Bonava

Quarterly Report • May 9, 2025

Interim report January–March 2025

Homes & Neighbourhoods

From consolidation to controlled growth

Key ratios, SEK M	2025 Jan–Mar	2024 Jan–Mar	Δ%	Apr 2024 –Mar 2025	2024 Jan–Dec
Segment reporting
Net sales	1,608	1,650	–3	8,271	8,312
Operating gross profit	223	179	24	1,028	984
Operating gross margin, %	13.8	10.9		12.4	11.8
Operating EBIT	65	24	176	367	326
Operating EBIT margin, %	4.0	1.4		4.4	3.9
Earnings per share before and after dilution, SEK	–0.37	–0.65	58	–0.95	–1.03
Return on equity, R12, %	–4.3	–13.6		–4.3	–4.0
Return on capital employed, R12, %	2.2	–1.7		2.2	2.2
IFRS
Net sales	1,132	1,280	–12	8,046	8,194
Gross profit	82	133	–38	629	680
Gross margin, %	7.3	10.4		7.8	8.3
EBIT	–76	–22	–241	–31	22
EBIT margin, %	–6.7	–1.7		–0.4	0.3
Earnings per share before and after dilution, SEK	–0.70	–0.87	20	–1.89	–1.85
Equity/assets ratio, %	41.4	38.7		41.4	41.7
Net debt	3,058	4,282	–29	3,058	3,068
Net project asset value	4,016	5,611	–28	4,016	4,651
Net project asset value / Net debt excl. leasing, multiple	1.4	1.4		1.4	1.6
Operating cash flow	280	–207		2,011	1,524
Cash flow before financing activities	26	–483		1,130	621
Housing units
Number of housing units sold, consumer	358	302	19	1,783	1,727
Number of housing units sold, investor	231	–		804	573
Number of production starts, consumer	250	281	–11	1,431	1,462
Number of production starts, investors	231	–		804	573
Number of housing units in production	3,298	2,964	11	3,298	3,177
Sales rate for ongoing production, %	66	54		66	59
Number of housing units recognised in profit	294	357	–18	2,032	2,095

1 January–31 March 2025

• • Net sales amounted to SEK 1,608 M (1,650).
• • The operating gross margin was 13.8 per cent (10.9).
• • Operating EBIT was SEK 65 M (24), and the operating EBIT margin was 4.0 per cent (1.4).
• • Net sales according to IFRS totalled SEK 1,132 M (1,280) and EBIT was SEK –76 M (–22).
• • Operating cash flow was SEK 280 M (–207).
• • Cash flow before financing activities was SEK 26 M (–483).
• • Earnings per share according to IFRS before and after dilution was SEK –0.70 (–0.87).
• • The number of housing units sold was 589 (302).
• • The number of production starts was 481 (281).

Operating EBIT margin, R12

4.4%

Number of housing units sold, R12

2,587

Number of production starts, R12

2,235

Comments from the CEO

A strong, cost-efficient organisation that is close to the market

The market is continuing to steadily improve. Even if the global turbulence is creating uncertainty over the short term, Bonava is meeting it with a strong, cost-efficient organisation that is close to the market. Bonava had a stable start to 2025, with an increased number of housing units started and sold as well as improved margins. We are now moving from consolidation to controlled growth, with our sights on achieving our financial targets.

We are addressing uncertainty with a decentralised organisation

Bonava's markets continued to develop positively during the first quarter on the basis of increased disposable income, lower interest rates and a deficit of modern, sustainable housing units. The global turbulence that arose as a consequence of the trade tariffs that have been imposed could naturally impact sales and bookings, but at the same time it means that further interest rate reductions may become possible. We are monitoring developments in the business environment closely and – after having implemented robust measures – have a decentralised and flexible organisation that is both close to the market and can address shifting circumstances.

Increased number of housing units sold and started

During the first quarter of the year, we increased the number of housing units sold to 589 (302). The number of production starts also increased, totalling 481 housing units (281). The sales rate for ongoing production was 66 per cent, compared with 59 per cent at year-end. In Sweden, we sold and started a large rental housing project with 231 housing units for an investor, which constitutes a milestone for the Swedish operations since it is the first investor transaction in several years. We have a large number of sales starts planned in our markets, and in 2025 we expect to be well on the way toward our target of 3,500 to 4,000 production starts, provided that requirements have been met for sales rate, cost reliability and the right project teams prior to start.

Stable earnings according to our plan.

Starting in 2025, Bonava introduced the percentage of completion method for the purpose of more clearly illustrating

how the operations in our business units are performing. Net sales totalled SEK 1.6 Bn (1.7). The operating gross margin increased to 13.8 per cent (10.9) and the operating EBIT margin increased to 4.0 per cent (1.4). A significant portion of our ongoing project portfolio is in an early stage of production compared to the year before, which is why recognised net sales and profitability are impacted negatively. We have good cost control and progress in our projects. The cost-saving measures that have been implemented have taken full effect, and the overhead cost coverage will increase in pace with a higher volume of ongoing projects.

Strong financial position

We have sharply reduced our debt levels in recent years, and at the end of the quarter was the net debt unchanged compared with the end of 2024 despite an increase in the volume of ongoing projects. Bonava benefited from the strong situation in the bond market in February, and refinanced the green bond of SEK 960 M with a new maturity in 2028. The great interest from investors resulted in a drastically oversubscribed order book, which means that our financing costs have fallen. This is the first step in the process of increasing the proportion of project financing, which will mean financing that is more adapted to our operation and thus even lower costs for financing.

From consolidation to controlled growth

Bonava is now shifting from consolidation to controlled growth, provided that market conditions support it. We have a wellsituated building rights portfolio that will facilitate profitable growth in coming years. In the first quarter, we concluded a number of building rights acquisitions in some of the fastest growing markets – Stuttgart and Riga.

Going forward, the Group's financial targets will be monitored in accordance with segment reporting, with unchanged target levels. For full-year 2025, it is believed that the operating EBIT margin will be between 5 and 6 per cent. We expect to achieve the target of an operating EBIT margin of at least 10 per cent as of full-year 2026, while there are good conditions for reaching the targets for return on shareholders' equity and dividend starting in 2027–2028.

We have implemented significant measures in recent years, and we are endeavouring to reach our financial targets. Increasing the business volume with good control is the highest priority. I would like to thank all our hard-working Bonavians for their excellent efforts!

Peter Wallin President and CEO

Current events in the quarter

Bonava held a Capital Markets Day

On 27 March, Bonava arranged a wellattended Capital Markets Day in Stockholm. One of the company's announcements stated that going forward, the Group's financial targets will be monitored in accordance with segment reporting but that the target levels would remain unchanged. For 2025, it is believed that the operating EBIT margin will total 5–6 per cent, to reach the target of at least 10 per cent as of full-year 2026.

To view the Capital Markets Day in its entirety, visit https://www.bonava.com/en/ investors/capital-markets-day.

Bonava refinanced green bond of SEK 960 M

Bonava has issued new green bond totalling SEK 960 M and maturing in 2028, which facilitated a complete early redemption of previous bond from 2020. This emission strengthens the company's financial flexibility, extends the tenor and yields improved financing terms. The bond are now being traded on Nasdaq Stockholm's sustainable bond list.

Two new members of Bonava's Board of Directors

At the Annual General Meeting on 9 April 2025, Anneli Jansson and Paula Röttorp were elected as new members of Bonava's Board of Directors. Viveca Ax:son Johnson declined re-election, while the other six members were re-elected. Mats Jönsson remains as Chairman of the Board. All together, the Board comprises eight members.

