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JM
Quarterly Report • Apr 24, 2025
2932_10-q_2025-04-24_d0963433-cbb8-4bce-931c-635295d022b6.pdf
Quarterly Report
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Interim Report January–March 2025 Q1
Summary of the period
JANUARY–MARCH 2025
- • Revenue amounted to SEK 2,539m (3,034).
- • Operating profit decreased to SEK 130m (160). The operating margin decreased to 5.1 percent (5.3).
- • Profit before tax decreased to SEK 90m (128). Profit after tax decreased to SEK 52m (79).
- • Return on equity for the past twelve months amounted to 2.6 percent (2.3).
- • Earnings per share amounted to SEK 0.80 (1.23).
- • Consolidated cash flow from operating activities amounted to SEK –509m (–949).
- • The number of residential units sold increased to 555 (480), and housing starts increased to 577 (145).
- • According to IFRS, revenue amounted to SEK 2,279m (2,765), and earnings per share to SEK 0.55 (0.74).
| GROUP KEY FIGURES | JAN–MAR | FULL-YEAR | ||
|---|---|---|---|---|
| ACCORDING TO SEGMENT REPORTING, SEK M | 2025 | 2024 | 2024/2025 | 2024 |
| Revenue | 2,539 | 3,034 | 12,012 | 12,507 |
| Operating profit 1) | 130 | 160 | 501 | 531 |
| Operating margin, % | 5.1 | 5.3 | 4.2 | 4.2 |
| Profit before tax | 90 | 128 | 365 | 403 |
| Cash flow from operating activities | –509 | –949 | 171 | –268 |
| Return on capital employed, % | 4.5 | 4.8 | ||
| Return on equity, % | 2.6 | 2.9 | ||
| Equity/assets ratio, % | 56 | 52 | 57 | |
| Earnings per share, SEK | 0.80 | 1.23 | 3.37 | 3.83 |
| Number of residential units sold | 555 | 480 | 2,853 | 2,778 |
| Number of housing starts | 577 | 145 | 2,669 | 2,237 |
| ACCORDING TO IFRS, SEK M | ||||
| Revenue according to IFRS | 2,279 | 2,765 | 13,787 | 14,272 |
| Operating profit according to IFRS | 119 | 126 | 685 | 692 |
| Earnings per share according to IFRS, SEK | 0.55 | 0.74 | 5.29 | 5.48 |
| 1) Of which impairment on development properties | – | – | –72 | –72 |
Unless otherwise specified, amounts and comments in this interim report are based on JM's segment reporting. The Group has different accounting principles in its segment reporting than it has in its reporting in accordance with IFRS for housing development and project financing as well as for IFRS 16. For more information about accounting principles and differences between segment reporting and reporting in accordance with IFRS, see Notes 1 and 3. For definitions of key financial figures, see "Definitions Key Financial Figures" at jm.se/en/about-us/investors Unless otherwise specified, amounts are presented in SEK million. There may be rounding differences in all tables. The content is a transaltion of the Swedish original text, which is the official version.
Cover photo: Kvarnholmen, Nacka
JM increased the number of residential units sold in an uncertain market
JM started the year with an increase in the number of units sold and housing starts in the quarter, despite increased geopolitical uncertainty having a dampening effect on the housing market. After the end of the quarter, the geopolitical uncertainty has increased, resulting in large fluctuations in the world's stock markets, and it is currently difficult to assess the effects on the housing market.
Continued good underlying market conditions
Even though the need for new housing in Sweden has been revised downward by Boverket, the Swedish National Board of Housing, Building and Planning, the underlying need continues to be larger than the annual number of housing starts in all of the Group's submarkets.
Market rates were lowered in both Sweden and Finland, and further interest rate deductions could be an effect of elevated tariffs on the global trade market. The need for new homes is most obvious in Norway, and the price trend has been increasing during the first quarter.
In Sweden, the geopolitical situation has made customers more cautious, and the supply on the existing home market is at very high levels. However, reduced tax burden, real wage increases, and potentially lower amortization requirements, continue to provide good underlying conditions for the Swedish housing market.
In Finland, production of new homes has been at a very low level in recent years, and the accumulated supply deficit creates conditions to start new housing projects even on a weaker market.
Increased sales and more housing starts
JM Residential Stockholm increased its sales sharply compared to the same quarter last year, despite the large supply on the existing home market. Housing prices in Stockholm were stable and JM Residential Stockholm was able to start production on 86 (145) residential units in the quarter.
The market in the rest of Sweden was cautious during the quarter, and JM Residential Sweden had slightly lower sales compared to the previous year. The supply on the existing home market in JM Residential Sweden's submarkets was also large and sales times were very long. However, we are seeing strong interest from potential customers, and production began during the quarter on three projects with a total of 166 (0) residential units.
In Norway, prices and transaction volume increased on the existing home market and JM's sales more than doubled in the quarter, allowing for 202 (0) housing starts in the first quarter.
Activity on the housing market in Finland increased during the first quarter, but despite this the market continues to be cautious, and JM Finland decrease sales to both consumers and investors compared to the previous year. Production began on 123 (0) residential units during the quarter. There is great interest in our rental projects in Finland and JM started a project of 71 rental units for investors on its own balance sheet in the quarter.
Overall, sales increased to 555 (480) residential units and the number of housing starts increased to 577 (145). The trend of a larger share of sales occurring in conjunction with completion persisted, which contributed to the number of unsold units in completed production decreasing from 750 at year-end to 692 (397) at the end of the quarter. At the same time, the percentage of sold and reserved residential units in production decreased from 59 per cent at the end of the year to 56 (55) percent at the end of the quarter. Net sales of repurchased residential units in the balance sheet continued to be good.
Fewer residential units in production led to lower revenue and operating profit
Revenue in the first quarter was lower than in the previous year due to fewer residential units in production and amounted to SEK 2,539m (3,034). The operating profit amounted to SEK 130m (160), where the decrease was primarily attributable to lower profit in JM Norway while profit improved in JM Residential Stockholm.
JM Residential Stockholm's revenue was lower than the previous year due to fewer residential units in production, while operating profit improved, mainly due to the absence of negative price adjustments.
Revenue and operating profit in JM Residential Sweden were in line with the previous year.
Revenue and operating profit in JM Norway were lower than in the comparison quarter, which was attributable to JM Norway in the previous year selling developed land for residential projects.
Revenue and operating profit in JM Finland decreased due to lower recognition and sales.
JM Property Development settled the office project K1 Karlbergs Strand during the quarter with a positive outcome. Revenue and operating profit were lower than in the previous year due to fewer projects in current production.
JM started the year with an increase in the number of units sold and housing starts in the quarter, despite increased geopolitical uncertainty having a dampening effect on the housing market.
Improved cash flow
Cash flow in the first quarter was better than in the previous year thanks to lower working capital in current projects, in part offset by an increase in the number of repurchased residential units in the balance sheet. Cash flow was also positively impacted by investments in development properties and project properties being lower than in the previous year.
Reduced climate emissions
During the first quarter, JM's annual and sustainability report for 2024 was published. I am very pleased to be able to show that we have reduced our climate emissions by 17 percent, which also exceeded the Group's target. To further increase
the pace of climate transition, JM has, among other things, entered into a strategic collaboration with Cemvision, whose innovative technology can decrease the climate impact of cement by up to 95 percent.
JM 80 years – and this is just the beginning
JM celebrated its 80th anniversary on April 6, 2025. Our long history in housing development and work to always deliver high-quality homes has given us satisfied customers and brought us to a marketleading position. Our factors of success have been that we have not been passive, but always curious and willing to change, and we have had the desire to develop. JM has developed effective processes over a period of many years, with gradual standardization of methods and techniques. Our efforts to strive for constant improvement create conditions that will enable us to be a market leader even 80 years from now.
Target regarding number of housing starts remains
JM continues to assess that a gradual recovery on the market is likely, even if there is a risk that the recent negative geopolitical developments could cause the recovery to take longer than previously expected. We expect the high cost
situation to persist, which means that margins will be under pressure throughout the year. Recent developments and uncertain market situations are strengthening our belief that we should focus on what we can impact: our own costs and processes. We are working systematically and untiringly, with sustainability in focus, to consistently reduce our costs and shorten lead times in our development and production processes while maintaining customer value. We can thus continue to be competitive regardless of the market conditions.
Furthermore, we are monitoring the market situation carefully to maintain a good balance in current production and unsold residential units, and to gradually increase the number of housing starts toward our target of 3,800 starts per year. The macroeconomic determine how fast this will occur.
Mikael Åslund, President and Chief Executive Officer
Group residential development and sales
January–March 2025
The number of available building rights at the end of the first quarter amounted to 37,100 (38,300), of which 21,600 (22,700) are recognized as development properties in the balance sheet. The carrying amount of development properties decreased and amounted at the end of the first quarter to SEK 7,602m (8,849).
The number of housing starts increased to 577 (145). JM Residential Stockholm started production on 86 residential units (145), JM Residential Sweden on 166 (0), JM Norway on 202 (0), JM Finland on 123 (0), and JM Property Development on 0 (0).
