An integral part of operational processes and decision-making
JM’s operations are exposed to a number of risks that due to their nature impact the Group to varying extents. The risks can be directly attributable to decision-making within the Group but also an effect of events outside of JM’s control. Together with the clear focus on longevity and sustainable value creation found in JM’s business concept and strategy, risk management helps to ensure that risk-taking in the business is balanced. Risk management is thus an integrated part of the decision-making at all levels within JM. It is maintained through competent employees, governance documents, and documented processes.
Through follow-up and a structured working method, the goal is to mitigate risks or keep them latent. JM’s risk management is subject to strategic initiatives from the Board and management, and a current risk analysis is regularly presented to the Audit Committee.
The Group’s risks are divided into four risk categories: macroeconomic risks, operational risks, financial risks and sustainability risks.
Macroeconomic risks primarily relate to economic development and household purchasing power, which are crucial for the demand for housing. Political decisions that could quickly change the conditions for housing construction. Global geopolitical uncertainty and changes in trade policy – such as new tariffs or trade barriers – could quickly affect market conditions. This could lead to disruptions in supply chains, changed cost levels for both the Group and its customers, resulting in uncertainty about demand and housing starts. Managing these risks requires continuous monitoring, flexibility and a preparedness to adapt operations.
Operational risks and the management of these risks are natural elements of JM’s project-based operations and include, for example, the building rights portfolio, shortcomings in project development, and the sale of housing.
Financial risks are primarily linked to the Group’s capital needs, degree of capital tied up, and access to financing.
Sustainability risks relate to the environment, social issues, and governance and are integrated into JM’s business development and decision-making processes. For more information about JM’s work with sustainability and risk management, see pages 46-50 in the 2025 sustainability report.
Global geopolitical uncertainty was higher than normal in 2025 and impacted global capital markets. This could result in financial and operational consequences for the housing market. Risk management occurs primarily through monitoring and evaluating macroeconomic events that could impact the Group's operations and, by extension, also its customer offer.