John Mattson (JOMA) Q1 2025 earnings summary

Executive summary

• Management profit grew 44% year-over-year in Q1 2025, with property value up 0.7% and NRV per share rising 11.5%.

• Rental revenue increased 5% to SEK 165.4 million; net operating income up 10.7% to SEK 112.5 million.

• Leadership changes and new hires focused on growth, project development, and sustainability.

• Major renovation and energy efficiency projects launched, reducing energy use by 7%.

• Earnings after tax surged to SEK 134.0 million from SEK 5.6 million in Q1 2024.

Financial highlights

• Surplus ratio improved to 68.0%; economic occupancy rate reached 97.6%.

• Loan-to-value ratio reduced to 47.2%; interest coverage ratio at 2.0x.

• Average interest rate at period end was 2.8%.

• Investments totaled SEK 50.7 million, mainly in upgrades and energy projects.

• Market cap at period end: SEK 4.4 billion; share price SEK 58.20.

Outlook and guidance

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

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

• Infill development and new construction projects planned to start in 2026.

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