Slide 1: January-September 2025
January-September 2025 Peter Wallin, President and CEO Jon Johnsson, Deputy CEO and CFO
Slide 2: Slower recovery despite favourable macro conditions
Slower recovery despite favourable macro conditions * Our markets are supported by lowered base interest rates, higher disposable income and a pent-up demand for housing * Increasing demand from customers but still long time to convert to binding contracts, especially in Sweden * Increasing activity
Slide 3: Growing business volume and improving result
Growing business volume and improving result « Units in ongoing production 3,836 (2,964) with a stable sales rate of 57 (54) per cent * Improved operating EBIT margin of 6.8 (2.7) per cent, 5.9 per cent on R12 * Estimated surplus value in landbank of SEK 5.3 Billion * Solid financial position * Upda
Slide 4: Neighbourhoods: started projects during the quarter
NEIGHBOURHOODS Started projects during the quarter Fjarilshusen, 3'4 phase Stockholm, Sweden Riga, Latvia 33 units for consumers 70 units for consumers see 4 Gartenstadt Karlshorst Berlin, Germany Helsinki, Finland 50 units for consumers 77 units for consumers
Slide 5: 2030 targets vs. 2024 base year
. 2030 targets vs. 2024 base year Updated science-based a ¥ targets approved ‘SUPPLIERS BONAVA CUSTOMERS * In 2020, Bonava became the first Bonava commits to reduce upfront Bonava commits to reduce Bonava commits to reduce scope 3 . . . embodied scope 3 GHG emissions absolute scope 1 and 2 GHG emiss
Slide 6: Financial Development
Financial Development Jon Johnsson, Deputy CEO and CFO
Slide 7: Growing units in ongoing production with good sales rate
Growing units in ongoing production with good sales rate — Sold units in ongoing production % Ongoing production B2C Hl Ongoing production B2B Number of units 5,000 4,000 3,000 2,000 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
Slide 8: Number of completed unsold units decreasing
Number of completed unsold units decreasing -42.0% -109 184 -144 274 Completed unsold Sold units, Sum Completed units Q3 Of which sold Completed unsold units Jun-2025 previously unsold units Sep-2025
Slide 9: Bonava Group segment performance - margins gradually improving
Bonava Group segment performance - margins gradually improving ae roa R12 anes Net sales 2,167 1,978 8,018 8,312 Operating gross profit 299 217 1,117 984 Operating gross margin, % 13.8 10.9 13.9 11.8 Selling & admin expense -151 -163 -643 -658 Operating EBIT 148 54 474 326 Operating EBIT margin, % 6
Slide 10: Performance in the markets
Performance in the markets Operating EBIT (SEK M) Operating EBIT % 25°93 2493 R12 24'FY | 25°93 2493. R12 = 24'FY Germany 142 116 503 439 9.8 8.5 9.0 76 Sweden 10 -30 8 -62 3.0 103 -09 5.6 Finland 4 -22 36 16 3.2 -22.2 5.2 2.1 Baltics 33 22 79 56 13.7 10.0 9.9 8.0 Other -34 -32 -136 9-123 Total 148
Slide 11: Germany
Germany * Growth in net sales and + Started units to consumer in improved operating margins line with last year + An investor deal of 89 units last + Multiple investor deals in year is affecting comparability pipeline for Q4 Lichteptader Bods, Bérijh SEKM 2025 2024 03 03 R12 Net sales 1451 1368 5,57
Slide 12: Business Units: Sweden
BUSINESS UNITS Sweden + Growth in net sales and + Gradually starting new improved operating margins projects + Positive operating EBIT in the * Sold units increasing from quarter low levels Fredmaf, Stockholm SEKM 20 2008 R12 Q3'25 MQ3'24 MR12 MNFY '24 Net sales 342 288 964 Operating gross profit 36
Slide 13: Business Units: Finland
BUSINESS UNITS Finland * Growth in net sales and * Two starts in the quarter improved operating margins with high reservation rates. Sales will start to be reported from Q4 Q3'25 MM Q3'24 R12 MI FY '24 SEK M Net sales Operating gross profit 17 4 131 121 Operating gross margin, % 12.8 4.4 19.2 15.9 S
Slide 14: Baltics
Baltics + Growth in net sales and + Increased number of starts improved operating margins + B2M projects maintain high * Higher sales pace - Riga and leasing rate Vilnius being the most active markets Net sales 243 221 Operating gross profit 46 33 Operating gross margin, % 18.9 15.0 Selling & admin
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 17% 30% 30% 24,800 24,800 (27,500) (27,500) 74% 72% Germany [iil Finland 2025-2026 © Options Hi Sweden [i Baltics Hl 2027-2028 Hl Conditional agreements 8 Later On-bala
Slide 16: Surplus value of SEK 5.3 Bn
Surplus value of SEK 5.3 Bn 5.3 0.6 + Valuation based on updated forecasted cash flow + Average WACC 8.8% (9.2%) * Surplus value of SEK 5.3 Bn driven by improved cash flow projections * One impairment of SEK -15 M in Germany fully reflected in the operational result of the period Total surplus 2024
Slide 17: Net financial items improving due to lower debt and lower interest rates
Net financial items improving due to lower debt and lower interest rates Net interest expenses per quarter (SEK M) RB 2024 2024 40 Q3 FY 130 120 110 100 90 Operating EBIT Operating EBIT margin, % 6.8 2.7 58) ad) 80 70 Net financial items -87 -132 -452 -524 60 50 40 Tax 44 -79 -60 -90 20 Net profit/l
Slide 18: Positive operating cash flow - as we grow ongoing projects working capital will also grow
Positive operating cash flow - as we grow ongoing projects working capital will also grow Operating cash flow per quarter (SEK M) 1,008 2024 2024 Q3 R12 FY 720 EBITDA 7 -232 404 132 4g9 523 Net investments -446 431 1,075 1,886 Change in working capital 594 290 -502 -494 280 140 Operating cash flow 1
Slide 19: Flat net debt despite the growth in ongoing production
Flat net debt despite the growth in ongoing production Net debt (SEK Bn) Net debt project financing Il Other net debt [ill Leasing + Market conditions for project financing have improved * Investments in project starts will likely increase net debt going forward 6.3 . en + Available liquidity SEK 1.
Slide 20: Financial framework
Financial framework metrics well within set range Equity/assets ratio 40.6% (38.2) Net project asset value/net debt 1.6x (1.4) Balance sheet per Q3 2025 (SEK Bn) Land bank 6.6 6.8 Equity Interest-bearing Debt Project assets Advances Interest-bearing Assets Other Other Balance sheet total: SEK 16.7 B
Slide 21: Summary
SUMMARY
Slide 22: Q&A
Q&A 8 BONAVA