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JM (JM) investor relations material

JM Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary11 Jul, 2025

Executive summary

  • Revenue and operating profit declined year-over-year due to fewer residential units in production, lower sales, and a cautious housing market amid geopolitical uncertainty and delayed recovery.

  • Market conditions improved in Sweden and Norway due to interest rate cuts and regulatory changes, but consumer demand remained subdued.

  • Efficiency measures, cost reductions, and capital-efficient land acquisitions were implemented to maintain competitiveness and liquidity.

  • Sustainability initiatives achieved significant climate emission reductions and recognition as a climate leader in Europe.

Financial highlights

  • Q2 2025 revenue was SEK 2,540m (3,583 prior year); operating income SEK 116m (169); operating margin 4.6% (4.7%).

  • H1 2025 revenue was SEK 5,079m (6,617), operating profit SEK 246m (329), and operating margin 4.8% (5.0%).

  • EPS for Q2 was SEK 0.58 (1.18); H1 EPS SEK 1.39 (2.42); return on equity 2.2% (2.9%).

  • Cash flow from operations was SEK -204m in Q2 (663m prior year) and SEK -714m in H1 (-285m prior year).

  • IFRS revenue for Q2 was SEK 3,248m (4,668m prior year); IFRS EPS SEK 1.18 (2.56 prior year).

Outlook and guidance

  • Gradual market recovery is expected, but timing is uncertain due to delayed customer decisions and pending regulatory changes.

  • Improved underlying market conditions and reduced unsold inventory signal potential for recovery.

  • Focus remains on production efficiency, cost control, and selective project starts to maintain competitiveness.

  • Long-term fundamentals are strong with a robust land bank and competitive cost structure.

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Frequently asked questions

JM AB uses its extensive experience and expertise to develop and sell housing and residential areas in the Nordic region. The company handles the full process from the master plan and construction of a new area, through marketing and sales, to handover of units to buyers. JM AB has emerged as an important player in property development in Finland and Sweden over recent years, with strong focus on sustainable urban living.

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