Sales increased compared to the corresponding period in the previous year, and the number of sold
Housing starts per quarter 12-month rolling
Q1 Q3 2020
Q1 Q3 2021
0
300
600
900
1,200
1,500
residential units in the form of signed contracts amounted to 555 (480).
The percentage of sold and reserved residential units in relation to current production amounted to 56 percent (55). The interval 60–65 percent is considered a normal level. JM Residential Stockholm sold 224 residential units (168), JM Residential Sweden sold 146 (172), JM Norway sold 160 (62), JM Finland sold 25 (78), and JM Property Development sold 0 (0).
The number of residential units in current production decreased to 4,511 (5,068).
The number of unsold residential units in the balance sheet according to segment reporting amounted to 328 (145), which corresponded to
Q1 2025
0
1,000
2,000
3,000
4,000
5,000
Q1 Q3 2024
Q1 Q3 2023
Q1 Q3 2022
NUMBER NUMBER
a value of SEK 1,278m (566). In addition to the 328 (145) unsold residential units in the balance sheet, 135 residential units (132) at a value of SEK 555m (356) were sold but not yet handed over to the customer, which is why the units were not recognized under IFRS and thus increase the value of unsold residential units in the balance sheet to SEK 1,833m (922).
During the first quarter, residential development properties of SEK 79m (157) were acquired, of which SEK 34m (122) refers to JM Residential Stockholm, SEK 0 m (6) to JM Residential Sweden, SEK 0m (3) to JM Norway, SEK 45m (26) to JM Finland, and SEK 0m (0) to JM Property Development.
HOUSING STARTS RESIDENTIAL UNITS IN CURRENT PRODUCTION
JM Residential Stockholm JM Residential Sweden JM Norway JM Finland Total 1) Percentage sold/reserved, Group (%) Normal level sold/reserved (60– 65 %)
1) Of which 360 rental units in the business segment JM Property Development.
| JAN–MAR | ||||
|---|---|---|---|---|
| GROUP RESIDENTIAL DEVELOPMENT | 2025 | 2024 | 2024 | |
| FOR CONSUMERS | ||||
| Number of housing starts during the period | 506 | 145 | 1,554 | |
| Number of residential units sold during the period | 555 | 430 | 1,841 | |
| Number of residential units in production | 3,214 | 4,120 | 3,204 | |
| Sold residential units in production | 1,332 | 1,569 | 1,319 | |
| Number of revenue-recognized residential units according to IFRS | 369 | 524 | 2,439 | |
| FOR INVESTORS | ||||
| Number of housing starts during the period | 71 | – | 683 | |
| Number of residential units sold during the period | – | 50 | 937 | |
| Number of residential units in production | 1,297 | 948 | 1,354 | |
| Sold residential units in production | 1,021 | 792 | 1,149 | |
| UNSOLD RESIDENTIAL UNITS | ||||
| Number of unsold residential units in completed production | 692 | 397 | 750 | |
| Of which, number of unsold residential units reported in the balance sheet under segment reporting | 328 | 145 | 233 | |
| RESIDENTIAL UNITS IN PRODUCTION IN TOTAL | ||||
| Total number of residential units in production | 4,511 | 5,068 | 4,558 | |
| Percentage sold and reserved residential units in production, %1) | 56 | 55 | 59 | |
| 1) Of which percentage reserved residential units in production, % | 4 | 4 | 5 |
Revenue, operating profit and operating margin
January–March 2025
Consolidated revenue according to segment reporting amounted to SEK 2,539m (3,034). The decreased revenue was primarily attributable to a lower level of residential units and commercial projects in current production.
Operating profit according to segment reporting amounted to SEK 130m (160), and the operating margin, in line with the previous period prior year, amounted to 5.1 percent (5.3).
Revenue according to IFRS decreased to SEK 2,279m (2,765) and the operating profit to SEK 119mk (126), primarily due to a decreased number of residential units handed over compared to the previous year and a lower number of commercial projects in production. During the period, 369 residential units (524) were handed over to consumers and revenue recognized. At the same time, 1,021 residential units (792) were sold to investors, for which profit and revenue are recognized gradually during construction.
The operating margin in accordance with IFRS increased to 5.2 percent (4.6), primarily due to a higher margin in the business segment JM Property Development.
Revenue per quarter
12-month rolling
Profit per quarter (SEK m)
12-month rolling margin (%) 12-month rolling profit (SEK m)
| JAN–MAR | APR–MAR | FULL-YEAR | ||
|---|---|---|---|---|
| OPERATING MARGIN1) BY BUSINESS SEGMENT, % | 2025 | 2024 | 2024/2025 | 2024 |
| JM Residential Stockholm | 0.1 | –5.3 | –1.3 | –2.5 |
| JM Residential Sweden | 3.1 | 2.9 | 3.2 | 3.2 |
| JM Norway | 5.7 | 10.1 | 5.5 | 7.0 |
| JM Finland | 6.0 | 6.7 | 5.6 | 5.8 |
| JM Property Development | 47.5 | 28.4 | 24.4 | 23.0 |
| Total | 5.1 | 5.3 | 4.2 | 4.2 |
Cash flow and financial position
Cash flow January–March 2025
Cash flow from operating activities according to segment reporting amounted to SEK –509m (–949). The improvement was primarily explained by a change in non-cash provisions and a decrease in other working capital due to lower operating receivables and project balances. Net investments in development properties decreased compared to the corresponding period the previous year and resulted in a positive cash flow of SEK 107m (–16). Unsold residential units in the balance sheet increased in the first quarter, which resulted in a negative cash flow of SEK –322m (169).
The Group's project properties decreased due to fewer projects with lower recognition and resulted in a positive change of SEK 104m in the first quarter.
Financial position
Net financial items according to segment reporting amounted ton SEK -41m (-32) and was at the same level as last period. Total interest-bearing liabilities according to segment reporting amounted to SEK 3,310m (3,307), of which the pension liability comprised SEK 1,545m (1,528). At the end of the first quarter, the average interest rate for the total interest-bearing loan stock including pension liabilities was 4.3 percent (4.8). The average term for fixed-rate loans, excluding the pension liability, was 0.1 year (0.2).
Consolidated available liquidity according to segment reporting amounted to SEK 2,929m (3,132). Aside from cash and cash equivalents of SEK 361m (566), this included unutilized overdraft facilities and credit lines totaling SEK 2,568m (2,567) out of a total of SEK 3,200m (2,800), where credit agreements for SEK 2,800m (2,400) had an average maturity of 2.3 years (2.4).
Interest-bearing net liabilities including the pension liability according to segment reporting amounted at the end of the period to SEK 2,944m (2,731). Non-interest-bearing liabilities for completed property acquisitions amounted to SEK 272m (750), of which SEK 188m (387) were current.
Capital employed on March 31, 2025, amounted to SEK 11,689m (11,798), and return on capital employed for the past twelve months amounted to 1.2 percent (1.4), which was in line with the previous year.
The valuation of financial assets and liabilities showed no significant difference between carrying amount and fair value.
The effective tax rate according to segment reporting amounted to 42 percent (38) and was impacted negatively mainly by limitations on interest deduction restrictions.
12-month rolling (SEK m)
INTEREST-BEARING NET LIABILITIES (–)/RECEIVABLES (+)1)
Interest-bearing net liabilities(–)/receivables(+)
Debt/equity ratio
Housing starts in the quarter
During the first quarter, production started on 577 residential units (145). All housing starts are presented on the Group's website: www.jm.se/en/about-us/investors/jm-housing-starts
Sweden | Silveraxet
Silveraxet is located along the Göta Älv river in the heart of the Eriksberg district of Hisingen in Gothenburg and features a unique combination of a maritime atmosphere, modern architecture and proximity to the city center. The first phase consists of 67 tenantowned units of ranging from studio to three-bedroom apartments. Information about the project
Sweden | Utblicken
Utblicken is part of a larger block and consists of 86 tenantowned units ranging from studio to five-bedroom apartments in a low rise building with a varying height profile next to Bällstaviken, a lush part of Solna. The block will have a shared courtyard that faces granite boulders and hilly forest terrain. The entire block will consist of around 480 residential units. Information about the project
Norway | Langhus Gård
Langhus Gård is located in Norde Follo, approximately 20 km from downtown Oslo next to the Langhus train station, and is close to the forest, nature, childcare and shopping. The fourth phase consists of 83 residential units ranging from studio to three-bedroom apartments in three apartment buildings, and the entire area will consist of around 370 residential units. Information about the project
Finland | Fillaristi
Fillaristi consists of 34 residential units ranging from studio to three-bedroom apartments that have a spacious and functional layout. The project is located in a new block next to Centralparken in Helsinki with direct connections to excellent public transportation options and the outdoors.
Sustainable residential development
Sustainability is an integrated part of JM's residential and urban development, Structured work environment efforts with initiatives to prevent accidents, along with proactive efforts to decrease climate emissions, quality-assured delivery chains, and increased gender equality and diversity, are key parts of JM's sustainability work.
