Interim report
JANUARY -MARCH 2026
Grand Central
Gothenburg
Highest order backlog in Peab's history
In this report amounts and comments are based on segment reporting if not otherwise specified. The Group has different accounting principles in segment reporting compared to reporting according to IFRS for our own housing development projects and for IFRS 16 (previously operational leasing contracts). For more information on our accounting principles and the differences between segment reporting and reporting according to IFRS, see note 1 and 3. For information on alternative performance measures, see the section Alternative performance measures and definitions.
Summary according to segment reporting
Net sales SEK 10,771 million (10,925)
Operating profit SEK -156 million (-278)
Operating margin -1.4 percent (-2.5)
Pre-tax profit SEK -230 million (-384)
Earnings per share before and after dilution SEK
-0.60 (-1.24)
Orders received SEK 15,561 million (16,574)
Order backlog SEK 53,757 million (51,955)
Cash flow before financing SEK -608 million (-363)
Net debt SEK 7,173 million (8,266)
Net debt/equity ratio 0.4 (0.5)
Group
MSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr-Mar 2025/2026 | Jan-Dec 2025 |
Segment reporting | ||||
Net sales | 10,771 | 10,925 | 58,435 | 58,589 |
Operating profit | -156 | -278 | 2,748 | 2,626 |
Operating margin, % | -1.4 | -2.5 | 4.7 | 4.5 |
Pre-tax profit | -230 | -384 | 1,828 | 1,674 |
Profit for the period | -170 | -351 | 1,523 | 1,342 |
Earnings per share before and after dilution, SEK | -0.60 | -1.24 | 5.30 | 4.66 |
Return on equity, % 1) | 9.3 | 11.7 | 9.3 | 8.3 |
Return on capital employed, % 1) | 10.6 | 10.0 | 10.6 | 10.2 |
Net debt | 7,173 | 8,266 | 7,173 | 6,400 |
Net debt/equity ratio, multiple | 0.4 | 0.5 | 0.4 | 0.4 |
Equity/assets ratio, % | 39.6 | 38.1 | 39.6 | 39.4 |
Cash flow before financing | -608 | -363 | 3,874 | 4,119 |
Average number of employees | 11,050 | 11,573 | 12,247 | 12,377 |
Reporting according to IFRS | ||||
Net sales, IFRS | 10,832 | 10,825 | 58,588 | 58,581 |
Operating profit, IFRS | -149 | -282 | 2,826 | 2,693 |
Pre-tax profit, IFRS | -234 | -401 | 1,862 | 1,695 |
Profit for the period, IFRS | -173 | -367 | 1,557 | 1,363 |
Earnings per share before and after dilution, IFRS, SEK | -0.61 | -1.30 | 5.43 | 4.74 |
Net debt, IFRS | 9,218 | 10,523 | 9,218 | 7,969 |
Equity/assets ratio, IFRS, % | 37.0 | 35.4 | 37.0 | 37.0 |
Cash flow before financing, IFRS | -1,039 | -485 | 4,341 | 4,895 |
1) Calculated on rolling 12 months
Net sales
MSEK
Operating profit
MSEK
Orders received
MSEK
18,000
15,000
12,000
9,000
6,000
3,000
Q1-24
Q2-24
Q3-24
Q4-24
Q1-25
Q2-25
Q3-25
Q4-25
Q1-26
Q2-24
Q3-24
Q4-24
Q1-25
Q2-25
Q3-25
Q4-25
Q1-26
0
1,400
1,200
1,000
800
600
400
200
0
-200
Q1-24
-400
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Q1-24
Q2-24
Q3-24
Q4-24
Q1-25
Q2-25
Q3-25
Q4-25
Q1-26
0
2
Comments from the CEOPeab has started the year strongly despite rising turbulence in the world around us. We present a continued stable level of orders received, improved profit and we end the quarter with the highest order backlog in Peabʼs history.
Construction contract operations in Construction and Civil Engineering are growing profitably. Market developments are similar to previous quarters where demand is good in all our segments, except housing and commercial offices. During the quarter we signed contracts for new projects in everything from waterworks, new stabling tracks och contracts for road maintenance in business area Civil Engineering to schools, hospitals and hotels in business area Construction. We also see good demand for phase 1 contracts with a robust inflow of projects that are entering the planning phase.
During the quarter we sold our construction operations in K Nordang AS in Western Norway to a partly owned company with the KB Group in order to take greater advantage of the demand for construction contracts in northwestern Norway. Peab owns 37.5 percent of the company, which means it is reported as an associated company in business area Construction. The deal had a positive effect of about SEK 100 million on operating profit in Construction during the first quarter 2026.
Activity is always low in Industryʼs operations in the first quarter since the paving season starts during the second quarter. The level of orders received was somewhat lower in the quarter but profit improved. Last year we began an overhaul in some of our operations in the unit Swerock/As-phalt in Norway, which charged operating profit. During the quarter the divestment of fixed assets generated positive effects and there were also positive profit effects from forward hedging of commodity contracts. Operations in the unit Construction systems continue to be impacted by the low demand for housing but the year started with stable development nonetheless.
No major property transactions occurred in business area Project Development during the quarter. We production started own housing development project of 46 apartments in Ålesund and converted another one with 63 apartments in Lund. In general, the low activity continues to have a negative impact on the level of orders received and operating profit.
Market prospects for housing have not changed since the previous quarter which means that the market has stabilized but differs between different geographies. Markets in the big cities and good micro locations are better than in other locations that remain weak. This development is similar in Sweden, Norway and Finland. In the second quarter we will take over a development right in Oslo that is zoned for developing around 130 apartments. This boosts Peabʼs operations in the capital region and is a good example of an area with a high demand for housing. Our strategy to, from time to time, build on our own balance sheet and then convert to tenant-owned/condominium apartments entails more tied up capital and a bumpier level of orders received and profit generation.
In 2024 and 2025 we launched new long-term Performance Share Programs that run for three years. They are under construction, which entails higher costs for the Group. The programs comprise some 500 employees and are vital to our continued success, keeping and attracting talented employees and increasing the connection between rewards and shareholder value.
After the first quarter 2026 we report on three of our nine external targets: serious accidents, operating margin and net debt/equity ratio. The number of serious accidents was somewhat lower compared to the previous quarter and we continue to work with a laser focus on safe workplaces. The operating margin improved to 4.7 percent calculated on a rolling twelve month basis, which can be compared to our target of higher than
percent. After the first quarter the net debt/equity ratio was 0.4 which is in the lower span of the target interval. This was despite the seasonally weak cash flow during the first quarter and after the SEK 500 million share repurchasing program. Peab entered into an agreement for a new credit facility totaling SEK 8.0 billion to refinance the current credit facility of SEK
billion during the quarter, all of which provides us with a stable financial base for the future.
Despite geopolitical uncertainty that risks long-term macroeconomic impacts Peab stands strong and we are ending the quarter with the highest order backlog in Peabʼs history - amounting to around SEK 54 billion. In general, market prospects remain the same compared to the previous report with continued good demand in the Nordic construction and civil engineering markets.
Jesper Göransson President and CEO
3
Net sales and profit January - March 2026Group net sales were slightly lower in the first quarter 2026 and amounted to SEK 10,771 million (10,925). Net sales for the latest rolling 12 month period amounted to SEK 58,435 million compared to SEK 58,589 million for the full year 2025.
Projects for the public sector remain on a high level and the share of public sector customers of net sales calculated on a rolling 12 month basis was 55 percent (56) and private customers were 45 percent (44).
Net sales in business area Construction were on par with the first quarter 2025. Net sales in Sweden increased but declined in Norway due to the divestment of K Nordang AS, which was sold to a company partly owned by Peab and KB Gruppen during the quarter. There was a high level of activity in business area Civil Engineering during the quarter and net sales increased by eleven percent. Net sales in business area Industry increased by eight percent and the increase is related to
Depreciation and write-downs for the first quarter were SEK -361 million (-355).
Elimination and reversal of internal profit in our own development projects affected operating profit during the quarter by net SEK -8 million (19).
Net financial items amounted to SEK -74 million (-106) of which net interest was SEK -75 million (-79).
Pre-tax profit was SEK -230 million (-384). Profit for the quarter was SEK -170 million (-351).
Operating profit and operating margin, per quarter
MSEK %
the unit Construction system. Net sales in Project Development were lower compared to the corresponding quarter last year due to fewer production starts of our own housing developments. Two major housing projects were production-started in the corresponding quarter last year.
Group operating profit improved during the first quarter and amounted to SEK
-156 million (-278) and the operating margin was -1.4 percent (-2.5). The first quarter is significantly affected by the season, particularly in business area Industry, since the beginning of the year is characterized by considerable deficits because the paving season begins in the second quarter. Costs for Peabʼs long-term Performance Share Programs, which are under construction and include key personnel in the Group, are reported in Group functions. The programs will contribute to retaining and attracting competent personnel and strengthen the connection between reward and shareholder value. During the first quarter higher costs for the Performance Share Programs abetted lowering operating profit in Group functions. For the latest rolling 12 month period Group operating margin was 4.7 percent compared to 4.5 percent for the full year 2025.
1,400
1,200
1,000
800
600
400
200
0
-200
-400
Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Operating profit Operating margin12.5
10.0
7.5
5.0
2.5
0.0
-2.5
The operating margin in business area Construction improved to 4.2 percent (2.1). The divestment of K Nordang AS to the jointly owned company resulted in a capital gain of SEK 114 million. Compared to the corresponding quarter last year, the transaction had a net impact of approximately SEK 100 million. The operating
Operating profit and operating margin, rolling 12 months
MSEK %
margin in business area Civil Engineering improved to 3.6 percent (3.1). Several of the units in Civil Engineering in Sweden reported higher earnings during the quarter. All in all, the operating margin for construction contract operations amounted to 3.9 percent (2.5). Operating profit in business area Industry improved and the operating margin amounted to -16.7 percent (-24.0). An overhaul of part of the Norwegian paving and mineral aggregates operations was initiated in 2025 as a result of low profitability, which entailed higher costs. In connection with the discontinuation of operations capital gains from the sale of fixed assets had a positive effect during the first quarter 2026. In addition, business area Industry has been affected positively in the quarter from forward hedging of raw material contracts. Increased activity in the unit Construction system in business area Industry contributed to higher operating profit. In business area Project Development operating profit amounted to SEK 9 million (83) and the operating margin was 1.8 percent (8.4). There have been no substantial transactions in the unit Property Development during the quarter. In the corresponding quarter last year capital gains from the divestiture of property and participations in joint ven-
4,000
3,000
2,000
1,000
0
Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Operating profit Operating margin8.0
6.0
4.0
2.0
0.0
ture companies had an impact of SEK 47 million. The operating margin in Hous-
ing Development was 0.4 percent (3.6).
Seasonal variationsGroup operations, particularly in Industry and Civil Engineering, are normally affected by fluctuations that come with the cold weather during the winter half of the year. The first quarter is usually weaker than the rest of the year.
Housing, Project Trägården
Gothenburg
4
Financial position and cash flow Financial position
Total assets according to segment reporting per March 31, 2026 were SEK 42,272 million (42,722). Equity amounted to SEK 16,735 million (16,285), which entails an equity/assets ratio of 39.6 percent (38.1).
Interest-bearing net debt decreased and amounted to SEK 7,173 million (8,266) per March 31, 2026. Net debt includes project financing of the unsold part of our own housing developments while they are in production. At the end of the quarter the unsold part amounted to SEK 1,818 million (1,944). Interest-bearing receivables amounted to SEK 566 million (1,648). The average interest rate in the loan portfolio was 4.1 percent (4.8) on March 31, 2026.
Group liquid funds according to IFRS, including unutilized credit facilities but excluding project financing, were SEK 9,897 million at the end of the period compared to SEK 10,079 million on March 31, 2025.
As a consequence of Peab consolidating Swedish tenant-owner associations according to IFRS, surety for tenant-owner associations under production is not reported. When homebuyers take possession of their apartments and the tenant-owner association is no longer consolidated in Peabʼs accounts, Peab then reports the part of surety that covers unsold homes. Peab has a guarantee obligation to acquire unsold homes six months after completion. Group contingent liabilities, excluding joint and several liabilities in trading and limited partnerships, amounted to SEK 2,036 million at the end of the period compared to SEK 1,929 million on December 31, 2025. Surety for credit lines in tenant-owner associations regarding the unsold part after deconsolidation made up SEK 304 million of
Net debt
Bank loans | 3,535 | 4,459 | 2,968 |
Commercial papers | 370 | 608 | 97 |
Bonds | 4,114 | 3,667 | 4,098 |
Financial leasing liabilities | 741 | 700 | 758 |
Project financing, unsold part of housing projects | 1,818 | 1,944 | 2,131 |
Other interest-bearing liabilities | 15 | 10 | 16 |
Interest-bearing receivables | -566 | -1,648 | -523 |
Liquid funds | -2,854 | -1,474 | -3,145 |
Net debt, segment reporting | 7,173 | 8,266 | 6,400 |
Additional leasing liabilities according to IFRS 16 | 1,291 | 1,378 | 1,335 |
Project financing, sold part of housing projects | 754 | 879 | 234 |
Net debt, IFRS | 9,218 | 10,523 | 7,969 |
MSEK
Net debt and net debt/equity ratio
Mar 31
2026
Mar 31
2025
Dec 31
2025
contingent liabilities compared to SEK 455 million on December 31, 2025.
MSEK Multiple
Investments and divestmentsGroup investments in tangible and intangible fixed assets during the first quarter amounted to SEK 204 million (153). The investments mainly refer to investments in machines and vehicles in business area Industry. During the first quarter tangible and intangible fixed assets of SEK 65 million (43) were divested.
Project and development propertiesProject and development properties, which are reported as inventory items, amounted to SEK 16,615 million per March 31, 2026, compared to SEK 16,283 million per December 31, 2025. The net change during the quarter was SEK 332 million (-108) and the increase is mainly due to more completed and repurchased homes.
Cash flowCash flow from current operations during the first quarter 2026 amounted to SEK
12,500
10,000
7,500
5,000
2,500
Q1-24
Q2-24
Q3-24
Q4-24
Q1-25
Q2-25
Q3-25
Q4-25
Q1-26
0
Net debt
Net debt/equity ratio1.0
0.8
0.6
0.4
0.2
0.0
-343 million (-430), of which cash flow from changes in working capital was SEK
-10 million (-134). The negative cash flow mainly comes from business areas Industry where the season does not start until the second quarter.
Cash flow from investment activities was SEK -265 million (67) and was largely explained by machine investments in business area Industry. The first quarter last year included a positive effect from the divestment of shares in joint ventures related to business area Project Development.
Cash flow before financing amounted to SEK -608 million (-363).
