Besqab (BESQAB) Q2 2025 earnings summary

Executive summary

• Seven new residential project starts and a successful listing on Nasdaq Stockholm main market marked a dynamic quarter, with 500 of 700 planned homes for the year already started and strong sales in attractive locations in Stockholm and Uppsala.

• Despite a cautious housing market in Q2, 247 homes were sold or reserved, with 64% of ongoing production sold or booked by quarter-end.

• Four management properties were divested in line with book value, freeing up SEK 250 million for higher-yield investments and prioritizing capital for new residential development.

• Integration completed in connection with the Nasdaq Stockholm listing, with related costs taken in Q2.

• Well positioned for the autumn with projects in high-demand locations and supportive market conditions.

Financial highlights

• Segment net sales for Jan–Jun 2025 reached SEK 1,439.6 million (947.3), with Q2 2025 revenue at SEK 928 million (487 million in Q2 2024).

• Segment gross profit was SEK 208.1 million (162.4), gross margin 14.5% (17.1), and Q2 gross profit SEK 116 million (100 million), but gross margin declined to 13% (21%).

• Segment operating profit was SEK 84.8 million (53.8), with Q2 operating profit SEK 55 million (33 million), and operating margin 5.9% (5.7%).

• Equity at period end was SEK 3,009 million (3,143 million), and liquidity was SEK 406 million (494 million).

• Cash and cash equivalents at period-end: SEK 406.4 million (segment), SEK 449.4 million (IFRS).

Outlook and guidance

• The company aims to maintain at least 2,000 homes in ongoing production by 2027, supported by a strong land bank and stable financing.

• Lower amortization requirements and interest rate cuts are expected to strengthen business conditions.

• The underlying need for new housing in Greater Stockholm and Uppsala remains strong.

• Market conditions remain uncertain short-term, but long-term fundamentals are seen as positive, with regulatory easing supporting demand.