ALM Equity (ALM) Q3 2026 earnings summary

Executive summary

• Q3 activity accelerated: 875 homes were in production at quarter-end, with roughly 900 starts entering the final quarter and new development rights for ~400 homes added.

• IFRS net loss improved to SEK 67m in Q3 and SEK 70m for 9M, while revenue declined to SEK 166m and SEK 547m, respectively.

Financial highlights

• Q3 revenue was SEK 166m vs SEK 246m YoY; 9M revenue was SEK 547m vs SEK 782m.

• Q3 operating loss was SEK 11m vs SEK 44m; 9M operating loss was SEK 30m vs SEK 97m.

• Q3 net loss was SEK 67m vs SEK 131m; 9M net loss was SEK 70m vs SEK 356m. Q3 included SEK 30m of unrealized financial-asset losses.

• IFRS financial-asset revaluations were negative SEK 30m in Q3 and positive SEK 34m for 9M, compared with negative SEK 64m and SEK 170m, respectively, in 2025.

Outlook and guidance

• Long-term ambition remains an average 1,000 annual housing starts over a cycle; starts depend on project conditions and margins.

• Construction revenue contribution is expected to rise as projects enter production-intensive phases, particularly in H1 2027.

• Good prospects are seen for building permits on a further 4–5 projects during 2027; a permit application was submitted for a project of ~60 homes.