Bonava Ab Class A · OMXSTO:BONAV_A
Bonava Ab Class A — Investor Day (March 2025)
89 slides from Bonava Ab Class A's investor day presentation, Mar 27, 2025
Slide 1: Capital markets day
Slide 2: Agenda for the day
Agenda for the day Bonava 6 BONAVA 2025-03-27 1. Where we are as a group 2. Our business units Coffee break 3. Our customer journey 4. Financial guidance 5. Q&A and concluding remarks
Slide 3: The Bonava team at today's CMD
The Bonava team at today’s CMD Peter Wallin President and CEO Riku Patokoski BU President Finland Fredrik Wickstr6m Head of Sales and Marketing Sweden Bonava 2025-03-27 r Jon Sabine Johnsson Helterhoff Deputy CEO BU President and CFO Germany | Michael Anna Wenner SVP Brand & Culture Bjorklund BU Pre
Slide 4: Introduction
Slide 5: A leading housing developer in northern Europe
A leading housing developer in northern Europe Key figures 2024 (2023) Geographical presence Net sales Local presence Number of countries Number of billion Number of markets 6 (6) 8 (13) 2 O (20) Employees Financial position Number total Equity/assets ratio, % 900... 42.
Slide 6: Well positioned to leverage on the improving residential market
Well positioned to leverage on the improving residential market Mm. 01 02 03 04 05 Strong market Efficient Attractive land Stable financial Substantial value position in operating model, bank supporting position creation potential growth markets more scalable to growth coming business volumes 3-4 ye
Slide 7: Promises made in connection with CMD 2022
Promises made in connection with CMD 2022
Slide 8: Delivery on promises
Delivery on promises Updated ; OPEX 1bn operating Selective Divestment First project SEK lower model starts St Petersburg in Vilnius from 2025 Today Improved Divestment New financing ND Sbn SEK Financing investment Norway package lower in 2024 refined/ process signed updated Bonava 2025-03-27
Slide 9: Positive macro-economic trends support recovery in Bonava's housing markets
Positive macro-economic trends support recovery in Bonava's housing markets Stable low unemployment Real wage recovering Source Eurostat, calculated weighted average based on Bonava revenues per market Source Ekonomitakta Sweden — Germany 5,6% 110 — Eu 100 4,3% 4,3% 4.8% Oo 2022 2023 2024 2020 2024
Slide 10: Several years of low housing starts increases shortage of homes
Several years of low housing starts increases shortage of homes “| Starts = Long term demand Germany (completions, thousands) Sweden (starts, thousands) Finland (starts, thousands) Source: CEIC, ZIA (German Property Federation), JLL 2021 2022 2023 F2024 ~2,400k Estimated need by 2030 Bonava 2025-03-
Slide 11: Well positioned to achieve optimal project start volumes
Bonava's is well positioned to achieve optimal project start volumes 8 Development of starts compared to optimal levels Potential start period Landbank as of 31/12 2024 4.299 - 3,500- 4,000 ro 2.513 25,900 units in total Bb w o o Nv ° o a EE | | ~ 2020 2021 2022 2023 2024 Optimal level Il Germany Sw
Slide 12: Wrap up - driving controlled growth
Wrap up - driving controlled growth Different set-up vs. the past Lower debt and updated operating Lessons learned - zoomed in to perform Profitability and efficiency Mature and profitable land bank Over 60bn = SEK value of sales (Q3 valuation) f 7* af
Slide 13: Percentage of Completion
Percentage of Completion ~ JonJohnsson, De
Slide 14: PoC for a more accurate revenue recognition and project income alignment
— PoC for a more accurate revenue recognition and project income alignment Better match with Smoother value creation financial reporting Higher transparency and predictability | Pe UTLblfiliing 7 S
Slide 15: PoC recognises revenues and costs continuously throughout construction
PoC recognises revenues and costs continuously throughout the construction process Completed Contract [ | se | Lf | of Completion Bonava 2025-03-27
Slide 16: PoC is based on sales and completion
PoC is based on sales and completion to calculate realised revenues and costs Sales rate Completion rate* Forecast* Sold m2 Accrued cost Total project PoC revenue = Co Total m2 Total cost revenue Sold m2 Accrued cost q PoC costs = Co Total ae Total m2 Total cost cos Bonava 2025-03-27 * Land costs ex
Slide 17: Bonava calculates with a risk factor for more conservative forecasts
Bonava calculates with a risk factor for more conservative forecasts If completion rate is under 70% Sales rate Completion rate* Forecast* Risk factor Sold m2 Accrued cost : PoC revenue = Co Total project G9) (0.8) Total m2 Total cost Keene Sold m2 Accrued cost : PoC costs = Co Total project G9) (0.
