Bonava Ab Class A · OMXSTO:BONAV_A
Bonava Ab Class A — Q1 2026 Earnings Presentation
20 slides from Bonava Ab Class A's earnings presentation, Apr 28, 2026
Slide 1: Green Wave phase 4, Vilnius, Lithuania – January-March 2026
Green Wave phase 4, Vilnius , Lithuania January -March 2026 Peter Wallin, President and CEO Jon Johnsson, Deputy CEO and CFO
Slide 2: Market Highlights Q1
MARKET HIGHLIGHTS Q1 Stable sales but general uncertainty elevated • Our markets are supported by stable base interest rates, higher disposable income and a pent -up demand for housing • High sales speed in the Baltics • Increasing activity in the investor segment • No major impact currently visible
Slide 3: Q1 Figures in Brief
Q1 FIGURES IN BRIEF Improvement in profitability while maintaining financial stability • Improved EBIT margin of 4.8 (4.0) per cent in the period. R12 increases to 6.8 per cent • Net sales growth +11 per cent adjusted for currency effects • 4,220 (3,298) units in ongoing production with a stable sal
Slide 4: Examples of projects started during the quarter
NEIGHBOURHOODS Examples of projects started during the quarter Solina 13 Römerquartier Turku, Finland Langen, Germany 61 units for investors 6 units for consumers Hartmaņa kvartāls phase 2 Lake Town phase 4 Riga, Latvia Vilnius, Lithuania 120 units for consumer 50 units for consumers
Slide 5: Financial Development
Financial Development Jon Johnsson, Deputy CEO and CFO
Slide 6: Growing number of units in ongoing production with good sales rate
Growing number of units in ongoing production with good sales rate Sold units in ongoing production, % Ongoing production B2C, # Ongoing production B2B, # Ongoing production B2M, # Number of units % 5,000 66% 70 65 59% 60% 60% 57% 56% 60 4,000 54% 55 51% 50 45 3,000 40 35 30 2,000 25 20 1,000 15 10
Slide 7: Bonava Group – growth in net sales and EBIT following the seasonality
Bonava Group – growth in net sales and EBIT following the seasonality EBIT margin, % EBIT margin, R12, % Net sales, SEK Bn 2026 2025 2025 SEK M R12 Q1 Q1 FY 2,603 Net sales 1,720 1,608 8,329 8,218 2,167 Gross profit 231 223 1,181 1,173 1,839 1,720 1,608 Gross margin, % 13,4 13,8 14,2 14,3 Selling &
Slide 8: Performance in the segments
Performance in the segments EBIT (SEK M) EBIT % 26’Q1 25’Q1 R12 25’FY 26’Q1 25’Q1 R12 25’FY Germany 81 72 555 547 7.5 7.3 10.0 10.0 Sweden 0 3 29 32 0.0 1.3 2.4 2.7 Finland -6 17 -21 3 -5.6 7.9 -4.2 0.5 Baltics 45 11 157 123 18.4 7.0 15.3 13.1 Other -36 -39 -154 -157 Total 83 65 566 548 4.8 4.0 6.8
Slide 9: Germany
BUSINESS UNITS Germany • Growth in net sales and • Slower build -up of sales and improved EBIT margin profit in Q1 due to cold weather and slower sales in • Strong pipeline of investor deals the beginning of the year • High sales rate Quartier Hugos 2 , Berlin 2026 2025 2025 Q1 ’26 Q1 ’25 R12 FY ’25
Slide 10: Sweden
BUSINESS UNITS Sweden • Growth in net sales and • Ongoing production improved margins in ongoing increased to 836 (368) production units • LY impacted by Sale of Land • High sales rate of SEK 15 M Motorn , Umeå 2026 2025 2025 Q1 ’26 Q1 ’25 R12 FY ’25 SEK M R12 Q1 Q1 FY Net sales 282 238 1,232 1,188
Slide 11: Finland
BUSINESS UNITS Finland • Low level of ongoing • One investor deal started in production but good control Turku in projects • Unsold completed housing units reduced to low levels Solina 13, Turku 2026 2025 2025 Q1 ’26 Q1 ’25 R12 FY ’25 SEK M R12 Q1 Q1 FY Net sales 114 219 501 606 Gross profit 15 38 6
Slide 12: Baltics
BUSINESS UNITS Baltics • Strong growth in net sales • Increase in sold and started and EBIT units • Operating margins reflects • One B2M project in Vilnius good operating performance started. B2M projects maintain and volume high occupancy rates Ēvalda Valtera phase 3, Riga 2026 2025 2025 Q1 ’26 Q1
Slide 13: Building rights portfolio
Building rights portfolio – off -balance building rights added in the quarter Geographical split Potential start period On -/Off -balance 15% 25% 29% 29% 12% 25% 30% 13% 46% 15% 24,200 24,200 24,200 (25,800) (25,800) 12% 13% 75% 33% 70% 25% 33% Germany Finland 2026 -2027 Options Sweden Baltics 2028
Slide 14: Net financial items decreasing
Net financial items decreasing 2026 2025 2025 SEK M R12 Q1 Q1 FY • Lower net financial items: Average interest rates EBIT 83 65 566 548 decreasing 6.89 (7.22) per cent and lower debt volume EBIT margin, % 4.8 4.0 6.8 6.7 • Improved net profit in the quarter compared to LY Net financial items -84 -14
Slide 15: As we increase ongoing projects working capital will also grow
As we increase ongoing projects working capital will also grow CASH FLOW BEFORE FINANCING AND TAX PER QUARTER ( SEK M) 690 2026 2025 R12 2025 SEK M Q1 Q1 FY 561 480 EBITDA -54 -53 447 448 306 132 122 Change in working capital -211 194 -177 228 95 Net investments (CAPEX) -4 -7 -13 -16 Cash flow befor
Slide 16: Ongoing refinancing discussions
Ongoing refinancing discussions Net debt (SEK Bn) • Market conditions for project financing have improved in all Net debt project financing Other net debt Leasing markets • Available liquidity SEK 0.9 Bn 3.8 0.2 3.5 3.4 0.3 0.2 3.1 3.1 3.1 3.1 0.2 0.3 2.8 0.2 0.1 0.1 0.1 0.4 0.5 0.4 0.5 0.1 0.9 0.7
Slide 17: Strong balance sheet and ratios
Strong balance sheet and ratios Net project assets Net debt excl. leasing ROBUST BALANCE SHEET AND CAPITAL STRUCTURE (SEK M) EQUITY RATIO 16,602 16,602 43% 44% 42% 41% 41% 41% 1,089 38% 38% 2,059 837 3,376 Financial framework 30% 165 8,266 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 4,19
Slide 18: Concluding remarks
Concluding remarks
Slide 19: Controlled growth in a turbulent environment
SUMMARY Controlled growth in a turbulent environment • Net sales growth on the back of the controlled growth • Continuously improved operating performance • Ongoing refinancing discussions • With increased volumes in ongoing production and a strong pipeline of projects to come we repeat our outlook
Slide 20: Q&A
Q&A Lake Town phase 4, Vilnius, Lithuania