Magnolia Bostad (MAG) Q1 2025 earnings summary

Executive summary

• Completed two projects in Göteborg totaling 540 residences and sold JV shares covering 409 under-production and 713 completed units.

• Sold Kista Äng project (310 units) via forward funding in April; first such sale in some time.

• Issued new SEK 825m bond, redeemed SEK 1,226m in previous bonds, and received SEK 300m shareholder contribution.

• Implemented cost savings and restructured regional offices into two central units.

• Announced new goals focused on stable, long-term value growth in Sweden's metropolitan areas.

Financial highlights

• Net sales for Q1 2025 were SEK 38m, down from SEK 52m year-over-year.

• Operating loss improved to SEK 63m from SEK 125m year-over-year.

• Loss before and after tax was SEK 134m, compared to SEK 208m in Q1 2024.

• Equity/assets ratio increased to 31.6% from 26.2% at year-end 2024.

• Cash and cash equivalents rose to SEK 284m from SEK 128m at the start of the year.

Outlook and guidance

• Estimated 1,900 residences to be completed in 2025.

• Around 2,000 residences expected to be completed over the next 12 months.

• Focus remains on developing homes for sale in metropolitan regions, with growing investor interest.