ALM Equity (ALM) Q3 2025 earnings summary

Executive summary

• Leadership transition with Thomas Carlsson appointed CEO from October 1, focusing on operational efficiency and project execution, while Joakim Alm becomes working/executive chairman to drive business development and acquisitions.

• Operations consolidated at Sundbyberg office to enhance efficiency and coordination.

• Strategic refinancing reduced outstanding bond debt by SEK 200m, smoothing maturity profile and lowering financial costs.

• Market stabilization observed, with new building permits for 357 homes and further permits for 533 homes expected, indicating readiness to resume project starts.

Financial highlights

• Net sales for Jan–Sep 2025 were SEK 782m, down from SEK 1,796m for the same period last year; Q3 net sales were SEK 246m, down from SEK 662m YoY.

• Net loss for Jan–Sep 2025 was SEK -356m, compared to SEK -1,041m year-over-year; Q3 net loss was SEK -131m, improved from SEK -883m YoY.

• Q3 operating result: SEK -44m (vs. SEK -715m YoY); nine-month operating result: SEK -97m (vs. SEK -583m YoY).

• Cash and cash equivalents at period end: SEK 577m, up from SEK 205m YoY.

• Negative unrealized value changes on financial assets: SEK -64m in Q3, mainly due to lower Besqab share price.

Outlook and guidance

• Strong demand for space-efficient and affordable apartments in Stockholm County, supported by population growth forecasts.

• Expectation of increased capital availability for residential construction following interest rate cuts and improved market sentiment.

• Plan to start construction of 533 homes in Q1 2026, with an additional 357 homes later in the year, all targeting the rental market.

• Increased focus on operational efficiency and project execution expected to drive future performance.