The construction industry is facing a necessary transition, where innovation and circular methods will be crucial. JM plays an active role in this transition by challenging traditional processes and collaborating on innovative solutions. A standardized project development process enables fast and effective implementation of new solutions, which leads the way for more sustainable construction.
JM is taking the next step toward achieving its climate goals by using climate-improved concrete with lower emissions in its projects in Sweden, Norway and Finland. To further increase the pace of the transition, during the first quarter JM entered into a collaboration with Cemvision, whose technology could decrease the climate impact of cement by up to 95 percent. Tests with this cement are planned to begin in 2025. By investing in circular and innovative solutions and collaborations, JM is contributing to a more sustainable construction industry.
JM maintains its sustainability ambitions despite the geopolitical uncertainty, with scientifically based sustainability targets. During the first quarter, JM published its annual and sustainability report for 2024, which presents, among other things, how JM
- • has decreased its climate emissions by 17 percent and is exceeding its targets,
- • is introducing climate-improved concrete that entails an improvement of at least 20 percent in Sweden and Norway and at least 15 percent in Finland,
- • has received the basic license for Nordic Swan Ecolabel Generation 4 for the Group,
• is investing in circular solutions and innovative technology, including climate-improved concrete and other building materials.
During the first quarter, using the Finnish calculation standard, JM has established a baseline for verification of targets with regard to JM's climate emissions in Finland. JM's baseline will be used to follow up on JM's climate roadmap and the ambitious intensity targets that JM has established for reducing the company's climate impact. JM's intensity targets are defined as kg CO2 in relation to GFA during a given year. The baseline for Finland is 8.3 kg CO2 e/Atemp1)/year (corresponding to 325 CO2 e/m2 GFA) and is calculated based on 12 projects. Sweden's baseline is 336 CO2 e/m2 GFA, and Norway's baseline will be determined during Q2 2025.
| OBJECTIVE | OPERATIONAL TARGET 2026 | JAN–MAR 2025 |
JAN–MAR 2024 |
APR–MAR 2024/2025 |
FY 2024 |
|---|---|---|---|---|---|
| The industry's best work environment and zero workplace accidents |
No serious accidents Sweden (S), Norway (N), Finland (F) |
– (S) – (N) 1 (F) |
1 (S) 1 (N) – (F) |
2 (S) – (N) 2 (F) |
3 (S) 1 (N) 1 (F) |
| At least 20 percent of skilled workers should be women |
The share of skilled workers that are women increases to at least 15 percent |
6.8% | 6.6% | 6.7% | 6.6% |
| Total amount of construction waste should be max 15 kg/GFA (gross floor area) |
Total amount of construction waste decreases to max 25 kg/GFA |
30 (S) 30 (N) 45 (F) |
41 (S) 34 (N) 30 (F) |
32 (S) 29 (N) 39 (F) |
36 (S) 31 (N) 32 (F) |
| All properties must receive Swan Ecolabel certification |
All completed projects in our own operations during the period must receive Nordic Swan Ecolabel certification |
100% | 80% | 100% | 95% |
| Contribute to greater resource efficiency and reduced environmental impact in society |
Newly produced homes' estimated energy consumption. kWh/A-temp or GFA |
64 (S) 55 (N) 73 (F) |
65 (S) 53 (N) 75 (F) |
58 (S) 50 (N) 73 (F) |
58 (S) 50 (N) 74 (F) |
1) Atemp is an abbreviation of area and temperate. Atemp means a heated area and is used within the construction and real estate sector to describe the total floor area in a building that is heated to more than 10°C. This includes all heated parts of the building, such as residential spaces, but excludes uninsulated areas such as garages, storage areas and unheated stairwells.
JM Residential Stockholm
The business segment develops residential projects in Greater Stockholm. Operations include acquisitions of development properties, planning, pre-construction, production and sales of residential units.
Market development
The average prices on the existing home market were stable during the first quarter. The total supply of residential units was large, but the supply of newly produced residential units was still at a low level.
The housing market in Stockholm was cautious but continued to be stable. Customer interest in JM's project and the willingness to sign a contract early have gradually increased in the past year, and sales increased compared to the previous year.
The absence of necessary authority decisions had a negative impact on the business segment's housing starts, which in the first quarter related to one project of 46 residential units.
Operating profit per quarter (SEK m) Operating margin rolling (%)
Revenue and operating profit Jan–Mar 2025
Revenue for the first quarter decreased slightly compared to the corresponding period the previous year due to lower current production. Operating profit improved primarily due to increased sales and lower price adjustments in current projects.
Return on operating capital for the past twelve months amounted to –1.1 percent, due to low operating profit in relation to working capital.
Housing starts and acquired residential building rights
Production was started in the first quarter on a total of 86 residential units in apartment buildings in Solna.
No building rights were acquired in the first quarter; only adjustments were made to the purchase price of previously acquired building rights.
Utblicken, Solna
HOUSING PRODUCTION
Residential units in current production Residential units sold, rolling 12 months Housing starts, rolling 12 months
| JAN–MAR | FULL-YEAR | |||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2024/2025 | 2024 |
| Revenue | 849 | 882 | 4,167 | 4,200 |
| Operating profit 1) 2) | 1 | –47 | –55 | –103 |
| Operating margin, % | 0.1 | –5.3 | –1.3 | –2.5 |
| Average operating capital | 4,980 | 5,083 | ||
| Return on operating capital, % | –1.1 | –2.0 | ||
| Operating cash flow | –444 | –312 | –744 | –612 |
| Number of residential units sold to consumers | 224 | 168 | 841 | 785 |
| Number of housing starts for consumers | 86 | 145 | 699 | 758 |
| Number of residential units in current production | 1,285 | 1,680 | 1,449 | |
| 1) Of which impairment on development properties | – | – | –62 | –62 |
| 2) Of which property sales | – | – | 17 | 17 |
OPERATING PROFIT AND OPERATING MARGIN
JM Residential Sweden
The business segment develops residential projects in growth areas in Sweden, excluding Greater Stockholm. Operations include acquisitions of development properties, planning, pre-construction, production and sales of residential units.
Market development
The average prices on the existing home market were stable on the business segment's submarkets during the first quarter. The total supply of residential units was large, but the supply of newly produced residential units was at a low level.
The housing market on the business segment's submarkets continued to be cautious during the first quarter with lower sales than in the corresponding period the previous year. The willingness to sign a contract was below normal, with the exception of some of the business segment's submarkets and a number of projects in early phases.
Revenue and operating profit Jan–Mar 2025
Revenue for the first quarter was in line with the corresponding period the previous year. The operating profit improved slightly thanks to an increased number of housing starts and lower price adjustments in projects.
Return on operating capital for the past twelve months amounted to 3.0 percent and was in line with the previous year. The level was attributable to low operating profit in relation to working capital.
Housing starts and acquired residential building rights
Production was started in the first quarter on a total of 166 residential units in apartment buildings in Gothenburg, Västerås and Uppsala.
No building rights were acquired in the first quarter.
Mälarvyn, Västerås
Operating profit per quarter (SEK m)
Operating margin rolling (%)
HOUSING PRODUCTION
Residential units in current production Residential units sold, rolling 12 months Housing starts, rolling 12 months
| SEK M | JAN–MAR | FULL-YEAR | |||
|---|---|---|---|---|---|
| 2025 | 2024 | 2024/2025 | 2024 | ||
| Revenue | 598 | 600 | 2,380 | 2,382 | |
| Operating profit | 18 | 17 | 77 | 76 | |
| Operating margin, % | 3.1 | 2.9 | 3.2 | 3.2 | |
| Average operating capital | 2,600 | 2,616 | |||
| Return on operating capital, % | 3.0 | 2.9 | |||
| Operating cash flow | –148 | –135 | –234 | –221 | |
| Number of residential units sold to consumers | 146 | 172 | 571 | 597 | |
| Number of residential units sold to investors | – | – | 134 | 134 | |
| Number of housing starts for consumers | 166 | – | 570 | 404 | |
| Number of housing starts for investors | – | – | 134 | 134 | |
| Number of residential units in current production | 1,100 | 1,060 | 1,055 |
JM Norway
The business segment develops residential projects in Norway. Operations include acquisitions of development properties, planning, pre-construction, production and sales of residential units.
Market development
Norway's central bank continued to leave the key rate unchanged, and it adjusted its assessment that the first interest rate cuts will occur in the fall of 2025. Despite this, activity increased on the existing home market and prices increased during the first quarter. However, the sale of newly produced residential units was lower than in the corresponding period the previous year.
Housing starts during the past twelve months were at record-low levels, and the number of expected completed residential units in the next two years is significantly lower than demand.
Revenue and operating profit Jan–Mar 2025
Both revenue and operating profit decreased compared to the corresponding period the previous
Operating profit per quarter (SEK m) Operating margin rolling (%)
year, primarily due to the sale of land in 2024. Return on operating capital for the past twelve months amounted to 4.8 percent, primarily due to the lower operating profit in relation to working capital. Adjusted for the sale of land in 2024, the return on operating capital was in line with the previous year.
