Sweco Ab Class A · OMXSTO:SWEC_A
Sweco Ab Class A — Q4 2025 Earnings Presentation
21 slides from Sweco Ab Class A's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025
Q4 2025 February 11 Åsa Bergman, President & CEO Jan Allde, CFO
Slide 2: Sweco - Europe's leading architecture and engineering consultancy
Sweco - Europe’s leading architecture and engineering consultancy Operations in three segments Drivers for success Eight geographical business areas Net sales by service segment in 2025, % Net sales by business area in 2025, % Buildings & Urban areas: 38 23,000 experts • Sweden: 29 Water, energy & i
Slide 3: A solid end to a strong year
A solid end to a strong year Net sales increased to SEK 31,586 million (30,676 ) • Organic growth 4 per cent (5), adj. for calendar effects 31,586 3,332 • Acquired growth 2 per cent (3) Net sales, SEK million EBITA, SEK million EBITA increased to SEK 3,332 million (3,076) • Increase of 12 per cent o
Slide 4: Delivering on our strategic priorities
Delivering on our strategic priorities Accelerated M&A activity Continued margin expansion Improved efficiency 0.35 → SEK 2.1 bn 10.0% → 10.5% 73.9% → 74.4% Net sales added through acquisitions Double-digit margin for second consecutive year Billing ratio 4 2024 vs 2025
Slide 5: Quarter highlights
Quarter highlights Net sales increased to SEK 8,548 million (8,100) • Total growth 6 per cent (5) 8,548 979 • Organic growth 5 per cent (4), adj. for calendar effects Net sales, SEK million EBITA, SEK million EBITA increased to SEK 979 million (901) • Increase of 7 per cent or SEK 65 million, adj. f
Slide 6: Operational highlights
Operational highlights Positive operational momentum • Organic growth in 7 out of 8 business areas 6/8 Business Areas • Stable order backlog reportedincreased EBITA • Double-digit margins in 6 out of 8 business areas • Strong development in Germany and Belgium • Continued improvements in the UK and
Slide 7: Market overview
Market overview Demand remained in line with previous quarters • Good demand in energy, infrastructure, water and environment segments • Increased demand in security and defence • Weak demand in parts of the commercial buildings and real estate segments Market trends • Energy: Strong demand from ene
Slide 8: Summary result, Q4 2025
Summary result, Q4 2025 Net sales SEK 8,548 million (8,100) • Organic growth 5 per cent (4), adj. for calendar effects • Acquired growth 4 per cent (1) • Currency effects -4 per cent (0) EBITA SEK 979 million (901) • Increased 7 per cent or 65 MSEK, adj. for calendar effects • EBITA margin 11.5 per
Slide 9: Q4: Net sales – organic growth in 7 out of 8 Business Areas
Q4: Net sales – organic growth in 7 out of 8 Business Areas Organic growth adjusted for calendar, % Net sales: SEK 8,548 million ( 8,100) Total growth: 6% (5%) Group 5% Organic growth: 5% (4%), adj for calendar effects SE 3% NO 7% Net sales drivers: FI 5% • Higher average fees DK 0% • Positive proje
Slide 10: Q4: EBITA increased SEK 65 million adjusted for calendar
Q4: EBITA increased SEK 65 million adjusted for calendar EBITA: SEK 979 million (901) Q4 24 Q4 25 • 7% increase y -o-y, adj. for calendar effects • 11.5% margin (11.1) EBITA margin, % 20.7 EBITA drivers: • Higher average fees 13.8 13.2 13.1 • Positive project adjustments 12.4 12.3 11.8 12.2 12.1 11.
Slide 11: Q4: 6 of 8 Business Areas increased EBITA adjusted for calendar
Q4: 6 of 8 Business Areas increased EBITA adjusted for calendar Q4 2025 EBITA contributors EBITA development +7% • Integration cost of SEK 35 million in SE 979 -26 related to Projektengagemang 966 13 • Correction in DE positive impact of SEK 49 68 million 1 more working hour • Corresponding to a pos
Slide 12: Q4: Strong financial position
Q4: Strong financial position Net Debt decreased to SEK 1,386 million (1,521) mainly due to Net debt, Q4 2020– Q4 2025 (SEK million) improved working capital levels 5000 • Cash flow from operating activities of SEK 4,011 million ( 4,062) 4000 3000 • M&A cash outflows of SEK 1,075 million (170) 2000
Slide 13: Stable increase of dividend and pay-out ratio > 50%
Stable increase of dividend and pay-out ratio > 50% Payout ratio, % DPS, SEK % 100 3.70 +12% 90 CAGR 3.30 2.95 80 2.70 70 2.45 2.20 60 2.07 1.83 50 50.0 – Policy 1.67 1.43 40 1.17 30 20 10 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Proposal 13 Note: Numbers restated for share split in
Slide 14: Continued profitable growth
Continued profitable growth CAGR 2015-2025 Net sales EBITA SEK billion 31.6 SEK million 3,332 30.7 28.5 3,076 +11% +13% 24.3 2,531 21.1 21.8 2,225 20.6 2,056 2,070 18.7 1,869 16.5 16.9 1,631 1,482 1,492 11.4 991 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 202
Slide 15: Calendar effects
Calendar effects The number of normal working hours in 2026, based on the 12- month sales-weighted business mix, is broken down as follows: 2026 2025 Diff. Quarter 1 486 491 -5 Quarter 2 468 464 5 Quarter 3 517 516 1 Quarter 4 491 485 6 Total 1,962 1,956 7 15
Slide 16: Acquisitions in Q4
Acquisitions in Q4 Finland: Fimpec Group, 7 October • Specialist expertise in e.g. renewable energy and hydrogen • Net sales SEK ~577 million – adding around 400 experts Belgium: assar architects, 16 October • Leading architectural practice • Net sales SEK ~189 million – adding around 150 experts Ne
Slide 17: Acquisitions during the year
Acquisitions during the year Finland Sipti Consulting SDH Engineers, assets and Fimpec Geotechnics, environmental liabilities Renewable energy, hydrogen, engineering Electrical engineering bio- and circular economy, forestry, batteries and critical minerals Netherlands Norway Sweden Juust B.V. Brain
Slide 18: Projects
Framework agreement with Supporting wastewater Vattenfall in Sweden treatment in Norway Projects Sweco has been awarded a new framework agreement In Norway, Sweco has been awarded a multidisciplinary with Vattenfall, Sweden’s engineering project with largest electricity producer. Biowater Technology
Slide 19: Well-positioned going forward
Well- positioned going forward Summary 2025 • Net sales: SEK 31,586 million • EBITA of over SEK 3,332 million • EBITA margin of 10.5 per cent • Strong financial position Focus going forward • Continue advancing Sweco’s position in the planning and designing of a more competitive and resilient Europe
Slide 20: THANK YOU!
THANK YOU! April 22 April 28 Annual General Meeting Q1-2026 Financial Report National Museum of Science and Technology / Tekniska Muséet, Stockholm
Slide 21: SWECO
SWECO ras)