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ALM Equity (ALM) investor relations material
ALM Equity Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Leadership transition with Thomas Carlsson appointed CEO from October 1, focusing on operational efficiency and project execution, while Joakim Alm becomes working/executive chairman to drive business development and acquisitions.
Operations consolidated at Sundbyberg office to enhance efficiency and coordination.
Strategic refinancing reduced outstanding bond debt by SEK 200m, smoothing maturity profile and lowering financial costs.
Market stabilization observed, with new building permits for 357 homes and further permits for 533 homes expected, indicating readiness to resume project starts.
Financial highlights
Net sales for Jan–Sep 2025 were SEK 782m, down from SEK 1,796m for the same period last year; Q3 net sales were SEK 246m, down from SEK 662m YoY.
Net loss for Jan–Sep 2025 was SEK -356m, compared to SEK -1,041m year-over-year; Q3 net loss was SEK -131m, improved from SEK -883m YoY.
Q3 operating result: SEK -44m (vs. SEK -715m YoY); nine-month operating result: SEK -97m (vs. SEK -583m YoY).
Cash and cash equivalents at period end: SEK 577m, up from SEK 205m YoY.
Negative unrealized value changes on financial assets: SEK -64m in Q3, mainly due to lower Besqab share price.
Outlook and guidance
Strong demand for space-efficient and affordable apartments in Stockholm County, supported by population growth forecasts.
Expectation of increased capital availability for residential construction following interest rate cuts and improved market sentiment.
Plan to start construction of 533 homes in Q1 2026, with an additional 357 homes later in the year, all targeting the rental market.
Increased focus on operational efficiency and project execution expected to drive future performance.
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