Strong end to the year

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  

October – December 2025

  • Net sales SEK 17,125 million (16,785)
  • Operating profit SEK 996 million (1,255)
  • Operating margin 5.8 percent (7.5)
  • Pre-tax profit SEK 934 million (1,183)
  • Earnings per share before and after dilution SEK 2.69 (3.63)
  • Orders received SEK 14,947 million (12,052)
  • Cash flow before financing SEK 2,250 million (1,719)

January – December 2025

  • Net sales SEK 58,589 million (58,697)
  • Operating profit SEK 2,626 million (2,763)
  • Operating margin 4.5 percent (4.7)
  • Pre-tax profit SEK 1,674 million (2,425). The settlement agreement regarding Mall of Scandinavia affected net financial items by SEK -611 million
  • Earnings per share before and after dilution SEK 4.66 (7.25)
  • Orders received SEK 54,927 million (56,510)
  • Order backlog SEK 48,544 million (44,906)
  • Cash flow before financing SEK 4,119 million (2,601)
  • Net debt SEK 6,400 million (9,118)
  • Net debt/equity ratio 0.4 (0.5)
  • The Board proposes a dividend of SEK 3.30 (2.75) per share divided into two payments

Group

MSEK Oct-Dec
2025		 Oct-Dec
2024		 Jan-Dec
2025		 Jan-Dec
2024
Mkr Okt-dec
2025		 Okt-dec
2024		 Jan-dec
2025		 Jan-dec
2024
Segment reporting Segmentsredovisning
Net sales Nettoomsättning 17,125 16,785 58,589 58,697
Operating profit Rörelseresultat 996 1,255 2,626 2,763
Operating margin, % Rörelsemarginal, % 5.8 7.5 4.5 4.7
Pre-tax profit Resultat före skatt 934 1,183 1,674 2,425
Profit for the period Periodens resultat 770 1,037 1,342 2,080
Earnings per share before and after dilution, SEK Resultat per aktie före och efter utspädning, kr 2.69 3.63 4.66 7.25
Return on equity, % 1)  Räntabilitet på eget kapital, % 1) 8.3 13.3 8.3 13.3
Return on capital employed, % 1)  Räntabilitet på sysselsatt kapital, % 1) 10.2 10.7 10.2 10.7
Net debt Nettoskuld 6,400 9,118 6,400 9,118
Net debt/equity ratio, multiple Nettoskuldsättningsgrad, ggr 0.4 0.5 0.4 0.5
Equity/assets ratio, % Soliditet, % 39.4 37.1 39.4 37.1
Cash flow before financing Kassaflöde före finansiering 2,250 1,719 4,119 2,601
Average number of employees Medeltal antal anställda 12,565 12,979 12,377 12,899
Reporting according to IFRS Redovisning enligt IFRS
Net sales, IFRS Nettoomsättning, IFRS 17,335 17,185 58,581 61,283
Operating profit, IFRS Rörelseresultat, IFRS 1,067 1,369 2,693 3,163
Pre-tax profit, IFRS Resultat före skatt, IFRS 994 1,285 1,695 2,780
Profit for the period, IFRS Periodens resultat, IFRS 829 1,114 1,363 2,388
Earnings per share before and after dilution, IFRS, SEK Resultat per aktie före och efter utspädning, IFRS, kr 2.90 3.90 4.74 8.32
Net debt, IFRS Nettoskuld, IFRS 7,969 11,253 7,969 11,253
Equity/assets ratio, IFRS, % Soliditet, IFRS, % 37.0 34.6 37.0 34.6
Cash flow before financing, IFRS Kassaflöde före finansiering, IFRS 3,015 3,046 4,895 6,744
1) Calculated on rolling 12 months
Net sales
Operating profit
Orders received