Slide 1: Q1 2026
Q1 2026 Linda Pålsson, President and CEO Bo Sandström, CFO 2026-04-28 Q1 2026
Slide 2: Q1 2026: Steady progress with improved utilization and strong order backlog
Q1 2026: Steady progress with improved utilization and strong order backlog Net sales Order backlog growing 6.4% to SEK 21.5b 6,325 (6,749) SEK million Total sales growth of -6.3% and -4.3% adj. organic EBITA excl. IAC 473 EBITA margin excl. IAC improved to 7.5% Continued positive development of uti
Slide 3: Energy
Global Division Energy Continued favorable market across the energy sector Investments in grid capacity and secure energy supply driving strong demand in several areas Strengthened order backlog, organic sales growth and improved EBITA margin Net sales, SEK million Adj. organic sales EBITA margin, %
Slide 4: Industry
Global Division Industry Persistent market uncertainty continues to weigh on overall investment activity Launch of new Defense segment, strengthening client delivery and strategic focus on security and resilience Improved profitability driven by efficiency measures and higher utilization Net sales,
Slide 5: Transportation & Places
Global Division Transportation & Places Stable demand in transportation infrastructure driven by large national programs Real estate market remains challenging with strong competition and weak price development Restructuring and rebranding activities in parts of the division Net sales, SEK million A
Slide 6: New client projects
Q1 2026 New client projects Pre-engineering of biorefinery in Finland Energy company Wega has selected AFRY as its partner for the pre-engineering phase of a new biorefinery facility. AFRY will contribute its chemicals and biorefining expertise to prepare the project for subsequent development stage
Slide 7: AFRY to acquire AMC – strengthening Mining & Metals offering
M&A update AFRY to acquire AMC – strengthening Mining & Metals offering — Strategic acquisition of AMC, a leading mining consulting firm — Strengthens AFRY’s position in growing mining market, driven by critical metals for the energy transition — Complementing expertise in early-stage services, expa
Slide 8: AFRY partners with Endra for AI in building design
Technology & AI AFRY partners with Endra for AI in building design — Strategic collaboration with Swedish tech company Endra to explore AI-driven design — Aimed at improving quality, efficiency and sustainability in building design — Strengthening delivery through AI is at the core of AFRY’s strateg
Slide 9: Financial summary
Financial summary 2026-04-28 Q1 2026
Slide 10: Financial overview
Q1 2026 Financial overview Sales and adj. organic growth, AFRY Group EBITA and EBITA margin1, AFRY Group SEK million % SEK million % 8,000 10 800 10 6,891 6,749 6,325 5 7.4 7.3 8 6,000 590 600 0.5 7.2 490 -0.9 473 0 6 4,000 -4.3 400 -5 4 2,000 200 -10 2 0 -15 0 0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
Slide 11: Order backlog
Q1 2026 Order backlog Group order backlog, SEK billion Order backlog by Global Division, SEK billion Energy +16.0% +6.4% 6.2 6.8 21.5 5.9 6.0 5.9 20.2 20.7 20.4 20.4 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Industry -6.3% 6.6 6.6 6.3 6.2 6.1 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Comments
Slide 12: Net sales
Q1 2026 Net sales Net sales, SEK million Comments — Continued sales decline, growth at similar levels to Q4 — Driven by capacity adjustments -4.3% -6.3% and challenging market 6,749 — Significant currency headwinds (-2.5%) 6,462 — Minor calendar effect of -287 -2 hours -15 44 6,325 — Structural effe
Slide 13: Organic growth (adj.) by Global Division
Q1 2026 Organic growth (adj.) by Global Division Energy Industry Transportation & Places % % % 12 12 12 7.9 8 8 8 4 4 4 2.7 1.8 0.2 0.4 0 0 0 -1.3 -0.9 -2.2 -1.9 -4 -4 -4 -5.1 -5.3 -5.4 -6.0 -6.1 -8 -8 -8 -8.3 -12 -12 -12 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 25 25 25 25 26 25 25 25 25 26 25
Slide 14: Utilization
Q1 2026 Utilization Utilization rate, % Comments — Continued positive development of utilization rate — Positive YoY in all divisions 73.4 — The slow ramp-up in Q1 2025 +1.1pp 72.8 was not repeated 72.6 72.6 — Driven by focused efficiency 72.3 measures and capacity 72.2 72.2 72.0 adjustments 71.1 Q1
Slide 15: EBITA
Q1 2026 EBITA EBITA excl. IAC, SEK million Comments — EBITA impacted by lower sales volumes -6 — Margin improvement in line with 490 479 473 Q4 progress -11 — Group cost level still elevated but somewhat lower than LY Q1 2025 Calendar effect Cal. Adj. Q1 2025 Q1 2026 7.3% 7.1% 7.5% EBITA margin 2026
Slide 16: EBITA margin by Global Division
Q1 2026 EBITA margin by Global Division Energy Industry Transportation & Places % % % 15 15 15 +1.1pp 11.3 +1.1pp 10.2 10 10 9.1 10 -1.7pp 8.0 7.9 6.2 5 5 5 0 0 0 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 25 25 25 25 26 25 25 25 25 26 25 25 25 25 26 — Strong margin with solid development in — Imp
Slide 17: Restructuring
Q1 2026 Restructuring Restructuring costs, SEK million Comments — -47 SEK million reported as IAC in Q1, mainly related to support functions 200-300 and capacity adjustments — Restructuring agenda to be finalized in Q2 2026 — We reiterate that restructuring costs from Q3 2025-Q2 2026 will be at the
Slide 18: Cash flow and financial position
Q1 2026 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 -191 +0.8 +0.2 5.1 5.1 1,333 +0.2 2.9 2.9 5.2 4.7 2.7 4.1 2.5 4.4 3.9 2.3 3.9 3.8 3.8 418 353 117 Q1 25 Q2 25 Q3 25 Q4 2
Slide 19: Summary
Q1 2026 Summary Q1 summary Priorities going forward Capture growth opportunities and drive — Execution of ‘Unlocking AFRY’ strategy backlog conversion progressing according to plan — Steady progress in utilization rate and Advance key initiatives to harmonize EBITA margin operations and improve effi
Slide 20: 2026-04-28 Q1 2026
2026-04-28 Q1 2026