Strategy and goal formulation in the public sector is a current topic that is developing with the demands placed by ownership directives, society, and stakeholders. Demands for transparency, responsibility, and sustainability are highly relevant due to reporting rules, principles, and the UN’s requirements on organizations. Municipal real estate companies are a unique case because their work involves balancing their financial goals with public benefit. Based on this, the study becomes interesting to examine and take a closer look at the companies’ strategies, goals, and how these are communicated, as well as other important parts of the annual report.

The study is carried out by comparing one case company with three others that operate in the same industry with a focus on commercial activity. The main thematic areas are goals, strategy, and communication, while we also allow theories and concepts to develop from the empirical material, which consists of annual reports. The result shows that there are clear differences between the companies in how they formulate their strategies and goals. Some of the companies have clear and concrete goals that can be followed up and are in line with their public mission, which in turn creates trust and legitimacy. Other companies appear more general and lack follow-up in their descriptions, which makes it difficult to assess how the companies will reach their stated goals. On the other hand, the real estate companies show that they are adapting to changes in society and increasing demands. The companies have ambitions and aim to formulate goals and strategies that not only meet the requirements and needs from the municipality, but also look at a larger perspective to create added value for citizens and society.