ALM Equity (ALM) Q2 2026 earnings summary

Executive summary

• Transitioned from planning to execution phase, with construction starting on 357 units in the Archimedes project in Bromma, marking the first major build start in a while.

• Ambition remains to start construction on about 1,000 homes per year, with further phases in Archimedes and other projects planned for the second half of 2026.

• Strengthened management team with a new business area manager for Development to accelerate operational activities.

• Positive sales momentum in the Elverket project in Sundbyberg, with the first sales phase fully booked.

Financial highlights

• Net sales for Q2 2026 were SEK 211m, down from SEK 258m in Q2 2025; H1 2026 net sales were SEK 381m, down from SEK 536m year-over-year.

• Q2 2026 net profit was SEK 104m, a turnaround from a loss of SEK -62m in Q2 2025, mainly due to unrealized value changes in financial assets.

• Unrealized value changes in financial assets totaled SEK 137m in Q2, driven by higher valuations in Besqab (SEK 49m) and Klövern (SEK 88m).

• Central costs were SEK -24m and depreciation SEK -2m for the quarter.

• Financial net improved to SEK -21m from SEK -30m, reflecting lower debt and market interest rates.

Outlook and guidance

• Plan to gradually increase development activity as more projects enter the execution phase.

• Expectation to add about 870 homes in internal contracting assignments and potentially more external contracts in H2 2026.

• Well-positioned for an active second half of the year with a strong financial position and fully staffed management.