Besqab (BESQAB) Q3 2025 earnings summary

Executive summary

• Revenue for Jan–Sept 2025 reached SEK 1,845 million, up from SEK 1,456 million year-over-year, with operating profit at SEK 115 million (91 million last year).

• Strong profitability in project operations and stable demand for housing in attractive locations, especially in Greater Stockholm and Uppsala.

• Sales remained robust despite a cautious market, with 420 homes sold or booked in 2025 and only 13 unsold units in completed projects at quarter-end.

• Strategic focus on acquiring building rights in prime locations, with several significant acquisitions during the quarter.

• No new production starts in Q3, but expectation of significant revenue and profit increase in Q4.

Financial highlights

• Q3 2025 segment revenue was SEK 405 million (down from SEK 509 million in Q3 2024), with gross profit SEK 78 million and gross margin 19.2%.

• Q3 operating profit was SEK 30 million (Q3 2024: SEK 38 million), operating margin 7.5%.

• For Jan–Sept, segment gross margin was 15.5%, operating margin 6.3%.

• Equity at September 30 was SEK 2,996 million, liquidity SEK 471 million, and equity ratio 50.8%.

• IFRS results showed net sales SEK 512 million, operating profit SEK -94.2 million, and net profit SEK -105.5 million for Jan–Sept.

Outlook and guidance

• Expecting a sharp increase in revenue in Q4 and full-year 2025 operating profit of SEK 230–250 million.

• Targeting at least 2,000 units in production by 2027 and a 15% operating margin.

• Anticipate around 750 production starts in 2025, with 230 in Q4.

• Positive market signals, improved economic conditions, and increased housing demand in Stockholm.