JM (JM) Q4 2023 earnings summary

Executive summary

• FY2023 segment-reporting revenue was SEK 13,851m and operating profit SEK 732m, affected by SEK 258m in property impairments and weak housing demand.

• Q4 revenue was SEK 3,407m and operating loss SEK 90m; excluding impairments, operating profit was SEK 168m with a 4.9% margin.

• Q4 housing sales rose to 773 units from 462, while FY sales fell to 1,901 and starts to 1,609.

Financial highlights

• FY segment-reporting revenue was SEK 13,851m (16,385); operating profit SEK 732m (2,064), with a 5.3% margin (12.6%).

• FY segment-reporting profit before tax was SEK 632m (1,994), profit after tax SEK 433m (1,575), and EPS SEK 6.70 (23.40).

• FY IFRS revenue was SEK 15,969m (14,577), operating profit SEK 1,510m (1,978), profit after tax SEK 1,029m (1,495), and EPS SEK 16.00 (22.20).

• Q4 segment-reporting profit before tax was SEK -113m (746), after-tax loss SEK 137m (profit SEK 593m), and EPS SEK -2.10 (9.00).

• FY operating profit excluding impairments was SEK 990m, with a 7.1% margin; staff-layoff costs of SEK 67m also weighed on results.

Outlook and guidance

• Housing shortage and forecasts for lower mortgage rates support expectations of a 2024 recovery, though timing and pace remain uncertain.

• Focus remains on early-stage sales, liquidity, shorter lead times and production efficiency; development-property investments are being managed cautiously.

• A further SEK 3.00/share dividend may be proposed at an extraordinary general meeting in Q4 2024, conditional on a reasonable improvement in the housing-market outlook.