Peab AB (publ)

Hello and welcome to today's presentation of PEAB's book Slutskommuniqué and the report after the fourth quarter. My name is Johan Hartman, I am the IAF chief at PEAB and next to me is Jesper Göransson, PEAB's board of directors and CEO. and Niklas Winkvist, the CFO. As usual, Jesper and Niklas will present today's report, which we published a little while ago. Then you have the opportunity to ask questions. You can either do it manually, by pressing the square button on your mobile phone, or you can write any questions directly on the website. I'll read them out later. So, let's get started. Jesper, please.

Thank you, David. Once again, welcome to this presentation and communication for 2025. We'll start by looking at the market forecasts and look at housing investments. We can see that we've had ups and downs here in 2025, and also in 2026. This indicates that we have a certain boost for Sweden. There is growth from low levels, and we can see that in this picture that we have talked about earlier. I think it is quite important to bear in mind. It is Sweden's proposed housing, but it looks quite similar in terms of trends in Norway and Finland. And here we see how dramatic the decline was after the top year of 2021. It was down to under 30,000 states. And we have been there for several years now. I think I see a stabilization on the business market during 2025. We are in the hands of around 30,000 startups per year. In the years ahead, I'm looking at increases based on the low level. This will probably continue to take time. We have said that from the beginning. It has taken a few years now. Det kan säkert ta ett tag till innan vi är tillbaka till de här lite högre nivåerna som vi hade innan. Men det viktiga är att vi konstaterar att vi har hamnat i en instabiliserad situation. Det har mycket att göra med att We have lower interest rates now, we have future easing of housing loan rules, we have had stabilized prices on the foreign market, which is all about a stabilized market. Then we have a large increase on the foreign market and we have an insecurity in general that can lead to the other direction. A stabilized development in any case. If we look further at the rest of the local construction, that is, all construction without housing, we see that we have rising trends for 2026 in all countries. The public sector continues to keep up with the investment levels in all three countries. As we have talked about before, it is schools, healthcare, healthcare, police, criminal justice, security and defence related projects. And we also see a good demand among different types of industrial buildings. The facility has been at a higher level for many years, and here we see that there are still conditions for increases or stable developments in all countries. And here we see increases in transport networks, both on land and to the sea, as major drivers of growth. Vi har ju stora viserade satsningar från länderna i Sverige som pratar om 1200 miljarder under perioden 2026-2037 som både innehåller satsningar på ny infrastruktur men också väldigt mycket på underhåll av befintlig infrastruktur. Så här finns liksom en motor bakom. Sen har vi ju det här allmänt osäkra läget med säkerhetssituationen som gör att det kommer finnas satsningar som är dedikerade även till försvarsindustrin eller försvaret helt enkelt inom anläggningssidan. Slår vi ihop det här till den totala byggmarknaden, bygg- och anläggningsmarknaden i orden så ser vi att Pilarna förväntas gå upp under 2026 i samtliga tre länder. Stabila marknadsutsikter. Då tittar vi lite grann på prestationen per affärsmodell. Vi börjar med bygg. Där ser vi ändå ett kvartal med tillväxt. Vi hade tillväxt även under det tredje kvartalet och fortsatt under det fjärde kvartalet. Vi kombinerade det med ett ökat resultat och en ökad marginal. Så vi landade på 2,1 procent för kvartalet i byggmarginal och började närma oss 24 miljarder på årsbasis i omsättning i bygg och en bit över en halv miljard i resultat på 2,2 procent. The order entry continues at a stable level. Before Q4, we landed at almost 6 billion. And we are on an order stock that is higher now than it was in the corresponding period earlier this year. We have an order stock of 25.1 billion. And here we see a chart of projects that have come in during the quarter. bland annat ett häkte i Skövde, vi har en skola i Solna, vi har nya bostäder i Malmö och så har vi ett nytt äldreboende i Falun. And this is another way of looking at it, when we look at the distribution per product area. We see that housing has stabilized around 24-25%. We were earlier at more than 50% of the turnover. We can also see an increase in housing when we look at the order stock, which is 31%. Other types of products, also a good distribution, I think. We see increases, as I mentioned before, in everything from industrial premises to schools, care and care facilities, and more. So it is a diversified transition and order-making and construction. Anläggning avslutade också starkt. Vi hade en omsättningsökning med 7 %. 