Jm Ab · OMXSTO:JM

Jm Ab — Q1 2025 Earnings Presentation

24 slides from Jm Ab's earnings presentation, Apr 24, 2025

  1. Slide 1: Interim report January–March 2025

    Interim report January–March 2025 P R E S E N TAT I O N APRIL 24, 2025

  2. Slide 2: Summary

    Summary Increased number of Geopolitical Pressure on margins residential units sold uncertainty also in 2025 and housing starts Continued good Balance in housing underlying market Shorter lead times starts and sales conditions

  3. Slide 3: Group Summary

    Group Summary JANUARY–MARCH 2025 • Number of residential units sold increased to 555 (480). • Number of housing starts increased to 577 (145). • Number of residential units in current production decreased to 4,511 (5,068). • Residential building rights portfolio amounted to 37,100 (38,300). 15 % 72

  4. Slide 4: Group Summary: revenue and operating profit

    Group Summary 1) JANUARY–MARCH 2025 • Revenue decreased to SEK 2,539m (3,034). SEK m % 2 500 20 • Operating profit decreased to SEK 130m (160) and operating margin decreased to 5.1 percent (5.3). 2 000 16 • Profit before tax decreased to SEK 90m (128). 1 500 12 • Earnings per share amounted to SEK 0

  5. Slide 5: Marginally increased housing prices

    Marginally increased housing prices Tenant-owners associations apartment prices in major cities in Sweden, and freehold units in Oslo Municipality and Helsinki capital region SEK, NOK/sq.m. EUR/sq.m. 120 000 10 000 9 000 100 000 8 000 7 000 80 000 6 000 60 000 5 000 4 000 40 000 3 000 2 000 20 000 1

  6. Slide 6: Higher sales in the quarter

    Higher sales in the quarter J A N U A RY – M A RC H Number of units 700 600 555 25 500 479 480 78 160 400 218 62 300 146 20 172 200 77 100 113 224 168 51 0 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 6 JM INTERIM REPORT JANUARY – MARCH 2

  7. Slide 7: Significantly increased number of housing starts in the quarter

    Significantly increased number of housing starts in the quarter J A N U A RY – M A RC H Number of units 700 577 600 500 123 400 202 300 214 200 34 145 166 41 100 139 145 86 0 2023 2024 2025 JM Residential Stockholm JM Residential Sweden JM Norway JM Finland JM Property Development 7 JM INTERIM REPOR

  8. Slide 8: Fewer residential units in production

    Fewer residential units in production N U M B E R O F R E S I D E N T I A L U N I T S I N P RO D U C T I O N A N D P E RC E N TA G E S O L D / R E S E RV E D Number 15 000 100% 12 000 80% 9 000 60% 56% 6 000 40% 3 000 20% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q

  9. Slide 9: Attractive building rights portfolio

    Attractive building rights portfolio NO. OF BUILDING RIGHTS 1) REGION 03/31/2025 03/31/2024 Stockholm 2) 12,700 13,700 Malmö/Lund 3) 3,700 3,800 Gothenburg 3) 3,200 3,600 Uppsala 3) 3,900 4,300 Norway 5,700 6,200 Finland 7,900 6,700 Total 37,100 38,300 1) Rounded to the nearest hundred 2) Of which 1

  10. Slide 10: Decreasing lead time

    Decreasing lead time BUILDING RIGHTS 03/31/2025 SEK m IN BALANCE NO. IN BALANCE AVERAGE PERIOD, SHEET SHEET HOUSING STARTS 1) YEARS 2) JM Residential Stockholm 3,366 6,400 699 9.2 JM Residential Sweden 1,871 8,100 704 11.5 JM Norway 981 2,700 577 4.7 JM Finland 1,142 3,800 484 7.9 JM Property Develo

  11. Slide 11: Increased number of unsold residential units in Balance Sheet

    Increased number of unsold residential units in Balance Sheet Number SEK m 400 1400 1,278 350 328 1200 300 1000 250 800 200 600 150 400 100 50 200 0 0 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 Number of unsold units in BS Participations in tenant-owners associat

