Interim report
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Interim report JAN U ARY - SEPTEMBER 2026 Vaxholm Quay Vax holm
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Peab grows with greater profitability In this re port amounts and com ments are based on seg ment re port ing if not oth er wise spec i fied. The Group has dif fer ent ac count ing prin ci ples in seg ment re port ing com pared to re port ing ac cord ing to IFRS for our own hous ing de vel op ment projects and for IFRS 16 (pr e vi ous ly op er a tional leas ing con tracts). For more in for ma tion on our ac count ing prin ci ples and the dif fer ences be tween seg ment re port ing and re port ing ac cord ing to IFRS, see note 1 and 3. For in for ma tion on al ter na tive per for mance mea sures, see the sec tion Al ter na tive per for mance mea sures and de f i n i tions. Sum ma ry ac cord ing to seg ment re port ing Group MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Segment reporting Net sales 16,304 15,602 43,853 41,464 60,978 58,589 Operating profit 1,296 1,148 2,065 1,630 3,061 2,626 Operating margin, % 7.9 7.4 4.7 3.9 5.0 4.5 Pre-tax profit 1,226 1,067 1,845 740 2,779 1,674 Profit for the period 1,024 865 1,541 572 2,311 1,342 Earnings per share, SEK 3.67 3.01 5.52 1.97 8.21 4.66 Return on equity, % 13.8 9.9 13.8 9.9 13.8 8.3 Return on capital employed, % 11.5 11.1 11.5 11.1 11.5 10.2 Net debt 7,212 7,991 7,212 7,991 7,212 6,400 Net debt/equity ratio, multiple 0.4 0.5 0.4 0.5 0.4 0.4 Equity/assets ratio, % 37.1 36.4 37.1 36.4 37.1 39.4 Cash flow before financing 1,900 2,792 629 1,869 2,879 4,119 Average number of employees 12,730 13,146 11,888 12,339 12,014 12,377 Reporting according to IFRS Net sales, IFRS 15,897 15,358 43,287 41,246 60,622 58,581 Operating profit, IFRS 1,251 1,118 1,934 1,626 3,001 2,693 Pre-tax profit, IFRS 1,169 1,026 1,679 701 2,673 1,695 Profit for the period, IFRS 972 829 1,386 534 2,215 1,363 Earnings per share, IFRS, SEK 3.48 2.89 4.96 1.84 7.86 4.74 Earnings per share after dilution, IFRS, SEK 3.45 2.89 4.93 1.84 7.83 4.74 Net debt, IFRS 10,226 10,224 10,226 10,224 10,226 7,969 Equity/assets ratio, IFRS, % 34.4 33.9 34.4 33.9 34.4 37.0 Cash flow before financing, IFRS 1,399 2,349 -655 1,880 2,360 4,895 Calculated on rolling 12 months 1) 1) 1) Net sales MSEK Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26 0 3,000 6,000 9,000 12,000 15,000 18,000 Operating profit MSEK Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26 -400 -200 0 200 400 600 800 1,000 1,200 1,400 Orders received MSEK Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 July-September 2026 Net sales SEK 16,304 million (15,602) Operating profit SEK 1,296 million (1,148) Operating margin 7.9 percent (7.4) Pre-tax profit SEK 1,226 million (1,067) Earnings per share SEK 3.67 (3.01) Orders received SEK 9,405 million (10,223) Cash flow before financing SEK 1,900 million (2,792) • • • • • • • January-September 2026 Net sales SEK 43,853 million (41,464) Operating profit SEK 2,065 million (1,630) Operating margin 4.7 percent (3.9) Pre-tax profit SEK 1,845 million (740). Net financial items were charged in the comparable period with SEK -611 million from the effect of the settlement regarding Mall of Scandinavia Earnings per share SEK 5.52 (1.97) Orders received SEK 43,306 million (39,980) Order backlog SEK 52,439 million (48,279) Cash flow before financing SEK 629 million (1,869) Net debt SEK 7,212 million (7,991) Net debt/equity ratio 0.4 (0.5) • • • • • • • • • • 2
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Comments from the CEO Peab con tin ued to grow and strength en prof itabil i ty dur - ing the third quar ter. Op er at ing prof it and the op er at ing mar gin im proved in all four busi ness areas dur ing the quar ter. Cash flow was strong which con tribut ed to a lower net debt/eq ui ty ratio. Con struc tion con tract op er a tions in Con struc tion and Civil En gi neer ing re port con tin ued growth and high er prof itably for the pe ri od Jan u ary to Sep tem ber. A large part of net sales in busi ness area Con struc tion con sists of premise con struc tion for the pub lic sec tor and in dus tri al con struc - tion projects. There has also been con tin ued good de mand for this kind of project and dur ing the third quar ter we reg - is tered or ders in clud ed r en o va tion of the town hall in Botkyr ka as well as our fourth project for Hi tachi En er gy where we will re build and ex tend pro duc tion and of fices in Land skr o na. Ac tiv i ty con tin ued to be high in busi ness area Civil En gi neer ing, in large part due to the many major in fra - struc ture projects we are work ing on. The le vel of or ders re - ceived was slight ly lower in the busi ness area dur ing the quar ter but order back log c on tin ues to be high. We have a sta ble in flow of pre lim i nary con tracts in both Con struc tion and Civil En gi neer ing that start at the plan ning phase to later con tin ue onto the pro duc tion phase. At the end of Sep tem ber the value of these pre lim i nary con tracts amount ed to SEK 20 bil lion. In busi ness area In dus try both Swe rock/As phalt and Con - struc tion sys tems have grown prof itably dur ing the pe ri od. Paving op er a tions had high e arn ings dur ing the quar ter with full ac tiv i ty in all our four Nordic coun tries. High ac tiv i - ty in paving to geth er with many major on go ing in fra struc - ture projects con tribute pos i tive ly to op er a tions in Sw e - rock. Con struc tion sys tems con tin ues to de vel op w ell de - spite the low level of hous ing con struc tion. Op er a tions in busi ness area Project De vel op ment con tin ue to sta bi lize. Net sales, how ev er, con tract ed dur ing the pe ri - od Jan u ary to Sep tem ber com pared to the cor re spond ing pe ri od last year as a re sult of less pro cess ing in on go ing hous ing projects. Mean while Hous ing De vel op ment re port - ed high er op er a t ing prof it for the third quar ter be cause we have production- started and con vert ed more homes. Dur - ing the quar ter we start ed a hous ing project in Halm stad and con vert ed two hous ing projects, one of which is in Nacka. Op por tu ni ties to pro duc tion start and sell new homes are clear ly con cen trat ed to major cities and spe cif ic micro lo ca tions. We start ed a project in Finnish Tam pere on our own bal anc e sheet dur ing the quar ter with the in ten - tion of sell ing and c on vert ing it later, in line with our pre vi - ous ly com mu ni cat ed strat e gy. No major prop er ty trans ac - tions took place dur ing the quar ter in Prop er ty De vel op - ment. Mar ket prospects are more or less the same since the last re port with con tin ued good de mand on the Nordic con - struc tion and civil en gi neer ing mar kets. De vel op ment fol - lows the pat tern in pre vi ous quar ters where de mand is good in all seg ments ex cept hous ing and com mer cial of - fices. The hous ing mar ket in Swe den con tin ues to suc ces - sive ly re cov er but re cov ery in Nor way and Fin land is still some what slow er. After the third quar ter 2026 we re port on three of our nine ex ter nal tar gets: se ri ous ac ci dents, op er a t ing mar gin and net debt/eq ui ty ratio. There are still too many se ri ous ac ci - dents. We con tin ue to work in tense ly on work en vi ron ment is sues to turn the tide in this neg a tive de vel op ment. The op er a t ing mar gin im proved to 5 per cent cal cu lat ed on a rolling twelve month basis, which can be com pared to our tar get of high er than 6 per cent. Per the 30 of Sep tem ber the net debt/eq ui ty ratio was 0.4 which puts it in the lower level of the tar get in ter val of 0.3-0.7. De spite the con tin ued tur bu lence in the world around us and un cer tain ty con cern ing fi nan cial de vel op ments Peab con tin ues its solid progress. Our broad busi ness model serves us well which our high er net sales and strength ened prof itabil i ty are proof of. Jes per Görans son Pres i dent and CEO th 3
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Net sales and profit July – September 2026 Group net sales in creased by four per cent in the third quar ter 2026 and amount - ed to SEK 16,304 mil lion (15,602). Net sales in busi ness area Con struc tion in creased by six per cent com pared to the third quar ter 2025. Net sales in creased in both Swe den and Fin land but de clined in Nor way as a re sult of less ac tiv i ty since part of the busi ness was sold in the first quar ter 2026. There was a high pro duc tion rate in busi ness area Civil En gi neer ing dur ing the quar ter and net sales in creased by eight per cent. The in crease is large - ly due to sev er al major on go ing in fra struc ture projects. Net sales in busi ness area In dus try in creased by five per cent and the in crease is re lat ed to both units Swe - rock/As phalt and Con struc tion sys tem. Net sales in Project De vel op ment de - creased slight ly com pared to the cor re spond ing quar ter last year. High er net sales dur ing the quar ter con tributed to high er Group op er at ing prof it. Op er at ing prof it in creased to SEK 1,296 mil lion (1,148) and the op er at ing mar gin im proved to 7.9 per cent (7.4). The op er at ing mar gin in busi ness area Con struc - tion in creased to 2.5 per cent (2.2). The op er at ing mar gin in busi ness area Civil En - gi neer ing im proved to 4.2 per cent (4.0). All in all, the op er at ing mar gin for con - struc tion con tract op er a tions amount ed to 3.3 per cent (3.0). Busi ness area In dus - tryʼs op er at ing mar gin im proved in the quar ter to 13.6 per cent (12.6). The op er at - ing mar gin in the unit Swe rock/As phalt was 14.8 per cent (14.1) while the op er at - ing mar gin in Con struc tion sys tem was 5.2 per cent (0.0). In busi ness area Project De vel op ment op er at ing prof it in creased to SEK 77 mil lion (36) and the op er at ing mar gin im proved to 9.2 per cent (4.0). In the unit Hous ing De vel op ment the op er - at ing mar gin was 8.5 per cent (-5.7). No major trans ac tions have oc curred in the unit Prop er ty De vel op ment dur ing the quar ter. Group de pre ci a tion and write- downs for the third quar ter were SEK -373 mil lion (-362). Elim i na tion and re ver sal of in ter nal prof it in our own de vel op ment projects af - fect ed op er at ing prof it dur ing the quar ter by net SEK -12 mil lion (14). Net fi nan cial items amount ed to SEK -70 mil lion (-81) of which net in ter est was SEK -92 mil lion (-94). Pre- tax prof it was SEK 1,226 mil lion (1,067). Prof it for the quar ter was SEK 1,024 mil lion (865). Operating profit and operating margin, per quarter MSEK % Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 -400 -200 0 200 400 600 800 1,000 1,200 1,400 -2.5 0.0 2.5 5.0 7.5 10.0 12.5 Operating profit Operating margin Brf Strandängen Åkers ber ga 4
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January – September 2026 Group net sales in creased by six per cent dur ing the pe ri od January- September 2026 and amount ed to SEK 43,853 mil lion (41,464). Ad just ed for di vest ed units and ex change rate ef fects, net sales in creased by seven per cent. Net sales for the lat est rolling 12- month pe ri od amount ed to SEK 60,978 mil lion com pared to SEK 58,589 mil lion for the full year 2025. Projects for the pub lic sec tor re main on a high level and the share of pub lic sec tor cus tomers in net sales cal cu lat ed on a rolling 12- month basis was 55 per cent (56) while pri vate cus tomers made up 45 per cent (44). Net sales in busi ness area Con struc tion in creased by five per cent dur ing the pe ri - od. Net sales in creased pri mar i ly in Swe den but de clined in Nor way due to the di - vest ment of K Nor dang AS, which was sold dur ing the first quar ter to a com pa ny joint ly owned by Peab and KB Grup pen. There was a high level of ac tiv i ty in busi - ness area Civil En gi neer ing dur ing the pe ri od and net sales in creased by eleven per cent. The in crease is large ly due to sev er al major on go ing in fra struc ture projects. Net sales in busi ness area In dus try in creased by eight per cent and the in crease is re lat ed to both units Swe rock/As phalt and Con struc tion sys tem. Net sales in Project De vel op ment were lower com pared to the cor re spond ing pe ri od last year and the de crease is main ly re lat ed to Hous ing De vel op ment es pe cial ly in Nor way and Fin land. Group op er at ing prof it in creased dur ing the pe ri od and amount ed to SEK 2,065 mil lion (1,630) and the op er at ing mar gin im proved to 4.7 per cent (3.9). Costs for Peabʼs long- term Per for mance Share Pro grams, which are under con struc tion and in clude key per son nel in the Group, are re port ed in Group func tions. The pro - grams con tribute to re tain ing and at tract ing com pe tent per son nel and strength - en the con nec tion be tween re ward and share hold er value. Dur ing the pe ri od high er costs for the Per for mance Share Pro grams abet ted low er ing op er at ing prof it in Group func tions. For the lat est rolling 12- month pe ri od the Group op er - at ing mar gin was 5.0 per cent com pared to 4.5 per cent for the full year 2025. The op er at ing mar gin in busi ness area Con struc tion im proved to 3.0 per cent (2.2). The di vest ment of K Nor dang AS to the joint ly owned com pa ny re sult ed in a cap i tal gain of SEK 114 mil lion. Com pared to the cor re spond ing pe ri od last year, the trans ac tion had a net im pact of ap prox i mate ly SEK 90 mil lion. The op er at ing mar gin in busi ness area Civil En gi neer ing im proved to 4.4 per cent (3.9). Sev er al of the units in Civil En gi neer ing in Swe den re port ed high er earn ings dur ing the pe ri - od. All in all, the op er at ing mar gin for con struc tion con tract op er a tions amount ed to 3.6 per cent (2.9). Op er at ing prof it in busi ness area In dus try im proved and the op er at ing mar gin in creased to 7.4 per cent (5.8), of which the op er at ing mar gin in Swe rock/As phalt was 8.1 per cent (6.8) and 3.8 per cent (0.8) in Con struc tion sys - tem. Earn ings in paving op er a tions have been high over the past two quar ters in all our Nordic coun tries. High ac tiv i ty in paving and many large on go ing in fra - struc ture projects are con tribut ing pos i tive ly to Swe rockʼs busi ness. Dur ing 2025, a re view and im ple men ta tion of mea sures re gard ing part of the Nor we gian paving and min er al ag gre gates op er a tions were ini ti at ed due to low prof itabil i ty, which re sult ed in in creased costs. In con nec tion with the dis con tin u a tion of op er - a tions cap i tal gains from the sale of fixed as sets had a pos i tive ef fect dur ing the pe ri od January- September 2026. In creased ac tiv i ty in busi ness area In dus tryʼs unit Con struc tion sys tem in both pre fab and rentals con tributed to high er op er at - ing prof it. In busi ness area Project De vel op ment op er at ing prof it amount ed to SEK 120 mil lion (118) and the op er at ing mar gin was 5.4 per cent (4.5). The op er at - ing mar gin in the unit Hous ing De vel op ment was 4.1 per cent (-1.0). No major trans ac tions have oc curred in the unit Prop er ty De vel op ment. Group de pre ci a tion and write- downs for the pe ri od were SEK -1,101 mil lion (-1,071). Elim i na tion and re ver sal of in ter nal prof it in our own de vel op ment projects af - fect ed op er at ing prof it dur ing the pe ri od by net SEK -31 mil lion (30). Net fi nan cial items amount ed to SEK -220 mil lion (-890) of which net in ter est was SEK -262 mil lion (-258). The com pa ra ble pe ri od was charged with SEK -611 mil - lion from the ef fect of the set tle ment re gard ing Mall of Scan di navia. Pre- tax prof it was SEK 1,845 mil lion (740). Prof it for the pe ri od was SEK 1,541 mil - lion (572). Operating profit and operating margin, rolling 12 months Seasonal variations Group op er a tions, par tic u lar ly in In dus try and Civil En gi neer ing, are nor mal ly af - fect ed by fluc tu a tions that come with the cold weath er dur ing the win ter half of the year. The first quar ter is usu al ly weak er than the rest of the year. MSEK % Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0 1,000 2,000 3,000 4,000 0.0 2.0 4.0 6.0 8.0 Operating profit Operating margin 5
