JM (JM) Q1 2025 earnings summary

Executive summary

• Residential units sold increased to 555 from 480 year-over-year, and housing starts rose to 577 from 145, reflecting higher activity despite ongoing margin pressure and geopolitical uncertainty.

• Revenue declined to SEK 2,539m from SEK 3,034m, and operating profit fell to SEK 130m from SEK 160m, with operating margin at 5.1% versus 5.3% year-over-year.

• Cash flow from operations improved to SEK -509m from SEK -949m, aided by lower working capital needs.

• The company maintained its target for housing starts, expecting gradual market recovery but with continued margin pressure.

• Dividend of SEK 3.25 per share (SEK 210m total) was approved and distributed in April 2025.

Financial highlights

• Earnings per share were SEK 0.80 (down from 1.23); IFRS EPS was SEK 0.55 (down from 0.74).

• Equity/assets ratio improved to 56% from 52%; available liquidity was SEK 2,929m, with cash and equivalents at SEK 361m.

• Net interest-bearing liability stood at SEK 2,944m (up from 2,731m), and unutilized credit lines totaled SEK 2,568m.

• Return on equity was 2.6% (2.3%).

• Profit after tax fell to SEK 52m from SEK 79m.

Outlook and guidance

• Gradual market recovery is anticipated, but recent geopolitical developments may delay improvement.

• High cost environment expected to persist, keeping margins under pressure throughout 2025.

• Focus remains on cost control, process efficiency, and sustainability to maintain competitiveness.

• Target of 3,800 housing starts per year remains, with pace dependent on macroeconomic conditions.

• Underlying market conditions remain good, with balanced housing starts and sales and shorter lead times.