Anneli Jansson Paula Röttorp

Bonava introduces percentage of completion method

Bonava is supplementing its statutory financial reporting, in accordance with IFRS, with segment reporting where profit or loss from sales of housing units will be recognised using the percentage of completion method, in contrast to the previously used method where profit or loss was recognised when the customer took possession of the housing unit. The reason is that the company wants to illustrate more clearly how the operations in the business units are performing and creating value for the Group. The new segment reporting corresponds to how the Executive Management Group and Board of Directors are monitoring operations.

Fjärilshusen, Järfälla. Bonava has started production of a further 21 Nordic Swan ecolabelled single-family homes in Stockholm. In the Fjärilshusen neighbourhood, Bonava thus has 37 single-family homes in production.

Neighbourhood starts

Bonava started production of 481 housing units (281) in the first quarter. All production starts are reported at https://www.bonava.com/en/investors/housing-starts

Germany Schönefeld

Location: Berlin Housing category: Multi-family housing Number of units: 10 apartments for consumer

In Schönefeld, south of Berlin, Bonava has started production of ten apartments, which comprise the kick-off for the final stage of the Stadthäuser am Park project. A total of 102 energy-efficient housing units will be constructed. The district – a growing and easily accessible neighbourhood – has good infrastructure and is located close to an airport and the city centre.

Sweden Årsta Park

Location: Uppsala Housing category: Multi-family housing Number of units: 231 apartments for investor

In Uppsala, Bonava has started production of 231 rental apartments in the Årsta city district and sold the project to an investor. The housing units will be constructed in five buildings with solar panels and Nordic Swan ecolabelling. The district offers good services, green spaces and public transport – a sustainable neighbourhood within cycling distance of the city centre.

Germany Quartier am alten Schlosspark

Location: Berlin Housing category: Multi-family housing Number of units: 22 apartments for consumer

In Zossen, south of Berlin, Bonava has started production of 22 housing units in the Quartier am alten Schlosspark project. A total of 72 apartments in energy-efficient multi-family housing with hybrid heating are planned. This growing neighbourhood, close to nature and the Notte Canal aquatic environment, offers good transport links.

Estonia Rabaküla

Location: Tallinn Housing category: Multi-family housing Number of units: 33 apartments for consumer

In Tallinn, Bonava has started production of 33 housing units in the tenth stage of the Uus-Mustamäe neighbourhood project. These housing units will have balconies and large window sections, and will be constructed in an energyefficient building with solar panels. Once the district is complete, Bonava will have built a total of 858 housing units in this green neighbourhood close to the city.

Latvia Hartmaņa kvartāls

Location: Riga Housing category: Multi-family housing Number of units: 74 apartments for consumer

In Riga, Bonava has started production of 74 housing units in the Hartmaņa kvartāls neighbourhood, in the city district of Purvciems. Two six-storey buildings are being constructed with energy-efficient solutions such as solar panels, heated floors and heat recovery. This family-friendly neighbourhood close to the city centre will have recreational areas, bicycle storage and a green inner courtyard.

Group overview

Net sales1)

	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Germany	991	1,044	5,704	5,757
Sweden	238	213	1,125	1,101
Finland	219	279	701	762
Baltics	161	113	740	692
Other operations2)	0	1	1	2
Total	1,608	1,650	8,271	8,312

January–March 2025

Net sales

Net sales amounted to SEK 1,608 M (1,650), with the decrease attributable primarily to lower net sales from the sale of land.

Net sales related to sales of housing increased in the Baltics and Germany, while Sweden was on a par with the preceding year. Finland reported a decrease, driven by reduced net sales to investors.

The number of housing units in ongoing production increased to 3,298 (2,964) with a sales rate of 66 per cent (54). A significant portion of the ongoing projects are in an early production stage compared with the preceding year, which negatively impacts net sales.

Operating EBIT

Operating gross profit increased to SEK 223 M (179) and the operating gross margin increased to 13.8 per cent (10.9). The increase is attributable to both higher project margins and lower indirect production costs.

Operating EBIT increased to SEK 65 M (24) and the operating EBIT margin increased to 4.0 per cent (1.4), driven by the strengthened gross profit. In other operations, operating EBIT amounted to SEK –39 M (–32), with the comparative period having been impacted by the reversal of reserves.

Net sales and profit according to IFRS

Net sales according to IFRS decreased to SEK 1,132 M (1,280), as a result of the smaller number of housing units recognised in profit: 294 (357).

Gross profit decreased to SEK 82 M (133) and the gross margin was 7.3 per cent (10.4). The decrease is attributable primarily to recognition of projects with lower margins and increased reserves in a few older projects in Germany.

EBIT amounted to SEK –76 M (–22) driven by the lower gross profit.

Net financial items, profit/loss before tax, tax and profit/loss for the period

Net financial items amounted to SEK –141 M (–111). The lower debt volume reduced the Group's interest expenses, and net interest items for the period amounted to SEK –71 M (–106). However, as a result of refinancing of the bond during the quarter, some non-recurring costs were charged to net financial items. For more information on net financial items, refer to Note 6.

Loss before tax for the quarter according to IFRS totalled SEK –216 M (–133). Tax on profit/ loss for the quarter was SEK –8 M (–2), corresponding to a tax rate of –4 per cent (–2). The low tax rate was attributable to deferred tax not being recognised for deficits generated in 2024 or 2025.

Operating EBIT 2)

	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Germany	72	54	457	439
Sweden	3	–19	–40	–62
Finland	17	15	19	16
Baltics	11	5	62	56
Other operations	–39	–32	–130	–123
Total	65	24	367	326

1) Starting on 1 January 2025, the Group reports its segments using a new segment reporting method. The reason is that this new segment reporting method more clearly illustrates how operations are being pursued and create value for the Group. This new segment reporting means that profit/loss from sales of housing units will be recognised using the percentage of completion method, in contrast to the previously used method according to which profit/loss was recognised when the customer took possession of the housing unit. As in 2024, the segments' profit/loss are also being subjected to certain operating adjustments regarding impairment, sale of land, restructuring costs and acquisition costs. The figures that are based on segment reporting are marked in brown in this report. The comparative figures for 2024 have been recalculated. A bridge between operating EBIT and EBIT is found in Note 4.

2) Other operations consist of the Parent Company, Group adjustments, eliminations and the Danish operations.

Building rights portfolio

Building rights portfolio

The total number of building rights at the end of the period was 25,800 (28,500). As of 31 December 2024, the number of building rights totalled 25,900.

Bonava recognises some of its building rights off the balance sheet, such as land that is controlled through a contract with options or other agreements where the land has not yet been taken into possession. The number of building rights off the balance sheet at the end of the period was 6,500 (7,800). Investment commitments for building rights off the balance sheet have gradually decreased, and totalled SEK 1,015 M as of the balance sheet date, which is SEK 169 M less than at the end of the preceding quarter. Of these, SEK 475 M are expected to be paid in 2025.

During the quarter, Germany secured a further 200 building rights through contracts with options, which means a net increase of the building rights portfolio in the business unit. Through production starts and minor sales of land, Sweden reduced its portfolio of building rights by 300 units, thereby also decreasing its share of Bonava's total portfolio.

Of the potential production starts, 22 per cent could take place in 2025–2026, 25 per cent in 2027–2028 and 53 per cent after 2028.

During the third quarter of 2024, the building rights portfolio was assessed and the estimated surplus value at that time amounted to SEK 4.6 Bn. A new assessment will be conducted in the third quarter of 2025.

Number of building rights

25,800 (28,500)

Ongoing production and completed housing units

During the quarter, Bonava started production on 481 housing units (281), of which 250 (281) for consumers and 231 (0) for investors. Production starts for investors is attributable to the Årsta Park project, which was started and sold in Sweden.

The number of housing units in ongoing production is 3,298 (2,964), and was 3,177 at the end of the preceding quarter. The majority of these housing units are being produced in Germany, with the focus on Berlin.

The sales rate was 66 per cent (54) on the balance sheet date. The increase is attributable to several investor projects with a 100 per cent sales rate being started, but the sales rate for consumers is increasing in all business units as well.

