Slide 1: Interim Report January – June 2026
Interim Report January – June 2026 MIKAEL ÅSLUND, PRESIDENT AND CEO TOBIAS BJURLING, CFO JULY 10, 2026
Slide 2: Positive sales development and strong cash flow
Positive sales development and strong cash flow Positive development in Swedish housing Increased sales and Reduced risk in the market despite strong cash flow residential portfolio geopolitical uncertainty Improved profit in Continued Shorter lead times the residential optimization of the and lower
Slide 3: Group Summary
Group Summary APRIL – JUNE 2026 • Number of residential units sold increased to 784 (433). • Number of housing starts increased to 679 (647). • Number of residential units in production increased to 5,116 (4,557). • Residential building rights portfolio amounted to 35,000 (36,800). 22% 65% 13% 1,870
Slide 4: Rising prices in Sweden and Norway
Rising prices in Sweden and Norway PRICES ON THE EXISTING HOME MARKET SEK, NOK/ sq.m. EUR/sq.m. 140 000 10 000 120 000 8 000 100 000 6 000 80 000 60 000 4 000 40 000 2 000 20 000 0 0 Q2 Q2 Q2 Q2 Q2 Q2 2021 2022 2023 2024 2025 2026 Stockholm inner city Stockholm nearby suburbs Gothenburg Malmö Oslo M
Slide 5: Increased sales across all business segments in the second quarter
Increased sales across all business segments in the second quarter SOLD RESIDENTIAL UNITS | APRIL – JUNE Number of units 1 200 1,075 1 000 253 784 800 143 133 600 178 71 433 400 305 119 501 60 200 99 275 155 0 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland As of the first quarter of 2026
Slide 6: Increased sales to both consumers and investors
Increased sales to both consumers and investors SOLD RESIDENTIAL UNITS | APRIL – JUNE Number of units 1 200 1,075 1 000 784 800 555 600 433 598 400 520 362 200 186 0 71 2024 2025 2026 Investors Consumers 6 JM INTERIM REPORT JANUARY – JUNE 2026 07/10/2026
Slide 7: Increased housing starts during the quarter
Increased housing starts during the quarter HOUSING STARTS | APRIL – JUNE Number of units 800 722 679 647 600 207 149 365 400 188 236 74 200 253 282 294 0 2024 2025 2026 JM Stockholm JM Sweden JM Norway JM Finland 7 JM INTERIM REPORT JANUARY – JUNE 2026 07/10/2026
Slide 8: Residential units in production continue to increase
Residential units in production continue to increase NUMBER OF RESIDENTIAL UNITS IN PRODUCTION , AND SOLD/RESERVED RATIO Number 10 000 100% 8 000 80% 64% 6 000 60% 4 000 40% 2 000 20% 0 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 J
Slide 9: Improved profit in the residential development business
Improved profit in the residential development business APRIL – JUNE 2026 • Revenue increased to SEK 2,815m (2,540). SEK m % 2 500 20 • Operating profit amounted to SEK 70m (116), and operating margin amounted to 2.5 percent (4.6). 2 000 16 Adjusted for non-recurring items, the underlying operating
Slide 10: Optimization of the building rights portfolio
Optimization of the building rights portfolio NO. OF BUILDING RIGHTS BUSINESS SEGMENT 06/30/2026 06/30/2025 JM Stockholm 11,300 12,500 JM Sweden 9,700 10,700 JM Norway 6,800 5,700 JM Finland 7,200 7,900 Group 35,000 36,800 10 JM INTERIM REPORT JANUARY – JUNE 2026 07/10/2026
Slide 11: Building rights lead time stable
Building rights lead time stable BUILDING RIGHTS SEK m IN NO. IN HOUSING AVERAGE PERIOD, 06/30/2026 BALANCE SHEET BALANCE SHEET STARTS 1) YEARS 2) JM Stockholm 2,940 6,100 846 7.2 JM Sweden 1,902 7,900 516 15.3 JM Norway 1,482 3,500 295 11.9 JM Finland 1,715 5,200 493 10.5 Group 8,054 22,700 2,150 1
Slide 12: Unsold residential units in the balance sheet decreased
Unsold residential units in the balance sheet decreased Number SEK m 800 2 400 700 2 100 600 1 800 489 500 1 500 400 1,134 1 200 300 900 200 234 600 100 300 0 0 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 Unsold units in balance sheet SEK m Number of unsol
