John Mattson (JOMA) Q3 2025 earnings summary

Executive summary

• Income from property management increased by 21% year-over-year in Q3 2025, significantly exceeding the 10% per share growth target, reaching SEK 69.8 million for the quarter and SEK 177.9 million for Jan–Sep 2025.

• Revenue rose 5% and net operating income grew 7% in Q3 2025 compared to Q3 2024, with rental revenue for Jan–Sep 2025 at SEK 504.4 million and net operating income at SEK 372.0 million.

• The company completed the final stage of the Gengasen 4 renovation and signed agreements for a new nursing and care home project in Bromma.

• A framework agreement for solar panel installation across the property portfolio was signed after the period.

• The Board approved a share buyback program of up to SEK 100 million.

Financial highlights

• Q3 2025 rental revenue was SEK 168.7 million, up from SEK 161.4 million in Q3 2024; net operating income was SEK 129.4 million, up from SEK 124.7 million.

• Income from property management was SEK 69.8 million in Q3 2025 and SEK 177.9 million for Jan–Sep 2025, a 21% increase year-over-year.

• Profit for Q3 2025 was SEK 128.0 million, compared to SEK 141.9 million in Q3 2024; earnings after tax for Jan–Sep 2025 were SEK 301.1 million.

• Change in property values contributed SEK 94.5 million in Q3 2025; property value increased to SEK 14,543.9 million with a 1.9% gain for Jan–Sep.

• Surplus ratio reached 76.7% in Q3 2025 and a record 74% for Jan–Sep 2025.

Outlook and guidance

• The company continues to deliver on its strategy, focusing on energy efficiency, apartment upgrades, and value-creating investments.

• New production to resume in 2026, starting with a nursing and care home in Bromma.

• Considerable value growth potential remains in the property portfolio, estimated at SEK 1,500 million.