Cash flow from financing operations amounted to SEK 319 million (360), where repurchasing own shares generated a charge of SEK -85 million (-). Changes in loans amounted to SEK 401 million (360).
Cash flow before financing
MSEK
3,000
2,500
2,000
1,500
1,000
500
0
-500
-1,000
Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26
Order situation January - March 2026Orders received were lower during the first quarter 2026 and amounted to SEK 15,561 million (16,574). The level of orders received increased in business area Civil Engineering during the quarter while it fell in business areas Construction, Industry and Project Development. A large portion of orders received continues to come from the public sector.
Order backlog yet to be produced at the end of the period has risen to the highest level ever and amounted to SEK 53,757 million (51,955), despite a volume reduction of approximately SEK 900 million created by the sale of K Nordang. Of the total order backlog, 47 percent (47) is expected to be produced after 2026 (2025). Swedish operations accounted for 85 percent (78) of the order backlog.
Orders received
MSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 |
Construction | 6,742 | 8,784 | 23,256 | 25,298 |
Civil Engineering | 6,385 | 4,870 | 21,534 | 20,019 |
Industry | 2,940 | 3,835 | 12,351 | 13,246 |
Project Development | 466 | 1,276 | 2,055 | 2,865 |
Eliminations | -972 | -2,191 | -5,282 | -6,501 |
Group | 15,561 | 16,574 | 53,914 | 54,927 |
Project size of order backlog, March 31, 2026
MSEK
Preliminary contractsOperations in business areas Construction and Civil Engineering often participate in dialogues with customers at an early stage prior to planned projects, so-called phase 1 contracts. Through these preliminary contracts Peab is contracted to arrive at, together with the customer, an optimal product with the right quality and also deal with risks and uncertainties. As of 2024, we present the potential value of the final construction contracts generated by these preliminary contracts.
At the beginning of 2026 the potential value was around SEK 17 billion. During the period several projects went from phase 1 to phase 2, which means that the projects have been converted into construction contracts and included in Peabʼs orders received. At the same time new projects have flowed into phase 1 while a few have fallen away. During the period several new projects were added to both business areas but especially in business area Construction. The value of the construction contracts generated from these phase 1 contracts at the end of March was around SEK 20 billion, and these orders will potentially be received over the next two years.
Order backlog
MSEK | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
Construction | 25,764 | 26,685 | 25,134 |
Civil Engineering | 24,542 | 21,129 | 22,201 |
Industry | 7,563 | 7,417 | 5,390 |
Project Development | 1,696 | 1,975 | 1,702 |
Eliminations | -5,808 | -5,251 | -5,883 |
Group | 53,757 | 51,955 | 48,544 |
Order backlog allocated over time
MSEK
24,000
20,000
16,000
12,000
8,000
4,000
0
< 200 MSEK, 39% (44) 201 - 500 MSEK, 29% (29)
501 - 1,000 MSEK, 15% (13) >1,000 MSEK, 17% (14)
32,000
28,000
24,000
20,000
16,000
12,000
8,000
4,000
0
Current financial year Coming financial year Thereafter
Mar 31, 2025 Mar 31, 2026Djupadal School
Jönköping
We received a number of major construction projects and contracts in the first quarter, including:
Construction of homes in Vestby, Norway. The customer is Bakke & Malling Vestby AS. The contract is worth NOK 342 million.
Construction of a new surface water treatment plant at Lake Långa in Karlshamn Municipality. The customer is Karlshamn Energi Vatten AB. The contract is worth SEK 642 million.
Commission to carry out two construction projects at Skogome Prison in Gothenburg. The customer is Specialfastigheter. The total contract value is worth SEK 322 million.
Construction of a new social hub in Uppsala that will include a hotel, offices and a restaurant. The customer is Vasakronan. The contract is worth SEK 700 million.
Renovation of an office building in Helsinki. The customer is the City of Helsinki. The contract is worth EUR 20 million.
Construction of an elementary school and preschool in Kaarina. The customer is Kaarina Municipality. The contract is worth EUR 13 million.
Construction of new facilities for testing and final inspection for BAE Systems Hägglunds AB in Örnsköldsvik. The contract is worth SEK 258 million.
Commission to lay new pipelines for drinking water and technical water between Highway 76 in Skutskär and Älgsjövägen. The customer is Gävle Vatten AB. The contract is worth SEK 126 million.
Construction of the K-Citymarket supermarket in Oulu. The customer is Kesko Oyj. The contract is worth EUR 20 million. Construction of a new raw water pipeline to Ringsjö water
treatment plant that produces drinking water for most of
Skåne. The customer is Sydvatten. The contract is worth SEK 109 million.
Renovation and extension of the hospital buildings for neonatal care, womenʼs health care, obstetrics and infectious disease care at Skåne University Hospital in Lund. The customer is Region Skåne, Regionfastigheter. The contract is worth SEK 556 million.
Commission to expand and raise dams in the Björkdal Mine on the outskirts of Kåge in Västerbotten County. The customer is Björkdalsgruvan AB. The contract is worth SEK 155 million.
Construction of a school for grades 4 to 6 with a sports facility, a district library, a meeting place for seniors and a culture school in Lund. The customer is Lund Municipality. The contract is worth SEK 374 million.
Commission to renew a water and wastewater plant in Trondheim. The customer is Trondheim Municipality. The contract is worth NOK 136 million.
Construction of homes for seniors in Malmö. The customer is Södertorpsgården. The contract is worth SEK 275 million.
Construction of new stabling tracks in the Pilekrogen area in Mölndal, south of Gothenburg. The customer is the Swedish Transport Administration. The contract is worth SEK 580 million.
Commission to build new water pipelines in Norsborg in Botkyrka Municipality. The customer is Stockholm Vatten och Avfall AB. The contract is worth SEK 330 million.
Construction of a multi-purpose building in Lund. The customer is Dommura Properties AB. The contract is worth SEK 411 million.
Four new operation contracts for road maintenance in the operational areas Vilhelmina, Svenstavik, Arboga and Helsingborg. The customer is the Swedish Transport Administration. The contracts total SEK 666 million.
Implementation of the first part of the production phase of the project Coastal Quay 2.0 in the Energy Port in Gothenburg. The customer is Göteborgs Hamn AB. The contract is worth SEK 400 million.
Renovation and extension of Östrabo Theater and the adjoining high school premises in Uddevalla. The customer is Uddevalla Municipality. The contract is worth SEK 100 million.
In the first quarter own housing developments of tenant-owner/condominium apartments were production-started or converted and therefore reported as orders, including:
The second stage of the project Borgundfjorden Panorama in Ålesund comprising 46 apartments. The property will have a well-processed operation and maintenance plan and be highly energy efficient. The project is expected to be completed in the summer of 2027.
Brf Homely in Lund comprising 63 apartments. The property will be Swan ecolabeled. The project was converted from homes on our own balance sheet to tenant-owner apartments and is expected to be completed in the autumn of 2027.
We received a number of paving contracts in the first quarter, including:
Three-year federal contract in Västernorrland worth SEK 141 million.
One-year federal contract in Dalsland worth SEK 61 million.
One-year federal contract in Örebro County worth SEK 58 million.
One-year federal contract in Norrbotten worth SEK 56 million.
One-year federal contract in Jämtland worth SEK 55 million. One-year municipal contract in Täby worth SEK 46 million.
One-year federal contract in Gävleborg County worth SEK 45 million.
One-year federal contract in Örebro County worth SEK 45 million.
Two-year federal contract in Skåne worth SEK 44 million.
One-year federal contract in Södermanland County worth SEK 41 million.
One-year federal contract in Troms worth NOK 60 million.
One-year federal contract in Hålogaland worth NOK 44 million.
One-year federal contract in Finnmark worth NOK 35 million. One-year federal contract in Helsinki Airport worth EUR 4.1 million.
Two-year federal contract in Savo-Karelia worth EUR 3.2 million.
One-year municipal contract in Oulu worth EUR 3.9 million. One-year federal contract in Køge worth DKK 18 million.
One-year federal contract in Give worth DKK 18 million.
Overview business areasThe Peab Group is presented in four different business areas: Construction, Civil Engineering, Industry and Project Development. The business areas are also operating segments.
In addition to the business areas central companies, certain subsidiaries and other holdings are presented as Group functions. The central companies primarily consist of the parent company Peab AB and Peab Finans AB.
Net sales and operating profit per business area
For more information regarding the differences between segment reporting and reporting according to IFRS, see note 1 and note 3.
Net sales Operating profit
Jan-Mar | Jan-Mar | Apr 2025- | Jan-Dec | Jan-Mar | Jan-Mar Apr 2025- | Jan-Dec |
MSEK 2026 | 2025 | Mar 2026 | 2025 | 2026 | 2025 Mar 2026 | 2025 |
Operating margin
Percent
Jan-Mar
2026
Jan-Mar
2025
Apr 2025-
Mar 2026
Jan-Dec
2025
Construction | 4.2 | 2.1 | 2.6 | 2.2 |
Civil Engineering | 3.6 | 3.1 | 4.1 | 4.0 |
Industry | -16.7 | -24.0 | 8.0 | 7.4 |
- of which Swerock/Asphalt | -29.2 | -37.1 | 9.3 | 8.6 |
- of which Construction system | 2.7 | 1.1 | 1.7 | 1.2 |
Project Development | 1.8 | 8.4 | 4.3 | 5.5 |
- of which Property Development | 35.5 | 86.0 | 135.7 | 137.3 |
- of which Housing Development | -0.4 | 3.6 | -0.7 | 0.2 |
Group functions | ||||
Eliminations | ||||
Group, segment reporting | -1.4 | -2.5 | 4.7 | 4.5 |
Adjustment housing to IFRS | ||||
IFRS 16' additional leases | ||||
Group, IFRS | -1.4 | -2.6 | 4.8 | 4.6 |
Of which construction contract businesses according to segment reporting (Construction and Civil Engineering) | 3.9 | 2.5 | 3.3 | 2.9 |
Construction Civil Engineering Industry
of which Swerock/Asphalt
of which Construction system
of which eliminations
Project Development
of which Property Development
of which Housing Development
Group functions Eliminations
Group, segment reporting Adjustment housing to IFRS IFRS 16' additional leases
Group, IFRS
5,299 5,317 23,665 23,683
4,062 3,668 18,001 17,607
2,462 2,283 20,216 20,037
1,507 1,504 16,773 16,770
1,047 854 3,865 3,672
-92 -75 -422 -405
492 991 3,846 4,345
31 57 140 166
461 934 3,706 4,179
350 346 1,432 1,428
-1,894 -1,680 -8,725 -8,511
10,771 10,925 58,435 58,589
61 -100 153 -8
- - - -
10,832 10,825 58,588 58,581
222
147
-412
-440
28 -9
11
-2
-114
-8
-156
-6
13
-149
111
114
-549
-558
9 -83
49
34
-56
19
-278
-16
12
-282
623
737
1,622
1,558
64 -164
190
-26
-421
23
2,748
34
44
2,826
512
704
1,485
1,440
45 -238
228
10
-363
50
2,626
24
43
2,693
Of which construction contract businesses according to segment reporting (Construction and Civil Engineering)
9,361
8,985 41,666 41,290
369
225
1,360
1,216
Business area ConstructionWith local roots close to customers business area Construction does construction work for both external and internal customers. Construction projects include everything from new production of housing, public and commercial premises to renovations and extensions as well as construction maintenance.
Net sales and profitNet sales for the first quarter 2026 were on par with the first quarter last year and amounted to SEK 5,299 million (5,317). Net sales in Sweden increased but decreased in Norwary due to the divestment of K Nordang AS, which during the quarter was sold to a company jointly owned by Peab and KB Gruppen. A large part of net sales during the quarter consisted of various types of premise construction for the public sector.
Operating profit increased during the quarter and amounted to SEK 222 million
(111) and the operating margin improved to 4.2 percent (2.1). The sale of K Nordang to the jointly owned company generated capital gains of SEK 114 million. Compared to the corresponding quarter last year the transaction had a net impact of around SEK 100 million.
The new jointly owned company is owned 62.5 percent by KB Gruppen and 37.5 percent by Peab. In addition to K Nordang, the partly owned company also includes Christie & Opsahl, which also operates in Western Norway. The jointly owned company is recognized as an associated company in business area Construction. The operating margin in Construction for the latest rolling 12 month period was 2.6 percent compared to 2.2 percent for the full year 2025.
Orders received and order backlogThe level of orders received contracted during the quarter and amounted to SEK 6,742 million (8,784). There is still a large portion of projects for the public sector in orders received. Calculated on a rolling 12 month basis the level of orders received was 98 percent of net sales.
Order backlog on March 31, 2026 was SEK 25,764 million (26,685). The divestment of K Nordang during the first quarter entailed a reduction in order backlog of about SEK 900 million. The portion of housing projects at the end of the period was 30 percent (29).
Net salesper product area, rolling 12 months per geographic market, rolling 12 months
Housing, 24% (26)
Construction maintenance, 7% (8)
Sports facilities, 6% (6)
Industrial, 11% (5)
Offices, 12% (13)
Logistics, 4% (6)
Service and retail, 2% (2)
Schools and education, 12% (13)
Health and care, 8% (9)
Other building construction, 14% (12)
Sweden, 78% (77)
Norway, 11% (12)
Finland, 11% (11)
Order backlog, March 31, 2026per product area
Housing, 30% (29)
Construction maintenance, 2% (2)
Sports facilities, 4% (6)
Industrial, 11% (8)
Offices, 13% (14)
Logistics, 4% (5)
Service and retail, 4% (0)
Schools and education, 12% (13)
Health and care, 8% (9)
Other building construction, 12% (14)
per project size
MSEK
10,000
8,000
6,000
4,000
2,000
0
< 200 MSEK, 29% (37) 201 - 500 MSEK, 38% (38)
501 - 1,000 MSEK, 20% (13) >1,000 MSEK, 13% (12)
Key ratiosJan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 | |
Net sales, MSEK | 5,299 | 5,317 | 23,665 | 23,683 |
Operating profit, MSEK | 222 | 111 | 623 | 512 |
Operating margin, % | 4.2 | 2.1 | 2.6 | 2.2 |
Orders received, MSEK | 6,742 | 8,784 | 23,256 | 25,298 |
Orders received/net sales, % | 127 | 165 | 98 | 107 |
Order backlog, MSEK | 25,764 | 26,685 | 25,764 | 25,134 |
Operating cash flow, MSEK | -17 | 287 | 1,272 | 1,576 |
Average number of employees | 3,894 | 4,181 | 4,094 | 4,163 |
Business area Civil Engineering is a leading actor in Sweden and one of the larger players in Norway. Civil Engineering works with landscaping and pipelines, builds and maintains roads, railroads, bridges and other infrastructure as well as does foundation work. Operations are organized in geographic regions, a region for foundations and, as of 2026, a region for major infrastructure projects as well.