Housing units sold

The number of housing units sold in the quarter was 589 (302). The corresponding figure in the preceding quarter was 1,074. The number of housing units sold to consumers was 358 (302), and to investors was 231 (0). Here as well, Årsta Park in Sweden is the reason for the increase to investors, while the increase to consumers is driven by the Baltics.

Unsold completed housing units

The number of unsold completed housing units at the end of the period was 384 (485). The value of these housing units totalled SEK 868 M (1,381). As of 31 December 2024, this figure was 309 and the value totalled SEK 791 M, of which 77 were sold during the quarter and 152 housing units were added from projects that were completed during the period. The Baltics are the underlying cause

of the increase in units, with a number of larger projects being completed during the quarter. The business model in the Baltics involves the sale of housing units normally taking place later in the project cycle. The average value per unit is also lower in the Baltics than in the rest of the Group. The sales rate in several of the completed projects is good.

Sold completed housing units not recognised in profit

The number of sold completed housing units not recognised in profit at the end of the period was 50 (80). As of 31 December 2024, this figure was 59.

The sales value of housing units sold in production and completed housing units sold but not yet recognised in profit at the end of the quarter was SEK 4,667 M (3,715) for consumers and SEK 3,426 M (2,876) for investors.

Production starts, investor

Production starts, consumer

Production starts, R12

Production starts

Housing units sold, investor

• Housing units sold, consumer
• Housing units sold, R12

Ongoing production

Housing units in ongoing production, investor

• Housing units in ongoing production, consumer
• Sold housing units in ongoing production for investor and consumer, %

Cash flow

Operating cash flow

	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Operating EBITDA - segment reporting	87	50	472	435
Operating adjustments	—	—	–267	–267
Differences in accounting policies	–141	–46	–131	–37
EBITDA - IFRS	–53	5	74	132
Net project investments/divestments	457	–330	1,740	954
Net land investments/divestments	48	–10	1,046	988
Net investments/divestments, other	22	–18	–16	–56
Net investments	527	–357	2,770	1,886
Change in accounts receivable	99	–91	171	–19
Change in advances from customers	162	365	–126	78
Change in accounts payable	–63	–8	–100	–45
Change in other working capital	–390	–120	–778	–508
Change in working capital	–193	146	–833	–494
Operating cash flow	280	–207	2,011	1,524

Cash flow January–March 2025

EBITDA decreased to SEK –53 M (5).

Net investments amounted to SEK 527 M (–357). Currency translation effects positively impacted net investments for the quarter. Excluding these translation effects, these totalled SEK –209 M, with investments in land accounting for the cash outflow.

The change in working capital was SEK –193 M (146), also impacted by currency translation effects. Excluding these translations effects, the change in working capital was SEK 86 M.

Total operating cash flow amounted to SEK 280 M (–207). The total operating cash flow was positively impacted, net, by the currency translation effects, which total SEK 457 M.

Cash flow before financing activities was SEK 26 M (–483). The discrepancy in relation to the operating cash flow is attributable primarily to financial items of SEK –141 M (–111) as well as currency translation effect of SEK –142 M (78).

Refer to Note 5 for a bridge between operating cash flow and legal cash flow.

Net investment R12, average per quarter

Operating cash flow

Financing and net debt

Bonava's objective is to achieve a cost-efficient capital structure and a good credit rating, taking into account the financing needs of the operation. The Parent Company finances the operation mainly through a syndicated credit agreement and a green bond. To ensure a robust capital structure, Bonava monitors key ratios: the equity/assets ratio, liquidity and net project asset value.

Net debt

Net debt amounted to SEK 3,058 M (4,282). As of 31 December 2024, net debt was SEK 3,068 M. Cash and cash equivalents amounted to SEK 438 M and unutilised credit facilities amounted to SEK 1,454 M. Refer further to Note 7. Exchange rate fluctuations decreased net debt by SEK 192 M compared with 31 March 2024, and by SEK 186 M compared with 31 December 2024.

Equity/assets ratio

The equity/assets ratio was 41.4 per cent (38.7). As of 31 December 2024, the equity/assets ratio was 41.7 per cent. Bonava's target is for the equity/assets ratio not to fall below 30 per cent.

Net project asset value

To ensure control of financial risk, Bonava's target is for the Group's net project asset value to exceed net debt (excluding leases). On the balance sheet date, the ratio between net project asset value to net debt was 1.4, and the target has therefore been met.

Capital and fixed interest rates

At the end of the period, the average fixed-rate term was 0.2 years (0.2), excluding project financing, and the average interest rate was 7.22 per cent (8.49). The maturity rate of tied-up capital for liabilities to credit institutions and investors was 1.9 years at the end of the period. After the end of the period, an ISDA agreement was signed to facilitate interest-rate hedging.

The Group's financing framework

Bonava has a credit agreement totalling EUR 398 M that matures in March of 2027. The agreement encompasses credits and a revolving credit facility (RCF) with recurring quarterly amortisations. Credits under this agreement can be drawn in EUR, SEK and NOK and are divided between fixed-term tranches and an RCF that can be utilised as needed.

In February 2025, Bonava issued secured a green bond of SEK 960 M. The coupon rate on the new bond is Stibor +475 basis points and the tenor is 3.5 years. The previous bond, which due to a step-up structure was significantly more expensive, was redeemed and repurchased at a price corresponding to 102 per cent of the nominal value.

Covenants in loan agreements

Bonava's syndicated credit agreements include two covenants. The first is that EBIT, with certain contractual adjustments, must exceed determined levels, which vary for each quarter. The second is a level for the lowest amount of available liquidity that the Group is to maintain in the form of cash and cash equivalents or available credits. Both covenants had been fulfilled as of the balance sheet date.

Green financing

Bonava has had a green financing framework since 2020, which was updated in January of 2025. Under this framework, Bonava can issue bonds and raise loans to fund sustainable residential development. Bonava has issued a green bond loan that is listed on the Nasdaq Sustainable Bond List. Green loans totalled SEK 2,100 M (1,080), with SEK 960 M pertaining to the bond loan.

Unutilised credit limits

The bond loan amounts to SEK 960 M.

The syndicated credit limits will be repaid as agreed during the period from December 2024 to March 2027. The outstanding amount for loans raised in EUR was SEK 1,007 M on the balance sheet date.

The amount utilised in the RCF totalled SEK 1,615 M on the balance sheet date, of which SEK 475 M was raised in NOK and SEK 1,140 M in EUR. The unutilised amount totalled SEK 1,262 M.

In addition to the above, there are contractual credit frames for projects in Swedish tenant-owner associations and Finnish housing companies, with SEK 336 M being utilised on the balance sheet date and the contractual unutilised credits totalling SEK 192 M.

In late 2024, Bonava secured financing from local banks for the investment properties in the Baltics. The loans total SEK 152 M (EUR 14 M) and are fully utilised.

Other net debt Leasing Net debt in project financing

Capital maturity, utilised credits Capital maturity, unutilised credits

Germany

Germany is Bonava's largest market. Bonava is one of Germany's most active residential developers, and builds housing units in Berlin, Hamburg, Cologne/Bonn, Stuttgart, Leipzig and Dresden, and in the metropolitan regions of Rhine-Ruhr, Rhine-Main, Rhine-Neckar and the Baltic coast. We offer apartments and single-family homes to consumers, and rental projects to investors.

Market trend

There is still a shortage of housing units in Germany, which is expected to continue for the foreseeable future, and this topic is high on the political agenda. The offering of new housing units is low, while customers are cautious. Housing prices in large cities are impacted to a greater extent than prices outside these areas. Sales are continuing to gradually increase, but at a slow pace, and we are seeing a cautiously positive trend in the investor market.

