Financial position and cash flow

Financial position

Total assets according to segment reporting per March 31, 2026 were SEK 42,272 million (42,722). Equity amounted to SEK 16,735 million (16,285), which entails an equity/assets ratio of 39.6 percent (38.1).

Interest-bearing net debt decreased and amounted to SEK 7,173 million (8,266) per March 31, 2026. Net debt includes project financing of the unsold part of our own housing developments while they are in production. At the end of the quarter the unsold part amounted to SEK 1,818 million (1,944). Interest-bearing receivables amounted to SEK 566 million (1,648). The average interest rate in the loan portfolio was 4.1 percent (4.8) on March 31, 2026.

Group liquid funds according to IFRS, including unutilized credit facilities but excluding project financing, were SEK 9,897 million at the end of the period compared to SEK 10,079 million on March 31, 2025.

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 2,036 million at the end of the period compared to SEK 1,929 million on December 31, 2025. Surety for credit lines in tenant-​owner associations regarding the unsold part after deconsolidation made up SEK 304 million of contingent liabilities compared to SEK 455 million on December 31, 2025.

Investments and divestments

Group investments in tangible and intangible fixed assets during the first quarter amounted to SEK 204 million (153). The investments mainly refer to investments in machines and vehicles in business area Industry. During the first quarter tangible and intangible fixed assets of SEK 65 million (43) were divested.

Project and development properties

Project and development properties, which are reported as inventory items, amounted to SEK 16,615 million per March 31, 2026, compared to SEK 16,283 million per December 31, 2025. The net change during the quarter was SEK 332 million (-108) and the increase is mainly due to more completed and repurchased homes.

Cash flow

Cash flow from current operations during the first quarter 2026 amounted to SEK -343 million (-430), of which cash flow from changes in working capital was SEK -10 million (-134). The negative cash flow mainly comes from business areas Industry where the season does not start until the second quarter.

Cash flow from investment activities was SEK -265 million (67) and was largely explained by machine investments in business area Industry. The first quarter last year included a positive effect from the divestment of shares in joint ventures related to business area Project Development.

Cash flow before financing amounted to SEK -608 million (-363).

Cash flow from financing operations amounted to SEK 319 million (360), where repurchasing own shares generated a charge of SEK -85 million (-). Changes in loans amounted to SEK 401 million (360).