Zengun Group AB started its operations on 24 May 2019 when the company acquired all of the shares in Zengun Group Holding AB (Corp. Reg. No. 559050–0699) and its wholly owned subsidiaries from Segulah Fund V. Financial information for the former group (Zengun Group Holding AB) has been included as a basis for comparison.


  • Net turnover amounted to MSEK 605,9 (561.0).
  • EBITDA totalled MSEK 27.9 (25.4), corresponding to an EBITDA margin of 4.6%.
  • Earnings before tax amounted to MSEK 12.9.
  • Operating cash flow amounted to an outflow of MSEK 45.4 (outflow: 99.9)


  • Net turnover amounted to MSEK 2,013.3 (764.4).
  • EBITDA totalled MSEK 92.3 (32.9), corresponding to an EBITDA margin of 4.6% (4.3).
  • Earnings before tax amounted to MSEK 47.6 (10.9).
  • Operating cash flow was MSEK 114.8 (outflow: 21.8)


The new phase-1 partnership with Vectura was started. The first step of this is designing and planning the construction of the new Forskaren building in Hagastaden, Stockholm.


A new, four-year MSEK 600 bond was issued in October in conjunction with the redemption of previously issued bonds. The new bond will be listed on Nasdaq Stockholm.


Year-end report January–December 2020 24 February


Sture Nilsson, Managing Director and CEO, +46 70 580 04 15
Stefan Lindh, CFO, +46 70 383 16 07
Prior to publication, this information constituted insider information. This information is of such a kind that Zengun Group AB (publ) is legally required to disclose pursuant to the EU’s Market Abuse Regulation. This information was submitted through the agency of the above contacts for publication on 11 November 2020 at 7:30 a.m. (CET).

Statement by the CEO

Continued growth in the third quarter

Once again, we were in the midst of intensive production phases for several major projects in the third quarter and the Zengun Group posted a continued strong trend. Turnover for operating activities amounted to MSEK 606, corresponding to year-on-year growth of 8% over last year’s turnover of MSEK 569. EBITDA for the quarter totalled MSEK 27.9 (25.4), entailing an EBITDA margin of 4.6% (4.5).

Accordingly, for the first nine months of the year we posted turnover of MSEK 2,013, corresponding to year-on-year growth of 15%, with an EBITDA of MSEK 92.3 and an EBITDA margin of 4.6%.

Third quarter operating cash flow amounted to an outflow of MSEK 45.4, which resulted in accumulated operating cash flow for the first nine months totalling MSEK 114.8.

I am extremely pleased with how we have succeeded, greatly due to our employees’ dedication, in carrying out our projects during the ongoing pandemic without any major disruption to production.

Cautious market recovery

An upswing was noted in September and October from the cautious market of the spring and summer with increased activity ahead of the start of new projects linked to the belief in a return to more normal market conditions. However, the accelerated spread of Covid-19 over the last few weeks entails heightened short-term uncertainty ahead of 2021 and for planned project starts in the Stockholm area. We are monitoring this development closely and have the flexibility to adapt operations with a project-centric focus.

New orders in the quarter amounted to slightly more than MSEK 150 and mainly comprised additional orders for ongoing projects. Our order book declined to MSEK 1,302 during the quarter from MSEK 1,750 in the previous quarter.

I would also like to highlight that our ongoing phase-1 project, that is the initiated partnership, has not been reported in the order book. Following this first phase of design and planning, our customer’s and our intention is to sign agreements and to start the construction contracts. Our assessment of the current status of our phase-1 portfolio is that it amounts to a total value of about MSEK 4,000 over the next four years. Our current pipeline of further projects also includes other potential major business opportunities over the next four years.  Zengun’s 100% project focus forms the foundation for all the exciting project dialogues we are currently conducting with our customers, despite the market uncertainty.

Start-up and completion phases

The new partnership started with Vectura on the Forskaren building during the quarter. This is a tremendously exciting project with high ambitions! Project completions were approved for the E04 building in the Sergel project and for Kv Nöten in Solna Strand. Moreover, in October the E01 building in the Sergel project and “Stockholm Vatten” on Torsgatan were handed over to Vasakronan and Castellum, respectively.

Financial platform for long-term stability

In October, a new four-year bond was issued in conjunction with the redemption of previously issued bonds, thereby securing a long-term stable financial base for Zengun’s goal of continuing to help building Stockholm.

Sture Nilsson, Managing Director and CEO

The Zengun Group is one of the leading construction contractors in Stockholm and carries out construction projects on behalf of well-known customers in the real estate industry. While the main focus is on commercial properties, the portfolio also includes residential projects and projects in the public sector. The Zengun Group is a complete supplier and partner, with a customer-centric approach. The Group has approximately 200 employees and net turnover in 2019 amounted to SEK 2.6 billion. #zengunbuildingstockholm