Improved profit and strong cash flow

In this report amounts and comments are based on segment reporting if not otherwise specified. The Group has different accounting principles in segment reporting compared to reporting according to IFRS for our own housing development projects and for IFRS 16 (previously operational leasing contracts). For more information on our accounting principles and the differences between segment reporting and reporting according to IFRS, see note 1 and 3. For information on alternative performance measures, see the section Alternative performance measures and definitions.

Summary according to segment reporting  

July – September 2025

  • Net sales SEK 15,602 million (15,539)
  • Operating profit SEK 1,148 million (995)
  • Operating margin 7.4 percent (6.4)
  • Pre-tax profit SEK 1,067 million (902)
  • Earnings per share before and after dilution SEK 3.01 (2.59)
  • Orders received SEK 10,223 million (10,135)
  • Cash flow before financing SEK 2,792 million (1,195)

January – September 2025

  • Net sales SEK 41,464 million (41,912)
  • Operating profit SEK 1,630 million (1,508)
  • Operating margin 3.9 percent (3.6)
  • Pre-tax profit SEK 740 million (1,242). The settlement agreement regarding Mall of Scandinavia affected net financial items by SEK -611 million
  • Earnings per share before and after dilution SEK 1.97 (3.62)
  • Orders received SEK 39,980 million (44,458)
  • Order backlog SEK 48,279 million (47,026)
  • Cash flow before financing SEK 1,869 million (882)
  • Net debt SEK 7,991 million (8,439)
  • Net debt/equity ratio 0.5 (0.5)

Group

MSEK Jul-Sep
2025		 Jul-Sep
2024		 Jan-Sep
2025		 Jan-Sep
2024		 Oct-Sep
2024/2025		 Jan-Dec
2024
Mkr Jul-sep
2025		 Jul-sep
2024		 Jan-sep
2025		 Jan-sep
2024		 Okt-sep
2024/2025		 Jan-dec
2024
Segment reporting Segmentsredovisning
Net sales Nettoomsättning 15,602 15,539 41,464 41,912 58,249 58,697
Operating profit Rörelseresultat 1,148 995 1,630 1,508 2,885 2,763
Operating margin, % Rörelsemarginal, % 7.4 6.4 3.9 3.6 5.0 4.7
Pre-tax profit Resultat före skatt 1,067 902 740 1,242 1,923 2,425
Profit for the period Periodens resultat 865 745 572 1,043 1,609 2,080
Earnings per share before and after dilution, SEK Resultat per aktie före och efter utspädning, kr 3.01 2.59 1.97 3.62 5.60 7.25
Return on equity, % 1)  Räntabilitet på eget kapital, % 1) 9.9 6.4 9.9 6.4 9.9 13.3
Return on capital employed, % 1)  Räntabilitet på sysselsatt kapital, % 1) 11.1 6.8 11.1 6.8 11.1 10.7
Net debt Nettoskuld 7,991 8,439 7,991 8,439 7,991 9,118
Net debt/equity ratio, multiple Nettoskuldsättningsgrad, ggr 0.5 0.5 0.5 0.5 0.5 0.5
Equity/assets ratio, % Soliditet, % 36.4 34.3 36.4 34.3 36.4 37.1
Cash flow before financing Kassaflöde före finansiering 2,792 1,195 1,869 882 3,588 2,601
Average number of employees Medeltal antal anställda 13,146 13,632 12,339 12,872 12,505 12,899
Reporting according to IFRS Redovisning enligt IFRS
Net sales, IFRS Nettoomsättning, IFRS 15,358 15,720 41,246 44,098 58,431 61,283
Operating profit, IFRS Rörelseresultat, IFRS 1,118 992 1,626 1,794 2,995 3,163
Pre-tax profit, IFRS Resultat före skatt, IFRS 1,026 888 701 1,495 1,986 2,780
Profit for the period, IFRS Periodens resultat, IFRS 829 734 534 1,274 1,648 2,388
Earnings per share before and after dilution, IFRS, SEK Resultat per aktie före och efter utspädning, IFRS, kr 2.89 2.54 1.84 4.42 5.74 8.32
Net debt, IFRS Nettoskuld, IFRS 10,224 11,762 10,224 11,762 10,224 11,253
Equity/assets ratio, IFRS, % Soliditet, IFRS, % 33.9 31.2 33.9 31.2 33.9 34.6
Cash flow before financing, IFRS Kassaflöde före finansiering, IFRS 2,349 1,446 1,880 3,698 4,926 6,744
1) Calculated on rolling 12 months
Net sales
Operating profit
Orders received