Financial position and cash flow

Financial position

Total assets according to segment reporting per December 31, 2025 were SEK 42,472 million (45,226). Equity amounted to SEK 16,716 million (16,760), which entails an equity/assets ratio of 39.4 percent (37.1).

Interest-bearing net debt decreased and amounted to SEK 6,400 million (9,118) per December 31, 2025. At the beginning of the year dividends of SEK 1,100 million were received from Fastighets AB Centur, which were 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 year the unsold part amounted to SEK 2,131 million (2,237). Interest-bearing receivables amounted to SEK 523 million (1,643). The comparable period included 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 4.4 percent (5.1) on December 31, 2025.

Group liquid funds according to IFRS, including unutilized credit facilities but excluding project financing, were SEK 10,079 million at the end of the year 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 1,973 million at the end of the year 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 455 million of contingent liabilities compared to SEK 508 million on December 31, 2024.

Investments and divestments

Group investments during the fourth quarter in tangible and intangible fixed assets amounted to SEK 207 million (133). The investments mainly refer to investments in machines and vehicles in business area Industry. Group investments during 2025 in tangible and intangible fixed assets amounted to SEK 900 million (596). The investments mainly refer to investments in machines, vehicles and cranes in business area Industry. During the quarter tangible and intangible fixed assets of SEK 66 million (23) were divested. During 2025 tangible and intangible fixed assets of SEK 240 million (245) were divested.

Project and development properties

Project and development properties, which are reported as inventory items, amounted to SEK 16,283 million as of December 31, 2025, compared to SEK 16,828 million per December 31, 2024. The net change during 2025 was SEK -545 million (2,432) and the reduction is mainly due to more sold rental apartment projects. The change during the previous year is largely explained by the acquisition of building rights in Nacka through the purchase of Sicklaön Bygg Invest AB and the acquisition of properties in Varvsstaden, Malmö.