5,3 miljarder omsatte vi i kvartalet. Vi fick med oss resultatet. 217 miljoner landade vi på, vilket innebar att marginalen också ökade till 4,1 %. Vi stänger hela året på anläggningssidan på en omsättning på 17,6 miljarder. Vi landade på 4,0 % i marginal. If we add up the village and the facility to what we call the entrepreneurial business, the combined margin under the quarter is improved to 2.9%. This is an increase of 2.1%, so here we see clear improvements. The order entry in the quarter was high on the facility side. Vi fick en tilläggsbeställning, ett fortsättningsuppdrag av Trafikverket kopplat till Västlänken, Hagard, Roselund och Göteborg med 4 miljarder. Vilket innebär att vi fick en kanske lite extra hög orderingång just i kvartalet. Men vi har haft en hög och stabil orderingång under många kvartal och vi ser att vi har en orderstock som ligger på 22,2 miljarder. Några exempel på under sista kvartalet. Jag nämnde ju Haga Rosenlund, de fyra miljarderna kopplat till Västerlänken. Vi fick utbildning av ett vattenverk i Eskilstuna och sedan har vi två skjor som har lösts ut på drift och underhåll som är summerat till 240 miljoner. Här ser vi också den marknadsutveckling som är. Vi har It's what we call roads and other infrastructure, which is 35% in turnover and down to 17% in the stock market. It's a lot of construction projects that are smaller, often linked to housing projects and more. So it's a consequence of the fact that housing production is lower than before. But then we see the gray area, which is actually infrastructure. And there we have 27% in turnover and we have a whole 47% of the stock market, which is that type of project now. Här ligger allt ifrån medelstora projekt till väldigt stora projekt. Nämnda projekt i Göteborg ligger där, Haga Rösselund. Vi har Boden flygplats ligger där och E20 utanför Mariestad och så vidare. Så här är också stora och långa projekt som sträcker sig över lång tid. Driftunderhåll ligger på strax 120 procent, så det får man betrakta som ganska normalt. We move on to the business area industry. And there we see a decrease in turnover for the quarter. And that has to do with the accommodation business in Finland, where we have seen reduced salaries from Finnish authorities, simply lower volumes. And then we have made a change in terms of our accommodation business in Norway, which means that we have shrunk that business, which is what explains the loss of revenue. We look at the annual basis, which amounts to 20 billion SEK, and we are just under 1.5 billion SEK in turnover. We have chosen to specialize in the two parts, asphalt and construction systems, since there are different types of businesses. In general, we at PF have chosen a strategy that deviates from most other large construction companies. We have chosen to maintain large parts that are industrial-related, i.e. industrial goods and services, while Sann has chosen to outsource it. And here we have chosen to invest strategically for many years. So this is, as I said, 20 billion. And PF's turnover is almost 1.5 billion in turnover, so that's a lot. If we look at sewage and asphalt, we can see that Krusberg, a tech company, consists of concrete and asphalt production and asphalt expansion. Here is the big result, the big company. It is closely linked to the construction market. In the construction system we have rental companies with cranes and general equipment and machines for construction projects. And we have prefab and large constructions. And from there we see a much larger increase in housing markets. Here we also see that they have had a tough time during a number of years, thanks to the fact that the housing market has gone down. In total, we ended up with a movement margin of 7.4 percent. And