Nasdaq StockholmIFRS · SEK

HLL BondCo

HLL BondCo AB is the parent company of the HLL Hyreslandslaget Group, which rents out equipment and machinery for construction, civil engineering, real estate and related industrial uses. The business is organized around a network of rental operations in Sweden, serving customers that need short- and medium-term access to worksite equipment rather than owning it outright.

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Revenue0.1m SEK

Fiscal year 2025 · change from previous year

Development 2025–2025

0.000.020.040.06m SEK2025: 0.05 m SEK20250.05
RevenueOperating profit (EBIT)
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Business

Share of revenue
Construction equipment rental55 %

Rental of tools, machines and site equipment used on building and infrastructure projects.

Civil engineering and infrastructure rental20 %

Equipment and machinery supplied to road, utility and infrastructure contractors.

Seasonal heating and winter products15 %

Rental of heating equipment and other seasonal products used in cold weather.

Leasing and contract-based equipment arrangements10 %

Longer-duration equipment arrangements and leasing-related revenue streams.

Customers

HLL serves a broad base of mostly smaller customers, with demand concentrated in construction, real estate and civil engineering. The company also targets prioritized customer categories tied to infrastructure projects, where equipment needs are recurring and project-driven.

Construction contractors

Buy rented machines and site equipment for building projects and short-term worksite needs.

Civil engineering and infrastructure

Rent equipment for road, utility and infrastructure projects where utilization is project-based.

Real estate and property services

Use rental equipment for maintenance, renovation and property-related work.

Seasonal and winter demand customers

Rent heating equipment and other winter products when weather conditions require temporary capacity.

Strategy

HLL’s strategy centers on strengthening core rental operations, improving internal processes and maintaining tight cost control while serving core construction-related customers. The company is also expanding customer acquisition in civil engineering and infrastructure, where demand is described as stable and activity remains strong.

Grow in civil engineering and infrastructureShort term

These end markets are described as active and stable, supporting utilization and repeat demand.

Strengthen operating efficiencyShort term

Rental businesses depend on depot productivity, fleet utilization and disciplined cost control.

Manage fleet and location footprintMedium term

Depot placement and equipment availability affect service levels and asset utilization.

Geography

The group is domiciled in Kista and operates through Swedish subsidiaries, with the business described in the reports as a Swedish rental platform. The available reports do not disclose a country revenue split, but they do show depot and operational changes within Sweden, including Kalmar and Piteå.

Risks

The business is exposed to construction-cycle demand, interest rates, inflation and general macroeconomic conditions because its customers operate in cyclical end markets. It also faces weather-related volatility, competitive pressure in equipment rental, and execution risk around fleet utilization, depot network changes and lease commitments.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Construction market cyclicality1Interest rate and inflation sensitivity3Weather-driven demand volatility4
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. Construction market cyclicalityImpact: HighLikelihood: Medium

    Customers are concentrated in construction and civil engineering, which are sensitive to investment appetite and project starts.

    Exposure: Rental volumes and fleet utilization

  2. Competitive pricing pressureImpact: High

    The rental market can be fragmented, and intense competition can affect rates and utilization.

    Exposure: Customer acquisition and margin mix

  3. Interest rate and inflation sensitivityImpact: MediumLikelihood: Medium

    Macro conditions influence customer investment decisions and the cost of financing equipment and bonds.

    Exposure: Demand and financing costs

  4. Weather-driven demand volatilityImpact: MediumLikelihood: Low

    Winter products and heating equipment depend on cold conditions, creating quarter-to-quarter swings.

    Exposure: Seasonal equipment demand

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Accounting

Judgemental items
Revenue recognition timing

Revenue is recognized when equipment is delivered, so cut-off around period-end affects reported sales.

Impact: Quarterly revenue and margin comparability

Seasonality

Winter equipment demand and construction activity vary by season and weather.

Impact: Quarter-to-quarter volatility in revenue and utilization

Finance leases

Leased equipment is recognized as both an asset and a liability, affecting leverage and depreciation.

Impact: Balance sheet size, interest expense and EBITDA bridge

Goodwill amortization

The group states goodwill is amortized over 10 years, which reduces reported profit over time.

Impact: Non-cash amortization expense

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Last updated: 24/09/2026