Slide 1: Interim Report January–September 2022
Interim Report January–September 2022 O C TO B E R 2 7 , 2 0 2 2
Slide 2: JM Group
1) JM Group Revenue: SEK 15.3 billion Total assets: SEK 17.1 billion No. of building rights: 39,000 No. of employees: 2,494 11 % Market Cap: SEK 10.6 billion 2) 22 % 67 % Norway Sweden Finland Kvarnholmens Udde, Nacka, Stockholm 1) According to segment reporting 2) SEK 161 per share, October 26, 202
Slide 3: Group Summary
Group Summary 1) J A N U A RY – S E P T E M B E R 2 0 2 2 • Revenue increased to SEK 11,233m (10,541). Mkr % 2 500 20 • Operating profit decreased to SEK 1,297m (1,460). • Operating margin decreased to 11.6 percent (13.9). 2 000 16 • Results from sale of properties and from joint venture of SEK −8m
Slide 4: Group Summary
Group Summary J A N U A RY – S E P T E M B E R 2 0 2 2 • Number of residential units sold decreased to 2,197 (3,279). • Number of housing starts amounted to 2,215 (2,544). • Number of residential units in current production increased to 7,962 (7,722). • Lower level of housing starts in the third qua
Slide 5: Strong financial position in a cautious market
Strong financial position in a cautious market • Declining demand and activity level during the third quarter in all our markets, except for Norway, which continues to show good sales. • Good profitability in all three countries with continued large challenge with cost inflation in Norway. • Lower l
Slide 6: Operating profit and operating margin
Operating profit and operating margin January – September According to 2022 2021 segment reporting SEK m % SEK m % JM Residential Stockholm 532 14.7 559 15.0 JM Residential Sweden 512 15.3 482 15.3 JM Norway 187 7.7 197 9.4 JM Finland 111 9.1 81 7.9 JM Property Development -20 169 JM Construction 12
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 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 2013 2014
Slide 8: Lower level of sold residential units
Lower level of sold residential units J A N U A RY – S E P T E M B E R Number of units 4 000 3 500 3,279 3 000 320 2,403 642 2,197 2 500 341 2 000 466 320 368 427 1 500 901 828 1 000 854 500 866 950 596 0 2020 2021 2022 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property De
Slide 9: Decreased level of housing starts in Stockholm
Decreased level of housing starts i Stockholm J A N U A RY – S E P T E M B E R Number of units 3 000 2,544 2,223 2,215 2 500 389 96 2 000 378 390 373 273 1 500 416 877 822 1 000 874 500 888 750 456 0 2020 2021 2022 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property Develop
Slide 10: Bunkhagen Norra
Bunkhagen Norra TÄ B Y P A R K Number of housing starts Q3 2022 139 Completed in 2024 12 Investor presentation 10/27/2022 © JM AB
Slide 11: Docks
Docks MALMÖ Number of housing starts Q3 2022 157 Completed in 2025 13 Investor presentation 10/27/2022 © JM AB
Slide 12: Fusdal Torg
Fusdal Torg A S K E R , N O R W AY Number of housing starts Q3 2022 84 Completed in 2025 14 Investor presentation 10/27/2022 © JM AB
Slide 13: Number of residential units in current production 7,962
Number of residential units in current production 7,962 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 L O W R I S K I N C U R R E N T P R O D U C T I O N I N Q 3 2 0 2 2 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% Q3 Q4 Q1 Q2 Q3
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 C U R R E N T 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 16 Investor presentat
Slide 15: Residential units in current production
Residential units in current production J M G RO U P Sep 30 Sep 30 Dec 31 2022 2021 2021 Number of residential units 1) 7,962 7,722 8,094 Number of residential units sold 2) 4,811 5,087 4,978 Number of residential units reserved 347 1,043 976 Sold residential units, % 64 64 64 Reserved residential u
Slide 16: JM Residential Stockholm
JM Residential Stockholm January – September Full year SEK m 2022 2021 2021 Revenue 3,622 3,739 4,990 Operating profit 1) 532 559 763 Operating margin, % 14.7 14.9 15.3 Number of available building rights 12,700 11,000 11,700 Number of residential units in current production 2,598 2,703 2,855 • Prof
Slide 17: JM Residential Sweden
JM Residential Sweden January – September Full year SEK m 2022 2021 2021 Revenue 3,345 3,147 4,317 Operating profit 1) 512 482 662 Operating margin, % 15.3 15.3 15.3 Number of available building rights 11,100 10,300 9,900 Number of residential units in current production 2,246 2,226 2,154 Regalskepp
Slide 18: JM Norway
JM Norway January – September Full year SEK m 2022 2021 2021 Revenue 2,432 2,102 3,030 Operating profit 1) 187 197 300 Operating margin, % 7.7 9.4 9.9 Number of available building rights 7,300 7,800 7,800 Number of residential units in current production 1,240 1,302 1,280 1) Of which property sales
