ALM Equity (ALM) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were SEK 170 million, down from SEK 278 million in Q1 2025, with a net loss of SEK -107 million compared to SEK -163 million last year.

• Completed the acquisition of Storstaden Stockholm Bostad AB, adding 14 development projects valued at SEK 5.8 billion.

• All managed properties achieved BREEAM In Use certification, making the entire portfolio environmentally certified.

• Construction started on 357 rental apartments in Bromma and three sub-projects in the Archimedes urban development project after the quarter.

• Executive management team expanded with new business area heads.

Financial highlights

• Operating result for Q1 2026 was SEK -11 million, improved from SEK -36 million year-over-year.

• Cash and cash equivalents at SEK 680 million, down from SEK 1,083 million in Q1 2025.

• Total assets at SEK 4,143 million, compared to SEK 4,721 million in Q1 2025.

• Unrealized value changes in financial assets were SEK -74 million, mainly due to declines in Besqab and Klövern holdings.

• Cash flow for the quarter was SEK -140 million, mainly due to the Storstaden acquisition and dividend payments.

Outlook and guidance

• Focus on project starts, production, sales launches, and development of Storstaden projects in 2026.

• The company plans to start construction on additional phases in the Archimedes project, targeting 549 more homes in 2026.

• The goal remains to start about 1,000 homes per year in coming years.

• The construction business expects to reach around 2,000 homes in production by year-end.

• Cautious recovery in the housing market, with increased activity in Stockholm and Gothenburg.