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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.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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