Housing starts and acquired residential building rights
Production was started in the first quarter on a total of 202 residential units in apartment buildings in Trondheim, Asker and Nordre Follo outside Oslo.
No building rights were acquired in the first quarter but but the business segment has entered into a joint arrangement whereby an agreement has been signed to acquire approximately 100 building rights in Nydalen outside Oslo. The agreement is conditional on authority decisions.
Bergerløkka, Asker
HOUSING PRODUCTION
Residential units in current production Residential units sold, rolling 12 months Housing starts, rolling 12 months
| JAN–MAR | APR–MAR | FULL-YEAR | ||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2024/2025 | 2024 |
| Revenue | 460 | 690 | 1,794 | 2,024 |
| Operating profit 1) | 26 | 70 | 99 | 142 |
| Operating margin, % | 5.7 | 10.1 | 5.5 | 7.0 |
| Average operating capital | 2,070 | 2,155 | ||
| Return on operating capital, % | 4.8 | 6.6 | ||
| Operating cash flow | 40 | –246 | 398 | 112 |
| Number of residential units sold to consumers | 160 | 62 | 414 | 316 |
| Number of residential units sold to investors | – | – | 100 | 100 |
| Number of housing starts for consumers | 202 | – | 477 | 275 |
| Number of housing starts for investors | – | – | 100 | 100 |
| Number of residential units in current production | 941 | 852 | 864 | |
| 1) Of which property sales | – | – | 7 | 7 |
JM Finland
The business segment develops residential projects in Finland. Operations include acquisitions of development properties, planning, pre-construction, production and sales of residential units.
Market development
Activity on the housing market in the Helsinki region continued to increase during the first quarter at the same time as the European central bank made two further cuts to the interest rate. Despite lower accommodation costs, the low consumer confidence continued to limit customers' willingness to buy a home. The price level on the existing home market at the end of the first quarter was at a slightly lower level than in the previous year.
Revenue and operating profit Jan–Mar 2025
The business unit's revenue and operating profit decreased compared to the corresponding period the previous year, primarily due to more projects with low recognition and lower sales.
Operating profit per quarter (SEK m) Operating margin rolling (%)
Return on operating capital for the past twelve months decreased to 5.2 percent, which was primarily due to an increase in the number of unsold residential units in the balance sheet and high carrying amounts for development properties.
Housing starts and acquired residential building rights
During the first quarter, production was started on a total of 123 residential units, of which 18 were single-family homes and 105 apartment buildings, in Helsinki and Tampere, of which 71 in JM's own balance sheet.
During the first quarter, approximately 50 building rights were acquired in Helsinki. The business segment also signed an agreement to acquire approximately 450 building rights in Espoo, where the agreement is conditional on authority decisions.
Tesomajärven Ruoko, Tammerfors
OPERATING PROFIT AND OPERATING MARGIN
Residential units in current production Residential units sold, rolling 12 months Housing starts, rolling 12 months
| JAN–MAR | APR–MAR | FULL-YEAR | ||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2024/2025 | 2024 |
| Revenue | 332 | 388 | 1,552 | 1,608 |
| Operating profit1) | 20 | 26 | 86 | 93 |
| Operating margin, % | 6.0 | 6.7 | 5.6 | 5.8 |
| Average operating capital | 1,672 | 1,836 | ||
| Return on operating capital, % | 5.2 | 5.0 | ||
| Operating cash flow | 89 | 85 | 151 | 147 |
| Number of residential units sold to consumers | 25 | 28 | 140 | 143 |
| Number of residential units sold to investors | – | 50 | 279 | 329 |
| Number of housing starts for consumers | 52 | – | 169 | 117 |
| Number of housing starts for investors | 71 | – | 315 | 244 |
| Number of residential units in current production | 825 | 814 | 830 | |
| 1) Of which impairment on development properties | – | – | –5 | –5 |
HOUSING PRODUCTION
JM Property Development
The business segment primarily develops rental units, residential care units and commercial properties in Greater Stockholm. The operations include JM@home, which offers economic and technical management services to tenant-owners associations as well as housing services.
Market development
During the first quarter, the transaction market was cautious, with few transactions in the housing segment. The market for newly produced rental units continued to be impacted by high direct yield requirements, driven by increased global uncertainty and uncertainty related to market rates and inflation.
Revenue and operating profit Jan–Mar 2025
Revenue and operating profit for the first quarter decreased compared to the corresponding period the previous year, primarily due to fewer projects in current production.
During the quarter, the closed commercial projects K1 Karlbergs Strand and Pilhamns Gårdar were settled.
The return on operating capital for the past twelve months amounted to 42.9 percent, where the improvement was primarily attributable to the settlement of the above-mentioned projects and few new projects added to current production reported in JM's own balance sheet.
Current production
The business segment has two projects in current production: the rental project Flora, for which profit and revenue have been recognized gradually during construction, with estimated completion in the third quarter of 2025, and the rental project Bovetet, which is recognized in JM's own balance sheet and for which completion is estimated for the fourth quarter of 2027.
Dyrvers Kulle, Sundbyberg
OPERATING PROFIT
Operating profit per quarter (SEK m)
Residential units in current production
| JAN–MAR | FULL-YEAR | |||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2024/2025 | 2024 |
| Revenue | 169 | 367 | 1,544 | 1,742 |
| Operating profit 1) 2) 3) | 80 | 104 | 377 | 401 |
| Operating margin, % | 47.5 | 28.4 | 24.4 | 23.0 |
| Average operating capital | 878 | 1,048 | ||
| Return on operating capital, % | 42.9 | 38.2 | ||
| Operating cash flow | 258 | –84 | 1,381 | 1,038 |
| Number of residential units sold to investors | – | – | 374 | 374 |
| Number of housing starts for investors | – | – | 205 | 205 |
| Number of residential units in current production | 360 | 662 | 360 | |
| 1) Of which impairment on development properties | – | – | –5 | –5 |
| 2) Of which property sales | – | – | 25 | 25 |
| 3) Of which income from joint venture | –1 | 1 | 14 | 15 |
Other information
Other activities
Other activities includes primarily external contracting work that is conducted by JM AB's subsidiary JM Entreprenad AB. Net sales for the first quarter amounted to SEK 135m (118) and operating profit to SEK 0m (1).
Risks and uncertainty factors
Global geopolitical uncertainty has increased in the first quarter of 2025, negatiely impacting global capital markets. This could in turn result in financial and operational consequences for the housing market. Risk management occurs primarily through monitoring and evaluating macroeconomic events that could impact the Group's operations and, by extension, also its customer offer.
JM's other risks and risk management are presented in the 2024 annual and sustainability report on pages 71–72. The risk assessment, other than that mentioned above, has not changed in relation to what is presented there.
Employees
At the end of the first quarter, there were 1,860 (2,131) employees. There were 637 (807) wage-earners and 1,223 (1,324) salaried employees.
Related parties
No significant transactions with related parties occurred during the period other than the normal transactions between JM's Group companies and joint arrangements. The transactions occurred at market terms.
Holdings of own shares
As at the end of Q1 2025, JM holds no own shares. The number of outstanding shares on March 31, 2025, amounted to 64,504,840.
Dividends
The Annual General Meeting held on April 9, 2025, resolved on a dividend of SEK 3.25 (3.00) per share, for a total of SEK 210m (194). The dividend was distributed on Wednesday, April 16, 2025.
Significant events during and after the end of the quarter
No significant events that impact the financial reporting occurred during or after the end of the quarter.
