John Mattson (JOMA) Q3 2026 earnings summary

Executive summary

• 9M rental revenue rose 5.7% and net operating income (NOI) increased 6.2%; Q3 property-management income per share rose 14.6% YoY.

• NRV per share reached SEK 109.31, up 9.4% including distributions; the long-term NRV growth target rose from 7% to 10%, while the 10% income-per-share target was unchanged.

Financial highlights

• Q3 rental revenue was SEK 183.8m, up 8.9% YoY; property expenses were SEK 43.1m versus SEK 39.3m, and NOI was SEK 140.7m, up 8.7%.

• 9M rental revenue was SEK 533.2m and NOI was SEK 395.1m; 9M income from property management was SEK 200.5m versus SEK 177.9m.

• Q3 income from property management was SEK 61.5m versus SEK 69.8m; 9M per-share income was SEK 2.69, up 14.6%, or up 1.2% excluding Turako's SEK 23.6m dividend.

• Q3 profit was SEK 241.8m versus SEK 128.0m; 9M profit after tax was SEK 557.1m versus SEK 301.1m, supported by property and derivative valuation gains.

• Q3 property-value and interest-rate derivative gains were SEK 103.1m and SEK 95.3m; 9M gains were SEK 338.5m and SEK 105.0m, respectively.

Outlook and guidance

• Long-term NRV-per-share growth target increased from 7% to 10%; the annual income-from-property-management-per-share target remains 10%.

• NRV target assumptions include 2% long-term inflation, a 3.5% average yield for current properties and stable yield requirements; value-driver contributions are indicative.

• Production plans scale toward 250 apartments annually; the upgrade program targets ~200 apartments per year, with potential to renovate ~1,500 apartments.

• A 243-apartment Rotsunda upgrade is planned to start around year-end 2026; 100 care-home apartments at Villa Västerled began production in Q2 2026.