JM AB (publ) (JM) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of JM's quarterly report for the first quarter of 2025. Welcome. We will start with a brief summary. Then we will go through the report briefly and as usual there is a chance to ask questions at the end. J.M. has started the year with an increased number of sold homes and an increased number of production starts. This despite the fact that there has been a geopolitical uncertainty during the quarter that has had a dampening effect on the housing market. This geopolitical uncertainty has increased during April and it is difficult today to predict exactly what consequences this will have for the housing market. What we see, however, is that uncertainty may lead to customers and investors being a little more careful in their decisions. This may tend to have a dampening effect on the recovery in the housing market that we are currently in. This, together with the fact that we also have a generally higher cost level, means that the industry and J&M will have to live with somewhat pressured margins for a longer period. At the same time, we see that the underlying factors are still good. We have a housing deficit on all of our markets. We have real wage increases this year. We see that the interest rate is slightly lower. And hopefully we will also get eased amortization rules in Sweden this year. In addition, continued price increases are forecast. So all in all, it speaks for a good market in the long run. We at JM follow the market development closely and we constantly monitor that we have a balance in sales and production starts to successfully reach our target of 3800 production starts per year. We hope and believe that the market will recover, but we do not trust that it will happen. Our focus and our work focuses on what w...