Slide 1: Third quarter report 2025
The Eight Bellevue Washington USA Third quarter report 2025 We build for a better society
Slide 2: A solid third quarter
Nasdaq The Eight MarketSite Bellevue Washington Third quarter NYC USA USA report 2025 • A solid third quarter • Construction – Strong margins generated by a solid project portfolio. • Residential Development – Strong sales and margins in Central Europe. Nordic markets remain weak. • Commercial Prope
Slide 3: Construction
University Slussen Stockholm of Washington Construction SwedenT-Wing Renovation Seattle USA • Revenue SEK 42.2 bn (41.8) • Order bookings SEK 39.9 bn (50.8) – Book-to-build 106%, R-12 – Order backlog SEK 264 bn (267) • Operating income SEK 1,766 M (1,517) – Operating margin 4.2% (3.6) • Strong resul
Slide 4: Residential Development
Powerhousecukrovar Modransky Residential Development Lade Trondheim Prague Czechia Norway • Revenue SEK 1.8 bn (1.7) – 383 (458) homes sold – 572 (186) homes started • Operating income SEK 131 M (-154) • ROCE 5.9 (-3.1), R-12 • Strong sales and results in Central Europe, two new projects started wit
Slide 5: Commercial Property Development
The Eight Bellevue Washington USA Commercial Property Development • Operating income SEK -397 M (-113) – Gain on sale SEK 377 M (185) – ROCE 0.0% (0.5), R-12 • 15 ongoing projects – SEK 15.0 bn total investment • 22 completed projects – SEK 18.0 bn total investment – 77% leased • Three project dives
Slide 6: Investment Properties
StudioTerrass Hyllie phase 2Malmö Investment Properties Warsaw Sweden Poland • Operating income of SEK 143 M (79) • Economic occupancy rate at 83 percent (Jun 30 2025: 83) • Total portfolio property value SEK 8.2 bn (Jun 30 2025: 8.2) November 6, 2025 Skanska Q3 report 2025 6
Slide 7: Construction: Order bookings
University of Washington T-Wing Renovation Seattle USA Construction Order bookings SEK bn % 300 140 250 120 Order backlog 100 200 80 Order bookings, R-12 150 60 Order bookings per 100 40 quarter 50 20 Revenue, R-12 0 0 Book-to-build %, R-12 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 8: Construction: Order bookings by region
University of Washington T-Wing Renovation Seattle USA Construction Order bookings Book-to- Months of SEK bn Jul-Sep 2025 Jul-Sep 2024 build, % production Nordics 14.3 10.1 112 16 of which Sweden 7.2 7.5 106 13 Europe 11.0 8.7 119 17 USA 14.7 32.0 99 22 Total 39.9 50.8 106 19 November 6, 2025 Skansk
Slide 9: Construction: Income statement
University of Washington T-Wing Renovation Seattle USA Construction Income statement Operating margin, R-12, % Revenue, R-12, SEK bn 6 Revenue 200 5 150 4 3 100 2 Operating margin 50 1 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Jul-Sep Jul-Sep Rolling 12
Slide 10: Construction: Income statement by region
University of Washington T-Wing Renovation Seattle USA Construction Income statement Operating income, SEK M Operating margin, % Jul-Sep 2025 Jul-Sep 2024 Jul-Sep 2025 Jul-Sep 2024 Nordics 590 420 4.2 3.2 of which Sweden 359 237 4.9 3.5 Europe 323 253 4.1 3.9 USA 852 844 4.2 3.8 Total 1,766 1,517 4.