Slide 13: Very strong cash flow
Very strong cash flow GROUP CASH FLOW APRIL – JUNE SEK m SEK m 2026 2025 2 000 Cash flow from operating activities before 39 121 change in working capital and taxes 1 500 Tax paid –71 –66 1 000 500 Change in development properties –14 –133 0 Change in residential units in the balance sheet 539 59 -5
Slide 14: Strengthened financial position
Strengthened financial position NET INTEREST - BEARING LIABILITY( - )/RECEIVABLE(+) 1) 2) • Equity/Assets ratio 55 percent (55). Times SEK m • Available liquidity SEK 4,268m (2,721) of 5 000 0,50 which cash and cash equivalents SEK 864m 3 000 0,30 (157). 1 000 0,10 • Unutilized overdraft facilities
Slide 15: Increased production and strong sales improved the profit
Increased production and strong sales improved the profit PERCENTAGE OF COMPLETION METHOD (GROSS) Q2 2026 (Q2 2025) Cost -based effect SEK 180m (109) + Revaluation effect SEK 86m (202) + Sales effect SEK 57m ( –25) Always positive Usually positive Positive / negative Recognized expenses x contributi
Slide 16: Positive effects from JM Sweden, Norway and Finland
Positive effects from JM Sweden, Norway and Finland REVALUATION EFFECT – HOUSING BUSINESS SEK m Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Group 202 40 181 199 86 BUSINESS SEGMENT Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 JM Stockholm 59 –45 70 28 –12 JM Sweden 79 43 60 72 39 JM Norway 36 27 31 76 37 JM
Slide 17: Increased production and strong sales improved the profit
Increased production and strong sales improved the profit PERCENTAGE OF COMPLETION METHOD (GROSS) Q2 202 6 (Q2 2025) Cost -based effect SEK 180m (109) + Revaluation effect SEK 86m (202) + Sales effect SEK 57m ( –25) Always positive Usually positive Positive / negative Recognized expenses x contribut
Slide 18: JM Stockholm | Increased sales and housing starts
JM Stockholm | Increased sales and housing starts APRIL – JUNE JANUARY – JUNE SEK M 2026 2025 2026 2025 Revenue 1,109 876 2,103 1,882 Operating profit 39 54 180 139 Operating margin, % 3.5 6.1 8.6 7.4 Number of residential units sold 1) 275 155 666 379 Number of housing starts 2) 294 282 412 368 1)
Slide 19: JM Sweden | Stable quarter with increased sales
JM Sweden | Stable quarter with increased sales APRIL – JUNE JANUARY – JUNE SEK M 2026 2025 2026 2025 Revenue 675 654 1,368 1,252 Operating profit 28 22 56 41 Operating margin, % 4.1 3.4 4.1 3.3 Number of residential units sold 1) 305 99 474 245 Number of housing starts 1) 236 365 301 531 1) Of whic
Slide 20: JM Norway | Increased revenues and improved operating profit
JM Norway | Increased revenues and improved operating profit APRIL – JUNE JANUARY – JUNE SEK M 2026 2025 2026 2025 Revenue 584 380 1,413 841 Operating profit 40 27 87 53 Operating margin, % 6.9 7.2 6.1 6.4 Number of residential units sold 71 60 205 220 Number of housing starts – – 114 202 • Sales of
Slide 21: JM Finland | Continued strong sales to investors
JM Finland | Continued strong sales to investors APRIL – JUNE JANUARY – JUNE SEK M 2026 2025 2026 2025 Revenue 327 498 643 830 Operating profit 2 39 23 58 Operating margin, % 0.7 7.8 3.6 7.0 Number of residential units sold 1) 133 119 359 144 Number of housing starts 2) 149 – 277 123 1) Of which res
Slide 22: Leading housing developer in the Nordics
Leading housing developer in the Nordics Most satisfied 35,000 building rights Well-balanced customers in attractive locations risk profile – strong brand Focus on Competitive Positive trend in the strategic initiatives production costs housing market 22 JM INTERIM REPORT JANUARY – JUNE 2026 07/10/2
Slide 23: We are laying the foundation for a better life.
We are laying the foundation for a better life .