John Mattson (JOMA) Q1 2025 earnings summary

Executive summary

• Income from property management grew by 44% year-over-year, reflecting strong operational performance.

• Rental revenue increased 5.0% year-over-year to SEK 165.4 million, with net operating income up 10.7% to SEK 112.5 million.

• Portfolio value increased by 0.7% during the quarter, indicating positive market trends.

• Management changes and a focus on growth and sustainability, including new hires for project development and sustainability, were implemented.

• Major upgrade projects and energy efficiency initiatives are underway, supporting long-term strategy and a 7% reduction in energy consumption.

Financial highlights

• Rental revenue rose to SEK 165.4m from SEK 157.5m year-over-year.

• Net operating income increased to SEK 112.5m from SEK 101.6m year-over-year.

• Income from property management reached SEK 46.8m, up from SEK 32.7m year-over-year.

• Profit for the period was SEK 134.0m, compared to SEK 5.7m in the prior year.

• Surplus ratio improved to 68.0% from 64.5% year-over-year; economic occupancy rate reached 97.6%.

Outlook and guidance

• Continued focus on growth through property upgrades, energy efficiency, and sustainability.

• Ongoing upgrade project in Rotebro (282 apartments) expected to complete by Q1 2027.

• Infill development and new construction projects planned to start in 2026, with gradual scaling.

• Financial targets: average annual NRV per share growth ≥7% and income from property management per share growth ≥10% over a business cycle.

• The operating environment remains stable but uncertain, with a continued focus on sustainability.