when it comes to heavy asphalt parts, the heavy industry, we ended up with 8.6 percent, which is an increase from 6.9 percent. So this was also a strong, strong business to start with. The order volume goes up. 5.4 billion SEK. It is partly linked to investment, but also to the PayPal business. A bit over 50% of the industrial business is investment. It is a congenital, insensitive business. We are the absolute leading actor there. In industry, we bind a lot of capital. We have, however, managed to shrink the capital structure during the last few quarters. We landed at 9.2 billion, compared to 9.9 billion. We have made free movement capital and we have been a little more careful on the investment side than we have been maybe for a few years earlier. That in combination with the increase in the result means that we get a nice discount on the withdrawal. And the decarbonization of the last capital increased to just over 15% compared to 13% a year ago. The last business model is project development. It is a business model that has had a great success in recent years. We almost landed on an irreversible turnover during the last quarter. This means that we have a lower result. This is due to the fact that we made a larger transaction during the comparison before 2024 when we divided up the content in our JV in Centur, which generated a result of almost 400 million. So you should keep that figure in mind. It is also worth noting that we are on the housing development part, which has been a tough bit here. Again, we are above zero, so we landed just above zero. A zero-result against previous low-negative results in 2024. If we look at the activity level within housing development, we see that we started 358 units against 225, which means that we started 1,161 units throughout the year, compared to 470. And we see that the whole trend with selling We get an increase in sales thanks to the fact that we are approaching completion. It continues, which means that we build in our own book from time to time and convert when we get closer to the end phase of the project. And we see here that in this quarter, it is the type of project that has been converted into production data. But as we turn the numbers around, we see an increase here. And we also do that when it comes to sales. Vi sålde 344 enheter jämfört med 290. I det här kvartalet så var det något lägre på rena bostadsrätter men vi har sålt fler hyresrätter. Tittar vi på helårssiffrorna där så sålde vi 1031 enheter under 2024 och vi sålde 1248 under 2025. And if we look at the ongoing housing production in its own development, we are now in total at just over 2,000 units in production. And that is based on 1,572, so it is 25% up, almost 30% up. And we have the share sold constantly at 37%. Finished and repurchased is at a lower level. Vi hade 572 enheter i balansverkningen när vi stängde 2024 och vi är nu nere i 370 när vi stänger 2025. Det är på hyresrättssidan som vi har letat ut och sålt av lägenheter. There we have a number of ongoing projects. We have a larger project in Malmö, which will be completed by the end of 2027. And then we have two smaller projects, which will be completed by the end of 2026. And then we have four completed administrative facilities in Malmö. And then we have one completed facility in Gothenburg. We also bind a lot of capital here. Vi har legat på nivåer runt 20 miljarder. Nu är vi nere och stänger på 18,2. Vi har haft en nedgång. Men det är fortfarande sett till lönsamhet en tung kapitalbildning. Så här får vi en låg avkastning på 1,5 %. Men här är det viktigt att notera att vi har på viss håll en lägre kapitalbildning, även fast den fortfarande är på lite högre nivåer. Det är viktigt att kolla bakom. We do quite a lot when it comes to capital building within the business community, which you have to look at the numbers to see. We might have had a bit of a passive balance sheet before, a few years ago, with capital building in co-operative companies and so on. And there we have now taken out building rights from, for example, Centur, replaced the parts that were finished, which means that we have a higher building rights portfolio. And we use it and put it in the ongoing project. So we see an increase from 5.7 billion 2023 to 6.2 billion. And we continue with that. So we have a more active capital binding today. And with that, Niklas, from the capital binding to the company.

