Slides
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Q3 January – September 2025
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i MARKET OUTLOOK Housing investments are expected to increase but from a low level Started-up housing investments, new and renovations Source: Prognoscentret 2025 2026 2027 (↑) (↑) 2025 2026 2027 2025 2026 2027 → ( ) Sweden Norway Finland
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Built and estimated need for housing in Sweden 1994–2033 52,300 30,000 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 Apartment buildings Single homes Need for new housing (Boverket) Need for new housing (Swedbank) Source: Statistics Sweden, Boverket, Swedbank Started-up housing by type of home
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MARKET OUTLOOK Varying investment levels in premise construction Started-up premise construction investments, new and renovations Source: Prognoscentret 2025 2026 2027 (→) → 2025 2026 2027 → ( ) → 2025 2026 2027 ↑ ( ) Sweden Norway Finland
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MARKET OUTLOOK Continued high level of investments in civil engineering Civil engineering investments Source: Prognoscentret 2025 2026 2027 2025 2026 2027 → → 2025 2026 2027 → → Sweden Norway Finland
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MARKET OUTLOOK Stable investment levels in the Nordic market Total construction and civil engineering investments, new and renovations Source: Prognoscentret 2025 2026 2027 2025 2026 2027 → ( ) → 2025 2026 2027 → ( ) → Sweden Norway Finland
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Preschool Kaarina, Finland Business Area Construction
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Business area Construction MSEK Jul-Sep 2025 Jul-Sep 2024 Oct 2024- Sep 2025 Jan-Dec 2024 Net sales 5,238 5,130 23,055 23,817 Operating profit 116 96 460 416 Operating margin, % 2.2 1.9 2.0 1.7
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Orders received, MSEK BUSINESS AREA CONSTRUCTION Stable level of orders received and higher order backlog Order backlog 26.2 BSEK (23.2) 5,577 5,835 6,654 4,756 4,489 6,325 8,784 6,602 3,994 0,000 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325
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BUSINESS AREA CONSTRUCTION New contracts in the third quarter Västerås Helsingborg Nynäshamn New office and development center (MSEK 1,100) Nursing home (MSEK 173) School (MSEK 197) Kalmar Apartments (MSEK 112)
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BUSINESS AREA CONSTRUCTION Allocation per product area 24% 8% 6% 8%12% 6% 2% 12% 9% 13% Net sales, rolling 12 months Housing Construction maintenance Sports facilities Industrial Offices Logistics Service and retail Schools and education Health and social care Other building construction 29% 2% 6% 14%14% 4% 1% 11% 6% 13% Order backlog September 30, 2025 Housing Construction maintenance Sports facilities Industrial Offices Logistics Service and retail Schools and education Health and social care Other building construction
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Business area Civil Engineering Lock canal Södertälje
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Business area Civil Engineering MSEK Jul-Sep 2025 Jul-Sep 2024 Oct 2024- Sep 2025 Jan-Dec 2024 Net sales 4,248 3,810 17,242 16,539 Operating profit 169 117 627 499 Operating margin, % 4.0 3.1 3.6 3.0
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Orders received, MSEK BUSINESS AREA CIVIL ENGINEERING Increased level of orders received and high order backlog Order backlog 20.9 BSEK (21.6) 3,483 3,274 8,188 7,985 3,051 3,229 4,870 4,083 4,384 0,000 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325
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BUSINESS AREA CIVIL ENGINEERING New contracts in the third quarter Härjedalen New main pipelines (MSEK 100) Sweden Local grid services, 5 yrs (MSEK 1,150) Sweden Road operation and maintenance, 2 yrs (MSEK 660)
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BUSINESS AREA CIVIL ENGINEERING Allocation per product area 17% 5% 35%10% 6% 27% Net sales, rolling 12 months Operations and maintenance Energy Streets and groundwork Ports and sea Industrial Roads and other infrastructure 20% 9% 21% 9% 4% 37% Order backlog per September 30, 2025 Operations and maintenance Energy Streets and groundwork Ports and sea Industrial Roads and other infrastructure
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Business area Industry Bridge work E45 Denmark
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Business area Industry MSEK Jul-Sep 2025 Jul-Sep 2024 Oct 2024- Sep 2025 Jan-Dec 2024 Net sales 6,953 7,528 20,490 21,548 Operating profit 875 848 1,467 1,415 Operating margin, % 12.6 11.3 7.2 6.6
