Financial position and cash flow

Financial position

Total assets according to segment reporting per September 30, 2026 were SEK 46,681 million (44,791). Equity amounted to SEK 17,315 million (16,296), which entails an equity/assets ratio of 37.1 percent (36.4).

Interest-bearing net debt decreased and amounted to SEK 7,212 million (7,991) per September 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 2,015 million (1,823). Interest-bearing receivables amounted to SEK 563 million (566). The average interest rate in the loan portfolio was 4.4 percent (4.5) on September 30, 2026.

Group liquid funds according to IFRS, including unutilized credit facilities but excluding project financing, were SEK 11,165 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 1,849 million at the end of the period compared to SEK 1,939 million on December 31, 2025. Surety for credit lines in tenant-​owner associations regarding the unsold part after deconsolidation made up SEK 106 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 third quarter amounted to SEK 194 million (286). Group investments in tangible and intangible fixed assets during the period January-September 2026 amounted to SEK 694 million (693). The investments mainly refer to investments in machines and vehicles in business area Industry. During the third quarter tangible and intangible fixed assets of SEK 52 million (58) were divested. During the period tangible and intangible fixed assets of SEK 238 million (174) were divested.

Project and development properties

Project and development properties, which are reported as inventory items, amounted to SEK 16,929 million per September 30, 2026, compared to SEK 16,283 million per December 31, 2025. The net change during the period was SEK 646 million (377) and the increase is mainly due to more ongoing housing projects and more completed and repurchased homes.

Net debt

MSEK Sep 30
2026		 Sep 30
2025		 Dec 31
2025
Mkr 30 sep
2026		 30 sep
2025		 31 dec
2025
Bank loans Banklån 4,633 3,550 2,968
Commercial papers Företagscertifikat – 99 97
Bonds Obligationer 3,664 4,128 4,098
Financial leasing liabilities Finansiella leasingskulder 855 776 758
Project financing, unsold part of housing projects Projektfinansiering, osåld del av bostadsprojekt 2,015 1,823 2,131
Other interest-bearing liabilities Övriga räntebärande skulder 20 17 16
Interest-bearing receivables Räntebärande fordringar -563 -566 -523
Liquid funds Likvida medel -3,412 -1,836 -3,145
Net debt, segment reporting Nettoskuld, segmentsredovisning 7,212 7,991 6,400
Additional leasing liabilities according to IFRS 16 Tillkommande leasingskulder enligt IFRS 16 1,241 1,319 1,335
Project financing, sold part of housing projects Projektfinansiering, såld del av bostadsprojekt 1,773 914 234
Net debt, IFRS Nettoskuld, IFRS 10,226 10,224 7,969

Net debt and net debt/equity ratio

Stone laying

Helsinki, Finland

Cash flow

July – September 2026

Cash flow from current operations during the third quarter 2026 amounted to SEK 2,048 million (1,957), of which cash flow from changes in working capital was SEK 553 million (577). The positive cash flow for the quarter comes mainly from business area Industry, which has a very clear seasonal pattern where the third quarter is characterized by a strong cash flow. In addition, business area Construction had positive cash flow effects from changes in working capital during the quarter.

Cash flow from investment activities amounted to SEK -148 million (835) and was largely explained by machine investments in business area Industry. The third quarter last year included payment of an interest-bearing receivable from Unibail-Rodamco-Westfield relating to the settlement of Mall of Scandinavia for SEK 979 million in business area Construction.

Cash flow before financing amounted to SEK 1,900 million (2,792).

Cash flow from financing operations amounted to SEK -697 million (-1,407). During the quarter repurchasing of own shares charged cash flow by SEK -245 million (-160). The change in loans amounted to SEK -451 million (-1,247).

January – September 2026

Cash flow from current operations during the period January-September 2026 amounted to SEK 1,267 million (1,136), of which cash flow from changes in working capital was SEK -1,176 million (-792). The negative cash flow from changes in working capital relates primarily to business areas Industry.

Cash flow from investment activities was SEK -638 million (733) and is largely explained by machine and vehicle investments in business area Industry. The comparable period included payment of interest-bearing receivables of SEK 1,000 million from Unibail-Rodamco-Westfield regarding the settlement of Mall of Scandinavia in business area Construction. The comparable period also included a positive effect in business area Project Development from the sale of shares in joint ventures.

Cash flow before financing amounted to SEK 629 million (1,869).

Cash flow from financing operations amounted to SEK -354 million (-1,510). During the period dividends of SEK -506 million (-431) were paid to shareholders and repurchasing of own shares charged cash flow by SEK -484 million (-160). The change in loans amounted to SEK 634 million (-916).

Cash flow before financing

Skillinge School

Munka Ljungby