Net sales and profitActivity was high during the first quarter 2026 in business area Civil Engineering. Several Nordic countries have announced major infrastructure investments in new investments as well as operation and maintenance. In addition, public investments are being made in, among other things, water and sewerage and power supply, as well as investments related to the ongoing climate transition. Net sales increased by eleven percent and amounted to SEK 4,062 million (3,668). Even adjusted for divested operations and exchange rate effects, net sales increased by eleven percent.
Operating profit increased to SEK 147 million (114) and the operating margin improved to 3.6 percent (3.1). Earnings increased in several of the units in Sweden during the quarter. The operating margin for the latest rolling 12 month period was 4.1 percent compared to 4.0 percent for the full year 2025.
Orders received and order backlogThe level of orders received was higher during the first quarter 2026 and amounted to SEK 6,385 million (4,870). Calculated on a rolling 12 month basis the level of orders received was 120 percent of net sales.
Order backlog on March 31, 2026 amounted to SEK 24,542 million (21,129). Roads and other infrastructure make up the largest portion of the order backlog at 45 percent (36).
Net salesper product, rolling 12 months per geographic market, rolling 12 months
Operation and maintenance, 17% (18)
Energy, 4% (5)
Streets and groundwork, 33% (35)
Ports and sea, 11% (8)
Industrial, 6% (5)
Roads and other infrastructure, 29% (29)
Sweden, 90% (87)
Norway, 10% (13)
Order backlog, March 31, 2026per product
per project size
MSEK
Operation and maintenance, 19% (19)
Energy, 8% (5)
Streets and groundwork, 19% (27)
Ports and sea, 5% (10)
Industrial, 4% (3)
Roads and other infrastructure, 45% (36)
10,000
8,000
6,000
4,000
2,000
0
< 200 MSEK, 39% (38) 201 - 500 MSEK, 22% (26)
501 - 1,000 MSEK, 15% (15) >1,000 MSEK, 24% (21)
Key ratiosJan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 | |
Net sales, MSEK | 4,062 | 3,668 | 18,001 | 17,607 |
Operating profit, MSEK | 147 | 114 | 737 | 704 |
Operating margin, % | 3.6 | 3.1 | 4.1 | 4.0 |
Orders received, MSEK | 6,385 | 4,870 | 21,534 | 20,019 |
Orders received/net sales, % | 157 | 133 | 120 | 114 |
Order backlog, MSEK | 24,542 | 21,129 | 24,542 | 22,201 |
Operating cash flow, MSEK | 415 | 226 | 1,089 | 900 |
Average number of employees | 2,970 | 3,082 | 3,113 | 3,140 |
Business area Industry provides products and services that make construction and civil engineering projects on the Nordic market more sustainable and cost-efficient. With local roots we work with both external and internal customers. The business area is run in two units, Swerock/Asphalt and Construction system. Swerock/Asphalt runs product areas mineral aggregates, paving, concrete and transportation and machines and Construction system comprises prefab and rentals. All the product areas are aimed at the Nordic construction and civil engineering market.
Net sales and profitBusiness area Industry has a very clear seasonal pattern where the first quarter is characterized by substantial deficits since the paving season begins in the second quarter.
Net sales for the first quarter 2026 increased by eight percent and amounted to SEK 2,462 million (2,283). Adjusted for divested operations and exchange rate effects, net sales increased by nine percent. The increase is related to Construction system.
Operating profit improved during the first quarter and amounted to SEK -412 million (-549) and the operating margin was -16.7 percent (-24.0). In 2025 a review of part of the Norwegian paving and mineral aggregates operations in the unit Swe-rock/Asphalt was initiated due to low profitability, which resulted in increased costs.
In connection with the discontinuation of operations, capital gains from the sale of fixed assets had a positive effect during the first quarter 2026. In addition, there have been positive effects during the quarter from forward hedging of commodity contracts. Increased activity in the unit Construction system has contributed to a higher operating profit. For the latest rolling 12 month period, the operating margin in business area Industry amounted to 8.0 percent compared to
7.4 percent for the full year 2025, of which the operating margin in Swerock/As-phalt was 9.3 percent (8.6 in 2025) and 1.7 percent (1.2 in 2025) in Construction system.
Capital employed has contracted and at the end of the period was SEK 9,269 million compared to SEK 9,735 million at the end of March 2025.
Orders received and order backlogThe level of orders received during the quarter was slightly lower and amounted to SEK 2,940 million (3,835). The decline in orders received is related to Swe-rock/Asphalt and the Finnish and Norwegian paving operations. The level of orders received increased in Construction system during the quarter. The order backlog for the business area on March 31, 2026 amounted to SEK 7,563 million (7,417).
Net salesper product area, rolling 12 months per geographic market, rolling 12 months
Paving, 50% (54)
Concrete, 11% (10)
Mineral aggregates, 14% (14)
Transportation and machines, 7% (8)
Rentals, 11% (8)
Prefab, 7% (6)
Sweden, 61% (57)
Norway, 6% (7)
Finland, 26% (29)
Denmark, 7% (7)
XX
XX
Key ratios
Jan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 | |
Net sales, MSEK | 2,462 | 2,283 | 20,216 | 20,037 |
of which Swerock/Asphalt | 1,507 | 1,504 | 16,773 | 16,770 |
of which Construction system | 1,047 | 854 | 3,865 | 3,672 |
of which eliminations | -92 | -75 | -422 | -405 |
Operating profit, MSEK | -412 | -549 | 1,622 | 1,485 |
of which Swerock/Asphalt | -440 | -558 | 1,558 | 1,440 |
of which Construction system | 28 | 9 | 64 | 45 |
Operating margin, % | -16.7 | -24.0 | 8.0 | 7.4 |
of which Swerock/Asphalt | -29.2 | -37.1 | 9.3 | 8.6 |
of which Construction system | 2.7 | 1.1 | 1.7 | 1.2 |
Orders received, MSEK | 2,940 | 3,835 | 12,351 | 13,246 |
of which Swerock/Asphalt | 2,541 | 3,515 | 10,456 | 11,430 |
of which Construction system | 399 | 320 | 1,895 | 1,816 |
Order backlog, MSEK | 7,563 | 7,417 | 7,563 | 5,390 |
of which Swerock/Asphalt | 6,087 | 6,393 | 6,087 | 3,824 |
of which Construction system | 1,476 | 1,024 | 1,476 | 1,566 |
Capital employed at the end of the period, MSEK | 9,269 | 9,735 | 9,269 | 9,198 |
of which Swerock/Asphalt | 6,587 | 6,941 | 6,587 | 6,443 |
of which Construction system | 2,682 | 2,794 | 2,682 | 2,755 |
Operating cash flow, MSEK | -338 | -611 | 2,224 | 1,951 |
Average number of employees | 3,497 | 3,616 | 4,351 | 4,382 |
Volumes Swerock/Asphalt | Jan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 |
Concrete, thousands of m3 1) | 180 | 163 | 919 | 902 |
Paving, thousands of tons 1) | 79 | 135 | 6,103 | 6,159 |
Mineral Aggregates, thousands of tons 1) | 4,581 | 3,999 | 25,945 | 25,363 |
1) Refers to sold volume
Business area Project DevelopmentBusiness area Project Development, which comprises Housing Development and Property Development, develops sustainable and vibrant urban environments with residential, commercial and public property. Housing Development offers a broad range of housing forms including apartment buildings with tenant-owner apartments, condominiums and apartments for rent. Property Development develops office buildings, premises and sometimes entire city districts in collaboration with municipalities and other partners.
Net sales and profitNet sales decreased during the first quarter 2026 and amounted to SEK 492 million (991). The decrease is related to Housing Development where there have been fewer production starts in the quarter compared to the corresponding quarter last year when, among other things, two major housing projects were production-started.
Operating profit amounted to SEK 9 million (83) and the operating margin was 1.8 percent (8.4). The operating margin in Housing Development was -0.4 percent (3.6). No major transactions have been carried out in Property Development during the quarter. In the corresponding quarter last year capital gains from the divestiture of property and participations in joint venture companies affected the business area by SEK 47 million. The operating margin for the latest rolling 12 month period was 4.3 percent compared to 5.5 percent for the full year 2025, of which the operating margin in Property Development was 135.7 percent (137.3 in 2025) and in Housing Development
-0.7 percent (0.2 in 2025).
Capital employed was SEK 18,634 million (18,435) at the end of March 2026.
During the quarter production started on 132 (523) homes, of which 109 (336) were tenant-owner apartments/condominiums, of which 63 (40) were converted from homes on our own balance sheet and 86 (-) were homes in rental apartment projects. In the corresponding quarter last year production also started on 187 homes on our own balance sheet. The number of sold homes during the quarter was 115 (272), of which 103 (226) were tenant-owner apartments/condominiums and 12 (46) were homes on our own balance sheet.
The trend of increasing sales as the project approaches completion continues. We are therefore working on the strategy of - given our financial targets - increasing our own housing development production on our own balance sheet to later convert them into tenant-owner apartments. This is particularly the case for projects in metropolitan areas.
Starting projects on our own balance sheet increases our tied-up capital and entails deferred effects on profit in segment reporting compared with our traditional method of advance sales before production starts of our own developments.
The market for new housing production has stabilized and lower interest rates, eased mortgage regulations and stabilized prices on the second-hand market are helping. However, supply on the second-hand market remains high which, combined with cautious consumers, means that the market looks different in different places. Markets in the big cities and good micro locations are better than in other locations that remain weak. This development is similar in Sweden, Norway and Finland.
Significant joint venturesPeabʼs significant joint venture companies are Fastighets AB ML4, Point Hyllie Holding AB and Skiab Invest AB. Ongoing returns are in the form of shares in the profit from joint ventures recognized in operating profit and interest income on lending. For more information on joint ventures, see the section Business area Project Development and note 18 in the Annual and Sustainability Report 2025.
Net salesper geographic market, rolling 12 months
Sweden, 85% (82)
Norway, 8% (9)
Finland, 7% (9)
Office Building
Gothenburg
13
Key ratios
Jan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 | |
Net sales, MSEK | 492 | 991 | 3,846 | 4,345 |
of which Property Development | 31 | 57 | 140 | 166 |
of which Housing Development | 461 | 934 | 3,706 | 4,179 |
Operating profit, MSEK | 9 | 83 | 164 | 238 |
of which Property Development | 11 | 49 | 190 | 228 |
of which Housing Development | -2 | 34 | -26 | 10 |
Operating margin, % | 1.8 | 8.4 | 4.3 | 5.5 |
of which Property Development | 35.5 | 86.0 | 135.7 | 137.3 |
of which Housing Development | -0.4 | 3.6 | -0.7 | 0.2 |
Capital employed at the end of the period, MSEK | 18,634 | 18,435 | 18,634 | 18,220 |
Orders received, MSEK | 466 | 1,276 | 2,055 | 2,865 |
Order backlog, MSEK | 1,696 | 1,975 | 1,696 | 1,702 |
Operating cash flow, MSEK | -183 | 269 | 100 | 552 |
Average number of employees | 116 | 131 | 122 | 126 |
MSEK | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
Operations property | 30 | 33 | 31 |
Investment property | 35 | 35 | 35 |
Project and development property | 16,799 | 16,937 | 16,477 |
of which housing development rights | 8,720 | 8,869 | 8,689 |
of which commercial development rights | 1,593 | 1,682 | 1,575 |
of which ongoing housing projects | 2,726 | 2,832 | 3,114 |
of which ongoing commercial projects | 529 | 160 | 454 |
of which completed and repurchased homes | 1,933 | 2,155 | 1,348 |
of which completed commercial property | 1,298 | 1,239 | 1,297 |
Shares in joint ventures | 1,667 | 1,619 | 1,613 |
Loans to joint ventures | 496 | 491 | 492 |
Working capital and other | -393 | -680 | -428 |
Total | 18,634 | 18,435 | 18,220 |
of which Property Development | 4,688 | 5,015 | 4,585 |
of which Housing Development | 13,946 | 13,420 | 13,635 |
Number, approx. | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
Development rights on our own balance sheet | 22,500 | 23,100 | 22,900 |
Development rights via joint ventures | 4,900 | 4,900 | 4,900 |
Development rights via options etc. | 5,200 | 6,200 | 5,200 |
Total | 32,600 | 34,200 | 33,000 |
Number | Jan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 |
Tenant-owner apartments/condominiums | 109 | 336 | 506 | 733 |
- of which converted from homes on our own balance sheet | 63 | 40 | 437 | 414 |
Rentals | 86 | - | 378 | 292 |
Homes on our own balance sheet | -63 | 187 | -114 | 136 |
- of which converted to tenant-owner apartments/ condominiums | -63 | -40 | -437 | -414 |
Total number of homes | 132 | 523 | 770 | 1,161 |
Number | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
Tenant owner apartments/condominiums | 543 | 372 | 364 |
Rentals | 6 | 306 | 6 |
Total number of homes | 549 | 678 | 370 |
Number | Jan-Mar 2026 | Jan-mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 |
Tenant-owner apartments/condominiums | 103 | 226 | 452 | 575 |
Rentals | - | - | 568 | 568 |
Homes on our own balance sheet | 12 | 46 | 71 | 105 |
Total number of homes | 115 | 272 | 1,091 | 1,248 |
Number | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
Tenant-owner apartments/condominiums | 923 | 1,207 | 1,225 |
- of which sold share | 46% | 43% | 44% |
Rentals | 295 | 80 | 209 |
- of which sold share | 63% | 100% | 89% |
Homes on our own balance sheet | 429 | 623 | 572 |
- of which sold share | 0% | 9% | 3% |
Total number of homes | 1,647 | 1,910 | 2,006 |
- of which sold share | 37% | 35% | 37% |
Type of project | Location | Rentable area in m2 | Degree rented, % | Recognized value, MSEK | Adopted investment, MSEK | Completion time point | Completion level, % |
Ongoing | |||||||
Retail, office building and parking | Malmö | 8,300 | 43 | 348 | 592* | Q3-2027 | 59 |
Retail | Malmö | 8,600 | 100 | 122 | 164 | Q4-2026 | 75 |
Preschool | Upplands Väsby | 1,200 | 100 | 30 | 59 | Q4-2026 | 50 |
Completed | |||||||
Office building | Gothenburg | 13,000 | 69 | 568 | |||
Apartment hotel | Malmö | 4,300 | 100 | 135 | |||
Office building | Malmö | 2,500 | 100 | 137 | |||
Office building | Malmö | 3,600 | 81 | 126 | |||
Office building | Malmö | 4,900 | 100 | 254 |
* The amount includes approximately 17,000 m2 of parking space
Non-financial targets and sustainabilityPeabʼs operations are aimed at improving everyday life where people live their lives and building sustainable communities. Building everything from homes, schools, retirement homes and hospitals to bridges, roads and other infrastructure is the core of our sustainability work. Collaboration between business areas in the processing chain and local presence are two cornerstones in our business model that create value for our customers, promote business conduct and social responsibility as well as aid us in reducing our climate and environmental impact.
