J.M. AB

Latest Results (08.03.2026):

J.M. AB — Q3 2025 (July–September 2025): J.M. AB reported weaker third-quarter and nine‑month results as production and sales volumes fell versus last year, but management saw early signs of a housing‑market recovery in September. Segment reporting for July–Sept shows revenue SEK 2,137m and operating profit SEK 59m (operating margin 2.8%); January–September segment revenue was SEK 7,216m with operating profit SEK 305m (margin 4.2%). Housing starts and units sold were materially lower year‑on‑year.

Key financials (segment reporting)

Q3 (Jul–Sep) revenue SEK 2,137m (vs 2,515); operating profit SEK 59m (95); operating margin 2.8% (3.8%). Jan–Sep revenue SEK 7,216m (9,132); operating profit SEK 305m (424); margin 4.2% (4.6). Profit before tax Q3 SEK 14m (71); Jan–Sep SEK 173m (322). Profit after tax Q3 SEK −6m (36); Jan–Sep SEK 83m (191).

IFRS view

Revenue according to IFRS: Q3 SEK 2,309m (2,839) and Jan–Sep SEK 7,836m (10,271). Operating profit IFRS: Q3 SEK 35m (106) and Jan–Sep SEK 327m (520). IFRS EPS Q3 SEK −0.51 (0.61); Jan–Sep SEK 1.22 (3.92).

Earnings per share & returns

Segment EPS for Q3 was SEK −0.10 (0.55); Jan–Sep EPS SEK 1.29 (2.97). Reported return on equity (past 12 months) was low at 1.7% (prior reference in report).

Cash flow, liquidity and balance sheet

Segment cash flow from operating activities: Q3 SEK 323m (418); Jan–Sep SEK −391m (132). Cash and equivalents at 30 Sep SEK 449m (segment) / SEK 498m (IFRS). Available liquidity (segment) ~SEK 3,099m. Interest‑bearing net liabilities including pension (segment) ~SEK 3,080m.

Sales, starts and inventory

Number of residential units sold fell to 562 in Q3 (649). Housing starts dropped to 296 in Q3 (637). Jan–Sep units sold totaled 1,550 (2,204). Unsold residential units on the balance sheet (segment) 455 at 30 Sep (221 a year earlier); percentage sold/reserved in current production was 53% (61%).

Segment highlights

JM Residential Stockholm: weakest performance, Q3 operating loss (operating margin −1.7%). JM Residential Sweden and JM Norway delivered modest positive margins (Sweden ~3.2%, Norway ~5.8% in Q3). JM Finland margin ~4.9% in Q3. JM Property Development reported higher margins (Q3 ~16.6%) driven by project sales (one larger rental project sold to investors with profit recognized over construction).

Management commentary & outlook

Management notes activity was low over summer but detected first signs of recovery in September (more transactions and rising prices in Stockholm). They emphasize continued focus on efficiency, shorter lead times, reducing unsold inventory and selective starts — planning to start more projects in 2025 than in prior year if conditions permit.