Jm Ab · OMXSTO:JM
Jm Ab — Investor Day (December 2025)
35 slides from Jm Ab's investor day presentation, Dec 3, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 D E C E M B E R 3 CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 2: JM in Brief & Target and strategy
JM IN BREIF AND TARGET AND STARTEGY JM in Brief & Target and strategy Mikael Åslund CEO CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 3: JM in Brief
JM in Brief CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 4: Vision, Business concept, Customer promise
JM IN BRIEF Vision We are laying the foundation for a better life. Business concept With people in focus and through constant development, we create homes and sustainable living environments. Customer promise Better quality of life. CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 5: JM is active in three countries
JM IN BRIEF JM is active in Sweden Finland three countries Norway Housing starts 2025 Q3 R12 75% 10% 15% Sweden Norway Finland JM locations CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 6: Driving value from acquired land to property management
JM IN BRIEF Driving value from acquired land to property management Value development at JM (Illustrative) Acquire Develop Pre-construction Sell Produce Manage Value Time CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 7: JM’s foundation is structured project development
JM IN BRIEF JM’s foundation is structured project development Project Production Lead time JM’s journey with improving management improvements Launch of structured project Interior design Customer Inhouse new strategy development choices journey design Logistics BIM 2025 2024 Acquisition 2023 2022 2
Slide 8: Award-winning customer satisfaction
JM IN BRIEF Award-winning customer satisfaction #1 in Norway – CSI 2024 Top 3 in Sweden – CSI 2024 Top score in Sweden – CSI long-term 2024 CSI = Customer satisfaction index CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 9: JM Norway
JM IN BRIEF JM Norway CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 10: High costs and interest rates hold production starts back
JM IN BRIEF High costs and interest rates hold Business Segment Norway production starts back Sold residential units and housing starts (R12) Units (#) 800 600 400 Sold units 200 Housing starts 0 2021 2022 2023 2024 2025 Q3 Q3 Q3 Q3 Q3 CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 11: Lower revenue but maintained margins in a tough market
JM IN BRIEF Lower revenue but maintained Business Segment Norway margins in a tough market Revenue and operating margin SEK m 4 000 3 392 3 030 3 000 2 589 2 024 2 000 1 747 10% 7% 1 000 6% 7% 6% Revenue Operating margin 0 2021 2022 2023 2024 2025 Q3 R12 CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 12: High prices have held back investments in recent years
JM IN BRIEF High prices have held back Business Segment Norway investments in recent years Development properties (residential) (2024 Q4, SEK bn) +27% Carrying amount 2025 Q3 1.4 1.0 SEK bn 1.1 0.3 Carrying amount Surplus value Market value CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 13: JM Finland
JM IN BRIEF JM Finland CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 14: Successful development of rental projects when the consumer market is slow
JM IN BRIEF Successful development of Business Segment Finland rental projects when the consumer market is slow Sold residential units and housing starts (R12, #) Units (#) 1 000 800 600 400 200 Sold units Housing starts 0 2021 2022 2023 2024 2025 Q3 Q3 Q3 Q3 Q3 CAPITAL MARKETS DAY – DECEMBER 3, 202
Slide 15: Maintained volumes and margins in a challenging market
JM IN BRIEF Maintained volumes and margins Business Segment Finland in a challenging market Revenue and operating margin SEK m 2 000 1 729 1 501 1 591 1 608 1 546 1 500 1 000 8% 9% 9% Revenue 500 6% 5% Operating margin 0 2021 2022 2023 2024 2025 Q3 R12 CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 16: JM Finland has invested on a weaker market
JM IN BRIEF JM Finland has invested Business Segment Finland on a weaker market Development properties (residential) (2024 Q4, SEK bn) Carrying amount +33% 2025 Q3 1.6 1.3 SEK bn 1.2 0.4 Carrying amount Surplus value Market value CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 17: JM Residential Sweden
JM IN BRIEF JM Residential Sweden CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 18: Increased number of housing starts 2025 compared to 2024
JM IN BRIEF Increased number of housing Business Segment Residential starts 2025 compared to 2024 Sweden Sold residential units and housing starts (R12, #) Units (#) 1 500 1 000 500 Sold units Housing starts 0 2021 2022 2023 2024 2025 Q3 Q3 Q3 Q3 Q3 CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 19: Operating margin is unchanged, revenue has increased slightly
