ALM Equity

What ALM Equity does

ALM Equity AB (publ) is a Swedish integrated residential real estate developer founded in 2006 and headquartered in Sundbyberg, Stockholm, listed on NASDAQ First North Growth Market under tickers ALM (ordinary shares) and ALM PREF (preference shares). The company operates through three core business areas: residential property development (wholly-owned ALM Småa Bostad), total contracting and construction services (wholly-owned 2xA Entreprenad), and property management of newly produced rental housing (associated company Stadsnära Bostäder, 40%-owned). The integrated value chain from land acquisition and planning through construction to long-term rental management is the company's central operating premise, enabling early-stage involvement in projects and cost/risk control via in-house contracting capability. ALM Equity also holds financial-asset stakes in Klövern and Besqab and offers direct-investment products (co-investment, direct loans) to family offices, institutions, and corporates with a MSEK 20 minimum ticket.

Revenue is generated through five streams: project-based property development sales (condominiums sold as bostadsrätter and rental apartments retained in portfolio), external and internal construction services through 2xA Entreprenad, recurring rental income from Stadsnära Bostäder's management portfolio, returns on financial-asset holdings in Klövern and Besqab, and direct-investment structuring. The company finances operations through a combination of equity (dual-class NASDAQ First North listing), two listed corporate bond series totaling MSEK 1,000 (2024/2028 and 2025/2029), and direct-investor capital. Sustainability credentials include BREEAM SE Excellent on Archimedes, full BREEAM In-Use certification of the management portfolio (Q1 2026), ISO 45001, UN Global Compact membership since 2021, and a net-zero emissions roadmap targeting 2045 across Scopes 1-3.

FY2025 net revenue was 985 MSEK (down from 3,127 MSEK in 2024) with an annual result of –238 MSEK and Q1 2026 result of –107 MSEK; the company employs 51-100 people and targets approximately 1,000 housing starts per year. Recent strategic actions include the September 2024 merger with Svenska Nyttobostäder, October 2024 joint venture with Aermont Capital, January 2026 acquisition of Storstaden Stockholm Bostad AB, May 2026 groundbreaking of the Archimedes project (~950 units in Bromma), and a 2025-2026 leadership transition in which founder Joakim Alm became working Chairman and Thomas Carlsson was appointed CEO. Operations remain concentrated exclusively in the Stockholm region of Sweden.

Name

ALM Equity

Legal name

ALM Equity AB (publ)

Website

https://almequity.se

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

ALM Equity AB is a Stockholm-region integrated residential real estate developer and total contractor operating through ALM Småa Bostad (development), 2xA Entreprenad (construction), and Stadsnära Bostäder (property management), serving condominium buyers, rental tenants, institutional investors, and family offices.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Residential Property Managers (531311)

SIC

Lessors Of Real Property, Nec (6519), Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

Property Management Advisory & Leasing Administration (FSAEAJAN)

akta.pro secondary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Residential property development
• Construction contracting services
• Property management
• Real estate investment
• Condominium development

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Property Development Sales: Development of residential projects (condominiums and rental apartments) in Stockholm region. Properties are sold as bostadsrätter (condominiums) to end consumers or retained in management portfolio. Revenue recognition occurs upon property transfer to buyers.
2. Construction/Contracting Services: Total contracting services through 2xA Entreprenad offered both internally to ALM Equity projects and to external customers. Provides construction, production and delivery services.
3. Property Management: Management and operation of rental properties owned through associated company Stadsnära Bostäder. Generates recurring rental income and focuses on continuous property optimization.
4. Direct Investment Products: Offering direct investment opportunities to qualified investors (family offices, institutions, companies) in development projects, management portfolios, and direct loan arrangements. Capital from these investments funds project development.
5. Financial Assets Returns: Returns from equity holdings in Klövern and Besqab (formerly Aros Bostad), classified as financial assets. Returns depend on market valuation changes and potential dividends.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

ALM Equity is a Swedish real estate investment and development company that acquires, develops, and manages residential properties in the Stockholm region. Its operations span three integrated business areas: Development (ALM Småa Bostad) of condominiums and rental housing, Contracting (2xA Entreprenad) providing total contractor construction services internally and to external clients, and Property Management (Stadsnära Bostäder) of rental portfolios. The company also offers direct investment opportunities in property development projects to qualified investors and holds financial assets in Klövern and Besqab.

Product overview

ALM Equity operates as a real estate investment and development company with a portfolio of subsidiaries and associated companies. The core business spans three main operations: Development (via ALM Smaa Bostad for residential projects), Contracting (via 2xA Entreprenad as total contractor), and Property Management (via Stadsnara Bostader interest company). The company also holds financial assets in Klovern and Besqab. Key projects include the Archimedes housing development in Bromma with approximately 950 apartments. The integrated model allows the company to cover all main processes from acquisition to management, generating business opportunities at every step of the value chain.