Earnings January–March 2025

Net sales decreased slightly to SEK 991 M (1,044), which is attributable primarily to a sale of land in the comparative period.

Housing units sold to consumers continued to increase, totalling 157 (146), and production of 74 housing units (40) was started in the quarter. The sales rate in ongoing projects also increased, amounting to 72 per cent (60). No housing units for investors were started or sold in the quarter, but a large number of starts have been planned going forward and interest is strong.

The operating gross margin improved to 13.3 per cent (10.9), which is attributable to strong project margins and lower indirect costs.

Operating EBIT amounted to SEK 72 M (54) with an operating EBIT margin of 7.3 per cent (5.2). The improvement is attributable primarily to earnings in ongoing projects.

KEY RATIOS	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Net sales	991	1,044	5,704	5,757
Operating gross profit	132	114	720	702
Operating gross margin, %	13.3	10.9	12.6	12.2
Operating EBIT	72	54	457	439
Operating EBIT margin, %	7.3	5.2	8.0	7.6
Number of housing units sold, consumer	157	146	921	910
Number of housing units sold, investor	—	—	474	474
Number of production starts, consumer	74	40	691	657
Number of production starts, investor	—	—	474	474
Number of housing units in ongoing production	1,893	1,785	1,893	1,964
Sales rate for ongoing production, %	72	60	72	69
Unsold completed housing units	32	70	32	34
Number of building rights	7,800	9,000	7,800	7,600

Sweden

In Sweden, Bonava offers apartments and single-family homes to consumers in Stockholm, Gothenburg, Linköping, Uppsala and Umeå. We offer rental housing projects to investors across the country.

Market trend

The housing market in recent years has been under pressure from the high interest-rate scenario that has made customers cautious, with lower sales levels and fewer production starts as a result. The first quarter continued to display higher levels of activity among customers and more stable price levels, with a more positive sentiment among customers. Activity levels in the housing market are increasing, but remain at low levels.

Earnings January–March 2025

Net sales increased year-on-year to SEK 238 M (213), which is attributable to a larger number of units in production. A sale of land was also completed during the quarter.

Housing units sold to consumers totalled 45 (47), and production of 0 housing units (0) was started. Sweden reported an investor transaction during the quarter of 231 housing units sold for investors, production of which has also started. This investor transaction supported the increased sales rate of 84 per cent (17), but the sales rate for consumers is also increasing.

The operating gross margin was 13.1 per cent (4.8) as a result of higher volumes and improved project margins. Sale of land also had a positive impact on gross profit.

Operating EBIT amounted to SEK 3 M (–19) with an operating EBIT margin of 1.3 per cent (–8.7), driven by the improved gross profit.

KEY RATIOS	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Net sales	238	213	1,125	1,101
Operating gross profit	30	10	76	56
Operating gross margin, %	12.8	4.8	6.8	5.1
Operating EBIT	3	–19	–40	–62
Operating EBIT margin, %	1.3	–8.7	–3.5	–5.6
Number of housing units sold, consumer	45	47	231	233
Number of housing units sold, investor	231	—	231	—
Number of production starts, consumer	21	—	137	116
Number of production starts, investor	231	—	231	—
Number of housing units in ongoing production	368	118	368	150
Sales rate for ongoing production, %	84	17	84	45
Unsold completed housing units	63	118	63	63
Number of building rights	8,400	9,700	8,400	8,700

Finland

In Finland, Bonava is active in regions of Helsinki, Tampere and Turku. We offer apartments for consumers and rental projects for investors.

Market trend

The housing market is concentrated primarily to the metropolitan regions with the largest population growth and expanded infrastructure: Helsinki, Tampere and Turku. The offering of new housing units is decreasing, and prices have begun to stabilise. The housing market in Finland has been impacted by higher interest rates, inflation, and low levels of customer activity but there are positive signs. The transaction volumes have slowly begun to increase, but from low volumes.

Earnings January–March 2025

Net sales decreased year-on-year to SEK 219 M (279), which was attributable to a lower number of housing units in ongoing production.

During the quarter, 12 housing units (18) were sold to consumers and 0 (0) were started. Housing units in ongoing production decreased to 294 (418). The sales rate for ongoing production remained high, totalling 94 per cent (100).

The operating gross margin was 17.5 per cent (13.8) as a result of improved project margins in both ongoing and completed projects, as well as decreased indirect costs resulting from further savings.

Operating EBIT amounted to SEK 17 M (15) with an improved operating EBIT margin of 7.9 per cent (5.4) year-on-year, which is the result of a better operating gross margin.

KEY RATIOS	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Net sales	219	279	701	762
Operating gross profit	38	39	121	121
Operating gross margin, %	17.5	13.8	17.2	15.9
Operating EBIT	17	15	19	16
Operating EBIT margin, %	7.9	5.4	2.7	2.1
Number of housing units sold, consumer	12	18	67	73
Number of housing units sold, investor	—	—	99	99
Number of housing starts, consumer	—	—	29	29
Number of housing starts, investor	—	—	99	99
Number of housing units in ongoing production	294	418	294	294
Sales rate for ongoing production, %	94	100	94	93
Unsold completed housing units	50	106	50	60
Number of building rights	3,200	3,500	3,200	3,200

Baltics

The Baltics segment comprises the capital cities of Tallinn, Estonia; Riga, Latvia; and Vilnius in Lithuania. The offering primarily consists of apartments for consumers, which are supplemented by rental projects for investors.

Market trend

The markets in all three Baltic capitals are growing economies. The favourable market conditions in the Baltic markets remain, with a low level of unemployment and a lack of supply of modern housing units. The prices for new housing units are stable in all markets, with a slight rising trend. We are seeing the highest levels of market activity in Riga. Vilnius is demonstrating a robust improvement in 2025 while Tallinn remains at stable levels. The low standard of the existing housing stock combined with growing demand for rental housing presents opportunities to build and manage these.

Earnings January–March 2025

Net sales amounted to SEK 161 M (113), as a result of an increased number of housing units in ongoing production: 743 (643).

Housing units sold to consumers increased to 144 (91), driven by sales in Riga. The sales rate for ongoing production increased to 31 per cent (14). Housing starts decreased to 155 (241) as a result of a number of starts that were planned for this quarter being brought forward and started before year-end.

The operating gross margin amounted to SEK 24 M (16) and the operating gross margin increased to 14.8 per cent (14.2), strengthened by the increased volume in Vilnius.

Operating EBIT amounted to SEK 11 M (5) with an operating EBIT margin of 7.0 per cent (4.3).

The occupancy rate in the two investment properties exceeds 95 per cent with a dividend yield of 6.4 per cent, and external financing has been in place since the beginning of the year.

KEY RATIOS	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Net sales	161	113	740	692
Operating gross profit	24	16	111	103
Operating gross margin, %	14.8	14.2	15.0	14.9
Operating EBIT	11	5	62	56
Operating EBIT margin, %	7.0	4.3	8.4	8.0
Number of housing units sold, consumer	144	91	564	511
Number of housing starts, consumer	155	241	574	660
Number of housing units in ongoing production	743	643	743	769
Sales rate for ongoing production, %	31	14	31	23
Unsold completed housing units	239	191	239	152
Number of building rights	6,400	6,300	6,400	6,400

Other information

Significant risks and uncertainties

Bonava's operations are exposed to various types of risks, both operational and financial. During the next 12-month period, there are a number of uncertainties that could affect our operations and sales. For further information on material risks and risk management, refer to pages 55–57 of Bonava's Annual and Sustainability Report for 2024, which is available at bonava.com.

Organisation and employees

The average number of employees for the period from January to March 2025 was 912 (1,212).

The share

Bonava has two share classes, Class A and Class B. Each Class A share carries ten votes and each Class B share one vote.