Yes, thank you very much. Let's talk about the company as a whole. We start as usual with the turnover, where we landed just over SEK 17 billion in the quarter. This means that we had an increase of 2% compared to 2024. Omsättningsutvecklingen och tillväxten har sett så ut att vi under första halvåret hade negativ tillväxt och sen under andra halvåret har vi varit tillbaka i tillväxt i koncernen och innebär också att vi stannar i stort sett på samma omsättning för helåret som vi hade 2024, det vill säga knappt 59 miljarder. Det är positivt. Vi har haft resultatet med oss. Det har förbättrats. Vi landade på knappt en miljard i kvartalet, som är en rörelsemarginal på 5,8 %. Och för helåret så landar vi på 2,6 miljarder, som också ger en bra rörelsemarginal på 4,5 %. Här ska man ha med sig, som nämnts tidigare, att när vi jämför med föregående år, som har ett något högre marginal, This includes this division that we did in Centur, which affected 400 million, which we naturally did not have then, corresponding to 2025. The map view looks roughly like it has looked at previous transitions. We have, of course, our majority of the turnover in Sweden, 73% of the turnover, then we have 14% in Finland, 10% in Norway, and then we have our investment business in Denmark, which accounts for 3% of the company's revenue. This division of revenue is also important to look at all the time. It is the distribution between public and private customers, and here we are roughly at the same level as we have done so far. 55% public and 45% private customers. We think it's good when we have a balance between public and private that is there in the range of 50-50. We have seen an increase steadily there and is high on the public customers. It is of course the development that we have had in the facility and especially in asphalt, which mainly has public customers, but also within we have seen a shift from previous years of housing to now more social functions such as defense, schools, police, etc. We have a high order volume with, as we can see, good risk distribution. We had an order volume in the quarter of 15 billion. For the whole year it meant almost 55 billion SEK, somewhat in the same level as in 2024. We have a high order stock when we go out of 2025, 48.5 billion SEK, which is approximately 3.5 billion SEK more than what we went out of 2024 with. And then we have 65% of these projects are under 500 million, more to suppress the diversification and risk spread in the order portfolio. The other part of looking at the order block, apart from the fact that it has increased, is to see that it has also extended its time and it has of course beror på de här, framförallt inom anläggningen där vi har tagit långa projekt som varar under flera år. Ett exempel där är naturligtvis Bodö flygplats som är ett flerårsprojekt. Det innebär då att vår orderstock förlängs i tid. Tittar vi på innevarande år så ser vi att även när vi nu går in i 2026 så har vi knapp 2 miljarder mer i orderstocker som vi ska arbeta av under detta år. Så vi har en bra position för att gå in i 2026 vad gäller orderstock. Kassaflödet har vi varit inne på tidigare. Vi hade ett starkt cash flow in the fourth quarter, and it followed a very strong cash flow even in the third quarter, so development there is holding up. We have had a positive and good cash flow in all business areas, but it is mainly in industry and project development that stands out now during the fourth quarter. We have had some plan-related developments in project development of completed projects that have been sold, which means that we have received cash flow. Then in all business areas, we have a positive development in operating capital, which is due to our discipline when it comes to everything from invoicing to payments and storage levels in Sweden and Aspen. The positive cash flow, of course, means that we get a lower net debt. We landed and closed the year on a net debt that goes up to 6.4 billion, down from 9.1 billion one year back. In this segment net of debt, there are then properties in production that have not yet been sold with 2.1 billion, one year back at 2.2 billion, so it is on a stable level. Then we go into the target setting. Vi kommer att gå igenom de olika finansiella och icke-finansiella externa målen som vi har. Jag börjar med rörelsemarginalen. Vi har sagt det. Den landade in på 4,5 % för hela året 2025. Vi har ju våra finansiella mål om 6 %, så vi ligger en bit därifrån. Men tittar vi på de underliggande verksamheterna så presterar de väl. Många av dem ligger på sina riktvärden. Däremot så har vi ju bostadsmarknaden som är på fortsatt en alldeles för låg nivå, vilket innebär att vår projektutvecklingsverksamhet inte har möjlighet att leverera på de här nivåerna. Men det åskådliggör bredden med våra affärsområden i koncernen, att vi kan leverera 4,5 % trots att bostadsmarknaden ser ut som den gör. Målet avseende nettoskuldsättningsgrad. Vi har ett mål att vi ska ligga inom 2003 till 2007. Vi ligger nu på 2004. Det innebär alltså att vi ligger i den nedre delen av intervallet. We see that we have a strong financial position and it gives the consumer a good space for action. Finally, after we have closed the year, we have our allocation goals. We have a policy that says that we will give an excess of 50% of the result after tax in allocation. Det förslag som kommer att komma upp på bolagsstämman är en utdelning om 33, uppdelad på två tillfällen. Ett tillfälle efter stämman på våren och ett tillfälle under hösten. 33 innebär en utdelningsprocent om 70 procent, vilket innebär att vi uppfyller det målet. Those were the three financial goals, so I'll hand over to Jesper again to continue with the other goals.