  12. Slide 12: Decreased working capital tied up resulted in improved cash flow

    Decreased working capital tied up resulted in improved cash flow G RO U P C A S H F L O W JAN – MAR YEAR SEK m SEK m 2025 2024 R12 2024 2 000 Operating activities –509 –949 171 –268 1 500 1 000 Investing activities –16 –11 –74 –69 500 Financing activities 464 –67 –295 –827 0 -500 Period cash flow –6

  13. Slide 13: Continued good liquidity

    Continued good liquidity Net interest-bearing liability(-)/receivable(+) 1) 2) • Equity/Assets ratio 56 percent (52). SEK m Times • Available liquidity SEK 2,929m (3,132) of which cash and cash equivalents SEK 361m (566). 6 000 0,6 • Unutilized overdraft facilities and credit 4 000 0,4 lines SEK 2,5

  14. Slide 14: Increased revaluation effect in the quarter

    Increased revaluation effect in the quarter P E RC E N TA G E O F C O M P L E T I O N M E T H O D ( G RO S S ) Q 1 2 0 2 5 ( Q 1 2 0 2 4 ) Cost-based effect SEK 110m (144) + Revaluation effect SEK 87m (45) + Sales effect SEK 54m (54) Always positive Usually positive Positive / negative Recognized ex

  15. Slide 15: Decreased price reductions contributed to a positive revaluation effect

    Decreased price reductions contributed to a positive revaluation effect R E VA L U AT I O N E F F E C T – H O U S I N G B U S I N E S S SEK m Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Group 45 85 97 117 87 BUSINESS SEGMENT Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 JM Residential Stockholm –54 –12 9 30 7

  16. Slide 16: JM Residential Stockholm

    JM Residential Stockholm JANUARY – MARCH SEK M 2025 2024 Revenue 849 882 Operating profit 1 -47 Operating margin, % 0.1 –5.3 Number of residential units sold 224 168 Number of housing starts 86 145 • Customers’ willingness to sign a contract early • Return on operating capital for the past twelve ha

  17. Slide 17: JM Residential Sweden

    JM Residential Sweden JANUARY – MARCH SEK M 2025 2024 Revenue 598 600 Operating profit 18 17 Operating margin, % 3.1 2.9 Number of residential units sold 146 172 Number of housing starts 166 – • The willingness to sign a contract was below • Return on operating capital for the past twelve normal wit

  18. Slide 18: JM Norway

    JM Norway JANUARY – MARCH SEK M 2025 2024 Revenue 460 690 Operating profit 26 70 Operating margin, % 5.7 10.1 Number of residential units sold 160 62 Number of housing starts 202 – • Sales of newly produced homes on the Norwegian • Return on operating capital for the past twelve market were lower th

  19. Slide 19: JM Finland

    JM Finland JANUARY – MARCH SEK M 2025 2024 Revenue 332 388 Operating profit 20 26 Operating margin, % 6.0 6.7 Number of residential units sold 1) 25 78 Number of housing starts 2) 123 – 1) Of which residential units to investors – 50 2) Of which residential units to investors 71 – • Activity on the

  20. Slide 20: JM Property Development

    JM Property Development JANUARY – MARCH SEK M 2025 2024 Revenue 169 367 Operating profit 80 104 Operating margin, % 47.5 28.4 Number of residential units sold – – Number of housing starts – – • During the first quarter, the transaction market • Return on operating capital for the past twelve was cau

  21. Slide 21: Sustainable residential development

    Sustainable residential development • JM has reduced the climate emissions by 17 percent, which also exceeded the Group's target. • All completed projects in our own operations during the period received Nordic Swan Ecolabel certification. • JM has entered a collaboration with Cemvision, whose techn

  22. Slide 22: Good long-term conditions

    Good long-term conditions Customer focused 37,100 building rights Competitive – strong brand in attractive locations production costs Continuously cautious housing market and Well-balanced 80 years of urban high cost level affects risk profile development profitability

  23. Slide 23: JM 80 years 1945–2025

  24. Slide 24: We are laying the foundation for a better life.

    We are laying the foundation for a better life.

JM — Q1 2025 Earnings Presentation on 6ix