Slide 1: Interim Report January–June 2024
Interim Report January–June 2024 J U LY 1 0 , 2 0 2 4
Slide 2: JM Group
1) JM Group Revenue: SEK 12.9 billion Total assets: SEK 15.2 billion No. of building rights: 37,200 No. of employees: 2,076 Market Cap: SEK 13.3 billion 2) 13 % 19 % 68 % Norway Sweden Finland 1) According to segment reporting over a 12-month period 2) SEK 206 per share, July 9th, 2024 2 Investor pr
Slide 3: Group Summary
Group Summary 1) J A N U A RY – J U N E 2 0 2 4 SEK m % • Revenue decreased to SEK 6,617m (7,598). 2 500 20 • Operating profit decreased to SEK 329m (676), and operating margin decreased to 5.0 percent (8.9). 2 000 16 • Profit before tax decreased to SEK 251m (626). 1 500 12 • Earnings per share amo
Slide 4: Group Summary
Group Summary 1) J A N U A RY – J U N E 2 0 2 4 • Number of residential units sold increased to 1,555 (842). • Number of housing starts increased to 867 (668). • Number of residential units in current production decreased to 4,914 (6,657). • Residential building rights portfolio amounted to 37,200 (
Slide 5: Increased sales enabled housing starts
Increased sales enabled housing starts • The positive sales development continued in the second quarter, primarily in our Swedish business segments and despite a cautious market. • The improved sales enabled a higher number of housing starts in the second quarter. • The housing starts increased to 7
Slide 6: Operating profit and operating margin
Operating profit and operating margin January – June According to 2024 2023 segment reporting SEK m % SEK m % JM Residential Stockholm -43 -2.0 206 9.1 JM Residential Sweden 32 2.7 178 8.4 JM Norway 97 8.5 86 6.7 JM Finland 64 7.3 67 8.1 JM Property Development 202 20.7 164 18.7 Group-wide expenses
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 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q
Slide 8: Increased number of sold residential units
Increased number of sold residential units Number J A N U A RY – J U N E of units 2 000 1 800 1 727 1 600 1 555 281 1 400 278 287 1 200 331 1 000 842 800 665 205 218 600 33 350 221 400 200 494 253 391 0 117 2022 2023 2024 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property
Slide 9: Increased number of housing starts
Increased number of housing starts Number J A N U A RY – J U N E of units 1 600 1 527 1 400 373 1 200 1 000 284 867 800 207 668 600 619 155 188 34 400 181 74 200 398 251 298 0 2022 2023 2024 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property Development 9 Investor presenta
Slide 10: Mary, Marieviks Udde
Mary, Marieviks Udde S TO C K H O L M , S W E D E N Number of housing starts Q2 2024 135 Completed in 2028 10 Investor presentation 07/10/2024
Slide 11: Skölstadalen
Skölstadalen UPPSALA, SWEDEN Number of housing starts Q2 2024 27 Completed in 2025 11 Investor presentation 07/10/2024
Slide 12: Myrvoll Stasjon
Myrvoll Stasjon N O R D R E F O L L O , N O R W AY Number of housing starts Q2 2024 77 Completed in 2026 12 Investor presentation 07/10/2024
Slide 13: GWS 6
GWS 6 HELSINKI, FINLAND Number of housing starts Q2 2024 151 Completed in 2026 13 Investor presentation 07/10/2024
Slide 14: 58 percent of sold/reserved residential units in current production
58 percent of sold/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 14 Investor presentation 07/10/2024
Slide 15: Lower level of residential units in production
Lower level of residential units in production N U M B E R O F 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 S A N D P E R C E N TA G E O F S O L D / R E S E R V E D Number 12 000 80% 9 000 60% 6 000 40% 3 000 20% 0 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 16: Fewer residential units in production
Fewer residential units in production G RO U P June 30 June 30 Dec 31 2024 2023 2023 Number of residential units 1) 2) 4,914 6,657 6,033 Number of residential units sold 2,652 3,366 2,902 Number of residential units reserved 164 221 135 Sold residential units, % 55 54 52 Reserved residential units,
Slide 17: JM Residential Stockholm
JM Residential Stockholm January – June April – June Full-year SEK m 2024 2023 2024 2023 2023 Revenue 2,162 2,271 1,280 1,176 4,248 Operating profit 1) -43 206 4 90 112 Operating margin, % -2.0 9.1 0.3 7.6 2.6 Number of residential units sold 391 117 223 66 315 Number of housing starts 398 - 253 0 2
Slide 18: JM Residential Sweden
