Slide 1: Bonava January-December 2023
¥ BONAVA January-December 2023 Peter Wallin, CEO and Lars Ingman, CFO 1 February 2024
Slide 2: Higher activity in the market
Higher activity in the market Market highlights Q4 * Number of sold units to consumer have increased gradually over the year, very visible in the fourth quarter * Continued stabilisation in the market with some positive signs and higher activity * Strongest markets are Berlin, Dortmund, Cologne and
Slide 3: Strong improvement in cash flow and lower net debt
Strong improvement in cash flow and lower net debt Q4 figures in brief « Underlying gross margin of 13.6 per cent (14.3) 4 * Indirect and S&A expenses down 16 per cent net j . compared to Q4 last year Ye ‘ * Strong cash flow in quarter Ss * Net debt significantly reduced compared to prior year and Q
Slide 4: Financing package will provide necessary operational and financial flexibility
Financing package will provide necessary operational and financial flexibility and reduces risk THE TRANSACTION IS BASED ON THREE INTEGRATED PARTS ‘STAKEHOLDERS SHAREHOLDERS BANKS BONDHOLDERS Vv v v KEY TERMS =Minimum equity issue = Extension of the = Extension of maturity of approx. SEK 1 Bn credit
Slide 5: Important dates coming up
Important dates coming up Publication of the complete terms Announcement of Interim report and conditions of Publication of the final outcome of January - March the Rights Issue prospectus the Rights Issue 2024 Extraordinary Subscription period Annual General General Meeting Meeting 2024
Slide 6: New financial targets
NEW Net debt is not to exceed net project assets Equity to asset ratio > 30% *Dividend cannot be distributed the next coming three years according to the new financing package.
Slide 7: Examples of projects started in the quarter
Examples of projects started in the quarter Parkstadt Karlshorst - Berlin, Germany Ropazu Phase 3 - Riga, Latvia 120 housing units for consumers 100 housing units for consumers All Bonava's housing starts are presented on bonava.com/en/investor-relations/housing-starts
Slide 8: Financial development
8 BONAVA Financial development Lars Ingman, CFO
Slide 9: Recognised units bridge
Recognised units in Q4 according to plan Recognised units bridge B2C MB2B 1,651 72 _ 1,579 1,444 -217 de 4 83 E 1,107 D 1,035 900 544 544 544 Estimated completions Completions Completions Of which unsold Previously Change in balance Recognised during Q4 2023 Brought Forward in the quarter completed
Slide 10: Bonava Group: Improved operating margin
Bonava Group Improved operating margin 2023 Q4 Continuing operations Net sales eee Underlying gross profit 808 Underlying gross margin, % 14.3 Gross profit 582 Gross margin, % 10.3 Selling & admin expense -231 Operating profit (before IAC) 351 Operating margin, % 6.2 IAC -56 Operating profit (after
Slide 11: Net expenses, SEK Bn
Net expenses, SEK Bn • • Net indirect part of gross profit • Reported under
Slide 12: Consumers - expected completions and sales rate
Consumers - expected completions and sales rate | Germany Hill Sweden [il Finland [Baltics — Sales Rate 1,035 530 430 300 280 210 210 130 a ——— Q4 23 Qi 24 Q2 2024 Q32024 Q42024 Q12025 Q22025 Q32025 Later Asince Q3 23*: -72 80 30 30 -10 -10 60 -90 Starts Q4 23: 0 0 0 3 54 34 18 141 144 *The numbers
Slide 13: Baltics refers to B2M
+357 * **Baltics refers to B2M
Slide 14: Germany
Germany SHARE OF NET SALES (FY'23) 55% 2022: 56% * Increase in started units to consumer 263 (59). Sold units to consumer up 60 per cent compared to Q4 last year + Net sales lower due to less units for consumers recognised + Improved operating margin + IAC: Write-down of SEK -35 M in quarter Project
Slide 15: Sweden
Sweden SHARE OF NET SALES (FY'23) 20% 2022: 20% + Low volume of started and sold units + Net sales increased, due to more units for consumers recognised + Increased gross margin by improved margins in projects. Last year heavily effected by write downs Project: Forseglet, Vasteras 23 22 23 22 Sold a
Slide 16: Finland
Fi n la n d SHARE OF NET SALES (FY'23) 1 9% 2022: 13% + Low volume of starts and sold units + Last year we started and sold 220 B2B in the fourth quarter. Sold units to consumer have increased with 94 per cent + Gross margin increased compared to previous year: improved by strengthened investment pr
Slide 17: Baltics
Ba Iti cs SHARE OF NET SALES (FY'23) 6% 2022: 6% + Increase in started and sold units + Gross margin lower than previous year due to one known low- margin project recognised and that Vilnius contributed with recognised units in the quarter last year * The two B2M project was completed during the qua
Slide 18: Total assets (SEK Bn)
Distribution of assets: Lower volume of ongoing housing projects Total assets (SEK Bn) Properties held for future development [i] Completed housing projects [lll Investment properties Hl Ongoing housing projects Other assets Norway 25.6 26.3 24.4 St. Petersburg 22.8 19.1 Q4'22 Q1'23 Q2 '23 Q3'23 Q4'
Slide 19: Long-term financing package presented
Long-term financing package presented Financing facilities per Q4 2023 (SEK Bn) 7.1 + Unutilised facilities of SEK 2.2 Bn 21 * New financing package which is : integrated by three parts; credit facilities, rights issues and extension of bond 2023 Facilities 2023 utilisation Unutilised {Syndicate RCF
Slide 20: Cash flow before financing per quarter (SEK M)
Cash flow before financing per quarter (SEK M)
Slide 21: Net debt decreases further, St. Petersburg payment received
Net debt decreases further, St. Petersburg payment received Net debt (SEK Bn) Net debt in tenant-owner associations/housing companies Hl Other net debt Q4'22 Q1'23 Q2 '23 Q3 '23 Q4'23 21
Slide 22: Building rights portfolio - exposure to attractive regions
Building rights portfolio - exposure to attractive regions Book value 2023, SEK Bn Q4 2023 MQ3 2023 8.1 8.3 45 47 25 23 P| P| Germany Sweden Finland Baltics Total No of building rights, # ayeiely 29,200 29,400 28,600 28,900 @3'23-04'23 | Whereof 8,200 (11,350) ee ee Q4'22 Q1'23 Q2'23 Hl Germany Swed
Slide 23: Actively managing portfolio of building rights
Actively managing portfolio of building rights 28,900 Beyond '28 or ! divestment / 56% ‘Starts '26-'27 24% Signed agreement Planned usage Product type B2B/B2C. ¢ BR on balance: 20,700 ¢ BR off balance: 8,200 * Options or conditional agreements * Tailoring portfolio to long-term business plan 23
Slide 24: Summary
8 BONAVA Summary
Slide 25: New financing package will provide operational and financial flexibility
New financing package will provide operational and financial flexibility ¢ Prepared to start profitable projects and full focus on cash flow e Lower volumes to be recognised during 2024 ¢ Increased activity in the market and some positive signs e We are ending 2023 with a good quarter and a strong f
Slide 26: Q&A
Q&A 2