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Financial position and cash flow Financial position Total as sets ac cord ing to seg ment re port ing per Sep tem ber 30, 2026 were SEK 46,681 mil lion (44,791). Eq ui ty amount ed to SEK 17,315 mil lion (16,296), which en tails an eq ui ty/as sets ratio of 37.1 per cent (36.4). Interest- bearing net debt de creased and amount ed to SEK 7,212 mil lion (7,991) per Sep tem ber 30, 2026. Net debt in cludes project fi nanc ing of the un sold part of our own hous ing de vel op ments while they are in pro duc tion. At the end of the pe ri od the un sold part amount ed to SEK 2,015 mil lion (1,823). Interest- bearing re - ceiv ables amount ed to SEK 563 mil lion (566). The av er age in ter est rate in the loan port fo lio was 4.4 per cent (4.5) on Sep tem ber 30, 2026. Group liq uid funds ac cord ing to IFRS, in clud ing unuti lized cred it fa cil i ties but ex - clud ing project fi nanc ing, were SEK 11,165 mil lion at the end of the pe ri od com - pared to SEK 10,079 mil lion on De cem ber 31, 2025. As a con se quence of Peab con sol i dat ing Swedish tenant- owner as so ci a tions ac - cord ing to IFRS, sure ty for tenant- owner as so ci a tions under pro duc tion is not re - port ed. When home buy ers take pos ses sion of their apart ments and the tenant- owner as so ci a tion is no longer con sol i dat ed in Peabʼs ac counts, Peab then re - ports the part of sure ty that cov ers un sold homes. Peab has a guar an tee oblig a - tion to ac quire un sold homes six months after com ple tion. Group con tin gent li a - bil i ties, ex clud ing joint and sev er al li a bil i ties in trad ing and lim it ed part ner ships, amount ed to SEK 1,849 mil lion at the end of the pe ri od com pared to SEK 1,939 mil lion on De cem ber 31, 2025. Sure ty for cred it lines in tenant- owner as so ci a - tions re gard ing the un sold part after de con sol i da tion made up SEK 106 mil lion of con tin gent li a bil i ties com pared to SEK 455 mil lion on De cem ber 31, 2025. Investments and divestments Group in vest ments in tan gi ble and in tan gi ble fixed as sets dur ing the third quar ter amount ed to SEK 194 mil lion (286). Group in vest ments in tan gi ble and in tan gi ble fixed as sets dur ing the pe ri od January- September 2026 amount ed to SEK 694 mil lion (693). The in vest ments main ly refer to in vest ments in ma chines and ve hi - cles in busi ness area In dus try. Dur ing the third quar ter tan gi ble and in tan gi ble fixed as sets of SEK 52 mil lion (58) were di vest ed. Dur ing the pe ri od tan gi ble and in tan gi ble fixed as sets of SEK 238 mil lion (174) were di vest ed. Project and development properties Project and de vel op ment prop er ties, which are re port ed as in ven to ry items, amount ed to SEK 16,929 mil lion per Sep tem ber 30, 2026, com pared to SEK 16,283 mil lion per De cem ber 31, 2025. The net change dur ing the pe ri od was SEK 646 mil lion (377) and the in crease is main ly due to more on go ing hous ing projects and more com plet ed and re pur chased homes. Net debt MSEK Sep 30 2026 Sep 30 2025 Dec 31 2025 Bank loans 4,633 3,550 2,968 Commercial papers – 99 97 Bonds 3,664 4,128 4,098 Financial leasing liabilities 855 776 758 Project financing, unsold part of housing projects 2,015 1,823 2,131 Other interest-bearing liabilities 20 17 16 Interest-bearing receivables -563 -566 -523 Liquid funds -3,412 -1,836 -3,145 Net debt, segment reporting 7,212 7,991 6,400 Additional leasing liabilities according to IFRS 16 1,241 1,319 1,335 Project financing, sold part of housing projects 1,773 914 234 Net debt, IFRS 10,226 10,224 7,969 Net debt and net debt/equity ratio MSEK Multiple Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0 2,500 5,000 7,500 10,000 12,500 0.0 0.2 0.4 0.6 0.8 1.0 Net debt Net debt/equity ratio Stone laying Helsin ki, Fin land 6
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Cash flow July – September 2026 Cash flow from cur rent op er a tions dur ing the third quar ter 2026 amount ed to SEK 2,048 mil lion (1,957), of which cash flow from changes in work ing cap i tal was SEK 553 mil lion (577). The pos i tive cash flow for the quar ter comes main ly from busi ness area In dus try, which has a very clear sea son al pat tern where the third quar ter is char ac ter ized by a strong cash flow. In ad di tion, busi ness area Con - struc tion had pos i tive cash flow ef fects from changes in work ing cap i tal dur ing the quar ter. Cash flow from in vest ment ac tiv i ties amount ed to SEK -148 mil lion (835) and was large ly ex plained by ma chine in vest ments in busi ness area In dus try. The third quar ter last year in clud ed pay ment of an interest- bearing re ceiv able from Unibail- Rodamco-Westfield re lat ing to the set tle ment of Mall of Scan di navia for SEK 979 mil lion in busi ness area Con struc tion. Cash flow be fore fi nanc ing amount ed to SEK 1,900 mil lion (2,792). Cash flow from fi nanc ing op er a tions amount ed to SEK -697 mil lion (-1,407). Dur - ing the quar ter re pur chas ing of own shares charged cash flow by SEK -245 mil lion (-160). The change in loans amount ed to SEK -451 mil lion (-1,247). January – September 2026 Cash flow from cur rent op er a tions dur ing the pe ri od January- September 2026 amount ed to SEK 1,267 mil lion (1,136), of which cash flow from changes in work - ing cap i tal was SEK -1,176 mil lion (-792). The neg a tive cash flow from changes in work ing cap i tal re lates pri mar i ly to busi ness areas In dus try. Cash flow from in vest ment ac tiv i ties was SEK -638 mil lion (733) and is large ly ex - plained by ma chine and ve hi cle in vest ments in busi ness area In dus try. The com - pa ra ble pe ri od in clud ed pay ment of interest- bearing re ceiv ables of SEK 1,000 mil - lion from Unibail- Rodamco-Westfield re gard ing the set tle ment of Mall of Scan di - navia in busi ness area Con struc tion. The com pa ra ble pe ri od also in clud ed a pos i - tive ef fect in busi ness area Project De vel op ment from the sale of shares in joint ven tures. Cash flow be fore fi nanc ing amount ed to SEK 629 mil lion (1,869). Cash flow from fi nanc ing op er a tions amount ed to SEK -354 mil lion (-1,510). Dur - ing the pe ri od div i dends of SEK -506 mil lion (-431) were paid to share hold ers and re pur chas ing of own shares charged cash flow by SEK -484 mil lion (-160). The change in loans amount ed to SEK 634 mil lion (-916). Cash flow before financing MSEK Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 -1,000 -500 0 500 1,000 1,500 2,000 2,500 3,000 Skillinge School Munka Ljung by 7
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Order situation July – September 2026 The level of or ders re ceived were lower dur ing the third quar ter and amount ed to SEK 9,405 mil lion (10,223). The level of or ders re ceived in creased in busi ness area Con struc tion dur ing the quar ter but fell in busi ness area Civil En gi neer ing. Or ders re ceived in busi ness area In dus try were more or less on par with the cor re spond - ing quar ter last year. The level of or ders re ceived in busi ness area Project De vel - op ment was high er due to more pro duc tion starts of tenant- owner apart ment projects. A large por tion of Group or ders re ceived con tin ues to come from the pub lic sec tor. January – September 2026 The level of or ders re ceived in creased by eight per cent dur ing the pe ri od and amount ed to SEK 43,306 mil lion (39,980). The level of or ders re ceived in creased in busi ness area Con struc tion dur ing the pe ri od while it fell in busi ness area Civil En gi neer ing. The level of or ders re ceived con tract ed in busi ness area In dus try and the de cline is re lat ed to Swe rock/As phalt and the Finnish and Nor we gian paving op er a tions. The level of or ders re ceived in busi ness area Project De vel op - ment were slight ly high er com pared to the cor re spond ing pe ri od last year. A large por tion of Group or ders re ceived con tin ues to come from the pub lic sec tor. Order back log yet to be pro duced at the end of the pe ri od is at a high level and amount ed to SEK 52,439 mil lion (48,279), de spite a vol ume re duc tion of ap prox i - mate ly SEK 900 mil lion that arose from the sale of the sub sidiary K Nor dang. Of the total order back log, 77 per cent (77) is ex pect ed to be pro duced after 2026 (2025). Sw edish op er a tions ac count ed for 83 per cent (82) of the order back - log. Preliminary contracts Op er a tions in busi ness areas Con struc tion and Civil En gi neer ing often par tic i pate in di a logues with cus tomers at an early stage prior to planned projects, so- called pre lim i nary con tracts. Through these pre lim i nary con tracts Peab is con tract ed to ar rive at, to geth er with the cus tomer, an op ti mal prod uct with the right qual i ty and also deal with risks and un cer tain ties. As of 2024, we present the po ten tial value of the final con struc tion con tracts gen er at ed by these pre lim i nary con - tracts. At the be gin ning of 2026 the po ten tial value was around SEK 17 bil lion. Dur ing the pe ri od sev er al projects went from pre lim i nary con tracts to con struc tion con - tracts, which means that they have been in clud ed in Peabʼs or ders re ceived. Dur - ing the pe ri od we have re ceived new pre lim i nary con tracts in both busi ness areas Con struc tion and Civil En gi neer ing while some projects have dis solved. The value of the con struc tion con tracts gen er at ed from these pre lim i nary con tracts at the end of Sep tem ber was around SEK 20 bil lion, and these or ders will po ten tial ly be re ceived over the next two years. Orders received MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Construction 4,630 3,994 23,460 19,380 29,378 25,298 Civil Engineering 2,694 4,384 12,551 13,337 19,233 20,019 Industry 2,460 2,440 9,482 9,905 12,823 13,246 Project Development 670 339 2,147 1,937 3,075 2,865 Eliminations -1,049 -934 -4,334 -4,579 -6,256 -6,501 Group 9,405 10,223 43,306 39,980 58,253 54,927 Order backlog MSEK Sep 30 2026 Sep 30 2025 Dec 31 2025 Construction 30,492 26,211 25,134 Civil Engineering 20,996 20,855 22,201 Industry 5,107 4,907 5,390 Project Development 2,221 1,631 1,702 Eliminations -6,377 -5,325 -5,883 Group 52,439 48,279 48,544 Project size of order backlog, September 30, 2026 MSEK 0 4,000 8,000 12,000 16,000 20,000 24,000 < 200 MSEK, 38% (43) 201 – 500 MSEK, 29% (28) 501 – 1,000 MSEK, 15% (13) >1,000 MSEK, 18% (16) Order backlog allocated over time MSEK Current financial year Coming financial year Thereafter 0 4,000 8,000 12,000 16,000 20,000 24,000 28,000 32,000 Sep 30, 2025 Sep 30, 2026 School Alta, Nor way 8
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We received a number of major construction projects and contracts in the third quarter, including: Construction of the new Gryllefjord School in Senja. The customer is Senja Municipality. The order is worth NOK 132 million. Implementation of the comprehensive renovation of the protected F and T buildings at Vanha Vaasa Hospital in Vaasa. The customer is Senate Properties. The contract is worth EUR 14 million. Construction of a new school for grades 7-9 in Bollebygd. The customer is Bollebygd Municipality. The contract is worth SEK 127 million. Construction of a new central kitchen at Stjerne School in Torsby. The customer is Torsby Municipality. The contract is worth SEK 111 million. Renovation of the town hall in Botkyrka. The customer is Botkyrka Municipality. The contract is worth SEK 440 million. Award of an eight-year framework contract for construction work in water and sewage in Örnsköldsvik Municipality. The customer is Miljö och Vatten i Örnsköldsvik AB (Miva). The contract is worth SEK 100 million. Construction of housing and retail space in the new city district Hagaliden in Umeå. The customers are Bonava Hagamarket AB and Bonava Sverige AB. The contract amount is SEK 121 million. Renovation and extension of production and office space in Landskrona. The customer is Hitachi Energy Sweden AB. The contract is worth SEK 349 million. Construction of 40 new homes in Visby. The customer is Gotlandshem. The contract is worth SEK 114 million. In the third quarter own housing developments of tenant-owner/condominium apartments were production- started or converted and therefore reported as orders, including: Brf Ranagårds Allé in Halmstad comprising 32 apartments. The property will be Swan ecolabeled and is designed to make it easy to live sustainably, for example through individual water and electricity metering (IMD), a number of waste fractions and the possibility to grow things in the yard. The project is expected to be completed in November 2027. Brf Segelhusen stage 1 in Nacka comprising 73 apartments. The property will be Swan ecolabeled and include solar panels on the roof. The project was converted from homes on Peabʼs own balance sheet to tenant-owner apartments and is expected to be completed in the spring of 2029. Brf Läroverken in Karlskoga comprising 37 apartments. The property will be Swan ecolabeled and is centrally located with good mass communication. The project was converted from homes on Peabʼs own balance sheet to tenant-owner apartments and is expected to be completed in February 2027. Paving contracts in the third quarter: No major long- term paving con tracts were re ceived dur ing the third quar ter. 9
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Overview business areas The Peab Group is pre sent ed in four dif fer ent busi ness areas: Con struc tion, Civil En gi neer ing, In dus try and Project De vel op ment. The busi ness areas are also op - er at ing seg ments. In ad di tion to the busi ness areas cen tral com pa nies, cer tain sub sidiaries and other hold ings are pre sent ed as Group func tions. The cen tral com pa nies pri mar i - ly con sist of the par ent com pa ny Peab AB and Peab Fi nans AB. For more in for ma tion re gard ing the dif fer ences be tween seg ment re port ing and re port ing ac cord ing to IFRS, see note 1 and note 3. Net sales and operating profit per business area Net sales Operating profit MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan- Sep 2025 Oct-Sep 2025/2026 Jan- Dec 2025 Construction 5,550 5,238 17,334 16,514 24,503 23,683 139 116 518 364 666 512 Civil Engineering 4,576 4,248 13,758 12,349 19,016 17,607 192 169 612 487 829 704 Industry 7,302 6,953 16,046 14,914 21,169 20,037 996 875 1,190 870 1,805 1,485 – of which Swerock/Asphalt 6,353 6,194 13,087 12,578 17,279 16,770 942 875 1,066 850 1,656 1,440 – of which Construction system 1,047 855 3,250 2,609 4,313 3,672 54 0 124 20 149 45 – of which eliminations -98 -96 -291 -273 -423 -405 – – – – – – Project Development 841 892 2,232 2,634 3,943 4,345 77 36 120 118 240 238 – of which Property Development 96 48 205 141 230 166 14 84 37 144 121 228 – of which Housing Development 745 844 2,027 2,493 3,713 4,179 63 -48 83 -26 119 10 Group functions 362 349 1,077 1,057 1,448 1,428 -96 -62 -344 -239 -468 -363 Eliminations -2,327 -2,078 -6,594 -6,004 -9,101 -8,511 -12 14 -31 30 -11 50 Group, segment reporting 16,304 15,602 43,853 41,464 60,978 58,589 1,296 1,148 2,065 1,630 3,061 2,626 Adjustment housing to IFRS -407 -244 -566 -218 -356 -8 -57 -41 -167 -37 -106 24 IFRS 16‚ additional leases – – – – – – 12 11 36 33 46 43 Group, IFRS 15,897 15,358 43,287 41,246 60,622 58,581 1,251 1,118 1,934 1,626 3,001 2,693 Of which construction contract businesses according to segment reporting (Construction and Civil Engineering) 10,126 9,486 31,092 28,863 43,519 41,290 331 285 1,130 851 1,495 1,216 Operating margin Percent Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Construction 2.5 2.2 3.0 2.2 2.7 2.2 Civil Engineering 4.2 4.0 4.4 3.9 4.4 4.0 Industry 13.6 12.6 7.4 5.8 8.5 7.4 – of which Swerock/Asphalt 14.8 14.1 8.1 6.8 9.6 8.6 – of which Construction system 5.2 0.0 3.8 0.8 3.5 1.2 Project Development 9.2 4.0 5.4 4.5 6.1 5.5 – of which Property Development 14.6 175.0 18.0 102.1 52.6 137.3 – of which Housing Development 8.5 -5.7 4.1 -1.0 3.2 0.2 Group functions Eliminations Group, segment reporting 7.9 7.4 4.7 3.9 5.0 4.5 Adjustment housing to IFRS IFRS 16‚ additional leases Group, IFRS 7.9 7.3 4.5 3.9 5.0 4.6 Of which construction contract businesses according to segment reporting (Construction and Civil Engineering) 3.3 3.0 3.6 2.9 3.4 2.9 10
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Business area Construction With local roots close to cus tomers busi ness area Con struc tion does con struc - tion work for both ex ter nal and in ter nal cus tomers. Con struc tion projects in - clude every thing from new pro duc tion of hous ing, pub lic and com mer cial premis es to ren o va tions and ex ten sions as well as con struc tion main te nance. Net sales and profit July – September 2026 Net sales in creased by six per cent for the third quar ter 2026 and amount ed to SEK 5,550 mil lion (5,238). Net sales in both Swe den and Fin land in creased but de - creased in Nor way as a re sult of less ac tiv i ty since part of the busi ness was sold in the first quar ter 2026. A large part of net sales dur ing the quar ter con sist ed of var - i ous types of premise con struc tion for the pub lic sec tor. Op er at ing prof it in creased dur ing the quar ter and amount ed to SEK 139 mil lion (116) and the op er at ing mar gin im proved to 2.5 per cent (2.2) January – September 2026 Net sales for the pe ri od January- September 2026 in creased by five per cent and amount ed to SEK 17,334 mil lion (16,514). Net sales in creased main ly in Swe den but de creased in Nor way due to the di vest ment of K Nor dang AS, which was sold dur ing the first quar ter to a com pa ny joint ly owned by Peab and KB Grup pen. A large part of net sales dur ing the pe ri od con sist ed of var i ous types of premise con struc tion for the pub lic sec tor. Ad just ed for di vest ed op er a tions and ex change rate ef fects, net sales in creased by eight per cent. Cal cu lat ed on a rolling 12- month basis per Sep tem ber 30, 2026 hous ing ac count ed for 24 per cent (24) of net sales. Op er at ing prof it in creased dur ing the pe ri od and amount ed to SEK 518 mil lion (364) and the op er at ing mar gin im proved to 3.0 per cent (2.2). The sale of K Nor dang AS to the joint ly owned com pa ny gen er at ed cap i tal gains of SEK 114 mil lion. Com pared to the cor re spond ing pe ri od last year the trans ac - tion had a net im pact of around SEK 90 mil lion. The new joint ly owned com pa ny, which con ducts con struc tion op er a tions in West ern Nor way, is owned 62.5 per - cent by KB Grup pen and 37.5 per cent by Peab. The com pa ny is rec og nized as an as so ci at ed com pa ny in busi ness area Con struc tion. The op er at ing mar gin in Con struc tion for the lat est rolling 12- month pe ri od was 2.7 per cent com pared to 2.2 per cent for the full year 2025. Orders received and order backlog July – September 2026 The level of or ders re ceived in creased dur ing the quar ter and amount ed to SEK 4,630 mil lion (3,994). There is a broad range of prod ucts and ge o gra phies in or - ders re ceived but the por tion of projects for the pub lic sec tor is still large. January – September 2026 The level of or ders was high dur ing the pe ri od and amount ed to SEK 23,460 mil - lion (19,380). Sev er al major projects were order reg is tered dur ing the pe ri od, in - clud ing con struc tion of the data cen ter FIN04A in Kou vola, Fin land worth EUR 130 mil lion and the Ocean hamn Swim ming Pool in Hels ing borg worth SEK 825 mil - lion. There is a broad range of prod ucts and ge o gra phies in or ders re ceived but the por tion of projects for the pub lic sec tor is still large. Cal cu lat ed on a rolling 12- month basis, the level of or ders re ceived was 120 per cent of net sales. Order back log on Sep tem ber 30, 2026 was SEK 30,492 mil lion (26,211). The di - vest ment of K Nor dang dur ing the first quar ter en tailed a re duc tion in order back - log of about SEK 900 mil lion. The por tion of hous ing projects at the end of the pe - ri od was 29 per cent (29). Net sales per product area, rolling 12 months Housing, 24% (24) Construction maintenance, 7% (8) Sports facilities, 5% (6) Industrial, 13% (8) Offices, 12% (12) Logistics, 4% (6) Service and retail, 3% (2) Schools and education, 11% (12) Health and care, 7% (9) Other building construction, 14% (13) per geographic market, rolling 12 months Sweden, 79% (76) Norway, 9% (12) Finland, 12% (12) Order backlog, September 30, 2026 per product area Housing, 29% (29) Construction maintenance, 2% (2) Sports facilities, 8% (6) Industrial, 12% (14) Offices, 11% (14) Logistics, 2% (4) Service and retail, 3% (1) Schools and education, 12% (11) Health and care, 9% (6) Other building construction, 12% (13) per project size MSEK 0 2,000 4,000 6,000 8,000 10,000 12,000 < 200 MSEK, 30% (37) 201 – 500 MSEK, 35% (32) 501 – 1,000 MSEK, 20% (15) >1,000 MSEK, 15% (16) Key ratios Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Net sales, MSEK 5,550 5,238 17,334 16,514 24,503 23,683 Operating profit, MSEK 139 116 518 364 666 512 Operating margin, % 2.5 2.2 3.0 2.2 2.7 2.2 Orders received, MSEK 4,630 3,994 23,460 19,380 29,378 25,298 Orders received/net sales, % 83 76 135 117 120 107 Order backlog, MSEK 30,492 26,211 30,492 26,211 30,492 25,134 Operating cash flow, MSEK 647 1,343 650 1,649 577 1,576 Average number of employees 3,791 4,192 3,815 4,184 3,881 4,163 11
