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
July – September 2026
Net sales during the third quarter 2026 amounted to SEK 841 million (892). The decrease is related to Housing Development.
Operating profit amounted to SEK 77 million (36) and the operating margin was 9.2 percent (4.0). The operating margin in Housing Development was 8.5 percent (-5.7). No major transactions have occurred in Property Development.
During the quarter production started on 114 (0) homes, of which 32 were new production of tenant-owner apartments/condominiums and 82 were homes on our own balance sheet. During the quarter 110 homes were also converted from our own balance sheet to tenant-owner apartments/condominiums. In the comparable quarter all homes were converted from homes on our own balance sheet, which meant that no new housing projects were started. The number of sold homes during the quarter was 157 (301), of which 113 (91) were tenant-owner apartments/condominiums and 44 (19) were homes on our own balance sheet. In the comparable quarter 191 rental apartments were also sold.
January – September 2026
Net sales decreased during the period January-September 2026 and amounted to SEK 2,232 million (2,634). The decrease is related to Housing Development, mainly in Norway and Finland.
Operating profit amounted to SEK 120 million (118) and the operating margin was 5.4 percent (4.5). The operating margin in Housing Development was 4.1 percent (-1.0). No major transactions have occurred in Property Development during the period. The operating margin for the latest rolling 12-month period in business area Property Development was 6.1 percent compared to 5.5 percent for the full year 2025, of which the operating margin in Housing Development was 3.2 percent (0.2 in 2025).
Capital employed decreased and was SEK 18,675 million (19,138) at the end of September 2026.
During the period production started on total 747 (803) homes, of which 465 (555) were tenant-owner apartments/condominiums where 173 (236) were converted from homes on our own balance sheet, 86 (190) were rental apartments and 196 (58) were homes on our own balance sheet. The number of sold homes during the period was 594 (904), of which 398 (467) were tenant-owner apartments/condominiums, 116 (357) were rental apartments and 80 (80) 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 big city areas. Starting projects on our own balance sheet increases our tied-up capital and entails deferred effects on profit in segment reporting compared with our traditional method of advance sales before production starts of our own developments, but it is considered the best way to create value in the Group in the current market situation.
The housing market in Sweden continues to recover gradually whereas recovery in the Finnish and Norwegian housing markets is proceeding somewhat more slowly. The opportunities to start production and sell new homes are clearly concentrated to big cities and specific micro-locations.
Peab sells office building in Gothenburg and acquires one in Helsinki
In October 2026 Peab entered into conditional contracts with Annehem Fastigheter to divest a newly built office building in Gothenburg and acquire an office building in Helsinki.
Peab is selling the office building Gamlestads smedja in Gothenburg which has about 13,000 m2 lettable area and annual rental income of some SEK 41 million. The underlying property value is SEK 675 million. The transaction will have a positive effect of around SEK 60 million on earnings which will be recognized in the fourth quarter 2026.
At the same time Peab will acquire the office building The Front in Helsinki which houses, among other things, Peab’s Finnish headquarters. The property has a lettable area of approximately 17,000 m2, an occupancy rate of approximately 70 percent and an annual rental income of EUR 4.7 million. The underlying property value is EUR 63 million, corresponding to SEK 715 million. Peab has development rights adjacent to the property in Helsinki and will work to reduce vacancies in the acquired property and further develop the area.
Significant joint ventures
Peab’s significant joint venture companies are Fastighets AB ML4, Point Hyllie Holding AB and Skiab Invest AB. Ongoing returns are in the form of shares in the profit from joint ventures recognized in operating profit and interest income on lending. For more information on joint ventures, see the section Business area Project Development and note 18 in the Annual and Sustainability Report 2025.