We monitor our business based on nine external targets, of which three are financial and based on segment reporting and six are non-financial targets. Both our external and internal financial and non-financial targets are categorized under the strategic targets Most satisfied customers, Most profitable company, Best workplace and Leader in social responsibility. All our targets refer to our industry. We report the targets quarterly, semi-annually or annually. In this report we report the outcome of the three targets regarding operating profit, net debt/equity ratio and serious accidents.
TARGET: Customer Satisfaction Index (CSI) always higher than 75
TARGET 2030:
Scope 1+2: -60% carbon dioxide intensity (own production)
Scope 3: -50% carbon dioxide intensity (input goods and purchased services)
Carbon dioxide intensity
It is imperative for a long-term, sustainable relationship that Peab deliver on its obligations to customers. Our annual customer survey shows how well we meet customersʼ expectations. In our measurement method of Customer Satisfaction Index (CSI) each business area equals a fourth of the rating for the Groupʼs compiled CSI result. In 2025 CSI amounted to 80 (78) which is a clear increase and bit over our target of higher than 75. We are pleased to see that all four business areas have improved their CSI ratings. In connection with the CSI survey we also ask customers how they perceive Peab based on a number of factors. Our personnel received the top rating while reliability and price worthiness maintain high ratings. Almost 2,100 customers participated in the autumn survey.
Best workplaceSerious accidents
TARGET: Zero vision and contracting trend in serious accidents
A safe and healthy work environment is the foundation of our business. Everyone should be able to be at our workplaces under safe, secure and healthy conditions, despite the fact that there are risks involved in the work we do. Peab has a vision of zero workplace accidents. In order to approach it we have set the target of a contracting trend in serious accidents that we monitor quarterly and which includes everyone at our workplaces.
The number of serious accidents after the first quarter of the year was 48 for the latest twelve month period, which can be compared to 49 for the full year 2025. During the first quarter 2026 there were seven serious accidents, of which four involved our own employees and three concerned employees of subcontractors. We continue to work with a laser focus on safe workplaces.
We also monitor the number of workplace accidents with more than four days absence, excluding the day of injury (LTI4), and workplace accidents according to the same definition per one million hours worked (LTIF4) for our own employees. During the first quarter of the year the number of LTI4s was 30 (41 in the fourth quarter 2025) and the LTIF4 frequency rate calculated on a twelve month period was 6.0 (5.6 for full year 2025).
Attractive employer (eNPS)
Peabʼs operations generate greenhouse gas emissions primarily by using various materials in production like concrete, steel and asphalt. Two other major sources of carbon emissions in production are energy consumption and transportation. As community builders we also have a comprehensive perspective on our climate work and strive to contribute to a sustainable society on the whole by building, for example, solar power plants and railroads or by building in such a way that people can live more sustainably.
In 2045 Peab will be climate neutral. Our sub-targets by 2030, with 2015 as the base year, are to reduce carbon dioxide intensity by at least 60 percent in our own operations (Scope 1 and 2) and for input goods and purchased services (Scope 3 upstreams) by at least 50 percent.
The outcome for 2025 shows that carbon dioxide intensity in our own operations, pertaining to fuel and energy, has gone down by 58 percent since 2015. The transition to green energy is a positive factor while the change in Sweden of the reduction obligation has a counterproductive effect.
Carbon dioxide intensity for input goods and purchased services comprises concrete, cement, asphalt/bitumen, steel, waste, transportation and machine services and business trips. At the end of 2025 carbon dioxide intensity was down by seven percent since 2015. The outcome for the whole year was impacted by items affecting comparability that mainly refer to the much higher emission factor for bitumen, and that as of 2025 the target includes more input goods such as the binder for fundament reinforcement. An increase in the volume of bitumen purchased also impacted the outcome. Peab has a tight dialogue with suppliers, customers and other partners to reduce our carbon footprint in Scope 3.
We work actively to increase the scope and quality of our metrics of greenhouse gases emissions, which is apparent in the data reported for 2025.
TARGET: Equal opportunity recruitment, skilled workers and white-collar workers
The portion of women recruited to jobs close to production should always be higher than the education market
Equal opportunity recruitment
TARGET: eNPS always over benchmark
We should be the best workplace in the industry and thereby the obvious choice of employer. Twice a year we hold our personnel survey The Handshake so that co-workers and teams can continuously develop. It contains a question on em-ployeesʼ willingness to recommend Peab as an employer (eNPS) where the target is that the eNPS score should be above the benchmark for the industry and manufacturing trade.
In the autumn survey the eNPS value was 31 (32) and continues to be well above the Nordic benchmark which was 17 (18). The most apparent increase in the eNPS value was among female skilled workers. In the survey employees continue to value collaboration with co-workers and community while many note their appreciation of Peabʼs core values in the comments. Participation was once again high at 88.6 percent (90.9), although not the record participation in the previous survey. This shows the high interest our employees have in contributing to the development of our business.
Peab wants to take advantage of all the competence society has to offer and contribute to nudging the entire industry forward. Our target is that the portion of women recruited to Peab for our core skills should always be higher than the portion of women who have graduated with, for us, relevant degrees on the education markets. We are focused on core skills in production (skilled workers) and in production management and production support (white-collar workers).
At the end of 2025 the portion of women in new recruitments was 13.7 (10.6) percent in production and processing. The target for 2025 was at least 8.0 percent. The portion for new recruitment in production management and production support rose to 43.8 (39.1) percent compared to our target of at least 30.0 percent.
Activities during the first quarterPeab implemented digital pre-registration for subcontractors and their contractors (two subcontractor levels) to further promote order and integrity. This includes compliance with certain basic demands. The change
increases our subcontractor controls, counteracts fraud and financial crime as well as promotes fair competition.
Peab was accepted as a member of Transparency International Sveriges
Business Integrity Forum. This is a forum where companies exchange experiences in anti-corruption work to contribute to order and integrity in the industry and strengthen confidence in businesses and society in general.
For the fourth year in a row The Construction Year, Peabʼs one year trainee
program for young women, is taking in new applications. The Construction
Year was launched in 2023 to counter the sluggish pace of equality work in the construction industry. Interest in the program is record high with over one thousand applicants.
Lambertsson carried out a nationwide educational program regarding lift
equipment inspections to raise employee competence and promote ensuring safe rentals to customers.
Peab simplified and clarified its work methods regarding medical
examinations to prevent illness and to create a secure and sustainable work environment for all. Medical examinations are physical exams held by occupational health care for employees with jobs that entail particular health and safety risks.
Bridge work, road E45
Denmark
Target and target fulfilmentMost profitable company
Most profitable company
Most profitable company
Target: >6% according to segment reporting (reported quarterly)
Net debt/equity ratioTarget: 0.3-0.7 according to segment reporting (reported quarterly)
DividendTarget: >50% of profit for the year according to segment reporting (reported annually)
% Multiple %
8
6.2
5.2
4.3
4.7 4.5 4.7
3.2
6
4
2
2020
2021
2022
2023
0
1.0
0.8
0.6
0.4
0.2
0.0
0.6
100
70
80
59
56
38
30
67
60
40
2024
2025
2026*
20
0.5
0.5
0.4 0.4
0.3
0.2
-2
2020 2021 2022 2023 2024 2025 2026*
Operating margin
TargetNet debt/equity ratio
Target0
2020* 2021 2022 2023 2024 2025**
Dividend Target* Calculated on rolling 12 month per March 31, 2026.
* Per March 31, 2026.
* The proportion is calulated without the effect of SEK 952 million on profit due to the distribution of Annehem Fastigheter. ** Board of Directorsʼ proposal to the AGM.
Best workplace
Best workplace
Most satisfied customers
Target: Zero fatal accidents and contracting trend, rolling 12 months, serious accidents classification 4 (reported quarterly)
No
70
48 48 49
54
43
48 43 44 41
49 48
34
40
33 28 29 29
60
50
40
30
20
10
0
eNPSTarget: > over benchmark (reported semiannually)
eNPS
32
24
18
10
28
20
29
22
31
27
21
26
19
27 28
20
15
17 17
18
40
30
20
10
2020 Q4
2021 Q4
2022 Q2
2022 Q4
2023 Q2
2023 Q4
2024 Q2
2024 Q4
2025 Q2
0
Customer Satisfaction Index (CSI)Target: > 75 (reported annually) CSI
80
81
80
80
80
78
85
80
75
Jan-
22
Jan-
23
Jan-
24
Jan-
25
Jan-
26
70
2025 Q4
2020 2021 2022 2023 2024 2025
Own personnel Subcontractors Total
eNPS
BenchmarkeNPS stands for employee Net Promoter Score and measures employee engagement. The score can vary between -100 and 100.
Customer Satisfaction Index (CSI)
TargetCSI stands for Customer Satisfaction Index and measures how satisfied Peabʼs customers are. CSI is a weighted measurement between 0 and 100.
Leader in social responsibility
Leader in social responsibility
Leader in social responsibility
Target: Reduced emissions of GHG Scope 1+2* (tons
Carbon dioxide intensity: Climate targets for input goods and purchased servicesTarget: Reduced emissions of GHG Scope 3* (tons CO2e/MSEK)
Equal opportunity recruitmentTarget: Share of women recruited > the education market (reported annually)
Production management and production support (white-collar workers), %
CO2e/MSEK) by 60% until 2030 (reported annually)
%
120
100
80
60
40
by 50% until 2030 (reported annually)
%
120
100
80
60
40
60.0
50.0
40.0
30.0
20.0
10.0
45.0
45.3
34.9
39.1
43.8
18.8
2020 2021 2022 2023 2024 2025
Actual
Target20
2015
2017
2019
2021
2023
2025
2027
2029
0
Target Current level, -58% per 25123120
2015
2017
2019
2021
2023
2025
2027
2029
0
Target Current level, -7% per 251231Production and processing (skilled workers), %
8.3
14.2
10.6
13.7
6.8
7.9
15.0
10.0
5.0
0.0
* Direct and indirect emissions as a result of using fuel and energy in our own production.
* Includes concrete/cement, asphalt/bitumen, transportation and machine services, steel, waste and business trips.
2020 2021 2022 2023 2024 2025
Actual
TargetConstruction market Sweden
Despite continued geopolitical tensions the macroeconomic situation is expected to improve in Sweden during the year. Householdsʼ confidence has grown and several economic indicators have seen an upturn. At the same time the war in the Middle East has raised the risk of an energy crisis and inflation that can lead to tighter monetary policies. At the moment, however, inflation appears to be under control and the policy rate is expected to remain on the same level.
Housing construction recovery is expected to gradually continue in 2026, albeit from a low level. Lower interest rates, relaxation of home loan regulations and price stabilization on the second hand market will most likely augment demand. However, the cautious behavior of households and high construction costs have a dampening effect.
Investments in premise construction are expected to grow somewhat in 2026 after declining for a few years. Above all, 2026 and onward will be marked by major construction in the justice system and defense, investments in datacenters and continued substantial industrial construction. Development in the renovation market is primarily driven by renovations needed in schools and care buildings along with a growing demand for energy renovations.
Total civil engineering investments are expected to continue to increase in 2026. The new national plan for transportation infrastructure for the years 2026-2037 with higher investments in railroads and road maintenance, the expansion of the electricity grid and in water and sewage systems as well as more investments in defense will generate broad growth in the civil engineering market.
NorwayMacroeconomic driving forces are still hindered by high interest rates and construction costs at the same time Norwayʼs population growth is dropping off. Geopolitical turbulence with wars adds to the uncertainty. Norges Bank has revised the interest rate trajectory and signaled a raise in the interest rate in 2026 because of persistent inflation and higher energy prices.
A gradual increase in housing construction is predicted in 2026 although construction costs and interest levels are slowing down recovery. Home renovations are expected to show continued growth, albeit at a slower tempo than previous forecasts have indicated.
Production-starts of premise construction remain on a low level but the forecast for investments in 2026 points upwards. Growing defense investments are expected to contribute to development in the premise market although the effects are not yet tangible. However, the large existing building stock needs to be maintained and rebuilt which will gradually increase the need for renovations in 2026.
The civil engineering market is expected to develop on the same level as in 2025. Investments are expected to grow primarily in power and energy plants as well as municipal technique facilities. Several major road projects will also contribute to stable production in 2026. The forecasts for operation and maintenance are moderate for 2026 but growth is expected to accelerate again in 2027.
FinlandInflation in Finland is expected to remain under two percent despite all the uncertainty created by the situation in the Middle East. Together with higher wages and falling interest rates, consumersʼ purchasing power will improve in the coming years. At the same time growth is hampered by global volatility and the rate of unemployment in the country.
The housing market is expected to recover in 2026 from low levels, even though the market continues to be cautious and dampened by excess supply and continued sluggish home sales.
Despite the uncertainty, premise construction is also expected to grow going forward and drive new production in the construction industry. The driving forces are office and industrial buildings along with data centers and, in particular, defense and infrastructure projects. Renovations have developed weakly in recent years and demand in 2026 is expected to be hampered by high renovation costs, even though renovations are needed and there is potential for growth.
Investments in civil engineering are expected to continue to cautiously grow in 2026, mainly due to higher infrastructure investments. Zero growth is estimated in operation and maintenance, even though the need is great.
Housing
2026 | 2027 | 2028 |
Sweden | ||
Norway | ||
Finland |
Forecast for production-started housing investments, new production and renovations
Premise investments
2026 | 2027 | 2028 |
Sweden | ||
Norway | ||
Finland |
Forecast for production-started premise investments, new production and renovations
Civil engineering
2026 | 2027 | 2028 |
Sweden | ||
Norway | ||
Finland |
Forecast for civil engineering investments
Same forecast compared to the previous interim reportBetter forecast compared to the previous interim report
Worse forecast compared to the previous interim report
As of 2025 Prognoscentret provides market forecasts. Construction is divided into housing construction (new homes and renovation) and premise construction (new premises and renovation). Premises comprise all buildings except homes and agricultural buildings. Civil engineering includes new investments and operations and maintenance. The color of the arrows shows the comparison with Prognoscentretʼs previous forecast.
Explanation | Symbol |
Increase by more than 10% | |
Increase by 3-10% | |
Unchanged ± 2% | |
Reduction by 3-10% | |
Reduction of more than 10% |
Peabʼs business is exposed to several different types of risks but Peabʼs four business areas, operations in four countries and customers in both the private and public sectors provide the foundation for spreading risks well. Some risks are out of Peabʼs control but can have various impacts on the conditions for running a business. These are, for example, developments in the economy, interest rate trends, customer behavior, climate impact and political decisions. There are other risks Peab can in different ways affect by reducing their impact or eliminating them entirely. These are primarily risks in operations that are handled in the line organization in the business areas based on established procedures, processes and governance systems. Group risks are divided into four risk categories: operative risks, financial risks, strategic risks as well as compliance risks.