Bonava's share capital was SEK 538 M on the balance sheet date, divided among 322,816,756 shares and 588,604,747 votes. As of the balance sheet date, Bonava had 29,531,999 Class A shares and 292,284,757 Class B shares. The number of Class B shares in treasury company was 1,245,355, corresponding to 0.4 per cent of the capital and 0.2 per cent of the votes. More information on the Bonava share and owners is available at bonava.com/en/investor-relations.

Significant events during the period

In February 2025, Bonava issued a green bond of SEK 960 M.

In January 2025, Bonava updated its Green Financing Framework after review, in line with the Green Bond Principles 2021 and the Green Loan Principles 2023.

In conjunction with Bonava's Capital Markets Day, the company announced that starting in 2025, it would supplement its financial reporting, in accordance with IFRS, with segment reporting using the percentage of completion method. Going forward, the Group's financial targets will be monitored in accordance with segment reporting, but the target levels will remain unchanged. Bonava also announced the outlook for the operating EBIT margins for 2025 and 2026. For more information, refer to page 16.

The number of votes in Bonava AB changed due to the conversion of 626,335 Class A shares to 626,335 Class B shares. The number of votes is thereby amounts to 588,604,747. See further under the section "The share" above.

Significant events after the end of the period

Bonava held its Annual General Meeting on 9 April. The Annual General Meeting passed resolutions in accordance with the proposals from the Board of Directors, and the minutes have been published at bonava.com. In accordance with the proposal of the Nomination Committee, Board members Mats Jönsson,

Per-Ingemar Persson, Nils Styf,Anette Frumerie, Olle Boback and Tobias Lönnevall were re-elected, and Anneli Jansson and Paula Röttorp were elected as new Board members. Board member Viveca Ax:son Johnson declined re-election.

On April 28, it was announced that Rico Kallies had been appointed as the new Business Unit President for Bonava Germany, and a member of Bonava's Executive Management Group. He will take office on 1 September 2025.

Amounts and dates

Unless otherwise stated, amounts are indicated in millions of Swedish kronor (SEK M). All comparative figures in this report refer to the corresponding period of the previous year. Rounding differences may occur.

Stockholm, 9 May 2025 Bonava AB (publ)

Peter Wallin President and CEO

This report has not been reviewed by the company's auditors.

Our targets

Financial targets, segment reporting	Target	Outcome
Operating EBIT margin, R12	≥10%	4.4%
Return on equity, R12	≥15%	–4.3%
Dividend on Group earnings after tax	40%	0%1)
Other strategic targets	Target	Outcome
Net Promoter Score (NPS) Consistency	100%	45%1)
Frequency of severe incidents, R12	<7.1	4.6
Everyone Plan fulfilment	≥90%	17%2)
Employee engagement	89	85
Emissions, Scope 1–2, absolute numbers3)	–50%	–61%1)
Emissions (Scope 3) per housing start3)	–50%	+5%1)
Emissions, Scope 3, absolute numbers	Not set	–75%1)

1) Pertains to 2024.

2) The target pertains to activities that are planned for the calendar year, and the outcome pertains to activities that have been carried out to date. 3) Reduced climate impact in line with our climate targets validated by SBTi for a level of 1.5 °C.

Comments on the outcomes

The outcomes of the financial targets have been updated with outcomes for rolling 12 months except for the dividend target, where a new outcome will be made available only in conjunction with the year-end report 2025. For the financial targets that were updated as of 31 March 2025, we have been seeing an improvement since year-end and Bonava is repeating the outlooks that were announced in conjunction with the Capital Markets Day on 27 March 2025.

Outcomes have been updated for three of the strategic targets. The outcome for Employee engagement comes from the latest survey, completed in early April 2025, and here we can also confirm an improved outcome. The Everyone Plan is proceeding as planned, and Frequency of severe incidents has increased slightly since the last report.

Outlooks for 2025 & 2026 (repeated)

• • For full-year 2025, it is believed that the operating EBIT margin will reach 5–6 per cent.
• • For full-year 2026, it is believed that the operating EBIT margin will reach 10 per cent.

Consolidated income statement – segment reporting

	Note 1	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Net sales	3	1,608	1,650	8,271	8,312
Production costs		–1,386	–1,471	–7,243	–7,328
Gross profit		223	179	1,028	984
Selling and administrative expenses		–158	–156	–660	–658
EBIT		65	24	367	326
Financial income		11	5	54	48
Financial expenses		–152	–116	–607	–571
Net financial items	6	–141	–111	–553	–524
Loss before tax		–76	–88	–186	–198
Tax on loss for the period		–42	–13	–120	–90
Loss for the period1)		–118	–100	–306	–288
Per share data before and after dilution
Loss for the period, SEK		–0.37	–0.65	–0.95	–1.03
Cash flow from operating activities, SEK		0.10	–3.13	3.37	2.02
Shareholders' equity, SEK		21.24	23.56	21.24	22.36
Weighted average number of shares, millions		321.6	154.8	321.6	279.9
No. of shares at end of period, millions2)		321.6	321.6	321.6	321.6

1) Profit/loss for the entire period is attributable to Bonava AB's shareholders.

2) The total number of shares repurchased as of the balance sheet date was 1,245,355 (1,245,355).

Consolidated income statement

	Note 1	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Net sales	3	1,132	1,280	8,046	8,194
Production costs		–1,050	–1,147	–7,417	–7,514
Gross profit		82	133	629	680
Selling and administrative expenses		–158	–156	–660	–658
EBIT		–76	–22	–31	22
Financial income		11	5	54	48
Financial expenses		–152	–116	–607	–571
Net financial items	6	–141	–111	–553	–524
Loss before tax		–216	–133	–584	–501
Tax on loss for the period		–8	–2	–23	–17
Loss for the period1)		–225	–135	–608	–518
Per share data before and after dilution
Loss for the period, SEK		–0.70	–0.87	–1.89	–1.85
Cash flow from operating activities, SEK		0.10	–3.13	3.37	2.02
Shareholders' equity, SEK		21.24	23.56	21.24	22.36
Weighted average number of shares, millions		321.6	154.8	321.6	279.9
No. of shares at end of period, millions2)		321.6	321.6	321.6	321.6

1) Profit/loss for the entire period is attributable to Bonava AB's shareholders.

2) The total number of shares repurchased as of the balance sheet date was 1,245,355 (1,245,355).

Consolidated statement of comprehensive income

	Note 1	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Loss for the period		–225	–135	–608	–518
Items that have or may be reclassified to profit for the period
Translation differences during the period in translation of foreign operations		–134	95	–136	93
Other comprehensive income for the period		–134	95	–136	93
Comprehensive income/loss for the period1)		–359	–40	–744	–425

1) Profit/loss for the entire period is attributable to Bonava AB's shareholders.

Condensed consolidated balance sheet

	Note 1, 8	2025 31 Mar	2024 31 Mar	2024 31 Dec
ASSETS
Fixed assets
Investment properties	9	269	248	286
Other fixed assets		907	1,056	1,052
Total fixed assets		1,176	1,304	1,338
Current assets
Properties held for future development		7,102	8,148	7,150
Ongoing housing projects		6,110	7,240	6,598
Completed housing units		1,036	1,650	1,007
Current receivables		626	871	568
Cash and cash equivalents	7	438	378	593
Total current assets		15,313	18,287	15,917
TOTAL ASSETS		16,489	19,591	17,254

		2025 31 Mar	2024 31 Mar	2024 31 Dec
SHAREHOLDERS' EQUITY
Shareholders' equity attributable to Parent Company shareholders		6,826	7,570	7,184
Non-controlling interest		5	5	5
Total shareholders' equity		6,831	7,575	7,189
LIABILITIES
Non-current liabilities
Non-current interest-bearing liabilities	7	2,833	4,198	2,913
Other non-current liabilities		18	1	18
Non-current provisions		522	1,123	553
Total non-current liabilities		3,373	5,322	3,483
Current liabilities
Current interest-bearing liabilities	7	1,304	1,144	1,397
Other current liabilities		4,718	5,550	4,863
Current provisions		263	–	322
Total current liabilities		6,285	6,694	6,582
Total liabilities		9,658	12,016	10,065
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		16,489	19,591	17,254

