John Mattson (JOMA) Q1 2026 earnings summary

Executive summary

• Property management profit per share rose 9.8% year-over-year, with income from property management up 8.8% to SEK 50.9 million or SEK 0.68 per share.

• NRV per share increased by 7.1% year-over-year to SEK 103.29.

• Rental revenue increased 4.1% year-over-year to SEK 172.2 million, and net operating income rose 6.0% to SEK 119.2 million.

• Two residential properties were divested, generating premiums of 15.3% and 11.1% over carrying amounts.

• Signed a 15-year lease for a new 100-resident care home and formed a JV with Besqab for new projects.

Financial highlights

• Surplus ratio improved to 69.2% from 68.0% year-over-year.

• Economic occupancy rate remained high at 97.3%.

• LTV ratio decreased to 45.3% from 47.2% year-over-year.

• Average interest rate at period end was 3.1%, with interest coverage ratio at 2.0x.

• Investments totaled SEK 63.3 million, mainly in upgrades and new builds.

Outlook and guidance

• Planning approval granted for new care home development in Larsberg and construction contract signed for Geografiboken care and nursing home.

• Preparations for new production in 2026 are on track, with a 15-year lease signed for a new nursing and care home.

• The company targets average annual NRV per share growth of at least 7% and income from property management per share growth of at least 10% over a business cycle.

• Dividend policy set at 30% of annual income from property management after tax, subject to investment and liquidity needs.

• Long-term collaboration with Besqab aims to expand joint venture projects.