Yes, thank you very much. We also look at what we call satisfied customers. We measure NQI. Our goal is to have a NQI that is over 75, and we have been stable there for many years. At the latest measurement, the NQI rose to 80. And it is especially exciting that all of our four business communities are improving their NKI figures and that what gets the highest score is our staff and their support when it comes to customers. I think that's great fun. The highest score also gets credibility and appreciation for our delivery. And then we measure the best workplace through what we call ELPS, recommended pay of index. There we will always lay over Benchmark and we have laid over Benchmark for many years with a fairly solid spread between Benchmark and ourselves. What we see in later times is that we go separately, Benchmark goes down while we go up. So we close at 31 and Benchmark closes at 17. And the biggest increase we see is among working women. Then we have the plummet in the report, I think, for the whole of 2025. There are serious failures. It was a good trend during most of the year, but we had a very bad fourth quarter. We had a high failure rate. We closed at 49 serious failures during the year and 28 saw their own staff and 21 saw sub-entrepreneurs, so we meet in full anyway. Det här är dock inte brett utan vi pratar om några enskilda regioner i vårt byggverksamhet som har drabbats hårt. Där tittar vi igenom vad som helst och framförallt fastställer åtgärder för att vända den här negativa trenden. Vi ska ha en fallande trend för både arbetsplatslyckor naturligtvis. Tittar vi på klimatmålen så har vi skåp 1 och 2. Först och främst har vi sagt att vi ska reducera våra egna utsläpp med 60% fram till 2030. Bara så 2015. Och här ligger vi på minus 58% när vi stänger 2025. Så där är vi ju nästan redan framme vid målet för 2030. Vi ser att den omställningen som vi gör till grön energi bidrar positivt. Sen så ser vi å andra sidan att den minskade reduktionsplikten har haft en viss motverkande effekt. Men jag tycker att vi jobbar enligt en klar och tydlig plan. Vi styr det själv och vi ser också att vi utvecklas på rätt sätt här. Däremot så är det jobbigare med skog 3, det vill säga det som då är insatsvar och köpte tjänster. Here we have said that we are going to have a drop of 50% compared to the base year 2015. And we are at minus 7% when it comes to 2025. Here, however, we see much more swaying statistics. Here, we have a comparison with the state of Prosto. As an example here, we have changed the emission factor when it comes to bitumen, i.e. the bond in asphalt, which has received a much higher emission factor than before, which is striking. And then we also include more impetus in the target population Then, in many cases, we are in the hands of others. Our scope 3 is the scope 1 and 2 of others, so others must change, for example, the steel industry. As soon as they do that, we will see a step down here. It is a slightly different process in scope 3 and scope 1 and 2. If we look at the other goal in the leadership and social responsibility, i.e. equal recruitment, we have a goal that we will always recruit more women than what the education market provides within production management and production support and when it comes to production and distribution, i.e. occupational workers. In the first mentioned, service men, we have had a goal that we will recruit more than 30% women. and we had a decline of 43.8%. So here we are a good bit over what the education market is doing. And when it comes to the production of parents and health care workers, we had a goal that we would have an increase of 8% in women and we ended up at 13.7%. And here we see that each different program contributes to the building year and so on, so it is also a positive trend. If we sum up the year 2025, the fourth quarter, we see an improved result and a strong cash flow. We had a cash flow pre-financing for the whole year that was over SEK 4 billion. We see stable market views. We have a strong development in both industry and asphalt. A stable order stock. Kassaflödet har skapat en lägre nettskuld, vi har handlingsutrymme, vi har bredden i våra affärsmodell med våra fyra affärsområden, lokal förankring och sist men inte minst det här avspeglas också då i att styrelsen kommer att föreslå stämman att fastställa utdelningen till 33 kronor vilket är en ökning på 275. Det var 2025, Johan. Tack för det.

