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JM (JM) investor relations material

JM Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary22 Oct, 2025

Executive summary

  • Revenue and operating profit declined year-over-year due to fewer residential units sold and started, with geopolitical uncertainty impacting demand and early signs of market recovery in September, especially in Stockholm where price adjustments reduced unsold inventory.

  • Streamlining, cost reductions, and a focus on efficiency and sustainability were implemented to address market challenges.

  • Cash flow was positive in Q3, supported by inventory reduction, but negative for the nine-month period due to property settlements and increased repurchased units.

  • The company maintains a strong balance sheet and liquidity, with prudent land acquisition.

  • Optimism is emerging in the housing market, with a reduced inventory of unsold completed units and stable prices in key regions.

Financial highlights

  • Q3 2025 revenue was SEK 2,137m (2,515m in Q3 2024); operating profit SEK 59m (95m); operating margin 2.8% (3.8%).

  • Q3 profit before tax was SEK 14m (71m); EPS SEK -0.10 (0.55); cash flow from operations SEK 323m (418m).

  • IFRS Q3 revenue was SEK 2,309m (2,839m); IFRS EPS SEK -0.51 (0.61).

  • Jan–Sep revenue was SEK 7,216m (9,132m); operating profit SEK 305m (424m); operating margin 4.2% (4.6%).

  • Jan–Sep profit after tax was SEK 83m (191m); EPS SEK 1.29 (2.97); cash flow from operations SEK -391m (132m).

Outlook and guidance

  • Early signs of recovery in the Swedish housing market, with increased transactions and prices in Stockholm, but geopolitical uncertainty continues to affect customers.

  • More housing starts are planned for 2025 compared to 2024, supported by improved sales and reduced inventory.

  • Good long-term conditions are supported by a strong brand, competitive costs, and a well-balanced risk profile.

  • Market recovery for new production may lag due to high supply in the existing home market.

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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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