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.

Net sales

per geographic market, rolling 12 months