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JM (JM) investor relations material

JM Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary30 Jan, 2026

Executive summary

  • Revenue and profit declined year-over-year due to lower completion rates, fewer sold commercial projects, and impairments in development properties.

  • Housing starts increased, but residential unit sales decreased, reflecting ongoing market caution despite some improvement in consumer confidence.

  • Profitability measures included organizational restructuring, divestment of contracting operations, and cost-reduction initiatives.

  • Fewer completed unsold residential units and a well-balanced risk profile.

  • The Board proposes a reduced dividend of SEK 2.00 (3.25) per share.

Financial highlights

  • Full-year revenue: SEK 9,981m (12,507m), Q4 revenue: SEK 2,766m (3,375m); both declined year-over-year.

  • Full-year operating profit: SEK 297m (531m), Q4 operating profit: SEK -8m (107m); operating margin: 3.0% (4.2%).

  • Earnings per share: SEK 0.97 (3.83) for the year; Q4: SEK -0.32 (0.86).

  • Cash flow from operating activities improved to SEK 74m (-268m) for the year and SEK 467m (-401m) in Q4.

  • Surplus value of development properties: SEK 5.0bn (5.2bn).

Outlook and guidance

  • Cautious optimism for 2026 amid ongoing geopolitical uncertainty impacting customers.

  • Signs of market improvement with increased housing starts and expectations of higher housing prices in 2026.

  • Expectation of increased net sales in Norway due to recent acquisitions, projected at close to SEK 1,000m per year over seven years.

  • Continued focus on cost reduction, operational efficiency, and sustainability.

  • Well-positioned for a potential market recovery, supported by a strong financial position and unutilized credit facilities.

Strategic impact of contracting ops divestment
Productivity Boost savings per unit
Norway acquisition revenue contribution
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Frequently asked questions

JM AB uses its extensive experience and expertise to develop and sell housing and residential areas in the Nordic region. The company handles the full process from the master plan and construction of a new area, through marketing and sales, to handover of units to buyers. JM AB has emerged as an important player in property development in Finland and Sweden over recent years, with strong focus on sustainable urban living.

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