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Business area Civil Engineering Busi ness area Civil En gi neer ing is a lead ing actor in Swe den and one of the larg er play ers in Nor way. Civil En gi neer ing works with land scap ing and pipelines, builds and main tains roads, rail roads, bridges and other in fra struc - ture as well as does foun da tion work. Op er a tions are or ga nized in ge o graph ic re gions, a re gion for foun da tions and, as of 2026, a re gion for major in fra struc - ture projects as well. Net sales and profit July – September 2026 Ac tiv i ty was high dur ing the third quar ter 2026 in busi ness area Civil En gi neer ing. Net sales in creased by eight per cent and amount ed to SEK 4,576 mil lion (4,248). The in crease is large ly due to sev er al major on go ing in fra struc ture projects. Op er at ing prof it in creased to SEK 192 mil lion (169) and the op er at ing mar gin im - proved to 4.2 per cent (4.0). January – September 2026 Ac tiv i ty was high dur ing the pe ri od January- September 2026 in busi ness area Civil En gi neer ing. Sev er al Nordic coun tries have an nounced major in fra struc ture pro grams that in clude new in vest ments as well as op er a tion and main te nance. Pub lic in vest ments are also being made in, among other things, water and sewage and power sup ply along with in vest ments re lat ed to the on go ing cli mate tran si tion. Net sales in creased by eleven per cent and amount ed to SEK 13,758 mil lion (12,349). The in crease is large ly due to sev er al major on go ing in fra struc - ture projects. Even ad just ed for di vest ed op er a tions and ex change rate ef fects, net sales in creased by eleven per cent. Op er at ing prof it in creased to SEK 612 mil lion (487) and the op er at ing mar gin im - proved to 4.4 per cent (3.9). Sev er al of the units in Civil En gi neer ing in Swe den re - port ed high er earn ings dur ing the pe ri od. The op er at ing mar gin for the lat est rolling 12 month pe ri od was 4.4 per cent com pared to 4.0 per cent for the full year 2025. Orders received and order backlog July – September 2026 The level of or ders re ceived was lower dur ing the third quar ter and amount ed to SEK 2,694 mil lion (4,384). January – September 2026 The level of or ders re ceived de creased dur ing the pe ri od January- September 2026 and was SEK 12,551 mil lion (13,337). Cal cu lat ed on a rolling 12- month basis the level of or ders re ceived was 101 per cent of net sales. Order back log re mains at a high level and amount ed per Sep tem ber 30, 2026 to SEK 20,996 mil lion (20,855). Roads and other in fra struc ture make up the largest por tion of the order back log at 42 per cent (37). Net sales per product, rolling 12 months Operation and maintenance, 16% (17) Energy, 4% (5) Streets and groundwork, 29% (35) Ports and sea, 10% (10) Industrial, 8% (6) Roads and other infrastructure, 33% (27) per geographic market, rolling 12 months Sweden, 90% (88) Norway, 10% (12) Order backlog, September 30, 2026 per product Operation and maintenance, 22% (20) Energy, 6% (9) Streets and groundwork, 18% (21) Ports and sea, 6% (9) Industrial, 6% (4) Roads and other infrastructure, 42% (37) per project size MSEK 0 2,000 4,000 6,000 8,000 10,000 < 200 MSEK, 41% (43) 201 – 500 MSEK, 21% (26) 501 – 1,000 MSEK, 14% (15) >1,000 MSEK, 24% (16) Key ratios Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Net sales, MSEK 4,576 4,248 13,758 12,349 19,016 17,607 Operating profit, MSEK 192 169 612 487 829 704 Operating margin, % 4.2 4.0 4.4 3.9 4.4 4.0 Orders received, MSEK 2,694 4,384 12,551 13,337 19,233 20,019 Orders received/net sales, % 59 103 91 108 101 114 Order backlog, MSEK 20,996 20,855 20,996 20,855 20,996 22,201 Operating cash flow, MSEK 226 295 455 814 541 900 Average number of employees 3,188 3,199 3,082 3,139 3,094 3,140 12
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Business area Industry Busi ness area In dus try pro vides prod ucts and ser vices that make con struc tion and civil en gi neer ing projects on the Nordic mar ket more sus tain able and cost- ef fi cient. With local roots we work with both ex ter nal and in ter nal cus tomers. The busi ness area is run in two units, Swe rock/As phalt and Con struc tion sys - tem. Swe rock/As phalt runs prod uct areas min er al ag gre gates, paving, con crete as well as trans porta tion and ma chines and Con struc tion sys tem com pris es pre fab and rentals. All the prod uct areas are aimed at the Nordic con struc tion and civil en gi neer ing mar ket. Net sales and profit Busi ness area In dus try has a very clear sea son al pat tern where the first quar ter is char ac ter ized by sub stan tial deficits since the paving sea son be gins in the sec ond quar ter. July – September 2026 Net sales for the third quar ter in creased by five per cent and amount ed to SEK 7,302 mil lion (6,953). The in crease is re lat ed to both units Swe rock/As phalt and Con struc tion sys tem. Op er at ing prof it im proved dur ing the third quar ter and was SEK 996 mil lion (875) and the op er at ing mar gin im proved to 13.6 per cent (12.6). The op er at ing mar gin in the unit Swe rock/As phalt was 14.8 per cent (14.1) while the op er at ing mar gin in the unit Con struc tion sys tem was 5.2 per cent (0.0). January – September 2026 Net sales for the pe ri od January- September 2026 in creased by eight per cent and amount ed to SEK 16,046 mil lion (14,914). Ad just ed for di vest ed op er a tions and ex change rate ef fects, net sales in creased by nine per cent. The in crease is re lat ed to both units Swe rock/As phalt and Con struc tion sys tem. Op er at ing prof it in creased dur ing the pe ri od and amount ed to SEK 1,190 mil lion (870) and the op er at ing mar gin im proved to 7.4 per cent (5.8), of which the op er - at ing mar gin in Swe rock/As phalt was 8.1 per cent (6.8) and in Con struc tion sys tem 3.8 per cent (0.8). Earn ings in paving op er a tions have been high over the past two quar ters in all our Nordic coun tries. High ac tiv i ty with in the paving seg ment, com bined with nu - mer ous large- scale on go ing in fra struc ture projects, is con tribut ing pos i tive ly to Swe rockʼs op er a tions. Dur ing 2025, a re view and im ple men ta tion of mea sures in part of the Nor we gian paving and min er al ag gre gates op er a tions were ini ti at ed due to low prof itabil i ty, which en tailed high er costs. In con nec tion with the dis - con tin u a tion of op er a tions, cap i tal gains from the sale of fixed as sets had a pos i - tive ef fect dur ing the pe ri od January- September 2026. In the unit Con struc tion sys tem greater ac tiv i ty in both pre fab and rentals con tributed to a high er op er at - ing prof it. For the lat est rolling 12 month pe ri od, the op er at ing mar gin in busi ness area In - dus try amount ed to 8.5 per cent com pared to 7.4 per cent for the full year 2025, of which the op er at ing mar gin in Swe rock/As phalt was 9.6 per cent (8.6 in 2025) and 3.5 per cent (1.2 in 2025) in Con struc tion sys tem. Cap i tal em ployed at the end of the pe ri od was SEK 10,480 mil lion com pared to SEK 10,034 mil lion at the end of Sep tem ber 2025. Orders received and order backlog July – September 2026 The level of or ders re ceived amount ed to 2,460 mil lion (2,440) dur ing the third quar ter. The level of or ders re ceived de creased in Swe rock/As phalt while it in - creased in Con struc tion sys tem. January – September 2026 The level of or ders re ceived dur ing the pe ri od January- September was slight ly lower and amount ed to SEK 9,482 mil lion (9,905). The de cline in or ders re ceived is re lat ed to Swe rock/As phalt and the Finnish and Nor we gian paving op er a tions. The level of or ders re ceived dur ing the pe ri od in creased in Con struc tion sys tem. The order back log for the busi ness area was slight ly high er at the end of Sep tem - ber com pared to the end of the cor re spond ing pe ri od in 2025, amount ing to SEK 5,107 mil lion (4,907). Net sales per product area, rolling 12 months Paving, 49% (52) Concrete, 11% (11) Mineral aggregates, 15% (14) Transportation and machines, 6% (9) Rentals, 11% (8) Prefab, 8% (6) per geographic market, rolling 12 months Sweden, 62% (59) Norway, 7% (7) Finland, 24% (27) Denmark, 7% (7) XX XX 13
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Key ratios Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Net sales, MSEK 7,302 6,953 16,046 14,914 21,169 20,037 of which Swerock/Asphalt 6,353 6,194 13,087 12,578 17,279 16,770 of which Construction system 1,047 855 3,250 2,609 4,313 3,672 of which eliminations -98 -96 -291 -273 -423 -405 Operating profit, MSEK 996 875 1,190 870 1,805 1,485 of which Swerock/Asphalt 942 875 1,066 850 1,656 1,440 of which Construction system 54 0 124 20 149 45 Operating margin, % 13.6 12.6 7.4 5.8 8.5 7.4 of which Swerock/Asphalt 14.8 14.1 8.1 6.8 9.6 8.6 of which Construction system 5.2 0.0 3.8 0.8 3.5 1.2 Orders received, MSEK 2,460 2,440 9,482 9,905 12,823 13,246 of which Swerock/Asphalt 2,116 2,319 8,112 8,938 10,604 11,430 of which Construction system 344 121 1,370 967 2,219 1,816 Order backlog, MSEK 5,107 4,907 5,107 4,907 5,107 5,390 of which Swerock/Asphalt 3,642 3,804 3,642 3,804 3,642 3,824 of which Construction system 1,465 1,103 1,465 1,103 1,465 1,566 Capital employed at the end of the period, MSEK 10,480 10,034 10,480 10,034 10,480 9,198 of which Swerock/Asphalt 7,762 7,185 7,762 7,185 7,762 6,443 of which Construction system 2,718 2,849 2,718 2,849 2,718 2,755 Operating cash flow, MSEK 1,080 1,209 173 592 1,532 1,951 Average number of employees 5,053 5,063 4,297 4,324 4,348 4,382 Volumes Swerock/Asphalt Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Concrete, thousands of m 229 231 670 646 926 902 Paving, thousands of tons 2,507 2,823 4,466 4,853 5,772 6,159 Mineral Aggregates, thousands of tons 8,735 7,353 21,506 18,267 28,602 25,363 Refers to sold vol ume 3 1) 1) 1) 1) 14
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Business area Project Development Busi ness area Project De vel op ment, which com pris es Hous ing De vel op - ment and Prop er ty De vel op ment, de vel ops sus tain able and vi brant urban en vi ron ments with res i den tial, com mer cial and pub lic prop er ty. Hous ing De vel op ment of fers a broad range of hous ing forms in clud ing apart ment build ings with tenant- owner apart ments, con do mini ums and apart ments for rent. Prop er ty De vel op ment de vel ops of fice build ings, premis es and some times en tire city dis tricts in col lab o ra tion with mu nic i pal i ties and other part ners. Net sales and profit July – September 2026 Net sales dur ing the third quar ter 2026 amount ed to SEK 841 mil lion (892). The de crease is re lat ed to Hous ing De vel op ment. Op er at ing prof it amount ed to SEK 77 mil lion (36) and the op er at ing mar gin was 9.2 per cent (4.0). The op er at ing mar gin in Hous ing De vel op ment was 8.5 per cent (-5.7). No major trans ac tions have oc curred in Prop er ty De vel op - ment. Dur ing the quar ter pro duc tion start ed on 114 (0) homes, of which 32 were new pro duc tion of tenant- owner apart ments/con do mini ums and 82 were homes on our own bal ance sheet. Dur ing the quar ter 110 homes were also con vert ed from our own bal ance sheet to tenant- owner apart ments/con do - mini ums. In the com pa ra ble quar ter all homes were con vert ed from homes on our own bal ance sheet, which meant that no new hous ing projects were start ed. The num ber of sold homes dur ing the quar ter was 157 (301), of which 113 (91) w ere tenant- owner apart ments/con do mini ums and 44 (19) were homes on our own bal ance sheet. In the com pa ra ble quar ter 191 rental apart ments were also sold. January – September 2026 Net sales de creased dur ing the pe ri od January- September 2026 and amount - ed to SEK 2,232 mil lion (2,634). The de crease is re lat ed to Hous ing De vel op - ment, main ly in Nor way and Fin land. Op er at ing prof it amount ed to SEK 120 mil lion (118) and the op er at ing mar gin was 5.4 per cent (4.5). The op er at ing mar gin in Hous ing De vel op ment was 4.1 per cent (-1.0). No major trans ac tions have oc curred in Prop er ty De vel op ment dur ing the pe ri od. The op er at ing mar gin for the lat est rolling 12- month pe ri - od in busi ness area Prop er ty De vel op ment was 6.1 per cent com pared to 5.5 per cent for the full year 2025, of which the op er at ing mar gin in Hous ing De - vel op ment was 3.2 per cent (0.2 in 2025). Cap i tal em ployed de creased and was SEK 18,675 mil lion (19,138) at the end of Sep tem ber 2026. Dur ing the pe ri od pro duc tion start ed on total 747 (803) homes, of which 465 (555) w ere tenant- owner apart ments/con do mini ums where 173 (236) were con vert ed from homes on our own bal ance sheet, 86 (190) w ere rental apart ments and 196 (58) w ere homes on our own bal ance sheet. The num ber of sold homes dur ing the pe ri od was 594 (904), of which 398 (467) were tenant- owner apart ments/con do mini ums, 116 (357) w ere rental apart ments and 80 (80) w ere homes on our own bal ance sheet. The trend of in creas ing sales as the project ap proach es com ple tion con tin ues. We are there fore work ing on the strat e gy of – given our fi nan cial tar gets – in creas - ing our own hous ing de vel op ment pro duc tion on our own bal ance sheet to later con vert them into tenant- owner apart ments. This is par tic u lar ly the case for projects in big city areas. Start ing projects on our own bal ance sheet in creas es our tied- up cap i tal and en tails de ferred ef fects on prof it in seg ment re port ing com pared with our tra di tion al method of ad vance sales be fore pro duc tion starts of our own de vel op ments, but it is con sid ered the best way to cre ate value in the Group in the cur rent mar ket sit u a tion. The hous ing mar ket in Swe den con tin ues to re cov er grad u al ly where as re cov ery in the Finnish and Nor we gian hous ing mar kets is pro ceed ing some what more slow ly. The op por tu ni ties to start pro duc tion and sell new homes are clear ly con - cen trat ed to big cities and spe cif ic micro- locations. Peab sells office building in Gothenburg and acquires one in Helsinki In Oc to ber 2026 Peab en tered into con di tion al con tracts with An nehem Fastigheter to di vest a newly built of fice build ing in Gothen burg and ac quire an of fice build ing in Helsin ki. Peab is sell ing the of fice build ing Gam lestads smed ja in Gothen burg which has about 13,000 m let table area and an nu al rental in come of some SEK 41 mil lion. The un der ly ing prop er ty value is SEK 675 mil lion. The trans ac tion will have a pos - i tive ef fect of around SEK 60 mil lion on earn ings which will be rec og nized in the fourth quar ter 2026. At the same time Peab will ac quire the of fice build ing The Front in Helsin ki which hous es, among other things, Peabʼs Finnish head quar ters. The prop er ty has a let - table area of ap prox i mate ly 17,000 m , an oc cu pan cy rate of ap prox i mate ly 70 per cent and an an nu al rental in come of EUR 4.7 mil lion. The un der ly ing prop er ty value is EUR 63 mil lion, cor re spond ing to SEK 715 mil lion. Peab has de vel op ment rights ad ja cent to the prop er ty in Helsin ki and will work to re duce va can cies in the ac quired prop er ty and fur ther de vel op the area. Significant joint ventures Peabʼs sig nif i cant joint ven ture com pa nies are Fastighets AB ML4, Point Hyl lie Hold ing AB and Skiab In vest AB. On go ing re turns are in the form of shares in the prof it from joint ven tures rec og nized in op er at ing prof it and in ter est in come on lend ing. For more in for ma tion on joint ven tures, see the sec tion Busi ness area Project De vel op ment and note 18 in the An nu al and Sus tain abil i ty Re port 2025. Net sales per geographic market, rolling 12 months 2 2 Sweden, 93% (81) Norway, 2% (9) Finland, 5% (10) 15