Slide 18: Project start and handover
Hand- Hand- Project Project Hand- Project over over start start over start
Slide 19: Our external auditor PwC has reviewed the PoC for 2024
• • • Our external auditor PwC has reviewed the PoC for 2024
Slide 20: Our business units
Slide 21: BU Germany
Slide 22: BU Germany: Business fundamentals
Business fundamentals * Diversification of customer segment and product mix * Favourable payment model * Cautiously rising market trend Bonava 2025-03-27 Product offering and customers Market presence Single-family homes Multi-family homes B2B B2C Customer payment model Conceptual model naa _— ea ea
Slide 23: BU Germany: We have taken significant actions
01 BU GERMANY B We have taken significant actions... O1 02 03 04 Footprint and Processes and organisation responsibilities Landbank Market offering .. resulting in a stronger organisation and upgraded offering Bonava 2025-03-27
Slide 24: BU Germany: Business update
Business update + Increased sales and starts in Q4 + Recovering demand + Focus on sales, project starts and new investments i . ‘ [ | aN Berlin; Gartenstadt Housing units sold (units) Production starts (units) Ongoing portfolio 800 3200 | 800 3200 | 5,000 600 2400 | 600 2400 | 4000 3,000 400 1600 |
Slide 25: BU Germany: Mature landbank with profit potential
Mature landbank with profit potential * Current landbank secures business for next 2-3 years « Regional investment needs Geographical split Potential start period 22% Berlin 30% = Nord 7 600 2025-26 2027-28 = Nordrhein- . Westfalen Later or divestment = Rhein Main Neckar Sachsen Bonava 2025-03-27
Slide 26: BU Germany: Several projects started or ready to start soon
01 BU GERMANY Several projects started or ready to be started soon Heiligenhaus 58 B2C units ; er ) with potential start in Q2 . = § with potential start in Q3 Project margin of 15-20% a ‘ aay Project margin of 15-20% Bonava 2025-03-27
Slide 27: BU Germany: Estimated demand-supply-potential 3-5 years
01 BU G ERMANY • • • • • → Estimated demand-supply- potential 3-5 years
Slide 28: Now is the time to capture investment opportunities
Now is the time to capture investment opportunities ¥ * Networking with specialists * Reliable and respected partner with long-term perspective * Visibility also in challenging times * Favorable market offering Visibility > opportunities Bonava 2025-03-27
Slide 29: BU Finland
Slide 30: BU Finland: Business fundamentals
Product offering and customers Market presence B Uu S1 n ess Single-family homes Hi fundamentals Multi-family homes 10 0, B2B % of Group sales B2C 2024 + Abalanced offering of multi- Customer payment model family housing for Consqaaamese) 100% . eo consumers and investors ea * Positioned in the fast
Slide 31: BU Finland: Business update
Business update + Increased market activity end of 2024, following long period of challenging market conditions * Oversupply of housing did not support production starts 2023-24 but margins of ongoing projects improved * B2C and B2B project starts in Q3-Q4 2024 Housing units sold (units) 500 2000 40
Slide 32: Growth prospects supported by mature land bank
Growth prospects supported by mature land bank * Land bank streamlined to reinforce financial stability + Time to increase land investments in prime locations to unlock opportunities as the market rebounds * Possibility to use rental plot funds to strengthen capital efficiency Geographical split Pot
Slide 33: Our strengths and key milestones
a Our strengths and key milestones 2022-2025 2025 — Restructuring New leadership organization & and strategy improving project governance Ready to grow and improve profitability
Slide 34: Positioned to capitalize on growing demand
Positioned to capitalize on growing demand Started housing units p.a. . . * Residential market 40,000 Loong term recovering slowly 35,000 demand 30,000 * Pent up demand due to low 25,000 number of residential starts in 20,000 recent years 15,000 . : anon * Price increases expected late Sam 2025 and