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BUSINESS AREA INDUSTRY Stable level of orders received and order backlog Orders received, MSEK Order backlog 4.9 BSEK (4.5) 2,914 2,424 2,932 4,495 3,245 3,091 3,835 3,630 2,440 0,000 0,500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Q323 Q424 Q124 Q224 Q324 Q424 Q125 Q225 Q325
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BUSINESS AREA INDUSTRY Allocation per product area 52% 11% 14% 9% 8% 6% Paving Concrete Mineral Aggregates Transportation and Machines Rentals Construction System Net sales, rolling 12 months
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BUSINESS AREA INDUSTRY Lower tied-up capital and improved return on capital Return on capital employed 14.7 % (11.9) 11,805 10,699 10,806 11,339 10,688 9,920 9,735 10,391 10,034 0% 2% 4% 6% 8% 10% 12% 14% 16% 0,000 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Capital employed, MSEK Return on capital employed, % Capital employed and return on capital employed* *Calculated on rolling 12 months
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Business area Project Development Apartment building Örebro
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Business area Project Development MSEK Jul-Sep 2025 Jul-Sep 2024 Oct 2024- Sep 2025 Jan-Dec 2024 Net sales 892 758 4,371 4,270 Operating profit 36 -6 639 728 Operating margin, % 4.0 -0.8 14.6 17.0 of which Housing Development -5.7 -1.9 -1.1 -2.7
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BUSINESS AREA PROJECT DEVELOPMENT Production start-ups of own housing developments Number Jul-Sep 2025 Jul-Sep 2024 Oct 2024- Sep 2025 Jan-Dec 2024 Tenant-owner apartments/ condominiums 111 108 967 657 of which converted from homes on our own balance sheet 111 - 445 209 Rentals - - 190 - Homes on our own balance sheet -111 - -129 -187 of which converted to tenant-owner apartments/condominiums -111 - -445 -209 Total number of started up homes 0 108 1,028 470
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BUSINESS AREA PROJECT DEVELOPMENT Sold homes Number Jul-Sep 2025 Jul-Sep 2024 Oct 2024- Sep 2025 Jan-Dec 2024 Tenant-owner apartments/ condominiums 91 141 734 710 Rentals 191 159 357 298 Homes on our own balance sheet 19 - 103 23 Total number of sold homes 301 300 1,194 1,031
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BUSINESS AREA PROJECT DEVELOPMENT Ongoing production of homes Number Sep 30 2025 Sep 30 2024 Dec 31 2024 Tenant-owner apartments/ condominiums 1,226 1,051 1,056 of which sold share (%) 45 55 45 Rentals 270 80 80 of which sold share (%) 91 0 100 Homes on our own balance sheet 494 623 436 of which sold share (%) 8 0 4 Total number of homes in production 1,990 1,754 1,572 of which sold share (%) 42 33 37
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BUSINESS AREA PROJECT DEVELOPMENT Completed and repurchased homes Number Sep 30 2025 Sep 30 2024 Dec 31 2024 Tenant-owner apartments/ condominiums 347 226 266 Rentals 196 306 306 Total number of completed and repurchased homes 543 532 572
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* BUSINESS AREA PROJECT DEVELOPMENT Property projects Type of project Location Rentable area, m2 Degree rented, % Recognized value, MSEK Adopted investment, MSEK Completion time point Completion level, % Ongoing Retail, office building and parking Malmö 8,300 43 212 592* Q3-2027 36 Retail Malmö 8,600 100 52 164 Q4-2026 32 Preschool Upplands Väsby 1,200 100 21 67 Q4-2026 31 Completed Office building Gothenburg 12,900 69 556 Apatment hotel Malmö 4,200 100 136 Office building Malmö 2,500 100 139 Office building Malmö 3,600 100 129 Office building Malmö 4,900 100 257 * The amount includes appr. 17,000 squaremetres of parking lots
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Return on capital employed 3.6 % (1.7) BUSINESS AREA PROJECT DEVELOPMENT Increased level of capital employed Capital employed and return on capital employed* * Calculated on rolling 12 months 18,017 18,093 18,334 18,408 18,229 19,767 18,435 19,199 19,138 0% 1% 2% 3% 4% 5% 0,000 5,000 10,000 15,000 20,000 25,000 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Capital employed, MSEK Return on capital employed, %
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The Peab Group
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THE GROUP Segment reporting MSEK Jul-Sep 2025 Jul-Sep 2024 Oct 2024- Sep 2025 Jan-Dec 2024 Net sales 15,602 15,539 58,249 58,697 Operating profit 1,148 995 2,885 2,763 Operating margin, % 7.4 6.4 5.0 4.7