Condensed consolidated changes in shareholders' equity

	Shareholders' equity attributable to Parent Company shareholders	Non-controlling interest	Total shareholders' equity
Opening shareholders' equity, 1 January 2024	6,596	5	6,601
Comprehensive income for the period	–425	–	–425
New share issue	1,050	–	1,050
Issue expenses	–37	–	–37
Performance-based incentive programme	0	–	0
Closing shareholders' equity, 31 December 2024	7,184	5	7,189
Comprehensive income for the period	–359	–	–359
Closing shareholders' equity, 31 March 2025	6,826	5	6,831

Condensed consolidated cash flow statement

	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
OPERATING ACTIVITIES
Loss before tax	–216	–133	–584	–501
Adjustments for items not included in cash flow	303	–345	390	–258
Tax paid	–9	–96	–73	–159
Cash flow from operating activities before change in working capital	77	–574	–268	–918
Cash flow from change in working capital
Sales of housing projects	988	1,068	6,863	6,943
Investments in housing projects	–1,193	–893	–5,115	–4,815
Advances from customers	360	242	80	–39
Other changes in working capital	–199	–328	–477	–605
Cash flow from change in working capital	–45	89	1,351	1,484
Cash flow from operating activities	33	–485	1,084	566
INVESTMENT ACTIVITIES
Sale of Group companies	–	–	93	93
Other cash flow from investment activities	–7	1	–46	–37
CASH FLOW BEFORE FINANCING ACTIVITIES	26	–483	1,130	621
FINANCING ACTIVITIES
New share issue less issue costs	–	1,014	–1	1,013
Increase in interest-bearing liabilities	89	3,585	3,984	7,480
Decrease in interest-bearing liabilities	–262	–3,946	–5,045	–8,729
Change in interest-bearing receivables	–	–1	0	–1
Cash flow from financing activities	–173	651	–1,062	–237
CASH FLOW DURING THE PERIOD	–147	168	69	384
Cash and cash equivalents at start of period	593	180	378	180
Exchange rate difference in cash and cash equivalents	–8	30	–9	29
CASH AND CASH EQUIVALENTS AT PERIOD END	438	378	438	593

Notes for the Group

1 Accounting policies

This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and recommendation RFR 1 Supplementary Accounting Rules for Groups from the Swedish Financial Reporting Board. This Interim Report covers pages 1–28, and pages 1–15 are thereby an integrated part of this financial report. The accounting policies applied in the preparation of this Interim Report apply to all periods and comply with the accounting policies presented in Note 1 Significant accounting policies in Bonava's 2024 Annual Report, pages 62–65. The Annual Report is available at bonava.com.

Starting on 1 January 2025, the Group will report its segments using a new segment reporting method. The reason is that this new segment reporting method more clearly illustrates how operations are being pursued and create value for the Group. This new segment reporting means that profit/loss from sales of housing units will be

recognised using the percentage of completion method, in contrast to the previously used method according to which profit/loss was recognised when the customer took possession of the housing unit. As in 2024, the segments' profit/loss are also being subjected to certain operating adjustments regarding impairment, sale of land, restructuring costs and acquisition costs. The new segment reporting will be applied as of 1 January 2025, in conjunction with the Executive Management Group changing its method for monitoring the operations.

In this segment reporting, income is recognised over time on the basis of the completion rate (the company's costs on the measurement date in relation to the total expected costs for fulfilling the performance obligation) multiplied by the sales rate (area sold on the measurement date in relation to total area for the performance obligation). Risk is accounted for in the margin upon recognition in profit. This segment reporting means that EBIT in the segments deviates from EBIT according to IFRS. Interest-bearing assets and liabilities are not impacted, and net financial items in the segment reporting are thus the same as in reporting according to IFRS. Tax according to the Group's average tax rate is added/deducted in the segment reporting on the difference in profit before tax that exists between IFRS and segment reporting.

The consolidated balance sheet, cash flow and operating cash flow are not impacted by the amended segment reporting method.

The impact in 2024 of the transition to the amended segment reporting is recognised per segment and for the Group at bonava.com. The comparative figures for 2024 have been recalculated in this report.

2 Reporting of operating segments

		2025 Jan–Mar		2024 Jan–Mar	2024 Jan–Dec
	Segment	IFRS	Segment	IFRS	Segment	IFRS
Net sales
Germany	991	766	1,044	941	5,757	5,678
Sweden	238	195	213	160	1,101	1,073
Finland	219	34	279	43	762	791
Baltics	161	137	113	136	692	651
Other operations1)	0	0	1	1	2	2
Total net sales	1,608	1,132	1,650	1,280	8,312	8,194
Operating EBIT/EBIT
Germany	72	–19	54	48	439	316
Sweden	3	–8	–19	–19	–62	–180
Finland	17	–17	15	–27	16	–38
Baltics	11	8	5	8	56	47
Other operations1)	–39	–39	–32	–32	–123	–124
Total operating EBIT/EBIT	65	–76	24	–22	326	22
Financial items	–141	–141	–111	–111	–524	–524
Loss before tax	–76	–216	–88	–133	–198	–501
Tax on loss for the period	–42	–8	–13	–2	–90	–17
Loss for the period	–118	–225	–100	–135	–288	–518

1) Other operations consist of the Parent Company, Group adjustments, eliminations and the Danish operation.

	Germany		Sweden		Finland		Baltics		Other operations		Group
Jan-Mar	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Net sales, consumers	753	814	204	209	41	53	155	111	—	—	1,154	1,188
Net sales, investors	238	138	1	1	177	226	—	—	—	—	416	364
Net sales, land	0	91	31	2	—	—	—	—	—	—	31	93
Other revenue	0	0	1	2	0	0	5	1	0	1	8	5
Total net sales, segment reporting	991	1,044	238	213	219	279	161	113	0	1	1,608	1,650
Differences in accounting policies	–225	–103	–42	–54	–185	–237	–24	23	—	—	–477	–370
Total net sales, IFRS	766	941	195	160	34	43	137	136	0	1	1,132	1,280

	Germany	Sweden	Finland	Baltics	Other operations	Group
Jan–Dec	2024	2024	2024	2024	2024	2024
Net sales, consumers	4,248	777	211	678	—	5,915
Net sales, investors	1,326	15	549	—	—	1,890
Net sales, land	181	302	0	—	—	483
Other revenue	1	7	1	13	2	24
Total net sales, segment reporting	5,757	1,101	762	692	2	8,312
Differences in accounting policies	–79	–28	29	–41	—	–118
Total net sales, IFRS	5,678	1,073	791	651	2	8,194

4 Bridge, EBIT

	Germany		Sweden		Finland		Baltics		Other operations		Group
Jan-Mar	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Operating EBIT	72	54	3	–19	17	15	11	5	–39	–32	65	24
Differences in accounting policies	–91	–6	–11	–1	–34	–42	–3	4	—	—	–141	–46
EBIT	–19	48	–8	–19	–17	–27	8	8	–39	–32	–76	–22

	Germany	Sweden	Finland	Baltics	Other operations	Group
Jan–Dec	2024	2024	2024	2024	2024	2024
Operating EBIT	439	–62	16	56	–123	326
Impairment of land	–114	–123	–7	—	—	–244
Other	—	—	–23	—	—	–23
Total operating adjustments	–114	–123	–30	—	—	–267
Differences in accounting policies	–9	5	–24	–8	—	–37
EBIT	316	–180	–38	47	–123	22

5 Bridge, operating cash flow

	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Operating cash flow	280	–207	2,011	1,524
Currency translation	–142	78	–143	77
Financial items	–141	–111	–512	–482
Tax paid	–15	–88	–78	–151
Change in interest-bearing liabilities in tenant-owner associations and housing companies	16	–163	–168	–347
Other	26	8	18	—
Cash flow before financing activities	26	–483	1,130	621

6 Net financial items

	2025 Jan–Mar	2024 Jan–Mar	Apr 2024 –Mar 2025	2024 Jan–Dec
Net interest items	–72	–107	–359	–394
Fees, guarantee costs and other1)	–62	–24	–178	–140
Currency translation	–7	19	–16	10
Net financial items	–141	–111	–553	–524

1) Fees include non-recurring effects from the redemption and tender offer process pertaining to Bonava's green bond, which was refinanced in February 2025.

