JM (JM) Q1 2026 earnings summary

Executive summary

• Revenue increased to SEK 2,981 million (2,539) and operating profit rose to SEK 213 million (130), with margin up to 7.2% (5.1), driven by higher sales, cost reductions, and disciplined strategic execution despite geopolitical uncertainty.

• Profit after tax improved to SEK 147 million (52), and earnings per share reached SEK 2.28 (0.80); IFRS EPS was SEK 0.50 (0.55).

• Residential units sold increased to 920 (555), while housing starts decreased to 425 (577).

• Cash flow from operating activities turned positive at SEK 21 million (-509), supported by reduced inventory, fewer unsold homes, and project sales.

• Strategic milestones included property acquisitions in Stockholm and Norway, a new organization in Stockholm, divestment of contracting operations, and a SEK 4.2 billion syndicated credit facility.

Financial highlights

• Revenue increased to SEK 2,981 million (2,539) compared to the same quarter last year.

• Operating income rose to SEK 213 million (130), with an operating margin of 7.2% (5.1%).

• Pre-tax profit grew to SEK 172 million (90).

• Cash flow from operating activities improved to SEK 21 million (-509), with available liquidity at SEK 3,868 million (2,929).

• Interest-bearing net liabilities increased to SEK 3,462 million (2,944), with a debt/equity ratio of 0.4.

Outlook and guidance

• Cautious optimism prevails in the housing market, with rising prices in Sweden and stable or improving conditions in Norway and Finland.

• Market conditions remain uncertain due to geopolitical risks, high energy prices, and potential interest rate increases.

• More housing starts are expected in 2026 than in the previous year.