Slide 35: Investment case example
Investment case example Several projects started or ready to be started within short Sitadelli in Helsinki with six successful B2B projects. All cash positive and results exceeding investment targets with potential : start in Q2 Proj ee Giarie. 6% Project margin of 16:22% Bonava 2025-03-27
Slide 36: BU Sweden
Michael Bjorklund, BU President Swede yand Baltic
Slide 37: BU Sweden: Business fundamentals
Product offering & customers Market presence B Uu S] n ess Single-family homes fu n d ame nta ls Multi-family homes B2B B2c * Housing shortage due to Customer payment model few starts in the market the Conese) last few years * Strong portfolio with high profitability * Organisation ready to grow 13»
Slide 38: A new home is about well-being and the dream of a better life
A new home is about well-being and the dream of a better life Bonava 2025-03-27 Boverket's estimated need versus starts 80,000 60,000 40,000 20,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* 2025* Boverket's Estimated Need «mActual Housing Starts * Estimated The housing market needs are not
Slide 39: BU Sweden: Business update
Business update « Volumes increasing + Adapted our way of working from uniquely low level and organisation Housing units sold (units) Production starts (units) Ongoing portfolio 300 1200 | 300 1200 | 2,000 1,500 200 800 200 800 1,000 100 400 100 400 500 ——— 0 0 0 ) ° 2021 QL 2024 Q4 2021 QL 2024 Q4
Slide 40: Ready to capture market potential
Ready to capture market potential * Geographical footprint and attractive + Engaged team have clear plan landbank supports increasing for sales starts of up to ~800 volumes in coming years units in all markets 2025 Geographical split Potential start period Stockholm om Che "Goteborg ° 2025-26 = Upps
Slide 41: Uppsala Seminariet
03 BU SWEDEN Uppsala Seminariet Investment 113 apartments (9,000 sellable m2) Average net sales perm 74,000 SEK First production start: Q2 2024 First handover: Q2 2026 Project margin: 16-20% + Prime location - elevator distance to historic park + New architecture blending with 1917 seminary building
Slide 42: Gothenburg Explora
-Explora >more than ~#,ahome,a lifestyle Gothenburg Sdodra Anggarden oe. i Investment OE Se pemmimaal s , a ; co) t ee er a, “ae : % Explora - Phase 1 project ets me a ipod Y my Average income perm 67,000 SEK First production sti Q1 2025 First handover: Q2 2027 Gross margin: 16-20% Joint Venture wit
Slide 43: Stockholm Fredman
ma surroundings of Bellman Stockholm Fredman Investment Average income per 89,000 SEK First production start: Q2 2025 First handover: Q2 2027 Project margin: 16-20% Attractive location near the city Strong marketing attracting new buyers Sustainable living with solar, cargo bikes and charging for el
Slide 44: Stockholm Fjarilshusen
03 BU SWEDEN Stockholm Fjarilshusen Investment 70 homes (9,700 sellable m2) Average income per m?: 49,000 SEK First production start: Q3 2024 First handover: Q4 2025 Project margin: 16-20% * The demand for freehold houses has accelerated development of phases * Project's sustainability and quality l
Slide 45: Fjarilshusen - Sustainable living in Ormbacka/Jarfalla
Fjarilshusen | - Sustainable living in Ormbacka/Jarfalla vq" + Electric car chargers 3 = 22 : Green courtyards, ponds, biodiv Effective heat pump Water-saving sanitaryware Eco-labeled products Green roofs ? Timber from sustainable forestfy...« — —__ “Ae 4 Solar panels with bath se Ns Green concrete
Slide 46: BU Baltics
a a 1 2 T “BU Baltig= ole ] = a au ah Michael Bjorklund, BU President Sweden and.Baltics 5s Nf
Slide 47: Strong position in growth regions
Strong position in growth regions * Large share of population covered by Bonava markets * High degree of old homes in building stock * Increasing mortgages in recent years Bonava 2025-03-27 Product offering & customers Market presence Single-family homes Multi-family homes B2B B2c Customer payment m
Slide 48: BU Baltics: Market overview
