John Mattson (JOMA) Q2 2025 earnings summary

Executive summary

• Income from property management increased by 23% year-over-year, significantly exceeding the 10% per share growth target, reaching SEK 108.0 million for H1 2025.

• Rental revenue rose 5.3% year-over-year to SEK 335.7 million for H1 2025, with net operating income up 8% to SEK 242.6 million.

• Net reinstatement value (NRV) per share grew 10.2% to SEK 98.10, and property value reached SEK 14,381.0 million.

• The company completed stage one of the Rotebro upgrade project and finalized the Gengasen 4 renovation, adding 11 apartments, and signed a letter of intent for a new nursing and care home in Bromma.

• Earnings after tax for H1 2025 were SEK 173.1 million, down from SEK 221.2 million year-over-year, mainly due to negative changes in interest-rate derivatives.

Financial highlights

• Q2 2025 rental revenue was SEK 170.3 million, up from SEK 161.3 million in Q2 2024; net operating income was SEK 130.1 million, up from SEK 123.0 million.

• Income from property management for Q2 was SEK 61.2 million, compared to SEK 55.0 million in Q2 2024.

• Change in property values contributed SEK 68.4 million, with a 0.5% unrealized value increase for the quarter.

• Profit for the period was SEK 39.1 million, down from SEK 215.5 million in Q2 2024, mainly due to negative changes in interest-rate derivatives.

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

Outlook and guidance

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

• Willingness to pay for rentals is expected to increase by 4.5% annually over the next five years in Stockholm's suburbs.

• 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.

• The company is leveraging its strong position in the Stockholm region to maintain competitive advantages.