There are always operative risks in a project-related business like Peabʼs and managing these risks is a continuous process due to the large number of projects the Group is always starting up, carrying out and completing. Peabʼs project operations work with a number of different contract forms where risk levels vary depending on the type of contract. However, with any type of contract ambiguities can arise concerning the terms, which can lead to delimitation issues that create a dispute with the customer.
Financial risks are primarily associated with the companyʼs need for capital, tied-up capital and access to financing. Financial risks are mainly managed on Group level.
Strategic risks are risks linked to our mission, our long-term targets and our strategy. The increasing geopolitical uncertainty contributes to a more cautious market and uncertainty concerning investments, inflation and economic develop-
ment in general. The conflict in the Middle East affects access to oil and natural gas and the entire geopolitical uncertainty drives up energy prices. Higher uncertainty impacts the construction industry regarding investments and how prices and access to materials and energy evolve. We constantly work on developing our employees, construction methods and new climate smart construction material in order to meet market needs.
Compliance risks concern, for example, lack of compliance with laws, contracts or internal regulations and guidelines. Other examples are involvement in corruption or improper competition. Compliance risks are not only found in Peabʼs own organization but in our supply chains as well. The consequences of compliance risks include fines, damaged trust, failed projects and exclusion from procurements.
In May 2025 the Competition and Consumer Authority in Finland launched a so-called competition law compliance audit of several companies active on the asphalt paving market in Finland, among them Peabʼs subsidiary Peab Industri Oy. Peab is cooperating fully with the authority. The fact that the authority has initiated an audit does not mean that Peab Industri Oy is guilty of any anticompetitive conduct and the result of the investigation should not be pre-empted. The Peab Group has zero tolerance of any forms of irregularities.
For further information about risks and uncertainty factors, see the Annual and Sustainability Report 2025.
Gamlestads smedja, Office Building
Gothenburg
20
Other information Significant events during the period
The Nomination Committee's proposal for Board members of Peab AB
Peab AB was informed by the companyʼs Nomination Committee on February 10,
2026 of its proposal to the AGM 2026 regarding the composition of the Board of Directors. The Nomination Committee intends to propose Carl Mellander as a new member of the Board and reelection of the following Board members: Anders Runevad, Malin Persson, Magdalena Gerger, Liselott Kilaas, Kerstin Lindell, Fredrik Paulsson and Lars Sköld. The Nomination Committee further intends to propose reelection of Anders Runevad as Chairman of the Board.
Carl Mellander has extensive experience from leading financial positions in global, listed companies, among them as Group CFO for Ericsson. He has a broad background in financial governance, capital market matters, M&A, risk and regulation compliance as well as international business management. He is currently a member of the board of, and consultant to, several companies. The Nomination Committeeʼs proposal entails that the Board of Directors will consist, until the end of the next AGM, of eight Board members. The Nomination Committee will continue its work and the complete proposal to the AGM 2026 have been presented with the notice of the Annual General Meeting.
Exceedance of limit for flagging due to repurchasing own shares
In accordance with Chapter 4, Section 18 of the Financial Instruments Trading Act (1991:980) Peab AB acquired on March 11, 2026 25,000 own B shares, which entailed that Peabʼs holding of own shares exceeded the limit of five percent of all the shares in Peab. The total number of shares in Peab on March 11, 2026 amounted to 14,822,984 B shares, which corresponds to 5.01 percent of the total number of shares.
Peab has concluded repurchasing own shares
Peab AB has repurchased a total of 6,237,280 B shares for about SEK 500 million between July 25, 2025 and March 12, 2026. The shares have been repurchased after a decision by the Board and through the authorization granted by the AGM on May 6, 2025.
Peab has entered into an agreement for a new credit facility totaling SEK 8 billion
Peab has entered into an agreement for a new credit facility totaling SEK 8.0 bil-
lion to refinance the current credit facility of SEK 7.0 billion that matures in June 2028. The credit facility of SEK 8.0 billion runs until March 20, 2029 with the possibility of an extension for one plus one year. Four banks participate in the transaction: Nordea, Swedbank, SEB and Handelsbanken. The transaction is coordinated by Nordea. The credit agreements are intended to refinance the companyʼs exist-
ing credit facility which matures in June 2028. The loan contracts make up Peabʼs long-term financing foundation and are complemented by capital market financing, other types of short-term operational financing and project-related credits.
Significant events after the reporting periodNo significant events occurred after the end of the reporting period.
Holdings and repurchase of own sharesAt the beginning of 2026 Peabʼs holding of its own shares was 14,117,984 B shares which corresponds to 4.8 percent of the total number of shares. Peabʼs Board of Directors, through the authorization given by the Annual General Meeting on May 6, 2025, decided to repurchase its own shares on a regular basis until the Annual General Meeting in 2026. The purpose of the repurchasing is to safeguard costs and deliveries connected to implementing the companyʼs long-term Performance Share Program and to be able to use the repurchased shares in financing acquisitions. Repurchasing takes into consideration the companyʼs financial position and capital structure. The shares have been repurchased on Nasdaq Stockholm according to the Nordic Main Market Rulebook for Issuers of Shares - Nasdaq Stockholm (Supplement D) and implemented in accordance with EU Parliamentʼs and Councilʼs EU regulation nr. 596/2014 on market abuse (MAR). The shares could only be repurchased at a price per share within the price interval registered at any given time on Nasdaq Stockholm, meaning the interval between the current highest buy price and the lowest sell price published by Nasdaq Stockholm. According to the Boardʼs decision shares could be repurchased during the period for a maximum of SEK 500 million and a number of shares so that the companyʼs holding of its own shares after the repurchasing did not exceed one tenth of all shares in the company. The acquired shares was to be paid for in cash. During 2025, 5,374,000 B shares have been repurchased for a total of SEK 415 million.
During the first quarter 2026 717,280 B shares have been repurchased for a total of SEK 85 million. Repurchasing of own shares was concluded per March 12, 2026 when the maximum amount of SEK 500 million was reached. After the repurchase Peab holds 14,835,264 own B shares corresponding to 5.0 percent of the total number of shares.
Related partiesThe character and extent of transactions with related parties is presented in the Annual and Sustainability Report 2025, note 36. During the quarter the sales of K Nordang to Peabʼs associated company was closed. For more information see the section Business area Construction. No other significant transactions have occurred during the first quarter 2026.
Swimming pool
Helsinki, Finland
21
Income statement for the Group, IFRS
Group net sales according to IFRS amounted during the first quarter 2026 to SEK 10,832 million (10,825). The adjustment of our own housing development projects to the completion method affected net sales by SEK 61 million (-100).
Operating profit according to IFRS for the first quarter 2026 amounted to SEK -149 million (-282) and the operating margin was -1.4 percent (-2.6). The adjustment of our own housing development projects to the completion method affected operating profit by SEK -6 million (-16).
MSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 |
Net sales | 10,832 | 10,825 | 58,588 | 58,581 |
Production costs | -10,390 | -10,415 | -53,028 | -53,053 |
Gross profit | 442 | 410 | 5,560 | 5,528 |
Sales and administrative expenses | -814 | -783 | -3,268 | -3,237 |
Other operating income | 226 | 114 | 548 | 436 |
Other operating costs | -3 | -23 | -14 | -34 |
Operating profit | -149 | -282 | 2,826 | 2,693 |
Financial income | 28 | 54 | 120 | 146 |
Financial expenses | -113 | -173 | -1,084 | -1,144 |
Net finance | -85 | -119 | -964 | -998 |
Pre-tax profit | -234 | -401 | 1,862 | 1,695 |
Tax | 61 | 34 | -305 | -332 |
Profit for the period | -173 | -367 | 1,557 | 1,363 |
Profit for the period, attributable to: | ||||
Shareholders in parent company | -172 | -373 | 1,558 | 1,357 |
Non-controlling interests | -1 | 6 | -1 | 6 |
Profit for the period | -173 | -367 | 1,557 | 1,363 |
Key ratios, IFRS | ||||
Earnings per share before and after dilution, SEK | -0.61 | -1.30 | 5.43 | 4.74 |
Average number of outstanding shares, million | 281.6 | 287.5 | 285.0 | 286.4 |
Return on capital employed, % 1) | 10.3 | 10.2 | 10.3 | 9.9 |
Return on equity, % 1) | 9.7 | 13.3 | 9.7 | 8.5 |
1) Calculated on rolling 12 months
Report on the Group income statement and other comprehensive income in summary, IFRSMSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 |
Profit for the period | -173 | -367 | 1,557 | 1,363 |
Other comprehensive income | ||||
Items that can be reclassified or have been reclassified to profit for the period | ||||
Translation differences for the period from translation of foreign operations | 114 | -146 | 36 | -224 |
Changes in fair value of cash flow hedges for the period | 78 | -1 | 60 | -19 |
Shares in joint venturesʼ other comprehensive income | -1 | 2 | -4 | -1 |
Tax referring to items that can be reclassified or have been reclassified to profit for the period | -16 | 0 | -12 | 4 |
Other comprehensive income for the period | 175 | -145 | 80 | -240 |
Total comprehensive income for the period | 2 | -512 | 1,637 | 1,123 |
Total comprehensive income for the period, attributable to: | ||||
Shareholders in parent company | 3 | -518 | 1,638 | 1,117 |
Non-controlling interests | -1 | 6 | -1 | 6 |
Total comprehensive income for the period | 2 | -512 | 1,637 | 1,123 |
Total assets on March 31, 2026 were SEK 44,382 million (45,219). Equity amounted to SEK 16,423 million (16,001), which generated an equity/assets ratio of 37.0 percent (35.4). During the first quarter 2026 repurchases of own shares were made in the amount of SEK 85 million (-).
MSEK | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
Assets | |||
Intangible assets | 3,478 | 3,613 | 3,509 |
Tangible assets | 7,302 | 7,397 | 7,377 |
Investment property | 54 | 59 | 59 |
Interest-bearing long-term receivables | 507 | 529 | 503 |
Other long-term receivables | 1,718 | 1,619 | 1,573 |
Deferred tax recoverables | 52 | 52 | 49 |
Total fixed assets | 13,111 | 13,269 | 13,070 |
Project and development properties | 17,801 | 18,173 | 17,451 |
Inventories | 2,022 | 2,115 | 1,520 |
Interest-bearing current receivables | 59 | 1,119 | 20 |
Other current receivables | 8,535 | 9,069 | 9,337 |
Liquid funds | 2,854 | 1,474 | 3,145 |
Total current assets | 31,271 | 31,950 | 31,473 |
Total assets | 44,382 | 45,219 | 44,543 |
Equity | |||
Equity attributable to shareholders in parent company | 16,397 | 15,973 | 16,455 |
Non-controlling interests | 26 | 28 | 24 |
Total equity | 16,423 | 16,001 | 16,479 |
Liabilities | |||
Interest-bearing long-term liabilities | 6,067 | 6,689 | 5,853 |
Interest-bearing long-term liabilities, project financing | 2 | 11 | 5 |
Deferred tax liabilities | 420 | 513 | 394 |
Other long-term liabilities | 1,658 | 1,687 | 1,660 |
Total long-term liabilities | 8,147 | 8,900 | 7,912 |
Interest-bearing current liabilities | 3,999 | 4,133 | 3,419 |
Interest-bearing current liabilities, project financing | 2,570 | 2,812 | 2,360 |
Other current liabilities | 13,243 | 13,373 | 14,373 |
Total current liabilities | 19,812 | 20,318 | 20,152 |
Total liabilities | 27,959 | 29,218 | 28,064 |
Total equity and liabilities | 44,382 | 45,219 | 44,543 |
Key ratios, IFRS | |||
Capital employed | 29,061 | 29,646 | 28,116 |
Equity/assets ratio, % | 37.0 | 35.4 | 37.0 |
Net debt | 9,218 | 10,523 | 7,969 |
Equity per share, SEK | 58.31 | 55.57 | 58.34 |
Number of outstanding shares at the end of the period, million | 281.2 | 287.5 | 282.1 |
MSEK | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
Equity attributable to shareholders in parent company | |||
Opening equity on January 1 | 16,455 | 16,482 | 16,482 |
Profit for the period | -172 | -373 | 1,357 |
Other comprehensive income for the period | 175 | -145 | -240 |
Total comprehensive income for the period | 3 | -518 | 1,117 |
Cash flow hedge transferred to cost of inventory | -6 | -1 | 4 |
Tax on cash flow hedge | 1 | 0 | -1 |
Contribution from, and value transferred to, owners | |||
Share-based payments settled with equity instruments | 29 | 10 | 56 |
Repurchase of own shares | -85 | - | -415 |
Cash dividend | - | - | -788 |
Total contribution from, and value transferred to, owners | -56 | 10 | -1,147 |
Closing equity | 16,397 | 15,973 | 16,455 |
Non-controlling interests | |||
Opening equity on January 1 | 24 | 22 | 22 |
Comprehensive income for the period | -1 | 6 | 6 |
Contribution from, and value transferred to, owners | |||
Cash dividend | - | - | -4 |
New issue non-controlling interests | 3 | - | - |
Total contribution from, and value transferred to, owners | 3 | - | -4 |
Closing equity | 26 | 28 | 24 |
Total closing equity | 16,423 | 16,001 | 16,479 |
MSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 |
Cash flow from current operations before changes in working capital | -242 | -220 | 3,510 | 3,532 |
Increase (-) / Decrease (+) of project and development properties | -282 | -31 | 58 | 309 |
Increase (-) / Decrease (+) of inventories | -321 | -569 | 286 | 38 |
Increase (-) / Decrease (+) of current receivables / current liabilities | 71 | 268 | -152 | 45 |
Cash flow from changes in working capital | -532 | -332 | 192 | 392 |
Cash flow from current operations | -774 | -552 | 3,702 | 3,924 |
Sale of subsidiaries/businesses, net effect on liquid funds | 24 | - | 303 | 279 |
Acquisition of fixed assets | -354 | -196 | -1,190 | -1,032 |
Sale of fixed assets | 65 | 263 | 1,526 | 1,724 |
Cash flow from investment operations | -265 | 67 | 639 | 971 |
Cash flow before financing | -1,039 | -485 | 4,341 | 4,895 |
Repurchase of own shares | -85 | - | -500 | -415 |
New issue non-controlling interests | 3 | - | 3 | - |
Increase (+) / Decrease (-) of interest-bearing liabilities | 638 | 566 | -1,441 | -1,513 |
Increase (+) / Decrease (-) of interest-bearing liabilities, project financing | 194 | -84 | -233 | -511 |
Dividend distributed to shareholders in parent company | - | - | -788 | -788 |
Dividend distributed to non-controlling interests | - | - | -4 | -4 |
Cash flow from financing operations | 750 | 482 | -2,963 | -3,231 |
Cash flow for the period | -289 | -3 | 1,378 | 1,664 |
Cash at the beginning of the period | 3,145 | 1,478 | 1,474 | 1,478 |
Exchange rate differences in cash | -2 | -1 | 2 | 3 |
Cash at the end of the period | 2,854 | 1,474 | 2,854 | 3,145 |
The parent company Peab ABʼs net sales for the first quarter 2026 amounted to SEK 257 million (248) and mainly consisted of internal Group services. Profit for the period amounted to SEK -32 million (-17).