Group – segment reporting
Condensed consolidated income statement
| JAN–MAR | APR–MAR | FULL-YEAR | ||
|---|---|---|---|---|
| ACCORDING TO SEGMENT REPORTING, SEK M | 2025 | 2024 | 2024/2025 | 2024 |
| Revenue | 2,539 | 3,034 | 12,012 | 12,507 |
| Production and operating costs | –2,179 | –2,653 | –10,567 | –11,040 |
| Gross profit | 360 | 381 | 1,445 | 1,467 |
| Selling and administrative expenses | –227 | –222 | –932 | –927 |
| Gains/losses on the sale of property, etc. 1) | –3 | 1 | –12 | –8 |
| Operating profit | 130 | 160 | 501 | 531 |
| Financial income | 6 | 5 | 25 | 24 |
| Financial expenses | –47 | –37 | –161 | –151 |
| Profit before tax | 90 | 128 | 365 | 403 |
| Taxes | –38 | –49 | –146 | –157 |
| Profit for the period | 52 | 79 | 218 | 246 |
| Other comprehensive income | –96 | 80 | –137 | 39 |
| Comprehensive income for the period | –45 | 159 | 82 | 285 |
| Earnings per share 2), diluted, SEK | 0.80 | 1.23 | 3.37 | 3.83 |
| Average number of shares, diluted | 64,504,840 | 64,504,840 | 64,504,840 | 64,504,840 |
| 1) Of which impairment losses | – | – | –72 | –72 |
| 2) Net profit/loss for the period |
Condensed consolidated balance sheet
| ACCORDING TO SEGMENT REPORTING, SEK M | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 218 | 218 | 221 |
| Participations in joint operations and joint venture | 130 | 111 | 133 |
| Other non-current assets | 75 | 48 | 64 |
| Total non-current assets | 422 | 377 | 418 |
| Current assets | |||
| Project properties | 168 | 818 | 123 |
| Development properties | 7,602 | 8,849 | 7,897 |
| Participations in tenant-owners associations, etc. | 1,278 | 566 | 1,111 |
| Other current receivables | 5,044 | 5,172 | 4,721 |
| Cash and cash equivalents | 361 | 566 | 431 |
| Total current assets | 14,453 | 15,970 | 14,283 |
| Total assets | 14,876 | 16,347 | 14,701 |
| EQUITY AND LIABILITIES | |||
| Equity | 8,379 | 8,491 | 8,424 |
| Liabilities | |||
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 66 | 280 | 109 |
| Other non-current liabilities | 84 | 364 | 84 |
| Non-current provisions | 2,208 | 2,398 | 2,246 |
| Total non-current liabilities | 2,358 | 3,042 | 2,439 |
| Current liabilities | |||
| Current interest-bearing liabilities | 1,699 | 1,499 | 1,111 |
| Other current liabilities | 2,313 | 3,206 | 2,597 |
| Current provisions | 127 | 109 | 130 |
| Total current liabilities | 4,139 | 4,814 | 3,838 |
| Total liabilities | 6,497 | 7,856 | 6,278 |
| Total equity and liabilities | 14,876 | 16,347 | 14,701 |
Condensed consolidated statement of changes in equity
| JAN–MAR | FULL-YEAR | ||
|---|---|---|---|
| ACCORDING TO SEGMENT REPORTING, SEK M | 2025 | 2024 | 2024 |
| Opening balance at beginning of the period | 8,424 | 8,332 | 8,332 |
| Total comprehensive income for the period | –45 | 159 | 285 |
| Dividends | – | – | –194 |
| Closing balance at end of the period | 8,379 | 8,491 | 8,424 |
Condensed consolidated statement of cash flows
| ACCORDING TO SEGMENT REPORTING, SEK M 2025 2024 2024/2025 2024 Cash flow from operating activities before change in working capital and taxes 99 –86 268 83 Tax paid –163 –159 –317 –314 Increase/decrease development properties 107 –16 459 335 Increase/decrease in residential units in the balance sheet –322 169 –334 158 Increase/decrease project properties –4 –108 672 568 Change in current liabilities/receivables –227 –749 –578 –1,100 Cash flow from operating activities –509 –949 171 –268 Cash flow from investing activities –16 –11 –74 –69 Loans raised 592 421 3,139 2,968 Amortization of liabilities –127 –488 –3,241 –3,602 Dividends – – –194 –194 Cash flow from financing activities 464 –67 –295 –827 Cash flow for the period –61 –1,027 –198 –1,164 Exchange rate difference, cash and cash equivalents –8 11 –6 13 Cash and cash equivalents at end of the period 361 566 361 431 |
JAN–MAR | APR–MAR | FULL-YEAR | |
|---|---|---|---|---|
| APR–MAR | FULL-YEAR | |
|---|---|---|
| 2024 | 2024/2025 | 2024 |
| 5.3 | 4.2 | 4.2 |
| 2.6 | 2.9 | |
| 4.5 | 4.8 | |
| 0.3 | 0.3 | |
| 52 | 57 | |
Group – IFRS
Condensed consolidated income statement
| JAN–MAR | APR–MAR | FULL-YEAR | |||
|---|---|---|---|---|---|
| ACCORDING TO IFRS, SEK M | 2025 | 2024 | 2024/2025 | 2024 | |
| Revenue | 2,279 | 2,765 | 13,787 | 14,272 | |
| Production and operating costs | –1,928 | –2,414 | –12,154 | –12,640 | |
| Gross profit | 352 | 350 | 1,633 | 1,632 | |
| Selling and administrative expenses | –230 | –225 | –948 | –943 | |
| Gains/losses on the sale of property, etc. 1) | –3 | 1 | – | 4 | |
| Operating profit | 119 | 126 | 685 | 692 | |
| Financial income | 6 | 5 | 25 | 24 | |
| Financial expenses | –56 | –42 | –191 | –177 | |
| Profit before tax | 69 | 89 | 519 | 538 | |
| Taxes | –33 | –41 | –178 | –185 | |
| Profit for the period | 35 | 48 | 341 | 353 | |
| Other comprehensive income | |||||
| Items that will be reclassified as income | |||||
| Translation differences from the translation of foreign operations | –117 | 51 | –146 | 22 | |
| Items that will not be reclassified as income | |||||
| Restatement of defined-benefit pensions | 29 | 35 | 15 | 21 | |
| Tax attributable to other comprehensive income | –6 | –7 | –3 | –4 | |
| Comprehensive income for the period | –59 | 127 | 207 | 392 | |
| Net profit for the period attributable to shareholders of the Parent Company | 35 | 48 | 341 | 353 | |
| Comprehensive income for the period attributable to shareholders of the Parent Company | –59 | 127 | 207 | 392 | |
| Earnings per share 2), basic, attributable to shareholders of the Parent Company, SEK | 0.55 | 0.74 | 5.28 | 5.47 | |
| Earnings per share 2), diluted, attributable to shareholders of the Parent Company, SEK | 0.55 | 0.74 | 5.29 | 5.48 | |
| Number of outstanding shares at end of the period Average number of shares, basic Average number of shares, diluted 1) Of which impairment losses |
64,504,840 64,504,840 64,504,840 – |
64,504,840 64,504,840 64,504,840 – |
64,504,840 64,504,840 64,504,840 –72 |
64,504,840 64,504,840 64,504,840 –72 |
|
| 2) Net profit/loss for the period |
Condensed consolidated balance sheet
| ACCORDING TO IFRS, SEK M | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 218 | 218 | 221 |
| Tangible assets | 303 | 170 | 314 |
| Participations in joint operations and joint venture | 129 | 111 | 133 |
| Other non-current assets | 49 | 40 | 39 |
| Total non-current assets | 699 | 539 | 707 |
| Current assets | |||
| Project properties | 168 | 818 | 123 |
| Development properties | 7,602 | 8,849 | 7,897 |
| Rights-of-use site leasehold rights | 272 | 340 | 273 |
| Participations in tenant-owners associations, etc. | 1,833 | 922 | 1,457 |
| Work in progress | 11,987 | 13,565 | 12,083 |
| Other current receivables | 1,481 | 4,190 | 2,117 |
| Cash and cash equivalents | 468 | 673 | 506 |
| Total current assets | 23,810 | 29,356 | 24,456 |
| Total assets | 24,509 | 29,895 | 25,163 |
| EQUITY AND LIABILITIES | |||
| Equity | 8,112 | 8,098 | 8,170 |
| Liabilities | |||
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | 520 | 687 | 574 |
| Other non-current liabilities | 84 | 364 | 84 |
| Non-current provisions | 2,144 | 2,301 | 2,186 |
| Total non-current liabilities | 2,748 | 3,351 | 2,845 |
| Current liabilities | |||
| Current interest-bearing liabilities | 10,620 | 15,098 | 11,164 |
| Other current liabilities | 2,903 | 3,239 | 2,854 |
| Current provisions | 127 | 109 | 130 |
| Total current liabilities | 13,650 | 18,446 | 14,148 |
