J.M. AB

Latest Results (31.05.2026):

J.M. AB — Q4 2025 (and full-year January–December 2025): Revenues were down versus prior year (Q4 SEK 2,766m vs 3,375; FY SEK 9,981m vs 12,507). Operating profit (segment) fell to SEK –8m in Q4 (107) and SEK 297m for the year (531); an impairment of SEK –105m on development properties weighed on results. IFRS figures show Q4 revenue SEK 2,855m (4,001) and FY revenue SEK 10,691m (14,272); IFRS operating profit Q4 SEK –1m (172) and FY SEK 326m (692). Cash flow improved (Q4 operating cash flow SEK 467m vs –401; FY SEK 74m vs –268). Housing starts rose (Q4 750; FY 2,270) while units sold fell (Q4 478; FY 2,028). The Board proposes a dividend of SEK 2.00 (3.25); surplus value of development properties about SEK 5.0bn.

Top‑line and margins

Segment revenue Q4 SEK 2,766m and FY SEK 9,981m. Segment operating margin Q4 –0.3% (3.2% LY) and FY 3.0% (4.2% LY). IFRS operating margin ~0% in Q4 (4.3% LY) and FY outturn shows lower profitability versus 2024.

Impairments and property values

Impairment on development properties totaled SEK –105m (identified in a small number of assets), reducing Q4 results. External valuation shows surplus value in development properties of about SEK 5.0bn (5.2bn LY). Building rights at year‑end: 35,400 (37,400).

Cash flow, liquidity and leverage

Operating cash flow turned positive: Q4 SEK 467m (–401) and FY SEK 74m (–268). Cash and equivalents SEK 532m; available credit facilities/unutilized liquidity c. SEK 2,900m (total available liquidity per segment reporting SEK 3,432m). Interest‑bearing net liabilities including pension SEK 2,615m at year‑end.

Sales, starts and inventory

Housing starts increased (Q4 750; FY 2,270). Residential units sold decreased (Q4 478; FY 2,028). Completed unsold units fell to 442 (750), and unsold units reported in the balance sheet were 393 (233).

Segment highlights and operational actions

JM Stockholm reported an impairment (~SEK –50m) and completed a regional reorganisation (merger of units, 20–25 salaried roles cut). JM Sweden, Norway and Finland showed mixed results: Norway improved profitability; Finland saw slight operating improvement. JM Property Development had lower volumes and profit but continues work on portfolio optimization.

Strategic moves and corporate events

Agreement to acquire a Norwegian portfolio (purchase price ~SEK 1,100m; land value ~SEK 600m) expected to add ~SEK 1,000m annual revenue over seven years. Agreement to divest contracting operations and a management change: Henrik Brinck Landelius named head of JM Stockholm effective Feb 9, 2026.

Dividend

The Board proposes a dividend of SEK 2.00 per share for 2025 (prior year 3.25), proposed record date April 20, 2026, and payment April 23, 2026 if AGM approves.

Sustainability and productivity

JM carried out a test casting with an innovative low‑carbon cement (potential CO2 reduction up to 95% in test) and plans further testing in 2026. Productivity Boost and cost‑reduction measures target roughly SEK 100,000 lower cost per started unit in Sweden by 2027. Work environment metrics improved (serious work‑related accidents down).