Besqab (BESQAB) Q1 2026 earnings summary

Executive summary

• Achieved strong sales and high demand in Q1 2026, with rising housing prices, few unsold units, and improved profitability compared to the previous year.

• 101 homes sold and 52 reserved in Q1, with only two unsold units in completed projects at period end.

• Multiple new project launches in attractive urban locations, with increased return on equity and several new projects planned.

• Two projects completed: 111 rental apartments in Viggby Ängar and the final unit in Lilla Häll, Hägersten.

Financial highlights

• Revenue for Q1 2026 was SEK 469 MSEK (512 MSEK in Q1 2025); gross profit increased to SEK 101.3m (92.3), gross margin 21.6% (18.0%), operating profit SEK 63.2m (30.3), operating margin 13.5% (5.9%), net profit SEK 60.8m (15.0), EPS SEK 0.38 (-0.07).

• IFRS: Net sales SEK 731.8m (85.8), operating profit SEK 49.8m (-52.6), net profit SEK 51.1m (-68.0), EPS SEK 0.28 (-0.87), equity SEK 3,029.6m (3,120.6), equity ratio 48.5% (55.2).

• Cash and equivalents at SEK 476.9m (337.5m last year); cash flow from operations (IFRS) SEK -32.0m (-225.9).

• Interest-bearing net debt (IFRS) SEK 1,775.6m (1,427.2).

Outlook and guidance

• Conditions support increased production volumes, with several project launches planned for Q2 and a target of at least 2,000 homes in production by 2027.

• Strong financial position, robust land bank, and favorable financing terms support future growth.

• No dividend planned for common shares in coming years; focus on reinvestment and project starts.