Financial position and cash flow

Financial position

Total assets according to segment reporting per September 30, 2025 were SEK 44,791 million (45,677). Equity amounted to SEK 16,296 million (15,650), which entails an equity/assets ratio of 36.4 percent (34.3).

Interest-bearing net debt amounted to SEK 7,991 million (8,439) per September 30, 2025. During the period dividends of SEK 1,100 million were received from Fastighets AB Centur, which was offset against interest-bearing debt that arose in connection with the acquisition of properties from Fastighets AB Centur during the fourth quarter of 2024. 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 1,823 million (2,042). Interest-bearing receivables amounted to SEK 566 million (2,604). The comparable period included, among others, an interest-bearing receivable of SEK 1,067 million on Unibail-Rodamco-Westfield regarding Mall of Scandinavia. The arbitration was settled during the second quarter 2025 and Peab received payment on July 2, 2025. For more information regarding the settlement of Mall of Scandinavia, see the section Other information. The average interest rate in the loan portfolio was 4.5 percent (5.6) on September 30, 2025.

Group liquid funds according to IFRS, including unutilized credit facilities but excluding project financing, were SEK 8,921 million at the end of the period compared to SEK 8,822 million on December 31, 2024.

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 1,578 million at the end of the period compared to SEK 2,193 million on December 31, 2024. Surety for credit lines in tenant-​owner associations regarding the unsold part after deconsolidation made up SEK 269 million of contingent liabilities compared to SEK 508 million on December 31, 2024.

Investments and divestments

Group investments during the third quarter in tangible and intangible fixed assets amounted to SEK 286 million (74). The investments mainly refer to investments in machines and cranes in business area Industry. Group investments during the period January-September in tangible and intangible fixed assets amounted to SEK 693 million (463). The investments mainly refer to investments in machines in business area Industry. During the quarter tangible and intangible fixed assets of SEK 58 million (19) were divested. During the period January-September tangible and intangible fixed assets of SEK 174 million (222) were divested.

Project and development properties

Project and development properties, which are reported as inventory items, amounted to SEK 17,205 million as of September 30, 2025, compared to SEK 16,828 million per December 31, 2024. The net change during January – September was SEK 377 million (682) and is mainly due to more capital tied up in housing projects in ongoing production. The change during the same period the previous year is largely explained by the acquisition of building rights in Nacka through the purchase of Sicklaön Bygg Invest AB.