Slide 1: January-June 2025
January-June 2025 Peter Wallin, President and CEO Jon Johnsson, Deputy CEO and CFO
Slide 2: a oO o ae Ss ae = E iy x a < =
a oO o 2 ae 2 Ss ae 2 = E iy x a < =
Slide 3: Q2 figures in brief
Q2 FIGURES IN BRIEF
Slide 4: Started projects during the quarter
Started projects during the quarter Seminariet Evalda Valtera 2 Ritscherhof Green Wave Uppsala, Sweden Riga, Latvia Aachen, Germany Vilnius, Lithuania 47 units for consumers 72 units for consumers 139 units for consumers 59 units for consumers
Slide 5: Neighbourhoods: Started project in July
NEIGHBOURHOODS ais ua a Started project in July Fredman, Stockholm, Sweden In Stockholm, the development of 120 homes certified with the Nordic Swan Ecolabel started and will be included in Q3 report
Slide 6: Financial Development
Financial Development Jon Johnsson, Deputy CEO and CFO
Slide 7: Increasing units in ongoing production with good sales rate
Increasing units in ongoing production with good sales rate — Sold units in ongoing production % Number of units 5,000 4,000 3,000 2,000 Ongoing production B2C Hl Ongoing production B2B Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
Slide 8: Number of completed unsold units decreasing
Number of completed unsold units decreasing -510 570 -101 343 283 Completed unsold Sold units, Sum Completed units Q2 Of which sold Completed unsold units Mar-2025 previously unsold units Jun-2025
Slide 9: Bonava Group segment performance - margins improving
Bonava Group segment performance - margins improving Net sales Operating gross profit Operating gross margin, % Selling & admin expense Operating EBIT Operating EBIT margin, % = Operating EBIT margin, % Net sales, SEK Bn Operating EBIT margin, R12, % 2,403 2,281 1,978 1,839 1,608 Q2'24 Q3'24 Q4'24 Q
Slide 10: Performance in the markets
Performance in the markets Operating EBIT (SEK M) Operating EBIT % 25'Q2 24'Q2 R12 24'FY | 25'Q2 24'Q2 R12 © -24'FY Germany 138 118 477 439 10.1 74 8.7 76 Sweden -24 -16 -48 -62 -15.5 43 Hs} 5.6 Finland 9 8 18 16 6.7 -4.3 2.7 2.1 Baltics 14 8 68 56 75 5.4 8.7 8.0 Other -40 -36 -134— -123 Total 78 66
Slide 11: Germany
Germany + Improved operating gross- * 450 building rights with and EBIT margins building permit in Berlin * Increased number of starts Rutscherhof, Aachen SEKM 2025 2024 Q2 Q2 R12 Net sales 1364 1,579 5,490 5,757 Operating gross profit 187 180 727 702 1397 1384 Operating gross margin, % 13.7 11.4 13
Slide 12: Sweden
Sweden + Increased operating gross ¢ Strategic partnership with margin Panghus and Kynningsrud * Gradually starting projects Bestar SEKM 2028 2024 R12 Q2'25 MQ2'24 MR12 MFY'24 Net sales 157 7) 910 Operating gross profit 11 16 71 56 Operating gross margin, % 6.7 4.2 7.8 5.1 Selling & admin expense -3
Slide 13: Finland
Finland + Better gross margin driven by + No starts in the quarter, starts increased margins in planned for the second half completed projects and cost savings Q2'25 MM Q2'24 MR12 MI FY '24 SEK M Net sales 130 180 651 762 Operating gross profit 14 17 118 121 Operating gross margin, % 11.2 9.5 18.2 1
Slide 14: Baltics
BUSINESS UNITS Baltics + Higher sales pace - Riga and + Increased operating margin Vilnius being the most active + B2M projects maintain high markets leasing rate * Increased number of starts SEKM Q2'25 MH Q2'24 MM R12 FY '24 Net sales Operating gross profit 27 20 118 103 Operating gross margin, % 1
Slide 15: Building rights portfolio - adding attractive building rights in Berlin
Building rights portfolio - adding attractive building rights in Berlin Geographical split Potential start period On-/Off-balance 30% 30% 25,500 25,500 (28,500) (28,500) 73% 73% Germany [iil Finland 2025-2026 © Options Hi Sweden [i Baltics Hl 2027-2028 Hl Conditional agreements 8 Later On-balance
Slide 16: Net financial items improving due to lower debt and lower interest rates
Net financial items improving due to lower debt and lower interest rates 2024 2024 Q2 FY Operating EBIT Operating EBIT margin, % Net financial items Tax Net profit/loss 4.3 -101 2.9 -158 -17 -109 4.9 -497 -94 -211 3.9 524 -90 -288 RB 40 130 120 110 100 90 80 70 60 50 40 30 20 10 Net interest items p
Slide 17: Positive operating cash flow but as we grow working capital will also grow
Positive operating cash flow but as we grow working capital will also grow Operating cash flow per quarter (SEK M) 1,008 2024 2024 Q2 R12 FY 720 EBITDA 151 45 179 132 48928 Net investments 188 1,007 1,952 1,886 280 Change in working capital -305 -332 -806 -494 188 Operating cash flow 34 720 1,326 1,
Slide 18: Flat net debt despite increased ongoing production
Flat net debt despite increased ongoing production Net debt (SEK Bn) Net debt project financing Il Other net debt [ill Leasing @ fo) + First local offerings for financing in Germany * Market conditions for project financing have improved * Investments in project starts will likely increase net debt
Slide 19: Financial framework
Financial framework metrics well within set range Equity/assets ratio 43.0% (38.1) Net project asset value/net debt 1.5x (1.4) Balance sheet per Q2 2025 (SEK Bn) Land bank 7.0 6.9 Equity Interest-bearing Debt Project assets Advances Interest-bearing Assets Other Other Balance sheet total: SEK 16.1 B
Slide 20: Further steps taken to meet our targets
Further steps taken to meet our targets * Increasing portfolio of ongoing projects with good sales rate which will contribute to sales growth in the second half of 2025 and beyond * Improving profitability and maintaining financial strength + Well positioned to meet guidance of operating EBIT margin
Slide 21: Bonava
QA 8 BONAVA