Differentiator

Problem solved

Functional benefit

Brands

• ALM Småa Bostad: Subsidiary focused on small housing development
• 2xA Entreprenad
• Stadsnära Bostäder
• Järntorget

Products and services

• ALM Småa Bostad (Residential Development) Residential development subsidiary responsible for land and property acquisition, detailed planning processes, concept development, and sales. Focuses on communication-proximate locations in the Stockholm region, developing housing projects sold as condominiums (bostadsrätter) or retained in the management portfolio.
• 2xA Entreprenad (Total Contracting Services) Total contractor within construction and real estate offering design, production, and delivery services. Provides services internally within ALM Equity projects and to external customers, with competencies across all stages of construction and a focus on high efficiency and precision.
• Stadsnära Bostäder (Property Management)
• Direct Investment Offerings in Property Development
• Archimedes Housing Development Project

Quantifiable outcome

• Delivered high risk-adjusted returns to direct investment partners since founding in 2006
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered major and core.

• Aermont CapitalmajorStrategic or Co-development Partner · 1 October 2024In October 2024, ALM Equity formed a joint venture with Aermont Capital for the portfolio of assets transferred from Svenska Nyttobostäder following the merger. The purpose is to execute and accelerate the business plan, strengthen the role as property developer, and open up opportunities for continued growth. ALM Equity contributes property development expertise while Aermont Capital provides capital and strategic resources.
• Corem Property GroupmajorStrategic or Co-development Partner · 1 January 2022In 2022, ALM Equity co-founded Nya Klövern with Corem Property Group. ALM Equity contributed 11,000 building rights and project development expertise. With an initial project portfolio of 24,000 residential units and potentially complementary inventory, Klövern was positioned to become one of Sweden's largest residential property managers.
• DNB Carnegie Investment BankcoreGTM or Marketing Partner · 1 January 2012DNB Carnegie Investment Bank serves as ALM Equity's Certified Adviser for NASDAQ First North Growth Market listing requirements. They also co-host quarterly report presentations and investor seminars including the DNB Carnegie Micro Cap Seminar where ALM Equity's management presents to investors.
• Stadsnära BostädercoreStrategic or Co-development PartnerAssociated company (intressebolag) in which ALM Equity holds 40% ownership. Stadsnära Bostäder owns the management property portfolio including the Archimedes project in Mariehäll, Bromma. ALM Equity is responsible for project development through subsidiary ALM Bostad.
• ALM Småa BostadcoreStrategic or Co-development PartnerWholly-owned subsidiary responsible for development operations including land and property acquisition, detailed planning processes, concept development, and sales. Focuses on wholly and partially owned residential projects in communication-proximate locations in the Stockholm region.
• 2xA EntreprenadcoreStrategic or Co-development PartnerWholly-owned subsidiary operating as a total contractor (totalentreprenör) in construction and property development. Provides services internally within ALM Equity and to external customers. Capabilities span all stages of construction with focus on high efficiency and precision.

Scale indicators12 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Bonava: Swedish residential developer listed on Nasdaq Stockholm, focused on developing condominiums and rental apartments primarily in Nordic and Baltic markets. Directly comparable to ALM Equity's residential development operations, with similar B2C condominium sales model and multi-country Nordic footprint.
• JM AB: One of Sweden's largest residential property developers, listed on Nasdaq Stockholm, focused on developing and selling residential properties primarily in Sweden's growth regions. Closely comparable business model with integrated development, in-house contracting, and focus on Swedish urban housing markets.
• Besqab: Swedish residential developer listed on Nasdaq Stockholm, developing housing in Greater Stockholm and Uppsala. ALM Equity holds a significant stake in Besqab through a 2022 non-cash issue of building rights, making it both a portfolio company and direct competitor in Stockholm-area residential development.

Broad incumbents

• NCC: Major Swedish construction and property development company listed on Nasdaq Stockholm, with business areas spanning building construction, infrastructure, and property development. Comparable to ALM Equity's integrated model with construction (2xA Entreprenad) and development operations, though at significantly larger scale.
• Peab: Leading Swedish construction and civil engineering company listed on Nasdaq Stockholm, with operations across construction, civil engineering, and housing development. Comparable in providing construction services (similar to 2xA Entreprenad) and developing residential properties, though broader and larger.
• Skanska: Global construction and project development company headquartered in Stockholm, listed on Nasdaq Stockholm. Comparable in integrated construction and property development capabilities, though operating at vastly larger scale across multiple geographies with significant infrastructure exposure.
• Heimstaden: Major European residential real estate company headquartered in Sweden, focused on owning and managing residential properties across multiple European countries. Comparable to ALM Equity's rental property management focus, though at much larger scale and with broader geographic diversification.

Regional players

• Wallenstam: Swedish real estate company listed on Nasdaq Stockholm, focused on developing and managing residential and commercial properties primarily in Stockholm and Gothenburg. Comparable to ALM Equity's Stockholm-focused property management operations through its urban residential portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/joakimalm
• LinkedInlinkedin.com/company/alm-equity

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ALM Equity