04 BU BALT ICS Total population Memberships Bonava markets Greater capital areas GDP 2024 and GDP growth 25 Market position
Slide 49: Drivers for growth
eves | y Drivers for growth Aging stock and mortgage lending Old housing stock that needs replacing Increasing mortgages indicate healthy market mEUR 3.500 3.000 2.500 2.000 haw 2007 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Upgrading environment and efficiency Estonia Ml Latvia ll Lithuania
Slide 50: BU Baltics: Business update
Business update - Bonava is the #1 leading residential developer in Riga and Tallinn, and growing in Vilnius Housing units sold (units) 500 2000 400 1600 300 1200 200 800 100 Tae 400 0 0 2021 Q1 2024 Q4 Quarterly =——=Rolling 4 quarters Bonava 2025-03-27 * Track record of delivering profitable growth
Slide 51: Ready for growth
04 BU BALTICS Ready for growth + Markets are growing + Well positioned landbank + Fundamental need for + Engaged organisation new modern homes Geographical split Leadership and engagement Potential start period Empl Engagement 89% Tallinn tos , § 2027-28 eNPS 5 9 mRiga + Vilnius esi eee 89% Bonava 2
Slide 52: BU Baltics: Project overview
04 BU BALT ICS Total investment ² Ongoing production Left to be started 2025-2029 Estimated sales price Project Margin Rental
Slide 53: BU Baltics: Project overview
04 BU BALT ICS Completed: Total investment: ² Ongoing production Left to be started 2025-2031 Estimated sales price Project Margin Rental
Slide 54: BU Baltics: Project overview
04 BU BALT ICS Total investment ² Left to be started 2025-2032 Estimated sales price Project Margin Rental
Slide 55: BU Baltics: Long-term potential and proven assets
04 BU BALT ICS Emerging markets with long-term potential Existing proven assets Banks supporting Certified energy efficiency Landbank ready to grow
Slide 56: Sources
04 BU BALT ICS Source: Redgate Capital, Statistics Estonia, Central Statistical Bureau of Latvia,State Data Agency of Lithuania, Eurostat 56
Slide 57: Two projects currently under asset management
04 BU BALTICS B Two projects currently under asset management . Maskavas Status March 2025 Aiandi . Maskavas, Riga 9.5 MEUR Total investment 15.0 MEUR Aiandi, Tallinn Unit: Uni 6 MEUR External financing § 8MEUR Bui 13.3 EUR/m? Average rent 15.3 EUR/m? 93% Current financial 95% fill-up 610 TEUR Estim
Slide 58: Q&A
Slide 59: BU Germany and BU Finland sessions end
Slide 60: Our customer journey
OUR CUSTOMER JOURNEY How we me Vis ge our custom Anna Wenner, SVP Brand & Cul ft
Slide 61: The brand and customer journey brings us together
CUSTOMER JOURNEY The brand and customer journey brings us together ‘AHappY NexcHEOURHOOD ‘@ + Unique geographic spread + Customer insights driven * Customer journey high and pain points are the same House of happiness One brand experience Customer experience is key Ready to scale up Bonava 2025-03-2
Slide 62: Explore, Prepare, Live
CUST O MER J O URNEY Explore Prepare Live
Slide 63: Explore, Prepare, Live
CUST O MER J O URNEY Explore Prepare Live
Slide 64: Our customer journey: Explore
OUR CUSTOMER JOURNEY *, Explore Fredrik Wickstrom Head of Sales and Marke Bonava Sweden
Slide 65: The explore phase of the customer journey
EXPLORE The explore phase of the + Target potential customers + Build awareness and desire * Create security and call to action * Capitalize on our strong brand * Combine structure with flexibility Bonava 2025-03-27
Slide 66: A clear target group
A clear target group Bonava 2025-03-27 Digital focus Hitta hom till en valplanerad ‘trea i Sédra Ekkallan Monitoring and actions Brand and Projects | Hot leads | Reservations = Sold units
Slide 67: Explore
EXPLORE v2) Bonava 2025-03-27
Slide 68: Our customer journey: Prepare
OUR CUSTOMER JOURNEY SophiéVenBen Head of Sales Bonava Germany
Slide 69: Prepare
<_< “a : Bonava = one of th e leading residenti developers in Ge ‘ 128 units in Berlin sold December 2024
Slide 70: Prepare: German market conditions
