Slide 1: Interim Report January–June 2023
Interim Report January–June 2023 I N V E S TO R P R E S E N TAT I O N J U LY 1 2 , 2 0 2 3
Slide 2: JM Group
1) JM Group Revenue: SEK 16.3 billion Total assets: SEK 16.4 billion No. of building rights: 40,400 No. of employees: 2,401 11 % Market Cap: SEK 9.6 billion 2) 17 % 72 % Norway Sweden Finland 1) According to segment reporting over a 12-month period 2) SEK 149 per share, July 11, 2023 2 Investor pres
Slide 3: Group Summary
Group Summary 1) J A N U A RY – J U N E 2 0 2 3 SEK m % 2 500 20 • Revenue amounted to SEK 7,598m (7,644). • Operating profit decreased to SEK 676m (898). 2 000 16 • Operating margin decreased to 8.9 percent (11.8). 1 500 12 • Profit before tax decreased to SEK 626m (868). 1 000 8 • Earnings per sha
Slide 4: Group Summary
Group Summary J A N U A RY – J U N E 2 0 2 3 • Number of residential units sold decreased to 842 (1,727). • Number of housing starts decreased to 668 (1,572). • Number of residential units in ongoing production amounted to 6,657 (7,823). • Residential building rights portfolio increased to 40,400 (3
Slide 5: Continued challenging housing market
Continued challenging housing market • Continued decline in demand and activity level during the second quarter in all our markets, resulting in decline in sales. • Revenue, operation profit and margin decreased in the Group and continued challenges regarding cost level in projects. • Lower level of
Slide 6: Operating profit and operating margin
Operating profit and operating margin January – June According to 2023 2022 segment reporting SEK m % SEK m % JM Residential Stockholm 206 9.1 372 15.0 JM Residential Sweden 178 8.4 359 15.4 JM Norway 86 6.7 134 8.3 JM Finland 67 8.1 74 9.0 JM Property Development 164 18.7 -18 - JM Construction 5 1.
Slide 7: Prices on the existing home market
Prices on the existing home market Tenant-owned apartment prices in cities in Sweden and SEK, NOK/sq.m. freehold units in Oslo Municipality and Helsinki capital region EUR/sq.m 120 000 6 000 100 000 5 000 80 000 4 000 60 000 3 000 40 000 2 000 20 000 1 000 0 0 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 2014 2015
Slide 8: Lower level of sold residential units
Lower level of sold residential units J A N U A RY – J U N E Number of units 2,471 2 500 320 2 000 528 1,727 281 1 500 313 287 1 000 621 842 665 218 33 500 221 689 494 253 0 117 2021 2022 2023 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property Development 8 Investor presen
Slide 9: Lower level of housing starts
Lower lever of housing starts J A N U A RY – J U N E Number of units 1 800 1,727 1,527 1 500 389 373 162 1 200 284 900 639 668 600 619 155 34 181 300 537 251 298 0 2021 2022 2023 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property Development 9 Investor presentation 07/12/2
Slide 10: Fabrikören
Fabrikören G A M L E S TA D E N , G O T H E N B U R G Number of housing starts Q2 2023 119 Completed in 2025 10 Investor presentation 07/12/2023 © JM AB
Slide 11: Bergerløkka
Bergerløkka A S K E R , N O R W AY Number of housing starts Q2 2023 134 Completed in 2025 11 Investor presentation 07/12/2023 © JM AB
Slide 12: Flora
Flora R E N TA L U N I T S , J Ä R FÄ L L A Number of housing starts Q2 2023 155 Completed in 2025 12 Investor presentation 07/12/2023 © JM AB
Slide 13: Number of residential units in production 6,657
Number of residential units in production 6,657 1) P E R C E N TA G E S O L D / R E S E R V E D I M P L I C AT E S N O R M A L R I S K I N P R O D U C T I O N I N Q 2 2 0 2 3 Number 10 000 100% 9 000 8 000 80% 7 000 6 000 60% 5 000 4 000 40% 3 000 2 000 20% 1 000 0 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 14: Risk assessment index – Group
Risk assessment index – Group P E R C E N TA G E O F S O L D A N D R E S E R V E D R E S I D E N T I A L U N I T S I N P R O D U C T I O N 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Reserved residential units Sold residential units Sold/reserved residential units 14 Investor presentation 07/12/2023
Slide 15: Residential units in production
Residential units in production J M G RO U P June 30 June 30 Dec 31 2023 2022 2022 Number of residential units 1) 2) 6,657 7,823 8,078 Number of residential units sold 3,366 4,900 4,508 Number of residential units reserved 221 643 250 Sold residential units, % 54 65 59 Reserved residential units, %
Slide 16: JM Residential Stockholm
JM Residential Stockholm January – June Full year SEK m 2023 2022 2022 Revenue 2,271 2,481 4,966 Operating profit 206 372 720 Operating margin, % 9.1 15.0 14.5 Number of available building rights 12,900 12,900 12,400 Number of residential units in current production 2,299 2,709 2,665 Number of housi
Slide 17: JM Residential Sweden
JM Residential Sweden January – June Full year SEK m 2023 2022 2022 Revenue 2,112 2,332 4,500 Operating profit 178 359 682 Operating margin, % 8.4 15.4 15.2 Number of available building rights 12,100 10,100 11,500 Number of residential units in current production 1,922 1,991 2,234 Number of housing
