* The reshaping continues...
* ...with a potential IPO of the land bank...
* ...and large cost-cutting measures
ANNONS
Q4 highlights
Qben Infra reported Q4 sales of SEK 301m and EBITA of SEK -88m. The sale of Rail was completed in January 2026 and the sale of Kvalitetsbygg was completed in December 2025, but with a vendor note due in 2027. Qben is also looking into a spin-off of the land bank portfolio, which according to the company is valued at NOK 655m. This is a strategic decision that follows Qben's increased focus on the Power segment and market. Adj. EBITA was SEK -74m, corresponding to a -7% adj. EBITA margin. The decrease is mainly due to an adjustment to the PPA analysis (Purchase Price Allocation) made in connection with the acquisition of Team Bygg.
Outlook and estimate changes
The remaining parts of Qben – Power, Inspect and Construction (Team Bygg) – have good demand. Qben guides for SEK 1.5bn in sales and SEK 111m EBITA (local GAAP) in '26, for an EBITA margin of 7.2% driven by Power, Inspect and cost reductions. Qben also carried out a bond redemption, resulting in higher financial expenses in 2025 but providing greater balance sheet flexibility going forward.
Looking ahead
Qben Infra should be viewed as an investment company. Management states that the transactions will free up resources for redeployment into the faster-growing infrastructure segments (Inspect and Power), which benefit from solid market conditions and a strong order backlog. Following completion of the divestment, the Construction business area will consist solely of residential property development operations in Norway.