The parent companyʼs assets mainly consist of participations in Group companies amounting to SEK 10,350 million (10,339). The assets have been financed from equity of SEK 13,913 million (13,345). During the period, the parent company reported share-based payments of SEK 29 million (10) in equity and repurchases of own shares of SEK 85 million (-).
The parent company is indirectly affected by the risks described in the section Risks and uncertainty factors.
Summary income statement for the parent companyMSEK | Jan-Mar 2026 | Jan-Mar 2025 | Apr 2025- Mar 2026 | Jan-Dec 2025 |
Net sales | 257 | 248 | 1,056 | 1,047 |
Administrative expenses | -332 | -308 | -1,351 | -1,327 |
Other operating income | 0 | 0 | 0 | 0 |
Operating profit | -75 | -60 | -295 | -280 |
Result from financial investments | ||||
Profit from participation in Group companies | - | - | 700 | 700 |
Other financial items | 34 | 38 | 137 | 141 |
Result after financial items | -41 | -22 | 542 | 561 |
Appropriations | - | - | 1,496 | 1,496 |
Pre-tax profit | -41 | -22 | 2,038 | 2,057 |
Tax | 9 | 5 | -257 | -261 |
Profit for the period 1) | -32 | -17 | 1,781 | 1,796 |
1) Profit/loss for the period corresponds to comprehensive profit/loss for the period and therefore only one income statement is presented and no separate one for comprehensive profit/loss
Balance sheet for the parent company in summaryMSEK | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
Assets | |||
Fixed assets | |||
Intangible assets | 215 | 283 | 231 |
Tangible assets | 55 | 45 | 49 |
Financial assets | |||
Participation in Group companies | 10,350 | 10,339 | 10,350 |
Receivables from Group companies | 93 | 32 | 69 |
Deferred tax recoverables | 117 | 106 | 116 |
Total financial assets | 10,560 | 10,477 | 10,535 |
Total fixed assets | 10,830 | 10,805 | 10,815 |
Current assets | |||
Current receivables | |||
Receivables from Group companies | 5,404 | 5,360 | 6,189 |
Current tax receivables | 57 | - | - |
Other receivables | 228 | 254 | 89 |
Total current receivables | 5,689 | 5,614 | 6,278 |
Cash and bank | 0 | 0 | 0 |
Total current assets | 5,700 | 5,614 | 6,278 |
Total assets | 16,519 | 16,419 | 17,093 |
Equity and liabilities | |||
Equity | |||
Restricted equity | 1,885 | 1,884 | 1,884 |
Non-restricted equity | 12,028 | 11,461 | 12,117 |
Total equity | 13,913 | 13,345 | 14,001 |
Untaxed reserves | 2,314 | 2,798 | 2,314 |
Provisions | |||
Other provisions | 54 | 45 | 51 |
Total provisions | 54 | 45 | 51 |
Current liabilities | |||
Liabilities to Group companies | 5 | 10 | 474 |
Current tax liabilities | - | 20 | 23 |
Other liabilities | 233 | 201 | 230 |
Total current liabilities | 238 | 231 | 727 |
Total liabilities | 238 | 276 | 727 |
Total equity and liabilities | 16,519 | 16,419 | 17,093 |
The quarterly report has been prepared according to the IFRS standards that have been adopted by EU as well as the interpretations of the valid standards adopted by EU, IFRICs. This report for the Group has been prepared according to IAS 34, Interim financial reporting as well as applicable regulations in the Annual Accounts Act. The parent company quarterly report has been prepared according to chapter 9 in the Annual Accounts Act, Quarterly reports and RFR 2, Accounting rules for legal entities. The Group and parent company have applied the same accounting principles and conditions as in the latest Annual and Sustainability Report.
In addition to the financial reports and their accompanying notes further information according to IAS 34.16A can be found in other sections of the quarterly report.
Differences in segment reporting and reporting according to IFRS
The Group is reported in the four business areas Construction, Civil Engineering, Industry and Project Development. The business areas are also operating segments. Segment reporting is the model Peab believes best describes Peabʼs business regarding both internal steering and risk profile, and it is also how the Board and executive management monitor operations.
For Peabʼs construction contract businesses, Construction and Civil Engineering, revenue and profit are recognized over time in both segment reporting and reporting according to IFRS. For business area Industry revenue and profit are recognized both over time and at a certain point in time, and reporting is the same in both segment reporting and reporting according to IFRS.
For business area Project Development and the Housing Development unit, reporting differs between segment reporting and reporting according to IFRS. As of 2025 our own housing development projects are divided into three categories and reported as follows in the segment reporting: For Tenant-owner apartments/condominiums net sales and profit are successively reported as the projects are completed. This applies to Swedish tenant-owner apartments and single homes, Norwegian condominiums and housing cooperatives, and Finnish residential limited companies. Orders received and order backlog are also reported for this type of property. For Rental apartments, which are built on our own balance sheet, net sales and profit are reported at one point in time when Peab sells the property to an external party and the control is transferred to the buyer. Homes on our own balance sheet are projects that are production-started and built on our own balance sheet and then can be converted into tenant-owner apartments/condominiums or sold as rental apartments. Net sales and profit are reported first when the housing project is reclassified either as tenant-owner apartments/condominiums and then successively reported as the project is completed, or sold and turned over as rental apartments. In reporting according to IFRS, housing projects are recognized when the final homebuyers take possession of their apartments and for rental apartments when the property is handed over to the buyer. In business area Project Development and the unit Property Development revenue and profit are recognized at a certain point in time in both segment reporting and reporting according to IFRS.
Group functions are reported in addition to the business areas and consist of central companies, certain subsidiaries and other holdings. Central companies consist primarily of the parent company Peab AB and Peab Finans AB. There is no difference in segment reporting and reporting according to IFRS regarding Group functions.
In segment reporting leasing fees for the lessee are recognized linearly over the leasing period for leasing contracts that by the counterparty (lessor) are classified as operational leasing contracts. IFRS 16 Leases is applied in the consolidated accounts according to IFRS which entails that the lessee recognizes depreciation and interest attributable to leasing assets respectively leasing liabilities. Leasing contracts that by the counterparty (lessor) are classified as financial leasing contracts are recognized in Peabʼs segment accounting according to the principles that correspond with those for the lessee according to IFRS 16.
Reporting on internal projects between business areas Construction and Project Development
Business area Construction recognizes revenue and profit referring to the construction contract part of our own housing developments, rental project developments and other property development projects for business area Project Development. Recognition takes place over time as the projects are completed. Business area Project Development recognizes revenue for both the construction contract and developer part of our own housing development projects. Recognized profit consists of the profit in the developer part recognized over time for tenant-owner apartments/condominiums and recognized at one point in time for rental apartments. Internal net sales between business area Construction and business area Project Development regarding the construction cost of our own housing development projects are eliminated in consolidated reporting. Internal profit is returned when the project is divested.
Reporting on property projects on our own balance sheet
The underlying sales value of property projects on our own balance sheet, recognized as project and development property, that are sold in the form of a company via shares, is recognized as revenue and the book value on the balance sheet is recognized as an expense. When property projects recognized as operations property or investment property are divested the net effect on profit is recognized as other operating income or other operating cost. Recognition of property projects is the same in both segment reporting and reporting according to IFRS.
Financial key ratios in segment reporting
Financial key ratios such as capital employed, total assets, equity, equity/assets ratio, net debt, net debt/equity ratio, cashflow before financing and earnings per share are presented in segment reporting with consideration taken to the above prerequisites. Net debt in segment reporting includes project financing for the unsold portion of ongoing own housing development projects. This is because Peab has an obligation to acquire unsold homes six months after completion.
Note 2 - Revenue allocationGroup Jan-Mar 2026 MSEK | Construction | Civil Engineering | Industry | Project Development | Group functions | Eliminations | Group Segment | Differences in accounting principles 1) | Group IFRS |
Allocation per external/internal | |||||||||
External sales | 4,780 | 3,852 | 1,635 | 488 | 16 | 10,771 | 61 | 10,832 | |
Internal sales | 519 | 210 | 827 | 4 | 334 | -1,894 | - | - | |
Total | 5,299 | 4,062 | 2,462 | 492 | 350 | -1,894 | 10,771 | 61 | 10,832 |
Allocation per country | |||||||||
Sweden | 4,363 | 3,709 | 1,982 | 392 | 285 | -1,762 | 8,969 | -6 | 8,963 |
Norway | 421 | 353 | 120 | 43 | 31 | -56 | 912 | 79 | 991 |
Finland | 515 | 246 | 57 | 32 | -74 | 776 | -12 | 764 | |
Denmark | 109 | 2 | -2 | 109 | 109 | ||||
Other | 5 | 5 | 5 | ||||||
Total | 5,299 | 4,062 | 2,462 | 492 | 350 | -1,894 | 10,771 | 61 | 10,832 |
Allocation per type of customer | |||||||||
Public sector | 2,499 | 3,124 | 167 | 5 | 11 | 5,806 | 5,806 | ||
Private customers | 2,281 | 728 | 1,468 | 483 | 5 | 4,965 | 61 | 5,026 | |
Internal customers | 519 | 210 | 827 | 4 | 334 | -1,894 | - | - | |
Total | 5,299 | 4,062 | 2,462 | 492 | 350 | -1,894 | 10,771 | 61 | 10,832 |
Allocation per point in time | |||||||||
At one point in time | 17 | 2 | 1,243 | 63 | 14 | -236 | 1,103 | 424 | 1,527 |
Over time | 5,280 | 4,056 | 731 | 386 | 278 | -1,283 | 9,448 | -363 | 9,085 |
Rent revenue 2) | 2 | 4 | 488 | 43 | 58 | -375 | 220 | 220 | |
Total | 5,299 | 4,062 | 2,462 | 492 | 350 | -1,894 | 10,771 | 61 | 10,832 |
Allocation per type of revenue | |||||||||
Construction contracts | 5,280 | 4,056 | 731 | 386 | 8 | -1,013 | 9,448 | -363 | 9,085 |
Sales of goods | 1,024 | -148 | 876 | 876 | |||||
Sales of property projects | 55 | 55 | 424 | 479 | |||||
Transportation services | 194 | -80 | 114 | 114 | |||||
Administrative services | 270 | -270 | - | - | |||||
Rent revenue 2) | 2 | 4 | 488 | 43 | 58 | -375 | 220 | 220 | |
Other | 17 | 2 | 25 | 8 | 14 | -8 | 58 | 58 | |
Total | 5,299 | 4,062 | 2,462 | 492 | 350 | -1,894 | 10,771 | 61 | 10,832 |
1) Refers to differences in accounting principles regarding our own housing development projects. In segment reporting revenue is recognized over time while in reporting according to IFRS it is at the time of possession.
2) Rent revenue is recognized according to IFRS 16.
Group Jan-Mar 2025 MSEK | Construction | Civil Engineering | Industry | Project Development | Group functions | Eliminations | Group Segment | Differences in accounting principles 1) | Group IFRS |
Allocation per external/internal | |||||||||
External sales | 4,851 | 3,435 | 1,641 | 985 | 13 | 10,925 | -100 | 10,825 | |
Internal sales | 466 | 233 | 642 | 6 | 333 | -1,680 | - | - | |
Total | 5,317 | 3,668 | 2,283 | 991 | 346 | -1,680 | 10,925 | -100 | 10,825 |
Allocation per country | |||||||||
Sweden | 4,094 | 3,219 | 1,798 | 826 | 272 | -1,483 | 8,726 | -115 | 8,611 |
Norway | 651 | 449 | 58 | 99 | 37 | -105 | 1,189 | 36 | 1,225 |
Finland | 572 | 273 | 66 | 37 | -92 | 856 | -21 | 835 | |
Denmark | 151 | 151 | 151 | ||||||
Other | 3 | 3 | 3 | ||||||
Total | 5,317 | 3,668 | 2,283 | 991 | 346 | -1,680 | 10,925 | -100 | 10,825 |
Allocation per type of customer | |||||||||
Public sector | 3,063 | 2,642 | 263 | 36 | 11 | 6,015 | 6,015 | ||
Private customers | 1,788 | 793 | 1,378 | 949 | 2 | 4,910 | -100 | 4,810 | |
Internal customers | 466 | 233 | 642 | 6 | 333 | -1,680 | - | - | |
Total | 5,317 | 3,668 | 2,283 | 991 | 346 | -1,680 | 10,925 | -100 | 10,825 |
Allocation per point in time | |||||||||
At one point in time | 14 | 3 | 1,130 | 118 | 13 | -217 | 1,061 | 753 | 1,814 |
Over time | 5,301 | 3,661 | 676 | 833 | 275 | -1,102 | 9,644 | -853 | 8,791 |
Rent revenue 2) | 2 | 4 | 477 | 40 | 58 | -361 | 220 | 220 | |
Total | 5,317 | 3,668 | 2,283 | 991 | 346 | -1,680 | 10,925 | -100 | 10,825 |
Allocation per type of revenue | |||||||||
Construction contracts | 5,301 | 3,661 | 676 | 833 | 9 | -836 | 9,644 | -853 | 8,791 |
Sales of goods | 879 | -150 | 729 | 729 | |||||
Sales of property projects | 108 | 108 | 753 | 861 | |||||
Transportation services | 217 | -59 | 158 | 158 | |||||
Administrative services | 266 | -266 | - | - | |||||
Rent revenue 2) | 2 | 4 | 477 | 40 | 58 | -361 | 220 | 220 | |
Other | 14 | 3 | 34 | 10 | 13 | -8 | 66 | 66 | |
Total | 5,317 | 3,668 | 2,283 | 991 | 346 | -1,680 | 10,925 | -100 | 10,825 |
1) Refers to differences in accounting principles regarding our own housing development projects. In segment reporting revenue is recognized over time while in reporting according to IFRS it is at the time of possession.
2) Rent revenue is recognized according to IFRS 16.