JM Residential Sweden January – June April – June Full-year SEK m 2024 2023 2024 2023 2023 Revenue 1,184 2,112 584 982 3,476 Operating profit 1) 32 178 15 51 139 Operating margin, % 2.7 8.4 2.5 5.2 4.0 Number of residential units sold 350 253 178 140 534 Number of housing starts 74 298 74 159 443 1)
Slide 19: JM Norway
JM Norway January – June April – June Full-year SEK m 2024 2023 2024 2023 2023 Revenue 1,147 1,277 457 645 2,589 Operating profit 1) 97 86 28 43 149 Operating margin, % 8.5 6.7 6.0 6.7 5.7 Number of residential units sold 205 221 143 144 488 Number of housing starts 188 181 188 140 405 1) Of which i
Slide 20: JM Finland
JM Finland January – June April – June Full-year SEK m 2024 2023 2024 2023 2023 Revenue 882 828 494 389 1,591 Operating profit 1) 64 67 38 29 140 Operating margin, % 7.3 8.1 7.7 7.5 8.8 Number of residential units sold 2) 331 33 253 13 346 Number of housing starts 3) 207 34 207 - 375 1) Of which imp
Slide 21: JM Property Development
JM Property Development January – June April – June Full-year SEK m 2024 2023 2024 2023 2023 Revenue 976 876 609 310 1,458 Operating profit 1) 202 164 97 60 248 Operating margin, % 20.7 18.7 16.0 19.4 17.0 Number of residential units sold 278 218 278 - 218 Number of housing starts - 155 - 155 155 1)
Slide 22: Available building rights portfolio
Available building rights portfolio No. of building rights 1) Region 06/30/2024 06/30/2023 2) 2) Stockholm 13,400 14,500 Malmö/Lund 3) 3,600 3,700 Gothenburg 3) 3,600 3,700 Uppsala 3) 4,300 4,700 Norway 5,900 6,700 Finland 6,400 7,100 Total 37,200 40,400 1) Rounded to the nearest hundred 2) Of which
Slide 23: Lower level of development properties
Lower level of development properties BUILDING RIGHTS IN BALANCE SHEET Jan-Jun SEK m 2024 2023 2022 2021 Opening balance 8,504 8,465 8,205 7,831 New purchases 351 1,628 1,700 1,754 Transferred to production -606 -829 -1,538 -1,388 Sold -32 -313 - - Impairment - -181 - - Reclassification and revaluat
Slide 24: Approx. 12 years production in Balance Sheet
Approx. 12 years production in Balance Sheet No. of residential building rights In Balance Housing Average 1) 2) 06/30/2024 Sheet starts period, years JM Residential Stockholm 7,100 629 11.3 JM Residential Sweden 8,100 219 37.0 JM Norge 3,100 412 7.5 JM Finland 3,200 548 5.8 JM Property Development
Slide 25: Unsold residential units in Balance Sheet
Unsold residential units in Balance Sheet Number SEK m 400 900 350 800 700 300 648 600 250 500 200 400 153 150 300 100 200 50 100 0 0 Q4 2019 Q2 2020 Q4 2020 Q2 2021 Q4 2021 Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Number of unsold units in BS Participations in tenant-owners associations, etc. SEK m
Slide 26: Cash flow
Cash flow Cash flow statement, SEK m Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 From operating activities before change in working capital and taxes 47 -86 197 52 240 Paid tax -113 -159 -30 -65 -96 Net investment development properties 127 -16 168 -107 -470 Net investment in participations in tenant-ow
Slide 27: Strong payment capacity
Strong payment capacity Net interest-bearing liability(+)/receivable(−) 1) SEK m Times 2 500 0,5 • Equity/Assets ratio 55 percent (53). 2,151 2 000 0,4 • Available liquidity SEK 3,267m (3,499) 1 500 0,3 of which cash and cash equivalents SEK 1 000 0,2 417m (699). 500 0,1 0 0 • Unutilized overdraft f
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 2 2 0 2 4 ( Q 1 2 0 2 4 ) Cost-based effect SEK 160m (144) + Revaluation effect SEK 85m (45) + Sales effect SEK 32m (54) Always positive Usually positive Positive / negative Recognized
Slide 29: Revaluation effects – housing business
Revaluation effects – housing business SEK m Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Group 85 45 -22 80 168 Business segment Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 JM Residential Stockholm -12 -54 -60 10 27 JM Residential Sweden 38 13 12 15 70 JM Norway 26 65 35 29 49 JM Finland 33 21 -9 26 22 The
Slide 30: Important decisions and results for change in future production
Important decisions and results for change in future production S U S TA I N A B I L I T Y • JM decided - That 80 percent of the factory concrete at a construction site must be Level 2 or better in Sweden and Norway - To implement a more extensive analysis process regarding climate risks to enable r
Slide 31: JM today
JM today • Customer focused – strong brand. • 37,200 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. Berglerløkka, Asker, 41 residential uni
Slide 32: Thank you
Thank you