Slide 1: Interim Report January–March 2024
Interim Report January–March 2024 APRIL 23, 2024
Slide 2: JM Group
1) JM Group Revenue: SEK 12.9 billion Total assets: SEK 16.3 billion No. of building rights: 38,300 No. of employees: 2,131 Market Cap: SEK 12.6 billion 2) 12 % 20 % 68 % Norway Sweden Finland 1) According to segment reporting over a 12-month period 2) SEK 196 per share, April 22, 2024 2 Investor pr
Slide 3: Group Summary
Group Summary 1) J A N U A RY – M A R C H 2 0 2 4 SEK m % • Revenue amounted to SEK 3,034m (3,962). 2 500 20 • Operating profit decreased to SEK 160m (417) and 2 000 16 operating margin decreased to 5.3 percent (10.5). • Profit before tax decreased to SEK 128m (394). 1 500 12 • Earnings per share am
Slide 4: Group Summary
Group Summary 1) J A N U A RY – M A R C H 2 0 2 4 • Number of residential units sold decreased to 480 (479). • Number of housing starts decreased to 145 (214). • Number of residential units in current production decreased to 5,068 (6,996). • Residential building rights portfolio amounted to 38,300 (
Slide 5: Increased sales enable more housing starts
Increased sales enable more housing starts • Slightly increased demand and activity level, primarily in the Swedish market. • The improved sales enables a higher number of housing starts during the year. • In the quarter, two projects in JM Residential Stockholm started production. • Lower revenue,
Slide 6: Operating profit and operating margin
Operating profit and operating margin January – March According to 2024 2023 segment reporting SEK m % SEK m % JM Residential Stockholm -47 -5.3 116 10.6 JM Residential Sweden 17 2.9 126 11.2 JM Norway 70 10.1 42 6.7 JM Finland 26 6.7 38 8.6 JM Property Development 104 28.4 104 18.3 Group-wide expen
Slide 7: Prices on the existing home market
Prices on the existing home market Tenant-owners associations 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 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q
Slide 8: Increased number of sold residential units
Increased number of sold residential units Number J A N U A RY – M A R C H of units 1 200 995 1 000 162 800 194 600 479 480 375 78 400 218 62 20 172 200 77 264 113 168 0 51 2022 2023 2024 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property Development 8 Investor presentatio
Slide 9: Very low level of housing starts
Very low level of housing starts Number J A N U A RY – M A R C H of units 1 000 808 800 128 600 250 400 357 214 200 34 145 41 139 145 73 0 2022 2023 2024 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property Development 9 Investor presentation 04/23/2024
Slide 10: Ture Torn
Ture Torn SOLLENTUNA Number of housing starts Q1 2024 70 Completed in 2026 10 Investor presentation 04/23/2024
Slide 11: Vattentornet Södra
Vattentornet Södra NACKA Number of housing starts Q1 2024 75 Completed in 2025 11 Investor presentation 04/23/2024
Slide 12: 55 percent of sold and reserved residential units in current production
55 percent of sold and reserved residential units in current production G RO U P 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Reserved residential units Sold residential units Sold/reserved residential units 12 Investor presentation 04/23/2024
Slide 13: Number of residential units in production 5,068
Number of residential units in production 5,068 P E R C E N TA G E S O L D / R E S E R V E D B E L O W N O R M A L L E V E L I N C U R R E N T P R O D U C T I O N B U T I N C R E A S I N G Number 12 000 80% 9 000 60% 6 000 40% 3 000 20% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 14: Fewer residential units in production
Fewer residential units in production J M G RO U P Mar 31 Mar 31 Dec 31 2024 2023 2023 Number of residential units 1) 2) 5,068 6,996 6,033 Number of residential units sold 2,361 3,691 2,902 Number of residential units reserved 179 237 135 Sold residential units, % 51 55 52 Reserved residential units
Slide 15: JM Residential Stockholm
JM Residential Stockholm January – March Full-year SEK m 2024 2023 2023 Revenue 882 1 095 4,248 Operating profit 1) -47 116 112 Operating margin, % -5.3 10.6 2.6 Number of residential units sold 168 51 315 Number of housing starts 145 - 231 1) Of which impairment in development properties - - -75 Ba
Slide 16: JM Residential Sweden
JM Residential Sweden January – March Full-year SEK m 2024 2023 2023 Revenue 600 1,129 3,476 Operating profit 1) 17 126 139 Operating margin, % 2.9 11.2 4.0 Number of residential units sold 172 113 534 Number of housing starts - 139 443 1) Of which impairment in development properties - - -75 Flaggs
