900 Group 35,500 37,100 12 JM INTERIM REPORT JANUARY – MARCH 2026 04/23/2026
Slide 13: Building rights lead time stable
Building rights lead time stable BUILDING RIGHTS SEK m IN NO. IN HOUSING AVERAGE PERIOD, 03/31/2026 BALANCE SHEET BALANCE SHEET STARTS 1) YEARS 2) JM Stockholm 3,111 6,400 834 7.7 JM Sweden 1,816 7,400 645 11.5 JM Norway 1,418 3,500 295 11.9 JM Finland 1,682 5,300 344 15.4 Group 8,034 22,600 2,118 1
Slide 14: Decreased number of unsold residential units in the balance sheet
Decreased number of unsold residential units in the balance sheet Number SEK m 800 2 500 700 2 000 600 500 1,387 1 500 400 453 300 1 000 314 200 500 100 0 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 Unsold units in balance sheet SEK m Number of unsold un
Slide 15: Fewer residential units in the balance sheet improved the cash flow
Fewer residential units in the balance sheet improved the cash flow G RO U P C A S H F L O W JANUARY – MARCH SEK m SEK m 2026 2025 1 000 Cash flow from operating activities before 55 99 change in working capital and taxes 500 Tax paid –53 –163 0 Change in development properties 135 107 -500 Change i
Slide 16: Strengthened financing through new credit agreement
Strengthened financing through new credit agreement 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 54 percent (56). Times SEK m • Available liquidity SEK 3,868m (2,929) of 5 000 0,50 which cash and cash equivalents SEK 450m 3 000
Slide 17: The Group’s underlying profit improved
The Group’s underlying profit improved 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 1 2 0 2 6 ( Q 1 2 0 2 5 ) Cost-based effect SEK 125m (110) + Revaluation effect SEK 199m (87) + Sales effect SEK 6m (54) Always positive Usually positive Positive / negative Recognized expense
Slide 18: Forecast improvements in all business segments strengthened the revaluation effect
Forecast improvements in all business segments strengthened 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 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Group 87 202 40 181 199 BUSINESS SEGMENT Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 JM Stockholm 7 59 –45 70 2
Slide 19: The Group’s underlying profit improved
The Group’s underlying profit improved 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 1 2 0 2 6 ( Q 1 2 0 2 5 ) Cost-based effect SEK 125m (110) + Revaluation effect SEK 199m (87) + Sales effect SEK 6m (54) Always positive Usually positive Positive / negative Recognized expense
Slide 20: JM Stockholm | Increased sales and improved profit
JM Stockholm | Increased sales and improved profit JANUARY – MARCH SEK M 2026 2025 Revenue 994 1 006 Operating profit 142 86 Operating margin, % 14.3 8.5 Number of residential units sold 1) 391 224 Number of housing starts 118 86 1) Of which residential units to investors 165 – • Increased number of
Slide 21: JM Sweden | Stable quarter with increased sales
JM Sweden | Stable quarter with increased sales JANUARY – MARCH SEK M 2026 2025 Revenue 694 598 Operating profit 28 18 Operating margin, % 4.0 3.1 Number of residential units sold 169 146 Number of housing starts 65 166 • Increased number of sold residential units, fewer • Return on operating capita
Slide 22: JM Norway | Significant acquisition secures future production
JM Norway | Significant acquisition secures future production JANUARY – MARCH SEK M 2026 2025 Revenue 829 460 Operating profit 47 26 Operating margin, % 5.6 5.7 Number of residential units sold 134 160 Number of housing starts 114 202 • Sales of newly produced residential units on the • Return on op
Slide 23: JM Finland | Continued strong sales to investors
JM Finland | Continued strong sales to investors JANUARY – MARCH SEK M 2026 2025 Revenue 316 332 Operating profit 21 20 Operating margin, % 6.7 6.0 Number of residential units sold 1) 226 25 Number of housing starts 2) 128 123 1) Of which residential units to investors 193 – 2) Of which residential
Slide 24: A more sustainable housing development
A more sustainable housing development Strategic investment – Nanoplume • JM is the first company in the Nordic construction industry to test a new type of ultrathin insulation material using bio-based aerogel. • Resource-efficient wall constructions with a lower carbon footprint. • More efficient u
Slide 25: Leading housing developer in the Nordics
Leading housing developer in the Nordics Most satisfied 35,500 building rights Well-balanced customers in attractive locations risk profile – strong brand Focus on our Competitive Cautious optimism in strategic initiatives production costs the housing market 25 JM INTERIM REPORT JANUARY – MARCH 2026
Slide 26: We are laying the foundation for a better life.
We are laying the foundation for a better life.