Bonava Ab Class A · OMXSTO:BONAV_A
Bonava Ab Class A — Q3 2026 Earnings Presentation
20 slides from Bonava Ab Class A's earnings presentation, Oct 22, 2026
Slide 1: January-September 2026
Norrbodahöjden , Upplands -Bro , Sweden January -September 2026 Peter Wallin, President and CEO Jon Johnsson, Deputy CEO and CFO
Slide 2: Market highlights Q3
MARKET HIGHLIGHTS Q3 Continued higher long -term interest rates impacting investor and consumer segment in Germany • Positive development in the Baltic and Swedish markets • High activity in the Swedish investor segment • Subdued consumer and investor markets in Germany - impacted by higher long -te
Slide 3: Q3 figures in brief
Q3 FIGURES IN BRIEF Improved profitability and sold units doubled • EBIT amounted to SEK 168 M (148). Turn around in Sweden clearly visible • Improved EBIT margin of 7.6 (6.8) per cent in the period. R12 increases to 7.8 per cent • Sold units more than doubled in the quarter compared to LY and a goo
Slide 4: Examples of projects started during the quarter
NEIGHBOURHOODS Examples of projects started during the quarter Turun Silmu Explora (JV with OBOS) Turku, Finland Gothenburg, Sweden 67 units for consumers 62 units for consumers Paulshöfe Ēvalda Valtera phase 5 Düsseldorf, Germany Riga, Latvia 95 units for consumer 60 units for consumers
Slide 5: Financial Development
Financial Development Jon Johnsson, Deputy CEO and CFO
Slide 6: Growing number of units in ongoing production with good sales rate
Growing number of units in ongoing production with good sales rate Sold units in ongoing production, % Ongoing production B2C, # Ongoing production B2B, # Ongoing production B2M, # Number of units % 5,000 66% 70 64% 65 59% 60% 60% 59% 57% 56% 60 4,000 55 50 45 3,000 40 35 30 2,000 25 20 1,000 15 10
Slide 7: Bonava Group – higher EBIT and improving margins
Bonava Group – higher EBIT and improving margins EBIT margin, % EBIT margin, R12, % Net sales, SEK M 2026 2025 2025 SEK M R12 Q3 Q3 FY Net sales 2,216 2,167 8,629 8,218 2,603 Gross profit 313 299 1,281 1,173 2,167 2,216 2,090 Gross margin, % 14.1 13.8 14.8 14.3 1,720 7.6 7.8 Selling & admin expense
Slide 8: Performance in the segments
Performance in the segments EBIT (SEK M) EBIT % 26’Q3 25’Q3 R12 25’FY 26’Q3 25’Q3 R12 25’FY Germany 112 142 519 547 7.9 9.8 9.6 10.0 Sweden 24 10 122 32 6.7 3.0 7.5 2.7 Finland 16 -4 4 3 17.1 -3.2 1.0 0.5 Baltics 62 33 198 123 18.1 13.7 16.9 13.1 Other -46 -34 -169 -157 Total 168 148 674 548 7.6 6.8
Slide 9: Germany
BUSINESS UNITS Germany • Net sales in line with PY • Higher long -term interest rates impacting customers • Price adjustments impacting result • Cost reduction actions initiated Ahrensfelder Obstwiesen , Berlin 2026 2025 2025 Q3 ’26 Q3 ’25 R12 FY ’25 SEK M R12 Q3 Q3 FY Net sales 1,420 1,451 5,392 5,
Slide 10: Sweden
BUSINESS UNITS Sweden • Strong growth in net sales • Increase in sold and started and EBIT units • Operating margins reflects • Strong sales rate of 75 (62) turnaround per cent Norrboda , Upplands -Bro 2026 2025 2025 Q3 ’26 Q3 ’25 R12 FY ’25 SEK M R12 Q3 Q3 FY Net sales 357 342 1,631 1,188 Gross pro
Slide 11: Finland
BUSINESS UNITS Finland • Low level of ongoing • Unsold completed housing production but good control units maintained on a low and margins in projects level • One consumer project started Turun Silmu , Turku 2026 2025 2025 Q3 ’26 Q3 ’25 R12 FY ’25 SEK M R12 Q3 Q3 FY Net sales 94 131 431 606 Gross pr
Slide 12: Baltics
BUSINESS UNITS Baltics • Strong growth in net sales • SEK 11 M in fair value and EBIT adjustment • Operating margins reflects • B2M projects maintain high good operating performance occupancy rates and volume Mäepealse phase 2, Tallinn 2026 2025 2025 Q3 ’26 Q3 ’25 R12 FY ’25 SEK M R12 Q3 Q3 FY Net s
Slide 13: Off-balance ratio increasing - reducing capital tied up in land bank
BUILDING RIGHT PORTFOLIO Off -balance ratio increasing - reducing capital tied up in land bank Geographical split Potential start period On -/Off -balance 14% 24% 21% 30% 12% 24% 30% 16% 24,200 24,200 24,200 19% (24,800) 53% (24,800) 13% 13% 72% 26% 67% 33% 33% Germany Finland 2026 -2027 Options Swe
Slide 14: Net financial items impacted by non-recurring items
P&L Net financial items impacted by non -recurring items 2026 2025 2025 SEK M R12 Q3 Q3 FY • Non -recurring items of SEK -29 M related to re - EBIT 168 148 674 548 financing • Average interest rates on EBIT margin, % 7.6 6.8 7.8 6.7 central debt decreasing 5.83 (6.86) per cent Net financial items -1
Slide 15: Debt increasing due to higher volume in ongoing production
NET DEBT Debt increasing due do higher volume in ongoing production Net debt (SEK Bn) • Large number of handovers in Q4 will entail lower Net Debt next Net debt project financing Net debt - central financing Leasing quarter • Available liquidity SEK 1.9 Bn 4.8 0.2 4.0 0.2 1.4 3.4 3.1 3.1 3.1 3.1 0.2
Slide 16: As we increase ongoing projects working capital will also grow
CASH FLOW As we increase ongoing projects working capital will also grow CASH FLOW BEFORE FINANCING AND TAX PER QUARTER ( SEK M) 694 IFRS 2026 2025 R12 2025 SEK M Q3 Q3 FY 508 EBITDA 105 -7 541 448 95 Change in working capital -629 108 -1,444 -92 -91 -177 -201 Net investments (CAPEX) -12 -6 -21 -16
Slide 17: Strong balance sheet and ratios
BALANCE SHEET & RATIOS Strong balance sheet and ratios Net project assets Net debt excl. leasing ROBUST BALANCE SHEET AND CAPITAL STRUCTURE (SEK M) EQUITY RATIO 17,796 17,796 43% 44% 42% 41% 41% 41% 1,274 38% 38% 2,117 508 3,404 Financial framework 30% 159 9,446 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1
Slide 18: Concluding remarks
Concluding remarks
Slide 19: Decisive actions to build a more resilient Bonava
SUMMARY Decisive actions to build a more resilient Bonava • Continuously improved operating performance • Turnaround in Sweden visible and will gradually build momentum • Solid financial position – focus on reducing capital tied up in land • Updated outlook and cost reduction actions initiated • We
Slide 20: Q&A
Q&A Mäepealse phase 2, Tallinn, Estonia