7 Specification of net debt

	2025 31 Mar	2024 31 Mar	2024 31 Dec
Non-current interest-bearing receivables1)	475	535	591
Current interest-bearing receivables1)	165	147	57
Cash and cash equivalents2)	426	341	575
Interest-bearing assets	1,067	1,024	1,224
Non-current liabilities to credit institutions and investors	2,544	4,087	2,719
Current liabilities to credit institutions and investors	958	577	1,021
Interest-bearing liabilities to credit institutions and investors	3,502	4,663	3,739
Net debt in project financing	476	467	393
Net debt excl. leasing	2,911	4,107	2,908
Lease liabilities	147	175	160
Net debt	3,058	4,282	3,068

1) Including vendor notes issued to the buyer of the Norwegian operations.

2) Excluding cash on hand for project financing.

8 Fair value of financial instruments

Fair value for the financial instruments that are continuously measured at fair value in Bonava's balance sheet is determined on the basis of three levels. No transfers have been made between the levels during the period.

At level 1, Bonava has one outstanding bond loan, the fair value of which deviates only marginally from the carrying amount.

Level 2 derivative instruments comprise currency swaps where the measurement at fair value of currency-forward contracts is based on published forward rates in an active market.

Bonava has no financial instruments in level 3.

	2025 31 Mar	2024 31 Mar	2024 31 Dec
Derivatives	21	1	—
Total assets	21	1	—
Derivatives	—	18	6
Total liabilities	—	18	6

The fair value of non-current and current interest-bearing liabilities differs only marginally from the carrying amount and is therefore not recognised separately in this interim report. For financial instruments recognised at amortised cost, the carrying amount of accounts receivable, other receivables, cash and cash equivalents, accounts payable and other interest-free liabilities is considered equal to the fair value.

9 Investment properties

Investment properties are measured at fair value in accordance with IAS 40. At the balance sheet date, fair value was deemed to correspond to the carrying amount, which is why no unrealised change in value was recognised. Classification is at level 3 according to IFRS 13.

	2025 31 Mar	2024 31 Mar	2024 31 Dec
Fair value at start of period	286	239	239
Investments	—	—	37
Translation differences	–17	9	9
Fair value at end of period	269	248	286

10 Investment commitments

Bonava has signed agreements on the purchase of building rights that are conditional and have not yet been recognised as part of the financial statements. At 31 March 2025, the total value of these commitments was SEK 1,015 M (SEK 1,184 M at 31 December 2024). The investments are expected to be adjusted by SEK 475 M in 2025, SEK 105 M in 2026 and SEK 435 M in 2027 and later. The majority of the reduction in the quarter is attributable to land that was taken into possession in Sweden.

The agreements are often conditional on building permits being received or zoning plans being approved. Additionally, Bonava has signed agreements that provide opportunities for the acquisition of building rights. In cases where this opportunity is taken, this means a future outflow of cash. In cases where this opportunity is not taken, it could entail a cost for Bonava, primarily through impairment of recognised advances.

11 Pledged assets and contingent liabilities

	2025 31 Mar	2024 31 Mar	2024 31 Dec
Pledged assets
For own liabilities
Property mortgages	477	356	355
Net assets in the Group,
excluding Parent Company	1,619	2,527	2,000
Other pledged assets	602	675	611
Total pledged assets	2,698	3,559	2,966

Surety and guarantee obligations

Total surety and guarantee obligations	1,102	1,361	1,124
Other guarantees and contingent liabilities2)	107	333	129
Contingent liabilities1)	395	428	395
Counter guarantee to external guarantors	600	600	600
Own contingent liabilities

1) Expenses related to properties held for future development that are deemed to arise even if housing projects are not started.

2) Guarantee pertaining to discontinued operations to be taken over by the buyer in accordance with agreements.

Property mortgages consist of collateral on behalf of Finnish housing companies, Swedish tenant-owner associations and financing of investment properties in the Baltics.

Counter guarantees to external guarantors constitute collateral for amounts paid to tenant-owner associations formed by Bonava Sverige AB. Deposit guarantees are valid until one year after the final acquisition cost of the tenant-owner association's building has been established. Bonava AB's commitment is limited to SEK 600 M.

As part of its financing from credit institutions and Bonava's green bond, the Group has pledged shares in subsidiaries and material receivables (with the associated assets) and surety and guarantee obligations as collateral. Some intra-Group receivables have also been pledged. These have been eliminated in the Group.

12 Key performance indicators and currency rates

	2025 31 Mar	2024 31 Mar	2024 31 Dec
Return on capital employed, R12, %	–1.1	4.0	–0.3
Interest coverage ratio, R12, multiple	0.0	–1.3	0.1
Equity/assets ratio, %	41.4	38.7	41.7
Return on equity, R12, %	–8.5	–20.0	–7.3
Interest-bearing liabilities/total assets, %	25.1	27.3	25.0
Net debt	3,058	4,282	3,068
Net debt/equity ratio, multiple	0.4	0.6	0.4
Capital employed		10,968 12,918 11,499
Capital turnover rate, R12, multiple	0.7	0.8	0.7
Share of risk-bearing capital, %	41.7	38.8	41.9
Average interest rate at period-end, %1)	7.22	8.49	7.58
Average fixed-rate term, years1)	0.2	0.2	0.2
Average interest rate, at period-end %2)	4.54	5.38	4.41
Average fixed-rate term, years2)	0.4	0.4	0.5

1) Excluding project financing and leases. 2) Pertains to project financing.

Exchange rates	2025 31 Mar	2024 31 Mar	2024 31 Dec
Average rate
DKK	1.51	1.51	1.53
EUR	11.24	11.28	11.44
Closing rate
DKK	1.45	1.55	1.55
EUR	10.85	11.55	11.54

Key performance indicators per quarter and full-year are available at bonava.com/en/investors/financial-data.

Reporting of Bonava's alternative performance measures can also be found here.

The Parent Company in brief Parent Company Notes

January–March 2025

The Parent Company comprises the operations of Bonava AB (publ). Net sales for the period totalled SEK 41 M (41). Profit after financial items was SEK 22 M (22). In the third quarter of 2024, some of Bonava AB's receivables in subsidiaries were reclassified from current to non-current owing to changes to loan terms, which is the primary reason for the shift between current assets and fixed assets.

	Note	2025	2024	2024
INCOME STATEMENT	1	Jan–Mar	Jan–Mar	Jan–Dec
Net sales		41	41	167
Selling and administrative expenses		–68	–65	–271
EBIT		–27	–25	–103
Financial income		395	168	892
Financial expenses		–346	–121	–622
Profit after financial items		22	22	166
Appropriations		—	—	–
Profit before tax		22	22	166
Tax on profit for the period		—	–	–2
Profit for the period		22	22	164
BALANCE SHEET	Note 1, 2	2025 31 Mar	2024 31 Mar	2024 31 Dec
Assets
Fixed assets		10,673	2,719	10,790
Current assets		462	9,891	341
Total assets		11,135	12,609	11,131
Shareholders' equity and liabilities
Shareholders' equity		7,326	7,162	7,304
Provisions		17	13	17
Non-current liabilities		2,547	4,087	2,719
Current liabilities		1,245	1,347	1,091
Total shareholders' equity and liabilities		11,135	12,609	11,131

1 Accounting policies

The company has prepared its Interim Report pursuant to the Swedish Annual Accounts Act (1995:1554) and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.