Group Jan-Dec 2025 MSEK | Construction | Civil Engineering | Industry | Project Development | Group functions | Eliminations | Group Segment | Differences in accounting principles 1) | Group IFRS |
Allocation per external/internal | |||||||||
External sales | 21,443 | 16,331 | 16,434 | 4,327 | 54 | 58,589 | -8 | 58,581 | |
Internal sales | 2,240 | 1,276 | 3,603 | 18 | 1,374 | -8,511 | - | - | |
Total | 23,683 | 17,607 | 20,037 | 4,345 | 1,428 | -8,511 | 58,589 | -8 | 58,581 |
Allocation per country | |||||||||
Sweden | 18,165 | 15,622 | 12,029 | 3,692 | 1,133 | -7,695 | 42,946 | -96 | 42,850 |
Norway | 2,780 | 1,985 | 1,215 | 364 | 142 | -383 | 6,103 | 129 | 6,232 |
Finland | 2,738 | 5,300 | 289 | 147 | -426 | 8,048 | -41 | 8,007 | |
Denmark | 1,467 | 6 | -7 | 1,466 | 1,466 | ||||
Other | 26 | 26 | 26 | ||||||
Total | 23,683 | 17,607 | 20,037 | 4,345 | 1,428 | -8,511 | 58,589 | -8 | 58,581 |
Allocation per type of customer | |||||||||
Public sector | 13,051 | 12,967 | 6,294 | 53 | 43 | 32,408 | 32,408 | ||
Private customers | 8,392 | 3,364 | 10,140 | 4,274 | 11 | 26,181 | -8 | 26,173 | |
Internal customers | 2,240 | 1,276 | 3,603 | 18 | 1,374 | -8,511 | - | - | |
Total | 23,683 | 17,607 | 20,037 | 4,345 | 1,428 | -8,511 | 58,589 | -8 | 58,581 |
Allocation per point in time | |||||||||
At one point in time | 78 | 10 | 6,115 | 1,519 | 55 | -1,085 | 6,692 | 2,530 | 9,222 |
Over time | 23,589 | 17,580 | 11,930 | 2,655 | 1,145 | -5,940 | 50,959 | -2,538 | 48,421 |
Rent revenue 2) | 16 | 17 | 1,992 | 171 | 228 | -1,486 | 938 | 938 | |
Total | 23,683 | 17,607 | 20,037 | 4,345 | 1,428 | -8,511 | 58,589 | -8 | 58,581 |
Allocation per type of revenue | |||||||||
Construction contracts | 23,589 | 17,580 | 11,930 | 2,655 | 23 | -4,818 | 50,959 | -2,538 | 48,421 |
Sales of goods | 4,982 | -569 | 4,413 | 4,413 | |||||
Sales of property projects | 1,480 | 1,480 | 2,530 | 4,010 | |||||
Transportation services | 1,011 | -478 | 533 | 533 | |||||
Administrative services | 1,122 | -1,122 | - | - | |||||
Rent revenue 2) | 16 | 17 | 1,992 | 171 | 228 | -1,486 | 938 | 938 | |
Other | 78 | 10 | 122 | 39 | 55 | -38 | 266 | 266 | |
Total | 23,683 | 17,607 | 20,037 | 4,345 | 1,428 | -8,511 | 58,589 | -8 | 58,581 |
1) Refers to differences in accounting principles regarding our own housing development projects. In segment reporting revenue is recognized over time while in reporting according to IFRS it is at the time of possession.
2) Rent revenue is recognized according to IFRS 16.
Note 3 - Operating segment and reconciliation between segment reporting and reporting according to IFRSGroup Jan-Mar 2026 MSEK | Construction | Civil Engineering | Industry | Project Development | Group functions | Eliminations | Group Segment | Differences in accounting principles 1) | Group IFRS |
External sales | 4,780 | 3,852 | 1,635 | 488 | 16 | 10,771 | 61 | 10,832 | |
Internal sales | 519 | 210 | 827 | 4 | 334 | -1,894 | - | - | |
Total revenue | 5,299 | 4,062 | 2,462 | 492 | 350 | -1,894 | 10,771 | 61 | 10,832 |
Operating profit | 222 | 147 | -412 | 9 | -114 | -8 | -156 | 7 | -149 |
Operating margin, % | 4.2 | 3.6 | -16.7 | 1.8 | -1.4 | -1.4 | |||
Financial income | 28 | 28 | |||||||
Financial expenses | -102 | -11 2) | -113 | ||||||
Net finance | -74 | -11 | -85 | ||||||
Pre-tax profit | -230 | -4 | -234 | ||||||
Tax | 60 | 1 | 61 | ||||||
Profit for the period | -170 | -3 | -173 | ||||||
Capital employed (CB) | -1,681 | -821 | 9,269 | 18,634 | 1,927 3) | 27,328 | 1,733 | 29,061 | |
Total assets | 42,272 | 2,110 4) | 44,382 | ||||||
Equity | 16,735 | -312 | 16,423 | ||||||
Equity/assets ratio, % | 39.6 | 37.0 | |||||||
Net debt | 7,173 | 2,045 | 9,218 | ||||||
Cashflow before financing | -17 5) | 415 5) | -338 5) | -183 5) | -485 6) | -608 | -431 | -1,039 |
1) For more information about the allocation of revenue and profit items see note 2 and the section Overview business areas.
2) Refers to IFRS 16, additional leases SEK -11 million.
3) Unallocated capital employed.
4) Divided between IFRS 16, additional leases SEK 1,242 million and housing projects SEK 868 million.
5) Refers to operating cash flow. For definition, see section Alternative performance measures and defintions.
6) Unallocated cash flow.
Group Jan-Mar 2025 MSEK | Construction | Civil Engineering | Industry | Project Development | Group functions | Eliminations | Group Segment | Differences in accounting principles 1) | Group IFRS |
External sales | 4,851 | 3,435 | 1,641 | 985 | 13 | 10,925 | -100 | 10,825 | |
Internal sales | 466 | 233 | 642 | 6 | 333 | -1,680 | - | - | |
Total revenue | 5,317 | 3,668 | 2,283 | 991 | 346 | -1,680 | 10,925 | -100 | 10,825 |
Operating profit | 111 | 114 | -549 | 83 | -56 | 19 | -278 | -4 | -282 |
Operating margin, % | 2.1 | 3.1 | -24.0 | 8.4 | -2.5 | -2.6 | |||
Financial income | 54 | 54 | |||||||
Financial expenses | -160 | -13 2) | -173 | ||||||
Net finance | -106 | -13 | -119 | ||||||
Pre-tax profit | -384 | -17 | -401 | ||||||
Tax | 33 | 1 | 34 | ||||||
Profit for the period | -351 | -16 | -367 | ||||||
Capital employed (CB) | -333 | -485 | 9,735 | 18,435 | 3213) | 27,673 | 1,973 | 29,646 | |
Total assets | 42,722 | 2,497 4) | 45,219 | ||||||
Equity | 16,285 | -284 | 16,001 | ||||||
Equity/assets ratio, % | 38.1 | 35.4 | |||||||
Net debt | 8,266 | 2,257 | 10,523 | ||||||
Cashflow before financing | 287 5) | 226 5) | -611 5) | 269 5) | -534 6) | -363 | -122 | -485 |
1) For more information about the allocation of revenue and profit items see note 2 and the section Overview business areas.
2) Refers to IFRS 16, additional leases SEK -13 million.
3) Unallocated capital employed.
4) Divided between IFRS 16, additional leases SEK 1,329 million and housing projects SEK 1,168 million.
5) Refers to operating cash flow. For definition, see section Alternative performance measures and defintions.
6) Unallocated cash flow.
Group Jan-Dec 2025 MSEK | Construction | Civil Engineering | Industry | Project Development | Group functions | Eliminations | Group Segment | Differences in accounting principles 1) | Group IFRS |
External sales | 21,443 | 16,331 | 16,434 | 4,327 | 54 | 58,589 | -8 | 58,581 | |
Internal sales | 2,240 | 1,276 | 3,603 | 18 | 1,374 | -8,511 | - | - | |
Total revenue | 23,683 | 17,607 | 20,037 | 4,345 | 1,428 | -8,511 | 58,589 | -8 | 58,581 |
Operating profit | 512 | 704 | 1,485 | 238 | -363 | 50 | 2,626 | 67 | 2,693 |
Operating margin, % | 2.2 | 4.0 | 7.4 | 5.5 | 4.5 | 4.6 | |||
Financial income | 146 | 146 | |||||||
Financial expenses | -1,098 | -46 2) | -1,144 | ||||||
Net finance | -952 | -46 | -998 | ||||||
Pre-tax profit | 1,674 | 21 | 1,695 | ||||||
Tax | -332 | -332 | |||||||
Profit for the period | 1,342 | 21 | 1,363 | ||||||
Capital employed (CB) | -1,830 | -568 | 9,198 | 18,220 | 1,764 3) | 26,784 | 1,332 | 28,116 | |
Total assets | 42,472 | 2,071 4) | 44,543 | ||||||
Equity | 16,716 | -237 | 16,479 | ||||||
Equity/assets ratio, % | 39.4 | 37.0 | |||||||
Net debt | 6,400 | 1,569 | 7,969 | ||||||
Cashflow before financing | 1,576 5) | 900 5) | 1,951 5) | 552 5) | -860 6) | 4,119 | 776 | 4,895 |
1) For more information about the allocation of revenue and profit items see note 2 and the section Overview business areas.
2) Refers to IFRS 16, additional leases SEK -46 million.
3) Unallocated capital employed.
4) Divided between IFRS 16, additional leases SEK 1,285 million and housing projects SEK 786 million.
5) Refers to operating cash flow. For definition, see section Alternative performance measures and defintions.
6) Unallocated cash flow.
Note 4 - Financial assets and liabilities valued at fair valueThe table below shows the allocated level for financial assets and financial liabilities recognized at fair value in the Groupʼs balance sheet. Measurement of fair value is based on a three level hierarchy;
Level 1: prices that reflect quoted prices on an active market for identical assets.
Level 2: based on direct or indirect inputs observable to the market not included in level 1. Level 3: based on inputs unobservable to the market.
For a description of how fair value has been calculated see the Annual and Sustainability Report 2025, note 32. The fair value of financial assets and liabilities recognized as their amortized cost is estimated to be, in principle, the same as their recognized values.
Group | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 | ||||||
MSEK | Level 2 | Level 3 | Total | Level 2 | Level 3 | Total | Level 2 | Level 3 | Total |
Financial assets | |||||||||
Securities held as fixed assets | 45 | 45 | 45 | 45 | 45 | 45 | |||
Of which unlisted funds | 0 | 0 | 4 | 4 | 0 | 0 | |||
Of which unlisted shares and participations | 45 | 45 | 41 | 41 | 45 | 45 | |||
Other long-term receivables | 4 | 4 | - | - | |||||
Of which commodity hedging with futures | 4 | 4 | - | - | |||||
Other current receivables | 102 | 102 | 27 | 27 | 7 | 7 | |||
Of which commodity hedging with futures | 100 | 100 | 27 | 27 | 7 | 7 | |||
Of which currency derivatives | 2 | 2 | - | - | |||||
Total financial assets | 106 | 45 | 151 | 27 | 45 | 72 | 7 | 45 | 52 |
Financial liabilities | |||||||||
Other long-term liabilities | - | - | 1 | 1 | |||||
Of which commodity hedging with futures | - | - | 1 | 1 | |||||
Other current liabilities | 174 | 174 | 10 | 10 | 17 | 17 | |||
Of which currency derivatives | 1 | 1 | 6 | 6 | 3 | 3 | |||
Of which commodity hedging with futures | 173 | 173 | 4 | 4 | 14 | 14 | |||
Total financial liabilities | 174 | - | 174 | 10 | - | 10 | 18 | - | 18 |
The tables below are a reconciliation between the opening and closing balance for assets and liabilities included in level 3.
Group Securities held as fixed asset
Unlisted funds Unlisted shares and participations
MSEK | Mar 31, 2026 | Mar 31, 2025 Dec | 31, 2025 | Mar 31, 2026 | Mar 31, 2025 Dec | 31, 2025 |
Opening balance | 0 | 4 | 4 | 45 | 41 | 41 |
Investments | 1 | 1 | ||||
Dividends received | -1 | -3 | ||||
Reported in profit/loss period | ||||||
Net finance | -2 | 4 | ||||
Closing balance | 0 | 4 | 0 | 45 | 41 | 45 |
Future financial information
Interim report January - June 2026 July 14, 2026
Interim report January - September 2026 October 28, 2026
Year-end report January - December 2026 February 3, 2027
Annual and Sustainability Report 2026 April, 2027
Förslöv, April 29, 2026
Jesper Göransson CEO and President
The information in this interim report has not been reviewed separately by the companyʼs auditors.
Presentation of the interim report
This interim report will be presented digitally and on a phone conference Wednesday April 29, 2026 at 2.00
p.m. by the President and CEO Jesper Göransson and CFO Niclas Winkvist. The presentation will be held in Swedish and is available via https://www.peab.com/financial-info/.
Click on one of the links to participate in the presentation. Participate in the web broadcast:
https://peab.events.inderes.com/q1-report-2026 Participate via telephone conference: https://events.inderes.com/peab/q1-report-2026/dial-in
For further information, please contact:
Jesper Göransson, President and CEO of Peab, is reached through Juha Hartomaa, Head of Investor Relations Peab, +46 725 33 31 45
This information is information that Peab AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on April 29, 2026, at 1:00 p.m. CET.
