Slide 1: Interim Report January–March 2023
Interim Report January–March 2023 I N V E S TO R P R E S E N TAT I O N APRIL 27, 2023
Slide 2: JM Group
1) JM Group Revenue: SEK 16.5 billion Total assets: SEK 17.2 billion No. of building rights: 40,500 No. of employees: 2,457 11 % Market Cap: SEK 10.5 billion 2) 19 % 70 % Norway Sweden Finland Sander, Tyresö, Stockholm 63 residential units 1) According to segment reporting 2) SEK 163 per share, Apri
Slide 3: Group Summary
Group Summary 1) J A N U A RY – M A R C H 2 0 2 3 SEK m % 2 500 20 • Revenue increased to SEK 3,962m (3,854). • Operating profit decreased to SEK 417m (466). 2 000 16 • Operating margin decreased to 10.5 percent (12,1). 1 500 12 • Profit before tax decreased to SEK 394m (450). 1 000 8 • Earnings per
Slide 4: Group Summary
Group Summary J A N U A RY – M A R C H 2 0 2 3 • Number of residential units sold decreased to 479 (995). • Number of housing starts decreased to 214 (808). • Number of residential units in ongoing production amounted to 6,996 (8,276). • Residential building rights portfolio increased to 40,500 (36,
Slide 5: Challenging housing market in weak economy
Challenging housing market in weak economy • Continued decline in demand and activity level during the first quarter in all our markets, resulting in a decline in sales. • Increased revenue but operation profit and margin decreased in the Group and continued challenges regarding the cost level in No
Slide 6: Operating profit and operating margin
Operating profit and operating margin January – March According to 2023 2022 segment reporting SEK m % SEK m % JM Residential Stockholm 116 10.6 190 14.8 JM Residential Sweden 126 11.2 174 15.5 JM Norway 42 6.7 73 8.6 JM Finland 38 8.6 33 8.7 JM Property Development 104 18.3 4 5.6 JM Construction 2
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 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2014 2015
Slide 8: Lower level of sold residential units
Lower level of sold residential units J A N U A RY – M A R C H Number of units 1 500 1,261 1 200 370 995 900 162 176 194 600 479 358 375 218 300 20 357 77 264 113 51 0 2021 2022 2023 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property Development 8 Investor presentation 04/
Slide 9: Lower level of housing starts
Lower lever of housing starts J A N U A RY – M A R C H Number of units 1 000 927 808 800 265 128 600 87 250 277 400 214 357 200 34 298 41 139 73 0 2021 2022 2023 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Property Development 9 Investor presentation 04/27/2023 © JM AB
Slide 10: Riggen
Riggen LO M M A H A M N Number of housing starts Q1 2023 96 Completed in 2024 10 Investor presentation 04/27/2023 © JM AB
Slide 11: Utfarten
Utfarten O S L O , N O R W AY Number of housing starts Q1 2023 41 Completed in 2025 11 Investor presentation 04/27/2023 © JM AB
Slide 12: Paviljonki
Paviljonki HELSINKI, FINLAND Number of housing starts Q1 2023 34 Completed in 2025 12 Investor presentation 04/27/2023 © JM AB
Slide 13: Number of residential units in production 6,996
Number of residential units in production 6,996 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 N O R M A L R I S K I N P R O D U C T I O N I N Q 1 2 0 2 3 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% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
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 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 14 Investor presentation 04/27/2023
Slide 15: Residential units in production
Residential units in production J M G RO U P 31 mars 31 mars 31 dec 2023 2022 2022 Number of residential units 1) 2) 6,996 8,276 8,078 Number of residential units sold 3,691 5,271 4,508 Number of residential units reserved 237 862 250 Sold residential units, % 55 66 59 Reserved residential units, %
Slide 16: JM Residential Stockholm
JM Residential Stockholm January – March Full year SEK m 2023 2022 2022 Revenue 1,095 1,285 4,966 Operating profit 116 190 720 Operating margin, % 10.6 14.8 14.5 Number of available building rights 12,900 12,600 12,400 Number of residential units in current production 2,396 2,870 2,665 Number of hou
Slide 17: JM Residential Sweden
JM Residential Sweden January – March Full year SEK m 2023 2022 2022 Revenue 1,129 1,127 4,500 Operating profit 126 174 682 Operating margin, % 11,2 15,5 15,2 Number of available building rights 12,100 10,000 11,500 Number of residential units in current production 1,958 2,153 2,234 Number of housin
Slide 18: JM Norway
JM Norway January – March Full year SEK m 2023 2022 2022 Revenue 632 856 3 392 Operating profit 42 73 238 Operating margin, % 6.7 8.6 7.0 Number of available building rights 6,900 7,400 7,100 Number of residential units in current production 1,105 1,436 1,335 Number of housing starts 41 250 605 Stav
Slide 19: JM Finland
JM Finland January – March Full year SEK m 2023 2022 2022 Revenue 439 375 1,729 Operating profit 1) 38 33 158 Operating margin, % 8.6 8.7 9.2 Number of available building rights 6,900 5,000 6,800 Number of residential units in current production 1,030 1,333 1,337 Number of housing starts 34 128 599
