John Mattson (JOMA) Q4 2024 earnings summary

Executive summary

• Management reported a 46% year-over-year increase in profit from property management and an 8.7% rise in long-term net asset value compared to 2023.

• Reported strong 2024 financial results with stable rental income from residential properties in attractive Stockholm locations and a robust balance sheet supporting future growth and sustainability initiatives.

• Achieved record-high surplus ratio of 72% and increased economic occupancy to 97.6%, driven by successful leasing and energy efficiency measures.

• The company emphasized successful transformation, improved macroeconomic conditions, and a strong focus on growth and sustainability.

• Board proposes no dividend for 2024 to prioritize investments in growth and sustainability.

Financial highlights

• Property management profit rose to SEK 195.1m for 2024 from SEK 133.2m in 2023, a 46% increase.

• Rental income for 2024 was SEK 642.7m (610.4), up 5.3% year-over-year.

• Net income for the year was SEK 433.5m, reversing a loss of SEK -1,255.3m in 2023.

• Long-term net asset value per share increased to SEK 94.66 from SEK 87.09 year-over-year.

• Property value at year-end was SEK 14,097.7m (13,567.6).

Outlook and guidance

• Continued focus on property optimization, energy efficiency, and apartment upgrades, with plans to upgrade about 200 apartments and start production of 250 apartments annually.

• Focus on growth and sustainability, with investments in energy efficiency and apartment upgrades prioritized for 2025.

• Selective divestments and acquisitions to gradually shift towards net acquisitions.

• New development projects expected to start in 2026 as market conditions improve.

• Plans to initiate densification projects in 2026 and reduce purchased energy by approximately 45%.