Financial position and cash flow
Financial position
Total assets according to segment reporting per June 30, 2026 were SEK 45,140 million (44,525). Equity amounted to SEK 16,304 million (15,572), which entails an equity/assets ratio of 36.1 percent (35.0).
Interest-bearing net debt decreased and amounted to SEK 8,714 million (9,525) per June 30, 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 period the unsold part amounted to SEK 1,818 million (1,915). Interest-bearing receivables amounted to SEK 554 million (1,554). The average interest rate in the loan portfolio was 4.2 percent (4.5) on June 30, 2026.
Group liquid funds according to IFRS, including unutilized credit facilities but excluding project financing, were SEK 9,906 million at the end of the period compared to SEK 10,079 million on December 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 1,771 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 91 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 second quarter amounted to SEK 296 million (254). Group investments in tangible and intangible fixed assets during the first half-year amounted to SEK 500 million (407). The investments mainly refer to investments in machines and vehicles in business area Industry. During the second quarter tangible and intangible fixed assets of SEK 121 million (73) were divested. During the first half-year tangible and intangible fixed assets of SEK 186 million (116) were divested.
Project and development properties
Project and development properties, which are reported as inventory items, amounted to SEK 16,706 million per June 30, 2026, compared to SEK 16,283 million per December 31, 2025. The net change during the first half-year was SEK 423 million (536) and the increase is mainly due to more completed and repurchased homes.
Net debt
| MSEK | Jun 30 2026 | Jun 30 2025 | Dec 31 2025 | |
| Mkr | 30 jun 2026 | 30 jun 2025 | 31 dec 2025 | |
| Bank loans | Banklån | 4,711 | 4,034 | 2,968 |
| Commercial papers | Företagscertifikat | – | 693 | 97 |
| Bonds | Obligationer | 4,134 | 4,138 | 4,098 |
| Financial leasing liabilities | Finansiella leasingskulder | 808 | 735 | 758 |
| Project financing, unsold part of housing projects | Projektfinansiering, osåld del av bostadsprojekt | 1,818 | 1,915 | 2,131 |
| Other interest-bearing liabilities | Övriga räntebärande skulder | 19 | 17 | 16 |
| Interest-bearing receivables | Räntebärande fordringar | -554 | -1,554 | -523 |
| Liquid funds | Likvida medel | -2,222 | -453 | -3,145 |
| Net debt, segment reporting | Nettoskuld, segmentsredovisning | 8,714 | 9,525 | 6,400 |
| Additional leasing liabilities according to IFRS 16 | Tillkommande leasingskulder enligt IFRS 16 | 1,269 | 1,411 | 1,335 |
| Project financing, sold part of housing projects | Projektfinansiering, såld del av bostadsprojekt | 1,187 | 385 | 234 |
| Net debt, IFRS | Nettoskuld, IFRS | 11,170 | 11,321 | 7,969 |
Net debt and net debt/equity ratio
Cash flow
April – June 2026
Cash flow from current operations during the second quarter 2026 amounted to SEK -438 million (-391), of which cash flow from changes in working capital was SEK -1,719 million (-1,235). The negative cash flow from changes in working capital mainly comes from business areas Industry where the season starts in the second quarter, which entails a build-up of working capital.
Cash flow from investment activities amounted to SEK -225 million (-169) and was largely explained by machine investments in business area Industry.
Cash flow before financing amounted to SEK -663 million (-560).
Cash flow from financing operations amounted to SEK 24 million (-463). During the quarter, dividends of SEK -506 million (-431) were paid to shareholders and repurchasing of own shares charged cash flow by SEK -154 million (-). The change in loans amounted to SEK 684 million (-29).
January – June 2026
Cash flow from current operations during the first half-year 2026 amounted to SEK -781 million (-821), of which cash flow from changes in working capital was SEK -1,729 million (-1,369). The negative cash flow from changes in working capital mainly comes from business areas Industry where the season starts in the second quarter, which entails a build-up of working capital.
Cash flow from investment activities was SEK -490 million (-102) and is largely explained by machine investments in business area Industry. The first half of 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 -1,271 million (-923).
Cash flow from financing operations amounted to SEK 343 million (-103). During the first half-year, dividends of SEK -506 million (-431) were paid to shareholders and repurchasing of own shares charged cash flow by SEK -239 million (-). The change in loans amounted to SEK 1,085 million (331).