The accounting policies applied in the preparation of this Interim Report apply to all periods and comply with the accounting policies presented in Note 1 Significant accounting policies in Bonava's 2024 Annual Report, pages 62–65 and 92. The Annual Report is available at bonava.com.

2 Pledged assets and contingent liabilities

	2025 31 Mar	2024 31 Mar	2024 31 Dec
Counter guarantee to external guarantors	4,726	5,231	5,731
Guarantees for project-specific financing	249	292	192
Guarantees for Group companies	1,207	1,310	993
Other guarantees and contingent liabilities1)	107	333	129
Shares in subsidiaries	2,084	2,084	2,084
Receivables in subsidiaries	8,048	9,284	8,048
Other pledged assets	602	675	611
Total	17,023	19,209	17,788

Share of pledged assets and contingent liabilities on behalf of tenant-owner associations and housing companies.

	2025 31 Mar	2024 31 Mar	2024 31 Dec
Counter guarantee to external guarantors2)	789	600	789
Guarantees for project-specific financing	249	292	192
Total	1,038	892	982

1) Guarantee pertaining to discontinued operations that are to be taken over by the buyer in accordance with agreements.

2) Counter guarantees pertain to guarantees that constitute collateral for amounts paid to tenant-owner associations formed by Bonava Sverige AB. Deposit guarantees are valid until one year after the final acquisition cost of the tenant-owner association's building has been established. Bonava AB's commitment is limited to SEK 600 M.

Definitions

Bonava uses measurements including the following alternative key performance indicators: return on capital employed, net debt and equity/assets ratio. The Group considers that these key performance indicators provide complementary information to readers of its financial reports that contributes to assessing the Group's capacity to pay dividends, make strategic investments, meet its financial commitments and to evaluate its profitability.

Financial key performance indicators

Average capital employed

Average capital employed as of the five last quarters.

Average fixed-rate term

The remaining fixed-rate term weighted by interest-bearing liabilities outstanding.

Average interest rate

Interest rate weighted by interest-bearing liabilities outstanding on the balance sheet date.

Average shareholders' equity

Average reported shareholders' equity as of the last five quarters.

Capital employed

Total assets less non-interest bearing liabilities including deferred tax liabilities.

Capital turnover rate

Net sales on a rolling 12-month basis divided by average capital employed.

Dividend yield

The dividend as a percentage of the market price at period-end.

Earnings per share

Net profit/loss for the period divided by the weighted average number of shares in the period.

EBITDA

EBIT before net financial items, tax and deprecation.

EBIT margin

EBIT as a percentage of net sales.

Equity/assets ratio

Shareholders' equity as a percentage of total assets.

Gross margin

Gross profit as a percentage of net sales.

Interest-bearing liabilities/total assets Interest-bearing liabilities divided by total assets.

Interest coverage ratio

Profit/loss after financial items plus financial expenses divided by financial expenses. Calculated on a rolling 12-month basis.

Net debt

Interest-bearing liabilities and provisions less interest-bearing assets including cash and cash equivalents.

Net debt/equity ratio Net debt divided by shareholders' equity.

Net project asset value

The carrying amount of ongoing housing projects, completed housing units and investment properties less advances from customers.

Net project asset value in relation to Net debt

Current period relation between Net project asset value versus Net debt excluding leasing.

Operating cash flow

EBITDA adjusted for net investments in fixed assets, properties held for future development, ongoing housing projects and completed housing units as well as changes in working capital, excluding corrections for non-cash items.

Operating gross margin and operating EBIT margin

Operating gross profit and operating EBIT as a percentage of net sales.

Operating gross profit and operating EBIT

Gross profit and EBIT according to segment reporting.

Production costs

Costs of land, development expenses for architects and other contractor-related costs, utility connection fees and building construction.

Project financing

Loans raised in Swedish tenant-owner associations and Finnish housing companies, as well as debt that directly finances investment properties.

Return on capital employed

Profit after financial items on a rolling 12-month basis following the reversal of interest expense as a percentage of average capital employed.

Return on shareholders' equity

Profit after tax as a percentage of average shareholders' equity.

Segment reporting

Reporting in accordance with IFRS, adjusted to the percentage of completion method and with operating adjustments.

Share of risk-bearing capital

Total shareholders' equity and deferred tax liabilities as a percentage of total assets.

Total assets

Total assets or liabilities and shareholders' equity.

Total return

Total of the change in the share price during the period and paid dividends in relation to the share price at the beginning of the period.

Sector-related definitions

Completed housing units

Refers to housing units for which inspection documents have been received, but the unit has not yet been sold, or units that have been sold but not handed over to the customer.

Completion rate

Recognised expenses in relation to the calculated total costs of ongoing housing projects.

Housing units for sale

Refers to the number of units, in ongoing production or completed, that are available for sale.

Housing units in ongoing production

Refers to the period from production start to completion of a building. A housing unit is considered complete on receipt of inspection documentation.

Housing units recognised in profit

Number of housing units sold that have been occupied by the purchaser. Once the purchaser has taken over occupancy, the purchase consideration is recognised as net sales, and expenses incurred for the housing unit are recognised as production costs.

Housing units sold

Number of housing units for which binding sales agreements have been signed with the customer and production of the housing unit has started.

Production start

The time at which Bonava starts production of a building. At this time, capitalised expenditure for land and development expenses is transferred to ongoing housing projects.

Properties held for future development

Refers to Bonava's holdings of land and building rights for future residential development and capitalised property development costs.

Reservation rate

Number of reserved housing units in production in relation to the total number of housing units in production.

Sales rate for ongoing production

Number of housing units sold in production in relation to the total number of housing units in production. Excluding Build-to-Manage.

Sales value of housing units sold

Sales value of housing units sold for which binding sales agreements have been signed with the customer and production of the housing unit has commenced.

Bonava in brief

Our mission

We create happy neighbourhoods for the many.

Operations

Bonava is a leading residential developer in Europe with the purpose to create happy neighbourhoods for the many.

With its 900 employees, Bonava develops residential housing in Germany, Sweden, Finland, Latvia, Estonia and Lithuania. To date, the company has built about 40,000 homes and reported net sales of approximately SEK 8 billion in 2024. Bonava's shares and green bond are listed on Nasdaq Stockholm.

8.2

SEK Bn, 2024

Employees

Net sales

Housing units sold 2,300

In 2024

Countries

Fredrik Hammarbäck

+46 739 056 063

Group Head of Press & Public Affairs/ Acting Head of Investor Relations fredrik.hammarback@bonava.com

Geographic presence

900

6

End of Q4 2024

Financial calendar

Q2 Interim report, Jan–Jun 17 July 2025 Q3 Interim report, Jan–Sep 24 October 2025 Q4 Year-end Report, Jan–Dec 4 February 2026

Contact

Jon Johnsson CFO and Deputy CEO jon.johnsson@bonava.com +46 700 888 605

disclose pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was issued for publication through the agency of our contact persons on 9 May 2025 at 7:30 a.m. CEST.

Webcast presentation 9 May

Publication

President and CEO Peter Wallin and CFO Jon Johnsson will present the report on 9 May 2025 at 9:00 a.m. CEST.

This information is such that Bonava AB (publ) is obligated to

Follow the webcast live at: https://bonava.videosync.fi/2025-05-09-q1

To participate in the teleconference, register using this link: https://service.flikmedia.se/teleconference/?id=5002539 After registration, you will receive a telephone number and conference ID to be able to participate in the presentation.

The presentation material will be available at bonava.com.