Besqab (BESQAB) Q4 2025 earnings summary

Executive summary

• Achieved strong sales and earnings growth in 2025, maintaining a leading market share in Stockholm and Uppsala, with robust demand for new housing in attractive micro-locations.

• Delivered a stable year aligned with the business plan, achieving strong profitability and a robust gross result.

• Fourth quarter saw significant revenue and profit increases, reflecting the effectiveness of the current strategy and realized cost synergies.

• Cost synergies realized, leading to higher operating margins and successful integration after a listing change.

• Two new projects, Kellhagen (Stockholm) and Storgården (Vaxholm), were launched, with rapid production starts and positive market reception.

Financial highlights

• Full-year 2025 revenue: SEK 2,823 million (up from 2,241 million year-over-year); gross profit: SEK 456 million (384 million); operating profit: SEK 244 million (156 million); net profit: SEK 239.9 million (128.5); EPS: SEK 1.47 (0.44).

• Q4 2025 revenue: SEK 979 million (784 million); gross profit: SEK 170 million (128 million); operating profit: SEK 129 million (65 million); net profit: SEK 135.9 million (58.8); EPS: SEK 1.10 (0.41).

• IFRS: Full-year net sales SEK 836.4m (3,375.7), operating profit SEK -91.7m (61.8), net loss SEK -112.5m (41.0), EPS SEK -1.93 (-0.51).

• 505 homes sold or reserved in 2025 (280 in 2024); 756 units started production in 2025, with 236 in Q4.

• Full-year gross margin: 16.1%, operating margin: 8.6%, return on equity: 6.8%, equity ratio: 44.5%.

Outlook and guidance

• Market outlook is improving with positive price trends (+1% to +4% in Stockholm) and better sentiment.

• Plans to launch 700 new homes in H1 2026 across 8 projects.

• Targeting at least 2,000 homes in production by 2027, with a plan to gradually increase project starts.

• Management expects to achieve a 15% operating margin by 2027, contingent on planned production volume increases.

• Positive outlook for 2026, supported by lower interest rates, eased mortgage requirements, and a stronger Stockholm housing market.