There will be a lot of questions. If you want to ask a question, press four times five on your phone unit and then press four times six if you want to go back to the question. And then it is also possible to ask questions in writing, so I read them out when they come in here. So then we put forward the first question asker.

The next question comes from Keevan Shirvanpour from SEB. Please go ahead.

Good morning. I have a few questions. The first one is related to construction. You have raised the margin a bit, but it is still a good part of the real value at 3.5%. Can you tell us a little bit about how you see the development of the margins in the future?

What will be required for the margins to come up a little bit and how long will it take? We have talked about this at previous occasions and it is really the same situation now as then. The construction market has been affected so far that we have had this whole big transition from a lot of housing production to a lot of other things. And that means that the competition has become hard. And many of these projects now, like the previous projects, there are very many investors and to pricing that we may not always think is reasonable. So we have a lower pricing in construction than we have had before. That is the only explanation, and it will probably only be so until the market stabilizes. We have a number of competitors who have had to leave and we may see a few more where it lies. The other trend is that we increase the larger projects. They are different in their construction. Often it is phase one, phase two projects, which means that you work through the project for a long time together with the customer. You risk eliminate, which also means that you simply get a lower supply on those projects, but then the service becomes a lower risk. So it's really the two trends that you can see.

Okay, and given this price pressure, can you say something about the quality of the order book? What is the expected margin against what you have achieved?

I think the quality of the order book is good. We do the analysis that we should do when we bring in a project. It is a mixture of projects in many ways. Views forward regarding the development of the margin, you analysts should understand.

The last question I have is related to industry. Särskilt inom asfalt har det varit väldigt bra marginal under 2025. Hur ser ni framöver? Är det här en ny normaliserad nivå som är uthållig eller ser ni det som en mer temporär ökning givet att det var ganska kraftigt förbättrat mot 2024?

Ja, det är en kombination av att dels har prisbilden på all Nordic markets have gone up. And that has to do with the fact that the costs have gone up in terms of energy and investment goods and so on. But then the demand is good, which has also driven up the margins. So that's a trend that has been. Then we have internally, for example, had some challenges with the electricity and construction industry in Norway, which has overloaded earlier this year. The next question comes from Albin Sandberg from SB1 Markets.

Please go ahead.

Ja, tre frågor från min sida. Jag tänkte, ni gick igenom kassaflödet lite och investeringsnivåerna generellt. Jag vill minnas att ni har tidigare pratat om att ni upplever att ni har varit ganska välinvesterade i maskinparker och annat, om man tittar över gruppen som helhet. Jag bara tänkte, är vi i samma läge nu eller börjar vi närma oss ett läge där ni måste börja öka investeringstakten för att hålla uppe den normala omsättningen. Ska du ta det Niklas?

Ja, det kan jag göra. Jag kan ju säga att vi är, precis som vi sa på ett antal år sedan, så är vi välinvesterade. Där har vi varit hela tiden vad gäller den verksamheten som vi nu kallar Svea och Asphalt. Vi har hela tiden gjort Upgrading and modernization of the park, both factories and rolling machines. What stands out in the building is the investment, the big investments, as Jesper mentioned earlier, with modernized prefabricated facilities, which was loaded a few years ago with investments of 500 million. Det innebär ju att där är vi ju välinvesterad nu som innebär att investeringsnivån kan gå ner något fastän att vi fortsatt vidmakthåller en uppdaterad maskinpack. Så vi är väl investerade.

Ja, bra, tack. Och sen tänker jag på bostadssidan och det här då, när ni bygger lite mer i egen bok, tolkar ju utsikterna som nått ett råkvartal mot kvartal för, om man tar husbyggande Sverige generellt. Giver det balans och så vidare, är ni beredda att ta lite mer, liksom, operationell risk i just bostadssidan eller i den Iraner ligger på nu eller den vinner och väntar framöver också.

Exactly. We see that the housing market has stabilized during the last 20-25 years. We see an increase. We also see that the strategy that we have had to sell a little later, the projects that have come to the country, This makes it easier to get a little better control of the property as well. So we plan to continue with that strategy. Then we have a financial situation that allows us now to activate our balance rate a little bit. And we will do that if Vi anser att det är rätt projekt. Då pratar vi om specifika delmarknader. Vi pratar om specifika mikroläger. Vi kommer inte gå brett och börja bygga bostäder överallt för att vi tycker att vi har det kapitalet. Känner vi att det är rätt läge och rätt projekt så kommer vi nyttja det.

Bra och sista frågan är egentligen på utdelningen och med respekt för att det är styrelsebeslut men inte med resonemang så är ju din spark ser lite påverkad naturligtvis av NOS-grejen här tidigare under året och så, ni rapporterade 04 You are approaching the lower range in the gearing goal that you have set up. And I interpret the returns that have been made so far as more to cover the share savings span than to address the balance sheet. But you have bought back shares historically as part of the capital allocation. Are we approaching en nivå där återköp skulle kunna vara intressant igen?

Först och främst så har vi ju ett utestående beslut i styrelsen på att återköpa upp till 500 miljoner. Jag tror vi har ungefär 80 miljoner kvar på det mandatet då. Så det finns ju på plats. Vi har I have said that the purpose of the resumption is, just as we are talking about, to cover up installment programs, i.e. share related programs that we have not had before in the past. We have started with that in recent years. But it is also so that it is to be able to have peace of mind if any business appears and so on. So the purposes are the same. And then I leave the upcoming resumption decision to Stihuset.