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11% (11) 72% (71) 14% (16) 3% (2) THE GROUP Geographic spread in the Nordic region Net sales, rolling 12 months
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THE GROUP Increased share of public customers 44% (46) 56% (54) Net sales, rolling 12 months Public customers Private customers
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Orders received 40.0 BSEK (44.5) Order backlog 48.3 BSEK (47.0) Share of projects under MSEK 500 71% (68) THE GROUP High order backlog and continued good risk diversification
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77% after current financial year (77) THE GROUP Increased order backlog Order backlog allocated over time, MSEK The potential worth of preliminary agreements (phase 1) per September 30, 2025 amounted to app. BSEK 17 (BSEK 13 per December 31, 2024) 10,877 22,787 13,362 11,080 24,689 12,510 0,000 5,000 10,000 15,000 20,000 25,000 30,000 Current financial year Coming financial year Thereafter September 30, 2024 September 30, 2025
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THE GROUP Strong cash flow in the third quarter Cash flow before financing, MSEK 450 1,462 -218 -95 1,195 1,719 -363 -560 2,792 -1,000 -0,500 0,000 0,500 1,000 1,500 2,000 2,500 3,000 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325
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Net debt 8.0 BSEK (8.4) THE GROUP Lower net debt Net debt and net debt/equity ratio 7,255 5,991 6,490 7,313 6,397 6,681 6,322 7,610 6,168 2,918 2,685 2,649 2,272 2,042 2,237 1,944 1,915 1,823 0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,000 2,000 4,000 6,000 8,000 10,000 12,000 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Other debts, MSEK Unsold part of housing projects, MSEK Net debt/equity ratio, multiple
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Target checkpoint
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Four target areas, nine external targets Most satisfied customers CSI always over 75 Best workplace Most profitable company Zero vision Serious accidents Through a contracting trend eNPS always over benchmark Operating margin >6 % Net debt/equity ratio 0.3-0.7 Dividend >50 % of profit for the year Leader in social responsibilty Carbon dioxide intensity Own production -60 % Reduction by 2030 Carbon dioxide intensity Input goods & purchased services -50 % Reduction by 2030 Equal opportunity recruitment: Number of women always over education market
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MOST PROFITABLE COMPANY Target: Operating margin over 6 percent Operating margin, Group *Operating margin 4.5% excl. effect of the distribution of Annehem Fastigheter of MSEK 952. **Based on rolling 12 months per September 30, 2025. Years 2017-2018 are not translated according to the changed accounting principles for our own housing development projects. 4.8 4.9 4.7 6.2 5.2 4.3 3.2 4.7 0 1 2 3 4 5 6 7 2017 2018 2019 2020* 2021 2022 2023** 2024 2025*** Target: 6% 4.5* 4.7
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MOST PROFITABLE COMPANY Target: Net debt/equity ratio within interval 0.3-0.7 Net debt/equity ratio, Group Years 2017-2018 are not translated according to the changed accounting principles for our own housing development projects. 0.1 0.3 0.6 0.3 0.2 0.5 0.6 0.5 0.5 0,0 0,2 0,4 0,6 0,8 1,0 2017 2018 2019 2020 2021 2022 2023 2024 2025* * Per September 30, 2025 Target interval: 0.3-0.7
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BEST WORKPLACE Zero vision for workplace accidents Mål: Fallande trend Serious accidents, rolling 12 months, category 4 Target: Contracting trend 18 14 18 19 18 16 11 10 14 23 27 30 33 27 26 30 24 26 26 20 20 20 16 14 16 18 20 14 14 19 18 20 25 21 19 21 16 14 18 19 18 15 13 8 9 13 32 30 36 39 32 30 30 28 34 48 48 49 54 43 40 48 42 44 41 33 28 30 29 0 10 20 30 40 50 60 Own personnel Subcontractors Total 2020 2021 2022 2023 2024 2025
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ULLS HUS Uppsala JAN-SEP 2025 Improved results and strong cash flow • Stable market outlook for the Nordic construction and civil engineering market • Good development in civil engineering, premise construction and parts of the industry operations • Stable level of orders received and increased order backlog • Improved operating profit and operating margin • Strong cash flow and lower net debt • Our broad business model with four business areas and local roots serve us well
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Q&A
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Capital Markets Update: November 25, 2025 Next report: Year-end report 2025 February 4, 2026
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Thank you!