| Total liabilities | 16,398 | 21,797 | 16,993 |
| Total equity and liabilities | 24,509 | 29,895 | 25,163 |
Condensed consolidated statement of changes in equity
| ACCORDING TO IFRS, SEK M | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| Opening balance at beginning of the period | 8,170 | 7,972 | 7,972 |
| Total comprehensive income for the period | –59 | 127 | 392 |
| Dividends | – | – | –194 |
| Closing balance at end of the period | 8,112 | 8,098 | 8,170 |
Condensed consolidated statement of cash flows
| JAN–MAR | APR–MAR | FULL-YEAR | ||
|---|---|---|---|---|
| ACCORDING TO IFRS, SEK M | 2025 | 2024 | 2024/2025 | 2024 |
| Cash flow from operating activities before change in working capital and taxes | 359 | –20 | 2,004 | 1,625 |
| Tax paid | –163 | –159 | –317 | –314 |
| Increase/decrease development properties | –150 | –95 | –1,025 | –971 |
| Increase/decrease in residential units in the balance sheet | –322 | 169 | –334 | 158 |
| Increase/decrease project properties | –4 | –108 | 684 | 580 |
| Change in current liabilities/receivables | 886 | –700 | 3,976 | 2,391 |
| Cash flow from operating activities | 606 | –912 | 4,989 | 3,471 |
| Cash flow from investing activities | –16 | –11 | –74 | –69 |
| Loans raised | 2,214 | 2,487 | 11,598 | 11,872 |
| Amortization of liabilities | –2,834 | –2,575 | –16,519 | –16,260 |
| Dividends | – | – | –194 | –194 |
| Cash flow from financing activities | –620 | –88 | –5,115 | –4,582 |
| Cash flow for the period | –30 | –1,011 | –199 | –1,180 |
| Exchange rate difference, cash and cash equivalents | –8 | 11 | –6 | 13 |
| Cash and cash equivalents at end of the period | 468 | 673 | 468 | 506 |
| Group Key Figures | ||||
|---|---|---|---|---|
| JAN–MAR | APR–MAR | FULL-YEAR | ||
| ACCORDING TO IFRS, % | 2025 | 2024 | 2024/2025 | 2024 |
| Operating margin | 5.2 | 4.6 | 5.0 | 4.8 |
| Return on equity | 4.2 | 4.4 | ||
| Return on capital employed | 3.1 | 3.0 | ||
| Debt/equity ratio, multiple | 1.5 | 2.1 | 1.6 | |
| Equity/assets ratio | 33 | 27 | 32 |
Parent Company
Condensed income statement, parent company
| SEK M | JAN–MAR | FULL-YEAR | |
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| Revenue | 1,361 | 1,741 | 7,260 |
| Production and operating costs | –1,199 | –1,648 | –6,717 |
| Gross profit | 162 | 93 | 543 |
| Selling and administrative expenses | –156 | –189 | –686 |
| Gains/losses on sale of property and impairment | – | – | –56 |
| Operating profit | 5 | –97 | –198 |
| Financial income and expenses | 45 | –24 | –84 |
| Profit before appropriations and tax | 50 | –121 | –282 |
| Appropriations | – | – | 426 |
| Profit before tax | 50 | –121 | 143 |
| Taxes | –12 | – | –129 |
| Profit for the period | 38 | –121 | 14 |
Condensed balance sheet, parent company
| SEK M | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| Assets | |||
| Non-current assets | 2,648 | 2,646 | 2,604 |
| Current assets | 10,235 | 9,960 | 9,995 |
| Total assets | 12,883 | 12,606 | 12,599 |
| Equity and liabilities | |||
| Equity | 3,464 | 3,485 | 3,426 |
| Untaxed reserves | 1,600 | 1,900 | 1,600 |
| Provisions | 1,450 | 1,431 | 1,453 |
| Non-current liabilities | 72 | 352 | 72 |
| Current liabilities | 6,298 | 5,438 | 6,048 |
| Total equity and liabilities | 12,883 | 12,606 | 12,599 |
| Pledged assets | 100 | 100 | 100 |
| Contingent liabilities | 5,607 | 10,072 | 6,476 |
Notes
Note 1 Accounting principles
This interim report for the first quarter of 2025 has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The consolidated accounts have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU. The Parent Company's accounts were prepared in accordance with RFR 2 Accounting for Legal Entities.
Amended standards as of 2025
No amendments to standards and interpretations that entered into force on January 1, 2025, have had a material impact on this financial statement.
Change in accounting principle for project properties
As of January 1, 2025, building rights that were previously classified as project properties will be classified as development properties. This means that project properties comprise properties and capitalized costs attributable to commercial property development where there is no binding agreement. Corresponding items from earlier periods have been reclassified.
Other than this, the accounting principles and methods of calculation for the Group have not changed compared to the description on pages 79–81 in the 2024 Annual and Sustainability Report.
Segment reporting
JM's segment reporting primarily differs from IFRS in three respects:
- • In the segment reporting, revenue from the Group's housing development is recognized gradually over time.
- • In addition, project financing within JM Norway and JM Finland and parts of the project financing in JM Residential Stockholm, JM Residential Sweden and JM Property Development are recorded as a deduction item to "Revenue less progress billings" or "Progress billings in excess of recognized revenue" and raised/repaid project financing is reported in the cash flow from operating activities.
- • The reporting of leases in accordance with IFRS 16 is not applied in the segment reporting.
JM makes the assessment that segment reporting most accurately reflects the economic implications of JM's business at the same time as it correlates well with the Group's internal governance, which is based on the Group's cash flows, risk profile and capital allocation.
Note 2 Breakdown of revenue and operating profit
Revenue by country
| JAN–MAR | APR–MAR | FULL-YEAR | ||
|---|---|---|---|---|
| ACCORDING TO SEGMENT REPORTING, SEK M | 2025 | 2024 | 2024/2025 | 2024 |
| Sweden | 1,747 | 1,955 | 8,666 | 8,875 |
| Norway | 460 | 690 | 1,794 | 2,024 |
| Finland | 332 | 388 | 1,552 | 1,608 |
| Total | 2,539 | 3,034 | 12,012 | 12,507 |
Revenue by business segment
| JAN–MAR | APR–MAR | FULL-YEAR | |||
|---|---|---|---|---|---|
| ACCORDING TO SEGMENT REPORTING, SEK M | 2025 | 2024 | 2024/2025 | 2024 | |
| JM Residential Stockholm | 849 | 882 | 4,167 | 4,200 | |
| JM Residential Sweden | 598 | 600 | 2,380 | 2,382 | |
| JM Norway | 460 | 690 | 1,794 | 2,024 | |
| JM Finland | 332 | 388 | 1,552 | 1,608 | |
| JM Property Development | 169 | 367 | 1,544 | 1,742 | |
| Other | 131 | 107 | 575 | 551 | |
| Total | 2,539 | 3,034 | 12,012 | 12,507 |
Operating profit by business segment
| FULL-YEAR | ||||
|---|---|---|---|---|
| 2025 | 2024 | 2024/2025 | 2024 | |
| 1 | –47 | –55 | –103 | |
| 18 | 17 | 77 | 76 | |
| 26 | 70 | 99 | 142 | |
| 20 | 26 | 86 | 93 | |
| 80 | 104 | 377 | 401 | |
| –15 | –10 | –83 | –78 | |
| 130 | 160 | 501 | 531 | |
| – | – | –72 | –72 | |
| – | – | 50 | 50 | |
| –3 | 1 | 10 | 14 | |
| JAN–MAR | APR–MAR |
Profit/loss components, housing business, percentage of completion method (gross profit)
| JAN–MAR | OCT–DEC | JUL–SEP | APR–JUN | JAN–MAR | |
|---|---|---|---|---|---|
| ACCORDING TO SEGMENT REPORTING, SEK M | 2025 | 2024 | 2024 | 2024 | 2024 |
| Cost-based effect | 110 | 123 | 117 | 160 | 144 |
| Revaluation effect | 87 | 117 | 97 | 85 | 45 |
| Sales effect | 54 | 37 | 1 | 32 | 54 |
| Total | 251 | 277 | 215 | 277 | 243 |
The percentage of completion method in JM and the accounting of gross profit for the housing business consists of three components: incurred costs (cost-based effect), assessment of expected margin (revaluation effect), and sales rate of projects (sales effect).