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Key ratios Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Net sales, MSEK 841 892 2,232 2,634 3,943 4,345 of which Property Development 96 48 205 141 230 166 of which Housing Development 745 844 2,027 2,493 3,713 4,179 Operating profit, MSEK 77 36 120 118 240 238 of which Property Development 14 84 37 144 121 228 of which Housing Development 63 -48 83 -26 119 10 Operating margin, % 9.2 4.0 5.4 4.5 6.1 5.5 of which Property Development 14.6 175.0 18.0 102.1 52.6 137.3 of which Housing Development 8.5 -5.7 4.1 -1.0 3.2 0.2 Capital employed at the end of the period, MSEK 18,675 19,138 18,675 19,138 18,675 18,220 Orders received, MSEK 670 339 2,147 1,937 3,075 2,865 Order backlog, MSEK 2,221 1,631 2,221 1,631 2,221 1,702 Operating cash flow, MSEK -1 77 -3 -370 919 552 Average number of employees 114 123 115 128 116 126 Capital employed MSEK Sep 30 2026 Sep 30 2025 Dec 31 2025 Operations property 29 33 31 Investment property 35 35 35 Project and development property 17,154 17,437 16,477 of which housing development rights 7,851 9,176 8,689 of which commercial development rights 1,531 1,573 1,575 of which ongoing housing projects 3,878 3,335 3,114 of which ongoing commercial projects 703 303 454 of which completed and repurchased homes 1,878 1,754 1,348 of which completed commercial property 1,313 1,296 1,297 Shares in joint ventures 1,587 1,716 1,613 Loans to joint ventures 464 500 492 Working capital and other -594 -583 -428 Total 18,675 19,138 18,220 of which Property Development 4,671 4,538 4,585 of which Housing Development 14,004 14,600 13,635 Development rights for housing Number, approx. Sep 30 2026 Sep 30 2025 Dec 31 2025 Development rights on our own balance sheet 21,600 23,300 22,900 Development rights via joint ventures 4,800 4,900 4,900 Development rights via options etc. 4,800 5,500 5,200 Total 31,200 33,700 33,000 16
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Number of started-up homes Number Jul- Sep 2026 Jul- Sep 2025 Jan- Sep 2026 Jan- Sep 2025 Oct-Sep 2025/2026 Jan- Dec 2025 Tenant-owner apartments/condominiums 142 111 465 555 643 733 – of which converted from homes on our own balance sheet 110 111 173 236 351 414 Rentals – – 86 190 188 292 Homes on our own balance sheet -28 -111 196 58 274 136 – of which converted to tenant-owner apartments/ condominiums -110 -111 -173 -236 -351 -414 Total number of homes 114 0 747 803 1,105 1,161 Number of sold homes Number Jul- Sep 2026 Jul- Sep 2025 Jan- Sep 2026 Jan- Sep 2025 Oct-Sep 2025/2026 Jan- Dec 2025 Tenant-owner apartments/condominiums 113 91 398 467 506 575 Rentals – 191 116 357 327 568 Homes on our own balance sheet 44 19 80 80 105 105 Total number of homes 157 301 594 904 938 1,248 Number of completed and repurchased homes Number Sep 30 2026 Sep 30 2025 Dec 31 2025 Tenant owner apartments/condominiums 551 347 364 Rentals 6 196 6 Total number of homes 557 543 370 Number of homes in ongoing production Number Sep 30 2026 Sep 30 2025 Dec 31 2025 Tenant-owner apartments/condominiums 1,223 1,226 1,225 – of which sold share 45% 45% 44% Rentals 331 270 209 – of which sold share 56% 91% 89% Homes on our own balance sheet 572 494 572 – of which sold share 6% 8% 3% Total number of homes 2,126 1,990 2,006 – of which sold share 36% 42% 37% Property projects Type of project Location Rentable area in m Degree rented, % Recognized value, MSEK Adopted investment, MSEK Completion time point Completion level, % Ongoing Retail, office building and parking Malmö 8,300 43 452 592* Q3-2027 76 Retail Malmö 8,600 100 161 168 Q4-2026 96 Preschool Upplands Väsby 1,200 100 46 56 Q4-2026 83 Office building Karlstad 4,300 62 45 156 Q4-2027 29 Completed Office building Gothenburg 13,000 69 564 Apartment hotel Malmö 4,300 100 133 Office building Malmö 2,500 100 136 Office building Malmö 3,600 81 123 Office building Malmö 4,900 100 251 * The amount in cludes ap prox i mate ly 17,000 m of park ing space 2 2 17
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Non-financial targets and sustainability Peabʼs op er a tions im prove every day life where peo ple live their lives. Build ing every thing from homes, schools, re tire ment homes and hos pi tals to bridges, roads and other in fra struc ture is the core of our sus tain abil i ty work. Col lab o ra tion be tween busi ness areas in the pro cess ing chain and local pres ence are two cor ner stones in our busi ness model that cre ate value for our cus tomers, pro mote busi ness con duct and so cial re spon si bil i ty as well as aid us in re duc ing our cli mate and en vi ron men tal im pact. We mon i tor our busi ness based on nine ex ter nal tar gets, of which three are fi nan cial and based on seg ment re port ing and six are non- financial tar gets. Both our ex ter nal and in ter nal fi nan cial and non- financial tar gets are cat e go rized under the strate gic tar gets Most sat is fied cus tomers, Most prof itable com pa ny, Best work place and Leader in so cial re spon si bil i ty. All our tar gets refer to our in dus try. We re port the tar gets quar ter ly, semi- annually or an nu al ly. In this re port we re port the out come of the tar gets re gard ing op er at ing mar gin, net debt/eq ui ty ratio and se ri ous ac ci dents. Most satisfied customers TAR GET: Cus tomer Sat is fac tion Index (CSI) al ways high er than 75 It is im per a tive for a long- term, sus tain able re la tion ship that Peab de liv er on its oblig a tions to cus tomers. Our an nu al cus tomer sur vey shows how well we meet cus tomersʼ ex pec ta tions. In our mea sure ment method of Cus tomer Sat is fac tion Index (CSI) each busi ness area equals a fourth of the rat ing for the Groupʼs com - piled CSI re sult. In 2025 CSI amount ed to 80 (78) which is a cle ar im prove ment and well above over our tar get of al ways high er than 75. We are pleased to see that all four busi ness areas have im proved their CSI rat ings. In con nec tion with the CSI sur vey we also ask cus tomers how they per ceive Peab based on a num ber of fac tors. Our per son nel re ceived the top rat ing while re li a bil i ty and price wor thi - ness main tain high rat ings. Al most 2,100 cus tomers par tic i pat ed in the last au - tumn sur vey. Best workplace Se ri ous ac ci dents TAR GET: Zero vi sion and con tract ing trend in se ri ous ac ci dents A safe and healthy work en vi ron ment is the foun da tion of our busi ness. Every one should be able to be at our work places under safe, se cure and healthy con di - tions, de spite the fact that there are risks in volved in the work we do. Peab has a vi sion of zero work place ac ci dents and quar ter ly mon i tor our tar get of a con tract - ing trend in se ri ous ac ci dents. The num ber of se ri ous ac ci dents in creased after the third quar ter of the year to 66 for the lat est twelve- month pe ri od, com pared to 49 for the full year 2025. Dur - ing the third quar ter 2026 there were 17 se ri ous ac ci dents, of which 13 in volved our own em ploy ees and four con cerned em ploy ees of sub con trac tors. De vi a tions are not equal ly spread out with in Peab but they are large ly con cen trat ed to cer - tain units where par tic u lar mea sures are un der way. At the same time the num ber of work place ac ci dents lead ing to more than four days ab sence, ex clud ing the day of in jury (L TI4), con tract ed. For our own em ploy - ees the num ber of L TI4 was 22 com pared to 29 in the sec ond quar ter 2026. Work - place ac ci dents per one mil lion hours worked, L TIF4, cal cu lat ed on a twelve- month pe ri od con tract ed to 5.6 from 5.9 after the third quar ter 2026. This en tails that ac ci dents lead ing to ab sence have gone down while se ri ous ac ci dents have gone up. We are work ing in tense ly on turn ing the neg a tive trend in work place ac ci dents around, in line with our zero vi sion. At trac tive em ploy er (eNPS) TAR GET: eNPS al ways over bench mark We should be the best work place in the in dus try and there by the ob vi ous choice of em ploy er. Twice a year we hold our per son nel sur vey The Hand shake. It con - tains a ques tion about em ploy eesʼ will ing ness to rec om mend Peab as an em ploy - er (eNPS) and our tar get is for the eNPS score to be above the bench mark for the in dus try and man u fac tur ing trade. In the spring sur vey the eNPS value was 33 (31) which con tin ues to be well above the Nordic bench mark that was then 16 (17). The mos t ap par ent in crease in the eNPS value was among fe male skilled work ers. In the sur vey em ploy ees con tin ue to value col lab o ra tion with co- workers and com mu ni ty while many note their ap - pre ci a tion of Peabʼs core val ues and cul ture in the com ments. Par tic i pa tion con - tin ued to be high at 89.8 per cent (88.6), demon strat ing how much our em ploy ees are in ter est ed in con tribut ing to de vel oping our busi ness. Leader in social responsibility Car bon diox ide in ten si ty TAR GET 2030: Scope 1+2: -60% car bon di ox ide in ten si ty (own pro duc tion) Scope 3: -50% car bon di ox ide in ten si ty (input goods and pur chased ser vices) Peabʼs op er a tions gen er ate green house gas emis sions pri mar i ly by using var i ous ma te ri als in pro duc tion like con crete, steel and as phalt. Two other major sources of car bon emis sions in pro duc tion are en er gy con sump tion and trans porta tion. As com mu ni ty builders we also have a com pre hen sive per spec tive on our cli mate work and strive to con tribute to a sus tain able so ci ety on the whole by build ing, for ex am ple, solar power plants and rail roads or by build ing in such a way that peo ple can live more sus tain ably. By 2045 Peab will be cli mate neu tral. Our sub- targets up to 2030, with 2015 as the base year, are to re duce car bon diox ide in ten si ty by at least 60 per cent in our own op er a tions (Scope 1 and 2) and for input goods and pur chased ser vices (Scope 3 up stream) by at least 50 per cent. The out come for 2025 shows that car bon diox ide in ten si ty in our own op er a tions, per tain ing to fuel and en er gy, has gone down by 58 per cent since 2015. The tran - si tion to green en er gy is a pos i tive fac tor while the change in Swe den of the re - duc tion oblig a tion has a coun ter pro duc tive ef fect. Car bon diox ide in ten si ty for input goods and pur chased ser vices com pris es con - crete, ce ment, as phalt/bi tu men, steel, waste, trans porta tion and ma chine ser - vices, and busi ness trips. At the end of 2025 car bon diox ide in ten si ty was down by seven per cent since 2015. The out come for the whole year was im pact ed by items af fect ing com pa ra bil i ty that main ly refer to the much high er emis sion fac tor for bi tu men, and that as of 2025 the tar get mon i tor ing in cludes more input goods such as the binder for fun da ment re in force ment. An in crease in the vol ume of bi - tu men pur chased also im pact ed the out come. Peab works close ly to geth er with sup pli ers, cus tomers and other part ners to re duce our car bon foot print in Scope 3. We work ac tive ly to in crease the scope and qual i ty of our met rics of green house gases emis sions, which is ap par ent in the data re port ed for 2025. Equal op por tu ni ty re cruit ment TAR GET: Equal op por tu ni ty re cruit ment, skilled work ers and white- collar work ers The por tion of women re cruit ed to jobs close to pro duc tion should al ways be high er than the ed u ca tion mar ket Peab wants to take ad van tage of all the com pe tence so ci ety has to offer and con - tribute to nudg ing the en tire in dus try for ward re gard ing equal op por tu ni ty. Our tar get is that the por tion of women re cruit ed to Peab for our core skills should al - ways be high er than the por tion of women who have grad u at ed with, for us, rel e - vant de grees on the ed u ca tion mar kets. We are fo cused on core skills in pro duc - tion (skilled work ers) and in pro duc tion man age ment and pro duc tion sup port (white- collar work ers). At the end of 2025 the por tion of women in new re cruit ments was 13.7 (10.6) per - cent in pro duc tion and pro cess ing. The tar get for 2025 was at least 8.0 per cent. The por tion for new re cruit ment in pro duc tion man age ment and pro duc tion sup - port rose to 43.8 (39.1) per c ent com pared to our tar get of at least 30.0 per cent. 18
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Activities during the third quarter Peabʼs subsidiary Swecem upgraded the facility for production of Merit in Oxelösund with the support of the Swedish Environmental Protection Agencyʼs project the Climate Leap. The investment comprised improvements in managing raw material, intake and dosing as well as upgrading the existing milling plant. Production capacity has increased by 50 percent which corresponds to an annual reduction of emissions by more than 55,000 tons CO₂e. The Peab Group carried out its annual work environment week with activities pertaining to the theme safe and secure work environments. The aim of the theme was to raise knowledge about how we can work in a structured manner with safe behaviors and increase awareness about how actions impact security, well-being and the work environment. Peab participated in several conversations about some of the most crucial social matters of the future during Frihamn Days in Gothenburg. These covered everything from the future labor market to sustainable urban development. The third round of the Construction Year, Peabʼs apprenticeship program for women, ended. Apprentices in the program have now started on the qualification period required to get their professional qualification certificate. All the apprentices that completed the Construction Year were hired by Peab. A fourth round of the Construction Year has been launched. This yearʼs trainee program of newly graduated engineers, 35 in total, was the largest number ever. Now they will put their theoretical knowledge into practice and gain experience in their future professions over the coming year. Peab was one of the co-organizers of Finlandʼs biggest prao week in the construction industry. This year 50 youths visited several different construction companies and workplaces over the week to learn more about the opportunities and jobs the industry offers. In Norway Peab became a partner in Kunskapsarenan, which is a national meeting place for reuse and circular material management in the construction industry. It is run by the Circular Resource Centre and gathers together actors from various sections of the industry to develop solutions, share experience and increase reuse of construction material. • • • • • • • Lövberga elderly care home Ste nung sund 19
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Target and target fulfilment Most prof itable com pa ny Operating margin Tar get: >6% ac cord ing to seg ment re port ing (re port ed quar ter ly) * Cal cu lat ed on rolling 12 months per Sep tem ber 30, 2026. % 6.2 5.2 4.3 3.2 4.7 4.5 5.0 2020 2021 2022 2023 2024 2025 2026* -2 0 2 4 6 8 Operating margin Target Most prof itable com pa ny Net debt/equity ratio Tar get: 0.3-0.7 ac cord ing to seg ment re port ing (re port ed quar ter ly) * Per Sep tem ber 30, 2026. Multiple 0.3 0.2 0.5 0.6 0.5 0.4 0.4 2020 2021 2022 2023 2024 2025 2026* 0.0 0.2 0.4 0.6 0.8 1.0 Net debt/equity ratio Target Most prof itable com pa ny Dividend Tar get: >50% of prof it for the year ac cord ing to seg ment re - port ing (re port ed an nu al ly) * The pro por tion is calu lat ed with out the ef fect of SEK 952 mil lion on prof it due to the dis tri b u tion of An nehem Fastigheter. % 67 59 56 30 38 70 2020* 2021 2022 2023 2024 2025 0 10 20 30 40 50 60 70 80 90 100 Dividend Target Best work place Serious accidents Tar get: Zero fatal ac ci dents and con tract ing trend, rolling 12 months, se ri ous ac ci dents clas si fi ca tion 4 (re port ed quar ter ly) No 34 48 48 49 54 43 40 48 43 44 41 33 28 29 29 49 48 5566 Jan- 22 Jan- 23 Jan- 24 Jan- 25 Jan- 26 0 10 20 30 40 50 60 70 Own personnel Subcontractors Total Best work place eNPS Tar get: > over bench mark (re port ed semi an nu al ly) eNPS eNPS stands for em ploy ee Net Pro mot er Score and mea sures em ploy ee en gage ment. The score can vary be tween -100 and 100. 18 24 28 29 27 26 27 28 32 31 33 10 15 20 22 21 19 20 17 18 17 16 2020 Q42021 Q42022 Q22022 Q42023 Q22023 Q42024 Q22024 Q42025 Q22025 Q42026 Q2 0 10 20 30 40 eNPS Benchmark Most sat is fied cus tomers Customer Satisfaction Index (CSI) Tar get: > 75 (re port ed an nu al ly) CSI CSI stands for Cus tomer Sat is fac tion Index and mea sures how sat is fied Peabʼs cus tomers are. CSI is a weight ed mea sure - ment be tween 0 and 100. 80 81 80 80 78 80 2020 2021 2022 2023 2024 2025 70 75 80 85 Customer Satisfaction Index (CSI) Target Leader in so cial re spon si bil i ty Carbon dioxide intensity: Climate targets for our own production Tar get: Re duced emis sions of GHG Scope 1+2* (tons CO e/MSEK) by 60% until 2030 (re port ed an nu al ly) * Di rect and in di rect emis sions as a re sult of using fuel and en er gy in our own pro duc tion. 2 % 2015 2017 2019 2021 2023 2025 2027 2029 0 20 40 60 80 100 120 Target Current level, -58% per 251231 Leader in so cial re spon si bil i ty Carbon dioxide intensity: Climate targets for input goods and purchased services Tar get: Re duced emis sions of GHG Scope 3* (tons CO e/MSEK) by 50% until 2030 (re port ed an nu al ly) * In cludes con crete/ce ment, as phalt/bi tu men, trans porta tion and ma chine ser vices, steel, waste and busi ness trips. 2 % 2015 2017 2019 2021 2023 2025 2027 2029 0 20 40 60 80 100 120 Target Current level, -7% per 251231 Leader in so cial re spon si bil i ty Equal opportunity recruitment Tar get: Share of women re cruit ed > the ed u ca tion mar ket (re port ed an nu al ly) Production management and production support (white-collar workers), % Production and processing (skilled workers), % 45.0 34.9 45.3 18.8 39.1 43.8 2020 2021 2022 2023 2024 2025 10.0 20.0 30.0 40.0 50.0 60.0 Actual Target 8.3 6.8 7.9 14.2 10.6 13.7 2020 2021 2022 2023 2024 2025 0.0 5.0 10.0 15.0 Actual Target 20