Slide 18: JM Norway
JM Norway January – June Full year SEK m 2023 2022 2022 Revenue 1,277 1,602 3,392 Operating profit 86 134 238 Operating margin, % 6.7 8.3 7.0 Number of available building rights 6,700 7,400 7,100 Number of residential units in current production 1,001 1,147 1,335 Number of housing starts 181 284 605
Slide 19: JM Finland
JM Finland January – June Full year SEK m 2023 2022 2022 Revenue 828 824 1,729 Operating profit 1) 67 74 158 Operating margin, % 8.1 9.0 9.2 Number of available building rights 7,100 6,100 6,800 Number of residential units in current 773 1,492 1,337 production Number of housing starts 34 373 599 Ale
Slide 20: JM Property Development
JM Property Development January – June Full year SEK m 2023 2022 2022 Revenue 876 112 1,224 Operating profit 1) 164 -18 306 Operating margin, % 18.7 - 25.0 Number of available building rights 1,600 1,900 1,700 Number of residential units in current production 662 484 507 Number of housing starts 155
Slide 21: JM Construction
JM Construction January – June Full year SEK m 2023 2022 2022 Revenue 441 551 1,077 Operating profit 1) 5 8 12 Operating margin, % 1.1 1.4 1.1 1) Of which intra-Group 206 260 505 • Slightly lower demand on the civil engineering market in Stockholm with high competition for assignments. • The operati
Slide 22: Available building rights portfolio
Available building rights portfolio 1) No. of building rights Region 6/30/2023 6/30/2022 2) 2) Stockholm 14,500 14,800 Malmö/Lund 3,700 2,700 Gothenburg 3) 3,700 3,300 Uppsala 4) 4,700 4,100 Norway 6,700 7,400 Finland 7,100 6,100 Total 40,400 38,400 1) Rounded to the nearest hundred 2) Of which 1,60
Slide 23: Slightly increased level of development properties
Slightly increased level of development properties BUILDING RIGHTS IN BALANCE SHEET Jan-June SEK m 2020 2021 2022 2023 Opening balance 8,938 7,831 8,205 8,465 New purchases 1,022 1,754 1,700 710 Transferred to production -1,888 -1,388 -1,538 -400 Other -241 8 97 -29 Closing balance 7,831 8,205 8,465
Slide 24: Approx. 10 years production in Balance Sheet
Approx. 10 years production in Balance Sheet No. of residential building rights In Balance Housing Average period, 1) 2) 6/30/2023 Sheet starts years JM Residential Stockholm 7,400 470 15.7 JM Residential Sweden 8,300 701 11.8 JM Norge 3,100 502 6.2 JM Finland 3,700 260 14.2 JM Property Development
Slide 25: 106 unsold residential units in Balance Sheet
106 unsold residential units in Balance Sheet, for an amount of SEK 503 m SEK m 600 503 500 400 389 363 339 308 300 200 100 0 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 25 Investor presentation 07/12/2023 © JM AB
Slide 26: Unsold residential units in Balance Sheet
Unsold residential units in Balance Sheet 700 600 500 400 300 200 100 0 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2
Slide 27: Cash flow
Cash flow Cash flow statement, SEK m Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 From operating activities 1) 2) 3) -525 -363 354 792 -1,143 From investing activities 6 - -28 1 -1 From financing activities -1,111 -219 -394 -39 -737 Total cash flow for the quarter -1,630 -582 -68 753 -1,881 Cash and cash
Slide 28: Strong financial position
Strong financial position Net interest-bearing liability(+)/receivable(−) 1) SEK m times • Equity/Assets ratio 1) 53 percent (48). 2 000 0,8 • Available liquidity SEK 3,499 m (5,281) 1,498 1 500 0,6 of which cash and cash equivalents SEK 699 m (2,481). 1 000 0,4 • Unutilized overdraft facilities and
Slide 29: Components of profit/loss – housing business
Components of profit/loss – housing business P E R C E N TA G E O F C O M P L E T I O N M E T H O D ( G R O S S ) Q 2 2 0 2 3 ( Q 1 2 0 2 3 ) Cost-based effect SEK 313m (292) + Revaluation effect SEK 168m (231) + Sales effect SEK -24m (5) Always positive Usually positive Positive / negative Recogniz
Slide 30: Revaluation effects – housing business
Revaluation effects – housing business SEK m Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Group 168 231 434 352 410 Business segment Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 JM Residential Stockholm 27 53 134 120 126 JM Residential Sweden 70 118 188 173 203 JM Norway 49 39 73 45 55 JM Finland 22 21 38 14
Slide 31: Sustainability
Sustainability P R O G R E S S W I T H I N C L I M AT E W O R K • Housing start of apartment building with wood frame. • No serious accidents during the quarter. • JM is one of 300 Climate leaders in Europe according to Financial Times. 31 Investor presentation 07/12/2023 © JM AB
Slide 32: JM today
JM today • Customer focused – strong brand • 40,400 building rights in attractive locations • Good long-term conditions • Gradual broadening of geographic scope • Sustainable urban planning • Cautious housing market • Cost inflation • Strong balance sheet – offers freedom of action • Well-balanced r
Slide 33: History is made in our homes
History is made in our homes