Slide 19: JM Finland
JM Finland January – September Full year SEK m 2022 2021 2021 Revenue 1,223 1,023 1 501 Operating profit 1) 111 81 122 Operating margin, % 9.1 7.9 8.1 Number of available building rights 6,100 5,500 5,100 Number of residential units in current production 1,441 1,156 1,321 1) Of which property sales
Slide 20: JM Property Development
JM Property Development January – September Full year SEK m 2022 2021 2021 Revenue 160 182 262 Operating profit 1)2) -20 169 407 Number of available building rights 1,800 1,600 1,100 Number of residential units in current production 437 335 484 1) Of which property sales - 161 391 2) Of which income
Slide 21: Available building rights portfolio
Available building rights portfolio No. of building rights 1) Region 09/30/2022 09/30/2021 2) 2) Stockholm 14,500 12,600 Malmö/Lund 3,400 2,600 Gothenburg 3) 3,600 3,500 Uppsala 4) 4,100 4,200 Norway 7,300 7,800 Finland 6,100 5,500 Total 39,000 36,200 1) Rounded to the nearest hundred 2) Of which 1,
Slide 22: Somewhat higher level of development properties
Somewhat higher level of development properties BUILDING RIGHTS IN BALANCE SHEET Jan–Sep SEK m 2019 2020 2021 2022 Opening balance 8,306 8,938 7,831 8,205 New purchases 1,745 1,022 1,754 1,454 Transferred to production -1,068 -1,888 -1,388 -1,122 Other -45 -241 8 71 Closing balance 8,938 7,831 8,205
Slide 23: Approx. 6 years production in Balance Sheet
Approx. 6 years production in Balance Sheet No. of residential building rights In Balance Housing 1) Average period, 2) 09/30/2022 Sheet starts years JM Residential Stockholm 6,600 721 9.2 JM Residential Sweden 6,800 1,174 5.8 JM Norge 3,400 662 5.1 JM Finland 3,800 649 5.9 JM Property Development 8
Slide 24: 67 unsold residential units in Balance Sheet, SEK 339m
67 unsold residential units in Balance Sheet, SEK 339m SEK m 500 432 400 377 389 330 339 300 200 100 0 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 26 Investor presentation 10/27/2022 © JM AB
Slide 25: Unsold residential units in Balance Sheet
Unsold residential units in Balance Sheet 700 600 500 400 300 200 100 0 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 2008 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 Numb
Slide 26: Cash flow
Cash flow Cash flow statement, SEK m Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 From operating activities 1) 2) 3) 487 916 273 -525 -363 From investing activities -1 -16 -6 6 - From financing activities -434 51 -146 -1,111 -219 Total cash flow for the quarter 52 951 122 -1,630 -582 Cash and cash equiva
Slide 27: Strong financial position and liquidity
Strong financial position and liquidity Net interest-bearing liability(+)/receivable(−) 1) SEK m times • Equity/Assets ratio 1) 49 percent (48). 1 000 0,4 • Available liquidity SEK 4,702m (5,822) 615 of which cash and cash equivalents 500 0,2 SEK 1,902m (3,022). 0 0 • Unutilized overdraft facilities
Slide 28: 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 3 2 0 2 2 ( Q 2 2 0 2 2 ) Cost-based effect SEK 291m (309) + Revaluation effect SEK 352m (410) + Sales effect SEK -30m (7) Always positive Usually positive Positive / negative Recogniz
Slide 29: Revaluation effects – housing business
Revaluation effects – housing business SEK m Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Group 336 391 384 410 352 Business segment Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 JM Residential Stockholm 95 83 113 126 120 JM Residential Sweden 134 186 169 203 173 JM International 107 122 102 81 59 The net of p
Slide 30: Acquiring building rights in Gothenburg
Acquiring buildings rights in Gothenburg • JM has acquired building rights for the development of approximately 130 residential units located in the Eriksberg district in Gothenburg. With the entire Eriksberg quay area as a neighbor, close to both green areas and the city center, this is a very attr
Slide 31: Sustainable development
Sustainable development • Calculating climate impact of projects throughout the entire Group. • As of October 1, 2022, climate- improved concrete in all projects in Sweden. • Starting rollout of JM’s concept for fossil-free construction sites. • New sustainability section in the Interim Report. 33 I
Slide 32: JM today
JM today • Customer focused – strong brand • 39,000 building rights in attractive locations • Good long-term conditions • Cautious housing market • Gradual broadening of geographic scope • Sustainable urban planning • Efficient management systems • Investment in digital development • Strong balance
Slide 33: History is made in our homes
History is made in our homes