ALM Equity (ALM) Q4 2025 earnings summary

Executive summary

• Achieved a positive total result of SEK 118 million for Q4 2025, reversing a loss of SEK -60 million in Q4 2024, mainly due to strong performance in financial assets and improved segment results.

• Strategic acquisition of Storstaden Stockholm Bostad AB, adding 14 development projects, approximately 1,200 planned homes, and about 100,000 sqm of development rights, significantly expanding the development portfolio in Stockholm.

• Climate targets approved by SBTi, integrating sustainability into business operations.

Financial highlights

• Q4 2025 net sales were SEK 1,330 million, up from SEK 985 million in Q4 2024; full-year net sales totaled SEK 3,127 million.

• Q4 2025 net income was SEK 118 million, compared to a loss of SEK -60 million in Q4 2024; full-year net income was SEK -238 million.

• Return on equity for Q4 2025 was 7%, up from -1% in Q4 2024; full-year return on equity was -17%.

• Liquidity at year-end was SEK 820 million, down from SEK 1,671 million the previous year.

• Equity at year-end stood at SEK 2,350 million, with a balance sheet total of SEK 4,211 million.

Outlook and guidance

• Focus for 2026 is on operational execution, new project starts, and profitable delivery, with expectations of improved demand and pricing in the housing market.

• Storstaden acquisition expected to add significant project value and results through 2033.

• Projected capital need for the new development portfolio is SEK 0.6 billion, with an estimated project profit of SEK 1.2 billion and a margin of 24%.

• Targeted project margin above 20% for development and gross margin above 8% for contracting.