Peab (PEAB) Q3 2025 earnings summary

Executive summary

• Improved results and strong cash flow for January–September 2025, with stable market outlook in the Nordic construction and civil engineering sectors.

• Operating profit and margin increased, supported by a diversified business model and local market presence.

• Net sales for January–September 2025 were SEK 41,464 million, down 1% year-over-year, but operating profit increased to SEK 1,630 million and operating margin improved to 3.9%.

• A major settlement regarding Mall of Scandinavia increased liquidity by SEK 1 billion but negatively impacted net financial items by SEK 611 million.

Financial highlights

• Group net sales for Q3 2025 were SEK 15,602 million, up slightly from SEK 15,539 million in Q3 2024.

• Operating profit for Q3 2025 reached SEK 1,148 million, up from SEK 995 million in Q3 2024; operating margin improved to 7.4% from 6.4%.

• Cash flow before financing in Q3 2025 was SEK 2,792 million, showing strong liquidity.

• Net debt at period end was SEK 7,991 million, with a net debt/equity ratio of 0.5.

• January–September 2025 pre-tax profit was SEK 740 million (down from SEK 1,242 million), earnings per share SEK 1.97 (3.62).

Outlook and guidance

• Housing investments are expected to increase from a low base, with stable or rising construction and civil engineering investments across Sweden, Norway, and Finland through 2027.

• Macroeconomic recovery is slower than expected, but infrastructure investments and public sector demand are supporting the business.

• The company is adjusting its housing development strategy to focus more on own balance sheet projects, especially in metropolitan areas.

• The next financial report is scheduled for February 4, 2026.