Slide 17: JM Norway
JM Norway January – March Full-year SEK m 2024 2023 2023 Revenue 690 632 2,589 Operating profit 1) 70 42 149 Operating margin, % 10.1 6.7 5.7 Number of residential units sold 2) 62 77 488 Number of housing starts 2) - 41 405 1) Of which impairment in development properties - - -11 2) Of which reside
Slide 18: JM Finland
JM Finland January – March Full-year SEK m 2024 2023 2023 Revenue 388 439 1,591 Operating profit 1) 26 38 140 Operating margin, % 6.7 8.6 8.8 Number of residential units sold 2) 78 20 346 Number of housing starts 3) - 34 375 1) Of which impairment in development properties - - -3 2) Of which residen
Slide 19: JM Property Development
JM Property Development January – March Full-year SEK m 2024 2023 2023 Revenue 367 566 1,458 Operating profit 1) 104 104 248 Operating margin, % 28.4 18.3 17.0 Number of residential units sold - 218 218 Number of housing starts - - 155 1) Of which impairment in project properties - - -77 • Decreased
Slide 20: Available building rights portfolio
Available building rights portfolio No. of building rights 1) Region 03/31/2024 03/31/2023 2) 2) Stockholm 13,700 14,600 Malmö/Lund 3) 3,800 3,700 Gothenburg 3) 3,600 3,600 Uppsala 3) 4,300 4,800 Norway 6,200 6,900 Finland 6,700 6,900 Total 38,300 40,500 1) Rounded to the nearest hundred 2) Of which
Slide 21: Unchanged level of development properties
Unchanged level of development properties BUILDING RIGHTS IN BALANCE SHEET Jan-Mar SEK m 2024 2023 2022 2021 Opening balance 8,504 8,465 8,205 7,831 New purchases 157 1,628 1,700 1,754 Transferred to production -177 -829 -1,538 -1,388 Sold - -313 - - Impairment - -181 - - Reclassification and revalu
Slide 22: Approx. 15 years production in Balance Sheet
Approx. 15 years production in Balance Sheet No. of residential building rights In Balance Housing Average 1) 2) 03/31/2024 Sheet starts period, years JM Residential Stockholm 7,300 376 19.4 JM Residential Sweden 8,000 304 26.3 JM Norge 3,400 364 9.1 JM Finland 3,400 341 10.0 JM Property Development
Slide 23: Reduced number of unsold residential units in Balance Sheet
Reduced number of unsold residential units in Balance Sheet Number SEK m 400 900 350 800 700 300 600 250 566 500 200 400 145 150 300 100 200 50 100 0 0 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 Number of unsold units Participations in tenant-owners associations,
Slide 24: Cash flow
Cash flow Cash flow statement, SEK m Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 From operating activities before change in working capital and taxes -86 197 52 240 313 Paid tax -159 -30 -65 -96 -153 Net investment development properties -16 168 -107 -470 162 Net investment in participations in tenant-o
Slide 25: Strong financial position
Strong financial position 1) Net interest-bearing liability(+)/receivable(−) SEK m Times 3 000 0,6 • Equity/Assets ratio 52 percent (54). 2,731 2 500 0,5 2 000 0,4 • Available liquidity SEK 3,132m (5,377) of which cash and cash equivalents SEK 1 500 0,3 566m (2,577). 1 000 0,2 500 0,1 • Unutilized o
Slide 26: 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 1 2 0 2 4 ( Q 4 2 0 2 3 ) Cost-based effect SEK 144m (219) + Revaluation effect SEK 45m (-22) + Sales effect SEK 54m (65) Always positive Usually positive Positive / negative Recognize
Slide 27: Revaluation effects – housing business
Revaluation effects – housing business SEK m Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Group 45 -22 80 168 231 Business segment Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 JM Residential Stockholm -54 -60 10 27 53 JM Residential Sweden 13 12 15 70 118 JM Norway 65 35 29 49 39 JM Finland 21 -9 26 22 21 The
Slide 28: Important decisions for change in future production
Important decisions for change in future production S U S TA I N A B I L I T Y • Decision to introduce climate-improved concrete with a 20 percent reduced climate footprint in the majority of prefabricated concrete elements in all projects in Sweden and half of the projects in Norway. This is estima
Slide 29: JM today
JM today • Customer focused – strong brand. • 38,300 building rights in attractive locations. • Good long-term conditions. • More sustainable urban planning. • Cautious housing market. • Well-balanced risk profile. • Adaptation to prevailing market conditions. Docks, Malmö 29 Investor presentation 0
Slide 30: Thank you
Thank you