Very good. Thank you for your time.

Thank you very much, Albin. Let's take one more question.

The next question comes from Stefan Andersson from Danske Bank AS, Denmark's Varage filial. Please go ahead.

Thank you. A few questions from me. Let's start with the construction. Volumen stack i väg rätt bra i kvartalet tyckte jag då. Både year on year och kvartalet för kvartal. Det var liksom en större rörelse än jag hade väntat mig. Jag bara undrar, är det något speciellt som ligger i det? Eller är det bara liksom att det kom volym just?

It's not that there are any special project start or recovery effects in this, but it's more that we saw earlier when we saw the development of order stops, especially within business areas and buildings, that it indicated that we would get an increase. We thought it would come a quarter earlier. Så att den kom kanske i detta kvartalet men med något mera effekt så att säga. Men vi kan ju se att det är en mer normaliserad nivå på omsättningen. Den hänger ihop med den orderingång och den orderstock som vi har. Så det var nog mer en sinkad USA.

Ja, det var. Och sen tänker jag på Byggsystem där, jag var bara lite nyfiken, det är säkert något jag har glömt, men det var ju en väldigt stark marginal Q4 förra året och det var inte, den marknaden var inte så annorlunda så jag var bara lite nyfiken på varför, om det var något speciellt som gjorde att marginalen där var väldigt hög.

Vi kan väl säga att det är ju inte något speciellt som affects the margin there in 2024. But I can say that this business is more related to the housing market. It has had volume declines that hit hard against such a business with with a lot of fixed costs and deductions and so on. Then it is also the case that the investment that we made here a couple of years ago for 0.5 billion, a number of facilities that have been modernized, they have been in operation during these years. costs operationally as well. Everything is not as an investment, but there is an ineffectiveness in that maintenance and that has to a greater degree hit under 2025 than it did under 2024.

It is very little under 2024, while the amount produced in the other factories has gone up strongly under 2025. Det är alltid inkörningsutmaningar med det där, det ska projekteras rätt annars blir det ineffektivt i produktionen och så vidare. Det är väl den förklaringen som finns.

Nu kommer jag inte ihåg exakt vad ni hade på den där bilden, men det var en ganska hög marginal i Q4, men det var en ganska låg marginal hela året, så det ser ut som att det började svagt och sen så stack det iväg Q4, det var därför jag var lite nyfiken.

In the building system.

In the building system. If I read it wrong, 4.6 for the whole year and 10 for Q4. But you don't have to get caught up in it. I was just a little curious.

I don't have anything to say on that, so I don't have a reasonable answer.

Back to Albin. I have a question, but in a different way. I know it's early, but I'm just curious about what you think. The balance sheet is starting to look good, and I understand that it's nice to be at this level, but it will probably get better and better. My question is, what would you like to allocate, what are you most likely to allocate money to? Given what you see now in the market, There was a question about housing, but that was perhaps not quite clear. You could start commercial things if you think there is room for that. Is that something or is it too early? You could look at buying businesses. Is that something? Is there anything else? Or do you choose to repurchase instead if you want to take the pallet there?

No, but exactly. I'll try to give you a little more color on that. We want to start from the fact that we have a debt rate that is beginning to approach the floor level. We are at 0.4, strong class flow. Då ska vi se till att vi fortsätter att investera löpande i de verksamheter som vi har. Och det är ju framförallt inom industri. Alltså vad gäller att köpa byggrätter inom projektutvecklingen. Det kan vi kanske göra i undantagsfallet om det är något specifikt lägre. Annars så ser jag inte att det är där. Utan det är ju löpande investeringar inom industrin som vi kommer att göra. Det är ju nummer ett. Sen är det nummer två. Det är naturligtvis då att allokera pengar till där vi tror att vi kan göra bra affärer inom projektutveckling. And we have mentioned that we are prepared to act regarding housing projects if we consider that it is the right geography and the right micro level, then we will take position. Then there is the real estate development market as well, as you mentioned. It looks a little different today compared to earlier, because the office market, that is, to build new offices, is quite weak. which was the big thing in real estate development before. So I don't think I see it in front of me that it is the one that should drive. On the other hand, there is a lot of other things that are more towards the social real estate perspective, where you can imagine that we can go in and make real estate development transactions. Then when we talk about rental rights, you can discuss whether it is a real estate development business or a real estate development business. Men den kalkylen har ju också varit väldigt svår under flera år nu och där ser vi också att det finns ju bland förutsättningar att kanske köra igång. Så det finns lite grann annat inom projektutveckling också än rena klassiska bostadsprojekt. Sedan har vi ju alltid örat mot rälsen om det dyker upp något intressant att förvärva inom våra affärsområden. Och det hänger ju lite grann ihop med We have repurchased stocks as well, because it is a little bigger thing if you think about using your stocks, so it is reasonable to find some kind of clarity between how we are valued and how the potential exchange objects are valued. So you have to look at it from case to case, but we have always listened to each other.

