ALM Equity (ALM) Q2 2025 earnings summary

Executive summary

• Revenue for Jan–Jun 2025 was SEK 536m, down from SEK 1,135m year-over-year; Q2 revenue at SEK 258m compared to SEK 894m last year.

• Net result for Jan–Jun 2025 was SEK -225m, a decline from SEK -157m year-over-year; Q2 net result at SEK -62m versus SEK 119m last year.

• Focus remains on accelerating value creation, executing the business plan, and increasing project acquisition capacity.

• Board changes: Alexander Alm-Pandeya joined, Johan Unger departed.

• Application submitted for SBTi climate targets verification.

Financial highlights

• Return on equity for Jan–Jun 2025 was -13%; Q2 at -5% compared to 3% last year.

• Equity ratio improved to 55% as of Q2 2025 from 41% last year.

• Cash and cash equivalents at SEK 861m at Q2 2025, up from SEK 267m year-over-year.

• Operating result for Q2 2025 was -17 MSEK, down from 142 MSEK last year.

• Earnings per share (before dilution): -5.67 SEK for Q2 2025 (Q2 2024: 4.78 SEK).

Outlook and guidance

• Market expected to remain complex and volatile, but rental market seen as most stable segment.

• Real GDP growth for 2025 forecast at 1–2%, with inflation at 1.2% and nominal wage increases at 3.5%.

• Riksbank rate cut and government proposals may support market recovery; focus remains on flexibility and project pipeline.

• No new acquisitions yet, but market offers potential assets for required returns.