Net sales
per geographic market, rolling 12 months
Key ratios
| Jul-Sep 2026 | Jul-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Oct-Sep 2025/2026 | Jan-Dec 2025 | ||
| Jul-sep 2026 | Jul-sep 2025 | Jan-sep 2026 | Jan-sep 2025 | Okt-sep 2025/2026 | Jan-dec 2025 | ||
| Net sales, MSEK | Nettoomsättning, Mkr | 841 | 892 | 2,232 | 2,634 | 3,943 | 4,345 |
| of which Property Development | varav Fastighetsutveckling | 96 | 48 | 205 | 141 | 230 | 166 |
| of which Housing Development | varav Bostadsutveckling | 745 | 844 | 2,027 | 2,493 | 3,713 | 4,179 |
| Operating profit, MSEK | Rörelseresultat, Mkr | 77 | 36 | 120 | 118 | 240 | 238 |
| of which Property Development | varav Fastighetsutveckling | 14 | 84 | 37 | 144 | 121 | 228 |
| of which Housing Development | varav Bostadsutveckling | 63 | -48 | 83 | -26 | 119 | 10 |
| Operating margin, % | Rörelsemarginal, % | 9.2 | 4.0 | 5.4 | 4.5 | 6.1 | 5.5 |
| of which Property Development | varav Fastighetsutveckling | 14.6 | 175.0 | 18.0 | 102.1 | 52.6 | 137.3 |
| of which Housing Development | varav Bostadsutveckling | 8.5 | -5.7 | 4.1 | -1.0 | 3.2 | 0.2 |
| Capital employed at the end of the period, MSEK | Sysselsatt kapital vid periodens utgång, Mkr | 18,675 | 19,138 | 18,675 | 19,138 | 18,675 | 18,220 |
| Orders received, MSEK | Orderingång, Mkr | 670 | 339 | 2,147 | 1,937 | 3,075 | 2,865 |
| Order backlog, MSEK | Orderstock, Mkr | 2,221 | 1,631 | 2,221 | 1,631 | 2,221 | 1,702 |
| Operating cash flow, MSEK | Operativt kassaflöde, Mkr | -1 | 77 | -3 | -370 | 919 | 552 |
| Average number of employees | Medeltal antal anställda | 114 | 123 | 115 | 128 | 116 | 126 |
Capital employed
| MSEK | Sep 30 2026 | Sep 30 2025 | Dec 31 2025 | |
| Mkr | 30 sep 2026 | 30 sep 2025 | 31 dec 2025 | |
| Operations property | Driftsfastigheter | 29 | 33 | 31 |
| Investment property | Förvaltningsfastigheter | 35 | 35 | 35 |
| Project and development property | Projekt- och exploateringsfastigheter | 17,154 | 17,437 | 16,477 |
| of which housing development rights | varav bostadsbyggrätter | 7,851 | 9,176 | 8,689 |
| of which commercial development rights | varav kommersiella byggrätter | 1,531 | 1,573 | 1,575 |
| of which ongoing housing projects | varav pågående bostadsprojekt | 3,878 | 3,335 | 3,114 |
| of which ongoing commercial projects | varav pågående kommersiella projekt | 703 | 303 | 454 |
| of which completed and repurchased homes | varav färdigställda och återköpta bostäder | 1,878 | 1,754 | 1,348 |
| of which completed commercial property | varav färdigställda kommersiella fastigheter | 1,313 | 1,296 | 1,297 |
| Shares in joint ventures | Andelar i joint ventures | 1,587 | 1,716 | 1,613 |
| Loans to joint ventures | Utlåning till joint ventures | 464 | 500 | 492 |
| Working capital and other | Rörelsekapital och övrigt | -594 | -583 | -428 |
| Total | Summa | 18,675 | 19,138 | 18,220 |
| of which Property Development | varav Fastighetsutveckling | 4,671 | 4,538 | 4,585 |
| of which Housing Development | varav Bostadsutveckling | 14,004 | 14,600 | 13,635 |
Development rights for housing
| Number, approx. | Sep 30 2026 | Sep 30 2025 | Dec 31 2025 | |
| Antal, cirka | 30 sep 2026 | 30 sep 2025 | 31 dec 2025 | |
| Development rights on our own balance sheet | Byggrätter i egen balansräkning | 21,600 | 23,300 | 22,900 |
| Development rights via joint ventures | Byggrätter via joint ventures | 4,800 | 4,900 | 4,900 |
| Development rights via options etc. | Byggrätter via optioner m.m. | 4,800 | 5,500 | 5,200 |
| Total | Totalt | 31,200 | 33,700 | 33,000 |
Number of started-up homes
| Number | Jul-Sep 2026 | Jul-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Oct-Sep 2025/2026 | Jan-Dec 2025 | |
