JM (JM) Q3 2026 earnings summary

Executive summary

• Q3 segment-reporting revenue rose to SEK 2,509m from SEK 2,137m and operating profit to SEK 107m from SEK 59m; residential sales fell to 462 units from 562, while starts rose to 440 from 296.

• Consumer sales strengthened, especially in Sweden; sold/reserved units in production reached 64%, above the stated normal range of 55–60%.

Financial highlights

• Q3 segment-reporting profit before tax was SEK 63m vs SEK 14m; profit after tax SEK 36m vs a SEK 6m loss; EPS SEK 0.57 vs negative SEK 0.10.

• Q3 IFRS revenue was SEK 2,830m vs SEK 2,309m, operating profit SEK 90m vs SEK 35m, and EPS SEK 0.26 vs negative SEK 0.51.

• 9M segment-reporting revenue rose to SEK 8,305m from SEK 7,216m and operating profit to SEK 390m from SEK 305m; 9M IFRS revenue fell to SEK 7,273m from SEK 7,836m, with a SEK 40m net loss vs SEK 79m net income.

• Q3 operating cash flow increased to SEK 548m from SEK 323m; 9M segment-reporting operating cash flow was SEK 1,275m vs negative SEK 391m.

• Q3 and 9M segment operating profit included SEK 105m impairment of development properties; prior-year Q3 results benefited from property-sale gains.

Outlook and guidance

• More residential units are planned to start production in 2026 than in 2025, with a large number of starts planned for Q4.

• Management sees long-term housing need across its markets and potential for profitable growth; near-term conditions are weaker in Norway and Finland.

• Financial targets are a 12% average operating margin and >20% average return on capital employed over a business cycle; housing-start target is 3,800, with 4% average annual growth.

• Swedish housing-market development was positive, with normal willingness to sign contracts early in JM Stockholm and JM Sweden; building-rights lead time was 10.0 years vs a 5–6-year guideline.