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Construction market Sweden Glob al un cer tain ty con tin ues since the Iran war and the sit u a tion in the Strait of Hor muz has not yet been re solved. This has led to high er in fla tion ex pec ta tions and ris ing mar ket in ter est rates while an a lysts an tic i pate that the Riks bank will raise the pol i cy rate with in the next six months. Nonethe less, the Swedish econ o - my has per formed bet ter than ex pect ed. Major gov ern ment in vest ments, good in - dus tri al ac tiv i ty and house hold con sump tion have con tributed to this. Al though con struc tion costs con tin ue to rise hous ing con struc tion is ex pect ed to grow due to fi nan cial im prove ments. In vest ments will like ly in crease, al beit from a low level. Even hous ing ren o va tions are de vel op ing pos i tive ly fol low ing the broad er eco nom ic re cov ery. In vest ments in premise con struc tion have de vel oped ro bust ly and fore casts re - main the same. The rate of new con struc tion is rapid in pub lic and in dus tri al premis es while there are no tably fewer con struc tion starts in of fices and re tail space. In vest ments in total de fense and the ju di cial sys tem are the pri ma ry dri - vers. The green tran si tion and en er gy sup ply ex pan sion ben e fit in dus tri al con - struc tion. Premise ren o va tion is ex pect ed to steadi ly in crease in the com ing years. Total civil en gi neer ing in vest ments are ex pect ed to con tin ue to grow. The na tion - al plan for trans porta tion in fra struc ture for the years 2026- 2037 with high er in - vest ments in rail roads and road main te nance, the ex pan sion of the elec tric i ty grid and in water and sewage sys tems as well as more in vest ments in de fense will gen er ate broad growth in the civil en gi neer ing mar ket. Norway The un der ly ing busi ness cycle in the Nor we gian econ o my is still rel a tive ly strong, sup port ed by an ex pan sive fis cal pol i cy, major in vest ments in de fense and the en er gy sec tor as well as greater ex port rev enues due to high oil and gas prices. At the same time in fla tion is still hov er ing above the tar get and Norges Bank is ex - pect ed to keep the in ter est rate level high over a sus tained pe ri od of time, which damp ens the drive for con sump tion and in vest ments. Hous ing con struc tion is ex pect ed to re main un changed in 2026 be fore inch ing up from a low level. High in ter est rates and ris ing con struc tion costs stymie de vel op - ment but pop u la tion growth and a greater need for hous ing point to a grad ual im prove ment. More hous ing projects in large growth re gions will like ly drive re - cov ery. Ren o va tions are ex pect ed to de vel op along the lines of pre vi ous mod est growth. Premise con struc tion ap pears to have sta bi lized on a new, lower level even if some what stronger de vel op ment than pre vi ous ly fore cast ed is ex pect ed in 2026. Al though high er con struc tion and fi nan cial costs ham per de mand, in vest ments con tin ue to be made in data cen ters and tra di tion al in dus tri al and lo gis tic build - ings. Strong de vel op ment is also ex pect ed in trans porta tion and de fense build - ings. The ex ist ing build ing stock needs to be main tained and re built which will grad u al ly in crease the need for ren o va tions. The prospects for the civil en gi neer ing mar ket are un changed. In vest ments are ex pect ed to grow pri mar i ly in power and en er gy plants as well as mu nic i pal tech - nique fa cil i ties. Sev er al major road projects are also ex pect ed to con tribute in the com ing years. The fore cast for road op er a tion and main te nance is mod er ate growth while the need for rail road main te nance con tin ues to rise. Finland The Finnish econ o my is grow ing at a greater rate than pre vi ous ly pre dict ed which has bumped up GDP pro jec tions. Al though the war in Iran im pacts en er gy and oil prices, in fla tion, in ter est rates and con sumersʼ con fi dence, its ef fect has not hit as hard as the ear li er cus toms war. Un em ploy ment re mains high. Hous ing con struc tion will like ly con tin ue to re cov er slow ly and the fore cast for the cur rent year has been low ered slight ly. Con tin ued ex cess sup ply of ex ist ing hous ing and weak de mand as well as ris ing in ter est rates and high con struc tion costs con tin ue to thwart hous ing con struc tion. Hous ing ren o va tions have in - creased some what, sup port ed by Fin landʼs im proved econ o my. Pro jec tions of fi nan cial growth have im proved the con di tions for premise con - struc tion where in vest ments are ex pect ed to grow dur ing 2026 and 2027 and there after con tract. De vel op ment is dri ven by major projects that are on go ing or are ex pect ed to start, main ly data cen ters but start vol umes in of fice and in dus tri - al build ings, ho tels and restau rants are also on the rise. Premise ren o va tion will re main damp ened dur ing the fore cast pe ri od. In vest ments in civil en gi neer ing are ex pect ed to de crease slight ly in 2026, main ly due to fewer in vest ments in rail road con struc tion as well as en er gy and water sup ply which are, how ev er, in need of major in vest ments. In vest ments in roads and streets are ex pect ed to in crease while zero growth is es ti mat ed in op er a tion and main te nance. Housing 2026 2027 2028 Sweden Norway Finland Fore cast for production- started hous ing in vest ments, new pro duc tion and ren o va tions Premise investments 2026 2027 2028 Sweden Norway Finland Fore cast for production- started premise in vest ments, new pro duc tion and ren o va tions Civil engineering 2026 2027 2028 Sweden Norway Finland Fore cast for civil en gi neer ing in vest ments Same forecast compared to the previous interim report Better forecast compared to the previous interim report Worse forecast compared to the previous interim report As of 2025 Prognoscen tret pro vides mar ket fore casts. Con struc tion is di vid ed into hous ing con struc tion (new homes and ren o va tion) and premise con struc tion (new premis es and ren o v a tion). Premis es com prise all build ings ex cept homes and agri - cul tur al build ings. Civil en gi neer ing in cludes new in vest ments and op er a tions and main t e nance. The color of the ar rows shows the com par i son with Prognoscen tretʼs pre vi ous fore cast. Explanation Symbol Increase by more than 10% Increase by 3-10% Unchanged ± 2% Reduction by 3-10% Reduction of more than 10% 21
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Risks and uncertainty factors Peabʼs busi ness is ex posed to sev er al dif fer ent types of risks but Peabʼs four busi - ness areas, op er a tions in four coun tries and cus tomers in both the pri vate and pub lic sec tors pro vide the foun da tion for spread ing risks well. Some risks are out of Peabʼs con trol but can have var i ous im pacts on the con di tions for run ning a busi ness. These are, for ex am ple, de vel op ments in the econ o my, in ter est rate trends, cus tomer be hav ior, cli mate im pact and po lit i cal de ci sions. There are other risks Peab can in dif fer ent ways af fect by re duc ing their im pact or elim i nat - ing them en tire ly. These are pri mar i ly risks in op er a tions that are han dled in the line or ga ni za tion in the busi ness areas based on es tab lished pro ce dures, process - es and gov er nance sys tems. Group risks are di vid ed into four risk cat e gories: op - er a tive risks, fi nan cial risks, strate gic risks as well as com pli ance risks. There are al ways op er a tive risks in a project- re lat ed busi ness like Peabʼs and man ag ing these risks is a con tin u ous process due to the large num ber of projects the Group is al ways start ing up, car ry ing out and com plet ing. Peabʼs project op er - a tions work with a num ber of dif fer ent con tract forms where risk lev els vary de - pend ing on the type of con tract. How ev er, with any type of con tract am bi gu i ties can arise con cern ing the terms, which can lead to de lim i ta tion is sues that cre ate a dis pute with the cus tomer. Fi nan cial risks are pri mar i ly as so ci at ed with the com pa nyʼs need for cap i tal, tied- up cap i tal and ac cess to fi nanc ing. Fi nan cial risks are main ly man aged on Group level. Strate gic risks are risks linked to our mis sion, our long- term tar gets and our strat - e gy. The in creas ing geopo lit i cal un cer tain ty con tributes to a more cau tious mar - ket and un cer tain ty con cern ing in vest ments, in fla tion and eco nom ic de vel op - ment in gen er al. The con flict in the Mid dle East af fects ac cess to oil and nat ur al gas and the en tire geopo lit i cal un cer tain ty dri ves up en er gy prices. High er un cer - tain ty im pacts the con struc tion in dus try re gard ing in vest ments and how prices and ac cess to ma te ri als and en er gy evolve. We con stant ly work on de vel op ing our em ploy ees, con struc tion meth ods and new cli mate smart con struc tion ma te - r i al in order to meet mar ket needs. Com pli ance risks con cern, for ex am ple, lack of com pli ance with laws, con tracts or in ter nal reg u la tions and guide lines. Other ex am ples are in volve ment in cor rup - tion or im prop er com pe ti tion. Com pli ance risks are not only found in Peabʼs own or ga ni za tion but in our sup ply chains as well. The con se quences of com pli ance risks in clude fines, dam aged trust, failed projects and ex clu sion from pro cure - ments. In May 2025 the Com pe ti tion and Con sumer Au thor i ty in Fin land launched a so- called com pe ti tion law com pli ance audit of sev er al com pa nies ac tive on the as - phalt paving mar ket in Fin land, among them Peabʼs sub sidiary Peab In dus tri Oy. Peab is co op er at ing fully with the au thor i ty. The fact that the au thor i ty has ini ti at - ed an audit does not mean that Peab In dus tri Oy is guilty of any an ti com pet i tive con duct and the re sult of the in ves ti ga tion should not be pre- empt ed. The Peab Group has zero tol er ance of any forms of ir reg u lar i ties. For fur ther in for ma tion about risks and un cer tain ty fac tors, see the An nu al and Sus tain abil i ty Re port 2025. 22
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Other information Significant events during the period The Nomination Committee’s proposal for Board members of Peab AB Peab AB was in formed by the com pa nyʼs Nom i na tion Com mit tee on Feb ru ary 10, 2026 of its pro pos al to the AGM 2026 re gard ing the com po si tion of the Board of Di rec tors. The Nom i na tion Com mit tee pro posed Carl Mel lan der as a new mem ber of the Board and re elec tion of the fol low ing Board mem bers: An ders Runevad, Malin Pers son, Mag dale na Gerg er, Liselott Ki laas, Ker stin Lin dell, Fredrik Pauls son and Lars Sköld. The Nom i na tion Com mit tee pro posed re elec tion of An ders Runevad as Chair man of the Board. Carl Mel lan der has ex ten sive ex pe ri ence from lead ing fi nan cial po si tions in glob - al, list ed com pa nies, among them as Group CFO for Er ic s son. He has a broad back ground in fi nan cial gov er nance, cap i tal mar ket mat ters, M&A, risk and reg u - la tion com pli ance as well as in ter na tion al busi ness man age ment. He is cur rent ly a mem ber of the board of, and con sul tant to, sev er al com pa nies. The Nom i na tion Com mit teeʼs pro pos al en tails that the Board of Di rec tors will con sist, until the end of the next AGM, of eight Board mem bers. The An nu al Gen er al Meet ing de cid ed in ac cor dance with the Nom i na tion Com - mit tee pro pos al. Exceedance of limit for flagging due to repurchasing own shares In ac cor dance with Chap ter 4, Sec tion 18 of the Fi nan cial In stru ments Trad ing Act (1991:980) Peab AB ac quired on March 11, 2026 25,000 o wn B shares, which en - tailed that Peabʼs hold ing of own shares ex ceed ed the limit of five per cent of all the shares in Peab. The total num ber of shares in Peab on March 11, 2026 amount ed to 14,822,984 B shares, which cor re spond ed to 5.01 per cent of the total num ber of shares. Peab entered into an agreement for a new credit facility totaling SEK 8 billion Peab en tered into an agree ment for a new cred it fa cil i ty to tal ing SEK 8.0 bil lion to re fi nance the cur rent cred it fa cil i ty of SEK 7.0 bil lion that ma tures in June 2028. The cred it fa cil i ty of SEK 8.0 bil lion runs until March 20, 2029 with the pos si bil i ty of an ex ten sion for one plus one year. Four banks par tic i pat ed in the trans ac tion: Nordea, Swed bank, SEB and Han dels banken. The trans ac tion co or di nates by Nordea. The cred it agree ments are in tend ed to re fi nance the com pa nyʼs ex ist ing cred it fa cil i ty which ma tures in June 2028. The loan con tracts make up Peabʼs long- term fi nanc ing foun da tion and are com ple ment ed by cap i tal mar ket fi nanc - ing, other types of short- term op er a tional fi nanc ing and project- related cred its. Flagging notification due to cancellation of repurchased shares In ac cor dance with Chap ter 4, Sec tion 18 of the Fi nan cial In stru ments Trad ing Act (1991:980), P eab per May 25, 2026, in ac cor dance with the res o lu tion by the An - nu al Gen er al Meet ing on April 29, 2026, can celled 5,000,000 own B shares fol low - ing a com plet ed re pur chase pro gram. This means that Peabʼs hold ing of own shares is less than the thresh old of five per cent of all shares in Peab. After the can cel la tion the total num ber of shares in Peab amounts to 291,049,730 di vid ed into 34,319,957 A shares and 256,729,773 B shares. Nordic Investment Bank lent 125 million euros to Peab related to total defense Peab signed a con tract to take out a loan per June 29, 2026 for a total of 125 mil - lion euros from the Nordic In vest ment Bank in order to con tribute to the total de - fense of the Nordic re gion. The loan runs for six years and will fi nance Peabʼs projects and in vest ments linked to mil i tary and civil buildup in the re gion. Upcoming changes in Peab’s executive management On Jan u ary 1, 2027 Peab will enter a new busi ness plan pe ri od for the years 2027- 2029. In order to pro mote con tin ued prof itable growth and as part of on go ing suc ces sions, the fol low ing changes will be made in Peabʼs ex ec u tive man age - ment. Johan Dager tun will as sume the role of new CFO on Feb ru ary 4, 2027. Johan has been with the Peab Group since 2016 and has held sev er al op er a tional lead er ship roles in Peabʼs busi ness area In dus try. Johan has been a mem ber of Peabʼs ex ec u - tive man age ment since 2021 as Chief Strat e gy Of fi cer. Johan was born in 1985 and holds a Mas ter of Sci ence in Busi ness and Eco nom ics. Niclas Winkvist will as sume the newly cre at ed role in ex ec u tive man age ment with re spon si bil i ty for Group strat e gy on Feb ru ary 4, 2027. Niclas has been with the P eab Group since 1995 and held a num ber of dif fer ent roles in Fi nance and Trea - sury. Niclas has been a mem ber of Peabʼs ex ec u tive man age ment since 2013 as CFO. Niclas was born in 1966 and has a con tract ed re tire ment age of 62. Lotta Brändströmʼs re spon si bil i ty will be fo cused on her role as Busi ness Area Man ag er Civil En gi neer ing. L otta has been with the Peab Group since 2017 and has been a mem ber of Peabʼs ex ec u tive man age ment since 2019, first as Busi ness Area Man ag er Civil En gi neer ing and since 2023 as Busi ness Area Man ag er Civil En - gi neer ing and in charge of the Swe rock/As phalt unit in busi ness area In dus try. On Jan u ary 1, 2027 Carl- Johan Mohlin will take over as the new Busi ness Unit Man ag er for Swe rock/As phalt and will be come a mem ber of ex ec u tive man age - ment. Carl- Johan has been with the Peab Group since 2004 and has held sev er al dif fer ent roles with in Swe rock/As phalt. Carl- Johan has been As sis tant Busi ness Area Man ag er In dus try since 2024, re spon si ble for Swe rock/As phalt in Nor way, Fin land and Den mark. On Jan u ary 1, 2027 Åsa Bergkvist will take over as Chief HR Of fi cer and be come a mem ber of ex ec u tive man age ment. Å sa has been with the Peab Group since 2008 and has held sev er al dif fer ent roles in HR op er a tions. Åsa has been the HR Man ag - er for busi ness area Con struc tion since 