Slide 1: Q4 January – December 2025
Q4 January – December 2025
Slide 2: Housing investments are expected to increase but from a low level
MARKET OUTLOOK Housing investments are expected to increase but from a low level Started-up housing investments, new and renovations 2025 2026 2027 Sweden ↑( ) 2025 i 2026 2027 Norway →( ) 2025 2026 2027 Finland → Source: Prognoscentret
Slide 3: Built and estimated need for housing in Sweden 1994–2033
Built and estimated need for housing in Sweden 1994–2033 Started-up housing by type of home 80000 70000 60000 52,300 50000 40000 30,000 30000 20000 10000 0 Apartment buildings Single homes Need for new housing (Boverket) Need for new housing (Swedbank) Source: SCB, Boverket, Swedbank
Slide 4: Varying investment levels in premise construction
MARKET OUTLOOK Varying investment levels in premise construction Started-up premise construction investments, new and renovations 2025 2026 2027 Sweden → 2025 2026 2027 Norway → → 2025 2026 2027 Finland (↑) →( ) Source: Prognoscentret
Slide 5: Continued high level of investments in civil engineering
MARKET OUTLOOK Continued high level of investments in civil engineering Civil engineering investments 2025 2026 2027 Sweden 2025 2026 2027 Norway → →( ) → 2025 2026 2027 Finland →( ) → → Source: Prognoscentret
Slide 6: Stable investment levels in the Nordic market
MARKET OUTLOOK Stable investment levels in the Nordic market Total construction and civil engineering investments, new and renovations 2025 2026 2027 Sweden 2025 2026 2027 Norway → → 2025 2026 2027 Finland (→) → Source: Prognoscentret
Slide 7: Business Area Construction
Business Area Construction Swimming Pool Haparanda
Slide 8: Business area Construction
Business area Construction Oct-Dec Oct-Dec Jan-Dec Jan-Dec MSEK 2025 2024 2025 2024 Net sales 7,169 6,541 23,683 23,817 Operating profit 148 96 512 416 Operating margin, % 2.1 1.5 2.2 1.7
Slide 9: Stable level of orders received and higher order backlog
BUSINESS AREA CONSTRUCTION Stable level of orders received and higher order backlog Orders received, MSEK 10,000 8,784 9,000 8,000 7,000 6,654 6,325 6,602 Order backlog 5,835 5,918 25.1 6,000 5,000 4,756 4,489 3,994 4,000 BSEK (23.2) 3,000 2,000 1,000 0,000 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q4
Slide 10: New contracts in the fourth quarter
BUSINESS AREA CONSTRUCTION New contracts in the fourth quarter New jail New school New homes New retirement home (MSEK 763) (MSEK 438) (MSEK 254) (MSEK 177) Skövde Solna Malmö Falun
Slide 11: Allocation per product area
BUSINESS AREA CONSTRUCTION Allocation per product area Net sales, 2025 Order backlog, December 31, 2025 13% Housing 14% Housing 24% Construction maintenance Construction maintenance 8% Sports facilities 6% 31% Sports facilities Industrial Industrial Offices Offices 12% 8% Logistics 12% Logistics Ser
Slide 12: Business Area Civil Engineering
Business area Civil Engineering Bodø Airport Bodø, Norge
Slide 13: Business area Civil Engineering
Business area Civil Engineering Oct-Dec Oct-Dec Jan-Dec Jan-Dec MSEK 2025 2024 2025 2024 Net sales 5,258 4,893 17,607 16,539 Operating profit 217 140 704 499 Operating margin, % 4.1 2.9 4.0 3.0
Slide 14: Increased level of orders received and high order backlog
BUSINESS AREA CIVIL ENGINEERING Increased level of orders received and high order backlog Orders received, MSEK 9,000 8,188 7,985 8,000 7,000 6,682 6,000 Order backlog 22.2 4,870 5,000 4,384 4,083 4,000 3,274 3,051 3,229 3,000 BSEK (19.9) 2,000 1,000 0,000 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q42