If I ask about the rail, historically you have been very good at buying things when there have been tough times. Do you think there is a pipeline? Is there anything to look at?

There is always a lot to look at, especially since we are so wide, there is actually a lot to look at. It's about looking at the right things that complement our business model and to the right values. And then it gets a little more complicated. And as we mentioned before, it's a pretty big change that has happened on the construction market. And there are a number of big players who have had to throw their gloves off completely or who have had big problems. I'm not interested in that. problem, but then it is in other segments that in that case it can be relevant, but then it should be to the right value.

If I interpret you a little there, is it more vertical than horizontal then? So rather specialist competence that strengthens than to get more volume actually? We'll see what it can be. I think a little bit about marginal housing there. And we understand the situation and so on. But when I think about it, it's a matter of how your project is calculated. You have your own book, of course, which you don't know if it will be housing rights or not. But if you look at what housing rights are in production, have you started things? Because you know the end price there. Have you started things to keep volume or do you think you have got målmarginal på det ni har startat?

Om vi tittar på de projekt som vi har dragit igång som är konventionella BRF-projekt så ser man också att det har präglats av en försiktighet utifrån de kravställningar vi har så de har dragits igång på de måltag som gäller för oss. What is self-balance accounting, we can say that it is almost exclusive to real estate rights. So there it is more of a choice that it should be a real estate rights project. But we see that it optimizes the calculation to run the self-balance accounting first and thus get maximum price development on it.

Then it is so that our goal is that we should be able to earn 10% in the development of real estate. Men i en sådan marknad som har varit så är det väl kanske inte det att man i alla lägen alltid har tipset. Utan det är ju marknadspris som finns och det finns många olika faktorer vilket gör att det kanske är lite lägre prissättning i vissa fall.

Så blir det ju. Om jag bara får se om ni kan svara på det. Men jag tänker mig när ni gör en bostadsrätts... När ni bildar föreningen och sätter igång en sådan affär med byggkultur. Då har ni satt priset i... then you know the margin, you can build wrong. But you still have a good budget. Then you make a profit calculation based on that, of course. When you build your own book, if it's a BRF, then you haven't set the final price yet. I'm curious, do you have a careful calculation method? We calculate a lot.

If we build our own book, it's a zero-counting project. The method we use to build our own book, we get a lot of result effects. The result does not come from the fact that it goes into a bus service agreement. If you have come quite far in the building, then you get an effect and you get the result that has been worked out as well. So it becomes a strong teaching.

That's good, thank you.

Yes, thank you so much, Stefan. That was all the questions, right? Great. Then we'll take one more question.

The next question comes from Erik Granström from DNB Carnegie. Please go ahead.

Thank you so much, and good morning. I only had one question left, and that was about the finished property projects. We have 1.2 billion in total value there. Could you tell us something about the plans for them during 2026?

No, not specifically for 2026. What I can say is that PRB is not a long-term real estate agency. It should not be an administrative company. So all in all, the finished properties should be sold at the right time. Then it can be, in some cases, a solitary property, and then you do it in one way. In some cases, it is more of a kind of portfolio thinking, like Varvstaden, where it can be a slightly different thinking. I don't want to talk about a separate year, 2026, but I can more say that in the long term, we are not a managing company.

Okay, I'm happy with that.

Thank you very much. Great. Thank you, Erik. I think that was the last question. Is there a chance that someone still wants to say something? No? I think we're done. Thank you very much for today's discussion. av Bostadskommuniken. Nästa tillfälle är den 29 april och då publicerar vi Q1-rapporten. Så välkommen att lyssna in nästa gång.