Slide 1: January-December 2025
Cecilien -Carré, Berlin , Germany January -December 2025 Peter Wallin, President and CEO Jon Johnsson, Deputy CEO and CFO
Slide 2: 10 years as a brand and 100 years of creating Happy Neighbourhoods
10 years as a brand and 100 years of creating Happy Neighbourhoods
Slide 3: Market Highlights Q4
MARKET HIGHLIGHTS Q4 Stable sales but general uncertainty remains • Our markets are supported by stable base interest rates, higher disposable income and a pent -up demand for housing • Higher sales speed in the Baltics • Increasing demand from customers but still long time to convert to binding con
Slide 4: Q4 Figures in Brief
Q4 FIGURES IN BRIEF Higher margins, stronger result and growth in started units • Improved operating EBIT margin of 9.9 (7.6) per cent, 6.7 (3.9) per cent full year • Net sales growth +15 per cent adjusted for currency effects • 36 per cent increase in started units 2,775 (2,035) • 4,081 (3,177) uni
Slide 5: Started projects during the quarter
NEIGHBOURHOODS Started projects during the quarter • Five B2B deals closed in Visthuset Šampēteris phase 2 December Sigtuna , Sweden Riga, Latvia • This year’s investor 91 units for investors 66 units for consumers transactions amounts to around SEK 2 Bn, an increase with 11 per cent compared to 202
Slide 6: Financial Development
Financial Development Jon Johnsson, Deputy CEO and CFO
Slide 7: 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, # Number of units % 5,000 66% 70 65 59% 60% 57% 56% 60 4,000 54% 54% 55 51% 50 45 3,000 40 35 30 2,000 25 20 1,000 15 10 5 0 0 Q1’24 Q2’24 Q3’24 Q4
Slide 8: Number of completed unsold units at a low level
Number of completed unsold units at a low level 757 -733 -31% -86 274 188 212 Completed unsold Sold units, Sum Completed units Q4 Of which sold Completed unsold units Sep -2025 previously unsold units Dec -2025
Slide 9: Bonava Group – growth in net sales and margins improving
Bonava Group – growth in net sales and margins improving Operating EBIT margin, % Net sales, SEK Bn 2025 2024 2025 2024 Operating EBIT margin, R12, % SEK M Q4 Q4 FY FY 2,603 Net sales 2,603 2,403 8,218 8,312 2,403 2,167 Operating gross profit 412 356 1,173 984 1,839 1,608 Operating gross margin, % 1
Slide 10: Performance in the markets
Performance in the markets Operating EBIT (SEK M) Operating EBIT % 25’Q4 24’Q4 25’FY 24’FY 25’Q4 24’Q4 25’FY 24’FY Germany 195 152 547 439 11.7 8.6 10.0 7.6 Sweden 43 3 32 -62 9.6 1.1 2.7 -5.6 Finland -2 31 3 16 -1.4 15.3 0.5 2.1 Baltics 65 21 123 56 18.4 9.9 13.1 8.0 Other -44 -23 -157 -123 Total 2
Slide 11: Germany
BUSINESS UNITS Germany • Growth in net sales (adjusted for • Growth in started units currency effects) and improved • Sales rate on a good level 64 operating margins (69) per cent • Investor market improving – four investor deals sold and started Stadtquartier Lichtenrade , Berlin 2025 2024 2025 202
Slide 12: Sweden
BUSINESS UNITS Sweden • Achieved turnaround in net • Investor market improving – sales and operating margins one investor deal sold and started • Positive operating EBIT in the quarter and full year • Sold and started units increasing from low levels Logementet 2, Gothenburg 2025 2024 2025 2024 Q4 ’
Slide 13: Finland
BUSINESS UNITS Finland • Low level of ongoing • Main priority is to start new production but good control projects in projects • Low level of unsold completed housing units Turun Akselintie 6a & 6b , Turku 2025 2024 2025 2024 Q4 ’25 Q4 ’24 FY ’25 FY ’24 SEK M Q4 Q4 FY FY Net sales 127 203 606 762 Op
Slide 14: Baltics
BUSINESS UNITS Baltics • Growth in net sales • Higher sales pace - Riga and Vilnius being the most active • Operating margins reflects markets good operating performance and volume • B2M projects maintain high occupancy rates Green Wave 2, Vilnius 2025 2024 2025 2024 Q4 ’25 Q4 ’24 FY ’25 FY ’24 SEK
Slide 15: Building rights portfolio – new starts reducing number of building rights
Building rights portfolio – new starts reducing number of building rights Geographical split Potential start period On -/Off -balance 13% 24% 30% 32% 12% 25% 29% 41% 12% 14% 23,800 23,800 23,800 (25,900) (25,900) 12% 13% 76% 34% 73% 33% 27% Germany Finland 2026 -2027 Options Sweden Baltics 2028 -202
Slide 16: Net financial items decreasing and positive net profit
Net financial items decreasing and positive net profit 2025 2024 2025 2024 SEK M Q4 Q4 FY FY • Lower net financial items: Average interest rates Operating EBIT 257 183 548 326 decreasing 6.91 (7.58) per cent and lower debt volume Operating EBIT margin, % 9.9 7.6 6.7 3.9 • Positive net profit for the
Slide 17: Positive operating cash flow
Positive operating cash flow – as we increase ongoing projects working capital will also grow OPERATING CASH FLOW PER QUARTER ( SEK M) 720 2025 2024 2025 2024 SEK M Q4 Q4 FY FY 523 489 EBITDA - IFRS 358 314 448 132 369 280 Net investments 842 806 1,111 1,886 140 34 Change in working capital -831 -59
Slide 18: Decreased net debt despite the growth in ongoing production
Decreased net debt despite the growth in ongoing production Net debt (SEK Bn) • Market conditions for project Net debt project financing Other net debt Leasing financing have improved • Investments in project starts will likely increase net debt going forward 4.3 • Available liquidity SEK 1.4 Bn 0.2
Slide 19: 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 15,647 15,647 43% 44% 931 42% 41% 41% 39% 38% 38% 822 2,351 2,707 Financial framework 30% 98 7,563 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 3,541 6
Slide 20: Concluding remarks
Concluding remarks
Slide 21: Outlook 2026
OUTLOOK Outlook 2026 Updated guidance for 2026: ➢ Growth in net sales of 20 -25 per cent compared with 2025 ➢ Operating EBIT margin of 8 -9 per cent The controlled growth of ongoing projects creates a basis for a significant increase in operating profit in 2026. The muted market improvement during 2
Slide 22: A strong finish to the year
SUMMARY A strong finish to the year • Net sales growth accelerating on the back of the controlled growth • Continuously improved operating performance • Outcome exceeded our outlook with an operating EBIT margin of 6.7 per cent for the full year • With increased volumes in ongoing production, we see
Slide 23: Q&A
Q&A 8 BONAVA