Besqab (BESQAB) investor relations material

Executive summary

• Q3 sales and profitability improved YoY, supported by robust demand, project earnings and cost discipline; management expects a strong Q4.

• Jan–Sep IFRS net income was SEK 357.0m versus a SEK 105.5m loss; segment net income was SEK 249.5m versus SEK 104.0m.

Financial highlights

• Q3 segment revenue was SEK 652.1m vs SEK 405.0m YoY; gross profit was SEK 141.1m vs SEK 77.6m, and operating profit SEK 91.1m vs SEK 30.4m.

• Q3 IFRS revenue was SEK 1,485.9m vs SEK 332.3m; operating profit was SEK 210.1m vs a SEK 14.4m loss, and net income SEK 200.6m vs a SEK 13.9m loss.

• Jan–Sep segment revenue was SEK 1,993.6m vs SEK 1,844.6m; operating profit was SEK 266.5m vs SEK 115.3m, and net income SEK 249.5m vs SEK 104.0m.

• Jan–Sep IFRS revenue was SEK 2,925.8m vs SEK 512.0m; operating profit was SEK 374.1m vs a SEK 94.2m loss, and net income SEK 357.0m vs a SEK 105.5m loss.

• IFRS Q3 revenue included recognition of 267 homes; Jan–Sep IFRS revenue included 524 homes, including 383 rental apartments transferred to Patrizia.

Outlook and guidance

• Management expects a strong Q4, with several projects preparing for sales launch and production start; full-year production starts are expected to be in line with 2025.

• The target of at least 2,000 homes in active production is considered achievable in 2027; active production stood at 1,488 homes at quarter-end.

• Rising market rates have not weakened customer demand; a delayed Solna project is expected to start in Q4 after a postponed authority decision.