Financials Balder

Stocks

BALD B

SE0017832488

Real Estate Development & Operations

Market Closed - Nasdaq Stockholm Other stock markets 12:00:00 2026-06-22 EDT			5-day change	1st Jan Change
50.34 ^SEK	-0.12%		-2.10%	-26.19%

06-18	Länsförsäkringar Fastighetsfond climbed 3.62 percent in May: real estate followed broad market rally	FW
06-18	Länsförsäkringar Småbolag Sverige Vision rose 3.17 percent in May: added Norion and Enity	FW

Projected Income Statement: Balder

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	8,956	10,521	11,944	12,876	13,721	14,194	14,680	15,116
Change	-	17.47%	13.53%	7.8%	6.56%	3.45%	3.42%	2.97%
EBITDA ¹	5,927	6,777	8,624	8,533	9,154	10,016	10,460	10,811
Change	-	14.34%	27.25%	-1.06%	7.28%	9.42%	4.43%	3.35%
EBIT ¹	6,480	6,760	8,608	8,425	9,063	10,605	11,032	11,340
Change	-	4.32%	27.34%	-2.13%	7.57%	17.01%	4.02%	2.8%
Interest Paid ¹	-1,067	-2,031	-3,186	-4,079	-4,235	-4,360	-4,537	-4,675
Earnings before Tax (EBT) ¹	22,781	12,988	-8,954	4,686	9,582	8,375	8,547	9,185
Change	-	-42.99%	-168.94%	152.33%	104.48%	-12.6%	2.06%	7.47%
Net income ¹	18,508	10,175	-6,746	3,304	7,621	5,850	5,680	5,757
Change	-	-45.02%	-166.3%	148.98%	130.66%	-23.24%	-2.9%	1.35%
Announcement Date	2/11/22	2/10/23	2/9/24	2/7/25	2/6/26	-	-	-

¹SEK in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	2,131	2,286	2,421	2,507	2,550	2,659	2,805	2,895	2,943	3,017	3,089	3,129	3,186	3,228	3,333	3,416	3,408	3,444	3,452	3,460	3,556	3,570	3,582	3,619	3,735	3,757	3,780
Change	-	7.27%	5.91%	3.55%	1.72%	4.27%	5.49%	3.21%	1.66%	2.51%	2.39%	1.29%	1.82%	1.32%	3.25%	2.49%	-0.23%	1.06%	0.23%	0.23%	2.78%	0.39%	0.35%	1.03%	3.21%	0.58%	0.61%
EBITDA ¹	1,410	1,612	1,563	1,520	1,661	1,778	1,806	1,834	1,927	2,092	1,194	1,992	2,103	2,269	2,172	2,202	2,302	2,414	2,235	2,221	2,374	2,502	2,331	-	-	-	-
Change	-	14.33%	-3.04%	-2.75%	9.28%	7.04%	1.57%	1.55%	5.07%	8.56%	-42.93%	66.83%	5.57%	7.89%	-4.28%	1.38%	4.54%	4.87%	-7.42%	-0.63%	6.91%	5.37%	-6.83%	-	-	-	-
EBIT ¹	1,387	1,620	2,178	1,520	1,812	671	-	-	1,651	1,319	1,181	1,985	2,096	2,134	2,148	2,202	2,612	2,886	2,215	2,191	2,692	2,794	2,600	2,634	-	-	-
Change	-	16.8%	34.44%	-30.21%	19.21%	-62.97%	-	-	-	-20.11%	-10.46%	68.08%	5.59%	1.81%	0.66%	2.51%	18.62%	10.49%	-23.25%	-1.08%	22.88%	3.78%	-6.93%	1.29%	-	-	-
Charge d'intérêts ¹	-383	-144	-208	-428	-491	-464	-649	-651	-732	-881	-922	-964	-994	-1,078	-1,044	-1,033	-1,050	-1,104	-1,048	-1,060	-1,094	-1,097	-1,114	-1,142	-	-	-
Earnings before Tax (EBT) ¹	3,278	7,123	9,066	6,972	4,118	1,036	862	-283	-1,454	-1,109	-6,107	-307	1,078	-36	3,950	3,103	1,133	3,083	2,263	2,582	1,987	2,106	2,009	1,608	1,845	2,019	2,005
Change	-	117.3%	27.28%	-23.1%	-40.94%	-74.84%	-16.8%	-132.83%	-413.78%	23.73%	-450.68%	94.97%	451.14%	-103.34%	11,072.22%	-21.44%	-63.49%	172.11%	-26.6%	14.1%	-23.03%	6%	-4.62%	-19.97%	14.77%	9.42%	-0.72%
Net income ¹	2,213	6,243	7,388	5,261	3,456	612	846	-51	-867	-1,060	-4,768	-595	772	-294	3,421	2,691	770	2,390	1,770	2,102	1,307	1,402	1,249	1,251	1,435	1,503	1,369
Change	-	182.11%	18.34%	-28.79%	-34.31%	-82.29%	38.24%	-106.03%	-1,600%	-22.26%	-349.81%	87.52%	229.75%	-138.08%	1,263.61%	-21.34%	-71.39%	210.39%	-25.94%	18.76%	-37.81%	7.24%	-10.89%	0.15%	14.66%	4.75%	-8.9%
Announcement Date	7/16/21	11/11/21	2/11/22	5/12/22	7/15/22	10/28/22	2/10/23	5/11/23	7/18/23	10/27/23	2/9/24	5/3/24	7/16/24	10/25/24	2/7/25	5/8/25	7/15/25	10/28/25	2/6/26	5/8/26	-	-	-	-	-	-	-

