"We look forward to more complex projects that will shape the future of Stockholm, carried out in close collaboration with our customers." Mick Salonen, President and CEO
Fourth quarter
•Net turnover amounted to MSEK 744.7 (645.7).
•EBITDA totalled MSEK 47.8 (46.2), corresponding to an EBITDA margin of 6.4% (7.2)
•Operating profit (EBITA) totalled MSEK 46.1 (44.7), corresponding to an EBITA margin of 6.2% (6.9)
•Earnings for the period amounted to MSEK 29.5 (26.2)
•Operating cash flow was MSEK 31.8 (57.9)
•Orders received totalled MSEK 739.2 (275.6)
•The order book amounted to MSEK 2,947.9 (3,098.9)
January - December
•Net turnover amounted to MSEK 2,407.3 (2,584.5)
•EBITDA totalled MSEK 157.5 (157.3), corresponding to an EBITDA margin of 6.5% (6.1)
•Operating profit (EBITA) totalled MSEK 151.2 (150.4), corresponding to an EBITA margin of 6.3% (5.8)
•Earnings for the period amounted to MSEK 84.0 (70.3)
•Operating cash flow was MSEK 67.7 (31.6)
•Orders received totalled MSEK 2,256.3 (2,891.7)
Statement by the CEO
Despite continued market uncertainty, demand increased and the fourth quarter was one of Zengun's best ever. Our clear strategy of focusing on commercial construction projects in the Stockholm area, working closely with customers and building strong teams resulted in increased turnover. Turnover in the fourth quarter totalled MSEK 745 with an operating profit (EBITA) of MSEK 46.
Launch of several exciting projects
Zengun and Wallenstam signed a partnering agreement in December for the renovation of Sergelskrapan, the fifth Hötorget building at Sergels torg. Sergelskrapan has 21 storeys with a total GFA of approximately 16,000 square metres.
In the same month, the production phase of the L9 project began. This is a technically advanced new build and extension for Karolinska University Hospital's radiotherapy operations in Solna, on behalf of Locum. The facility has a total GFA of approximately 3,800 square metres and will be ready to treat its first patient in 2029. It is being built on a former car park between two existing buildings, with an adjacent ambulance lane that cannot be blocked. Such a restricted workspace creates logistical challenges in the project that require very good planning.
Before Christmas, Sweden's National Property Board and the Office of the Governor of the Royal Palaces at the Royal Courts celebrated the restoration of the spire, walls and four turret spires of the Riddarholmen Church with speeches, ribbon-cutting and other festivities. A prestigious and complex assignment for Zengun, and part of the Swedish National Property Board's targeted initiative for culturally and historically significant properties.
During the quarter, Zengun re:do entered into a phase-1 agreement with Fabege regarding the renovation of parts of the Centralbadet bathhouse in Stockholm. The building from the early 1900s is currently "blue listed," meaning it is of high cultural significance. At one point in time, it was the most modern bathhouse in Sweden and has since undergone several renovations. Now it is time to renovate the original structure in the rafters above the Salongsbad swimming pool, without disturbing the remaining tenants.
We look forward to these complex projects that are shaping the future of Stockholm, carried out in close collaboration with our customers.
Securing future expertise in the industry
To continue building strong teams capable of taking on complex property and urban development projects, we need to secure not only today's but also tomorrow's access to the right competencies. Zengun continues its efforts to attract young talent to the construction industry. Ahead of 2026 we accepted interns from vocational schools and colleges, in addition to recruiting students from KTH Royal Institute of Technology for our trainee programme. We also participated in industry days at Nackademin vocational college, held a lunch lecture at the KTH, attended the Swedish Construction Federation's Career Fair and Byggbranschens yrkesnämnd's networking event for girls studying construction and engineering in upper secondary school.
In conclusion, we were able to end the year on a positive note by meeting growing demand and recruiting many new employees and returnees to Zengun. We are now ready to further increase the production rate in 2026 and take on more complex urban development projects in the Stockholm area.
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
The information was submitted for publication, through the agency of the contact persons set out above, on 9 February 2026 at 08:00 CET
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 2025, Zengun had sales of approximately SEK 2.4 billion and approximately 150 employees. zengunbyggerstaden