Bonava wave of bankruptcies Pleitewelle: 2025-03-27 Angst fear intensified verscharft joffenbart die Probleme} high interest rates With extensive footprint and strong brand we are still there to build new homes and meet customers
Slide 71: Quality in sales makes us ready to scale up
Qua lity j nsa les * Customers’ needs: quality, reliability, punctuality, makes us ready certainty and visibility to scale u p when + Sales transformation: ma rket tu rns from seller's market to a buyers' market requires rethinking 3605 Bonava 2025-03-27
Slide 72: By listening and adapting to customers' needs, we close the deal
es y By listening and adapting to customers’ needs, we are making sure to close the deal Ahrensfelder Obstwiesen Parkstadt Karlshorst Wuhletaler Fenster Bonava 2025-03-27
Slide 73: Our customer journey: Live
OUR CUSTOMER JOURNEY £ Remigiju Coun
Slide 74: Bonava in Baltic capitals
LIVE Bonava in Baltic capitals No 1 residential developer in Riga with No 1 residential Good foundation is set in Vilnius 22% of new residential market share, developer in Tallinn to continue growth journey every 5th unit in Riga is sold by Bonava! (started six years ago) Bonava 2025-03-27
Slide 75: The way to customer satisfaction
=~ _ ~<a LIVE > : The way to customer satisfaction: Housing school - connecting with House of Happiness Customer service standard Pre-inspection Zero defect Bonava 2025-03-27
Slide 76: Customer satisfaction
Customer satisfaction. Collect and use customer reviews C—O UME =o ms Bonava Latvia Q xXx Bonave 2025-03-27
Slide 77: Live
LIVE
Slide 78: Financial framework & Guidance
‘ iZ . : ; em ' ' Financial rameworg: |) & Guidance |
Slide 79: Financial targets / Financing framework
Financial targets Financing framework
Slide 80: Bonava shall obtain an operating EBIT margin of at least 10% in 2026
Bonava shall obtain an operating EBIT margin of at least 10% in 2026 -a controlled growth towards 3,500 units in sales and starts * 6,200 selected units ready for production in 2025-2026 ¢ A gradual and controlled growth from the 2,000 units started in 2024 * 2026 expected to be the year when the ma
Slide 81: A financial framework for more symmetrical financing
A financial framework for more symmetrical financing * Net Project Assets should exceed Net Debt (1.6x in 2024) * Equity to Asset ratio >30% (42% 2024) Bonava 2025-03-27 Assets Source Net Project Assets Building rights Equity Assets, Equity & Debt per 2024-12 (BSEK) ——___ External Debt 17.3 5.8 17.3
Slide 82: A more stable interest rate development expected in coming years
A more stable interest rate development expected in coming years 8 Substantial reduction in net debt 2023-24 Financial interest remains high despite reduced net debt ‘Source: Reuters workspace ~~ 3m Stibor — 3m Euribor — Bonava average interest rate 554% J 3 65 63 8 5.0 y 43 S u 5 63 35 31 4 3 2 1 o
Slide 83: Geographical split of building rights portfolio
Geographical split of building rights portfolio (# of building rights) Germany Sweden Baltics Finland 7 600 8 700 6 400 3 200
Slide 84: Guidance on financial targets
Guidance on financial targets * Volume increases will fully absorb indirect project costs, enabling an operating EBIT margin >10% + Financial cost is estimated to come down vs 2024 * Investments in building rights and financial framework prioritized in 2025-2026 * Good conditions to reach Return on
Slide 85: Q&A
Slide 86: Q&A
Slide 87: Increase of starts 2025-2026
Increase of starts 2025-2026 Germany - Increase from the level in 2024 Sweden - Increase from a uniquely low level Finland - Increase from a uniquely low level, lagging behind Sweden Baltics - Increase from the level in 2024 Bonava 2025-03-27
Slide 88: Well positioned to leverage on the improving residential market
Well positioned to leverage on the improving residential market | Q \ x 01 02 03 04 05 Strong market Efficient Attractive land Stable financial Substantial value position in operating model bank supporting position creation potential growth markets more scalable to growth coming business volumes 3-4
Slide 89: Bonava
2 BONAVA