Slide 15: New contracts in the fourth quarter
BUSINESS AREA CIVIL ENGINEERING New contracts in the fourth quarter West Link: continuation of Haga-Rosenlund Extension waterworks Road maintenance, 2 years (MSEK 4 000) (MSEK 326) (MSEK 240) Gothenburg Eskilstuna Sweden
Slide 16: Allocation per product area
BUSINESS AREA CIVIL ENGINEERING Allocation per product area Net sales, 2025 Order backlog, December 31, 2025 17% Operations and 18% Operations and maintenance 27% maintenance Energy 4% Energy Streets and groundwork Streets and groundwork 47% 9% Ports and sea Ports and sea 6% Industrial Industrial 35
Slide 17: Business Area Industry
ris Business area Industry a
Slide 18: Business area Industry
Business area Industry Oct-Dec Oct-Dec Jan-Dec Jan-Dec MSEK 2025 2024 2025 2024 Net sales 5,123 5,576 20,037 21,548 of which Swerock/Asphalt 4,192 4,611 16,770 17,974 of which Construction system 1,063 1,050 3,672 3,875 Operating profit 615 597 1,485 1,415 of which Swerock/Asphalt 590 461 1,440 1,23
Slide 19: Stable level of orders received and higher order backlog
BUSINESS AREA INDUSTRY Stable level of orders received and higher order backlog Orders received, MSEK 5,000 4,495 4,500 4,000 3,835 3,630 3,500 3,245 3,341 Order backlog 3,091 5.4 2,932 3,000 2,424 2,440 2,500 2,000 BSEK (4.3) 1,500 1,000 0,500 0,000 Q424 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425
Slide 20: Allocation per product area
BUSINESS AREA INDUSTRY Allocation per product area Net sales, 2025 6% Paving 11% Concrete Mineral Aggregates 7% Transportation and Machines 51% Rentals 14% Construction System 11%
Slide 21: Lower tied-up capital and improved return on capital
BUSINESS AREA INDUSTRY Lower tied-up capital and improved return on capital Capital employed and return on capital employed* 12,000 11,339 16% 10,699 10,806 10,688 10,391 9,920 9,735 10,034 14% 10,000 9,198 12% 8,000 10% Return on capital employed 6,000 8% 4,000 6% 4% 15.1 % (13.3) 2,000 2% 0,000 0%
Slide 22: Business Area Project Development
Business area Project Development Brf Lojobacken Stockholm
Slide 23: Business area Project Development
Business area Project Development Oct-Dec Oct-Dec Jan-Dec Jan-Dec MSEK 2025 2024 2025 2024 Net sales 1,711 1,737 4,345 4,270 Operating profit 120 521 238 728 Operating margin, % 7.0 30.0 5.5 17.0 of which Housing Development 2.1 -1.1 0.2 -2.7
Slide 24: Production start-ups of own housing developments
BUSINESS AREA PROJECT DEVELOPMENT Production start-ups of own housing developments Oct-Dec Oct-Dec Jan-Dec Jan-Dec Number 2025 2024 2025 2024 Tenant-owner apartments/ 178 412 733 657 condominiums of which converted from homes on 178 209 414 209 our own balance sheet Rentals 102 - 292 - Homes on our
Slide 25: Sold homes
BUSINESS AREA PROJECT DEVELOPMENT Sold homes Oct-Dec Oct-Dec Jan-Dec Jan-Dec Number 2025 2024 2025 2024 Tenant-owner apartments/ 108 267 575 710 condominiums Rentals 211 - 568 298 Homes on our own balance 25 23 105 23 sheet Total number of sold homes 344 290 1,248 1,031
Slide 26: Ongoing production of homes
BUSINESS AREA PROJECT DEVELOPMENT Ongoing production of homes Dec 31, Dec 31, Number 2025 2024 Tenant-owner apartments/ 1,225 1,056 condominiums of which sold share (%) 44 45 Rentals 209 80 of which sold share (%) 89 100 Homes on our own balance sheet 572 436 of which sold share (%) 3 4 Total numbe
Slide 27: Completed and repurchased homes