2022. Significant events after the reporting period No sig nif i cant events oc curred after the end of the re port ing pe ri od. Holdings and repurchase of own shares At the be gin ning of 2026 Peabʼs hold ing of its own shares was 14,117,984 B shares which cor re sponds to 4.8 per cent of the total num ber of shares. Peabʼs Board of Di rec tors, through the au tho riza tion given by the An nu al Gen er al Meet ing on May 6, 2025, de cid ed to re pur chase its own shares on a reg u lar basis until the An nu al Gen er al Meet ing in 2026. Dur ing 2025, 5,374,000 B shares have been re pur chased for a total of SEK 415 mil lion. Dur ing the first quar ter 2026 717,280 B shar es have been re pur chased for a total of SEK 85 mil lion. As of March 12, 2026, the re pur - chase of own shares was com plet ed when the max i mum amount of SEK 500 mil - lion was reached. Based on the au tho riza tion given by the An nu al Gen er al Meet ing on April 29, 2026 Peabʼs Board de cid ed to re pur chase own shares on an on go ing basis until the An - nu al Gen er al Meet ing 2027. The pur pose of the re pur chas ing is to safe guard costs and de liv er ies con nect ed to im ple ment ing the com pa nyʼs long- term Per for mance Share Pro gram and to be able to use the re pur chased shares in fi nanc ing ac qui si - tions. Re pur chas ing takes into con sid er a tion the com pa nyʼs fi nan cial po si tion and cap i tal struc ture. The shares will be re pur chased on Nas daq Stock holm ac - cord ing to the Nordic Main Mar ket Rule book for Is suers of Shares – Nas daq Stock - holm (Sup ple ment D) and im ple ment ed in ac cor dance with EU Par lia mentʼs and Coun cilʼs EU reg u la tion nr. 596/2014 on mar ket abuse (MAR). Ac cord ing to the Boardʼs de ci sion shares can be re pur chased dur ing the pe ri od for a max i mum of SEK 500 mil lion and a num ber of shares so that the com pa nyʼs hold ing of its own shares after the re pur chas ing do not ex ceed one tenth of all shares in the com pa - ny. The shares may only be re pur chased at a price per share with in the price in - ter val reg is tered at any given time on Nas daq Stock holm, mean ing the in ter val be tween the cur rent high est buy price and the low est sell price pub lished by Nas - daq Stock holm. Pay ment for ac quired shares shall be made in cash. Dur ing the pe ri od from April 29 to Sep tem ber 30, 2026, 4,292,212 B shares were re pur chased for a total amount of SEK 399 mil lion. After the re pur chase Peabʼs own B share hold ing was 14,127,476 which cor re - sponds to 4.9 per cent of the total num ber of shares. Related parties The char ac ter and ex tent of trans ac tions with re lat ed par ties is pre sent ed in the An nu al and Sus tain abil i ty Re port 2025, note 36. Dur ing the pe ri od the sales of K Nor dang to Peabʼs as so ci at ed com pa ny closed. For more in for ma tion see the sec - tion Busi ness area Con struc tion. No other sig nif i cant trans ac tions have oc curred dur ing the pe ri od January- September 2026. In Oc to ber 2026, Peab en tered into a con di tion al agree ment with An nehem Fastigheter. For fur ther in for ma tion, see the sec tion busi ness area Project De vel op ment. 23
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Income statement for the Group, IFRS Group net sales ac cord ing to IFRS amount ed dur ing the pe ri od January- September 2026 to SEK 43,287 mil lion (41,246). The ad just ment of our own hous ing de vel op - ment projects to the com ple tion method af fect ed net sales by SEK -566 mil lion (-218). Op er at ing prof it ac cord ing to IFRS for the pe ri od January- September 2026 amount ed to SEK 1,934 mil lion (1,626) and the op er at ing mar gin was 4.5 per cent (3.9). The ad just ment of our own hous ing de vel op ment projects to the com ple tion method af fect ed op er at ing prof it by SEK -167 mil lion (-37). MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Net sales 15,897 15,358 43,287 41,246 60,622 58,581 Production costs -14,018 -13,647 -39,269 -37,431 -54,891 -53,053 Gross profit 1,879 1,711 4,018 3,815 5,731 5,528 Sales and administrative expenses -691 -668 -2,439 -2,436 -3,240 -3,237 Other operating income 65 83 371 285 522 436 Other operating costs -2 -8 -16 -38 -12 -34 Operating profit 1,251 1,118 1,934 1,626 3,001 2,693 Financial income 25 20 76 113 109 146 Financial expenses -107 -112 -331 -1,038 -437 -1,144 Net finance -82 -92 -255 -925 -328 -998 Pre-tax profit 1,169 1,026 1,679 701 2,673 1,695 Tax -197 -197 -293 -167 -458 -332 Profit for the period 972 829 1,386 534 2,215 1,363 Profit for the period, attributable to: Shareholders in parent company 975 829 1,391 528 2,220 1,357 Non-controlling interests -3 0 -5 6 -5 6 Profit for the period 972 829 1,386 534 2,215 1,363 Key ratios, IFRS Earnings per share, SEK 3.48 2.89 4.96 1.84 7.86 4.74 Earnings per share after dilution, SEK 3.45 2.89 4.93 1.84 7.83 4.74 Average number of outstanding shares, million 278.3 286.6 280.1 287.2 281.1 286.4 Average number of outstanding shares after dilution, million 280.0 286.6 281.8 287.2 282.8 286.4 Return on capital employed, % 10.5 10.8 10.5 10.8 10.5 9.9 Return on equity, % 13.5 10.3 13.5 10.3 13.5 8.5 Cal cu lat ed on rolling 12 months 1) 1) 1) 24
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Report on the Group income statement and other comprehensive income in summary, IFRS MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Profit for the period 972 829 1,386 534 2,215 1,363 Other comprehensive income Items that can be reclassified or have been reclassified to profit for the period Translation differences for the period from translation of foreign operations 161 -14 327 -133 236 -224 Changes in fair value of cash flow hedges for the period 41 -2 86 -17 84 -19 Shares in joint venturesʼ other comprehensive income 0 -3 4 -2 5 -1 Tax referring to items that can be reclassified or have been reclassified to profit for the period -9 0 -19 3 -18 4 Other comprehensive income for the period 193 -19 398 -149 307 -240 Total comprehensive income for the period 1,165 810 1,784 385 2,522 1,123 Total comprehensive income for the period, attributable to: Shareholders in parent company 1,167 810 1,788 379 2,526 1,117 Non-controlling interests -2 0 -4 6 -4 6 Total comprehensive income for the period 1,165 810 1,784 385 2,522 1,123 25
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Balance sheet for the Group in summary, IFRS Total as sets on Sep tem ber 30, 2026 were SEK 49,155 mil lion (47,168). Eq ui ty amount ed to SEK 16,922 mil lion (15,993), which gen er at ed an eq ui ty/as sets ratio of 34.4 per - cent (33.9). The An nu al Gen er al Meet ing on April 29, 2026 re solved to dis trib ute a div i dend of SEK 3.30 per share to share hold ers, di vid ed into two pay ments. Dur ing the sec ond quar ter a div i dend of SEK 506 mil lion (431) has been dis trib uted and in the fourth quar ter a div i dend of SEK 415 mil lion (357) is ex pect ed to be dis trib uted. Dur ing January- September 2026 re pur chas es of own shares were made in the amount of SEK 484 mil lion (160). MSEK Sep 30 2026 Sep 30 2025 Dec 31 2025 Assets Intangible assets 3,487 3,581 3,509 Tangible assets 7,356 7,471 7,377 Investment property 55 59 59 Interest-bearing long-term receivables 495 539 503 Other long-term receivables 1,669 1,669 1,573 Deferred tax recoverables 67 48 49 Total fixed assets 13,129 13,367 13,070 Project and development properties 18,536 18,713 17,451 Inventories 1,719 1,799 1,520 Interest-bearing current receivables 68 27 20 Other current receivables 12,291 11,426 9,337 Liquid funds 3,412 1,836 3,145 Total current assets 36,026 33,801 31,473 Total assets 49,155 47,168 44,543 Equity Equity attributable to shareholders in parent company 16,900 15,968 16,455 Non-controlling interests 22 25 24 Total equity 16,922 15,993 16,479 Liabilities Interest-bearing long-term liabilities 6,731 6,320 5,853 Interest-bearing long-term liabilities, project financing 63 5 5 Deferred tax liabilities 399 518 394 Other long-term liabilities and provisions 1,705 1,672 1,660 Total long-term liabilities 8,898 8,515 7,912 Interest-bearing current liabilities 3,682 3,569 3,419 Interest-bearing current liabilities, project financing 3,725 2,732 2,360 Other current liabilities and provisions 15,928 16,359 14,373 Total current liabilities 23,335 22,660 20,152 Total liabilities 32,233 31,175 28,064 Total equity and liabilities 49,155 47,168 44,543 Key ratios, IFRS Capital employed 31,123 28,619 28,116 Equity/assets ratio, % 34.4 33.9 37.0 Net debt 10,226 10,224 7,969 Equity per share, SEK 61.03 55.96 58.34 Number of outstanding shares at the end of the period, million 276.9 285.3 282.1 26
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Summary of changes in Group equity, IFRS MSEK Sep 30 2026 Sep 30 2025 Dec 31 2025 Equity attributable to shareholders in parent company Opening equity on January 1 16,455 16,482 16,482 Profit for the period 1,391 528 1,357 Other comprehensive income for the period 397 -149 -240 Total comprehensive income for the period 1,788 379 1,117 Cash flow hedge transferred to cost of inventory -53 2 4 Tax on cash flow hedge 11 0 -1 Contribution from, and value transferred to, owners Share-based payments settled with equity instruments 104 53 56 Repurchase of own shares -484 -160 -415 Cash dividend -921 -788 -788 Total contribution from, and value transferred to, owners -1,301 -895 -1,147 Closing equity 16,900 15,968 16,455 Non-controlling interests Opening equity on January 1 24 22 22 Total comprehensive income for the period -4 6 6 Contribution from, and value transferred to, owners Cash dividend -1 -3 -4 New issue non-controlling interests 3 – – Total contribution from, and value transferred to, owners 2 -3 -4 Closing equity 22 25 24 Total closing equity 16,922 15,993 16,479 27
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Cash flow statement for the Group in summary, IFRS MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Cash flow from current operations before changes in working capital 1,548 1,443 2,582 2,182 3,932 3,532 Increase (-) / Decrease (+) of project and development properties -426 -99 -879 -567 -3 309 Increase (-) / Decrease (+) of inventories 159 271 -148 -221 111 38 Increase (-) / Decrease (+) of current receivables / current liabilities 266 -101 -1,572 -247 -1,280 45 Cash flow from changes in working capital -1 71 -2,599 -1,035 -1,172 392 Cash flow from current operations 1,547 1,514 -17 1,147 2,760 3,924 Acquisition of subsidiaries/businesses -25 – -25 – -25 – Sale of subsidiaries/businesses, net effect on liquid funds 1 11 25 11 293 279 Acquisition of fixed assets -212 -314 -913 -799 -1,146 -1,032 Sale of fixed assets 88 1,138 275 1,521 478 1,724 Cash flow from investment operations -148 835 -638 733 -400 971 Cash flow before financing 1,399 2,349 -655 1,880 2,360 4,895 Repurchase of own shares -245 -160 -484 -160 -739 -415 New issue non-controlling interests – – 3 – 3 – Increase (+) / Decrease (-) of interest-bearing liabilities -708 -1,245 542 -774 -197 -1,513 Increase (+) / Decrease (-) of interest-bearing liabilities, project financing 758 441 1,376 -153 1,018 -511 Dividend distributed to shareholders in parent company – – -506 -431 -863 -788 Dividend distributed to non-controlling interests -1 – -1 -3 -2 -4 Cash flow from financing operations -196 -964 930 -1,521 -780 -3,231 Cash flow for the period 1,203 1,385 275 359 1,580 1,664 Cash at the beginning of the period 2,222 453 3,145 1,478 1,836 1,478 Exchange rate differences in cash -13 -2 -8 -1 -4 3 Cash at the end of the period 3,412 1,836 3,412 1,836 3,412 3,145 28
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Parent company The par ent com pa ny Peab ABʼs net sales for January- September 2026 amount ed to SEK 786 mil lion (774) and main ly con sist ed of in ter nal Group ser vices. Prof it for the pe ri od amount ed to SEK 1,325 mil lion (658). The pe ri odʼs re sults in clud ed div i dends from sub sidiaries of SEK 1,410 mil lion (700). The par ent com pa nyʼs as sets main ly con sist of par tic i pa tions in Group com pa nies amount ing to SEK 10,350 mil lion (10,339). The as sets have been fi nanced from eq ui ty of SEK 14,025 mil lion (13,115). Dur ing the pe ri od, the par ent com pa ny re port ed in eq ui ty share- based pay ments of SEK 104 mil lion (53) and re pur chas es of own shares of SEK 484 mil lion (160). The par ent com pa ny is in di rect ly af fect ed by the risks de scribed in the sec tion Risks and un cer tain ty fac tors. Summary income statement for the parent company MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Oct-Sep 2025/2026 Jan-Dec 2025 Net sales 261 253 786 774 1,059 1,047 Administrative expenses -304 -286 -1,007 -944 -1,390 -1,327 Other operating income 0 0 0 0 0 0 Operating profit -43 -33 -221 -170 -331 -280 Profit from financial investments Profit from participation in Group companies – – 1,410 700 1,410 700 Other financial items 43 39 113 117 137 141 Profit after financial items 0 6 1,302 647 1,216 561 Appropriations – – – – 1,496 1,496 Pre-tax profit 0 6 1,302 647 2,712 2,057 Tax 1 -1 23 11 -249 -261 Profit for the period 1 5 1,325 658 2,463 1,796 Prof it/loss for the pe ri od cor re sponds to com pre hen sive prof it/loss for the pe ri od and there fore only one in come state ment is pre sent ed and no sep a rate one for com pre hen sive prof it/loss 1) 1) 29
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Balance sheet for the parent company in summary MSEK Sep 30 2026 Sep 30 2025 Dec 31 2025 Assets Fixed assets Intangible assets 185 249 231 Tangible assets 54 49 49 Financial assets Participation in Group companies 10,350 10,339 10,350 Receivables from Group companies 68 67 69 Deferred tax recoverables 118 109 116 Total financial assets 10,536 10,515 10,535 Total fixed assets 10,775 10,813 10,815 Current assets Current receivables Receivables from Group companies 5,928 5,411 6,189 Current tax receivables 224 127 – Other receivables 98 171 89 Total current receivables 6,250 5,709 6,278 Cash and bank 0 0 0 Total current assets 6,250 5,709 6,278 Total assets 17,025 16,522 17,093 Equity and liabilities Equity Restricted equity 1,889 1,884 1,884 Non-restricted equity 12,136 11,231 12,117 Total equity 14,025 13,115 14,001 Untaxed reserves 2,314 2,798 2,314 Provisions Other provisions 61 48 51 Total provisions 61 48 51 Current liabilities Liabilities to Group companies 4 7 474 Current tax liabilities – – 23 Other liabilities 621 554 230 Total current liabilities 625 561 727 Total liabilities 625 561 727 Total equity and liabilities 17,025 16,522 17,093 30
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Note 1 – Accounting principles The quar ter ly re port has been pre pared ac cord ing to the IFRS stan dards that have been adopt ed by EU as well as the in ter pre ta tions of the valid stan dards adopt ed by EU, IFRICs. This re port for the Group has been pre pared ac cord ing to IAS 34, In ter im fi nan cial re port ing as well as ap plic a ble reg u la tions in the An nu al Ac counts Act. The par ent com pa ny quar ter ly re port has been pre pared ac cord ing to chap ter 9 in the An nu al Ac counts Act, Quar ter ly re ports and RFR 2, Ac count ing rules for legal en ti ties. The Group and par ent com pa ny have ap plied the same ac count ing prin ci ples and con di tions as in the lat est An nu al and Sus tain abil i ty Re port. In ad di tion to the fi nan cial re ports and their ac com pa ny ing notes fur ther in for ma tion ac cord ing to IAS 34.16A can be found in other sec tions of the quar ter ly re port. Differences in segment reporting and reporting according to IFRS The Group is re port ed in the four busi ness areas Con struc tion, Civil En gi neer ing, In dus try and Project De vel op ment. The busi ness areas are also op er at ing seg ments. Seg ment re port ing is the model Peab be lieves best de scribes Peabʼs busi ness re gard ing both in ter nal steer ing and risk pro file, and it is also how the Board and ex ec u - tive man age ment mon i tor op er a tions. For Peabʼs con struc tion con tract busi ness es, Con struc tion and Civil En gi neer ing, rev enue and prof it are rec og nized over time in both seg ment re port ing and re port ing ac cord ing to IFRS. For busi ness area In dus try rev enue and prof it are rec og nized both over time and at a cer tain point in time, and re port ing is the same in both seg ment re port ing and re port ing ac cord ing to IFRS. For busi ness area Project De vel op ment and the Hous ing De vel op ment unit, re port ing dif fers be tween seg ment re port ing and re port ing ac cord ing to IFRS. As of 2025 our own hous ing de vel op ment projects are di vid ed into three cat e gories and re port ed as fol lows in the seg ment re port ing: For Tenant- owner apart ments/con do mini ums net sales and prof it are suc ces sive ly re port ed as the projects are com plet ed. This ap plies to Swedish tenant- owner apart ments and sin gle homes, Nor we gian con do - mini ums and hous ing co op er a tives, and Finnish res i den tial lim it ed com pa nies. Or ders re ceived and order back log are also re port ed for this type of prop er ty. For Rental apart ments, which are built on our own bal ance sheet, net sales and prof it are re port ed at one point in time when Peab sells the prop er ty to an ex ter nal party and the con trol is trans ferred to the buyer. Homes on our own bal ance sheet are projects that are production- start ed and built on our own bal ance sheet and then can be con - vert ed into tenant- owner apart ments/con do mini ums or sold as rental apart ments. Net sales and prof it are re port ed first when the hous ing project is re