John Mattson (JOMA) Q4 2024 earnings summary

Executive summary

• Income from property management increased by 46% year-over-year to SEK 195.1 million, reflecting strong operational performance and successful transformation initiatives.

• Net reinstatement value (NRV) per share rose 8.7% to SEK 94.66, indicating improved asset values.

• Profit for the year was SEK 433.5 million, compared to a loss of SEK 1,255.3 million in 2023.

• The Board proposes no dividend for 2024, prioritizing investment in growth and sustainability.

• Sustainability efforts led to a 10% reduction in energy consumption in Q4 and a 7.5% reduction in CO2e emissions.

Financial highlights

• Rental revenues for 2024 were SEK 642.7 million, up from SEK 610.4 million in 2023, a 5.3% increase.

• Net operating income for the year was SEK 459.7 million, up from SEK 437.3 million, a 5.1% increase.

• Unrealised changes in property value contributed SEK 415.2 million, reversing last year’s negative value change.

• Average interest rate decreased to 2.84% from 3.43%.

• Investments totaled SEK 209.6 million, mainly in upgrades and energy efficiency.

Outlook and guidance

• Focus remains on property cost optimisation, energy efficiency, and apartment upgrades.

• Plans to start infill development projects in 2026 and gradually transition to net acquisitions.

• Targeting production of approximately 250 new apartments per year.

• Market conditions have stabilized, but geopolitical and inflationary risks remain.