John Mattson (JOMA) Q2 2025 earnings summary

Executive summary

• Profit from property management grew 23% year-over-year, with a 0.5% property value increase and 5.3% rental revenue growth in H1 2025.

• Net reinstatement value per share increased 10.2% to SEK 98.10.

• Net profit for Q2 2025 was SEK 39.1m, down from SEK 215.5m in Q2 2024, mainly due to negative value changes in interest rate derivatives.

• First phase of the Rotebro upgrade project completed and occupied; final phase of Gengasen 4 renovation finished after the period.

• Agreement signed for planning and intent with an operator for an 80-bed care facility in Abrahamsberg, Bromma.

Financial highlights

• Rental income increased by 5–5.6% year-over-year in Q2 2025; property costs decreased by 1%.

• Operating surplus rose by 8% year-over-year; surplus ratio improved to 76.4% in Q2.

• Profit from property management was SEK 61.2m in Q2 2025, up from SEK 55.0m in Q2 2024.

• Investments in H1 2025 totaled SEK 111.9m, with no property acquisitions.

• Negative changes in the value of interest-rate derivatives amounted to SEK 54.8m for H1 2025.

Outlook and guidance

• Growth strategy focuses on energy optimization, apartment upgrades, and new production, with a target of 250 apartment production starts per year in the long term.

• Management highlights a strong position in the Stockholm region, providing competitive advantages in a split housing market.

• Demand for rental properties in the Stockholm region remains high, with low vacancy risk and strong conditions for rent increases.

• Infill development and new production projects are planned to start in 2026, with several projects in the pipeline.

• Payment willingness for rental apartments expected to rise by 3.5% annually in coming years.