Quarterly dataGroup, IFRS
MSEK | Jan-Mar 2026 | Oct-Dec 2025 | Jul-Sep 2025 | Apr-Jun 2025 | Jan-Mar 2025 | Oct-Dec 2024 | Jul-Sep 2024 | Apr-Jun 2024 | Jan-Mar 2024 |
Net sales | 10,832 | 17,335 | 15,358 | 15,063 | 10,825 | 17,185 | 15,720 | 16,928 | 11,450 |
Production costs | -10,390 | -15,622 | -13,647 | -13,369 | -10,415 | -14,939 | -14,174 | -15,281 | -11,008 |
Gross profit | 442 | 1,713 | 1,711 | 1,694 | 410 | 2,246 | 1,546 | 1,647 | 442 |
Sales and administrative expenses | -814 | -801 | -668 | -985 | -783 | -932 | -613 | -885 | -759 |
Other operating income | 226 | 151 | 83 | 88 | 114 | 47 | 46 | 60 | 329 |
Other operating costs | -3 | 4 | -8 | -7 | -23 | 8 | 13 | -8 | -24 |
Operating profit | -149 | 1,067 | 1,118 | 790 | -282 | 1,369 | 992 | 814 | -12 |
Financial income | 28 | 33 | 20 | 39 | 54 | 66 | 66 | 59 | 68 |
Financial expenses | -113 | -106 | -112 | -753 | -173 | -150 | -170 | -167 | -155 |
Net finance | -85 | -73 | -92 | -714 | -119 | -84 | -104 | -108 | -87 |
Pre-tax profit | -234 | 994 | 1,026 | 76 | -401 | 1,285 | 888 | 706 | -99 |
Tax | 61 | -165 | -197 | -4 | 34 | -171 | -154 | -110 | 43 |
Profit for the period | -173 | 829 | 829 | 72 | -367 | 1,114 | 734 | 596 | -56 |
Profit for the period, attributable to: | |||||||||
Shareholders in parent company | -172 | 829 | 829 | 72 | -373 | 1,121 | 732 | 596 | -57 |
Non-controlling interests | -1 | 0 | 0 | 0 | 6 | -7 | 2 | 0 | 1 |
Profit for the period | -173 | 829 | 829 | 72 | -367 | 1,114 | 734 | 596 | -56 |
Key ratios, IFRS | |||||||||
Earnings per share before and after dilution, SEK | -0.61 | 2.90 | 2.89 | 0.25 | -1.30 | 3.90 | 2.54 | 2.08 | -0.20 |
Average number of outstanding shares, million | 281.6 | 284.1 | 286.6 | 287.5 | 287.5 | 287.5 | 287.5 | 287.5 | 287.5 |
Capital employed (CB) | 29,061 | 28,116 | 28,619 | 28,644 | 29,646 | 30,878 | 30,526 | 31,962 | 33,016 |
Equity (CB) | 16,423 | 16,479 | 15,993 | 15,316 | 16,001 | 16,504 | 15,316 | 14,666 | 14,481 |
Business areas
MSEK | Jan-Mar 2026 | Oct-Dec 2025 | Jul-Sep 2025 | Apr-Jun 2025 | Jan-Mar 2025 | Oct-Dec 2024 | Jul-Sep 2024 | Apr-Jun 2024 | Jan-Mar 2024 |
Net sales | |||||||||
Construction | 5,299 | 7,169 | 5,238 | 5,959 | 5,317 | 6,541 | 5,130 | 6,358 | 5,788 |
Civil Engineering | 4,062 | 5,258 | 4,248 | 4,433 | 3,668 | 4,893 | 3,810 | 4,278 | 3,558 |
Industry | 2,462 | 5,123 | 6,953 | 5,678 | 2,283 | 5,576 | 7,528 | 6,033 | 2,411 |
- of which Swerock/Asphalt | 1,507 | 4,192 | 6,194 | 4,880 | 1,504 | 4,611 | 6,734 | 5,137 | 1,492 |
- of which Construction system | 1,047 | 1,063 | 855 | 900 | 854 | 1,050 | 865 | 976 | 984 |
- of which eliminations | -92 | -132 | -96 | -102 | -75 | -85 | -71 | -80 | -65 |
Project Development | 492 | 1,711 | 892 | 751 | 991 | 1,737 | 758 | 720 | 1,055 |
- of which Property Development | 31 | 25 | 48 | 36 | 57 | 636 | 6 | 21 | 23 |
- of which Housing Development | 461 | 1,686 | 844 | 715 | 934 | 1,101 | 752 | 699 | 1,032 |
Group functions | 350 | 371 | 349 | 362 | 346 | 343 | 333 | 345 | 329 |
Eliminations | -1,894 | -2,507 | -2,078 | -2,246 | -1,680 | -2,305 | -2,020 | -2,502 | -2,000 |
Group, segment reporting | 10,771 | 17,125 | 15,602 | 14,937 | 10,925 | 16,785 | 15,539 | 15,232 | 11,141 |
Adjustment of housing to IFRS | 61 | 210 | -244 | 126 | -100 | 400 | 181 | 1,696 | 309 |
IFRS 16, additional leases | |||||||||
Group, IFRS | 10,832 | 17,335 | 15,358 | 15,063 | 10,825 | 17,185 | 15,720 | 16,928 | 11,450 |
Operating profit | |||||||||
Construction | 222 | 148 | 116 | 137 | 111 | 96 | 96 | 123 | 101 |
Civil Engineering | 147 | 217 | 169 | 204 | 114 | 140 | 117 | 165 | 77 |
Industry | -412 | 615 | 875 | 544 | -549 | 597 | 848 | 449 | -479 |
- of which Swerock/Asphalt | -440 | 590 | 875 | 533 | -558 | 461 | 892 | 461 | -576 |
- of which Construction system | 28 | 25 | 0 | 11 | 9 | 136 | -44 | -12 | 97 |
Project Development | 9 | 120 | 36 | -1 | 83 | 521 | -6 | -33 | 246 |
- of which Property Development | 11 | 84 | 84 | 11 | 49 | 533 | 8 | 21 | 261 |
- of which Housing Development | -2 | 36 | -48 | -12 | 34 | -12 | -14 | -54 | -15 |
Group functions | -114 | -124 | -62 | -121 | -56 | -142 | -62 | -79 | -58 |
Eliminations | -8 | 20 | 14 | -3 | 19 | 43 | 2 | -6 | 7 |
Group, segment reporting | -156 | 996 | 1,148 | 760 | -278 | 1,255 | 995 | 619 | -106 |
Adjustment of housing to IFRS | -6 | 61 | -41 | 20 | -16 | 103 | -14 | 190 | 85 |
IFRS 16, additional leases | 13 | 10 | 11 | 10 | 12 | 11 | 11 | 5 | 9 |
Group, IFRS | -149 | 1,067 | 1,118 | 790 | -282 | 1,369 | 992 | 814 | -12 |
Operating margin, % | |||||||||
Construction | 4.2 | 2.1 | 2.2 | 2.3 | 2.1 | 1.5 | 1.9 | 1.9 | 1.7 |
Civil Engineering | 3.6 | 4.1 | 4.0 | 4.6 | 3.1 | 2.9 | 3.1 | 3.9 | 2.2 |
Industry | -16.7 | 12.0 | 12.6 | 9.6 | -24.0 | 10.7 | 11.3 | 7.4 | -19.9 |
- of which Swerock/Asphalt | -29.2 | 14.1 | 14.1 | 10.9 | -37.1 | 10.0 | 13.2 | 9.0 | -38.6 |
- of which Construction system | 2.7 | 2.4 | 0.0 | 1.2 | 1.1 | 13.0 | -5.1 | -1.2 | 9.9 |
Project Development | 1.8 | 7.0 | 4.0 | -0.1 | 8.4 | 30.0 | -0.8 | -4.6 | 23.3 |
- of which Property Development | 35.5 | 336.0 | 175.0 | 30.6 | 86.0 | 83.8 | 133.3 | 100.0 | 1,134.8 |
- of which Housing Development | -0.4 | 2.1 | -5.7 | -1.7 | 3.6 | -1.1 | -1.9 | -7.7 | -1.5 |
Group functions | |||||||||
Eliminations | |||||||||
Group, segment reporting | -1.4 | 5.8 | 7.4 | 5.1 | -2.5 | 7.5 | 6.4 | 4.1 | -1.0 |
Adjustment of housing to IFRS | |||||||||
IFRS 16, additional leases | |||||||||
Group, IFRS | -1.4 | 6.2 | 7.3 | 5.2 | -2.6 | 8.0 | 6.3 | 4.8 | -0.1 |
Key ratios, segment reporting, MSEK | |||||||||
Earnings per share before and after dilution, SEK | -0.60 | 2.69 | 3.01 | 0.20 | -1.24 | 3.63 | 2.59 | 1.48 | -0.45 |
Capital employed (CB) | 27,328 | 26,784 | 26,689 | 27,104 | 27,673 | 28,999 | 27,537 | 28,719 | 27,721 |
Equity (CB) | 16,735 | 16,716 | 16,296 | 15,572 | 16,285 | 16,760 | 15,650 | 14,992 | 14,976 |
Orders received | 15,561 | 14,947 | 10,223 | 13,183 | 16,574 | 12,052 | 10,135 | 16,434 | 17,889 |
Order backlog at the end of the period | 53,757 | 48,544 | 48,279 | 51,757 | 51,955 | 44,906 | 47,026 | 50,578 | 47,808 |
Alternative performance measures and definitions
Alternative performance measures are used to describe the development of operations and to enhance comparability between periods. These are not defined under IFRS but correspond to the methods applied by executive management and Board of Directors to measure the companyʼs financial performance. Alternative performance measures should not be viewed as a substitute for financial information presented in accordance with IFRS but rather as a complement.
The difference between segment reporting and reporting according to IFRS is described in more detail in note 1. The difference primarily consists of differences in accounting principles for our own housing development projects where revenue and profit are recognized over time in segment reporting and at one point in
time, when homebuyers take over their homes, in reporting according to IFRS. In segment reporting leasing fees for the lessee are recognized linearly over the leasing period for leases that are classified by the counterparty (the lessor) as operational leases. IFRS 16 Leases is applied in Group reporting according to IFRS, which entails that lessees recognize depreciation and interest attributable to leasing assets and liabilities. As a result the difference between segment reporting and reporting according to IFRS even affects the items on the balance sheet, including net debt. Nonetheless, in the key ratios below the method of calculation is the same for both segment reporting and reporting according to IFRS. For more information and calculations, see Peabʼs website https://www.peab.com/alternative-keyratios.
Financial definitions
Available liquidity
Liquid funds and short-term investments along with unutilized credit facilities, excluding unutilized credit facilities for project financing. Shows the Groupʼs available liquidity.
Capital employed for the business areas
Total assets in the business area at the end of the period reduced by deferred tax recoverables and internal receivables from the internal bank Peab Finans with deductions for non-interest-bearing liabilities and deferred tax liabilities. The measurement is used to measure capital utilization and its effectiveness for the business areas, and is only presented as a net amount per business area.
Capital employed for the Group
Total assets at the end of the period less non-interest-bearing operating liabilities and provisions. The measurement is used to measure capital utilization and its effectiveness.
Earnings per share, before and after dilution
Profit for the period attributable to shareholders in parent company divided by the average number of outstanding shares during the period. Shows earnings per share.
Equity/assets ratio
Equity as a percentage of total assets at the end of the period. Shows financial position.
Equity per share
Equity attributable to shareholders in parent company divided by the number of outstanding shares at the end of the period. Shows equity per share.
Net debt
Interest-bearing liabilities including provisions for pensions less liquid funds and interest-bearing assets. Shows financial position.
Net debt, segment reporting
Interest-bearing liabilities including provisions for pensions less liquid funds and interest-bearing assets. As of January 1, 2019 liabilities concerning unsold part of ongoing own housing development projects is included in net debt. Shows financial position for segment.
Non-financial definitions
Average number of employees
The sum of the number of hours Peab has paid for, divided by the annual working time.
CSI
CSI stands for Customer Satisfaction Index and measures how satisfied Peabʼs customers are. CSI is a weighted measurement between 0 and 100 and is based on three questions: 1) Total satisfaction, 2) In relation to expectations 3) In relation to ideal supplier.
eNPS
eNPS stands for employee Net Promoter Score and measures employee engagement. The score can vary between -100 and 100 and is based on the question to employees: "How probable is it that you would recommend your employer to a friend or acquaintance?"
LTI4 and LTIF4
LTI4 refers to the number of workplace accidents with more than four days absence for the employeer, excluding the day of injury, and LTIF4 refers to the frequency rate per one million hours worked according to the same definition. LTI stands for Lost Time Injury.
Risk observations
A risk observation means at a workplace noticing behavior, risks or shortcomings that could lead to an incident or accident.
Net debt/equity ratio
Interest-bearing net debt in relation to equity. Shows financial position.
Operating margin
Operating profit as a percentage of net sales. Shows profitability in the business.
Operative cash flow
Cash flow before financing according to segment reporting. The cash flow does not include received internal Group interest, paid interest and paid tax that is not allocated to the business areas but only reported for the Group. Investments via leasing charge cash flow from investment operations in the business areas. Operative cash flow is only calculated for the business areas. Shows the cash flow generated per business area.
Order backlog
The value at the end of the period of the remaining income in ongoing production plus orders received yet to be produced. Order backlog is based on segment reporting. Shows how much will be produced in the future.
Orders received
The sum of orders received during the period. Measures how new orders replace produced work. Regarding our own housing development projects, tenant-owner associations and housing companies are considered external customers.
Project and development property
Holdings of undeveloped land and decontamination property for future development, property with buildings for project development, processing and thereafter divestiture within Peabʼs normal business cycle.
Return on capital employed
Pre-tax profit for the rolling 12 month period with the addition of financial expenses in percent of the average (last four quarters) capital employed. The measurement is used to measure capital efficiency and to allocate capital for new investments and shows the Groupʼs earning capacity independent of financing.
Return on equity
Profit for the rolling 12 month period attributable to shareholders in the parent company divided by the average (last four quarters) equity attributable to shareholders in the parent company. The measurement is used to create efficient business and a rational capital structure and show how the Group has multiplied shareholdersʼ equity.
Scope 1
Direct greenhouse gas emissions from sources that Peab controls itself, for example the combustion of fuel in its own vehicles and machinery.
Scope 2
Indirect emissions from the production of the energy Peab purchases, such as electricity, district heating or district cooling.
Scope 3
All remaining indirect emissions in the value chain, both upstream and downstream, such as emissions from purchased materials, transportation, waste, business travel and employee commuting.
Serious accidents
Peab uses the Swedish Work Environment Authorityʼs definition of a serious accident as an accident where one or more persons are injured at a workplace or a place they have visited for work. Serious accidents can be injuries such as bone fractures, effusive bleeding or nerve, muscle or tendon damage, injuries to inner organs or second or third degree burns. Serious accidents that occur in our other Nordic countries are categorized by the same definition.
The Nordic Community Builder | ||||
Mission: We improve everyday life where it's lived. | Our core values:
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Net sales, appr. SEK 58 billion | Employees, appr. 13,000 | |||
Four Business areas | Construction | Civil Engineering | Industry | Project Development |
Peab is the Nordic Community Builder with some 13,000 employees and net sales of approximately SEK 58 billion. The Group has strategically located offices in Sweden, Norway, Finland and Denmark. Group headquarters are in Förslöv on the Bjäre Peninsula in Skåne. The share is listed on Nasdaq Stockholm.
Contact
Peab AB (publ) Margretetorpsvägen 84
SE-269 73 Förslöv
Phone +46 431-890 00
peab.com
Photographers: Bert Leandersson, Filip Isacsson, Kuvatoimisto Kuvio Oy, Markus Esselmark, Mette Ottosson, Per Bille, Samuel Unéus, Sofia Hafström and Ørjan Marakatt Bertelsen.
Peab takes work environment matters very seriously and works systematically to create safe workplaces. The kind of safety equipment used varies depending on national regulations and the type of operations. A risk analysis is always performed for each workplace before any exception is made. The people pictured in this publication are wearing personal safety equipment required by regulations valid for the operations and country they are in.
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Disclaimer
Peab AB published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 11:32 UTC.
