JM AB (publ) (JM) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of JM's quarterly report for the second quarter of 2025. I will start with a brief summary of the quarter. The second quarter has been marked by the increased geopolitical uncertainty that we see in the world. So it has been a watchful housing market. The sweltering stock markets, together with the concern about what the tariffs will mean and the conflicts around them in the world, make that housing buyers and investors are a little more cautious. So this has affected our sales pace at JM and also the opportunity to start new projects. We see some signs that the market is starting to recover, but it is difficult to say how far it will go until it comes back. But I note that the recovery in the housing market, which began in 2024, is decreasing. At the same time, we see that the underlying market conditions have improved during the quarter. We still have a large housing deficit in all of our markets, but we have also now had real wage increases among our customers or residents in the countries. We see that we have tax easing in Sweden. The interest rates have now been lowered in all of our three countries during the second quarter, where even Norway chose to make the first interest rates. We also see that in Norway and Sweden, it is possible to expect simplified amortization rules in the future. All of this together makes the forecasts for price development in the future look positive, both for a good market in the long term. So in this segment, it is extremely important that we work seriously and professionally with our sales, which we always do at JM. And we are happy to note that we are reducing the number of unsold homes since the end of the year, after the end of the year. At the same time, the number of unsold homes t...