Q4 2025
Linda Pålsson, President and CEO Bo Sandström, CFO
2026-02-05 Q4 2025
FY 2025: Established a solid foundation for profitable growth
Net sales
Simplified Group structure, ambitious
restructuring agenda, a focused strategy and new financial targets for 2028
Entering 2026 well into strategy execution phase
Challenging market conditions and strategic
capacity adjustments
Significant FX effects on sales of -555m
Weak calendar impacted EBITA by -128m,
calendar-adjusted margin in line with last year
The Board proposes a dividend of SEK 6.00
(6.00) per share for 2025
25,758
(27,160)
SEK million
EBITA excl. IAC
1,867SEK million
(2,113)
EBITA margin excl. IAC
7.2%
(7.8)
2026-02-05 Q4 2025
Q4 2025: Clear steps in the right direction
Net sales
Order backlog growing 5.4% y-o-y currency-adj.
Total sales growth of -6.2% and -4.3% adj. organic
EBITA margin excl. IAC improved to 8.7% (8.3)
Utilization rate increased to 72.8% (72.3),
marking the first y-o-y improvement in 14 quarters
Significant progress in our restructuring
efforts to optimize portfolio and capacity
Strong cash flow and strengthened financial position
6,647SEK million
(7,085)
EBITA excl. IAC
577
SEK million
(586)
EBITA margin excl. IAC
8.7%
(8.3)
2026-02-05 Q4 2025
Global Division
Energy
Strong overall demand in global market, with stable order backlog development in the quarterHigh demand in transmission & distribution, hydro and nuclear, while thermal, solar and wind power are impacted by short-term
variations
Despite significant currency headwinds impacting sales, profitability remains at high level
Net sales, SEK million
Sales growth, %
EBITA margin, %
1,444
(1,550)
-6.8
-1.3 adj. org.
12.5
(11.5)
Global Division
Industry
Global uncertainty continues to weigh on market conditions in the industrial sectorStrong demand in defense, while pulp and paper remains subdued
Restructuring efforts had negative impact on sales while
profitability improved
Net sales, SEK million
Sales growth, %
EBITA margin, %
2,970
(3,166)
-6.2
-6.0 adj. org.
8.9
(8.0)
Global Division
Transportation & Places
Transport infrastructure market is generally strong while real estate remains at low levelSales decline due to capacity adjustments to mitigate weak market in parts of the business
New head of Global Division as of January 19
Net sales, SEK million
Sales growth, %
EBITA margin, %
2,431
(2,538)
-4.2
-1.9 adj. org.
7.9
(9.1)
Q4 2025
Richard Beard appointed new Head of Global Division Transportation & Places
Richard Beard joined AFRY on January 19 as EVP and Head of Transportation & Places, and became a member of the Executive Team
Brings more than 35 years of international leadership experience in consulting and engineering at major global firms
Strong track record in strategic business development and leading transformational change
Q4 2025
New client projects
Project management for MEPCO's new paper machine lineAFRY has won a project management contract by MEPCO for their cardboard paper machine project. AFRY has been involved from early development through implementation and will now leverage its pulp & paper expertise to ensure successful completion.
Framework agreement with Vattenfall for technical consultancy servicesBuilding on 30 years of collaboration, AFRY and Vattenfall have signed a new framework agreement covering technical consulting services across multiple areas and regions. AFRY will contribute expertise in nuclear, hydro, and wind power.
Expansion of the Lötschberg railway tunnel in SwitzerlandAFRY has been selected to manage quality assurance for railway engineering equipment in the Lötschberg Base Tunnel expansion. With extensive railway expertise, AFRY will support the project's goal of strengthening sustainable transport through the Alps.
Q4 2025
New ENR ranking reaffirms AFRY's globally leading positions
The 2025 ENR ranking1 places AFRY among the world's top
engineering and design companies
Ranked #6 globally in overall Industry and Energy sectors
Maintains market-leading position in Pulp & Paper, and advancing to #3 (7) in Hydro
First-time top 10 recognition in the Solar category
Industry (#6)
Pulp & Paper 1
Food 3
Life Science 5
Chemicals 7
Metals 7
Automotive 9
Mining 10
Energy (#6)
Thermal 2
Hydro 3
Operations & Maintenance 4
Wind Power 9
Solar Power 9
Transmission & Distribution 9
2026-02-05 Q4 2025
1 Engineering News-Record 2025 Top 225 International Design Firms Note: 'Life Science' refers to category 'Pharmaceuticals', 'Automotive' to category 'Auto assembly parts', 'Metals' to category 'Steel' and 'Thermal' to category 'Cogeneration'.