Slide 11: Residential Development: Income statement, segment reporting
Modransky cukrovar Prague Czechia Residential Development Income statement, segment reporting Operating margin, R-12, % Revenue, R-12, SEK bn 20 20 Operating margin 10 15 0 10 -10 -20 Revenue 5 -30 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Including resid
Slide 12: Residential Development: Income statement
Modransky cukrovar Prague Czechia Residential Development Income statement Operating income, SEK M Operating margin, % Jul-Sep 2025 Jul-Sep 2024 Jul-Sep 2025 Jul-Sep 2024 Nordics -28 -118 -3.3 -8.9 of which Sweden -9 -115 -2.3 -13.2 Europe 159 -36 17.5 -10.2 Total 131 -154 7.4 -9.2 November 6, 2025
Slide 13: Residential Development: Homes started and sold
Modransky cukrovar Prague Czechia Residential Development Homes started and sold Homes, R-12 4,500 4,000 3,500 3,000 2,500 2,000 Sold 1,500 1,000 500 Started 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Including residential rentals until Q4 2020 Homes start
Slide 14: Residential Development: Homes in production
Modransky cukrovar Prague Czechia Residential Development Homes in production Homes % 8,000 100 7,000 90 80 6,000 70 5,000 60 4,000 50 3,000 40 30 2,000 20 1,000 10 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Sold under construction Unsold under construct
Slide 15: Commercial Property Development: Income statement, segment reporting
The Eight Bellevue Washington USA Commercial Property Development Income statement, segment reporting Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK M 2025 2024 months 2024 Revenue 1,745 994 6,710 11,225 Gross income -242 110 648 1,959 Selling and administrative expenses -151 -222 -725 -836 Income from JV's
Slide 16: Unrealized and realized gains, segment reporting
The Eight Bellevue Washington USA Commercial Property Development Unrealized and realized gains, segment reporting SEK bn 14 12 10 8 6 4 2 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Unrealized gains in: Land Ongoing projects at completion Completed project
Slide 17: Completion profile and unsold projects
The Eight Bellevue Washington USA Commercial Property Development Completion profile and unsold projects SEK bn % 77 100 95 20 100 87 18 90 16 80 14 70 57 12 60 10 42 50 8 40 6 30 17 4 12 20 2 0 10 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 2027 2028 Completed projects Ongoing offices Ongo
Slide 18: Leasing Commercial Properties
The Eight Bellevue Washington USA Commercial Property Development Leasing Commercial Properties 000 sq m % 550 100 500 90 450 80 400 70 350 60 300 50 250 40 200 150 30 100 20 50 10 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Leasing, R-12 Economic occupan
Slide 19: Investment Properties: Income statement
Hyllie Terrass Malmö Sweden Investment Properties Income statement Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK M 2025 2024 months 2024 Revenue 120 108 467 363 Operating net 92 81 335 264 Selling and administrative expenses -1 -2 -15 -14 Change in property value 53 - 57 61 Operating income 143 79 377 311
Slide 20: Group Income Statement
The Eight Bellevue Washington USA Group Income Statement Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK m 2025 2024 months 2024 Operating income from business streams 1,642 1,328 7,657 7,339 Central -58 -94 -559 -440 Eliminations -221 26 -87 188 Operating income 1,363 1,261 7,010 7,087 Net financial items 1
Slide 21: Group Cash flow
The Eight Bellevue Washington USA Group Cash flow SEK bn 20 15 10 Cash flow from 5 business 0 operations, quarterly -5 Rolling 12 -10 months Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Jul-Sep Jul-Sep Rolling 12 Jan-Dec SEK bn 2025 2024 months 2024 Operating
Slide 22: Construction: Free working capital
University of Washington T-Wing Renovation Seattle USA Construction Free working capital SEK bn % 40 21 35 18 30 15 25 12 20 9 15 6 10 5 3 0 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Free working capital, SEK bn Average free working capital/ Construction
Slide 23: Investments, divestments and capital employed
The Eight Bellevue Washington USA Group Investments, divestments and capital employed SEK bn 20 15 10 Investments, 5 quarterly 0 Divestments, quarterly -5 Net divestments, -10 R-12 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 SEK bn Sep 30, 2025 Sep 30, 2024 D
Slide 24: Available funds and maturity profile
The Eight Bellevue Washington USA Group Available funds*: SEK 27.6 bn, o/w unutilized credit facilities SEK 9.8 bn Maturity profile Central funding 3.0 2.5 2.0 39% SEK 8.7 bn 1.5 61% 1.0 0.5 0.0 Bilateral loans Bonds 2025 2026 2027 2028 2029 2030 Bilateral loans Bonds (MTN) *Available funds include
Slide 25: Financial position
The Eight Bellevue Washington USA Group Financial position Adjusted interest-bearing net receivables(+)/net debt(-), SEK bn 20 15 10 5 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 Sep 30, Sep 30, Dec 31, SEK bn 2025 2024 2024 Total assets 160.8 162.0 171.2 E
Slide 26: Market outlook
Outlook compared to previous quarter Weaker Unchanged Improved The Eight Bellevue Washington USA Market outlook Construction • The US civil market remains strong and well-funded through existing federal funding programs and the US building market is mostly stable • Civil market more active than buil
Slide 27: Group Summary
The Eight Bellevue Washington USA Group Summary • A solid third quarter • Construction – Strong margins generated by a solid project portfolio. • Residential Development – Strong sales and margins in Central Europe. Nordic markets remain weak. • Commercial Property Development – Two large lease cont
Slide 28: November 6, 2025 Skanska Q3 report 2025
November 6, 2025 Skanska Q3 report 2025 28