Business area Construction
With local roots close to customers business area Construction does construction work for both external and internal customers. Construction projects include everything from new production of housing, public and commercial premises to renovations and extensions as well as construction maintenance.
Operations in business area Construction are run via some 150 local offices around the Nordic region, organized in eleven regions in Sweden, three in Norway and two in Finland. There are specialized housing production units in Stockholm, Gothenburg and the Öresund region. Construction maintenance is a nationwide organization in Sweden focused on major cities. Other regions are responsible for all types of construction projects in their geographic area.
Net sales and profit
October – December 2025
Business area Construction had a high level of activity, particularly in Sweden during the fourth quarter. Net sales increased by ten percent and amounted to SEK 7,169 million (6,541). Operating profit increased during the quarter and amounted to SEK 148 million (96) and the operating margin improved to 2.1 percent (1.5).
January – December 2025
Net sales for 2025 decreased slightly and amounted to SEK 23,683 million (23,817). There is a greater portion in net sales of industrial projects while the portion of housing construction decreased. A large part of net sales in 2025 consisted of various types of premise construction for the public sector.
Operating profit increased during the year and amounted to SEK 512 million (416) and the operating margin improved to 2.2 percent (1.7).
Orders received and order backlog
October – December 2025
The level of orders received during the fourth quarter was 5,918 SEK million (6,325).
January – December 2025
The level of orders received increased during the year and amounted to SEK 25,298 million (22,224). There is a large portion of projects for the public sector in orders received. The year’s orders received include construction of Hitachi Energy’s new campus at Finnslätten in Västerås for SEK 1.1 billion. The comparison period included a new swimming pool block containing a swimming pool facility, homes, commercial premises and parking space in Partille worth around SEK 1.3 billion as well as construction of Gothenburg’s new station building for SEK 870 million. The level of orders received amounted to 107 percent (93) of netsales for the full year 2025.
Order backlog on December 31, 2025 was SEK 25,134 million (23,188). The portion of housing projects at the end of the year was 31 percent (29).
Merging businesses in Western Norway
Peab and the KB Gruppen have decided to merge their operations in the companies K. Nordang and Christie & Opsahl, both of which operate in Western Norway. The combined net sales of the two companies are expected to amount to around NOK 1.9 billion in 2025. The two companies have a total of 350 employees. The KB Gruppen will own 62.5 percent of the new associated company and Peab will own 37.5 percent. Peab will recognize the company as an associated company in business area Construction. Net sales in K. Nordang AS were approximately NOK 800 million in 2025. K. Nordang AS will be sold into the associated company at market price and this is expected to have an effect on operating profit in the first quarter 2026 of approximately NOK 100 million. The transaction has been approved by the competition authorities and closing is expected to take place in the first quarter 2026.
Net sales
per product area
per geographic market
Order backlog, December 31, 2025
per product area
per project size
Key ratios
| Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 | ||
| Okt-dec 2025 | Okt-dec 2024 | Jan-dec 2025 | Jan-dec 2024 | ||
| Net sales, MSEK | Nettoomsättning, Mkr | 7,169 | 6,541 | 23,683 | 23,817 |
| Operating profit, MSEK | Rörelseresultat, Mkr | 148 | 96 | 512 | 416 |
| Operating margin, % | Rörelsemarginal, % | 2.1 | 1.5 | 2.2 | 1.7 |
| Orders received, MSEK | Orderingång, Mkr | 5,918 | 6,325 | 25,298 | 22,224 |
| Orders received/net sales, % | Orderingång/nettoomsättning, % | 83 | 97 | 107 | 93 |
| Order backlog, MSEK | Orderstock, Mkr | 25,134 | 23,188 | 25,134 | 23,188 |
| Operating cash flow, MSEK | Operativt kassaflöde, Mkr | -73 | -93 | 1,576 | -3 |
| Average number of employees | Medeltal antal anställda | 4,124 | 4,356 | 4,163 | 4,477 |