PEAB PEAB B

Stockholm | Industrials | Construction and infrastructure

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Full analysis: 6 Apr 2026 Latest news check: 15 Jul 2026

General analysis — not personal advice.

BUY 8/10

Confidence

Add/increase gradually on weakness or once upcoming quarters confirm cash-flow normalization, while closely monitoring margins in larger projects and the housing segment. More risk-averse investors may wait for additional Q3 evidence on cash flow/working capital.

Following the Q2 beat and record order intake, revenue visibility has improved and the margin trend looks more constructive than previously, increasing the odds of positive estimate revisions. However, execution/fixed-price contract risk remains and H1 cash flow was negative, so sizing should still reflect delivery risk.

Market sentiment 8/10 ↑

Trend: Improving

Sentiment has improved materially after the Q2 beat and record order intake; attention is now on sustaining margins and improving cash flow through H2.

Risk assessment 6/10

Dilution: Low Strong cash flow and declining net debt

Jurisdiction: Low Operations in stable Nordic countries

Execution: Medium Project overruns and fixed-price contract risk

Recent changes

The Q2/H1 report (14 July) showed revenue +12% YoY, higher EBIT and improved operating margin plus record order intake/backlog, but negative H1 cash flow.

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About the company

Peab is a Nordic construction and civil engineering group operating across Construction, Civil Engineering, Industry, and Project Development. It is a profitable, mature, cyclical business with a strong order backlog but ongoing headwinds in residential development. Cash flow has improved and net debt has fallen, while the board proposes a higher dividend.

Sector: Construction and infrastructure

Type: Industrial

Next report

28 Oct 2026

Catalysts

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28 Oct 2026

Q3 2026 report High

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Q3 2026

Public infrastructure/defence awards Medium

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Q3 2026

Rate decisions and housing signal High

Horizon:

Bull case

Q1/AGM may confirm strong backlog and resilient cash flow - Higher dividend (SEK 3.30) can support the share into the AGM - New infrastructure/civil engineering contracts may add momentum

Bear case

Seasonally weak Q1 (winter) can pressure margins - Continued weak housing market weighs on Project Development - Risk of multiple compression if rates rise or uncertainty increases

Signal rationale (informational)

Recent news

Since 2026-06-19, Peab reported a strong Q2/half-year result (14 July) with +12% YoY revenue, higher EBIT and improved operating margin, alongside record order intake/order backlog. The news flow also included multiple contract wins (e.g., Timrå waterworks, Umeå lab facilities, Kouvola data center, Gislaved swimming facility, housing in Tromsø) and an extended Swedish Transport Administration operations contract. In addition, NIB granted a EUR 125m loan tied to total defence-related projects, supporting funding visibility for those commitments.

Price & valuation

Last close

SEK 93.80

2026-08-11

1 week

-1.3 %

3 months

+4.4 %

12 months

+28.2 %

From 52w high

-9.8 %

From 52w low

+35.5 %

Exchange

Stockholm

Type

Industrials

Sector

Construction and infrastructure