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Peab (PEAB) investor relations material

Peab Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Stable market outlook in the Nordic construction and civil engineering sectors, with strong performance in contracting and Swerock/Asphalt operations.

  • Net sales for 2025 were SEK 58,589 million, nearly unchanged year-over-year, with a stable order backlog and strong cash flow before financing.

  • Operating profit declined to SEK 2,626 million from SEK 2,763 million, with an operating margin of 4.5% versus 4.7% last year.

  • The Board proposes a dividend of SEK 3.30 per share, representing 70% of profit for the year, exceeding the target of 50%, to be paid in two installments.

  • Net debt decreased significantly to SEK 6,400 million, and the net debt/equity ratio improved to 0.4.

Financial highlights

  • Q4 2025 net sales rose 2% to SEK 17,125 million; operating profit fell to SEK 996 million from SEK 1,255 million, with a margin of 5.8% (7.5%).

  • Full-year pre-tax profit was SEK 1,674 million, down from SEK 2,425 million, impacted by a SEK -611 million settlement related to Mall of Scandinavia.

  • Earnings per share for 2025 were SEK 4.66 (7.25); return on equity was 8.3% (13.3%).

  • Cash flow before financing improved to SEK 4,119 million (2,601); net debt reduced by SEK 2.7 billion year-over-year.

  • Lower net debt at year-end, with net debt/equity ratio within the target range of 0.3–0.7.

Outlook and guidance

  • The Nordic construction and civil engineering markets are expected to grow in 2026, supported by government infrastructure investments and a stabilizing housing market.

  • Housing investments expected to increase from a low level in the coming years across Sweden, Norway, and Finland.

  • Civil engineering investments to remain at a high level, with stable total construction and civil engineering investments in the Nordic market.

  • Lower interest rates and regulatory easing are anticipated to support housing demand, though regional differences persist.

  • The company is well-positioned to capitalize on public sector and infrastructure opportunities.

What is the capital impact of own housing strategy?
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Mall of Scandinavia settlement: cash vs profit impact?
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Frequently asked questions

Peab operates as a construction and civil engineering company in Sweden, Norway, and Finland. It constructs roads, railways, airports, industrial and commercial buildings, civil engineering structures, and service contracts; houses with associated service products; and district heating systems. Peab also develops commercial premises and areas for housing purposes.

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