"During 2026, operations have continued to develop steadily through new partnerships and projects. As the market shows signs of recovery, we are seeing strong activity across our projects, a stable order position, and continued healthy profitability." Mick Salonen, President and CEO
First quarter
•Net turnover amounted to MSEK 695.2 (523.9)
•EBITDA totalled MSEK 34.9 (31.9) corresponding to an EBITDA margin of 5.0% (6.1)
•Operating profit (EBITA) totalled MSEK 33.2 (30.3), corresponding to an EBITA margin of 4.8% (5.8)
•Earnings for the period amounted to MSEK -5.7 (14.2)
•Operating cash flow amounted to an outflow of MSEK 104.7 (outflow: 29.0)
•Orders received totalled MSEK 930.5 (430.2)
•The order book amounted to MSEK 3,182.5 (3,005.2)
Statement by the CEO
Despite continued uncertainty in the market, 2025 developed positively for Zengun. During 2026, operations have continued to develop steadily through new partnerships and projects. As the market shows signs of recovery, we are seeing strong activity across our projects, a stable order position, and continued healthy profitability. Turnover for the quarter amounted to MSEK 695, while operating profit (EBITA) totalled MSEK 33.
Strong demand for new bonds
Zengun Group AB (publ) issued senior secured bonds of MSEK 750 during the first quarter under a total framework of MSEK 1,500. The issuance attracted strong demand from Nordic and international institutional investors and was significantly oversubscribed. The new bonds have been admitted for trading on the Nasdaq Stockholm's bond list.
New projects for the order book
Skandia Fastigheter and Zengun have entered into a partnership regarding a turnkey contract for Spelbomskan 9, formerly known as Läkarhuset, located at Odenplan. Having reached the end of its technical lifespan, the existing property will be replaced by a new, modern landmark designed to strengthen the area's role as a hub for retail and services. The project places a strong emphasis on circularity and minimizing climate impact, including through the inventory and reuse of materials from the existing building. Initially, the project comprises a phase-1 agreement covering advanced system-level project planning, carried out in parallel with interior demolition works.
AMF Fastigheter and Zengun have entered into a partnering agreement for the remodelling of parts of Gallerian in central Stockholm. The project includes premises for Spotify, among others, with high requirements regarding quality and design. We are very familiar with the environment through our involvement in the development of the Urban Escape city block and are pleased to have earned continued trust from AMF Fastigheter.
Zengun has won the tender for the remodelling of Bonnierhuset and looks forward to continuing its long-term partnership with Bonnier Fastigheter. The remodelling will create modern and attractive office environments with flexible solutions. The project will begin with construction design planning during the spring, with production scheduled to start after the summer.
Zengun is continuing its partnership with Locum on a technically advanced new-build and extension project for radiation therapy facilities at Karolinska University Hospital in Solna. This is a complex and important assignment that will help support the future of cancer care.
Several of our ongoing projects are currently in intensive production phases, including Centralbadet and Wenner-Gren Center for Fabege, Söderhallarna for Atrium Ljungberg, and Sergelskrapan for Wallenstam. During the first quarter, the dismantling of the spire of Riddarholmen Church was also initiated on behalf of Sweden's National Property Board.
Our long-term focus on commercial properties in the Stockholm region has created favourable conditions for Zengun's development. During the period, operations were characterized by a high level of occupation and solid growth. We look forward with confidence to an intensive 2026 and to contributing to upcoming urban development projects.
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 21 May 2026 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 2025, Zengun had sales of approximately SEK 2.4 billion and approximately 150 employees. zengunbyggerstaden
