Jm Ab · OMXSTO:JM
Jm Ab — Q3 2026 Earnings Presentation
25 slides from Jm Ab's earnings presentation, Oct 21, 2026
Slide 1: Interim Report January – September 2026
Interim Report January – September 2026 MIKAEL ÅSLUND, GROUP PRESIDENT & CEO TOBIAS BJURLING, GROUP CFO OCTOBER 21, 2026
Slide 2: Improved profit and increased sales to consumers
Improved profit and increased sales to consumers Positive development More housing starts Improved operating in Swedish housing and increased sales to profit and market despite consumers strengthened cash flow geopolitical uncertainty Continued Balanced risk in the Shorter lead times development of
Slide 3: Group Summary
Group Summary JULY – S EPTEMBER 2026 • Number of residential units sold decreased to 462 (562). • Number of housing starts increased to 440 (296). • Number of residential units in production increased to 5,054 (4,341). • Residential building rights portfolio amounted to 35,300 (36,600). 23% 65% 12%
Slide 4: Rising prices in Stockholm and Gothenburg
Rising prices in Stockholm and Gothenburg PRICES ON THE EXISTING HOME MARKET SEK, NOK/ sq.m. EUR/sq.m. 140 000 10000 120 000 8000 100 000 6000 80 000 60 000 4000 40 000 2000 20 000 0 0 Q3 Q3 Q3 Q3 Q3 Q3 2021 2022 2023 2024 2025 2026 Stockholm inner city Stockholm nearby suburbs Gothenburg Malmö Oslo
Slide 5: Decreased sales in the quarter, no sales to investors
Decreased sales in the quarter, no sales to investors SOLD RESIDENTIAL UNITS | JULY – SEPTEMBER Number of units 800 649 600 41 562 165 39 46 462 129 52 400 43 281 153 200 348 162 214 0 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland As of the first quarter of 2026, the two former business
Slide 6: Increased sales to consumers
Increased sales to consumers SOLD RESIDENTIAL UNITS | JULY – SEPTEMBER Number of units 800 649 600 562 462 415 400 326 462 200 234 236 0 2024 2025 2026 Investors Consumers 6 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026
Slide 7: Increased sales driven by Swedish and Finnish business segments
Increased sales driven by Swedish and Finnish business segments SOLD RESIDENTIAL UNITS | JANUARY – SEPTEMBER Number of units 2 500 2,204 2,166 2 000 372 411 370 1,550 248 1 500 183 266 627 631 1 000 374 500 831 727 880 0 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland 7 JM INTERIM REPORT
Slide 8: Increased sales to both consumers and investors
Increased sales to both consumers and investors SOLD RESIDENTIAL UNITS | JANUARY – SEPTEMBER Number of units 2 500 2,204 2,166 2 000 1,550 1 500 1,400 1,622 1 000 1,243 500 804 544 307 0 2024 2025 2026 Investors Consumers 8 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026
Slide 9: Increased number of housing starts in the quarter, primarily in Stockholm
Increased number of housing starts in the quarter, primarily in Stockholm HOUSING STARTS | JULY – SEPTEMBER Number of units 800 637 600 187 440 29 400 34 296 82 306 60 25 200 295 211 144 0 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland 9 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2
Slide 10: Sold/reserved ratio – continued high ratio driven by increased sales
Sold/reserved ratio – continued high ratio driven by increased sales GROUP Number 15 000 100% 12 000 80% 64% 9 000 60% 6 000 40% 3 000 20% 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2022 2023 2023 2024 2024 2025 2025 2026 2026 JM Stockholm JM Sweden JM Norway JM Finland No
Slide 11: Improved operating profit in the quarter
Improved operating profit in the quarter JULY – SEPTEMBER 2026 • Revenue increased to SEK 2,509m (2,137). SEK m % 2 500 20 • Operating profit increased to SEK 107m (59), and operating margin increased to 4.3 percent (2.8). 2 000 16 • Profit before tax increased to SEK 63m (14). 1 500 12 • Earnings p
Slide 12: Capital-efficient acquisitions in the quarter
Capital -efficient acquisitions in the quarter NO. OF BUILDING RIGHTS BUSINESS SEGMENT 09/30/2026 09/30/2025 JM Stockholm 11,300 12,400 JM Sweden 9,600 10,700 JM Norway 6,700 5,600 JM Finland 7,700 7,900 Group 35,300 36,600 12 JM INTERIM REPORT JANUARY – SEPTEMBER 2026 10/21/2026
Slide 13: Building rights lead time stable