JM IN BRIEF Operating margin is unchanged, Business Segment Residential Sweden revenue has increased slightly Revenue and operating margin SEK m 5 000 4 317 4 500 4 000 3 476 3 000 2 382 2 426 15% 15% 2 000 4% Revenue 1 000 3% 3% 0 Operating margin 2021 2022 2023 2024 2025 Q3 R12 CAPITAL MARKETS DAY
Slide 20: SEK 1.2 bn surplus value
JM IN BRIEF SEK 1.2 bn surplus value Business Segment Residential Sweden Development properties (residential) (2024 Q4, SEK bn) Carrying amount +63% 2025 Q3 3.1 1.9 SEK bn 1.2 1.9 Carrying amount Surplus value Market value CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 21: JM Residential Stockholm
JM IN BRIEF JM Residential Stockholm CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 22: Fewer sales but more housing starts in Stockholm during Q3
JM IN BRIEF Fewer sales but more housing Business Segment Residential Stockholm starts in Stockholm during Q3 Sold residential units and housing starts (R12, #) Units (#) 1 500 1 000 500 Sold units Housing starts 0 2021 2022 2023 2024 2025 Q3 Q3 Q3 Q3 Q3 CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 23: Lower revenue and operating margin
JM IN BRIEF Lower revenue and Business Segment Residential operating margin Stockholm Revenue and operating margin SEK m 4 990 4 966 5 000 4 248 4 200 4 000 3 487 3 000 15% 15% 2 000 3% 2% -2% Revenue 1 000 Operating margin 0 2021 2022 2023 2024 2025 Q3 R12 CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 24: Solid building rights portfolio secures the future in Stockholm
JM IN BRIEF Solid building rights portfolio Business Segment Residential Stockholm secures the future in Stockholm Development properties (residential) (2024, SEK bn) Carrying amount +97% 2025 Q3 6.7 3.2 SEK bn 3.2 3.4 Carrying amount Surplus value Market value CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 25: Property Development
JM IN BRIEF Property Development CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 26: Tough rental market conditions hold sales and starts back
JM IN BRIEF Tough rental market conditions Business Segment Property Development hold sales and starts back Sold residential units and housing starts (R12, #) Units (#) 800 600 400 200 Sold units Housing starts 0 2021 2022 2023 2024 2025 Q3 Q3 Q3 Q3 Q3 CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 27: Stable operating margin but decreasing revenue last 12 months
JM IN BRIEF Stable operating margin but Business Segment Property Development decreasing revenue last 12 months Revenue and operating margin SEK m 2 000 1 742 155% 1 458 1 500 1 224 1 000 915 500 25% 35% Revenue 262 17% 23% Operating margin 0 2021 2022 2023 2024 2025 Q3 R12 CAPITAL MARKETS DAY – DEC
Slide 28: Strategic land holdings in the right geographies
JM IN BRIEF Strategic land holdings in the right geographies Available residential building rights per business segment 2025 Q3 11 000 10 700 Off balance 7 900 building rights 5 600 Development properties in the balance sheet 1 400 JM residential JM residential JM Norway JM Finland JM Property Stock
Slide 29: Actions taken short term
JM IN BRIEF Actions taken short term Merger of business segment Property Development and Residential Stockholm Redesign of the development organization Current Business Unit Manager for Property development and Residential Stockholm transitions to a new role within development CEO is acting manager
Slide 30: Targets and Strategy
Targets and Strategy CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 31: Factors impacting JM
TARGETS AND STRATEGY Factors impacting JM Capital Demand Cost turnover CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 32: JM’s strengths
TARGETS AND STRATEGY JM’s strengths Municipalities Customer orientation & investors Brand, employees Residential specialist & customers Project execution Land acquisition CAPITAL MARKETS DAY – DECEMBER 3, 2025
Slide 33: JM’s strategy
TARGETS AND STRATEGY JM’s strategy Laying the foundation for a better life TARGET GROWTH PROFITABILITY FINANCIAL RETURN SUSTAINABILITY AREAS Increase standardization, STRATEGIC Expand addressable Shorter lead times Active Profitable sustainability DIRECTIONS market and portfolio management Own the v
Slide 34: Key take-aways
JM IN BREIF AND TARGET AND STARTEGY Key take-aways • Customer experts – Recognized for award- winning customer satisfaction • Robust building rights portfolio – Strategic land holdings in selected geographies • 80 years of proven experience – Thrived through multiple economic cycles • Taking actions
Slide 35: Thank you
Thank you CAPITAL MARKETS DAY – DECEMBER 3, 2025