| Antal | Jul-sep 2026 | Jul-sep 2025 | Jan-sep 2026 | Jan-sep 2025 | Okt-sep 2025/2026 | Jan-dec 2025 | |
| Tenant-owner apartments/condominiums | Bostadsrätter/ägarlägenheter | 142 | 111 | 465 | 555 | 643 | 733 |
| – of which converted from homes on our own balance sheet | – varav konvertering från bostäder i egen balansräkning | 110 | 111 | 173 | 236 | 351 | 414 |
| Rentals | Hyresrätter | – | – | 86 | 190 | 188 | 292 |
| Homes on our own balance sheet | Bostäder i egen balansräkning | -28 | -111 | 196 | 58 | 274 | 136 |
| – of which converted to tenant-owner apartments/ condominiums | – varav konvertering till bostadsrätter/ägarlägenheter | -110 | -111 | -173 | -236 | -351 | -414 |
| Total number of homes | Totalt antal bostäder | 114 | 0 | 747 | 803 | 1,105 | 1,161 |
Number of sold homes
| Number | Jul-Sep 2026 | Jul-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Oct-Sep 2025/2026 | Jan-Dec 2025 | |
| Antal | Jul-sep 2026 | Jul-sep 2025 | Jan-sep 2026 | Jan-sep 2025 | Okt-sep 2025/2026 | Jan-dec 2025 | |
| Tenant-owner apartments/condominiums | Bostadsrätter/ägarlägenheter | 113 | 91 | 398 | 467 | 506 | 575 |
| Rentals | Hyresrätter | – | 191 | 116 | 357 | 327 | 568 |
| Homes on our own balance sheet | Bostäder i egen balansräkning | 44 | 19 | 80 | 80 | 105 | 105 |
| Total number of homes | Totalt antal bostäder | 157 | 301 | 594 | 904 | 938 | 1,248 |
Number of completed and repurchased homes
| Number | Sep 30 2026 | Sep 30 2025 | Dec 31 2025 | |
| Antal | 30 sep 2026 | 30 sep 2025 | 31 dec 2025 | |
| Tenant owner apartments/condominiums | Bostadsrätter och ägarlägenheter | 551 | 347 | 364 |
| Rentals | Hyresrätter | 6 | 196 | 6 |
| Total number of homes | Totalt antal bostäder | 557 | 543 | 370 |
Number of homes in ongoing production
| Number | Sep 30 2026 | Sep 30 2025 | Dec 31 2025 | |
| Antal | 30 sep 2026 | 30 sep 2025 | 31 dec 2025 | |
| Tenant-owner apartments/condominiums | Bostadsrätter/ägarlägenheter | 1,223 | 1,226 | 1,225 |
| – of which sold share | – varav såld andel | 45% | 45% | 44% |
| Rentals | Hyresrätter | 331 | 270 | 209 |
| – of which sold share | – varav såld andel | 56% | 91% | 89% |
| Homes on our own balance sheet | Bostäder i egen balansräkning | 572 | 494 | 572 |
| – of which sold share | – varav såld andel | 6% | 8% | 3% |
| Total number of homes | Totalt antal bostäder | 2,126 | 1,990 | 2,006 |
| – of which sold share | – varav såld andel | 36% | 42% | 37% |
Property projects
| Type of project | Location | Rentable area in m2 | Degree rented, % | Recognized value, MSEK | Adopted investment, MSEK | Completion time point | Completion level, % | |||
| Typ av projekt | Ort | Uthyrningsbar yta, m2 | Uthyrningsgrad, % | Bokfört värde, Mkr | Beslutad investering, Mkr | Tidpunkt färdigställande | Färdigställande-grad, % | |||
| Ongoing | Pågående | |||||||||
| Retail, office building and parking | Malmö | Handel, kontor och parkering | Malmö | 8,300 | 43 | 452 | 592* | Q3-2027 | Q3-2027 | 76 |
| Retail | Malmö | Handel | Malmö | 8,600 | 100 | 161 | 168 | Q4-2026 | Q4-2026 | 96 |
| Preschool | Upplands Väsby | Förskola | Upplands Väsby | 1,200 | 100 | 46 | 56 | Q4-2026 | Q4-2026 | 83 |
| Office building | Karlstad | Kontor | Karlstad | 4,300 | 62 | 45 | 156 | Q4-2027 | Q4-2027 | 29 |
| Completed | Färdigställda | |||||||||
| Office building | Gothenburg | Kontor | Göteborg | 13,000 | 69 | 564 | ||||
| Apartment hotel | Malmö | Lägenhetshotell | Malmö | 4,300 | 100 | 133 | ||||
| Office building | Malmö | Kontor | Malmö | 2,500 | 100 | 136 | ||||
| Office building | Malmö | Kontor | Malmö | 3,600 | 81 | 123 | ||||
| Office building | Malmö | Kontor | Malmö | 4,900 | 100 | 251 |
* The amount includes approximately 17,000 m2 of parking space