Slides
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Q3 January – September 2026
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i Started-up housing investments, new and renovations Source: Prognoscentret MARKET OUTLOOK Housing investments increase from low levels 2026 2027 2028 2026 2027 2028 → → 2026 2027 2028 → Sweden Norway Finland
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MARKET OUTLOOK Public sector and industry investments drive premise construction Started-up premise construction investments, new and renovations Source: Prognoscentret 2026 2027 2028 → → → 2026 2027 2028 → ( ) 2026 2027 2028 ↑( ) (↓) Sweden Norway Finland
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MARKET OUTLOOK Continued high level of investments in civil engineering Civil engineering investments Source: Prognoscentret 2026 2027 2028 2026 2027 2028 → → → 2026 2027 2028 → → → 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 2026 2027 2028 → 2026 2027 2028 → → → 2026 2027 2028 →( ) → Sweden Norway Finland
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Elementary School Alta, Norway Business area Construction
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Business area Construction MSEK Jul-Sep 2026 Jul-Sep 2025 Oct 2025- Sep 2026 Jan-Dec 2025 Net sales 5,550 5,238 24,503 23,683 Operating profit 139 116 666 512 Operating margin, % 2.5 2.2 2.7 2.2
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Orders received, MSEK Order backlog 30.5 BSEK (26.2) BUSINESS AREA CONSTRUCTION Stable level of orders received and high order backlog 4,489 6,325 8,784 6,602 3,994 5,918 6,742 12,088 4,630 0,000 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326
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Botkyrka Landskrona Senja Town hall renovation (440 MSEK) Production and office space (349 MSEK) New school (132 MNOK) Vaasa Hospital renovation (14 MEUR) BUSINESS AREA CONSTRUCTION New contracts in the third quarter
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24% 7% 5% 13%12% 4% 3% 11% 7% 14% 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% 8% 12%11%2% 3% 12% 9% 12% Order backlog, September 30, 2026 Housing Construction maintenance Sports facilities Industrial Offices Logistics Service and retail Schools and education Health and social care Other building construction BUSINESS AREA CONSTRUCTION Allocation per product area
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Business area Civil Engineering Paving Helsinki, Finland
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Business area Civil Engineering MSEK Jul-Sep 2026 Jul-Sep 2025 Oct 2025- Sep 2026 Jan-Dec 2025 Net sales 4,576 4,248 19,016 17,607 Operating profit 192 169 829 704 Operating margin, % 4.2 4.0 4.4 4.0
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Orders received, MSEK Order backlog 21.0 BSEK (20.9) BUSINESS AREA CIVIL ENGINEERING Lower level of orders received in the quarter but high order backlog 3,051 3,229 4,870 4,083 4,384 6,682 6,385 3,472 2,694 0,000 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326
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22% 6% 18% 6%6% 42% Order backlog, September 30, 2026 Operations and maintenance Energy Streets and groundwork Ports and sea Industrial Roads and other infrastructure 16% 4% 29% 10% 8% 33% Net sales, rolling 12 months Operations and maintenance Energy Streets and groundwork Ports and sea Industrial Roads and other infrastructure BUSINESS AREA CIVIL ENGINEERING Allocation per product area
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Business area Industry
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MSEK Jul-Sep 2026 Jul-Sep 2025 Oct 2025- Sep 2026 Jan-Dec 2025 Net sales 7,302 6,953 21,169 20,037 of which Swerock/Asphalt 6,353 6,194 17,279 16,770 of which Construction system 1,047 855 4,313 3,672 Operating profit 996 875 1,805 1,485 of which Swerock/Asphalt 942 875 1,656 1,440 of which Construction system 54 0 149 45 Operating margin, % 13.6 12.6 8.5 7.4 of which Swerock/Asphalt 14.8 14.1 9.6 8.6 of which Construction system 5.2 0.0 3.5 1.2 Business area Industry
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+ Orders received, MSEK Order backlog 5.1 BSEK (4.9) BUSINESS AREA INDUSTRY Stable level of orders received and order backlog 3,245 3,091 3,835 3,630 2,440 3,341 2,940 4,082 2,460 0,000 0,500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326
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Capital employed and return on capital employed* BUSINESS AREA INDUSTRY Unchanged capital employed and improved return on capital 10,688 9,920 9,735 10,391 10,034 9,198 9,269 10,435 10,480 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0,000 2,000 4,000 6,000 8,000 10,000 12,000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Capital employed, MSEK Return on capital employed, % *Calculated on rolling 12 months Return on capital employed 18.4 % (14.7)
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Business area Project Development Brf Strandängen Åkersberga, Sweden