BUSINESS AREA PROJECT DEVELOPMENT Completed and repurchased homes Dec 31, Dec 31, Number 2025 2024 Tenant-owner apartments/ 364 266 condominiums Rentals 6 306 Total number of completed 370 572 and repurchased homes
Slide 28: Property projects
BUSINESS AREA PROJECT DEVELOPMENT Property projects Adopted Rentable Degree Recognized Completion Completion level, Type of project Location investment, area, m2 rented, % value, MSEK time point % MSEK Ongoing Retail, office building and Malmö 8,300 43 300 592* Q3-2027 51 parking Retail Malmö 8,600
Slide 29: Lower level of capital employed
BUSINESS AREA PROJECT DEVELOPMENT Lower level of capital employed Capital employed and return on capital employed* 25,000 5% 19,767 19,199 19,138 20,000 18,435 4% 18,093 18,334 18,408 18,229 18,220 15,000 3% Return on capital employed 10,000 2% 1.5 % (4.3) 5,000 1% 0,000 0% Q423 Q124 Q224 Q324 Q424
Slide 30: Allocation of capital employed
Allocation of capital employed December 31, 2023 December 31, 2025 Engagement in Engagement in joint ventures joint ventures BSEK 4.3 BSEK 2,1 Development rights Development rights portfolio portfolio BSEK 8.9 BSEK 10,3 Ongoing and Ongoing and completed projects completed projects BSEK 5.7 BSEK 6,2
Slide 31: The Peab Group
The Peab Group
Slide 32: Segment reporting
THE GROUP Segment reporting Oct-Dec Oct-Dec Jan-Dec Jan-Dec MSEK 2025 2024 2025 2024 Net sales 17,125 16,785 58,589 58,697 Operating profit 996 1,255 2,626 2,763 Operating margin, % 5.8 7.5 4.5 4.7
Slide 33: Geographic spread in the Nordic region
THE GROUP Geographic spread in the Nordic region Net sales, 2025 10% 73% 14% (11) (71) (16) 3% (2)
Slide 34: High share of public customers
THE GROUP High share of public customers Net sales, 2025 45% (44) 55% (56) Public customers Private customers
Slide 35: High order backlog and good risk diversification
THE GROUP High order backlog and good risk diversification Orders received Order backlog Share of projects under MSEK 500 54.9 48.5 65% BSEK (56.5) BSEK (44.9) (70)
Slide 36: Increased order backlog
THE GROUP Increased order backlog Order backlog allocated over time, MSEK 35,000 30,022 30,000 28,275 25,000 20,000 15,000 10,000 11,864 13,503 38% after coming 4,767 5,019 5,000 financial year 0,000 (37) Coming financial year Nextcoming financial Thereafter year December 31, 2024 December 31, 2025
Slide 37: Strong cash flow in the fourth quarter
THE GROUP Strong cash flow in the fourth quarter Cash flow before financing, MSEK 3,000 2,792 2,500 2,250 2,000 1,719 1,462 1,500 1,195 1,000 0,500 0,000 -95 -218 -0,500 -363 -560 -1,000 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425
Slide 38: Lower net debt
THE GROUP Lower net debt Net debt and net debt/equity ratio 12,000 0,7 10,000 0,6 2,272 1,915 0,5 8,000 2,649 2,237 2,685 2,042 1,944 1,823 0,4 Net debt 6,000 4,000 5,991 6,490 7,313 6,397 6,681 6,322 7,610 6,168 2,131 0,3 0,2 6.4 BSEK (9.1) 2,000 4,269 0,1 0,000 0,0 Q423 Q124 Q224 Q324 Q424 Q125 Q2
Slide 39: Target checkpoint
Target ch Getemp int - —
Slide 40: Four target areas, nine external targets
Four target areas, nine external targets Most satisfied Best workplace eNPS customers CSI always over benchmark always over 75 Zero vision Serious accidents Through a contracting trend Operating margin Most profitable Leader in social Carbon dioxide Carbon dioxide intensity company >6 % responsibilt
Slide 41: Target: Operating margin over 6 percent
