"The last quarter of the year saw greater movement in the market, with increased demand and willingness to invest. We received more inquiries late in 2024 and look forward to a market on the rise." Mick Salonen, President and CEO
Fourth quarter
•Net turnover amounted to MSEK 645.7 (781.3)
•EBITDA totalled MSEK 46.2 (33.9), corresponding to an EBITDA margin of 7.2% (4.3)
•Earnings before tax amounted to MSEK 32.2 (16.9)
•Operating cash flow was MSEK 57.9 (15.2)
•Orders received totalled MSEK 275.6 (722.6)
•The order book amounted to MSEK 3,098.9 (2,791.7)
January - December
•Net turnover amounted to MSEK 2,584.5 (2,771.2)
•EBITDA totalled MSEK 157.3 (122.8), corresponding to an EBITDA margin of 6.1% (4.4)
•Earnings before tax amounted to MSEK 90.0 (58.2)
•Operating cash flow amounted to an inflow of MSEK 31.6 (inflow: 142.4)
•Orders received totalled MSEK 2,891.7 (1,929.9)
Statement by the CEO
The last quarter of the year saw greater movement in the market, with increased demand and willingness to invest. We received more inquiries late in 2024 and look forward to a market on the rise.
Zengun closed the year with a stable order book, a strong cash position and good profitability. Net turnover for the quarter totalled MSEK 646 with an EBITDA of MSEK 46.
New projects
The ongoing transformation of the old harbour district into a new city district with residential units and offices means that Värtahamnen is Stockholm's largest development area. Zengun continues to inspire confidence, having signed a phase-2 agreement with Bonnier Fastigheter for the Portalen project. This 13-storey office building, with high ambitions for sustainability, will be the entryway into Stockholm's harbour district.
Fastighets AB Förvaltaren is engaged further in urban development in Sundbyberg and Zengun has been tasked with project planning a new mobility house at the Skvadronen 9 property in Rissne. The project encompasses planning for demolition of the existing garage and new construction of a mobility facility with parking, bicycle and car sharing, and a bicycle repair shop.
These two projects were added after the end of the period.
Projects with outstanding quality
During the year, we celebrated the fact that our projects won the 2024 Facade of the Year award (Sw: Årets Fasad), for Fabege's Haga Norra kv. 1, and Sweden's Nicest Office 2024 (Sw: Sveriges snyggaste kontor) for the AMF head office in Moodgallerian.
Vectura Fastigheter's unique Forskaren building in the Hagastaden district, which Zengun completed during 2024, is now one of three finalists for Building of the Year 2025 (Sw: Årets Bygge). Årets Bygge is chosen by Byggindustrin magazine based on the criteria of work environment, sustainability, time/quality/budget, technology/innovation and partnering.
Fabege's Haga Norra Kv. 4 & 5 garage project won a "PQi - Excellent project quality" award for 2024. Zengun managed the project as a turnkey partnering contract with Fabege. As an annual prize for quality, the award is given to projects that have maintained an extraordinary level of project quality over time. The award is presented by Byggherrarna (the Swedish Construction Clients Association), the Swedish Construction Federation and Binosight, the project quality authority.
We see awards and prizes as proof that working and growing together pays. Our skilled employees, in partnership with our skilled clients, make all the difference. With improved market conditions in 2025, we are looking forward to another productive year with many successful 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 20 February 2025 at 8:00 a.m. (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 2024, Zengun had sales of approximately SEK 2.6 billion and approximately 150 employees. zengunbyggerstaden