Building rights lead time stable BUILDING RIGHTS SEK m IN NO. IN HOUSING AVERAGE PERIOD, 09/30/2026 BALANCE SHEET BALANCE SHEET STARTS 1) YEARS 2) JM Stockholm 2,811 6,400 930 6.9 JM Sweden 2,362 7,900 598 13.2 JM Norway 1,562 3,400 304 11.2 JM Finland 1,754 5,200 462 11.3 Group 8,515 22,900 2,294 1
Slide 14: Decreased number of unsold residential units in completed production
Decreased number of unsold residential units in completed production Number SEK m 800 2 400 700 2 100 600 1 800 500 1 500 429 400 1,148 1 200 300 900 200 257 600 100 300 0 0 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 2026 Unsold units in balance sheet SEK m Nu
Slide 15: Continued strengthened cash flow
Continued strengthened cash flow GROUP CASH FLOW JULY – SEPTEMBER SEK m SEK m 2026 2025 2 000 Cash flow from operating activities before 29 –16 change in working capital and taxes 1 500 Tax paid –42 –53 1 000 500 Change in development properties –151 146 0 Change in residential units in the balance
Slide 16: Strong financial position
Strong financial position NET INTEREST - BEARING LIABILITY( - )/RECEIVABLE(+) 1) 2) • Equity/Assets ratio 55 percent (56). Times SEK m • Available liquidity SEK 4,707m (3,099) of 5 000 0,50 which cash and cash equivalents SEK 1,013m 3 000 0,30 (449). 1 000 0,10 • Unutilized overdraft facilities and
Slide 17: Increased production and positive revaluations improved the profit
Increased production and positive revaluations improved the profit PERCENTAGE OF COMPLETION METHOD (GROSS) Q3 2026 (Q3 2025) Cost -based effect SEK 180m (105) + Revaluation effect SEK 104m (40) + Sales effect SEK 29m (33) Always positive Usually positive Positive / negative Recognized expenses x con
Slide 18: Improved project forecasts from all business segments
Improved project forecasts from all business segments REVALUATION EFFECT – HOUSING BUSINESS SEK m Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Group 40 181 199 86 104 BUSINESS SEGMENT Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 JM Stockholm –45 70 28 –12 17 JM Sweden 43 60 72 39 37 JM Norway 27 31 76 37 48 J
Slide 19: Increased production and positive revaluations improved the profit
Increased production and positive revaluations improved the profit PERCENTAGE OF COMPLETION METHOD (GROSS) Q3 202 6 (Q3 2025) Cost -based effect SEK 180m (105) + Revaluation effect SEK 104m (40) + Sales effect SEK 29m (33) Always positive Usually positive Positive / negative Recognized expenses x co
Slide 20: JM Stockholm | Increased revenue and improved operating profit
JM Stockholm | Increased revenue and improved operating profit JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2026 2025* 2026 2025* Revenue 1,024 773 3,127 2,656 Operating profit 55 18 236 157 Operating margin, % 5.4 2.3 7.5 5.9 Number of residential units sold 1) 214 348 880 727 Number of housing start
Slide 21: JM Sweden | Stable quarter with improved operating margin
JM Sweden | Stable quarter with improved operating margin JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2026 2025 2026 2025 Revenue 563 533 1,932 1,785 Operating profit 28 17 84 58 Operating margin, % 5.0 3.2 4.3 3.2 Number of residential units sold 1) 153 129 627 374 Number of housing starts 2) 82 – 3
Slide 22: JM Norway | Increased revenue and improved operating profit
JM Norway | Increased revenue and improved operating profit JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2026 2025 2026 2025 Revenue 585 395 1,999 1,236 Operating profit 44 23 131 76 Operating margin, % 7.6 5.8 6.6 6.2 Number of residential units sold 43 46 248 266 Number of housing starts 34 25 148 2
Slide 23: JM Finland | Increased sales to consumers
JM Finland | Increased sales to consumers JULY – SEPTEMBER JANUARY – SEPTEMBER SEK M 2026 2025 2026 2025 Revenue 257 336 900 1,165 Operating profit -7 17 17 75 Operating margin, % -2.6 4.9 1.9 6.4 Number of residential units sold 1) 52 39 411 183 Number of housing starts 2) 29 60 306 183 1) Of which
Slide 24: Leading housing developer in the Nordics
Leading housing developer in the Nordics Most satisfied 35,300 building rights Well-balanced customers in attractive locations risk profile – strong brand Focus on productivity Positive trend We work safely and building rights in the Swedish – or not at all portfolio housing market 24 JM INTERIM REP
Slide 25: We are laying the foundation for a better life.
We are laying the foundation for a better life .