J.M. AB

Latest Results (11.07.2026):

J.M. AB — Q1 2026: J.M. AB reported a stronger start to 2026 with revenue of SEK 2,981m and operating profit of SEK 213m (operating margin 7.2%). Profit before tax rose to SEK 172m and profit after tax to SEK 147m; earnings per share were SEK 2.28. Cash flow from operating activities improved to SEK 21m (from –509), and the number of residential units sold increased to 920. IFRS reporting showed lower recognized revenue (SEK 2,094m) and IFRS EPS of SEK 0.50. Management cites higher sales, a completed property sale and lower costs as key drivers.

Financial headline

Revenue (segment reporting) SEK 2,981m vs SEK 2,539m a year earlier; operating profit SEK 213m vs SEK 130m; operating margin 7.2% (5.1%). Profit before tax SEK 172m and profit after tax SEK 147m. Return on equity (12 months) 1.9%.

IFRS vs segment reporting

Under IFRS revenue was SEK 2,094m (2,279) and operating profit SEK 76m (119); IFRS operating margin 3.6% and IFRS EPS SEK 0.50 (0.55). The difference reflects timing/recognition of handovers and project financing presentation.

Volumes and production

Residential units sold rose to 920 (555). Housing starts decreased to 425 (577). Residential units in production increased; unsold completed units remained well below prior-year levels.

Cash flow and liquidity

Operating cash flow turned positive to SEK 21m (–509). Available liquidity (segment reporting) SEK 3,868m including cash SEK 450m; new SEK 4.2bn syndicated credit facility signed after refinancing needs.

Key transactions and strategic moves

Acquired a Norwegian portfolio of ~1,300 building rights and 299 residential units (purchase ~SEK 1,100m). Sold rental-projects to investors in Sweden and Finland. Contracting operations divested (effective April 1) to focus on core development business.

Profit drivers

Improved results were driven by a Stockholm property sale, higher consumer and investor sales in Sweden, contributions from acquired Norwegian projects and lower production costs; JM highlights ongoing cost and lead‑time reductions.

Financing and balance-sheet metrics

Interest‑bearing net liabilities (segment) SEK –3,462m (incl. pension liability); equity/assets ratio 54%; debt/equity ratio ~0.4 (segment). Average interest rate around 4.5%.

Customer satisfaction & sustainability

JM retained top industry customer-satisfaction scores (Prognoscentret 2025: Sweden index 80; Norway 83; Finland 81). Sustainability actions include investment in Nanoplume (bio-based aerogel insulation) and work toward Nordic Swan Ecolabel Gen 4 projects.

Management view and outlook

Management describes a favourable start to Q1 2026 despite geopolitical uncertainty, expecting to increase housing starts in 2026 vs 2025 and to benefit from optimized building-rights portfolio, stronger financing headroom and continued margin improvements from lower costs.