Financial position and cash flow

Financial position

Total assets according to segment reporting per March 31, 2025 were SEK 42,722 million (43,949). Equity amounted to SEK 16,285 million (14,976), which entails an equity/assets ratio of 38.1 percent (34.1).

Interest-bearing net debt amounted to SEK 8,266 million (9,139) per March 31, 2025. During the quarter dividends of SEK 1,100 million were received from Fastighets AB Centur, which was offset against interest-bearing debt that arose in connection with the acquisition of properties from Fastighets AB Centur during the fourth quarter of 2024. Net debt includes project financing of the unsold part of our own housing developments while they are in production. The unsold part was SEK 1,944 million (2,649). Interest-bearing receivables amounted to SEK 1,648 million (2,583). The amount includes a capital claim of SEK 1,067 million (1,067) on Unibail-Rodamco-Westfield according to the arbitration decision announced on June 30, 2023. For details regarding the arbitration, see the section Risks and uncertainty factors and the Annual and Sustainability Report 2024. The average interest rate in the loan portfolio was 4.8 percent (5.8) on March 31, 2025.

Group liquid funds according to IFRS, including unutilized credit facilities but excluding project financing, were SEK 8,159 million at the end of the period compared to SEK 8,822 million on December 31, 2024.

As a consequence of Peab consolidating Swedish tenant-​owner associations according to IFRS, surety for tenant-​owner associations under production is not reported. When homebuyers take possession of their apartments and the tenant-​owner association is no longer consolidated in Peab’s accounts, Peab then reports the part of surety that covers unsold homes. Peab has a guarantee obligation to acquire unsold homes six months after completion. Group contingent liabilities, excluding joint and several liabilities in trading and limited partnerships, amounted to SEK 1,819 million at the end of the period compared to SEK 2,179 million on December 31, 2024. Surety for credit lines in tenant-​owner associations regarding the unsold part after deconsolidation made up SEK 240 million of contingent liabilities compared to SEK 508 million on December 31, 2024.

Investments and divestments

During the quarter tangible and intangible fixed assets were invested for SEK 153 million (179). The investments mainly refer to investments in machines in business area Industry. During the quarter tangible and intangible fixed assets of SEK 43 million (44) were divested.

Project and development properties

Project and development properties, which are reported as inventory items, amounted to SEK 16,720 million as of March 31, 2025, compared to SEK 16,828 million as of December 31, 2024. The net change during the quarter was SEK -108 million (879). The increase during the corresponding quarter last year was due to the acquisition of building rights in Nacka through the purchase of Sicklaön Bygg Invest AB.

Cash flow

Cash flow from investment activities was SEK 67 million (656). The positive cash flow is related to business area Project Development and the sale of shares in joint ventures. At the same time the level of machine investments in business area Industry was lower than in the first quarter 2024. Last year cash flow was positively affected by the sale of shares in the joint venture Tornet Bostadsproduktion in business area Project Development.

Cash flow before financing was SEK -363 million (-218).