Q4 2025
Being the home of best-in-class engineers and advisors
Steady decline in attrition rate since 2022
Attrition rate1, R12, %
20
Employer attractiveness is a key priority for AFRY and an integral part of delivering on our strategy
With a strong focus on inclusive leadership and culture, we aim to be the home of best-in-class engineers and advisors
15 AFRY is recognised as the #1 most attractive employer by young
professional engineers in Sweden with a bachelor's degree2
10
5
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||||||
22 | 22 | 22 | 22 | 23 | 23 | 23 | 23 | 24 | 24 | 24 | 24 | 25 | 25 | 25 | 25 |
0
Q1 Q2
Q3 Q4 Q1
Q2 Q3 Q4
2026-02-05 Q4 2025
1 Refers to voluntary resignations
2 Universum's employer branding survey 2025
Financial summary
2026-02-05 Q4 2025
Q4 2025
Financial overview
Net sales, quarterly and R12, SEK million EBITA excl. IAC, quarterly and R12, SEK million26,978
27,160
25,758
2,032
2,113
1,867
7,135
7,085
6,647
596 586 577
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Q4 2025
Net sales
Net sales, SEK million CommentsSales decline due to challenging market and capacity adjustments
Currency headwinds continue to have significant impact on sales (-2.7%)
Minor calendar effect in Q4
Structural effects from Reta acquisition
-4.3%
-6.2%
7,085
6,783
8
51
6,647
-195
-302
Q4 2024 Price/Volume Adj. Organic Calendar FX Structural Q4 2025
Q4 2025
Growth development
Group adjusted organic growth, y-o-y, % Adjusted organic growth by Global Division, %Energy Industry
-2.2 -1.3
-8.3
-6.0
-0.3
-0.9
-2.5
-3.7
-4.3
Transportation & Places
2.7
-1.9
CommentsQ3 2025 Q4 2025
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Continued decline in organic growth, driven by challenging market and FTE reductions
Slight decline in Energy sales reflects short-term variations in some segments
Industry remains in negative growth
Capacity adjustments impacting sales development in
Transportation & Places
Q4 2025
Order backlog
Group order backlog, SEK billion Order backlog by Global Division, SEK billion+1.3%
Energy
5.9 5.9
20.1
20.2
20.7
20.4
20.4
Industry
Transportation & Places
Comments6.1 6.2
8.1 8.3
Q4 2024 Q4 2025
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Order backlog growing 1.3% y-o-y, and 5.4% currency-adjusted
Stable development across Divisions
Strongest increase in Transportation & Places
Q4 2025
EBITA development
Group EBITA excl. IAC, SEK million EBITA margin by Global Division, SEK billion-9
Energy
11.5 12.5
586 586 577
Industry
Transportation & Places
Comments8.0 8.9
9.1 7.9
Q4 2024 Q4 2025
Q4 2024 Calendar effect Cal. Adj. Q4 2024 Q4 2025
8.3%
8.3%
8.7%
EBITA margin
Margin improvement driven by capacity adjustments and improved
utilization
No calendar effects in Q4
Industry improving margins despite sales decline
Energy and Transportation & Places show normal variations
Q4 2025
Utilization trend
Capacity utilization, % CommentsFirst y-o-y improvement of utilization in 14 quarters
Reflects our strong focus on operational efficiency
Improvement supported by strategic capacity adjustments
73.6
+0.5pp
73.4
72.6
72.6
72.8
72.2
72.3
72.0
71.1
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Q4 2025
Restructuring
Restructuring costs, SEK million161
31
200-300
CommentsSignificant progress in restructuring efforts during the quarter, with -161 SEK million reported as IAC
Remaining parts of restructuring will be finalized in H1 2026
We estimate that restructuring costs from Q3 2025-Q2 2026 will be at the upper end of our guidance of SEK 200-300 million
91
Q2 25
(act.)
H1 26 (est.)Q4 25 (act.)
Q3 25 (act.)
Q4 2025
Weighted
available hours
Estimated EBITA
Calendar and estimated calendar effects 2026
2026 | 2025 | Diff. | impact, MSEK | ||
Q1 | 495 | 496 | -1 | -5 | |
Q2 | 477 | 476 | 1 | +15 | |
Q3 | 526 | 525 | 1 | +5 | |
Q4 | 500 | 494 | 6 | +50 | |
Full-year | 1,997 | 1,991 | 6 | +65 |
Q4 2025
Cash flow and financial position
Operating cash flow, SEK million Available liquidity, SEK billion Net debt excl. IFRS 16, SEK billion Net debt/EBITDA excl. IFRS 16, times+29
+0.6
-1.2
5.1
5.1
4.6
4.7
3.9
-0.4
2.9
2.9
2.5
2.3
2.1
4.2
4.4
3.9
3.8
3.8
353 418 | ||||
117 | ||||
1,304 1,333
Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Q4 2025
Summary
Q4 summary Priorities going forward
Efforts to focus, simplify, and harmonize the business are delivering results
Ending the year with margin uplift, improved utilization and a strengthened order backlog
Global uncertainty continues to impact market conditions
Maintaining business momentum and manage current market conditions
Continued strategy execution at high pace
Further strengthening order backlog and
utilization
Completing remaining parts of restructuring agenda and portfolio optimization
2026-02-05
2026-02-05 Q4 2025
2026-02-05 Q4 2025
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Afry AB published this content on February 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 05, 2026 at 07:45 UTC.
