ALM Equity
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ALM Equity (ALM) investor relations material

ALM Equity Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved a positive total result of SEK 118 million for Q4 2025, reversing a loss of SEK -60 million in Q4 2024, mainly due to strong performance in financial assets and improved segment results.

  • Strategic acquisition of Storstaden Stockholm Bostad AB, adding 14 development projects, approximately 1,200 planned homes, and about 100,000 sqm of development rights, significantly expanding the development portfolio in Stockholm.

  • Climate targets approved by SBTi, integrating sustainability into business operations.

Financial highlights

  • Q4 2025 net sales were SEK 1,330 million, up from SEK 985 million in Q4 2024; full-year net sales totaled SEK 3,127 million.

  • Q4 2025 net income was SEK 118 million, compared to a loss of SEK -60 million in Q4 2024; full-year net income was SEK -238 million.

  • Return on equity for Q4 2025 was 7%, up from -1% in Q4 2024; full-year return on equity was -17%.

  • Liquidity at year-end was SEK 820 million, down from SEK 1,671 million the previous year.

  • Equity at year-end stood at SEK 2,350 million, with a balance sheet total of SEK 4,211 million.

Outlook and guidance

  • Focus for 2026 is on operational execution, new project starts, and profitable delivery, with expectations of improved demand and pricing in the housing market.

  • Storstaden acquisition expected to add significant project value and results through 2033.

  • Projected capital need for the new development portfolio is SEK 0.6 billion, with an estimated project profit of SEK 1.2 billion and a margin of 24%.

  • Targeted project margin above 20% for development and gross margin above 8% for contracting.

Storstaden acquisition: capital deployment plan
Klövern dilution: capital allocation strategy
Development business: path to 20% margin
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Frequently asked questions

ALM Equity AB is a Swedish real estate development company. The company operates through five main segments: Property Management, Project Development, Construction Management, Financing, and Digital Services. ALM Equity focuses on owning and developing independent companies within these segments to drive sustainable and innovative development of the property sector. Their business model centers on investing and developing companies based on the future market needs, actively managing these investments to create maximum value over the long term. This includes the packaging, financing, and restructuring of assets and/or companies to build a stable platform for potential stock market listing, with a significant ownership stake maintained for active participation in their development. The company is headquartered in Stockholm, Sweden, and its shares are listed on the NASDAQ First North Growth Market.

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