Besqab (BESQAB) CMD 2025 summary

Strategic direction and business development

• Completed integration and organizational restructuring, now listed on Nasdaq Stockholm.

• Maintains financial targets for 2025–2027: 20% gross margin, 15% operating margin, and at least 15% return on equity over a cycle.

• Operational goals include 2,000 homes in production, a land bank for at least six years of starts, and top 3 customer satisfaction.

• Focus on Stockholm and Uppsala, with a growing market share and premium positioning.

• Strategic sales of management properties free up capital for new project investments.

Market outlook and sales strategy

• Market activity rebounded in late 2025, with positive sentiment expected to continue.

• Regulatory changes, such as eased mortgage rules and increased loan-to-value caps, are expected to boost demand, especially among first-time buyers.

• Forecasts indicate 5–6% annual price growth in Stockholm for 2026–2027.

• Sales model emphasizes phased launches and price adjustments based on demand, with high average prices in prime locations.

• Seven new projects, totaling over 600 homes, are planned for sales launch in 2026.

Project development and operational efficiency

• Targeting 2,000 units in production by 2027, with 750 starts expected in 2025.

• Land bank of 6,700 building rights across 22 municipalities, with active portfolio management.

• Two execution models: split contracts with in-house management and turnkey contracts, balancing cost and risk.

• Production is now over 10% cheaper with in-house management compared to turnkey contracts.

• Cost control and procurement focus have improved efficiency and supported margin targets.