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MSEK Jul-Sep 2026 Jul-Sep 2025 Oct 2025- Sep 2026 Jan-Dec 2025 Net sales 841 892 3,943 4,345 Operating profit 77 36 240 238 Operating margin, % 9.2 4.0 6.1 5.5 of which Housing Development 8.5 -5.7 3.2 0.2 Business area Project Development
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BUSINESS AREA PROJECT DEVELOPMENT Ongoing production and sale of homes Number Jul-Sep 2026 Jul-Sep 2025 Oct 2025- Sep 2026 Jan-Dec 2025 Total number of started-up homes 114 0 1,105 1,161 Total number of sold homes 157 301 938 1,248 Number Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Total number of homes in production 2,126 1,990 2,006 - of which sold share, % 36 42 37 Total number of completed and repurchased homes 557 543 370
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Capital employed and return on capital employed* Return on capital employed 1.5 % (3.6) BUSINESS AREA PROJECT DEVELOPMENT Low return on capital employed 18,229 19,767 18,435 19,199 19,138 18,220 18,634 18,522 18,675 0% 1% 2% 3% 4% 5% 0,000 5,000 10,000 15,000 20,000 25,000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Capital employed, MSEK Return on capital employed, % * Calculated on rolling 12 months
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The Peab Group
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MSEK Jul-Sep 2026 Jul-Sep 2025 Oct 2025- Sep 2026 Jan-Dec 2025 Net sales 16,304 15,602 60,978 58,589 Operating profit 1,296 1,148 3,061 2,626 Operating margin, % 7.9 7.4 5.0 4.5 THE GROUP Segment reporting
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45% (44) 55% (56) Net sales, rolling 12 months Public customers Private customers THE GROUP High share of public customers
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THE GROUP Somewhat lower level of orders received in the quarter Orders received, MSEK Orders received 9.4 BSEK (10.2) 10,135 12,052 16,574 13,183 10,223 14,947 15,561 18,336 9,405 0,000 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326
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THE GROUP High order backlog and high level of preliminary contracts 0,000 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 Order backlog Preliminary contracts MSEK Order backlog 52.4 BSEK (48.3) Preliminary contracts per September 30, 2026 Appr. 20 BSEK
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MSEK 77% after current financial year (77) 11,080 24,689 12,51012,165 28,273 12,001 0,000 5,000 10,000 15,000 20,000 25,000 30,000 Current financial year Coming financial year Thereafter September 30, 2025 September 30, 2026 THE GROUP Order backlog allocated over time
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Cash flow before financing, MSEK THE GROUP Strong cash flow in the quarter 1,195 1,719 -363 -560 2,792 2,250 -608 -663 1,900 -1,000 -0,500 0,000 0,500 1,000 1,500 2,000 2,500 3,000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326
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Net debt and net debt/equity ratio Net debt 7.2 BSEK (8.0) THE GROUP Lower net debt 6,397 6,681 6,322 7,610 6,168 4,269 5,355 6,896 5,197 2,042 2,237 1,944 1,915 1,823 2,131 1,818 1,818 2,015 0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,000 2,000 4,000 6,000 8,000 10,000 12,000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 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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Target: >6% *Calculated on rolling 12 months per September 30, 2026 MOST PROFITABLE COMPANY Target: Operating margin over 6 percent Operating margin, Group 6,2 5.2 4.3 3.2 4.7 4.5 5 0 1 2 3 4 5 6 7 2020 2021 2022 2023 2024 2025 2026*
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Net debt/equity ratio, Group Target interval: 0.3-0.7 MOST PROFITABLE COMPANY Target: Net debt/equity ratio within interval 0.3-0.7 0.3 0.2 0.5 0.6 0.5 0.4 0.4 0,0 0,2 0,4 0,6 0,8 1,0 2020 2021 2022 2023 2024 2025 2026* *Per September 30, 2026
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Target: Contracting trend BEST WORKPLACE Target: Zero vision for workplace accidents Serious accidents, rolling 12 months, category 4 19 10 30 30 20 28 41 20 18 19 18 13 21 25 39 28 49 48 33 49 66 0 10 20 30 40 50 60 70 Own personnel Subcontractors Total 2020 2021 2022 2023 2024 2025 2026
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ULLS HUS Uppsala JAN-SEP 2026 Peab grows with greater profitability • The market outlook for the Nordic construction and civil engineering market remains largely unchanged • Continued growth with improved operating profit and operating margin • Lower level of orders received in the quarter, order backlog at high levels • Strong cash flow leads to lower net debt/equity ratio • Our broad business model with four business areas and local roots serve us well
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Q&A
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Next report: Full-year report 2026 February 3, 2027 Capital Markets Day February 18, 2027
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Thank you!