clas si fied ei ther as tenant- owner apart ments/con do mini ums and then suc ces sive ly re port ed as the project is com plet ed, or sold and turned over as rental apart ments. In re port ing ac - cord ing to IFRS, hous ing projects are rec og nized when the final home buy ers take pos ses sion of their apart ments and for rental apart ments when the prop er ty is hand ed over to the buyer. In busi ness area Project De vel op ment and the unit Prop er ty De vel op ment rev enue and prof it are rec og nized at a cer tain point in time in both seg ment re port ing and re port ing ac cord ing to IFRS. Group func tions are re port ed in ad di tion to the busi ness areas and con sist of cen tral com pa nies, cer tain sub sidiaries and other hold ings. Cen tral com pa nies con sist pri - mar i ly of the par ent com pa ny Peab AB and Peab Fi nans AB. There is no dif fer ence in seg ment re port ing and re port ing ac cord ing to IFRS re gard ing Group func tions. In seg ment re port ing leas ing fees for the lessee are rec og nized lin ear ly over the leas ing pe ri od for leas ing con tracts that by the coun ter par ty (lessor) are clas si fied as op - er a tional leas ing con tracts. IFRS 16 Leas es is ap plied in the con sol i dat ed ac counts ac cord ing to IFRS which en tails that the lessee rec og nizes de pre ci a tion and in ter est at trib ut able to leas ing as sets re spec tive ly leas ing li a bil i ties. Leas ing con tracts that by the coun ter par ty (lessor) are clas si fied as fi nan cial leas ing con tracts are rec og - nized in Peabʼs seg ment ac count ing ac cord ing to the prin ci ples that cor re spond with those for the lessee ac cord ing to IFRS 16. Reporting on internal projects between business areas Construction and Project Development Busi ness area Con struc tion rec og nizes rev enue and prof it re fer ring to the con struc tion con tract part of our own hous ing de vel op ments, rental project de vel op ments and other prop er ty de vel op ment projects for busi ness area Project De vel op ment. Recog ni tion takes place over time as the projects are com plet ed. Busi ness area Project De vel op ment rec og nizes rev enue for both the con struc tion con tract and de vel op er part of our own hous ing de vel op ment projects. Rec og nized prof it con sists of the prof it in the de vel op er part rec og nized over time for tenant- owner apart ments/con do mini ums and rec og nized at one point in time for rental apart ments. In ter nal net sales be tween busi ness area Con struc tion and busi ness area Project De vel op ment re gard ing the con struc tion cost of our own hous ing de vel op ment projects are elim i nat ed in con sol i dat ed re port ing. In ter nal prof it is re turned when the project is di vest ed. Reporting on property projects on our own balance sheet The un der ly ing sales value of prop er ty projects on our own bal ance sheet, rec og nized as project and de vel op ment prop er ty, that are sold in the form of a com pa ny via shares, is rec og nized as rev enue and the book value on the bal ance sheet is rec og nized as an ex pense. When prop er ty projects rec og nized as op er a tions prop er ty or in - vest ment prop er ty are di vest ed the net ef fect on prof it is rec og nized as other op er at ing in come or other op er at ing cost. Recog ni tion of prop er ty projects is the same in both seg ment re port ing and re port ing ac cord ing to IFRS. Financial key ratios in segment reporting Fi nan cial key ra tios such as cap i tal em ployed, total as sets, eq ui ty, eq ui ty/as sets ratio, net debt, net debt/eq ui ty ratio, cash flow be fore fi nanc ing and earn ings per share are pre sent ed in seg ment re port ing with con sid er a tion taken to the above pre req ui sites. Net debt in seg ment re port ing in cludes project fi nanc ing for the un sold por tion of on go ing own hous ing de vel op ment projects. This is be cause Peab has an oblig a tion to ac quire un sold homes six months after com ple tion. 31
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Note 2 – Revenue allocation Group Jan-Sep 2026 MSEK Construction Civil Engineering Industry Project Development Group functions Eliminations Group Segment Differences in accounting principles Group IFRS Allocation per external/internal External sales 15,755 13,036 12,802 2,208 52 43,853 -566 43,287 Internal sales 1,579 722 3,244 24 1,025 -6,594 – – Total 17,334 13,758 16,046 2,232 1,077 -6,594 43,853 -566 43,287 Allocation per country Sweden 13,840 12,328 9,655 2,016 877 -5,975 32,741 -619 32,122 Norway 1,372 1,430 1,224 111 94 -368 3,863 90 3,953 Finland 2,122 4,017 105 101 -244 6,101 -37 6,064 Denmark 1,134 5 -7 1,132 1,132 Other 16 16 16 Total 17,334 13,758 16,046 2,232 1,077 -6,594 43,853 -566 43,287 Allocation per type of customer Public sector 7,832 10,581 4,421 19 34 22,887 22,887 Private customers 7,923 2,455 8,381 2,189 18 20,966 -566 20,400 Internal customers 1,579 722 3,244 24 1,025 -6,594 – – Total 17,334 13,758 16,046 2,232 1,077 -6,594 43,853 -566 43,287 Allocation per point in time At one point in time 48 8 4,741 554 44 -787 4,608 889 5,497 Over time 17,281 13,740 9,778 1,542 860 -4,642 38,559 -1,455 37,104 Rent revenue 5 10 1,527 136 173 -1,165 686 686 Total 17,334 13,758 16,046 2,232 1,077 -6,594 43,853 -566 43,287 Allocation per type of revenue Construction contracts 17,281 13,740 9,778 1,542 30 -3,814 38,557 -1,455 37,102 Sales of goods 3,919 -440 3,479 3,479 Sales of property projects 533 -4 529 889 1,418 Transportation services 729 -315 414 414 Administrative services 830 -828 2 2 Rent revenue 5 10 1,527 136 173 -1,165 686 686 Other 48 8 93 21 44 -28 186 186 Total 17,334 13,758 16,046 2,232 1,077 -6,594 43,853 -566 43,287 Refers to dif fer ences in ac count ing prin ci ples re gard ing our own hous ing de vel op ment projects. In seg ment re port ing rev enue is rec og nized over time while in re port ing ac cord ing to IFRS it is at the time of pos ses sion. Rent rev enue is rec og nized ac cord ing to IFRS 16. 1) 2) 2) 1) 2) 32
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Refers to dif fer ences in ac count ing prin ci ples re gard ing our own hous ing de vel op ment projects. In seg ment re port ing rev enue is rec og nized over time while in re port ing ac cord ing to IFRS it is at the time of pos ses sion. Rent rev enue is rec og nized ac cord ing to IFRS 16. Group Jan-Sep 2025 MSEK Construction Civil Engineering Industry Project Development Group functions Eliminations Group Segment Differences in accounting principles Group IFRS Allocation per external/internal External sales 14,932 11,468 12,402 2,621 41 41,464 -218 41,246 Internal sales 1,582 881 2,512 13 1,016 -6,004 – – Total 16,514 12,349 14,914 2,634 1,057 -6,004 41,464 -218 41,246 Allocation per country Sweden 12,581 10,915 8,606 2,038 838 -5,369 29,609 -129 29,480 Norway 1,957 1,434 962 379 105 -308 4,529 -48 4,481 Finland 1,976 4,258 217 110 -322 6,239 -41 6,198 Denmark 1,071 4 -5 1,070 1,070 Other 17 17 17 Total 16,514 12,349 14,914 2,634 1,057 -6,004 41,464 -218 41,246 Allocation per type of customer Public sector 9,193 9,058 4,705 41 32 23,029 23,029 Private customers 5,739 2,410 7,697 2,580 9 18,435 -218 18,217 Internal customers 1,582 881 2,512 13 1,016 -6,004 – – Total 16,514 12,349 14,914 2,634 1,057 -6,004 41,464 -218 41,246 Allocation per point in time At one point in time 51 7 4,364 603 38 -761 4,302 1,611 5,913 Over time 16,453 12,330 9,091 1,904 846 -4,150 36,474 -1,829 34,645 Rent revenue 10 12 1,459 127 173 -1,093 688 688 Total 16,514 12,349 14,914 2,634 1,057 -6,004 41,464 -218 41,246 Allocation per type of revenue Construction contracts 16,453 12,330 9,091 1,904 17 -3,321 36,474 -1,829 34,645 Sales of goods 3,533 -400 3,133 3,133 Sales of property projects 546 546 1,611 2,157 Transportation services 730 -337 393 393 Administrative services 829 -829 – – Rent revenue 10 12 1,459 127 173 -1,093 688 688 Other 51 7 101 57 38 -24 230 230 Total 16,514 12,349 14,914 2,634 1,057 -6,004 41,464 -218 41,246 1) 2) 2) 1) 2) 33
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Group Jan-Dec 2025 MSEK Construction Civil Engineering Industry Project Development Group functions Eliminations Group Segment Differences in accounting principles Group IFRS Allocation per external/internal External sales 21,443 16,331 16,434 4,327 54 58,589 -8 58,581 Internal sales 2,240 1,276 3,603 18 1,374 -8,511 – – Total 23,683 17,607 20,037 4,345 1,428 -8,511 58,589 -8 58,581 Allocation per country Sweden 18,165 15,622 12,029 3,692 1,133 -7,695 42,946 -96 42,850 Norway 2,780 1,985 1,215 364 142 -383 6,103 129 6,232 Finland 2,738 5,300 289 147 -426 8,048 -41 8,007 Denmark 1,467 6 -7 1,466 1,466 Other 26 26 26 Total 23,683 17,607 20,037 4,345 1,428 -8,511 58,589 -8 58,581 Allocation per type of customer Public sector 13,051 12,967 6,294 53 43 32,408 32,408 Private customers 8,392 3,364 10,140 4,274 11 26,181 -8 26,173 Internal customers 2,240 1,276 3,603 18 1,374 -8,511 – – Total 23,683 17,607 20,037 4,345 1,428 -8,511 58,589 -8 58,581 Allocation per point in time At one point in time 78 10 6,115 1,519 55 -1,085 6,692 2,530 9,222 Over time 23,589 17,580 11,930 2,655 1,145 -5,940 50,959 -2,538 48,421 Rent revenue 16 17 1,992 171 228 -1,486 938 938 Total 23,683 17,607 20,037 4,345 1,428 -8,511 58,589 -8 58,581 Allocation per type of revenue Construction contracts 23,589 17,580 11,930 2,655 23 -4,818 50,959 -2,538 48,421 Sales of goods 4,982 -569 4,413 4,413 Sales of property projects 1,480 1,480 2,530 4,010 Transportation services 1,011 -478 533 533 Administrative services 1,122 -1,122 – – Rent revenue 16 17 1,992 171 228 -1,486 938 938 Other 78 10 122 39 55 -38 266 266 Total 23,683 17,607 20,037 4,345 1,428 -8,511 58,589 -8 58,581 Refers to dif fer ences in ac count ing prin ci ples re gard ing our own hous ing de vel op ment projects. In seg ment re port ing rev enue is rec og nized over time while in re port ing ac cord ing to IFRS it is at the time of pos ses sion. Rent rev enue is rec og nized ac cord ing to IFRS 16. 1) 2) 2) 1) 2) 34
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Note 3 – Operating segment and reconciliation between segment reporting and reporting according to IFRS Group Jan-Sep 2026 MSEK Construction Civil Engineering Industry Project Development Group functions Eliminations Group Segment Differences in accounting principles Group IFRS External sales 15,755 13,036 12,802 2,208 52 43,853 -566 43,287 Internal sales 1,579 722 3,244 24 1,025 -6,594 – – Total revenue 17,334 13,758 16,046 2,232 1,077 -6,594 43,853 -566 43,287 Operating profit 518 612 1,190 120 -344 -31 2,065 -131 1,934 Operating margin, % 3.0 4.4 7.4 5.4 4.7 4.5 Financial income 76 76 Financial expenses -296 -35 -331 Net finance -220 -35 -255 Pre-tax profit 1,845 -166 1,679 Tax -304 11 -293 Profit for the period 1,541 -155 1,386 Capital employed (CB) -1,988 -389 10,480 18,675 1,724 28,502 2,621 31,123 Total assets 46,681 2,474 49,155 Equity 17,315 -393 16,922 Equity/assets ratio, % 37.1 34.4 Net debt 7,212 3,014 10,226 Cashflow before financing 650 455 173 -3 -646 629 -1,284 -655 For more in for ma tion about the al lo ca tion of rev enue and prof it items see note 2 and the sec tion Overview busi ness areas. Refers to IFRS 16, ad di tion al leas es SEK -35 mil lion. Un al lo cat ed cap i tal em ployed. Di vid ed be tween IFRS 16, ad di tion al leas es SEK 1,192 mil lion and hous ing projects SEK 1,282 mil lion. Refers to op er at ing cash flow. For de f i n i tion, see sec tion Al ter na tive per for mance mea sures and defin tions. Un al lo cat ed cash flow. Group Jan-Sep 2025 MSEK Construction Civil Engineering Industry Project Development Group functions Eliminations Group Segment Differences in accounting principles Group IFRS External sales 14,932 11,468 12,402 2,621 41 41,464 -218 41,246 Internal sales 1,582 881 2,512 13 1,016 -6,004 – – Total revenue 16,514 12,349 14,914 2,634 1,057 -6,004 41,464 -218 41,246 Operating profit 364 487 870 118 -239 30 1,630 -4 1,626 Operating margin, % 2.2 3.9 5.8 4.5 3.9 3.9 Financial income 113 113 Financial expenses -1,003 -35 -1,038 Net finance -890 -35 -925 Pre-tax profit 740 -39 701 Tax -168 1 -167 Profit for the period 572 -38 534 Capital employed (closing balance) -2,065 -695 10,034 19,138 277 26,689 1,930 28,619 Total assets 44,791 2,377 47,168 Equity 16,296 -303 15,993 Equity/assets ratio, % 36.4 33.9 Net debt 7,991 10,224 Cashflow before financing 1,649 814 592 -370 -816 1,869 11 1,880 For more in for ma tion about the al lo ca tion of rev enue and prof it items see note 2 and the sec tion Overview busi ness areas. Refers to IFRS 16, ad di tion al leas es SEK -35 mil lion. Un al lo cat ed cap i tal em ployed. Di vid ed be tween IFRS 16, ad di tion al leas es SEK 1,269 mil lion and hous ing projects SEK 1,108 mil lion. Refers to op er at ing cash flow. For de f i n i tion, see sec tion Al ter na tive per for mance mea sures and defin tions. Un al lo cat ed cash flow. 1) 2) 3) 4) 5) 5) 5) 5) 6) 1) 2) 3) 4) 5) 6) 1) 2) 3) 4) 5) 5) 5) 5) 6) 1) 2) 3) 4) 5) 6) 35
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For more in for ma tion about the al lo ca tion of rev enue and prof it items see note 2 and the sec tion Overview busi ness areas. Refers to IFRS 16, ad di tion al leas es SEK -46 mil lion. Un al lo cat ed cap i tal em ployed. Di vid ed be tween IFRS 16, ad di tion al leas es SEK 1,285 mil lion and hous ing projects SEK 786 mil lion. Refers to op er at ing cash flow. For de f i n i tion, see sec tion Al ter na tive per for mance mea sures and defin tions. Un al lo cat ed cash flow. Group Jan-Dec 2025 MSEK Construction Civil Engineering Industry Project Development Group functions Eliminations Group Segment Differences in accounting principles Group IFRS External sales 21,443 16,331 16,434 4,327 54 58,589 -8 58,581 Internal sales 2,240 1,276 3,603 18 1,374 -8,511 – – Total revenue 23,683 17,607 20,037 4,345 1,428 -8,511 58,589 -8 58,581 Operating profit 512 704 1,485 238 -363 50 2,626 67 2,693 Operating margin, % 2.2 4.0 7.4 5.5 4.5 4.6 Financial income 146 146 Financial expenses -1,098 -46 -1,144 Net finance -952 -46 -998 Pre-tax profit 1,674 21 1,695 Tax -332 -332 Profit for the period 1,342 21 1,363 Capital employed (CB) -1,830 -568 9,198 18,220 1,764 26,784 1,332 28,116 Total assets 42,472 2,071 44,543 Equity 16,716 -237 16,479 Equity/assets ratio, % 39.4 37.0 Net debt 6,400 1,569 7,969 Cashflow before financing 1,576 900 1,951 552 -860 4,119 776 4,895 1) 2) 3) 4) 5) 5) 5) 5) 6) 1) 2) 3) 4) 5) 6) 36
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Note 4 – Financial assets and liabilities valued at fair value The table below shows the al lo cat ed level for fi nan cial as sets and fi nan cial li a bil i ties rec og nized at fair value in the Groupʼs bal ance sheet. Mea sure ment of fair value is based on a three level hi er ar chy; Level 1: prices that re flect quot ed prices on an ac tive mar ket for iden ti cal as sets. Level 2: based on di rect or in di rect in puts ob serv able to the mar ket not in clud ed in level 1. Level 3: based on in puts un ob serv able to the mar ket. For a de scrip tion of how fair value has been cal cu lat ed see the An nu al and Sus tain abil i ty Re port 2025, note 32. The fair value of fi nan cial as sets and li a bil i ties rec og nized as their amor tized cost is es ti mat ed to be, in prin ci ple, the same as their rec og nized val ues. Group Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 MSEK Level 2 Level 3 Total Level 2 Level 3 Total Level 2 Level 3 Total Financial assets Securities held as fixed assets 45 45 42 42 45 45 Of which unlisted funds 0 0 1 1 0 0 Of which unlisted shares and participations 45 45 41 41 45 45 Other current receivables 60 60 3 3 7 7 Of which commodity hedging with futures 55 55 2 2 7 7 Of which currency derivatives 5 5 1 1 – Total financial assets 60 45 105 3 42 45 7 45 52 Financial liabilities Other long-term liabilities – – 1 1 Of which commodity hedging with futures – – 1 1 Other current liabilities 11 11 14 14 17 17 Of which currency derivatives – 1 1 3 3 Of which commodity hedging with futures 11 11 13 13 14 14 Total financial liabilities 11 – 11 14 – 14 18 – 18 The ta bles below are a rec on cil i a tion be tween the open ing and clos ing bal ance for as sets and li a bil i ties in clud ed in level 3. Group Securities held as fixed assets Unlisted funds Unlisted shares and participations MSEK Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Opening balance 0 4 4 45 41 41 Investments 1 1 Dividends received -2 -3 Reported in profit/loss period Net finance -2 -2 4 Closing balance 0 1 0 45 41 45 37