Slide 20: JM Property Development
JM Property Development January – March Full year SEK m 2023 2022 2022 Revenue 566 73 1,224 Operating profit 1) 104 4 306 Operating margin, % 18.3 5.6 25.0 Number of available building rights 1,700 1,300 1,700 Number of residential units in current production 507 484 507 Number of housing starts - -
Slide 21: JM Construction
JM Construction January – March Full year SEK m 2023 2022 2022 Revenue 197 262 1 077 Operating profit 1) 2 4 12 Operating margin, % 1,0 1,4 1,1 1) Of which intra-Group 96 124 505 • Slightly lower demand on the civil engineering market in Stockholm with high competition for assignments. • The operati
Slide 22: Available building rights portfolio
Available building rights portfolio 1) No. of building rights Region 3/31/2023 3/31/2022 2) 2) Stockholm 14,600 13,900 Malmö/Lund 3,700 2,400 Gothenburg 3) 3,600 3,400 Uppsala 4) 4,800 4,200 Norway 6,900 7,400 Finland 6,900 5,000 Total 40,500 36,300 1) Rounded to the nearest hundred 2) Of which 1,70
Slide 23: Slightly decreased level of development properties
Slightly decreased level of development properties BUILDING RIGHTS IN BALANCE SHEET Jan-March SEK m 2020 2021 2022 2023 Opening balance 8,938 7,831 8,205 8,465 New purchases 1,022 1,754 1,700 86 Transferred to production -1,888 -1,388 -1,538 -229 Other -241 8 97 -82 Closing balance 7,831 8,205 8,465
Slide 24: Approx. 9 years production in Balance Sheet
Approx. 9 years production in Balance Sheet No. of residential building rights In Balance Housing Average period, 1) 2) 3/31/2023 Sheet starts years JM Residential Stockholm 6,400 648 9.9 JM Residential Sweden 8,500 804 10.6 JM Norge 3,200 396 8.1 JM Finland 3,500 505 6.9 JM Property Development (pr
Slide 25: 68 unsold residential units in Balance Sheet, SEK 363m
68 unsold residential units in Balance Sheet, SEK 363m SEK m 500 400 389 363 330 339 308 300 200 100 0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 25 Investor presentation 04/27/2023 © JM AB
Slide 26: Unsold residential units in Balance Sheet
Unsold residential units in Balance Sheet 700 600 500 400 300 200 100 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 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 2022 2
Slide 27: Cash flow
Cash flow Cash flow statement, SEK m Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 From operating activities 1) 2) 3) 273 -525 -363 354 792 From investing activities -6 6 - -28 1 From financing activities -146 -1,111 -219 -394 -39 Total cash flow for the quarter 122 -1,630 -582 -68 753 Cash and cash equiv
Slide 28: Strong financial position and liquidity
Strong financial position and liquidity Net interest-bearing liability(+)/receivable(−) 1) SEK m times • Equity/Assets ratio 1) 54 percent (51). 1 000 0,4 • Available liquidity SEK 5,377m (6,915) of which cash and cash equivalents 500 0,2 SEK 2,577m (4,115). 0 0 • Unutilized overdraft facilities and
Slide 29: 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 1 2 0 2 3 ( Q 4 2 0 2 2 ) Cost-based effect SEK 292m (325) + Revaluation effect SEK 231m (434) + Sales effect SEK 5m (-62) Always positive Usually positive Positive / negative Recogniz
Slide 30: Revaluation effects – housing business
Revaluation effects – housing business SEK m Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Group 231 434 352 410 384 Business segment Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 JM Residential Stockholm 53 134 120 126 113 JM Residential Sweden 118 188 173 203 169 JM Norway 39 73 45 55 74 JM Finland 21 38 14 2
Slide 31: JM selling rental property
JM selling rental property K V A RT E R 8 , J Ä R FÄ L L A • JM has signed an agreement for the sale of the rental property Kvarter 8 in Söderdalen, Järfälla. • The transaction amounts to SEK 676 million. Downpayment will be paid in the first and second quarter 2023. The remaining part of the paymen
Slide 32: Go-ahead for 660 new residences at Marieviks Udde
Go-ahead for 660 new residences at Marieviks Udde • At the beginning of April, the local planning for Marieviks Udde came into legal force. • JM is planning to build a total of four residential blocks with approximately 660 residential units. • Demolition work of the obsolete office buildings is to
Slide 33: Sustainable development– solid start to the year
Sustainable development– solid start to the year • Performed climate calculations is an important part of JM’s work to have climate-affecting emissions close to zero in 20230. • A land allocation agreement signed with the City of Gothenburg for the development of student housing with a great focus i
Slide 34: JM today
JM today • Customer focused – strong brand • 40,500 building rights in attractive locations • Good long-term conditions • Gradual broadening of geographic scope • Sustainable urban planning • Cautious housing market • Cost inflation • Strong balance sheet – offers freedom of action • Well-balanced r
Slide 35: History is made in our homes
History is made in our homes