¹SEK in Million

Estimates

Forecast Balance Sheet: Balder

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	114,902	126,228	126,802	132,408	132,798	136,507	135,736	134,431
Change	-	9.86%	0.45%	4.42%	0.29%	2.79%	-0.56%	-0.96%
Announcement Date	2/11/22	2/10/23	2/9/24	2/7/25	2/6/26	-	-	-

¹SEK in Million

Estimates

Cash Flow Forecast: Balder

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	7,420	10,742	7,517	2,833	2,612	6,399	5,086	3,476
Change	-	44.77%	-30.02%	-62.31%	-7.8%	144.99%	-20.51%	-31.66%
Free Cash Flow (FCF) ¹	-28,353	-7,865	-1,352	1,905	1,427	2,957	2,983	3,072
Change	-	72.26%	82.81%	240.9%	-25.09%	107.22%	0.88%	2.98%
Announcement Date	2/11/22	2/10/23	2/9/24	2/7/25	2/6/26	-	-	-

¹SEK in Million

Estimates

Forecast Financial Ratios: Balder

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	66.18%	64.41%	72.2%	66.27%	66.72%	70.57%	71.26%	71.52%
EBIT Margin (%)	72.35%	64.25%	72.07%	65.43%	66.05%	74.71%	75.15%	75.02%
EBT Margin (%)	254.37%	123.45%	-74.97%	36.39%	69.83%	59%	58.22%	60.76%
Net margin (%)	206.65%	96.71%	-56.48%	25.66%	55.54%	41.21%	38.69%	38.08%
FCF margin (%)	-316.58%	-74.76%	-11.32%	14.79%	10.4%	20.83%	20.32%	20.32%
FCF / Net Income (%)	-153.19%	-77.3%	20.04%	57.66%	18.72%	50.55%	52.52%	53.36%
Profitability
ROA	9.02%	6.1%	-2.2%	1.27%	-	-	-	-
ROE	27.25%	12.1%	-7.8%	3.9%	8.4%	5.75%	5.35%	5.12%
Financial Health
Leverage (Debt/EBITDA)	19.39x	18.63x	14.7x	15.52x	14.51x	13.63x	12.98x	12.43x
Debt / Free cash flow	-4.05x	-16.05x	-93.79x	69.51x	93.06x	46.16x	45.5x	43.76x
Capital Intensity
CAPEX / Current Assets (%)	82.85%	102.1%	62.94%	22%	19.04%	45.08%	34.65%	23%
CAPEX / EBITDA (%)	125.19%	158.51%	87.16%	33.2%	28.53%	63.89%	48.63%	32.15%
CAPEX / FCF (%)	-26.17%	-136.58%	-555.99%	148.71%	183.04%	216.41%	170.52%	113.16%
Items per share
Cash flow per share ¹	-	-	-	-	3.395	3.662	3.655	3.457
Change	-	-	-	-	-	7.86%	-0.19%	-5.41%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	69.35	78.16	71.33	74.3	79.13	84.8	91.15	97.88
Change	-	12.7%	-8.74%	4.16%	6.5%	7.17%	7.49%	7.38%
EPS ¹	16.54	9.09	-5.85	2.82	5.86	5.331	5.782	6.278
Change	-	-45.04%	-164.36%	148.21%	107.8%	-9.03%	8.47%	8.58%
Nbr of stocks (in thousands)	1,119,000	1,154,000	1,154,000	1,190,000	1,190,000	1,180,000	1,180,000	1,180,000
Announcement Date	2/11/22	2/10/23	2/9/24	2/7/25	2/6/26	-	-	-