Profit/loss components are reported quarterly and are not accumulated. The table starts with the business segments' gross operating profit (excluding net rental income from project and development properties) for the housing business. For definitions of profit/loss components in the housing business, see the document entitled "Definitions key financial figures" at jm.se/en/about-us/investors
Revaluation effects – housing business
| JAN–MAR | OCT–DEC | JUL–SEP | APR–JUN | JAN–MAR | |
|---|---|---|---|---|---|
| ACCORDING TO SEGMENT REPORTING, SEK M | 2025 | 2024 | 2024 | 2024 | 2024 |
| JM Residential Stockholm | 7 | 30 | 9 | –12 | –54 |
| JM Residential Sweden | 46 | 64 | 47 | 38 | 13 |
| JM Norway | 22 | 31 | 26 | 26 | 65 |
| JM Finland | 12 | –8 | 15 | 33 | 21 |
| Total | 87 | 117 | 97 | 85 | 45 |
Note 3 Reconciliation between segment reporting and IFRS
Consolidated Income Statement
| JAN–MAR | APR–MAR 2024/2025 |
FULL-YEAR 2024 |
||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | ||
| Revenue for the period (segment reporting) | 2,539 | 3,034 | 12,012 | 12,507 |
| Recalculation to the completed contract method | –260 | –270 | 1,154 | 1,145 |
| Reclassification property sale | – | – | 619 | 619 |
| Revenue for the period (IFRS) | 2,279 | 2,765 | 13,787 | 14,272 |
| Operating profit for the period (segment reporting) | 130 | 160 | 501 | 531 |
| Recalculation to the completed contract method | –20 | –40 | 158 | 138 |
| Leases according to IFRS 16 | 9 | 5 | 26 | 23 |
| Operating profit for the period (IFRS) | 119 | 126 | 685 | 692 |
| Profit/loss for the period (segment reporting) | 52 | 79 | 218 | 246 |
| Recalculation to the completed contract method | –16 | –32 | 125 | 109 |
| Leases according to IFRS 16 | –1 | – | –3 | –3 |
| Profit/loss for the period (IFRS) | 35 | 48 | 341 | 353 |
Consolidated Balance Sheet
| SEK M | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| Balance sheet total (segment reporting) | 14,876 | 16,347 | 14,701 |
| Recalculation to the completed contract method | –610 | –909 | –463 |
| Reclassification project financing, interest-bearing | 5,166 | 7,870 | 5,441 |
| Additional project financing Swedish tenant-owners associations | 3,673 | 5,652 | 4,530 |
| Reclassification project financing, non-interest-bearing | 875 | 455 | 413 |
| Leases according to IFRS 16 | 529 | 479 | 542 |
| Balance sheet total (IFRS) | 24,509 | 29,895 | 25,163 |
Consolidated equity
| SEK M | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| Equity (segment reporting) | 8,379 | 8,491 | 8,424 |
| Recalculation to the completed contract method | –261 | –389 | –247 |
| Leases according to IFRS 16 | –6 | –4 | –6 |
| Equity (IFRS) | 8,112 | 8,098 | 8,170 |
Consolidated cash flow
| JAN–MAR | APR–MAR | FULL-YEAR | ||
|---|---|---|---|---|
| SEK M | 2025 | 2024 | 2024/2025 | 2024 |
| Cash flow from operating activities (segment reporting) | –509 | –949 | 171 | –268 |
| Reclassification project financing | 205 | –533 | 2,737 | 1,999 |
| Reclassification Swedish tenant-owners associations | 888 | 542 | 1,979 | 1,633 |
| Leases according to IFRS 16 | 22 | 27 | 103 | 108 |
| Cash flow from operating activities according to IFRS | 606 | –912 | 4,989 | 3,471 |
Consolidated interest-bearing net liabilities/receivables
| SEK M | 3/31/2024 | 12/31/2024 | |
|---|---|---|---|
| Interest-bearing net liabilities (+)/receivables (–) at end of period (segment reporting) | 2,944 | 2,731 | 2,343 |
| Reclassification project financing | 5,166 | 7,870 | 5,441 |
| Additional project financing Swedish tenant-owners associations | 3,567 | 5,545 | 4,455 |
| Leases according to IFRS 16 | 535 | 483 | 548 |
| Interest-bearing net liabilities (+)/receivables (–) at end of period (IFRS) | 12,212 | 16,629 | 12,788 |
Note 4 Development properties
Development properties by business segment
| CARRYING AMOUNT, SEK M | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| JM Residential Stockholm | 3,366 | 4,160 | 3,447 |
| JM Residential Sweden | 1,871 | 1,917 | 1,925 |
| JM Norway | 981 | 1,231 | 1,081 |
| JM Finland | 1,142 | 1,181 | 1,200 |
| JM Property Development | 237 | 320 | 237 |
| Other | 5 | 40 | 7 |
| Total | 7,602 | 8,849 | 7,897 |
Development properties, Group
| JAN–MAR | APR–MAR | FULL-YEAR | |||
|---|---|---|---|---|---|
| CARRYING AMOUNT, SEK M | 2025 | 2024 | 2024/2025 | 2024 | |
| Carrying amount at beginning of the period | 7,897 | 8,504 | 8,849 | 8,504 | |
| New acquisitions | 79 | 157 | 754 | 832 | |
| Transferred to production | –259 | –177 | –1,387 | –1,306 | |
| Other 1) | –115 | 365 | –613 | –133 | |
| Carrying amount at end of the period | 7,602 | 8,849 | 7,602 | 7,897 | |
| 1) Of which impairment losses | – | – | –72 | –72 |
Available residential building rights per business segment
| NUMBER | 3/31/2025 | 3/31/2024 | 12/31/2024 |
|---|---|---|---|
| JM Residential Stockholm | 11,100 | 12,000 | 11,500 |
| JM Residential Sweden | 10,800 | 11,700 | 10,700 |
| JM Norway | 5,700 | 6,200 | 5,900 |
| JM Finland | 7,900 | 6,700 | 7,600 |
| JM Property Development | 1,600 | 1,700 | 1,700 |
| Total | 37,100 | 38,300 | 37,400 |
| Including recognized in the balance sheet as development properties | |||
| JM Residential Stockholm | 6,400 | 7,300 | 6,500 |
| JM Residential Sweden | 8,100 | 8,000 | 7,800 |
| JM Norway | 2,700 | 3,400 | 2,900 |
| JM Finland | 3,800 | 3,400 | 3,900 |
| JM Property Development | 600 | 600 | 600 |
| Total | 21,600 | 22,700 | 21,700 |
Stockholm, April 24, 2025 JM AB (publ)
Group quarterly overview
| ACCORDING TO SEGMENT REPORTING, SEK M | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 |
| Revenue | 2,539 | 3,375 | 2,515 | 3,583 | 3,034 | |||
| Production and operating costs | –2,179 | –2,971 | –2,221 | –3,196 | –2,653 | |||
| Gross profit | 360 | 405 | 294 | 387 | 381 | |||
| Selling and administrative expenses | –227 | –264 | –215 | –227 | –222 | |||
| Gains/losses on the sale of property, etc. | –3 | –34 | 15 | 9 | 1 | |||
| Operating profit | 130 | 107 | 95 | 169 | 160 | |||
| Financial income and expenses | –41 | –26 | –24 | –46 | –32 | |||
| Profit before tax | 90 | 81 | 71 | 123 | 128 | |||
| Taxes | –38 | –26 | –35 | –48 | –49 | |||
| Profit for the period | 52 | 55 | 36 | 75 | 79 | |||
| CONSOLIDATED BALANCE SHEET | 3/31 | 12/31 | 09/30 | 06/30 | 03/31 | |||
| ASSETS | ||||||||
| Non-current assets | 422 | 418 | 389 | 388 | 377 | |||
| Project properties | 168 | 123 | 327 | 260 | 818 | |||
| Development properties | 7,602 | 7,897 | 8,225 | 8,438 | 8,849 | |||
| Participations in tenant-owners associations, etc. | 1,278 | 1,111 | 948 | 648 | 566 | |||
| Current receivables | 5,044 | 4,721 | 4,515 | 5,034 | 5,172 | |||
| Cash and cash equivalents | 361 | 431 | 465 | 417 | 566 | |||
| Total current assets | 14,453 | 14,283 | 14,480 | 14,796 | 15,970 | |||
| Total assets | 14,876 | 14,701 | 14,869 | 15,184 | 16,347 | |||
| EQUITY AND LIABILITIES | ||||||||
| Equity | 8,379 | 8,424 | 8,215 | 8,376 | 8,491 | |||
| Non-current interest-bearing liabilities | 66 | 109 | 199 | 264 | 280 | |||
| Other non-current liabilities | 84 | 84 | 239 | 240 | 364 | |||
| Non-current provisions | 2,208 | 2,246 | 2,503 | 2,382 | 2,398 | |||
| Total non-current liabilities | 2,358 | 2,439 | 2,941 | 2,886 | 3,042 | |||
| Current interest-bearing liabilities | 1,699 | 1,111 | 459 | 785 | 1,499 | |||
| Other current liabilities | 2,313 | 2,597 | 3,148 | 3,029 | 3,206 | |||
| Current provisions | 127 | 130 | 106 | 109 | 109 | |||
| Total current liabilities | 4,139 | 3,838 | 3,714 | 3,923 | 4,814 | |||
| Total equity and liabilities | 14,876 | 14,701 | 14,869 | 15,184 | 16,347 | |||
| CASH FLOW STATEMENT | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |||
| Cash flow from operating activities | –509 | –401 | 418 | 663 | –949 | |||
| Cash flow from investing activities | –16 | –24 | –1 | –32 | –11 | |||
| Cash flow from financing activities | 464 | 389 | –364 | –785 | –67 | |||
| Total cash flow for the period | –61 | –36 | 53 | –154 | –1,027 | |||
| Cash and cash equivalents at end of the period | 361 | 431 | 465 | 417 | 566 | |||
| INTEREST-BEARING NET LIABILITIES/RECEIVABLES | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |||
| Interest-bearing net liabilities(+)/receivables(–) at beginning of | ||||||||
| period | 2,343 | 1,856 | 2,151 | 2,731 | 1,877 | |||
| Change in interest-bearing net liabilities/receivables | 601 | 487 | –295 | –580 | 854 | |||
| Interest-bearing net liabilities(+)/receivables(–) at end of the | ||||||||
| period | 2,944 | 2,343 | 1,856 | 2,151 | 2,731 | |||
