"We are experiencing a positive market trend, with a rapid pace in 2025, together with continued strong profitability and a stable cash position. For several of our major projects, the production rate has picked up and we have more exciting projects in the pipeline." Mick Salonen, President and CEO
Second quarter
•Net turnover amounted to MSEK 574.5 (735.9)
•EBITDA totalled MSEK 38.4 (44.4), corresponding to an EBITDA margin of 6.7% (6.0)
•Operating profit (EBITA) totalled MSEK 36.8 (42.7), corresponding to an operating margin of 6.4% (5.8)
•Earnings for the period amounted to MSEK 20.4 (23.9)
•Operating cash flow was MSEK 25.0 (outflow: 76.9)
•Orders received totalled MSEK 605.6 (617.7)
•The order book amounted to MSEK 3,036.3 (3,029.5)
First six months
•Net turnover amounted to MSEK 1,098.4 (1,439.6)
•EBITDA totalled MSEK 70.3 (81.9), corresponding to an EBITDA margin of 6.4% (5.7)
•Operating profit (EBITA) totalled MSEK 67.2 (78.5), corresponding to an operating margin of 6.1% (5.5)
•Earnings for the period amounted to MSEK 34.5 (32.9)
•Operating cash flow amounted to an outflow MSEK 3.9 (inflow: 3.2)
•Orders received totalled MSEK 1,035.8 (1,677.4)
Statement by the CEO
We are experiencing a positive market trend, with a rapid pace in 2025, together with continued strong profitability and a stable cash position. Compared with the first quarter of the year, for several of our major projects, the production rate picked up in the second quarter and we have exciting projects in the pipeline. Turnover in the quarter totalled MSEK 575 with an operating profit (EBITA) of MSEK 37.
In May, Zengun Group AB (publ) bought back more of its own bonds at a total nominal amount corresponding to MSEK 10. The objective of the buy-back was to reduce the company's gross debt and interest expenses, and was made possible by our strong financial position.
Historic buildings and challenging projects
We were able to highlight our expertise in several complex and challenging projects during the quarter. In the procurement by Statens Fastighetsverk, Zengun was awarded the assignment of completing the extensive renovation of the spire of Riddarholmen Church, one of Stockholm's most well-known landmarks and a culturally significant building. The renovation will commence in autumn 2025.
Locum has contracted Zengun for the L9 project partnership, a new building with a GFA of approximately 4,000 square metres across four storeys. The building will house an extension of Karolinska University Hospital's existing operations in radiotherapy in Solna, and will include three radiotherapy bunkers. The project presents technical and logistical challenges since the construction will take place in a restricted space in a fully active hospital.
Zengun has signed a phase-1 agreement with Wallenstam concerning Sergelskrapan, the fifth Hötorget building. The project is being conducted in two phases and includes a change of facade in the heart of Stockholm city.
During the quarter, we also started the comprehensive renovation of the iconic Wenner-Gren Center on behalf of Fabege, which is a fun project in which colourful advertising from Kungsörnen and Kellogg's was uncovered behind the facade, an exciting historical flashback to 1960s Stockholm.
Prizes and awards
Our consistent focus on project quality and high expertise in the project teams is yielding results, with several of the projects in which Zengun has acted as contractor in 2024 and 2025 winning prestigious awards:
• Sweden's Most Stylish Office, 2024, AMF Fastigheter's office in Mood
• Facade of the Year, 2024, Fabege's Haga Norra Kv. 1
• Stockholm Building of the Year, 2025, Vectura Fastigheter's Forskaren building
• Solna Urban Environment Prize, 2025, Fabege's Haga Norra Kv. 1
The red Sergel pavilion building, for which Zengun acted as contractor on behalf of Vasakronan, has been nominated for the Bengt Lindroos Prize 2025 for its architecture, where an artistic and technically convincing approach to using concrete has been applied. The Sergel pavilion connects the underground level of Sergels Torg with Hamngatan and continues up to the viaduct on Malmskillnadsgatan.
We are proud to have participated in constructing all of these new landmarks and would like to thank our innovative clients and partners for an excellent partnership.
Mick Salonen
President and CEO
For further information, please contact:
Mick Salonen, President & CEO, +46 (0) 70 569 66 73
Oskar Björklund, CFO, +46 (0) 79 072 84 57
This information is information that Zengun Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted through the agency of the above contacts for publication on 27 August 2025 at 8:00 a.m. (CEST).
Driving projects drives Zengun. We operate in the Stockholm region, in close collaboration with customers and always with the project and people in focus. We help property owners improve their property portfolios in each project by offering know-how and skills as a collaboration and sustainability partner throughout the entire lifespan of the project. We build commercial properties, with a mix of select public-sector properties and residential projects. We take the long term into consideration for our employees, customers and surroundings, and are constantly developing to make each project a reference project. In 2024, Zengun had sales of approximately SEK 2.6 billion and approximately 150 employees. zengunbyggerstaden
