Business area Project Development

Business area Project Development, which comprises Housing Development and Property Development, develops sustainable and vibrant urban environments with residential, commercial and public property. Housing Development of­fers a broad range of hous­ing forms in­clud­ing apart­ment build­ings with tenant-​owner apart­ments, con­do­mini­ums and apart­ments for rent. Property Development develops office buildings, premises and sometimes entire city districts in collaboration with municipalities and other partners.

Net sales and profit

Net sales decreased during the first quarter 2026 and amounted to SEK 492 million (991). The decrease is related to Housing Development where there have been fewer production starts in the quarter compared to the corresponding quarter last year when, among other things, two major housing projects were production-started.

Operating profit amounted to SEK 9 million (83) and the operating margin was 1.8 percent (8.4). The operating margin in Housing Development was -0.4 percent (3.6). No major transactions have been carried out in Property Development during the quarter. In the corresponding quarter last year capital gains from the divestiture of property and participations in joint venture companies affected the business area by SEK 47 million. The operating margin for the latest rolling 12 ​month period was 4.3 percent compared to 5.5 percent for the full year 2025, of which the operating margin in Property Development was 135.7 percent (137.3 in 2025) and in Housing Development -0.7 percent (0.2 in 2025).

Capital employed was SEK 18,634 million (18,435) at the end of March 2026.

During the quarter production started on 132 (523) homes, of which 109 (336) were tenant-owner apartments/condominiums, of which 63 (40) were converted from homes on our own balance sheet and 86 (–) were homes in rental apartment projects. In the corresponding quarter last year production also started on 187 homes on our own balance sheet. The number of sold homes during the quarter was 115 (272), of which 103 (226) were tenant-owner apartments/condominiums and 12 (46) were homes on our own balance sheet.

The trend of increasing sales as the project approaches completion continues. We are therefore working on the strategy of – given our financial targets – increasing our own housing development production on our own balance sheet to later convert them into tenant-owner apartments. This is particularly the case for projects in metropolitan areas.

Starting projects on our own balance sheet increases our tied-up capital and entails deferred effects on profit in segment reporting compared with our traditional method of advance sales before production starts of our own developments.

The market for new housing production has stabilized and lower interest rates, eased mortgage regulations and stabilized prices on the second-hand market are helping. However, supply on the second-hand market remains high which, combined with cautious consumers, means that the market looks different in different places. Markets in the big cities and good micro locations are better than in other locations that remain weak. This development is similar in Sweden, Norway and Finland.

Peab’s significant joint venture companies are Fastighets AB ML4, Point Hyllie Holding AB and Skiab Invest AB. Ongoing returns are in the form of shares in the profit from joint ventures recognized in operating profit and interest income on lending. For more information on joint ventures, see the section Business area Project Development and note 18 in the Annual and Sustainability Report 2025.

Net sales

per geographic market, rolling 12 months

Office Building

Gothenburg

Key ratios

Jan-Mar
2026
Jan-Mar
2025
Apr 2025-
Mar 2026
Jan-Dec
2025
Jan-mar
2026
Jan-mar
2025
Apr 2025-
mar 2026
Jan-dec
2025
Net sales, MSEK Nettoomsättning, Mkr 492 991 3,846 4,345
of which Property Development varav Fastighetsutveckling 31 57 140 166
of which Housing Development varav Bostadsutveckling 461 934 3,706 4,179
Operating profit, MSEK Rörelseresultat, Mkr 9 83 164 238
of which Property Development varav Fastighetsutveckling 11 49 190 228
of which Housing Development varav Bostadsutveckling -2 34 -26 10
Operating margin, % Rörelsemarginal, % 1.8 8.4 4.3 5.5
of which Property Development varav Fastighetsutveckling 35.5 86.0 135.7 137.3
of which Housing Development varav Bostadsutveckling -0.4 3.6 -0.7 0.2
Capital employed at the end of the period, MSEK
Sysselsatt kapital vid periodens utgång, Mkr
18,634 18,435 18,634 18,220
Orders received, MSEK Orderingång, Mkr 466 1,276 2,055 2,865
Order backlog, MSEK Orderstock, Mkr 1,696 1,975 1,696 1,702
Operating cash flow, MSEK Operativt kassaflöde, Mkr -183 269 100 552
Average number of employees Medeltal antal anställda 116 131 122 126

Capital employed

MSEK Mar 31 2026 Mar 31
2025
Dec 31
2025
Mkr 31 mar 2026 31 mar
2025
31 dec
2025
Operations property Driftsfastigheter 30 33 31
Investment property Förvaltningsfastigheter 35 35 35
Project and development property
Projekt- och exploateringsfastigheter
16,799 16,937 16,477
of which housing development rights varav bostadsbyggrätter  8,720 8,869 8,689
of which commercial development rights varav kommersiella byggrätter  1,593 1,682 1,575
of which ongoing housing projects varav pågående bostadsprojekt   2,726 2,832 3,114
of which ongoing commercial projects 
varav pågående kommersiella projekt 
 529 160 454
of which completed and repurchased homes varav färdigställda och återköpta bostäder  1,933 2,155 1,348
of which completed commercial property varav färdigställda kommersiella fastigheter  1,298 1,239 1,297
Shares in joint ventures Andelar i joint ventures 1,667 1,619 1,613
Loans to joint ventures Utlåning till joint ventures 496 491 492
Working capital and other Rörelsekapital och övrigt -393 -680 -428
Total Summa 18,634 18,435 18,220
of which Property Development varav Fastighetsutveckling  4,688 5,015 4,585
of which Housing Development varav Bostadsutveckling  13,946 13,420 13,635

Development rights for housing

Number of started-up homes 

Number of sold homes

Number of completed and repurchased homes

Number of homes in ongoing production

Property projects

* The amount includes approximately 17,000 m2 of parking space