| DEVELOPMENT PROPERTIES | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |||
| Carrying amount at beginning of the period | 7,897 | 8,225 | 8,438 | 8,849 | 8,504 | |||
| New acquisitions | 79 | 257 | 223 | 195 | 157 | |||
| Transferred to production | –259 | –492 | –208 | –429 | –177 | |||
| Other | 122 | –93 | –227 | –177 | 365 | |||
| Carrying amount at end of the period | 7,602 | 7,897 | 8,225 | 8,438 | 8,849 | |||
| KEY RATIOS | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |||
| Operating margin, % | 5.1 | 3.2 | 3.8 | 4.7 | 5.3 | |||
| Debt/equity ratio, multiple | 0.4 | 0.3 | 0.2 | 0.3 | 0.3 | |||
| Equity/assets ratio, % | 56 | 57 | 55 | 55 | 52 | |||
| Earnings per share, SEK | 0.80 | 0.86 | 0.55 | 1.18 | 1.23 | |||
| Number of available building rights | 37,100 | 37,400 | 37,000 | 37,200 | 38,300 | |||
| Number of residential units sold | 555 | 574 | 649 | 1,075 | 480 | |||
| Number of housing starts | 577 | 733 | 637 | 722 | 145 | |||
| Number of residential units in current production | 4,511 | 4,558 | 4,978 | 4,914 | 5,068 |
Business Segment Quarterly Overview
| ACCORDING TO SEGMENT REPORTING, SEK M | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| JM RESIDENTIAL STOCKHOLM | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 |
| Revenue | 849 | 1,255 | 783 | 1,280 | 882 | |||
| Operating profit | 1 | –58 | –2 | 4 | –47 | |||
| Operating margin, % | 0.1 | –4.7 | –0.2 | 0.3 | –5.3 | |||
| Average operating capital | 4,980 | 5,083 | 5,117 | 5,230 | 5,140 | |||
| Return on operating capital, % 1) | –1.1 | –2.0 | –3.2 | –2.6 | –1.0 | |||
| Operating cash flow | –444 | –385 | 115 | –30 | –312 | |||
| Carrying amount, development properties | 3,366 | 3,447 | 3,751 | 3,926 | 4,160 | |||
| Number of available building rights | 11,100 | 11,500 | 11,800 | 11,700 | 12,000 | |||
| Number of residential units sold | 224 | 232 | 162 | 223 | 168 | |||
| Number of housing starts | 86 | 216 | 144 | 253 | 145 | |||
| Number of residential units in current production | 1,285 | 1,449 | 1,657 | 1,834 | 1,680 | |||
| JM RESIDENTIAL SWEDEN | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |||
| Revenue | 598 | 641 | 557 | 584 | 600 | |||
| Operating profit | 18 | 21 | 23 | 15 | 17 | |||
| Operating margin, % | 3.1 | 3.2 | 4.2 | 2.5 | 2.9 | |||
| Average operating capital | 2,600 | 2,616 | 2,585 | 2,606 | 2,550 | |||
| Return on operating capital, % 1) | 3.0 | 2.9 | –0.6 | –0.3 | 1.2 | |||
| Operating cash flow | –148 | –369 | 267 | 16 | –135 | |||
| Carrying amount, development properties | 1,871 | 1,925 | 1,902 | 1,903 | 1,917 | |||
| Number of available building rights | 10,800 | 10,700 | 11,100 | 11,500 | 11,700 | |||
| Number of residential units sold | 146 | 100 | 281 | 178 | 172 | |||
| Number of housing starts | 166 | 158 | 306 | 74 | – | |||
| Number of residential units in current production | 1,100 | 1,055 | 1,266 | 960 | 1,060 | |||
| JM NORWAY | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |||
| Revenue | 460 | 511 | 366 | 457 | 690 | |||
| Operating profit | 26 | 21 | 24 | 28 | 70 | |||
| Operating margin, % | 5.7 | 4.1 | 6.6 | 6.0 | 10.1 | |||
| Average operating capital | 2,070 | 2,155 | 2,215 | 1,706 | 2,140 | |||
| Return on operating capital, % 1) | 4.8 | 6.6 | 7.0 | 9.4 | 8.2 | |||
| Operating cash flow | 40 | 81 | 76 | 200 | –246 | |||
| Carrying amount, development properties | 981 | 1,081 | 1,089 | 1,189 | 1,231 | |||
| Number of available building rights | 5,700 | 5,900 | 6,000 | 5,900 | 6,200 | |||
| Number of residential units sold | 160 | 46 | 165 | 143 | 62 | |||
| Number of housing starts | 202 | – | 187 | 188 | – | |||
| Number of residential units in current production | 941 | 864 | 1,012 | 825 | 852 | |||
| JM FINLAND | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |||
| Revenue | 332 | 381 | 345 | 494 | 388 | |||
| Operating profit | 20 | 8 | 21 | 38 | 26 | |||
| Operating margin, % | 6.0 | 2.1 | 6.0 | 7.7 | 6.7 | |||
| Average operating capital | 1,672 | 1,836 | 1,718 | 1,767 | 1,769 | |||
| Return on operating capital, % 1) | 5.2 | 5.0 | 7.3 | 7.8 | 7.3 | |||
| Operating cash flow | 89 | –185 | 44 | 203 | 85 | |||
| Carrying amount, development properties | 1,142 | 1,200 | 1,225 | 1,093 | 1,181 | |||
| Number of available building rights | 7,900 | 7,600 | 6,400 | 6,400 | 6,700 | |||
| Number of residential units sold | 25 | 100 | 41 | 253 | 78 | |||
| Number of housing starts | 123 | 154 | – | 207 | – | |||
| Number of residential units in current production | 825 | 830 | 818 | 852 | 814 | |||
| JM PROPERTY DEVELOPMENT | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |||
| Revenue | 169 | 454 | 313 | 609 | 367 | |||
| Operating profit | 80 | 158 | 42 | 97 | 104 | |||
| Operating margin, % | 47.5 | 34.7 | 13.4 | 16.0 | 28.4 | |||
| Average operating capital | 878 | 1,048 | 1,238 | 1,291 | 1,294 | |||
| Return on operating capital, % 1) | 42.9 | 38.2 | 23.4 | 22.2 | 19.2 | |||
| Operating cash flow | 258 | 463 | 128 | 531 | –84 | |||
| Carrying amount, development properties | 237 | 237 | 250 | 320 | 320 | |||
| Carrying amount, project properties | 131 | 123 | 327 | 260 | 818 | |||
| Number of available building rights | 1,600 | 1,700 | 1,700 | 1,700 | 1,700 | |||
| Number of residential units sold | – | 96 | – | 278 | – | |||
| Number of housing starts | – | 205 | – | – | – | |||
| Number of residential units in current production | 360 | 360 | 225 | 443 | 662 | |||
1)Calculated on 12-month rolling result and average capital.
JM in brief
Business concept
With people in focus and through constant development, we create homes and sustainable living environments.
Vision
We are laying the foundations for a better life.
Business
JM is one of the leading developers of housing and residential areas in the Nordic region.
Operations focus on new production of homes in attractive locations, with the main focus on expanding metropolitan areas and university towns in Sweden, Norway and Finland. We are also
involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area.
JM should promote long-term sustainability work in all its operations. Annual sales total approximately SEK 12 billion, and the Group has approximately 1,900 employees. JM AB is a public limited company listed on NASDAQ Stockholm, Large Cap segment.
Financial targets, benchmarks for capital structure and dividend policy
The operating margin should amount to on average 12 percent, including gains/losses from property sales.
Return on equity should be 25 percent on average over time.
Long-term growth should amount to 4 percent a year on average for the number of housing starts, where the baseline is an annual rate of 3,800 housing starts.
Benchmark for capital structure where the visible equity/assets ratio should amount to at least 35 percent over a business cycle.
Dividend policy where the average dividend should be 50 percent of the Group's profit after tax over a business cycle.
JM's financial targets, benchmarks for capital structure and dividend policy are based on the segment reporting.
Disclosures
This information is information that JM AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 8:00 a.m. CEST on April 24, 2025.
For more information please contact:
Tobias Bjurling, CFO, Head of IR Email: [email protected], tel. (swbrd): +46 (0)8 782 87 00
Financial calendar
| July 11, 2025 | Interim Report January–June |
|---|---|
| Oct 22, 2025 | Interim Report January–September |
| Dec 3, 2025 | Capital Markets Day |
Press Releases, Q1 2025
| January 8 | Maria Branestam new Director of Human Resources in JM |
|---|---|
| January 31 | JM Year-end Report January–December 2024 |
| February 10 | Motion to 2025 Annual General Meeting in JM AB (publ) regarding Chair and Board Members |
| March 3 | JM starting production of housing for the private market in Helsinki |
| March 6 | Notice of JM AB's Annual General Meeting on April 9, 2025 |
| March 17 | JM's Annual and Sustainability Report 2024 |
| March 28 | JM starting production of rental project in Helsinki |
| March 28 | JM starting production of housing in Huvudsta, Solna |
| March 31 | JM starting production of housing in Gothenburg |
JM's annual reports, interim reports and other financial information are available at jm.se/en/about-us/investors
Text: JM. Photo: Sandra Birgersdotter Ek, Valobello, 3Destate, Marco Caruso, Therese A. Svensson, Gustav Kaiser, Sten Jansin.
JM AB (publ)
COMP. REG. NO. 556045-2103
MAILING ADDRESS SE-169 82 Stockholm Sweden VISITING ADDRESS Mathildatorget 9, Solna Sweden TELEPHONE +46(0)8-782 87 00 WEBSITE www.jm.se/en