JM (JM) Q2 2026 earnings summary

Executive summary

• Revenue increased to SEK 2,815 million in Q2 2026 and SEK 5,796 million for H1, driven by higher residential unit sales and improved market conditions in Sweden, with signs of recovery in Norway and Finland.

• Operating profit declined in Q2 to SEK 70 million (from SEK 116 million), but improved for H1 to SEK 283 million (from SEK 246 million), with underlying profit in residential development up, excluding non-recurring items.

• Cash flow from operating activities turned strongly positive, reflecting reduced inventory of unsold units and increased production.

• The number of residential units sold and housing starts both increased in Q2, with the highest consumer sales for a second quarter since the market downturn began.

• The Swedish housing market showed positive development, and risk in the housing portfolio decreased.

Financial highlights

• Q2 revenue: SEK 2,815 million (up from SEK 2,540 million); H1 revenue: SEK 5,796 million (up from SEK 5,079 million).

• Q2 operating income: SEK 70 million (down from SEK 116 million); H1 operating profit: SEK 283 million (up from SEK 246 million).

• Q2 profit after tax: SEK -5 million (down from SEK 38 million); H1 profit after tax: SEK 142 million (up from SEK 89 million).

• Q2 EPS: SEK -0.08 (down from SEK 0.58); IFRS EPS: -1.37 (1.18); H1 EPS: SEK 2.20 (up from SEK 1.39).

• Cash flow from operating activities: SEK 707 million in Q2 (from SEK -204 million); SEK 728 million in H1 (from SEK -714 million).

Outlook and guidance

• Swedish housing market shows clearer signs of recovery, with increased consumer disposable income and reduced amortization requirements supporting demand.

• Gradual improvement expected in Sweden if global and inflationary conditions stabilize; near-term outlook weaker in Norway and Finland.

• Continued positive trend in the Nordic housing market, with strong demand and competitive production costs.

• Ongoing focus on strategic initiatives and risk management.

• Plans to start production on more residential units in 2026 than in 2025.