JM AB (publ) (JM) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the presentation of JM's quarterly report for Q3 2025. I will start with a summary of the situation. The activity on JM's markets was low in the summer, but at the end of the quarter, during September, we could see a recovery. We saw that the turnover speed on the second-hand market began to increase somewhat. We also saw that we had increased prices on the second-hand market in Stockholm, which was positive. During the quarter, macroeconomic conditions were also strengthened in a positive way. Since we, among other things, had reduced interest rates further in Sweden and Norway, households also received more money in the budget in the form of lower tax pressures. In Sweden, a budget was also presented that stimulates households' economy further forward. This combined with the fact that we have a surplus of housing in all of our markets is positive underlying factors. We also hope that in Sweden we will have simplified amortization rules for the spring, which can further strengthen the macroeconomic conditions for the market. At the same time, we see that there is a record number of properties on the second-hand market in our countries. This creates a sluggishness. In addition, there is a continued geopolitical uncertainty out there, which creates a caution in investing in us, both investors and consumers. This means that the recovery in the market will take time. During the quarter, JM has sold fewer homes and started fewer homes than the previous year. But in the face of the macroeconomic conditions being strengthened during the quarter, and we have seen an increase in sales during September, we sense a beginning market optimism. We have also noticed that we have reduced our storage of unsold housing, both after the final inspection and the hou...