BESQABNasdaq StockholmReal EstateIFRS · SEK

Besqab

Besqab is a Swedish residential property developer focused on sustainable housing projects in Greater Stockholm and Uppsala. The company develops condominiums, rental apartments, and selected community-service properties, and it also participates in joint ventures for residential development.

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Revenue2,167m SEK
+0.0 %y/y
Operating profit (EBIT)-239m SEK
+0.0 %y/y
EBIT margin-11.0%
+0.0 ppy/y
Net income-635m SEK
−100.2 %y/y

Fiscal year 2023 · change from previous year

Development 2020–2023

-50005001,0001,5002,0002,500m SEK2020: 1,353 m SEK2020: EBIT 94 m SEK20202021: 540 m SEK2021: EBIT -15 m SEK20212022: 2,167 m SEK2022: EBIT -239 m SEK20222023: 2,167 m SEK2023: EBIT -239 m SEK20232,167-239
RevenueOperating profit (EBIT)
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Business

Share of revenue
Residential housing development80 %

Development of new-build apartments and homes for sale or rental.

Community-service properties10 %

Development of housing and facilities for elderly care and related uses.

Project planning and land development10 %

Zoning, land control, and early-stage project preparation for future builds.

Customers

Besqab sells primarily to private homebuyers purchasing condominiums and to investors or housing companies buying completed rental projects. It also develops properties for community-service use, including elderly housing, where municipalities, operators, or long-term owners can be the end users. The business depends on buyers who value attractive locations, project quality, and access to well-planned residential neighborhoods.

Private homebuyers

Buy newly built condominiums and owner-occupied homes in sought-after urban locations.

Rental housing investors

Buy completed rental apartment projects for long-term ownership and operation.

Community-service property users

Buy or occupy elderly housing and other community-service facilities developed by Besqab.

Joint-venture partners

Co-develop residential projects to share capital, land, and execution risk.

Strategy

Besqab’s strategy centers on developing attractive residential projects in strong urban locations while shortening project lead times and improving capital efficiency. The company also uses joint ventures and selective divestments to manage risk, recycle capital, and expand its project pipeline. Maintaining a strong sales and reservation base before project starts is important to support future construction launches.

Increase project starts backed by reservationsShort term

Pre-sales reduce execution risk and support smoother construction launches.

Improve capital efficiencyMedium term

Residential development is capital intensive, so faster turnover improves returns.

Expand through partnershipsMedium term

Joint ventures can broaden the pipeline while sharing land and funding needs.

Geography

Besqab’s core market is Greater Stockholm, with additional activity in Uppsala. Its projects are concentrated in selected municipalities and neighborhoods where demand for new housing is supported by urban population growth and limited land supply. The company’s geographic focus makes planning, zoning, and local market execution especially important to its business model.

Risks

Besqab is exposed to Swedish housing-cycle risk, since demand for new homes depends on buyer confidence, financing conditions, and local market liquidity. The business also depends on planning approvals, zoning, construction execution, and the timing of project starts and handovers, which can shift revenue recognition and cash flow between periods.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Planning and zoning delays1Construction and delivery execution2Joint-venture dependence4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Planning and zoning delaysImpact: HighLikelihood: Low

    Projects cannot proceed until local plans and permits are approved and legally effective.

    Exposure: Land bank conversion and project start timing

  2. Construction and delivery executionImpact: HighLikelihood: Low

    Cost overruns or schedule slippage can affect margins and handover timing.

    Exposure: Homes under construction and completed-project deliveries

  3. Residential market cyclicalityImpact: High

    Homebuyer demand and pricing are sensitive to interest rates and consumer confidence.

    Exposure: New condominium sales and project launches

  4. Joint-venture dependenceImpact: MediumLikelihood: Low

    Shared projects require alignment on capital, timing, and development decisions.

    Exposure: Co-developed residential projects

  5. Geographic concentrationImpact: Medium

    A large share of activity is tied to a limited number of Swedish urban markets.

    Exposure: Greater Stockholm and Uppsala

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Accounting

Judgemental items
Revenue recognition by project phase

Residential development revenue can depend on when homes are sold, completed, and handed over.

Impact: Quarterly revenue and profit volatility

Inventory and project cost capitalization

Land, development, and construction costs must be allocated to projects and tested for recoverability.

Impact: Gross margin and carrying values

Provisions for unsold or completed units

Completed homes and project obligations may require write-downs or provisions if demand weakens.

Impact: Earnings and balance-sheet valuation

Joint-venture accounting

Co-developed projects require judgment on consolidation, equity accounting, and profit sharing.

Impact: Reported revenue, assets, and operating profit

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Last updated: 24/09/2026