MOST PROFITABLE COMPANY Target: Operating margin over 6 percent Operating margin, Group 7 6.2 Target: 6% 6 5.2 4.8 4.9 4.7 5 4.7 4.5 4.3 4 3.2 3 2 1 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Years 2017-2018 are not translated according to the changed accounting principles for our own housing d
Slide 42: Target: Net debt/equity ratio within interval 0.3-0.7
MOST PROFITABLE COMPANY Target: Net debt/equity ratio within interval 0.3-0.7 Net debt/equity ratio, Group 1,0 0,8 0.6 0,6 0.6 0.5 0.5 Target interval: 0,4 0.4 0,3-0,7 0.3 0.3 0,2 0.2 0.1 0,0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Years 2017-2018 are not translated according to the changed ac
Slide 43: Target: Dividend more than 50 percent of profit for the year
MOST PROFITABLE COMPANY Target: Dividend more than 50 percent of profit for the year Dividend, % of profit for the year Dividend per share, SEK 120 97 100 8,00 7.00 80 70 7,00 67 61 58 59 59 58 6,00 5.00 60 Target: >50% 5,00 4.20 4.50 38 4,00 3.60 4.00 4.00 40 3.30 30 2.75 3,00 20 2,00 1.50 1,00 0 0
Slide 44: Focus on quality in our delivery
MOST SATISFIED CUSTOMERS Focus on quality in our delivery Customer Satisfied index (CSI) 82 81 81 80 80 80 80 80 • Our personnel 79 78 78 receive top 78 rating 77 • Reliability 76 75 75 Target: >75 increases the 75 most 74 73 72 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 45: Recommend Peab as an employer
BEST WORKPLACE Recommend Peab as an employer eNPS, recommend Peab 35 31 30 29 28 26 24 Target: 25 22 20 18 18 19 Over industry 17 17 15 eNPS benchmark 15 13 Benchmark 10 10 8 8 5 0 2018 2019 2020 2021 2022 2023 2024 2025
Slide 46: Zero vision for workplace accidents
BEST WORKPLACE Zero vision for workplace accidents Serious accidents, rolling 12 months, category 4 60 49 48 49 50 39 40 33 Target: 28 30 30 30 28 Contracting trend 20 20 18 20 21 19 19 18 10 10 13 0 2020 2021 2022 2023 2024 2025 Own personnel Subcontractors Total
Slide 47: Climate targets for our own production
LEADER IN SOCIAL RESPONSIBILITY Climate targets for our own production Carbon dioxide intensity, own production* (Scope 1 + 2) 120 100 80 60 Target 2030: -60% 40 20 Actual 2025: -58% 0 * Direct and indirect emissions as a result of using fuel and energy in our own production
Slide 48: Climate target for input goods and purchased services
LEADER IN SOCIAL RESPONSIBILITY Climate target for input goods and purchased services Carbon dioxide intensity, input goods and purchased services (Scope 3) 120 Actual 2025: -7% 100 80 60 Target 2030: -50 % 40 20 0 * Includes concrete/cement, asphalt/bitumen, transportation and machine services, ste
Slide 49: Equal opportunity recruitment: Share of women recruited
LEADER IN SOCIAL RESPONSIBILITY Equal opportunity recruitment: Share of women recruited always over the education market Production and processing* (SW), % 50 45.0 45.3 39.1 43.8 40 34.9 30 20 18.8 Target 2025: >30% 10 0 Actual 2025: 43,8% 2020 2021 2022 2023 2024 2025 Target 2026: >32% *27 years or
Slide 50: Strong end to the year
JAN-DEC 2025 Strong end to the year • Stable market outlook in the Nordic construction and civil engineering market • Strong performance in the contracting operations and in Swerock/Asphalt • High orders received and increased order backlog • Stable operating profit and margin • Strong cashflow and
Slide 51: Q&A
Q&A
Slide 52: Next report: First quarter 2026 April 29, 2026
Next report: First quarter 2026 April 29, 2026
Slide 53: Thank you!
Thank you!