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Future financial information Year-end report January – December 2026 February 3, 2027 Annual and Sustainability Report 2026 April, 2027 Interim report January – March 2027 and Annual General Meeting 2027 April 29, 2027 Interim report January – June 2027 July 16, 2027 Interim report January – September 2027 October 29, 2027 Förslöv, Oc to ber 28, 2026 Jes per Görans son CEO and Pres i dent Presentation of the interim report This in ter im re port will be pre sent ed dig i tal ly and on a phone con fer ence We - dens day Oc to ber 28, 2026 at 9 a.m. by the Pres i dent and CEO Jes per Görans son and CFO Niclas Winkvist. The pre sen ta tion will be held in Swedish and is avail - able via https://www.peab.com/financial- info/. Click on one of the links to par tic i pate in the pre sen ta tion. Par tic i pate in the web broad cast: https://peab.events.in deres.com/q3- report- 2026 Par tic i pate via tele phone con fer ence: https://events.in deres.com/peab/q3- report- 2026/dial- in For fur ther in for ma tion, please con tact: Jes per Görans son, Pres i dent and CEO of Peab, is reached through Juha Har - tomaa, Head of In vestor Re la tions Peab, +46 725 33 31 45 This in for ma tion is in for ma tion that Peab AB is oblig ed to make pub lic pur suant to the EU Mar ket Abuse Reg u la tion and the Se cu ri ties Mar kets Act. The in f or ma tion was sub mit t ed for pub li ca tion, through the agency of the con tact per son set out above, on Oc to ber 28, 2026, at 8 a.m. CET . • • • • • Review report Introduction We have re viewed the con densed in ter im fi nan cial in for ma tion (in ter im re port) for Peab AB (publ) as of Sep tem ber 30, 2026 and for the nine- month pe ri od which ended on this date. The Board of Di rec tors and the CEO are re spon si ble for the prepa ra tion and pre sen ta tion of this in ter im re port in ac cor dance with IAS 34 and the Swedish An nu al Ac counts Act. Our re spon si bil i ty is to ex press a con clu sion on this in ter im re port based on our re view. The focus and scope of the limited review We con duct ed our re view in ac cor dance with the In ter na tion al Stan dard on Re - view En gage ments, ISRE 2410 R e view of In ter im Fi nan cial State ments Per formed by the In de pen dent Au di tor of the En ti ty. A re view con sists of mak ing in quiries, pri mar i ly of per sons re spon si ble for fi nan cial and ac count ing mat ters, and ap ply - ing an a lyt i cal and other re view pro ce dures. A re view is sub stan tial ly less in scope than an audit con duct ed in ac cor dance with In ter na tion al Stan dards on Au dit ing and other gen er al ly ac cept ed au dit ing stan dards in Swe den. The pro ce dures per formed in a re view do not en able us to ob tain as sur ance that we would be come aware of all sig nif i cant mat ters that might be iden ti fied in an audit. Ac cord ing ly, we do not ex press an audit opin ion. Conclusion Based on our re view, noth ing has come to our at ten tion that caus es us to be lieve that the in ter im re port is not pre pared, in all ma te r i al re spects, in ac cor dance with IAS 34 and the Swedish An nu al Ac counts Act re gard ing the Group, and in ac - cor dance with the Swedish An nu al Ac counts Act re gard ing the Par ent Com pa ny. Förslöv, Oc to ber 28, 2026 Ernst & Young AB Jonas Svens son Au tho rized Pub lic Ac coun tant 38
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Quarterly data Group, IFRS MSEK Jul-Sep 2026 Apr-Jun 2026 Jan-Mar 2026 Oct-Dec 2025 Jul-Sep 2025 Apr-Jun 2025 Jan-Mar 2025 Oct-Dec 2024 Jul-Sep 2024 Net sales 15,897 16,558 10,832 17,335 15,358 15,063 10,825 17,185 15,720 Production costs -14,018 -14,861 -10,390 -15,622 -13,647 -13,369 -10,415 -14,939 -14,174 Gross profit 1,879 1,697 442 1,713 1,711 1,694 410 2,246 1,546 Sales and administrative expenses -691 -934 -814 -801 -668 -985 -783 -932 -613 Other operating income 65 80 226 151 83 88 114 47 46 Other operating costs -2 -11 -3 4 -8 -7 -23 8 13 Operating profit 1,251 832 -149 1,067 1,118 790 -282 1,369 992 Financial income 25 23 28 33 20 39 54 66 66 Financial expenses -107 -111 -113 -106 -112 -753 -173 -150 -170 Net finance -82 -88 -85 -73 -92 -714 -119 -84 -104 Pre-tax profit 1,169 744 -234 994 1,026 76 -401 1,285 888 Tax -197 -157 61 -165 -197 -4 34 -171 -154 Profit for the period 972 587 -173 829 829 72 -367 1,114 734 Profit for the period, attributable to: Shareholders in parent company 975 588 -172 829 829 72 -373 1,121 732 Non-controlling interests -3 -1 -1 0 0 0 6 -7 2 Profit for the period 972 587 -173 829 829 72 -367 1,114 734 Key ratios, IFRS Earnings per share, SEK 3.48 2.09 -0.61 2.90 2.89 0.25 -1.30 3.90 2.54 Earnings per share after dilution, SEK 3.45 2.09 -0.61 2.90 2.89 0.25 -1.30 3.90 2.54 Average number of outstanding shares, million 278.3 280.5 281.6 284.1 286.6 287.5 287.5 287.5 287.5 Average number of outstanding shares after dilution, million 280.0 280.5 281.6 284.1 286.6 287.5 287.5 287.5 287.5 Capital employed (CB) 31,123 29,913 29,061 28,116 28,619 28,644 29,646 30,878 30,526 Equity (CB) 16,922 15,967 16,423 16,479 15,993 15,316 16,001 16,504 15,316 39
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Busi ness areas MSEK Jul-Sep 2026 Apr-Jun 2026 Jan-Mar 2026 Oct-Dec 2025 Jul-Sep 2025 Apr-Jun 2025 Jan-Mar 2025 Oct-Dec 2024 Jul-Sep 2024 Net sales Construction 5,550 6,485 5,299 7,169 5,238 5,959 5,317 6,541 5,130 Civil Engineering 4,576 5,120 4,062 5,258 4,248 4,433 3,668 4,893 3,810 Industry 7,302 6,282 2,462 5,123 6,953 5,678 2,283 5,576 7,528 – of which Swerock/Asphalt 6,353 5,227 1,507 4,192 6,194 4,880 1,504 4,611 6,734 – of which Construction system 1,047 1,156 1,047 1,063 855 900 854 1,050 865 – of which eliminations -98 -101 -92 -132 -96 -102 -75 -85 -71 Project Development 841 899 492 1,711 892 751 991 1,737 758 – of which Property Development 96 78 31 25 48 36 57 636 6 – of which Housing Development 745 821 461 1,686 844 715 934 1,101 752 Group functions 362 365 350 371 349 362 346 343 333 Eliminations -2,327 -2,373 -1,894 -2,507 -2,078 -2,246 -1,680 -2,305 -2,020 Group, segment reporting 16,304 16,778 10,771 17,125 15,602 14,937 10,925 16,785 15,539 Adjustment of housing to IFRS -407 -220 61 210 -244 126 -100 400 181 IFRS 16, additional leases Group, IFRS 15,897 16,558 10,832 17,335 15,358 15,063 10,825 17,185 15,720 Operating profit Construction 139 157 222 148 116 137 111 96 96 Civil Engineering 192 273 147 217 169 204 114 140 117 Industry 996 606 -412 615 875 544 -549 597 848 – of which Swerock/Asphalt 942 564 -440 590 875 533 -558 461 892 – of which Construction system 54 42 28 25 0 11 9 136 -44 Project Development 77 34 9 120 36 -1 83 521 -6 – of which Property Development 14 12 11 84 84 11 49 533 8 – of which Housing Development 63 22 -2 36 -48 -12 34 -12 -14 Group functions -96 -134 -114 -124 -62 -121 -56 -142 -62 Eliminations -12 -11 -8 20 14 -3 19 43 2 Group, segment reporting 1,296 925 -156 996 1,148 760 -278 1,255 995 Adjustment of housing to IFRS -57 -104 -6 61 -41 20 -16 103 -14 IFRS 16, additional leases 12 11 13 10 11 10 12 11 11 Group, IFRS 1,251 832 -149 1,067 1,118 790 -282 1,369 992 Operating margin, % Construction 2.5 2.4 4.2 2.1 2.2 2.3 2.1 1.5 1.9 Civil Engineering 4.2 5.3 3.6 4.1 4.0 4.6 3.1 2.9 3.1 Industry 13.6 9.6 -16.7 12.0 12.6 9.6 -24.0 10.7 11.3 – of which Swerock/Asphalt 14.8 10.8 -29.2 14.1 14.1 10.9 -37.1 10.0 13.2 – of which Construction system 5.2 3.6 2.7 2.4 0.0 1.2 1.1 13.0 -5.1 Project Development 9.2 3.8 1.8 7.0 4.0 -0.1 8.4 30.0 -0.8 – of which Property Development 14.6 15.4 35.5 336.0 175.0 30.6 86.0 83.8 133.3 – of which Housing Development 8.5 2.7 -0.4 2.1 -5.7 -1.7 3.6 -1.1 -1.9 Group functions Eliminations Group, segment reporting 7.9 5.5 -1.4 5.8 7.4 5.1 -2.5 7.5 6.4 Adjustment of housing to IFRS IFRS 16, additional leases Group, IFRS 7.9 5.0 -1.4 6.2 7.3 5.2 -2.6 8.0 6.3 Key ratios, segment reporting, MSEK Earnings per share, SEK 3.67 2.45 -0.60 2.69 3.01 0.20 -1.24 3.63 2.59 Capital employed (CB) 28,502 27,794 27,328 26,784 26,689 27,104 27,673 28,999 27,537 Equity (CB) 17,315 16,304 16,735 16,716 16,296 15,572 16,285 16,760 15,650 Orders received 9,405 18,336 15,561 14,947 10,223 13,183 16,574 12,052 10,135 Order backlog at the end of the period 52,439 57,292 53,757 48,544 48,279 51,757 51,955 44,906 47,026 40
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Alternative performance measures and definitions Al ter na tive per for mance mea sures are used to de scribe the de vel op ment of op er - a tions and to en hance com pa ra bil i ty be tween pe ri ods. These are not de fined under IFRS but cor re spond to the meth ods ap plied by ex ec u tive man age ment and Board of Di rec tors to mea sure the com pa nyʼs fi nan cial per for mance. Al ter na - tive per for mance mea sures should not be viewed as a sub sti tute for fi nan cial in - for ma tion pre sent ed in ac cor dance with IFRS but rather as a com ple ment. The dif fer ence be tween seg ment re port ing and re port ing ac cord ing to IFRS is de - scribed in more de tail in note 1. The dif fer ence pri mar i ly con sists of dif fer ences in ac count ing prin ci ples for our own hous ing de vel op ment projects where rev enue and prof it are rec og nized over time in seg ment re port ing and at one point in time, when home buy ers take over their homes, in re port ing ac cord ing to IFRS. In seg ment re port ing leas ing fees for the lessee are rec og nized lin ear ly over the leas ing pe ri od for leas es that are clas si fied by the coun ter par ty (the lessor) as op - er a tional leas es. IFRS 16 Leas es is ap plied in Group re port ing ac cord ing to IFRS, which en tails that lessees rec og nize de pre ci a tion and in ter est at trib ut able to leas ing as sets and li a bil i ties. As a re sult the dif fer ence be tween seg ment re port - ing and re port ing ac cord ing to IFRS even af fects the items on the bal ance sheet, in clud ing net debt. Nonethe less, in the key ra tios below the method of cal cu la - tion is the same for both seg ment re port ing and re port ing ac cord ing to IFRS. For more in for ma tion and cal cu la tions, see Peabʼs web site www.peab.com/alternative- keyra tios. Financial definitions Available liquidity Liq uid funds and short- term in vest ments along with unuti lized cred it fa cil i ties, ex clud ing unuti lized cred it fa cil i ties for project fi nanc ing. Shows the Groupʼs avail able liq uid i ty. Capital employed for the business areas Total as sets in the busi ness area at the end of the pe ri od re duced by de ferred tax re cov er ables and in ter nal re ceiv ables from the in ter nal bank Peab Fi nans with de duc tions for non- interest-bearing li a bil i ties and de ferred tax li a bil i ties. The mea sure ment is used to mea sure cap i tal uti liza tion and its ef fec tive ness for the busi ness areas, and is only pre sent ed as a net amount per busi ness area. Capital employed for the Group Total as sets at the end of the pe ri od less non- interest-bearing op er at ing li a bil i - ties and pro vi sions. The mea sure ment is used to mea sure cap i tal uti liza tion and its ef fec tive ness. Earnings per share, IFRS Prof it for the pe ri od at trib ut able to share hold ers in par ent com pa ny di vid ed by the av er age num ber of out stand ing shares dur ing the pe ri od. Shows earn ings per share. Earnings per share after dilution, IFRS When cal cu lat ing earn ings per share after di lu tion the av er age num ber of shares is ad just ed to take into ac count the ef fect of the c al cu lat ed num ber of shares al - lo cat ed to em ploy ees through the Per for mance Share Pro gram, L TI pro gram. Earnings per share, segment Prof it for the pe ri od at trib ut able to share hold ers in par ent com pa ny di vid ed by the av er age num ber of out stand ing shares dur ing the pe ri od. Shows earn ings per share. Equity/assets ratio Eq ui ty as a per cent age of total as sets at the end of the pe ri od. Shows fi nan cial po si tion. Equity per share Eq ui ty at trib ut able to share hold ers in par ent com pa ny di vid ed by the num ber of out stand ing shares at the end of the pe ri od. Shows eq ui ty per share. Net debt Interest- bearing li a bil i ties in clud ing pro vi sions for pen sions less liq uid funds and interest- bearing as sets. Shows fi nan cial po si tion. Net debt, segment reporting Interest- bearing li a bil i ties in clud ing pro vi sions for pen sions less liq uid funds and interest- bearing as sets. As of Jan u ary 1, 2019 li a bil i ties con cern ing un sold part of on go ing own hous ing de vel op ment projects is in clud ed in net debt. Shows fi - nan cial po si tion for seg ment. Net debt/equity ratio Interest- bearing net debt in re la tion to eq ui ty. Shows fi nan cial po si tion. Operating margin Op er at ing prof it as a per cent age of net sales. Shows prof itabil i ty in the busi ness. Operative cash flow Cash flow be fore fi nanc ing ac cord ing to seg ment re port ing. The cash flow does not in clude re ceived in ter nal Group in ter est, paid in ter est and paid tax that is not al lo cat ed to the busi ness areas but only re port ed for the Group. In vest ments via leas ing charge cash flow from in vest ment op er a tions in the busi ness areas. Op - er a tive cash flow is only cal cu lat ed for the busi ness areas. Shows the cash flow gen er at ed per busi ness area. Order backlog The value at the end of the pe ri od of the re main ing in come in on go ing pro duc - tion plus or ders re ceived yet to be pro duced. Order back log is based on seg ment re port ing. Shows how much will be pro duced in the fu ture. Orders received The sum of or ders re ceived dur ing the pe ri od. Mea sures how new or ders re place pro duced work. Re gard ing our own hous ing de vel op ment projects, tenant- owner as so ci a tions and hous ing com pa nies are con sid ered ex ter nal cus tomers. Project and development property Hold ings of un de vel oped land and de con t a m i na tion prop er ty for fu ture de vel - op ment, prop er ty with build ings for project de vel op ment, pro cess ing and there - after di vesti ture with in Peabʼs nor mal busi ness cycle. Return on capital employed Pre- tax prof it for the rolling 12 month pe ri od with the ad di tion of fi nan cial ex - pens es in per cent of the av er age (last four quar ters) cap i tal em ployed. The mea - sure ment is used to mea sure cap i tal ef fi cien cy and to al lo cate cap i tal for new in - vest ments and shows the Groupʼs earn ing ca pac i ty in de pen dent of fi nanc ing. Return on equity Prof it for the rolling 12 month pe ri od at trib ut able to share hold ers in the par ent com pa ny di vid ed by the av er age (last four quar ters) eq ui ty at trib ut able to share - hold ers in the par ent com pa ny. The mea sure ment is used to cre ate ef fi cient busi ness and a ra tio nal cap i tal struc ture and show how the Group has mul ti plied share hold ersʼ eq ui ty. 41
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Non-financial definitions Average number of employees The sum of the num ber of hours Peab has paid for, di vid ed by the an nu al work - ing time. CSI CSI stands for Cus tomer Sat is fac tion Index and mea sures how sat is fied Peabʼs cus tomers are. CSI is a weight ed mea sure ment be tween 0 and 100 and is based on three ques tions: 1) Total sat is fac tion, 2) In re la tion to ex pec ta tions 3) In re la - tion to ideal sup pli er. eNPS eNPS stands for em ploy ee Net Pro mot er Score and mea sures em ploy ee en gage - ment. The score can vary be tween -100 and 100 and is based on the ques tion to em ploy ees: “How prob a ble is it that you would rec om mend your em ploy er to a friend or ac quain tance?” L TI4 and L TIF4 L TI4 refers to the num ber of work place ac ci dents with more than four days ab - sence for the em ploy eer, ex clud ing the day of in jury, and L TIF4 refers to the fre - quen cy rate per one mil lion hours worked ac cord ing to the same de f i n i tion. L TI stands for Lost Time In jury. Risk observations A risk ob ser va tion means at a work place notic ing be hav ior, risks or short com - ings that could lead to an in ci dent or ac ci dent. Scope 1 Di rect green house gas emis sions from sources that Peab con trols it self, for ex - am ple the com bus tion of fuel in its own ve hi cles and ma chin ery. Scope 2 In di rect emis sions from the pro duc tion of the en er gy Peab pur chas es, such as elec tric i ty, dis trict heat ing or dis trict cool ing. Scope 3 All re main ing in di rect emis sions in the value chain, both up stream and down - stream, such as emis sions from pur chased ma te ri als, trans porta tion, waste, busi ness trav el and em ploy ee com mut ing. Serious accidents Peab uses the Swedish Work En vi ron ment Au thor i tyʼs de f i n i tion of a se ri ous ac - ci dent as an ac ci dent where one or more per sons are in jured at a work place or a place they have vis it ed for work. Se ri ous ac ci dents can be in juries such as bone frac tures, ef fu sive bleed ing or nerve, mus cle or ten don dam age, in juries to inner or gans or sec ond or third de gree burns. Se ri ous ac ci dents that occur in our other Nordic coun tries are cat e go rized by the same de f i n i tion. 42
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Pho tog ra phers: Hus fo to/Vir ginie Gar cia, Johan Mark lund, Markus Es sel mark, Mat tias Bardå, Samuel Unéus, Sanna Nuu ti nen/Foto Bak ery, Tomi Parkko nen and Ørjan Marakatt Ber telsen. Peab takes work en vi ron ment mat ters very se ri ous ly and works sys tem at i cal ly to cre ate safe work places. The kind of safe ty equip ment used varies de pend ing on na tion al reg u la tions and the type of op er a tions. A risk analy sis is al ways per formed for each work place be fore any ex cep tion is made. The peo ple pic tured in this pub li ca tion are wear ing per son al safe ty equip ment re quired by reg u la tions valid for the op er a tions and coun try they are in. The Nordic Community Builder Mission: We im prove every day life where it’s lived. Our core values: Down-to-earth Developing Personal Reliable • • • • Net sales, appr. SEK 61 bil lion Employees, appr. 13,000 Four Busi ness areas Construction Civil Engineering Industry Project Development Peab is the Nordic Com mu ni ty Builder with some 13,000 em ploy ees and net sales of ap prox i mate ly SEK 61 bil lion. The Group has strate gi cal ly lo cat ed of fices in Swe den, Nor way, Fin land and Den mark. Group head quar ters are in Förslöv on the Bjäre Penin su la in Skåne. The share is list ed on Nas daq Stock holm. Con tact Peab AB (publ) Mar grete torpsvägen 84 SE- 269 73 Förslöv Phone +46 431- 890 00 peab.com